FORM 10-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 ( ) TRANSITION REPORT UNDER SECTION 13 or 15(d)

                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter ended September 30, 2000

Commission File Number 333-61961

            SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
             (Exact name of registrant as specified in its charter)

      New York                                          13-4015586
(State or other jurisdiction of                    (I.R.S. Employer
 incorporation or organization)                   Identification No.)


                     c/o Smith Barney Futures Management LLC
                           388 Greenwich St. - 7th Fl.
                            New York, New York 10013
              (Address and Zip Code of principal executive offices)


                                 (212) 723-5424
              (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
                              Yes   X    No

<PAGE>



            SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
                                    FORM 10-Q
                                      INDEX

                                                                     Page
                                                                    Number
PART I - Financial Information:

            Item 1.    Financial Statements:

                       Statement of Financial Condition
                       at September 30, 2000 and December 31,
                       1999 (unaudited).                                3

                       Statement of Income and Expenses
                       and Partners' Capital for the three
                       months ended September 30, 2000 and
                       1999, the nine months ended September
                       30, 2000 and for the period from
                       February 2, 1999 (commencement
                       of trading operations) to September
                       30, 1999 (unaudited).                            4

                       Notes to Financial Statements
                       (unaudited)                                   5 - 9

            Item 2.    Management's Discussion and
                       Analysis of Financial Condition
                       and Results of Operations                    10 - 11

            Item 3.    Quantitative and Qualitative
                       Disclosures of Market Risk                   12 - 13

PART II - Other Information                                             14

                                       2
<PAGE>


                                     PART I
                          ITEM 1. FINANCIAL STATEMENTS


            SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
                        STATEMENT OF FINANCIAL CONDITION
                                   (UNAUDITED)



                                                 SEPTEMBER 30,     DECEMBER 31,
                                                     2000              1999
                                                 ------------       ------------

ASSETS:

Equity in commodity futures
trading account:
Cash                                             $ 56,602,126       $ 85,369,042
Net unrealized appreciation
(depreciation) on open contracts                     (820,951)         3,293,682
Commodity options owned, at market
value (cost $0 and $242,328
in 2000 and 1999, respectively)                             -            105,484
                                                 ------------       ------------
                                                   55,781,175         88,768,208

Interest receivable                                   225,422            297,001

                                                 ------------       ------------
                                                 $ 56,006,597       $ 89,065,209

                                                 ============       ============
LIABILITIES AND PARTNERS' CAPITAL:

Liabilities:
Accrued expenses:
Commissions                                      $    247,756       $    411,280
Management fees                                        90,930            147,997
Incentive fees                                              -            213,409
Other                                                  84,390            203,962
Due to SSB                                            159,414            434,877
Redemptions                                           746,022            565,176
                                                 ------------       ------------
                                                    1,328,512          1,976,701

                                                 ------------       ------------
Partners' Capital:

General Partner, 1,067.4488 and
941.9704 Unit equivalents
outstanding in 2000 and 1999,
respectively                                          938,885            895,767
Limited Partners, 61,097.5609 and
90,639.0308 Units of Limited
Partnership Interest outstanding
in 2000 and 1999, respectively                     53,739,200         86,192,741

                                                 ------------       ------------

                                                   54,678,085         87,088,508

                                                 ------------       ------------

                                                 $ 56,006,597       $ 89,065,209

                                                 ============       ============

See Notes to Financial Statements.

