Legg Mason Partners Variable Portfolios Ii N-CSRS Certified semi-annual shareholder report (management investment company)

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 811-6310

Greenwich Street Series Fund

(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.
c/o Citigroup Asset Management
300 First Stamford Place, 4^th Floor
Stamford, CT 06902
(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 451-2010

Date of fiscal year end:  December 31

Date of reporting period:  June 30, 2005

ITEM 1. REPORT TO STOCKHOLDERS.

                  The Semi-Annual Report to Stockholders is filed herewith.

Semi-Annual Report for Greenwich Street Series Fund

 WHAT’S INSIDE

Letter from the Chairman		1
Fund at a Glance:
	Diversified Strategic Income Portfolio	5
	Equity Index Portfolio	6
	Salomon Brothers Variable Growth & Income Fund	7
	Salomon Brothers Variable Aggressive Growth Fund	8
Fund Expenses		9
Schedules of Investments		11
Statements of Assets and Liabilities		52
Statements of Operations		54
Statements of Changes in Net Assets		56
Financial Highlights		58
Notes to Financial Statements		64

 LETTER FROM THE CHAIRMAN

Dear Shareholder,

The U.S. economy overcame a number of obstacles and continued to expand during the reporting period. Rising interest rates, record high oil prices, and geopolitical issues threatened to send the economy into a “soft patch.” However, when all was said and done, first quarter 2005 gross domestic product (“GDP”)ⁱ growth was 3.8%, mirroring the solid gain that occurred during the fourth quarter of 2004.

Given the overall strength of the economy, the Federal Reserve Board (“Fed”)ⁱⁱ continued to raise interest rates over the period in an attempt to ward off inflation. Following five rate hikes from June 2004 through December 2004, the Fed again increased its target for the federal funds rateⁱⁱⁱ in 0.25% increments four additional times during the reporting period. All told, the Fed’s nine rate hikes brought the target for the federal funds rate from 1.00% to 3.25%.

During the six months covered by this report, the U.S. stock market was relatively flat, with the S&P 500 Index^iv returning -0.81%. Stocks were weak early in the reporting period, as the issues discussed above caused investors to remain on the sidelines. Equities then rallied in the second quarter of 2005, as the economy appeared to be on solid footing and inflation was largely under control. Looking at the reporting period as a whole, mid-cap stocks generated superior returns, with the Russell Midcap,^v Russell 1000,^vi and Russell 2000^vii Indexes returning 3.92%, 0.11%, and -1.25%, respectively. From a market style perspective, value-oriented stocks outperformed their growth counterparts.

R. JAY GERKEN, CFA
Chairman, President and
Chief Executive Officer

During the reporting period, the fixed income market confounded many investors as short-term interest rates rose in concert with the Fed rate tightening, while longer-term rates, surprisingly, declined. When the period began, the federal fund target rate was 2.25% and the yield on the 10-year Treasury was 4.24%. When the reporting period ended, the federal funds rate rose to 3.25% and the 10-year yield fell to 3.92%. Declining long-term rates, mixed economic data, and periodic flights to quality all supported bond prices. Looking at the six-month period as a whole, the overall bond market, as measured by the Lehman Brothers Aggregate Bond Index,^viii returned 2.51%.

Within this environment, the portfolios performed as follows:¹

PERFORMANCE OF THE FUNDS

AS OF JUNE 30, 2005

(unaudited)

	6 Months
Equity Index Portfolio — Class I shares		-0.98%
Equity Index Portfolio — Class II Shares		-1.12%
S&P 500 Index		-0.81%
Lipper Variable S&P 500 Index Objective Funds Category Average		-0.96%
Diversified Strategic Income Portfolio		1.94%
Lehman Brothers Aggregate Bond Index		2.51%
Lipper Variable General Bond Funds Category Average		1.41%
Salomon Brothers Variable Growth & Income Fund		-1.83%
S&P 500 Index		-0.81%
Russell 1000 Index		0.11%
Lipper Variable Large-Cap Core Funds Category Average		-0.76%

¹ The Funds are an underlying investment option of various variable annuity and variable life insurance products. The Funds’ 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 Funds. Past performance is no guarantee of future results.

1

PERFORMANCE OF THE FUNDS

AS OF JUNE 30, 2005 (Continued)

(unaudited)

	6 Months
Salomon Brothers Variable Aggressive Growth Fund — Class I shares		-2.68%
Salomon Brothers Variable Aggressive Growth Fund — Class II shares		-2.76%
Russell 3000 Growth Index		-1.88%
Lipper Variable Multi-Cap Growth Funds Category Average		-0.33%

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.

Fund returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses.

Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended June 30, 2005 and include the reinvestment of dividends and capital gains distributions, if any. Returns were calculated among the 52 funds in the variable S&P 500 Index Objective funds category. Returns were calculated among the 49 funds in the Variable General Bond funds category. Returns were calculated among the 223 funds in the Variable Large-Cap Core funds category. Returns were calculated among the 109 funds in the Variable Multi-Cap Growth funds category.

Equity Index Portfolio²

For the six months ended June 30, 2005, Class I shares returned -0.98%. The Lipper Variable S&P 500 Index Objective Funds Category Average³ decreased 0.96% for the same period. The Fund’s unmanaged benchmark, the S&P 500 Index, returned -0.81% for the same period.

Diversified Strategic Income Portfolio²

For the six months ended June 30, 2005, the portfolio returned 1.94%. These shares outperformed the Lipper Variable General Bond Funds Category Average⁴ which increased 1.41%. The Fund’s unmanaged benchmark, the Lehman Brothers Aggregate Bond Index, returned 2.51%, for the same period.

Salomon Brothers Variable Growth & Income Fund²

For the six months ended June 30, 2005, Class A shares returned -1.83%. The Fund’s unmanaged benchmarks, the S&P 500 Index and the Russell 1000 Index, returned - -0.81% and 0.11%, respectively, for the same period, and the Fund’s Lipper Variable Large-Cap Core Funds Category Average,⁵ decreased 0.76%.

Salomon Brothers Variable Aggressive Growth Fund²

For the six months ended June 30, 2005, Class I shares returned -2.68%. The Fund’s unmanaged benchmark, the Russell 3000 Growth Index,^ix returned -1.88% for the same period. The Lipper Variable Multi-Cap Growth Funds Category Average⁶ decreased 0.33%.

2	The Fund is an underlying investment option of various variable annuity and variable life insurance products. 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.
3	Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended June 30, 2005, including the reinvestment of dividends and capital gains distributions, if any, calculated among the 52 funds in the Fund’s Lipper category, and excluding sales charges.
4	Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended June 30, 2005 including the reinvestment of dividends and capital gains distributions, if any, calculated among the 49 funds in the Fund’s Lipper category, and excluding sales charges.
5	Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended June 30, 2005, including the reinvestment of dividends and capital gains distributions, if any, calculated among the 223 funds in the Fund’s Lipper category, and excluding sales charges.
6	Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended June 30, 2005, including the reinvestment of dividends and capital gains distributions, if any, calculated among the 109 funds in the Fund’s Lipper category, and excluding sales charges.

2

Special Shareholder Notice

On June 24, 2005, Citigroup Inc. (“Citigroup”) announced that it has signed a definitive agreement under which Citigroup will sell substantially all of its worldwide asset management business to Legg Mason, Inc. (“Legg Mason”).

As part of this transaction, Smith Barney Fund Management LLC (“SBFM”), Salomon Brothers Asset Management Inc (“SBAM”) and Travelers Investment Management Company (“TIMCO”) (the “Advisers”), each currently an indirect wholly owned subsidiary of Citigroup, would each become an indirect wholly owned subsidiary of Legg Mason. The Advisers are the investment advisers to the Funds.

The transaction is subject to certain regulatory approvals, as well as other customary conditions to closing. Subject to such approvals and the satisfaction of the other conditions, Citigroup expects the transaction to be completed later this year.

Under the Investment Company Act of 1940, consummation of the transaction will result in the automatic termination of the investment advisory contracts between the Funds and each of the Advisers. Therefore, the Trust’s Board of Trustees will be asked to approve new investment advisory contracts between the Funds and SBFM and SBAM, and a new investment advisory agreement with TIMCO. If approved by the Board, the new investment advisory contract will be presented to the shareholders of the Funds for their approval. Subsequently, on August 1, 2005, the Board approved the new investment advisory contracts between the Funds and the Advisers.

Information About Your Funds

As you may be aware, several issues in the mutual fund industry have recently come under the scrutiny of federal and state regulators. The Funds’ 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 regulators appear to be examining, among other things, the Funds’ response to market timing and shareholder exchange activity, including compliance with prospectus disclosure related to these subjects. The Funds have been informed that the Advisers and their affiliates are responding to those information requests, but are not in a position to predict the outcome of these requests and investigations.

Important information concerning the Funds and their Advisers with regard to recent regulatory developments is contained in the “Additional Information” note in the Notes to the Financial Statements included in this 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,

R. Jay Gerken, CFA

Chairman, President and Chief Executive Officer

August 2, 2005

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.

RISKS:

Equity Index Portfolio: 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.

Diversified Strategic Income Portfolio: 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. High yield bonds involve greater credit and liquidity risks than investment grade bonds. 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.

Salomon Brothers Variable Growth & Income Fund: High yield bonds involve greater credit and liquidity risks than investment grade bonds. 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.

Salomon Brothers Variable Aggressive Growth Fund: Investments in small- and medium-capitalization companies may involve a higher degree of risk and volatility than investments in larger, more established companies. The Fund may use derivatives, such as options and futures, which can be illiquid, may

3

disproportionately increase losses, and have a potentially large impact on Fund performance. 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.

All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index. Please see the Fund’s prospectus for more information on these and other risks.

i	Gross domestic product is a market value of goods and services produced by labor and property in a given country.
ii	The Federal Reserve Board is responsible for the formulation of a policy designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.
iii	The federal funds rate is the interest rate that banks with excess reserves at a Federal Reserve district bank charge other banks that need overnight loans.
iv	The S&P 500 Index is an unmanaged index of 500 stocks that is generally representative of the performance of larger companies in the U.S.
v	The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index whose average market capitalization was approximately $4.7 billion as of 6/24/05.
vi	The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.
vii	The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.
viii	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.
ix	The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values.

4

 Fund at a Glance — Diversified Strategic Income Portfolio (unaudited)

5

 Fund at a Glance — Equity Index Portfolio (unaudited)

6

 Fund at a Glance — Salomon Brothers Variable Growth & Income Fund (unaudited)

7

 Fund at a Glance — Salomon Brothers Variable Aggressive Growth Fund (unaudited)

8

 Fund Expenses (unaudited)

          Example

      As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

      This example is based on an investment of $1,000 invested on January 1, 2005 and held for the six months ended June 30, 2005.

          Actual Expenses

      The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.

 Based on Actual Total Return⁽¹⁾

					Beginning		Ending		Annualized			Expenses
		Actual Total			Account		Account		Expense			Paid During
		Return(2)			Value		Value		Ratio			the Period(3)
Diversified Strategic Income Portfolio			1.94	%	$	1,000.00	$	1,019.40		0.78	%	$	3.91
Equity Index Portfolio
	Class I		(0.98	)		1,000.00		990.20		0.34			1.68
	Class II		(1.12	)		1,000.00		988.80		0.60			2.96
Salomon Brothers Variable
	Growth & Income Fund — Class I		(1.83	)		1,000.00		981.70		1.12			5.50
Salomon Brothers Variable
Aggressive Growth Fund
	Class I		(2.68	)		1,000.00		973.20		0.95			4.65
	Class II		(2.76	)		1,000.00		972.40		1.20			5.87

(1)	For the six months ended June 30, 2005.
(2)	Assumes reinvestment of dividends and capital gains distributions, if any, at net asset value. Total return is not annualized, as it may not be representative of the total return for the year. 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. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would have been lower.
(3)	Expenses (net of voluntary fee waiver and/or expense reimbursements) are equal to each Fund’s or class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

9

 Fund Expenses (unaudited) (continued)

          Hypothetical Example for Comparison Purposes

      The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

      Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 Based on Hypothetical Total Return⁽¹⁾

		Hypothetical
		Annualized			Beginning		Ending		Annualized			Expenses
		Total			Account		Account		Expense			Paid During
		Return			Value		Value		Ratio			the Period(2)
Diversified Strategic Income Portfolio			5.00	%	$	1,000.00	$	1,020.93		0.78	%	$	3.91
Equity Index Portfolio
	Class I		5.00			1,000.00		1,023.11		0.34			1.71
	Class II		5.00			1,000.00		1,021.82		0.60			3.01
Salomon Brothers Variable
	Growth & Income Fund — Class I		5.00			1,000.00		1,019.24		1.12			5.61
Salomon Brothers Variable
Aggressive Growth Fund
	Class I		5.00			1,000.00		1,020.08		0.95			4.76
	Class II		5.00			1,000.00		1,018.84		1.20			6.01

(1)	For the six months ended June 30, 2005.
(2)	Expenses (net of voluntary fee waiver and/or expense reimbursements) are equal to each Fund’s or class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

10

 Schedules of Investments (unaudited) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		RATING‡	SECURITY		VALUE
CORPORATE BONDS & NOTES — 20.3%
Advertising — 0.3%
$	125,000	B-	Advanstar Communications, Inc., Senior Secured Notes, 10.750% due 8/15/10		$	137,187
	100,000	B+	R.H. Donnelley Finance Corp. I, Senior Subordinated Notes, 10.875% due 12/15/12 (a)			116,750
						253,937
Aerospace/Defense — 0.2%
	25,000	BB+	L-3 Communications Corp., Senior Subordinated Notes, 7.625% due 6/15/12			26,750
	150,000	BB-	Sequa Corp., Senior Notes, Series B, 8.875% due 4/1/08 (b)(c)(d)(e)			162,750
						189,500
Airlines — 0.2%
			Continental Airlines, Inc., Pass-Through Certificates:
	19,849	B+		Series 2000-2, Class C, 8.312% due 4/2/11		15,695
	100,000	B		Series 2001-2, Class D, 7.568% due 12/1/06		86,168
			United Airlines, Inc., Pass-Through Certificates:
	23,260	NR		Series 2000-1, Class B, 8.030% due 7/1/11 (f)		7,262
	49,094	NR		Series 2000-2, Class B, 7.811% due 10/1/09 (f)		22,320
	45,000	NR		Series 2001-1, Class C, 6.831% due 9/1/08 (f)		13,246
						144,691
Apparel — 0.1%
	75,000	CCC	Levi Strauss & Co., Senior Notes, 9.750% due 1/15/15			74,813
	32,000	B+	William Carter Co., Senior Subordinated Notes, Series B, 10.875% due 8/15/11			36,005
						110,818
Auto Manufacturers — 0.4%
	300,000	BBB	DaimlerChrysler North America Holding Corp., 4.050% due 6/4/08 (b)(c)(d)(e)			295,606
			Ford Motor Co.:
	50,000	BB+		Bonds, 6.625% due 10/1/28		39,324
	115,000	BB+		Notes, 7.450% due 7/16/31		96,249
						431,179
Auto Parts & Equipment — 0.2%
	25,000	B	Arvin Capital I, Capital Securities, 9.500% due 2/1/27			25,750
	25,000	B-	Rexnord Corp., Senior Subordinated Notes, 10.125% due 12/15/12			27,500
	134,000	BB-	TRW Automotive, Inc., Senior Notes, 9.375% due 2/15/13			149,075
						202,325
Banks — 1.2%
	550,000	A+	Bank of America Corp., Subordinated Notes, 7.400% due 1/15/11 (b)(c)(d)(e)			630,188
	350,000	A-	Standard Chartered Bank PLC, Subordinated Notes, 8.000% due 5/30/31 (a)(b)(d)(e)			478,860
						1,109,048
Beverages — 0.0%
	40,000	B+	Cott Beverages USA, Inc., Senior Subordinated Notes, 8.000% due 12/15/11			43,100

See Notes to Financial Statements.

11

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		RATING‡	SECURITY		VALUE
Building Materials — 0.1%
			Associated Materials, Inc.:
$	50,000	CCC+		Senior Discount Notes, step bond to yield 9.399% due 3/1/14	$	32,000
	20,000	CCC+		Senior Subordinated Notes, 9.750% due 4/15/12		20,800
						52,800
Chemicals — 1.1%
	50,000	BB-	Arco Chemical Co., Debentures, 9.800% due 2/1/20			56,250
	65,000	B-	BCP Caylux Holdings Luxembourg SCA, Senior Subordinated Notes, 9.625% due 6/15/14			73,125
	25,000	B-	Borden U.S. Finance Corp./ Nova Scotia Finance ULC, Second Priority Senior Secured Notes, 9.000% due 7/15/14 (a)			25,562
	25,000	BBB-	FMC Corp., Senior Debentures, 7.750% due 7/1/11			27,625
	35,000	B+	Huntsman International LLC, Senior Notes, 9.875% due 3/1/09			37,625
	50,000	BB-	ISP Chemco, Inc., Senior Subordinated Notes, Series B, 10.250% due 7/1/11			54,750
	75,000	B+	ISP Holdings, Inc., Senior Secured Notes, 10.625% due 12/15/09			81,000
	105,000	BB-	Lyondell Chemical Co., Senior Secured Notes, 11.125% due 7/15/12			119,700
	85,000	BBB-	Methanex Corp., Senior Notes, 8.750% due 8/15/12			97,644
	50,000	B-	OM Group, Inc., Senior Subordinated Notes, 9.250% due 12/15/11			50,250
	75,000	B-	Resolution Performance Products LLC, Senior Subordinated Notes, 13.500% due 11/15/10			81,000
	200,000	CCC+	Rhodia SA, Senior Notes, 7.625% due 6/1/10 (b)(c)(d)(e)			195,000
	10,000	B+	Terra Capital, Inc., Senior Notes, 12.875% due 10/15/08			11,850
	114,000	BB-	Westlake Chemical Corp., Senior Notes, 8.750% due 7/15/11			124,545
						1,035,926
Commercial Services — 0.8%
	50,000	B-	Allied Security Escrow Corp., Senior Subordinated Notes, 11.375% due 7/15/11			49,000
	75,000	CCC+	Brand Services, Inc., Senior Notes, 12.000% due 10/15/12			80,625
	50,000	B	Cadmus Communications Corp., Senior Subordinated Notes, 8.375% due 6/15/14			51,688
	75,000	B+	Cenveo Corp., Senior Notes, 9.625% due 3/15/12			81,375
	25,000	BB-	Corrections Corporation of America, Senior Notes, 6.250% due 3/15/13			24,938
	200,000	B	Iron Mountain, Inc., Senior Subordinated Notes, 8.625% due 4/1/13 (b)(c)(d)(e)			208,000
			Service Corp. International:
	55,000	BB		Debentures, 7.875% due 2/1/13		59,537
	195,000	BB		Senior Notes, 6.500% due 3/15/08 (b)(c)(d)(e)		200,362
						755,525
Cosmetics/Personal Care — 0.0%
	50,000	CCC+	DEL Laboratories, Inc., Senior Subordinated Notes, 8.000% due 2/1/12 (a)			43,250
Distribution/Wholesale — 0.1%
	100,000	CCC-	Home Interiors & Gifts, Inc., Senior Subordinated Notes, 10.125% due 6/1/08			65,000

See Notes to Financial Statements.

