FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                 (X) QUARTERLY REPORT UNDER SECTION 13 or 15(d)

                     OF THE SECURITIES EXCHANGE ACT OF 1934

               OR ( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d)

                     OF THE SECURITIES EXCHANGE ACT OF 1934


For the Quarter ended June 30, 2000

Commission File Number 0-21588


             SMITH BARNEY INTERNATIONAL ADVISORS CURRENCY FUND L.P.
             (Exact name of registrant as specified in its charter)


        New York                                       13-3616914
(State or other jurisdiction of                    (I.R.S. Employer
 incorporation or organization)                   Identification No.)


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


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


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
                                                            Yes X No


<PAGE>





             SMITH BARNEY INTERNATIONAL ADVISORS CURRENCY FUND L.P.
                                    FORM 10-Q
                                      INDEX

                                                                   Page
                                                                  Number

PART I - Financial Information:

         Item 1.     Financial Statements:

                     Statement of Financial Condition
                     at June 30, 2000 and December 31,
                     1999 (unaudited).                                3

                     Statement of Income and Expenses
                     and Partners' Capital for the three
                     and six months ended June 30, 2000
                     and 1999 (unaudited).                            4

                     Notes to Financial Statements
                     (unaudited)                                    5 - 8

         Item 2.     Management's Discussion and Analysis
                     of Financial Condition and Results of
                     Operations                                     9 - 10

         Item 3.    Quantitative and Qualitative Disclosures
                     of Market Risk                                11 - 12

PART II - Other Information                                        13 - 16

                                       2
<PAGE>

                 PART I

      Item 1. Financial Statements


             SMITH BARNEY INTERNATIONAL ADVISORS CURRENCY FUND L.P.
                        STATEMENT OF FINANCIAL CONDITION
                                   (Unaudited)
<TABLE>
<CAPTION>


                                             June 30,                   December 31,
                                               2000                         1999
                                         -----------------              --------------
<S>                                          <C>                            <C>

ASSETS:

Equity in commodity futures trading
 account:
  Cash                                        $ 2,117,633                 $ 2,689,251
  Net unrealized depreciation
    on open futures contracts                      (9,168)                       (854)

                                         -----------------              --------------


                                                2,108,465                   2,688,397

Interest receivable                                 7,130                      10,281

                                          -----------------              --------------

                                              $ 2,115,595                 $ 2,698,678

                                          =================              ==============


LIABILITIES AND PARTNERS' CAPITAL:

Liabilities:

 Accrued expenses:
  Commissions                                    $ 12,103                    $ 15,448
  Other                                            40,861                      50,389

                                         -----------------              --------------

                                                   52,964                      65,837
                                         -----------------              --------------

Partners' Capital:

General Partner, 8,000.2096 Unit
  equivalents outstanding in 2000
  and 1999                                         85,682                      96,883
Limited Partners, 184,624.1897 and
  209,472.6214 Units of Limited
  Partnership Interest outstanding
  in 2000 and 1999, respectively                1,976,949                   2,535,958
                                         -----------------              --------------

                                                2,062,631                   2,632,841
                                         -----------------              --------------

                                              $ 2,115,595                 $ 2,698,678

                                         =================              ==============
</TABLE>

See Notes to Financial Statements.


                                                        3


<PAGE>


             SMITH BARNEY INTERNATIONAL ADVISORS CURRENCY FUND L.P.
             STATEMENT OF INCOME AND EXPENSES AND PARTNERS' CAPITAL
                                   (UNAUDITED)

<TABLE>
<CAPTION>


                                                       THREE MONTHS ENDED                    SIX MONTHS ENDED
                                                            JUNE 30,                             JUNE 30,
                                                  ------------------------------      -------------------------------
                                                       2000            1999                2000             1999

                                                   -------------   --------------      --------------  ---------------
<S>                                                     <C>               <C>              <C>                   <C>
Income:
  Net gains (losses) on trading of commodity
   interests:
  Realized gains (losses) on closed positions        $ (79,388)       $ (65,517)         $ (241,554)       $ 306,968
  Change in unrealized gains (losses) on open
   positions                                            31,257         (104,666)             (8,314)        (156,667)

                                                  -------------   --------------      --------------  ---------------

                                                       (48,131)        (170,183)           (249,868)         150,301
Less, brokerage commissions including
  clearing fees of $0, $28, $0 and
  $0, respectively                                     (37,827)         (58,199)            (80,430)        (119,246)