                                        3


<PAGE>

            SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
             STATEMENT OF INCOME AND EXPENSES AND PARTNERS' CAPITAL
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                             PERIOD FROM
                                                                                           FEBRUARY 2, 1999,
                                                                                           (COMMEMCEMENT OF
                                                                             NINE MONTHS  TRADING OPERATIONS)
                                                      THREE MONTHS ENDED        ENDED             TO
                                                         SEPTEMBER 30,       SEPTEMBER 30,   SEPTEMBER 30,
                                                  -------------------------   -----------    -------------
                                                       2000        1999         2000            1999

                                                  ------------   ----------   -----------    -------------
<S>                                                    <C>            <C>           <C>             <C>
Income:
  Net gains (losses) on trading of commodity
   interests:
  Realized gains (losses) on closed positions     $ 1,058,031    $  45,711    $ (479,827)    $ (1,570,469)
  Change in unrealized gains (losses) on open
   positions                                       (1,391,459)    (123,816)   (3,977,789)       1,822,496

                                                  ------------   ----------   -----------    -------------

                                                     (333,428)     (78,105)   (4,457,616)         252,027
Less, brokerage commissions including
  clearing fees of $19,630, $30,083,
  $79,585 and $60,205, respectively                  (850,347)    (911,375)   (3,170,776)      (1,960,757)
                                                  ------------   ----------   -----------    -------------


  Net realized and unrealized losses               (1,183,775)    (989,480)   (7,628,392)      (1,708,730)
  Interest income                                     700,581      647,439     2,387,645        1,264,683
                                                  ------------   ----------   -----------    -------------


                                                     (483,194)    (342,041)   (5,240,747)        (444,047)
                                                  ------------   ----------   -----------    -------------


Expenses:
  Management fees                                     292,098      356,690     1,083,298          705,129
  Other                                                13,948       51,877        76,110          139,693
  Incentive fees                                            -      102,198       (62,088)         260,483
                                                  ------------   ----------   -----------    -------------

                                                      306,046      510,765     1,097,320        1,105,305
                                                  ------------   ----------   -----------    -------------


  Net loss                                           (789,240)    (852,806)   (6,338,067)      (1,549,352)

 Additions - Limited Partners                               -   23,475,000     5,931,000       46,882,000
                -  General Partner                          -      240,000       120,000          478,000

  Redemptions - Limited Partners                   (5,327,275)  (1,378,710)  (32,123,356)      (1,378,710)
                                                 ------------   ----------   -----------    -------------


  Net increase (decrease) in Partners' capital     (6,116,515)  21,483,484   (32,410,423)      44,431,938

Proceeds from offering -Limited Partners                    -            -             -       33,380,000
                       -General Partner                     -            -             -          338,000
Offering and Organization costs                             -            -             -         (700,000)

Partners' capital, beginning of period             60,794,600   55,966,454    87,088,508                -
                                                 ------------   ----------   -----------    -------------


Partners' capital, end of period                 $ 54,678,085 $ 77,449,938  $ 54,678,085     $ 77,449,938
                                                 ------------   ----------   -----------    -------------

Net asset value per Unit
  (62,165.0097 and 79,427.0262 Units outstanding
  at September 30, 2000 and 1999, respectively)      $ 879.56     $ 975.12      $ 879.56         $ 975.12
                                                 ------------   ----------   -----------    -------------

Net loss per Unit of Limited Partnership
  Interest and General Partner Unit equivalent       $ (12.31)    $ (11.37)     $ (71.39)         $ (4.12)
                                                 ------------   ----------   -----------    -------------

Redemption net asset value per Unit                  $ 881.63     $ 981.27      $ 881.63         $ 981.27
                                                 ------------   ----------   -----------    -------------


</TABLE>

See Notes to Financial Statements
                                        4


<PAGE>


          Salomon Smith Barney Global Diversified Futures Fund L.P.
                        Notes to Financial Statements
                              September 30, 2000
                                 (Unaudited)
1.    General:

      Salomon   Smith  Barney   Global   Diversified   Futures  Fund  L.P.  (the
"Partnership") is a limited partnership organized under the laws of the State of
New York, on June 15, 1998 to engage in the speculative trading of a diversified
portfolio  of  commodity  interests  including  futures  contracts,  options and
forward  contracts.  The commodity  interests that are traded by the Partnership
are volatile and involve a high degree of market risk. The Partnership commenced
trading operations on February 2, 1999.

