FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(X) QUARTERLY REPORT UNDER SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
OR ( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended June 30, 1999
Commission File Number 0-28350
SMITH BARNEY PRINCIPAL PLUS FUTURES FUND L.P.
(Exact name of registrant as specified in its charter)
New York 13-3823300
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Smith Barney Futures Management Inc.
390 Greenwich St. - 1st Fl.
New York, New York 10013
(Address and Zip Code of principal executive offices)
(212) 723-5424
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
<PAGE>
SMITH BARNEY PRINCIPAL PLUS FUTURES FUND L.P.
FORM 10-Q
INDEX
Page
Number
PART I - Financial Information:
Item 1. Financial Statements:
Statement of Financial Condition
at June 30, 1999 (unaudited) and
December 31, 1998. 3
Statement of Income and Expenses
and Partners' Capital for the three
and six months ended June 30, 1999
and 1998 (unaudited). 4
Notes to Financial Statements
(unaudited). 5 - 9
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations. 10 - 13
Item 3. Quantitative and Qualitative
Disclosures of Market Risk 14 - 15
PART II - Other Information 16
2
<PAGE>
PART I
Item 1. Financial Statements
SMITH BARNEY PRINCIPAL PLUS FUTURES FUND L.P.
STATEMENT OF FINANCIAL CONDITION
JUNE 30, DECEMBER 31,
1999 1998
----------- ------------
(Unaudited)
ASSETS:
Equity in commodity futures trading account:
Cash $10,930,859 $12,186,981
Net unrealized appreciation
on open futures contracts 883,729 1,350,548
Zero Coupons, $24,489,000 and $25,801,000
principal amount in 1999 and 1998, respectively,
due February 15, 2003 at market value
(amortized cost $19,890,446 and $20,356,124
in 1999 and 1998, respectively) 19,898,537 21,303,885
Commodity options owned at market
value ($18,641) 11,708 --
----------- -----------
31,724,833 34,841,414
Receivable from SSB on sale of Zero Coupons 441,717 330,440
Interest receivable 31,901 36,686
----------- -----------
$32,198,451 $35,208,540
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL:
Liabilities:
Accrued expenses:
Commissions $ 92,078 $ 109,341
Management fees 38,785 47,621
Incentive fees -- 203,874
Other 38,107 40,606
Redemption payable 696,043 532,692
----------- -----------
865,013 934,134
----------- -----------
Partners' Capital:
General Partner, 376 Unit
equivalents outstanding in 1999 and 1998 481,088 499,482
Limited Partners, 24,113 and 25,425
Units of Limited Partnership Interest
outstanding in 1999 and 1998 , respectively 30,852,350 33,774,924
----------- -----------
31,333,438 34,274,406
----------- -----------
$32,198,451 $35,208,540
=========== ===========
See Notes to Financial Statements.
3
<PAGE>
SMITH BARNEY PRINCIPAL PLUS FUTURES FUND L.P.
STATEMENT OF INCOME AND EXPENSES AND PARTNERS' CAPITAL
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------------------ --------------------------
1999 1998 1999 1998
------------------------------ --------------------------
<S> <C> <C> <C> <C>
Income:
Net gains (losses) on trading of commodity
futures:
Realized gains (losses) on closed positions $ 544,860 $ (366,936) $ 211,190 $ (260,078)
Change in unrealized gains/losses on open
positions 591,632 (591,850) (473,752) (1,344,658)
------------ ------------ ------------ ------------
1,136,492 (958,786) (262,562) (1,604,736)
Less, brokerage commissions including clearing fees
of $8,555, $9,575, $18,560 and $21,820, respectively (307,808) (313,512) (619,792) (659,349)
------------ ------------ ------------ ------------
Net realized and unrealized gains (losses) 828,684 (1,272,298) (882,354) (2,264,085)
Gain (loss) on sale of Zero Coupons (129) 9,471 12,908 12,956
Unrealized appreciation (depreciation)
on Zero Coupons (424,620) 167,037 (939,670) 224,026
Interest income 393,250 427,647 791,598 881,651
------------ ------------ ------------ ------------
797,185 (668,143) (1,017,518) (1,145,452)
------------ ------------ ------------ ------------
Expenses:
Management fees 115,073 122,687 232,823 259,152
Other 15,955 14,742 32,372 28,918
Incentive fees -- (16,601) -- 13,904
------------ ------------ ------------ ------------
131,028 120,828 265,195 301,974
------------ ------------ ------------ ------------
Net income (loss) 666,157 (788,971) (1,282,713) (1,447,426)
Redemptions (696,043) (1,168,610) (1,658,255) (2,220,299)
------------ ------------ ------------ ------------
