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, 2000

Commission File Number 0-16627

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

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

                     c/o Smith Barney Futures Management LLC
                           388 Greenwich St. - 7th Fl.
                         New York, New York 10013
---------------------------------------------------------------------------
              (Address and Zip Code of principal executiveoffices)

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

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]

As of February 28, 2001,  Limited  Partnership  Units with an aggregate value of
$3,429,891 were outstanding and held by non-affiliates.


                       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, 2000,  1999 and 1998 are reported in the  Statement of
Partners'  Capital  on  page  F-6  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.


                                        2
<PAGE>

("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



                                   3
<PAGE>

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  will  pay the  Partnership  interest  on 70% of the
average daily equity maintained in cash in its accounts during each month at the
rate of the average  non-competitive yield of the 13-week U.S. Treasury Bills as
determined  at the  weekly  auctions  thereof  during the  month.  The  Customer
Agreement may be terminated upon notice by either party.

                                        4
<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, 2000, 1999, 1998,
1997 and 1996 are set forth under "Item 6. Selected Financial Data." Partnership
capital as of December 31, 2000 was $3,358,545.
         (c) Narrative description of business.
             See Paragraphs (a) and (b) above.
             (i) through (x) - Not applicable.
             (xi) through (xii) - Not applicable.
             (xiii) - The Partnership has no employees.
         (d) Financial  Information About 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.

                                   5
<PAGE>



Item 3. Legal Proceedings.
          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 CFTC disclosure requirements are:
          In  September  1992,  Harris  Trust and  Savings  Bank (as trustee for
 Ameritech Pension Trust),  Ameritech  Corporation,  and an officer of Ameritech
 sued Salomon Brothers Inc and Salomon  Brothers Realty  Corporation in the U.S.
 District  Court for the Northern  District of Illinois  (Harris  Trust  Savings
 Bank, not individually  but solely as trustee for the Ameritech  Pension Trust,
 Ameritech Corporation and John A. Edwardson v. Salomon Brothers Inc and Salomon
 Brothers  Realty  Corp.).  The  complaint  alleged that  purchases by Ameritech
 Pension  Trust from the Salomon  entities  of  approximately  $20.9  million in
 participations  in a portfolio of motels  owned by Motels of America,  Inc. and
 Best Inns, Inc. violated the Employee Retirement Income Security Act ("ERISA"),


                                   6
<PAGE>

 the Racketeer  Influenced and Corrupt  Organization Act ('RICO") and state law.
 Salomon  Brothers  Inc had  acquired  the  participations  issued  by Motels of
 America and Best Inns to finance  purchases of motel portfolios and sold 95% of
 three  such  issues  and 100% of one such  issue to  Ameritech  Pension  Trust.
 Ameritech Pension Trust's  complaint sought (1) approximately  $20.9 million on
 the ERISA  claim,  and (2) in excess of $70  million  on the RICO and state law
 claims as well as other relief.  In various  decisions  between August 1993 and
 July 1999, the courts hearing the case have dismissed all of the allegations in
 the complaint against the Salomon entities. In October 1999, Ameritech appealed
 to the U.S. Supreme Court and in January 2000, the Supreme Court agreed to hear
 the case.  An argument was heard on April 17, 2000.  The appeal seeks review of
 the  decision  of the U.S.  Court  of  Appeals  for the  Seventh  Circuit  that
 dismissed the sole remaining ERISA claim against the Salomon entities.  In June
 the Supreme Court reversed the Seventh Circuit and the matter has been remanded
 to the Trial Courts.
          Both the  Department  of Labor and the Internal  Revenue  Service have
 advised Salomon  Brothers Inc that they were or are reviewing the  transactions
 in which Ameritech Pension Trust acquired such participations.  With respect to
 the Internal  Revenue Service review,  Salomon Smith Barney  Holdings,  Salomon
 Brothers Inc and Salomon  Brothers  Realty have consented to extensions of time
 for the  assessment  of excise taxes that may be claimed to be due with respect
 to the transactions for the years 1987, 1988 and 1989.


