##### 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
  June 30, 2008
  OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR
    15(d)
  OF THE SECURITIES EXCHANGE ACT OF 1934
  
  000-52604
  SMITH BARNEY TIDEWATER FUTURES FUND L.P.
    New York

13-3811113(State or other jurisdiction of
    incorporation or organization)


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




---



##### 



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


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

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

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

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

7Notes to Financial Statements (unaudited)

8  11Item 2.


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

12  15Item 3.


Quantitative and Qualitative Disclosures about
    Market Risk

15  16Item 4.


Controls and Procedures

17PART II  Other
    Information

18  21   2




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##### Table of Contents



PART I  Item 1. Financial Statements
  Smith Barney Tidewater Futures
    Fund L.P.
 Statements of Financial Condition
 (Unaudited)
  June 30,


December 31,2008


2007Assets:Equity in commodity futures trading account:Cash (restricted $13,226,726 and $11,753,495 in 2008 and 2007,
    respectively)

$
77,894,617


$
64,565,758Net unrealized appreciation on open futures contracts


6,163,677



3,907,173Unrealized appreciation on open forward contracts


297,894



109,03384,356,188



68,581,964Interest receivable


93,629



133,281Total assets

$
84,449,817


$
68,715,245Liabilities and Partners Capital:Liabilities:Unrealized depreciation on open forward contracts

$
4,963


$
463,237Accrued expenses:Brokerage commissions


457,410



369,698Management fees


139,890



Other


53,678



34,623Redemptions payable


1,192,963



1,875,612Total liabilities


1,848,904



2,743,170Partners Capital:General Partner, 1,211.0353 and 689.7925 Unit equivalents
    outstanding in 2008 and 2007, respectively


2,670,006



1,139,627Limited Partners, 36,254.2839 and 39,241.8150 Redeemable 
    Units of Limited Partnership Interest outstanding in 2008 and
    2007, respectively


79,930,907



64,832,448Total partners capital


82,600,913



65,972,075Total liabilities and partners capital

$
84,449,817


$
68,715,245    See
    accompanying Notes to Financial Statements.
 3




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##### Table of Contents



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


CapitalFutures Contracts PurchasedEnergy

$
996,687



1.21
%Currencies


870,863



1.05Grains


1,211,550



1.47Indices


(44,879
)


(0.05
)Interest Rates-U.S.


(64,328
)


(0.08
)Interest Rates Non-U.S.


37,934



0.05Metals


197,075



0.24Softs


1,929,092



2.33Total futures contracts purchased


5,133,994



6.22Futures Contracts SoldCurrencies


261,614



0.32Indices


776,834



0.94Interest Rates Non-U.S.


182,805



0.22Livestock


(88,610
)


(0.11
)Softs


(102,960
)


(0.12
)Total futures contracts sold


1,029,683



1.25Unrealized Appreciation on Open Forward ContractsMetals


297,894



0.36Total unrealized appreciation on open forward contracts


297,894



0.36Unrealized Depreciation on Open Forward ContractsMetals


(4,963
)


(0.01
)Total unrealized depreciation on open forward contracts


(4,963
)


(0.01
)Total fair value

$
6,456,608



7.82
%    See
    accompanying Notes to Financial Statements.
 4




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##### Table of Contents



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


CapitalFutures Contracts PurchasedCurrencies

$
547,906



0.83
%Energy


540,652



0.82Grains


1,996,515



3.03Indices


41,706



0.06Interest Rates U.S.


91,642



0.14Interest Rates Non-U.S.


(52,122
)


(0.08
)Metals


170,900



0.26Softs


411,050



0.62Total futures contracts purchased


3,748,249



5.68Futures Contracts SoldCurrencies


31,697



0.05Indices


28,092



0.04Interest Rates Non-U.S.


