##### Table of Contents





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
  March 31, 2009
  OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 or
    15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
  
   000-26132
  SMITH BARNEY DIVERSIFIED FUTURES FUND L.P.
    New York

13-3729162(State or other jurisdiction of

(I.R.S. Employerincorporation or organization)

Identification No.)   c/o Citigroup
    Managed Futures LLC
 55 East 59th Street - 10th Floor
 New York, New York 10022
    (212) 599-2011
       Yes X     No
    Yes      No
   Rule 12b-2
  Large accelerated filer

Accelerated filer

Non-accelerated filerX

Smaller reporting company    rule 12b-2
  Yes      No X




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##### 





SMITH
    BARNEY DIVERSIFIED FUTURES FUND L.P.FORM 10-Q
    INDEX
   
 PageNumberPART I  Financial
    Information:Item 1.

Financial Statements:Statements of Financial Condition at March 31,
2009 and
 December 31, 2008 (unaudited)

3Schedules of Investments at
    March 31,
2009 and December 31, 2008 (unaudited)

4  5Statements of Income and Expenses and
    Partners Capital for the three
    months ended March 31,
2009 and 2008 (unaudited)

6Notes to Financial Statements (unaudited)

7  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  20Item 4T.

Controls and Procedures

21PART II  Other
    Information

22  26EX-31.1EX-31.2EX-32.1EX-32.2   2




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##### Table of Contents



PART I Item 1.
    Financial Statements Smith
    Barney Diversified Futures Fund L.P.
    Statements of Financial Condition
    (Unaudited)  March 31,
    
    
    December 31,2009
    
    

2008Assets:Investment in Partnerships, at fair value
    
    $
    44,390,464
    
    
    $
    49,607,769Cash
    
    
    85,850
    
    
    
    69,501Total assets
    
    
    44,476,314
    
    
    
    49,677,270Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage commissions
    
    $
    203,849
    
    
    $
    227,687Management fees
    
    
    68,341
    
    
    
    76,444Incentive fees
    
    
    
    
    
    
    189,867Other
    
    
    22,737
    
    
    
    41,882Redemptions payable
    
    
    889,053
    
    
    
    850,367Total
liabilities
    
    
    1,183,980
    
    
    
    1,386,247Partners Capital:General
Partner, 835.3289 Unit equivalents
outstanding at March 31, 2009 and December 31,
2008, respectively
    
    
    1,612,110
    
    
    
    1,695,634Limited
Partners, 21,597.0315 and 22,954.4913 Redeemable Units of Limited
Partnership Interest outstanding at March 31, 2009 and December 31,
2008,
respectively
    
    
    41,680,224
    
    
    
    46,595,389Total
partners capital
    
    
    43,292,334
    
    
    
    48,291,023Total
liabilities and partners capital
    
    $
    44,476,314
    
    
    $
    49,677,270
    3




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Smith
    Barney Diversified Futures Fund L.P.
    Schedule of Investments
March 31, 2009      (Unaudited)  % of PartnersFair Value


CapitalInvestment in PartnershipsCMF Winton Master L.P.

$
13,030,487



30.10
%CMF Campbell Master Fund L.P.


6,982,141



16.13CMF Willowbridge Argo Master Fund L.P.


7,279,072



16.81CMF Graham Capital Master Fund L.P.


10,897,598



25.17CMF Eckhardt Master Fund L.P.


6,201,166



14.32Total investment in Partnerships, at fair value

$
44,390,464



102.53
%    4




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Smith
    Barney Diversified Futures Fund L.P.
    Schedule of Investments
    December 31, 2008
    (Unaudited)
   % of PartnersFair Value


CapitalInvestment In PartnershipsCMF Winton Master L.P.

$
14,224,843



29.46
%CMF Campbell Master Fund L.P.


7,115,212



14.73CMF Willowbridge Argo Master Fund L.P.


10,673,321



22.10CMF Graham Capital Master Fund L.P.


11,227,169



23.25CMF Eckhardt Master L.P.


