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, 1998

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 Inc.
                          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
                 June 30, 1998 and December 31, 1997                   3


                 Statement of Income and Expenses
                 and Partners' Capital for the three
                 and six months ended June 30, 1998
                 and 1997                                              4

                 Notes to Financial Statements                       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

PART II - Other Information                                         12 - 13




                                      2

<PAGE>

                                     PART I

                          Item 1. Financial Statements


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



                                                        JUNE 30,    DECEMBER 31,
                                                          1998          1997
                                                       ----------     ----------
                                                      (Unaudited)
ASSETS:

Equity in commodity futures trading account:
  Cash and cash equivalents                            $3,271,060     $3,143,740

  Net unrealized appreciation
    on open futures contracts                             215,875        462,188

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


                                                        3,486,935      3,605,928

Interest receivable                                        11,815         11,501

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

                                                       $3,498,750     $3,617,429

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


LIABILITIES AND PARTNERS' CAPITAL:

Liabilities:

 Accrued expenses:
  Commissions                                          $   20,245     $   21,027
  Incentive fees                                                -         54,882
  Other                                                    28,210         27,954
 Redemptions payable                                       71,227         19,439
 Commodity options written, at market value
  (premiums received $16,800 in 1997)                           -         12,775
                                                       ----------     ----------

                                                          119,682        136,077
                                                       ----------     ----------
Partners' Capital:
General Partner, 8,000.2096 Unit equivalents
  outstanding in 1998 and 1997                            111,443        108,162
Limited Partners, 234,547.8985 and
  249,401.2878 Units of Limited Partnership
  Interest outstanding in 1998 and 1997,
  respectively                                          3,267,625      3,373,190
                                                       ----------     ----------

                                                        3,379,068      3,481,352

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

                                                       $3,498,750     $3,617,429

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

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,
                                                        --------------------------    --------------------------
                                                            1998          1997           1998           1997
                                                        -----------    -----------    -----------    -----------
<S>                                                          <C>           <C>            <C>            <C> 

Income:
  Net gains (losses) on trading of commodity futures:
  Realized gains (losses) on closed positions           $   105,112    $  (233,115)   $   442,179    $    69,979
  Change in unrealized gains/losses on open
   positions                                               (110,590)       (64,664)      (250,338)      (101,035)

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

                                                             (5,478)      (297,779)       191,841        (31,056)
Less, brokerage commissions and clearing fees
  ($0, $0, $5 and $0,  respectively)                        (60,690)       (57,326)      (124,429)      (121,094)

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

  Net realized and unrealized gains (losses)                (66,168)      (355,105)        67,412       (152,150)
  Interest income                                            35,773         37,114         71,160         73,310

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

                                                            (30,395)      (317,991)       138,572        (78,840)

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


Expenses:
  Other                                                       9,753         10,816         19,133         24,174
  Incentive fees                                                  -              -         13,983         46,586

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

                                                              9,753         10,816         33,116         70,760

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

  Net income (loss)                                         (40,148)      (328,807)       105,456       (149,600)
  Redemptions                                              (110,119)      (165,640)      (207,740)      (258,005)

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

  Net decrease in Partners' capital                        (150,267)      (494,447)      (102,284)      (407,605)

Partners' capital, beginning of period                    3,529,335      3,445,818      3,481,352      3,358,976

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

Partners' capital, end of period                        $ 3,379,068    $ 2,951,371    $ 3,379,068    $ 2,951,371
                                                        -----------    -----------    -----------    -----------

Net asset value per Unit
  (242,548.1081 and 272,053.3926 Units outstanding
  at June 30, 1998 and 1997, respectively)              $     13.93    $     10.85    $     13.93    $     10.85
                                                        -----------    -----------    -----------    -----------


Net income (loss) per Unit of Limited Partnership
  Interest and General Partner Unit equivalent          $     (0.16)   $     (1.17)   $      0.41    $     (0.56)
                                                        -----------    -----------    -----------    -----------

