-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PrEmhCli07QDHehH7ZKa+etjOghUuQqjG7BBJ1qgU6a+vxcrQ7Vq/djs5RsFGBv/ ZjcXBCVXCkVBg9hG99HV3A== 0001193125-03-043272.txt : 20030828 0001193125-03-043272.hdr.sgml : 20030828 20030828154140 ACCESSION NUMBER: 0001193125-03-043272 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030828 EFFECTIVENESS DATE: 20030828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SMITH BARNEY MONEY FUNDS INC CENTRAL INDEX KEY: 0000275811 IRS NUMBER: 132788602 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02490 FILM NUMBER: 03871059 BUSINESS ADDRESS: STREET 1: 125 BROAD STREET STREET 2: 10TH FLOOR - MF2 CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 800-451-2010 MAIL ADDRESS: STREET 1: 125 BROAD STREET STREET 2: 10TH FLOOR - MF2 CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL LIQUID RESERVES INC DATE OF NAME CHANGE: 19910711 N-CSRS 1 dncsrs.txt S/B MONEY FUNDS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-2490 Smith Barney Money Funds, Inc. (Exact name of registrant as specified in charter) 125 Broad Street, New York, NY 10004 (Address of principal executive offices) (Zip code) Christina T. Sydor, Esq. 300 First Stamford Place Stamford, CT 06902 (Name and address of agent for service) Registrant's telephone number, including area code: (800) 451-2010 Date of fiscal year end: December 31 Date of reporting period: June 30, 2003 ITEM 1. REPORT TO STOCKHOLDERS. The Semi-Annual Report to Stockholders is filed herewith. SMITH BARNEY MONEY FUNDS, INC. SEMI-ANNUAL REPORT | JUNE 30, 2003 [LOGO]Smith Barney Mutual Funds Your Serious Money. Professionally Managed./(R)/ Your Serious Money. Professionally Managed./(R)/ is a registered service mark of Citigroup Global Markets Inc. NOT FDIC INSURED . NOT BANK GUARANTEED . MAY LOSE VALUE WHAT'S INSIDE Letter from the Chairman .....................................................1 Schedules of Investments .....................................................2 Statements of Assets and Liabilities .........................................9 Statements of Operations ....................................................10 Statements of Changes in Net Assets .........................................11 Notes to Financial Statements ...............................................14 Financial Highlights ........................................................20
LETTER FROM THE CHAIRMAN [PHOTO] R. JAY GERKEN, CFA Chairman, President and Chief Executive Officer Dear Shareholder, The philosopher Bertrand Russell famously remarked that, "Change is one thing, progress is another." You will notice in the following pages that we have begun to implement some changes to your shareholder report and we will be reflecting other changes in future reports. Our aim is to make meaningful improvements in reporting on the management of your Fund and its performance, not just to enact change for change's sake. Please bear with us during this transition period. I invite you to read this report in full. Please take the opportunity to talk to your financial adviser about this report or any other questions or concerns you have about your Fund and your financial future. As always, thank you for entrusting your assets to us. We look forward to helping you continue to meet your financial goals. Sincerely, /s/ R. Jay Gerken R. Jay Gerken, CFA Chairman, President and Chief Executive Officer July 22, 2003 1 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
CASH PORTFOLIO FACE ANNUALIZED AMOUNT SECURITY YIELD VALUE - ----------------------------------------------------------------------------------- U.S. AGENCIES AND INSTRUMENTALITIES -- 3.5% $ 99,450,000 Federal Home Loan Bank mature 8/8/03 to 8/27/03 1.24% $ 99,274,790 272,350,000 Federal Home Loan Mortgage Corp. mature 7/25/03 to 7/28/03 1.22 to 1.25 272,117,620 373,040,000 Federal National Mortgage Association mature 8/13/03 to 12/24/03 0.89 to 1.24 372,215,948 - ----------------------------------------------------------------------------------- TOTAL U.S. AGENCIES AND INSTRUMENTALITIES (Cost -- $743,608,358) 743,608,358 - ----------------------------------------------------------------------------------- COMMERCIAL PAPER -- 45.1% 167,256,000 ABN AMRO N.A. Finance Inc. mature 7/7/03 to 8/11/03 1.04 to 1.15 167,144,753 235,366,000 ABSC Capital Corp. mature 7/21/03 to 9/9/03 1.03 to 1.13 235,015,168 190,087,000 Amstel Funding Corp. mature 7/2/03 to 10/28/03 1.03 to 1.25 189,839,837 165,000,000 ANZ Delaware Inc. mature 7/2/03 to 7/7/03 1.24 to 1.26 164,980,503 250,000,000 Atlantis One Funding mature 9/10/03 to 10/28/03 1.05 to 1.26 249,210,736 196,832,000 Atomium Funding Corp. mature 7/9/03 to 10/2/03 1.06 to 1.30 196,539,905 192,051,000 Bryant Park Funding LLC mature 7/3/03 to 7/31/03 1.22 to 1.28 191,950,616 242,587,000 Cancara Asset Securities Ltd. mature 7/14/03 to 8/8/03 1.08 to 1.27 242,404,868 200,000,000 CBA Delaware Finance mature 7/7/03 to 8/1/03 1.03 to 1.24 199,873,539 130,000,000 Compass Securitization LLC mature 7/9/03 to 9/5/03 1.10 to 1.28 129,991,124 50,000,000 DaimlerChrysler Revolving Auto Conduit LLC matures 7/8/03 1.27 49,987,750 223,400,000 Danske Corp. mature 7/14/03 to 10/27/03 0.98 to 1.24 222,945,233 136,700,000 Dexia Delaware LLC matures 9/10/03 1.07 136,411,525 50,577,000 Erasmus Capital Corp. matures 11/17/03 1.24 50,336,801 50,000,000 Galleon Capital Corp. matures 7/7/03 1.27 49,989,417 145,000,000 General Electric Capital Corp. mature 8/28/03 to 9/24/03 1.12 to 1.26 144,644,053 90,716,000 Giro Multi-Funding Corp. matures 8/15/03 1.24 to 1.25 90,628,585 180,000,000 Goldman, Sachs & Co. mature 7/7/03 to 8/18/03 1.23 to 1.28 179,820,283 100,000,000 Grampian Funding Ltd. mature 7/25/03 to 8/14/03 1.23 to 1.27 99,882,500 90,000,000 Greyhawk Funding LLC matures 7/10/03 1.24 89,972,100 165,158,000 Hannover Funding Co. LLC matures 7/25/03 1.09 165,037,941
See Notes to Financial Statements. 2 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) JUNE 30, 2003 CASH PORTFOLIO
FACE ANNUALIZED AMOUNT SECURITY YIELD VALUE - ------------------------------------------------------------------------------------- COMMERCIAL PAPER -- 45.1% (continued) $120,726,000 Hatteras Funding Corp. mature 8/21/03 to 8/29/03 1.22% to 1.24% $ 120,503,450 325,000,000 HBOS Treasury Service PLC mature 7/2/03 to 8/8/03 1.05 to 1.31 324,771,972 180,000,000 ING US Funding LLC mature 7/8/03 to 9/8/03 1.02 to 1.23 179,828,925 159,700,000 Lake Constance Funding LLC mature 7/24/03 to 11/12/03 1.02 to 1.22 159,387,293 160,000,000 Lloyds TSB Bank PLC matures 7/25/03 1.24 159,868,267 290,000,000 Mane Funding Corp. mature 7/8/03 to 8/27/03 0.96 to 1.26 289,761,895 200,000,000 Merrill Lynch & Co., Inc. matures 7/1/03 1.30 200,000,000 198,000,000 MICA Funding LLC mature 7/22/03 to 9/12/03 1.03 to 1.27 197,727,948 258,150,000 MOAT Funding LLC mature 8/1/03 to 11/7/03 1.05 to 1.26 257,594,351 265,000,000 Morgan Stanley mature 7/10/03 to 7/15/03 1.07 to 1.25 264,908,444 129,027,000 Ness LLC mature 7/14/03 to 10/24/03 1.22 to 1.27 128,810,858 115,862,000 Nieuw Amsterdam Receivables Corp. mature 7/2/03 to 9/10/03 1.25 to 1.26 115,790,449 407,000,000 Nordea N.A., Inc. mature 7/11/03 to 8/5/03 1.02 to 1.24 406,752,881 212,680,000 Nyala Funding LLC mature 7/15/03 to 10/15/03 1.00 to 1.26 212,245,161 45,000,000 Pennine Funding LLC matures 7/10/03 1.28 44,985,713 75,000,000 Perry Global Funding LLC mature 7/7/03 to 8/14/03 1.22 to 1.28 74,920,153 123,100,000 Polonius Inc. mature 7/21/03 to 8/12/03 1.02 to 1.24 122,987,915 100,000,000 Royal Bank of Scotland PLC matures 7/11/03 1.25 99,965,278 75,000,000 Saint Germain Holdings Ltd. mature 7/1/03 to 7/11/03 1.14 to 1.27 74,984,167 187,450,000 San Paolo IMI US Financial Co. mature 7/2/03 to 7/14/03 1.06 to 1.25 187,417,384 178,000,000 Silver Tower US Funding mature 8/15/03 to 9/5/03 1.15 to 1.26 177,651,383 301,787,000 Societe Generale N.A. Inc. mature 7/1/03 to 9/4/03 1.00 to 1.30 301,509,572 69,550,000 Special Purpose Accounts Receivables mature 7/23/03 to 8/12/03 1.07 to 1.22 69,472,861 206,500,000 Spintab-Swedmortgage AB mature 8/19/03 to 8/26/03 0.96 to 1.07 206,194,610 100,000,000 Stanfield Victoria Funding LLC matures 1/6/04 1.29 100,000,000 340,000,000 Starbird Funding Corp. mature 7/1/03 to 8/14/03 1.18 to 1.35 339,862,528 42,830,000 Superior Funding Capital matures 7/18/03 1.11 42,807,550 50,000,000 Surrey Funding Corp. matures 9/26/03 1.26 49,848,958 80,000,000 Svenska Handelsbanken Inc. matures 8/26/03 1.04 79,870,578
