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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 30,2006

Commission File Number 000-30455

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUNDL.P.

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(Exact name ofregistrant as specified in its charter)

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

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

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(Address and Zip Code ofprincipal executive offices)

(212)559-2011

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(Registrant'stelephone number, including area code)

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

YesX     No     

Indicate bycheck mark whether the registrant is a large accelerated filer, anaccelerated filer, or a non-accelerated filer. See definition of‘‘accelerated filer and large acceleratedfiler’’ in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer          Acceleratedfiler          Non-accelerated filerX

Indicate by check mark whether the registrantis a shell company (as defined in Rule 12b-2 of the ExchangeAct).

Yes          NoX

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SALOMON SMITH BARNEYGLOBAL DIVERSIFIED FUTURES FUND L.P.

FORM 10-Q

INDEX

|                                  |  |  |         |  |  |                                                                                                                             |  |  |              |
|----------------------------------|--|--|---------|--|--|-----------------------------------------------------------------------------------------------------------------------------|--|--|--------------|
|                             |  |  |    |  |  |                                                                                                                        |  |  | PageNumber   |
| PART I -FinancialInformation:    |  |  |    |
|                             |  |  | Item1.  |  |  | FinancialStatements:                                                                                                        |  |  |         |
|                             |  |  |    |  |  | Statements ofFinancial Condition at June 30, 2006 and December 31, 2005(unaudited)                                          |  |  | 3            |
|                             |  |  |    |  |  | Condensed Schedules of Investments at June30, 2006 and December 31, 2005 (unaudited)                                        |  |  | 4 –5   |
|                             |  |  |    |  |  | Statements of Income andExpenses and Partners' Capital for the three and six months endedJune 30, 2006 and 2005 (unaudited) |  |  | 6            |
|                             |  |  |    |  |  | Statements of Cash Flows for the three andsix months ended June 30, 2006 and 2005(unaudited)                                |  |  | 7            |
|                             |  |  |    |  |  | Notes toFinancial Statements (unaudited)                                                                                    |  |  | 8 – 13 |
|                             |  |  | Item2.  |  |  | Management's Discussion and Analysis of FinancialCondition and Results ofOperations                                         |  |  | 14 –16 |
|                             |  |  | Item 3. |  |  | Quantitative andQualitative Disclosures about Market Risk                                                                   |  |  | 17 –19 |
|                             |  |  | Item 4. |  |  | Controls andProcedures                                                                                                      |  |  | 20           |
| PART II — OtherInformation |  |  | 21      |
|                                  |

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PART I

Item 1. Financial Statements

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

|                                                                                                                                        |  |  |             |   |            |                 |  |  |  |   |            |  |
|----------------------------------------------------------------------------------------------------------------------------------------|--|--|-------------|---|------------|-----------------|--|--|--|---|------------|--|
|                                                                                                                                   |  |  | June30,2006 |   |            | December31,2005 |
| Assets:                                                                                                                                |  |  |             |   |       |                 |  |  |  |   |       |  |
| Investmentin Partnerships, at fairvalue                                                                                                |  |  |             | $ | 46,185,052 |                 |  |  |  | $ | 47,537,531 |  |
| Cash                                                                                                                                   |  |  |             |   | 17,043     |                 |  |  |  |   | 24,949     |  |
|                                                                                                                                   |  |  |             | $ | 46,202,095 |                 |  |  |  | $ | 47,562,480 |  |
|                                                                                                                                   |  |  |             |   |       |                 |  |  |  |   |       |  |
| Liabilitiesand Partners'Capital:                                                                                                       |  |  |             |   |       |                 |  |  |  |   |       |  |
| Liabilities:                                                                                                                           |  |  |             |   |       |                 |  |  |  |   |       |  |
| Accruedexpenses:                                                                                                                       |  |  |             |   |       |                 |  |  |  |   |       |  |
| Brokeragecommissions                                                                                                                   |  |  |             | $ | 207,909    |                 |  |  |  | $ | 218,136    |  |
| Managementfees                                                                                                                         |  |  |             |   | 67,338     |                 |  |  |  |   | 70,024     |  |
| Incentivefees                                                                                                                          |  |  |             |   | 574,452    |                 |  |  |  |   | 451,973    |  |
| Other                                                                                                                                  |  |  |             |   | 40,076     |                 |  |  |  |   | 28,965     |  |
| Redemptionspayable                                                                                                                     |  |  |             |   | 550,984    |                 |  |  |  |   | 235,979    |  |
|                                                                                                                                   |  |  |             |   | 1,440,759  |                 |  |  |  |   | 1,005,077  |  |
| Partners'Capital:                                                                                                                      |  |  |             |   |       |                 |  |  |  |   |       |  |
| General Partner, 1,524.2191 and619.7983 Unit equivalents outstanding in 2006 and2005                                                   |  |  |             |   | 2,405,248  |                 |  |  |  |   | 917,723    |  |
| LimitedPartners, 26,841.2898 and 30,823.4179 Redeemable Units of LimitedPartnership Interest outstanding in 2006 and 2005,respectively |  |  |             |   | 42,356,088 |                 |  |  |  |   | 45,639,680 |  |
|                                                                                                                                   |  |  |             |   | 44,761,336 |                 |  |  |  |   | 46,557,403 |  |
|                                                                                                                                   |  |  |             | $ | 46,202,095 |                 |  |  |  | $ | 47,562,480 |  |
|                                                                                                                                        |

Seeaccompanying Notes to Financial Statements.

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Salomon Smith BarneyGlobalDiversified Futures Fund L.P.Condensed Schedule ofInvestments June 30, 2006(Unaudited)

|                                    |  |  |           |   |            |                      |  |  |  |  |        |   |
|------------------------------------|--|--|-----------|---|------------|----------------------|--|--|--|--|--------|---|
| Investmentin Partnerships          |  |  | FairValue |   |            | % ofPartners'Capital |
| CMF Altis PartnersMaster Fund L.P. |  |  |           | $ | 17,448,966 |                      |  |  |  |  | 38.98  | % |
| CMF Aspect Master Fund L.P.        |  |  |           |   | 14,882,193 |                      |  |  |  |  | 33.25  |   |
| CMF Campbell Master FundL.P.       |  |  |           |   | 13,853,893 |                      |  |  |  |  | 30.95  |   |
| Total fair value                   |  |  |           | $ | 46,185,052 |                      |  |  |  |  | 103.18 | % |
|                                    |

Percentages are based onPartners' Capital unless otherwiseindicated.

See accompanying Notes to FinancialStatements.

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

|                                    |  |  |           |   |            |                      |  |  |  |  |        |   |
|------------------------------------|--|--|-----------|---|------------|----------------------|--|--|--|--|--------|---|
| Investmentin Partnerships          |  |  | FairValue |   |            | % ofPartners'Capital |
| CMF Altis PartnersMaster Fund L.P. |  |  |           | $ | 14,780,472 |                      |  |  |  |  | 31.75  | % |
| CMF Aspect Master FundL.P.         |  |  |           |   | 16,321,019 |                      |  |  |  |  | 35.06  |   |
| CMF CampbellMaster Fund L.P.       |  |  |           |   | 16,436,040 |                      |  |  |  |  | 35.30  |   |
| Total fairvalue                    |  |  |           | $ | 47,537,531 |                      |  |  |  |  | 102.11 | % |
|                                    |

|  |                                                                      |
|--|----------------------------------------------------------------------|
|  | Percentages are based onPartners' Capital unless otherwiseindicated. |

See accompanying Notes to FinancialStatements.

