Table of Contents

FORM10-Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON,D.C. 20549

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

OF THE SECURITIES EXCHANGE ACT OF 1934

OR ( ) TRANSITIONREPORT UNDER SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGEACT OF 1934

For the Quarter endedMarch 31, 2006

Commission File Number0-50736

SALOMON SMITH BARNEY FAIRFIELDFUTURES FUND L.P.

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|  |  |
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(Exactname of registrant as specified in its charter)

|                                |  |                    |  |  |  |  |
|--------------------------------|--|--------------------|--|--|--|--|
| NewYork                        |  | 04-3621353         |
| (State or otherjurisdiction of |  | (I.R.S. Employer   |
| incorporation or organization) |  | IdentificationNo.) |
|                                |

c/o Citigroup Managed Futures LLC 731Lexington Avenue – 25th Fl. New York, New York10022

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|--|
|  |  |
|  |

(Address and ZipCode of principal executive offices)

(212)559-2011

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|  |  |
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(Registrant'stelephone number, including area code)

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

YesX     No     

Indicate by checkmark whether the registrant is a large accelerated filer, anaccelerated filer or a non-accelerated filer. See definition of"accelerated filer and large acceleratedfiler" in Rule 12b-2 of the Exchange Act. (Checkone):

Large accelerated filer        Accelerated filer         Non-accelerated filer X

Indicate by checkmark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).

Yes        No X

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Table of Contents

SALOMON SMITH BARNEYFAIRFIELD FUTURES FUND L.P.

FORM 10-Q

INDEX

|                                                        |  |                                                                                                                   |        |            |              |        |  |  |  |  |
|--------------------------------------------------------|--|-------------------------------------------------------------------------------------------------------------------|--------|------------|--------------|--------|--|--|--|--|
|                                                   |  |                                                                                                              |        | PageNumber |
| PARTI - Financial Information:                         |  |                                                                                                              |   |       |
|         Item1. |  | FinancialStatements:                                                                                              |        |       |         |   |
|                                                   |  | Statements of FinancialConditionat March 31, 2006 and December 31,2005(unaudited).                                |        |       | 3            |   |
|                                                   |  | CondensedSchedules of Investmentsat March 31, 2006 and December 31,2005(unaudited).                               |        |       | 4 –5   |   |
|                                                   |  | Statements of Income and ExpensesandPartners' Capital for the threemonths ended March 31, 2006and2005(unaudited). |        |       | 6            |   |
|                                                   |  | Statementsof Cash Flows for the three months ended March 31, 2006 and2005(unaudited).                             |        |       | 7            |   |
|                                                   |  | Notes toFinancial Statements(unaudited).                                                                          |        |       | 8 –11  |   |
|         Item2. |  | Management's Discussion andAnalysis of FinancialConditionand Results ofOperations.                                |        |       | 12 –13 |   |
|         Item3. |  | Quantitative and QualitativeDisclosures about MarketRisk                                                          |        |       | 14           |   |
|         Item4. |  | Controls andProcedures.                                                                                           |        |       | 15           |   |
| PARTII - OtherInformation                              |  |                                                                                                              | 16     |       |
|                                                        |

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Table of Contents

PART I

Item1.    Financial Statements

Salomon Smith Barney FairfieldFutures Fund L.P.Statements of FinancialCondition(Unaudited)

|                                                                                                                                         |  |              |            |                 |  |        |            |        |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------|--|--------------|------------|-----------------|--|--------|------------|--------|--|--|
|                                                                                                                                    |  | March31,2006 |            | December31,2005 |
| Assets:                                                                                                                                 |  |         |       |            |  |   |       |   |
| Equityin commodity futures tradingaccount:                                                                                              |  |         |       |            |  |   |       |   |
| Cash (Restricted$12,203,222 and $6,668,033 in 2006 and 2005, respectively)                                                              |  | $            | 65,741,776 |            |  | $      | 73,279,574 |   |
| Netunrealized appreciation on open futurespositions                                                                                     |  |         | 2,432,057  |            |  |   | —    |   |
| Unrealized appreciation on open forwardcontracts                                                                                        |  |         | 1,908,946  |            |  |   | 2,834,674  |   |
|                                                                                                                                    |  |         | 70,082,779 |            |  |   | 76,114,248 |   |
| Interestreceivable                                                                                                                      |  |         | 70,831     |            |  |   | 28,843     |   |
|                                                                                                                                    |  | $            | 70,153,610 |            |  | $      | 76,143,091 |   |
| Liabilities and Partners'Capital:                                                                                                       |  |         |       |            |  |   |       |   |
| Liabilities:                                                                                                                            |  |         |       |            |  |   |       |   |
| Netunrealized depreciation on open futures contracts                                                                                    |  | $            | —    |            |  | $      | 142,543    |   |
| Unrealized depreciation on openforwards contracts                                                                                       |  |         | 2,268,532  |            |  |   | 2,138,247  |   |
| Accruedexpenses:                                                                                                                        |  |         |       |            |  |   |       |   |
| Commissions                                                                                                                             |  |         | 254,569    |            |  |   | 282,296    |   |
| Managementfees                                                                                                                          |  |         | 112,593    |            |  |   | 124,908    |   |
| Administrative fees                                                                                                                     |  |         | 28,148     |            |  |   | 31,227     |   |
| Other                                                                                                                                   |  |         | 74,621     |            |  |   | 45,246     |   |
| Redemptionspayable                                                                                                                      |  |         | 3,851,262  |            |  |   | 3,652,070  |   |
|                                                                                                                                    |  |         | 6,589,725  |            |  |   | 6,416,537  |   |
| Partners'Capital:                                                                                                                       |  |         |       |            |  |   |       |   |
| General Partner,864.9335 Unit equivalents outstanding in 2006 and2005                                                                   |  |         | 1,220,871  |            |  |   | 1,203,434  |   |
| Limited Partners, 44,167.1772 and 49,249.2016 RedeemableUnits of Limited Partnership Interest outstanding in 2006 and 2005,respectively |  |         | 62,343,014 |            |  |   | 68,523,120 |   |
|                                                                                                                                    |  |         |       |            |  |   |       |   |
|                                                                                                                                    |  |         | 63,563,885 |            |  |   | 69,726,554 |   |
|                                                                                                                                    |  |         |       |            |  |   |       |   |
|                                                                                                                                    |  | $            | 70,153,610 |            |  | $      | 76,143,091 |   |
|                                                                                                                                         |

Seeaccompanying notes to financial statements.

