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, 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
                             June 30, 2002 and December 31,
                             2001 (unaudited).                            3

                             Condensed Schedules of Investments at
                             June 30, 2002 and December 31, 2001
                             (unaudited).                               4 - 5

                             Statement of Income and Expenses and
                             Partners' Capital for the three and
                             six months ended June 30, 2002 and 2001
                             (unaudited).                                 6

                             Notes to Financial Statements
                             (unaudited).                               7 - 11

               Item 2.       Management's Discussion and Analysis
                             of Financial Condition and Results of
                             Operations.                               12 - 14

               Item 3.       Quantitative and Qualitative
                             Disclosures of Market Risk                15 - 16

PART II - Other Information                                               17


                                       2
<PAGE>

                          Item 1. Financial Statements


                     Smith Barney Westport Futures Fund L.P.
                        STATEMENT OF FINANCIAL CONDITION
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                          June 30,  December 31,
                                                            2002           2001
                                                      -----------   ------------
<S>                                                         <C>           <C>
ASSETS:

Equity in commodity futures trading account:
  Cash                                                $67,495,886   $63,559,232
  Net unrealized appreciation
   on open futures contracts                           12,976,912     3,772,859
                                                      -----------   -----------
                                                       80,472,798    67,332,091
Interest receivable                                        69,273        77,116
                                                      -----------   -----------
                                                      $80,542,071   $67,409,207
                                                      ===========   ===========

LIABILITIES AND PARTNERS' CAPITAL:

Liabilities:
 Accrued expenses:
  Commissions                                         $   364,094   $   314,884
  Management fees                                         133,438       111,671
  Incentive fees                                          828,574          --
  Other                                                   115,447        91,741
Redemptions payable                                     2,089,060       972,605
                                                      -----------   -----------
                                                        3,530,613     1,490,901
                                                      -----------   -----------

Partners' Capital:

General Partner, 1,212.9836 Unit equivalents
  outstanding in 2002 and 2001                          1,594,989     1,334,275
Limited Partners, 57,353.8583 and 58,893.2695
  Units of Limited Partnership Interest outstanding
   in 2002 and 2001, respectively                      75,416,469    64,584,031
                                                      -----------   -----------
                                                       77,011,458    65,918,306
                                                      -----------   -----------
                                                      $80,542,071   $67,409,207
                                                      ===========   ===========

</TABLE>

See Notes to Financial Statements.


                                       3
<PAGE>


                     Smith Barney Westport Futures Fund L.P.
                        Condensed Schedule of Investments
                                  June 30, 2002
                                   (Unaudited)

<TABLE>
<CAPTION>

Sector                        Number of Contracts   Contract                                Fair Value
--------------------------    --------------------  ----------------------------------     ------------
<S>                                <C>               <C>                                        <C>
 Energy
                                                    Futures contracts purchased - 0.02%         $ 14,083
                                                    Futures contracts sold - (0.23)%            (180,847)
                                                                                             -----------
   Total Energy - (0.21)%                                                                       (166,764)
                                                                                             -----------

Total Grains - 0.27%                                Futures contracts purchased - 0.27%          206,050
                                                                                             -----------

Total Interest Rates U.S. - 1.50%                   Futures contracts sold - 1.50%             1,152,876
                                                                                               ----------

Total Interest Rates Non-U.S. - 2.75%               Futures contracts purchased - 2.75%        2,119,884
                                                                                               ----------

Total Livestock - (0.00)% *                         Futures contracts purchased - (0.00)% *       (2,910)
                                                                                               -----------
Metals
                                                    Futures contracts purchased - (0.35)%       (267,290)
                                                    Futures contracts sold - (0.32)%            (246,052)
                                                                                              -----------
   Total Metals - (0.67)%                                                                       (513,342)
                                                                                              -----------
Currencies
                                                    Over the counter contracts purchased - 16.14%
                              EUR   104,600,000     EUR/USD - 6.00%, June 2002                 4,624,145
                              GBP    46,431,850     GBP/USD - 3.32%, June 2002                 2,558,021
                              JPY 9,946,997,370     JPY/USD - 3.67% June 2002                  2,824,655
                                                    Other  - 3.15%                             2,427,332
                                                    Over the counter contracts sold - (3.33)% (2,566,976)
                                                                                              ------------
   Total Currencies - 12.81%                                                                   9,867,177
                                                                                              ------------
Softs
                                                    Futures contracts purchased - 0.48%          371,123
                                                    Futures contracts sold - (0.03)%             (22,232)
                                                                                              -----------
   Total Softs - 0.45%                                                                           348,891
                                                                                              -----------