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

|                                                                                                                          |  |  |                           |   |            |                         |  |  |      |   |            |      |  |  |  |   |            |   |  |  |  |   |            |   |
|--------------------------------------------------------------------------------------------------------------------------|--|--|---------------------------|---|------------|-------------------------|--|--|------|---|------------|------|--|--|--|---|------------|---|--|--|--|---|------------|---|
|                                                                                                                     |  |  | ThreeMonths EndedJune 30, |   |            | Six Months EndedJune30, |
|                                                                                                                     |  |  | 2006                      |   |            | 2005                    |  |  | 2006 |   |            | 2005 |
| Income:                                                                                                                  |  |  |                           |   |       |                         |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |       |   |
| Netgains (losses) on trading of commodityinterests:                                                                      |  |  |                           |   |       |                         |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |       |   |
| Realized gains(losses) on closed positions and foreigncurrencies                                                         |  |  |                           | $ | —    |                         |  |  |      | $ | 3,253      |      |  |  |  | $ | —    |   |  |  |  | $ | (1,680,210 | ) |
| Changein unrealized gains on open positions and investment inPartnerships                                                |  |  |                           |   | 1,454,380  |                         |  |  |      |   | 3,110,178  |      |  |  |  |   | 5,491,740  |   |  |  |  |   | 3,466,978  |   |
|                                                                                                                     |  |  |                           |   | 1,454,380  |                         |  |  |      |   | 3,113,431  |      |  |  |  |   | 5,491,740  |   |  |  |  |   | 1,786,768  |   |
| Interestincome                                                                                                           |  |  |                           |   | —    |                         |  |  |      |   | 57,238     |      |  |  |  |   | —    |   |  |  |  |   | 152,739    |   |
|                                                                                                                     |  |  |                           |   | 1,454,380  |                         |  |  |      |   | 3,170,669  |      |  |  |  |   | 5,491,740  |   |  |  |  |   | 1,939,507  |   |
| Expenses:                                                                                                                |  |  |                           |   |       |                         |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |       |   |
| Brokeragecommissions including clearing fees of $0, $5,914, $0 and $10,864,respectively                                  |  |  |                           |   | 677,701    |                         |  |  |      |   | 598,449    |      |  |  |  |   | 1,330,473  |   |  |  |  |   | 1,217,818  |   |
| Managementfees                                                                                                           |  |  |                           |   | 216,896    |                         |  |  |      |   | 185,803    |      |  |  |  |   | 426,696    |   |  |  |  |   | 372,434    |   |
| Incentivefees                                                                                                            |  |  |                           |   | 163,644    |                         |  |  |      |   | 179,586    |      |  |  |  |   | 574,452    |   |  |  |  |   | 179,586    |   |
| Other                                                                                                                    |  |  |                           |   | 20,079     |                         |  |  |      |   | 18,964     |      |  |  |  |   | 36,370     |   |  |  |  |   | 37,203     |   |
|                                                                                                                     |  |  |                           |   | 1,078,320  |                         |  |  |      |   | 982,802    |      |  |  |  |   | 2,367,991  |   |  |  |  |   | 1,807,041  |   |
| Netincome                                                                                                                |  |  |                           |   | 376,060    |                         |  |  |      |   | 2,187,867  |      |  |  |  |   | 3,123,749  |   |  |  |  |   | 132,466    |   |
| Additions– GeneralPartner                                                                                          |  |  |                           |   | 1,500,000  |                         |  |  |      |   | —    |      |  |  |  |   | 1,500,000  |   |  |  |  |   | —    |   |
| Redemptions– LimitedPartners                                                                                       |  |  |                           |   | (5,583,356 | )                       |  |  |      |   | (918,197   | )    |  |  |  |   | (6,419,816 | ) |  |  |  |   | (2,287,281 | ) |
| Netincrease (decrease) in Partners' Capital                                                                              |  |  |                           |   | (3,707,296 | )                       |  |  |      |   | 1,269,670  |      |  |  |  |   | (1,796,067 | ) |  |  |  |   | (2,154,815 | ) |
| Partners'Capital, beginning ofperiod                                                                                     |  |  |                           |   | 48,468,632 |                         |  |  |      |   | 42,884,684 |      |  |  |  | $ | 46,557,403 |   |  |  |  | $ | 46,309,169 |   |
| Partners'Capital, end of period                                                                                          |  |  |                           | $ | 44,761,336 |                         |  |  |      | $ | 44,154,354 |      |  |  |  | $ | 44,761,336 |   |  |  |  | $ | 44,154,354 |   |
| Netasset value per Redeemable Unit (28,365.5089 and 32,911.3727 Unitsoutstanding at June 30, 2006 and 2005,respectively) |  |  |                           | $ | 1,578.02   |                         |  |  |      | $ | 1,341.61   |      |  |  |  | $ | 1,578.02   |   |  |  |  | $ | 1,341.61   |   |
| Netincome per Redeemable Unit of Limited Partnership Interest and GeneralPartner Unit equivalent                         |  |  |                           | $ | 9.31       |                         |  |  |      | $ | 66.01      |      |  |  |  | $ | 97.34      |   |  |  |  | $ | 6.92       |   |
|                                                                                                                          |

Seeaccompanying Notes to Financial Statements.

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

|                                                                                                 |  |  |                           |   |            |                         |  |  |      |   |            |      |  |  |  |   |            |   |  |  |  |   |             |   |
|-------------------------------------------------------------------------------------------------|--|--|---------------------------|---|------------|-------------------------|--|--|------|---|------------|------|--|--|--|---|------------|---|--|--|--|---|-------------|---|
|                                                                                            |  |  | ThreeMonths EndedJune 30, |   |            | Six Months EndedJune30, |
|                                                                                            |  |  | 2006                      |   |            | 2005                    |  |  | 2006 |   |            | 2005 |
| Cashflows from operatingactivities:                                                             |  |  |                           |   |       |                         |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| Net income(loss)                                                                                |  |  |                           | $ | 376,060    |                         |  |  |      | $ | 2,187,867  |      |  |  |  | $ | 3,123,749  |   |  |  |  | $ | 132,466     |   |
| Adjustmentsto reconcile net income (loss) to net cash provided by (used in)operatingactivities: |  |  |                           |   |       |                         |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| Changesin operating assets andliabilities:                                                      |  |  |                           |   |       |                         |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| (Increase)decrease in restrictedcash                                                            |  |  |                           |   | —    |                         |  |  |      |   | (595,205   | )    |  |  |  |   | —    |   |  |  |  |   | 5,432,248   |   |
| Purchaseof Investment inPartnerships                                                            |  |  |                           |   | (1,500,000 | )                       |  |  |      |   | —    |      |  |  |  |   | (1,500,000 | ) |  |  |  |   | (32,296,934 | ) |
| Proceedsfrom sale of Investment inPartnerships                                                  |  |  |                           |   | 5,669,014  |                         |  |  |      |   | 1,643,774  |      |  |  |  |   | 7,523,054  |   |  |  |  |   | 992,283     |   |
| Netunrealized (appreciation) depreciation on Investment inPartnerships                          |  |  |                           |   | (1,019,902 | )                       |  |  |      |   | (3,082,732 | )    |  |  |  |   | (4,670,575 | ) |  |  |  |   | (2,743,766  | ) |
| (Increase)decrease in net unrealized appreciation on open futurespositions                      |  |  |                           |   | —    |                         |  |  |      |   | 20,967     |      |  |  |  |   | —    |   |  |  |  |   | 714,375     |   |
| (Increase)decrease in unrealized appreciation on open forwardcontracts                          |  |  |                           |   | —    |                         |  |  |      |   | 88,986     |      |  |  |  |   | —    |   |  |  |  |   | 2,269,117   |   |
| (Increase)decrease in interestreceivable                                                        |  |  |                           |   | —    |                         |  |  |      |   | 16         |      |  |  |  |   | —    |   |  |  |  |   | 42,161      |   |
| Increase(decrease) in unrealized depreciation on open forwardcontracts                          |  |  |                           |   | —    |                         |  |  |      |   | 31,690     |      |  |  |  |   | —    |   |  |  |  |   | (2,179,327  | ) |
| Accruedexpenses:                                                                                |  |  |                           |   |       |                         |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| Increase(decrease) in brokerage commissions                                                     |  |  |                           |   | (14,272    | )                       |  |  |      |   | (2,519     | )    |  |  |  |   | (10,227    | ) |  |  |  |   | (16,951     | ) |
| Increase(decrease) in management fees                                                           |  |  |                           |   | (4,090     | )                       |  |  |      |   | (851       | )    |  |  |  |   | (2,686     | ) |  |  |  |   | (5,738      | ) |
| Increase(decrease) in incentive fees                                                            |  |  |                           |   | 163,644    |                         |  |  |      |   | 179,586    |      |  |  |  |   | 122,479    |   |  |  |  |   | (178,035    | ) |
| Increase(decrease) inother                                                                      |  |  |                           |   | (5,181     | )                       |  |  |      |   | (8,888     | )    |  |  |  |   | 11,111     |   |  |  |  |   | 9,350       |   |
| Netcash provided by (used in) operatingactivities                                               |  |  |                           |   | 3,665,273  |                         |  |  |      |   | 462,691    |      |  |  |  |   | 4,596,905  |   |  |  |  |   | (27,828,751 | ) |
| Cashflows from financingactivities:                                                             |  |  |                           |   |       |                         |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| Payments forAdditions – GeneralPartner                                                    |  |  |                           |   | 1,500,000  |                         |  |  |      |   | —    |      |  |  |  |   | 1,500,000  |   |  |  |  |   | —     |   |
| Paymentsfor redemptions – LimitedPartners                                                 |  |  |                           |   | (5,187,655 | )                       |  |  |      |   | (1,453,428 | )    |  |  |  |   | (6,104,811 | ) |  |  |  |   | (2,315,431  | ) |
| Netcash provided by (used in) financingactivities                                               |  |  |                           |   | (3,687,655 | )                       |  |  |      |   | (1,453,428 | )    |  |  |  |   | (4,604,811 | ) |  |  |  |   | (2,315,431  | ) |
| Netchange incash                                                                                |  |  |                           |   | (22,382    | )                       |  |  |      |   | (990,737   | )    |  |  |  |   | (7,906     | ) |  |  |  |   | (30,144,182 | ) |
| Unrestrictedcash, at beginning of period                                                        |  |  |                           |   | 39,425     |                         |  |  |      |   | 8,994,688  |      |  |  |  |   | 24,949     |   |  |  |  |   | 38,148,133  |   |
| Unrestrictedcash, at end of period                                                              |  |  |                           | $ | 17,043     |                         |  |  |      | $ | 8,003,951  |      |  |  |  | $ | 17,043     |   |  |  |  | $ | 8,003,951   |   |
| NonCash FinancingActivities:                                                                    |  |  |                           |   |       |                         |  |  |      |   |       |      |  |  |  |   |       |   |  |  |  |   |        |   |
| Contribution ofopen commodity futures and forwardpositions                                      |  |  |                           | $ | —    |                         |  |  |      | $ | —    |      |  |  |  | $ | —    |   |  |  |  | $ | (1,253,281  | ) |
|                                                                                                 |

