Smith Barney Futures Management LLC
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 November
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.
November 1999
The redemption value per unit for the SSB Global Diversified Futures Fund L.P.
was $935.30 per unit at the end of November, up 0.1% from the close of October.
Results for November were essentially flat as many of the markets that has
caused problems for the Fund's advisors in October stabilized. Trading in
currency, energy, softs and metals markets was profitable, however, trend
reversals in some major markets, notably U.S. and global interest rates and
stock indices, resulted in losses.
A weakening Euro led to losses in long positions while an appreciating Japanese
yen resulted in gains. Global interest rates were unprofitable following
interest rate rises in the Euro-zone, U.S. and U.K. Losses were experienced in
European bond, short sterling and Treasury bond positions. Trading in stock
market indices was unprofitable as losses were incurred in U.S., European and
Asian indices.
The price of crude oil rose to levels not seen since the Gulf War. This increase
in prices led to significant gains from long positions. Trading in agricultural
markets, especially wheat, soybeans, coffee and sugar was mixed. Metals were
profitable as aluminum and nickel positions contributed gains to the Fund.
Note from General Partner:
As we approach the new year, we want you to know that the systems that support
our business have been updated and deemed to be ready for the millennium change
over. We have also been advised by each of the Fund's advisors that they are
ready for the new millennium and, notwithstanding extraordinary events, expect
to have a smooth transition into the year 2000.
Smith Barney Futures Management LLC
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Salomon Smith Barney
Global Diversified Futures Fund L.P.
Account Statement
For the Period November 1,
Through November 30, 1999
Percent
of Average
Net Assets
Realized losses from trading $(1,281,035) (1.49)%
Change in unrealized gains/losses
from trading 1,763,627 2.05
----------- -------
482,592 0.56
Less, Brokerage commissions
and clearing fees ($9,611) 412,194 0.48
----------- -------
Net realized and unrealized
gains 70,398 0.08
Interest Income 252,917 0.29
----------- -------
323,315 0.37
----------- -------
Less, Expenses:
Management fees 141,279 0.16
Incentive fees 36,776 0.04
Other expenses 21,648 0.03
----------- -------
199,703 0.23
----------- -------
Net Income 123,612 0.14%
-------
Additions (128.4357 G.P. units
at October 31, 1999 net asset
value per unit of $934.32) 120,000
Additions (13,483.6030 L.P. units
at October 31, 1999 net asset
value per unit of $934.32) 12,598,000
Redemptions (624.3094 L.P. units
at November 30, 1999 net asset
value per unit of $935.30) (583,917)
-----------
Increase in net assets 12,257,695
Net assets, October 31, 1999 73,557,285
-----------
Net assets, November 30, 1999 $85,814,980
-----------
Net asset value per unit
($85,814,980/92,171.9793
units) $931.03
-----------
Redemption value per unit
(Note 1) $935.30
-----------
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 $935.30.
The net asset value per unit of $931.03 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 LLC
General Partner, Salomon Smith Barney Global
Diversified Futures Fund L.P.
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