Item 1. Business.
(a) General development of business. Shearson Mid- West Futures Fund (the "Partnership") is a limited partnership organized on August 21, 1991 under the partnership laws of the State of New York. The Partnership commenced trading operations on December 2, 1991. The Partnership engages in 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. Between September 26, 1991 and December 2, 1991, 2,000 Units of limited partnership interest ("Units") were sold at $1,000 per Unit. The proceeds of the offering were held in an escrow account until December 2, 1991, at which time they were turned over to the Partnership for trading. Sales and redemptions of Units and general partner contributions and redemptions for the years ended December 31, 1996, 1995 and 1994 are reported in the Statements of Partners' Capital on page under "Item 8. Financial Statements and Supplementary Data." The Partnership will be liquidated upon the first to occur of the following: December 31, 2011; if the Net Asset Value per Unit falls below $350 as of the end of business on any business day or upon the earlier occurrence of certain other circumstances set forth in the Limited Partnership Agreement of the Partnership (the "Limited Partnership Agreement"). The Partnership's trading of futures contracts on commodities
is done on United States and foreign commodity exchanges. It engages in such trading through a commodity brokerage account maintained with its commodity broker, Smith Barney Inc. ("SB"). Smith Barney Futures Management Inc. acts as the general partner (the "General Partner") of the Partnership. SB is an affiliate of the General Partner. Under the Limited Partnership Agreement, the General Partner has sole responsibility for the administration of the business and affairs of the Partnership, but may delegate trading discretion to one or more trading advisors. The General Partner administers the business and affairs of the Partnership including selecting one or more advisors to make trading decisions for the Partnership. The Partnership will pay the General Partner a monthly administrative fee in return for its services to the Partnership equal to 1/12 of 1% (1% per year) of month-end Net Assets of the Partnership. This fee may be increased or decreased at the discretion of the General Partner. The General Partner has entered into a management agreement (the "Management Agreement") with John W. Henry & Company, Inc. (the "Advisor") who will make all commodity trading decisions for the Partnership. The Advisor is not affiliated with the General Partner or SB. The Advisor is not responsible for the organization or operation of the Partnership. Pursuant to the terms of the Management Agreement, the Partnership is obligated to pay the Advisor a monthly management fee equal to 1/3 of 1% (4% per year) of Net Assets allocated to the
Advisor as of the end of the month and an incentive fee payable quarterly of 15% of New Trading Profits of the Partnership. The Customer Agreement between the Partnership and SB (the "Customer Agreement") provides that the Partnership pays SB a monthly brokerage fee equal to 1/2 of 1% of month-end Net Assets (6% per year), in lieu of brokerage commissions on a per trade basis. SB pays a portion of its brokerage fees to its financial consultants who have sold Units. The Partnership pays for National Futures Association ("NFA") fees, exchange and clearing fees, give-up and user fees and floor brokerage fees. Brokerage fees will be paid for the life of the Partnership, although the rate at which such fees are paid may be changed. The Customer Agreement between the Partnership and SB gives the partnership the legal right to net unrealized gains and losses. The Customer Agreement may be terminated by either party. In addition, SB pays the Partnership interest on 80% of the average daily equity maintained in cash in its account during each month at the rate equal to the average noncompetitive yield of 13- week U.S. Treasury Bills as determined at the weekly auctions thereof during the month. (b) Financial information about industry segments. The Partnership's business consists of only one segment, speculative trading of commodity interests. The Partnership does not engage in sales of goods or services. The Partnership's net income (loss) from operations for the years ended December 31, 1996, 1995, 1994, 1993 and 1992 is set forth under "Item 6. Select Financial Data."
The Partnership capital as of December 31, 1996 was $62,075,305. (c) Narrative description of business. See Paragraphs (a) and (b) above. (i) through (x) - Not applicable. (xi) through (xii) - Not applicable. (xiii) - The Partnership has no employees. (d) Financial Information About Foreign and Domestic Operations and Export Sales. The Partnership does not engage in sales of goods or services, and therefore this item is not applicable. Item 2.
Item 2. Properties. The Partnership does not own or lease any properties. The General Partner operates out of facilities provided by its affiliate, SB. Item 3.
Item 3. Legal Proceedings. There are no pending legal proceedings to which the Partnership is a party or to which any of its assets is subject. No material legal proceedings affecting the Partnership were terminated during the fiscal year. Item 4.
Item 4. Submission of Matters to a Vote of Security Holders. There were no matters submitted to the security holders for a vote during the last fiscal year covered by this report.
PART II Item 5.
