##### Table of Contents



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, 2009
  OR ( )
    TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d)
  OF THE SECURITIES EXCHANGE ACT OF 1934
  
  000-52602
  SMITH
    BARNEY BRISTOL ENERGY FUND L.P.
    New York

20-2718952(State or other jurisdiction of


(I.R.S. Employerincorporation or organization)


Identification No.
)   c/o Citigroup
    Managed Futures LLC
    55 East 59th Street, 10th Floor
    New York, New York 10022
  (Address of
    principal executive offices) (Zip Code)
  (212) 559-2011
  (Registrants
    telephone number, including area code)
    Yes X  No
  S-T
 Yes   No
  12b-2
  Large
    accelerated filer
    Accelerated filer
    Non
    Accelerated filer X
    Smaller
reporting company  rule 12b-2
  Yes   No X




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##### 



SMITH
    BARNEY BRISTOL ENERGY FUND L.P.
  FORM 10-Q
  INDEX
  PageNumberPART I - Financial Information:Item 1.

Financial Statements:Statements of Financial Condition at June 30,
    2009 and December 31, 2008 (unaudited)

3Statements of Income and Expenses
    and Partners Capital for the three and six 
    months ended June 30, 2009 and 2008
    (unaudited)

4Notes to Financial Statements, including the Financial
    Statements of CMF SandRidge Master Fund L.P.
    (unaudited)

5  17Item 2.

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

18  21Item 3.

Quantitative and Qualitative
    Disclosures about Market Risk

22Item 4T.

Controls and Procedures

23PART II - Other Information

24  27ExhibitsEX-10: Joinder AgreementEX-31.1: CertificationEX-31.2: CertificationEX-32.1: CertificationEX-32.2: Certification   2




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##### Table of Contents



PART I  Item 1.
    Financial Statements  Smith
    Barney Bristol Energy Fund L.P.
    Statements of Financial Condition
    (Unaudited) June 30,
    
    
    December 31,2009
    
    
    2008Assets:Investment in Master, at fair value
    
    $
    399,119,808
    
    
    $
    338,731,012Cash
    
    
    210,486
    
    
    
    226,979Total assets
    
    $    399,330,294
    
    
    $
    338,957,991Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage commissions
    
    $
    1,247,907
    
    
    $
    1,059,244Advisory fees
    
    
    663,255
    
    
    
    562,931Administrative fees
    
    
    165,814
    
    
    
    140,733Other
    
    
    129,164
    
    
    
    140,291Redemptions payable
    
    
    3,012,096
    
    
    
    4,915,940Total liabilities
    
    
    5,218,236
    
    
    
    6,819,139Partners Capital:General
Partner 1,885.0346 Unit equivalents outstanding at June 30, 2009
and December 31, 2008
    
    
    3,075,811
    
    
    
    2,764,893Special
Limited Partner 9,975.0310 and 8,230.0213 Redeemable
Units outstanding at June 30, 2009 and December 31, 2008,
respectively
    
    
    16,276,258
    
    
    
    12,071,466Limited Partners 229,674.2771 and 216,328.0911 Redeemable Units
of Limited Partnership Interest outstanding at June 30, 2009
and December 31, 2008, respectively
    
    
    374,759,989
    
    
    
    317,302,493Total partners capital
    
    
    394,112,058
    
    
    
    332,138,852Total liabilities and partners capital
    
    $
    399,330,294
    
    
    $
    338,957,991
   See accompanying notes to financial statements.
 3




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.
    Statements of Income and Expenses and Partners Capital
    (Unaudited) Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Net realized gains (losses) on closed contracts allocated from Master
    
    $
    50,793,221
    
    
    $
    41,550,163
    
    
    $
    (32,260,917
    )
    
    $
    30,693,088Change in
net unrealized gains (losses) on open contracts allocated from
Master
    
    
    (27,535,178
    )
    
    
    4,930,362
    
    
    
    85,866,648
    
    
    
    55,350,145Interest income allocated from Master
    
    
    77,274
    
    
    
    839,785
    
    
    
    154,517
    
    
    
    1,732,651Expenses allocated from Master
    
    
    (157,175
    )
    
    
    (105,735
    )
    