Net decrease in Partners' capital (29,886) (1,957,581) (2,940,968) (3,667,725)
Partners' capital, beginning of period 31,363,324 33,886,259 34,274,406 35,596,403
------------ ------------ ------------ ------------
Partners' capital, end of period $ 31,333,438 $ 31,928,678 $ 31,333,438 $ 31,928,678
============ ============ ============ ============
Net asset value per Unit
(24,489 and 27,322 Units outstanding
at June 30, 1999 and 1998, respectively) $ 1,279.49 $ 1,168.61 $ 1,279.49 $ 1,168.61
============ ============ ============ ============
Net gain (loss) per Unit of Limited Partnership
Interest and General Partner Unit equivalent $ 26.61 $ (27.85) $ (48.92) $ (50.40)
============ ============ ============ ============
</TABLE>
See Notes to Finanacial Statements
4
<PAGE>
SMITH BARNEY PRINCIPAL PLUS FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 1999
(Unaudited)
1. General:
Smith Barney Principal Plus Futures Fund L.P. (the "Partnership") is a
limited partnership which was initially organized on January 25, 1993 under the
partnership laws of the State of New York and was capitalized on April 12, 1995.
No activity occurred between January 25, 1993 and April 12, 1995. The
Partnership engages in the speculative trading of a diversified portfolio of
commodity interests including futures contracts, options and forward contracts.
The commodity interests that are traded by the Partnership are volatile and
involve a high degree of market risk. The Partnership maintains a portion of its
assets in interest payments stripped from U.S. Treasury Bonds under the
Treasury=s STRIPS program which payments are due approximately seven years from
the date trading commenced ("Zero Coupons").
Smith Barney Futures Management Inc. acts as the general partner (the
"General Partner") of the Partnership. The Partnership's commodity broker is
Salomon Smith Barney Inc. ("SSB"). SSB is an affiliate of the General Partner.
The General Partner is wholly owned by Salomon Smith Barney Holdings Inc.
("SSBH"), which is the sole owner of SSB. SSBH is a wholly owned subsidiary of
Citigroup Inc. All trading decisions are made for the Partnership by John W.
Henry & Company, Inc., Fort Orange Capital Management Inc. and Rabar Market
Research Inc. (collectively, the "Advisors").
The accompanying financial statements are unaudited but, in the opinion
of management, include all adjustments, consisting only of normal recurring
adjustments, necessary for a fair presentation of the Partnership's financial
condition at June 30, 1999 and the results of its operations for the three and
six months ended June 30, 1999 and 1998. These financial statements present the
results of interim periods and do not include all disclosures normally provided
in annual financial statements. It is suggested that these financial statements
be read in conjunction with the financial statements and notes included in the
Partnership's annual report on Form 10-K filed with the Securities and Exchange
Commission for the year ended December 31, 1998.
Due to the nature of commodity trading, the results of operations for
the interim periods presented should not be considered indicative of the results
that may be expected for the entire year.
5
<PAGE>
SMITH BARNEY PRINCIPAL PLUS FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS
(continued)
2. Net Asset Value Per Unit:
Changes in net asset value per Unit for the three and six months
ended June 30, 1999 and 1998 were as follows:
THREE-MONTHS ENDED SIX-MONTHS ENDED
JUNE 30, JUNE 30,
1999 1998 1999 1998
---------------------- --------------------
Net realized and unrealized
gains (losses) $ 33.10 $ (44.92)$ (33.22)$ (78.88)
Realized and unrealized
gains (losses) on Zero
Coupons (16.96) 6.24 (36.41) 8.31
Interest income 15.72 15.11 31.17 30.65
Expenses (5.25) (4.28) (10.46) (10.48)
--------- --------- --------- ---------
Increase (decrease) for
period 26.61 (27.85) (48.92) (50.40)
Net Asset Value per Unit,
beginning of period 1,252.88 1,196.46 1,328.41 1,219.01
--------- --------- --------- ---------
Net Asset Value per Unit,
end of period $ 1,279.49 $ 1,168.61 $ 1,279.49 $ 1,168.61
========= ========= ========= =========
3. Trading Activities:
The Partnership was formed for the purpose of trading contracts in a
variety of commodity interests, including derivative financial instruments and
derivative commodity instruments. The results of the Partnership's trading
activity are shown in the statements of income and expenses.
