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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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072 A000400 6
072 B000400 21
072 C000400 33
072 D000400 0
072 E000400 0
<PAGE> PAGE 21
072 F000400 20
072 G000400 1
072 H000400 0
072 I000400 4
072 J000400 4
072 K000400 0
072 L000400 4
072 M000400 3
072 N000400 1
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 9
072 S000400 1
072 T000400 0
072 U000400 3
072 V000400 0
072 W000400 1
072 X000400 51
072 Y000400 27
072 Z000400 30
072AA000400 259
072BB000400 0
072CC010400 384
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 668
074 C000400 0
074 D000400 300
074 E000400 14
074 F000400 5820
074 G000400 10
074 H000400 0
074 I000400 0
074 J000400 48
074 K000400 7
074 L000400 8
074 M000400 24
074 N000400 6899
074 O000400 404
074 P000400 2
074 Q000400 0
074 R010400 0
074 R020400 0
<PAGE> PAGE 22
074 R030400 22
074 R040400 20
074 S000400 0
074 T000400 6451
074 U010400 493
074 U020400 0
074 V010400 13.10
074 V020400 0.00
074 W000400 0.0000
074 X000400 9
074 Y000400 668
075 A000400 0
075 B000400 4844
076 000400 0.00
028 A010500 3008
028 A020500 0
028 A030500 0
028 A040500 2903
028 B010500 1761
028 B020500 0
028 B030500 0
028 B040500 3201
028 C010500 2286
028 C020500 0
028 C030500 0
028 C040500 466
028 D010500 1176
028 D020500 0
028 D030500 0
028 D040500 430
028 E010500 1334
028 E020500 0
028 E030500 0
028 E040500 300
028 F010500 1181
028 F020500 0
028 F030500 0
028 F040500 416
028 G010500 10746
028 G020500 0
028 G030500 0
028 G040500 7716
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.750
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
<PAGE> PAGE 23
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 Y
058 B000500 Y
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 0
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 32.1
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 4.8
062 N000500 21.2
062 O000500 0.0
062 P000500 28.1
062 Q000500 33.8
062 R000500 0.0
063 A000500 0
063 B000500 6.0
064 A000500 N
064 B000500 N
066 A000500 N
<PAGE> PAGE 24
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 10056
071 B000500 8286
071 C000500 10338
071 D000500 80
072 A000500 6
072 B000500 452
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 42
072 G000500 3
<PAGE> PAGE 25
072 H000500 0
072 I000500 6
072 J000500 6
072 K000500 0
072 L000500 6
072 M000500 3
072 N000500 3
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 8
072 S000500 1
072 T000500 0
072 U000500 3
072 V000500 0
072 W000500 1
072 X000500 82
072 Y000500 26
072 Z000500 396
072AA000500 0
072BB000500 0
072CC010500 521
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 7
074 B000500 4295
074 C000500 0
074 D000500 11748
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 4
074 J000500 0
074 K000500 0
074 L000500 192
074 M000500 25
074 N000500 16271
074 O000500 2853
074 P000500 22
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 22
<PAGE> PAGE 26
074 S000500 0
074 T000500 13374
074 U010500 1330
074 U020500 0
074 V010500 10.05
074 V020500 0.00
074 W000500 0.0000
074 X000500 5
074 Y000500 2953
075 A000500 0
075 B000500 11281
076 000500 0.00
SIGNATURE ANTHONY PACE
TITLE CONTROLLER
[ARTICLE] 6
[CIK] 0001047909
[NAME] SALOMON BROTHERS VARIABLE SERIES FUNDS
[SERIES]
[NUMBER] 1
[NAME] TOTAL RETURN FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 22,177,463
[INVESTMENTS-AT-VALUE] 26,154,248
[RECEIVABLES] 379,818
[ASSETS-OTHER] 25,780
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 26,559,846
[PAYABLE-FOR-SECURITIES] 148,959
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 31,205
[TOTAL-LIABILITIES] 180,164
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 22,399,757
[SHARES-COMMON-STOCK] 2,077,659
[SHARES-COMMON-PRIOR] 1,183,772
[ACCUMULATED-NII-CURRENT] 90,970
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (87,830)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3,976,785
[NET-ASSETS] 26,379,682
[DIVIDEND-INCOME] 134,372
[INTEREST-INCOME] 46,108
[OTHER-INCOME] 0
[EXPENSES-NET] 90,211
[NET-INVESTMENT-INCOME] 20,136,169
[REALIZED-GAINS-CURRENT] 201,483
[APPREC-INCREASE-CURRENT] 2,615,559
[NET-CHANGE-FROM-OPS] 22,953,211
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 654,987
[NUMBER-OF-SHARES-REDEEMED] 129,833
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 13,341,985
[ACCUMULATED-NII-PRIOR] 701
[ACCUMULATED-GAINS-PRIOR] (289,313)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 67,659
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 110,387
[AVERAGE-NET-ASSETS] 18,191,750
[PER-SHARE-NAV-BEGIN] 11.01
[PER-SHARE-NII] 00.04
[PER-SHARE-GAIN-APPREC] 01.65
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.70
