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 Ended September 30,2005

Commission File Number 000-30455

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUNDL.P.

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(Exact name ofregistrant as specified in its charter)

|                                                              |  |                                    |  |  |  |  |
|--------------------------------------------------------------|--|------------------------------------|--|--|--|--|
| NewYork                                                      |  | 13-4015586                         |
| (Stateor other jurisdiction of incorporation ororganization) |  | (I.R.S. EmployerIdentificationNo.) |
|                                                              |

c/o Citigroup Managed Futures LLC 731Lexington Avenue. – 25th Fl. New York, New York 10022

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(Address and Zip Code ofprincipal executive offices)

(212)559-2011

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(Registrant'stelephone number, including area code)

Indicate bycheck mark whether the registrant (1) has filed all reports required tobe filed 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 bycheck mark whether the registrant is an accelerated filer (as definedin Rule 12b-2 of the Exchange Act).

Yes         No X

Indicate bycheck mark whether the registrant is a shell company (as defined inRule 12b-2 of the Exchange Act).

Yes         NoX

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SALOMON SMITH BARNEYGLOBAL DIVERSIFIED FUTURES FUND L.P.

FORM 10-Q

INDEX

|                                  |  |         |  |                                                                                                                                   |  |              |  |  |  |  |  |  |  |  |
|----------------------------------|--|---------|--|-----------------------------------------------------------------------------------------------------------------------------------|--|--------------|--|--|--|--|--|--|--|--|
|                             |  |    |  |                                                                                                                              |  | PageNumber   |
| PART I -FinancialInformation:    |  |    |
|                             |  | Item1.  |  | FinancialStatements:                                                                                                              |  |         |
|                             |  |    |  | Statements ofFinancial Condition at September 30, 2005 and December 31, 2004(unaudited)                                           |  | 3            |
|                             |  |    |  | Condensed Schedules of Investments atSeptember 30, 2005 and December 31, 2004 (unaudited)                                         |  | 4 –5   |
|                             |  |    |  | Statements of Income andExpenses and Partners' Capital for the three and nine monthsended September 30, 2005 and 2004 (unaudited) |  | 6            |
|                             |  |    |  | Statements of Cash Flows for the three andnine months ended September 30, 2005 and 2004(unaudited)                                |  | 7            |
|                             |  |    |  | Notes toFinancial Statements (unaudited)                                                                                          |  | 8 – 12 |
|                             |  | Item2.  |  | Management's Discussion and Analysis of FinancialCondition and Results ofOperations                                               |  | 13 –15 |
|                             |  | Item 3. |  | Quantitative andQualitative Disclosures about Market Risk                                                                         |  | 16 –17 |
|                             |  | Item 4. |  | Controls andProcedures                                                                                                            |  | 18           |
| PART II — OtherInformation |  | 19      |
|                                  |

2

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PART I

Item 1. Financial Statements

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

|                                                                                                                                        |  |                  |            |                 |  |        |            |        |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------|--|------------------|------------|-----------------|--|--------|------------|--------|--|--|
|                                                                                                                                   |  | September30,2005 |            | December31,2004 |
| Assets:                                                                                                                                |  |             |       |            |  |   |       |   |
| Investmentin Partnerships, at fairvalue                                                                                                |  | $                | 33,077,967 |            |  | $      | —    |   |
| Equity incommodity futures tradingaccount:                                                                                             |  |             |       |            |  |   |       |   |
| Cash(restricted $3,930,141 and $7,809,827 in 2005 and 2004,respectively)                                                               |  |             | 11,517,287 |            |  |   | 45,957,960 |   |
| Netunrealized appreciation on open futurespositions                                                                                    |  |             | 2,127,624  |            |  |   | 1,304,242  |   |
| Unrealizedappreciation on open forwardcontracts                                                                                        |  |             | 585,647    |            |  |   | 2,441,507  |   |
|                                                                                                                                   |  |             | 47,308,525 |            |  |   | 49,703,709 |   |
| Interestreceivable                                                                                                                     |  |             | 26,546     |            |  |   | 61,912     |   |
|                                                                                                                                   |  | $                | 47,335,071 |            |  | $      | 49,765,621 |   |
| Liabilitiesand Partners'Capital:                                                                                                       |  |             |       |            |  |   |       |   |
| Liabilities:                                                                                                                           |  |             |       |            |  |   |       |   |
| Unrealizeddepreciation on open forwardcontracts                                                                                        |  | $                | 434,354    |            |  | $      | 2,410,164  |   |
| Accruedexpenses:                                                                                                                       |  |             |       |            |  |   |       |   |
| Commissions                                                                                                                            |  |             | 208,162    |            |  |   | 216,593    |   |
| Managementfees                                                                                                                         |  |             | 66,439     |            |  |   | 68,950     |   |
| Incentivefees                                                                                                                          |  |             | 195,898    |            |  |   | 357,621    |   |
| Other                                                                                                                                  |  |             | 31,365     |            |  |   | 41,915     |   |
| Redemptionspayable                                                                                                                     |  |             | 394,168    |            |  |   | 361,209    |   |
|                                                                                                                                   |  |             | 1,330,386  |            |  |   | 3,456,452  |   |
| Partners'Capital:                                                                                                                      |  |             |       |            |  |   |       |   |
| General Partner, 619.7983 Unitequivalents outstanding in 2005 and2004                                                                  |  |             | 888,035    |            |  |   | 827,239    |   |
| LimitedPartners, 31,488.9261 and 34,076.8015 Redeemable Units of LimitedPartnership Interest outstanding in 2005 and 2004,respectively |  |             | 45,116,650 |            |  |   | 45,481,930 |   |
|                                                                                                                                   |  |             | 46,004,685 |            |  |   | 46,309,169 |   |
|                                                                                                                                   |  | $                | 47,335,071 |            |  | $      | 49,765,621 |   |
|                                                                                                                                        |

SeeAccompanying Notes to Financial Statements.

3

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Salomon Smith Barney Global DiversifiedFutures Fund L.P.Condensed Schedule of Investments September30, 2005(Unaudited)

