UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-K

                  Annual Report Pursuant to Section 13 or 15(d)

                     of the Securities Exchange Act of 1934

                   For the fiscal year ended December 31, 1997

Commission File Number 0-16627

                   SHEARSON SELECT ADVISORS FUTURES FUND
                Exact name of registrant as specified in its charter)

            Delaware                             13-3405705
 State or other jurisdiction of                (I.R.S. Employer
 incorporation or organization)               Identification No.)

                    c/o Smith Barney Futures Management Inc.
                           390 Greenwich St. - 1st Fl.
                            New York, New York 10013
              (Address and Zip Code of principal executive offices)

                                 (212) 723-5424
              (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act: 50,000  Units
                                                            of Limited
                                                            Partnership
                                                            Interest
                                                            (Title of Class)

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

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
form 10-K [ ]


<PAGE>



                               PART I

Item 1. Business.

         (a) General  development of business.  Shearson Select Advisors Futures
Fund (the "Partnership") is a limited partnership organized on February 10, 1987
under the Partnership Laws of the State of Delaware.  The Partnership engages in
speculative  trading of  commodity  interests,  including  forward  contracts on
foreign currencies,  commodity options and commodity futures contracts including
futures  contracts  on United  States  Treasuries  and certain  other  financial
instruments and foreign  currencies.  The commodity interests that are traded by
the  Partnership  are  volatile  and involve a high degree of market  risk.  The
Partnership  commenced trading on July 1, 1987.  Redemptions for the years ended
December 31,  1997,  1996 and 1995,  are reported in the  Statement of Partners'
Capital on page F-5 under "Item 8. Financial Statements and Supplementary Data."

     Smith  Barney  Futures  Management  Inc.  acts as the general  partner (the
"General  Partner") of the Partnership and is a wholly owned subsidiary of Smith
Barney Inc. ("SB"). SB acts as commodity broker for the Partnership. On November
28, 1997, Smith Barney Holdings Inc. was merged with Salomon Inc to form Salomon
Smith Barney  Holdings  Inc.  ("SSBH"),  a wholly owned  subsidiary of Travelers
Group Inc. SB is a wholly owned subsidiary of SSBH.

         The  Partnership's  trading of futures contracts on commodities is done
primarily on United States commodities exchanges and may, to a lesser extent, be
done on some foreign commodity exchanges.



                                         2

<PAGE>



It engages in such trading through a commodity brokerage account maintained with
SB.
         Under  the  Limited  Partnership  Agreement  of  the  Partnership  (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  Partnership  is  obligated  to pay the  General  Partner a monthly
management  fee of 1/3 of 1% (4% per year) of the  month  end Net  Assets of the
Partnership,  as defined,  managed by each advisor and an incentive  fee payable
quarterly equal to 15% of New Trading Profits of the Partnership.

         At December 31, 1997,  the General  Partner had a management  agreement
(the  "Management   Agreement")  with  John  W.  Henry  &  Company,  Inc.  ("the
"Advisor").  Sunrise  Capital  Management  was  terminated  as an advisor to the
Partnership  effective  January 1, 1997. The Advisor is not affiliated  with the
General Partner or SB. Reference should be made to "Item 8. Financial Statements
and Supplementary Data." for further information regarding the Advisors included
in the notes to the financial statements.

        The  Management  Agreement  requires  the  General  Partner  to  pay the
Advisor a monthly   management  fee  of  1/3  of  1%  of  the  Net Assets of the
Partnership (of 4% per year)  managed by the Advisor and an  incentive fee equal
to 10% of the New Trading  Profits (as  defined in the   Managerment  Agreement)
earned   on  the   Net Assets  managed  by  the  Advisor during  each  quarter.

                               3

<PAGE>


The incentive fee paid to the Advisor will be paid out of the General  Partner's
own funds to the extent that the incentive  fee owed to the Advisor  exceeds the
incentive  fee  paid  by the  Partnership  to the  General  Partner.  Thus,  the
Partnership  will pay an incentive fee based on aggregate  profits earned by the
Advisor.
         Pursuant to the terms of the  customer  agreement  entered into with SB
(the  "Customer  Agreement"),  the  Partnership  is  obligated  to pay a monthly
commodity  brokerage fee.  Effective  January 1, 1997, the Partnership pays SB a
monthly brokerage fee equal to .5% of month end net assets (6% per year) in lieu
of brokerage commissions on a per trade basis. From July 1, 1995 through January
1, 1997,  the  Partnership  paid Smith Barney a monthly  brokerage  fee equal to
 .667% of month end net assets (8% per year). The Partnership  previously paid SB
a monthly  brokerage  fee equal to .833% of month end net assets  (10% per year)
prior to July 1, 1995. The  Partnership  will pay for clearing fees, but not for
floor  brokerage which will be borne by SB. The Customer  Agreement  between the
Partnership and SB gives the Partnership the legal right to net unrealized gains
and  losses.  Reference  should  be made to "Item 8.  Financial  Statements  and
Supplementary Data." for further information regarding the brokerage commissions
included in the notes to the financial statements.
         In addition, SB will pay the Partnership interest on 70% of the average
daily equity maintained in cash in its accounts during each month at the rate of
the  average  non-competitive  yield  of the  13-week  U.S.  Treasury  Bills  as
determined at the weekly auctions



