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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, 2005

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 March 31, 2005 and December 31, 2004 (unaudited) 3
    Condensed Schedules of Investments at March 31, 2005 and December 31, 2004 (unaudited) 4 – 5
    Statements of Income and Expenses and Partners' Capital for the three months ended March 31, 2005 and 2004 (unaudited) 6
    Statements of Cash Flows for the three months ended March 31, 2005 and 2004 (unaudited) 7
    Notes to Financial Statements (unaudited) 8 – 11
  Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 12 – 13
  Item 3. Quantitative and Qualitative Disclosures about Market Risk 14 – 15
  Item 4. Controls and Procedures 16
PART II — Other Information 17

2



PART I

Item 1. Financial Statements

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


  March 31,
2005		 December 31,
2004
Assets:
Investment in Partnerships, at fair value $ 32,609,459   $ —  
Equity in commodity futures trading account:            
Cash (restricted $1,782,374 and $7,809,827 in 2005 and 2004, respectively)   10,777,062     45,957,960  
Net unrealized appreciation on open futures positions   610,834     1,304,242  
Unrealized appreciation on open forward contracts   261,376     2,441,507  
    44,258,731     49,703,709  
Interest receivable   19,767     61,912  
  $ 44,278,498   $ 49,765,621  
Liabilities and Partners' Capital:
Liabilities:
Unrealized depreciation on open forward contracts $ 199,147   $ 2,410,164  
Accrued expenses:            
Commissions   202,161     216,593  
Management fees   64,063     68,950  
Incentive fees   —     357,621  
Other   60,153     41,915  
Redemptions payable   868,290     361,209  
    1,393,814     3,456,452  
Partners' Capital:
General Partner, 619.7983 Unit equivalents outstanding in 2005 and 2004   790,615     827,239  
Limited Partners, 32,999.3434 and 34,076.8015 Redeemable
Units of Limited Partnership Interest outstanding in 2005 and 2004, respectively		   42,094,069     45,481,930  
    42,884,684     46,309,169  
  $ 44,278,498   $ 49,765,621  

See Accompanying Notes to Financial Statements.

3



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


Sector Contract Fair Value
Currencies
  Futures contracts purchased 0.02% $ 7,918  
  Futures contracts sold (0.02)%   (9,534 ) 
    Total Currencies - (0.00)%*     (1,616 ) 
Energy        
  Futures contracts purchased 0.92%   395,694  
  Futures contracts sold (0.08)%   (32,670 ) 
    Total Energy - 0.84%     363,024  
Grains        
  Futures contracts purchased (0.00)%*   (20 ) 
  Futures contracts purchased (0.03)%   (13,380 ) 
Total Grains - (0.03)%     (13,400 ) 
Interest Rates Non - U.S.        
  Futures contracts purchased 0.15%   63,366  
  Futures contracts sold 0.01%   5,927  
    Total Interest Rates Non - U.S. - 0.16%     69,293  
Interest Rates U.S.        
  Futures contracts purchased 0.00%*   563  
  Futures contracts sold 0.07%   29,203  
Total Interest Rates U.S. - 0.07%     29,766  
         
Lumber - - 0.04% Futures contracts purchased 0.04%   17,820  
         
Livestock        
  Futures contracts purchased 0.12%   53,598  
  Futures contracts sold (0.03)%   (13,410 ) 
    Total Livestock - 0.09%     40,188  
         
Metals        
  Futures contracts purchased 0.10%   44,190  
  Futures contracts sold (0.02)%   (7,289 ) 
  Total futures contracts 0.08%   36,901  
  Unrealized appreciation on forward contracts 0.61%   261,376  
  Unrealized depreciation on forward contracts (0.46)%   (199,147 ) 
  Total forward contracts 0.15%   62,229  
      99,130  
Total Metals - 0.23%        
         
Softs        
  Futures contracts purchased 0.35%   148,541  
  Futures contracts sold (0.03)%