FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

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

                     OF THE SECURITIES EXCHANGE ACT OF 1934

               OR ( ) TRANSITION REPORT UNDER SECTION 13 or 15(d)

                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter ended June 30, 2002
                      -------------

Commission File Number 000-30455
                       ---------

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

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


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


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



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

<PAGE>



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

                                                                          Page
                                                                          Number
PART I - Financial Information:

                Item 1.   Financial Statements:

                          Statement of Financial Condition at
                          June 30, 2002 and December 31,
                          2001 (unaudited).                                3

                          Condensed Schedules of Investments at
                          June 30, 2002 and December 31, 2001
                          (unaudited).                                   4 - 5

                          Statement of Income and Expenses and
                          Partners' Capital for the three and
                          six months ended June 30, 2002 and
                          2001 (unaudited).                                6

                          Notes to Financial Statements
                          (unaudited)                                    7 - 11

                Item 2.   Management's Discussion and
                          Analysis of Financial Condition
                          and Results of Operations                     12 - 14

                Item 3.   Quantitative and Qualitative
                          Disclosures of Market Risk                    15 - 16

PART II - Other Information                                                17


                                       2
<PAGE>

                                     PART I
                          ITEM 1. FINANCIAL STATEMENTS


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

<TABLE>
<CAPTION>

                                                        JUNE 30,  DECEMBER 31,
                                                           2002         2001
                                                   -----------------------------
<S>                                                        <C>          <C>
ASSETS:

Equity in commodity futures trading account:
  Cash                                               $49,385,049   $53,304,715
  Net unrealized appreciation
   on open contracts                                   1,994,983     1,018,420
                                                     -----------   -----------
                                                      51,380,032    54,323,135
Interest receivable                                       52,722        62,378
                                                     -----------   -----------
                                                     $51,432,754   $54,385,513
                                                     ===========   ===========

LIABILITIES AND PARTNERS' CAPITAL:

Liabilities:
 Accrued expenses:
  Commissions                                        $   228,277   $   249,428
  Management fees                                         74,795        91,845
  Incentive fees                                         113,124       203,932
  Other                                                   72,772        66,064
Redemptions payable                                    1,436,580       370,309
                                                     -----------   -----------
                                                       1,925,548       981,578
                                                     -----------   -----------

Partners' Capital:

General Partner, 1,067.4488 Unit
 equivalents outstanding in 2002 and 2001              1,128,827     1,123,202
Limited Partners, 45,747.6880 and 49,685.5808
 Units of Limited Partnership Interest outstanding
 in 2002 and 2001, respectively                       48,378,379    52,280,733
                                                     -----------   -----------
                                                      49,507,206    53,403,935
                                                     -----------   -----------
                                                     $51,432,754   $54,385,513
                                                     ===========   ===========

</TABLE>

See Notes to Financial Statements.



                                       3
<PAGE>

            Salomon Smith Barney Global Diversified Futures Fund L.P.
                        Condensed Schedule of Investments
                                  June 30, 2002
                                   (Unaudited)
<TABLE>
<CAPTION>
Sector                               Contract                                           Fair Value
------------------------             --------------------------------------------     -------------
<S>                                     <C>                                                <C>
Currencies
                                     Over the counter contracts purchased - 3.94%       $ 1,949,016
                                     Over the counter contracts sold - (2.18)%           (1,080,951)
                                                                                         ----------
                                     Total Over the counter contracts - 1.76%               868,065

                                     Exchange traded contracts purchased - 0.00% *              100
                                     Exchange traded contracts sold - 0.01%                   6,988
                                                                                         ----------
                                     Total Exchange traded contracts - 0.01%                  7,088
                                                                                         ----------
   Total Currencies - 1.77%                                                                 875,153
                                                                                         ----------

Energy                               Futures contracts purchased - 0.08%                     40,833
                                     Futures contracts sold - 0.02%                           7,880
                                                                                         ----------
   Total Energy - 0.10%                                                                      48,713
                                                                                         ----------
Grains
                                      Futures contracts purchased - 0.15%                    75,974
                                      Futures contracts sold - 0.00% *                       (1,932)
                                                                                         ----------
   Total Grains - 0.15%                                                                      74,042
                                                                                         ----------