                                4

<PAGE>



thereof   during   the   month.  The  Customer  Agreement   may   be  terminated
upon notice by either party.

         (b) Financial  information about industry  segments.  The Partnership's
business  consists  of  only  one  segment,  speculative  trading  of  commodity
interests, including forward contracts on foreign currencies,  commodity options
and commodity futures contracts  (including futures contracts on U.S. Treasuries
and other financial  instruments,  foreign  currencies and stock  indices).  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, 1997, 1996, 1995,
1994, and 1993 are set forth under "Item 6. Select Financial Data."  Partnership
capital as of December 31, 1997 was $6,229,841.

         (c)  Narrative  description  of business.
          See  Paragraphs  (a) and (b) above.
         (i)  through (x) - Not  applicable.
         (xi)  through  (xii) - No applicable.
         (xiii) - The Partnership has no employees.
         (d)  Financial Information  About  Foreign  and Domestic Operations and
Export   Sales.  The Partnership does not engage in  ales of goods  or services,
and therefore this item is no applicable.


                         5

<PAGE>



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. 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 1997. 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.         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, 1997 was 599.
         (c)    Distribution.  The Partnership did not declare a distribution in
                1997 or 1996.



                                  6

<PAGE>



Item 6. Select Financial Data.
                Net 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,  1997,  1996,
                1995,  1994,  and 1993 and total  assets at December  31,  1997,
                1996, 1995, 1994, and 1993 were as follows:

<TABLE>
<CAPTION>


                                   1997          1996         1995            1994          1993
                             ------------   ------------ ------------   -------------   ---------
<S>                              <C>              <C>         <C>            <C>           <C>
Net realized and unrealized
trading gains (losses) net
 of brokerage  commissions
 and clearing fees of
 $373,144, $493,435,
 $618,168, $828,783, and
 $1,057,289, respectively     $   895,110   $ 1,411,077   $ 1,706,320    $  (988,663)   $ 2,188,701

Interest income                   213,272       202,098       256,528        238,826        215,048
                              -----------   -----------   -----------    -----------    -----------

                              $ 1,108,382   $ 1,613,175   $ 1,962,848    $  (749,837)   $ 2,403,749
                              ===========   ===========   ===========    ===========    ===========


Net Income (loss)             $   723,608   $ 1,141,619   $ 1,610,495    $(1,128,851)   $ 1,862,704
                              ===========   ===========   ===========    ===========    ===========

Increase (decrease) in net
 asset value per unit         $    311.28   $    423.08   $    416.20    $   (250.84)   $    306.90
                              ===========   ===========   ===========    ===========    ===========

Total assets                  $ 6,503,549   $ 6,709,794   $ 6,537,230    $ 6,586,035    $10,415,370
                              ===========   ===========   ===========    ===========    ===========

</TABLE>



                                           7

<PAGE>



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  equity in its  commodity  futures  trading
account,  consisting of cash and cash equivalents,  net unrealized  appreciation
(depreciation) on open futures contracts 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 Advisors,
ease of taking and liquidating positions.

             (2)  The  Partnership   diversifies  its  positions  among  various
commodities.  No Advisor initiates 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.



                                        8

<PAGE>



             (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 purchase 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  future  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



                                  9

<PAGE>


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.  (See
also  Item 8.  "Financial  Statements  and  Supplementary  Data.,"  for  further
information  on  financial  instrument  risk  included in the notes to financial
statements).

          Other  than the risks  inherent  in  commodity  futures  trading,  the
Partnership knows of no trends,  demands,  commitments,  events or uncertainties
which  will  result  in  or  which  are  reasonably  likely  to  result  in  the
Partnership's  liquidity  increasing  or  decreasing  in any  material  way. The
Limited  Partnership  Agreement  provides  that the General  Partner may, in its
discretion,  cause the Partnership to cease trading operations and liquidate all
open  positions  under certain  circumstances  including a decrease in Net Asset
Value per Unit to less than $350 as of the close of business on any business day
or a decline in Net Assets to less than $1,000,000.

