-----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, GlcoFoLLlWNURJHfQeDX1P+8Ls/qEaV/egXP0E45TtT4EIw9DnhQ8SSZfXDdrSq5 bCou3aPDVVdl1KVMRKdpJw== 0001193125-04-112882.txt : 20040701 0001193125-04-112882.hdr.sgml : 20040701 20040701141902 ACCESSION NUMBER: 0001193125-04-112882 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040430 FILED AS OF DATE: 20040701 EFFECTIVENESS DATE: 20040701 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-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08372 FILM NUMBER: 04894473 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-CSRS 1 dncsrs.txt SMITH BARNEY TRAVELERS SERIES FUND ================================================================================ 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) Robert I. Frenkel, Esq. Smith Barney Fund Management LLC 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, 2004 ================================================================================ ITEM 1. REPORT TO STOCKHOLDERS. The Semi-Annual Report to Stockholders is filed herewith. -------------------------------------------------- TRAVELERS SERIES FUND INC. SMITH BARNEY HIGH INCOME PORTFOLIO PIONEER STRATEGIC INCOME PORTFOLIO -------------------------------------------------- SEMI-ANNUAL REPORT | APRIL 30, 2004 -------------------------------------------------------- NOT FDIC INSURED . NOT BANK GUARANTEED . MAY LOSE VALUE -------------------------------------------------------- WHAT'S INSIDE Letter from the Chairman............ 1 Schedules of Investments............ 5 Statements of Assets and Liabilities 42 Statements of Operations............ 43 Statements of Changes in Net Assets. 44 Notes to Financial Statements....... 46 Financial Highlights................ 54
LETTER FROM THE CHAIRMAN [PHOTO] R. Jay Gerken R. JAY GERKEN, CFA Chairman, President and Chief Executive Officer Dear Shareholder, Investors spent much of the six months ended April 30, 2004 dissecting language from the Federal Reserve for clues on adjustments to what was seen as an artificially low Fed Funds rate of 1%. Most economic indicators, with the exception of job growth, indicated that growth was well under way. When extremely strong job numbers in March and April supported the view that the economy was humming, investor concerns began to focus on the prospects of higher inflation and future tightening by the Federal Reserve. These fears contributed to sharply higher yields in the Treasury market; U.S. 10-year Treasury yields, for example, rose by nearly 100 basis points (100 basis points is equal to one percentage point -1%)./i/ Although higher levels of growth and inflation can be expected to improve already strong fundamentals in both the high-yield and emerging markets sectors, investors reacted to the higher Treasury yields by selling out of their riskier higher yielding positions, in many cases unwinding their leveraged positions in front of expectations of a move by the Federal Reserve to raise interest rates. This short-term technical sell-off over the last six weeks of the period somewhat muted the strong gains previously seen in these asset classes. Nevertheless, we still believe that their long-term performance will be determined by their strong underlying fundamentals. 1 Travelers Series Fund Inc. | 2004 Semi-Annual Report Within this environment, the funds performed as follows:/1/ PERFORMANCE OF THE FUNDS AS OF APRIL 30, 2004 6 Months Smith Barney High Income Portfolio 5.89% Bear Stearns High Yield Index/2/ 5.61% Lipper High Current Yields Variable Funds Category Average/5/ 4.39% Pioneer Strategic Income Portfolio 4.32% Lehman Brothers Aggregate Bond Index/3/ 1.25% Citigroup Non-U.S. World Government Bond Index Unhedged/4/ 3.68% Lipper General Bonds Variable Funds Category Average/6/ 2.51% The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value and investment returns will fluctuate and investors' shares, when redeemed, may be worth more or less than their original cost. The performance returns set forth above do not reflect the reduction of initial charges and expenses imposed in connection with investing in variable annuity contracts such as administrative fees, account charges and surrender charges, which if reflected, would reduce the performance of the funds. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index. /2/The Bear Stearns High Yield Index comprises securities across a wide spectrum of industries with at least one year to maturity. All fixed-income, non-convertible, dollar-denominated securities rated both BB+ and Ba1 or lower (split-rated crossover issues are not included) with outstanding par value of at least $100 million are included. /3/The Lehman Brothers Aggregate Bond Index is a broad-based bond index comprised of Government, Corporate, Mortgage and Asset-backed issues, rated investment grade or higher, and having at least one year to maturity. /4/The Citigroup Non-U.S. World Government Bond Index Unhedged is an index of bonds from several major world government bond markets outside the U.S. with maturities of less than one year. Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended April 30, 2004 and include the reinvestment of dividends and capital gains, if any. /5/Returns were calculated among the 868 funds in the high current yields variable funds category. /6/Returns were calculated among the 268 in the general bonds funds variable funds category. /1/The fund is an underlying investment option of various variable annuity products. A variable annuity product is a contract issued by an insurance company where the annuity premium (a set amount of dollars) is immediately turned into units of a portfolio of securities. Upon retirement, the policyholder is paid according to accumulated units whose dollar value varies according to the performance of the securities within the sub accounts. Its objective is to preserve, through investment, the purchasing value of the annuity, which otherwise is subject to erosion through inflation. The fund's performance returns do not reflect the deduction of initial sales charges and expenses imposed in connection with investing in variable annuity contracts such as administrative fees, account charges and surrender charges, which if reflected, would reduce the performance of the fund. Past performance is no guarantee of future results. 2 Travelers Series Fund Inc. | 2004 Semi-Annual Report Performance Update (Smith Barney High Income Portfolio) For the six months ended April 30, 2004, the Smith Barney High Income Portfolio returned 5.89%. The fund outperformed its benchmark, the Bear Stearns High Yield Index,/ii/ which returned 5.61%. The fund also outperformed its Lipper variable high current yield funds category average, which returned 4.39% over the same period./2/ Performance Update (Pioneer Strategic Income Portfolio) For the six months ended April 30, 2004, the Pioneer Strategic Income Portfolio returned 4.32%. In comparison, the fund outperformed its unmanaged benchmarks, the Lehman Brothers Aggregate Bond Index/iii/, which returned 1.25% and the Citigroup Non-U.S. World Government Bond Index Unhedged,/iv/ which returned 3.68%. It also significantly outperformed its Lipper general bonds variable funds category average, which returned 2.51% over the same period./3/ Special Shareholder Notice Effective July 1, 2003, the fund's sub-advisor changed from Putnam Investments to Pioneer Investment Management, Inc. Although the fund's investment objectives did not change (it still seeks a high level of current income), its name changed in accordance with the change in the sub-advisor. Information About Your Fund In recent months several issues in the mutual fund industry have come under the scrutiny of federal and state regulators. The fund's Adviser and some of its affiliates have received requests for information from various government regulators regarding market timing, late trading, fees and other mutual fund issues in connection with various investigations. The fund has been informed that the Adviser and its affiliates are responding to those information requests, but are not in a position to predict the outcome of these requests and investigations. /2/Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended April 30, 2004 and include the reinvestment of dividends and capital gains, if any. Returns were calculated among the 868 funds in the high current yield variable funds category. /3/Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended April 30, 2004 and include the reinvestment of dividends and capital gains, if any. Returns were calculated among the 268 funds in the high current yield variable funds category. 3 Travelers Series Fund Inc. | 2004 Semi-Annual Report As always, thank you for your continued confidence in our stewardship of your assets. We look forward to helping you continue to meet your financial goals. Sincerely, /s/ R. Jay Gerken R. Jay Gerken, CFA Chairman, President and Chief Executive Officer May 20, 2004 The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole. Portfolio holdings and breakdowns are as of April 30, 2004 and are subject to change. Please refer to pages 5 through 39 for a list and percentage breakdown of each fund's holdings. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index. RISKS: Pioneer Strategic Income Portfolio: The fund may invest in high yield bonds. High yield bonds involve greater credit and liquidity risks than investment grade bonds. The fund may invest in foreign securities. Investing in foreign securities is subject to certain risks not associated with domestic investing, such as currency fluctuations, and changes in political and economic conditions. These risks are magnified in emerging or developing markets. The fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on fund performance. Smith Barney High Income Portfolio: Keep in mind, high-yielding bonds are rated below investment-grade and carry more risk than higher rated securities. Also, the fund is subject to fluctuations in share price as interest rates rise and fall and is subject to certain risks of overseas investing, including currency fluctuations, differing securities regulations and periods of illiquidity, which could result in significant market fluctuations. These risks are magnified in emerging markets. The fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on fund performance. /i/A basis point is one one-hundredth (1/100 or 0.01) of one percent. /ii/The Bear Stearns High Yield Index comprises securities across a wide spectrum of industries with at least one year to maturity. All fixed-income, non-convertible, dollar-denominated securities rated both BB+ and Ba1 or lower (split-rated crossover issues are not included) with outstanding par value of at least $100 million are included. /iii/The Lehman Brothers Aggregate Bond Index is a broad-based bond index comprised of Government, Corporate, Mortgage and Asset-backed issues, rated investment grade or higher, and having at least one year to maturity. /iv/The Citigroup Non-U.S. World Government Bond Index Unhedged is an index of bonds from several major world government bond markets outside the U.S. with maturities of less than one year. 4 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) APRIL 30, 2004
FACE AMOUNT+ RATING(a) SECURITY VALUE - -------------------------------------------------------------------------------------------------- CORPORATE BONDS & NOTES -- 97.3% Aerospace & Defense -- 0.6% Dunlop Standard Aerospace Holdings PLC, Sr. Notes: 725,000 B3* 11.875% due 5/15/09 $ 770,312 425,000 B3* 11.875% due 5/15/09 (b) 451,563 300,000 BB- Sequa Corp., Sr. Notes, 9.000% due 8/1/09 333,000 - -------------------------------------------------------------------------------------------------- 1,554,875 - -------------------------------------------------------------------------------------------------- Airlines -- 0.7% Continental Airlines, Inc., Pass-Through Trust Certificates: 560,000 BB- Series 1999-2, Class C-2, 7.434% due 9/15/04 553,710 885,000 B Series 2001-2, Class D, 7.568% due 12/1/06 745,100 United Airlines, Inc., Pass-Through Certificates: 888,599 CC+ Series 2000-2, Class B, 7.811% due 10/1/09 346,380 160,000 B+ Series 2001-1, Class B, 6.932% due 9/1/11 73,884 365,000 CCC+ Series 2001-1, Class C, 6.831% due 9/1/08 71,927 - -------------------------------------------------------------------------------------------------- 1,791,001 - -------------------------------------------------------------------------------------------------- Automotive -- 2.3% 1,025,000 B2* CSK Auto, Inc., Sr. Sub. Notes, 7.000% due 1/15/14 (b) 1,014,750 Dana Corp., Notes: 715,000 BB 6.500% due 3/1/09 754,325 320,000 BB 10.125% due 3/15/10 368,000 925,000 B- Eagle Picher Industries, Inc., Sr. Sub. Notes, 9.750% due 9/1/13 1,017,500 325,000 Baa1* Ford Motor Co., Notes, 7.450% due 7/16/31 317,733 450,000 A3* General Motors Acceptance Corp., Notes, 6.875% due 8/28/12 469,938 General Motors Corp.: 175,000 Baa1* Sr. Debentures, 8.375% due 7/15/33 189,808 975,000 Baa1* Sr. Notes, 7.125% due 7/15/13 1,024,468 225,000 B- Rexnord Corp., Sr. Sub. Notes, 10.125% due 12/15/12 246,375 400,000 B2* Tenneco Automotive Inc., Sr. Secured 2nd Lien Notes, Series B, 10.250% due 7/15/13 463,000 97,000 BB- TRW Automotive Inc., Sr. Sub. Notes, 11.000% due 2/15/13 115,915 - -------------------------------------------------------------------------------------------------- 5,981,812 - -------------------------------------------------------------------------------------------------- Broadcasting -- 2.3% 1,432,000 B- Emmis Communications Corp., Sr. Discount Notes, step bond to yield 12.396% due 3/15/11 1,439,160 625,000 B3* Granite Broadcasting Corp., Sr. Secured Notes, 9.750% due 12/1/10 (b) 615,625 1,000,000 B- Nexstar Broadcasting, Inc., Sr. Sub. Notes, 7.000% due 1/15/14 (b) 980,000 1,125,000 B- NextMedia Operating, Inc., Sr. Sub. Notes, 10.750% due 7/1/11 1,274,062
See Notes to Financial Statements. 5 Travelers Series Fund Inc. | 2004 Semi-Annual Report SMITH BARNEY HIGH INCOME PORTFOLIO SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - ---------------------------------------------------------------------------------------------------- Broadcasting -- 2.3% (continued) Paxson Communications Corp.: 490,000 CCC+ Sr. Sub. Discount Notes, step bond to yield 12.263% due 1/15/09 $ 427,525 270,000 CCC+ Sr. Sub. Notes, 10.750% due 7/15/08 286,200 550,000 B2* Radio One, Inc., Sr. Sub. Notes, Series B, 8.875% due 7/1/11 611,875 285,000 CCC+ Spanish Broadcasting System Inc., Sub. Notes, 9.625% due 11/1/09 302,813 - ------------------------------------------------------------------------------------------------- 5,937,260 - ------------------------------------------------------------------------------------------------- Building/Construction -- 3.6% Associated Materials Inc.: 2,000,000 B- Sr. Discount Notes, step bond to yield 11.244% due 3/1/14 (b) 1,310,000 160,000 B- Sr. Sub. Notes, 9.750% due 4/15/12 179,200 690,000 B- Atrium Cos., Inc., Sr. Sub. Notes, Series B, 10.500% due 5/1/09 728,812 575,000 B- Brand Services, Inc., Sr. Notes, 12.000% due 10/15/12 669,875 D.R. Horton, Inc.: 320,000 BB+ Sr. Notes, 8.000% due 2/1/09 355,200 340,000 Ba2* Sr. Sub. Notes, 9.375% due 3/15/11 380,800 480,000 Ba2* KB HOME, Sr. Sub. Notes, 9.500% due 2/15/11 538,800 585,000 BBB- Lennar Corp., Sr. Notes, Series B, 9.950% due 5/1/10 661,075 870,000 B- Nortek Inc., Sr. Sub. Notes, Series B, 9.875% due 6/15/11 980,925 1,275,000 B- Ply Gem Industries, Inc., Sr. Sub. Notes, 9.000% due 2/15/12 (b) 1,313,250 385,000 BBB- The Ryland Group, Inc., Sr. Notes, 9.750% due 9/1/10 434,088 570,000 Ba2* Schuler Homes, Inc., Sr. Sub. Notes, 10.500% due 7/15/11 658,350 325,000 Ba3* Standard Pacific Corp., Sr. Sub. Notes, 9.250% due 4/15/12 359,938 500,000 B+ URS Corp., Sr. Sub. Notes, Series B, 12.250% due 5/1/09 532,500 - ------------------------------------------------------------------------------------------------- 9,102,813 - ------------------------------------------------------------------------------------------------- Business Services -- 1.3% 796,000 B- Advanstar Communications Inc., 2nd Priority Sr. Secured Notes, 8.620% due 8/15/08 (c) 835,800 1,100,000 BBB- Avis Group Holdings Inc., Sr. Sub. Notes, 11.000% due 5/1/09 1,160,500 Muzak LLC/Muzak Finance Corp.: 750,000 B3* Sr. Notes, 10.000% due 2/15/09 772,500 275,000 CCC+ Sr. Sub. Notes, 9.875% due 3/15/09 265,375 790,000 D Outsourcing Solutions Inc., Sr. Sub. Notes, Series B, 11.000% due 11/1/06 (d) 8,098 275,000 B2* Vertis, Inc., Sr. Secured 2nd Lien Notes, 9.750% due 4/1/09 300,438 - ------------------------------------------------------------------------------------------------- 3,342,711 - -------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 6 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - ----------------------------------------------------------------------------------------------------- Cable -- 7.3% Charter Communications Holdings, LLC: Sr. Discount Notes: 3,966,000 Ca* Step bond to yield 12.272% due 1/15/10 $ 3,281,865 1,035,000 Ca* Step bond to yield 13.504% due 1/15/11 771,075 1,535,000 Ca* Step bond to yield 17.772% due 5/15/11 1,009,262 100,000 Ca* Sr. Notes, 10.750% due 10/1/09 88,250 CSC Holdings, Inc.: 1,700,000 BB- Sr. Debentures, 7.625% due 7/15/18 1,725,500 260,000 BB- Sr. Notes, Series B, 7.625% due 4/1/11 271,700 910,000 B+ Sr. Sub. Debentures, 10.500% due 5/15/16 1,051,050 875,000 BB- DIRECTV Holdings LLC, Sr. Notes, 8.375% due 3/15/13 982,187 Echostar DBS Corp., Sr. Notes: 1,310,000 BB- 10.375% due 10/1/07 1,422,987 748,000 BB- 9.125% due 1/15/09 841,500 1,065,000 B- Insight Communications Co., Inc., Sr. Discount Notes, step bond to yield 14.115% due 2/15/11 921,225 375,000 B+ Insight Midwest L.P., Sr. Notes, 10.500% due 11/1/10 410,625 1,125,000 B- Lodgenet Entertainment Corp., Sr. Sub. Debentures, 9.500% due 6/15/13 1,243,125 325,000 B+ Mediacom Broadband LLC, Sr. Notes, 11.000% due 7/15/13 349,375 1,150,000 B+ Mediacom LLC, Sr. Notes, 9.500% due 1/15/13 1,150,000 200,000 B- NTL Cable PLC, Sr. Notes, 8.750% due 4/15/14 (b) 207,500 Pegasus Communications Corp., Sr. Notes, Series B: 65,000 Ca* 9.625% due 10/15/05 48,100 265,000 Ca* 9.750% due 12/1/06 186,825 315,000 CC Pegasus Satellite Communications Inc., Sr. Discount Notes, step bond to yield 23.919% due 3/1/07 187,425 1,670,000 BB- Rogers Cablesystems Ltd., Sr. Sub. Debentures, 11.000% due 12/1/15 1,935,112 450,000/GBP/ Ca* Telewest Communications PLC, Sr. Notes, 5.250% due 2/19/07 (b)(d)(e) 423,147 - -------------------------------------------------------------------------------------------------- 18,507,835 - -------------------------------------------------------------------------------------------------- Chemicals -- 7.8% 1,025,000 B+ Acetex Corp., Sr. Notes, 10.875% due 8/1/09 1,132,625 345,000 Ba2* Airgas, Inc., Sr. Sub. Notes, 9.125% due 10/1/11 391,575 370,000 CCC Avecia Group PLC, Sr. Notes, 11.000% due 7/1/09 296,000 1,150,000 B+ Equistar Chemicals, L.P./Equistar Funding Corp., Sr. Notes, 10.625% due 5/1/11 1,293,750 FMC Corp.: 825,000 BB+ Medium-Term Notes, Series A, 6.750% due 5/5/05 848,719 125,000 BB+ Sr. Secured Notes, 10.250% due 11/1/09 148,125