Seeaccompanying Notes to FinancialStatements.

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements June 30, 2006(Unaudited)

1.    General:

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

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

Citigroup Managed Futures LLC acts as the general partner(the ‘‘General Partner’’) of the Partnership.The Partnership's commodity broker is Citigroup Global MarketsInc. (‘‘CGM’’). CGM is an affiliate of theGeneral Partner. The General Partner is wholly owned by CitigroupGlobal Markets Holdings Inc. (‘‘CGMHI’’), whichis the sole owner of CGM. CGMHI is a wholly owned subsidiary ofCitigroup Inc. (‘‘Citigroup’’). As of June 30,2006, all trading decisions are made for the Partnership by AspectCapital Management Ltd. (‘‘Aspect’’), Campbell& Company, Inc., (‘‘Campbell’’) and Altis(Jersey) Partners Limited (‘‘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, 2006 and December31, 2005 and the results of its operations and its cash flows for thethree and six months ended June 30, 2006 and 2005. 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, 2005.

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

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements June 30, 2006(Unaudited)

2.    Financial Highlights:

Changes in Net Asset Value per Redeemable Unit of LimitedPartnership Interest for the three and six months ended June 30, 2006and 2005 were asfollows:

|                                                        |  |  |                           |   |          |                         |  |  |      |   |          |      |  |  |  |   |          |   |  |  |  |   |          |   |
|--------------------------------------------------------|--|--|---------------------------|---|----------|-------------------------|--|--|------|---|----------|------|--|--|--|---|----------|---|--|--|--|---|----------|---|
|                                                   |  |  | ThreeMonths EndedJune 30, |   |          | Six Months EndedJune30, |
|                                                   |  |  | 2006                      |   |          | 2005                    |  |  | 2006 |   |          | 2005 |
| Netrealized and unrealizedgains*                       |  |  |                           | $ | 21.88    |                         |  |  |      | $ | 75.84    |      |  |  |  | $ | 130.30   |   |  |  |  | $ | 19.92    |   |
| InterestIncome                                         |  |  |                           |   | —  |                         |  |  |      |   | 1.71     |      |  |  |  |   | —  |   |  |  |  |   | 4.47     |   |
| Expenses**                                             |  |  |                           |   | (12.57   | )                       |  |  |      |   | (11.54   | )    |  |  |  |   | (32.96   | ) |  |  |  |   | (17.47   | ) |
| Increasefor theperiod                                  |  |  |                           |   | 9.31     |                         |  |  |      |   | 66.01    |      |  |  |  |   | 97.34    |   |  |  |  |   | 6.92     |   |
| NetAsset Value per Redeemable Unit, beginning ofperiod |  |  |                           |   | 1,568.71 |                         |  |  |      |   | 1,275.60 |      |  |  |  |   | 1,480.68 |   |  |  |  |   | 1,334.69 |   |
| NetAsset Value per Redeemable Unit, end ofperiod       |  |  |                           | $ | 1,578.02 |                         |  |  |      | $ | 1,341.61 |      |  |  |  | $ | 1,578.02 |   |  |  |  | $ | 1,341.61 |   |
|                                                        |

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

|    |                               |
|----|-------------------------------|
| ** | Excludes brokeragecommissions |

|                                             |  |  |                           |  |        |                         |  |  |      |  |        |      |  |  |  |  |        |    |  |  |  |  |        |    |
|---------------------------------------------|--|--|---------------------------|--|--------|-------------------------|--|--|------|--|--------|------|--|--|--|--|--------|----|--|--|--|--|--------|----|
|                                        |  |  | Three MonthsEndedJune 30, |  |        | Six Months EndedJune30, |
|                                        |  |  | 2006                      |  |        | 2005                    |  |  | 2006 |  |        | 2005 |
| Ratiosto average net assets:***             |  |  |                           |  |   |                         |  |  |      |  |   |      |  |  |  |  |   |    |  |  |  |  |   |    |
| Net investment lossbefore incentivefees**** |  |  |                           |  | (7.6   | )%                      |  |  |      |  | (7.0   | )%   |  |  |  |  | (7.4   | )% |  |  |  |  | (6.8   | )% |
| Operatingexpense                            |  |  |                           |  | 7.6    | %                       |  |  |      |  | 7.5    | %    |  |  |  |  | 7.4    | %  |  |  |  |  | 7.5    | %  |
| Incentivefees                               |  |  |                           |  | 0.3    | %                       |  |  |      |  | 0.4    | %    |  |  |  |  | 1.0    | %  |  |  |  |  | 0.4    | %  |
| Totalexpenses                               |  |  |                           |  | 7.9    | %                       |  |  |      |  | 7.9    | %    |  |  |  |  | 8.4    | %  |  |  |  |  | 7.9    | %  |
| Totalreturn:                                |  |  |                           |  |   |                         |  |  |      |  |   |      |  |  |  |  |   |    |  |  |  |  |   |    |
| Totalreturn before incentivefees            |  |  |                           |  | 1.0    | %                       |  |  |      |  | 5.6    | %    |  |  |  |  | 7.9    | %  |  |  |  |  | 0.9    | %  |
| Incentivefees                               |  |  |                           |  | (0.4   | )%                      |  |  |      |  | (0.4   | )%   |  |  |  |  | (1.3   | )% |  |  |  |  | (0.4   | )% |
| Totalreturn after incentivefees             |  |  |                           |  | 0.6    | %                       |  |  |      |  | 5.2    | %    |  |  |  |  | 6.6    | %  |  |  |  |  | 0.5    | %  |
|                                             |

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

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

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

3.    Trading Activities:

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

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

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements June 30, 2006(Unaudited)

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

4.    Investment in Partnerships:

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

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

On November 1, 2005, theassets allocated to Altis for trading were invested in the CMF AltisPartners Master Fund L.P. (‘‘Altis Master’’), alimited partnership organized under the partnership laws of the Stateof New York. The Partnership purchased 13,013.6283 Units of the AltisMaster with cash equal to $11,227,843 and a contribution of opencommodity futures and forwards positions with a fair value of$1,785,785. Altis Master was formed to permit commodity pools managednow and in the future by Altis Partners (Jersey) Limited (successor toAltis Partners Limited) using Altis's Diversified PortfolioProgram to invest together in one trading vehicle. The General Partnerof the partnership is the general partner of Altis Master. Individualand pooled accounts are permitted to be a limited partner of AltisMaster. The General Partner and the Altis believe that trading throughthis structure should promote efficiency and economy in the tradingprocess. Expenses to the investors as a result of the investment inAltis Master are approximately the same and redemption rights are notaffected.

