UNITEDSTATESSECURITIES AND EXCHANGE COMMISSION WASHINGTON,D.C. 20549

FORM 10-Q

(X) QUARTERLY REPORT UNDERSECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR ( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934

For the Quarter EndedSeptember 30, 2006

Commission File Number000-30455

SALOMON SMITH BARNEY GLOBAL DIVERSIFIEDFUTURES FUND L.P.

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(Exactname of registrant as specified in its charter)

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| NewYork                                                      |  |  | 13-4015586                         |
| (Stateor other jurisdiction of incorporation ororganization) |  |  | (I.R.S. EmployerIdentificationNo.) |
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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 a large accelerated filer, anaccelerated filer, or a non-accelerated filer. See definition of‘‘accelerated filer and large acceleratedfiler’’ in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer          Acceleratedfiler          Non-accelerated filerX

Indicate by check mark whether the registrantis a shell company (as defined in Rule 12b-2 of the ExchangeAct).

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, 2006 and December 31, 2005(unaudited)                                           |  |  | 3            |
|                             |  |  |    |  |  | Condensed Schedules of Investments atSeptember 30, 2006 and December 31, 2005 (unaudited)                                         |  |  | 4 –5   |
|                             |  |  |    |  |  | Statements of Income andExpenses and Partners' Capital for the three and nine monthsended September 30, 2006 and 2005 (unaudited) |  |  | 6            |
|                             |  |  |    |  |  | Statements of Cash Flows for the three andnine months ended September 30, 2006 and 2005(unaudited)                                |  |  | 7            |
|                             |  |  |    |  |  | Notes toFinancial Statements (unaudited)                                                                                          |  |  | 8 – 13 |
|                             |  |  | Item2.  |  |  | Management's Discussion and Analysis of FinancialCondition and Results ofOperations                                               |  |  | 14 –16 |
|                             |  |  | Item 3. |  |  | Quantitative andQualitative Disclosures about Market Risk                                                                         |  |  | 17 –19 |
|                             |  |  | Item 4. |  |  | Controls andProcedures                                                                                                            |  |  | 20           |
| PART II — OtherInformation |  |  | 21      |
|                                  |

2

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PART I

Item 1. Financial Statements

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

|                                                                                                                                        |  |  |                  |   |            |                 |  |  |  |   |            |  |
|----------------------------------------------------------------------------------------------------------------------------------------|--|--|------------------|---|------------|-----------------|--|--|--|---|------------|--|
|                                                                                                                                   |  |  | September30,2006 |   |            | December31,2005 |
| Assets:                                                                                                                                |  |  |                  |   |       |                 |  |  |  |   |       |  |
| Investmentin Partnerships, at fairvalue                                                                                                |  |  |                  | $ | 43,033,839 |                 |  |  |  | $ | 47,537,531 |  |
| Cash                                                                                                                                   |  |  |                  |   | 27,606     |                 |  |  |  |   | 24,949     |  |
|                                                                                                                                   |  |  |                  | $ | 43,061,445 |                 |  |  |  | $ | 47,562,480 |  |
|                                                                                                                                   |  |  |                  |   |       |                 |  |  |  |   |       |  |
| Liabilitiesand Partners'Capital:                                                                                                       |  |  |                  |   |       |                 |  |  |  |   |       |  |
| Liabilities:                                                                                                                           |  |  |                  |   |       |                 |  |  |  |   |       |  |
| Accruedexpenses:                                                                                                                       |  |  |                  |   |       |                 |  |  |  |   |       |  |
| Brokeragecommissions                                                                                                                   |  |  |                  | $ | 193,777    |                 |  |  |  | $ | 218,136    |  |
| Managementfees                                                                                                                         |  |  |                  |   | 62,921     |                 |  |  |  |   | 70,024     |  |
| Incentivefees                                                                                                                          |  |  |                  |   | 478,786    |                 |  |  |  |   | 451,973    |  |
| Other                                                                                                                                  |  |  |                  |   | 28,161     |                 |  |  |  |   | 28,965     |  |
| Redemptionspayable                                                                                                                     |  |  |                  |   | 333,712    |                 |  |  |  |   | 235,979    |  |
|                                                                                                                                   |  |  |                  |   | 1,097,357  |                 |  |  |  |   | 1,005,077  |  |
| Partners'Capital:                                                                                                                      |  |  |                  |   |       |                 |  |  |  |   |       |  |
| General Partner, 1,524.2191 and619.7983 Unit equivalents outstanding in 2006 and2005                                                   |  |  |                  |   | 2,316,325  |                 |  |  |  |   | 917,723    |  |
| LimitedPartners, 26,089.5223 and 30,823.4179 Redeemable Units of LimitedPartnership Interest outstanding in 2006 and 2005,respectively |  |  |                  |   | 39,647,763 |                 |  |  |  |   | 45,639,680 |  |
|                                                                                                                                   |  |  |                  |   | 41,964,088 |                 |  |  |  |   | 46,557,403 |  |
|                                                                                                                                   |  |  |                  | $ | 43,061,445 |                 |  |  |  | $ | 47,562,480 |  |
|                                                                                                                                        |

Seeaccompanying Notes to Financial Statements.

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Salomon Smith BarneyGlobalDiversified Futures Fund L.P.Condensed Schedule ofInvestments September 30, 2006(Unaudited)

|                                    |  |  |           |   |            |                      |  |  |  |  |        |   |
|------------------------------------|--|--|-----------|---|------------|----------------------|--|--|--|--|--------|---|
| Investmentin Partnerships          |  |  | FairValue |   |            | % ofPartners'Capital |
| CMF Altis PartnersMaster Fund L.P. |  |  |           | $ | 16,333,291 |                      |  |  |  |  | 38.92  | % |
| CMF Aspect Master Fund L.P.        |  |  |           |   | 13,625,302 |                      |  |  |  |  | 32.47  |   |
| CMF Campbell Master FundL.P.       |  |  |           |   | 13,075,246 |                      |  |  |  |  | 31.16  |   |
| Total fair value                   |  |  |           | $ | 43,033,839 |                      |  |  |  |  | 102.55 | % |
|                                    |

Percentages are based onPartners' Capital unless otherwiseindicated.

See accompanying Notes to FinancialStatements.

4

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Salomon Smith BarneyGlobalDiversified Futures Fund L.P. Condensed Schedule ofInvestments December 31,2005(Unaudited)

|                                    |  |  |           |   |            |                      |  |  |  |  |        |   |
|------------------------------------|--|--|-----------|---|------------|----------------------|--|--|--|--|--------|---|
| Investmentin Partnerships          |  |  | FairValue |   |            | % ofPartners'Capital |
| CMF Altis PartnersMaster Fund L.P. |  |  |           | $ | 14,780,472 |                      |  |  |  |  | 31.75  | % |
| CMF Aspect Master FundL.P.         |  |  |           |   | 16,321,019 |                      |  |  |  |  | 35.06  |   |
| CMF CampbellMaster Fund L.P.       |  |  |           |   | 16,436,040 |                      |  |  |  |  | 35.30  |   |
| Total fairvalue                    |  |  |           | $ | 47,537,531 |                      |  |  |  |  | 102.11 | % |
|                                    |

|  |                                                                      |
|--|----------------------------------------------------------------------|
|  | Percentages are based onPartners' Capital unless otherwiseindicated. |

