UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(X) QUARTERLY REPORT UNDER SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

OR ( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter ended March 31, 2007

Commission File Number 000-24111

SMITH BARNEY WESTPORT FUTURES FUND L.P.

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(Exact name of registrant as specified in its charter)

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|---------------------------------|--|--|---------------------|
| New York                        |  |  | 13-3939393          |
| (State or other jurisdiction of |  |  | (I.R.S. Employer    |
| incorporation or organization)  |  |  | Identification No.) |
|                                 |

c/o Citigroup Managed Futures LLC 731 Lexington Avenue – 25th Fl. New York, New York 10022

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|  |  |
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(Address and Zip Code of principal executive offices)

(212) 559-2011

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(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X     No     

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of ‘‘accelerated filer and large accelerated filer’’ in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer         Accelerated filer         Non-accelerated X

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes          No X

As of April 30, 2007, 81,329.3087 Limited Partnership Redeemable Units were outstanding.

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SMITH BARNEY WESTPORT FUTURES FUND L.P.

FORM 10-Q

INDEX

|                                       |  |  |         |  |  |                                                                                                                            |  |  |               |
|---------------------------------------|--|--|---------|--|--|----------------------------------------------------------------------------------------------------------------------------|--|--|---------------|
|                                  |  |  |    |  |  |                                                                                                                       |  |  | PageNumber    |
| PART I — Financial Information: |  |  |    |
|                                  |  |  | Item 1. |  |  | Financial Statements:                                                                                                      |  |  |          |
|                                  |  |  |    |  |  | Statements of Financial Condition atMarch 31, 2007 and December 31, 2006(unaudited)                                        |  |  | 3             |
|                                  |  |  |    |  |  | Condensed Schedules of Investments atMarch 31, 2007 and December 31, 2006(unaudited)                                       |  |  | 4 – 5   |
|                                  |  |  |    |  |  | Statements of Income and Expenses andPartners’ Capital for the three months ended March 31, 2007 and 2006(unaudited) |  |  | 6             |
|                                  |  |  |    |  |  | Statements of Cash Flows for the three months ended March 31, 2007 and 2006(unaudited)                                     |  |  | 7             |
|                                  |  |  |    |  |  | Notes to Financial Statements(unaudited)                                                                                   |  |  | 8 – 10  |
|                                  |  |  | Item 2. |  |  | Management’s Discussion and Analysisof Financial Condition and Results ofOperations                                  |  |  | 11 – 13 |
|                                  |  |  | Item 3. |  |  | Quantitative and Qualitative Disclosures about Market Risk                                                                 |  |  | 14 – 15 |
|                                  |  |  | Item 4. |  |  | Controls and Procedures                                                                                                    |  |  | 16            |
| PART II — Other Information     |  |  | 17      |
|                                       |

2

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PART I

Item 1. Financial Statements

Smith Barney Westport Futures Fund L.P.Statements of Financial Condition(Unaudited)

|                                                                                                                                           |  |  |               |   |            |                  |  |  |  |   |             |  |
|-------------------------------------------------------------------------------------------------------------------------------------------|--|--|---------------|---|------------|------------------|--|--|--|---|-------------|--|
|                                                                                                                                      |  |  | March 31,2007 |   |            | December 31,2006 |
| Assets:                                                                                                                                   |  |  |               |   |       |                  |  |  |  |   |        |  |
| Equity in commodity futures trading account:                                                                                              |  |  |               |   |       |                  |  |  |  |   |        |  |
| Cash (restricted $4,369,433 and $16,211,297 in 2007 and 2006, respectively)                                                               |  |  |               | $ | 80,230,442 |                  |  |  |  | $ | 104,610,425 |  |
| Net unrealized appreciation on open futures positions                                                                                     |  |  |               |   | 177,854    |                  |  |  |  |   | —     |  |
| Unrealized appreciation on open forward contracts                                                                                         |  |  |               |   | 1,004,856  |                  |  |  |  |   | 2,043,438   |  |
|                                                                                                                                      |  |  |               |   | 81,413,152 |                  |  |  |  |   | 106,653,863 |  |
| Interest receivable                                                                                                                       |  |  |               |   | 292,096    |                  |  |  |  |   | 351,947     |  |
|                                                                                                                                      |  |  |               | $ | 81,705,248 |                  |  |  |  | $ | 107,005,810 |  |
| Liabilities and Partners’ Capital                                                                                                   |  |  |               |   |       |                  |  |  |  |   |        |  |
| Liabilities:                                                                                                                              |  |  |               |   |       |                  |  |  |  |   |        |  |
| Net unrealized depreciation on open futures positions                                                                                     |  |  |               | $ | —    |                  |  |  |  | $ | 749,120     |  |
| Unrealized depreciation on open forward contracts                                                                                         |  |  |               |   | 1,947,791  |                  |  |  |  |   | 612,760     |  |
| Accrued expenses:                                                                                                                         |  |  |               |   |       |                  |  |  |  |   |        |  |
| Brokerage commissions                                                                                                                     |  |  |               |   | 365,555    |                  |  |  |  |   | 484,201     |  |
| Management fees                                                                                                                           |  |  |               |   | 132,258    |                  |  |  |  |   | 175,224     |  |
| Other expenses                                                                                                                            |  |  |               |   | 37,384     |                  |  |  |  |   | 25,540      |  |
| Redemptions payable                                                                                                                       |  |  |               |   | 2,507,033  |                  |  |  |  |   | 4,972,627   |  |
|                                                                                                                                      |  |  |               |   | 4,990,021  |                  |  |  |  |   | 7,019,472   |  |
| Partners’ Capital:                                                                                                                  |  |  |               |   |       |                  |  |  |  |   |        |  |
| General Partner 390.1941 and 867.2897 Unit equivalents outstanding in 2007 and 2006, respectively                                         |  |  |               |   | 352,232    |                  |  |  |  |   | 898,061     |  |
| Limited Partners, 84,593.2365 and 95,693.4020 Redeemable Units of Limited Partnership Interest outstanding in 2007 and 2006, respectively |  |  |               |   | 76,362,995 |                  |  |  |  |   | 99,088,277  |  |
|                                                                                                                                      |  |  |               |   | 76,715,227 |                  |  |  |  |   | 99,986,338  |  |
|                                                                                                                                      |  |  |               | $ | 81,705,248 |                  |  |  |  | $ | 107,005,810 |  |
|                                                                                                                                           |