Item 5. Market for Registrant's Common Equity and Related Security Holder Matters. (a) Market Information. The Partnership has issued no stock. There is no established public trading market for the Units of Limited Partnership Interest. (b) Holders. The number of holders of Units of Partnership Interest as of December 31, 1996 was 723. (c) Distribution. The Partnership did not declare a distribution in 1996.
Item 6.
Item 6. Select Financial Data. Realized and unrealized trading gains (losses), interest income, net income (loss) and increase (decrease) in net asset value per Unit for the years ended December 31, 1996, 1995, 1994, 1993 and 1992 and total assets at December 31, 1996, 1995, 1994, 1993 and 1992 were as follows:
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. (a) Liquidity. The Partnership does not engage in sales of goods or services. Its only assets are its commodity futures trading account, consisting of cash and cash equivalents, net unrealized appreciation (depreciation) on open futures 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. Such substantial losses could lead to a material decrease in liquidity. To minimize this risk, the Partnership follows certain policies including: (1) Partnership funds are invested only in commodity contracts which are traded in sufficient volume to permit, in the opinion of the Advisor, ease of taking and liquidating positions. (2) The Partnership diversifies its positions among various commodities. The Advisor does not initiate additional positions in any commodity for the Partnership if such additional positions would result in aggregate positions for all commodities requiring a margin of more than 66-2/3% of net assets of the Partnership managed by the Advisor. (3) The Partnership may occasionally accept delivery of a commodity. Unless such delivery is disposed of promptly by retendering the warehouse receipt representing the delivery to the appropriate clearing house, the physical commodity position is fully hedged.
(4) The Partnership does not employ the trading technique commonly known as "pyramiding", in which the speculator uses unrealized profits on existing positions as margin for the purchases or sale of additional positions in the same or related commodities. (5) The Partnership does not utilize borrowings except short-term borrowings if the Partnership takes delivery of any cash commodities. (6) The Advisor may, from time to time, employ trading strategies such as spreads or straddles on behalf of the Partnership. The term "spread" or "straddle" describes a commodity futures trading strategy involving the simultaneous buying and selling of futures contracts on the same commodity but involving different delivery dates or markets and in which the trader expects to earn a profit from a widening or narrowing of the difference between the prices of the contracts. 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 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, or to purchase or sell other financial instruments at specified terms at specified futures dates. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments including market and credit risk. The General Partner monitors
and controls the Partnership 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. (See also Item 8.
Item 8. Financial Statements and Supplementary Data.
SHEARSON MID-WEST FUTURES FUND
Page Number
Report of Independent Accountants.
Financial Statements: Statement of Financial Condition at December 31, 1996 and 1995.
Statement of Income and Expenses for the years ended December 31, 1996, 1995 and 1994.
Statement of Partners' Capital for the years ended December 31, 1996, 1995, and 1994.
Notes to Financial Statements. -
Continued
Report of Independent Accountants
To the Partners of Shearson Mid-West Futures Fund:
We have audited the accompanying statement of financial condition of SHEARSON MID-WEST FUTURES FUND (formerly, SLB Mid-West Futures Fund L.P.) (a New York Limited Partnership) as of December 31, 1996 and 1995, and the related statements of income and expenses for the years ended December 31, 1996, 1995 and 1994, and of partners' capital for the years ended December 31, 1996, 1995 and 1994. These financial statements are the responsibility of the management of the General Partner. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management of the General Partner, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Shearson Mid-West Futures Fund as of December 31, 1996 and 1995, and the results of its operations for the years ended December 31, 1996, 1995 and 1994, in conformity with generally accepted accounting principles.
Coopers & Lybrand L.L.P.
New York, New York February 28, 1997
Shearson Mid-West Futures Fund Statement of Financial Condition December 31, 1996 and 1995
1996 1995 Assets: Equity in commodity futures trading account: Cash and cash equivalents (Note 3c) $67,722,636 $56,437,296 Net unrealized appreciation on open futures contracts 1,232,573 2,128,034 ----------- ----------- 68,955,209 58,565,330 Interest receivable 220,614 208,113 ----------- ----------- $69,175,823 $58,773,443 =========== =========== Liabilities and Partners' Capital: Liabilities: Accrued expenses: Commissions $ 345,879 $ 293,867 Management fees 229,433 194,932 Administrative fees 57,358 48,733 Incentive fees 1,923,668 Other 56,280 40,415 Redemptions payable (Note 5) 4,487,900 799,012 ----------- ----------- 7,100,518 1,376,959 ----------- ----------- Partners' capital (Notes 1, 5, and 6): General Partner, 322.1307 Unit equivalents outstanding in 1996 and 1995 744,070 587,086 Limited Partners, 26,552.1832 and 31,170.9645 Units of Limited Partnership Interest outstanding in 1996 and 1995, respectively 61,331,235 56,809,398 ----------- ----------- 62,075,305 57,396,484 ----------- ----------- $69,175,823 $58,773,443 =========== ===========
See notes to financial statements.
