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, 2002

                         Commission File Number 0-16627
                                     -------

                   SHEARSON SELECT ADVISORS FUTURES FUND L.P.
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             (Exact name of registrant as specified in its charter)

                 Delaware                                   13-3405705
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         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
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              (Address and Zip Code of principal executive offices)

                                 (212) 723-5424
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              (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: 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 toItem 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 [X]

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Acts).

                              Yes       No   X
                                ----     -----

Limited Partnership Units with an aggregate value of $3,630,714 were outstanding
and held by  non-affiliates as of the last business day of the registrant's most
recently completed second fiscal quarter.

As of February 28, 2003, 2,360.0950 Limited Partnership Units were outstanding.

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      NONE

<PAGE>




                                     PART 1
Item 1. Business.
        ---------

     (a) General development of business.  Shearson Select Advisors Futures Fund
L.P. (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,  2002,  2001 and 2000 are  reported in the  Statement of Partners'
Capital on page F-9 under "Item 8. Financial Statements and Supplementary Data."
     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.
     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.


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("SSBHI"), which is the sole owner of SSB. SSBHI is a wholly owned subsidiary of
Citigroup Inc.
     The Partnership's  trading of futures,  forwards and options contracts,  if
applicable,  on  commodities  is done  primarily  on United  States  of  America
commodities  exchanges  and may,  to a lesser  extent,  be done on some  foreign
commodity  exchanges.  It engages in such trading through a commodity  brokerage
account maintained with SSB.
     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 an incentive fee payable quarterly equal to 5% of New
Trading Profits of the Partnership.
     The  General   Partner  has  entered  into  a  Management   Agreement  (the
"Management Agreement") with John W. Henry & Company, Inc. ("the Advisor").  The
Advisor is not  affiliated  with the General  Partner or SSB. The Advisor is not
responsible  for the  organization  or operation of the  Partnership.  Reference
should be made to "Item 8.  Financial  Statements and  Supplementary  Data." for
further information regarding the Advisor included in the notes to the financial
statements.
     The  Management  Agreement  requires the  Partnership  to pay the Advisor a
monthly  management  fee of 1/3 of 1% (4% per  year)  of  month-end  Net  Assets
managed by the  Advisor  and an  incentive  fee equal to 10% of the New  Trading


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Profits  (as  defined  in the  Management  Agreement)  earned on the Net  Assets
managed by the Advisor during each quarter.
     Pursuant to the terms of the customer  agreement entered into with SSB (the
"Customer  Agreement"),  the Partnership is obligated to pay a monthly commodity
brokerage fee.  Effective  January 1, 1997, the  Partnership  pays SSB 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 SSB 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 SSB. The Customer  Agreement  between the
Partnership  and SSB 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,  SSB pays 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 thereof during the month.  The Customer  Agreement may be
terminated upon notice by either party.


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<PAGE>


     (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, 2002, 2001, 2000,
1999 and 1998 are set forth under "Item 6. Selected Financial Data." Partnership
capital as of December 31, 2002 was $4,059,413.
     (c) Narrative description of business.
              ---------------------------------
     See Paragraphs (a) and (b) above.
     (i) through (xii) - Not applicable.
     (xiii) - The Partnership has no employees.
     (d) Financial  Information About Geographic Areas. The Partnership does not
engage in sales of goods or services or own any long lived assets, and therefore
this item is not applicable.
Item 2. Properties.
        ----------
     The Partnership  does not own or lease any properties.  The General Partner
operates out of facilities provided by its affiliate, SSB.



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<PAGE>


Item 3.  Legal Proceedings.
         -----------------
     This section  describes  the major pending  legal  proceedings,  other than
ordinary routine litigation  incidental to the business,  to which Salomon Smith
Barney Holdings Inc. ("SSBHI") or its subsidiaries is a party or to which any of
their  property is  subject.  There are no material  legal  proceedings  pending
against the Partnership or the General Partner.
     Salomon  Smith  Barney  Inc.  ("SSB")  is a New York  corporation  with its
principal place of business at 388 Greenwich St., New York, New York 10013.  SSB
is registered as a broker-dealer and futures  commission  merchant ("FCM"),  and
provides futures  brokerage and clearing  services for  institutional and retail
participants  in the  futures  markets.  SSB and  its  affiliates  also  provide
investment banking and other financial services for clients worldwide.
     There have been no  administrative,  civil or criminal actions pending,  on
appeal or concluded  against SSB or any of its individual  principals within the
past five years that  management  believes  may have a material  impact on SSB's
ability to act as an FCM. In the ordinary course of its business, SSB is a party
to various claims and regulatory  inquiries.  Proceedings  deemed to be material
for  purposes  of  Commodity  Futures  Trading  Commission  ("CFTC")  disclosure
requirements are:
     In December  1996, a complaint  seeking  unspecified  monetary  damages was
filed by Orange County,  California against numerous brokerage firms,  including
SSB, in the U.S. Bankruptcy Court for the Central District of California (County
of Orange et al. v. Bear  Stearns & Co. Inc.  et al.).  The  complaint  alleged,


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among other things,  that the brokerage  firms  recommended  and sold unsuitable
securities to Orange County. SSB and the remaining  brokerage firms settled with
Orange County in mid 1999. SSB paid $1,333,333 to settle this matter.
     In June  1998,  complaints  were filed in the U.S.  District  Court for the
Eastern District of Louisiana in two actions (Board of  Liquidations,  City Debt
of the City of New  Orleans v. Smith  Barney  Inc.  et ano.  and The City of New
Orleans v. Smith Barney Inc. et ano.),  in which the City of New Orleans seeks a
determination that Smith Barney Inc. and another underwriter will be responsible
for any  damages  that the City may  incur in the  event  the  Internal  Revenue
Service  denies tax exempt  status to the City's  General  Obligation  Refunding
Bonds Series 1991. The complaints were subsequently  amended.  SSB has asked the
court to dismiss the amended complaints.  The court denied the motion but stayed
the case. Subsequently, the City withdrew its lawsuit.
     In November 1998, a class action  complaint was filed in the U.S.  District
Court for the Middle  District  of Florida  (Dwight  Brock as Clerk for  Collier
County v. Merrill  Lynch,  et al.).  The complaint  alleged that,  pursuant to a
nationwide  conspiracy,  17  broker-dealer  defendants,  including SSB,  charged
excessive  mark-ups in connection with advanced  refunding  transactions.  Among
other relief,  plaintiffs sought compensatory and punitive damages,  restitution
and/or  rescission of the  transactions  and  disgorgement of alleged  excessive
profits.  In October 1999, the plaintiff  filed a second amended  complaint.  In
November  1999,  SSB moved to dismiss the amended  complaint.  In May 2001,  the


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parties reached and the court preliminarily approved a tentative settlement. SSB
paid  $1,063,457 to settle this matter and in September 2001, the court approved
the settlement.
     In  connection  with the  Louisiana  and Florida  matters,  the IRS and SEC
conducted an industry-wide investigation into the pricing of Treasury securities
in  advanced  refunding  transactions.  In April  2000,  SSB and  several  other
broker-dealers  entered into a settlement with the IRS and the SEC.  Thereafter,
the plaintiffs filed voluntary discontinuances.
     In December  1998,  SSB was one of 28 market  making  firms that  reached a
settlement  with the SEC in the matter  titled In the  Matter of Certain  Market
Making  Activities on NASDAQ.  As part of the  settlement  of that matter,  SSB,
without admitting or denying the factual  allegations,  agreed to an order which
required that it: (i) cease and desist from committing or causing any violations
of Sections  15(c)(1)  and (2) of the  Securities  Exchange  Act of 1934 and SEC
Rules  15c1-2,  15c2-7  and  17a-3  thereunder,   (ii)  pay  penalties  totaling
approximately  $760,000 and (iii) submit  certain  policies and procedures to an
independent consultant for review.
     In March 1999, a complaint seeking in excess of $250 million was filed by a
hedge fund and its  investment  advisor  against SSB in the Supreme Court of the
State of New York,  County of New York (MKP Master  Fund,  LDC et al. v. Salomon
Smith Barney Inc.).  The complaint  included  allegations  that, while acting as
prime broker for the hedge fund,  SSB breached its  contracts  with  plaintiffs,
misused their monies and engaged in tortious  conduct,  including  breaching its
fiduciary  duties.  SSB asked the court to dismiss  the  complaint  in full.  In


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October  1999,  the court  dismissed  the tort claims,  including  the breach of
fiduciary  duty claims.  The court allowed the breach of contract and conversion
claims  to  stand.   In  December   1999,  SSB  filed  an  answer  and  asserted
counterclaims  against the investment advisor. In response to plaintiff's motion
to strike out the counterclaims,  in January 2000, SSB amended its counterclaims
against  the  investment  advisor  to  seek  indemnification  and  contribution.
Plaintiffs  moved to strike SSB's  amended  counterclaims  in February  2000. In
September   2000,  the  court  denied   plaintiffs'   motion  to  dismiss  SSB's
counterclaims  based on  indemnification  and contribution.  In August 2002, SSB
filed a motion for summary judgment.
     In April 2002,  numerous class action complaints were filed against Salomon
Smith  Barney  and other  investment  banks in the U.S.  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 and Section 10(b) of
the  Securities  Exchange Act of 1934) 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.  On
February 19, 2003, the court issued an opinion denying the defendants' motion to
dismiss. Also pending in the Southern District of New York against SSB and other
investment banks are several alleged class actions which have been  consolidated
into a single  class action  alleging  violations  of certain  federal and state