See Notes to Financial Statements. 3 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) JUNE 30, 2003 CASH PORTFOLIO
FACE ANNUALIZED AMOUNT SECURITY YIELD VALUE - ---------------------------------------------------------------------------------------- COMMERCIAL PAPER -- 45.1% (continued) $150,564,000 Tasman Funding Inc. mature 7/8/03 to 7/9/03 1.26% $ 150,523,561 400,000,000 UBS Finance LLC matures 7/1/03 1.31 400,000,000 165,000,000 Unicredit Delaware Inc. mature 7/11/03 to 9/15/03 0.92 to 1.25 164,849,517 286,355,000 Victory Receivables Corp. mature 7/10/03 to 8/12/03 1.11 to 1.28 286,111,797 70,000,000 Westpac Capital Corp. matures 8/21/03 1.25 69,877,033 145,000,000 Yorktown Capital LLC matures 7/9/03 1.23 144,960,367 - ---------------------------------------------------------------------------------------- TOTAL COMMERCIAL PAPER (Cost -- $9,453,360,056) 9,453,360,056 - ---------------------------------------------------------------------------------------- PROMISSORY NOTE -- 1.0% 200,000,000 Goldman, Sachs & Co. matures 8/25/03+ (Cost -- $200,000,000) 1.25 200,000,000 - ---------------------------------------------------------------------------------------- MEDIUM-TERM NOTES -- 8.6% 300,000,000 General Electric Capital Corp. matures 10/17/03+ 1.17 300,000,000 125,000,000 K2 USA LLC matures 1/8/04+ 1.34 125,000,000 200,000,000 Links Finance LLC mature 9/30/03 to 6/28/04+ 1.09 to 1.15 199,978,743 200,000,000 Merrill Lynch & Co., Inc. matures 2/11/04+ 1.53 200,000,000 200,000,000 Morgan Stanley matures 7/1/04+ 1.58 200,000,000 258,000,000 PACE mature 12/15/03 to 6/15/04+ 1.07 to 1.29 257,983,768 200,000,000 Sigma Finance Inc. mature 7/7/03 to 7/22/03+ 1.07 to 1.26 199,999,256 224,500,000 WhistleJacket Capital Ltd. mature 1/15/04 to 6/10/04+ 1.17 to 1.34 224,486,980 100,000,000 White Pine Finance LLC matures 3/12/04+ 1.34 99,993,033 - ---------------------------------------------------------------------------------------- TOTAL MEDIUM-TERM NOTES (Cost -- $1,807,441,780) 1,807,441,780 - ---------------------------------------------------------------------------------------- CERTIFICATE OF DEPOSIT -- 1.9% 392,000,000 Wells Fargo Bank N.A. mature 8/1/03 to 8/28/03 (Cost -- $392,004,850) 1.03 to 1.20 392,004,850 - ---------------------------------------------------------------------------------------- FOREIGN CERTIFICATES OF DEPOSIT -- 33.5% 21,000,000 ABN AMRO Bank N.V. matures 9/9/03 1.08 21,002,439 373,500,000 Bank of Montreal mature 7/28/03 to 9/2/03 1.04 to 1.20 373,500,000 100,000,000 Bank of Nova Scotia matures 8/21/03 1.24 100,000,000 645,000,000 Barclays Bank PLC mature 7/3/03 to 11/24/03 0.92 to 1.28 645,008,870 255,000,000 Bayerische Landesbank mature 9/8/03 to 11/3/03 1.18 to 1.24 255,026,667 405,000,000 BNP Paribas NY mature 8/4/03 to 11/17/03 1.18 to 1.24 405,000,000 385,000,000 Canadian Imperial Bank of Commerce NY mature 7/21/03 to 10/6/03 1.03 to 1.34 385,002,912
See Notes to Financial Statements. 4 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) JUNE 30, 2003 CASH PORTFOLIO
FACE ANNUALIZED AMOUNT SECURITY YIELD VALUE - -------------------------------------------------------------------------------------- FOREIGN CERTIFICATES OF DEPOSIT -- 33.5% (continued) $338,500,000 Credit Agricole Indosuez NY mature 7/3/03 to 7/24/03 1.23% to 1.25% $ 338,500,784 349,000,000 Credit Lyonnais Bank mature 9/5/03 to 9/29/03 0.93 to 1.21 349,029,148 199,000,000 CS First Boston Corp. mature 3/5/03 to 8/29/03 1.05 to 1.29 199,034,729 100,000,000 CS First Boston Corp. NY matures 3/8/03+ 1.30 to 1.33 100,000,000 145,000,000 Danske Bank mature 7/1/03 to 7/7/03 1.21 to 1.26 145,000,116 399,000,000 Dexia Bank NY mature 7/2/03 to 10/6/03 1.02 to 1.26 399,001,947 324,000,000 HBOS PLC mature 7/3/03 to 9/12/03 0.93 to 1.27 324,037,434 110,000,000 ING Bank N.V. matures 8/18/03 1.14 110,001,463 60,000,000 Landesbank Hessen-Thurin matures 8/29/03 1.29 59,999,006 284,500,000 Lloyds TSB Bank PLC mature 7/15/03 to 10/20/03 0.92 to 1.25 284,504,110 315,000,000 NordDeutsche Landesbank mature 8/1/03 to 9/23/03 0.92 to 1.21 315,012,687 68,000,000 Rabobank Nederland N.V. NY matures 7/3/03 1.19 68,000,038 172,000,000 Royal Bank of Scotland NY matures 8/27/03 1.04 172,002,718 452,000,000 Societe Generale mature 7/21/03 to 10/9/03 1.04 to 1.25 452,018,424 470,000,000 Svenska Handelsbanken NY mature 7/7/03 to 9/29/03 1.07 to 1.24 470,042,647 395,000,000 Toronto Dominion Bank NY mature 8/14/03 to 9/22/03 0.92 to 1.23 395,002,053 350,000,000 Unicredito Italiano S.p.A. mature 7/11/03 to 9/15/03 1.00 to 1.22 350,007,716 320,000,000 Westdeutsche Landesbank NY mature 7/2/03 to 8/18/03 1.19 to 1.28 320,000,000 - -------------------------------------------------------------------------------------- TOTAL FOREIGN CERTIFICATES OF DEPOSIT (Cost -- $7,035,735,908) 7,035,735,908 - -------------------------------------------------------------------------------------- TIME DEPOSITS -- 6.4% 100,000,000 BNP Paribas Paris matures 7/1/03 1.31 100,000,000 391,217,000 Chase Manhattan Bank USA N.A. matures 7/1/03 1.34 391,217,000 300,000,000 HSBC Bank USA matures 7/1/03 1.34 300,000,000 400,000,000 National Australia Bank matures 7/1/03 1.34 400,000,000 150,000,000 Royal Bank of Canada matures 7/1/03 1.30 150,000,000 - -------------------------------------------------------------------------------------- TOTAL TIME DEPOSITS (Cost -- $1,341,217,000) 1,341,217,000 - -------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100.0% (Cost -- $20,973,367,952*) $20,973,367,952 - --------------------------------------------------------------------------------------
+ Variable interest rate -- subject to periodic change. * Aggregate cost for Federal income tax purposes is substantially the same. See Notes to Financial Statements. 5 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) JUNE 30, 2003 GOVERNMENT PORTFOLIO
