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 September 30, 2004

Commission File Number 000-30455

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 incorporation or organization)				(I.R.S. Employer Identification No.)

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

(Address and Zip Code of principal executive offices)

(212) 559-2011

(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     

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes          No X

SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.

FORM 10-Q

INDEX

Page Number

PART I - Financial Information:

Item 1.

Financial Statements:

Statements of Financial Condition at September 30, 2004 and December 31, 2003 (unaudited)

3

Condensed Schedules of Investments at September 30, 2004 and December 31, 2003 (unaudited)

4 – 5

Statements of Income and Expenses and Partners' Capital for the three and nine months ended September 30, 2004 and 2003 (unaudited)

6

Statements of Cash Flows for the three and nine months ended September 30, 2004 and 2003 (unaudited)

7

Notes to Financial Statements (unaudited)

8 – 10

Item 2.

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

11 – 13

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

14 – 15

Item 4.

Controls and Procedures

16

PART II — Other Information

17

2

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PART I

Item 1. Financial Statements

Salomon Smith Barney Global Diversified Futures Fund L.P.
Statements of Financial Condition
(Unaudited)

				September 30, 2004				December 31, 2003
Assets:
Equity in commodity futures trading account:
Cash (restricted $6,532,648 and $6,640,283 in 2004 and 2003, respectively)				$	45,280,853			$	52,664,213
Net unrealized appreciation on open futures positions					1,481,623				1,254,503
Unrealized appreciation on open forward contracts					1,526,231				3,866,171
					48,288,707				57,784,887
Interest receivable					46,240				30,142
				$	48,334,947			$	57,815,029
Liabilities and Partners' Capital:
Liabilities:
Unrealized depreciation on open forward contracts				$	906,553			$	1,573,552
Accrued expenses:
Commissions					210,074				257,940
Management fees					67,205				80,143
Incentive fees					67,891				1,953,719
Other					82,299				52,169
Redemptions payable					473,439				190,508
					1,807,461				4,108,031
Partners' Capital:
General Partner, 619.7983 Unit equivalents outstanding in 2004 and 2003					793,391				857,956
Limited Partners, 35,727.5328 and 38,178.7765 Redeemable Units of Limited Partnership Interest outstanding in 2004 and 2003, respectively					45,734,095				52,849,042
					46,527,486				53,706,998
				$	48,334,947			$	57,815,029

See Accompanying Notes to Unaudited Financial Statements.

3

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Salomon Smith Barney Global Diversified Futures Fund L.P.
Condensed Schedule of Investments
September 30, 2004
(Unaudited)

Sector				Contract				Fair Value
Currencies
				Futures contracts purchased 0.21%				$	97,838
				Futures contracts sold (0.01)%					(7,187	)
				Total futures contracts 0.20%					90,651
				Unrealized appreciation on forward contracts 2.81%					1,308,618
				Unrealized depreciation on forward contracts (1.83)%					(853,981	)
				Total forward contracts 0.98%					454,637
Total Currencies 1.18%									545,288
Energy
				Futures contracts purchased 1.57%					731,484
				Futures contracts sold (0.70)%					(327,262	)
Total Energy 0.87%									404,222
Grains
				Futures contracts purchased 0.03%					16,182
				Futures contracts sold 0.74%					344,137
Total Grains 0.77%									360,319
Interest Rates Non-U.S.
				Futures contracts purchased 1.11%					515,524
				Futures contracts sold (0.01)%					(6,043	)
Total Interest Rates Non-U.S. 1.10%									509,481
Interest Rates U.S.
				Futures contracts purchased 0.02%					11,656
				Futures contracts sold (0.00)%*					(1,963	)
Total Interest Rates 0.02%									9,693
Total Lumber (0.02)%				Futures contracts sold (0.02)%					(9,306	)
Livestock
				Futures contracts purchased 0.19%					86,673
				Futures contracts sold 0.00%*					1,550
Total Livestock 0.19%									88,223
Metals
				Futures contracts purchased 2.08%					970,645
				Futures contracts sold (2.27)%					(1,060,284	)
				Total futures contracts (0.19)%					(89,639	)
				Unrealized appreciation on forward contracts 0.46%					217,613
				Unrealized depreciation on forward contracts (0.11)%					(52,572	)
				Total forward contracts 0.35%					165,041
Total Metals 0.16%									75,402
Softs
				Futures contracts purchased 0.14%					66,136
				Futures contracts sold 0.11%					52,227
Total Softs 0.25%									118,363
Indices
				Futures contracts purchased (0.03)%					(13,608	)
				Futures contracts sold 0.03%					13,224
Total Indices (0.00)%*									(384	)
Total Fair Value 4.52%								$	2,101,301