12

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		RATING‡	SECURITY		VALUE
Diversified Financial Services — 1.7%
			Alamosa Delaware, Inc.:
$	44,000	CCC+		Senior Discount Notes, step bond to yield 11.437% due 7/31/09	$	48,730
	54,000	CCC+		Senior Notes, 11.000% due 7/31/10		60,817
	20,000	BB-	Case Credit Corp., Notes, 6.750% due 10/21/07			19,600
	25,000	BB+	Ford Motor Credit Co., Notes, 7.875% due 6/15/10			24,730
			General Motors Acceptance Corp., Notes:
	20,000	BB		7.250% due 3/2/11		18,775
	275,000	BB		6.875% due 9/15/11		254,160
	150,000	BB		6.750% due 12/1/14		134,425
	275,000	AA-	International Lease Finance Corp., Notes, Series O, 4.375% due 11/1/09			275,749
	150,000	B-	JSG Funding PLC, Senior Notes, 9.625% due 10/1/12			150,750
	465,000	A+	Morgan Stanley, Notes, 6.600% due 4/1/12 (b)(c)(d)(e)			517,699
	75,000	B-	Sensus Metering Systems, Inc., Senior Subordinated Notes, 8.625% due 12/15/13			70,125
	50,000	CCC+	Vanguard Health Holdings Co. I LLC, Senior Discount Notes, step bond to yield 9.384% due 10/1/15			35,750
						1,611,310
Electric — 1.1%
	55,000	B-	AES Corp., Senior Notes, 9.500% due 6/1/09			61,600
	45,000	BB+	Avista Corp., Senior Notes, 9.750% due 6/1/08			51,037
	175,000	B-	Calpine Corp., Second Priority Senior Secured Notes, 8.500% due 7/15/10 (a)			135,625
	300,000	BBB	Duke Energy Corp., Senior Notes, 4.200% due 10/1/08 (b)(c)(d)(e)			299,149
			Edison Mission Energy, Senior Notes:
	100,000	B+		10.000% due 8/15/08		112,750
	25,000	B+		7.730% due 6/15/09		26,469
	25,000	B+		9.875% due 4/15/11		29,406
	78,000	B	NRG Energy, Inc., Senior Secured Notes, 8.000% due 12/15/13 (a)			82,680
	90,000	B	Orion Power Holdings, Inc., Senior Notes, 12.000% due 5/1/10			108,225
			Reliant Energy, Inc., Senior Secured Notes:
	25,000	B+		9.250% due 7/15/10		27,375
	125,000	B+		9.500% due 7/15/13		139,375
	25,000	B	Texas Genco LLC/ Texas Genco Financing Corp., Senior Notes, 6.875% due 12/15/14 (a)			26,437
						1,100,128
Electronics — 0.1%
	50,000	CCC-	Muzak LLC, Senior Subordinated Notes, 9.875% due 3/15/09			24,375
	135,000	CCC-	Muzak LLC/ Muzak Finance Corp., Senior Notes, 10.000% due 2/15/09			112,725
						137,100
Entertainment — 0.5%
	40,000	CCC+	AMC Entertainment, Inc., Senior Subordinated Notes, 9.500% due 2/1/11			39,450
	175,000	B+	Argosy Gaming Co., Senior Subordinated Notes, 9.000% due 9/1/11 (b)(c)(d)(e)			192,281
	75,000	B-	Herbst Gaming, Inc., Senior Subordinated Notes, 7.000% due 11/15/14			75,938
	50,000	B+	Mohegan Tribal Gaming Authority, Senior Subordinated Notes, 6.875% due 2/15/15 (a)			51,375

See Notes to Financial Statements.

13

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		RATING‡	SECURITY		VALUE
Entertainment — 0.5% (continued)
$	75,000	B-	Pinnacle Entertainment, Inc., Senior Subordinated Notes, 8.750% due 10/1/13		$	79,875
	25,000	B+	Scientific Games Corp., Senior Subordinated Notes, 6.250% due 12/15/12 (a)			25,375
						464,294
Environmental Control — 0.3%
	75,000	B	Aleris International, Inc., Senior Secured Notes, 10.375% due 10/15/10			82,688
			Allied Waste North America, Inc., Senior Secured Notes, Series B:
	115,000	BB-		8.500% due 12/1/08		121,181
	50,000	B+		7.375% due 4/15/14		46,500
						250,369
Food — 0.8%
	45,000	BB-	Dean Foods Co., Senior Notes, 6.900% due 10/15/17			47,250
	85,000	CCC+	Doane Pet Care Co., Senior Subordinated Notes, 9.750% due 5/15/07			83,088
	355,000	BBB+	Kraft Foods, Inc., Notes, 5.625% due 11/1/11 (b)(c)(d)(e)			377,093
	200,000	BBB-	Safeway, Inc., Debentures, 7.250% due 2/1/31			232,318
						739,749
Forest Products & Paper — 0.2%
	50,000	BB-	Appleton Papers, Inc., Senior Notes, 8.125% due 6/15/11			49,000
	75,000	BB	Bowater Canada Finance Corp., Notes, 7.950% due 11/15/11			79,781
			Buckeye Technologies, Inc.:
	25,000	B+		Senior Notes, 8.500% due 10/1/13		25,625
	28,000	B		Senior Subordinated Notes, 9.250% due 9/15/08		28,140
						182,546
Healthcare – Services — 0.8%
	25,000	B	Community Health Systems, Inc., Senior Subordinated Notes, 6.500% due 12/15/12			25,563
	25,000	B	DaVita, Inc., Senior Notes, 6.625% due 3/15/13 (a)			25,938
	50,000	B	Extendicare Health Services, Inc., Senior Notes, 9.500% due 7/1/10			54,250
	140,000	BB+	HCA, Inc., Debentures, 8.360% due 4/15/24 (b)(c)(d)(e)			157,268
	50,000	B-	IASIS Healthcare LLC/ IASIS Capital Corp., Senior Subordinated Notes, 8.750% due 6/15/14			54,500
	50,000	CCC+	Insight Health Services Corp., Senior Subordinated Notes, Series B, 9.875% due 11/1/11			39,250
			Tenet Healthcare Corp.:
	25,000	B		Senior Notes, 9.875% due 7/1/14		26,938
	75,000	B		Senior Unsecured Notes, 7.375% due 2/1/13		74,437
	300,000	BBB+	WellPoint Health Networks, Inc., Notes, 6.375% due 1/15/12 (b)(c)(d)(e)			331,279
						789,423
Holding Companies – Diversified — 0.3%
	300,000	A-	EnCana Holdings Finance Corp., Notes, 5.800% due 5/1/14 (b)(c)(d)(e)			322,481

See Notes to Financial Statements.

14

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		RATING‡	SECURITY		VALUE
Home Builders — 0.1%
$	70,000	BB-	Schuler Homes, Inc., Senior Subordinated Notes, 10.500% due 7/15/11		$	77,525
	35,000	B+	Standard Pacific Corp., Senior Subordinated Notes, 9.250% due 4/15/12			38,675
						116,200
Home Furnishings — 0.1%
	44,000	CCC	Applica, Inc., Senior Subordinated Notes, 10.000% due 7/31/08			40,260
	50,000	B-	Sealy Mattress Co., Senior Subordinated Notes, 8.250% due 6/15/14			50,750
						91,010
Insurance — 0.1%
	65,000	BB	Markel Capital Trust I, Series B, 8.710% due 1/1/46			72,292
Leisure Time — 0.1%
	75,000	CCC-	Icon Health & Fitness, Inc., Senior Subordinated Notes, 11.250% due 4/1/12			57,750
	25,000	B-	Leslie’s Poolmart, Senior Notes, 7.750% due 2/1/13			25,375
						83,125
Lodging — 0.6%
	75,000	BB+	Caesars Entertainment, Inc., Senior Subordinated Notes, 8.875% due 9/15/08			83,906
	25,000	B-	Gaylord Entertainment Co., Senior Notes, 6.750% due 11/15/14			24,563
	150,000	B	John Q. Hammons Hotels LP, First Mortgage Senior Notes, Series B, 8.875% due 5/15/12 (b)(c)(d)(e)			164,250
	50,000	B	Las Vegas Sands Corp., Senior Notes, 6.375% due 2/15/15 (a)			49,125
			MGM MIRAGE, Inc.:
	125,000	BB		Senior Notes, 6.750% due 9/1/12		129,375
	30,000	B+		Senior Subordinated Debentures, 7.625% due 7/15/13		31,800
	80,000	B+		Senior Subordinated Notes, Series B, 10.250% due 8/1/07		88,400
	50,000	B+	Turning Stone Casino Resort Enterprise, Senior Notes, 9.125% due 12/15/10 (a)			53,125
						624,544
Machinery – Diversified — 0.1%
	25,000	B-	Dresser-Rand Group, Inc., Senior Subordinated Notes, 7.375% due 11/1/14 (a)			26,125
	30,000	B+	NMHG Holding Co., 10.000% due 5/15/09			31,650
						57,775
Media — 2.5%
	75,000	B+	Cablevision Systems Corp., Senior Notes, Series B, 7.890% due 4/1/09 (g)			75,563
	188,212	B-	CanWest Media, Inc., Senior Subordinated Notes, 8.000% due 9/15/12 (b)(c)(d)(e)			199,034
	100,000	CCC-	Charter Communications Holdings LLC, Senior Notes, 10.250% due 1/15/10			74,750
	175,000	CCC-	Charter Communications Holdings LLC, Senior Discount Notes, step bond to yield 17.390% due 5/15/11			116,812
	125,000	CCC-	Charter Communications Holdings LLC/ Charter Communications Holdings Capital Corp., Senior Notes, 10.750% due 10/1/09			97,187

See Notes to Financial Statements.

15

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Media — 2.5% (continued)
$	245,000	BBB+	Comcast Cable Communications Holdings, Inc., 8.375% due 3/15/13 (b)(c)(d)(e)	$	299,181
	30,000	BB-	CSC Holdings, Inc., Senior Notes, Series B, 7.625% due 4/1/11		29,775
	65,000	B	Dex Media East LLC/ Dex Media East Finance Co., 12.125% due 11/15/12		78,163
	100,000	B	Dex Media West LLC/ Dex Media Finance Co., Senior Notes, Series B, 8.500% due 8/15/10		109,500
	81,000	BB-	DirecTV Holdings LLC/ DirecTV Financing Co., Senior Notes, 8.375% due 3/15/13		90,112
	100,000	B-	Houghton Mifflin Co., Senior Discount Notes, step bond to yield 11.492% due 10/15/13		73,500
	130,000	CCC+	Insight Communications Co., Inc., Senior Discount Notes, step bond to yield 12.269% due 2/15/11		130,975
	175,000	B-	LodgeNet Entertainment Corp., Senior Subordinated Debentures, 9.500% due 6/15/13 (b)(c)(d)(e)		191,625
	175,000	B	Mediacom LLC/ Mediacom Capital Corp., Senior Notes, 9.500% due 1/15/13 (b)(c)(d)(e)		175,437
	75,000	B-	NextMedia Operating, Inc., Senior Subordinated Notes, 10.750% due 7/1/11		81,844
	25,000	B+	Rainbow National Services LLC, Senior Subordinated Debentures, 10.375% due 9/1/14		28,875
	185,000	B+	Rogers Cablesystems Ltd., Senior Notes, 11.000% due 12/1/15 (b)(c)(d)(e)		200,725
	250,000	BBB+	Time Warner, Inc., Debentures, 7.625% due 4/15/31 (b)(c)(d)(e)		313,212
	33,000	B+	Yell Finance BV, Senior Discount Notes, step bond to yield 12.263% due 8/1/11		33,248
					2,399,518
Metal Fabricate – Hardware — 0.1%
	100,000	B-	Mueller Holdings, Inc., Discount Notes, step bond to yield 12.068% due 4/15/14		73,500
	30,000	B	Wolverine Tube, Inc., Senior Notes, 10.500% due 4/1/09		28,650
					102,150
Mining — 0.2%
	75,000	B	Novelis, Inc., Senior Notes, 7.250% due 2/15/15 (a)		75,656
	75,000	BBB	Phelps Dodge Corp., Senior Notes, 8.750% due 6/1/11		90,788
					166,444
Miscellaneous Manufacturing — 0.0%
	50,000	NR	Aqua-Chem, Inc., Senior Subordinated Notes, 11.250% due 7/1/08 (h)		42,500
Office Furnishings — 0.1%
	98,000	B	Tempur-Pedic, Inc./ Tempur Production USA, Inc., Senior Subordinated Notes, 10.250% due 8/15/10		108,290
Oil & Gas — 0.8%
	100,000	BB-	Chesapeake Energy Corp., Senior Notes, 6.625% due 1/15/16		103,750
	88,000	B+	Magnum Hunter Resources, Inc., Senior Notes, 9.600% due 3/15/12		98,120
	75,000	B+	Stone Energy Corp., Senior Subordinated Notes, 6.750% due 12/15/14		73,313

See Notes to Financial Statements.

16

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		RATING‡	SECURITY			VALUE
Oil & Gas — 0.8% (continued)
$	105,000	B	Swift Energy Co., Senior Subordinated Notes, 9.375% due 5/1/12			$	113,662
	275,000	BBB-	Valero Energy Corp., Notes, 4.750% due 6/15/13				272,719
			Vintage Petroleum, Inc.:
	50,000	BB-		Senior Notes, 8.250% due 5/1/12			54,500
	25,000	B		Senior Subordinated Notes, 7.875% due 5/15/11			26,500
							742,564
Oil & Gas Services — 0.0%
	35,000	BB-	SESI LLC, Senior Notes, 8.875% due 5/15/11				37,537
Packaging & Containers — 0.9%
	65,000	CCC	Anchor Glass Container Corp., Senior Secured Notes, 11.000% due 2/15/13				51,025
	200,000	B-	Berry Plastics Corp., Senior Subordinated Notes, 10.750% due 7/15/12 (b)(c)(d)(e)				219,250
	75,000	B-	Graphic Packaging International Corp., Senior Subordinated Notes, 9.500% due 8/15/13				75,938
	155,000	BB-	Owens-Brockway Glass Container, Inc., Secured Notes, 8.875% due 2/15/09 (b)(c)(d)(e)				165,462
	125,000	B+	Plastipak Holdings, Inc., Senior Notes, 10.750% due 9/1/11				138,437
			Pliant Corp.:
	50,000	CCC+		Senior Secured Second Lien Notes, 11.125% due 9/1/09			49,000
	10,000	CCC+		Senior Subordinated Notes, 13.000% due 6/1/10			8,150
	75,000	CCC-	Radnor Holdings Corp., Senior Notes, 11.000% due 3/15/10				51,563
	100,000	B	Stone Container Finance Co., Senior Notes, 7.375% due 7/15/14				94,500
	60,000	CCC-	Tekni-Plex, Inc., Senior Subordinated Notes, Series B, 12.750% due 6/15/10				41,400
							894,725
Pharmaceuticals — 0.0%
	75,000	C (i)	aaiPharma, Inc., Senior Subordinated Notes, 11.000% due 4/1/10 (f)				39,750
Pipelines — 1.0%
			Dynegy Holdings, Inc.:
				Debentures:
	125,000	CCC+			7.125% due 5/15/18		119,687
	30,000	CCC+			7.625% due 10/15/26		28,725
	125,000	B-		Second Priority Senior Secured Notes, 9.641% due 7/15/08 (a)(g)			132,969
			El Paso Corp., Senior Notes:
	50,000	B-		7.375% due 12/15/12			50,375
	350,000	B-		7.800% due 8/1/31 (b)(c)(d)(e)			342,125
			Williams Cos., Inc.:
	150,000	B+		Notes, 7.125% due 9/1/11 (b)(c)(d)(e)			162,750
	125,000	B+		Senior Notes, 7.625% due 7/15/19			141,250
							977,881

See Notes to Financial Statements.

17

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		RATING‡	SECURITY		VALUE
Real Estate Investment Trusts — 0.8%
$	275,000	BBB	Boston Properties LP, Senior Notes, 6.250% due 1/15/13 (b)(c)(d)(e)		$	300,089
	130,000	B+	Host Marriott LP, Notes, Series I, 9.500% due 1/15/07			138,450
	300,000	BBB-	iStar Financial, Inc., Senior Notes, 5.150% due 3/1/12 (b)(c)(d)(e)			296,915
	75,000	CCC+	MeriStar Hospitality Operating Partnership LP/ MeriStar Hospitality Finance Corp., Senior Notes, 10.500% due 6/15/09			80,625
						816,079
Retail — 0.1%
	25,000	B-	Carrols Corp., Senior Subordinated Notes, 9.000% due 1/15/13 (a)			25,438
	25,000	B+	R.H. Donnelley, Inc., Senior Subordinated Notes, 10.875% due 12/15/12			29,187
	25,000	B-	Rite Aid Corp., 11.250% due 7/1/08			26,406
						81,031
Savings & Loans — 0.1%
	100,000	CCC-	Ocwen Capital Trust I, 10.875% due 8/1/27			102,500
Semiconductors — 0.2%
			Amkor Technology, Inc.:
	125,000	B-		Senior Notes, 7.125% due 3/15/11		108,750
	60,000	CCC		Senior Subordinated Notes, 10.500% due 5/1/09		52,050
						160,800
Telecommunications — 1.7%
	50,600	CCC	AirGate PCS, Inc., Senior Secured Subordinated Notes, 9.375% due 9/1/09			53,383
	19,000	CCC+	American Tower Corp., Senior Notes, 9.375% due 2/1/09			20,021
	50,000	NR	GT Group Telecom, Inc., Senior Discount Notes, step bond to yield 15.233% due 2/1/10 (f)(i)(j)			0
	25,000	B+	Intelsat Bermuda Ltd., Senior Notes, 7.805% due 1/15/12 (a)(g)			25,563
	75,000	B	Intelsat Ltd., Senior Discount Notes, step bond to yield 9.207% due 2/1/15			50,438
	10,000	B+	MCI, Inc., Senior Notes, 8.735% due 5/1/14			11,238
	225,000	A	New Cingular Wireless Services, Inc., Senior Notes, 8.750% due 3/1/31 (b)(c)(d)(e)			316,343
	125,000	BB	Nextel Communications, Inc., Senior Notes, 7.375% due 8/1/15			135,625
	44,000	BB-	Nextel Partners, Inc., Senior Notes, 12.500% due 11/15/09			48,015
	75,000	B-	Nortel Networks Corp., Notes, 6.875% due 9/1/23			70,500
	50,000	B-	Northern Telecom Capital Corp., 7.875% due 6/15/26			50,250
	16,000	B+	PanAmSat Corp., 9.000% due 8/15/14			17,540
			Qwest Services Corp., Secured Notes:
	160,000	B		13.500% due 12/15/10 (b)(c)(d)(e)		185,600
	98,000	B		14.000% due 12/15/14		119,315
	75,000	CCC-	SBA Communications Corp., Senior Notes, 8.500% due 12/1/12			81,187
	100,000	B-	SpectraSite, Inc., Senior Notes, 8.250% due 5/15/10			106,500
	250,000	BBB-	Sprint Capital Corp., Notes, 8.375% due 3/15/12 (b)(c)(d)(e)			301,102
	50,000	CCC	UbiquiTel Operating Co., Senior Notes, 9.875% due 3/1/11			55,125
						1,647,745

See Notes to Financial Statements.

