FORM 10-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 ( ) TRANSITION REPORT UNDER SECTION 13 or 15(d)

                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter ended March 31, 2000

Commission File Number 333-61961

            SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
             (Exact name of registrant as specified in its charter)

             New York                           13-4015586
      (State or other jurisdiction of         (I.R.S. Employer
      incorporation or organization)         Identification No.)


                     c/o Smith Barney Futures Management LLC
                           390 Greenwich St. - 1st Fl.
                            New York, New York 10013
              (Address and Zip Code of principal executive offices)


                                (212) 723-5424
              (Registrant's telephone number, including area code)


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

                                   Yes X No

<PAGE>



            SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
                                    FORM 10-Q
                                      INDEX

                                                                           Page
                                                                          Number
PART I - Financial Information:

                Item 1.          Financial Statements:

                                 Statement of Financial Condition
                                 at March 31, 2000 and December 31,
                                 1999 (unaudited).                           3

                                 Statement of Income and Expenses
                                 and Partners' Capital for the three
                                 months ended March 31, 2000 and
                                 for the period from February 2, 1999
                                 (commencement of trading operations)
                                 to March 31, 1999 (unaudited).              4

                                 Notes to Financial Statements
                                 (unaudited)                               5 - 9

                Item 2.          Management's Discussion and
                                 Analysis of Financial Condition
                                 and Results of Operations               10 - 11

                Item 3.          Quantitative and Qualitative
                                 Disclosures of Market Risk              12 - 13

PART II - Other Information                                              14 - 18

                                   2
<PAGE>
                                     PART I
                          ITEM 1. FINANCIAL STATEMENTS

            SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
                        STATEMENT OF FINANCIAL CONDITION
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                        MARCH 31,  DECEMBER 31,
                                                           2000        1999
                                                    -----------   -----------
ASSETS:

Equity in commodity futures trading account:
<S>                                                         <C>          <C>

  Cash                                               $86,628,705   $85,369,042
  Net unrealized appreciation
   on open futures contracts                             448,604     3,293,682

Commodity options owned, at market value
 (cost $92,194 and $242,328  in 2000
  and 1999, respectively)                                 64,592       105,484
                                                     -----------   -----------
                                                      87,141,901    88,768,208

Interest receivable                                      317,104       297,001
                                                     -----------   -----------
                                                     $87,459,005   $89,065,209
                                                     ===========   ===========

LIABILITIES AND PARTNERS' CAPITAL:

Liabilities:

 Accrued expenses:
  Commissions                                        $   399,876   $   411,280
  Management fees                                        146,538       147,997
  Incentive fees                                         151,321       213,409
  Other                                                  223,427       203,962
  Due to SSB                                             337,338       434,877
  Redemptions                                          1,272,031       565,176
                                                     -----------   -----------
                                                       2,530,531     1,976,701
                                                     -----------   -----------
Partners' Capital:

General Partner, 1,067.4488 and 941.9704 Unit
equivalents outstanding in 2000 and
1999, respectively                                       978,712       895,767

Limited Partners, 91,561. 4854 and 90,639.0308
 Units of Limited Partnership Interest outstanding
  in 2000 and 1999, respectively                      83,949,762    86,192,741
                                                     -----------   -----------
                                                      84,928,474    87,088,508
                                                     -----------   -----------
                                                     $87,459,005   $89,065,209
                                                     ===========   ===========

</TABLE>

See Notes to Financial Statements.

                                   3
<PAGE>

            SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
             STATEMENT OF INCOME AND EXPENSES AND PARTNERS' CAPITAL
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                            PERIOD FROM
                                                                           FEBRUARY 2, 1999
                                                                          (COMMENCEMENT OF
                                                       THREE MONTHS ENDED  TRADING OPERATIONS
                                                              MARCH 31,      TO MARCH 31,
                                                                  2000          1999
                                                           -------------      --------
<S>                                                                <C>           <C>

Income:
  Net gains (losses) on trading of commodity
   futures:
  Realized gains (losses) on closed positions             $    316,720    $   (485,486)
  Change in unrealized gains (losses) on open
   positions                                                (2,735,836)        843,690
                                                           ------------        --------
                                                            (2,419,116)        358,204
Less, brokerage commissions including clearing fees
   of $33,585 and $7,925, respectively                      (1,294,543)       (330,772)
                                                            ------------       --------