Campbell Master's, Aspect Master's andAltis Master's, (the ‘‘Funds’’), tradingof futures, forwards and options contracts, if applicable, oncommodities is done primarily on United States of America commodityexchanges and foreign commodity exchanges. The Funds engage in suchtrading through commodity brokerage accounts maintained by CGM.

A limited partner may withdraw all or part of their capitalcontribution and undistributed profits, if any from the Funds inmultiples of the net asset value per unit of limited partnershipinterest as of the last day of the month after a request for redemptionhas been made to the General Partner at least 3 days in advance ofmonth-end.

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements June 30, 2006(Unaudited)

All exchange, clearing, user, give-up,floor brokerage and National Futures Association fees are borne by theFunds. All other fees including CGM's direct brokeragecommissions are charged at the Partnership level.

As of June 30,2006 the Partnership owns 4.0%, 7.1% and 46.2% ofCampbell Master, Aspect Master and Altis Master, respectively. Theperformance of the Partnership is directly affected by the performanceof the Funds. It is Campbell's, Aspect's and Altis'sintention to continue to invest the assets allocated to each by thePartnership in Campbell Master, Aspect Master and Altis Master,respectively.

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

|                |  |  |                          |   |             |                               |  |  |                           |   |            |  |  |  |  |   |             |  |
|----------------|--|--|--------------------------|---|-------------|-------------------------------|--|--|---------------------------|---|------------|--|--|--|--|---|-------------|--|
|           |  |  | June30,2006              |
|           |  |  | Investments'Total Assets |   |             | Investments' TotalLiabilities |  |  | Investments' TotalCapital |
| AltisMaster    |  |  |                          | $ | 40,140,054  |                               |  |  |                           | $ | 2,495,000  |  |  |  |  | $ | 37,645,054  |  |
| AspectMaster   |  |  |                          |   | 213,352,686 |                               |  |  |                           |   | 4,492,028  |  |  |  |  |   | 208,860,658 |  |
| CampbellMaster |  |  |                          |   | 352,110,193 |                               |  |  |                           |   | 11,197,755 |  |  |  |  |   | 340,912,438 |  |
| Total          |  |  |                          | $ | 605,602,933 |                               |  |  |                           | $ | 18,184,783 |  |  |  |  | $ | 587,418,150 |  |
|                |

|                |  |  |                         |   |             |                               |  |  |                           |   |            |  |  |  |  |   |             |  |
|----------------|--|--|-------------------------|---|-------------|-------------------------------|--|--|---------------------------|---|------------|--|--|--|--|---|-------------|--|
|           |  |  | December31,2005         |
|           |  |  | Investments'TotalAssets |   |             | Investments'Total Liabilities |  |  | Investments'Total Capital |
| AltisMaster    |  |  |                         | $ | 21,526,809  |                               |  |  |                           | $ | 1,223,818  |  |  |  |  | $ | 20,302,991  |  |
| Aspect Master  |  |  |                         |   | 200,507,575 |                               |  |  |                           |   | 5,680,632  |  |  |  |  |   | 194,826,943 |  |
| CampbellMaster |  |  |                         |   | 347,366,314 |                               |  |  |                           |   | 20,975,541 |  |  |  |  |   | 326,390,773 |  |
| Total          |  |  |                         | $ | 569,400,698 |                               |  |  |                           | $ | 27,879,991 |  |  |  |  | $ | 541,520,707 |  |
|                |

Summarized information reflecting thePartnership's investment in, and the operations of the Funds areas shown in the followingtables.

|                |             |  |                           |       |        |                                         |  |  |              |   |            |          |  |  |                 |   |           |                     |  |  |                     |   |        |  |  |  |  |   |       |  |  |  |  |   |           |   |  |  |                                        |  |  |  |  |         |  |
|----------------|-------------|--|---------------------------|-------|--------|-----------------------------------------|--|--|--------------|---|------------|----------|--|--|-----------------|---|-----------|---------------------|--|--|---------------------|---|--------|--|--|--|--|---|-------|--|--|--|--|---|-----------|---|--|--|----------------------------------------|--|--|--|--|---------|--|
|           |             |  | June30, 2006              |       |        | For the three months ended June 30,2006 |  |  |         |   |            |     |
| Investment     |             |  | %ofPartnership'sNetAssets |       |        | FairValue                               |  |  | Income(Loss) |   |            | Expenses |  |  | NetIncome(loss) |   |           | InvestmentObjective |  |  | RedemptionPermitted |
|                | Commissions |  |                           | Other |
| AltisMaster    |             |  |                           |       | 38.98  | %                                       |  |  |              | $ | 17,448,966 |          |  |  |                 | $ | 2,000,332 |                     |  |  |                     | $ | 23,166 |  |  |  |  | $ | 5,667 |  |  |  |  | $ | 1,971,499 |   |  |  | CommodityPortfolio                     |  |  |  |  | Monthly |  |
| AspectMaster   |             |  |                           |       | 33.25  | %                                       |  |  |              |   | 14,882,193 |          |  |  |                 |   | 318,231   |                     |  |  |                     |   | 11,383 |  |  |  |  |   | 1,044 |  |  |  |  |   | 305,804   |   |  |  | CommodityPortfolio                     |  |  |  |  | Monthly |  |
| CampbellMaster |             |  |                           |       | 30.95  | %                                       |  |  |              |   | 13,853,893 |          |  |  |                 |   | (807,066  | )                   |  |  |                     |   | 2,592  |  |  |  |  |   | 265   |  |  |  |  |   | (809,923  | ) |  |  | Financials,Metals& EnergyPortfolio |  |  |  |  | Monthly |  |
| Total          |             |  |                           |       |   |                                         |  |  |              | $ | 46,185,052 |          |  |  |                 | $ | 1,511,497 |                     |  |  |                     | $ | 37,141 |  |  |  |  | $ | 6,976 |  |  |  |  | $ | 1,467,380 |   |  |  |                                   |  |  |  |  |    |  |
|                |

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements June 30, 2006(Unaudited)

|                |             |  |                           |       |        |                                       |  |  |              |   |            |          |  |  |                 |   |           |                     |  |  |                     |   |        |  |  |  |  |   |        |  |  |  |  |   |           |  |  |  |                                         |  |  |  |  |         |  |
|----------------|-------------|--|---------------------------|-------|--------|---------------------------------------|--|--|--------------|---|------------|----------|--|--|-----------------|---|-----------|---------------------|--|--|---------------------|---|--------|--|--|--|--|---|--------|--|--|--|--|---|-----------|--|--|--|-----------------------------------------|--|--|--|--|---------|--|
|           |             |  | June30, 2006              |       |        | For the six months ended June 30,2006 |  |  |         |   |            |     |
| Investment     |             |  | %ofPartnership'sNetAssets |       |        | FairValue                             |  |  | Income(Loss) |   |            | Expenses |  |  | NetIncome(loss) |   |           | InvestmentObjective |  |  | RedemptionPermitted |
|                | Commissions |  |                           | Other |
| AltisMaster    |             |  |                           |       | 38.98  | %                                     |  |  |              | $ | 17,448,966 |          |  |  |                 | $ | 3,858,237 |                     |  |  |                     | $ | 54,016 |  |  |  |  | $ | 14,677 |  |  |  |  | $ | 3,789,544 |  |  |  | CommodityPortfolio                      |  |  |  |  | Monthly |  |
| Aspect Master  |             |  |                           |       | 33.25  | %                                     |  |  |              |   | 14,882,193 |          |  |  |                 |   | 1,457,133 |                     |  |  |                     |   | 20,282 |  |  |  |  |   | 2,441  |  |  |  |  |   | 1,434,410 |  |  |  | CommodityPortfolio                      |  |  |  |  | Monthly |  |
| CampbellMaster |             |  |                           |       | 30.95  | %                                     |  |  |              |   | 13,853,893 |          |  |  |                 |   | 288,307   |                     |  |  |                     |   | 6,972  |  |  |  |  |   | 552    |  |  |  |  |   | 280,783   |  |  |  | Financials,Metals &Energy Portfolio |  |  |  |  | Monthly |  |
| Total          |             |  |                           |       |   |                                       |  |  |              | $ | 46,185,052 |          |  |  |                 | $ | 5,603,677 |                     |  |  |                     | $ | 81,270 |  |  |  |  | $ | 17,670 |  |  |  |  | $ | 5,504,737 |  |  |  |                                    |  |  |  |  |    |  |
|                |