See accompanying notes to financial statements.

3

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Smith Barney Westport Futures Fund L.P.Condensed Schedule of InvestmentsMarch 31, 2007(Unaudited)

|                                                    |  |  |            |   |            |                             |  |  |  |  |        |          |
|----------------------------------------------------|--|--|------------|---|------------|-----------------------------|--|--|--|--|--------|----------|
| Futures Contracts Purchased                        |  |  | Fair Value |   |            | % of Partners’Capital |
| Energy                                             |  |  |            | $ | 191,750    |                             |  |  |  |  | 0.25   | %   |
| Grains                                             |  |  |            |   | (27,846    | )                      |  |  |  |  | (0.04  | )   |
| Indices                                            |  |  |            |   | 24,513     |                             |  |  |  |  | 0.03   |          |
| Interest Rates U.S.                                |  |  |            |   | (138,869   | )                      |  |  |  |  | (0.18  | )   |
| Interest Rates Non-U.S.                            |  |  |            |   | (39,553    | )                      |  |  |  |  | (0.05  | )   |
| Livestock                                          |  |  |            |   | (2,750     | )                      |  |  |  |  | (0.00  | )*  |
| Metals                                             |  |  |            |   | 5,050      |                             |  |  |  |  | 0.00   | *   |
| Softs                                              |  |  |            |   | (1,875     | )                      |  |  |  |  | (0.00  | )*  |
| Total futures contracts purchased                  |  |  |            |   | 10,420     |                             |  |  |  |  | 0.01   |          |
|                                               |  |  |            |   |       |                             |  |  |  |  |   |          |
| Futures Contracts Sold                             |  |  |            |   |       |                             |  |  |  |  |   |          |
| Grains                                             |  |  |            |   | 85,488     |                             |  |  |  |  | 0.11   |          |
| Interest Rates Non-U.S.                            |  |  |            |   | 22,367     |                             |  |  |  |  | 0.03   |          |
| Metals                                             |  |  |            |   | (14,900    | )                      |  |  |  |  | (0.02  | )   |
| Softs                                              |  |  |            |   | 74,479     |                             |  |  |  |  | 0.10   |          |
| Total futures contracts sold                       |  |  |            |   | 167,434    |                             |  |  |  |  | 0.22   |          |
|                                               |  |  |            |   |       |                             |  |  |  |  |   |          |
| Unrealized Appreciation on Forward Contracts       |  |  |            |   |       |                             |  |  |  |  |   |          |
| Currencies                                         |  |  |            |   | 741,259    |                             |  |  |  |  | 0.97   |          |
| Metals                                             |  |  |            |   | 263,597    |                             |  |  |  |  | 0.34   |          |
| Total Unrealized Appreciation on Forward Contracts |  |  |            |   | 1,004,856  |                             |  |  |  |  | 1.31   |          |
|                                               |  |  |            |   |       |                             |  |  |  |  |   |          |
| Unrealized Depreciation on Forward Contracts       |  |  |            |   |       |                             |  |  |  |  |   |          |
| Currencies                                         |  |  |            |   | (1,383,637 | )                      |  |  |  |  | (1.80  | )   |
| Metals                                             |  |  |            |   | (564,154   | )                      |  |  |  |  | (0.74  | )   |
| Total Unrealized Depreciation on Forward Contracts |  |  |            |   | (1,947,791 | )                      |  |  |  |  | (2.54  | )   |
|                                               |  |  |            |   |       |                             |  |  |  |  |   |          |
| Total Fair Value                                   |  |  |            | $ | (765,081   | )                      |  |  |  |  | (1.00  | )%  |
|                                                    |

Percentages are based on Partners’ Capital unless otherwise indicated.

|         |                 |
|---------|-----------------|
| *  | Due to rounding |

See accompanying notes to financial statements.