  Net realized and unrealized gains (losses)                (3,713,659)         27,432
  Interest income                                              927,777         191,122
                                                            ------------       --------
                                                            (2,785,882)        218,554
                                                            ------------       --------

Expenses:
  Management fees                                              444,716         106,041
  Incentive fees                                               (62,088)         44,110
  Other expenses                                                50,321          35,109
                                                            ------------      --------
                                                               432,949         185,260
                                                            ------------      --------

Net income (loss)                                           (3,218,831)         33,294

Additions              -Limited Partner                      4,319,000            --
                       -General Partner                        120,000            --
Redemptions            -Limited Partner                     (3,380,203)           --
                                                           ------------       --------
Net increase (decrease) in Partners' capital                (2,160,034)         33,294

Proceeds from offering -Limited Partners                          --        33,380,000
                       -General Partner                           --           338,000
Offering and organization costs                                   --          (700,000)
Partners' capital, beginning of period                      87,088,508            --
                                                           ------------        --------

Partners' capital, end of period                          $ 84,928,474    $ 33,051,294
                                                           ============     ===========

Net asset value per Unit
  (92,628.9342 and 33,718 Units outstanding
  at March 31, 2000 and 1999, respectively)               $     916.87       $  980.23
                                                           ============        ========

Net income (loss) per Unit of Limited Partnership
  Interest and General Partner Unit equivalent            $     (34.08)     $     0.99
                                                            ============       ========

Redemption Net asset value per Unit                       $     921.18     $    999.49
                                                            ============       ========

</TABLE>

See Notes to Financial Statements

                                        4

<PAGE>


            SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2000
                                   (Unaudited)

1.       General:

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

               Between  November 25, 1998  (commencement of the offering period)
and February 1, 1999, 33,379 Units of limited partnership  interest and 337 Unit
equivalents  representing the general partner's contribution were sold at $1,000
per unit.  The proceeds of the  offering  were held in an escrow  account  until
February 2, 1999,  at which time they were turned  over to the  Partnership  for
trading.

     Smith  Barney  Futures  Management  LLC acts as the  general  partner  (the
"General  Partner") of the Partnership.  The  Partnership's  commodity broker is
Salomon Smith Barney Inc.  ("SSB").  SSB is an affiliate of the General Partner.
The  General  Partner is wholly  owned by Salomon  Smith  Barney  Holdings  Inc.
("SSBHI"), which is the sole owner of SSB. SSBHI is a wholly owned subsidiary of
Citigroup Inc. All trading  decisions are made for the Partnership by Campbell &
Company,  Inc.,  ("Campbell"),  Eagle Trading Systems, Inc. ("Eagle"),  Eckhardt
Trading  Company   ("Eckhardt")  and  Rabar  Market  Research,   Inc.  ("Rabar")
(collectively, the "Advisors").

         The accompanying financial statements are unaudited but, in the opinion
of management,  include all  adjustments  (consisting  only of normal  recurring
adjustments)  necessary for a fair presentation of the  Partnership's  financial
condition  at March  31,  2000 and  December  31,  1999 and the  results  of its
operations  for the three  months  ended  March 31, 2000 and for the period from
February 2, 1999  (commencement of trading  operations) to March 31, 1999. These
financial  statements  present the results of interim periods and do not include
all  disclosures  normally  provided  in  annual  financial  statements.  It  is
suggested  that  these  financial  statements  be read in  conjunction  with the
financial  statements and notes included in the  Partnership's  annual report on
Form 10-K filed with the Securities  and Exchange  Commission for the year ended
December 31, 1999.

                                   5
<PAGE>

         Due to the nature of commodity  trading,  the results of operations for
the interim periods presented should not be considered indicative of the results
that may be expected for the entire year.