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Salomon Smith Barney Fairfield FuturesFund L.P.Condensed Schedule of InvestmentsMarch 31,2006(Unaudited)

|                                                  |  |           |            |                      |  |        |        |          |  |  |
|--------------------------------------------------|--|-----------|------------|----------------------|--|--------|--------|----------|--|--|
|                                             |  | FairValue |            | % ofPartners'Capital |
| FuturesContractsPurchased                        |  |      |       |                 |  |   |   |     |
|                                             |  |      |       |                 |  |   |   |     |
| Grains                                           |  | $         | (8,000     | )               |  |   | (0.01  | )%  |
| Indices                                          |  |      | 364,685    |                 |  |   | 0.57   |     |
| Metals                                           |  |      | 25,810     |                 |  |   | 0.04   |     |
|                                             |  |      |       |                 |  |   |   |     |
| Totalfutures contractspurchased                  |  |      | 382,495    |                 |  |   | 0.60   |     |
|                                             |  |      |       |                 |  |   |   |     |
| FuturesContractsSold                             |  |      |       |                 |  |   |   |     |
|                                             |  |      |       |                 |  |   |   |     |
| Energy                                           |  |      | (82,179    | )               |  |   | (0.13  | )   |
| Grains                                           |  |      | (8,119     | )               |  |   | (0.01  | )   |
| InterestRates U.S.                               |  |      | 1,018,021  |                 |  |   | 1.60   |     |
| InterestRatesNon-U.S.                            |  |      | 1,035,634  |                 |  |   | 1.63   |     |
| Softs                                            |  |      | 86,205     |                 |  |   | 0.14   |     |
|                                             |  |      |       |                 |  |   |   |     |
| Totalfutures contractssold                       |  |      | 2,049,562  |                 |  |   | 3.23   |     |
|                                             |  |      |       |                 |  |   |   |     |
| UnrealizedAppreciation on ForwardContracts       |  |      |       |                 |  |   |   |     |
|                                             |  |      |       |                 |  |   |   |     |
| Currencies                                       |  |      | 1,645,676  |                 |  |   | 2.59   |     |
| Metals                                           |  |      | 263,270    |                 |  |   | 0.41   |     |
|                                             |  |      |       |                 |  |   |   |     |
| Totalunrealized appreciation on forwardcontracts |  |      | 1,908,946  |                 |  |   | 3.00   |     |
|                                             |  |      |       |                 |  |   |   |     |
| UnrealizedDepreciation on ForwardContracts       |  |      |       |                 |  |   |   |     |
|                                             |  |      |       |                 |  |   |   |     |
| Currencies                                       |  |      | (2,007,051 | )               |  |   | (3.16  | )   |
| Metals                                           |  |      | (261,481   | )               |  |   | (0.41  | )   |
|                                             |  |      |       |                 |  |   |   |     |
| Totalunrealized depreciation on forwardcontracts |  |      | (2,268,532 | )               |  |   | (3.57  | )   |
|                                             |  |      |       |                 |  |   |   |     |
| Totalfairvalue                                   |  | $         | 2,072,471  |                 |  |   | 3.26   | %   |
|                                                  |

Percentagesare based on Partners' capital unless otherwiseindicated.

See accompanying notes to financialstatements.

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Salomon Smith Barney Fairfield FuturesFund L.P.Condensed Schedule of InvestmentsDecember 31,2005(Unaudited)

|                                                  |  |            |            |                      |  |        |        |         |  |  |
|--------------------------------------------------|--|------------|------------|----------------------|--|--------|--------|---------|--|--|
|                                             |  | Fair Value |            | % ofPartners'Capital |
| FuturesContractsPurchased                        |  |       |       |                 |  |   |   |    |
|                                             |  |       |       |                 |  |   |   |    |
| Energy                                           |  | $          | 37,644     |                 |  |   | 0.05   | %  |
| Grains                                           |  |       | (3,900     | )               |  |   | (0.01  | )  |
| Indices                                          |  |       | 87,398     |                 |  |   | 0.13   |    |
| InterestRatesNon-U.S.                            |  |       | 127,540    |                 |  |   | 0.18   |    |
| Softs                                            |  |       | 27,082     |                 |  |   | 0.04   |    |
| Metals                                           |  |       | 1,140      |                 |  |   | 0.00   | *  |
|                                             |  |       |       |                 |  |   |   |    |
| Totalfutures contractspurchased                  |  |       | 276,904    |                 |  |   | 0.39   |    |
|                                             |  |       |       |                 |  |   |   |    |
| FuturesContractsSold                             |  |       |       |                 |  |   |   |    |
|                                             |  |       |       |                 |  |   |   |    |
| Energy                                           |  |       | 25,660     |                 |  |   | 0.04   |    |
| Grains                                           |  |       | (45,605    | )               |  |   | (0.07  | )  |
| Indices                                          |  |       | 10,035     |                 |  |   | 0.01   |    |
| InterestRates U.S.                               |  |       | (365,184   | )               |  |   | (0.52  | )  |
| InterestRatesNon-U.S.                            |  |       | 25,874     |                 |  |   | 0.04   |    |
| Softs                                            |  |       | (70,227    | )               |  |   | (0.10  | )  |
|                                             |  |       |       |                 |  |   |   |    |
| Totalfutures contractssold                       |  |       | (419,447   | )               |  |   | (0.60  | )  |
|                                             |  |       |       |                 |  |   |   |    |
| UnrealizedAppreciation on ForwardContracts       |  |       |       |                 |  |   |   |    |
|                                             |  |       |       |                 |  |   |   |    |
| Currencies                                       |  |       | 1,186,790  |                 |  |   | 1.70   |    |
| Metals                                           |  |       | 1,647,884  |                 |  |   | 2.37   |    |
|                                             |  |       |       |                 |  |   |   |    |
| Totalunrealized appreciation on forwardcontracts |  |       | 2,834,674  |                 |  |   | 4.07   |    |
|                                             |  |       |       |                 |  |   |   |    |
| UnrealizedDepreciation on ForwardContracts       |  |       |       |                 |  |   |   |    |
|                                             |  |       |       |                 |  |   |   |    |
| Currencies                                       |  |       | (1,046,650 | )               |  |   | (1.50  | )  |
| Metals                                           |  |       | (1,091,597 | )               |  |   | (1.57  | )  |
|                                             |  |       |       |                 |  |   |   |    |
| Totalunrealized depreciation on forwardcontracts |  |       | (2,138,247 | )               |  |   | (3.07  | )  |
|                                             |  |       |       |                 |  |   |   |    |
| Totalfairvalue                                   |  | $          | 553,884    |                 |  |   | 0.79   | %  |
|                                                  |

