UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
  FORM 10-Q
  (X) QUARTERLY REPORT
    PURSUANT TO SECTION 13 or 15(d)
 OF THE SECURITIES EXCHANGE ACT
    OF 1934
  September 30, 2008
  OR ( ) TRANSITION REPORT
    PURSUANT TO SECTION 13 OR 15(d)
 OF THE SECURITIES EXCHANGE ACT
    OF 1934
  
  000-30455
  CITIGROUP GLOBAL
    DIVERSIFIED FUTURES FUND L.P.
    New York

13-4015586(State or other jurisdiction of
    incorporation or organization)

(I.R.S. Employer
    Identification No.)   c/o Citigroup
    Managed Futures LLC
 55 East 59th Street
      10th Floor
 New York, New York
    10022
    (212) 559-2011
       Yes X  No
    Large
    accelerated filer
    Accelerated filer
    Non-accelerated filer X  Rule 12b-2
  Yes   No X




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##### 



CITIGROUP GLOBAL DIVERSIFIED FUTURES FUND L.P.
  FORM 10-Q
  INDEX
  PageNumberPART I  Financial Information:Item 1.

Financial Statements:Statements of Financial Condition at September 30,
    2008 and December 31, 2007 (unaudited)

3Schedules of Investments at September 30, 2008 and
    December 31, 2007 (unaudited)

4  5Statements of Income and Expenses and Partners Capital
    for
    the three and nine months ended September 30, 2008 and 2007
    (unaudited)

6Statements of Cash Flows for the nine months ended
    September, 30,
    2008 and 2007 (unaudited)

7Notes to Financial Statements (unaudited)

8  13Item 2.

Managements Discussion and Analysis of Financial
    Condition
    and Results of Operations

14  16Item 3.

Quantitative and Qualitative Disclosures about Market Risk

17  18Item 4T.

Controls and Procedures

19PART II  Other Information

20  22  2




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##### 



PART I Item 1.
    Financial Statements   Citigroup Global Diversified Futures Fund L.P.Statements of Financial Condition
    (Unaudited)
  September 30,


December 31,2008


2007Assets:Investment in Partnerships, at fair value

$
38,161,602


$
40,944,047Cash


60,690



73,042Distribution receivable


26,437



80,265Total assets

$
38,248,729


$
41,097,354Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage commissions

$
172,119


$
184,938Management fees


54,991



59,223Incentive fees


485,723



404,736Other


58,408



44,478Redemptions payable


578,293



284,408Total liabilities


1,349,534



977,783Partners Capital:General Partner, 421.6204 and 1,802.4014 Unit equivalents
    outstanding in 2008 and 2007, respectively


771,789



3,099,968Limited Partners, 19,735.9897 and 21,524.1927 Redeemable 
    Units of Limited Partnership Interest outstanding in 2008
    and 2007, respectively


36,127,406



37,019,603Total partners capital


36,899,195



40,119,571Total liabilities and partners capital

$
38,248,729


$
41,097,354    3




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##### 



Citigroup
    Global Diversified Futures Fund L.P.Schedule of InvestmentsSeptember 30, 2008
    (Unaudited)
  % of PartnersInvestment in
    Partnerships

Fair Value


CapitalCMF Campbell Master Fund L.P.

$
9,328,794



25.28
%CMF Aspect Master Fund L.P.


13,441,979



36.43CMF Altis Partners Master Fund L.P.


15,390,829



41.71Total investment in Partnerships, at fair value

$
38,161,602



103.42
%    4




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##### 



Citigroup
    Global Diversified Futures Fund L.P.
    Schedule of Investments
    December 31, 2007
    (Unaudited)
  % of PartnersInvestment in
    Partnerships

Fair Value


CapitalCMF Campbell Master Fund L.P.

$
10,625,425



26.48
%CMF Aspect Master Fund L.P.


14,246,680



35.51CMF Altis Partners Master Fund L.P.