2.      Net Asset Value Per Unit:

     Changes in net asset value per Unit for the three  months  ended March 31,
2000 and for    the   period  from  February 2, 1999,  (commencement  of trading
operations) to March 31, 1999 were as follows:

<TABLE>
<CAPTION>
                                                                 PERIOD FROM
                                                               FEBRUARY 2, 1999
                                       THREE-MONTHS           (COMMENCEMENT OF
                                           ENDED             TRADING OPERATIONS)
                                         MARCH 31,                     TO
                                            2000                  MARCH 31, 1999
                                       -------------          ------------------
<S>                                           <C>                   <C>

Net realized and unrealized
 gains(losses)                           $   (39.97)        $       0.81
Interest income                                9.89                 5.67
Expenses                                      (4.00)               (5.49)
                                           ---------              -------

Increase(decrease) for period                (34.08)                0.99

Net Asset Value per Unit,
  beginning of period                        950.95             1,000.00

Offering & Organization cost
 Adjustment                                     -0-               (20.76)

Net Asset Value per Unit,
  end of period                          $   916.87          $    980.23
                                           =========             =======

Redemption Net Asset Value
 Per Unit                               $    921.18            $  999.49
                                           =========             =======
</TABLE>

       For the purpose of a  redemption,  any remaining  deferred  liability for
reimbursement of offering  and organization  expenses will not reduce redemption
net asset value per unit. (see note 3)

3.     Offering and Organization Costs:

         Offering and organization  expenses of approximately  $700,000 relating
to the issuance and marketing of the Partnership's  Units offered were initially
paid by SSB.  These costs have been  recorded as due to SSB in the  statement of
financial condition.  These costs are being reimbursed to SSB by the Partnership
in 24 equal  monthly  installments  (together  with  interest  at the prime rate
quoted by the Chase Manhattan Bank).
                                   6
<PAGE>

         As of March 31, 2000,  $391,313 of these costs have been  reimbursed to
SSB, by the Partnership.

         In addition,  the Partnership has recorded interest expense of $49,182,
for the three months ended March 31, 2000 which is included in other expenses.

         The remaining deferred liability for these costs due to SSB of $308,687
(exclusive of interest charges) will not reduce Net Asset Value per Unit for any
purpose (other than financial reporting),  including calculation of advisory and
brokerage fees and the redemption value of Units.

4.       Trading Activities:

         The  Partnership  was formed for the purpose of trading  contracts in a
variety of commodity interests,  including derivative financial  instruments and
derivative  commodity  instruments.  The  results of the  Partnership's  trading
activity  are  shown in the  statement  of income  and  expenses  and  partners'
capital.

         The  Customer  Agreement  between  the  Partnership  and SSB  gives the
Partnership the legal right to net unrealized gains and losses.

         All of the commodity  interests  owned by the  Partnership are held for
trading purposes. The average fair value during the periods ended March 31, 2000
and  December 31,  1999,  based on a monthly  calculation,  was  $3,963,687  and
$1,447,941, respectively. The fair value of these commodity interests, including
options  thereon,  if  applicable,  at March 31, 2000 and December 31, 1999, was
$513,196 and $3,399,166, respectively, as detailed below.

<TABLE>
<CAPTION>

                                         Fair Value
                                     -------------------
                                   March 31,    December 31,
                                      2000           1999
                                   ---------      ---------
<S>                                    <C>           <C>

Currency:
 - OTC Contracts               $    10,762    $  (383,900)
 - Exchange Traded Contracts      (372,506)       286,131
Energy                             (48,262)       276,537
Grains                             425,785        (14,942)
Interest Rates U.S.                594,097        803,746
Interest Rates Non-U.S             220,177        306,279
Livestock                           51,720        (10,200)
Metals                              21,245        594,978
Softs                              (58,680)         1,657
Indices                           (331,142)     1,538,880
                               -----------    -----------

Total                          $   513,196    $ 3,399,166
                               ===========    ===========

</TABLE>
                                   7
<PAGE>


5.       Financial Instrument Risk

        The Partnership is party to financial instruments with off-balance sheet
risk,  including  derivative  financial  instruments  and  derivative  commodity
instruments,  in the normal course of its business.  These financial instruments
may  include  forwards,  futures  and  options,  whose  value is  based  upon an
underlying  asset,  index,  or reference  rate, and generally  represent  future
commitments  to exchange  currencies  or cash  flows,  to purchase or sell other
financial  instruments at specific terms at specified  future dates,  or, in the
case of derivative commodity instruments, to have a reasonable possibility to be
settled in cash, through physical delivery or with another financial instrument.
These  instruments  may be traded on an  exchange or  over-the-counter  ("OTC").
Exchange  traded  instruments are  standardized  and include futures and certain
option contracts.  OTC contracts are negotiated between  contracting parties and
include  forwards and certain options.  Each of these  instruments is subject to
various risks similar to those related to the underlying  financial  instruments
including  market and credit risk.  In general,  the risks  associated  with OTC
contracts are greater than those  associated  with exchange  traded  instruments
because of the greater risk of default by the counterparty to an OTC contract.