6,367,224



13.19Total investment in Partnerships, at fair value

$
49,607,769



102.73
%     5




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##### Table of Contents



Smith Barney Diversified Futures Fund L.P.
Statements of Income and Expenses and Partners Capital
(Unaudited)
 Three Months EndedMarch 31,2009
    
    
    2008Income:Net gains (losses) on trading of commodity interests and investment in Partnerships:Net realized gains (losses) on investment in Partnerships
    
    
    (998,839
    )
    
    
    4,675,782Change in net unrealized gains (losses) on investment in Partnerships
    
    
    (421,428
    )
    
    
    (687,008
    )Gain (loss) from trading, net
    
    
    (1,420,267
    )
    
    
    3,988,774Interest income from investment in Partnerships
    
    
    10,209
    
    
    
    205,494Total income (loss)
    
    
    (1,410,058
    )
    
    
    4,194,268Expenses:Brokerage commissions including clearing fees
    
    
    654,838
    
    
    
    714,799Management fees
    
    
    215,823
    
    
    
    226,477Incentive fees
    
    
    
    
    
    
    355,708Other
    
    
    33,125
    
    
    
    25,394Total expenses
    
    
    903,786
    
    
    
    1,322,378Net income (loss)
    
    
    (2,313,844
    )
    
    
    2,871,890Redemptions-Limited Partners
    
    
    (2,684,845
    )
    
    
    (1,641,136
    )Net increase (decrease) in Partners Capital
    
    
    (4,998,689
    )
    
    
    1,230,754Partners Capital, beginning of period
    
    
    48,291,023
    
    
    
    47,397,637Partners Capital, end of period
    
    $
    43,292,334
    
    
    $
    48,628,391Net Asset Value per Unit (22,432.3604 and 26,305.3374 Units outstanding
at March 31, 2009 and 2008, respectively)
    
    $
    1,929.91
    
    
    $
    1,848.61Net income (loss) per Redeemable Unit of Limited Partnership Interest and General
Partner Unit equivalent
    
    $
    (99.99
    )
    
    $
    106.72
 6




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##### Table of Contents



Smith
    Barney Diversified Futures Fund L.P.Notes to Financial Statements
    March 31, 2009
    (Unaudited)
  1.
    General:      Global Wealth Management
      Form 10-K
          2.
    Financial
    Highlights:    Three Months EndedMarch 31,2009


2008Net realized and unrealized gains (losses)*
    
    $
    (89.81
    )
    
    $
    121.67Interest
income
    
    
    0.44
    
    
    
    7.63Expenses**
    
    
    (10.62
    )
    
    
    (22.58
    )Increase
(decrease) for the period
    
    
    (99.99
    )
    
    
    106.72Net Asset
Value per Redeemable Unit, beginning of period
    
    
    2,029.90
    
    
    
    1,741.89Net Asset
Value per Redeemable Unit, end of period
    
    $
    1,929.91
    
    
    $
    1,848.61  *
    
    Includes brokerage commissions.**
    
    Excludes brokerage commissions. 7




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##### Table of Contents



Smith
    Barney Diversified Futures Fund L.P.
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
   Financial
    Highlights (continued):
 Three Months Ended
March 31,2009


2008Ratios to
average net assets:***Net investment income (loss) before
incentive fees****
    
    
    (7.8
    )%
    
    
    (6.3
    )%Operating expense
    
    
    7.9
    %
    
    
    8.0
    %Incentive fees
    
    
    
    
    
    
    0.7Total expenses
    
    
    7.9
    %
    
    
    8.7
    %Total return:Total return before incentive fees
    
    
    (4.9
    )%
    
    
    6.9
    %Incentive fees
    
    
    
    
    
    
    (0.8
    )%Total return after incentive fees
    
    
    (4.9
    )%
    
    
    6.1
    %   ***
    
    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
 8




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##### Table of Contents



Smith
    Barney Diversified Futures Fund L.P.
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
     Quoted Prices inActive Markets


Significant Other


Significantfor Identical


Observable Inputs


UnobservableMarch 31, 2009


Assets (Level 1)


(Level 2)


Inputs (Level 3)AssetsInvestment in Partnerships

$
44,390,464


$



$
44,390,464


$
Total fair value

$
44,390,464


$



$
44,390,464


$
   5.
    Investment
    in Partnerships:       9




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##### Table of Contents



Smith
    Barney Diversified Futures Fund L.P.
    Notes to Financial StatementsMarch 31, 2009(Unaudited)
          give-up,
   10




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##### Table of Contents



Smith
    Barney Diversified Futures Fund L.P.
    Notes to Financial Statements
March 31, 2009
    (Unaudited)
    March 31, 2009Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalWinton Master
    
