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 March 31,2005

Commission File Number 000-30455

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUNDL.P.

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(Exact name ofregistrant as specified in its charter)

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

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

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(Address and Zip Code ofprincipal executive offices)

(212)559-2011

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(Registrant'stelephone number, including area code)

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

YesX     No     

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

Yes         NoX

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SALOMON SMITH BARNEYGLOBAL DIVERSIFIED FUTURES FUND L.P.

FORM 10-Q

INDEX

|                                  |  |         |  |                                                                                                                       |  |              |  |  |  |  |  |  |  |  |
|----------------------------------|--|---------|--|-----------------------------------------------------------------------------------------------------------------------|--|--------------|--|--|--|--|--|--|--|--|
|                             |  |    |  |                                                                                                                  |  | PageNumber   |
| PART I -FinancialInformation:    |  |
|                             |  | Item1.  |  | FinancialStatements:                                                                                                  |  |
|                             |  |    |  | Statements ofFinancial Condition at March  31, 2005 and December 31, 2004(unaudited)                                  |  | 3            |
|                             |  |    |  | Condensed Schedules of Investments atMarch  31, 2005 and December 31, 2004 (unaudited)                                |  | 4– 5   |
|                             |  |    |  | Statements of Incomeand Expenses and Partners' Capital for the three months endedMarch  31, 2005 and 2004 (unaudited) |  | 6            |
|                             |  |    |  | Statements of Cash Flows for the threemonths ended March  31, 2005 and 2004(unaudited)                                |  | 7            |
|                             |  |    |  | Notes toFinancial Statements (unaudited)                                                                              |  | 8 – 11 |
|                             |  | Item2.  |  | Management's Discussion and Analysis of FinancialCondition and Results ofOperations                                   |  | 12 –13 |
|                             |  | Item 3. |  | Quantitative andQualitative Disclosures about Market Risk                                                             |  | 14 –15 |
|                             |  | Item 4. |  | Controls andProcedures                                                                                                |  | 16           |
| PART II — OtherInformation |  | 17      |
|                                  |

2

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PART I

Item 1. Financial Statements

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

|                                                                                                                                        |  |              |            |                 |  |        |            |        |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------|--|--------------|------------|-----------------|--|--------|------------|--------|--|--|
|                                                                                                                                   |  | March31,2005 |            | December31,2004 |
| Assets:                                                                                                                                |  |
| Investmentin Partnerships, at fairvalue                                                                                                |  | $            | 32,609,459 |            |  | $      | —    |   |
| Equity incommodity futures tradingaccount:                                                                                             |  |         |       |            |  |   |       |   |
| Cash(restricted $1,782,374 and $7,809,827 in 2005 and 2004,respectively)                                                               |  |         | 10,777,062 |            |  |   | 45,957,960 |   |
| Netunrealized appreciation on open futurespositions                                                                                    |  |         | 610,834    |            |  |   | 1,304,242  |   |
| Unrealizedappreciation on open forwardcontracts                                                                                        |  |         | 261,376    |            |  |   | 2,441,507  |   |
|                                                                                                                                   |  |         | 44,258,731 |            |  |   | 49,703,709 |   |
| Interestreceivable                                                                                                                     |  |         | 19,767     |            |  |   | 61,912     |   |
|                                                                                                                                   |  | $            | 44,278,498 |            |  | $      | 49,765,621 |   |
| Liabilitiesand Partners'Capital:                                                                                                       |  |
| Liabilities:                                                                                                                           |  |
| Unrealizeddepreciation on open forwardcontracts                                                                                        |  | $            | 199,147    |            |  | $      | 2,410,164  |   |
| Accruedexpenses:                                                                                                                       |  |         |       |            |  |   |       |   |
| Commissions                                                                                                                            |  |         | 202,161    |            |  |   | 216,593    |   |
| Managementfees                                                                                                                         |  |         | 64,063     |            |  |   | 68,950     |   |
| Incentivefees                                                                                                                          |  |         | —    |            |  |   | 357,621    |   |
| Other                                                                                                                                  |  |         | 60,153     |            |  |   | 41,915     |   |
| Redemptionspayable                                                                                                                     |  |         | 868,290    |            |  |   | 361,209    |   |
|                                                                                                                                   |  |         | 1,393,814  |            |  |   | 3,456,452  |   |
| Partners'Capital:                                                                                                                      |  |
| General Partner, 619.7983 Unitequivalents outstanding in 2005 and2004                                                                  |  |         | 790,615    |            |  |   | 827,239    |   |
| LimitedPartners, 32,999.3434 and 34,076.8015 Redeemable Units of LimitedPartnership Interest outstanding in 2005 and 2004,respectively |  |         | 42,094,069 |            |  |   | 45,481,930 |   |
|                                                                                                                                   |  |         | 42,884,684 |            |  |   | 46,309,169 |   |
|                                                                                                                                   |  | $            | 44,278,498 |            |  | $      | 49,765,621 |   |
|                                                                                                                                        |

SeeAccompanying Notes to Financial Statements.

