##### 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 March 31, 2009
  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
    Yes     No
    Large accelerated filer

Accelerated filer

Non-accelerated filer X

Smaller reporting company  Indicate by check mark whether the registrant is a shell company
    (as defined in
    Rule 12b-2
    of the Exchange Act).
  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
    March 31, 2009 and December 31, 2008 (unaudited)

3Schedules of Investments at
    March 31, 2009 and December 31, 2008 (unaudited)

4  5Statements of Income and Expenses and
    Partners Capital
    for the three months ended March 31, 2009 and
    2008
    (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-31.1EX-31.2EX-32.1EX-32.2   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)
  March 31,
    
    
    December 31,2009
    
    
    2008Assets:Equity in trading account:Cash
    
    $
    58,921,427
    
    
    $
    58,645,296Cash margin
    
    
    4,391,772
    
    
    
    5,799,867Net unrealized appreciation on open futures contracts
    
    
    
    
    
    
    2,258,784Net unrealized appreciation on open forward contracts
    
    
    33,637
    
    
    
    644,41363,346,836
    
    
    
    67,348,360Interest receivable
    
    
    5,640
    
    
    
    989Total assets
    
    $
    63,352,476
    
    
    $
    67,349,349Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures contracts
    
    $
    955,156
    
    
    $
    Accrued expenses:Brokerage commissions
    
    
    337,985
    
    
    
    364,809Management fees
    
    
    103,180
    
    
    
    111,510Other
    
    
    151,269
    
    
    
    78,410Redemptions payable
    
    
    721,786
    
    
    
    1,003,563Total liabilities
    
    
    2,269,376
    
    
    
    1,558,292Partners Capital:General Partner, 1,211.0353 Unit equivalents outstanding at
March 31, 2009 and December 31, 2008, respectively
    
    
    2,318,249
    
    
    
    2,400,829Limited Partners, 30,698.3314 and 31,975.4734 Redeemable Units
of Limited Partnership Interest outstanding at March 31, 2009 and
December 31, 2008, respectively
    
    
    58,764,851
    
    
    
    63,390,228Total partners capital
    
    
    61,083,100
    
    
    
    65,791,057Total liabilities and partners capital
    
    $
    63,352,476
    
    
    $
    67,349,349    See
    accompanying notes to financial statements.
 3




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##### Table of Contents



Smith
    Barney Tidewater Futures Fund L.P.
    Schedule of Investments
March 31, 2009
    (Unaudited)
  Number of
    
    
    
    
    
    % of PartnersContracts
    
    
    Fair Value
    
    
    CapitalFutures Contracts PurchasedCurrencies
    
    
    173
    
    
    $
    (114,747
    )
    
    
    (0.19
    )%Indices
    
    
    47
    
    
    
    (180,245
    )
    
    
    (0.29
    )Interest Rates U.S.
    
    
    116
    
    
    
    265,479
    
    
    
    0.44Interest Rates Non-U.S.
    
    
    489
    
    
    
    235,690
    
    
    
    0.39Metals
    
    
    41
    
    
    
    (76,670
    )
    
    
    (0.13
    )Softs
    
    
    141
    
    
    
    (52,542
    )
    
    
    (0.09
    )Total futures contracts purchased
    
    
    
    
    
    
    76,965
    
    
    
    0.13Futures Contracts SoldCurrencies
    
    
    240
    
    
    
    (1,032,342
    )
    
    
    (1.69
    )Indices
    
    
    1
    
    
    
    (3,439
    )
    
    
    (0.01
    )Livestock
    
    
    201
    
    
    
    9,940
    
    
    
    0.02Softs
    
    
    90
    
    
    
    (6,280
    )
    
    
    (0.01
    )Total futures contracts sold
    
    
    
    
    
    
    (1,032,121
    )
    
    
    (1.69
    )Net unrealized depreciation on open futures contracts
    
    
    
    
    
    
    (955,156
    )*
    
    
    (1.56
    )Unrealized
Appreciation on Open Forward ContractsMetals
    
    
    8
    
    
    
    (17,832
    )
    
    
    (0.03
    )Total unrealized appreciation on open forward contracts
    
    
    
    
    
    
    (17,832
    )
    
    
    (0.03
    )Unrealized Depreciation on Open Forward ContractsMetals
    
    
    45
    
    
    
    51,469
    
    
    
    0.08Total unrealized depreciation on open forward contracts
    
    
    
    
    
    
    51,469
    
    
    
    0.08Net unrealized appreciation on open forward contracts
    
    
    
    
    
    
    33,637
    **
    
    
    0.05Total fair value
    
    
    
    
    
    $
    (921,519
    )
    
    
    (1.51
    )%
 
 *
    
    This amount is included in Net unrealized depreciation on open futures contracts
on the Statements of Financial Condition**
    
    This amount is included in Net unrealized appreciation on open forward contracts
on the Statements of Financial Condition   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, 2008
    (Unaudited)  Number of
    
    



% of PartnersContracts
    
    
Fair Value


CapitalFutures Contracts PurchasedCurrencies

    
    190
    
    

605,160



0.92
%Indices

    
    48
    
    

(302,440
)


(0.46
)Interest Rates U.S.