16,071,942



40.06Total investment in Partnerships, at fair value

$
40,944,047



102.05
%    5




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##### 



Citigroup Global Diversified Futures Fund L.P.Statements of Income and Expenses and
    Partners Capital
    (Unaudited)
  Three Months Ended


Nine Months EndedSeptember 30,


September 30,2008


2007


2008


2007Income:Net gains (losses) on trading of commodity interests and
investment in Partnerships:Change in net unrealized gains (losses) on investment in
    Partnerships

$
(4,853,213
)

$
(3,746,118
)

$
5,313,689


$
1,597,441Expenses:Brokerage commissions


516,868



551,325



1,668,241



1,745,800Management fees


165,360



177,211



532,875



562,494Incentive fees


(1,040,326
)


(352,981
)


485,722



94,459Other


29,653



40,239



74,369



85,904Total expenses


(328,445
)


415,794



2,761,207



2,488,657Net income (loss)


(4,524,768
)


(4,161,912
)


2,552,482



(891,216
)AdditionsGeneral Partner














430,679RedemptionsLimited Partners


(1,354,699
)


(2,228,914
)


(3,272,858
)


(5,463,620
)RedemptionsGeneral Partner










(2,500,000
)


Net increase (decrease) in Partners Capital


(5,879,467
)


(6,390,826
)


(3,220,376
)


(5,924,157
)Partners Capital, beginning of period


42,778,662



45,712
836



40,119,571



45,246,167Partners Capital, end of period

$
36,899,195


$
39,322,010


$
36,899,195


$
39,322,010Net Asset Value per Unit (20,157.6101 and 23,915.9533 Units
    outstanding at September 30, 2008 and 2007, respectively)

$
1,830.53


$
1,644.17


$
1,830.53


$
1,644.17Net income (loss) per Redeemable Unit of Limited
    Partnership Interest and General Partner Unit equivalent

$
(215.83
)

$
(160.49
)

$
110.62


$
(28.91
)    6




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##### 



Citigroup
                 Global Diversified Futures Fund L.P.Statements of Cash Flows
    (Unaudited)
  Nine Months EndedSeptember 30,2008


2007Cash flows from operating activities:Net income (loss)

$
2,552,482


$
(891,216
)Adjustments to reconcile net income (loss) to net cash provided
    by operating activities:Changes in operating assets and liabilities:Purchase of investment in Partnerships






(430,679
)Proceeds from sale of investment in Partnerships


8,149,962



8,999,337Net unrealized (appreciation) depreciation on investment in
    Partnerships


(5,367,517
)


(1,597,441
)(Increase) decrease distribution receivable


53,828



Accrued expenses:Increase (decrease) in brokerage commissions


(12,819
)


(31,316
)Increase (decrease) in management fees


(4,232
)


(10,699
)Increase (decrease) in incentive fees


80,987



(771,066
)Increase (decrease) in other


13,930



8,338Net cash provided by (used in) operating activities


5,466,621



5,275,258Cash flows from financing activities:Proceeds from additionsGeneral Partner






430,679Payments for redemptionsLimited Partners


(2,978,973
)


(5,693,839
)Payments for redemptionsGeneral Partner


(2,500,000
)


Net cash provided by (used in) financing activities


(5,478,973
)


(5,263,160
)Net change in cash


(12,352
)


12,098Cash, at beginning of period


73,042



17,068Cash, at end of period

$
60,690


$
29,166    7




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##### 



Citigroup Global Diversified Futures Fund L.P.Notes to Financial Statements
    September 30, 2008
    (Unaudited)
  1.
    General:          Form 10-K
      2.
    Financial
    Highlights:    Three Months Ended


Nine Months EndedSeptember 30,


September 30,2008


2007


2008


2007Net realized and unrealized gains (losses) *

$
(256.00
)

$
(165.49
)

$
159.22


$
(0.07
)Expenses **


40.17



5.00



(48.60
)


(28.84
)Increase (decrease) for the period


(215.83
)


(160.49
)


110.62



(28.91
)Net Asset Value per Redeemable Unit, beginning of period


2,046.36



1,804.66



1,719.91



1,673.08Net Asset Value per Redeemable Unit, end of period

$
1,830.53


$
1,644.17


$
1,830.53


$
1,644.17   *
    
    Includes brokerage commissions  **
    
    Excludes brokerage commissions  8




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##### 



Citigroup Global Diversified Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
  Three Months Ended


Nine Months EndedSeptember 30,


September 30,2008


2007


2008


2007Ratios to Average Net Assets:***Net investment income (loss) before incentive fees****


(7.3
)%


(7.4
)%


(7.9
)%


(7.5
)%Operating expense


7.3
%


7.4
%


7.9
%


7.5
%Incentive fees


(2.7
)%


(1.0
)%


1.3
%


0.2
%Total expenses


4.6
%


6.4
%


9.2
%


7.7
%Total return:Total return before incentive fees


(13.1
)%


(9.7
)%


7.8
%


(1.5
)%Incentive fees


2.5
%


0.8
%


(1.4
)%


(0.2
)%Total return after incentive fees


(10.6
)%


(8.9
)%


6.4
%


(1.7
)%   ***
    
    Annualized (other than incentive fees)  ****
    
    Interest income less total expenses    3.
    Trading
    Activities:        4.
    Fair
    Value Measurements:  Investments.
  Fair Value Measurements. Fair Value Measurements No. FAS 157-2, Effective Date of FASB Statement No. 157
 9




