Table of Contents

FORM10-Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON,D.C. 20549

(X) QUARTERLY REPORT UNDER SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

OR ( ) TRANSITIONREPORT UNDER SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGEACT OF 1934

For the Quarter Ended March 31,2006

Commission File Number 000-30455

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUNDL.P.

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(Exact name ofregistrant as specified in its charter)

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

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

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(Address and Zip Code ofprincipal executive offices)

(212)559-2011

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(Registrant'stelephone number, including area code)

Indicate bycheck mark whether the registrant (1) has filed all reports required tobe filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days.

YesX     No     

Indicate bycheck mark whether the registrant is 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 March 31, 2006 and December 31, 2005(unaudited)                                  |  | 3            |
|                             |  |    |        | Condensed Schedules of Investments at March31, 2006 and December 31, 2005 (unaudited)                                |  | 4 –5   |
|                             |  |    |        | Statements of Income andExpenses and Partners' Capital for the three months ended March31, 2006 and 2005 (unaudited) |  | 6            |
|                             |  |    |        | Statements of Cash Flows for the threemonths ended March 31, 2006 and 2005 (unaudited)                               |  | 7            |
|                             |  |    |        | Notes to Financial Statements(unaudited)                                                                             |  | 8 – 12 |
|                             |  | Item2.  |        | Management's Discussion and Analysis of FinancialCondition and Results ofOperations                                  |  | 13 –14 |
|                             |  | Item 3. |        | Quantitative andQualitative Disclosures about Market Risk                                                            |  | 15 –17 |
|                             |  | Item 4. |        | Controls andProcedures                                                                                               |  | 18           |
| PART II — OtherInformation |  | 19      |
|                                  |

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PART I

Item 1. Financial Statements

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

|                                                                                                                                        |  |              |            |                 |  |        |            |        |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------|--|--------------|------------|-----------------|--|--------|------------|--------|--|--|
|                                                                                                                                   |  | March31,2006 |            | December31,2005 |
| Assets:                                                                                                                                |  |         |       |            |  |   |       |   |
| Investmentin Partnerships, at fairvalue                                                                                                |  | $            | 49,334,164 |            |  | $      | 47,537,531 |   |
| Cash                                                                                                                                   |  |         | 39,425     |            |  |   | 24,949     |   |
|                                                                                                                                   |  | $            | 49,373,589 |            |  | $      | 47,562,480 |   |
|                                                                                                                                   |  |         |       |            |  |   |       |   |
| Liabilitiesand Partners'Capital:                                                                                                       |  |         |       |            |  |   |       |   |
| Liabilities:                                                                                                                           |  |         |       |            |  |   |       |   |
| Accruedexpenses:                                                                                                                       |  |         |       |            |  |   |       |   |
| Commissions                                                                                                                            |  | $            | 222,181    |            |  | $      | 218,136    |   |
| Managementfees                                                                                                                         |  |         | 71,428     |            |  |   | 70,024     |   |
| Incentivefees                                                                                                                          |  |         | 410,808    |            |  |   | 451,973    |   |
| Other                                                                                                                                  |  |         | 45,257     |            |  |   | 28,965     |   |
| Redemptionspayable                                                                                                                     |  |         | 155,283    |            |  |   | 235,979    |   |
|                                                                                                                                   |  |         | 904,957    |            |  |   | 1,005,077  |   |
| Partners'Capital:                                                                                                                      |  |         |       |            |  |   |       |   |
| General Partner, 619.7983 Unitequivalents outstanding in 2006 and2005                                                                  |  |         | 972,284    |            |  |   | 917,723    |   |
| LimitedPartners, 30,277.2533 and 30,823.4179 Redeemable Units of LimitedPartnership Interest outstanding in 2006 and 2005,respectively |  |         | 47,496,348 |            |  |   | 45,639,680 |   |
|                                                                                                                                   |  |         | 48,468,632 |            |  |   | 46,557,403 |   |
|                                                                                                                                   |  | $            | 49,373,589 |            |  | $      | 47,562,480 |   |
|                                                                                                                                        |

SeeAccompanying Notes to Financial Statements.

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Salomon Smith BarneyGlobalDiversified Futures Fund L.P.Condensed Schedule ofInvestments March 31, 2006(Unaudited)

|                                     |  |           |            |                       |  |        |        |         |  |  |
|-------------------------------------|--|-----------|------------|-----------------------|--|--------|--------|---------|--|--|
| InvestmentIn Partnerships           |  | FairValue |            | % of Partners'Capital |
| CMF Altis Partners Master Fund L.P. |  | $         | 15,980,200 |                  |  |   | 32.97  | %  |
| CMF Aspect Master FundL.P.          |  |      | 16,742,577 |                  |  |   | 34.54  |    |
| CMF CampbellMaster Fund L.P.        |  |      | 16,611,387 |                  |  |   | 34.27  |    |
| Total FairValue                     |  | $         | 49,334,164 |                  |  |   | 101.78 | %  |
|                                     |

Percentages are based onPartners' Capital unless otherwiseindicated.

See Accompanying Notes to FinancialStatements.

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

|                                   |  |           |            |                      |  |        |        |         |  |  |
|-----------------------------------|--|-----------|------------|----------------------|--|--------|--------|---------|--|--|
|                              |  | FairValue |            | % ofPartners'Capital |
| Investmentin Partnerships         |  |      |       |                 |  |   |   |    |
| CMF AltisPartners Master FundL.P. |  | $         | 14,780,472 |                 |  |   | 31.75  | %  |
| CMFAspect 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.