See Notes to Financial Statements. 7 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - -------------------------------------------------------------------------------------------------------- Chemicals -- 7.8% (continued) 675,000 Ba3* Hercules Inc., Sr. Sub. Notes, 6.750% due 10/15/29 (b) $ 671,625 1,250,000 B Huntsman Advanced Materials LLC, Sr. Secured Notes, 11.000% due 7/15/10 (b) 1,425,000 5,710,000 CCC+ Huntsman ICI Holdings LLC, Sr. Discount Notes, zero coupon bond to yield 17.445% due 12/31/09 2,897,825 660,000 B+ IMC Global Inc., Sr. Notes, Series B, 11.250% due 6/1/11 768,900 600,000 B+ International Specialty Holdings Inc., Sr. Secured Notes, Series B, 10.625% due 12/15/09 669,000 655,000 BB- ISP Chemco Inc., Sr. Sub. Notes, Series B, 10.250% due 7/1/11 743,425 1,200,000 B Kraton Polymers LLC, Sr. Sub. Notes, 8.125% due 1/15/14 (b) 1,284,000 Lyondell Chemical Co., Sr. Secured Notes: 655,000 B+ 11.125% due 7/15/12 730,325 500,000 B+ Series B, 9.875% due 5/1/07 527,500 760,000 BBB- Methanex Corp., Sr. Notes, 8.750% due 8/15/12 874,000 1,700,000 BB- Millennium America Inc., Sr. Notes, 9.250% due 6/15/08 1,861,500 235,000 B- OM Group, Inc., Sr. Sub. Notes, 9.250% due 12/15/11 242,050 Resolution Performance Inc.: 200,000 B- Sr. Notes, 9.500% due 4/15/10 205,000 1,050,000 CCC+ Sr. Sub. Notes, 13.500% due 11/15/10 876,750 Rhodia SA: 750,000 B3* Sr. Notes, 7.625% due 6/1/10 (b) 682,500 650,000 CCC+ Sr. Sub. Notes, 8.875% due 6/1/11 (b) 539,500 65,000 B+ Terra Capital Inc., Sr. Secured Notes, 12.875% due 10/15/08 78,650 600,000 Ba3* Westlake Chemical Corp., Sr. Notes, 8.750% due 7/15/11 661,500 - ----------------------------------------------------------------------------------------------------- 19,849,844 - ----------------------------------------------------------------------------------------------------- Consumer Products & Services -- 4.8% American Greetings Corp.: 385,000 BBB- Notes, 6.100% due 8/1/28 404,250 295,000 BB+ Sr. Sub. Notes, 11.750% due 7/15/08 346,625 Doane Pet Care Co.: 1,000,000 B2* Sr. Notes, 10.750% due 3/1/10 1,060,000 65,000 CCC Sr. Sub. Notes, 9.750% due 5/15/07 60,125 1,025,000 CCC+ Home Interiors & Gifts, Inc., Sr. Sub. Notes, 10.125% due 6/1/08 1,041,656 Icon Health and Fitness, Sr. Sub. Notes, 600,000 B- 11.250% due 4/1/12 678,000 900,000 B- Interface, Inc., Sr. Notes, Series B, 10.375% due 2/1/10 1,011,375 1,025,000 B- Jafra Cosmetics International Inc., Sr. Sub. Notes, 10.750% due 5/15/11 1,165,937 Playtex Products, Inc.: 900,000 B Sr. Secured Notes, 8.000% due 3/1/11 (b) 949,500 150,000 CCC+ Sr. Sub. Notes, 9.375% due 6/1/11 149,250 1,000,000 B+ Rayovac Corp., Sr. Sub. Notes, 8.500% due 10/1/13 1,075,000
See Notes to Financial Statements. 8 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - ---------------------------------------------------------------------------------------------------- Consumer Products & Services -- 4.8% (continued) 675,000 B- Sealy Mattress Co., Sr. Sub. Notes, 8.250% due 6/15/14 (b) $ 661,500 Service Corp. International: 460,000 BB- Debentures, 7.875% due 2/1/13 483,000 Notes: 470,000 BB- 6.875% due 10/1/07 498,200 570,000 BB- 6.500% due 3/15/08 591,375 460,000 B1* Sola International Inc., Sr. Notes, 6.875% due 3/15/08 472,754 875,000 B+ Stewart Enterprises, Inc., Sr. Sub. Notes, 10.750% due 7/1/08 993,125 525,000 B- United Industries Corp., Sr. Sub. Notes, Series D, 9.875% due 4/1/09 553,550 - ------------------------------------------------------------------------------------------------- 12,195,222 - ------------------------------------------------------------------------------------------------- Energy -- 8.2% Dynegy Holdings Inc.: Sr. Debentures: 1,300,000 CCC+ 7.125% due 5/15/18 1,040,000 1,250,000 CCC+ 7.625% due 10/15/26 1,000,000 1,375,000 B- Sr. Secured 2nd Priority Notes, 7.640% due 7/15/08 (b) 1,474,687 El Paso Corp. Sr. Medium-Term Notes: 915,000 CCC+ 7.800% due 8/1/31 718,275 2,125,000 CCC+ 7.750% due 1/15/32 1,668,125 1,300,000 B Exco Resources, Inc., Sr. Notes, 7.250% due 1/15/11 (b) 1,319,500 352,000 BB- GulfTerra Energy Partners, L.P., Sr. Sub. Notes, Series B, 8.500% due 6/1/11 390,720 Hanover Compressor Co.: 1,000,000 B- Sr. Notes, 8.625% due 12/15/10 1,065,000 900,000 B Sub. Notes, zero coupon to yield 11.312% due 3/31/07 697,500 760,000 BB- Leviathan Gas Pipeline Partners L.P., Sr. Sub. Notes, Series B, 10.375% due 6/1/09 798,000 480,000 BB Luscar Coal Ltd., Sr. Notes, 9.750% due 10/15/11 547,200 1,295,000 B+ Magnum Hunter Resources, Inc., Sr. Notes, 9.600% due 3/15/12 1,443,925 85,000 CCC+ Parker Drilling Co., Sub. Notes, 5.500% due 8/1/04 (e) 84,575 309,000 Aa3* Pennzoil-Quaker State Co., Sr. Notes, 10.000% due 11/1/08 356,300 Plains Exploration & Production Co., Sr. Sub. Notes: 625,000 B 8.750% due 7/1/12 690,625 330,000 B Series B, 8.750% due 7/1/12 364,650 195,000 BB Pogo Producing Co., Sr. Sub. Notes, Series B, 8.250% due 4/15/11 219,863 710,000 BB Pride International, Inc., Sr. Notes, 10.000% due 6/1/09 752,600 320,000 BB- SESI, LLC, Sr. Notes, 8.875% due 5/15/11 348,000 Swift Energy Co., Sr. Sub. Notes: 575,000 B 10.250% due 8/1/09 612,375 460,000 B 9.375% due 5/1/12 512,900
See Notes to Financial Statements. 9 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - -------------------------------------------------------------------------------------------------- Energy -- 8.2% (continued) Vintage Petroleum, Inc.: 455,000 BB- Sr. Notes, 8.250% due 5/1/12 $ 500,500 125,000 B1* Sr. Sub. Notes, 7.875% due 5/15/11 133,125 750,000 Ba3* Westport Resources Corp., Sr. Sub. Notes, 8.250% due 11/1/11 845,625 The Williams Cos., Inc.: Notes: 600,000 B+ 7.625% due 7/15/19 588,000 1,275,000 B+ 7.875% due 9/1/21 1,249,500 250,000 B+ 8.750% due 3/15/32 256,250 1,100,000 B+ Sr. Notes, 8.625% due 6/1/10 1,215,500 - ----------------------------------------------------------------------------------------------- 20,893,320 - ----------------------------------------------------------------------------------------------- Entertainment -- 2.1% 338,000 CCC+ AMC Entertainment Inc., Sr. Sub. Notes, 9.500% due 2/1/11 354,900 1,350,000 B- Cinemark, Inc., Sr. Discount Notes, step bond to yield 9.747% due 3/15/14 (b) 852,187 1,200,000 B- Equinox Holdings, Inc., Sr. Notes, 9.000% due 12/15/09 (b) 1,248,000 600,000 B- Six Flags, Inc., Sr. Notes, 9.625% due 6/1/14 (b) 631,500 Vivendi Universal S.A., Sr. Notes: 1,575,000 BB 6.250% due 7/15/08 1,651,781 450,000 Ba3* 9.250% due 4/15/10 527,625 - ----------------------------------------------------------------------------------------------- 5,265,993 - ----------------------------------------------------------------------------------------------- Environmental Services -- 1.5% Allied Waste North America Inc., Sr. Notes: 1,500,000 B+ 7.375% due 4/15/14 (b) 1,496,250 Series B: 890,000 BB- 8.500% due 12/1/08 994,575 30,000 BB- 7.875% due 1/1/09 31,275 1,200,000 B- IMCO Recycling Inc., Sr. Secured Notes, Series B, 10.375% due 10/15/10 1,287,000 - ----------------------------------------------------------------------------------------------- 3,809,100 - ----------------------------------------------------------------------------------------------- Financial Services -- 1.1% 475,000 A3* Ford Motor Credit Co., Notes, 7.250% due 10/25/11 504,756 1,000,000 B JSG Funding PLC, Sr. Notes, 9.625% due 10/1/12 1,130,000 1,075,000 B3 Ocwen Capital Trust I, Capital Securities, 10.875% due 8/1/27 1,080,375 - ----------------------------------------------------------------------------------------------- 2,715,131 - ----------------------------------------------------------------------------------------------- Food & Beverage -- 4.1% 1,575,000 Ba3* Constellation Brands Inc., Sr. Sub. Notes, Series B, 8.125% due 1/15/12 1,724,625 330,000 B+ Cott Beverages Inc., Sr. Sub. Notes, 8.000% due 12/15/11 361,350 335,000 Ba2* Dean Foods Co., Sr. Notes, 6.900% due 10/15/17 343,375
See Notes to Financial Statements. 10 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - ------------------------------------------------------------------------------------------------- Food & Beverage -- 4.1% (continued) 975,000 B Del Monte Corp., Sr. Sub. Notes, Series B, 8.625% due 12/15/12 $ 1,082,250 Dole Food Co., Inc.: 1,000,000 BB- Debentures, 8.750% due 7/15/13 1,075,000 125,000 BB- Sr. Notes, 8.875% due 3/15/11 133,750 750,000 B Land O' Lakes, Inc., Sr. Secured Notes, 9.000% due 12/15/10 (b) 789,375 1,200,000 B Pinnacle Foods Holding Corp., Sr. Sub. Notes, 8.250% due 12/1/13 (b) 1,258,500 1,250,000 B- Premier International Foods PLC, Sr. Notes, 12.000% due 9/1/09 1,356,250 800,000 B+ Swift & Co., Sr. Notes, 10.125% due 10/1/09 859,000 1,275,000 B- United Agri Products, Inc., Sr. Notes, 8.250% due 12/15/11 (b) 1,450,312 - ------------------------------------------------------------------------------------------------- 10,433,787 - ------------------------------------------------------------------------------------------------- Healthcare -- 3.4% 675,000 CC aaiPharma Inc., Sr. Sub. Notes, 11.000% due 4/1/10 610,875 1,150,000 B- AmeriPath, Inc. Sr. Sub. Notes, 10.500% due 4/1/13 1,184,500 1,250,000 B- Athena Neurosciences Finance LLC, Sr. Notes, 7.250% due 2/21/08 1,271,875 783,288 B+ Dade Behring Inc., Sr. Sub. Notes, 11.910% due 10/3/10 908,614 270,000 B1* Extendicare Health Services, Inc., Sr. Sub. Notes, 9.500% due 7/1/10 301,050 1,000,000 B- InSight Health Services Corp., Sr. Sub. Notes, Series B, 9.875% due 11/1/11 1,015,000 Tenet Healthcare Corp.: 825,000 B- Notes, 7.375% due 2/1/13 750,750 Sr. Notes: 225,000 B- 5.375% due 11/15/06 214,313 1,325,000 B- 6.500% due 6/1/12 1,156,063 325,000 B- 6.875% due 11/15/31 269,750 925,000 B- Vanguard Health Systems, Sr. Sub. Notes, 9.750% due 8/1/11 1,008,250 - ------------------------------------------------------------------------------------------------- 8,691,040 - ------------------------------------------------------------------------------------------------- Hotels/Casinos/Gaming -- 7.4% 260,000 B+ AKI, Inc., Sr. Notes, 10.500% due 7/1/08 271,700 1,015,000 B Ameristar Casinos, Inc., Sr. Sub. Notes, 10.750% due 2/15/09 1,182,475 800,000 B+ Argosy Gaming Co., Sr. Sub. Notes, 9.000% due 9/1/11 906,000 1,300,000 B+ Boyd Gaming Corp., Sr. Sub. Notes, 6.750% due 4/15/14 (b) 1,287,000 Caesars Entertainment, Inc., Sr. Sub. Notes: 450,000 Ba2* 8.875% due 9/15/08 502,875 1,400,000 Ba2* 8.125% due 5/15/11 1,554,000 580,000 Ba2* Courtyard By Marriott II L.P., Sr. Notes, Series B, 10.750% due 2/1/08 585,075 1,000,000 B1* Felcor Lodging, L.P., Sr. Notes, 10.000% due 9/15/08 1,072,500 1,150,000 B- Gaylord Entertainment Co., Sr. Notes, 8.000% due 11/15/13 (b) 1,201,750
See Notes to Financial Statements. 11 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - ------------------------------------------------------------------------------------------------- Hotels/Casinos/Gaming -- 7.4% (continued) Hilton Hotels Corp., Sr. Notes: 510,000 BBB- 7.950% due 4/15/07 $ 562,275 250,000 BBB- 7.625% due 12/1/12 280,625 132,000 Ba3* HMH Properties, Inc., Sr. Secured Notes, Series B, 7.875% due 8/1/08 136,950 225,000 B+ Horseshoe Gaming Holding Corp., Sr. Sub. Notes, Series B, 8.625% due 5/15/09 236,250 1,020,000 Ba3* Host Marriott, L.P., Notes, Series I, 9.500% due 1/15/07 1,137,300 1,375,000 B Isle of Capri Casinos, Inc., Sr. Sub. Notes, 7.000% due 3/1/14 (b) 1,354,375 Mandalay Resort Group: 260,000 BB- Sr. Sub. Debentures, 7.625% due 7/15/13 280,800 585,000 BB- Sr. Sub. Notes, Series B, 10.250% due 8/1/07 682,987 MeriStar Hospitality Operating Partnership, L.P./MeriStar Hospitality Finance Corp., Sr. Notes: 225,000 B2* 9.000% due 1/15/08 232,875 925,000 B2* 10.500% due 6/15/09 994,375 MGM MIRAGE, Sr. Sub. Notes: 325,000 Ba2* 9.750% due 6/1/07 368,875 900,000 Ba2* 8.375% due 2/1/11 999,000 550,000 B Prime Hospitality Corp., Sr. Sub. Notes, Series B, 8.375% due 5/1/12 583,000 425,000 BB+ Starwood Hotels & Resorts Worldwide, Inc., Notes, 7.875% due 5/1/12 466,969 625,000 B+ Station Casinos, Inc., Sr. Sub. Notes, 6.875% due 3/1/16 (b) 625,000 275,000 B+ Turning Stone Casino Resort Enterprise, Sr. Notes, 9.125% due 12/15/10 (b) 297,688 930,000 B- Venetian Casino Resort LLC/Las Vegas Sands, Inc., Mortgage Secured Notes, 11.000% due 6/15/10 1,092,750 - ---------------------------------------------------------------------------------------------- 18,895,469 - ---------------------------------------------------------------------------------------------- Insurance -- 0.2% 555,000 Ba1* Markel Capital Trust I, Capital Securities, Series B, 8.710% due 1/1/46 577,562 - ---------------------------------------------------------------------------------------------- Machinery -- 0.8% 160,000 BB- Case Credit Corp., Notes, 6.750% due 10/21/07 162,800 250,000 BB- Case New Holland Inc., Sr. Notes, 9.250% due 8/1/11 (b) 280,000 260,000 B+ NMHG Holding Co., Sr. Notes, 10.000% due 5/15/09 289,900 Terex Corp., Sr. Sub. Notes: 650,000 B 9.250% due 7/15/11 728,000 500,000 B Series B, 10.375% due 4/1/11 571,250 - ---------------------------------------------------------------------------------------------- 2,031,950 - ----------------------------------------------------------------------------------------------
See Notes to Financial Statements. 12 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