|                                       |  |                                                    |            |           |            |         |  |  |  |  |
|---------------------------------------|--|----------------------------------------------------|------------|-----------|------------|---------|--|--|--|--|
| Sector                                |  | Contract                                           |            | FairValue |
| Currencies                            |  |                                               |            |      |       |    |
|                                  |  | Futurescontracts purchased0.39%                    |            | $         | 181,104    |    |
|                                  |  | Futurescontracts sold0.39%                         |            |      | 181,443    |    |
| TotalCurrencies0.78%                  |  |                                               |            |      | 362,547    |    |
|                                  |  |                                               |            |      |       |    |
| Energy                                |  |                                               |            |      |       |    |
|                                  |  | Futurescontracts purchased0.74%                    |            |      | 342,041    |    |
|                                  |  | Futurescontracts sold(0.01)%                       |            |      | (6,790     | )  |
| TotalEnergy0.73%                      |  |                                               |            |      | 335,251    |    |
|                                  |  |                                               |            |      |       |    |
| Grains                                |  |                                               |            |      |       |    |
|                                  |  | Futurescontracts purchased0.20%                    |            |      | 91,705     |    |
|                                  |  | Futurescontracts sold0.32%                         |            |      | 146,516    |    |
| TotalGrains0.52%                      |  |                                               |            |      | 238,221    |    |
| InterestRates Non-U.S.                |  |                                               |            |      |       |    |
|                                  |  | Futurescontracts purchased(0.29)%                  |            |      | (131,720   | )  |
|                                  |  | Futurescontracts sold0.02%                         |            |      | 8,125      |    |
| TotalInterest Rates Non-U.S.(0.27)%   |  |                                               |            |      | (123,595   | )  |
| InterestRates U.S.                    |  |                                               |            |      |       |    |
|                                  |  | Futurescontracts purchased(0.02)%                  |            |      | (7,781     | )  |
|                                  |  | Futurescontracts sold0.26%                         |            |      | 121,094    |    |
| TotalInterest Rates U.S.0.24%         |  |                                               |            |      | 113,313    |    |
|                                  |  |                                               |            |      |       |    |
| TotalLumber (0.00)%*                  |  | Futures contracts sold(0.00)%*                     |            |      | (1,738     | )  |
|                                  |  |                                               |            |      |       |    |
| TotalLivestock 0.35%                  |  | Futures contracts purchased0.35%                   |            |      | 159,300    |    |
|                                  |  |                                               |            |      |       |    |
| Metals                                |  |                                               |            |      |       |    |
|                                  |  | Futurescontracts purchased1.05%                    |            |      | 481,458    |    |
|                                  |  | Futurescontracts sold(0.05)%                       |            |      | (23,102    | )  |
|                                  |  | Totalfutures contracts1.00%                        |            |      | 458,356    |    |
|                                  |  |                                               |            |      |       |    |
|                                  |  | Unrealizedappreciation on forward contracts1.27%   |            |      | 585,647    |    |
|                                  |  | Unrealizeddepreciation on forward contracts(0.94)% |            |      | (434,354   | )  |
|                                  |  | Totalforward contracts0.33%                        |            |      | 151,293    |    |
| TotalMetals1.33%                      |  |                                               |            |      | 609,649    |    |
|                                  |  |                                               |            |      |       |    |
| Softs                                 |  |                                               |            |      |       |    |
|                                  |  | Futurescontracts purchased0.39%                    |            |      | 177,721    |    |
|                                  |  | Futurescontracts sold(0.07)%                       |            |      | (30,441    | )  |
| TotalSofts0.32%                       |  |                                               |            |      | 147,280    |    |
|                                  |  |                                               |            |      |       |    |
| Indices                               |  |                                               |            |      |       |    |
|                                  |  | Futurescontracts purchased0.98%                    |            |      | 450,149    |    |
|                                  |  | Futurescontracts sold(0.03)%                       |            |      | (11,460    | )  |
| TotalIndices0.95%                     |  |                                               |            |      | 438,689    |    |
| Investmentin Partnerships             |  |                                               |            |      |       |    |
|                                  |  | CMFAspect Master Fund LP36.36%                     |            |      | 16,727,508 |    |
|                                  |  | CMFCampbell Master Fund LP35.54%                   |            |      | 16,350,459 |    |
| TotalInvestment in Partnerships71.90% |  |                                               | 33,077,967 |      |
|                                  |  |                                               |            |      |       |    |
| TotalFair Value76.85%                 |  |                                               |            | $         | 35,356,884 |    |
|                                       |

|                    |  |                                                                                                                                                                          |            |                              |  |        |        |         |  |  |
|--------------------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------|--|--------|--------|---------|--|--|
| CountryComposition |  |             Investments at FairValue             |            | % of Investments atFairValue |
| Australia          |  | $                                                                                                                                                                        | 23,400     |                         |  |   | 0.07   | %  |
| Canada             |  |                                                                                                                                                                     | 30,243     |                         |  |   | 0.09   |    |
| France             |  |                                                                                                                                                                     | 24,971     |                         |  |   | 0.07   |    |
| Germany            |  |                                                                                                                                                                     | 65,332     |                         |  |   | 0.18   |    |
| HongKong           |  |                                                                                                                                                                     | 37,189     |                         |  |   | 0.11   |    |
| Japan              |  |                                                                                                                                                                     | 507,362    |                         |  |   | 1.43   |    |
| Spain              |  |                                                                                                                                                                     | 63,475     |                         |  |   | 0.18   |    |
| UnitedKingdom      |  |                                                                                                                                                                     | 187,782    |                         |  |   | 0.53   |    |
| UnitedStates       |  |                                                                                                                                                                     | 34,417,130 |                         |  |   | 97.34  |    |
|               |  | $                                                                                                                                                                        | 35,356,884 |                         |  |   | 100.00 | %  |
|                    |

|  |                                                                     |
|--|---------------------------------------------------------------------|
|  | Percentages are based onPartners' capital unless otherwiseindicated |

|  |                                    |
|--|------------------------------------|
|  | *   Due to Rounding |

See Accompanying Notes to FinancialStatements.

4

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Salomon Smith Barney GlobalDiversified Futures Fund L.P. Condensed Schedule ofInvestments December 31, 2004(Unaudited)

|                                   |  |                                                    |  |           |            |         |  |  |  |  |
|-----------------------------------|--|----------------------------------------------------|--|-----------|------------|---------|--|--|--|--|
| Sector                            |  | Contract                                           |  | FairValue |
| Currencies                        |  |                                               |  |      |       |    |
|                              |  | Futurescontracts purchased(0.06)%                  |  | $         | (25,785    | )  |
|                              |  | Futurescontracts sold(0.03)%                       |  |      | (13,704    | )  |
|                              |  | Totalfutures contracts(0.09)%                      |  |      | (39,489    | )  |
|                              |  |                                               |  |      |       |    |
|                              |  | Unrealizedappreciation on forward contracts3.37%   |  |      | 1,562,525  |    |
|                              |  | Unrealizeddepreciation on forward contracts(3.11)% |  |      | (1,441,804 | )  |
|                              |  | Totalforward contracts0.26%                        |  |      | 120,721    |    |
| TotalCurrencies0.17%              |  |                                               |  |      | 81,232     |    |
| Energy                            |  |                                               |  |      |       |    |
|                              |  | Futurescontracts purchased(0.16)%                  |  |      | (76,043    | )  |
|                              |  | Futurescontracts sold0.20%                         |  |      | 96,079     |    |
| TotalEnergy0.04%                  |  |                                               |  |      | 20,036     |    |
| Grains                            |  |                                               |  |      |       |    |
|                              |  | Futurescontracts purchased0.11%                    |  |      | 48,617     |    |
|                              |  | Futurescontracts sold0.45%                         |  |      | 206,863    |    |
| TotalGrains0.56%                  |  |                                               |  |      | 255,480    |    |
| InterestRates Non-U.S             |  |                                               |  |      |       |    |
|                              |  | Futures contracts purchased0.64%                   |  |      | 297,191    |    |
|                              |  | Futurescontracts sold(0.00)%*                      |  |      | (451       | )  |
| TotalInterest Rates Non-U.S.0.64% |  |                                               |  |      | 296,740    |    |
| InterestRates U.S.                |  |                                               |  |      |       |    |
|                              |  | Futures contracts purchased0.01%                   |  |      | 6,524      |    |
|                              |  | Futurescontracts sold0.03%                         |  |      | 15,306     |    |
| TotalInterest Rates U.S.0.04%     |  |                                               |  |      | 21,830     |    |
|                              |  |                                               |  |      |       |    |
| Lumber(0.02)%                     |  | Futures contracts sold(0.02)%                      |  |      | (8,646     | )  |
| Livestock                         |  |                                               |  |      |       |    |
|                              |  | Futurescontracts purchased0.15%                    |  |      | 70,660     |    |
|                              |  | Futurescontracts sold0.01%                         |  |      | 2,848      |    |
| TotalLivestock0.16%               |  |                                               |  |      | 73,508     |    |
| Metals                            |  |                                               |  |      |       |    |
|                              |  | Futurescontracts purchased0.11%                    |  |      | 50,652     |    |
|                              |  | Futurescontracts sold0.04%                         |  |      | 18,032     |    |
|                              |  | Totalfutures contracts0.15%                        |  |      | 68,684     |    |
|                              |  | Unrealizedappreciation on forward contracts1.90%   |  |      | 878,982    |    |
|                              |  | Unrealizeddepreciation on forward contracts(2.09)% |  |      | (968,360   | )  |
|                              |  | Totalforward contracts(0.19)%                      |  |      | (89,378    | )  |
| TotalMetals(0.04)%                |  |                                               |  |      | (20,694    | )  |
| Softs                             |  |                                               |  |      |       |    |
|                              |  | Futurescontracts purchased0.25%                    |  |      | 117,862    |    |
|                              |  | Futurescontracts sold0.05%                         |  |      | 22,959     |    |
| TotalSofts0.30%                   |  |                                               |  |      | 140,821    |    |
| Indices                           |  |                                               |  |      |       |    |
|                              |  | Futurescontracts purchased1.02%                    |  |      | 473,453    |    |
|                              |  | Futurescontracts sold0.01%                         |  |      | 1,825      |    |
| TotalIndices1.03%                 |  |                                               |  |      | 475,278    |    |
| TotalFair Value2.88%              |  |                                               |  | $         | 1,335,585  |    |
|                                   |

