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 November 30, 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.
November 1997
The redemption value of the Smith Barney Westport Futures Fund L.P. was $968.87
per unit at the end of November, was essentially unchanged from the close of
October.
The following comments pertain to the trading activities of the Fund's advisor,
John W. Henry & Company, Inc.
In November the price of gold fell below $300 an ounce for the first time in
over 12 years on reports that the planned European Central Bank is not likely to
hold substantial gold reserves. Considered for centuries as a safe haven in
times of inflation, gold today is valued more for its uses as a commodity than
for its role as an alternative monetary asset. As a result, positions in all
metals traded produced gains.
In Asia, the Nikkei was whipsawed on a daily basis by rumors of more failures
and by the government's confusing message as to whether or not it would support
the use of public funds for a bailout. As a result, profitable positions in the
yen and additional gains in the British pound offset losses in the German mark
and Swiss franc.
Positions in crude oil resulted in losses as prices declined on reduced tensions
in the Middle East and the prospect for increased production quotas from OPEC.
In the grains and oilseeds markets, positions in soybean meal and bean oil
produced modest gains as prices rose on strong demand from buyers overseas.
Important Note From the General Partner
Smith Barney Holdings Inc., the parent company of Smith Barney Futures
Management Inc. ("SBFMI") has merged with Salomon Brothers Holding Inc. The
parent company of SBFMI is now called Salomon Smith Barney Holdings Inc.
Smith Barney Futures Management Inc.
<PAGE>
Smith Barney
Westport Futures Fund L.P.
Account Statement
For the Period November 1,
Through November 30, 1997
Percent
of Average
Net Assets
----------
Realized gains from trading $1,726,291 1.95%
Change in unrealized gains/losses
from trading (1,093,286) (1.23)
--------------- -----------
633,005 0.71
Less, Brokerage commissions
and clearing fees ($7,819) 503,705 0.57
--------------- -----------
Net realized and unrealized gains 129,300 0.16
Interest Income 162,633 0.18
--------------- -----------
291,933 0.33
--------------- -----------
Less, Expenses:
Management fees 296,299 0.33
Incentive fees 36,549 0.04
Other expenses 9,016 0.01
--------------- -----------
341,864 0.39
--------------- -----------
Net Loss (49,931) (0.06)%
===========
Additions (12,403.2126 L.P. units at
October 31, 1997 redemption value
per unit of $971.20) 12,046,000
Additions (124.5881 G.P. units at
October 31, 1997 redemption value
per unit of $971.20) 121,000
Redemption (10 L.P. units at
November 30,1997 redemption value
per unit of $968.87) (9,689)
---------------
Increase in net assets 12,107,380
Net assets, October 31, 1997 76,396,842
---------------
Net assets, November 30, 1997 $88,504,222
===============
Net asset value per unit $968.87
===============
($88,607,324 / 91,347.9027 units)
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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