FACE ANNUALIZED AMOUNT SECURITY YIELD VALUE - ----------------------------------------------------------------------------------------- U.S. AGENCIES AND INSTRUMENTALITIES -- 80.0% $245,065,000 Federal Farm Credit Bank mature 10/9/03 to 8/24/04 1.19% to 1.24% $ 244,795,399 726,700,000 Federal Home Loan Bank mature 7/9/03 to 1/6/04 0.91 to 1.30 726,133,376 664,235,000 Federal Home Loan Mortgage Corp. mature 7/15/03 to 11/19/03 1.00 to 1.25 662,967,794 948,484,000 Federal National Mortgage Association mature 7/9/03 to 9/17/03 0.97 to 1.29 947,267,726 - ----------------------------------------------------------------------------------------- TOTAL U.S. AGENCIES AND INSTRUMENTALITIES (Cost -- $2,581,164,295) 2,581,164,295 - ----------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS -- 20.0% 340,000,000 Goldman, Sachs & Co., 1.20% due 7/1/03; Proceeds at maturity -- $340,011,333; (Fully collateralized by U.S. Treasury Bonds, 8.125% due 8/15/19 to 8/15/21; Market value -- $346,801,361) 340,000,000 3,772,000 J.P. Morgan Chase & Co., 1.05% due 7/1/03; Proceeds at maturity -- $3,772,110; (Fully collateralized by U.S. Treasury Notes, 2.125% due 8/31/04; Market value -- $3,850,324) 3,772,000 300,000,000 Merrill Lynch & Co., Inc., 1.15% due 7/1/03; Proceeds at maturity -- $300,009,583; (Fully collateralized by various U.S. government agency obligations, 0.000% to 7.415% due 8/13/08 to 2/24/23; Market value -- $306,000,000) 300,000,000 - ----------------------------------------------------------------------------------------- TOTAL REPURCHASE AGREEMENTS (Cost -- $643,772,000) 643,772,000 - ----------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100.0% (Cost -- $3,224,936,295*) $3,224,936,295 - -----------------------------------------------------------------------------------------
* Aggregate cost for Federal income tax purposes is substantially the same. See Notes to Financial Statements. 6 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) JUNE 30, 2003 RETIREMENT PORTFOLIO
FACE ANNUALIZED AMOUNT SECURITY YIELD VALUE - ---------------------------------------------------------------------------------------- U.S. AGENCIES AND INSTRUMENTALITIES -- 3.3% $ 5,000,000 Federal Home Loan Bank matures 8/8/03 1.24% $ 4,993,561 10,000,000 Federal Home Loan Mortgage Corp. mature 7/25/03 to 7/28/03 1.24 to 1.25 9,991,250 10,400,000 Federal National Mortgage Association mature 8/13/03 to 9/3/03 0.94 to 1.21 10,383,809 - ---------------------------------------------------------------------------------------- TOTAL U.S. AGENCIES AND INSTRUMENTALITIES (Cost -- $25,368,620) 25,368,620 - ---------------------------------------------------------------------------------------- COMMERCIAL PAPER -- 43.6% 15,000,000 ABN AMRO N.A. Finance Inc. mature 7/23/03 to 8/11/03 1.04 to 1.05 14,984,947 5,000,000 ABSC Capital Corp. matures 9/9/03 1.13 4,989,014 10,000,000 ANZ Delaware Inc. matures 7/7/03 1.24 9,997,933 5,000,000 Cancara Asset Securitization LLC matures 7/15/03 1.23 4,997,609 30,000,000 CBA Finance Inc. mature 7/7/03 to 7/24/03 1.00 to 1.24 29,988,122 20,000,000 Danske Corp. mature 7/14/03 to 9/10/03 1.04 to 1.20 19,974,582 10,000,000 Dexia Delaware LLC matures 9/10/03 1.07 9,978,897 13,000,000 General Electric Capital Corp. mature 8/28/03 to 9/24/03 1.12 to 1.26 12,969,059 20,000,000 Goldman, Sachs & Co. mature 7/7/03 to 8/4/03 1.27 to 1.28 19,990,829 15,000,000 HBOS Treasury Service PLC mature 7/9/03 to 9/9/03 1.14 to 1.31 14,976,389 25,000,000 ING US Funding LLC mature 7/8/03 to 9/8/03 1.02 to 1.23 24,983,792 5,000,000 Lloyds TSB Bank PLC matures 7/25/03 1.24 4,995,883 25,000,000 Morgan Stanley mature 7/10/03 to 7/15/03 1.07 to 1.25 24,990,629 25,000,000 Nordea N.A., Inc. mature 7/11/03 to 7/21/03 1.10 to 1.24 24,986,611 10,000,000 Nyala Funding LLC mature 8/4/03 to 9/15/03 1.24 to 1.27 9,981,020 5,000,000 Royal Bank of Scotland PLC matures 7/15/03 1.00 4,998,056 5,000,000 Saint Germain Holdings Ltd. matures 7/14/03 1.14 4,997,941 15,000,000 San Paolo IMI US Financial Co. mature 7/2/03 to 7/14/03 1.06 to 1.26 14,997,736 10,000,000 Societe Generale N.A. Inc. mature 7/1/03 to 7/10/03 1.24 9,998,450 10,000,000 Spintab-Swedmortgage AB mature 8/19/03 to 8/26/03 0.99 to 1.07 9,985,018 4,541,000 Surrey Funding Corp. matures 9/26/03 1.26 4,527,282 5,400,000 Svenska Handelsbanken matures 7/1/03 1.24 5,400,000 10,000,000 Toronto Dominion Holdings USA matures 8/8/03 1.10 9,988,389 16,000,000 UBS Finance LLC mature 7/1/03 to 7/7/03 1.24 to 1.31 15,998,760 5,000,000 Unicredit Delaware Inc. matures 9/15/03 0.93 4,990,183 15,000,000 Victory Receivables Corp. mature 7/10/03 to 7/25/03 1.24 to 1.29 14,990,121 5,000,000 Westpac Capital Corp. matures 8/21/03 1.25 4,991,217 - ---------------------------------------------------------------------------------------- TOTAL COMMERCIAL PAPER (Cost -- $338,648,469) 338,648,469 - ----------------------------------------------------------------------------------------
See Notes to Financial Statements. 7 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) JUNE 30, 2003 RETIREMENT PORTFOLIO
FACE ANNUALIZED AMOUNT SECURITY YIELD VALUE - ------------------------------------------------------------------------------------- FOREIGN CERTIFICATES OF DEPOSIT -- 43.3% $ 5,000,000 ABN AMRO Bank N.V. matures 9/9/03 1.08% $ 5,000,581 10,000,000 ANZ Banking Group Ltd. matures 8/11/03 1.20 10,000,113 20,000,000 Bank of Montreal mature 7/28/03 to 9/2/03 1.04 to 1.20 20,000,000 5,000,000 Bank of Nova Scotia matures 8/21/03 1.24 5,000,000 25,000,000 Barclays Bank PLC mature 7/3/03 to 9/24/03 0.92 to 1.25 25,000,188 20,000,000 Bayerische Landesbank mature 9/8/03 to 11/3/03 1.18 to 1.24 20,002,024 10,000,000 BNP Paribas NY matures 8/4/03 1.18 10,000,000 20,000,000 Canadian Imperial Bank of Commerce NY mature 8/20/03 to 10/6/03 1.03 to 1.20 20,000,000 15,000,000 Credit Agricole Indosuez NY mature 7/8/03 to 7/15/03 1.23 to 1.25 15,000,000 13,000,000 Credit Lyonnais Bank mature 9/5/03 to 9/29/03 0.93 to 1.21 13,001,444 15,000,000 CS First Boston Corp. matures 8/29/03 1.05 15,000,000 10,000,000 Danske Bank mature 7/1/03 to 7/7/03 1.21 to 1.26 10,000,008 18,000,000 Dexia Bank NY mature 7/2/03 to 10/6/03 1.03 to 1.26 18,000,074 11,000,000 HBOS PLC mature 7/29/03 to 9/12/03 0.93 to 1.27 11,001,568 19,000,000 Lloyds TSB Bank PLC mature 7/15/03 to 9/4/03 1.00 to 1.25 18,999,932 10,000,000 NordDeutsche Landesbank mature 8/25/03 to 9/23/03 0.92 to 1.21 10,000,195 10,000,000 Rabobank Nederland N.V. NY matures 7/3/03 1.19 10,000,006 10,000,000 Royal Bank of Scotland NY matures 8/27/03 1.04 10,000,158 20,000,000 Societe Generale mature 7/21/03 to 10/9/03 1.12 to 1.25 20,000,838 10,000,000 Svenska Handelsbanken NY matures 9/29/03 1.07 10,003,327 10,000,000 Toronto Dominion Bank NY mature 8/18/03 to 9/22/03 0.92 to 1.23 10,000,128 20,000,000 Unicredito Italiano S.p.A. mature 7/11/03 to 9/12/03 1.11 to 1.22 20,000,308 20,000,000 Wells Fargo Bank N.A. mature 7/17/03 to 8/28/03 1.03 to 1.23 19,999,999 10,000,000 Westdeutsche Landesbank NY mature 7/2/03 to 8/18/03 1.26 to 1.28 10,000,000 - ------------------------------------------------------------------------------------- TOTAL FOREIGN CERTIFICATES OF DEPOSIT (Cost -- $336,010,891) 336,010,891 - ------------------------------------------------------------------------------------- TIME DEPOSITS -- 9.8% 25,952,000 Chase Manhattan Bank USA N.A. matures 7/1/03 1.34 25,952,000 25,000,000 HSBC Bank USA matures 7/1/03 1.24 25,000,000 25,000,000 National Australia Bank matures 7/1/03 1.34 25,000,000 - ------------------------------------------------------------------------------------- TOTAL TIME DEPOSITS (Cost -- $75,952,000) 75,952,000 - ------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100.0% (Cost -- $775,979,980*) $775,979,980 - -------------------------------------------------------------------------------------
* Aggregate cost for Federal income tax purposes is substantially the same. See Notes to Financial Statements. 8 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2003
