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 March 31, 2002
                      --------------

Commission File Number 0-24111

                     SMITH BARNEY WESTPORT FUTURES FUND L.P.
           ----------------------------------------------------------
             (Exact name of registrant as specified in its charter)

      New York                                        13-3939393
      --------------------------------------------------------------------
      (State or other jurisdiction of              (I.R.S. Employer
       incorporation or organization)               Identification No.)

                     c/o Smith Barney Futures Management LLC
                           388 Greenwich St. - 7th 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 WESTPORT FUTURES FUND L.P.
                                    FORM 10-Q
                                      INDEX

                                                                    Page Number

PART I - Financial Information:

               Item 1.       Financial Statements:

                             Statement of Financial Condition at
                             March 31, 2002 and December 31,
                             2001 (unaudited).                            3

                             Condensed Schedules of Investments at
                             March 31, 2002 and December 31, 2001
                             (unaudited).                               4 - 5

                             Statement of Income and Expenses and
                             Partners' Capital for the three months
                             ended March 31, 2002 and 2001
                             (unaudited).                                 6

                             Notes to Financial Statements
                             (unaudited).                               7 - 10

               Item 2.       Management's Discussion and Analysis
                             of Financial Condition and Results of
                             Operations.                               11 - 12

               Item 3.       Quantitative and Qualitative
                             Disclosures of Market Risk                13 - 14

PART II - Other Information                                               15



                                       2
<PAGE>

                                  PART I

                       Item 1. Financial Statements


                  Smith Barney Westport Futures Fund L.P.
                     STATEMENT OF FINANCIAL CONDITION
                                (Unaudited)

<TABLE>
<CAPTION>
                                                         March 31,  December 31,
                                                          2002            2001
                                                       ----------    -----------

<S>                                                       <C>               <C>
ASSETS:
Equity in commodity futures trading account:
  Cash                                                 $58,334,566   $63,559,232
  Net unrealized appreciation
   on open futures contracts                               840,575     3,772,859
                                                       -----------   -----------
                                                        59,175,141    67,332,091
Interest receivable                                         69,868        77,116
                                                       -----------   -----------
                                                       $59,245,009   $67,409,207
                                                       ===========   ===========
LIABILITIES AND PARTNERS' CAPITAL:
Liabilities:
 Accrued expenses:
  Commissions                                          $   276,747   $   314,884
  Management fees                                           98,074       111,671
  Other                                                    123,979        91,741
Redemptions payable                                        542,596       972,605
                                                       -----------   -----------
                                                         1,041,396     1,490,901
                                                       -----------   -----------
Partners' Capital:
General Partner, 1,212.9836 Unit equivalents
  outstanding in 2002 and 2001                           1,197,615     1,330,275
Limited Partners, 57,737.3237 and 58,893.2695
  Units of Limited Partnership Interest outstanding
   in 2002 and 2001, respectively                       57,005,998    64,588,031
                                                       -----------   -----------
                                                        58,203,613    65,918,306
                                                       -----------   -----------
                                                       $59,245,009   $67,409,207
                                                       ===========   ===========
</TABLE>
See Notes to Financial Statements.


                                       3
<PAGE>

                              Smith Barney Westport
                                Futures Fund L.P.
                        Condensed Schedule of Investments
                                 March 31, 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
Sector                               Contract                              Fair Value
-----------------        -----------------------                          -----------
<S>                                    <C>                                  <C>
Currencies
                         Over the counter contracts purchased - (3.11)%   $(1,812,496)
                         Over the counter contracts sold - 0.72%              419,909
                                                                          -----------
   Total Currencies - (2.39)%                                              (1,392,587)
                                                                          -----------
Total Energy - 1.13%     Futures contract - 1.13%                             656,036
                                                                          -----------
Grains
                         Futures contracts purchased - 0.04%                   23,598
                         Futures contracts sold - 0.20%                       114,450
                                                                          -----------
    Total Grains - 0.24%                                                      138,048
                                                                          -----------

Total Interest Rates U.S.- 0.16% Futures contract sold - 0.16%                 95,475
                                                                          -----------
Interest Rates Non-U.S
                         Futures contracts sold - 0.54%                       315,103
                         Futures contracts purchased - 1.32%                  767,132
                                                                          -----------
   Total Interest Rates Non-U.S. - 1.86%                                    1,082,235
                                                                          -----------