                                                   -------------   --------------      --------------  ---------------

  Net realized and unrealized gains (losses)           (85,958)        (228,382)           (330,298)          31,055
  Interest income                                       25,131           32,089              54,724           65,253

                                                  -------------   --------------      --------------  ---------------

                                                       (60,827)        (196,293)           (275,574)          96,308

                                                   -------------   --------------      --------------  ---------------


Expenses:
  Other expenses                                         3,471           12,344              17,036           23,454
  Incentive fees                                             -                -                   -           15,931
                                                  -------------   --------------      --------------  ---------------

                                                         3,471           12,344              17,036           39,385

                                                  -------------   --------------      --------------  ---------------

  Net income (loss)                                    (64,298)        (208,637)           (292,610)          56,923
  Redemptions                                          (21,802)         (11,639)           (277,600)         (57,542)

                                                  -------------   --------------      --------------  ---------------

  Net decrease  in Partners' capital                   (86,100)        (220,276)           (570,210)            (619)

Partners' capital, beginning of period               2,148,731        3,385,649           2,632,841        3,165,992

                                                  -------------   --------------      --------------  ---------------

Partners' capital, end of period                   $ 2,062,631      $ 3,165,373         $ 2,062,631      $ 3,165,373
                                                  -------------   --------------      --------------  ---------------

Net asset value per Unit
  (192,624.3993 and 229,621.9734 Units
  outstanding at June 30, 2000 and
  1999, respectively)                                  $ 10.71          $ 13.79             $ 10.71          $ 13.79
                                                  -------------   --------------      --------------  ---------------


Net income (loss) per Unit of Limited
  Partnership Interest and General
  Partner Unit equivalent                              $ (0.33)         $ (0.90)            $ (1.40)          $ 0.23
                                                  -------------   --------------      --------------  ---------------

</TABLE>

See notes to Financial Statements
                                        4




<PAGE>


             Smith Barney International Advisors Currency Fund L.P.
                          Notes to Financial Statements
                                  June 30, 2000
                                   (Unaudited)

1. General:

         Smith  Barney   International   Advisors   Currency  Fund  L.P.,   (the
"Partnership")  is a limited  partnership  which was  organized  on May 29, 1991
under the partnership laws of the State of New York to engage in the speculative
trading of a diversified  portfolio of commodity  interests,  including  futures
contracts,  options and forward  contracts.  The  commodity  interests  that are
traded by the Partnership are volatile and involve a high degree of market risk.
The Partnership commenced trading operations on March 12, 1992.

        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. All trading  decisions for the  Partnership  are made by Jacobson
Fund Managers Ltd. (the "Advisor").

         The accompanying financial statements are unaudited but, in the opinion
of management,  include all  adjustments  (consisting  only of normal  recurring
adjustments)  necessary for a fair presentation of the  Partnership's  financial
condition  at June 30,  2000  and  December  31,  1999  and the  results  of its
operations  for the three and six  months  ended June 30,  2000 and 1999.  These
financial  statements  present the results of interim periods and do not include
all  disclosures  normally  provided  in  annual  financial  statements.  It  is
suggested  that  these  financial  statements  be read in  conjunction  with the
financial  statements and notes included in the  Partnership's  annual report on
Form 10-K filed with the Securities  and Exchange  Commission for the year ended
December 31, 1999.

         Due to the nature of commodity  trading,  the results of operations for
the interim periods presented should not be considered indicative of the results
that may be expected for the entire year.

                                       5
<PAGE>


             Smith Barney International Advisors Currency Fund L.P.
                          Notes to Financial Statements
                                  June 30, 2000
                                   (Continued)


2.    Net Asset Value Per Unit:

        Changes in net asset  value per Unit for the three and six months  ended
June 30, 2000 and 1999 were as follows:
<TABLE>
<CAPTION>


                                          THREE-MONTHS ENDED                            SIX-MONTHS ENDED
                                                JUNE 30,                                  JUNE 30,
                                        2000                 1999                  2000                1999
                                    ------------          -----------          ------------         -----------
<S>                                     <C>                   <C>                  <C>                  <C>

Net realized and unrealized
 gains (losses)                      $ (0.45)            $  (1.00)              $ (1.59)             $ 0.11
Interest income                         0.14                 0.14                  0.28                0.29
Expenses                               (0.02)               (0.04)                (0.09)              (0.17)
                                      --------             --------               -------             -------


Increase (decrease) for
 period                                (0.33)               (0.90)                (1.40)               0.23

Net Asset Value per Unit,
  beginning of period                  11.04                14.69                 12.11               13.56
                                     --------             --------              -------              ------

Net Asset Value per Unit,
  end of period                      $ 10.71              $ 13.79                $10.71              $13.79
                                     ========             ========               =======             ======


</TABLE>

                                       6
<PAGE>


3.      Trading Activities:

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

        The  Customer  Agreement  between  the  Partnership  and SSB  gives  the
Partnership the legal right to net unrealized gains and losses.