The Customer Agreement between the Partnership and SSB gives the
Partnership the legal right to net unrealized gains and losses.
All of the commodity interests owned by the Partnership are held for
trading purposes. The fair value of these commodity interests, including options
thereon, if applicable, at June 30, 1999 and December 31, 1998 was $895,437 and
$1,350,548, respectively, and the average fair value during the six and twelve
months then ended, based on monthly calculation, was $658,965 and $1,147,510,
respectively.
6
<PAGE>
4. Financial Instrument Risk:
The Partnership is party to financial instruments with off-balance
sheet risk, including derivative financial instruments and derivative commodity
instruments, in the normal course of its business. These financial instruments
may include forwards, futures and options, whose value is based upon an
underlying asset, index, or reference rate, and generally represent future
commitments to exchange currencies or cash flows, to purchase or sell other
financial instruments at specific terms at specified future dates, or, in the
case of derivative commodity instruments, to have a reasonable possibility to be
settled in cash, through physical delivery or with another financial instrument.
These instruments may be traded on an exchange or over-the-counter ("OTC").
Exchange traded instruments are standardized and include futures and certain
option contracts. OTC contracts are negotiated between contracting parties and
include forwards and certain options. Each of these instruments is subject to
various risks similar to those related to the underlying financial instruments
including market and credit risk. In general, the risks associated with OTC
contracts are greater than those associated with exchange traded instruments
because of the greater risk of default by the counterparty to an OTC contract.
Market risk is the potential for changes in the value of the financial
instruments traded by the Partnership due to market changes, including interest
and foreign exchange rate movements and fluctuations in commodity or security
prices. Market risk is directly impacted by the volatility and liquidity in the
markets in which the related underlying assets are traded.
Credit risk is the possibility that a loss may occur due to the failure
of a counterparty to perform according to the terms of a contract. Credit risk
with respect to exchange traded instruments is reduced to the extent that an
exchange or clearing organization acts as a counterparty to the transactions.
The Partnership's risk of loss in the event of counterparty default is typically
limited to the amounts recognized in the statement of financial condition and
not represented by the contract or notional amounts of the instruments. The
Partnership has concentration risk because the sole counterparty or broker with
respect to the Partnership's assets is SSB.
The General Partner monitors and controls the Partnership's risk
exposure on a daily basis through financial, credit and risk management
monitoring systems and, accordingly believes that it has effective procedures
for evaluating and limiting the credit and market risks to which the Partnership
is subject. These monitoring systems allow the General Partner to statisticall
7
<PAGE>
analyze actual trading results with risk adjusted performance indicators and
correlation statistics. In addition, on-line monitoring systems provide account
analysis of futures, forwards and options positions by sector, margin
requirements, gain and loss transactions and collateral positions.
The notional or contractual amounts of these instruments, while not
recorded in the financial statements, reflect the extent of the Partnership's
involvement in these instruments.
At June 30, 1999, the notional or contractual amounts of the
Partnership's commitment to purchase and sell these instruments was $23,506,171
and $205,682,516, respectively, as detailed below. All of these instruments
mature within one year of June 30, 1999. However, due to the nature of the
Partnership's business, these instruments may not be held to maturity. At June
30, 1999, the fair value of the Partnership's derivatives, including options
thereon, if applicable, was $895,437, as detailed below.
