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 May 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
1
<PAGE>
Salomon Smith Barney
Global Diversified Futures Fund L.P.
May 1999
The redemption value per unit for the SSB Global Diversified Futures Fund
L.P. was $983.83 per unit at the end of May, down -4.2% for the month.
May continued the on-again, off-again pattern that has characterized the markets
since last fall. Losses in May occurred in exactly the same markets that had
been profitable in April, and conversely, the one market that had been
unprofitable in April (interest rates) was profitable in May.
In the interest rate sector, the Fund profited in U.S. Treasury Bond and
Treasury Note positions as inflation fears in the U.S. increased. Profits were
also generated in the Asian markets, specifically short Japanese Government
Bonds and long Nikkei Index positions. In the currency markets, losses were
attributed to British Pound positions while profitable Euro positions partially
offset these losses as the new currency broke to lows.
Trading in the commodity markets resulted in unrealized losses as energy and
base metals sectors fell during the month. Softs markets experienced losses as
coffee prices moved higher after declining to new lows in April.
The markets, the advisors' trading activity and the Fund's results, reflect the
uncertainty in today's economic and financial environment. We believe the recent
increase in interest rates, the sell-off in technology and internet stocks, and
a weaker overall stock market may indicate that we are on the verge of new
economic trends and therefore new trading opportunities for the Fund's advisors.
Smith Barney Futures Management Inc.
2
<PAGE>
Salomon Smith Barney
Global Diversified Futures Fund L.P.
Account Statement
For the Period May 1,
Through May 31, 1999
Percent
of Average
Net Assets
Realized losses from trading $ (512,115) (0.91)%
Change in unrealized gains/losses
from trading (1,929,045) (3.41)
------------ ------
(2,441,160) (4.32)
Add, Brokerage commissions
and clearing fees ($7,934) 302,824 0.54
------------ ------
Net realized and unrealized losses (2,743,984) (4.86)
Interest Income 170,807 0.30
------------ ------
(2,573,177) (4.56)
------------ ------
Less, Expenses:
Management fees 93,849 0.17
Incentive fees (240,948) (0.43)
Other expenses 13,649 0.02
------------ ------
(133,450) (0.24)
------------ ------
Net loss (2,439,727) (4.32)%
------
Additions (231.6595 G.P. units
at April 30, 1999 net asset value
per unit of $1,027.37) 238,000
Additions (22,783.4178 L.P. units
at April 30, 1999 net asset value
per unit of $1,027.37) 23,407,000
----------
Increase in net assets 21,205,273
Net assets, April 30, 1999 34,029,376
----------
Net assets, May 31, 1999 $55,234,649
----------
Net asset value per unit
($55,234,649/56,733.0773 units) $973.59
-------
Redemption value per unit (Note 1) $983.83
-------
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 $983.83.
The net asset value per unit of $973.59 is reflective of charging offering and
organizational expenses against the initial capital of the fund and is reported
for financial reporting purposes only.
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.
3