Total Interest Rates U.S.- 0.74%      Futures contracts purchased - 0.74%                   366,421
                                                                                         ----------

Total Interest Rates Non-U.S.- 1.25%  Futures contracts purchased - 1.25%                   617,627
                                                                                         ----------

Metals
                                      Futures contracts purchased - 0.04%                    22,573
                                      Futures contracts sold - (0.25)%                     (125,437)
                                                                                          ---------
   Total Metals - (0.21)%                                                                  (102,864)
                                                                                          ---------
Softs
                                      Futures contracts purchased - 0.06%                    29,500
                                      Futures contracts sold - 0.03%                         17,214
                                                                                          ---------
    Total Softs - 0.09%                                                                      46,714
                                                                                          ---------
Indices
                                      Futures contracts purchased - (0.02)%                  (9,880)
                                      Futures contracts sold - 0.16%                         79,057
                                                                                          ---------
    Total Indices - 0.14%                                                                    69,177
                                                                                          ---------

Total Fair Value - 4.03%                                                                $ 1,994,983
                                                                                        ===========
                                                                       % of Investments
Country Composition              Investments at Fair Value                at Fair Value
------------------------------   -------------------------               ---------------
 Australia                                  $ 2,725                           0.14%
 Canada                                      51,935                           2.60%
 Germany                                    122,700                           6.15%
 France                                      (4,882)                         (0.25)%
 Hong Kong                                  (26,083)                         (1.31)%
 Italy                                       (1,473)                         (0.07)%
 Japan                                      272,845                          13.68%
 Spain                                       29,258                           1.47%
 United Kingdom                             148,920                           7.46%
 United States                            1,399,038                          70.13%
                                 -----------------------                 ----------
                                        $ 1,994,983                         100.00%
                                 =======================                 ==========

</TABLE>

* Due to rounding
See Notes to Financial Statements


                                       4
<PAGE>
            Salomon Smith Barney Global Diversified Futures Fund L.P.
                        Condensed Schedule of Investments
                                December 31, 2001
                                   (Unaudited)
<TABLE>
<CAPTION>
   Sector             Contract                                        Fair Value
------------          ------------------                            ------------
<S>                   <C>                                                 <C>
Currencies
                      Exchange traded contracts purchased - 0.08%        $43,336
                      Exchange traded contracts sold - 0.11%              58,200
                                                                    ------------
                        Total Exchange traded contracts - 0.19%          101,536
                                                                    ------------
                      Over the counter contracts purchased - 1.42%       760,465
                      Over the counter contracts sold - 0.28%            147,088
                                                                    ------------
                         Total Over the counter - 1.70%                  907,553
                                                                    ------------
      Total Currencies - 1.89%                                         1,009,089
                                                                    ------------
Energy
                      Futures contracts purchased - 0.00% *                  780
                      Futures contracts sold - (0.09)%                   (50,752)
                                                                    ------------
      Total Energy - (0.09)%                                             (49,972)
                                                                    ------------
Grains
                      Futures contracts purchased - (0.01)%               (3,712)
                      Futures contracts sold - 0.14%                      74,614
                                                                     -----------
      Total Grains - 0.13%                                                70,902
                                                                     -----------
Interest Rates Non-U.S.
                      Futures contracts purchased - (0.12)%              (64,972)
                      Futures contracts sold - 0.12%                      62,970
                                                                     -----------
      Total Interest Rates Non-U.S. - 0.00%                               (2,002)
                                                                     -----------
Interest Rates U.S.
                      Futures contracts purchased - 0.09%                 47,044
                      Futures contracts sold - 0.02%                      14,726
                                                                     -----------
      Total Interest Rates U.S. - 0.11%                                   61,770
                                                                     -----------
Livestock
                      Futures contracts purchased -(0.00)% *                (350)
                      Futures contracts sold - 0.00% *                    (1,840)
                                                                     -----------
      Total Livestock - 0.00% *                                           (2,190)
                                                                     -----------
Metals
                      Futures contracts purchased - (0.07)%              (40,003)
                      Futures contracts sold - (0.17)%                   (88,562)
                                                                     -----------
      Total Metals - (0.24)%                                            (128,565)
                                                                     -----------
Softs
                      Futures contracts purchased - 0.05%                 31,670
                      Futures contracts sold - (0.01)%                    (7,629)
                                                                    ------------
      Total Softs - 0.04%                                                 24,041
                                                                    ------------
Indices
                       Futures contracts purchased - 0.06%                29,992
                       Futures contracts sold - 0.01%                      5,355
                                                                    ------------
      Total Indices - 0.07%                                               35,347
                                                                    ------------

