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, 1999

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
                          390 Greenwich St. - 1st. 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, 1999) and December 31,
                     1998 (unaudited).                               3

                     Statement of Income and Expenses and
                     Partners'  Capital for the three and
                     nine months ended September 30, 1999
                     and 1998 (unaudited).                           4

                     Notes to Financial Statements (unaudited)     5 - 9

         Item 2.     Management's Discussion and Analysis
                     of Financial Condition and Results of
                     Operations                                    10 - 12

         Item 3.    Quantitative and Qualitative Disclosures
                     of Market Risk                                13 - 14

PART II - Other Information                                           15

                                   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,
                                                        1999            1998
                                                     -----------     -----------

ASSETS:

Equity in commodity futures trading account:
  Cash                                               $ 3,102,931     $ 3,176,930
  Net unrealized appreciation (depreciation)
    on open futures contracts                           (109,459)         19,227

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


                                                       2,993,472       3,196,157

Interest receivable                                       10,124          10,034
Other assets                                                  --           5,779
                                                     -----------     -----------

                                                     $ 3,003,596     $ 3,211,970

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


LIABILITIES AND PARTNERS' CAPITAL:

Liabilities:

 Accrued expenses:
  Commissions                                        $    17,320     $    18,577
  Professional fees                                       31,231          23,334
  Other                                                    3,185           4,067
                                                     -----------     -----------

Partners' Capital:                                        51,736          45,978
                                                     -----------     -----------

General Partner, 8,000.2096 Unit equivalents
  outstanding in 1999 and 1998                           104,563         108,483
Limited Partners, 217,847.3173 and
  225,512.5099 Units of Limited Partnership
  Interest outstanding in 1999 and 1998,
  respectively                                         2,847,297       3,057,509
                                                     -----------     -----------

                                                       2,951,860       3,165,992
                                                     -----------     -----------

                                                     $ 3,003,596     $ 3,211,970

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

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
                                                                          SEPTEMBER 30,                       SEPTEMBER 30,
                                                                 ------------------------------       ------------------------------
                                                                       1999            1998               1999              1998

                                                                 ------------       -----------       -----------       ------------
<S>                                                                   <C>               <C>               <C>                <C>
Income:
  Net gains (losses) on trading of commodity
   futures:
  Realized gains (losses) on closed positions                     $  (150,016)      $   273,094       $   156,952       $   715,273
  Change in unrealized gains/losses on open
   positions                                                           27,981           (91,005)         (128,686)         (341,343)

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

                                                                     (122,035)          182,089            28,266           373,930
Less, brokerage commissions including clearing fees
  of $0, $32, $28 and $37,  respectively                              (53,064)          (62,287)         (172,310)         (186,716)

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

  Net realized and unrealized gains (losses)                         (175,099)          119,802          (144,044)          187,214
  Interest income                                                      32,054            34,011            97,307           105,171

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

                                                                     (143,045)          153,813           (46,737)          292,385

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

Expenses:
  Incentive fees                                                           --            19,100            15,931            33,083
  Other                                                                20,759             9,084            44,213            28,217

                                                                  -----------       -----------       -----------       -----------
                                                                       20,759            28,184            60,144            61,300

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

  Net income (loss)                                                  (163,804)          125,629          (106,881)          231,085
  Redemptions                                                         (49,709)         (123,383)         (107,251)         (331,123)

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

  Net increase (decrease) in Partners' capital                       (213,513)            2,246          (214,132)         (100,038)

Partners' capital, beginning of period                              3,165,373         3,379,068         3,165,992         3,481,352

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

Partners' capital, end of period                                  $ 2,951,860       $ 3,381,314       $ 2,951,860       $ 3,381,314
                                                                  -----------       -----------       -----------       -----------

Net asset value per Unit
  (225,847.5269 and 234,051.9261 Units outstanding
  at September 30, 1999 and 1998, respectively)                   $     13.07       $     14.45       $     13.07       $     14.45
                                                                  -----------       -----------       -----------       -----------