[EXPENSE-RATIO] 01.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0001047909
[NAME] SALOMON BROTHERS VARIABLE SERIES FUNDS
[SERIES]
[NUMBER] 2
[NAME] INVESTORS FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 22,177,463
[INVESTMENTS-AT-VALUE] 26,154,248
[RECEIVABLES] 379,818
[ASSETS-OTHER] 25,780
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 26,559,846
[PAYABLE-FOR-SECURITIES] 148,959
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 31,205
[TOTAL-LIABILITIES] 180,164
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 22,399,757
[SHARES-COMMON-STOCK] 2,077,659
[SHARES-COMMON-PRIOR] 1,183,772
[ACCUMULATED-NII-CURRENT] 90,970
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (87,830)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3,976,785
[NET-ASSETS] 26,379,682
[DIVIDEND-INCOME] 134,372
[INTEREST-INCOME] 46,108
[OTHER-INCOME] 0
[EXPENSES-NET] 90,211
[NET-INVESTMENT-INCOME] 20,136,169
[REALIZED-GAINS-CURRENT] 201,483
[APPREC-INCREASE-CURRENT] 2,615,559
[NET-CHANGE-FROM-OPS] 22,953,211
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,092,968
[NUMBER-OF-SHARES-REDEEMED] 199,081
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 13,341,985
[ACCUMULATED-NII-PRIOR] 701
[ACCUMULATED-GAINS-PRIOR] (289,313)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 67,659
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 110,387
[AVERAGE-NET-ASSETS] 18,191,750
[PER-SHARE-NAV-BEGIN] 11.01
[PER-SHARE-NII] 00.04
[PER-SHARE-GAIN-APPREC] 01.65
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.70
[EXPENSE-RATIO] 01.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0001047909
[NAME] SALOMON BROTHERS VARIABLE SERIES FUND.
[SERIES]
[NUMBER] 3
[NAME] HIGH YIELD BOND FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 7,562,426
[INVESTMENTS-AT-VALUE] 7,204,783
[RECEIVABLES] 1,684
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 7,412,665
[TOTAL-ASSETS] 23,248
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 31,673
[OTHER-ITEMS-LIABILITIES] 54,921
[TOTAL-LIABILITIES] 0
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 7,474,854
[SHARES-COMMON-STOCK] 744,925
[SHARES-COMMON-PRIOR] 725,577
[ACCUMULATED-NII-CURRENT] 327,862
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (87,329)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (357,643)
[NET-ASSETS] 7,357,744
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 361,814
[OTHER-INCOME] 0
[EXPENSES-NET] 33,952
[NET-INVESTMENT-INCOME] 327,862
[REALIZED-GAINS-CURRENT] (26,530)
[APPREC-INCREASE-CURRENT] (82,079)
[NET-CHANGE-FROM-OPS] 219,253
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 161,308
[NUMBER-OF-SHARES-REDEEMED] 142,590
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 408,643
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (60,799)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 27,162
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 55,334
[AVERAGE-NET-ASSETS] 6,846,593
[PER-SHARE-NAV-BEGIN] 9.58
[PER-SHARE-NII] 0.44
[PER-SHARE-GAIN-APPREC] (0.13)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.89
[EXPENSE-RATIO] 1.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0001047909
[NAME] SALOMON BROTHERS VARIABLE SERIES FUNDS
[SERIES]
[NUMBER] 4
[NAME] CAPITAL FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 5,943,993
[INVESTMENTS-AT-VALUE] 6,811,716
[RECEIVABLES] 62,617
[ASSETS-OTHER] 24,227
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 6,898,560
[PAYABLE-FOR-SECURITIES] 403,680
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 44,166
[TOTAL-LIABILITIES] 447,846
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 5,298,745
[SHARES-COMMON-STOCK] 492,602
[SHARES-COMMON-PRIOR] 370,684
[ACCUMULATED-NII-CURRENT] 30,464
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 256,341
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 865,164
[NET-ASSETS] 6,450,714
[DIVIDEND-INCOME] 32,905
[INTEREST-INCOME] 21,580
[OTHER-INCOME] 0
[EXPENSES-NET] 24,021
[NET-INVESTMENT-INCOME] 30,464
[REALIZED-GAINS-CURRENT] 258,830
[APPREC-INCREASE-CURRENT] 384,308
[NET-CHANGE-FROM-OPS] 673,602
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 217,372
[NUMBER-OF-SHARES-REDEEMED] 95,454
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 2,160,831
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (2,489)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 21,619
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 50,908
[AVERAGE-NET-ASSETS] 4,844,106
[PER-SHARE-NAV-BEGIN] 11.57
[PER-SHARE-NII] 00.06
[PER-SHARE-GAIN-APPREC] 01.47
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.10
[EXPENSE-RATIO] 01.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0001047909
[NAME] SALOMON BROTHERS VARIABLE SERIES FUNDS INC.