FACE AMOUNT+ RATING(a) SECURITY VALUE - --------------------------------------------------------------------------------------------------- Manufacturing -- 3.2% 445,000 NR Aqua-Chem, Inc., Sr. Sub. Notes, 11.250% due 7/1/08 $ 371,575 260,000 B+ Arvin Capital Trust I, Capital Securities, 9.500% due 2/1/27 275,600 500,000 B- Columbus McKinnon Corp., Sr. Secured Notes, 10.000% due 8/1/10 532,500 685,000 B Flowserve Corp., Sr. Sub. Notes, 12.250% due 8/15/10 791,175 400,000 B- General Binding Corp., Sr. Sub. Notes, 9.375% due 6/1/08 408,500 575,000 B- Invensys PLC, Sr. Notes, 9.875% due 3/15/11 (b) 609,500 800,000 B- Mueller Group, Inc., Sr. Sub. Notes, 10.000% due 5/1/12 (b) 842,000 860,000 CCC+ Park-Ohio Industries, Inc., Sr. Sub. Notes, 9.250% due 12/1/07 864,300 1,075,000 B- Sensus Metering Systems Inc., Sr. Sub. Notes, 8.625% due 12/15/13 (b) 1,064,250 Wesco Distribution Inc., Sr. Sub. Notes: 600,000 B- 9.125% due 6/1/08 618,000 525,000 B- Series B, 9.125% due 6/1/08 540,750 1,260,000 B+ Wolverine Tube, Inc., Sr. Notes, 7.375% due 8/1/08 (b) 1,247,400 - ------------------------------------------------------------------------------------------------ 8,165,550 - ------------------------------------------------------------------------------------------------ Metals/Mining -- 1.2% 1,450,000 B+ AK Steel Corp., Sr. Notes, 7.875% due 2/15/09 1,341,250 950,000 B- Ispat Inland ULC, Sr. Secured Notes, 9.750% due 4/1/14 (b) 973,750 605,000 BBB- Phelps Dodge Corp., Sr. Notes, 8.750% due 6/1/11 730,634 - ------------------------------------------------------------------------------------------------ 3,045,634 - ------------------------------------------------------------------------------------------------ Packaging/Containers -- 4.0% 950,000 B+ Anchor Glass Container Corp., Sr. Secured Notes, 11.000% due 2/15/13 1,102,000 1,000,000 CCC Applied Extrusion Technologies, Sr. Notes, Series B, 10.750% due 7/1/11 775,000 1,220,000 BB- Owens-Brockway Glass Container Inc., Sr. Secured Notes, 8.875% due 2/15/09 1,331,325 250,000 B Owens-Illinois, Inc., Sr. Notes, 7.150% due 5/15/05 261,250 1,020,000 B+ Plastipak Holdings, Inc., Sr. Notes, 10.750% due 9/1/11 1,106,700 Pliant Corp.: 475,000 B- Sr. Secured 2nd Lien Notes, 11.125% due 9/1/09 508,250 80,000 B- Sr. Sub. Notes, 13.000% due 6/1/10 72,800 1,000,000 CCC+ Radnor Holdings Corp., Sr. Notes, 11.000% due 3/15/10 875,000 560,000 BBB Sealed Air Corp., Notes, 6.950% due 5/15/09 (b) 623,126 600,000 B Stone Container Corp., Sr. Notes, 9.750% due 2/1/11 669,000 1,660,000 B Stone Container Finance Co. of Canada, Sr. Notes, 11.500% due 8/15/06 (b) 1,705,650 Tekni-Plex, Inc.: 650,000 B2* Sr. Secured Notes, 8.750% due 11/15/13 (b) 643,500 495,000 B- Sr. Sub. Notes, Series B, 12.750% due 6/15/10 502,425 - ------------------------------------------------------------------------------------------------ 10,176,026 - ------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 13 Travelers Series Fund Inc. | 2004 Semi-Annual Report SMITH BARNEY HIGH INCOME PORTFOLIO SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - -------------------------------------------------------------------------------------------------- Paper/Forestry Products -- 3.1% 1,275,000 BB Abitibi-Consolidated Inc., Debentures, 8.850% due 8/1/30 $ 1,300,051 1,025,000 B+ Appleton Papers Inc., Sr. Sub. Notes, Series B, 12.500% due 12/15/08 1,158,250 500,000 B2* Blue Ridge Paper Products Inc., Sr. Secured Notes, 9.500% due 12/15/08 (b) 457,500 Bowater Inc.: 550,000 BB Debentures, 9.500% due 10/15/12 627,000 1,000,000 BB Notes, 6.500% due 6/15/13 972,500 Buckeye Technologies Inc., Sr. Sub. Notes: 315,000 B 9.250% due 9/15/08 313,425 1,190,000 B 8.000% due 10/15/10 1,142,400 600,000 BB Norske Skog Canada Ltd., Sr. Notes, 7.375% due 3/1/14 (b) 618,000 Tembec Industries Inc., Sr. Notes: 600,000 BB- 8.625% due 6/30/09 615,000 650,000 BB- 8.500% due 2/1/11 666,250 - ----------------------------------------------------------------------------------------------- 7,870,376 - ----------------------------------------------------------------------------------------------- Printing/Publishing -- 2.4% 775,000 B Dex Media East LLC/Dex Media East Finance Co., Notes, 12.125% due 11/15/12 902,875 1,000,000 B Dex Media, Inc., Discount Notes, Series A, step bond to yield 9.002% due 11/15/13 (b) 615,000 1,025,000 B Dex Media West LLC/Dex Media West Finance Co., Sr. Sub. Notes, 9.875% due 8/15/13 (b) 1,127,500 1,209,030 B- Hollinger Participation Trust, Sr. Notes, Payment-in-Kind, 12.125% due 11/15/10 (b) 1,413,054 1,100,000 B Houghton Mifflin Co., Sr. Discount Notes, step bond to yield 11.583% due 10/15/13 (b) 544,500 530,000 BB- Mail-Well I Corp., Sr. Notes, 9.625% due 3/15/12 585,650 R.H. Donnelley Finance Corp. I, Sr. Sub. Notes: 175,000 B+ 10.875% due 12/15/12 (b) 209,125 400,000 B+ 10.875% due 12/15/12 478,000 211,000 BB- Yell Finance BV, Sr. Discount Notes, step bond to yield 12.262% due 8/1/11 199,395 - ----------------------------------------------------------------------------------------------- 6,075,099 - ----------------------------------------------------------------------------------------------- Retail -- 4.6% 175,000 BB- Ahold Finance USA, Inc., Notes, 8.250% due 7/15/10 191,625 Ahold Lease USA, Inc., Exchange Pass-Through Certificates: 1,418,594 BB Series 2001-A-1, 7.820% due 1/2/20 1,476,225 400,000 BB Series 2001-A-2, 8.620% due 1/2/25 416,250 195,000 Caa2* American Restaurant Group, Inc., Sr. Secured Notes, Series D, 11.500% due 11/1/06 (c) 88,725 460,000 B3* CKE Restaurants, Inc., Sr. Sub. Notes, 9.125% due 5/1/09 481,850
See Notes to Financial Statements. 14 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - ------------------------------------------------------------------------------------------------------- Retail -- 4.6% (continued) 175,000 B Cole National Group, Inc., Sr. Sub. Notes, 8.625% due 8/15/07 $ 178,938 325,000 CC Denny's Corp., Sr. Notes, 11.250% due 1/15/08 312,000 1,050,000 B+ Finlay Fine Jewelry Corp., Sr. Notes, 8.375% due 5/1/08 1,085,437 The Gap, Inc., Notes: 190,000 BB+ 9.900% due 12/15/05 211,375 725,000 BB+ 10.550% due 12/15/08 895,375 1,325,000 B- General Nutrition Centers, Inc., Sr. Sub. Notes, 8.500% due 12/1/10 (b) 1,391,250 J.C. Penney Co., Inc., Notes: 950,000 BB+ 8.000% due 3/1/10 1,087,750 705,000 BB+ 9.000% due 8/1/12 860,100 350,000 B- Nash-Finch Co., Sr. Sub. Notes, Series B, 8.500% due 5/1/08 342,125 305,000 BB- The Pep Boys -- Manny, Moe & Jack, Medium-Term Notes, Series A, 6.710% due 11/3/04 307,669 Rite Aid Corp.: 1,305,000 B- Notes, 7.125% due 1/15/07 1,331,100 325,000 B- Sr. Notes, 7.625% due 4/15/05 334,750 717,000 BB Saks Inc., Notes, 9.875% due 10/1/11 858,607 - ---------------------------------------------------------------------------------------------------- 11,851,151 - ---------------------------------------------------------------------------------------------------- Technology -- 0.6% 765,000 B3* Amkor Technology, Inc., Sub. Notes, 5.000% due 3/15/07 (e) 725,794 1,755,000 B1* Sanmina - SCI Corp., Sub. Debentures, zero coupon bond to yield 10.672% due 9/12/20 (e) 916,988 - ---------------------------------------------------------------------------------------------------- 1,642,782 - ---------------------------------------------------------------------------------------------------- Telecommunications -- 10.2% 439,900 Caa1* AirGate PCS, Inc., Sr. Sub. Secured Notes, 9.375% due 9/1/09 428,903 Alamosa (Delaware), Inc.: 363,324 Caa1* Sr. Discount Notes, step bond to yield 11.437% due 7/31/09 343,341 650,000 Caa1* Sr. Notes, 11.000% due 7/31/10 708,500 525,000 B- American Cellular Corp., Sr. Notes, Series B, 10.000% due 8/1/11 509,250 1,450,000 Caa1* American Tower Corp., Sr. Notes, 9.375% due 2/1/09 1,562,375 360,000 B3* American Tower Inc., Sr. Sub. Discount Notes, zero coupon bond to yield 14.440% due 8/1/08 263,700 AT&T Corp., Sr. Notes: 350,000 BBB 8.050% due 11/15/11 384,590 1,150,000 BBB 8.750% due 11/15/31 1,220,343 3,550,000 BBB AT&T Wireless Services Inc., Sr. Notes, 8.750% due 3/1/31 4,343,372 244,000 B+ Avaya, Inc., Sr. Secured Notes, 11.125% due 4/1/09 289,140 1,105,000/EUR/ NR COLT Telecom Group PLC, Sr. Notes, 2.000% due 4/3/07 (b)(e) 1,535,149
See Notes to Financial Statements. 15 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - -------------------------------------------------------------------------------------------------- Telecommunications -- 10.2% (continued) Crown Castle International Corp., Sr. Notes: 400,000 B3* 9.375% due 8/1/11 $ 440,000 685,000 B3* 10.750% due 8/1/11 780,900 75,000 B3* 7.500% due 12/1/13 75,188 500,000 B3* Series B, 7.500% due 12/1/13 501,250 175,000 CCC+ Dobson Communications Corp., Sr. Notes, 8.875% due 10/1/13 137,813 695,000 NR GT Group Telecom Inc., Sr. Discount Notes, step bond to yield 15.232% due 2/1/10 (d) 70 335,000 D Horizon PCS, Inc., Sr. Discount Notes, step bond to yield 15.526% due 10/1/10 (d) 80,400 2,350,000 B Lucent Technologies, Inc., Debentures, 6.450% due 3/15/29 1,874,125 Nextel Communications, Inc., Sr. Notes: 600,000 BB 9.375% due 11/15/09 651,750 1,650,000 BB 7.375% due 8/1/15 1,722,187 373,000 B- Nextel Partners, Inc., Sr. Notes, 12.500% due 11/15/09 438,275 Nortel Networks Ltd.: 750,000 B- Notes, 6.875% due 9/1/23 675,000 275,000 B- Sr. Notes, 6.125% due 2/15/06 273,281 305,000 B- Northern Telecom Capital Corp., Notes, 7.875% due 6/15/26 291,275 Qwest Corp.: 725,000 Ba3* Debentures, 6.875% due 9/15/33 598,125 1,420,000 Ba3* Notes, 9.125% due 3/15/12 (b) 1,515,850 Qwest Services Corp., Notes: 25,000 CCC+ 13.500% due 12/15/10 (b) 29,125 596,000 CCC+ 14.000% due 12/15/14 (b) 713,710 400,000 Caa2* SBA Communications Corp., Sr. Notes, 10.250% due 2/1/09 402,000 850,000 B3* SpectraSite, Inc., Sr. Notes, 8.250% due 5/15/10 896,750 Sprint Capital Corp.: 1,350,000 BBB- Notes, 8.750% due 3/15/32 1,617,295 775,000 BBB- Sr. Notes, 6.875% due 11/15/28 763,072 - ----------------------------------------------------------------------------------------------- 26,066,104 - ----------------------------------------------------------------------------------------------- Textiles/Footwear -- 0.8% Levi Strauss & Co.: 1,065,000 CCC Notes, 7.000% due 11/1/06 931,875 Sr. Notes: 750,000 CCC 11.625% due 1/15/08 686,250 145,000 CCC 12.250% due 12/15/12 130,500 292,000 B+ The William Carter Co., Sr. Sub. Notes, Series B, 10.875% due 8/15/11 337,260 - ----------------------------------------------------------------------------------------------- 2,085,885 - -----------------------------------------------------------------------------------------------
See Notes to Financial Statements. 16 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - ----------------------------------------------------------------------------------------------- Tobacco -- 0.2% 609,000 NR Standard Commercial Tobacco Corp., Inc., Sr. Notes, 8.875% due 8/1/05 $ 621,052 - -------------------------------------------------------------------------------------------- Transportation -- 0.6% 425,000 B+ General Maritime Corp., Sr. Notes, 10.000% due 3/15/13 480,250 750,000 B Iron Mountain, Inc., Sr. Sub. Notes, 8.625% due 4/1/13 806,250 360,000 BB+ Windsor Petroleum Transport Corp., Notes, 7.840% due 1/15/21 (b) 369,450 - -------------------------------------------------------------------------------------------- 1,655,950 - -------------------------------------------------------------------------------------------- Utilities -- 6.9% The AES Corp.: Sr. Notes: 1,295,000 B- 9.500% due 6/1/09 1,392,125 50,000 B- 7.750% due 3/1/14 49,875 175,000 B- Sr. Sub. Exchange Notes: 8.500% due 11/1/07 180,031 1,225,000 B Allegheny Energy Supply Co., LLC, Secured Notes, Series A, 10.250% due 11/15/07 (b) 1,359,750 180,000 BB+ Avista Corp., Sr. Notes, 9.750% due 6/1/08 216,900 2,770,000 CCC+ Calpine Canada Energy Finance PLC, Sr. Notes, 8.500% due 5/1/08 1,966,700 Calpine Corp.: 635,000 CCC+ Sr. Notes, 8.625% due 8/15/10 447,675 1,425,000 B Sr. Secured 2nd Priority Notes, 8.500% due 7/15/10 (b) 1,268,250 330,000 B+ CMS Energy Corp., Sr. Notes, 7.625% due 11/15/04 339,075 Edison Mission Energy, Sr. Notes: 640,000 B 10.000% due 8/15/08 675,200 325,000 B 7.730% due 6/15/09 308,750 1,525,000 B 9.875% due 4/15/11 1,578,375 Mirant Americas Generation, Inc., Sr. Notes: 475,000 D 7.625% due 5/1/06 (d) 349,125 900,000 D 9.125% due 5/1/31 (d) 657,000 1,875,000 B+ NRG Energy, Inc., 2nd Priority Sr. Secured Notes, 8.000% due 12/15/13 (b) 1,898,437 1,165,000 B2* Orion Power Holdings, Inc., Sr. Notes, 12.000% due 5/1/10 1,438,775 Reliant Resources, Inc., Sr. Secured Notes: 800,000 B1* 9.250% due 7/15/10 860,000 1,650,000 B1* 9.500% due 7/15/13 1,798,500 690,000 BBB- Thomas & Betts Corp., Medium-Term Notes, 6.625% due 5/7/08 734,490 - -------------------------------------------------------------------------------------------- 17,519,033 - -------------------------------------------------------------------------------------------- TOTAL CORPORATE BONDS & NOTES (Cost -- $233,052,360) 248,351,367 - --------------------------------------------------------------------------------------------
See Notes to Financial Statements. 17 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
FACE AMOUNT+ RATING(a) SECURITY VALUE - ---------------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES -- 0.4% 1,402,534 Ca* Airplanes Pass-Through Trust, Series 1, Class D, 10.875% due 3/15/12 (d) $ 0 165,035 BB Continental Airlines, Inc., Series 2000-2, Class C, 8.312% due 4/2/11 141,528 First Consumer Master Trust, 276,368 Ba1* Series 1999-A, Class A, 5.800% due 12/15/05 (b) 276,328 400,055 Ba1* Series 2001-A, Class A, 1.410% due 9/15/08 (c) 382,189 437,290 CCC United Airlines, Inc., Series 2000-1, Class B, 8.030% due 7/1/11 140,935 - ---------------------------------------------------------------------------------------------------- TOTAL ASSET-BACKED SECURITIES (Cost -- $2,750,976) 940,980 - ---------------------------------------------------------------------------------------------------- SHARES SECURITY VALUE - ---------------------------------------------------------------------------------------------------- COMMON STOCK (f) -- 0.2% Food & Beverage -- 0.0% 23,465 Aurora Foods Inc. 0 - ---------------------------------------------------------------------------------------------------- Telecommunications -- 0.2% 18,172 AirGate PCS, Inc. 345,631 11,275 Crown Castle International Corp. 157,286 870 McLeodUSA, Inc., Class A Shares 774 - ---------------------------------------------------------------------------------------------------- 503,691 - ---------------------------------------------------------------------------------------------------- TOTAL COMMON STOCK (Cost -- $481,035) 503,691 - ---------------------------------------------------------------------------------------------------- PREFERRED STOCK -- 0.8% Aerospace/Defense -- 0.0% 600/UNIT/ Northrop Grumman Corp., 7.250% Equity Security Units (g) 62,778 - ---------------------------------------------------------------------------------------------------- Telecommunications -- 0.8% 1,457 Alamosa Holdings, Inc., 7.500% Cumulative, Series B (h) 784,758 7,000 Crown Castle International Corp., 6.250% (h) 326,375 6,875 CSC Holdings Inc., 11.750% Cumulative Exchangeable, Series H 721,875 270 Dobson Communications Corp., Payment-in-Kind, 13.000% Sr. Exchangeable (h) 19,103 1,500 Motorola, Inc., 7.000% Equity Security Units (g) 75,210 - ---------------------------------------------------------------------------------------------------- 1,927,321 - ---------------------------------------------------------------------------------------------------- TOTAL PREFERRED STOCK (Cost -- $1,411,692) 1,990,099 - ----------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 18 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 SMITH BARNEY HIGH INCOME PORTFOLIO
WARRANTS SECURITY VALUE - ------------------------------------------------------------------------------------ WARRANTS (b)(f) -- 0.0% Commercial Printing Forms -- 0.0% 435 Merrill Corp., Expire 5/1/09 $ 0 - ------------------------------------------------------------------------------------ Internet Software/Services -- 0.0% 430 Cybernet Internet Services International Inc., Expire 7/1/09 0 1,545 WAM!NET Inc., Expire 3/1/05 15 - ------------------------------------------------------------------------------------ 15 - ------------------------------------------------------------------------------------ Packaging/Containers -- 0.0% 80 Pliant Corp., Expire 6/1/10 1 - ------------------------------------------------------------------------------------ Telecommunications -- 0.0% 360 American Tower Corp., Expire 8/1/08 57,420 695 GT Group Telecom Inc., Expire 2/1/10 521 350 Horizon PCS Inc., Expire 10/1/10 0 925 Iridium World Communications Inc., Expire 7/15/05 9 375 IWO Holdings Inc., Expire 1/15/11 4 700 RSL Communications Ltd., Expire 11/15/06 0 - ------------------------------------------------------------------------------------ 57,954 - ------------------------------------------------------------------------------------ TOTAL WARRANTS (Cost -- $326,484) 57,970 - ------------------------------------------------------------------------------------ FACE AMOUNT SECURITY VALUE - ------------------------------------------------------------------------------------ REPURCHASE AGREEMENT -- 1.3% $3,326,000 UBS Securities LLC dated 4/30/04, 0.920% due 5/3/04; Proceeds at maturity -- $3,326,255; (U.S. Treasury Inflation-Indexed Notes, 3.000% due 7/15/12; Market value -- $3,392,541) (Cost -- $3,326,000) 3,326,000 - ------------------------------------------------------------------------------------ TOTAL INVESTMENTS -- 100.0% (Cost -- $241,348,547**) $255,170,107 - ------------------------------------------------------------------------------------
