-----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, EEj8FBfZ1cAaSY7uGS3tytenPMcLgxzzB5dCR8YpsqBlx+kFu3PJhuZ8l0Q3ln/W JeVvCPYZT7KApcCOZo6RrQ== 0001193125-03-014831.txt : 20030630 0001193125-03-014831.hdr.sgml : 20030630 20030630135052 ACCESSION NUMBER: 0001193125-03-014831 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030430 FILED AS OF DATE: 20030630 EFFECTIVENESS DATE: 20030630 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: 03763593 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. SMITH BARNEY HIGH INCOME PORTFOLIO PUTNAM DIVERSIFIED INCOME PORTFOLIO -------------------------------------------------- SEMI-ANNUAL REPORT | APRIL 30, 2003 -------------------------------------------------------- NOT FDIC INSURED . NOT BANK GUARANTEED . MAY LOSE VALUE -------------------------------------------------------- WHAT'S INSIDE Letter From the Chairman......................................... 1 Schedule of Investments.......................................... 2 Statements of Assets and Liabilities............................. 59 Statements of Operations......................................... 60 Statements of Changes in Net Assets.............................. 61 Notes to Financial Statements.................................... 63 Financial Highlights............................................. 75
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 we will be reflecting other changes in future reports. Our aim is to make meaningful improvements in reporting on the management of your Fund and its performance, not just to enact change for change's sake. Please bear with us during this transition period. I invite you to read this report in full. Please take the opportunity to talk to your financial adviser about this report or any other questions or concerns you have about your Fund and your financial future. As always, thank you for entrusting your assets to us. We look forward to helping you continue to meet your financial goals. Sincerely, /s/ R. Jay Gerken R. Jay Gerken Chairman, President and Chief Executive Officer May 23, 2003 1 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) APRIL 30, 2003 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - ------------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES -- 88.7% Aerospace and Defense -- 0.4% 725,000 CCC+ Dunlop Standard Aerospace Holdings, Sr. Notes, 11.875% due 5/15/09 $ 757,625 600/UNIT/ NR Northrop Grumman Corp., 7.250% due 11/16/04 (b) 61,350 - ------------------------------------------------------------------------------------------------------- 818,975 - ------------------------------------------------------------------------------------------------------- Airlines -- 0.8% 655,000 C* Air Canada, Sr. Notes, 10.250% due 3/15/11 (c) 157,200 1,402,534 CCC Airplanes Pass-Through Trust, Corporate Asset-Backed Securities, Series D, 10.875% due 3/15/19 42,076 Continental Airlines Pass-Through Certificates: 560,000 BB- Series 99-2, Class C-2, 7.434% due 3/15/06 313,409 211,009 BB Series 00-2, Class C, 8.312% due 4/2/11 96,150 885,000 B+ Series 01-2, Class D, 7.568% due 12/1/06 382,530 United Airlines Inc., Pass-Through Certificates: 437,290 B- Series 00-1, 8.030% due 7/1/11 75,273 888,598 Ba3* Series 00-2, 7.811% due 10/1/09 (c) 134,592 365,000 B- Series 01-1, 6.831% due 9/1/08 62,899 160,000 Ba1* Series 01-1, 6.932% due 9/1/11 24,239 318,134 A+ US Airways, Inc., Pass-Through Certificates, Series 1999-1, 8.360% due 1/20/19 257,148 - ------------------------------------------------------------------------------------------------------- 1,545,516 - ------------------------------------------------------------------------------------------------------- Alternative Power Generation -- 2.4% The AES Corp.: 1,295,000 B- Sr. Notes, 9.500% due 6/1/09 1,282,050 465,000 B- Sr. Sub. Notes, 10.250% due 7/15/06 462,675 1,470,000 B+ Calpine Canada Energy Finance ULC, Sr. Notes, 8.500% due 5/1/08 1,091,475 Calpine Corp., Sr. Notes: 305,000 B+ 8.750% due 7/15/07 221,125 2,560,000 B+ 8.625% due 8/15/10 1,843,200 - ------------------------------------------------------------------------------------------------------- 4,900,525 - ------------------------------------------------------------------------------------------------------- Apparel/Footwear -- 1.7% Levi Strauss & Co.: 1,065,000 BB- Notes, 7.000% due 11/1/06 846,675 Sr. Notes: 750,000 BB- 11.625% due 1/15/08 637,500 145,000 BB- 12.250% due 12/15/12 (d) 121,075 460,000 BBB- Tommy Hilfiger U.S.A., Inc., Notes, 6.500% due 6/1/03 464,600 785,000 B Tropical Sportswear International Corp., Sr. Sub. Notes, Series A, 11.000% due 6/15/08 804,625
See Notes to Financial Statements. 2 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE -------------------------------------------------------------------------- Apparel/Footwear -- 1.7% (continued) 450,000 B The William Carter Co., Sr. Sub. Notes, Series B, 10.875% due 8/15/11 $ 502,875 ------------------------------------------------------------------------- 3,377,350 ------------------------------------------------------------------------- Apparel/Footwear Retail -- 0.4% The Gap Inc., Notes: 350,000 BB+ 5.625% due 5/1/03 350,000 190,000 BB+ 9.900% due 12/15/05 215,175 275,000 BB+ 10.550% due 12/15/08 329,313 ------------------------------------------------------------------------- 894,488 ------------------------------------------------------------------------- Athletic Equipment -- 0.3% 600,000 B- Icon Health & Fitness, Inc., Sr. Sub. Notes, 11.250% due 4/1/12 627,000 ------------------------------------------------------------------------- Auto Parts - Original Equipment Manufacturers -- 1.8% 260,000 BB Arvin Capital Trust I, Capital Securities, 9.500% due 2/1/27 258,375 Dana Corp., Notes: 715,000 BB 6.500% due 3/1/09 697,125 320,000 BB 10.125% due 3/15/10 360,000 150,000 B- Eagle-Picher Industries, Inc., Sr. Sub. Notes, 9.375% due 3/1/08 133,500 1,975,000 Baa1* Ford Motor Co., Notes, 7.450% due 7/16/31 1,762,605 65,000 CCC LDM Technologies, Inc., Sr. Sub. Notes, Series B, 10.750% due 1/15/07 61,100 225,000 B- Rexnord Corp., Sr. Sub. Notes, 10.125% due 12/15/12 (d) 243,000 150,000 B+ TRW Automotive, Inc., Sr. Sub. Notes, 11.000% due 2/15/13 (d) 165,000 ------------------------------------------------------------------------- 3,680,705 ------------------------------------------------------------------------- Beverages - Non-Alcoholic -- 1.0% 1,575,000 Ba3* Constellation Brands Inc., Sr. Sub. Notes, Series B, 8.125% due 1/15/12 1,679,344 330,000 B+ Cott Beverages Inc., Sr. Sub. Notes, 8.000% due 12/15/11 356,400 ------------------------------------------------------------------------- 2,035,744 ------------------------------------------------------------------------- Broadcasting -- 2.5% 1,432,000 B- Emmis Communications Corp., Sr. Discount Notes, step bond to yield 12.396% due 3/15/11 1,267,320 250,000 CCC IMAX Corp., Sr. Notes, 7.875% due 12/1/05 225,000 125,000 B- NextMedia Operating, Inc., Sr. Sub. Notes, 10.750% due 7/1/11 139,062 Paxson Communications Corp.: 490,000 B- Sr. Sub. Discount Notes, step bond to yield 12.263% due 1/15/09 414,050 270,000 B- Sr. Sub. Notes, 10.750% due 7/15/08 299,700
See Notes to Financial Statements. 3 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE ------------------------------------------------------------------------------ Broadcasting -- 2.5% (continued) Pegasus Communications Corp., Sr. Notes, Series B: 65,000 Ca* 9.625% due 10/15/05 $ 60,125 265,000 Ca* 9.750% due 12/1/06 245,125 550,000 B2* Radio One, Inc., Sr. Sub. Notes, Series B, 8.875% due 7/1/11 607,750 285,000 B- Spanish Broadcasting System, Inc., Sr. Notes, 9.625% due 11/1/09 302,812 925,000 BBB+ Time Warner Inc., Debentures, 6.625% due 5/15/29 916,706 450,000 B+ Vivendi Universal S.A., Sr. Notes, 9.250% due 4/15/10 (d) 507,375 ------------------------------------------------------------------------- 4,985,025 ------------------------------------------------------------------------- Building Products -- 1.2% 160,000 B Associated Materials Inc., Sr. Sub. Notes, 9.750% due 4/15/12 175,200 690,000 B- Atrium Cos., Inc., Sr. Sub. Notes, Series B, 10.500% due 5/1/09 727,950 575,000 B- Brand Services, Inc., Sr. Sub. Notes, Series B, 12.000% due 10/15/12 (d) 635,375 870,000 B- Nortek Holdings Inc., Sr. Sub. Notes, Series B, 9.875% due 6/15/11 909,150 ------------------------------------------------------------------------- 2,447,675 ------------------------------------------------------------------------- Cable/Satellite TV -- 8.1% 1,015,000 NR Adelphia Communications Corp., Sr. Discount Notes, Series B, zero coupon bond to yield 14.607% due 1/15/08 (c) 284,200 Charter Communications Holdings, LLC: Sr. Discount Notes: 3,966,000 Ca* Step bond to yield 12.272% due 1/15/10 2,002,830 1,035,000 Ca* Step bond to yield 13.504% due 1/15/11 470,925 1,535,000 Ca* Step bond to yield 11.772% due 5/15/11 698,425 1,000,000 Ca* Sr. Notes, 10.750% due 10/1/09 670,000 CSC Holdings, Inc.: 1,700,000 BB- Debentures, 7.625% due 7/15/18 1,772,250 260,000 BB- Sr. Notes, Series B, 7.625% due 4/1/11 274,950 1,060,000 B+ Sr. Sub. Debentures, 10.500% due 5/15/16 1,200,450 875,000 B1* DIRECTV Holdings LLC, Sr. Notes, 8.375% due 3/15/13 (d) 984,375 EchoStar DBS Corp., Sr. Notes: 1,310,000 BB- 10.375% due 10/1/07 1,473,750 1,150,000 BB- 9.125% due 1/15/09 1,299,500 1,025,000 BB- 9.375% due 2/1/09 1,110,844 1,065,000 B- Insight Communications Co., Inc., Sr. Discount Notes, step bond to yield 14.115% due 2/15/11 844,013 925,000 B+ MediaCom LLC/Cap Corp., Sr. Notes, 9.500% due 1/15/13 999,000 315,000 CCC- Pegasus Satellite Communications, Inc., Sr. Discount Notes, step bond to yield 23.919% due 3/1/07 272,475
See Notes to Financial Statements. 4 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE -------------------------------------------------------------------------- Cable/Satellite TV -- 8.1% (continued) 1,670,000 BB- Rogers Cablesystems Ltd., Sr. Sub. Debentures, 11.000% due 12/1/15 $ 1,891,275 -------------------------------------------------------------------------- 16,249,262 -------------------------------------------------------------------------- Casino/Gaming -- 4.4% 455,000 B Alliance Gaming Corp., Sr. Sub. Notes, Series B, 10.000% due 8/1/07 477,750 840,000 B Ameristar Casinos, Inc., Sr. Sub. Notes, 10.750% due 2/15/09 945,000 800,000 B+ Argosy Gaming Co., Sr. Sub. Notes, 9.000% due 9/1/11 864,000 225,000 B+ Horseshoe Gaming Holding Corp., Sr. Sub. Notes, Series B, 8.625% due 5/15/09 240,188 Mandalay Resort Group: 260,000 BB- Sr. Sub. Debentures, 7.625% due 7/15/13 258,700 585,000 BB- Sr. Sub. Notes, Series B, 10.250% due 8/1/07 649,350 MGM MIRAGE, Sr. Sub. Notes: 325,000 BB+ 9.750% due 6/1/07 365,625 900,000 BB+ 8.375% due 2/1/11 987,750 Park Place Entertainment Corp., Sr. Sub. Notes: 450,000 BB+ 8.875% due 9/15/08 487,125 1,400,000 BB+ 8.125% due 5/15/11 1,487,500 665,000 B+ Station Casinos, Inc., Sr. Sub. Notes, 8.875% due 12/1/08 703,237 275,000 B+ Turning Stone Casino Resort Enterprise, Sr. Notes, 9.125% due 12/15/10 (d) 290,812 930,000 B- Venetian Casino Resort LLC/Las Vegas Sands, Inc., Mortgage Secured Notes, 11.000% due 6/15/10 1,025,325 -------------------------------------------------------------------------- 8,782,362 -------------------------------------------------------------------------- Chemicals - Agricultural -- 0.4% 660,000 BB IMC Global Inc., Sr. Notes, Series B, 11.250% due 6/1/11 752,400 65,000 BB- Terra Capital Inc., Sr. Secured Notes, 12.875% due 10/15/08 73,125 -------------------------------------------------------------------------- 825,525 -------------------------------------------------------------------------- Chemicals - Major Diversified -- 1.8% 825,000 BB+ FMC Corp., Medium-Term Notes, Series A, 6.750% due 5/5/05 829,589 5,810,000 B- Huntsman ICI Chemicals LLC, Sr. Discount Notes, zero coupon bond to yield 17.445% due 12/31/09 2,294,950 715,000 CCC+ Texas Petrochemical Corp., Sr. Sub. Notes, 11.125% due 7/1/06 411,125 -------------------------------------------------------------------------- 3,535,664 -------------------------------------------------------------------------- Chemicals - Specialty -- 2.2% 345,000 Ba2* Airgas Inc., Sr. Sub. Notes, 9.125% due 10/1/11 386,400 645,000 B- Avecia Group PLC, Sr. Notes, 11.000% due 7/1/09 590,175
See Notes to Financial Statements. 5 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE ------------------------------------------------------------------------------ Chemicals - Specialty -- 2.2% (continued) 600,000 B+ International Specialty Holdings, Inc., Sr. Secured Notes, Series B, 10.625% due 12/15/09 $ 618,000 655,000 BB- ISP Chemco, Inc., Sr. Sub. Notes, Series B, 10.250% due 7/1/11 717,225 655,000 BB Lyondell Chemical Co., Sr. Secured Notes, 11.125% due 7/15/12 710,675 260,000 BBB- Methanex Corp., Sr. Notes, 8.750% due 8/15/12 287,950 235,000 B- OM Group, Inc., Sr. Sub. Notes, 9.250% due 12/15/11 202,100 900,000 B Terra Industries, Inc., Sr. Notes, Series B, 10.500% due 6/15/05 891,000 -------------------------------------------------------------------------- 4,403,525 -------------------------------------------------------------------------- Coal -- 0.3% 480,000 BB Luscar Coal Ltd., Sr. Notes, 9.750% due 10/15/11 544,800 -------------------------------------------------------------------------- Commercial Printing/Forms -- 0.3% 530,000 BB- Mail-Well I Corp., Sr. Notes, 9.625% due 3/15/12 540,600 -------------------------------------------------------------------------- Consumer Specialties -- 0.2% 75,000 B+ Central Garden & Pet Co., Sr. Sub. Notes, 9.125% due 2/1/13 (d) 80,625 65,000 B- Doane Pet Care Co., Sr. Sub. Notes, 9.750% due 5/15/07 62,075 200,000 B+ Resolution Performance Products LLC/RPP Capital Corp., Sr. Notes, 9.500% due 4/15/10 (d) 215,000 -------------------------------------------------------------------------- 357,700 -------------------------------------------------------------------------- Consumer Sundries -- 0.6% American Greetings Corp.: 385,000 BBB- Notes, 6.100% due 8/1/28 379,225 295,000 BB+ Sr. Sub. Notes, 11.750% due 7/15/08 339,250 460,000 BB- Sola International Inc., Notes, 6.875% due 3/15/08 434,584 -------------------------------------------------------------------------- 1,153,059 -------------------------------------------------------------------------- Containers/Packaging -- 4.3% 700,000 B+ Anchor Glass Container Corp., Sr. Secured Notes, 11.000% due 2/15/13 (d) 745,500 400,000 B Del Monte Corp., Sr. Sub. Notes, 8.625% due 12/15/12 (d) 432,500 1,220,000 BB Owens-Brockway Glass Container Inc., Sr. Secured Notes, 8.875% due 2/15/09 1,314,550 250,000 B+ Owens-Illinois, Inc., Sr. Notes, 7.150% due 5/15/05 256,250 235,000 B- Packaged Ice, Inc., Sr. Notes, Series B, 9.750% due 2/1/05 226,775 395,000 B+ Plastipak Holdings, Inc., Sr. Notes, 10.750% due 9/1/11 428,575 80,000 B- Pliant Corp., Sr. Sub. Notes, 13.000% due 6/1/10 74,400 1,000,000 B Radnor Holdings, Inc., Sr. Notes, 11.000% due 5/15/10 (d) 1,005,000 1,125,000 CCC+ Riverwood International Corp., Sr. Notes, 10.625% due 8/1/07 1,181,250 560,000 BBB Sealed Air Corp., Notes, 6.950% due 5/15/09 (d) 614,140 1,660,000 B Stone Container Corp., Sr. Notes, 11.500% due 8/15/06 (d) 1,784,500
See Notes to Financial Statements. 6 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE ----------------------------------------------------------------------------- Containers/Packaging -- 4.3% (continued) 495,000 B- Tekni-Plex Inc., Sr. Sub. Notes, Series B, 12.750% due 6/15/10 $ 486,337 ------------------------------------------------------------------------- 8,549,777 ------------------------------------------------------------------------- Contract Drilling -- 0.4% 710,000 BB Pride International, Inc., Sr. Notes, 10.000% due 6/1/09 781,000 ------------------------------------------------------------------------- Department Stores -- 1.3% J.C. Penney Co., Inc., Notes: 950,000 BB- 8.000% due 3/1/10 1,014,125 705,000 BB- 9.000% due 8/1/12 775,500 717,000 BB Saks Inc., Notes, 9.875% due 10/1/11 806,625 ------------------------------------------------------------------------- 2,596,250 ------------------------------------------------------------------------- Drugstore Chains -- 0.8% Rite Aid Corp.: 1,305,000 B- Notes, 7.125% due 1/15/07 1,265,850 325,000 B- Sr. Notes, 7.625% due 4/15/05 325,812 ------------------------------------------------------------------------- 1,591,662 ------------------------------------------------------------------------- Electric Utilities -- 3.4% 180,000 BB+ Avista Corp., Sr. Notes, 9.750% due 6/1/08 200,700 Avon Energy Partners Holdings: 1,300,000 B Notes, 6.460% due 3/4/08 (d) 1,131,000 750,000 B Sr. Notes, 7.050% due 12/11/07 (d) 656,250 CMS Energy Corp., Sr. Notes: 405,000 B+ 7.625% due 11/15/04 405,000 140,000 B+ 9.875% due 10/15/07 146,300 Edison Mission Energy, Sr. Notes: 640,000 BB- 10.000% due 8/15/08 592,000 325,000 BB- 7.730% due 6/15/09 274,625 1,625,000 BB- 9.875% due 4/15/11 1,446,250 Mirant Corp., Sr. Notes: 400,000 B 7.875% due 5/1/06 345,250 425,000 B 9.125% due 5/1/31 283,000 1,165,000 CCC+ Orion Power Holdings, Inc., Sr. Notes, 12.000% due 5/1/10 1,269,850 ------------------------------------------------------------------------- 6,750,225 ------------------------------------------------------------------------- Electrical Products -- 0.3% 690,000 BBB- Thomas & Betts Corp., Sr. Medium-Term Notes, 6.625% due 5/7/08 672,750 -------------------------------------------------------------------------
See Notes to Financial Statements. 7 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE --------------------------------------------------------------------------- Electronic/Appliances -- 0.5% 445,000 CCC Remington Product Co., LLC, Sr. Sub. Notes, Series D, 11.000% due 5/15/06 $ 456,125 Salton Inc., Sr. Sub. Notes: 65,000 B 10.750% due 12/15/05 67,275 475,000 B 12.250% due 4/15/08 496,375 ------------------------------------------------------------------------- 1,019,775 ------------------------------------------------------------------------- Engineering and Construction -- 0.2% 1,135,000 NR Metromedia Fiber Network, Sr. Secured Notes, 14.000% due 3/15/07 (c)(d) 312,125 ------------------------------------------------------------------------- Environmental Services -- 1.5% Allied Waste North America, Inc., Series B: 520,000 BB- Sr. Notes, 7.875% due 1/1/09 539,500 Sr. Sub. Notes: 890,000 BB- 8.500% due 12/1/08 965,650 1,365,000 B+ 10.000% due 8/1/09 1,465,669 ------------------------------------------------------------------------- 2,970,819 ------------------------------------------------------------------------- Finance Companies -- 0.5% 475,000 A3* Ford Motor Credit Co., Notes, 7.250% due 10/25/11 476,933 450,000 A2* General Motors Acceptance Corp., Notes, 6.875% due 2/28/12 458,404 ------------------------------------------------------------------------- 935,337 ------------------------------------------------------------------------- Finance/Rental/Leasing -- 0.9% 1,100,000 BBB- Avis Group Holdings Inc., Sr. Sub. Notes, 11.000% due 5/1/09 1,232,000 640,000 B Williams Scotsman Inc., Sr. Notes, 9.875% due 6/1/07 640,000 ------------------------------------------------------------------------- 1,872,000 ------------------------------------------------------------------------- Financial Conglomerates -- 1.0% 4,762,000 NR The Finova Group Inc., Notes, 7.500% due 11/15/09 1,928,610 ------------------------------------------------------------------------- Food Distributors -- 0.8% 300,000 BB+ Ahold Finance USA Inc., Notes, 8.250% due 7/15/10 265,875 1,250,000 B- Premier International Foods, PLC, Sr. Notes, 12.000% due 9/1/09 1,381,250 ------------------------------------------------------------------------- 1,647,125 ------------------------------------------------------------------------- Foods - Major Diversified -- 0.6% Aurora Foods Inc., Sr. Sub. Notes, Series B: 1,100,000 CC 9.875% due 2/15/07 500,500 660,000 CC 8.750% due 7/1/08 293,700 335,000 BB- Dean Foods Co., Sr. Notes, 6.900% due 10/15/17 322,464
See Notes to Financial Statements. 8 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE -------------------------------------------------------------------------- Foods - Major Diversified -- 0.6% (continued) 265,000 CCC Mrs. Fields Original Cookies, Inc., Sr. Notes, Series B, 10.125% due 12/1/04 $ 131,175 ------------------------------------------------------------------------- 1,247,839 ------------------------------------------------------------------------- Foods - Meat/Fish/Dairy -- 0.2% 410,000 BBB Tyson Foods, Inc., Notes, 7.000% due 1/15/28 394,826 ------------------------------------------------------------------------- Foods - Retail -- 0.2% 420,000 B+ The Great Atlantic & Pacific Tea Co., Inc., Notes, 7.750% due 4/15/07 361,200 ------------------------------------------------------------------------- Foods - Specialty/Candy -- 0.4% 640,000 B2* Michael Foods, Inc., Sr. Sub. Notes, Series B, 11.750% due 4/1/11 732,800 ------------------------------------------------------------------------- Forest Products -- 0.7% 1,135,000 Ba2* Louisiana Pacific Corp., Sr. Sub. Notes, 10.875% due 11/15/08 1,276,875 195,000 B+ Millar Western Forest Products Ltd., Sr. Notes, 9.875% due 5/15/08 203,775 ------------------------------------------------------------------------- 1,480,650 ------------------------------------------------------------------------- Home Furnishings -- 0.8% 200,000 B- Home Interiors & Gifts, Inc., Sr. Sub. Notes, 10.125% due 6/1/08 205,000 Sealy Mattress Co.: 1,080,000 B- Sr. Discount Notes, Series B, 10.875% due 12/15/07 1,134,000 150,000 B- Sr. Sub. Notes, Series B, 9.875% due 12/15/07 155,250 660,000 Ca* WestPoint Stevens Inc., Sr. Notes, 7.875% due 6/15/08 125,400 ------------------------------------------------------------------------- 1,619,650 ------------------------------------------------------------------------- Homebuilding -- 2.3% 325,000 BB Beazer Homes USA Inc., Sr. Notes, 8.625% due 5/15/11 356,688 D.R. Horton, Inc.: 320,000 Ba1* Sr. Notes, 8.000% due 2/1/09 348,800 340,000 Ba2* Sr. Sub. Notes, 9.375% due 3/15/11 368,900 480,000 BB- KB HOME, Sr. Sub. Notes, 9.500% due 2/15/11 531,600 585,000 BBB- Lennar Corp., Sr. Sub. Notes, Series B, 9.950% due 5/1/10 684,352 340,000 Ba3* Meritage Corp., Sr. Notes, 9.750% due 6/1/11 373,150 385,000 BB+ The Ryland Group, Inc., Sr. Notes, 9.750% due 9/1/10 439,381 570,000 Ba2* Schuler Homes, Inc., Sr. Sub. Notes, 10.500% due 7/15/11 638,400 Standard Pacific Corp.: 430,000 BB Sr. Notes, 8.500% due 4/1/09 445,587 325,000 B+ Sr. Sub. Notes, 9.250% due 4/15/12 346,937 ------------------------------------------------------------------------- 4,533,795 -------------------------------------------------------------------------
