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 February
29, 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.
February 2000
The redemption value per unit for the SSB Global Diversified Futures Fund L.P.
was $949.13 per unit at the end of February, down 0.7% for the month.
Continuing the tone set in January, volatility stretched across a broad range of
markets making diversification and risk management imperative. The net result
was essentially flat performance for the month.
Gains were made in Japanese yen and non-European currency trading, global stock
market indices, and energy especially participation in the rising price of crude
oil. Fears that the recovery in Japan has stalled and that further economic
reform will stall led to profits in the Nikkei and the yen but losses in the
Japanese Government bond contract. Gains in energy positions were made as crude
prices surged above $30 a barrel reaching levels not seen since the Gulf War.
The U.S. and international interest rate markets entered a new phase of
volatility as inflation fears fueled expectation of higher short term rates but
were offset by lower rates in long term instruments in response to the U.S.
Treasury's plans to reduce long term debt. The Fund's advisors mostly profited
early in the month but then experienced losses as the markets adjusted and
sought new directions. Trading in precious and base metals also posted losses as
gold reached a February high early in the month and then fell nearly 10% at
month-end based on speculation that large producers would continue their hedging
programs.
The agricultural sectors were featureless with minor losses in grains, livestock
and softs positions.
Smith Barney Futures Management LLC
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Salomon Smith Barney
Global Diversified Futures Fund L.P.
Account Statement
For the Period February 1,
Through February 29, 2000
Percent
of Average
Net Assets
Realized losses from trading $(640,389) (0.71)%
Change in unrealized gains/losses
from trading 278,605 0.31
--------- ----
(361,784) (0.40)
Add, Brokerage commissions
and clearing fees ($11,755) 415,995 0.46
--------- ----
Net realized and unrealized
losses (777,779) (0.86)
Interest Income 294,801 0.33
--------- ----
(482,978) (0.53)
Less, Expenses:
Management fees 142,513 0.16
Incentive fees (72,940) (0.08)
Other expenses 15,480 0.02
--------- ----
85,053 0.10
--------- ----
Net Loss (568,031) (0.63)%
=====
Redemptions (978.2935 L.P. units
at February 29, 2000 net asset
value per unit of $949.13) (928,528)
---------
Decrease in net assets (1,496,559)
Net assets, January 31, 2000 90,434,117
-----------
Net assets, February 29, 2000 $88,937,558
Net asset value per unit
($88,937,558/94,009.8057 units) $ 946.05
===========
Redemption value per unit (Note 1) $ 949.13
===========
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 $949.13.
The net asset value per unit of $946.05 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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