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, 2001

 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]

As of February 28, 2002,  Limited  Partnership  Units with an aggregate value of
$2,859,525 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,  2001,  2000 and 1999 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.
("SSBHI"), which is the sole owner of SSB. SSBHI is a wholly owned subsidiary of
Citigroup Inc.


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<PAGE>
     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, 2001, 2000, 1999,
1998 and 1997 are set forth under "Item 6. Selected Financial Data." Partnership
capital as of December 31, 2001 was $3,175,711.
     (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.
         -----------------
     This section  describes  the major pending  legal  proceedings,  other than
ordinary routine litigation  incidental to the business,  to which Salomon Smith
Barney Holdings Inc.  ("SSBH") 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 September 1992,  Harris Trust and Savings Bank (as trustee for Ameritech
Pension Trust ("APT"), Ameritech Corporation,  and an officer of Ameritech filed
suit  against  Salomon   Brothers  Inc.  ("SBI")  and  Salomon  Brothers  Realty


                                       6
<PAGE>

Corporation  ("SBRC") 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 second amended
complaint  alleges that three purchases by APT from defendants of  participation
interests  in net cash flow or resale  proceeds  of three  portfolios  of motels
owned by Motels of America, Inc. ("MOA"), as well as a fourth purchase by APT of
a similar  participation  interest in a portfolio  of motels owned by Best Inns,
Inc. ("Best"),  violated the Employee  Retirement Income Security Act ("ERISA"),
and  that  APT's  purchase  of the  participation  interests  in the  third  MOA
portfolio  and in the Best  portfolio  violated  the  Racketeer  Influenced  and
Corrupt  Organization Act ("RICO") and the Illinois Consumer Fraud and Deceptive
Practices  Act  ("Consumer  Fraud  Act"),  and  constituted   fraud,   negligent
misrepresentation,  breach of contract and unjust  enrichment.  SBI had acquired
the participation interests when it purchased principal mortgage notes issued by
MOA and Best to finance  purchases  of motel  portfolios;  95% of three of those
interests  and 100% of the fourth were sold to APT for a total of  approximately
$20.9 million.  Plaintiffs'  second amended  complaint seeks judgment (a) on the
ERISA claims for the approximately  $20.9 million purchase price, for rescission
and for  disgorgement of profits,  as well as other relief,  and (b) on the RICO
and state law claims in the amount of $12.3 million, with damages trebled to $37
million on the RICO  claims  and  punitive  damages in excess of $37  million on
certain of the state law claims as well as other  relief.  Following  motions by


                                       7
<PAGE>

defendants,  the court dismissed the RICO, Consumer Fraud Act, fraud,  negligent
misrepresentation,  breach of contract,  and unjust enrichment claims. The court
also found that defendants  were not ERISA  fiduciaries and dismissed two of the
three claims based on that allegation.  Defendants moved for summary judgment on
plaintiffs' only remaining claim,  which alleged an ERISA violation.  The motion
was denied, and defendants appealed to the U.S. Court of Appeals for the Seventh
Circuit.  In July  1999,  the U. S.  Court of Appeals  for the  Seventh  Circuit
reversed the denial of defendants' motion for summary judgment and dismissed the
sole remaining ERISA claim against the Company.  Plaintiffs filed a petition for
certiorari  with the U. S. Supreme Court  seeking  review of the decision of the
Court of  Appeals,  which was  granted  in  January  2000.  After  hearing  oral
argument,  on June 12, 2000,  the U.S.  Supreme Court reversed the U.S. Court of
Appeals for the Seventh Circuit's  judgment,  which had overturned the denial of
defendants'  motion for summary  judgment and dismissed the sole remaining ERISA
claim  against the Company,  and  remanded  the matter to the circuit  court for
further proceedings.  Subsequently, the circuit court remanded the matter to the
U.S.   District  Court  for  the  Northern  District  of  Illinois  for  further
proceedings.
     Both the Department of Labor and the Internal  Revenue Service ("IRS") have
advised SBI that they were or are reviewing the  underlying  transactions.  With
respect to the IRS,  SSBH, SBI and SBRC have consented to extensions of time for
the  assessment  of  excise  taxes  that  may be  claimed  with  respect  to the
transactions  for the years 1987,  1988 and 1989.  In August 1996,  the IRS sent


                                       8
<PAGE>

SSBH,  SBI and SBRC what appeared to be draft  "30-day  letters" with respect to
the  transactions and SSBH, SBI and SBRC were given an opportunity to comment on
whether the IRS should issue 30-day letters,  which would actually  commence the
assessment  process.  In October 1996, SSBH, SBI and SBRC submitted a memorandum
setting  forth reasons why the IRS should not issue such 30-day  letters.  Since
that time, the IRS has not issued such 30-day letters to SSBH, SBI or SBRC.
     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,  among other things,  that the  brokerage  firms  recommended  and sold
unsuitable  securities to Orange Count.  SSB 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 IRS 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.