298,779



0.45Livestock


174,040



0.26Softs


(373,684
)


(0.56
)Total futures contracts sold


158,924



0.24Unrealized Appreciation on Open Forward ContractsMetals


109,033



0.17Total unrealized appreciation on open forward contracts


109,033



0.17Unrealized Depreciation on Open Forward ContractsMetals


(463,237
)


(0.70
)Total unrealized depreciation on open forward contracts


(463,237
)


(0.70
)Total fair value

$
3,552,969



5.39
%    See
    accompanying Notes to Financial Statements.
 5




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##### Table of Contents



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


Six Months EndedJune 30,


June 30,2008


2007


2008


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

$
6,022,027


$
28,609,322


$
22,142,925


$
23,165,200Change in net unrealized gains (losses) on open positions


7,277,299



(2,904,244
)


2,903,639



(343,742
)Gain (loss) from trading, net


13,299,326



25,705,078



25,046,564



22,821,458Interest income


220,339



959,490



537,479



1,778,326Total income (loss)


13,519,665



26,664,568



25,584,043



24,599,784Expenses:Brokerage commissions including clearing fees of $18,627,
    $54,847, $38,359 and $104,353, respectively


1,302,577



1,830,849



2,629,967



3,299,112Management fees


386,354



531,554



781,299



953,363Incentive fees






3,497,877







3,497,877Other expenses


51,726



25,380



97,139



49,595Total expenses


1,740,657



5,885,660



3,508,405



7,799,947Net income (loss)


11,779,008



20,778,908



22,075,638



16,799,837AdditionsLimited Partners


2,263,000



12,083,000



6,715,000



20,828,000AdditionsGeneral Partner






1,161,472



886,660



1,161,472RedemptionsLimited Partners


(5,913,422
)


(1,746,461
)


(13,048,460
)


(10,185,599
)Net increase (decrease) in Partners Capital


8,128,586



32,276,919



16,628,838



28,603,710Partners Capital, beginning of period


74,472,327



79,297,469



65,972,075



82,970,678Partners Capital, end of period


82,600,913



111,574,388



82,600,913


$
111,574,388Net Asset Value per Unit (37,465.3192 and 38,222.7490 Units
    outstanding at June 30, 2008 and 2007, respectively)

$
2,204.73


$
2,919.06


$
2,204.73


$
2,919.06Net income (loss) per Redeemable Unit of Limited Partnership
    Interest and General Partner Unit equivalent

$
310.23


$
562.26


$
552.60


$
449.12    See
    accompanying Notes to Financial Statements.
 6




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##### Table of Contents



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


Six Months EndedJune 30,


June 30,2008


2007


2008


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

$
11,779,008


$
20,778,908


$
22,075,638


$
16,799,837Adjustments to reconcile net income (loss) to net cash provided
    by (used in) operating activities:Changes in operating assets and liabilities:(Increase) decrease in restricted cash


2,183,725



(20,902,451
)


(1,473,231
)


(29,898,976
)(Increase) decrease in net unrealized appreciation on open
    futures contracts


(6,163,677
)


(6,120,508
)


(2,256,504
)


(4,617,790
)(Increase) decrease in unrealized appreciation on open forward
    contracts


(267,063
)


13,267,137



(188,861
)


(258,339
)(Increase) decrease in interest receivable


(17,303
)


(98,424
)


39,652



(81,282
)Increase (decrease) in unrealized depreciation on open futures
    contracts


(737,401
)










Increase (decrease) in unrealized depreciation on open forward
    contracts


(109,158
)


(4,242,386
)


(458,274
)


5,219,871Accrued expenses:Increase (decrease) in brokerage commissions


30,313



191,256



87,712



166,692Increase (decrease) in management fees


9,257



58,524



139,890



50,991Increase (decrease) in incentive fees






3,497,877







3,497,877Increase (decrease) in other


11,903



2,606



19,055



12,233Net cash provided by (used in) operating activities


6,719,604



6,432,539



17,985,077



(9,108,886
)Cash flows from financing activities:Proceeds from additionsLimited Partners


2,263,000



12,083,000



6,715,000



20,828,000Proceeds from additionsGeneral Partner






1,161,472



886,660



1,161,472Payments for redemptionsLimited Partners


(8,497,371
)


(2,464,836
)


(13,731,109
)


(11,743,197
)Net cash provided by (used in) financing activities


(6,234,371
)


10,779,636



(6,129,449
)


10,246,275Net change in unrestricted cash


485,233



17,212,175



11,855,628



1,137,389Unrestricted cash, at beginning of period


64,182,658



45,897,894



52,812,263



61,972,680Unrestricted cash, at end of period

$
64,667,891


$
63,110,069


$
64,667,891


$
63,110,069Non-cash financing activities:Change in redemptions payable

$
(2,583,949
)