|                    |  |                          |           |                             |  |        |        |          |  |  |
|--------------------|--|--------------------------|-----------|-----------------------------|--|--------|--------|----------|--|--|
| CountryComposition |  | Investments at FairValue |           | % ofInvestments atFairValue |
| Australia          |  | $                        | (21,534   | )                      |  |   | (1.61  | )%  |
| Canada             |  |                     | 83,957    |                        |  |   | 6.29   |     |
| France             |  |                     | 19,659    |                        |  |   | 1.47   |     |
| Germany            |  |                     | 121,603   |                        |  |   | 9.10   |     |
| HongKong           |  |                     | 6,793     |                        |  |   | 0.51   |     |
| Japan              |  |                     | 357,825   |                        |  |   | 26.79  |     |
| Spain              |  |                     | 42,032    |                        |  |   | 3.15   |     |
| UnitedKingdom      |  |                     | 92,719    |                        |  |   | 6.94   |     |
| UnitedStates       |  |                     | 632,531   |                        |  |   | 47.36  |     |
|               |  | $                        | 1,335,585 |                        |  |   | 100.00 | %   |
|                    |

|  |                                                                      |
|--|----------------------------------------------------------------------|
|  | Percentagesare based on Partners' capital unless otherwiseindicated. |

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

See Accompanying Notes to FinancialStatements.

5

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Salomon Smith BarneyGlobal Diversified Futures Fund L.P.Statements of Income andExpenses and Partners' Capital(Unaudited)

|                                                                                                                                |  |                                |            |                              |  |        |            |         |  |        |            |         |  |        |            |         |  |  |
|--------------------------------------------------------------------------------------------------------------------------------|--|--------------------------------|------------|------------------------------|--|--------|------------|---------|--|--------|------------|---------|--|--------|------------|---------|--|--|
|                                                                                                                           |  | ThreeMonths EndedSeptember 30, |            | Nine MonthsEndedSeptember30, |
|                                                                                                                           |  | 2005                           |            | 2004                         |  | 2005   |            | 2004    |
| Income:                                                                                                                        |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
| Netgains (losses) on trading of commodityinterests:                                                                            |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
| Realized gains(losses) on closed positions and foreign currencies                                                              |  | $                              | 1,433,422  |                         |  | $      | (2,599,100 | )  |  | $      | (246,788   | )  |  | $      | 367,893    |    |
| Change in unrealized gains (losses)on open positions and investment inPartnerships                                             |  |                           | 2,320,454  |                         |  |   | 2,365,444  |    |  |   | 5,787,432  |    |  |   | (1,445,821 | )  |
|                                                                                                                           |  |                           | 3,753,876  |                         |  |   | (233,656   | )  |  |   | 5,540,644  |    |  |   | (1,077,928 | )  |
| Interestincome                                                                                                                 |  |                           | 74,884     |                         |  |   | 130,424    |    |  |   | 227,623    |    |  |   | 323,976    |    |
|                                                                                                                           |  |                           | 3,828,760  |                         |  |   | (103,232   | )  |  |   | 5,768,267  |    |  |   | (753,952   | )  |
| Expenses:                                                                                                                      |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
| Brokeragecommissions including clearing fees of $5,950, $21,949, $16,814 and$78,906, respectively                              |  |                           | 635,175    |                         |  |   | 708,340    |    |  |   | 1,852,993  |    |  |   | 2,300,308  |    |
| Managementfees                                                                                                                 |  |                           | 197,692    |                         |  |   | 210,001    |    |  |   | 570,126    |    |  |   | 674,051    |    |
| Incentivefees                                                                                                                  |  |                           | 16,312     |                         |  |   | (166,046   | )  |  |   | 195,898    |    |  |   | 67,891     |    |
| Otherexpenses                                                                                                                  |  |                           | 15,729     |                         |  |   | 17,971     |    |  |   | 52,932     |    |  |   | 55,793     |    |
|                                                                                                                           |  |                           | 864,908    |                         |  |   | 770,266    |    |  |   | 2,671,949  |    |  |   | 3,098,043  |    |
| Net income(loss)                                                                                                               |  |                           | 2,963,852  |                         |  |   | (873,498   | )  |  |   | 3,096,318  |    |  |   | (3,851,995 | )  |
| Redemptions                                                                                                                    |  |                           | (1,113,521 | )                       |  |   | (1,190,525 | )  |  |   | (3,400,802 | )  |  |   | (3,327,517 | )  |
| Net increase (decrease) in Partners'capital                                                                                    |  |                           | 1,850,331  |                         |  |   | (2,064,023 | )  |  |   | (304,484   | )  |  |   | (7,179,512 | )  |
| Partners' capital, beginning ofperiod                                                                                          |  |                           | 44,154,354 |                         |  |   | 48,591,509 |    |  |   | 46,309,169 |    |  |   | 53,706,998 |    |
| Partners' capital, end ofperiod                                                                                                |  | $                              | 46,004,685 |                         |  | $      | 46,527,486 |    |  | $      | 46,004,685 |    |  | $      | 46,527,486 |    |
| Net asset value per Redeemable Unit (32,108.7244 and36,347.3311 Units outstanding at September 30, 2005 and 2004,respectively) |  | $                              | 1,432.78   |                         |  | $      | 1,280.08   |    |  | $      | 1,432.78   |    |  | $      | 1,280.08   |    |
| Net income (loss) per Redeemable Unit of Limited PartnershipInterest and General Partner Unitequivalent                        |  | $                              | 91.17      |                         |  | $      | (23.53     | )  |  | $      | 98.09      |    |  | $      | (104.17    | )  |
|                                                                                                                                |

See Accompanying Notes toFinancial Statements.

6

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Salomon Smith Barney Global DiversifiedFutures Fund L.P. Statements of Cash Flows(Unaudited)

