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 June 30,2005

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 June 30, 2005 and December 31, 2004(unaudited)                                          |  | 3            |
|                             |  |    |  | Condensed Schedules of Investments at June30, 2005 and December 31, 2004 (unaudited)                                        |  | 4 –5   |
|                             |  |    |  | Statements of Income andExpenses and Partners' Capital for the three and six months endedJune 30, 2005 and 2004 (unaudited) |  | 6            |
|                             |  |    |  | Statements of Cash Flows for the three andsix months ended June 30, 2005 and 2004(unaudited)                                |  | 7            |
|                             |  |    |  | Notes toFinancial Statements (unaudited)                                                                                    |  | 8 – 12 |
|                             |  | Item2.  |  | Management's Discussion and Analysis of FinancialCondition and Results ofOperations                                         |  | 13 –15 |
|                             |  | Item 3. |  | Quantitative andQualitative Disclosures about Market Risk                                                                   |  | 16 –17 |
|                             |  | Item 4. |  | Controls andProcedures                                                                                                      |  | 18           |
| PART II — OtherInformation |  | 19      |
|                                  |

2

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PART I

Item 1. Financial Statements

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

|                                                                                                                                        |  |             |            |                 |  |        |            |        |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------|--|-------------|------------|-----------------|--|--------|------------|--------|--|--|
|                                                                                                                                   |  | June30,2005 |            | December31,2004 |
| Assets:                                                                                                                                |  |
| Investmentin Partnerships, at fairvalue                                                                                                |  | $           | 34,048,417 |            |  | $      | —    |   |
| Equity incommodity futures tradingaccount:                                                                                             |  |        |       |            |  |   |       |   |
| Cash(restricted $2,377,579 and $7,809,827 in 2005 and 2004,respectively)                                                               |  |        | 10,381,530 |            |  |   | 45,957,960 |   |
| Netunrealized appreciation on open futurespositions                                                                                    |  |        | 589,867    |            |  |   | 1,304,242  |   |
| Unrealizedappreciation on open forwardcontracts                                                                                        |  |        | 172,390    |            |  |   | 2,441,507  |   |
|                                                                                                                                   |  |        | 45,192,204 |            |  |   | 49,703,709 |   |
| Interestreceivable                                                                                                                     |  |        | 19,751     |            |  |   | 61,912     |   |
|                                                                                                                                   |  | $           | 45,211,955 |            |  | $      | 49,765,621 |   |
| Liabilitiesand Partners'Capital:                                                                                                       |  |
| Liabilities:                                                                                                                           |  |
| Unrealizeddepreciation on open forwardcontracts                                                                                        |  | $           | 230,837    |            |  | $      | 2,410,164  |   |
| Accruedexpenses:                                                                                                                       |  |        |       |            |  |   |       |   |
| Commissions                                                                                                                            |  |        | 199,642    |            |  |   | 216,593    |   |
| Managementfees                                                                                                                         |  |        | 63,212     |            |  |   | 68,950     |   |
| Incentivefees                                                                                                                          |  |        | 179,586    |            |  |   | 357,621    |   |
| Other                                                                                                                                  |  |        | 51,265     |            |  |   | 41,915     |   |
| Redemptionspayable                                                                                                                     |  |        | 333,059    |            |  |   | 361,209    |   |
|                                                                                                                                   |  |        | 1,057,601  |            |  |   | 3,456,452  |   |
| Partners'Capital:                                                                                                                      |  |
| General Partner, 619.7983 Unitequivalents outstanding in 2005 and2004                                                                  |  |        | 831,528    |            |  |   | 827,239    |   |
| LimitedPartners, 32,291.5744 and 34,076.8015 Redeemable Units of LimitedPartnership Interest outstanding in 2005 and 2004,respectively |  |        | 43,322,826 |            |  |   | 45,481,930 |   |
|                                                                                                                                   |  |        | 44,154,354 |            |  |   | 46,309,169 |   |
|                                                                                                                                   |  | $           | 45,211,955 |            |  | $      | 49,765,621 |   |
|                                                                                                                                        |

SeeAccompanying Notes to Financial Statements.

3

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Salomon Smith Barney Global DiversifiedFutures Fund L.P.Condensed Schedule of Investments June 30,2005(Unaudited)