Percentagesare based on Partners' capital unless otherwiseindicated

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

See accompanying notes to financialstatements.

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Salomon Smith Barney Fairfield FuturesFund L.P.Statements of Income and Expenses and Partners'Capital(Unaudited)

|                                                                                                                                       |  |                           |            |         |  |        |             |         |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------|--|---------------------------|------------|---------|--|--------|-------------|---------|--|--|
|                                                                                                                                  |  | ThreeMonths EndedMarch31, |
|                                                                                                                                  |  | 2006                      |            | 2005    |
| Income:                                                                                                                               |  |                      |       |    |  |   |        |    |
| Netgains (losses) on trading of commodityinterests:                                                                                   |  |                      |       |    |  |   |        |    |
| Realized gains(losses) on closed positions                                                                                            |  | $                         | 158,194    |    |  | $      | (14,652,373 | )  |
| Change in unrealized gains(losses) on openpositions                                                                                   |  |                      | 1,518,587  |    |  |   | (5,042,996  | )  |
|                                                                                                                                  |  |                      | 1,676,781  |    |  |   | (19,695,369 | )  |
| Interest income                                                                                                                       |  |                      | 593,413    |    |  |   | 534,454     |    |
|                                                                                                                                  |  |                      | 2,270,194  |    |  |   | (19,160,915 | )  |
|                                                                                                                                  |  |                      |       |    |  |   |        |    |
| Expenses:                                                                                                                             |  |                      |       |    |  |   |        |    |
| Brokeragecommissions including clearing fees of $36,304 and $36,871,respectively                                                 |  |                      | 837,115    |    |  |   | 1,343,258   |    |
| Management fees                                                                                                                       |  |                      | 343,667    |    |  |   | 528,573     |    |
| Administrativefees                                                                                                                    |  |                      | 85,917     |    |  |   | 132,144     |    |
| Other                                                                                                                                 |  |                      | 29,375     |    |  |   | 31,000      |    |
|                                                                                                                                  |  |                      | 1,296,074  |    |  |   | 2,034,975   |    |
| Net income(loss)                                                                                                                      |  |                      | 974,120    |    |  |   | (21,195,890 | )  |
| Redemptions—LimitedPartners                                                                                                     |  |                      | (7,136,789 | )  |  |   | (4,131,459  | )  |
| Net decrease in Partners'capital                                                                                                      |  |                      | (6,162,669 | )  |  |   | (25,327,349 | )  |
| Partners' capital, beginning ofperiod                                                                                                 |  |                      | 69,726,554 |    |  |   | 125,370,686 |    |
| Partners' capital, end ofperiod                                                                                                       |  | $                         | 63,563,885 |    |  | $      | 100,043,337 |    |
| Net asset value per Redeemable Unit(45,032.1107 and 68,323.1880 Redeemable Units outstanding at March 31,2006 and 2005, respectively) |  | $                         | 1,411.52   |    |  | $      | 1,464.27    |    |
| Net gain (loss) perRedeemable Unit of Limited Partnership Interest and General PartnerUnit equivalent                                 |  | $                         | 20.16      |    |  | $      | (299.81     | )  |
|                                                                                                                                       |

See accompanying notes tofinancial statements.

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Salomon Smith Barney Fairfield FuturesFund L.P.Statements of CashFlows(Unaudited)