          Between  November 25, 1998  (commencement  of the offering period) and
February 1, 1999,  33,380  Units of limited  partnership  interest  and 337 Unit
equivalents  representing the general partner's contribution were sold at $1,000
per unit.  The proceeds of the  offering  were held in an escrow  account  until
February 2, 1999,  at which time they were turned  over to the  Partnership  for
trading. The Public offering of Units terminated on April 1, 2000.

      Smith  Barney  Futures  Management  LLC acts as the general  partner  (the
"General  Partner") of the Partnership.  The  Partnership's  commodity broker is
Salomon  Smith  Barney  Inc.  ("SSB").  SSB  is  an  affiliate  of  the  General
Partner.  The General  Partner is wholly owned by Salomon Smith Barney  Holdings
Inc.  ("SSBHI"),  which is the  sole  owner  of SSB.  SSBHI  is a  wholly  owned
subsidiary   of  Citigroup   Inc.  All  trading   decisions  are  made  for  the
Partnership by Campbell & Company,  Inc.,  ("Campbell"),  Eagle Trading Systems,
Inc.  ("Eagle"),   Eckhardt  Trading  Company   ("Eckhardt")  and  Rabar  Market
Research, Inc. ("Rabar") (collectively, the "Advisors").

      The accompanying financial statements are unaudited but, in the opinion of
management,  include  all  adjustments,  consisting  only  of  normal  recurring
adjustments,  necessary for a fair presentation of the  Partnership's  financial
condition  at  September  30, 2000 and  December 31, 1999 and the results of its
operations  for the three months  ended  September  30, 2000 and 1999,  the nine
months  ended   September  30,  2000  and  the  period  from  February  2,  1999
(commencement  of trading  operations)  to September 30, 1999.  These  financial
statements  present  the  results  of interim  periods  and do not  include  all
disclosures  normally provided in annual financial  statements.  It is suggested
that  these  financial  statements  be read in  conjunction  with the  financial
statements  and notes included in the  Partnership's  annual report on Form 10-K
filed with the  Securities  and Exchange  Commission for the year ended December
31, 1999.

                                       5
<PAGE>



          Salomon Smith Barney Global Diversified Futures Fund L.P.
                        Notes to Financial Statements
                              September 30, 2000
                                 (Unaudited)
                                 (Continued)



      Due to the nature of commodity trading,  the results of operations for the
interim  periods  presented  should not be considered  indicative of the results
that may be expected for the entire year.


                                       6

<PAGE>




            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                               September 30, 2000
                                   (Unaudited)
                                   (Continued)

2.  Net Asset Value Per Unit:

      Changes in net asset value per Unit for the three months  ended  September
30, 2000 and 1999, the nine months ended  September 30, 2000 and the period from
February 2, 1999,  (commencement  of trading  operations)  to September 30, 1999
were as follows:

<TABLE>
<CAPTION>

                                                                                                  PERIOD FROM
                                                                                                FEBRUARY 2, 1999
                                                                                                (COMMENCEMENT OF
                                           THREE-MONTHS ENDED              NINE-MONTHS          TRADING OPERATIONS)
                                              SEPTEMBER 30,                   ENDED                        TO
                                         2000             1999          SEPTEMBER 30, 2000      SEPTEMBER 30, 1999
                                    -------------     ------------      ------------------      ------------------
<S>                                      <C>              <C>                  <C>                     <C>
Net realized and unrealized
 losses                                   $(18.50)      $(16.34)               $(95.95)              $  (15.00)
Interest income                             11.04          8.99                  31.65                   23.34
Expenses                                    (4.85)        (6.88)                (14.46)                 (22.83)
Other                                        -             2.86                   7.37                   10.37
                                          --------      --------               --------              ---------

Decrease for period                        (12.31)       (11.37)                (71.39)                  (4.12)
Net Asset Value per Unit,
  beginning of period                      891.87        986.49                 950.95                1,000.00
                                          --------      --------               --------              ---------

Offering & Organization Cost
 Adjustment                                  -0-           -0-                    -0-                   (20.76)
                                          --------      --------               --------               ----------

