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 December 31, 1997 to the
Partnership's final prospectus dated May 31, 1996.
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.
December 1997
The redemption value of the Smith Barney Westport Futures Fund L.P. was
$1,011.49 per unit at the end of December, up $42.62 or 4.4% from the close of
November.
The following comments pertain to the trading activities of the Fund's advisor,
John W. Henry & Company, Inc.
In December, solid profits were incurred in positions in currencies, metals,
global interest rates and energy. Positions in the Japanese financial markets --
including the Nikkei, yen and government bond -- produced the largest gain as
investors continued their flight of foreign capital to the U.S. and other
European major markets, amid increasing turbulence in Asian markets.
As gold prices pursued their steep path downward and silver prices reached an
eight-year high on strong global demand, JWH was positioned early on to realize
profits in both metals for the month of December. Profits were also achieved in
Copper.
Positions in crude oil profited as prices declined on reduced tensions in the
Middle East and the prospect for increased production quotas from OPEC.
Note from Smith Barney Futures Management
We appreciate your continued investment in the Fund and look forward to serving
your managed futures investment needs in 1998. For more information on this Fund
or information about other Smith Barney managed futures programs, please contact
your Smith Barney Financial Consultant.
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 December 1,
Through December 31, 1997
Percent
of Average
Net Assets
----------
Realized gains from trading $6,068,818 6.12
Change in unrealized gains/losses
from trading (587,942) (0.59)
----------------- -----------
5,480,876 5.53
Less, Brokerage commissions
and clearing fees ($6,570) 609,905 0.62
----------------- -----------
Net realized and unrealized gains 4,870,971 4.91
Interest Income 339,134 0.34
----------------- -----------
5,210,105 5.25
----------------- -----------
Less, Expenses:
Management fees 341,438 0.34
Incentive fees 754,816 0.76
Offering expenses (161,916) (0.16)
Other expenses 9,382 0.01
----------------- -----------
943,720 0.95
----------------- -----------
Net Income 4,266,385 4.30
===========
Additions (8,668.8617 L.P. units at
November 30, 1997 redemption value
per unit of $968.87) 8,399,000
Additions (88.7632 G.P. units at
November 30, 1997 redemption value
per unit of $968.87) 86,000
-----------------
Increase in net assets 12,751,385
Net assets, November 30, 1997 88,504,222
-----------------
Net assets, December 31, 1997 $101,255,607
=================
Net asset value per unit
($101,253,353 / 100,105.5276 units) $1,011.49
=================
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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