|                                       |  |                                                    |  |           |            |         |  |  |  |  |
|---------------------------------------|--|----------------------------------------------------|--|-----------|------------|---------|--|--|--|--|
| Sector                                |  | Contract                                           |  | FairValue |
| Currencies                            |  |                                               |  |      |       |    |
|                                  |  | Futurescontracts purchased0.27%                    |  | $         | 121,519    |    |
|                                  |  | Futurescontracts sold0.10%                         |  |      | 44,842     |    |
| TotalCurrencies0.37%                  |  |                                               |  |      | 166,361    |    |
|                                  |  |                                               |  |
| Energy                                |  | Futurescontracts purchased0.21%                    |  |      | 94,707     |    |
|                                  |  | Futurescontracts sold(0.01)%                       |  |      | (7,000     | )  |
| TotalEnergy0.20%                      |  |                                               |  |      | 87,707     |    |
|                                  |  |                                               |  |      |       |    |
| Grains                                |  |                                               |  |      |       |    |
|                                  |  | Futurescontracts purchased(0.22)%                  |  |      | (97,135    | )  |
|                                  |  | Futurescontracts sold0.03%                         |  |      | 13,475     |    |
| TotalGrains(0.19)%                    |  |                                               |  |      | (83,660    | )  |
|                                  |  |                                               |  |      |       |    |
| InterestRates Non - U.S. 0.43%        |  | Futures contracts purchased0.43%                   |  |      | 188,572    |    |
|                                  |  |                                               |  |      |       |    |
| InterestRates U.S.                    |  |                                               |  |      |       |    |
|                                  |  | Futurescontracts purchased0.03%                    |  |      | 15,016     |    |
|                                  |  | Futurescontracts sold0.02%                         |  |      | 9,031      |    |
| TotalInterest Rates U.S.0.05%         |  |                                               |  |      | 24,047     |    |
|                                  |  |                                               |  |      |       |    |
| TotalLumber 0.01%                     |  | Futures contracts sold0.01%                        |  |      | 4,466      |    |
|                                  |  |                                               |  |      |       |    |
| Livestock                             |  |                                               |  |      |       |    |
|                                  |  | Futurescontracts purchased0.04%                    |  |      | 16,903     |    |
|                                  |  | Futurescontracts sold0.06%                         |  |      | 27,630     |    |
| TotalLivestock0.10%                   |  |                                               |  |      | 44,533     |    |
|                                  |  |                                               |  |      |       |    |
| Metals                                |  |                                               |  |      |       |    |
|                                  |  | Futurescontracts purchased0.11%                    |  |      | 50,077     |    |
|                                  |  | Futurescontracts sold0.01%                         |  |      | 2,384      |    |
|                                  |  | Totalfutures contracts0.12%                        |  |      | 52,461     |    |
|                                  |  |                                               |  |      |       |    |
|                                  |  | Unrealizedappreciation on forward contracts0.39%   |  |      | 172,390    |    |
|                                  |  | Unrealizeddepreciation on forward contracts(0.52)% |  |      | (230,837   | )  |
|                                  |  | Totalforward contracts(0.13)%                      |  |      | (58,447    | )  |
| TotalMetals(0.01)%                    |  |                                               |  |      | (5,986     | )  |
|                                  |  |                                               |  |      |       |    |
| Softs                                 |  | Futurescontracts purchased0.15%                    |  |      | 67,691     |    |
|                                  |  | Futurescontracts sold(0.13)%                       |  |      | (57,835    | )  |
| TotalSofts0.02%                       |  |                                               |  |      | 9,856      |    |
|                                  |  |                                               |  |      |       |    |
| Indices0.22%                          |  | Futures contracts purchased0.22%                   |  |      | 95,524     |    |
|                                  |  |                                               |  |      |       |    |
| Investmentin Partnerships             |  |                                               |  |      |       |    |
|                                  |  | CMFAspect Master Fund LP38.08%                     |  |      | 16,812,814 |    |
|                                  |  | CMFCampbell Master Fund LP39.03%                   |  |      | 17,235,603 |    |
| TotalInvestment in Partnerships77.11% |  |                                               |  |      | 34,048,417 |    |
|                                  |  |                                               |  |      |       |    |
| TotalFair Value78.31%                 |  |                                               |  | $         | 34,579,837 |    |
|                                       |

|                    |  |                                                                                                                                                                          |            |                             |  |        |        |         |  |  |
|--------------------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------|--|--------|--------|---------|--|--|
| CountryComposition |  |             Investments at FairValue             |            | % ofInvestments atFairValue |
| Australia          |  | $                                                                                                                                                                        | 8,474      |                        |  |   | 0.02   | %  |
| Canada             |  |                                                                                                                                                                     | 57,883     |                        |  |   | 0.16   |    |
| France             |  |                                                                                                                                                                     | 3,148      |                        |  |   | 0.01   |    |
| Germany            |  |                                                                                                                                                                     | 43,774     |                        |  |   | 0.13   |    |
| Japan              |  |                                                                                                                                                                     | 160,029    |                        |  |   | 0.46   |    |
| Spain              |  |                                                                                                                                                                     | 19,026     |                        |  |   | 0.06   |    |
| UnitedKingdom      |  |                                                                                                                                                                     | 119,284    |                        |  |   | 0.35   |    |
| UnitedStates       |  |                                                                                                                                                                     | 34,168,219 |                        |  |   | 98.81  |    |
|               |  | $                                                                                                                                                                        | 34,579,837 |                        |  |   | 100.00 | %  |
|                    |

|  |                                                                     |
|--|---------------------------------------------------------------------|
|  | Percentagesare based on Masters' capital unless otherwise indicated |

See accompanying notes to financialstatements.

4

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Salomon Smith Barney GlobalDiversified Futures Fund L.P. Condensed Schedule ofInvestments December 31, 2004(Unaudited)

|                                   |  |                                                    |  |           |            |         |  |  |  |  |
|-----------------------------------|--|----------------------------------------------------|--|-----------|------------|---------|--|--|--|--|
| Sector                            |  | Contract                                           |  | FairValue |
| Currencies                        |  |                                               |  |      |       |    |
|                              |  | Futurescontracts purchased(0.06)%                  |  | $         | (25,785    | )  |
|                              |  | Futurescontracts sold(0.03)%                       |  |      | (13,704    | )  |
|                              |  | Totalfutures contracts(0.09)%                      |  |      | (39,489    | )  |
|                              |  |
|                              |  | Unrealizedappreciation on forward contracts3.37%   |  |      | 1,562,525  |    |
|                              |  | Unrealizeddepreciation on forward contracts(3.11)% |  |      | (1,441,804 | )  |
|                              |  | Totalforward contracts0.26%                        |  |      | 120,721    |    |
| TotalCurrencies0.17%              |  |                                               |  |      | 81,232     |    |
| Energy                            |  |
|                              |  | Futurescontracts purchased(0.16)%                  |  |      | (76,043    | )  |
|                              |  | Futurescontracts sold0.20%                         |  |      | 96,079     |    |
| TotalEnergy0.04%                  |  |                                               |  |      | 20,036     |    |
| Grains                            |  |
|                              |  | Futurescontracts purchased0.11%                    |  |      | 48,617     |    |
|                              |  | Futurescontracts sold0.45%                         |  |      | 206,863    |    |
| TotalGrains0.56%                  |  |                                               |  |      | 255,480    |    |
| InterestRates Non-U.S             |  |
|                              |  | Futures contracts purchased0.64%                   |  |      | 297,191    |    |
|                              |  | Futurescontracts sold(0.00)%*                      |  |      | (451       | )  |
| TotalInterest Rates Non-U.S.0.64% |  |                                               |  |      | 296,740    |    |
| InterestRates U.S.                |  |
|                              |  | Futures contracts purchased0.01%                   |  |      | 6,524      |    |
|                              |  | Futurescontracts sold0.03%                         |  |      | 15,306     |    |
| TotalInterest Rates U.S.0.04%     |  |                                               |  |      | 21,830     |    |
| Lumber(0.02)%                     |  | Futures contracts sold(0.02)%                      |  |      | (8,646     | )  |
| Livestock                         |  |
|                              |  | Futurescontracts purchased0.15%                    |  |      | 70,660     |    |
|                              |  | Futurescontracts sold0.01%                         |  |      | 2,848      |    |
| TotalLivestock0.16%               |  |                                               |  |      | 73,508     |    |
| Metals                            |  |
|                              |  | Futurescontracts purchased0.11%                    |  |      | 50,652     |    |
|                              |  | Futurescontracts sold0.04%                         |  |      | 18,032     |    |
|                              |  | Totalfutures contracts0.15%                        |  |      | 68,684     |    |
|                              |  | Unrealizedappreciation on forward contracts1.90%   |  |      | 878,982    |    |
|                              |  | Unrealizeddepreciation on forward contracts(2.09)% |  |      | (968,360   | )  |
|                              |  | Totalforward contracts(0.19)%                      |  |      | (89,378    | )  |
| TotalMetals(0.04)%                |  |                                               |  |      | (20,694    | )  |
| Softs                             |  |
|                              |  | Futurescontracts purchased0.25%                    |  |      | 117,862    |    |
|                              |  | Futurescontracts sold0.05%                         |  |      | 22,959     |    |
| TotalSofts0.30%                   |  |                                               |  |      | 140,821    |    |
| Indices                           |  |
|                              |  | Futurescontracts purchased1.02%                    |  |      | 473,453    |    |
|                              |  | Futurescontracts sold0.01%                         |  |      | 1,825      |    |
| TotalIndices1.03%                 |  |                                               |  |      | 475,278    |    |
| TotalFair Value2.88%              |  |                                               |  | $         | 1,335,585  |    |
|                                   |