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

|                                                                                                                            |  |                           |            |         |  |        |            |         |  |  |
|----------------------------------------------------------------------------------------------------------------------------|--|---------------------------|------------|---------|--|--------|------------|---------|--|--|
|                                                                                                                       |  | ThreeMonths EndedMarch31, |
|                                                                                                                       |  | 2006                      |            | 2005    |
| Income:                                                                                                                    |  |                      |       |    |  |   |       |    |
| Netgains (losses) on trading of commodityinterests:                                                                        |  |                      |       |    |  |   |       |    |
| Realized gainson closed positions and foreign currencies                                                                   |  | $                         | —    |    |  | $      | (1,683,463 | )  |
| Change in unrealized gains(losses) on open positions and investment inPartnerships                                         |  |                      | 4,037,360  |    |  |   | 356,801    |    |
|                                                                                                                       |  |                      | 4,037,360  |    |  |   | (1,326,662 | )  |
| Interestincome                                                                                                             |  |                      | —    |    |  |   | 95,501     |    |
|                                                                                                                       |  |                      | 4,037,360  |    |  |   | (1,231,161 | )  |
| Expenses:                                                                                                                  |  |                      |       |    |  |   |       |    |
| Brokeragecommissions including clearing fees of $0 and $20,872,respectively                                                |  |                      | 652,772    |    |  |   | 619,369    |    |
| Management fees                                                                                                            |  |                      | 209,800    |    |  |   | 186,631    |    |
| Incentivefees                                                                                                              |  |                      | 410,808    |    |  |   | —    |    |
| Otherexpenses                                                                                                              |  |                      | 16,291     |    |  |   | 18,240     |    |
|                                                                                                                       |  |                      | 1,289,671  |    |  |   | 824,240    |    |
| Net income(loss)                                                                                                           |  |                      | 2,747,689  |    |  |   | (2,055,401 | )  |
| Redemptions – LimitedPartners                                                                                        |  |                      | (836,460   | )  |  |   | (1,369,084 | )  |
| Netincrease (decrease) in Partners' capital                                                                                |  |                      | 1,911,229  |    |  |   | (3,424,485 | )  |
| Partners'capital, beginning ofperiod                                                                                       |  |                      | 46,557,403 |    |  |   | 46,309,169 |    |
| Partners' capital, end ofperiod                                                                                            |  | $                         | 48,468,632 |    |  | $      | 42,884,684 |    |
| Net asset value per Redeemable Unit(30,897.0516 and 33,619.1417 Units outstanding at March 31, 2006 and2005, respectively) |  | $                         | 1,568.71   |    |  | $      | 1,275.60   |    |
| Net income (loss) per Redeemable Unit ofLimited Partnership Interest and General Partner Unitequivalent                    |  | $                         | 88.03      |    |  | $      | (59.09     | )  |
|                                                                                                                            |

See Accompanying Notes toFinancial Statements.

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

|                                                                                                  |  |                           |            |         |  |        |             |         |  |  |
|--------------------------------------------------------------------------------------------------|--|---------------------------|------------|---------|--|--------|-------------|---------|--|--|
|                                                                                             |  | ThreeMonths EndedMarch31, |
|                                                                                             |  | 2006                      |            | 2005    |
| Cashflows from operatingactivities:                                                              |  |                      |       |    |  |   |        |    |
| Net income(loss)                                                                                 |  | $                         | 2,747,689  |    |  | $      | (2,055,401  | )  |
| Adjustments toreconcile net income (loss) to net cash provided by (used in) operatingactivities: |  |                      |       |    |  |   |        |    |
| Changesin operating assets andliabilities:                                                       |  |                      |       |    |  |   |        |    |
| (Increase)decrease in restrictedcash                                                             |  |                      | —    |    |  |   | 6,027,453   |    |
| Purchaseof Investment inPartnerships                                                             |  |                      | —    |    |  |   | (32,296,934 | )  |
| Proceedsfrom sale of Investment inPartnerships                                                   |  |                      | 1,854,038  |    |  |   | 601,788     |    |
| Netunrealized (appreciation) depreciation on Investment inPartnerships                           |  |                      | (3,650,671 | )  |  |   | (914,313    | )  |
| (Increase) decrease in net unrealized appreciation onopen futurespositions                       |  |                      | —    |    |  |   | 693,408     |    |
| (Increase)decrease in unrealized appreciation on open forwardcontracts                           |  |                      | —    |    |  |   | 2,180,131   |    |
| (Increase)decrease in interestreceivable                                                         |  |                      | —    |    |  |   | 42,145      |    |
|                                                                                             |  |                      |       |    |  |   |        |    |
| Increase(decrease) in unrealized depreciation on open forwardcontracts                           |  |                      | —    |    |  |   | (2,211,017  | )  |
| Accruedexpenses:                                                                                 |  |                      |       |    |  |   |        |    |
| Increase(decrease) in commissions                                                                |  |                      | 4,045      |    |  |   | (14,432     | )  |
| Increase (decrease) inmanagement fees                                                            |  |                      | 1,404      |    |  |   | (4,887      | )  |
| Increase (decrease) in incentivefees                                                             |  |                      | (41,165    | )  |  |   | (357,621    | )  |
| Increase (decrease) inother                                                                      |  |                      | 16,292     |    |  |   | 18,238      |    |
| Net cash provided by (used in) operatingactivities                                               |  |                      | 931,632    |    |  |   | (28,291,442 | )  |
| Cashflows from financingactivities:                                                              |  |                      |       |    |  |   |        |    |
| Payments forredemptions – LimitedPartners                                                  |  |                      | (917,156   | )  |  |   | (862,003    | )  |
| Netchange incash                                                                                 |  |                      | 14,476     |    |  |   | (29,153,445 | )  |
| Unrestrictedcash, at beginning of period                                                         |  |                      | 24,949     |    |  |   | 38,148,133  |    |
| Unrestricted cash, at end ofperiod                                                               |  | $                         | 39,425     |    |  | $      | 8,994,688   |    |
| NonCash FinancingActivities:                                                                     |  |                      |       |    |  |   |        |    |
| 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 March 31, 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"). As of March 31,2006, all trading decisions are made for the Partnership by AspectCapital Management Ltd. ("Aspect"), Campbell& Company, Inc., ("Campbell") and AltisPartners LTD ("Altis") (each an"Advisor" and collectively, the"Advisors").