Net Asset Value per Unit,
  end of period                           $879.56       $975.12                $879.56               $  975.12
                                          ========      ========               ========              =========

Redemption Net Asset Value
 Per Unit  *                              $881.63       $981.27                $881.63               $  981.27
                                          ========      ========               ========              =========

*For  the  purpose  of  a  redemption,  any  remaining  deferred  liability  for
reimbursement of offering and organization  expenses will not reduce  redemption
net asset value per unit. (see note 3)
</TABLE>


                                       7
<PAGE>


            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                               September 30, 2000
                                   (Unaudited)
                                   (Continued)

3.   Offering and Organization Costs:

      Offering and organization  expenses of approximately  $700,000 relating to
the issuance and marketing of the  partnership's  Units  offered were  initially
paid by SSB.  These costs have been  recorded as due to SSB in the  statement of
financial condition.  These costs are being reimbursed to SSB by the Partnership
in 24 equal  monthly  installments  (together  with  interest  at the prime rate
quoted by the Chase Manhattan Bank).

      As of September 30, 2000,  $450,586 of these costs have been reimbursed to
SSB, by the Partnership.

     In addition,  the  Partnership  has recorded  interest  expense of $58,278,
through September 30, 2000 which is included in other expenses.

      The  remaining  deferred  liability for these costs due to SSB of $159,414
(exclusive of interest charges) will not reduce Net Asset Value per Unit for any
purpose (other than financial reporting),  including calculation of advisory and
brokerage fees and the redemption value of Units.

4.  Trading Activities:

      The  Partnership  was formed for the  purpose  of trading  contracts  in a
variety of commodity interests,  including derivative financial  instruments and
derivative  commodity  instruments.  The  results of the  Partnership's  trading
activity  are  shown in the  statement  of income  and  expenses  and  partners'
capital.

      The  Customer   Agreement  between  the  Partnership  and  SSB  gives  the
Partnership the legal right to net unrealized gains and losses.

                                       8
<PAGE>


            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                               September 30, 2000
                                   (Unaudited)
                                   (Continued)

      All of the  commodity  interests  owned  by the  Partnership  are held for
trading purposes.  The average fair value during the periods ended September 30,
2000 and December 31, 1999, based on a monthly  calculation,  was $1,901,086 and
$1,447,941, respectively. The fair value of these commodity interests, including
options thereon, if applicable, at September 30, 2000 and December 31, 1999, was
$(820,951) and $3,399,166, respectively, as detailed below.

                                                     Fair Value
                                          September 30,      December 31,
                                              2000              1999
                                           ----------        -----------
Currency:
 - Exchange Traded Contracts               $ (89,334)          $ 286,131
 - OTC Contracts                            (294,436)           (383,900)
Energy                                      (757,130)            276,537
Grains                                       (59,163)            (14,942)
Interest Rates U.S.                          446,596             803,746
Interest Rates Non-U.S.                       (5,843)            306,279
Livestock                                     15,480             (10,200)
Metals                                       (86,109)            594,978
Softs                                        (28,708)              1,657
Indices                                       37,696           1,538,880
                                           ----------         -----------

Total                                      $(820,951)         $3,399,166
                                           ==========         ==========


5.  Financial Instrument Risk

      The Partnership is party to financial  instruments with off-balance  sheet
risk,  including  derivative  financial  instruments  and  derivative  commodity
instruments,  in the normal course of its business.  These financial instruments
may  include  forwards,  futures  and  options,  whose  value is  based  upon an
underlying  asset,  index,  or reference  rate, and generally  represent  future
commitments  to exchange  currencies  or cash  flows,  to purchase or sell other
financial  instruments at specific terms at specified  future dates,  or, in the
case of derivative commodity instruments, to have a reasonable possibility to be
settled in cash, through physical delivery or with another financial instrument.
These  instruments  may be traded on an  exchange or  over-the-counter  ("OTC").
Exchange  traded  instruments are  standardized  and include futures and certain
option contracts.  OTC contracts are negotiated between  contracting parties and
include  forwards and certain options.  Each of these  instruments is subject to
various risks similar to those related to the underlying  financial  instruments
including  market and credit risk.  In general,  the risks  associated  with OTC
contracts are

                                       9
<PAGE>


            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                               September 30, 2000
                                   (Unaudited)
                                   (Continued)

greater than those  associated with exchange traded  instruments  because of the
greater risk of default by the counterparty to an OTC contract.