    $
    534,331,372
    
    
    $
    1,049,135
    
    
    $
    533,282,237Campbell Master
    
    
    110,228,900
    
    
    
    712,362
    
    
    
    109,516,538Willowbridge Master
    
    
    227,599,897
    
    
    
    16,163
    
    
    
    227,583,734Graham Master
    
    
    191,467,038
    
    
    
    1,904,562
    
    
    
    189,562,476Eckhardt Master
    
    
    20,028,476
    
    
    
    21,587
    
    
    
    20,006,889Total
    
    $
    1,083,655,683
    
    
    $
    3,703,809
    
    
    $
    1,079,951,874   December 31, 2008Total Assets
    
    
    Total Liabilities
    
    
    Total CapitalWinton Master
    
    $
    548,586,877
    
    
    $
    835,334
    
    
    $
    547,751,543Campbell Master
    
    
    130,424,500
    
    
    
    2,949,538
    
    
    
    127,474,962Willowbridge Master
    
    
    297,439,763
    
    
    
    19,759
    
    
    
    297,420,004Graham Master
    
    
    227,483,547
    
    
    
    2,992,605
    
    
    
    224,490,942Eckhardt Master
    
    
    20,544,954
    
    
    
    15,519
    
    
    
    20,529,435Total
    
    $
    1,224,479,641
    
    
    $
    6,812,755
    
    
    $
    1,217,666,886     March 31, 2009

For the three months ended March 31, 2009% of









NetPartnerships

Fair

Income

Expenses

Income

Investment

RedemptionsInvestment

Net Assets

Value

(Loss)

Commissions

Other

(Loss)

Objective

PermittedWinton Master
    
    
    30.10
    %
    
    $
    13,030,487
    
    
    $
    (108,038
    )
    
    $
    1,660
    
    
    $
    225
    
    
    $
    (109,923
    )
    
    CommodityPortfolio
    
    MonthlyCampbell Master
    
    
    16.13
    %
    
    
    6,982,141
    
    
    
    19,382
    
    
    
    967
    
    
    
    689
    
    
    
    17,726
    
    
    Financials,
Metals &Energy
Portfolio
    
    MonthlyWillowbridge Master
    
    
    16.81
    %
    
    
    7,279,072
    
    
    
    (1,191,776
    )
    
    
    1,925
    
    
    
    292
    
    
    
    (1,193,993
    )
    
    CommodityPortfolio
    
    MonthlyGraham Master
    
    
    25.17
    %
    
    
    10,897,598
    
    
    
    (101,333
    )
    
    
    6,814
    
    
    
    438
    
    
    
    (108,585
    )
    
    CommodityPortfolio
    
    MonthlyEckhardt Master
    
    
    14.32
    %
    
    
    6,201,166
    
    
    
    (28,293
    )
    
    
    801
    
    
    
    5,665
    
    
    
    (34,759
    )
    
    CommodityPortfolio
    
    MonthlyTotal
    
    
    
    
    
    $
    44,390,464
    
    
    $
    (1,410,058
    )
    
    $
    12,167
    
    
    $
    7,309
    
    
    $
    (1,429,534
    )   11




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##### Table of Contents



Smith
    Barney Diversified Futures Fund L.P.
    Notes to Financial Statements
March 31, 2009
    (Unaudited)
  December 31, 2008

For the three months ended March 31, 2008% of









NetPartnerships

Fair

Income

Expenses

Income

Investment

RedemptionsInvestment

Net Assets

Value

(Loss)

Commissions

Other

(Loss)

Objective

PermittedWinton Master
    
    
    29.46
    %
    
    $
    14,224,843
    
    
    $
    2,166,911
    
    
    $
    6,243
    
    
    $
    264
    
    
    $
    2,160,404
    
    
    CommodityPortfolio
    
    MonthlyCampbell Master
    
    
    14.73
    %
    
    
    7,115,212
    
    
    
    151,628
    
    
    
    2,120
    
    
    
    460
    
    
    
    149,048

    
    
    Financials,
Metals &Energy
Portfolio
    
    MonthlyCommodityWillowbridge Master
    
    
    22.10
    %
    
    
    10,673,321
    
    
    
    812,866
    
    
    
    4,733
    
    
    
    349
    
    
    