4

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Smith Barney Westport Futures Fund L.P.Condensed Schedule of InvestmentsDecember 31, 2006(Unaudited)

|                                                         |  |  |            |   |            |                             |  |  |  |  |        |         |
|---------------------------------------------------------|--|--|------------|---|------------|-----------------------------|--|--|--|--|--------|---------|
| Futures Contracts Purchased                             |  |  | Fair Value |   |            | % of Partners’Capital |
| Grains                                                  |  |  |            | $ | 138,532    |                             |  |  |  |  | 0.14   | %  |
| Indices                                                 |  |  |            |   | 208,366    |                             |  |  |  |  | 0.21   |         |
| Interest Rates U.S.                                     |  |  |            |   | (1,746,638 | )                      |  |  |  |  | (1.75  | )  |
| Interest Rates Non-U.S.                                 |  |  |            |   | (899,941   | )                      |  |  |  |  | (0.90  | )  |
| Softs                                                   |  |  |            |   | 212,995    |                             |  |  |  |  | 0.21   |         |
| Total futures contracts purchased                       |  |  |            |   | (2,086,686 | )                      |  |  |  |  | (2.09  | )  |
|                                                    |  |  |            |   |       |                             |  |  |  |  |   |         |
| Futures Contracts Sold                                  |  |  |            |   |       |                             |  |  |  |  |   |         |
| Energy                                                  |  |  |            |   | 902,837    |                             |  |  |  |  | 0.90   |         |
| Interest Rates Non-U.S.                                 |  |  |            |   | 611,571    |                             |  |  |  |  | 0.61   |         |
| Metals                                                  |  |  |            |   | (214,660   | )                      |  |  |  |  | (0.21  | )  |
| Softs                                                   |  |  |            |   | 37,818     |                             |  |  |  |  | 0.04   |         |
| Total futures contracts sold                            |  |  |            |   | 1,337,566  |                             |  |  |  |  | 1.34   |         |
|                                                    |  |  |            |   |       |                             |  |  |  |  |   |         |
| Unrealized Appreciation on Open Forward Contracts       |  |  |            |   |       |                             |  |  |  |  |   |         |
| Currencies                                              |  |  |            |   | 1,814,888  |                             |  |  |  |  | 1.81   |         |
| Metals                                                  |  |  |            |   | 228,550    |                             |  |  |  |  | 0.23   |         |
| Total Unrealized Appreciation on Open Forward Contracts |  |  |            |   | 2,043,438  |                             |  |  |  |  | 2.04   |         |
|                                                    |  |  |            |   |       |                             |  |  |  |  |   |         |
| Unrealized Depreciation on Open Forward Contracts       |  |  |            |   |       |                             |  |  |  |  |   |         |
| Currencies                                              |  |  |            |   | (494,328   | )                      |  |  |  |  | (0.49  | )  |
| Metals                                                  |  |  |            |   | (118,432   | )                      |  |  |  |  | (0.12  | )  |
| Total Unrealized Depreciation on Open Forward Contracts |  |  |            |   | (612,760   | )                      |  |  |  |  | (0.61  | )  |
| Total Fair Value                                        |  |  |            | $ | 681,558    |                             |  |  |  |  | 0.68   | %  |
|                                                         |

Percentages are based on Partners’ Capital unless otherwise indicated.

|         |                 |
|---------|-----------------|
| *  | Due to rounding |

See accompanying notes to financial statements.

5

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Smith Barney Westport Futures Fund L.P.Statements of Income and Expenses and Partners’ Capital(Unaudited)

|                                                                                                                                               |  |  |                             |   |             |         |  |  |  |   |             |         |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--|--|-----------------------------|---|-------------|---------|--|--|--|---|-------------|---------|
|                                                                                                                                          |  |  | Three Months EndedMarch 31, |
|                                                                                                                                          |  |  | 2007                        |   |             | 2006    |
| Income:                                                                                                                                       |  |  |                             |   |        |         |  |  |  |   |        |         |
| Net gains (losses) on trading of commodity interests:                                                                                         |  |  |                             |   |        |         |  |  |  |   |        |         |
| Realized losses on closed positions                                                                                                           |  |  |                             | $ | (9,708,181  | )  |  |  |  | $ | (19,028,992 | )  |
| Change in unrealized gains (losses) on open positions                                                                                         |  |  |                             |   | (1,446,639  | )  |  |  |  |   | 8,846,728   |         |
|                                                                                                                                          |  |  |                             |   | (11,154,820 | )  |  |  |  |   | (10,182,264 | )  |
| Interest income                                                                                                                               |  |  |                             |   | 914,079     |         |  |  |  |   | 1,135,351   |         |
|                                                                                                                                          |  |  |                             |   | (10,240,741 | )  |  |  |  |   | (9,046,913  | )  |
| Expenses:                                                                                                                                     |  |  |                             |   |        |         |  |  |  |   |        |         |
| Brokerage commissions including clearing fees of $24,815 and $38,495, respectively                                                            |  |  |                             |   | 1,279,294   |         |  |  |  |   | 1,930,956   |         |
| Management fees                                                                                                                               |  |  |                             |   | 446,060     |         |  |  |  |   | 669,170     |         |
| Other expenses                                                                                                                                |  |  |                             |   | 33,133      |         |  |  |  |   | 35,951      |         |
|                                                                                                                                          |  |  |                             |   | 1,758,487   |         |  |  |  |   | 2,636,077   |         |
| Net loss                                                                                                                                      |  |  |                             |   | (11,999,228 | )  |  |  |  |   | (11,682,990 | )  |
| Additions—Limited Partners                                                                                                              |  |  |                             |   | 1,449,000   |         |  |  |  |   | 10,828,000  |         |
| Redemptions—General Partner                                                                                                             |  |  |                             |   | (430,679    | )  |  |  |  |   | —     |         |
| Redemptions—Limited Partners                                                                                                            |  |  |                             |   | (12,290,204 | )  |  |  |  |   | (9,150,560  | )  |
| Net decrease in Partners’ Capital                                                                                                       |  |  |                             |   | (23,271,111 | )  |  |  |  |   | (10,005,550 | )  |
| Partners’ Capital, beginning of period                                                                                                  |  |  |                             |   | 99,986,338  |         |  |  |  |   | 140,211,035 |         |
| Partners’ Capital, end of period                                                                                                        |  |  |                             | $ | 76,715,227  |         |  |  |  | $ | 130,205,485 |         |
| Net Asset Value per Redeemable Unit (84,983.4306 and 112,109.8225 Redeemable Units outstanding at March 31, 2007 and 2006, respectively) |  |  |                             | $ | 902.71      |         |  |  |  | $ | 1,161.41    |         |
| Net loss per Redeemable Unit of Limited Partnership Interest and General Partner Unit equivalent                                              |  |  |                             | $ | (132.77     | )  |  |  |  | $ | (100.98     | )  |
|                                                                                                                                               |