         (b)  Capital  resources.  (i) The  Partnership  has  made  no  material
commitments for capital expenditures.

             (ii)   The   Partnership's   capital   consists   of  the   capital
contributions  of the  partners as  increased or decreased by gains or losses on
commodity futures trading and by expenses, interest income, redemptions of Units
and  distributions  of profits,  if any.  Gains or losses on  commodity  futures
trading  cannot be predicted.  Market moves in  commodities  are dependent  upon



                                 10

<PAGE>


fundamental and technical  factors which the  Partnership's  Advisors may or may
not be able to identify.  Partnership  expenses  consist of, among other things,
commissions,  management fees and incentive fees. The level of these expenses is
dependent  upon the level of trading  and the ability of the Advisor to identify
and take advantage of price movements in the commodity  markets,  in addition to
the level of Net Assets maintained.  The amount of interest income payable by SB
is dependent upon interest rates over which the Partnership  has no control.  No
forecast  can be made as to the level of  redemptions  in any given  period.  In
1997,  264 Units were redeemed for a total of $633,737.  In 1996, 502 Units were
redeemed for a total of $1,036,793. In 1995, 890 Units were redeemed for a total
of $1,705,059 which includes the General  Partner's  redemption  representing 38
Unit equivalents totaling $74,532.

         (c) Results of  operations.  For the year ended  December 31, 1997, the
net asset value per Unit increased 13.1%,  from $2,384.45 to $2,695.73.  For the
year ended December 31, 1996, the net asset value per Unit increased 21.6%, from
$1,961.37 to  $2,384.45.  For the year ended  December  31, 1995,  the net asset
value per Unit increased 26.9% from $1,545.17 to $1,961.37.

         The  Partnership  experienced  net trading gains of  $1,268,254  before
commissions  and  expenses  in 1997.  Gains were  recognized  in the  trading of
currencies, interest rates, metals and indices.

         The  Partnership  experienced  net trading  gains of $1,904,512  before
commissions  and  expenses  in 1996.  Gains were  recognized  in the  trading of
currencies, energy  products,  interest  rates  and  metals,  and were partially
offset by losses in indices and agricultural products.


                                  11

<PAGE>




         The  Partnership  experienced  net trading gains of  $2,324,488  before
commissions  and expenses in 1995.  Realized  trading gains of  $2,541,756  were
attributable  to gains  incurred in the trading of interest  rates,  currencies,
stock  indices and  agricultural  commodity  futures.  However,  these  realized
trading gains were partially  offset by realized  trading losses  experienced in
the trading of commodity futures in energy and precious metals.
         Commodity futures markets are highly volatile. Broad price fluctuations
and rapid inflation increase the risks involved in commodity  trading,  but also
increase the possibility of profit. The profitability of the Partnership depends
on the  existence  of major  price  trends  and the  ability  of the  Advisor to
identify  those price trends  correctly.  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.





                                   12

<PAGE>



Item 8.   Financial Statements and Supplementary Data.




                      SHEARSON SELECT ADVISORS FUTURES FUND
                          INDEX TO FINANCIAL STATEMENTS


                                                                        Page
                                                                       Number


Report of Independent Accountants.                                       F-2

Financial Statements:
Statement of Financial Condition at
December 31, 1997 and 1996.                                              F-3

Statement of Income and Expenses for
the years ended December 31, 1997,
1996 and 1995                                                            F-4

Statement of Partners' Capital for the
years ended December 31, 1997, 1996 and
1995.                                                                    F-5

Notes to Financial Statements.                                       F-6 -  F-11















                                   F-1

                               Continued


<PAGE>


           Report of Independent Accountants

To the Partners of
   Shearson Select Advisors
   Futures Fund:

We have audited the  accompanying  statement of financial  condition of SHEARSON
SELECT ADVISORS FUTURES FUND (a Delaware Limited Partnership) as of December 31,
1997 and 1996,  and the related  statements of income and expenses and partners'
capital for the years ended December 31, 1997,  1996 and 1995.  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  Select  Advisors
Futures Fund as of December 31, 1997 and 1996, and the results of its operations
for the years  ended  December  31,  1997,  1996 and 1995,  in  conformity  with
generally accepted accounting principles.



                                                        Coopers & Lybrand L.L.P.

