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 March 31, 2000

Commission File Number 0-21588


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


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


                     c/o Smith Barney Futures Management LLC
                          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 March 31, 2000) and December 31,
                         1999 (unaudited).                                   3

                         Statement of Income and Expenses
                         and Partners' Capital for the
                         three months ended March 31, 2000
                         and 1999
                         (unaudited).                                        4

                         Notes to Financial Statements
                         (unaudited)                                      5 - 8

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

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

PART II - Other Information                                             13 - 15
                                   2
<PAGE>
                                     PART I
                          Item 1. Financial Statements

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

<TABLE>
<CAPTION>

                                                 March 31,    December 31,
                                                      2000           1999

ASSETS:
<S>                                                   <C>             <C>
Equity in commodity futures trading account:
  Cash                                         $ 2,392,776    $ 2,689,251

  Net unrealized depreciation
  on open futures contracts                        (40,425)          (854)
                                               -----------    -----------
                                                 2,352,351      2,688,397

Interest receivable                                  9,902         10,281
                                               -----------    -----------
                                               $ 2,362,253    $ 2,698,678
                                               ===========    ===========


LIABILITIES AND PARTNERS' CAPITAL:
Liabilities:

 Accrued expenses:
  Commissions                                  $    13,429    $    15,448
  Other                                             60,142         50,389
Redemptions                                        139,951           --
                                               -----------    -----------
                                                   213,522         65,837
                                               -----------    -----------
Partners' Capital:
General Partner, 8,000.2096 Unit equivalents
  outstanding in 2000 and 1999                      88,322         96,883
Limited Partners, 186,564.5871 and
  209,472.6214 Units of Limited Partnership
  Interest outstanding in 2000 and 1999,
  respectively                                   2,060,409      2,535,958
                                               -----------    -----------
                                                 2,148,731      2,632,841
                                               -----------    -----------
                                               $ 2,362,253    $ 2,698,678
                                               ===========    ===========
See Notes to Financial Statements
</TABLE>

                                   3
<PAGE>


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


<TABLE>
<CAPTION>
                                                            THREE MONTHS ENDED
                                                                   MARCH 31,
                                                    ----------------------------
                                                             2000           1999
                                                     ------------   ------------
<S>                                                           <C>            <C>
Income:
  Net gains (losses) on trading of commodity
   futures:
  Realized gains (losses) on closed positions         $  (162,166)   $   372,485
  Change in unrealized losses on open
   positions                                              (39,571)       (52,001)

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

                                                         (201,737)       320,484
Less, brokerage commissions including clearing fees
  of $0 and $28, respectively                             (42,603)       (61,047)
                                                      -----------    -----------

  Net realized and unrealized gains (losses)             (244,340)       259,437
  Interest income                                          29,593         33,164

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

                                                         (214,747)       292,601

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


Expenses:
  Other expenses                                           13,565         11,110
  Incentive fees                                             --           15,931

                                                      -----------    -----------
                                                           13,565         27,041
                                                      -----------    -----------

  Net income (loss)                                      (228,312)       265,560
  Redemptions                                            (255,798)       (45,903)

                                                      -----------    -----------
  Net increase (decrease) in Partners' capital           (484,110)       219,657

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

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

Partners' capital, end of period                      $ 2,148,731    $ 3,385,649
                                                      ===========    ===========

Net asset value per Unit
  (194,564.7967 and 230,430.7834 Units outstanding
  at March 31, 2000 and 1999, respectively)           $     11.04    $     14.69
                                                      ===========    ===========


Net income (loss)  per Unit of Limited Partnership
  Interest and General Partner Unit equivalent        $     (1.07)   $      1.13
                                                      ===========    ===========

</TABLE>

See notes to Financial Statements

                                   4

<PAGE>


             SMITH BARNEY INTERNATIONAL ADVISORS CURRENCY FUND L.P.
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2000
                                   (Unaudited)

