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 endedJune 30, 2005

Commission File Number0-50736

SALOMON SMITH BARNEY FAIRFIELDFUTURES FUND L.P.

|  |
|--|
|  |  |
|  |

(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 399Park Avenue – 7th Fl. New York, New York10022

|  |
|--|
|  |  |
|  |

(Address and ZipCode of principal executive offices)

(212)559-2011

|  |
|--|
|  |  |
|  |

(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 an accelerated filer (as defined in rule12b-2 of the Exchange Act).

Yes X     No   

----

SALOMON SMITH BARNEYFAIRFIELD FUTURES FUND L.P.

FORM 10-Q

INDEX

|                               |  |                                                                                                                          |    |            |                               |        |  |  |  |  |
|-------------------------------|--|--------------------------------------------------------------------------------------------------------------------------|----|------------|-------------------------------|--------|--|--|--|--|
|                          |  |                                                                                                                     |    | PageNumber |
| PARTI - FinancialInformation: |  |
| Item1.                        |  | FinancialStatements:                                                                                                     |    |
|                          |  | Statements of FinancialConditionat June 30, 2005 and December 31,2004(unaudited).                                        |    |       | 3                             |   |
|                          |  | CondensedSchedules of Investmentsat June 30, 2005 and December 31,2004(unaudited).                                       |    |       | 4 – 5         |   |
|                          |  | Statementsof Income and Expensesand Partners' Capital for the three andsixmonths ended June 30, 2005 and2004(unaudited). |    |       | 6                             |   |
|                          |  | Statementsof Cash Flows for the three and six months ended June 30, 2005 and2004(unaudited).                             |    |       | 7                             |   |
|                          |  | Notes toFinancialStatements(unaudited).                                                                                  |    |       | 8 – 11        |   |
| Item2.                        |  | Management's Discussion andAnalysis of FinancialConditionand Results ofOperations.                                       |    |       |  12 – 14 |   |
| Item3.                        |  | Quantitative and QualitativeDisclosures about MarketRisk                                                                 |    |       | 15                            |   |
| Item4.                        |  | Controls andProcedures.                                                                                                  |    |       | 16                            |   |
| **PARTII - OtherInformation** |  |                                                                                                                     | 17 |       |
|                               |

2

----

PART I

Item1.    Financial Statements

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

|                                                                                                                                        |  |             |            |                 |  |        |             |        |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------|--|-------------|------------|-----------------|--|--------|-------------|--------|--|--|
|                                                                                                                                   |  | June30,2005 |            | December31,2004 |
| **Assets:**                                                                                                                            |  |        |       |            |  |   |        |   |
| Equityin commodity futures tradingaccount:                                                                                             |  |        |       |            |  |   |        |   |
| Cash (restricted$17,187,314 and $29,455,643 in 2005 and 2004,respectively)                                                             |  | $           | 83,211,069 |            |  | $      | 129,515,744 |   |
| Netunrealized appreciation on open futurespositions                                                                                    |  |        | 3,872,573  |            |  |   | 2,936,841   |   |
| Unrealizedappreciation on open forwardcontracts                                                                                        |  |        | 4,657,157  |            |  |   | 5,771,456   |   |
|                                                                                                                                   |  |        | 91,740,799 |            |  |   | 138,224,041 |   |
| Interestreceivable                                                                                                                     |  |        | 52,268     |            |  |   | 22,316      |   |
|                                                                                                                                   |  | $           | 91,793,067 |            |  | $      | 138,246,357 |   |
| **Liabilitiesand Partners'Capital:**                                                                                                   |  |        |       |            |  |   |        |   |
| Liabilities:                                                                                                                           |  |        |       |            |  |   |        |   |
| Unrealizeddepreciation on open forwardcontracts                                                                                        |  | $           | 2,770,629  |            |  | $      | 7,345,959   |   |
| Accruedexpenses:                                                                                                                       |  |        |       |            |  |   |        |   |
| Commissions                                                                                                                            |  |        | 329,261    |            |  |   | 498,924     |   |
| Managementfees                                                                                                                         |  |        | 145,693    |            |  |   | 220,823     |   |
| Administrativefees                                                                                                                     |  |        | 36,423     |            |  |   | 55,206      |   |
| Other                                                                                                                                  |  |        | 63,241     |            |  |   | 44,792      |   |
| Redemptionspayable                                                                                                                     |  |        | 903,897    |            |  |   | 4,709,967   |   |
|                                                                                                                                   |  |        | 4,249,144  |            |  |   | 12,875,671  |   |
| Partners'Capital:                                                                                                                      |  |        |       |            |  |   |        |   |
| General Partner,864.9335 Unit equivalents outstanding in 2005 and2004                                                                  |  |        | 1,216,174  |            |  |   | 1,525,816   |   |
| LimitedPartners, 61,395.7849 and 70,203.4817 Redeemable Units of LimitedPartnership Interest outstanding in 2005 and 2004,respectively |  |        | 86,327,749 |            |  |   | 123,844,870 |   |
|                                                                                                                                   |  |        | 87,543,923 |            |  |   | 125,370,686 |   |
|                                                                                                                                   |  | $           | 91,793,067 |            |  | $      | 138,246,357 |   |
|                                                                                                                                        |

SeeAccompanying Notes to Financial Statements.