|                                                                                                  |  |                           |             |         |  |        |             |         |  |  |
|--------------------------------------------------------------------------------------------------|--|---------------------------|-------------|---------|--|--------|-------------|---------|--|--|
|                                                                                             |  | ThreeMonths EndedMarch31, |
|                                                                                             |  | 2006                      |             | 2005    |
| Cashflows from operatingactivities:                                                              |  |                      |        |    |  |   |        |    |
| Net income(loss)                                                                                 |  | $                         | 974,120     |    |  | $      | (21,195,890 | )  |
| Adjustments to reconcile net income (loss) tonet cash provided by (used in) operatingactivities: |  |                      |        |    |  |   |        |    |
| Changes in operatingassets and liabilities:                                                      |  |                      |        |    |  |   |        |    |
| (Increase) decrease inrestricted cash                                                            |  |                      | (5,535,189  | )  |  |   | 14,558,631  |    |
| (Increase) decrease in net unrealized appreciation onopen futures positions                      |  |                      | (2,432,057  | )  |  |   | 2,936,841   |    |
| (Increase) decrease inunrealized appreciation on open forward contracts                          |  |                      | 925,728     |    |  |   | 3,614,137   |    |
| (Increase) decrease in interestreceivable                                                        |  |                      | (41,988     | )  |  |   | (43,073     | )  |
| Increase (decrease) in unrealized depreciation on openfutures contracts                          |  |                      | (142,543    | )  |  |   | 2,778,662   |    |
| Increase (decrease) in unrealized depreciation on openforward contracts                          |  |                      | 130,285     |    |  |   | (4,286,644  | )  |
| Accruedexpenses:                                                                                 |  |                      |        |    |  |   |        |    |
| Increase (decrease) incommissions                                                                |  |                      | (27,727     | )  |  |   | (106,472    | )  |
| Increase (decrease) in managementfees                                                            |  |                      | (12,315     | )  |  |   | (47,195     | )  |
| Increase (decrease) in administrativefees                                                        |  |                      | (3,079      | )  |  |   | (11,799     | )  |
| Increase (decrease) inother                                                                      |  |                      | 29,375      |    |  |   | 31,000      |    |
| Net cash provided by (used in) operatingactivities                                               |  |                      | (6,135,390  | )  |  |   | (1,771,802  | )  |
| Cash flows from financingactivities:                                                             |  |                      |        |    |  |   |        |    |
| Payments forredemptions—LimitedPartners                                                    |  |                      | (6,937,597  | )  |  |   | (6,885,361  | )  |
| Net change in cash                                                                               |  |                      | (13,072,987 | )  |  |   | (8,657,163  | )  |
| Unrestricted cash, atbeginning of period                                                         |  |                      | 66,611,541  |    |  |   | 100,060,101 |    |
| Unrestricted cash, at end ofperiod                                                               |  | $                         | 53,538,554  |    |  | $      | 91,402,938  |    |
|                                                                                                  |

See accompanyingnotes to financial statements.

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Salomon Smith BarneyFairfield Futures Fund L.P. Notes to Financial StatementsMarch 31, 2006 (Unaudited)

1.    General:

Salomon Smith Barney Fairfield Futures Fund L.P. (the"Partnership") is a limited partnership whichwas organized on March 25, 2002 under the partnership laws of the Stateof New York to engage in the speculative trading of a diversifiedportfolio of commodity interests including futures contracts, optionsand forward contracts. The commodity interests that are traded by thePartnership are volatile and involve a high degree of market risk.During the initial offering period (April 15, 2002 through June 4,2002), the Partnership sold 12,423 redeemable units of LimitedPartnership Interest ("Redeemable Units") and126 Units of General Partnership Interest. The Partnership commencedtrading on June 5, 2002.

Citigroup Managed Futures LLC, is thegeneral partner (the "General Partner") ofthe Partnership. The Partnership's commodity broker is CitigroupGlobal Markets Inc. ("CGM"). CGM is anaffiliate of the General Partner. The General Partner is wholly ownedby 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 31,2006, all trading decisions for the Partnership are made by GrahamCapital Management, L.P. (the "Advisor").

The accompanying financial statements are unaudited but, in theopinion of management, include all adjustments, consisting only ofnormal recurring adjustments, necessary for a fair presentation of thePartnership's financial condition at March 31, 2006 and December31, 2005 and the results of its operations and cash flows for the threemonths ended March 31, 2006 and 2005. These financial statementspresent the results of interim periods and do not include alldisclosures normally provided in annual financial statements. Youshould read these financial statements together with the financialstatements and notes included in the Partnership's Annual Reporton Form 10-K filed with the Securities and Exchange Commission for theyear ended December 31, 2005.

Due to the nature of commoditytrading, the results of operations for the interim periods presentedshould not be considered indicative of the results that may be expectedfor the entire year.

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Salomon Smith Barney Fairfield FuturesFund L.P. Notes to Financial Statements March 31, 2006(Unaudited)

2.    Financial Highlights:

Changes inNet Asset Value per Redeemable Unit of Limited Partnership Interest forthe three months ended March 31, 2006 and 2005 were asfollows:

|                                                        |  |                           |          |         |  |        |          |         |  |  |
|--------------------------------------------------------|--|---------------------------|----------|---------|--|--------|----------|---------|--|--|
|                                                   |  | ThreeMonths EndedMarch31, |
|                                                   |  | 2006                      |          | 2005    |
| Netrealized and unrealized gains(losses)*              |  | $                         | 17.41    |    |  | $      | (297.59  | )  |
| Interestincome                                         |  |                      | 12.13    |    |  |   | 7.59     |    |
| Expenses**                                             |  |                      | (9.38    | )  |  |   | (9.81    | )  |
| Increase(decrease) for theperiod                       |  |                      | 20.16    |    |  |   | (299.81  | )  |
| Net AssetValue per Redeemable Unit, beginning ofperiod |  |                      | 1,391.36 |    |  |   | 1,764.08 |    |
| NetAsset Value per Redeemable Unit, end ofperiod       |  | $                         | 1,411.52 |    |  | $      | 1,464.27 |    |
|                                                        |

|   |                                |
|---|--------------------------------|
| * | Includesbrokerage commissions. |

|    |                                |
|----|--------------------------------|
| ** | Excludesbrokerage commissions. |

|                                              |  |                            |         |          |  |        |         |          |  |  |
|----------------------------------------------|--|----------------------------|---------|----------|--|--------|---------|----------|--|--|
|                                         |  | ThreeMonths Ended March31, |
|                                         |  | 2006                       |         | 2005     |
| Ratioto average net assets:***               |  |                       |    |     |  |   |    |     |
| Netinvestment loss before incentive fees**** |  |                       | (4.2    | )%  |  |   | (5.5    | )%  |
| Operatingexpenses                            |  |                       | 7.8     | %   |  |   | 7.5     | %   |
| Incentivefees                                |  |                       | — | %   |  |   | — | %   |
| Totalexpenses                                |  |                       | 7.8     | %   |  |   | 7.5     | %   |
| Totalreturn:                                 |  |                       |    |     |  |   |    |     |
| Total return beforeincentivefees             |  |                       | 1.4     | %   |  |   | (17.0)  | %   |
| Incentivefees                                |  |                       | — | %   |  |   | — | %   |
| Totalreturn after incentivefees              |  |                       | 1.4     | %   |  |   | (17.0)  | %   |
|                                              |