Net income (loss) per Unit of Limited Partnership
  Interest and General Partner Unit equivalent                    $     (0.72)      $      0.52       $     (0.49)      $      0.93
                                                                  -----------       -----------       -----------       -----------

</TABLE>

See Notes to Financial Statements
                                                                      4



<PAGE>


                    SMITH BARNEY INTERNATIONAL ADVISORS CURRENCY FUND L.P.
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 1999
                                   (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
AGeneral  Partner@) of the Partnership.  The General Partner changed its form of
organization   from  a  corporation  to  a  limited   liability   company.   The
Partnership=s  commodity broker is Salomon Smith Barney Inc. (ASSB@).  SSB is an
affiliate of the General Partner. The General Partner is wholly owned by Salomon
Smith Barney Holdings Inc.  ("SSBH"),  which is the sole owner of SSB. SSBH is a
wholly  owned  subsidiary  of  Citigroup  Inc.  All  trading  decisions  for the
Partnership are made by Friedberg Commodity Management LLC and Trendview Capital
Management (collectively, the AAdvisors").

         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, 1999 and  December  31, 1998  (unaudited)  and the
results of its operations for the three and nine months ended September 30, 1999
and 1998. 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, 1998.

         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>




2.      Net Asset Value Per Unit:

        Changes in net asset value per Unit for the three and nine months  ended
September 30, 1999 and 1998 were as follows:
<TABLE>
<CAPTION>


                                           THREE-MONTHS ENDED                 NINE-MONTHS ENDED
                                             SEPTEMBER 30,                      SEPTEMBER 30,
                                             1999        1998              1999             1998
<S>                                           <C>           <C>             <C>              <C>

Net realized and unrealized
 gains (losses)                         $ (0.76)          $  0.50           $(0.65)         $ 0.75
Interest income                            0.14              0.15             0.43            0.44
Expenses                                  (0.10)            (0.13)           (0.27)          (0.26)
                                        --------          --------          -------         --------

Increase (decrease) for
 period                                   (0.72)             0.52            (0.49)           0.93

Net Asset Value per Unit,
  beginning of period                     13.79             13.93            13.56           13.52
                                        --------          --------          -------         --------

Net Asset Value per Unit,
  end of period                          $13.07            $14.45           $13.07          $14.45
                                         =======           =======          =======         ========
</TABLE>


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 fair value of these commodity interests, including options
thereon,  if  applicable,  at  September  30,  1999 and  December  31,  1998 was
$(109,459) and $19,227, respectively, and the average fair value during the nine
and twelve months then ended, based on a monthly calculation,  was $(92,301) and
$148,854, respectively.

                                   6
<PAGE>



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.

        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.


                                        7


<PAGE>

        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.

         At September  30,  1999,  the  notional or  contractual  amounts of the
Partnership's  commitment to purchase and sell these instruments was $15,256,176
and  $12,047,946,  respectively,  as detailed  below.  All of these  instruments
mature within one year of September 30, 1999. However,  due to the nature of the
Partnership=s  business,  these  instruments  may not be held  to  maturity.  At
September 30, 1999, the fair value of the Partnership's  derivatives,  including
options thereon, if applicable, was $(109,459), as detailed below.

                           SEPTEMBER 30, 1999
                               (Unaudited)
                         NOTIONAL OR CONTRACTUAL
                          AMOUNT OF COMMITMENTS
                     TO PURCHASE           TO SELL          FAIR VALUE

Currencies:
- OTC Contracts      $15,256,176         $12,047,946        $(109,459)
                     -----------         -----------        ----------

Totals               $15,256,176         $12,047,946        $(109,459)
                     ===========         ===========        ==========


                              8
<PAGE>


        At  December  31,  1998,  the  notional  or  contractual  amounts of the
Partnership's  commitment to purchase and sell these  instruments was $8,042,148
and  $7,658,181,   respectively,   and  the  fair  value  of  the  Partnership's
derivatives,  including options thereon, if applicable, was $19,227, as detailed
below.