3

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Salomon Smith Barney Global DiversifiedFutures Fund L.P.Condensed Schedule of Investments March 31,2005(Unaudited)

|                                                               |  |                                                    |  |           |            |         |  |  |  |  |
|---------------------------------------------------------------|--|----------------------------------------------------|--|-----------|------------|---------|--|--|--|--|
| Sector                                                        |  | Contract                                           |  | FairValue |
| Currencies                                                    |  |
|                                                          |  | Futurescontracts purchased0.02%                    |  | $         | 7,918      |    |
|                                                          |  | Futurescontracts sold(0.02)%                       |  |      | (9,534     | )  |
|     TotalCurrencies -(0.00)%*             |  |                                               |  |      | (1,616     | )  |
| Energy                                                        |  |                                               |  |      |       |    |
|                                                          |  | Futurescontracts purchased0.92%                    |  |      | 395,694    |    |
|                                                          |  | Futurescontracts sold(0.08)%                       |  |      | (32,670    | )  |
|     TotalEnergy -0.84%                    |  |                                               |  |      | 363,024    |    |
| Grains                                                        |  |                                               |  |      |       |    |
|                                                          |  | Futurescontracts purchased(0.00)%*                 |  |      | (20        | )  |
|                                                          |  | Futurescontracts purchased(0.03)%                  |  |      | (13,380    | )  |
| TotalGrains -(0.03)%                                          |  |                                               |  |      | (13,400    | )  |
| InterestRates Non - U.S.                                      |  |                                               |  |      |       |    |
|                                                          |  | Futurescontracts purchased0.15%                    |  |      | 63,366     |    |
|                                                          |  | Futurescontracts sold0.01%                         |  |      | 5,927      |    |
|     TotalInterest Rates Non - U.S. -0.16% |  |                                               |  |      | 69,293     |    |
| InterestRates U.S.                                            |  |                                               |  |      |       |    |
|                                                          |  | Futurescontracts purchased0.00%*                   |  |      | 563        |    |
|                                                          |  | Futures contractssold0.07%                         |  |      | 29,203     |    |
| TotalInterest Rates U.S. -0.07%                               |  |                                               |  |      | 29,766     |    |
|                                                          |  |                                               |  |      |       |    |
| Lumber- 0.04%                                                 |  | Futures contracts purchased0.04%                   |  |      | 17,820     |    |
|                                                          |  |                                               |  |      |       |    |
| Livestock                                                     |  |                                               |  |      |       |    |
|                                                          |  | Futurescontracts purchased0.12%                    |  |      | 53,598     |    |
|                                                          |  | Futurescontracts sold(0.03)%                       |  |      | (13,410    | )  |
|     TotalLivestock -0.09%                 |  |                                               |  |      | 40,188     |    |
|                                                          |  |                                               |  |      |       |    |
| Metals                                                        |  |                                               |  |      |       |    |
|                                                          |  | Futurescontracts purchased0.10%                    |  |      | 44,190     |    |
|                                                          |  | Futurescontracts sold(0.02)%                       |  |      | (7,289     | )  |
|                                                          |  | Totalfutures contracts0.08%                        |  |      | 36,901     |    |
|                                                          |  | Unrealizedappreciation on forward contracts0.61%   |  |      | 261,376    |    |
|                                                          |  | Unrealizeddepreciation on forward contracts(0.46)% |  |      | (199,147   | )  |
|                                                          |  | Totalforward contracts0.15%                        |  |      | 62,229     |    |
|                                                          |  |                                               |  |      | 99,130     |    |
| TotalMetals -0.23%                                            |  |                                               |  |      |       |    |
|                                                          |  |                                               |  |      |       |    |
| Softs                                                         |  |                                               |  |      |       |    |
|                                                          |  | Futurescontracts purchased0.35%                    |  |      | 148,541    |    |
|                                                          |  | Futurescontracts sold(0.03)%                       |  |      | (14,008    | )  |
|                                                          |  |                                               |  |      | 134,533    |    |
|     TotalSofts -0.32%                     |  |                                               |  |      |       |    |
|                                                          |  |                                               |  |      |       |    |
| Indices                                                       |  |                                               |  |      |       |    |
|                                                          |  | Futurescontracts purchased(0.15)%                  |  |      | (63,747    | )  |
|                                                          |  | Futurescontracts sold(0.00)%*                      |  |      | (1,928     | )  |
| TotalIndices -(0.15)%                                         |  |                                               |  |      | (65,675    | )  |
|                                                          |  |                                               |  |      |       |    |
| InvestmentIn Partnerships                                     |  |
|                                                          |  | CMF Aspect Master Fund LP38.13%                    |  |      | 16,351,959 |    |
|                                                          |  | CMFCampbell Master Fund LP37.91%                   |  |      | 16,257,500 |    |
| TotalInvestment in Partnerships -76.04%                       |  |                                               |  |      | 32,609,459 |    |
| TotalFair Value -77.61%                                       |  |                                               |  | $         | 33,282,522 |    |
|                                                               |