18

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		RATING‡	SECURITY		VALUE
Textiles — 0.1%
$	125,000	B-	Simmons Co., Senior Discount Notes, step bond to yield 9.955% due 12/15/14 (a)		$	56,875
Transportation — 0.1%
	45,000	BB+	Windsor Petroleum Transport Corp., Secured Notes, 7.840% due 1/15/21 (a)			50,200
			TOTAL CORPORATE BONDS & NOTES (Cost — $18,875,459)			19,506,034
CONVERTIBLE BONDS & NOTES — 0.0%
Electronics — 0.0%
	1,000	B	Sanmina-SCI Corp., Subordinated Debentures, zero coupon bond to yield 10.746% due 9/12/20 (Cost — $541)			550
ASSET-BACKED SECURITIES — 2.4%
Credit Card — 0.6%
	156,374	B	First Consumers Master Trust, Series 2001-A, Class A, 3.530% due 9/15/08 (g)			155,487
	423,000	BBB	Metris Master Trust, Series 2001-2, Class B, 4.340% due 11/20/09 (b)(c)(d)(e)(g)			424,264
						579,751
Home Equity — 1.8%
	200,000	A	Ameriquest Mortgage Securities, Inc., Series 2004-R11, Class M5, 4.514% due 11/25/34 (g)			203,890
	106,483	BBB+	Argent NIM Trust, Series 2004-WN08, Class A, 4.700% due 7/25/34 (a)			106,192
			Bear Stearns Asset-Backed Securities NIM Trust:
	34,607	BBB		Series 2003-HE1N, Class N1, 6.500% due 8/25/05 (a)		34,631
	70,174	BBB		Series 2004-FR1N, Class A1, 5.000% due 5/25/34 (a)		69,784
	99,587	BBB		Series 2004-HE6N, Class A1, 5.250% due 8/25/34 (a)		99,168
			Countrywide Asset-Backed Certificates:
	270,001	AA		Series 2004-05, Class M4, 4.564% due 6/25/34 (g)		274,327
	97,999	BBB		Series 2004-5N, Class N1, 5.500% due 10/25/35 (a)		97,712
	107,952	A	CS First Boston Mortgage Securities Corp., Series 2001-HE12, Class M2, 4.534% due 9/25/31 (g)			108,106
			Novastar Home Equity Loan:
	90,000	A		Series 2003-04, Class M2, 4.939% due 2/25/34 (g)		91,967
	200,000	A+		Series 2004-01, Class M4, 4.289% due 6/25/34 (g)		200,599
			Sail NIM Notes:
	100,884	BBB		Class A2, Series 2004-11A, 4.750% due 1/27/35 (a)		100,760
	84,186	BBB+		Class A, Series 2004-4A, 5.000% due 4/27/34 (a)		84,247
	69,859	BB+		Class B, Series 2004-11A, 7.500% due 1/27/35 (a)		68,706
	12,281	BBB		Series 2003-3, Class A, 7.750% due 4/27/33 (a)		12,305
	151,139	BBB-		Series 2004-BN2A, Class A, 5.000% due 12/27/34 (a)		151,246
						1,703,640
			TOTAL ASSET-BACKED SECURITIES (Cost — $2,218,212)			2,283,391

See Notes to Financial Statements.

19

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		SECURITY		VALUE
U.S. GOVERNMENT AGENCIES — 39.8%
FHLMC — 16.2%
		Federal Home Loan Mortgage Corp. (FHLMC), Gold:
$	147,653		7.000% due 2/1/15-5/1/16	$	154,592
	199,709		6.500% due 9/1/31		207,239
	1,000,000		5.000% due 7/14/35 (k)(l)		1,000,312
	2,000,000		5.500% due 7/14/35 (k)(l)		2,028,124
	2,500,000		6.500% due 7/14/35 (k)(l)		2,588,280
	9,600,000		5.000% due 8/11/35 (k)(l)		9,582,000
					15,560,547
FNMA — 23.0%
		Federal National Mortgage Association (FNMA):
	185,343		5.500% due 12/1/16		190,460
	3,000,000		4.000% due 7/19/20 (k)(l)		2,939,064
	63,564		7.500% due 2/1/30-7/1/31		67,941
	908,782		6.500% due 3/1/16-3/1/32		944,193
	1,667,763		6.000% due 8/1/16-4/1/32 (b)(c)(d)(e)		1,713,872
	756,981		7.000% due 5/1/30-4/1/32 (b)(c)(d)(e)		798,720
	2,600,000		4.500% due 7/14/35 (k)(l)		2,543,125
	1,500,000		5.000% due 7/14/35 (k)(l)		1,500,468
	9,250,000		5.500% due 7/14/35 (k)(l)		9,377,188
	2,000,000		6.000% due 7/14/35 (k)(l)		2,050,624
					22,125,655
GNMA — 0.6%
		Government National Mortgage Association (GNMA):
	95,782		7.000% due 6/15/28-2/15/31		101,561
	457,464		6.500% due 9/15/28-2/15/31		478,701
					580,262
		TOTAL U.S. GOVERNMENT AGENCIES (Cost — $37,974,183)			38,266,464

		RATING‡
COLLATERALIZED MORTGAGE OBLIGATION — 0.4%
	401,815	AAA	Commercial Mortgage Pass-Through Certificates, Series 2001-J2A, Class A1, 5.447% due 7/16/34 (a)(b)(c)(d)(e) (Cost — $416,750)	418,012

See Notes to Financial Statements.

20

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		SECURITY		VALUE
U.S. TREASURY OBLIGATIONS — 19.7%
U.S. Treasury Obligations — 19.7%
		U.S. Treasury Notes:
$	1,360,000		3.625% due 1/15/10 (b)(c)(d)(e)	$	1,353,997
	1,700,000		6.500% due 2/15/10 (b)(c)(d)(e)		1,897,693
	6,000,000		4.000% due 3/15/10-4/15/10 (b)(c)(d)(e)		6,067,490
	4,600,000		3.875% due 5/15/10-2/15/13 (b)(c)(d)(e)		4,616,444
	2,100,000		5.000% due 2/15/11 (b)(c)(d)(e)		2,231,825
	2,165,000		4.000% due 2/15/14 (b)(c)(d)(e)		2,178,702
	630,000		4.250% due 11/15/14 (b)(c)(d)(e)		644,988
		TOTAL U.S. TREASURY OBLIGATIONS (Cost — $18,860,109)			18,991,139

SHARES
COMMON STOCK — 0.3%
CONSUMER STAPLES — 0.0%
Food Products — 0.0%
	3,630	Aurora Foods, Inc. (h)(j)*	0
FINANCIALS — 0.0%
Diversified Financial Services — 0.0%
	369	Outsourcing Solutions, Inc. (j)*	1,290
INDUSTRIALS — 0.0%
Aerospace & Defense — 0.0%
	95	Northrop Grumman Corp.	5,249
INFORMATION TECHNOLOGY — 0.0%
Communications Equipment — 0.0%
	578	Motorola, Inc.	10,554
Semiconductors & Semiconductor Equipment — 0.0%
	63	Freescale Semiconductor, Inc., Class B Shares*	1,334
		TOTAL INFORMATION TECHNOLOGY	11,888
TELECOMMUNICATION SERVICES — 0.3%
Diversified Telecommunication Services — 0.2%
	66	McLeodUSA, Inc., Class A Shares*	3
	6,485	Telewest Global, Inc.*	147,729
			147,732

See Notes to Financial Statements.

21

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Diversified Strategic Income Portfolio

SHARES		SECURITY	VALUE
Wireless Telecommunication Services — 0.1%
	6,004	Alamosa Holdings, Inc.*	$	83,456
	1,308	Crown Castle International Corp.*		26,578
				110,034
		TOTAL TELECOMMUNICATION SERVICES		257,766
		TOTAL COMMON STOCK (Cost — $402,637)		276,193
CONVERTIBLE PREFERRED STOCKS — 0.2%
TELECOMMUNICATION SERVICES — 0.2%
Wireless Telecommunication Services — 0.2%
	125	Alamosa Holdings, Inc., Series B, 7.500%		129,047
	700	Crown Castle International Corp., 6.250%		33,775
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost — $56,298)		162,822

WARRANTS
WARRANTS* — 0.0%
Commercial Services & Supplies — 0.0%
	60		Merrill Corp., Class B Shares, Expires 5/1/09 (h)(j)		0
Communications Equipment — 0.0%
	50		American Tower Corp., Class A Shares, Expires 8/1/08 (a)		14,818
Containers & Packaging — 0.0%
	10		Pliant Corp., Expires 6/1/10 (a)(h)(j)		0
Diversified Telecommunication Services — 0.0%
	50		GT Group Telecom, Inc., Class B Shares, Expires 2/1/10 (a)(h)(j)		0
	40		Horizon PCS, Inc., Expires 10/1/10 (a)(h)(j)		0
	100		Iridium World Communications, Inc., Class A Shares, Expires 7/15/05 (a)(h)(j)		1
	150		RSL Communications Ltd., Class A Shares, Expires 11/15/06 (h)(j)		0
					1
Internet Software & Services — 0.0%
	60		Cybernet Internet Services International, Inc., Expires 7/1/09 (a)(h)(j)		0
Wireless Telecommunication Services — 0.0%
	50		IWO Holdings, Inc., Expires 1/15/11 (a)(h)(j)		0
			TOTAL WARRANTS (Cost — $24,883)		14,819
SOVEREIGN BONDS — 9.8%
Argentina — 0.1%
			Republic of Argentina:
$	25,000	B-		3.010% due 8/3/12 (g)(m)	22,625
	123,559	B-		8.280% due 12/31/33 (m)	113,890
					136,515

See Notes to Financial Statements.

22

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		RATING‡	SECURITY			VALUE
Brazil — 2.2%
			Federative Republic of Brazil:
$	50,000	BB-		8.875% due 10/14/19		$	53,075
	200,000	BB-		10.125% due 5/15/27 (b)(c)(d)(e)			231,550
	210,000	BB-		12.250% due 3/6/30 (b)(c)(d)(e)			281,400
	75,000	BB-		11.000% due 8/17/40			90,150
	664,959	BB-		C Bonds, 8.000% due 4/15/14 (b)(c)(d)(e)			680,960
	75,000	BB-		Collective Action Securities, 10.500% due 7/14/14			89,250
	724,715	BB-		DCB, Series L, 4.313% due 4/15/12 (b)(c)(d)(e)(g)			697,765
							2,124,150
Bulgaria — 0.1%
	50,000	BBB-	Republic of Bulgaria, 8.250% due 1/15/15 (a)				63,063
Colombia — 0.4%
			Republic of Colombia:
	90,000	BB		10.000% due 1/23/12			105,075
	125,000	BB		8.125% due 5/21/24			125,000
	100,000	BB		10.375% due 1/28/33			119,500
							349,575
Ecuador — 0.1%
	140,000	CCC+	Republic of Ecuador, 12.000% due 11/15/12 (a)				133,700
Italy — 0.6%
	525,000	AA-	Region of Lombardy, 5.804% due 10/25/32 (b)(c)(d)(e)				600,838
Mexico — 2.0%
			United Mexican States:
				Bonds:
	50,000	BBB			8.000% due 9/24/22		61,375
	150,000	BBB			8.300% due 8/15/31 (b)(c)(d)(e)		187,125
				Series A, Notes:
	225,000	BBB			6.375% due 1/16/13 (b)(c)(d)(e)		241,537
	625,000	BBB			5.875% due 1/15/14 (b)(c)(d)(e)		653,750
	525,000	BBB			6.625% due 3/3/15 (b)(c)(d)(e)		578,287
	175,000	BBB			7.500% due 4/8/33 (b)(c)(d)(e)		202,563
							1,924,637
Panama — 0.3%
			Republic of Panama:
	80,000	BB		9.625% due 2/8/11			95,600
	125,000	BB		9.375% due 1/16/23			154,688
	50,000	BB		8.875% due 9/30/27			59,875
							310,163
Peru — 0.4%
			Republic of Peru:
	225,000	BB		9.125% due 2/21/12 (b)(c)(d)(e)			265,500
	127,500	BB		PDI, 5.000% due 3/7/17			122,241
							387,741

See Notes to Financial Statements.

23

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

FACE
AMOUNT		RATING‡	SECURITY		VALUE
Philippines — 0.6%
			Republic of the Philippines:
$	200,000	BB-		8.375% due 3/12/09 (b)(c)(d)(e)	$	212,740
	50,000	BB-		8.875% due 3/17/15		52,313
	125,000	BB-		9.875% due 1/15/19		135,462
	150,000	BB-		10.625% due 3/16/25 (b)(c)(d)(e)		168,277
						568,792
Russia — 1.8%
			Russian Federation:
	250,000	BBB-		11.000% due 7/24/18 (b)(c)(d)(e)		373,750
	1,210,000	BBB-		5.000% due 3/31/30 (b)(c)(d)(e)		1,355,956
						1,729,706
South Africa — 0.1%
	50,000	BBB	Republic of South Africa, 6.500% due 6/2/14			55,656
Turkey — 0.5%
			Republic of Turkey:
	125,000	BB-		9.000% due 6/30/11		142,500
	145,000	BB-		11.500% due 1/23/12 (b)(c)(d)(e)		185,600
	80,000	BB-		11.000% due 1/14/13		101,400
	50,000	BB-		11.875% due 1/15/30		72,313
						501,813
Ukraine — 0.1%
	100,000	BB-	Republic of Ukraine, 7.650% due 6/11/13			110,500
Venezuela — 0.5%
			Bolivarian Republic of Venezuela:
	100,000	B		8.500% due 10/8/14		104,050
	300,000	B		Collective Action Securities, 10.750% due 9/19/13 (b)(c)(d)(e)		351,675
						455,725
			TOTAL SOVEREIGN BONDS (Cost — $8,425,095)			9,452,574
			TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost — $87,254,167)			89,371,998
SHORT-TERM INVESTMENT — 41.3%
Repurchase Agreement — 41.3%
	39,692,000		Interest in $453,707,000 joint tri-party repurchase agreement dated 6/30/05 with Morgan Stanley, 3.350% due 7/1/05; Proceeds at maturity — $39,695,694; (Fully collateralized by various U.S. Government Obligations, 0.000% to 5.800% due 8/25/05 to 2/18/22; Market value — $40,904,544) (Cost — $39,692,000)			39,692,000
			TOTAL INVESTMENTS — 134.2% (Cost — $126,946,167#)			129,063,998
			Liabilities In Excess of Other Assets — (34.2)%			(32,871,664	)
			TOTAL NET ASSETS — 100.0%		$	96,192,334

See Notes to Financial Statements.

24

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Diversified Strategic Income Portfolio

‡	All ratings are by Standard & Poor’s Ratings Service, unless otherwise footnoted.
*	Non-income producing security.
(a)	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 Trustees.
(b)	All or a portion of this security is segregated for open futures contracts.
(c)	All or a portion of this security is segregated for extended settlements.
(d)	All or a portion of this security is segregated for foreign currency contracts.
(e)	All or a portion of this security is segregated as collateral for mortgage dollar rolls.
(f)	Security is currently in default.
(g)	Variable rate security. Coupon rate disclosed is that which is in effect at June 30, 2005. Maturity date shown is the date of the next coupon rate reset or actual maturity.
(h)	Security is deemed illiquid.
(i)	Rating by Moody’s Investors Service.
(j)	Security is fair valued in accordance with the procedures approved by the portfolio’s Board of Trustees.
(k)	All or a portion of this security is acquired under mortgage dollar roll agreement.
(l)	This security is traded on a “to-be-announced” basis.
(m)	All Argentine bonds were tendered as of February 25, 2005, under a plan of reorganization of Argentina. On June 6, 2005, bonds were exchanged for Republic of Argentina, Discount Bonds, 5.830% due 12/31/33 denominated in Argentine peso.
#	Aggregate cost for Federal income tax purposes is substantially the same.
	Abbreviations used in this schedule:
	DCB — Debt Conversion Bond
	MTN — Medium-Term Note
	NIM — Net Interest Margin
	PDI — Past Due Interest

See Notes to Financial Statements.

25

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
COMMON STOCK — 99.1%
CONSUMER DISCRETIONARY — 11.3%
Auto Components — 0.2%
	11,107	Cooper Tire & Rubber Co.	$	206,257
	22,483	Dana Corp.		337,470
	83,511	Delphi Corp.		388,326
	25,934	Goodyear Tire & Rubber Co.*		386,416
	28,069	Johnson Controls, Inc.		1,581,127
	19,639	Visteon Corp.		118,423
				3,018,019
Automobiles — 0.5%
	272,871	Ford Motor Co.		2,794,199
	83,598	General Motors Corp.		2,842,332
	45,060	Harley-Davidson, Inc.		2,234,976
				7,871,507
Hotels, Restaurants & Leisure — 1.5%
	77,700	Carnival Corp.		4,238,535
	22,820	Darden Restaurants, Inc.		752,604
	27,035	Harrah’s Entertainment, Inc.		1,948,413
	56,273	Hilton Hotels Corp.		1,342,111
	51,688	International Game Technology		1,455,017
	30,537	Marriott International, Inc., Class A Shares		2,083,234
	187,929	McDonald’s Corp.		5,215,030
	59,000	Starbucks Corp.*		3,047,940
	30,248	Starwood Hotels & Resorts Worldwide, Inc.		1,771,625
	16,911	Wendy’s International, Inc.		805,809
	43,901	Yum! Brands, Inc.		2,286,364
				24,946,682
Household Durables — 0.6%
	11,624	Black & Decker Corp.		1,044,416
	18,462	Centex Corp.		1,304,710
	21,677	Fortune Brands, Inc.		1,924,918
	12,174	KB HOME		928,024
	28,406	Leggett & Platt, Inc.		755,031
	11,867	Maytag Corp.		185,837
	40,962	Newell Rubbermaid, Inc.		976,534
	17,192	Pulte Homes, Inc.		1,448,426
	8,750	Snap-on, Inc.		300,125
	11,074	Stanley Works		504,310
	10,341	Whirlpool Corp.		725,008
				10,097,339
Internet & Catalog Retail — 0.4%
	177,304	eBay, Inc.*		5,852,805

See Notes to Financial Statements.