The accompanyingfinancial statements are unaudited but, in the opinion of management,include all adjustments, consisting only of normal recurringadjustments, necessary for a fair presentation of thePartnership's financial condition at March 31, 2006 and December31, 2005 and the results of its operations and its cash flows for thethree months ended March 31, 2006 and 2005. These financial statementspresent the results of interim periods and do not include alldisclosures normally provided in annual financial statements. Youshould read these financial statements together with the financialstatements and notes included in the Partnership's annual reporton Form 10-K filed with the Securities and Exchange Commission for theyear ended December 31, 2005.

Due to the nature of commoditytrading, the results of operations for the interim periods presentedshould not be considered indicative of the results that may be expectedfor the entire year.

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements March 31, 2006(Unaudited)

2.    Financial Highlights:

Changes in Net Asset Value per Redeemable Unit of LimitedPartnership Interest for the three months ended March 31, 2006 and 2005were asfollows:

|                                                        |  |                           |          |         |  |        |          |         |  |  |
|--------------------------------------------------------|--|---------------------------|----------|---------|--|--------|----------|---------|--|--|
|                                                   |  | ThreeMonths EndedMarch31, |
|                                                   |  | 2006                      |          | 2005    |
| Netrealized and unrealized gains (losses)*             |  | $                         | 108.42   |    |  | $      | (55.92   | )  |
| InterestIncome                                         |  |                      | —  |    |  |   | 2.76     |    |
| Expenses**                                             |  |                      | (20.39   | )  |  |   | (5.93    | )  |
| Increase(decrease) for theperiod                       |  |                      | 88.03    |    |  |   | (59.09   | )  |
| Net Asset Valueper Redeemable Unit, beginning ofperiod |  |                      | 1,480.68 |    |  |   | 1,334.69 |    |
| NetAsset Value per Redeemable Unit, end ofperiod       |  | $                         | 1,568.71 |    |  | $      | 1,275.60 |    |
| *Includesbrokeragecommissions                          |  |                      |     |    |  |   |     |    |
| **Excludesbrokeragecommissions                         |  |                      |     |    |  |   |     |    |
|                                                        |

|                                             |  |                           |        |          |  |        |         |          |  |  |
|---------------------------------------------|--|---------------------------|--------|----------|--|--------|---------|----------|--|--|
|                                        |  | Three MonthsEndedMarch31, |
|                                        |  | 2006                      |        | 2005     |
| Ratiosto average net assets:***             |  |                      |   |     |  |   |    |     |
| Net investment lossbefore incentivefees**** |  |                      | (7.5   | )%  |  |   | (6.7    | )%  |
| Operatingexpense                            |  |                      | 7.5    | %   |  |   | 7.6     | %   |
| Incentivefees                               |  |                      | 0.9    | %   |  |   | — | %   |
| Totalexpenses                               |  |                      | 8.4    | %   |  |   | 7.6     | %   |
| Totalreturn:                                |  |                      |   |     |  |   |    |     |
| Total return beforeincentivefees            |  |                      | 6.8    | %   |  |   | (4.4    | )%  |
| Incentivefees                               |  |                      | (0.9   | )%  |  |   | — | %   |
| Totalreturn after incentivefees             |  |                      | 5.9    | %   |  |   | (4.4    | )%  |
|                                             |

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

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

The above ratios mayvary for individual investors based on the timing of capitaltransactions during the period. Additionally, these ratios arecalculated for the Limited Partner class using the LimitedPartners' share of income, expenses and average net assets.

3.    Trading Activities:

The Partnership was formed forthe purpose of trading contracts in a variety of commodity interests,including derivative financial instruments and derivative commodityinstruments. The results of the Partnership's trading activitiesare shown in the Statements of Income and Expenses and Partners'Capital and are discussed in Item 2, Management's Discussion andAnalysis of Financial Condition and Results of Operations.

TheCustomer Agreement between the Partnership and CGM gives thePartnership the legal right to net unrealized gains and losses on openfutures positions.

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements March 31, 2006(Unaudited)

All of the commodity interests owned bythe Partnership are held for trading purposes. The results of thePartnership's trading activities (resulting from its investmentin other Partnerships) are shown in the statement of income andexpenses.

