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 December
31, 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
1
<PAGE>
Salomon Smith Barney
Global Diversified Futures Fund L.P.
December 1999
The redemption value per unit for the SSB Global Diversified Futures Fund L.P.
was $956.34 per unit at the end of December, up 2.3% from the close of November.
The Fund was profitable for the month as gains were made in energy, stock
indices, U.S. interest rates, metals and grains markets. These gains were
partially offset by losses in currency, softs and non-U.S. interest rate
markets. Market liquidity was reduced during the month amid concerns about
flight to safety, central bank intervention, and overall Y2K concerns.
Trading in U.S. interest rate markets was profitable for the month due to a
decrease in inflationary concerns. Trading in stock indices was profitable as
U.S. and NASDAQ indices reported record highs. Gains were also made in the
Japanese stock market indices. The currency markets suffered losses for the
month as Japanese yen positions were unprofitable.
Crude oil positions profited from increasing prices as demand continued to
exceed supply. Trading in base metals was also profitable as strong global
economic conditions predicted increased demand in the new millennium. Coffee
prices fell following a higher than expected Brazilian crop estimate, resulting
in unprofitable long positions. Gains were achieved in the soybean complex as
prices decreased.
Smith Barney Futures Management LLC
2
<PAGE>
Salomon Smith Barney
Global Diversified Futures Fund L.P.
Account Statement
For the Period December 1,
Through December 31, 1999
Percent
of Average
Net Assets
Realized gains from trading $ 649,440 0.75%
Change in unrealized gains/losses
from trading 1,855,877 2.15
---------- ----
2,505,317 2.90
---------- ----
Less, Brokerage commissions
and clearing fees ($11,801) 462,718 0.53
---------- ----
Net realized and unrealized gains 2,042,599 2.37
Interest Income 297,001 0.34
---------- ----
2,339,600 2.71
---------- ----
Less, Expenses:
Management fees 147,997 0.17
Incentive fees 176,633 0.20
Other expenses 44,103 0.06
---------- ----
368,733 0.43
---------- ----
Net Income 1,970,867 2.28%
----
Redemptions (590.9781 L.P. units
at December 31, 1999 net asset
value per unit of $956.34) (565,176)
--------
Increase in net assets 1,405,691
Net assets, November 30, 1999 85,814,980
----------
Net assets, December 31, 1999 $87,220,671
-----------
Net asset value per unit
($87,220,671/91,581.0012 units) $952.39
-----------
Redemption value per unit (Note 1) $956.34
-----------
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 $956.34.
The net asset value per unit of $952.39 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.
3
