UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-8372
Travelers Series Fund Inc.
(Exact name of registrant as specified in charter)
125 Broad Street, New York, NY 10004
(Address of principal executive offices) (Zip code)
Christina T. Sydor, Esq.
300 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant's telephone number, including area code:
(800) 451-2010
Date of fiscal year end: October 31
Date of reporting period: April 30, 2003
ITEM 1. REPORT TO STOCKHOLDERS.
The Semi-Annual Report to Stockholders is filed herewith.
--------------------------------------------------
TRAVELERS SERIES FUND INC.
SMITH BARNEY HIGH
INCOME PORTFOLIO
PUTNAM DIVERSIFIED
INCOME PORTFOLIO
--------------------------------------------------
SEMI-ANNUAL REPORT | APRIL 30, 2003
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NOT FDIC INSURED . NOT BANK GUARANTEED . MAY LOSE VALUE
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WHAT'S INSIDE
Letter From the Chairman......................................... 1
Schedule of Investments.......................................... 2
Statements of Assets and Liabilities............................. 59
Statements of Operations......................................... 60
Statements of Changes in Net Assets.............................. 61
Notes to Financial Statements.................................... 63
Financial Highlights............................................. 75
LETTER FROM THE CHAIRMAN
[PHOTO]
R. JAY GERKEN
Chairman, President and Chief Executive Officer
Dear Shareholder,
The philosopher Bertrand Russell famously remarked that, "Change is one thing,
progress is another." You will notice in the following pages that we have begun
to implement some changes to your shareholder report and we will be reflecting
other changes in future reports. Our aim is to make meaningful improvements in
reporting on the management of your Fund and its performance, not just to enact
change for change's sake. Please bear with us during this transition period.
I invite you to read this report in full. Please take the opportunity to talk to
your financial adviser about this report or any other questions or concerns you
have about your Fund and your financial future. As always, thank you for
entrusting your assets to us. We look forward to helping you continue to meet
your financial goals.
Sincerely,
/s/ R. Jay Gerken
R. Jay Gerken
Chairman, President and Chief Executive Officer
May 23, 2003
1 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
- -------------------------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES -- 88.7%
Aerospace and Defense -- 0.4%
725,000 CCC+ Dunlop Standard Aerospace Holdings, Sr. Notes,
11.875% due 5/15/09 $ 757,625
600/UNIT/ NR Northrop Grumman Corp., 7.250% due 11/16/04 (b) 61,350
- -------------------------------------------------------------------------------------------------------
818,975
- -------------------------------------------------------------------------------------------------------
Airlines -- 0.8%
655,000 C* Air Canada, Sr. Notes, 10.250% due 3/15/11 (c) 157,200
1,402,534 CCC Airplanes Pass-Through Trust, Corporate Asset-Backed Securities,
Series D, 10.875% due 3/15/19 42,076
Continental Airlines Pass-Through Certificates:
560,000 BB- Series 99-2, Class C-2, 7.434% due 3/15/06 313,409
211,009 BB Series 00-2, Class C, 8.312% due 4/2/11 96,150
885,000 B+ Series 01-2, Class D, 7.568% due 12/1/06 382,530
United Airlines Inc., Pass-Through Certificates:
437,290 B- Series 00-1, 8.030% due 7/1/11 75,273
888,598 Ba3* Series 00-2, 7.811% due 10/1/09 (c) 134,592
365,000 B- Series 01-1, 6.831% due 9/1/08 62,899
160,000 Ba1* Series 01-1, 6.932% due 9/1/11 24,239
318,134 A+ US Airways, Inc., Pass-Through Certificates, Series 1999-1,
8.360% due 1/20/19 257,148
- -------------------------------------------------------------------------------------------------------
1,545,516
- -------------------------------------------------------------------------------------------------------
Alternative Power Generation -- 2.4%
The AES Corp.:
1,295,000 B- Sr. Notes, 9.500% due 6/1/09 1,282,050
465,000 B- Sr. Sub. Notes, 10.250% due 7/15/06 462,675
1,470,000 B+ Calpine Canada Energy Finance ULC, Sr. Notes,
8.500% due 5/1/08 1,091,475
Calpine Corp., Sr. Notes:
305,000 B+ 8.750% due 7/15/07 221,125
2,560,000 B+ 8.625% due 8/15/10 1,843,200
- -------------------------------------------------------------------------------------------------------
4,900,525
- -------------------------------------------------------------------------------------------------------
Apparel/Footwear -- 1.7%
Levi Strauss & Co.:
1,065,000 BB- Notes, 7.000% due 11/1/06 846,675
Sr. Notes:
750,000 BB- 11.625% due 1/15/08 637,500
145,000 BB- 12.250% due 12/15/12 (d) 121,075
460,000 BBB- Tommy Hilfiger U.S.A., Inc., Notes, 6.500% due 6/1/03 464,600
785,000 B Tropical Sportswear International Corp., Sr. Sub. Notes, Series A,
11.000% due 6/15/08 804,625
See Notes to Financial Statements.
2 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
--------------------------------------------------------------------------
Apparel/Footwear -- 1.7% (continued)
450,000 B The William Carter Co., Sr. Sub. Notes,
Series B, 10.875% due 8/15/11 $ 502,875
-------------------------------------------------------------------------
3,377,350
-------------------------------------------------------------------------
Apparel/Footwear Retail -- 0.4%
The Gap Inc., Notes:
350,000 BB+ 5.625% due 5/1/03 350,000
190,000 BB+ 9.900% due 12/15/05 215,175
275,000 BB+ 10.550% due 12/15/08 329,313
-------------------------------------------------------------------------
894,488
-------------------------------------------------------------------------
Athletic Equipment -- 0.3%
600,000 B- Icon Health & Fitness, Inc., Sr. Sub.
Notes, 11.250% due 4/1/12 627,000
-------------------------------------------------------------------------
Auto Parts - Original Equipment Manufacturers -- 1.8%
260,000 BB Arvin Capital Trust I, Capital
Securities, 9.500% due 2/1/27 258,375
Dana Corp., Notes:
715,000 BB 6.500% due 3/1/09 697,125
320,000 BB 10.125% due 3/15/10 360,000
150,000 B- Eagle-Picher Industries, Inc., Sr. Sub.
Notes, 9.375% due 3/1/08 133,500
1,975,000 Baa1* Ford Motor Co., Notes, 7.450% due
7/16/31 1,762,605
65,000 CCC LDM Technologies, Inc., Sr. Sub. Notes,
Series B, 10.750% due 1/15/07 61,100
225,000 B- Rexnord Corp., Sr. Sub. Notes, 10.125%
due 12/15/12 (d) 243,000
150,000 B+ TRW Automotive, Inc., Sr. Sub. Notes,
11.000% due 2/15/13 (d) 165,000
-------------------------------------------------------------------------
3,680,705
-------------------------------------------------------------------------
Beverages - Non-Alcoholic -- 1.0%
1,575,000 Ba3* Constellation Brands Inc., Sr. Sub.
Notes, Series B, 8.125% due 1/15/12 1,679,344
330,000 B+ Cott Beverages Inc., Sr. Sub. Notes,
8.000% due 12/15/11 356,400
-------------------------------------------------------------------------
2,035,744
-------------------------------------------------------------------------
Broadcasting -- 2.5%
1,432,000 B- Emmis Communications Corp., Sr.
Discount Notes, step bond to yield
12.396% due 3/15/11 1,267,320
250,000 CCC IMAX Corp., Sr. Notes, 7.875% due
12/1/05 225,000
125,000 B- NextMedia Operating, Inc., Sr. Sub.
Notes, 10.750% due 7/1/11 139,062
Paxson Communications Corp.:
490,000 B- Sr. Sub. Discount Notes, step bond to
yield 12.263% due 1/15/09 414,050
270,000 B- Sr. Sub. Notes, 10.750% due 7/15/08 299,700
See Notes to Financial Statements.
3 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
------------------------------------------------------------------------------
Broadcasting -- 2.5% (continued)
Pegasus Communications Corp., Sr.
Notes, Series B:
65,000 Ca* 9.625% due 10/15/05 $ 60,125
265,000 Ca* 9.750% due 12/1/06 245,125
550,000 B2* Radio One, Inc., Sr. Sub. Notes, Series
B, 8.875% due 7/1/11 607,750
285,000 B- Spanish Broadcasting System, Inc., Sr.
Notes, 9.625% due 11/1/09 302,812
925,000 BBB+ Time Warner Inc., Debentures, 6.625%
due 5/15/29 916,706
450,000 B+ Vivendi Universal S.A., Sr. Notes,
9.250% due 4/15/10 (d) 507,375
-------------------------------------------------------------------------
4,985,025
-------------------------------------------------------------------------
Building Products -- 1.2%
160,000 B Associated Materials Inc., Sr. Sub.
Notes, 9.750% due 4/15/12 175,200
690,000 B- Atrium Cos., Inc., Sr. Sub. Notes,
Series B, 10.500% due 5/1/09 727,950
575,000 B- Brand Services, Inc., Sr. Sub. Notes,
Series B, 12.000% due 10/15/12 (d) 635,375
870,000 B- Nortek Holdings Inc., Sr. Sub. Notes,
Series B, 9.875% due 6/15/11 909,150
-------------------------------------------------------------------------
2,447,675
-------------------------------------------------------------------------
Cable/Satellite TV -- 8.1%
1,015,000 NR Adelphia Communications Corp., Sr.
Discount Notes, Series B, zero coupon
bond to yield 14.607% due 1/15/08 (c) 284,200
Charter Communications Holdings, LLC:
Sr. Discount Notes:
3,966,000 Ca* Step bond to yield 12.272% due
1/15/10 2,002,830
1,035,000 Ca* Step bond to yield 13.504% due
1/15/11 470,925
1,535,000 Ca* Step bond to yield 11.772% due
5/15/11 698,425
1,000,000 Ca* Sr. Notes, 10.750% due 10/1/09 670,000
CSC Holdings, Inc.:
1,700,000 BB- Debentures, 7.625% due 7/15/18 1,772,250
260,000 BB- Sr. Notes, Series B, 7.625% due 4/1/11 274,950
1,060,000 B+ Sr. Sub. Debentures, 10.500% due
5/15/16 1,200,450
875,000 B1* DIRECTV Holdings LLC, Sr. Notes, 8.375%
due 3/15/13 (d) 984,375
EchoStar DBS Corp., Sr. Notes:
1,310,000 BB- 10.375% due 10/1/07 1,473,750
1,150,000 BB- 9.125% due 1/15/09 1,299,500
1,025,000 BB- 9.375% due 2/1/09 1,110,844
1,065,000 B- Insight Communications Co., Inc., Sr.
Discount Notes, step bond to yield
14.115% due 2/15/11 844,013
925,000 B+ MediaCom LLC/Cap Corp., Sr. Notes,
9.500% due 1/15/13 999,000
315,000 CCC- Pegasus Satellite Communications, Inc.,
Sr. Discount Notes, step bond to yield
23.919% due 3/1/07 272,475
See Notes to Financial Statements.
4 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
--------------------------------------------------------------------------
Cable/Satellite TV -- 8.1% (continued)
1,670,000 BB- Rogers Cablesystems Ltd., Sr. Sub.
Debentures, 11.000% due 12/1/15 $ 1,891,275
--------------------------------------------------------------------------
16,249,262
--------------------------------------------------------------------------
Casino/Gaming -- 4.4%
455,000 B Alliance Gaming Corp., Sr. Sub. Notes,
Series B, 10.000% due 8/1/07 477,750
840,000 B Ameristar Casinos, Inc., Sr. Sub.
Notes, 10.750% due 2/15/09 945,000
800,000 B+ Argosy Gaming Co., Sr. Sub. Notes,
9.000% due 9/1/11 864,000
225,000 B+ Horseshoe Gaming Holding Corp., Sr.
Sub. Notes, Series B, 8.625% due
5/15/09 240,188
Mandalay Resort Group:
260,000 BB- Sr. Sub. Debentures, 7.625% due 7/15/13 258,700
585,000 BB- Sr. Sub. Notes, Series B, 10.250% due
8/1/07 649,350
MGM MIRAGE, Sr. Sub. Notes:
325,000 BB+ 9.750% due 6/1/07 365,625
900,000 BB+ 8.375% due 2/1/11 987,750
Park Place Entertainment Corp., Sr.
Sub. Notes:
450,000 BB+ 8.875% due 9/15/08 487,125
1,400,000 BB+ 8.125% due 5/15/11 1,487,500
665,000 B+ Station Casinos, Inc., Sr. Sub. Notes,
8.875% due 12/1/08 703,237
275,000 B+ Turning Stone Casino Resort Enterprise,
Sr. Notes, 9.125% due 12/15/10 (d) 290,812
930,000 B- Venetian Casino Resort LLC/Las Vegas
Sands, Inc., Mortgage Secured Notes,
11.000% due 6/15/10 1,025,325
--------------------------------------------------------------------------
8,782,362
--------------------------------------------------------------------------
Chemicals - Agricultural -- 0.4%
660,000 BB IMC Global Inc., Sr. Notes, Series B,
11.250% due 6/1/11 752,400
65,000 BB- Terra Capital Inc., Sr. Secured Notes,
12.875% due 10/15/08 73,125
--------------------------------------------------------------------------
825,525
--------------------------------------------------------------------------
Chemicals - Major Diversified -- 1.8%
825,000 BB+ FMC Corp., Medium-Term Notes, Series A,
6.750% due 5/5/05 829,589
5,810,000 B- Huntsman ICI Chemicals LLC, Sr.
Discount Notes, zero coupon bond to
yield 17.445% due 12/31/09 2,294,950
715,000 CCC+ Texas Petrochemical Corp., Sr. Sub.
Notes, 11.125% due 7/1/06 411,125
--------------------------------------------------------------------------
3,535,664
--------------------------------------------------------------------------
Chemicals - Specialty -- 2.2%
345,000 Ba2* Airgas Inc., Sr. Sub. Notes, 9.125% due
10/1/11 386,400
645,000 B- Avecia Group PLC, Sr. Notes, 11.000%
due 7/1/09 590,175
See Notes to Financial Statements.
5 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
------------------------------------------------------------------------------
Chemicals - Specialty -- 2.2% (continued)
600,000 B+ International Specialty Holdings, Inc.,
Sr. Secured Notes, Series B, 10.625%
due 12/15/09 $ 618,000
655,000 BB- ISP Chemco, Inc., Sr. Sub. Notes,
Series B, 10.250% due 7/1/11 717,225
655,000 BB Lyondell Chemical Co., Sr. Secured
Notes, 11.125% due 7/15/12 710,675
260,000 BBB- Methanex Corp., Sr. Notes, 8.750% due
8/15/12 287,950
235,000 B- OM Group, Inc., Sr. Sub. Notes, 9.250%
due 12/15/11 202,100
900,000 B Terra Industries, Inc., Sr. Notes,
Series B, 10.500% due 6/15/05 891,000
--------------------------------------------------------------------------
4,403,525
--------------------------------------------------------------------------
Coal -- 0.3%
480,000 BB Luscar Coal Ltd., Sr. Notes, 9.750% due
10/15/11 544,800
--------------------------------------------------------------------------
Commercial Printing/Forms -- 0.3%
530,000 BB- Mail-Well I Corp., Sr. Notes, 9.625%
due 3/15/12 540,600
--------------------------------------------------------------------------
Consumer Specialties -- 0.2%
75,000 B+ Central Garden & Pet Co., Sr. Sub.
Notes, 9.125% due 2/1/13 (d) 80,625
65,000 B- Doane Pet Care Co., Sr. Sub. Notes,
9.750% due 5/15/07 62,075
200,000 B+ Resolution Performance Products LLC/RPP
Capital Corp., Sr. Notes, 9.500% due
4/15/10 (d) 215,000
--------------------------------------------------------------------------
357,700
--------------------------------------------------------------------------
Consumer Sundries -- 0.6%
American Greetings Corp.:
385,000 BBB- Notes, 6.100% due 8/1/28 379,225
295,000 BB+ Sr. Sub. Notes, 11.750% due 7/15/08 339,250
460,000 BB- Sola International Inc., Notes, 6.875%
due 3/15/08 434,584
--------------------------------------------------------------------------
1,153,059
--------------------------------------------------------------------------
Containers/Packaging -- 4.3%
700,000 B+ Anchor Glass Container Corp., Sr.
Secured Notes, 11.000% due 2/15/13 (d) 745,500
400,000 B Del Monte Corp., Sr. Sub. Notes, 8.625%
due 12/15/12 (d) 432,500
1,220,000 BB Owens-Brockway Glass Container Inc.,
Sr. Secured Notes, 8.875% due 2/15/09 1,314,550
250,000 B+ Owens-Illinois, Inc., Sr. Notes, 7.150%
due 5/15/05 256,250
235,000 B- Packaged Ice, Inc., Sr. Notes, Series
B, 9.750% due 2/1/05 226,775
395,000 B+ Plastipak Holdings, Inc., Sr. Notes,
10.750% due 9/1/11 428,575
80,000 B- Pliant Corp., Sr. Sub. Notes, 13.000%
due 6/1/10 74,400
1,000,000 B Radnor Holdings, Inc., Sr. Notes,
11.000% due 5/15/10 (d) 1,005,000
1,125,000 CCC+ Riverwood International Corp., Sr.
Notes, 10.625% due 8/1/07 1,181,250
560,000 BBB Sealed Air Corp., Notes, 6.950% due
5/15/09 (d) 614,140
1,660,000 B Stone Container Corp., Sr. Notes,
11.500% due 8/15/06 (d) 1,784,500
See Notes to Financial Statements.
6 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
-----------------------------------------------------------------------------
Containers/Packaging -- 4.3% (continued)
495,000 B- Tekni-Plex Inc., Sr. Sub. Notes, Series
B, 12.750% due 6/15/10 $ 486,337
-------------------------------------------------------------------------
8,549,777
-------------------------------------------------------------------------
Contract Drilling -- 0.4%
710,000 BB Pride International, Inc., Sr. Notes,
10.000% due 6/1/09 781,000
-------------------------------------------------------------------------
Department Stores -- 1.3%
J.C. Penney Co., Inc., Notes:
950,000 BB- 8.000% due 3/1/10 1,014,125
705,000 BB- 9.000% due 8/1/12 775,500
717,000 BB Saks Inc., Notes, 9.875% due 10/1/11 806,625
-------------------------------------------------------------------------
2,596,250
-------------------------------------------------------------------------
Drugstore Chains -- 0.8%
Rite Aid Corp.:
1,305,000 B- Notes, 7.125% due 1/15/07 1,265,850
325,000 B- Sr. Notes, 7.625% due 4/15/05 325,812
-------------------------------------------------------------------------
1,591,662
-------------------------------------------------------------------------
Electric Utilities -- 3.4%
180,000 BB+ Avista Corp., Sr. Notes, 9.750% due
6/1/08 200,700
Avon Energy Partners Holdings:
1,300,000 B Notes, 6.460% due 3/4/08 (d) 1,131,000
750,000 B Sr. Notes, 7.050% due 12/11/07 (d) 656,250
CMS Energy Corp., Sr. Notes:
405,000 B+ 7.625% due 11/15/04 405,000
140,000 B+ 9.875% due 10/15/07 146,300
Edison Mission Energy, Sr. Notes:
640,000 BB- 10.000% due 8/15/08 592,000
325,000 BB- 7.730% due 6/15/09 274,625
1,625,000 BB- 9.875% due 4/15/11 1,446,250
Mirant Corp., Sr. Notes:
400,000 B 7.875% due 5/1/06 345,250
425,000 B 9.125% due 5/1/31 283,000
1,165,000 CCC+ Orion Power Holdings, Inc., Sr. Notes,
12.000% due 5/1/10 1,269,850
-------------------------------------------------------------------------
6,750,225
-------------------------------------------------------------------------
Electrical Products -- 0.3%
690,000 BBB- Thomas & Betts Corp., Sr. Medium-Term
Notes, 6.625% due 5/7/08 672,750
-------------------------------------------------------------------------
See Notes to Financial Statements.
7 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
---------------------------------------------------------------------------
Electronic/Appliances -- 0.5%
445,000 CCC Remington Product Co., LLC, Sr. Sub.
Notes, Series D, 11.000% due 5/15/06 $ 456,125
Salton Inc., Sr. Sub. Notes:
65,000 B 10.750% due 12/15/05 67,275
475,000 B 12.250% due 4/15/08 496,375
-------------------------------------------------------------------------
1,019,775
-------------------------------------------------------------------------
Engineering and Construction -- 0.2%
1,135,000 NR Metromedia Fiber Network, Sr. Secured
Notes, 14.000% due 3/15/07 (c)(d) 312,125
-------------------------------------------------------------------------
Environmental Services -- 1.5%
Allied Waste North America, Inc.,
Series B:
520,000 BB- Sr. Notes, 7.875% due 1/1/09 539,500
Sr. Sub. Notes:
890,000 BB- 8.500% due 12/1/08 965,650
1,365,000 B+ 10.000% due 8/1/09 1,465,669
-------------------------------------------------------------------------
2,970,819
-------------------------------------------------------------------------
Finance Companies -- 0.5%
475,000 A3* Ford Motor Credit Co., Notes, 7.250%
due 10/25/11 476,933
450,000 A2* General Motors Acceptance Corp., Notes,
6.875% due 2/28/12 458,404
-------------------------------------------------------------------------
935,337
-------------------------------------------------------------------------
Finance/Rental/Leasing -- 0.9%
1,100,000 BBB- Avis Group Holdings Inc., Sr. Sub.
Notes, 11.000% due 5/1/09 1,232,000
640,000 B Williams Scotsman Inc., Sr. Notes,
9.875% due 6/1/07 640,000
-------------------------------------------------------------------------
1,872,000
-------------------------------------------------------------------------
Financial Conglomerates -- 1.0%
4,762,000 NR The Finova Group Inc., Notes, 7.500%
due 11/15/09 1,928,610
-------------------------------------------------------------------------
Food Distributors -- 0.8%
300,000 BB+ Ahold Finance USA Inc., Notes, 8.250%
due 7/15/10 265,875
1,250,000 B- Premier International Foods, PLC, Sr.
Notes, 12.000% due 9/1/09 1,381,250
-------------------------------------------------------------------------
1,647,125
-------------------------------------------------------------------------
Foods - Major Diversified -- 0.6%
Aurora Foods Inc., Sr. Sub. Notes,
Series B:
1,100,000 CC 9.875% due 2/15/07 500,500
660,000 CC 8.750% due 7/1/08 293,700
335,000 BB- Dean Foods Co., Sr. Notes, 6.900% due
10/15/17 322,464
See Notes to Financial Statements.
8 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
--------------------------------------------------------------------------
Foods - Major Diversified -- 0.6% (continued)
265,000 CCC Mrs. Fields Original Cookies, Inc., Sr.
Notes, Series B, 10.125% due 12/1/04 $ 131,175
-------------------------------------------------------------------------
1,247,839
-------------------------------------------------------------------------
Foods - Meat/Fish/Dairy -- 0.2%
410,000 BBB Tyson Foods, Inc., Notes, 7.000% due
1/15/28 394,826
-------------------------------------------------------------------------
Foods - Retail -- 0.2%
420,000 B+ The Great Atlantic & Pacific Tea Co.,
Inc., Notes, 7.750% due 4/15/07 361,200
-------------------------------------------------------------------------
Foods - Specialty/Candy -- 0.4%
640,000 B2* Michael Foods, Inc., Sr. Sub. Notes,
Series B, 11.750% due 4/1/11 732,800
-------------------------------------------------------------------------
Forest Products -- 0.7%
1,135,000 Ba2* Louisiana Pacific Corp., Sr. Sub.
Notes, 10.875% due 11/15/08 1,276,875
195,000 B+ Millar Western Forest Products Ltd.,
Sr. Notes, 9.875% due 5/15/08 203,775
-------------------------------------------------------------------------
1,480,650
-------------------------------------------------------------------------
Home Furnishings -- 0.8%
200,000 B- Home Interiors & Gifts, Inc., Sr. Sub.
Notes, 10.125% due 6/1/08 205,000
Sealy Mattress Co.:
1,080,000 B- Sr. Discount Notes, Series B, 10.875%
due 12/15/07 1,134,000
150,000 B- Sr. Sub. Notes, Series B, 9.875% due
12/15/07 155,250
660,000 Ca* WestPoint Stevens Inc., Sr. Notes,
7.875% due 6/15/08 125,400
-------------------------------------------------------------------------
1,619,650
-------------------------------------------------------------------------
Homebuilding -- 2.3%
325,000 BB Beazer Homes USA Inc., Sr. Notes,
8.625% due 5/15/11 356,688
D.R. Horton, Inc.:
320,000 Ba1* Sr. Notes, 8.000% due 2/1/09 348,800
340,000 Ba2* Sr. Sub. Notes, 9.375% due 3/15/11 368,900
480,000 BB- KB HOME, Sr. Sub. Notes, 9.500% due
2/15/11 531,600
585,000 BBB- Lennar Corp., Sr. Sub. Notes, Series B,
9.950% due 5/1/10 684,352
340,000 Ba3* Meritage Corp., Sr. Notes, 9.750% due
6/1/11 373,150
385,000 BB+ The Ryland Group, Inc., Sr. Notes,
9.750% due 9/1/10 439,381
570,000 Ba2* Schuler Homes, Inc., Sr. Sub. Notes,
10.500% due 7/15/11 638,400
Standard Pacific Corp.:
430,000 BB Sr. Notes, 8.500% due 4/1/09 445,587
325,000 B+ Sr. Sub. Notes, 9.250% due 4/15/12 346,937
-------------------------------------------------------------------------
4,533,795
-------------------------------------------------------------------------
See Notes to Financial Statements.
