UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
  FORM 10-Q
  (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR
    15(d)
  OF THE SECURITIES EXCHANGE ACT OF 1934
  For The Quarterly Period Ended June 30, 2008
  OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR
    15(d)
  OF THE SECURITIES EXCHANGE ACT OF 1934
  
  0-50271
  SALOMON
    SMITH BARNEY ORION FUTURES FUND L.P.
    New York

22-3644546(State or other jurisdiction of
    incorporation or organization)

(I.R.S. Employer
    Identification No.)   c/o Citigroup
    Managed Futures LLC
    731 Lexington Avenue  25th Fl.
    New York, New York 10022
    (212) 559-2011
       Yes X  No
  Rule 12b-2
  Large
    accelerated filer
    Accelerated filer
    Non-accelerated filer X
    Smaller
    reporting company   Rule 12b-2
  Yes   No X




---



##### 



SALOMON
    SMITH BARNEY ORION FUTURES FUND L.P.
  FORM 10-Q
  INDEX
  PageNumberPART I - Financial Information:Item 1.


Financial Statements:Statements of Financial Condition at
    June 30, 2008 and December 31, 2007 (unaudited)

3Schedules of Investments at
    June 30, 2008 and December 31, 2007 (unaudited)

4  5Statements of Income and Expenses
    and Partners Capital for the three and six months
    ended June 30, 2008 and 2007 (unaudited)

6Statements of Cash Flows for the three and six months
    ended June 30, 2008 and 2007 (unaudited)

7Notes to Financial Statements (unaudited)

8  14Item 2.


Managements Discussion and Analysis
    of Financial Condition and Results of Operations

15  18Item 3.


Quantitative and Qualitative
    Disclosures about Market Risk

18  20Item 4.


Controls and Procedures

21PART II - Other Information

22  24  2




---



##### 



PART IItem 1. Financial Statements 
    Salomon Smith Barney Orion Futures Fund L.P.
    Statements of Financial Condition
    (Unaudited) June 30,


December 31,2008


2007Assets:Investment in Partnerships, at fair value

$
575,162,713


$
431,131,828Equity in commodity futures trading account:Cash (restricted $5,608,089 and $1,570,327 in 2008 and 2007,
    respectively)


51,382,006



36,511,392Net unrealized appreciation on open futures contracts


1,871,117



590,874628,415,836



468,234,094Distribution receivable


523,321



943,070Interest receivable


76,599



94,303Total assets

$
629,015,756


$
469,271,467Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage commissions

$
1,561,043


$
1,087,160Management fees


954,066



706,963Administrative fees


261,414



195,039Incentive fees


14,278,712



4,416,325Other


60,782



92,021Redemptions payable


24,882,568



2,368,203Total liabilities


41,998,585



8,865,711Partners Capital:General Partner, 1,281.5595 and 428.9590 Unit equivalents
    outstanding in 2008 and 2007, respectively


3,227,992



914,794Limited Partners, 231,772.7453 and 215,461.3000 Redeemable Units
    of Limited Partnership Interest outstanding in 2008 and 2007,
    respectively


583,789,179



459,490,962Total partners capital


587,017,171



460,405,756Total liabilities and partners capital

$
629,015,756


$
469,271,467    3




---



##### 



Salomon
    Smith Barney Orion Futures Fund L.P.
    Schedule of Investments
    June 30, 2008
    (Unaudited)
  % of PartnersFair Value


CapitalFutures Contracts PurchasedCurrencies

$
91,405



0.02
%Energy


588,025



0.10Grains


88,472



0.02Interest Rates U.S.


13,656



0.00
*Livestock


12,920



0.00
*Metals


247,163



0.04Softs


364,443



0.06Total futures contracts purchased


1,406,084



0.24Futures Contracts SoldCurrencies


64,610



0.01Interest Rates Non-U.S.