Total Livestock - 0.04%  Futures contract sold - 0.04%                         24,160
                                                                          -----------
Metals
                         Futures contracts purchased - 0.32%                  191,338
                         Futures contracts sold - (0.11)%                     (65,069)
                                                                          -----------
   Total Metals - 0.21%                                                       126,269
                                                                          -----------
Softs
                         Futures contracts purchased - 0.32%                  187,613
                         Futures contracts sold - (0.06)%                     (33,964)
                                                                          -----------
    Total Softs - 0.26%                                                       153,649
                                                                          -----------
 Indices
                         Futures contracts purchased - (0.27)%               (159,795)
                         Futures contracts sold - 0.20%                       117,085
                                                                          -----------
    Total Indices - (0.07)%                                                   (42,710)
                                                                          -----------

Total Fair Value - 1.44%                                                  $   840,575
                                                                          ===========


</TABLE>

                                                                % of Investments
     Country                   Investments at Fair Value           at Fair Value
     ----------------          -------------------------           -------------
     Australia                     $ (83,778)                            (9.97)%
     Canada                             (377)                            (0.04)%
     Germany                         810,515                             96.42%
     Japan                           111,539                             13.27%
     United Kingdom                  272,305                             32.40%
     United States                  (269,629)                           (32.08)%
                               --------------                       ------------
                                   $ 840,575                            100.00%
                               ==============                       ============


Percentages are based on Partners' capital unless otherwise indicated
See Notes to Financial Statements


                                       4
<PAGE>

                              Smith Barney Westport
                                Futures Fund L.P.
                        Condensed Schedule of Investments
                                December 31,2001
                                   (Unaudited)
<TABLE>
<CAPTION>

                      Number of
Sector                Contracts         Contract                                   Fair Value
-------------------   ---------         --------------------------------          -----------
<S>                       <C>            <C>                                             <C>
Total Energy-(0.37)%                    Futures contracts sold - (0.37)%           $ (242,843)
                                                                                  -----------

Total Grains-0.28%                      Futures contracts sold - 0.29%                193,543
                                                                                  -----------

Total Interest Rates U.S.-(0.03)%       Futures contracts sold - (0.03)%             (20,832)
                                                                                 ------------
Interest Rates Non-U.S.
                                        Futures contracts sold 1.03%                  681,997
                                        Futures contracts purchased - (0.20)%        (134,404)
                                                                                  -----------
    Total Interest Rates Non-U.S.-0.83%                                               547,593
                                                                                  -----------

Total Livestock - (0.01)%               Futures contracts sold - (0.01)%              (12,550)
                                                                                   ----------
Metals
                                        Futures contracts sold - (0.76)%             (504,426)
                                        Futures contracts purchased - (0.37)%        (246,518)
                                                                                  -----------
     Total Metals - (1.13)%                                                          (750,944)
                                                                                  -----------
Currencies
                                        Over the counter contracts sold - 5.9%
                  JPY (11,920,547,800)  JPY/USD - 6.0%, March 20, 2002              3,953,503
                                        Other - (0.10)%                               (61,329)
                                        Over the counter contracts purchased - 0.11%   72,598
                                                                                   ----------
      Total Currencies - 6.01%                                                      3,964,772
                                                                                   ----------

Total Softs - 0.02%                     Futures contracts purchased - 0.02%            15,674
                                                                                    ---------

Total Indices - 0.11%                   Futures contracts purchased - 0.11%            78,446
                                                                                   ----------

Total Fair Value - 5.71%                                                          $ 3,772,859
                                                                                  ===========
</TABLE>

                                                                % of Investments
      Country Composition      Investments at Fair Value           at Fair Value
     --------------------      -------------------------       -----------------
       Australia                     $ 106,784                            2.83%
       Canada                           36,090                            0.96%
       Germany                         774,461                           20.53%
       Japan                          (252,100)                          (6.68)%
       United Kingdom                 (513,892)                         (13.62)%
       United States                 3,621,516                           95.98%
                               -------------------------       -----------------
                                   $ 3,772,859                          100.00%
                               ========================       ==================


Percentages are based on Partners' capital unless otherwise indicated
See Notes to Financial Statements.