Total Fair Value - 1.91%                                              $1,018,420
                                                                    ============
</TABLE>
                                                             % of Investments at
       Country Composition        Investments at Fair Value           Fair Value
       --------------------        ---------------------          --------------
          Australia                      $ (21,872)                    (2.15)%
          Canada                            39,947                      3.92%
          France                            (4,395)                    (0.43)%
          Germany                           72,053                      7.07%
          Hong Kong                            724                      0.07%
          Japan                            (63,666)                    (6.25)%
          Sweden                               (45)                     0.00% *
          United Kingdom                  (166,823)                   (16.38)%
          United States                  1,162,497                    114.15%
                                   ----------------------          -------------
                                       $ 1,018,420                    100.00%
                                   ======================          =============
Percentages are based on Partners' capital unless otherwise indicated
* Due to rounding
See Notes to Financial Statements.
                                       5
<PAGE>

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


<TABLE>
<CAPTION>
                                                                    THREE MONTHS ENDED                SIX MONTHS ENDED
                                                                           JUNE 30,                        JUNE 30,
                                                              --------------------------     ----------------------------
                                                                   2002            2001             2002            2001
                                                              --------------------------     ----------------------------
<S>                                                                 <C>            <C>              <C>            <C>
Income:
  Net gains (losses) on trading of commodity
   interests:
  Realized gains (losses) on closed positions               $  3,751,623    $ (2,364,309)   $    825,183    $  3,016,219
  Change in unrealized gains (losses) on open
   positions                                                     586,332      (1,255,133)        976,563      (3,083,611)
                                                            ------------    ------------    ------------       ---------
                                                               4,337,955      (3,619,442)      1,801,746         (67,392)
  Interest income                                                161,554         410,390         332,152       1,007,511
                                                            ------------    ------------    ------------       ---------
                                                               4,499,509      (3,209,052)      2,133,898         940,119
                                                            ------------    ------------    ------------       ---------


Expenses:
  Brokerage commissions including clearing fees
  of $38,349, $28,014 , $77,533 and $44,415, respectively        742,965         801,176*      1,495,449       1,660,302 *
  Management fees                                                192,744         280,289         388,496         579,746
  Other expenses                                                  24,750          24,536          44,275          33,178
  Incentive fees                                                 113,124        (274,664)        113,124            --
                                                            ------------    ------------    ------------       ---------
                                                               1,073,583         831,337       2,041,344       2,273,226
                                                            ------------    ------------    ------------       ---------

  Net income (loss)                                            3,425,926      (4,040,389)         92,554      (1,333,107)

Redemptions                                                   (3,009,239)     (4,528,191)     (3,989,283)     (5,818,709)
                                                            ------------    ------------    ------------       ---------
  Net increase (decrease) in Partners' capital                   416,687      (8,568,580)     (3,896,729)     (7,151,816)

Partners' capital, beginning of period                        49,090,519      61,447,283      53,403,935      60,030,519
                                                            ------------    ------------    ------------       ---------

Partners' capital, end of period                            $ 49,507,206    $ 52,878,703    $ 49,507,206    $ 52,878,703
                                                            ------------    ------------    ------------       ---------

Net asset value per Unit
  (46,815.1368 and 53,647.8514 Units outstanding
    at June 30, 2002 and 2001, respectively)                $   1,057.50    $     985.66    $   1,057.50    $     985.66
                                                            ------------    ------------    ------------       ---------

Net income (loss) per Unit of Limited Partnership
  Interest and General Partner Unit equivalent              $      71.23    $     (71.10)   $       5.27    $     (24.86)
                                                            ------------    ------------    ------------        ---------