|                    |  |                          |           |                             |  |        |        |          |  |  |
|--------------------|--|--------------------------|-----------|-----------------------------|--|--------|--------|----------|--|--|
| CountryComposition |  | Investments at FairValue |           | % ofInvestments atFairValue |
| Australia          |  | $                        | (21,534   | )                      |  |   | (1.61  | )%  |
| Canada             |  |                     | 83,957    |                        |  |   | 6.29   |     |
| France             |  |                     | 19,659    |                        |  |   | 1.47   |     |
| Germany            |  |                     | 121,603   |                        |  |   | 9.10   |     |
| HongKong           |  |                     | 6,793     |                        |  |   | 0.51   |     |
| Japan              |  |                     | 357,825   |                        |  |   | 26.79  |     |
| Spain              |  |                     | 42,032    |                        |  |   | 3.15   |     |
| UnitedKingdom      |  |                     | 92,719    |                        |  |   | 6.94   |     |
| UnitedStates       |  |                     | 632,531   |                        |  |   | 47.36  |     |
|               |  | $                        | 1,335,585 |                        |  |   | 100.00 | %   |
|                    |

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

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

See accompanying notes to financialstatements.

5

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

|                                                                                                                          |  |                           |            |                         |  |        |            |         |  |        |            |         |  |        |            |         |  |  |
|--------------------------------------------------------------------------------------------------------------------------|--|---------------------------|------------|-------------------------|--|--------|------------|---------|--|--------|------------|---------|--|--------|------------|---------|--|--|
|                                                                                                                     |  | ThreeMonths EndedJune 30, |            | Six Months EndedJune30, |
|                                                                                                                     |  | 2005                      |            | 2004                    |  | 2005   |            | 2004    |
| Income:                                                                                                                  |  |                      |       |                    |  |   |       |    |  |
| Netgains (losses) on trading of commodityinterests:                                                                      |  |                      |       |                    |  |   |       |    |  |
| Realized gains(losses) on closed positions and foreigncurrencies                                                         |  | $                         | 3,253      |                    |  | $      | (4,468,072 | )  |  | $      | (1,680,210 | )  |  | $      | 2,966,993  |    |
| Changein unrealized gains (losses) on open positions and investment inPartnerships                                       |  |                      | 3,110,178  |                    |  |   | (3,701,868 | )  |  |   | 3,466,978  |    |  |   | (3,811,265 | )  |
|                                                                                                                     |  |                      | 3,113,431  |                    |  |   | (8,169,940 | )  |  |   | 1,786,768  |    |  |   | (844,272   | )  |
| Interestincome                                                                                                           |  |                      | 57,238     |                    |  |   | 100,585    |    |  |   | 152,739    |    |  |   | 193,552    |    |
|                                                                                                                     |  |                      | 3,170,669  |                    |  |   | (8,069,355 | )  |  |   | 1,939,507  |    |  |   | (650,720   | )  |
| Expenses:                                                                                                                |  |                      |       |                    |  |   |       |    |  |
| Brokeragecommissions including clearing fees of $5,914, $29,572, $10,864 and$56,957,respectively                         |  |                      | 598,449    |                    |  |   | 769,739    |    |  |   | 1,217,818  |    |  |   | 1,591,968  |    |
| Managementfees                                                                                                           |  |                      | 185,803    |                    |  |   | 225,012    |    |  |   | 372,434    |    |  |   | 464,050    |    |
| Incentivefees                                                                                                            |  |                      | 179,586    |                    |  |   | (1,014,736 | )  |  |   | 179,586    |    |  |   | 233,937    |    |
| Otherexpenses                                                                                                            |  |                      | 18,964     |                    |  |   | 17,973     |    |  |   | 37,203     |    |  |   | 37,822     |    |
|                                                                                                                     |  |                      | 982,802    |                    |  |   | (2,012     | )  |  |   | 1,807,041  |    |  |   | 2,327,777  |    |
| Netincome(loss)                                                                                                          |  |                      | 2,187,867  |                    |  |   | (8,067,343 | )  |  |   | 132,466    |    |  |   | (2,978,497 | )  |
| Redemptions                                                                                                              |  |                      | (918,197   | )                  |  |   | (1,371,212 | )  |  |   | (2,287,281 | )  |  |   | (2,136,992 | )  |
| Netincrease (decrease) in Partners'capital                                                                               |  |                      | 1,269,670  |                    |  |   | (9,438,555 | )  |  |   | (2,154,815 | )  |  |   | (5,115,489 | )  |
| Partners'capital, beginning ofperiod                                                                                     |  |                      | 42,884,684 |                    |  |   | 58,030,064 |    |  |   | 46,309,169 |    |  |   | 53,706,998 |    |
| Partners'capital, end ofperiod                                                                                           |  | $                         | 44,154,354 |                    |  | $      | 48,591,509 |    |  | $      | 44,154,354 |    |  | $      | 48,591,509 |    |
| Netasset value per Redeemable Unit (32,911.3727 and 37,274.6999 Unitsoutstanding at June 30, 2005 and 2004,respectively) |  | $                         | 1,341.61   |                    |  | $      | 1,303.61   |    |  | $      | 1,341.61   |    |  | $      | 1,303.61   |    |
| Netincome (loss) per Redeemable Unit of Limited Partnership Interest andGeneral Partner Unitequivalent                   |  | $                         | 66.01      |                    |  | $      | (212.32    | )  |  | $      | 6.92       |    |  | $      | (80.64     | )  |
|                                                                                                                     |  |                      |       |                    |  |   |       |    |  |
|                                                                                                                          |

