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 March 31,
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.
March 1999
The redemption value per unit for the SSB Global Diversified Futures Fund L.P.
was $999.49 per unit at the end of March, down 1.4% for the month.
Trend reversals in several key markets during the month resulted in negative
performance for the Funds advisors. Losses in non-U.S. and U.S. interest rates,
metals, grains, and softs markets were partially offset by gains in energy,
currency and stock indices markets.
The concerted lowering of European interest rates and the overall negative
economic outlook for Europe led to losses in short European interest rate
positions and short Eurodollar positions. However, gains were realized in short
Swiss Franc and short Euro positions. Trading in stock indices were profitable
for the month as increased confidence in the Japanese economy resulted in the
Nikkei Index reaching levels not seen since last August.
Losses were also experienced in long gold and silver positions as prices dropped
to significant lows for the month. Long positions in the grain markets were
unprofitable as corn, wheat, and soybean prices fell during the month.
Unprofitable short coffee and cotton positions were partially offset by
profitable short sugar positions. The energy markets were profitable as output
cuts and global demand growth resulted in new highs throughout the month.
Smith Barney Futures Management Inc.
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Global Diversified Futures Fund L.P.
Account Statement
For the Period March 1,
Through March 31, 1999
Percent
of Average
Net Assets
Realized losses from trading $ (119,438) (0.36)%
Change in unrealized gains/losses
from trading (258,491) (0.77)
------------ -------
(377,929) (1.13)
Add, Brokerage commissions
and clearing fees ($5,808) 174,757 0.53
------------ -------
Net realized and unrealized (552,686) (1.66)
losses
Interest Income 103,870 0.31
------------ -------
(448,816) (1.35)
------------ -------
Less, Expenses:
Management fees 56,303 0.17
Incentive fees (66,681) (0.20)
Other expenses 13,594 0.04
------------ -------
3,216 0.01
------------ -------
Net Loss (452,032) (1.36)%
-------
Net assets, February 28, 1999 33,511,780
-------------
Net assets, March 31, 1999 $ 33,059,748
------------
Net asset value per unit
($33,059,748/33,718 units) $ 980.48
------------
Redemption value per unit (Note 1) $ 999.49
------------
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 $999.49
The net asset value per unit of $980.48 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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