|                |             |  |                           |       |        |                                         |  |  |              |   |            |          |  |  |                 |   |           |                     |  |  |                     |   |         |  |  |  |  |   |         |  |  |  |  |   |           |  |  |  |                                        |  |  |         |  |         |  |
|----------------|-------------|--|---------------------------|-------|--------|-----------------------------------------|--|--|--------------|---|------------|----------|--|--|-----------------|---|-----------|---------------------|--|--|---------------------|---|---------|--|--|--|--|---|---------|--|--|--|--|---|-----------|--|--|--|----------------------------------------|--|--|---------|--|---------|--|
|           |             |  | December31, 2005          |       |        | For the three months ended June 30,2005 |  |  |         |   |            |     |
| Investment     |             |  | %ofPartnership'sNetAssets |       |        | FairValue                               |  |  | Income(Loss) |   |            | Expenses |  |  | NetIncome(loss) |   |           | InvestmentObjective |  |  | RedemptionPermitted |
|                | Commissions |  |                           | Other |
| AltisMaster    |             |  |                           |       | 31.75  | %                                       |  |  |              | $ | 14,780,472 |          |  |  |                 | $ | —   |                     |  |  |                     | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | —   |  |  |  | CommodityPortfolio                     |  |  |         |  | Monthly |  |
| AspectMaster   |             |  |                           |       | 35.06  | %                                       |  |  |              |   | 16,321,019 |          |  |  |                 |   | 1,067,868 |                     |  |  |                     |   | 9,521   |  |  |  |  |   | 1,104   |  |  |  |  |   | 1,057,243 |  |  |  | CommodityPortfolio                     |  |  |         |  | Monthly |  |
| CampbellMaster |             |  |                           |       | 35.30  | %                                       |  |  |              |   | 16,436,040 |          |  |  |                 |   | 2,201,766 |                     |  |  |                     |   | 6,384   |  |  |  |  |   | 781     |  |  |  |  |   | 2,194,601 |  |  |  | Financials,Metals& EnergyPortfolio |  |  | Monthly |
| Total          |             |  |                           |       |   |                                         |  |  |              | $ | 47,537,531 |          |  |  |                 | $ | 3,269,634 |                     |  |  |                     | $ | 15,905  |  |  |  |  | $ | 1,885   |  |  |  |  | $ | 3,251,844 |  |  |  |                                   |  |  |         |  |    |  |
|                |

|                |             |  |                           |       |        |                                       |  |  |              |   |            |          |  |  |                 |   |           |                     |  |  |                     |   |         |  |  |  |  |   |         |  |  |  |  |   |           |  |  |  |                                        |  |  |  |  |         |  |
|----------------|-------------|--|---------------------------|-------|--------|---------------------------------------|--|--|--------------|---|------------|----------|--|--|-----------------|---|-----------|---------------------|--|--|---------------------|---|---------|--|--|--|--|---|---------|--|--|--|--|---|-----------|--|--|--|----------------------------------------|--|--|--|--|---------|--|
|           |             |  | December31, 2005          |       |        | For the six months ended June 30,2005 |  |  |         |   |            |     |
| Investment     |             |  | %ofPartnership'sNetAssets |       |        | FairValue                             |  |  | Income(Loss) |   |            | Expenses |  |  | NetIncome(loss) |   |           | InvestmentObjective |  |  | RedemptionPermitted |
|                | Commissions |  |                           | Other |
| AltisMaster    |             |  |                           |       | 31.75  | %                                     |  |  |              | $ | 14,780,472 |          |  |  |                 | $ | —   |                     |  |  |                     | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | —   |  |  |  | CommodityPortfolio                     |  |  |  |  | Monthly |  |
| AspectMaster   |             |  |                           |       | 35.06  | %                                     |  |  |              |   | 16,321,019 |          |  |  |                 |   | 1,411,544 |                     |  |  |                     |   | 16,167  |  |  |  |  |   | 1,495   |  |  |  |  |   | 1,393,882 |  |  |  | CommodityPortfolio                     |  |  |  |  | Monthly |  |
| CampbellMaster |             |  |                           |       | 35.30  | %                                     |  |  |              |   | 16,436,040 |          |  |  |                 |   | 1,639,553 |                     |  |  |                     |   | 13,993  |  |  |  |  |   | 1,580   |  |  |  |  |   | 1,623,980 |  |  |  | Financials,Metals& EnergyPortfolio |  |  |  |  | Monthly |  |
| Total          |             |  |                           |       |   |                                       |  |  |              | $ | 47,537,531 |          |  |  |                 | $ | 3,051,097 |                     |  |  |                     | $ | 30,160  |  |  |  |  | $ | 3,075   |  |  |  |  | $ | 3,017,862 |  |  |  |                                   |  |  |  |  |    |  |
|                |

5.    FinancialInstrument Risks:

In the normal course of itsbusiness, the Partnership, through its investment in otherpartnerships, is party to financial instruments with off-balance sheetrisk, including derivative financial instruments and derivativecommodity instruments. These financial instruments may includeforwards, futures and options, whose values are based upon anunderlying asset, index, or reference rate, and generally representfuture commitments to exchange currencies or cash flows, to purchase orsell other financial instruments at specific terms at specified futuredates, or, in the case of derivative commodity instruments, to have areasonable possibility to be settled in cash, through physical deliveryor with another financial 

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements June 30, 2006(Unaudited)

instrument. These instruments may be tradedon an exchange or over-the-counter (‘‘OTC’’).Exchange-traded instruments are standardized and include futures andcertain option contracts. OTC contracts are negotiated betweencontracting parties and include forwards and certain options.

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

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

Credit risk is the possibility that a loss mayoccur due to the failure of a counterparty to perform according to theterms of a contract. Credit risk with respect to exchange-tradedinstruments is reduced to the extent that an exchange or clearingorganization acts as a counterparty to the transactions. TheFunds' risk of loss in the event of counterparty default istypically limited to the amounts recognized as unrealized appreciationin the statements of financial condition and not represented by thecontract or notional amounts of the instruments. The Funds have creditrisk and concentration risk because the sole counterparty or brokerwith respect to the Funds' assets is CGM.

TheGeneral Partner monitors and controls the Funds' risk exposure ona daily basis through financial, credit and risk management monitoringsystems, and accordingly believes that it has effective procedures forevaluating and limiting the credit and market risks to which theFunds' are 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.

The majority of these instruments traded by the Fundsmature within one year of June  30, 2006. However, due to thenature of the Funds' businesses, these instruments may not beheld to maturity.

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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 investments inPartnerships and cash. The Funds' only assets are their equity inits commodity futures trading account, consisting of cash, netunrealized appreciation on open futures and forward contracts,commodity options, if applicable, and interest receivable. Because ofthe low margin deposits normally required in commodity futures trading,relatively small price movements may result in substantial losses tothe Partnership. While substantial losses could lead to a decrease inliquidity, no such losses occurred during the second quarter of2006.

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 six monthsended June 30, 2006, Partnership capital decreased 3.9% from$46,557,403 to $44,761,336. This decrease was attributable to theredemptions of 3,982.1281 Redeemable Units of Limited PartnershipInterest resulting in an outflow of $6,419,816, which was partiallyoffset by a net gain from operations of $3,123,749 and the additionalsales of 904.4208 General Partner Units totalling $1,500.000. Futureredemptions can impact the amount of funds available for investment incommodity contract positions in subsequent periods.

