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 March 31, 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
                                 March 31, 2002 and December 31,
                                 2001 (unaudited).                          3

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

                                 Statement of Income and Expenses and Partners'
                                 Capital for the three months ended March 31,
                                 2002 and 2001
                                 (unaudited).                               6

                                 Notes to Financial Statements
                                 (unaudited)                              7 - 10

                Item 2.          Management's Discussion and
                                 Analysis of Financial Condition
                                 and Results of Operations               11 - 12

                Item 3.          Quantitative and Qualitative
                                 Disclosures of Market Risk              13 - 14

PART II - Other Information                                                 15


                                       2
<PAGE>

                                     PART I
                          ITEM 1. FINANCIAL STATEMENTS

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


<TABLE>
<CAPTION>
                                                        MARCH 31,   DECEMBER 31,
                                                            2002       2001
                                                       -------------------------
<S>                                                         <C>            <C>
ASSETS:
Equity in commodity futures trading account:
  Cash                                                 $48,329,135   $53,304,715
  Net unrealized appreciation
   on open contracts                                     1,408,651     1,018,420
                                                       -----------   -----------
                                                        49,737,786    54,323,135
Interest receivable                                         58,720        62,378
                                                       -----------   -----------
                                                       $49,796,506   $54,385,513
                                                       ===========   ===========
LIABILITIES AND PARTNERS' CAPITAL:

Liabilities:
 Accrued expenses:
  Commissions                                          $   228,382   $   249,428
  Management fees                                           59,869        91,845
  Incentive fees                                              --         203,932
  Other                                                     85,589        66,064
Redemptions payable                                        332,147       370,309
                                                       -----------   -----------
                                                           705,987       981,578
                                                       -----------   -----------

Partners' Capital:

General Partner, 1,067.4488 Unit
   equivalents outstanding in 2002 and 2001              1,052,793     1,123,202

Limited Partners, 48,706.4092 and 49,685.5808
   Units of Limited Partnership Interest outstanding
   in 2002 and 2001, respectively                       48,037,726    52,280,733
                                                       -----------   -----------
                                                        49,090,519    53,403,935
                                                       -----------   -----------
                                                       $49,796,506   $54,385,513
                                                       ===========   ===========
</TABLE>

See Notes to Financial Statements.



                                       3
<PAGE>

                      Salomon Smith Barney Global Diversified
                                Futures Fund L.P.
                        Condensed Schedule of Investments
                                 March 31, 2002
                                   (Unaudited)
<TABLE>
<CAPTION>

Sector            Contract                                            Fair Value
---------         -----------------------                            -----------
<S>                   <C>                                                    <C>

Currencies
                    Exchange traded contracts purchased - 0.18%      $    87,930
                    Exchange traded contracts sold - 0.02%                 7,978
                                                                     -----------
                       Total Exchange traded contracts 0.20%              95,908

                    Over the counter contracts purchased - (0.10)%       (47,136)
                    Over the counter contracts sold - 0.35%              173,334
                                                                     -----------
                       Total Over the counter Contracts 0.25%            126,198
                                                                     -----------
     Total Currencies - 0.45%                                            222,106
                                                                     -----------

Total Energy - 0.89% Futures contracts purchased -0.89%                  437,196
                                                                     -----------
Grains
                    Futures contracts purchased - 0.09%                   45,461
                    Futures contracts sold - 0.11%                        54,866
                                                                     -----------
      Total Grains - 0.20%                                               100,327
                                                                     -----------

Interest Rates Non-U.S
                    Futures contracts purchased - 0.15%                   76,273
                    Futures contracts sold - 1.07%                       524,275
                                                                     -----------
      Total Interest Rates Non-U.S. - 1.22%                              600,548
                                                                     -----------

Total Interest Rates U.S. - 0.05%  Futures contracts sold - 0.05%         23,131
                                                                     -----------

Total Livestock - 0.17%            Futures contracts sold - 0.17%         83,695
                                                                     -----------

Metals
                      Futures contracts purchased - 0.12%                 56,867
                      Futures contracts sold - (0.06)%                   (29,183)
                                                                     -----------
      Total Metals - 0.06%                                                27,684
                                                                     -----------
Softs
                      Futures contracts purchased - 0.04%                 19,266
                      Futures contracts sold - (0.01)%                    (7,067)
                                                                     -----------
      Total Softs - 0.03%                                                 12,199
                                                                     -----------
Indices
                      Futures contracts purchased - (0.19)%              (92,268)
                      Futures contracts sold - (0.01)%                    (5,967)
                                                                     -----------
                      Total Indices - (0.20)%                            (98,235)
                                                                     -----------

Total Fair Value - 2.87%                                             $ 1,408,651
                                                                     ===========