[SERIES]
[NUMBER] 5
[NAME] STRATEGIC BOND FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 16,475,536
[INVESTMENTS-AT-VALUE] 16,047,245
[RECEIVABLES] 191,610
[ASSETS-OTHER] 31,718
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 16,270,573
[PAYABLE-FOR-SECURITIES] 2,852,612
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 43,572
[TOTAL-LIABILITIES] 2,896,184
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 13,485,328
[SHARES-COMMON-STOCK] 1,330,287
[SHARES-COMMON-PRIOR] 1,030,824
[ACCUMULATED-NII-CURRENT] 296,495
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 19,117
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (426,551)
[NET-ASSETS] 13,374,389
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 451,884
[OTHER-INCOME] 0
[EXPENSES-NET] 55,942
[NET-INVESTMENT-INCOME] 395,492
[REALIZED-GAINS-CURRENT] 31,023
[APPREC-INCREASE-CURRENT] (520,639)
[NET-CHANGE-FROM-OPS] (93,674)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,063,711
[NUMBER-OF-SHARES-REDEEMED] 764,248
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 2,936,534
[ACCUMULATED-NII-PRIOR] (99,447)
[ACCUMULATED-GAINS-PRIOR] (11,906)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 44,754
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 82,176
[AVERAGE-NET-ASSETS] 11,281,140
[PER-SHARE-NAV-BEGIN] 10.13
[PER-SHARE-NII] 00.32
[PER-SHARE-GAIN-APPREC] (0.40)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.05
[EXPENSE-RATIO] 01.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
SALOMON BROTHERS VARIABLE SERIES FUND
10F-3 REPORT
October 1, 1998 through June 30, 1999
Trade Purchase % of
Issuer Date Selling Dealer Amount
Price Issue
Conoco 10/21/98 Morgan Stanley Dean Witter $23,133,400 $23.00
0.53%
Conoco 10/21/98 Morgan Stanley Dean Witter 23,133,400 23.00
0.53
MONY Group 11/10/98 Goldman Sachs 1,175,000 23.50 0.44
NTL 7% Conv.
Notes due 2008 12/11/98 Donaldson Lufkin Jenrette 5,325,000
100.00 1.07
NTL 7% Conv.
Notes due 2008 12/11/98 Donaldson Lufkin Jenrette 5,325,000
100.00 1.07
Pepsi Bottling 3/30/99 Merrill Lynch 11,504,600 23.00
0.580
Pepsi Bottling 3/30/99 Merrill Lynch 11,504,600 23.00
0.580
Goldman Sachs 5/3/99 Goldman Sachs 25,175,000 53.00 0.79
Goldman Sachs 5/3/99 Goldman Sachs 25,175,000 53.00 0.79
Lattitude 5/6/99 First Boston 633,600 12.00
1.76
Barnes & Noble 5/25/99 Goldman Sachs 415,800
18.00 0.09
DLJ Direct 5/25/99 Donaldson Lufkin Jenrette 10,432,000 20.00
3.48
Interpublic Group 5/26/99 Morgan Stanley 74,716,200
83.018 0.29
Azurix 6/10/99 Merrill Lynch 9,397,400 19.00 1.35