                                   7
<PAGE>

     In December  1996, a complaint  seeking  unspecified  monetary  damages was
filed by Orange County,  California against numerous brokerage firms,  including
Salomon Smith Barney,  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,  among other things, that the brokerage firms recommended and
sold  unsuitable  securities  to Orange  County.  Salomon  Smith  Barney and the
remaining brokerage firms settled with Orange County in mid 1999.

     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.  Salomon Smith
Barney has asked the court to dismiss the amended  complaints.  The Court denied
the motion but stayed the case. Subsequently, the city withdrew its lawsuit.

          It November  1998,  a class action  complaint  was filed in the United
 States 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
 Salomon Smith Barney,  charged  excessive  mark-ups in connection with advanced



                                   8
<PAGE>

 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. Salomon Smith Barney has asked the court to dismiss
 the amended complaint.
          In connection with the Louisiana and Florida matters,  the IRS and SEC
 have  been  conducting  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.
          In December 1998, Salomon Smith Barney was one of twenty-eight  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,  Salomon Smith Barney, without admitting or denying the factual
 allegations,  agreed to an order  that  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 Rules l5cl -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 Salomon Smith Barney 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


                                   9
<PAGE>

 that,  while  acting as prime broker for the hedge fund,  Salomon  Smith Barney
 breached its contracts with  plaintiffs,  misused their monies,  and engaged in
 tortious (wrongful) conduct,  including breaching its fiduciary duties. Salomon
 Smith Barney asked the court to dismiss the complaint in full. In October 1999,
 the court  dismissed the tort claims,  including  the breach of fiduciary  duty
 claims.  The court allowed the breach of contract and misuse of money claims to
 stand, Salomon Smith Barney will continue to contest this lawsuit vigorously.
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, 2000 was 382.
     (c)  Distribution.  The  Partnership did not declare a distribution in 2000
          or 1999.
     (d)  Use  of  Proceeds  There  were  no additional sales in the years ended
          December 31, 2000,  1999 and 1998.

                                   10
<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, 2000,  1999,  1998, 1997, and 1996 and total assets at December 31,
2000, 1999, 1998, 1997, and 1996 were as follows:


<TABLE>
<CAPTION>
<S>                                             <C>           <C>           <C>             <C>        <C>
                                              2000           1999          1998            1997         1996
                                         ------------    ------------   ------------    --------      ---------

Net realized and unrealized trading gains
 (losses) net of brokerage  commissions
 and clearing fees of $189,032, $300,092,
 $331,645, $373,144, and $493,435,
 respectively                            $   139,628    $  (991,124)   $   300,001   $   895,110   $ 1,411,077

Interest income                              121,989        157,603        180,533       213,272       202,098
                                          -----------    -----------    -----------   -----------   -----------
                                         $   261,617    $  (833,521)   $   480,534   $ 1,108,382   $ 1,613,175
                                          ===========    ===========    ===========   ===========   ===========


Net income (loss)                        $   106,856    $(1,076,852)   $   158,830   $   723,608   $ 1,141,619
                                          ===========    ===========    ===========   ===========   ===========

Increase (decrease) in net
 asset value per unit                    $    155.53    $   (590.19)   $    110.78   $    311.28   $    423.08
                                          ===========    ===========    ===========   ===========   ===========

Total assets                             $ 3,520,482    $ 4,020,521    $ 5,755,721   $ 6,503,549   $ 6,709,794
                                         ===========    ===========    ===========   ===========   ===========
</TABLE>




                                        11
<PAGE>




Item 7.  Management's Discussion and Analysis of Financial Condition and Result
         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.