9 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
----------------------------------------------------------------------------
Hospital/Nursing Management -- 1.3%
700,000 B- Ameripath Inc., Sr. Sub. Notes, 10.500%
due 4/1/13 (d) $ 745,500
Tenet Healthcare Corp., Sr. Notes:
225,000 BBB- 5.375% due 11/15/06 218,250
500,000 BBB- 6.500% due 6/1/12 476,250
325,000 BBB- 6.875% due 11/15/31 297,375
925,000 CCC+ Vanguard Health Systems, Sr. Sub.
Notes, 9.750% due 8/1/11 938,875
---------------------------------------------------------------------------
2,676,250
---------------------------------------------------------------------------
Hotel/Resorts/Cruiselines -- 0.9%
580,000 B2* Courtyard By Marriott II L.P./Courtyard
Finance Co., Sr. Notes, Series B,
10.750% due 2/1/08 559,700
Hilton Hotels Corp.:
250,000 BBB- Notes, 7.625% due 12/1/12 266,796
510,000 BBB- Sr. Notes, 7.950% due 4/15/07 548,807
425,000 BBB- Starwood Hotels & Resorts Worldwide,
Inc., Notes, 7.875% due 5/1/12 446,781
---------------------------------------------------------------------------
1,822,084
---------------------------------------------------------------------------
Household/Personal Care -- 0.4%
260,000 B+ AKI, Inc., Sr. Notes, 10.500% due 7/1/08 261,300
525,000 CCC+ Revlon Consumer Products Corp., Sr.
Secured Notes, 12.000% due 12/1/05 498,750
---------------------------------------------------------------------------
760,050
---------------------------------------------------------------------------
Industrial Machinery -- 0.4%
685,000 B Flowserve Corp., Sr. Sub. Notes,
12.250% due 8/15/10 777,475
---------------------------------------------------------------------------
Industrial Specialties -- 0.0%
325,000 CCC+ Foamex L.P., Sr. Sub. Notes, 9.875% due
6/15/07 73,125
---------------------------------------------------------------------------
Jewelry Retail -- 0.5%
1,050,000 B+ Finlay Fine Jewelry Corp., Sr. Notes,
8.375% due 5/1/08 1,076,250
---------------------------------------------------------------------------
Major Telecommunications -- 3.8%
Qwest Corp.:
725,000 Ba3* Debentures, 6.875% due 9/15/33 627,125
Notes:
25,000 CCC+ 13.500% due 12/15/10 (d) 27,875
1,420,000 Ba3* 8.875% due 3/15/12 (d) 1,562,000
596,000 CCC+ 14.000% due 12/15/14 (d) 682,420
850,000 CCC+ Sr. Notes, Series B, 7.500% due 11/1/08 773,500
SBA Communications Corp.:
800,000 CC Sr. Discount Notes, 12.000% due 3/1/08 724,000
400,000 CC Sr. Notes, 10.250% due 2/1/09 338,000
See Notes to Financial Statements.
10 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
-----------------------------------------------------------------------------
Major Telecommunications -- 3.8% (continued)
Sprint Capital Corp., Notes:
775,000 BBB- 6.875% due 11/15/28 $ 720,750
2,025,000 BBB- 8.750% due 3/15/32 2,227,500
-------------------------------------------------------------------------
7,683,170
-------------------------------------------------------------------------
Marine Shipping -- 0.5%
425,000 B+ General Maritime Corp., Sr. Notes,
10.000% due 3/15/13 (d) 461,125
330,000 CCC+ Oglebay Norton Co., Sr. Sub. Notes,
10.000% due 2/1/09 133,650
195,000 B Trico Marine Services, Inc., Sr. Notes,
8.875% due 5/15/12 171,600
360,000 Baa2* Windsor Petroleum Transport Corp.,
Notes, 7.840% due 1/15/21 (d) 304,896
-------------------------------------------------------------------------
1,071,271
-------------------------------------------------------------------------
Medical/Drug -- 0.1%
175,000 B- aaiPharma Inc., Sr. Sub. Notes, 11.000%
due 4/1/10 188,125
-------------------------------------------------------------------------
Medical Specialties -- 1.5%
270,000 B2* Extendicare Health Services Inc., Sr.
Sub. Notes, 9.500% due 7/1/10 268,650
735,000 B- Hanger Orthopedic Group, Inc., Sr. Sub.
Notes, 11.250% due 6/15/09 793,800
625,000 B- InSight Health Services Corp., Sr. Sub.
Notes, Series B, 9.875% due 11/1/11 590,625
655,000 B+ Per-Se Technologies, Inc., Sr. Notes,
Series B, 9.500% due 2/15/05 661,550
625,000 B- Universal Hospital Services Inc., Sr.
Notes, 10.250% due 3/1/08 640,625
-------------------------------------------------------------------------
2,955,250
-------------------------------------------------------------------------
Metal Fabrication -- 0.7%
590,000 CCC+ Hexcel Corp., Sr. Sub. Notes, 9.750%
due 1/15/09 584,100
860,000 CCC+ Park-Ohio Industries, Inc., Sr. Sub.
Notes, 9.250% due 12/1/07 662,200
185,000 BB- Wolverine Tube Inc., Sr. Notes, 10.500%
due 4/1/09 197,025
-------------------------------------------------------------------------
1,443,325
-------------------------------------------------------------------------
Miscellaneous Commercial Services -- 0.0%
790,000 Ca* Outsourcing Solutions Inc., Sr. Sub.
Notes, Series B, 11.000% due 11/1/06
(c) 11,850
-------------------------------------------------------------------------
Miscellaneous Manufacturing -- 0.2%
445,000 NR Aqua Chem, Inc., Sr. Sub. Notes,
11.250% due 7/1/08 378,250
-------------------------------------------------------------------------
See Notes to Financial Statements.
11 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
---------------------------------------------------------------------------
Movies/Entertainment -- 0.7%
AMC Entertainment Inc., Sr. Sub. Notes:
895,000 CCC+ 9.500% due 3/15/09 $ 930,800
470,000 CCC+ 9.500% due 2/1/11 493,500
--------------------------------------------------------------------------
1,424,300
--------------------------------------------------------------------------
Office Automation and Equipment -- 0.7%
1,498,818 NR Xerox Corp., Term Loan, 5.970% due
4/30/05 (e) 1,493,197
--------------------------------------------------------------------------
Oil/Gas Pipelines -- 1.4%
760,000 BB- Leviathan Gas Pipeline Partners L.P.,
Sr. Sub. Notes, Series B, 10.375% due
6/1/09 824,600
The Williams Cos., Inc.:
250,000 B Bonds, 8.750% due 3/15/32 (d) 245,000
Notes:
600,000 B 7.625% due 7/15/19 546,000
1,275,000 B 7.875% due 9/1/21 1,173,000
--------------------------------------------------------------------------
2,788,600
--------------------------------------------------------------------------
Oil/Gas Production -- 4.1%
El Paso Energy Partners L.P.:
275,000 B Sr. Medium-Term Notes, 7.750% due
1/15/32 218,625
525,000 BB- Sr. Sub. Notes, Series B, 8.500% due
6/1/11 568,313
355,000 B Houston Exploration Co., Sr. Sub.
Notes, Series B, 8.625% due 1/1/08 371,863
1,295,000 B+ Magnum Hunter Resources, Inc., Sr.
Notes, 9.600% due 3/15/02 1,405,075
520,000 B Nuevo Energy Co., Sr. Sub. Notes,
Series B, 9.500% due 6/1/08 548,600
325,000 BB+ Ocean Energy, Inc., Sr. Sub. Notes,
Series B, 8.375% due 7/1/08 343,281
330,000 B Plains Exploration & Production Co.,
Sr. Sub. Notes, Series B, 8.750% due
7/1/12 354,750
Pogo Producing Co., Sr. Sub. Notes,
Series B:
130,000 BB 10.375% due 2/15/09 142,350
195,000 BB 8.250% due 4/15/11 212,550
375,000 B- Range Resources Corp., Sr. Sub. Notes,
8.750% due 1/15/07 383,437
320,000 BB- SESI, LLC, Sr. Notes, 8.875% due 5/15/11 340,800
485,000 B+ Stone Energy Corp., Sr. Notes, 8.750%
due 9/15/07 503,794
Swift Energy Co., Sr. Sub. Notes:
575,000 B 10.250% due 8/1/09 615,250
260,000 B 9.375% due 5/1/12 273,000
Vintage Petroleum, Inc.:
455,000 BB- Sr. Notes, 8.250% due 5/1/12 487,987
Sr. Sub. Notes:
515,000 B1* 9.750% due 6/30/09 553,625
125,000 B1* 7.875% due 5/18/11 128,906
See Notes to Financial Statements.
12 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
------------------------------------------------------------------------------
Oil/Gas Production -- 4.1% (continued)
750,000 B+ Westport Resources Corp., Sr. Sub.
Notes, 8.250% due 11/1/11 $ 821,250
-------------------------------------------------------------------------
8,273,456
-------------------------------------------------------------------------
Oil Refining/Marketing -- 0.6%
750,000 B Frontier Escrow Corp., Sr. Notes,
8.000% due 4/15/13 (d) 780,000
309,000 Aa2* Pennzoil-Quaker State Co., Sr. Notes,
10.000% due 11/1/08 380,829
-------------------------------------------------------------------------
1,160,829
-------------------------------------------------------------------------
Oilfield Services/Equipment -- 0.3%
700,000 BB Compagnie Generale de Geophysique S.A.,
Sr. Notes, 10.625% due 11/15/07 686,000
-------------------------------------------------------------------------
Other Consumer Services -- 1.2%
Service Corp. International:
460,000 BB- Debentures, 7.875% due 2/1/13 462,300
Notes:
470,000 BB- 6.875% due 10/1/07 467,650
570,000 BB- 6.500% due 3/15/08 558,600
875,000 B+ Stewart Enterprises Inc., Sr. Sub.
Notes, 10.750% due 7/1/08 977,812
-------------------------------------------------------------------------
2,466,362
-------------------------------------------------------------------------
Other Metals/Minerals -- 0.3%
605,000 BBB- Phelps Dodge Corp., Sr. Notes, 8.750%
due 6/1/11 683,933
-------------------------------------------------------------------------
Property/Casualty Insurance -- 0.2%
390,000 BB+ PXRE Capital Trust I, Capital Trust
Pass-Through Securities,
8.850% due 2/1/27 317,850
-------------------------------------------------------------------------
Publishing - Books/Magazines -- 0.1%
205,000 B Von Hoffman Corp., Sr. Notes, 10.250%
due 3/15/09 212,687
-------------------------------------------------------------------------
Publishing - Newspapers -- 1.6%
775,000 B Dex Media East LLC, Sr. Sub. Notes,
12.125% due 11/15/12 (d) 926,125
330,000 B+ Garden State Newspapers, Inc., Sr. Sub.
Notes, Series B, 8.750% due 10/1/09 343,200
1,463,809 B- Hollinger Participation Trust, Sr.
Notes, Payment-In-Kind, 12.125% due
11/15/10 (d) 1,557,127
175,000 B+ R. H. Donnelley Finance Corp. I, Sr.
Sub. Notes, 10.875% due 12/15/12 (d) 203,437
325,000 B Yell Finance B.V., Sr. Discount Notes,
step bond to yield 12.263% due 8/1/11 260,812
-------------------------------------------------------------------------
3,290,701
-------------------------------------------------------------------------
See Notes to Financial Statements.
13 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
-----------------------------------------------------------------------------
Pulp and Paper -- 1.5%
825,000 BB+ Abitibi-Consolidated Inc., Debentures,
8.850% due 8/1/30 $ 917,218
Buckeye Technologies Inc., Sr. Sub.
Notes:
315,000 B+ 9.250% due 9/15/08 310,275
1,190,000 B+ 8.000% due 10/15/10 1,100,750
650,000 BB+ Tembec Industries, Inc., Sr. Notes,
8.500% due 2/1/11 679,250
-------------------------------------------------------------------------
3,007,493
-------------------------------------------------------------------------
Real Estate Investment Trusts -- 0.9%
695,000 Ba3* HMH Properties, Inc., Sr. Secured
Notes, Series A, 7.875% due 8/1/05 705,425
1,020,000 Ba3* Host Marriott L.P., Sr. Notes, Series
I, 9.500% due 1/15/07 1,077,375
-------------------------------------------------------------------------
1,782,800
-------------------------------------------------------------------------
Restaurants -- 0.6%
195,000 B- American Restaurant Group, Inc., Sr.
Secured Notes, Series D,
11.500% due 11/1/06 125,775
460,000 CCC+ CKE Restaurants, Inc., Sr. Secured
Notes, 9.125% due 5/1/09 430,100
325,000 CCC+ Denny's Corp., Sr. Notes, 11.250% due
1/15/08 258,375
165,000 B- Friendly Ice Cream Corp., Sr. Notes,
10.500% due 12/1/07 167,888
280,000 B+ Sbarro, Inc., Sr. Notes, 11.000% due
9/15/09 274,400
-------------------------------------------------------------------------
1,256,538
-------------------------------------------------------------------------
Savings Banks -- 1.0%
1,075,000 B3* Ocwen Capital Trust I, Capital
Securities, 10.875% due 8/1/27 897,625
500,000 B1* Ocwen Federal Bank FSB, Sub.
Debentures, 12.000% due 6/15/05 510,000
628,000 B1* Ocwen Financial Corp., Notes, 11.875%
due 10/1/03 640,560
-------------------------------------------------------------------------
2,048,185
-------------------------------------------------------------------------
Specialty Insurance -- 0.3%
555,000 Ba1* Markel Capital Trust I, Capital
Securities, Series B,
8.710% due 1/14/46 558,762
-------------------------------------------------------------------------
Specialty Stores -- 0.6%
175,000 B Cole National Group, Inc., Sr. Sub.
Notes, 8.625% due 8/15/07 161,438
520,000 B- Jo-Ann Stores, Inc., Sr. Sub. Notes,
10.375% due 5/1/07 549,900
305,000 BB- The Pep Boys - Manny, Moe & Jack,
Medium-Term Notes, Series A,
6.710% due 11/3/04 300,044
220,000 B- Petro Stopping Centers L.P., Sr. Notes,
10.500% due 2/1/07 220,000
-------------------------------------------------------------------------
1,231,382
-------------------------------------------------------------------------
Specialty Telecommunications -- 0.0%
695,000 D GT Group Telecom Inc., Sr. Discount
Notes, step bond to yield
15.232% due 2/1/10 (c) 70
-------------------------------------------------------------------------
See Notes to Financial Statements.
14 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
---------------------------------------------------------------------------
Telecommunications Equipment -- 2.8%
American Tower Corp.:
360,000 B3* Discount Notes, zero coupon bond to
yield 14.440% due 8/1/08 (d) $ 226,800
1,450,000 Caa1* Sr. Notes, 9.375% due 2/1/09 1,442,750
AT&T Corp., Sr. Notes:
350,000 BBB+ 7.800% due 11/15/11 384,754
2,025,000 BBB+ 8.500% due 11/15/31 2,262,387
375,000 B+ Avaya Inc., Sr. Secured Notes, 11.125%
due 4/1/09 416,250
750,000 B Nortel Networks Corp., Notes, 6.875%
due 9/1/23 648,750
305,000 B Northern Telecom Capital Corp., Notes,
7.875% due 6/15/26 272,975
-------------------------------------------------------------------------
5,654,666
-------------------------------------------------------------------------
Tobacco -- 0.3%
609,000 BB+ Standard Commercial Tobacco Corp., Sr.
Notes, 8.875% due 8/1/05 624,225
-------------------------------------------------------------------------
Trucks/Construction/Farm Machinery -- 1.0%
Case Corp., Notes:
240,000 BB 7.250% due 8/1/05 236,400
150,000 BB 7.250% due 1/15/16 128,250
160,000 BB Case Credit Corp., Notes, 6.750% due
10/21/07 149,600
505,000 CCC+ Columbus McKinnon Corp., Sr. Sub.
Notes, 8.500% due 4/1/08 361,075
355,000 BB- Navistar International Corp., Sr.
Notes, Series B, 9.375% due 6/1/06 380,737
260,000 B+ NMHG Holding Co., Sr. Notes, 10.000%
due 5/15/09 279,500
500,000 B Terex Corp., Sr. Sub. Notes, Series B,
10.375% due 4/1/11 557,500
-------------------------------------------------------------------------
2,093,062
-------------------------------------------------------------------------
Wireless Telecommunications -- 6.3%
AT&T Wireless Services Inc., Sr. Notes:
900,000 BBB 7.875% due 3/1/11 1,038,752
3,550,000 BBB 8.750% due 3/1/31 4,436,435
825,000 CC AirGate PCS, Inc., Sr. Sub. Notes, step
bond to yield 16.144% due 10/1/09 210,375
535,000 CCC Alamosa PCS Holdings Inc., step bond to
yield 14.446% due 2/15/10 238,075
Crown Castle International Corp.:
Sr. Discount Notes:
500,000 B3* 10.625% due 11/15/07 518,750
640,000 B3* Step bond to yield 11.583% due
5/15/11 572,800
685,000 B3* Sr. Notes, 10.750% due 8/1/11 708,975
470,000 B3* Dobson/Sygnet Communications Inc., Sr.
Notes, 12.250% due 12/15/08 467,650
See Notes to Financial Statements.
15 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
FACE
AMOUNT+ RATING(a) SECURITY VALUE
- ----------------------------------------------------------------------------------
Wireless Telecommunications -- 6.3% (continued)
335,000 C Horizon PCS Inc., Sr. Discount Notes,
step bond to yield 15.526% due 10/1/10 $ 21,775
Nextel Communications, Inc.:
3,105,000 B Sr. Discount Notes, 9.950% due 2/15/08 3,275,775
600,000 B Sr. Notes, 9.375% due 11/15/09 651,000
545,000 CCC+ Nextel Partners Inc., Sr. Notes,
12.500% due 11/15/09 596,775
- ------------------------------------------------------------------------------
12,737,137
- ------------------------------------------------------------------------------
TOTAL CORPORATE BONDS AND
NOTES (Cost -- $176,613,443) 178,412,425
- ------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS AND NOTES -- 3.3%
Cable/Satellite -- 0.1%
450,000/GBP/ C Telewest Communications PLC, 5.250% due
2/19/07 (d) 144,124
- ------------------------------------------------------------------------------
Contract Drilling -- 0.0%
85,000 B- Parker Drilling Co., Sub. Notes, 5.500%
due 8/1/04 80,112
- ------------------------------------------------------------------------------
Electric Utilities -- 0.1%
175,000 B Mirant Corp., Debentures, 2.500% due
6/15/21 146,781
- ------------------------------------------------------------------------------
Electronic Components -- 0.4%
1,755,000 B1* Sanmina Corp., Sub. Debentures, zero
coupon bond to yield
10.672% due 9/12/20 833,625
- ------------------------------------------------------------------------------
Electronic Production Equipment -- 0.3%
765,000 CCC+ Amkor Technology Inc., Sub. Notes,
5.000% due 3/15/07 638,775
- ------------------------------------------------------------------------------
Medical/Nursing Services -- 0.5%
1,000,000 B Total Renal Care Holdings, Inc., Sub.
Notes, 7.000% due 5/15/09 1,026,250
- ------------------------------------------------------------------------------
Miscellaneous Commercial Services -- 0.3%
710,000 Ba3* Interim Services Inc., Sub. Notes,
4.500% due 6/1/05 636,338
- ------------------------------------------------------------------------------
Semiconductors -- 1.2%
995,000 Ba3* LSI Logic Corp., Sub. Notes, 4.000% due
2/15/05 931,569
855,000 NR TriQuint Semiconductor, Inc., Sub.
Notes, 4.000% due 3/1/07 716,062
770,000 CCC+ Vitesse Semiconductor Corp., Sub.
Debentures, 4.000% due 3/15/05 688,187
- ------------------------------------------------------------------------------
2,335,818
- ------------------------------------------------------------------------------
Specialty Telecommunications -- 0.4%
1,105,000/EUR/ B- Colt Telecom Group PLC, 2.000% due
4/3/07 (d) 821,608
- ------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
AND NOTES (Cost -- $5,340,607) 6,663,431
- ------------------------------------------------------------------------------
See Notes to Financial Statements.
16 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
SHARES SECURITY VALUE
- ----------------------------------------------------------------------------------------------
COMMON STOCK (f) -- 0.0%
Foods - Major Diversified -- 0.0%
23,465 Aurora Foods Inc. $ 12,671
- -------------------------------------------------------------------------------------------
Specialty Telecommunications -- 0.0%
870 McLeodUSA, Inc., Class A Shares 539
14,121 Song Networks Holding, ADR 212
- -------------------------------------------------------------------------------------------
751
- -------------------------------------------------------------------------------------------
Wireless Telecommunications -- 0.0%
8,858 Crown Castle International Corp. 56,423
- -------------------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost -- $192,386) 69,845
- -------------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.9%
Major Telecommunications -- 0.0%
525 Broadwing Communications Inc., Series B,
12.500% Cumulative Jr. Exchangeable 69,563
- -------------------------------------------------------------------------------------------
Specialty Telecommunications -- 0.0%
2,100 Global Crossing Holdings Ltd., 6.750% Cumulative Convertible (f) 21
- -------------------------------------------------------------------------------------------
Telecommunications Equipment -- 0.0%
1,500 Motorola Inc., 7.000% due 11/16/04 43,515
- -------------------------------------------------------------------------------------------
Wireless Telecommunications -- 0.9%
7,000 Crown Castle International Corp., 6.250% Convertible 245,000
CSC Holdings Inc., Cumulative Exchangeable:
12,000 Series H, 11.750% due 10/1/07 1,260,000
1,500 Series M, 11.125% due 4/1/08 157,125
297 Dobson Communications Corp., Payment-in-Kind, 13.000% Sr. Exchangeable 25,957
- -------------------------------------------------------------------------------------------
1,688,082
- -------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost -- $2,404,835) 1,801,181
- -------------------------------------------------------------------------------------------
WARRANTS SECURITY VALUE
- ----------------------------------------------------------------------------------------------
WARRANTS (f) -- 0.0%
Broadcasting -- 0.0%
1,950 UIH Australia/Pacific Inc., Expire 5/15/06 20
- -------------------------------------------------------------------------------------------
Commercial Printing/Forms -- 0.0%
435 Merrill Corp., Expire 5/1/09 0
- -------------------------------------------------------------------------------------------
Containers/Packaging -- 0.0%
80 Pliant Corp., Expire 6/1/10 90
- -------------------------------------------------------------------------------------------
Internet Software/Services -- 0.0%
1,545 WAM!NET Inc., Expire 3/1/05 (d) 15
430 ZNet Internet Services, Expire 7/1/09 (d) 1
- -------------------------------------------------------------------------------------------
16
- -------------------------------------------------------------------------------------------
See Notes to Financial Statements.
17 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
SMITH BARNEY HIGH INCOME PORTFOLIO
WARRANTS SECURITY VALUE
- -----------------------------------------------------------------------------------------------
Restaurants -- 0.0%
360 American Tower Corp., Inc., Expire 8/1/08 $ 27,180
- -----------------------------------------------------------------------------------------------
Specialty Telecommunications -- 0.0%
695 GT Group Telecom Inc., Expire 2/1/10 (d) 521
700 RSL Communications Ltd., Expire 11/15/06 98
- -----------------------------------------------------------------------------------------------
619
- -----------------------------------------------------------------------------------------------
Wireless Telecommunications -- 0.0%
350 Horizon PCS Inc., Expire 10/1/10 (d) 18
925 Iridium World Communications Ltd., Expire 7/15/05 (d) 9
375 IWO Holdings Inc., Expire 1/15/11 (d) 4
- -----------------------------------------------------------------------------------------------
31
- -----------------------------------------------------------------------------------------------
TOTAL WARRANTS
(Cost -- $326,484) 27,956
- -----------------------------------------------------------------------------------------------
FACE
AMOUNT SECURITY VALUE
- -----------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 7.1%
$14,240,000 Merrill Lynch, Pierce, Fenner & Smith Inc., 1.250% due 5/1/03;
Proceeds at maturity -- $14,240,494; (Fully collateralized by various
U.S. government agencies, 0.000% to 4.875% due 5/9/03 to
11/15/07; Market value -- $14,524,800) (Cost -- $14,240,000) 14,240,000
- -----------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100%
(Cost -- $199,117,755**) $201,214,838
- -----------------------------------------------------------------------------------------------
+ Face amount denominated in U.S. dollars unless otherwise indicated.
(a) All ratings are by Standard & Poor's Ratings Service, except for those
which are identified by an asterisk (*), are rated by Moody's Investors
Service.
(b) Unit is comprised of one Sr. Note and one purchase contract to buy common
stock.
(c) Security is currently in default.
(d) Security is exempt from registration under Rule 144A of the Securities Act
of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers.
(e) Variable rate security.
(f ) Non-income producing security.
** Aggregate cost for Federal income tax purposes is substantially the same.
Abbreviations used in this schedule:
ADR -- American Depositary Receipt
EUR -- Euro
GBP -- British Pound
See pages 57 and 58 for definitions of ratings.
See Notes to Financial Statements.
