FORM10-Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON,D.C. 20549

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

OF THE SECURITIES EXCHANGE ACT OF 1934

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

OF THE SECURITIES EXCHANGEACT OF 1934

For the Quarter Ended September 30,2004

Commission File Number 000-30455

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUNDL.P.

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(Exact name ofregistrant as specified in its charter)

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

c/o Citigroup Managed Futures LLC 399Park Avenue. – 7th Fl. New York, New York 10022

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(Address and Zip Code ofprincipal executive offices)

(212)559-2011

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(Registrant'stelephone number, including area code)

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

YesX     No     

Indicate bycheck mark whether the registrant is an accelerated filer (as definedin Rule 12b-2 of the Exchange Act).

Yes         NoX

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SALOMON SMITH BARNEYGLOBAL DIVERSIFIED FUTURES FUND L.P.

FORM 10-Q

INDEX

|                                  |  |         |  |                                                                                                                                   |  |              |  |  |  |  |  |  |  |  |
|----------------------------------|--|---------|--|-----------------------------------------------------------------------------------------------------------------------------------|--|--------------|--|--|--|--|--|--|--|--|
|                             |  |    |  |                                                                                                                              |  | PageNumber   |
| PART I -FinancialInformation:    |  |
|                             |  | Item1.  |  | FinancialStatements:                                                                                                              |  |
|                             |  |    |  | Statements ofFinancial Condition at September 30, 2004 and December 31, 2003(unaudited)                                           |  | 3            |
|                             |  |    |  | Condensed Schedules of Investments atSeptember 30, 2004 and December 31, 2003 (unaudited)                                         |  | 4 –5   |
|                             |  |    |  | Statements of Income andExpenses and Partners' Capital for the three and nine monthsended September 30, 2004 and 2003 (unaudited) |  | 6            |
|                             |  |    |  | Statements of Cash Flows for the three andnine months ended September 30, 2004 and 2003(unaudited)                                |  | 7            |
|                             |  |    |  | Notes toFinancial Statements (unaudited)                                                                                          |  | 8 – 10 |
|                             |  | Item2.  |  | Management's Discussion and Analysis of FinancialCondition and Results ofOperations                                               |  | 11 –13 |
|                             |  | Item 3. |  | Quantitative andQualitative Disclosures about Market Risk                                                                         |  | 14 –15 |
|                             |  | Item 4. |  | Controls andProcedures                                                                                                            |  | 16           |
| PART II — OtherInformation |  | 17      |
|                                  |

2

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PART I

Item 1. Financial Statements

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

|                                                                                                                                        |  |                  |            |                 |  |        |            |        |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------|--|------------------|------------|-----------------|--|--------|------------|--------|--|--|
|                                                                                                                                   |  | September30,2004 |            | December31,2003 |
| Assets:                                                                                                                                |  |
| Equityin commodity futures tradingaccount:                                                                                             |  |             |       |            |  |   |       |   |
| Cash(restricted $6,532,648 and $6,640,283 in 2004 and 2003,respectively)                                                               |  | $                | 45,280,853 |            |  | $      | 52,664,213 |   |
| Netunrealized appreciation on open futurespositions                                                                                    |  |             | 1,481,623  |            |  |   | 1,254,503  |   |
| Unrealizedappreciation on open forwardcontracts                                                                                        |  |             | 1,526,231  |            |  |   | 3,866,171  |   |
|                                                                                                                                   |  |             | 48,288,707 |            |  |   | 57,784,887 |   |
| Interestreceivable                                                                                                                     |  |             | 46,240     |            |  |   | 30,142     |   |
|                                                                                                                                   |  | $                | 48,334,947 |            |  | $      | 57,815,029 |   |
| Liabilitiesand Partners'Capital:                                                                                                       |  |
| Liabilities:                                                                                                                           |  |
| Unrealizeddepreciation on open forwardcontracts                                                                                        |  | $                | 906,553    |            |  | $      | 1,573,552  |   |
| Accruedexpenses:                                                                                                                       |  |             |       |            |  |   |       |   |
| Commissions                                                                                                                            |  |             | 210,074    |            |  |   | 257,940    |   |
| Managementfees                                                                                                                         |  |             | 67,205     |            |  |   | 80,143     |   |
| Incentivefees                                                                                                                          |  |             | 67,891     |            |  |   | 1,953,719  |   |
| Other                                                                                                                                  |  |             | 82,299     |            |  |   | 52,169     |   |
| Redemptionspayable                                                                                                                     |  |             | 473,439    |            |  |   | 190,508    |   |
|                                                                                                                                   |  |             | 1,807,461  |            |  |   | 4,108,031  |   |
| Partners'Capital:                                                                                                                      |  |
| General Partner, 619.7983 Unitequivalents outstanding in 2004 and2003                                                                  |  |             | 793,391    |            |  |   | 857,956    |   |
| LimitedPartners, 35,727.5328 and 38,178.7765 Redeemable Units of LimitedPartnership Interest outstanding in 2004 and 2003,respectively |  |             | 45,734,095 |            |  |   | 52,849,042 |   |
|                                                                                                                                   |  |             | 46,527,486 |            |  |   | 53,706,998 |   |
|                                                                                                                                   |  | $                | 48,334,947 |            |  | $      | 57,815,029 |   |
|                                                                                                                                        |

SeeAccompanying Notes to Unaudited FinancialStatements.