</TABLE>
                                                                % of Investments
     Country Composition    Investments at Fair Value              at Fair Value
-------------------------   -------------------        -------------------------
       Australia                  $ 94,328                               6.70%
       Canada                        5,580                               0.40%
       France                        2,895                               0.20%
       Germany                     250,774                              17.80%
       Hong Kong                    (1,949)                             (0.14)%
       Italy                         3,047                               0.22%
       Japan                        (5,205)                             (0.37)%
       Spain                        (5,206)                             (0.37)%
       United Kingdom              244,939                              17.39%
       United States               819,448                              58.17%
                            -----------------                     --------------
                               $ 1,408,651                             100.00%
                            ==================                   ===============

Percentages are based on Partners' capital unless otherwise indicated
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  THREE MONTHS ENDED
                                                        MARCH 31,      MARCH 31,
                                                           2002             2001
                                                    ----------------------------------
<S>                                                        <C>              <C>
Income:
  Net gains (losses) on trading of commodity
   interests:
  Realized gains (losses) on closed positions       $ (2,926,440)   $  5,380,527
  Change in unrealized gains (losses) on open
   positions                                             390,231      (1,828,477)
                                                    ------------    ------------

                                                      (2,536,209)      3,552,050
  Interest income                                        170,598         597,121
                                                    ------------    ------------

                                                      (2,365,611)      4,149,171
                                                    ------------    ------------

Expenses:
  Brokerage commissions including clearing fees
   of $39,184 and $16,401, respectively                  752,484         859,126 *
  Management fees                                        195,752         299,457
  Other expenses                                          19,525           8,642
  Incentive fees                                            --           274,664
                                                    ------------    ------------

                                                         967,761       1,441,889
                                                    ------------    ------------

Net income (loss)                                     (3,333,372)      2,707,282

Redemptions                                             (980,044)     (1,290,518)
                                                    ------------    ------------
Net increase (decrease) in Partners' capital          (4,313,416)      1,416,764

Partners' capital, beginning of period                53,403,935      60,030,519
                                                    ------------    ------------

Partners' capital, end of period                    $ 49,090,519    $ 61,447,283
                                                    ============    ============

Net asset value per Unit
  (49,773.8580 and 58,146.7533 Units outstanding
  at March 31, 2002 and 2001, respectively)         $     986.27    $   1,056.76
                                                    ============    ============

Net income (loss) per Unit of Limited Partnership
  Interest and General Partner Unit equivalent      $     (65.96)   $      46.24
                                                    ============    ============
</TABLE>

* Amount reclassified for comparative purposes

See Notes to Financial Statements


                                       6
<PAGE>


            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                                 March 31, 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 March 31,  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 March  31,  2002 and  December  31,  2001 and the  results  of its
operations for the three months ended March 31, 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
                                 March 31, 2002
                                   (Unaudited)
                                   (Continued)
2.     Financial Highlights:

     Changes in net asset  value per Unit for the three  months  ended March 31,
2002 and 2001 were as follows:
<TABLE>
<CAPTION>

                                          THREE-MONTHS ENDED
                                                MARCH 31,
                                     -----------------------------
                                            2002          2001
                                      ------------    ---------
<S>                                           <C>         <C>

Net realized and unrealized
  gains(losses)                      $     (65.09) $      46.05
Interest income                              3.38         10.12
Expenses                                    (4.25)        (9.93)
                                        ---------     ---------
Increase(decrease) for period              (65.96)        46.24
Net Asset Value per Unit,
 beginning of period                     1,052.23      1,010.52
                                        ---------     ---------
Net Asset Value per Unit,
 end of period                       $     986.27  $   1,056.76
                                        =========     =========

Ratios to average net assets: *

Net income (loss) before incentive
 fee                                       (26.4)%        20.1%
Incentive fee                                0.0%         (1.8)%
                                        ---------     ---------

Net income (loss) after incentive
 fee                                       (26.4)%        18.3%
                                        =========     =========

Operating expenses                           7.7%          7.9%
Incentive fee                                0.0%          1.8%
                                        ---------     ---------

Total expenses and incentive fee             7.7%          9.7%
                                        =========     =========

Total return:
Total return before incentive fee           (6.3)%         6.4%
Incentive fee                                0.0 %        (1.8)%
                                        ---------     ---------

Total return before incentive fee           (6.3)%         4.6%
                                        =========     =========
</TABLE>


* Annualized


                                       8
<PAGE>

            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                                 March 31, 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 value  during the three and twelve  months
ended March 31, 2002 and December 31, 2001, based on a monthly calculation,  was
$1,169,695  and  $2,303,242,  respectively.  The fair  value of these  commodity
interests,  including  options  thereon,  if  applicable,  at March 31, 2002 and
December 31, 2001, was $1,408,651 and $1,018,420, respectively.

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

                                       9
<PAGE>

            Salomon Smith Barney Global Diversified Futures Fund L.P.
                          Notes to Financial Statements
                                 March 31, 2002
                                   (Unaudited)
                                   (Continued)

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  (depreciation) 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  March  31,  2002.  However,  due  to  the  nature  of the
Partnership's business, these instruments may not be held to maturity.