See accompanying notes to financial statements.

6

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Smith Barney Westport Futures Fund L.P.Statements of Cash Flows(Unaudited)

|                                                                                           |  |  |                             |   |             |         |  |  |  |   |             |         |
|-------------------------------------------------------------------------------------------|--|--|-----------------------------|---|-------------|---------|--|--|--|---|-------------|---------|
|                                                                                      |  |  | Three Months EndedMarch 31, |
|                                                                                      |  |  | 2007                        |   |             | 2006    |
| Cash flows from operating activities:                                                     |  |  |                             |   |        |         |  |  |  |   |        |         |
| Net loss                                                                                  |  |  |                             | $ | (11,999,228 | )  |  |  |  | $ | (11,682,990 | )  |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |                             |   |        |         |  |  |  |   |        |         |
| Changes in operating assets and liabilities:                                              |  |  |                             |   |        |         |  |  |  |   |        |         |
| (Increase) decrease in restricted cash                                                    |  |  |                             |   | 11,841,864  |         |  |  |  |   | 4,217,853   |         |
| (Increase) decrease in net unrealized appreciation on open futures positions              |  |  |                             |   | (926,974    | )  |  |  |  |   | (13,203,827 | )  |
| (Increase) decrease in unrealized appreciation on open forward contracts                  |  |  |                             |   | 1,038,582   |         |  |  |  |   | 2,526,137   |         |
| (Increase) decrease in interest receivable                                                |  |  |                             |   | 59,851      |         |  |  |  |   | (54,257     | )  |
| Increase (decease) in unrealized depreciation on open forward contracts                   |  |  |                             |   | 1,335,031   |         |  |  |  |   | 1,830,962   |         |
| Accrued expenses:                                                                         |  |  |                             |   |        |         |  |  |  |   |        |         |
| Increase (decrease) in commissions                                                        |  |  |                             |   | (118,646    | )  |  |  |  |   | (51,024     | )  |
| Increase (decrease) in management fees                                                    |  |  |                             |   | (42,966     | )  |  |  |  |   | (13,923     | )  |
| Increase (decrease) in other                                                              |  |  |                             |   | 11,844      |         |  |  |  |   | 35,951      |         |
| Net cash provided by (used in) operating activities                                       |  |  |                             |   | 1,199,358   |         |  |  |  |   | (16,395,118 | )  |
| Cash flows from financing activities:                                                     |  |  |                             |   |        |         |  |  |  |   |        |         |
| Proceeds from additions—Limited Partners                                            |  |  |                             |   | 1,449,000   |         |  |  |  |   | 10,828,000  |         |
| Payments from redemptions—General Partner                                           |  |  |                             |   | (430,679    | )  |  |  |  |   | —     |         |
| Payments for redemptions—Limited Partners                                           |  |  |                             |   | (14,755,798 | )  |  |  |  |   | (7,484,995  | )  |
| Net cash provided by (used in) financing activities                                       |  |  |                             |   | (13,737,477 | )  |  |  |  |   | 3,343,005   |         |
| Net change in unrestricted cash                                                           |  |  |                             |   | (12,538,119 | )  |  |  |  |   | (13,052,113 | )  |
| Unrestricted cash, at beginning of period                                                 |  |  |                             |   | 88,399,128  |         |  |  |  |   | 122,936,805 |         |
| Unrestricted cash, at end of period                                                       |  |  |                             | $ | 75,861,009  |         |  |  |  | $ | 109,884,692 |         |
|                                                                                           |

See accompanying notes to financial statements.

7

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Smith Barney Westport Futures Fund L.P.Notes to Financial StatementsMarch 31, 2007 (Unaudited)

1.    General:

Smith Barney Westport Futures Fund L.P. (the ‘‘Partnership’’) is a limited partnership which was organized on March 21, 1997 under the partnership laws of the State of New York to engage in the speculative trading of a diversified portfolio of commodity interests including futures contracts, options and forward contracts. The commodity interests that are traded by the Partnership are volatile and involve a high degree of market risk.

Citigroup Managed Futures LLC acts as the general partner (the ‘‘General Partner’’) of the Partnership. The Partnership’s commodity broker is Citigroup Global Markets Inc. (‘‘CGM’’). CGM is an affiliate of the General Partner. The General Partner is wholly owned by Citigroup Global Markets Holdings Inc. (‘‘CGMHI’’), which is the sole owner of CGM. CGMHI is a wholly owned subsidiary of Citigroup Inc. As of March 31, 2007, all trading decisions for the Partnership are made by John W. Henry & Company, Inc. (the ‘‘Advisor’’).

