-----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, FNmJaE/vxeudoMH+7a7twjxD6djsby6RsragH9sFM+m0HynVmtYzEptYiGP3fcFe xbn+27EXCuYyYGhqwAAWTA== 0001193125-03-014207.txt : 20030627 0001193125-03-014207.hdr.sgml : 20030627 20030627162859 ACCESSION NUMBER: 0001193125-03-014207 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030430 FILED AS OF DATE: 20030627 EFFECTIVENESS DATE: 20030627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRAVELERS SERIES FUND INC CENTRAL INDEX KEY: 0000919557 IRS NUMBER: 133767311 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-08372 FILM NUMBER: 03761644 BUSINESS ADDRESS: STREET 1: 125 BROAD STREET STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 212-291-2556 MAIL ADDRESS: STREET 1: 125 BROAD STREET STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY TRAVELERS SERIES FUND INC DATE OF NAME CHANGE: 19940613 FORMER COMPANY: FORMER CONFORMED NAME: SBA VARIABLE PRODUCTS SERIES FUND INC DATE OF NAME CHANGE: 19940228 N-CSR 1 dncsr.txt S/B TRAVELERS SERIES FUND INC 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 811-8372 Travelers Series Fund 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: October 31 Date of reporting period: April 30, 2003 ITEM 1. REPORT TO STOCKHOLDERS. The Semi-Annual Report to Stockholders is filed herewith. -------------------------------------------------- TRAVELERS SERIES FUND INC. MFS TOTAL RETURN PORTFOLIO TRAVELERS MANAGED INCOME PORTFOLIO SMITH BARNEY MONEY MARKET PORTFOLIO -------------------------------------------------- SEMI-ANNUAL REPORT | APRIL 30, 2003 -------------------------------------------------------- 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 22 Statements of Operations............ 23 Statements of Changes in Net Assets. 24 Notes to Financial Statements....... 27 Financial Highlights................ 32
LETTER FROM THE CHAIRMAN [PHOTO] R. JAY GERKEN 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 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 Chairman, President and Chief Executive Officer May 28, 2003 1 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
SHARES SECURITY VALUE - -------------------------------------------------------------- COMMON STOCK -- 54.0% Aerospace -- 0.0% 6,800 United Technologies Corp. $ 420,308 - -------------------------------------------------------------- Banks and Credit Companies -- 3.4% 100,199 Bank of America Corp. 7,419,736 68,400 Bank One Corp. 2,465,820 282,600 FleetBoston Financial Corp. 7,494,552 114,200 SouthTrust Corp. 3,067,526 95,900 SunTrust Banks, Inc. 5,487,398 11,446 U.S. Bancorp 253,529 104,100 Wachovia Corp. 3,977,661 - -------------------------------------------------------------- 30,166,222 - -------------------------------------------------------------- Business Machines -- 0.5% 113,200 Hewlett-Packard Co. 1,845,160 36,200 International Business Machines Corp. 3,073,380 - -------------------------------------------------------------- 4,918,540 - -------------------------------------------------------------- Cellular Phones -- 0.7% 144,540 Telephone and Data Systems Inc. 6,228,229 - -------------------------------------------------------------- Chemicals -- 0.9% 19,100 Air Products and Chemicals, Inc. 822,637 102,500 The Dow Chemical Co. 3,345,600 8,300 E.I. du Pont de Nemours & Co. 352,999 91,700 Lyondell Chemical Co. 1,334,235 46,100 PPG Industries, Inc. 2,236,311 - -------------------------------------------------------------- 8,091,782 - -------------------------------------------------------------- Communication Services -- 4.5% 351,380 AT&T Corp. 5,991,029 1,336,465 AT&T Wireless Services Inc. (a) 8,633,564 312,800 BellSouth Corp. 7,973,272 180,324 SBC Communications Inc. 4,212,369 262,634 Verizon Communications Inc. 9,817,259 183,705 Vodafone Group PLC (b) 3,630,011 - -------------------------------------------------------------- 40,257,504 - -------------------------------------------------------------- Communications Equipment -- 0.3% 94,700 Advanced Fibre Communications, Inc. (a) 1,448,910 198,900 Motorola, Inc. 1,573,299 - -------------------------------------------------------------- 3,022,209 - --------------------------------------------------------------
See Notes to Financial Statements. 2 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
SHARES SECURITY VALUE - ------------------------------------------------------------ Computer Software -- 1.2% 249,200 Microsoft Corp. (a) $ 6,372,044 138,870 Network Associates, Inc. (a) 1,587,284 226,800 Oracle Corp. (a) 2,694,384 - ----------------------------------------------------------- 10,653,712 - ----------------------------------------------------------- Construction and Agricultural Machinery -- 0.5% 101,400 Deere & Co. 4,464,642 - ----------------------------------------------------------- Consumer Goods and Services -- 2.0% 44,500 Altria Group, Inc. 1,368,820 30,800 Automatic Data Processing, Inc. 1,035,804 42,500 Colgate-Palmolive Co. 2,429,725 46,200 Eastman Kodak Co. 1,381,842 89,400 The Gillette Co. 2,722,230 120,800 The Kimberly-Clark Corp. 6,012,216 38,300 Procter & Gamble Co. 3,441,255 - ----------------------------------------------------------- 18,391,892 - ----------------------------------------------------------- Containers and Packaging -- 0.3% 274,300 Owens-Illinois, Inc. (a)(b) 2,438,527 - ----------------------------------------------------------- Entertainment -- 1.9% 91,300 AOL Time Warner Inc. (a) 1,248,984 285,308 Viacom Inc., Class B Shares (a) 12,385,220 164,800 The Walt Disney Co. 3,075,168 - ----------------------------------------------------------- 16,709,372 - ----------------------------------------------------------- Financial Institutions -- 5.3% 28,900 Fannie Mae 2,092,071 78,400 Franklin Resources, Inc. 2,734,592 186,130 Freddie Mac 10,776,927 15,100 The Goldman Sachs Group, Inc. 1,146,090 109,900 J.P. Morgan Chase & Co. 3,225,565 438,200 Mellon Financial Corp. 11,590,390 229,000 Merrill Lynch & Co., Inc. 9,400,450 90,400 Morgan Stanley 4,045,400 83,000 T. Rowe Price Group Inc. 2,533,160 - ----------------------------------------------------------- 47,544,645 - ----------------------------------------------------------- Food and Beverages -- 1.1% 253,397 Archer-Daniels-Midland Co. 2,807,639 138,900 Kellogg Co. 4,547,586 65,440 PepsiCo, Inc. 2,832,243 - ----------------------------------------------------------- 10,187,468 - ----------------------------------------------------------- Healthcare -- 0.0% 5,700 Healthcare Realty Trust, Inc. 156,921 - -----------------------------------------------------------
See Notes to Financial Statements. 3 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
SHARES SECURITY VALUE - ---------------------------------------------------------------- Hotels -- 0.8% 303,900 Hilton Hotels Corp. $ 4,047,948 102,900 Starwood Hotels & Resorts Worldwide, Inc. 2,761,836 - ---------------------------------------------------------------- 6,809,784 - ---------------------------------------------------------------- Insurance -- 2.4% 170,570 Allstate Corp. 6,445,840 87,100 The Chubb Corp. 4,606,719 157,140 The Hartford Financial Services Group, Inc. 6,405,026 103,330 MetLife, Inc. 2,968,671 45,020 Nationwide Financial Services, Inc. 1,267,313 - ---------------------------------------------------------------- 21,693,569 - ---------------------------------------------------------------- Manufacturing -- 1.1% 179,900 General Electric Co. 5,298,055 17,200 Honeywell International Inc. 405,920 244,200 Tyco International Ltd. 3,809,520 - ---------------------------------------------------------------- 9,513,495 - ---------------------------------------------------------------- Medical Products -- 0.4% 109,000 Baxter International Inc. 2,507,000 23,500 Johnson & Johnson 1,324,460 - ---------------------------------------------------------------- 3,831,460 - ---------------------------------------------------------------- Metals and Minerals -- 1.3% 355,500 Alcoa Inc. 8,151,615 97,800 Phelps Dodge Corp. (a) 3,050,382 - ---------------------------------------------------------------- 11,201,997 - ---------------------------------------------------------------- Oil Production -- 8.7% 16,099 Apache Corp. 921,668 81,500 BJ Services Co. (a) 2,975,565 236,106 BP PLC, Sponsored ADR 9,099,525 111,600 ConocoPhillips 5,613,480 68,960 Cooper Cameron Corp. (a) 3,300,426 192,210 Devon Energy Corp. 9,081,922 323,606 Exxon Mobil Corp. 11,390,931 223,000 GlobalSantaFe Corp. 4,718,680 320,970 Noble Corp. (a) 9,934,021 322,510 Occidental Petroleum Corp. 9,626,924 262,200 Schlumberger Ltd. 10,994,046 - ---------------------------------------------------------------- 77,657,188 - ----------------------------------------------------------------
See Notes to Financial Statements. 4 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
SHARES SECURITY VALUE - --------------------------------------------------------------- Paper Products -- 1.1% 77,800 Bowater Inc. $ 3,028,754 133,300 International Paper Co. 4,765,475 170,700 Smurfit-Stone Container Corp. (a) 2,401,749 - --------------------------------------------------------------- 10,195,978 - --------------------------------------------------------------- Pharmaceuticals -- 3.6% 12,300 Bristol-Myers Squibb Co. 314,142 132,800 Eli Lily & Co. 8,475,296 108,700 Merck & Co. Inc. 6,324,166 294,200 Pfizer Inc. 9,046,650 433,100 Schering-Plough Corp. 7,839,110 - --------------------------------------------------------------- 31,999,364 - --------------------------------------------------------------- Printing and Publishing -- 1.3% 43,400 Gannett Co., Inc. 3,286,248 94,000 The New York Times Co., Class A Shares (b) 4,359,720 87,300 Tribune Co. 4,275,954 - --------------------------------------------------------------- 11,921,922 - --------------------------------------------------------------- Radio and TV Broadcasting -- 1.0% Comcast Corp.: 16,031 Class A Shares (a) 511,549 270,010 Special Class A Shares (a) 8,116,501 - --------------------------------------------------------------- 8,628,050 - --------------------------------------------------------------- Railroads -- 0.6% 183,600 Burlington Northern Santa Fe Corp. 5,170,176 - --------------------------------------------------------------- Real Estate -- 0.5% 26,100 Equity Office Properties Trust 677,817 143,200 Equity Residential Properties Trust 3,710,312 - --------------------------------------------------------------- 4,388,129 - --------------------------------------------------------------- Restaurants -- 0.4% 189,400 McDonald's Corp. 3,238,740 - --------------------------------------------------------------- Retail Stores -- 3.3% 188,000 The Home Depot, Inc. 5,288,440 557,890 The Kroger Co. (a) 7,977,827 126,800 Limited Brands 1,843,672 79,800 The May Department Stores Co. 1,725,276 376,800 Sears, Roebuck & Co. (b) 10,678,512 52,800 Target Corp. 1,765,632 - --------------------------------------------------------------- 29,279,359 - ---------------------------------------------------------------