Critical Accounting Policies

Thepreparation of financial statements in conformity with accountingprinciples generally accepted in the United States of America requiresmanagement to make estimates and assumptions that affect the reportedamounts of assets and liabilities, revenues and expenses, and relateddisclosure of contingent assets and liabilities at the date of thefinancial statements and accompanying notes. Actual results coulddiffer from these estimates.

All commodity interests of theFunds (including derivative financial instruments and derivativecommodity instruments) are used for trading purposes. The commodityinterests are recorded on trade date and open contracts are recorded inthe statements of financial condition at fair value on the lastbusiness day of the period, which represents market value for thosecommodity interests for which market quotations are readily availableor other measures of fair value deemed appropriate by management of theGeneral Partner for those commodity interests and foreign currenciesfor which market quotations are not readily available. Investments incommodity interests denominated in foreign currencies are translatedinto U.S. dollars at the exchange rates prevailing on the last businessday of the period. Realized gains (losses) and changes in unrealizedvalues on open positions are recognized in the period in which thecontract is closed or the changes occur and are included in net gains(losses) on trading of commodity interests of the Funds.

Foreigncurrency contracts are those contracts where the Partnership/Fundsagree to receive or deliver a fixed quantity of foreign currency for anagreed-upon price on an agreed future date. Foreign currency contractsare valued daily, and the Partnership's net equity therein,representing unrealized gain or loss on the contracts as measured bythe difference between the forward foreign exchange rates at the dateof entry into the contracts and the forward rates at the reportingdates, is included in the statement of financial condition. Realizedgains (losses) and changes in unrealized values on foreign currencycontracts are recognized in the period in which the contract is closedor the changes occur and are included in the statements of income andexpenses and partners' capital. The investments in otherPartnerships are recorded at fair value based upon thePartnership's proportionate interest held.

Results of Operations

During thePartnership's second quarter of 2006 the net asset value perRedeemable Unit increased 0.6% from $1,568.71 to $1,578.02 ascompared to an increase of 5.2% in the second quarter of 2005.The Partnership experienced an unrealized gain through investments inthe Funds in the second quarter of 2006 of $1,454,380. Gains wereprimarily attributable to the trading by the Funds of commodity futuresin energy, U.S. and non-U.S. interest rates, metals and lumber and werepartially offset by losses in 

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currencies, grains, livestock, softs andindices. The Partnership experienced a net trading gain beforebrokerage commissions and related fees in the second quarter of 2005 of$3,113,431. Gains were primarily attributable to the trading ofcommodity futures in currencies, non-U.S. interest rates and livestockand were partially offset by losses in energy, grains, metals, softs,indices and U.S. interest rates.

The second quarter 2006 waschallenging for the Partnership's advisors as both financial andcommodity markets entered a highly volatile period. Gains earned ininterest rates, energy and metals trading were offset by losses incurrency, stock index and grains trading.

Thepartnership's trend-following advisors were slightly profitablein the energy sector as gains made in natural gas trading offset lossesin crude oil and petroleum products. Trends in the metal sectorextended from the first quarter and remained strong for the first halfof the second quarter. The substantial gains accumulated from recordgold, silver and base metal price trends were more than enough to coverlosses during the metals correction in May.

Trading in U.S. andglobal fixed income markets was profitable as central banks continuedto raise global rates to combat inflation pressure.

The lack ofdirection in the currency sector was a result of speculation relatingto U.S. interest rate policy coupled global inflation concerns. Lossesin the equity sector were attributable to global economic slowdown asmost of the major equity indices experienced a material correction inMay after reaching multi-year highs. Sharp price reversals in grainsand softs translated into losses as alternating meteorologicalconditions between drought and rainfall contributed to irregular pricedevelopments.

During the Partnership's six months endedJune 30, 2006 the net asset value per Redeemable Unit increased6.6% from $1,480.68 to $1,578.02 as compared to an increase of0.5% during the six months ended June 30, 2005. The Partnershipexperienced an unrealized gain through investments in the Funds duringthe six months ended June 30, 2006 of $5,491,740. Gains were primarilyattributable to the trading by the Funds of commodity futures in U.S.and non-U.S. interest rates, metals and indices and were partiallyoffset by losses in currencies, energy, grains, livestock, softs andlumber. The Partnership experienced a net trading gain before brokeragecommissions and related fees during the six months ended June 30, 2005of $1,786,768. Gains were primarily attributable to the trading ofcommodity futures in energy, livestock, U.S. and, non-U.S. interestrates and were partially offset by losses in softs, currencies, grainsmetals, indices and Lumber.

CGM will pay monthly interest to thePartnership on its allocable share of 80% of the average dailyequity maintained in cash in the Funds' brokerage account at a30-day U.S. Treasury bill rate determined by CGM and/or will place upto all of the Funds' assets in 90-day Treasury bills. ThePartnership will receive 80% of its allocable share of theinterest earned on the Treasury bills through its investments in otherPartnerships and CGM will be paid 20% of theinterest.

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, 2006 increased by $79,252 and $112,655,respectively, as compared to the corresponding periods in 2005. Theincreased in brokerage commissions for the three and six months endedJune 30, 2006 is due to higher average net assets during the periodsthen ended as compared to the corresponding periods in 2005.

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 and six months ended June 30, 2006 increased by $31,093 and$54,262, respectively, as compared to the corresponding periods in2005. The increase in management fees for the three and six monthsended June 30, 2006 is due to higher average net assets during theperiods then ended as compared to the corresopnding periods in2005.

Incentive fees paid annually by the Partnershipare based on the new trading profits of the Partnership as defined inthe Limited Partnership Agreement. Trading performance for the threemonths and six ended June 30, 2006 resulted in an incentive fee accrualof $163,644 and $574,452, respectively. Trading performance for thethree and six months ended June 30, 2005 resulted in an incentive feeaccrual of $179,586.

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Item 3.    Quantitative and QualitativeDisclosures about Market Risk

All of the Partnership'sassets are subject to the risk of trading loss through its investmentsin the Funds. The Funds are speculative commodity pools. The marketsensitive instruments held by them are acquired for speculative tradingpurposes, and all or substantially all of the Funds' assets aresubject to the risk of trading loss. Unlike an operating company, therisk of market sensitive instruments is integral, not incidental, tothe Funds' main lines of business.

Market movements resultin frequent changes in the fair value of the Funds' openpositions and, consequently in their earnings and cash flow. TheFunds' market risks are influenced by a wide variety of factors,including the level and volatility of interest rates, exchange rates,equity price levels, the value of financial instruments and contracts,the diversification effects of the Funds' open positions and theliquidity of the market in which they trade.

The Funds rapidlyacquire and liquidate both long and short positions in a wide range ofdifferent markets. Consequently, it is not possible to predict how aparticular future market scenario will affect performance, and theFunds' past performances are not necessarily indicative of theirfuture results.

Value at Risk is a measure of the maximum amountwhich the Funds could reasonably be expected to lose in a given marketsector. However, the inherent uncertainty of the Funds'speculative trading and the recurrence in the markets traded by theFunds of market movements far exceeding expectations could result inactual trading or non-trading losses far beyond the indicated Value atRisk or the Funds' experiences to date (i.e., ‘‘riskof ruin’’). In light of the foregoing as well as the risksand uncertainties intrinsic to all future projections, the inclusion ofthe quantification in this section should not be considered toconstitute any assurance or representation that the Funds' lossesin any market sector will be limited to Value at Risk or by theFunds' attempts to manage their market risks.

Exchangemaintenance margin requirements have been used by the Funds as themeasure of their Value at Risk. Maintenance margin requirements are setby exchanges to equal or exceed the maximum losses reasonably expectedto be incurred in the fair value of any given contract in95%-99% of any one-day interval. Maintenance margin hasbeen used rather than the more generally available initial margin,because initial margin includes a credit risk component, which is notrelevant to Value at Risk.

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The following tables indicate the tradingValue at Risk associated with the Partnership's investments inother Partnerships by market category as of June 30, 2006 and thehighest, lowest and average values at any point during the three monthsended June 30, 2006. All open position trading risk exposures have beenincluded in calculating the figures set forth below. There have been nomaterial changes in the trading Value at Risk information previouslydisclosed in the Partnership's Annual Report on Form 10-K for theyear ended December 31, 2005.

As of June 30, 2006, AltisMaster's total capitalization was $37,645,054. The Partnershipowns 46.2% of Altis Master.