3

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Salomon Smith Barney Global DiversifiedFutures Fund L.P. Condensed Schedule of Investments September30, 2004(Unaudited)

|                                                           |  |                                                       |  |           |            |         |  |  |  |  |
|-----------------------------------------------------------|--|-------------------------------------------------------|--|-----------|------------|---------|--|--|--|--|
| Sector                                                    |  | Contract                                              |  | FairValue |
| Currencies                                                |  |
|                                                      |  | Futurescontracts purchased0.21%                       |  | $         | 97,838     |    |
|                                                      |  | Futurescontracts sold(0.01)%                          |  |      | (7,187     | )  |
|                                                      |  |     Totalfutures contracts0.20%   |  |      | 90,651     |    |
|                                                      |  | Unrealizedappreciation on forward contracts2.81%      |  |      | 1,308,618  |    |
|                                                      |  | Unrealizeddepreciation on forward contracts(1.83)%    |  |      | (853,981   | )  |
|                                                      |  |     Totalforward contracts0.98%   |  |      | 454,637    |    |
|     TotalCurrencies1.18%              |  |                                                  |  |      | 545,288    |    |
| Energy                                                    |  |
|                                                      |  | Futurescontracts purchased1.57%                       |  |      | 731,484    |    |
|                                                      |  | Futurescontracts sold(0.70)%                          |  |      | (327,262   | )  |
|     TotalEnergy0.87%                  |  |                                                  |  |      | 404,222    |    |
| Grains                                                    |  |
|                                                      |  | Futurescontracts purchased0.03%                       |  |      | 16,182     |    |
|                                                      |  | Futurescontracts sold0.74%                            |  |      | 344,137    |    |
|     TotalGrains0.77%                  |  |                                                  |  |      | 360,319    |    |
| InterestRates Non-U.S.                                    |  |
|                                                      |  | Futures contracts purchased1.11%                      |  |      | 515,524    |    |
|                                                      |  | Futurescontracts sold(0.01)%                          |  |      | (6,043     | )  |
|     TotalInterest Rates Non-U.S.1.10% |  |                                                  |  |      | 509,481    |    |
| InterestRates U.S.                                        |  |
|                                                      |  | Futures contracts purchased0.02%                      |  |      | 11,656     |    |
|                                                      |  | Futurescontracts sold(0.00)%*                         |  |      | (1,963     | )  |
|     TotalInterest Rates0.02%          |  |                                                  |  |      | 9,693      |    |
| TotalLumber (0.02)%                                       |  | Futures contracts sold(0.02)%                         |  |      | (9,306     | )  |
|                                                      |  |                                                  |  |      |       |    |
| Livestock                                                 |  |
|                                                      |  | Futurescontracts purchased0.19%                       |  |      | 86,673     |    |
|                                                      |  | Futurescontracts sold0.00%*                           |  |      | 1,550      |    |
|     TotalLivestock0.19%               |  |                                                  |  |      | 88,223     |    |
| Metals                                                    |  |
|                                                      |  | Futurescontracts purchased2.08%                       |  |      | 970,645    |    |
|                                                      |  | Futurescontracts sold(2.27)%                          |  |      | (1,060,284 | )  |
|                                                      |  |     Totalfutures contracts(0.19)% |  |      | (89,639    | )  |
|                                                      |  | Unrealizedappreciation on forward contracts0.46%      |  |      | 217,613    |    |
|                                                      |  | Unrealizeddepreciation on forward contracts(0.11)%    |  |      | (52,572    | )  |
|                                                      |  |     Totalforward contracts0.35%   |  |      | 165,041    |    |
|     TotalMetals0.16%                  |  |                                                  |  |      | 75,402     |    |
| Softs                                                     |  |
|                                                      |  | Futurescontracts purchased0.14%                       |  |      | 66,136     |    |
|                                                      |  | Futurescontracts sold0.11%                            |  |      | 52,227     |    |
|     TotalSofts0.25%                   |  |                                                  |  |      | 118,363    |    |
| Indices                                                   |  |
|                                                      |  | Futurescontracts purchased(0.03)%                     |  |      | (13,608    | )  |
|                                                      |  | Futurescontracts sold0.03%                            |  |      | 13,224     |    |
|     TotalIndices(0.00)%*              |  |                                                  |  |      | (384       | )  |
| TotalFair Value4.52%                                      |  |                                                  |  | $         | 2,101,301  |    |
|                                                           |

|                    |  |        |        |                          |  |        |           |                             |  |        |        |        |  |        |        |         |  |  |
|--------------------|--|--------|--------|--------------------------|--|--------|-----------|-----------------------------|--|--------|--------|--------|--|--------|--------|---------|--|--|
| CountryComposition |  |   |        | Investments at FairValue |  |   |           | % ofInvestments atFairValue |
| Australia          |  |   |   |                     |  | $      | 46,963    |                        |  |   |   |   |  |   | 2.24   | %  |
| Canada             |  |   |   |                     |  |   | 40,320    |                        |  |   |   |   |  |   | 1.92   |    |
| France             |  |   |   |                     |  |   | (7,910    | )                      |  |   |   |   |  |   | (0.38  | )  |
| Germany            |  |   |   |                     |  |   | 131,665   |                        |  |   |   |   |  |   | 6.27   |    |
| HongKong           |  |   |   |                     |  |   | 1,968     |                        |  |   |   |   |  |   | 0.09   |    |
| Japan              |  |   |   |                     |  |   | 497,655   |                        |  |   |   |   |  |   | 23.68  |    |
| Spain              |  |   |   |                     |  |   | (7,935    | )                      |  |   |   |   |  |   | (0.38  | )  |
| UnitedKingdom      |  |   |   |                     |  |   | 398,405   |                        |  |   |   |   |  |   | 18.96  |    |
| UnitedStates       |  |   |   |                     |  |   | 1,000,170 |                        |  |   |   |   |  |   | 47.60  |    |
|               |  |   |   |                     |  | $      | 2,101,301 |                        |  |   |   |   |  |   | 100.00 | %  |
|                    |