SeeAccompanying Notes to Financial Statements.

6

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Salomon Smith Barney Global DiversifiedFutures Fund L.P. Statements of Cash FlowsJune 30, 2005(Unaudited)

|                                                                                                 |  |                           |            |                         |  |        |            |         |  |        |             |         |  |        |            |         |  |  |
|-------------------------------------------------------------------------------------------------|--|---------------------------|------------|-------------------------|--|--------|------------|---------|--|--------|-------------|---------|--|--------|------------|---------|--|--|
|                                                                                            |  | ThreeMonths EndedJune 30, |            | Six Months EndedJune30, |
|                                                                                            |  | 2005                      |            | 2004                    |  | 2005   |            | 2004    |
| Cashflows from operatingactivities:                                                             |  |                      |       |                    |  |   |       |    |  |
| Net income(loss)                                                                                |  | $                         | 2,187,867  |                    |  | $      | (8,067,343 | )  |  | $      | 132,466     |    |  | $      | (2,978,497 | )  |
| Adjustmentsto reconcile net income (loss) to net cash provided by (used in)operatingactivities: |  |                      |       |                    |  |   |       |    |  |
| Changesin operating assets andliabilities:                                                      |  |                      |       |                    |  |   |       |    |  |
| (Increase)decrease in restrictedcash                                                            |  |                      | (595,205   | )                  |  |   | 1,530,251  |    |  |   | 5,432,248   |    |  |   | 1,695,765  |    |
| (Increase)decrease in investment in Partnerships, at fairvalue                                  |  |                      | (1,438,958 | )                  |  |   | —    |    |  |   | (34,048,417 | )  |  |   | —    |    |
| (Increase)decrease in net unrealized appreciation on open futurespositions                      |  |                      | 20,967     |                    |  |   | 2,570,940  |    |  |   | 714,375     |    |  |   | 688,587    |    |
| (Increase)decrease in unrealized appreciation on open forwardcontracts                          |  |                      | 88,986     |                    |  |   | 1,005,609  |    |  |   | 2,269,117   |    |  |   | 2,915,520  |    |
| (Increase)decrease in interestreceivable                                                        |  |                      | 16         |                    |  |   | 2,770      |    |  |   | 42,161      |    |  |   | (4,476     | )  |
|                                                                                            |  |
| Increase(decrease) in unrealized depreciation on open forwardcontracts                          |  |                      | 31,690     |                    |  |   | 125,319    |    |  |   | (2,179,327  | )  |  |   | 207,158    |    |
| Accruedexpenses:                                                                                |  |                      |       |                    |  |   |       |    |  |
| Increase(decrease) incommissions                                                                |  |                      | (2,519     | )                  |  |   | (54,440    | )  |  |   | (16,951     | )  |  |   | (38,483    | )  |
| Increase(decrease) in managementfees                                                            |  |                      | (851       | )                  |  |   | (16,501    | )  |  |   | (5,738      | )  |  |   | (9,657     | )  |
| Increase(decrease) in incentivefees                                                             |  |                      | 179,586    |                    |  |   | (1,014,736 | )  |  |   | (178,035    | )  |  |   | (1,719,782 | )  |
| Increase(decrease) inother                                                                      |  |                      | (8,888     | )                  |  |   | 8,212      |    |  |   | 9,350       |    |  |   | 17,985     |    |
| Netcash provided by (used in) operatingactivities                                               |  |                      | 462,691    |                    |  |   | (3,909,919 | )  |  |   | (27,828,751 | )  |  |   | 774,120    |    |
| Cashflows from financingactivities:                                                             |  |                      |       |                    |  |   |       |    |  |
| Payments forredemptions – LimitedPartners                                                 |  |                      | (1,453,428 | )                  |  |   | (1,156,000 | )  |  |   | (2,315,431  | )  |  |   | (1,965,720 | )  |
| Netchange incash                                                                                |  |                      | (990,737   | )                  |  |   | (5,065,919 | )  |  |   | (30,144,182 | )  |  |   | (1,191,600 | )  |
| Unrestrictedcash, at beginning ofperiod                                                         |  |                      | 8,994,688  |                    |  |   | 49,898,249 |    |  |   | 38,148,133  |    |  |   | 46,023,930 |    |
| Unrestrictedcash, at end ofperiod                                                               |  | $                         | 8,003,951  |                    |  | $      | 44,832,330 |    |  | $      | 8,003,951   |    |  | $      | 44,832,330 |    |
|                                                                                                 |

SeeAccompanying Notes to FinancialStatements.

7

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements June 30, 2005(Unaudited)

1.    General:

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

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

Citigroup Managed Futures LLC, acts as the general partner(the "General Partner") of the Partnership.The Partnership's commodity broker is Citigroup Global MarketsInc. ("CGM"). CGM is an affiliate of theGeneral Partner. The General Partner is wholly owned by CitigroupGlobal Markets Holdings Inc. ("CGMHI"), whichis the sole owner of CGM. CGMHI is a wholly owned subsidiary ofCitigroup Inc. ("Citigroup"). As of June 30,2005, all trading decisions are made for the Partnership by AspectCapital Management Ltd. ("Aspect"), Campbell& Company, Inc., ("Campbell") and AltisPartners LTD ("Altis") (each an"Advisor" and collectively, the"Advisors").