Total Indices - (0.05)%                             Futures contracts sold - (0.05)%             (34,950)
                                                                                               -----------

Total Fair Value - 16.85%                                                                   $ 12,976,912
                                                                                              ===========


                                                                                          % of Investments
Country Composition                                  Investments at Fair Value               at Fair Value
-------------------------------------               ----------------------------            ----------------
Australia                                                    $ (35,295)                           (0.27)%
Canada                                                          20,321                             0.16%
Germany                                                        928,723                             7.16%
Japan                                                          728,543                             5.61%
United Kingdom                                                (105,256)                           (0.81)%
United States                                               11,439,876                            88.15%
                                                           -----------                        --------------
                                                          $ 12,976,912                           100.00%
                                                           ===========                        ==============
</TABLE>


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



                                       4
<PAGE>

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

Sector               Number of 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>

                                       Investments             % of Investments
  Country Composition                   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            SIX-MONTHS ENDED
                                                                          JUNE 30,                     JUNE 30,
                                                                  --------------------      ----------------------
                                                                    2002         2001             2002          2001
<S>                                                              <C>              <C>           <C>              <C>
Income:
  Net gains (losses) on trading of commodity
   futures:
  Realized gains (losses) on closed positions               $  9,428,827    $ (3,096,655)   $  6,848,343    $ 11,492,252
  Change in unrealized gains (losses) on open
   positions                                                  12,136,337      (5,257,862)      9,204,053     (11,139,820)
                                                            ------------    ------------    ------------    ------------
                                                              21,565,164      (8,354,517)     16,052,396         352,432
  Interest income                                                199,117         497,757         400,839       1,176,355
                                                            ------------    ------------    ------------    ------------
                                                              21,764,281      (7,856,760)     16,453,235       1,528,787
                                                            ------------    ------------    ------------    ------------



Expenses:
  Brokerage commissions including clearing fees
  of $22,807, $22,058,  $42,653 and $41,032, respectively        981,077       1,011,278 *     1,876,417       2,060,653*
  Management fees                                                338,197         348,911         650,443         717,550
  Other expenses                                                  32,238          43,791          64,476          86,274
  Incentive fees                                                 828,574            --           828,574         376,932
                                                            ------------    ------------    ------------    ------------
                                                               2,180,086       1,403,980       3,419,910       3,241,409
                                                            ------------    ------------    ------------    ------------


  Net income (loss)                                           19,584,195      (9,260,740)     13,033,325      (1,712,622)
   Additions-Limited Partners                                  3,302,000         450,000       4,233,000         800,000
   Redemptions-Limited Partners                               (4,078,350)     (2,515,030)     (6,173,173)     (4,823,901)
                                                            ------------    ------------    ------------    ------------
  Net increase (decrease) in Partners' capital                18,807,845     (11,325,770)     11,093,152      (5,736,523)

Partners' capital, beginning of period                        58,203,613      77,909,319      65,918,306      72,320,072
                                                            ------------    ------------    ------------    ------------

Partners' capital, end of period                            $ 77,011,458    $ 66,583,549    $ 77,011,458    $ 66,583,549
                                                            ------------    ------------    ------------    ------------

Net asset value per Unit
  ( 58,566.8419 and 60,936.3652 Units outstanding
   at June 30, 2002 and 2001, respectively )                $   1,314.93    $   1,092.67    $   1,314.93    $   1,092.67
                                                            ------------    ------------    ------------    ------------

Net income (loss) per Unit of Limited Partnership
  Interest and General Partner Unit equivalent              $     327.60    $    (148.03)   $     218.23    $     (28.69)
                                                            ------------    ------------    ------------    ------------

</TABLE>


* Amounts reclassified for comparative purposes
See Notes to Financial Statements.