                                       5
<PAGE>

                    SMITH BARNEY WESTPORT FUTURES FUND L.P.
             STATEMENT OF INCOME AND EXPENSES AND PARTNERS' CAPITAL
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                           THREE MONTHS ENDED
                                                        MARCH 31,      MARCH 31,
                                                     ---------------------------
                                                            2002            2001
                                                    ----------------------------
<S>                                                          <C>             <C>
Income:
  Net gains (losses) on trading of commodity
   interests:
  Realized gains (losses) on closed positions       $ (2,580,484)   $ 14,588,907
  Change in unrealized losses on open
   positions                                          (2,932,284)     (5,881,958)
                                                    ------------    ------------
                                                      (5,512,768)      8,706,949
  Interest income                                        201,722         678,598
                                                    ------------    ------------
                                                      (5,311,046)      9,385,547
                                                    ------------    ------------
Expenses:
  Brokerage commissions including clearing fees
   of $19,846 and $18,974, respectively                  895,340       1,049,375 *
  Management fees                                        312,246         368,639
  Other expenses                                          32,238          42,483
  Incentive Fees                                            --           376,932
                                                    ------------    ------------
                                                       1,239,824       1,837,429
                                                    ------------    ------------

  Net income (loss)                                   (6,550,870)      7,548,118
  Additions                                              931,000         350,000
  Redemptions                                         (2,094,823)     (2,308,871)
                                                    ------------    ------------
  Net increase (decrease) in Partners' capital        (7,714,693)      5,589,247

Partners' capital, beginning of period                65,918,306      72,320,072
                                                    ------------    ------------
Partners' capital, end of period                    $ 58,203,613    $ 77,909,319
                                                    ------------    ------------
Net asset value per Unit
  (58,950.3073 and 62,794.4919 Units outstanding
  at March 31, 2002 and 2001, respectively)         $     987.33    $   1,240.70
                                                    ------------    ------------

Net income (loss) per Unit of Limited Partnership
  Interest and General Partner Unit equivalent      $    (109.37)   $     119.34
                                                    ------------    ------------
</TABLE>

*Amount reclassified for comparative purposes

See Notes to Financial Statements


                                       6
<PAGE>


                     Smith Barney Westport Futures Fund L.P.
                          Notes to Financial Statements
                                 March 31, 2002
                                   (Unaudited)

1. General:

     Smith Barney Westport  Futures Fund L.P. (the  "Partnership")  is a limited
partnership  which was organized on March 21, 1997 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  LLC 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.
("SSBHI"), which is the sole owner of SSB. SSBHI is a wholly owned subsidiary of
Citigroup Inc. As of March 31, 2002, all trading  decisions for the  Partnership
are made by John W. Henry & Company, Inc. (the "Advisor").

     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 March  31,  2002 and  December  31,  2001 and the  results  of its
operations for the three months ended March 31, 2002 and 2001.  These  financial
statements  present  the  results  of interim  periods  and do not  include  all
disclosures  normally provided in annual financial  statements.  You should read
these  financial  statements  together 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, 2001.

     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.



                                       7
<PAGE>

                     Smith Barney Westport Futures Fund L.P.
                          Notes to Financial Statements
                                 March 31, 2002
                                   (Unaudited)
                                   (Continued)
2.     Financial Highlights:

         Changes in net asset value per Unit for the three months ended March
31, 2002 and 2001 were as follows:

<TABLE>
<CAPTION>
                                                          THREE-MONTHS ENDED
                                                                 MARCH 31,
                                                     ----------------------------
                                                          2002               2001
                                                     ----------       -----------
<S>                                                         <C>              <C>
Net realized and unrealized
 gains(losses)                                        $ (106.99)        $  121.10
Interest income                                            3.36             10.62
Expenses                                                  (5.74)           (12.38)
                                                      ---------         ---------
Increase(decrease) for period                           (109.37)           119.34
Net Asset Value per Unit,
 beginning of period                                   1,096.70          1,121.36
                                                      ---------         ---------
Net Asset Value per Unit,
  end of period                                        $ 987.33        $ 1,240.70
                                                      =========         =========
Ratios to average net assets: *
Net income(loss) before incentive
fee                                                      (42.4)%            44.3%
Incentive fee                                              0.0%             (2.1)%
                                                      ---------         ---------
Net income(loss) after incentive
 fee                                                     (42.4)%            42.2%
                                                      =========         =========
Operating expenses *                                       8.0%              8.2%
Incentive fee                                              0.0%              2.1%
                                                      ---------         ---------
Total expenses and incentive fee                           8.0%             10.3%
                                                      =========         =========
Total return: *
Total return before incentive fee                        (10.0)%            12.7%
Incentive fee                                              0.0%             (2.1)%
                                                      ---------         ---------
Total return before incentive fee                        (10.0)%            10.6%
                                                      =========         =========

</TABLE>
* Annualized



                                       8
<PAGE>

                     Smith Barney Westport Futures Fund L.P.
                          Notes to Financial Statements
                                 March 31, 2002
                                   (Unaudited)
                                   (continued)

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  and  partners'
capital.

     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 average  fair value  during the three and twelve  months
ended March 31, 2002 and December 31, 2001, based on a monthly calculation,  was
$3,607,381  and  $4,144,787,  respectively.  The fair  value of these  commodity
interests,  including  options  thereon,  if  applicable,  at March 31, 2002 and
December 31, 2001, was $840,575 and $3,772,859, respectively.

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



                                       9
<PAGE>

                   Smith Barney Westport Futures Fund L.P.
                          Notes to Financial Statements
                                 March 31, 2002
                                   (Unaudited)
                                   (Continued)

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 as unrealized  appreciation  (depreciation) 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  statistically  analyze
actual trading results with risk adjusted performance indicators and correlation
statistics. In addition,  on-line monitoring systems provide account analysis of
futures,  forward and option 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.  The  majority of these  instruments  mature
within  one  year  of  March  31,  2002.  However,  due  to  the  nature  of the
Partnership's business, these instruments may not be held to maturity.


                                       10
<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, 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 first quarter of 2002.

     The Partnership's capital consists of capital  contributions,  as increased
or  decreased  by gains or losses on  commodity  futures  trading and  expenses,
interest income, redemptions of Units and distributions of profits, if any.

    For the three months ended March 31, 2002,  Partnership  capital  decreased
11.7% from  $65,918,306 to $58,203,613.  This decrease was attributable to a net
loss from  operations of  $6,550,870,  coupled with the redemption of 2,016.5797
Units totaling $2,094,823, which was partially offset by the additional sales of
860.6339  Units  totaling  $931,000  for the three  months ended March 31, 2002.
Future  redemptions  can impact the amount of funds available for investments in
commodity contract positions in subsequent periods.

Results of Operations

     During the  Partnership's  first  quarter of 2002,  the net asset value per
unit  decreased  10.0% from  $1,096.70  to $987.33 as compared to an increase of
10.6% in the first quarter of 2001.  The  partnership  experienced a net trading
loss before brokerage  commissions and related fees in the first quarter of 2002
of $5,512,768.  Losses were primarily  attributable  to the trading of commodity
futures in currencies,  grains,  U.S. interest rates, softs and indices and were
partially  offset by gains in energy,  non-U.S.  interest  rates,  livestock and
metals.  The  Partnership  experienced  a  net  trading  gain  before  brokerage
commissions  and related fees in the first quarter of 2001 of $8,706,949.  Gains
were primarily  attributable to the trading of commodity  futures in currencies,
U.S. and non-U.S. interest rates, livestock,  metals, softs and indices and were
partially offset by losses in energy and grains.

     Commodity futures markets are highly volatile. Broad price fluctuations and
rapid  inflation  increase  the risks  involved in commodity  trading,  but also


                                       11
<PAGE>

increase the possibility of profit. The profitability of the Partnership depends
on the  existence  of major  price  trends  and the  ability  of the  Advisor 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 Advisor is 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 determined weekly by SSB
based on the  average  non-competitive  yield on  3-month  U.S.  Treasury  bills
maturing in 30 days.  Interest  income for the three months ended March 31, 2002
decreased  by  $476,876 as compared  to the  corresponding  period in 2001.  The
decrease in interest  income is  primarily  due to a decrease in interest  rates
during the three months ended March 31, 2002 as compared to 2001.