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

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

See Accompanying Notes to Unaudited FinancialStatements

4

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Salomon Smith Barney Global DiversifiedFutures Fund L.P.Condensed Schedule of Investments December31, 2003(Unaudited)

|                                                           |  |                                                     |  |           |            |         |  |  |  |  |
|-----------------------------------------------------------|--|-----------------------------------------------------|--|-----------|------------|---------|--|--|--|--|
| Sector                                                    |  | Contract                                            |  | FairValue |
| Currencies                                                |  |
|                                                      |  | Unrealizedappreciation on forward contracts4.38%    |  | $         | 2,352,507  |    |
|                                                      |  | Unrealizeddepreciation on forward contracts(2.11)%  |  |      | (1,134,174 | )  |
|                                                      |  |     Totalforward contracts2.27% |  |      | 1,218,333  |    |
|                                                      |  | Futurescontracts sold(0.00)%*                       |  |      | (2,424     | )  |
|     TotalCurrencies2.27%              |  |                                                |  |      | 1,215,909  |    |
|                                                      |  |                                                |  |      |       |    |
| TotalEnergy 0.25%                                         |  | Futures contracts purchased0.25%                    |  |      | 135,757    |    |
|                                                      |  |                                                |  |      |       |    |
| Grains                                                    |  |                                                |  |      |       |    |
|                                                      |  | Futurescontracts purchased(0.01)%                   |  |      | (3,869     | )  |
|                                                      |  | Futurescontracts sold(0.02)%                        |  |      | (10,468    | )  |
|     TotalGrains(0.03)%                |  |                                                |  |      | (14,337    | )  |
|                                                      |  |                                                |  |      |       |    |
| TotalInterest Rates U.S. 0.00%*                           |  | Futures contracts purchased0.00%*                   |  |      | 1,994      |    |
|                                                      |  |                                                |  |      |       |    |
| InterestRates Non-U.S.                                    |  |                                                |  |      |       |    |
|                                                      |  | Futurescontracts purchased0.30%                     |  |      | 159,039    |    |
|                                                      |  | Futurescontracts sold(0.08)%                        |  |      | (41,544    | )  |
|     TotalInterest Rates Non-U.S.0.22% |  |                                                |  |      | 117,495    |    |
|                                                      |  |                                                |  |      |       |    |
| Metals                                                    |  |                                                |  |      |       |    |
|                                                      |  | Futurescontracts purchased0.67%                     |  |      | 359,915    |    |
|                                                      |  | Unrealizedappreciation on forward contracts2.82%    |  |      | 1,513,664  |    |
|                                                      |  | Unrealizeddepreciation on forward contracts(0.82)%  |  |      | (439,378   | )  |
|                                                      |  | Totalforward contracts2.00%                         |  |      | 1,074,286  |    |
|     TotalMetals2.67%                  |  |                                                |  |      | 1,434,201  |    |
|                                                      |  |                                                |  |      |       |    |
| Softs                                                     |  |                                                |  |      |       |    |
|                                                      |  | Futurescontracts purchased(0.03)%                   |  |      | (14,000    | )  |
|                                                      |  | Futurescontracts sold0.01%                          |  |      | 2,471      |    |
|     TotalSofts(0.02)%                 |  |                                                |  |      | (11,529    | )  |
|                                                      |  |                                                |  |      |       |    |
| TotalIndices 1.24%                                        |  | Futures contracts purchased1.24%                    |  |      | 667,632    |    |
|                                                      |  |                                                |  |      |       |    |
| TotalFair Value6.60%                                      |  |                                                |  | $         | 3,547,122  |    |
|                                                           |

|                    |  |                                                                                                                                                                          |           |                             |  |        |        |         |  |  |
|--------------------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-----------------------------|--|--------|--------|---------|--|--|
| CountryComposition |  |             Investments at FairValue             |           | % ofInvestments atFairValue |
| Australia          |  | $                                                                                                                                                                        | 12,842    |                        |  |   | 0.36   | %  |
| Canada             |  |                                                                                                                                                                     | 154,681   |                        |  |   | 4.36   |    |
| France             |  |                                                                                                                                                                     | 2,653     |                        |  |   | 0.07   |    |
| Germany            |  |                                                                                                                                                                     | 152,267   |                        |  |   | 4.29   |    |
| HongKong           |  |                                                                                                                                                                     | 11,883    |                        |  |   | 0.34   |    |
| Italy              |  |                                                                                                                                                                     | (11,804   | )                      |  |   | (0.33  | )  |
| Japan              |  |                                                                                                                                                                     | 27,876    |                        |  |   | 0.79   |    |
| Spain              |  |                                                                                                                                                                     | 40,912    |                        |  |   | 1.15   |    |
| Sweden             |  |                                                                                                                                                                     | 9,240     |                        |  |   | 0.26   |    |
| UnitedKingdom      |  |                                                                                                                                                                     | 1,228,716 |                        |  |   | 34.64  |    |
| UnitedStates       |  |                                                                                                                                                                     | 1,917,856 |                        |  |   | 54.07  |    |
|               |  | $                                                                                                                                                                        | 3,547,122 |                        |  |   | 100.00 | %  |
|                    |

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

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

See Accompanying Notes to Unaudited FinancialStatements.