3

----

Salomon Smith Barney Fairfield FuturesFund L.P.Condensed Schedule of InvestmentsJune 30,2005(Unaudited)

|                              |  |                                                    |  |           |            |         |  |  |  |  |
|------------------------------|--|----------------------------------------------------|--|-----------|------------|---------|--|--|--|--|
| Sector                       |  | Contract                                           |  | FairValue |
| Currencies                   |  |                                               |  |      |       |    |
|                         |  | Unrealizedappreciation on forward contracts4.89%   |  | $         | 4,283,908  |    |
|                         |  | Unrealizeddepreciation on forward contracts(2.38)% |  |      | (2,085,605 | )  |
| TotalCurrencies2.51%         |  |                                               |  |      | 2,198,303  |    |
| InterestRates U.S. 1.24%     |  | Futures contracts purchased1.24%                   |  |      | 1,089,308  |    |
| InterestRates Non-U.S. 2.87% |  | Futures contracts purchased2.87%                   |  |      | 2,507,882  |    |
| Metals                       |  |                                               |  |      |       |    |
|                         |  | Unrealizedappreciation on forward contracts0.43%   |  |      | 373,249    |    |
|                         |  | Unrealizeddepreciation on forward contracts(0.78)% |  |      | (685,024   | )  |
|                         |  | Totalforward contracts(0.35)%                      |  |      | (311,775   | )  |
|                         |  |
| TotalMetals(0.35)%           |  |                                               |  |      |       |    |
| Softs0.00%*                  |  | Futures contracts sold0.00%*                       |  |      | 2,888      |    |
| Indices                      |  | Futurescontracts purchased0.36%                    |  |      | 311,549    |    |
|                         |  | Futurescontracts sold(0.05)%                       |  |      | (39,054    | )  |
| TotalIndices0.31%            |  |                                               |  |      | 272,495    |    |
| TotalFair Value6.58%         |  |                                               |  | $         | 5,759,101  |    |
|                              |

|                    |  |                           |           |                              |  |        |        |         |  |  |
|--------------------|--|---------------------------|-----------|------------------------------|--|--------|--------|---------|--|--|
| CountryComposition |  | Investments at Fair Value |           | %ofInvestments at Fair Value |
| Australia          |  | $                         | 22,990    |                         |  |   | 0.40   | %  |
| Germany            |  |                      | 1,330,099 |                         |  |   | 23.10  |    |
| France             |  |                      | 43,301    |                         |  |   | 0.75   |    |
| HongKong           |  |                      | (21,947   | )                       |  |   | (0.38  | )  |
| Japan              |  |                      | 48,547    |                         |  |   | 0.84   |    |
| Spain              |  |                      | 92,624    |                         |  |   | 1.61   |    |
| UnitedKingdom      |  |                      | 1,113,657 |                         |  |   | 19.33  |    |
| UnitedStates       |  |                      | 3,129,830 |                         |  |   | 54.35  |    |
|               |  | $                         | 5,759,101 |                         |  |   | 100.00 | %  |
|                    |

Percentagesare based on Partners' capital unless otherwiseindicated.

|   |                 |
|---|-----------------|
| * | Due torounding. |

See Accompanying Notes to FinancialStatements.

4

----

Salomon Smith Barney Fairfield FuturesFund L.P.Condensed Schedule of InvestmentsDecember 31,2004(Unaudited)

|                                   |  |                                                       |  |           |            |         |  |  |  |  |
|-----------------------------------|--|-------------------------------------------------------|--|-----------|------------|---------|--|--|--|--|
| Sector                            |  | Contract                                              |  | FairValue |
| Currencies                        |  |                                                  |  |
|                              |  | Unrealizedappreciation on forward contracts3.80%      |  | $         | 4,769,286  |    |
|                              |  | Unrealizeddepreciation on forward contracts(4.85)%    |  |      | (6,082,616 | )  |
| TotalCurrencies(1.05)%            |  |                                                  |  |      | (1,313,330 | )  |
| Energy0.22%                       |  | Futures contracts sold0.22%                           |  |      | 274,150    |    |
| InterestRates U.S.                |  |
|                              |  | Futures contracts purchased0.37%                      |  |      | 458,014    |    |
|                              |  | Futurescontracts sold0.08%                            |  |      | 102,760    |    |
| TotalInterest Rates U.S.0.45%     |  |                                                  |  |      | 560,774    |    |
| InterestRates Non-U.S.            |  |
|                              |  | Futures contracts purchased0.10%                      |  |      | 133,530    |    |
|                              |  | Futurescontracts sold(0.06)%                          |  |      | (79,474    | )  |
| TotalInterest Rates Non-U.S.0.04% |  |                                                  |  |      | 54,056     |    |
| Metals                            |  |
|                              |  | Futurescontracts purchased(0.19)%                     |  |      | (244,360   | )  |
|                              |  | Unrealizedappreciation on forward contracts0.80%      |  |      | 1,002,170  |    |
|                              |  | Unrealizeddepreciation on forward contracts(1.01)%    |  |      | (1,263,343 | )  |
|                              |  |     Totalforward contracts(0.21)% |  |      | (261,173   | )  |
| TotalMetals(0.40)%                |  |                                                  |  |      | (505,533   | )  |
| Softs0.09%                        |  | Futures contracts purchased0.09%                      |  |      | 107,831    |    |
| Indices1.74%                      |  | Futures contracts purchased1.74%                      |  |      | 2,184,390  |    |
| TotalFair Value1.09%              |  |                                                  |  | $         | 1,362,338  |    |
|                                   |