18 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT SECURITY VALUE
- --------------------------------------------------------------------------------------------------
U.S. GOVERNMENT SECTOR -- 12.1%
U.S. Treasury Obligations -- 11.3%
U.S. Treasury Bonds:
$ 3,625,000 7.500% due 11/15/16 (a) $ 4,774,807
2,390,000 6.250% due 8/15/23 (a) 2,831,404
2,519,000 6.250% due 5/15/30 (a) 3,036,085
2,340,000 U.S. Treasury Strip, zero coupon due 11/15/24 (a) 763,189
- -----------------------------------------------------------------------------------------------
11,405,485
- -----------------------------------------------------------------------------------------------
U.S. Government Agencies -- 0.8%
Federal National Mortgage Association (FNMA):
35,780 7.500% due 1/1/30 - 10/1/30 38,159
22,468 7.000% due 4/1/29 - 9/1/31 23,753
118,132 6.500% due 5/1/33 (b) 123,448
45,000 7.000% due 6/1/33 (b) 47,545
526,727 Government National Mortgage Association (GNMA),
6.500% due 5/15/29 - 9/15/32 (c) 554,071
- -----------------------------------------------------------------------------------------------
786,976
- -----------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT SECTOR
(Cost -- $11,064,368) 12,192,461
- -----------------------------------------------------------------------------------------------
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- --------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 5.9%
9,703 Baa2* Arc Net Interest Margin Trust, Series 2002-1, Class A,
7.750% due 1/27/32 (e) 9,701
70,000 BB+ CS First Boston Mortgage Securities Corp., Series 2002-CKN2,
Class H, 6.122% due 4/15/37 (e) 61,557
Federal Home Loan Mortgage Corp. (FHLMC):
Interest-Only Strips:
2,001,661 AAA Series 216, Class IO, 6.000% due 1/1/32 (c) 267,722
527,626 AAA Series 2448, Class SE, 6.790% due 7/15/29 (f) 18,467
536,900 AAA Series 2448, Class SM, 6.690% due 3/15/32 (f) 85,904
189,966 AAA Series 2478, Class SY, 6.840% due 3/15/21 (f) 11,749
256,700 AAA Series 2515, Class IG, 5.500% due 3/15/32 80,554
648,983 AAA Series 2579, Class GS, 6.340% due 1/15/17 (f) 66,296
Principal-Only Strips:
256,589 AAA Series 215, Class PO, zero coupon due 6/1/31 (c) 239,109
190,176 AAA Series 2235, Class PO, zero coupon due 6/15/30 (c) 175,259
Federal National Mortgage Association (FNMA):
Interest-Only Strips:
647,975 AAA Series 318, Class 2, 6.000% due 1/1/32 (c) 87,477
402,140 AAA Series 322, Class 2, 6.000% due 4/1/32 57,053
1,280,904 AAA Series 329, Class 2, 5.500% due 12/1/32 (c) 266,188
See Notes to Financial Statements.
19 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 5.9% (continued)
377,279 AAA Series 332, Class 2, 6.000% due 2/1/33 $ 67,297
163,607 AAA Series 2001-58, Class HI, 6.500% due 5/25/26 1,734
249,824 AAA Series 2001-74, Class MI, 6.000% due 12/25/15 19,973
1,272,489 AAA Series 2002-9, Class MS, 6.780% due 3/25/32 (c)(f) 98,618
295,498 AAA Series 2002-21, Class PS, 6.880% due 12/25/25 (f) 6,208
367,990 AAA Series 2002-29, Class SL, 6.730% due 7/25/29 (f) 12,650
530,051 AAA Series 2002-52, Class SL, 6.680% due 9/25/32 (f) 50,408
564,374 AAA Series 2002-63, Class SN, 6.680% due 10/25/32 (f) 50,758
1,200,572 AAA Series 2003-23, Class AI, 5.000% due 3/25/17 (c) 154,778
167,245 AAA Series 2003-23, Class SC, 6.230% due 4/25/33 (f) 16,359
417,746 AAA Series 2003-26, Class IG, 6.000% due 4/25/33 61,095
1,793,900 AAA Series 2003-34, Class ES, 5.690% due 2/25/33 (c)(f) 205,458
717,500 AAA Series 2003-34, Class SG, 5.692% due 2/25/33 (f) 83,073
2,106,100 AAA Series 2003-34, Class SP, 5.791% due 1/25/32 (f) 238,911
Pass-Through Certificates:
113,259 AAA Series 2002-14, Class A2, 7.500% due 1/25/42 (c) 124,374
960,377 AAA Series 2003-W3, Class 1A3, 7.500% due 8/25/42 (c) 1,058,171
Principal-Only Strips:
64,216 AAA Series 1993-146, Class H, zero coupon due 5/25/23 64,096
64,595 AAA Series 1996-5, Class PB, zero coupon due 4/25/24 (c) 62,852
86,190 AAA Series 1999-51, Class N, zero coupon due 9/17/29 (c) 77,894
41,288 AAA Series 2003-18, Class PO, zero coupon due 7/25/32 40,823
Federal National Mortgage Association (FNMA) Grantor Trust,
Pass-Through Certificates:
110,532 AAA Series 1999-T2, Class A1, 7.500% due 1/19/39 (c) 121,379
59,058 AAA Series 2000-T6, Class A1, 7.500% due 6/25/30 65,037
275,013 AAA Series 2001-T1, Class A1, 7.500% due 10/25/40 (c) 302,000
93,786 AAA Series 2001-T3, Class A1, 7.500% due 11/25/40 (c) 102,989
278,209 AAA Series 2001-T4, Class A1, 7.500% due 7/25/41 (c) 305,510
626,075 AAA Series 2001-T7, Class A1, 7.500% due 2/25/41 (c) 687,512
16,979 AAA Series 2001-T10, Class A1, 7.000% due 12/25/41 18,406
163,144 AAA Series 2001-T10, Class A2, 7.500% due 12/25/41 (c) 179,153
1,474 AAA Series 2002-T1, Class A2, 7.000% due 11/25/31 1,598
Government National Mortgage Association (GNMA),
Interest-Only Strip:
758,181 AAA Series 2001-43, Class SJ, 6.280% due 1/20/29 (f) 40,634
700,200 AAA Series 2003-41, Class DS, 6.380% due 6/20/33 97,043
59,000 BBB- Morgan Stanley Dean Witter Capital I Inc., Series 2002-NC5,
Class B2, 4.570% due 10/25/32 (f) 49,953
48,263 AAA Rural Housing Trust, Series 1987-1, Class D, 6.330% due 4/1/26 49,647
41,902 BBB- Sasco ARC Net Interest Margin Notes, Series 2002-BC10, Class A,
7.750% due 1/27/33 (e) 41,521
See Notes to Financial Statements.
20 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ----------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 5.9% (continued)
48,360 BB+** Sasco Net Interest Margin Trust, Series 2003-BC1, Class B,
zero coupon due 5/27/33 (e) $ 34,630
- ---------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost -- $6,434,051) 6,019,578
- ---------------------------------------------------------------------------------------------
ASSET-BACKED SECURITIES -- 6.5%
Ameriquest Mortgage Securities Inc.:
59,000 BBB- Series 2002-4, Class M4, 5.070% due 2/25/33 (f) 50,008
61,000 BBB- Series 2003-1, Class M4, 4.400% due 2/25/33 (f) 49,993
61,000 BBB- Series 2003-2, Class M4, 4.400% due 3/25/33 (f) 49,996
224,774 BBB- AQ Finance NIM Trust, Series 2003-N2A, Class Note,
9.300% due 3/25/33 (c)(e) 224,774
83,504 Baa3* Arc Net Interest Margin Trust, Series 2002-8A, Class A1,
7.750% due 11/27/32 (e) 82,816
Asset Backed Funding Corp.:
Mortgage Loan Asset-Backed Certificates, Series 2003-WFI:
66,000 BBB Class M3, 4.370% due 12/25/32 (f) 66,000
25,000 BBB- Class M4, 4.570% due 12/25/32 (f) 22,710
37,775 BB+ NIM Trust, Series 2002-WFI, Class Note,
9.320% due 12/26/32 (e) 37,586
Asset Backed Securities Corp., Home Equity Loan Trust:
56,000 BBB- Series 2003-HE1, Class M4, 5.810% due 1/15/33 (f) 49,943
123,000 BBB Series 2003-HE2, Class M4, 5.150% due 4/15/33 (c)(f) 123,824
334,000 BBB Bank One Issuance Trust, Series 2002-C1, Class C1,
2.270% due 12/15/09 (c)(f) 332,213
Bayview Financial Acquisition Trust:
167,009 A Series 2001-DA, Class M3, 2.720% due 11/25/31 (c)(e)(f) 164,876
250,000 AAA Series 2002-CA, Class AIO, 7.150% due 10/25/04 (e)(f) 16,562
Chase Funding Net Interest Margin Trust:
18,422 BBB+ Series 2002-1, Class Note, 8.500% due 6/27/35 (e) 18,337
67,034 BBB+ Series 2002-2, Class Note, 8.500% due 7/27/35 (e) 66,780
8,115 BBB Series 2002-C1, Class Note, 8.500% due 5/27/35 (e) 8,075
40,383 BBB Series 2003-1A, Class Note, 8.750% due 3/27/36 (e) 40,367
Conseco Finance Securitizations Corp.:
39,000 AA Series 2000-2, Class A4, 8.480% due 12/1/30 40,905
766,000 AA Series 2000-4, Class A6, 8.310% due 5/1/32 (c) 691,916
220,000 A2* Series 2000-6, Class M2, 8.200% due 9/1/32 (c) 110,000
5,000 AAA Series 2001-3, Class A4, 6.910% due 5/1/33 4,534
4,000 AAA Series 2001-4, Class A4, 7.360% due 9/1/33 3,910
196,000 BBB Series 2001-4, Class B1, 9.400% due 9/1/33 (c) 68,600
597,996 AAA Series 2002-1, Class A, 6.681% due 12/1/32 (c) 595,002
250,000 Baa2* Consumer Credit Reference Index Securities Program, Series
2002-1A, Class A, 3.400% due 3/22/07 (c)(e)(f) 245,156
See Notes to Financial Statements.
21 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------
ASSET-BACKED SECURITIES -- 6.5% (continued)
188,000 AA- Green Tree Financial Corp., Series 1999-5, Class A5,
7.860% due 4/1/31 (c) $ 176,552
50,000 Ba3* Green Tree Home Improvement Loan Trust, Series 1995-F,
Class B2, 7.100% due 1/15/21 47,566
419,260 A- Greenpoint Manufactured Housing, Series 2000-3, Class IA,
8.450% due 6/20/31 (c) 467,709
GSAMP Trust:
37,660 BBB- Series 2002-HE2N, Class Note, 8.250% due 10/20/32 (e) 37,496
50,000 Baa3* Series 2003-FM1, Class B3, 5.805% due 3/20/33 (f) 46,650
Home Equity Asset Trust:
35,600 BBB+ Series 2002-1N, Class A, 8.000% due 12/25/32 (e) 34,710
152,000 BBB Series 2002-5N, Class A, 8.000% due 6/27/33 (c)(e) 149,340
215,000 BBB- LNR CDO Ltd., Series 2002-1A, Class FFL,
4.070% due 7/24/37 (c)(e)(f) 195,397
250,000 BBB Madison Avenue Manufactured Housing Contract Trust,
Series 2002-A, Class B1, 4.570% due 3/25/32 (c)(f) 162,500
50,000 BBB- MASTR Asset Backed Securities Trust, Series 2003-OPT1,
Class MV5, 4.820% due 12/25/32 (f) 42,734
104,000 BBB- Merrill Lynch Mortgage Investors, Inc., Series 2003-WMC1,
Class B2, 4.320% due 11/25/33 (f) 88,514
112,012 BBB Mid-State Trust, Series 10, Class B, 7.540% due 2/15/36 (c) 102,558
54,000 BBB- Morgan Stanley ABS Capital I Inc., Series 2002-NC6, Class B2,
5.070% due 11/25/32 (f) 48,843
Morgan Stanley Dean Witter Capital I Inc.:
54,000 BBB- Series 2001-AM1, Class B1, 3.520% due 2/25/32 (f) 50,293
17,643 BB Series 2001-AM1N, Class Note, 12.750% due 2/25/32 17,643
134,000 BBB- Series 2001-NC3, Class B1, 3.770% due 10/25/31 (c)(f) 123,513
316,000 BBB- Series 2001-NC4, Class B1, 3.820% due 1/25/32 (c)(f) 281,811
71,364 BBB- Series 2001-NC4N, Class Note, 8.500% due 1/25/32 (e) 71,364
115,000 BBB- Series 2002-AM2, Class B1, 3.570% due 5/25/32 (c)(f) 99,201
58,000 BBB- Series 2002-AM3, Class B2, 5.070% due 2/25/33 (f) 50,435
59,000 BBB- Series 2003-NC2, Class B2, 5.070% due 2/25/33 (f) 50,566
58,000 BBB- Series 2003-NC3, Class B3, 5.070% due 3/25/33 (f) 50,147
26,309 A1* NovaStar Capital Securities Trust, Series 2002-C1, Class A,
7.150% due 9/25/31 (e) 26,309
Option One Mortgage Securities Corp.:
81,920 BBB Series 2002-1, Class CTFS, 6.750% due 2/26/32 (e) 81,574
90,537 BBB- Series 2002-2A, Class CFTS, 8.830% due 6/26/32 (e) 90,310
95,278 BBB+ Series 2003-2B, Class N1, 7.630% due 4/26/33 (e) 95,278
222,008 Baa2* Pass-Through Amortizing Credit Card Trust, Series 2002-1A,
Class A4FL, 6.820% due 6/18/12 (c)(e) 221,176
184,630 Baa3* Sail Net Interest Margin Notes, Series 2003-BC1A, Class A,
7.750% due 1/27/33 (c)(e) 183,732
See Notes to Financial Statements.
22 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------
ASSET-BACKED SECURITIES -- 6.5% (continued)
Structured Asset Investment Loan Trust:
146,000 BBB+ Series 2003-BC1, Class M3, 4.320% due 1/25/33 (c)(f) $ 143,188
1,702,000 AAA Series 2003-BC2, Class AIO, 6.000% due 3/25/05 (c) 128,894
100,000 BB TIAA Commercial Real Estate Securitization, Series 2002-1A,
Class IV, 6.840% due 5/22/37 (e) 83,043
- --------------------------------------------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost -- $6,959,474) 6,613,929
- --------------------------------------------------------------------------------------------------
HIGH-YIELD SECTOR -- 52.8%
- --------------------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES -- 49.9%
Aerospace/Defense -- 1.2%
283,000 B- Argo-Tech Corp., Sr. Sub. Notes, 8.625% due 10/1/07 (c) 250,455
BE Aerospace Inc., Sr. Sub. Notes, Series B:
170,000 B- 8.000% due 3/1/08 (a) 119,850
22,000 B- 8.875% due 5/1/11 15,400
290,000 CCC+ Decrane Aircraft Holdings Inc., Sr. Sub. Notes, Series B,
12.000% due 9/30/08 (c) 131,950
120,000 CCC+ Hexcel Corp., Sr. Sub. Notes, 9.750% due 1/15/09 (c) 118,800
K & F Industries, Inc., Sr. Sub. Notes, Series B:
45,000 B 9.125% due 10/15/07 47,138
55,000 B 9.625% due 12/15/10 59,675
L-3 Communications Corp., Sr. Sub. Notes:
80,000 BB- 8.500% due 5/15/08 83,700
100,000 BB- Series B, 8.000% due 8/1/08 (a) 104,875
Sequa Corp., Sr. Notes:
200,000 BB- 9.000% due 8/1/09 (c) 210,000
20,000 BB- Series B, 8.875% due 4/1/08 20,750
39,487 NR United Defense Industries, Inc., Term Loans, Tranche B,
3.560% due 7/1/09 (f) 39,491
- --------------------------------------------------------------------------------------------------
1,202,084
- --------------------------------------------------------------------------------------------------
Airlines -- 0.6%
10,000 C* Air Canada, Sr. Notes, 10.250% due 3/15/11 (g) 2,400
American Airlines, Inc., Pass-Through Certificates:
Series 1999-1:
29,469 BBB- Class A-1, 6.855% due 4/15/09 24,665
35,000 BBB- Class A-2, 7.024% due 10/15/09 29,373
25,000 BB+ Series 2001-1, Class A-2, 6.817% due 5/23/11 17,965
180,000 CCC+ Calair LLC/Calair Capital Corp., Sr. Notes,
8.125% due 4/1/08 (c) 109,800
60,000 B+ Continental Airlines, Inc., Pass-Through Certificates, Series D,
7.568% due 12/1/06 25,934
See Notes to Financial Statements.
23 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
Airlines -- 0.6% (continued)
Delta Air Lines, Inc., Secured Pass-Through Certificates:
70,000 BB+ Series 2000-1, Class C, 7.779% due 11/18/05 $ 44,668
46,095 BBB- Series 2002-1, Class C, 7.779% due 1/2/12 31,345
Northwest Airlines, Inc., Notes:
120,000 B- 7.625% due 3/15/05 82,800
170,000 B- 9.875% due 3/15/07 (a) 101,150
109,000 Ca* United Airlines, Inc., Debentures, 9.125% due 1/15/12 (a)(g) 5,723
US Airways, Inc., Pass-Through Certificates:
210,000 Ca* Series 93-A2, 9.625% due 9/1/03 (g) 84,000
40,000 Ca* Series 93-A3, 10.375% due 3/1/13 (g) 16,000
- ---------------------------------------------------------------------------------------------------
575,823
- ---------------------------------------------------------------------------------------------------
Automotive -- 1.6%
29,000 Ba2* American Axle & Manufacturing Inc., Sr. Sub. Notes,
9.750% due 3/1/09 31,755
50,000 BBB- ArvinMeritor, Inc., Notes, 8.750% due 3/1/12 54,250
90,000 B Asbury Automotive Group, Notes, 9.000% due 6/15/12 85,050
Collins & Aikman Products Co.:
200,000 B1* Sr. Notes, 10.750% due 12/31/11 (c) 206,000
45,000 B Sr. Sub. Notes, 11.500% due 4/15/06 (a) 42,300
Dana Corp., Notes:
30,000 BB 6.250% due 3/1/04 30,450
40,000 BB 6.500% due 3/1/09 (a) 39,000
30,000 BB 10.125% due 3/15/10 33,750
15,000 /EUR/ BB 9.000% due 8/15/11 (c) 17,442
103,000 BB 9.000% due 8/15/11 (a) 112,270
75,000 BB 7.000% due 3/1/29 63,750
102,000 B Dura Operating Corp., Sr. Sub. Notes, Series D,
9.000% due 5/1/09 (a) 97,920
74,000 D** Federal-Mogul Corp., Notes, 7.750% due 7/1/06 (g) 11,100
80,000 B+ Goodyear Tire & Rubber Co., Notes, 7.857% due 8/15/11 60,400
Lear Corp., Sr. Notes:
45,000/EUR/ BB+ 8.125% due 4/1/08 (c) 54,340
Series B:
200,000 BB+ 7.960% due 5/15/05 (c) 215,000
40,000 BB+ 8.110% due 5/15/09 (a) 45,200
24,000 CCC+ Motor Coach Industries International, Inc., Sr. Sub. Notes,
11.250% due 5/1/09 12,120
164,000 B- Motors and Gears, Inc., Sr. Notes, Series D,
10.750% due 11/15/06 (c) 144,320
See Notes to Financial Statements.
24 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- -------------------------------------------------------------------------------------------------
Automotive -- 1.6% (continued)
Navistar International Inc.:
132,000 BB- Sr. Notes, Series B, 9.375% due 6/1/06 (c) $ 141,570
25,000 B Sr. Sub. Notes, Series B, 8.000% due 2/1/08 (a) 24,437
44,000 B- Rexnord Corp., Sr. Sub. Notes, 10.125% due 12/15/12 (e) 47,520
91,000 B Williams Scotsman Inc., Sr. Notes, 9.875% due 6/1/07 91,000
- -------------------------------------------------------------------------------------------------
1,660,944
- -------------------------------------------------------------------------------------------------
Broadcasting -- 1.3%
260,000 B Affinity Group Holding Inc., Sr. Notes, 11.000% due 4/1/07 (c) 269,100
15,000 BB- EchoStar DBS Corp., Sr. Notes, 9.375% due 2/1/09 16,256
Emmis Communications Corp.:
27,000 B- Sr. Discount Notes, step bond to yield 12.195% due 3/15/11 23,895
35,000 B2* Sr. Sub. Notes, Series B, 8.125% due 3/15/09 (a) 37,100
Granite Broadcasting Corp., Sr. Sub. Notes:
43,000 CC 10.375% due 5/15/05 43,000
147,000 CC 9.375% due 12/1/05 (c) 144,979
46,000 CC 8.875% due 5/15/08 43,470
65,000 B- Gray Television Inc., Sr. Sub. Notes, 9.250% due 12/15/11 71,825
40,000 B+ LIN Television Corp., Sr. Notes, 8.000% due 1/15/08 43,400
20,000 Ca* Pegasus Communications Corp., Sr. Notes, Series B,
9.750% due 12/1/06 18,500
65,000 Ca* Pegasus Satellite Communications, Inc., Sr. Notes,
12.375% due 8/1/06 63,050
Sinclair Broadcast Group, Inc.:
55,000 B Notes, 8.000% due 3/15/12 (e) 58,300
40,000 B Sr. Sub. Notes, 8.750% due 12/15/11 43,600
195,000 B+ Vivendi Universal, Sr. Notes, 9.250% due 4/15/10 (c)(e) 219,863
205,000 B3* Young Broadcasting Inc., Sr. Sub. Notes, 10.000% due 3/1/11 (a) 222,425
- -------------------------------------------------------------------------------------------------
1,318,763
- -------------------------------------------------------------------------------------------------
Building/Construction -- 1.8%
56,000 B- Atrium Cos., Inc., Sr. Sub. Notes, Series B,
10.500% due 5/1/09 59,080
85,000 BB Beazer Homes USA, Inc., Sr. Notes, 8.625% due 5/15/11 93,287
56,000 B- Brand Services Inc., Sr. Sub. Notes, 12.000% due 10/15/12 (e) 61,880
60,000 B Building Materials Corp. of America, Sr. Notes,
8.000% due 12/1/08 54,000
D.R. Horton, Inc., Sr. Notes:
7,000 Ba1* 8.000% due 2/1/09 7,630
100,000 Ba1* 7.875% due 8/15/11 (c) 108,500
See Notes to Financial Statements.
25 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------
Building/Construction -- 1.8% (continued)
130,000 B- Dayton Superior Corp., Sr. Sub. Notes, 13.000% due 6/15/09 (a) $ 111,150
Del Webb Corp., Sr. Sub. Debentures:
70,000 BB+ 9.375% due 5/1/09 73,282
30,000 BB+ 10.250% due 2/15/10 32,925
35,000 BB- JLG Industries Inc., Sr. Notes, 8.250% due 5/1/08 (e) 35,000
K. Hovnanian Enterprises, Inc.:
100,000 BB- Sr. Notes, 8.000% due 4/1/12 (c) 106,000
30,000 B Sr. Sub. Notes, 8.875% due 4/1/12 (a) 31,800
KB HOME, Sr. Sub. Notes:
10,000 BB- 7.750% due 2/1/10 10,550
160,000 BB- 9.500% due 2/15/11 (c) 177,200
20,000 Baa3* M.D.C. Holdings, Inc., Sr. Notes, 8.375% due 2/1/08 20,975
Manitowoc Co., Inc., Sr. Sub. Notes:
15,000/EUR/ B+ 10.375% due 5/15/11 (c) 17,107
50,000 B+ 10.500% due 8/1/12 54,750
Nortek Inc., Series B:
Sr. Notes:
30,000 B+ 9.125% due 9/1/07 31,275
70,000 B+ 8.875% due 8/1/08 72,800
20,000 B- Sr. Sub. Notes, 9.875% due 6/15/11 20,900
Owens Corning:
223,000 D** Bonds, 7.500% due 8/1/18 (a)(g) 60,210
137,000 D** Notes, 7.500% due 5/1/05 (a)(g) 36,990
Ryland Group, Inc.:
10,000 BB+ Sr. Notes, 9.750% due 9/1/10 11,413
170,000 Ba2* Sr. Sub. Notes, 8.250% due 4/1/08 (c) 177,650
Schuler Homes Inc.:
66,000 Ba2* Notes, 10.500% due 7/15/11 (a) 73,920
50,000 Ba1* Sr. Notes, 9.000% due 4/15/08 52,500
20,000 Ba3* Technical Olympic USA, Inc., Sr. Notes, 9.000% due 7/1/10 20,800
Terex Corp., Sr. Sub. Notes:
96,000 B 8.875% due 4/1/08 (c) 100,320
62,000 B Series B, 10.375% due 4/1/11 (a) 69,130
150,000 NR Washington Group International, Inc., Sr. Notes,
11.000% due 7/1/10 (e)(g) 8,250
60,000 Ba3* WCI Communities, Inc., Sr. Sub. Notes, 9.125% due 5/1/12 60,900
- -----------------------------------------------------------------------------------------------------
1,852,174
- -----------------------------------------------------------------------------------------------------
Business Services -- 1.2%
Iron Mountain Inc.:
50,000 B Sr. Notes, 8.125% due 5/15/08 52,500
305,000 B Sr. Sub. Notes, 8.625% due 4/1/13 (c) 334,060
See Notes to Financial Statements.