|                                                                                                  |  |                                |            |                              |  |        |            |         |  |        |             |         |  |        |            |         |  |  |
|--------------------------------------------------------------------------------------------------|--|--------------------------------|------------|------------------------------|--|--------|------------|---------|--|--------|-------------|---------|--|--------|------------|---------|--|--|
|                                                                                             |  | ThreeMonths EndedSeptember 30, |            | Nine MonthsEndedSeptember30, |
|                                                                                             |  | 2005                           |            | 2004                         |  | 2005   |            | 2004    |
| Cashflows from operatingactivities:                                                              |  |                           |       |                         |  |   |       |    |  |   |        |    |  |   |       |    |
| Net income(loss)                                                                                 |  | $                              | 2,963,852  |                         |  | $      | (873,498   | )  |  | $      | 3,096,318   |    |  | $      | (3,851,995 | )  |
| Adjustments to reconcile net income (loss) tonet cash provided by (used in) operatingactivities: |  |                           |       |                         |  |   |       |    |  |   |        |    |  |   |       |    |
| Changesin operating assets andliabilities:                                                       |  |                           |       |                         |  |   |       |    |  |   |        |    |  |   |       |    |
| (Increase)decrease in restrictedcash                                                             |  |                           | (1,552,562 | )                       |  |   | (1,588,130 | )  |  |   | 3,879,686   |    |  |   | 107,635    |    |
| (Increase) decrease in investmentin Partnerships, at fair value                                  |  |                           | 970,450    |                         |  |   | —    |    |  |   | (33,077,967 | )  |  |   | —    |    |
| (Increase)decrease in net unrealized appreciation on open futurespositions                       |  |                           | (1,537,757 | )                       |  |   | (915,707   | )  |  |   | (823,382    | )  |  |   | (227,120   | )  |
| (Increase) decrease in unrealized appreciation on openforwardcontracts                           |  |                           | (413,257   | )                       |  |   | (575,580   | )  |  |   | 1,855,860   |    |  |   | 2,339,940  |    |
| (Increase) decrease ininterestreceivable                                                         |  |                           | (6,795     | )                       |  |   | (11,622    | )  |  |   | 35,366      |    |  |   | (16,098    | )  |
|                                                                                             |  |                           |       |                         |  |   |       |    |  |   |        |    |  |   |       |    |
| Increase(decrease) in unrealized depreciation on open forwardcontracts                           |  |                           | 203,517    |                         |  |   | (874,157   | )  |  |   | (1,975,810  | )  |  |   | (666,999   | )  |
| Accruedexpenses:                                                                                 |  |                           |       |                         |  |   |       |    |  |   |        |    |  |   |       |    |
| Increase(decrease) in commissions                                                                |  |                           | 8,520      |                         |  |   | (9,383     | )  |  |   | (8,431      | )  |  |   | (47,866    | )  |
| Increase (decrease) in managementfees                                                            |  |                           | 3,227      |                         |  |   | (3,281     | )  |  |   | (2,511      | )  |  |   | (12,938    | )  |
| Increase (decrease) in incentivefees                                                             |  |                           | 16,312     |                         |  |   | (166,046   | )  |  |   | (161,723    | )  |  |   | (1,885,828 | )  |
| Increase (decrease) inother                                                                      |  |                           | (19,900    | )                       |  |   | 12,145     |    |  |   | (10,550     | )  |  |   | 30,130     |    |
| Net cashprovided by (used in) operatingactivities                                                |  |                           | 635,607    |                         |  |   | (5,005,259 | )  |  |   | (27,193,144 | )  |  |   | (4,231,139 | )  |
| Cash flows from financingactivities:                                                             |  |                           |       |                         |  |   |       |    |  |   |        |    |  |   |       |    |
| Payments forredemptions – LimitedPartners                                                  |  |                           | (1,052,412 | )                       |  |   | (1,078,866 | )  |  |   | (3,367,843  | )  |  |   | (3,044,586 | )  |
| Net change incash                                                                                |  |                           | (416,805   | )                       |  |   | (6,084,125 | )  |  |   | (30,560,987 | )  |  |   | (7,275,725 | )  |
| Unrestricted cash, at beginning ofperiod                                                         |  |                           | 8,003,951  |                         |  |   | 44,832,330 |    |  |   | 38,148,133  |    |  |   | 46,023,930 |    |
| Unrestricted cash, at end ofperiod                                                               |  | $                              | 7,587,146  |                         |  | $      | 38,748,205 |    |  | $      | 7,587,146   |    |  | $      | 38,748,205 |    |
|                                                                                                  |

See Accompanying Notes toFinancial Statements.

7

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2005(Unaudited)

1.    General:

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

BetweenNovember 25, 1998 (commencement of the offering period) and February 1,1999, 33,379 Redeemable Units of limited partnership interest and 337Redeemable Unit equivalents representing the general partner'scontribution were sold at $1,000 per Redeemable Unit. The proceeds ofthe offering were held in an escrow account until February 2, 1999, atwhich time they were turned over to the Partnership for trading. Thepublic offering of Redeemable Units terminated on November 25,2000.

Citigroup Managed Futures LLC acts as the general partner(the "General Partner") of the Partnership.The Partnership's commodity broker is Citigroup Global MarketsInc. ("CGM"). CGM is an affiliate of theGeneral Partner. The General Partner is wholly owned by CitigroupGlobal Markets Holdings Inc. ("CGMHI"), whichis the sole owner of CGM. CGMHI is a wholly owned subsidiary ofCitigroup Inc. ("Citigroup"). As of September30, 2005, all trading decisions are made for the Partnership by AspectCapital Management Ltd. ("Aspect"), Campbell& Company, Inc., ("Campbell") and AltisPartners LTD ("Altis") (each an"Advisor" and collectively, the"Advisors").

The accompanyingfinancial statements are unaudited but, in the opinion of management,include all adjustments, consisting only of normal recurringadjustments, necessary for a fair presentation of thePartnership's financial condition at September 30, 2005 andDecember 31, 2004 and the results of its operations and its cash flowsfor the three and nine months ended September 30, 2005 and 2004. Thesefinancial statements present the results of interim periods and do notinclude all disclosures normally provided in annual financialstatements. You should read these financial statements together withthe financial statements and notes included in the Partnership'sannual report on Form 10-K filed with the Securities and ExchangeCommission for the year ended December 31, 2004.

Due to thenature of commodity trading, the results of operations for the interimperiods presented should not be considered indicative of the resultsthat may be expected for the entire year.

8

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2005(Unaudited)

2.    Financial Highlights:

Changes in Net Asset Value per Redeemable Unit of LimitedPartnership Interest for the three and nine months ended September 30,2005 and 2004 were asfollows:

|                                                        |  |                                |          |                              |  |        |          |         |  |        |          |         |  |        |          |         |  |  |
|--------------------------------------------------------|--|--------------------------------|----------|------------------------------|--|--------|----------|---------|--|--------|----------|---------|--|--------|----------|---------|--|--|
|                                                   |  | ThreeMonths EndedSeptember 30, |          | Nine MonthsEndedSeptember30, |
|                                                   |  | 2005                           |          | 2004                         |  | 2005   |          | 2004    |
| Netrealized and unrealized gains (losses)*             |  | $                              | 95.96    |                         |  | $      | (25.39   | )  |  | $      | 115.88   |    |  | $      | (92.28   | )  |
| InterestIncome                                         |  |                           | 2.30     |                         |  |   | 3.52     |    |  |   | 6.77     |    |  |   | 8.58     |    |
| Expenses**                                             |  |                           | (7.09    | )                       |  |   | (1.66    | )  |  |   | (24.56   | )  |  |   | (20.47   | )  |
| Increase(decrease) for theperiod                       |  |                           | 91.17    |                         |  |   | (23.53   | )  |  |   | 98.09    |    |  |   | (104.17  | )  |
| NetAsset Value per Redeemable Unit, beginning ofperiod |  |                           | 1,341.61 |                         |  |   | 1,303.61 |    |  |   | 1,334.69 |    |  |   | 1,384.25 |    |
| NetAsset Value per Redeemable Unit, end ofperiod       |  | $                              | 1,432.78 |                         |  | $      | 1,280.08 |    |  | $      | 1,432.78 |    |  | $      | 1,280.08 |    |
| *  Includesbrokerage commissions             |  |                           |     |                         |  |   |     |    |  |   |     |    |  |   |     |    |
| **  Excludesbrokeragecommissions             |  |                           |     |                         |  |   |     |    |  |   |     |    |  |   |     |    |
|                                                        |