    
    (339,381
    )
    
    
    (226,318
    )Total income (loss)
    
    
    23,178,142
    
    
    
    47,214,575
    
    
    
    53,420,867
    
    
    
    87,549,566Expenses:Brokerage commissions
    
    
    3,654,250
    
    
    
    2,785,355
    
    
    
    7,020,701
    
    
    
    4,945,878Advisory fees
    
    
    1,942,110
    
    
    
    1,480,427
    
    
    
    3,731,240
    
    
    
    2,628,687Administrative fees
    
    
    485,527
    
    
    
    370,106
    
    
    
    932,810
    
    
    
    657,170Other
    
    
    63,910
    
    
    
    84,132
    
    
    
    128,520
    
    
    
    161,103Total
expenses
    
    
    6,145,797
    
    
    
    4,720,020
    
    
    
    11,813,271
    
    
    
    8,392,838Net income (loss) before allocation to Special Limited Partner
    
    
    17,032,345
    
    
    
    42,494,555
    
    
    
    41,607,596
    
    
    
    79,156,728Allocation to Special Limited Partner
    
    
    (2,847,332
    )
    
    
    (8,330,954
    )
    
    
    (2,847,332
    )
    
    
    (15,059,328
    )Net income (loss) after allocation to Special Limited Partner
    
    
    14,185,013
    
    
    
    34,163,601
    
    
    
    38,760,264
    
    
    
    64,097,400Additions
 Special  Limited Partner
    
    
    2,847,332
    
    
    
    8,330,954
    
    
    
    2,847,332
    
    
    
    15,059,328Additions  General Partner
    
    
    
    
    
    
    1,500,000
    
    
    
    
    
    
    
    1,500,000Additions  Limited Partners
    
    
    29,857,468
    
    
    
    40,986,000
    
    
    
    48,451,468
    
    
    
    53,828,000Redemptions  Limited Partners
    
    
    (16,475,179
    )
    
    
    (12,425,805
    )
    
    
    (28,085,858
    )
    
    
    (19,799,506
    )Net increase (decrease) in Partners Capital
    
    
    30,414,634
    
    
    
    72,554,750
    
    
    
    61,973,206
    
    
    
    114,685,222Partners Capital, beginning of period
    
    
    363,697,424
    
    
    
    247,319,235
    
    
    
    332,138,852
    
    
    
    205,188,763Partners Capital, end of period
    
    $
    394,112,058
    
    
    $
    319,873,985
    
    
    $
    394,112,058
    
    
    $
    319,873,985Net Asset Value per  Unit
(241,534.3427 and 201,125.4686 Units outstanding
at June 30, 2009 and 2008, respectively)
    
    $
    1,631.70
    
    
    $
    1,590.42
    
    
    $
    1,631.70
    
    
    $
    1,590.42Net income per Redeemable Unit of Limited Partnership
Interest and General Partner Unit equivalent
    
    $
    59.29
    
    
    $
    186.28
    
    
    $
    164.94
    
    
    $
    360.37
   4




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.Notes to Financial Statements
    June 30, 2009
    (Unaudited)
  1.
    General:             5




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
  Form 10-K
          6




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.Notes to Financial Statements
    June 30, 2009
    (Unaudited)
   CMF SandRidge Master Fund L.P.
    Statements of Financial Condition
    (Unaudited)
 June 30,
    
    
    December 31,2009
    
    
    2008Assets:Equity in trading account:Cash
    
    $
    517,607,764
    
    
    $
    530,398,527Cash margin
    
    
    27,679,472
    
    
    
    29,705,022Net unrealized appreciation on open futures
and exchange cleared swap contracts
    
    
    3,377,793
    
    
    
    Options owned, at fair value (cost $7,135,800
and $3,510,375 at June 30, 2009 and
December 31, 2008, respectively)
    
    
    6,762,945
    
    
    
    4,987,535Total assets
    
    $
    555,427,974
    
    
    $
    565,091,084Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures
and exchange cleared swap contracts
    
    $
    
    
    
    $
    110,973,333Options written, at fair value (premium
$4,074,000 and $3,103,510 at June 30, 2009
and December 31, 2008, respectively)
    