See Notes to Financial Statements. 5 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
SHARES SECURITY VALUE - --------------------------------------------------------------------------------------- Semiconductors -- 0.7% 72,900 Intel Corp. $ 1,341,360 280,500 Texas Instruments Inc. 5,186,445 - --------------------------------------------------------------------------------------- 6,527,805 - --------------------------------------------------------------------------------------- Transportation -- 0.4% 161,000 Norfolk Southern Corp. 3,414,810 - --------------------------------------------------------------------------------------- Utilities - Electric and Gas -- 3.8% 1,101,000 Calpine Corp. (a)(b) 5,912,370 87,600 Duke Energy Corp. 1,540,884 41,800 Entergy Corp. 1,948,298 38,400 Exelon Corp. 2,036,736 25,300 FPL Group, Inc. 1,540,011 117,200 National Fuel Gas Co. 2,749,512 257,425 NiSource Inc. 4,865,332 14,300 Pinnacle West Capital Corp. 475,046 90,500 Praxair, Inc. 5,256,240 340,500 TXU Corp. 6,782,760 48,400 WGL Holdings Inc. 1,305,832 - --------------------------------------------------------------------------------------- 34,413,021 - --------------------------------------------------------------------------------------- TOTAL COMMON STOCK (Cost -- $503,124,416) 483,536,820 - --------------------------------------------------------------------------------------- FOREIGN COMMON STOCK -- 1.2% Australia -- 0.1% 161,700 BHP Billiton Ltd. 915,432 - --------------------------------------------------------------------------------------- Netherlands -- 0.2% 60,700 Akzo Nobel N.V. (b) 1,351,944 - --------------------------------------------------------------------------------------- Switzerland -- 0.3% 70,200 Novartis AG (b) 2,772,246 - --------------------------------------------------------------------------------------- United Kingdom -- 0.6% 702,300 Reed Elsevier PLC 5,605,585 - --------------------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCK (Cost -- $10,990,489) 10,645,207 - --------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCK -- 0.5% Communications Equipment -- 0.2% 71,200 Motorola, Inc., 7.000% due 11/16/04 (b) 2,065,512 - --------------------------------------------------------------------------------------- Insurance -- 0.3% 35,000 The Chubb Corp., 7.000% due 11/16/05 843,500 39,000 The Hartford Financial Services Group, Inc., 6.000% due 11/16/06 1,764,750 - --------------------------------------------------------------------------------------- 2,608,250 - --------------------------------------------------------------------------------------- TOTAL CONVERTIBLE PREFERRED STOCK (Cost -- $5,978,212) 4,673,762 - ---------------------------------------------------------------------------------------
See Notes to Financial Statements. 6 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
FACE AMOUNT SECURITY VALUE - -------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 23.7% U.S. Treasury Notes: $14,167,000 2.000% due 11/30/04 (b) $ 14,318,091 3,004,000 5.750% due 11/15/05 (b) 3,302,405 2,913,000 6.875% due 5/15/06 (b) 3,329,355 1,719,000 4.375% due 5/15/07 (b) 1,845,039 3,098,000 3.250% due 8/15/07 (b) 3,183,440 2,992,467 4.250% due 1/15/10 3,450,925 4,708,991 3.000% due 7/15/12 5,059,226 4,894,000 4.000% due 11/15/12 (b) 4,958,043 3,380,000 3.875% due 2/15/13 3,385,546 U.S. Treasury Bonds: 1,637,000 11.875% due 11/15/03 (b) 1,731,064 13,188,000 6.250% due 8/15/23 (b) 15,623,665 425,000 6.250% due 5/15/30 (b) 512,241 3,493,000 5.375% due 2/15/31 (b) 3,812,557 Federal Home Loan Mortgage Corp. (FHLMC): 10,656,000 7.000% due 7/15/05 (b) 11,859,446 2,276,000 5.500% due 7/15/06 (b) 2,505,166 372,000 6.000% due 6/15/11 425,078 369,696 6.500% due 12/1/15 390,588 700,000 5.000% due 5/15/17 (c) 721,657 7,000,000 5.500% due 5/15/32 (c) 7,192,500 Federal National Mortgage Association (FNMA): 2,119,000 5.250% due 4/15/07 2,328,453 1,400,000 5.722% due 2/1/09 1,535,682 10,141,000 6.625% due 9/15/09 to 11/15/10 (b) 11,954,715 5,955,000 6.125% due 3/15/12 6,857,069 12,408,757 6.000% due 7/1/16 to 3/1/17 13,011,922 12,651,521 5.500% due 11/1/16 to 1/1/18 13,173,830 1,449,000 4.080% due 4/25/31 1,484,546 1,402,575 7.000% due 6/1/32 1,482,363 4,831,612 7.500% due 10/1/29 to 1/1/32 5,151,919 29,750,777 6.500% due 11/1/28 to 8/1/32 31,097,515 18,325,790 6.000% due 4/1/31 to 1/1/33 19,039,620 15,732,506 5.500% due 6/1/32 to 2/1/33 (c) 16,103,968 1,768,958 Government National Mortgage Association (GNMA), 6.500% due 3/15/28 to 12/15/28 1,863,485 - -------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost -- $207,509,352) 212,691,119 - --------------------------------------------------------------------------
See Notes to Financial Statements. 7 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
FACE AMOUNT RATING(d) SECURITY VALUE - -------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES -- 12.8% Aerospace/Defense -- 0.4% $ 931,000 Baa1* BAE Systems Holdings Inc., 6.400% due 12/15/11 (e) $ 983,546 1,233,000 BBB- Northrop Grumman Corp., 7.750% due 2/15/31 1,571,455 1,143,000 BBB- Raytheon Co., Sr. Unsecured Notes, 6.150% due 11/1/08 1,264,379 - -------------------------------------------------------------------------------------------- 3,819,380 - -------------------------------------------------------------------------------------------- Airlines -- 0.0% 268,416 A- Continental Airlines Inc., Series 981A, 6.648% due 9/15/17 229,407 300,000 Caa3* Jet Equipment Trust, Series 95-D, 11.440% due 11/1/14 (e) 0 - -------------------------------------------------------------------------------------------- 229,407 - -------------------------------------------------------------------------------------------- Automotive -- 0.2% 1,500,000 A3* DaimlerChrysler N.A. Holdings Corp., 7.750% due 5/27/03 1,505,853 - -------------------------------------------------------------------------------------------- Bank/Finance -- 3.4% 2,500,000 AAA AIG SunAmerica Global Financing II, 7.600% due 6/15/05 (e) 2,786,173 1,951,000 Aa3* Bank of America Corp., 7.400% due 1/15/11 2,345,695 700,000 A+ Boeing Capital Corp., 6.500% due 2/15/12 (b) 754,168 1,282,000 A Countrywide Home Loans, Inc., 6.850% due 6/15/04 1,355,091 CS First Boston (USA), Inc.: 475,000 Aa3* 6.125% due 11/15/11 516,677 1,621,000 Aa3* 6.500% due 1/15/12 1,803,991 726,000 A1* DBS Capital Funding Corp., 7.657% due 3/15/49 (e)(f) 828,477 Ford Motor Credit Co.: 833,000 A3* 6.875% due 2/1/06 862,276 1,756,000 Baa1* 7.450% due 7/16/31 1,567,156 GE Capital Corp.: 1,232,000 AAA 7.500% due 5/15/05 1,371,273 313,000 AAA 8.750% due 5/21/07 378,420 553,000 AAA 8.500% due 7/24/08 679,849 General Motors Acceptance Corp.: 1,085,000 A2* 7.250% due 3/2/11 1,120,969 657,000 A2* 8.000% due 11/1/31 686,255 2,500,000 AAA KFW International Finance Inc., 4.250% due 4/18/05 2,623,645 Lehman Brothers Holdings Inc.: 711,000 A Sr. Unsecured Notes, 7.750% due 1/15/05 777,648 771,000 A Unsecured Notes, 8.250% due 6/15/07 916,884 599,000 BBB+ MidAmerican Funding LLC, 6.927% due 3/1/29 634,231 1,514,000 Aa3* Morgan Stanley, 6.100% due 4/15/06 1,662,099 1,158,000 Baa1* Pemex Project Funding Master Trust, 9.125% due 10/13/10 1,392,495 1,412,000 A1* Unicredito Italiano Capital Trust II, 9.200% due 10/29/49 (e)(f)(g) 1,772,851 2,874,000 Aa2* Wells Fargo Bank N.A., 7.800% due 6/15/10 (f) 3,192,071 - -------------------------------------------------------------------------------------------- 30,028,394 - --------------------------------------------------------------------------------------------
See Notes to Financial Statements. 8 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
FACE AMOUNT RATING(d) SECURITY VALUE - ------------------------------------------------------------------------------------------------ Chemicals -- 0.1% $ 659,000 A- The Dow Chemical Co., 5.750% due 12/15/08 $ 710,974 - ------------------------------------------------------------------------------------------------ Collateralized Mortgage Obligations -- 2.6% 945,230 Aaa* Bear Stearns Commercial Mortgage Securities, Series 1999-WF2, Class A1, 6.800% due 9/15/08 1,036,523 288,074 AAA Beneficial Mortgage Corp., Series 1997-2, Class A, 1.440% due 9/28/37 (f) 286,035 249,802 BBB BlackRock Capital Finance L.P., Series 1996-R1, Class B2, 7.750% due 9/25/26 198,905 2,750,000 AAA Capital One Auto Finance Trust, Series 2002-A, Class A4, 4.790% due 1/15/09 2,908,606 2,707,470 Aaa* Certificates Funding Corp., Series 1997-1, Class A2, 6.716% due 12/19/04 2,843,571 Chase Commercial Mortgage Securities Corp.: 1,167,000 AAA Series 1998-2, Class A2, 6.390% due 11/18/30 1,320,410 320,318 Aaa* Series 2000-2, Class A1, 7.543% due 7/15/32 361,441 603,415 Aaa* Chase Mortgage Finance Corp., Series 2002-S2, Class A1, 6.000% due 2/25/17 615,839 1,918,000 Aaa* Countrywide Alternative Loan Trust, Series 2000-1, Class A5, 8.000% due 7/25/30 1,984,682 CRIIMI MAE Commercial Mortgage Trust: 420,000 A Series 1998-1, Class C, 6.701% due 6/20/30 464,517 2,150,000 A+ Series 1998-C1, Class A2, 7.000% due 6/2/33 2,396,530 1,019,059 AAA GS Mortgage Securities Corp., II, Series 1998-C1, Class A1, 6.060% due 10/18/30 1,083,990 794,261 A1* Independent National Mortgage Corp., Series 1996-E, Class B1, 7.000% due 5/25/26 796,886 396,000 AAA J.P. Morgan Commercial Mortgage Finance Corp., Series 1998-C6, Class A3, 6.613% due 1/15/30 446,529 39,556,331 NR Morgan Stanley Capital 1, Inc., Series 1998-HF2, Class X, 0.854% due 11/15/30 1,241,543 820,931 AAA Mortgage Capital Funding, Inc., Series 1998-MC3, Class A2, 6.337% due 11/18/31 923,344 500,000 AAA Providian Gateway Master Trust, Series 2000-B, Class A, 1.590% due 3/16/09 492,750 868,384 AAA Residential Accredit Loans, Inc., Series 1998-QS4, Class AI5, 7.000% due 3/25/28 895,605 1,252,876 AAA Residential Funding Mortgage Securities, Series 2001-S28, Class A1, 6.000% due 12/25/16 1,287,766 634,914 AAA Summit Acceptance Auto Receivables Trust, Series 2000-A, Class A4, 7.510% due 2/15/07 642,453 787,000 AAA Wells Fargo Mortgage Backed Securities Trust, Series 2002-6, Class A3, 6.000% due 3/25/17 832,097 - ------------------------------------------------------------------------------------------------ 23,060,022 - ------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 9 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