                                   12

<PAGE>


              (4) The Partnership does not employ the trading technique commonly
known as  "pyramiding,"  in which the  speculator  uses  unrealized  profits  on
existing positions as margin for the purchase or sale of additional positions in
the same or related commodities.
             (5) The Partnership does not utilize  borrowings  except short-term
borrowings if the Partnership takes delivery of any cash commodities.
             (6) The Advisor may, from time  to  time, employ trading strategies
such as spreads or straddles on behalf of the Partnership.  The term "spread" or
"straddle"   describes  a  commodity  futures  trading  strategy  involving  the
simultaneous  buying and selling of futures  contracts on the same commodity but
involving different delivery dates or markets and in which the trader expects to
earn a profit from a widening or narrowing of the difference  between the prices
of the contracts.
             The Partnership is party to financial  instruments with off-balance
sheet risk, including derivative financial  instruments and derivative commodity
instruments,  in the normal course of its business.  These financial instruments
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

                                   13
<PAGE>

through financial, credit and risk management monitoring systems and accordingly
believes that it has effective procedures for evaluating and limiting the credit
and  market  risks to which  the  Partnership  is  subject.  (See  also  Item 8.
"Financial  Statements  and  Supplementary  Data." for  further  information  on
financial instrument risk included in the notes to financial statements.)
          Other than the risks inherent in commodity  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.
             (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  consist of, among other  things,  commissions,
management  fees and incentive  fees.  The level of these  expenses is dependent


                              14
<PAGE>

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,  2000,  324 Units were
redeemed for a total of  $604,706.  For the year ended  December  31, 1999,  236
Units were  redeemed  for a total of $612,418.  For the year ended  December 31,
1998, 335 units were redeemed for a total of $843,006
         (c) Results of  operations.  For the year ended  December 31, 2000, the
net asset value per Unit increased  7.0%,  from $2,216.32 to $2,371.85.  For the
year ended December 31, 1999, the net asset value per Unit decreased 21.0%, from
$2,806.51 to $2,216.32. For the year ended December 31, 1998 the net asset value
per unit increased 4.1 % from $2,695.73 to 2,806.51.
                    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.
                  The   Partnership   experienced  a  net  trading  loss before


                                   15
<PAGE>

brokerage  commissions  and  related  fees  in  1999 of  $691,032.  Losses  were
primarily  attributable  to the trading of U.S.  and  non-U.S.  interest  rates,
metals and indices and were partially offset by gains in currencies.
                    The  Partnership  experienced  net trading gains of $631,646
before commissions and expenses in 1998. Gains were primarily attributable to in
the trading of U.S. and non-U.S.  interest  rates and were  partially  offset by
losses in currencies, metals and indices.
                  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  support.  This is  particularly  the  case  in a  rapidly  changing  and

                              16
<PAGE>

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
that assets are safeguarded,  that  transactions are executed in accordance with

                                   17

<PAGE>

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.

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
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

                              18

<PAGE>

the Partnership's  past performance is not necessarily  indicative of its future
results.
         Value at Risk is a measure of the maximum amount which the  Partnership
could  reasonably  be expected to lose in a given market  sector.  However,  the
inherent uncertainty of the Partnership's speculative trading and the recurrence
in the markets  traded by the  Partnership  of market  movements  far  exceeding
expectations could result in actual trading or non-trading losses far beyond the
indicated Value at Risk or the Partnership's  experience to date (i.e., "risk of
ruin").  In  light  of the  foregoing  as well as the  risks  and  uncertainties
intrinsic  to all  future  projections,  the  inclusion  of  the  quantification
included in this section should not be considered to constitute any assurance or
representation  that the  Partnership's  losses  in any  market  sector  will be
limited to Value at Risk or by the  Partnership's  attempts to manage its market
risk.
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


                              19
<PAGE>

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
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


                              20

<PAGE>

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,  certain of the  Advisors  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.
         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.

                                21
<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, 2000. All
open position  trading risk exposures of the  Partnership  have been included in
calculating  the  figures  set  forth  below.  As  of  December  31,  2000,  the
Partnership's total capitalization was $3,358,545.