|                    |  |                                                                                                                                                                          |            |                             |  |        |        |          |  |  |
|--------------------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------|--|--------|--------|----------|--|--|
| CountryComposition |  |             Investments at FairValue             |            | % ofInvestments atFairValue |
| Australia          |  | $                                                                                                                                                                        | (5,689     | )                      |  |   | (0.02  | )%  |
| Canada             |  |                                                                                                                                                                     | (11,012    | )                      |  |   | (0.03  | )   |
| France             |  |                                                                                                                                                                     | (1,891     | )                      |  |   | (0.01  | )   |
| Germany            |  |                                                                                                                                                                     | (1,154     | )                      |  |   | (0.00) | *   |
| Japan              |  |                                                                                                                                                                     | 180,141    |                        |  |   | 0.54   |     |
| UnitedKingdom      |  |                                                                                                                                                                     | 233,735    |                        |  |   | 0.70   |     |
| UnitedStates       |  |                                                                                                                                                                     | 32,888,392 |                        |  |   | 98.82  |     |
|               |  | $                                                                                                                                                                        | 33,282,522 |                        |  |   | 100.00 | %   |
|                    |

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

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

Seeaccompanying notes to financial statements.

4

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Salomon Smith Barney Global DiversifiedFutures Fund L.P. Condensed Schedule of Investments December31, 2004

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

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

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

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

See accompanying notes to financialstatements.

5

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

|                                                                                                                           |  |                           |            |         |  |        |            |         |  |  |
|---------------------------------------------------------------------------------------------------------------------------|--|---------------------------|------------|---------|--|--------|------------|---------|--|--|
|                                                                                                                      |  | ThreeMonths EndedMarch31, |
|                                                                                                                      |  | 2005                      |            | 2004    |
| Income:                                                                                                                   |  |                      |       |    |  |   |       |    |
| Netgains (losses) on trading of commodityinterests:                                                                       |  |                      |       |    |  |   |       |    |
| Realized gains(losses) on closed positions and foreigncurrencies                                                          |  | $                         | (1,683,463 | )  |  | $      | 7,435,065  |    |
| Changein unrealized gains (losses) on open positions and investment inPartnerships                                        |  |                      | 356,801    |    |  |   | (109,397   | )  |
|                                                                                                                      |  |                      | (1,326,662 | )  |  |   | 7,325,668  |    |
| Interestincome                                                                                                            |  |                      | 95,501     |    |  |   | 92,967     |    |
|                                                                                                                      |  |                      | (1,231,161 | )  |  |   | 7,418,635  |    |
| Expenses:                                                                                                                 |  |                      |       |    |  |   |       |    |
| Brokeragecommissions including clearing fees of $20,872 and $27,385,respectively                                          |  |                      | 619,369    |    |  |   | 822,229    |    |
| Managementfees                                                                                                            |  |                      | 186,631    |    |  |   | 239,038    |    |
| Incentivefees                                                                                                             |  |                      | —    |    |  |   | 1,248,673  |    |
| Otherexpenses                                                                                                             |  |                      | 18,240     |    |  |   | 19,849     |    |
|                                                                                                                      |  |                      | 824,240    |    |  |   | 2,329,789  |    |
| Netincome(loss)                                                                                                           |  |                      | (2,055,401 | )  |  |   | 5,088,846  |    |
| Redemptions                                                                                                               |  |                      | (1,369,084 | )  |  |   | (765,780   | )  |
| Netincrease (decrease) in Partners'capital                                                                                |  |                      | (3,424,485 | )  |  |   | 4,323,066  |    |
| Partners'capital, beginning ofperiod                                                                                      |  |                      | 46,309,169 |    |  |   | 53,706,998 |    |
| Partners'capital, end ofperiod                                                                                            |  | $                         | 42,884,684 |    |  | $      | 58,030,064 |    |
| Netasset value per Redeemable Unit (33,619.1417 and 38,280.1919 Unitsoutstanding at March 31, 2005 and 2004,respectively) |  | $                         | 1,275.60   |    |  | $      | 1,515.93   |    |
| Netincome (loss) per Redeemable Unit of Limited Partnership Interest andGeneral Partner Unitequivalent                    |  | $                         | (59.09     | )  |  | $      | 131.68     |    |
|                                                                                                                      |  |                      |       |    |  |   |       |    |
|                                                                                                                           |

SeeAccompanying Notes to Financial Statements.