The accompanyingfinancial statements are unaudited but, in the opinion of management,include all adjustments, consisting only of normal recurringadjustments, necessary for a fair presentation of thePartnership's financial condition at June 30, 2005 and December31, 2004 and the results of its operations and its cash flows for thethree and six months ended June 30, 2005 and 2004. These financialstatements present the results of interim periods and do not includeall disclosures normally provided in annual financial statements. Youshould read these financial statements together with the financialstatements and notes included in the Partnership's annual reporton Form 10-K filed with the Securities and Exchange Commission for theyear ended December 31, 2004.

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

8

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements June 30, 2005(Unaudited)

2.    Financial Highlights:

Changes in Net Asset Value per Redeemable Unit of LimitedPartnership Interest for the three and six months ended June 30, 2005and 2004 were asfollows:

|                                                        |  |                           |          |                         |  |        |          |         |  |        |          |         |  |        |          |         |  |  |
|--------------------------------------------------------|--|---------------------------|----------|-------------------------|--|--------|----------|---------|--|--------|----------|---------|--|--------|----------|---------|--|--|
|                                                   |  | ThreeMonths EndedJune 30, |          | Six Months EndedJune30, |
|                                                   |  | 2005                      |          | 2004                    |  | 2005   |          | 2004    |
| Netrealized and unrealized gains (losses)*             |  | $                         | 75.84    |                    |  | $      | (235.16  | )  |  | $      | 19.92    |    |  | $      | (66.89   | )  |
| InterestIncome                                         |  |                      | 1.71     |                    |  |   | 2.65     |    |  |   | 4.47     |    |  |   | 5.06     |    |
| Expenses**                                             |  |                      | (11.54   | )                  |  |   | 20.19    |    |  |   | (17.47   | )  |  |   | (18.81   | )  |
| Increase(decrease) for theperiod                       |  |                      | 66.01    |                    |  |   | (212.32  | )  |  |   | 6.92     |    |  |   | (80.64   | )  |
| Netasset Value per Redeemable Unit, beginning ofperiod |  |                      | 1,275.60 |                    |  |   | 1,515.93 |    |  |   | 1,334.69 |    |  |   | 1,384.25 |    |
| Netasset value per Redeemable Unit, end of period***   |  | $                         | 1,341.61 |                    |  | $      | 1,303.61 |    |  | $      | 1,341.61 |    |  | $      | 1,303.61 |    |
| *  Includesbrokerage commissions             |  |
| **  Excludesbrokeragecommissions             |  |
|                                                        |

|                                             |  |                           |        |                         |  |        |        |          |  |        |        |          |  |        |        |          |  |  |
|---------------------------------------------|--|---------------------------|--------|-------------------------|--|--------|--------|----------|--|--------|--------|----------|--|--------|--------|----------|--|--|
|                                        |  | Three MonthsEndedJune 30, |        | Six Months EndedJune30, |
|                                        |  | 2005                      |        | 2004                    |  | 2005   |        | 2004     |
| Ratiosto average net assets:***             |  |
| Net investment lossbefore incentivefees**** |  |                      | (7.0   | )%                 |  |   | (6.9   | )%  |  |   | (6.8   | )%  |  |   | (7.9   | )%  |
| Operatingexpense                            |  |                      | 7.5    | %                  |  |   | 7.6    | %   |  |   | 7.5    | %   |  |   | 7.8    | %   |
| Incentivefees                               |  |                      | 0.4    | %                  |  |   | (1.9   | )%  |  |   | 0.4    | %   |  |   | 0.4    | %   |
| Totalexpenses                               |  |                      | 7.9    | %                  |  |   | 5.7    | %   |  |   | 7.9    | %   |  |   | 8.2    | %   |
| Totalreturn:                                |  |                      |   |                    |  |   |   |     |  |   |   |     |  |   |   |     |
| Totalreturn before incentivefees            |  |                      | 5.6    | %                  |  |   | (17.2  | )%  |  |   | 0.9    | %   |  |   | (6.9   | )%  |
| Incentivefees                               |  |                      | (0.4   | )%                 |  |   | 3.2    | %   |  |   | (0.4   | )%  |  |   | 1.1    | %   |
| Total return after incentivefees            |  |                      | 5.2    | %                  |  |   | (14.0  | )%  |  |   | 0.5    | %   |  |   | (5.8   | )%  |
|                                             |

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

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

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

3.    Trading Activities:

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

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

9

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements June 30, 2005(Unaudited)

All of the commodity interests owned bythe Partnership are held for trading purposes. The average fair valuesof these interests during the six months ended June 30, 2005 and theyear ended December  31, 2004, based on a monthly calculation,were $686,565, and $1,962,289, respectively. The fair values of thesecommodity interests, including options thereon, if applicable, at June30, 2005 and December 31, 2004, were $531,420 and $1,335,585,respectively. Fair values for exchange traded commodity futures andoptions are based on quoted market prices for those futures andoptions. Fair values for all other financial instruments for whichmarket quotations are not readily available are based on calculationsapproved by the General Partner.

4.    Investment inPartnerships:

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

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

Campbell Master's and Aspect Master's trading offutures, forwards and options contracts, if applicable, on commoditiesis done primarily on United States of America commodity exchanges andforeign commodity exchanges. The Campbell Master and Aspect Masterengage in such trading through commodity brokerage accounts maintainedwith CGM.

A limited partner may withdraw all or part of theircapital contribution and undistributed profits, if any, from CampbellMaster or Aspect Master in multiples of the net asset value per unit oflimited partnership interest as of the last day of a month after arequest for redemption has been made to the General Partner at least 3days in advance of month-end.

Management and incentive fees arenot directly charged to the investment presented below. These fees arecharged at the Partnership level. All exchange, clearing, user,give-up, floor brokerage and National Futures Association fees areborne by Campbell Master and Aspect Master. All other fees includingCGM's direct brokerage commissions are charged at the Partnershiplevel.