<TABLE>
<CAPTION>
<S>                                          <C>           <C>            <C>            <C>
                                    December 31, 2000
                                                                             Year to Date
                                                        %of Total         High           Low
Market Sector                           Value at Risk  Capitalization  Value at Risk  Value at Risk

Currencies
- OTC Contracts                              $115,631       3.44%      $240,715        $ 27,070
Interest rates U.S.                            45,100       1.34%        78,400          19,200
Interest rates Non-U.S                        267,631       7.97%       288,058          40,403
Metals (Exchange Traded and OTC Contracts)     16,250       0.49%        93,250           3,000
Indices                                        60,215       1.79%        79,883           8,082
                                             --------   --------
Total                                        $504,827      15.03%
                                             ========   ========
</TABLE>

                                             22
<PAGE>


As of December 31, 1999, the Partnership's total capitalization was $3,856,395.
<TABLE>
<CAPTION>
<S>                                             <C>        <C>             <C>            <C>
                                             December 31, 1999
                                                                              Year to Date
                                                         of Total           High           Low
Market Sector                            Value at Risk  Capitalization   Value at Risk  Value at Risk
----------------------------------------------------------------------------------------------------
Currencies
- OTC Contracts                              $179,054      4.64%         $237,128       $ 98,172
Interest rates U.S.                            60,500      1.57%          100,000         40,000
Interest rates Non-U.S                         83,511      2.17%          390,546          6,645
Metals (Exchange Traded and OTC Contracts)     78,000      2.02%          134,400         52,800
Indices                                        68,327      1.77%          157,388         24,854
                                             --------   --------
Total                                        $469,392     12.17%
                                             ========   ========
</TABLE>

                                             23
<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.

                                   24
<PAGE>

0
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


                                   25
<PAGE>

Partnership as of December 31, 2000, 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 Partnership's  major exposures have typically
been in the dollar/yen,  dollar/mark  and  dollar/pound  positions.  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.

                                   26
<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
by law limited to futures on broadly based indices. As of December 31, 2000, the
Partnership's  primary  exposures were in the Financial Times (England),  Nikkei
(Japan) and SFE  (Australian)  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
trades base metals such as aluminum and 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, 2000.
         Foreign Currency Balances.  The Partnership's  primary foreign currency
balances  are in  Japanese  yen,  Euro  dollar  and Swiss  francs.  The  Advisor
regularly converts foreign currency balances to dollars in an attempt to control
the Partnership's non-trading risk.


                              27
<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

                                   28
<PAGE>

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.


                                  29


<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

  Report of Independent Accountants.                              F-3

  Financial Statements: Statement of Financial Condition at
  December 31, 2000 and 1999                                      F-4

  Statement of Income and Expenses for
  the years ended December 31, 2000, 1999 and 1998                F-5

  Statement of Partners' Capital for the
  years ended December 31, 2000, 1999 and 1998.                   F-6

  Notes to Financial Statements.                                F-7 -F-11






                                       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 A. Dantuono, Chief Financial Officer
     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 Accountants

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


In our  opinion,  the  accompanying  statement of  financial  condition  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, 2000 and 1999, and the results of its
operations for each of the three years in the period ended December 31, 2000, 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
March 9, 2001

                                   F-3
<PAGE>

                   Shearson Select Advisors Futures Fund L.P.
                         Statement of Financial Condition
                            December 31, 2000 and 1999

                                                2000          1999
Assets:
Equity in commodity futures trading account:
   Cash (Note 3c)                           $ 2,877,784   $ 4,010,166
   Net unrealized appreciation
    (depreciation) on open positions            631,967        (2,058)
                                            -----------   -----------
                                              3,509,751     4,008,108
Interest receivable                              10,731        12,413
                                            -----------   -----------
                                            $ 3,520,482   $ 4,020,521
                                            -----------   -----------