    807,784
    
    
    Portfolio
    
    MonthlyCommodityGraham Master
    
    
    23.25
    %
    
    
    11,227,169
    
    
    
    1,062,863
    
    
    
    15,376
    
    
    
    444
    
    
    
    1,047,043
    
    
    Portfolio
    
    MonthlyCommodityEckhardt Master
    
    
    13.19
    %
    
    
    6,367,224
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Portfolio
    
    MonthlyTotal
    
    
    
    
    

    
    $49,607,769
    
    
    
    $4,194,268
    
    
    
    $28,472
    
    
    
    $1,517
    
    
    
    $4,164,279   12




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##### Table of Contents



Smith
    Barney Diversified Futures Fund L.P.
    Notes to Financial Statements
    March 31, 2009
    (Unaudited)
  6.
    Financial
    Instrument Risks:             13




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##### Table of Contents



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
        Critical
    Accounting Policies
  Use of Estimates.
  Statement of Cash Flows.
  Investments.
  Fair Value Measurements. Fair Value Measurements Effective Date of
FASB Statement No. 157
    Futures Contracts.
  Forward Foreign Currency Contracts. agreed-upon
 14




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##### Table of Contents



London Metals Exchange Forward
    Contracts.
  Options.
  Income Taxes.
      Recent Accounting Pronouncements.
  Results
    of Operations
       15




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##### Table of Contents



30-day and/or 90-day
       16




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##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk          one-day
  Form 10-K
 17




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##### Table of Contents



March 31,
    2009
    (Unaudited)
  Three Months Ended March 31, 2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capitalization


Value at Risk


Value at Risk


Value at Risk*Currencies
    
    $
    4,970,225
    
    
    
    0.93
    %
    
    $
    7,148,200
    
    
    $
    4,970,225
    
    
    $
    5,879,958Energy
    
    
    341,797
    
    
    
    0.07
    %
    
    
    1,501,030
    
    
    
    228,335
    
    
    
    643,272Grains
    
    
    1,202,647
    
    
    
    0.23
    %
    
    
    1,976,399
    
    
    
    1,095,346
    
    
    
    1,501,180Interest Rates U.S.
    
    
    3,052,875
    
    
    
    0.57
    %
    
    
    3,458,850
    
    
    
    716,705
    
    
    
    1,796,014Interest Rates Non-U.S.
    
    
    6,473,253
    
    
    
    1.22
    %
    
    
    7,323,281
    
    
    
    4,348,472
    
    
    
    5,734,252Livestock
    
    
    328,800
    
    
    
    0.06
    %
    
    
    328,800
    
    
    
    72,450
    
    
    
    184,183Lumber
    
    
    3,300
    
    
    
    0.00
    %**
    
    
    3,300
    
    
    
    1,100
    
    
    
    2,200Metals
    
    
    2,206,704
    
    
    
    0.41
    %
    
    
    2,206,704
    
    
    
    1,316,143
    
    
    
    1,821,245Softs
    
    
    746,515
    
    
    
    0.14
    %
    
    
    857,162
    
    
    
    724,732
    
    
    
    791,384Indices
    
    
    2,089,185
    
    
    
    0.39
    %
    
    
    3,026,185
    
    
    
    1,261,608
    
    
    
    2,000,924Total
    
    $
    21,415,301
    
    
    
    4.02
    %    *
    
    Average of month-end Values at Risk.**
    
    Due to rounding    March 31,
    2009
    (Unaudited)
  Three Months Ended March 31,
    2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capitalization


Value at Risk


Value at Risk


Value at Risk*Currencies
    
    $
    3,551,925
    
    
    
    3.24
    %
    
    $
    3,784,166
    
    
    $
    2,175,779
    
    
    $
    2,853,507Energy
    
    
    482,142
    
    
    
    0.44
    %
    
    
    610,650
    
    
    
    101,352
    
    
    
    332,741Interest Rates U.S.
    
    
    305,160
    
    
    
    0.28
    %
    
    
    343,825
    
    
    
    59,818
    
    
    
    221,413Interest Rates Non-U.S.
    