4.    Investment in Partnerships:

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

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

On November 1, 2005, theassets allocated to Altis for trading were invested in the CMF AltisPartners Master Fund L.P. ("Altis Master"), alimited partnership organized under the partnership laws of the Stateof New York. The Partnership purchased 13,013.6283 Units of the AltisMaster with cash equal to $11,227,843 and a contribution of opencommodity futures and forwards positions with a fair value of$1,785,785. Altis Master was formed to permit commodity pools managednow and in the future by Altis Partners Ltd. (The"Advisor") using Altis's DiversifiedPortfolio Program, the Advisor's proprietary trading program, toinvest together in one trading vehicle. The General Partner of thepartnership is the general partner of Altis Master. Individual andpooled accounts are permitted to be a limited partner of Altis Master.The General Partner and the Advisor believe that trading through thisstructure should promote efficiency and economy in the trading process.Expenses to the Advisors as a result of the investment in Altis Masterare approximately the same and redemption rights are not affected.

Campbell Master's, Aspect Master's and AltisMaster's, (the "Funds"), trading offutures, forwards and options contracts, if applicable, on commoditiesis done primarily on United States of America commodity exchanges andforeign commodity exchanges. The Funds engage in such trading throughcommodity brokerage accounts maintained by CGM.

A limitedpartner may withdraw all or part of their capital contribution andundistributed profits, if any from the Funds in multiples of the netasset value per unit of limited partnership interest as of the last dayof the month after a request for redemption has been made to theGeneral Partner at least 3 days in advance of month-end.

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements March 31, 2006(Unaudited)

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 of March31, 2006 the Partnership owns 4.7%, 8.2% and 53.1%of Campbell Master, Aspect Master and Altis Master, respectively. Theperformance of the Partnership is directly affected by the performanceof the Funds. It is Campbell's, Aspect's and Altis'sintention to continue to invest the assets allocated to each by thePartnership in Campbell Master, Aspect Master and Altis Master,respectively.

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

|                |  |                         |             |                               |  |                           |            |        |  |        |             |        |  |  |
|----------------|--|-------------------------|-------------|-------------------------------|--|---------------------------|------------|--------|--|--------|-------------|--------|--|--|
|           |  | March31,2006            |
|           |  | Investments'TotalAssets |             | Investments'Total Liabilities |  | Investments'Total Capital |
| AltisMaster    |  | $                       | 30,129,108  |                          |  | $                         | 117,338    |   |  | $      | 30,011,770  |   |
| Aspect Master  |  |                    | 206,528,625 |                          |  |                      | 2,565,421  |   |  |   | 203,963,204 |   |
| CampbellMaster |  |                    | 366,902,874 |                          |  |                      | 11,193,593 |   |  |   | 355,709,281 |   |
| Total          |  | $                       | 603,560,607 |                          |  | $                         | 13,876,352 |   |  | $      | 589,684,255 |   |
|                |

|                |  |                         |             |                               |  |                           |            |        |  |        |             |        |  |  |
|----------------|--|-------------------------|-------------|-------------------------------|--|---------------------------|------------|--------|--|--------|-------------|--------|--|--|
|           |  | 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 areas shown in the followingtables.

|                |  |                           |        |                                          |  |              |            |          |  |                 |           |                     |  |                     |        |        |  |        |        |        |  |        |           |        |  |                    |  |        |         |        |  |  |  |  |
|----------------|--|---------------------------|--------|------------------------------------------|--|--------------|------------|----------|--|-----------------|-----------|---------------------|--|---------------------|--------|--------|--|--------|--------|--------|--|--------|-----------|--------|--|--------------------|--|--------|---------|--------|--|--|--|--|
|           |  | March31, 2006             |        | For the three months ended March 31,2006 |  |         |            |     |
| Investment     |  | %ofPartnership'sNetAssets |        | FairValue                                |  | Income(Loss) |            | Expenses |  | NetIncome(loss) |           | InvestmentObjective |  | RedemptionPermitted |
| Commissions    |  | Other                     |
| AltisMaster    |  |                      | 32.97  | %                                   |  | $            | 15,980,200 |     |  | $               | 1,857,906 |                |  | $                   | 30,850 |   |  | $      | 9,010  |   |  | $      | 1,818,046 |   |  | CommodityPortfolio |  |   | Monthly |   |
| Aspect Master  |  |                      | 34.54  | %                                   |  |         | 16,742,577 |     |  |            | 1,138,919 |                |  |                | 8,899  |   |  |   | 1,397  |   |  |   | 1,128,623 |   |  | CommodityPortfolio |  |   | Monthly |   |
| CampbellMaster |  |                      | 34.27  | %                                   |  |         | 16,611,387 |     |  |            | 1,095,373 |                |  |                | 4,380  |   |  |   | 287    |   |  |   | 1,090,706 |   |  | FMEPortfolio       |  |   | Monthly |   |
| Total          |  |                      |   |                                     |  | $            | 49,334,164 |     |  | $               | 4,092,198 |                |  | $                   | 44,129 |   |  | $      | 10,694 |   |  | $      | 4,037,375 |   |  |               |  |   |    |   |
|                |