|                    |  |                           |           |                              |  |        |        |         |  |  |
|--------------------|--|---------------------------|-----------|------------------------------|--|--------|--------|---------|--|--|
| CountryComposition |  | Investments at Fair Value |           | %ofInvestments at Fair Value |
| Australia          |  | $                         | 4,934     |                         |  |   | 0.36   | %  |
| France             |  |                      | (18,168   | )                       |  |   | (1.33  | )  |
| Germany            |  |                      | (171,260  | )                       |  |   | (12.57 | )  |
| HongKong           |  |                      | (6,741    | )                       |  |   | (0.50  | )  |
| Japan              |  |                      | 63,150    |                         |  |   | 4.64   |    |
| Spain              |  |                      | 250,083   |                         |  |   | 18.36  |    |
| UnitedKingdom      |  |                      | 321,712   |                         |  |   | 23.61  |    |
| UnitedStates       |  |                      | 918,628   |                         |  |   | 67.43  |    |
|               |  | $                         | 1,362,338 |                         |  |   | 100.00 | %  |
|                    |

Percentagesare based on Partners' capital unless otherwise indicated

See Accompanying Notes to FinancialStatements.

5

----

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

|                                                                                                                                     |  |                           |             |                         |  |        |             |         |  |        |             |         |  |        |             |         |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------|--|---------------------------|-------------|-------------------------|--|--------|-------------|---------|--|--------|-------------|---------|--|--------|-------------|---------|--|--|
|                                                                                                                                |  | ThreeMonths EndedJune 30, |             | Six Months EndedJune30, |
|                                                                                                                                |  | 2005                      |             | 2004                    |  | 2005   |             | 2004    |
| **Income:**                                                                                                                         |  |                      |        |                    |  |   |        |    |  |
| Netgains (losses) on trading of commodityinterests:                                                                                 |  |                      |        |                    |  |   |        |    |  |
| Realized gains(losses) on closedpositions                                                                                           |  | $                         | (12,720,934 | )                  |  | $      | (11,917,248 | )  |  | $      | (27,373,307 | )  |  | $      | 6,957,870   |    |
| Changein unrealized gains (losses) on openpositions                                                                                 |  |                      | 9,439,759   |                    |  |   | (12,933,239 | )  |  |   | 4,396,763   |    |  |   | (14,549,257 | )  |
|                                                                                                                                |  |                      | (3,281,175  | )                  |  |   | (24,850,487 | )  |  |   | (22,976,544 | )  |  |   | (7,591,387  | )  |
| Interestincome                                                                                                                      |  |                      | 504,421     |                    |  |   | 239,765     |    |  |   | 1,038,875   |    |  |   | 530,967     |    |
|                                                                                                                                |  |                      | (2,776,754  | )                  |  |   | (24,610,722 | )  |  |   | (21,937,669 | )  |  |   | (7,060,420  | )  |
| **Expenses:**                                                                                                                       |  |                      |        |                    |  |   |        |    |  |   |        |    |  |   |        |    |
| Brokeragecommissions including clearing fees of $20,758, $29,484, $57,629 and$88,651,respectively                                   |  |                      | 1,120,008   |                    |  |   | 1,689,332   |    |  |   | 2,463,266   |    |  |   | 3,780,892   |    |
| Managementfees                                                                                                                      |  |                      | 441,308     |                    |  |   | 679,370     |    |  |   | 969,881     |    |  |   | 1,479,249   |    |
| Administrativefees                                                                                                                  |  |                      | 110,327     |                    |  |   | 169,843     |    |  |   | 242,471     |    |  |   | 369,813     |    |
| Other                                                                                                                               |  |                      | 30,666      |                    |  |   | 25,425      |    |  |   | 61,666      |    |  |   | 51,991      |    |
| Incentivefees                                                                                                                       |  |                      | —     |                    |  |   | —     |    |  |   | —     |    |  |   | 2,826,991   |    |
|                                                                                                                                |  |                      | 1,702,309   |                    |  |   | 2,563,970   |    |  |   | 3,737,284   |    |  |   | 8,508,936   |    |
| Netloss                                                                                                                             |  |                      | (4,479,063  | )                  |  |   | (27,174,692 | )  |  |   | (25,674,953 | )  |  |   | (15,569,356 | )  |
| Redemptions–LimitedPartners                                                                                                   |  |                      | (8,020,351  | )                  |  |   | (4,485,118  | )  |  |   | (12,151,810 | )  |  |   | (10,615,770 | )  |
| Netdecrease in Partners'capital                                                                                                     |  |                      | (12,499,414 | )                  |  |   | (31,659,810 | )  |  |   | (37,826,763 | )  |  |   | (26,185,126 | )  |
| Partners'capital, beginning ofperiod                                                                                                |  |                      | 100,043,337 |                    |  |   | 158,785,064 |    |  |   | 125,370,686 |    |  |   | 153,310,380 |    |
| Partners'capital, end ofperiod                                                                                                      |  | $                         | 87,543,923  |                    |  | $      | 127,125,254 |    |  | $      | 87,543,923  |    |  | $      | 127,125,254 |    |
| Netasset value per Redeemable Unit (62,260.7184 and 79,771.2076 RedeemableUnits outstanding at June 30, 2005 and 2004,respectively) |  | $                         | 1,406.09    |                    |  | $      | 1,593.62    |    |  | $      | 1,406.09    |    |  | $      | 1,593.62    |    |
| Netloss per Redeemable Unit of Limited Partnership Interest and GeneralPartner Unitequivalent                                       |  | $                         | (58.18      | )                  |  | $      | (332.06     | )  |  | $      | (357.99     | )  |  | $      | (194.52     | )  |
|                                                                                                                                     |

SeeAccompanying Notes to Financial Statements.