26

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Leisure Equipment & Products — 0.2%
	13,862	Brunswick Corp.	$	600,502
	42,725	Eastman Kodak Co.		1,147,166
	24,605	Hasbro, Inc.		511,538
	64,150	Mattel, Inc.		1,173,945
				3,433,151
Media — 3.6%
	79,386	Clear Channel Communications, Inc.		2,455,409
	334,625	Comcast Corp., Class A Shares*		10,272,988
	10,339	Dow Jones & Co., Inc.		366,518
	40,163	Gannett Co., Inc.		2,856,794
	61,945	Interpublic Group of Cos., Inc.*		754,490
	11,933	Knight-Ridder, Inc.		731,970
	57,004	McGraw-Hill Cos., Inc.		2,522,427
	6,658	Meredith Corp.		326,641
	22,414	New York Times Co., Class A Shares		698,196
	424,658	News Corp., Class A Shares		6,870,966
	28,323	Omnicom Group, Inc.		2,261,875
	678,416	Time Warner, Inc.*		11,336,331
	46,210	Tribune Co.		1,625,668
	43,221	Univision Communications, Inc., Class A Shares*		1,190,739
	243,492	Viacom, Inc., Class B Shares		7,796,614
	304,927	Walt Disney Co.		7,678,062
				59,745,688
Multi-Line Retail — 1.5%
	17,777	Big Lots, Inc.*		235,368
	68,284	Costco Wholesale Corp.		3,060,489
	10,405	Dillard’s, Inc., Class A Shares		243,685
	46,334	Dollar General Corp.		943,360
	25,457	Family Dollar Stores, Inc.		664,428
	26,822	Federated Department Stores, Inc.		1,965,516
	40,817	J.C. Penney Co., Inc.		2,146,158
	48,046	Kohl’s Corp.*		2,686,252
	43,141	May Department Stores Co.		1,732,543
	18,259	Nordstrom, Inc.		1,241,064
	14,637	Sears Holdings Corp.*		2,193,647
	135,623	Target Corp.		7,379,247
				24,491,757
Specialty Retail — 2.4%
	34,781	AutoNation, Inc.*		713,706
	11,123	AutoZone, Inc.*		1,028,433
	44,375	Bed Bath & Beyond, Inc.*		1,853,987
	44,062	Best Buy Co., Inc.		3,020,450
	31,572	Circuit City Stores, Inc.		545,880
	112,527	Gap, Inc.		2,222,408
	332,176	Home Depot, Inc.		12,921,646

See Notes to Financial Statements.

27

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Specialty Retail — 2.4% (continued)
	56,341	Limited Brands, Inc.	$	1,206,824
	117,025	Lowe’s Cos., Inc.		6,813,195
	46,091	Office Depot, Inc.*		1,052,718
	9,738	OfficeMax, Inc.		289,900
	24,227	RadioShack Corp.		561,340
	19,408	Sherwin-Williams Co.		913,923
	111,609	Staples, Inc.		2,379,504
	21,821	Tiffany & Co.		714,856
	75,010	TJX Cos., Inc.		1,826,494
	31,314	Toys “R” Us, Inc.*		829,195
				38,894,459
Textiles, Apparel & Luxury Goods — 0.4%
	55,638	Coach, Inc.*		1,867,768
	18,744	Jones Apparel Group, Inc.		581,814
	16,398	Liz Claiborne, Inc.		651,984
	34,119	NIKE, Inc., Class B Shares		2,954,705
	8,260	Reebok International Ltd.		345,516
	14,418	V.F. Corp.		824,998
				7,226,785
		TOTAL CONSUMER DISCRETIONARY		185,578,192
CONSUMER STAPLES — 9.8%
Beverages — 2.2%
	115,486	Anheuser-Busch Cos., Inc.		5,283,485
	13,377	Brown-Forman Corp., Class B Shares		808,773
	342,054	Coca-Cola Co.		14,280,755
	50,876	Coca-Cola Enterprises, Inc.		1,119,781
	12,395	Molson Coors Brewing Co., Class B Shares		768,490
	31,217	Pepsi Bottling Group, Inc.		893,118
	248,902	PepsiCo, Inc.		13,423,285
				36,577,687
Food & Staples Retailing — 2.7%
	54,462	Albertson’s, Inc.		1,126,274
	117,758	CVS Corp.		3,423,225
	111,101	Kroger Co.*		2,114,252
	65,793	Safeway, Inc.*		1,486,264
	20,167	SUPERVALU, INC.		657,646
	95,859	Sysco Corp.		3,469,137
	504,904	Wal-Mart Stores, Inc.		24,336,373
	152,573	Walgreen Co.		7,016,832
				43,630,003
Food Products — 1.2%
	91,220	Archer-Daniels-Midland Co.		1,950,284
	48,398	Campbell Soup Co.		1,489,206
	79,592	ConAgra Foods, Inc.		1,843,351

See Notes to Financial Statements.

28

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Food Products — 1.2% (continued)
	50,426	General Mills, Inc.	$	2,359,433
	52,350	H.J. Heinz Co.		1,854,237
	34,694	Hershey Co.		2,154,497
	52,174	Kellogg Co.		2,318,613
	20,643	McCormick & Co., Inc.		674,613
	117,672	Sara Lee Corp.		2,331,082
	29,119	Wm. Wrigley Jr. Co.		2,004,552
				18,979,868
Household Products — 1.8%
	22,240	Clorox Co.		1,239,213
	79,171	Colgate-Palmolive Co.		3,951,425
	74,609	Kimberly-Clark Corp.		4,669,777
	377,672	Procter & Gamble Co.		19,922,198
				29,782,613
Personal Products — 0.6%
	12,615	Alberto-Culver Co.		546,608
	70,000	Avon Products, Inc.		2,649,500
	149,619	Gillette Co.		7,575,210
				10,771,318
Tobacco — 1.3%
	304,653	Altria Group, Inc.		19,698,863
	24,837	UST, Inc.		1,134,057
				20,832,920
		TOTAL CONSUMER STAPLES		160,574,409
ENERGY — 8.6%
Energy Equipment & Services — 1.3%
	49,784	Baker Hughes, Inc.		2,546,949
	23,666	BJ Services Co.		1,241,992
	74,436	Halliburton Co.		3,559,530
	21,257	Nabors Industries Ltd.*		1,288,599
	25,381	National-Oilwell Varco, Inc.*		1,206,613
	19,988	Noble Corp.		1,229,462
	15,692	Rowan Cos., Inc.		466,209
	87,605	Schlumberger Ltd.		6,652,724
	47,420	Transocean, Inc.*		2,559,257
				20,751,335
Oil, Gas & Consumable Fuels — 7.3%
	12,402	Amerada Hess Corp.		1,320,937
	37,541	Anadarko Petroleum Corp.		3,083,993
	48,230	Apache Corp.		3,115,658
	9,455	Ashland, Inc.		679,531
	58,705	Burlington Resources, Inc.		3,242,864
	311,941	Chevron Corp.		17,443,741

See Notes to Financial Statements.

29

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Oil, Gas & Consumable Fuels — 7.3% (continued)
	203,944	ConocoPhillips	$	11,724,741
	69,190	Devon Energy Corp.		3,506,549
	94,415	El Paso Corp.		1,087,661
	34,356	EOG Resources, Inc.		1,951,421
	949,808	Exxon Mobil Corp.		54,585,466
	17,798	Kerr-McGee Corp.		1,358,165
	50,507	Marathon Oil Corp.		2,695,559
	57,769	Occidental Petroleum Corp.		4,444,169
	11,466	Sunoco, Inc.		1,303,455
	38,606	Unocal Corp.		2,511,320
	37,995	Valero Energy Corp.		3,005,784
	77,409	Williams Cos., Inc.		1,470,771
	52,565	XTO Energy, Inc.		1,786,684
				120,318,469
		TOTAL ENERGY		141,069,804
FINANCIALS — 20.2%
Commercial Banks — 6.5%
	52,427	AmSouth Bancorp.		1,363,102
	607,856	Bank of America Corp.		27,724,312
	81,397	BB&T Corp.		3,253,438
	25,937	Comerica, Inc.		1,499,159
	18,260	Compass Bancshares, Inc.		821,700
	79,126	Fifth Third Bancorp.		3,260,782
	18,584	First Horizon National Corp.		784,245
	33,836	Huntington Bancshares, Inc.		816,801
	62,398	KeyCorp		2,068,494
	15,300	M&T Bank Corp.		1,608,948
	31,510	Marshall & Ilsley Corp.		1,400,619
	64,193	Mellon Financial Corp.		1,841,697
	14,705	MGIC Investment Corp.		959,060
	94,034	National City Corp.		3,208,440
	67,779	North Fork Bancorp., Inc.		1,903,912
	30,440	Northern Trust Corp.		1,387,760
	41,354	PNC Financial Services Group, Inc.		2,252,139
	69,009	Regions Financial Corp.		2,338,025
	45,970	Sovereign Bancorp, Inc.		1,026,970
	51,184	SunTrust Banks, Inc.		3,697,532
	44,994	Synovus Financial Corp.		1,289,978
	273,677	U.S. Bancorp		7,991,368
	234,693	Wachovia Corp.		11,640,773
	133,801	Washington Mutual, Inc.		5,444,363
	251,968	Wells Fargo & Co.		15,516,189
	13,434	Zions Bancorp.		987,802
				106,087,608

See Notes to Financial Statements.

30

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Diversified Financial Services — 8.4%
	175,475	American Express Co.	$	9,340,534
	115,293	Bank of New York Co., Inc.		3,318,133
	16,659	Bear Stearns Cos., Inc.		1,731,536
	34,375	Capital One Financial Corp.		2,750,344
	176,334	Charles Schwab Corp.		1,989,048
	32,792	CIT Group, Inc.		1,409,072
	777,254	Citigroup, Inc. (a)(b)		35,932,452
	54,844	E*TRADE Financial Corp.*		767,268
	144,681	Fannie Mae		8,449,370
	14,169	Federated Investors, Inc., Class B Shares		425,212
	29,358	Franklin Resources, Inc.		2,259,979
	102,457	Freddie Mac		6,683,270
	66,075	Goldman Sachs Group, Inc.		6,740,971
	35,761	Janus Capital Group, Inc.		537,845
	526,300	JPMorgan Chase & Co.		18,588,916
	41,124	Lehman Brothers Holdings, Inc.		4,082,791
	190,413	MBNA Corp.		4,981,204
	139,275	Merrill Lynch & Co., Inc.		7,661,518
	40,622	Moody’s Corp.		1,826,365
	163,210	Morgan Stanley		8,563,629
	47,843	Principal Financial Group, Inc.		2,004,622
	42,900	Providian Financial Corp.*		756,327
	67,122	SLM Corp.		3,409,798
	49,914	State Street Corp.		2,408,350
	17,768	T. Rowe Price Group, Inc.		1,112,277
				137,730,831
Insurance — 4.4%
	41,491	ACE Ltd.		1,860,871
	76,298	AFLAC, Inc.		3,302,178
	104,570	Allstate Corp.		6,248,058
	15,832	Ambac Financial Group, Inc.		1,104,440
	388,267	American International Group, Inc.		22,558,313
	46,808	Aon Corp.		1,172,072
	28,033	Chubb Corp.		2,399,905
	24,934	Cincinnati Financial Corp.		986,389
	43,349	Hartford Financial Services Group, Inc.		3,241,638
	20,908	Jefferson-Pilot Corp.		1,054,181
	26,357	Lincoln National Corp.		1,236,670
	23,763	Loews Corp.		1,841,633
	78,803	Marsh & McLennan Cos., Inc.		2,182,843
	21,354	MBIA, Inc.		1,266,506
	113,231	MetLife, Inc.		5,088,601
	29,974	Progressive Corp.		2,961,731
	80,275	Prudential Financial, Inc.		5,270,857
	20,517	SAFECO Corp.		1,114,894
	98,755	St. Paul Travelers Cos., Inc.		3,903,785
	16,790	Torchmark Corp.		876,438

See Notes to Financial Statements.

31

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Insurance — 4.4% (continued)
	43,973	UnumProvident Corp.	$	805,585
	20,523	XL Capital Ltd., Class A Shares		1,527,322
				72,004,910
Real Estate — 0.6%
	13,949	Apartment Investment & Management Co., Class A Shares		570,793
	29,122	Archstone-Smith Trust		1,124,692
	59,448	Equity Office Properties Trust		1,967,729
	41,591	Equity Residential		1,531,381
	27,311	Plum Creek Timber Co., Inc.		991,389
	26,777	ProLogis		1,077,506
	30,440	Simon Property Group, Inc.		2,206,596
				9,470,086
Thrifts & Mortgages — 0.3%
	82,633	Countrywide Financial Corp.		3,190,460
	41,593	Golden West Financial Corp.		2,677,757
				5,868,217
		TOTAL FINANCIALS		331,161,652
HEALTH CARE — 13.2%
Biotechnology — 1.2%
	185,274	Amgen, Inc.*		11,201,666
	48,859	Biogen Idec, Inc.*		1,683,193
	21,919	Chiron Corp.*		764,754
	33,694	Genzyme Corp.*		2,024,672
	64,364	Gilead Sciences, Inc.*		2,831,372
	36,976	MedImmune, Inc.*		987,999
				19,493,656
Health Care Equipment & Supplies — 2.1%
	30,978	Applera Corp. — Applied Biosystems Group		609,337
	7,814	Bausch & Lomb, Inc.		648,562
	91,038	Baxter International, Inc.		3,377,510
	37,513	Becton, Dickinson, & Co.		1,968,307
	38,176	Biomet, Inc.		1,322,417
	109,470	Boston Scientific Corp.*		2,955,690
	15,442	C.R. Bard, Inc.		1,027,047
	16,814	Fisher Scientific International, Inc.*		1,091,229
	46,455	Guidant Corp.		3,126,422
	35,773	IMS Health, Inc.		886,097
	180,388	Medtronic, Inc.		9,342,295
	7,341	Millipore Corp.*		416,455
	51,430	St. Jude Medical, Inc.*		2,242,862
	55,098	Stryker Corp.		2,620,461

See Notes to Financial Statements.

32

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Health Care Equipment & Supplies — 2.1% (continued)
	24,499	Thermo Electron Corp.*	$	658,288
	36,066	Zimmer Holdings, Inc.*		2,747,147
				35,040,126
Health Care Providers & Services — 2.6%
	45,683	Aetna, Inc.		3,783,466
	16,784	AmerisourceBergen Corp.		1,160,614
	64,786	Cardinal Health, Inc.		3,730,378
	66,631	Caremark Rx, Inc.*		2,966,412
	20,833	CIGNA Corp.		2,229,756
	22,952	Express Scripts, Inc.*		1,147,141
	60,942	HCA, Inc.		3,453,583
	36,353	Health Management Associates, Inc., Class A Shares		951,721
	23,697	Humana, Inc.*		941,719
	22,224	Laboratory Corp. of America Holdings*		1,108,978
	13,118	Manor Care, Inc.		521,178
	43,524	McKesson Corp.		1,949,440
	27,748	Quest Diagnostics, Inc.		1,478,136
	69,803	Tenet Healthcare Corp.*		854,389
	192,032	UnitedHealth Group, Inc.		10,012,548
	87,172	WellPoint, Inc.*		6,070,658
				42,360,117
Pharmaceuticals — 7.3%
	232,874	Abbott Laboratories		11,413,155
	19,567	Allergan, Inc.		1,667,891
	289,045	Bristol-Myers Squibb Co.		7,220,344
	167,322	Eli Lilly & Co.		9,321,509
	54,663	Forest Laboratories, Inc.*		2,123,657
	22,296	Hospira, Inc.*		869,544
	441,714	Johnson & Johnson		28,711,410
	36,116	King Pharmaceuticals, Inc.*		376,329
	40,430	Medco Health Solutions, Inc.*		2,157,345
	330,955	Merck & Co., Inc.		10,193,414
	39,868	Mylan Laboratories, Inc.		767,060
	1,109,060	Pfizer, Inc.		30,587,875
	219,031	Schering-Plough Corp.		4,174,731
	16,026	Watson Pharmaceuticals, Inc.*		473,728
	198,388	Wyeth		8,828,266
				118,886,258
		TOTAL HEALTH CARE		215,780,157

See Notes to Financial Statements.

33

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
INDUSTRIALS — 12.2%
Aerospace & Defense — 2.2%
	125,292	Boeing Co.	$	8,269,272
	29,534	General Dynamics Corp.		3,235,155
	17,478	Goodrich Corp.		715,899
	127,754	Honeywell International, Inc.		4,679,629
	16,131	L-3 Communications Holdings, Inc.		1,235,312
	61,261	Lockheed Martin Corp.		3,974,001
	55,597	Northrop Grumman Corp.		3,071,734
	62,083	Raytheon Co.		2,428,687
	26,365	Rockwell Collins, Inc.		1,257,083
	153,466	United Technologies Corp.		7,880,479
				36,747,251
Air Freight & Logistics — 1.0%
	44,513	FedEx Corp.		3,605,998
	9,678	Ryder System, Inc.		354,215
	168,049	United Parcel Service, Inc., Class B Shares		11,622,269
				15,582,482
Airlines — 0.1%
	18,024	Delta Air Lines, Inc.*		67,770
	110,645	Southwest Airlines Co.		1,541,285
				1,609,055
Building Products — 0.2%
	27,185	American Standard Cos., Inc.		1,139,595
	67,347	Masco Corp.		2,138,941
				3,278,536
Commercial Services & Supplies — 1.7%
	39,598	Allied Waste Industries, Inc.*		314,012
	23,572	Apollo Group, Inc., Class A Shares*		1,843,802
	87,734	Automatic Data Processing, Inc.		3,682,196
	15,082	Avery Dennison Corp.		798,743
	150,401	Cendant Corp.		3,364,470
	22,253	Cintas Corp.		858,966
	20,828	Convergys Corp.*		296,174
	20,472	Equifax, Inc.		731,055
	118,749	First Data Corp.		4,766,585
	29,062	Fiserv, Inc.*		1,248,213
	26,425	H&R Block, Inc.		1,541,899
	16,706	Monster Worldwide, Inc.*		479,128
	52,659	Paychex, Inc.		1,713,524
	34,709	Pitney Bowes, Inc.		1,511,577
	32,042	R.R. Donnelley & Sons Co.		1,105,769
	23,644	Robert Half International, Inc.		590,391

See Notes to Financial Statements.