    
    3,557,240
    
    
    
    4,282,963Accrued expenses:Professional fees
    
    
    120,760
    
    
    
    116,342Total liabilities
    
    
    3,678,000
    
    
    
    115,372,638Partners Capital:General Partner, 0.0000 Unit equivalents at
June 30, 2009 and December 31, 2008
    
    
    
    
    
    
    Limited Partners Capital, 263,013.4685 and
247,850.0335 Redeemable
Units of Limited Partnership Interest
outstanding at June 30, 2009 and
December 31, 2008, respectively
    
    
    551,749,974
    
    
    
    449,718,446Total liabilities and partners capital
    
    $
    555,427,974
    
    
    $
    565,091,084
  7




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.
    Notes to Financial Statements
    June 30, 2009
    (Unaudited)
  CMF
    SandRidge Master Fund L.P.
    Schedule of Investments
    June 30, 2009
    (Unaudited)
  Number of
    
    
    
    
    
    
    % of PartnersContracts
    
    
    Fair Value
    
    
    CapitalFutures
and Exchange Cleared Swap Contracts PurchasedEnergyICE Henry Hub Natural Gas Swap Sept. 09 - Dec. 13
    
    
    14,168
    
    
    $
    (8,606,113
    )
    
    
    (1.56
    )%NYMEX Henry
Hub Natural Gas Swap Oct. 09 - Jan. 11
    
    
    5,492
    
    
    
    (15,473,200
    )
    
    
    (2.80
    )NYMEX Natural Gas Dec. 09 - Jan. 11
    
    
    1,426
    
    
    
    342,241
    
    
    
    0.06NYMEX Henry Hub Penultimate Aug. 09
    
    
    308
    
    
    
    (273,350
    )
    
    
    (0.05
    )Total futures and exchange cleared swap contracts purchased
    
    
    
    
    
    
    (24,010,422
    )
    
    
    (4.35
    )Futures
and Exchange Cleared Swap Contracts SoldEnergyICE Henry Hub Natural Gas Swap Oct 09 - Oct. 10
    
    
    13,048
    
    
    
    5,030,353
    
    
    
    0.91NYMEX Henry Hub Natural Gas Swap Aug. 09 - Dec. 13
    
    
    6,380
    
    
    
    15,174,950
    
    
    
    2.75NYMEX Henry Hub Natural Gas Aug. 09 - Oct. 10
    
    
    4,772
    
    
    
    7,171,352
    
    
    
    1.30NYMEX Henry Hub Penultimate Dec. 09
    
    
    272
    
    
    
    11,560
    
    
    
    0.00
    *Total futures and exchange cleared swap contracts sold
    
    
    
    
    
    
    27,388,215
    
    
    
    4.96Options OwnedEnergy
    
    
    3,025
    
    
    
    6,762,945
    
    
    
    1.22Total options owned
    
    
    
    
    
    
    6,762,945
    
    
    
    1.22Options WrittenEnergy
    
    
    2,000
    
    
    
    (3,557,240
    )
    
    
    (0.64
    )Total options written
    
    
    
    
    
    
    (3,557,240
    )
    
    
    (0.64
    )Total fair value
    
    
    
    
    
    $
    6,583,498
    
    
    
    1.19
    %
  
 8




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.
    Notes to Financial Statements
    June 30, 2009
    (Unaudited)
  CMF
    SandRidge Master Fund L.P.
    Schedule of Investments
    December 31, 2008
    (Unaudited)
  Number of





% of PartnersContracts


Fair Value


CapitalFutures and Exchange Cleared Swap Contracts PurchasedEnergyICE Henry Hub Natural Gas Swap April 09  Dec. 14


30,555


$
(72,012,250
)


(16.01
)%NYMEX Natural Gas Swap Oct. 09  Dec. 14


10,464



(43,628,900
)


(9.70
)NYMEX Natural Gas Aug. 09  Oct. 10


6,052



(113,269,862
)


(25.19
)Total futures and exchange cleared swap contracts purchased






(228,911,012
)


(50.90
)Futures and Exchange Cleared Swap Contracts SoldEnergyICE Henry Hub Natural Gas Swap Feb. 09  Oct. 10


