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 September 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 September 30, 2000 and December 31,
                 1999 (unaudited).                                     3

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

                 Notes to Financial Statements
                 (unaudited)                                         5 - 9

       Item 2.   Management's Discussion and Analysis
                 of Financial Condition and Results of
                  Operations                                        10 - 11

       Item 3.   Quantitative and Qualitative Disclosures
                 of Market Risk                                     12 - 13

PART II - Other Information                                            14

                                       2
<PAGE>


                                     PART I

                          Item 1. Financial Statements


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


                                   September 30,            December 31,
                                       2000                    1999
                                   -------------            ------------

ASSETS:

Equity in commodity futures
 trading account:
  Cash                              $ 1,868,869             $ 2,689,251
  Net unrealized depreciation
    on open contracts                   (26,264)                   (854)

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


                                      1,842,605               2,688,397

Interest receivable                       8,080                  10,281

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

                                    $ 1,850,685             $ 2,698,678

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


LIABILITIES AND PARTNERS' CAPITAL:

Liabilities:

 Accrued expenses:
  Commissions                          $ 10,592                $ 15,448
  Other                                  34,986                  50,389
Redemptions                              40,110                       -
                                   -------------            ------------

                                         85,688                  65,837
                                   -------------            ------------

Partners' Capital:

General Partner, 8,000.2096 Unit
  equivalents outstanding in
  2000 and 1999                          78,482                  96,883
Limited Partners, 171,940.3777 and
  209,472.6214 Units of Limited
  Partnership Interest outstanding
  in 2000 and 1999, respectively      1,686,515               2,535,958
                                   -------------            ------------

                                      1,764,997               2,632,841
                                   -------------            ------------

                                    $ 1,850,685             $ 2,698,678

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

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                  NINE MONTHS ENDED
                                                                         SEMPTEMBER 30,                      SEPTEMBER 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                       $  (141,067)      $  (150,016)      $  (382,621)      $   156,952
Change in unrealized gains (losses) on open
positions                                                             (17,096)           27,981           (25,410)         (128,686)

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

                                                                     (158,163)         (122,035)         (408,031)           28,266
Less, brokerage commissions including clearing fees
of $0, $0, $0 and $28, respectively                                   (34,151)          (53,064)         (114,581)         (172,310)

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

Net realized and unrealized losses                                   (192,314)         (175,099)         (522,612)         (144,044)
Interest income                                                        25,814            32,054            80,538            97,307

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

                                                                     (166,500)         (143,045)         (442,074)          (46,737)

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

Expenses:
Other                                                                   1,689            20,759            18,725            44,213
Incentive fees                                                              -                 -                 -            15,931

                                                                  -----------       -----------       -----------       -----------
                                                                        1,689            20,759            18,725            60,144

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

Net loss                                                             (168,189)         (163,804)         (460,799)         (106,881)
Redemptions                                                          (129,445)          (49,709)         (407,045)         (107,251)

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

Net decrease in Partners' capital                                    (297,634)         (213,513)         (867,844)         (214,132)

Partners' capital, beginning of period                              2,062,631         3,165,373         2,632,841         3,165,992

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

Partners' capital, end of period                                  $ 1,764,997       $ 2,951,860       $ 1,764,997       $ 2,951,860
                                                                  -----------       -----------       -----------       -----------

Net asset value per Unit
(179,940.5873 and 225,847.5269 Units outstanding
at September 30, 2000 and 1999, respectively)                     $      9.81       $     13.07       $      9.81       $     13.07
                                                                  -----------       -----------       -----------       -----------


Net loss per Unit of Limited Partnership
Interest and General Partner Unit equivalent                      $     (0.90)      $     (0.72)      $     (2.30)      $     (0.49)
                                                                  -----------       -----------       -----------       -----------
</TABLE>


See Notes to Financial Statements
                                        4




<PAGE>


            Smith Barney International Advisors Currency Fund L.P.
                          Notes to Financial Statements
                              September 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  September  30, 2000 and  December 31, 1999 and the results of its
operations  for the three and nine  months  ended  September  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
                               September 30, 2000
                                   (Unaudited)
                                   (Continued)


2.   Net Asset Value Per Unit:

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

                                          THREE-MONTHS ENDED                  NINE-MONTHS ENDED
                                            SEPTEMBER 30,                       SEPTEMBER 30,
                                    ------------------------------      ----------------------------
                                        2000              1999              2000             1999
                                    ------------       -----------      ------------       ---------
<S>                                      <C>                 <C>              <C>            <C>