See Notes to Financial Statements. 9 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE ---------------------------------------------------------------------------- Hospital/Nursing Management -- 1.3% 700,000 B- Ameripath Inc., Sr. Sub. Notes, 10.500% due 4/1/13 (d) $ 745,500 Tenet Healthcare Corp., Sr. Notes: 225,000 BBB- 5.375% due 11/15/06 218,250 500,000 BBB- 6.500% due 6/1/12 476,250 325,000 BBB- 6.875% due 11/15/31 297,375 925,000 CCC+ Vanguard Health Systems, Sr. Sub. Notes, 9.750% due 8/1/11 938,875 --------------------------------------------------------------------------- 2,676,250 --------------------------------------------------------------------------- Hotel/Resorts/Cruiselines -- 0.9% 580,000 B2* Courtyard By Marriott II L.P./Courtyard Finance Co., Sr. Notes, Series B, 10.750% due 2/1/08 559,700 Hilton Hotels Corp.: 250,000 BBB- Notes, 7.625% due 12/1/12 266,796 510,000 BBB- Sr. Notes, 7.950% due 4/15/07 548,807 425,000 BBB- Starwood Hotels & Resorts Worldwide, Inc., Notes, 7.875% due 5/1/12 446,781 --------------------------------------------------------------------------- 1,822,084 --------------------------------------------------------------------------- Household/Personal Care -- 0.4% 260,000 B+ AKI, Inc., Sr. Notes, 10.500% due 7/1/08 261,300 525,000 CCC+ Revlon Consumer Products Corp., Sr. Secured Notes, 12.000% due 12/1/05 498,750 --------------------------------------------------------------------------- 760,050 --------------------------------------------------------------------------- Industrial Machinery -- 0.4% 685,000 B Flowserve Corp., Sr. Sub. Notes, 12.250% due 8/15/10 777,475 --------------------------------------------------------------------------- Industrial Specialties -- 0.0% 325,000 CCC+ Foamex L.P., Sr. Sub. Notes, 9.875% due 6/15/07 73,125 --------------------------------------------------------------------------- Jewelry Retail -- 0.5% 1,050,000 B+ Finlay Fine Jewelry Corp., Sr. Notes, 8.375% due 5/1/08 1,076,250 --------------------------------------------------------------------------- Major Telecommunications -- 3.8% Qwest Corp.: 725,000 Ba3* Debentures, 6.875% due 9/15/33 627,125 Notes: 25,000 CCC+ 13.500% due 12/15/10 (d) 27,875 1,420,000 Ba3* 8.875% due 3/15/12 (d) 1,562,000 596,000 CCC+ 14.000% due 12/15/14 (d) 682,420 850,000 CCC+ Sr. Notes, Series B, 7.500% due 11/1/08 773,500 SBA Communications Corp.: 800,000 CC Sr. Discount Notes, 12.000% due 3/1/08 724,000 400,000 CC Sr. Notes, 10.250% due 2/1/09 338,000
See Notes to Financial Statements. 10 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE ----------------------------------------------------------------------------- Major Telecommunications -- 3.8% (continued) Sprint Capital Corp., Notes: 775,000 BBB- 6.875% due 11/15/28 $ 720,750 2,025,000 BBB- 8.750% due 3/15/32 2,227,500 ------------------------------------------------------------------------- 7,683,170 ------------------------------------------------------------------------- Marine Shipping -- 0.5% 425,000 B+ General Maritime Corp., Sr. Notes, 10.000% due 3/15/13 (d) 461,125 330,000 CCC+ Oglebay Norton Co., Sr. Sub. Notes, 10.000% due 2/1/09 133,650 195,000 B Trico Marine Services, Inc., Sr. Notes, 8.875% due 5/15/12 171,600 360,000 Baa2* Windsor Petroleum Transport Corp., Notes, 7.840% due 1/15/21 (d) 304,896 ------------------------------------------------------------------------- 1,071,271 ------------------------------------------------------------------------- Medical/Drug -- 0.1% 175,000 B- aaiPharma Inc., Sr. Sub. Notes, 11.000% due 4/1/10 188,125 ------------------------------------------------------------------------- Medical Specialties -- 1.5% 270,000 B2* Extendicare Health Services Inc., Sr. Sub. Notes, 9.500% due 7/1/10 268,650 735,000 B- Hanger Orthopedic Group, Inc., Sr. Sub. Notes, 11.250% due 6/15/09 793,800 625,000 B- InSight Health Services Corp., Sr. Sub. Notes, Series B, 9.875% due 11/1/11 590,625 655,000 B+ Per-Se Technologies, Inc., Sr. Notes, Series B, 9.500% due 2/15/05 661,550 625,000 B- Universal Hospital Services Inc., Sr. Notes, 10.250% due 3/1/08 640,625 ------------------------------------------------------------------------- 2,955,250 ------------------------------------------------------------------------- Metal Fabrication -- 0.7% 590,000 CCC+ Hexcel Corp., Sr. Sub. Notes, 9.750% due 1/15/09 584,100 860,000 CCC+ Park-Ohio Industries, Inc., Sr. Sub. Notes, 9.250% due 12/1/07 662,200 185,000 BB- Wolverine Tube Inc., Sr. Notes, 10.500% due 4/1/09 197,025 ------------------------------------------------------------------------- 1,443,325 ------------------------------------------------------------------------- Miscellaneous Commercial Services -- 0.0% 790,000 Ca* Outsourcing Solutions Inc., Sr. Sub. Notes, Series B, 11.000% due 11/1/06 (c) 11,850 ------------------------------------------------------------------------- Miscellaneous Manufacturing -- 0.2% 445,000 NR Aqua Chem, Inc., Sr. Sub. Notes, 11.250% due 7/1/08 378,250 -------------------------------------------------------------------------
See Notes to Financial Statements. 11 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE --------------------------------------------------------------------------- Movies/Entertainment -- 0.7% AMC Entertainment Inc., Sr. Sub. Notes: 895,000 CCC+ 9.500% due 3/15/09 $ 930,800 470,000 CCC+ 9.500% due 2/1/11 493,500 -------------------------------------------------------------------------- 1,424,300 -------------------------------------------------------------------------- Office Automation and Equipment -- 0.7% 1,498,818 NR Xerox Corp., Term Loan, 5.970% due 4/30/05 (e) 1,493,197 -------------------------------------------------------------------------- Oil/Gas Pipelines -- 1.4% 760,000 BB- Leviathan Gas Pipeline Partners L.P., Sr. Sub. Notes, Series B, 10.375% due 6/1/09 824,600 The Williams Cos., Inc.: 250,000 B Bonds, 8.750% due 3/15/32 (d) 245,000 Notes: 600,000 B 7.625% due 7/15/19 546,000 1,275,000 B 7.875% due 9/1/21 1,173,000 -------------------------------------------------------------------------- 2,788,600 -------------------------------------------------------------------------- Oil/Gas Production -- 4.1% El Paso Energy Partners L.P.: 275,000 B Sr. Medium-Term Notes, 7.750% due 1/15/32 218,625 525,000 BB- Sr. Sub. Notes, Series B, 8.500% due 6/1/11 568,313 355,000 B Houston Exploration Co., Sr. Sub. Notes, Series B, 8.625% due 1/1/08 371,863 1,295,000 B+ Magnum Hunter Resources, Inc., Sr. Notes, 9.600% due 3/15/02 1,405,075 520,000 B Nuevo Energy Co., Sr. Sub. Notes, Series B, 9.500% due 6/1/08 548,600 325,000 BB+ Ocean Energy, Inc., Sr. Sub. Notes, Series B, 8.375% due 7/1/08 343,281 330,000 B Plains Exploration & Production Co., Sr. Sub. Notes, Series B, 8.750% due 7/1/12 354,750 Pogo Producing Co., Sr. Sub. Notes, Series B: 130,000 BB 10.375% due 2/15/09 142,350 195,000 BB 8.250% due 4/15/11 212,550 375,000 B- Range Resources Corp., Sr. Sub. Notes, 8.750% due 1/15/07 383,437 320,000 BB- SESI, LLC, Sr. Notes, 8.875% due 5/15/11 340,800 485,000 B+ Stone Energy Corp., Sr. Notes, 8.750% due 9/15/07 503,794 Swift Energy Co., Sr. Sub. Notes: 575,000 B 10.250% due 8/1/09 615,250 260,000 B 9.375% due 5/1/12 273,000 Vintage Petroleum, Inc.: 455,000 BB- Sr. Notes, 8.250% due 5/1/12 487,987 Sr. Sub. Notes: 515,000 B1* 9.750% due 6/30/09 553,625 125,000 B1* 7.875% due 5/18/11 128,906
See Notes to Financial Statements. 12 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE ------------------------------------------------------------------------------ Oil/Gas Production -- 4.1% (continued) 750,000 B+ Westport Resources Corp., Sr. Sub. Notes, 8.250% due 11/1/11 $ 821,250 ------------------------------------------------------------------------- 8,273,456 ------------------------------------------------------------------------- Oil Refining/Marketing -- 0.6% 750,000 B Frontier Escrow Corp., Sr. Notes, 8.000% due 4/15/13 (d) 780,000 309,000 Aa2* Pennzoil-Quaker State Co., Sr. Notes, 10.000% due 11/1/08 380,829 ------------------------------------------------------------------------- 1,160,829 ------------------------------------------------------------------------- Oilfield Services/Equipment -- 0.3% 700,000 BB Compagnie Generale de Geophysique S.A., Sr. Notes, 10.625% due 11/15/07 686,000 ------------------------------------------------------------------------- Other Consumer Services -- 1.2% Service Corp. International: 460,000 BB- Debentures, 7.875% due 2/1/13 462,300 Notes: 470,000 BB- 6.875% due 10/1/07 467,650 570,000 BB- 6.500% due 3/15/08 558,600 875,000 B+ Stewart Enterprises Inc., Sr. Sub. Notes, 10.750% due 7/1/08 977,812 ------------------------------------------------------------------------- 2,466,362 ------------------------------------------------------------------------- Other Metals/Minerals -- 0.3% 605,000 BBB- Phelps Dodge Corp., Sr. Notes, 8.750% due 6/1/11 683,933 ------------------------------------------------------------------------- Property/Casualty Insurance -- 0.2% 390,000 BB+ PXRE Capital Trust I, Capital Trust Pass-Through Securities, 8.850% due 2/1/27 317,850 ------------------------------------------------------------------------- Publishing - Books/Magazines -- 0.1% 205,000 B Von Hoffman Corp., Sr. Notes, 10.250% due 3/15/09 212,687 ------------------------------------------------------------------------- Publishing - Newspapers -- 1.6% 775,000 B Dex Media East LLC, Sr. Sub. Notes, 12.125% due 11/15/12 (d) 926,125 330,000 B+ Garden State Newspapers, Inc., Sr. Sub. Notes, Series B, 8.750% due 10/1/09 343,200 1,463,809 B- Hollinger Participation Trust, Sr. Notes, Payment-In-Kind, 12.125% due 11/15/10 (d) 1,557,127 175,000 B+ R. H. Donnelley Finance Corp. I, Sr. Sub. Notes, 10.875% due 12/15/12 (d) 203,437 325,000 B Yell Finance B.V., Sr. Discount Notes, step bond to yield 12.263% due 8/1/11 260,812 ------------------------------------------------------------------------- 3,290,701 -------------------------------------------------------------------------
See Notes to Financial Statements. 13 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE ----------------------------------------------------------------------------- Pulp and Paper -- 1.5% 825,000 BB+ Abitibi-Consolidated Inc., Debentures, 8.850% due 8/1/30 $ 917,218 Buckeye Technologies Inc., Sr. Sub. Notes: 315,000 B+ 9.250% due 9/15/08 310,275 1,190,000 B+ 8.000% due 10/15/10 1,100,750 650,000 BB+ Tembec Industries, Inc., Sr. Notes, 8.500% due 2/1/11 679,250 ------------------------------------------------------------------------- 3,007,493 ------------------------------------------------------------------------- Real Estate Investment Trusts -- 0.9% 695,000 Ba3* HMH Properties, Inc., Sr. Secured Notes, Series A, 7.875% due 8/1/05 705,425 1,020,000 Ba3* Host Marriott L.P., Sr. Notes, Series I, 9.500% due 1/15/07 1,077,375 ------------------------------------------------------------------------- 1,782,800 ------------------------------------------------------------------------- Restaurants -- 0.6% 195,000 B- American Restaurant Group, Inc., Sr. Secured Notes, Series D, 11.500% due 11/1/06 125,775 460,000 CCC+ CKE Restaurants, Inc., Sr. Secured Notes, 9.125% due 5/1/09 430,100 325,000 CCC+ Denny's Corp., Sr. Notes, 11.250% due 1/15/08 258,375 165,000 B- Friendly Ice Cream Corp., Sr. Notes, 10.500% due 12/1/07 167,888 280,000 B+ Sbarro, Inc., Sr. Notes, 11.000% due 9/15/09 274,400 ------------------------------------------------------------------------- 1,256,538 ------------------------------------------------------------------------- Savings Banks -- 1.0% 1,075,000 B3* Ocwen Capital Trust I, Capital Securities, 10.875% due 8/1/27 897,625 500,000 B1* Ocwen Federal Bank FSB, Sub. Debentures, 12.000% due 6/15/05 510,000 628,000 B1* Ocwen Financial Corp., Notes, 11.875% due 10/1/03 640,560 ------------------------------------------------------------------------- 2,048,185 ------------------------------------------------------------------------- Specialty Insurance -- 0.3% 555,000 Ba1* Markel Capital Trust I, Capital Securities, Series B, 8.710% due 1/14/46 558,762 ------------------------------------------------------------------------- Specialty Stores -- 0.6% 175,000 B Cole National Group, Inc., Sr. Sub. Notes, 8.625% due 8/15/07 161,438 520,000 B- Jo-Ann Stores, Inc., Sr. Sub. Notes, 10.375% due 5/1/07 549,900 305,000 BB- The Pep Boys - Manny, Moe & Jack, Medium-Term Notes, Series A, 6.710% due 11/3/04 300,044 220,000 B- Petro Stopping Centers L.P., Sr. Notes, 10.500% due 2/1/07 220,000 ------------------------------------------------------------------------- 1,231,382 ------------------------------------------------------------------------- Specialty Telecommunications -- 0.0% 695,000 D GT Group Telecom Inc., Sr. Discount Notes, step bond to yield 15.232% due 2/1/10 (c) 70 -------------------------------------------------------------------------
See Notes to Financial Statements. 14 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE --------------------------------------------------------------------------- Telecommunications Equipment -- 2.8% American Tower Corp.: 360,000 B3* Discount Notes, zero coupon bond to yield 14.440% due 8/1/08 (d) $ 226,800 1,450,000 Caa1* Sr. Notes, 9.375% due 2/1/09 1,442,750 AT&T Corp., Sr. Notes: 350,000 BBB+ 7.800% due 11/15/11 384,754 2,025,000 BBB+ 8.500% due 11/15/31 2,262,387 375,000 B+ Avaya Inc., Sr. Secured Notes, 11.125% due 4/1/09 416,250 750,000 B Nortel Networks Corp., Notes, 6.875% due 9/1/23 648,750 305,000 B Northern Telecom Capital Corp., Notes, 7.875% due 6/15/26 272,975 ------------------------------------------------------------------------- 5,654,666 ------------------------------------------------------------------------- Tobacco -- 0.3% 609,000 BB+ Standard Commercial Tobacco Corp., Sr. Notes, 8.875% due 8/1/05 624,225 ------------------------------------------------------------------------- Trucks/Construction/Farm Machinery -- 1.0% Case Corp., Notes: 240,000 BB 7.250% due 8/1/05 236,400 150,000 BB 7.250% due 1/15/16 128,250 160,000 BB Case Credit Corp., Notes, 6.750% due 10/21/07 149,600 505,000 CCC+ Columbus McKinnon Corp., Sr. Sub. Notes, 8.500% due 4/1/08 361,075 355,000 BB- Navistar International Corp., Sr. Notes, Series B, 9.375% due 6/1/06 380,737 260,000 B+ NMHG Holding Co., Sr. Notes, 10.000% due 5/15/09 279,500 500,000 B Terex Corp., Sr. Sub. Notes, Series B, 10.375% due 4/1/11 557,500 ------------------------------------------------------------------------- 2,093,062 ------------------------------------------------------------------------- Wireless Telecommunications -- 6.3% AT&T Wireless Services Inc., Sr. Notes: 900,000 BBB 7.875% due 3/1/11 1,038,752 3,550,000 BBB 8.750% due 3/1/31 4,436,435 825,000 CC AirGate PCS, Inc., Sr. Sub. Notes, step bond to yield 16.144% due 10/1/09 210,375 535,000 CCC Alamosa PCS Holdings Inc., step bond to yield 14.446% due 2/15/10 238,075 Crown Castle International Corp.: Sr. Discount Notes: 500,000 B3* 10.625% due 11/15/07 518,750 640,000 B3* Step bond to yield 11.583% due 5/15/11 572,800 685,000 B3* Sr. Notes, 10.750% due 8/1/11 708,975 470,000 B3* Dobson/Sygnet Communications Inc., Sr. Notes, 12.250% due 12/15/08 467,650
See Notes to Financial Statements. 15 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO FACE AMOUNT+ RATING(a) SECURITY VALUE - ---------------------------------------------------------------------------------- Wireless Telecommunications -- 6.3% (continued) 335,000 C Horizon PCS Inc., Sr. Discount Notes, step bond to yield 15.526% due 10/1/10 $ 21,775 Nextel Communications, Inc.: 3,105,000 B Sr. Discount Notes, 9.950% due 2/15/08 3,275,775 600,000 B Sr. Notes, 9.375% due 11/15/09 651,000 545,000 CCC+ Nextel Partners Inc., Sr. Notes, 12.500% due 11/15/09 596,775 - ------------------------------------------------------------------------------ 12,737,137 - ------------------------------------------------------------------------------ TOTAL CORPORATE BONDS AND NOTES (Cost -- $176,613,443) 178,412,425 - ------------------------------------------------------------------------------ CONVERTIBLE CORPORATE BONDS AND NOTES -- 3.3% Cable/Satellite -- 0.1% 450,000/GBP/ C Telewest Communications PLC, 5.250% due 2/19/07 (d) 144,124 - ------------------------------------------------------------------------------ Contract Drilling -- 0.0% 85,000 B- Parker Drilling Co., Sub. Notes, 5.500% due 8/1/04 80,112 - ------------------------------------------------------------------------------ Electric Utilities -- 0.1% 175,000 B Mirant Corp., Debentures, 2.500% due 6/15/21 146,781 - ------------------------------------------------------------------------------ Electronic Components -- 0.4% 1,755,000 B1* Sanmina Corp., Sub. Debentures, zero coupon bond to yield 10.672% due 9/12/20 833,625 - ------------------------------------------------------------------------------ Electronic Production Equipment -- 0.3% 765,000 CCC+ Amkor Technology Inc., Sub. Notes, 5.000% due 3/15/07 638,775 - ------------------------------------------------------------------------------ Medical/Nursing Services -- 0.5% 1,000,000 B Total Renal Care Holdings, Inc., Sub. Notes, 7.000% due 5/15/09 1,026,250 - ------------------------------------------------------------------------------ Miscellaneous Commercial Services -- 0.3% 710,000 Ba3* Interim Services Inc., Sub. Notes, 4.500% due 6/1/05 636,338 - ------------------------------------------------------------------------------ Semiconductors -- 1.2% 995,000 Ba3* LSI Logic Corp., Sub. Notes, 4.000% due 2/15/05 931,569 855,000 NR TriQuint Semiconductor, Inc., Sub. Notes, 4.000% due 3/1/07 716,062 770,000 CCC+ Vitesse Semiconductor Corp., Sub. Debentures, 4.000% due 3/15/05 688,187 - ------------------------------------------------------------------------------ 2,335,818 - ------------------------------------------------------------------------------ Specialty Telecommunications -- 0.4% 1,105,000/EUR/ B- Colt Telecom Group PLC, 2.000% due 4/3/07 (d) 821,608 - ------------------------------------------------------------------------------ TOTAL CONVERTIBLE CORPORATE BONDS AND NOTES (Cost -- $5,340,607) 6,663,431 - ------------------------------------------------------------------------------
See Notes to Financial Statements. 16 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO SHARES SECURITY VALUE - ---------------------------------------------------------------------------------------------- COMMON STOCK (f) -- 0.0% Foods - Major Diversified -- 0.0% 23,465 Aurora Foods Inc. $ 12,671 - ------------------------------------------------------------------------------------------- Specialty Telecommunications -- 0.0% 870 McLeodUSA, Inc., Class A Shares 539 14,121 Song Networks Holding, ADR 212 - ------------------------------------------------------------------------------------------- 751 - ------------------------------------------------------------------------------------------- Wireless Telecommunications -- 0.0% 8,858 Crown Castle International Corp. 56,423 - ------------------------------------------------------------------------------------------- TOTAL COMMON STOCK (Cost -- $192,386) 69,845 - ------------------------------------------------------------------------------------------- PREFERRED STOCK -- 0.9% Major Telecommunications -- 0.0% 525 Broadwing Communications Inc., Series B, 12.500% Cumulative Jr. Exchangeable 69,563 - ------------------------------------------------------------------------------------------- Specialty Telecommunications -- 0.0% 2,100 Global Crossing Holdings Ltd., 6.750% Cumulative Convertible (f) 21 - ------------------------------------------------------------------------------------------- Telecommunications Equipment -- 0.0% 1,500 Motorola Inc., 7.000% due 11/16/04 43,515 - ------------------------------------------------------------------------------------------- Wireless Telecommunications -- 0.9% 7,000 Crown Castle International Corp., 6.250% Convertible 245,000 CSC Holdings Inc., Cumulative Exchangeable: 12,000 Series H, 11.750% due 10/1/07 1,260,000 1,500 Series M, 11.125% due 4/1/08 157,125 297 Dobson Communications Corp., Payment-in-Kind, 13.000% Sr. Exchangeable 25,957 - ------------------------------------------------------------------------------------------- 1,688,082 - ------------------------------------------------------------------------------------------- TOTAL PREFERRED STOCK (Cost -- $2,404,835) 1,801,181 - ------------------------------------------------------------------------------------------- WARRANTS SECURITY VALUE - ---------------------------------------------------------------------------------------------- WARRANTS (f) -- 0.0% Broadcasting -- 0.0% 1,950 UIH Australia/Pacific Inc., Expire 5/15/06 20 - ------------------------------------------------------------------------------------------- Commercial Printing/Forms -- 0.0% 435 Merrill Corp., Expire 5/1/09 0 - ------------------------------------------------------------------------------------------- Containers/Packaging -- 0.0% 80 Pliant Corp., Expire 6/1/10 90 - ------------------------------------------------------------------------------------------- Internet Software/Services -- 0.0% 1,545 WAM!NET Inc., Expire 3/1/05 (d) 15 430 ZNet Internet Services, Expire 7/1/09 (d) 1 - ------------------------------------------------------------------------------------------- 16 - -------------------------------------------------------------------------------------------