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##### 



Citigroup Global Diversified Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
    Quoted Prices inActive Markets

Significant Other

Significantfor Identical

Observable Inputs

Unobservable9/30/2008

Assets (Level 1)

(Level 2)

Inputs (Level 3)AssetsInvestment in Partnerships

$
38,161,602


$



$
38,161,602


$
Total fair value

$
38,161,602


$



$
38,161,602


$
   5.
    Investment
    in Partnerships:         10




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##### 



Citigroup Global Diversified Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
      give-up,
      September 30, 2008Total Assets


Total Liabilities


Total CapitalCampbell Master

$
154,427,267


$
7,239,412


$
147,187,855Aspect Master


206,756,303



3,207,551



203,548,752Altis Master


84,411,771



3,555,108



80,856,663Total

$
445,595,341


$
14,002,071


$
431,593,270   December 31, 2007Total Assets


Total Liabilities


Total CapitalCampbell Master

$
226,825,488


$
10,129,288


$
216,696,200Aspect Master


209,651,889



6,956,669



202,695,220Altis Master


73,353,710



1,094,835



72,258,875Total

$
509,831,087


$
18,180,792


$
491,650,295     September 30, 2008


For the three months ended September 30, 2008% of








Expenses


NetPartnerships


Fair


Income








Income


Investment

RedemptionsFund

Net Assets


Value


(Loss)


Commissions


Other


(Loss)


Objective

PermittedCampbell Master


25.28
%

$
9,328,794


$
(265,326
)

$
1,724


$
514


$
(267,564
)

Financials,
    Metals & Energy
    Portfolio


MonthlyAspect Master


36.43
%


13,441,979



(1,307,175
)


5,840



669



(1,313,684
)

Commodity
    Portfolio


MonthlyAltis Master


41.71
%


15,390,829



(3,259,332
)


10,846



1,787



(3,271,965
)

Commodity
    Portfolio


MonthlyTotal





$
38,161,602


$
(4,831,833
)

$
18,410


$
2,970


$
(4,853,213
)   11




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##### 



Citigroup Global Diversified Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
  September 30, 2008


For the nine months ended September 30, 2008% of








Expenses


NetPartnerships


Fair


Income








Income


Investment

RedemptionsFund

Net Assets


Value


(Loss)


Commissions


Other


(Loss)


Objective

PermittedCampbell Master


25.28
%

$
9,328,794


$
459,846


$
5,486


$
1,421


$
452,939


Financials,
    Metals & Energy
    Portfolio


MonthlyAspect Master


36.43
%


13,441,979



1,637,899



18,130



1,742



1,618,027


Commodity
    Portfolio


MonthlyAltis Master


41.71
%


15,390,829



3,277,179



28,650



5,806



3,242,723


Commodity
    Portfolio


MonthlyTotal





$
38,161,602


$
5,374,924


$
52,266


$
8,969


$
5,313,689   December 31, 2007


For the three months ended September 30, 2007Expenses% of














NetPartnerships


Fair


Income








Income


Investment

RedemptionsFund

Net Assets


Value


(Loss)


Commissions


Other


(Loss)


Objective

PermittedCampbell Master


26.48
%

$
10,625,425


$
(1,922,898
)

$
2,579


$
530


$
(1,926,007
)

Financials,
    Metals & Energy
    Portfolio


MonthlyAspect Master


35.51
%


14,246,680



(1,014,816
)


7,604



452



(1,022,872
)

Commodity
    Portfolio


MonthlyAltis Master


40.06
%


16,071,942



(781,491
)


13,423



2,325



(797,239
)

Commodity
    Portfolio


MonthlyTotal





$
40,944,047


$
(3,719,205
)

$
23,606


$
3,307


$
(3,746,118
)   December 31, 2007


For the nine months ended September 30, 2007Expenses% of














NetPartnerships


Fair


Income








Income


Investment

RedemptionsFund

Net Assets


Value


(Loss)


Commissions


Other


(Loss)


Objective

PermittedCampbell Master


26.48
%

$
10,625,425


$
(763,105
)

$
9,986


$
1,479


$
(774,570)