JUNE 30, 1999
NOTIONAL OR CONTRACTUAL
AMOUNT OF COMMITMENTS
TO PURCHASE TO SELL FAIR VALUE
Currencies
- - Exchange Traded Contracts $ 5,356,559 $ 8,245,196 $ 37,523
- - OTC Contracts 246,445 15,310,575 165,521
Energy 1,962,753 -- 45,996
Grains 54,700 739,249 15,268
Interest Rates U.S. 10,641 40,972,623 103,644
Interest Rates Non-U.S 968,389 130,271,970 438,921
Livestock 194,175 154,200 17,770
Metals 3,526,780 8,365,505 (28,012)
Softs 127,240 899,598 13,067
Indices 11,003,161 723,600 76,491
Lumber 55,328 -- 9,248
------------ ------------ ------------
Totals $ 23,506,171 $205,682,516 $ 895,437
============ ============ ============
8
<PAGE>
At December 31, 1998, the notional or contractual amounts of the
Partnership's commitment to purchase and sell these instruments was $101,948,437
and $95,047,009, respectively, and, the fair value of the Partnership's
derivatives, including options thereon, if applicable, was $1,350,548, as
detailed below.
DECEMBER 31,1998
NOTIONAL OR CONTRACTUAL
AMOUNT OF COMMITMENTS
TO PURCHASE TO SELL FAIR VALUE
Currencies
- - Exchange Traded Contracts $ 3,636,075 $ 1,874,375 $ 54,358
- - OTC Contracts 5,170,563 1,578,002 53,374
Energy -- 1,298,588 (47,454)
Grains 191,782 2,987,925 58,398
Interest Rates U.S. 9,430,094 12,005,819 (82,237)
Interest Rates Non-U.S 80,293,487 66,487,227 1,290,455
Livestock -- 865,450 25,120
Softs 297,225 1,540,440 93,013
Metals 2,636,819 6,289,250 (97,212)
Indices 292,392 119,933 2,733
------------ ------------ ------------
Totals $101,948,437 $ 95,047,009 $ 1,350,548
============ ============ ============
9
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Liquidity and Capital Resources
The Partnership does not engage in the sale of goods or services. Its only
assets are its equity in its commodity futures trading account, consisting of
cash and cash equivalents, Zero Coupons, net unrealized appreciation
(depreciation) on open futures and forward contracts, commodity options and
interest receivable. Because of the low margin deposits normally required in
commodity futures trading, relatively small price movements may result in
substantial losses to the Partnership. While substantial losses could lead to a
substantial decrease in liquidity, no such losses occurred in the Partnership's
second quarter of 1999.
The Partnership's capital consists of capital contributions, as increased or
decreased by gains or losses on commodity futures trading and Zero Coupons,
expenses, interest income, redemptions of Units and distributions of profits, if
any.
For the six months ended June 30, 1999, Partnership capital decreased 8.6% from
$34,274,406 to $31,333,438. This decrease was attributable to net loss from
operations of $1,282,713 coupled with the redemption of 1,312 Units totaling
$1,658,255 for the six months ended June 30, 1999. Future redemptions can impact
the amount of funds available for investments in commodity contract positions in
subsequent periods.
Risk of Computer System Failure (Year 2000 Issue)
The Year 2000 issue is the result of existing computers in
many businesses using only two digits to identify a year in the date field.
These computers and programs, often referred to as "information technology,"
were designed and developed without considering the impact of the upcoming
change in the century. If not corrected, many computer applications could fail
or create erroneous results at the Year 2000. Such systems and processes are
dependent on correctly identifying dates in the next century.
The General Partner administers the business of the
Partnership through various systems and processes maintained by SSBH and SSB. In
addition, the operation of the Partnership is dependent on the capability of the
Partnership's Advisors, the brokers and exchanges through which the Advisors
trade, and other third parties to prepare adequately for the Year 2000 impact on
their systems and processes. The Partnership itself has no systems or
information technology applications relevant to its operations.
10
<PAGE>
The General Partner, SSB, SSBH and their parent organization
Citigroup Inc. have undertaken a comprehensive, firm-wide evaluation of both
internal and external systems (systems related to third parties) to determine
the specific modifications needed to prepare for the year 2000. The combined
Year 2000 program in SSB is expected to cost approximately $140 million over the
four years from 1996 through 1999, and has involved over 450 people. As of June
30, 1999, SSB has completed all compliance and certification work.
The systems and components supporting the General Partner's
business that require remediation have been brought into Year 2000 compliance.
Final testing and certification was completed as of June 30, 1999.
This expenditure and the General Partner's resources dedicated
to the preparation for Year 2000 do not and will not have a material impact on
the operation or results of the Partnership.
The General Partner has received statements from the Advisors
that they have completed their Year 2000 remediation program.