34

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Commercial Services & Supplies — 1.7% (continued)
	21,087	Sabre Holdings Corp., Class A Shares	$	420,686
	85,678	Waste Management, Inc.		2,428,114
				27,695,304
Construction & Engineering — 0.0%
	12,131	Fluor Corp.		698,624
Electrical Equipment — 0.4%
	27,382	American Power Conversion Corp.		645,941
	13,584	Cooper Industries Ltd., Class A Shares		868,018
	62,857	Emerson Electric Co.		3,936,734
	26,616	Rockwell Automation, Inc.		1,296,465
				6,747,158
Industrial Conglomerates — 4.6%
	116,562	3M Co.		8,427,433
	1,575,743	General Electric Co.		54,599,495
	18,186	Reynolds American, Inc.		1,433,057
	20,457	Textron, Inc.		1,551,663
	297,751	Tyco International Ltd.		8,694,329
				74,705,977
Machinery — 1.4%
	51,608	Caterpillar, Inc.		4,918,759
	5,897	Cummins, Inc.		439,975
	40,846	Danaher Corp.		2,137,880
	36,236	Deere & Co.		2,373,096
	30,300	Dover Corp.		1,102,314
	22,667	Eaton Corp.		1,357,753
	43,116	Illinois Tool Works, Inc.		3,435,483
	26,132	Ingersoll-Rand Co., Ltd., Class A Shares		1,864,518
	13,702	ITT Industries, Inc.		1,337,726
	9,660	Navistar International Corp.*		309,120
	25,943	PACCAR, Inc.		1,764,124
	18,411	Pall Corp.		558,958
	17,687	Parker Hannifin Corp.		1,096,771
				22,696,477
Road & Rail — 0.5%
	55,625	Burlington Northern Santa Fe Corp.		2,618,825
	32,052	CSX Corp.		1,367,338
	58,451	Norfolk Southern Corp.		1,809,643
	38,545	Union Pacific Corp.		2,497,716
				8,293,522

See Notes to Financial Statements.

35

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Trading Companies & Distributors — 0.1%
	25,769	Genuine Parts Co.	$	1,058,848
	12,366	W. W. Grainger, Inc.		677,533
				1,736,381
		TOTAL INDUSTRIALS		199,790,767
INFORMATION TECHNOLOGY — 14.4%
Communications Equipment — 2.6%
	16,781	ADC Telecommunications, Inc.*		365,322
	23,697	Andrew Corp.*		302,374
	63,419	Avaya, Inc.*		527,646
	87,313	Ciena Corp.*		182,484
	965,725	Cisco Systems, Inc.*		18,455,005
	28,815	Comverse Technology, Inc.*		681,475
	201,483	Corning, Inc.*		3,348,647
	211,613	JDS Uniphase Corp.*		321,652
	634,773	Lucent Technologies, Inc.*		1,847,189
	349,410	Motorola, Inc.		6,380,227
	239,988	QUALCOMM, Inc.		7,922,004
	22,554	Scientific-Atlanta, Inc.		750,372
	68,885	Tellabs, Inc.*		599,299
				41,683,696
Computers & Peripherals — 3.5%
	120,540	Apple Computer, Inc.*		4,437,077
	371,308	Dell, Inc.*		14,670,379
	359,650	EMC Corp.*		4,930,802
	44,413	Gateway, Inc.*		146,563
	432,864	Hewlett-Packard Co.		10,176,633
	243,088	International Business Machines Corp.		18,037,130
	19,063	Lexmark International, Inc., Class A Shares*		1,235,854
	28,159	NCR Corp.*		988,944
	51,427	Network Appliance, Inc.*		1,453,841
	488,479	Sun Microsystems, Inc.*		1,822,027
				57,899,250
Electronic Equipment & Instruments — 0.4%
	62,015	Agilent Technologies, Inc.*		1,427,585
	39,299	Broadcom Corp., Class A Shares*		1,395,507
	27,208	Jabil Circuit, Inc.*		836,102
	25,208	Molex, Inc.		656,416
	18,985	PerkinElmer, Inc.		358,817
	77,248	Sanmina-SCI Corp.*		422,547
	142,650	Solectron Corp.*		540,644
	34,745	Symbol Technologies, Inc.		342,933
	12,455	Tektronix, Inc.		289,828
	17,913	Waters Corp.*		665,826
				6,936,205

See Notes to Financial Statements.

36

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Internet Software & Services — 0.4%
	194,680	Yahoo!, Inc.*	$	6,745,662
IT Services — 0.4%
	20,094	Affiliated Computer Services, Inc., Class A Shares*		1,026,803
	28,046	Computer Sciences Corp.*		1,225,610
	74,549	Electronic Data Systems Corp.		1,435,068
	42,791	SunGard Data Systems, Inc.*		1,504,960
	49,467	Unisys Corp.*		313,126
				5,505,567
Office Electronics — 0.1%
	138,123	Xerox Corp.*		1,904,716
Semiconductors & Semiconductor Equipment — 3.2%
	52,069	Advanced Micro Devices, Inc.*		902,876
	56,314	Altera Corp.*		1,116,143
	55,537	Analog Devices, Inc.		2,072,085
	250,643	Applied Materials, Inc.		4,055,404
	46,003	Applied Micro Circuits Corp.*		117,768
	55,855	Freescale Semiconductor, Inc., Class B Shares*		1,183,009
	926,565	Intel Corp.		24,146,284
	29,124	KLA-Tencor Corp.		1,272,719
	46,529	Linear Technology Corp.		1,707,149
	57,443	LSI Logic Corp.*		487,691
	48,957	Maxim Integrated Products, Inc.		1,870,647
	90,921	Micron Technology, Inc.*		928,303
	52,656	National Semiconductor Corp.		1,160,012
	22,544	Novellus Systems, Inc.*		557,062
	24,041	NVIDIA Corp.*		642,376
	25,556	PMC-Sierra, Inc.*		238,437
	13,902	Qlogic Corp.*		429,155
	28,365	Teradyne, Inc.*		339,529
	258,124	Texas Instruments, Inc.		7,245,541
	51,186	Xilinx, Inc.		1,305,243
				51,777,433
Software — 3.8%
	71,284	Adobe Systems, Inc.		2,040,148
	33,487	Autodesk, Inc.		1,150,948
	33,207	BMC Software, Inc.*		596,066
	24,474	Citrix Systems, Inc.*		530,107
	78,665	Computer Associates International, Inc.		2,161,714
	56,667	Compuware Corp.*		407,436
	44,652	Electronic Arts, Inc.*		2,527,750
	29,510	Intuit, Inc.*		1,331,196
	13,502	Mercury Interactive Corp.*		517,937
	1,504,771	Microsoft Corp.		37,378,512
	55,572	Novell, Inc.*		344,546
	670,615	Oracle Corp.*		8,852,118

See Notes to Financial Statements.

37

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Software — 3.8% (continued)
	40,982	Parametric Technology Corp.*	$	261,465
	73,545	Siebel Systems, Inc.		654,550
	104,253	Symantec Corp.*		2,266,460
	63,783	VERITAS Software Corp.*		1,556,305
				62,577,258
		TOTAL INFORMATION TECHNOLOGY		235,029,787
MATERIALS — 2.8%
Chemicals — 1.6%
	33,779	Air Products & Chemicals, Inc.		2,036,874
	138,820	Dow Chemical Co.		6,181,655
	148,514	E.I. du Pont de Nemours & Co.		6,387,587
	11,503	Eastman Chemical Co.		634,390
	33,026	Ecolab, Inc.		1,068,721
	18,886	Engelhard Corp.		539,195
	7,614	Great Lakes Chemical Corp.		239,613
	15,978	Hercules, Inc.*		226,089
	13,138	International Flavors & Fragrances, Inc.		475,858
	39,534	Monsanto Co.		2,485,502
	25,618	PPG Industries, Inc.		1,607,786
	48,548	Praxair, Inc.		2,262,337
	28,358	Rohm and Haas Co.		1,314,110
	10,444	Sigma-Aldrich Corp.		585,282
				26,044,999
Construction Materials — 0.1%
	14,991	Vulcan Materials Co.		974,265
Containers & Packaging — 0.1%
	16,684	Ball Corp.		599,957
	15,956	Bemis Co., Inc.		423,472
	23,317	Pactiv Corp.*		503,181
	12,785	Sealed Air Corp.*		636,565
	16,436	Temple-Inland, Inc.		610,597
				2,773,772
Metals & Mining — 0.6%
	129,374	Alcoa, Inc.		3,380,543
	11,266	Allegheny Technologies, Inc.		248,528
	24,116	Freeport-McMoRan Copper & Gold, Inc., Class B Shares		902,903
	64,297	Newmont Mining Corp.		2,509,512
	23,232	Nucor Corp.		1,059,844
	13,871	Phelps Dodge Corp.		1,283,067
	16,874	United States Steel Corp.		579,959
				9,964,356

See Notes to Financial Statements.

38

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Paper & Forest Products — 0.4%
	37,653	Georgia-Pacific Corp.	$	1,197,365
	71,403	International Paper Co.		2,157,085
	15,760	Louisiana-Pacific Corp.		387,381
	26,574	MeadWestvaco Corp.		745,135
	34,969	Weyerhaeuser Co.		2,225,777
				6,712,743
		TOTAL MATERIALS		46,470,135
TELECOMMUNICATION SERVICES — 3.1%
Diversified Telecommunication Services — 2.8%
	47,728	ALLTEL Corp.		2,972,500
	118,144	AT&T Corp.		2,249,462
	272,789	BellSouth Corp.		7,248,004
	21,256	CenturyTel, Inc.		736,095
	42,973	Citizens Communications Co.		577,557
	242,273	Qwest Communications International, Inc.*		898,833
	492,247	SBC Communications, Inc.		11,690,866
	212,033	Sprint Corp.		5,319,908
	411,363	Verizon Communications, Inc.		14,212,592
				45,905,817
Wireless Telecommunication Services — 0.3%
	163,575	Nextel Communications, Inc., Class A Shares*		5,285,108
		TOTAL TELECOMMUNICATION SERVICES		51,190,925
UTILITIES — 3.5%
Electric Utilities — 2.7%
	93,020	AES Corp.*		1,523,668
	21,619	Allegheny Energy, Inc.*		545,231
	27,044	Ameren Corp.		1,495,533
	58,782	American Electric Power Co., Inc.		2,167,292
	63,998	Calpine Corp.*		217,593
	43,413	CenterPoint Energy, Inc.		573,486
	26,644	Cinergy Corp.		1,194,184
	28,437	CMS Energy Corp.*		428,261
	35,747	Consolidated Edison, Inc.		1,674,390
	24,867	Constellation Energy Group		1,434,577
	48,441	Dominion Resources, Inc.		3,555,085
	25,221	DTE Energy Co.		1,179,586
	48,582	Edison International		1,970,000
	33,978	Entergy Corp.		2,567,038
	98,055	Exelon Corp.		5,033,163
	48,973	FirstEnergy Corp.		2,356,091
	55,087	FPL Group, Inc.		2,316,959
	55,605	PG&E Corp.		2,087,412
	13,762	Pinnacle West Capital Corp.		611,721
	26,441	PPL Corp.		1,570,067
	36,412	Progress Energy, Inc.		1,647,279

See Notes to Financial Statements.

39

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

SHARES		SECURITY	VALUE
Electric Utilities — 2.7% (continued)
	35,183	Public Service Enterprise Group, Inc.	$	2,139,830
	109,279	Southern Co.		3,788,703
	28,118	TECO Energy, Inc.		531,711
	59,062	Xcel Energy, Inc.		1,152,890
				43,761,750
Gas Utilities — 0.2%
	25,248	KeySpan Corp.		1,027,594
	16,347	Kinder Morgan, Inc.		1,360,070
	6,498	Nicor, Inc.		267,523
	5,376	Peoples Energy Corp.		233,641
				2,888,828
Independent Power Producers & Energy Traders — 0.2%
	37,727	TXU Corp.		3,134,736
Multi-Utilities — 0.4%
	135,184	Duke Energy Corp.		4,019,020
	47,126	Dynegy, Inc., Class A Shares*		229,032
	39,042	NiSource, Inc.		965,509
	34,031	Sempra Energy		1,405,821
				6,619,382
		TOTAL UTILITIES		56,404,696
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost — $1,588,481,959)		1,623,050,524

See Notes to Financial Statements.

40

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Equity Index Portfolio

FACE
AMOUNT		SECURITY	VALUE
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.7%
	$12,772,000	Interest in $1,006,158,000 joint tri-party repurchase agreement dated 6/30/05 with Goldman Sachs Group, Inc., 3.350% due 7/1/05; Proceeds at maturity — $12,773,189 (Fully collateralized by various U.S. Treasury obligations, 0.000% to 13.250% due 8/15/05 to 2/15/27; Market value — $13,027,442)	$	12,772,000
U.S. Government Obligation — 0.1%
	1,500,000	U.S. Treasury Bills, due 9/15/05 (c)		1,490,537
		TOTAL SHORT-TERM INVESTMENTS (Cost — $14,262,706)		14,262,537
		TOTAL INVESTMENTS — 99.9% (Cost — $1,602,744,665#)		1,637,313,061
		Other Assets in Excess of Liabilities — 0.1%		880,196
		TOTAL NET ASSETS — 100.0%	$	1,638,193,257

*	Non-income producing security.
(a)	All or a portion of this security is segregated for open futures contracts.
(b)	Citigroup Inc. was the parent company of the Travelers Investment Management Company, the Fund’s investment adviser, as of June 30, 2005.
(c)	All or a portion of this security is held at the broker as collateral for open futures contracts.
#	Aggregate cost for Federal income tax purposes is substantially the same.

See Notes to Financial Statements.

41

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Salomon Brothers Variable Growth & Income Fund

SHARES		SECURITY	VALUE
COMMON STOCK — 100.3%
CONSUMER DISCRETIONARY — 11.9%
Hotels, Restaurants & Leisure — 1.4%
	380	Ctrip.com International Ltd., ADR*	$	19,334
	4,840	McDonald’s Corp.		134,310
				153,644
Household Durables — 1.0%
	4,850	Newell Rubbermaid, Inc.		115,624
Media — 5.7%
	4,990	Comcast Corp., Class A Shares*		153,193
	2,300	EchoStar Communications Corp., Class A Shares*		69,345
	9,137	Liberty Media Corp., Class A Shares*		93,106
	9,820	News Corp., Class B Shares		165,565
	8,850	Time Warner, Inc.*		147,884
				629,093
Multi-Line Retail — 0.8%
	1,720	J.C. Penney Co., Inc.		90,438
Specialty Retail — 3.0%
	3,660	Best Buy Co., Inc.		250,893
	3,800	Staples, Inc.		81,016
				331,909
		TOTAL CONSUMER DISCRETIONARY		1,320,708
CONSUMER STAPLES — 10.3%
Beverages — 2.0%
	4,100	PepsiCo, Inc.		221,113
Food & Staples Retailing — 1.5%
	1,920	Costco Wholesale Corp.		86,054
	1,700	Wal-Mart Stores, Inc.		81,940
				167,994
Food Products — 3.4%
	3,840	Kellogg Co.		170,649
	2,300	McCormick & Co., Inc.		75,164
	6,860	Sara Lee Corp.		135,897
				381,710
Household Products — 2.7%
	2,090	Kimberly-Clark Corp.		130,813
	3,130	Procter & Gamble Co.		165,107
				295,920

See Notes to Financial Statements.

42

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Salomon Brothers Variable Growth & Income Fund

SHARES		SECURITY	VALUE
Tobacco — 0.7%
	1,210	Altria Group, Inc.	$	78,239
		TOTAL CONSUMER STAPLES		1,144,976
ENERGY — 7.9%
Energy Equipment & Services — 1.7%
	2,670	ENSCO International, Inc.		95,453
	2,330	GlobalSantaFe Corp.		95,064
				190,517
Oil, Gas & Consumable Fuels — 6.2%
	4,880	Exxon Mobil Corp.		280,454
	3,840	Nexen, Inc.		116,582
	1,400	Suncor Energy, Inc.		66,248
	1,920	Total SA, Sponsored ADR		224,352
				687,636
		TOTAL ENERGY		878,153
FINANCIALS — 20.5%
Commercial Banks — 7.1%
	6,456	Bank of America Corp.		294,458
	1,930	Comerica, Inc.		111,554
	2,490	Wachovia Corp.		123,504
	4,250	Wells Fargo & Co.		261,715
				791,231
Diversified Financial Services — 9.1%
	2,800	American Express Co.		149,044
	1,740	Capital One Financial Corp.		139,217
	1,580	Freddie Mac		103,063
	1,580	Goldman Sachs Group, Inc.		161,192
	5,725	JPMorgan Chase & Co.		202,207
	780	Legg Mason, Inc.		81,206
	3,190	Merrill Lynch & Co., Inc.		175,482
				1,011,411
Insurance — 4.3%
	1,900	AFLAC, Inc.		82,232
	2,660	American International Group, Inc.		154,546
	1,260	Assurant, Inc.		45,486
	1	Berkshire Hathaway, Inc., Class A Shares*		83,500
	1,220	Chubb Corp.		104,445
				470,209
		TOTAL FINANCIALS		2,272,851

See Notes to Financial Statements.

43

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Salomon Brothers Variable Growth & Income Fund

SHARES		SECURITY	VALUE
HEALTH CARE — 11.9%
Biotechnology — 2.0%
	2,418	Amgen, Inc.*	$	146,192
	1,880	OSI Pharmaceuticals, Inc.*		76,836
				223,028
Health Care Equipment & Supplies — 2.4%
	1,870	Fisher Scientific International, Inc.*		121,363
	900	Guidant Corp.		60,570
	1,100	Zimmer Holdings, Inc.*		83,787
				265,720
Health Care Providers & Services — 2.5%
	2,510	Coventry Health Care, Inc.*		177,583
	1,380	WellPoint, Inc.*		96,103
				273,686
Pharmaceuticals — 5.0%
	3,140	Pfizer, Inc.		86,601
	4,500	Sanofi-Aventis, ADR		184,455
	1,940	Sepracor, Inc.*		116,419
	5,350	Teva Pharmaceutical Industries Ltd., Sponsored ADR		166,599
				554,074
		TOTAL HEALTH CARE		1,316,508
INDUSTRIALS — 11.9%
Aerospace & Defense — 4.6%
	5,120	Boeing Co.		337,920
	4,410	Raytheon Co.		172,519
				510,439
Building Products — 1.1%
	3,000	American Standard Cos., Inc.		125,760
Commercial Services & Supplies — 1.3%
	1,910	Avery Dennison Corp.		101,154
	1,460	Waste Management, Inc.		41,376
				142,530
Industrial Conglomerates — 4.9%
	12,460	General Electric Co.		431,739
	1,400	Textron, Inc.		106,190
				537,929
		TOTAL INDUSTRIALS		1,316,658

See Notes to Financial Statements.