Cash Government Retirement Portfolio Portfolio Portfolio - ---------------------------------------------------------------------------------------- ASSETS: Investments, at amortized cost $20,973,367,952 $3,224,936,295 $775,979,980 Cash 236 661 405 Receivable for Fund shares sold 442,951,553 60,558,438 3,926,242 Interest receivable 13,909,499 5,072,518 605,612 Other assets 330,535 48,471 16,945 - --------------------------------------------------------------------------------------- Total Assets 21,430,559,775 3,290,616,383 780,529,184 - --------------------------------------------------------------------------------------- LIABILITIES: Payable for securities purchased 624,922,381 -- 6,000,421 Payable for Fund shares purchased 516,625,640 62,635,006 13,255,370 Management fees payable 7,024,502 1,164,021 285,358 Dividends payable 5,135,828 798,252 171,370 Distribution plan fees payable 559,713 88,250 21,107 Deferred compensation payable 330,535 48,471 16,945 Accrued expenses 12,873,830 1,230,169 182,330 - --------------------------------------------------------------------------------------- Total Liabilities 1,167,472,429 65,964,169 19,932,901 - --------------------------------------------------------------------------------------- Total Net Assets $20,263,087,346 $3,224,652,214 $760,596,283 - --------------------------------------------------------------------------------------- NET ASSETS: Par value of capital shares (50,000,000,000, 10,000,000,000 and 5,000,000,000 shares authorized, respectively; par value $0.01 per share) $ 202,629,745 $ 32,246,336 $ 7,605,963 Capital paid in excess of par value 20,060,344,775 3,192,387,271 752,990,079 Undistributed net investment income -- -- 241 Accumulated net realized gain from investment transactions 112,826 18,607 -- - --------------------------------------------------------------------------------------- Total Net Assets $20,263,087,346 $3,224,652,214 $760,596,283 - --------------------------------------------------------------------------------------- Shares Outstanding: Class A 20,177,361,646 3,222,088,876 760,596,283 Class L 377,624 41,220 -- Class Y 85,235,240 2,503,511 -- Net Asset Value, per class $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------------
See Notes to Financial Statements. 9 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders STATEMENTS OF OPERATIONS (UNAUDITED) For the Six Months Ended June 30, 2003
Cash Government Retirement Portfolio Portfolio Portfolio ----------------------------------------------------------------------------- INVESTMENT INCOME: Interest $145,305,376 $21,420,459 $5,278,789 ---------------------------------------------------------------------------- EXPENSES: Management fees (Note 3) 44,512,219 7,276,130 1,827,819 Distribution plan fees (Note 5) 10,652,220 1,661,906 406,182 Shareholder servicing fees (Note 5) 10,165,425 916,915 475,623 Custody 467,186 76,516 28,826 Shareholder communications (Note 5) 218,872 14,223 10,802 Registration fees 183,876 50,581 24,795 Directors' fees 86,096 13,819 3,640 Audit and legal 35,852 26,430 16,679 Other 50,428 23,560 9,245 ---------------------------------------------------------------------------- Total Expenses 66,372,174 10,060,080 2,803,611 Less: Management fee waiver (Note 3) -- (4,842) (1,791) ---------------------------------------------------------------------------- Net Expenses 66,372,174 10,055,238 2,801,820 ---------------------------------------------------------------------------- Net Investment Income 78,933,202 11,365,221 2,476,969 ---------------------------------------------------------------------------- Net Realized Gain From Investment Transactions 112,826 25,301 -- ---------------------------------------------------------------------------- Increase in Net Assets From Operations $ 79,046,028 $11,390,522 $2,476,969 ----------------------------------------------------------------------------
See Notes to Financial Statements. 10 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders STATEMENTS OF CHANGES IN NET ASSETS For the Six Months Ended June 30, 2003 (unaudited) and the Year Ended December 31, 2002
Cash Portfolio 2003 2002 - ------------------------------------------------------------------------------------------------------ OPERATIONS: Net investment income $ 78,933,202 $ 347,335,927 Net realized gain 112,826 42,844 - ------------------------------------------------------------------------------------------------------ Increase in Net Assets From Operations 79,046,028 347,378,771 - ------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTES 2 AND 6): Net Investment income (78,933,202) (347,378,771) - ------------------------------------------------------------------------------------------------------ Decrease in Net Assets From Distributions to Shareholders (78,933,202) (347,378,771) - ------------------------------------------------------------------------------------------------------ FUND SHARE TRANSACTIONS (NOTE 7): Net proceeds from sale of shares 41,507,116,438 91,261,777,742 Net asset value of shares issued for reinvestment of dividends 71,579,385 336,979,727 Cost of shares reacquired (44,500,019,187) (100,599,025,378) - ------------------------------------------------------------------------------------------------------ Decrease in Net Assets From Fund Share Transactions (2,921,323,364) (9,000,267,909) - ------------------------------------------------------------------------------------------------------ Decrease in Net Assets (2,921,210,538) (9,000,267,909) NET ASSETS: Beginning of period 23,184,297,884 32,184,565,793 - ------------------------------------------------------------------------------------------------------ End of period $ 20,263,087,346 $ 23,184,297,884 - ------------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 11 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) For the Six Months Ended June 30, 2003 (unaudited) and the Year Ended December 31, 2002
Government Portfolio 2003 2002 - ---------------------------------------------------------------------------------------------------- OPERATIONS: Net investment income $ 11,365,221 $ 45,672,627 Net realized gain 25,301 51,600 - --------------------------------------------------------------------------------------------------- Increase in Net Assets From Operations 11,390,522 45,724,227 - --------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTES 2 AND 6): Net investment income (11,365,221) (45,724,227) Net realized gains (6,694) -- - --------------------------------------------------------------------------------------------------- Decrease in Net Assets From Distributions to Shareholders (11,371,915) (45,724,227) - --------------------------------------------------------------------------------------------------- FUND SHARE TRANSACTIONS (NOTE 7): Net proceeds from sale of shares 5,209,719,995 11,059,499,198 Net asset value of shares issued for reinvestment of dividends 10,327,360 44,636,094 Cost of shares reacquired (5,380,407,128) (11,970,131,557) - --------------------------------------------------------------------------------------------------- Decrease in Net Assets From Fund Share Transactions (160,359,773) (865,996,265) - --------------------------------------------------------------------------------------------------- Decrease in Net Assets (160,341,166) (865,996,265) NET ASSETS: Beginning of period 3,384,993,380 4,250,989,645 - --------------------------------------------------------------------------------------------------- End of period $ 3,224,652,214 $ 3,384,993,380 - ---------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 12 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) For the Six Months Ended June 30, 2003 (unaudited) and the Year Ended December 31, 2002