$



$
(682,649
)

$
    See
    accompanying Notes to Financial Statements.
 7




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##### Table of Contents



Smith
    Barney Tidewater Futures Fund L.P.Notes to Financial StatementsJune 30, 2008
    (Unaudited)
  1.
    General:      Form 10-K
    2.
    Financial
    Highlights:    Three Months Ended


Six Months EndedJune 30,


June 30,2008


2007


2008


2007Net realized and unrealized gains (losses) *

$
315.85


$
644.76


$
561.19


$
520.78Interest income


5.73



25.69



13.38



49.65Expenses **


(11.35
)


(108.19
)


(21.97
)


(121.31
)Increase (decrease) for the period


310.23



562.26



552.60



449.12Net Asset Value per Redeemable Unit, beginning of period


1,894.50



2,356.80



1,652.13



2,469.94Net Asset Value per Redeemable Unit, end of period

$
2,204.73


$
2,919.06


$
2,204.73


$
2,919.06   *
    
    Includes brokerage commissions**
    
    Excludes brokerage commissions 8




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##### Table of Contents



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

Six Months EndedJune 30,

June 30,2008

2007

2008

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


(8.1
)
%


(5.8
)
%


(8.0
)
%


(5.5
)
%Operating expenses


9.3

%


9.7

%


9.4

%


9.4

%Incentive fees




%


3.6

%




%


3.8

%Total expenses


9.3

%


13.3

%


9.4

%


13.2

%Total return:Total return before incentive fees


16.4

%


27.7

%


33.4

%


21.9

%Incentive fees




%


(3.8
)
%




%


(3.7
)
%Total return after incentive fees


16.4

%


23.9

%


33.4

%


18.2

%   ***
    
    Annualized (other than incentive fee)****
    
    Interest income less total expenses    3.
    Trading
    Activities:          4.
    Fair
    Value Measurements:  Investments.
 9




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##### Table of Contents



Smith
    Barney Tidewater Futures Fund L.P.
    Notes to Financial Statements
    June 30, 2008
    (Unaudited)
    Fair Value Measurements. Fair Value Measurements No. FAS 157-2, Effective Date of FASB Statement No. 157
    Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable6/30/2008


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
6,163,677


$
6,163,677


$



$
Forwards


297,894







297,894



Total assets


6,461,571



6,163,677



297,894LiabilitiesForwards

$
4,963


$



$
4,963


$
Total liabilities


4,963







4,963



Total fair value

$
6,456,608


$
6,163,677


$
292,931


$
   5.
    Financial
    Instrument Risks:   10




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##### Table of Contents



Smith
    Barney Tidewater Futures Fund L.P.
    Notes to Financial Statements
    June 30, 2008
    (Unaudited)
           11




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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
        Critical
    Accounting Policies
  Use of Estimates.
  Investments.
  Fair Value Measurements. Fair Value Measurements No. FAS 157-2, Effective Date of FASB Statement No. 157
    12




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##### Table of Contents



Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable6/30/2008


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
6,163,677


$
6,163,677


$



$
Forwards


297,894







297,894



Total assets


6,461,571



6,163,677



297,894LiabilitiesForwards

$
4,963


$



$
4,963


$
Total liabilities


4,963







4,963



Total fair value

$
6,456,608


$
6,163,677


$
292,931


$
   Forward Foreign Currency Contracts. agreed-upon
  Income Taxes.
      Recent Accounting Pronouncements.
 13




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##### Table of Contents



Results
    of Operations
  non-U.S. interest non-U.S. interest
        non-U.S. interest non-U.S. interest
    30-day 3-month and/or
 14




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##### Table of Contents



90-day
        Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk          one-day
 15




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##### Table of Contents



Form 10-K
  June 30,
    2008
    (Unaudited)
  Three Months Ended June 30, 2008% of Total


High


Low


AverageMarket Sector

Value at Risk


Capital


Value at Risk


Value at Risk


Value at Risk*Currencies:Exchange Traded Contracts

$
892,165



1.08
%

$
965,076


$
889,734


$
954,208OTC Contracts


2,345,817



2.84
%


2,297,210



2,532,414



2,365,220Energy


2,074,000



2.51
%


2,129,000



1,478,050



1,819,000Grains


966,000



1.17
%


1,246,500



887,500



991,000Interest Rates U.S.