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, |
|                                                                                                                                     |  |  | 2006                           |   |            | 2005                         |  |  | 2006 |   |            | 2005 |
| Income:                                                                                                                                  |  |  |                                |   |       |                              |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |       |   |
| Netgains (losses) on trading of commodityinterests:                                                                                      |  |  |                                |   |       |                              |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |       |   |
| Realizedgains (losses) on closed positions and foreigncurrencies                                                                         |  |  |                                | $ | —    |                              |  |  |      | $ | 1,433,422  |      |  |  |  | $ | —    |   |  |  |  | $ | (246,788   | ) |
| Change in unrealized gains(losses) on open positions and investment inPartnerships                                                       |  |  |                                |   | (948,646   | )                            |  |  |      |   | 2,320,454  |      |  |  |  |   | 4,543,094  |   |  |  |  |   | 5,787,432  |   |
|                                                                                                                                     |  |  |                                |   | (948,646   | )                            |  |  |      |   | 3,753,876  |      |  |  |  |   | 4,543,094  |   |  |  |  |   | 5,540,644  |   |
| Interestincome                                                                                                                           |  |  |                                |   | —    |                              |  |  |      |   | 74,884     |      |  |  |  |   | —    |   |  |  |  |   | 227,623    |   |
|                                                                                                                                     |  |  |                                |   | (948,646   | )                            |  |  |      |   | 3,828,760  |      |  |  |  |   | 4,543,094  |   |  |  |  |   | 5,768,267  |   |
| Expenses:                                                                                                                                |  |  |                                |   |       |                              |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |       |   |
| Brokeragecommissions including clearing fees of $0, $5,914, $0 and $10,864,respectively                                                  |  |  |                                |   | 587,567    |                              |  |  |      |   | 635,175    |      |  |  |  |   | 1,918,040  |   |  |  |  |   | 1,852,993  |   |
| Managementfees                                                                                                                           |  |  |                                |   | 190,560    |                              |  |  |      |   | 197,692    |      |  |  |  |   | 617,256    |   |  |  |  |   | 570,126    |   |
| Incentivefees                                                                                                                            |  |  |                                |   | (95,666    | )                            |  |  |      |   | 16,312     |      |  |  |  |   | 478,786    |   |  |  |  |   | 195,898    |   |
| Other                                                                                                                                    |  |  |                                |   | 21,204     |                              |  |  |      |   | 15,729     |      |  |  |  |   | 57,574     |   |  |  |  |   | 52,932     |   |
|                                                                                                                                     |  |  |                                |   | 703,665    |                              |  |  |      |   | 864,908    |      |  |  |  |   | 3,071,656  |   |  |  |  |   | 2,671,949  |   |
| Net income(loss)                                                                                                                         |  |  |                                |   | (1,652,311 | )                            |  |  |      |   | 2,963,852  |      |  |  |  |   | 1,471,438  |   |  |  |  |   | 3,096,318  |   |
| Additions—GeneralPartner                                                                                                           |  |  |                                |   | —    |                              |  |  |      |   | —    |      |  |  |  |   | 1,500,000  |   |  |  |  |   | —    |   |
| Redemptions—LimitedPartners                                                                                                        |  |  |                                |   | (1,144,937 | )                            |  |  |      |   | (1,113,521 | )    |  |  |  |   | (7,564,753 | ) |  |  |  |   | (3,400,802 | ) |
| Net increase (decrease) in Partners'Capital                                                                                              |  |  |                                |   | (2,797,248 | )                            |  |  |      |   | 1,850,331  |      |  |  |  |   | (4,593,315 | ) |  |  |  |   | (304,484   | ) |
| Partners'Capital, beginning of period                                                                                                    |  |  |                                |   | 44,761,336 |                              |  |  |      |   | 44,154,354 |      |  |  |  |   | 46,557,403 |   |  |  |  |   | 46,309,169 |   |
| Partners' Capital,end of period                                                                                                          |  |  |                                | $ | 41,964,088 |                              |  |  |      | $ | 46,004,685 |      |  |  |  | $ | 41,964,088 |   |  |  |  | $ | 46,004,685 |   |
| Net Asset Value per Redeemable Unit27,613.7414 and 32,108.7244 Redeemable Units outstanding at September30, 2006 and 2005, respectively) |  |  |                                | $ | 1,519.68   |                              |  |  |      | $ | 1,432.78   |      |  |  |  | $ | 1,519.68   |   |  |  |  | $ | 1,432.78   |   |
| Net income (loss) perRedeemable Unit of Limited Partnership Interest and General PartnerUnit equivalent                                  |  |  |                                | $ | (58.34     | )                            |  |  |      | $ | 91.17      |      |  |  |  | $ | 39.00      |   |  |  |  | $ | 98.09      |   |
|                                                                                                                                          |

See accompanying Notes toFinancial Statements

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

|                                                                                                  |  |  |                                |   |            |                              |  |  |      |   |            |      |  |  |  |   |            |   |  |  |  |   |             |   |
|--------------------------------------------------------------------------------------------------|--|--|--------------------------------|---|------------|------------------------------|--|--|------|---|------------|------|--|--|--|---|------------|---|--|--|--|---|-------------|---|
|                                                                                             |  |  | ThreeMonths EndedSeptember 30, |   |            | Nine MonthsEndedSeptember30, |
|                                                                                             |  |  | 2006                           |   |            | 2005                         |  |  | 2006 |   |            | 2005 |
| Cashflows from operating activities:                                                             |  |  |                                |   |       |                              |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| Net income(loss)                                                                                 |  |  |                                | $ | (1,652,311 | )                            |  |  |      | $ | 2,963,852  |      |  |  |  | $ | 1,471,438  |   |  |  |  | $ | 3,096,318   |   |
| Adjustments to reconcile net income (loss) tonet cash provided by (used in) operatingactivities: |  |  |                                |   |       |                              |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| Changes in operatingassets and liabilities:                                                      |  |  |                                |   |       |                              |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| Purchase ofinvestments in Partnerships                                                           |  |  |                                |   | —    |                              |  |  |      |   | —    |      |  |  |  |   | (1,500,000 | ) |  |  |  |   | (33,550,215 | ) |
| Proceeds from sale of investments inPartnerships                                                 |  |  |                                |   | 1,763,048  |                              |  |  |      |   | 1,334,687  |      |  |  |  |   | 9,286,102  |   |  |  |  |   | 3,580,269   |   |
| Netunrealized (appreciation) depreciation on investment inPartnerships                           |  |  |                                |   | 1,388,165  |                              |  |  |      |   | (364,237   | )    |  |  |  |   | (3,282,410 | ) |  |  |  |   | (3,108,021  | ) |
| (Increase) decrease in restrictedcash                                                            |  |  |                                |   | —    |                              |  |  |      |   | (1,552,562 | )    |  |  |  |   | —    |   |  |  |  |   | 3,879,686   |   |
| (Increase) decrease in netunrealized appreciation on open futures positions                      |  |  |                                |   | —    |                              |  |  |      |   | (1,537,757 | )    |  |  |  |   | —    |   |  |  |  |   | (823,382    | ) |
| (Increase) decrease in unrealized appreciation on openforward contracts                          |  |  |                                |   | —    |                              |  |  |      |   | (413,257   | )    |  |  |  |   | —    |   |  |  |  |   | 1,855,860   |   |
| (Increase) decrease in interestreceivable                                                        |  |  |                                |   | —    |                              |  |  |      |   | (6,795     | )    |  |  |  |   | —    |   |  |  |  |   | 35,366      |   |
| Increase (decease) in unrealizeddepreciation on open forward contracts                           |  |  |                                |   | —    |                              |  |  |      |   | 203,517    |      |  |  |  |   | —    |   |  |  |  |   | (1,975,810  | ) |
| Accruedexpenses:                                                                                 |  |  |                                |   |       |                              |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| Increase (decrease) in brokeragecommissions                                                      |  |  |                                |   | (14,132    | )                            |  |  |      |   | 8,520      |      |  |  |  |   | (24,359    | ) |  |  |  |   | (8,431      | ) |
| Increase(decrease) in management fees                                                            |  |  |                                |   | (4,417     | )                            |  |  |      |   | 3,227      |      |  |  |  |   | (7,103     | ) |  |  |  |   | (2,511      | ) |
| Increase(decrease) in incentive fees                                                             |  |  |                                |   | (95,666    | )                            |  |  |      |   | 16,312     |      |  |  |  |   | 26,813     |   |  |  |  |   | (161,723    | ) |
| Increase(decrease) inother                                                                       |  |  |                                |   | (11,915    | )                            |  |  |      |   | (19,900    | )    |  |  |  |   | (804       | ) |  |  |  |   | (10,550     | ) |
| Net cash provided by (used in) operatingactivities                                               |  |  |                                |   | 1,372,772  |                              |  |  |      |   | 635,607    |      |  |  |  |   | 5,969,677  |   |  |  |  |   | (27,193,144 | ) |
| Cash flows from financing activities:                                                            |  |  |                                |   |       |                              |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| Proceedsfrom additions—General Partner                                                     |  |  |                                |   | —    |                              |  |  |      |   | —    |      |  |  |  |   | 1,500,000  |   |  |  |  |   | —     |   |
| Payments for redemptions—LimitedPartners                                                   |  |  |                                |   | (1,362,209 | )                            |  |  |      |   | (1,052,412 | )    |  |  |  |   | (7,467,020 | ) |  |  |  |   | (3,367,843  | ) |
| Net cash provided by (used in) financingactivities                                               |  |  |                                |   | (1,362,209 | )                            |  |  |      |   | (1,052,412 | )    |  |  |  |   | (5,967,020 | ) |  |  |  |   | (3,367,843  | ) |
| Netchange in cash                                                                                |  |  |                                |   | 10,563     |                              |  |  |      |   | (416,805   | )    |  |  |  |   | 2,657      |   |  |  |  |   | (30,560,987 | ) |
| Unrestricted cash, atbeginning of period                                                         |  |  |                                |   | 17,043     |                              |  |  |      |   | 8,003,951  |      |  |  |  |   | 24,949     |   |  |  |  |   | 38,148,133  |   |
| Unrestricted cash, at end ofperiod                                                               |  |  |                                | $ | 27,606     |                              |  |  |      | $ | 7,587,146  |      |  |  |  | $ | 27,606     |   |  |  |  | $ | 7,587,146   |   |
| Non cashfinancingactivities:                                                                     |  |  |                                |   |       |                              |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| Contribution ofopen commodity futures and forwardpositions                                       |  |  |                                | $ | —    |                              |  |  |      | $ | —    |      |  |  |  | $ | —    |   |  |  |  | $ | (1,253,281  | ) |
|                                                                                                  |

Seeaccompanying Notes to FinancialStatements.