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 HIGH INCOME PORTFOLIO WARRANTS SECURITY VALUE - ----------------------------------------------------------------------------------------------- Restaurants -- 0.0% 360 American Tower Corp., Inc., Expire 8/1/08 $ 27,180 - ----------------------------------------------------------------------------------------------- Specialty Telecommunications -- 0.0% 695 GT Group Telecom Inc., Expire 2/1/10 (d) 521 700 RSL Communications Ltd., Expire 11/15/06 98 - ----------------------------------------------------------------------------------------------- 619 - ----------------------------------------------------------------------------------------------- Wireless Telecommunications -- 0.0% 350 Horizon PCS Inc., Expire 10/1/10 (d) 18 925 Iridium World Communications Ltd., Expire 7/15/05 (d) 9 375 IWO Holdings Inc., Expire 1/15/11 (d) 4 - ----------------------------------------------------------------------------------------------- 31 - ----------------------------------------------------------------------------------------------- TOTAL WARRANTS (Cost -- $326,484) 27,956 - ----------------------------------------------------------------------------------------------- FACE AMOUNT SECURITY VALUE - ----------------------------------------------------------------------------------------------- REPURCHASE AGREEMENT -- 7.1% $14,240,000 Merrill Lynch, Pierce, Fenner & Smith Inc., 1.250% due 5/1/03; Proceeds at maturity -- $14,240,494; (Fully collateralized by various U.S. government agencies, 0.000% to 4.875% due 5/9/03 to 11/15/07; Market value -- $14,524,800) (Cost -- $14,240,000) 14,240,000 - ----------------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100% (Cost -- $199,117,755**) $201,214,838 - -----------------------------------------------------------------------------------------------
+ Face amount denominated in U.S. dollars unless otherwise indicated. (a) All ratings are by Standard & Poor's Ratings Service, except for those which are identified by an asterisk (*), are rated by Moody's Investors Service. (b) Unit is comprised of one Sr. Note and one purchase contract to buy common stock. (c) Security is currently in default. (d) 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. (e) Variable rate security. (f ) Non-income producing security. ** Aggregate cost for Federal income tax purposes is substantially the same. Abbreviations used in this schedule: ADR -- American Depositary Receipt EUR -- Euro GBP -- British Pound See pages 57 and 58 for definitions of ratings. See Notes to Financial Statements. 18 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT SECURITY VALUE - -------------------------------------------------------------------------------------------------- U.S. GOVERNMENT SECTOR -- 12.1% U.S. Treasury Obligations -- 11.3% U.S. Treasury Bonds: $ 3,625,000 7.500% due 11/15/16 (a) $ 4,774,807 2,390,000 6.250% due 8/15/23 (a) 2,831,404 2,519,000 6.250% due 5/15/30 (a) 3,036,085 2,340,000 U.S. Treasury Strip, zero coupon due 11/15/24 (a) 763,189 - ----------------------------------------------------------------------------------------------- 11,405,485 - ----------------------------------------------------------------------------------------------- U.S. Government Agencies -- 0.8% Federal National Mortgage Association (FNMA): 35,780 7.500% due 1/1/30 - 10/1/30 38,159 22,468 7.000% due 4/1/29 - 9/1/31 23,753 118,132 6.500% due 5/1/33 (b) 123,448 45,000 7.000% due 6/1/33 (b) 47,545 526,727 Government National Mortgage Association (GNMA), 6.500% due 5/15/29 - 9/15/32 (c) 554,071 - ----------------------------------------------------------------------------------------------- 786,976 - ----------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT SECTOR (Cost -- $11,064,368) 12,192,461 - ----------------------------------------------------------------------------------------------- FACE AMOUNT+ RATING(d) SECURITY VALUE - -------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 5.9% 9,703 Baa2* Arc Net Interest Margin Trust, Series 2002-1, Class A, 7.750% due 1/27/32 (e) 9,701 70,000 BB+ CS First Boston Mortgage Securities Corp., Series 2002-CKN2, Class H, 6.122% due 4/15/37 (e) 61,557 Federal Home Loan Mortgage Corp. (FHLMC): Interest-Only Strips: 2,001,661 AAA Series 216, Class IO, 6.000% due 1/1/32 (c) 267,722 527,626 AAA Series 2448, Class SE, 6.790% due 7/15/29 (f) 18,467 536,900 AAA Series 2448, Class SM, 6.690% due 3/15/32 (f) 85,904 189,966 AAA Series 2478, Class SY, 6.840% due 3/15/21 (f) 11,749 256,700 AAA Series 2515, Class IG, 5.500% due 3/15/32 80,554 648,983 AAA Series 2579, Class GS, 6.340% due 1/15/17 (f) 66,296 Principal-Only Strips: 256,589 AAA Series 215, Class PO, zero coupon due 6/1/31 (c) 239,109 190,176 AAA Series 2235, Class PO, zero coupon due 6/15/30 (c) 175,259 Federal National Mortgage Association (FNMA): Interest-Only Strips: 647,975 AAA Series 318, Class 2, 6.000% due 1/1/32 (c) 87,477 402,140 AAA Series 322, Class 2, 6.000% due 4/1/32 57,053 1,280,904 AAA Series 329, Class 2, 5.500% due 12/1/32 (c) 266,188
See Notes to Financial Statements. 19 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ---------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 5.9% (continued) 377,279 AAA Series 332, Class 2, 6.000% due 2/1/33 $ 67,297 163,607 AAA Series 2001-58, Class HI, 6.500% due 5/25/26 1,734 249,824 AAA Series 2001-74, Class MI, 6.000% due 12/25/15 19,973 1,272,489 AAA Series 2002-9, Class MS, 6.780% due 3/25/32 (c)(f) 98,618 295,498 AAA Series 2002-21, Class PS, 6.880% due 12/25/25 (f) 6,208 367,990 AAA Series 2002-29, Class SL, 6.730% due 7/25/29 (f) 12,650 530,051 AAA Series 2002-52, Class SL, 6.680% due 9/25/32 (f) 50,408 564,374 AAA Series 2002-63, Class SN, 6.680% due 10/25/32 (f) 50,758 1,200,572 AAA Series 2003-23, Class AI, 5.000% due 3/25/17 (c) 154,778 167,245 AAA Series 2003-23, Class SC, 6.230% due 4/25/33 (f) 16,359 417,746 AAA Series 2003-26, Class IG, 6.000% due 4/25/33 61,095 1,793,900 AAA Series 2003-34, Class ES, 5.690% due 2/25/33 (c)(f) 205,458 717,500 AAA Series 2003-34, Class SG, 5.692% due 2/25/33 (f) 83,073 2,106,100 AAA Series 2003-34, Class SP, 5.791% due 1/25/32 (f) 238,911 Pass-Through Certificates: 113,259 AAA Series 2002-14, Class A2, 7.500% due 1/25/42 (c) 124,374 960,377 AAA Series 2003-W3, Class 1A3, 7.500% due 8/25/42 (c) 1,058,171 Principal-Only Strips: 64,216 AAA Series 1993-146, Class H, zero coupon due 5/25/23 64,096 64,595 AAA Series 1996-5, Class PB, zero coupon due 4/25/24 (c) 62,852 86,190 AAA Series 1999-51, Class N, zero coupon due 9/17/29 (c) 77,894 41,288 AAA Series 2003-18, Class PO, zero coupon due 7/25/32 40,823 Federal National Mortgage Association (FNMA) Grantor Trust, Pass-Through Certificates: 110,532 AAA Series 1999-T2, Class A1, 7.500% due 1/19/39 (c) 121,379 59,058 AAA Series 2000-T6, Class A1, 7.500% due 6/25/30 65,037 275,013 AAA Series 2001-T1, Class A1, 7.500% due 10/25/40 (c) 302,000 93,786 AAA Series 2001-T3, Class A1, 7.500% due 11/25/40 (c) 102,989 278,209 AAA Series 2001-T4, Class A1, 7.500% due 7/25/41 (c) 305,510 626,075 AAA Series 2001-T7, Class A1, 7.500% due 2/25/41 (c) 687,512 16,979 AAA Series 2001-T10, Class A1, 7.000% due 12/25/41 18,406 163,144 AAA Series 2001-T10, Class A2, 7.500% due 12/25/41 (c) 179,153 1,474 AAA Series 2002-T1, Class A2, 7.000% due 11/25/31 1,598 Government National Mortgage Association (GNMA), Interest-Only Strip: 758,181 AAA Series 2001-43, Class SJ, 6.280% due 1/20/29 (f) 40,634 700,200 AAA Series 2003-41, Class DS, 6.380% due 6/20/33 97,043 59,000 BBB- Morgan Stanley Dean Witter Capital I Inc., Series 2002-NC5, Class B2, 4.570% due 10/25/32 (f) 49,953 48,263 AAA Rural Housing Trust, Series 1987-1, Class D, 6.330% due 4/1/26 49,647 41,902 BBB- Sasco ARC Net Interest Margin Notes, Series 2002-BC10, Class A, 7.750% due 1/27/33 (e) 41,521
See Notes to Financial Statements. 20 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ---------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 5.9% (continued) 48,360 BB+** Sasco Net Interest Margin Trust, Series 2003-BC1, Class B, zero coupon due 5/27/33 (e) $ 34,630 - --------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost -- $6,434,051) 6,019,578 - --------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES -- 6.5% Ameriquest Mortgage Securities Inc.: 59,000 BBB- Series 2002-4, Class M4, 5.070% due 2/25/33 (f) 50,008 61,000 BBB- Series 2003-1, Class M4, 4.400% due 2/25/33 (f) 49,993 61,000 BBB- Series 2003-2, Class M4, 4.400% due 3/25/33 (f) 49,996 224,774 BBB- AQ Finance NIM Trust, Series 2003-N2A, Class Note, 9.300% due 3/25/33 (c)(e) 224,774 83,504 Baa3* Arc Net Interest Margin Trust, Series 2002-8A, Class A1, 7.750% due 11/27/32 (e) 82,816 Asset Backed Funding Corp.: Mortgage Loan Asset-Backed Certificates, Series 2003-WFI: 66,000 BBB Class M3, 4.370% due 12/25/32 (f) 66,000 25,000 BBB- Class M4, 4.570% due 12/25/32 (f) 22,710 37,775 BB+ NIM Trust, Series 2002-WFI, Class Note, 9.320% due 12/26/32 (e) 37,586 Asset Backed Securities Corp., Home Equity Loan Trust: 56,000 BBB- Series 2003-HE1, Class M4, 5.810% due 1/15/33 (f) 49,943 123,000 BBB Series 2003-HE2, Class M4, 5.150% due 4/15/33 (c)(f) 123,824 334,000 BBB Bank One Issuance Trust, Series 2002-C1, Class C1, 2.270% due 12/15/09 (c)(f) 332,213 Bayview Financial Acquisition Trust: 167,009 A Series 2001-DA, Class M3, 2.720% due 11/25/31 (c)(e)(f) 164,876 250,000 AAA Series 2002-CA, Class AIO, 7.150% due 10/25/04 (e)(f) 16,562 Chase Funding Net Interest Margin Trust: 18,422 BBB+ Series 2002-1, Class Note, 8.500% due 6/27/35 (e) 18,337 67,034 BBB+ Series 2002-2, Class Note, 8.500% due 7/27/35 (e) 66,780 8,115 BBB Series 2002-C1, Class Note, 8.500% due 5/27/35 (e) 8,075 40,383 BBB Series 2003-1A, Class Note, 8.750% due 3/27/36 (e) 40,367 Conseco Finance Securitizations Corp.: 39,000 AA Series 2000-2, Class A4, 8.480% due 12/1/30 40,905 766,000 AA Series 2000-4, Class A6, 8.310% due 5/1/32 (c) 691,916 220,000 A2* Series 2000-6, Class M2, 8.200% due 9/1/32 (c) 110,000 5,000 AAA Series 2001-3, Class A4, 6.910% due 5/1/33 4,534 4,000 AAA Series 2001-4, Class A4, 7.360% due 9/1/33 3,910 196,000 BBB Series 2001-4, Class B1, 9.400% due 9/1/33 (c) 68,600 597,996 AAA Series 2002-1, Class A, 6.681% due 12/1/32 (c) 595,002 250,000 Baa2* Consumer Credit Reference Index Securities Program, Series 2002-1A, Class A, 3.400% due 3/22/07 (c)(e)(f) 245,156
See Notes to Financial Statements. 21 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ----------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES -- 6.5% (continued) 188,000 AA- Green Tree Financial Corp., Series 1999-5, Class A5, 7.860% due 4/1/31 (c) $ 176,552 50,000 Ba3* Green Tree Home Improvement Loan Trust, Series 1995-F, Class B2, 7.100% due 1/15/21 47,566 419,260 A- Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.450% due 6/20/31 (c) 467,709 GSAMP Trust: 37,660 BBB- Series 2002-HE2N, Class Note, 8.250% due 10/20/32 (e) 37,496 50,000 Baa3* Series 2003-FM1, Class B3, 5.805% due 3/20/33 (f) 46,650 Home Equity Asset Trust: 35,600 BBB+ Series 2002-1N, Class A, 8.000% due 12/25/32 (e) 34,710 152,000 BBB Series 2002-5N, Class A, 8.000% due 6/27/33 (c)(e) 149,340 215,000 BBB- LNR CDO Ltd., Series 2002-1A, Class FFL, 4.070% due 7/24/37 (c)(e)(f) 195,397 250,000 BBB Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B1, 4.570% due 3/25/32 (c)(f) 162,500 50,000 BBB- MASTR Asset Backed Securities Trust, Series 2003-OPT1, Class MV5, 4.820% due 12/25/32 (f) 42,734 104,000 BBB- Merrill Lynch Mortgage Investors, Inc., Series 2003-WMC1, Class B2, 4.320% due 11/25/33 (f) 88,514 112,012 BBB Mid-State Trust, Series 10, Class B, 7.540% due 2/15/36 (c) 102,558 54,000 BBB- Morgan Stanley ABS Capital I Inc., Series 2002-NC6, Class B2, 5.070% due 11/25/32 (f) 48,843 Morgan Stanley Dean Witter Capital I Inc.: 54,000 BBB- Series 2001-AM1, Class B1, 3.520% due 2/25/32 (f) 50,293 17,643 BB Series 2001-AM1N, Class Note, 12.750% due 2/25/32 17,643 134,000 BBB- Series 2001-NC3, Class B1, 3.770% due 10/25/31 (c)(f) 123,513 316,000 BBB- Series 2001-NC4, Class B1, 3.820% due 1/25/32 (c)(f) 281,811 71,364 BBB- Series 2001-NC4N, Class Note, 8.500% due 1/25/32 (e) 71,364 115,000 BBB- Series 2002-AM2, Class B1, 3.570% due 5/25/32 (c)(f) 99,201 58,000 BBB- Series 2002-AM3, Class B2, 5.070% due 2/25/33 (f) 50,435 59,000 BBB- Series 2003-NC2, Class B2, 5.070% due 2/25/33 (f) 50,566 58,000 BBB- Series 2003-NC3, Class B3, 5.070% due 3/25/33 (f) 50,147 26,309 A1* NovaStar Capital Securities Trust, Series 2002-C1, Class A, 7.150% due 9/25/31 (e) 26,309 Option One Mortgage Securities Corp.: 81,920 BBB Series 2002-1, Class CTFS, 6.750% due 2/26/32 (e) 81,574 90,537 BBB- Series 2002-2A, Class CFTS, 8.830% due 6/26/32 (e) 90,310 95,278 BBB+ Series 2003-2B, Class N1, 7.630% due 4/26/33 (e) 95,278 222,008 Baa2* Pass-Through Amortizing Credit Card Trust, Series 2002-1A, Class A4FL, 6.820% due 6/18/12 (c)(e) 221,176 184,630 Baa3* Sail Net Interest Margin Notes, Series 2003-BC1A, Class A, 7.750% due 1/27/33 (c)(e) 183,732
See Notes to Financial Statements. 22 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - -------------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES -- 6.5% (continued) Structured Asset Investment Loan Trust: 146,000 BBB+ Series 2003-BC1, Class M3, 4.320% due 1/25/33 (c)(f) $ 143,188 1,702,000 AAA Series 2003-BC2, Class AIO, 6.000% due 3/25/05 (c) 128,894 100,000 BB TIAA Commercial Real Estate Securitization, Series 2002-1A, Class IV, 6.840% due 5/22/37 (e) 83,043 - -------------------------------------------------------------------------------------------------- TOTAL ASSET-BACKED SECURITIES (Cost -- $6,959,474) 6,613,929 - -------------------------------------------------------------------------------------------------- HIGH-YIELD SECTOR -- 52.8% - -------------------------------------------------------------------------------------------------- CORPORATE BONDS AND NOTES -- 49.9% Aerospace/Defense -- 1.2% 283,000 B- Argo-Tech Corp., Sr. Sub. Notes, 8.625% due 10/1/07 (c) 250,455 BE Aerospace Inc., Sr. Sub. Notes, Series B: 170,000 B- 8.000% due 3/1/08 (a) 119,850 22,000 B- 8.875% due 5/1/11 15,400 290,000 CCC+ Decrane Aircraft Holdings Inc., Sr. Sub. Notes, Series B, 12.000% due 9/30/08 (c) 131,950 120,000 CCC+ Hexcel Corp., Sr. Sub. Notes, 9.750% due 1/15/09 (c) 118,800 K & F Industries, Inc., Sr. Sub. Notes, Series B: 45,000 B 9.125% due 10/15/07 47,138 55,000 B 9.625% due 12/15/10 59,675 L-3 Communications Corp., Sr. Sub. Notes: 80,000 BB- 8.500% due 5/15/08 83,700 100,000 BB- Series B, 8.000% due 8/1/08 (a) 104,875 Sequa Corp., Sr. Notes: 200,000 BB- 9.000% due 8/1/09 (c) 210,000 20,000 BB- Series B, 8.875% due 4/1/08 20,750 39,487 NR United Defense Industries, Inc., Term Loans, Tranche B, 3.560% due 7/1/09 (f) 39,491 - -------------------------------------------------------------------------------------------------- 1,202,084 - -------------------------------------------------------------------------------------------------- Airlines -- 0.6% 10,000 C* Air Canada, Sr. Notes, 10.250% due 3/15/11 (g) 2,400 American Airlines, Inc., Pass-Through Certificates: Series 1999-1: 29,469 BBB- Class A-1, 6.855% due 4/15/09 24,665 35,000 BBB- Class A-2, 7.024% due 10/15/09 29,373 25,000 BB+ Series 2001-1, Class A-2, 6.817% due 5/23/11 17,965 180,000 CCC+ Calair LLC/Calair Capital Corp., Sr. Notes, 8.125% due 4/1/08 (c) 109,800 60,000 B+ Continental Airlines, Inc., Pass-Through Certificates, Series D, 7.568% due 12/1/06 25,934
See Notes to Financial Statements. 23 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - --------------------------------------------------------------------------------------------------- Airlines -- 0.6% (continued) Delta Air Lines, Inc., Secured Pass-Through Certificates: 70,000 BB+ Series 2000-1, Class C, 7.779% due 11/18/05 $ 44,668 46,095 BBB- Series 2002-1, Class C, 7.779% due 1/2/12 31,345 Northwest Airlines, Inc., Notes: 120,000 B- 7.625% due 3/15/05 82,800 170,000 B- 9.875% due 3/15/07 (a) 101,150 109,000 Ca* United Airlines, Inc., Debentures, 9.125% due 1/15/12 (a)(g) 5,723 US Airways, Inc., Pass-Through Certificates: 210,000 Ca* Series 93-A2, 9.625% due 9/1/03 (g) 84,000 40,000 Ca* Series 93-A3, 10.375% due 3/1/13 (g) 16,000 - --------------------------------------------------------------------------------------------------- 575,823 - --------------------------------------------------------------------------------------------------- Automotive -- 1.6% 29,000 Ba2* American Axle & Manufacturing Inc., Sr. Sub. Notes, 9.750% due 3/1/09 31,755 50,000 BBB- ArvinMeritor, Inc., Notes, 8.750% due 3/1/12 54,250 90,000 B Asbury Automotive Group, Notes, 9.000% due 6/15/12 85,050 Collins & Aikman Products Co.: 200,000 B1* Sr. Notes, 10.750% due 12/31/11 (c) 206,000 45,000 B Sr. Sub. Notes, 11.500% due 4/15/06 (a) 42,300 Dana Corp., Notes: 30,000 BB 6.250% due 3/1/04 30,450 40,000 BB 6.500% due 3/1/09 (a) 39,000 30,000 BB 10.125% due 3/15/10 33,750 15,000 /EUR/ BB 9.000% due 8/15/11 (c) 17,442 103,000 BB 9.000% due 8/15/11 (a) 112,270 75,000 BB 7.000% due 3/1/29 63,750 102,000 B Dura Operating Corp., Sr. Sub. Notes, Series D, 9.000% due 5/1/09 (a) 97,920 74,000 D** Federal-Mogul Corp., Notes, 7.750% due 7/1/06 (g) 11,100 80,000 B+ Goodyear Tire & Rubber Co., Notes, 7.857% due 8/15/11 60,400 Lear Corp., Sr. Notes: 45,000/EUR/ BB+ 8.125% due 4/1/08 (c) 54,340 Series B: 200,000 BB+ 7.960% due 5/15/05 (c) 215,000 40,000 BB+ 8.110% due 5/15/09 (a) 45,200 24,000 CCC+ Motor Coach Industries International, Inc., Sr. Sub. Notes, 11.250% due 5/1/09 12,120 164,000 B- Motors and Gears, Inc., Sr. Notes, Series D, 10.750% due 11/15/06 (c) 144,320
See Notes to Financial Statements. 24 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ------------------------------------------------------------------------------------------------- Automotive -- 1.6% (continued) Navistar International Inc.: 132,000 BB- Sr. Notes, Series B, 9.375% due 6/1/06 (c) $ 141,570 25,000 B Sr. Sub. Notes, Series B, 8.000% due 2/1/08 (a) 24,437 44,000 B- Rexnord Corp., Sr. Sub. Notes, 10.125% due 12/15/12 (e) 47,520 91,000 B Williams Scotsman Inc., Sr. Notes, 9.875% due 6/1/07 91,000 - ------------------------------------------------------------------------------------------------- 1,660,944 - ------------------------------------------------------------------------------------------------- Broadcasting -- 1.3% 260,000 B Affinity Group Holding Inc., Sr. Notes, 11.000% due 4/1/07 (c) 269,100 15,000 BB- EchoStar DBS Corp., Sr. Notes, 9.375% due 2/1/09 16,256 Emmis Communications Corp.: 27,000 B- Sr. Discount Notes, step bond to yield 12.195% due 3/15/11 23,895 35,000 B2* Sr. Sub. Notes, Series B, 8.125% due 3/15/09 (a) 37,100 Granite Broadcasting Corp., Sr. Sub. Notes: 43,000 CC 10.375% due 5/15/05 43,000 147,000 CC 9.375% due 12/1/05 (c) 144,979 46,000 CC 8.875% due 5/15/08 43,470 65,000 B- Gray Television Inc., Sr. Sub. Notes, 9.250% due 12/15/11 71,825 40,000 B+ LIN Television Corp., Sr. Notes, 8.000% due 1/15/08 43,400 20,000 Ca* Pegasus Communications Corp., Sr. Notes, Series B, 9.750% due 12/1/06 18,500 65,000 Ca* Pegasus Satellite Communications, Inc., Sr. Notes, 12.375% due 8/1/06 63,050 Sinclair Broadcast Group, Inc.: 55,000 B Notes, 8.000% due 3/15/12 (e) 58,300 40,000 B Sr. Sub. Notes, 8.750% due 12/15/11 43,600 195,000 B+ Vivendi Universal, Sr. Notes, 9.250% due 4/15/10 (c)(e) 219,863 205,000 B3* Young Broadcasting Inc., Sr. Sub. Notes, 10.000% due 3/1/11 (a) 222,425 - ------------------------------------------------------------------------------------------------- 1,318,763 - ------------------------------------------------------------------------------------------------- Building/Construction -- 1.8% 56,000 B- Atrium Cos., Inc., Sr. Sub. Notes, Series B, 10.500% due 5/1/09 59,080 85,000 BB Beazer Homes USA, Inc., Sr. Notes, 8.625% due 5/15/11 93,287 56,000 B- Brand Services Inc., Sr. Sub. Notes, 12.000% due 10/15/12 (e) 61,880 60,000 B Building Materials Corp. of America, Sr. Notes, 8.000% due 12/1/08 54,000 D.R. Horton, Inc., Sr. Notes: 7,000 Ba1* 8.000% due 2/1/09 7,630 100,000 Ba1* 7.875% due 8/15/11 (c) 108,500
See Notes to Financial Statements. 25 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ----------------------------------------------------------------------------------------------------- Building/Construction -- 1.8% (continued) 130,000 B- Dayton Superior Corp., Sr. Sub. Notes, 13.000% due 6/15/09 (a) $ 111,150 Del Webb Corp., Sr. Sub. Debentures: 70,000 BB+ 9.375% due 5/1/09 73,282 30,000 BB+ 10.250% due 2/15/10 32,925 35,000 BB- JLG Industries Inc., Sr. Notes, 8.250% due 5/1/08 (e) 35,000 K. Hovnanian Enterprises, Inc.: 100,000 BB- Sr. Notes, 8.000% due 4/1/12 (c) 106,000 30,000 B Sr. Sub. Notes, 8.875% due 4/1/12 (a) 31,800 KB HOME, Sr. Sub. Notes: 10,000 BB- 7.750% due 2/1/10 10,550 160,000 BB- 9.500% due 2/15/11 (c) 177,200 20,000 Baa3* M.D.C. Holdings, Inc., Sr. Notes, 8.375% due 2/1/08 20,975 Manitowoc Co., Inc., Sr. Sub. Notes: 15,000/EUR/ B+ 10.375% due 5/15/11 (c) 17,107 50,000 B+ 10.500% due 8/1/12 54,750 Nortek Inc., Series B: Sr. Notes: 30,000 B+ 9.125% due 9/1/07 31,275 70,000 B+ 8.875% due 8/1/08 72,800 20,000 B- Sr. Sub. Notes, 9.875% due 6/15/11 20,900 Owens Corning: 223,000 D** Bonds, 7.500% due 8/1/18 (a)(g) 60,210 137,000 D** Notes, 7.500% due 5/1/05 (a)(g) 36,990 Ryland Group, Inc.: 10,000 BB+ Sr. Notes, 9.750% due 9/1/10 11,413 170,000 Ba2* Sr. Sub. Notes, 8.250% due 4/1/08 (c) 177,650 Schuler Homes Inc.: 66,000 Ba2* Notes, 10.500% due 7/15/11 (a) 73,920 50,000 Ba1* Sr. Notes, 9.000% due 4/15/08 52,500 20,000 Ba3* Technical Olympic USA, Inc., Sr. Notes, 9.000% due 7/1/10 20,800 Terex Corp., Sr. Sub. Notes: 96,000 B 8.875% due 4/1/08 (c) 100,320 62,000 B Series B, 10.375% due 4/1/11 (a) 69,130 150,000 NR Washington Group International, Inc., Sr. Notes, 11.000% due 7/1/10 (e)(g) 8,250 60,000 Ba3* WCI Communities, Inc., Sr. Sub. Notes, 9.125% due 5/1/12 60,900 - ----------------------------------------------------------------------------------------------------- 1,852,174 - ----------------------------------------------------------------------------------------------------- Business Services -- 1.2% Iron Mountain Inc.: 50,000 B Sr. Notes, 8.125% due 5/15/08 52,500 305,000 B Sr. Sub. Notes, 8.625% due 4/1/13 (c) 334,060