FACE AMOUNT RATING(d) SECURITY VALUE - -------------------------------------------------------------------------------------------- Commercial Services -- 0.1% $ 645,000 Baa1* Cendant Corp., 6.875% due 8/15/06 $ 705,847 - -------------------------------------------------------------------------------------------- Entertainment/Media -- 0.7% 150,000 BBB- A.H. Belo Corp., Unsecured Sr. Debentures, 7.750% due 6/1/27 172,548 157,000 BBB+ AOL Time Warner Inc., 6.150% due 5/1/07 (b) 169,403 527,000 BBB- Clear Channel Communications, Inc., 7.250% due 9/15/03 536,390 1,844,000 BBB Cox Communications, Inc., Unsecured Notes, 7.750% due 11/1/10 2,217,700 1,073,000 BBB- News America, Inc., 6.703% due 5/21/04 1,118,849 484,000 BBB+ Time Warner Entertainment Co. L.P., 10.150% due 5/1/12 644,871 426,000 BBB+ Time Warner Inc., 6.875% due 6/15/18 448,420 600,000 BBB+ Turner Broadcasting System, Inc., Sr. Notes, Class A, 8.375% due 7/1/13 696,788 311,000 BBB+ The Walt Disney Co., Sr. Unsecured Notes, Series B, 6.750% due 3/30/06 341,348 - -------------------------------------------------------------------------------------------- 6,346,317 - -------------------------------------------------------------------------------------------- Gaming -- 0.1% 778,000 BBB- MGM MIRAGE, 8.500% due 9/15/10 875,250 - -------------------------------------------------------------------------------------------- Healthcare -- 0.2% HCA Inc.: 1,489,000 BBB- 6.950% due 5/1/12 1,603,847 260,000 BBB- Sr. Unsecured Notes, 8.750% due 9/1/10 304,489 - -------------------------------------------------------------------------------------------- 1,908,336 - -------------------------------------------------------------------------------------------- Machinery -- 0.1% 630,000 BBB Kennametal Inc., Sr. Unsecured Notes, 7.200% due 6/15/02 672,032 - -------------------------------------------------------------------------------------------- Oil/Oil Services -- 0.5% 1,492,000 BBB Devon Financing Corp., ULC, 6.875% due 9/30/11 1,718,862 2,367,000 A- Phillips Petroleum Co., 8.500% due 5/25/05 2,674,338 - -------------------------------------------------------------------------------------------- 4,393,200 - -------------------------------------------------------------------------------------------- Paper Products -- 0.2% 248,000 BBB MeadWestvaco Corp., Unsecured Debentures, 6.800% due 11/15/32 263,310 1,500,000 BBB Weyerhaeuser Co., Unsecured Notes, 6.750% due 3/15/12 1,683,234 - -------------------------------------------------------------------------------------------- 1,946,544 - -------------------------------------------------------------------------------------------- Pipelines -- 0.1% 985,000 BBB+ Kinder Morgan Energy Partners, L.P., Sr. Unsecured Bonds, 7.750% due 3/15/32 1,211,325 - -------------------------------------------------------------------------------------------- Railroad -- 0.1% 1,285,000 BBB Union Pacific Corp., Series E, 6.340% due 11/25/03 1,315,363 - --------------------------------------------------------------------------------------------
See Notes to Financial Statements. 10 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
FACE AMOUNT RATING(d) SECURITY VALUE - -------------------------------------------------------------------------------------------------- Real Estate -- 0.5% $ 817,000 BBB+ EOP Operating, L.P., Unsecured Notes, 6.800% due 1/15/09 $ 921,426 2,117,000 BBB Simon Property Group, Inc., 6.750% due 2/9/04 2,198,098 1,555,000 A Socgen Real Estate Co. LLC, 7.640% due 12/12/49 (e) 1,732,438 - -------------------------------------------------------------------------------------------------- 4,851,962 - -------------------------------------------------------------------------------------------------- Real Estate Investment Trust -- 0.2% 1,500,000 BBB Vornado Realty L.P., Sr. Unsecured Notes, 5.625% due 6/15/07 1,545,862 - -------------------------------------------------------------------------------------------------- Retail Stores -- 0.2% 1,639,000 BBB+ Federated Department Stores Inc., 8.500% due 6/15/03 1,651,333 - -------------------------------------------------------------------------------------------------- Special Purpose -- 0.2% 623,000 A2* Natexis AMBS Co., LLC, 8.440% due 12/29/49 (e) 739,819 600,000 A+ Prudential Funding LLC, 6.600% due 5/15/08 (e) 679,076 - -------------------------------------------------------------------------------------------------- 1,418,895 - -------------------------------------------------------------------------------------------------- Telecommunications -- 1.1% 558,000 A ALLTEL Corp., Sr. Unsecured Notes, 7.875% due 7/1/32 730,957 410,000 BBB AT&T Wireless Services Inc., Sr. Unsecured Notes, 7.350% due 3/1/06 457,105 Citizens Communications Co., Sr. Unsecured Notes: 623,000 BBB 8.500% due 5/15/06 722,344 1,366,000 BBB 7.625% due 8/15/08 1,598,107 334,000 BBB- Sprint Capital Corp., 7.125% due 1/30/06 354,040 3,319,000 BB+ TCI Communications Inc., 9.650% due 3/31/27 3,696,559 2,096,000 A+ Verizon New York Inc., Sr. Unsecured Debentures, Series A, 6.875% due 4/1/12 2,419,884 - -------------------------------------------------------------------------------------------------- 9,978,996 - -------------------------------------------------------------------------------------------------- Utilities -- 1.5% 388,000 BBB Cleveland Electric Illuminating Co., Series E, 9.000% due 7/1/23 407,783 1,500,000 BBB+ Dominion Resources, Inc., Series C, 7.600% due 7/15/03 1,516,998 1,500,000 BBB DTE Energy Co., 7.050% due 6/1/11 1,731,410 471,000 BBB+ Entergy Mississippi Inc., 6.200% due 5/1/04 490,245 350,000 Baa2* FirstEnergy Corp., Sr. Unsecured Notes, Series B, 6.450% due 11/15/11 379,119 230,284 BBB- GG1B Funding Corp., 7.430% due 1/15/11 243,310 236,000 BBB- Gulf States Utilities, Series A, 8.250% due 4/1/04 249,145 1,250,000 A+ Hydro-Quebec, Series JL, 6.300% due 5/11/11 1,443,844 268,000 BBB- MidAmerican Energy Holdings Co., Sr. Notes, 5.875% due 10/1/12 (e)(g) 280,601 Niagara Mohawk Power Corp.: 271,000 A+ 7.750% due 5/15/06 307,252 1,053,000 A 8.770% due 1/1/18 1,096,787 389,554 Baa1* Northeast Utilities, Series A, 8.580% due 12/1/06 (e)(g) 440,171
See Notes to Financial Statements. 11 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
FACE AMOUNT RATING(d) SECURITY VALUE - ------------------------------------------------------------------------------------------------- Utilities -- 1.5% (continued) $1,392,000 Baa1* Oncor Electric Delivery Co., Secured Sr. Notes, 7.000% due 5/1/32 $ 1,583,232 1,003,000 Baa1* PSE&G Power LLC, 8.625% due 4/15/31 1,324,346 858,000 BBB Toledo Edison Co., 7.875% due 8/1/04 917,692 796,243 BBB- Waterford 3 Funding - Entergy Louisiana Inc., 8.090% due 1/2/17 857,976 - ------------------------------------------------------------------------------------------------- 13,269,911 - ------------------------------------------------------------------------------------------------- Waste Disposal -- 0.3% Waste Management, Inc.: 1,274,000 BBB 7.000% due 10/1/04 1,354,431 1,504,000 BBB 7.375% due 8/1/10 1,756,070 - ------------------------------------------------------------------------------------------------- 3,110,501 - ------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS AND NOTES (Cost -- $106,594,132) 114,555,704 - ------------------------------------------------------------------------------------------------- CONVERTIBLE CORPORATE BONDS AND NOTES -- 0.5% Banks -- 0.1% 801,000 A Abbey National Capital Trust I, 8.963% due 12/29/49 (f) 1,076,891 - ------------------------------------------------------------------------------------------------- Insurance -- 0.0% 172,000 A Loews Corp., 3.125% due 9/15/07 155,015 - ------------------------------------------------------------------------------------------------- Semiconductors -- 0.4% 2,950,000 Baa1* Analog Devices, Inc., 4.750% due 10/1/05 3,001,625 - ------------------------------------------------------------------------------------------------- TOTAL CONVERTIBLE CORPORATE BONDS AND NOTES (Cost -- $3,978,107) 4,233,531 - ------------------------------------------------------------------------------------------------- FOREIGN BONDS AND NOTES -- 0.7% France -- 0.1% 1,000,000 BBB- France Telecom S.A., Sr. Unsecured Notes, 8.500% due 3/1/31 (f) 1,331,320 - ------------------------------------------------------------------------------------------------- Italy -- 0.2% 1,500,000 AA Republic of Italy, 4.625% due 6/15/05 1,583,493 - ------------------------------------------------------------------------------------------------- Luxembourg -- 0.1% 816,000 AAA AIG SunAmerica Institutional Funding II, 5.750% due 2/16/09 883,687 - ------------------------------------------------------------------------------------------------- Mexico -- 0.1% United Mexican States: 301,000 Baa2* 11.375% due 9/15/16 431,409 333,000 Baa2* 8.125% due 12/30/19 376,623 - ------------------------------------------------------------------------------------------------- 808,032 - -------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 12 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 MFS TOTAL RETURN PORTFOLIO