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements March 31, 2006(Unaudited)

|                |  |                           |        |                                          |  |              |            |          |  |                 |            |                     |  |                     |         |        |  |        |         |        |  |        |            |         |  |                    |  |         |  |  |  |  |  |  |
|----------------|--|---------------------------|--------|------------------------------------------|--|--------------|------------|----------|--|-----------------|------------|---------------------|--|---------------------|---------|--------|--|--------|---------|--------|--|--------|------------|---------|--|--------------------|--|---------|--|--|--|--|--|--|
|           |  | December31, 2005          |        | For the three months ended March 31,2005 |  |         |            |     |
| 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 |     |  |            | (1,490,996 | )              |  |                | 7,609   |   |  |   | 799     |   |  |   | (1,499,404 | )  |  | CommodityPortfolio |  | Monthly |
| CampbellMaster |  |                      | 35.30  | %                                   |  |         | 16,436,040 |     |  |            | 343,676    |                |  |                | 6,646   |   |  |   | 390     |   |  |   | 336,640    |    |  | FMEPortfolio       |  | Monthly |
| Total          |  |                      |   |                                     |  | $            | 47,537,531 |     |  | $               | (1,147,320 | )              |  | $                   | 14,255  |   |  | $      | 1,189   |   |  | $      | (1,162,764 | )  |  |               |  |    |
|                |

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 negotiated betweencontracting parties and include forwards and certain options.

Each of these instruments is subject to various riskssimilar to those related to the underlying financial instrumentsincluding market and credit risk. In general, the risks associated withOTC contracts are greater than those associated with exchange-tradedinstruments because of the greater risk of default by the counterpartyto an OTC contract.

Market risk is the potential forchanges in the value of the financial instruments traded by the otherpartnerships due to market changes, including interest and foreignexchange rate movements and fluctuations in commodity or securityprices. Market risk is directly impacted by the volatility andliquidity in the markets in which the related underlying assets aretraded.

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

The General Partnermonitors and controls the other partnerships' risk exposure on adaily 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 the otherpartnerships' are subject. These monitoring systems allow theGeneral Partner 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 otherpartnerships mature within one year of March  31, 2006. However,due to the nature of the other partnerships' businesses, theseinstruments may not be held tomaturity.

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

Liquidity and Capital Resources

The Partnership does not engage in the sale of goods orservices. Its only assets are its equity in its commodity futurestrading account, consisting of cash, net unrealized appreciation onopen futures and forward contracts, commodity options, if applicable,and interest receivable. Because of the low margin deposits normallyrequired in commodity futures trading, relatively small price movementsmay result in substantial losses to the Partnership. While substantiallosses could lead to a decrease in liquidity, no such losses occurredduring the first quarter of 2006.

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

For the three months ended March 31, 2006,Partnership capital increased 4.1% from $46,557,403 to$48,468,632. This increase was attributable to a net gain fromoperations of $2,747,689 which was partially offset by the redemptionsof 546.1646 Redeemable Units of Limited Partnership Interest resultingin an outflow of $836,460. Future redemptions can impact the amount offunds available for investment in commodity contract positions insubsequent periods.

Critical AccountingPolicies

The preparation of financial statements inconformity with accounting principles generally accepted in the UnitedStates of America requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities, revenuesand expenses, and related disclosure of contingent assets andliabilities at the date of the financial statements and accompanyingnotes. Actual results could differ from these estimates.

All commodity interests (including derivative financialinstruments and derivative commodity instruments) are used for tradingpurposes. The commodity interests are recorded on trade date and opencontracts are recorded in the statements of financial condition at fairvalue on the last business day of the period, which represents marketvalue for those commodity interests for which market quotations arereadily available or other measures of fair value deemed appropriate bymanagement of the General Partner for those commodity interests andforeign currencies for which market quotations are not readilyavailable. Investments in commodity interests denominated in foreigncurrencies are translated into U.S. dollars at the exchange ratesprevailing on the last business day of the period. Realized gains(losses) and changes in unrealized values on open positions arerecognized in the period in which the contract is closed or the changesoccur and are included in net gains (losses) on trading of commodityinterests.

Foreign currency contracts are those contractswhere the Partnership agrees to receive or deliver a fixed quantity offoreign currency for an agreed-upon price on an agreed future date.Foreign currency contracts are valued daily, and thePartnership's net equity therein, representing unrealized gain orloss on the contracts as measured by the difference between the forwardforeign exchange rates at the date of entry into the contracts and theforward rates at the reporting dates, is included in the statement offinancial condition. Realized gains (losses) and changes in unrealizedvalues on foreign currency contracts are recognized in the period inwhich the contract is closed or the changes occur and are included inthe statements of income and expenses and partners' capital. Theinvestments in other Partnerships are recorded at fair value based uponthe Partnership's proportionate interest held.

Results of Operations

During thePartnership's first quarter of 2006 the net asset value perRedeemable unit increased 5.9% from $1,480.68 to $1,568.71compared to a decrease of 4.4% in the first quarter of 2005. ThePartnership experienced a net trading gain before brokerage commissionsand related fees in the first quarter of 2006 of $4,037,360. Gains wereprimarily attributable to the trading of commodity futures in U.S. andnon-U.S. interest rates, livestock, metals, softs and indices partiallyoffset by losses in currencies, energy, grains and lumber. ThePartnership experienced a net trading loss before brokerage commissionsand related fees in 

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the first quarter of 2005 of $1,326,662.Losses were primarily attributable to the trading of commodity futuresin currencies, grains, indices, softs, non-U.S. interest rates andmetals and were partially offset by gains in energy, livestock and U.S.interest rates.

The main drivers of performance in the firstquarter 2006 were strongly trending metals and stock index marketsaugmented by profits in global interest rate trading.