</TABLE>

See Notes to Financial Statements
                                        4

<PAGE>




             SMITH BARNEY INTERNATIONAL ADVISORS CURRENCY FUND L.P.
                          NOTES TO FINANCIAL STATEMENTS
                                 June 30, 1998
                                   (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  Inc. acts as the general  partner (the
"General Partner") of the Partnership. Smith Barney Inc. ("SB"), an affiliate of
the General Partner,  acts as commodity broker for the Partnership.  All trading
decisions for the  Partnership are made by Friedberg  Commodity  Management Inc.
and Trendview Capital Management (collectively, the "Advisors"). On November 28,
1997,  Smith  Barney  Holdings  Inc. was merged with Salomon Inc to form Salomon
Smith Barney  Holdings  Inc.  ("SSBH"),  a wholly owned  subsidiary of Travelers
Group. SB is a wholly owned subsidiary of SSBH.

        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, 1998 and the results of its  operations  for the three and
six months ended June 30, 1998 and 1997. 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, 1997.

        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, 1998
                                   (continued)

2.      Net Asset Value Per Unit:

      Changes  in net asset  value per Unit for the three and six  months  ended
June 30, 1998 and 1997 were as follows:

                                       THREE-MONTHS ENDED      SIX-MONTHS ENDED
                                            JUNE  30,              JUNE 30,
                                         1998       1997       1998       1997

Net realized and unrealized
 gains (losses)                         $(0.27)    $(1.26)    $ 0.25     $(0.58)
Interest income                           0.15       0.13       0.29       0.26
Expenses                                 (0.04)     (0.04)     (0.13)     (0.24)
                                        ------     ------     ------     ------

Increase (decrease) for
 period                                  (0.16)     (1.17)      0.41      (0.56)

Net Asset Value per Unit,
 beginning of period                     14.09      12.02      13.52      11.41
                                        ------     ------     ------     ------

Net Asset Value per Unit,
 end of period                          $13.93     $10.85     $13.93     $10.85
                                        ======     ======     ======     ======

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  SB  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,  at June 30, 1998 and  December  31, 1997 was  $215,875  and  $449,413,
respectively,  and the average fair value during the six and twelve  months then
ended, based on monthly calculation, was $93,598 and $93,357, respectively.

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
include forwards, futures and

                                        6

<PAGE>



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 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 SB.

      The  Partnership  engages in the trading of forward  contracts  in foreign
currencies.  In  this  connection,  the  Partnership  contracts  with  SB 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

                                        7

<PAGE>



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 June 30, 1998, the notional or contractual
amounts of the  Partnership's  commitment to purchase and sell these instruments
was $11,281,898 and $18,170,739,  respectively,  as detailed below. All of these
instruments mature within one year of June 30, 1998. However,  due to the nature
of the Partnership's business, these instruments may not be held to maturity. At
June 30,  1998,  the  fair  value of the  Partnership's  derivatives,  including
options thereon, was $215,875, as detailed below.

                                         JUNE 30, 1998
                                    NOTIONAL OR CONTRACTUAL
                                     AMOUNT OF COMMITMENTS
                                   TO PURCHASE       TO SELL         FAIR VALUE

Currencies - OTC Contracts          $11,281,898       $15,931,019      $235,047
Exchange Traded Contracts                   -           2,239,720       (19,172)
                                    -----------       -----------      ---------

Totals                              $11,281,898       $18,170,739      $215,875
                                    ===========       ===========      ========

      At  December  31,  1997,  the  notional  or  contractual  amounts  of  the
Partnership's  commitment to purchase and sell these  instruments was $8,492,956
and  $16,663,901,   respectively,  and  the  fair  value  of  the  Partnership's
derivatives, including options thereon, was $449,413 as detailed below.

                                      DECEMBER 31, 1997
                                    NOTIONAL OR CONTRACTUAL
                                     AMOUNT OF COMMITMENTS
                                   TO PURCHASE      TO SELL          FAIR VALUE

Currencies - OTC Contracts           $8,492,956     $16,647,101       $(12,775)
Exchange Traded Contracts                   -            16,800        462,188
                                     ----------     -----------       --------

Totals                               $8,492,956     $16,663,901       $449,413
                                     ==========     ===========       ========


                                        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 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 1998.