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

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

The aboveratios may vary for individual investors based on the timing of capitaltransactions during the period. Additionally, these ratios arecalculated for the Limited Partner class using the LimitedPartners' share of income, expenses and average netassets.

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Salomon Smith Barney Fairfield FuturesFund L.P. Notes to Financial Statements March 31, 2006(Unaudited)

3.    Trading Activities:

ThePartnership was formed for the purpose of trading contracts in avariety of commodity interests, including derivative financialinstruments and derivative commodity instruments. The results of thePartnership's trading activities are shown in the Statements ofIncome and Expenses and Partners' Capital and are discussed inItem 2, Management's Discussion and Analysis of FinancialCondition and Results of Operations.

The Customer Agreementbetween the Partnership and CGM gives the Partnership the legal rightto net unrealized gains and losses on open futures positions.

All of the commodity interests owned by the Partnership are held fortrading purposes. The average fair values of these interests during thethree and twelve months ended March 31, 2006 and December 31, 2005,based on a monthly calculation, were $1,255,609 and $(10,724),respectively. The fair values of these commodity interests, includingoptions thereon, if applicable, at March 31, 2006 and December 31,2005, were $2,072,471 and $553,884, respectively. Fair values forexchange traded commodity futures and options are based on quotedmarket prices for those futures and options. Fair values for all otherfinancial instruments for which market quotations are not readilyavailable are based on calculations approved by the GeneralPartner.

4.    Financial Instrument Risks:

In thenormal course of its business, the Partnership is party to financialinstruments with off-balance sheet risk, including derivative financialinstruments and derivative commodity instruments. These financialinstruments may include forwards, futures and options, whose values arebased upon an underlying asset, index, or reference rate, and generallyrepresent future commitments to exchange currencies or cash flows, topurchase or sell other financial instruments at specific terms atspecified future dates, or, in the case of derivative commodityinstruments, to have a reasonable possibility to be settled in cash,through physical delivery or with another financial instrument. Theseinstruments may be traded on an exchange or over-the-counter("OTC"). Exchange traded instruments arestandardized and include futures and certain option contracts. OTCcontracts are negotiated between contracting parties and includeforwards and certain options.

Each of these instruments issubject to various risks similar to those related to the underlyingfinancial instruments including market and credit risk. In general, therisks associated with OTC contracts are greater than those associatedwith exchange traded instruments because of the greater risk of defaultby the counterparty to an OTC contract.

Market risk is thepotential for changes in the value of the financial instruments tradedby the Partnership due to market changes, including interest andforeign exchange rate movements and fluctuations in commodity orsecurity prices. Market risk is directly impacted by the volatility andliquidity in the markets in which the related underlying assets aretraded.

Credit risk is the possibility that a loss may occur dueto the failure of a counterparty to perform according to the terms of acontract. Credit risk with respect to exchange traded instruments isreduced to the extent that an exchange or clearing organization acts asa counterparty to the transactions. The Partnership's risk ofloss in the event of counterparty default is typically limited to theamounts recognized as unrealized appreciation in the statements offinancial condition and not represented by the contract or notionalamounts of the instruments. The Partnership has credit risk andconcentration risk because the sole counterparty or broker with respectto the Partnership's assets is CGM.

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Salomon Smith Barney Fairfield FuturesFund L.P. Notes to Financial Statements March 31, 2006(Unaudited)

The General Partner monitors and controls thePartnership's risk exposure on a daily basis through financial,credit and risk management monitoring systems, and accordingly believesthat it has effective procedures for evaluating and limiting the creditand market risks to which the Partnership is subject. These monitoringsystems allow the General Partner to statistically analyze actualtrading results with risk-adjusted performance indicators andcorrelation statistics. In addition, on-line monitoring systems provideaccount analysis of futures, forward and option positions by sector,margin requirements, gain and loss transactions and collateralpositions.

The majority of these instruments mature within oneyear of March 31, 2006. However, due to the nature of thePartnership's business, these instruments may not be held tomaturity.

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Item2.    Management's Discussion and Analysis of FinancialCondition and Results of Operations.

Liquidity andCapital Resources

The Partnership does not engage in thesale of goods or services. Its only assets are its equity in itscommodity futures trading account, consisting of cash, net unrealizedappreciation (depreciation) on open futures and forward contracts andinterest receivable. Because of the low margin deposits normallyrequired in commodity futures trading, relatively small price movementsmay result in substantial losses to the Partnership. While substantiallosses could lead to a substantial decrease in liquidity, no suchlosses occurred in the first quarter of 2006.

ThePartnership's capital consists of capital contributions, asincreased or decreased by realized and/or unrealized gains or losses oncommodity futures trading and expenses, interest income, redemptions ofRedeemable Units and distributions of profits, if any.

For thethree months ended March 31, 2006, Partnership capital decreased8.8% from $69,726,554 to $63,563,885. This decrease wasattributable to a redemption of 5,082.0244 Redeemable Units of LimitedPartnership Interest totaling $7,136,789, which was partially offset bynet income from operations of $974,120. Future redemptions can impactthe amount of funds available for investment in commodity contractpositions in subsequent periods.

