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 June 30,
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.
June 1999
The redemption value per unit for the SSB Global Diversified Futures Fund L.P.
was $996.55 per unit at the end of June, up 1.3% for the month.
June was a profitable month for the Fund as advisors benefited from the trending
environment in many key markets. Substantial profits were made in U.S. and
non-U.S. interest rates, stock indices, energy and metals markets, while losses
were sustained in coffee and cocoa positions. Trading results in foreign
currency markets were essentially flat for the month.
Anticipation of a rate increase by the Federal Reserve produced profits in short
Treasury bond positions. A spillover of rising interest rates in European and
Asian markets led to gains in these markets as well. Long stock index positions
were profitable as the S&P 500 established new highs and the continued optimism
throughout Asia pushed the Nikkei Index higher.
Production constraints and strong consumption provided profits in long crude oil
positions. Gold fell to 20-year lows throughout the month, resulting in gains
from short positions. Losses in the softs markets were attributed to long coffee
positions as prices reversed after a strong run-up in May.
Smith Barney Futures Management Inc.
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Salomon Smith Barney
Global Diversified Futures Fund L.P.
Account Statement
For the Period June 1,
Through June 30, 1999
Percent
of Average
Net Assets
Realized losses from trading $ (771,744) (1.39)%
Change in unrealized gains/losses
from trading 1,891,108 3.40
------------ -------
1,119,364 2.01
Less, Brokerage commissions
and clearing fees ($10,604) 260,727 0.47
------------ -------
Net realized and unrealized 858,637 1.54
gains
Interest Income 158,040 0.28
------------ -------
1,016,677 1.82
------------ -------
Less, Expenses:
Management fees 92,231 0.17
Incentive fees 158,285 0.28
Other expenses 13,646 0.02
------------ -------
264,162 0.47
------------ -------
Net Income 752,515 1.35%
------------ -------
Net assets, May 31, 1999 $ 55,234,649
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Net assets, June 30, 1999 $ 55,987,164
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Net asset value per unit
($55,987,164/56,733.0774 units) $ 986.85
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Redemption value per unit (Note 1) $ 996.55
-------
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 $996.55
The net asset value per unit of $986.85 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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