     Brokerage commissions are calculated on the adjusted net asset value on the
last day of each month and, therefore, vary according to trading performance and
redemptions.  Accordingly, they must be analyzed in relation to the fluctuations
in the monthly net asset values. Commissions and fees for the three months ended
March 31, 2002 decreased by $154,035 as compared to the corresponding  period in
2001. The decrease in brokerage commissions and fees is due to a decrease in the
net assets during the three months ended March 31, 2002.

     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  months  ended  March 31, 2002
decreased  by $56,393  as  compared  to the  corresponding  period in 2001.  The
decrease in  management  fees is due to a decrease in the net assets  during the
three months ended March 31, 2002.

     Incentive  fees  are  based on the new  trading  profits  generated  by the
Advisor at the end of the quarter, as defined in the advisory agreements between
the  Partnership,  the General Partner and the Advisor.  There were no incentive
fees earned for the three months ended March 31, 2002.  Trading  performance for
the three months ended March 31, 2001 resulted in an incentive fee of $376,932.

                                       12
<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.

     Exchange  maintenance margin requirements have been used by the Partnership
as the measure of its Value at Risk.  Maintenance margin requirements are set by
exchanges  to equal or exceed  the  maximum  losses  reasonably  expected  to be
incurred  in the fair value of any given  contract  in  95%-99%  of any  one-day
intervals.  Maintenance  margin  has been used  rather  than the more  generally
available  initial  margin,  because  initial  margin  includes  a  credit  risk
component, which is not relevant to Value at Risk.

                                       13
<PAGE>

     The following table indicates the trading Value at Risk associated with the
Partnership's  open positions by market  category as of March 31, 2002. All open
position  trading  risk  exposures  of the  Partnership  have been  included  in
calculating the figures set forth below. As of March 31, 2002, the Partnership's
total  capitalization was $58,203,613.  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, 2001.

                                 March 31, 2002
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                  Year to Date
                                             % of Total         High            Low
Market Sector                Value at Risk  Capitalization  Value at Risk  Value at Risk
----------------------------------------------------------------------------------------
<S>                                   <C>        <C>               <C>          <C>
Currencies:
- OTC Contracts                 $1,699,984       2.92%        $4,152,788      $1,120,894
Energy                           1,553,500       2.67%         1,563,000         399,400
Grains                             176,800       0.30%           216,800         109,450
Interest Rates U.S.                923,200       1.59%           930,100         128,200
Interest Rates Non-U.S           2,313,069       3.97%         2,334,097       1,284,971
Livestock                           15,000       0.03%            15,000          10,200
Metals:
 - Exchange Traded Contracts       331,000       0.57%           331,000         193,000
 - OTC Contracts                    72,525       0.12%           249,650          34,000
Softs                              483,485       0.83%           486,150          83,911
Indices                            929,979       1.60%         1,319,175         599,996
                                ----------  ----------
Total                           $8,498,542      14.60%
                                ==========  ==========

</TABLE>

                                       14
<PAGE>

                            PART II OTHER INFORMATION

Item 1. Legal Proceedings  -  None

Item 2. Changes in Securities and Use of Proceeds - For the three
        months ended March 31, 2002, there were additional sales of
        860.6339 Units totaling $931,000. For three months ended March
        31, 2001, there were additional sales of 316.3724 Units
        totaling $350,000.

        Proceeds from the sale of additional units are used in the
        trading of commodity interests including futures contracts,
        options and forwards contracts.

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



                                       15
<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 WESTPORT FUTURES FUND L.P.


By:  Smith Barney Futures Management LLC
           (General Partner)



By:  /s/ David J. Vogel, President
           David J. Vogel, President


Date:        5/13/02
          -------------

     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 LLC
           (General Partner)



By:  /s/ David J. Vogel, President
           David J. Vogel, President


Date:        5/13/02
          ------------



By:  /s/ Daniel R. McAuliffe, Jr.
     ----------------------------------
           Daniel R. McAuliffe
           Chief Financial Officer and
           Director

Date:        5/13/02
          ------------


                                       16