FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(X) QUARTERLY REPORT UNDER SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
OR ( ) TRANSITION REPORT UNDER SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended September 30, 2000
Commission File Number 333-61961
SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
(Exact name of registrant as specified in its charter)
New York 13-4015586
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Smith Barney Futures Management LLC
388 Greenwich St. - 7th Fl.
New York, New York 10013
(Address and Zip Code of principal executive offices)
(212) 723-5424
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
<PAGE>
SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
FORM 10-Q
INDEX
Page
Number
PART I - Financial Information:
Item 1. Financial Statements:
Statement of Financial Condition
at September 30, 2000 and December 31,
1999 (unaudited). 3
Statement of Income and Expenses
and Partners' Capital for the three
months ended September 30, 2000 and
1999, the nine months ended September
30, 2000 and for the period from
February 2, 1999 (commencement
of trading operations) to September
30, 1999 (unaudited). 4
Notes to Financial Statements
(unaudited) 5 - 9
Item 2. Management's Discussion and
Analysis of Financial Condition
and Results of Operations 10 - 11
Item 3. Quantitative and Qualitative
Disclosures of Market Risk 12 - 13
PART II - Other Information 14
2
<PAGE>
PART I
ITEM 1. FINANCIAL STATEMENTS
SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
STATEMENT OF FINANCIAL CONDITION
(UNAUDITED)
SEPTEMBER 30, DECEMBER 31,
2000 1999
------------ ------------
ASSETS:
Equity in commodity futures
trading account:
Cash $ 56,602,126 $ 85,369,042
Net unrealized appreciation
(depreciation) on open contracts (820,951) 3,293,682
Commodity options owned, at market
value (cost $0 and $242,328
in 2000 and 1999, respectively) - 105,484
------------ ------------
55,781,175 88,768,208
Interest receivable 225,422 297,001
------------ ------------
$ 56,006,597 $ 89,065,209
============ ============
LIABILITIES AND PARTNERS' CAPITAL:
Liabilities:
Accrued expenses:
Commissions $ 247,756 $ 411,280
Management fees 90,930 147,997
Incentive fees - 213,409
Other 84,390 203,962
Due to SSB 159,414 434,877
Redemptions 746,022 565,176
------------ ------------
1,328,512 1,976,701
------------ ------------
Partners' Capital:
General Partner, 1,067.4488 and
941.9704 Unit equivalents
outstanding in 2000 and 1999,
respectively 938,885 895,767
Limited Partners, 61,097.5609 and
90,639.0308 Units of Limited
Partnership Interest outstanding
in 2000 and 1999, respectively 53,739,200 86,192,741
------------ ------------
54,678,085 87,088,508
------------ ------------
$ 56,006,597 $ 89,065,209
============ ============
See Notes to Financial Statements.
3
<PAGE>
SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
STATEMENT OF INCOME AND EXPENSES AND PARTNERS' CAPITAL
(UNAUDITED)
<TABLE>
<CAPTION>
PERIOD FROM
FEBRUARY 2, 1999,
(COMMEMCEMENT OF
NINE MONTHS TRADING OPERATIONS)
THREE MONTHS ENDED ENDED TO
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
------------------------- ----------- -------------
2000 1999 2000 1999
------------ ---------- ----------- -------------
<S> <C> <C> <C> <C>
Income:
Net gains (losses) on trading of commodity
interests:
Realized gains (losses) on closed positions $ 1,058,031 $ 45,711 $ (479,827) $ (1,570,469)
Change in unrealized gains (losses) on open
positions (1,391,459) (123,816) (3,977,789) 1,822,496
------------ ---------- ----------- -------------
(333,428) (78,105) (4,457,616) 252,027
Less, brokerage commissions including
clearing fees of $19,630, $30,083,
$79,585 and $60,205, respectively (850,347) (911,375) (3,170,776) (1,960,757)
------------ ---------- ----------- -------------
Net realized and unrealized losses (1,183,775) (989,480) (7,628,392) (1,708,730)
Interest income 700,581 647,439 2,387,645 1,264,683
------------ ---------- ----------- -------------
(483,194) (342,041) (5,240,747) (444,047)
------------ ---------- ----------- -------------
Expenses:
Management fees 292,098 356,690 1,083,298 705,129