See Notes to Financial Statements. 26 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ----------------------------------------------------------------------------------------------------- Business Services -- 1.2% (continued) 100,000 D Key3Media Group, Inc., Sr. Sub. Notes, 11.250% due 6/15/11 (g) $ 1,000 80,000 Ba3* Lamar Media Corp., Sr. Sub. Notes, 7.250% due 1/1/13 (e) 84,600 MDP Acquisitions PLC: 120,000/EUR/ B Sr. Notes, 10.125% due 9/30/12 (c) 144,004 Sub. Notes: 3,299 B 15.500% due 10/1/13 (e)(h) 3,761 42,000 B 15.500% due 10/1/13 (e)(h)(i) 45,990 120,000 Ca* Outsourcing Solutions Inc., Sr. Sub. Notes, Series B, 11.000% due 11/1/06 (g) 1,800 R. H. Donnelley Financial Corp: 47,000 B+ Sr. Notes, 8.875% due 12/15/10 (e) 52,875 189,000 B+ Sr. Sub. Notes, 10.875% due 12/15/12 (c)(e) 219,712 30,000 B+ Xerox Capital (Europe) PLC, Notes, 5.875% due 5/15/04 30,375 Xerox Corp.: 90,000 B+ Notes, 5.500% due 11/15/03 (a) 91,350 Sr. Notes: 100,000 B+ 9.750% due 1/15/09 (a)(e) 114,000 35,000/EUR/ B+ 9.750% due 1/15/09 (c) 41,599 30,000 B+ Xerox Credit Corp., Notes, 6.100% due 12/16/03 29,714 - ----------------------------------------------------------------------------------------------------- 1,247,340 - ----------------------------------------------------------------------------------------------------- Cable -- 1.2% Adelphia Communications Corp.: 60,000 NR Notes, Series B, 9.875% due 3/1/05 (g) 29,700 Sr. Notes: 4,000 NR 7.875% due 5/1/09 (a)(g) 1,980 17,000 NR 9.375% due 11/15/09 (g) 8,585 185,000 NR 10.875% due 10/1/10 (g) 92,500 Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.: Sr. Discount Notes: 70,000 Ca* Step bond to yield 20.693% due 1/15/10 35,350 3,000 Ca* Step bond to yield 11.054% due 5/15/11 (a) 1,365 Sr. Notes: 20,000 Ca* 8.250% due 4/1/07 (a) 13,400 225,000 Ca* 8.625% due 4/1/09 (a) 149,062 65,000 Ca* 10.750% due 10/1/09 43,550 65,000 Ca* 9.625% due 11/15/09 (a) 43,225 60,000 Ca* 10.250% due 1/15/10 39,600 155,000 Ca* 11.125% due 1/15/11 (c) 103,075 65,000 Ca* 10.000% due 5/15/11 (a) 42,900
See Notes to Financial Statements. 27 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ------------------------------------------------------------------------------------------------------ Cable -- 1.2% (continued) 47,000 BB- CSC Holdings Inc., Sr. Notes, 7.875% due 12/15/07 $ 49,702 235,000 B DIRECTV Holdings/Finance, Sr. Notes, 8.375% due 3/15/13 (c)(e) 264,375 60,000 B2* FrontierVision Operating Partners, L.P., Term Loans, Tranche B, 6.275% due 3/31/06 (f) 54,375 8,000 NR KNOLOGY Holdings, Inc., Sr. Notes, 12.000% due 11/30/09 (e)(h) 6,280 36,164 B2* Olympus Cable Holdings, Term Loans, Tranche B, 6.250% due 9/30/10 (f) 30,450 Rogers Cablesystems Ltd.: 100,000 BBB- Sr. Secured Second Priority Notes, Series B, 10.000% due 3/15/05 (c) 107,750 20,000 BB- Sr. Sub. Debentures, 11.000% due 12/1/15 22,650 Telewest Communications PLC: 20,000 Ca* Sr. Debentures, 9.625% due 10/1/06 (a)(g) 4,700 290,000 Ca* Sr. Discount Debentures, 11.000% due 10/1/07 (g) 68,150 - ------------------------------------------------------------------------------------------------------ 1,212,724 - ------------------------------------------------------------------------------------------------------ Chemicals -- 3.3% 150,000 B+ Acetex Corp., Sr. Notes, 10.875% due 8/1/09 (c) 165,750 10,000 Ba2* Airgas, Inc., Sr. Sub. Notes 9.125% due 10/1/11 11,200 40,000 B Applied Extrusion Technologies, Inc., Sr. Notes, Series B, 10.750% due 7/1/11 (a) 29,800 120,000 B- Avecia Group PLC, Sr. Notes, 11.000% due 7/1/09 (c) 109,800 120,000 A- Dow Chemical Co., Sr. Notes, 5.750% due 11/15/09 (c) 127,882 Equistar Chemicals, L.P./Equistar Funding Corp.: Notes: 25,000 BB 6.500% due 2/15/06 24,018 26,000 BB 8.375% due 2/15/09 25,774 193,000 BB Sr. Notes, 10.125% due 9/1/08 (a) 203,615 308,000 Ba2* Hercules Inc., Sr. Notes, 11.125% due 11/15/07 (c) 349,580 170,000 B- HMP Equity Holdings Corp., Sr. Secured Discount Notes, zero coupon due 5/15/08 (e)(i) 80,639 Huntsman Corp., Term Loan: 49,684 B+ Tranche A, 5.879% due 3/31/07 (f) 46,703 23,834 B+ Tranche B, 7.875% due 3/31/07 (f) 22,404 Huntsman ICI Chemicals LLC: 235,000 B- Sr. Discount Notes, zero coupon due 12/31/09 92,825 195,000 B- Sr. Sub. Notes, 10.125% due 7/1/09 (a) 201,825 55,000/EUR/ B Huntsman International LLC, Sr. Sub. Notes, 10.125% due 7/1/09 60,266
See Notes to Financial Statements. 28 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - -------------------------------------------------------------------------------------------------------- Chemicals -- 3.3% (continued) IMC Global Inc.: 10,000 Ba3* Notes, 6.550% due 1/15/05 $ 10,150 Sr. Notes, Series B: 140,000 BB 10.875% due 6/1/08 (c) 160,300 60,000 BB 11.250% due 6/1/11 68,400 205,000 BB- ISP Chemco Inc., Sr. Sub. Notes, Series B, 10.250% due 7/1/11 (c) 224,475 30,000 B+ ISP Holdings, Inc., Sr. Secured Notes, Series B, 10.625% due 12/15/09 30,900 Lyondell Chemical Co.: 20,000 BB Secured Notes, 11.125% due 7/15/12 21,700 186,000 BB Sr. Secured Notes, Series A, 9.625% due 5/1/07 (c) 192,510 120,000 B+ Sr. Sub. Notes, 10.875% due 5/1/09 (a) 121,200 40,000/EUR/ B+ Messer Griesheim Holding, AG, Sr. Notes, 10.375% due 6/1/11 (c) 50,091 Millennium America, Inc.: Sr. Notes: 15,000 BB+ 7.000% due 11/15/06 15,300 30,000 BB+ 9.250% due 6/15/08 (e) 33,150 170,000 BB+ Sr. Sub. Notes, 9.250% due 6/15/08 (c) 187,850 80,000 B Noveon, Inc., Sr. Sub. Notes, Series B, 11.000% due 2/28/11 90,800 70,000 NR Noveon International Inc., Sr. Sub. Notes, 13.000% due 8/31/11 (e)(h) 71,400 99,000 B- OM Group, Inc., Notes, 9.250% due 12/15/11 85,140 45,540 NR PCI Chemicals Canada, Inc., Sr. Secured Notes, 10.000% due 12/31/08 (a) 38,026 61,847 NR Pioneer Cos., Inc., Sr. Secured Notes, 4.790% due 12/31/06 (f) 49,168 45,000 B+ Resolution Performance Products LLC/RPP Capital, Sr. Secured Second Priority Notes, 9.500% due 4/15/10 (e) 48,375 60,000 B Salt Holdings Corp., Inc., Sr. Notes, step bond to yield 12.191% due 12/15/12 (e) 39,900 90,000 B+ Scotts Co., Sr. Sub. Notes, 8.625% due 1/15/09 95,850 110,000 Ba3* Solutia Inc., Notes, 11.250% due 7/15/09 84,150 25,566 NR Sterling Chemicals Inc., Sr. Secured Notes, 10.000% due 12/19/07 23,137 40,000 CCC+ Texas Petrochemical Corp., Sr. Sub. Notes, 11.125% due 7/1/06 23,000 - -------------------------------------------------------------------------------------------------------- 3,317,053 - --------------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 29 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30,2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - --------------------------------------------------------------------------------------------- Consumer Products and Services -- 2.0% Alderwoods Group, Inc.: 270,500 NR Sr. Notes, 12.250% due 1/2/09 (c) $ 279,968 2,400 NR Sr. Secured Notes, 11.000% due 1/2/07 2,436 101,000 B2* Armkel, LLC/Armkel Finance, Inc., Sr. Sub. Notes, 9.500% due 8/15/09 (c) 113,625 Coinmach Corp.: 112,000 B Sr. Notes, 9.000% due 2/1/10 (c) 119,840 37,240 NR Term Loans, Tranche B, 4.309% due 7/25/09 (f) 37,272 Derby Cycle Corp., Sr. Notes: 187,046/EUR/ NR 9.375% due 5/15/08 (g) 4,812 150,350 NR 10.000% due 5/15/08 (g) 3,007 Elizabeth Arden, Inc., Sr. Notes: 45,000 CCC+ Series B, 10.375% due 5/15/07 (a) 46,350 30,000 CCC+ Series D, 10.375% due 5/15/07 30,000 141,000 B- ICON Health & Fitness, Inc., Sr. Sub. Notes, 11.250% due 4/1/12 (c) 147,345 130,000 B Jostens, Inc., Sr. Sub. Notes, 12.750% due 5/1/10 (c) 156,000 109,000 B Playtex Products, Inc., Sr. Sub. Notes, 9.375% due 6/1/11 (c) 118,810 Revlon Consumer Products Corp., Sr. Notes: 65,000 Ca* 8.125% due 2/1/06 40,950 68,000 Ca* 9.000% due 11/1/06 42,840 160,000 B Royster-Clark, Inc., Secured First Mortgage Notes, 10.250% due 4/1/09 (c) 124,000 82,000 BB Russell Corp., Sr. Notes, 9.250% due 5/1/10 89,380 256,000 B- Sealy Mattress Co., Sr. Sub. Notes, Series B, 9.875% due 12/15/07 (a) 264,960 Service Corp. International: 30,000 BB- Debentures, 7.875% due 2/1/13 30,150 Notes: 172,000 BB- 6.000% due 12/15/05 (c) 173,720 10,000 BB- 7.200 % due 6/1/06 10,050 5,000 BB- 6.875% due 10/1/07 4,975 19,000 BB- 6.500% due 3/15/08 18,620 59,000 BB- 7.700% due 4/15/09 60,095 130,000 B+ Stewart Enterprises Inc., Sr. Sub. Notes, 10.750% due 7/1/08 (c) 145,275 - -------------------------------------------------------------------------------------------- 2,064,480 - --------------------------------------------------------------------------------------------
See Notes to Financial Statements. 30 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - --------------------------------------------------------------------------------------------- Electronics -- 0.4% Amkor Technology, Inc.: 20,000 B3* Convertible Sub. Notes, 5.750% due 6/1/06 (a) $ 17,775 100,000 B1* Sr. Notes, 9.250% due 5/1/06 (a) 105,000 125,000 B+ FIMEP S.A., Sr. Notes, 10.500% due 2/15/13 (c)(e) 135,625 20,000 Ba3* Moog Inc., Sr. Sub. Notes, Series B, 10.000% due 5/1/06 20,100 80,000 CCC+ ON Semiconductor Corp., Sr. Secured Notes, 13.000% due 5/15/08 (a)(e) 76,400 110,000 CCC+ SCG Holding Corp./Semiconductor Components Industries, LLC, Sr. Sub. Notes, 12.000% due 8/1/09 (a) 80,850 - --------------------------------------------------------------------------------------------- 435,750 - --------------------------------------------------------------------------------------------- Energy -- 4.7% 25,000 CCC- Belden & Blake Corp., Sr. Sub. Notes, Series B, 9.875% due 6/15/07 23,375 120,000 Ba3* Belco Oil & Gas Corp., Sr. Sub. Notes, Series B, 8.875% due 9/15/07 (c) 126,000 Chesapeake Energy Corp., Sr. Notes: 155,000 B+ 8.125% due 4/1/11 (c) 168,175 1,000 B+ 9.000% due 8/15/12 1,120 45,000 B+ 7.500% due 9/15/13 (e) 48,038 6,000 B+ Series B, 8.500% due 3/15/12 6,390 5,000 B Compton Petroleum Corp., Sr. Notes, 9.900% due 5/15/09 5,475 140,000 B2* Comstock Resources, Inc., Sr. Notes, 11.250% due 5/1/07 (c) 151,200 Dynegy Holdings, Inc.: 111,000 CCC+ Notes, 6.750% due 12/15/05 (a) 106,005 43,000 CCC+ Sr. Notes, 6.875% due 4/1/11 36,765 El Paso Corp.: 15,000 B Notes, 7.875% due 6/15/12 (a)(e) 13,350 Sr. Notes: 20,000 B 6.750% due 5/15/09 (a) 17,500 30,000 B 7.000% due 5/15/11 (a) 26,250 100,000 BB- El Paso Energy Partners, L.P., Sr. Sub. Notes, Series B, 8.500% due 6/1/11 (a) 108,250 70,000 B Encore Acquisition Co., Sr. Notes, 8.375% due 6/15/12 74,900 Forest Oil Corp., Sr. Notes: 120,000 BB 8.000% due 6/15/08 (c) 127,800 50,000 BB 8.000% due 12/15/11 53,500 20,000 BB 7.750% due 5/1/14 20,900
See Notes to Financial Statements. 31 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ----------------------------------------------------------------------------------------------------- Energy -- 4.7% (continued) 25,000 BB- Leviathan Gas Pipe Line Partners, L.P./Leviathan Finance Corp., Sr. Sub. Notes, Series B, 10.375% due 6/1/09 $ 27,125 30,000 B+ Magnum Hunter Resources, Inc., Notes, 9.600% due 3/15/12 32,550 80,000 Caa3* Mission Resources Corp., Sr. Sub. Notes, Series C, 10.875% due 4/1/07 (a) 38,800 120,000 BB+ Newfield Exploration Co., Sr. Notes, 7.625% due 3/1/11 (c) 129,855 40,000 B+ Northwest Pipeline Corp., Sr. Notes, 8.125% due 3/1/10 (e) 43,800 85,000 CCC+ Northwestern Corp., Notes, 8.750% due 3/15/12 66,725 95,000 B+ Parker Drilling Co., Sr. Notes, Series B, 10.125% due 11/15/09 (c) 101,887 73,000 B+ Peabody Energy Co., Sr. Sub. Notes, Series B, 9.625% due 5/15/08 76,741 90,000 Baa1* Pemex Project Funding Master Trust, Bonds, 8.625% due 2/1/22 (c)(e) 100,125 Petronas Capital Ltd., Notes: 135,000 BBB+ 7.000% due 5/22/12 (c)(e) 149,378 150,000 BBB+ 7.875% due 5/22/22 (c) 164,834 285,000 BBB+ 7.875% due 5/22/22 (c)(e) 314,837 Pioneer Natural Resources Co., Sr. Notes: 17,000 BB+ 6.500% due 1/15/08 18,492 370,000 BB+ 9.625% due 4/1/10 (c) 455,769 57,000 BB+ Plains All American Pipeline L.P./PAA Finance Corp., Sr. Notes, 7.750% due 10/15/12 62,415 90,000 B Plains Exploration & Production Co., Sr. Sub. Notes, 8.750% due 7/1/12 96,750 70,000 BB Pogo Producing Co., Sr. Sub. Notes, Series B, 8.250% due 4/15/11 76,300 140,000 BB Pride International, Inc., Sr. Notes, 9.375% due 5/1/07 (a) 146,300 60,000 NR Seven Seas Petroleum Inc., Sr. Notes, Series B, 12.500% due 5/15/05 1,200 105,000 B Star Gas Partners, L.P./Star Gas Finance Co., Sr. Notes, 10.250% due 2/15/13 (c)(e) 107,363 Stone Energy Corp., Sr. Sub. Notes: 50,000 B+ 8.750% due 9/15/07 51,938 80,000 B+ 8.250% due 12/15/11 83,800 70,000 B Swift Energy Co., Sr. Sub. Notes, 9.375% due 5/1/12 73,500 50,000 BB Tesoro Petroleum Corp., Secured Notes, 8.000% due 4/15/08 (e) 52,000 180,000 BB Tiverton Power Associates L.P./Rumford Power Associates L.P., Pass-Through Certificates, 9.000% due 7/15/18 (c)(e) 144,000
See Notes to Financial Statements. 32 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ---------------------------------------------------------------------------------------------------- Energy -- 4.7% (continued) Vintage Petroleum, Inc.: 80,000 BB- Sr. Notes, 8.250% due 5/1/12 $ 85,800 Sr. Sub. Notes: 110,000 B1* 9.750% due 6/30/09 (c) 118,250 20,000 B1* 7.875% due 5/15/11 20,625 110,000 Ba2* Westar Energy Inc., Sr. Notes, 7.125% due 8/1/09 (c) 111,513 Westport Resources Corp., Sr. Sub. Notes: 115,000 Ba3* 8.250% due 11/1/11 (c) 125,925 55,000 Ba3* 8.250% due 11/1/11 (e) 60,225 The Williams Cos. Inc., Notes: 100,000 B 9.250% due 3/15/04 101,250 95,000 B 6.500% due 8/1/06 (a) 91,675 50,000 B 6.500% due 12/1/08 46,750 40,000 B Series A, 6.375% due 1/15/06 38,800 80,000 NR XCL Ltd., Sr. Secured Discount Notes, 13.500% due 5/1/04 (e)(g)(i) 24,400 XTO Energy, Inc., Sr. Notes: 80,000 BB 7.500% due 4/15/12 88,400 60,000 BB 6.250% due 4/15/13 (e) 62,850 - ---------------------------------------------------------------------------------------------------- 4,707,940 - ---------------------------------------------------------------------------------------------------- Entertainment -- 1.0% 80,000 CCC+ AMC Entertainment Inc., Sr. Sub. Notes, 9.875% due 2/1/12 (a) 84,400 65,000 BBB- Capitol Records, Inc., Notes, 8.375% due 8/15/09 (e) 60,441 Cinemark USA Inc., Sr. Sub. Notes: 90,000 B- 9.000% due 2/1/13 (e) 97,487 150,000 B- Series B, 9.625% due 8/1/08 152,812 20,000/GBP/ BBB- EMI Group PLC, Notes, 8.250% due 5/20/08 30,561 Pinnacle Entertainment, Sr. Sub. Notes, Series B: 79,000 CCC+ 9.250% due 2/15/07 77,815 32,000 CCC+ 9.500% due 8/1/07 31,520 70,000 B Regal Cinemas, Inc., Sr. Sub. Notes, Series B, 9.375% due 2/1/12 (a) 77,350 Six Flags Inc., Sr. Notes: 120,000 B 9.750% due 6/15/07 (c) 125,100 198,000 B 9.500% due 2/1/09 (a) 202,950 44,000 B 8.875% due 2/1/10 44,220 38,000 B 9.750% due 4/15/13 (e) 39,805 - ---------------------------------------------------------------------------------------------------- 1,024,461 - ----------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 33 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ------------------------------------------------------------------------------------------------------- Environmental Services -- 1.1% Allied Waste Industries, Inc.: 370,000 BB- Debentures, 7.400% due 9/15/35 (c) $ 345,950 40,000 BB- Sr. Notes, 6.375% due 1/15/08 39,400 Allied Waste North America, Inc.: Sr. Notes: 223,000 BB- 9.250% due 9/1/12 (c)(e) 245,300 42,000 BB- Series B, 8.875% due 4/1/08 45,570 Sr. Sub. Notes, Series B: 166,000 BB- 8.500% due 12/1/08 (c) 180,110 121,000 B+ 10.000% due 8/1/09 (a) 129,924 83,000 B- IESI Corp., Sr. Sub. Notes, 10.250% due 6/15/12 (e) 86,320 - ------------------------------------------------------------------------------------------------------- 1,072,574 - ------------------------------------------------------------------------------------------------------- Financial Services -- 1.5% 4,000 NR ACME Intermediate Holdings, LLC/ACME Intermediate Finance, Inc., 12.000% due 9/30/05 4,110 150,000 NR Amresco Inc., Sr. Sub. Notes, Series 97-A, 10.000% due 3/15/04 (g) 11,100 50,000 B+ Bluewater Finance Ltd., Sr. Notes, 10.250% due 2/15/12 (e) 51,500 200,000 Ba3* Chevy Chase Savings Bank, Sub. Debentures, 9.250% due 12/1/05 (c) 202,000 Conseco, Inc., Sr. Notes: 80,000 Ca* 8.750% due 8/9/06 (e)(g) 21,600 40,000 Ca* 10.750% due 6/15/09 (e)(g) 10,800 381,000 NR Finova Group, Inc., Notes, 7.500% due 11/15/09 (c) 154,305 35,000 B Gemstone Investors Ltd., Sr. Notes, 7.710% due 10/31/04 (e) 33,862 58,000 NR Imperial Credit Industries, Inc., Sr. Secured Notes, 12.000% due 6/30/05 (g) 870 iStar Financial Inc., Sr. Notes: 60,000 BB+ 7.000% due 3/15/08 62,007 145,000 BB+ 8.750% due 8/15/08 (c) 159,500 154,000 Ca* Nationwide Credit, Inc., Sr. Notes, Series A, 10.250% due 1/15/08 (g) 1,925 314,000 D** Reliance Group Holdings, Inc., Sr. Notes, 9.000% due 11/15/49 (g) 3,140 145,000 B- Resource America Inc., Sr. Notes, 12.000% due 8/1/04 (c) 146,450 430,000 BBB- Sovereign Bancorp, Inc., Sr. Notes, 10.500% due 11/15/06 (c) 522,450 90,000 BB- Western Financial Bank, Sub. Debentures, 9.625% due 5/15/12 93,150 - ------------------------------------------------------------------------------------------------------- 1,478,769 - -------------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 34 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ------------------------------------------------------------------------------------------------- Food and Beverage -- 1.2% 56,814 NR Archibald Candy Corp., Notes, 10.000% due 11/1/07 (h) $ 38,633 135,000 CC Aurora Foods Inc., Sr. Sub. Notes, Series D, 9.875% due 2/15/07 61,425 Constellation Brands Inc., Sr. Sub. Notes: 30,000 Ba3* 8.500% due 3/1/09 31,800 50,000 Ba3* Series B, 8.125% due 1/15/12 (a) 53,312 30,000 BB- Dean Foods Co., Sr. Notes, 6.625% due 5/15/09 30,946 Del Monte Corp., Sr. Sub. Notes: 80,000 B 8.625% due 12/15/12 (e) 86,500 40,000 B Series B, 9.250% due 5/15/11 43,450 120,000 B- Doane Pet Care Co., Sr. Sub. Notes, 9.750% due 5/15/07 (c) 114,600 60,000 B+ Dole Foods Co., Sr. Notes, 8.875% due 3/15/11 (e) 65,550 10,000 CCC+ Eagle Family Foods, Inc., Sr. Sub. Notes, Series B, 8.750% due 1/15/08 6,750 Fleming Cos., Inc., Sr. Notes: 122,000 Caa3* 10.125% due 4/1/08 (a) 17,995 59,000 Caa3* 9.250% due 6/15/10 8,703 86,000 B+ Land O' Lakes, Inc., Sr. Notes, 8.750% due 11/15/11 55,470 120,000 B- Premier International Foods PLC, Sr. Notes, 12.000% due 9/1/09 (c) 132,600 210,000 BB Premium Standard Farms, Inc., Sr. Notes, 9.250% due 6/15/11 (a) 185,850 141,000 Caa2* RAB Enterprises, Inc., Sr. Notes, 10.500% due 5/1/05 57,105 91,194 BB+ Suiza Foods Corp., Term Loans, Tranche B, 3.540% due 7/15/08 (f) 91,101 40,000 B TravelCenters of America Inc., Sr. Sub. Notes, 12.750% due 5/1/09 43,400 180,000 NR Vlasic Foods International Inc., Sr. Sub. Notes, Series B, 10.250% due 7/1/09 (g) 44,100 - ------------------------------------------------------------------------------------------------- 1,169,290 - ------------------------------------------------------------------------------------------------- Healthcare -- 2.8% 130,000 B- ALARIS Medical, Inc., Sr. Discount Notes, step bond to yield 24.190% due 8/1/08 (c) 135,850 129,000 B+ ALARIS Medical Systems, Inc., Sr. Secured Notes, Series B, 11.625% due 12/1/06 (c) 151,575 114,000 B- Alliance Imaging, Inc., Sr. Sub. Notes, 10.375% due 4/15/11 (a) 107,730 63,000 BB AmeriSourceBergen Corp., Sr. Notes, 7.250% due 11/15/12 (e) 67,095
See Notes to Financial Statements. 35 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - -------------------------------------------------------------------------------------------------------- Healthcare -- 2.8% (continued) 70,000 B Bio-Rad Laboratories, Inc., Sr. Sub. Notes, 11.625% due 2/15/07 $ 78,050 150,000 BB- Biovail Corp., Sr. Sub. Notes, 7.875% due 4/1/10 (c) 159,750 20,000 BB Caremark Rx, Inc., Sr. Notes, 7.375% due 10/1/06 20,800 100,000 B DaVita Inc., Convertible Sub. Notes, 7.000% due 5/15/09 (c) 102,625 80,000 B2* Extendicare Health Services Inc., Sr. Notes, 9.500% due 7/1/10 79,600 5,148 B1* Genesis Health Ventures Inc., Sr. Secured Notes, 6.290% due 4/2/07 (a)(f) 4,968 Hanger Orthopedic Group, Inc., Sr. Notes: 105,000 B 10.375% due 2/15/09 (c) 114,975 25,000 B- 11.250% due 6/15/09 27,000 HCA Inc.: Debentures: 10,000 BBB- 7.190% due 11/15/15 10,669 50,000 BBB- 8.360% due 4/15/24 55,827 Notes: 60,000 BBB- 7.250% due 5/20/08 66,428 50,000 BBB- 7.690% due 6/15/25 52,656 HEALTHSOUTH Corp.: 130,000 D Convertible Sub. Debentures, 3.250% due 4/1/03 (g) 35,750 106,000 Caa2* Notes, 7.625% due 6/1/12 (a)(g) 68,105 Sr. Notes: 67,000 Caa2* 8.500% due 2/1/08 (a)(g) 43,047 37,000 Caa2* 8.375% due 10/1/11 (a)(g) 23,772 40,000 C* Sr. Sub. Notes, 10.750% due 10/1/08 (g) 10,800 60,000 B3* IASIS Healthcare Corp., Sr. Sub. Notes, 13.000% due 10/15/09 67,200 260,000 NR Integrated Health Services, Inc., Sr. Sub. Notes, Series A, 9.500% due 9/15/07 (g) 7,475 175,000 B- Kinetic Concepts Inc., Sr. Sub. Notes, Series B, 9.625% due 11/1/07 (c) 183,312 Magellan Health Services, Inc.: 43,000 Caa3* Sr. Notes, 9.375% due 11/15/07 (e)(g) 38,915 234,000 C* Sr. Sub. Notes, 9.000% due 2/15/08 (a)(g) 63,180 110,000 NR Mediq Inc., Sr. Discount Debentures, step bond to yield 14.868% due 6/1/09 (g) 11 136,000 B- Medquest Inc., Sr. Sub. Notes, 11.875% due 8/15/12 (c)(e) 126,480 330,000 NR Multicare Cos., Inc., Sr. Sub. Notes, 9.000% due 8/1/07 (g) 6,600 55,000 /EUR/ B- Nyco Holdings 2 APS, Sr. Notes, 11.500% due 3/31/13 (e) 62,418 100,000 BB+ Omnicare, Inc., Sr. Sub. Notes, Series B, 8.125% due 3/15/11 (c) 109,500 197,000 B+ PacifiCare Health System, Sr. Notes, 10.750% due 6/1/09 (c) 219,163
