<PAGE> 1
As filed with the Securities and Exchange Commission on January 18, 1996
Registration Nos. 33-34423
811-06087
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 /x/
Pre-Effective Amendment No. / /
Post-Effective Amendment No. 16 /x/
-----------------
AND
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 /x/
Amendment No. 18 /x/
-----------------
SALOMON BROTHERS SERIES FUNDS INC
(Exact Name of Registrant as Specified in Charter)
7 World Trade Center
New York, New York 10048
(Address of Principal Executive Offices, Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (800) 725-6666
Lawrence H. Kaplan (Name and Address of Agent for Service)
Salomon Brothers Asset Management Inc with copies to:
7 World Trade Center Gary S. Schpero, Esq.
New York, New York 10048 Simpson Thacher & Bartlett
425 Lexington Avenue
New York, New York 10017
- --------------------------------------------------------------------------------
It is proposed that this filing will become effective (check appropriate box):
/X / immediately upon filing pursuant to paragraph (b)
/ / on (date) pursuant to paragraph (b)
/ / 60 days after filing pursuant to paragraph (a)(1)
/ / on (date) pursuant to paragraph (a)(1)
/ / 75 days after filing pursuant to paragraph (a)(2)
/ / on (date) pursuant to paragraph (a)(2) of Rule 485
If appropriate, check the following box:
/ / this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
The Registrant has previously registered an indefinite number of its
shares under the Securities Act of 1933, as amended, pursuant to Rule 24f-2
under the Investment Company Act of 1940, as amended. The Registrant filed its
Rule 24f-2 Notice for the fiscal year ended December 31, 1994 on February 28,
1995 and will file its Rule 24f-2 Notice for the fiscal year ended December 31,
1995 on or before February 29, 1996.
<PAGE> 2
SALOMON BROTHERS SERIES FUNDS INC
Form N-1A
CROSS REFERENCE SHEET
<TABLE>
<CAPTION>
N-1A Item No. Location
- ------------- --------
<S> <C>
Part A
- ------
Prospectus Caption
- ------------------
Item 1. Cover Page.................................................. Cover Page
Item 2. Synopsis.................................................... Summary; Expense Information
Item 3. Condensed Financial
Information................................................. Financial Highlights; Performance
Information
Item 4. General Description of
Registrant.................................................. Investment Objectives and Policies; Additional
Investment Activities and Risk Factors; Investment
Limitations; Capital Stock
Item 5. Management of the Fund...................................... Summary; Expense Information;
Management; Purchase of Shares; Back Cover
Item 5A. Management's Discussion of
Performance................................................. Not Applicable
Item 6. Capital Stock and Other
Securities.................................................. Multiple Pricing System; Dividends and
Distributions; Taxation; Account Services;
Capital Stock
Item 7. Purchase of Securities
Being Offered............................................... Multiple Pricing System; Purchase of Shares;
Determination of Net Asset Value; Dividends and
</TABLE>
<PAGE> 3
<TABLE>
<S> <C>
Distributions; Shareholder Services
Item 8. Redemption or Repurchase.................................... Multiple Pricing System;
Redemption of Shares
Item 9. Pending Legal Proceedings................................... Not Applicable
............................................................ Statement of Additional
Part B ............................................................ Information Caption
- ------
Item 10. Cover Page.................................................. Cover Page
Item 11. Table of Contents........................................... Table of Contents
Item 12. General Information and
History..................................................... Not applicable
Item 13. Investment Objectives and
Policies.................................................... Additional Information on Portfolio Instruments and
Investment Policies; Investment Restrictions
Item 14. Management of the Fund...................................... Management
Item 15. Control Persons and Principal
Holders of Securities....................................... Management; Capital Stock
Item 16. Investment Advisory and
Other Services.............................................. Management; Custodian and Transfer Agent;
Independent Accountants
Item 17. Brokerage Allocation and
Other Practices............................................. Portfolio Transactions
Item 18. Capital Stock and Other
Securities.................................................. Capital Stock
Item 19. Purchase, Redemption and
Pricing of Securities
Being Offered............................................... Management; Net Asset Value; Additional
Purchase Information; Additional Redemption
Information
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
Item 20. Tax Status.................................................. Additional Information Concerning Taxes
Item 21. Underwriters................................................ Management; Additional Purchase
Information
Item 22. Calculation of Performance
Data........................................................ Performance Data
Item 23. Financial Statements........................................ Financial Statements
</TABLE>
Part C
Information required to be included in Part C is set forth
under the appropriate Item, so numbered, in Part C of this
Registration Statement.