FACE AMOUNT RATING(d) SECURITY VALUE - ---------------------------------------------------------------------------------------------- Netherlands -- 0.1% $ 500,000 BBB+ Deutsche Telekom International Finance BV, Unsecured Bonds, 8.250% due 6/15/30 (f) $ 620,068 - ---------------------------------------------------------------------------------------------- Norway -- 0.0% 350,000 A2* Union Bank of Norway, 7.350% due 12/29/49 (e)(f) 354,498 - ---------------------------------------------------------------------------------------------- United Kingdom -- 0.1% 975,000 Aa3* Barclays Bank PLC ADR, 6.860% due 9/29/49 (e)(f) 1,087,078 - ---------------------------------------------------------------------------------------------- TOTAL FOREIGN BONDS AND NOTES (Cost -- $6,272,903) 6,668,176 - ---------------------------------------------------------------------------------------------- COMMERCIAL PAPER -- 6.6% 59,061,000 Federal Home Loan Mortgage Discount Notes, 0.000% due 5/1/03 (Cost -- $59,061,000) 59,061,000 - ---------------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100% (Cost -- $903,508,611**) $896,065,319 - ----------------------------------------------------------------------------------------------
(a) Non-income producing security. (b) All or a portion of this security is on loan (See Note 6). (c) Security has been issued on a to-be-announced basis ("TBA") (See Note 7). (d) All ratings are by Standard & Poor's Rating Service, except for those identified by an asterisk (*), which are rated by Moody's Investors Service. (e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. (f) Variable rate security. (g) Security has been issued with attached rights. ** Aggregate cost for Federal income tax purposes is substantially the same. See pages 20 and 21 for definitions of ratings. Abbreviation used in this schedule: ADR - American Depositary Receipt LOANED SECURITIES COLLATERAL (UNAUDITED) APRIL 30, 2003
FACE AMOUNT SECURITY VALUE - --------------------------------------------------------------------------------------- $85,253,262 State Street Navigator Securities Lending Trust Prime Portfolio (Cost -- $85,253,262) $85,253,262 - ---------------------------------------------------------------------------------------
See Notes to Financial Statements. 13 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 TRAVELERS MANAGED INCOME PORTFOLIO
FACE AMOUNT SECURITY VALUE - --------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 32.7% U.S. Treasury Notes: $13,975,000 3.500% due 11/15/06 $14,572,222 1,875,000 4.750% due 11/15/08 2,039,430 2,850,000 3.500% due 1/15/11 3,155,375 1,700,000 4.000% due 11/15/12 1,722,246 3,900,000 3.875% due 2/15/13 3,906,400 U.S. Treasury Bonds: 1,430,000 8.875% due 8/15/17 2,101,765 400,000 5.375% due 2/15/31 436,594 47,000,000 Federal Home Loan Mortgage Corp., 4.750% due 8/13/09 48,504,846 - --------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost -- $75,209,642) 76,438,878 - --------------------------------------------------------------------------------------------- FACE AMOUNT RATING(a) SECURITY VALUE - --------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES -- 53.9% Aerospace/Defense -- 1.6% 3,600,000 BBB- Raytheon Co., Notes, 5.700% due 11/1/03 3,645,468 - --------------------------------------------------------------------------------------------- Entertainment/Media -- 4.3% 4,000,000 BBB+ AOL Time Warner Inc., Notes, 6.150% due 5/1/07 4,315,996 4,300,000 BBB- Clear Channel Communications, Inc., Sr. Notes, 7.250% due 9/15/03 4,376,617 1,000,000 BBB Comcast Cable Communications, Inc., Notes, 8.500% due 5/1/27 1,278,035 - --------------------------------------------------------------------------------------------- 9,970,648 - --------------------------------------------------------------------------------------------- Financial Services -- 9.5% 2,280,000 A2* FleetBoston Financial Corp., Sub. Notes, 7.125% due 4/15/06 2,547,280 2,000,000 A3* Ford Motor Credit Co., Notes, 6.875% due 2/1/06 2,070,290 2,500,000 BBB Gemstone Investors Ltd., Sr. Notes, 7.710% due 10/31/04 (b) 2,418,750 2,000,000 AAA General Electric Capital Corp., Notes, 5.450% due 1/15/13 2,128,180 700,000 A2* General Motors Acceptance Corp., Notes, 6.875% due 8/28/12 713,072 500,000 Aa3* The Goldman Sachs Group, Inc., Notes, 5.700% due 9/1/12 533,516 2,700,000 A Household Finance Corp., Notes, 6.375% due 11/27/12 2,984,045 2,200,000 A J.P. Morgan Chase & Co., Sub. Notes, 5.750% due 1/2/13 2,341,891 Morgan Stanley: 2,100,000 Aa3* Notes, 4.250% due 5/15/10 2,088,513 2,700,000 Aa3* Sr. Notes, 5.300% due 3/1/13 2,807,689 400,000 BBB+ SAFECO Corp., Sr. Notes, 7.250% due 9/1/12 462,122 1,100,000 A3* Washington Mutual Inc., Sr. Notes, 4.375% due 1/15/08 1,146,121 - --------------------------------------------------------------------------------------------- 22,241,469 - ---------------------------------------------------------------------------------------------
See Notes to Financial Statements. 14 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 TRAVELERS MANAGED INCOME PORTFOLIO
FACE AMOUNT RATING(a) SECURITY VALUE - -------------------------------------------------------------------------------------------- Food -- 1.0% $2,000,000 BBB- Fred Meyer, Inc., Notes, 7.450% due 3/1/08 $ 2,290,768 - -------------------------------------------------------------------------------------------- Metals and Mining -- 2.1% 5,000,000 A2* Alcan Inc., Notes, 4.500% due 5/15/13 5,015,950 - -------------------------------------------------------------------------------------------- Real Estate Investment Trust -- 5.8% EOP Operating, L.P., Notes: 570,000 BBB+ 8.100% due 8/1/10 681,372 1,200,000 BBB+ 5.875% due 1/15/13 1,270,672 5,200,000 BBB Post Apartment Homes, L.P., Notes, 6.850% due 3/16/05 5,479,495 6,200,000 Baa1* Simon Property Group Inc., Notes, 6.625% due 6/15/03 6,234,522 - -------------------------------------------------------------------------------------------- 13,666,061 - -------------------------------------------------------------------------------------------- Retail -- 3.9% 4,000,000 BBB+ Sears Roebuck Acceptance Corp., Medium-Term Notes, Series VI, 4.229% due 1/7/04 (c) 4,000,000 5,000,000 AA Wal-Mart Stores Inc., Notes, 4.550% due 5/1/13 5,070,140 - -------------------------------------------------------------------------------------------- 9,070,140 - -------------------------------------------------------------------------------------------- Technology -- 0.4% 900,000 A- Hewlett-Packard Co., Notes, 6.500% due 7/1/12 1,009,021 - -------------------------------------------------------------------------------------------- Telecommunications -- 10.2% 8,200,000 Baa1* Cox Enterprises Inc., Notes, 7.875% due 9/15/10 (b) 9,662,888 3,600,000 A+ New York Telephone Co., Debentures, 7.000% due 8/15/25 3,710,934 9,500,000 CCC+ Qwest Capital Funding, Inc., Notes, 7.000% due 8/3/09 7,908,750 800,000 BBB- Sprint Capital Corp., Notes, 8.375% due 3/15/12 894,000 WorldCom Inc., Notes: 3,000,000 Ca* 6.500% due 5/15/04 (d) 855,000 3,000,000 Ca* 7.500% due 5/15/11 (d) 855,000 - -------------------------------------------------------------------------------------------- 23,886,572 - -------------------------------------------------------------------------------------------- Utilities -- 15.1% 6,200,000 B Aquila, Inc., Sr. Notes, 6.875% due 10/1/04 5,998,500 1,740,000 BBB- CALENERGY Co., Inc., Sr. Notes, 6.960% due 9/15/03 1,770,290 3,200,000 BBB Cleveland Electric Illuminating Co., Series E, 9.000% due 7/1/23 3,363,158 CMS Energy Corp., Sr. Notes: 1,150,000 B+ 7.625% due 11/15/04 1,150,000 3,600,000 B+ Series B, 6.750% due 1/15/04 3,627,000 930,000 BBB Duke Energy Field Services, LLC, Notes, 7.500% due 8/16/05 1,018,051 4,500,000 BBB El Paso Corp., Medium-Term Notes, 6.950% due 12/15/07 4,038,750 3,300,000 C* Osprey Trust/Osprey I Inc., Secured Notes, 8.310% due 1/15/49 (b)(d) 478,500
See Notes to Financial Statements. 15 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 TRAVELERS MANAGED INCOME PORTFOLIO
FACE AMOUNT RATING(a) SECURITY VALUE - --------------------------------------------------------------------------------------------- Utilities -- 15.1% (continued) $3,000,000 Baa1* Pepco Holdings, Inc., Notes, 5.500% due 8/15/07 (b) $ 3,200,688 4,400,000 Baa1* Progress Energy, Inc., Sr. Notes, 6.050% due 4/15/07 4,828,969 PSE&G Energy Holdings Inc., Sr. Notes: 975,000 BBB- 9.125% due 2/10/04 1,009,352 800,000 BBB- 8.625% due 2/15/08 857,006 4,000,000 Ba2* Transcontinental Gas Pipe Line Corp., Notes, 6.125% due 1/15/05 4,080,000 - --------------------------------------------------------------------------------------------- 35,420,264 - --------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS AND NOTES (Cost -- $130,141,620) 126,216,361 - --------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES -- 5.1% 2,000,000 AAA California Infrastructure PG&E-1, Series 1997-1, Class A7, 6.420% due 9/25/08 2,171,762 2,600,000 AAA DaimlerChrysler Auto Trust, Series 2001-C, Class A4, 4.630% due 12/6/06 2,726,023 2,000,000 AAA Discover Card Master Trust I, Series 1996-3, Class A, 6.050% due 8/18/08 2,195,420 2,500,000 AAA Ford Credit Auto Owner Trust, Series 2002-B, Class A4, 4.750% due 8/15/06 2,648,195 200,000 AAA Metris Master Trust, Series 2001-1, Class A, 1.549% due 12/20/07 (c) 190,034 2,000,000 AAA Toyota Auto Receivables Owner Trust, Series 2002-C, Class A3, 2.650% due 11/15/06 2,035,165 - --------------------------------------------------------------------------------------------- TOTAL ASSET-BACKED SECURITIES (Cost -- $11,903,751) 11,966,599 - --------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.3% 1,650,000 Aaa* CS First Boston Mortgage Securities Corp., Series 2001-CK1, Class A3, 6.380% due 12/16/35 1,863,308 1,240,000 AAA LB-UBS Commercial Mortgage Trust, Series 2002-C4, Class A5, 4.853% due 9/15/31 1,274,972 - --------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost -- $3,097,327) 3,138,280 - --------------------------------------------------------------------------------------------- WARRANTS SECURITY VALUE - --------------------------------------------------------------------------------------------- WARRANTS(e) -- 0.0% 150 Loral Orion Network Systems, Inc., Expires 1/15/07 (Cost -- $105) 2 - ---------------------------------------------------------------------------------------------