26 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------
Business Services -- 1.2% (continued)
100,000 D Key3Media Group, Inc., Sr. Sub. Notes, 11.250% due 6/15/11 (g) $ 1,000
80,000 Ba3* Lamar Media Corp., Sr. Sub. Notes, 7.250% due 1/1/13 (e) 84,600
MDP Acquisitions PLC:
120,000/EUR/ B Sr. Notes, 10.125% due 9/30/12 (c) 144,004
Sub. Notes:
3,299 B 15.500% due 10/1/13 (e)(h) 3,761
42,000 B 15.500% due 10/1/13 (e)(h)(i) 45,990
120,000 Ca* Outsourcing Solutions Inc., Sr. Sub. Notes, Series B,
11.000% due 11/1/06 (g) 1,800
R. H. Donnelley Financial Corp:
47,000 B+ Sr. Notes, 8.875% due 12/15/10 (e) 52,875
189,000 B+ Sr. Sub. Notes, 10.875% due 12/15/12 (c)(e) 219,712
30,000 B+ Xerox Capital (Europe) PLC, Notes, 5.875% due 5/15/04 30,375
Xerox Corp.:
90,000 B+ Notes, 5.500% due 11/15/03 (a) 91,350
Sr. Notes:
100,000 B+ 9.750% due 1/15/09 (a)(e) 114,000
35,000/EUR/ B+ 9.750% due 1/15/09 (c) 41,599
30,000 B+ Xerox Credit Corp., Notes, 6.100% due 12/16/03 29,714
- -----------------------------------------------------------------------------------------------------
1,247,340
- -----------------------------------------------------------------------------------------------------
Cable -- 1.2%
Adelphia Communications Corp.:
60,000 NR Notes, Series B, 9.875% due 3/1/05 (g) 29,700
Sr. Notes:
4,000 NR 7.875% due 5/1/09 (a)(g) 1,980
17,000 NR 9.375% due 11/15/09 (g) 8,585
185,000 NR 10.875% due 10/1/10 (g) 92,500
Charter Communications Holdings LLC/Charter Communications
Holdings Capital Corp.:
Sr. Discount Notes:
70,000 Ca* Step bond to yield 20.693% due 1/15/10 35,350
3,000 Ca* Step bond to yield 11.054% due 5/15/11 (a) 1,365
Sr. Notes:
20,000 Ca* 8.250% due 4/1/07 (a) 13,400
225,000 Ca* 8.625% due 4/1/09 (a) 149,062
65,000 Ca* 10.750% due 10/1/09 43,550
65,000 Ca* 9.625% due 11/15/09 (a) 43,225
60,000 Ca* 10.250% due 1/15/10 39,600
155,000 Ca* 11.125% due 1/15/11 (c) 103,075
65,000 Ca* 10.000% due 5/15/11 (a) 42,900
See Notes to Financial Statements.
27 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ------------------------------------------------------------------------------------------------------
Cable -- 1.2% (continued)
47,000 BB- CSC Holdings Inc., Sr. Notes, 7.875% due 12/15/07 $ 49,702
235,000 B DIRECTV Holdings/Finance, Sr. Notes, 8.375% due 3/15/13 (c)(e) 264,375
60,000 B2* FrontierVision Operating Partners, L.P., Term Loans, Tranche B,
6.275% due 3/31/06 (f) 54,375
8,000 NR KNOLOGY Holdings, Inc., Sr. Notes, 12.000% due 11/30/09 (e)(h) 6,280
36,164 B2* Olympus Cable Holdings, Term Loans, Tranche B,
6.250% due 9/30/10 (f) 30,450
Rogers Cablesystems Ltd.:
100,000 BBB- Sr. Secured Second Priority Notes, Series B,
10.000% due 3/15/05 (c) 107,750
20,000 BB- Sr. Sub. Debentures, 11.000% due 12/1/15 22,650
Telewest Communications PLC:
20,000 Ca* Sr. Debentures, 9.625% due 10/1/06 (a)(g) 4,700
290,000 Ca* Sr. Discount Debentures, 11.000% due 10/1/07 (g) 68,150
- ------------------------------------------------------------------------------------------------------
1,212,724
- ------------------------------------------------------------------------------------------------------
Chemicals -- 3.3%
150,000 B+ Acetex Corp., Sr. Notes, 10.875% due 8/1/09 (c) 165,750
10,000 Ba2* Airgas, Inc., Sr. Sub. Notes 9.125% due 10/1/11 11,200
40,000 B Applied Extrusion Technologies, Inc., Sr. Notes, Series B,
10.750% due 7/1/11 (a) 29,800
120,000 B- Avecia Group PLC, Sr. Notes, 11.000% due 7/1/09 (c) 109,800
120,000 A- Dow Chemical Co., Sr. Notes, 5.750% due 11/15/09 (c) 127,882
Equistar Chemicals, L.P./Equistar Funding Corp.:
Notes:
25,000 BB 6.500% due 2/15/06 24,018
26,000 BB 8.375% due 2/15/09 25,774
193,000 BB Sr. Notes, 10.125% due 9/1/08 (a) 203,615
308,000 Ba2* Hercules Inc., Sr. Notes, 11.125% due 11/15/07 (c) 349,580
170,000 B- HMP Equity Holdings Corp., Sr. Secured Discount Notes,
zero coupon due 5/15/08 (e)(i) 80,639
Huntsman Corp., Term Loan:
49,684 B+ Tranche A, 5.879% due 3/31/07 (f) 46,703
23,834 B+ Tranche B, 7.875% due 3/31/07 (f) 22,404
Huntsman ICI Chemicals LLC:
235,000 B- Sr. Discount Notes, zero coupon due 12/31/09 92,825
195,000 B- Sr. Sub. Notes, 10.125% due 7/1/09 (a) 201,825
55,000/EUR/ B Huntsman International LLC, Sr. Sub. Notes, 10.125% due 7/1/09 60,266
See Notes to Financial Statements.
28 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------
Chemicals -- 3.3% (continued)
IMC Global Inc.:
10,000 Ba3* Notes, 6.550% due 1/15/05 $ 10,150
Sr. Notes, Series B:
140,000 BB 10.875% due 6/1/08 (c) 160,300
60,000 BB 11.250% due 6/1/11 68,400
205,000 BB- ISP Chemco Inc., Sr. Sub. Notes, Series B, 10.250% due 7/1/11 (c) 224,475
30,000 B+ ISP Holdings, Inc., Sr. Secured Notes, Series B,
10.625% due 12/15/09 30,900
Lyondell Chemical Co.:
20,000 BB Secured Notes, 11.125% due 7/15/12 21,700
186,000 BB Sr. Secured Notes, Series A, 9.625% due 5/1/07 (c) 192,510
120,000 B+ Sr. Sub. Notes, 10.875% due 5/1/09 (a) 121,200
40,000/EUR/ B+ Messer Griesheim Holding, AG, Sr. Notes, 10.375% due 6/1/11 (c) 50,091
Millennium America, Inc.:
Sr. Notes:
15,000 BB+ 7.000% due 11/15/06 15,300
30,000 BB+ 9.250% due 6/15/08 (e) 33,150
170,000 BB+ Sr. Sub. Notes, 9.250% due 6/15/08 (c) 187,850
80,000 B Noveon, Inc., Sr. Sub. Notes, Series B, 11.000% due 2/28/11 90,800
70,000 NR Noveon International Inc., Sr. Sub. Notes,
13.000% due 8/31/11 (e)(h) 71,400
99,000 B- OM Group, Inc., Notes, 9.250% due 12/15/11 85,140
45,540 NR PCI Chemicals Canada, Inc., Sr. Secured Notes,
10.000% due 12/31/08 (a) 38,026
61,847 NR Pioneer Cos., Inc., Sr. Secured Notes, 4.790% due 12/31/06 (f) 49,168
45,000 B+ Resolution Performance Products LLC/RPP Capital, Sr. Secured
Second Priority Notes, 9.500% due 4/15/10 (e) 48,375
60,000 B Salt Holdings Corp., Inc., Sr. Notes, step bond to yield
12.191% due 12/15/12 (e) 39,900
90,000 B+ Scotts Co., Sr. Sub. Notes, 8.625% due 1/15/09 95,850
110,000 Ba3* Solutia Inc., Notes, 11.250% due 7/15/09 84,150
25,566 NR Sterling Chemicals Inc., Sr. Secured Notes,
10.000% due 12/19/07 23,137
40,000 CCC+ Texas Petrochemical Corp., Sr. Sub. Notes, 11.125% due 7/1/06 23,000
- --------------------------------------------------------------------------------------------------------
3,317,053
- --------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
29 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30,2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ---------------------------------------------------------------------------------------------
Consumer Products and Services -- 2.0%
Alderwoods Group, Inc.:
270,500 NR Sr. Notes, 12.250% due 1/2/09 (c) $ 279,968
2,400 NR Sr. Secured Notes, 11.000% due 1/2/07 2,436
101,000 B2* Armkel, LLC/Armkel Finance, Inc., Sr. Sub. Notes,
9.500% due 8/15/09 (c) 113,625
Coinmach Corp.:
112,000 B Sr. Notes, 9.000% due 2/1/10 (c) 119,840
37,240 NR Term Loans, Tranche B, 4.309% due 7/25/09 (f) 37,272
Derby Cycle Corp., Sr. Notes:
187,046/EUR/ NR 9.375% due 5/15/08 (g) 4,812
150,350 NR 10.000% due 5/15/08 (g) 3,007
Elizabeth Arden, Inc., Sr. Notes:
45,000 CCC+ Series B, 10.375% due 5/15/07 (a) 46,350
30,000 CCC+ Series D, 10.375% due 5/15/07 30,000
141,000 B- ICON Health & Fitness, Inc., Sr. Sub. Notes,
11.250% due 4/1/12 (c) 147,345
130,000 B Jostens, Inc., Sr. Sub. Notes, 12.750% due 5/1/10 (c) 156,000
109,000 B Playtex Products, Inc., Sr. Sub. Notes,
9.375% due 6/1/11 (c) 118,810
Revlon Consumer Products Corp., Sr. Notes:
65,000 Ca* 8.125% due 2/1/06 40,950
68,000 Ca* 9.000% due 11/1/06 42,840
160,000 B Royster-Clark, Inc., Secured First Mortgage Notes,
10.250% due 4/1/09 (c) 124,000
82,000 BB Russell Corp., Sr. Notes, 9.250% due 5/1/10 89,380
256,000 B- Sealy Mattress Co., Sr. Sub. Notes, Series B,
9.875% due 12/15/07 (a) 264,960
Service Corp. International:
30,000 BB- Debentures, 7.875% due 2/1/13 30,150
Notes:
172,000 BB- 6.000% due 12/15/05 (c) 173,720
10,000 BB- 7.200 % due 6/1/06 10,050
5,000 BB- 6.875% due 10/1/07 4,975
19,000 BB- 6.500% due 3/15/08 18,620
59,000 BB- 7.700% due 4/15/09 60,095
130,000 B+ Stewart Enterprises Inc., Sr. Sub. Notes,
10.750% due 7/1/08 (c) 145,275
- --------------------------------------------------------------------------------------------
2,064,480
- --------------------------------------------------------------------------------------------
See Notes to Financial Statements.
30 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ---------------------------------------------------------------------------------------------
Electronics -- 0.4%
Amkor Technology, Inc.:
20,000 B3* Convertible Sub. Notes, 5.750% due 6/1/06 (a) $ 17,775
100,000 B1* Sr. Notes, 9.250% due 5/1/06 (a) 105,000
125,000 B+ FIMEP S.A., Sr. Notes, 10.500% due 2/15/13 (c)(e) 135,625
20,000 Ba3* Moog Inc., Sr. Sub. Notes, Series B, 10.000% due 5/1/06 20,100
80,000 CCC+ ON Semiconductor Corp., Sr. Secured Notes,
13.000% due 5/15/08 (a)(e) 76,400
110,000 CCC+ SCG Holding Corp./Semiconductor Components Industries, LLC,
Sr. Sub. Notes, 12.000% due 8/1/09 (a) 80,850
- ---------------------------------------------------------------------------------------------
435,750
- ---------------------------------------------------------------------------------------------
Energy -- 4.7%
25,000 CCC- Belden & Blake Corp., Sr. Sub. Notes, Series B,
9.875% due 6/15/07 23,375
120,000 Ba3* Belco Oil & Gas Corp., Sr. Sub. Notes, Series B,
8.875% due 9/15/07 (c) 126,000
Chesapeake Energy Corp., Sr. Notes:
155,000 B+ 8.125% due 4/1/11 (c) 168,175
1,000 B+ 9.000% due 8/15/12 1,120
45,000 B+ 7.500% due 9/15/13 (e) 48,038
6,000 B+ Series B, 8.500% due 3/15/12 6,390
5,000 B Compton Petroleum Corp., Sr. Notes, 9.900% due 5/15/09 5,475
140,000 B2* Comstock Resources, Inc., Sr. Notes, 11.250% due 5/1/07 (c) 151,200
Dynegy Holdings, Inc.:
111,000 CCC+ Notes, 6.750% due 12/15/05 (a) 106,005
43,000 CCC+ Sr. Notes, 6.875% due 4/1/11 36,765
El Paso Corp.:
15,000 B Notes, 7.875% due 6/15/12 (a)(e) 13,350
Sr. Notes:
20,000 B 6.750% due 5/15/09 (a) 17,500
30,000 B 7.000% due 5/15/11 (a) 26,250
100,000 BB- El Paso Energy Partners, L.P., Sr. Sub. Notes, Series B,
8.500% due 6/1/11 (a) 108,250
70,000 B Encore Acquisition Co., Sr. Notes, 8.375% due 6/15/12 74,900
Forest Oil Corp., Sr. Notes:
120,000 BB 8.000% due 6/15/08 (c) 127,800
50,000 BB 8.000% due 12/15/11 53,500
20,000 BB 7.750% due 5/1/14 20,900
See Notes to Financial Statements.
31 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------
Energy -- 4.7% (continued)
25,000 BB- Leviathan Gas Pipe Line Partners, L.P./Leviathan Finance Corp.,
Sr. Sub. Notes, Series B, 10.375% due 6/1/09 $ 27,125
30,000 B+ Magnum Hunter Resources, Inc., Notes, 9.600% due 3/15/12 32,550
80,000 Caa3* Mission Resources Corp., Sr. Sub. Notes, Series C,
10.875% due 4/1/07 (a) 38,800
120,000 BB+ Newfield Exploration Co., Sr. Notes, 7.625% due 3/1/11 (c) 129,855
40,000 B+ Northwest Pipeline Corp., Sr. Notes, 8.125% due 3/1/10 (e) 43,800
85,000 CCC+ Northwestern Corp., Notes, 8.750% due 3/15/12 66,725
95,000 B+ Parker Drilling Co., Sr. Notes, Series B, 10.125% due 11/15/09 (c) 101,887
73,000 B+ Peabody Energy Co., Sr. Sub. Notes, Series B,
9.625% due 5/15/08 76,741
90,000 Baa1* Pemex Project Funding Master Trust, Bonds,
8.625% due 2/1/22 (c)(e) 100,125
Petronas Capital Ltd., Notes:
135,000 BBB+ 7.000% due 5/22/12 (c)(e) 149,378
150,000 BBB+ 7.875% due 5/22/22 (c) 164,834
285,000 BBB+ 7.875% due 5/22/22 (c)(e) 314,837
Pioneer Natural Resources Co., Sr. Notes:
17,000 BB+ 6.500% due 1/15/08 18,492
370,000 BB+ 9.625% due 4/1/10 (c) 455,769
57,000 BB+ Plains All American Pipeline L.P./PAA Finance Corp., Sr. Notes,
7.750% due 10/15/12 62,415
90,000 B Plains Exploration & Production Co., Sr. Sub. Notes,
8.750% due 7/1/12 96,750
70,000 BB Pogo Producing Co., Sr. Sub. Notes, Series B,
8.250% due 4/15/11 76,300
140,000 BB Pride International, Inc., Sr. Notes, 9.375% due 5/1/07 (a) 146,300
60,000 NR Seven Seas Petroleum Inc., Sr. Notes, Series B,
12.500% due 5/15/05 1,200
105,000 B Star Gas Partners, L.P./Star Gas Finance Co., Sr. Notes,
10.250% due 2/15/13 (c)(e) 107,363
Stone Energy Corp., Sr. Sub. Notes:
50,000 B+ 8.750% due 9/15/07 51,938
80,000 B+ 8.250% due 12/15/11 83,800
70,000 B Swift Energy Co., Sr. Sub. Notes, 9.375% due 5/1/12 73,500
50,000 BB Tesoro Petroleum Corp., Secured Notes, 8.000% due 4/15/08 (e) 52,000
180,000 BB Tiverton Power Associates L.P./Rumford Power Associates L.P.,
Pass-Through Certificates, 9.000% due 7/15/18 (c)(e) 144,000
See Notes to Financial Statements.
32 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ----------------------------------------------------------------------------------------------------
Energy -- 4.7% (continued)
Vintage Petroleum, Inc.:
80,000 BB- Sr. Notes, 8.250% due 5/1/12 $ 85,800
Sr. Sub. Notes:
110,000 B1* 9.750% due 6/30/09 (c) 118,250
20,000 B1* 7.875% due 5/15/11 20,625
110,000 Ba2* Westar Energy Inc., Sr. Notes, 7.125% due 8/1/09 (c) 111,513
Westport Resources Corp., Sr. Sub. Notes:
115,000 Ba3* 8.250% due 11/1/11 (c) 125,925
55,000 Ba3* 8.250% due 11/1/11 (e) 60,225
The Williams Cos. Inc., Notes:
100,000 B 9.250% due 3/15/04 101,250
95,000 B 6.500% due 8/1/06 (a) 91,675
50,000 B 6.500% due 12/1/08 46,750
40,000 B Series A, 6.375% due 1/15/06 38,800
80,000 NR XCL Ltd., Sr. Secured Discount Notes,
13.500% due 5/1/04 (e)(g)(i) 24,400
XTO Energy, Inc., Sr. Notes:
80,000 BB 7.500% due 4/15/12 88,400
60,000 BB 6.250% due 4/15/13 (e) 62,850
- ----------------------------------------------------------------------------------------------------
4,707,940
- ----------------------------------------------------------------------------------------------------
Entertainment -- 1.0%
80,000 CCC+ AMC Entertainment Inc., Sr. Sub. Notes, 9.875% due 2/1/12 (a) 84,400
65,000 BBB- Capitol Records, Inc., Notes, 8.375% due 8/15/09 (e) 60,441
Cinemark USA Inc., Sr. Sub. Notes:
90,000 B- 9.000% due 2/1/13 (e) 97,487
150,000 B- Series B, 9.625% due 8/1/08 152,812
20,000/GBP/ BBB- EMI Group PLC, Notes, 8.250% due 5/20/08 30,561
Pinnacle Entertainment, Sr. Sub. Notes, Series B:
79,000 CCC+ 9.250% due 2/15/07 77,815
32,000 CCC+ 9.500% due 8/1/07 31,520
70,000 B Regal Cinemas, Inc., Sr. Sub. Notes, Series B,
9.375% due 2/1/12 (a) 77,350
Six Flags Inc., Sr. Notes:
120,000 B 9.750% due 6/15/07 (c) 125,100
198,000 B 9.500% due 2/1/09 (a) 202,950
44,000 B 8.875% due 2/1/10 44,220
38,000 B 9.750% due 4/15/13 (e) 39,805
- ----------------------------------------------------------------------------------------------------
1,024,461
- ----------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
33 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- -------------------------------------------------------------------------------------------------------
Environmental Services -- 1.1%
Allied Waste Industries, Inc.:
370,000 BB- Debentures, 7.400% due 9/15/35 (c) $ 345,950
40,000 BB- Sr. Notes, 6.375% due 1/15/08 39,400
Allied Waste North America, Inc.:
Sr. Notes:
223,000 BB- 9.250% due 9/1/12 (c)(e) 245,300
42,000 BB- Series B, 8.875% due 4/1/08 45,570
Sr. Sub. Notes, Series B:
166,000 BB- 8.500% due 12/1/08 (c) 180,110
121,000 B+ 10.000% due 8/1/09 (a) 129,924
83,000 B- IESI Corp., Sr. Sub. Notes, 10.250% due 6/15/12 (e) 86,320
- -------------------------------------------------------------------------------------------------------
1,072,574
- -------------------------------------------------------------------------------------------------------
Financial Services -- 1.5%
4,000 NR ACME Intermediate Holdings, LLC/ACME Intermediate
Finance, Inc., 12.000% due 9/30/05 4,110
150,000 NR Amresco Inc., Sr. Sub. Notes, Series 97-A,
10.000% due 3/15/04 (g) 11,100
50,000 B+ Bluewater Finance Ltd., Sr. Notes, 10.250% due 2/15/12 (e) 51,500
200,000 Ba3* Chevy Chase Savings Bank, Sub. Debentures,
9.250% due 12/1/05 (c) 202,000
Conseco, Inc., Sr. Notes:
80,000 Ca* 8.750% due 8/9/06 (e)(g) 21,600
40,000 Ca* 10.750% due 6/15/09 (e)(g) 10,800
381,000 NR Finova Group, Inc., Notes, 7.500% due 11/15/09 (c) 154,305
35,000 B Gemstone Investors Ltd., Sr. Notes,
7.710% due 10/31/04 (e) 33,862
58,000 NR Imperial Credit Industries, Inc., Sr. Secured Notes,
12.000% due 6/30/05 (g) 870
iStar Financial Inc., Sr. Notes:
60,000 BB+ 7.000% due 3/15/08 62,007
145,000 BB+ 8.750% due 8/15/08 (c) 159,500
154,000 Ca* Nationwide Credit, Inc., Sr. Notes, Series A, 10.250% due 1/15/08 (g) 1,925
314,000 D** Reliance Group Holdings, Inc., Sr. Notes,
9.000% due 11/15/49 (g) 3,140
145,000 B- Resource America Inc., Sr. Notes, 12.000% due 8/1/04 (c) 146,450
430,000 BBB- Sovereign Bancorp, Inc., Sr. Notes, 10.500% due 11/15/06 (c) 522,450
90,000 BB- Western Financial Bank, Sub. Debentures, 9.625% due 5/15/12 93,150
- -------------------------------------------------------------------------------------------------------
1,478,769
- -------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
34 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- -------------------------------------------------------------------------------------------------
Food and Beverage -- 1.2%
56,814 NR Archibald Candy Corp., Notes, 10.000% due 11/1/07 (h) $ 38,633
135,000 CC Aurora Foods Inc., Sr. Sub. Notes, Series D,
9.875% due 2/15/07 61,425
Constellation Brands Inc., Sr. Sub. Notes:
30,000 Ba3* 8.500% due 3/1/09 31,800
50,000 Ba3* Series B, 8.125% due 1/15/12 (a) 53,312
30,000 BB- Dean Foods Co., Sr. Notes, 6.625% due 5/15/09 30,946
Del Monte Corp., Sr. Sub. Notes:
80,000 B 8.625% due 12/15/12 (e) 86,500
40,000 B Series B, 9.250% due 5/15/11 43,450
120,000 B- Doane Pet Care Co., Sr. Sub. Notes, 9.750% due 5/15/07 (c) 114,600
60,000 B+ Dole Foods Co., Sr. Notes, 8.875% due 3/15/11 (e) 65,550
10,000 CCC+ Eagle Family Foods, Inc., Sr. Sub. Notes, Series B,
8.750% due 1/15/08 6,750
Fleming Cos., Inc., Sr. Notes:
122,000 Caa3* 10.125% due 4/1/08 (a) 17,995
59,000 Caa3* 9.250% due 6/15/10 8,703
86,000 B+ Land O' Lakes, Inc., Sr. Notes, 8.750% due 11/15/11 55,470
120,000 B- Premier International Foods PLC, Sr. Notes,
12.000% due 9/1/09 (c) 132,600
210,000 BB Premium Standard Farms, Inc., Sr. Notes,
9.250% due 6/15/11 (a) 185,850
141,000 Caa2* RAB Enterprises, Inc., Sr. Notes, 10.500% due 5/1/05 57,105
91,194 BB+ Suiza Foods Corp., Term Loans, Tranche B,
3.540% due 7/15/08 (f) 91,101
40,000 B TravelCenters of America Inc., Sr. Sub. Notes,
12.750% due 5/1/09 43,400
180,000 NR Vlasic Foods International Inc., Sr. Sub. Notes, Series B,
10.250% due 7/1/09 (g) 44,100
- -------------------------------------------------------------------------------------------------
1,169,290
- -------------------------------------------------------------------------------------------------
Healthcare -- 2.8%
130,000 B- ALARIS Medical, Inc., Sr. Discount Notes, step bond to yield
24.190% due 8/1/08 (c) 135,850
129,000 B+ ALARIS Medical Systems, Inc., Sr. Secured Notes, Series B,
11.625% due 12/1/06 (c) 151,575
114,000 B- Alliance Imaging, Inc., Sr. Sub. Notes, 10.375% due 4/15/11 (a) 107,730
63,000 BB AmeriSourceBergen Corp., Sr. Notes, 7.250% due 11/15/12 (e) 67,095
See Notes to Financial Statements.