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antitrust  laws in connection  with the  allocation of shares in initial  public
offerings  underwritten  by such parties.  The  defendants in these actions have
moved to dismiss the  consolidated  amended  complaint but the court has not yet
rendered a decision on those motions.
     In April 2002,  Citigroup  and, in one case,  SSB were named as  defendants
along with, among others,  commercial and/or  investment banks,  certain current
and former Enron officers and directors,  lawyers and accountants in two alleged
consolidated  class action complaints that were filed in the U.S. District Court
for the Southern  District of Texas  seeking  unspecified  damages.  One action,
brought on behalf of individuals who purchased Enron securities  (Newby,  et al.
v.  Enron  Corp.,  et al.),  alleges  violations  of  Sections  11 and 15 of the
Securities Act of 1933 and Sections  10(b) and 20(a) of the Securities  Exchange
Act of 1934 and the other action,  brought on behalf of current and former Enron
employees  (Tittle,  et al. v. Enron Corp., et al.), alleges violations of ERISA
and RICO, as well as negligence and civil conspiracy.  On May 8, 2002, Citigroup
and SSB filed  motions to dismiss the  complaints.  On December  19,  2002,  the
motions to dismiss the Newby  complaint  were denied.  The motion to dismiss the
complaint in Tittle remains pending.
     Since April 2002,  SSB and  several  other  broker  dealers  have  received
subpoenas  and/or  requests  for  information  from  various   governmental  and
self-regulatory agencies and Congressional  committees,  including the NASD Inc.
which has raised  issues about SSB's  internal  e-mail  retention  practices and
research  on Winstar  Communications,  Inc.  With  respect to  Winstar,  SSB has


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entered into a settlement  agreement.  SSB agreed to pay a penalty in the amount
of $5 million and did not admit to any  wrongdoing.  With  respect to other such
matters,  on December 20, 2002,  Citigroup and a number of other  broker/dealers
reached a  settlement-in-principle  with the SEC,  the NASD  Inc.,  the New York
Stock  Exchange (the "NYSE") and the Attorney  General of New York of all issues
raised   in  their   research,   initial   public   offerings   allocation   and
spinning-related  inquiries.  In addition,  with respect to issues raised by the
NASD,  the NYSE and the SEC  about  SSB's  and  other  firms'  e-mail  retention
practices,  SSB and several other  broker/dealers and the NASD, the NYSE and the
SEC entered into a settlement  agreement in December  2002.  SSB agreed to pay a
penalty in the amount of $1.65  million and did not admit to any  allegation  of
wrongdoing.
     Since May 2002, Citigroup,  SSB and certain principals,  executive officers
and current and former  employees  have been named as  defendants in a number of
alleged  class  action  complaints  filed in the  U.S.  District  Court  for the
Southern District of New York by purchasers of various securities  alleging they
violated federal  securities law, including Sections 10 and 20 of the Securities
Exchange Act of 1934 by issuing  research  reports without  reasonable basis and
failing  to  disclose   conflicts  of  interest  in  connection  with  published
investment research,  including Global Crossing,  WorldCom, Inc., AT&T, Winstar,
Rhythm Net Connections,  Level 3  Communications,  MetroMedia Fiber Network,  XO
Communications  and  Williams  Communications  Group  Inc.  Nearly  all of these
actions are pending  before a single  judge in the U.S.  District  Court for the
Southern  District  of New York  for  coordinated  proceedings.  The  court  has


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consolidated  these actions into nine separate  categories  corresponding to the
companies named above.
     Additional  actions have been filed  against  Citigroup  and certain of its
affiliates,  including  SSB, and certain of their current and former  directors,
officers and employees, along with other parties,  including: (1) three putative
class actions filed in state courts and federal  courts on behalf of persons who
maintained accounts with SSB asserting,  among other things,  common law claims,
claims under state  statutes,  and claims under the  Investment  Advisers Act of
1940,  for  allegedly  failing  to provide  objective  and  unbiased  investment
research and investment management,  seeking, among other things, return of fees
and  commissions;  (2)  approximately  fifteen  actions filed in different state
courts by  individuals  asserting,  among  other  claims,  common law claims and
claims under state  securities  laws,  for allegedly  issuing  research  reports
without  a  reasonable  basis  in fact and for  allegedly  failing  to  disclose
conflicts of interest with  companies in connection  with  published  investment
research,  including Global Crossing and WorldCom,  Inc.; (3) approximately five
actions  filed in different  state  courts by pension and other funds  asserting
common law claims and  statutory  claims under,  among other  things,  state and
federal  securities  laws,  for allegedly  issuing  research  reports  without a
reasonable  basis in fact and for  allegedly  failing to disclose  conflicts  of
interest  with  companies in  connection  with  published  investment  research,
including WorldCom,  Inc. and Qwest  Communications  International Inc.; and (4)
more than two hundred  arbitrations  asserting  common law claims and  statutory


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claims  under,  among other  things,  state and  federal  securities  laws,  for
allegedly  issuing  research  reports without a reasonable basis in fact and for
allegedly failing to disclose conflicts of interest with companies in connection
with published investment research.
     In July 2002,  Citigroup,  SSB and various of its affiliates and certain of
their officers and other employees were named as defendants,  along with,  among
others,  commercial and/or  investment  banks,  certain current and former Enron
officers and directors, lawyers and accountants in an alleged class action filed
in the U.S.  District  Court for the Southern  District of New York on behalf of
purchasers  of the Yosemite  Notes and Enron  Credit-Linked  Notes,  among other
securities (Hudson Soft Co., Ltd v. Credit Suisse First Boston  Corporation,  et
al.). The complaint  alleges  violations of RICO and of Sections 10(b) and 20(a)
of the Securities Exchange Act of 1934 and seeks unspecified damages.
     Additional  actions have been filed  against  Citigroup  and certain of its
affiliates, including SSB, along with other parties, including (i) three actions
brought in state courts by state pension  plans for alleged  violations of state
securities  law and common law fraud and  unjust  enrichment;  (ii) an action by
banks that  participated  in two Enron  revolving  credit  facilities,  alleging
fraud,  gross  negligence  and  breach  of  implied  duties in  connection  with
defendants'  administration  of a credit  facility  with Enron;  (iii) an action
brought by several funds in connection with secondary  market purchases of Enron
Corp. debt securities  alleging  violations of federal securities law, including
Section  11  of  the   Securities   Act  of  1933,  and  claims  for  fraud  and
misrepresentation;  (iv) a series of  alleged  class  actions by  purchasers  of
NewPower  Holdings common stock alleging  violations of federal  securities law,
including  Section 11 of the  Securities  Act of 1933 and  Section  10(b) of the


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Securities  Exchange Act of 1934; (v) an action brought by two investment  funds
in connection with purchases of Enron-related  securities for alleged violations
of state securities and unfair competition  statutes;  (vi) an action brought by
several  investment  funds and fund owners in connection with purchases of notes
of the Osprey I and Osprey II Trusts for alleged  violation of state and federal
securities  laws  and  claims  for  common  law  fraud,   misrepresentation  and
conspiracy;  (vii) an action brought by several investment funds and fund owners
in connection  with  purchases of notes of the Osprey I and Osprey II Trusts for
alleged  violation  of  state  and  federal  securities  laws and  state  unfair
competition laws and claims for common law fraud and  misrepresentation;  (viii)
an action  brought by the Attorney  General of  Connecticut  in connection  with
various  commercial and investment  banking services  provided to Enron;  (ix) a
putative  class action  brought by clients of SSB in  connection  with  research
reports  concerning Enron,  alleging breach of contract;  (x) actions brought by
several  investment  funds in  connection  with  the  purchase  of notes  and/or
certificates of the Osprey Trusts, the Marlin Trust, and the Marlin Water trust,
as well as the  purchase of other Enron or  Enron-related  securities,  alleging
violation of state and federal  securities laws, and common law civil conspiracy
and fraud;  (xi) an action brought by a retirement  and health  benefits plan in
connection  with the  purchase of certain  Enron  notes,  alleging  violation of
federal  securities law,  including Section 11 of the Securities Act of 1933, as
amended,  violations of state securities and unfair  competition law, and common
law fraud and  breach of  fiduciary  duty;  and (xii) an action  brought  by two
broker/dealers  in  connection  with the  purchase  of certain  notes,  alleging