         Market risk is the  potential for changes in the value of the financial
instruments traded by the Partnership due to market changes,  including interest
and foreign  exchange rate movements and  fluctuations  in commodity or security
prices.  Market risk is directly impacted by the volatility and liquidity in the
markets in which the related underlying assets are traded.

         Credit risk is the possibility that a loss may occur due to the failure
of a counterparty to perform  according to the terms of a contract.  Credit risk
with  respect to exchange  traded  instruments  is reduced to the extent that an
exchange or clearing  organization  acts as a counterparty to the  transactions.
The Partnership's risk of loss in the event of counterparty default is typically
limited to the amounts  recognized in the  statement of financial  condition and
not  represented  by the contract or notional  amounts of the  instruments.  The
Partnership has concentration  risk because the sole counterparty or broker with
respect to the Partnership's assets is SSB.

         The General  Partner  monitors  and  controls  the  Partnership's  risk
exposure  on a  daily  basis  through  financial,  credit  and  risk  management
monitoring systems and accordingly believes that it has effective procedures for
evaluating and limiting the credit and market risks to which the  Partnership is
subject.  These  monitoring  systems allow the General Partner to  statistically
analyze actual  trading  results with risk adjusted  performance  indicators and
                                   8
<PAGE>

correlation statistics. In addition,  on-line monitoring systems provide account
analysis  of  futures,   forwards  and  options  positions  by  sector,   margin
requirements, gain and loss transactions and collateral positions.

         The notional or  contractual  amounts of these  instruments,  while not
recorded in the financial  statements,  reflect the extent of the  Partnership's
involvement  in these  instruments.  The  majority of these  instruments  mature
within  one  year  of  March  31,  2000.  However,  due  to  the  nature  of the
Partnership's business, these instruments may not be held to maturity.

                                   9
<PAGE>


Item 2.  Management's Discussion and Analysis of Financial Condition and Results
of Operations.

Liquidity and Capital Resources

         The Partnership  does not engage in the sale of goods or services.  Its
only assets are its equity in its commodity futures trading account,  consisting
of cash, net unrealized appreciation  (depreciation) on open futures and forward
contracts, commodity options, if applicable, and interest receivable. Because of
the  low  margin  deposits  normally  required  in  commodity  futures  trading,
relatively  small  price  movements  may  result  in  substantial  losses to the
Partnership.  While substantial losses could lead to a decrease in liquidity, no
such losses occurred during the first quarter of 2000.

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

         For  the  three  months  ended  March  31,  2000,  Partnership  capital
decreased 2.5% from  $87,088,508 to $84,928,474.  This decrease was attributable
to the  redemption  of  3,593.7216  Units  resulting in an outflow of $3,380,203
coupled with net loss from operation of $3,218,831 which was partially offset by
the  additional   sales  of  4,641.6546  Units  totalling   $4,439,000.   Future
redemptions can impact the amount of funds available for investment in commodity
contract positions in subsequent months.

Results of Operations

         During the Partnership's first quarter of 2000, the net asset value per
unit  decreased  3.6% from $950.95 to $916.87 as compared to a decrease of 1.98%
in the period ended March 31, 1999.  The  Partnership  experienced a net trading
loss before brokerage  commissions and related fees in the first quarter of 2000
of $2,419,116.  Losses were primarily  attributable  to the trading of commodity
futures in  currencies,  grains,  non-U.S.  interest  rates,  metals,  softs and
indices and were partially  offset by gains in energy,  U.S.  interest rates and
livestock. The Partnership experienced a net trading gain before commissions and
related  fees in the  period  ended  March  31,  1999 of  $358,204.  Gains  were
primarily attributable to the trading of commodity futures in currencies, softs,
U.S.  interest rates and energy and were partially  offset by losses in indices,
grains, non-U.S. interest rates and metals.

         Commodity futures markets are highly volatile. Broad price fluctuations
and rapid inflation increase the risks involved in commodity  trading,  but also
increase the possibility of profit. The profitability of the Partnership depends
on the  existence  of major  price  trends and the  ability of the  Advisors  to
                                   10
<PAGE>

identify  correctly  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 in interest  rates. To
the extent that market trends exist and the Advisors are able to identify  them,
the Partnership expects to increase capital through operations.