      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, 1998, Partnership capital decreased 2.9%
from $3,481,352 to $3,379,068.  This decrease was attributable to the redemption
of 14,853.3893  Units totaling $207,740 which was partially offset by net income
from  operations  of $105,456  for the six months  ended June 30,  1998.  Future
redemptions  can  impact  the  amount  of funds  available  for  investments  in
commodity contract positions in subsequent periods.

Operational Risk

      The General Partner  administers  the business of the Partnership  through
various  systems and processes  maintained by SSBH. SSBH has analyzed the impact
of the year 2000 on its systems and processes and  modifications  for compliance
are  proceeding  according to plan.  All  modifications  necessary for year 2000
compliance  are expected to be completed by the first  quarter of 1999.  In July
1998, SB participated  in successful  industry-wide  testing  coordinated by the
Securities  Industry  Association  and plans to participate in such tests in the
future.  The  purpose of  industry-wide  testing is to confirm  that  exchanges,
clearing organizations,  and other securities industry participants are prepared
for the year 2000.  The failure of vendors,  clients,  or  regulators to resolve
their  own Year  2000  compliance  issues  in a timely  manner  could  result in
material financial risk to the Partnership.

Results of Operations

      During the  Partnership's  second quarter of 1998, the net asset value per
Unit decreased 1.1% from $14.09 to $13.93,  as compared to a decrease of 9.7% in
the second  quarter of 1997.  The  Partnership  experienced  a net trading  loss
before  commissions and expenses in the second quarter of 1998 of $5,478.  These
losses were primarily

                                        9

<PAGE>



recognized  in the  trading of Swiss  Francs,  Greek  Drachma,  Pound  Sterling,
Singapore Dollar,  Italian Lira,  Venezuelan Bolivar and Brazilian Real and were
partially  offset by gains in Japanese  Yen,  Malaysian  Ringgit,  Thai Baht and
South  African  Rand.  The  Partnership  experienced  a net trading  loss before
commissions and expenses in the second quarter of 1997 of $297,779. These losses
were primarily  recognized in the trading of Japanese Yen,  Italian Lira,  Swiss
Francs,  Deutsche Mark, Spanish Peseta and New Zealand Dollar and were partially
offset  by gains in Pound  Sterling,  Australian  Dollar,  Canadian  Dollar  and
Norwegian Krone.

      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 six months  ended June 30, 1998  decreased by
$1,341 and $2,150,  respectively,  as compared to the  corresponding  periods in
1997.  This  decrease  is  primarily  due to the  effect of  redemptions  on the
Partnership's equity maintained in cash during 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 clearing fees for
the three and six months  ended June 30,  1998  increased  by $3,364 and $3,335,
respectively, as compared to the corresponding periods in 1997.

      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 six
months  ended  June 30,  1998  resulted  in  incentive  fees of $0 and  $13,983,
respectively.  Trading  performance  for the three and six months ended June 30,
1997 resulted in incentive fees of $ 0 and $46,586.

                                       10

<PAGE>



Item 3.      Quantitative and Qualitative Disclosures of Market Risk

      The  fund  is  subject  to  SEC  Financial   Reporting   Release  No.  48,
Quantitative and Qualitative Disclosures of Market Risk and will comply with the
disclosure and reporting requirements in its form 10K as of December 31, 1998.