                                       6
<PAGE>

                     Smith Barney Westport Futures Fund L.P.
                          Notes to Financial Statements
                                  June 30, 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 June 30, 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 June 30,  2002  and  December  31,  2001  and the  results  of its
operations  for the three and six  months  ended June 30,  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
                                  June 30, 2002
                                   (Unaudited)
                                   (Continued)


2.       Financial Highlights:
     Changes in net asset value per Unit for the three and six months ended June
30, 2002 and 2001 were as follows:

<TABLE>
<CAPTION>

                                       THREE-MONTHS ENDED            SIX-MONTHS ENDED
                                              JUNE 30,                    JUNE 30,
                                      --------------------     -----------------------
                                        2002         2001         2002         2001
<S>                                     <C>          <C>         <C>           <C>
Net realized and unrealized
  gains(losses) *               $     344.25 $    (149.72)$     237.26 $     (28.62)
Interest income                         3.34         8.01         6.70        18.63
Expenses **                           (19.99)       (6.32)      (25.73)      (18.70)
                                     -------       ------      -------      -------

Increase(decrease) for period         327.60      (148.03)      218.23       (28.69)

Net Asset Value per Unit,
 beginning of period                  987.33     1,240.70     1,096.70     1,121.36
                                     -------       ------      -------      -------
Net Asset Value per Unit,
 end of period                  $   1,314.93 $   1,092.67 $   1,314.93 $   1,092.67
                                    ========     ========    =========    =========
</TABLE>

*       Net realized and unrealized gains (losses) is net of commission expense.

**      Expenses exclude commission expense.


                                       8
<PAGE>

                     Smith Barney Westport Futures Fund L.P.
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)
                                   (Continued)


Financial Highlights continued:
<TABLE>
<CAPTION>
                                     THREE-MONTHS ENDED  SIX-MONTHS ENDED
                                          JUNE 30,           JUNE 30,
                                     ------------------  ----------------
                                       2002      2001     2002    2001
Ratio to average net assets: ***
<S>                                     <C>      <C>      <C>     <C>
Net income(loss) before
  incentive fee                       128.0%   (52.2)%   43.6%   (3.8)%
Incentive fee                          (5.2)%    0.0%    (2.6)%  (1.1)%
                                     -------   ------   ------   ------
Net income(loss) after
 incentive fee                        122.8%   (52.2)%   41.0%   (4.9)%
                                    ========  =======   ======   ======
Operating expenses                      8.5%     7.9%     8.2%    8.1%
Incentive fee                           5.2%     0.0%     2.6%    1.1%
                                     -------   ------   ------   ------
Total expenses and incentive fees      13.7%     7.9%    10.8%    9.2%
                                    ========  =======   ======   ======
Total return:

Total return before incentive fee      34.6%   (11.9)%   21.2%   (2.0)%
Incentive fee                          (1.4)%    0.0%    (1.3)%  (0.6)%
                                     -------   ------   ------   ------
Total return after incentive fee       33.2%   (11.9)%   19.9%   (2.6)%
                                    ========  =======   ======   ======
</TABLE>

*** Annualized

                                       9
<PAGE>

                     Smith Barney Westport Futures Fund L.P.
                          Notes to Financial Statements
                                  June 30, 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 six and twelve months ended
June 30,  2002 and  December  31,  2001,  based on a  monthly  calculation,  was
$6,082,527  and  $4,144,787,  respectively.  The fair  value of these  commodity
interests,  including  options  thereon,  if  applicable,  at June 30,  2002 and
December 31, 2001, was $12,976,912 and $3,772,859, respectively. Fair values for
exchange traded commodity  futures and options are based on quoted market prices
for those futures and options.  Fair values for all other financial  instruments
for which market  quotations are not readily available are based on calculations
approved by the General Partner.