Globalpolitical instability, rising energy prices and global interest ratesfueled precious metals, notably gold and silver to over 20 year highs.Base metals, particularly aluminum, copper and zinc, also reachedprices not seen in decades, which contributed substantial profits frothe quarter. Rising commodity prices led to higher interest rates inthe U.S., Europe and Asia, was also profitable for the quarter.

Counterintuitive to traditional market reaction to higher interestrates, global stock markets advanced as corporate earnings reports forfull year 2005 met or exceeded expectations and consumer spendingremained high despite increased energy prices and interest rates. Thepartnership's Advisors were properly positioned to take advantageof these trends.

Slightly reducing gains for the partnershipwere losses in foreign currency and trading in agricultural products.The U. S. dollar remained in a trading pattern for most of the quarterwith its' value versus both the Euro and yen rising and fallingwithin a range that resulted in losses for those advisors whose tradingsystems tend to be longer term in nature. The results from energytrading were negative with losses in predominantly in crude oil as wellas petroleum products. Trading results in grains, livestock, and softswere slightly negative for the quarter in aggregate.

Commodityfutures markets are highly volatile. The potential for broad and rapidprice fluctuations increases the risks involved in commodity trading,but also increases the possibility of profit. The profitability of thePartnership depends on the existence of major price trends and theability of the Advisors to correctly identify those price trends. Pricetrends are influenced by, among other things, changing supply anddemand relationships, weather, governmental, agricultural, commercialand trade programs and policies, national and international politicaland economic events and changes in interest rates. To the extent thatmarket trends exist and the advisors are able to identify them, thePartnership expects to increase capital through operations.

CGMwill pay monthly interest to the Partnership on its allocable share of80% of the average daily equity maintained in cash in the MasterFund's brokerage account at a 30-day U.S. Treasury bill ratedetermined by CGM and/or will place up to all of the MasterFund's assets in 90-day Treasury bills. The Partnership willreceive 80% of its allocable share of the interest earned on theTreasury bills through its investments in other 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 March 31, 2006increased by $33,403 as compared to the corresponding period in 2005.The increased in brokerage commissions for the three months ended March31, 2006 is due to an increase in average net assets during the periodas compared to 2005.

Management fees are calculated as apercentage of the Partnership's net asset value as of the end ofeach month and are affected by trading performance and redemptions.Management fees for the three months ended March 31, 2006 increased by$23,169 as compared to the corresponding period in 2005. The increasein management fees for the three months ended March 31, 2006 is due toan increase in average net assets during the period as compared to2005.

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 endedMarch 31, 2006 and 2005 resulted in an incentive fee accrual of$410,808 and $0, respectively.

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Item 3.    Quantitative and QualitativeDisclosures about Market Risk

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

Market movements result in frequentchanges in the fair value of the Partnership's open positionsand, consequently, in its earnings and cash flow. ThePartnership's market risk is influenced by a wide variety offactors, including the level and volatility of interest rates, exchangerates, equity price levels, the value of financial instruments andcontracts, the diversification effects of the Partnership's openpositions and the liquidity of the market in which it trades.

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

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

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

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The following tables indicate the tradingValue at Risk associated with the Partnership's investments inother Partnerships by market category as of March 31, 2006 and thehighest, lowest and average values at any point during the three monthsended March 31, 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 March 31, 2006,Altis Master's total capitalization was $30,011,770. ThePartnership owns 53.1% of Altis Master.

March 31,2006(Unaudited)

|                        |  |               |           |                         |  |                                 |        |                  |  |                      |           |        |  |        |         |        |  |        |           |        |  |  |
|------------------------|--|---------------|-----------|-------------------------|--|---------------------------------|--------|------------------|--|----------------------|-----------|--------|--|--------|---------|--------|--|--------|-----------|--------|--|--|
|                   |  |          |           |                    |  | ThreeMonths Ended March 31,2006 |
| MarketSector           |  | Value at Risk |           | % ofTotalCapitalization |  | HighValue atRisk                |        | LowValue at Risk |  | AverageValue atRisk* |
| CommodityIndex         |  | $             | 51,600    |                    |  |                            | 0.17   | %           |  | $                    | 51,600    |   |  | $      | 11,600  |   |  |   | 30,837    |   |
| Currencies:            |  |          |      |                    |  |                            |   |             |  |                 |      |   |  |   |    |   |  |   |      |   |
| –OTC             |  |          | 719,293   |                    |  |                            | 2.40   | %           |  |                 | 770,137   |   |  |   | 601,774 |   |  |   | 645,016   |   |
| Energy                 |  |          | 790,472   |                    |  |                            | 2.63   | %           |  |                 | 1,100,609 |   |  |   | 673,866 |   |  |   | 884,585   |   |
| Grains                 |  |          | 714,029   |                    |  |                            | 2.38   | %           |  |                 | 714,029   |   |  |   | 477,937 |   |  |   | 573,724   |   |
| Indices                |  |          | 1,407,670 |                    |  |                            | 4.69   | %           |  |                 | 1,430,508 |   |  |   | 463,642 |   |  |   | 1,128,032 |   |
| InterestRates Non-U.S. |  |          | 745,268   |                    |  |                            | 2.48   | %           |  |                 | 755,229   |   |  |   | 383,142 |   |  |   | 511,197   |   |
| InterestRatesU.S.      |  |          | 337,900   |                    |  |                            | 1.13   | %           |  |                 | 615,000   |   |  |   | 62,947  |   |  |   | 281,782   |   |
| Livestock              |  |          | 107,496   |                    |  |                            | 0.36   | %           |  |                 | 136,860   |   |  |   | 63,296  |   |  |   | 69,598    |   |
| Metals                 |  |          |      |                    |  |                            |   |             |  |                 |      |   |  |   |    |   |  |   |      |   |
| –ExchangeTraded  |  |          | 252,000   |                    |  |                            | 0.84   | %           |  |                 | 252,000   |   |  |   | 205,000 |   |  |   | 249,750   |   |
| –OTC             |  |          | 768,861   |                    |  |                            | 2.56   | %           |  |                 | 768,861   |   |  |   | 395,820 |   |  |   | 645,915   |   |
| Softs                  |  |          | 560,112   |                    |  |                            | 1.87   | %           |  |                 | 616,986   |   |  |   | 485,990 |   |  |   | 521,841   |   |
| Lumber                 |  |          | 9,900     |                    |  |                            | 0.03   | %           |  |                 | 22,000    |   |  |   | 7,700   |   |  |   | 13,383    |   |
| Total                  |  | $             | 6,464,601 |                    |  |                            | 21.54  | %           |  |                 |      |   |  |   |    |   |  |   |      |   |
|                        |