    
    147
    
    

857,850



1.30Interest Rates Non-U.S.

    
    652
    
    

1,461,810



2.22Softs

    
    94
    
    

210,311



0.32Total futures contracts purchased

    
    
    
    

2,832,691



4.30Futures Contracts SoldCurrencies

    
    231
    
    

(639,074
)


(0.97
)Livestock

    
    223
    
    

404,060



0.61Metals

    
    4
    
    

(24,800
)


(0.04
)Softs

    
    279
    
    

(314,093
)


(0.48
)Total futures contracts sold

    
    
    
    

(573,907
)


(0.87
)Net unrealized appreciation on open futures contracts

    
    
    
    

2,258,784
*


3.43Unrealized Appreciation on Open Forward ContractsMetals

    
    59
    
    

650,419



0.99Total unrealized appreciation on open forward contracts

    
    
    
    

650,419



0.99Unrealized Depreciation on Open Forward ContractsMetals

    
    1
    
    

(6,006
)


(0.01
)Total unrealized depreciation on open forward contracts

    
    
    
    

(6,006
)


(0.01
)Net unrealized
appreciation on open forward contracts

    
    
    
    

644,413
**


0.98Total fair value

    
    
    
    
$
2,903,197



4.41
%   
 
   5




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Smith
    Barney Tidewater Futures Fund L.P.
    Statements of Income and Expenses and Partners Capital
    (Unaudited)  Three Months EndedMarch 31,2009


2008Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
3,083,356


$
16,120,898Change in net unrealized gains (losses) on open contracts


(3,824,716
)


(4,373,660
)Gain (loss) from trading, net


(741,360
)


11,747,238Interest income


13,949



317,140Total income (loss)


(727,411
)


12,064,378Expenses:Brokerage commissions including clearing fees


1,055,202



1,327,390Management fees


319,631



394,945Other


112,872



45,413Total expenses


1,487,705



1,767,748Net income (loss)


(2,215,116
)


10,296,630AdditionsLimited Partners


482,000



4,452,000AdditionsGeneral Partner






886,660RedemptionsLimited Partners


(2,974,841
)


(7,135,038
)Net increase (decrease) in Partners Capital


(4,707,957
)


8,500,252Partners Capital, beginning of period


65,791,057



65,972,075Partners Capital, end of period

$
61,083,100


$
74,472,327Net Asset Value per Unit (31,909.3667 and 39,309.7366 Units
    outstanding at March 31, 2009 and 2008, respectively)

$
1,914.27


$
1,894.50Net income (loss) per Redeemable Unit of Limited Partnership
    Interest and General Partner Unit equivalent

$
(68.19
)

$
242.37    See
    accompanying notes to financial statements.
 6




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##### Table of Contents



Smith
    Barney Tidewater Futures Fund L.P.Notes to Financial StatementsMarch 31, 2009
    (Unaudited)
  1.
    General:      Global Wealth
Management
    Form 10-K
        2.
    Financial
    Highlights:    Three Months EndedMarch 31,2009


2008Net realized and unrealized gains (losses) *

$
(55.42
)

$
245.34Interest income


0.44



7.65Expenses **


(13.21
)


(10.62
)Increase (decrease) for the period


(68.19
)


242.37Net Asset Value per Redeemable Unit, beginning of period


1,982.46



1,652.13Net Asset Value per Redeemable Unit, end of period

$
1,914.27


$
1,894.50   *
    
    Includes brokerage commissions**
    
    Excludes brokerage commissions 7




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Smith
    Barney Tidewater Futures Fund L.P.
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
   2.
    Financial
    Highlights (Continued):  Three Months EndedMarch 31,2009

2008Ratios to Average Net Assets: ***Net investment income (loss) before incentive fees ****


(9.4
)
%


(7.8
)
    %Operating expenses


9.5

%


9.6
%Incentive fees




%



%Total expenses


9.5

%


9.6
%Total return:Total return before incentive fees


(3.4
)
%


14.7
%Incentive fees




%



%Total return after incentive fees


(3.4
)
%


14.7
%   ***
    
    Annualized (other than incentive fee)****
    
    Interest income less total expenses    3.
    Trading
    Activities:    Offesetting of Amounts Related to Certain
Contracts
       March 31, 2009Gain (loss)Sector
    
    from tradingCurrencies
    
    $
    (765,126
    )Indices
    
    
    141,493Interest Rates U.S.
    
    
    (233,363
    )Interest Rates Non-U.S.
    