                                       9
<PAGE>

Subsequently, the city withdrew the lawsuit.
     In 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 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.  SSB
has asked the court to dismiss the amended  complaint.  In  November  1999,  SSB
moved to dismiss the amended  complaint.  In May 2001, the parties reached,  and
the court preliminarily approved, a tentative settlement. In September 2001, the
court approved the settlement.
     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,  SSB 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,
SSB,  without  admitting or denying the factual  allegation,  agreed to an order
that  required  that it: (i) cease and desist  from  committing  or causing  any


                                       10
<PAGE>

violations of Sections  15(c)(1) and (2) of the Securities  Exchange Act of 1934
and Rules 15cl -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.).  Plaintiffs  allege that while acting as their prime broker
SSB breached its contracts with  plaintiffs,  converted  plaintiffs'  monies and
engaged in tortious  conduct,  including  breaching  its  fiduciary  duties.  In
October 1999, the court dismissed plaintiffs' tort claims,  including the breach
of  fiduciary  duty claims,  but 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 plaintiffs' motion
to strike 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. Discovery is ongoing.
     SSBH 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  SSBH's  broker-dealer  subsidiaries  have been  named,  arising in the
normal  course  of  business  out  of  activities  as a  broker  and  dealer  in


                                       11
<PAGE>

securities,  as an  underwriter  of  securities,  as  an  investment  banker  or
otherwise.  In the  opinion  of  SSBH'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 SSBH and its subsidiaries.
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, 2001 was 348.

     (c) Distribution. The Partnership did not declare a distribution in 2001 or
     2000.

     (d) Use of  Proceeds.  There were no  additional  sales in the years  ended
     December 31, 2001, 2000 and 1999.


                                       12
<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, 2001,  2000, 1999, 1998 and 1997 and total assets at December
31, 2001, 2000, 1999, 1998 and 1997 were as follows:


<TABLE>
<CAPTION>

                                               2001          2000           1999          1998           1997
                                       ------------    ----------   ------------ -------------  -------------

<S>                                             <C>          <C>            <C>            <C>           <C>
Net realized and unrealized
trading gains (losses) net of
brokerage commissions and clearing
fees of $216,379 $189,032, $300,092,
$331,645,and $373,144, respectively     $   159,010   $   139,628    $  (991,124)   $   300,001   $   895,110

Interest income                              82,770       121,989        157,603        180,533       213,272
                                        -----------   -----------    -----------    -----------   -----------
                                        $   241,780   $   261,617    $  (833,521)   $   480,534   $ 1,108,382
                                        ===========   ===========    ===========    ===========   ===========
Net income (loss)                       $    71,103   $   106,856    $(1,076,852)   $   158,830   $   723,608
                                        ===========   ===========    ===========    ===========   ===========


Increase (decrease) in Net
 Asset Value per unit                   $     37.64   $    155.53    $   (590.19)   $    110.78   $    311.28
                                        ===========   ===========    ===========    ===========   ===========
Total assets                            $ 3,282,220   $ 3,520,482    $ 4,020,521    $ 5,755,721   $ 6,503,549
                                        ===========   ===========    ===========    ===========   ===========

</TABLE>




                                       13
<PAGE>



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

     (a)  Liquidity.  The  Partnership  does  not  engage  in  sales of goods or
services.  Its only  assets  are its  equity in its  commodity  futures  trading
account,  consisting of cash, 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


                                       14
<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 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


                                       15
<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  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


                                       16
<PAGE>

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, 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.  For the year ended  December  31, 1999,  236
Units were redeemed for a total of $612,418.
     (c) Results of  operations.  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.  For the year ended  December  31, 1999,  the Net Asset
Value per Unit decreased 21.0%, from $2,806.51 to $2,216.32.
     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


                                       17
<PAGE>

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 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.
     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 increasingly


                                       18
<PAGE>

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
management's   authorization,   and  that  financial   information  utilized  by


                                       19
<PAGE>

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
the Partnership's  past performance is not necessarily  indicative of its future
results.


                                       20
<PAGE>

     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
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


                                       21
<PAGE>

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 at
Risk. In those rare cases in which a futures-equivalent margin is not available,
dealers' margins have been used.


                                       22
<PAGE>

     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.



                                       23
<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, 2001.  All
open position  trading risk exposures of the  Partnership  have been included in
calculating  the  figures  set  forth  below.  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>


                                       24
<PAGE>



     As of  December  31,  2000,  the  Partnership's  total  capitalization  was
$3,358,545.