1. General:

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

     Smith  Barney  Futures  Management  LLC acts as the  general  partner  (the
"General  Partner") of the Partnership.  The  Partnership's  commodity broker is
Salomon Smith Barney Inc.  ("SSB").  SSB is an affiliate of the General Partner.
The  General  Partner is wholly  owned by Salomon  Smith  Barney  Holdings  Inc.
("SSBHI"), which is the sole owner of SSB. SSBHI is a wholly owned subsidiary of
Citigroup Inc. All trading  decisions for the Partnership were made by Friedberg
Commodity  Management  Inc.  (the  "Advisor").   Effective  February  29,  2000,
Trendview  Capital   Management  Inc.  was  terminated  as  an  advisor  to  the
Partnership.  Effective  April  1,  2000  the  Fund's  sole  remaining  advisor,
Friedberg  Commodity  Management  Inc.,  was  terminated  as the  advisor to the
Partnership  and Jacobson Fund  Managers  Ltd. was  appointed the  Partnership's
advisor.
           The  accompanying  financial  statements  are  unaudited  but, in the
opinion  of  management,  include  all  adjustments  (consisting  only of normal
recurring  adjustments)  necessary for a fair  presentation of the Partnership's
financial  condition  at March 31, 2000 and December 31, 1999 and the results of
its  operations  for the  three  months  ended  March 31,  2000 and 1999.  These
financial  statements  present the results of interim periods and do not include
all  disclosures  normally  provided  in  annual  financial  statements.  It  is
suggested  that  these  financial  statements  be read in  conjunction  with the
financial  statements and notes included in the  Partnership's  annual report on
Form 10-K filed with the Securities  and Exchange  Commission for the year ended
December 31, 1999.

           Due to the nature of commodity trading, the results of operations for
the interim periods presented should not be considered indicative of the results
that may be expected for the entire year.
                                   5

<PAGE>




2.       Net Asset Value Per Unit:

         Changes in net asset  value per Unit for the three  months  ended March
31, 2000 and 1999 were as follows:

<TABLE>
<CAPTION>

                                    THREE-MONTHS ENDED
                                         MARCH 31,
                                    --------------
                                    2000      1999
                                    ----   -------
<S>                                 <C>        <C>

Net realized and unrealized
 gains (losses)               $   (1.14)  $    1.11
Interest income                    0.14        0.15
Expenses                          (0.07)      (0.13)
                                  ------     ------
Increase (decrease) for
 period                           (1.07)       1.13

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

Net Asset Value per Unit,
  end of period               $   11.04 $     14.69
                                 ======      ======
</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.

                                   6

<PAGE>


         All of the commodity  interests owned by the Partnership,  are held for
trading purposes. The average fair value during the periods ended March 31, 2000
and  December  31,  1999,  based on a monthly  calculation,  was  $(18,217)  and
$86,012,  respectively.  The fair value of these commodity interests,  including
options  thereon,  if  applicable,  at March 31, 2000 and December 31, 1999, was
$(40,425) and ($854), respectively, as detailed below.

                                                           Fair Value
                                                    March 31,     December 31,
                                                      2000           1999
Currency:
 - OTC                                             $(40,425)     $   (854)
                                                   --------       --------
Total                                              $(40,425)     $   (854)
                                                   ========       ========


4.       Financial Instrument Risk:

         The  Partnership  is party to financial  instruments  with  off-balance
sheet risk, including derivative financial  instruments and derivative commodity
instruments,  in the normal course of its business.  These financial instruments
may  include  forwards,  futures  and  options,  whose  value is  based  upon an
underlying  asset,  index,  or reference  rate, and generally  represent  future
commitments  to exchange  currencies  or cash  flows,  to purchase or sell other
financial  instruments at specific terms at specified  future dates,  or, in the
case of derivative commodity instruments, to have a reasonable possibility to be
settled in cash, through physical delivery or with another financial instrument.
These  instruments  may be traded on an  exchange or  over-the-counter  ("OTC").
Exchange  traded  instruments are  standardized  and include futures and certain
option contracts.  OTC contracts are negotiated between  contracting parties and
include  forwards and certain options.  Each of these  instruments is subject to
various risks similar to those related to the underlying  financial  instruments
including  market and credit risk.  In general,  the risks  associated  with OTC
contracts are greater than those  associated  with exchange  traded  instruments
because of the greater risk of default by the counterparty to an OTC contract.