<PAGE> 5
EXPLANATORY NOTE
The Prospectus (including Supplements dated October 25, 1995 and January
5, 1996) and Statement of Additional Information for Salomon Brothers
Investment Series (Salomon Brothers Cash Management Fund, Salomon Brothers New
York Municipal Bond Fund, Salomon Brothers National Intermediate Municipal
Fund, Salomon Brothers U.S. Government Income Fund, Salomon Brothers High Yield
Bond Fund, Salomon Brothers Strategic Bond Fund, Salomon Brothers Total Return
Fund and Salomon Brothers Investors Fund Inc) are incorporated by reference to
Post-Effective Amendment No. 15, as filed with the Securities and Exchange
Commission on September 6, 1995. The Prospectuses and Statements of Additional
Information for Salomon Brothers New York Municipal Money Market Fund and
Salomon Brothers U.S. Treasury Securities Money Market Fund are incorporated by
reference to Post-Effective Amendment No. 13, as filed with the Securities and
Exchange Commission on May 1, 1995.
<PAGE> 6
SALOMON BROTHERS INVESTMENT SERIES
SUPPLEMENT DATED JANUARY 18, 1996 TO THE
PROSPECTUS DATED SEPTEMBER 7, 1995
The information under the caption "Financial Highlights" is hereby
supplemented with the following information:
FINANCIAL HIGHLIGHTS
SELECTED DATA PER SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT THE PERIOD (b):
================================================================================
SALOMON BROTHERS TOTAL RETURN FUND
<TABLE>
<CAPTION>
Class A Class B Class C Class O
------- ------- ------- -------
PERIOD ENDED DECEMBER 31, 1995 (a)
(UNAUDITED)
------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $10.00 $10.00 $10.00 $10.00
------ ------ ------ ------
Net investment income+ 0.15 0.13 0.14 0.17
Net realized and unrealized
gains on investments 0.52 0.51 0.51 0.52
------ ------ ------ ------
Total from investment operations 0.67 0.64 0.65 0.69
------ ------ ------ ------
Dividends from net investment income (0.11) (0.09) (0.08) (0.11)
Distributions from net realized
gain on investments (0.01) (0.01) (0.01) (0.01)
------ ------ ------ ------
Total dividends and distributions (0.12) (0.10) (0.09) (0.12)
------ ------ ------ ------
Net asset value, end of period $10.55 $10.54 $10.56 $10.57
====== ====== ====== ======
Net assets, end of period (thousands) $3,658 $5,378 $445 $4,494
Total return * +6.7% +6.4% +6.5% +6.9%
Ratios to average net assets:
Expenses+ 0.74%** 1.49%** 1.51%** 0.51%**
Net investment income 4.82%** 4.06%** 4.26%** 5.30%**
Portfolio turnover rate 16% 16% 16% 16%
+Before waiver of management fee and expenses
absorbed by Salomon Brothers Asset Management
Inc ("SBAM"), net investment income per share
and expense ratios would have been:
Net investment income per share $0.13 $0.11 $0.11 $0.15
Expense ratio 1.45%** 2.19%** 2.22%** 1.22%**
</TABLE>
- ----------------
(a) September 11, 1995, commencement of investment operations, through
December 31, 1995
(b) Per share information calculated using the average shares outstanding
method, which provides a better representation of results.
* Total return is calculated assuming a $1,000 investment on the first day
of each period reported, reinvestment of all dividends at the net asset
value on the payable date, and a sale at net asset value on the last day of
each period reported. Initial sales charge or contingent deferred sales
charge is not reflected in the calculation of total return. Total return
calculated for a period of less than one year is not annualized.
** Annualized.
<PAGE> 7
SALOMON BROTHERS INVESTMENT SERIES
7 World Trade Center
New York, New York 10048
(800)SALOMON
(800)725-6666
SUPPLEMENT DATED JANUARY 18, 1996 TO THE
STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 7, 1995
This Supplement to the Statement of Additional Information is not a
propectus and is only authorized for distribution when preceded or accompanied
by a Prospectus of the Funds. The following supplements the information
contained in the Registrant's Statement of Additional Information dated
September 7, 1995.