25,108



34,592,590



7.69NYMEX Henry Hub Natural Gas Feb. 09  Dec. 12


10,624



42,565,560



9.46NYMEX Natural Gas Feb. 09  Sep. 09


6,572



40,779,529



9.07Total futures and exchange cleared swap contracts sold






117,937,679



26.22Options OwnedEnergy






4,987,535



1.11Total options owned






4,987,535



1.11Options WrittenEnergy






(4,282,963
)


(0.95
)Total options written






(4,282,963
)


(0.95
)Total fair value





$
(110,268,761
)


(24.52
)%   9




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.
    Notes to Financial Statements
    June 30, 2009
    (Unaudited)
  CMF
    SandRidge Master Fund L.P.
    Statements of Income and Expenses and Partners Capital
    (Unaudited)
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts
    
    $
    69,743,004
    
    
    $
    58,885,615
    
    
    $
    (41,422,051
    )
    
    $
    43,192,302Change in
net unrealized gains (losses) on open contracts
    
    
    (37,876,249
    )
    
    
    6,954,355
    
    
    
    114,197,324
    
    
    
    79,005,152Gain (loss) from trading, net
    
    
    31,866,755
    
    
    
    65,839,970
    
    
    
    72,775,273
    
    
    
    122,197,454Interest income
    
    
    109,232
    
    
    
    1,239,742
    
    
    
    215,563
    
    
    
    2,608,428Total income
(loss)
    
    
    31,975,987
    
    
    
    67,079,712
    
    
    
    72,990,836
    
    
    
    124,805,882Expenses:Clearing fees

    
    
    165,315
    
    
    
    82,368
    
    
    
    340,477
    
    
    
    185,325Professional fees
    
    
    49,717
    
    
    
    67,473
    
    
    
    117,227
    
    
    
    139,355Total
expenses
    
    
    215,032
    
    
    
    149,841
    
    
    
    457,704
    
    
    
    324,680Net income (loss)
    
    
    31,760,955
    
    
    
    66,929,871
    
    
    
    72,533,132
    
    
    
    124,481,202Additions  Limited Partners
    
    
    39,965,290
    
    
    
    54,254,374
    
    
    
    90,559,290
    
    
    
    67,096,374Redemptions  Limited Partners
    
    
    (28,158,004
    )
    
    
    (29,312,038
    )
    
    
    (60,845,331
    )
    
    
    (49,510,620
    )Distribution of interest income to feeder funds
    
    
    (109,232
    )
    
    
    (1,239,742
    )
    
    
    (215,563
    )
    
    
    (2,608,428
    )Net increase
(decrease) in Partners Capital
    
    
    43,459,009
    
    
    
    90,632,465
    
    
    
    102,031,528
    
    
    
    139,458,528Partners Capital, beginning of period
    
    
    508,290,965
    
    
    
    361,357,788
    
    
    
    449,718,446
    
    
    
    312,531,725Partners Capital, end of period
    
    $
    551,749,974
    
    
    $
    451,990,253
    
    
    $
    551,749,974
    
    
    $
    451,990,253Net Asset Value per Redeemable Unit
(263,013.4685 and 236,373.3040 Redeemable Units outstanding
at June 30, 2009 and 2008, respectively)

    
    $
    2,097.80
    
    
    $
    1,912.19
    
    
    $
    2,097.80
    
    
    $
    1,912.19Net income (loss) per Redeemable Unit of Limited Partnership
Interest


    $
    122.39
    
    
    $
    297.96
    
    
    $
    284.18
    
    
    $
    559.96
  10




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.
    Notes to Financial Statements
    June 30, 2009
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net realized and unrealized gains (losses)*

    $
    81.42
    
    
    $
    237.90
    
    
    $
    196.85
    
    
    $
    455.02Interest income allocated from Master

    
    0.32
    
    
    
    4.46
    
    
    
    0.66
    
    
    
    9.68Expenses and allocation to Special Limited Partner**

    
    (22.45
    )
    
    
    (56.08
    )
    
    
    (32.57
    )
    
    
    (104.33
    )Increase (decrease) for the period

    
    59.29
    
    
    