400,423



0.07Total futures contracts sold


465,033



0.08Investment in PartnershipsSB AAA Master Fund LLC


216,958,151



36.96CMF Willowbridge Argo Master Fund LP


138,535,011



23.60CMF Winton Master Fund LP


219,669,551



37.42Total investment in Partnerships


575,162,713



97.98Total fair value

$
577,033,830



98.30
%   *
    
    Due to rounding.   4




---



##### 



Salomon
    Smith Barney Orion Futures Fund L.P.
    Schedule of Investments
    December 31, 2007
    (Unaudited)
  % of PartnersFair Value


CapitalFutures Contracts PurchasedEnergy

$
221,653



0.05
%Grains


405,137



0.09Metals


(63,100
)


(0.01
)Softs


23,338



0.00
*Total futures contracts purchased


587,028



0.13Futures Contracts SoldCurrencies


(11,275
)


(0.00
)*Interest Rates Non-U.S.


14,901



0.00
*Softs


220



0.00
*Total futures contracts sold


3,846



0.00
*Investment in PartnershipsSB AAA Master Fund LLC


165,108,218



35.86CMF Willowbridge Argo Master Fund LP


90,472,695



19.65CMF Winton Master LP


175,550,915



38.13Total investment in Partnerships


431,131,828



93.64Total fair value

$
431,722,702



93.77
%   *
    
    Due to rounding.   5




---



##### 



Salomon
    Smith Barney Orion Futures Fund L.P.
    Statements of Income and Expenses and Partners Capital
    (Unaudited)
  Three Months Ended


Six Months EndedJune 30,


June 30,2008


2007


2008


2007Income:Net gains (losses) on trading of commodity interests and
    investment in Partnerships:Net realized gains (losses) on closed positions

$
2,947,829


$
2,590,203


$
7,072,854


$
2,696,133Change in net unrealized gains (losses) on open positions and
    investment in Partnerships

$
75,122,564



46,962,274



115,221,092



30,358,088Gain (loss) from trading, net


78,070,393



49,552,477



122,293,946



33,054,221Interest income


181,029



273,178



404,459



519,626Total income (loss)


78,251,422



49,825,655



122,698,405



33,573,847Expenses:Brokerage commissions including clearing fees of $22,266,
    $13,633, $41,400 and $29,790, respectively


1,839,364



1,443,088



3,274,794



3,057,442Management fees


2,675,070



1,664,689



5,037,904



3,111,895Administrative fees


734,541



459,712



1,387,860



859,611Incentive fees


14,278,712



1,777,646



21,800,953



1,777,646Other


89,955



39,787



165,708



86,434Total expenses


19,617,642



5,384,922



31,667,219



8,893,028Net income (loss)


58,633,780



44,440,733



91,031,186



24,680,819Additions  Limited Partners


49,631,000



34,032,000



94,016,000



73,628,000Additions  General Partners


1,973,412







1,973,412



Redemptions  Limited Partners


(41,450,092
)


(14,335,615
)


(60,409,183
)


(25,832,129
)Redemptions  General Partner














(750,133
)Net increase (decrease) in Partners Capital


68,788,100



64,137,118



126,611,415



71,726,557Partners Capital, beginning of period


518,229,071



315,987,517



460,405,756



308,398,078Partners Capital, end of period

$
587,017,171


$
380,124,635


$
587,017,171


$
380,124,635Net Asset Value per Unit (233,054.3048 and 195,059.1032 Units
    outstanding at June 30, 2008 and 2007, respectively)

$
2,518.80


$
1,948.77


$
2,518.80


$
1,948.77Net income (loss) per Redeemable Unit of Limited Partnership
    Interest and General Partner Unit equivalent

$
243.59


$
229.84


$
386.21


$
120.98    6




---



##### 



Salomon
    Smith Barney Orion Futures Fund L.P.
    Statements of Cash Flows
    (Unaudited)
  Three Months Ended


Six Months EndedJune 30,


June 30,2008


2007


2008


2007Cash flows from operating activities:Net income (loss)

$
58,633,780


$
44,440,733



91,031,186


$
24,680,819Adjustments to reconcile net income (loss) to net cash provided
    by (used in) operating activities:Changes in operating assets and liabilities:Purchases of investment in Partnerships


(47,770,412
)


(32,226,840
)


(80,766,692
)


(70,607,960
)Proceeds from sale of investment in Partnerships


37,876,775



14,342,235



51,096,405



30,538,565Net change in unrealized (appreciation) depreciation on
    investment in Partnerships


(73,615,050
)


(47,775,947
)


(114,360,598
)


(30,435,468
)(Increase) decrease in restricted cash


(4,118,374
)