The information under the caption "Financial Statements" is hereby
supplemented with the following information:
<PAGE> 8
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SALOMON BROTHERS TOTAL RETURN FUND
- ------------------------------------------------------------------------------------------------------------------
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
COMMON STOCKS - 43.2%
BASIC INDUSTRIES - 3.5%
6,000 Ball . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 165,000
1,600 Dow Chemical . . . . . . . . . . . . . . . . . . . . . . . . 112,600
3,000 Dupont (E.I.) de Nemours . . . . . . . . . . . . . . . . . . . . 209,625
---------------
487,225
---------------
CAPITAL GOODS - 4.1%
2,800 Boeing . . . . . . . . . . . . . . . . . . . . . . . . . . 219,450
6,000 Deere . . . . . . . . . . . . . . . . . . . . . . . . . . 211,500
2,200 Textron . . . . . . . . . . . . . . . . . . . . . . . . . . 148,500
---------------
579,450
---------------
CONSUMER CYCLICALS - 4.7%
4,000 Eastman Kodak . . . . . . . . . . . . . . . . . . . . . . . . 268,000
6,000 Ford Motor . . . . . . . . . . . . . . . . . . . . . . . . . 174,000
5,100 May Department Stores . . . . . . . . . . . . . . . . . . . . . 215,475
---------------
657,475
---------------
CONSUMER NON-CYCLICALS - 1.7%
1,500 Philip Morris Companies . . . . . . . . . . . . . . . . . . . . 135,750
2,000 Tambrands . . . . . . . . . . . . . . . . . . . . . . . . . 95,500
---------------
231,250
---------------
ENERGY - 10.7%
3,500 Amoco . . . . . . . . . . . . . . . . . . . . . . . . . . 251,559
3,000 Exxon . . . . . . . . . . . . . . . . . . . . . . . . . . 240,375
2,000 Mobil . . . . . . . . . . . . . . . . . . . . . . . . . . 224,000
1,000 Royal Dutch Petroleum, 5 Guilder . . . . . . . . . . . . . . . . . 141,125
3,000 Texaco . . . . . . . . . . . . . . . . . . . . . . . . . . 235,500
7,000 Ultramar . . . . . . . . . . . . . . . . . . . . . . . . . 180,250
5,000 Williams Companies . . . . . . . . . . . . . . . . . . . . . . 219,375
---------------
1,492,184
---------------
FINANCIAL SERVICES - 7.3%
2,500 American General . . . . . . . . . . . . . . . . . . . . . . 87,188
7,000 Beacon Properties . . . . . . . . . . . . . . . . . . . . . . 161,000
3,300 Citicorp . . . . . . . . . . . . . . . . . . . . . . . . . 221,925
6,200 Patriot American Hospitality . . . . . . . . . . . . . . . . . . 159,650
7,000 Prudential Reinsurance Holdings . . . . . . . . . . . . . . . . . 163,625
4,200 UNUM . . . . . . . . . . . . . . . . . . . . . . . . . . 231,000
---------------
1,024,388
---------------
HEALTH CARE - 2.9%
1,200 American Home Products . . . . . . . . . . . . . . . . . . . . 116,400
5,200 SmithKline Beecham - ADR . . . . . . . . . . . . . . . . . . . . 288,600
---------------
405,000
---------------
</TABLE>
<PAGE> 9
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SALOMON BROTHERS TOTAL RETURN FUND
- ------------------------------------------------------------------------------------------------------------------
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
TELECOMMUNICATIONS & UTILITIES - 6.4%
5,000 American Electric Power . . . . . . . . . . . . . . . . . . . . $ 202,500
3,000 Ameritech . . . . . . . . . . . . . . . . . . . . . . . . . 177,000
4,600 BellSouth . . . . . . . . . . . . . . . . . . . . . . . . . 200,100
3,000 Boston Edison . . . . . . . . . . . . . . . . . . . . . . . 88,500
5,000 GTE . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,000
---------------
888,100
---------------
TRANSPORTATION - 1.9%
18,000 Canadian National Railway . . . . . . . . . . . . . . . . . . . 270,000
---------------
TOTAL COMMON STOCKS
(cost $5,687,214) . . . . . . . . . . . . . . . . . . . . . 6,035,072
---------------
CONVERTIBLE PREFERRED STOCKS - 4.6%
CAPITAL GOODS - 1.1%