Shearson Mid-West Futures Fund Statement of Income and Expenses for the years ended December 31, 1996, 1995 and 1994
1996 1995 1994 Income: Net gains (losses) on trading of commodity interests: Realized gains (losses) on closed positions $ 21,703,191 $ 26,698,849 $ (878,687) Change in unrealized gains/ losses on open positions (895,461) (2,189,221) 1,603,140 ------------ ------------ ------------ 20,807,730 24,509,628 724,453 Less, Brokerage commissions and clearing fees ($56,807, $55,021, and $41,784, respectively) (Note 3c) (3,740,843) (3,830,022) (3,955,870) ------------ ------------ ------------ Net realized and unrealized gains (losses) 17,066,887 20,679,606 (3,231,417) Interest income (Note 3c) 2,245,474 2,649,301 2,157,483 ------------ ------------ ------------ 19,312,361 23,328,907 (1,073,934) ------------ ------------ ------------ Expenses: Management fees (Note 3b) 2,387,610 2,443,591 2,545,849 Incentive fees (Note 3b) 1,923,668 1,123,640 883,413 Administrative fees (Note 3a) 596,902 610,897 636,462 Other expenses 80,386 67,892 68,842 ------------ ------------ ------------ 4,988,566 4,246,020 4,134,566 ------------ ------------ ------------ Net income (loss) $ 14,323,795 $ 19,082,887 $ (5,208,500) ============ ============ ============ Net income (loss) per Unit of Limited Partnership Interest and General Partner Unit equivalent (Notes 1 and 6) $ 487.33 $ 484.87 $ (126.73) ============ ============ ============
See notes to financial statements.
Shearson Mid-West Futures Fund Statement of Partners' Capital for the years ended December 31, 1996, 1995, and 1994
Limited General Partners Partner Total Partners' capital at December 31, 1993 $ 65,480,359 $ 689,911 $ 66,170,270 Net loss (5,153,792) (54,708) (5,208,500) Redemption of 5,080.6786 Units of Limited Partnership Interest and General Partner redemption representing 3.8534 Unit equivalents (7,314,326) (5,000) (7,319,326) ------------ ------------ ------------
Partners' capital at December 31, 1994 53,012,241 630,203 53,642,444 Net Income 18,854,450 228,437 19,082,887 Redemption of 8,460.1486 Units of Limited Partnership Interest and General Partner redemption representing 149 Unit equivalents (15,057,293) (271,554) (15,328,847) ------------ ------------ ------------ Partners' capital at December 31, 1995 56,809,398 587,086 57,396,484 Net Income 14,166,811 156,984 14,323,795 Redemption of 4,618.7813 Units of Limited Partnership Interest (9,644,974) (9,644,974) ------------ ------------ ------------ Partners' capital at December 31, 1996 $ 61,331,235 $ 744,070 $ 62,075,305 ============ ============ ============
See notes to financial statements.
Shearson Mid-West Futures Fund
Notes to Financial Statements
1. Partnership Organization:
Shearson Mid-West Futures Fund (the "Partnership"), formerly SLB Mid-West Futures Fund L.P., is a limited partnership which was organized on August 21, 1991 under the partnership laws of the State of New York to engage 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.
Smith Barney Futures Management Inc. acts as the general partner (the "General Partner") of the Partnership. Smith Barney Inc. ("SB"), an affiliate of the General Partner, acts as commodity broker for the Partnership (see Note 3c). The General Partner and each limited partner share in the profits and losses of the Partnership in proportion to the amount of partnership interest owned by each except that no limited partner shall be liable for obligations of the Partnership in excess of his initial capital contribution and profits, if any, net of distributions. The Partnership was authorized to sell up to 40,000 Units of Limited Partnership Interest ("Units") during the offering period.
The Partnership will be liquidated upon the first to occur of the following: December 31, 2011; when the net asset value of a Unit decreases to less than $350 as of the close of business on any business day; or under certain other circumstances as defined in the Limited Partnership Agreement.
