Smith Barney Futures Management Inc.
390 Greenwich Street
New York, NY 10013
By Edgar
Securities and Exchange Commission
450 Fifth Street N.W.
Washington, D.C. 20549
Re: Salomon Smith Barney Global Diversified Futures Fund L.P.
Supplement to Registration Statement on Form S-1
File No. 333-61961
Ladies and Gentlemen:
On Behalf of Salomon Smith Barney Global Diversified Futures Fund L.P.
(the "Partnership") I am transmitting herewith for filing, pursuant to Rule 424
(b) (3) of the Securities Act 0f 1933, as amended, a Supplement dated April
30, 1999 to the Partnership's final prospectus dated November 25, 1998.
Should you have any questions, please telephone me at 212-723-5424.
Very truly yours,
/s/ Daniel A. Dantuono
Daniel A. Dantuono
Chief Financial Officer and
Director
Enclosures
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Salomon Smith Barney
Global Diversified Futures Fund L.P.
April 1999
The redemption value per unit of the SSB Global Diversified Futures Fund L.P.
was $1,027.37 per unit at the end of April, up 2.8% for the month.
The Fund was profitable for the month as gains in currencies, non-U.S. interest
rates, stock indices, energy and softs markets offset small losses in U.S.
interest rates, grains and metals markets.
Substantial gains were incurred in short Euro positions as the conflict in the
Balkans continued. The strength of the U.S. economy and the low level of Swiss
interest rates led to the further weakening of the Swiss franc providing profits
for short positions. Small losses in U.S. interest rate markets can be
attributed to short U.S. Treasury Bond and Treasury Note positions.
Long Japanese Government bond positions were profitable as officials indicated
that Japan will not increase government spending. Continued speculation of an
Asian economic recovery resulted in gains from long Nikkei and Hang Seng stock
index positions.
Advisors also profited from long crude oil and natural gas positions as energy
markets continued a bullish run. Sugar and coffee prices trended lower
throughout the month, resulting in gains for Advisors' short positions. In the
grains markets, corn and soybean oil prices fell toward the end of the month and
resulted in losses in long positions. Increases in gold and silver prices led to
slightly unprofitable short positions in the metals markets.
Smith Barney Futures Management Inc.
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Salomon Smith Barney
Global Diversified Futures Fund L.P.
Account Statement
For the Period April 1,
Through April 30, 1999
Percent
of Average
Net Assets
Realized gains from trading $153,168 0.46%
Change in unrealized gains/losses
from trading 1,140,556 3.40
----------- ------
1,293,724 3.86
Less, Brokerage commissions
and clearing fees ($3,659) 155,059 0.46
----------- ------
Net realized and unrealized gains 1,138,665 3.40
Interest Income 97,275 0.29
----------- ------
1,235,940 3.69
----------- ------
Less, Expenses:
Management fees 56,318 0.17
Incentive fees 196,838 0.59
Other expenses 13,156 0.04
----------- ------
266,312 0.80
----------- ------
Net Income 969,628 2.89%
------
Net assets, March 31, 1999 33,059,748
-----------
Net assets, April 30, 1999
$34,029,376
-----------
Net asset value per unit
($34,029,376/33,718 units) $1,009.23
-----------
Redemption value per unit (Note 1) $1,027.37
-----------
Note 1: For the purpose of a redemption, any accrued liability for reimbursement
of offering and organization expenses will not reduce Net Asset Value per Unit.
As a result, the reported redemption value per unit is $1,027.37.
The net asset value per unit of $1,009.23 is reflective of charging offering and
organizational expenses against the initial capital of the fund and is reported
for financial reporting purposes only.
To the best of the knowledge and belief of the undersigned, the information
contained herein is accurate and complete.
By: /s/ Daniel A. Dantuono
Daniel A. Dantuono
Chief Financial Officer
Smith Barney Futures Management Inc.
General Partner, Salomon Smith Barney
Global Diversified Futures Fund L.P.
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