See Notes to Financial Statements. 16 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 TRAVELERS MANAGED INCOME PORTFOLIO
FACE AMOUNT SECURITY VALUE - ---------------------------------------------------------------------------------------- REPURCHASE AGREEMENT -- 7.0% $16,361,000 State Street Bank and Trust Co., 1.200% due 5/1/03; Proceeds at maturity -- $16,361,545; (Fully collateralized by the Federal National Mortgage Association, 5.500% due 2/15/06; Market value -- $16,690,993) (Cost -- $16,361,000) $ 16,361,000 - ---------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100% (Cost -- $236,713,445**) $234,121,120 - ----------------------------------------------------------------------------------------
(a) All ratings are by Standard & Poor's Ratings Service, except for those identified by an asterisk (*), which are rated by Moody's Investors Service. (b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. (c) Variable rate security. (d) Security is currently in default. (e) Non-income producing security. ** Aggregate cost for Federal income tax purposes is substantially the same. See pages 20 and 21 for definitions of ratings. See Notes to Financial Statements. 17 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 SMITH BARNEY MONEY MARKET PORTFOLIO
FACE ANNUALIZED AMOUNT SECURITY YIELD VALUE - ------------------------------------------------------------------------------------- COMMERCIAL PAPER -- 43.3% $ 5,000,000 Abbey National North America matures 5/6/03 1.25% $ 4,999,132 15,000,000 ABN-AMRO North America Finance Inc. mature 6/9/03 to 6/12/03 1.17 to 1.21 14,979,546 20,700,000 ANZ Delaware Inc. mature 5/5/03 to 7/7/03 1.24 to 1.26 20,681,934 20,000,000 Bank of America Corp. matures 5/20/03 1.26 19,986,700 5,000,000 Bank of Nova Scotia matures 6/10/03 1.17 4,993,500 10,000,000 CBA Delaware Finance Inc. matures 7/24/03 1.24 9,971,067 5,000,000 Credit Agricole Indosuez matures 5/6/03 1.25 4,999,132 13,400,000 Danske Corp. mature 6/5/03 to 7/14/03 1.20 to 1.30 13,376,647 20,000,000 Dexia Deleware LLC mature 5/22/03 to 6/9/03 1.20 to 1.25 19,979,708 23,000,000 General Electric Capital Corp. mature 6/6/03 to 9/24/03 1.21 to 1.26 22,938,558 15,000,000 Goldman Sachs & Co. mature 7/7/03 to 8/4/03 1.27 to 1.28 14,959,727 13,000,000 HBOS Treasury Services mature 5/9/03 to 7/9/03 1.17 to 1.31 12,981,495 15,000,000 ING U.S. Funding LLC mature 5/1/03 to 5/16/03 1.20 to 1.25 14,997,396 8,729,000 Lloyds TSB Bank PLC mature 5/6/03 to 7/25/03 1.24 to 1.26 8,713,768 20,000,000 Morgan Stanley mature 5/8/03 to 7/15/03 1.25 to 1.26 19,967,004 15,000,000 Nordea North America Inc. mature 6/20/03 to 7/21/03 1.22 to 1.24 14,963,628 5,000,000 Royal Bank of Scotland PLC matures 5/1/03 1.25 5,000,000 20,000,000 Societe Generale N.A. Inc. mature 5/6/03 to 7/10/03 1.24 to 1.26 19,979,775 21,450,000 Svenska Handelsbanken Inc. mature 5/2/03 to 5/23/03 1.25 21,438,318 3,000,000 The Toronto Dominion Bank matures 5/6/03 1.26 2,999,477 15,000,000 UBS Finance LLC mature 5/7/03 to 5/14/03 1.24 14,994,489 15,000,000 Westpac Capital Corp. mature 6/10/03 to 8/21/03 1.23 to 1.25 14,964,200 - ------------------------------------------------------------------------------------- TOTAL COMMERCIAL PAPER (Cost -- $302,865,201) 302,865,201 - ------------------------------------------------------------------------------------- AGENCY DISCOUNT NOTES -- 6.1% 17,850,000 Federal Home Loan Bank mature 5/28/03 to 8/8/03 1.23 to 1.24 17,821,275 15,000,000 Federal Home Loan Mortgage Corp. mature 5/29/03 to 7/28/03 1.23 to 1.25 14,965,540 10,000,000 Federal National Mortgage Association mature 5/12/03 to 8/13/03 1.21 to 1.24 9,979,222 - ------------------------------------------------------------------------------------- TOTAL AGENCY DISCOUNT NOTES (Cost -- $42,766,037) 42,766,037 - -------------------------------------------------------------------------------------
See Notes to Financial Statements. 18 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 SMITH BARNEY MONEY MARKET PORTFOLIO
FACE ANNUALIZED AMOUNT SECURITY YIELD VALUE - -------------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT -- 3.6% $ 5,000,000 Chase Manhattan Bank matures 6/11/03 1.26% $ 5,000,000 20,000,000 Wells Fargo Bank N.A. mature 5/6/03 to 6/13/03 1.22 to 1.26 19,999,998 - -------------------------------------------------------------------------------------- TOTAL CERTIFICATES OF DEPOSIT (Cost -- $24,999,998) 24,999,998 - -------------------------------------------------------------------------------------- FOREIGN CERTIFICATES OF DEPOSIT -- 33.6% 15,000,000 Abbey National PLC matures 5/6/03 1.26 15,000,013 5,000,000 ABN-AMRO Bank N.V. matures 6/10/03 1.23 5,000,000 20,000,000 Bank of Montreal mature 5/1/03 to 5/27/03 1.20 to 1.25 20,000,000 10,000,000 Bank of Nova Scotia mature 5/7/03 to 8/21/03 1.24 to 1.25 10,000,004 20,000,000 Barclays Bank PLC mature 5/2/03 to 7/30/03 1.20 to 1.29 20,000,086 20,000,000 BNP Paribas NY mature 5/27/03 to 8/4/03 1.18 to 1.26 20,000,000 20,000,000 Canadian Imperial Bank Commerce NY mature 5/6/03 to 5/19/03 1.25 to 1.26 20,000,062 15,000,000 Credit Agricole Indosuez NY mature 6/30/03 to 7/15/03 1.23 to 1.25 14,999,914 5,000,000 CS First Boston matures 6/23/03 1.27 5,000,000 5,000,000 Danske Bank matures 7/1/03 1.21 5,000,167 10,000,000 HBOS Treasury Services mature 6/5/03 to 7/29/03 1.26 to 1.27 9,999,840 13,000,000 Lloyds TSB Bank mature 5/12/03 to 7/15/03 1.24 to 1.26 13,000,388 22,000,000 Rabo Bank Nederland NV mature 5/27/03 to 7/3/03 1.19 to 1.25 22,000,176 10,000,000 Royal Bank of Canada matures 5/19/03 1.18 9,994,100 10,000,000 Royal Bank of Scotland Group NY mature 6/20/03 to 6/24/03 1.21 to 1.25 9,999,965 15,000,000 The Toronto Dominion Bank NY mature 6/6/03 to 6/10/03 1.23 to 1.26 15,000,098 20,000,000 Unicredito Italiano SPA mature 5/6/03 to 7/28/03 1.21 to 1.27 20,000,984 - -------------------------------------------------------------------------------------- TOTAL FOREIGN CERTIFICATES OF DEPOSIT (Cost -- $234,995,797) 234,995,797 - -------------------------------------------------------------------------------------- TIME DEPOSITS -- 13.4% 6,984,000 Canadian Imperial Bank Commerce matures 5/1/03 1.31 6,984,000 22,455,000 Chase Manhattan Bank matures 5/1/03 1.34 22,455,000 25,000,000 HSBC Bank USA matures 5/1/03 1.34 25,000,000 25,000,000 National Australia Bank matures 5/1/03 1.34 25,000,000 15,000,000 Royal Bank of Canada matures 5/1/03 1.35 15,000,000 - -------------------------------------------------------------------------------------- TOTAL TIME DEPOSITS (Cost -- $94,439,000) 94,439,000 - -------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100% (Cost -- $700,066,033*) $700,066,033 - --------------------------------------------------------------------------------------
*Aggregate cost for Federal income tax purposes is substantially the same. See Notes to Financial Statements. 19 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders BOND RATINGS (UNAUDITED) The definitions of the applicable rating symbols are set forth below: Standard & Poor's Ratings Service ("Standard and Poor's") -- Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories. AAA -- Bonds rated "AAA" have the highest rating assigned by Standard & Poor's. Capacity to pay interest and repay principal is extremely strong. AA --Bonds rated "AA" have a very strong capacity to pay interest and repay principal and differs from the highest rated issue only in a small degree. A --Bonds rated "A" have a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than bonds in higher rated categories. BBB --Bonds rated "BBB" are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories. BB, B, --Bonds rated "BB", "B", "CCC", "CC" and "C" are regarded, on CCC, CC balance, as predominantly speculative with respect to capacity to and C pay interest and repay principal in accordance with the terms of the obligation. "BB" represents the lowest degree of speculation and "C" the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions. Moody's Investors Service ("Moody's") -- Numerical modifiers 1, 2 and 3 may be applied to each generic rating from "Aa" to "Caa," where 1 is the highest and 3 the lowest rating within its generic category. Aaa -- Bonds rated "Aaa" are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edge." Interest pay- ments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues. Aa --Bonds rated "Aa" are judged to be of high quality by all standards. Together with the "Aaa" group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in "Aaa" securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in "Aaa" securities. A --Bonds rated "A" possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present that suggest a susceptibility to impairment some time in the future. Baa --Bonds rated "Baa" are considered to be medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payment and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well. Ba --Bonds rated "Ba" are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class. B --Bonds rated "B" generally lack characteristics of the desirable investments. Assurance of interest and principal payments or maintenance of other terms of the contract over any long period of time may be small. 20 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders BOND RATINGS (UNAUDITED) (CONTINUED) Caa and Ca -- Bonds rated "Caa" and "Ca" are of poor standing. Such issues may be in default or present elements of danger with respect to principal or interest. C --Bonds rated "C" are the lowest rated class of bonds, and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing. NR --Indicates that the bond is not rated by Standard & Poor's or Moody's.