6

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Salomon Smith Barney Global DiversifiedFutures Fund L.P. Statements of Cash FlowsMarch 31, 2005(Unaudited)

|                                                                                                 |  |                           |             |         |  |        |            |         |  |  |
|-------------------------------------------------------------------------------------------------|--|---------------------------|-------------|---------|--|--------|------------|---------|--|--|
|                                                                                            |  | ThreeMonths EndedMarch31, |
|                                                                                            |  | 2005                      |             | 2004    |
| Cashflows from operatingactivities:                                                             |  |                      |        |    |  |   |       |    |
| Net income(loss)                                                                                |  | $                         | (2,055,401  | )  |  | $      | 5,088,846  |    |
| Adjustmentsto reconcile net income (loss) to net cash provided by (used in)operatingactivities: |  |                      |        |    |  |   |       |    |
| Changesin operating assets andliabilities:                                                      |  |                      |        |    |  |   |       |    |
| (Increase)decrease in restrictedcash                                                            |  |                      | 6,027,453   |    |  |   | 165,514    |    |
| (Increase)decrease in investment in Partnerships, at fairvalue                                  |  |                      | (32,609,459 | )  |  |   | —    |    |
| (Increase)decrease in net unrealized appreciation on open futurespositions                      |  |                      | 693,408     |    |  |   | (1,882,353 | )  |
| (Increase)decrease in unrealized appreciation on open forwardcontracts                          |  |                      | 2,180,131   |    |  |   | 1,909,911  |    |
| (Increase)decrease in interestreceivable                                                        |  |                      | 42,145      |    |  |   | (7,246     | )  |
|                                                                                            |  |
| Increase(decrease) in unrealized depreciation on open forwardcontracts                          |  |                      | (2,211,017  | )  |  |   | 81,839     |    |
| Accruedexpenses:                                                                                |  |                      |        |    |  |   |       |    |
| Increase(decrease) incommissions                                                                |  |                      | (14,432     | )  |  |   | 15,957     |    |
| Increase(decrease) in managementfees                                                            |  |                      | (4,887      | )  |  |   | 6,844      |    |
| Increase(decrease) in incentivefees                                                             |  |                      | (357,621    | )  |  |   | (705,046   | )  |
| Increase(decrease) inother                                                                      |  |                      | 18,238      |    |  |   | 9,773      |    |
| Increase(decrease) in redemptionspayable                                                        |  |                      | 507,081     |    |  |   | (43,940    | )  |
| Netcash provided by (used in) operatingactivities                                               |  |                      | (27,784,361 | )  |  |   | 4,640,099  |    |
| Cashflows from financingactivities:                                                             |  |                      |        |    |  |   |       |    |
| Payments forredemptions – LimitedPartners                                                 |  |                      | (1,369,084  | )  |  |   | (765,780   | )  |
| Netchange incash                                                                                |  |                      | (29,153,445 | )  |  |   | 3,874,319  |    |
| Unrestrictedcash, at beginning ofyear                                                           |  |                      | 38,148,133  |    |  |   | 46,023,930 |    |
| Unrestrictedcash, at end ofyear                                                                 |  | $                         | 8,994,688   |    |  | $      | 49,898,249 |    |
|                                                                                                 |

SeeAccompanying Notes to FinancialStatements.

7

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements March  31, 2005(Unaudited)

1.    General:

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

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

Citigroup Managed Futures LLC, acts as the general partner(the "General Partner") of the Partnership.The Partnership's commodity broker is Citigroup Global MarketsInc. ("CGM"). CGM is an affiliate of theGeneral Partner. The General Partner is wholly owned by CitigroupGlobal Markets Holdings Inc. ("CGMHI"), whichis the sole owner of CGM. CGMHI is a wholly owned subsidiary ofCitigroup Inc. ("Citigroup"). As ofMarch  31, 2005, all trading decisions are made for thePartnership by Aspect Capital Management Ltd.("Aspect"), Campbell & Company, Inc.,("Campbell") and Altis Partners LTD("Altis") (each an"Advisor" and collectively, the"Advisors").