|                                             |  |                                |        |                               |  |        |        |          |  |        |        |          |  |        |        |          |  |  |
|---------------------------------------------|--|--------------------------------|--------|-------------------------------|--|--------|--------|----------|--|--------|--------|----------|--|--------|--------|----------|--|--|
|                                        |  | Three MonthsEndedSeptember 30, |        | Nine Months EndedSeptember30, |
|                                        |  | 2005                           |        | 2004                          |  | 2005   |        | 2004     |
| Ratiosto average net assets:***             |  |                           |   |                          |  |   |   |     |  |   |   |     |  |   |   |     |
| Net investment lossbefore incentivefees**** |  |                           | (6.9   | )%                       |  |   | (6.7   | )%  |  |   | (6.8   | )%  |  |   | (6.9   | )%  |
| Operatingexpense                            |  |                           | 7.5    | %                        |  |   | 7.8    | %   |  |   | 7.5    | %   |  |   | 7.8    | %   |
| Incentivefees                               |  |                           | 0.0    | %                        |  |   | (0.4   | )%  |  |   | 0.4    | %   |  |   | 0.1    | %   |
| Totalexpenses                               |  |                           | 7.5    | %                        |  |   | 7.4    | %   |  |   | 7.9    | %   |  |   | 7.9    | %   |
| Totalreturn:                                |  |                           |   |                          |  |   |   |     |  |   |   |     |  |   |   |     |
| Totalreturn before incentivefees            |  |                           | 6.8    | %                        |  |   | (2.2   | )%  |  |   | 7.8    | %   |  |   | (7.4   | )%  |
| Incentivefees                               |  |                           | 0.0    | %*****                   |  |   | 0.4    | %   |  |   | (0.5   | )%  |  |   | (0.1   | )%  |
| Total return after incentivefees            |  |                           | 6.8    | %                        |  |   | (1.8   | )%  |  |   | 7.3    | %   |  |   | (7.5   | )%  |
|                                             |

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

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

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

The above ratios may vary for individual investors based onthe timing of capital transactions during the period. Additionally,these ratios are calculated for the Limited Partner class using theLimited Partners' share of income, expenses and average netassets.

3.    Trading Activities:

The Partnership wasformed for the purpose of trading contracts in a variety of commodityinterests, including derivative financial instruments and derivativecommodity instruments. The results of the Partnership's tradingactivities are shown in the Statements of Income and Expenses andPartners' Capital and are discussed in Item 2, Management'sDiscussion and Analysis of Financial Condition and Results ofOperations.

9

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2005(Unaudited)

The Customer Agreement between thePartnership and CGM gives the Partnership the legal right to netunrealized gains and losses on open futures positions.

All ofthe commodity interests owned by the Partnership are held for tradingpurposes. The average fair values of these interests during the ninemonths ended September 30, 2005 and the year ended December  31,2004, based on a monthly calculation, were $1,023,559, and $1,962,289,respectively. The fair values of these commodity interests, includingoptions thereon, if applicable, at September 30, 2005 and December 31,2004, were $2,278,917 and $1,335,585, respectively. Fair values forexchange traded commodity futures and options are based on quotedmarket prices for those futures and options. Fair values for all otherfinancial instruments for which market quotations are not readilyavailable are based on calculations approved by the GeneralPartner.

4.    Investment in Partnerships:

EffectiveJanuary 1, 2005, the assets allocated to Campbell for trading wereinvested in the CMF Campbell Master Fund L.P. ("CampbellMaster"), a limited partnership organized under thepartnership laws of the State of New York. The Partnership purchased17,534.8936 Units of the Campbell Master with cash equal to $17,341,826and a contribution of open commodity futures and forward positions witha fair value of $193,067. Campbell Master was formed in order to permitcommodity pools managed now or in the future by Campbell usingCampbell's Financials, Metals and Energy Program, to investtogether in one trading vehicle. The General Partner of the Partnershipis the General Partner of Campbell Master. Individual and pooledaccounts are permitted to be a limited partner of Campbell Master. TheGeneral Partner and Campbell believe that trading through thisstructure should promote efficiency and economy in the trading process.Expenses to investors as a result of the investment in Campbell Masterare approximately the same and redemption rights are not affected.

Effective March 1, 2005, the assets allocated to Aspect for tradingwere invested in the CMF Aspect Master Fund L.P. ("AspectMaster"), a limited partnership organized under thepartnership laws of the State of New York. The Partnership purchased16,015.3206 Units of the Aspect Master with cash equal to $14,955,106and a contribution of open commodity futures and forward positions witha fair value of $1,060,214. Aspect Master was formed in order to permitcommodity pools managed now or in the future by Aspect usingAspect's Diversified Program, to invest together in one tradingvehicle. The General Partner of the Partnership is the General Partnerof Aspect Master. Individual and pooled accounts are permitted to be alimited partner of Aspect Master. The General Partner and Aspectbelieve that trading through this structure should promote efficiencyand economy in the trading process. Expenses to investors as a resultof the investment in Aspect Master are approximately the same andredemption rights are not affected.

Campbell Master's andAspect Master's trading of futures, forwards and optionscontracts, if applicable, on commodities is done primarily on UnitedStates of America commodity exchanges and foreign commodity exchanges.The Campbell Master and Aspect Master engage in such trading throughcommodity brokerage accounts maintained with CGM.

A limitedpartner may withdraw all or part of their capital contribution andundistributed profits, if any, from Campbell Master or Aspect Master inmultiples of the net asset value per unit of limited partnershipinterest as of the last day of a month after a request for redemptionhas been made to the General Partner at least 3 days in advance ofmonth-end.

Management and incentive fees are not directlycharged to the investment presented below. These fees are charged atthe Partnership level. All exchange, clearing, user, give-up, floorbrokerage and National Futures Association fees are borne by CampbellMaster and Aspect Master. All other fees including CGM's directbrokerage commissions are charged at the Partnership level.

Asof September 30, 2005, the Partnership owns 5.3% of CampbellMaster and 7.8% of Aspect Master. The performance of thePartnership is directly affected by the performance of Campbell Master

10

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2005(Unaudited)

and Aspect Master. It is Campbell's andAspect's intention to continue to invest the assets allocated toeach by the Partnership in Campbell Master and Aspect Master,respectively.

Summarized information reflecting the totalassets, liabilities and capital for the Master Funds are shown in thefollowing table.

|                 |  |                         |             |                               |  |                           |            |                     |  |                      |             |        |  |        |                    |        |  |        |         |        |  |  |
|-----------------|--|-------------------------|-------------|-------------------------------|--|---------------------------|------------|---------------------|--|----------------------|-------------|--------|--|--------|--------------------|--------|--|--------|---------|--------|--|--|
|            |  | September30,2005        |             |                          |  |                      |
|            |  | Investments'TotalAssets |             | Investments'Total Liabilities |  | Investments'Total Capital |            | InvestmentObjective |  | RedemptionsPermitted |
| Campbell Master |  | $                       | 327,642,354 |                          |  | $                         | 20,278,272 |                |  | $                    | 307,364,082 |   |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| Aspect Master   |  |                    | 213,272,492 |                          |  |                      | 465,277    |                |  |                 | 212,807,215 |   |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| Total           |  | $                       | 540,914,846 |                          |  | $                         | 20,743,549 |                |  | $                    | 520,171,297 |   |  |   |               |   |  |   |    |   |
|                 |

Summarized informationreflecting the Partnership's investment in, and the operations ofCampbell Master and Aspect Master are as shown in the followingtable.