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 (but not currently),  whose values are
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

                                       10
<PAGE>

                     Smith Barney Westport Futures Fund L.P.
                          Notes to Financial Statements
                                  June 30, 2002
                                   (Unaudited)
                                   (Continued)

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 as unrealized appreciation 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  June  30,  2002.  However,  due  to  the  nature  of  the
Partnership's business, these instruments may not be held to maturity.


                                       11
<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 second 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 six months ended June 30, 2002, Partnership capital increased 16.8%
from  $65,918,306 to $77,011,458.  This increase was  attributable to net income
from operations of $13,033,325,  coupled with the additional sales of 4,003.3440
Units  totaling  $4,233,000,  which was partially  offset by the  redemptions of
5,542.7552 Units totaling  $6,173,173.  Future redemptions can impact the amount
of funds available for investments in commodity contract positions in subsequent
periods.

Critical Accounting Policies

     The  preparation  of financial  statements  in conformity  with  accounting
principles  generally  accepted  in the United  States  requires  estimates  and
assumptions that affect the reported amounts of assets and liabilities, revenues
and expenses,  and related  disclosures of contingent  assets and liabilities in
the financial statements and accompanying notes.

     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 fair value on the last  business day of the
period,  which represents  market value for those commodity  interests for which
market  quotations are readily  available.  Investments  in commodity  interests
denominated  in  foreign  currencies  are  translated  into U.S.  dollars at the
exchange rates prevailing on the last business day of the period. Realized gains
(losses) and changes in  unrealized  values on commodity  interests  and foreign
currencies  are  recognized in the period in which the contract is closed or the


                                       12
<PAGE>

changes  occur and are  included in net gains  (losses) on trading of  commodity
interests.

     Foreign currency contracts are those contracts where the Partnership agrees
to receive or deliver a fixed  quantity of foreign  currency for an  agreed-upon
price on an agreed future date. Foreign currency contracts are valued daily, and
the  Partnership's net equity therein,  representing  unrealized gain or loss on
the contracts as measured by the difference between the forward foreign exchange
rates at the dates of entry  into the  contracts  and the  forward  rates at the
reporting  date, is included in the statement of financial  condition.  Realized
gains(losses) and changes in unrealized values on foreign currency contracts are
recognized  in the period in which the  contract is closed or the changes  occur
and are included in the statement of income and expenses and partners' capital.

Results of Operations

     During the  Partnership's  second  quarter of 2002, the net asset value per
unit  increased  33.2% from  $987.33 to  $1,314.93  as compared to a decrease of
11.9% in the second quarter of 2001. The  Partnership  experienced a net trading
gain before brokerage commissions and related fees in the second quarter of 2002
of  $21,565,164.  Gains were primarily  attributable to the trading of commodity
futures in currencies,  grains,  U.S. and non-U.S interest rates,  livestock and
indices and were  partially  offset by losses in energy,  softs and metals.  The
Partnership  experienced  a net trading loss before  brokerage  commissions  and
related fees in the second quarter of 2001 of $8,354,517.  Losses were primarily
attributable  to the  trading of  commodity  futures  in  currencies,  U.S.  and
non-U.S.  interest rates, livestock,  metals, energy, softs and indices and were
partially offset by gains in grains.

     Commodity futures markets are highly volatile.  The potential for broad and
rapid price fluctuations  increases the risks involved in commodity trading, but
also increases the possibility of profit.  The  profitability of the Partnership
depends on the existence of major price trends and the ability of the Advisor to
correctly  identify  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


                                       13
<PAGE>

based on the  average  non-competitive  yield on  3-month  U.S.  Treasury  bills
maturing  in 30  days.  Salomon  Smith  Barney  may  continue  to  maintain  the
Partnership  assets in cash  and/or to place  all of the  Partnership  assets in
90-day  Treasury bills and pay the Partnership 80% of the interest earned on the
Treasury bills  purchased.  Salomon Smith Barney will retain 20% of any interest
earned on Treasury  bills.  Interest  income for the three and six months  ended
June 30, 2002 decreased by $298,640 and $775,516,  respectively,  as compared to
the corresponding  periods in 2001. The decrease in interest income is primarily
due to a decrease in interest  rates  during the three and six months ended June
30, 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 and six
months ended June 30, 2002 decreased by $30,201 and $184,236,  respectively,  as
compared  to the  corresponding  periods  in 2001.  The  decrease  in  brokerage
commissions and fees is due to lower average net assets during the three and six
months ended June 30, 2002 as compared to 2001.