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violation of federal and state securities laws. Several of these cases have been
consolidated  with the Newby action and stayed  pending the Court's  decision on
the pending motions of certain defendants to dismiss Newby.
     Additionally,  Citigroup and certain of its affiliates, including SSB, have
provided   substantial   information  to,  and  have  entered  into  substantive
discussions  with, the Securities and Exchange  Commission  regarding certain of
their  transactions with Enron and a transaction with Dynegy Inc.  Citigroup and
certain of its  affiliates,  including  SSB,  also have  received  subpoenas and
requests for information from various other regulatory and governmental agencies
and Congressional  committees, as well as from the Special Examiner in the Enron
bankruptcy, regarding certain transactions and business relationships with Enron
and  its  affiliates.   Citigroup  and  such  affiliates,   including  SSB,  are
cooperating fully with all such requests.
     Citigroup  and SSB are involved in a number of lawsuits  arising out of the
underwriting  of debt  securities  of  WorldCom,  Inc.  These  lawsuits  include
putative class actions filed in July 2002 by alleged purchasers of WorldCom debt
securities in the United States District Court for the Southern  District of New
York (Above  Paradise  Investments  Ltd. V.  Worldcom,  Inc., et al.;  Municipal


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Police Employees Retirement System Of Louisiana V. Worldcom,  Inc., et al.), and
in the United States  District  Court for the Southern  District of  Mississippi
(Longacre  Master Fund V. Worldcom,  Inc., et al.).  These putative class action
complaints assert violations of federal  securities law,  including  Sections 11
and 12 of the Securities Act of 1933, as amended,  and seek unspecified  damages
from the underwriters.
     On October 11, 2002,  the Above  Paradise and  Municipal  Police  Employees
lawsuits filed in the United States District Court for the Southern  District of
New York were  superseded by the filing of a consolidated  putative class action
complaint in the United States  District Court for the Southern  District of New
York  (In  Re  Worldcom,  Inc.  Securities  Litigation).   In  the  consolidated
complaint,  in addition to the claims of violations by the  underwriters  of the
federal  securities law,  including  Sections 11 and 12 of the Securities Act of
1933,  as amended,  the  plaintiffs  allege  violations  of Section 10(b) of the
Securities  Exchange  Act of  1934,  as  amended,  and  Rule  10b-5  promulgated
thereunder,  by SSB arising out of alleged conflicts of interest of SSB and Jack
Grubman.  The plaintiffs continue to seek unspecified  compensatory  damages. In
addition to the consolidated  class action  complaint,  the Southern District of
Mississippi  class  action  has  been  transferred  by  the  Judicial  Panel  on
MultiDistrict  Litigation to the Southern  District of New York for  centralized
pre-trial proceedings with other WorldCom-related actions.
     In addition to the several putative class actions that have been commenced,


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certain  individual  actions have been filed in various federal and state courts
against  Citigroup and SSB, along with other parties,  concerning  WorldCom debt
securities  including individual state court actions brought by approximately 18
pension  funds  and  other  institutional   investors  in  connection  with  the
underwriting of debt securities of WorldCom alleging violations of Section 11 of
the Securities Act of 1933, as amended,  and, in one case, violations of various
state  securities  laws and common law fraud.  Most of these  actions  have been
removed to federal court and have been  transferred to the Southern  District of
New York for  centralized  pre-trial  proceedings  with  other  WorldCom-related
actions.
     A putative  class action on behalf of  participants  in  WorldCom's  401(k)
salary savings plan and those  WorldCom  benefit plans covered by ERISA alleging
violations of ERISA and common law fraud  (Emanuele V. Worldcom,  Inc., Et Al.),
which was  commenced  in the United  States  District  Court for the District of
Columbia,  also has been  transferred  by the  Judicial  Panel on  MultiDistrict
Litigation  to the  Southern  District  of New  York for  centralized  pre-trial
proceedings with other  WorldCom-related  actions.  In December 2002, the claims
against SSB and the other underwriters were dismissed without prejudice.
     On or about January 27, 2003,  lead  plaintiff in a  consolidated  putative
class action in the United States  District Court for the District of New Jersey
(In Re  AT&T  Corporation  Securities  Litgation)  sought  leave  to  amend  its
complaint on behalf of purchasers of AT&T common stock asserting claims against,
among others, AT&T Corporation,  to add as named defendants  Citigroup,  SSB and


                                       17
<PAGE>

certain executive  officers and current and former  employees,  asserting claims
under federal  securities laws for allegedly  issuing research reports without a
reasonable  basis in fact and for  allegedly  failing to disclose  conflicts  of
interest with AT&T in connection with published investment research.
     On or about January 28, 2003,  lead  plaintiff in a  consolidated  putative
class action in the United States  District  Court for the Southern  District of
New  York  (In  Re  Global  Crossing,   Ltd.  Securities   Litigation)  filed  a
consolidated  complaint  on behalf of  purchasers  of the  securities  of Global
Crossing  and  its  subsidiaries,  which  names  as  defendants,  among  others,
Citigroup,  SSB and certain executive officers and current and former employees,
asserting  claims under federal  securities laws for allegedly  issuing research
reports without a reasonable basis in fact and for allegedly failing to disclose
conflicts  of  interest  with  Global  Crossing  in  connection  with  published
investment research.
     SSBHI  and  various  subsidiaries  have also been  named as  defendants  in
various  matters  incident  to and typical of the  businesses  in which they are
engaged. These include numerous civil actions, arbitration proceedings and other
matters in which SSBHI's broker-dealer  subsidiaries have been named, arising in
the  normal  course of  business  out of  activities  as a broker  and dealer in
securities,  as an  underwriter  of  securities,  as  an  investment  banker  or
otherwise.  In the  opinion  of  SSBHI's  management,  none of these  actions is
expected  to have a  material  adverse  effect  on the  results  of  operations,
consolidated financial condition or liquidity of SSBHI and its subsidiaries.

                                       18
<PAGE>

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, 2002 was 319.
     (c)  Distribution.  The  Partnership did not declare a distribution in 2002
          or 2001.
     (d)  Use of  Proceeds.  There were no  additional  sales in the years ended
          December 31, 2002, 2001 and 2000.

                                       19
<PAGE>

Item 6.  Selected  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, 2002, 2001, 2000, 1999 and
1998 and total assets at December 31, 2002,  2001,  2000,  1999 and 1998 were as
follows:

<TABLE>
<CAPTION>
                                      2002             2001          2000         1999            1998
<S>                                    <C>             <C>           <C>           <C>            <C>
Net realized and unrealized
trading gains (losses) net
of brokerage commissions
 and clearing fees of $226,451,
 $216,379 $189,032, $300,092,
 and $331,645, respectively       $ 1,483,403   $   159,010   $   139,628    $  (991,124)   $   300,001

Interest income                        38,736        82,770       121,989        157,603        180,533
                                  -----------   -----------   -----------    -----------    -----------

                                  $ 1,522,139   $   241,780   $   261,617    $  (833,521)   $   480,534
                                  ===========   ===========   ===========    ===========    ===========


Net income (loss)                 $ 1,220,121   $    71,103   $   106,856    $(1,076,852)   $   158,830
                                  ===========   ===========   ===========    ===========    ===========


Increase (decrease) in Net
 Asset Value per unit             $    945.40   $     37.64   $    155.53    $   (590.19)   $    110.78
                                  ===========   ===========   ===========    ===========    ===========


Total assets                      $ 4,179,975   $ 3,282,220   $ 3,520,482    $ 4,020,521    $ 5,755,721
                                  ===========   ===========   ===========    ===========    ===========

</TABLE>



                                       20
<PAGE>


21


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, net unrealized appreciation (depreciation) on open
positions and interest  receivable.  Because of the low margin deposits normally
required in commodity  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  interests which are
traded in sufficient volume to permit,  in the opinion of the Advisors,  ease of
taking and liquidating positions.
     (2) 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.
     (4) The Partnership does not employ the trading technique commonly known as
"pyramiding,"  in which the  speculator  uses  unrealized  profits  on  existing


                                       21
<PAGE>

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 two 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
may  include  forwards,  futures  and  options,  whose  value is  based  upon an
underlying  asset,  index,  or reference  rate, and generally  represent  future
commitments to exchange  currencies or cash flows,  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
Partner monitors and controls the  Partnership's  risk exposure on a daily basis
through financial, credit and risk management monitoring systems and accordingly


                                       22
<PAGE>

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  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  Partnership  will 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 as of the end of the latest fiscal period.
     (ii) The Partnership's capital consists of the capital contributions of the
partners as increased  or decreased by gains or losses on commodity  trading and
by expenses, interest income, redemptions of Units and distributions of profits,
if any. Gains or losses on commodity  trading cannot be predicted.  Market moves
in commodities are dependent upon  fundamental  and technical  factors which the
Partnership's Advisors may or may not be able to identify.  Partnership expenses


                                       23
<PAGE>

consist of, among other things, commissions, management fees and incentive fees.
The level of these  expenses  is  dependent  upon the level of trading  gains or
losses 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 SSB 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.
A 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.  For the year ended December 31, 2002, 108 Units were redeemed
for a total of $336,419.  For the year ended  December  31, 2001,  98 units were
redeemed for a total of  $253,937.  For the year ended  December  31, 2000,  324
Units were redeemed for a total of $604,706.
     (c) Results of  operations.  For the year ended  December 31, 2002, the Net
Asset Value per Unit increased 39.2%, from $2,409.49 to $3,354.89.  For the year
ended  December  31,  2001 the Net  Asset  Value  per Unit  increased  1.6% from
$2,371.85 to  $2,409.49.  For the year ended  December  31, 2000,  the Net Asset
Value per Unit increased 7.0%, from $2,216.32 to $2,371.85
     The Partnership experienced a net trading gain before brokerage commissions
and related fees in 2002 of $1,709,854. Gains were primarily attributable to the
trading of  currencies,  U.S. and non-U.S.  interest  rates and indices and were
partially offset by losses in metals.