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2006(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’’).

Theaccompanying financial statements are unaudited but, in the opinion ofmanagement, include all adjustments, consisting only of normalrecurring adjustments, necessary for a fair presentation of thePartnership's financial condition at September 30, 2006 andDecember 31, 2005 and the results of its operations and its cash flowsfor the three and nine months ended September 30, 2006 and 2005. 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, 2005.

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.

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2006(Unaudited)

2.    Financial Highlights:

Changes in Net Asset Value per Redeemable Unit of LimitedPartnership Interest for the three and nine months ended September 30,2006 and 2005 were asfollows:

|                                                        |  |  |                                |   |          |                              |  |  |      |   |          |      |  |  |  |   |          |   |  |  |  |   |          |   |
|--------------------------------------------------------|--|--|--------------------------------|---|----------|------------------------------|--|--|------|---|----------|------|--|--|--|---|----------|---|--|--|--|---|----------|---|
|                                                   |  |  | ThreeMonths EndedSeptember 30, |   |          | Nine MonthsEndedSeptember30, |
|                                                   |  |  | 2006                           |   |          | 2005                         |  |  | 2006 |   |          | 2005 |
| Netrealized and unrealized gains(losses)*              |  |  |                                | $ | (54.12   | )                            |  |  |      | $ | 95.96    |      |  |  |  | $ | 76.18    |   |  |  |  | $ | 115.88   |   |
| Interestincome                                         |  |  |                                |   | —  |                              |  |  |      |   | 2.30     |      |  |  |  |   | —  |   |  |  |  |   | 6.77     |   |
| Expenses**                                             |  |  |                                |   | (4.22    | )                            |  |  |      |   | (7.09    | )    |  |  |  |   | (37.18   | ) |  |  |  |   | (24.56   | ) |
| Increase(decrease) for theperiod                       |  |  |                                |   | (58.34   | )                            |  |  |      |   | 91.17    |      |  |  |  |   | 39.00    |   |  |  |  |   | 98.09    |   |
| NetAsset Value per Redeemable Unit, beginning ofperiod |  |  |                                |   | 1,578.02 |                              |  |  |      |   | 1,341.61 |      |  |  |  |   | 1,480.68 |   |  |  |  |   | 1,334.69 |   |
| NetAsset Value per Redeemable Unit, end ofperiod       |  |  |                                | $ | 1,519.68 |                              |  |  |      | $ | 1,432.78 |      |  |  |  | $ | 1,519.68 |   |  |  |  | $ | 1,432.78 |   |
|                                                        |

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

|    |                               |
|----|-------------------------------|
| ** | Excludes brokeragecommissions |

|                                             |  |  |                                |  |        |                               |  |  |      |  |        |       |  |  |  |  |        |    |  |  |  |  |        |    |
|---------------------------------------------|--|--|--------------------------------|--|--------|-------------------------------|--|--|------|--|--------|-------|--|--|--|--|--------|----|--|--|--|--|--------|----|
|                                        |  |  | Three MonthsEndedSeptember 30, |  |        | Nine Months EndedSeptember30, |
|                                        |  |  | 2006                           |  |        | 2005                          |  |  | 2006 |  |        | 2005  |
| Ratiosto average netassets:***              |  |  |                                |  |   |                               |  |  |      |  |   |       |  |  |  |  |   |    |  |  |  |  |   |    |
| Netinvestment loss before incentivefees**** |  |  |                                |  | (7.4   | )%                            |  |  |      |  | (6.9   | )%    |  |  |  |  | (7.4   | )% |  |  |  |  | (6.8   | )% |
| Operatingexpenses                           |  |  |                                |  | 7.4    | %                             |  |  |      |  | 7.5    | %     |  |  |  |  | 7.4    | %  |  |  |  |  | 7.5    | %  |
| Incentivefees                               |  |  |                                |  | (0.2   | )                             |  |  |      |  | 0.0    |       |  |  |  |  | 1.0    |    |  |  |  |  | 0.4    |    |
| Totalexpenses                               |  |  |                                |  | 7.2    | %                             |  |  |      |  | 7.5    | %     |  |  |  |  | 8.4    | %  |  |  |  |  | 7.9    | %  |
| Totalreturn:                                |  |  |                                |  |   |                               |  |  |      |  |   |       |  |  |  |  |   |    |  |  |  |  |   |    |
| Totalreturn before incentivefees            |  |  |                                |  | (3.9   | )%                            |  |  |      |  | 6.8    | %     |  |  |  |  | 3.8    | %  |  |  |  |  | 7.8    | %  |
| Incentivefees                               |  |  |                                |  | 0.2    |                               |  |  |      |  | 0.0    | ***** |  |  |  |  | (1.2   | )  |  |  |  |  | (0.5   | )  |
| Totalreturn after incentivefees             |  |  |                                |  | (3.7   | )%                            |  |  |      |  | 6.8    | %     |  |  |  |  | 2.6    | %  |  |  |  |  | 7.3    | %  |
|                                             |

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

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

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

The above ratios may vary for individualinvestors based on the timing of capital transactions during theperiod. Additionally, these ratios are calculated for the LimitedPartner class using the Limited Partners' share of income,expenses and average net assets.

3.    TradingActivities:

The Partnership was formed for the purpose oftrading contracts in a variety of commodity interests, includingderivative financial instruments and derivative commodity instruments.The results of the Partnership's trading activities are shown inthe Statements of Income and Expenses and Partners' Capital andare discussed in Item 2, Management's Discussion and Analysis ofFinancial Condition and Results of Operations.

9

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2006(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 results of the Partnership's trading activities(resulting from its investment in other Partnerships) are shown in thestatement of income and expenses.

4.    Investment inPartnerships:

Effective January 1, 2005, the assets allocatedto Campbell for trading were invested in the CMF Campbell Master FundL.P. (‘‘Campbell Master’’), a limitedpartnership organized under the partnership laws of the State of NewYork. The Partnership purchased 17,534.8936 Units of the CampbellMaster with cash equal to $17,341,826 and a contribution of opencommodity futures and forward positions with a fair value of $193,067.Campbell Master was formed in order to permit commodity pools managednow or in the future by Campbell using Campbell's Financials,Metals and Energy Program, to invest together in one trading vehicle.The General Partner of the Partnership is the general partner ofCampbell Master. Individual and pooled accounts currently managed byCampbell, including the Partnership, are permitted to be a limitedpartner of Campbell Master. The General Partner and Campbell believethat trading through this structure should promote efficiency andeconomy in the trading process. Expenses to investors as a result ofthe investment in Campbell Master are approximately the same andredemption rights are not affected.

Effective March 1, 2005, theassets allocated to Aspect for trading were invested in the CMF AspectMaster Fund L.P. (‘‘Aspect Master’’), a limitedpartnership organized under the partnership laws of the State of NewYork. The Partnership purchased 16,015.3206 Units of the Aspect Masterwith cash equal to $14,955,106 and a contribution of open commodityfutures and forward positions with a fair value of $1,060,214. AspectMaster was formed in order to permit commodity pools managed now or inthe future by Aspect using Aspect's Diversified Program, toinvest together in one trading vehicle. The General Partner of thePartnership is the general partner of Aspect Master. Individual andpooled accounts currently managed by Aspect, including the Partnership,are permitted to be a limited partner of Aspect Master. The GeneralPartner and Aspect believe that trading through this structure shouldpromote efficiency and economy in the trading process. Expenses toinvestors as a result of the investment in Aspect Master areapproximately the same and redemption rights are not affected.