35 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------
Healthcare -- 2.8% (continued)
70,000 B Bio-Rad Laboratories, Inc., Sr. Sub. Notes,
11.625% due 2/15/07 $ 78,050
150,000 BB- Biovail Corp., Sr. Sub. Notes, 7.875% due 4/1/10 (c) 159,750
20,000 BB Caremark Rx, Inc., Sr. Notes, 7.375% due 10/1/06 20,800
100,000 B DaVita Inc., Convertible Sub. Notes, 7.000% due 5/15/09 (c) 102,625
80,000 B2* Extendicare Health Services Inc., Sr. Notes, 9.500% due 7/1/10 79,600
5,148 B1* Genesis Health Ventures Inc., Sr. Secured Notes,
6.290% due 4/2/07 (a)(f) 4,968
Hanger Orthopedic Group, Inc., Sr. Notes:
105,000 B 10.375% due 2/15/09 (c) 114,975
25,000 B- 11.250% due 6/15/09 27,000
HCA Inc.:
Debentures:
10,000 BBB- 7.190% due 11/15/15 10,669
50,000 BBB- 8.360% due 4/15/24 55,827
Notes:
60,000 BBB- 7.250% due 5/20/08 66,428
50,000 BBB- 7.690% due 6/15/25 52,656
HEALTHSOUTH Corp.:
130,000 D Convertible Sub. Debentures, 3.250% due 4/1/03 (g) 35,750
106,000 Caa2* Notes, 7.625% due 6/1/12 (a)(g) 68,105
Sr. Notes:
67,000 Caa2* 8.500% due 2/1/08 (a)(g) 43,047
37,000 Caa2* 8.375% due 10/1/11 (a)(g) 23,772
40,000 C* Sr. Sub. Notes, 10.750% due 10/1/08 (g) 10,800
60,000 B3* IASIS Healthcare Corp., Sr. Sub. Notes, 13.000% due 10/15/09 67,200
260,000 NR Integrated Health Services, Inc., Sr. Sub. Notes, Series A,
9.500% due 9/15/07 (g) 7,475
175,000 B- Kinetic Concepts Inc., Sr. Sub. Notes, Series B,
9.625% due 11/1/07 (c) 183,312
Magellan Health Services, Inc.:
43,000 Caa3* Sr. Notes, 9.375% due 11/15/07 (e)(g) 38,915
234,000 C* Sr. Sub. Notes, 9.000% due 2/15/08 (a)(g) 63,180
110,000 NR Mediq Inc., Sr. Discount Debentures, step bond to yield
14.868% due 6/1/09 (g) 11
136,000 B- Medquest Inc., Sr. Sub. Notes, 11.875% due 8/15/12 (c)(e) 126,480
330,000 NR Multicare Cos., Inc., Sr. Sub. Notes, 9.000% due 8/1/07 (g) 6,600
55,000 /EUR/ B- Nyco Holdings 2 APS, Sr. Notes, 11.500% due 3/31/13 (e) 62,418
100,000 BB+ Omnicare, Inc., Sr. Sub. Notes, Series B,
8.125% due 3/15/11 (c) 109,500
197,000 B+ PacifiCare Health System, Sr. Notes, 10.750% due 6/1/09 (c) 219,163
See Notes to Financial Statements.
36 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- --------------------------------------------------------------------------------------------------
Healthcare -- 2.8% (continued)
121,000 B- Province Healthcare Co., Convertible Sub. Notes,
4.500% due 11/20/05 (c) $ 116,160
Triad Hospitals, Inc., Series B:
1,000 B1* Sr. Notes, 8.750% due 5/1/09 1,093
330,000 B2* Sr. Sub. Notes, 11.000% due 5/15/09 (a) 367,950
40,000 BB- Ventas Realty L.P./Ventas Capital Corp., Sr. Notes,
9.000% due 5/1/12 43,100
- --------------------------------------------------------------------------------------------------
2,829,629
- --------------------------------------------------------------------------------------------------
Hotel/Casino -- 4.3%
90,000 NR Aladdin Gaming Holdings, LLC/Aladdin Capital Corp., Sr. Discount
Notes, Series B, 13.500% due 3/1/10 (g) 900
70,000 B Ameristar Casinos, Inc., Sr. Sub. Notes,
10.750% due 2/15/09 (a) 78,750
Argosy Gaming Co.:
120,000 B+ Sr. Notes, 10.750% due 6/1/09 (c) 133,200
10,000 B+ Sr. Sub. Notes, 9.000% due 9/1/11 10,800
130,000 B+ Boyd Gaming Corp., Sr. Sub. Notes, 8.750% due 4/15/12 (c) 140,725
50,000 BB- Chumash Casino & Resort Enterprise, Sr. Notes,
9.000% due 7/15/10 (e) 53,750
170,000 Ba3* FelCor Lodging L.P., Sr. Notes, 9.500% due 9/15/08 (c) 170,000
Herbst Gaming, Inc., Sr. Secured Notes:
30,000 B 10.750% due 9/1/08 (e) 33,075
123,000 B Series B, 10.750% due 9/1/08 (c) 135,607
HMH Properties, Inc.:
36,000 Ba3* Sr. Notes, Series C, 8.450% due 12/1/08 37,080
558,000 Ba3* Sr. Secured Notes, Series B, 7.875% due 8/1/08 (c) 566,370
123,000 BBB- Hilton Hotels Corp., Sr. Notes, 7.625% due 12/1/12 (c) 131,264
175,000 B+ Hollywood Casino Corp., Sr. Secured Notes,
11.250% due 5/1/07 (c) 187,250
170,000 B+ Horseshoe Gaming Holding Corp., Sr. Sub. Notes, Series B,
8.625% due 5/15/09 (c) 181,475
160,000 BBB- International Game Technology, Sr. Notes,
8.375% due 5/15/09 (c) 191,172
100,000 B John Q. Hammons Hotels Inc., First Mortgage Notes, Series B,
8.875% due 5/15/12 (c) 104,000
145,000 B Majestic Investor Holdings LLC/Majestic Investor Capital Corp.,
Sr. Secured Notes, 11.653% due 11/30/07 (c) 142,825
10,000 BB+ Mandalay Resort Group, Sr. Notes, 9.500% due 8/1/08 11,125
MGM MIRAGE:
80,000 BBB- Notes, 6.750% due 2/1/08 (a) 83,200
140,000 BBB- Sr. Notes, 8.500% due 9/15/10 (c) 157,500
See Notes to Financial Statements.
37 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------
Hotel/Casino -- 4.3% (continued)
Mohegan Tribal Gaming Authority:
75,000 BB Sr. Notes, 8.125% due 1/1/06 $ 80,062
Sr. Sub. Notes:
120,000 BB- 8.750% due 1/1/09 (c) 128,100
50,000 BB- 8.375% due 7/1/11 53,500
Park Place Entertainment Corp.:
Sr. Notes:
210,000 BBB- 7.500% due 9/1/09 (c) 224,175
50,000 BBB- 7.000% due 4/15/13 (e) 51,500
Sr. Sub Notes:
37,000 BB+ 8.875% due 9/15/08 (a) 40,053
15,000 BB+ 8.125% due 5/15/11 15,938
Penn National Gaming Inc.:
165,000 B- Sr. Notes, 8.875% due 3/15/10 (a) 173,663
55,000 B- Sr. Sub. Notes, Series B, 11.125% due 3/1/08 60,912
70,000 B Resorts International Hotel & Casino, Inc., Sr. Notes,
11.500% due 3/15/09 (a) 65,450
90,000 B+ RFS Partnership L.P., Notes, 9.750% due 3/1/12 94,500
65,000 B+ Riviera Holdings Corp., Notes, 11.000% due 6/15/10 61,425
120,000 BBB- Starwood Hotels & Resorts Worldwide, Inc., Notes,
6.750% due 11/15/05 (c) 124,286
139,000 BB- Station Casinos, Inc., Sr. Notes, 8.375% due 2/15/08 (c) 149,773
70,000 B3* Trump Atlantic City Associates/Trump Atlantic City Funding, Inc.,
Secured First Mortgage Notes, 11.250% due 5/1/06 56,000
215,000 B- Trump Holdings and Funding, First Mortgage Notes,
11.625% due 3/15/10 (c)(e) 206,938
180,000 B- Venetian Casino Resort LLC/Las Vegas Sands, Inc., Notes,
11.000% due 6/15/10 (c) 198,450
15,000 B+ Wheeling Island Gaming, Notes, 10.125% due 12/15/09 15,225
- --------------------------------------------------------------------------------------------------------
4,350,018
- --------------------------------------------------------------------------------------------------------
Industrial Goods and Services -- 0.6%
95,000 Caa2* Better Minerals & Aggregates Co., Sr. Sub. Notes,
13.000% due 9/15/09 65,075
96,000 B Flowserve Corp., Sr. Sub. Notes, 12.250% due 8/15/10 (a) 108,960
20,000/EUR/ B Flowserve Finance B.V., Sr. Sub. Notes, 12.250% due 8/15/10 25,045
71,000 B- Jordan Industries, Inc., Sr. Notes, Series D, 10.375% due 8/1/07 26,980
See Notes to Financial Statements.
38 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- -------------------------------------------------------------------------------------------------------------
Industrial Goods and Services -- 0.6% (continued)
205,000 B North Atlantic Trading Co., Inc., Sr. Notes, Series B,
11.000% due 6/15/04 (c) $ 205,769
70,000 Ca* Polaroid Corp., Sr. Notes, 11.500% due 2/15/06 (g) 4,550
100,000 B Trico Marine Services, Inc., Sr. Notes, 8.875% due 5/15/12 (a) 88,000
100,000 B Ucar Finance Inc., Notes, 10.250% due 2/15/12 94,000
- ----------------------------------------------------------------------------------------------------------
618,379
- ----------------------------------------------------------------------------------------------------------
Manufacturing -- 1.6%
35,000 NR Advanced Glassfiber Yarns/AGY Capital Corp., Sr. Sub. Notes,
9.875% due 1/15/09 (a)(g) 1,925
Blount Inc.:
120,000 Caa1* Sr. Notes, 7.000% due 6/15/05 (c) 108,600
201,000 CCC Sr. Sub. Notes, 13.000% due 8/1/09 144,720
26,000 B- Dade Behring Inc., Sr. Sub. Notes, 11.910% due 10/3/10 29,510
140,000 B Dresser Inc., Sr. Sub. Notes, 9.375% due 4/15/11 (c) 144,900
90,000 CCC High Voltage Engineering Corp., Sr. Notes,
10.750% due 8/15/04 23,850
Invensys PLC:
25,000/EUR/ BB+ Medium-Term Notes, Series E, 5.500% due 4/1/05 24,598
15,000 BB+ Sr. Notes, 6.500% due 1/15/10 (e) 11,868
Lousiana Pacific Corp.:
10,000 Ba1* Sr. Notes, 8.875% due 8/15/10 11,267
50,000 Ba2* Sr. Sub. Notes, 10.875% due 11/15/08 56,250
130,000 B- Roller Bearing Co. of America, Inc., Sr. Notes,
Series B, 9.625% due 6/15/07 (c) 109,850
280,000 CCC Samsonite Corp., Sr. Sub. Notes, 10.750% due 6/15/08 (c) 266,000
175,000 B- Tekni-Plex, Inc., Sr. Sub. Notes, Series B, 12.750% due 6/15/10 (c) 171,938
40,000 CCC+ Tenneco Automotive Inc., Sr. Sub. Notes, Series B,
11.625% due 10/15/09 (a) 35,600
Tyco International Group, S.A.:
Notes:
31,000 BBB- 6.375% due 6/15/05 (a) 31,465
137,000 BBB- 6.375% due 10/15/11 (c) 135,630
Sr. Notes:
292,000 BBB- 6.375% due 2/15/06 (a) 294,920
25,000 BBB- 6.750% due 2/15/11 25,125
- ----------------------------------------------------------------------------------------------------------
1,628,016
- ----------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
39 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ----------------------------------------------------------------------------------------------------
Metals/Mining -- 1.0%
163,000 BB AK Steel Corp., Sr. Notes, 7.875% due 2/15/09 (a) $ 145,478
90,000 B Compass Minerals Group, Inc., Sr. Sub. Notes,
10.000% due 8/15/11 100,350
165,400 NR Doe Run Resources Corp., Notes, Series AI,
11.750% due 11/1/08 (e)(h) 60,223
113,000 B- Earle M. Jorgensen Co., Secured Notes, 9.750% due 6/1/12 (a) 119,215
15,000 CCC+ Haynes International, Inc., Sr. Notes, 11.625% due 9/1/04 7,275
Kaiser Aluminum & Chemical Corp.:
20,000 NR Sr. Notes, Series B, 10.875% due 10/15/06 (g) 12,700
300,000 NR Sr. Sub. Notes, 12.750% due 2/1/49 (g) 12,000
78,000 B+ Oregon Steel Mills, Inc., Notes, 10.000% due 7/15/09 (a) 74,490
114,000 BBB- Phelps Dodge Corp., Sr. Notes, 8.750% due 6/1/11 (c) 128,873
155,000 B Steel Dynamics, Inc., Sr. Notes, 9.500% due 3/15/09 (a) 168,950
Trimas Corp., Sr. Sub. Notes:
45,000 B 9.875% due 6/15/12 46,575
39,000 B 9.875% due 6/15/12 (e) 40,365
90,000 CCC+ WCI Steel Inc., Sr. Secured Notes, Series B,
10.000% due 12/1/04 28,350
11,000 CCC- Weirton Steel Corp., Sr. Notes, 10.000% due 4/1/08 1,155
70,000 NR Wheeling-Pittsburgh Corp., Sr. Notes, 9.250% due 11/15/07 (g) 700
90,000 CCC WHX Corp., Sr. Notes, 10.500% due 4/15/05 72,450
- -------------------------------------------------------------------------------------------------
1,019,149
- -------------------------------------------------------------------------------------------------
Packaging/Containers -- 1.8%
130,000 B AEP Industries Inc., Sr. Sub. Notes, 9.875% due 11/15/07 (a) 122,850
43,000 B- Berry Plastic Corp., Sr. Sub. Notes, 10.750% due 7/15/12 47,085
200,000 B+ Crown Euro Holdings, S.A., Secured Second Lien Notes,
9.500% due 3/1/11 (c)(e) 214,000
15,000 Caa2* Fonda Group Inc., Sr. Sub. Notes, Series B, 9.500% due 3/1/07 7,575
70,000 B Four M Corp., Sr. Secured Notes, Series B, 12.000% due 6/1/06 71,750
Owens-Brockway Glass Container Inc.:
185,000 BB Secured Notes, 8.875% due 2/15/09 (c) 199,338
70,000 BB Secured Sr. Notes, 7.750% due 5/15/11 (e) 72,625
80,000 B+ Sr. Notes, 8.250% due 5/15/13 (e) 83,000
160,000 B+ Owens-Illinois, Inc., Sr. Debentures, 7.800% due 5/15/18 (c) 146,400
115,000 B- Pliant Corp., Sr. Sub. Notes, 13.000% due 6/1/10 (c) 106,950
305,000 CCC+ Riverwood International, Sr. Sub. Notes, 10.875% due 4/1/08 (a) 316,438
See Notes to Financial Statements.
40 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ------------------------------------------------------------------------------------------
Packaging/Containers -- 1.8% (continued)
Stone Container Corp., Sr. Notes:
140,000 B 9.250% due 2/1/08 (c) $ 156,100
50,000 B 9.750% due 2/1/11 56,375
90,000 B 8.375% due 7/1/12 98,325
70,000 B Stone Container Finance Corp., Sr. Notes,
11.500% due 8/15/06 (e) 75,250
35,000 NR Sweetheart Cup Co., Inc., Notes, 12.000% due 7/15/04 30,450
15,000 B Yell Finance B.V., Sr. Notes, 10.750% due 8/1/11 (a) 16,875
- ------------------------------------------------------------------------------------------
1,821,386
- ------------------------------------------------------------------------------------------
Paper/Forestry Products -- 1.0%
1,000 BB+ Abitibi Consolidated Inc., Notes, 7.875% due 8/1/09 1,080
180,000 B+ Appleton Papers, Inc., Sr. Sub. Notes, Series B,
12.500% due 12/15/08 (c) 205,200
Georgia-Pacific Corp.:
Debentures:
57,000 BB+ 9.500% due 12/1/11 (a) 60,563
35,000 BB+ 7.700% due 6/15/15 31,675
Sr. Notes:
35,000 BB+ 7.500% due 5/15/06 35,087
125,000 BB+ 8.875% due 2/1/10 (e) 135,313
40,000 BB+ 8.125% due 5/15/11 (a) 39,800
145,000 BB Pacifica Paper, Inc., Sr. Notes, 10.000% due 3/15/09 (c) 154,788
133,000 Ba1* Potlatch Corp., Sr. Sub. Notes, 10.000% due 7/15/11 (c) 144,970
Tembec Industries Inc., Sr. Notes:
95,000 BB+ 8.625% due 6/30/09 (c) 99,275
40,000 BB+ 8.625% due 6/30/09 (e) 41,800
20,000 BB+ 8.500% due 2/1/11 20,900
20,000 BB+ 7.750% due 3/15/12 20,400
- ------------------------------------------------------------------------------------------
990,851
- ------------------------------------------------------------------------------------------
Publishing -- 1.9%
Garden State Newspapers, Inc., Sr. Sub. Notes:
110,000 B+ 8.625% due 7/1/11 (c) 114,125
85,000 B+ Series B, 8.750% due 10/1/09 88,400
65,000 B Hollinger International Publishing Inc., Sr. Notes,
9.000% due 12/15/10 (e) 69,875
340,628 B- Hollinger Participation Trust, Sr. Notes,
12.125% due 11/15/10 (c)(e)(h) 362,343
See Notes to Financial Statements.
41 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------
Publishing -- 1.9% (continued)
80,000 BB- Mail Well I Corp., Sr. Notes, 9.625% due 3/15/12 $ 81,600
140,000 BBB- News America Holdings Inc., Sr. Debentures,
9.250% due 2/1/13 (c) 179,116
PRIMEDIA Inc., Sr. Notes:
120,000 B 7.625% due 4/1/08 (a) 122,400
215,000 B 8.875% due 5/15/11 (c) 231,125
120,000 B Series B, 8.500% due 2/1/06 (a) 120,900
184,000 B Quebecor Media Inc., Sr. Notes, 11.125% due 7/15/11 (c) 209,760
Vertis Inc., Sr. Notes:
26,000 B- 10.875% due 6/15/09 (e) 27,430
110,000 B2* Series B, 10.875% due 6/15/09 (c) 116,050
Von Hoffman Corp.:
38,473 NR Debentures, 13.500% due 5/15/09 (h) 34,625
130,000 B Sr. Notes, 10.250% due 3/15/09 (c) 134,875
30,000 B- Von Hoffman Press, Inc., Notes, 10.375% due 5/15/07 29,625
- -----------------------------------------------------------------------------------------------------
1,922,249
- -----------------------------------------------------------------------------------------------------
Real Estate -- 0.2%
150,000 Ba3* Crescent Real Estate Equities, L.P., Sr. Notes,
9.250% due 4/15/09 (c) 159,937
- -----------------------------------------------------------------------------------------------------
Retail -- 1.8%
87,000 BBB- 7-Eleven, Inc., Sr. Sub. Second Priority Debentures, Series A,
4.500% due 6/15/04 86,348
35,000/EUR/ BB+ Ahold Finance USA, Inc., Sr. Medium-Term Notes,
Series E, 6.375% due 6/8/05 (c) 34,242
90,000 B Amazon.com, Inc., Sr. Discount Notes, step bond to yield
12.352% due 5/1/08 95,175
140,000 BB+ AutoNation, Inc., Sr. Notes, 9.000% due 8/1/08 (c) 153,300
77,000 B Domino's, Inc., Sr. Sub. Notes, Series B, 10.375% due 1/15/09 83,160
36,000 BB+ The Gap Inc., Notes, 6.900% due 9/15/07 38,340
55,000 B+ The Great Atlantic & Pacific Tea Co., Inc., Notes,
7.750% due 4/15/07 47,300
55,000 B- Hollywood Entertainment, Sr. Sub. Notes, 9.625% due 3/15/11 59,675
70,000 Caa3* J. Crew Operating Corp., Sr. Sub. Notes, 10.375% due 10/15/07 63,350
J.C. Penney Co., Inc.:
Debentures:
11,000 BBB- 7.650% due 8/15/16 10,890
130,000 BBB- 7.950% due 4/1/17 (c) 131,300
5,000 BBB- Notes, 8.000% due 3/1/10 5,337
See Notes to Financial Statements.
42 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- -------------------------------------------------------------------------------------------------------
Retail -- 1.8% (continued)
70,000 B+ NBTY, Inc., Sr. Sub. Notes, Series B, 8.625% due 9/15/07 $ 72,975
45,000 B2* Remington Arms Co., Sr. Notes, 10.500% due 2/1/11 (e) 48,825
Rite Aid Corp.:
120,000 B- Notes, 7.125% due 1/15/07 (a) 116,400
25,000 B- Sr. Notes, 7.625% due 4/15/05 25,063
270,000 BB Saks Inc., Sr. Notes, 8.250% due 11/15/08 (a) 292,950
120,000 B+ Sbarro Inc., Sr. Notes, 11.000% due 9/15/09 (a) 117,600
85,000 B United Auto Group, Inc., Sr. Sub. Notes, 9.625% due 3/15/12 90,100
Yum! Brands, Inc., Sr. Notes:
28,000 BB+ 8.500% due 4/15/06 31,220
160,000 BB+ 7.650% due 5/15/08 (c) 176,800
- -------------------------------------------------------------------------------------------------
1,780,350
- -------------------------------------------------------------------------------------------------
Technology -- 0.3%
90,000 B AMI Semiconductor, Inc., Sr. Sub. Notes,
10.750% due 2/1/13 (c)(e) 98,100
440,000 NR Cybernet Internet Services International, Inc., Convertible Sr.
Discount Notes, step bond to yield 12.759% due 8/15/09 (e) 440
515,000 NR DIVA Systems Corp., Sr. Discount Notes, Series B,
12.625% due 3/1/08 (g) 18,025
29,508 NR Globix Corp., Sr. Notes, 11.000% due 5/1/08 (h) 20,951
77,138 NR InterAct Operating Co., Sr. Notes, 14.000% due 8/1/03 (g) 8
110,000 BB+ Seagate Technology Inc., Sr. Notes, 8.000% due 5/15/09 (c) 118,663
50,000 BB+ Unisys Corp., Sr. Notes, 7.875% due 4/1/08 52,375
- -------------------------------------------------------------------------------------------------
308,562
- -------------------------------------------------------------------------------------------------
Telecommunications -- 5.7%
55,000 Caa2* AirGate PCS, Inc., Sr. Sub. Discount Notes, step bond to yield
37.003% due 10/1/09 14,025
Alamosa Delaware, Inc., Sr. Notes:
30,000 CCC- 12.500% due 2/1/11 19,950
110,000 CCC- 13.625% due 8/15/11 75,350
320,000 CCC- Alamosa Holdings, Inc., Sr. Discount Notes, step bond to yield
29.017% due 2/15/10 (c) 142,400
190,000 Caa3* American Cellular Corp., Sr. Sub. Notes, 9.500% due 10/15/09 50,350
American Tower Corp.:
40,000 Caa1* Convertible Notes, 5.000% due 2/15/10 34,000
75,000 Caa1* Sr. Notes, 9.375% due 2/1/09 (a) 74,625
140,000 B3* American Tower Escrow Corp., Sr. Discount Notes,
zero coupon due 8/1/08 (e) 88,200
See Notes to Financial Statements.
43 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------
Telecommunications -- 5.7% (continued)
442 NR Arch Wireless Holdings Inc., Secured Sr. Sub. Notes,
10.000% due 5/15/07 $ 444
90,000 NR Asia Global Crossing Ltd., Sr. Notes, 13.375% due 10/15/10 (g) 11,700
25,000 B+ Avaya Inc., Sr. Secured Notes, 11.125% due 4/1/09 27,750
189,599 NR COLO.COM Inc., Sr. Notes, 13.875% due 3/15/10 (e)(g) 2,844
Colt Telecom Group PLC:
5,000 B- Sr. Discount Notes, 12.000% due 12/15/06 4,475
Sr. Notes:
30,000/GBP/ B- 10.125% due 11/30/07 (c) 39,829
15,000/EUR/ B- 7.625% due 12/15/09 (c) 12,327
Crown Castle International Corp., Sr. Notes:
58,000 B3* 9.000% due 5/15/11 (a) 55,680
125,000 B3* 9.375% due 8/1/11 (a) 123,438
200,000 B3* Dobson/Sygnet Communications Co., Sr. Notes,
12.250% due 12/15/08 (a) 199,000
735,000 BB- EchoStar Broadband Corp., Sr. Notes, 10.375% due 10/1/07 (c) 826,875
20,000 C Horizon PCS, Inc., Sr. Notes, 13.750% due 6/15/11 2,300
30,000 B+ Insight Midwest Holdings LLC, Term Loans, Tranche B,
4.063% due 4/5/04 (f) 29,679
Insight Midwest L.P./Insight Capital Inc., Sr. Notes:
15,000 B+ 9.750% due 10/1/09 (a) 16,162
35,000 B+ 10.500% due 11/1/10 38,937
190,000 Ca* iPCS, Inc., Sr. Discount Notes, step bond to yield
16.574% due 7/15/10 (g) 10,450
73,000 Ca* IWO Holdings, Inc., Sr. Notes, 14.000% due 1/15/11 12,775
90,000 C* Leap Wireless International, Inc., Sr. Notes,
12.500% due 4/15/10 (g) 13,050
Lucent Technologies, Inc.:
Debentures:
30,000 B- 6.500% due 1/15/28 22,050
250,000 B- 6.450% due 3/15/29 (c) 185,000
110,000 B- Notes, 7.250% due 7/15/06 (a) 105,050
5,000 B- Unsub. Notes, 5.500% due 11/15/08 (a) 4,262
30,000 Caa3* Metrocall, Inc., Sr. Sub. Notes, 9.750% due 11/1/07 (g) 600
200,000 NR Metromedia Fiber Network Inc., Sr. Notes,
10.000% due 12/15/09 (g) 7,750
140,000 C Microcell Communications Inc., Sr. Discount Notes, Series B,
14.000% due 6/1/06 (g) 8,400
40,000 Caa3* Millicom International Cellular S.A., Sr. Sub. Discount Notes,
13.500% due 6/1/06 31,600
Nextel Communications, Inc.:
175,000 B Convertible Sr. Notes, 5.250% due 1/15/10 (a) 159,688
See Notes to Financial Statements.