                                       24
<PAGE>

     The   Partnership   experienced   net  trading  gains  of  $375,389  before
commissions  and  expenses in 2001.  Gains were  primarily  attributable  to the
trading of U.S. and non-U.S. interest rates currencies, metals and indices.
     The   Partnership   experienced   net  trading  gains  of  $328,660  before
commissions  and  expenses  for the year ended  December  31,  2000.  Gains were
primarily  attributable  to the trading of  currencies  and U. S. and non-U.  S.
interest  rates  products  and were  partially  offset by losses in indices  and
metals.
     Commodity 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.
(d)  Operational Risk
     The Partnership is directly  exposed to market risk and credit risk,  which
arise in the normal course of its business activities. Slightly less direct, but
of critical  importance,  are risks  pertaining to  operational  and back office


                                       25
<PAGE>

support.  This is particularly  the case in a rapidly  changing and increasingly
global environment with increasing  transaction  volumes and an expansion in the
number and complexity of products in the marketplace.
Such risks include:
Operational/Settlement  Risk - the risk of financial  and  opportunity  loss and
legal liability attributable to operational problems, such as inaccurate pricing
of transactions,  untimely trade execution,  clearance and/or settlement, or the
inability to process large volumes of  transactions.  The Partnership is subject
to increased  risks with respect to its trading  activities  in emerging  market
securities,  where clearance,  settlement, and custodial risks are often greater
than in more established markets.
Technological Risk - the risk of loss attributable to technological  limitations
or hardware failure that constrain the Partnership's ability to gather, process,
and communicate information efficiently and securely,  without interruption,  to
customers,  among units  within the  Partnership,  and in the markets  where the
Partnership participates.
Legal/Documentation  Risk - the risk of loss attributable to deficiencies in the
documentation  of  transactions  (such  as  trade  confirmations)  and  customer
relationships  (such as master  netting  agreements)  or errors  that  result in
noncompliance with applicable legal and regulatory requirements.
Financial  Control  Risk - the  risk  of loss  attributable  to  limitations  in
financial  systems and controls.  Strong  financial  systems and controls ensure


                                       26
<PAGE>

that assets are safeguarded,  that  transactions are executed in accordance with
management's   authorization,   and  that  financial   information  utilized  by
management and  communicated to external  parties,  including the  Partnership's
unitholders, creditors, and regulators, is free of material errors.
(e)  Critical Accounting Policies
     The General Partner believes that the accounting policies that will be most
critical to the  Partnership's  financial  condition  and results of  operations
relate to the  valuation  of the  Partnership's  positions.  The majority of the
Partnership's positions will be exchange-traded futures contracts, which will be
valued daily at settlement prices published by the exchanges. If applicable, the
Partnership's spot and forward foreign currency contracts will also be valued at
published daily  settlement  prices or at dealers'  quotes.  The General Partner
expects that under normal  circumstances  substantially all of the Partnership's
assets will be valued by objective measures and without difficulty.
Item 7A.Quantitative and Qualitative Disclosures About Market Risk
Introduction
     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


                                       27
<PAGE>

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 results 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


                                       28
<PAGE>

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. Quantifying the
Partnership's Trading Value at Risk
     The following  quantitative  disclosures regarding the Partnership's market
risk exposures contain  "forward-looking  statements"  within the meaning of the
safe harbor from civil  liability  provided for such  statements  by the Private
Securities  Litigation  Reform  Act of 1995  (set  forth in  Section  27A of the
Securities Act of 1933 and Section 21E of the Securities  Exchange Act of 1934).
All  quantitative  disclosures in this section are deemed to be  forward-looking
statements  for purposes of the safe harbor except for  statements of historical
fact (such as the terms of  particular  contracts  and the number of market risk
sensitive instruments held during or at the end of the reporting period).
     The Partnership's risk exposure in the various market sectors traded by the
Advisor is quantified below in terms of Value at Risk. Due to the  Partnership's
mark-to-market  accounting, any loss in the fair value of the Partnership's open
positions is directly  reflected in the  Partnership's  earnings  (realized  and
unrealized).
     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.  The  maintenance  margin  levels  are  established  by  dealers  and
exchanges  using  historical  price  studies as well as an assessment of current
market  volatility  (including the implied  volatility of the options on a given


                                       29
<PAGE>

futures contract) and economic fundamentals to provide a probabilistic  estimate
of the maximum expected near-term one-day price fluctuation.  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.
     In the case of market sensitive  instruments  which are not exchange traded
(almost  exclusively  currencies  in the case of the  Partnership),  the  margin
requirements  for the  equivalent  futures  positions have been used as Value at
Risk. In those rare cases in which a futures-equivalent margin is not available,
dealers' margins have been used.
     The fair value of the Partnership's  futures and forward positions does not
have any  optionality  component.  However,  the  Advisors  may trade  commodity
options. The Value at Risk associated with options is reflected in the following
table as the margin requirement  attributable to the instrument  underlying each
option.  Where this instrument is a futures  contract,  the futures margin,  and
where  this  instrument  is  a  physical   commodity,   the   futures-equivalent
maintenance  margin has been used.  This  calculation is conservative in that it
assumes  that the fair value of an option will decline by the same amount as the
fair value of the underlying  instrument,  whereas,  in fact, the fair values of
the options traded by the  Partnership in almost all cases fluctuate to a lesser
extent than those of the underlying instruments.


                                       30
<PAGE>

     In quantifying the Partnership's  Value at Risk, 100% positive  correlation
in the different  positions  held in each market risk category has been assumed.
Consequently,  the margin  requirements  applicable to the open  contracts  have
simply been added to determine each trading category's  aggregate Value at Risk.
The  diversification  effects  resulting  from the fact  that the  Partnership's
positions  are  rarely,  if  ever,  100%  positively  correlated  have  not been
reflected.


                                       31
<PAGE>


The  Partnership's Trading Value at Risk in Different Market Sectors
     The following table indicates the trading Value at Risk associated with the
Partnership's  open positions by market category as of December 31, 2002 and the
highest and lowest value at any point during the year. All open position trading
risk exposures of the Partnership  have been included in calculating the figures
set forth below. As of December 31, 2002, the Partnership's total capitalization
was $4,059,413.
                                December 31, 2002
<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               $ 217,890              5.37%       1,637,685      34,388
Interest rates U.S.              13,200              0.33%         111,200       6,000
Interest rates Non-U.S          202,140              4.97%         231,429      28,411
Metals
- Exchange Traded Contracts      11,000              0.27%          11,000       9,000
- OTC Contracts                  30,125              0.74%          37,375       3,600
Indices                          24,298              0.60%         104,215       5,400
                              ---------          ---------
Total                         $ 498,653             12.28%
                              =========          =========
</TABLE>


                                       32
<PAGE>


As of December 31, 2001 the Partnership's total capitalization was $3,175,711.

                                December 31, 2001
<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               $156,605            4.93%            208,683     32,401
Interest rates U.S.             18,400            0.58%             54,550     11,000
Interest rates Non-U.S         116,073            3.66%            263,358     38,766
Metals
- Exchange Traded Contracts      9,000            0.28%             35,000        180
- OTC Contracts                  4,000            0.13%             31,250      4,000
Indices                          8,015            0.25%             60,483      7,891
                               --------        --------
Total                         $312,093            9.83%
                              ========         ========
</TABLE>


                                       33
<PAGE>


Material Limitations on Value at Risk as an Assessment of Market Risk
---------------------------------------------------------------- ----
     The face value of the market sector  instruments held by the Partnership is
typically  many times the  applicable  maintenance  margin  requirement  (margin
requirements  generally range between 2% and 15% of contract face value) as well
as many  times the  capitalization  of the  Partnership.  The  magnitude  of the
Partnership's  open  positions  creates a "risk of ruin" not typically  found in
most other investment  vehicles.  Because of the size of its positions,  certain
market  conditions -- unusual,  but historically  recurring from time to time --
could cause the  Partnership to incur severe losses over a short period of time.
The  foregoing  Value at Risk  table -- as well as the past  performance  of the
Partnership -- give no indication of this "risk of ruin."
Non-Trading Risk
     The Partnership  has  non-trading  market risk on its foreign cash balances
not needed for margin.  However, these balances (as well as any market risk they
represent) are immaterial.
     Materiality  as  used  in  this  section,   "Qualitative  and  Quantitative
Disclosures About Market Risk," is based on an assessment of reasonably possible
market movements and the potential losses caused by such movements,  taking into
account the leverage,  optionality and multiplier  features of the Partnership's
market sensitive instruments.