|                |  |                           |        |                                              |  |              |            |          |  |                 |         |                     |  |                     |        |        |  |        |       |        |  |        |         |        |  |        |                    |        |  |        |         |        |  |  |
|----------------|--|---------------------------|--------|----------------------------------------------|--|--------------|------------|----------|--|-----------------|---------|---------------------|--|---------------------|--------|--------|--|--------|-------|--------|--|--------|---------|--------|--|--------|--------------------|--------|--|--------|---------|--------|--|--|
|           |  | September30, 2005         |        | For the three months ended September 30,2005 |  |         |            |     |
| Investment     |  | %ofPartnership'sNetAssets |        | FairValue                                    |  | Income(Loss) |            | Expenses |  | NetIncome(loss) |         | InvestmentObjective |  | RedemptionPermitted |
| Commissions    |  | Other                     |        |
| CampbellMaster |  |                      | 35.54  | %                                       |  | $            | 16,350,459 |     |  | $               | 13,738  |                |  | $                   | 6,268  |   |  | $      | 764   |   |  | $      | 6,706   |   |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| AspectMaster   |  |                      | 36.36  | %                                       |  |         | 16,727,508 |     |  |            | 576,930 |                |  |                | 9,636  |   |  |   | 1,063 |   |  |   | 566,231 |   |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| Total          |  |                      |   |                                         |  | $            | 33,077,967 |     |  | $               | 590,668 |                |  | $                   | 15,904 |   |  | $      | 1,827 |   |  | $      | 572,937 |   |  |   |               |   |  |   |    |   |
|                |

|                |  |                           |        |                                             |  |              |            |          |  |                 |           |                     |  |                     |        |        |  |        |       |        |  |        |           |        |  |        |                    |        |  |        |         |        |  |  |
|----------------|--|---------------------------|--------|---------------------------------------------|--|--------------|------------|----------|--|-----------------|-----------|---------------------|--|---------------------|--------|--------|--|--------|-------|--------|--|--------|-----------|--------|--|--------|--------------------|--------|--|--------|---------|--------|--|--|
|           |  | September30, 2005         |        | For the nine months ended September 30,2005 |  |         |            |     |
| Investment     |  | %ofPartnership'sNetAssets |        | FairValue                                   |  | Income(Loss) |            | Expenses |  | NetIncome(loss) |           | InvestmentObjective |  | RedemptionPermitted |
| Commissions    |  | Other                     |        |
| CampbellMaster |  |                      | 35.54  | %                                      |  | $            | 16,350,459 |     |  | $               | 1,653,314 |                |  | $                   | 20,261 |   |  | $      | 2,344 |   |  | $      | 1,630,709 |   |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| AspectMaster   |  |                      | 36.36  | %                                      |  |         | 16,727,508 |     |  |            | 1,988,474 |                |  |                | 25,803 |   |  |   | 2,558 |   |  |   | 1,960,113 |   |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| Total          |  |                      |   |                                        |  | $            | 33,077,967 |     |  | $               | 3,641,788 |                |  | $                   | 46,064 |   |  | $      | 4,902 |   |  | $      | 3,590,822 |   |  |   |               |   |  |   |    |   |
|                |

5.    FinancialInstrument Risks:

In the normal course of itsbusiness, 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 riskssimilar to those related to the underlying financial instrumentsincluding market and credit risk. In general, the risks associated withOTC contracts 

11

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2005(Unaudited)

are greater than those associated withexchange-traded instruments because of the greater risk of default bythe counterparty to an OTC contract.

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

Credit risk is the possibility that a loss mayoccur due to the failure of a counterparty to perform according to theterms of a contract. Credit risk with respect to exchange-tradedinstruments is reduced to the extent that an exchange or clearingorganization acts as a counterparty to the transactions. ThePartnership's risk of loss in the event of counterparty defaultis typically limited to the amounts recognized as unrealizedappreciation in the statements of financial condition and notrepresented by the contract or notional amounts of the instruments. ThePartnership has credit risk and concentration risk because the solecounterparty or broker with respect to the Partnership's assetsis CGM.

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, forwards and options positions by sector,margin requirements, gain and loss transactions and collateralpositions.

The majority of these instruments maturewithin one year of September 30, 2005. However, due to the nature ofthe Partnership's business, these instruments may not be held tomaturity.

12

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

Liquidity and Capital Resources

The Partnership does not engage in the sale of goods orservices. Its only assets are its equity in its commodity futurestrading account, consisting of cash, net unrealized appreciation onopen futures and forward contracts, commodity options, if applicable,and interest 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 decrease in liquidity, no such losses occurredduring the third quarter of 2005.

The Partnership'scapital consists of the capital contributions of the partners, asincreased or decreased by realized and/or unrealized gains or losses oncommodity futures trading, expenses, interest income, additions andredemptions of Redeemable Units and distributions of profits, ifany.

For the nine months ended September 30, 2005,Partnership capital decreased 0.7% from $46,309,169 to$46,004,685. This decrease was attributable to the redemptions of2,587.8754 Redeemable Units of Limited Partnership Interest resultingin an outflow of $3,400,802, which was partially offset by a net gainfrom operations of $3,096,318. 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, revenuesand expenses, and related disclosure of contingent assets andliabilities at the date of the financial statements and accompanyingnotes. Actual results could differ from these estimates.

All commodity interests (including derivative financialinstruments and derivative commodity instruments) are used for tradingpurposes. The commodity interests are recorded on trade date and opencontracts are recorded in the statements of financial condition at fairvalue on the last business day of the period, which represents marketvalue for those commodity interests for which market quotations arereadily available 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 contractswhere the 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 date of entry into the contracts and theforward rates at the reporting dates, is included in the statement 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. Theinvestments in other Partnerships are recorded at fair value based uponthe Partnership's proportionate interest held.

Results of Operations

Duringthe Partnership's third quarter of 2005, the net asset value perRedeemable Unit increased 6.8% from $1,341.61 to $1,432.78 ascompared to a decrease of 1.8% in the third quarter of 2004. ThePartnership experienced a net trading gain before brokerage commissionsand related fees in the third quarter of 2005 of $3,753,876. Gains wereprimarily attributable to the trading of commodity futures in index,softs, metals, energy, grains and livestock and were partially offsetby losses in currencies, lumber, U.S. and non-U.S. interest rates. ThePartnership experienced a net trading loss before brokerage

13

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commissions and related fees in the thirdquarter of 2004 of $233,656. Losses were primarily attributable to thetrading of commodity futures in currencies, softs, indices and metalsand were partially offset by gains in energy, livestock, grains, U.S.and non-U.S. interest rates.

Third Quarter results reflectstrong trends and profitable trading in the energy and stock indexmarkets with directionless and volatile prices in interest rates andcurrencies producing losses. Periodic trading opportunities in thecommodity sectors generated additional gains. The overall net resultwas positive for the quarter.

The quarter started with areversing trend in U.S. and European fixed income instruments as yieldsbegan to rise prompted by U.S. central bank rate increases. Thisvolatility continued through the remainder of the quarter and led tothe greatest sector loss for the Partnership. The most profitabletrends for the quarter, however, were in the energy markets as crudeoil and natural gas prices rose to historic levels. Substantial profitswere made in trading these markets which saw recent trends exacerbatedby the impact of the two Gulf Coast hurricanes.

Prospects ofimproving economic conditions in Japan led to strong profits in Nikkeistock index trading and combined with solid second quarter corporateprofits led to profits in U.S. stock index trading as well. Offsettingprofitable stock index trading were losses in foreign currency trading.The most notable event in this market was the Chinese governmentdecision to unpeg the yuan from the U.S. dollar and the yuan'ssubsequent upward revaluation. This led to near continuous adjustmentsin the relation of the major currencies throughout the quarter andrange-bound trading in the U.S. dollar. While other commodity marketsproduced lackluster price trends, precious metals, particularly goldrose to over $400 an ounce, its highest level in 15 years and producedadditional profits for the Partnership's Advisors. Trading inlivestock and soils was also profitable.

During thePartnership's nine months ended September 30, 2005, the Net AssetValue per Redeemable Unit increased 7.3% from $1,334.69 to$1,432.78 as compared to a decrease of 7.5% during the ninemonths ended September 30, 2004. The Partnership experienced a nettrading gain before brokerage commissions and related fees during thenine months ended September 30, 2005 of $5,540,644. Gains wereprimarily attributable to the trading of commodity futures in index,metals, energy, livestock and non-U.S. interest rates and werepartially offset by losses in softs, currencies, grains and lumber. ThePartnership experienced a net trading loss before brokerage commissionsand related fees in the nine months of 2004 of $1,077,928. Losses wereprimarily attributable to the trading of commodity futures incurrencies, softs, indices and metals and were partially offset bygains in energy, grains, livestock, U.S. and non-U.S. interest ratesand lumber.