Critical AccountingPolicies

The preparation of financial statements inconformity with accounting principles generally accepted in the UnitedStates of America requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities, disclosuresof contingent assets and liabilities at the date of the financialstatements and reported amounts of revenues and expenses during thereporting period. Actual results could differ from these estimates.

All commodity interests (including derivative financial instrumentsand derivative commodity instruments) are used for trading purposes.The commodity interests are recorded on trade date and open contractsare recorded in the statements of financial condition at fair value onthe last business day of the period, which represents market value forthose commodity interests for which market quotations are readilyavailable or other measures of fair value deemed appropriate bymanagement of the General Partner for those commodity interests andforeign currencies for which market quotations are not readilyavailable. Investments in commodity interests denominated in foreigncurrencies are translated into U.S. dollars at the exchange ratesprevailing on the last business day of the period. Realized gains(losses) and changes in unrealized values on open positions arerecognized in the period in which the contract is closed or the changesoccur and are included in net gains (losses) on trading of commodityinterests.

Foreign currency contracts are those contracts wherethe Partnership agrees to receive or deliver a fixed quantity offoreign currency for an agreed-upon price on an agreed future date.Foreign currency contracts are valued daily, and thePartnership's net equity therein, representing unrealized gain orloss on the contracts as measured by the difference between the forwardforeign exchange rates at the dates of entry into the contracts and theforward rates at the reporting date, is included in the statements offinancial condition. Realized gains (losses) and changes in unrealizedvalues on foreign currency contracts are recognized in the period inwhich the contract is closed or the changes occur and are included inthe statements of income and expenses and partners' capital.

Results of Operations

During thePartnership's first quarter of 2006, the Net Asset Value perRedeemable Unit increased 1.4% from $1,391.36 to $1,411.52 ascompared to a decrease of 17.0% in the first quarter of 2005.The Partnership experienced a net trading gain before brokeragecommissions and related fees in the first quarter of 2006 of$1,676,781. Gains were primarily attributable to the trading ofcommodity futures in metals, indices, and U.S. and non-U.S. interestrates and were partially offset by losses in currencies, energy,grains, and softs. The Partnership experienced a net trading lossbefore brokerage commissions and related fees in the first quarter of2005 of $19,695,369. Losses were primarily attributable to the tradingof commodity futures in currencies, non-U.S. interest rates, energy,grains and indices and were partially offset by gains in metals, softsand U.S. interest rates.

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The main drivers of performance in thefirst quarter of 2006 were trending markets in stock indices, interestrates and metals that were conducive to the Advisor's tradingprogram.

Global political instability, rising energy andindustrial commodity prices, combined with further increases from theU.S. Federal Reserve, pushed U.S. and global interest rates higherthroughout the quarter. This was further reflected in precious metalsprices, where gold and silver each surpassed 20 year highs, whichproduced minor profits for the partnership.

Counterintuitive totraditional market reaction to higher interest rates, global stockmarkets advanced as corporate earnings reports for full year 2005 metor exceeded expectations and consumer spending remained high despiteincreased energy prices and interest rates. The Partnership'sAdvisor was well positioned to take advantage of these trends. Theresults from energy trading were negative with profits in natural gasoffset by losses in crude oil trading.

Reducing gains for thePartnership were losses in foreign currency and agricultural markets.The U.S. dollar remained in a trading pattern for most of the quarterwith its value versus both the euro and yen rising and falling within arange that resulted in losses for advisors whose trading systems tendto be longer term in nature. Trading results in grains and softs wereinconsequential for the quarter.

Commodity futuresmarkets are highly volatile. The potential for broad and rapid pricefluctuations increases the risks involved in commodity trading, butalso increases the possibility of profit. The profitability of thePartnership depends on the existence of major price trends and theability of the Advisor to correctly identify those price trends. Pricetrends are influenced by, among other things, changing supply anddemand relationships, weather, governmental, agricultural, commercialand trade programs and policies, national and international politicaland economic events and changes in interest rates. To the extent thatmarket trends exist and the Advisor is able to identify them, thePartnership expects to increase capital through operations.

Interest income on 80% of the Partnership'sdaily average equity maintained in cash was earned at a 30-day U.S.Treasury bill rate determined weekly by CGM based on the averagenon-competitive yield on 3-month U.S. Treasury bills maturing in 30days. CGM may continue to maintain the Partnership's assets incash and/or place all of the Partnership's assets in 90-dayTreasury bills and pay the Partnership 80% of the interestearned on the Treasury bills purchased. CGM will retain 20% ofany interest earned on Treasury bills. Interest income for the threemonths ended March 31, 2006 increased by $58,959, as compared to thecorresponding period in 2005. The increase in interest income isprimarily due to higher interest rates during the three months endedMarch 31, 2006 as compared to the corresponding period in 2005.

Brokerage commissions are calculated as a percentage of thePartnership's adjusted net asset value on the last day of eachmonth and are affected by trading performance, additions andredemptions. Accordingly, they must be analyzed in relation to thefluctuations in the monthly net asset values. Commissions and fees forthe three months ended March 31, 2006 decreased by $ 506,143 ascompared to the corresponding period in 2005. The decrease incommissions was primarily due to lower month-end net assets as comparedto the corresponding period in 2005.

Management fees arecalculated as a percentage of the Partnership's net asset valueas of the end of each month and are affected by trading performance,additions and redemptions. Management fees for the three months endedMarch 31, 2006 decreased by $184,906 as compared to the correspondingperiod in 2005. The decrease in management fees was primarily due tolower month-end net assets as compared to the corresponding period in2005.