5

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

|                                                                                                                               |  |                                |            |                              |  |        |            |         |  |        |            |         |  |        |            |         |  |  |
|-------------------------------------------------------------------------------------------------------------------------------|--|--------------------------------|------------|------------------------------|--|--------|------------|---------|--|--------|------------|---------|--|--------|------------|---------|--|--|
|                                                                                                                          |  | ThreeMonths EndedSeptember 30, |            | Nine MonthsEndedSeptember30, |
|                                                                                                                          |  | 2004                           |            | 2003                         |  | 2004   |            | 2003    |
| Income:                                                                                                                       |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
| Netgains (losses) on trading of commodityinterests:                                                                           |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
| Realizedgains (losses) on closed positions and foreigncurrencies                                                              |  | $                              | (2,599,100 | )                       |  | $      | (1,256,114 | )  |  | $      | 367,893    |    |  | $      | 10,722,057 |    |
| Changein unrealized gains (losses) on openpositions                                                                           |  |                           | 2,365,444  |                         |  |   | 1,988,798  |    |  |   | (1,445,821 | )  |  |   | (1,722,160 | )  |
|                                                                                                                          |  |                           | (233,656   | )                       |  |   | 732,684    |    |  |   | (1,077,928 | )  |  |   | 8,999,897  |    |
| Interestincome                                                                                                                |  |                           | 130,424    |                         |  |   | 92,952     |    |  |   | 323,976    |    |  |   | 323,260    |    |
|                                                                                                                          |  |                           | (103,232   | )                       |  |   | 825,636    |    |  |   | (753,952   | )  |  |   | 9,323,157  |    |
| Expenses:                                                                                                                     |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
| Brokeragecommissions including clearing fees of $21,949, $31,418, $78,906 and$106,936,respectively                            |  |                           | 708,340    |                         |  |   | 778,433    |    |  |   | 2,300,308  |    |  |   | 2,364,517  |    |
| Managementfees                                                                                                                |  |                           | 210,001    |                         |  |   | 228,917    |    |  |   | 674,051    |    |  |   | 692,925    |    |
| Incentivefees                                                                                                                 |  |                           | (166,046   | )                       |  |   | (58,462    | )  |  |   | 67,891     |    |  |   | 1,177,829  |    |
| Otherexpenses                                                                                                                 |  |                           | 17,971     |                         |  |   | 17,644     |    |  |   | 55,793     |    |  |   | 54,490     |    |
|                                                                                                                          |  |                           | 770,266    |                         |  |   | 966,532    |    |  |   | 3,098,043  |    |  |   | 4,289,761  |    |
| Netincome(loss)                                                                                                               |  |                           | (873,498   | )                       |  |   | (140,896   | )  |  |   | (3,851,995 | )  |  |   | 5,033,396  |    |
| Redemptions                                                                                                                   |  |                           | (1,190,525 | )                       |  |   | (566,725   | )  |  |   | (3,327,517 | )  |  |   | (3,416,045 | )  |
| Netincrease (decrease) in Partners'capital                                                                                    |  |                           | (2,064,023 | )                       |  |   | (707,621   | )  |  |   | (7,179,512 | )  |  |   | 1,617,351  |    |
| Partners'capital, beginning ofperiod                                                                                          |  |                           | 48,591,509 |                         |  |   | 51,716,597 |    |  |   | 53,706,998 |    |  |   | 49,391,625 |    |
| Partners'capital, end ofperiod                                                                                                |  | $                              | 46,527,486 |                         |  | $      | 51,008,976 |    |  | $      | 46,527,486 |    |  | $      | 51,008,976 |    |
| Netasset value per Redeemable Unit (36,347.3311 and 39,172.5588 Unitsoutstanding at September 30, 2004 and 2003,respectively) |  | $                              | 1,280.08   |                         |  | $      | 1,302.16   |    |  | $      | 1,280.08   |    |  | $      | 1,302.16   |    |
| Netincome (loss) per Redeemable Unit of Limited Partnership Interest andGeneral Partner Unitequivalent                        |  | $                              | (23.53     | )                       |  | $      | (3.51      | )  |  | $      | (104.17    | )  |  | $      | 121.21     |    |
|                                                                                                                          |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
|                                                                                                                               |

SeeAccompanying Notes to Unaudited FinancialStatements.

6

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Salomon Smith Barney Global DiversifiedFutures Fund L.P. Statements of Cash FlowsSeptember 30,2004(Unaudited)

|                                                                                                 |  |                                |            |                              |  |        |            |         |  |        |            |         |  |        |            |         |  |  |
|-------------------------------------------------------------------------------------------------|--|--------------------------------|------------|------------------------------|--|--------|------------|---------|--|--------|------------|---------|--|--------|------------|---------|--|--|
|                                                                                            |  | ThreeMonths EndedSeptember 30, |            | Nine MonthsEndedSeptember30, |
|                                                                                            |  | 2004                           |            | 2003                         |  | 2004   |            | 2003    |
| Cashflows from operatingactivities:                                                             |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
| Netincome(loss)                                                                                 |  | $                              | (873,498   | )                       |  | $      | (140,896   | )  |  | $      | (3,851,995 | )  |  | $      | 5,033,396  |    |
| Adjustmentsto reconcile net income (loss) to net cash provided by (used in)operatingactivities: |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
| Changesin operating assets andliabilities:                                                      |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
| (Increase)decrease in net unrealized appreciation/depreciation on open futurespositions         |  |                           | (915,707   | )                       |  |   | (790,545   | )  |  |   | (227,120   | )  |  |   | 2,483,694  |    |
| (Increase)decrease in unrealized appreciation on open forwardcontracts                          |  |                           | (575,580   | )                       |  |   | (465,265   | )  |  |   | 2,339,940  |    |  |   | (588,684   | )  |
| (Increase)decrease in interestreceivable                                                        |  |                           | (11,622    | )                       |  |   | 5,716      |    |  |   | (16,098    | )  |  |   | 9,314      |    |
|                                                                                            |  |
| Increase(decrease) in unrealized depreciation on open forwardcontracts                          |  |                           | (874,157   | )                       |  |   | (732,988   | )  |  |   | (666,999   | )  |  |   | (172,850   | )  |
| Accruedexpenses:                                                                                |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
| Increase(decrease) incommissions                                                                |  |                           | (9,383     | )                       |  |   | (6,081     | )  |  |   | (47,866    | )  |  |   | (4,142     | )  |
| Increase(decrease) in managementfees                                                            |  |                           | (3,281     | )                       |  |   | (2,401     | )  |  |   | (12,938    | )  |  |   | (2,201     | )  |
| Increase(decrease) in incentivefees                                                             |  |                           | (166,046   | )                       |  |   | (58,462    | )  |  |   | (1,885,828 | )  |  |   | (115,642   | )  |
| Increase(decrease) inother                                                                      |  |                           | 12,145     |                         |  |   | (46,770    | )  |  |   | 30,130     |    |  |   | (9,924     | )  |
| Increase(decrease) in redemptionspayable                                                        |  |                           | 111,659    |                         |  |   | (548,988   | )  |  |   | 282,931    |    |  |   | (682,027   | )  |
| Netcash provided by (used in) operatingactivities                                               |  |                           | (3,305,470 | )                       |  |   | (2,786,680 | )  |  |   | (4,055,843 | )  |  |   | 5,950,934  |    |
| Cashflows from financingactivities:                                                             |  |                           |       |                         |  |   |       |    |  |   |       |    |  |   |       |    |
| Paymentsfor redemptions – LimitedPartners                                                 |  |                           | (1,190,525 | )                       |  |   | (566,725   | )  |  |   | (3,327,517 | )  |  |   | (3,416,045 | )  |
| Netchange incash                                                                                |  |                           | (4,495,995 | )                       |  |   | (3,353,405 | )  |  |   | (7,383,360 | )  |  |   | 2,534,889  |    |
| Cash,at beginning ofperiod                                                                      |  |                           | 49,776,848 |                         |  |   | 54,691,272 |    |  |   | 52,664,213 |    |  |   | 48,802,978 |    |
| Cash,at end ofperiod                                                                            |  | $                              | 45,280,853 |                         |  | $      | 51,337,867 |    |  | $      | 45,280,853 |    |  | $      | 51,337,867 |    |
|                                                                                                 |

SeeAccompanying Notes to Unaudited FinancialStatements.