Commodity futures markets are highly volatile. Thepotential for broad and rapid price fluctuations increases the risksinvolved in commodity trading, but also increases the possibility ofprofit. The profitability of the Partnership depends on the existenceof major price trends and the ability of the Advisors to correctlyidentify those price trends. Price trends are influenced by, amongother things, changing supply and demand relationships, weather,governmental, agricultural, commercial and trade programs and policies,national and international political and economic events and changes ininterest rates. To the extent that market trends exist and the advisorsare able to identify them, the Partnership expects to increase capitalthrough operations.

Interest income on 80% of thePartnership's daily equity maintained in cash was earned at themonthly average 30-day U.S. Treasury bill yield. CGM may continue tomaintain the Partnership assets in cash and/or place all of thePartnership assets in 90-day Treasury bills and pay the Partnership80% of the interest earned on the Treasury bills purchased. CGMwill retain 20% of any interest earned on Treasury bills.Interest income for the three and nine months ended September 30, 2005decreased by $55,540 and $96,353, respectively, as compared to thecorresponding periods in 2004. The decrease is primarily the result ofa decrease in average net assets during the three and nine months endedSeptember  30, 2005 as compared to 2004.

Brokeragecommissions are calculated as a percentage of the Partnership'sadjusted net asset value on the last day of each month and are affectedby trading performance and redemptions. Accordingly, they must becompared in relation to the fluctuations in the monthly net assetvalues. Commissions and 

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fees for the three and nine months endedSeptember  30, 2005 decreased by $73,165 and $447,315,respectively, as compared to the corresponding periods in 2004. Thedecrease in brokerage commissions for the three months ended September30, 2005 is due to a decrease in average net assets during the periodas compared to 2004.

Management fees are calculated as apercentage of the Partnership's net asset value as of the end ofeach month and are affected by trading performance and redemptions.Management fees for the three and nine months ended September 30, 2005decreased by $12,309 and $103,925, respectively, as compared to thecorresponding periods in 2004. The decrease in management fees for thethree and nine months ended September  30, 2005 is due to adecrease in average net assets during the period as compared to2004.

Incentive fees paid annually by the Partnership are basedon the new trading profits of the Partnership as defined in the LimitedPartnership Agreement. Trading performance for the three and ninemonths ended September 30, 2005 resulted in an incentive fee accrual of$16,312 and $195,898. Trading performance for the three and nine monthsended September 30, 2004 resulted in incentive fee accrual of$(166,046) and $67,891, respectively.

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Item 3.    Quantitative and QualitativeDisclosures about Market Risk

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

Market movements result in frequentchanges in the fair value of the Partnership's open positionsand, 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 value of financial instruments andcontracts, the diversification effects of the Partnership's openpositions and the liquidity of the market in which it trades.

The Partnership rapidly acquires and liquidates both long and shortpositions in a wide range of different markets. Consequently, it is notpossible to predict how a particular future market scenario will affectperformance, and the Partnership's past performance is notnecessarily indicative of its future results.

Value at Risk is ameasure of the maximum amount which the Partnership could reasonably beexpected to lose in a given market sector. However, the inherentuncertainty of the Partnership's speculative trading and therecurrence in the markets traded by the Partnership of market movementsfar exceeding expectations could result in actual trading ornon-trading losses far beyond the indicated Value at Risk or thePartnership's experience to date (i.e., "risk ofruin"). In light of the foregoing as well as the risks anduncertainties intrinsic to all future projections, the inclusion of thequantification in this section should not be considered to constituteany assurance or representation that the Partnership's losses inany market sector will be limited to Value at Risk or by thePartnership's attempts to manage its market risk. 

Exchangemaintenance margin requirements have been used by the Partnership asthe measure of its Value at Risk. Maintenance margin requirements areset by exchanges to equal or exceed the maximum losses reasonablyexpected to be incurred in the fair value of any given contract in95%-99% of any one-day interval. Maintenance margin hasbeen used rather than the more generally available initial margin,because initial margin includes a credit risk component, which is notrelevant to Value at Risk.

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The following table indicates the tradingValue at Risk associated with the Partnership's open positions bymarket category as of September 30, 2005 and the highest, lowest andaverage values during the three months ended September 30, 2005. Allopen position trading risk exposures of the Partnership have beenincluded in calculating the figures set forth below. As of September30, 2005, the Partnership's total capitalization was $46,004,685.There has been no material change in the trading Value at Riskinformation previously disclosed in the Form 10-K for the year endedDecember 31, 2004.

**September 30,2005(Unaudited)**

|                                  |  |               |           |                         |  |                                     |        |                  |  |                      |           |        |  |        |         |        |  |        |         |        |  |  |
|----------------------------------|--|---------------|-----------|-------------------------|--|-------------------------------------|--------|------------------|--|----------------------|-----------|--------|--|--------|---------|--------|--|--------|---------|--------|--|--|
|                             |  |          |           |                    |  | ThreeMonths Ended September 30,2005 |
| MarketSector                     |  | Value at Risk |           | % ofTotalCapitalization |  | HighValue atRisk                    |        | LowValue at Risk |  | AverageValue atRisk* |
| Currencies                       |  |          |      |                    |  |                                |   |             |  |                 |      |   |  |   |    |   |  |   |    |   |
| –Exchange Traded Contracts |  | $             | 398,375   |                    |  |                                | 0.87   | %           |  | $                    | 398,375   |   |  | $      | 216,403 |   |  | $      | 309,216 |   |
| Energy                           |  |          | 405,164   |                    |  |                                | 0.88   | %           |  |                 | 648,958   |   |  |   | 117,558 |   |  |   | 265,358 |   |
| Grains                           |  |          | 254,427   |                    |  |                                | 0.55   | %           |  |                 | 312,754   |   |  |   | 109,746 |   |  |   | 184,547 |   |
| Interest rate U.S.               |  |          | 187,800   |                    |  |                                | 0.41   | %           |  |                 | 236,381   |   |  |   | 23,923  |   |  |   | 177,933 |   |
| Interest rateNon-U.S.            |  |          | 291,838   |                    |  |                                | 0.63   | %           |  |                 | 332,286   |   |  |   | 41,790  |   |  |   | 231,840 |   |
| Livestock                        |  |          | 93,100    |                    |  |                                | 0.20   | %           |  |                 | 93,100    |   |  |   | 18,367  |   |  |   | 54,999  |   |
| Metals                           |  |          |      |                    |  |                                |   |             |  |                 |      |   |  |   |    |   |  |   |    |   |
| –Exchange Traded Contracts |  |          | 129,500   |                    |  |                                | 0.28   | %           |  |                 | 129,500   |   |  |   | 70,240  |   |  |   | 113,500 |   |
| – OTCContracts             |  |          | 542,441   |                    |  |                                | 1.18   | %           |  |                 | 551,521   |   |  |   | 265,271 |   |  |   | 403,489 |   |
| Softs                            |  |          | 325,152   |                    |  |                                | 0.71   | %           |  |                 | 344,987   |   |  |   | 179,972 |   |  |   | 298,243 |   |
| Indices                          |  |          | 808,264   |                    |  |                                | 1.76   | %           |  |                 | 1,001,668 |   |  |   | 214,532 |   |  |   | 739,789 |   |
| Lumber                           |  |          | 1,100     |                    |  |                                | 0.00   | %**         |  |                 | 18,900    |   |  |   | 1,100   |   |  |   | 8,067   |   |
| Totals                           |  | $             | 3,437,161 |                    |  |                                | 7.47   | %           |  |                 |      |   |  |   |    |   |  |   |    |   |
|                                  |

|  |
|--|
|  |  |
|  |

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

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

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Item 4.    Controls and Procedures

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

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PART II. OTHERINFORMATION

Item 1.    Legal Proceedings

Thefollowing information supplements and amends our discussion set forthunder 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 quarters ended March 31, 2005 and June 30,2005.