June 30,2006(Unaudited)

|                                 |  |  |               |   |           |                         |  |  |                                |  |        |                  |  |  |                      |   |           |  |  |  |  |   |         |  |  |  |  |  |           |  |
|---------------------------------|--|--|---------------|---|-----------|-------------------------|--|--|--------------------------------|--|--------|------------------|--|--|----------------------|---|-----------|--|--|--|--|---|---------|--|--|--|--|--|-----------|--|
|                            |  |  |          |   |           |                    |  |  | ThreeMonths Ended June 30,2006 |
| MarketSector                    |  |  | Value at Risk |   |           | % ofTotalCapitalization |  |  | HighValue atRisk               |  |        | LowValue at Risk |  |  | AverageValue atRisk* |
| CommodityIndex                  |  |  |               | $ | 48,000    |                         |  |  |                                |  | 0.13   | %                |  |  |                      | $ | 149,600   |  |  |  |  | $ | 5,250   |  |  |  |  |  | 24,933    |  |
| Currencies:                     |  |  |               |   |      |                         |  |  |                                |  |   |                  |  |  |                      |   |      |  |  |  |  |   |    |  |  |  |  |  |      |  |
| –Exchange TradedContracts |  |  |               |   | 1,016,894 |                         |  |  |                                |  | 2.70   | %                |  |  |                      |   | 1,213,455 |  |  |  |  |   | 804,509 |  |  |  |  |  | 1,026,500 |  |
| Energy                          |  |  |               |   | 910,174   |                         |  |  |                                |  | 2.42   | %                |  |  |                      |   | 2,423,035 |  |  |  |  |   | 836,106 |  |  |  |  |  | 1,318,336 |  |
| Grains                          |  |  |               |   | 821,937   |                         |  |  |                                |  | 2.18   | %                |  |  |                      |   | 1,214,951 |  |  |  |  |   | 735,426 |  |  |  |  |  | 955,356   |  |
| InterestRatesU.S.               |  |  |               |   | 522,248   |                         |  |  |                                |  | 1.39   | %                |  |  |                      |   | 998,865   |  |  |  |  |   | 341,146 |  |  |  |  |  | 672,008   |  |
| InterestRates Non-U.S.          |  |  |               |   | 520,879   |                         |  |  |                                |  | 1.38   | %                |  |  |                      |   | 1,096,050 |  |  |  |  |   | 276,903 |  |  |  |  |  | 677,475   |  |
| Livestock                       |  |  |               |   | 180,765   |                         |  |  |                                |  | 0.48   | %                |  |  |                      |   | 194,584   |  |  |  |  |   | 78,662  |  |  |  |  |  | 147,483   |  |
| Metals                          |  |  |               |   |      |                         |  |  |                                |  |   |                  |  |  |                      |   |      |  |  |  |  |   |    |  |  |  |  |  |      |  |
| –Exchange TradedContracts |  |  |               |   | 721,335   |                         |  |  |                                |  | 1.92   | %                |  |  |                      |   | 1,385,225 |  |  |  |  |   | 419,104 |  |  |  |  |  | 991,809   |  |
| –OTC TradedContracts      |  |  |               |   | 297,805   |                         |  |  |                                |  | 0.79   | %                |  |  |                      |   | 742,648   |  |  |  |  |   | 228,030 |  |  |  |  |  | 399,482   |  |
| Softs                           |  |  |               |   | 796,492   |                         |  |  |                                |  | 2.12   | %                |  |  |                      |   | 1,033,275 |  |  |  |  |   | 655,127 |  |  |  |  |  | 899,958   |  |
| Indices                         |  |  |               |   | 1,694,140 |                         |  |  |                                |  | 4.50   | %                |  |  |                      |   | 2,460,147 |  |  |  |  |   | 604,036 |  |  |  |  |  | 1,592,661 |  |
| Lumber                          |  |  |               |   | 36,300    |                         |  |  |                                |  | 0.09   | %                |  |  |                      |   | 46,200    |  |  |  |  |   | 12,375  |  |  |  |  |  | 31,075    |  |
| Total                           |  |  |               | $ | 7,566,969 |                         |  |  |                                |  | 20.10  | %                |  |  |                      |   |      |  |  |  |  |   |    |  |  |  |  |  |      |  |
|                                 |

|  |
|--|
|  |  |
|  |

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

As of June 30, 2006, AspectMaster's total capitalization was $208,860,658. The Partnershipowns 7.1% of Aspect Master.

June 30,2006(Unaudited)

|                                 |  |  |               |   |            |                         |  |  |                                |  |        |                  |  |  |                      |   |            |  |  |  |  |   |           |  |  |  |  |   |            |  |
|---------------------------------|--|--|---------------|---|------------|-------------------------|--|--|--------------------------------|--|--------|------------------|--|--|----------------------|---|------------|--|--|--|--|---|-----------|--|--|--|--|---|------------|--|
|                            |  |  |          |   |            |                    |  |  | ThreeMonths Ended June 30,2006 |
| MarketSector                    |  |  | Value at Risk |   |            | % ofTotalCapitalization |  |  | HighValue atRisk               |  |        | LowValue at Risk |  |  | AverageValue atRisk* |
| Currencies:                     |  |  |               |   |       |                         |  |  |                                |  |   |                  |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |       |  |
| –OTC TradedContracts      |  |  |               | $ | 2,181,492  |                         |  |  |                                |  | 1.04   | %                |  |  |                      | $ | 4,162,101  |  |  |  |  | $ | 8,911     |  |  |  |  | $ | 2,793,428  |  |
| Energy                          |  |  |               |   | 4,293,659  |                         |  |  |                                |  | 2.06   | %                |  |  |                      |   | 7,226,385  |  |  |  |  |   | 1,093,628 |  |  |  |  |   | 4,901,902  |  |
| Grains                          |  |  |               |   | 941,443    |                         |  |  |                                |  | 0.45   | %                |  |  |                      |   | 1,026,498  |  |  |  |  |   | 403,194   |  |  |  |  |   | 812,331    |  |
| InterestRatesU.S.               |  |  |               |   | 2,367,496  |                         |  |  |                                |  | 1.13   | %                |  |  |                      |   | 4,755,983  |  |  |  |  |   | 2,367,496 |  |  |  |  |   | 3,172,681  |  |
| InterestRatesNon-U.S.           |  |  |               |   | 9,706,670  |                         |  |  |                                |  | 4.65   | %                |  |  |                      |   | 13,910,591 |  |  |  |  |   | 8,434,358 |  |  |  |  |   | 10,136,090 |  |
| Livestock                       |  |  |               |   | 58,095     |                         |  |  |                                |  | 0.03   | %                |  |  |                      |   | 382,995    |  |  |  |  |   | 28,368    |  |  |  |  |   | 211,695    |  |
| Metals                          |  |  |               |   |       |                         |  |  |                                |  |   |                  |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |       |  |
| –Exchange TradedContracts |  |  |               |   | 483,063    |                         |  |  |                                |  | 0.23   | %                |  |  |                      |   | 869,400    |  |  |  |  |   | 20,281    |  |  |  |  |   | 674,626    |  |
| –OTC TradedContracts      |  |  |               |   | 957,775    |                         |  |  |                                |  | 0.46   | %                |  |  |                      |   | 1,347,950  |  |  |  |  |   | 618,854   |  |  |  |  |   | 874,995    |  |
| Softs                           |  |  |               |   | 1,399,233  |                         |  |  |                                |  | 0.67   | %                |  |  |                      |   | 2,241,700  |  |  |  |  |   | 1,198,950 |  |  |  |  |   | 1,676,754  |  |
| Indices                         |  |  |               |   | 947,243    |                         |  |  |                                |  | 0.45   | %                |  |  |                      |   | 6,541,661  |  |  |  |  |   | 281,677   |  |  |  |  |   | 2,853,175  |  |
| Totals                          |  |  |               | $ | 23,336,169 |                         |  |  |                                |  | 11.17  | %                |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |       |  |
|                                 |

|  |
|--|
|  |  |
|  |

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

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As of June 30, 2006, CampbellMaster's total capitalization was $340,912,438. The Partnershipowns 4.0% of Campbell Master.