      Market risk is the  potential  for  changes in the value of the  financial
instruments traded by the Partnership due to market changes,  including interest
and foreign  exchange rate movements and  fluctuations  in commodity or security
prices.  Market risk is directly impacted by the volatility and liquidity in the
markets in which the related underlying assets are traded.

      Credit risk is the possibility that a loss may occur due to the failure of
a counterparty to perform according to the terms of a contract. Credit risk with
respect to exchange traded instruments is reduced to the extent that an exchange
or  clearing  organization  acts  as a  counterparty  to the  transactions.  The
Partnership's  risk of loss in the event of  counterparty  default is  typically
limited to the amounts  recognized in the  statement of financial  condition and
not  represented  by the contract or notional  amounts of the  instruments.  The
Partnership has concentration  risk because the sole counterparty or broker with
respect to the Partnership's assets is SSB.

      The General Partner monitors and controls the Partnership's  risk exposure
on a daily  basis  through  financial,  credit  and risk  management  monitoring
systems and accordingly believes that it has effective procedures for evaluating
and limiting the credit and market  risks to which the  Partnership  is subject.
These  monitoring  systems allow the General  Partner to  statistically  analyze
actual trading results with risk adjusted performance indicators and correlation
statistics. In addition,  on-line monitoring systems provide account analysis of
futures, forwards and options positions by sector, margin requirements, gain and
loss transactions and collateral positions.

      The  notional  or  contractual  amounts  of these  instruments,  while not
recorded in the financial  statements,  reflect the extent of the  Partnership's
involvement  in these  instruments.  The  majority of these  instruments  mature
within  one year of  September  30,  2000.  However,  due to the  nature  of the
Partnership's business, these instruments may not be held to maturity.

                                       10
<PAGE>


Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations.


Liquidity and Capital Resources

       The  Partnership  does not engage in the sale of goods or  services.  Its
only assets are its equity in its commodity futures trading account,  consisting
of cash, net unrealized appreciation  (depreciation) on open futures and forward
contracts, commodity options, if applicable, and interest receivable. Because of
the  low  margin  deposits  normally  required  in  commodity  futures  trading,
relatively  small  price  movements  may  result  in  substantial  losses to the
Partnership.  While substantial losses could lead to a decrease in liquidity, no
such losses occurred during the third quarter of 2000.

       The  Partnership's  capital consists of the capital  contributions of the
partners as  increased  or  decreased  by gains or losses on  commodity  futures
trading,  expenses,  interest  income,  additions and  redemptions  of Units and
distributions of profits, if any.

      For  the  nine  months  ended  September  30,  2000,  Partnership  capital
decreased 30.2% from $87,088,508 to $54,678,085.  This decrease was attributable
to the  redemption of 35,807.5755  Units  resulting in an outflow of $32,123,356
coupled with net loss from operation of $6,338,067 which was partially offset by
the additional sales of 6,391.5840 Units totaling $6,051,000. Future redemptions
can impact the amount of funds  available for  investment in commodity  contract
positions in subsequent months.

Results of Operations

     During the  Partnership's  third  quarter of 2000,  the net asset value per
unit decreased 1.4% from $891.87 to $879.56 as compared to a decrease of 1.1% in
the third quarter of 1999. The Partnership experienced a net trading loss before
brokerage commissions and related fees in the third quarter of 2000 of $333,428.
Losses were  primarily  attributable  to the trading of  commodity  contracts in
grains,  non-U.S.  interest rates,  metals, softs and indices and were partially
offset by gains in currencies,  U.S. interest rates,  energy and livestock.  The
Partnership  experienced a net trading loss before  commissions and related fees
in the third quarter of 1999 of $78,105.  Losses were primarily  attributable to
the trading of  commodity  contracts  future in  currencies,  grains,  U.S.  and
non-U.S.  interest  rates,  livestock and indices and were  partially  offset by
gains in energy, metals and softs.