At June 30, 2005, the Partnership owns 5.7% ofCampbell Master and 8.1% of Aspect Master. The performance ofthe Partnership is directly affected by the performance of CampbellMaster and Aspect Master. It is Campbell's and Aspect'sintention to continue to invest the assets allocated to each by thePartnership in Campbell Master and Aspect Master, respectively.

10

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements June 30, 2005(Unaudited)

Summarized information reflecting thePartnership's investment in, and the operations of CampbellMaster and Aspect Master are as shown in the following table.

|                |  |                           |        |                                         |  |              |            |          |  |                 |           |                     |  |                     |        |        |  |        |       |        |  |        |           |        |  |        |                    |        |  |        |         |        |  |  |
|----------------|--|---------------------------|--------|-----------------------------------------|--|--------------|------------|----------|--|-----------------|-----------|---------------------|--|---------------------|--------|--------|--|--------|-------|--------|--|--------|-----------|--------|--|--------|--------------------|--------|--|--------|---------|--------|--|--|
|           |  | June30, 2005              |        | For the three months ended June 30,2005 |  |
| Investment     |  | %ofPartnership'sNetAssets |        | FairValue                               |  | Income(Loss) |            | Expenses |  | NetIncome(loss) |           | InvestmentObjective |  | RedemptionPermitted |
| Commissions    |  | Other                     |        |
| CampbellMaster |  |                      | 39.03  | %                                  |  | $            | 17,235,603 |     |  | $               | 2,201,766 |                |  | $                   | 6,384  |   |  | $      | 781   |   |  | $      | 2,194,601 |   |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| AspectMaster   |  |                      | 38.08  | %                                  |  |         | 16,812,814 |     |  |            | 1,067,868 |                |  |                | 9,521  |   |  |   | 1,104 |   |  |   | 1,057,243 |   |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| Total          |  |                      |   |                                    |  | $            | 34,048,417 |     |  | $               | 3,269,634 |                |  | $                   | 15,905 |   |  | $      | 1,885 |   |  | $      | 3,251,844 |   |  |
|                |

|                |  |                           |        |                                       |  |              |            |          |  |                 |           |                     |  |                     |        |        |  |        |       |        |  |        |           |        |  |        |                    |        |  |        |         |        |  |  |
|----------------|--|---------------------------|--------|---------------------------------------|--|--------------|------------|----------|--|-----------------|-----------|---------------------|--|---------------------|--------|--------|--|--------|-------|--------|--|--------|-----------|--------|--|--------|--------------------|--------|--|--------|---------|--------|--|--|
|           |  | June30, 2005              |        | For the six months ended June 30,2005 |  |
| Investment     |  | %ofPartnership'sNetAssets |        | FairValue                             |  | Income(Loss) |            | Expenses |  | NetIncome(loss) |           | InvestmentObjective |  | RedemptionPermitted |
| Commissions    |  | Other                     |        |
| CampbellMaster |  |                      | 39.03  | %                                |  | $            | 17,235,603 |     |  | $               | 1,639,553 |                |  | $                   | 13,993 |   |  | $      | 1,580 |   |  | $      | 1,623,980 |   |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| AspectMaster   |  |                      | 38.08  | %                                |  |         | 16,812,814 |     |  |            | 1,411,544 |                |  |                | 16,167 |   |  |   | 1,495 |   |  |   | 1,393,882 |   |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| Total          |  |                      |   |                                  |  | $            | 34,048,417 |     |  | $               | 3,051,097 |                |  | $                   | 30,160 |   |  | $      | 3,075 |   |  | $      | 3,017,862 |   |  |
|                |

5.    FinancialInstrument Risks:

In the normal course of itsbusiness, the Partnership is party to financial instruments withoff-balance sheet risk, including derivative financial instruments andderivative commodity instruments. These financial instruments mayinclude forwards, futures and options, whose values are based upon anunderlying asset, index, or reference rate, and generally representfuture commitments to exchange currencies or cash flows, to purchase orsell other financial instruments at specific terms at specified futuredates, or, in the case of derivative commodity instruments, to have areasonable possibility to be settled in cash, through physical deliveryor with another financial instrument. These instruments may be tradedon an exchange or over-the-counter ("OTC").Exchange-traded instruments are standardized and include futures andcertain option contracts. OTC contracts are negotiated betweencontracting parties and include forwards and certain options.

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

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

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

11

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements June 30, 2005(Unaudited)

The General Partner monitors andcontrols the Partnership's risk exposure on a daily basis throughfinancial, credit and risk management monitoring systems, andaccordingly believes that it has effective procedures for evaluatingand limiting the credit and market risks to which the Partnership issubject. These monitoring systems allow the General Partner tostatistically analyze actual trading results with risk-adjustedperformance indicators and correlation statistics. In addition, on-linemonitoring systems provide account analysis of futures, forwards andoptions positions by sector, margin requirements, gain and losstransactions and collateral positions.

The majority ofthese instruments mature within one year of June 30, 2005. However, dueto the nature of the Partnership's business, these instrumentsmay not be held to maturity.

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

Liquidity and Capital Resources

The Partnership does not engage in the sale of goods orservices. Its only assets are its equity in its commodity futurestrading account, consisting of cash, net unrealized appreciation onopen futures and forward contracts, commodity options, if applicable,and interest receivable. Because of the low margin deposits normallyrequired in commodity futures trading, relatively small price movementsmay result in substantial losses to the Partnership. While substantiallosses could lead to a decrease in liquidity, no such losses occurredduring the second quarter of 2005.

ThePartnership's capital consists of the capital contributions ofthe partners, as increased or decreased by realized and/or unrealizedgains or losses on commodity futures trading, expenses, interestincome, additions and redemptions of Redeemable Units and distributionsof profits, if any.

For the six months ended June 30,2005, Partnership capital decreased 4.6% from $46,309,169 to$44,154,354. This decrease was attributable to redemptions of1,785.2271 Redeemable Units of Limited Partnership Interest resultingin an outflow of $2,287,281, which was partially offset by a net gainfrom operations of $132,466. 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.