    186.28
    
    
    
    164.94
    
    
    
    360.37Net Asset Value per Redeemable Unit, beginning of period

    
    1,572.41
    
    
    
    1,404.14
    
    
    
    1,466.76
    
    
    
    1,230.05Net Asset Value per Redeemable Unit, end of period

    $
    1,631.70
    
    
    $
    1,590.42
    
    
    $
    1,631.70
    
    
    $
    1,590.42   *
    
    Includes Partnership commissions and expenses allocated from
    Master.**
    
    Excludes Partnership commissions and expenses allocated
    from Master and includes allocation to Special Limited Partner.  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Ratio to average net assets:***Net investment income (loss) before allocation to Special
    Limited Partner****

    
    (6.6
    )%
    
    
    (5.8
    )%
    
    
    (6.7
    )%
    
    
    (5.5
    )%Operating expenses

    
    6.7
    %
    
    
    7.0
    %
    
    
    6.8
    %
    
    
    6.9
    %Allocation to Special Limited Partner

    
    0.8
    %
    
    
    3.0
    %
    
    
    0.8
    %
    
    
    6.0
    %Total expenses and allocation to Special Limited Partner

    
    7.5
    %
    
    
    10.0
    %
    
    
    7.6
    %
    
    
    12.9
    %Total return:Total return before allocation to Special Limited Partner

    
    4.5
    %
    
    
    16.2
    %
    
    
    12.0
    %
    
    
    35.4
    %Allocation to Special Limited Partner

    
    (0.7
    )%
    
    
    (2.9
    )%
    
    
    (0.8
    )%
    
    
    (6.1
    )%Total return after allocation to Special Limited Partner

    
    3.8
    %
    
    
    13.3
    %
    
    
    11.2
    %
    
    
    29.3
    %   ***
    
    Annualized (except for allocation to Special Limited Partner, if
    applicable).****
    
    Interest income allocated from Master less total expenses.   11




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
    Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net realized and unrealized gains (losses)*

    $
    122.17
    
    
    $
    292.83
    
    
    $
    283.79
    
    
    $
    549.06Interest income

    
    0.42
    
    
    
    5.43
    
    
    
    0.86
    
    
    
    11.52Expenses **

    
    (0.20
    )
    
    
    (0.30
    )
    
    
    (0.47
    )
    
    
    (0.62
    )Increase (decrease) for the period

    
    122.39
    
    
    
    297.96
    
    
    
    284.18
    
    
    
    559.96Distribution of interest income to feeder funds

    
    (0.42
    )
    
    
    (5.43
    )
    
    
    (0.86
    )
    
    
    (11.52
    )Net Asset Value per Redeemable Unit, beginning of period

    
    1,975.83
    
    
    
    1,619.66
    
    
    
    1,814.48
    
    
    
    1,363.75Net Asset Value per  Redeemable Unit, end of period

    $
    2,097.80
    
    
    $
    1,912.19
    
    
    $
    2,097.80
    
    
    $
    1,912.19   *
    
    Includes clearing fees.**
    
    Excludes clearing fees. Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Ratios to average net assets:***Net investment income (loss) ****

    
    (0.1
    )%
    
    
    1.1
    %
    
    
    (0.1
    )%
    
    
    1.3
    %Operating expense

    
    0.2
    %
    
    
    0.1
    %
    
    
    0.2
    %
    
    
    0.2
    %Total return

    
    6.2
    %
    
    
    18.4
    %
    
    
    15.7
    %
    
    
    41.1
    %   ***
    
    Annualized.****
    
    Interest income less total expenses.    3.
    Trading
    Activities:       12




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.
    Notes to Financial Statements
June 30, 2009
    (Unaudited)
    June 30, 2009
    
    
    
    June 30, 2009Assets
    
    
    
    
    AssetsFutures and Exchange Cleared Swap Contracts
    
    
    
    
    Options OwnedEnergy
    
    $
    34,433,560
    
    Energy
    
    $
    6,762,945Total unrealized appreciation on open futures and exchange cleared swap contracts
    
    $
    34,433,560
    
    Options owned
    
    $
    6,762,945
    **Liabilities
    
    
    