On November 1, 2005, the assets allocated to Altis for trading wereinvested in the CMF Altis Partners Master Fund L.P.(‘‘Altis Master’’), a limited partnershiporganized under the partnership laws of the State of New York. ThePartnership purchased 13,013.6283 Units of the Altis Master with cashequal to $11,227,843 and a contribution of open commodity futures andforwards positions with a fair value of $1,785,785. Altis Master wasformed to permit commodity pools managed now and in the future by AltisPartners (Jersey) Limited (successor to Altis Partners Limited) usingAltis's Diversified Portfolio Program to invest together in onetrading vehicle. The General Partner of the partnership is the generalpartner of Altis Master. Individual and pooled accounts currentlymanaged by Altis, including the Partnership, are permitted to be alimited partner of Altis Master. The General Partner and Altis believethat trading through this structure should promote efficiency andeconomy in the trading process. Expenses to the investors as a resultof the investment in Altis Master are approximately the same andredemption rights are not affected.

Campbell Master's,Aspect Master's and Altis Master's, (the‘‘Funds’’) trading of futures, forwards andoptions contracts, if applicable, on commodities is done primarily onUnited States of America commodity exchanges and foreign commodityexchanges. The Funds engage in such trading through commodity brokerageaccounts maintained by CGM.

10

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2006(Unaudited)

A limited partner may withdraw all or partof their capital contribution and undistributed profits, if any fromthe Funds in multiples of the net asset value per unit of limitedpartnership interest as of the last day of the month after a requestfor redemption has been made to the General Partner at least 3 days inadvance of month-end.

All exchange, clearing, user, give-up,floor brokerage and National Futures Association fees are borne by theFunds. All other fees including CGM's direct brokeragecommissions are charged at the Partnership level.

As ofSeptember 30, 2006 the Partnership owns 4.1%, 6.9% and40.9% of Campbell Master, Aspect Master and Altis Master,respectively. The performance of the Partnership is directly affectedby the performance of the Funds. It is Campbell's, Aspect'sand Altis's intention to continue to invest the assets allocatedto each by the Partnership in Campbell Master, Aspect Master and AltisMaster, respectively.

Summarized information reflecting thetotal assets, liabilities and capitals for the Funds is shown in thefollowing tables.

|                |  |  |                          |   |             |                               |  |  |                           |   |            |  |  |  |  |   |             |  |
|----------------|--|--|--------------------------|---|-------------|-------------------------------|--|--|---------------------------|---|------------|--|--|--|--|---|-------------|--|
|           |  |  | September30,2006         |
|           |  |  | Investments'Total Assets |   |             | Investments' TotalLiabilities |  |  | Investments' TotalCapital |
| AltisMaster    |  |  |                          | $ | 40,764,711  |                               |  |  |                           | $ | 966,621    |  |  |  |  | $ | 39,798,090  |  |
| AspectMaster   |  |  |                          |   | 196,925,103 |                               |  |  |                           |   | 991,797    |  |  |  |  |   | 195,933,306 |  |
| CampbellMaster |  |  |                          |   | 331,655,712 |                               |  |  |                           |   | 13,975,205 |  |  |  |  |   | 317,680,507 |  |
| Total          |  |  |                          | $ | 569,345,526 |                               |  |  |                           | $ | 15,933,623 |  |  |  |  | $ | 553,411,903 |  |
|                |

|                |  |  |                         |   |             |                               |  |  |                           |   |            |  |  |  |  |   |             |  |
|----------------|--|--|-------------------------|---|-------------|-------------------------------|--|--|---------------------------|---|------------|--|--|--|--|---|-------------|--|
|           |  |  | December31,2005         |
|           |  |  | Investments'TotalAssets |   |             | Investments'Total Liabilities |  |  | Investments'Total Capital |
| AltisMaster    |  |  |                         | $ | 21,526,809  |                               |  |  |                           | $ | 1,223,818  |  |  |  |  | $ | 20,302,991  |  |
| Aspect Master  |  |  |                         |   | 200,507,575 |                               |  |  |                           |   | 5,680,632  |  |  |  |  |   | 194,826,943 |  |
| CampbellMaster |  |  |                         |   | 347,366,314 |                               |  |  |                           |   | 20,975,541 |  |  |  |  |   | 326,390,773 |  |
| Total          |  |  |                         | $ | 569,400,698 |                               |  |  |                           | $ | 27,879,991 |  |  |  |  | $ | 541,520,707 |  |
|                |

Summarized information reflecting thePartnership's investment in, and the operations of the Funds isas shown in the following tables. The Partnership's share of theFunds' Net income (loss) is included in Change in unrealizedgains (losses) on open positions and investment in Partnerships on thePartnership's Statement of Income and Expenses andPartners'Capital.

|                |             |  |                           |       |        |                                              |  |  |              |   |            |          |  |  |                 |   |          |                     |  |  |                     |   |        |  |  |  |  |   |       |  |  |  |  |   |          |   |  |  |                                        |  |  |  |  |         |  |
|----------------|-------------|--|---------------------------|-------|--------|----------------------------------------------|--|--|--------------|---|------------|----------|--|--|-----------------|---|----------|---------------------|--|--|---------------------|---|--------|--|--|--|--|---|-------|--|--|--|--|---|----------|---|--|--|----------------------------------------|--|--|--|--|---------|--|
|           |             |  | September30, 2006         |       |        | For the three months ended September 30,2006 |  |  |         |   |            |     |
| Investment     |             |  | %ofPartnership'sNetAssets |       |        | FairValue                                    |  |  | Income(Loss) |   |            | Expenses |  |  | NetIncome(loss) |   |          | InvestmentObjective |  |  | RedemptionPermitted |
|                | Commissions |  |                           | Other |
| AltisMaster    |             |  |                           |       | 38.92  | %                                            |  |  |              | $ | 16,333,291 |          |  |  |                 | $ | 8,058    |                     |  |  |                     | $ | 17,768 |  |  |  |  | $ | 4,401 |  |  |  |  | $ | (14,111  | ) |  |  | CommodityPortfolio                     |  |  |  |  | Monthly |  |
| AspectMaster   |             |  |                           |       | 32.47  | %                                            |  |  |              |   | 13,625,302 |          |  |  |                 |   | (670,122 | )                   |  |  |                     |   | 8,114  |  |  |  |  |   | 411   |  |  |  |  |   | (678,647 | ) |  |  | CommodityPortfolio                     |  |  |  |  | Monthly |  |
| CampbellMaster |             |  |                           |       | 31.16  | %                                            |  |  |              |   | 13,075,246 |          |  |  |                 |   | (263,752 | )                   |  |  |                     |   | 4,654  |  |  |  |  |   | 253   |  |  |  |  |   | (268,659 | ) |  |  | Financials,Metals& EnergyPortfolio |  |  |  |  | Monthly |  |
| Total          |             |  |                           |       |   |                                              |  |  |              | $ | 43,033,839 |          |  |  |                 | $ | (925,816 | )                   |  |  |                     | $ | 30,536 |  |  |  |  | $ | 5,065 |  |  |  |  | $ | (961,417 | ) |  |  |                                   |  |  |  |  |    |  |
|                |

11

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2006(Unaudited)

|                |             |  |                           |       |        |                                             |  |  |              |   |            |          |  |  |                 |   |           |                     |  |  |                     |   |         |  |  |  |  |   |        |  |  |  |  |   |           |  |  |  |                                         |  |  |  |  |         |  |
|----------------|-------------|--|---------------------------|-------|--------|---------------------------------------------|--|--|--------------|---|------------|----------|--|--|-----------------|---|-----------|---------------------|--|--|---------------------|---|---------|--|--|--|--|---|--------|--|--|--|--|---|-----------|--|--|--|-----------------------------------------|--|--|--|--|---------|--|
|           |             |  | September30, 2006         |       |        | For the nine months ended September 30,2006 |  |  |         |   |            |     |
| Investment     |             |  | %ofPartnership'sNetAssets |       |        | FairValue                                   |  |  | Income(Loss) |   |            | Expenses |  |  | NetIncome(loss) |   |           | InvestmentObjective |  |  | RedemptionPermitted |
|                | Commissions |  |                           | Other |
| AltisMaster    |             |  |                           |       | 38.92  | %                                           |  |  |              | $ | 16,333,291 |          |  |  |                 | $ | 3,866,295 |                     |  |  |                     | $ | 71,785  |  |  |  |  | $ | 19,078 |  |  |  |  | $ | 3,775,432 |  |  |  | CommodityPortfolio                      |  |  |  |  | Monthly |  |
| Aspect Master  |             |  |                           |       | 32.47  | %                                           |  |  |              |   | 13,625,302 |          |  |  |                 |   | 787,010   |                     |  |  |                     |   | 28,396  |  |  |  |  |   | 2,852  |  |  |  |  |   | 755,762   |  |  |  | CommodityPortfolio                      |  |  |  |  | Monthly |  |
| CampbellMaster |             |  |                           |       | 31.16  | %                                           |  |  |              |   | 13,075,246 |          |  |  |                 |   | 24,555    |                     |  |  |                     |   | 11,626  |  |  |  |  |   | 805    |  |  |  |  |   | 12,124    |  |  |  | Financials,Metals &Energy Portfolio |  |  |  |  | Monthly |  |
| Total          |             |  |                           |       |   |                                             |  |  |              | $ | 43,033,839 |          |  |  |                 | $ | 4,677,860 |                     |  |  |                     | $ | 111,807 |  |  |  |  | $ | 22,735 |  |  |  |  | $ | 4,543,318 |  |  |  |                                    |  |  |  |  |    |  |
|                |