        All of the commodity  interests owned by the  Partnership,  are held for
trading purposes.  The average fair value during the periods ended June 30, 2000
and  December  31,  1999,  based on a monthly  calculation,  was  $(18,302)  and
$86,012,  respectively.  The fair value of these commodity interests,  including
options  thereon,  if  applicable,  at June 30, 2000 and December 31, 1999,  was
$(9,168) and $(854), respectively, as detailed below.

                                        Fair Value
                                  June 30,       December 31,
                                    2000            1999
Currency:
   -    OTC                       $(9,168)        $(854)
                                  --------        -------

Total                             $(9,168)        $(854)
                                  ========        ======

4.      Financial Instrument Risk:

        The Partnership is party to financial instruments with off-balance sheet
risk,  including  derivative  financial  instruments  and  derivative  commodity
instruments,  in the normal course of its business.  These financial instruments
may  include  forwards,  futures  and  options,  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.

                                       7
<PAGE>


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

        Credit risk is the possibility  that a loss may occur due to the failure
of a counterparty to perform  according to the terms of a contract.  Credit risk
with  respect to exchange  traded  instruments  is reduced to the extent that an
exchange or clearing  organization  acts as a counterparty to the  transactions.
The Partnership's risk of loss in the event of counterparty default is typically
limited to the amounts  recognized in the  statement of financial  condition and
not  represented  by the contract or notional  amounts of the  instruments.  The
Partnership has concentration  risk because the sole counterparty or broker with
respect to the Partnership's assets is SSB.

        The Partnership  engages in the trading of forward  contracts in foreign
currencies.  In this  connection,  the  Partnership  contracts  with  SSB as the
counterparty  to take future  delivery of a particular  foreign  currency.  In a
forward transaction,  cash settlement does not occur until the agreed upon value
date  of  the  transaction.  The  Partnership's  credit  risk  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  General  Partner  monitors  and  controls  the  Partnership's  risk
exposure  on a  daily  basis  through  financial,  credit  and  risk  management
monitoring systems and,  accordingly  believes that it has effective  procedures
for evaluating and limiting the credit and market risks to which the Partnership
is subject.  These monitoring systems allow the General Partner to statistically
analyze actual  trading  results with risk adjusted  performance  indicators and
correlation statistics. In addition,  on-line monitoring systems provide account
analysis  of  futures,   forwards  and  options  positions  by  sector,   margin
requirements, gain and loss transactions and collateral positions.

        The  notional or  contractual  amounts of these  instruments,  while not
recorded in the financial  statements,  reflect the extent of the  Partnership's
involvement  in these  instruments.  The  majority of these  instruments  mature
within  one  year  of  June  30,  2000.  However,  due  to  the  nature  of  the
Partnership's business, these instruments may not be held to maturity.

                                       8
<PAGE>


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

Liquidity and Capital Resources

        The  Partnership  does not engage in the sale of goods or services.  Its
only assets are its equity in its commodity futures trading account,  consisting
of cash and cash equivalents, net unrealized appreciation (depreciation) on open
futures and  forward  contracts,  commodity  options  and  interest  receivable.
Because  of the low margin  deposits  normally  required  in  commodity  futures
trading,  relatively  small price movements may result in substantial  losses to
the Partnership. While substantial losses could lead to a decrease in liquidity,
no such losses occurred in the second quarter of 2000.

        The Partnership's  capital consists of the capital  contributions of the
partners as  increased  or  decreased  by gains or losses on  commodity  futures
trading, expenses, interest income, redemptions and distributions of profits, if
any.

        For the six months ended June 30, 2000,  Partnership  capital  decreased
21.7% from  $2,632,841  to  $2,062,631.  This decrease was  attributable  to the
redemption of 24,848.4317  Units totaling  $277,600 coupled with a net loss from
operations  of  $292,610  for  the  six  months  ended  June  30,  2000.  Future
redemptions  can  impact  the  amount  of funds  available  for  investments  in
commodity contract positions in subsequent periods.