3,000 Browning-Ferris 7.25%, 6/30/98 . . . . . . . . . . . . . . . . . . 94,125
4,000 Coopers Industries 6.00%, 01/01/99 . . . . . . . . . . . . . . . . 55,000
---------------
149,125
---------------
CONSUMER CYCLICALS - 0.2%
2,500 MascoTech, 07/01/97 . . . . . . . . . . . . . . . . . . . . . 31,250
---------------
CONSUMER NON-CYCLICALS - 0.3%
1,500 James River 9.00%, 07/01/98 . . . . . . . . . . . . . . . . . . . 35,063
---------------
ENERGY - 1.9%
1,000 Ashland, 12/31/49 . . . . . . . . . . . . . . . . . . . . . . 58,875
1,000 Diamond Shamrock 5.00%, 12/31/49 . . . . . . . . . . . . . . . . . 55,375
1,000 Tejas Gas 5.25%, 12/31/49 . . . . . . . . . . . . . . . . . . . 47,500
2,000 Unocal 7.00%, 12/31/49 . . . . . . . . . . . . . . . . . . . . 107,250
---------------
269,000
---------------
MEDIA - 0.4%
2,500 Times Mirror . . . . . . . . . . . . . . . . . . . . . . . . 64,531
---------------
TECHNOLOGY - 0.7%
2,000 Elsag Bailey 5.50%, 12/31/49 . . . . . . . . . . . . . . . . . . 100,250
---------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(cost $651,064) . . . . . . . . . . . . . . . . . . . . . . 649,219
---------------
</TABLE>
<PAGE> 10
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SALOMON BROTHERS TOTAL RETURN FUND
- ------------------------------------------------------------------------------------------------------------------
PRINCIPAL INTEREST MATURITY
AMOUNT DESCRIPTION RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE BONDS - 19.3%
BASIC INDUSTRIES - 3.6%
$ 100,000 Acetex . . . . . . . . . . . . . . . 9.750 % 10/01/03 $ 104,500
100,000 Crown Paper . . . . . . . . . . . . . 11.000 09/01/05 87,500
200,000 International Semi-Technology (Zero coupon
until 08/15/00, 11.50% thereafter) (a) . . . 13.420 08/15/03 107,250
100,000 RBX . . . . . . . . . . . . . . . 11.250 10/15/05 99,000
100,000 Silgan Holdings . . . . . . . . . . . 11.750 06/15/02 107,000
---------------
505,250
---------------
CONSUMER CYCLICALS - 2.2%
100,000 Cole National . . . . . . . . . . . . 11.250 10/01/01 100,250
100,000 Grand Casinos . . . . . . . . . . . . 10.125 12/01/03 104,875
100,000 Herff Jones . . . . . . . . . . . . . 11.000 08/15/05 106,750
---------------
311,875
---------------
CONSUMER NON-CYCLICALS - 5.7%
100,000 American Safety Razor . . . . . . . . . . 9.875 08/01/05 101,750
100,000 Bally's Grand . . . . . . . . . . . . 10.375 12/15/03 102,000
100,000 Berry Plastics . . . . . . . . . . . . 12.250 04/15/04 107,500
100,000 Carr-Gottstein Foods . . . . . . . . . . 12.000 11/15/05 101,000
100,000 Jordan Industries . . . . . . . . . . . 10.375 08/01/03 89,000
100,000 Pathmark Stores . . . . . . . . . . . . 9.625 05/01/03 97,250
100,000 Samsonite . . . . . . . . . . . . . . 11.125 07/15/05 96,000
100,000 Selmer . . . . . . . . . . . . . . . 11.000 05/15/05 98,500
---------------
793,000
---------------
ENERGY - 0.7%
100,000 Public Service Electric & Gas . . . . . . . 6.500 05/01/04 100,598
---------------
FINANCIAL SERVICES - 3.8%
50,000 Commercial Credit . . . . . . . . . . . 6.875 05/01/02 52,281
100,000 Ford Motor Credit . . . . . . . . . . . 8.200 02/15/02 110,758
150,000 Household Finance . . . . . . . . . . . 6.750 06/01/00 155,096
100,000 Standard Credit Card Master Trust . . . . . . 6.750 06/07/00 102,718
100,000 USL Capital . . . . . . . . . . . . . 8.125 02/15/00 107,878
---------------
528,731
---------------
MEDIA - 3.3%
200,000 Diamond Cable (Zero coupon
until 12/15/00, 11.750% thereafter) (a) . . . 11.750 12/15/05 117,500
200,000 Marcus Cable (Zero coupon
until 12/15/00, 14.125% thereafter) (a) . . . 12.921 12/15/05 136,000
100,000 Rogers Cablesystems . . . . . . . . . . 10.000 12/01/07 107,750
150,000 United International Holdings (a) . . . . . . 13.187 11/15/99 93,000
---------------
454,250