7

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2004(Unaudited)

1.    General:

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

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

Citigroup Managed Futures LLC, formerly Smith BarneyFutures Management LLC, acts as the general partner (the"General Partner") of the Partnership. ThePartnership's commodity broker is Citigroup Global Markets Inc.("CGM"), formerly Salomon Smith Barney Inc.CGM is an affiliate of the General Partner. The General Partner iswholly owned by Citigroup Global Markets Holdings Inc.("CGMHI"), formerly Salomon Smith BarneyHoldings Inc., which is the sole owner of CGM. CGMHI is a wholly ownedsubsidiary of Citigroup Inc. ("Citigroup").As of September 30, 2004, all trading decisions are made for thePartnership by Aspect Capital Management Ltd.("Aspect"), Campbell & Company, Inc.,("Campbell") and Altis Partners LTD("Altis") (each an"Advisor" and collectively, the"Advisors").

The accompanyingfinancial statements are unaudited but, in the opinion of management,include all adjustments, consisting only of normal recurringadjustments, necessary for a fair presentation of thePartnership's financial condition at September 30, 2004 andDecember 31, 2003 and the results of its operations and cash flows forthe three and nine months ended September 30, 2004 and 2003. Thesefinancial statements present the results of interim periods and do notinclude all disclosures normally provided in annual financialstatements. You should read these financial statements together withthe financial statements and notes included in the Partnership'sannual report on Form 10-K filed with the Securities and ExchangeCommission for the year ended December 31, 2003.

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

8

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2004(Unaudited) (Continued)

2.    Financial Highlights:

Changes in Net Asset Value per Redeemable Unit of LimitedPartnership Interest for the three and nine months ended September 30,2004 and 2003 were asfollows:

|                                                        |  |                                |          |                              |  |        |          |         |  |        |          |         |  |        |          |         |  |  |
|--------------------------------------------------------|--|--------------------------------|----------|------------------------------|--|--------|----------|---------|--|--------|----------|---------|--|--------|----------|---------|--|--|
|                                                   |  | ThreeMonths EndedSeptember 30, |          | Nine MonthsEndedSeptember30, |
|                                                   |  | 2004                           |          | 2003                         |  | 2004   |          | 2003    |
| Netrealized and unrealized gains(losses)*              |  | $                              | (25.39   | )                       |  | $      | (1.10    | )  |  | $      | (92.28   | )  |  | $      | 160.00   |    |
| Interestincome                                         |  |                           | 3.52     |                         |  |   | 2.35     |    |  |   | 8.58     |    |  |   | 7.96     |    |
| Expenses**                                             |  |                           | (1.66    | )                       |  |   | (4.76    | )  |  |   | (20.47   | )  |  |   | (46.75   | )  |
| Increase(decrease) for theperiod                       |  |                           | (23.53   | )                       |  |   | (3.51    | )  |  |   | (104.17  | )  |  |   | 121.21   |    |
| NetAsset Value per Redeemable Unit, beginning ofperiod |  |                           | 1,303.61 |                         |  |   | 1,305.67 |    |  |   | 1,384.25 |    |  |   | 1,180.95 |    |
| NetAsset Value per Redeemable Unit, end ofperiod       |  | $                              | 1,280.08 |                         |  | $      | 1,302.16 |    |  | $      | 1,280.08 |    |  | $      | 1,302.16 |    |
|                                                        |

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

|    |                               |
|----|-------------------------------|
| ** | Excludesbrokerage commissions |

|                                             |  |                                |      |                              |  |        |      |          |  |        |      |          |  |        |      |          |  |  |
|---------------------------------------------|--|--------------------------------|------|------------------------------|--|--------|------|----------|--|--------|------|----------|--|--------|------|----------|--|--|
|                                        |  | ThreeMonths EndedSeptember 30, |      | Nine MonthsEndedSeptember30, |
|                                        |  | 2004                           |      | 2003                         |  | 2004   |      | 2003     |
| Ratios to average netassets:***             |  |
| Netinvestment loss before incentivefees**** |  |                           | (6.7 | )%                      |  |   | (7.2 | )%  |  |   | (6.9 | )%  |  |   | (7.2 | )%  |
|                                        |  |
| Operatingexpense                            |  |                           | 7.8  | %                       |  |   | 7.9  | %   |  |   | 7.8  | %   |  |   | 8.1  | %   |
| Incentivefees                               |  |                           | (0.4 | )%                      |  |   | (0.4 | )%  |  |   | 0.1  | %   |  |   | 3.0  | %   |
| Totalexpenses                               |  |                           | 7.4  | %                       |  |   | 7.5  | %   |  |   | 7.9  | %   |  |   | 11.1 | %   |
| Totalreturn:                                |  |
| Total return before incentivefees           |  |                           | (2.2 | )%                      |  |   | (0.4 | )%  |  |   | (7.4 | )%  |  |   | 12.8 | %   |
| Incentivefees                               |  |                           | 0.4  | %                       |  |   | 0.1  | %   |  |   | (0.1 | )%  |  |   | (2.5 | )%  |
| Totalreturn after incentivefees             |  |                           | (1.8 | )%                      |  |   | (0.3 | )%  |  |   | (7.5 | )%  |  |   | 10.3 | %   |
|                                             |

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

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

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

3.    Trading Activities:

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

9

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements September 30, 2004(Unaudited) (Continued)

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

All ofthe commodity interests owned by the Partnership are held for tradingpurposes. The average fair values of these interests during the ninemonths ended September 30, 2004 and the year ended December 31, 2003,based on a monthly calculation, were $1,805,288 and $2,199,191,respectively. The fair values of these commodity interests, includingoptions thereon, if applicable, at September 30, 2004 and December 31,2003, were $2,101,301 and $3,547,122, respectively. Fair values forexchange traded commodity futures and options are based on quotedmarket prices for those futures and options. Fair values for all otherfinancial instruments for which market quotations are not readilyavailable are based on calculations approved by the GeneralPartner.