654,451



(4,037,762
)


(203,825
)(Increase) decrease in net unrealized appreciation on open
    futures contracts


(1,451,020
)


813,674



(1,280,243
)


77,381(Increase) decrease in distribution receivable


(56,494
)






419,749



(Increase) decrease in interest receivable


(20,824
)


(4,648
)


17,704



(13,203
)Accrued expenses:Increase (decrease) in brokerage commissions


434,641



128,103



473,883



94,374Increase (decrease) in management fees


142,064



103,072



247,103



112,606Increase (decrease) in administrative fees


36,782



28,561



66,375



31,361Increase (decrease) in incentive fees


6,756,472



1,777,646



9,862,387



678,934Increase (decrease) in other


(65,881
)


(7,811
)


(31,239
)


21,851Net cash provided by (used in) operating activities


(23,217,541
)


(17,726,771
)


(47,261,742
)


(45,024,565
)Cash flows from financing activities:Proceeds from additions  Limited Partners


49,631,000



34,032,000



94,016,000



73,628,000Proceeds from additions  General Partner


1,973,412







1,973,412



Payments for redemptions  Limited Partners


(28,899,240
)


(11,835,289
)


(37,894,818
)


(23,117,363
)Payments for redemptions  General Partner














(750,133
)Net cash provided by (used in) financing activities


22,705,172



22,196,711



58,094,594



49,760,504Net change in unrestricted cash


(512,369
)


4,469,940



10,832,852



4,735,939Unrestricted cash, at beginning of period


46,286,286



16,561,680



34,941,065



16,295,681Unrestricted cash, at end of period

$
45,773,917


$
21,031,620


$
45,773,917


$
21,031,620Non-cash financing activities:Change in redemptions payable

$
12,550,852


$



$
22,514,365


$
    7




---



##### 



Salomon
    Smith Barney Orion Futures Fund L.P.Notes to Financial StatementsJune 30, 2008
    (Unaudited)
  1.
    General:          Form 10-K
   8




---



##### 



Salomon
    Smith Barney Orion Futures Fund L.P.
    Notes to Financial Statements
    June 30, 2008
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended


Six Months EndedJune 30,


June 30,2008


2007


2008


2007Net realized and unrealized gains (losses)*

$
316.78


$
248.69


$
505.09


$
149.04Interest income


0.76



1.41



1.74



2.78Expenses**


(73.95
)


(20.26
)


(120.62
)


(30.84
)Increase (decrease) for the period


243.59



229.84



386.21



120.98Net Asset Value per Redeemable Unit, beginning of period


2,275.21



1,718.93



2,132.59



1,827.79Net Asset Value per Redeemable Unit, end of period

$
2,518.80


$
1,948.77


$
2,518.80


$
1,948.77   *
    
    Includes brokerage commissions.**
    
    Excludes brokerage commissions.  Three Months Ended


Six Months EndedJune 30,


June 30,2008


2007


2008


2007Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****


(3.7)
%


(3.8)
%


(3.6)
%


(4.0)
%Operating expense


3.9
%


4.1
%


3.8
%


4.3
%Incentive fees


2.6
%


0.5
%


4.1
%


0.5
%Total expenses


6.5
%


4.6
%


7.9
%


4.8
%Total return:Total return before incentive fees


13.4
%


13.9
%


22.5
%


7.1
%Incentive fees


(2.7)
%


(0.5)
%


(4.4)
%


(0.5)
%Total return after incentive fees


10.7
%


13.4
%


18.1
%


6.6
%   ***
    
    Annualized (other than incentive fees).  ****
    
    Interest income less total expenses.    3.
    Trading
    Activities:   9




---



##### 



Salomon
    Smith Barney Orion Futures Fund L.P.
    Notes to Financial Statements
    June 30, 2008
    (Unaudited)
        4.
    Fair
    Value Measurements:  Investments.
  Fair Value Measurements. Fair Value Measurements No. FAS 157-2, Effective Date of FASB Statement No. 157
    10




---



##### 



Salomon
    Smith Barney Orion Futures Fund L.P.
    Notes to Financial Statements
    June 30, 2008
    (Unaudited)
  Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable6/30/2008