</TABLE>

 * Amounts reclassified for comparative purposes
See Notes to Financial Statements


                                       6
<PAGE>

            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)
1.       General:

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

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

     Smith  Barney  Futures  Management  LLC acts as the  general  partner  (the
"General  Partner") of the Partnership.  The  Partnership's  commodity broker is
Salomon Smith Barney Inc.  ("SSB").  SSB is an affiliate of the General Partner.
The  General  Partner is wholly  owned by Salomon  Smith  Barney  Holdings  Inc.
("SSBHI"), which is the sole owner of SSB. SSBHI is a wholly owned subsidiary of
Citigroup  Inc.  As of June 30,  2002,  all trading  decisions  are made for the
Partnership by Aspect Capital  Management Ltd.  ("Aspect"),  Campbell & Company,
Inc., ("Campbell") and Eckhardt Trading Company ("Eckhardt") (collectively,  the
"Advisors").

     The accompanying  financial statements are unaudited but, in the opinion of
management,  include  all  adjustments,  consisting  only  of  normal  recurring
adjustments,  necessary for a fair presentation of the  Partnership's  financial
condition  at June 30,  2002  and  December  31,  2001  and the  results  of its
operations  for the three and six  months  ended June 30,  2002 and 2001.  These
financial  statements  present the results of interim periods and do not include
all disclosures  normally  provided in annual financial  statements.  You should
read these financial statements together with the financial statements and notes
included  in the  Partnership's  annual  report  on Form  10-K  filed  with  the
Securities and Exchange Commission for the year ended December 31, 2001.

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


                                       7
<PAGE>

            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)
                                   (Continued)

2.       Financial Highlights:

         Changes in net asset value per Unit for the three and six months ended
June 30, 2002 and 2001 were as follows:

<TABLE>
<CAPTION>
                                       THREE-MONTHS ENDED        SIX-MONTHS ENDED
                                              JUNE 30,                JUNE   30,
                                       ------------------        ------------------
                                       2002          2001        2002         2001
<S>                                     <C>          <C>          <C>        <C>
Net realized and unrealized
  gain(losses) *                      $74.73      $(77.71)       $9.64      $(31.66)
Interest income                         3.30         7.31         6.68        17.43
Expenses **                            (6.80)       (0.70)      (11.05)      (10.63)
                                   ---------    ---------    ---------    ---------

Increase(decrease) for period          71.23       (71.10)        5.27       (24.86)
Net Asset Value per Unit,
 beginning of period                  986.27     1,056.76     1,052.23     1,010.52
                                   ---------    ---------    ---------    ---------
Net Asset Value per Unit,
 end of period                     $1,057.50      $985.66    $1,057.50      $985.66
                                   =========    =========    =========    =========
</TABLE>


* Net realized and unrealized gains (losses) is net of commission expense.

**      Expenses exclude commission expense.


                                       8
<PAGE>

            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)
                                   (Continued)


Financial Highlights continued:

<TABLE>
<CAPTION>
                                   THREE-MONTHS ENDED  SIX-MONTHS ENDED
                                        JUNE 30,         JUNE  30,
                                     --------------    -------------
                                      2002     2001    2002    2001
<S>                                    <C>      <C>     <C>     <C>
Ratio to average net assets: *
Net income(loss)before
  incentive fee                       29.3%   (30.7)%   0.8%   (4.7)%
Incentive fee                         (0.9)%    1.9%   (0.5)%   0.0%
                                      ----     ----     ---     ---
Net income(loss) after
 incentive fee                        28.4%   (28.8)%   0.3%   (4.7)%
                                      ====     ====     ===     ===

Operating expenses                     7.9%     7.9%    7.8%    7.9%
Incentive fee                          0.9%    (1.9)%   0.5%    0.0%
                                      ----     ----     ---     ---
Total expenses and incentive fees      8.8%     6.0%    8.3%    7.9%
                                      ====     ====     ===     ===

Total return:

Total return before incentive fee      7.5%    (7.2)%   0.7%   (2.5)%
Incentive fee                         (0.3)%    0.5%   (0.2)%   0.0%
                                      ----     ----     ---     ---
Total return after incentive fee       7.2%    (6.7)%   0.5%   (2.5)%
                                      ====     ====     ===     ===
</TABLE>

* Annualized


                                       9
<PAGE>

            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)
                                   (Continued)

3.  Trading Activities:

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

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

     All of the  commodity  interests  owned  by the  Partnership  are  held for
trading purposes. The average fair values during the six and twelve months ended
June 30,  2002 and  December  31,  2001,  based on a  monthly  calculation,  was
$1,520,767  and  $2,303,242,  respectively.  The fair  value of these  commodity
interests,  including  options  thereon,  if  applicable,  at June 30,  2002 and
December 31, 2001, was $1,994,983 and $1,018,420,  respectively. Fair values for
exchange traded commodity  futures and options are based on quoted market prices
for those futures and options.  Fair values for all other financial  instruments
for which market  quotations are not readily available are based on calculations
approved by the General Partner.


4.       Financial Instrument Risk

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

                                       10
<PAGE>

            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)
                                   (Continued)

     Each of these  instruments  is subject to  various  risks  similar to those
related to the  underlying  financial  instruments  including  market and credit
risk. In general, the risks associated with OTC contracts are greater than those
associated  with  exchange  traded  instruments  because of the greater  risk of
default by the counterparty to an OTC contract.

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

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

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

     The  notional  or  contractual  amounts  of these  instruments,  while  not
recorded in the financial  statements,  reflect the extent of the  Partnership's
involvement  in these  instruments.  The  majority of these  instruments  mature
within  one  year  of  June  30,  2002.  However,  due  to  the  nature  of  the
Partnership's business, these instruments may not be held to maturity.


                                       11
<PAGE>

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

Liquidity and Capital Resources

     The Partnership does not engage in the sale of goods or services.  Its only
assets are its equity in its commodity  futures trading  account,  consisting of
cash, net  unrealized  appreciation  (depreciation)  on open futures and forward
contracts, commodity options, if applicable, and interest receivable. Because of
the  low  margin  deposits  normally  required  in  commodity  futures  trading,
relatively  small  price  movements  may  result  in  substantial  losses to the
Partnership.  While substantial losses could lead to a decrease in liquidity, no
such losses occurred during the second quarter of 2002.

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

     For the six months ended June 30, 2002,  Partnership capital decreased 7.3%
from  $53,403,935  to  $49,507,206.   This  decrease  was  attributable  to  the
redemption of 3,937.8928 Units resulting in an outflow of $3,989,283,  which was
partially  offset by net income from operations of $92,554.  Future  redemptions
can impact the amount of funds  available for  investment in commodity  contract
positions in subsequent months.

Critical Accounting Policies

     The  preparation  of financial  statements  in conformity  with  accounting
principles  generally  accepted  in the United  States  requires  estimates  and
assumptions that affect the reported amounts of assets and liabilities, revenues
and expenses,  and related  disclosures of contingent  assets and liabilities in
the financial statements and accompanying notes.

     All commodity interests  (including  derivative  financial  instruments and
derivative commodity  instruments) are used for trading purposes.  The commodity
interests  are  recorded on trade date and open  contracts  are  recorded in the
statement of financial  condition at fair value on the last  business day of the
period,  which represents  market value for those commodity  interests for which
market  quotations are readily  available.  Investments  in commodity  interests
denominated  in  foreign  currencies  are  translated  into U.S.  dollars at the
exchange rates prevailing on the last business day of the period. Realized gains
(losses) and changes in  unrealized  values on commodity  interests  and foreign


                                       12
<PAGE>

currencies  are  recognized in the period in which the contract is closed or the
changes  occur and are  included in net gains  (losses) on trading of  commodity
interests.

     Foreign currency contracts are those contracts where the Partnership agrees
to receive or deliver a fixed  quantity of foreign  currency for an  agreed-upon
price on an agreed future date. Foreign currency contracts are valued daily, and
the  Partnership's net equity therein,  representing  unrealized gain or loss on
the contracts as measured by the difference between the forward foreign exchange
rates at the  date of entry  into the  contracts  and the  forward  rates at the
reporting dates, is included in the statement of financial  condition.  Realized
gains(losses) and changes in unrealized values on foreign currency contracts are
recognized  in the period in which the  contract is closed or the changes  occur
and are included in the statement of income and expenses and partners' capital.