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

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

Results of Operations

Duringthe Partnership's second quarter of 2005, the net asset value perRedeemable Unit increased 5.2% from $1,275.60 to $1,341.61 ascompared to a decrease of 14% in the second quarter of 2004. ThePartnership experienced a net trading gain before brokerage commissionsand related fees in the second quarter of 2005 of $3,113,431. Gainswere primarily attributable to the trading of commodity futures incurrencies, non-U.S. interest rates and livestock and were partiallyoffset by losses in energy, grains, metals, softs and indices and U.S.interest rates. The Partnership experienced a net trading loss before

13

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brokerage commissions and related fees in thesecond quarter of 2004 of $8,169,940. Losses were primarilyattributable to the trading of commodity futures in currencies, grains,U.S. and non-U.S. interest rates, indices and metals and were partiallyoffset by gains in energy, livestock, softs and lumber.

Tradingin the second quarter of 2005 began with a continuation of the volatileand directionless markets that had characterized the first quarter.Through most of April, neither the financial nor commodity marketsprovided profitable trading opportunities for the Partnership'sAdvisor. May was a transition period as macro-economic trends emergedand continued into June providing improved trading conditions for thetrend-following strategies of the Advisor.

Lower interest ratesin Europe and Asia were the primary drivers of profitability for thequarter and had a concomitant impact on strengthening the U.S. dollarto recent highs versus the Euro, British pound and Swiss franc. Lowerinterest rates were favorable for the Advisor's positions aslower inflation reports, weak European markets, and improvedproductivity caused markets to shrug off another increase in short-termrates by the U.S. Federal Reserve Board. Trading in foreign currencieswas likewise profitable while trading in stock indices wasunprofitable.

Offsetting a portion of these gains were losses inthe commodity markets. A combination of lower inflation expectationsand increased supplies disrupted price trends across several marketsleading to losses in energy, primarily crude oil, base and preciousmetals, and grains.

During the Partnership's six monthsended June 30, 2005, the Net Asset Value per Redeemable Unit increased0.5% from $1,334.69 to $1,341.61 as compared to a decrease of5.8% during the six months ended June 30, 2004. The Partnershipexperienced a net trading gain before brokerage commissions and relatedfees during the six months ended June 30, 2005 of $1,786,768. Gainswere primarily attributable to the trading of commodity futures inenergy, livestock, U.S. and non-U.S. interest rates and were partiallyoffset by losses in softs, currencies, grains, metals, lumber andindices. The Partnership experienced a net trading loss beforebrokerage commissions and related fees in the second quarter of 2004 of$844,272. Losses were primarily attributable to the trading ofcommodity futures in currencies, softs, non-U.S. interest rates,indices and metals and were partially offset by gains in energy,grains, livestock, U.S. interest rates and lumber.

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

Interest income on 80% of the Partnership's dailyequity maintained in cash was earned at the monthly average 30-day U.S.Treasury bill yield. CGM may continue to maintain the Partnershipassets in cash and/or place all of the Partnership assets in 90-dayTreasury bills and pay the Partnership 80% of the interestearned on the Treasury bills purchased. CGM will retain 20% ofany interest earned on Treasury bills. Interest income for the threeand six months ended June 30, 2005 decreased by $43,347 and $40,813,respectively, as compared to the corresponding periods in 2004. Thedecrease is primarily the result of a decrease in average net assetsduring the three and six months ended June  30, 2005 as comparedto 2004.

Brokerage commissions are calculated as a percentage ofthe Partnership's adjusted net asset value on the last day ofeach month and are affected by trading performance and redemptions.Accordingly, they must be compared in relation to the fluctuations inthe monthly net asset values. Commissions and fees for the three andsix months ended June  30, 2005 decreased by $171,290 and$374,150, respectively, as compared to the corresponding periods in2004. The decrease in brokerage commissions for the three months endedJune 30, 2005 is due to a decrease in average net assets during theperiod as compared to 2004.

14

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Management fees are calculated as apercentage of the Partnership's net asset value as of the end ofeach month and are affected by trading performance and redemptions.Management fees for the three and six months ended June 30, 2005decreased by $39,209 and $91,616, respectively, as compared to thecorresponding periods in 2004. The decrease in management fees for thethree and six months ended June  30, 2005 is due to a decrease inaverage net assets during the period as compared to 2004.

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 six monthsended June 30, 2005 resulted in an incentive fee accrual of $179,586.Trading performance for the three and six months ended June 30, 2004resulted in incentive fee accrual of $(1,014,736) and $233,937,respectively.

15

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Item 3.    Quantitative and QualitativeDisclosures about Market Risk

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

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

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

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

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

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The following table indicates the tradingValue at Risk associated with the Partnership's open positions bymarket category as of June 30, 2005 and the highest, lowest and averagevalues during the three months ended June 30, 2005. All open positiontrading risk exposures of the Partnership have been included incalculating the figures set forth below. As of June 30, 2005, thePartnership's total capitalization was $44,154,354. There hasbeen no material change in the trading Value at Risk informationpreviously disclosed in the Form 10-K for the year ended December 31,2004.