     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,
2002  decreased  by  $10,714  and  $67,107,  respectively,  as  compared  to the
corresponding  periods in 2001. The decrease in management  fees is due to lower
average  net  assets  during the three and six  months  ended  June 30,  2002 as
compared to 2001.

     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.  Trading  performance for
the six months  ended  June 30,  2002 and 2001  resulted  in  incentive  fees of
$828,574 and $376,932, respectively.

                                       14
<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 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.


                                       15
<PAGE>

     The following table indicates the trading Value at Risk associated with the
Partnership's  open  positions by market  category as of June 30, 2002. All open
position  trading  risk  exposures  of the  Partnership  have been  included  in
calculating the figures set forth below. As of June 30, 2002, the  Partnership's
total  capitalization was $77,011,458.  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.


                                  June 30, 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                $ 4,691,558       6.09%  $ 5,257,018   $ 1,120,894
Energy                             726,520       0.95%    1,563,000       399,400
Grains                             280,000       0.36%      292,600        63,800
Interest Rates U.S.                906,700       1.18%      944,500       128,200
Interest Rates Non-U.S           2,541,080       3.30%    2,607,291       732,069
Livestock                           15,000       0.02%       18,750        10,200
Metals:
 - Exchange Traded Contracts       332,000       0.43%      342,000       193,000
 - OTC Contracts                   348,000       0.45%      377,500        34,000
Softs                              352,464       0.46%      502,602        83,911
Indices                          1,463,393       1.90%    1,494,990       599,996
                                 ---------       -----
Total                          $11,656,715      15.14%
                                 =========      ======
</TABLE>


                                       16
<PAGE>

                            PART II OTHER INFORMATION

       Item 1.  Legal Proceedings  -

                    In April 2002,  consolidated  amended  complaints were filed
               against Salomon Smith Barney Inc and other investment banks named
               in numerous  putative  class  actions  filed in the United States
               District  Court for the  Southern  District of New York  alleging
               violations of certain federal  securities laws (including Section
               11 of the Securities  Act of 1933, as amended,  and Section 10(b)
               of the Securities  Exchange Act of 1934, as amended) with respect
               to the allocation of shares for certain initial public  offerings
               and  related  aftermarket  transactions  and damage to  investors
               caused by allegedly biased research analyst reports. Also pending
               in the Southern District of New York against Salomon Smith Barney
               Inc and other investment banks are several putative class actions
               which have been  consolidated into a single class action alleging
               violations  of  certain  federal  and  state  antitrust  laws  in
               connection  with the  allocation  of  shares  in  initial  public
               offerings when acting as underwriters.

       Item 2. Changes in Securities  and Use of Proceeds - For the   six months
               ended June 30, 2002,  there were  additional  sales of 4,003.3440
               Units totaling $4,233,000. For the six months ended June 30,2001,
               there were  additional sales of 704.9054 Units totaling $800,000.

               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) Exhibit - 99.1 Certificate of Chief Executive Officer.
                   Exhibit - 99.2 Certificate of Chief Financial Officer.

               (b) Reports on Form 8-K - None with respect to the second quarter
                   of 2002. On July 17, 2002 the Partnership  filed a notice  on
                   Form   8-K  to   report   a  change   in   accountants   from
                   PricewaterhouseCoopers LLP to KPMG LLP.

                                       17
<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 WESTPORTFUTURES FUND L.P.


By:  Smith Barney Futures Management LLC
           (General Partner)



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


Date:        8/14/02

     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:        8/14/02



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

Date:        8/14/02


                                       18