+ Face amount denominated in U.S. dollars unless otherwise indicated. (a) All ratings are by Standard & Poor's Rating Services, except for those which are identified by an asterisk (*), are rated by Moody's Investors Service. (b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. (c) Variable-rate security. (d) Security is currently in default. (e) Convertible bonds exchangeable for shares of common stock. (f) Non-income producing security. (g) Security is issued as an equity unit, with each unit consisting of a contract to buy common stock and senior notes. (h) Convertible preferred stock exchangeable for shares of common stock. ** Aggregate cost for Federal income tax purposes is substantially the same. Abbreviations used in this schedule: EUR -- Euro GBP -- British Pound See pages 40 and 41 for definitions of ratings. See Notes to Financial Statements. 19 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 PIONEER STRATEGIC INCOME PORTFOLIO
FACE AMOUNT+ SECURITY VALUE - -------------------------------------------------------------------------------------------------- U.S. GOVERNMENT SECTOR -- 12.0% U.S. Treasury Obligations -- 3.1% 600,000 U.S. Treasury Bonds, 5.375% due 2/15/31 $ 608,063 776,558 U.S. Treasury Inflation-Indexed Bonds, 3.000% due 7/15/12 (a) 839,623 1,500,000 U.S. Treasury Notes, 3.625% due 5/15/13 (a) 1,415,861 - -------------------------------------------------------------------------------------------------- 2,863,547 - -------------------------------------------------------------------------------------------------- U.S. Government Agencies -- 8.9% Federal Home Loan Mortgage Corp. (FHLMC): 1,389,515 6.000% due 6/1/17 (b) 1,452,005 497,313 6.000% due 11/1/33 509,127 Federal National Mortgage Association (FNMA): 338,530 5.500% due 12/1/18 347,746 16,823 7.500% due 1/1/30 - 10/1/30 18,014 1,300,000/AUD/ Sr. Notes, 6.375% due 8/15/07 951,088 Government National Mortgage Association (GNMA): 507,290 6.500% due 10/15/32 - 11/15/32 530,224 4,369,568 6.000% due 2/15/24 - 7/15/33 4,484,230 - -------------------------------------------------------------------------------------------------- 8,292,434 - -------------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT SECTOR (Cost -- $11,212,857) 11,155,981 - -------------------------------------------------------------------------------------------------- FACE AMOUNT+ RATING(c) SECURITY VALUE - -------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 4.9% 784 Baa2* Arc Net Interest Margin Trust, Series 2002-1, Class A, 7.750% due 1/27/32 (d) 785 70,000 BB+ CS First Boston Mortgage Securities Corp., Series 2002-CKN2, Class H, 6.122% due 4/15/37 (d) 63,634 Federal Home Loan Mortgage Corp. (FHLMC): Interest-Only Strips: 755,942 AAA Series 216, Class IO, 6.000% due 1/1/32 171,636 8,024 AAA Series 2448, Class SE, 7.000% due 7/15/29 (e) 28 515,787 AAA Series 2448, Class SM, 6.900% due 3/15/32 (e) 58,480 59,696 AAA Series 2478, Class SY, 7.050% due 3/15/21 (e) 3,891 256,700 AAA Series 2515, Class IG, 5.500% due 3/15/32 82,970 467,841 AAA Series 2579, Class GS, 6.550% due 1/15/17 (e) 44,930 Principal-Only Strips: 112,321 AAA Series 215, Class PO, zero coupon due 6/1/31 98,685 75,940 AAA Series 2235, Class PO, zero coupon due 6/15/30 63,499 Federal National Mortgage Association (FNMA): Interest-Only Strips: 277,497 AAA Series 318, Class 2, 6.000% due 1/1/32 64,365
See Notes to Financial Statements. 20 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 PIONEER STRATEGIC INCOME PORTFOLIO
FACE AMOUNT+ RATING(c) SECURITY VALUE - -------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 4.9% (continued) 177,770 AAA Series 322, Class 2, 6.000% due 4/1/32 $ 41,288 884,127 AAA Series 329, Class 2, 5.500% due 1/1/33 230,319 212,987 AAA Series 332, Class 2, 6.000% due 2/1/33 52,667 90,139 AAA Series 2001-74, Class MI, 6.000% due 12/25/15 8,302 469,864 AAA Series 2002-9, Class MS, 7.000% due 3/25/32 (e) 48,808 35,249 AAA Series 2002-29, Class SL, 6.950% due 7/25/29 (e) 455 200,956 AAA Series 2002-52, Class SL, 6.900% due 9/25/32 (e) 23,783 219,219 AAA Series 2002-63, Class SN, 6.900% due 10/25/32 (e) 25,396 899,663 AAA Series 2003-23, Class AI, 5.000% due 3/25/17 115,233 158,309 AAA Series 2003-23, Class SC, 6.450% due 4/25/33 (e) 8,112 269,810 AAA Series 2003-26, Class IG, 6.000% due 4/25/33 46,963 1,596,426 AAA Series 2003-34, Class ES, 5.900% due 2/25/33 (e) 149,260 642,753 AAA Series 2003-34, Class SG, 5.900% due 2/25/33 (e) 59,971 1,951,258 AAA Series 2003-34, Class SP, 6.000% due 1/25/32 (e) 176,049 690,136 AAA Series 2003-49, Class TS, 6.600% due 3/25/18 (e) 79,353 Pass-Through Certificates: 75,409 AAA Series 2002-14, Class A2, 7.500% due 1/25/42 81,206 652,419 AAA Series 2003-W3, Class 1A3, 7.500% due 8/25/42 702,573 Principal-Only Strips: 2,045 AAA Series 1996-5, Class PB, zero coupon due 4/25/24 2,044 44,260 AAA Series 1999-51, Class N, zero coupon due 9/17/29 38,759 771 AAA Series 2002-97, Class PO, zero coupon due 1/25/33 770 Federal National Mortgage Association (FNMA) Grantor Trust, Pass-Through Certificates: 75,034 AAA Series 1999-T2, Class A1, 7.500% due 1/19/39 80,802 39,604 AAA Series 2000-T6, Class A1, 7.500% due 6/25/30 42,648 188,111 AAA Series 2001-T1, Class A1, 7.500% due 10/25/40 202,572 61,791 AAA Series 2001-T3, Class A1, 7.500% due 11/25/40 66,542 185,080 AAA Series 2001-T4, Class A1, 7.500% due 7/25/41 200,048 416,638 AAA Series 2001-T7, Class A1, 7.500% due 2/25/41 449,542 11,523 AAA Series 2001-T10, Class A1, 7.000% due 12/25/41 12,238 107,757 AAA Series 2001-T10, Class A2, 7.500% due 12/25/41 116,040 971 AAA Series 2002-T1, Class A2, 7.000% due 11/25/31 1,033 660,000 BBB- Global Signal Trust, Series 2004-1A, Class E, 5.395% due 1/15/34 (e) 641,853 Government National Mortgage Association (GNMA), Interest-Only Strip: 238,948 AAA Series 2001-43, Class SJ, 6.500% due 1/20/29 (e) 8,168 33,017 AAA Series 2002-29, Class SX, 6.950% due 4/16/29 (e) 170 iStar Asset Receivables Trust: 36,297 AAA Series 2003-1A, Class A2, 1.450% due 8/28/22 (d)(e) 36,319 31,760 A+ Series 2003-1A, Class E, 2.150% due 8/28/22 (d)(e) 31,786 27,223 A Series 2003-1A, Class F, 2.200% due 8/28/22 (d)(e) 27,246
See Notes to Financial Statements. 21 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 PIONEER STRATEGIC INCOME PORTFOLIO
FACE AMOUNT+ RATING(c) SECURITY VALUE - -------------------------------------------------------------------------------------------------- COLLATERALIZED MORTGAGE OBLIGATIONS -- 4.9% (continued) 32,665 AAA Rural Housing Trust, Series 1987-1, Class D, 6.330% due 4/1/26 $ 32,680 12,189 BBB- Sasco ARC Net Interest Margin Notes, Series 2002-BC10, Class A, 7.750% due 1/27/33 (d) 12,250 47,128 BB+** Sasco Net Interest Margin Trust, Series 2003-BC1, Class B, zero coupon due 5/27/33 (d) 30,634 - ----------------------------------------------------------------------------------------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost -- $5,013,410) 4,536,785 - ----------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES -- 8.5% Ameriquest Mortgage Securities Inc.: 59,000 BBB- Series 2002-4, Class M4, 4.850% due 2/25/33 (e) 60,113 61,000 BBB- Series 2003-1, Class M4, 4.180% due 2/25/33 (e) 62,062 61,000 BBB- Series 2003-2, Class M4, 4.180% due 3/25/33 (e) 62,063 25,000 BBB Series 2003-AR3, Class M5, 4.850% due 10/25/33 (e) 26,489 50,732 BBB- AQ Finance NIM Trust, Series 2003-N2A, Class Notes, 9.300% due 3/25/33 (d) 50,732 11,197 Baa3* Arc Net Interest Margin Trust, Series 2002-8A, Class A1, 7.750% due 11/27/32 (d) 11,209 Asset Backed Funding Corp., Mortgage Loan Asset-Backed Certificates, Series 2003-WF1: 66,000 BBB Class M3, 4.150% due 12/25/32 (e) 68,735 25,000 BBB- Class M4, 4.350% due 12/25/32 (e) 24,483 Asset Backed Securities Corp., Home Equity Loan Trust: 56,000 BBB- Series 2003-HE1, Class M4, 5.600% due 1/15/33 (e) 52,365 123,000 BBB Series 2003-HE2, Class M4, 4.950% due 4/15/33 (e) 128,339 2,593,000 BBB- Series 2003-HE3, Class M5, 5.100% due 6/15/33 (b)(e) 2,422,850 334,000 BBB Bank One Issuance Trust, Series 2002-C1, Class C1, 2.060% due 12/15/09 (e) 339,203 Bayview Financial Acquisition Trust: 114,112 A Series 2001-DA, Class M3, 2.500% due 11/25/31 (d)(e) 114,549 124,998 AAA Series 2002-CA, Class AIO, 5.100% due 10/25/04 (d)(e) 3,008 50,000 BBB- CDC Mortgage Capital Trust, Series 2003-HE2, Class B3, 4.850% due 10/25/33 (e) 43,635 2,454 BBB Chase Funding Net Interest Margin Trust, Series 2003-1A, Class Notes, 8.750% due 3/27/36 (d) 2,434 Conseco Finance Securitizations Corp.: 39,000 B2* Series 2000-2, Class A4, 8.480% due 12/1/30 41,766 220,000 Caa2* Series 2000-6, Class M2, 8.200% due 9/1/32 26,538 5,000 A3* Series 2001-3, Class A4, 6.910% due 5/1/33 4,829 4,000 A2* Series 2001-4, Class A4, 7.360% due 9/1/33 4,046 196,000 B3* Series 2001-4, Class B1, 9.400% due 9/1/33 29,522 472,737 A1* Series 2002-1, Class A, 6.681% due 12/1/32 486,980
See Notes to Financial Statements. 22 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 PIONEER STRATEGIC INCOME PORTFOLIO
FACE AMOUNT+ RATING(c) SECURITY VALUE - ----------------------------------------------------------------------------------------------- ASSET-BACKED SECURITIES -- 8.5% (continued) 250,000 Baa2* Consumer Credit Reference Index Securities Program, Series 2002-1A, Class A, 3.110% due 3/22/07 (d)(e) $ 253,492 188,000 B+ Green Tree Financial Corp., Series 1999-5, Class A5, 7.860% due 3/1/30 166,529 35,773 Ba3* Green Tree Home Improvement Loan Trust, Series 1995-F, Class B2, 7.100% due 1/15/21 34,525 360,126 BB Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.450% due 6/20/31 354,113 GSAMP Trust: 68 BBB- Series 2002-HE2N, Class Notes, 8.250% due 10/20/32 (d) 68 50,000 Baa3* Series 2003-FM1, Class B3, 5.600% due 3/20/33 (e) 46,747 52,562 BBB** Home Equity Asset Trust, Series 2002-5N, Class A, 8.000% 6/27/33 (d) 52,562 215,000 BBB- LNR CDO Ltd., Series 2002-1A, Class FFL, 3.850% due 7/24/37 (d)(e) 209,575 250,000 Baa2* Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B1, 4.350% due 3/25/32 (e) 150,156 50,000 BBB- MASTR Asset Backed Securities Trust, Series 2003-OPT1, Class MV5, 4.600% due 12/25/32 (e) 50,322 104,000 BBB- Merrill Lynch Mortgage Investors, Inc., Series 2003-WMC1, Class B2, 4.100% due 11/25/33 (e) 96,305 100,654 BBB Mid-State Trust, Series 10, Class B, 7.540% due 2/15/36 85,699 54,000 BBB- Morgan Stanley ABS Capital I Inc., Series 2002-NC6, Class B2, 4.850% due 11/25/32 (e) 49,978 Morgan Stanley Dean Witter Capital I Inc.: 54,000 BBB- Series 2001-AM1, Class B1, 3.300% due 2/25/32 (e) 54,293 134,000 BBB- Series 2001-NC3, Class B1, 3.550% due 10/25/31 (e) 132,000 316,000 BBB- Series 2001-NC4, Class B1, 3.600% due 1/25/32 (e) 307,959 115,000 BBB- Series 2002-AM2, Class B1, 3.350% due 5/25/32 (e) 110,344 58,000 BBB- Series 2002-AM3, Class B2, 4.850% due 2/25/33 (e) 60,097 59,000 BBB- Series 2002-NC5, Class B2, 4.350% due 10/25/32 (e) 60,320 59,000 BBB- Series 2003-NC2, Class B2, 4.850% due 2/25/33 (e) 60,475 58,000 BBB- Series 2003-NC3, Class B3, 4.850% due 3/25/33 (e) 59,427 28,456 BBB+ Option One Mortgage Securities Corp., Series 2003-2B, Class N1, 7.630% due 4/26/33 (d) 28,480 93,427 Baa2* Pass-Through Amortizing Credit Card Trust, Series 2002-1A, Class A4FL, 6.600% due 6/18/12 (d)(e) 94,130 923,636 Baa2* PF Export Receivables Master Trust, Notes, Series A, 6.436% due 6/1/15 (d) 918,589 65,399 Baa3* Sail Net Interest Margin Notes, Series 2003-BC1A, Class A, 7.750% due 1/27/33 (d) 64,745
See Notes to Financial Statements. 23 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 PIONEER STRATEGIC INCOME PORTFOLIO
FACE AMOUNT+ RATING(c) SECURITY VALUE - ------------------------------------------------------------------------------------------------------ ASSET-BACKED SECURITIES -- 8.5% (continued) Structured Asset Investment Loan Trust: 146,000 BBB+ Series 2003-BC1, Class M3, 4.100% due 1/25/33 (e) $ 151,575 1,083,093 AAA Series 2003-BC2, Class AIO, 6.000% due 3/25/05 45,084 100,000 BB TIAA Commercial Real Estate Securitization, Series 2002-1A, Class IV, 6.840% due 5/22/37 (d) 65,000 - --------------------------------------------------------------------------------------------------- TOTAL ASSET-BACKED SECURITIES (Cost -- $8,076,031) 7,828,539 - --------------------------------------------------------------------------------------------------- MUNICIPAL BONDS -- 0.5% 500,000 Minneapolis & St. Paul Metropolitan Airports Commission, Special Facilities Revenue, Northwest Airlines Project, Series A, 7.000% due 4/1/25 (Cost -- $427,179) 449,575 - --------------------------------------------------------------------------------------------------- HIGH-YIELD SECTOR -- 55.3% - --------------------------------------------------------------------------------------------------- CORPORATE BONDS & NOTES -- 53.1% Aerospace/Defense -- 2.6% 290,000 CCC Decrane Aircraft Holdings Inc., Sr. Sub. Notes, Series B, 12.000% due 9/30/08 191,400 425,000 B DRS Technologies Inc., Sr. Sub. Notes., 6.875% due 11/1/13 429,250 620,000 CCC+ Hexcel Corp., Sr. Sub. Notes, 9.750% due 1/15/09 (a) 654,100 K & F Industries, Inc., Sr. Sub. Notes, Series B: 35,000 B 9.250% due 10/15/07 (a) 36,400 55,000 B 9.625% due 12/15/10 61,875 L-3 Communications Corp., Sr. Sub. Notes: 500,000 BB- 6.125% due 7/15/13 500,000 400,000 BB- 6.125% due 1/15/14 (d) 400,000 100,000 BB- Series B, 8.000% due 8/1/08 105,125 50,000 B Titan Corp., 8.000% due 5/15/11 (d) 57,250 - --------------------------------------------------------------------------------------------------- 2,435,400 - --------------------------------------------------------------------------------------------------- Airlines -- 1.0% AMR Corp., Debentures: 160,000 CCC 9.000% due 8/1/12 (a) 136,000 400,000 CCC 9.800% due 10/1/21 308,000 180,000 CCC+ Calair LLC/Calair Capital Corp., Sr. Notes, 8.125% due 4/1/08 151,200 60,000 B Continental Airlines, Inc., Pass-Through Certificates, Series D, 7.568% due 12/1/06 50,515 Northwest Airlines, Inc., Notes: 120,000 B- 7.625% due 3/15/05 118,200 145,000 B- 9.875% due 3/15/07 (a) 121,800 109,000 NR United Airlines, Inc., Debentures, 9.125% due 1/15/12 (f) 13,353 37,802 B US Airways, Inc., Pass-Through Certificates, Series 93-A3, 10.375% due 3/1/13 (f) 9,451 - --------------------------------------------------------------------------------------------------- 908,519 - ---------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 24 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO FACE AMOUNT+ RATING(c) SECURITY VALUE - ------------------------------------------------------------------------------------------------------ Automotive -- 1.0% Asbury Automotive Group: 90,000 B Notes, 9.000% due 6/15/12 (a) $ 94,050 550,000 NR Sr. Sub. Notes, 8.000% due 3/15/14 (d) 541,750 15,000/EUR/ BB Dana Corp., Notes, 9.000 due 8/15/11 21,378 45,000/EUR/ BBB- Lear Corp., Sr. Notes, 8.125% due 4/1/08 61,709 164,000 Caa1* Motors and Gears, Inc., Sr. Notes, Series D, 10.750% due 11/15/06 145,960 25,000 B Navistar International Inc., Sr. Sub. Notes, Series B, 8.000% due 2/1/08 25,812 - ------------------------------------------------------------------------------------------------------ 890,659 - ------------------------------------------------------------------------------------------------------ Broadcasting -- 0.6% 500,000 BBB- Grupo Televisa, S.A., Sr. Notes, 8.500% due 3/11/32 530,000 20,000 CC Pegasus Communications Corp., Sr. Notes, Series B, 9.750% due 12/1/06 14,100 - ------------------------------------------------------------------------------------------------------ 544,100 - ------------------------------------------------------------------------------------------------------ Building/Construction -- 3.4% 2,100,000/NOK/ NR Aker Kvaerner ASA, Notes, zero coupon due 10/30/11 1,136,192 56,000 B- Atrium Cos., Inc., Sr. Sub. Notes, Series B, 10.500% due 5/1/09 59,150 85,000 BB Beazer Homes USA, Inc., Sr. Notes, 8.625% due 5/15/11 92,437 K. Hovnanian Enterprises, Inc.: 100,000 BB Sr. Notes, 8.000% due 4/1/12 108,000 30,000 Ba3* Sr. Sub. Notes, 7.750% due 5/15/13 (a) 30,975 Manitowoc Co., Inc., Sr. Sub. Notes: 15,000/EUR/ B 10.375% due 5/15/11 20,031 50,000 B 10.500% due 8/1/12 57,250 500,000 B+ North American Energy Partners Inc., Sr. Notes, 8.750% due 12/1/11 (d) 495,000 Owens Corning: 11,000 NR Bonds, 7.500% due 8/1/18 (f) 4,620 137,000 NR Notes, 7.500% due 5/1/05 (f) 57,540 66,000 Ba2* Schuler Homes Inc., Notes, 10.500% due 7/15/11 (a) 76,230 450,000 B Ship Finance International Ltd., Sr. Notes, 8.500% due 12/15/13 (d) 436,500 Technical Olympic USA, Inc.: 20,000 Ba3* Sr. Notes, 9.000% due 7/1/10 21,100 20,000 B2* Sr. Sub. Notes, 10.375% due 7/1/12 22,100 47,000 B Terex Corp., Sr. Sub. Notes, Series B, 10.375% due 4/1/11 53,698 500,000 B+ Votorantim Overseas Trading Operations III Ltd., Sr. Notes, 7.875% due 1/23/14 (d) 457,500 60,000 Ba3* WCI Communities, Inc., Sr. Sub. Notes, 9.125% due 5/1/12 65,700 - ------------------------------------------------------------------------------------------------------ 3,194,023 - ------------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 25 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO FACE AMOUNT+ RATING(c) SECURITY VALUE - ----------------------------------------------------------------------------------------------------- Business