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 September 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.
September 1997
The net asset value of the Smith Barney Westport Futures Fund L.P. was $940.68
per unit at the end of September, down 2.6% from the close of August. Profits in
the financial futures markets partially offset losses incurred in the commodity
markets, resulting in slightly negative performance for the month.
John W. Henry & Company (JWH), the Fund's advisor, achieved strong gains in
global interest rates, largely reflecting positions in the British Long gilt,
Japanese Government bond and Australian 10-year bond. These gains offset losses
incurred from positions in the U.S. 30-year bond. Losses were also incurred in
international stock market indices. Trading in the currency markets was
unprofitable, mainly due to positions in the British pound and Swiss franc.
In the softs markets, losses were incurred from positions in coffee and sugar as
both prices declined due to the expectation of a new supply from Brazil. Smaller
losses were incurred from positions in the grains markets.
In the energy markets, the advisor experienced losses from positions in crude
oil as prices fell due to an increase in inventory from summer lows. In the base
and precious metals markets, positions in gold were unprofitable as prices rose
during the month.
As we enter the fourth quarter, the advisor remains positioned across a wide
variety of markets in anticipation of trends becoming more evident. In the
interim, volatility and reversals can be expected.
Smith Barney Futures Management Inc.
<PAGE>
Smith Barney
Westport Futures Fund L.P.
Account Statement
For the Period September 1,
Through September 30, 1997
Percent
of Average
Net Assets
----------
Realized losses from trading ($3,220,935) (5.23)
Change in unrealized gains/losses
from trading 2,160,285 3.50
--------------- -----------
(1,060,650) (1.73)
Add, Brokerage commissions
and clearing fees ($2,279) 354,262 0.57
--------------- -----------
Net realized and unrealized losses (1,414,912) (2.30)
Interest Income 193,660 0.31
--------------- -----------
(1,221,252) (1.98)
--------------- -----------
Less, Expenses:
Management fees 205,020 0.33
Other expenses 9,020 0.01
--------------- -----------
214,040 0.34
--------------- -----------
Net Loss (1,435,292) (2.33)
===========
Additions (24,478.0880 G.P. units at
August 31, 1997 net asset value
per unit of $965.68) 23,638,000
Additions (247.4940 L.P. units at
August 31, 1997 net asset value
per unit of $965.68) 239,000
---------------
Increase in net assets 22,441,708
Net assets, August 31, 1997 38,475,895
---------------
Net assets, September 30, 1997 $60,917,603
===============
Net asset value per unit $934.80
===============
($60,917,603 / 65,166.5820 units)
Redemption value per unit (Note 1) $940.68
===============
Note 1: 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 $934.80.
The net asset value per unit of $940.68 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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