       Commodity futures markets are highly volatile.  Broad price  fluctuations
and rapid inflation increase the risks involved in commodity  trading,  but also
increase the possibility of profit. The profitability of the Partnership depends

                                       11
<PAGE>


on the  existence  of major  price  trends and the  ability of the  Advisors  to
identify  correctly  those price trends.  Price trends are  influenced by, among
other things, changing supply and demand relationships,  weather,  governmental,
agricultural,   commercial  and  trade  programs  and  policies,   national  and
international  political and economic  events and changes in interest  rates. To
the extent that market trends exist and the Advisors are able to identify  them,
the Partnership expects to increase capital through operations.

       Interest income on 80% of the  Partnership's  daily equity  maintained in
cash was earned on the monthly average 30-day U.S. Treasury bill yield. Interest
income for the three and nine  months  ended  September  30, 2000  increased  by
$53,142 and $1,122,962,  respectively,  as compared to the corresponding periods
in 1999.  The  increase in  interest  income is  primarily  due to the effect of
additions on the Partnership's  equity maintained in cash as well as an increase
in interest rates during the period.

       Brokerage  commissions  are calculated on the adjusted net asset value on
the last day of each month and, therefore, vary according to trading performance
and  redemptions.  Accordingly,  they  must  be  compared  in  relation  to  the
fluctuations in the monthly net asset values. Commissions and fees for the three
months  ended  September  30, 2000  decreased by $61,028 and for the nine months
ended September 30, 2000 increased by $1,210,019,  respectively,  as compared to
the corresponding periods in 1999.

       Management fees are calculated as a percentage of the  Partnership's  net
asset value as of the end of each month and are affected by trading performance,
subscriptions  and  redemptions.  Management  fees for the  three  months  ended
September 30, 2000 decreased by $64,592 and for the nine months ended  September
30, 2000 increased by $378,169,  respectively,  as compared to the corresponding
periods in 1999.

      Incentive  fees  paid by the  Partnership  are  based  on the net  trading
profits of the  Partnership  as defined in the  Limited  Partnership  Agreement.
Trading  performance  for the three and nine  months  ended  September  30, 2000
resulted  in  incentive  fees  of  $0  and  $(62,088),   respectively.   Trading
performance  for the three and nine months ended  September 30, 1999 resulted in
an incentive fee accrual of $102,198 and $260,483, respectively.


                                       12
<PAGE>


Item 3.  Quantitative and Qualitative Disclosures of Market Risk
         Introduction

      The  Partnership is a speculative  commodity  pool.  The market  sensitive
instruments held by it are acquired for speculative trading purposes, and all or
substantially all of the Partnership's assets are subject to the risk of trading
loss. Unlike an operating company,  the risk of market sensitive  instruments is
integral, not incidental, to the Partnership's main line of business.

      Market  movements  result in frequent  changes in the fair market value of
the  Partnership's  open positions and,  consequently,  in its earnings and cash
flow. The Partnership's  market risk is influenced by a wide variety of factors,
including the level and volatility of interest  rates,  exchange  rates,  equity
price  levels,  the market value of financial  instruments  and  contracts,  the
diversification effects of the Partnership's open positions and the liquidity of
the markets in which it trades.

      The  Partnership  rapidly  acquires  and  liquidates  both  long and short
positions in a wide range of different markets. Consequently, it is not possible
to predict how a particular future market scenario will affect performance,  and
the Partnership's  past performance is not necessarily  indicative of its future
results.