Liabilities and Partners' Capital:
Liabilities:
  Accrued expenses:
   Commissions                              $    17,602   $    20,103
   Management fees                               11,574        13,209
   Professional fees                             27,769        35,111
   Other                                          3,002         2,618
  Redemptions payable (Note 5)                  101,990        93,085
                                            -----------   -----------
                                                161,937       164,126
                                            -----------   -----------
Partners' capital (Notes 1, 5 and 6):
  General Partner, 34 Unit equivalents
   outstanding in
   2000 and 1999                                 80,643        75,355
  Limited Partners, 1,382 and 1,706 Units
   of Limited Partnership Interest
   outstanding in 2000 and 1999,
   respectively                               3,277,902     3,781,040
                                            -----------   -----------
                                              3,358,545     3,856,395
                                            -----------   -----------
                                            $ 3,520,482   $ 4,020,521
                                            -----------   -----------


See notes to financial statements.
                                   F-4
<PAGE>

                    Shearson Select Advisors Futures Fund L.P.
                         Statement of Income and Expenses
                               for the years ended
                         December 31, 2000, 1999 and 1998

                                    2000           1999           1998
Net gains (losses) on
 trading of commodit interests:
 Realized gains (losses)
  on closed positions          $  (305,365)   $   (92,246)   $   340,996
 Change in unrealized gains
  (losses) on open positions       634,025       (598,786)       290,650
                               -----------    -----------    -----------
                                   328,660       (691,032)       631,646
Less, Brokerage commissions
 includin clearing fees of
 $2,625, $4,471 and $4,463,
 respectively (Note 3c)           (189,032)      (300,092)      (331,645)
                               -----------    -----------    -----------
  Net realized and
   unrealized gains losses)        139,628       (991,124)       300,001
  Interest ncome (Note 3c)         121,989        157,603        180,533
                               -----------    -----------    -----------
                                   261,617       (833,521)       480,534
                               -----------    -----------    -----------
Expenses:
  Management fees (Note 3b)        119,891        194,847        215,929
  Incentive fees
  (Note 3a and 3b)                     --             --          58,423
  Professional fees                 29,507         44,794         40,803
  Other expenses                     5,363          3,690          6,549
                               -----------    -----------    -----------
                                   154,761        243,331        321,704
                               -----------    -----------    -----------
Net income (loss)              $   106,856    $(1,076,852)   $   158,830
                               -----------    -----------    -----------

Net income (loss) per
  Unit of Limited
  Partnership Interest and
  General Partner Unit
  equivalen (Notes 1 and 6)    $    155.53    $   (590.19)   $    110.78
                                 ---------      ---------     ----------

See notes to financial statements.


                                        F-5
<PAGE>

                   Shearson Select Advisors Futures Fund L.P.
                      Statement of Partners' Capital for the
                   years ended December 31, 2000, 1999 and 1998

                                    Limited          General
                                    Partners         Partner       Total
Partners' capital at
   December 31, 1997               $6,138,186        $91,655     $6,229,841
Net income                            155,064          3,766        158,830
Redemption of 335 Units of
   Limited Partnership Interest      (843,006)          --         (843,006)
                                  -----------    -----------    -----------
Partners' capital at
   December 31, 1998                5,450,244         95,421      5,545,665
Net loss                           (1,056,786)       (20,066)    (1,076,852)
Redemption of 236  Units of
   Limited Partnership Interest      (612,418)          --         (612,418)
                                  -----------    -----------    -----------
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
                                  -----------    -----------    -----------


See notes to financial statements.


                                   F-6
<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 his initial capital  contribution  and profits,
    if any, net of distributions.

    The Partnership will be liquidated upon the first to occur of the following:
    December 31, 2007; a decline in net asset value per Unit on any business day
    after  trading to less than $350;  a decline  in net  assets  after  trading
    commences to less than $1,000,000;  or under certain other  circumstances as
    defined in the Limited Partnership Agreement.

2.  Accounting Policies:

    a. All commodity interests (including  derivative financial  instruments and
       derivative  commodity  instruments)  are used for trading  purposes.  The
       commodity  interests  are recorded on trade date and open  contracts  are
       recorded in the  statement  of  financial  condition at 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  values on  commodity  interests  and foreign  currencies  are
       recognized  in the period in which the  contract is closed or the changes
       occur and are  included  in net gains  (losses)  on trading of  commodity
       interests.