The accompanying financial statements are unaudited but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at March 31, 2007 and December 31, 2006, and the results of its operations and cash flows for the three months ended March 31, 2007 and 2006. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2006.

Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

2.    Financial Highlights:

Changes in Net Asset Value per Redeemable Unit of Limited Partnership Interest for the three months ended March 31, 2007 and 2006 were as follows:

|                                                          |  |  |                             |   |          |         |  |  |  |   |          |         |
|----------------------------------------------------------|--|--|-----------------------------|---|----------|---------|--|--|--|---|----------|---------|
|                                                     |  |  | Three Months EndedMarch 31, |
|                                                     |  |  | 2007                        |   |          | 2006    |
| Net realized and unrealized losses *                     |  |  |                             | $ | (137.49  | )  |  |  |  | $ | (104.70  | )  |
| Interest income                                          |  |  |                             |   | 9.91     |         |  |  |  |   | 9.82     |         |
| Expenses **                                              |  |  |                             |   | (5.19    | )  |  |  |  |   | (6.10    | )  |
| Decrease for the period                                  |  |  |                             |   | (132.77  | )  |  |  |  |   | (100.98  | )  |
| Net Asset Value per Redeemable Unit, beginning of period |  |  |                             |   | 1,035.48 |         |  |  |  |   | 1,262.39 |         |
| Net Asset Value per Redeemable Unit, end of period       |  |  |                             | $ | 902.71   |         |  |  |  | $ | 1,161.41 |         |
|                                                          |

| * | Includes brokerage commissions |
|---|--------------------------------|

| ** | Excludes brokerage commissions |
|----|--------------------------------|

8

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Smith Barney Westport Futures Fund L.P.Notes to Financial StatementsMarch 31, 2007 (Unaudited)

|                                               |  |  |                             |  |         |          |  |  |  |  |         |          |
|-----------------------------------------------|--|--|-----------------------------|--|---------|----------|--|--|--|--|---------|----------|
|                                          |  |  | Three Months EndedMarch 31, |
|                                          |  |  | 2007                        |  |         | 2006     |
| Ratios to average net assets:***              |  |  |                             |  |    |          |  |  |  |  |    |          |
| Net investment loss before incentive fees**** |  |  |                             |  | (3.9    | )%  |  |  |  |  | (4.6    | )%  |
| Operating expense                             |  |  |                             |  | 8.1     | %   |  |  |  |  | 8.0     | %   |
| Incentive fees                                |  |  |                             |  | — | %   |  |  |  |  | — | %   |
| Total expenses                                |  |  |                             |  | 8.1     | %   |  |  |  |  | 8.0     | %   |
| Total return:                                 |  |  |                             |  |    |          |  |  |  |  |    |          |
| Total return before incentive fees            |  |  |                             |  | (12.8   | )%  |  |  |  |  | (8.0    | )%  |
| Incentive fees                                |  |  |                             |  | — | %   |  |  |  |  | — | %   |
| Total return after incentive fees             |  |  |                             |  | (12.8   | )%  |  |  |  |  | (8.0    | )%  |
|                                               |

| *** | Annualized (other than incentive fee) |
|-----|---------------------------------------|

| **** | Interest income less total expenses (exclusive of incentive fees) |
|------|-------------------------------------------------------------------|

The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the Limited Partner class using the Limited Partners’ share of income, expenses and average net assets.

3.    Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses and Partners’ Capital and are discussed in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The Customer Agreement between the Partnership and CGM gives the Partnership the legal right to net unrealized gains and losses on open futures positions.

All of the commodity interests owned by the Partnership are held for trading purposes. The average fair values of these interests during the three and twelve months ended March 31, 2007 and December 31, 2006, based on a monthly calculation, were $(620,815) and $3,139,285, respectively. The fair values of these commodity interests, including options thereon, if applicable, at March 31, 2007 and December 31, 2006, were $(765,081) and $681,558, respectively. Fair values for exchange traded commodity futures and options are based on quoted market prices for those futures and options. Fair values for all other financial instruments for which market quotations are not readily available are based on other measures of fair value deemed appropriate by the General Partner.

4.    Financial Instrument Risks:

In the normal course of its business, the Partnership is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures and options, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash flows, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (‘‘OTC’’). Exchange-traded instruments are standardized and include futures and certain option contracts. OTC contracts are negotiated between contracting parties and include forwards and certain options.

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Smith Barney Westport Futures Fund L.P.Notes to Financial StatementsMarch 31, 2007 (Unaudited)

Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.

Market risk is the potential for changes in the value of the financial instruments traded by the Partnership due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Partnership’s risk of loss in the event of counterparty default is typically limited to the amounts recognized as unrealized appreciation in the statements of financial condition and not represented by the contract or notional amounts of the instruments. The Partnership has credit risk and concentration risk because the sole counterparty or broker with respect to the Partnership’s assets is CGM.

The General Partner monitors and controls the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership is subject. These monitoring systems allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, on-line monitoring systems provide account analysis of futures, forward and option positions by sector, margin requirements, gain and loss transactions and collateral positions.