Results of Operations

        During the Partnership's second quarter of 2000, the net asset value per
Unit  decreased  3.0% from $11.04 to $10.71 as compared to a decrease of 6.1% in
the second  quarter of 1999.  The  Partnership  experienced  a net trading  loss
before  brokerage  commissions and related fees in the second quarter of 2000 of
$48,131.  Losses were primarily attributable to the trading of commodity futures
in Pound  Sterling,  Canadian  Dollar and  Australian  Dollar and were partially
offset  by gains in  Japanese  Yen,  Swiss  Francs  and  Euro.  The  Partnership
experienced a net trading loss before commissions and related fees in the second
quarter of 1999 of $170,183.  Losses were primarily  attributable to the trading
of commodity  futures in Thai Baht,  Swedish Korona,  Australian  Dollar,  Pound
Sterling,  Greek Drahma and Czech Korona and were  partially  offset by gains in
the Euro, Swiss Francs and Canadian Dollar.

        Commodity futures markets are highly volatile.  Broad price fluctuations
and rapid inflation increase the risks involved in commodity  trading,  but also
increase the possibility of profit. The profitability of the Partnership depends
on the  existence  of major  price  trends and the  ability of the  Advisors  to
identify  correctly  those price trends.  Price trends are  influenced by, among

                                       9
<PAGE>

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 Advisors are able to identify  them,
the Partnership expects to increase capital through operations.

        Interest income on 85% of the  Partnership's  daily equity maintained in
cash was  earned at the  monthly  average  13-week  U.S.  Treasury  Bill  yield.
Interest  income for the three and six months  ended June 30, 2000  decreased by
$6,958 and $10,529,  respectively,  as compared to the corresponding  periods in
1999.

        Brokerage  commissions are calculated on the adjusted net asset value on
the last day of each month and, therefore, vary according to trading performance
and  redemptions.  Accordingly,  they  must  be  compared  in  relation  to  the
fluctuations in the monthly net asset values. Commissions and fees for the three
and  six  months  ended  June  30,  2000   decreased  by  $20,372  and  $38,816,
respectively, as compared to the corresponding periods in 1999.

        Incentive  fees are based on the new trading  profits  generated by each
Advisor as defined in the  advisory  agreements  between  the  Partnership,  the
General  Partner and each Advisor.  No incentive  fees were earned for the three
and six months ended June 30, 2000.  Trading  performance  for the three and six
months  ended  June 30,  1999  resulted  in  incentive  fees of $0 and  $15,931,
respectively.

                                       10
<PAGE>


Item 3. Quantitative and Qualitative Disclosures of Market Risk

        The Partnership is a speculative  commodity  pool. The market  sensitive
instruments held by it are acquired for speculative trading purposes, and all or
substantially all of the Partnership's assets are subject to the risk of trading
loss. Unlike an operating company,  the risk of market sensitive  instruments is
integral, not incidental, to the Partnership's main line of business.

        Market  movements result in frequent changes in the fair market value of
the  Partnership's  open positions and,  consequently,  in its earnings and cash
flow. The Partnership's  market risk is influenced by a wide variety of factors,
including the level and volatility of interest  rates,  exchange  rates,  equity
price  levels,  the market value of financial  instruments  and  contracts,  the
diversification effects among the Partnership's open positions and the liquidity
of the markets in which it trades.

        The  Partnership  rapidly  acquires and  liquidates  both long and short
positions in a wide range of different markets. Consequently, it is not possible
to predict how a particular future market scenario will affect performance,  and
the Partnership's  past performance is not necessarily  indicative of its future
results.

        Value at Risk is a measure of the maximum  amount which the  Partnership
could  reasonably  be expected to lose in a given market  sector.  However,  the
inherent uncertainty of the Partnership's speculative trading and the recurrence
in the markets  traded by the  Partnership  of market  movements  far  exceeding
expectations could result in actual trading or non-trading losses far beyond the
indicated Value at Risk or the Partnership's  experience to date (i.e., "risk of
ruin").  In  light  of the  foregoing  as well as the  risks  and  uncertainties
intrinsic  to all  future  projections,  the  inclusion  of  the  quantification
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.

        Exchange   maintenance  margin   requirements  have  been  used  by  the
Partnership as the measure of its Value at Risk. Maintenance margin requirements
are set by exchanges to equal or exceed the maximum losses  reasonably  expected
to be incurred in the fair value of any given contract in 95%-99% of any one-day
intervals.  Maintenance  margin  has been used  rather  than the more  generally
available  initial  margin,  because  initial  margin  includes  a  credit  risk
component, which is not relevant to Value at Risk.