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

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

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements March  31, 2005(Unaudited)

2.    Financial Highlights:

Changes in Net Asset Value per Redeemable Unit of LimitedPartnership Interest for the three months ended March 31, 2005 and 2004were asfollows:

|                                                        |  |                           |          |         |  |        |          |         |  |  |
|--------------------------------------------------------|--|---------------------------|----------|---------|--|--------|----------|---------|--|--|
|                                                   |  | ThreeMonths EndedMarch31, |
|                                                   |  | 2005                      |          | 2004    |
| Netrealized and unrealized gains(losses)*              |  | $                         | (55.92   | )  |  | $      | 168.27   |    |
| Interestincome                                         |  |                      | 2.76     |    |  |   | 2.41     |    |
| Expenses**                                             |  |                      | (5.93    | )  |  |   | (39.00   | )  |
| Increase(decrease) for theperiod                       |  |                      | (59.09   | )  |  |   | 131.68   |    |
| Net AssetValue per Redeemable Unit, beginning ofperiod |  |                      | 1,334.69 |    |  |   | 1,384.25 |    |
| NetAsset Value per Redeemable Unit, end ofperiod       |  | $                         | 1,275.60 |    |  | $      | 1,515.93 |    |
| *  Includesbrokerage commissions             |  |
| **  Excludesbrokeragecommissions             |  |
|                                                        |

|                                             |  |                           |         |          |  |        |      |          |  |  |
|---------------------------------------------|--|---------------------------|---------|----------|--|--------|------|----------|--|--|
|                                        |  | Three MonthsEndedMarch31, |
|                                        |  | 2005                      |         | 2004     |
| Ratiosto average netassets:***              |  |
| Netinvestment loss before incentivefees**** |  |                      | (6.7    | )%  |  |   | (7.1 | )%  |
|                                        |  |
| Operatingexpense                            |  |                      | 7.6     | %   |  |   | 7.8  | %   |
| Incentivefees                               |  |                      | — | %   |  |   | 2.3  | %   |
| Totalexpenses                               |  |                      | 7.6     | %   |  |   | 10.1 | %   |
| Totalreturn:                                |  |
| Total return before incentivefees           |  |                      | (4.4    | )%  |  |   | 11.9 | %   |
| Incentivefees                               |  |                      | — | %   |  |   | (2.4 | )%  |
| Totalreturn after incentivefees             |  |                      | (4.4    | )%  |  |   | 9.5  | %   |
|                                             |

|     |                                       |
|-----|---------------------------------------|
| *** | 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 March  31, 2005(Unaudited)

All of the commodity interests owned bythe Partnership are held for trading purposes. The average fair valuesof these interests during the three months ended March  31, 2005and the year ended December  31, 2004, based on a monthlycalculation, were $992,755, and $1,962,289, respectively. The fairvalues of these commodity interests, including options thereon, ifapplicable, at March  31, 2005 and December 31, 2004, were$673,063 and $1,335,585, respectively. Fair values for exchange tradedcommodity futures and options are based on quoted market prices forthose futures and options. Fair values for all other financialinstruments for which market quotations are not readily available arebased on calculations approved by the General Partner.

4.    Investment in Partnerships:

Effective January 1,2005, the assets allocated to Campbell for trading were invested in theCMF 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 futures 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 thismaster/feeder structure should promote efficiency and economy in thetrading process. Expenses to investors as a result of the investment inCampbell Master are approximately the same and redemption rights arenot affected.

Effective March 1, 2005, the assets allocated toAspect for trading were invested in the CMF Aspect Master Fund L.P.("Aspect Master"), a limited partnershiporganized under the partnership laws of the State of New York. ThePartnership purchased 16,015.3206 Units of the Aspect Master with cashequal to $14,955,106 and a contribution of open commodity futures andforward positions with a fair value of $1,060,214. Aspect Master wasformed in order to permit commodity pools managed now or in the futuresby Aspect using Aspect's Diversified Program, to invest togetherin one trading vehicle. The General Partner of the Partnership is theGeneral Partner of Aspect Master. Individual and pooled accounts arepermitted to be a limited partner of Aspect Master. The General Partnerand Aspect believe that trading through this master/feeder structureshould promote efficiency and economy in the trading process. Expensesto investors as a result of the investment in Aspect Master areapproximately the same and redemption rights are not affected.

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

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

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

At March 31, 2005, the Partnership owns 5.9% ofCampbell Master and 8.4% of Aspect Master. The performance ofthe Partnership is directly affected by the performance of CampbellMaster and Aspect Master. It is Campbell's and Aspect'sintention to continue to invest the assets allocated to each by thePartnership in Campbell Master and Aspect Master, respectively.