                                       10
<PAGE>

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

     The Partnership does not engage in the sale of goods or services.  Its only
assets are its equity in its commodity  futures trading  account,  consisting of
cash, net  unrealized  appreciation  (depreciation)  on open futures and forward
contracts, commodity options, if applicable, and interest receivable. Because of
the  low  margin  deposits  normally  required  in  commodity  futures  trading,
relatively  small  price  movements  may  result  in  substantial  losses to the
Partnership.  While substantial losses could lead to a decrease in liquidity, no
such losses occurred during the first 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 three months ended March 31, 2002,  Partnership  capital  decreased
8.1% from  $53,403,935 to $49,090,519.  This decrease was  attributable to a net
loss from operations of $3,333,372 coupled with the redemption of 979.1716 Units
resulting  in an outflow of $980,044  for the three months ended March 31, 2002.
Future  redemptions  can impact the amount of funds  available for investment in
commodity contract positions in subsequent months.

Results of Operations

     During the  Partnership's  first  quarter of 2002,  the net asset value per
unit decreased 6.3% from $1,052.23 to $986.27 as compared to an increase of 4.6%
in the first  quarter of 2001.  The  Partnership  experienced a net trading loss
before  brokerage  commissions  and related fees in the first quarter of 2002 of
$2,536,209.  Losses were  primarily  attributable  to the  trading of  commodity
futures in currencies, grains, U.S. and non-U.S. interest rates, indices, metals
and  softs and were  partially  offset by gains in  energy  and  livestock.  The
Partnership  experienced  a net trading gain before  brokerage  commissions  and


                                       11
<PAGE>

related fees in the first quarter of 2001 of  $3,552,050.  Gains were  primarily
attributable  to the  trading of  commodity  futures  in  currencies,  U.S.  and
non-U.S.  interest rates, livestock,  metals and softs and were partially offset
by losses in energy, and grains.

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

     Interest income on 80% of the Partnership's daily equity maintained in cash
was earned on the monthly  average  30-day U.S.  Treasury  bill yield.  Interest
income for the three  months  ended  March 31,  2002  decreased  by  $426,523 as
compared to the corresponding period in 2001. The decrease in interest income is
primarily  due to the  decrease in interest  rates during the three months ended
March 31, 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 months ended
March 31, 2002 decreased by $106,642 as compared to the corresponding  period in
2001.  The decrease in brokerage  commissions is due to a decrease in net assets
during the three months ended March 31, 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 months ended March
31, 2002 decreased by $103,705 as compared to the corresponding  period in 2001.
The decrease in  management  fees is due to a decrease in the net assets  during
the three months ended March 31, 2002.

     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  months ended March 31, 2002 and
2001 resulted in an incentive fee accrual of $0, and $274,664, respectively.



                                       12
<PAGE>

Item 3. Quantitative and Qualitative Disclosures of Market Risk
              Introduction
     The  Partnership  is a speculative  commodity  pool.  The market  sensitive
instruments held by it are acquired for speculative trading purposes, and all or
substantially all of the Partnership's assets are subject to the risk of trading
loss. Unlike an operating company,  the risk of market sensitive  instruments is
integral, not incidental, to the Partnership's main line of business.

     Market  movements  result  in  frequent  changes  in the fair  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
included in this section should not be considered to constitute any assurance or
representation  that the  Partnership's  losses  in any  market  sector  will be
limited to Value at Risk or by the  Partnership's  attempts to manage its market
risk.

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


                                       13
<PAGE>

     The following table indicates the trading Value at Risk associated with the
Partnership's  open positions by market  category as of March 31, 2002. All open
position  trading  risk  exposures  of the  Partnership  have been  included  in
calculating the figures set forth below. As of March 31, 2002, the Partnership's
total  capitalization  was approximately  $49,090,519 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.

<TABLE>
<CAPTION>

                                 March 31, 2002
                                   (Unaudited)
                                                                    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   $  557,596            1.14%        $  730,514    $  141,046
 - OTC Contracts                  880,137            1.79%         1,134,012       720,029
Energy                            879,900            1.79%           887,900       209,300
Grains                             83,586            0.17%           162,671        62,730
Interest Rates U.S.               299,400            0.61%           401,100       119,100
Interest Rates Non-U.S          1,111,798            2.27%         1,477,765       551,414
Metals:
-   Exchange Traded Contracts     209,200            0.42%           209,600        50,000
-   OTC Contracts                 161,300            0.33%           260,950        70,100
Softs                              75,400            0.15%           133,950        36,600
Livestock                          37,550            0.08%            37,950         3,112
Indices                         1,321,833            2.69%         1,456,502       259,698
                               ----------       ----------
Total                          $5,617,700           11.44%
                               ==========       ==========

</TABLE>


                                       14
<PAGE>

                            PART II OTHER INFORMATION

Item 1.   Legal Proceedings - None


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) Exhibits - None

          (b) Reports on Form 8-K - None



                                       15
<PAGE>

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

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.


By:        Smith Barney Futures Management LLC
           (General Partner)


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

Date:      5/13/02
           ---------


     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:      5/13/02
           ---------


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

Date: 5/13/02


                                       16