                                  December 31, 2000
<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               $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>



                                       25
<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.


                                       26
<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.


                                       27
<PAGE>

     The following were the primary trading risk exposures of the Partnership as
of December 31, 2001, 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.



                                       28
<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, 2001, 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
trades  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, 2001.

     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.



                                       29
<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.



                                       30
<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, 2001 and 2000                               F-4

               Condensed Schedule of Investments at
               December 31, 2001.                                       F-5

               Statement of Income and Expenses for
               the years ended December 31, 2001,
               2000 and 1999                                            F-6

               Statement of Partners' Capital for the
               years ended December 31, 2001, 2000 and
               1999.                                                    F-7

               Notes to Financial Statements.                         F-8 -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 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 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 2000, and the results of its operations for each of the
three 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-3
<PAGE>


                   Shearson Select Advisors Futures Fund L.P.
                        Statement of Financial Condition
                           December 31, 2001 and 2000

<TABLE>
<CAPTION>

                                                                         2001        2000
                                                                   ----------    ---------
<S>                                                                       <C>          <C>
Assets:
Equity in commodity futures trading account:
   Cash (Note 3c)                                                  $3,112,705   $2,877,784
   Net unrealized appreciation on open positions                      166,097      631,967
                                                                   ----------   ----------
                                                                    3,278,802    3,509,751
Interest receivable                                                     3,418       10,731
                                                                   ----------   ----------
                                                                   $3,282,220   $3,520,482
                                                                   ----------   ----------
Liabilities and Partners' Capital:
Liabilities:
  Accrued expenses:
   Commissions                                                     $   16,411   $   17,602
   Management fees                                                     10,790       11,574
   Professional fees                                                   25,591       27,769
   Other                                                                3,118        3,002
  Redemptions payable (Note 5)                                         50,599      101,990
                                                                   ----------   ----------
                                                                      106,509      161,937
                                                                   ----------   ----------
Partners' capital (Notes 1, 5 and 6):
  General Partner, 34 Unit equivalents outstanding in
   2001 and 2000                                                       81,923       80,643
  Limited Partners, 1,284 and 1,382 Units of Limited Partnership
   Interest outstanding in 2001 and 2000, respectively              3,093,788    3,277,902
                                                                   ----------   ----------
                                                                    3,175,711    3,358,545
                                                                   ----------   ----------
                                                                   $3,282,220   $3,520,482
                                                                   ----------   ----------
</TABLE>

See notes to financial statements.

                                        F-4
<PAGE>


                      Shearson Select Advisors Futures Fund L.P.
                           Condensed Schedule of Investments
                                   December 31, 2001
<TABLE>
<CAPTION>
                                           Number of
Sector                                     Contracts              Contracts                                       Fair Value
----------                                ----------             ------------                                      ---------
<S>                                             <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
                                                                                                                   =========
</TABLE>


                                             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%
                                              =============        =============


Percentages are based on Partner's capital unless otherwise indicated.

See notes to financial statements.

                                        F-5
<PAGE>


                                    Shearson Select Advisors Futures Fund L.P.
                                         Statement of Income and Expenses
                                               for the years ended
                                         December 31, 2001, 2000 and 1999

<TABLE>
<CAPTION>
                                                        2001               2000               1999
                                                  ----------          ----------       ------------
<S>                                                      <C>                <C>                <C>
Income:
  Net gains (losses) on trading of
   commodity interests:
   Realized gains (losses) on closed
    positions                                       $841,259          $(305,365)          $(92,246)
   Change in unrealized gains (losses)
    on open positions                               (465,870)           634,025           (598,786)
                                                  ----------         ----------       ------------
                                                     375,389            328,660           (691,032)
  Less, Brokerage commissions including
   clearing fees of $2,283, $2,625 and
   $4,471, respectively (Note 3c)                   (216,379)          (189,032)          (300,092)
                                                  ----------         ----------       ------------
  Net realized and unrealized gains                  159,010            139,628           (991,124)
   (losses)
  Interest income (Note 3c)                           82,770            121,989            157,603
                                                  ----------         ----------       ------------
                                                     241,780            261,617           (833,521)
                                                  ----------         ----------       ------------
Expenses:
  Management fees (Note 3b)                          138,979            119,891            194,847
  Professional fees                                   25,919             29,507             44,794
  Other expenses                                       5,779              5,363              3,690
                                                  ----------         ----------       ------------
                                                     170,677            154,761            243,331
                                                  ----------         ----------       ------------
Net income (loss)                                    $71,103           $106,856        $(1,076,852)
                                                   ----------         ----------       ------------

Net income (loss) per Unit of Limited
  Partnership Interest and General Partner
  Unit equivalent (Notes 1 and 6)                     $37.64            $155.53           $(590.19)
                                                   ----------       ------------         ---------

</TABLE>

See notes to financial statements.