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SalomonSmith Barney Global Diversified Futures Fund L.P. Notes toFinancial Statements March  31, 2005(Unaudited)

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

|                |  |                           |        |                                         |  |              |            |          |  |                 |            |                     |  |                     |        |        |  |        |       |        |  |        |            |         |  |        |                    |        |  |        |         |        |  |  |
|----------------|--|---------------------------|--------|-----------------------------------------|--|--------------|------------|----------|--|-----------------|------------|---------------------|--|---------------------|--------|--------|--|--------|-------|--------|--|--------|------------|---------|--|--------|--------------------|--------|--|--------|---------|--------|--|--|
|           |  | March31, 2005             |        | For the three months endedMarch 31,2005 |  |
| Investment     |  | %ofPartnership'sNetAssets |        | FairValue                               |  | Income(Loss) |            | Expenses |  | NetIncome(loss) |            | InvestmentObjective |  | RedemptionPermitted |
| Commissions    |  | Other                     |        |
| CampbellMaster |  |                      | 37.91  | %                                  |  | $            | 16,257,500 |     |  | $               | (1,490,996 | )              |  | $                   | 7,609  |   |  | $      | 799   |   |  | $      | (1,499,404 | )  |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| AspectMaster   |  |                      | 38.13  | %                                  |  |         | 16,351,959 |     |  |            | 343,676    |                |  |                | 6,646  |   |  |   | 390   |   |  |   | 336,640    |    |  |   | CommodityPortfolio |   |  |   | Monthly |   |
| Total          |  |                      |   |                                    |  | $            | 32,609,459 |     |  | $               | (1,147,320 | )              |  | $                   | 14,255 |   |  | $      | 1,189 |   |  | $      | (1,162,764 | )  |  |
|                |

5.    FinancialInstrument Risks:

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

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

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

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

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

The majority of these instruments maturewithin one year of March  31, 2005. However, due to the nature ofthe Partnership's business, these instruments may not be held tomaturity.

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

Liquidity andCapital Resources

The Partnership does not engage in thesale of goods or services. Its only assets are its equity in itscommodity futures trading account, consisting of cash, net unrealizedappreciation on open futures and forward contracts, commodity options,if applicable, and interest receivable. Because of the low margindeposits normally required in commodity futures trading, relativelysmall price movements may result in substantial losses to thePartnership. While substantial losses could lead to a decrease inliquidity, no such losses occurred during the first quarter of2005.

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 three monthsended March  31, 2005, Partnership capital decreased 7.4%from $46,309,169 to $42,884,684. This decrease was attributable to netloss from operations of $2,055,401, coupled with the redemptions of1,077.4581 Redeemable Units of Limited Partnership Interest resultingin an outflow of $1,369,084. Future redemptions can impact the amountof funds available for investment in commodity contract positions insubsequent periods.

Critical AccountingPolicies

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

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

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

Results of Operations

During thePartnership's first quarter of 2005, the net asset value perRedeemable Unit decreased 4.4% from $1,334.69 to $1,275.60 ascompared to an increase of 9.5% in the first quarter of 2004.The Partnership experienced a net trading loss before brokeragecommissions and related fees in the first quarter of 2005 of$1,326,662. Losses were primarily attributable to the trading ofcommodity futures in currencies, grains, softs, indices, non-U.S.interest rates and metals and were partially offset by gains in energy,livestock and U.S. interest rates. The Partnership experienced a nettrading gain before brokerage commissions and related fees in the firstquarter of 2004 of $7,325,668. Gains were primarily attributable to thetrading of commodity futures in currencies, grains, U.S. and non-U.S.interest rates, livestock and metals and were partially offset bylosses in softs and indices.

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Results for the first quarter werehighlighted by uneven trading performance in volatile energy andfinancial markets and resulted in effectively giving back the gainsfrom the fourth quarter 2004.

Trends that had emerged in lateDecember continued to effect performance in January. Energy priceincreases, particularly in crude oil and natural gas, that had producedprofits through much of the last third of 2004, initially weakenedagainst advisors' positions, then later regained strength, endedhigher and produced the most profits among the various sectors for thequarter.

Alternatively, currency trading, which had generatedprofits consistently in 2004, produced the quarter's greatestlosses, as the decline of the U.S. dollar began to reverse its declineand moved back to the low 130s in relation to the Euro. This move wasparticularly disruptive in January and continued as the marketsproduced no identifiable direction through much of the quarter. Tradingin interest rate contracts was mixed with gains in U.S. contracts andlosses in non-U.S. positions. Stock indices showed some strength inFebruary but not sufficient to offset losses in January and March.Trading in other commodity sectors followed U.S. dollar patterns withlosses in grains, softs and metals offsetting small gains in livestockand wood products.