**June 30,2005(Unaudited)**

|                                 |  |               |           |                         |  |                                |        |                 |  |          |         |        |  |        |         |        |  |        |         |        |  |  |
|---------------------------------|--|---------------|-----------|-------------------------|--|--------------------------------|--------|-----------------|--|----------|---------|--------|--|--------|---------|--------|--|--------|---------|--------|--|--|
|                            |  |          |           |                    |  | ThreeMonths Ended June 30,2005 |
| MarketSector                    |  | Value at Risk |           | % ofTotalCapitalization |  | HighValue atRisk               |        | LowValue atRisk |  | Average* |
| Currencies                      |  |          |      |                    |  |                           |   |            |  |     |    |   |  |   |    |   |  |   |    |   |
| –Exchange TradedContracts |  | $             | 264,615   |                    |  |                           | 0.60   | %          |  | $        | 293,540 |   |  | $      | 148,666 |   |  | $      | 234,033 |   |
| Energy                          |  |          | 171,235   |                    |  |                           | 0.39   | %          |  |     | 278,018 |   |  |   | 48,929  |   |  |   | 127,648 |   |
| Grains                          |  |          | 147,484   |                    |  |                           | 0.33   | %          |  |     | 190,660 |   |  |   | 105,210 |   |  |   | 155,170 |   |
| InterestrateU.S.                |  |          | 74,872    |                    |  |                           | 0.17   | %          |  |     | 173,886 |   |  |   | 13,531  |   |  |   | 54,969  |   |
| InterestrateNon-U.S.            |  |          | 167,455   |                    |  |                           | 0.38   | %          |  |     | 285,134 |   |  |   | 145,309 |   |  |   | 220,295 |   |
| Livestock                       |  |          | 32,530    |                    |  |                           | 0.07   | %          |  |     | 73,500  |   |  |   | 25,590  |   |  |   | 53,117  |   |
| Metals                          |  |          |      |                    |  |                           |   |            |  |     |    |   |  |   |    |   |  |   |    |   |
| –Exchange TradedContracts |  |          | 116,000   |                    |  |                           | 0.26   | %          |  |     | 116,000 |   |  |   | 37,160  |   |  |   | 69,387  |   |
| –OTCContracts             |  |          | 393,309   |                    |  |                           | 0.89   | %          |  |     | 400,634 |   |  |   | 215,805 |   |  |   | 309,307 |   |
| Softs                           |  |          | 174,339   |                    |  |                           | 0.40   | %          |  |     | 217,588 |   |  |   | 136,034 |   |  |   | 169,647 |   |
| Indices                         |  |          | 530,717   |                    |  |                           | 1.20   | %          |  |     | 530,317 |   |  |   | 85,876  |   |  |   | 296,541 |   |
| Lumber                          |  |          | 7,700     |                    |  |                           | 0.02   | %          |  |     | 13,200  |   |  |   | 1,800   |   |  |   | 6,967   |   |
| Totals                          |  | $             | 2,080,256 |                    |  |                           | 4.71   | %          |  |     |    |   |  |   |    |   |  |   |    |   |
|                                 |

|  |
|--|
|  |  |
|  |

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

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Item 4.    Controls and Procedures

The General Partner of the Partnership, with the participation ofthe General Partner's Chief Executive Officer and the ChiefFinancial Officer, has evaluated the effectiveness of the design andoperation of its disclosure controls and procedures (as defined inRules 13a-15(e) and 15d-15(e) of the Exchange Act) with respect to thePartnership within 90 days of the filing date of this quarterly report,and, based on this evaluation, has concluded that these disclosurecontrols and procedures are effective. Additionally, there were nosignificant changes in the Partnership's internal controls or inother factors that could significantly affect these controls subsequentto the date of this evaluation, including any corrective actions withregard to significant deficiencies and materialweaknesses.

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PART II. OTHERINFORMATION

Item 1.    Legal Proceedings

Thefollowing information supplements and amends our discussion set forthunder Item, 3 "Legal Proceedings" in thePartnership's Annual Report on Form 10-K for the year endedDecember 31, 2004 and under Part II, Item 1, "LegalProceedings" in the Partnership's Quarterly Reporton Form 10-Q for the quarter ended March 31, 2005.

Enron-Related Civil Actions

On June 13, 2005, Citigroupannounced a settlement of the Enron class action litigation (Newby, etal. v. Enron Corp., et al.) currently pending in the United StatesDistrict Court for the Southern District of Texas, Houston Division.This settlement resolves all claims against Citigroup brought on behalfof the class of purchasers of publicly traded equity and debtsecurities issued by Enron and Enron-related entities between September9, 1997 and December 2, 2001. The settlement, which involves a pre-taxpayment of $2.0 billion to the settlement class, is fully covered byCitigroup's existing litigation reserves. It is subject toapproval by the Board of Regents of the University of California (thelead plaintiff), the Citigroup Board and the District Court inTexas.

Mutual Funds

On May 31, 2005, Citigroupannounced that Smith Barney Fund Management LLC and Citigroup GlobalMarkets completed a settlement with the SEC resolving an investigationby the SEC into matters relating to arrangements between certain SmithBarney mutual funds, an affiliated transfer agent and an unaffiliatedsub-transfer agent. Under the terms of the settlement, Citigroup agreedto pay fines totaling $208.1 million. The settlement, in whichCitigroup neither admitted nor denied any wrongdoing or liability,includes allegations of willful misconduct by Smith Barney FundManagement LLC and Citigroup Global Markets in failing to discloseaspects of the transfer agent arrangements to certain mutual fundinvestors.

Item 2.    Unregistered Sales of Equity Securitiesand Use of Proceeds

The following chart sets forth thepurchases of Redeemable Units by thePartnership.

|                                   |  |                                                 |          |                                             |  |                                                                                               |          |                                                                                                                          |  |        |     |        |  |        |     |        |  |  |
|-----------------------------------|--|-------------------------------------------------|----------|---------------------------------------------|--|-----------------------------------------------------------------------------------------------|----------|--------------------------------------------------------------------------------------------------------------------------|--|--------|-----|--------|--|--------|-----|--------|--|--|
| Period                            |  | (a)Total Number of 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 |
| April 1, 2005–April 30,2005 |  |                                            | 160.3523 |                                        |  | $                                                                                             | 1,247.78 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| May1, 2005 – May 31,2005    |  |                                            | 299.1637 |                                        |  | $                                                                                             | 1,287.10 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| June1, 2005 – June 30,2005  |  |                                            | 248.2530 |                                        |  | $                                                                                             | 1,341.61 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| Total                             |  |                                            | 707.7690 |                                        |  | $                                                                                             | 1,292.16 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
|                                   |

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

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

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Item 3.    Defaults Upon SeniorSecurities – None

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

Item 5.    OtherInformation – None

Item 6.    Exhibits

Theexhibits required to be filed by Item 601 of Regulation S-K areincorporated herein by reference to the exhibit index of thePartnership's Annual Report on Form 10-K for the year endedDecember 31, 2004.

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:  |  | August15,2005                                              |
| By:    |  | /s/Daniel R. McAuliffe,Jr.                                 |
|   |  | Daniel R.McAuliffe, Jr.Chief Financial Officer andDirector |
| Date:  |  | August15, 2005                                             |
|        |

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