The majority of these instruments mature within one year of March 31, 2007. However, due to the nature of the Partnership’s business, these instruments may not be held to maturity.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Liquidity and Capital Resources

The Partnership does not engage in the sale of goods or services. Its only assets are its equity in its commodity futures trading account, consisting of cash, net unrealized appreciation on open futures and forward contracts and interest receivable. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership. While substantial losses could lead to a substantial decrease in liquidity, no such losses occurred in the first quarter of 2007.

The Partnership’s capital consists of capital contributions, as increased or decreased by realized and/or unrealized gains or losses on commodity futures trading and expenses, interest income, redemptions of Redeemable Units and distributions of profits, if any.

For the three months ended March 31, 2007, Partnership capital decreased 23.3% from $99,986,338 to $76,715,227. This decrease was attributable to a net loss from operations of $11,999,228, coupled with the redemption of 12,525.7865 Redeemable Units of Limited Partnership Interest totaling $12,290,204, and General Partners equivalent Units of 477.0956 totaling $430,679, which was partially offset by additional sales of 1,425.6210 Redeemable Units of Limited Partnership Interest totaling $1,449,000. Future redemptions can impact the amount of funds available for investment in commodity contract positions in subsequent periods.

Critical Accounting Policies

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

All commodity interests (including derivative financial instruments and derivative commodity instruments) are used for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded in the statements of financial condition at fair value on the last business day of the period, which represents market value for those commodity interests for which market quotations are readily available or other measures of fair value deemed appropriate by management of the General Partner for those commodity interests and foreign currencies for which market quotations are not readily available. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the last business day of the period. Realized gains (losses) and changes in unrealized values on open positions are recognized in the period in which the contract is closed or the changes occur and are included in net gains (losses) on trading of commodity interests.

Foreign currency contracts are those contracts where the Partnership agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. Foreign currency contracts are valued daily, and the Partnership’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the statements of financial condition. Realized gains (losses) and changes in unrealized values on foreign currency contracts are recognized in the period in which the contract is closed or the changes occur and are included in the statements of income and expenses and partners’ capital.

On July 13, 2006, the FASB released FASB Interpretation No. 48 ‘‘Accounting for Uncertainty in Income Taxes’’ (FIN 48).  FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements.  FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are ‘‘more-likely-than-not’’ of being sustained by the applicable tax authority.  Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year.  The Partnership has adopted FIN 48 and management has determined that the application of this standard will not impact the financial statements.

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Results of Operations

During the Partnership’s first quarter of 2007 the Net Asset Value per Redeemable Unit decreased 12.8% from $1,035.48 to $902.71 as compared to a decrease of 8.0% in the first quarter of 2006. The Partnership experienced a net trading loss (comprised of realized gains (losses) on closed positions and changes in unrealized gains (losses) on open positions) before brokerage commissions and related fees in the first quarter of 2007 of $11,154,820. Losses were primarily attributable to the trading of commodity futures in currencies, energy, grains, U.S. and non-U.S. interest rates, livestock, metals, softs and indices. The Partnership experienced a net trading loss before brokerage commissions and related fees in the first quarter of 2006 of $10,182,264. Losses were primarily attributable to the trading of commodity futures in currencies, energy, grains and livestock and were partially offset by gains in metals, softs, indices, U.S. and non-U.S. interest rates.

The first quarter of 2007 presented a challenging trading environment to the trading Advisor due to several short-term price reversals triggered by a precipitous decline in the world equity markets towards the end of February. The price reversals caused a sharp increase in the short-term correlation among several sectors thereby eliminating the diversification benefits. The Partnership registered losses in trading currency, energy, metals, fixed income, agricultural products and stock indices, although the Partnership was briefly profitable in the fixed income sector in the early part of the quarter.

Currency markets were dominated by short-term reversals for the quarter as mixed global and regional economic data caused the markets to move erratically. Speculation over further widening of global interest rate differentials continued to negatively impact certain currency positions, such as the Japanese Yen and British Pound. Fixed income markets exhibited significant volatility whilst remaining largely directionless, resulting in losses for the sector. In the energy markets, losses were accumulated due to the unanticipated price movement across the petroleum complex as strong fundamental supply storage data were overshadowed by geopolitical concerns and unpredictable weather conditions. Correction of precious metals also followed through to March against the Partnership’s long positions, rendering losses for the Partnership.

Commodity futures markets are highly volatile. The potential for broad and rapid price fluctuations increases the risks involved in commodity trading, but also increases the possibility of profit. The profitability of the Partnership depends on the existence of major price trends and the ability of the Advisor to correctly identify those price trends. Price trends are influenced by, among other things, changing supply and demand relationships, weather, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events and changes in interest rates. To the extent that market trends exist and the Advisor is able to identify them, the Partnership expects to increase capital through operations.

Interest income on 80% of the Partnership’s daily average equity maintained in cash was earned at a 30-day U.S. Treasury bill rate determined weekly by CGM based on the average non-competitive yield on 3-month U.S. Treasury bills maturing in 30 days. CGM may continue to maintain the Partnership’s assets in cash and/or place all of the Partnership’s assets in 90-day Treasury bills and pay the Partnership 80% of the interest earned on the Treasury bills purchased. CGM will retain 20% of any interest earned on Treasury bills. Interest income for the three months ended March 31, 2007 decreased by $221,272, as compared to the corresponding period in 2006. The decrease is due to lower average net assets during the three months ended March 31, 2007 as compared to the corresponding period in 2006.