6

----

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

|                                                                                                 |  |                           |             |                         |  |        |             |         |  |        |             |         |  |        |             |         |  |  |
|-------------------------------------------------------------------------------------------------|--|---------------------------|-------------|-------------------------|--|--------|-------------|---------|--|--------|-------------|---------|--|--------|-------------|---------|--|--|
|                                                                                            |  | ThreeMonths EndedJune 30, |             | Six Months EndedJune30, |
|                                                                                            |  | 2005                      |             | 2004                    |  | 2005   |             | 2004    |
| Cashflows from operatingactivities:                                                             |  |                      |        |                    |  |   |        |    |  |
| Netloss                                                                                         |  | $                         | (4,479,063  | )                  |  | $      | (27,174,692 | )  |  | $      | (25,674,953 | )  |  | $      | (15,569,356 | )  |
| Adjustmentsto reconcile net income (loss) to net cash provided by (used in)operatingactivities: |  |                      |        |                    |  |   |        |    |  |   |        |    |  |   |        |    |
| Changesin operating assets andliabilities:                                                      |  |                      |        |                    |  |   |        |    |  |   |        |    |  |   |        |    |
| (Increase)decrease in restrictedcash                                                            |  |                      | (2,290,302  | )                  |  |   | 4,045,126   |    |  |   | 12,268,329  |    |  |   | 10,707,562  |    |
| (Increase)decrease in net unrealized appreciation on open futurespositions                      |  |                      | (3,872,573  | )                  |  |   | 5,832,592   |    |  |   | (935,732    | )  |  |   | 7,024,635   |    |
| (Increase)decrease in unrealized appreciation on open forwardcontracts                          |  |                      | (2,499,838  | )                  |  |   | 3,109,701   |    |  |   | 1,114,299   |    |  |   | 8,647,073   |    |
| (Increase)decrease in interestreceivable                                                        |  |                      | 13,121      |                    |  |   | 3,827       |    |  |   | (29,952     | )  |  |   | (12,252     | )  |
| Increase(decrease) in unrealized depreciation on open futurescontracts                          |  |                      | (2,778,662  | )                  |  |   | 3,115,056   |    |  |   | —     |    |  |   | 3,115,056   |    |
| Increase(decrease) in unrealized depreciation on open forwardcontracts                          |  |                      | (288,686    | )                  |  |   | 875,890     |    |  |   | (4,575,330  | )  |  |   | (4,237,507  | )  |
| Accruedexpenses:                                                                                |  |                      |        |                    |  |   |        |    |  |   |        |    |  |   |        |    |
| Increase(decrease) incommissions                                                                |  |                      | (63,191     | )                  |  |   | (147,137    | )  |  |   | (169,663    | )  |  |   | (127,417    | )  |
| Increase(decrease) in managementfees                                                            |  |                      | (27,935     | )                  |  |   | (65,119     | )  |  |   | (75,130     | )  |  |   | (56,430     | )  |
| Increase(decrease) in administrativefees                                                        |  |                      | (6,984      | )                  |  |   | (16,279     | )  |  |   | (18,783     | )  |  |   | (14,107     | )  |
| Increase(decrease) in incentivefees                                                             |  |                      | —     |                    |  |   | (2,826,991  | )  |  |   | —     |    |  |   | (2,810,786  | )  |
| Increase(decrease) in due toCGM                                                                 |  |                      | —     |                    |  |   | (6,192      | )  |  |   | —     |    |  |   | (12,341     | )  |
| Increase(decrease) inother                                                                      |  |                      | (12,551     | )                  |  |   | 2,369       |    |  |   | 18,449      |    |  |   | 28,813      |    |
| Netcash provided by (used in) operatingactivities                                               |  |                      | (16,306,664 | )                  |  |   | (13,251,849 | )  |  |   | (18,078,466 | )  |  |   | 6,682,943   |    |
| Cashflows from financingactivities:                                                             |  |                      |        |                    |  |   |        |    |  |   |        |    |  |   |        |    |
| Paymentsfor redemptions—LimitedPartners                                                   |  |                      | (9,072,519  | )                  |  |   | (4,199,074  | )  |  |   | (15,957,880 | )  |  |   | (10,264,303 | )  |
| Netchange incash                                                                                |  |                      | (25,379,183 | )                  |  |   | (17,450,923 | )  |  |   | (34,036,346 | )  |  |   | (3,581,360  | )  |
| Unrestrictedcash, at beginning ofperiod                                                         |  |                      | 91,402,938  |                    |  |   | 138,439,290 |    |  |   | 100,060,101 |    |  |   | 124,569,727 |    |
| Unrestrictedcash, at end ofperiod                                                               |  | $                         | 66,023,755  |                    |  | $      | 120,988,367 |    |  | $      | 66,023,755  |    |  | $      | 120,988,367 |    |
|                                                                                                 |

SeeAccompanying Notes to FinancialStatements.