2. Accounting Policies:
a.All commodity interests (including derivative financial instruments and derivative commodity instruments) are used for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded in the statement of financial condition at market value for those commodity interests for which market quotations are readily available or at fair value on the last business day of the year. Investments in commodity interests denominated in foreign currency are translated into U.S. dollars at the exchange rates prevailing on the last business day of the year. Realized gain (loss) and changes in unrealized values on commodity interests are recognized in the period in which the contract is closed or the changes occur and are included in net gains (losses) on trading of commodity interests.
Shearson Mid-West Futures Fund
Notes to Financial Statements
b.Income taxes have not been provided as each partner is individually liable for the taxes, if any, on his share of the Partnership's income and expenses.
c.The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
3. Agreements:
a.Limited Partnership Agreement:
The General Partner administers the business and affairs of the Partnership including selecting one or more advisors to make trading decisions for the Partnership. The Partnership will pay the General Partner a monthly administrative fee in return for its services to the Partnership equal to 1/12 of 1% (1% per year) of month-end Net Assets of the Partnership. This fee may be increased or decreased at the discretion of the General Partner.
b.Management Agreement:
The Management Agreement that the General Partner, on behalf of the Partnership, entered into with the Advisor (John W. Henry & Company, Inc.), provides that the Advisor has sole discretion in determining the investment of the assets of the Partnership allocated to the Advisor by the General Partner. As compensation for services, the Partnership is obligated to pay the Advisor a monthly management fee of 1/3 of 1% (4% per year) of month-end Net Assets managed by the Advisor and an incentive fee, payable quarterly, equal to 15% of the New Trading Profits of the Partnership.
Shearson Mid-West Futures Fund
Notes to Financial Statements
c.Customer Agreement:
The Partnership has entered into a Customer Agreement which was assigned to SB whereby SB provides services which include, among other things, the execution of transactions for the Partnership's account in accordance with orders placed by the Advisor. The Partnership is obligated to pay a monthly brokerage fee to SB equal to 1/2 of 1% of month-end Net Assets (6% per year), in lieu of brokerage commissions on a per trade basis. A portion of this fee is paid to employees of SB who have sold Units of the Partnership. This fee does not include exchange, clearing, user, give-up, floor brokerage and NFA fees which will be borne by the Partnership. All of the Partnership's assets are deposited in the Partnership's account at SB. The Partnership's cash is deposited by SB in segregated bank accounts, as required by Commodity Futures Trading Commission regulations. At December 31, 1996 and 1995, the amount of cash held for margin requirements was $5,420,012 and $7,230,579, respectively. SB will pay the Partnership interest on 80% of the average daily equity maintained in cash in its account during each month at the rate of the average non-competitive yield of 13-week U.S. Treasury Bills as determined at the weekly auctions thereof during the month. The Customer Agreement between the Partnership and SB gives the Partnership the legal right to net unrealized gains and losses. The Customer Agreement may be terminated by either party.
4. 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 statement of income and expenses.
All of the commodity interests owned by the Partnership are held for trading purposes. The fair value of these commodity interests, including options thereon, at December 31, 1996 and 1995, was $1,232,573 and $2,128,034, respectively and the average fair value during the years then ended, based on monthly calculation, was $6,115,369 and $4,656,647, respectively.
5. Distributions and Redemptions:
Distributions of profits, if any, will be made at the sole discretion of the General Partner; however, a limited partner may redeem all or some of his Units (minimum 20 Units) at the Net Asset Value as of the last day of any month ending at least one month after trading commences on fifteen days written notice to the General Partner, provided that no redemption may result in the limited partner holding fewer than twenty Units after such redemption is effected.
Shearson Mid-West Futures Fund
Notes to Financial Statements
6. Net Asset Value Per Unit:
Changes in the net asset value per Unit for the years ended December 31, 1996, 1995 and 1994 were as follows:
1996 1995 1994 Net realized and unrealized gains (losses) $ 580.24 $ 526.56 $ (81.54) Interest income 74.28 75.44 50.10 Expenses (167.19) (117.13) (95.29) --------- --------- --------- Increase (decrease) for year 487.33 484.87 (126.73) Net asset value per Unit, beginning of year 1,822.51 1,337.64 1,464.37 --------- --------- --------- Net asset value per Unit, end of year $2,309.84 $1,822.51 $1,337.64 ========= ========= =========
7. 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 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 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.
Shearson Mid-West Futures Fund
Notes to Financial Statements
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 SB.
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 statistically 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 December 31, 1996, the notional or contractual amounts of the Partnership's commitment to purchase and sell these instruments was $330,829,321 and $206,505,668, respectively, as detailed below. All of these instruments mature within one year of December 31, 1996. However, due to the nature of the Partnership's business, these instruments may not be held to maturity. At December 31, 1996, the fair value of the Partnership's derivatives, including options thereon, was $1,232,573 as detailed below.