|                |             |  |                           |       |        |                                              |  |  |              |   |            |          |  |  |                 |   |         |                     |  |  |                     |   |         |  |  |  |  |   |         |  |  |  |  |   |         |  |  |  |                                        |  |  |         |  |         |  |
|----------------|-------------|--|---------------------------|-------|--------|----------------------------------------------|--|--|--------------|---|------------|----------|--|--|-----------------|---|---------|---------------------|--|--|---------------------|---|---------|--|--|--|--|---|---------|--|--|--|--|---|---------|--|--|--|----------------------------------------|--|--|---------|--|---------|--|
|           |             |  | December31, 2005          |       |        | For the three months ended September 30,2005 |  |  |         |   |            |     |
| Investment     |             |  | %ofPartnership'sNetAssets |       |        | FairValue                                    |  |  | Income(Loss) |   |            | Expenses |  |  | NetIncome(loss) |   |         | InvestmentObjective |  |  | RedemptionPermitted |
|                | Commissions |  |                           | Other |
| AltisMaster    |             |  |                           |       | 31.75  | %                                            |  |  |              | $ | 14,780,472 |          |  |  |                 | $ | — |                     |  |  |                     | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  | CommodityPortfolio                     |  |  |         |  | Monthly |  |
| AspectMaster   |             |  |                           |       | 35.06  | %                                            |  |  |              |   | 16,321,019 |          |  |  |                 |   | 576,930 |                     |  |  |                     |   | 9,636   |  |  |  |  |   | 1,063   |  |  |  |  |   | 566,231 |  |  |  | CommodityPortfolio                     |  |  |         |  | Monthly |  |
| CampbellMaster |             |  |                           |       | 35.30  | %                                            |  |  |              |   | 16,436,040 |          |  |  |                 |   | 13,738  |                     |  |  |                     |   | 6,268   |  |  |  |  |   | 764     |  |  |  |  |   | 6,706   |  |  |  | Financials,Metals& EnergyPortfolio |  |  | Monthly |
| Total          |             |  |                           |       |   |                                              |  |  |              | $ | 47,537,531 |          |  |  |                 | $ | 590,668 |                     |  |  |                     | $ | 15,904  |  |  |  |  | $ | 1,827   |  |  |  |  | $ | 572,937 |  |  |  |                                   |  |  |         |  |    |  |
|                |

|                |             |  |                           |       |        |                                             |  |  |              |   |            |          |  |  |                 |   |           |                     |  |  |                     |   |         |  |  |  |  |   |         |  |  |  |  |   |           |  |  |  |                                        |  |  |  |  |         |  |
|----------------|-------------|--|---------------------------|-------|--------|---------------------------------------------|--|--|--------------|---|------------|----------|--|--|-----------------|---|-----------|---------------------|--|--|---------------------|---|---------|--|--|--|--|---|---------|--|--|--|--|---|-----------|--|--|--|----------------------------------------|--|--|--|--|---------|--|
|           |             |  | December31, 2005          |       |        | For the nine months ended September 30,2005 |  |  |         |   |            |     |
| Investment     |             |  | %ofPartnership'sNetAssets |       |        | FairValue                                   |  |  | Income(Loss) |   |            | Expenses |  |  | NetIncome(loss) |   |           | InvestmentObjective |  |  | RedemptionPermitted |
|                | Commissions |  |                           | Other |
| AltisMaster    |             |  |                           |       | 31.75  | %                                           |  |  |              | $ | 14,780,472 |          |  |  |                 | $ | —   |                     |  |  |                     | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | —   |  |  |  | CommodityPortfolio                     |  |  |  |  | Monthly |  |
| AspectMaster   |             |  |                           |       | 35.06  | %                                           |  |  |              |   | 16,321,019 |          |  |  |                 |   | 1,988,474 |                     |  |  |                     |   | 25,803  |  |  |  |  |   | 2,558   |  |  |  |  |   | 1,960,113 |  |  |  | CommodityPortfolio                     |  |  |  |  | Monthly |  |
| CampbellMaster |             |  |                           |       | 35.30  | %                                           |  |  |              |   | 16,436,040 |          |  |  |                 |   | 1,653,314 |                     |  |  |                     |   | 20,261  |  |  |  |  |   | 2,344   |  |  |  |  |   | 1,630,709 |  |  |  | Financials,Metals& EnergyPortfolio |  |  |  |  | Monthly |  |
| Total          |             |  |                           |       |   |                                             |  |  |              | $ | 47,537,531 |          |  |  |                 | $ | 3,641,788 |                     |  |  |                     | $ | 46,064  |  |  |  |  | $ | 4,902   |  |  |  |  | $ | 3,590,822 |  |  |  |                                   |  |  |  |  |    |  |
|                |

5.    FinancialInstrument Risks:

In the normal course of itsbusiness, the Partnership, through its investment in otherpartnerships, is party to financial instruments with off-balance sheetrisk, including derivative financial instruments and derivativecommodity instruments. These financial instruments may includeforwards, 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 

12

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2006(Unaudited)

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

Market risk isthe potential for changes in the value of the financial instrumentstraded by the other partnerships due to market changes, includinginterest and foreign exchange rate movements and fluctuations incommodity or security prices. Market risk is directly impacted by thevolatility and liquidity in the markets in which the related underlyingassets are traded.

Credit risk is the possibility thata loss may occur due to the failure of a counterparty to performaccording to the terms of a contract. Credit risk with respect toexchange-traded instruments is reduced to the extent that an exchangeor clearing organization acts as a counterparty to the transactions.The Funds' risk of loss in the event of counterparty default istypically limited to the amounts recognized as unrealized appreciationin the statements of financial condition and not represented by thecontract or notional amounts of the instruments. The Funds have creditrisk and concentration risk because the sole counterparty or brokerwith respect to the Funds' assets is CGM.

TheGeneral Partner monitors and controls the Funds' risk exposure ona daily basis through financial, credit and risk management monitoringsystems, and accordingly believes that it has effective procedures forevaluating and limiting the credit and market risks to which theFunds' are subject. These monitoring systems allow the GeneralPartner to statistically analyze actual trading results withrisk-adjusted performance indicators and correlation statistics. Inaddition, on-line monitoring systems provide account analysis offutures, forwards and options positions by sector, margin requirements,gain and loss transactions and collateral positions.

The majority of these instruments traded by the Fundsmature within one year of September  30, 2006. However, due tothe nature of the Funds' businesses, these instruments may not beheld to maturity.

13

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

Liquidity andCapital Resources

The Partnership does not engage in thesale of goods or services. Its only assets are investments in the Fundsand cash. The Funds' only assets are their equity in itscommodity futures trading accounts, consisting of cash, net unrealizedappreciation on open futures and forward contracts, commodity options,if applicable, and interest receivable. Because of the low margindeposits normally required in commodity futures trading, relativelysmall price movements may result in substantial losses to thePartnership. While substantial losses could lead to a decrease inliquidity, no such losses occurred during the third quarter of2006.

The Partnership's capital consists of the capitalcontributions of the partners, as increased or decreased by itsinvestment in the Funds, expenses, interest income, additions andredemptions of Redeemable Units and distributions of profits, ifany.