See Notes to Financial Statements. 36 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - -------------------------------------------------------------------------------------------------- Healthcare -- 2.8% (continued) 121,000 B- Province Healthcare Co., Convertible Sub. Notes, 4.500% due 11/20/05 (c) $ 116,160 Triad Hospitals, Inc., Series B: 1,000 B1* Sr. Notes, 8.750% due 5/1/09 1,093 330,000 B2* Sr. Sub. Notes, 11.000% due 5/15/09 (a) 367,950 40,000 BB- Ventas Realty L.P./Ventas Capital Corp., Sr. Notes, 9.000% due 5/1/12 43,100 - -------------------------------------------------------------------------------------------------- 2,829,629 - -------------------------------------------------------------------------------------------------- Hotel/Casino -- 4.3% 90,000 NR Aladdin Gaming Holdings, LLC/Aladdin Capital Corp., Sr. Discount Notes, Series B, 13.500% due 3/1/10 (g) 900 70,000 B Ameristar Casinos, Inc., Sr. Sub. Notes, 10.750% due 2/15/09 (a) 78,750 Argosy Gaming Co.: 120,000 B+ Sr. Notes, 10.750% due 6/1/09 (c) 133,200 10,000 B+ Sr. Sub. Notes, 9.000% due 9/1/11 10,800 130,000 B+ Boyd Gaming Corp., Sr. Sub. Notes, 8.750% due 4/15/12 (c) 140,725 50,000 BB- Chumash Casino & Resort Enterprise, Sr. Notes, 9.000% due 7/15/10 (e) 53,750 170,000 Ba3* FelCor Lodging L.P., Sr. Notes, 9.500% due 9/15/08 (c) 170,000 Herbst Gaming, Inc., Sr. Secured Notes: 30,000 B 10.750% due 9/1/08 (e) 33,075 123,000 B Series B, 10.750% due 9/1/08 (c) 135,607 HMH Properties, Inc.: 36,000 Ba3* Sr. Notes, Series C, 8.450% due 12/1/08 37,080 558,000 Ba3* Sr. Secured Notes, Series B, 7.875% due 8/1/08 (c) 566,370 123,000 BBB- Hilton Hotels Corp., Sr. Notes, 7.625% due 12/1/12 (c) 131,264 175,000 B+ Hollywood Casino Corp., Sr. Secured Notes, 11.250% due 5/1/07 (c) 187,250 170,000 B+ Horseshoe Gaming Holding Corp., Sr. Sub. Notes, Series B, 8.625% due 5/15/09 (c) 181,475 160,000 BBB- International Game Technology, Sr. Notes, 8.375% due 5/15/09 (c) 191,172 100,000 B John Q. Hammons Hotels Inc., First Mortgage Notes, Series B, 8.875% due 5/15/12 (c) 104,000 145,000 B Majestic Investor Holdings LLC/Majestic Investor Capital Corp., Sr. Secured Notes, 11.653% due 11/30/07 (c) 142,825 10,000 BB+ Mandalay Resort Group, Sr. Notes, 9.500% due 8/1/08 11,125 MGM MIRAGE: 80,000 BBB- Notes, 6.750% due 2/1/08 (a) 83,200 140,000 BBB- Sr. Notes, 8.500% due 9/15/10 (c) 157,500
See Notes to Financial Statements. 37 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - -------------------------------------------------------------------------------------------------------- Hotel/Casino -- 4.3% (continued) Mohegan Tribal Gaming Authority: 75,000 BB Sr. Notes, 8.125% due 1/1/06 $ 80,062 Sr. Sub. Notes: 120,000 BB- 8.750% due 1/1/09 (c) 128,100 50,000 BB- 8.375% due 7/1/11 53,500 Park Place Entertainment Corp.: Sr. Notes: 210,000 BBB- 7.500% due 9/1/09 (c) 224,175 50,000 BBB- 7.000% due 4/15/13 (e) 51,500 Sr. Sub Notes: 37,000 BB+ 8.875% due 9/15/08 (a) 40,053 15,000 BB+ 8.125% due 5/15/11 15,938 Penn National Gaming Inc.: 165,000 B- Sr. Notes, 8.875% due 3/15/10 (a) 173,663 55,000 B- Sr. Sub. Notes, Series B, 11.125% due 3/1/08 60,912 70,000 B Resorts International Hotel & Casino, Inc., Sr. Notes, 11.500% due 3/15/09 (a) 65,450 90,000 B+ RFS Partnership L.P., Notes, 9.750% due 3/1/12 94,500 65,000 B+ Riviera Holdings Corp., Notes, 11.000% due 6/15/10 61,425 120,000 BBB- Starwood Hotels & Resorts Worldwide, Inc., Notes, 6.750% due 11/15/05 (c) 124,286 139,000 BB- Station Casinos, Inc., Sr. Notes, 8.375% due 2/15/08 (c) 149,773 70,000 B3* Trump Atlantic City Associates/Trump Atlantic City Funding, Inc., Secured First Mortgage Notes, 11.250% due 5/1/06 56,000 215,000 B- Trump Holdings and Funding, First Mortgage Notes, 11.625% due 3/15/10 (c)(e) 206,938 180,000 B- Venetian Casino Resort LLC/Las Vegas Sands, Inc., Notes, 11.000% due 6/15/10 (c) 198,450 15,000 B+ Wheeling Island Gaming, Notes, 10.125% due 12/15/09 15,225 - -------------------------------------------------------------------------------------------------------- 4,350,018 - -------------------------------------------------------------------------------------------------------- Industrial Goods and Services -- 0.6% 95,000 Caa2* Better Minerals & Aggregates Co., Sr. Sub. Notes, 13.000% due 9/15/09 65,075 96,000 B Flowserve Corp., Sr. Sub. Notes, 12.250% due 8/15/10 (a) 108,960 20,000/EUR/ B Flowserve Finance B.V., Sr. Sub. Notes, 12.250% due 8/15/10 25,045 71,000 B- Jordan Industries, Inc., Sr. Notes, Series D, 10.375% due 8/1/07 26,980
See Notes to Financial Statements. 38 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ------------------------------------------------------------------------------------------------------------- Industrial Goods and Services -- 0.6% (continued) 205,000 B North Atlantic Trading Co., Inc., Sr. Notes, Series B, 11.000% due 6/15/04 (c) $ 205,769 70,000 Ca* Polaroid Corp., Sr. Notes, 11.500% due 2/15/06 (g) 4,550 100,000 B Trico Marine Services, Inc., Sr. Notes, 8.875% due 5/15/12 (a) 88,000 100,000 B Ucar Finance Inc., Notes, 10.250% due 2/15/12 94,000 - ---------------------------------------------------------------------------------------------------------- 618,379 - ---------------------------------------------------------------------------------------------------------- Manufacturing -- 1.6% 35,000 NR Advanced Glassfiber Yarns/AGY Capital Corp., Sr. Sub. Notes, 9.875% due 1/15/09 (a)(g) 1,925 Blount Inc.: 120,000 Caa1* Sr. Notes, 7.000% due 6/15/05 (c) 108,600 201,000 CCC Sr. Sub. Notes, 13.000% due 8/1/09 144,720 26,000 B- Dade Behring Inc., Sr. Sub. Notes, 11.910% due 10/3/10 29,510 140,000 B Dresser Inc., Sr. Sub. Notes, 9.375% due 4/15/11 (c) 144,900 90,000 CCC High Voltage Engineering Corp., Sr. Notes, 10.750% due 8/15/04 23,850 Invensys PLC: 25,000/EUR/ BB+ Medium-Term Notes, Series E, 5.500% due 4/1/05 24,598 15,000 BB+ Sr. Notes, 6.500% due 1/15/10 (e) 11,868 Lousiana Pacific Corp.: 10,000 Ba1* Sr. Notes, 8.875% due 8/15/10 11,267 50,000 Ba2* Sr. Sub. Notes, 10.875% due 11/15/08 56,250 130,000 B- Roller Bearing Co. of America, Inc., Sr. Notes, Series B, 9.625% due 6/15/07 (c) 109,850 280,000 CCC Samsonite Corp., Sr. Sub. Notes, 10.750% due 6/15/08 (c) 266,000 175,000 B- Tekni-Plex, Inc., Sr. Sub. Notes, Series B, 12.750% due 6/15/10 (c) 171,938 40,000 CCC+ Tenneco Automotive Inc., Sr. Sub. Notes, Series B, 11.625% due 10/15/09 (a) 35,600 Tyco International Group, S.A.: Notes: 31,000 BBB- 6.375% due 6/15/05 (a) 31,465 137,000 BBB- 6.375% due 10/15/11 (c) 135,630 Sr. Notes: 292,000 BBB- 6.375% due 2/15/06 (a) 294,920 25,000 BBB- 6.750% due 2/15/11 25,125 - ---------------------------------------------------------------------------------------------------------- 1,628,016 - ----------------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 39 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ---------------------------------------------------------------------------------------------------- Metals/Mining -- 1.0% 163,000 BB AK Steel Corp., Sr. Notes, 7.875% due 2/15/09 (a) $ 145,478 90,000 B Compass Minerals Group, Inc., Sr. Sub. Notes, 10.000% due 8/15/11 100,350 165,400 NR Doe Run Resources Corp., Notes, Series AI, 11.750% due 11/1/08 (e)(h) 60,223 113,000 B- Earle M. Jorgensen Co., Secured Notes, 9.750% due 6/1/12 (a) 119,215 15,000 CCC+ Haynes International, Inc., Sr. Notes, 11.625% due 9/1/04 7,275 Kaiser Aluminum & Chemical Corp.: 20,000 NR Sr. Notes, Series B, 10.875% due 10/15/06 (g) 12,700 300,000 NR Sr. Sub. Notes, 12.750% due 2/1/49 (g) 12,000 78,000 B+ Oregon Steel Mills, Inc., Notes, 10.000% due 7/15/09 (a) 74,490 114,000 BBB- Phelps Dodge Corp., Sr. Notes, 8.750% due 6/1/11 (c) 128,873 155,000 B Steel Dynamics, Inc., Sr. Notes, 9.500% due 3/15/09 (a) 168,950 Trimas Corp., Sr. Sub. Notes: 45,000 B 9.875% due 6/15/12 46,575 39,000 B 9.875% due 6/15/12 (e) 40,365 90,000 CCC+ WCI Steel Inc., Sr. Secured Notes, Series B, 10.000% due 12/1/04 28,350 11,000 CCC- Weirton Steel Corp., Sr. Notes, 10.000% due 4/1/08 1,155 70,000 NR Wheeling-Pittsburgh Corp., Sr. Notes, 9.250% due 11/15/07 (g) 700 90,000 CCC WHX Corp., Sr. Notes, 10.500% due 4/15/05 72,450 - ------------------------------------------------------------------------------------------------- 1,019,149 - ------------------------------------------------------------------------------------------------- Packaging/Containers -- 1.8% 130,000 B AEP Industries Inc., Sr. Sub. Notes, 9.875% due 11/15/07 (a) 122,850 43,000 B- Berry Plastic Corp., Sr. Sub. Notes, 10.750% due 7/15/12 47,085 200,000 B+ Crown Euro Holdings, S.A., Secured Second Lien Notes, 9.500% due 3/1/11 (c)(e) 214,000 15,000 Caa2* Fonda Group Inc., Sr. Sub. Notes, Series B, 9.500% due 3/1/07 7,575 70,000 B Four M Corp., Sr. Secured Notes, Series B, 12.000% due 6/1/06 71,750 Owens-Brockway Glass Container Inc.: 185,000 BB Secured Notes, 8.875% due 2/15/09 (c) 199,338 70,000 BB Secured Sr. Notes, 7.750% due 5/15/11 (e) 72,625 80,000 B+ Sr. Notes, 8.250% due 5/15/13 (e) 83,000 160,000 B+ Owens-Illinois, Inc., Sr. Debentures, 7.800% due 5/15/18 (c) 146,400 115,000 B- Pliant Corp., Sr. Sub. Notes, 13.000% due 6/1/10 (c) 106,950 305,000 CCC+ Riverwood International, Sr. Sub. Notes, 10.875% due 4/1/08 (a) 316,438
See Notes to Financial Statements. 40 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ------------------------------------------------------------------------------------------ Packaging/Containers -- 1.8% (continued) Stone Container Corp., Sr. Notes: 140,000 B 9.250% due 2/1/08 (c) $ 156,100 50,000 B 9.750% due 2/1/11 56,375 90,000 B 8.375% due 7/1/12 98,325 70,000 B Stone Container Finance Corp., Sr. Notes, 11.500% due 8/15/06 (e) 75,250 35,000 NR Sweetheart Cup Co., Inc., Notes, 12.000% due 7/15/04 30,450 15,000 B Yell Finance B.V., Sr. Notes, 10.750% due 8/1/11 (a) 16,875 - ------------------------------------------------------------------------------------------ 1,821,386 - ------------------------------------------------------------------------------------------ Paper/Forestry Products -- 1.0% 1,000 BB+ Abitibi Consolidated Inc., Notes, 7.875% due 8/1/09 1,080 180,000 B+ Appleton Papers, Inc., Sr. Sub. Notes, Series B, 12.500% due 12/15/08 (c) 205,200 Georgia-Pacific Corp.: Debentures: 57,000 BB+ 9.500% due 12/1/11 (a) 60,563 35,000 BB+ 7.700% due 6/15/15 31,675 Sr. Notes: 35,000 BB+ 7.500% due 5/15/06 35,087 125,000 BB+ 8.875% due 2/1/10 (e) 135,313 40,000 BB+ 8.125% due 5/15/11 (a) 39,800 145,000 BB Pacifica Paper, Inc., Sr. Notes, 10.000% due 3/15/09 (c) 154,788 133,000 Ba1* Potlatch Corp., Sr. Sub. Notes, 10.000% due 7/15/11 (c) 144,970 Tembec Industries Inc., Sr. Notes: 95,000 BB+ 8.625% due 6/30/09 (c) 99,275 40,000 BB+ 8.625% due 6/30/09 (e) 41,800 20,000 BB+ 8.500% due 2/1/11 20,900 20,000 BB+ 7.750% due 3/15/12 20,400 - ------------------------------------------------------------------------------------------ 990,851 - ------------------------------------------------------------------------------------------ Publishing -- 1.9% Garden State Newspapers, Inc., Sr. Sub. Notes: 110,000 B+ 8.625% due 7/1/11 (c) 114,125 85,000 B+ Series B, 8.750% due 10/1/09 88,400 65,000 B Hollinger International Publishing Inc., Sr. Notes, 9.000% due 12/15/10 (e) 69,875 340,628 B- Hollinger Participation Trust, Sr. Notes, 12.125% due 11/15/10 (c)(e)(h) 362,343
See Notes to Financial Statements. 41 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ----------------------------------------------------------------------------------------------------- Publishing -- 1.9% (continued) 80,000 BB- Mail Well I Corp., Sr. Notes, 9.625% due 3/15/12 $ 81,600 140,000 BBB- News America Holdings Inc., Sr. Debentures, 9.250% due 2/1/13 (c) 179,116 PRIMEDIA Inc., Sr. Notes: 120,000 B 7.625% due 4/1/08 (a) 122,400 215,000 B 8.875% due 5/15/11 (c) 231,125 120,000 B Series B, 8.500% due 2/1/06 (a) 120,900 184,000 B Quebecor Media Inc., Sr. Notes, 11.125% due 7/15/11 (c) 209,760 Vertis Inc., Sr. Notes: 26,000 B- 10.875% due 6/15/09 (e) 27,430 110,000 B2* Series B, 10.875% due 6/15/09 (c) 116,050 Von Hoffman Corp.: 38,473 NR Debentures, 13.500% due 5/15/09 (h) 34,625 130,000 B Sr. Notes, 10.250% due 3/15/09 (c) 134,875 30,000 B- Von Hoffman Press, Inc., Notes, 10.375% due 5/15/07 29,625 - ----------------------------------------------------------------------------------------------------- 1,922,249 - ----------------------------------------------------------------------------------------------------- Real Estate -- 0.2% 150,000 Ba3* Crescent Real Estate Equities, L.P., Sr. Notes, 9.250% due 4/15/09 (c) 159,937 - ----------------------------------------------------------------------------------------------------- Retail -- 1.8% 87,000 BBB- 7-Eleven, Inc., Sr. Sub. Second Priority Debentures, Series A, 4.500% due 6/15/04 86,348 35,000/EUR/ BB+ Ahold Finance USA, Inc., Sr. Medium-Term Notes, Series E, 6.375% due 6/8/05 (c) 34,242 90,000 B Amazon.com, Inc., Sr. Discount Notes, step bond to yield 12.352% due 5/1/08 95,175 140,000 BB+ AutoNation, Inc., Sr. Notes, 9.000% due 8/1/08 (c) 153,300 77,000 B Domino's, Inc., Sr. Sub. Notes, Series B, 10.375% due 1/15/09 83,160 36,000 BB+ The Gap Inc., Notes, 6.900% due 9/15/07 38,340 55,000 B+ The Great Atlantic & Pacific Tea Co., Inc., Notes, 7.750% due 4/15/07 47,300 55,000 B- Hollywood Entertainment, Sr. Sub. Notes, 9.625% due 3/15/11 59,675 70,000 Caa3* J. Crew Operating Corp., Sr. Sub. Notes, 10.375% due 10/15/07 63,350 J.C. Penney Co., Inc.: Debentures: 11,000 BBB- 7.650% due 8/15/16 10,890 130,000 BBB- 7.950% due 4/1/17 (c) 131,300 5,000 BBB- Notes, 8.000% due 3/1/10 5,337
See Notes to Financial Statements. 42 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ------------------------------------------------------------------------------------------------------- Retail -- 1.8% (continued) 70,000 B+ NBTY, Inc., Sr. Sub. Notes, Series B, 8.625% due 9/15/07 $ 72,975 45,000 B2* Remington Arms Co., Sr. Notes, 10.500% due 2/1/11 (e) 48,825 Rite Aid Corp.: 120,000 B- Notes, 7.125% due 1/15/07 (a) 116,400 25,000 B- Sr. Notes, 7.625% due 4/15/05 25,063 270,000 BB Saks Inc., Sr. Notes, 8.250% due 11/15/08 (a) 292,950 120,000 B+ Sbarro Inc., Sr. Notes, 11.000% due 9/15/09 (a) 117,600 85,000 B United Auto Group, Inc., Sr. Sub. Notes, 9.625% due 3/15/12 90,100 Yum! Brands, Inc., Sr. Notes: 28,000 BB+ 8.500% due 4/15/06 31,220 160,000 BB+ 7.650% due 5/15/08 (c) 176,800 - ------------------------------------------------------------------------------------------------- 1,780,350 - ------------------------------------------------------------------------------------------------- Technology -- 0.3% 90,000 B AMI Semiconductor, Inc., Sr. Sub. Notes, 10.750% due 2/1/13 (c)(e) 98,100 440,000 NR Cybernet Internet Services International, Inc., Convertible Sr. Discount Notes, step bond to yield 12.759% due 8/15/09 (e) 440 515,000 NR DIVA Systems Corp., Sr. Discount Notes, Series B, 12.625% due 3/1/08 (g) 18,025 29,508 NR Globix Corp., Sr. Notes, 11.000% due 5/1/08 (h) 20,951 77,138 NR InterAct Operating Co., Sr. Notes, 14.000% due 8/1/03 (g) 8 110,000 BB+ Seagate Technology Inc., Sr. Notes, 8.000% due 5/15/09 (c) 118,663 50,000 BB+ Unisys Corp., Sr. Notes, 7.875% due 4/1/08 52,375 - ------------------------------------------------------------------------------------------------- 308,562 - ------------------------------------------------------------------------------------------------- Telecommunications -- 5.7% 55,000 Caa2* AirGate PCS, Inc., Sr. Sub. Discount Notes, step bond to yield 37.003% due 10/1/09 14,025 Alamosa Delaware, Inc., Sr. Notes: 30,000 CCC- 12.500% due 2/1/11 19,950 110,000 CCC- 13.625% due 8/15/11 75,350 320,000 CCC- Alamosa Holdings, Inc., Sr. Discount Notes, step bond to yield 29.017% due 2/15/10 (c) 142,400 190,000 Caa3* American Cellular Corp., Sr. Sub. Notes, 9.500% due 10/15/09 50,350 American Tower Corp.: 40,000 Caa1* Convertible Notes, 5.000% due 2/15/10 34,000 75,000 Caa1* Sr. Notes, 9.375% due 2/1/09 (a) 74,625 140,000 B3* American Tower Escrow Corp., Sr. Discount Notes, zero coupon due 8/1/08 (e) 88,200
See Notes to Financial Statements. 43 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ----------------------------------------------------------------------------------------------------- Telecommunications -- 5.7% (continued) 442 NR Arch Wireless Holdings Inc., Secured Sr. Sub. Notes, 10.000% due 5/15/07 $ 444 90,000 NR Asia Global Crossing Ltd., Sr. Notes, 13.375% due 10/15/10 (g) 11,700 25,000 B+ Avaya Inc., Sr. Secured Notes, 11.125% due 4/1/09 27,750 189,599 NR COLO.COM Inc., Sr. Notes, 13.875% due 3/15/10 (e)(g) 2,844 Colt Telecom Group PLC: 5,000 B- Sr. Discount Notes, 12.000% due 12/15/06 4,475 Sr. Notes: 30,000/GBP/ B- 10.125% due 11/30/07 (c) 39,829 15,000/EUR/ B- 7.625% due 12/15/09 (c) 12,327 Crown Castle International Corp., Sr. Notes: 58,000 B3* 9.000% due 5/15/11 (a) 55,680 125,000 B3* 9.375% due 8/1/11 (a) 123,438 200,000 B3* Dobson/Sygnet Communications Co., Sr. Notes, 12.250% due 12/15/08 (a) 199,000 735,000 BB- EchoStar Broadband Corp., Sr. Notes, 10.375% due 10/1/07 (c) 826,875 20,000 C Horizon PCS, Inc., Sr. Notes, 13.750% due 6/15/11 2,300 30,000 B+ Insight Midwest Holdings LLC, Term Loans, Tranche B, 4.063% due 4/5/04 (f) 29,679 Insight Midwest L.P./Insight Capital Inc., Sr. Notes: 15,000 B+ 9.750% due 10/1/09 (a) 16,162 35,000 B+ 10.500% due 11/1/10 38,937 190,000 Ca* iPCS, Inc., Sr. Discount Notes, step bond to yield 16.574% due 7/15/10 (g) 10,450 73,000 Ca* IWO Holdings, Inc., Sr. Notes, 14.000% due 1/15/11 12,775 90,000 C* Leap Wireless International, Inc., Sr. Notes, 12.500% due 4/15/10 (g) 13,050 Lucent Technologies, Inc.: Debentures: 30,000 B- 6.500% due 1/15/28 22,050 250,000 B- 6.450% due 3/15/29 (c) 185,000 110,000 B- Notes, 7.250% due 7/15/06 (a) 105,050 5,000 B- Unsub. Notes, 5.500% due 11/15/08 (a) 4,262 30,000 Caa3* Metrocall, Inc., Sr. Sub. Notes, 9.750% due 11/1/07 (g) 600 200,000 NR Metromedia Fiber Network Inc., Sr. Notes, 10.000% due 12/15/09 (g) 7,750 140,000 C Microcell Communications Inc., Sr. Discount Notes, Series B, 14.000% due 6/1/06 (g) 8,400 40,000 Caa3* Millicom International Cellular S.A., Sr. Sub. Discount Notes, 13.500% due 6/1/06 31,600 Nextel Communications, Inc.: 175,000 B Convertible Sr. Notes, 5.250% due 1/15/10 (a) 159,688
See Notes to Financial Statements. 44 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - --------------------------------------------------------------------------------------------------- Telecommunications -- 5.7% (continued) Sr. Discount Notes: 15,000 B 10.625% due 9/15/07 $ 15,787 18,000 B 9.950% due 2/15/08 18,990 Sr. Notes: 125,000 B 12.000% due 11/1/08 (a) 135,000 298,000 B 9.375% due 11/15/09 (a) 323,330 59,000 B 9.500% due 2/1/11 64,752 Nextel Partners, Inc.: 213,000 CCC+ Sr. Discount Notes, step bond to yield 14.095% due 2/1/09 (a) 217,260 Sr. Notes: 80,000 CCC+ 12.500% due 11/15/09 (a)(e) 87,600 60,000 CCC+ 11.000% due 3/15/10 63,300 140,000 B Nortel Networks Ltd., Notes, 6.125% due 2/15/06 (a) 136,325 Orbital Imaging Corp., Sr. Notes: 110,000 NR Series B, 11.625% due 3/1/05 (g) 30,250 20,000 NR Series D, 11.625% due 3/1/05 (g) 5,500 PanAmSat Corp.: 84,000 Ba3* Sr. Notes, 8.750% due 2/1/12 91,350 100,000 NR Term Loans, Tranche B, 4.810% due 2/13/09 (f) 99,714 60,000 CCC+ Qwest Capital Funding, Notes, 6.250% due 7/15/05 54,150 60,000 Ba3* Qwest Corp., Notes, 5.625% due 11/15/08 (a) 56,100 Qwest Services Corp.: 341,000 CCC+ Notes, 13.500% due 12/15/10 (c)(e) 380,215 250,000 Ba3* Unsub. Notes, 8.875% due 3/15/12 (c)(e) 275,000 45,000 CCC- RCN Corp., Sr. Discount Notes, Series B, 9.800% due 2/15/08 14,625 10,000 BB- Rogers Communications Inc., Convertible Sr. Debentures, 2.000% due 11/26/05 8,275 265,000 BB- Rogers Wireless Communications Inc., Sr. Sub. Notes, 8.800% due 10/1/07 (a) 271,956 TeleCorp PCS, Inc.: 32,000 BBB Sr. Sub. Discount Notes, step bond to yield 13.274% due 4/15/09 32,960 21,000 BBB Sr. Sub. Notes, 10.625% due 7/15/10 25,095 29,855 NR Telex Communications, Inc., Sr. Sub. Notes, Series A, zero coupon due 11/15/06 16,420 Telus Corp., Notes: 174,000 BBB 7.500% due 6/1/07 (c) 194,010 306,000 BBB 8.000% due 6/1/11 (c) 347,310 Time Warner Telecom LLC, Inc., Sr. Notes: 148,000 B3* 9.750% due 7/15/08 (c) 125,060 30,000 B3* 10.125% due 2/1/11 (a) 25,200
See Notes to Financial Statements. 45 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - ---------------------------------------------------------------------------------------------- Telecommunications -- 5.7% (continued) 48,000 B- Triton PCS Inc., Sr. Sub. Discount Notes, step bond to yield 16.494% due 5/1/08 $ 48,360 60,000 B- TSI Telecommunication Services, Inc., Sr. Sub. Notes, Series B, 12.750% due 2/1/09 59,100 77,000 NR UbiquiTel Operating Co., Sr. Sub. Discount Notes, step bond to yield 16.136% due 5/15/10 (e) 25,795 United Pan-Europe Communications N.V., Sr. Discount Notes, Series B: 230,000 Ca* Step bond to yield 17.597% due 8/1/09 (g) 24,438 380,000 Ca* Step bond to yield 22.059% due 2/1/10 (g) 38,475 20,000 Ca* Sr. Notes, Series B, 10.875% due 8/1/09 (g) 2,750 155,000 Caa2* US Unwired Inc., Sr. Discount Notes, Series B, step bond to yield 13.895% due 11/1/09 30,225 156,000 NR Verado Holdings, Inc., Sr. Discount Notes, 13.000% due 4/15/08 (g) 16 - ---------------------------------------------------------------------------------------------- 5,795,708 - ---------------------------------------------------------------------------------------------- Telephone -- 0.1% 10,000 NR Intermedia Communications Inc., Sr. Notes, Series B, 8.600% due 6/1/08 (g) 7,550 30,000 CCC+ Rural Cellular Corp., Sr. Sub. Notes, Series B, 9.625% due 5/15/08 26,250 SBA Communications Corp.: 50,000 Caa2* Sr. Discount Notes, 12.000% due 3/1/08 45,250 45,000 Caa2* Sr. Notes, 10.250% due 2/1/09 38,025 80,000 D** WorldCom, Inc., Sr. Notes, 6.400% due 8/15/02 (g) 22,800 - ---------------------------------------------------------------------------------------------- 139,875 - ---------------------------------------------------------------------------------------------- Textiles/Apparel -- 0.4% Levi Strauss & Co.: Notes: 170,000 BB- 6.800% due 11/1/03 (a) 173,825 2,000 BB- 7.000% due 11/1/06 (a) 1,590 62,000 BB- Sr. Notes, 12.250% due 12/15/12 (e) 51,770 15,000 BB- Phillips Van-Heusen, Sr. Notes, 8.125% due 5/1/13 (e) 15,000 40,000 BBB- Tommy Hilfiger U.S.A., Inc., Notes, 6.500% due 6/1/03 40,400 82,000 B William Carter Co., Sr. Sub. Notes, Series B, 10.875% due 8/15/11 91,635 - ---------------------------------------------------------------------------------------------- 374,220 - ----------------------------------------------------------------------------------------------