44 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
Telecommunications -- 5.7% (continued)
Sr. Discount Notes:
15,000 B 10.625% due 9/15/07 $ 15,787
18,000 B 9.950% due 2/15/08 18,990
Sr. Notes:
125,000 B 12.000% due 11/1/08 (a) 135,000
298,000 B 9.375% due 11/15/09 (a) 323,330
59,000 B 9.500% due 2/1/11 64,752
Nextel Partners, Inc.:
213,000 CCC+ Sr. Discount Notes, step bond to yield
14.095% due 2/1/09 (a) 217,260
Sr. Notes:
80,000 CCC+ 12.500% due 11/15/09 (a)(e) 87,600
60,000 CCC+ 11.000% due 3/15/10 63,300
140,000 B Nortel Networks Ltd., Notes, 6.125% due 2/15/06 (a) 136,325
Orbital Imaging Corp., Sr. Notes:
110,000 NR Series B, 11.625% due 3/1/05 (g) 30,250
20,000 NR Series D, 11.625% due 3/1/05 (g) 5,500
PanAmSat Corp.:
84,000 Ba3* Sr. Notes, 8.750% due 2/1/12 91,350
100,000 NR Term Loans, Tranche B, 4.810% due 2/13/09 (f) 99,714
60,000 CCC+ Qwest Capital Funding, Notes, 6.250% due 7/15/05 54,150
60,000 Ba3* Qwest Corp., Notes, 5.625% due 11/15/08 (a) 56,100
Qwest Services Corp.:
341,000 CCC+ Notes, 13.500% due 12/15/10 (c)(e) 380,215
250,000 Ba3* Unsub. Notes, 8.875% due 3/15/12 (c)(e) 275,000
45,000 CCC- RCN Corp., Sr. Discount Notes, Series B, 9.800% due 2/15/08 14,625
10,000 BB- Rogers Communications Inc., Convertible Sr. Debentures,
2.000% due 11/26/05 8,275
265,000 BB- Rogers Wireless Communications Inc., Sr. Sub. Notes,
8.800% due 10/1/07 (a) 271,956
TeleCorp PCS, Inc.:
32,000 BBB Sr. Sub. Discount Notes, step bond to yield
13.274% due 4/15/09 32,960
21,000 BBB Sr. Sub. Notes, 10.625% due 7/15/10 25,095
29,855 NR Telex Communications, Inc., Sr. Sub. Notes, Series A,
zero coupon due 11/15/06 16,420
Telus Corp., Notes:
174,000 BBB 7.500% due 6/1/07 (c) 194,010
306,000 BBB 8.000% due 6/1/11 (c) 347,310
Time Warner Telecom LLC, Inc., Sr. Notes:
148,000 B3* 9.750% due 7/15/08 (c) 125,060
30,000 B3* 10.125% due 2/1/11 (a) 25,200
See Notes to Financial Statements.
45 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ----------------------------------------------------------------------------------------------
Telecommunications -- 5.7% (continued)
48,000 B- Triton PCS Inc., Sr. Sub. Discount Notes, step bond to yield
16.494% due 5/1/08 $ 48,360
60,000 B- TSI Telecommunication Services, Inc., Sr. Sub. Notes,
Series B, 12.750% due 2/1/09 59,100
77,000 NR UbiquiTel Operating Co., Sr. Sub. Discount Notes, step bond
to yield 16.136% due 5/15/10 (e) 25,795
United Pan-Europe Communications N.V.,
Sr. Discount Notes, Series B:
230,000 Ca* Step bond to yield 17.597% due 8/1/09 (g) 24,438
380,000 Ca* Step bond to yield 22.059% due 2/1/10 (g) 38,475
20,000 Ca* Sr. Notes, Series B, 10.875% due 8/1/09 (g) 2,750
155,000 Caa2* US Unwired Inc., Sr. Discount Notes, Series B, step bond
to yield 13.895% due 11/1/09 30,225
156,000 NR Verado Holdings, Inc., Sr. Discount Notes,
13.000% due 4/15/08 (g) 16
- ----------------------------------------------------------------------------------------------
5,795,708
- ----------------------------------------------------------------------------------------------
Telephone -- 0.1%
10,000 NR Intermedia Communications Inc., Sr. Notes, Series B,
8.600% due 6/1/08 (g) 7,550
30,000 CCC+ Rural Cellular Corp., Sr. Sub. Notes, Series B,
9.625% due 5/15/08 26,250
SBA Communications Corp.:
50,000 Caa2* Sr. Discount Notes, 12.000% due 3/1/08 45,250
45,000 Caa2* Sr. Notes, 10.250% due 2/1/09 38,025
80,000 D** WorldCom, Inc., Sr. Notes, 6.400% due 8/15/02 (g) 22,800
- ----------------------------------------------------------------------------------------------
139,875
- ----------------------------------------------------------------------------------------------
Textiles/Apparel -- 0.4%
Levi Strauss & Co.:
Notes:
170,000 BB- 6.800% due 11/1/03 (a) 173,825
2,000 BB- 7.000% due 11/1/06 (a) 1,590
62,000 BB- Sr. Notes, 12.250% due 12/15/12 (e) 51,770
15,000 BB- Phillips Van-Heusen, Sr. Notes, 8.125% due 5/1/13 (e) 15,000
40,000 BBB- Tommy Hilfiger U.S.A., Inc., Notes, 6.500% due 6/1/03 40,400
82,000 B William Carter Co., Sr. Sub. Notes, Series B,
10.875% due 8/15/11 91,635
- ----------------------------------------------------------------------------------------------
374,220
- ----------------------------------------------------------------------------------------------
See Notes to Financial Statements.
46 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- ---------------------------------------------------------------------------------------------
Transportation -- 0.6%
67,000 CCC+ Allied Holdings, Sr. Notes, Series B, 8.625% due 10/1/07 $ 50,585
150,000 BBB CSX Corp., Sr. Notes, 6.250% due 10/15/08 (c) 167,799
60,000 B+ Hornbeck Offshore Services, Inc., Sr. Notes,
10.625% due 8/1/08 65,100
Kansas City Southern Railway Co., Sr. Notes:
185,000 Ba2* 9.500% due 10/1/08 (c) 205,350
25,000 Ba2* 7.500% due 6/15/09 26,000
Laidlaw Inc.:
Debentures:
20,000 NR 8.250% due 5/15/23 (g) 9,675
51,000 NR 8.750% due 4/15/25 (g) 24,034
195,000 NR Notes, 7.650% due 5/15/06 (a)(g) 93,844
- ------------------------------------------------------------------------------------------
642,387
- ------------------------------------------------------------------------------------------
Utilities -- 1.7%
The AES Corp.:
25,000 BB Secured Notes, 10.000% due 7/15/05 (e) 26,375
38,000 B- Sr. Notes, 8.750% due 6/15/08 (a) 36,860
45,000 B1* Allegheny Energy, Inc., Notes, 7.750% due 8/1/05 45,112
90,000 BB- Allegheny Energy Supply Co., LLC, Bonds,
8.750% due 4/15/12 (e) 81,450
Avon Energy Partners Holdings:
5,000 B Notes, 6.460% due 3/4/08 (e) 4,350
55,000 B Sr. Notes, 7.050% due 12/11/07 (e) 48,125
110,000 BB- BRL Universal Equipment 2001A, L.P., Sr. Secured Notes,
8.875% due 2/15/08 (c) 119,900
106,000 B+ Calpine Canada Energy Finance ULC, Sr. Notes,
8.500% due 5/1/08 78,705
Calpine Corp., Sr. Notes:
80,000 B+ 10.500% due 5/15/06 (a) 68,000
20,000 B+ 8.750% due 7/15/07 (e) 14,500
10,000 B+ 7.750% due 4/15/09 7,200
85,000 B+ 8.625% due 8/15/10 (a) 61,200
136,000 B+ 8.500% due 2/15/11 (a) 99,960
Edison Mission Energy, Sr. Notes:
90,000 BB- 10.000% due 8/15/08 83,250
60,000 BB- 9.875% due 4/15/11 53,400
110,000 B Mirant Americas Generation, LLC, Sr. Notes,
7.200% due 10/1/08 79,750
35,000 B Mirant Corp., Sr. Notes, 7.900% due 7/15/09 (e) 22,400
30,000 B- Mission Energy Holding Co., Sr. Secured Notes,
13.500% due 7/15/08 20,250
38 Baa1* Northeast Utilities, Notes, Series A, 8.580% due 12/1/06 43
See Notes to Financial Statements.
47 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT+ RATING(d) SECURITY VALUE
- --------------------------------------------------------------------------------------------------
Utilities -- 1.7% (continued)
70,000 Caa2* Pacific Gas and Electric Co., Sr. Notes,
7.375% due 11/1/05 (e)(g) $ 72,100
85,000 BBB- PSEG Energy Holdings, Inc., Notes, 7.750% due 4/16/07 (e) 89,128
5,000 BB Sierra Pacific Power Co., Secured Notes, Series A,
8.000% due 6/1/08 5,025
Sierra Pacific Recources:
65,000 B2* Convertible Notes, 7.250% due 2/14/10 (e) 76,294
45,000 B2* Sr. Notes, 8.750% due 5/15/05 43,875
Southern California Edison Co.:
160,000 BB First and Refunding Mortgage Notes, 8.000% due 2/15/07 (c)(e) 175,200
20,000 Ba3* Notes, 6.375% due 1/15/06 20,050
Teco Energy Inc.:
Notes:
20,000 BBB- 7.200% due 5/1/11 (a) 19,850
45,000 BBB- 7.000% due 5/1/12 (a) 43,875
40,000 BBB- Sr. Notes 10.500% due 12/1/07 (a) 45,600
240,000 D York Power Funding, Secured Bonds,
12.000% due 10/30/07 (c)(e)(g) 168,000
- -------------------------------------------------------------------------------------------------
1,709,827
- -------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS AND NOTES
(Cost -- $53,250,509) 50,430,712
- -------------------------------------------------------------------------------------------------
LOAN PARTICIPATIONS (j) -- 0.4%
Gazprom OAO:
50,000 B+ 9.625% due 3/1/13 (Morgan Stanley Bank AG) 53,367
370,000 B+ 9.625% due 3/1/13 (Morgan Stanley Bank AG) (c)(e) 394,975
- -------------------------------------------------------------------------------------------------
TOTAL LOAN PARTICIPATIONS
(Cost -- $421,813) 448,342
- -------------------------------------------------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------------------------------------------------
COMMON STOCK ( k) -- 0.8%
Agriculture -- 0.1%
22 PSF Group Holdings Inc. LLC, Class A Shares 38,552
- -------------------------------------------------------------------------------------------------
Automotive -- 0.0%
3,211 Safety Components International, Inc. 23,039
- -------------------------------------------------------------------------------------------------
Building/Construction -- 0.0%
323 Washington Group International, Inc. 6,137
- -------------------------------------------------------------------------------------------------
Chemicals -- 0.1%
11,998 Pioneer Cos., Inc. 44,992
36 Sterling Chemicals, Inc. 663
- -------------------------------------------------------------------------------------------------
45,655
- -------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
48 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
SHARES SECURITY VALUE
- ------------------------------------------------------------------------------------
Consumer Products and Services -- 0.0%
384 Alderwoods Group, Inc. $ 1,870
20,000 Loewen Group, Inc. 2
836 Polymer Group, Inc., Class A Shares 7,223
- -----------------------------------------------------------------------------------
9,095
- -----------------------------------------------------------------------------------
Energy -- 0.0%
1,648 Jasper Energy LLC, Class A Shares 103
- -----------------------------------------------------------------------------------
Entertainment -- 0.6%
30,418 Regal Cinemas, Inc. (c) 536,573
61,158 Sirius Satellite Radio, Inc. 45,257
- -----------------------------------------------------------------------------------
581,830
- -----------------------------------------------------------------------------------
Financial Services -- 0.0%
845,262 Contifinancial Corp. Liquidating Trust, Units of Interest 26,520
- -----------------------------------------------------------------------------------
Food and Beverage -- 0.0%
308 Archibald Candy Corp. 878
2,833 Aurora Foods Inc. 1,530
- -----------------------------------------------------------------------------------
2,408
- -----------------------------------------------------------------------------------
Healthcare -- 0.0%
375 Genesis Health Ventures, Inc. (a) 5,610
296 Mariner Health Care, Inc. 814
257 Mediq Inc. 1,400
174 Sun Healthcare Group, Inc. 50
- -----------------------------------------------------------------------------------
7,874
- -----------------------------------------------------------------------------------
Hotel/Casino -- 0.0%
29 GB Holdings, Inc. 80
3,112 Lodgian, Inc. 8,153
- -----------------------------------------------------------------------------------
8,233
- -----------------------------------------------------------------------------------
Technology -- 0.0%
83 Comdisco Holding Co., Inc. 11,624
2,676 Covad Communications Group, Inc. 1,927
3,440 Globix Corp. 6,880
- -----------------------------------------------------------------------------------
20,431
- -----------------------------------------------------------------------------------
Telecommunications -- 0.0%
6,411 Arch Wireless Inc. 291
350 Flag Telecom Holdings Ltd. 11,025
26 Metrocall Holdings Inc. 172
5 Mpower Holding Corp. 2
Vast Solutions Inc.:
300 Class B1 Shares 150
See Notes to Financial Statements.
49 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
SHARES SECURITY VALUE
- -----------------------------------------------------------------------------------------
Telecommunications -- 0.0% (continued)
300 Class B2 Shares $ 150
300 Class B3 Shares 150
417 WilTel Communications, Inc. 4,587
- ----------------------------------------------------------------------------------------
16,527
- ----------------------------------------------------------------------------------------
Utilities -- 0.0%
337 York Research Corp. 21
- ----------------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost -- $1,794,105) 786,425
- ----------------------------------------------------------------------------------------
PREFERRED STOCK -- 1.7%
Aerospace/Defense -- 0.1%
1,200 Titan Capital Trust, 5.750% Convertible Remarketable Term
Income Deferrable Equity Securities 60,375
- ----------------------------------------------------------------------------------------
Broadcasting -- 0.3%
22 Granite Broadcasting Corp., 12.750% Cumulative Exchangeable 15,895
Paxson Communications Corp.:
15 9.750% Convertible, Series A (e)(l) 93,060
22 13.250% Cumulative Jr. Exchangeable (c)(l) 201,158
- ----------------------------------------------------------------------------------------
310,113
- ----------------------------------------------------------------------------------------
Cable -- 0.5%
CSC Holdings Inc.:
1 11.750% Redeemable Exchangeable, Series H 105
4,532 11.125% Redeemable Exchangeable, Series M (c) 474,727
- ----------------------------------------------------------------------------------------
474,832
- ----------------------------------------------------------------------------------------
Financial Services -- 0.3%
1,390 Chevy Chase Preferred Capital Corp.,
10.375% Exchangeable, Series A (a) 77,840
2,500 First Republic Preferred Capital Corp., 10.500% Perpetual
Exchangeable, Series A (c)(e) 251,875
189 North Atlantic Trading Co., Inc., 12.000% Sr. Exchangeable (l) 3,730
- ----------------------------------------------------------------------------------------
333,445
- ----------------------------------------------------------------------------------------
Food and Beverage -- 0.1%
3,000 Doane Pet Care Co., 14.250% Sr. Exchangeable (c) 120,000
- ----------------------------------------------------------------------------------------
Healthcare -- 0.0%
8 Genesis Health Ventures, Inc., 6.000% Cumulative
Convertible (l) 676
- ----------------------------------------------------------------------------------------
Hotel/Casino -- 0.1%
2,626 Lodgian Inc., 12.250% Cumulative Redeemable, Series A (l) 47,924
- ----------------------------------------------------------------------------------------
See Notes to Financial Statements.
50 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
SHARES SECURITY VALUE
- ------------------------------------------------------------------------------------------
Metals/Mining -- 0.0%
180 Weirton Steel Corp., zero coupon Convertible, Series C $ 450
- -----------------------------------------------------------------------------------------
Technology -- 0.0%
110 InterAct Electronic Marketing Inc., 14.000% Sr. Mandatory
Redeemable Convertible, Series B 1
1 NTL Europe, Inc., 10.000% Cumulative Redeemable, Series A 3
- -----------------------------------------------------------------------------------------
4
- -----------------------------------------------------------------------------------------
Telecommunications -- 0.3%
1 Broadwing Communications Services Inc.,
12.500% Jr. Exchangeable, Series B 133
Dobson Communications Corp.:
114 12.250% Sr. Exchangeable (l) 99,180
1,344 13.000% Sr. Exchangeable (l) 117,238
22 Metrocall Holdings Inc., 15.000% Cumulative Redeemable,
Series A 77
Nextel Communications, Inc.:
40 13.000% Exchangeable, Series D (l) 4,190
690 11.125% Exchangeable, Series E (l) 73,658
497 Knology Inc., Variable Rate Convertible, Series D (e) 248
2,740 Rural Cellular Corp., 12.500% Jr. Exchangeable (l) 44,532
1,417 Telex Communications, Inc., Variable Rate Convertible, Series B 1,417
- -----------------------------------------------------------------------------------------
340,673
- -----------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost -- $2,334,816) 1,688,492
- -----------------------------------------------------------------------------------------
WARRANTS SECURITY VALUE
- ------------------------------------------------------------------------------------------
WARRANTS ( k) -- 0.0%
Broadcasting -- 0.0%
100 XM Satellite Radio Holdings Inc., Expire 3/15/10 60
- -----------------------------------------------------------------------------------------
Building/Construction -- 0.0%
210 Dayton Superior Corp., Expire 6/15/09 (e) 2
Washington Group International Inc., Expire 1/25/06:
199 Series A 149
228 Series B 114
122 Series C 61
- -----------------------------------------------------------------------------------------
326
- -----------------------------------------------------------------------------------------
Food and Beverage -- 0.0%
750 TravelCenters of America, Inc., Expire 5/1/09 (e) 7,688
- -----------------------------------------------------------------------------------------
See Notes to Financial Statements.
51 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
WARRANTS SECURITY VALUE
- ----------------------------------------------------------------------------------------
Hotel/Casino -- 0.0%
70 Mikohn Gaming Corp., Expire 8/15/08 (e) $ 1
- ----------------------------------------------------------------------------------------
Packaging/Containers -- 0.0%
90 Pliant Corp., Expire 6/1/10 (e) 101
- ----------------------------------------------------------------------------------------
Technology -- 0.0%
1,697 DIVA Systems Corp., Expire 3/1/08 (e) 17
110 InterAct Electronic Marketing Inc., Expire 12/15/09 1
140 Verado Holdings, Inc., Expire 4/15/08 70
- ----------------------------------------------------------------------------------------
88
- ----------------------------------------------------------------------------------------
Telecommunications -- 0.0%
140 American Tower Corp., Expire 8/1/08 (e) 10,570
90 Birch Telecom, Inc., Expire 6/15/08 1
200 Horizon PCS, Inc., Expire 10/1/10 10
76 IWO Holdings, Inc., Expire 1/15/11 (e) 1
250 KMC Telecom Holdings, Inc., Expire 4/15/08 (e) 3
110 Loral Space & Communications Ltd., Expire 1/15/07 1
310 UbiquiTel Inc., Expire 4/15/10 (e) 116
- ----------------------------------------------------------------------------------------
10,702
- ----------------------------------------------------------------------------------------
Telephone -- 0.0%
190 iPCS, Inc., Expire 7/15/10 (e) 71
- ----------------------------------------------------------------------------------------
TOTAL WARRANTS
(Cost -- $177,267) 19,037
- ----------------------------------------------------------------------------------------
TOTAL HIGH-YIELD SECTOR
(Cost -- $57,978,510) 53,373,008
- ----------------------------------------------------------------------------------------
FACE
AMOUNT++ RATING(d) SECURITY VALUE
- ----------------------------------------------------------------------------------------
FOREIGN BONDS -- 18.3%
Argentina -- 0.2%
510,000/USD/ Ca* Republic of Argentina, PAR Bonds, Series L-GP,
6.000% due 3/31/23 (c)(g) 240,975
- ----------------------------------------------------------------------------------------
Brazil -- 0.8%
Federal Republic of Brazil:
190,869/USD/ B+ Capitalization Bonds, 8.000% due 4/15/14 (c) 168,382
185,000/USD/ B+ Debt Conversion Bonds, 2.188% due 4/15/12 (c)(f) 137,652
105,000/USD/ B+ Discount Notes, 2.188% due 4/15/24 (c)(f) 75,862
290,000/USD/ B+ Global Bonds, 10.125% due 5/15/27 (c) 239,250
165,000/USD/ B+ Global Notes, 10.000% due 1/16/07 (c) 165,412
- ----------------------------------------------------------------------------------------
786,558
- ----------------------------------------------------------------------------------------
See Notes to Financial Statements.
