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, 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 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, 1999 (unaudited) and
                  December 31, 1998.                                  3

                  Statement of Income and Expenses
                  and Partners' Capital for the three
                  and six months ended June 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 - 13

    Item 3.       Quantitative and Qualitative Disclosures
                  of Market Risk                                   14 - 15

PART II - Other Information                                          16


                                   2
<PAGE>

                                     PART I

                          Item 1. Financial Statements


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



                                                     JUNE 30,       DECEMBER 31,
                                                      1999             1998
                                                   -------------   -------------
                                                  (Unaudited)
ASSETS:

Equity in commodity futures trading account:
  Cash                                               $ 3,330,010     $ 3,176,930
  Net unrealized appreciation
    on open futures contracts                           (137,440)         19,227

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


                                                       3,192,570       3,196,157

Interest receivable                                       10,813          10,034
Other assets                                                --             5,779
                                                     -----------     -----------

                                                     $ 3,203,383     $ 3,211,970

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


LIABILITIES AND PARTNERS' CAPITAL:

Liabilities:

 Accrued expenses:
  Commissions                                        $    18,573     $    18,577
  Professional fees                                       18,271          23,334
  Other                                                    1,166           4,067
                                                     -----------     -----------

Partners' Capital:                                        38,010          45,978
                                                     -----------     -----------

General Partner, 8,000.2096 Unit equivalents
  outstanding in 1999 and 1998                           110,323         108,483
Limited Partners, 221,621.7638 and
  225,512.5099 Units of Limited Partnership
  Interest outstanding in 1999 and 1998,
  respectively                                         3,055,050       3,057,509
                                                     -----------     -----------

                                                       3,165,373       3,165,992
                                                     -----------     -----------

                                                     $ 3,203,383     $ 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              SIX MONTHS ENDED
                                                                 JUNE 30,                     JUNE 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         $   (65,517)   $   105,112    $   306,968    $   442,179
  Change in unrealized gains/losses on open
   positions                                             (104,666)      (110,590)      (156,667)      (250,338)

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

                                                         (170,183)        (5,478)       150,301        191,841
Less, brokerage commissions including clearing fees
  of $28, $0, $0 and $5, respectively                     (58,199)       (60,690)      (119,246)      (124,429)

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

  Net realized and unrealized gains (losses)             (228,382)       (66,168)        31,055         67,412
  Interest income                                          32,089         35,773         65,253         71,160

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

                                                         (196,293)       (30,395)        96,308        138,572

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


Expenses:
  Other                                                    12,344          9,753         23,454         19,133
  Incentive fees                                             --             --           15,931         13,983

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

                                                           12,344          9,753         39,385         33,116

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

  Net income (loss)                                      (208,637)       (40,148)        56,923        105,456
  Redemptions                                             (11,639)      (110,119)       (57,542)      (207,740)

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

  Net decrease  in Partners' capital                     (220,276)      (150,267)          (619)      (102,284)

Partners' capital, beginning of period                  3,385,649      3,529,335      3,165,992      3,481,352

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

Partners' capital, end of period                      $ 3,165,373    $ 3,379,068    $ 3,165,373    $ 3,379,068
                                                      -----------    -----------    -----------    -----------

Net asset value per Unit
  (229,621.9734 and 242,548.1081 Units outstanding
  at June 30, 1999 and 1998, respectively)            $     13.79    $     13.93    $     13.79    $     13.93
                                                      -----------    -----------    -----------    -----------


Net income (loss) per Unit of Limited Partnership
  Interest and General Partner Unit equivalent        $     (0.90)   $     (0.16)   $      0.23    $      0.41
                                                      -----------    -----------    -----------    -----------
</TABLE>


See notes to Financial Statements
                                                                    4


<PAGE>


             SMITH BARNEY INTERNATIONAL ADVISORS CURRENCY FUND L.P.
                          NOTES TO FINANCIAL STATEMENTS
                                  June 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  Inc.  acts as the general  partner (the
AGeneral  Partner@) of the Partnership.  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 Inc. 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 June 30, 1999 and the results of its  operations  for the three and
six months ended June 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>


             Smith Barney International Advisors Currency Fund L.P.
                          Notes to Financial Statements
                                  June 30, 1999
                                   (continued)

2.       Net Asset Value Per Unit:

         Changes in net asset value per Unit for the three and six months  ended
June 30, 1999 and 1998 were as follows:


                                       THREE-MONTHS ENDED       SIX-MONTHS ENDED
                                          JUNE  30,                JUNE 30,
                                         1999        1998        1999      1998
                                     ----------------------    -----------------

Net realized and unrealized
 gains (losses)                   $   (1.00)  $   (0.27)  $    0.11   $    0.25
Interest income                        0.14        0.15        0.29        0.29
Expenses                              (0.04)      (0.04)      (0.17)      (0.13)
                                      ------      ------      ------      ------