For the nine months ended September 30, 2006, Partnershipcapital decreased 9.9% from $46,557,403 to $41,964,088. Thisdecrease was attributable to the redemptions of 4,733.8956 RedeemableUnits of Limited Partnership Interest resulting in an outflow of$7,564,753, which was partially offset by a net gain from operations of$1,471,438 and the additional sales of 904.4208 General Partner Unitstotalling $1,500,000. Future redemptions can impact the amount of fundsavailable for investment in commodity contract positions in subsequentperiods.

Critical Accounting Policies

The preparation of financial statements in conformity with U.S.generally accepted accounting principles requires management to makeestimates and assumptions that affect the reported amounts of assetsand liabilities, revenues and expenses, and related disclosure ofcontingent assets and liabilities at the date of the financialstatements and accompanying notes. Actual results could differ fromthese estimates.

All commodity interests of the Funds (includingderivative financial instruments and derivative commodity instruments)are used for trading purposes. The commodity interests are recorded ontrade date and open contracts are recorded in the statements offinancial condition at fair value on the last business day of theperiod, which represents market value for those commodity interests forwhich market quotations are readily available or other measures of fairvalue deemed appropriate by management of the General Partner for thosecommodity interests and foreign currencies for which market quotationsare not readily available. Investments in commodity interestsdenominated in foreign currencies are translated into U.S. dollars atthe exchange rates prevailing on the last business day of the period.Realized gains (losses) and changes in unrealized values on openpositions are recognized in the period in which the contract is closedor the changes occur and are included in net gains (losses) on tradingof commodity interests of the Funds.

Foreign currency contractsare those contracts where the Partnership/Funds agree to receive ordeliver a fixed quantity of foreign currency for an agreed-upon priceon an agreed future date. Foreign currency contracts are valued daily,and the Partnership's net equity therein, representing unrealizedgain or loss on the contracts as measured by the difference between theforward foreign exchange rates at the date of entry into the contractsand the forward rates at the reporting dates, is included in thestatement of financial condition. Realized gains (losses) and changesin unrealized values on foreign currency contracts are recognized inthe period in which the contract is closed or the changes occur and areincluded in the statements of income and expenses and partners'capital. Investment in Partnerships is recorded at fair value basedupon the Partnership's proportionate interest held.

Results of Operations

During thePartnership's third quarter of 2006 the Net Asset Value perRedeemable Unit decreased 3.7% from $1,578.02 to $1,519.68 ascompared to an increase of 6.8% in the third quarter of 2005.The Partnership experienced a net trading loss before brokeragecommissions and related fees in the third quarter of 2006 of $948,646.Losses were primarily attributable to the trading by the Funds ofcommodity futures in energy, U.S. and non-U.S. interest rates, metalsand livestock and were partially offset by gains 

14

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in currencies, grains, softs, lumber andindices. The Partnership experienced a net trading gain beforebrokerage commissions and related fees in the third quarter of 2005 of$3,753,876. Gains were primarily attributable to the trading ofcommodity futures in energy, grains, livestock, softs, metals andindices and were partially offset by losses in currencies, lumber andU.S. and non-U.S. interest rates.

The third quarter presented achallenging investment landscape for the Advisors. The Partnership wasnegatively impacted by a number of price trend reversals in bothfinancial and commodity markets. Gains earned in currencies and equityindices were offset by losses in fixed income, metals, and energy.

In the currency sector, the Partnership posted modest gains as thedollar strengthened against the Japanese Yen on speculation thatJapan's central bank would refrain from raising interest ratesagain this year. Trading in other major currencies was mixed for thequarter. Buoyant global equity markets were also beneficial for thefund as falling bond yields and energy prices supported global equityvaluations. Advisors were also profitable in trading soft commodities,especially in sugar and cotton, as reports suggesting record productionof new crops resulted in price declines.

Losses were taken inenergy, fixed income and metals trading. In the energy markets, losseswere accumulated due to unanticipated price declines across thepetroleum complex. A series of unrelated events associated withfavorable inventory data and moderated geopolitical concerns triggereda downward but non-orderly drop in crude prices. Losses were alsorealized in the fixed income markets for the quarter, primarily inJuly, as the Federal Reserve Chairman unexpectedly indicated that thecampaign of raising interest rates was nearing its end. Gains from theindustrial metals only partially offset losses in precious metals whereprices reflected unfavorable trading ranges and sharp pricereversals.

During the Partnership's nine months endedSeptember 30, 2006 the Net Asset Value per Redeemable Unit increased2.6% from $1,480.68 to $1,519.68 as compared to an increase of7.3% during the nine months ended September 30, 2005. ThePartnership experienced a net trading gain before brokerage commissionsand related fees during the nine months ended September 30, 2006 of$4,543,094. Gains were primarily attributable to the trading by theFunds of commodity futures in U.S. and non-U.S. interest rates, metals,lumber and indices and were partially offset by losses in currencies,energy, grains, livestock and softs. 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 energy,livestock, non-U.S. interest rates, metals and indices and werepartially offset by losses in currencies, grains, softs and lumber.

Commodity futures markets are highly volatile. The potential forbroad and rapid price fluctuations increases the risks involved incommodity trading, but also increases the possibility of profit. Theprofitability of the Partnership depends on the existence of majorprice trends and the ability of the Advisors to correctly identifythose price trends. Price trends are influenced by, among other things,changing supply and demand relationships, weather, governmental,agricultural, commercial and trade programs and policies, national andinternational political and economic events and changes in interestrates. To the extent that market trends exist and the advisors are ableto identify them, the Partnership expects to increase capital throughoperations.

CGM will pay monthly interest to the Partnership onits allocable share of 80% of the average daily equitymaintained in cash in the Funds' brokerage account at a 30-dayU.S. Treasury bill rate determined by CGM and/or will place up to allof the Funds' assets in 90-day Treasury bills. The Partnershipwill receive 80% of its allocable share of the interest earnedon the Treasury bills through its investments in Partnerships and CGMwill be paid 20% of the interest.

Brokerage commissionsare calculated as a percentage of the Partnership's adjusted netasset value on the last day of each month and are affected by tradingperformance and redemptions. Accordingly, they must be compared inrelation to the fluctuations in the monthly net asset values.Commissions and fees for the three months ended September 30, 2006decreased by $47,608 and increased by $65,047, for the nine monthsended September 30, 2006, as compared to the corresponding periods in2005. The decrease in brokerage commissions for the three months endedSeptember 30, 2006 was due to lower average net assets as compared tothe corresponding period in 2005. The increase in brokerage commissionsfor the nine months ended September 30, 2006 was due to a higheraverage net assets as compared to the corresponding period in 2005.

15

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Management fees are calculated asa percentage of the Partnership's net asset value as of the endof each month and are affected by trading performance and redemptions.Management fees for the three months ended September 30, 2006 decreasedby $7,132 and increased by $47,130 for the nine months ended September30, 2006, as compared to the corresponding periods in 2005. Thedecrease in management fees for the three months ended September 30,2006 was due to lower average net assets as compared to thecorresponding period in 2005. The increase in management fees for thenine months ended September 30, 2006 was due to a higher average netassets as compared to the corresponding period in 2005.

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 months endedSeptember 30, 2006 resulted in the reversal of an incentive fee accrualof $95,666 and an incentive fee accrual of $478,786 for the nine monthsended September 30, 2006. Trading performance for the three and ninemonths ended September 30, 2005 resulted in an incentive fee accrual of$16,312 and $195,898, respectively.

16

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Item 3.    Quantitative and QualitativeDisclosures about Market Risk

All of the Partnership'sassets are subject to the risk of trading loss through its investmentsin the Funds. The Funds are speculative commodity pools. The marketsensitive instruments held by them are acquired for speculative tradingpurposes, and all or substantially all of the Funds' assets aresubject to the risk of trading loss. Unlike an operating company, therisk of market sensitive instruments is integral, not incidental, tothe Funds' main lines of business.

Market movements resultin frequent changes in the fair value of the Funds' openpositions and, consequently in their earnings and cash flow. TheFunds' market risks are influenced by a wide variety of factors,including the level and volatility of interest rates, exchange rates,equity price levels, the value of financial instruments and contracts,the diversification effects of the Funds' open positions and theliquidity of the market in which they trade.

The Funds rapidlyacquire and liquidate both long and short positions in a wide range ofdifferent markets. Consequently, it is not possible to predict how aparticular future market scenario will affect performance, and theFunds' past performances are not necessarily indicative of theirfuture results.