See Notes to Financial Statements. 46 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - --------------------------------------------------------------------------------------------- Transportation -- 0.6% 67,000 CCC+ Allied Holdings, Sr. Notes, Series B, 8.625% due 10/1/07 $ 50,585 150,000 BBB CSX Corp., Sr. Notes, 6.250% due 10/15/08 (c) 167,799 60,000 B+ Hornbeck Offshore Services, Inc., Sr. Notes, 10.625% due 8/1/08 65,100 Kansas City Southern Railway Co., Sr. Notes: 185,000 Ba2* 9.500% due 10/1/08 (c) 205,350 25,000 Ba2* 7.500% due 6/15/09 26,000 Laidlaw Inc.: Debentures: 20,000 NR 8.250% due 5/15/23 (g) 9,675 51,000 NR 8.750% due 4/15/25 (g) 24,034 195,000 NR Notes, 7.650% due 5/15/06 (a)(g) 93,844 - ------------------------------------------------------------------------------------------ 642,387 - ------------------------------------------------------------------------------------------ Utilities -- 1.7% The AES Corp.: 25,000 BB Secured Notes, 10.000% due 7/15/05 (e) 26,375 38,000 B- Sr. Notes, 8.750% due 6/15/08 (a) 36,860 45,000 B1* Allegheny Energy, Inc., Notes, 7.750% due 8/1/05 45,112 90,000 BB- Allegheny Energy Supply Co., LLC, Bonds, 8.750% due 4/15/12 (e) 81,450 Avon Energy Partners Holdings: 5,000 B Notes, 6.460% due 3/4/08 (e) 4,350 55,000 B Sr. Notes, 7.050% due 12/11/07 (e) 48,125 110,000 BB- BRL Universal Equipment 2001A, L.P., Sr. Secured Notes, 8.875% due 2/15/08 (c) 119,900 106,000 B+ Calpine Canada Energy Finance ULC, Sr. Notes, 8.500% due 5/1/08 78,705 Calpine Corp., Sr. Notes: 80,000 B+ 10.500% due 5/15/06 (a) 68,000 20,000 B+ 8.750% due 7/15/07 (e) 14,500 10,000 B+ 7.750% due 4/15/09 7,200 85,000 B+ 8.625% due 8/15/10 (a) 61,200 136,000 B+ 8.500% due 2/15/11 (a) 99,960 Edison Mission Energy, Sr. Notes: 90,000 BB- 10.000% due 8/15/08 83,250 60,000 BB- 9.875% due 4/15/11 53,400 110,000 B Mirant Americas Generation, LLC, Sr. Notes, 7.200% due 10/1/08 79,750 35,000 B Mirant Corp., Sr. Notes, 7.900% due 7/15/09 (e) 22,400 30,000 B- Mission Energy Holding Co., Sr. Secured Notes, 13.500% due 7/15/08 20,250 38 Baa1* Northeast Utilities, Notes, Series A, 8.580% due 12/1/06 43
See Notes to Financial Statements. 47 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT+ RATING(d) SECURITY VALUE - -------------------------------------------------------------------------------------------------- Utilities -- 1.7% (continued) 70,000 Caa2* Pacific Gas and Electric Co., Sr. Notes, 7.375% due 11/1/05 (e)(g) $ 72,100 85,000 BBB- PSEG Energy Holdings, Inc., Notes, 7.750% due 4/16/07 (e) 89,128 5,000 BB Sierra Pacific Power Co., Secured Notes, Series A, 8.000% due 6/1/08 5,025 Sierra Pacific Recources: 65,000 B2* Convertible Notes, 7.250% due 2/14/10 (e) 76,294 45,000 B2* Sr. Notes, 8.750% due 5/15/05 43,875 Southern California Edison Co.: 160,000 BB First and Refunding Mortgage Notes, 8.000% due 2/15/07 (c)(e) 175,200 20,000 Ba3* Notes, 6.375% due 1/15/06 20,050 Teco Energy Inc.: Notes: 20,000 BBB- 7.200% due 5/1/11 (a) 19,850 45,000 BBB- 7.000% due 5/1/12 (a) 43,875 40,000 BBB- Sr. Notes 10.500% due 12/1/07 (a) 45,600 240,000 D York Power Funding, Secured Bonds, 12.000% due 10/30/07 (c)(e)(g) 168,000 - ------------------------------------------------------------------------------------------------- 1,709,827 - ------------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS AND NOTES (Cost -- $53,250,509) 50,430,712 - ------------------------------------------------------------------------------------------------- LOAN PARTICIPATIONS (j) -- 0.4% Gazprom OAO: 50,000 B+ 9.625% due 3/1/13 (Morgan Stanley Bank AG) 53,367 370,000 B+ 9.625% due 3/1/13 (Morgan Stanley Bank AG) (c)(e) 394,975 - ------------------------------------------------------------------------------------------------- TOTAL LOAN PARTICIPATIONS (Cost -- $421,813) 448,342 - ------------------------------------------------------------------------------------------------- SHARES SECURITY VALUE - -------------------------------------------------------------------------------------------------- COMMON STOCK ( k) -- 0.8% Agriculture -- 0.1% 22 PSF Group Holdings Inc. LLC, Class A Shares 38,552 - ------------------------------------------------------------------------------------------------- Automotive -- 0.0% 3,211 Safety Components International, Inc. 23,039 - ------------------------------------------------------------------------------------------------- Building/Construction -- 0.0% 323 Washington Group International, Inc. 6,137 - ------------------------------------------------------------------------------------------------- Chemicals -- 0.1% 11,998 Pioneer Cos., Inc. 44,992 36 Sterling Chemicals, Inc. 663 - ------------------------------------------------------------------------------------------------- 45,655 - -------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 48 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO SHARES SECURITY VALUE - ------------------------------------------------------------------------------------ Consumer Products and Services -- 0.0% 384 Alderwoods Group, Inc. $ 1,870 20,000 Loewen Group, Inc. 2 836 Polymer Group, Inc., Class A Shares 7,223 - ----------------------------------------------------------------------------------- 9,095 - ----------------------------------------------------------------------------------- Energy -- 0.0% 1,648 Jasper Energy LLC, Class A Shares 103 - ----------------------------------------------------------------------------------- Entertainment -- 0.6% 30,418 Regal Cinemas, Inc. (c) 536,573 61,158 Sirius Satellite Radio, Inc. 45,257 - ----------------------------------------------------------------------------------- 581,830 - ----------------------------------------------------------------------------------- Financial Services -- 0.0% 845,262 Contifinancial Corp. Liquidating Trust, Units of Interest 26,520 - ----------------------------------------------------------------------------------- Food and Beverage -- 0.0% 308 Archibald Candy Corp. 878 2,833 Aurora Foods Inc. 1,530 - ----------------------------------------------------------------------------------- 2,408 - ----------------------------------------------------------------------------------- Healthcare -- 0.0% 375 Genesis Health Ventures, Inc. (a) 5,610 296 Mariner Health Care, Inc. 814 257 Mediq Inc. 1,400 174 Sun Healthcare Group, Inc. 50 - ----------------------------------------------------------------------------------- 7,874 - ----------------------------------------------------------------------------------- Hotel/Casino -- 0.0% 29 GB Holdings, Inc. 80 3,112 Lodgian, Inc. 8,153 - ----------------------------------------------------------------------------------- 8,233 - ----------------------------------------------------------------------------------- Technology -- 0.0% 83 Comdisco Holding Co., Inc. 11,624 2,676 Covad Communications Group, Inc. 1,927 3,440 Globix Corp. 6,880 - ----------------------------------------------------------------------------------- 20,431 - ----------------------------------------------------------------------------------- Telecommunications -- 0.0% 6,411 Arch Wireless Inc. 291 350 Flag Telecom Holdings Ltd. 11,025 26 Metrocall Holdings Inc. 172 5 Mpower Holding Corp. 2 Vast Solutions Inc.: 300 Class B1 Shares 150
See Notes to Financial Statements. 49 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO SHARES SECURITY VALUE - ----------------------------------------------------------------------------------------- Telecommunications -- 0.0% (continued) 300 Class B2 Shares $ 150 300 Class B3 Shares 150 417 WilTel Communications, Inc. 4,587 - ---------------------------------------------------------------------------------------- 16,527 - ---------------------------------------------------------------------------------------- Utilities -- 0.0% 337 York Research Corp. 21 - ---------------------------------------------------------------------------------------- TOTAL COMMON STOCK (Cost -- $1,794,105) 786,425 - ---------------------------------------------------------------------------------------- PREFERRED STOCK -- 1.7% Aerospace/Defense -- 0.1% 1,200 Titan Capital Trust, 5.750% Convertible Remarketable Term Income Deferrable Equity Securities 60,375 - ---------------------------------------------------------------------------------------- Broadcasting -- 0.3% 22 Granite Broadcasting Corp., 12.750% Cumulative Exchangeable 15,895 Paxson Communications Corp.: 15 9.750% Convertible, Series A (e)(l) 93,060 22 13.250% Cumulative Jr. Exchangeable (c)(l) 201,158 - ---------------------------------------------------------------------------------------- 310,113 - ---------------------------------------------------------------------------------------- Cable -- 0.5% CSC Holdings Inc.: 1 11.750% Redeemable Exchangeable, Series H 105 4,532 11.125% Redeemable Exchangeable, Series M (c) 474,727 - ---------------------------------------------------------------------------------------- 474,832 - ---------------------------------------------------------------------------------------- Financial Services -- 0.3% 1,390 Chevy Chase Preferred Capital Corp., 10.375% Exchangeable, Series A (a) 77,840 2,500 First Republic Preferred Capital Corp., 10.500% Perpetual Exchangeable, Series A (c)(e) 251,875 189 North Atlantic Trading Co., Inc., 12.000% Sr. Exchangeable (l) 3,730 - ---------------------------------------------------------------------------------------- 333,445 - ---------------------------------------------------------------------------------------- Food and Beverage -- 0.1% 3,000 Doane Pet Care Co., 14.250% Sr. Exchangeable (c) 120,000 - ---------------------------------------------------------------------------------------- Healthcare -- 0.0% 8 Genesis Health Ventures, Inc., 6.000% Cumulative Convertible (l) 676 - ---------------------------------------------------------------------------------------- Hotel/Casino -- 0.1% 2,626 Lodgian Inc., 12.250% Cumulative Redeemable, Series A (l) 47,924 - ----------------------------------------------------------------------------------------
See Notes to Financial Statements. 50 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO SHARES SECURITY VALUE - ------------------------------------------------------------------------------------------ Metals/Mining -- 0.0% 180 Weirton Steel Corp., zero coupon Convertible, Series C $ 450 - ----------------------------------------------------------------------------------------- Technology -- 0.0% 110 InterAct Electronic Marketing Inc., 14.000% Sr. Mandatory Redeemable Convertible, Series B 1 1 NTL Europe, Inc., 10.000% Cumulative Redeemable, Series A 3 - ----------------------------------------------------------------------------------------- 4 - ----------------------------------------------------------------------------------------- Telecommunications -- 0.3% 1 Broadwing Communications Services Inc., 12.500% Jr. Exchangeable, Series B 133 Dobson Communications Corp.: 114 12.250% Sr. Exchangeable (l) 99,180 1,344 13.000% Sr. Exchangeable (l) 117,238 22 Metrocall Holdings Inc., 15.000% Cumulative Redeemable, Series A 77 Nextel Communications, Inc.: 40 13.000% Exchangeable, Series D (l) 4,190 690 11.125% Exchangeable, Series E (l) 73,658 497 Knology Inc., Variable Rate Convertible, Series D (e) 248 2,740 Rural Cellular Corp., 12.500% Jr. Exchangeable (l) 44,532 1,417 Telex Communications, Inc., Variable Rate Convertible, Series B 1,417 - ----------------------------------------------------------------------------------------- 340,673 - ----------------------------------------------------------------------------------------- TOTAL PREFERRED STOCK (Cost -- $2,334,816) 1,688,492 - ----------------------------------------------------------------------------------------- WARRANTS SECURITY VALUE - ------------------------------------------------------------------------------------------ WARRANTS ( k) -- 0.0% Broadcasting -- 0.0% 100 XM Satellite Radio Holdings Inc., Expire 3/15/10 60 - ----------------------------------------------------------------------------------------- Building/Construction -- 0.0% 210 Dayton Superior Corp., Expire 6/15/09 (e) 2 Washington Group International Inc., Expire 1/25/06: 199 Series A 149 228 Series B 114 122 Series C 61 - ----------------------------------------------------------------------------------------- 326 - ----------------------------------------------------------------------------------------- Food and Beverage -- 0.0% 750 TravelCenters of America, Inc., Expire 5/1/09 (e) 7,688 - -----------------------------------------------------------------------------------------
See Notes to Financial Statements. 51 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO WARRANTS SECURITY VALUE - ---------------------------------------------------------------------------------------- Hotel/Casino -- 0.0% 70 Mikohn Gaming Corp., Expire 8/15/08 (e) $ 1 - ---------------------------------------------------------------------------------------- Packaging/Containers -- 0.0% 90 Pliant Corp., Expire 6/1/10 (e) 101 - ---------------------------------------------------------------------------------------- Technology -- 0.0% 1,697 DIVA Systems Corp., Expire 3/1/08 (e) 17 110 InterAct Electronic Marketing Inc., Expire 12/15/09 1 140 Verado Holdings, Inc., Expire 4/15/08 70 - ---------------------------------------------------------------------------------------- 88 - ---------------------------------------------------------------------------------------- Telecommunications -- 0.0% 140 American Tower Corp., Expire 8/1/08 (e) 10,570 90 Birch Telecom, Inc., Expire 6/15/08 1 200 Horizon PCS, Inc., Expire 10/1/10 10 76 IWO Holdings, Inc., Expire 1/15/11 (e) 1 250 KMC Telecom Holdings, Inc., Expire 4/15/08 (e) 3 110 Loral Space & Communications Ltd., Expire 1/15/07 1 310 UbiquiTel Inc., Expire 4/15/10 (e) 116 - ---------------------------------------------------------------------------------------- 10,702 - ---------------------------------------------------------------------------------------- Telephone -- 0.0% 190 iPCS, Inc., Expire 7/15/10 (e) 71 - ---------------------------------------------------------------------------------------- TOTAL WARRANTS (Cost -- $177,267) 19,037 - ---------------------------------------------------------------------------------------- TOTAL HIGH-YIELD SECTOR (Cost -- $57,978,510) 53,373,008 - ---------------------------------------------------------------------------------------- FACE AMOUNT++ RATING(d) SECURITY VALUE - ---------------------------------------------------------------------------------------- FOREIGN BONDS -- 18.3% Argentina -- 0.2% 510,000/USD/ Ca* Republic of Argentina, PAR Bonds, Series L-GP, 6.000% due 3/31/23 (c)(g) 240,975 - ---------------------------------------------------------------------------------------- Brazil -- 0.8% Federal Republic of Brazil: 190,869/USD/ B+ Capitalization Bonds, 8.000% due 4/15/14 (c) 168,382 185,000/USD/ B+ Debt Conversion Bonds, 2.188% due 4/15/12 (c)(f) 137,652 105,000/USD/ B+ Discount Notes, 2.188% due 4/15/24 (c)(f) 75,862 290,000/USD/ B+ Global Bonds, 10.125% due 5/15/27 (c) 239,250 165,000/USD/ B+ Global Notes, 10.000% due 1/16/07 (c) 165,412 - ---------------------------------------------------------------------------------------- 786,558 - ----------------------------------------------------------------------------------------
See Notes to Financial Statements. 52 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT++ RATING(d) SECURITY VALUE - ----------------------------------------------------------------------------------------------------- Bulgaria -- 0.7% Republic of Bulgaria: Bonds: 70,000/EUR/ BB 7.500% due 1/15/13 $ 84,439 410,000/USD/ BB 8.250% due 1/15/15 (c)(e) 462,275 140,000/USD/ BB Secured Bonds, Series A, 2.188% due 7/28/24 (c)(f) 135,012 - ----------------------------------------------------------------------------------------------------- 681,726 - ----------------------------------------------------------------------------------------------------- Canada -- 1.4% Government of Canada, Bonds: 330,000 AAA 5.500% due 6/1/10 (c) 241,434 1,370,000 AAA 6.000% due 6/1/11 (c) 1,031,312 155,000 AAA Series WL43, 5.750% due 6/1/29 (c) 113,115 - ----------------------------------------------------------------------------------------------------- 1,385,861 - ----------------------------------------------------------------------------------------------------- Chile -- 0.1% 140,000/USD/ A- Republic of Chile, Global Bonds, 5.500% due 1/15/13 (c) 143,790 - ----------------------------------------------------------------------------------------------------- Colombia -- 1.2% Republic of Colombia: Global Bonds: 50,000/USD/ BB 9.750% due 4/23/09 (a) 55,250 56,430/USD/ BB+ 9.750% due 4/9/11 63,484 195,000/USD/ BB 11.750% due 2/25/20 (c) 236,437 135,000/USD/ BB 10.375% due 1/28/33 (c) 151,875 485,000/USD/ BB Global Notes, 10.750% due 1/15/13 (c) 558,841 90,000/EUR/ BB Medium-Term Notes, Series E, 11.375% due 1/31/08 (c) 112,206 - ----------------------------------------------------------------------------------------------------- 1,178,093 - ----------------------------------------------------------------------------------------------------- Costa Rica -- 0.1% 75,000/USD/ Ba1* Republic of Costa Rica, Notes, 8.050% due 1/31/13 (e) 78,000 - ----------------------------------------------------------------------------------------------------- Ecuador -- 0.2% 395,000/USD/ CCC+ Republic of Ecuador, Euro-Dollar Bonds, 6.000% due 8/15/30 (c) 246,875 - ----------------------------------------------------------------------------------------------------- France -- 2.1% French Republic: 1,399,125/EUR/ AAA Bonds, 5.500% due 10/25/10 (c) 1,730,681 360,750/EUR/ AAA Debentures, 4.000% due 10/25/09 (c) 410,649 - ----------------------------------------------------------------------------------------------------- 2,141,330 - ----------------------------------------------------------------------------------------------------- Germany -- 1.1% Federal Republic of Germany, Bonds: 120,500/EUR/ AAA Series 94, 6.250% due 1/4/24 (c) 160,498 500,000/EUR/ AAA Series 97, 6.000% due 1/4/07 (c) 616,667 240,269/EUR/ AAA Series 00, 5.500% due 1/4/31 (c) 294,349 - ----------------------------------------------------------------------------------------------------- 1,071,514 - -----------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 53 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO FACE AMOUNT++ RATING(d) SECURITY VALUE - --------------------------------------------------------------------------------------------------- Italy -- 0.4% 310,000/EUR/ AA Republic of Italy, Treasury Bonds, 4.750% due 3/15/06 (c) $ 366,372 - --------------------------------------------------------------------------------------------------- Mexico -- 1.1% United Mexican States: 200,000/USD/ Baa2* Global Bonds, 8.300% due 8/15/31 (c) 226,550 Global Notes: 230,000/USD/ Baa2* 4.625% due 10/8/08 (c) 233,393 144,000/USD/ Baa2* 7.500% due 1/14/12 (a) 163,224 255,000/USD/ Baa2* 8.125% due 12/30/19 (c) 288,405 250,000/USD/ BBB- PAR Bonds, Series B, 6.250% due 12/31/19 (c) 250,300 - --------------------------------------------------------------------------------------------------- 1,161,872 - --------------------------------------------------------------------------------------------------- Netherlands -- 0.2% 130,000/EUR/ AAA Government of the Netherlands, Bonds, 5.000% due 7/15/12 (c) 156,021 - --------------------------------------------------------------------------------------------------- New Zealand -- 1.4% Government of New Zealand, Bonds: 1,495,000 AAA Series 413, 6.500% due 4/15/13 (c) 874,837 970,000 AAA Series 709, 7.000% due 7/15/09 (c) 580,021 - --------------------------------------------------------------------------------------------------- 1,454,858 - --------------------------------------------------------------------------------------------------- Peru -- 0.9% Republic of Peru: FLIRB Bonds: 495,000/USD/ BB- Series 20YR, 4.500% due 3/7/17 (c)(f) 415,800 115,000/USD/ BB- Series US, 4.500% due 3/17/17 (e)(f) 96,025 30,000/USD/ BB- Global Notes, 9.875% due 2/6/15 33,750 388,800/USD/ BB- PDI Bonds, Series 20YR, 5.000% due 3/7/17 (c)(f) 340,686 - --------------------------------------------------------------------------------------------------- 886,261 - --------------------------------------------------------------------------------------------------- Philippines -- 0.6% Republic of the Philippines: 130,000/EUR/ Ba1* Bonds, 9.125% due 2/22/10 (c)(e) 146,807 170,000/USD/ BB+ Global Bonds, 9.000% due 2/15/13 (c) 177,013 295,000/USD/ BB+ Global Notes, 10.625% due 3/16/25 (c) 319,607 - --------------------------------------------------------------------------------------------------- 643,427 - --------------------------------------------------------------------------------------------------- Russia -- 1.4% Russian Federation: 1,257,500/USD/ BB Bonds, 5.000% due 3/31/30 (c) 1,137,252 Euro-Dollar Bonds: 60,000/USD/ BB 8.250% due 3/31/10 (c) 68,025 215,000/USD/ BB 5.000% due 3/31/30 (c) 194,441 - --------------------------------------------------------------------------------------------------- 1,399,718 - --------------------------------------------------------------------------------------------------- South Africa -- 0.5% 435,000/USD/ BBB Republic of South Africa, Notes, 7.375% due 4/25/12 (c) 491,006 - --------------------------------------------------------------------------------------------------- Spain -- 0.1% 92,500/EUR/ Aaa* Kingdom of Spain, Bonds, 6.000% due 1/31/29 (c) 120,379 - ---------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 54 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE AMOUNT++ RATING(d) SECURITY VALUE - -------------------------------------------------------------------------------------------------- Sweden -- 1.3% 9,980,000 AAA Kingdom of Sweden, Bonds, Series 1046, 5.500% due 10/8/12 (c) $ 1,295,075 - -------------------------------------------------------------------------------------------------- Turkey -- 0.2% 170,000/USD/ B1* Republic of Turkey, Global Notes, 11.875% due 1/15/30 172,763 - -------------------------------------------------------------------------------------------------- Ukraine -- 0.1% 70,934/USD/ B Government of Ukraine, Sr. Notes, 11.000% due 3/15/07 79,800 - -------------------------------------------------------------------------------------------------- United Kingdom -- 1.6% United Kingdom Gilt Bonds: 286,750 AAA 10.000% due 9/8/03 (c) 469,282 404,000 AAA 5.000% due 6/7/04 (c) 657,785 129,500 AAA 5.000% due 3/7/12 (c) 217,266 125,000 AAA 8.750% due 8/25/17 (c) 288,591 - -------------------------------------------------------------------------------------------------- 1,632,924 - -------------------------------------------------------------------------------------------------- Venezuela -- 0.6% Republic of Venezuela: 714,286/USD/ CCC+ Debt Conversion Bonds, Series DL, 2.875% due 12/18/07 (c) 538,839 155,000/USD/ CCC+ Global Bonds, 9.250% due 9/15/27 (c) 101,680 - -------------------------------------------------------------------------------------------------- 640,519 - -------------------------------------------------------------------------------------------------- TOTAL FOREIGN BONDS (Cost -- $15,927,659) 18,455,717 - -------------------------------------------------------------------------------------------------- RIGHTS SECURITY VALUE - -------------------------------------------------------------------------------------------------- FOREIGN RIGHTS (k) -- 0.0% Mexico -- 0.0% United Mexican States, Value Recovery Rights: 250,000 Series B, Expire 6/30/04 2,000 250,000 Series C, Expire 6/30/05 500 250,000 Series D, Expire 6/30/06 312 250,000 Series E, Expire 6/30/07 187 - -------------------------------------------------------------------------------------------------- TOTAL FOREIGN RIGHTS (Cost -- $0) 2,999 - --------------------------------------------------------------------------------------------------
