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 January
31, 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.
January 2000
The redemption value per unit for the SSB Global Diversified Futures Fund L.P.
was $955.52 per unit at the end of January, down 0.1% from the close of
December.
With victory declared over the Y2K bug, global financial and commodity markets
returned to either previously established trends or experienced sharp reversals
from year-end price moves.
Gains were experienced primarily in energy trading, currencies, and short-term
interest rates. The energy sector continued to trade higher on the back of
colder weather in the Northeast and a surprisingly high degree of compliance
with production limits by OPEC members. Inventories are down, demand and anxiety
up. Crude and heating oil markets were the primary drivers of positive results.
As the U.S. economy continued to outperform global economies, the U.S. dollar
rose to new contract highs against the euro, the British pound and the Japanese
yen. Long positions provided profits for the Fund's advisors. Rising
expectations for higher short-term interest rates also helped short positions in
U.S. interest rate contract positions. Inflationary rumblings carried over to
the global equity markets which resulted in trading losses for global stock
market indices. Losses were also experienced in positions in various segments of
the U.S. equity market indices.
The metals and grains markets were mixed with slight gains in precious and base
metals offset by losses in agricultural positions.
Smith Barney Futures Management LLC
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Salomon Smith Barney
Global Diversified Futures Fund L.P.
Account Statement
For the Period January 1,
Through January 31, 2000
Percent
of Average
Net Assets
Realized losses from trading $(1,870,179) (2.11)%
Change in unrealized gains/losses
from trading 2,337,519 2.63
----------- ------
467,340 0.52
Less, Brokerage commissions
and clearing fees ($9,187) 447,475 0.50
----------- ------
Net realized and unrealized
gains 19,865 0.02
Interest Income 315,872 0.36
----------- ------
335,737 0.38
------------ ------
Less, Expenses:
Management fees 155,666 0.18
Incentive fees 210,517 0.24
Other expenses 15,464 0.01
----------- ------
381,647 0.43
---------- -----
Net Loss (45,910) (0.05)%
======
Additions (125.4784 G.P. units
at December 31, 1999 net asset
value per unit of $956.34) 120,000
Additions (4,516.1762 L.P. units
at December 31, 1999 net asset
value per unit of $956.34) 4,319,000
Redemptions (1,234.5566 L.P.
units at January 31, 2000 net
asset value per unit of $955.52) (1,179,644)
-----------
Increase in net assets 3,213,446
Net assets, December 31, 1999 87,220,671
-----------
Net assets, January 31, 2000 $90,434,117
===========
Net asset value per unit
($90,434,117/94,988.0992 units) $ 952.06
========
Redemption value per unit (Note 1) $ 955.52
========
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 $955.52.
The net asset value per unit of $952.06 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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