Administrative fees are paid to the General Partner foradministering the business and affairs of the Partnership. These feesare calculated as a percentage of the Partnership's net assetvalue as of the end of each month and are affected by tradingperformance and redemptions. Administrative fees for the three monthsended March 31, 2006 decreased by $46,227 as compared to thecorresponding period in 2005. Administrative fees decreased due tolower month-end net assets as compared to the corresponding period in2005.

Incentive fees are based on the new trading profitsgenerated by the Advisor at the end of the quarter as defined in theadvisory agreements between the Partnership, the General Partner andthe Advisor. There were no incentive fees earned for the three monthsended March 31, 2006 and 2005.

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Item 3.    Quantitative and QualitativeDisclosures about Market Risk

The Partnership is a speculativecommodity pool. The market sensitive instruments held by it areacquired for speculative trading purposes, and all or substantially allof the Partnership's assets are subject to the risk of tradingloss. Unlike an operating company, the risk of market sensitiveinstruments is integral, not incidental, to the Partnership'smain line of business.

Market movements result in frequentchanges in the fair market value of the Partnership's openpositions and, consequently, in its earnings and cash flow. ThePartnership's market risk is influenced by a wide variety offactors, including the level and volatility of interest rates, exchangerates, equity price levels, the market value of financial instrumentsand contracts, the diversification effects among thePartnership's open positions and the liquidity of the markets inwhich it trades.

The Partnership rapidly acquires and liquidatesboth long and short positions in a wide range of different markets.Consequently, it is not possible to predict how a particular futuremarket scenario will affect performance, and the Partnership'spast performance is not necessarily indicative of its futureresults.

Value at Risk is a measure of the maximum amount whichthe Partnership could reasonably be expected to lose in a given marketsector. However, the inherent uncertainty of the Partnership'sspeculative trading and the recurrence in the markets traded by thePartnership of market movements far exceeding expectations could resultin actual trading or non-trading losses far beyond the indicated Valueat 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 futureprojections, the inclusion of the quantification in this section shouldnot be considered to constitute any assurance or representation thatthe Partnership's losses in any market sector will be limited toValue at Risk or by the Partnership's attempts to manage itsmarket risk.

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

The followingtable indicates the trading Value at Risk associated with thePartnership's open positions by market category as of March 31,2006, and the highest, lowest and average values during the threemonths ended March 31, 2006. All open position trading risk exposuresof the Partnership have been included in calculating the figures setforth below. As of March 31, 2006, the Partnership's totalcapitalization was $63,563,885. There has been no material change inthe trading Value at Risk information previously disclosed in thePartnership's Annual Report on Form 10-K for the year endedDecember 31, 2005.

March 31, 2006(Unaudited)

|                       |  |              |            |                         |  |                                 |        |                  |  |                     |            |        |  |        |           |        |  |        |           |        |  |  |
|-----------------------|--|--------------|------------|-------------------------|--|---------------------------------|--------|------------------|--|---------------------|------------|--------|--|--------|-----------|--------|--|--------|-----------|--------|--|--|
|                  |  |         |            |                    |  | Threemonths ended March 31,2006 |
| Market Sector         |  | Valueat Risk |            | % ofTotalCapitalization |  | HighValue atRisk                |        | LowValue at Risk |  | AverageValueatRisk* |
| Currencies:           |  |         |       |                    |  |                            |   |             |  |                |       |   |  |   |      |   |  |   |      |   |
| –OTC            |  | $            | 1,171,864  |                    |  |                            | 1.84   | %           |  | $                   | 5,789,160  |   |  | $      | 367,887   |   |  | $      | 1,366,105 |   |
| Energy                |  |         | 193,000    |                    |  |                            | 0.31   | %           |  |                | 1,425,125  |   |  |   | 76,625    |   |  |   | 204,267   |   |
| Grains                |  |         | 19,800     |                    |  |                            | 0.03   | %           |  |                | 293,400    |   |  |   | 16,000    |   |  |   | 25,869    |   |
| InterestRatesU.S.     |  |         | 1,776,800  |                    |  |                            | 2.80   | %           |  |                | 1,905,700  |   |  |   | 62,565    |   |  |   | 992,830   |   |
| InterestRatesNon-U.S. |  |         | 2,918,663  |                    |  |                            | 4.59   | %           |  |                | 4,742,211  |   |  |   | 364,356   |   |  |   | 1,359,482 |   |
| Metals                |  |         |       |                    |  |                            |   |             |  |                |       |   |  |   |      |   |  |   |      |   |
| –ExchangeTraded |  |         | 29,750     |                    |  |                            | 0.05   | %           |  |                | 642,617    |   |  |   | 1,500     |   |  |   | 24,500    |   |
| –OTC            |  |         | 110,100    |                    |  |                            | 0.17   | %           |  |                | 1,750,640  |   |  |   | 15,200    |   |  |   | 69,913    |   |
| Softs                 |  |         | 85,000     |                    |  |                            | 0.13   | %           |  |                | 241,900    |   |  |   | 22,000    |   |  |   | 110,400   |   |
| Indices               |  |         | 4,616,863  |                    |  |                            | 7.26   | %           |  |                | 15,462,251 |   |  |   | 3,067,272 |   |  |   | 4,133,697 |   |
| Total                 |  | $            | 10,921,840 |                    |  |                            | 17.18  | %           |  |                |       |   |  |   |      |   |  |   |      |   |
|                       |

|   |                                    |
|---|------------------------------------|
| * | Averageof month-end Values at Risk |

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Item 4.    Controls and Procedures

The General Partner of the Partnership, with the participation ofthe General Partner's Chief Executive Officer and the ChiefFinancial Officer, has evaluated the effectiveness of the design andoperation of its disclosure controls and procedures (as defined inRules 13a-15(e) and 15d-15(e) of the Exchange Act) with respect to thePartnership as of the end of the period covered by the report, and,based on this evaluation, has concluded that these disclosure controlsand procedures are effective. Additionally, there were no significantchanges in the Partnership's internal controls or in otherfactors that could significantly affect these controls during theregistrant's last quarter, including any corrective actions withregard to significant deficiencies and materialweaknesses.

