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 February
28, 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.
February 1999
The redemption value per unit for the SSB Global Diversified Futures Fund L.P.
was $1,013.77 per unit at the end of February, up 1.4% for the month.
February was a profitable month for the Funds advisors. Profits realized in
U.S. interest rates, currencies, grains, softs and metals were partially offset
by losses in non-U.S. interest rate and energy markets.
Substantial gains in short U.S. interest rate market positions were due to
declining U.S. Treasury Bond and Treasury Note prices. Investors reacted to
Federal Reserve Board Chairman Alan Greenspans Humphrey Hawkins testimony,
indicating that inflation could increase and a rate tightening is likely in the
near term. Non-U.S. interest rate markets were unprofitable for the month as
European Central Bank voted to let key interest rates stand and the Bank of
Japan failed to adapt new measures to stem the rise in long term interest rates.
Losses were experienced in long positions in the LIFFE Long Gilt, the German
Bund and the Japanese Government Bond.
Gains in the currency markets were attributed to short positions in the German
Mark, Swiss Franc and the French Franc as concerns over the direction of
interest rates in Europe exerted downward pressure.
The grains market was profitable in February, resulting from short soybean
positions as increased producer selling in Brazil pushed soybean prices to new
lows. In the softs market, short sugar positions were profitable as new lows
were reached. Higher silver prices resulted in gains in the metals market while
increasing crude prices in the latter part of the month resulted in losses in
short positions in the energy markets.
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Smith Barney Futures Management Inc.
<PAGE>
Global Diversified Futures Fund L.P.
Account Statement
For the Period February 2,
Through February 28, 1999
Percent
of Average
Net Assets
Realized losses from trading $ (366,049) (1.10)%
Change in unrealized gains/losses
from trading 1,102,182 3.31
------------ --------------
736,133 2.21
Less, Brokerage commissions
and clearing fees ($2,118) 156,015 0.47
------------ --------------
Net realized and unrealized gains 580,118 1.74
Interest Income 87,252 0.26
------------ --------------
667,370 2.00
------------ --------------
Less, Expenses:
Management fees 49,738 0.15
Incentive fees 110,791 0.33
Other expenses 13,061 0.04
------------ --------------
173,590 0.52
------------ --------------
Net Income 493,780 1.48%
------------ --------------
Net assets, February 2, 1999
(Note 1) 33,018,000
--------------
Net assets, February 28, 1999 $ 33,511,780
--------------
Net asset value per unit
($33,511,780/33,718 units) $ 993.88
--------------
Redemption value per unit (Note 2) $ 1,013.77
--------------
Note 1: Net Assets at February
2, 1999, the date the Fund
commenced trading operations,
consisted of:
Limited Partners' Contribution $33,380,000
General Partner Contribution 338,000
Offering and Organizational Expenses (700,000)
-----------
$33,018,000
-----------
Note 2: 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 $1,013.77.
The net asset value per unit of $993.88 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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