Brokerage commissions are calculated on the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, additions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. Commissions and fees for the three months ended March 31, 2007 decreased by $651,662, as compared to the corresponding period in 2006. The decrease in brokerage commissions and fees is due to lower average net assets during the three months ended March 31, 2007 as compared to the corresponding period in 2006.

Management fees are calculated as a percentage of the Partnership’s net asset value as of the end of each month and are affected by trading performance, additions and redemptions. Management fees for the three months ended March 31, 2007 decreased by $223,110, as compared to the corresponding period 

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in 2006. The decrease in management fees is due to lower average net assets during the three months ended March 31, 2007 as compared to the corresponding period in 2006.

Incentive fees are based on the new trading profits generated by the Advisor at the end of the quarter as defined in the advisory agreements between the Partnership, the General Partner and the Advisor. There were no incentive fees for the three months ended March 31, 2007 and 2006.

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Item 3.    Quantitative and Qualitative Disclosures about Market Risk

The Partnership is a speculative commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes, and all or substantially all of the Partnership’s assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Partnership’s main line of business.

Market movements result in frequent changes in the fair market value of the Partnership’s open positions and, consequently, in its earnings and cash flow. The Partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s open positions and the liquidity of the markets in which it trades.

The Partnership rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Partnership’s past performance is not necessarily indicative of its future results.

Value at Risk is a measure of the maximum amount which the Partnership could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Partnership’s speculative trading and the recurrence in the markets traded by the Partnership of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Partnership’s experience to date (i.e., ‘‘risk of ruin’’). In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification in this section should not be considered to constitute any assurance or representation that the Partnership’s losses in any market sector will be limited to Value at Risk or by the Partnership’s attempts to manage its market risk.

Exchange maintenance margin requirements have been used by the Partnership as the measure of its Value at Risk. Maintenance margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95%-99% of any one-day interval. Maintenance margin has been used rather than the more generally available initial margin, because initial margin includes a credit risk component, which is not relevant to Value at Risk.

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The following table indicates the trading Value at Risk associated with the Partnership’s open positions by market category as of March 31, 2007 and the highest, lowest and average values during the three months ended March 31, 2007. All open position trading risk exposures of the Partnership have been included in calculating the figures set forth below. As of March 31, 2007, the Partnership’s total capitalization was $76,715,227. There has been no material change in the trading Value at Risk information previously disclosed in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2006.

March 31, 2007 (Unaudited)

|                                   |  |  |               |   |           |                          |  |  |                                   |  |        |                  |  |  |                       |   |           |  |  |  |  |   |           |  |  |  |  |  |           |  |
|-----------------------------------|--|--|---------------|---|-----------|--------------------------|--|--|-----------------------------------|--|--------|------------------|--|--|-----------------------|---|-----------|--|--|--|--|---|-----------|--|--|--|--|--|-----------|--|
|                              |  |  |          |   |           |                     |  |  | Three months ended March 31, 2007 |
| Market Sector                     |  |  | Value at Risk |   |           | % of TotalCapitalization |  |  | HighValue at Risk                 |  |        | LowValue at Risk |  |  | AverageValue at Risk* |
| Currencies:                       |  |  |               |   |      |                          |  |  |                                   |  |   |                  |  |  |                       |   |      |  |  |  |  |   |      |  |  |  |  |  |      |  |
| – OTC Contracts             |  |  |               | $ | 1,514,102 |                          |  |  |                                   |  | 1.97   | %           |  |  |                       | $ | 6,399,312 |  |  |  |  | $ | 1,514,102 |  |  |  |  |  | 2,537,857 |  |
| Energy                            |  |  |               |   | 614,950   |                          |  |  |                                   |  | 0.80   | %           |  |  |                       |   | 1,495,500 |  |  |  |  |   | 154,200   |  |  |  |  |  | 650,196   |  |
| Grains                            |  |  |               |   | 192,152   |                          |  |  |                                   |  | 0.25   | %           |  |  |                       |   | 483,150   |  |  |  |  |   | 111,070   |  |  |  |  |  | 301,911   |  |
| Interest Rates U.S.               |  |  |               |   | 184,800   |                          |  |  |                                   |  | 0.24   | %           |  |  |                       |   | 1,005,500 |  |  |  |  |   | 34,600    |  |  |  |  |  | 343,301   |  |
| Interest Rates Non -U.S.          |  |  |               |   | 647,762   |                          |  |  |                                   |  | 0.84   | %           |  |  |                       |   | 4,460,401 |  |  |  |  |   | 647,762   |  |  |  |  |  | 1,524,851 |  |
| Livestock                         |  |  |               |   | 29,450    |                          |  |  |                                   |  | 0.04   | %           |  |  |                       |   | 56,250    |  |  |  |  |   | 9,887     |  |  |  |  |  | 34,350    |  |
| Metals:                           |  |  |               |   |      |                          |  |  |                                   |  |   |                  |  |  |                       |   |      |  |  |  |  |   |      |  |  |  |  |  |      |  |
| – Exchange Traded Contracts |  |  |               |   | 107,833   |                          |  |  |                                   |  | 0.14   | %           |  |  |                       |   | 720,000   |  |  |  |  |   | 67,400    |  |  |  |  |  | 375,694   |  |
| – OTC Contracts             |  |  |               |   | 172,230   |                          |  |  |                                   |  | 0.23   | %           |  |  |                       |   | 448,535   |  |  |  |  |   | 172,204   |  |  |  |  |  | 267,490   |  |
| Softs                             |  |  |               |   | 238,250   |                          |  |  |                                   |  | 0.31   | %           |  |  |                       |   | 580,020   |  |  |  |  |   | 229,590   |  |  |  |  |  | 274,382   |  |
| Indices                           |  |  |               |   | 269,284   |                          |  |  |                                   |  | 0.35   | %           |  |  |                       |   | 1,825,166 |  |  |  |  |   | 183,214   |  |  |  |  |  | 655,847   |  |
| Total                             |  |  |               | $ | 3,970,813 |                          |  |  |                                   |  | 5.17   | %           |  |  |                       |   |      |  |  |  |  |   |      |  |  |  |  |  |      |  |
|                                   |

| * | Average of month-end Values at Risk |
|---|-------------------------------------|