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

Interest income on 80% of thePartnership's daily equity maintained in cash was earned at themonthly average 30-day U.S. Treasury bill yield. CGM may continue tomaintain the Partnership assets in cash and/or place all of thePartnership assets in 90-day Treasury bills and pay the Partnership80% of the interest earned on the Treasury bills purchased. CGMwill retain 20% of any interest earned on Treasury bills.Interest income for the three months ended March  31, 2005increased by $2,534, as compared to the corresponding period in 2004.The increase is primarily the result of an increase in interest ratesduring the three months ended March  31, 2005 as compared to2004.

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 monthsended March  31, 2005 decreased by $203,860, as compared to thecorresponding period in 2004. The decrease in brokerage commissions forthe three months ended March  31, 2005 is due to a decrease inaverage net assets during the period.

Management fees arecalculated as a percentage of the Partnership's net asset valueas of the end of each month and are affected by trading performance andredemptions. Management fees for the three months ended March31, 2005 decreased by $52,407, as compared to the corresponding periodin 2004. The decrease in management fees for the three months endedMarch  31, 2005 is due to a decrease in average net assets duringthe period.

Incentive fees paid annually by the Partnership arebased on the new trading profits of the Partnership as defined in theLimited Partnership Agreement. Trading performance for the three monthsended March  31, 2005 and 2004 resulted in an incentive feeaccrual of $0 and $1,248,673, respectively.

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Item 3.    Quantitative and QualitativeDisclosures about Market Risk

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

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

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

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

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

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The following table indicates the tradingValue at Risk associated with the Partnership's open positions bymarket category as of March  31, 2005 and the highest, lowest andaverage values during the three months ended March  31, 2005. Allopen position trading risk exposures of the Partnership have beenincluded in calculating the figures set forth below. As of March31, 2005, the Partnership's total capitalization was $42,884,684.There has been no material change in the trading Value at Riskinformation previously disclosed in the Form 10-K for the year endedDecember 31, 2004.

**March  31,2005(Unaudited)**

|                                 |  |               |           |                         |  |                                  |        |                 |  |          |           |        |  |        |         |        |  |        |         |        |  |  |
|---------------------------------|--|---------------|-----------|-------------------------|--|----------------------------------|--------|-----------------|--|----------|-----------|--------|--|--------|---------|--------|--|--------|---------|--------|--|--|
|                            |  |          |           |                    |  | ThreeMonths Ended March  31,2005 |
| MarketSector                    |  | Value at Risk |           | % ofTotalCapitalization |  | HighValue atRisk                 |        | LowValue atRisk |  | Average* |
| Currencies                      |  |          |      |                    |  |                             |   |            |  |     |      |   |  |   |    |   |  |   |    |   |
| –Exchange TradedContracts |  | $             | 210,582   |                    |  |                             | 0.49   | %          |  | $        | 1,159,460 |   |  | $      | 196,101 |   |  | $      | 385,965 |   |
| Energy                          |  |          | 231,949   |                    |  |                             | 0.54   | %          |  |     | 449,874   |   |  |   | 97,037  |   |  |   | 284,252 |   |
| Grains                          |  |          | 127,160   |                    |  |                             | 0.30   | %          |  |     | 365,874   |   |  |   | 123,371 |   |  |   | 217,980 |   |
| InterestrateU.S.                |  |          | 39,518    |                    |  |                             | 0.09   | %          |  |     | 401,218   |   |  |   | 22,260  |   |  |   | 183,266 |   |
| InterestrateNon-U.S.            |  |          | 163,256   |                    |  |                             | 0.38   | %          |  |     | 1,100,429 |   |  |   | 131,841 |   |  |   | 624,094 |   |
| Livestock                       |  |          | 74,790    |                    |  |                             | 0.17   | %          |  |     | 99.590    |   |  |   | 34,690  |   |  |   | 59,187  |   |
| Metals                          |  |          |      |                    |  |                             |   |            |  |     |      |   |  |   |    |   |  |   |    |   |
| –Exchange TradedContracts |  |          | 58,000    |                    |  |                             | 0.14   | %          |  |     | 153,500   |   |  |   | 46,000  |   |  |   | 117,708 |   |
| –OTCContracts             |  |          | 252,857   |                    |  |                             | 0.59   | %          |  |     | 443,976   |   |  |   | 130,858 |   |  |   | 284,314 |   |
| Softs                           |  |          | 198,910   |                    |  |                             | 0.46   | %          |  |     | 303,254   |   |  |   | 168,359 |   |  |   | 244,842 |   |
| Indices                         |  |          | 176,295   |                    |  |                             | 0.41   | %          |  |     | 1,183,684 |   |  |   | 173,028 |   |  |   | 595,640 |   |
| Lumber                          |  |          | 12,100    |                    |  |                             | 0.03   | %          |  |     | 12,800    |   |  |   | 1,100   |   |  |   | 9,533   |   |
| Totals                          |  | $             | 1,545,417 |                    |  |                             | 3.60   | %          |  |     |      |   |  |   |    |   |  |   |    |   |
|                                 |

|  |
|--|
|  |  |
|  |

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

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Item 4.    Controls and Procedures

