##### 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 September 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
 55 East 59th
Street 
10th Floor
 New York, New York 10022
    (212) 559-2011
      Yes X    No
  Rule 12b-2
  Large accelerated

filer                                    Accelerated

filer                            Non-accelerated
    filer X
  Rule 12b-2
  Yes     No X




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##### 



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


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

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

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

6Notes to Financial Statements (unaudited)

7  10Item 2.


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

11  14Item 3.


Quantitative and Qualitative Disclosures about
    Market Risk

15  16Item 4T.


Controls and Procedures

17PART II  Other
    Information

18  21EX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32.1: CERTIFICAITONEX-32.2: CERTIFICATION   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)
  September 30,


December 31,2008


2007Assets:Equity in commodity futures trading account:Cash

$
50,812,609


$
52,812,263Cash margin


6,475,020



11,753,495Net unrealized appreciation on open futures contracts


206,195



3,907,173Unrealized appreciation on open forward contracts


400,572



109,03357,894,396



68,581,964Interest receivable


41,017



133,281Total assets

$
57,935,413


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

$
724,356


$
463,237Accrued expenses:Brokerage commissions


309,893



369,698Management fees


94,730



Other


62,920



34,623Redemptions payable


722,709



1,875,612Total liabilities


1,914,608



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


1,925,134



1,139,627Limited Partners, 34,029.6432 and 39,241.8150 Redeemable 
    Units of Limited Partnership Interest outstanding in 2008 and
    2007, respectively


54,095,671



64,832,448Total partners capital


56,020,805



65,972,075Total liabilities and partners capital

$
57,935,413


$
68,715,245    See
    accompanying notes to financial statements.
 3




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


CapitalFutures Contracts PurchasedEnergy

$
136,835



0.24
%Currencies


14,282



0.03Grains


(742,732
)


(1.32
)Indices


(42,745
)


(0.08
)Interest Rates-U.S.


(26,723
)


(0.05
)Interest Rates Non-U.S.


122,732



0.22Softs


(251,541
)


(0.45
)Total futures contracts purchased


(789,892
)


(1.41
)Futures Contracts SoldCurrencies


11,831



0.02Indices


254,877



0.46Interest Rates Non-U.S.


(346,268
)


(0.62
)Livestock


588,200



1.05Softs


532,967



0.95Metals


(45,520
)


(0.08
)Total futures contracts sold


996,087



1.78Net unrealized appreciation on open futures contracts


206,195



0.37Unrealized Appreciation on Open Forward ContractsMetals


400,572



0.71Total unrealized appreciation on open forward contracts


400,572



0.71Unrealized Depreciation on Open Forward ContractsMetals


(724,356
)


(1.29
)Total unrealized depreciation on open forward contracts


(724,356
)


(1.29
)Total fair value

$
(117,589
)


(0.21
)%    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



0.24Net unrealized appreciation on open futures contracts


3,907,173



5.92Unrealized 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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Smith
    Barney Tidewater Futures Fund L.P.
    Statements of Income and Expenses and Partners Capital
    (Unaudited)  Three Months Ended


Nine Months EndedSeptember 30,


September 30,2008


2007


2008


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

$
(14,776,024
)

$
(56,003,003
)

$
7,366,901


$
(32,837,803
)Change in net unrealized gains (losses) on open positions


(6,574,197
)


(204,253
)


(3,670,558
)


(547,995
)Gain (loss) from trading, net


(21,350,221
)


(56,207,256
)


3,696,343



(33,385,798
)Interest income


200,748



805,502



738,227



2,583,828Total income (loss)


(21,149,473
)


(55,401,754
)


4,434,570



(30,801,970
)Expenses:Brokerage commissions, including clearing fees of $15,717,
    $77,088, $54,076 and $181,441 respectively


1,068,238



1,346,206



3,698,205



4,645,318Management fees


319,076



374,513



1,100,375



1,327,876Incentive fees














3,497,877Other


53,945



26,949



151,084



76,544Total expenses


1,441,259



1,747,668



4,949,664



9,547,615Management fees waived






(110,604
)






(110,604
)Net expenses


1,441,259



1,637,064



4,949,664



9,437,011Net income (loss)


(22,590,732
)


(57,038,818
)


(515,094
)


(40,238,981
)AdditionsLimited Partners


275,000



14,093,000



6,990,000



34,921,000AdditionsGeneral Partner










886,660



1,161,472RedemptionsLimited Partners


(4,264,376
)


(2,484,842
)


(17,312,836
)


(12,670,441
)Net increase (decrease) in Partners Capital


(26,580,108
)


(45,430,660
)


(9,951,270
)


(16,826,950
)Partners Capital, beginning of period


82,600,913



111,574,388



65,972,075



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

$
56,020,805


$
66,143,728


$
56,020,805


$
66,143,728Net Asset Value per Unit (35,240.6785 and 43,059.3689 Units
    outstanding at September 30, 2008 and 2007, respectively)

