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 August 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.
August 1999
The redemption value per unit for the SSB Global Diversified Futures Fund L.P.
was $981.44 per unit at the end of August, down 0.3% for the month.
August performance was essentially flat as gains in energy, currency and metals
markets were offset by losses in U.S. and non-U.S.
interest rates, grains, softs and stock index markets.
The anticipation of higher interest rates at the beginning of the month was
crushed mid-month with the release of lower than expected inflation numbers. By
month end, the interest rate markets reversed again. Advisors were unable to
re-establish positions, thus losses were experienced in Treasury bond and
Treasury note positions. Trading in the Japanese, Australian, U.S. and German
stock indices was unprofitable for the month. Losses in Euro and Swiss franc
positions were offset by gains in the Japanese yen as the recovery in Japan
strengthened the currency.
Energy markets continued to outperform expectations throughout the month,
resulting in profits from long positions. Supply concerns in nickel resulted in
gains from long positions. These gains were offset slightly by losses in silver
positions. The rally in coffee prices amid reports of dry weather in Brazil led
to losses in the softs markets.
Smith Barney Futures Management Inc.
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Salomon Smith Barney
Global Diversified Futures Fund L.P.
Account Statement
For the Period August 1,
Through August 31, 1999
Percent
of Average
Net Assets
Realized losses from trading $ (289,890) (0.44)%
Change in unrealized gains/losses
from trading 341,357 0.51
------------ ------
51,467 0.07
Less, Brokerage commissions
and clearing fees ($12,138) 278,609 0.41
------------ ------
Net realized and unrealized (227,142) (0.34)
losses
Interest Income 246,715 0.37
------------ ------
19,573 0.03
Less, Expenses:
Management fees 133,627 0.17
Incentive fees 55,969 0.07
Other expenses 13,648 0.02
------------ ------
203,244 0.26
------------ ------
Net Loss (183,671) (0.23)%
------
Additions (243.8752 G.P. units
at July 31, 1999 net asset value
per unit of $984.11) 240,000
Additions (23,854.0407 L.P. units
at July 31, 1999 net asset value
per unit of $984.11) 23,475,000
Redemptions (274.5368 L.P. units
at August 31, 1999 net asset
value per unit of $981.44) 269,441)
-----------
Increase in net assets 23,261,888
Net assets, July 31, 1999 54,969,109
-----------
Net assets, August 31, 1999 $ 78,230,997
----------
Net asset value per unit
($78,230,997/80,207.0282 units) 975.36
units) -------
Redemption value per unit (Note 1) $981.44
-------
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 $981.44.
The net asset value per unit of $975.36 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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