      Value at Risk is a measure of the  maximum  amount  which the  Partnership
could  reasonably  be expected to lose in a given market  sector.  However,  the
inherent uncertainty of the Partnership's speculative trading and the recurrence
in the markets  traded by the  Partnership  of market  movements  far  exceeding
expectations could result in actual trading or non-trading losses far beyond the
indicated Value at 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  future  projections,  the  inclusion  of  the  quantification
included in this section should not be considered to constitute any assurance or
representation  that the  Partnership's  losses  in any  market  sector  will be
limited to Value at Risk or by the  Partnership's  attempts to manage its market
risk.

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


                                       13
<PAGE>



      The following  table  indicates the trading Value at Risk  associated with
the  Partnership's  open positions by market  category as of September 30, 2000.
All open position  trading risk exposures of the Partnership  have been included
in  calculating  the figures set forth  below.  As of September  30,  2000,  the
Partnership's total capitalization was approximately $54,678,085. There has been
no material change in the trading Value at Risk information previously disclosed
in the Form 10-K for the year ended December 31, 1999.


                               September 30, 2000
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                   Year to Date
                                                      % of Total              High                 Low
Market Sector                     Value at Risk       Capitalization      Value at Risk     Value at Risk
---------------------------------------------------------------------------------------------------------
<S>                                  <C>                   <C>               <C>                   <C>

Currencies:
 - Exchange Traded Contracts         $  477,794             0.87%         $  1,124,041        $  150,110
 - OTC Contracts                      1,133,230             2.07%            1,664,379           558,527
Energy                                  820,400             1.50%            1,456,600           296,350
Grains                                   86,800             0.16%              386,550            22,100
Interest Rates U.S.                     809,100             1.48%            1,400,289           152,800
Interest Rates Non-U.S.               1,248,714             2.28%            3,502,840           990,069
Livestock                                22,400             0.04%               35,700               700
Metals                                  681,000             1.25%              946,825           143,475
Softs                                    60,000             0.11%              259,150            41,500
Indices                                 710,076             1.30%            2,341,542           448,309
                                    -----------            ------

Total                                $6,049,514            11.06%
                                    ===========            ======

</TABLE>

                                       14
<PAGE>


                            PART II OTHER INFORMATION

Item 1.  Legal Proceedings -

         For information  concerning the matter entitled MKP Master Fund, LDC et
         al. v. Salomon Smith Barney Inc., see the  description  that appears in
         the ninth paragraph under the caption "Legal Proceedings" of the Annual
         Report on Form 10-K of the  Partnership for the year ended December 31,
         1999. In September 2000, the court denied plaintiffs' motion to dismiss
         SSB's counterclaims based on indemnification and contribution.

Item 2.  Changes in Securities and Use of Proceeds -

         The public offering of Units  terminated on April 1, 2000. For the nine
         months  ended  September  30,  2000,  there  were  additional  sales of
         6,266.1056 Units totaling  $5,931,000 and  contributions by the General
         Partner representing 125.4784 Unit equivalents totaling $120,000.

         Proceeds from the sale of  additional  Units are used in the trading of
         commodity  interests  including futures contracts,  options and forward
         contracts.

Item 3.  Defaults Upon Senior Securities - None

Item 4.  Submission of Matters to a Vote of Security Holders - None

Item 5.  Other Information - None

Item 6.  (a) Exhibits - None

         (b) Reports on Form 8-K - None

                                       15


<PAGE>


                                   SIGNATURES
        Pursuant to the  requirements  of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.


By:     Smith Barney Futures Management LLC
        (General Partner)


By:     /s/ David J. Vogel, President
        David J. Vogel, President

Date:   11/14/00


  Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,  this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
registrant and in the capacities and on the dates indicated.

By:     Smith Barney Futures Management LLC
        (General Partner)


By:     /s/ David J. Vogel, President
        David J. Vogel, President


Date:   11/14/00


By:    /s/ Daniel A. Dantuono
       Daniel A. Dantuono
       Chief Financial Officer and
       Director

Date: 11/14/00

                                      15