                              F-7
<PAGE>



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

    c. The  preparation  of financial  statements in conformity  with  generally
       accepted accounting  principles requires management to make estimates and
       assumptions that affect the reported amounts of assets and liabilities at
       the date of the financial statements and the reported amounts of revenues
       and expenses  during the reporting  period.  Actual  results could differ
       from these estimates.

3.  Agreements:

    a.  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 and an
       incentive  fee equal to 10% of Net  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. 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, 2000 and 1999,  the amount of cash held for margin  requirements  was
       $524,522  and  $517,865,   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.


                                      F-8
<PAGE>



4.  Trading Activities:

    The Partnership was formed for the purpose of trading contracts in a variety
    of commodity  interests,  including  derivative  financial  instruments  and
    derivative commodity  instruments.  The results of the Partnership's trading
    activity are shown in the statement of income and expenses.

    All of the commodity interests owned by the Partnership are held for trading
    purposes.  The average fair value  during the years ended  December 31, 2000
    and  1999,  based on a  monthly  calculation,  was  $120,583  and  $212,790,
    respectively. The fair value of these commodity interests, including options
    thereon,  if  applicable,  at December  31, 2000 and 1999 was  $631,967  and
    $(2,058), respectively, as detailed below.

                                                       Fair Value
                                                 December 31,  December 31,
                                                     2000          1999

     Currencies:
       -OTC Contracts                             $ 283,667    $ (59,672)
     Interest Rates U.S.                            133,125       47,375
     Interest Rates Non-U.S                         197,476       19,287
     Metals (Exchange Traded and OTC Contracts)     (18,307)     (22,030)
     Indices                                         36,006       12,982
                                                  ---------    ---------
     Total                                        $ 631,967    $  (2,058)
                                                  ---------    ---------

5.  Distributions and Redemptions:

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

6.  Net Asset Value Per Unit:

    Changes in the net asset value per Unit of Partnership  interest  during the
    years ended December 31, 2000, 1999 and 1998 were as follows:

                                                   2000         1999       1998
Net realized and unrealized gains
 (losses)                                     $   175.88   $ (544.55)   $177.52
Interest income                                    77.06       84.45      83.33
Expenses                                          (97.41)    (130.09)   (150.07)
                                                 --------    --------   --------
Increase (decrease) for year                      155.53     (590.19)    110.78
Net asset value per Unit, beginning of year     2,216.32    2,806.51   2,695.73
                                                --------    --------    --------
Net asset value per Unit, end of year         $ 2,371.85   $2,216.32   2,806.51
                                               --------    --------    --------



                                        F-9

<PAGE>



7.  Financial Instrument Risks:

    The Partnership is party to financial  instruments  with  off-balance  sheet
    risk, including  derivative  financial  instruments and derivative commodity
    instruments,   in  the  normal  course  of  its  business.  These  financial
    instruments may include forwards,  futures and options, whose value is based
    upon an underlying asset,  index, or reference rate, and generally represent
    future commitments to exchange currencies or cash flows, to purchase or sell
    other financial instruments at specific terms at specified future dates, or,
    in the  case of  derivative  commodity  instruments,  to  have a  reasonable
    possibility to be settled in cash, through physical delivery or with another
    financial  instrument.  These  instruments  may be traded on an  exchange or
    over-the-counter  ("OTC").  Exchange traded instruments are standardized and
    include futures and certain option  contracts.  OTC contracts are negotiated
    between contracting  parties and include forwards and certain options.  Each
    of these instruments is subject to various risks similar to those related to
    the underlying  financial  instruments  including market and credit risk. In
    general,  the risks  associated  with OTC  contracts  are greater than those
    associated with exchange traded  instruments  because of the greater risk of
    default by the counterparty to an 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
    (see  table  in Note  4).  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.