|  |
|--|
|  |  |
|  |

|   |                                 |
|---|---------------------------------|
| * | Averagemonth-end Values at risk |

As of March 31, 2006, AspectMaster's total capitalization was $203,963,204. The Partnershipowns 8.2% of Aspect Master.

March 31,2006(Unaudited)

|                                 |  |               |            |                         |  |                                 |        |                  |  |                      |           |        |  |        |           |        |  |        |           |        |  |  |
|---------------------------------|--|---------------|------------|-------------------------|--|---------------------------------|--------|------------------|--|----------------------|-----------|--------|--|--------|-----------|--------|--|--------|-----------|--------|--|--|
|                            |  |          |            |                    |  | ThreeMonths Ended March 31,2006 |
| MarketSector                    |  | Value at Risk |            | % ofTotalCapitalization |  | HighValue atRisk                |        | LowValue at Risk |  | AverageValue atRisk* |
| Currencies:                     |  |          |       |                    |  |                            |   |             |  |                 |      |   |  |   |      |   |  |   |      |   |
| –OTCContracts             |  | $             | 3,554,514  |                    |  |                            | 1.74   | %           |  | $                    | 5,306,271 |   |  | $      | 2,999,081 |   |  | $      | 3,852,528 |   |
| Energy                          |  |          | 1,451,560  |                    |  |                            | 0.71   | %           |  |                 | 4,996,255 |   |  |   | 815,288   |   |  |   | 1,860,624 |   |
| Grains                          |  |          | 673,617    |                    |  |                            | 0.33   | %           |  |                 | 718,021   |   |  |   | 218,482   |   |  |   | 577,294   |   |
| Indices                         |  |          | 5,041,018  |                    |  |                            | 2.48   | %           |  |                 | 6,609,756 |   |  |   | 4,350,554 |   |  |   | 5,120,944 |   |
| InterestRatesNon-U.S.           |  |          | 8,918,341  |                    |  |                            | 4.37   | %           |  |                 | 8,918,341 |   |  |   | 4,424,093 |   |  |   | 6,822,933 |   |
| InterestRatesU.S.               |  |          | 2,952,900  |                    |  |                            | 1.45   | %           |  |                 | 4,241,200 |   |  |   | 1,528,250 |   |  |   | 2,616,417 |   |
| Livestock                       |  |          | 180,400    |                    |  |                            | 0.09   | %           |  |                 | 5,306,271 |   |  |   | 60,470    |   |  |   | 115,650   |   |
| Metals                          |  |          |       |                    |  |                            |   |             |  |                 |      |   |  |   |      |   |  |   |      |   |
| –Exchange TradedContracts |  |          | 628,750    |                    |  |                            | 0.31   | %           |  |                 | 1,319,500 |   |  |   | 515,750   |   |  |   | 606,500   |   |
| –OTCContracts             |  |          | 1,167,230  |                    |  |                            | 0.57   | %           |  |                 | 2,496,448 |   |  |   | 795,695   |   |  |   | 1,034,320 |   |
| Softs                           |  |          | 1,192,245  |                    |  |                            | 0.58   | %           |  |                 | 1,364,902 |   |  |   | 421,418   |   |  |   | 1,071,530 |   |
| Totals                          |  | $             | 25,760,575 |                    |  |                            | 12.63  | %           |  |                 |      |   |  |   |      |   |  |   |      |   |
|                                 |

|  |
|--|
|  |  |
|  |

|   |                                 |
|---|---------------------------------|
| * | Averagemonth-end Values at risk |

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As of March 31, 2006, CampbellMaster's total capitalization was $355,709,281. The Partnershipowns 4.3% of Campbell Master.