         Interest income on 80% of the Partnership's  daily equity maintained in
cash was earned on the monthly average 30-day U.S. Treasury bill yield. Interest
income for the three  months  ended  March 31,  2000  increased  by  $736,655 as
compared to the corresponding period in 1999. The increase in interest income is
primarily due to the effect of additions on the Partnership's  equity maintained
in cash.

         Brokerage commissions are calculated on the adjusted net asset value on
the last day of each month and, therefore, vary according to trading performance
and  redemptions.  Accordingly,  they  must  be  compared  in  relation  to  the
fluctuations in the monthly net asset values. Commissions and fees for the three
months  ended  March  31,  2000   increased  by  $963,771  as  compared  to  the
corresponding period in 1999.

         All trading  decisions for the  Partnership are currently being made by
the  Advisors.   Management   fees  are   calculated  as  a  percentage  of  the
Partnership's  net asset  value as of the end of each month and are  affected by
trading  performance,  subscriptions  and  redemptions.  Management fees for the
three  months  ended  March 31,  2000  increased  by $338,675 as compared to the
corresponding period in 1999.

         Incentive  fees paid by the  Partnership  are based on the net  trading
profits of the Partnership as defined in the Limited Partnership Agreement.  The
Partnership is obligated to pay each Advisor an incentive fee payable  annually.
The first  incentive  fee will be  payable  at the end of the  nearest  calendar
quarter  ending  at  least  twelve  months  after  trading  commences.   Trading
performance  for the  period  from  February  2, 1999  (commencement  of trading
operations) to ended March 31, 2000 resulted in incentive fees of $151,321.

                                   11
<PAGE>


Item 3.  Quantitative and Qualitative Disclosures of Market Risk
              Introduction

         The Partnership is a speculative  commodity pool. The market  sensitive
instruments held by it are acquired for speculative trading purposes, and all or
substantially all of the Partnership's assets are subject to the risk of trading
loss. Unlike an operating company,  the risk of market sensitive  instruments is
integral, not incidental, to the Partnership's main line of business.

         Market movements result in frequent changes in the fair market value of
the  Partnership's  open positions and,  consequently,  in its earnings and cash
flow. The Partnership's  market risk is influenced by a wide variety of factors,
including the level and volatility of interest  rates,  exchange  rates,  equity
price  levels,  the market value of financial  instruments  and  contracts,  the
diversification effects of the Partnership's open positions and the liquidity of
the markets in which it trades.

         The  Partnership  rapidly  acquires and liquidates  both long and short
positions in a wide range of different markets. Consequently, it is not possible
to predict how a particular future market scenario will affect performance,  and
the Partnership's  past performance is not necessarily  indicative of its future
results.

         Value at Risk is a measure of the maximum amount which the  Partnership
could  reasonably  be expected to lose in a given market  sector.  However,  the
inherent uncertainty of the Partnership's speculative trading and the recurrence
in the markets  traded by the  Partnership  of market  movements  far  exceeding
expectations could result in actual trading or non-trading losses far beyond the
indicated Value at Risk or the Partnership's  experience to date (i.e., "risk of
ruin").  In  light  of the  foregoing  as well as the  risks  and  uncertainties
intrinsic  to all  future  projections,  the  inclusion  of  the  quantification
included in this section should not be considered to constitute any assurance or
representation  that the  Partnership's  losses  in any  market  sector  will be
limited to Value at Risk or by the  Partnership's  attempts to manage its market
risk.

         Exchange   maintenance  margin  requirements  have  been  used  by  the
Partnership as the measure of its Value at Risk. Maintenance margin requirements
are set by exchanges to equal or exceed the maximum losses  reasonably  expected
to be incurred in the fair value of any given contract in 95%-99% of any one-day
intervals.  Maintenance  margin  has been used  rather  than the more  generally
available  initial  margin,  because  initial  margin  includes  a  credit  risk
component, which is not relevant to Value at Risk.