                                        F-6
<PAGE>


                                    Shearson Select Advisors Futures Fund L.P.
                                      Statement of Partners' Capital for the
                                   years ended December 31, 2001, 2000 and 1999

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


See notes to financial statements.


                                        F-7
<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.

     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  in  the  United  States  of  America  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.


                                        F-8
<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 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,
2001 and 2000, the amount of cash held for margin  requirements was $321,720 and
$524,522, 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
activity are shown in the statement of income and expenses.


                                        F-9
<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,
2001 and 2000,  based on a  monthly  calculation,  was  $208,540  and  $120,583,
respectively.  The fair value of these commodity  interests,  including  options
thereon, if applicable, at December 31, 2001 and 2000 was $166,097 and $631,967,
respectively.

                                                        Fair Value
                                                       December 31,
                                                              2000
                                                         ----------
    Currencies:
        -OTC Contracts                                    $283,667
    Interest Rates U.S.                                    133,125
    Interest Rates Non-U.S.                                197,476
    Metals:
        -Exchange Traded Contracts                          (4,950)
        -OTC Contracts                                     (13,357)
    Indices                                                 36,006
                                                         ----------
    Total                                                 $631,967
                                                         ----------



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.  Financial Highlights:
     Changes in the net asset value per Unit of Partnership  interest during the
years ended December 31, 2001, 2000 and 1999 were as follows:

<TABLE>
<CAPTION>
                                                      2001         2000         1999
                                                ----------   ----------  -----------
<S>                                                    <C>          <C>          <C>
Net realized and unrealized gains (losses)    $     101.82 $     175.88 $    (544.55)
Interest income                                      59.85        77.06        84.45
Expenses                                           (124.03)      (97.41)     (130.09)
                                                 ---------    ---------    ---------
Increase (decrease) for year                         37.64       155.53      (590.19)
Net asset value per Unit, beginning of year       2,371.85     2,216.32     2,806.51
                                                 ---------    ---------    ---------
Net asset value per Unit, end of year         $   2,409.49 $   2,371.85 $   2,216.32
                                                 ---------    ---------    ---------
</TABLE>

    Total return                                       1.6%
    Ratio of expenses, including brokerage
    commissions, to average net assets                11.3%
    Ratio of net income to average net assets          2.1%

                                        F-10
<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.  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  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, 2001.  However,  due to the
nature  of the  Partnership's  business,  these  instruments  may not be held to
maturity.


                                        F-11

<PAGE>



                               INSERT SPREADSHEET


<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,  2001,  SSB  earned  $216,379  in  brokerage
commissions  and  clearing  fees.  Management  fees earned by the  Advisor  were
$138,979  for the year ended  December 31,  2001.  There were no incentive  fees
earned by the Advisor for the year ended December 31, 2001.



                                       31
<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 (2.6%) as of December 31,
2001.
     (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,
     2001 and  2000.
     Statement  of Income and  Expenses  for the years ended  December 31, 2001,
     2000 and 1999.
     Statement of Partners'  Capital for the years ended December 31, 2001, 2000
     and 1999.

                                       32
<PAGE>

     (2) Financial  Statement  Schedules:  Financial  Data Schedule for the year
ended December 31, 2001.
     (3) Exhibits:

     3.1 - Limited  Partnership  Agreement  dated as of  February  10,  1987 and
amended as of April 6, 1987 (filed as Exhibit 3.1 to the Registration  Statement
No.33-12241 and incorporated herein by reference).

     3.2 - Certificate of Limited Partnership of the Partnership as filed in the
office of the  Secretary  of State of the State of Delaware on February 10, 1987
(filed  as  Exhibit  3.2  to  the   Registration   Statement  No.  33-12241  and
incorporated  herein by reference).
     10.1 - Customer  Agreement  between Shearson Lehman Select Advisors Futures
Fund L.P. and Smith Barney Shearson Inc. (previously filed).  10.1(a)- Amendment
to Customer Agreement dated as of September 30, 1988 (previously filed).
     10.4(a)-  Management  Agreement  between Hayden  Commodities Corp. and Dunn
Commodities,  Inc.  (previously filed).


                                       33
<PAGE>

     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).
     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).



                                       34
<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).


                                       35
<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).


                                       36
<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).


                                       37
<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).


                                       38
<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 (previously filed).
     10.33 - Letter  extending  Management  Agreement  with  John W.  Henry  and
Company, Inc. for 2001 (filed herein).
     (b) Reports on 8-K: None Filed.


                                       39
<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



                                       40
<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 29th day of March 2002.

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



                                       41