         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.
                                   7
<PAGE>

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

         The Partnership  engages in the trading of forward contracts in foreign
currencies.  In this  connection,  the  Partnership  contracts  with  SSB as the
counterparty  to take future  delivery of a particular  foreign  currency.  In a
forward transaction,  cash settlement does not occur until the agreed upon value
date  of  the  transaction.  The  Partnership=s  credit  risk  in the  event  of
counterparty  default is  typically  limited to the  amounts  recognized  in the
statement of financial condition and not represented by the contract or notional
amounts of the instruments.

         The General  Partner  monitors  and  controls  the  Partnership's  risk
exposure  on a  daily  basis  through  financial,  credit  and  risk  management
monitoring systems and,  accordingly  believes that it has effective  procedures
for evaluating and limiting the credit and market risks to which the Partnership
is subject.  These monitoring systems allow the General Partner to statistically
analyze actual  trading  results with risk adjusted  performance  indicators and
correlation statistics. In addition,  on-line monitoring systems provide account
analysis  of  futures,   forwards  and  options  positions  by  sector,   margin
requirements, gain and loss transactions and collateral positions.

         The notional or  contractual  amounts of these  instruments,  while not
recorded in the financial  statements,  reflect the extent of the  Partnership's
involvement  in these  instruments.  The  majority of these  instruments  mature
within  one  year  of  March  31,  2000.  However,  due  to  the  nature  of the
Partnership's business, these instruments may not be held to maturity.

                                   8
<PAGE>


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

Liquidity and Capital Resources

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

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

         For  the  three  months  ended  March  31,  2000,  Partnership  capital
decreased 18.4% from $2,632,841 to $2,148,731. This decrease was attributable to
the redemption of 22,908.0343  Units totaling  $255,798  coupled with a net loss
from  operations  of $228,312 for the three months ended March 31, 2000.  Future
redemptions  can  impact  the  amount  of funds  available  for  investments  in
commodity contract positions in subsequent periods.

Results of Operations

         During the Partnership's first quarter of 2000, the net asset value per
unit  decreased 8.8% from $12.11 to $11.04 as compared to an increase of 8.3% in
the first quarter of 1999. The Partnership experienced a net trading loss before
brokerage commissions and related fees in the first quarter of 2000 of $201,737.
Losses  were  primarily  attributable  to the trading of  commodity  futures and
forwards in Japanese Yen, Euro, Singapore dollar, Canadian dollar and Indonesian
Rupia and were partially offset by gains in Australian dollar and Greek Drachma.
The  Partnership  experienced a net trading gain before  commissions and related
fees in the first quarter of 1999 of $320,484. Gains were primarily attributable
to the trading of commodity  futures and forwards in Euro, Greek Drachma,  Czech
Korona,  and Brazilian Real and and were were partially  offset by losses in the
Japanese Yen,  Pound  Sterling,  Mexican Peso,  New Zealand dollar and Hong Kong
dollar.
                                   9
<PAGE>


         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 months ended March 31, 2000 decreased by $3,571 as
compared to the corresponding period in 1999.

         Brokerage commissions are calculated on the adjusted net asset value on
the last day of each month and, therefore, vary according to trading performance
and  redemptions.  Accordingly,  they  must  be  compared  in  relation  to  the
fluctuations in the monthly net asset values. Commissions and fees for the three
months   ended  March  31,  2000   decreased  by  $18,444  as  compared  to  the
corresponding period in 1999.

         Incentive fees are based on the new trading  profits  generated by each
Advisor as defined in the  advisory  agreements  between  the  Partnership,  the
General  Partner and each  Advisor.  There were no  incentive  fees paid for the
three  months  ended March 31, 2000.  Trading  performance  for the three months
ended March 31, 1999 resulted in incentive fees of $15,931.