Other 13,948 51,877 76,110 139,693
Incentive fees - 102,198 (62,088) 260,483
------------ ---------- ----------- -------------
306,046 510,765 1,097,320 1,105,305
------------ ---------- ----------- -------------
Net loss (789,240) (852,806) (6,338,067) (1,549,352)
Additions - Limited Partners - 23,475,000 5,931,000 46,882,000
- General Partner - 240,000 120,000 478,000
Redemptions - Limited Partners (5,327,275) (1,378,710) (32,123,356) (1,378,710)
------------ ---------- ----------- -------------
Net increase (decrease) in Partners' capital (6,116,515) 21,483,484 (32,410,423) 44,431,938
Proceeds from offering -Limited Partners - - - 33,380,000
-General Partner - - - 338,000
Offering and Organization costs - - - (700,000)
Partners' capital, beginning of period 60,794,600 55,966,454 87,088,508 -
------------ ---------- ----------- -------------
Partners' capital, end of period $ 54,678,085 $ 77,449,938 $ 54,678,085 $ 77,449,938
------------ ---------- ----------- -------------
Net asset value per Unit
(62,165.0097 and 79,427.0262 Units outstanding
at September 30, 2000 and 1999, respectively) $ 879.56 $ 975.12 $ 879.56 $ 975.12
------------ ---------- ----------- -------------
Net loss per Unit of Limited Partnership
Interest and General Partner Unit equivalent $ (12.31) $ (11.37) $ (71.39) $ (4.12)
------------ ---------- ----------- -------------
Redemption net asset value per Unit $ 881.63 $ 981.27 $ 881.63 $ 981.27
------------ ---------- ----------- -------------
</TABLE>
See Notes to Financial Statements
4
<PAGE>
Salomon Smith Barney Global Diversified Futures Fund L.P.
Notes to Financial Statements
September 30, 2000
(Unaudited)
1. General:
Salomon Smith Barney Global Diversified Futures Fund L.P. (the
"Partnership") is a limited partnership organized under the laws of the State of
New York, on June 15, 1998 to engage in the speculative trading of a diversified
portfolio of commodity interests including futures contracts, options and
forward contracts. The commodity interests that are traded by the Partnership
are volatile and involve a high degree of market risk. The Partnership commenced
trading operations on February 2, 1999.
Between November 25, 1998 (commencement of the offering period) and
February 1, 1999, 33,380 Units of limited partnership interest and 337 Unit
equivalents representing the general partner's contribution were sold at $1,000
per unit. The proceeds of the offering were held in an escrow account until
February 2, 1999, at which time they were turned over to the Partnership for
trading. The Public offering of Units terminated on April 1, 2000.
Smith Barney Futures Management LLC acts as the general partner (the
"General Partner") of the Partnership. The Partnership's commodity broker is
Salomon Smith Barney Inc. ("SSB"). SSB is an affiliate of the General
Partner. The General Partner is wholly owned by Salomon Smith Barney Holdings
Inc. ("SSBHI"), which is the sole owner of SSB. SSBHI is a wholly owned
subsidiary of Citigroup Inc. All trading decisions are made for the
Partnership by Campbell & Company, Inc., ("Campbell"), Eagle Trading Systems,
Inc. ("Eagle"), Eckhardt Trading Company ("Eckhardt") and Rabar Market
Research, Inc. ("Rabar") (collectively, the "Advisors").
The accompanying financial statements are unaudited but, in the opinion of
management, include all adjustments, consisting only of normal recurring
adjustments, necessary for a fair presentation of the Partnership's financial
condition at September 30, 2000 and December 31, 1999 and the results of its
operations for the three months ended September 30, 2000 and 1999, the nine
months ended September 30, 2000 and the period from February 2, 1999
(commencement of trading operations) to September 30, 1999. These financial
statements present the results of interim periods and do not include all
disclosures normally provided in annual financial statements. It is suggested
that these financial statements be read in conjunction with the financial
statements and notes included in the Partnership's annual report on Form 10-K
filed with the Securities and Exchange Commission for the year ended December
31, 1999.