                                             DECEMBER 31, 1998
                                               (Unaudited)
                                           NOTIONAL OR CONTRACTUAL
                                            AMOUNT OF COMMITMENTS
                                       TO PURCHASE     TO SELL     FAIR VALUE

Currencies:
- OTC Contracts                        $8,042,148     $6,050,771     $   59,967
- Exchange Traded Contracts                    --      1,607,410        (40,740)
                                       ----------     ----------     ----------

Totals                                 $8,042,148     $7,658,181     $   19,227
                                       ==========     ==========     ==========

                                   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 1999.

        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,  1999,  Partnership  capital
decreased 6.8% from $3,165,992 to $2,951,860.  This decrease was attributable to
the  redemption of 7,665.1926  Units totaling  $107,251  coupled with a net loss
from operations of $106,881 for the nine months ended September 30, 1999. Future
redemptions  can  impact  the  amount  of funds  available  for  investments  in
commodity contract positions in subsequent periods.

Risk of Computer System Failure (Year 2000 Issue)

        The  Year  2000  issue  is the  result  of  existing  computers  in many
businesses  using only two digits to  identify a year in the date  field.  These
computers and programs,  often  referred to as  "information  technology,"  were
designed and developed without  considering the impact of the upcoming change in
the century. If not corrected,  many computer  applications could fail or create
erroneous  results at the Year 2000. Such systems and processes are dependent on
correctly identifying dates in the next century.

        The General Partner  administers the business of the Partnership through
various  systems and  processes  maintained  by SSBH and SSB. In  addition,  the
operation of the Partnership is dependent on the capability of the Partnership's
Advisors,  the brokers and exchanges through which the Advisors trade, and other
third  parties to prepare  adequately  for the Year 2000 impact on their systems
and processes.  The Partnership itself has no systems or information  technology
applications relevant to its operations.


                              10


<PAGE>

        The General Partner,  SSB, SSBH and their parent organization  Citigroup
Inc. have undertaken a comprehensive,  firm-wide evaluation of both internal and
external  systems  (systems  related to third parties) to determine the specific
modifications  needed to  prepare  for the year  2000.  The  combined  Year 2000
program in SSB is  expected to cost  approximately  $140  million  over the four
years from 1996 through 1999,  and has involved over 450 people.  As of June 30,
1999, SSB has completed all compliance and certification work.

        The systems and  components  supporting the General  Partner's  business
that require  remediation  have been brought  into Year 2000  compliance.  Final
testing and certification was completed as of June 30, 1999.

        This expenditure and the General  Partner's  resources  dedicated to the
preparation  for Year  2000 do not and will not have a  material  impact  on the
operation or results of the Partnership.

        The General Partner has received  statements from the Advisors that they
have completed their Year 2000 remediation programs.

        The most likely and most significant risk to the Partnership  associated
with the lack of Year 2000  readiness  is the failure of outside  organizations,
including the commodities exchanges, clearing organizations,  or regulators with
which the  Partnership  interacts to resolve  their Year 2000 issues in a timely
manner.  This risk could  involve the  inability to  determine  the value of the
Partnership  at some  point  in time  and  would  make  effecting  purchases  or
redemptions  of Units in the  Partnership  infeasible  until such  valuation was
determinable.

        SSB has successfully  participated in industry-wide  testing  including:
The Streetwide  Beta Testing  organized by the Securities  Industry  Association
(SIA), a government  securities  clearing test with the Federal  Reserve Bank of
New York,  The  Depository  Trust  Company,  and The Bank of New  York,  and the
Futures Industry  Association  participants  test. The firm also participated in
the streetwide testing that was conducted from March through May 1999.

        It is possible  that  problems may occur that would require some time to
repair.  Moreover,  it is possible that problems will occur outside SSBH and the
General  Partner  for which  SSBH or the  General  Partner  could  experience  a
secondary  effect.  Consequently,  SSBH and the General  Partner  have  prepared
comprehensive,  written  contingency plans so that alternative  procedures and a
framework for critical decisions are defined before any potential crisis occurs.