---------------
TOTAL CORPORATE BONDS
(cost $2,642,343) . . . . . . . . . . . . . . . . . . . . . 2,693,704
---------------
</TABLE>
<PAGE> 11
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SALOMON BROTHERS TOTAL RETURN FUND
- ------------------------------------------------------------------------------------------------------------------
PRINCIPAL INTEREST MATURITY
AMOUNT DESCRIPTION RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT & AGENCY - 15.3%
$ 48,636 Federal National Mortgage Association . . . . . 6.500 % 10/01/10 $ 48,894
119,850 Federal National Mortgage Association . . . . . 7.500 08/01/23 122,860
97,811 Federal National Mortgage Association . . . . . 7.000 09/01/25 98,637
98,000 Federal National Mortgage Association . . . . . 6.500 12/01/25 96,959
150,000 U.S. Treasury Bond . . . . . . . . . . . 7.625 02/15/25 183,422
350,000 U.S. Treasury Note . . . . . . . . . . . 7.750 01/31/00 380,188
450,000 U.S. Treasury Note . . . . . . . . . . . 5.750 10/31/00 456,467
650,000 U.S. Treasury Note . . . . . . . . . . . 7.875 11/15/04 752,375
---------------
TOTAL U.S. GOVERNMENT & AGENCY
(cost $2,096,216) . . . . . . . . . . . . . . . . . . . . . 2,139,802
---------------
CONVERTIBLE CORPORATE BONDS - 7.0%
BASIC INDUSTRIES - 3.5%
50,000 Albany International . . . . . . . . . . . 5.250 03/15/02 44,500
50,000 Allegheny Ludlum . . . . . . . . . . . . 5.875 03/15/02 51,500
150,000 Exide . . . . . . . . . . . . . . . 2.900 12/15/05 108,750
75,000 Magna International . . . . . . . . . . . 5.000 10/15/02 76,500
150,000 Roche Holdings (a) . . . . . . . . . . . 6.218 04/20/10 66,375
100,000 RPM (a) . . . . . . . . . . . . . . . 5.110 09/30/12 42,875
100,000 Unifi . . . . . . . . . . . . . . . 6.000 03/15/02 100,500
---------------
491,000
---------------
CONSUMER CYCLICALS - 1.9%
125,000 Federated Department Stores . . . . . . . . 5.000 10/01/03 124,688
50,000 MascoTech . . . . . . . . . . . . . . 4.500 12/15/03 39,000
125,000 Proffitt's . . . . . . . . . . . . . . 4.750 11/01/03 106,250
---------------
269,938
---------------
ENERGY - 0.4%
50,000 Pennzoil . . . . . . . . . . . . . . . 4.750 10/01/03 50,625
---------------
FINANCIAL SERVICES - 1.2%
100,000 Liberty Property Trust . . . . . . . . . . 8.000 07/01/01 102,750
50,000 Trenwick Group . . . . . . . . . . . . 6.000 12/15/99 57,750
---------------
160,500
---------------
TOTAL CONVERTIBLE CORPORATE BONDS
(cost $962,876) . . . . . . . . . . . . . . . . . . . . . . 972,063
---------------
</TABLE>
<PAGE> 12
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SALOMON BROTHERS TOTAL RETURN FUND
- ------------------------------------------------------------------------------------------------------------------
PRINCIPAL INTEREST MATURITY
AMOUNT DESCRIPTION RATE DATE VALUE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS - 20.1%
$1,405,000 Repurchase Agreement dated 12/29/95, with
J.P. Morgan, collaterallized by $1,077,000
U.S. Treasury Bonds, 8.500%, due 02/15/20,
valued at $1,433,756; proceeds: $1,405,898 . . 5.750 % 01/02/96 $ 1,405,000
1,405,000 Repurchase Agreement dated 12/29/95, with
Merrill Lynch, collaterallized by $1,415,000
U.S. Treasury Notes, 5.625%, due 10/31/97,
valued at $1,437,994; proceeds: $1,405,874 . . 5.600 01/02/96 1,405,000
---------------
TOTAL REPURCHASE AGREEMENTS
(cost $2,810,000) . . . . . . . . . . . . . . . . . . . . . 2,810,000
---------------
TOTAL INVESTMENTS - 109.5%
(cost $14,849,713) . . . . . . . . . . . . . . . . . . . . . 15,299,860
Liabilities in excess of other assets - (9.5%) . . . . . . . . . . . . (1,325,621)
---------------
NET ASSETS -- 100% . . . . . . . . . . . . . . . . . . . . . $ 13,974,239
===============
</TABLE>
---------------
(a) Zero or step coupon bond. Interest rate shown reflects yield
to maturity on date of purchase.