New York, New York
March 6, 1998


                                     F-2

<PAGE>


                            Shearson Select Advisors
                                  Futures Fund
                        Statement of Financial Condition
                           December 31, 1997 and 1996


                                            1997                      1996
Assets:
Equity in commodity futures
  trading account:
   Cash and cash equivalents
   (Note 3b)                            $6,178,150                 $6,581,238
   Net unrealized appreciation
    on open futures contracts              306,078                    109,713
                                        ----------                 ----------
                                         6,484,228                  6,690,951
Interest receivable                         19,321                     18,843
                                        ----------                 ----------
                                        $6,503,549                 $6,709,794
                                        ----------                 ----------

Liabilities and Partners' Capital:
Liabilities:
  Accrued expenses:
   Commissions                          $   32,518                 $   44,732
   Management fees                          21,498                     22,103
   Other                                    21,583                     34,022
   Incentive fees                           68,714                    175,680
  Redemptions payable (Note 5)             129,395                    293,287
                                        ----------                 ----------
                                           273,708                    569,824
                                        ----------                 ----------
Partners' capital (Notes 1, 5, and 6):
  General Partner, 34 Unit
   equivalents outstanding in
   1997 and 1996                            91,655                     81,071
  Limited Partners, 2,277 and
   2,541 Units of Limited
   Partnership Interest
   outstanding in
   1997 and 1996, respectively           6,138,186                  6,058,899
                                        ----------                 ----------
                                         6,229,841                  6,139,970
                                        ----------                 ----------
                                        $6,503,549                 $6,709,794
                                        ----------                 ----------



See notes to financial statements.

                                    F-3
<PAGE>


                            Shearson Select Advisors
                                  Futures Fund
                        Statement of Income and Expenses
                               for the years ended
                        December 31, 1997, 1996 and 1995


                                             1997          1996        1995
Income:
  Net gains on trading
   of commodity interests:
   Realized gains
    on closed positions                $ 1,071,889    $ 2,091,285  $ 2,541,756
   Change in unrealized
    gains/ losses on
    open positions                         196,365       (186,773)    (217,268)
                                       -----------    -----------  -----------
                                         1,268,254      1,904,512    2,324,488
  Less, Brokerage commissions
   and clearing fees ($4,856,
   $6,720 and $7,491,
   respectively) (Note 3b)                (373,144)      (493,435)    (618,168)
                                       -----------    -----------  -----------
  Net realized and
   unrealized gains                        895,110      1,411,077    1,706,320
  Interest income (Note 3b)                213,272        202,098      256,528
                                       -----------    -----------  -----------
                                         1,108,382      1,613,175    1,962,848
Expenses:
  Management fees (Note 3a)                241,865        240,634      258,861
  Incentive fees (Note 3a)                 101,180        175,680       41,244
  Other expenses                            41,729         55,242       52,248
                                       -----------    -----------  -----------
                                           384,774        471,556      352,353
                                       -----------    -----------  -----------
Net income                             $   723,608    $ 1,141,619  $ 1,610,495
                                       -----------    -----------  -----------
Net income per Unit of
 Limited Partnership Interest
  and General Partner Unit
  equivalent (Notes 1 and 6)           $    311.28    $    423.08  $    416.20
                                       -----------    -----------  -----------



See notes to financial statements.

                                  F-4

<PAGE>


                            Shearson Select Advisors
                                  Futures Fund
                     Statement of Partners' Capital for the
                  years ended December 31, 1997, 1996 and 1995


                                    Limited        General
                                    Partners       Partner         Total
Partners' capital at
   December 31, 1994             $ 6,018,456    $   111,252     $ 6,129,708
Net income                         1,580,528         29,967       1,610,495
Redemption of 852 Units of
   Limited Partnership
   Interest
   and General Partner
   redemption
   representing
   38 Unit equivalents            (1,630,527)       (74,532)     (1,705,059)
                                 -----------    -----------     -----------
Partners' capital at
   December 31, 1995               5,968,457         66,687       6,035,144
Net income                         1,127,235         14,384       1,141,619
Redemption of 502 Units of
 Limited  Partnership Interest    (1,036,793)            --      (1,036,793)
                                 -----------    -----------     -----------
Partners' capital at
   December 31, 1996               6,058,899         81,071       6,139,970
Net income                           713,024         10,584         723,608
Redemption of 264 Units
   of Limited
   Partnership Interest             (633,737)            --        (633,737)
                                 -----------    -----------     -----------
Partners' capital at
   December 31, 1997             $ 6,138,186    $    91,655     $ 6,229,841
                                 -----------    -----------     -----------



See notes to financial statements.