21 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) APRIL 30, 2003
Travelers Smith Barney MFS Total Managed Money Return Income Market Portfolio Portfolio Portfolio - ---------------------------------------------------------------------------------------- ASSETS: Investments, at value (Cost -- $903,508,611, $236,713,445 and $700,066,033, respectively) $ 896,065,319 $234,121,120 $700,066,033 Loaned securities collateral, at value (Cost -- $85,253,262) (Note 6) 85,253,262 -- -- Cash 91,501 322 458 Receivable for securities sold 15,935,135 -- -- Dividends and interest receivable 4,792,072 2,645,762 450,474 Receivable for Fund shares sold 1,061,167 614,725 -- Other assets 22,955 13,155 -- - --------------------------------------------------------------------------------------- Total Assets 1,003,221,411 237,395,084 700,516,965 - --------------------------------------------------------------------------------------- LIABILITIES: Payable for securities on loan (Note 6) 85,253,262 -- -- Payable for securities purchased 36,133,956 7,072,413 6,983,846 Management fees payable 576,518 177,232 287,481 Payable for Fund shares purchased 6,296 -- 111,545 Dividends payable -- -- 138,568 Accrued expenses 58,954 23,185 44,382 - --------------------------------------------------------------------------------------- Total Liabilities 122,028,986 7,272,830 7,565,822 - --------------------------------------------------------------------------------------- Total Net Assets $ 881,192,425 $230,122,254 $692,951,143 - --------------------------------------------------------------------------------------- NET ASSETS: Par value of capital shares $ 604 $ 197 $ 6,930 Capital paid in excess of par value 924,629,056 228,875,150 692,944,213 Undistributed net investment income 6,902,421 3,176,510 -- Accumulated net realized gain (loss) from security transactions (42,913,356) 662,722 -- Net unrealized depreciation of investments and foreign currencies (7,426,300) (2,592,325) -- - --------------------------------------------------------------------------------------- Total Net Assets $ 881,192,425 $230,122,254 $692,951,143 - --------------------------------------------------------------------------------------- Shares Outstanding 60,391,538 19,732,989 692,951,143 - --------------------------------------------------------------------------------------- Net Asset Value $14.59 $11.66 $1.00 - ---------------------------------------------------------------------------------------
See Notes to Financial Statements. 22 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders STATEMENTS OF OPERATIONS (UNAUDITED) For the Six Months Ended April 30, 2003 Travelers Smith Barney MFS Total Managed Money Return Income Market Portfolio Portfolio Portfolio --------------------------------------------------------------------------- INVESTMENT INCOME: Interest $ 9,551,247 $ 5,913,820 $4,915,343 Dividends 5,487,093 -- -- Less: Foreign withholding tax (38,225) -- -- ------------------------------------------------------------------------- Total Investment Income 15,000,115 5,913,820 4,915,343 ------------------------------------------------------------------------- EXPENSES: Management fees (Note 3) 3,363,109 701,949 1,757,493 Custody 57,961 10,939 43,957 Shareholder communications 29,176 6,477 13,802 Audit and legal 16,563 12,310 15,868 Directors' fees 8,987 3,524 7,981 Shareholder servicing fees 2,485 3,709 6,860 Other 4,689 2,913 5,245 ------------------------------------------------------------------------- Total Expenses 3,482,970 741,821 1,851,206 ------------------------------------------------------------------------- Net Investment Income 11,517,145 5,171,999 3,064,137 ------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES (NOTE 4): Realized Gain (Loss) From: Security transactions (excluding short-term securities) (13,432,929) 662,489 -- Foreign currency transactions 2,869 -- -- ------------------------------------------------------------------------- Net Realized Gain (Loss) (13,430,060) 662,489 -- ------------------------------------------------------------------------- Change in Net Unrealized Depreciation From: Security transactions 39,812,749 13,336,412 -- Foreign currency transactions 9,280 -- -- ------------------------------------------------------------------------- Decrease in Net Unrealized Depreciation 39,822,029 13,336,412 -- ------------------------------------------------------------------------- Net Gain on Investments and Foreign Currencies 26,391,969 13,998,901 -- ------------------------------------------------------------------------- Increase in Net Assets From Operations $ 37,909,114 $19,170,900 $3,064,137 ------------------------------------------------------------------------- See Notes to Financial Statements. 23 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders STATEMENTS OF CHANGES IN NET ASSETS For the Six Months Ended April 30, 2003 (unaudited) and the Year Ended October 31, 2002
MFS Total Return Portfolio 2003 2002 - -------------------------------------------------------------------------------- OPERATIONS: Net investment income $ 11,517,145 $ 24,161,332 Net realized loss (13,430,060) (23,869,461) (Increase) decrease in net unrealized depreciation 39,822,029 (34,720,809) - -------------------------------------------------------------------------------- Increase (Decrease) in Net Assets From Operations 37,909,114 (34,428,938) - -------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (29,011,184) (23,799,852) Net realized gains -- (32,931,862) - -------------------------------------------------------------------------------- Decrease in Net Assets From Distributions to Shareholders (29,011,184) (56,731,714) - -------------------------------------------------------------------------------- FUND SHARE TRANSACTIONS (NOTE 8): Net proceeds from sale of shares 37,490,859 116,452,441 Net asset value of shares issued for reinvestment of dividends 29,011,184 56,731,714 Cost of shares reacquired (24,174,128) (56,042,667) - -------------------------------------------------------------------------------- Increase in Net Assets From Fund Share Transactions 42,327,915 117,141,488 - -------------------------------------------------------------------------------- Increase in Net Assets 51,225,845 25,980,836 NET ASSETS: Beginning of period 829,966,580 803,985,744 - -------------------------------------------------------------------------------- End of period* $881,192,425 $829,966,580 - -------------------------------------------------------------------------------- * Includes undistributed net investment income of: $6,902,421 $24,393,591 - --------------------------------------------------------------------------------
See Notes to Financial Statements. 24 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) For the Six Months Ended April 30, 2003 (unaudited) and the Year Ended October 31, 2002
Travelers Managed Income Portfolio 2003 2002 - -------------------------------------------------------------------------------- OPERATIONS: Net investment income $ 5,171,999 $ 9,877,758 Net realized gain 662,489 1,483,551 (Increase) decrease in net unrealized depreciation 13,336,412 (20,235,374) - -------------------------------------------------------------------------------- Increase (Decrease) in Net Assets From Operations 19,170,900 (8,874,065) - -------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (12,334,513) (10,827,859) Net realized gains (824,238) (813,814) - -------------------------------------------------------------------------------- Decrease in Net Assets From Distributions to Shareholders (13,158,751) (11,641,673) - -------------------------------------------------------------------------------- FUND SHARE TRANSACTIONS (NOTE 8): Net proceeds from sale of shares 15,442,749 37,658,544 Net asset value of shares issued for reinvestment of dividends 13,158,751 11,641,673 Cost of shares reacquired (12,268,560) (41,602,884) - -------------------------------------------------------------------------------- Increase in Net Assets From Fund Share Transactions 16,332,940 7,697,333 - -------------------------------------------------------------------------------- Increase (Decrease) in Net Assets 22,345,089 (12,818,405) NET ASSETS: Beginning of period 207,777,165 220,595,570 - -------------------------------------------------------------------------------- End of period* $230,122,254 $207,777,165 - -------------------------------------------------------------------------------- * Includes undistributed net investment income of: $3,176,510 $10,339,024 - --------------------------------------------------------------------------------
See Notes to Financial Statements. 25 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) For the Six Months Ended April 30, 2003 (unaudited) and the Year Ended October 31, 2002
Smith Barney Money Market Portfolio 2003 2002 - ------------------------------------------------------------------------------------------------- OPERATIONS: Net investment income $ 3,064,137 $ 8,748,428 Net realized gain -- 785 - ------------------------------------------------------------------------------------------------ Increase in Net Assets From Operations 3,064,137 8,749,213 - ------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 2): Net investment income (3,064,137) (8,748,428) Net realized gains -- (785) - ------------------------------------------------------------------------------------------------ Decrease in Net Assets From Distributions to Shareholders (3,064,137) (8,749,213) - ------------------------------------------------------------------------------------------------ FUND SHARE TRANSACTIONS (NOTE 8): Net proceeds from sale of shares 234,179,932 1,536,117,104 Net asset value of shares issued for reinvestment of dividends 3,276,969 8,870,018 Cost of shares reacquired (277,192,269) (1,417,106,947) - ------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets From Fund Share Transactions (39,735,368) 127,880,175 - ------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets (39,735,368) 127,880,175 NET ASSETS: Beginning of period 732,686,511 604,806,336 - ------------------------------------------------------------------------------------------------ End of period $ 692,951,143 $ 732,686,511 - ------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 26 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. Significant Accounting Policies The MFS Total Return, Travelers Managed Income and Smith Barney Money Market Portfolios ("Fund(s)") are separate investment funds of the Travelers Series Fund Inc. ("Series"). The Series, a Maryland corporation, is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company and consists of these Funds and eleven other separate investment funds: Alliance Growth, AIM Capital Appreciation, Salomon Brothers Strategic Total Return Bond, Putnam Diversified Income, Smith Barney High Income, Smith Barney Large Cap Value, Smith Barney International All Cap Growth, Smith Barney Large Capitalization Growth, Van Kampen Enterprise, Smith Barney Mid Cap Core and Smith Barney Aggressive Growth Portfolios. Shares of the Series are offered only to insurance company separate accounts that fund certain variable annuity and variable life insurance contracts. The financial statements and financial highlights for the other funds are presented in separate