5
<PAGE>
Salomon Smith Barney Global Diversified Futures Fund L.P.
Notes to Financial Statements
September 30, 2000
(Unaudited)
(Continued)
Due to the nature of commodity trading, the results of operations for the
interim periods presented should not be considered indicative of the results
that may be expected for the entire year.
6
<PAGE>
Salomon Smith Barney Global Diversified Futures Fund L.P.
Notes to Financial Statements
September 30, 2000
(Unaudited)
(Continued)
2. Net Asset Value Per Unit:
Changes in net asset value per Unit for the three months ended September
30, 2000 and 1999, the nine months ended September 30, 2000 and the period from
February 2, 1999, (commencement of trading operations) to September 30, 1999
were as follows:
<TABLE>
<CAPTION>
PERIOD FROM
FEBRUARY 2, 1999
(COMMENCEMENT OF
THREE-MONTHS ENDED NINE-MONTHS TRADING OPERATIONS)
SEPTEMBER 30, ENDED TO
2000 1999 SEPTEMBER 30, 2000 SEPTEMBER 30, 1999
------------- ------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Net realized and unrealized
losses $(18.50) $(16.34) $(95.95) $ (15.00)
Interest income 11.04 8.99 31.65 23.34
Expenses (4.85) (6.88) (14.46) (22.83)
Other - 2.86 7.37 10.37
-------- -------- -------- ---------
Decrease for period (12.31) (11.37) (71.39) (4.12)
Net Asset Value per Unit,
beginning of period 891.87 986.49 950.95 1,000.00
-------- -------- -------- ---------
Offering & Organization Cost
Adjustment -0- -0- -0- (20.76)
-------- -------- -------- ----------
Net Asset Value per Unit,
end of period $879.56 $975.12 $879.56 $ 975.12
======== ======== ======== =========
Redemption Net Asset Value
Per Unit * $881.63 $981.27 $881.63 $ 981.27
======== ======== ======== =========
*For the purpose of a redemption, any remaining deferred liability for
reimbursement of offering and organization expenses will not reduce redemption
net asset value per unit. (see note 3)
</TABLE>
7
<PAGE>
Salomon Smith Barney Global Diversified Futures Fund L.P.
Notes to Financial Statements
September 30, 2000
(Unaudited)
(Continued)
3. Offering and Organization Costs:
Offering and organization expenses of approximately $700,000 relating to
the issuance and marketing of the partnership's Units offered were initially
paid by SSB. These costs have been recorded as due to SSB in the statement of
financial condition. These costs are being reimbursed to SSB by the Partnership
in 24 equal monthly installments (together with interest at the prime rate
quoted by the Chase Manhattan Bank).
As of September 30, 2000, $450,586 of these costs have been reimbursed to
SSB, by the Partnership.
In addition, the Partnership has recorded interest expense of $58,278,
through September 30, 2000 which is included in other expenses.
The remaining deferred liability for these costs due to SSB of $159,414
(exclusive of interest charges) will not reduce Net Asset Value per Unit for any
purpose (other than financial reporting), including calculation of advisory and
brokerage fees and the redemption value of Units.
4. Trading Activities:
The Partnership was formed for the purpose of trading contracts in a
variety of commodity interests, including derivative financial instruments and
derivative commodity instruments. The results of the Partnership's trading
activity are shown in the statement of income and expenses and partners'
capital.
The Customer Agreement between the Partnership and SSB gives the
Partnership the legal right to net unrealized gains and losses.
8
<PAGE>
Salomon Smith Barney Global Diversified Futures Fund L.P.
Notes to Financial Statements
September 30, 2000
(Unaudited)
(Continued)
All of the commodity interests owned by the Partnership are held for
trading purposes. The average fair value during the periods ended September 30,
2000 and December 31, 1999, based on a monthly calculation, was $1,901,086 and
$1,447,941, respectively. The fair value of these commodity interests, including
options thereon, if applicable, at September 30, 2000 and December 31, 1999, was
$(820,951) and $3,399,166, respectively, as detailed below.
