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 October 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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<PAGE>
Smith Barney
Westport Futures Fund L.P.
October 1997
The net asset value of the Smith Barney Westport Futures Fund L.P. was $971.20
per unit at the end of October, up $30.52 or 3.2% from the close of September.
The following comments pertain to the trading activities of the Fund's advisor,
John W. Henry & Company, Inc.
Volatility in Asian financial markets spread rapidly to Europe, the U.S. and
Latin America in October, sending global bourses into wild disarray. The
unprecedented speed with which market events unfolded, from the 13.2% crash in
Hong Kong's Hang Seng index on October 27 to its record 18.8% revival one day
later, was mirrored in equity markets around the globe.
Positions in a range of currencies and global interest rates made the greatest
contribution to overall gains during the month. These included U.S. Treasury
bonds which are widely viewed as a safe haven in times of crisis. Positions in
the British pound also were profitable as the currency received a boost from the
Labour Party's decision against early U.K. entry into the European currency
union. Gains were also recorded in the Australian dollar, which fell to its
lowest level against the U.S. dollar in two and a half years, on the back of
Asia's currency turmoil.
In the agricultural markets, gains in corn and smaller profits in sugar and
soybean oil more than offset losses in other commodities traded.
Trading in the base and precious metals markets was unprofitable as gold prices
were negatively impacted by reports that the Swiss central bank would consider
selling a large portion of its reserves. In the energy markets, positions in
crude oil resulted in losses as prices rose due to renewed tensions in the
Middle East.
Smith Barney Futures Management Inc.
<PAGE>
Smith Barney
Westport Futures Fund L.P.
Account Statement
For the Period October 1,
Through October 31, 1997
Percent
of Average
Net Assets
----------
Realized losses from trading ($4,706,843) (6.27)%
Change in unrealized gains/losses
from trading 7,857,827 10.47
--------------- -----------
3,150,984 4.20
Less, Brokerage commissions
and clearing fees ($8,166) 436,903 0.58
--------------- -----------
Net realized and unrealized gains 2,714,081 3.62
Interest Income 220,686 0.29
--------------- -----------
2,934,767 3.91
--------------- -----------
Less, Expenses:
Management fees 256,195 0.34
Incentive fees 43,021 0.06
Other expenses 9,312 0.01
--------------- -----------
308,528 0.41
--------------- -----------
Net Income 2,626,239 3.50%
===========
Additions (13,526.3852 L.P. units at
September 30, 1997 redemption value
per unit of $940.68) 12,724,000
Additions (137.1348 G.P. units at
September 30, 1997 redemption value
per unit of $940.68) 129,000
---------------
Increase in net assets 15,479,239
Net assets, September 30, 1997 60,917,603
---------------
Net assets, October 31, 1997 $76,396,842
===============
Net asset value per unit $969.13
===============
($76,396,842 / 78,830.1020 units)
Redemption value per unit (Note 1) $971.20
===============
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 $971.20.
The net asset value per unit of $969.13 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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