Enron Corp.

On August 4, 2005, a breach ofcontract action was filed in the United States District Court for theSouthern District of New York, WESTPAC BANKING CORPORATION v. CITIBANK,N.A. The complaint alleges that Citibank breached a representation andwarranty in a Credit Default Swap agreement entered into in December2000 concerning Enron.

On August 26, 2005, a group of 15plaintiffs filed an action in the United States District Court for theSouthern District of Texas, AVENUE CAPITAL MANAGEMENT II, L.P., ET AL.v. J.P. MORGAN- CHASE & CO., ET AL. The complaint names asdefendants Citigroup Inc., Citibank, N.A., Citigroup Global MarketsInc., and several J.P. Morgan entities and alleges fraud, breach offiduciary duty and breach of contract arising out of Enron bank debtincurred under two syndicated revolving credit facilities and asyndicated letter of credit facility.

WorldCom, Inc.

InSTURM, ET AL. v. CITIGROUP, ET AL., an NASD arbitration seeking verysignificant compensatory and punitive damages, Claimants' commonlaw claims, including fraud, arising out of alleged research analystconflicts of interest related to SSB research coverage of WorldCom,were heard this quarter.

Citigroup, along with other financialinstitution defendants, entered into a settlement in NEW YORK CITYEMPLOYEES' RETIREMENT SYSTEM v. EBBERS, ET AL., resolving allclaims against the Citigroup-related defendants in thisWorldCom-related action, which was brought by a plaintiff that optedout of the settlement of the WorldCom class action. The settlementamount is covered by existing litigation reserves.

Citigroupalong with other financial institutions and other defendants, enteredinto a settlement resolving all claims against the Citigroup-relateddefendants in 32 individual actions filed by a single law firm onbehalf of 70 institutional plaintiffs that have opted out of theWorldCom class action settlement. Plaintiffs in these actions assertedvarious claims under federal and state law, including, among otherthings, federal and state securities claims, fraud, negligentmisrepresentation and breach of fiduciary duty, in connection with theCitigroup-related defendants' research coverage, and underwritingof WorldCom securities. The settlement amount is covered by existinglitigation reserves.

Global Crossing

On September 12,2005, Citigroup entered into a settlement with the Global CrossingEstate Representative, resolving all claims pending in United StatesBankruptcy Court for the Southern District of New York against theCitigroup-related defendants. The settlement amount is covered byexisting litigation reserves.

Research

On September 27,2005, Citigroup entered into a memorandum of agreement settling allclaims against the Citigroup-related defendants in IN RE SALOMONANALYST AT&T LITIGATION, a putative class action alleging researchanalyst conflicts of interest. The settlement amount is covered byexisting litigation reserves. The settlement is subject to judicialapproval.

On September 22, 2005, Citigroup reached anagreement-in-principle to settle all claims against theCitigroup-related defendants in NORMAN v. SALOMON SMITH BARNEY, ET AL.,a putative class 

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action asserting violations of the InvestmentAdvisers Act of 1940 and various common law claims in connection withcertain investors who maintained guided portfolio management accountsat Smith Barney. The settlement amount is covered by existinglitigation reserves. The settlement is subject to judicialapproval.

On August 17, 2005, in DISHER v. CITIGROUP GLOBALMARKETS INC., the United States Court of Appeals for the SeventhCircuit reversed the district court's grant of plaintiffs'motion to remand the case to state court, and directed the districtcourt to dismiss the case as preempted under the Securities LitigationUniform Standards Act ("SLUSA"). The UnitedStates Supreme Court has granted review in another case involving SLUSAthat may affect the Seventh Circuit's dismissal of the Dishermatter.

Adelphia

In May and July of 2005, the UnitedStates District Court for the Southern District of New York grantedmotions to dismiss several claims, based on the running of applicablestatute of limitations, asserted in the putative class and individualactions being coordinated under IN RE ADELPHIA COMMUNICATIONSCORPORATION SECURITIES AND DERIVATIVE LITIGATION. With the exception ofone individual action that was dismissed with prejudice, the courtgranted the putative class and individual plaintiffs leave to re-pleadcertain of those claims the court found to be time-barred. Additionalmotions to dismiss the class complaint and the remaining individualcomplaints on other grounds remain pending.

IPO SecuritiesLitigation

On June 30, 2005, the United States Court of Appealsfor the Second Circuit entered an order in IN RE INITIAL PUBLICOFFERING SECURITIES LITIGATION agreeing to review the districtcourt's order granting plaintiffs' motion for classcertification.

IPO Antitrust Litigation

On September 28,2005 the United States Court of Appeals for the Second Circuit in IN REINITIAL PUBLIC OFFERING ANTITRUST LITIGATION vacated the districtcourt's order dismissing these actions and remanded for furtherproceedings.

Item 2.    Unregistered Sales of EquitySecurities and Use of Proceeds

The following chart sets forththe purchases 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 |
| July 1, 2005–July 31,2005            |  |                                            | 184.6360 |                                        |  | $                                                                                             | 1,351.07 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| August1, 2005 – August 31,2005       |  |                                            | 342.9054 |                                        |  | $                                                                                             | 1,370.34 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| September1, 2005 – September 30,2005 |  |                                            | 275.1069 |                                        |  | $                                                                                             | 1,432.78 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| Total                                      |  |                                            | 802.6483 |                                        |  | $                                                                                             | 1,384.73 |                                                                                                                     |  |   | 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. |

|  |                                                                                                                                           |
|--|-------------------------------------------------------------------------------------------------------------------------------------------|
|  | ** Redemptions of RedeemableUnits are effected as of the last day of each month at the Net AssetValue per Redeemable Unit as of that day. |

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Item 3.    Defaults Upon SeniorSecurities – None

Item 4.    Submission of Matters toa Vote of Security Holders – None

Item 5.    OtherInformation – As of October 1, 2005, Altis Partners Limitedceased acting as a commodity trading advisor for the Fund. The portionsof the Fund's assets formerly allocated to Altis Partners Limitedwere reallocated to Altis Partners (Jersey) Limited effective October1, 2005. A copy of the management agreement between Altis Partners(Jersey) Limited and the Fund is attached to this Form 10-Q as Exhibit33.1.

Item 6.    Exhibits

The exhibits requiredto be 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 year ended December 31, 2004.

Exhibit – 31.1 – Rule 13a-14(a)/15d-14(a)Certification (Certification of President and Director).

Exhibit – 31.2 – Rule 13a-14(a)/15d-14(a)Certification (Certification of Chief Financial Officer andDirector).

Exhibit – 32.1 – Section 1350Certification (Certification of President and Director).

Exhibit – 32.2 – Section 1350 Certification(Certification of Chief Financial Officer andDirector).

Exhibit – 33.1 – ManagementAgreement among the Partnership, the General Partner and Altis Partners(Jersey) Limited. (file herein)

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SIGNATURES

Pursuantto the requirements of the Securities Exchange Act of 1934, this reporthas been signed below by the following persons on behalf of theregistrant and in the capacities and on the datesindicated.

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURESFUND L.P.

|        |  |                                                            |  |  |  |  |
|--------|--|------------------------------------------------------------|--|--|--|--|
| By:    |  | CitigroupManaged FuturesLLC                                |
|   |  | (GeneralPartner)                                           |
| By:    |  | /s/David J. Vogel                                          |
|   |  | DavidJ. VogelPresident andDirector                         |
| Date:  |  | November14,2005                                            |
| By:    |  | /s/Daniel R. McAuliffe,Jr.                                 |
|   |  | Daniel R.McAuliffe, Jr.Chief Financial Officer andDirector |
| Date:  |  | November14, 2005                                           |
|        |

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