Financials,
    Metals & Energy
    Portfolio


MonthlyAspect Master


35.51
%


14,246,680



677,926



23,056



1,531



653,339


Commodity
    Portfolio


MonthlyAltis Master


40.06
%


16,071,942



1,764,966



38,644



7,650



1,718,672


Commodity
    Portfolio


MonthlyTotal





$
40,944,047


$
1,679,787


$
71,686


$
10,660


$
1,597,441   6.
    Financial
    Instrument Risks:   12




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##### 



Citigroup Global Diversified Futures Fund L.P.
    Notes to Financial Statements
    September 30, 2008
    (Unaudited)
             13




---



##### 



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
        Critical
    Accounting Policies
  Use of Estimates.
  Investments.
  Fair Value Measurements.
   Forward Foreign Currency Contracts. agreed-upon
 14




---



##### 



Options.
  Income Taxes.
      Recent Accounting Pronouncements.
  Results
    of Operations
         15




---



##### 



30-day and/or 90-day
       16




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##### 



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk          one-day
  Form 10-K
    September 30,
    2008
    (Unaudited)
  Three Months ended September 30, 2008% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capital
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk *Currencies:OTC Contracts
    
    $
    2,876,841
    
    
    
    1.96
    %
    
    $
    6,459,319
    
    
    $
    2,876,841
    
    
    $
    4,601,348Energy
    
    
    541,660
    
    
    
    0.37
    %
    
    
    1,300,850
    
    
    
    541,660
    
    
    
    756,787Interest Rates U.S.
    
    
    1,312,600
    
    
    
    0.89
    %
    
    
    1,754,540
    
    
    
    597,450
    
    
    
    1,482,057Interest Rates Non-U.S.
    
    
    1,750,301
    
    
    
    1.19
    %
    
    
    2,596,726
    
    
    
    1,509,566
    
    
    
    1,787,253Metals:Exchange Traded Contracts
    
    
    110,000
    
    
    
    0.07
    %
    
    
    176,000
    
    
    
    7,500
    
    
    
    80,417OTC Contracts
    
    
    171,734
    
    
    
    0.12
    %
    
    
    468,207
    
    
    
    171,734
    
    
    
    252,869Indices
    
    
    2,654,457
    
    
    
    1.80
    %
    
    
    8,798,196
    
    
    
    2,654,457
    
    
    
    4,060,971Total
    
    $
    9,417,593
    
    
    
    6.40
    %
     *
    
    Average month-end Values at Risk  17




---



##### 



September 30,
    2008
    (Unaudited)
 Three Months Ended September 30, 2008% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capital
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk*Currencies:OTC Contracts
    
    $
    3,100,873
    
    
    
    1.52
    %
    
    $
    7,405,062
    
    
    $
    2,401,470
    
    
    $
    4,709,380Energy
    
    
    1,316,062
    
    
    
    0.65
    %
    
    
    4,174,850
    
    
    
    911,275
    
    
    
    1,732,633Grains
    
    
    142,571
    
    
    
    0.07
    %
    
    
    1,123,102
    
    
    
    84,806
    
    
    
    388,994Interest Rates U.S.
    
    
    1,519,200
    
    
    
    0.75
    %
    
    
    3,458,200
    
    
    
    128,150
    
    
    
    2,014,267Interest Rates Non-U.S.
    
    
    3,163,063
    
    
    
    1.55
    %
    
    
    8,325,577
    
    
    
    2,997,830
    
    
    
    5,037,763Livestock
    
    
    201,100
    
    
    
    0.10
    %
    
    
    283,500
    
    
    
    66,700
    
    
    
    187,667Metals:Exchange Traded Contracts
    
    
    509,000
    
    
    
    0.25
    %
    
    
    1,027,750
    
    
    
    219,500
    
    
    
    440,917OTC Contracts
    
    
    1,797,978
    
    
    
    0.88
    %
    
    
    3,185,925
    
    
    
    652,258
    
    
    
    1,812,016Softs
    
    
    567,631
    
    
    
    0.28
    %
    
    
    1,461,690
    
    
    
    489,113
    
    
    
    956,540Indices
    
    
    1,619,873
    
    
    
    0.80
    %
    
    
    7,152,565
    
    
    
    1,619,873
    
    
    
    3,261,781Total
    
    $
    13,937,351
    
    
    
    6.85
    %
     *
    
    Average month-end Values at Risk    September 30,
    2008
    (Unaudited)
  Three Months Ended September 30, 2008% of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capital
    