                                       11
<PAGE>


         The following table indicates the trading Value at Risk associated with
the Partnership's open positions by market category as of June 30, 2000. At June
30,  2000  there  were  no  open  positions   held.  The   Partnership's   total
capitalization  at June 30,  2000 was  $2,062,631.  There  has been no  material
change in the trading value at risk information previously disclosed in the Form
10-K for the year ended December 31, 1999.

                                  June 30, 2000
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                             Year to Date
                                    % of Total            High           Low
Market Sector      Value at Risk   Capitalization    Value at Risk   Value at Risk
-----------------------------------------------------------------------------------
<S>                   <C>                <C>              <C>             <C>

Currencies
 - OTC Contracts   $  -0-                 -0- %        $204,029          $ -0-


Total              $  -0-                 -0- %

</TABLE>



                                       12
<PAGE>



                            PART II OTHER INFORMATION

Item 1.    Legal Proceedings -

        For information concerning a suit filed by Harris Trust Savings Bank (as
trustee for the Ameritech  Pension  Trust) and others against  Salomon  Brothers
Inc., and Salomon Brothers Realty Corp., see the description that appears in the
second and third paragraphs under the caption "Legal  Proceedings" of the Annual
Report on Form 10-K of the  Partnership  for the year ended  December  31, 1999,
which description is included as Exhibit 99.1 to this Form 10-Q and incorporated
by  reference  herein,  and in the  first  paragraph  under the  caption  "Legal
Proceedings"  of the Quarterly  Report on Form 10-Q of the  Partnership  for the
quarterly period ended March 31, 2000, which  description is included as Exhibit
99.2 to this Form 10-Q and incorporated by reference  herein.  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  Salomon
Smith Barney  Holdings,  Inc.  ("SSBH"),  and remanded the matter to the circuit
court for further proceedings.



                                       13
<PAGE>


Exhibit 99.1


Second and third paragraphs under the caption "Legal  Proceedings"  beginning on
page 11 of the Annual  Report on Form 10-K of SSBH for the year  ended  December
31, 1999 (File No. 1-4346).

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
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
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  SSBH.  Plaintiffs  filed a petition  for
certiorari  with the U.S.  Supreme Court  seeking  review of the decision of the
Court of Appeals. The petition was granted in January 2000.


                                       14
<PAGE>

Both the Department of Labor and the Internal  Revenue  Service have advised SBI
that they were or are reviewing the underlying transactions. With respect to the
Internal  Revenue  Service,  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
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.


                                       15

<PAGE>


Exhibit 99.2

First  paragraph under the caption "Legal  Proceedings"  beginning on page 17 of
the Quarterly  Report on Form 10-Q of SSBH for the quarterly  period ended March
31, 2000 (File No.1-4346).

        For information concerning a suit filed by Harris Trust Savings Bank (as
trustee for the Ameritech  Pension  Trust) and others against  Salomon  Brothers
Inc., and Salomon Brothers Realty Corp., see the description that appears in the
second and third paragraphs under the caption "Legal  Proceedings" of the Annual
Report on Form 10-K of the  Partnership  for the year ended  December  31, 1999,
which description is included as Exhibit 99.1 to this Form 10-Q and incorporated
by reference  herein.  In April 2000, the U.S. Supreme Court heard oral argument
on plaintiffs' petition to reverse the decision of the U.S. Court of Appeals for
the Seventh Circuit. The U.S.
Supreme Court reserved its decision, and has not yet released its opinion.

Item 2.         Changes in Securities and Use of Proceeds - None

Item 3.         Defaults Upon Senior Securities - None

Item 4.         Submission of Matters to a Vote of Security Holders - None

Item 5.         Other Information - None

Item 6.         (a) Exhibits - None

                (b) Reports on Form 8-K - None



                                       16
<PAGE>

                                  SIGNATURES
         Pursuant to the  requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

SMITH BARNEY INTERNATIONAL ADVISORS CURRENCY FUND L.P.


By:  Smith Barney Futures Management LLC
         (General Partner)


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

Date:     8/14/00

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
registrant and in the capacities and on the dates indicated.

By:  Smith Barney Futures Management LLC
         (General Partner)


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


Date:     8/14/00


By:      /s/ Daniel A. Dantuono
         Daniel A. Dantuono
         Chief Financial Officer and
         Director

Date:     8/14/00


                                       17