44

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Salomon Brothers Variable Growth & Income Fund

SHARES		SECURITY	VALUE
INFORMATION TECHNOLOGY — 18.7%
Communications Equipment — 4.6%
	8,598	ADC Telecommunications, Inc.*	$	187,179
	8,410	Cisco Systems, Inc.*		160,715
	4,800	Nokia OYJ, Sponsored ADR		79,872
	30,130	Nortel Networks Corp.*		78,639
				506,405
Computers & Peripherals — 3.1%
	4,530	Dell, Inc.*		178,980
	2,150	International Business Machines Corp.		159,530
				338,510
Electronic Equipment & Instruments — 0.3%
	1,740	Dolby Laboratories, Inc., Class A Shares*		38,384
Internet Software & Services — 1.2%
	870	SINA Corp.*		24,273
	3,000	Yahoo!, Inc.*		103,950
				128,223
IT Services — 1.0%
	3,390	Paychex, Inc.		110,311
Semiconductors & Semiconductor Equipment — 3.8%
	5,100	Applied Materials, Inc.		82,518
	7,300	Intel Corp.		190,238
	3,900	Maxim Integrated Products, Inc.		149,019
				421,775
Software — 4.7%
	2,090	Cognos, Inc.*		71,353
	1,600	Electronic Arts, Inc.*		90,576
	14,620	Microsoft Corp.		363,161
				525,090
		TOTAL INFORMATION TECHNOLOGY		2,068,698
MATERIALS — 3.6%
Chemicals — 1.4%
	1,380	Air Products & Chemicals, Inc.		83,214
	1,640	E.I. du Pont de Nemours & Co.		70,536
				153,750
Metals & Mining — 2.2%
	9,720	Barrick Gold Corp.		243,292
		TOTAL MATERIALS		397,042
TELECOMMUNICATION SERVICES — 2.4%
Diversified Telecommunication Services — 1.6%
	6,860	Sprint Corp.		172,117

See Notes to Financial Statements.

45

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Salomon Brothers Variable Growth & Income Fund

SHARES		SECURITY	VALUE
Wireless Telecommunication Services — 0.8%
	2,800	Nextel Communications, Inc., Class A Shares*	$	90,468
		TOTAL TELECOMMUNICATION SERVICES		262,585
UTILITIES — 1.2%
Multi-Utilities — 1.2%
	3,190	Sempra Energy		131,779
		TOTAL INVESTMENTS — 100.3% (Cost — $9,479,172#)		11,109,958
		Liabilities In Excess of Other Assets — (0.3)%		(31,990	)
		TOTAL NET ASSETS — 100.0%	$	11,077,968

*	Non-income producing security.
#	Aggregate cost for Federal income tax purposes is substantially the same.
	Abbreviation used in this schedule: ADR — American Depositary Receipt

See Notes to Financial Statements.

46

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Salomon Brothers Variable Aggressive Growth Fund

SHARES		SECURITY	VALUE
COMMON STOCK — 92.1%
CONSUMER DISCRETIONARY — 16.5%
Media — 16.3%
	48,820	Cablevision Systems Corp., New York Group, Class A Shares*	$	1,572,004
	4,117	Comcast Corp., Class A Shares*		126,392
	66,025	Comcast Corp., Special Class A Shares*		1,977,449
	85	DreamWorks Animation SKG, Inc., Class A Shares*		2,227
	115,400	Liberty Media Corp., Series A Shares*		1,175,926
	110,200	Time Warner, Inc.*		1,841,442
	9,653	Viacom, Inc., Class B Shares		309,089
	38,000	Walt Disney Co.		956,840
	5,600	World Wrestling Entertainment, Inc.		63,952
				8,025,321
Specialty Retail — 0.2%
	7,700	Charming Shoppes, Inc.*		71,841
		TOTAL CONSUMER DISCRETIONARY		8,097,162
ENERGY — 11.7%
Energy Equipment & Services — 6.3%
	7,600	Core Laboratories NV*		203,832
	27,650	Grant Prideco, Inc.*		731,342
	37,250	Weatherford International Ltd.*		2,159,755
				3,094,929
Oil, Gas & Consumable Fuels — 5.4%
	32,300	Anadarko Petroleum Corp.		2,653,445
	255	Bill Barrett Corp.*		7,543
				2,660,988
		TOTAL ENERGY		5,755,917
EXCHANGE TRADED FUND — 2.0%
	26,600	Nasdaq-100 Index Tracking Stock		978,614
FINANCIALS — 9.5%
Commercial Banks — 0.7%
	17,849	New York Community Bancorp, Inc.		323,424
Diversified Financial Services — 8.8%
	4,500	CIT Group, Inc.		193,365
	3,900	Cohen & Steers, Inc.		80,379
	200	Greenhill & Co., Inc.		8,102
	22,550	Lehman Brothers Holdings, Inc.		2,238,764
	33,300	Merrill Lynch & Co., Inc.		1,831,833
	50	National Financial Partners Corp.		1,957
				4,354,400

See Notes to Financial Statements.

47

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Salomon Brothers Variable Aggressive Growth Fund

SHARES		SECURITY	VALUE
Real Estate — 0.0%
	3	Corrections Corporation of America*	$	118
		TOTAL FINANCIALS		4,677,942
HEALTH CARE — 32.3%
Biotechnology — 19.3%
	6,420	Alkermes, Inc.*		84,872
	36,900	Amgen, Inc.*		2,230,974
	39,850	Biogen Idec, Inc.*		1,372,833
	2,600	CancerVax Corp.*		7,410
	48,175	Chiron Corp.*		1,680,826
	5,300	Genentech, Inc.*		425,484
	37,448	Genzyme Corp.*		2,250,250
	28,428	ImClone Systems, Inc.*		880,415
	8,200	Isis Pharmaceuticals, Inc.*		32,062
	33,546	Millennium Pharmaceuticals, Inc.*		310,972
	4,800	Nabi Biopharmaceuticals*		73,104
	4,860	Nanogen, Inc.*		18,662
	6,410	Vertex Pharmaceuticals, Inc.*		107,944
	1,265	ViaCell, Inc.*		13,472
				9,489,280
Health Care Equipment & Supplies — 0.4%
	3,400	Biosite, Inc.*		186,966
Health Care Providers & Services — 5.1%
	48,520	UnitedHealth Group, Inc.		2,529,833
Pharmaceuticals — 7.5%
	53,080	Forest Laboratories, Inc.*		2,062,158
	13,100	Johnson & Johnson		851,500
	22,900	King Pharmaceuticals, Inc.*		238,618
	3,500	Pfizer, Inc.		96,530
	6,442	Teva Pharmaceutical Industries Ltd., Sponsored ADR		200,604
	14,000	Valeant Pharmaceuticals International	��	246,820
				3,696,230
		TOTAL HEALTH CARE		15,902,309
INDUSTRIALS — 8.2%
Aerospace & Defense — 3.3%
	21,600	L-3 Communications Holdings, Inc.		1,654,128
Commercial Services & Supplies — 0.0%
	105	Cogent, Inc.*		2,997
Industrial Conglomerates — 3.5%
	58,634	Tyco International Ltd.		1,712,113
Machinery — 1.4%
	22,500	Pall Corp.		683,100
		TOTAL INDUSTRIALS		4,052,338

See Notes to Financial Statements.

48

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Salomon Brothers Variable Aggressive Growth Fund

SHARES		SECURITY	VALUE
INFORMATION TECHNOLOGY — 11.5%
Communications Equipment — 2.5%
	14,700	C-COR, Inc.*	$	100,695
	47,300	Motorola, Inc.		863,698
	16,400	Nokia OYJ, Sponsored ADR		272,896
				1,237,289
Computers & Peripherals — 1.5%
	3,500	LaserCard Corp.*		20,545
	38,162	Maxtor Corp.*		198,443
	31,500	Quantum Corp.*		93,555
	18,100	SanDisk Corp.*		429,513
				742,056
Electronic Equipment & Instruments — 1.6%
	17,500	Broadcom Corp., Class A Shares*		621,425
	5,750	Excel Technology, Inc.*		139,725
				761,150
Semiconductors & Semiconductor Equipment — 4.8%
	6,500	Cirrus Logic, Inc.*		34,515
	5,400	Cree, Inc.*		137,538
	6,700	DSP Group, Inc.*		159,929
	4,173	Freescale Semiconductor, Inc., Class B Shares*		88,384
	21,225	Intel Corp.		553,123
	97,555	Micron Technology, Inc.*		996,037
	14,200	RF Micro Devices, Inc.*		77,106
	5,400	Standard Microsystems Corp.*		126,252
	15,100	Teradyne, Inc.*		180,747
				2,353,631
Software — 1.1%
	5,800	Advent Software, Inc.*		117,508
	8,800	Autodesk, Inc.		302,456
	3,800	Microsoft Corp.		94,392
	4,300	RSA Security, Inc.*		49,364
				563,720
		TOTAL INFORMATION TECHNOLOGY		5,657,846
TELECOMMUNICATION SERVICES — 0.4%
Diversified Telecommunication Services — 0.4%
	3,100	AT&T Corp.		59,024
	2,730	Liberty Global, Inc., Series A Shares*		127,409
		TOTAL TELECOMMUNICATION SERVICES		186,433
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost — $44,516,878)		45,308,561

See Notes to Financial Statements.

49

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Salomon Brothers Variable Aggressive Growth Fund

FACE
AMOUNT		SECURITY	VALUE
SHORT-TERM INVESTMENTS — 8.0%
Repurchase Agreements — 8.0%
	$1,908,000	Interest in $414,454,000 joint tri-party repurchase agreement dated 6/30/05 with Deustche Bank Securities, Inc., 3.350% due 7/1/05; Proceeds at maturity — $1,908,178; (Fully collateralized by various U.S. government agency obligations, 0.000% to 15.266% due 12/1/05 to 6/15/35; Market Value — $1,946,181)	$	1,908,000
	2,000,000	Interest in $599,362,000 joint tri-party repurchase agreement dated 6/30/05 with Merrill Lynch & Co., Inc., 3.350% due 7/1/05; Proceeds at maturity — $2,000,186; (Fully collateralized by various U.S. Treasury obligations and U.S. government agency obligations 0.000% to 4.870% due 6/16/06 to 1/13/33; Market value — $2,040,002)		2,000,000
		TOTAL SHORT-TERM INVESTMENTS (Cost — $3,908,000)		3,908,000
		TOTAL INVESTMENTS — 100.1% (Cost — $48,424,878#)		49,216,561
		Liabilities in Excess of Other Assets — (0.1)%		(41,121	)
		TOTAL NET ASSETS — 100.0%	$	49,175,440

*	Non-income producing security.
#	Aggregate cost for Federal income tax purposes is substantially the same.
	Abbreviation used in this schedule:
	ADR — American Depositary Receipt

See Notes to Financial Statements.

50

 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 differ from the highest rated issues only in a small degree.
A	—	Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt 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, CCC and CC	—	Bonds rated “BB”, “B”, “CCC” and “CC” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents a lower degree of speculation than “B”, and “CC” 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 principal 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 “Ca,” where 1 is the highest and 3 the lowest ranking 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 payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.
Aa	—	Bonds rated “Aa” are judged to be of high quality by all standards. Together with the “Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in “Aaa” securities.
A	—	Bonds rated “A” possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.
Baa	—	Bonds rated “Baa” are considered to be medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest 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 outstanding investment characteristics and in fact have speculative characteristics as well.
Ba	—	Bonds rated “Ba” are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and therefore 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.
Caa	—	Bonds rated “Caa” are of poor standing. There may be in default, or present elements of danger may exist with respect to principal or interest.
Ca	—	Bonds rated “Ca” represent obligations which are speculative in a high degree. Such issues are often in default or have other marked short-comings.
NR	—	Indicates that the bond is not rated by Standard & Poor’s and Moody’s.

51

 Statements of Assets and Liabilities (unaudited)

		Diversified
		Strategic			Equity
		Income			Index
		Portfolio			Portfolio
ASSETS:
	Investments, at cost	$	87,254,167		$	1,588,481,959
	Short-term investments, at cost		39,692,000			14,262,706
	Foreign currency, at cost		39,000			—
	Investments, at value	$	89,371,998		$	1,623,050,524
	Short-term investments, at value		39,692,000			14,262,537
	Foreign currency, at value		34,850			—
	Cash		—			155
	Receivable for securities sold		9,591,029			—
	Dividends and interest receivable		921,871			1,950,791
	Receivable for open forward foreign currency contracts (Notes 1 and 3)		383,297			—
	Receivable for Fund shares sold		—			235,753
	Prepaid expenses		10,011			—
	Total Assets		140,005,056			1,639,499,760
LIABILITIES:
	Payable for securities purchased		43,409,592			—
	Payable for open forward foreign currency contracts (Notes 1 and 3)		129,234			—
	Payable for Fund shares repurchased		102,605			542,144
	Deferred dollar roll income		61,009			—
	Investment advisory fee payable		35,780			339,886
	Administration fee payable		15,903			81,573
	Trustees’ fees payable		2,617			5,745
	Due to custodian		2,173			—
	Transfer agent fees payable		835			1,672
	Payable to broker – variation margin on open futures contracts		406			88,800
	Distribution fees payable		—			22,480
	Accrued expenses		52,568			224,203
	Total Liabilities		43,812,722			1,306,503
Total Net Assets		$	96,192,334		$	1,638,193,257
NET ASSETS:
	Par value (Note 6)	$	10,145		$	56,095
	Paid-in capital in excess of par value		99,236,513			1,617,488,484
	Undistributed net investment income		2,239,852			11,850,287
	Accumulated net investment loss		—			—
	Accumulated net realized loss on investments, futures contracts and foreign currency transactions		(7,661,799	)		(25,642,421	)
	Net unrealized appreciation on investments, futures contracts and foreign currencies		2,367,623			34,440,812
Total Net Assets		$	96,192,334		$	1,638,193,257
Shares Outstanding:
	Class I Shares		10,145,466			48,182,783
	Class II Shares		—			7,911,854
Net Asset Value:
	Class I Shares		$9.48		$	29.21
	Class II Shares		—		$	29.19

See Notes to Financial Statements.

52

June 30, 2005 

Growth			Aggressive
& Income			Growth
Fund			Fund
$	9,479,172		$	44,516,878
	—			3,908,000
	—			—
$	11,109,958		$	45,308,561
	—			3,908,000
	—			—
	—			534
	—			12,865
	14,594			10,788
	—			—
	990			12,886
	—			—
	11,125,542			49,253,634
	5,976			10,830
	—			—
	7,542			9,361
	—			—
	4,041			24,086
	1,964			8,029
	1,912			1,852
	9,528			—
	16			94
	—			—
	—			2,255
	16,595			21,687
	47,574			78,194
$	11,077,968		$	49,175,440
$	2,296		$	2,391
	10,204,523			49,083,010
	24,812			—
	—			(106,720	)
	(784,451	)		(594,924	)
	1,630,788			791,683
$	11,077,968		$	49,175,440
	2,296,338			1,251,682
	—			1,138,986
	$4.82		$	20.66
	—		$	20.47

See Notes to Financial Statements.

53

 Statements of Operations (unaudited)

			Diversified
			Strategic			Equity
			Income			Index
			Portfolio			Portfolio
INVESTMENT INCOME:
	Dividends		$	2,367		$	14,412,883
	Interest			2,729,475			443,967
	Less: Foreign taxes withheld			—			—
	Total Investment Income			2,731,842			14,856,850
EXPENSES:
	Investment advisory fees (Note 2)			218,417			2,017,436
	Administration fees (Note 2)			97,074			484,185
	Custody			31,675			37,839
	Audit and tax			7,964			11,545
	Shareholder reports (Note 4)			7,421			99,539
	Insurance			5,727			5,849
	Legal fees			5,675			4,181
	Transfer agent fees (Notes 2 and 4)			2,534			4,962
	Trustees’ fees			1,810			19,830
	Distribution fees (Notes 2 and 4)			—			282,754
	Miscellaneous expenses			905			86,028
	Total Expenses			379,202			3,054,148
Net Investment Income (Loss)				2,352,640			11,802,702
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 1 AND 3):
	Net Realized Gain (Loss) From:
		Investment transactions		1,088,889			7,505,172
		Futures contracts		(130,188	)		(813,206	)
		Foreign currency transactions		(7,343	)		—
	Net Realized Gain			951,358			6,691,966
	Change in Net Unrealized Appreciation/Depreciation From:
		Investments		(1,657,978	)		(34,437,891	)
		Futures contracts		(31,301	)		(798,678	)
		Foreign currencies		292,370			—
	Change in Net Unrealized Appreciation/Depreciation			(1,396,909	)		(35,236,569	)
Net Loss on Investments, Futures Contracts and Foreign Currency Transactions				(445,551	)		(28,544,603	)
Increase (Decrease) in Net Assets From Operations			$	1,907,089		$	(16,741,901	)

See Notes to Financial Statements.

54

For the Six Months Ended June 30, 2005 

Growth			Aggressive
& Income			Growth
Fund			Fund
$	86,886		$	92,284
	3,006			44,051
	(1,414	)		(903	)
	88,478			135,432
	25,048			134,835
	11,133			44,945
	10,221			8,375
	7,027			7,602
	3,031			7,028
	1,021			1,909
	2,996			4,687
	698			86
	646			1,011
	—			26,949
	308			3,402
	62,129			240,829
	26,349			(105,397	)
	304,956			4,555
	—			—
	—			—
	304,956			4,555
	(543,972	)		(1,011,039	)
	—			—
	2			—
	(543,970	)		(1,011,039	)
	(239,014	)		(1,006,484	)
$	(212,665	)	$	(1,111,881	)

See Notes to Financial Statements.

55

 Statements of Changes in Net Assets

For the Six Months Ended June 30, 2005 (unaudited)

and the Year Ended December 31, 2004

		Diversified Strategic
		Income Portfolio
		2005			2004
OPERATIONS:
	Net investment income (loss)	$	2,352,640		$	5,004,061
	Net realized gain		951,358			1,766,018
	Change in net unrealized appreciation/depreciation		(1,396,909	)		(424,571	)
	Increase (Decrease) in Net Assets From Operations		1,907,089			6,345,508
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTES 1 AND 5):
	Net investment income		—			(4,799,696	)
	Decrease in Net Assets From Distributions to Shareholders		—			(4,799,696	)
FUND SHARE TRANSACTIONS (NOTE 6):
	Net proceeds from sale of shares		3,552,163			12,777,163
	Reinvestment of distributions		—			4,799,696
	Cost of shares repurchased		(9,571,248	)		(13,390,612	)
	Increase (Decrease) in Net Assets From Fund Share Transactions		(6,019,085	)		4,186,247
Increase (Decrease) in Net Assets			(4,111,996	)		5,732,059
NET ASSETS:
	Beginning of period		100,304,330			94,572,271
	End of period*	$	96,192,334		$	100,304,330
* Includes undistributed (overdistributed) net investment income of:			$2,239,852			$(112,788	)
* Includes accumulated net investment loss of:			—			—

See Notes to Financial Statements.

56

Equity Index Portfolio						Growth & Income Fund						Aggressive Growth Fund
2005			2004			2005			2004			2005			2004
$	11,802,702		$	24,537,742		$	26,349		$	99,926		$	(105,397	)	$	(161,918	)
	6,691,966			7,049,449			304,956			336,947			4,555			505,017
	(35,236,569	)		124,448,953			(543,970	)		456,349			(1,011,039	)		2,563,072
	(16,741,901	)		156,036,144			(212,665	)		893,222			(1,111,881	)		2,906,171
	—			(24,899,544	)		—			(101,977	)		—			—
	—			(24,899,544	)		—			(101,977	)		—			—
	53,075,368			219,053,115			626,420			2,677,330			9,605,330			25,873,371
	—			24,899,544			—			101,977			—			—
	(49,898,226	)		(73,428,986	)		(1,094,360	)		(1,681,850	)		(1,775,967	)		(3,424,165	)
	3,177,142			170,523,673			(467,940	)		1,097,457			7,829,363			22,449,206
	(13,564,759	)		301,660,273			(680,605	)		1,888,702			6,717,482			25,355,377
	1,651,758,016			1,350,097,743			11,758,573			9,869,871			42,457,958			17,102,581
$	1,638,193,257		$	1,651,758,016		$	11,077,968		$	11,758,573		$	49,175,440		$	42,457,958
$	11,850,287			$47,585			$24,812			$(1,537	)		—			—
	—			—			—			—			$(106,720	)		$(1,323	)

See Notes to Financial Statements.