    
    Value at Risk
    
    
    Value at Risk
    
    
    Value at Risk *Commodity Index
    
    $
    25,800
    
    
    
    0.03
    %
    
    $
    48,000
    
    
    $
    8,600
    
    
    $
    21,933Currencies:Exchange
Traded Contracts
    
    
    1,276,045
    
    
    
    1.58
    %
    
    
    2,133,841
    
    
    
    1,106,800
    
    
    
    1,353,718Energy
    
    
    1,594,771
    
    
    
    1.97
    %
    
    
    4,105,253
    
    
    
    524,150
    
    
    
    1,422,792Grains
    
    
    776,014
    
    
    
    0.96
    %
    
    
    1,668,316
    
    
    
    415,944
    
    
    
    665,706Interest Rates U.S.
    
    
    630,917
    
    
    
    0.78
    %
    
    
    1,171,750
    
    
    
    116,207
    
    
    
    472,749Interest Rates Non -U.S.
    
    
    1,280,060
    
    
    
    1.58
    %
    
    
    1,987,012
    
    
    
    450,742
    
    
    
    1,078,142Livestock
    
    
    272,900
    
    
    
    0.34
    %
    
    
    299,700
    
    
    
    108,120
    
    
    
    191,567MetalsExchange
Traded Contracts
    
    
    430,747
    
    
    
    0.53
    %
    
    
    1,429,880
    
    
    
    267,830
    
    
    
    658,079OTC Contracts
    
    
    1,565,022
    
    
    
    1.94
    %
    
    
    2,139,082
    
    
    
    913,638
    
    
    
    1,453,031Softs
    
    
    808,786
    
    
    
    1.00
    %
    
    
    888,084
    
    
    
    561,993
    
    
    
    707,272Indices
    
    
    2,298,877
    
    
    
    2.84
    %
    
    
    4,329,386
    
    
    
    660,145
    
    
    
    2,024,404Lumber
    
    
    46,200
    
    
    
    0.06
    %
    
    
    63,100
    
    
    
    26,700
    
    
    
    39,767Total
    
    $
    11,006,139
    
    
    
    13.61
    %
     *
    
    Average month-end Values at Risk 18




---



##### 



Item 4T.
    Controls
    and Procedures.      Rule 13a-15(e) 15d-15(e)
  internal control over financial
    reporting
  
    pertain to the maintenance of records that in reasonable detail
    accurately and fairly reflect the transactions and dispositions
    of the assets of the Partnership;
    provide reasonable assurance that (i) transactions are
    recorded as necessary to permit preparation of financial
    statements in accordance with U.S. generally accepted
    accounting principles, and (ii) the Partnerships
    receipts are handled and expenditures are made only pursuant to
    authorizations of the General Partner; and
    provide reasonable assurance regarding prevention or timely
    detection of unauthorized acquisition, use or disposition of the
    Partnerships assets that could have a material effect on
    the financial statements.   19




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##### 



PART II.
    OTHER INFORMATION  Item 1.
    Legal
    Proceedings.  Form 10-K Form 10-Q
 Research Analyst Litigation
  Subprime-Mortgage-Related Litigation
    Auction Rate Securities-Related Litigation
    20




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##### 



Item 1A.
    Risk Factors.
  Form 10-K Form 10-Q
    Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds.      (d) Maximum Number(c) Total Number



(or Approximateof Units



Dollar Value) of Units that(a) Total Number



(b) Average



Purchased as Part of



May Yet Beof Units



Price Paid



Publicly Announced



Purchased Under thePeriod


Purchased*



per Unit**



Plans or Programs



Plans or ProgramsJuly 1, 2008  
July 31, 2008



167.7465



$
1,849.23




N/A




N/AAugust 1, 2008  
August 31, 2008



263.4829



$
1,769.39




N/A




N/ASeptember 1, 2008  
September 30, 2008



315.9156



$
1,830.53




N/A




N/A747.1450



$
1,813.17        Item 3.
    Defaults
    Upon Senior Securities  None  Item 4.
    Submission
    of Matters to a Vote of Security Holders 
    None  Item 5.
    Other
    Information  None 21




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##### 



Item 6.
    Exhibits  Regulation S-K Form 10-K
  Rule 13a-14(a)/15d-14(a)
   Rule 13a-14(a)/15d-14(a)
        22




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##### 



SIGNATURES
      By:
    Citigroup Managed Futures LLC    By:
    /s/  Jerry
    Pascucci       By:
    /s/  Jennifer
    Magro      23