Services -- 3.1% 1,000,000 B1* Corrections Corp. of America, Sr. Notes, 7.500% due 5/1/11 (d) $ 1,052,500 52,737 B JSG Funding PLC, Sub. Notes, 15.500% due 10/1/13 (d)(g) 60,912 80,000 Ba3* Lamar Media Corp., Sr. Sub. Notes, 7.250% due 1/1/13 86,400 850,000 BBB- Odyssey Re Holdings Corp., Notes, 7.650% due 11/1/13 914,984 120,000 D Outsourcing Solutions Inc., Sr. Sub. Notes, Series B, 11.000% due 11/1/06 (f) 1,230 R.H. Donnelley Finance Corp: 77,000 B+ Sr. Notes, 8.875% due 12/15/10 (d) 86,240 159,000 B+ Sr. Sub. Notes, 10.875% due 12/15/12 (d) 190,005 30,000 B+ Xerox Capital (Europe) PLC, Notes, 5.875% due 5/15/04 30,000 Xerox Corp., Sr. Notes: 100,000 B+ 9.750% due 1/15/09 114,000 35,000/EUR/ B+ 9.750% due 1/15/09 48,520 245,000 B+ 7.125% due 6/15/10 249,900 - ----------------------------------------------------------------------------------------------------- 2,834,691 - ----------------------------------------------------------------------------------------------------- Cable -- 0.1% 47,000 BB- CSC Holdings Inc., Sr. Notes, 7.875% due 12/15/07 50,290 9,150 NR KNOLOGY Holdings, Inc., Sr. Notes, 12.000% due 11/30/09 (d)(g) 9,013 20,000 BB- Rogers Cablesystems Ltd., Sr. Sub. Debentures, 11.000% due 12/1/15 23,175 - ----------------------------------------------------------------------------------------------------- 82,478 - ----------------------------------------------------------------------------------------------------- Chemicals -- 3.9% 150,000 B+ Acetex Corp., Sr. Notes, 10.875% due 8/1/09 165,750 10,000 Ba2* Airgas, Inc., Sr. Sub. Notes 9.125% due 10/1/11 11,350 120,000 A- Dow Chemical Co., Sr. Notes, 5.750% due 11/15/09 126,965 338,000 Ba2* Hercules Inc., Sr. Notes, 11.125% due 11/15/07 407,290 50,000 B Huntsman Advanced Materials LLC, Sr. Notes, 11.000% due 7/15/10 (d) 57,000 Huntsman ICI Chemicals LLC: 235,000 CCC+ Sr. Discount Notes, zero coupon bond to yield 20.193% due 12/31/09 119,262 155,000 CCC+ Sr. Sub. Notes, 10.125% due 7/1/09 (a) 163,138 495,000/EUR/ CCC+ Huntsman International LLC, Sr. Sub. Notes, 10.125% due 7/1/09 601,730 205,000 BB- ISP Chemco Inc., Sr. Sub. Notes, Series B, 10.250% due 7/1/11 232,675 35,000 B+ ISP Holdings, Inc., Sr. Secured Notes, Series B, 10.625% due 12/15/09 39,025 30,000 B+ Lyondell Chemical Co., Sr. Secured Notes, 9.500% due 12/15/08 31,500 40,000/EUR/ B+ Messer Griesheim Holding, AG, Sr. Notes, 10.375% due 6/1/11 57,667 335,000 BBB- Methanex Corp., Sr. Notes, 8.750% due 8/15/12 385,250 30,000 BB- Millennium America, Inc., Sr. Notes, 9.250% due 6/15/08 (d) 32,850 80,000 B Noveon, Inc., Sr. Sub. Notes, Series B, 11.000% due 2/28/11 93,600
See Notes to Financial Statements. 26 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO FACE AMOUNT+ RATING(c) SECURITY VALUE - ------------------------------------------------------------------------------------------------------ Chemicals -- 3.9% (continued) 79,396 NR Noveon International, Inc., Sr. Sub. Notes, 13.000% due 8/31/11 (d)(g) $ 84,159 349,000 B- OM Group, Inc., Notes, 9.250% due 12/15/11 359,470 35,000 B- Resolution Performance Products LLC/RPP Capital, Sr. Secured 2nd Priority Notes, 9.500% due 4/15/10 (a) 35,875 500,000/EUR/ B3* Rhodia SA, Sr. Notes, 8.000% due 6/1/10 (d) 547,925 27,276 NR Sterling Chemicals Inc., Sr. Secured Notes, 10.000% due 12/19/07 (g) 26,457 - ------------------------------------------------------------------------------------------------------ 3,578,938 - ------------------------------------------------------------------------------------------------------ Consumer Products & Services -- 1.2% 500 NR Alderwoods Group, Inc., Sr. Notes, 12.250% due 1/2/09 560 500,000 BBB- Bausch & Lomb Inc., Debentures, 7.125% due 8/1/28 504,897 200,000 B+ Central Garden & Pet Co., Sr. Sub. Notes, 9.125% due 2/1/13 223,000 Derby Cycle Corp., Sr. Notes: 163,739/EUR/ NR 9.375% due 5/15/08 (f) 1,755 136,116 NR 10.000% due 5/15/08 (f) 5,240 130,000 B- Jostens, Inc., Sr. Sub. Notes, 12.750% due 5/1/10 146,900 Service Corp. International: 30,000 BB- Debentures, 7.875% due 2/1/13 31,500 Notes: 10,000 BB- 7.200% due 6/1/06 10,675 19,000 BB- 6.500% due 3/15/08 19,713 38,000 BB- 7.700% due 4/15/09 40,755 130,000 B+ Stewart Enterprises Inc., Sr. Sub. Notes, 10.750% due 7/1/08 147,550 - ------------------------------------------------------------------------------------------------------ 1,132,545 - ------------------------------------------------------------------------------------------------------ Electronics -- 0.2% 120,000 B+ FIMEP S.A., Sr. Notes, 10.500% due 2/15/13 140,400 20,000 Ba3* Legrand S.A., Debentures, 8.500% due 2/15/25 21,175 - ------------------------------------------------------------------------------------------------------ 161,575 - ------------------------------------------------------------------------------------------------------ Energy -- 6.5% 1,000,000 B- Baytex Energy Ltd., Sr. Sub. Notes, 9.625% due 7/15/10 1,060,000 500,000 BB Compagnie Generale de Geophysique S.A., Sr. Notes, 10.625% due 11/15/07 540,000 365,000 B Comstock Resources, Inc., Sr. Notes, 6.875% due 3/1/12 359,525 800,000 BBB- FPL Energy American Wind, LLC, Sr. Secured Notes, 6.639% due 6/20/23 (d) 818,142 850,000 B1* Illinova Corp., First Mortgage Notes, 7.500% due 6/15/09 (a) 947,750 40,000 Ba3* Key Energy Services Inc., Sr. Notes, 6.375% due 5/1/13 39,600 25,000 BB- Leviathan Gas Pipe Line Partners, L.P./Leviathan Finance Corp., Sr. Sub. Notes, Series B, 10.375% due 6/1/09 26,250 500,000 B Paramount Resources Ltd., Sr. Notes, 7.875% due 11/1/10 497,500 95,000 B2* Parker Drilling Co., Sr. Notes, Series B, 10.125% due 11/15/09 102,362
See Notes to Financial Statements. 27 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO FACE AMOUNT+ RATING(c) SECURITY VALUE - ---------------------------------------------------------------------------------------------------- Energy -- 6.5% (continued) Pemex Project Funding Master Trust: 90,000 Baa1* Bonds, 8.625% due 2/1/22 $ 96,750 200,000 Baa1* Notes, 7.375% due 12/15/14 210,000 17,000 BBB- Pioneer Natural Resources Co., Sr. Notes, 6.500% due 1/15/08 18,460 70,000 BB Pogo Producing Co., Sr. Sub. Notes, Series B, 8.250% due 4/15/11 78,925 67,000 BB Pride International, Inc., Sr. Notes, 9.375% due 5/1/07 (a) 68,340 65,000 Ba2* SEMCO Energy, Inc., Sr. Notes, 7.750% due 5/15/13 68,575 60,000 NR Seven Seas Petroleum Inc., Sr. Notes, Series B, 12.500% due 5/15/05 (f) 1,200 80,000 B+ Stone Energy Corp., Sr. Sub. Notes, 8.250% due 12/15/11 86,800 70,000 B Swift Energy Co., Sr. Sub. Notes, 9.375% due 5/1/12 78,050 400,000 B Tesoro Petroleum Corp., Sr. Sub. Notes, Series B, 9.625% due 11/1/08 (a) 442,000 100,000 B Tiverton Power Associates L.P./Rumford Power Associates L.P., Pass-Through Certificates, 9.000% due 7/15/18 (d) 83,500 110,000 Ba2* Westar Energy Inc., Sr. Notes, 7.125% due 8/1/09 123,200 The Williams Cos. Inc.: Notes: 95,000 B+ 6.500% due 8/1/06 99,869 50,000 B+ 6.500% due 12/1/08 (a) 52,250 40,000 B+ Series A, 6.750% due 1/15/06 (e) 42,050 50,000 B+ Sr. Notes, 8.625% due 6/1/10 55,250 80,000 NR XCL Ltd., Sr. Secured Discount Notes, 13.500% due 5/1/04 (d)(f)(h) 24,400 30,000 BBB- XTO Energy, Inc., Sr. Notes, 6.250% due 4/15/13 32,019 - ---------------------------------------------------------------------------------------------------- 6,052,767 - ---------------------------------------------------------------------------------------------------- Entertainment -- 0.1% 65,000 BBB- Capitol Records, Inc., Notes, 8.375% due 8/15/09 (d) 72,228 20,000/GBP/ BBB- EMI Group PLC, Notes, 9.750% due 5/20/08 38,292 - ---------------------------------------------------------------------------------------------------- 110,520 - ---------------------------------------------------------------------------------------------------- Environmental Services -- 1.1% 370,000 BB- Allied Waste Industries, Inc., Debentures, 7.400% due 9/15/35 344,100 Allied Waste North America, Inc.: Sr. Notes, Series B: 52,000 BB- 8.875% due 4/1/08 57,980 223,000 BB- 9.250% due 9/1/12 (a) 254,220 Sr. Sub. Notes, Series B: 156,000 BB- 8.500% due 12/1/08 174,330 121,000 B+ 10.000% due 8/1/09 (a) 129,470 83,000 B- IESI Corp., Sr. Sub. Notes, 10.250% due 6/15/12 91,923 - ---------------------------------------------------------------------------------------------------- 1,052,023 - ----------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 28 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO FACE AMOUNT+ RATING(c) SECURITY VALUE - ----------------------------------------------------------------------------------------------------- Financial Services -- 4.7% 1,000,000 BB- Allmerica Financial Corp., Sr. Debentures, 7.625% due 10/15/25 $ 1,015,000 20,000 BB+ Arch Western Finance LLC, Sr. Notes, 6.750% due 7/1/13 (d) 20,700 660,000 BBB- Kingsway America, Inc., Sr. Notes, 7.500% due 2/1/14 (d) 652,161 500,000 A Loews Corp., Sr. Notes, 5.250% due 3/15/16 471,491 2,975,703/DKK/ Aaa* Nykredit, Mortgage Bonds, 5.000% due 10/1/35 467,443 589,791 BBB Power Receivables Finance LLC, Sr. Notes, 6.290% due 1/1/12 (d) 606,434 1,000,000 B+ Presidential Life Corp., Sr. Notes, 7.875% due 2/15/09 1,025,000 90,000 BB- Western Financial Bank, Sub. Debentures, 9.625% due 5/15/12 102,375 - ----------------------------------------------------------------------------------------------------- 4,360,604 - ----------------------------------------------------------------------------------------------------- Food & Beverage -- 2.1% 26,000/EUR/ B2* BSN Financing Co., S.A., Sr. Notes, 10.250% due 8/1/09 33,319 1,000,000 B- Burns Philp Capital Ltd., Sr. Sub. Notes, Series B, 9.750% due 7/15/12 1,060,000 600,000 BBB- Companhia Brasileira de Bebida, Notes, 8.750% due 9/15/13 (d) 637,500 120,000 Caa1* Doane Pet Care Co., Sr. Sub. Notes, 9.750% due 5/15/07 111,000 10,000 CCC+ Eagle Family Foods, Inc., Sr. Sub. Notes, Series B, 8.750% due 1/15/08 8,050 40,000 B TravelCenters of America Inc., Sr. Sub. Notes, 12.750% due 5/1/09 47,200 190,660 NR Vlasic Foods International, Sr. Sub. Notes, Series B, 10.250% due 7/1/09 (f) 17,159 - ----------------------------------------------------------------------------------------------------- 1,914,228 - ----------------------------------------------------------------------------------------------------- Healthcare -- 1.7% 750,000 B ALARIS Medical Inc., Sr. Sub. Notes, 7.250% due 7/1/11 776,250 HCA Inc.: Debentures: 10,000 BBB- 7.190% due 11/15/15 10,426 50,000 BBB- 8.360% due 4/15/24 54,002 Notes: 500,000 BBB- 6.300% due 10/1/12 502,713 50,000 BBB- 7.690% due 6/15/25 50,595 135,000 B- Inverness Medical Innovations, Inc., Sr. Sub. Notes, 8.750% due 2/15/12 (d) 138,712 110,000 NR Mediq Inc., Sr. Discount Debentures, step bond to yield 15.798% due 6/1/09 (f) 11 330,000 NR Multicare Cos., Inc., Sr. Sub. Notes, 9.000% due 8/1/07 (f) 2,310 - ----------------------------------------------------------------------------------------------------- 1,535,019 - -----------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 29 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO FACE AMOUNT+ RATING(c) SECURITY VALUE - ----------------------------------------------------------------------------------------------------- Hotel/Casino -- 1.6% 153,000 B Herbst Gaming Inc., Sr. Secured Notes, Series B, 10.750% due 9/1/08 $ 172,890 123,000 BBB- Hilton Hotels Corp., Sr. Notes, 7.625% due 12/1/12 138,068 500,000 BBB- Hospitality Properties Trust, Notes, 6.750% due 2/15/13 (a) 523,895 100,000 B John Q. Hammons Hotels Inc., First Mortgage Notes, Series B, 8.875% due 5/15/12 110,500 500,000 B+ Turning Stone Casino Resort Enterprise, Sr. Notes, 9.125% due 12/15/10 (d) 541,250 15,000 B+ Wheeling Island Gaming, Notes, 10.125% due 12/15/09 16,275 - ---------------------------------------------------------------------------------------------------- 1,502,878 - ---------------------------------------------------------------------------------------------------- Industrial Goods & Services -- 0.0% 20,000/EUR/ B Flowserve Finance B.V., Sr. Sub. Notes, 12.250% due 8/15/10 27,067 - ---------------------------------------------------------------------------------------------------- Manufacturing -- 1.6% 35,000 NR Advanced Glassfiber Yarns/AGY Capital Corp., Sr. Sub. Notes, 9.875% due 1/15/09 (f) 1,925 140,000 B Dresser Inc., Sr. Sub. Notes, 9.375% due 4/15/11 151,900 Invensys PLC: 35,000/EUR/ B- Medium-Term Notes, Series E, 5.500% due 4/1/05 43,280 40,000 B- Notes, 7.125% due 1/15/07 (d) 40,450 25,000 B- Sr. Notes, 6.500% due 1/15/10 (a)(d) 23,125 850,000 Baa3* Jabil Circuit Inc., Sr. Notes, 5.875% due 7/15/10 883,967 10,000 BBB- Louisiana Pacific Corp., Sr. Notes, 8.875% due 8/15/10 12,050 280,000 B- Samsonite Corp., Sr. Sub. Notes, 10.750% due 6/15/08 292,600 - ---------------------------------------------------------------------------------------------------- 1,449,297 - ---------------------------------------------------------------------------------------------------- Metals/Mining -- 3.4% 250,000 B+ CSN Islands VIII Corp., Sr. Notes, 9.750% due 12/16/13 (d) 226,250 Compass Minerals International, Inc., Series B: 60,000 B- Sr. Discount Notes, step bond to yield 12.491% due 12/15/12 48,900 90,000 B- Sr. Sub. Discount Notes, step bond to yield 11.994% due 6/1/13 68,850 7,180 NR Doe Run Resources Corp., Notes, Series AI, 11.750% due 11/1/08 (g) 3,985 113,000 B2* Earle M. Jorgensen Co., Secured Notes, 9.750% due 6/1/12 127,125 350,000 B- Ispat Inland ULC, Sr. Secured Notes, 9.750% due 4/1/14 (d) 358,750 500,000 BBB Kennametal Inc., Sr. Notes, 7.200% due 6/15/12 533,879 155,000 B+ Steel Dynamics, Inc., Sr. Notes, 9.500% due 3/15/09 (a) 173,988 500,000 BBB- Timken Co., Notes, 5.750% due 2/15/10 507,350 84,000 B Trimas Corp., Sr. Sub. Notes, 9.875% due 6/15/12 91,140 1,000,000 Ba2* Vale Overseas Limited, First Mortgage Notes, Series B, 9.000% due 8/15/13 1,048,750
See Notes to Financial Statements. 30 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO FACE AMOUNT+ RATING(c) SECURITY VALUE - -------------------------------------------------------------------------------------------------- Metals/Mining -- 3.4% (continued) Wheeling-Pittsburgh Corp., Sr. Notes: 4,010 NR 6.000% due 7/30/10 (f) $ 2,506 8,021 NR 5.000% due 7/30/11 (f) 5,013 - -------------------------------------------------------------------------------------------------- 3,196,486 - -------------------------------------------------------------------------------------------------- Packaging/Containers -- 1.5% Crown Euro Holdings, S.A., Secured 2nd Lien Notes: 200,000 B+ 9.500% due 3/1/11 225,250 750,000/EUR/ B+ 10.250% due 3/1/11 1,010,518 30,000 B 10.875% due 3/1/13 35,100 70,000 B Stone Container Finance Corp., Sr. Notes, 11.500% due 8/15/06 (d) 71,925 - -------------------------------------------------------------------------------------------------- 1,342,793 - -------------------------------------------------------------------------------------------------- Paper/Forestry Products -- 1.0% 1,000 BB Abitibi Consolidated Inc., Notes, 7.875% due 8/1/09 1,056 950,000 BB Bowater Inc., Sr. Notes, 6.500% due 6/15/13 (a) 923,875 20,000 BB- Tembec Industries Inc., Sr. Notes, 7.750% due 3/15/12 19,600 - -------------------------------------------------------------------------------------------------- 944,531 - -------------------------------------------------------------------------------------------------- Publishing -- 0.9% 110,000 B+ Garden State Newspapers, Inc., Sr. Sub. Notes, 8.625% due 7/1/11 116,050 670 B- Hollinger Participation Trust, Sr. Notes, 12.125% due 11/15/10 (d)(g) 783 506,000 B- Vertis Inc., Sr. Notes, Series B, 10.875% due 6/15/09 533,830 Von Hoffman Corp.: 43,840 NR Debentures, 13.500% due 5/15/09 (g) 39,894 130,000 B Sr. Notes, 10.250% due 3/15/09 135,850 30,000 B- Von Hoffman Press, Inc., Notes, 10.375% due 5/15/07 30,225 - -------------------------------------------------------------------------------------------------- 856,632 - -------------------------------------------------------------------------------------------------- Real Estate -- 0.7% 470,000 B+ B.F. Saul REIT, Sr. Notes, 7.500% due 3/1/14 (d) 473,525 150,000 B+ Crescent Real Estate Equities, L.P., Sr. Notes, 9.250% due 4/15/09 166,500 - -------------------------------------------------------------------------------------------------- 640,025 - -------------------------------------------------------------------------------------------------- Retail -- 1.2% J.C. Penney Co., Inc., Debentures: 26,000 BB+ 7.650% due 8/15/16 29,380 130,000 BB+ 7.950% due 4/1/17 149,500 450,000 BB+ 7.125% due 11/15/23 488,250 350,000 BB Toys "R" Us, Notes, 7.375% due 10/15/18 336,875 85,000 B United Auto Group, Inc., Sr. Sub. Notes, 9.625% due 3/15/12 95,413 - -------------------------------------------------------------------------------------------------- 1,099,418 - --------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 31 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004 PIONEER STRATEGIC INCOME PORTFOLIO