Fair Value
September 30, December 31,
2000 1999
---------- -----------
Currency:
- Exchange Traded Contracts $ (89,334) $ 286,131
- OTC Contracts (294,436) (383,900)
Energy (757,130) 276,537
Grains (59,163) (14,942)
Interest Rates U.S. 446,596 803,746
Interest Rates Non-U.S. (5,843) 306,279
Livestock 15,480 (10,200)
Metals (86,109) 594,978
Softs (28,708) 1,657
Indices 37,696 1,538,880
---------- -----------
Total $(820,951) $3,399,166
========== ==========
5. Financial Instrument Risk
The Partnership is party to financial instruments with off-balance sheet
risk, including derivative financial instruments and derivative commodity
instruments, in the normal course of its business. These financial instruments
may include forwards, futures and options, whose value is based upon an
underlying asset, index, or reference rate, and generally represent future
commitments to exchange currencies or cash flows, to purchase or sell other
financial instruments at specific terms at specified future dates, or, in the
case of derivative commodity instruments, to have a reasonable possibility to be
settled in cash, through physical delivery or with another financial instrument.
These instruments may be traded on an exchange or over-the-counter ("OTC").
Exchange traded instruments are standardized and include futures and certain
option contracts. OTC contracts are negotiated between contracting parties and
include forwards and certain options. Each of these instruments is subject to
various risks similar to those related to the underlying financial instruments
including market and credit risk. In general, the risks associated with OTC
contracts are
9
<PAGE>
Salomon Smith Barney Global Diversified Futures Fund L.P.
Notes to Financial Statements
September 30, 2000
(Unaudited)
(Continued)
greater than those associated with exchange traded instruments because of the
greater risk of default by the counterparty to an OTC contract.
Market risk is the potential for changes in the value of the financial
instruments traded by the Partnership due to market changes, including interest
and foreign exchange rate movements and fluctuations in commodity or security
prices. Market risk is directly impacted by the volatility and liquidity in the
markets in which the related underlying assets are traded.
Credit risk is the possibility that a loss may occur due to the failure of
a counterparty to perform according to the terms of a contract. Credit risk with
respect to exchange traded instruments is reduced to the extent that an exchange
or clearing organization acts as a counterparty to the transactions. The
Partnership's risk of loss in the event of counterparty default is typically
limited to the amounts recognized in the statement of financial condition and
not represented by the contract or notional amounts of the instruments. The
Partnership has concentration risk because the sole counterparty or broker with
respect to the Partnership's assets is SSB.
The General Partner monitors and controls the Partnership's risk exposure
on a daily basis through financial, credit and risk management monitoring
systems and accordingly believes that it has effective procedures for evaluating
and limiting the credit and market risks to which the Partnership is subject.
These monitoring systems allow the General Partner to statistically analyze
actual trading results with risk adjusted performance indicators and correlation
statistics. In addition, on-line monitoring systems provide account analysis of
futures, forwards and options positions by sector, margin requirements, gain and
loss transactions and collateral positions.
The notional or contractual amounts of these instruments, while not
recorded in the financial statements, reflect the extent of the Partnership's
involvement in these instruments. The majority of these instruments mature
within one year of September 30, 2000. However, due to the nature of the
Partnership's business, these instruments may not be held to maturity.
10
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Liquidity and Capital Resources
The Partnership does not engage in the sale of goods or services. Its
only assets are its equity in its commodity futures trading account, consisting
of cash, net unrealized appreciation (depreciation) on open futures and forward
contracts, commodity options, if applicable, and interest receivable. Because of
the low margin deposits normally required in commodity futures trading,
relatively small price movements may result in substantial losses to the
Partnership. While substantial losses could lead to a decrease in liquidity, no
such losses occurred during the third quarter of 2000.
The Partnership's capital consists of the capital contributions of the
partners as increased or decreased by gains or losses on commodity futures
trading, expenses, interest income, additions and redemptions of Units and
distributions of profits, if any.