shareholder reports. The significant accounting policies consistently followed by the Funds are: (a) security transactions are accounted for on trade date; (b) the Smith Barney Money Market Portfolio uses the amortized cost method for valuing all of its portfolios securities; the MFS Total Return and Travelers Managed Income Portfolios use the amortized cost method for valuing securities with maturities less than 60 days, accordingly, the cost of securities plus accreted discount or minus amortized premium approximates value; (c) securities traded on national securities markets are valued at the closing prices on such markets; fixed-income securities are valued at the mean between the bid and asked prices provided by an independent pricing service, securities for which no sales price was reported and U.S. government agencies and obligations are valued at the mean between the bid and asked prices; (d) dividend income is recorded on the ex-dividend date; foreign dividends are recorded on the ex-dividend date or as soon as practical after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence; (e) gains or losses on the sale of securities are calculated by using the specific identification method; (f ) interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis; (g) dividends and distributions to shareholders are recorded on the ex-dividend date; (h) the accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are trans- 27 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) lated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. Differences between income or expense amounts recorded and collected or paid are adjusted when reported by the custodian bank; (i) the character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America; (j) the Funds intend to comply with the requirements of the Internal Revenue Code of 1986, as amended, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all Federal income and excise taxes; and (k) 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 The Smith Barney Money Market Portfolio declares and records a dividend of substantially all its net investment income on each business day. Such dividends are paid or reinvested monthly on the payable date. The dividend policy for MFS Total Return Portfolio and Travelers Managed Income Portfolio is to distribute dividends and capital gains, if any, annually. 3. Management Agreement and Transactions with Affiliated Persons Smith Barney Fund Management LLC ("SBFM"), an indirect wholly-owned subsidiary of Citigroup Inc. ("Citigroup"), acts as investment manager of the Smith Barney Money Market Portfolio ("SBMM"). Travelers Investment Adviser, Inc. ("TIA") and Travelers Asset Management International Company, LLC ("TAMIC"), affiliates of SBFM, act as the investment managers of the MFS Total Return Portfolio ("MFSTR") and the Travelers Managed Income Portfolio ("TMI"), respectively. SBMM pays SBFM a management fee calculated at an annual rate of 0.50% of the average daily net assets of the SBMM. MFSTR pays TIA a management fee calculated at an annual rate of 0.80% of the average daily 28 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) net assets of MFSTR. TMI pays TAMIC a management fee calculated at an annual rate of 0.65% of the average daily net assets of TMI. These fees are calculated daily and paid monthly. TIA has a sub-advisory agreement with Massachusetts Financial Services Company ("MFS"). Pursuant to the sub-advisory agreement, MFS is responsible for the day-to-day portfolio operations and investment decisions for MFSTR and is compensated by TIA for such services at an annual rate of 0.375% of the average daily net assets of MFSTR. TIA has entered into a Sub-Administrative Services Agreement with SBFM. TIA pays SBFM, as sub-administrator, a fee calculated at an annual rate of 0.10% of the average daily net assets of MFSTR. Citicorp Trust Bank, fsb. ("CTB"), another subsidiary of Citigroup, acts as the Funds' transfer agent. PFPC Global Fund Services ("PFPC") acts as the Funds' sub-transfer agent. CTB receives account fees and asset-based fees that vary according to the size and type of account. PFPC is responsible for shareholder recordkeeping and financial processing for all shareholder accounts and is paid by CTB. For the six months ended April 30, 2003, each of the Funds paid transfer agent fees of $2,500 to CTB. During the six months ended April 30, 2003, Citigroup Global Markets Inc. ("CGM"), formerly known as Salomon Smith Barney Inc., another indirect wholly-owned subsidiary of Citigroup, did not receive any brokerage commissions. Most of the officers and one Director of the Series are employees of Citigroup or its affiliates. 4. Investments During the six months ended April 30, 2003, the aggregate cost of purchases and proceeds from sales of investments (including maturities of long-term securities, but excluding short-term securities) were as follows:
MFSTR TMI ----------------------------------------------------------------------- Purchases $323,023,070 $120,535,312 ---------------------------------------------------------------------- Sales 228,798,215 125,402,146 ----------------------------------------------------------------------
29 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) At April 30, 2003, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially as follows:
MFSTR TMI --------------------------------------------------------- Gross unrealized appreciation $ 37,182,705 $ 6,610,439 Gross unrealized depreciation (44,625,997) (9,202,764) --------------------------------------------------------- Net unrealized depreciation $ (7,443,292) $(2,592,325) ---------------------------------------------------------
5. Repurchase Agreements The Funds purchase (and their 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 of the collateral (plus accrued interest) in amounts at least equal to the repurchase price. 6. Lending of Portfolio Securities The Funds have an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Fees earned by the Funds on securities lending are recorded as interest income. Loans of securities by the Funds are collateralized by cash, U.S. government securities, high quality money market instruments or other securities that are maintained at all times in an amount at least equal to the current market value of the loaned securities, plus a margin which may vary between 2% and 5% depending on the type of securities loaned. The custodian establishes and maintains the collateral in segregated accounts. At April 30, 2003, MFSTR loaned stocks having a market value of $89,286,471. MFSTR received cash collateral amounting to $85,253,262 which was invested in State Street Navigator Securities Lending Trust Prime Portfolio. In addition, MFSTR received securities collateral amounting to $6,445,736. Income earned by MFSTR from securities lending for the six months ended April 30, 2003 was $83,740. At April 30, 2003, SBMM and TMI did not have any securities on loan. 30 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) 7. Securities Traded on a To-Be-Announced Basis The Funds may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Funds commit to purchasing or selling securities for which specific information is not yet known at the time of the trade, particularly the face amount and maturity date. Securities purchased on a TBA basis are not settled until they are delivered to the Funds, normally 15 to 45 days later. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other portfolio securities. At April 30, 2003, MFSTR held TBA securities with a total cost of $19,938,392. In addition, at April 30, 2003, TMI and SBMM did not hold any TBA securities. 8. Capital Shares At April 30, 2003, the Series had six billion shares of capital stock authorized with a par value of $0.00001 per share. Each share of a Fund represents an identical interest in that Fund with each share of the same Fund and has an equal entitlement to any dividends and distributions made by the Fund. Transactions in shares of each Fund were as follows:
Six Months Ended Year Ended April 30, 2003 October 31, 2002 --------------------------------------------------------------------- MFS Total Return Portfolio Shares sold 2,591,531 7,043,809 Shares issued on reinvestment 2,044,481 3,945,182 Shares reacquired (1,703,749) (3,543,265) --------------------------------------------------------------------- Net Increase 2,932,263 7,445,726 --------------------------------------------------------------------- Travelers Managed Income Portfolio Shares sold 1,357,057 3,116,379 Shares issued on reinvestment 1,187,613 1,030,237 Shares reacquired (1,073,468) (3,439,705) --------------------------------------------------------------------- Net Increase 1,471,202 706,911 --------------------------------------------------------------------- Smith Barney Money Market Portfolio Shares sold 234,179,932 1,536,117,104 Shares issued on reinvestment 3,276,969 8,870,018 Shares reacquired (277,192,269) (1,417,106,947) --------------------------------------------------------------------- Net Increase (Decrease) (39,735,368) 127,880,175 ---------------------------------------------------------------------
31 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders FINANCIAL HIGHLIGHTS For a share of capital stock outstanding throughout each year ended October 31, unless otherwise noted:
MFS Total Return Portfolio 2003/(1)/ 2002 2001 2000 1999/(2)/ 1998 - ----------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $14.44 $16.08 $17.16 $16.22 $16.23 $15.31 - ----------------------------------------------------------------------------------------------- Income (Loss) From Operations: Net investment income/(3)/ 0.19 0.39 0.42 0.54 0.52 0.32 Net realized and unrealized gain (loss)/(3)/ 0.46 (0.98) (0.42) 1.43 0.72 1.36 - ----------------------------------------------------------------------------------------------- Total Income (Loss) From Operations 0.65 (0.59) (0.00)* 1.97 1.24 1.68 - ----------------------------------------------------------------------------------------------- Less Distributions From: Net investment income (0.50) (0.44) (0.48) (0.46) (0.37) (0.28) Net realized gains -- (0.61) (0.60) (0.57) (0.88) (0.48) - ----------------------------------------------------------------------------------------------- Total Distributions (0.50) (1.05) (1.08) (1.03) (1.25) (0.76) - ----------------------------------------------------------------------------------------------- Net Asset Value, End of Period $14.59 $14.44 $16.08 $17.16 $16.22 $16.23 - ----------------------------------------------------------------------------------------------- Total Return 4.59%++ (3.59)% (0.22)% 12.77% 7.62% 10.94% - ----------------------------------------------------------------------------------------------- Net Assets, End of Period (millions) $881 $830 $804 $697 $622 $462 - ----------------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses 0.83%+ 0.83% 0.83% 0.83% 0.84% 0.84% Net investment income/(3)/ 2.74+ 2.81 3.08 3.42 3.11 3.32 - ----------------------------------------------------------------------------------------------- Portfolio Turnover Rate 29% 81% 88% 108% 97% 118% - -----------------------------------------------------------------------------------------------
