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
  For the
    transition period from
    
    to
  000-50736
  CITIGROUP FAIRFIELD FUTURES FUND L.P.
    New York


04-3621353(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




---



##### 



CITIGROUP FAIRFIELD 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  11Item 2.


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

12  15Item 3.


Quantitative and Qualitative
    Disclosures about Market Risk

16  17Item 4T.


Controls and Procedures

18PART II - Other Information

19  22  2




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##### 



PART I
 Item 1. Financial Statements
 Citigroup Fairfield Futures Fund L.P.
Statements of Financial Condition
(Unaudited)
 September 30,
    
    
    December 31,2008
    
    
    2007Assets:Equity in commodity futures trading account:Cash
    
    $
    28,331,090
    
    
    $
    34,150,979Cash margin
    
    
    3,279,082
    
    
    
    2,565,779Net unrealized appreciation on open futures contracts
    
    
    192,091
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    3,806,376
    
    
    
    1,400,73535,608,639
    
    
    
    38,117,493Interest receivable
    
    
    6,616
    
    
    
    11,862Total assets
    
    $
    35,615,255
    
    
    $
    38,129,355Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures contracts
    
    $
    
    
    
    $
    1,730Unrealized depreciation on open forwards contracts
    
    
    5,662,366
    
    
    
    1,501,962Accrued expenses:Brokerage commissions
    
    
    112,323
    
    
    
    137,346Management fees
    
    
    49,625
    
    
    
    60,749Administrative fees
    
    
    12,406
    
    
    
    15,187Other
    
    
    65,683
    
    
    
    38,737Redemptions payable
    
    
    63,861
    
    
    
    549,679Total liabilities
    
    
    5,966,264
    
    
    
    2,305,390Partners Capital:General
Partner, 308.2035 and 864.9335 Unit equivalents
outstanding in 2008 and 2007, respectively
    
    
    539,042
    
    
    
    1,390,458Limited
Partners, 16,643.9531 and 21,419.2881 Redeemable Units of
Limited
Partnership Interest outstanding in 2008 and 2007, respectively
    
    
    29,109,949
    
    
    
    34,433,507Total partners capital
    
    
    29,648,991
    
    
    
    35,823,965Total liabilities and partners capital
    
    $
    35,615,255
    
    
    $
    38,129,355
  3




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##### 



Citigroup Fairfield Futures Fund L.P.
Schedule of Investments
September 30, 2008
(Unaudited)
 % of PartnersFair Value
    
    
    CapitalFutures
Contracts PurchasedGrains
    
    $
    (9,569
    )
    
    
    (0.03
    )%Indices
    
    
    10,998
    
    
    
    0.04Interest Rates U.S.
    
    
    (63,190
    )
    
    
    (0.21
    )Interest Rates Non-U.S.
    
    
    (31,164
    )
    
    
    (0.11
    )Softs
    
    
    (8,697
    )
    
    
    (0.03
    )Total futures contracts purchased
    
    
    (101,622
    )
    
    
    (0.34
    )Futures
Contracts SoldEnergy
    
    
    (37,493
    )
    
    
    (0.13
    )Grains
    
    
    93,881
    
    
    
    0.32Indices
    
    
    123,791
    
    
    
    0.42Interest Rates Non-U.S.
    
    
    (11,713
    )
    
    
    (0.04
    )Metals
    
    
    (6,665
    )
    
    
    (0.02
    )Softs
    
    
    131,912
    
    
    
    0.44Total futures contracts sold
    
    
    293,713
    
    
    
    0.99Net unrealized appreciation on open futures contracts
    
    
    192,091
    
    
    
    0.65Unrealized
Appreciation on Forward ContractsCurrencies
    
    
    3,584,336
    
    
    
    12.09Metals
    
    
    222,040
    
    
    
    0.75Total unrealized appreciation on forward contracts
    
    
    3,806,376
    
    
    
    12.84Unrealized
Depreciation on Forward ContractsCurrencies
    
    
    (5,510,669
    )
    