FACE AMOUNT SECURITY VALUE - -------------------------------------------------------------------------- U.S. TREASURY BILLS (m) -- 0.3% $270,000 U.S. Treasury Bills due 5/8/03 (Cost -- $269,940) 269,630 - -------------------------------------------------------------------------- AGENCY DISCOUNT NOTES (c) -- 0.5% 486,000 Federal Home Loan Bank Discount Notes, 1.235% due 5/14/03 (Cost -- $485,789) 485,789 - --------------------------------------------------------------------------
See Notes to Financial Statements. 55 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003 PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE AMOUNT SECURITY VALUE - ---------------------------------------------------------------------------------------- REPURCHASE AGREEMENT (c) -- 3.6% $3,598,000 Goldman, Sachs & Co., 1.330% due 5/1/03; Proceeds at maturity -- $3,598,133; (Fully collateralized by Federal Home Loan Bank Notes, 2.500% due 3/15/06; Market value -- $3,678,733) (Cost -- $3,598,000) $ 3,598,000 - ---------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100% (Cost -- $102,717,791***) $101,011,111 - ----------------------------------------------------------------------------------------
+ Face amount denominated in U.S. dollars unless otherwise indicated. ++ Face amount denominated in local currency unless otherwise indicated. (a) All or a portion of this security is on loan (See Note 8). (b) Security is traded on a "to-be-announced" basis (See Note 9). (c) All or a portion of this security is segregated for open futures contracts commitments, swaps, open forward foreign currency contracts and/or extended settlements. (d) All ratings are by Standard & Poor's Ratings Service, except for those which are identified by an asterisk (*) or a double asterisk (**), are rated by Moody's Investors Service and Fitch Ratings, respectively. (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 is currently in default. (h) Payment-in-kind security for which all or part of the interest earned may be paid in additional bonds. (i) Security issued with attached warrants. (j) Participation interests were acquired through the financial institutions indicated parenthetically. (k) Non-income producing security. (l) Payment-in-kind security for which all or part of the dividend earned is paid by the issuance of additional stock. (m) All or a portion of this security is held as collateral for open futures contracts commitments. *** Aggregate cost for Federal income tax purposes is substantially the same. Abbreviations used in this schedule: EUR -- Euro FLIRB -- Front Loaded Interest Reduction Bond GBP -- British Pound PDI -- Past Due Interest USD -- United States Dollar See pages 57 and 58 for definitions of ratings. LOANED SECURITIES COLLATERAL (UNAUDITED) APRIL 30, 2003
FACE AMOUNT SECURITY VALUE - --------------------------------------------------------------------------------------- $21,304,573 State Street Navigator Securities Lending Trust Prime Portfolio (Cost -- $21,304,573) $21,304,573 - ---------------------------------------------------------------------------------------
See Notes to Financial Statements. 56 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 & 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 pre- dominantly speculative with respect to capacity and C to 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. D -- Bonds rated "D" are in default, and payment of interest and/or repayment of princi- pal is in arrears. 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 consid- ered as upper medium grade which suggest a susceptibility to impairment some time in the future. Baa -- Bonds rated "Baa" are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments 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 out- standing 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 and 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 desirable investments. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small. 57 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders BOND RATINGS (UNAUDITED) (CONTINUED) Caa -- Bonds rated "Caa" are of poor standing. These issues may be in default, or present elements of danger may exist with respect to principal or interest. Ca and C -- Bonds rated "Ca" and "C" represent obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings. Fitch Ratings ("Fitch") -- Ratings from "AAA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standings with the major rating categories. AAA -- Bonds rated "AAA" by Fitch have the lowest expectation of credit risk. The obligor has an exceptionally strong capacity for timely payment of financial commitments which is highly unlikely to be adversely affected by foreseeable events. BBB -- Bonds rated "BBB" by Fitch currently have a low expectation of credit risk. The capacity for timely payment of financial commitments is considered to be adequate. Adverse changes in economic conditions and circumstances, however, are more likely to impair this capacity. This is the lowest investment grade category assigned by Fitch. BB -- Bonds rated "BB" by Fitch carry the possibility of credit risk developing, particularly as the result of adverse economic change over time. Business or financial alternatives may, however, be available to allow financial commitments to be met. Securities rated in this category are not considered by Fitch to be investment grade. B -- Bonds rated "B" are considered highly speculative. While securities in this class are currently meeting debt service requirements or paying dividends, the probability of continued timely payment of principal and interest reflects the obligor's limited margin of safety and the need for reasonable business and economic activity throughout the life of the issue. CCC -- Bonds rated "CCC" have certain indentifiable characteristics that, if not remedied, may lead to default. The ability to meet obligations requires on advantageous busi- ness and economic environment. CC -- Bonds rated "CC" are minimally protected. Default in payment of interest and/or principal seems probable over time. C -- Bonds rated "C" are in imminent default in payment of interest or principal or sus- pension of preferred stock dividends is imminent. D -- Bonds rated "D" are in default on interest and/or principal payments or preferred stock dividends are suspended. Such securities are extremely speculative and should be valued on the basis of their ultimate recovery value in liquidation or reorganiza- tion of the obligor and have the lowest potential for recover. NR -- Indicates that the bond is not rated by Standard & Poor's, Moody's or Fitch. 58 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) APRIL 30, 2003
Putnam Smith Barney Diversified High Income Income Portfolio Portfolio - ----------------------------------------------------------------------------------------------- ASSETS: Investments, at value (Cost -- $199,117,755 and $102,717,791, respectively) $ 201,214,838 $101,011,111 Loaned securities collateral, at value (Cost -- $21,304,573) (Note 8) -- 21,304,573 Foreign currency, at value (Cost -- $686,191) -- 703,336 Cash 536 144,667 Dividends and interest receivable 4,581,188 2,050,072 Receivable for Fund shares sold 205,424 295,356 Receivable for securities sold -- 609,822 Receivable for open forward foreign currency contracts (Note 4) -- 417,438 Receivable for open interest rate swap contracts (Note 7) -- 102,034 Other receivables 5,445 -- - ---------------------------------------------------------------------------------------------- Total Assets 206,007,431 126,638,409 - ---------------------------------------------------------------------------------------------- LIABILITIES: Payable for securities purchased 4,750,052 1,355,200 Management fees payable 125,676 60,309 Payable for Fund shares purchased 9,377 448 Payable for securities on loan (Note 8) -- 21,304,573 Payable for open forward foreign currency contracts (Note 4) -- 338,667 Payable to broker -- variation margin -- 16,109 Accrued expenses 69,882 49,885 - ---------------------------------------------------------------------------------------------- Total Liabilities 4,954,987 23,125,191 - ---------------------------------------------------------------------------------------------- Total Net Assets $ 201,052,444 $103,513,218 - ---------------------------------------------------------------------------------------------- NET ASSETS: Par value of capital shares $ 283 $ 116 Capital paid in excess of par value 293,599,375 133,382,680 Undistributed net investment income 6,123,783 1,311,344 Accumulated net realized loss from security transactions and futures contracts (100,768,133) (29,656,745) Net unrealized appreciation (depreciation) of investments, foreign currencies, futures contracts and interest rate swap contracts 2,097,136 (1,524,177) - ---------------------------------------------------------------------------------------------- Total Net Assets $ 201,052,444 $103,513,218 - ---------------------------------------------------------------------------------------------- Shares Outstanding 28,314,168 11,607,897 - ---------------------------------------------------------------------------------------------- Net Asset Value $7.10 $8.92 - ----------------------------------------------------------------------------------------------
See Notes to Financial Statements. 59 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders STATEMENT OF OPERATIONS (UNAUDITED) For the Six Months Ended April 30, 2003
Putnam Smith Barney Diversified High Income Income Portfolio Portfolio - -------------------------------------------------------------------------------------- INVESTMENT INCOME: Interest $ 9,496,432 $ 4,026,386 Dividends 52,862 135,445 - ------------------------------------------------------------------------------------- Total Investment Income 9,549,294 4,161,831 - ------------------------------------------------------------------------------------- EXPENSES: Management fees (Note 2) 507,891 370,187 Custody 27,720 64,711 Shareholder communications 24,708 13,103 Audit and legal 15,392 14,324 Directors' fees 3,085 2,272 Shareholder servicing fees 2,480 2,636 Other 2,564 2,365 - ------------------------------------------------------------------------------------- Total Expenses 583,840 469,598 - ------------------------------------------------------------------------------------- Net Investment Income 8,965,454 3,692,233 - ------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCIES, FUTURES CONTRACTS AND INTEREST RATE SWAP CONTRACTS (NOTES 3, 4, 6 AND 7): Realized Gain (Loss) From: Security transactions (excluding short-term securities) (1,513,361) 98,955 Foreign currency transactions 25,633 (37,936) Futures contracts -- (325,224) - ------------------------------------------------------------------------------------- Net Realized Loss (1,487,728) (264,205) - ------------------------------------------------------------------------------------- Change in Net Unrealized Appreciation (Depreciation) From: Security transactions 26,800,431 8,555,643 Foreign currency transactions (5,719) 93,136 - ------------------------------------------------------------------------------------- Change in Net Unrealized Appreciation (Depreciation) 26,794,712 8,648,779 - ------------------------------------------------------------------------------------- Net Gain on Investments, Foreign Currencies, Futures Contracts and Interest Rate Swap Contracts 25,306,984 8,384,574 - ------------------------------------------------------------------------------------- Increase in Net Assets From Operations $34,272,438 $12,076,807 - -------------------------------------------------------------------------------------
See Notes to Financial Statements. 60 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 Smith Barney High Income Portfolio 2003 2002 - ------------------------------------------------------------------------------- OPERATIONS: Net investment income $ 8,965,454 $ 18,437,222 Net realized loss (1,487,728) (23,124,497) Increase (decrease) in net unrealized appreciation 26,794,712 (8,502,329) - ------------------------------------------------------------------------------- Increase (Decrease) in Net Assets From Operations 34,272,438 (13,189,604) - ------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (20,588,597) (21,089,088) - ------------------------------------------------------------------------------- Decrease in Net Assets From Distributions to Shareholders (20,588,597) (21,089,088) - ------------------------------------------------------------------------------- FUND SHARE TRANSACTIONS (NOTE 11): Net proceeds from sale of shares 31,759,816 26,024,621 Net asset value of shares issued for reinvestment of dividends 20,588,597 21,089,088 Cost of shares reacquired (19,613,909) (34,227,458) - ------------------------------------------------------------------------------- Increase in Net Assets From Fund Share Transactions 32,734,504 12,886,251 - ------------------------------------------------------------------------------- Increase (Decrease) in Net Assets 46,418,345 (21,392,441) NET ASSETS: Beginning of period 154,634,099 176,026,540 - ------------------------------------------------------------------------------- End of period* $201,052,444 $154,634,099 - ------------------------------------------------------------------------------- * Includes undistributed net investment income of: $6,123,783 $17,721,293 - ------------------------------------------------------------------------------- See Notes to Financial Statements. 61 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 Putnam Diversified Income Portfolio 2003 2002 - ------------------------------------------------------------------------------- OPERATIONS: Net investment income $ 3,692,233 $ 9,464,028 Net realized loss (264,205) (10,763,655) Decrease in net unrealized depreciation 8,648,779 4,063,168 - ------------------------------------------------------------------------------ Increase in Net Assets From Operations 12,076,807 2,763,541 - ------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (11,472,635) (11,516,581) - ------------------------------------------------------------------------------ Decrease in Net Assets From Distributions to Shareholders (11,472,635) (11,516,581) - ------------------------------------------------------------------------------ FUND SHARE TRANSACTIONS (NOTE 11): Net proceeds from sale of shares 2,814,947 6,049,296 Net asset value of shares issued for reinvestment of dividends 11,472,635 11,516,581 Cost of shares reacquired (8,873,013) (39,620,239) - ------------------------------------------------------------------------------ Increase (Decrease) in Net Assets From Fund Share Transactions 5,414,569 (22,054,362) - ------------------------------------------------------------------------------ Increase (Decrease) in Net Assets 6,018,741 (30,807,402) NET ASSETS: Beginning of period 97,494,477 128,301,879 - ------------------------------------------------------------------------------ End of period* $103,513,218 $ 97,494,477 - ------------------------------------------------------------------------------ * Includes undistributed net investment income of: $1,311,344 $9,129,682 - ------------------------------------------------------------------------------ See Notes to Financial Statements. 62 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. Significant Accounting Policies The Smith Barney High Income and Putnam Diversified Income 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 twelve other separate investment funds: AIM Capital Appreciation, Alliance Growth, Van Kampen Enterprise, Smith Barney Large Cap Value, Smith Barney International All Cap Growth, Travelers Managed Income, Salomon Brothers Total Return Strategic Bond, MFS Total Return, Smith Barney Money Market, Smith Barney Large Capitalization Growth, Smith Barney Mid Cap Core and Smith Barney Aggressive Growth Portfolios. Shares of the Series are offered only to insurance company separate accounts which 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) 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 the 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; securities listed on the NASDAQ National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price on that day, at the last sale price; (c) securities for which market quotations are not available will be valued in good faith at fair value by or under the direction of the Board of Directors; (d) securities maturing within 60 days are valued at cost plus accreted discount, or minus amortized premium, which approximates value; (e) 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; (f ) interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis; (g) gains or losses on the sale of securities are calculated by using the specific identification method; (h) dividends and distributions to shareholders are recorded on the ex-dividend date; the Funds dis- 63 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) tribute dividends and capital gains, if any, annually; (i) the accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated 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; ( j) 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; (k) 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 them from substantially all Federal income and excise taxes; and (l) 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. In addition, the Funds invest in high-yield instruments that are subject to certain credit and market risks. The yields of high-yield debt obligations reflect, among other things, perceived credit risk. The Funds' investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The Funds may enter into foreign currency exchange contracts in order to hedge against foreign currency risk. These contracts are marked-to-market daily, by recognizing the difference between the contract exchange rate and the current market rate as an unrealized gain or loss. Realized gains or losses are recognized when contracts are settled or closed. In addition, the Funds may enter into futures contracts. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by "marking-to-market" on a daily basis to reflect the market value of the contract at the end of each day's trading. 64 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) 2. Management Agreement and Transactions with Affiliated Persons Smith Barney Fund Management LLC ("SBFM"), an indirect wholly-owned subsidiary of Citigroup Inc. ("Citigroup"), acts as the investment manager of the Smith Barney High Income Portfolio ("SBHI"). SBHI pays SBFM a management fee calculated at an annual rate of 0.60% of the average daily net assets of the Fund. In addition, Travelers Investment Adviser, Inc. ("TIA"), an affiliate of SBFM, acts as the investment manager of the Putnam Diversified Income Portfolio ("PDIP"). PDIP pays TIA a management fee calculated at an annual rate of 0.75% of the average daily net assets of the Fund. These fees are calculated daily and paid monthly. TIA has entered into a sub-advisory agreement with Putnam Investment Management, Inc. ("PIM"). Pursuant to the sub-advisory agreement, PIM is responsible for the day-to-day fund operations and investment decisions for PDIP and is compensated by TIA for such service at the annual rate of 0.35% of the average daily net assets of PDIP. 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 PDIP. 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 Fund 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. 65 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) 3. 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:
SBHI PDIP ------------------------------------------------------------------------------ Purchases $54,970,114 $69,234,408 ------------------------------------------------------------------------------ Sales 36,947,393 57,790,456 ------------------------------------------------------------------------------
At April 30, 2003, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially as follows:
SBHI PDIP - ------------------------------------------------------------------------------- Gross unrealized appreciation $ 16,428,886 $ 8,453,988 Gross unrealized depreciation (14,331,803) (10,160,668) - ------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) $ 2,097,083 $ (1,706,680) - -------------------------------------------------------------------------------