7

----

Salomon Smith BarneyFairfield Futures Fund L.P. Notes to Financial StatementsJune 30, 2005 (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, formerlySmith Barney Futures Management LLC, acts as the general partner (the"General Partner") of the Partnership. ThePartnership's commodity broker is Citigroup Global Markets Inc.("CGM"), formerly Salomon Smith Barney Inc.CGM is an affiliate of the General Partner. The General Partner iswholly owned by Citigroup Global Markets Holdings Inc.("CGMHI"), formerly Salomon Smith BarneyHoldings Inc., which is the sole owner of CGM. CGMHI is a wholly ownedsubsidiary of Citigroup Inc. As of June 30, 2005, all trading decisionsfor the Partnership are made by Graham Capital Management, L.P. (the"Advisor").

The accompanying financialstatements are unaudited but, in the opinion of management, include alladjustments, consisting only of normal recurring adjustments, necessaryfor a fair presentation of the Partnership's financial conditionat June 30, 2005 and December 31, 2004 and the results of itsoperations and cash flows for the three and six months ended June 30,2005 and 2004. These financial statements present the results ofinterim periods and do not include all disclosures normally provided inannual financial statements. You should read these financial statementstogether with the financial statements and notes included in thePartnership's Annual Report on Form 10-K filed with theSecurities and Exchange Commission for the year ended December 31,2004.

Due to the nature of commodity trading, the results ofoperations for the interim periods presented should not be consideredindicative of the results that may be expected for the entireyear.

8

----

Salomon Smith Barney Fairfield FuturesFund L.P. Notes to Financial Statements June 30, 2005(Unaudited)

2.    Financial Highlights:

Changes inNet Asset Value per Redeemable Unit of Limited Partnership Interest forthe three and six months ended June 30, 2005 and 2004 were asfollows:

|                                                        |  |                           |          |                         |  |        |          |         |  |        |          |         |  |        |          |         |  |  |
|--------------------------------------------------------|--|---------------------------|----------|-------------------------|--|--------|----------|---------|--|--------|----------|---------|--|--------|----------|---------|--|--|
|                                                   |  | ThreeMonths EndedJune 30, |          | Six Months EndedJune30, |
|                                                   |  | 2005                      |          | 2004                    |  | 2005   |          | 2004    |
| Netrealized and unrealizedlosses*                      |  | $                         | (57.00   | )                  |  | $      | (324.28  | )  |  | $      | (354.59  | )  |  | $      | (144.52  | )  |
| Interestincome                                         |  |                      | 7.67     |                    |  |   | 2.94     |    |  |   | 15.26    |    |  |   | 6.40     |    |
| Expenses**                                             |  |                      | (8.85    | )                  |  |   | (10.72   | )  |  |   | (18.66   | )  |  |   | (56.40   | )  |
| Decreasefor theperiod                                  |  |                      | (58.18   | )                  |  |   | (332.06  | )  |  |   | (357.99  | )  |  |   | (194.52  | )  |
| NetAsset Value per Redeemable Unit, beginning ofperiod |  |                      | 1,464.27 |                    |  |   | 1,925.68 |    |  |   | 1,764.08 |    |  |   | 1,788.14 |    |
| NetAsset Value per Redeemable Unit, end ofperiod       |  | $                         | 1,406.09 |                    |  | $      | 1,593.62 |    |  | $      | 1,406.09 |    |  | $      | 1,593.62 |    |
|                                                        |

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

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

|                                               |  |                            |         |                         |  |        |         |          |  |        |         |          |  |        |       |          |  |  |
|-----------------------------------------------|--|----------------------------|---------|-------------------------|--|--------|---------|----------|--|--------|---------|----------|--|--------|-------|----------|--|--|
|                                          |  | ThreeMonths Ended June 30, |         | Six Months EndedJune30, |
|                                          |  | 2005                       |         | 2004                    |  | 2005   |         | 2004     |
| Ratioto average net assets:****               |  |                       |    |                    |  |   |    |     |  |
| Netinvestment loss before incentive fees***** |  |                       | (5.4    | )%                 |  |   | (6.6    | )%  |  |   | (5.5    | )%  |  |   | (7.1  | )%  |
| Operatingexpenses                             |  |                       | 7.7     | %                  |  |   | 7.3     | %   |  |   | 7.6     | %   |  |   | 7.8   | %   |
| Incentivefees                                 |  |                       | — | %                  |  |   | — | %   |  |   | — | %   |  |   | 1.9   | %   |
| Totalexpenses                                 |  |                       | 7.7     | %                  |  |   | 7.3     | %   |  |   | 7.6     | %   |  |   | 9.7   | %   |
| Totalreturn:                                  |  |                       |    |                    |  |   |    |     |  |
| Total return beforeincentivefees              |  |                       | (4.0    | )%                 |  |   | (17.2)  | %   |  |   | (20.3   | )%  |  |   | (8.9  | )%  |
| Incentivefees                                 |  |                       | — | %                  |  |   | — | %   |  |   | — | %   |  |   | (2.0  | )%  |
| Totalreturn after incentivefees               |  |                       | (4.0    | )%                 |  |   | (17.2)  | %   |  |   | (20.3   | )%  |  |   | (10.9 | )%  |
|                                               |

|      |                                       |
|------|---------------------------------------|
| **** | 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.