    
    (18.59
    )Metals
    
    
    (151,697
    )
    
    
    (0.51
    )Total unrealized depreciation on forward contracts
    
    
    (5,662,366
    )
    
    
    (19.10
    )Total fair value
    
    $
    (1,663,899
    )
    
    
    (5.61
    )%
  4




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##### 



Citigroup Fairfield Futures Fund L.P.
Schedule of Investments
December 31, 2007
(Unaudited)
 % of PartnersFair Value
    
    
    CapitalFutures
Contracts PurchasedEnergy
    
    $
    23,017
    
    
    
    0.06
    %Grains
    
    
    8,142
    
    
    
    0.02Interest Rates U.S.
    
    
    1,716
    
    
    
    0.00
    *Interest Rates Non-U.S.
    
    
    18,400
    
    
    
    0.05Indices
    
    
    (10,184
    )
    
    
    (0.02
    )Metals
    
    
    460
    
    
    
    0.00
    *Softs
    
    
    (6,776
    )
    
    
    (0.02
    )Total futures contracts purchased
    
    
    34,775
    
    
    
    0.09Futures
Contracts SoldEnergy
    
    
    (26,750
    )
    
    
    (0.08
    )Grains
    
    
    6,039
    
    
    
    0.02Interest Rates U.S.
    
    
    (4,406
    )
    
    
    (0.01
    )Interest Rates Non-U.S.
    
    
    (11,388
    )
    
    
    (0.03
    )Total futures contracts sold
    
    
    (36,505
    )
    
    
    (0.10
    )Net
unrealized appreciation on open futures contracts
    
    
    (1,730
    )
    
    
    (0.01
    )Unrealized
Appreciation on Forward ContractsCurrencies
    
    
    1,292,726
    
    
    
    3.61Metals
    
    
    108,009
    
    
    
    0.30Total
unrealized appreciation on forward contracts
    
    
    1,400,735
    
    
    
    3.91Unrealized
Depreciation on Forward ContractsCurrencies
    
    
    (1,437,301
    )
    
    
    (4.01
    )Metals
    
    
    (64,661
    )
    
    
    (0.18
    )Total
unrealized depreciation on forward contracts
    
    
    (1,501,962
    )
    
    
    (4.19
    )Total fair value
    
    $
    (102,957
    )
    
    
    (0.29
    )%
 
 *
    
    Due to rounding  5




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##### 



Citigroup Fairfield 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
futures:Net realized gains (losses) on closed positions and foreign currencies
    
    $
    326,915
    
    
    $
    (1,376,658
    )
    
    $
    6,663,531
    
    
    $
    4,383,557Change in net unrealized gains (losses) on open positions and foreign currencies
    
    
    (2,309,430
    )
    
    
    (58,791
    )
    
    
    (1,560,942
    )
    
    
    (558,690
    )Gain (loss) from trading, net
    
    
    (1,982,515
    )
    
    
    (1,435,449
    )
    
    
    5,102,589
    
    
    
    3,824,867Interest income
    
    
    103,811
    
    
    
    341,844
    
    
    
    389,215
    
    
    
    1,088,285Total income (loss)
    
    
    (1,878,704
    )
    
    
    (1,093,605
    )
    
    
    5,491,804
    
    
    
    4,913,152Expenses:Brokerage
commissions, including
clearing fees of $9,105, $12,062,
$32,360, and $44,922, respectively
    
    
    353,848
    
    
    
    428,037
    
    
    
    1,233,902
    
    
    
    1,358,244Management fees
    
    
    151,469
    
    
    
    182,715
    
    
    
    526,964
    
    
    
    574,218Administrative fees
    
    
    37,867
    
    
    
    45,678
    
    
    
    131,741
    
    
    
    143,554Other
    
    
    28,808
    
    
    
    27,907
    
    
    
    95,587
    
    
    
    84,881Total expenses
    
    
    571,992
    
    
    