(1) For the six months ended April 30, 2003 (unaudited). (2) Per share amounts have been calculated using the monthly average shares method. (3) Effective November 1, 2001, the Fund adopted a change in the accounting method that requires the Fund to amortize premiums and accrete all discounts. Without the adoption of this change, for the year ended October 31, 2002, net investment income, net realized and unrealized loss and the ratio of net investment income to average net assets would have been $0.40, $0.99 and 2.91%, respectively. Per share, ratios and supplemental data for the periods prior to November 1, 2001 have not been restated to reflect this change in presentation. * Amount represents less than $0.01 per share. ++ Total return is not annualized, as it may not be representative of the total return for the year. + Annualized. 32 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders FINANCIAL HIGHLIGHTS (CONTINUED) For a share of capital stock outstanding throughout each year ended October 31, unless otherwise noted:
Travelers Managed Income Portfolio 2003/(1)(2)/ 2002/(2)/ 2001/(2)/ 2000/(2)/ 1999/(2)/ 1998/(2)/ - ------------------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $11.38 $12.57 $11.58 $11.49 $11.65 $11.55 - ------------------------------------------------------------------------------------------------------- Income (Loss) From Operations: Net investment income/(3)/ 0.27 0.56 0.71 0.76 0.65 0.72 Net realized and unrealized gain (loss)/(3)/ 0.74 (1.07) 0.83 (0.24) (0.45) (0.06) - ------------------------------------------------------------------------------------------------------- Total Income (Loss) From Operations 1.01 (0.51) 1.54 0.52 0.20 0.66 - ------------------------------------------------------------------------------------------------------- Less Distributions From: Net investment income (0.68) (0.63) (0.55) (0.43) (0.29) (0.54) Net realized gains (0.05) (0.05) -- -- (0.07) (0.02) - ------------------------------------------------------------------------------------------------------- Total Distributions (0.73) (0.68) (0.55) (0.43) (0.36) (0.56) - ------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period $11.66 $11.38 $12.57 $11.58 $11.49 $11.65 - ------------------------------------------------------------------------------------------------------- Total Return 9.16%++ (4.06)% 13.50% 4.55% 1.75% 5.71% - ------------------------------------------------------------------------------------------------------- Net Assets, End of Period (millions) $230 $208 $221 $151 $113 $58 - ------------------------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses 0.69%+ 0.69% 0.68% 0.69% 0.76% 0.84% Net investment income/(3)/ 4.79+ 4.68 5.76 6.56 5.57 6.11 - ------------------------------------------------------------------------------------------------------- Portfolio Turnover Rate 58% 177% 194% 181% 411% 327% - -------------------------------------------------------------------------------------------------------
(1) For the six months ended April 30, 2003 (unaudited). (2) Per share amounts have been calculated using the monthly average shares method. (3) Effective November 1, 2001, the Fund adopted a change in the accounting method that requires the Fund to amortize premiums and accrete all discounts. Without the adoption of this change, for the year ended October 31, 2002, net investment income, net realized and unrealized loss and the ratio of net investment income to average net assets would have been $0.60, $1.11 and 5.02%, respectively. Per share, ratios and supplemental data for the period prior to November 1, 2001 have not been restated to reflect this change in presentation. ++ Total return is not annualized, as it may not be representative of the total return for the year. + Annualized. 33 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders FINANCIAL HIGHLIGHTS (CONTINUED) For a share of capital stock outstanding throughout each year ended October 31, unless otherwise noted:
Smith Barney Money Market Portfolio 2003/(1)(2)/ 2002/(2)/ 2001/(2)/ 2000/(2)/ 1999/(2)/ 1998/(2)/ - ------------------------------------------------------------------------------------------------------- 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 0.044 0.057 0.046 0.050 Distributions from net investment income (0.004) (0.014) (0.044) (0.057) (0.046) (0.050) - ------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ------------------------------------------------------------------------------------------------------- Total Return 0.43%++ 1.40% 4.46% 5.88% 4.66% 5.11% - ------------------------------------------------------------------------------------------------------- Net Assets, End of Period (millions) $693 $733 $605 $319 $277 $165 - ------------------------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses 0.53%+ 0.53% 0.53% 0.53% 0.54% 0.64% Net investment income 0.87+ 1.38 4.17 5.75 4.58 4.99 - -------------------------------------------------------------------------------------------------------
(1) For the six months ended April 30, 2003 (unaudited). (2) Per share amounts have been calculated using the monthly average shares method. ++ Total return is not annualized, as it may not be representative of the total return for the year. + Annualized. 34 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders TRAVELERS SERIES FUND INC. DIRECTORS INVESTMENT A.E. Cohen MANAGERS Robert A. Frankel Smith Barney Fund Michael E. Gellert Management LLC R. Jay Gerken, Chairman Travelers Investment Rainer Greeven Adviser, Inc. Susan M. Heilbron Travelers Asset Management International Company, LLC OFFICERS CUSTODIAN R. Jay Gerken State Street Bank and President and Chief Trust Company Executive Officer ANNUITY Lewis E. Daidone ADMINISTRATION Senior Vice President Travelers Annuity and Chief Administrative Investor Services Officer 5 State House Square 1 Tower Square Richard L. Peteka Hartford, CT 06183 Chief Financial Officer and Treasurer Martin R. Hanley Vice President Denny M. Voss Vice President Kaprel Ozsolak Controller Christina T. Sydor Secretary
Travelers Series Fund Inc. This report is submitted for the general information of the shareholders of Travelers Series Fund Inc. -- MFS Total Return, Travelers Managed Income and Smith Barney Money Market Portfolios. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Prospectus for the Funds, which contains information concerning the Funds' investment policies and expenses as well as other pertinent information. TRAVELERS SERIES FUND INC. 125 Broad Street 10th Floor, MF-2 New York, New York 10004 IN0804 6/03 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. Travelers Series Fund Inc. By: /s/ R. Jay Gerken R. Jay Gerken Chief Executive Officer of Travelers Series Fund Inc. Date: June 27, 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 Travelers Series Fund Inc. Date: June 27, 2003 By: /s/ Richard Peteka Chief Financial Officer of Travelers Series Fund Inc. Date: June 27, 2003 EX-99.CERT 3 dex99cert.txt CERTIFICATIONS 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 Travelers Series Fund Inc. - MFS Total Return 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: June 27, 2003 /s/ R. Jay Gerken ---------------------------- ------------------------------- R. Jay Gerken Chief Executive Officer I, Richard Peteka, certify that: 1. I have reviewed this report on Form N-CSR of the Travelers Series Fund Inc. - MFS Total Return 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: June 27, 2003 /s/ Richard Peteka ------------------------------- ---------------------------- Richard 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 Travelers Series Fund Inc. - Travelers Managed Income 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: June 27, 2003 /s/ R. Jay Gerken ---------------------------- ---------------------------------- R. Jay Gerken Chief Executive Officer I, Richard Peteka, certify that: 1. I have reviewed this report on Form N-CSR of the Travelers Series Fund Inc. - Travelers Managed Income 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: June 27, 2003 /s/ Richard Peteka ----------------------------- --------------------------- Richard 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 Travelers Series Fund Inc. - Smith Barney Money Market 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: June 27, 2003 /s/ R. Jay Gerken ---------------------------- --------------------------------------- R. Jay Gerken Chief Executive Officer I, Richard Peteka, certify that: 1. I have reviewed this report on Form N-CSR of the Travelers Series Fund Inc. - Smith Barney Money Market 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: June 27, 2003 /s/ Richard Peteka --------------------------- ---------------------------- Richard Peteka Chief Financial Officer EX-99.906CERT 4 dex99906cert.txt CERTIFICATIONS PURSUANT TO SECTION 906 CERTIFICATIONS PURSUANT TO SECTION 906 EX-99.906CERT CERTIFICATION R. Jay Gerken, Chief Executive Officer, and Richard Peteka, Chief Financial Officer of the Travelers Series Fund Inc. - MFS Total Return Portfolio, 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 April 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 Travelers Series Fund Inc. - Travelers Series Fund Inc. - MFS Total Return Portfolio MFS Total Return Portfolio /s/ R. Jay Gerken /s/ Richard Peteka - --------------------------- ---------------------------- R. Jay Gerken Richard Peteka Date: June 27, 2003 Date: June 27, 2003 A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Travelers Series Fund Inc. - MFS Total Return Portfolio and will be retained by Travelers Series Fund Inc. - MFS Total Return Portfolio and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 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 Peteka, Chief Financial Officer of the Travelers Series Fund Inc. - Travelers Managed Income Portfolio, 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 April 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 Travelers Series Fund Inc. - Travelers Series Fund Inc. - Travelers Managed Income Portfolio Travelers Managed Income Portfolio /s/ R. Jay Gerken /s/ Richard Peteka - --------------------------- ---------------------------- R. Jay Gerken Richard Peteka Date: June 27, 2003 Date: June 27, 2003 A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Travelers Series Fund Inc. - Travelers Managed Income Portfolio and will be retained by Travelers Series Fund Inc. - Travelers Managed Income Portfolio and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 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 Peteka, Chief Financial Officer of the Travelers Series Fund Inc. - Smith Barney Money Market Portfolio, 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 April 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 Travelers Series Fund Inc. - Travelers Series Fund Inc. - Smith Barney Money Market Portfolio Smith Barney Money Market Portfolio /s/ R. Jay Gerken /s/ Richard Peteka - --------------------------- ---------------------------- R. Jay Gerken Richard Peteka Date: June 27, 2003 Date: June 27, 2003 A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Travelers Series Fund Inc. - Smith Barney Money Market Portfolio and will be retained by Travelers Series Fund Inc. - - Smith Barney Money Market Portfolio and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission. -----END PRIVACY-ENHANCED MESSAGE-----