57

 Financial Highlights

For a share of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:

DIVERSIFIED STRATEGIC
INCOME PORTFOLIO(1)		2005(2)			2004			2003			2002			2001			2000
Net Asset Value, Beginning of Period			$9.30			$9.15			$8.69			$9.13			$9.70			$10.44
Income (Loss) From Operations:
	Net investment income		0.23			0.48			0.52			0.53			0.65			0.73
	Net realized and unrealized gain (loss)		(0.05	)		0.14			0.50			(0.11	)		(0.36	)		(0.45	)
Total Income From Operations			0.18			0.62			1.02			0.42			0.29			0.28
Less Distributions From:
	Net investment income		—			(0.47	)		(0.56	)		(0.86	)		(0.86	)		(1.02	)
Total Distributions			—			(0.47	)		(0.56	)		(0.86	)		(0.86	)		(1.02	)
Net Asset Value, End of Period		$	9.48		$	9.30		$	9.15		$	8.69		$	9.13		$	9.70
Total Return(3)			1.94	%		6.74	%		11.73	%		4.84	%		3.17	%		2.80	%
Net Assets, End of Period (000s)			$96,192			$100,304			$94,572			$78,009			$79,399			$70,142
Ratios to Average Net Assets:
	Gross expenses		0.78	%(4)		0.76	%		0.76	%		0.87	%		0.76	%		0.78	%
	Net expenses		0.78	(4)		0.76	(5)		0.76			0.87			0.76			0.78
	Net investment income		4.85	(4)		5.15			5.73			5.82			6.86			7.40
Portfolio Turnover Rate			46	%(6)		57	%(6)		54	% (6)		149	%		118	%		102	%

(1)	Per share amounts have been calculated using the average shares method.
(2)	For the six months ended June 30, 2005 (unaudited).
(3)	Performance figures may reflect voluntary fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Total returns do not reflect expenses associated with the separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Total returns for periods of less than one year are not annualized.
(4)	Annualized.
(5)	The investment adviser has voluntarily waived a portion of its fees.
(6)	Excluding mortgage dollar roll transactions. If mortgage dollar roll transactions had been included the portfolio turnover rate would have been 272%, 382% and 256% for the six months ended June 30, 2005 and the years ended December 31, 2004 and December 31, 2003, respectively.

See Notes to Financial Statements.

58

 Financial Highlights (continued)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:

EQUITY INDEX PORTFOLIO — CLASS I SHARES(1)		2005(2)			2004			2003			2002			2001			2000
Net Asset Value, Beginning of Period			$29.50			$27.11			$21.41			$28.21			$32.40			$35.86
Income (Loss) From Operations:
	Net investment income		0.22			0.47			0.34			0.32			0.34			0.36
	Net realized and unrealized gain (loss)		(0.51	)		2.38			5.68			(6.57	)		(4.26	)		(3.61	)
Total Income (Loss) From Operations			(0.29	)		2.85			6.02			(6.25	)		(3.92	)		(3.25	)
Less Distributions From:
	Net investment income		—			(0.46	)		(0.32	)		(0.55	)		(0.27	)		(0.19	)
	Net realized gains		—			—			—			—			—			(0.02	)
Total Distributions			—			(0.46	)		(0.32	)		(0.55	)		(0.27	)		(0.21	)
Net Asset Value, End of Period			$29.21			$29.50			$27.11			$21.41			$28.21			$32.40
Total Return(3)			(0.98	)%		10.52	%		28.11	%		(22.17	)%		(12.12	)%		(9.09	)%
Net Assets, End of Period (millions)			$1,407			$1,425			$1,218			$831			$897			$820
Ratios to Average Net Assets:
	Gross expenses		0.34	% (4)		0.34	%		0.34	%		0.31	%		0.23	%		0.23	%
	Net expenses		0.34	(4)		0.34	(5)		0.34			0.31			0.23			0.23
	Net investment income		1.50	(4)		1.69			1.44			1.32			1.17			1.03
Portfolio Turnover Rate			2	%		1	%		0	%		2	%		2	%		2	%

(1)	Per share amounts have been calculated using the average shares method.
(2)	For the six months ended June 30, 2005 (unaudited).
(3)	Performance figures may reflect voluntary fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Total returns do not reflect expenses associated with the separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Total returns for periods of less than one year are not annualized.
(4)	Annualized.
(5)	The investment adviser has voluntarily waived a portion of its fees.

See Notes to Financial Statements.

59

 Financial Highlights (continued)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:

EQUITY INDEX PORTFOLIO —
CLASS II SHARES(1)		2005(2)			2004			2003			2002			2001			2000
Net Asset Value, Beginning of Period			$29.52			$27.13			$21.43			$28.17			$32.36			$35.81
Income (Loss) From Operations:
	Net investment income		0.18			0.42			0.28			0.24			0.27			0.26
	Net realized and unrealized gain (loss)		(0.51	)		2.36			5.66			(6.54	)		(4.26	)		(3.59	)
Total Income (Loss) From Operations			(0.33	)		2.78			5.94			(6.30	)		(3.99	)		(3.33	)
Less Distributions From:
	Net investment income		—			(0.39	)		(0.24	)		(0.44	)		(0.20	)		(0.10	)
	Net realized gains		—			—			—			—			—			(0.02	)
Total Distributions			—			(0.39	)		(0.24	)		(0.44	)		(0.20	)		(0.12	)
Net Asset Value, End of Period			$29.19			$29.52			$27.13			$21.43			$28.17			$32.36
Total Return(3)			(1.12	)%		10.24	%		27.74	%		(22.37	)%		(12.36	)%		(9.32	)%
Net Assets, End of Period (millions)			$231			$227			$132			$86			$97			$72
Ratios to Average Net Assets:
	Gross expenses		0.60	% (4)		0.59	%		0.60	%		0.56	%		0.49	%		0.50	%
	Net expenses		0.60	(4)		0.59	(5)		0.60			0.56			0.49			0.50
	Net investment income		1.24	(4)		1.50			1.18			0.97			0.91			0.76
Portfolio Turnover Rate			2	%		1	%		0	%		2	%		2	%		2	%

(1)	Per share amounts have been calculated using the average shares method.
(2)	For the six months ended June 30, 2005 (unaudited).
(3)	Performance figures may reflect voluntary fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Total returns do not reflect expenses associated with the separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Total returns for periods of less than one year are not annualized.
(4)	Annualized.
(5)	The investment adviser has voluntarily waived a portion of its fees.

See Notes to Financial Statements.

60

 Financial Highlights (continued)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:

GROWTH & INCOME FUND —
CLASS I SHARES		2005(1)(2)			2004(1)			2003(1)			2002			2001			2000
Net Asset Value, Beginning of Period			$4.91			$4.57			$3.52			$4.90			$7.92			$16.47
Income (Loss) From Operations:
	Net investment income		0.01			0.04			0.01			0.00	(3)		0.03			0.17
	Net realized and unrealized gain (loss)		(0.10	)		0.34			1.05			(1.14	)		(1.04	)		0.03
Total Income (Loss) From Operations			(0.09	)		0.38			1.06			(1.14	)		(1.01	)		0.20
Less Distributions From:
	Net investment income		—			(0.04	)		(0.01	)		(0.02	)		(0.12	)		(0.32	)
	Net realized gains		—			—			—			(0.22	)		(1.89	)		(8.43	)
Total Distributions			—			(0.04	)		(0.01	)		(0.24	)		(2.01	)		(8.75	)
Net Asset Value, End of Period			$4.82			$4.91			$4.57			$3.52			$4.90			$7.92
Total Return(4)			(1.83	)%		8.38	%		30.16	%		(23.35	)%		(13.14	)%		4.52	%
Net Assets, End of Period (000’s)		$	11,078			$11,759			$9,870			$6,777			$11,087			$16,159
Ratios to Average Net Assets:
	Gross expenses		1.12	%(5)		1.09	%		1.27	%		1.36	%		0.94	%		0.91	%
	Net expenses		1.12	(5)		1.07	(6)		1.27			1.36			0.94			0.91
	Net investment income		0.47	(5)		0.95			0.36			0.04			0.31			1.08
Portfolio Turnover Rate			31	%		83	%		63	%		46	%		81	%		55	%

(1)	Per share amounts have been calculated using the average shares method.
(2)	For the six months ended June 30, 2005 (unaudited).
(3)	Amount represents less than $0.01 per share.
(4)	Performance figures may reflect voluntary fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Total returns do not reflect expenses associated with the separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Total returns for periods of less than one year are not annualized.
(5)	Annualized.
(6)	The investment adviser has voluntarily waived a portion of its fees.

See Notes to Financial Statements.

61

 Financial Highlights (continued)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:

AGGRESSIVE GROWTH FUND —
CLASS I SHARES		2005(1)(2)			2004(1)			2003(1)			2002(1)			2001(1)			2000(3)
Net Asset Value, Beginning of Period			$21.23			$19.46			$13.89			$25.98			$178.99			$231.77
Income (Loss) From Operations:
	Net investment loss		(0.04	)		(0.09	)		(0.19	)		(0.25	)		(0.50	)		(2.17	)
	Net realized and unrealized gain (loss)		(0.53	)		1.86			5.76			(8.18	)		(9.85	)		66.22
Total Income (Loss) From Operations			(0.57	)		1.77			5.57			(8.43	)		(10.35	)		64.05
Less Distributions From:
	Net realized gains		—			—			—			(3.66	)		(142.66	)		(116.83	)
Total Distributions			—			—			—			(3.66	)		(142.66	)		(116.83	)
Net Asset Value, End of Period			$20.66			$21.23			$19.46			$13.89			$25.98			$178.99
Total Return(4)			(2.68	)%		9.10	%		40.10	%		(32.65	)%		(5.32	)%		27.27	%
Net Assets, End of Period (000’s)			$25,864			$21,706			$11,684			$5,975			$12,745			$18,646
Ratios to Average Net Assets:
	Gross expenses		0.95	%(5)		1.04	%		1.56	%		1.56	%		1.18	%		1.18	%
	Net expenses		0.95	(5)		1.04	(6)		1.56			1.56			1.18			1.18
	Net investment loss		(0.35	)(5)		(0.47	)		(1.16	)		(1.25	)		(0.97	)		(0.90	)
Portfolio Turnover Rate			0	%		4	%		3	%		4	%		0	%		122	%

(1)	Per share amounts have been calculated using the average shares method.
(2)	For the six months ended June 30, 2005 (unaudited).
(3)	Per share amounts have been restated to reflect a 1 for 7 reverse stock split which was effective on September 7, 2001.
(4)	Performance figures may reflect voluntary fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Total returns do not reflect expenses associated with the separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Total returns for periods of less than one year are not annualized.
(5)	Annualized.
(6)	The investment adviser has voluntarily waived a portion of its fees.

See Notes to Financial Statements.

62

 Financial Highlights (continued)

For the share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:

AGGRESSIVE GROWTH FUND — CLASS II SHARES(1)		2005(2)			2004			2003(3)
Net Asset Value, Beginning of Period			$21.05			$19.35			$15.64
Income (Loss) From Operations:
	Net investment loss		(0.06	)		(0.14	)		(0.13	)
	Net realized and unrealized gain (loss)		(0.52	)		1.84			3.84
Total Income (Loss) From Operations			(0.58	)		1.70			3.71
Net Asset Value, End of Period			$20.47			$21.05			$19.35
Total Return(4)			(2.76	)%		8.79	%		23.72	%
Net Assets, End of Period (000’s)			$23,311			$20,752			$5,419
Ratios to Average Net Assets:
	Gross expenses		1.20	%(5)		1.28	%		1.64	%(5)
	Net expenses		1.20	(5)		1.28	(6)		1.64	(5)
	Net investment loss		(0.60	)(5)		(0.70	)		(1.25	)(5)
Portfolio Turnover Rate			0	%		4	%		3	%

(1)	Per share amounts have been calculated using the average shares method.
(2)	For the six months ended June 30, 2005 (unaudited).
(3)	For the period May 12, 2003 (inception date) to December 31, 2003.
(4)	Performance figures may reflect voluntary fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Total returns do not reflect expenses associated with the separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Total returns for periods of less than one year are not annualized.
(5)	Annualized.
(6)	The investment adviser has voluntarily waived a portion of its fees.

See Notes to Financial Statements.

63

 Notes to Financial Statements (unaudited)

          1.     Organization and Significant Accounting Policies

      The Diversified Strategic Income Portfolio (“Diversified Strategic Income Portfolio”), Equity Index Portfolio (“Equity Index Portfolio”), Salomon Brothers Variable Growth & Income Fund (“Growth & Income Fund”) and Salomon Brothers Variable Aggressive Growth Fund (“Aggressive Growth Fund”) (“Fund(s)”) are separate diversified investment funds of the Greenwich Street Series Fund (“Trust”). The Trust, a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

      The following are significant accounting policies consistently followed by the Funds. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). 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.

      (a) Investment Valuation. Equity securities for which market quotations are available are valued at the last sale price or official closing price on the primary market or exchange on which they trade. Debt securities are valued at the mean between the bid and asked prices provided by an independent pricing service that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various relationships between securities. When prices are not readily available, or are determined not to reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Funds calculate their net asset value, the Funds may value these investments at fair value as determined in accordance with the procedures approved by the Funds’ Board of Trustees. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates market value.

      (b) Repurchase Agreements. When entering into repurchase agreements, it is the Funds’ policy that their custodian or a third party custodian takes possession of the underlying collateral securities, the market 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 market 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.

      (c) Financial Futures Contracts. Certain Funds may enter into financial futures contracts typically to hedge a portion of the portfolio. Upon entering into a financial futures contract, the Funds are required to deposit cash or securities as initial margin. Additional securities are also segregated up to the current market value of the financial futures contracts. Subsequent payments, known as variation margin, are made or received by the Funds each day, depending on the daily fluctuation in the value of the underlying financial instruments. The Funds recognize an unrealized gain or loss equal to the daily variation margin. When the financial futures contracts are closed, a realized gain or loss is recognized equal to the difference between the proceeds from (or cost of) the closing transactions and the Funds’ basis in the contracts.

      The risks associated with entering into financial futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in financial futures contracts involves the risk that the Funds could lose more than the original margin deposit and subsequent payments required for a futures transaction. Risk may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

      (d) Forward Foreign Currency Contracts. The Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-US dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. 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.

      Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

64

 Notes to Financial Statements (unaudited) (continued)

      (e) Securities Traded on a To-Be-Announced Basis. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, the Funds commit to purchasing or selling securities, which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Funds, normally 15 to 45 days later. Beginning on the date the Funds enter into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.

      (f) Mortgage Dollar Rolls. The Diversified Strategic Income Portfolio enters into dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by a fee paid by the counterparty, often in the form of a drop in the repurchase price of the securities. Dollar rolls are accounted for as financing arrangements; the fee is accrued into interest income ratably over the term of the dollar roll and any gain or loss on the roll is deferred and realized upon disposition of the rolled security.

      The risk of entering into a mortgage dollar roll is that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.

      (g) Credit and Market Risk. Certain Funds may invest in high-yield instruments that are subject to certain credit and market risks. The yields of high-yield securities reflect, among other things, perceived credit risk. The Funds’ investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

      (h) Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method.

      (i) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

      The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

      Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.

      Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

      (j) Distributions to Shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

65

 Notes to Financial Statements (unaudited) (continued)

      (k) Class Accounting. Investment income, common expenses and realized/unrealized gain (loss) on investments are allocated to the various classes of the Funds on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that class.

      (l) Federal and Other Taxes. It is the Funds’ policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute substantially all of their taxable income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

      (m) Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.

          2. Investment Advisory Agreement, Administration Agreement and Other Transactions with Affiliates

      The Trust, on behalf of Growth & Income Fund and Aggressive Growth Fund has entered into investment advisory agreements (“Advisory Agreement”) with Salomon Brothers Asset Management (“SBAM”), an indirect wholly-owned subsidiary of Citigroup Inc. (“Citigroup”). The Trust, on behalf of the Diversified Strategic Income Portfolio, has entered into an investment advisory agreement with Smith Barney Fund Management LLC (“SBFM”), another indirect wholly-owned subsidiary of Citigroup Inc. The Trust, on behalf of the Equity Index Portfolio, has entered into an investment advisory agreement with TIMCO Asset Management, Inc. (formerly Travelers Investment Management Company) (“TIMCO”), another indirect wholly-owned subsidiary of Citigroup.

      Under each investment advisory agreement, the Fund pays an investment advisory fee calculated at an annual rate of each respective Fund’s average daily net assets. These fees are calculated daily and paid monthly.

      The respective advisers and the annual rates are as follows:

		Advisory
	Adviser	Fee Rate
Diversified Strategic Income Portfolio	SBFM		0.45	%
Equity Index Portfolio	TIMCO		0.25

      Citigroup Asset Management (“CAM Ltd.”) serves as sub-investment adviser to the Diversified Strategic Income Portfolio and is paid a monthly fee by SBFM calculated at a rate of 0.15% of the Fund’s average daily net assets. The Diversified Strategic Income Portfolio does not make any direct payments to CAM Ltd.

      The Board of Trustees of the Trust approved amendments to the Advisory Agreement between the Trust, on behalf of the Growth & Income Fund and the Aggressive Growth Fund, and SBAM. Effective August 1, 2004, the advisory fees for the Growth & Income Fund and the Aggressive Growth Fund, which are calculated daily and payable monthly, are calculated in accordance with the following breakpoint schedule:

Growth & Income Fund:

	Advisory
Average Daily Net Assets	Fee Rate
First $1.0 billion		0.450	%
Next $1.0 billion		0.425
Next $1.0 billion		0.400
Next $1.0 billion		0.375
Over $4.0 billion		0.350

66

 Notes to Financial Statements (unaudited) (continued)

Aggressive Growth Fund:

	Advisory
Average Daily Net Assets	Fee Rate
First $5.0 billion		0.600	%
Next $2.5 billion		0.575
Next $2.5 billion		0.550
Over $10.0 billion		0.500

      The Trust, on behalf of each Fund, has also entered into administration agreements with SBFM. Under the agreements, each Fund pays an administration fee calculated at an annual rate of 0.20% of each Fund’s respective average daily net assets; except for the Equity Index Portfolio and Growth & Income Fund. The Equity Index Portfolio pays an administration fee calculated at an annual rate of 0.06% of its average daily net assets. These fees are calculated daily and paid monthly.