                                   10
<PAGE>


Item 3.  Quantitative and Qualitative Disclosures of Market Risk

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

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

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

         Value at Risk is a measure of the maximum amount which the  Partnership
could  reasonably  be expected to lose in a given market  sector.  However,  the
inherent uncertainty of the Partnership's speculative trading and the recurrence
in the markets  traded by the  Partnership  of market  movements  far  exceeding
expectations could result in actual trading or non-trading losses far beyond the
indicated Value at Risk or the Partnership's  experience to date (i.e., "risk of
ruin").  In  light  of the  foregoing  as well as the  risks  and  uncertainties
intrinsic  to all  future  projections,  the  inclusion  of  the  quantification
included in this section should not be considered to constitute any assurance or
representation  that the  Partnership's  losses  in any  market  sector  will be
limited to Value at Risk or by the  Partnership's  attempts to manage its market
risk.

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

                                   11

<PAGE>


          The following  table  indicates  the trading Value at Risk  associated
with the  Partnership's  open positions by market category as of March 31, 2000.
At March 31, 2000 there were no open  positions  held. The  Partnership's  total
capitalization  at March 31,  2000 was  $2,148,731.  There has been no  material
change in the trading value at risk information previously disclosed in the Form
10-K for the year ended December 31, 1999.

                                 March 31, 2000
                                   (Unaudited)

                                                          Year to Date
                                     % of Total          High            Low
Market Sector        Value at Risk   Capitalization Value at Risk  Value at Risk
--------------------------------------------------------------------------------

Currencies
 - OTC Contracts     $  -0-            -0- %           $ -0-           $ -0-
                     --------         -------
Total                $  -0-            -0- %
                      ======         ======




                                   12
<PAGE>



                            PART II OTHER INFORMATION

Item 1.       Legal Proceedings - None

For information concerning a suit filed by Harris Trust Savings Bank (as trustee
for the Ameritech  Pension Trust) and others against Salomon  Brothers Inc., and
Salomon  Brothers Realty Corp.,  see the description  that appears in the second
and third paragraphs under the caption "Legal Proceedings"  beginning on page 11
of the Annual Report on Form 10-K of the Company for the year ended December 31,
1999 (File No.  1-4346),  which  description is included as Exhibit 99.1 to this
Form 10-Q and incorporated by reference  herein. In April 2000, the U.S. Supreme
Court heard oral argument on plaintiffs' petition to reverse the decision of the
U.S. Court of Appeals for the Seventh  Circuit.  The U.S. Supreme Court reserved
its decision, and has not yet released its opinion.

For information  concerning the complaints filed in the U.S.  District Court for
the Eastern District of Louisiana (Board of Liquidations,  City Debt of the City
of New  Orleans v. Smith  Barney,  Inc.  et ano.  and The City of New Orleans v.
Smith  Barney,  Inc.  et ano.),  a  purported  class  action in Florida  against
numerous broker-dealers including the Company (Dwight Brock as Clerk for Collier
County  v.  Merrill  Lynch,   et  al.),  and  the  IRS  and  SEC   industry-wide
investigation  into the pricing of  Treasury  securities  in advanced  refunding
transactions,  see the description  that appears in the fourth,  fifth and sixth
paragraphs  under the caption " Legal  Proceedings"  beginning on page 11 of the
Annual  Report on Form 10-K of SSBHI for the year ended  December 31, 1999 (File
No. 1-4346), which description is included as Exhibit 99.2 to this form 10-Q and
incorporated by reference  herein.  In April 2000,  seventeen  investment banks,
including the Company,  entered into an agreement with the federal government to
settle  charges  related  to the  pricing of  Treasury  securities  in  advanced
refunding transactions.  Thereafter,  plaintiffs filed voluntary discontinuances
in the two Louisiana federal actions.

For  information  concerning the matter  entitled MKP Master Fund, LDC et al. v.
Salomon  Smith  Barney  Inc.,  see the  description  that appears in the seventh
paragraph  under the caption  "Legal  Proceedings"  beginning  on page 11 of the
Annual  Report on Form 10-K of SSBHI for the year ended  December 31, 1999 (File
No. 1-4346), which description is included as Exhibit 99.3 to this Form 10-Q and
incorporated by reference herein. In March 2000,  plaintiffs'  motion to dismiss
the  Company's  amended  counterclaims  was  argued,  and no  decision  has been
rendered.