52 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT++ RATING(d) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------
Bulgaria -- 0.7%
Republic of Bulgaria:
Bonds:
70,000/EUR/ BB 7.500% due 1/15/13 $ 84,439
410,000/USD/ BB 8.250% due 1/15/15 (c)(e) 462,275
140,000/USD/ BB Secured Bonds, Series A, 2.188% due 7/28/24 (c)(f) 135,012
- -----------------------------------------------------------------------------------------------------
681,726
- -----------------------------------------------------------------------------------------------------
Canada -- 1.4%
Government of Canada, Bonds:
330,000 AAA 5.500% due 6/1/10 (c) 241,434
1,370,000 AAA 6.000% due 6/1/11 (c) 1,031,312
155,000 AAA Series WL43, 5.750% due 6/1/29 (c) 113,115
- -----------------------------------------------------------------------------------------------------
1,385,861
- -----------------------------------------------------------------------------------------------------
Chile -- 0.1%
140,000/USD/ A- Republic of Chile, Global Bonds, 5.500% due 1/15/13 (c) 143,790
- -----------------------------------------------------------------------------------------------------
Colombia -- 1.2%
Republic of Colombia:
Global Bonds:
50,000/USD/ BB 9.750% due 4/23/09 (a) 55,250
56,430/USD/ BB+ 9.750% due 4/9/11 63,484
195,000/USD/ BB 11.750% due 2/25/20 (c) 236,437
135,000/USD/ BB 10.375% due 1/28/33 (c) 151,875
485,000/USD/ BB Global Notes, 10.750% due 1/15/13 (c) 558,841
90,000/EUR/ BB Medium-Term Notes, Series E, 11.375% due 1/31/08 (c) 112,206
- -----------------------------------------------------------------------------------------------------
1,178,093
- -----------------------------------------------------------------------------------------------------
Costa Rica -- 0.1%
75,000/USD/ Ba1* Republic of Costa Rica, Notes, 8.050% due 1/31/13 (e) 78,000
- -----------------------------------------------------------------------------------------------------
Ecuador -- 0.2%
395,000/USD/ CCC+ Republic of Ecuador, Euro-Dollar Bonds, 6.000% due 8/15/30 (c) 246,875
- -----------------------------------------------------------------------------------------------------
France -- 2.1%
French Republic:
1,399,125/EUR/ AAA Bonds, 5.500% due 10/25/10 (c) 1,730,681
360,750/EUR/ AAA Debentures, 4.000% due 10/25/09 (c) 410,649
- -----------------------------------------------------------------------------------------------------
2,141,330
- -----------------------------------------------------------------------------------------------------
Germany -- 1.1%
Federal Republic of Germany, Bonds:
120,500/EUR/ AAA Series 94, 6.250% due 1/4/24 (c) 160,498
500,000/EUR/ AAA Series 97, 6.000% due 1/4/07 (c) 616,667
240,269/EUR/ AAA Series 00, 5.500% due 1/4/31 (c) 294,349
- -----------------------------------------------------------------------------------------------------
1,071,514
- -----------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
53 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT++ RATING(d) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
Italy -- 0.4%
310,000/EUR/ AA Republic of Italy, Treasury Bonds, 4.750% due 3/15/06 (c) $ 366,372
- ---------------------------------------------------------------------------------------------------
Mexico -- 1.1%
United Mexican States:
200,000/USD/ Baa2* Global Bonds, 8.300% due 8/15/31 (c) 226,550
Global Notes:
230,000/USD/ Baa2* 4.625% due 10/8/08 (c) 233,393
144,000/USD/ Baa2* 7.500% due 1/14/12 (a) 163,224
255,000/USD/ Baa2* 8.125% due 12/30/19 (c) 288,405
250,000/USD/ BBB- PAR Bonds, Series B, 6.250% due 12/31/19 (c) 250,300
- ---------------------------------------------------------------------------------------------------
1,161,872
- ---------------------------------------------------------------------------------------------------
Netherlands -- 0.2%
130,000/EUR/ AAA Government of the Netherlands, Bonds, 5.000% due 7/15/12 (c) 156,021
- ---------------------------------------------------------------------------------------------------
New Zealand -- 1.4%
Government of New Zealand, Bonds:
1,495,000 AAA Series 413, 6.500% due 4/15/13 (c) 874,837
970,000 AAA Series 709, 7.000% due 7/15/09 (c) 580,021
- ---------------------------------------------------------------------------------------------------
1,454,858
- ---------------------------------------------------------------------------------------------------
Peru -- 0.9%
Republic of Peru:
FLIRB Bonds:
495,000/USD/ BB- Series 20YR, 4.500% due 3/7/17 (c)(f) 415,800
115,000/USD/ BB- Series US, 4.500% due 3/17/17 (e)(f) 96,025
30,000/USD/ BB- Global Notes, 9.875% due 2/6/15 33,750
388,800/USD/ BB- PDI Bonds, Series 20YR, 5.000% due 3/7/17 (c)(f) 340,686
- ---------------------------------------------------------------------------------------------------
886,261
- ---------------------------------------------------------------------------------------------------
Philippines -- 0.6%
Republic of the Philippines:
130,000/EUR/ Ba1* Bonds, 9.125% due 2/22/10 (c)(e) 146,807
170,000/USD/ BB+ Global Bonds, 9.000% due 2/15/13 (c) 177,013
295,000/USD/ BB+ Global Notes, 10.625% due 3/16/25 (c) 319,607
- ---------------------------------------------------------------------------------------------------
643,427
- ---------------------------------------------------------------------------------------------------
Russia -- 1.4%
Russian Federation:
1,257,500/USD/ BB Bonds, 5.000% due 3/31/30 (c) 1,137,252
Euro-Dollar Bonds:
60,000/USD/ BB 8.250% due 3/31/10 (c) 68,025
215,000/USD/ BB 5.000% due 3/31/30 (c) 194,441
- ---------------------------------------------------------------------------------------------------
1,399,718
- ---------------------------------------------------------------------------------------------------
South Africa -- 0.5%
435,000/USD/ BBB Republic of South Africa, Notes, 7.375% due 4/25/12 (c) 491,006
- ---------------------------------------------------------------------------------------------------
Spain -- 0.1%
92,500/EUR/ Aaa* Kingdom of Spain, Bonds, 6.000% due 1/31/29 (c) 120,379
- ---------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
54 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT++ RATING(d) SECURITY VALUE
- --------------------------------------------------------------------------------------------------
Sweden -- 1.3%
9,980,000 AAA Kingdom of Sweden, Bonds, Series 1046, 5.500% due 10/8/12 (c) $ 1,295,075
- --------------------------------------------------------------------------------------------------
Turkey -- 0.2%
170,000/USD/ B1* Republic of Turkey, Global Notes, 11.875% due 1/15/30 172,763
- --------------------------------------------------------------------------------------------------
Ukraine -- 0.1%
70,934/USD/ B Government of Ukraine, Sr. Notes, 11.000% due 3/15/07 79,800
- --------------------------------------------------------------------------------------------------
United Kingdom -- 1.6%
United Kingdom Gilt Bonds:
286,750 AAA 10.000% due 9/8/03 (c) 469,282
404,000 AAA 5.000% due 6/7/04 (c) 657,785
129,500 AAA 5.000% due 3/7/12 (c) 217,266
125,000 AAA 8.750% due 8/25/17 (c) 288,591
- --------------------------------------------------------------------------------------------------
1,632,924
- --------------------------------------------------------------------------------------------------
Venezuela -- 0.6%
Republic of Venezuela:
714,286/USD/ CCC+ Debt Conversion Bonds, Series DL, 2.875% due 12/18/07 (c) 538,839
155,000/USD/ CCC+ Global Bonds, 9.250% due 9/15/27 (c) 101,680
- --------------------------------------------------------------------------------------------------
640,519
- --------------------------------------------------------------------------------------------------
TOTAL FOREIGN BONDS
(Cost -- $15,927,659) 18,455,717
- --------------------------------------------------------------------------------------------------
RIGHTS SECURITY VALUE
- --------------------------------------------------------------------------------------------------
FOREIGN RIGHTS (k) -- 0.0%
Mexico -- 0.0%
United Mexican States, Value Recovery Rights:
250,000 Series B, Expire 6/30/04 2,000
250,000 Series C, Expire 6/30/05 500
250,000 Series D, Expire 6/30/06 312
250,000 Series E, Expire 6/30/07 187
- --------------------------------------------------------------------------------------------------
TOTAL FOREIGN RIGHTS
(Cost -- $0) 2,999
- --------------------------------------------------------------------------------------------------
FACE
AMOUNT SECURITY VALUE
- --------------------------------------------------------------------------
U.S. TREASURY BILLS (m) -- 0.3%
$270,000 U.S. Treasury Bills due 5/8/03 (Cost -- $269,940) 269,630
- --------------------------------------------------------------------------
AGENCY DISCOUNT NOTES (c) -- 0.5%
486,000 Federal Home Loan Bank Discount Notes, 1.235% due 5/14/03
(Cost -- $485,789) 485,789
- --------------------------------------------------------------------------
See Notes to Financial Statements.
55 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) APRIL 30, 2003
PUTNAM DIVERSIFIED INCOME PORTFOLIO
FACE
AMOUNT SECURITY VALUE
- ----------------------------------------------------------------------------------------
REPURCHASE AGREEMENT (c) -- 3.6%
$3,598,000 Goldman, Sachs & Co., 1.330% due 5/1/03; Proceeds at maturity --
$3,598,133; (Fully collateralized by Federal Home Loan Bank
Notes, 2.500% due 3/15/06; Market value -- $3,678,733)
(Cost -- $3,598,000) $ 3,598,000
- ----------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100%
(Cost -- $102,717,791***) $101,011,111
- ----------------------------------------------------------------------------------------
+ Face amount denominated in U.S. dollars unless otherwise indicated.
++ Face amount denominated in local currency unless otherwise indicated.
(a) All or a portion of this security is on loan (See Note 8).
(b) Security is traded on a "to-be-announced" basis (See Note 9).
(c) All or a portion of this security is segregated for open futures contracts
commitments, swaps, open forward foreign currency contracts and/or
extended settlements.
(d) All ratings are by Standard & Poor's Ratings Service, except for those
which are identified by an asterisk (*) or a double asterisk (**), are
rated by Moody's Investors Service and Fitch Ratings, respectively.
(e) Security is exempt from registration under Rule 144A of the Securities Act
of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers.
(f) Variable rate security.
(g) Security is currently in default.
(h) Payment-in-kind security for which all or part of the interest earned may
be paid in additional bonds.
(i) Security issued with attached warrants.
(j) Participation interests were acquired through the financial institutions
indicated parenthetically.
(k) Non-income producing security.
(l) Payment-in-kind security for which all or part of the dividend earned is
paid by the issuance of additional stock.
(m) All or a portion of this security is held as collateral for open futures
contracts commitments.
*** Aggregate cost for Federal income tax purposes is substantially the same.
Abbreviations used in this schedule:
EUR -- Euro
FLIRB -- Front Loaded Interest Reduction Bond
GBP -- British Pound
PDI -- Past Due Interest
USD -- United States Dollar
See pages 57 and 58 for definitions of ratings.
LOANED SECURITIES COLLATERAL (UNAUDITED) APRIL 30, 2003
FACE
AMOUNT SECURITY VALUE
- ---------------------------------------------------------------------------------------
$21,304,573 State Street Navigator Securities Lending Trust Prime Portfolio
(Cost -- $21,304,573) $21,304,573
- ---------------------------------------------------------------------------------------
See Notes to Financial Statements.
56 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
BOND RATINGS (UNAUDITED)
The definitions of the applicable rating symbols are set forth below:
Standard & Poor's Ratings Service ("Standard & Poor's") -- Ratings from "AA" to
"CCC" may be modified by the addition of a plus (+) or minus (-) sign to show
relative standings within the major rating categories.
AAA -- Bonds rated "AAA" have the highest rating assigned by Standard &
Poor's. Capacity to pay interest and repay principal is extremely
strong.
AA -- Bonds rated "AA" have a very strong capacity to pay interest and
repay principal and differs from the highest rated issue only in a
small degree.
A -- Bonds rated "A" have a strong capacity to pay interest and repay
principal although it is somewhat more susceptible to the adverse
effects of changes in circumstances and economic conditions than
bonds in higher rated categories.
BBB -- Bonds rated "BBB" are regarded as having an adequate capacity to
pay interest and repay principal. Whereas they normally exhibit
adequate protection parameters, adverse economic conditions or
changing circumstances are more likely to lead to a weakened
capacity to pay interest and repay principal for bonds in this
category than in higher rated categories.
BB, B, -- Bonds rated "BB", "B", "CCC", "CC", and "C" are regarded, on
CCC, CC balance, as pre- dominantly speculative with respect to capacity
and C to pay interest and repay principal in accordance with the terms
of the obligation. "BB" represents the lowest degree of
speculation and "C" the highest degree of speculation. While such
bonds will likely have some quality and protective
characteristics, these are outweighed by large uncertainties or
major risk exposures to adverse conditions.
D -- Bonds rated "D" are in default, and payment of interest and/or
repayment of princi- pal is in arrears.
Moody's Investors Service ("Moody's") -- Numerical modifiers 1, 2 and 3 may be
applied to each generic rating from "Aa" to "Caa", where 1 is the highest and 3
the lowest rating within its generic category.
Aaa -- Bonds rated "Aaa" are judged to be of the best quality. They carry
the smallest degree of investment risk and are generally referred
to as "gilt edge." Interest pay- ments are protected by a large or
by an exceptionally stable margin and principal is secure. While
the various protective elements are likely to change, such changes
as can be visualized are most unlikely to impair the fundamentally
strong position of such issues.
Aa -- Bonds rated "Aa" are judged to be of high quality by all
standards. Together with the "Aaa" group they comprise what are
generally known as high grade bonds. They are rated lower than the
best bonds because margins of protection may not be as large as in
"Aaa" securities or fluctuation of protective elements may be of
greater amplitude or there may be other elements present which
make the long-term risks appear somewhat larger than in "Aaa"
securities.
A -- Bonds rated "A" possess many favorable investment attributes and
are to be consid- ered as upper medium grade which suggest a
susceptibility to impairment some time in the future.
Baa -- Bonds rated "Baa" are considered as medium grade obligations,
i.e., they are neither highly protected nor poorly secured.
Interest payments and principal security appear adequate for the
present but certain protective elements may be lacking or may be
characteristically unreliable over any great length of time. Such
bonds lack out- standing investment characteristics and in fact
have speculative characteristics as well.
Ba -- Bonds rated "Ba" are judged to have speculative elements; their
future cannot be considered as well-assured. Often the protection
of interest and principal payments may be very moderate and
thereby not well safeguarded during both good and bad times over
the future. Uncertainty of position characterizes bonds in this
class.
B -- Bonds rated "B" generally lack characteristics of desirable
investments. Assurance of interest and principal payments or of
maintenance of other terms of the contract over any long period of
time may be small.
57 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
BOND RATINGS (UNAUDITED) (CONTINUED)
Caa -- Bonds rated "Caa" are of poor standing. These issues may be in
default, or present elements of danger may exist with respect to
principal or interest.
Ca and C -- Bonds rated "Ca" and "C" represent obligations which are
speculative in a high degree. Such issues are often in default or
have other marked shortcomings.
Fitch Ratings ("Fitch") -- Ratings from "AAA" to "CCC" may be modified by the
addition of a plus (+) or minus (-) sign to show relative standings with the
major rating categories.
AAA -- Bonds rated "AAA" by Fitch have the lowest expectation of credit
risk. The obligor has an exceptionally strong capacity for timely
payment of financial commitments which is highly unlikely to be
adversely affected by foreseeable events.
BBB -- Bonds rated "BBB" by Fitch currently have a low expectation of
credit risk. The capacity for timely payment of financial
commitments is considered to be adequate. Adverse changes in
economic conditions and circumstances, however, are more likely to
impair this capacity. This is the lowest investment grade category
assigned by Fitch.
BB -- Bonds rated "BB" by Fitch carry the possibility of credit risk
developing, particularly as the result of adverse economic change
over time. Business or financial alternatives may, however, be
available to allow financial commitments to be met. Securities
rated in this category are not considered by Fitch to be
investment grade.
B -- Bonds rated "B" are considered highly speculative. While
securities in this class are currently meeting debt service
requirements or paying dividends, the probability of continued
timely payment of principal and interest reflects the obligor's
limited margin of safety and the need for reasonable business and
economic activity throughout the life of the issue.
CCC -- Bonds rated "CCC" have certain indentifiable characteristics that,
if not remedied, may lead to default. The ability to meet
obligations requires on advantageous busi- ness and economic
environment.
CC -- Bonds rated "CC" are minimally protected. Default in payment of
interest and/or principal seems probable over time.
C -- Bonds rated "C" are in imminent default in payment of interest or
principal or sus- pension of preferred stock dividends is imminent.
D -- Bonds rated "D" are in default on interest and/or principal
payments or preferred stock dividends are suspended. Such
securities are extremely speculative and should be valued on the
basis of their ultimate recovery value in liquidation or
reorganiza- tion of the obligor and have the lowest potential for
recover.
NR -- Indicates that the bond is not rated by Standard & Poor's, Moody's
or Fitch.
58 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) APRIL 30, 2003
Putnam
Smith Barney Diversified
High Income Income
Portfolio Portfolio
- -----------------------------------------------------------------------------------------------
ASSETS:
Investments, at value (Cost -- $199,117,755 and $102,717,791,
respectively) $ 201,214,838 $101,011,111
Loaned securities collateral, at value
(Cost -- $21,304,573) (Note 8) -- 21,304,573
Foreign currency, at value (Cost -- $686,191) -- 703,336
Cash 536 144,667
Dividends and interest receivable 4,581,188 2,050,072
Receivable for Fund shares sold 205,424 295,356
Receivable for securities sold -- 609,822
Receivable for open forward foreign currency contracts (Note 4) -- 417,438
Receivable for open interest rate swap contracts (Note 7) -- 102,034
Other receivables 5,445 --
- ----------------------------------------------------------------------------------------------
Total Assets 206,007,431 126,638,409
- ----------------------------------------------------------------------------------------------
LIABILITIES:
Payable for securities purchased 4,750,052 1,355,200
Management fees payable 125,676 60,309
Payable for Fund shares purchased 9,377 448
Payable for securities on loan (Note 8) -- 21,304,573
Payable for open forward foreign currency contracts (Note 4) -- 338,667
Payable to broker -- variation margin -- 16,109
Accrued expenses 69,882 49,885
- ----------------------------------------------------------------------------------------------
Total Liabilities 4,954,987 23,125,191
- ----------------------------------------------------------------------------------------------
Total Net Assets $ 201,052,444 $103,513,218
- ----------------------------------------------------------------------------------------------
NET ASSETS:
Par value of capital shares $ 283 $ 116
Capital paid in excess of par value 293,599,375 133,382,680
Undistributed net investment income 6,123,783 1,311,344
Accumulated net realized loss from security transactions
and futures contracts (100,768,133) (29,656,745)
Net unrealized appreciation (depreciation) of investments,
foreign currencies, futures contracts and interest rate
swap contracts 2,097,136 (1,524,177)
- ----------------------------------------------------------------------------------------------
Total Net Assets $ 201,052,444 $103,513,218
- ----------------------------------------------------------------------------------------------
Shares Outstanding 28,314,168 11,607,897
- ----------------------------------------------------------------------------------------------
Net Asset Value $7.10 $8.92
- ----------------------------------------------------------------------------------------------
See Notes to Financial Statements.
59 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
STATEMENT OF OPERATIONS (UNAUDITED)
For the Six Months Ended April 30, 2003
Putnam
Smith Barney Diversified
High Income Income
Portfolio Portfolio
- --------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 9,496,432 $ 4,026,386
Dividends 52,862 135,445
- -------------------------------------------------------------------------------------
Total Investment Income 9,549,294 4,161,831
- -------------------------------------------------------------------------------------
EXPENSES:
Management fees (Note 2) 507,891 370,187
Custody 27,720 64,711
Shareholder communications 24,708 13,103
Audit and legal 15,392 14,324
Directors' fees 3,085 2,272
Shareholder servicing fees 2,480 2,636
Other 2,564 2,365
- -------------------------------------------------------------------------------------
Total Expenses 583,840 469,598
- -------------------------------------------------------------------------------------
Net Investment Income 8,965,454 3,692,233
- -------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FOREIGN CURRENCIES, FUTURES
CONTRACTS AND INTEREST RATE SWAP CONTRACTS
(NOTES 3, 4, 6 AND 7):
Realized Gain (Loss) From:
Security transactions (excluding short-term securities) (1,513,361) 98,955
Foreign currency transactions 25,633 (37,936)
Futures contracts -- (325,224)
- -------------------------------------------------------------------------------------
Net Realized Loss (1,487,728) (264,205)
- -------------------------------------------------------------------------------------
Change in Net Unrealized Appreciation (Depreciation) From:
Security transactions 26,800,431 8,555,643
Foreign currency transactions (5,719) 93,136
- -------------------------------------------------------------------------------------
Change in Net Unrealized Appreciation (Depreciation) 26,794,712 8,648,779
- -------------------------------------------------------------------------------------
Net Gain on Investments, Foreign Currencies, Futures
Contracts and Interest Rate Swap Contracts 25,306,984 8,384,574
- -------------------------------------------------------------------------------------
Increase in Net Assets From Operations $34,272,438 $12,076,807
- -------------------------------------------------------------------------------------
See Notes to Financial Statements.
60 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended April 30, 2003 (unaudited) and the Year Ended October
31, 2002
Smith Barney High Income Portfolio 2003 2002
- -------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 8,965,454 $ 18,437,222
Net realized loss (1,487,728) (23,124,497)
Increase (decrease) in net unrealized appreciation 26,794,712 (8,502,329)
- -------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations 34,272,438 (13,189,604)
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (20,588,597) (21,089,088)
- -------------------------------------------------------------------------------
Decrease in Net Assets From Distributions to
Shareholders (20,588,597) (21,089,088)
- -------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS (NOTE 11):
Net proceeds from sale of shares 31,759,816 26,024,621
Net asset value of shares issued for reinvestment
of dividends 20,588,597 21,089,088
Cost of shares reacquired (19,613,909) (34,227,458)
- -------------------------------------------------------------------------------
Increase in Net Assets From Fund Share
Transactions 32,734,504 12,886,251
- -------------------------------------------------------------------------------
Increase (Decrease) in Net Assets 46,418,345 (21,392,441)
NET ASSETS:
Beginning of period 154,634,099 176,026,540
- -------------------------------------------------------------------------------
End of period* $201,052,444 $154,634,099
- -------------------------------------------------------------------------------
* Includes undistributed net investment income of: $6,123,783 $17,721,293
- -------------------------------------------------------------------------------
See Notes to Financial Statements.
61 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
For the Six Months Ended April 30, 2003 (unaudited)
and the Year Ended October 31, 2002
Putnam Diversified Income Portfolio 2003 2002
- -------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 3,692,233 $ 9,464,028
Net realized loss (264,205) (10,763,655)
Decrease in net unrealized depreciation 8,648,779 4,063,168
- ------------------------------------------------------------------------------
Increase in Net Assets From Operations 12,076,807 2,763,541
- ------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (11,472,635) (11,516,581)
- ------------------------------------------------------------------------------
Decrease in Net Assets From Distributions to
Shareholders (11,472,635) (11,516,581)
- ------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS (NOTE 11):
Net proceeds from sale of shares 2,814,947 6,049,296
Net asset value of shares issued for reinvestment
of dividends 11,472,635 11,516,581
Cost of shares reacquired (8,873,013) (39,620,239)
- ------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Fund Share
Transactions 5,414,569 (22,054,362)
- ------------------------------------------------------------------------------
Increase (Decrease) in Net Assets 6,018,741 (30,807,402)
NET ASSETS:
Beginning of period 97,494,477 128,301,879
- ------------------------------------------------------------------------------
End of period* $103,513,218 $ 97,494,477
- ------------------------------------------------------------------------------
* Includes undistributed net investment income of: $1,311,344 $9,129,682
- ------------------------------------------------------------------------------
See Notes to Financial Statements.
62 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. Significant Accounting Policies
The Smith Barney High Income and Putnam Diversified Income Portfolios
("Fund(s)") are separate investment funds of the Travelers Series Fund Inc.
("Series"). The Series, a Maryland corporation, is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company and consists of these Funds and twelve other
separate investment funds: AIM Capital Appreciation, Alliance Growth, Van
Kampen Enterprise, Smith Barney Large Cap Value, Smith Barney International All
Cap Growth, Travelers Managed Income, Salomon Brothers Total Return Strategic
Bond, MFS Total Return, Smith Barney Money Market, Smith Barney Large
Capitalization Growth, Smith Barney Mid Cap Core and Smith Barney Aggressive
Growth Portfolios. Shares of the Series are offered only to insurance company
separate accounts which fund certain variable annuity and variable life
insurance contracts. The financial statements and financial highlights for the
other funds are presented in separate shareholder reports.
The significant accounting policies consistently followed by the Funds are: (a)
security transactions are accounted for on trade date; (b) securities traded on
national securities markets are valued at the closing prices on such markets;
fixed-income securities are valued at the mean between the bid and the asked
prices provided by an independent pricing service, securities for which no
sales price was reported and U.S. government agencies and obligations are
valued at the mean between the bid and asked prices; securities listed on the
NASDAQ National Market System for which market quotations are available are
valued at the official closing price or, if there is no official closing price
on that day, at the last sale price; (c) securities for which market quotations
are not available will be valued in good faith at fair value by or under the
direction of the Board of Directors; (d) securities maturing within 60 days are
valued at cost plus accreted discount, or minus amortized premium, which
approximates value; (e) dividend income is recorded on the ex-dividend date;
foreign dividends are recorded on the ex-dividend date or as soon as practical
after the Fund determines the existence of a dividend declaration after
exercising reasonable due diligence; (f ) interest income, adjusted for
amortization of premium and accretion of discount, is recorded on an accrual
basis; (g) gains or losses on the sale of securities are calculated by using
the specific identification method; (h) dividends and distributions to
shareholders are recorded on the ex-dividend date; the Funds dis-
63 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
tribute dividends and capital gains, if any, annually; (i) the accounting
records of the Funds are maintained in U.S. dollars. All assets and liabilities
denominated in foreign currencies are translated into U.S. dollars based on the
rate of exchange of such currencies against U.S. dollars on the date of
valuation. Purchases and sales of securities, and income and expenses are
translated at the rate of exchange quoted on the respective date that such
transactions are recorded. Differences between income or expense amounts
recorded and collected or paid are adjusted when reported by the custodian
bank; ( j) the character of income and gains to be distributed are determined
in accordance with income tax regulations which may differ from accounting
principles generally accepted in the United States of America; (k) the Funds
intend to comply with the requirements of the Internal Revenue Code of 1986, as
amended, pertaining to regulated investment companies and to make distributions
of taxable income sufficient to relieve them from substantially all Federal
income and excise taxes; and (l) estimates and assumptions are required to be
made regarding assets, liabilities and changes in net assets resulting from
operations when financial statements are prepared. Changes in the economic
environment, financial markets and any other parameters used in determining
these estimates could cause actual results to differ.
In addition, the Funds invest in high-yield instruments that are subject to
certain credit and market risks. The yields of high-yield debt obligations
reflect, among other things, perceived credit risk. The Funds' investment in
securities rated below investment grade typically involve risks not associated
with higher rated securities including, among others, greater risk of timely
and ultimate payment of interest and principal, greater market price volatility
and less liquid secondary market trading.
The Funds may enter into foreign currency exchange contracts in order to hedge
against foreign currency risk. These contracts are marked-to-market daily, by
recognizing the difference between the contract exchange rate and the current
market rate as an unrealized gain or loss. Realized gains or losses are
recognized when contracts are settled or closed.
In addition, the Funds may enter into futures contracts. During the period the
futures contract is open, changes in the value of the contract are recognized
as unrealized gains or losses by "marking-to-market" on a daily basis to
reflect the market value of the contract at the end of each day's trading.
64 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
2. Management Agreement and Transactions with Affiliated Persons
Smith Barney Fund Management LLC ("SBFM"), an indirect wholly-owned subsidiary
of Citigroup Inc. ("Citigroup"), acts as the investment manager of the Smith
Barney High Income Portfolio ("SBHI"). SBHI pays SBFM a management fee
calculated at an annual rate of 0.60% of the average daily net assets of the
Fund. In addition, Travelers Investment Adviser, Inc. ("TIA"), an affiliate of
SBFM, acts as the investment manager of the Putnam Diversified Income Portfolio
("PDIP"). PDIP pays TIA a management fee calculated at an annual rate of 0.75%
of the average daily net assets of the Fund. These fees are calculated daily
and paid monthly.
TIA has entered into a sub-advisory agreement with Putnam Investment
Management, Inc. ("PIM"). Pursuant to the sub-advisory agreement, PIM is
responsible for the day-to-day fund operations and investment decisions for
PDIP and is compensated by TIA for such service at the annual rate of 0.35% of
the average daily net assets of PDIP.
TIA has entered into a sub-administrative services agreement with SBFM. TIA
pays SBFM, as sub-administrator, a fee calculated at an annual rate of 0.10% of
the average daily net assets of PDIP.