4.    Financial Instrument Risks:

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

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

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

Credit risk is the possibility that a loss may occur dueto the failure of a counterparty to perform according to the terms of acontract. Credit risk with respect to exchange-traded instruments isreduced to the extent that an exchange or clearing organization acts asa counterparty to the transactions. The Partnership's risk ofloss in the event of counterparty default is typically limited to theamounts recognized as unrealized appreciation in the statements offinancial condition and not represented by the contract or notionalamounts of the instruments. The Partnership has credit risk andconcentration risk because the sole counterparty or broker with respectto the Partnership's assets is CGM.

The General Partnermonitors and controls the Partnership's risk exposure on a dailybasis through financial, credit and risk management monitoring systems,and accordingly believes that it has effective procedures forevaluating and limiting the credit and market risks to which thePartnership is subject. These monitoring systems allow the GeneralPartner to statistically analyze actual trading results withrisk-adjusted performance indicators and correlation statistics. Inaddition, on-line monitoring systems provide account analysis offutures, forwards and options positions by sector, margin requirements,gain and loss transactions and collateral positions.

Themajority of these instruments mature within one year of September 30,2004. However, due to the nature of the Partnership's business,these instruments may not be held tomaturity.

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

Liquidity andCapital Resources

The Partnership does not engage in thesale of goods or services. Its only assets are its equity in itscommodity futures trading account, consisting of cash, net unrealizedappreciation on open futures and forward contracts, commodity options,if applicable, and interest receivable. Because of the low margindeposits normally required in commodity futures trading, relativelysmall price movements may result in substantial losses to thePartnership. While substantial losses could lead to a decrease inliquidity, no such losses occurred during the third quarter of2004.

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

For the nine monthsended September 30, 2004, Partnership capital decreased 13.4%from $53,706,998 to $46,527,486. This decrease was attributable to netloss from operations of $3,851,995, coupled with the redemptions of2,451.2437 Redeemable Units of Limited Partnership Interest resultingin an outflow of $3,327,517. Future redemptions can impact the amountof funds available for investment in commodity contract positions insubsequent periods.

Critical AccountingPolicies

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

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

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

Results of Operations

During thePartnership's third quarter of 2004, the net asset value perRedeemable Unit decreased 1.8% from $1,303.61 to $1,280.08 ascompared to a decrease of 0.3% in the third quarter of 2003. ThePartnership experienced a net trading loss before brokerage commissionsand related fees in the third quarter of 2004 of $233,656. Losses wereprimarily attributable to the trading of commodity futures incurrencies, softs, indices and metals and were partially offset bygains in energy, livestock, grains, U.S. and non-U.S. interest rates.The Partnership experienced a net trading gain before brokeragecommissions and related fees in the third quarter of 2003 of $732,684.Gains were primarily attributable to the trading of commodity futuresin currencies, grains, metals, indices and non-U.S. interest rates andwere partially offset by losses in energy, softs and U.S. interestrates.

11

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During the nine months ended September 30,2004, the net asset value per Redeemable Unit decreased 7.5%from $1,384.25 to $1,280.08 as compared to an increase of 10.3%in the nine months ended September 30, 2003. The Partnershipexperienced a net trading loss before brokerage commissions and relatedfees in the nine months ended September 30, 2004 of $1,077,928. Losseswere primarily attributable to the trading of commodity futures incurrencies, softs, indices and metals were partially offset by gains inenergy, grains, livestock, U.S. and non-U.S. interest rates and lumber.The Partnership experienced a net trading gain before brokeragecommissions and related fees in the nine months ended September 30,2003 of $8,999,897. Gains were primarily attributable to the trading ofcommodity futures in currencies, energy, U.S. and non-U.S. interestrates and indices and were partially offset by losses in grains, metalsand softs.

The third quarter of 2004 was characterized bycontinued difficult trading conditions for the Partnership'strend-following Advisors. The currency sector produced the greatestlosses as the European and Asian currencies were unable to sustain anysolid direction versus a weak U.S. dollar. These choppy marketconditions carried over to the U.S. interest rate markets as theFederal Reserve Bank tightened short-term rates in spite of persistentmarket-driven lower long-term interest rates. Trading in global stockmarket indices was also unprofitable for the Partnership'sAdvisors as the same lack of direction caused trends to be initiatedand only a short time later to be reversed.

The most significantmarket for the Partnership during the quarter was energy. Trading incrude oil, natural gas and gas oil contributed profits notably inSeptember to bring the Partnership back to near flat for the quarter.Energy positions were profitable for all three months as crude oil hitsuccessive highs each month, ending September at over $50 per barrel.Trading in grains was profitable for the period while trading in metalsand softs was slightly negative for the period.

Overall, after adifficult second quarter and beginning of the third quarter, markettrends emerged late in the quarter in both commodity and financialmarkets that were conducive to the Advisors' trend-followingapproaches. While a decline in the price of energy is possible in thefourth quarter that might lead to a give-back in open profits over theshort term, the overall expectation is for continued directionlessfinancial markets until political, financial and economic trends becomemore evident.

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

Interest income on 80% of thePartnership's daily equity maintained in cash was earned at themonthly average 30-day U.S. Treasury bill yield. CGM may continue tomaintain the Partnership assets in cash and/or place all of thePartnership assets in 90-day Treasury bills and pay the Partnership80% of the interest earned on the Treasury bills purchased. CGMwill retain 20% of any interest earned on Treasury bills.Interest income for the three and nine months ended September 30, 2004increased by $37,472 and $716, as compared to the corresponding periodsin 2003. The increase is primarily the result of an increase ininterest rates during the three and nine months ended September 30,2004 as compared to the corresponding periods in 2003.