                                   13
<PAGE>



Exhibit 99.1


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

In  September  1992,  Harris  Trust and Savings  Bank (as trustee for  Ameritech
Pension Trust ("APT")), Ameritech Corporation, and an officer of Ameritech filed
suit  against  Salomon   Brothers  Inc.  ("SBI")  and  Salomon  Brothers  Realty
Corporation  ("SBRC") in the U.S.  District  Court for the Northern  District of
Illinois  (Harris Trust Savings Bank, not individually but solely as trustee for
the Ameritech  Pension  Trust,  Ameritech  Corporation  and John A. Edwardson v.
Salomon  Brothers Inc and Salomon  Brothers  Realty  Corp.).  The second amended
complaint  alleges that three purchases by APT from defendants of  participation
interests  in net cash flow or resale  proceeds  of three  portfolios  of motels
owned by Motels of America, Inc. ("MOA"), as well as a fourth purchase by APT of
a similar  participation  interest in a portfolio  of motels owned by Best Inns,
Inc. ("Best"),  violated the Employee  Retirement Income Security Act ("ERISA"),
and  that  APT's  purchase  of the  participation  interests  in the  third  MOA
portfolio  and in the Best  portfolio  violated  the  Racketeer  Influenced  and
Corrupt  Organization Act ("RICO") and the Illinois Consumer Fraud and Deceptive
Practices  Act  ("Consumer  Fraud  Act"),  and  constituted   fraud,   negligent
misrepresentation,  breach of contract and unjust  enrichment.  SBI had acquired
the participation interests when it purchased principal mortgage notes issued by
MOA and Best to finance  purchases  of motel  portfolios;  95% of three of those
interests  and 100% of the fourth were sold to APT for a total of  approximately
$20.9 million.  Plaintiffs'  second amended  complaint seeks judgment (a) on the
ERISA claims for the approximately  $20.9 million purchase price, for rescission
and for  disgorgement of profits,  as well as other relief,  and (b) on the RICO
and state law claims in the amount of $12.3 million, with damages trebled to $37
million on the RICO  claims  and  punitive  damages in excess of $37  million on
certain of the state law claims as well as other  relief.  Following  motions by
defendants,  the court dismissed the RICO, Consumer Fraud Act, fraud,  negligent
misrepresentation,  breach of contract,  and unjust enrichment claims. The court
also found that defendants  were not ERISA  fiduciaries and dismissed two of the
three claims based on that allegation.  Defendants moved for summary judgment on
plaintiffs' only remaining claim,  which alleged an ERISA violation.  The motion
was denied, and defendants appealed to the U.S. Court of Appeals for the Seventh
Circuit.  In July  1999,  the U. S.  Court of Appeals  for the  Seventh  Circuit
reversed the denial of defendants' motion for summary judgment and dismissed the
sole remaining ERISA claim against the Company.  Plaintiffs filed a petition for
certiorari  with the U. S. Supreme Court  seeking  review of the decision of the
Court of Appeals. The petition was granted in January 2000.

                                   14
<PAGE>

Both the Department of Labor and the Internal  Revenue  Service have advised SBI
that they were or are reviewing the underlying transactions. With respect to the
Internal  Revenue  Service,  SSBHI, SBI and SBRC have consented to extensions of
time for the  assessment of excise taxes that may be claimed with respect to the
transactions  for the years 1987,  1988 and 1989.  In August 1996,  the IRS sent
SSBHI,  SBI and SBRC what appeared to be draft "30-day  letters" with respect to
the transactions and SSBHI, SBI and SBRC were given an opportunity to comment on
whether the IRS should issue 30-day letters,  which would actually  commence the
assessment  process. In October 1996, SSBHI, SBI and SBRC submitted a memorandum
setting  forth reasons why the IRS should not issue such 30-day  letters.  Since
that time, the IRS has not issued such 30-day letters to SSBHI, SBI or SBRC.

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:  5/12/00

           Pursuant to the requirements of the Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
registrant and in the capacities and on the dates indicated.
By:   Smith Barney Futures Management LLC
      (General Partner)


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


Date:  5/12/00


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

Date:  5/12/00

                                   16