Citicorp Trust Bank, fsb. ("CTB"), another subsidiary of Citigroup, acts as the
Funds' transfer agent. PFPC Global Fund Services ("PFPC") acts as the Funds'
sub-transfer agent. CTB receives account fees and asset-based fees that vary
according to the size and type of account. PFPC is responsible for shareholder
recordkeeping and financial processing for all shareholder accounts and is paid
by CTB. For the six months ended April 30, 2003, each Fund paid transfer agent
fees of $2,500 to CTB.
During the six months ended April 30, 2003, Citigroup Global Markets Inc.
("CGM"), formerly known as Salomon Smith Barney Inc., another indirect
wholly-owned subsidiary of Citigroup, did not receive any brokerage commissions.
Most of the officers and one Director of the Series are employees of Citigroup
or its affiliates.
65 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
3. Investments
During the six months ended April 30, 2003, the aggregate cost of purchases and
proceeds from sales of investments (including maturities of long-term
securities, but excluding short-term securities) were as follows:
SBHI PDIP
------------------------------------------------------------------------------
Purchases $54,970,114 $69,234,408
------------------------------------------------------------------------------
Sales 36,947,393 57,790,456
------------------------------------------------------------------------------
At April 30, 2003, the aggregate gross unrealized appreciation and depreciation
of investments for Federal income tax purposes were substantially as follows:
SBHI PDIP
- -------------------------------------------------------------------------------
Gross unrealized appreciation $ 16,428,886 $ 8,453,988
Gross unrealized depreciation (14,331,803) (10,160,668)
- -------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $ 2,097,083 $ (1,706,680)
- -------------------------------------------------------------------------------
4. Forward Foreign Currency Contracts
A forward foreign currency contract is an agreement between two parties to buy
and sell a currency at a set price on a future date. The contract is
marked-to-market daily and the change in value is recorded by the Funds as an
unrealized gain or loss. When a forward foreign currency contract is
extinguished, through either delivery or offset by entering into another
forward foreign currency contract, the Funds record a realized gain or loss
equal to the difference between the value of the contract at the time it was
opened and the value of the contract at the time it was extinguished or offset.
The Funds bear the market risk that arises from changes in foreign currency
exchange rates and the credit risk should a counterparty be unable to meet the
terms of such contracts.
At April 30, 2003, PDIP had open forward foreign currency contracts. The
unrealized gain (loss) on the contracts reflected in the accompanying financial
statements are described in the chart on the following page.
66 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Putnam Diversified Income
Portfolio
Local Market Settlement Unrealized
Foreign Currency Currency Value Date Gain (Loss)
----------------------------------------------------------------------------
Contracts to Buy:
Australian Dollar 316,000 $ 196,981 6/18/03 $ 9,593
Australian Dollar 316,000 196,981 6/18/03 6,749
Australian Dollar 2,260,927 1,409,365 6/18/03 50,762
Australian Dollar 316,000 196,981 6/18/03 4,956
Australian Dollar 316,000 196,981 6/18/03 4,736
Australian Dollar 316,000 196,981 6/18/03 10,200
Australian Dollar 316,000 196,981 6/18/03 10,433
Australian Dollar 317,000 197,604 6/18/03 12,501
Australian Dollar 317,000 197,604 6/18/03 11,550
Australian Dollar 317,000 197,604 6/18/03 10,660
Australian Dollar 317,000 197,604 6/18/03 8,989
Australian Dollar 317,000 197,604 6/18/03 8,352
Australian Dollar 317,000 197,604 6/18/03 9,255
Australian Dollar 309,000 192,617 6/18/03 6,204
Australian Dollar 309,000 192,617 6/18/03 4,801
British Pound 118,300 188,659 6/18/03 3,472
British Pound 113,000 180,207 6/18/03 729
British Pound 115,700 184,512 6/18/03 29
British Pound 113,000 180,207 6/18/03 1,377
British Pound 232,800 371,257 6/18/03 5,822
British Pound 117,000 186,586 6/18/03 3,537
British Pound 175,500 279,878 6/18/03 4,998
British Pound 175,500 279,878 6/18/03 4,457
British Pound 236,600 377,317 6/18/03 6,792
British Pound 100,000 159,475 6/18/03 2,968
Canadian Dollar 1,080,100 751,079 6/18/03 29,858
Canadian Dollar 284,000 197,488 6/18/03 8,282
Canadian Dollar 284,000 197,488 6/18/03 7,145
Canadian Dollar 284,000 197,488 6/18/03 4,238
Canadian Dollar 284,000 197,488 6/18/03 4,251
Canadian Dollar 277,000 192,620 6/18/03 7,391
Canadian Dollar 136,500 94,919 6/18/03 1,219
Canadian Dollar 136,500 94,919 6/18/03 1,009
Danish Krona 1,315,753 197,731 6/18/03 5,944
Euro 21,991 24,589 5/2/03 357
Euro 16,910 18,874 6/18/03 748
Euro 14,400 16,073 6/18/03 665
Euro 171,000 190,865 6/18/03 2,455
Euro 170,500 190,307 6/18/03 7,989
Euro 172,000 191,981 6/18/03 9,781
Euro 173,000 193,097 6/18/03 4,297
Euro 346,000 386,194 6/18/03 4,778
Japanese Yen 137,186,210 1,154,095 6/18/03 (16,386)
Japanese Yen 22,021,000 185,254 6/18/03 (2,459)
Japanese Yen 22,021,000 185,254 6/18/03 (3,156)
67 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Putnam Diversified Income
Portfolio (continued)
Local Market Settlement Unrealized
Foreign Currency Currency Value Date Gain (Loss)
----------------------------------------------------------------------------
Japanese Yen 22,177,000 $ 186,567 6/18/03 $ 1,300
Japanese Yen 22,177,000 186,567 6/18/03 1,383
Japanese Yen 22,177,000 186,567 6/18/03 1,073
Japanese Yen 22,377,000 188,249 6/18/03 2,086
South Korean Won 443,786,000 363,786 6/18/03 (2,193)
Swedish Krona 14,982,400 1,827,271 6/18/03 101,685
Swiss Franc 120,000 88,703 6/18/03 (289)
---------------------------------------------------------------------------
387,373
---------------------------------------------------------------------------
Contracts to Sell:
Australian Dollar 317,000 197,604 6/18/03 (9,934)
Australian Dollar 632,000 393,962 6/18/03 (8,315)
Australian Dollar 316,000 196,981 6/18/03 (4,736)
Australian Dollar 316,000 196,981 6/18/03 (4,616)
Australian Dollar 316,000 196,981 6/18/03 (5,374)
Australian Dollar 317,000 197,604 6/18/03 (9,706)
Australian Dollar 317,000 197,604 6/18/03 (7,848)
British Pound 95,270 151,932 6/18/03 (2,291)
British Pound 193,700 308,903 6/18/03 (4,658)
British Pound 226,000 360,413 6/18/03 (5,982)
British Pound 9,200 14,672 6/18/03 67
British Pound 9,100 14,512 6/18/03 11
British Pound 117,000 186,586 6/18/03 (4,633)
British Pound 25,900 41,304 6/18/03 (252)
Canadian Dollar 284,000 197,488 6/18/03 (6,094)
Canadian Dollar 284,000 197,488 6/18/03 (5,997)
Canadian Dollar 277,000 192,620 6/18/03 (5,559)
Euro 27,400 30,583 6/18/03 (1,134)
Euro 37,400 41,745 6/18/03 (1,655)
Euro 5,100 5,692 6/18/03 (158)
Euro 171,000 190,865 6/18/03 (5,065)
Euro 172,000 191,981 6/18/03 (6,358)
Euro 11,400 12,724 6/18/03 (217)
Euro 171,000 190,865 6/18/03 (7,257)
Euro 171,000 190,865 6/18/03 (5,962)
Euro 171,000 190,865 6/18/03 (7,729)
Euro 171,000 190,865 6/18/03 (7,745)
Euro 342,000 381,729 6/18/03 (15,338)
Euro 55,000 61,389 6/18/03 (3,144)
Euro 176,000 196,446 6/18/03 (9,699)
Euro 172,000 191,981 6/18/03 (5,411)
Euro 344,000 383,962 6/18/03 (12,717)
Euro 172,000 191,981 6/18/03 (6,663)
Euro 86,900 96,995 6/18/03 (3,193)
Euro 86,300 96,325 6/18/03 (2,292)
68 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Putnam Diversified Income
Portfolio (continued)
Local Market Settlement Unrealized
Foreign Currency Currency Value Date Gain (Loss)
---------------------------------------------------------------------------
Euro 173,000 $ 193,097 6/18/03 $ (5,081)
Euro 259,500 289,646 6/18/03 (7,691)
Euro 259,500 289,646 6/18/03 (7,668)
Euro 22,000 24,556 6/18/03 (356)
Japanese Yen 22,021,000 185,254 6/18/03 3,132
Japanese Yen 22,177,000 186,567 6/18/03 (458)
Japanese Yen 22,177,000 186,567 6/18/03 (1,214)
Japanese Yen 22,177,000 186,567 6/18/03 777
Japanese Yen 22,177,000 186,567 6/18/03 1,538
Japanese Yen 22,002,200 185,096 6/18/03 (2,008)
Japanese Yen 22,377,000 188,249 6/18/03 (1,706)
Japanese Yen 22,377,000 188,249 6/18/03 (1,424)
Japanese Yen 22,377,000 188,249 6/18/03 (2,259)
New Zealand Dollar 655,300 364,849 6/18/03 (502)
New Zealand Dollar 375,800 209,233 6/18/03 (288)
New Zealand Dollar 244,700 136,241 6/18/03 57
New Zealand Dollar 1,286,300 716,169 6/18/03 (986)
Swedish Krona 24,679,800 3,009,978 6/18/03 (94,811)
--------------------------------------------------------------------------
(308,602)
--------------------------------------------------------------------------
Total Unrealized Gain on Open
Forward Foreign Currency
Contracts $ 78,771
--------------------------------------------------------------------------
At April 30, 2003, SBHI did not have any open forward foreign currency
contracts.
5. Repurchase Agreements
The Funds purchase (and their custodian takes possession of ) U.S. government
securities from securities dealers subject to agreements to resell the
securities to the sellers at a future date (generally, the next business day)
at an agreed-upon higher repurchase price. The Funds require continual
maintenance of the market value (plus accrued interest) of the collateral in
amounts at least equal to the repurchase price.
6. Futures Contracts
Initial margin deposits made upon entering into futures contracts are
recognized as assets. Securities equal to the initial margin amount are
segregated by the custodian in the name of the broker. Additional securities
are also segregated up to the current market value of the futures contracts.
During the period the futures contract is open, changes in the value of the
contract are recognized as unreal-
69 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
ized gains or losses by "marking to market" on a daily basis to reflect the
market value of the contract at the end of each day's trading. Variation margin
payments are received or made and recognized as assets due from or liabilities
due to broker, depending upon whether unrealized gains or losses are incurred.
When the contract is closed, the Funds record a realized gain or loss equal to
the difference between the proceeds from (or cost of ) the closing transactions
and the Fund's basis in the contract. The Funds enter into such contracts to
hedge a portion of their funds. The Funds bear the market risk that arises from
changes in the value of the financial instruments and securities indices
(futures contracts).
At April 30, 2003, PDIP had the following open futures contracts:
# of Basis Market Unrealized
Contracts Expiration Value Value Gain (Loss)
- ------------------------------------------------------------------------------------
Contracts to Sell:
90-Day Euro Dollar 1 6/03 $ 239,696 $ 246,987 $ (7,291)
U.S. 5 Year Treasury Note 33 6/03 3,743,813 3,753,750 (9,937)
U.S. 10 Year Treasury Note 76 6/03 8,702,934 8,749,500 (46,566)
- -----------------------------------------------------------------------------------
(63,794)
- -----------------------------------------------------------------------------------
Contracts to Buy:
90-Day Euro Dollar 1 9/03 238,642 247,063 8,421
5-Year Euro BOBL 22 6/03 2,768,391 2,750,206 (18,185)
10-Year Euro Bond 32 6/03 4,111,998 4,107,454 (4,544)
10-Year Japanese
Government Bond 9 6/03 2,154,166 2,170,216 16,050
10-Year Swap Future 3 6/03 340,778 341,906 1,128
U.S. 10 Year Treasury Note 9 6/03 1,033,421 1,036,125 2,704
U.S. Treasury Long Bond 19 6/03 2,133,971 2,166,594 32,623
- -----------------------------------------------------------------------------------
38,197
- -----------------------------------------------------------------------------------
Net Unrealized Loss $(25,597)
- -----------------------------------------------------------------------------------
At April 30, 2003, SBHI did not have any open futures contracts.
7. Interest Rate Swap Contracts
PDIP has entered into interest rate swap agreements with Merrill Lynch, Pierce,
Fenner & Smith Inc. and Goldman, Sachs & Co. PDIP will record the difference
between a predetermined fixed interest rate and the closing value of the
Three-Month LIBOR floating rate. These differences are netted out as a cash
settlement on the expiration date, with the portfolio receiving or paying, as
the case may be, only the net amount of the two differences. PDIP is exposed to
credit risk in the event of nonperformance by the swap counterparty.
70 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
As of April 30, 2003, PDIP entered into the following interest rate swap
agreements:
Swap Counterparty: Merrill Lynch, Pierce Fenner & Smith Inc.
Effective Date: 10/31/00
Notional Amount: $1,300,000
Payments Made by PDIP: Floating Rate (Three-Month LIBOR)
Payments Received by PDIP: Fixed Rate, 6.74%
Termination Date: 10/31/05
Unrealized Appreciation $149,890
as of 4/30/03 ========
Swap Counterparty: Goldman, Sachs & Co.
Effective Date: 2/14/03
Notional Amount: $6,000,000
Payments Made by PDIP: Fixed Rate, 1.89%
Payments Received by PDIP: Floating Rate (Three-Month LIBOR)
Termination Date: 2/14/05
Unrealized Depreciation $(30,600)
as of 4/30/03 =========
Swap Counterparty: Goldman, Sachs & Co.
Effective Date: 2/14/03
Notional Amount: CAD $9,165,000 (Canadian Dollars)
Payments Made by PDIP: Floating Rate (CAD Three-Month LIBOR)
Payments Received by PDIP: Fixed Rate, 3.51%
Termination Date: 2/14/05
Unrealized Depreciation $(17,256)
as of 4/30/03 =========
At April 30, 2003, PDIP had a total unrealized appreciation of $102,034 from
open interest rate swap contracts.
At April 30, 2003, SBHI did not have any open interest rate swap contracts.
71 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
8. Lending of Portfolio Securities
The Funds have an agreement with their custodian whereby the custodian may lend
securities owned by the Funds to brokers, dealers and other financial
organizations. Fees earned by the Funds on securities lending are recorded as
interest income. Loans of securities by the Funds are collateralized by cash,
U.S. government securities or high quality money market instruments that are
maintained at all times in an amount at least equal to the current market value
of the loaned securities, plus a margin which may vary depending on the type of
securities loaned. The custodian establishes and maintains the collateral in
segregated accounts. The Funds maintain exposure for the risk of any losses in
the investment of amounts received as collateral.
At April 30, 2003, PDIP loaned securities having a market value of $21,209,765.
PDIP received cash collateral amounting to $21,304,573, which was invested into
the State Street Navigator Securities Lending Trust Prime Portfolio. In
addition, PDIP received securities collateral amounting to $217,065.
Income earned by PDIP from securities lending for the six months ended April
30, 2003 was $17,433.
At April 30, 2003, SBHI did not have any securities on loan.
9. Securities Traded on a To-Be-Announced Basis
The Funds may trade securities on a to-be-announced ("TBA") basis.
In a TBA transaction, the Funds commit to purchasing or selling securities for
which specific information is not yet known at the time of the trade,
particularly the face amount and maturity date. Securities purchased on a TBA
basis are not settled until they are delivered to the Funds, normally 15 to 45
days later. These transactions are subject to market fluctuations and their
current value is determined in the same manner as for other fund securities.
At April 30, 2003, PDIP held TBA securities with a cost of $170,531.
At April 30, 2003, SBHI did not hold any TBA securities.
72 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
10.Loan Participations
The Funds invest in fixed and floating rate loans arranged through private
negotiations between a foreign sovereign entity or a corporate borrower and one
or more financial institutions. The Funds' investment in any such loan may be
in the form of a participation in or an assignment of the loan.
In connection with purchasing participations, the Funds generally will have no
right to enforce compliance by the borrower with the terms of the loan
agreement relating to the loan, nor any rights of set-off against the borrower,
and the Funds may not benefit directly from any collateral supporting the loan
in which it has purchased the participation. As a result, the Funds will assume
the credit risk of both the borrower and the lender that is selling the
participation. In the event of the insolvency of the lender selling the
participation, the Funds may be treated as a general creditor of the lender and
may not benefit from any set-off between the lender and the borrower.
At April 30, 2003, PDIP held loan participations with a total cost of $421,813.
At April 30, 2003, SBHI did not hold any loan participations.
11.Capital Shares
At April 30, 2003, the Series had six billion shares of $0.00001 par value
capital stock authorized. Each share of a Fund represents an equal
proportionate interest in that Fund with each share of the same Fund and has an
equal entitlement to any dividends and distributions made by the Fund.
Transactions in shares of each Fund were as follows:
Six Months Ended Year Ended
April 30, 2003 October 31, 2002
- -------------------------------------------------------------------------------
Smith Barney High Income Portfolio
Shares sold 4,719,822 3,084,610
Shares issued on reinvestment 3,294,176 3,190,482
Shares reacquired (2,955,405) (4,176,862)
- ------------------------------------------------------------------------------
Net Increase 5,058,593 2,098,230
- ------------------------------------------------------------------------------
Putnam Diversified Income Portfolio
Shares sold 326,068 595,222
Shares issued on reinvestment 1,387,259 1,292,545
Shares reacquired (1,015,819) (3,888,880)
- ------------------------------------------------------------------------------
Net Increase (Decrease) 697,508 (2,001,113)
- ------------------------------------------------------------------------------
73 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
12.Subsequent Event
On March 21, 2003, the Board of Directors approved a new sub-advisory agreement
for PDIP with Pioneer Investment Management, Inc. ("Pioneer") and a change to
PDIP's investment objective, subject to shareholder approval. On June 18, 2003,
shareholders of PDIP approved both proposals. Effective on or about June 30,
2003, Pioneer will manage the investment and reinvestment of the assets of PDIP.
74 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
FINANCIAL HIGHLIGHTS
For a share of capital stock outstanding throughout each year ended October 31,
unless otherwise noted:
Smith Barney
High Income Portfolio 2003/(1)/ 2002 2001 2000 1999 1998/(2)/
- -----------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $6.65 $8.32 $10.29 $11.72 $11.97 $13.25
- ----------------------------------------------------------------------------------------------------
Income (Loss) From Operations:
Net investment income/(3)/ 0.35 0.82 1.02 1.20 0.92 1.21
Net realized and unrealized gain (loss)/(3)/ 0.99 (1.44) (1.80) (1.56) (0.28) (1.58)
- ----------------------------------------------------------------------------------------------------
Total Income (Loss) From Operations 1.34 (0.62) (0.78) (0.36) 0.64 (0.37)
- ----------------------------------------------------------------------------------------------------
Less Distributions From:
Net investment income (0.89) (1.05) (1.19) (1.07) (0.89) (0.74)
Net realized gains -- -- -- -- -- (0.17)
- ----------------------------------------------------------------------------------------------------
Total Distributions (0.89) (1.05) (1.19) (1.07) (0.89) (0.91)
- ----------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $7.10 $6.65 $ 8.32 $10.29 $11.72 $11.97
- ----------------------------------------------------------------------------------------------------
Total Return 21.91%++ (7.39)% (8.08)% (3.54)% 5.28% (3.38)%
- ----------------------------------------------------------------------------------------------------
Net Assets, End of Period (millions) $201 $155 $176 $191 $199 $160
- ----------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses 0.69%+ 0.69% 0.67% 0.66% 0.66% 0.67%
Net investment income/(3)/ 10.59+ 10.39 11.52 10.46 9.44 9.12
- ----------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 23% 78% 77% 70% 73% 82%
- ----------------------------------------------------------------------------------------------------
(1) For the six months ended April 30, 2003 (unaudited).
(2) Per share amounts have been calculated using the monthly average shares
method.
(3) Effective November 1, 2001, the Fund adopted a change in the accounting
method that requires the Fund to amortize premiums and accrete all
discounts. Without the adoption of this change, for the year ended October
31, 2002, the ratio of net investment income to average net assets would
have been 10.48%. Per share, ratios and supplemental data for the periods
prior to November 1, 2001 have not been restated to reflect this change in
presentation. In addition, the impact of this change to net investment
income and net realized and unrealized loss was less than $0.01 per share.
++ Total return is not annualized, as it may not be representative of the
total return for the year.
+ Annualized.
75 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
FINANCIAL HIGHLIGHTS (CONTINUED)
For a share of capital stock outstanding throughout each year ended October 31,
unless otherwise noted:
Putnam Diversified
Income Portfolio 2003/(1)/ 2002 2001 2000 1999 1998
- -------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $8.94 $9.94 $10.31 $11.24 $11.70 $12.31
- ------------------------------------------------------------------------------------------------
Income (Loss) From Operations:
Net investment income/(2)/ 0.36 1.14 0.93 0.93 0.91 0.57
Net realized and unrealized gain (loss)/(2)/ 0.70 (0.94) (0.47) (0.88) (0.70) (0.62)
- ------------------------------------------------------------------------------------------------
Total Income (Loss) From Operations 1.06 0.20 0.46 0.05 0.21 (0.05)
- ------------------------------------------------------------------------------------------------
Less Distributions From:
Net investment income (1.08) (1.20) (0.83) (0.98) (0.67) (0.42)
Net realized gains -- -- -- -- -- (0.14)
- ------------------------------------------------------------------------------------------------
Total Distributions (1.08) (1.20) (0.83) (0.98) (0.67) (0.56)
- ------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $8.92 $8.94 $ 9.94 $10.31 $11.24 $11.70
- ------------------------------------------------------------------------------------------------
Total Return 12.84%++ 2.00% 4.60% 0.21% 1.80% (0.65)%
- ------------------------------------------------------------------------------------------------
Net Assets, End of Period (millions) $104 $97 $128 $141 $156 $157
- ------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses 0.95%+ 0.93% 0.90% 0.87% 0.83% 0.87%
Net investment income/(2)/ 7.48+ 8.24 8.83 7.78 7.85 7.48
- ------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 62% 208% 150% 105% 118% 191%
- ------------------------------------------------------------------------------------------------
(1) For the six months ended April 30, 2003 (unaudited).
(2) Effective November 1, 2001, the Fund adopted a change in the accounting
method that requires the Fund to amortize premiums and accrete all
discounts. Without the adoption of this change, for the year ended October
31, 2002, net investment income, net realized and unrealized loss and the
ratio of net investment income to average net assets would have been $1.16,
$0.96, and 8.42%, respectively. Per share, ratios and supplemental data for
the periods prior to November 1, 2001 have not been restated to reflect
this change in presentation.
++ Total return is not annualized, as it may not be representative of the
total return for the year.
+ Annualized.
76 Travelers Series Fund Inc. | 2003 Semi-Annual Report to Shareholders
TRAVELERS SERIES
FUND INC.
DIRECTORS INVESTMENT MANAGERS
A. E. Cohen Smith Barney Fund
Robert A. Frankel Management LLC
Michael E. Gellert Travelers Investment Adviser, Inc.
R. Jay Gerken,
Chairman CUSTODIAN
Rainer Greeven State Street Bank and
Susan M. Heilbron Trust Company
OFFICERS ANNUITY ADMINISTRATION
R. Jay Gerken Travelers Annuity
President and Chief Investor Services
Executive Officer 5 State House Square
1 Tower Square
Lewis E. Daidone Hartford, Connecticut 06183
Senior Vice President
and Chief Administrative
Officer
Richard L. Peteka
Chief Financial Officer
and Treasurer
Beth A. Semmel, CFA
Vice President
Peter J. Wilby, CFA
Vice President
Kaprel Ozsolak
Controller
Christina T. Sydor
Secretary
Travelers Series Fund Inc.
This report is submitted for the general information of the shareholders of
Travelers Series Fund Inc. -- Smith Barney High Income and Putnam Diversified
Income Portfolios. It is not authorized for distribution to prospective
investors unless accompanied or preceded by a current Prospectus for the
Funds, which contains information concerning the Funds' investment policies
and expenses as well as other pertinent information.
TRAVELERS SERIES FUND INC.
125 Broad Street
10th Floor, MF-2
New York, New York 10004
IN0805 6/03 03-4964
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal
financial officer have concluded that the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the
Investment Company Act of 1940, as amended) are effective based on
their evaluation of the disclosure controls and procedures as of a
date within 90 days of the filing date of this document.
(b) In the last 90 days, there have been no significant changes in the
Registrant's internal controls or in other factors that could
significantly affect these controls.
ITEM 10. EXHIBITS.
(a) Not applicable.
(b) Attached hereto.
Exhibit 99.CERT Certifications pursuant to section 302 of the
Sarbanes-Oxley Act of 2002
Exhibit 99.906CERT Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this Report to be
signed on its behalf by the undersigned, there unto duly authorized.
Travelers Series Fund Inc.
By: /s/ R. Jay Gerken
R. Jay Gerken
Chief Executive Officer of
Travelers Series Fund Inc.
Date: 6/27/03
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ R. Jay Gerken
(R. Jay Gerken)
Chief Executive Officer of
Travelers Series Fund Inc.
Date: 6/27/03
By: /s/ RICHARD PETEKA
Chief Financial Officer of
Travelers Series Fund Inc.
Date: 6/27/03