                                   12
<PAGE>



         The following table indicates the trading Value at Risk associated with
the  Partnership's  open positions by market  category as of March 31, 2000. All
open position  trading risk exposures of the  Partnership  have been included in
calculating the figures set forth below. As of March 31, 2000, the Partnership's
total capitalization was approximately  $84,928,474.  There has been no material
change in the trading Value at Risk information previously disclosed in the Form
10-K for the year ended December 31, 1999.

<TABLE>
<CAPTION>

                                 March 31, 2000
                                   (Unaudited)

                                                          Year to Date
                                        % of Total     High           Low
Market Sector          Value at Risk Capitalization Value at Risk  Value at Risk
--------------------------------------------------------------------------------
<S>                                <C>         <C>           <C>           <C>

Currencies:
 - Exchange Traded Contracts   $  572,306      0.67%   $1,124,041   $  522,880
 - OTC Contracts                1,166,700      1.37%    1,664,379      558,527
Energy                            413,700      0.49%    1,456,600      413,700
Grains                            297,650      0.35%      297,650      131,400
Interest Rates U.S.               938,864      1.11%    1,400,289      384,744
Interest Rates Non-U.S          1,535,104      1.81%    3,502,840    1,143,140
Livestock                          30,750      0.04%       33,750       11,250
Metals                            781,425      0.92%      946,825      480,275
Softs                             144,000      0.17%      259,150       95,300
Indices                         1,524,214      1.79%    2,341,542    1,309,974
                             ----------   ----------

Total                          $7,404,713      8.72%
                             ==========   ==========

</TABLE>

                                   13
<PAGE>


                         PART II OTHER INFORMATION

Item 1.   Legal Proceedings -

For information concerning a suit filed by Harris Trust Savings Bank (as trustee
for the Ameritech  Pension Trust) and others against Salomon  Brothers Inc., and
Salomon  Brothers Realty Corp.,  see the description  that appears in the second
and third paragraphs under the caption "Legal Proceedings"  beginning on page 11
of the Annual Report on Form 10-K of the Company for the year ended December 31,
1999 (File No.  1-4346),  which  description is included as Exhibit 99.1 to this
Form 10-Q and incorporated by reference  herein. In April 2000, the U.S. Supreme
Court heard oral argument on plaintiffs' petition to reverse the decision of the
U.S. Court of Appeals for the Seventh  Circuit.  The U.S. Supreme Court reserved
its decision, and has not yet released its opinion.

For information  concerning the complaints filed in the U.S.  District Court for
the Eastern District of Louisiana (Board of Liquidations,  City Debt of the City
of New  Orleans v. Smith  Barney,  Inc.  et ano.  and The City of New Orleans v.
Smith  Barney,  Inc.  et ano.),  a  purported  class  action in Florida  against
numerous broker-dealers including the Company (Dwight Brock as Clerk for Collier
County  v.  Merrill  Lynch,   et  al.),  and  the  IRS  and  SEC   industry-wide
investigation  into the pricing of  Treasury  securities  in advanced  refunding
transactions,  see the description  that appears in the fourth,  fifth and sixth
paragraphs  under the caption " Legal  Proceedings"  beginning on page 11 of the
Annual  Report on Form 10-K of SSBHI for the year ended  December 31, 1999 (File
No. 1-4346), which description is included as Exhibit 99.2 to this form 10-Q and
incorporated by reference  herein.  In April 2000,  seventeen  investment banks,
including the Company,  entered into an agreement with the federal government to
settle  charges  related  to the  pricing of  Treasury  securities  in  advanced
refunding transactions.  Thereafter,  plaintiffs filed voluntary discontinuances
in the two Louisiana federal actions.

For  information  concerning the matter  entitled MKP Master Fund, LDC et al. v.
Salomon  Smith  Barney  Inc.,  see the  description  that appears in the seventh
paragraph  under the caption  "Legal  Proceedings"  beginning  on page 11 of the
Annual  Report on Form 10-K of SSBHI for the year ended  December 31, 1999 (File
No. 1-4346), which description is included as Exhibit 99.3 to this Form 10-Q and
incorporated by reference herein. In March 2000,  plaintiffs'  motion to dismiss
the  Company's  amended  counterclaims  was  argued,  and no  decision  has been
rendered.

                                   14
<PAGE>



Exhibit 99.1


Second and third  paragraphs  under the caption  "Legal  Proceedings" beginning
on    page  11 of    the  Annual Report on Form 10-K of SSBHI for the year ended
December 31, 1999 (File No. 1-4346).

