Smith Barney Futures Management LLC
388 Greenwich Street 7th Fl
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,
2000 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 2000
The redemption value per unit for the SSB Global Diversified Futures Fund L.P.
was $895.11 per unit at the end of June, down 0.9% from the close of May.
While energy and softs trading experienced positive performance, other sectors
experienced losses for the Fund this month, notably the financially related
sectors of currencies, U.S. and non-U.S. interest rate products, and metals.
Profits were earned in the energy complex as crude prices remained high. Recent
strong trends persisted in light of several factors including a strong summer
driving season, a drawdown in U.S. crude oil inventories, and OPEC announcement
of lower-than-expected production increases. Additional profits were earned in
sugar, which reached two-year highs in anticipation of both strong Chinese
demand and reduced Brazilian production.
The U.S. dollar fell in response to an unexpected rise in the U.S. unemployment
rate, which indicated a weakening U.S. economy and contributed to the Fund's
losses in a number of ways. Short gold positions suffered from this news as well
as 3-month Eurodollar futures.
Most significantly however, a broad range of currency positions suffered from
the dollar's decline, including the Canadian dollar, Swiss Franc, Japanese Yen,
British Pound, and Australian and New Zealand dollars. As it appeared more
likely that the Federal Reserve would not raise interest rates at its June
meeting, U.S. currency selling accelerated on the heels of solid European
economic data and subsequent speculation that the European Central Bank would
move to raise interest rates. Trading in grains, livestock, and stock index
positions was also unprofitable.
Both commodity and financial markets have been experiencing prolonged volatility
within narrow ranges, conditions difficult for trend-following advisors. While
we can not be too predictive about the future, many observers anticipate a
slowing of the U.S. economy and perhaps even a return to more "normal"
historical economic growth rates. Such conditions should be more favorable for
the Fund's advisors.
Note from General Partner:
Effective July 1, 2000, Eckhardt's Standard Program was added to the portfolio
of advisors managing the Fund's assets. The allocation of assets to Rabar Market
Research and Eagle Trading were reduced in order to make the $5 million
allocation to Eckhardt's program. Please contact your Financial Consultant for
further information on this change.
Smith Barney Futures Management LLC
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Salomon Smith Barney
Global Diversified Futures Fund L.P.
Account Statement
For the Period June 1,
Through June 30, 2000
Percent
of Average
Net Assets
Realized gains from trading $ 902,173 1.46%
Change in unrealized gains/losses
from trading (1,210,241) (1.95)
------------ -------
(308,068) (0.49)
Add, Brokerage commissions
and clearing fees ($11,715) 308,856 0.50
------------ -------
Net realized and unrealized (616,924) (0.99)
losses
Interest Income 212,094 0.34
------------ -------
(404,830) (0.65)
Less, Expenses:
Management fees 103,126 0.17
Other expenses 4,663 0.01
------------ -------
107,789 0.18
------------ -------
Net Loss (512,619) (0.83)
=======
Redemptions (2,108.4219 L.P. units
at June 30, 2000 net asset value
per unit of $895.11) (1,887,270)
------------
Decrease in net assets (2,399,889)
Net assets, May 31, 2000 63,194,489
------------
Net assets, June 30, 2000 $ 60,794,600
===========
Net asset value per unit
($60,794,600/68,164.9980 units) $891.87
=======
Redemption value per unit (Note 1) $895.11
=======
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 $895.11.
The net asset value per unit of $891.87 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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