      The Board of Trustees of the Trust approved amendments to the Administration Agreement between the Trust, on behalf of the Growth & Income Fund and SBFM. Effective August 1, 2004, the administration fee for the Growth & Income Fund, which is calculated daily and payable monthly, will be calculated in accordance with the following schedule:

Growth & Income Fund:

	Administration
Average Daily Net Assets	Fee Rate
First $1.0 billion		0.200	%
Next $1.0 billion		0.175
Next $1.0 billion		0.150
Next $1.0 billion		0.125
Over $4.0 billion		0.100

      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. During the six months ended June 30, 2005, the Funds paid transfer agent fees totaling $7,544 to CTB. The totals for each Fund were as follows:

	Transfer Agent
Diversified Strategic Income Portfolio	$	2,500
Equity Index Portfolio		5,000
Growth & Income Fund		24
Aggressive Growth Fund		20

      Citigroup Global Markets Inc. (“CGM”) another indirect wholly-owned subsidiary of Citigroup, acts as the Funds’ distributor.

      The Trust, on behalf of the Equity Index Portfolio, Growth & Income Fund and Aggressive Growth Fund, adopted a plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act for the Funds’ Class II shares. The Plan provides that the Trust, on behalf of the Funds, shall pay CGM a fee up to 0.25% of the average daily net assets of the Funds attributable to Class II shares. As of June 30, 2005, Growth & Income Fund had not issued any Class II shares.

      During the six months ended June 30, 2005, CGM and its affiliates received brokerage commissions of $48 from Salomon Brothers Variable Growth & Income Fund.

      All officers and one trustee of the Trust are employees of Citigroup or its affiliates and do not receive compensation from the Trust.

67

 Notes to Financial Statements (unaudited) (continued)

          3. Investments

      During the six months ended June 30, 2005, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments and mortgage dollar rolls) were as follows:

					U.S. Government and
	Investments				Agency Obligations
	Purchases		Sales		Purchases		Sales
Diversified Strategic Income Portfolio	$	23,416,092	$	34,574,448	$	19,277,843	$	10,822,230
Equity Index Portfolio		86,126,028		26,752,892		0		0
Growth & Income Fund		3,416,077		3,581,005		0		0
Aggressive Growth Fund		6,970,390		15,077		0		0

      At June 30, 2005, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Gross Unrealized		Gross Unrealized			Net Unrealized
	Appreciation		Depreciation			Appreciation
Diversified Strategic Income Portfolio	$	3,001,123	$	(883,292	)	$	2,117,831
Equity Index Portfolio		277,695,535		(243,127,139	)		34,568,396
Growth & Income Fund		1,909,467		(278,681	)		1,630,786
Aggressive Growth Fund		6,335,101		(5,543,418	)		791,683

At June 30, 2005, the Funds had the following open futures contracts:

Diversified Strategic Income Portfolio

	Number of		Expiration		Basis		Market		Unrealized
	Contracts		Date		Value		Value		Loss
Contracts to Sell:
US Treasury Notes 10 year		2		9/05	$	226,818	$	226,938	$	(120	)

Equity Index Portfolio

	Number of		Expiration		Basis		Market		Unrealized
	Contracts		Date		Value		Value		Loss
Contracts to Buy:
S&P 500 Index Futures		48		9/05	$	14,473,584	$	14,346,000	$	(127,584	)

      At June 30, 2005, the Diversified Strategic Income Portfolio had open forward foreign currency contracts as described below. The unrealized gain (loss) on the open contracts reflected in the accompanying financial statements were as follows:

							Unrealized
	Local		Market		Settlement		Gain
Foreign Currency	Currency		Value		Date		(Loss)
Contracts to Buy:
Euro		8,393,650	$	8,264,416		7/22/05	$	(129,234	)
Contracts to Sell:
Euro		8,701,061		8,317,764		7/22/05		383,297
Net Unrealized Gain on Open Forward Foreign Currency Contracts							$	254,063

68

 Notes to Financial Statements (unaudited) (continued)

      During the six months ended June 30, 2005, the Diversified Strategic Income Portfolio entered into mortgage dollar roll transactions in the aggregate amount of $204,084,180. For the six months ended June 30, 2005, the Fund recorded interest income of $417,200 related to such transactions. At June 30, 2005, the Fund had outstanding net contracts to repurchase mortgage-backed securities of $43,193,138 for scheduled settlements on July 14, 19 and August 11, 2005.

          4. Class Specific Expenses

      Pursuant to a Distribution Plan, the Equity Index Portfolio, Aggressive Growth Fund and Growth & Income Fund each pay a distribution fee with respect to its Class II shares calculated at the annual rate of 0.25% of the average daily net assets of each respective class. As of June 30, 2005, no Class II shares were issued for Growth & Income Fund. For the year ended June 30, 2005, total Distribution fees, which are accrued daily and paid monthly, were as follows:

	Class II
Equity Index Portfolio	$	282,754
Aggressive Growth Fund		26,949

      For the six months ended June 30, 2005, total Transfer Agent fees were as follows:

	Class I		Class II
Equity Index Portfolio	$	2,481	$	2,481
Aggressive Growth Fund		43		43

      For the six months ended June 30, 2005, total Shareholder Reports expenses were as follows:

	Class I		Class II
Equity Index Portfolio	$	83,612	$	15,927
Aggressive Growth Fund		3,687		3,341

          5. Distributions to Shareholders by Class

	Six Months Ended		Year Ended
	June 30, 2005		December 31, 2004
Diversified Strategic Income Portfolio
Net Investment Income		—	$	4,799,696
Equity Index Portfolio Class I Shares
Net Investment Income		—	$	21,936,892
Equity Index Portfolio Class II Shares
Net Investment Income		—	$	2,962,652
Growth & Income Fund
Net Investment Income		—	$	101,977

      For the six months ended June 30, 2005 and the year ended December 31, 2004, the Aggressive Growth Fund did not make any distributions.

          6. Shares of Beneficial Interest

      At June 30, 2005, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.001 per share. The Equity Index Portfolio, Growth & Income Fund and Aggressive Growth Fund have the ability to issue multiple classes of shares. Each share of a class represents an identical interest and has the same rights, except that each class bears certain direct expenses specifically related to the distribution of its shares.

69

 Notes to Financial Statements (unaudited) (continued)

      On August 30, 2002, the Aggressive Growth Fund and the Growth & Income Fund created a separate class of shares designated as Class II shares. Prior to that date, these Funds issued one class of shares, which, as of August 30, 2002, has been designated Class I shares. As of June 30, 2005, Growth & Income Fund had not issued any Class II shares.

      Transactions in shares for each Fund were as follows:

	Six Months Ended						Year Ended
	June 30, 2005						December 31, 2004
	Shares			Amount			Shares			Amount
Diversified Strategic Income Portfolio
Shares sold		381,423		$	3,552,163			1,370,414		$	12,777,163
Shares issued on reinvestment		—			—			517,828			4,799,696
Shares repurchased		(1,024,556	)		(9,571,248	)		(1,436,108	)		(13,390,612	)
Net Increase (Decrease)		(643,133	)	$	(6,019,085	)		452,134		$	4,186,247
Equity Index Portfolio Class I Shares
Shares sold		1,144,229		$	33,161,500			4,668,053		$	129,139,424
Shares issued on reinvestment		—			—			743,910			21,936,892
Shares repurchased		(1,270,355	)		(36,846,447	)		(2,029,271	)		(56,382,704	)
Net Increase (Decrease)		(126,126	)	$	(3,684,947	)		3,382,692		$	94,693,612
Equity Index Portfolio Class II Shares
Shares sold		681,101		$	19,913,868			3,314,334		$	89,913,691
Shares issued on reinvestment		—			—			100,387			2,962,652
Shares repurchased		(450,029	)		(13,051,779	)		(610,686	)		(17,046,282	)
Net Increase		231,072		$	6,862,089			2,804,035		$	75,830,061
Growth & Income Fund
Shares sold		131,466		$	626,420			578,485		$	2,677,330
Shares issued on reinvestment		—			—			20,749			101,977
Shares repurchased		(228,441	)		(1,094,360	)		(367,287	)		(1,681,850	)
Net Increase (Decrease)		(96,975	)	$	(467,940	)		231,947		$	1,097,457
Aggressive Growth Fund Class I Shares
Shares sold		265,704		$	5,468,588			523,041		$	10,418,783
Shares repurchased		(36,481	)		(754,770	)		(101,052	)		(2,029,612	)
Net Increase		229,223		$	4,713,818			421,989		$	8,389,171
Aggressive Growth Fund Class II Shares
Shares sold		203,227		$	4,136,742			777,437		$	15,454,588
Shares repurchased		(49,977	)		(1,021,197	)		(71,755	)		(1,394,553	)
Net Increase		153,250		$	3,115,545			705,682		$	14,060,035

          7. Capital Loss Carryforward

      On December 31, 2004, the Funds had net capital loss carryforwards as follows:

	Diversified
	Strategic Income		Equity Index		Growth & Income		Aggressive
Year of Expiration	Portfolio		Portfolio		Fund		Growth Fund
12/31/2008	$	1,781,808		—		—		—
12/31/2009		4,543,816		—		—		—
12/31/2010		2,118,955	$	30,303,104	$	244,984	$	595,724
12/31/2011		—		—		644,680		—
	$	8,444,579	$	30,303,104	$	889,664	$	595,724

70

 Notes to Financial Statements (unaudited) (continued)

          8. Additional Information

      On May 31, 2005, the U.S. Securities and Exchange Commission (“SEC”) issued an order in connection with the settlement of an administrative proceeding against SBFM and Citigroup Global Markets Inc. (“CGMI”) relating to the appointment of an affiliated transfer agent for the Smith Barney family of mutual funds (the “Funds”).

      The SEC order finds that SBFM and CGMI willfully violated Section 206(1) of the Investment Advisers Act of 1940 (“Advisers Act”). Specifically, the order finds that SBFM and CGMI knowingly or recklessly failed to disclose to the boards of the Funds in 1999 when proposing a new transfer agent arrangement with an affiliated transfer agent that: First Data Investors Services Group (“First Data”), the Funds’ then-existing transfer agent, had offered to continue as transfer agent and do the same work for substantially less money than before; and that Citigroup Asset Management (“CAM”), the Citigroup business unit that includes the Funds’ investment manager and other investment advisory companies, had entered into a side letter with First Data under which CAM agreed to recommend the appointment of First Data as sub-transfer agent to the affiliated transfer agent in exchange, among other things, for a guarantee by First Data of specified amounts of asset management and investment banking fees to CAM and CGMI. The order also finds that SBFM and CGMI willfully violated Section 206(2) of the Advisers Act by virtue of the omissions discussed above and other misrepresentations and omissions in the materials provided to the Funds’ boards, including the failure to make clear that the affiliated transfer agent would earn a high profit for performing limited functions while First Data continued to perform almost all of the transfer agent functions, and the suggestion that the proposed arrangement was in the Funds’ best interests and that no viable alternatives existed. SBFM and CGMI do not admit or deny any wrongdoing or liability. The settlement does not establish wrongdoing or liability for purposes of any other proceeding.

      The SEC censured SBFM and CGMI and ordered them to cease and desist from violations of Sections 206(1) and 206(2) of the Advisers Act. The order requires Citigroup to pay $208.1 million, including $109 million in disgorgement of profits, $19.1 million in interest, and a civil money penalty of $80 million. Approximately $24.4 million has already been paid to the Funds, primarily through fee waivers. The remaining $183.7 million, including the penalty, has been paid to the U.S. Treasury and will be distributed pursuant to a plan to be prepared by Citigroup and submitted within 90 days of the entry of the order for approval by the SEC. The order also requires that transfer agency fees received from the Funds since December 1, 2004 less certain expenses be placed in escrow and provides that a portion of such fees may be subsequently distributed in accordance with the terms of the order.

      The order requires SBFM to recommend a new transfer agent contract to the Funds’ boards within 180 days of the entry of the order; if a Citigroup affiliate submits a proposal to serve as transfer agent or sub-transfer agent, an independent monitor must be engaged at the expense of SBFM and CGMI to oversee a competitive bidding process. Under the order, Citigroup also must comply with an amended version of a vendor policy that Citigroup instituted in August 2004. That policy, as amended, among other things, requires that when requested by a Fund board, CAM will retain at its own expense an independent consulting expert to advise and assist the board on the selection of certain service providers affiliated with Citigroup.

      At this time, there is no certainty as to how the proceeds of the settlement will be distributed, to whom such distributions will be made, the methodology by which such distributions will be allocated, and when such distributions will be made. Although there can be no assurance, Citigroup does not believe that this matter will have a material adverse effect on the Funds.

9. Legal Matters

      Beginning in June 2004, class action lawsuits alleging violations of the federal securities laws were filed against Citigroup Global Markets Inc. (the “Distributor”) and a number of its affiliates, including Smith Barney Fund Management LLC and Salomon Brothers Asset Management Inc (the “Advisers”), substantially all of the mutual funds managed by the Advisers, including the Fund (the “Funds”), and directors or trustees of the Funds (collectively, the “Defendants”). The complaints alleged, among other things, that the Distributor created various undisclosed incentives for its brokers to sell Smith Barney and Salomon Brothers funds. In addition, according to the complaints, the Advisers caused the Funds to pay excessive brokerage commissions to the Distributor for steering clients towards proprietary funds. The complaints also alleged that the defendants breached their fiduciary duty to the Funds by improperly charging Rule 12b-1 fees and by drawing on fund assets to make undisclosed payments of soft dollars and excessive brokerage commissions. The complaints also alleged that the Funds failed to adequately disclose certain of the allegedly wrongful conduct. The complaints sought

71

 Notes to Financial Statements (unaudited) (continued)

injunctive relief and compensatory and punitive damages, rescission of the Funds’ contracts with the Advisers, recovery of all fees paid to the Advisers pursuant to such contracts and an award of attorneys’ fees and litigation expenses.

      On December 15, 2004, a consolidated amended complaint (the “Complaint”) was filed alleging substantially similar causes of action. While the lawsuit is in its earliest stages, to the extent that the Complaint purports to state causes of action against the Funds, Citigroup Asset Management believes the Funds have significant defenses to such allegations, which the Funds intend to vigorously assert in responding to the Complaint.

      Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed against the Defendants in the future.

      As of the date of this report, Citigroup Asset Management and the Funds believe that the resolution of the pending lawsuit will not have a material effect on the financial position or results of operations of the Funds or the ability of the Advisers and their affiliates to continue to render services to the Funds under their respective contracts.

10. Other Matters

      On June 24, 2005, Citigroup announced that it has signed a definitive agreement under which Citigroup will sell substantially all of its worldwide asset management business to Legg Mason, Inc. (“Legg Mason”).

      As part of this transaction, SBFM, SBAM and TIMCO (the “Advisers”), currently indirect wholly owned subsidiaries of Citigroup, would become indirect wholly owned subsidiaries of Legg Mason. The Advisers are the investment advisers to Diversified Strategic Income Portfolio, Equity Index Portfolio, Salomon Brothers Variable Growth and Income Fund and Salomon Brothers Variable Aggressive Growth Fund.

      The transaction is subject to certain regulatory approvals, as well as other customary conditions to closing. Subject to such approvals and the satisfaction of the other conditions, Citigroup expects the transaction to be completed later this year.

      Under the 1940 Act, consummation of the transaction will result in the automatic termination of the investment advisory contracts between the Funds and the Advisers. Therefore, the Funds’ Board of Trustees will be asked to approve new investment advisory contracts between the Funds and the Advisers. If approved by the Board, the new investment advisory contracts will be presented to the shareholders of the Funds for their approval. Subsequently, on August 1, 2005, the Board approved the new investment advisory contracts between the Funds and the Advisers.

72

Greenwich Street Series Fund

TRUSTEES

Dwight B. Crane

Burt N. Dorsett

R. Jay Gerken, CFA

       Chairman

Elliot S. Jaffe

Stephen E. Kaufman

Cornelius C. Rose, Jr.

OFFICERS

R. Jay Gerken, CFA

President and

Chief Executive Officer

Andrew B. Shoup

Senior Vice President and

Chief Administrative Officer

Kaprel Ozsolak

Chief Financial Officer

and Treasurer

Oliver Asselin

Vice President and

Investment Officer

Kevin Caliendo

Vice President and

Investment Officer

Richard A. Freeman

Vice President and

Investment Officer

Martin R. Hanley

Vice President and

Investment Officer

Michael A. Kagan

Vice President and

Investment Officer

John Lau

Vice President and

Investment Officer

Roger M. Lavan

Vice President and

Investment Officer

Alex A. Romeo

Vice President and

Investment Officer

Beth A. Semmel, CFA

Vice President and

Investment Officer

Louis Scott

Vice President and

Investment Officer

OFFICERS (Cont’d.)

Peter J. Wilby, CFA

Vice President and

Investment Officer

Daniel Willey

Vice President and

Investment Officer

David M. Zahn

Vice President and

Investment Officer

Andrew Beagley

Chief Anti-Money Laundering

Compliance Officer and

Chief Compliance Officer

Robert I. Frenkel

Secretary and

Chief Legal Officer

INVESTMENT ADVISERS

Smith Barney Fund Management LLC

Salomon Brothers Asset Management Inc

TIMCO Asset Management, Inc.

ADMINISTRATOR

Smith Barney Fund Management LLC

DISTRIBUTOR

Citigroup Global Markets Inc.

CUSTODIAN

State Street Bank and Trust Company

TRANSFER AGENT

Citicorp Trust Bank, fsb.

SUB-TRANSFER AGENT

PFPC Inc.

Greenwich Street Series Fund

Diversified Strategic Income Portfolio

Equity Index Portfolio

Salomon Brothers Variable Growth & Income Fund

Salomon Brothers Variable Aggressive Growth Fund

The Funds are separate investment funds of the Greenwich Street Series Fund, a Massachusetts business trust.

This report is submitted for the general information of the owners of the Greenwich Street Series Fund and is not for use with the general public.

This report must be preceded or accompanied by a free prospectus. Investors should consider the funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the funds. Please read the prospectus carefully before investing.

Information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 and a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling 1-800-451-2010, (2) on the Funds’ website at www.citigroupam.com and (3) on the SEC’s website at www.sec.gov.

The Funds file their complete schedule of portfolio holdings with Securities Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800- SEC-0330. To obtain information on Form N-Q from the Funds, shareholders can call 1-800-451-2010.

S-6225 M (8/05)

05-8929

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.	SCHEDULE OF INVESTMENTS.
	Not applicable.
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
ITEM 8.	[RESERVED]
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
	Not applicable.
ITEM 11.	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 12.	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.

Greenwich Street Series Fund

By:	/s/ R. Jay Gerken
	R. Jay Gerken
	Chief Executive Officer of
	Greenwich Street Series Fund

Date: September 7, 2005

     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
	Greenwich Street Series Fund

Date: September 7, 2005

By:	/s/ Kaprel Ozsolak
	Kaprel Ozsolak
	Chief Financial Officer of
	Greenwich Street Series Fund

Date: September 7, 2005