        The  goal  of  year  2000  contingency  planning  is a set of  alternate
procedures to be used in the event of a critical system failure by a supplier or
counterparty.  Planning  work was  completed  in January  1999,  and  testing of
alternative  procedures  will be completed  in the third and fourth  quarters of
1999.


                                   11

<PAGE>

Results of Operations

        During the Partnership's  third quarter of 1999, the net asset value per
Unit decreased 5.2% from $13.79 to $13.07, as compared to an increase of 3.7% in
the third quarter of 1998. The Partnership experienced a net trading loss before
brokerage commissions and related fees in the third quarter of 1999 of $122,035.
Losses  were  primarily  attributable  to the trading of Pound  Sterling,  Swiss
Francs, Euro, Australian Dollar, 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 Japanese Yen,  Turkish  Lira,  Czech Koruna,
Mexican  Peso and Thai Baht.  The  Partnership  experienced  a net trading  gain
before  brokerage  commissions  and related fees in the third quarter of 1998 of
$182,089.  These  gains  were  primarily  attributable  to the  trading of Swiss
Francs,  Deutsche Mark,  Canadian Dollar,  New Zealand Dollar,  Mexican Peso and
Brazilian  Real, and were partially  offset by losses in Japanese Yen, Hong Kong
Dollar, Russian Ruble and South African Rand.

        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
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, 1999 decreased
by $1,957 and $7,864, respectively,  as compared to the corresponding periods in
1998.  This decrease is primarily due to a decrease in interest rates in 1999 as
compared to 1998.

        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,  1999  decreased  by $9,223 and  $14,406,
respectively, as compared to the corresponding periods in 1998.

        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.  Trading  performance  for the three and nine
months ended  September 30, 1999 and 1998  resulted in incentive  fees of $0 and
$15,931,  respectively.  Trading performance for the three and nine months ended
September  30,  1998  resulted  in  incentive   fees  of  $19,100  and  $33,083,
respectively.

                                   12
<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.


                              13
<PAGE>



        The following  table indicates the trading Value at Risk associated with
the  Partnership's  open positions by market  category as of September 30, 1999.
All open position  trading risk exposures of the Partnership  have been included
in  calculating  the figures set forth  below.  As of September  30,  1999,  the
Partnership's  total  capitalization was $2,951,860.  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, 1998.


                               September 30, 1999
                                  (Unaudited)
                                                           % of Total
Market Sector                  Value at Risk               Capitalization

Currencies
 - OTC Contracts                   $1,289,981                       43.70%
                                   ----------                       ------

Total                              $1,289,981                       43.70%
                                   ==========                       ======



                         14
<PAGE>


                                  PART II OTHER INFORMATION

Item 1.    Legal Proceedings

        For  information  concerning  the suit filed by Harris Trust and Savings
Bank (as  trustee  for  Ameritech  Pension  Trust)  and others  against  Salomon
Brothers Inc., and Salomon Brothers Realty Corporation, see the description that
appears in the second and third  paragraphs  under the  caption  Item 3.  "Legal
Proceedings" on Form 10-K for the year ended December 31, 1998. In October 1999,
plaintiffs  filed a petition for certiorari  with the U. S. Supreme  Court.  The
petition  seeks  review of the U.S.  Court of Appeals for the Seventh  Circuit's
decision  reversing the denial of  defendants'  motion for summary  judgment and
dismissing the sole remaining ERISA claim against the Company.

        For  information  concerning a purported class action in Florida against
numerous  broker-dealers  including Salomon Smith Barney Inc.  ("SSB"),  see the
description that appears in the sixth paragraph under the caption Item 3. "Legal
Proceedings"  on Form 10-K for the year ending  December  31,  1998.  In October
1999, plaintiff filed a second amended complaint.

        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  granted in part and  denied in part  SSB's  motion to
dismiss the complaint.  The court dismissed  plaintiffs' tort claims,  including
the breach of  fiduciary  duty  claims,  but allowed the breach of contract  and
conversion  claims to  stand.  The  Company  intends  to  contest  this  lawsuit
vigorously.


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


                              15

<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:     11/12/99

         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:     11/12/99


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

Date:     11/12/99

                              16