    684,337
    
    
    
    1,988,194
    
    
    
    2,160,897Net income (loss)
    
    
    (2,450,696
    )
    
    
    (1,777,942
    )
    
    
    3,503,610
    
    
    
    2,752,255RedemptionsLimited Partners
    
    
    (572,371
    )
    
    
    (1,414,612
    )
    
    
    (8,678,604
    )
    
    
    (11,105,876
    )RedemptionsGeneral Partner
    
    
    
    
    
    
    
    
    
    
    (999,980
    )
    
    
    Net increase (decrease) in Partners capital
    
    
    (3,023,067
    )
    
    
    (3,192,554
    )
    
    
    (6,174,974
    )
    
    
    (8,353,621
    )Partners capital, beginning of period
    
    
    32,672,058
    
    
    
    39,155,089
    
    
    
    35,823,965
    
    
    
    44,316,156Partners capital, end of period
    
    $
    29,648,991
    
    
    $
    35,962,535
    
    
    $
    29,648,991
    
    
    $
    35,962,535Net asset value per Redeemable Unit
(16,952.1566 and 22,931.4546 Redeemable Units outstanding
at September 30, 2008 and 2007, respectively)
    
    $
    1,748.98
    
    
    $
    1,568.26
    
    
    $
    1,748.98
    
    
    $
    1,568.26Net gain (loss) per Redeemable Unit of Limited Partnership
Interest and General Partner Unit equivalent
    
    $
    (142.02
    )
    
    $
    (73.18
    )
    
    $
    141.39
    
    
    $
    139.49
  6




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##### 



Citigroup Fairfield Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
  1.
    General:      Form 10-K
       7




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##### 



Citigroup Fairfield Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Net realized and unrealized gains (losses)*
    
    $
    (135.34
    )
    
    $
    (76.79
    )
    
    $
    159.91
    
    
    $
    128.83Interest Income
    
    
    6.04
    
    
    
    14.52
    
    
    
    19.45
    
    
    
    41.44Expenses **
    
    
    (12.72
    )
    
    
    (10.91
    )
    
    
    (37.97
    )
    
    
    (30.78
    )Increase (decrease) for the period
    
    
    (142.02
    )
    
    
    (73.18
    )
    
    
    141.39
    
    
    
    139.49Net Asset Value per Redeemable Unit, beginning of period
    
    
    1,891.00
    
    
    
    1,641.44
    
    
    
    1,607.59
    
    
    
    1,428.77Net Asset Value per Redeemable Unit, end of period
    
    $
    1,748.98
    
    
    $
    1,568.26
    
    
    $
    1,748.98
    
    
    $
    1,568.26
 
 *
    
    Includes brokerage commissions**
    
    Excludes brokerage commissions  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Ratios to Average Net Assets: ***Net investment income (loss) before incentive fees ****
    
    
    (6.1
    )%
    
    
    (3.7
    )%
    
    
    (6.3
    )%
    
    
    (3.8
    )%Operating expense
    
    
    7.4
    %
    
    
    7.4
    %
    
    
    7.9
    %
    
    
    7.6
    %Incentive fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total expenses
    
    
    7.4
    %
    
    
    7.4
    %
    
    
    7.9
    %
    
    
    7.6
    %Total return:Total return before incentive fees
    
    
    (7.5
    )%
    
    
    (4.5
    )%
    
    
    8.8
    %
    
    
    9.8
    %Incentive fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total return after incentive fees
    
    
    (7.5
    )%
    
    
    (4.5
    )%
    
    
    8.8
    %
    
    
    9.8
    %
 
 ***
    
    Annualized (other than incentive fees)****
    
    Interest income less total expenses   8




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##### 



Citigroup Fairfield Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
  3.
    Trading
    Activities:          4.
    Fair
    Value Measurements:  Investments.
  Fair Value Measurements. Fair Value Measurements No. FAS 157-2, Effective Date of FASB Statement No. 157
    9