<PAGE> 13
<TABLE>
<CAPTION>
SALOMON BROTHERS TOTAL RETURN FUND
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1995 (UNAUDITED)
==============================================================================
<S> <C>
ASSETS:
Investments, at value (Note A) $12,489,860
Repurchase agreements, at value and cost 2,810,000
Cash 784
Receivable for fund shares sold 117,005
Interest and dividends receivable 105,572
Deferred organization expense 89,854
Net receivable from investment advisor 4,346
Other assets and receivables 6,578
-----------
Total assets 15,623,999
-----------
LIABILITIES:
Payable for:
Securities purchased 1,562,019
Dividends and distributions declared 77,289
Service and distribution fees 5,055
Fund shares redeemed 901
Accrued expenses 4,496
-----------
Total Liabilities 1,649,760
-----------
NET ASSETS: $13,974,239
===========
NET ASSETS CONSIST OF:
Paid-in capital $13,514,968
Distributions in excess of net investment income (1,185)
Accumulated net realized gain on investments 10,309
Net unrealized appreciation on investments 450,147
-----------
NET ASSETS: $13,974,239
===========
CLASS A $ 3,658,044
===========
CLASS B $ 5,378,037
===========
CLASS C $ 444,641
===========
CLASS O $ 4,493,517
===========
SHARES OUTSTANDING:
CLASS A 346,685
===========
CLASS B 510,399
===========
CLASS C 42,109
===========
CLASS O 425,125
===========
NET ASSET VALUE:
CLASS A SHARES
Net asset value and redemption price per share $10.55
Maximum offering price per share (based on ===========
maximum front end sales charge of 4.75%) $11.08
===========
CLASS B SHARES
Net asset value and offering price * $10.54
===========
CLASS C SHARES
Net asset value and offering price * $10.56
===========
CLASS O SHARES
Net asset value, offering price and
redemption price per share $10.57
===========
Note A: Cost of investments $12,039,713
</TABLE>
* Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
<PAGE> 14
<TABLE>
<CAPTION>
SALOMON BROTHERS TOTAL RETURN FUND
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED DECEMBER 31, 1995 * (UNAUDITED)
===================================================================
<S> <C>
INCOME:
Interest $ 116,200
Dividends 39,659
----------
155,859
EXPENSES:
Management fee 15,069
Amortization of organization expenses 5,868
Custody and administration fees 4,302
Shareholder services 2,000
Directors' fees and expenses 1,375
Other 4,500
----------
33,114
Management fee waived and expenses
absorbed by investment advisor (19,415)
----------
13,699
Distribution and service fees:
Class A Shares 1,287
Class B Shares 7,696
Class C Shares 1,086
----------
Net expenses 23,768
----------
NET INVESTMENT INCOME 132,091
----------
REALIZED AND UNREALIZED GAIN:
Net realized gain on investments 24,049
Net change in unrealized appreciation on investments 450,147
----------
NET REALIZED AND UNREALIZED GAIN 474,196
----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 606,287
==========
</TABLE>
* Fund's commencement of investment operations was September 11, 1995.
<PAGE> 15
<TABLE>
<CAPTION>
SALOMON BROTHERS TOTAL RETURN FUND
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED DECEMBER 31, 1995 * (UNAUDITED)
================================================================================
<S> <C>
CHANGE IN NET ASSETS FROM:
OPERATIONS:
Net investment income $ 132,091
Net realized gain on investments 24,049
Net change in unrealized appreciation on investments 450,147
------------
Net increase in net assets resulting from operations 606,287
------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income:
Class A (36,044)
Class B (47,544)
Class C (3,496)
Class O (46,192)
------------
(133,276)
------------
Distributions from net realized gains:
Class A (3,580)
Class B (5,288)
Class C (438)
Class O (4,434)
------------
(13,740)
------------
NET FUND CAPITAL SHARE TRANSACTIONS:
Class A 3,580,176
Class B 5,255,708
Class C 424,084
Class O 4,250,000
------------
Net increase in net assets derived from share transactions 13,509,968
------------
NET CHANGE IN NET ASSETS 13,969,239
NET ASSETS:
Beginning of period 5,000
------------
End of period $ 13,974,239
============
</TABLE>
* Fund's commencement of investment operations was September 11, 1995.