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Item 4.    Controls and Procedures

The General Partner, with the participation of its Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended) with respect to the Partnership as of the end of the period covered by the report, and, based on this evaluation, has concluded that these disclosure controls and procedures are effective. There was no change in the Partnership’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

There are no material changes supplementing or amending the discussion of legal proceedings set forth under Part I, Item 3 ‘‘Legal Proceedings’’ in our Annual Report on Form 10-K for the fiscal year ended December 31, 2006.

Item 1A. Risk Factors

There are no material changes from the risk factors set forth under Part I, Item 1A. ‘‘Risk Factors’’ in our Annual Report on Form 10-K for the fiscal year ended December 31, 2006.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

For the three months ended March 31, 2007, there were additional sales of 1,425.6210 Redeemable Units totaling $1,449,000. The Redeemable Units were issued in reliance upon applicable exemptions from registration under Section 4(2) of the Securities Act of 1933, as amended, and Section 506 of Regulation D promulgated thereunder.

Proceeds from the sale of additional Redeemable Units are used in the trading of commodity interests including futures contracts, options and forwards contracts.

The following chart sets forth the purchases of Redeemable Units by the Partnership.

|                                     |  |  |                                                 |  |             |                                            |  |  |                                                                                             |   |          |                                                                                                                        |  |  |  |  |        |  |  |  |  |  |        |  |
|-------------------------------------|--|--|-------------------------------------------------|--|-------------|--------------------------------------------|--|--|---------------------------------------------------------------------------------------------|---|----------|------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--------|--|--|--|--|--|--------|--|
| Period                              |  |  | (a) Total Number of Shares(or Units) Purchased* |  |             | (b) AveragePrice Paid perShare (or Unit)** |  |  | (c) Total Numberof Shares (or Units)Purchased as Partof Publicly AnnouncedPlans or Programs |   |          | (d) Maximum Number(or ApproximateDollar Value) of Shares(or Units) thatMay Yet Be Purchased Under thePlans or Programs |
| January 1, 2007 -January 31, 2007   |  |  |                                                 |  | 5,914.9504  |                                            |  |  |                                                                                             | $ | 1,021.61 |                                                                                                                        |  |  |  |  | N/A    |  |  |  |  |  | N/A    |  |
| February 1, 2007 -February 28, 2007 |  |  |                                                 |  | 4,310.7021  |                                            |  |  |                                                                                             | $ | 967.61   |                                                                                                                        |  |  |  |  | N/A    |  |  |  |  |  | N/A    |  |
| March 1, 2007 - March 31, 2007      |  |  |                                                 |  | 2,777.2296  |                                            |  |  |                                                                                             | $ | 902.71   |                                                                                                                        |  |  |  |  | N/A    |  |  |  |  |  | N/A    |  |
|                                |  |  |                                                 |  | 13,002.8821 |                                            |  |  |                                                                                             | $ | 963.98   |                                                                                                                        |  |  |  |  |   |  |  |  |  |  |   |  |
|                                     |

| * | Generally, Limited Partners are permitted to redeem their Redeemable Units as of the end of each month on 10 days’ notice to the General Partner. Under certain circumstances, the General Partner can compel redemption but to date the General Partner has not exercised this right. Purchases of Redeemable Units by the Partnership reflected in the chart above were made in the ordinary course of the Partnership’s business in connection with effecting redemptions for Limited Partners. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ** | Redemptions of Redeemable Units are effected as of the last day of each month at the Net Asset Value per Redeemable Unit as of that day. |
|----|------------------------------------------------------------------------------------------------------------------------------------------|

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

The exhibits required to be filed by Item 601 of Regulation S-K are incorporated herein by reference to the exhibit index of the Partnership’s Annual Report on Form 10-K for the period ended December 31, 2006.

Exhibit – 31.1 – Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director)

Exhibit – 31.2 – Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer and Director)

Exhibit – 32.1 – Section 1350 Certification (Certification of President and Director).

Exhibit – 32.2 – Section 1350 Certification (Certification of Chief Financial Officer and Director).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SMITH BARNEY WESTPORT FUTURES FUND L.P.

|        |  |  |                                                     |
|--------|--|--|-----------------------------------------------------|
| By:    |  |  | Citigroup Managed Futures LLC                       |
|   |  |  | (General Partner)                                   |
| By:    |  |  | /s/ Jerry Pascucci                                  |
|   |  |  | Jerry Pascucci President and Director               |
| Date:  |  |  | May 14, 2007                                        |
| By:    |  |  | /s/ Jennifer Magro                                  |
|   |  |  | Jennifer Magro Chief Financial Officer and Director |
| Date:  |  |  | May 14, 2007                                        |
|        |

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