Retirement Portfolio 2003 2002 - ------------------------------------------------------------------------------------------------- OPERATIONS: Net investment income $ 2,476,969 $ 9,824,543 - ------------------------------------------------------------------------------------------------ Increase in Net Assets From Operations 2,476,969 9,824,543 - ------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTES 2 AND 6): Net investment income (2,476,728) (9,824,784) - ------------------------------------------------------------------------------------------------ Decrease in Net Assets From Distributions to Shareholders (2,476,728) (9,824,784) - ------------------------------------------------------------------------------------------------ FUND SHARE TRANSACTIONS (NOTE 7): Net proceeds from sale of shares 499,633,743 1,232,035,532 Net asset value of shares issued for reinvestment of dividends 2,274,209 9,633,186 Cost of shares reacquired (562,789,288) (1,409,776,412) - ------------------------------------------------------------------------------------------------ Decrease in Net Assets From Fund Share Transactions (60,881,336) (168,107,694) - ------------------------------------------------------------------------------------------------ Decrease in Net Assets (60,881,095) (168,107,935) NET ASSETS: Beginning of period 821,477,378 989,585,313 - ------------------------------------------------------------------------------------------------ End of period* $ 760,596,283 $ 821,477,378 - ------------------------------------------------------------------------------------------------ * Undistributed net investment income $241 -- - ------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 13 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. Significant Accounting Policies Smith Barney Money Funds, Inc. ("Company"), a Maryland corporation, is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Company consists of three separate investment funds ("Funds"): the Cash Portfolio, the Government Portfolio and the Retirement Portfolio. The significant accounting policies consistently followed by the Funds are: (a) transactions in money market instruments and U.S. government obligations are accounted for on trade date; (b) the Funds use the amortized cost method for valuing investments; accordingly, the cost of securities plus accreted discount, or minus amortized premium approximates value; (c) interest income is recorded on the accrual basis; (d) direct expenses are charged to each Fund and each class; management fees and general fund expenses are allocated on the basis of relative net assets; (e) gains or losses on the sale of securities are calculated by using the specific identification method; (f ) the Funds intend to comply with the applicable provisions of the Internal Revenue Code of 1986, as amended, pertaining to regulated investment companies and to make distributions of taxable income sufficient to be relieved from substantially all Federal income and excise taxes; and (g) estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. 2. Dividends Each Fund declares and records a dividend of substantially all of its net investment income on each business day. Such dividends are paid or reinvested monthly in each respective Fund's shares on the payable date. Capital gain distributions, if any, are taxable to shareholders, and are declared and paid at least annually. 14 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) 3. Management Agreement and Other Transactions Smith Barney Fund Management LLC ("SBFM"), an indirect wholly-owned subsidiary of Citigroup Inc. ("Citigroup"), acts as investment manager to the Funds. As compensation for its services, each Fund pays SBFM a daily fee calculated at the following rates: Cash Portfolio: 0.45% on the first $6.0 billion of average daily net assets, 0.425% on the next $6.0 billion, 0.40% on the next $6.0 billion and 0.35% on the average daily net assets in excess of $18.0 billion; Government Portfolio: 0.45% on the first $2.5 billion of the average daily net assets, 0.40% on the next $2.5 billion and 0.35% on average daily net assets in excess of $5.0 billion; and Retirement Portfolio: 0.45% on the first $1.0 billion of average daily net assets, 0.40% on the next $1.0 billion and 0.35% on average daily net assets in excess of $2.0 billion. These fees are calculated daily and paid monthly. For the six months ended June 30, 2003, SBFM waived a portion of its management fees amounting to $4,842 and $1,791 for the Government and Retirement Portfolios, respectively. Citicorp Trust Bank, fsb. ("CTB"), another subsidiary of Citigroup, acts as the Funds' transfer agent. PFPC Global Services ("PFPC") and Primerica Shareholder Services ("PSS"), another subsidiary of Citigroup, act as the Funds' sub-transfer agents. CTB receives account fees and asset-based fees that vary according to the size and type of account. PFPC and PSS are responsible for shareholder recordkeeping and financial processing for all shareholder accounts. For the six months ended June 30, 2003, the Funds' paid transfer agent fees of $15,114,173, $973,549 and $435,014 for the Cash, Government and Retirement Portfolios, respectively, to CTB. Citigroup Global Markets Inc. ("CGM"), formerly known as Salomon Smith Barney Inc., and PFS Distributors, Inc., both of which are subsidiaries of Citigroup, act as the Funds' distributors. All officers and one Director of the Company are employees of Citigroup or its affiliates. 15 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) 4. Repurchase Agreements Each Fund purchases, and the custodian takes possession of , U.S. government securities from securities dealers subject to agreements to resell the securities to the sellers at a future date (generally, the next business day) at an agreed-upon higher repurchase price. The Funds require continual maintenance of the market value (plus accrued interest) of the collateral in amounts at least equal to the repurchase price. At June 30, 2003, the Cash and Retirement Portfolios did not have any repurchase agreement outstanding. 5. Class Specific Expenses Pursuant to a Distribution Plan, each Fund makes payments to CGM for assistance in distributing Class A and L shares calculated at an annual rate of 0.10% of the average daily net assets of each class, respectively. For the six months ended June 30, 2003, total Distribution Plan fees incurred, which are accrued daily and paid monthly, were as follows:
Class A Class L ---------------------------------------- Cash Portfolio $10,652,035 $185 Government Portfolio 1,661,845 61 Retirement Portfolio 406,182 -- ----------------------------------------
For the six months ended June 30, 2003, total Shareholders Servicing fees were as follows:
Class A Class L Class Y Class Z -------------------------------------------------------- Cash Portfolio $10,059,578 $176 $34,305 $71,366 Government Portfolio 916,497 82 336 -- Retirement Portfolio 475,623 -- -- -- --------------------------------------------------------
For the six months ended June 30, 2003, total Shareholder Communication expenses were as follows:
Class A Class L Class Y Class Z ----------------------------------------------------- Cash Portfolio $216,287 $ 4 $776 $1,805 Government Portfolio 14,221 1 1 -- Retirement Portfolio 10,802 -- -- -- -----------------------------------------------------
16 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) 6. Distributions Paid to Shareholders by Class
Six Months Ended Year Ended Cash Portfolio June 30, 2003 December 31, 2002 -------------------------------------------------------- Net Investment Income Class A $77,591,408 $340,865,876 Class L 1,342 3,979 Class Y 329,898 846,964 Class Z* 1,010,554 5,661,952 -------------------------------------------------------- Total $78,933,202 $347,378,771 -------------------------------------------------------- Government Portfolio -------------------------------------------------------- Class A Net investment income $11,346,706 $ 45,443,904 Net realized gains 6,685 -- -------------------------------------------------------- Total $11,353,391 $ 45,443,904 -------------------------------------------------------- Class L Net Investment income $ 417 $ 1,376 Net realized gains -- -- -------------------------------------------------------- Total $ 417 $ 1,376 -------------------------------------------------------- Class Y Net investment income $ 18,098 $ 278,947 Net realized gains 9 -- -------------------------------------------------------- Total $ 18,107 $ 278,947 -------------------------------------------------------- Retirement Portfolio -------------------------------------------------------- Net Investment Income Class A $ 2,476,728 $ 9,824,784 --------------------------------------------------------
*As of April 21, 2003, Class Z shares were fully redeemed. 7. Capital Shares The Company offers multiple classes of shares within the Cash and Government Portfolios. Class A and Class Y shares can be purchased directly by investors; Class L and Class Z shares can only be purchased by participants in the Smith Barney 401(k) Program. 17 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) Transactions in shares of each Fund were as follows:
Six Months Ended Year Ended Cash Portfolio June 30, 2003 December 31, 2002 ---------------------------------------------------------------- Class A Shares sold 41,317,114,398 90,760,175,185 Shares issued on reinvestment 70,455,201 330,807,374 Shares reacquired (43,957,025,098) (100,060,391,471) ---------------------------------------------------------------- Net Decrease (2,569,455,499) (8,969,408,912) ---------------------------------------------------------------- Class L Shares sold 63,974 88,366 Shares issued on reinvestment 1,241 3,944 Shares reacquired (34,757) (49,149) ---------------------------------------------------------------- Net Increase 30,458 43,161 ---------------------------------------------------------------- Class Y Shares sold 59,826,145 168,716,757 Shares issued on reinvestment 170,568 524,759 Shares reacquired (38,162,393) (166,022,311) ---------------------------------------------------------------- Net Increase 21,834,320 3,219,205 ---------------------------------------------------------------- Class Z* Shares sold 130,111,921 332,797,434 Shares issued on reinvestment 952,375 5,643,650 Shares reacquired (504,796,939) (372,562,447) ---------------------------------------------------------------- Net Decrease (373,732,643) (34,121,363) ---------------------------------------------------------------- Government Portfolio ---------------------------------------------------------------- Class A Shares sold 5,182,897,911 11,000,216,447 Shares issued on reinvestment 10,309,530 44,356,635 Shares reacquired (5,354,191,271) (11,890,947,145) ---------------------------------------------------------------- Net Decrease (160,983,830) (846,374,063) ---------------------------------------------------------------- Class L Shares sold 8,682 42,696 Shares issued on reinvestment 356 1,372 Shares reacquired (99,245) (35,623) ---------------------------------------------------------------- Net Increase (Decrease) (90,207) 8,445 ---------------------------------------------------------------- Class Y Shares sold 26,813,402 59,240,055 Shares issued on reinvestment 17,474 278,087 Shares reacquired (26,116,612) (79,148,789) ---------------------------------------------------------------- Net Increase (Decrease) 714,264 (19,630,647) ----------------------------------------------------------------
*As of April 21, 2003, Class Z shares were fully redeemed. 18 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Six Months Ended Year Ended Retirement Portfolio June 30, 2003 December 31, 2002 ---------------------------------------------------------------- Class A Shares sold 499,633,743 1,232,035,532 Shares issued on reinvestment 2,274,209 9,633,186 Shares reacquired (562,789,288) (1,409,776,412) ---------------------------------------------------------------- Net Decrease (60,881,336) (168,107,694) ----------------------------------------------------------------
8. Subsequent Event On July 30, 2003, the Board of Directors of Smith Barney Money Funds, Inc. -- Retirement Portfolio approved a proposed reorganization of the Retirement Portfolio into the Cash Portfolio. The Cash Portfolio would acquire the assets and assume the liabilities of the Retirement Portfolio in exchange for shares of the Cash Portfolio. The Retirement Portfolio would than be liquidated. This reorganization is subject to shareholder approval. Retirement Portfolio shareholders of record on August 21, 2003 will be mailed proxy materials describing the proposed reorganization on or about September 5, 2003. 19 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders FINANCIAL HIGHLIGHTS For a share of each class of capital stock outstanding throughout each year ended December 31, unless otherwise noted:
Class A Shares -------------------------------------------------- Cash Portfolio 2003/(1)/ 2002 2001 2000 1999 1998 - ----------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------------- Net investment income 0.004 0.013 0.037 0.058 0.046 0.050 Dividends from net investment income (0.004) (0.013) (0.037) (0.058) (0.046) (0.050) - ---------------------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------------- Total Return 0.36%++ 1.28% 3.78% 5.98% 4.73% 5.07% - ---------------------------------------------------------------------------------------- Net Assets, End of Period (billions) $20 $23 $32 $55 $45 $40 - ---------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses/(2)/ 0.62%+ 0.62% 0.59% 0.57% 0.62% 0.63% Net investment income 0.74+ 1.27 3.93 5.84 4.63 4.95 - ---------------------------------------------------------------------------------------- Class L Shares -------------------------------------------------- Cash Portfolio 2003/(1)/ 2002 2001 2000 1999 1998/(3)/ - ----------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------------- Net investment income 0.004 0.013 0.037 0.058 0.047 0.050 Dividends from net investment income (0.004) (0.013) (0.037) (0.058) (0.047) (0.050) - ---------------------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------------- Total Return 0.36%++ 1.29% 3.81% 6.01% 4.78% 5.12% - ---------------------------------------------------------------------------------------- Net Assets, End of Period (000s) $378 $347 $304 $193 $582 $412 - ---------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses/(2)/ 0.62%+ 0.61% 0.56% 0.54% 0.57% 0.59% Net investment income 0.74+ 1.28 3.53 5.58 4.70 5.07 - ---------------------------------------------------------------------------------------- Class Y Shares -------------------------------------------------- Cash Portfolio 2003/(1)/ 2002 2001 2000 1999 1998 - ----------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------------- Net investment income 0.004 0.014 0.039 0.060 0.048 0.052 Dividends from net investment income (0.004) (0.014) (0.039) (0.060) (0.048) (0.052) - ---------------------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------------- Total Return 0.41%++ 1.45% 3.94% 6.17% 4.91% 5.29% - ---------------------------------------------------------------------------------------- Net Assets, End of Period (millions) $85 $63 $60 $25 $67 $159 - ---------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses/(2)/ 0.51%+ 0.45% 0.40% 0.38% 0.42% 0.42% Net investment income 0.83+ 1.44 3.96 5.92 4.76 5.17 - ----------------------------------------------------------------------------------------