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
1,871,117


$
1,871,117


$



$
Investment in Partnerships


575,162,713







575,162,713



Total fair value

$
577,033,830


$
1,871,117


$
575,162,713


$
   5.
    Investment
    in Partnerships:           11




---



##### 



Salomon
    Smith Barney Orion Futures Fund L.P.
    Notes to Financial Statements
    June 30, 2008
    (Unaudited)
    give-up,
      June 30, 2008Funds


Funds


FundsTotal Assets


Total Liabilities


Total CapitalAAA Master

$
2,608,771,144


$
1,496,249,614


$
1,112,521,530Willowbridge Master


300,559,327



405,574



300,153,753Winton Master


567,942,303



1,516,509



566,425,794Total

$
3,477,272,774


$
1,498,171,697


$
1,979,101,077   December 31, 2007Funds


Funds


FundsTotal Assets


Total Liabilities


Total CapitalAAA Master

$
1,160,130,922


$
160,677,386


$
999,453,536Willowbridge Master


213,552,209



497,187



213,055,022Winton Master


464,943,301



7,898,168



457,045,133Total

$
1,838,626,432


$
169,072,741


$
1,669,553,691     June 30, 2008


For the three months ended June 30, 2008% of








ExpensesPartnerships


Fair


Income








Net


Investment

RedemptionInvestment

Net Assets


Value


(Loss)


Commissions


Other


income (loss)


Objective

PermittedSB AAA Master Fund LLC


36.96
%

$
216,958,151


$
30,959,842


$
153,747


$
40,401


$
30,765,694


Energy
    Markets

MonthlyCMF Willowbridge Argo Master Fund LP


23.60
%


138,535,011



28,060,491



40,337



4,408



28,015,746


Commodity
    Portfolio

MonthlyCMF Winton Master LP


37.42
%


219,669,551



14,938,178



44,384



3,690



14,890,104


Commodity
    Portfolio

MonthlyTotal





$
575,162,713


$
73,958,511


$
238,468


$
48,499


$
73,671,544   12




---



##### 



Salomon
    Smith Barney Orion Futures Fund L.P.
    Notes to Financial Statements
    June 30, 2008
    (Unaudited)
  June 30, 2008


For the six months ended June 30, 2008% of








ExpensesPartnerships


Fair


Income








Net


Investment

RedemptionInvestment

Net Assets


Value


(Loss)


Commissions


Other


Income (loss)


Objective

PermittedSB AAA Master Fund LLC


36.96
%

$
216,958,151


$
38,162,939


$
280,344


$
63,878


$
37,818,717


Energy
    Markets

MonthlyCMF Willowbridge Agro Master Fund LP


23.60
%


138,535,011



36,579,593



90,989



8,134



36,480,470


Commodity
    Portfolio

MonthlyCMF Winton Master LP


37.42
%


219,669,551



39,764,622



116,225



6,735



39,641,662


Commodity
    Portfolio

MonthlyTotal





$
575,162,713


$
114,507,154


$
487,558


$
78,747


$
113,940,849   December 31, 2007


For the three months ended June 30, 2007% of








ExpensesPartnerships


Fair


Income








Net


Investment


RedemptionInvestment

Net Assets


Value


(Loss)


Commissions


Other


Income (loss)


Objective


PermittedSB AAA Master Fund LLC


35.86
%

$
165,108,218


$
13,392,846


$
110,412


$
14,675


$
13,267,759



Energy
    Markets



MonthlyCMF Willowbridge Argo Master Fund LP


19.65
%


90,472,695



16,193,670



46,377



3,568



16,143,725



Commodity
    Portfolio



MonthlyCMF Winton Master Fund LP


38.13
%


175,550,915



18,442,740



74,187



4,090



18,364,463



Commodity
    Portfolio



MonthlyTotal





$
431,131,828


$
48,029,256


$
230,976


$
22,333


$
47,775,947   December 31, 2007


For the six months ended June 30, 2007% of








ExpensesPartnerships


Fair


Income








Net


Investment


RedemptionInvestment

Net Assets


Value


(Loss)


Commissions


Other


Income (loss)