                                     F-5

<PAGE>


                            Shearson Select Advisors
                                  Futures Fund
                          Notes to Financial Statements

1.  Partnership Organization:

    Shearson  Select  Advisors  Futures  Fund (the  "Partnership")  is a limited
    partnership  which was organized  under the laws of the State of Delaware on
    February 10, 1987. The Partnership is engaged in the speculative  trading of
    a diversified  portfolio of commodity interests including futures contracts,
    options and forward  contracts.  The commodity  interests that are traded by
    the  Partnership  are volatile and involve a high degree of market risk. The
    Partnership  was  authorized  to sell  50,000  Units of Limited  Partnership
    Interest ("Units") during its public offering.

    Smith  Barney  Futures  Management  Inc.  acts  as  the general partner (the
    "General  Partner")  of the Partnership and is a wholly owned  subsidiary of
    Smith Barney  Inc.  ("SB").  SB acts as commodity broker for the Partnership
    (see Note 3b).  On November 28, 1997,  Smith Barney Holdings Inc. was merged
    with  Salomon Inc to form Salomon  Smith Barney  Holdings Inc.  ("SSBH"),  a
    wholly   owned  subsidiary  of  Travelers  Group Inc.  SB is a wholly  owned
    subsidiary of SSBH.

    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 will be liquidated upon the first to occur of the following:
    December 31, 2007; a decline in net asset value per Unit on any business day
    after  trading to less than $350;  a decline  in net  assets  after  trading
    commences to less than $1,000,000;  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.

                                    F-6

<PAGE>

    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. Management  Agreement  and  Limited  Partnership
       Agreement:

       Under the Limited Partnership  Agreement of the Partnership,  the General
       Partner is permitted to delegate its authority to trade the Partnership's
       assets to one or more trading  advisors and to compensate  those advisors
       from the General  Partner's  own funds.  The General  Partner  receives a
       monthly  management  fee of 1/3 of 1% (4% per year) of the  month-end Net
       Assets of the  Partnership  managed by the Advisor,  and an incentive fee
       payable quarterly equal to 15% of Net Trading Profits of the Partnership.

       At December 31, 1997, the General Partner had a Management Agreement with
       John W. Henry & Company,  Inc. (the "Advisor").  The Management Agreement
       requires the General  Partner to pay the Advisor a management fee payable
       monthly of 4% per annum of the Net Assets of the  Partnership  managed by
       the Advisor and an incentive  fee payable  quarterly  equal to 10% of Net
       Trading  Profits  earned  on the  Net  Assets  managed  by  the  Advisor.
       Effective January 1, 1997,  Sunrise Capital  Management was terminated as
       an advisor to the Partnership.

    b. 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

                                    F-7

<PAGE>

       with  orders  placed by the  Advisor.  Effective  January  1,  1997,  the
       Partnership pays SB a monthly brokerage fee equal to .5% of month end net
       assets  (6% per  year) in lieu of  brokerage  commissions  on a per trade
       basis.  From July 1, 1995 through January 1, 1997, the  Partnership  paid
       Smith  Barney a  monthly  brokerage  fee  equal to .667% of month end net
       assets  (8% per  year).  The  Partnership  previously  paid SB a  monthly
       brokerage fee equal to .833% of month end net assets (10% per year) prior
       to July 1, 1995. The Partnership pays for all clearing fees but not floor
       brokerage.   All  of  the   Partnership's   cash  is   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, 1997 and 1996, the amount of cash
       held for margin requirements was $747,392 and $523,907,  respectively. SB
       has agreed to pay the  Partnership  interest on 70% of the average  daily
       equity  in its  accounts  during  each  month at the rate of the  average
       noncompetitive  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
       upon notice 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,  1997  and  1996  was  $306,078  and  $109,713,
    respectively,  and the average fair value during the years then ended, based
    on monthly calculation, was $331,109 and $547,563, respectively.

5.  Distributions and Redemptions:

    Distributions of profits, if any, will be made at the sole discretion of the
    General Partner; however, each limited partner may redeem some or all of his
    Units at the net  asset  value  thereof  as of the last day of any  calendar
    quarter  on 15  days'  notice  to the  General  Partner,  provided  that  no
    redemption may result in the limited  partner holding fewer than three Units
    after such redemption is effected.