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PART II. OTHERINFORMATION

Item 1.    Legal Proceedings

Thefollowing information supplements and amends our discussion set forthunder Part I, Item 3 "Legal Proceedings" inour Annual Report on Form 10-K for the fiscal year ended December 31,2005.

WorldCom, Inc.

In March 2006, the class actionsettlement in IN RE WORLDCOM, INC. SECURITIES LITIGATION became final,and the settlement amount was paid pursuant to the terms of thesettlement agreement.

Research

On March 29, 2006, thecourt preliminarily approved Citigroup's settlement of IN RESALOMON ANALYST AT&T LITIGATION. A final hearing on the settlementis scheduled for August 11, 2006.

IPO Antitrust Litigation

The underwriter defendants' motion in the Second Circuit tostay the issuance of the mandate remanding the cases to the districtcourt pending the filing of a petition for writ of certiorari to theUnited States Supreme Court was granted on March 9, 2006, after thewrit of certiorari was filed on March 8, 2006.

Item1A.    Risk Factors

There are no material changes from therisk factors set forth under Part I, Item 1A. "RiskFactors" in our Annual Report on Form 10-K for the fiscalyear ended December 31, 2005.

Item 2.    Unregistered Salesof Equity Securities and Use of Proceeds

ThePartnership no longer offers Redeemable Units at the net asset valueper Redeemable Unit at the end of each month. The Redeemable Units wereissued in reliance upon applicable exemptions from registration underSection 4(2) of the Securities Act of 1933, as amended, and Section 506of Regulation D promulgated thereunder.

Proceeds fromthe sale of additional Redeemable Units are used in the trading ofcommodity interests including futures contracts, options and forwardscontracts.

The following chart sets forth the purchasesof Redeemable Units by thePartnership.

|                                          |  |                                                 |  |                                             |  |                                                                                               |  |                                                                                                                          |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------|--|-------------------------------------------------|--|---------------------------------------------|--|-----------------------------------------------------------------------------------------------|--|--------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Period                                   |  | (a)Total Number of Shares (or Units) Purchased* |  | (b)Average Price Paid per Share (or Unit)** |  | (c) TotalNumber of Shares (or Units) Purchased as Part ofPublicly Announced Plans or Programs |  | (d) MaximumNumber (or Approximate Dollar Value) of Shares (orUnits) that May Yet Be Purchased Under the Plans orPrograms |
| January 1, 2006– January 31,2006   |  |   1,134.0690                          |  | $1,401.03                                   |  | N/A                                                                                           |  | N/A                                                                                                                      |
| February1, 2006 – February 28,2006 |  | 1,219.5055                                      |  | $1,391.27                                   |  | N/A                                                                                           |  | N/A                                                                                                                      |
| March1, 2006 – March 31,2006       |  | 2,728.4499                                      |  | $1,411.52                                   |  | N/A                                                                                           |  | N/A                                                                                                                      |
| Total                                    |  | 5,082.0244                                      |  | $1,401.27                                   |  | N/A                                                                                           |  | N/A                                                                                                                      |
|                                          |

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | *Generally, Limited Partners are permitted to redeem their RedeemableUnits as of the end of each month on 10 days' notice to theGeneral Partner. Under certain circumstances, the General Partner cancompel redemption but to date the General Partner has not exercisedthis right. Purchases of Redeemable Units by the Partnership reflectedin the chart above were made in the ordinary course of thePartnership's business in connection with effecting redemptionsfor Limited Partners. |

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|  |                                                                                                                                           |
|--|-------------------------------------------------------------------------------------------------------------------------------------------|
|  | ** Redemptions of Redeemable Unitsare effected as of the last day of each month at the Net Asset Valueper Redeemable Unit as of that day. |

Item3.    Defaults Upon Senior Securities – None

Item 4.    Submission of Matters to a Vote of SecurityHolders – None

Item 5.    Other Information– None

Item 6.    Exhibits

|        |                                                                                                                                                                                                                |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The exhibits required to be filed by Item 601 ofRegulation S-K are incorporated herein by reference to the exhibitindex of the Partnership's Annual Report on Form 10-K for theperiod ended December 31, 2005. |

|        |                                                                                                             |
|--------|-------------------------------------------------------------------------------------------------------------|
|   | Exhibit – 31.1 – Rule13a-14(a)/15d-14(a) Certification (Certification of President andDirector) |

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

|        |                                                                                                   |
|--------|---------------------------------------------------------------------------------------------------|
|   | Exhibit – 32.1 – Section1350 Certification (Certification of President and Director). |

|        |                                                                                                                |
|--------|----------------------------------------------------------------------------------------------------------------|
|   | Exhibit – 32.2 – Section1350 Certification (Certification of Chief Financial Officer andDirector). |

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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 behalfby the undersigned, thereunto duly authorized.

SALOMONSMITH BARNEY FAIRFIELD FUTURES FUND L.P.

|        |  |                                                            |  |  |  |  |
|--------|--|------------------------------------------------------------|--|--|--|--|
| By:    |  | CitigroupManaged Futures LLC                               |
|   |  | (General Partner)                                          |
| By:    |  | /s/David J. Vogel                                          |
|   |  | David J. Vogel,Presidentand Director                       |
| Date:  |  | May11,2006                                                 |
| By:    |  | /s/Daniel R. McAuliffe,Jr.                                 |
|   |  | Daniel R.McAuliffe, Jr.Chief Financial Officer andDirector |
| Date:  |  | May11, 2006                                                |
|        |

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