Value at Risk is a measure of the maximum amountwhich the Funds could reasonably be expected to lose in a given marketsector. However, the inherent uncertainty of the Funds'speculative trading and the recurrence in the markets traded by theFunds of market movements far exceeding expectations could result inactual trading or non-trading losses far beyond the indicated Value atRisk or the Funds' experiences to date (i.e., ‘‘riskof ruin’’). In light of the foregoing as well as the risksand uncertainties intrinsic to all future projections, the inclusion ofthe quantification in this section should not be considered toconstitute any assurance or representation that the Funds' lossesin any market sector will be limited to Value at Risk or by theFunds' attempts to manage their market risks.

Exchangemaintenance margin requirements have been used by the Funds as themeasure of their Value at Risk. Maintenance margin requirements are setby exchanges to equal or exceed the maximum losses reasonably expectedto 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.

17

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The following tables indicate the tradingValue at Risk associated with the Partnership's investments inother Partnerships by market category as of September 30, 2006 and thehighest, lowest and average values at any point during the three monthsended September 30, 2006. All open position trading risk exposures havebeen included in calculating the figures set forth below. There havebeen no material changes in the trading Value at Risk informationpreviously disclosed in the Partnership's Annual Report on Form10-K for the year ended December 31, 2005.

As of September 30,2006, Altis Master's total capitalization was $39,798,090. ThePartnership owns 40.9% of Altis Master.

September 30,2006(Unaudited)

|                         |  |  |               |   |           |                         |  |  |                                     |  |        |                  |  |  |                      |   |           |  |  |  |  |   |         |  |  |  |  |   |           |  |
|-------------------------|--|--|---------------|---|-----------|-------------------------|--|--|-------------------------------------|--|--------|------------------|--|--|----------------------|---|-----------|--|--|--|--|---|---------|--|--|--|--|---|-----------|--|
|                    |  |  |          |   |           |                    |  |  | ThreeMonths Ended September 30,2006 |
| MarketSector            |  |  | Value at Risk |   |           | % ofTotalCapitalization |  |  | HighValue atRisk                    |  |        | LowValue at Risk |  |  | AverageValue atRisk* |
| Commodity Index         |  |  |               | $ | 53,500    |                         |  |  |                                     |  | 0.13   | %                |  |  |                      | $ | 61,000    |  |  |  |  | $ | 4,000   |  |  |  |  | $ | 34,167    |  |
| Currencies:             |  |  |               |   |      |                         |  |  |                                     |  |   |                  |  |  |                      |   |      |  |  |  |  |   |    |  |  |  |  |   |      |  |
| –Exchange Traded  |  |  |               |   | 606,083   |                         |  |  |                                     |  | 1.52   | %                |  |  |                      |   | 941,862   |  |  |  |  |   | 544,388 |  |  |  |  |   | 670,873   |  |
| Energy                  |  |  |               |   | 1,760,800 |                         |  |  |                                     |  | 4.42   | %                |  |  |                      |   | 1,760,800 |  |  |  |  |   | 236,400 |  |  |  |  |   | 1,047,346 |  |
| Grains                  |  |  |               |   | 348,202   |                         |  |  |                                     |  | 0.88   | %                |  |  |                      |   | 804,907   |  |  |  |  |   | 248,134 |  |  |  |  |   | 339,793   |  |
| Interest Rates U.S.     |  |  |               |   | 68,009    |                         |  |  |                                     |  | 0.17   | %                |  |  |                      |   | 400,600   |  |  |  |  |   | 31,748  |  |  |  |  |   | 97,746    |  |
| Interest Rates Non-U.S. |  |  |               |   | 749,146   |                         |  |  |                                     |  | 1.88   | %                |  |  |                      |   | 827,131   |  |  |  |  |   | 399,697 |  |  |  |  |   | 583,824   |  |
| Livestock               |  |  |               |   | 92,425    |                         |  |  |                                     |  | 0.23   | %                |  |  |                      |   | 174,650   |  |  |  |  |   | 66,300  |  |  |  |  |   | 103,492   |  |
| Metals:                 |  |  |               |   |      |                         |  |  |                                     |  |   |                  |  |  |                      |   |      |  |  |  |  |   |    |  |  |  |  |   |      |  |
| –Exchange Traded  |  |  |               |   | 294,000   |                         |  |  |                                     |  | 0.74   | %                |  |  |                      |   | 318,000   |  |  |  |  |   | 144,333 |  |  |  |  |   | 222,833   |  |
| – OTC             |  |  |               |   | 735,569   |                         |  |  |                                     |  | 1.85   | %                |  |  |                      |   | 835,693   |  |  |  |  |   | 384,690 |  |  |  |  |   | 626,502   |  |
| Softs                   |  |  |               |   | 527,762   |                         |  |  |                                     |  | 1.33   | %                |  |  |                      |   | 756,510   |  |  |  |  |   | 346,202 |  |  |  |  |   | 504,879   |  |
| Indices                 |  |  |               |   | 1,601,425 |                         |  |  |                                     |  | 4.02   | %                |  |  |                      |   | 1,831,935 |  |  |  |  |   | 544,760 |  |  |  |  |   | 1,091,007 |  |
| Lumber                  |  |  |               |   | 29,700    |                         |  |  |                                     |  | 0.08   | %                |  |  |                      |   | 39,600    |  |  |  |  |   | 26,400  |  |  |  |  |   | 31,900    |  |
| Totals                  |  |  |               | $ | 6,866,621 |                         |  |  |                                     |  | 17.25  | %                |  |  |                      |   |      |  |  |  |  |   |    |  |  |  |  |   |      |  |
|                         |

|  |
|--|
|  |  |
|  |

|   |                                 |
|---|---------------------------------|
| * | Averagemonth-end Values at Risk |

As of September 30, 2006, AspectMaster's total capitalization was $195,933,306. The Partnershipowns 6.9% of Aspect Master.

September 30,2006(Unaudited)

|                        |  |  |               |   |            |                         |  |  |                                     |  |        |                  |  |  |                      |   |            |  |  |  |  |   |           |  |  |  |  |   |           |  |
|------------------------|--|--|---------------|---|------------|-------------------------|--|--|-------------------------------------|--|--------|------------------|--|--|----------------------|---|------------|--|--|--|--|---|-----------|--|--|--|--|---|-----------|--|
|                   |  |  |          |   |            |                    |  |  | ThreeMonths Ended September 30,2006 |
| MarketSector           |  |  | Value at Risk |   |            | % ofTotalCapitalization |  |  | HighValue atRisk                    |  |        | LowValue at Risk |  |  | AverageValue atRisk* |
| Currencies:            |  |  |               |   |       |                         |  |  |                                     |  |   |                  |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |      |  |
| –OTC             |  |  |               | $ | 4,104,102  |                         |  |  |                                     |  | 2.09   | %                |  |  |                      | $ | 4,222,798  |  |  |  |  | $ | 2,216,294 |  |  |  |  | $ | 3,797,115 |  |
| Energy                 |  |  |               |   | 3,066,400  |                         |  |  |                                     |  | 1.56   | %                |  |  |                      |   | 4,310,900  |  |  |  |  |   | 740,100   |  |  |  |  |   | 2,533,500 |  |
| Grains                 |  |  |               |   | 476,910    |                         |  |  |                                     |  | 0.24   | %                |  |  |                      |   | 984,281    |  |  |  |  |   | 377,635   |  |  |  |  |   | 714,899   |  |
| Interest RatesU.S.     |  |  |               |   | 132,381    |                         |  |  |                                     |  | 0.07   | %                |  |  |                      |   | 2,011,350  |  |  |  |  |   | 70,748    |  |  |  |  |   | 758,344   |  |
| Interest RatesNon-U.S. |  |  |               |   | 2,900,765  |                         |  |  |                                     |  | 1.48   | %                |  |  |                      |   | 10,270,797 |  |  |  |  |   | 2,878,685 |  |  |  |  |   | 5,365,014 |  |
| Livestock              |  |  |               |   | 112,700    |                         |  |  |                                     |  | 0.06   | %                |  |  |                      |   | 272,150    |  |  |  |  |   | 52,373    |  |  |  |  |   | 151,700   |  |
| Metals:                |  |  |               |   |       |                         |  |  |                                     |  |   |                  |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |      |  |
| –Exchange Traded |  |  |               |   | 687,000    |                         |  |  |                                     |  | 0.35   | %                |  |  |                      |   | 1,131,500  |  |  |  |  |   | 341,500   |  |  |  |  |   | 847,167   |  |
| –OTC             |  |  |               |   | 1,980,610  |                         |  |  |                                     |  | 1.01   | %                |  |  |                      |   | 2,925,433  |  |  |  |  |   | 1,035,707 |  |  |  |  |   | 2,050,168 |  |
| Softs                  |  |  |               |   | 977,909    |                         |  |  |                                     |  | 0.50   | %                |  |  |                      |   | 1,733,252  |  |  |  |  |   | 824,088   |  |  |  |  |   | 1,118,053 |  |
| Indices                |  |  |               |   | 6,867,871  |                         |  |  |                                     |  | 3.51   | %                |  |  |                      |   | 8,758,977  |  |  |  |  |   | 207,377   |  |  |  |  |   | 5,651,007 |  |
| Totals                 |  |  |               | $ | 21,306,648 |                         |  |  |                                     |  | 10.87  | %                |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |      |  |
|                        |

|  |
|--|
|  |  |
|  |

|   |                                 |
|---|---------------------------------|
| * | Averagemonth-end Values at Risk |

18

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As of September 30, 2006, CampbellMaster's total capitalization was $317,680,507. The Partnershipowns 4.2% of Campbell Master.