<PAGE> 16
FINANCIAL HIGHLIGHTS
SELECTED DATA PER SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT THE PERIOD (b):
================================================================================
SALOMON BROTHERS TOTAL RETURN FUND
<TABLE>
<CAPTION>
Class A Class B Class C Class O
------- ------- ------- -------
PERIOD ENDED DECEMBER 31, 1995 (a)
(UNAUDITED)
------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $10.00 $10.00 $10.00 $10.00
------ ------ ------ ------
Net investment income+ 0.15 0.13 0.14 0.17
Net realized and unrealized
gains on investments 0.52 0.51 0.51 0.52
------ ------ ------ ------
Total from investment operations 0.67 0.64 0.65 0.69
------ ------ ------ ------
Dividends from net investment income (0.11) (0.09) (0.08) (0.11)
Distributions from net realized
gain on investments (0.01) (0.01) (0.01) (0.01)
------ ------ ------ ------
Total dividends and distributions (0.12) (0.10) (0.09) (0.12)
------ ------ ------ ------
Net asset value, end of period $10.55 $10.54 $10.56 $10.57
====== ====== ====== ======
Net assets, end of period (thousands) $3,658 $5,378 $445 $4,494
Total return * +6.7% +6.4% +6.5% +6.9%
Ratios to average net assets:
Expenses+ 0.74%** 1.49%** 1.51%** 0.51%**
Net investment income 4.82%** 4.06%** 4.26%** 5.30%**
Portfolio turnover rate 16% 16% 16% 16%
+Before waiver of management fee and expenses
absorbed by Salomon Brothers Asset Management
Inc ("SBAM"), net investment income per share
and expense ratios would have been:
Net investment income per share $0.13 $0.11 $0.11 $0.15
Expense ratio 1.45%** 2.19%** 2.22%** 1.22%**
</TABLE>
- ----------------
(a) September 11, 1995, commencement of investment operations, through
December 31, 1995
(b) Per share information calculated using the average shares outstanding
method, which provides a better representation of results.
* Total return is calculated assuming a $1,000 investment on the first day
of each period reported, reinvestment of all dividends at the net asset
value on the payable date, and a sale at net asset value on the last day of
each period reported. Initial sales charge or contingent deferred sales
charge is not reflected in the calculation of total return. Total return
calculated for a period of less than one year is not annualized.
** Annualized.
<PAGE> 17
SALOMON BROTHERS SERIES FUNDS INC
PART C. OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements included in Part A:
For the Salomon Brothers New York Municipal Money Market Fund,
Salomon Brothers U.S. Treasury Securities Money Market Fund,
Salomon Brothers Cash Management Fund, the Salomon Brothers
New York Municipal Bond Fund, the Salomon Brothers National
Intermediate Municipal Fund, the Salomon Brothers U.S.
Government Income Fund, the Salomon Brothers High Yield Bond
Fund, the Salomon Brothers Strategic Bond Fund, the Salomon
Brothers Total Return Fund, and the Salomon Brothers Investors
Fund Inc:
Selected Per Share Data and Ratios for the specified
periods for each Fund are presented under the heading
"Financial Highlights" in the Prospectus
Financial Statements included in Part B:
(i) Salomon Brothers Series Funds Inc
Audited
For Salomon Brothers Cash Management Fund, Salomon Brothers U.S. Treasury
Securities Money Market Fund, Salomon Brothers New York Municipal Bond Fund
and Salomon Brothers New York Municipal Money Market Fund:
Portfolio of Investments at December 31, 1994
Statement of Assets and Liabilities at December 31, 1994
Statement of Operations for the year ended December 31, 1994
Statement of Changes in Net Assets for the years ended December 31, 1994 and
1993
Financial Highlights for the years ended December 31, 1994, 1993, 1992 and
1991 and the period from October 2, 1990 (commencement of operations) through
December 31, 1990 (for the Salomon Brothers Cash Management Fund and Salomon
Brothers New York Municipal Money Market Fund)
Financial Highlights for the years ended December 31, 1994, 1993, 1992 and 1991
and the period from December 7, 1990 (commencement of operations) through
December 31, 1990 (for Salomon Brothers U.S. Treasury Securities Money Market
Fund)
Financial Highlights for the year ended December 31, 1994 and the period from
February 1, 1993 (commencement of operations) through December 31, 1993 (for
Salomon Brothers New York Municipal Bond Fund)
Notes to Financial Statements for Salomon Brothers Series Fund Inc
Report of Independent Accountants
For Salomon Brothers Total Return Fund:
Statement of Assets and Liabilities at July 13, 1995