                                   F-8


<PAGE>

6.  Net Asset Value Per Unit:

    Changes in the net asset value per Unit during the years ended  December 31,
    1997, 1996, and 1995 were as follows:


                                 1997             1996              1995
Net realized and
 unrealized gains            $  382.44         $  520.78         $  442.66
Interest income                  86.74             69.77             72.01
Expenses                       (157.90)          (167.47)           (98.47)
                             ---------         ---------         ---------
Increase for year               311.28            423.08            416.20
Net asset value per
 Unit, beginning of year      2,384.45          1,961.37          1,545.17
                             ---------         ---------         ---------
Net asset value per
 Unit, end of year           $2,695.73         $2,384.45         $1,961.37
                             ---------         ---------         ---------


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.

                                 F-9
<PAGE>


    Market  risk is the  potential  for  changes  in the value of the  financial
    instruments  traded  by the  Partnership  due to market  changes,  including
    interest and foreign  exchange rate movements and  fluctuations in commodity
    or security prices.  Market risk is directly  impacted by the volatility and
    liquidity in the markets in which the related underlying assets are traded.

    Credit risk is the possibility that a loss may occur due to the failure of a
    counterparty  to perform  according to the terms of a contract.  Credit risk
    with respect to exchange traded instruments is reduced to the extent that an
    exchange  or  clearing   organization   acts  as  a   counterparty   to  the
    transactions.  The  Partnership's  risk of loss in the event of counterparty
    default is typically  limited to the amounts  recognized in the statement of
    financial  condition and not represented by the contract or notional amounts
    of the instruments.  The Partnership has concentration risk because the sole
    counterparty or broker with respect to the Partnership's assets is 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,  1997,  the notional or
    contractual  amounts of the  Partnership's  commitment  to purchase and sell
    these  instruments  was $27,377,209 and  $42,685,981,  respectively.  All of
    these instruments mature within one year of December 31, 1997. However,  due

                                F-10

<PAGE>

    to the nature of the  Partnership's  business,  these instruments may not be
    held to maturity.  At December 31, 1997, the fair value of the Partnership's
    derivatives, including options thereon, was $306,078, as detailed below.


                                  December 31, 1997
                           -------------------------------------
                             Notional or Contractual
                              Amount of Commitments
                          To Purchase            To Sell           Fair Value
Currencies
-OTC Contracts            $ 6,940,963         $13,511,341         $   (27,629)
Interest Rate
  Non-U.S                  13,830,230          26,125,122              16,152
Interest Rate U.S.          5,864,656                  --              46,500
Metals                        741,360           2,480,550             224,630
Indices                             -             568,968              46,425
                          -----------         -----------         -----------
Totals                    $27,377,209         $42,685,981         $   306,078
                          -----------         -----------         -----------



    At  December  31,  1996,  the  notional  or   contractual   amounts  of  the
    Partnership's   commitment  to  purchase  and  sell  these  instruments  was
    $31,027,760  and  $19,166,823,  respectively,  and  the  fair  value  of the
    Partnership's  derivatives,  including  options  thereon,  was  $109,713  as
    detailed below.


                             December 31, 1996
                       -------------------------------------
                        Notional or Contractual
                         Amount of Commitments
                       To Purchase           To Sell          Fair Value
Currencies
  -OTC Contracts      $ 8,474,920         $ 6,350,389          $    38,097
Interest Rate U.S.      1,251,469                   -              (12,595)
Interest Rate
  Non-U.S              21,301,371           8,623,530              (11,939)
Metals                          -           3,586,870               74,070
Indices                         -             606,034               22,080
                       -----------         -----------          -----------
Totals                $31,027,760         $19,166,823          $   109,713
                       -----------         -----------          -----------




                                     F-11


<PAGE>



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.  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").  Effective January 1,
1997,   Sunrise  Capital   Management  was  terminated  as  an  advisor  to  the
Partnership.

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."  For the year ended  December  31,  1997,  SB earned
$373,144 in brokerage  commissions  and clearing fees.  Management  fees paid or
payable to the General Partner were $241,865 and the General Partner also earned
$101,180 in incentive fees in 1997. The Advisor was  compensated  for management
and incentive fees from the General Partner's own funds.

                                      13



<PAGE>



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 34 Units of Limited Partnership Interest (1.5%) as of December 31,
1997.
          (c).  Changes in control.  None.
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.        Exhibits, Financial Statement Schedules, and Reports
                on Form 8-K.
         (a) (1)  Financial Statements:
                  Statement of Financial Condition at December 31,1997 and 1996.
                  Statement   of  Income and   Expenses  for   the  years  ended
                  December  31,  1997,   1996  and  1995.
                  Statement  of  Partners'  Capital for  the years  end December
                  31, 1997, 1996 and 1995.