9

----

Salomon Smith Barney Fairfield FuturesFund L.P. Notes to Financial Statements June 30, 2005(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 thesix and twelve months ended June 30, 2005 and December 31, 2004, basedon a monthly calculation, were $3,295,116 and $4,356,763, respectively.The fair values of these commodity interests, including optionsthereon, if applicable, at June 30, 2005 and December 31, 2004, were$5,759,101 and $1,362,338, respectively. Fair values for exchangetraded commodity futures and options are based on quoted market pricesfor those futures and options. Fair values for all other financialinstruments for which market quotations are not readily available arebased on calculations approved by the General Partner.

4.    Financial Instrument Risks:

In the normal course ofits business, the Partnership is party to financial instruments withoff-balance sheet risk, including derivative financial instruments andderivative commodity instruments. These financial instruments mayinclude forwards, futures and options, whose values are based upon anunderlying asset, index, or reference rate, and generally representfuture commitments to exchange currencies or cash flows, to purchase orsell other financial instruments at specific terms at specified futuredates, or, in the case of derivative commodity instruments, to have areasonable possibility to be settled in cash, through physical deliveryor with another financial instrument. These instruments may be tradedon an exchange or over-the-counter ("OTC").Exchange traded instruments are standardized and include futures andcertain option contracts. OTC contracts are negotiated betweencontracting parties and include forwards and certain options.

Each of these instruments is subject to various risks similar tothose related to the underlying financial instruments including marketand credit risk. In general, the risks associated with OTC contractsare greater than those associated with exchange traded instrumentsbecause of the greater risk of default by the counterparty to an OTCcontract.

Market risk is the potential for changes in the valueof the financial instruments traded by the Partnership due to marketchanges, including interest and foreign exchange rate movements andfluctuations in commodity or security prices. Market risk is directlyimpacted by the volatility and liquidity in the markets in which therelated underlying assets are traded.

Credit risk is thepossibility that a loss may occur due to the failure of a counterpartyto perform according to the terms of a contract. Credit risk withrespect to exchange traded instruments is reduced to the extent that anexchange or clearing organization acts as a counterparty to thetransactions. The Partnership's risk of loss in the event ofcounterparty default is typically limited to the amounts recognized asunrealized appreciation in the statements of financial condition andnot represented by the contract or notional amounts of the instruments.The Partnership has credit risk and concentration risk because the solecounterparty or broker with respect to the Partnership's assetsis CGM.

10

----

Salomon Smith Barney Fairfield FuturesFund L.P. Notes to Financial Statements June 30, 2005(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 June 30, 2005. However, due to the nature of thePartnership's business, these instruments may not be held tomaturity.

11

----

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 second quarter of 2005.

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 thesix months ended June 30, 2005, Partnership capital decreased30.2% from $125,370,686 to $87,543,923. This decrease wasattributable to a net loss from operations of $25,674,953, coupled withthe redemption of 8,807.6968 Redeemable Units of Limited PartnershipInterest totaling $12,151,810. Future redemptions can impact the amountof funds available for investment in commodity contract positions insubsequent 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 second quarter of 2005, the Net Asset Value perRedeemable Unit decreased 4.0% from $1,464.27 to $1,406.09 ascompared to a decrease of 17.2% in the second quarter of 2004.The Partnership experienced a net trading loss before brokeragecommissions and related fees in the second quarter of 2005 of$3,281,175. Losses were primarily attributable to the trading ofcommodity futures in metals, softs, U.S. interest rates, energy, grainsand indices and were partially offset by gains in currencies andnon-U.S. interest rates. The Partnership experienced a net trading lossbefore brokerage commissions and related fees in the second quarter of2004 of $24,850,487. Losses were primarily attributable to the tradingof commodity futures in currencies, U.S. and non-U.S. interest rates,grains, indices and metals and were partially offset by gains in softsand energy.

12

----

Trading in the second quarter of 2005began with a continuation of volatile and directionless markets thathad characterized the first quarter. Neither financial nor commoditymarkets provided many profitable trading opportunities for thePartnership's Advisor through most of April. May was a positiveperiod as macro-economic trends emerged and continued into Juneproviding improved trading conditions for the Advisor's strategybut not sufficient to make up for April's losses.

Lowerinterest rates in Europe and the U.S. provided the most profitabletrading for the quarter and had a concomitant impact on strengtheningthe U.S. dollar to recent highs versus the Euro, British pound andSwiss franc. The fixed income markets shrugged off another rateincrease by the U.S. Federal Reserve driven by lower inflation reports,weak European markets, and improved productivity. Lower interest rateswere favorable for the Advisor's positions in non-U.S. interestrate contracts. Trading in foreign currencies was profitable for thequarter. Volatility in the global equity markets as a result ofinflationary concerns and weak earnings reports in April was asignificant contributor to overall to the Advisor's losses forthe quarter.

Trading in commodities was likewise unprofitable. Acombination of lower inflation expectations and increased suppliesdisrupted price trends in crude oil, base and precious metals, grainsand softs.