                                       34
<PAGE>


Qualitative Disclosures Regarding Primary Trading Risk Exposures
     The following  qualitative  disclosures  regarding the Partnership's market
risk  exposures  - except  for (i)  those  disclosures  that are  statements  of
historical fact and (ii) the  descriptions  of how the  Partnership  manages its
primary market risk exposures - constitute forward-looking statements within the
meaning of Section 27A of the  Securities  Act and Section 21E of the Securities
Exchange Act. The  Partnership's  primary  market risk  exposures as well as the
strategies  used and to be used by the  General  Partner  and the  Advisors  for
managing such exposures are subject to numerous uncertainties, contingencies and
risks, any one of which could cause the actual results of the Partnership's risk
controls to differ materially from the objectives of such strategies. Government
interventions,  defaults and expropriations,  illiquid markets, the emergence of
dominant fundamental factors,  political upheavals,  changes in historical price
relationships,  an influx of new market  participants,  increased regulation and
many  other  factors  could  result in  material  losses as well as in  material
changes to the risk exposures and the management  strategies of the Partnership.
There can be no assurance that the Partnership's  current market exposure and/or
risk  management  strategies  will  not  change  materially  or  that  any  such
strategies will be effective in either the short- or long- term.  Investors must
be  prepared  to  lose  all or  substantially  all of  their  investment  in the
Partnership.
     The following were the primary trading risk exposures of the Partnership as


                                       35
<PAGE>

of December 31, 2002, by market sector.
     Interest  Rates.  Interest rate movements  directly affect the price of the
futures  positions held by the Partnership and indirectly the value of its stock
index and currency positions.  Interest rate movements in one country as well as
relative  interest  rate  movements  between  countries  materially  impact  the
Partnership's profitability. The Partnership's primary interest rate exposure is
to interest rate  fluctuations in the United States and the other G-7 countries.
However,  the Partnership also takes futures positions on the government debt of
smaller nations -- e.g.,  Australia.  The General Partner  anticipates  that G-7
interest  rates will be one of the primary market  exposures of the  Partnership
for the foreseeable future.
     Currencies.  The  Partnership's  currency  exposure  is  to  exchange  rate
fluctuations,  primarily  fluctuations  which  disrupt  the  historical  pricing
relationships   between   different   currencies  and  currency   pairs.   These
fluctuations  are  influenced  by interest rate changes as well as political and
general  economic  conditions.  The General Partner does not anticipate that the
risk profile of the Partnership's  currency sector will change  significantly in
the future.  The currency  trading Value at Risk figure includes  foreign margin
amounts  converted into U.S.  dollars with an incremental  adjustment to reflect
the exchange rate risk inherent to the  dollar-based  Partnership  in expressing
Value at Risk in a functional currency other than dollars.


                                       36
<PAGE>


     Stock Indices. The Partnership's primary equity exposure is to equity price
risk in the G-7 countries. The stock index futures traded by the Partnership are
limited to futures on broadly  based  indices.  As of  December  31,  2002,  the
Partnership's  primary  exposure was in the EUREX (Germany)  stock indices.  The
General Partner  anticipates  little,  if any, trading in non-G-7 stock indices.
The  Partnership  is  primarily  exposed to the risk of adverse  price trends or
static markets in the major U.S., European and Japanese indices. (Static markets
would  not cause  major  market  changes  but would  make it  difficult  for the
Partnership to avoid being "whipsawed" into numerous small losses.)
     Metals. The Partnership's  primary metal market exposure is to fluctuations
in the price of gold and silver.  Although  the  Advisor  will from time to time
trade  base  metals  such  as  copper  the  principal  market  exposures  of the
Partnership have consistently been in the precious metals,  gold and silver. The
General Partner  anticipates that gold and silver will remain the primary metals
market exposure for the Partnership.
Qualitative Disclosures Regarding Non-Trading Risk Exposure
     The following were the only  non-trading  risk exposures of the Partnership
as of December 31, 2002.
     Foreign  Currency  Balances.  The  Partnership's  primary foreign  currency
balances are in Japanese yen, British pounds and Australian  dollar. The Advisor
regularly converts foreign currency balances to dollars in an attempt to control
the Partnership's non-trading risk.


                                       37
<PAGE>



Qualitative Disclosures Regarding Means of Managing Risk Exposure
     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.
     The  General  Partner  monitors  the  Partnership's   performance  and  the
concentration  of its open positions,  and consults with the Advisor  concerning
the Partnership's overall risk profile. If the General Partner felt it necessary
to do so, the General  Partner could require the Advisor to close out individual
positions  as  well  as  enter  certain   positions  traded  on  behalf  of  the
Partnership. However, any such intervention would be a highly unusual event. The
General  Partner  primarily  relies on the Advisor's  own risk control  policies
while maintaining a general  supervisory  overview of the  Partnership's  market
risk exposures.
     The Advisor  applies its own risk management  policies to its trading.  The
Advisor often follows  diversification  guidelines,  margin limits and stop loss
points to exit a  position.  The  Advisor's  research of risk  management  often
suggests ongoing modifications to its trading programs.
     As part of the General  Partner's  risk  management,  the  General  Partner
periodically  meets with the Advisor to discuss its risk  management and to look
for  any  material  changes  to the  Advisor's  portfolio  balance  and  trading
techniques.  The  Advisor  is  required  to notify  the  General  Partner of any
material changes to its programs.


                                       38
<PAGE>


Item 8. Financial Statements and Supplementary Data.
          --------------------------------------------

                   SHEARSON SELECT ADVISORS FUTURES FUND L.P.
                          INDEX TO FINANCIAL STATEMENTS


                                                                          Page
                                                                          Number

                        Oath or Affirmation.                             F-2

                        Reports of Independent Accountants            F-3 - F-4

                        Financial Statements:
                        Statements of Financial Condition at
                        December 31, 2002 and 2001.                      F-5

                        Condensed Schedules of Investments at
                        December 31, 2002 and 2001.                   F-6 - F-7

                        Statements of Income and Expenses for
                        the years ended December 31, 2002,
                        2001 and 2000.                                   F-8

                        Statements of Partners' Capital for the
                        years ended December 31, 2002, 2001 and
                        2000.                                            F-9

                        Notes to Financial Statements.               F-10 - F-13

                        Selected unaudited quarterly financial
                        data.                                            F-14




                                       F-1



<PAGE>


     To The Limited Partners of Shearson Select Advisors Futures Fund L.P.

To the best of the  knowledge  and belief of the  undersigned,  the  information
contained herein is accurate and complete.





By:  Daniel R. McAuliffe, Jr.
     Chief Financial Officer and Director
     Smith Barney Futures Management LLC
     General Partner, Shearson Select
     Advisors Futures Fund L.P.

Smith Barney Futures Management LLC
388 Greenwich Street
7th Floor
New York, N.Y. 10013
212-723-5424


                                      F-2
<PAGE>



                         Report of Independent Auditors

To the Partners of
  Shearson Select Advisors Futures Fund L.P.:

We have audited the  accompanying  statement of financial  condition of Shearson
Select  Advisors  Futures Fund L.P. (the  Partnership),  including the condensed
schedule of investments,  as of December 31, 2002, and the related statements of
income and  expenses,  and  partners'  capital  for the year then  ended.  These
financial statements are the responsibility of the Partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audit.  The financial  statements of the Partnership as of December 31, 2001
and for the  years  ended  December  31,  2001 and 2000  were  audited  by other
auditors whose report dated  February 28, 2002 expressed an unqualified  opinion
on those statements.

We conducted our audit in accordance with auditing standards  generally accepted
in the  United  States of  America.  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  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  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 L.P. as of December 31, 2002, and the results of its operations and
changes in its partners'  capital for the year then ended,  in  conformity  with
accounting principles generally accepted in the United States of America.

KPMG LLP
New York, New York
March 7, 2003


                                      F-3
<PAGE>


                        Report of Independent Accountants

To the Partners of
  Shearson Select Advisors Futures Fund L.P.:


In our opinion, the accompanying statement of financial condition, including the
condensed  schedule of  investments,  and the related  statements  of income and
expenses and of partners' capital present fairly, in all material respects,  the
financial position of Shearson Select Advisors Futures Fund L.P. at December 31,
2001,  and the results of its operations for each of the two years in the period
ended  December 31, 2001, in conformity  with  accounting  principles  generally
accepted in the United States of America.  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 of these  financial  statements in accordance with auditing
standards generally accepted in the United States of America, which 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,   assessing  the  accounting  principles  used  and
significant  estimates  made  by the  management  of the  General  Partner,  and
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.