Shearson Mid-West Futures Fund
Notes to Financial Statements
Notional or Contractual Amount of Commitments To Purchase To Sell Fair Value Currencies -OTC Contracts $ 99,141,055 $ 75,992,123 $ 404,909 Interest Rate 219,258,860 87,845,793 (145,247) Non-U.S Interest Rate U.S. 12,429,406 0 (153,281) Metals 0 36,526,210 824,200 Indices 0 6,141,542 301,992 ------------ ------------ ------------ $330,829,321 $206,505,668 $ 1,232,573 ============ ============ ============
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. During the last two fiscal years and any subsequent interim period, no independent accountant who was engaged as the principal accountant to audit the Partnership's financial statements has resigned or was dismissed. PART III Item 10.
Item 10. Directors and Executive Officers of the Registrant. The Partnership has no officers or directors and its affairs are managed by its General Partner, Smith Barney Futures Management Inc. Investment decisions are made by John W. Henry & Company, Inc. (the "Advisor"). Item 11.
Item 11. Executive Compensation. The Partnership has no directors or officers. Its affairs are managed by Smith Barney Futures Management Inc., its General Partner, which receives compensation for its services, as set forth under "Item 1. Business." SB, an affiliate of the General Partner, is the commodity broker for the Partnership and receives brokerage commissions for such services, as described under "Item 1. Business." During the year ended December 31, 1996, SB earned $3,740,843 in brokerage commissions and clearing fees. The Advisor earned $2,387,610 in management fees and $1,923,668 in incentive fees during 1996. The General Partner earned $596,902 in administrative fees during 1996.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management. (a). Security ownership of certain beneficial owners. The Partnership knows of no person who beneficially owns more than 5% of the Units outstanding. (b). Security ownership of management. Under the terms of the Limited Partnership Agreement, the Partnership's affairs are managed by the General Partner. The General Partner owns Units of general partnership interest equivalent to 322.1307 (1.2%) Units of limited partnership interest as of December 31, 1996. (c). Changes in control. None. Item 13.
Item 13. Certain Relationships and Related Transactions. Smith Barney Inc. and Smith Barney Futures Management Inc. would be considered promoters for purposes of item 404(d) of Regulation S-K. The nature and the amounts of compensation each promoter will receive from the Partnership are set forth under "Item 1. Business." and "Item 11. Executive Compensation."
PART IV Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K. (a) (1) Financial Statements: Statement of Financial Condition at December 31, 1996 and 1995. Statement of Income and Expenses for the years ended December 31, 1996, 1995 and 1994. Statement of Partners' Capital for the years ended December 31, 1996, 1995 and 1994.
(2) Financial Statement Schedules: None (3) Exhibits: 3.1 - Certificate of Limited Partnership (previously filed). 3.2 - Limited Partnership Agreement (previously filed). 10.1 - Management Agreement among the Partnership, the General Partner and John W. Henry & Company, Inc. (previously filed). 10.2 - Customer Agreement between Partnership and Smith Barney Shearson Inc. (previously filed). 10.3 - Form of Subscription Agreement (previously filed). 10.4 - Letter dated February 16, 1995 from General Partner to John W. Henry & Company, Inc. extending Management Agreement (previously filed). (b) Report on Form 8-K: None Filed
Supplemental Information To Be Furnished With Reports Filed Pursuant To Section 15(d) Of The Act by Registrants Which Have Not Registered Securities Pursuant To Section 12 Of the Act.
Annual Report to Limited Partners
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York on the 24th day of March 1997.
SHEARSON MID-WEST FUTURES FUND L.P.
By: Smith Barney Futures Management Inc. (General Partner)
By /s/ David J. Vogel David J. Vogel, President & Director
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
/s/ David J. Vogel /s/ Jack H. Lehman III David J. Vogel, Jack H. Lehman III Director, Principal Executive Chairman and Director Officer and President
/s/ Michael Schaefer /s/ Daniel A. Dantuono Michael Schaefer Daniel A. Dantuono Director Treasurer, Chief Financial Officer and Director
/s/ Philip M. Waterman, Jr. /s/ Daniel R. McAuliffe, Jr. Philip M. Waterman, Jr. Daniel R. McAuliffe, Jr. Director and Vice-Chairman Director
/s/ Steve J. Keltz /s/ Shelley Ullman Steve J. Keltz Shelley Ullman Secretary and Director Director