FACE AMOUNT+ RATING(c) SECURITY VALUE - ------------------------------------------------------------------------------------------------------ Technology -- 0.0% 440,000 NR Cybernet Internet Services International, Inc., Convertible Sr. Discount Notes, step bond to yield 12.995% due 8/15/09 (d) $ 440 19,319 NR Globix Corp., Sr. Notes, 11.000% due 5/1/08 (h) 17,484 156,000 NR Verado Holdings, Inc., Sr. Discount Notes, 13.000% due 4/15/08 (f) 16 - ------------------------------------------------------------------------------------------------------ 17,940 - ------------------------------------------------------------------------------------------------------ Telecommunications -- 6.7% Alamosa Delaware, Inc.: 400,000 Caa1* Sr. Discount Notes, step bond to yield 10.811% due 7/31/09 378,000 Sr. Notes: 91,000 CCC 11.000% due 7/31/10 99,190 200,000 CCC 8.500% due 1/31/12 (d) 194,500 90,000 NR Asia Global Crossing Ltd., Sr. Notes, 13.375% due 10/15/10 (f) 9,000 183,243 NR COLO.COM Inc., Sr. Notes, 13.875% due 3/15/10 (d)(f) 18 Colt Telecom Group PLC, Sr. Notes: 30,000/GBP/ B- 10.125% due 11/30/07 54,024 15,000/EUR/ B- 7.625% due 12/15/09 18,263 700,000 BB+ Corning Inc., Notes, 5.900% due 3/15/14 684,250 500,000 B+ GCI Inc., Sr. Notes, 7.250% due 2/15/14 (d) 487,500 20,000 D Horizon PCS, Inc., Sr. Notes, 13.750% due 6/15/11 (f) 6,000 345,000 B+ Innova S. de R.L., Notes, 9.375% due 9/19/13 376,481 15,000 B+ Insight Midwest L.P./Insight Capital Inc., Sr. Notes, 9.750% due 10/1/09 (a) 15,900 190,000 NR iPCS, Inc., Sr. Discount Notes, step bond to yield 14.115% due 7/15/10 (f) 78,850 73,000 Ca* IWO Holdings, Inc., Sr. Notes, 14.000% due 1/15/11 (a) 26,645 MCI Inc., Sr. Notes: 20,056 NR 5.908% due 5/1/07 (a) 19,930 20,056 NR 6.688% due 5/1/09 (a) 19,153 17,191 NR 7.735% due 5/1/14 (a) 16,030 500,000 B3* MetroPCS Inc., Sr. Notes, 10.750% due 10/1/11 530,000 3,000 NR Millicom International Cellular S.A., Convertible Notes, 2.000% due 6/1/06 (d) 27,034 500,000 B- MobiFon Holdings BV, Sr. Notes, 12.500% due 7/31/10 572,500 360,000 BB- Mobile TeleSystems, Notes, 8.375% due 10/14/10 (d) 349,200 190,000 BB Nextel Communications, Inc., Convertible Notes, 6.000% due 6/1/11 204,250 550,000 B- Nortel Networks Corp., Convertible Notes, 4.250% due 9/1/08 518,375 10,000 BB- Rogers Communications Inc., Convertible Sr. Debentures, 2.000% due 11/26/05 9,413 30,000 CCC Rural Cellular Corp., Sr. Sub. Notes, Series B, 9.625% due 5/15/08 (a) 28,500
See Notes to Financial Statements. 32 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO FACE AMOUNT+ RATING(c) SECURITY VALUE - ------------------------------------------------------------------------------------------------------ Telecommunications -- 6.7% (continued) 200,000 Baa3* Tele Norte Celular Participacoes S.A., Sr. Notes, 8.000% due 12/18/13 (d) $ 181,000 650,000/EUR/ BBB+ Telecom Italia S.p.A., Medium-Term Notes, 6.250% due 2/1/12 (d) 853,192 21,000 BBB TeleCorp PCS, Inc., Sr. Sub. Notes, 10.625% due 7/15/10 23,981 20,688 NR Telex Communications Intermediate Holdings, Inc., Sr. Sub. Notes, zero coupon due 1/15/09 13,551 60,000 B- TSI Telecommunication Services, Inc., Sr. Sub. Notes, Series B, 12.750% due 2/1/09 (a) 65,700 UbiquiTel Operating Co.: 300,000 Caa1* Sr. Notes, 9.875% due 3/1/11 (d) 301,500 77,000 Caa1* Sr. Sub. Discount Notes, step bond to yield 16.796% due 5/15/10 75,845 - ------------------------------------------------------------------------------------------------------ 6,237,775 - ------------------------------------------------------------------------------------------------------ Transportation -- 0.1% 60,000 B+ Hornbeck Offshore Services, Inc., Sr. Notes, 10.625% due 8/1/08 66,150 - ------------------------------------------------------------------------------------------------------ Utilities -- 1.1% The AES Corp.: 15,096 BB Secured Notes, 10.000% due 7/15/05 (a)(d) 15,549 7,000 B- Sr. Notes, 8.750% due 6/15/08 7,315 30,000 CCC Mission Energy Holding Co., Sr. Secured Notes, 13.500% due 7/15/08 33,075 350,000 Ba2* MSW Energy Holdings II, LLC/ MSW Energy Finance Co., Inc. Sr. Secured Notes, Series B, 7.375% due 9/1/10 (d) 364,000 29 Baa1* Northeast Utilities, Notes, Series A, 8.580% due 12/1/06 31 Reliant Resources, Inc., Sr. Secured Notes: 200,000 B1* 9.250% due 7/15/10 215,000 200,000 B1* 9.500% due 7/15/13 218,000 5,000 BB Sierra Pacific Power Co., General and Refunding Mortgage Bonds, Series A, 8.000% due 6/1/08 5,400 Southern California Edison Co.: 160,000 BBB First and Refunding Mortgage Notes, 8.000% due 2/15/07 179,511 20,000 BBB- Notes, 6.375% due 1/15/06 21,159 51,032 D York Power Funding, Secured Bonds, 12.000% due 10/30/07 (d)(f) 5 - ------------------------------------------------------------------------------------------------------ 1,059,045 - ------------------------------------------------------------------------------------------------------ TOTAL CORPORATE BONDS (Cost -- $48,904,772) 49,228,126 - ------------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 33 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO FACE AMOUNT+ RATING(c) SECURITY VALUE - ------------------------------------------------------------------------------------------------------ LOAN PARTICIPATIONS (j) -- 1.4% 360,000 BBB- Empresa Electrica Guacolda S.A., Sr. Notes, 8.625% due 4/30/13 (Credit Suisse First Boston) (d) $ 389,181 Gazprom OAO: 50,000 BB- 9.625% due 3/1/13 (Morgan Stanley Bank AG) (d) 51,753 800,000 Ba2* 8.625% due 4/28/34 (Gaz Capital) (d) 776,000 36,164 B2* Olympus Cable Holdings, Term Loans, Tranche B, 6.000% due 9/30/10 (e) 35,531 - ------------------------------------------------------------------------------------------------ TOTAL LOAN PARTICIPATIONS (Cost -- $1,273,228) 1,252,465 - ------------------------------------------------------------------------------------------------ SHARES SECURITY VALUE - ------------------------------------------------------------------------------------------------------ COMMON STOCK -- 0.3% Cable -- 0.0% 49 KNOLOGY, Inc. (a)(i) 390 - ------------------------------------------------------------------------------------------------ Chemicals -- 0.0% 35 Sterling Chemicals, Inc. (i) 897 - ------------------------------------------------------------------------------------------------ Consumer Products and Services -- 0.0% 20,000 Loewen Group, Inc. (i) 2 - ------------------------------------------------------------------------------------------------ Financial Services -- 0.1% 150,00 Amresco Inc., Liquidating Trust Shares 11,100 5,666 Conseco, Inc. (a)(i) 112,187 845,262 Contifinancial Corp. Liquidating Trust, Units of Interest (i) 14,792 - ------------------------------------------------------------------------------------------------ 138,079 - ------------------------------------------------------------------------------------------------ Food & Beverage -- 0.1% 308 Archibald Candy Corp. (i) 878 22 PSF Group Holdings Inc. LLC, Class A Shares (i) 38,552 - ------------------------------------------------------------------------------------------------ 39,430 - ------------------------------------------------------------------------------------------------ Metals/Mining -- 0.0% 686 Wheeling-Pittsburgh Corp. (a)(i) 11,662 - ------------------------------------------------------------------------------------------------ Technology -- 0.0% 83 Comdisco Holding Co., Inc. (a)(i) 2,864 - ------------------------------------------------------------------------------------------------ Telecommunications -- 0.1% 2 Arch Wireless Inc., Class A Shares (a)(i) 68 563 Birch Telecom, Inc. (i) 1,948 35 Cincinnati Bell Inc. (a)(i) 138 15,125 Dobson Communications Corp., Class A Shares (i) 54,147 9 Leucadia National Corp. 443 1,002 MCI Inc. (i) 14,215 666 Microcell Telecommunications Inc., Class B Shares (i) 12,047 - ------------------------------------------------------------------------------------------------ 83,006 - ------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 34 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO SHARES SECURITY VALUE - ------------------------------------------------------------------------------------------- Utilities -- 0.0% 337 York Research Corp. (i) $ 3 - ------------------------------------------------------------------------------------------- TOTAL COMMON STOCK (Cost -- $563,410) 276,333 - ------------------------------------------------------------------------------------------- PREFERRED STOCK -- 0.5% Broadcasting -- 0.0% 1 PTV, Inc., 10.000% Cumulative, Series A (a) 8 - ------------------------------------------------------------------------------------------- Food & Beverage -- 0.2% 3,000 Doane Pet Care Co., 14.250% Sr. Exchangeable 144,750 - ------------------------------------------------------------------------------------------- Industrial Goods & Services -- 0.0% 1 North Atlantic Trading Co., Inc 12.000% Sr. Exchangeable (g) 19 - ------------------------------------------------------------------------------------------- Metals/Mining -- 0.0% 180 Weirton Steel Corp., zero coupon Convertible, Series C 270 - ------------------------------------------------------------------------------------------- Telecommunications -- 0.3% 140 Alamosa Holdings, Inc., 7.500% Convertible, Series B 75,396 235 Dobson Communications Corp., 6.000% Convertible, Series F (d) 28,011 3,061 Rural Cellular Corp., 12.500% Jr. Exchangeable (g) 215,032 1,417 Telex Communications, Inc., Variable Rate Convertible, Series B (e) 14 - ------------------------------------------------------------------------------------------- 318,453 - ------------------------------------------------------------------------------------------- TOTAL PREFERRED STOCK (Cost -- $905,251) 463,500 - ------------------------------------------------------------------------------------------- WARRANTS SECURITY VALUE - ------------------------------------------------------------------------------------------- WARRANTS (j) -- 0.0% Broadcasting -- 0.0% 100 XM Satellite Radio Holdings Inc., Expire 3/15/10 (d) 3,750 - ------------------------------------------------------------------------------------------- Building/Construction -- 0.0% 210 Dayton Superior Corp., Expire 6/15/09 (d) 2 Washington Group International Inc., Expire 1/25/06: 225 Series A 2,643 258 Series B 2,496 138 Series C 1,277 - ------------------------------------------------------------------------------------------- 6,418 - ------------------------------------------------------------------------------------------- Business Services -- 0.0% 42 JSG Funding PLC, Expire 10/1/13 (d) 546 - ------------------------------------------------------------------------------------------- Food & Beverage -- 0.0% 750 TravelCenters of America, Inc., Expire 5/1/09 4,125 - -------------------------------------------------------------------------------------------
See Notes to Financial Statements. 35 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO WARRANTS SECURITY VALUE - ----------------------------------------------------------------------------------------------- Hotel/Casino -- 0.0% 70 Mikohn Gaming Corp., Expire 8/15/08 $ 1 - ---------------------------------------------------------------------------------------------- Packaging/Containers -- 0.0% 90 Pliant Corp., Expire 6/1/10 (d) 1 - ---------------------------------------------------------------------------------------------- Telecommunications -- 0.0% 140 American Tower Corp., Expire 8/1/08 (d) 22,330 Microcell Telecommunications Inc.: 205 Expire 5/1/05 824 342 Expire 5/1/08 1,821 310 UbiquiTel Inc., Expire 4/15/10 (d) 3 - ---------------------------------------------------------------------------------------------- 24,978 - ---------------------------------------------------------------------------------------------- TOTAL WARRANTS (Cost -- $101,359) 39,819 - ---------------------------------------------------------------------------------------------- TOTAL HIGH YIELD SECTOR (Cost -- $51,748,020) 51,260,243 - ---------------------------------------------------------------------------------------------- FACE AMOUNT++ RATING(a) SECURITY VALUE - ----------------------------------------------------------------------------------------------- FOREIGN BONDS -- 18.8% Brazil -- 1.1% Federal Republic of Brazil: 284,051/EUR/ B+ Banco Nacional de Desenvolvimento Economico e Social, Notes, 8.000% due 4/28/10 315,765 105,550/USD/ B+ Capitalization Bonds, 8.000% due 4/15/14 97,172 174,118/USD/ B+ Debt Conversion Bonds, 2.125% due 4/15/12 (e) 145,824 Global Bonds: 290,000/USD/ B+ 10.125% due 5/15/27 255,562 66,000/USD/ B+ Series B, 8.875% due 4/15/24 53,130 Global Notes: 100,000/USD/ B+ 10.000% due 1/16/07 104,875 30,000/USD/ B+ 10.000% due 8/7/11 29,175 - ---------------------------------------------------------------------------------------------- 1,001,503 - ---------------------------------------------------------------------------------------------- Canada -- 5.2% Government of Canada, Bonds: 2,286,000 AAA 5.750% due 9/1/06 (b) 1,779,412 330,000 AAA 5.500% due 6/1/10 258,507 1,000,000 AAA 5.250% due 6/1/12 767,578 3,000,000/AUD/ AA Province of Ontario, Medium-Term Notes, Series E, 5.500% due 4/23/13 (b) 2,038,342 - ---------------------------------------------------------------------------------------------- 4,843,839 - ----------------------------------------------------------------------------------------------
See Notes to Financial Statements. 36 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO FACE AMOUNT++ RATING(a) SECURITY VALUE - ------------------------------------------------------------------------------------------------------ Colombia -- 1.5% Republic of Colombia: Global Bonds: 50,000/USD/ BB 9.750% due 4/23/09 $ 54,500 645,654/USD/ BB+ 9.750% due 4/9/11 719,905 135,000/USD/ BB 10.375% due 1/28/33 136,350 485,000/USD/ BB Global Notes, 10.750% due 1/15/13 534,713 - ------------------------------------------------------------------------------------------------------ 1,445,468 - ------------------------------------------------------------------------------------------------------ Dominican Republic -- 0.3% 350,000/USD/ B3* Dominican Republic, Notes, 9.040% due 1/23/13 (d) 259,000 - ------------------------------------------------------------------------------------------------------ Ecuador -- 0.3% 395,000/USD/ CCC+ Republic of Ecuador, Euro-Dollar Bonds, 7.000% due 8/15/30 (d) 277,981 - ------------------------------------------------------------------------------------------------------ France -- 1.5% 1,080,950/EUR/ AAA French Republic, Bonds, Series OATi, 3.000% due 7/25/09 1,395,916 - ------------------------------------------------------------------------------------------------------ Mexico -- 0.6% United Mexican States: Global Notes: 230,000/USD/ Baa2* 4.625% due 10/8/08 230,000 144,000/USD/ Baa2* 7.500% due 1/14/12 158,400 200,000/USD/ Baa2* Medium-Term Notes, 8.300% due 8/15/31 215,500 - ------------------------------------------------------------------------------------------------------ 603,900 - ------------------------------------------------------------------------------------------------------ The Netherlands -- 0.2% 130,000/EUR/ AAA Kingdom of the Netherlands, Bonds, 5.000% due 7/15/12 165,979 - ------------------------------------------------------------------------------------------------------ New Zealand -- 0.7% 970,000 AAA Government of New Zealand, Bonds, Series 709, 7.000% due 7/15/09 631,745 - ------------------------------------------------------------------------------------------------------ Norway -- 1.4% 8,045,000 /NOK/ AAA Kingdom of Norway, Bonds, 6.750% due 1/15/07 1,276,303 - ------------------------------------------------------------------------------------------------------ Peru -- 0.8% Republic of Peru: FLIRB Bonds: 495,000/USD/ BB- 4.500% due 3/7/17 (e) 418,275 115,000/USD/ BB- 4.500% due 3/17/17 (d)(e) 97,175 241,150/USD/ BB- PDI Bonds, 5.000% due 3/7/17 (e) 213,418 - ------------------------------------------------------------------------------------------------------ 728,868 - ------------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 37 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO FACE AMOUNT++ RATING(a) SECURITY VALUE - ---------------------------------------------------------------------------------------------- Russia -- 1.3% Russian Federation: 1,197,500/USD/ Baa3* Bonds, 5.000% due 3/31/30 (d) $ 1,099,455 Euro-Dollar Bonds: 60,000/USD/ Baa3* 8.250% due 3/31/10 (d) 65,325 70,000/USD/ Baa3* 5.000% due 3/31/30 (d) 64,269 - ------------------------------------------------------------------------------------------- 1,229,049 - ------------------------------------------------------------------------------------------- South Africa -- 1.1% 900,000/EUR/ BBB Republic of South Africa, Global Bonds, 5.250% due 5/16/13 1,051,919 - ------------------------------------------------------------------------------------------- Sweden -- 2.7% Kingdom of Sweden, Bonds: 5,020,000 AAA Series 1045, 5.250% due 3/15/11 694,629 12,740,000 AAA Series 1046, 5.500% due 10/8/12 (b) 1,786,075 - ------------------------------------------------------------------------------------------- 2,480,704 - ------------------------------------------------------------------------------------------- Ukraine -- 0.1% 53,201/USD/ B1* Government of Ukraine, Sr. Notes, 11.000% due 3/15/07 58,255 - ------------------------------------------------------------------------------------------- TOTAL FOREIGN BONDS (Cost -- $15,912,197) 17,450,429 - -------------------------------------------------------------------------------------------