                                       14

<PAGE>



               (2)    Financial Statement Schedules:  Financial Data
                           Schedule for the year ended December 31, 1997.
               (3)         Exhibits:
               3.1 -             Limited    Partnership   Agreement  dated as of
                                 February  10, 1987 and  amended as of  April 6,
                                 1987 (filed  as Exhibit 3.1 to the Registration
                                 Statement No. 33-12241 and incorporated  herein
                                 by reference).
               3.2 -             Certificate  of   Limited  Partnership  of  the
                                 Partnership as  filed in   the  office  of  the
                                 Secretary of State  of the State of Delaware on
                                 February 10, 1987  (filed as Exhibit 3.2 to the
                                 Registration    Statement    No.  33-12241  and
                                 incorporated herein by reference).
               10.1 -            Customer   Agreement   between  Shearson Lehman
                                 Select   Advisors  Futures  Fund L.P. and Smith
                                 Barney Shearson Inc. (previously filed).
               10.1(a)-          Amendment  to  Customer  Agreement  dated as of
                                 September 30, 1988 (previously filed).
               10.4(a)-          Management       Agreement    between    Hayden
                                 Commodities   Corp. and  Dunn Commodities, Inc.
                                 (previously filed).
               10.4(b) -         Management Agreement between Hayden Commodities
                                 Corp. and Investment Timing Services previously
                                 filed).


                                           15

<PAGE>



               10.4(c)-          Management Agreement between Hayden Commodities
                                 Corp.    and  Cresta  Commodity Management Inc.
                                 (previously filed).
               10.4(d) -         Management Agreement between Hayden Commodities
                                 Corp.  and  Computerized  Advisory  (previously
                                 filed).
               10.6(e) -         Management Agreement between Hayden Commodities
                                 Corp. and Donald J. Guy (previously filed).
               10.4(f) -         Management Agreement between Hayden Commodities
                                 Corp. and I.C.S.C., Inc. (previously filed).
               10.4(g) -         Management Agreement between Hayden Commodities
                                 Corp.  and  Orion Inc. (previously filed).
               10.4(h) -         Management Agreement between Hayden Commodities
                                 Corp.    and   Bacon   Investment  Corporation
                                 (previously filed).
               10.4(I) -         Management Agreement between Hayden Commodities
                                 Corp. and PRAGMA, Inc. (previously filed).
               10.4(j) -         Management Agreement between Hayden Commodities
                                 Corp.  and  Mint  Investment Management Company
                                 (previously filed).
               10.4(k) -         Management Agreement between Hayden Commodities
                                 Corp.  and  John W. Henry & Company (previously
                                 filed).
               10.4(l) -         Management Agreement between Hayden Commodities
                                 Corp.   and    Charles  M.   Wilson  &  Company
                                 (previously filed).


                                               16

<PAGE>



               10.4(m)-         Management  Agreement between Hayden Commodities
                                Corp. and  Sunrise Commodities  Inc. (previously
                                filed).
               10.5 -           Letter   extending  Management   Agreement  with
                                Sunrise   Commodities  Inc. dated as of June 30,
                                1989 (previously filed).
               10.6 -           Letter  extending   Management   Agreement  with
                                Charles   M.  Wilson & Company  dated as of June
                                30, 1989 (previously filed).
               10.7 -           Letter  extending   Management   Agreement  with
                                PRAGMA, Inc. dated June   30,  1989  (previously
                                filed).
               10.8 -           Letter  extending Management Agreement with John
                                W. Henry  &  Co., Inc.    dated   as of June 30,
                                1989 (previously filed).
               10.9 -           Letter  extending    Management  Agreement with
                                Bacon Investment Corporation dated June 30, 1989
                                (previously filed).
              10.10 -           Assignment by Bacon  Investment   Corporation to
                                Zack  Hampton Bacon,   III dated as of September
                                15, 1989 (previously filed).
              10.11 -           Letter    extending  Management  Agreement  with
                                Sunrise Commodities  Inc.  dated  June 26,  1990
                                (filed as   Exhibit   10.11 to Form 10-K for the
                                fiscal   year  ended  December   31,   1991  and
                                incorporated herein by reference).