$
1,589.66


$
1,536.11


$
1,589.66


$
1,536.11Net income (loss) per Redeemable Unit of Limited Partnership
    Interest and General Partner Unit equivalent

$
(615.07
)

$
(1,382.95
)

$
(62.47
)

$
(933.83
)    See
    accompanying notes to financial statements.
 6




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


Nine Months EndedSeptember 30,


September 30,2008


2007


2008


2007Net realized and unrealized gains (losses) *

$
(610.34
)

$
(1,395.22
)

$
(49.15
)

$
(874.44
)Interest income


5.48



19.28



18.86



68.93Expenses **


(10.21
)


(7.01
)


(32.18
)


(128.32
)Increase (decrease) for the period


(615.07
)


(1,382.95
)


(62.47
)


(933.83
)Net Asset Value per Redeemable Unit, beginning of period


2,204.73



2,919.06



1,652.13



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

$
1,589.66


$
1,536.11


$
1,589.66


$
1,536.11   *
    
    Includes brokerage commissions**
    
    Excludes brokerage commissions 7




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

Nine Months EndedSeptember 30,

September 30,2008

2007

2008

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


(7.3
)
%


(4.0
)
%*****


(7.9
)
%


(5.2
)
%*****Operating expenses


8.5

%


7.8

%*****


9.3

%


9.2

%*****Incentive fees




%




%




%


4.0

%Total expenses


8.5

%


7.8

%


9.3

%


13.2

%Total return:Total return before incentive fees


(27.9
)
%


(47.4
)
%


(3.8
)
%


(34.5
)
%Incentive fees




%




%




%


(3.3
)
%Total return after incentive fees


(27.9
)
%


(47.4
)
%


(3.8
)
%


(37.8
)
%   ***
    
    Annualized (other than incentive fee)****
    
    Interest income less total expenses*****
    
    Percentages are after management fee waivers. The Advisor
voluntarily waived its monthly management fee equal to 1/6 of 1% (2%
per year) of average net assets as of September 1, 2007 and
remained in effect through December 31, 2007.    3.
    Trading
    Activities:          4.
    Fair
    Value Measurements:  Investments.
 8




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Smith
    Barney Tidewater Futures Fund L.P.
    Notes to Financial Statements
    September 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


Unobservable9/30/2008


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsFutures

$
206,195


$
206,195


$



$
Forwards


400,572







400,572



Total assets


606,767



206,195



400,572



LiabilitiesForwards

$
724,356






$
724,356



Total liabilities

$
724,356


$



$
724,356


$
Total fair value

$
(117,589
)

$
206,195


$
(323,784
)

$
   5.
    Financial
    Instrument Risks:   9




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Smith
    Barney Tidewater Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2008    (Unaudited)
           10




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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.
  11




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Forward Foreign Currency Contracts. agreed-upon
  Income Taxes.
      Recent Accounting Pronouncements.
 12




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Results
    of Operations
              30-day 3-month and/or
 13




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90-day
       14




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




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Form 10-K
  September 30,
    2008
    (Unaudited)
  Three Months Ended September 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

$
589,239



1.05
%

$
753,141


$
507,387


$
636,932OTC Contracts


800,201



1.43
%


2,887,035



579,175



787,275Energy


666,750



1.19
%


2,113,750



666,750



1,305,450Grains


129,500



0.23
%


928,000



129,500



485,633Interest Rates U.S.


352,500



0.63
%


352,500



221,800



275,217Interest Rates Non-U.S.


870,019



1.55
%


1,551,980



835,978



1,121,247Livestock


212,400



0.38
%


212,400



191,100



208,200Metals:Exchange Traded Contracts


22,000



0.04
%


352,500



22,000



136,083OTC Contracts


452,428



0.81
%


615,224



314,721



503,221Softs


751,674



1.34
%


984,009



748,676



881,932Indices


612,772



1.09
%


950,094



612,772



786,242Total

$
5,459,483



9.74
%   *
    
    Average of month-end Values at Risk 16




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##### Table of Contents



Item 4T.
    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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PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings  Form 10-K Form 10-Q
 Research
Analyst Litigation
  Subprime-Mortgage-Related Litigation
    Auction Rate Securities-Related Litigation
        18




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Item 1A.
    Risk
    Factors      Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds     19




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(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 ProgramsJuly 1, 2008 - 
July 31, 2008



1,266.7088



$
1,922.00




N/A




N/AAugust 1, 2008 - August 31, 2008



645.0080



$
1,716.34




N/A




N/ASeptember 1, 2008 - September 30, 2008



454.6311



$
1,589.66




N/A




N/A2,366.3479



$
1,802.09   *
    
    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 20




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

Citigroup Managed Futures LLC(General Partner)By:

/s/ Jerry PascucciJerry Pascucci 
    President and DirectorDate:

November 14, 2008By:

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

November 14, 2008  22