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##### 



Citigroup Fairfield Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
  Quoted Prices inActive Markets for


Significant Other


SignificantIdentical Assets


Observable Inputs


UnobservableSeptember 30, 2008


(Level 1)


(Level 2)


Inputs (Level 3)AssetsForwards

$
3,806,376


$



$
3,806,376


$
Futures


192,091



192,091







Total assets


3,998,467



192,091



3,806,376



LiabilitiesForwards

$
5,662,366


$



$
5,662,366


$
Total liabilities


5,662,366







5,662,366



Total fair value

$
(1,663,899
)

$
192,091


$
(1,855,990
)

$
   5.
    Financial
    Instrument Risks:         10




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##### 



Citigroup Fairfield Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
     11




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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.  For disclosures related to fair value measurements pursuant to
SFAS 157, refer to note 4 in the notes to financial statements.
  12




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##### 



Forward Foreign Currency Contracts. agreed-upon
  Income Taxes.
      Recent Accounting Pronouncements.
  Results
    of Operations
       13




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##### 



30-day 3-month and/or 90-day
 14




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##### 



15




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##### 



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk          one-day
 16




---



##### 



Form 10-K
  September 30,
    2008
    (Unaudited)
 Three Months Ended September 30, 2008Average% of Total
    
    
    High
    
    
    Low
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capital
    
    
    Value at Risk
    
    
    Value at Risk
    
    

Risk*Currencies: OTC
Contracts
    
    $
    1,426,672
    
    
    
    4.81
    %
    
    $
    3,682,287
    
    
    $
    1,227,043
    
    
    $
    2,692,291Energy
    
    
    277,250
    
    
    
    0.94
    %
    
    
    665,450
    
    
    
    20,400
    
    
    
    179,950Grains
    
    
    173,100
    
    
    
    0.58
    %
    
    
    216,500
    
    
    
    8,000
    
    
    
    71,607Interest Rates U.S.
    
    
    152,100
    
    
    
    0.51
    %
    
    
    278,000
    
    
    
    4,882
    
    
    
    144,258Interest Rates Non-U.S.
    
    
    276,575
    
    
    
    0.93
    %
    
    
    460,376
    
    
    
    71,594
    
    
    
    197,005Metals Exchange Traded
    
    
    23,500
    
    
    
    0.08
    %
    
    
    186,250
    
    
    
    50
    
    
    
    35,333 OTC
    
    
    74,965
    
    
    
    0.25
    %
    
    
    368,430
    
    
    
    48,909
    
    
    
    79,154Softs
    
    
    99,497
    
    
    
    0.34
    %
    
    
    120,621
    
    
    
    23,168
    
    
    
    79,543Indices
    
    
    485,193
    
    
    
    1.64
    %
    
    
    1,037,822
    
    
    
    251,260
    
    
    
    614,720Total
    
    $
    2,988,852
    
    
    
    10.08
    %
 
 *
    
    Average of month-end Values at Risk 17




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##### 



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.   18




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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
    19




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##### 



Auction Rate Securities-Related Litigation
         Item 1A.
    Risk
    Factors  Form 10-K
    Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds   20




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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



74.6198



$
1,787.33




N/A




N/AAugust 1, 2008  
    August 31, 2008



214.4199



$
1,749.56




N/A




N/ASeptember 1, 2008  
    September 30, 2008



36.5135



$
1,748.98




N/A




N/A325.5532



$
1,758.15      Item 3.
    Defaults
    Upon Senior Securities  None.  Item 4.
    Submission
    of Matters to a Vote of Security Holders 
    None.  Item 5.
    Other
    Information  None. 21




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##### 



Item 6.
    Exhibits Form 10-Q
 31.1
    
    Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director)31.2
    
    Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director)32.1
    
    Section 1350 Certification (Certification of Chief Financial Officer and Director)32.2
    
    Section 1350 Certification (Certification of Chief Financial Officer and Director)
 22




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##### 



SIGNATURES
    CITIGROUP FAIRFIELD 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  23