(1) For the six months ended June 30, 2003 (unaudited). (2) As a result of a voluntary expense limitation, expense ratios will not exceed 0.70%. (3) On June 12, 1998, Class C shares were renamed Class L shares. ++ Total return is not annualized, as it may not be representative of the total return for the year. + Annualized. 20 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders FINANCIAL HIGHLIGHTS (CONTINUED) For a share of each class of capital stock outstanding throughout each year ended December 31, unless otherwise noted:
Class A Shares --------------------------------------------------- Government Portfolio 2003/(1)/ 2002 2001 2000 1999 1998 - ------------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ----------------------------------------------------------------------------------------- Net investment income/(2)/ 0.003 0.012 0.036 0.057 0.045 0.049 Dividends from net investment income (0.003) (0.012) (0.036) (0.057) (0.045) (0.049) Distributions from net realized gains (0.000)* -- -- -- -- -- - ----------------------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ----------------------------------------------------------------------------------------- Total Return/(3)/ 0.34%++ 1.22% 3.67% 5.85% 4.60% 5.00% - ----------------------------------------------------------------------------------------- Net Assets, End of Period (billions) $3 $3 $4 $6 $5 $5 - ----------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses/(2)(4)/ 0.60%+ 0.61% 0.56% 0.59% 0.61% 0.60% Net investment income 0.68+ 1.21 3.74 5.71 4.50 4.88 - ----------------------------------------------------------------------------------------- Class L Shares --------------------------------------------------- Government Portfolio 2003/(1)/ 2002 2001 2000 1999 1998/(5)/ - ------------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ----------------------------------------------------------------------------------------- Net investment income/(2)/ 0.003 0.012 0.036 0.057 0.045 0.049 Dividends from net investment income (0.003) (0.012) (0.036) (0.057) (0.045) (0.049) Distributions from net realized gains (0.000)* -- -- -- -- -- - ----------------------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ----------------------------------------------------------------------------------------- Total Return/(3)/ 0.33%++ 1.21% 3.68% 5.87% 4.62% 5.01% - ----------------------------------------------------------------------------------------- Net Assets, End of Period (000s) $41 $131 $123 $121 $113 $206 - ----------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses/(2)(4)/ 0.61%+ 0.61% 0.63% 0.58% 0.59% 0.59% Net investment income 0.68+ 1.21 3.53 5.70 4.47 4.94 - -----------------------------------------------------------------------------------------
(1) For the six months ended June 30, 2003 (unaudited). (2) The investment manager has waived a portion of its fees for the six months ended June 30, 2003. If such fees were not waived, the per share decreases to net investment income and the actual expense ratios would have been as follows: Per Share Decreases to Expense Ratios Net Investment Income Without Fee Waivers --------------------- ------------------- 2003 2003 ---- ---- Class A $0.0003 0.61%+ Class L 0.0016 0.61+ (3) Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would be reduced. (4) As a result of a voluntary expense limitation, expense ratios will not exceed 0.70%. (5) On June 12, 1998, Class C shares were renamed Class L shares. * Amount represents less than $0.001 per share. ++ Total return is not annualized, as it may not be representative of the total return for the year. + Annualized. 21 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders FINANCIAL HIGHLIGHTS (CONTINUED) For a share of each class of capital stock outstanding throughout each year ended December 31, unless otherwise noted:
Class Y Shares -------------------------------------------------- Government Portfolio 2003/(1)/ 2002 2001 2000 1999 1998 - ---------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------------- Net investment income 0.004 0.013 0.037 0.058 0.047 0.050 Dividends from net investment income (0.004) (0.013) (0.037) (0.058) (0.047) (0.050) Distributions from net realized gains (0.000)* -- -- -- -- -- - ---------------------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------------- Total Return 0.40%++ 1.35% 3.78% 6.02% 4.78% 5.13% - ---------------------------------------------------------------------------------------- Net Assets, End of Period (millions) $3 $2 $21 $20 $8 $4 - ---------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses/(2)/ 0.49%+ 0.48% 0.44% 0.44% 0.45% 0.48% Net investment income 0.84+ 1.38 3.69 5.85 4.64 5.06 - ---------------------------------------------------------------------------------------- Class A Shares -------------------------------------------------- Retirement Portfolio 2003/(1)/ 2002 2001 2000 1999 1998 - ---------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------------- Net investment income/(3)/ 0.003 0.011 0.035 0.057 0.046 0.049 Dividends from net investment income (0.003) (0.011) (0.035) (0.057) (0.046) (0.049) - ---------------------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------------- Total Return/(4)/ 0.30%++ 1.11% 3.60% 5.89% 4.65% 5.04% - ---------------------------------------------------------------------------------------- Net Assets, End of Period (millions) $761 $821 $990 $1,882 $1,704 $1,682 - ---------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses/(2)(3)/ 0.69%+ 0.70% 0.69% 0.68% 0.69% 0.70% Net investment income 0.61+ 1.11 3.78 5.74 4.55 4.92 - ----------------------------------------------------------------------------------------
