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 July 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.
July 1999
The redemption value per unit for the SSB Global Diversified Futures Fund L.P.
was $984.11 per unit at the end of July, down -1.2%for the month.
The Fund's net asset value declined for the month as many of the trends that had
generated profitable trading through June and early July reversed precipitously
mid-month resulting in losses in several key markets.
The turning point of the month occurred in the currency markets as the yen
regained strength versus the dollar and the euro recovered over 6% from its lows
since trading began in January. These moves carried over to other European
currencies and compounded the losses for the Fund's trend-following advisors.
Trading in the global interest rate markets, however, was profitable for the
Fund's advisors but only partially offset losses positions in U.S. and European
stock market index trading.
Gains were made in energy markets as long crude oil, unleaded gas, and heating
oil positions profited from a continued upward trend. Trading in the grains
market was profitable from short corn positions as crops reached their highest
levels since 1994. Profits made from short coffee and cotton positions were
partially offset by losses in long sugar positions. Profits in gold positions
were offset by losses in industrial metals positions.
After a month and a half of trading, it is a good time to reflect on one of the
most powerful attributes of managed futures: the ability to go long in rising
markets and short in falling markets. No matter which direction a market takes,
as long as that direction is sustained, managed futures advisors and investors
have the chance to participate.
Smith Barney Futures Management Inc.
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Salomon Smith Barney
Global Diversified Futures Fund L.P.
Account Statement
For the Period July 1,
Through July 31, 1999
Percent
of Average
Net Assets
Realized losses from trading $ (152,098) (0.27)%
Change in unrealized gains/losses
from trading (351,447) (0.63)
------------ -------
(503,545) (0.90)
Add, Brokerage commissions
and clearing fees ($8,293) 256,240 0.45
------------ -------
Net realized and unrealized (759,785) (1.35)
losses
Interest Income 170,043 0.30
------------ -------
(589,742) (1.05)
Less, Expenses:
Management fees 94,108 0.17
Incentive fees (23,321) (0.04)
Other expenses 13,650 0.03
------------ -------
84,437 0.16
------------ -------
Net Loss (674,179) (1.21)%
-------
Redemptions (349.4282 L.P. units
at July 31, 1999 net asset value
per unit of $984.11) (343,876)
-------------
Decrease in net assets (1,018,055)
Net assets, June 30, 1999 55,987,164
-------------
Net assets, July 31, 1999 $ 54,969,109
-------------
Net asset value per unit
($54,969,109/56,383.6492 units) $ 974.91
-------
Redemption value per unit (Note 1) $ 984.11
-------
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 $984.11.
The net asset value per unit of $974.91 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.
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