                                        F-10
<PAGE>



    The   notional  or   contractual   amounts  of  these   instruments,   while
    appropriately not recorded in the financial  statements,  reflect the extent
    of the Partnership's involvement in these instruments. The majority of these
    instruments mature within one year of December 31, 2000. However, due to the
    nature of the Partnership's  business,  these instruments may not be held to
    maturity.


                                        F-11
<PAGE>




Item 9.   Changes in and Disagreements with Accountants on Accounting and
          Financial Disclosure.
                  During the last two fiscal  years and any  subsequent  interim
period, no independent accountant who was engaged as the principal accountant to
audit the Partnership's financial statements has resigned or was dismissed.
                                    PART III
Item 10.  Directors and Executive Officers of the Registrant.
                  The  Partnership  has no officers or directors and its affairs
are  managed  by  its General  Partner,  Smith  Barney Futures  Management  LLC.
Investment decisions are made by John W. Henry & Company, Inc. (the "Advisor").
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, 2000,  SSB earned  $189,032 in
brokerage  commissions and clearing fees.  Management fees earned by the Advisor
were $119,891 for the year ended December 31, 2000. There were no incentive fees
earned by the advisor for the year ended December 31, 2000


                                   30
<PAGE>


Item 12.   Security Ownership of Certain Beneficial Owners and Management.
                 (a).  Security  ownership of  certain  beneficial  owners.  The
Partnership  knows of no person who beneficially owns more than 5% of the Units
outstanding.
                 (b). Security  ownership of management.  Under the terms of the
Limited  Partnership  Agreement,  the  Partnership's  affairs are managed by the
General Partner.  The General Partner owns Units of general partnership interest
equivalent to 34 Units of Limited Partnership Interest (2.4%) as of December 31,
2000.
                 (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  are  set forth under "Item 1. Business.",  "Item 11. Executive
Compensation" and "Item 8.  Financial Statements and Supplementary Data."

                                     PART IV
Item 14.       Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
         (a)   (1)    Financial Statements:
                      Statement of Financial Condition at December 31, 2000
                      and 1999.
                      Statement  of Income and Expenses for the years ended

                                        31
<PAGE>

                      December  31,  2000,  1999  and  1998.
                      Statement  of  Partners' Capital   for  the  years  ended
                      December  31, 2000, 1999 and 1998.
               (2)    Financial Statement Schedules: Financial Data Schedule
                      for the year ended December 31, 2000.
              (3)    Exhibits:
               3.1  - Limited  Partnership  Agreement  dated as of February  10,
                    1987 and  amended as of April 6, 1987  (filed as Exhibit 3.1
                    to the Registration  Statement  No.33-12241 and incorporated
                    herein by reference).
               3.2  - Certificate of Limited  Partnership of the  Partnership as
                    filed in the office of the  Secretary  of State of the State
                    of Delaware  on  February  10, 1987 (filed as Exhibit 3.2 to
                    the  Registration  Statement No.  33-12241 and  incorporated
                    herein by reference).
                    10.1 - Customer  Agreement  between  Shearson  Lehman Select
                         Advisors  Futures Fund L.P.  and Smith Barney  Shearson
                         Inc. (previouslyfiled).
                    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).
                                        32
<PAGE>

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

                                        33
<PAGE>

               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).
               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).


                                        34
<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)


                                   35

<PAGE>

               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).

               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).

                                       36
<PAGE>


               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).

               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)


                                        37
<PAGE>

                    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)

                    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 (filed herein).

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

                                        38
<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

                                        39
<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 30th day of March 2001.

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/  Jack H. Lehman III
David J. Vogel                                              Jack H. Lehman III
Director, Principal Executive                             Chairman and Director
Officer and President



/s/ Michael R. Schaefer                               /s/ Daniel A. Dantuono
Michael R. Schaefer                                       Daniel A. Dantuono
Director Treasurer,                                       Chief Financial
                                                          Officer and Director



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



/s/ Shelley Ullman
Shelley Ullman
Director

                                       40