    
    2,286,465
    
    
    
    2.09
    %
    
    
    2,442,697
    
    
    
    1,439,949
    
    
    
    1,825,642Metals
    
    
    496,467
    
    
    
    0.45
    %
    
    
    557,762
    
    
    
    233,479
    
    
    
    401,128Indices
    
    
    3,005,159
    
    
    
    2.75
    %
    
    
    4,565,846
    
    
    
    1,404,512
    
    
    
    2,738,659Total
    
    $
    10,127,318
    
    
    
    9.25
    %    *
    
    Average of month-end Values at Risk 18




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##### Table of Contents



March 31, 2009
    (Unaudited)
  Three Months Ended March 31, 2009Value


% of Total


High Value


Low Value


Average ValueMarket Sector

at Risk


Capitalization


at Risk


at Risk


at Risk*Currencies
    
    $
    5,193,631
    
    
    
    2.29
    %
    
    $
    7,338,483
    
    
    $
    1,008,000
    
    
    $
    4,278,945Energy
    
    
    2,445,700
    
    
    
    1.07
    %
    
    
    8,077,000
    
    
    
    391,000
    
    
    
    2,243,721Grains
    
    
    529,500
    
    
    
    0.23
    %
    
    
    2,292,000
    
    
    
    529,500
    
    
    
    869,000Interest Rates U.S.
    
    
    3,834,300
    
    
    
    1.68
    %
    
    
    3,834,300
    
    
    
    280,500
    
    
    
    2,979,900Interest Rates Non-U.S.
    
    
    4,546,693
    
    
    
    2.00
    %
    
    
    5,175,310
    
    
    
    2,315,238
    
    
    
    4,060,808Livestock
    
    
    183,000
    
    
    
    0.08
    %
    
    
    244,800
    
    
    
    163,200
    
    
    
    213,900Metals
    
    
    4,046,263
    
    
    
    1.78
    %
    
    
    6,016,118
    
    
    
    2,123,864
    
    
    
    3,419,906Softs
    
    
    237,900
    
    
    
    0.10
    %
    
    
    2,227,200
    
    
    
    237,900
    
    
    
    1,068,767Total
    
    $
    21,016,987
    
    
    
    9.23
    %         March 31, 2009
    (Unaudited)
  Three Months Ended March 31, 2009Value


% of Total


High Value


Low Value


Average ValueMarket Sector

at Risk


Capitalization


at Risk


at Risk


at Risk*Currencies
    
    $
    5,819,619
    
    
    
    3.07
    %
    
    $
    5,819,619
    
    
    $
    1,740,029
    
    
    $
    4,590,415Energy
    
    
    767,264
    
    
    
    0.41
    %
    
    
    1,948,078
    
    
    
    404,590
    
    
    
    1,181,169Grains
    
    
    260,350
    
    
    
    0.14
    %
    
    
    1,104,100
    
    
    
    96,550
    
    
    
    396,717Interest Rates U.S.
    
    
    1,119,000
    
    
    
    0.59
    %
    
    
    1,747,200
    
    
    
    603,500
    
    
    
    877,800Interest Rates Non-U.S.
    
    
    2,722,929
    
    
    
    1.44
    %
    
    
    4,533,977
    
    
    
    1,209,514
    
    
    
    3,472,743Livestock
    
    
    79,200
    
    
    
    0.04
    %
    
    
    85,200
    
    
    
    13,200
    
    
    
    70,000Metals
    
    
    340,430
    
    
    
    0.18
    %
    
    
    1,094,881
    
    
    
    297,478
    
    
    
    690,713Softs
    
    
    387,238
    
    
    
    0.20
    %
    
    
    438,132
    
    
    
    190,202
    
    
    
    322,248Indices
    
    
    3,172,302
    
    
    
    1.67
    %
    
    
    10,175,633
    
    
    
    623,680
    
    
    
    5,009,127Total
    
    $
    14,668,332
    
    
    
    7.74
    %    *
    
    Average of month-end Values at Risk 19




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##### Table of Contents



March 31, 2009
    (Unaudited)
  Three Months Ended March 31, 2009% of Total


High Value


Low Value


Average ValueMarket Sector

Value at Risk


Capitalization


at Risk


at Risk


at Risk*Currencies
    
    $
    19,575
    
    
    
    0.10
    %
    
    $
    225,706
    
    
    $
    7,200
    
    
    $
    24,780Interest Rates U.S.
    
    
    173,800
    
    
    
    0.87
    %
    
    
    222,100
    
    
    
    33,100
    
    
    
    84,633Interest Rates Non-U.S.
    