For the nine months ended September 30, 2000, Partnership capital
decreased 30.2% from $87,088,508 to $54,678,085. This decrease was attributable
to the redemption of 35,807.5755 Units resulting in an outflow of $32,123,356
coupled with net loss from operation of $6,338,067 which was partially offset by
the additional sales of 6,391.5840 Units totaling $6,051,000. Future redemptions
can impact the amount of funds available for investment in commodity contract
positions in subsequent months.
Results of Operations
During the Partnership's third quarter of 2000, the net asset value per
unit decreased 1.4% from $891.87 to $879.56 as compared to a decrease of 1.1% in
the third quarter of 1999. The Partnership experienced a net trading loss before
brokerage commissions and related fees in the third quarter of 2000 of $333,428.
Losses were primarily attributable to the trading of commodity contracts in
grains, non-U.S. interest rates, metals, softs and indices and were partially
offset by gains in currencies, U.S. interest rates, energy and livestock. The
Partnership experienced a net trading loss before commissions and related fees
in the third quarter of 1999 of $78,105. Losses were primarily attributable to
the trading of commodity contracts future in currencies, grains, U.S. and
non-U.S. interest rates, livestock and indices and were partially offset by
gains in energy, metals and softs.
Commodity futures markets are highly volatile. Broad price fluctuations
and rapid inflation increase the risks involved in commodity trading, but also
increase the possibility of profit. The profitability of the Partnership depends
11
<PAGE>
on the existence of major price trends and the ability of the Advisors to
identify correctly those price trends. Price trends are influenced by, among
other things, changing supply and demand relationships, weather, governmental,
agricultural, commercial and trade programs and policies, national and
international political and economic events and changes in interest rates. To
the extent that market trends exist and the Advisors are able to identify them,
the Partnership expects to increase capital through operations.
Interest income on 80% of the Partnership's daily equity maintained in
cash was earned on the monthly average 30-day U.S. Treasury bill yield. Interest
income for the three and nine months ended September 30, 2000 increased by
$53,142 and $1,122,962, respectively, as compared to the corresponding periods
in 1999. The increase in interest income is primarily due to the effect of
additions on the Partnership's equity maintained in cash as well as an increase
in interest rates during the period.
Brokerage commissions are calculated on the adjusted net asset value on
the last day of each month and, therefore, vary according to trading performance
and redemptions. Accordingly, they must be compared in relation to the
fluctuations in the monthly net asset values. Commissions and fees for the three
months ended September 30, 2000 decreased by $61,028 and for the nine months
ended September 30, 2000 increased by $1,210,019, respectively, as compared to
the corresponding periods in 1999.
Management fees are calculated as a percentage of the Partnership's net
asset value as of the end of each month and are affected by trading performance,
subscriptions and redemptions. Management fees for the three months ended
September 30, 2000 decreased by $64,592 and for the nine months ended September
30, 2000 increased by $378,169, respectively, as compared to the corresponding
periods in 1999.
Incentive fees paid by the Partnership are based on the net trading
profits of the Partnership as defined in the Limited Partnership Agreement.
Trading performance for the three and nine months ended September 30, 2000
resulted in incentive fees of $0 and $(62,088), respectively. Trading
performance for the three and nine months ended September 30, 1999 resulted in
an incentive fee accrual of $102,198 and $260,483, respectively.
12
<PAGE>
Item 3. Quantitative and Qualitative Disclosures of Market Risk
Introduction
The Partnership is a speculative commodity pool. The market sensitive
instruments held by it are acquired for speculative trading purposes, and all or
substantially all of the Partnership's assets are subject to the risk of trading
loss. Unlike an operating company, the risk of market sensitive instruments is
integral, not incidental, to the Partnership's main line of business.
Market movements result in frequent changes in the fair market value of
the Partnership's open positions and, consequently, in its earnings and cash
flow. The Partnership's market risk is influenced by a wide variety of factors,
including the level and volatility of interest rates, exchange rates, equity
price levels, the market value of financial instruments and contracts, the
diversification effects of the Partnership's open positions and the liquidity of
the markets in which it trades.