230,150



0.28
%


396,850



224,300



294,283Interest Rates Non-U.S.


1,388,797



1.68
%


1,492,761



980,657



1,244,662Livestock


301,400



0.36
%


364,600



301,400



339,533Metals:Exchange Traded Contracts


333,500



0.40
%


412,500



333,500



358,500OTC Contracts


337,582



0.41
%


347,708



332,279



340,717Softs


1,024,021



1.24
%


1,621,707



963,137



1,220,002Indices


956,114



1.16
%


1,141,127



906,379



980,677Total

$
10,849,546



13.13
%   *
    
    Average of month-end Values at Risk 16




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##### Table of Contents



Item 4.
    Controls
    and Procedures      Rule 13a-15(e) 15d-15(e)
  internal control over financial
    reporting
  
    pertain to the maintenance of records that in reasonable detail
    accurately and fairly reflect the transactions and dispositions
    of the assets of the Partnership;
    provide reasonable assurance that (i) transactions are
    recorded as necessary to permit preparation of financial
    statements in accordance with U.S. generally accepted
    accounting principles, and (ii) the Partnerships
    receipts are handled and expenditures are made only pursuant to
    authorizations of the General Partner; and
    provide reasonable assurance regarding prevention or timely
    detection of unauthorized acquisition, use or disposition of the
    Partnerships assets that could have a material effect on
    the financial statements.   17




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##### Table of Contents



PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings  Form 10-K Form 10-Q
  Enron
  Ahlich v. Arthur Andersen, L.L.P. Delgado v. Fastow Pearson v. Fastow Rosen v. Fastow Bullock v. Arthur Andersen, L.L.P. Choucroun v. Arthur Andersen, L.L.P. Guy v. Arthur Andersen, L.L.P. Adams v. Arthur Andersen, L.L.P. Jose v. Arthur Andersen, L.L.P. Odam, et al., v. Enron Corp., et al
      IPO Civil
    Litigation
    Subprime
    Mortgage-Related Litigation
  In Re
    Citigroup Inc. Shareholder Derivative Litigation
  In Re American Home
    Mortgage Securities Litigation
  In Re Countrywide
    Financial Corp. Securities Litigation
  Other
    Matters
    Auction
    Rate Securities
  In Re Citigroup Auction Rate securities
    Litigation
 18




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##### Table of Contents



and/or
  Ferguson Family Trust v. Falcon
  Strategies Two LLC, et
    al.
  In re MAT Five Securities
    Litigation
  Item 1A.
    Risk
    Factors      Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds     19




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##### Table of Contents



(d) Maximum Number(or Approximate(c) Total Number



Dollar Value) of Sharesof Shares (or Units)



(or Units) that(a) Total Number



(b) Average



Purchased as Part



May Yet Beof Shares



Price Paid per



of Publicly Announced



Purchased Under thePeriod


(or Units) Purchased*



Share (or Unit)**



Plans or Programs



Plans or ProgramsApril 1, 2008 - April 30, 2008



1,956.2139



$
1,875.82




N/A




N/AMay 1, 2008 - May 31, 2008



548.6405



$
1,915.56




N/A




N/AJune 1, 2008 - June 30, 2008



541.0927



$
2,204.73




N/A




N/A3,045.9471



$
1,941.41   *
    
    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. 20




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##### Table of Contents



Item 3.
    Defaults
    Upon Senior Securities  None  Item 4.
    Submission
    of Matters to a Vote of Security Holders 
    None  Item 5.
    Other
    Information  None  Item 6.
    Exhibits  Regulation S-K Form 10-K
  Rule 13a-14(a)/15d-14(a)
  Rule 13a-14(a)/15d-14(a)
     21




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##### Table of Contents



SIGNATURES
     SMITH
    BARNEY TIDEWATER FUTURES
    FUND L.P.
   By:

Citigroup Managed Futures LLC(General Partner)By:

/s/ Jerry PascucciJerry Pascucci 
    President and DirectorDate:

August 14, 2008By:

/s/ Jennifer MagroJennifer Magro
    Chief Financial Officer and DirectorDate:

August 14, 2008  22