Brokeragecommissions are calculated as a percentage of the Partnership'sadjusted net asset value on the last day of each month and are affectedby trading performance and redemptions. Accordingly, they must becompared in relation to the fluctuations in the monthly net assetvalues. Commissions and fees for the three and nine months endedSeptember 30, 2004 decreased by $70,093 and $64,209, as compared to thecorresponding periods in 2003. The decrease in brokerage commissionsfor the three and nine months ended September 30, 2004 is due to adecrease in average net assets as compared to the corresponding periodsin 2003.

Management fees are calculated as a percentage of thePartnership's net asset value as of the end of each month and areaffected by trading performance and redemptions. Management fees forthe three 

12

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and nine months ended September 30, 2004decreased by $18,916 and $18,874, as compared to the correspondingperiods in 2003. The decrease in management fees for the three and ninemonths ended September 30, 2004 is due to a decrease in average netassets as compared to the corresponding periods in 2003.

Incentive fees paid annually by the Partnership are based on the newtrading profits of the Partnership as defined in the LimitedPartnership Agreement. Trading performance for the three and ninemonths ended September 30, 2004 and 2003 resulted in an incentive feeaccrual of $(166,046), $(58,462), $67,891 and $1,177,829,respectively.

13

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Item 3.    Quantitative and QualitativeDisclosures about Market Risk

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

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

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

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

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

14

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The following table indicates the tradingValue at Risk associated with the Partnership's open positions bymarket category as of September 30, 2004 and the highest, lowest andaverage values during the three months ended September 30, 2004. Allopen position trading risk exposures of the Partnership have beenincluded in calculating the figures set forth below. As of September30, 2004, the Partnership's total capitalization was $46,527,486.There has been no material change in the trading Value at Riskinformation previously disclosed in the Form 10-K for the year endedDecember 31, 2003.

**September 30,2004(Unaudited)**

|                                 |  |               |           |                         |  |                                     |        |                 |  |          |           |        |  |        |         |        |  |        |           |        |  |  |
|---------------------------------|--|---------------|-----------|-------------------------|--|-------------------------------------|--------|-----------------|--|----------|-----------|--------|--|--------|---------|--------|--|--------|-----------|--------|--|--|
|                            |  |          |           |                    |  | ThreeMonths Ended September 30,2004 |
| MarketSector                    |  | Value at Risk |           | % ofTotalCapitalization |  | HighValue atRisk                    |        | LowValue atRisk |  | Average* |
| Currencies                      |  |          |      |                    |  |                                |   |            |  |     |      |   |  |   |    |   |  |   |      |   |
| –Exchange TradedContracts |  | $             | 178,276   |                    |  |                                | 0.38   | %          |  | $        | 266,651   |   |  | $      | 86,345  |   |  | $      | 217,601   |   |
| –OTCContracts             |  |          | 1,039,096 |                    |  |                                | 2.23   | %          |  |     | 1,190,302 |   |  |   | 703,669 |   |  |   | 1,059,908 |   |
| Energy                          |  |          | 567,887   |                    |  |                                | 1.22   | %          |  |     | 663,595   |   |  |   | 310,184 |   |  |   | 534,895   |   |
| Grains                          |  |          | 301,027   |                    |  |                                | 0.65   | %          |  |     | 342,416   |   |  |   | 178,626 |   |  |   | 265,422   |   |
| InterestrateU.S.                |  |          | 200,100   |                    |  |                                | 0.43   | %          |  |     | 773,415   |   |  |   | 85,965  |   |  |   | 484,596   |   |
| InterestrateNon-U.S.            |  |          | 1,405,775 |                    |  |                                | 3.02   | %          |  |     | 1,734,065 |   |  |   | 725,328 |   |  |   | 1,073,933 |   |
| Livestock                       |  |          | 86,600    |                    |  |                                | 0.19   | %          |  |     | 112,800   |   |  |   | 56,420  |   |  |   | 84,733    |   |
| Metals                          |  |          |      |                    |  |                                |   |            |  |     |      |   |  |   |    |   |  |   |      |   |
| –Exchange TradedContracts |  |          | 193,500   |                    |  |                                | 0.42   | %          |  |     | 193,500   |   |  |   | 62,000  |   |  |   | 143,833   |   |
| –OTCContracts             |  |          | 582,238   |                    |  |                                | 1.25   | %          |  |     | 582,238   |   |  |   | 366,279 |   |  |   | 495,201   |   |
| Softs                           |  |          | 233,877   |                    |  |                                | 0.50   | %          |  |     | 451,692   |   |  |   | 200,254 |   |  |   | 276,791   |   |
| Indices                         |  |          | 1,190,188 |                    |  |                                | 2.56   | %          |  |     | 1,567,574 |   |  |   | 659,732 |   |  |   | 1,147,520 |   |
| Lumber                          |  |          | 4,400     |                    |  |                                | 0.01   | %          |  |     | 18,700    |   |  |   | 4,400   |   |  |   | 12,833    |   |
| Totals                          |  | $             | 5,982,964 |                    |  |                                | 12.86  | %          |  |     |      |   |  |   |    |   |  |   |      |   |
|                                 |

|  |
|--|
|  |  |
|  |

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

15

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Item 4.    Controls and Procedures

Based on their evaluation of the Partnership's disclosurecontrols and procedures as of September 30, 2004, the President andChief Financial Officer of the General Partner have concluded that suchcontrols and procedures are effective.

During thePartnership's last fiscal quarter, no changes occurred in thePartnership's internal control over financial reporting that havematerially affected, or are reasonably likely to materially affect, thePartnership's internal control over financialreporting.

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PART II. OTHERINFORMATION

Item 1.    Legal Proceedings

Thefollowing information supplements and amends our discussion set forthunder Part I, Item 3 "Legal Proceedings" inthe Partnership's Annual Report on Form 10-K for the fiscal yearended December 31, 2003 and under Part II, Item 1. "LegalProceedings" in the Partnership's Quarterly Reporton Form 10-Q for the quarters ended March 31, 2004 and June 30,2004.