PricewaterhouseCoopers LLP
New York, New York
February 28, 2002


                                      F-4
<PAGE>

                   Shearson Select Advisors Futures Fund L.P.
                        Statements of Financial Condition
                           December 31, 2002 and 2001

<TABLE>
<CAPTION>
<S>                                                                     <C>           <C>
                                                                        2002          2001
Assets:
Equity in commodity futures trading account:
   Cash (restricted $508,469 and $321,720 in 2002 and 2001,
   respectively) (Note 3c)                                         $3,806,735   $3,112,705
   Net unrealized appreciation on open positions*                     370,426      166,097
                                                                   ----------   ----------
                                                                    4,177,161    3,278,802
Interest receivable                                                     2,814        3,418
                                                                   ----------   ----------
                                                                   $4,179,975   $3,282,220
                                                                   ----------   ----------
Liabilities and Partners' Capital:
Liabilities:
  Accrued expenses:
   Commissions (Note 3c)                                           $   20,900   $   16,411
   Management fees (Note 3b)                                           13,756       10,790
   Professional fees                                                   28,296       25,591
   Other                                                                3,932        3,118
  Redemptions payable (Note 5)                                         53,678       50,599
                                                                   ----------   ----------
                                                                      120,562      106,509
                                                                   ----------   ----------
Partners' capital (Notes 1 and 5):
  General Partner, 34 Unit equivalents outstanding in
   2002 and 2001                                                      114,066       81,923
  Limited Partners, 1,176 and 1,284 Units of Limited Partnership
   Interest outstanding in 2002 and 2001, respectively              3,945,347    3,093,788
                                                                   ----------   ----------
                                                                    4,059,413    3,175,711
                                                                   ----------   ----------
                                                                   $4,179,975   $3,282,220
                                                                   ----------   ----------

</TABLE>

*  Forward  contracts  included  in this  balance  are  presented  gross  in the
   accompanying Condensed Schedule of Investments.

   See accompanying notes to financial statements.


                                      F-5
<PAGE>

                   Shearson Select Advisors Futures Fund L.P.
                        Condensed Schedule of Investments
                                December 31, 2002


<TABLE>
<CAPTION>
                                     Number of
Sector                               Contracts         Contract                                             Fair Value
                                                                                                            ----------
<S>                                    <C>             <C>                                                     <C>

Currencies
                                                       Unrealized depreciation on forward positions (2.58)%  $ (104,615)
                                                       Unrealized appreciation on forward positions 6.55%
                                     EURO 6,075,000    EURO/USD 4.09%, March 19, 2003                           166,218
                                                       Other 2.46%                                               99,730
                                                                                                             ----------
                                                                                                                265,948
                                                                                                             ----------
  Total Currencies 3.97%                                                                                        161,333
                                                                                                             ----------

Total Interest Rates U.S. 0.68%                         Futures contracts purchased 0.68%                        27,775
                                                                                                             ----------
Total Interest Rates Non-U.S. 3.94%                     Futures contracts purchased 3.94%                       159,955
                                                                                                             ----------
Metals
                                                        Futures contracts purchased 0.78%                       $31,570

                                                        Unrealized depreciation on forward positions  (0.51)%   (20,758)
                                                        Unrealized appreciation on forward positions   0.16%      6,428
                                                                                                             ----------
                                                        Total Forward contracts (0.35)%                         (14,330)
                                                                                                             ----------
  Total Metals 0.43%                                                                                             17,240
                                                                                                             ----------

Indices
                                                        Futures contracts sold 0.14%                              5,813
                                                        Futures contracts purchased (0.04)%                      (1,690)
                                                                                                             ----------
  Total Indices 0.10%                                                                                             4,123
                                                                                                             ----------

Total Fair Value 9.12%                                                                                         $370,426
                                                                                                             ==========

                                               Investments      % of Investments
Country Composition                           at Fair Value      at Fair Value
----------------------------------            --------------- ----------------------
Australia                                     $   12,096                3.27%
Germany                                           73,238               19.77
Japan                                             41,860               11.30
United Kingdom                                    24,244                6.54
United States                                    218,988               59.12
                                                ------------- -----------------
                                                $370,426              100.00%
                                                ============= =================

</TABLE>



Percentages are based on Partner's capital unless otherwise indicated.
See accompanying notes to financial statements.

                                      F-6
<PAGE>

<TABLE>
<CAPTION>

                   Shearson Select Advisors Futures Fund L.P.
                        Condensed Schedule of Investments
                                December 31, 2001

                                       Number of
Sector                                 Contracts           Contract                                               Fair Value
                                                                                                                  ----------
<S>                                          <C>                       <C>                                              <C>
Currencies
                                                           Over the counter contracts purchased (0.17)%             $ (5,314)
                                                           Over the counter contracts sold 6.08%
                                        JPY  681,894,200   JPY/USD 7.1%, March 20, 2002                              225,597
                                                           Other (1.02)%                                             (32,600)
                                                                                                                   ---------
  Total Currencies 5.91%                                                                                             187,683
                                                                                                                   ---------
Total Interest Rates Non-U.S.
                                                           Futures contracts purchased (0.04)%                        (1,392)
                                                           Futures contracts sold 1.25%                               39,705
                                                                                                                   ---------
 Total Interest Rates Non-U.S. 1.21%                                                                                  38,313
                                                                                                                   ---------

Total Interest Rates U.S. (0.09)%                          Futures contracts sold (0.09)%                             (2,828)
                                                                                                                   ---------
Metals
                                                           Futures contracts purchased (0.72)%                       (22,787)
                                                           Futures contracts sold (1.14)%                            (36,410)
                                                                                                                   ---------
  Total Metals (1.86)%                                                                                               (59,197)
                                                                                                                   ---------

Total Indices 0.06%                                        Futures contracts purchased 0.06%                           2,126
                                                                                                                   ---------

Total Fair Value 5.23%                                                                                              $166,097
                                                                                                                  ==========

                                               Investments     % of Investments
Country Composition                           at Fair Value      at Fair Value
----------------------------------            --------------- ----------------------
Australia                                     $    6,002                3.61%
Japan                                             (3,420)              (2.06)
Germany                                           34,202               20.59
United Kingdom                                   (53,472)             (32.19)
United States                                    182,785              110.05
                                                ------------- -----------------
                                                $166,097              100.00%
                                                ============= =================

</TABLE>

Percentages are based on Partner's capital unless otherwise indicated
See accompanying notes to financial statements.

                                      F-7
<PAGE>


                   Shearson Select Advisors Futures Fund L.P.
                        Statements of Income and Expenses
                               for the years ended
                        December 31, 2002, 2001 and 2000
<TABLE>
<CAPTION>

                                                  2002          2001          2000
<S>                                                <C>          <C>           <C>
Income:
  Net gains (losses) on trading of
   commodity interests:
   Realized gains (losses) on closed
    positions and foreign currencies         $1,505,525   $  841,259    $ (305,365)
   Change in unrealized gains (losses)
    on open positions                           204,329     (465,870)      634,025
                                             ----------   ----------    ----------
                                              1,709,854      375,389       328,660
  Interest income (Note 3c)                      38,736       82,770       121,989
                                             ----------   ----------    ----------
                                              1,748,590      458,159       450,649
                                             ----------   ----------    ----------
Expenses:
 Brokerage commissions including clearing
  fees of $2,429, $2,283 and $2,625,
  respectively (Note 3c)                        226,451      216,379       189,032
  Management fees (Note 3b)                     145,558      138,979       119,891
  Incentive fees                                124,151         --            --
  Professional fees                              27,507       25,919        29,507
  Other expenses                                  4,802        5,779         5,363
                                             ----------   ----------    ----------
                                                528,469      387,056       343,793
                                             ----------   ----------    ----------
Net income (loss)                            $1,220,121   $   71,103    $  106,856
                                             ----------   ----------    ----------

Net income (loss) per Unit of Limited
  Partnership Interest and General Partner
  Unit equivalent (Notes 1 and 6)            $   945.40   $    37.64    $   155.53
                                             ----------   ----------    ----------
</TABLE>


See accompanying notes to financial statements.

                                      F-8
<PAGE>


                   Shearson Select Advisors Futures Fund L.P.
                     Statements of Partners' Capital for the
                  years ended December 31, 2002, 2001 and 2000


<TABLE>
<CAPTION>
                                          Limited            General
                                          Partners           Partner       Total
<S>                                         <C>               <C>            <C>

Partners' capital at December 31, 1999   $ 3,781,040    $    75,355   $ 3,856,395
Net income                                   101,568          5,288       106,856
Redemption of 324 Units of
   Limited Partnership Interest             (604,706)          --        (604,706)
                                         -----------    -----------   -----------
Partners' capital at December 31, 2000     3,277,902         80,643     3,358,545
Net income                                    69,823          1,280        71,103
Redemption of 98 Units of
   Limited Partnership Interest             (253,937)          --        (253,937)
                                         -----------    -----------   -----------
Partners' capital at December 31, 2001     3,093,788         81,923     3,175,711
Net income                                 1,187,978         32,143     1,220,121
Redemption of 108 Units of
   Limited Partnership Interest             (336,419)          --        (336,419)
                                         -----------    -----------   -----------
Partners' capital at December 31, 2002   $ 3,945,347    $   114,066   $ 4,059,413
                                         -----------    -----------   -----------

</TABLE>

See accompanying notes to financial statements.