March 31,2006(Unaudited)

|                        |  |               |            |                         |  |                                 |        |                  |  |                      |            |        |  |        |            |        |  |        |            |        |  |  |
|------------------------|--|---------------|------------|-------------------------|--|---------------------------------|--------|------------------|--|----------------------|------------|--------|--|--------|------------|--------|--|--------|------------|--------|--|--|
|                   |  |          |            |                    |  | ThreeMonths Ended March 31,2006 |
| MarketSector           |  | Value at Risk |            | % ofTotalCapitalization |  | HighValue atRisk                |        | LowValue at Risk |  | AverageValue atRisk* |
| Currencies:            |  |          |       |                    |  |                            |   |             |  |                 |       |   |  |   |       |   |  |   |       |   |
| –OTC             |  | $             | 15,855,407 |                    |  |                            | 4.46   | %           |  | $                    | 16,627,009 |   |  | $      | 10,760,009 |   |  |   | 15,259,326 |   |
| Energy                 |  |          | 3,433,700  |                    |  |                            | 0.97   | %           |  |                 | 6,696,300  |   |  |   | 1,155,082  |   |  |   | 4,482,200  |   |
| Indices                |  |          | 6,703,725  |                    |  |                            | 1.88   | %           |  |                 | 14,411,622 |   |  |   | 6,163,466  |   |  |   | 9,331,036  |   |
| InterestRates Non-U.S. |  |          | 2,941,882  |                    |  |                            | 0.83   | %           |  |                 | 6,533,524  |   |  |   | 2,496,984  |   |  |   | 3,086,782  |   |
| InterestRatesU.S.      |  |          | 3,039,000  |                    |  |                            | 0.85   | %           |  |                 | 3,892,620  |   |  |   | 786,310    |   |  |   | 2,798,983  |   |
| Metals                 |  |          |       |                    |  |                            |   |             |  |                 |       |   |  |   |       |   |  |   |       |   |
| –Exchange        |  |          | 192,500    |                    |  |                            | 0.05   | %           |  |                 | 2,850,700  |   |  |   | 51,000     |   |  |   | 143,500    |   |
| –OTC             |  |          | 553,550    |                    |  |                            | 0.16   | %           |  |                 | 822,970    |   |  |   | 279,433    |   |  |   | 556,950    |   |
| Total                  |  | $             | 32,719,764 |                    |  |                            | 9.20   | %           |  |                 |       |   |  |   |       |   |  |   |       |   |
|                        |

|  |
|--|
|  |  |
|  |

|   |                                 |
|---|---------------------------------|
| * | Averagemonth-end Values at risk |

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Item 4.    Controls and Procedures

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

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PART II. OTHERINFORMATION

Item 1.    Legal Proceedings

Thefollowing information supplements and amends our discussion set forthunder Part 1, Item 3 "Legal Proceedings" inthe Partnership's Annual Report on Form 10-K for the year endedDecember 31, 2005.

WorldCom, Inc.

In March 2006, theclass action settlement in IN RE WORLDCOM, INC. SECURITIES LITIGATIONbecame final, and the settlement amount was paid pursuant to the termsof the settlement agreement.

Research

On March 29, 2006,the court preliminarily approved Citigroup's settlement of IN RESALOMON ANALYST AT&T LITIGATION. A final hearing on the settlementis scheduled for August 11, 2006.

IPO Antitrust Litigation

The underwriter defendants' motion in the Second Circuit tostay the issuance of the mandate remanding the cases to the districtcourt pending the filing of a petition for writ of certiorari to theUnited States Supreme Court was granted on March 9, 2006, after thewrit of certiorari was filed on March 8, 2006.

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.

Item 2.    Unregistered Sales of Equity Securitiesand Use of Proceeds

The following chart sets forth thepurchases 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 |
| January 1, 2006–January 31,2006    |  |                                | 326.0611 |                             |  | $                                                                                 | 1,535.68 |                                                                                                          |  |   | N/A |   |  |   | N/A |   |
| February1, 2006 – February 28,2006 |  |                                | 121.1156 |                             |  | $                                                                                 | 1,489.91 |                                                                                                          |  |   | N/A |   |  |   | N/A |   |
| March1, 2006 – March 31,2006       |  |                                | 98.9879  |                             |  | $                                                                                 | 1,568.71 |                                                                                                          |  |   | N/A |   |  |   | N/A |   |
| Total                                    |  |                                | 546.1646 |                             |  | $                                                                                 | 1,531.43 |                                                                                                          |  |   | N/A |   |  |   | N/A |   |
|                                          |

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | *Generally, Limited Partners are permitted to redeem their RedeemableUnits as of the end of each month on 10 days' notice to theGeneral Partner. Under certain circumstances, the General Partner cancompel redemption but to date the General Partner has not exercisedthis right. Purchases of Redeemable Units by the Partnership reflectedin the chart above were made in the ordinary course of thePartnership's business in connection with effecting redemptionsfor Limited Partners. |

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

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Item 3.    Defaults Upon SeniorSecurities – None

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

Item 5.    OtherInformation – None

Item 6.    Exhibits

Theexhibits required to be filed by Item 601 of Regulation S-K areincorporated herein by reference to the exhibit index of thePartnership's Annual Report on Form 10-K for the year endedDecember 31, 2005.

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

Exhibit – 31.2 – Rule13a-14(a)/15d-14(a) Certification (Certification of 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).

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

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SIGNATURES

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

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURESFUND L.P.

|        |  |                                                            |  |  |  |  |
|--------|--|------------------------------------------------------------|--|--|--|--|
| By:    |  | CitigroupManaged FuturesLLC                                |
|   |  | (GeneralPartner)                                           |
| By:    |  | /s/David J. Vogel                                          |
|   |  | DavidJ. VogelPresident andDirector                         |
| Date:  |  | May 12,2006                                                |
| By:    |  | /s/Daniel R. McAuliffe,Jr.                                 |
|   |  | Daniel R.McAuliffe, Jr.Chief Financial Officer andDirector |
| Date:  |  | May 12,2006                                                |
|        |

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