The most likely and most significant risk to the Partnership
associated with the lack of Year 2000 readiness is the failure of outside
organizations, including the commodities exchanges, clearing organizations, or
regulators with which the Partnership interacts to resolve their Year 2000
issues in a timely manner. This risk could involve the inability to determine
the value of the Partnership at some point in time and would make effecting
purchases or redemptions of Units in the Partnership infeasible until such
valuation was determinable.
SSB has successfully participated in industry-wide testing
including: The Streetwide Beta Testing organized by the Securities Industry
Association (SIA), a government securities clearing test with the Federal
Reserve Bank of New York, The Depository Trust Company, and The Bank of New
York, and Futures Industry Association participants test. The firm also
participated in the streetwide testing that was conducted from March through May
1999.
It is possible that problems may occur that would require some
time to repair. Moreover, it is possible that problems will occur outside SSBH
for which SSBH could experience a secondary effect. Consequently, SSBH has
prepared comprehensive, written contingency plans so that alternative procedures
and a framework for critical decisions are defined before any potential crisis
occurs.
11
<PAGE>
The goal of year 2000 contingency planning is a set of
alternate procedures to be used in the event of a critical system failure by a
supplier of counterparty. Planning work was completed in January 1999, and
testing of alternative procedures will be completed in the third and fourth
quarter of 1999.
Results of Operations
During the Partnership's second quarter of 1999, the net asset value
per unit increased 2.1% from $1,252.88 to $1,279.49 as compared to a decrease of
2.3% in the second quarter of 1998. The Partnership experienced a net trading
gain before brokerage commissions and related fees in the second quarter of 1999
of $1,136,492. Gains were primarily attributable to the trading of commodity
futures in currencies, energy, grains, U.S. and non-U.S. interest rates, indices
and metals and were partially offset by losses recognized in trading of
livestock and softs. The Partnership experienced a net trading loss before
brokerage commissions and related fees in the second quarter of 1998 of
$958,786. These losses were primarily attributable to the trading of commodity
futures in currencies, energy, U.S. and non-U.S. interest rates, indices and
metals and were partially offset by gains in livestock and softs.
Commodity futures markets are highly volatile. Broad price
fluctuations and rapid inflation increase the risks involved in commodity
trading, but also increase the possibility of profit. The profitability of the
Partnership depends on the existence of major price trends and the ability of
the Advisors to identify correctly those price trends. Price trends are
influenced by, among other things, changing supply and demand relationships,
weather, governmental, agricultural, commercial and trade programs and policies,
national and international political and economic events and changes in interest
rates. To the extent that market trends exist and the Advisors are able to
identify them, the Partnership expects to increase capital through operations.
Interest income on 80% of the Partnership's daily average equity
maintained in cash was earned at a 30-day U.S. Treasury bill rate. Also included
in interest income is the amortization of original issue discount on the Zero
Coupons based on the interest method. Interest income for the three and six
months ended June 30, 1999 decreased by $34,397 and $90,053, respectively, as
compared to the corresponding periods in 1998. The decrease in interest income
is primarily due to the effect of redemptions on the Partnership's Zero Coupons
and equity maintained in cash.
Brokerage commissions are calculated on the adjusted net asset value
on the last day of each month and, therefore, vary according to trading
12
<PAGE>
performance and redemptions. Accordingly, they must be compared in relation to
the fluctuations in the monthly net asset values. Commissions and fees for the
three and six months ended June 30, 1999 decreased by $5,704 and $39,557,
respectively, as compared to the corresponding periods in 1998.
All trading decisions for the Partnership are currently being made by
the Advisors. Management fees are calculated as a percentage of the
Partnership's net asset value as of the end of each month and are affected by
trading performance and redemptions. Management fees for the three and six
months ended June 30, 1999 decreased by $7,614 and $26,329, respectively, as
compared to the corresponding periods in 1998.
Incentive fees are based on the new trading profits generated by each
Advisor as defined in the advisory agreements between the Partnership, the
General Partner and each Advisor. Trading performance for the six months ended
June 30, 1998 resulted in incentive fees of $13,904. There were no incentive
fees earned for the three months ended June 30, 1999 or 1998 and the six months
ended June 30, 1999.