In  September  1992,  Harris  Trust and Savings  Bank (as trustee for  Ameritech
Pension Trust ("APT")), Ameritech Corporation, and an officer of Ameritech filed
suit  against  Salomon   Brothers  Inc.  ("SBI")  and  Salomon  Brothers  Realty
Corporation  ("SBRC") in the U.S.  District  Court for the Northern  District of
Illinois  (Harris Trust Savings Bank, not individually but solely as trustee for
the Ameritech  Pension  Trust,  Ameritech  Corporation  and John A. Edwardson v.
Salomon  Brothers Inc and Salomon  Brothers  Realty  Corp.).  The second amended
complaint  alleges that three purchases by APT from defendants of  participation
interests  in net cash flow or resale  proceeds  of three  portfolios  of motels
owned by Motels of America, Inc. ("MOA"), as well as a fourth purchase by APT of
a similar  participation  interest in a portfolio  of motels owned by Best Inns,
Inc. ("Best"),  violated the Employee  Retirement Income Security Act ("ERISA"),
and  that  APT's  purchase  of the  participation  interests  in the  third  MOA
portfolio  and in the Best  portfolio  violated  the  Racketeer  Influenced  and
Corrupt  Organization Act ("RICO") and the Illinois Consumer Fraud and Deceptive
Practices  Act  ("Consumer  Fraud  Act"),  and  constituted   fraud,   negligent
misrepresentation,  breach of contract and unjust  enrichment.  SBI had acquired
the participation interests when it purchased principal mortgage notes issued by
MOA and Best to finance  purchases  of motel  portfolios;  95% of three of those
interests  and 100% of the fourth were sold to APT for a total of  approximately
$20.9 million.  Plaintiffs'  second amended  complaint seeks judgment (a) on the
ERISA claims for the approximately  $20.9 million purchase price, for rescission
and for  disgorgement of profits,  as well as other relief,  and (b) on the RICO
and state law claims in the amount of $12.3 million, with damages trebled to $37
million on the RICO  claims  and  punitive  damages in excess of $37  million on
certain of the state law claims as well as other  relief.  Following  motions by
defendants,  the court dismissed the RICO, Consumer Fraud Act, fraud,  negligent
misrepresentation,  breach of contract,  and unjust enrichment claims. The court
also found that defendants  were not ERISA  fiduciaries and dismissed two of the
three claims based on that allegation.  Defendants moved for summary judgment on
plaintiffs' only remaining claim,  which alleged an ERISA violation.  The motion
was denied, and defendants appealed to the U.S. Court of Appeals for the Seventh
Circuit.  In July  1999,  the U. S.  Court of Appeals  for the  Seventh  Circuit
reversed the denial of defendants' motion for summary judgment and dismissed the
sole remaining ERISA claim against the Company.  Plaintiffs filed a petition for
                                   15
<PAGE>

certiorari  with the U. S. Supreme Court  seeking  review of the decision of the
Court of Appeals. The petition was granted in January 2000.

Both the Department of Labor and the Internal  Revenue  Service have advised SBI
that they were or are reviewing the underlying transactions. With respect to the
Internal  Revenue  Service,  SSBHI, SBI and SBRC have consented to extensions of
time for the  assessment of excise taxes that may be claimed with respect to the
transactions  for the years 1987,  1988 and 1989.  In August 1996,  the IRS sent
SSBHI,  SBI and SBRC what appeared to be draft "30-day  letters" with respect to
the transactions and SSBHI, SBI and SBRC were given an opportunity to comment on
whether the IRS should issue 30-day letters,  which would actually  commence the
assessment  process. In October 1996, SSBHI, SBI and SBRC submitted a memorandum
setting  forth reasons why the IRS should not issue such 30-day  letters.  Since
that time, the IRS has not issued such 30-day letters to SSBHI, SBI or SBRC.

                                   16
<PAGE>



Exhibit 99.2

Fourth, fifth  and  sixth  paragraphs  under the caption  "Legal  Proceedings"
beginning  on  page 11 of the Annual  Report on Form 10-K of SSBHI for the year
ended December 31, 1999 (File No. 1-4346).