Net realized and unrealized
 losses                                $(1.02)           $(0.76)           $ (2.61)         $(0.65)
Interest income                          0.14              0.14               0.42            0.43
Expenses                                (0.02)            (0.10)             (0.11)          (0.27)
                                        -------           -------           -------         -------


Decrease for period                     (0.90)            (0.72)             (2.30)          (0.49)

Net Asset Value per Unit,
  beginning of period                   10.71             13.79              12.11           13.56
                                       -------           -------            -------         -------

Net Asset Value per Unit,
  end of period                        $ 9.81            $13.07             $ 9.81          $13.07
                                       =======           =======            =======         =======
</TABLE>


                                       6

<PAGE>


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


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 September 30,
2000 and December 31, 1999,  based on a monthly  calculation,  was $(15,823) and
$86,012,  respectively.  The fair value of these commodity interests,  including
options thereon, if applicable, at September 30, 2000 and December 31, 1999, was
$(26,264) and $(854), respectively, as detailed below.

                                                     Fair Value
                                          -------------------------------
                                          September 30,      December 31,
                                              2000               1999
Currency:
   -   OTC                                  $(26,264)            $(854)
                                           ----------            ------

Total                                      $(26,264)             $(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

                                       7
<PAGE>


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


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 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

                                       8
<PAGE>

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


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  September  30,  2000.  However,  due to the  nature  of the
Partnership's business, these instruments may not be held to maturity.

                                       9
<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 third 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  nine  months  ended  September  30,  2000,  Partnership  capital
decreased 33.0% from $2,632,841 to $1,764,997. This decrease was attributable to
the redemption of 37,532.2437  Units totaling  $407,045  coupled with a net loss
from operations of $460,799 for the nine months ended September 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  third quarter of 2000,  the net asset value per
unit  decreased  8.4% from  $10.71 to $9.81 as compared to a decrease of 5.2% in
the third quarter of 1999. The Partnership experienced a net trading loss before
brokerage commissions and related fees in the third quarter of 2000 of $158,163.
Losses were primarily  attributable to the trading of Pound  Sterling,  Canadian
Dollar,  Australian  Dollar,  Japanese Yen and Euro and were partially offset by
gains in Swiss  Francs.  The  Partnership  experienced a net trading loss before
commissions  and related fees in the third  quarter of 1999 of $122,035.  Losses
were primarily attributable to the trading of Australian Dollar, Pound Sterling,
Swiss Francs,  Euro, New Zealand  Dollar,  Singapore  Dollar,  Hong Kong Dollar,
South  African  Rand,  Saudi  Rigal,  Danish Krone and  Brazilian  Real and were
partially  offset by gains in the Japanese  Yen,  Turkish  Lira,  Czech  Koruna,
Mexican Peso and Thai Baht.

      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

                                       10
<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 nine months ended September 30, 2000 decreased
by $6,240 and $16,769, respectively, as compared to the corresponding periods in
1999.  The decrease in interest  income is primarily the result of the effect of
redemptions and trading losses on the  Partnership's  equity  maintained in cash
during the period ended September 30, 2000.

      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 nine months  ended  September  30, 2000  decreased  by $18,913 and  $57,729,
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 nine months ended September 30, 2000. Trading  performance for the three and
nine months  ended  September  30, 1999  resulted  in  incentive  fees of $0 and
$15,931, respectively.

                                       11
<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.

                                       12

<PAGE>


       The following  table  indicates the trading Value at Risk associated with
the  Partnership's  open positions by market  category as of September 30, 2000.
All open position  trading risk exposures of the Partnership  have been included
in  calculating  the figures set forth  below.  As of September  30,  2000,  the
Partnership's  total  capitalization was $1,764,997.  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.

                               September 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                $65,214            3.69%                  $204,029               $0


Total                          $65,214             3.69%
                               ========          =======
</TABLE>

                                       13
<PAGE>



                            PART II OTHER INFORMATION

Item 1.      Legal Proceedings -

             For information concerning the matter entitled MKP Master Fund, LDC
             et al. v.  Salomon  Smith  Barney Inc.,  see the  description  that
             appears  in  the  ninth   paragraph   under  the   caption   "Legal
             Proceedings"  of the Annual Report on Form 10-K of the  Partnership
             for the year ended December 31, 1999. In September  2000, the court
             denied plaintiffs' motion to dismiss SSB's  counterclaims  based on
             indemnification and contribution.

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


                                       14

<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:    11/14/00

        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:    11/14/00


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

Date:    11/14/00


                                       15