(1) For the six months ended June 30, 2003 (unaudited). (2) As a result of a voluntary expense limitation, expense ratios will not exceed 0.70%. (3) The investment manager has waived a portion of its fees for the six months ended June 30, 2003 and for the years ended December 31, 1999 and December 31, 1998. If such fees were not waived, the per share decreases to net investment income and the actual expense ratios would have been as follows: Per Share Decreases to Expense Ratios Net Investment Income Without Fee Waivers ---------------------- ------------------- 2003 $0.0005 0.69%+ 1999 0.0001 0.71 1998 0.0002 0.72 (4) Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would be reduced. * Amount represents less than $0.001 per share. ++ Total return is not annualized, as it may not be representative of total return for the year. + Annualized. 22 Smith Barney Money Funds, Inc. | 2003 Semi-Annual Report to Shareholders Smith Barney Money Funds, Inc. Cash Portfolio Government Portfolio Retirement Portfolio The Funds are separate investment funds of the Smith Barney Money Funds, Inc., a Maryland corporation. This report is submitted for general information of the shareholders of Smith Barney Money Funds, Inc., but it may also be used as sales literature when preceded or accompanied by the current prospectus which gives details about changes, expenses, investment objectives and operating policies of the Funds. If used as sales material after September 30, 2003, this report must be accompanied by performance information for the most recently completed calendar quarter. SMITH BARNEY MONEY FUNDS, INC. Smith Barney Mutual Funds 125 Broad Street 10th Floor, MF-2 New York, New York 10004 For complete information on any Smith Barney Mutual Funds, including management fees and expenses, call or write your financial professional for a free prospectus. Read it carefully before you invest or send money. (C)2003 Citigroup Global Markets Inc. Member NASD, SIPC FD0622 8/03 03-4964 ITEM 2. CODE OF ETHICS. Not applicable. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. [RESERVED] ITEM 9. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this document. (b) In the last 90 days, there have been no significant changes in the Registrant's internal controls or in other factors that could significantly affect these controls. ITEM 10. EXHIBITS. (a) Not applicable. (b) Attached hereto. Exhibit 99.CERT Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Exhibit 99.906CERT Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized. Smith Barney Money Funds, Inc. By: /s/ R. Jay Gerken -------------------------------- R. Jay Gerken Chief Executive Officer of Smith Barney Money Funds, Inc. Date: August 28, 2003 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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: /s/ R. Jay Gerken -------------------------------- (R. Jay Gerken) Chief Executive Officer of Smith Barney Money Funds, Inc. Date: August 28, 2003 By: /s/ Richard L. Peteka -------------------------------- Chief Financial Officer of Smith Barney Money Funds, Inc. Date: August 28, 2003 EX-99.CERT 3 dex99cert.txt CERTIFICATION PURSUANT TO SECTION 302 CERTIFICATIONS PURSUANT TO SECTION 302 EX-99.CERT CERTIFICATIONS -------------- I, R. Jay Gerken, certify that: 1. I have reviewed this report on Form N-CSR of Smith Barney Money Funds, Inc. - Cash Portfolio; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: August 28, 2003 /s/ R. Jay Gerken ---------------------------- ---------------------------------------- R. Jay Gerken Chief Executive Officer I, Richard L. Peteka, certify that: 1. I have reviewed this report on Form N-CSR of Smith Barney Money Funds, Inc. - Cash Portfolio; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial information included in this report, and the financial statements on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: August 28, 2003 /s/ Richard L. Peteka ---------------------------- ---------------------------------------- Richard L. Peteka Chief Financial Officer CERTIFICATIONS PURSUANT TO SECTION 302 EX-99.CERT CERTIFICATIONS -------------- I, R. Jay Gerken, certify that: 1. I have reviewed this report on Form N-CSR of Smith Barney Money Funds, Inc. - Government Portfolio; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: August 28, 2003 /s/ R. Jay Gerken ---------------------------- ---------------------------------------- R. Jay Gerken Chief Executive Officer I, Richard L. Peteka, certify that: 1. I have reviewed this report on Form N-CSR of Smith Barney Money Funds, Inc. - Government Portfolio; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial information included in this report, and the financial statements on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: August 28, 2003 /s/ Richard L. Peteka ---------------------------- ---------------------------------------- Richard L. Peteka Chief Financial Officer CERTIFICATIONS PURSUANT TO SECTION 302 EX-99.CERT CERTIFICATIONS -------------- I, R. Jay Gerken, certify that: 1. I have reviewed this report on Form N-CSR of Smith Barney Money Funds, Inc. - Retirement Portfolio; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: August 28, 2003 /s/ R. Jay Gerken ---------------------------- ---------------------------------------- R. Jay Gerken Chief Executive Officer I, Richard L. Peteka, certify that: 1. I have reviewed this report on Form N-CSR of Smith Barney Money Funds, Inc. - Retirement Portfolio; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial information included in this report, and the financial statements on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: August 28, 2003 /s/ Richard L. Peteka ---------------------------- ---------------------------------------- Richard L. Peteka Chief Financial Officer EX-99.906CERT 4 dex99906cert.txt CERTIFICATION PUSUANT TO SECTION 906 CERTIFICATIONS PURSUANT TO SECTION 906 EX-99.906CERT CERTIFICATION R. Jay Gerken, Chief Executive Officer, and Richard L. Peteka, Chief Financial Officer Smith Barney Money Funds, Inc. - Cash Portfolio (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2003 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Chief Executive Officer Chief Financial Officer Smith Barney Money Funds, Inc. - Smith Barney Money Funds, Inc. - Cash Portfolio Cash Portfolio /s/ R. Jay Gerken /s/ Richard L. Peteka - --------------------------- ----------------------------- R. Jay Gerken Richard L. Peteka Date: August 28, 2003 Date: August 28, 2003 This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. (S) 1350 and is not being filed as part of the Form N-CSR with the Commission. CERTIFICATIONS PURSUANT TO SECTION 906 EX-99.906CERT CERTIFICATION R. Jay Gerken, Chief Executive Officer, and Richard L. Peteka, Chief Financial Officer Smith Barney Money Funds, Inc. - Government Portfolio (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2003 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Chief Executive Officer Chief Financial Officer Smith Barney Money Funds, Inc. - Smith Barney Money Funds, Inc. - Government Portfolio Government Portfolio /s/ R. Jay Gerken /s/ Richard L. Peteka - --------------------------- ----------------------------- R. Jay Gerken Richard L. Peteka Date: August 28, 2003 Date: August 28, 2003 This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. (S) 1350 and is not being filed as part of the Form N-CSR with the Commission. CERTIFICATIONS PURSUANT TO SECTION 906 EX-99.906CERT CERTIFICATION R. Jay Gerken, Chief Executive Officer, and Richard L. Peteka, Chief Financial Officer Smith Barney Money Funds, Inc. - Retirement Portfolio (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2003 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Chief Executive Officer Chief Financial Officer Smith Barney Money Funds, Inc. - Smith Barney Money Funds, Inc. - Retirement Portfolio Retirement Portfolio /s/ R. Jay Gerken /s/ Richard L. Peteka - --------------------------- ----------------------------- R. Jay Gerken Richard L. Peteka Date: August 28, 2003 Date: August 28, 2003 This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. (S) 1350 and is not being filed as part of the Form N-CSR with the Commission. -----END PRIVACY-ENHANCED MESSAGE-----