Objective


PermittedSB AAA Master Fund LLC


35.86
%

$
165,108,218


$
14,423,601


$
215,251


$
27,858


$
14,180,492



Energy
    Markets



MonthlyCMF Willowbridge Argo Master Fund LP


19.65
%


90,472,695



5,247,176



100,095



6,846



5,140,235



Commodity
    Portfolio



MonthlyCMF Winton Master LP


38.13
%


175,550,915



11,313,602



190,337



8,524



11,114,741



Commodity
    Portfolio



MonthlyTotal





$
431,131,828


$
30,984,379


$
505,683


$
43,228


$
30,435,468   6.
    Financial
    Instrument Risks:   13




---



##### 



Salomon
    Smith Barney Orion Futures Fund L.P.
    Notes to Financial Statements
    June 30, 2008
    (Unaudited)
           14




---



##### 



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
        Critical
    Accounting Policies
  Use of Estimates.
  Investments.
  Fair Value Measurements. Fair Value Measurements No. FAS 157-2, Effective Date of FASB Statement No. 157
 15




---



##### 



Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable6/30/2008


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
1,871,117


$
1,871,117


$



$
Investment in Partnerships


575,162,713







575,162,713



Total fair value

$
577,033,830


$
1,871,117


$
575,162,713


$
   Forward Foreign Currency Contracts. agreed-upon
  Income Taxes.
      Recent Accounting Pronouncements.
 16




---



##### 



Results
    of Operations
  non-U.S. interest non-U.S. interest
        non-U.S. interest non-U.S. interest
    30-day 3-month and/or
 17




---



##### 



90-day
          Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk         18




---



##### 



one-day
  Form 10-K
  June 30,
    2008
    (Unaudited)
  Three Months Ended June 30, 2008Value at


% of Total


High


Low


Average ValueMarket Sector

Risk


Capital


Value at Risk


Value at Risk


at Risk*Currencies:- Exchange Traded Contracts

$
1,078,558



0.18
%

$
1,146,752


$
149,850


$
681,174Energy


802,750



0.14
%


2,147,000



165,112



1,059,667Grains


874,000



0.15
%


874,000



55,500



568,833Interest Rates U.S.


68,400



0.01
%


521,700



53,200



291,667Interest Rates Non-U.S.


380,470



0.06
%


1,193,605



137,480



793,894Livestock


30,400



0.00
% **


30,400



15,200



30,000Metals:- Exchange Traded Contracts


684,000



0.12
%


1,036,000



148,000



539,417Softs


391,400



0.07
%


477,200



106,400



255,967Total

$
4,309,978



0.73
%   *
    
    Average month-end Values at Risk**
    
    Due to rounding    June 30,
    2008
    (Unaudited)
  Three months ended June 30, 2008% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Energy

$
154,277,694



13.87
%

$
179,466,923


$
107,720,171


$
144,064,745Energy Swaps


1,620,046



0.14
%


1,620,046



1,620,046



1,620,046Total

$
155,897,740



14.01
%   *
    
    Average month-end Values at Risk 19




---



##### 



June 30,
    2008
    (Unaudited)
  Three months ended June 30, 2008Value at


% of Total


High


Low


AverageMarket Sector

Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Currencies: Exchange Traded Contracts

$
8,004,034



2.67
%


8,004,034


$
1,195,400


$
4,981,921Energy


5,957,250



1.98
%


15,933,000



4,343,750



8,623,000Grains


5,470,800



1.82
%


5,470,800



417,000



3,107,960Interest Rates U.S.


523,674



0.17
%


3,496,800



423,000



1,527,491Interest Rates Non-U.S.


3,576,411



1.19
%


8,375,150



806,274



5,844,469Livestock


225,600



0.08
%


225,600



111,200



149,333Metals: Exchange Traded Contracts


1,833,000



0.61
%


4,950,750



916,500



2,742,333Softs


1,945,800



0.65
%


2,071,100



535,800



1,501,133Total

$
27,536,569



9.17
%   *
    
    Average of month-end Values at Risk    June 30,
    2008
    (Unaudited)
  Three months ended June 30, 2008% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Currencies: Exchange Traded Contracts

$
3,803,627



0.67
%

$
5,762,547


$
3,711,917


$
4,396,103Energy


4,144,950



0.73
%


5,618,000



3,028,550



4,165,400Grains


2,799,144



0.50
%


3,880,322



1,912,675



2,781,729Interest Rates U.S.