Enron Corp.

 A Citigroup affiliate, alongwith other defendants, settled all claims against it in IN RE NEWPOWERHOLDINGS SECURITIES LITIGATION, a class action brought on behalf ofcertain investors in NewPower securities. Citigroup reached thissettlement agreement without admitting any wrongdoing. OnSeptember  13, 2004, the United States District Court for theSouthern District of New York preliminarily approved thesettlement.

Dynegy  Inc.

 On October7, 2004, the United States District Court for the Southern District ofTexas granted the motion to dismiss all claims against the Citigroupdefendants in IN RE DYNEGY  INC. SECURITIES LITIGATION. TheDistrict Court also denied lead plaintiff's request for leave toreplead. The case was a putative class action brought on behalf ofpurchasers of publicly traded Dynegy debt and equity securities.

WorldCom,  Inc.

 The United States Court ofAppeals for the Second Circuit has affirmed the orders of the UnitedStates District Court for the Southern District of New York denyingplaintiffs' motions to remand to state court a large group ofWorldCom-related actions. On September  13, 2004, plaintiffsfiled a petition for a writ of certiorari to the United States SupremeCourt seeking review of the Second Circuit's ruling.

 On September  17, 2004, WEINSTEIN, ET AL. V. EBBERS, ETAL., a putative class action against CGM and others brought on behalfof holders of WorldCom securities asserting claims based on, amongother things, CGM's research reports concerning WorldCom, wasdismissed with prejudice in its entirety by the United States DistrictCourt for the Southern District of New York. Plaintiffs have noticed anappeal of the dismissal to the United States Court of Appeals for theSecond Circuit.

 Citigroup and CGM, along with a number ofother defendants, have settled RETIREMENT SYSTEMS OF ALABAMA, ET AL. V.J.P. MORGAN CHASE  & CO., ET AL., a WorldCom individualaction that had been remanded to the Circuit Court of MontgomeryCounty, Alabama. The settlement became final on September  30,2004.

 On June  28, 2004, the United States DistrictCourt for the Southern District of New York dismissed all claims underthe Securities Act of 1933 and certain claims under the SecuritiesExchange Act of 1934 in IN RE TARGETS SECURITIES LITIGATION, a putativeclass action against Citigroup and CGM and certain former employees,leaving only claims under the 1934 Act for purchases of Targeted GrowthEnhanced Terms Securities With Respect to the Common Stock of MCIWorldCom,  Inc. ("TARGETS") afterJuly  30, 1999. On October  20, 2004, the parties signed aMemorandum of Understanding setting forth the terms of a settlement ofall remaining claims in this action. The settlement must be approved bythe Court.

On November 5, 2004, the United States District Courtfor the Southern District of New York approved the class settlementbetween plaintiffs and the Citigroup-related defendants in IN REWORLDCOM,  INC. SECURITIES LITIGATION. The Court's approvalis subject to possible appeal by plaintiffs.

Research

 Several individual actions have been filed against Citigroupand CGM relating to, among other things, research on QwestCommunications International,  Inc. alleging violations of stateand federal securities laws.

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Other

 On October13, 2004, the United States District Court for the Southern District ofNew York certified a class in various representative cases with respectto the allocation of shares for certain initial public offerings andrelated aftermarket transactions.

An appeal of the dismissalgranted to CGM in November  2003 with respect to the antitrustcase relating to the allocation of shares for certain initial publicofferings is scheduled to be argued in December  2004.

Item 2.    Unregistered Sales of Equity Securities and Use ofProceeds

The following chart sets forth the purchases ofRedeemable Units by thePartnership.

|                                            |  |                                                 |          |                                             |  |                                                                                               |          |                                                                                                                          |  |        |     |        |  |        |     |        |  |  |
|--------------------------------------------|--|-------------------------------------------------|----------|---------------------------------------------|--|-----------------------------------------------------------------------------------------------|----------|--------------------------------------------------------------------------------------------------------------------------|--|--------|-----|--------|--|--------|-----|--------|--|--|
| Period                                     |  | (a)Total Number of Shares (or Units) Purchased* |          | (b)Average Price Paid per Share (or Unit)** |  | (c) TotalNumber of Shares (or Units) Purchased as Part ofPublicly Announced Plans or Programs |          | (d) MaximumNumber (or Approximate Dollar Value) of Shares (orUnits) that May Yet Be Purchased Under the Plans orPrograms |
| July 1, 2004–July 31,2004            |  |                                            | 153.9255 |                                        |  | $                                                                                             | 1,305.33 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| August1, 2004 – August 31,2004       |  |                                            | 403.5919 |                                        |  | $                                                                                             | 1,278.92 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| September1, 2004 – September 30,2004 |  |                                            | 369.8514 |                                        |  | $                                                                                             | 1,280.08 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| Total                                      |  |                                            | 927.3688 |                                        |  | $                                                                                             | 1,288.11 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
|                                            |

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

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

Item3.    Defaults Upon Senior Securities – None

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

Item 5.    Other Information – None

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Item 6.    Exhibits

Theexhibits required to be filed by Item 601 of Regulation S-K areincorporated herein by reference to the exhibit index of thePartnership's Annual Report on Form 10-K for the year endedDecember 31, 2003.

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

Exhibit – 31.2 – Rule13a-14(a)/15d-14(a) Certification (Certification of ChiefFinancial Officer and Director).

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

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

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SIGNATURES

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

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURESFUND L.P.

|        |  |                                                            |  |  |  |  |
|--------|--|------------------------------------------------------------|--|--|--|--|
| By:    |  | CitigroupManaged FuturesLLC                                |
|   |  | (GeneralPartner)                                           |
| By:    |  | /s/David J. Vogel                                          |
|   |  | DavidJ. VogelPresident andDirector                         |
| Date:  |  | 11/12/04                                                   |
| By:    |  | /s/Daniel R. McAuliffe,Jr.                                 |
|   |  | Daniel R.McAuliffe, Jr.Chief Financial Officer andDirector |
| Date:  |  | 11/12/04                                                   |
|        |

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