    
    540,491
    
    
    
    2.70
    %
    
    
    696,839
    
    
    
    253,080
    
    
    
    428,336Metals
    
    
    19,995
    
    
    
    0.10
    %
    
    
    21,510
    
    
    
    19,995
    
    
    
    19,995Softs
    
    
    67,281
    
    
    
    0.33
    %
    
    
    68,911
    
    
    
    11,784
    
    
    
    51,264Total
    
    $
    821,142
    
    
    
    4.10
    %    *
    
    Average of month-end Values at Risk 20




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##### Table of Contents



Item 4T.
    Controls
    and Procedures      Rules 13a-15(e) 15d-115(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 GAAP, 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.   21




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##### Table of Contents



PART II.  OTHER
    INFORMATION  Item 1.
    Legal
    Proceedings  Form 10-K
 Enron-Related Civil Actions
 DK Acquisition Partners, L.P., et al. v. J.P. Morgan
Chase & Co., et al., Avenue Capital Management II, L.P., et al. v. J.P. Morgan Chase & Co., et
al.
 Research Analyst Litigation
 In Re Salomon Analyst Metromedia
Litigation
 Subprime-Mortgage-Related Litigation and Other Matters
 In Re
Citigroup Inc. Bond Litigation
 Buckingham v.
Citigroup Inc , et al. Chen v. Citigroup Inc et al. In Re Citigroup Inc Bond Litigation Pellegrini v. Citigroup Inc et al. Pellegrini In Re Citigroup Inc Bond Litigation
 Brecher v. Citigroup Inc et al. Brecher In Re
Citigroup Inc. Bond Litigation
  Auction Rate Securities
 In Re Citigroup Inc Auction Rate Securities Litigation In Re Citigroup Inc. Auction Rate Securities
Litigation.
 Mayor & City Council Of
Baltimore, Maryland v. Citigroup Inc et al. Mayfield v. Citigroup Inc et al.
 22




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##### Table of Contents



Other Matters
 In re MAT Five Securities
Litigation Marie Raymond Revocable rust et al. v. MAT Five LLC, et al.
 Puglisi v. Citigroup
Alternative Investments LLC, et al. In Re MAT Five
Securities Litigation Goodwill v. MAT
Five LLC, et al. Marie Raymond Revocable Trust, et al. v. MAT Five LLC,
et al ECA
Acquisitions, Inc. et al. v. MAT Three LLC, et al., Hahn, et al. v. Citigroup Inc., et
al, Marie Raymond Revocable Trust
  23




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##### Table of Contents



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



Dollar Value) ofUnits



Units(a) Total



(b) Average Price



Purchased as Part



that May Yet BeNumber of



Paid per



of Publicly Announced



Purchased Under thePeriod


Units Purchased*



Unit**



Plans or Programs



Plans or ProgramsJanuary 1, 2009  January 31 2009



182.9293



$
2,012.61




N/A




N/AFebruary 1, 2009  February 28, 2009



713.8597



$
1,999.87




N/A




N/AMarch 1, 2009  March 31, 2009



460.6708



$
1,929.91




N/A




N/A1,357.4598



$
1,977.85  *
    
    Generally, Limited Partners are permitted to redeem their
    Redeemable Units as of the end of each month on
    10 days notice to the General Partner. Under certain
    circumstances, the General Partner can compel redemption but, to
    date, the General Partner has not exercised this right.
    Purchases of Redeemable Units by the Partnership reflected in
    the chart above were made in the ordinary course of the
    Partnerships business in connection with effecting
    redemptions for Limited Partners.**
    
    Redemptions of Redeemable Units are effected as of the last day
    of each month at the Net Asset Value per Redeemable Unit as of
    that day.  Item 3.
    Defaults
    Upon Senior Securities  None   Item 4.
    Submission
    of Matters to a Vote of Security Holders 
    None   Item 5.
    Other
    Information  None 24




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##### Table of Contents



Item 6.
    Exhibits  Regulation S-K Form 10-K
  Rule 13a-14(a)/15d-14(a)
  Rule 13a-14(a)/15d-14(a)
     25




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##### Table of Contents



SIGNATURES
    SMITH BARNEY DIVERSIFIED FUTURES FUND L.P.
  By:
    Citigroup Managed
    Futures LLC    By:
    /s/  Jerry
    Pascucci       By:
    /s/  Jennifer
    Magro      26