    
    LiabilitiesFutures and Exchange Cleared Swap Contracts
    
    
    
    
    Options WrittenEnergy
    
    $
    (31,055,767
    )
    Energy
    
    $
    (3,557,240
    )Total unrealized depreciation on open futures and exchange cleared swap contracts
    
    $
    (31,055,767
    )
    Options written
    
    $
    (3,557,240
    )***Net
unrealized appreciation on open futures contracts
    
    $
    3,377,793
    *
 
 *
    
    This amount is included in Net unrealized
appreciation on open futures and exchange cleared swap contracts on the Statements of Financial Condition.**
    
    This amount is included in options owned at fair value on the Statements of Financial
Condition.***
    
    This amount is included in options written at fair
value on the Statements of Financial
Condition.  Three Months Ended
    
    Six Months EndedJune 30, 2009
    
    June 30, 2009Sector
    
    Gain (loss) from trading
    
    Gain (loss) from tradingEnergy
    
    $
    31,866,755
    
    
    $
    72,775,273Total
    
    $
    31,866,755
    
    
    $
    72,775,273
 13




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.
    Notes to Financial Statements
    June 30, 2009
    (Unaudited)
  4.
    Fair
    Value Measurements:  Investments.
  Fair Value Measurements. Fair Value Measurements No. FAS 157-2, Effective Date of FASB Statement No. 157
    Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Assets


Observable Inputs


Inputs6/30/2009


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Master

$
399,119,808


$



$
399,119,808


$
Total fair value

$
399,119,808


$



$
399,119,808


$
  Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Assets


Observable Inputs


Inputs12/31/2008


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Master

$
338,731,012


$



$
338,731,012


$
Total fair value

$
338,731,012


$



$
338,731,012


$
 14




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.
    Notes to Financial Statements
    June 30, 2009
    (Unaudited)
  Investments.
  Fair Value Measurements. No. FAS 157-2, Effective Date of FASB Statement No. 157
    Quoted Prices in
    
    
    Significant Other
    
    
    SignificantActive Markets for
    
    
    Observable
    
    
    UnobservableIdentical Assets
    
    
    Inputs
    
    
    Inputs6/30/2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)AssetsFutures and
Exchange Cleared Swaps
    
    $
    3,377,793
    
    
    $
    3,377,793
    
    
    $
    
    
    
    $
    Options owned
    
    
    6,762,945
    
    
    
    6,762,945
    
    
    
    
    
    
    
    Total assets
    
    $
    10,140,738
    
    
    $
    10,140,738
    
    
    $
    
    
    
    $
    LiabilitiesOptions written
    
    $
    3,557,240
    
    
    $
    3,557,240
    
    
    $
    
    
    
    $
    Total liabilities
    
    
    3,557,240
    
    
    
    3,557,240
    
    
    
    
    
    
    
    Total fair value
    
    $
    6,583,498
    
    
    $
    6,583,498
    
    
    $
    
    
    
    $
    Quoted Prices in


Significant Other


SignificantActive Markets for


Observable


UnobservableIdentical Assets


Inputs


Inputs12/31/2008


(Level 1)


(Level 2)


(Level 3)AssetsOptions owned

$
4,987,535


$
4,987,535


$



$
Total assets

$
4,987,535


$
4,987,535


$




$
LiabilitiesFutures and Exchange Cleared Swaps

$
110,973,333


$
110,973,333


$



$
Options written


4,282,963



4,282,963







Total liabilities


115,256,296



115,256,296







Total fair value

$
(110,268,761
)

$
(110,268,761
)

$



$

  15




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##### Table of Contents



5.
    Financial
    Instrument Risks:  over-the-counter
 16




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##### Table of Contents



Smith
    Barney Bristol Energy Fund L.P.
    Notes to Financial Statements
   June 30, 2009
    (Unaudited)
           17




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##### Table of Contents



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
        and/or
    Critical
    Accounting Policies
 Use of Estimates.
 Statement of Cash Flows.
 Investments.
 Fair Value Measurements.
  18




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##### Table of Contents



Futures
Contracts.
 Options.
 Income Taxes.
   Recent
Accounting Pronouncements
 Subsequent Events.
 19