The Partnership rapidly acquires and liquidates both long and short
positions in a wide range of different markets. Consequently, it is not possible
to predict how a particular future market scenario will affect performance, and
the Partnership's past performance is not necessarily indicative of its future
results.
Value at Risk is a measure of the maximum amount which the Partnership
could reasonably be expected to lose in a given market sector. However, the
inherent uncertainty of the Partnership's speculative trading and the recurrence
in the markets traded by the Partnership of market movements far exceeding
expectations could result in actual trading or non-trading losses far beyond the
indicated Value at Risk or the Partnership's experience to date (i.e., "risk of
ruin"). In light of the foregoing as well as the risks and uncertainties
intrinsic to all future projections, the inclusion of the quantification
included in this section should not be considered to constitute any assurance or
representation that the Partnership's losses in any market sector will be
limited to Value at Risk or by the Partnership's attempts to manage its market
risk.
Exchange maintenance margin requirements have been used by the Partnership
as the measure of its Value at Risk. Maintenance margin requirements are set by
exchanges to equal or exceed the maximum losses reasonably expected to be
incurred in the fair value of any given contract in 95%-99% of any one-day
intervals. Maintenance margin has been used rather than the more generally
available initial margin, because initial margin includes a credit risk
component, which is not relevant to Value at Risk.
13
<PAGE>
The following table indicates the trading Value at Risk associated with
the Partnership's open positions by market category as of September 30, 2000.
All open position trading risk exposures of the Partnership have been included
in calculating the figures set forth below. As of September 30, 2000, the
Partnership's total capitalization was approximately $54,678,085. There has been
no material change in the trading Value at Risk information previously disclosed
in the Form 10-K for the year ended December 31, 1999.
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Year to Date
% of Total High Low
Market Sector Value at Risk Capitalization Value at Risk Value at Risk
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Currencies:
- Exchange Traded Contracts $ 477,794 0.87% $ 1,124,041 $ 150,110
- OTC Contracts 1,133,230 2.07% 1,664,379 558,527
Energy 820,400 1.50% 1,456,600 296,350
Grains 86,800 0.16% 386,550 22,100
Interest Rates U.S. 809,100 1.48% 1,400,289 152,800
Interest Rates Non-U.S. 1,248,714 2.28% 3,502,840 990,069
Livestock 22,400 0.04% 35,700 700
Metals 681,000 1.25% 946,825 143,475
Softs 60,000 0.11% 259,150 41,500
Indices 710,076 1.30% 2,341,542 448,309
----------- ------
Total $6,049,514 11.06%
=========== ======
</TABLE>
14
<PAGE>
PART II OTHER INFORMATION
Item 1. Legal Proceedings -
For information concerning the matter entitled MKP Master Fund, LDC et
al. v. Salomon Smith Barney Inc., see the description that appears in
the ninth paragraph under the caption "Legal Proceedings" of the Annual
Report on Form 10-K of the Partnership for the year ended December 31,
1999. In September 2000, the court denied plaintiffs' motion to dismiss
SSB's counterclaims based on indemnification and contribution.
Item 2. Changes in Securities and Use of Proceeds -
The public offering of Units terminated on April 1, 2000. For the nine
months ended September 30, 2000, there were additional sales of
6,266.1056 Units totaling $5,931,000 and contributions by the General
Partner representing 125.4784 Unit equivalents totaling $120,000.
Proceeds from the sale of additional Units are used in the trading of
commodity interests including futures contracts, options and forward
contracts.
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information - None
Item 6. (a) Exhibits - None
(b) Reports on Form 8-K - None
15
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
SALOMON SMITH BARNEY GLOBAL DIVERSIFIED FUTURES FUND L.P.
By: Smith Barney Futures Management LLC
(General Partner)
By: /s/ David J. Vogel, President
David J. Vogel, President
Date: 11/14/00
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
By: Smith Barney Futures Management LLC
(General Partner)
By: /s/ David J. Vogel, President
David J. Vogel, President
Date: 11/14/00
By: /s/ Daniel A. Dantuono
Daniel A. Dantuono
Chief Financial Officer and
Director
Date: 11/14/00
15