4. Forward Foreign Currency Contracts A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by the Funds as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The Funds bear the market risk that arises from changes in foreign currency exchange rates and the credit risk should a counterparty be unable to meet the terms of such contracts. At April 30, 2003, PDIP had open forward foreign currency contracts. The unrealized gain (loss) on the contracts reflected in the accompanying financial statements are described in the chart on the following page. 66 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Putnam Diversified Income Portfolio Local Market Settlement Unrealized Foreign Currency Currency Value Date Gain (Loss) ---------------------------------------------------------------------------- Contracts to Buy: Australian Dollar 316,000 $ 196,981 6/18/03 $ 9,593 Australian Dollar 316,000 196,981 6/18/03 6,749 Australian Dollar 2,260,927 1,409,365 6/18/03 50,762 Australian Dollar 316,000 196,981 6/18/03 4,956 Australian Dollar 316,000 196,981 6/18/03 4,736 Australian Dollar 316,000 196,981 6/18/03 10,200 Australian Dollar 316,000 196,981 6/18/03 10,433 Australian Dollar 317,000 197,604 6/18/03 12,501 Australian Dollar 317,000 197,604 6/18/03 11,550 Australian Dollar 317,000 197,604 6/18/03 10,660 Australian Dollar 317,000 197,604 6/18/03 8,989 Australian Dollar 317,000 197,604 6/18/03 8,352 Australian Dollar 317,000 197,604 6/18/03 9,255 Australian Dollar 309,000 192,617 6/18/03 6,204 Australian Dollar 309,000 192,617 6/18/03 4,801 British Pound 118,300 188,659 6/18/03 3,472 British Pound 113,000 180,207 6/18/03 729 British Pound 115,700 184,512 6/18/03 29 British Pound 113,000 180,207 6/18/03 1,377 British Pound 232,800 371,257 6/18/03 5,822 British Pound 117,000 186,586 6/18/03 3,537 British Pound 175,500 279,878 6/18/03 4,998 British Pound 175,500 279,878 6/18/03 4,457 British Pound 236,600 377,317 6/18/03 6,792 British Pound 100,000 159,475 6/18/03 2,968 Canadian Dollar 1,080,100 751,079 6/18/03 29,858 Canadian Dollar 284,000 197,488 6/18/03 8,282 Canadian Dollar 284,000 197,488 6/18/03 7,145 Canadian Dollar 284,000 197,488 6/18/03 4,238 Canadian Dollar 284,000 197,488 6/18/03 4,251 Canadian Dollar 277,000 192,620 6/18/03 7,391 Canadian Dollar 136,500 94,919 6/18/03 1,219 Canadian Dollar 136,500 94,919 6/18/03 1,009 Danish Krona 1,315,753 197,731 6/18/03 5,944 Euro 21,991 24,589 5/2/03 357 Euro 16,910 18,874 6/18/03 748 Euro 14,400 16,073 6/18/03 665 Euro 171,000 190,865 6/18/03 2,455 Euro 170,500 190,307 6/18/03 7,989 Euro 172,000 191,981 6/18/03 9,781 Euro 173,000 193,097 6/18/03 4,297 Euro 346,000 386,194 6/18/03 4,778 Japanese Yen 137,186,210 1,154,095 6/18/03 (16,386) Japanese Yen 22,021,000 185,254 6/18/03 (2,459) Japanese Yen 22,021,000 185,254 6/18/03 (3,156)
67 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Putnam Diversified Income Portfolio (continued) Local Market Settlement Unrealized Foreign Currency Currency Value Date Gain (Loss) ---------------------------------------------------------------------------- Japanese Yen 22,177,000 $ 186,567 6/18/03 $ 1,300 Japanese Yen 22,177,000 186,567 6/18/03 1,383 Japanese Yen 22,177,000 186,567 6/18/03 1,073 Japanese Yen 22,377,000 188,249 6/18/03 2,086 South Korean Won 443,786,000 363,786 6/18/03 (2,193) Swedish Krona 14,982,400 1,827,271 6/18/03 101,685 Swiss Franc 120,000 88,703 6/18/03 (289) --------------------------------------------------------------------------- 387,373 --------------------------------------------------------------------------- Contracts to Sell: Australian Dollar 317,000 197,604 6/18/03 (9,934) Australian Dollar 632,000 393,962 6/18/03 (8,315) Australian Dollar 316,000 196,981 6/18/03 (4,736) Australian Dollar 316,000 196,981 6/18/03 (4,616) Australian Dollar 316,000 196,981 6/18/03 (5,374) Australian Dollar 317,000 197,604 6/18/03 (9,706) Australian Dollar 317,000 197,604 6/18/03 (7,848) British Pound 95,270 151,932 6/18/03 (2,291) British Pound 193,700 308,903 6/18/03 (4,658) British Pound 226,000 360,413 6/18/03 (5,982) British Pound 9,200 14,672 6/18/03 67 British Pound 9,100 14,512 6/18/03 11 British Pound 117,000 186,586 6/18/03 (4,633) British Pound 25,900 41,304 6/18/03 (252) Canadian Dollar 284,000 197,488 6/18/03 (6,094) Canadian Dollar 284,000 197,488 6/18/03 (5,997) Canadian Dollar 277,000 192,620 6/18/03 (5,559) Euro 27,400 30,583 6/18/03 (1,134) Euro 37,400 41,745 6/18/03 (1,655) Euro 5,100 5,692 6/18/03 (158) Euro 171,000 190,865 6/18/03 (5,065) Euro 172,000 191,981 6/18/03 (6,358) Euro 11,400 12,724 6/18/03 (217) Euro 171,000 190,865 6/18/03 (7,257) Euro 171,000 190,865 6/18/03 (5,962) Euro 171,000 190,865 6/18/03 (7,729) Euro 171,000 190,865 6/18/03 (7,745) Euro 342,000 381,729 6/18/03 (15,338) Euro 55,000 61,389 6/18/03 (3,144) Euro 176,000 196,446 6/18/03 (9,699) Euro 172,000 191,981 6/18/03 (5,411) Euro 344,000 383,962 6/18/03 (12,717) Euro 172,000 191,981 6/18/03 (6,663) Euro 86,900 96,995 6/18/03 (3,193) Euro 86,300 96,325 6/18/03 (2,292)
68 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Putnam Diversified Income Portfolio (continued) Local Market Settlement Unrealized Foreign Currency Currency Value Date Gain (Loss) --------------------------------------------------------------------------- Euro 173,000 $ 193,097 6/18/03 $ (5,081) Euro 259,500 289,646 6/18/03 (7,691) Euro 259,500 289,646 6/18/03 (7,668) Euro 22,000 24,556 6/18/03 (356) Japanese Yen 22,021,000 185,254 6/18/03 3,132 Japanese Yen 22,177,000 186,567 6/18/03 (458) Japanese Yen 22,177,000 186,567 6/18/03 (1,214) Japanese Yen 22,177,000 186,567 6/18/03 777 Japanese Yen 22,177,000 186,567 6/18/03 1,538 Japanese Yen 22,002,200 185,096 6/18/03 (2,008) Japanese Yen 22,377,000 188,249 6/18/03 (1,706) Japanese Yen 22,377,000 188,249 6/18/03 (1,424) Japanese Yen 22,377,000 188,249 6/18/03 (2,259) New Zealand Dollar 655,300 364,849 6/18/03 (502) New Zealand Dollar 375,800 209,233 6/18/03 (288) New Zealand Dollar 244,700 136,241 6/18/03 57 New Zealand Dollar 1,286,300 716,169 6/18/03 (986) Swedish Krona 24,679,800 3,009,978 6/18/03 (94,811) -------------------------------------------------------------------------- (308,602) -------------------------------------------------------------------------- Total Unrealized Gain on Open Forward Foreign Currency Contracts $ 78,771 --------------------------------------------------------------------------
At April 30, 2003, SBHI did not have any open forward foreign currency contracts. 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 (plus accrued interest) of the collateral in amounts at least equal to the repurchase price. 6. Futures Contracts Initial margin deposits made upon entering into futures contracts are recognized as assets. Securities equal to the initial margin amount are segregated by the custodian in the name of the broker. Additional securities are also segregated up to the current market value of the futures contracts. During the period the futures contract is open, changes in the value of the contract are recognized as unreal- 69 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) ized gains or losses by "marking to market" on a daily basis to reflect the market value of the contract at the end of each day's trading. Variation margin payments are received or made and recognized as assets due from or liabilities due to broker, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of ) the closing transactions and the Fund's basis in the contract. The Funds enter into such contracts to hedge a portion of their funds. The Funds bear the market risk that arises from changes in the value of the financial instruments and securities indices (futures contracts). At April 30, 2003, PDIP had the following open futures contracts:
# of Basis Market Unrealized Contracts Expiration Value Value Gain (Loss) - ------------------------------------------------------------------------------------ Contracts to Sell: 90-Day Euro Dollar 1 6/03 $ 239,696 $ 246,987 $ (7,291) U.S. 5 Year Treasury Note 33 6/03 3,743,813 3,753,750 (9,937) U.S. 10 Year Treasury Note 76 6/03 8,702,934 8,749,500 (46,566) - ----------------------------------------------------------------------------------- (63,794) - ----------------------------------------------------------------------------------- Contracts to Buy: 90-Day Euro Dollar 1 9/03 238,642 247,063 8,421 5-Year Euro BOBL 22 6/03 2,768,391 2,750,206 (18,185) 10-Year Euro Bond 32 6/03 4,111,998 4,107,454 (4,544) 10-Year Japanese Government Bond 9 6/03 2,154,166 2,170,216 16,050 10-Year Swap Future 3 6/03 340,778 341,906 1,128 U.S. 10 Year Treasury Note 9 6/03 1,033,421 1,036,125 2,704 U.S. Treasury Long Bond 19 6/03 2,133,971 2,166,594 32,623 - ----------------------------------------------------------------------------------- 38,197 - ----------------------------------------------------------------------------------- Net Unrealized Loss $(25,597) - -----------------------------------------------------------------------------------
At April 30, 2003, SBHI did not have any open futures contracts. 7. Interest Rate Swap Contracts PDIP has entered into interest rate swap agreements with Merrill Lynch, Pierce, Fenner & Smith Inc. and Goldman, Sachs & Co. PDIP will record the difference between a predetermined fixed interest rate and the closing value of the Three-Month LIBOR floating rate. These differences are netted out as a cash settlement on the expiration date, with the portfolio receiving or paying, as the case may be, only the net amount of the two differences. PDIP is exposed to credit risk in the event of nonperformance by the swap counterparty. 70 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) As of April 30, 2003, PDIP entered into the following interest rate swap agreements: Swap Counterparty: Merrill Lynch, Pierce Fenner & Smith Inc. Effective Date: 10/31/00 Notional Amount: $1,300,000 Payments Made by PDIP: Floating Rate (Three-Month LIBOR) Payments Received by PDIP: Fixed Rate, 6.74% Termination Date: 10/31/05 Unrealized Appreciation $149,890 as of 4/30/03 ======== Swap Counterparty: Goldman, Sachs & Co. Effective Date: 2/14/03 Notional Amount: $6,000,000 Payments Made by PDIP: Fixed Rate, 1.89% Payments Received by PDIP: Floating Rate (Three-Month LIBOR) Termination Date: 2/14/05 Unrealized Depreciation $(30,600) as of 4/30/03 ========= Swap Counterparty: Goldman, Sachs & Co. Effective Date: 2/14/03 Notional Amount: CAD $9,165,000 (Canadian Dollars) Payments Made by PDIP: Floating Rate (CAD Three-Month LIBOR) Payments Received by PDIP: Fixed Rate, 3.51% Termination Date: 2/14/05 Unrealized Depreciation $(17,256) as of 4/30/03 =========
At April 30, 2003, PDIP had a total unrealized appreciation of $102,034 from open interest rate swap contracts. At April 30, 2003, SBHI did not have any open interest rate swap contracts. 71 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) 8. 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 or high quality money market instruments 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 depending on the type of securities loaned. The custodian establishes and maintains the collateral in segregated accounts. The Funds maintain exposure for the risk of any losses in the investment of amounts received as collateral. At April 30, 2003, PDIP loaned securities having a market value of $21,209,765. PDIP received cash collateral amounting to $21,304,573, which was invested into the State Street Navigator Securities Lending Trust Prime Portfolio. In addition, PDIP received securities collateral amounting to $217,065. Income earned by PDIP from securities lending for the six months ended April 30, 2003 was $17,433. At April 30, 2003, SBHI did not have any securities on loan. 9. 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 fund securities. At April 30, 2003, PDIP held TBA securities with a cost of $170,531. At April 30, 2003, SBHI did not hold any TBA securities. 72 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) 10.Loan Participations The Funds invest in fixed and floating rate loans arranged through private negotiations between a foreign sovereign entity or a corporate borrower and one or more financial institutions. The Funds' investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Funds may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Funds will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Funds may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. At April 30, 2003, PDIP held loan participations with a total cost of $421,813. At April 30, 2003, SBHI did not hold any loan participations. 11.Capital Shares At April 30, 2003, the Series had six billion shares of $0.00001 par value capital stock authorized. Each share of a Fund represents an equal proportionate 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 - ------------------------------------------------------------------------------- Smith Barney High Income Portfolio Shares sold 4,719,822 3,084,610 Shares issued on reinvestment 3,294,176 3,190,482 Shares reacquired (2,955,405) (4,176,862) - ------------------------------------------------------------------------------ Net Increase 5,058,593 2,098,230 - ------------------------------------------------------------------------------ Putnam Diversified Income Portfolio Shares sold 326,068 595,222 Shares issued on reinvestment 1,387,259 1,292,545 Shares reacquired (1,015,819) (3,888,880) - ------------------------------------------------------------------------------ Net Increase (Decrease) 697,508 (2,001,113) - ------------------------------------------------------------------------------
73 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) 12.Subsequent Event On March 21, 2003, the Board of Directors approved a new sub-advisory agreement for PDIP with Pioneer Investment Management, Inc. ("Pioneer") and a change to PDIP's investment objective, subject to shareholder approval. On June 18, 2003, shareholders of PDIP approved both proposals. Effective on or about June 30, 2003, Pioneer will manage the investment and reinvestment of the assets of PDIP. 74 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:
Smith Barney High Income Portfolio 2003/(1)/ 2002 2001 2000 1999 1998/(2)/ - ----------------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $6.65 $8.32 $10.29 $11.72 $11.97 $13.25 - ---------------------------------------------------------------------------------------------------- Income (Loss) From Operations: Net investment income/(3)/ 0.35 0.82 1.02 1.20 0.92 1.21 Net realized and unrealized gain (loss)/(3)/ 0.99 (1.44) (1.80) (1.56) (0.28) (1.58) - ---------------------------------------------------------------------------------------------------- Total Income (Loss) From Operations 1.34 (0.62) (0.78) (0.36) 0.64 (0.37) - ---------------------------------------------------------------------------------------------------- Less Distributions From: Net investment income (0.89) (1.05) (1.19) (1.07) (0.89) (0.74) Net realized gains -- -- -- -- -- (0.17) - ---------------------------------------------------------------------------------------------------- Total Distributions (0.89) (1.05) (1.19) (1.07) (0.89) (0.91) - ---------------------------------------------------------------------------------------------------- Net Asset Value, End of Period $7.10 $6.65 $ 8.32 $10.29 $11.72 $11.97 - ---------------------------------------------------------------------------------------------------- Total Return 21.91%++ (7.39)% (8.08)% (3.54)% 5.28% (3.38)% - ---------------------------------------------------------------------------------------------------- Net Assets, End of Period (millions) $201 $155 $176 $191 $199 $160 - ---------------------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses 0.69%+ 0.69% 0.67% 0.66% 0.66% 0.67% Net investment income/(3)/ 10.59+ 10.39 11.52 10.46 9.44 9.12 - ---------------------------------------------------------------------------------------------------- Portfolio Turnover Rate 23% 78% 77% 70% 73% 82% - ----------------------------------------------------------------------------------------------------
(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, the ratio of net investment income to average net assets would have been 10.48%. Per share, ratios and supplemental data for the periods prior to November 1, 2001 have not been restated to reflect this change in presentation. In addition, the impact of this change to net investment income and net realized and unrealized loss was 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. 75 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:
Putnam Diversified Income Portfolio 2003/(1)/ 2002 2001 2000 1999 1998 - ------------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $8.94 $9.94 $10.31 $11.24 $11.70 $12.31 - ------------------------------------------------------------------------------------------------ Income (Loss) From Operations: Net investment income/(2)/ 0.36 1.14 0.93 0.93 0.91 0.57 Net realized and unrealized gain (loss)/(2)/ 0.70 (0.94) (0.47) (0.88) (0.70) (0.62) - ------------------------------------------------------------------------------------------------ Total Income (Loss) From Operations 1.06 0.20 0.46 0.05 0.21 (0.05) - ------------------------------------------------------------------------------------------------ Less Distributions From: Net investment income (1.08) (1.20) (0.83) (0.98) (0.67) (0.42) Net realized gains -- -- -- -- -- (0.14) - ------------------------------------------------------------------------------------------------ Total Distributions (1.08) (1.20) (0.83) (0.98) (0.67) (0.56) - ------------------------------------------------------------------------------------------------ Net Asset Value, End of Period $8.92 $8.94 $ 9.94 $10.31 $11.24 $11.70 - ------------------------------------------------------------------------------------------------ Total Return 12.84%++ 2.00% 4.60% 0.21% 1.80% (0.65)% - ------------------------------------------------------------------------------------------------ Net Assets, End of Period (millions) $104 $97 $128 $141 $156 $157 - ------------------------------------------------------------------------------------------------ Ratios to Average Net Assets: Expenses 0.95%+ 0.93% 0.90% 0.87% 0.83% 0.87% Net investment income/(2)/ 7.48+ 8.24 8.83 7.78 7.85 7.48 - ------------------------------------------------------------------------------------------------ Portfolio Turnover Rate 62% 208% 150% 105% 118% 191% - ------------------------------------------------------------------------------------------------
(1) For the six months ended April 30, 2003 (unaudited). (2) 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 $1.16, $0.96, and 8.42%, 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. ++ Total return is not annualized, as it may not be representative of the total return for the year. + Annualized. 76 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders TRAVELERS SERIES FUND INC. DIRECTORS INVESTMENT MANAGERS A. E. Cohen Smith Barney Fund Robert A. Frankel Management LLC Michael E. Gellert Travelers Investment Adviser, Inc. R. Jay Gerken, Chairman CUSTODIAN Rainer Greeven State Street Bank and Susan M. Heilbron Trust Company OFFICERS ANNUITY ADMINISTRATION R. Jay Gerken Travelers Annuity President and Chief Investor Services Executive Officer 5 State House Square 1 Tower Square Lewis E. Daidone Hartford, Connecticut 06183 Senior Vice President and Chief Administrative Officer Richard L. Peteka Chief Financial Officer and Treasurer Beth A. Semmel, CFA Vice President Peter J. Wilby, CFA 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. -- Smith Barney High Income and Putnam Diversified Income 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 IN0805 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: 6/27/03 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: 6/27/03 By: /s/ RICHARD PETEKA Chief Financial Officer of Travelers Series Fund Inc. Date: 6/27/03 EX-99.CERT 3 dex99cert.txt CERTIFICATION PURSUANT TO SECTION 302 CERTIFICATIONS PURSUANT TO SECTION 302 EX-99.CERT CERTIFICATIONS -------------- I, R. Jay Gerken, certify that: 1. I have reviewed this report on Form N-CSR of Travelers Series Fund Inc. - Smith Barney High 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: 6/27/03 /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 High 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: 6/27/03 /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. - Putnam Diversified 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: 6/27/03 /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. - Putnam Diversified 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: 6/27/03 /s/ Richard Peteka ------------- --------------------------------------- Richard Peteka Chief Financial Officer EX-99.906CERT 4 dex99906cert.txt CERTIFICATION 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. - Smith Barney High 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. - Smith Barney High Income Fund Smith Barney High Income Fund /s/ R. Jay Gerken /s/ Richard Peteka - --------------------------- ---------------------------- R. Jay Gerken Richard Peteka Date: 6/27/03 Date: 6/27/03 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 High Income Portfolio and will retained by Travelers Series Fund Inc. - Smith Barney High 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. (S) 1350 and is not being filed as part of the Form N-CSR with the Commission. CERTIFICATIONS PURSUANT TO SECTION 906 EX-99.906CERT CERTIFICATION R. Jay Gerken, Chief Executive Officer, and Richard Peteka, Chief Financial Officer of the Travelers Series Fund Inc. - Putnam Diversified 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. - Putnam Diversified Income Portfolio Putnam Diversified Income Portfolio /s/ R. Jay Gerken /s/ Richard Peteka - --------------------------- ---------------------------- R. Jay Gerken Richard Peteka Date: 6/27/03 Date: 6/27/03 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. - Putnam Diversified Income Portfolio and will retained by Travelers Series Fund Inc. - Putnam Diversified 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. (S) 1350 and is not being filed as part of the Form N-CSR with the Commission. -----END PRIVACY-ENHANCED MESSAGE-----