September 30,2006(Unaudited)

|                         |  |  |               |   |            |                         |  |  |                                     |  |        |                  |  |  |                      |   |            |  |  |  |  |   |           |  |  |  |  |   |           |  |
|-------------------------|--|--|---------------|---|------------|-------------------------|--|--|-------------------------------------|--|--------|------------------|--|--|----------------------|---|------------|--|--|--|--|---|-----------|--|--|--|--|---|-----------|--|
|                    |  |  |          |   |            |                    |  |  | ThreeMonths Ended September 30,2006 |
| MarketSector            |  |  | Value at Risk |   |            | % ofTotalCapitalization |  |  | HighValue atRisk                    |  |        | LowValue at Risk |  |  | AverageValue atRisk* |
| Currencies:             |  |  |               |   |       |                         |  |  |                                     |  |   |                  |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |      |  |
| –OTC              |  |  |               | $ | 13,041,103 |                         |  |  |                                     |  | 4.10   | %                |  |  |                      | $ | 13,613,647 |  |  |  |  | $ | 5,183,428 |  |  |  |  | $ | 8,546,131 |  |
| Energy                  |  |  |               |   | 3,834,100  |                         |  |  |                                     |  | 1.21   | %                |  |  |                      |   | 6,296,700  |  |  |  |  |   | 2,756,800 |  |  |  |  |   | 4,744,467 |  |
| Interest RatesU.S.      |  |  |               |   | 410,829    |                         |  |  |                                     |  | 0.13   | %                |  |  |                      |   | 1,620,310  |  |  |  |  |   | 199,533   |  |  |  |  |   | 629,917   |  |
| Interest Rates Non-U.S. |  |  |               |   | 1,842,983  |                         |  |  |                                     |  | 0.58   | %                |  |  |                      |   | 4,243,379  |  |  |  |  |   | 1,754,068 |  |  |  |  |   | 2,321,761 |  |
| Metals:                 |  |  |               |   |       |                         |  |  |                                     |  |   |                  |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |      |  |
| –Exchange Traded  |  |  |               |   | 225,500    |                         |  |  |                                     |  | 0.07   | %                |  |  |                      |   | 225,500    |  |  |  |  |   | 129,000   |  |  |  |  |   | 183,383   |  |
| –OTC              |  |  |               |   | 1,160,142  |                         |  |  |                                     |  | 0.37   | %                |  |  |                      |   | 1,212,500  |  |  |  |  |   | 805,520   |  |  |  |  |   | 986,106   |  |
| Indices                 |  |  |               |   | 9,569,298  |                         |  |  |                                     |  | 3.01   | %                |  |  |                      |   | 9,569,298  |  |  |  |  |   | 1,935,462 |  |  |  |  |   | 5,920,076 |  |
| Totals                  |  |  |               | $ | 30,083,955 |                         |  |  |                                     |  | 9.47   | %                |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |      |  |
|                         |

|  |
|--|
|  |  |
|  |

|   |                                 |
|---|---------------------------------|
| * | Averagemonth-end Values at Risk |

19

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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 Chief FinancialOfficer, has evaluated the effectiveness of the design and operation ofits disclosure controls and procedures (as defined in Rules 13a-15(e)and 15d-15(e) of the Exchange Act) with respect to the Partnership asof the end of the period covered by the report, and, based on thisevaluation, has concluded that these disclosure controls and proceduresare effective. There was no change in the Partnership's internalcontrol over financial reporting during the period covered by thisreport that has materially affected, or is reasonably likely tomaterially affect, the Partnership's internal control overfinancial reporting.

20

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PART II. OTHERINFORMATION

Item 1.    Legal Proceedings

Thefollowing information supplements and amends our discussion set forthunder Part 1, Item 3 ‘‘Legal Proceedings’’ inthe Partnership's Annual Report on Form 10-K for the year endedDecember 31, 2005 and under Part II, Item I, ‘‘LegalProceedings’’ in the Partnership's Quarterly Reporton Form 10-Q for the quarters ended March 31, 2006 and June 30,2006.

Enron Corp.

In light of the settlement of thesecurities class action (Newby, et al. v. Enron Corp., et al.),the plaintiffs have agreed to dismiss the following lawsuits againstCitigroup and its affiliates: California Public Employees'Retirement System v. Banc of America Securities LLC, et al.,Headwaters Capital LLC v. Lay et al., and Variable Annuity LifeIns. Co. v. Credit Suisse First Boston Corp., et al. Plaintiffs intwo other cases, which are not part of the Newby class, havealso voluntarily dismissed their claims against Citigroup and itsaffiliates: Steiner v. Enron Corp., et al. and Town of NewHartford v. Lay, et al.

Research

On August 17,2006, the United States District Court for the Southern District of NewYork approved the class action settlement of Citigroup and itsaffiliates in In Re Salomon Analyst AT&T Litigation, and onSeptember 29, 2006 that same court approved the class actionsettlements in In Re Salomon Analyst Level 3 Litigation, InRe Salomon Analyst XO Litigation and In Re Salomon AnalystWilliams Litigation. 

On September 14, 2006, Citigroup andits affiliates settled all claims in Sturm, et al. v. Citigroup, etal. The settlement was covered by existing reserves.

OnOctober 6, 2006, the United States Court of Appeals granted a review ofthe district court's decision certifying a plaintiff class inIn Re Salomon Analyst Metromedia Litigation.

AdelphiaCommunications Corporation

Defendant banks in In Re AdelphiaCommunications Corporation Securities and DerivativeLitigation, including the Citigroup Parties, have entered intosettlement agreements with the Los Angeles County Employees RetirementAssociation and with The Division of Investment of the New JerseyDepartment of Treasury. The Citigroup Parties' share of thesettlement was covered by existing reserves.

Item 1A. RiskFactors

There are no material changes from the risk factors setforth under Part I, Item 1A. ‘‘Risk Factors’’in our Annual Report on Form 10-K for the fiscal year ended December31, 2005.

21

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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 Units Purchased* |  |          | (b) AveragePrice Paid per Unit** |  |  | (c) Total Number of UnitsPurchased as Part of Publicly Announced Plans orPrograms |   |          | (d) Maximum Number (or Approximate DollarValue) of Units that May Yet Be Purchased Under thePlans or Programs |
| July 1, 2006–July 31,2006            |  |  |                                     |  | 281.4779 |                                  |  |  |                                                                                   | $ | 1,518.10 |                                                                                                               |  |  |  |  | N/A |  |  |  |  |  | N/A |  |
| August1, 2006 – August 31,2006       |  |  |                                     |  | 250.6961 |                                  |  |  |                                                                                   | $ | 1,531.39 |                                                                                                               |  |  |  |  | N/A |  |  |  |  |  | N/A |  |
| September1, 2006 – September 30,2006 |  |  |                                     |  | 219.5935 |                                  |  |  |                                                                                   | $ | 1,519.68 |                                                                                                               |  |  |  |  | N/A |  |  |  |  |  | N/A |  |
|                                       |  |  |                                     |  | 751.7675 |                                  |  |  |                                                                                   | $ | 1,523.06 |                                                                                                               |  |  |  |  | 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. |

Item3.    Defaults Upon Senior Securities – None

Item4.    Submission of Matters to a Vote of Security Holders –None

Item 5.    Other Information – None

Item6.    Exhibits

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

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

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

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

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

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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:  |  |  | November14,2006                                  |
| By:    |  |  | /s/JenniferMagro                                 |
|   |  |  | JenniferMagroChief Financial Officer andDirector |
| Date:  |  |  | November14, 2006                                 |
|        |

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