June 30,2006(Unaudited)

|                                  |  |  |               |   |            |                         |  |  |                                |  |        |                  |  |  |                      |   |            |  |  |  |  |   |           |  |  |  |  |   |           |  |
|----------------------------------|--|--|---------------|---|------------|-------------------------|--|--|--------------------------------|--|--------|------------------|--|--|----------------------|---|------------|--|--|--|--|---|-----------|--|--|--|--|---|-----------|--|
|                             |  |  |          |   |            |                    |  |  | ThreeMonths Ended June 30,2006 |
| MarketSector                     |  |  | Value at Risk |   |            | % ofTotalCapitalization |  |  | HighValue atRisk               |  |        | LowValue at Risk |  |  | AverageValue atRisk* |
| Currencies:                      |  |  |               |   |       |                         |  |  |                                |  |   |                  |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |      |  |
| —OTC Traded Contracts      |  |  |               | $ | 6,224,029  |                         |  |  |                                |  | 1.83   | %                |  |  |                      | $ | 16,376,992 |  |  |  |  | $ | 5,102,819 |  |  |  |  | $ | 8,637,465 |  |
| Energy                           |  |  |               |   | 3,042,575  |                         |  |  |                                |  | 0.89   | %                |  |  |                      |   | 3,933,850  |  |  |  |  |   | 1,491,285 |  |  |  |  |   | 2,679,025 |  |
| Interest Rates U.S.              |  |  |               |   | 2,309,162  |                         |  |  |                                |  | 0.68   | %                |  |  |                      |   | 6,692,051  |  |  |  |  |   | 2,309,162 |  |  |  |  |   | 4,649,329 |  |
| Interest RatesNon-U.S.           |  |  |               |   | 4,463,586  |                         |  |  |                                |  | 1.31   | %                |  |  |                      |   | 7,579,057  |  |  |  |  |   | 2,772,722 |  |  |  |  |   | 5,654,588 |  |
| Metals                           |  |  |               |   |       |                         |  |  |                                |  |   |                  |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |      |  |
| —Exchange Traded Contracts |  |  |               |   | 174,150    |                         |  |  |                                |  | 0.05   | %                |  |  |                      |   | 453,600    |  |  |  |  |   | —   |  |  |  |  |   | 306,450   |  |
| — OTC TradedContracts      |  |  |               |   | 1,212,500  |                         |  |  |                                |  | 0.35   | %                |  |  |                      |   | 1,612,500  |  |  |  |  |   | 439,700   |  |  |  |  |   | 707,233   |  |
| Indices                          |  |  |               |   | 2,233,564  |                         |  |  |                                |  | 0.66   | %                |  |  |                      |   | 7,293,805  |  |  |  |  |   | 1,883,142 |  |  |  |  |   | 3,871,154 |  |
| Total                            |  |  |               | $ | 19,659,566 |                         |  |  |                                |  | 5.77   | %                |  |  |                      |   |       |  |  |  |  |   |      |  |  |  |  |   |      |  |
|                                  |

|  |
|--|
|  |  |
|  |

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

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Item 4.    Controls and Procedures

The General Partner of the Partnership, with the participation ofthe General Partner's Chief Executive Officer and Chief FinancialOfficer, has evaluated the effectiveness of the design and operation ofits disclosure controls and procedures (as defined in Rules 13a-15(e)and 15d-15(e) of the Exchange Act) with respect to the Partnership asof the end of the period covered by the report, and, based on thisevaluation, has concluded that these disclosure controls and proceduresare effective. There was no change in the Partnership's internalcontrol over financial reporting during the period covered by thisreport that has materially affected, or is reasonably likely tomaterially affect, the Partnership's internal control overfinancial reporting.

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PART II. OTHERINFORMATION

Item 1.    Legal Proceedings

Thefollowing information supplements and amends our discussion set forthunder Part 1, Item 3 ‘‘Legal Proceedings’’ inthe Partnership's Annual Report on Form 10-K for the year endedDecember 31, 2005 and under Part II, Item I, ‘‘LegalProceedings’’ in the Partnership's Quarterly Reporton Form 10-Q for the quarter ended March 31, 2006.

EnronCorp.

 On May  24, 2006, the District Court gavefinal approval to Citigroup's settlement of the securities classaction (NEWBY, ET AL. V. ENRON CORP., ET AL.).

Research

 On May  12, 2006, the District Court preliminarilyapproved the class action settlements in IN RE SALOMON ANALYST LEVEL 3LITIGATION, IN RE SALOMON ANALYST XO LITIGATION, and IN RE SALOMONANALYST WILLIAMS LITIGATION.

 On May  18, 2006, theDistrict Court gave final approval to the settlement in NORMAN v.SALOMON SMITH BARNEY.

 On June  20, 2006, theDistrict Court certified the plaintiff class in IN RE SALOMON ANALYSTMETROMEDIA LITIGATION.

 On June  26, 2006, theUnited States Supreme Court granted plaintiffs' petition for awrit of certiorari, vacated the opinion of the United States Court ofAppeals for the Seventh Circuit in DISHER v. CITIGROUP GLOBALMARKETS  INC., and then remanded the case to the Seventh Circuitfor further proceedings in light of the Supreme Court's decisionin Kircher v. Putnam Funds Trust.

AdelphiaCommunications Corporation

 Without admitting anyliability, CGMI and numerous other financial institution defendantshave agreed to settle IN RE ADELPHIA COMMUNICATIONS CORPORATIONSECURITIES AND DERIVATIVE LITIGATION for a total of $250million, subject to final court approval. On June  15, 2006, thecourt granted its preliminary approval of the settlement and setNovember  10, 2006 for a final hearing. CGMI's share of thesettlement is covered by existing reserves.

Item 1A. RiskFactors

There are no material changes from the risk factors setforth under Part I, Item 1A. ‘‘Risk Factors’’in our Annual Report on Form 10-K for the fiscal year ended December31, 2005.

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Item 2.    Unregistered Sales of EquitySecurities and Use of Proceeds

The following chart sets forththe purchases of Redeemable Units by thePartnership.

|                                   |  |  |                                     |  |            |                                  |  |  |                                                                                   |   |          |                                                                                                               |  |  |  |  |     |  |  |  |  |  |     |  |
|-----------------------------------|--|--|-------------------------------------|--|------------|----------------------------------|--|--|-----------------------------------------------------------------------------------|---|----------|---------------------------------------------------------------------------------------------------------------|--|--|--|--|-----|--|--|--|--|--|-----|--|
| Period                            |  |  | (a)Total Number of Units Purchased* |  |            | (b) AveragePrice Paid per Unit** |  |  | (c) Total Number of UnitsPurchased as Part of Publicly Announced Plans orPrograms |   |          | (d) Maximum Number (or Approximate DollarValue) of Units that May Yet Be Purchased Under thePlans or Programs |
| April 1, 2006–April 30,2006 |  |  |                                     |  | 1,194.6809 |                                  |  |  |                                                                                   | $ | 1,658.52 |                                                                                                               |  |  |  |  | N/A |  |  |  |  |  | N/A |  |
| May1, 2006 – May 31,2006    |  |  |                                     |  | 1,892.1213 |                                  |  |  |                                                                                   | $ | 1,612.46 |                                                                                                               |  |  |  |  | N/A |  |  |  |  |  | N/A |  |
| June1, 2006 – June 30,2006  |  |  |                                     |  | 349.1613   |                                  |  |  |                                                                                   | $ | 1,578.02 |                                                                                                               |  |  |  |  | N/A |  |  |  |  |  | N/A |  |
|                              |  |  |                                     |  | 3,435.9635 |                                  |  |  |                                                                                   | $ | 1,616.33 |                                                                                                               |  |  |  |  | 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

Item6.    Exhibits

The exhibits required to be filed by Item 601of Regulation S-K are incorporated herein by reference to the exhibitindex of the Partnership's Annual Report on Form 10-K for theyear ended December 31, 2005.

Exhibit – 31.1– Rule 13a-14(a)/15d-14(a) Certification (Certification ofPresident and Director).

Exhibit – 31.2 –Rule 13a-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:  |  |  | August14,2006                                              |
| By:    |  |  | /s/Daniel R. McAuliffe,Jr.                                 |
|   |  |  | Daniel R.McAuliffe, Jr.Chief Financial Officer andDirector |
| Date:  |  |  | August14, 2006                                             |
|        |

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