Increase (decrease) for
 period                               (0.90)      (0.16)       0.23        0.41

Net Asset Value per Unit,
  beginning of period                 14.69       14.09       13.56       13.52
                                     ------      ------      ------      ------

Net Asset Value per Unit,
  end of period                   $   13.79   $   13.93   $   13.79   $   13.93
                                     ======      ======      ======      ======


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 June 30, 1999 and December 31, 1998 was $(137,440)
and $19,227,  respectively, and the average fair value during the six and twelve
months then ended, based on a monthly  calculation,  was $(70,663) 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  June  30,  1999,  the  notional  or  contractual  amounts  of  the
Partnership's  commitment to purchase and sell these instruments was $10,414,299
and  $17,795,067,  respectively,  as detailed  below.  All of these  instruments
mature  within  one year of June 30,  1999.  However,  due to the  nature of the
Partnership=s  business,  these instruments may not be held to maturity. At June
30, 1999, the fair value of the  Partnership's  derivatives,  including  options
thereon, if applicable, was $(137,440), as detailed below.

                                         JUNE 30, 1999
                                     NOTIONAL OR CONTRACTUAL
                                      AMOUNT OF COMMITMENTS
                                  TO PURCHASE          TO SELL       FAIR VALUE

Currencies:
- OTC Contracts                   $10,414,299      $17,795,067      $  (137,440)
                                  -----------      -----------      -----------

Totals                            $10,414,299      $17,795,067      $  (137,440)
                                  ===========      ===========      ===========


                                   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
                                        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 second 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 six months ended June 30, 1999,  Partnership  capital decreased
0.02% from  $3,165,992  to  $3,165,373.  This decrease was  attributable  to the
redemption of 3,890.7461  Units totaling  $57,542 which was partially  offset by
the net income  from  operations  of $56,923  for the six months  ended June 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 program.

     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 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 for which
SSBH could  experience  a  secondary  effect.  Consequently,  SSBH has  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  of
counterparty.  Planning  work was  completed  in January  1999,  and  testing of
alternative  procedures  will be  completed  in the third and fourth  quarter of
1999.


                                   11
<PAGE>

Results of Operations

         During the  Partnership's  second  quarter of 1999, the net asset value
per Unit decreased 6.1% from $14.69 to $13.79, as compared to a decrease of 1.1%
in the second  quarter of 1998. The  Partnership  experienced a net trading loss
before  brokerage  commissions and related fees in the second quarter of 1999 of
$170,183.  Losses  were  primarily  attributable  to the  trading  of Thai Baht,
Swedish Krona, Australian Dollar, Pound Sterling, Greek Drachma and Czech Korona
and were partially  offset by gains in Euro,  Swiss Francs and Canadian  Dollar.
The Partnership  experienced a net trading loss before brokerage commissions and
related  fees in the second  quarter of 1998 of $5,478.  Losses  were  primarily
attributable  to 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 Thai Baht,  Malaysian  Ringgit,  South African Rand
and Japanese Yen.

         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, 1999  decreased by
$3,684 and $5,907,  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 six months ended June 30, 1999 decreased by $2,491 and $5,183,  respectively
as compared to the corresponding periods in 1998.


                                   12

<PAGE>

         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
months  ended June 30,  1999 and 1998.  Trading  performance  for the six months
ended June 30, 1999 and 1998 resulted in incentive  fees of $15,931 and $13,983,
respectively.

                                   13
<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.

                                   14

<PAGE>



         The following table indicates the trading Value at Risk associated with
the  Partnership's  open  positions by market  category as of June 30, 1999. All
open position  trading risk exposures of the  Partnership  have been included in
calculating the figures set forth below. As of June 30, 1999, the  Partnership's
total  capitalization  was $3,165,373.  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.


                                               June 30, 1999

                                                            % of Total
Market Sector                        Value at Risk       Capitalization

Currencies
 - OTC Contracts                       $310,622              9.81%
                                        --------             ----

Total                                  $310,622              9.81%
                                       ========              ====



                                   15
<PAGE>


               PART II OTHER INFORMATION

Item 1.        Legal Proceedings

                   For information  concerning a purported class action against
               numerous broker-dealers including Salomon Smith Barney,  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. SSBH has filed a motion to dismiss the amended
               complaint


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

Item 3.        Defaults Upon Senior Securities - None

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

Item 5.        Other Information - None

Item 6.        (a) Exhibits - None

               (b) Reports on Form 8-K - None


                                        16

<PAGE>


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

SMITH BARNEY INTERNATIONAL ADVISORS CURRENCY FUND L.P.


By:   Smith Barney Futures Management Inc.
           (General Partner)


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

Date:  8/13/99

           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 Inc.
           (General Partner)


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


Date:  8/13/99


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

Date:  8/13/99


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