Results of Operations

     During the  Partnership's  second  quarter of 2002, the net asset value per
unit  increased 7.2% from $986.27 to $1,057.50 as compared to a decrease of 6.7%
in the second  quarter of 2001. The  Partnership  experienced a net trading gain
before  brokerage  commissions and related fees in the second quarter of 2002 of
$4,337,955.  Gains were  primarily  attributable  to the  trading  of  commodity
futures  in  currencies,  U.S.  interest  rates,  livestock  and  softs and were
partially offset by losses in energy, grains, indices,  non-U.S.  interest rates
and metals.  The  Partnership  experienced  a net trading loss before  brokerage
commissions and related fees in the second quarter of 2001 of $3,619,442. Losses
were primarily  attributable to the trading of commodity  futures in currencies,
energy,  U.S. and non-U.S.  interest rates, softs and indices and were partially
offset by gains in grains, metals and livestock.

     Commodity futures markets are highly volatile.  The potential for broad and
rapid price fluctuations  increases the risks involved in commodity trading, but
also increases the possibility of profit.  The  profitability of the Partnership
depends on the  existence  of major price trends and the ability of the Advisors
to correctly identify those price trends.  Price trends are influenced by, among
other things, changing supply and demand relationships,  weather,  governmental,
agricultural,   commercial  and  trade  programs  and  policies,   national  and
international  political and economic  events and changes in interest  rates. To
the extent that market trends exist and the Advisors are able to identify  them,
the Partnership expects to increase capital through operations.

     Interest income on 80% of the Partnership's daily equity maintained in cash
was earned on the monthly average 30-day U.S. Treasury bill yield. Salomon Smith
Barney may continue to maintain the  Partnership  assets in cash and/or to place


                                       13
<PAGE>

all of the Fund assets in 90-day  Treasury bills and pay the  Partnership 80% of
the interest earned on the Treasury bills  purchased.  Salomon Smith Barney will
retain 20% of any interest  earned on Treasury  bills.  Interest  income for the
three and six months ended June 30, 2002  decreased  by $248,836  and  $675,359,
respectively,  as compared to the corresponding periods in 2001. The decrease in
interest  income is primarily  due to the decrease in interest  rates during the
three and six months ended June 30, 2002 as compared to 2001.

     Brokerage commissions are calculated on the adjusted net asset value on the
last day of each month and, therefore, vary according to trading performance and
redemptions.  Accordingly, they must be compared in relation to the fluctuations
in the  monthly  net asset  values.  Commissions  and fees for the three and six
months ended June 30, 2002 decreased by $58,211 and $164,853,  respectively,  as
compared  to the  corresponding  periods  in 2001.  The  decrease  in  brokerage
commissions  is due to a decrease in net assets  during the three and six months
ended June 30, 2002 as compared to 2001.

     Management  fees are  calculated as a percentage of the  Partnership's  net
asset value as of the end of each month and are affected by trading performance,
subscriptions  and  redemptions.  Management  fees for the three and six  months
ended June 30, 2002 decreased by $87,545 and $191,250, respectively, as compared
to the corresponding  periods in 2001. The decrease in management fees is due to
a decrease in net assets  during the three and six months ended June 30, 2002 as
compared to 2001.

     Incentive  fees  paid  annually  by the  Partnership  are  based on the net
trading  profits  of the  Partnership  as  defined  in the  Limited  Partnership
Agreement.  Trading performance for the three and six months ended June 30, 2002
resulted in an incentive fee accrual of $113,124.  There were no incentive  fees
earned for the three and six months ended June 30, 2001.