During the Partnership's six months ended June30, 2005, the Net Asset Value per Redeemable Unit decreased20.3% from $1,764.08 to $1,406.09 as compared to a decrease of10.9% during the six months ended June 30, 2004. The Partnershipexperienced a net trading loss before brokerage commissions and relatedfees during the six months ended June 30, 2005 of $22,976,544. Losseswere primarily attributable to the trading of commodity futures incurrencies, metals, grains, energy, softs, U.S. interest rates andindices and were partially offset by gains in non-U.S. interest rates.The Partnership experienced a net trading loss before commissions andrelated fees during the six months ended June 30, 2004 of $7,591,387.Losses were primarily attributable to the trading of commodity futuresin currencies, U.S. interest rates, softs and indices and werepartially offset by gains in energy, grains, non-U.S. interest ratesand metals.

Commodity futures markets are highlyvolatile. The potential for broad and rapid price fluctuationsincreases the risks involved in commodity trading, but also increasesthe possibility of profit. The profitability of the Partnership dependson the existence of major price trends and the ability of the Advisorto correctly identify those price trends. Price trends are influencedby, among other things, changing supply and demand relationships,weather, governmental, agricultural, commercial and trade programs andpolicies, national and international political and economic events andchanges in interest rates. To the extent that market trends exist andthe Advisor is able to identify them, the Partnership expects toincrease capital through operations.

Interest income on80% of the Partnership's daily average equity maintainedin cash was earned at a 30-day U.S. Treasury bill rate determinedweekly by CGM based on the average non-competitive yield on 3-monthU.S. Treasury bills maturing in 30 days. CGM may continue to maintainthe Partnership's assets in cash and/or place all of thePartnership's assets in 90-day Treasury bills and pay thePartnership 80% of the interest earned on the Treasury billspurchased. CGM will retain 20% of any interest earned onTreasury bills. Interest income for the three and six months ended June30, 2005 increased by $264,656 and $507,908, respectively, as comparedto the corresponding periods in 2004. The increase in interest incomeis primarily due to higher interest rates during the three months andsix months ended June 30, 2005 as compared to the corresponding periodsin 2004.

Brokerage commissions are calculated as a percentage ofthe Partnership's adjusted net asset value on the last day ofeach month 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 and six months ended June 30, 2005 decreased by $569,324 and$1,317,626, respectively, as compared to the corresponding periods in2004. The decrease in commissions was primarily due to lower month-endnet assets as compared to the corresponding periods in 2004.

Management fees are calculated as a percentage of thePartnership's net asset value as of the end of each month and areaffected by trading performance, additions and redemptions. Managementfees for the three and six months ended June 30, 2005 decreased by$238,062 and $509,368, respectively, as compared to the correspondingperiods in 2004. The decrease in management fees was primarily due tolower month-end net assets as compared to the corresponding periods in2004.

13

----

Administrative fees are paid to theGeneral Partner for administering the business and affairs of thePartnership. These fees are calculated as a percentage of thePartnership's net asset value as of the end of each month and areaffected by trading performance and redemptions. Administrative feesfor the three and six months ended June 30, 2005 decreased by $59,516and $127,342, respectively, as compared to the corresponding periods in2004. Administrative fees decreased due to lower month-end net assetsas compared to the corresponding periods in 2004.

Incentive feesare based on the new trading profits generated by the Advisor at theend of the quarter as defined in the advisory agreements between thePartnership, the General Partner and the Advisor. There were noincentive fees for the three and six months ended June 30, 2005.Trading performance for the six months ended June 30, 2004 resulted inincentive fees of $2,826,991.

14

----

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 aswell 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 June 30,2005 and the highest, lowest and average values during the three monthsended June 30, 2005. All open position trading risk exposures of thePartnership have been included in calculating the figures set forthbelow. As of June 30, 2005, the Partnership's totalcapitalization was $87,543,923. 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, 2004.

June 30, 2005(Unaudited)

|                        |  |               |            |                         |  |                                |       |                  |  |                      |           |        |  |        |         |        |  |        |           |        |  |  |
|------------------------|--|---------------|------------|-------------------------|--|--------------------------------|-------|------------------|--|----------------------|-----------|--------|--|--------|---------|--------|--|--------|-----------|--------|--|--|
|                   |  |          |            |                    |  | Threemonths ended June 30,2005 |
| MarketSector           |  | Value at Risk |            | % ofTotalCapitalization |  | High Value atRisk              |       | LowValue at Risk |  | Average ValueatRisk* |
| Currencies – OTC |  | $             | 7,051,312  |                    |  |                           | 8.06  | %           |  | $                    | 7,450,935 |   |  | $      | 629,595 |   |  | $      | 3,255,231 |   |
| Interest RatesU.S.     |  |          | 1,727,850  |                    |  |                           | 1.97  | %           |  |                 | 1,796,850 |   |  |   | 83,320  |   |  |   | 868,049   |   |
| Interest RatesNon-U.S. |  |          | 3,672,753  |                    |  |                           | 4.20  | %           |  |                 | 3,672,753 |   |  |   | 412,258 |   |  |   | 2,392,166 |   |
| Metals: –OTC     |  |          | 541,550    |                    |  |                           | 0.62  | %           |  |                 | 1,961,440 |   |  |   | 140,738 |   |  |   | 567,918   |   |
| Softs                  |  |          | 12,000     |                    |  |                           | 0.01  | %           |  |                 | 199,831   |   |  |   | 8,000   |   |  |   | 95,551    |   |
| Indices                |  |          | 3,434,116  |                    |  |                           | 3.92  | %           |  |                 | 6,905,237 |   |  |   | 99,501  |   |  |   | 1,652,571 |   |
| Total                  |  | $             | 16,439,581 |                    |  |                           | 18.78 | %           |  |                 |      |   |  |   |    |   |  |   |      |   |
|                        |

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

15

----

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 within 90 days of the filing date of this quarterly report,and, based on this evaluation, has concluded that these disclosurecontrols and procedures are effective. Additionally, there were nosignificant changes in the Partnership's internal controls or inother factors that could significantly affect these controls subsequentto the date of this evaluation, including any corrective actions withregard to significant deficiencies and materialweaknesses.