                                      F-9
<PAGE>

                            Shearson Select Advisors
                                Futures Fund L.P.
                          Notes to Financial Statements


1.  Partnership Organization:

     Shearson Select Advisors Futures Fund L.P. (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 initial offering period.

     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.

     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  their  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 fair value on the last
     business day of the year, 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 year.  Realized gains (losses) and changes in unrealized gains (losses)
     on open  positions  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.

b.   Income taxes have not been provided as each partner is individually  liable
     for the  taxes,  if any,  on their  share of the  Partnership's  income and
     expenses.

c.   The  preparation  of financial  statements  in conformity  with  accounting
     principles  generally  accepted  in the United  States of America  requires
     management  to make  estimates  and  assumptions  that affect the  reported
     amounts of assets and  liabilities,  disclosure  of  contingent  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.

d.   Certain prior period amounts have been  reclassified  to conform to current
     year presentation.

                                      F-10
<PAGE>


3.  Agreements:
    a.  Limited Partnership Agreement:

     The General Partner administers the business and affairs of the Partnership
     including  selecting one or more advisors to make trading decisions for the
     Partnership.  The Partnership will pay the General Partner an incentive fee
     payable  quarterly  equal to 5% of Net Trading  Profits,  as defined in the
     Limited Partnership Agreement of the Partnership.

    b. Management Agreement:

     The General  Partner,  on behalf of the  Partnership,  has  entered  into a
     Management Agreement with John W. Henry & Company, Inc. (the "Advisor"),  a
     registered  commodity  trading advisor.  The Advisor is not affiliated with
     the General Partner or SSB and is not  responsible for the  organization or
     operation of the  Partnership.  The Partnership  pays the Advisor a monthly
     management  fee equal to 1/3 of 1% (4% per year) of month-end Net Assets of
     the  Partnership  managed by the  Advisor.  Month-end  Net Assets,  for the
     purpose of calculating  management  fees are Net Assets,  as defined in the
     Limited  Partnership  Agreement,  prior to the reduction of redemptions and
     incentive fees.

     In addition,  the Partnership is obligated to pay an incentive fee equal to
     10% of New Trading Profits, as defined in the Management Agreement,  earned
     by the Advisor for the Partnership.

    c. Customer Agreement:

     The Partnership has entered into a Customer  Agreement,  which was assigned
     to SSB from a  predecessor  company,  whereby SSB provides  services  which
     include,  among  other  things,  the  execution  of  transactions  for  the
     Partnership's  account in  accordance  with orders  placed by the  Advisor.
     Effective January 1, 1997, the Partnership pays SSB a monthly brokerage fee
     equal  to 1/2 of 1% (6% per  year)  of  month  end net  assets,  in lieu of
     brokerage  commissions on a per trade basis.  Month-end Net Assets, for the
     purpose  of  calculating  commissions  are Net  Assets,  as  defined in the
     Limited Partnership Agreement, prior to the reduction of all liabilities of
     the  Partnership.  The Partnership pays for all clearing fees but not floor
     brokerage  charges.  All of the  Partnership's  cash  is  deposited  in the
     Partnership's account at SSB. The Partnership's cash is deposited by SSB in
     segregated  bank  accounts  to the extent  required  by  Commodity  Futures
     Trading Commission  regulations.  At December 31, 2002 and 2001, the amount
     of  cash  held  for  margin   requirements   was  $508,469  and   $321,720,
     respectively.  SSB 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 SSB 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 activities are shown in the statement of income and expenses.

                                      F-11
<PAGE>

     All of the  commodity  interests  owned  by the  Partnership  are  held for
     trading  purposes.  The average fair value during the years ended  December
     31,  2002 and  2001,  based on a  monthly  calculation,  was  $397,306  and
     $208,540, 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 their  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.

6.   Financial  Highlights:   Changes  in  the  net  asset  value  per  Unit  of
     Partnership  interest  during the years ended  December 31, 2002,  2001 and
     2000 were as follows:
<TABLE>
<CAPTION>
<S>                                                  <C>          <C>         <C>

                                                    2002         2001         2000
                                                 ---------    ---------    ---------
Net realized and unrealized gains*            $   1,152.90 $     101.82 $     175.88
Interest income                                      30.43        59.85        77.06
Expenses**                                         (237.93)     (124.03)      (97.41)
                                                 ---------    ---------    ---------
Increase for year                                   945.40        37.64       155.53
Net asset value per Unit, beginning of year       2,409.49     2,371.85     2,216.32
                                                 ---------    ---------    ---------
Net asset value per Unit, end of year         $   3,354.89 $   2,409.49 $   2,371.85
                                                 ---------    ---------    ---------

</TABLE>

    *  Includes brokerage commissions
    ** Excludes brokerage commissions
<TABLE>
<CAPTION>
    <S>                                         <C>          <C>
Ratios to Average Net Assets:
 Net investment loss before incentive fees***    (10.3)%   (8.9)%
 Incentive fees                                   (3.5)%     --
                                                  ----     ----
 Net investment loss after incentive fees        (13.8)%   (8.9)%
                                                  ----     ----

 Net gain before incentive fees****               37.9%     2.1%
 Incentive fees****                               (3.5)%     --
                                                  ----     ----
  Net gain after incentive fees****               34.4%     2.1%
                                                  ----     ----

 Operating expenses                               11.4%    11.3%
 Incentive fees                                    3.5%      --
                                                  ----     ----
 Total expenses                                   14.9%    11.3%
                                                  ----     ----

Total return:
 Total return before incentive fees               43.5%     1.6%
 Incentive fees                                   (4.3)%     --
                                                  ----     ----
 Total return after incentive fees                39.2%     1.6%
                                                  ----     ----

</TABLE>

          *** Interest income less total expenses  (exclusive of incentive fees)
          **** Supplemental information not required

     The above ratios may vary for individual  investors  based on the timing of
     capital transactions during the year.

                                      F-12
<PAGE>


 7. Financial Instrument Risks:

     In the normal course of its business the  Partnership is party to financial
     instruments with off-balance  sheet risk,  including  derivative  financial
     instruments   and  derivative   commodity   instruments.   These  financial
     instruments  may include  forwards,  futures and options,  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 those related to the underlying financial  instruments including
     market and credit risk. In general, the risks associated with OTC contracts
     are greater than those associated with exchange traded instruments  because
     of the greater risk of default by the counterparty to an OTC contract.

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

     Credit risk is the possibility  that a loss may occur due to the failure of
     a counterparty to perform according to the terms of a contract. Credit risk
     with respect to exchange  traded  instruments is reduced to the extent that
     an  exchange  or  clearing  organization  acts  as a  counterparty  to  the
     transactions.  The Partnership's  risk of loss in the event of counterparty
     default is typically limited to the amounts  recognized in the statement of
     financial condition and not represented by the contract or notional amounts
     of the instruments.  The Partnership has credit risk and 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,  forwards  and
     options   positions  by  sector,   margin   requirements,   gain  and  loss
     transactions and collateral positions.

     The majority of these  instruments  mature  within one year of December 31,
     2002.  However,  due to the  nature of the  Partnership's  business,  these
     instruments may not be held to maturity.


                                      F-13
<PAGE>

Selected  unaudited  quarterly  financial  data for the years ended December 31,
2002 and December 31, 2001 is summarized below:

<TABLE>
<CAPTION>
<S>                                              <C>                     <C>                  <C>                <C>
                                         For the period from     For the period from    For the period from    For the period from
                                          October 1, 2002 to       July 1, 2002 to     April 1, 2002 to June    January 1, 2002 to
                                          December 31, 2002       September 30, 2002          30, 2002            March 31, 2002

        Net realized and unrealized
       trading gains (losses) net of
     brokerage commissions and clearing
     fees including interest income          ($283,722)              $1,026,856             $1,140,694             ($361,689)

             Net Income (loss)               ($330,201)               $849,937              $1,100,255             ($399,870)

     Increase (decrease) in Net Asset         ($269.33)                $672.42                 $845.70              ($303.39)
              Value per Unit


                                         For the period from     For the period from    For the period from    For the period from
                                          October 1, 2001 to       July 1, 2001 to     April 1, 2001 to June    January 1, 2001 to
                                         December 31, 2001       September 30, 2001          30, 2001            March 31, 2001

        Net realized and unrealized
       trading gains (losses) net of
     brokerage commissions and clearing
     fees including interest income          ($269,770)               $294,697              ($435,515)              $652,368

             Net Income (loss)               ($310,471)               $252,619              ($478,406)              $607,361

     Increase (decrease) in Net Asset         ($231.87)                $185.75               ($345.17)               $428.93
              Value per Unit

</TABLE>



                                      F-14


<PAGE>


Item 9.  Changes  in  and  Disagreements  with  Accountants  on  Accounting  and
     Financial Disclosure.
     PricewaterhouseCoopers  LLP was previously the principal accountant for the
Partnership.  On July 9, 2002,  that firm was dismissed as principal  accountant
and KPMG LLP was  engaged  as  principal  accountant.  The  decision  to  change
accountants was approved by the general partner of the Partnership.
     In  connection  with the audits of the two fiscal years ended  December 31,
2001,   and   through   July  9,  2002,   there  were  no   disagreements   with
PricewaterhouseCoopers  LLP on any matter of accounting principles or practices,
financial  statement  disclosure,   or  auditing  scope  or  procedures,   which
disagreements  if not resolved to their  satisfaction  would have caused them to
make  reference  thereto in their reports on the financial  statements  for such
years.
     The audit reports of PricewaterhouseCoopers LLP on the financial statements
of the  Partnership as of and for the years ended December 31, 2001 and 2000 did
not  contain  any  adverse  opinion  or  disclaimer  of  opinion,  nor were they
qualified or modified as to uncertainty, audit scope, or accounting principle.