Based on their evaluation of the Partnership's disclosurecontrols and procedures as of March  31, 2005, the President andChief Financial Officer of the General Partner have concluded that suchcontrols and procedures are effective.

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

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PART II. OTHERINFORMATION

Item 1.    Legal Proceedings

Thefollowing information supplements and amends our discussion set forthunder Part I, Item 3 "Legal Proceedings" inthe Partnership's Annual Report on Form 10-K for the fiscal yearended December 31, 2004.

Enron Corp.

In April 2005,Citigroup, along with other financial institution defendants, reachedan agreement-in-principle to settle four state-court actions brought byvarious investment funds, which were not previously consolidated orcoordinated with the NEWBY action. The four cases are OCM OPPORTUNITIESFUND III, L.P., et al. v. CITIGROUP INC., et al.; PACIFIC INVESTMENTMANAGEMENT CO. LLC, et al. v. CITIROUP INC. et al.; AUSA LIFE INSURANCEv. CITIGROUP INC., et al. and PRINCIPAL GLOBAL INVESTORS v. CITIGROUPINC., et al. The amounts to be paid in settlement of these actions arecovered by existing litigation reserves.

Dynegy Inc.

Thecourt had previously denied lead plaintiff's motion for leave toamend; no appeal was yet timely while the remainder of the caseremained pending. On April 15, 2005, as part of a global settlementinvolving all defendants, Citigroup entered into a memorandum ofunderstanding to settle this case. The amount to be paid in settlementis covered by existing litigation reserves.

WorldCom,Inc.

The District Court approved the settlement of the IN RETARGETS SECURITIES LITIGATION on April 22, 2005.

GlobalCrossing

The plaintiffs and the Citigroup Related Defendantshave entered into a definitive settlement agreement in the IN RE GLOBALCROSSING, LTD SECURITIES LITIGATION; the settlement was preliminarilyapproved by the Court on March 8, 2005. The amount to be paid insettlement is covered by existing litigationreserves.

Research

Two positive class actions againstCGMI asserting common law claims on behalf of CGMI customers inconnection with published investment research have been dismissed byUnited States District Courts, the dismissals of which were affirmed bythe United States Court of Appeals for the Third and Ninth Circuits,respectively. Plaintiffs in the Ninth Circuit case have sought reviewby the United States Supreme Court; their petition for a writ ofcertiorari, which CGMI opposed, is pending before thatcourt.

Mutual Funds

CGMHI entered into a settlement withthe SEC with respect to revenue sharing and sales of classes offunds.

Investigations of Euro Zone Government BondsTrade

The German prosecutors have declined to take any actionsagainst the employees in connection with this matter.

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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 Shares (or Units) Purchased* |            | (b)Average Price Paid per Share (or Unit)** |  | (c) TotalNumber of Shares (or Units) Purchased as Part ofPublicly Announced Plans or Programs |          | (d) MaximumNumber (or Approximate Dollar Value) of Shares (orUnits) that May Yet Be Purchased Under the Plans orPrograms |
| January 1, 2005–January 31,2005    |  |                                            | 125.9096   |                                        |  | $                                                                                             | 1,266.83 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| February1, 2005 – February 28,2005 |  |                                            | 270.8573   |                                        |  | $                                                                                             | 1,260.03 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| March1, 2005 – March 31,2005       |  |                                            | 680.6912   |                                        |  | $                                                                                             | 1,275.60 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
| Total                                    |  |                                            | 1,077.4581 |                                        |  | $                                                                                             | 1,267.49 |                                                                                                                     |  |   | N/A |   |  |   | N/A |   |
|                                          |

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

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

Item3.    Defaults Upon Senior Securities – None

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

Item 5.    Other Information – None

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Item 6.    Exhibits

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

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

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

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

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

19

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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:  |  | May 16,2005                                                |
| By:    |  | /s/Daniel R. McAuliffe,Jr.                                 |
|   |  | Daniel R.McAuliffe, Jr.Chief Financial Officer andDirector |
| Date:  |  | May 16,2005                                                |
|        |

20

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