                                       11

<PAGE>



                            PART II OTHER INFORMATION

Item 1.      Legal Proceedings

            Between May 1994 and the present,  Salomon Brothers Inc. ("SBI"), SB
            and The Robinson  Humphrey  Company,  Inc.  ("R- H"), all  currently
            subsidiaries of Salomon Smith Barney Holdings Inc. ("SSBHI"),  along
            with a number of other  broker-dealers,  were named as defendants in
            approximately   25  federal  court  lawsuits  and  two  state  court
            lawsuits,  principally  alleging that companies that make markets in
            securities  traded on NASDAQ violated the federal  antitrust laws by
            conspiring to maintain a minimum  spread of $.25 between the bid and
            asked price for certain  securities.  The federal  lawsuits  and one
            state court case were  consolidated  for  pre-trial  purposes in the
            Southern  District of New York in the fall of 1994 under the caption
            In re  NASDAQ  Market-Makers  Antitrust  Litigation,  United  States
            District Court, Southern District of New York No. 94-CIV-3996 (RWS);
            M.D.L.  No.  1023.  The other state court suit,  Lawrence A. Abel v.
            Merrill Lynch & Co., Inc. et al.;  Superior Court of San Diego, Case
            No. 677313, has been dismissed without prejudice in conjunction with
            a tolling agreement.

            In consolidated  action, the plaintiffs purport to represent a class
            of persons who bought one or more of what they currently estimate to
            be approximately  1,650 securities on NASDAQ between May 1, 1989 and
            May 27, 1994. They seek unspecified monetary damages, which would be
            trebled  under  the  antitrust   laws.  The  plaintiffs   also  seek
            injunctive  relief,  as well as attorney's fees and the costs of the
            action.  (The state cases seek similar  relief.)  Plaintiffs  in the
            consolidated  action filed an amended  consolidated  complaint  that
            defendants  answered in December  1995.  On November 26,  1996,  the
            Court certified a class composed of retail  purchasers.  A motion to
            include  institutional  investors  in the  class  and  to add  class
            representatives  was  granted.  In December  1997,  SBI, SB and R-H,
            along  with  several  other  broker-dealer  defendants,  executed  a
            settlement  agreement with the  plaintiffs.  This agreement has been
            preliminarily  approved by the U.S.  District Court for the Southern
            District of New York but is subject to final approval.

            On July 17,  1996,  the  Antitrust  Division  of the  Department  of
            Justice  filed a  complaint  against a number  of firms  that act as
            market makers in NASDAQ stocks. The complaint basically alleged that
            a common understanding arose among NASDAQ market makers which worked
            to keep quote spreads in

                                       12

<PAGE>



            NASDAQ stocks artificially wide.  Contemporaneous with the filing of
            the  complaint,   SBI,  SB  and  other  defendants  entered  into  a
            stipulated  settlement  agreement,  pursuant to which the defendants
            would  agree not to  engage in  certain  practices  relating  to the
            quoting of NASDAQ  securities and would further agree to implement a
            program to ensure  compliance  with federal  antitrust laws and with
            the  terms  of the  settlement.  In  entering  into  the  stipulated
            settlement,  SBI and SB did not  admit any  liability.  There are no
            fines, penalties, or other payments of monies in connection with the
            settlement.  In April 1997, the U.S. District Court for the Southern
            District  of  New  York  approved  the  settlement.   In  May  1997,
            plaintiffs  in the  related  civil  action  (who were  permitted  to
            intervene  for  limited  purposes)  appealed  the  district  court's
            approval of the settlement.  The appeal was argued in March 1998 and
            was affirmed in August 1998.

            The Securities and Exchange  Commission ("SEC") is also conducting a
            review of the NASDAQ  marketplace,  during  which it has  subpoenaed
            documents and taken the testimony of various  individuals  including
            SBI and SB  personnel.  In July 1996,  the SEC reached a  settlement
            with the National  Association  of  Securities  Dealers and issued a
            report  detailing  certain  conclusions with respect to the NASD and
            the NASDAQ market.

            In December 1996, a complaint seeking  unspecified  monetary damages
            was filed by Orange County,  California  against numerous  brokerage
            firms,  including SB, in the U.S.  Bankruptcy  Court for the Central
            District of California.  Plaintiff alleged, among other things, that
            the  defendants   recommended  and  sold  to  plaintiff   unsuitable
            securities.  The case (County of Orange et al. v. Bear Stearns & Co.
            Inc. et al.) had been  subject to a stay by agreement of the parties
            which will expire on August 21, 1998.

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


                                       13

<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 Inc.
        (General Partner)


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

Date:    8/14/98

       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 Inc.
        (General Partner)


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


Date:    8/14/98


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

Date:    8/14/98



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