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##### Table of Contents



Results
    of Operations
          30-day 3-month and/or 90-day
    20




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21




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##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk          one-day
  Form 10-K
  June 30, 2009
    (Unaudited)
  Three Months Ended June 30, 2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capitalization


Value at Risk


Value at Risk


Value at Risk*Energy

$
27,679,472



5.02
%

$
37,013,942


$
11,157,117


$
23,300,777Total

$
27,679,472



5.02
%    22




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##### Table of Contents



Item 4T.
    Controls
    and Procedures      Rules 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 GAAP 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.   23




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##### Table of Contents



PART II.
    OTHER INFORMATION Item 1. Legal Proceedings
  Enron-Related Civil Actions
 Acquisition
Partners, L.P., et al. v. J.P. Morgan Chase & Co., et al., Avenue Capital Management II, L.P.,
et al. v. J.P. Morgan Chase & Co., et al. UniCredito Italiano, SpA, et al. v. J.P. Morgan Chase Bank, et. al.
 Subprime Mortgage-Related Litigation
 Buckingham v. Citigroup Inc., et al. Chen v. Citigroup Inc., et al. In re Citigroup Inc. Bond Litigation.
 Asher, et al. v. Citigroup Inc., et al. In re Citigroup Inc. Bond Litigation Asher, et al. v. Citigroup Inc., et al. Pellegrini v. Citigroup Inc., et al. In re Citigroup Inc. Bond Litigation
 Epirus Capital Management, LLC, et al. v. Citigroup Inc., et al. In re Citigroup Inc. Securities Litigation
 Auction Rate Securities-Related Litigation
 Securities Actions. American Eagle Outfitters, Inc., et al. v. Citigroup Global
Markets Inc. In re Citigroup Inc. Auction Rate Securities Litigation Finn v. Smith Barney, et al.
 Texas Instruments Inc. v. Citigroup Global Markets Inc. et al.
 Governmental and Regulatory Actions.
 24




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##### Table of Contents



Falcon and ASTA/MAT-Related Litigation
 Marie Raymond Revocable Trust, et al. v. MAT Five LLC, et al.
 In re MAT Five Securities Litigation.
 ECA Acquisitions, Inc., et al. v. MAT Three LLC, et al.
 Zentner v. Citigroup, et al. In re MAT Two Securities
Litigation, In re MAT Three Securities Litigation and In re MAT Five Securities Litigation.) In re MAT Five Securities
Litigation
 Zentner v. Citigroup, et al.
 Other Matters
 Underwriting Actions .
 American Home Mortgage In re American
Home Mortgage Securities Litigation
 American International Group In re American International Group, Inc. 2008 Securities Litigation
 25




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##### Table of Contents



Item 1A.
    Risk
    Factors  Form 10-K
  Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds        (d) Maximum Number(c) Total Number



(or Approximateof Redeemable Units



Dollar Value) of(a) Total







Purchased as Part



Redeemable Units thatNumber of



(b) Average



of Publicly



May Yet BeRedeemable



Price Paid per



Announced



Purchased Under thePeriod


Units Purchased*



Redeemable Unit**



Plans or Programs



Plans or ProgramsApril 1, 2009 -
    April 30, 2009



4,618.8544



$
1,593.97




N/A




N/AMay 1, 2009 -
    May 31, 2009



3,784.0086



$
1,612.25




N/A




N/AJune 1, 2009 -
    June 30, 2009



1,845.9863



$
1,631.70




N/A




N/A10,248.8493



$
1,607.52      Item 3.
    Defaults
    Upon Senior Securities  None  Item 4.
    Submission
    of Matters to a Vote of Security Holders 
    None  Item 5.
    Other
    Information Morgan Stanley/Citigroup Joint Venture
  26




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Item 6. Exhibits  Regulation S-K
    Rule 13a-14(a)/15d-14(a)
  Rule 13a-14(a)/15d-14(a)
  
  
 27




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SIGNATURES
    SMITH BARNEY BRISTOL ENERGY FUND L.P.
  By:
    Citigroup Managed Futures LLC     By:
    /s/  Jerry
    Pascucci        By:
    /s/  Jennifer
    Magro      28