See Notes to Financial Statements. 38 Travelers Series Fund Inc. | 2004 Semi-Annual Report SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2004
PIONEER STRATEGIC INCOME PORTFOLIO RIGHTS SECURITY VALUE - -------------------------------------------------------------------------------------- FOREIGN RIGHTS (i) -- 0.0% Mexico -- 0.0% United Mexican States, Value Recovery Rights: 250,000 Series B, Expire 6/30/04 $ 1,250 250,000 Series C, Expire 6/30/05 5,000 250,000 Series D, Expire 6/30/06 3,750 250,000 Series E, Expire 6/30/07 2,500 - -------------------------------------------------------------------------------------- TOTAL FOREIGN RIGHTS (Cost -- $0) 12,500 - -------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 100.0% (Cost -- $92,389,694***) $92,694,052 - -------------------------------------------------------------------------------------- FACE AMOUNT SECURITY VALUE - -------------------------------------------------------------------------------------- LOANED SECURITIES COLLATERAL $7,138,279 State Street Navigator Securities Lending Trust Prime Portfolio (Cost -- $7,138,279) $ 7,138,279 - --------------------------------------------------------------------------------------
+ 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 (Note 6). (b) All or a portion of this security is segregated for open forward foreign currency contracts. (c) All ratings are by Standard & Poor's Ratings Services, except for those which are identified by an asterisk (*), are rated by Moody's Investors Service and those which are identify by a double asterisk (**), are rated by Fitch Ratings. (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. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. (e) Variable rate security. (f) Security is currently in default. (g) Payment-in-Kind security for which all or part of the income earned may be paid as additional principal. (h) Security issued with attached warrants. (i) Non-income producing security. (j) Participation interests were acquired through the financial institutions indicated parenthetically. *** Aggregate cost for Federal income tax purposes is substantially the same. Abbreviations used in this schedule: AUD -- Australian Dollar DKK -- Danish Krone EUR -- Euro FLIRB -- Front Loaded Interest Reduction Bond GBP -- British Pound NOK -- Norwegian Krone PDI -- Past Due Interest USD -- United States Dollar
See pages 40 and 41 for definitions of ratings. See Notes to Financial Statements. 39 Travelers Series Fund Inc. | 2004 Semi-Annual Report 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. 40 Travelers Series Fund Inc. | 2004 Semi-Annual Report 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 identifiable 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. 41 Travelers Series Fund Inc. | 2004 Semi-Annual Report STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) APRIL 30, 2004
Pioneer Smith Barney Strategic High Income Income Portfolio Portfolio - ------------------------------------------------------------------------------------------------- ASSETS: Investments, at value (Cost -- $241,348,547 and $92,389,694, respectively) $ 255,170,107 $ 92,694,052 Loaned securities collateral, at value (Cost -- $7,138,279) (Note 6) -- 7,138,279 Foreign currency, at value (Cost -- $935,858) -- 924,902 Cash 727 -- Dividends and interest receivable 5,685,448 1,545,762 Receivable for securities sold 250,234 488,938 Receivable for open forward currency contracts (Note 4) -- 2,973 Other assets -- 5,922 Prepaid expenses 152 150 Other receivables 56,380 -- - ------------------------------------------------------------------------------------------------ Total Assets 261,163,048 102,800,978 - ------------------------------------------------------------------------------------------------ LIABILITIES: Payable for securities purchased 232,069 401,057 Management fees payable 131,486 59,300 Payable for Fund shares reacquired 119,413 6,868 Payable for loaned securities collateral (Note 6) -- 7,138,279 Bank overdraft -- 235,542 Payable for open forward foreign currency contracts (Note 4) -- 4,884 Accrued expenses 71,557 48,845 - ------------------------------------------------------------------------------------------------ Total Liabilities 554,525 7,894,775 - ------------------------------------------------------------------------------------------------ Total Net Assets $ 260,608,523 $ 94,906,203 - ------------------------------------------------------------------------------------------------ NET ASSETS: Par value of capital shares $ 345 $ 104 Capital paid in excess of par value 339,583,476 122,184,111 Undistributed net investment income 8,427,205 1,642,470 Accumulated net realized loss from investment transactions (101,224,059) (29,207,456) Net unrealized appreciation of investments and foreign currencies 13,821,556 286,974 - ------------------------------------------------------------------------------------------------ Total Net Assets $ 260,608,523 $ 94,906,203 - ------------------------------------------------------------------------------------------------ Shares Outstanding 34,456,800 10,440,477 - ------------------------------------------------------------------------------------------------ Net Asset Value $7.56 $9.09 - ------------------------------------------------------------------------------------------------
See Notes to Financial Statements. 42 Travelers Series Fund Inc. | 2004 Semi-Annual Report STATEMENTS OF OPERATIONS (UNAUDITED) For the Six Months Ended April 30, 2004
Pioneer Smith Barney Strategic High Income Income Portfolio Portfolio - --------------------------------------------------------------------------------------- INVESTMENT INCOME: Interest $11,210,928 $ 3,530,744 Dividends 46,993 40,834 - -------------------------------------------------------------------------------------- Total Investment Income 11,257,921 3,571,578 - -------------------------------------------------------------------------------------- EXPENSES: Management fees (Note 2) 773,762 369,569 Custody 30,820 29,727 Shareholder communications 24,052 18,366 Audit and legal 16,175 30,124 Directors' fees 5,698 3,007 Transfer agency services 2,516 2,501 Other 2,401 2,007 - -------------------------------------------------------------------------------------- Total Expenses 855,424 455,301 - -------------------------------------------------------------------------------------- Net Investment Income 10,402,497 3,116,277 - -------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES (NOTES 3 AND 4): Realized Gain From: Investment transactions 2,063,748 2,468,085 Foreign currency transactions 323 64,070 - -------------------------------------------------------------------------------------- Net Realized Gain 2,064,071 2,532,155 - -------------------------------------------------------------------------------------- Change in Net Unrealized Appreciation (Depreciation) From: Investments 2,089,550 (1,289,147) Foreign currencies (307) (27,143) - -------------------------------------------------------------------------------------- Change in Net Unrealized Appreciation 2,089,243 (1,316,290) - -------------------------------------------------------------------------------------- Net Gain on Investments and Foreign Currencies 4,153,314 1,215,865 - -------------------------------------------------------------------------------------- Increase in Net Assets From Operations $14,555,811 $ 4,332,142 - --------------------------------------------------------------------------------------
See Notes to Financial Statements. 43 Travelers Series Fund Inc. | 2004 Semi-Annual Report STATEMENTS OF CHANGES IN NET ASSETS For the Six Months Ended April 30, 2004 (unaudited) and the Year Ended October 31, 2003
Smith Barney High Income Portfolio 2004 2003 - ------------------------------------------------------------------------------- OPERATIONS: Net investment income $ 10,402,497 $ 18,580,175 Net realized gain (loss) 2,064,071 (3,862,317) Increase in net unrealized appreciation 2,089,243 36,429,889 - ------------------------------------------------------------------------------ Increase in Net Assets From Operations 14,555,811 51,147,747 - ------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (17,859,204) (20,588,597) - ------------------------------------------------------------------------------ Decrease in Net Assets From Distributions to Shareholders (17,859,204) (20,588,597) - ------------------------------------------------------------------------------ FUND SHARE TRANSACTIONS (NOTE 8): Net proceeds from sale of shares 28,006,924 62,010,341 Net asset value of shares issued for reinvestment 17,859,204 of dividends 20,588,597 Cost of shares reacquired (18,549,140) (31,197,259) - ------------------------------------------------------------------------------ Increase in Net Assets From Fund Share Transactions 27,316,988 51,401,679 - ------------------------------------------------------------------------------ Increase in Net Assets 24,013,595 81,960,829 NET ASSETS: Beginning of period 236,594,928 154,634,099 - ------------------------------------------------------------------------------ End of period* $260,608,523 $236,594,928 - ------------------------------------------------------------------------------ * Includes undistributed net investment income of: $8,427,205 $15,883,589 - ------------------------------------------------------------------------------
See Notes to Financial Statements. 44 Travelers Series Fund Inc. | 2004 Semi-Annual Report STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) For the Six Months Ended April 30, 2004 (unaudited) and the Year Ended October 31, 2003 Pioneer Strategic Income Portfolio 2004 2003 - ------------------------------------------------------------------------------- OPERATIONS: Net investment income $ 3,116,277 $ 7,141,566 Net realized gain (loss) 2,532,155 (39,056) Increase (decrease) in net unrealized appreciation (1,316,290) 11,776,220 - ------------------------------------------------------------------------------- Increase in Net Assets From Operations 4,332,142 18,878,730 - ------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (8,542,499) (11,472,635) - ------------------------------------------------------------------------------- Decrease in Net Assets From Distributions to Shareholders (8,542,499) (11,472,635) - ------------------------------------------------------------------------------- FUND SHARE TRANSACTIONS (NOTE 8): Net proceeds from sale of shares 2,144,406 4,101,224 Net asset value of shares issued for reinvestment 8,542,499 of dividends 11,472,635 Cost of shares reacquired (12,058,747) (19,986,029) - ------------------------------------------------------------------------------- Decrease in Net Assets From Fund Share Transactions (1,371,842) (4,412,170) - ------------------------------------------------------------------------------- Increase (Decrease) in Net Assets (5,582,199) 2,993,925 NET ASSETS: Beginning of period 100,488,402 97,494,477 - ------------------------------------------------------------------------------- End of period* $ 94,906,203 $100,488,402 - ------------------------------------------------------------------------------- * Includes undistributed net investment income of: $1,642,470 $7,004,622 - ------------------------------------------------------------------------------- See Notes to Financial Statements. 45 Travelers Series Fund Inc. | 2004 Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. Significant Accounting Policies The Smith Barney High Income Portfolio and Pioneer Strategic Income Portfolio ("Fund(s)") are separate investment funds of the Travelers Series Fund Inc. ("Company"). The Company, 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 thirteen other separate investment funds: AIM Capital Appreciation Portfolio, Strategic Equity Portfolio, Van Kampen Enterprise Portfolio, Smith Barney Large Cap Value Portfolio, Smith Barney International All Cap Growth Portfolio, Travelers Managed Income Portfolio, Salomon Brothers Total Return Strategic Bond Portfolio, SB Adjustable Rate Income Portfolio, MFS Total Return Portfolio, Smith Barney Money Market Portfolio, Smith Barney Large Capitalization Growth Portfolio, Smith Barney Mid Cap Core Portfolio and Smith Barney Aggressive Growth Portfolio. Shares of the Company 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 following are significant accounting policies consistently followed by the Funds and are in conformity with generally accepted accounting principles ("GAAP"): (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 ) gains or losses on the sale of securities are calculated by using 46 Travelers Series Fund Inc. | 2004 Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) the specific identification method; ( g) interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis; (h) dividends and distributions to shareholders are recorded on the ex-dividend date; the Funds distribute 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 is determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles; (k) the Funds intend to comply with the applicable provisions of the Internal Revenue Code of 1986, as amended, pertaining to regulated investment companies and to make distributions of taxable income sufficient to 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. 47 Travelers Series Fund Inc. | 2004 Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) 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. 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. Travelers Investment Adviser, Inc. ("TIA"), an affiliate of SBFM, acts as the investment manager of the Pioneer Strategic Income Portfolio ("PSIP"). PSIP 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 Pioneer Investment Management, Inc. ("Pioneer"). Pursuant to the sub-advisory agreement, Pioneer is responsible for the day-to-day fund operations and investment decisions for PSIP and is compensated by TIA for such service at the annual rate of 0.35% of the average daily net assets of PSIP. 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 PSIP. Citicorp Trust Bank, fsb. ("CTB"), another subsidiary of Citigroup, acts as the Funds' transfer agent. PFPC Inc. ("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, 2004, each Fund paid transfer agent fees of $2,500 to CTB. During the six months ended April 30, 2004, Citigroup Global Markets Inc. ("CGM"), another indirect wholly-owned subsidiary of Citigroup, did not receive any brokerage commissions. 48 Travelers Series Fund Inc. | 2004 Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) Most of the officers and one Director of the Company are employees of Citigroup or its affiliates. 3. Investments During the six months ended April 30, 2004, the aggregate cost of purchases and proceeds from sales of investments (including maturities of long-term investments, but excluding short-term investments) were as follows:
SBHI PSIP ------------------------------------------------------------------------------ Purchases $58,535,288 $25,693,764 ------------------------------------------------------------------------------ Sales 35,070,784 29,794,433 ------------------------------------------------------------------------------
At April 30, 2004, the aggregate gross unrealized appreciation and depreciation of investments for Federal income tax purposes were substantially as follows:
SBHI PSIP ----------------------------------------------------------------------------- Gross unrealized appreciation $21,215,866 $ 4,741,002 Gross unrealized depreciation (7,394,306) (4,436,644) ----------------------------------------------------------------------------- Net unrealized appreciation $13,821,560 $ 304,358 -----------------------------------------------------------------------------
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. 49 Travelers Series Fund Inc. | 2004 Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) At April 30, 2004, PSIP had open forward currency contracts as described below. The unrealized gain (loss) on the contracts reflected in the accompanying financial statements were as follows:
Local Market Settlement Unrealized Foreign Currency Currency Value Date Gain (Loss) -------------------------------------------------------------------------- Contracts to Buy: Japanese Yen 66,000,000 $ 598,016 5/6/04 $ 1,325 -------------------------------------------------------------------------- Contracts to Sell: Euro 1,170,000 1,400,521 5/19/04 (31) Euro 300,000 359,108 5/19/04 1,648 Euro 700,000 837,918 5/19/04 (3,070) Euro 400,000 478,411 5/19/04 (1,783) -------------------------------------------------------------------------- (3,236) -------------------------------------------------------------------------- Total Unrealized Loss on Open Forward Foreign Currency Contracts $(1,911) --------------------------------------------------------------------------
At April 30, 2004, SBHI did not have any open forward foreign currency contracts. 5. Repurchase Agreements When entering into repurchase agreements, it is the Funds' policy that a custodian takes possession of the underlying collateral securities, the value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. 6. Lending of Portfolio Securities The Funds have an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Fees earned by the Funds on securities lending are recorded as interest income. Loans of securities by the Funds are collateralized by cash, U.S. government securities 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 50 Travelers Series Fund Inc. | 2004 Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) loaned. The Funds maintain exposure for the risk of any losses in the investment of amounts received as collateral. At April 30, 2004, PSIP loaned securities having a market value of $6,981,185. PSIP received cash collateral amounting to $7,138,279, which was invested into the State Street Navigator Securities Lending Trust Prime Portfolio. Income earned by PSIP from securities lending for the six months ended April 30, 2004 was $9,699. At April 30, 2004, SBHI did not have any securities on loan. 7. 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, 2004, PSIP held loan participations with a total cost of $1,273,228. At April 30, 2004, SBHI did not hold any loan participations. 8. Capital Shares At April 30, 2004, the Company 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. 51 Travelers Series Fund Inc. | 2004 Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) Transactions in shares of each Fund were as follows:
Six Months Ended Year Ended April 30, 2004 October 31, 2003 - ------------------------------------------------------------------------------- Smith Barney High Income Portfolio Shares sold 3,636,245 8,846,534 Shares issued on reinvestment 2,406,900 3,294,176 Shares reacquired (2,439,412) (4,543,218) - ------------------------------------------------------------------------------ Net Increase 3,603,733 7,597,492 - ------------------------------------------------------------------------------ Pioneer Strategic Income Portfolio Shares sold 233,209 465,666 Shares issued on reinvestment 946,013 1,387,259 Shares reacquired (1,287,316) (2,214,743) - ------------------------------------------------------------------------------ Net Decrease (108,094) (361,818) - ------------------------------------------------------------------------------
9. Additional Information The Funds have received the following information from Citigroup Asset Management ("CAM"), the Citigroup business unit which includes the Funds' Investment Manager and other investment advisory companies, all of which are indirect, wholly-owned subsidiaries of Citigroup. CAM is reviewing its entry, through an affiliate, into the transfer agent business in the period 1997-1999. As CAM currently understands the facts, at the time CAM decided to enter the transfer agent business, CAM sub-contracted for a period of five years certain of the transfer agency services to a third party and also concluded a revenue guarantee agreement with this sub-contractor providing that the sub-contractor would guarantee certain benefits to CAM or its affiliates (the "Revenue Guarantee Agreement"). In connection with the subsequent purchase of the sub-contractor's business by an affiliate of the current sub-transfer agent (PFPC Inc.) used by CAM on many of the funds it manages, this Revenue Guarantee Agreement was amended, eliminating those benefits in exchange for arrangements that included a one-time payment from the sub-contractor. The Boards of CAM-managed funds (the "Boards") were not informed of the Revenue Guarantee Agreement with the sub-contractor at the time the Boards considered and approved the transfer agent arrangements. Nor were the Boards informed of the subsequent amendment to the Revenue Guarantee Agreement when that occurred. CAM has begun to take corrective actions. CAM will pay to the applicable funds approximately $17 million (plus interest) that CAM and its affiliates received from the Revenue Guarantee Agreement and its amendment. CAM 52 Travelers Series Fund Inc. | 2004 Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) also plans an independent review to verify that the transfer agency fees charged by CAM were fairly priced as compared to competitive alternatives. CAM is instituting new procedures and making changes designed to ensure no similar arrangements are entered into in the future. CAM has briefed the SEC, the New York State Attorney General and other regulators with respect to this matter, as well as the U.S. Attorney who is investigating the matter. CAM is cooperating with governmental authorities on this matter, the ultimate outcome of which is not yet determinable. 53 Travelers Series Fund Inc. | 2004 Semi-Annual Report FINANCIAL HIGHLIGHTS For a share of capital stock outstanding throughout each year ended October 31, unless otherwise noted:
Smith Barney High Income Portfolio 2004/(1)/ 2003 2002 2001 2000 1999 - -------------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $7.67 $6.65 $8.32 $10.29 $11.72 $11.97 - ---------------------------------------------- -------- ----- ----- ------ ------ ------ Income (Loss) From Operations: Net investment income/(2)/ 0.28 0.63 0.82 1.02 1.20 0.92 Net realized and unrealized gain (loss)/(2)/ 0.16 1.28 (1.44) (1.80) (1.56) (0.28) - ------------------------------------------------------------------------------------------------- Total Income (Loss) From Operations 0.44 1.91 (0.62) (0.78) (0.36) 0.64 - ---------------------------------------------- -------- ----- ----- ------ ------ ------ Less Distributions From: Net investment income (0.55) (0.89) (1.05) (1.19) (1.07) (0.89) - ---------------------------------------------- -------- ----- ----- ------ ------ ------ Total Distributions (0.55) (0.89) (1.05) (1.19) (1.07) (0.89) - ---------------------------------------------- -------- ----- ----- ------ ------ ------ Net Asset Value, End of Period $7.56 $7.67 $6.65 $ 8.32 $10.29 $11.72 - ---------------------------------------------- -------- ----- ----- ------ ------ ------ Total Return/(3)/ 5.89%++ 31.70% (7.39)% (8.08)% (3.54)% 5.28% - ---------------------------------------------- -------- ----- ----- ------ ------ ------ Net Assets, End of Period (millions) $261 $237 $155 $176 $191 $199 - ---------------------------------------------- -------- ----- ----- ------ ------ ------ Ratios to Average Net Assets: Expenses 0.66%+ 0.69% 0.69% 0.67% 0.66% 0.66% Net investment income/(2)/ 8.07+ 9.53 10.39 11.52 10.46 9.44 - ---------------------------------------------- -------- ----- ----- ------ ------ ------ Portfolio Turnover Rate 14% 36% 78% 77% 70% 73% - ---------------------------------------------- -------- ----- ----- ------ ------ ------
(1) For the six months ended April 30, 2004 (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, the ratio of net investment income to average net assets would have been 10.48%. In addition, the impact of this change to net investment income and net realized and unrealized loss was less than $0.01 per share. Per share information, ratios and supplemental data for the periods prior to November 1, 2001 have not been restated to reflect this change in presentation. (3) Total returns do not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. ++ Total return is not annualized, as it may not be representative of the total return for the year. + Annualized. 54 Travelers Series Fund Inc. | 2004 Semi-Annual Report FINANCIAL HIGHLIGHTS (CONTINUED) For a share of capital stock outstanding throughout each year ended October 31, unless otherwise noted:
Pioneer Strategic Income Portfolio 2004/(1)(2)/ 2003/(2)/ 2002 2001 2000 1999 - ------------------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.53 $8.94 $9.94 $10.31 $11.24 $11.70 - -------------------------------------------------------------------------------------------------- Income (Loss) From Operations: Net investment income/(3)/ 0.29 0.63 1.14 0.93 0.93 0.91 Net realized and unrealized gain (loss)/(3)/ 0.12 1.04 (0.94) (0.47) (0.88) (0.70) - -------------------------------------------------------------------------------------------------- Total Income From Operations 0.41 1.67 0.20 0.46 0.05 0.21 - -------------------------------------------------------------------------------------------------- Less Distributions From: Net investment income (0.85) (1.08) (1.20) (0.83) (0.98) (0.67) - -------------------------------------------------------------------------------------------------- Total Distributions (0.85) (1.08) (1.20) (0.83) (0.98) (0.67) - -------------------------------------------------------------------------------------------------- Net Asset Value, End of Period $9.09 $9.53 $8.94 $ 9.94 $10.31 $11.24 - -------------------------------------------------------------------------------------------------- Total Return/(4)/ 4.32%++ 20.56% 2.00% 4.60% 0.21% 1.80% - -------------------------------------------------------------------------------------------------- Net Assets, End of Period (millions) $95 $100 $97 $128 $141 $156 - -------------------------------------------------------------------------------------------------- Ratios to Average Net Assets: Expenses 0.92%+ 1.00% 0.93% 0.90% 0.87% 0.83% Net investment income/(3)/ 6.32+ 7.05 8.24 8.83 7.78 7.85 - -------------------------------------------------------------------------------------------------- Portfolio Turnover Rate 26% 141% 208% 150% 105% 118% - --------------------------------------------------------------------------------------------------
(1) For the six months ended April 30, 2004 (unaudited). (2) Per share amount have been calculated using the monthly average shares method. (3) Effective November 1, 2001, the Fund adopted a change in the accounting method that requires the Fund to amortize premiums and accrete all discounts. Without the adoption of this change, for the year ended October 31, 2002, net investment income, net realized and unrealized loss and the ratio of net investment income to average net assets would have been $1.16, $(0.96), and 8.42%, respectively. Per share information, ratios and supplemental data for the periods prior to November 1, 2001 have not been restated to reflect this change in presentation. (4) Total returns do not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. ++ Total return is not annualized, as it may not be representative of the total return for the year. + Annualized. 55 Travelers Series Fund Inc. | 2004 Semi-Annual Report 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, CFA Chairman CUSTODIAN Rainer Greeven State Street Bank and Susan M. Heilbron Trust Company OFFICERS ANNUITY ADMINISTRATION R. Jay Gerken, CFA Travelers Annuity President and Chief Investor Services Executive Officer One Cityplace Hartford, Connecticut 06103-3415 Andrew B. Shoup Senior Vice President and Chief Administrative Officer Beth A. Semmel, CFA Investment Officer Peter J. Wilby, CFA Investment Officer Andrew Beagley Chief Anti-Money Laundering Compliance Officer Kaprel Ozsolak Controller Robert I. Frenkel Secretary and Chief Legal Officer Travelers Series Fund Inc. Smith Barney High Income Portfolio Pioneer Strategic Income Portfolio The Funds are separate investment funds of the Travelers Series Fund Inc., a Maryland corporation. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by telephoning the Fund (toll-free) at 1-800-451-2010 and by visiting the SEC's website at www.sec.gov. This report is submitted for the general information of the shareholders of Travelers Series Fund Inc. -- Smith Barney High Income Portfolio and Pioneer Strategic Income Portfolio. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Prospectus. TRAVELERS SERIES FUND INC. 125 Broad Street 10th Floor, MF-2 New York, New York 10004 IN0805 6/04 04-6784 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- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are likely to materially affect the registrant's internal control over financial reporting. 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: July 1, 2004 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: July 1, 2004 By: /s/ Andrew B. Shoup ----------------------------- Andrew B. Shoup Chief Administrative Officer of Travelers Series Fund Inc. Date: July 1, 2004 EX-99.CERT 2 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-3(c) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed 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 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial data; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 1, 2004 /s/ R. Jay Gerken ----------------------- ---------------------------- R. Jay Gerken Chief Executive Officer I, Andrew B. Shoup, 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 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-3(c) under the Investment Company Act) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed 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 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial data; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 1 2004 /s/ Andrew B. Shoup ------------------ ---------------------------- Andrew B. Shoup Chief Administrative 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. - Pioneer Strategic 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-3(c) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed 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 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial data; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 1, 2004 /s/ R. Jay Gerken ----------------------- ---------------------------- R. Jay Gerken Chief Executive Officer I, Andrew B. Shoup, certify that: 1. I have reviewed this report on Form N-CSR of Travelers Series Fund Inc. - Pioneer Strategic 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-3(c) under the Investment Company Act) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed 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 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial data; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 1, 2004 /s/ Andrew B. Shoup ----------------------- ---------------------------- Andrew B. Shoup Chief Administrative Officer EX-99.906CERT 3 dex99906cert.txt CERTIFICATION PURSUANT TO SECTION 906 CERTIFICATIONS PURSUANT TO SECTION 906 EX-99.906CERT CERTIFICATION R. Jay Gerken, Chief Executive Officer, and Andrew B. Shoup, Chief Administrative Officer of Travelers Series Fund Inc. - Smith Barney High Income Portfolio (the "Registrant"), each certify to the best of his knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended April 30,2004 (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 Administrative Officer Travelers Series Fund Inc. - Travelers Series Fund Inc. - Smith Barney High Income Portfolio Smith Barney High Income Portfolio /s/ R. Jay Gerken /s/ Andrew B. Shoup - ------------------------------ ---------------------------------- R. Jay Gerken Andrew B. Shoup Date: July 1, 2004 Date: July 1, 2004 This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. Section 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 Andrew B. Shoup, Chief Administrative Officer of Travelers Series Fund Inc. - Pioneer Strategic Income Portfolio (the "Registrant"), each certify to the best of his knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended April 30,2004 (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 Administrative Officer Travelers Series Fund Inc. - Travelers Series Fund Inc. - Pioneer Strategic Income Portfolio Pioneer Strategic Income Portfolio /s/ R. Jay Gerken /s/ Andrew B. Shoup - ------------------------------ ---------------------------------- R. Jay Gerken Andrew B. Shoup Date: July 1, 2004 Date: July 1, 2004 This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Commission. -----END PRIVACY-ENHANCED MESSAGE-----