                                       14
<PAGE>

Item 3.  Quantitative and Qualitative Disclosures of Market Risk
              Introduction

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

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

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

     Value at Risk is a measure  of the  maximum  amount  which the  Partnership
could  reasonably  be expected to lose in a given market  sector.  However,  the
inherent uncertainty of the Partnership's speculative trading and the recurrence
in the markets  traded by the  Partnership  of market  movements  far  exceeding
expectations could result in actual trading or non-trading losses far beyond the
indicated Value at Risk or the Partnership's  experience to date (i.e., "risk of
ruin").  In  light  of the  foregoing  as well as the  risks  and  uncertainties
intrinsic to all future projections, the inclusion of the quantification in this
section should not be considered to constitute  any assurance or  representation
that the  Partnership's  losses in any market sector will be limited to Value at
Risk or by the Partnership's attempts to manage its market risk.

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


                                       15
<PAGE>

     The following table indicates the trading Value at Risk associated with the
Partnership's  open  positions by market  category as of June 30, 2002. All open
position  trading  risk  exposures  of the  Partnership  have been  included  in
calculating the figures set forth below. As of June 30, 2002, the  Partnership's
total  capitalization was $49,507,206.  There has been no material change in the
trading Value at Risk information  previously disclosed in the Form 10-K for the
year ended December 31, 2001.


                                  June 30, 2002
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                  Year to Date
                                           % of Total         High          Low
Market Sector                Value at Risk Capitalization  Value at Risk Value at Risk
---------------------------------------------------------------------------------------
<S>                                  <C>        <C>           <C>            <C>
Currencies:
 - Exchange Traded Contracts   $   40,040      0.08%     $  869,886   $   40,040
 - OTC Contracts                1,023,585      2.07%      1,134,012      720,029
Energy                            211,000      0.43%        887,900       57,590
Grains                             64,622      0.13%        162,671       39,929
Interest Rates U.S.               226,200      0.46%        821,800      119,100
Interest Rates Non-U.S          1,101,581      2.22%      1,477,765      551,414
Metals:
- Exchange Traded Contracts       147,800      0.30%        224,200       50,000
- OTC Contracts                   242,825      0.49%        328,025       70,100
Softs                             140,000      0.28%        140,000       36,600
Indices                           481,919      0.97%      2,544,972      259,698
                               ----------   --------
Total                          $3,679,572      7.43%
                               ==========   ========

</TABLE>



                                       16
<PAGE>

                            PART II OTHER INFORMATION

Item 1.   Legal Proceedings -

                    In April 2002,  consolidated  amended  complaints were filed
               against Salomon Smith Barney Inc and other investment banks named
               in numerous  putative  class  actions  filed in the United States
               District  Court for the  Southern  District of New York  alleging
               violations of certain federal  securities laws (including Section
               11 of the Securities  Act of 1933, as amended,  and Section 10(b)
               of the Securities  Exchange Act of 1934, as amended) with respect
               to the allocation of shares for certain initial public  offerings
               and  related  aftermarket  transactions  and damage to  investors
               caused by allegedly biased research analyst reports. Also pending
               in the Southern District of New York against Salomon Smith Barney
               Inc and other investment banks are several putative class actions
               which have been  consolidated into a single class action alleging
               violations  of  certain  federal  and  state  antitrust  laws  in
               connection  with the  allocation  of  shares  in  initial  public
               offerings when acting as underwriters.


Item 2.   Changes in Securities and Use of Proceeds - None

Item 3.   Defaults Upon Senior Securities - None

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

Item 5.   Other Information - None

Item 6.  (a) Exhibit - 99.1 Certificate of Chief Executive Officer.
             Exhibit - 99.2 Certificate of Chief Financial Officer.

         (b) Reports on  Form 8-K - None  with  respect to the second quarter of
             2002.  On  July 17, 2002 the Partnership filed a notice on Form 8-K
             to  report a change in accountants from  PricewaterhouseCoopers LLP
             to KPMG LLP.


                                       17
<PAGE>

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

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.


By:        Smith Barney Futures Management LLC
           (General Partner)


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

Date:      8/14/02
           ---------


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

By:        Smith Barney Futures Management LLC
           (General Partner)


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


Date:      8/14/02
           ---------


By:       /s/ Daniel R. McAuliffe, Jr.
          -------------------------------------
          Daniel R. McAuliffe, Jr.
          Chief Financial Officer and
          Director

Date: 8/14/02


                                       18