16

----

PART II. OTHERINFORMATION

Item 1.    Legal Proceedings

Thefollowing information supplements and amends our discussion set forthunder Item, 3 "Legal Proceedings" in thePartnership's Annual Report on Form 10-K for the year endedDecember 31, 2004 and under Part II, Item 1, "LegalProceedings" in the Partnership's Quarterly Reporton Form 10-Q for the quarter ended March 31, 2005.

Enron-RelatedCivil Actions

On June 13, 2005, Citigroup announced a settlementof the Enron class acton litigation (Newby, et al. v. Enron Corp., etal.) currently pending in the United States District Court for theSouthern District of Texas, Houston Division. This settlement resolvesall claims against Citigroup brought on behalf of the class ofpurchasers of publicly traded equity and debt securities issued byEnron and Enron-related entities between September 9, 1997 and December2, 2001. The settlement, which involves a pre-tax payment of $2.0billion to the settlement class, is fully covered by Citigroup'sexisting litigation reserves. It is subject to approval by the Board ofRegents of the University of California (the lead plaintiff), theCitigroup Board and the District Court in Texas.

MutualFunds

On May 31, 2005, Citigroup announced that Smith BarneyFund Management LLC and Citigroup Global Markets completed a settlementwith the SEC resolving an investigation by the SEC into mattersrelating to arrangements between certain Smith Barney mutual funds, anaffiliated transfer agent and an unaffiliated sub-transfer agent. Underthe terms of the settlement, Citigroup agreed to pay fines totaling$208.1 million. The settlement, in which Citigroup neither admitted nordenied any wrongdoing or liability, includes allegations of willfulmisconduct by Smith Barney Fund Management LLC and Citigroup GlobalMarkets in failing to disclose aspects of the transfer agentarrangements to certain mutual fund investors.

Item2.    Unregistered Sales of Equity Securities and Use ofProceeds

The Partnership no longer offers Redeemable Units atthe net asset value per Redeemable Unit at the end of each month. TheRedeemable Units were issued in reliance upon applicable exemptionsfrom registration under Section 4(2) of the Securities Act of 1933, asamended, and Section 506 of Regulation D promulgated thereunder.

Proceeds from the sale of additional Redeemable Units are used inthe trading of commodity interests including futures contracts, optionsand forwards contracts.

The following chart sets forth thepurchases of 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 |
| April 1, 2005 -April 30,2005 |  |                                            | 1,893.2951 |                                        |  | $1,300.61                                                                                     |  |                                                                                                                     | N/A |   |  |   | N/A |   |
| May1, 2005 - May 31,2005     |  |                                            | 3,526.3301 |                                        |  | $1,319.79                                                                                     |  |                                                                                                                     | N/A |   |  |   | N/A |   |
| June1, 2005 - June 30,2005   |  |                                            | 642.8444   |                                        |  | $1,406.09                                                                                     |  |                                                                                                                     | N/A |   |  |   | N/A |   |
| Total                        |  |                                            | 6,062.4696 |                                        |  | $1,342.16                                                                                     |  |                                                                                                                     | 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. |

17

----

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

Item 3.    DefaultsUpon Senior Securities – None

Item 4.    Submission ofMatters to a Vote of Security Holders – None

Item5.    Other Information – None

Item6.    Exhibits

|        |                                                                                                                                                                                                                |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The exhibits required tobe filed by Item 601 of Regulation S-K are incorporated herein byreference to the exhibit index of the Partnership's Annual Reporton Form 10-K for the period ended December 31, 2004. |

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

|        |                                                                                                                           |
|--------|---------------------------------------------------------------------------------------------------------------------------|
|   | Exhibit – 31.2 – Rule13a-14(a)/15d-14(a) Certification (Certification of Chief FinancialOfficer and Director) |

|        |                                                                                                  |
|--------|--------------------------------------------------------------------------------------------------|
|   | Exhibit – 32.1– Section 1350 Certification (Certification of President andDirector). |

|        |                                                                                                                |
|--------|----------------------------------------------------------------------------------------------------------------|
|   | Exhibit – 32.2 –Section 1350 Certification (Certification of Chief Financial Officerand Director). |

18

----

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/    DavidJ. Vogel                   |
|   |  | David J.Vogel,President and Director                       |
| Date:  |  | August9,2005                                               |
| By:    |  | /s/Daniel R. McAuliffe,Jr.                                 |
|   |  | Daniel R.McAuliffe, Jr.Chief Financial Officer andDirector |
| Date:  |  | August9, 2005                                              |
|        |

18

----