13
<PAGE>
Item. 3 Quantitative and Qualitative Disclosures of Market Risk
The Partnership is a speculative commodity pool. The market sensitive
instruments held by it are acquired for speculative trading purposes, and all or
substantially all of the Partnership's assets are subject to the risk of trading
loss. Unlike an operating company, the risk of market sensitive instruments is
integral, not incidental, to the Partnership's main line of business.
Market movements result in frequent changes in the fair market value of
the Partnership's open positions and, consequently, in its earnings and cash
flow. The Partnership's market risk is influenced by a wide variety of factors,
including the level and volatility of interest rates, exchange rates, equity
price levels, the market value of financial instruments and contracts, the
diversification effects among the Partnership's open positions and the liquidity
of the markets in which it trades.
The Partnership rapidly acquires and liquidates both long and short
positions in a wide range of different markets. Consequently, it is not possible
to predict how a particular future market scenario will affect performance, and
the Partnership's past performance is not necessarily indicative of its future
results.
Value at Risk is a measure of the maximum amount which the Partnership
could reasonably be expected to lose in a given market sector. However, the
inherent uncertainty of the Partnership's speculative trading and the recurrence
in the markets traded by the Partnership of market movements far exceeding
expectations could result in actual trading or non-trading losses far beyond the
indicated Value at Risk or the Partnership's experience to date (i.e., "risk of
ruin"). In light of the foregoing as well as the risks and uncertainties
intrinsic to all future projections, the inclusion of the quantification
included in this section should not be considered to constitute any assurance or
representation that the Partnership's losses in any market sector will be
limited to Value at Risk or by the Partnership's attempts to manage its market
risk.
14
<PAGE>
The following table indicates the trading Value at Risk associated with
the Partnership's open positions by market category as of June 30, 1999. All
open position trading risk exposures of the Partnership have been included in
calculating the figures set forth below. As of June 30, 1999, the Partnership's
total capitalization was $31,333,438. There has been no material change in the
trading Value at Risk information previously disclosed in the Form 10-K for the
year ended December 31, 1998.
June 30, 1999
% of Total
Market Sector Value at Risk Capitalization
Currencies
- OTC Contracts $ 302,973 0.97%
- Exchange Traded Contacts 106,887 0.34%
Energy 125,400 0.40%
Grains 28,600 0.09%
Interest rates U.S. 206,194 0.66%
Interest rates Non-U.S 722,456 2.31%
Livestock 11,125 0.04%
Metals 218,720 0.70%
Softs 50,200 0.16%
Indices 744,916 2.38%
Lumber 1,600 0.01%
---------- ----
Total $2,519,071 8.04%
========== ====
15
<PAGE>
PART II OTHER INFORMATION
Item 1. Legal Proceedings
For information concerning a purported class action against
numerous broker-dealers including Salomon Smith Barney, see the
description that appears in the sixth paragraph under the caption Item
3. "Legal Proceedings" on Form 10-K for the year ending December 31,
1998. SSBH has filed a motion to dismiss the amended complaint
Item 2. Changes in Securities and Use of Proceeds - None
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information - None
Item 6. (a) Exhibits - None
(b) Reports on Form 8-K - None
16
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
SMITH BARNEY PRINCIPAL PLUS FUTURES FUND L.P.
By: Smith Barney Futures Management Inc.
(General Partner)
By: /s/ David J. Vogel, President
David J. Vogel, President
Date: 8/13/99
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
By: Smith Barney Futures Management Inc.
(General Partner)
By: /s/ David J. Vogel, President
David J. Vogel, President
Date: 8/13/99
By /s/ Daniel A. Dantuono
Daniel A. Dantuono
Chief Financial Officer and
Director
Date: 8/13/99
17
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000944697
<NAME> Smith Barney Principal PLUS Futures Fund L.P.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 10,930,859
<SECURITIES> 20,793,974
<RECEIVABLES> 473,618
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 32,198,451
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 32,198,451
<CURRENT-LIABILITIES> 865,013
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 31,333,438
<TOTAL-LIABILITY-AND-EQUITY> 32,198,451
<SALES> 0
<TOTAL-REVENUES> (1,017,518)
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 265,195
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,282,713)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,282,713)
<EPS-BASIC> (48.92)
<EPS-DILUTED> 0
</TABLE>