                                                        17

<PAGE>



             10.12 -             Letter  extending  Management    Agreement with
                                 PRAGMA, Inc.   dated  June 26, 1990   (filed as
                                 Exhibit 10.12  to Form 10-K for the fiscal year
                                 ended December 31, 1991 and incorporated herein
                                 by reference).
             10.13 -             Letter extending Management Agreement with John
                                 W. Henry & Co., Inc. dated June 26, 1990 (filed
                                 as Exhibit 10.13 to Form 10-K for the fiscal
                                 year ended December 31, 1991 and incorporated
                                 herein by reference).
             10.14 -             Letter extending Management Agreement with Zack
                                 Hampton Bacon, III   dated June 25, 1990 (filed
                                 as Exhibit   10.14  to Form 10-K for the fiscal
                                 year ended  December  31, 1991 and incorporated
                                 herein by reference).
             10.15 -             Letter extending  Management    Agreement  with
                                 Sunrise  Commodities, Inc. dated  July 16, 1991
                                 (filed as Exhibit 10.15 to   Form  10-K for the
                                 fiscal year ended December   31,    1991    and
                                 incorporated herein by reference).
             10.16 -             Letter  extending   Management  Agreement  with
                                 PRAGMA, Inc. dated   July  16, 1991   (filed as
                                 Exhibit  10.16 to Form 10-K for the fiscal year
                                 ended December 31, 1991 and incorporated herein
                                 by reference).
             10.17 -             Letter extending Management Agreement with John
                                 W. Henry & Co., Inc. dated July 16, 1991 (filed

                                                        18

<PAGE>



                                 as  Exhibit   10.17 to Form 10-K for the fiscal
                                 year ended  December  31, 1991 and incorporated
                                 herein by reference).
             10.18 -             Letter extending Management Agreement with Zack
                                 Hampton  Bacon,  III   dated  July 16, 1991 and
                                 (filed  as  Exhibit  10.18 to Form 10-K for the
                                 fiscal  year  ended  December    31,   1991 and
                                 incorporated herein by reference).
             10.19 -             Letter   extending   Management  Agreement with
                                 Sunrise  Commodities  Inc.  dated June 30, 1992
                                 (filed  as   Exhibit 10.19 to Form 10-K for the
                                 fiscal year ended December 31, 1992).
             10.20 -             Letter   extending  Management  Agreement  with
                                 PRAGMA,  Inc.  dated  June  30, 1992 ( filed as
                                 Exhibit 10.20 to Form  10-K for the fiscal year
                                 ended December 31, 1992).
             10.21 -             Letter extending Management Agreement with John
                                 W. Henry & Co., Inc. dated June 30, 1992 (filed
                                 as Exhibit 10.21 to Form  10-K  for  the fiscal
                                 year ended December 31, 1992).
             10.22 -             Letter extending Management Agreement with Zack
                                 Hampton Bacon, III dated  June  30, 1992 (filed
                                 as Exhibit 10.22 to Form  10-K  for  the fiscal
                                 year ended December 31, 1992).
             10.23 -             Letter  terminating  Management  Agreement with
                                 Zack  Hampton   Bacon, III dated March 31, 1993
                                 (filed  as   Exhibit 10.23 to Form 10-K for the

                                                        19

<PAGE>



                                 fiscal year ended December 31, 1993).
             10.24 -             Letter terminating Management   Agreement  with
                                 PRAGMA, Inc. dated  July  29,  1994  (filed  as
                                 Exhibit 10.24 to Form 10-K for the fiscal  year
                                 ended December 31, 1994).
             10.25 -             Management    Agreement   dated   September  1,
                                 1994   the  Partnership,  the  General  Partner
                                 and Gill  Capital  Management (filed as Exhibit
                                 10.25 to Form 10-K for  the  fiscal  year ended
                                 December 31, 1994).
             10.26 -             Letters  extending  Management  Agreements with
                                 John W. Henry  &   Co.,  Sunrise        Capital
                                 Management, Inc. and   Gill  Capital Management
                                 dated February 16, 1995 (filed as Exhibit 10.26
                                 to Form 10-K for the fiscal year ended December
                                 31, 1994).
             10.27 -             Letter terminating   Management  Agreement with
                                 Gill  Capital   Management  dated June 27, 1995
                                 (filed   as  Exhibit 10.27 to Form 10-K for the
                                 fiscal year ended December 31, 1995).
             10.28 -             Letter   terminating Management Agreement with
                                 Sunrise   Capital Management dated December 23,
                                 1996 (filed herein).
             10.29 -             Letters  extending  Management  Agreement  with
                                 John W.  Henry &  Company,  Inc. (file herein).


         (b)  Reports on 8-K:   None Filed.

                                                        20

<PAGE>




                                     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 1998.

SHEARSON SELECT ADVISORS FUTURES FUND


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/ Daniel R. McAuliffe, Jr.                   /s/    Steve J. Keltz
Daniel R. McAuliffe, Jr.                              Steve J. Keltz
Director                                              Secretary and Director



/s/   Shelley Ullman
Shelley Ullman
Director


                                                        21

<PAGE>