Smith Barney Futures Management Inc.
390 Greenwich Street
New York, NY 10013
By EDGAR
Securities and Exchange Commission
450 Fifth Street N.W.
Washington, D.C. 20549
RE: Smith Barney Westport Futures Fund L.P
Supplement to Registration Statement on Form S-1
File No. 333-24923
Ladies and Gentlemen:
On Behalf of Smith Barney Westport Futures Fund L.P. (the "Partnership") I
am transmitting herewith for filing, pursuant to Rule 424 (b) (3) of the
Securities Act of 1933, as amended, a Supplement dated August 31, 1997 to the
Partnership's final prospectus dated May 30, 1997.
Should you have any questions, please telephone me at 723-5424.
Very truly yours,
/s/ Daniel A. Dantuono
Daniel A. Dantuono
Chief Financial Officer and
Director
Enclosures
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Smith Barney
Westport Futures Fund L.P.
August 1997
Smith Barney Westport Futures Fund L.P. closed its first month of
trading down 3.4% for a month-end Net Asset Value per unit of $965.68.
Each month, you will receive from us this statement of the Fund's financial
results and commentary from the advisor on trading activities and results. We
hope to keep you informed about the progress in your investment and to provide
you with information about the wide variety of global commodity and futures
markets in which the Fund participates. We again thank you for your investment
in Smith Barney Westport Futures Fund and look forward with you to a successful
investment experience.
The following comments pertain to the trading activities of the Fund's
advisor, John W. Henry & Company, Inc.
John W. Henry & Company, Inc. investment programs, with large interest rate
and European currency components, experienced losses in August as fresh worries
about inflation and higher interest rates hit investors on both sides of the
Atlantic. The month began with sharp sell-offs in U.S. and German bond
markets. The U.S. 30-year Treasury bond tumbled on August 1 in the biggest
single one-day loss in over a year.
The currency market's two recent high fliers, the U.S. dollar and British pound,
tumbled in world markets. The dollar plummeted more than two German pfennigs at
mid-month after trading at eight-year highs against the German mark. The pound
fell to its lowest level in 10 months against the dollar and lost 8 pfennigs
against the mark on the news.
Reverberations were felt in global equity markets. In the U.S., the Dow set new
records for intraday volatility -- frequently in the last 45 minutes of trading
- -- at one point gyrating 150 points in less than 15 minutes. European bourses
echoed the churning U.S. market. Stock market volatility and fears of inflation
also renewed investor interest in gold, resulting in higher prices for the
precious metal.
In the commodity markets, small gains in cotton failed to offset losses in other
agricultural markets. Positions in crude oil also resulted in losses.
Smith Barney Futures Management Inc.
<PAGE>
Smith Barney
Westport Futures Fund L.P.
Account Statement
For the Period August 1,
Through August 31, 1997
Percent
of Average
Net Assets
----------
Realized losses from trading (764,607) (1.96)
Change in unrealized gains/losses
from trading (260,987) (0.67)
------------ -------
(1,025,594) (2.62)
Add, Brokerage commissions
and clearing fees ($2,279) 222,599 0.57
------------ -------
Net realized and unrealized
losses (1,248,193) (3.19)
Interest Income 133,021 0.34
------------ -------
(1,115,172) (2.85)
------------ -------
Less, Expenses:
Management fees 130,613 0.33
Other expenses 9,320 0.02
------------ -------
139,933 0.36
------------ -------
Net Loss (1,255,105) (3.21)
=======
Net assets, August 1, 1997 (Note 1) $ 39,731,000
------------
Net assets, August 31, 1997 $ 38,475,895
============
Net asset value per unit $ 951.41
============
($38,475,895/40,441 units)
Redemption value per unit (Note 2) $ 965.68
============
Note 1: Net Assets at August 1,1997,
the date the Fund commenced trading
operations, consisted of:
Limited Partners' Contributions $ 40,036,000
General Partner Contribution 405,000
Offering and Organization Expenses (710,000)
-------------
$ 39,731,000
=============
Note 2: For the purpose of a redemption, any accrued liability for reimburse-
ment of offering and organization expenses will not reduce net asset value per
unit. As a result, the reported redemption value per unit is $965.68.
The net asset value per unit of $951.41 is reflective of charging offering and
organization 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 Inc.
General Partner, Smith Barney
Westport Futures Fund L.P.
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