2,167,200



0.38
%


2,615,600



160,797



1,198,017Interest Rates Non-U.S.


4,659,574



0.82
%


5,714,598



1,875,349



4,632,906Livestock


135,970



0.02
%


346,800



53,775



212,283Lumber


3,300



0.00
%**


3,300



2,200



3,300Metals: Exchange Traded Contracts


1,394,750



0.25
%


2,028,500



1,125,750



1,594,667 OTC Contracts


1,647,127



0.29
%


1,718,310



1,009,998



1,632,542Softs


679,622



0.12
%


1,498,048



625,308



852,049Indices


10,589,074



1.87
%


10,676,120



2,612,290



7,121,637Total

$
32,024,338



5.65
%   *
    
    Average of month-end Values at Risk**
    
    Due to rounding 20




---



##### 



Item 4.
    Controls
    and Procedures      Rule 13a-15(e) 15d-15(e)
  internal control over financial
    reporting
  
    pertain to the maintenance of records that in reasonable detail
    accurately and fairly reflect the transactions and dispositions
    of the assets of the Partnership;
    provide reasonable assurance that (i) transactions are
    recorded as necessary to permit preparation of financial
    statements in accordance with U.S. generally accepted
    accounting principles, and (ii) the Partnerships
    receipts are handled and expenditures are made only pursuant to
    authorizations of the General Partner; and
    provide reasonable assurance regarding prevention or timely
    detection of unauthorized acquisition, use or disposition of the
    Partnerships assets that could have a material effect on
    the financial statements.   21




---



##### 



PART II.
    OTHER INFORMATION
  Item 1.
    Legal
    Proceedings.  Form 10-K Form 10-Q
  Enron
  Ahlich v. Arthur Andersen, L.L.P. Delgado v. Fastow Pearson v. Fastow Rosen v. Fastow Bullock v. Arthur Andersen, L.L.P. Choucroun v. Arthur Andersen, L.L.P. Guy v. Arthur Andersen, L.L.P. Adams v. Arthur Andersen, L.L.P. Jose v. Arthur Andersen, L.L.P. Odam, et al., v. Enron Corp., et al
      IPO Civil
    Litigation
    Subprime
    Mortgage-Related Litigation
  In Re
    Citigroup Inc. Shareholder Derivative Litigation
  In Re American Home
    Mortgage Securities Litigation
  In Re Countrywide
    Financial Corp. Securities Litigation
  Other
    Matters
    Auction
    Rate Securities
   22




---



##### 



In Re Citigroup Auction Rate securities
    Litigation
    and/or
  Ferguson Family Trust v. Falcon
  Strategies Two LLC, et
    al.
  In re MAT Five Securities
    Litigation
  Item 1A.
    Risk
    Factors  Form 10-K Form 10-Q
   23




---



##### 



Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds.        (d) Maximum Number(c) Total Number of



(or ApproximateRedeemable



Dollar Value) of(b) Average



Units Purchased



Redeemable Units(a) Total Number of



Price Paid per



as Part of



that May Yet BeRedeemable



Redeemable



Publicly Announced



Purchased Under thePeriod


Units Purchased*



Unit**



Plans or Programs



Plans or ProgramsApril 1, 2008  
    April 30, 2008



3,954.5832



$
2,314.58




N/A




N/AMay 1, 2008  
    May 31, 2008



3,086.7940



$
2,401.95




N/A




N/AJune 1, 2008  
    June 30, 2008



9,878.7392



$
2,518.80




N/A




N/A16,920.1164



$
2,449.75       Item 3.
    Defaults
    Upon Senior Securities.  None.  Item 4.
    Submission
    of Matters to a Vote of Security
    Holders.  None.  Item 5.
    Other
    Information.  None.  Item 6.
    Exhibits  Regulation S-K Form 10-K
  Rule 13a-14(a)/15d-14(a)
  Rule 13a-14(a)/15d-14(a)
     24




---



##### 



SIGNATURES
     SALOMON SMITH BARNEY ORION FUTURES FUND L.P.
  By:
    Citigroup Managed Futures LLC    By:
    /s/  Jerry
    Pascucci       By:
    /s/  Jennifer
    Magro      25