In June 1998,  complaints were filed in the U.S.  District Court for the Eastern
District of Louisiana in two actions  (Board of  Liquidations,  City Debt of the
City of New Orleans v. Smith  Barney Inc. et ano. and The City of New Orleans v.
Smith Barney Inc. et ano.), in which the City of New Orleans seeks a declaratory
judgment that Smith Barney Inc. and another  underwriter are responsible for any
damages  that the City may incur if the  Internal  Revenue  Service  denies  tax
exempt status to the City's General Obligation  Refunding Bonds Series 1991. The
Company  filed a motion  to  dismiss  the  complaints  in  September  1998,  the
complaints  were  subsequently  amended,  and the Company then filed a motion to
dismiss the amended  complaints.  In May 1999,  the Court  denied the  Company's
motion to dismiss, but stayed the litigation because the matter was not ripe.

In November  1998, a purported  class action  complaint  was filed in the United
States  District Court for the Middle District of Florida (Dwight Brock as Clerk
for Collier  County v. Merrill  Lynch,  et al.).  The  complaint  alleges  that,
pursuant to a nationwide conspiracy, 17 broker-dealer defendants, including SSB,
charged excessive mark-ups in connection with advanced  refunding  transactions.
Plaintiff  amended its complaint to name an additional  defendant  and, in March
1999,  the Company filed a motion to dismiss the amended  complaint.  In October
1999,  plaintiff filed a second amended complaint.  The Company moved to dismiss
the second amended complaint in November 1999.

In connection with the Board of Liquidations,  The City of New Orleans and Brock
matters,  the IRS and SEC have been  conducting an  industry-wide  investigation
into the pricing of Treasury securities in advanced refunding transactions.

                                   17
<PAGE>



Exhibit 99.3

Seventh  paragraph under the caption  "Legal  Proceedings" beginning on page 11
of the Annual Report on Form 10-K of SSBHI for the year ended  December 31, 1999
(File No. 1-4346).


In March  1999,  a  complaint  seeking in excess of $250  million was filed by a
hedge fund and its  investment  advisor  against SSB in the Supreme Court of the
State of New York,  County of New York (MKP Master  Fund,  LDC et al. v. Salomon
Smith Barney  Inc.).  Plaintiffs  allege that while acting as their prime broker
SSB breached its contracts with  plaintiffs,  converted  plaintiffs'  monies and
engaged in tortious  conduct,  including  breaching  its  fiduciary  duties.  In
October 1999, the court dismissed plaintiffs' tort claims,  including the breach
of  fiduciary  duty claims,  but allowed the breach of contract  and  conversion
claims  to  stand.   In  December   1999,  SSB  filed  an  answer  and  asserted
counterclaims  against the investment advisor. In response to plaintiffs' motion
to strike the  counterclaims,  in January  2000,  SSB amended its  counterclaims
against  the  investment  advisor  to  seek  indemnification  and  contribution.
Plaintiffs moved to strike SSB's amended counterclaims in February 2000.


Item 2.   Changes in Securities and Use of Proceeds -

                      The public offering of Units  terminated on April 1, 2000.
              For the three months ended March 31, 2000,  there were  additional
              sales of 4,516.1762 Units totaling $4,319,000 and contributions by
              the  General  Partner   representing   125.4784  Unit  equivalents
              totaling $120,000.

                      Proceeds from the sale of additional Units are used in the
              trading  of  commodity   interests  including  futures  contracts,
              options and forward contracts.

Item 3.   Defaults Upon Senior Securities - None

Item 4.   Submission of Matters to a Vote of Security Holders - None

Item 5.   Other Information - None

Item 6.   (a) Exhibits - None
          (b) Reports on Form 8-K - None

                                   18

<PAGE>


                                   SIGNATURES
           Pursuant  to  the  requirements  of  Section  13 or  15  (d)  of  the
Securities  Exchange Act of 1934,  the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.


By:        Smith Barney Futures Management LLC
           (General Partner)


By:        /s/ David J. Vogel, President
           David J. Vogel, President

Date:      5/12/00


  Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,  this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
registrant and in the capacities and on the dates indicated.

By:        Smith Barney Futures Management LLC
           (General Partner)


By:        /s/ David J. Vogel, President
           David J. Vogel, President


Date:      5/12/00


By:       /s/ Daniel A. Dantuono
          Daniel A. Dantuono
          Chief Financial Officer and
          Director

Date: 5/12/00

                                   19