                                    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 LLC. Investment  decisions
are made by John W. Henry & Company, Inc. (the "Advisor").


                                       39
<PAGE>

Item 11.  Executive Compensation.
     The  Partnership  has no directors or officers.  Its affairs are managed by
Smith Barney Futures  Management LLC, its General Partner.  SSB, 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,  2002,  SSB  earned  $226,451  in  brokerage
commissions  and clearing fees.  Management  fees and incentive fees of $145,558
and  $124,151,  respectively  were  earned  by the  advisor  for the year  ended
December 31, 2002.
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   (2.9%)  as  of
December31,2002.
     (c). Changes in control. None.
Item 13. Certain Relationships and Related Transactions.
     Salomon Smith Barney Inc. and Smith Barney Futures  Management LLC 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


                                       40
<PAGE>

are set forth under "Item 1. Business.",  "Item 11. Executive  Compensation" and
"Item 8. Financial Statements and Supplementary Data."
Item 14. Control and Procedures
     Based on their  evaluation  of the  Partnership's  disclosure  controls and
procedures  as of a date within 90 days of the filing of this report,  the Chief
Executive  Officer and Chief Financial Officer have concluded that such controls
and procedures are effective.
     There were no significant changes in the Partnership's internal controls or
in other factors that could significantly affect such controls subsequent to the
date of their evaluation.
                                     PART IV
Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
     (a)  (1) Financial Statements:
               Statements of Financial Condition at December 31, 2002 and 2001.
               Statements  of Income and Expenses  for the years ended  December
               31, 2002, 2001 and 2000.
               Statements of Partners' Capital for the years
               ended December 31, 2002, 2001 and 2000.
          (2)  Financial  Statement  Schedules:  Financial Data Schedule for the
               year ended December 31, 2002.
          (3)  Exhibits:


                                       41
<PAGE>

          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  on  Form  S-1  (file  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 on Form S-1 (file 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).
          10.4(c)- Management  Agreement  between Hayden  Commodities  Corp. and
               Cresta Commodity Management Inc. (previously filed).


                                       42
<PAGE>

          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).
          10.4(m)- Management  Agreement  between Hayden  Commodities  Corp. and
               Sunrise Commodities, Inc. (previously filed).


                                       43
<PAGE>

          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).


                                       44
<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 as Exhibit  10.17 to Form
               10-K for the fiscal year ended December 31, 1991 and incorporated
               herein by reference).


                                       45
<PAGE>

          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 fiscal year ended December 31, 1993).


                                       46
<PAGE>

          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 (previously filed).
          10.29- Letters extending  Managements  Agreements with John W. Henry &
               Company,  Inc. for 1996 and 1997 (Filed as Exhibit  10.29 to Form
               10-K for fiscal year ended December 31, 1997).


                                       47
<PAGE>

          10.30- Letter  extending  Management  Agreement with John W. Henry and
               Company, Inc. for 1998 (previously filed).
          10.31- Letter  extending  Management  Agreement with John W. Henry and
               Company, Inc. for 1999 (previously filed).
          10.32- Letter  extending  Management  Agreement with John W. Henry and
               Company, Inc. for 2000 (previously filed).
          10.33- Letter  extending  Management  Agreement with John W. Henry and
               Company, Inc. for 2001 (previously filed).
          10.34- Letter extending  Management  Agreements with John W. Henry and
               Company, Inc. for 2002 (filed herein)
          99.1 Certificate of Chief Executive Officer.
          99.2 Certificate of Chief Financial Officer.
         (b)  Reports on 8-K:   None Filed.


                                       48
<PAGE>



     Supplemental  Information  To Be Furnished  With Reports Filed  Pursuant To
Section 15(d) Of The Act by  Registrants  Which Have Not  Registered  Securities
Pursuant To Section 12 Of the Act.



Annual  Report to Limited  Partners

 No proxy  material  has been sent to Limited Partners.





                                       49
<PAGE>



                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) the Securities  Exchange Act
of 1934,  the  Registrant  has duly caused this annual report on Form 10-K 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 27th day of March 2003.

SHEARSON SELECT ADVISORS FUTURES FUND L.P.


By:       Smith Barney Futures Management LLC
          (General Partner)



By        /s/        David J. Vogel
          ------------------------------------
          David J. Vogel, President & Director


Pursuant to the requirements of the Securities Exchange Act of 1934, this annual
report  on Form  10-K has been  signed  below by the  following  persons  in the
capacities and on the date indicated.


/s/ David J. Vogel                                            /s/ Shelley Ullman
------------------------------                     -----------------------------
David J. Vogel                                                      Director
Director, Principal Executive
Officer and President



/s/ Maureen O'Toole                                           /s/ Steve J. Keltz
--------------------------                          ----------------------------
Maureen O'Toole                                           Secretary and Director
Director



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



                                       50
<PAGE>


                                  CERTIFICATION


I, David J. Vogel, certify that:

1.   I have reviewed this annual report on Form 10-K of Shearson Select Advisors
     Futures Fund L.P.;

2.   Based on my  knowledge,  this  annual  report  does not  contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this annual report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information included in this annual report,  fairly present in all material
     respects  the  financial   condition  and  results  of  operations  of  the
     registrant as of, and for, the periods presented in this annual report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a.   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during the period in which this annual report
          is being prepared;

     b.   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this annual report (the "Evaluation Date"); and

     c.   presented   in  this   annual   report  our   conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent function):



                                       51
<PAGE>

     a.   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b.   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     annual  report  whether or not there were  significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.
Date: March 27, 2003
                                                         -----------------------
                                                                  David J. Vogel
                                                         Chief Executive Officer



                                       52
<PAGE>


                                  CERTIFICATION


I, Daniel R. McAuliffe, Jr., certify that:

1.   I have reviewed this annual report on Form 10-K of Shearson Select Advisors
     Futures Fund L.P.;

2.   Based on my  knowledge,  this  annual  report  does not  contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this annual report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information included in this annual report,  fairly present in all material
     respects  the  financial   condition  and  results  of  operations  of  the
     registrant as of, and for, the periods presented in this annual report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a.   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during the period in which this annual report
          is being prepared;

     b.   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this annual report (the "Evaluation Date"); and

     c.   presented   in  this   annual   report  our   conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent function):



                                       53
<PAGE>

     a.   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b.   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     annual  report  whether or not there were  significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: March 27, 2003
                                                         -----------------------
                                                        Daniel R. McAuliffe, Jr.
                                                         Chief Financial Officer

                                       54
<PAGE>



CIK>                                               0000811078
NAME>                                          Sherson Select Futures Fund L.P.
TABLE>
PERIOD-TYPE>                                       12-MONTHS
FISCAL-YEAR-END>                                   DEC-31-2002
PERIOD-START>                                      JAN-01-2002
PERIOD-END>                                        DEC-31-2002
CASH>                                                       3,806,735
SECURITIES>                                                   370,426
RECEIVABLES>                                                    2,814
ALLOWANCES>                                                         0
INVENTORY>                                                          0
CURRENT-ASSETS>                                             4,179,975
PP&E>                                                               0
DEPRECIATION>                                                       0
TOTAL-ASSETS>                                               4,179,975
CURRENT-LIABILITIES>                                          120,562
BONDS>                                                              0
PREFERRED-MANDATORY>                                                0
PREFERRED>                                                          0
COMMON>                                                             0
OTHER-SE>                                                   4,059,413
TOTAL-LIABILITY-AND-EQUITY>                                 4,179,975
SALES>                                                              0
TOTAL-REVENUES>                                             1,748,590
CGS>                                                                0
TOTAL-COSTS>                                                        0
OTHER-EXPENSES>                                               528,469
LOSS-PROVISION>                                                     0
INTEREST-EXPENSE>                                                   0
INCOME-PRETAX>                                              1,220,121
INCOME-TAX>                                                         0
INCOME-CONTINUING>                                                  0
DISCONTINUED>                                                       0
EXTRAORDINARY>                                                      0
CHANGES>                                                            0
NET-INCOME>                                                 1,220,121
EPS-PRIMARY>                                                   945.40
EPS-DILUTED>                                                        0