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 January 31, 1998 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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<PAGE>
Smith Barney
Westport Futures Fund L.P.
January 1998
The redemption value of the Smith Barney Westport Futures Fund L.P. was $980.75
per unit at the end of January, down 3.0% from the close of December.
The following comments pertain to the trading activities of the Fund's advisor,
John W. Henry & Company, Inc.
Small losses were incurred amid volatile trading conditions in key currencies,
metals, and stock indices. Solid gains in global interest rates and smaller
gains in energy and agricultural commodities failed to offset these losses.
Investors optimism over efforts to revive ailing Asian economies boosted the
Japanese yen against the U.S. dollar and gave support to the Nikkei; positions
in both resulted in losses. In Europe, as equity markets reached record highs,
bond markets also benefited from reduced concerns about inflation. Positions in
the German bond were particularly profitable. Gains were also realized in
coffee, where prices rose amid tight U.S. stockpiles.
Smith Barney Futures Management Inc.
<PAGE>
Smith Barney
Westport Futures Fund L.P.
Account Statement
For the Period January 1,
Through January 31, 1998
Percent
of Average
Net Assets
----------
Realized losses from trading ($718,618) (0.66)%
Change in unrealized gains/losses
from trading (2,036,179) (1.86)
----------------- -----------
(2,754,797) (2.52)
Add, Brokerage commissions
and clearing fees ($6,570) 639,673 0.58
----------------- -----------
Net realized and unrealized losses (3,394,470) (3.10)
Interest Income 381,898 0.35
----------------- -----------
(3,012,572) (2.75)
----------------- -----------
Less, Expenses:
Management fees 360,999 0.33
Other expenses 9,380 0.01
----------------- -----------
370,379 0.34
----------------- -----------
Net Loss (3,382,951) (3.09)%
===========
Additions (9,852.7914 L.P. units at
December 31, 1997 redemption value
per unit of $1,011.49) 9,966,000
Additions (98.8641 G.P. units at
December 31, 1997 redemption value
per unit of $1,011.49) 100,000
-----------------
Increase in net assets 6,683,049
Net assets, December 31, 1997 101,255,607
-----------------
Net assets, January 31, 1998 $107,938,656
=================
Net asset value per unit
($107,938,656 / 110,057.1831 units) $980.75
=================
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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