    
    (88,608
    )Livestock
    
    
    515,850Metals
    
    
    45,579Softs
    
    
    (357,185
    )Total
    
    $
    (741,360
    )
 8




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Smith
    Barney Tidewater Futures Fund L.P.
    Notes to Financial Statements
    March 31, 2009    (Unaudited)
  4.
    Fair
    Value Measurements:  Investments.
  Fair Value Measurements. Fair Value Measurements No. FAS 157-2, Effective Date of FASB Statement No. 157
    Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


Unobservable3/31/2009


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsForwards

$
33,637


$
33,637


$



$
Total assets


33,637



33,637







LiabilitiesFutures

$
955,156


$
955,156


$



$
Total liabilities


955,156



955,156







Total fair value

$
(921,519
)

$
(921,519
)

$



$
   5.
    Financial
    Instrument Risks:   9




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##### Table of Contents



Smith
    Barney Tidewater Futures Fund L.P.
    Notes to Financial Statements
    March 31, 2009    (Unaudited)
      10




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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.
  Statement of Cash Flows.
 Investments.
 Fair Value Measurements. Fair Value Measurements Effective Date of FASB Statement
No. 157,
 11




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##### Table of Contents



Futures
Contracts.
 London
Metals Exchange Forward Contracts.
 Income Taxes.
   Recent
Accounting Pronouncements
 12




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




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##### Table of Contents



90-day
       14




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##### Table of Contents



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




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##### Table of Contents



Form 10-K
  March 31,
    2009
    (Unaudited)
  Three Months Ended March 31, 2009% of Total


High


Low


AverageMarket Sector
    
    Value at Risk
    
    Capitalization
    
    Value at Risk
    
    Value at Risk
    
    Value at Risk*Currencies
    
    $
    1,595,647
    
    
    
    2.61
    %
    
    $
    2,124,190
    
    
    $
    1,564,108
    
    
    $
    1,797,811Interest Rates U.S.
    
    
    226,800
    
    
    
    0.37
    %
    
    
    309,600
    
    
    
    218,800
    
    
    
    259,667Interest Rates Non-U.S.
    
    
    777,178
    
    
    
    1.27
    %
    
    
    1,174,913
    
    
    
    683,532
    
    
    
    857,478Livestock
    
    
    211,800
    
    
    
    0.35
    %
    
    
    243,400
    
    
    
    205,200
    
    
    
    216,967Metals
    
    
    311,756
    
    
    
    0.51
    %
    
    
    413,263
    
    
    
    163,719
    
    
    
    274,438Softs
    
    
    453,330
    
    
    
    0.74
    %
    
    
    777,588
    
    
    
    364,345
    
    
    
    529,470Indices
    
    
    5,558
    
    
    
    0.01
    %
    
    
    11,224
    
    
    
    5,057
    
    
    
    3,556Total
    
    $
    3,582,069
    
    
    
    5.86
    %   *
    
    Average of month-end Values at Risk 16




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




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##### Table of Contents



PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings  Form 10-K
 Enron-Related Civil Actions
 DK Acquisition Partners, L.P., et al. v. J.P. Morgan Chase &
Co., et al., Avenue Capital Management II, L.P., et al. v. J.P. Morgan Chase & Co., et al.
 Research Analyst Litigation
 In Re Salomon Analyst Metromedia Litigation
 Subprime-Mortgage-Related Litigation and Other Matters
 In Re Citigroup Inc.
Bond Litigation
 Buckingham v.
Citigroup Inc , et al. Chen v. Citigroup Inc et al. In Re Citigroup Inc Bond Litigation Pellegrini v. Citigroup Inc et al. Pellegrini In Re Citigroup Inc Bond Litigation
 Brecher v. Citigroup Inc et al. Brecher In Re Citigroup Inc. Bond
Litigation
  Auction Rate Securities
 In Re Citigroup Inc Auction Rate Securities Litigation In Re Citigroup Inc. Auction Rate Securities
Litigation.
 Mayor & City Council Of
Baltimore, Maryland v. Citigroup Inc et al. Mayfield v. Citigroup Inc et al.
 18




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##### Table of Contents



Other Matters
 In re MAT Five Securities Litigation Marie Raymond
Revocable Trust et al. v. MAT Five LLC, et al.
 Puglisi v. Citigroup Alternative
Investments LLC, et al. In Re MAT Five Securities
Litigation Goodwill v. MAT Five LLC,
et al. Marie Raymond Revocable Trust, et al. v. MAT Five LLC, et al ECA
Acquisitions, Inc. et al. v. MAT Three LLC, et al., Hahn, et al. v. Citigroup Inc., et
al, Marie Raymond Revocable Trust
  19




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Item 1A.
    Risk
    Factors    Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds        (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 ProgramsJanuary 1, 2009 - 
January 31, 2009



610.9964



$
1,984.34




N/A




N/AFebruary 1, 2009 - February 28, 2009



534.1304



$
1,948.27




N/A




N/AMarch 1, 2009 - 
March 31, 2009



377.0556



$
1,914.27




N/A




N/A1,522.1824



$
1,954.33   *
    
    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:

May 15, 2009By:

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

May 15, 2009  22