Notes to Financial Statement
Report of Independent Accountants
Unaudited
For Salomon Brothers Cash Management Fund, Salomon Brothers New York Municipal
Bond Fund, Salomon Brothers National Intermediate Municipal Fund, Salomon
Brothers U.S. Government Income Fund, Salomon Brothers High Yield Bond Fund and
Salomon Brothers Strategic Bond Fund:
Portfolio of Investments at June 30, 1995 (unaudited)
Statements of Assets and Liabilities at June 30, 1995 (unaudited)
Statements of Operations for the six months ended June 30, 1995 for the
Cash Management Fund and New York Municipal Bond Fund (unaudited)
Statements of Operations for the period from February 22, 1995
(commencement of operations) through June 30, 1995 (unaudited) for the
National Intermediate Municipal Fund, U.S. Government Income Fund, High
Yield Bond Fund and Strategic Bond Fund
Statements of Changes in Net Assets for the six months ended June 30,
1995 for the Cash Management Fund and New York Municipal Bond Fund
(unaudited)
Statements of Changes in Net Assets for the period from February 22, 1995
(commencement of operations) through June 30, 1995 (unaudited) for the
National Intermediate Municipal Fund, U.S. Government Income Fund, High
Yield Bond Fund and Strategic Bond Fund
Statements of Changes in Net Assets for the year ended December 31, 1994
Notes to Financial Statements for Salomon Brothers Series Funds Inc
(unaudited)
Financial Highlights for the period ended June 30, 1995 (unaudited)
For the Salomon Brothers New York Municipal Money Market Fund and Salomon
Brothers U.S. Treasury Securities Money Market Fund:
Portfolio of Investments at June 30, 1995 (unaudited)
Statements of Assets and Liabilities at June 30, 1995 (unaudited)
Statements of Operations for the six months ended June 30, 1995
(unaudited)
Statements of Changes in Net Assets for the six months ended June 30, 1995
(unaudited) and for the year ended December 31, 1994
Financial Highlights for the six months ended June 30, 1995 (unaudited),
the years ended December 31, 1994, 1993, 1992, 1991 and the period from
October 2, 1990 (commencement of investment operations) through December
31, 1990 for the Salomon Brothers New York Municipal Money Market Fund
Financial Highlights for the six months ended June 30, 1995 (unaudited),
the years ended December 31, 1994, 1993, 1992, 1991 and the period from
December 7, 1990 (commencement of investment operations) through December
31, 1990 for the Salomon Brothers U.S. Treasury Securities Money Market
Fund
Notes to Financial Statements for Salomon Brothers Series Funds Inc
(unaudited)
For Salomon Brothers Total Return Fund:
Portfolio of Investments at December 31, 1995 (unaudited)
Statement of Assets and Liabilities at December 31, 1995 (unaudited)
Statement of Operations for the period ended December 31, 1995 (unaudited)
Statement of Changes in Net Assets for the period ended December 31, 1995
(unaudited)
Financial Highlights for the period ended December 31, 1995 (unaudited)
(ii) Salomon Brothers Investors Fund Inc:
Audited
Statement of Net Assets at December 31, 1994
Statement of Operations for the year ended December 31, 1994
Statement of Changes in Net Assets for the years ended December 31, 1994
and 1993
Notes to Financial Statements for Salomon Brothers Investors Fund Inc
Financial Highlights for the years ended December 31, 1994, 1993, 1992,
1991, 1990, 1989, 1988, 1987, 1986 and 1985
Report of Independent Accountants
Unaudited
Portfolio of Investments at June 30, 1995 (unaudited)
Statements of Assets and Liabilities at June 30, 1995 (unaudited)
Statements of Operations for the period from January 1, 1995 through June
30, 1995 (unaudited)
Statement of Changes in Net Assets for the period from Jaunary 1, 1995
through June 30, 1995 (unaudited)
Financial Highlights for the period from January 1, 1995 through June 30,
1995 (unaudited)
Notes to Financial Statements for Salomon Brothers Investors Funds Inc
(unaudited)
<PAGE> 18
(b) Exhibits:
Exhibit
Number Description
- ------- -----------
1(a) -- Articles of Incorporation of Registrant (filed as Exhibit 1 to
the Registration Statement on Form N-1A (File Nos. 33-34423
and 811-06087) and incorporated herein by reference).
1(b) -- Articles Supplementary (filed as Exhibit 1(b) to Post-Effective
Amendment No. 6 to the Registration Statement on Form N-1A and
incorporated herein by reference).
1(c) -- Articles Supplementary (filed as Exhibit 1(c) to Post-Effective
Amendment No. 6 to the Registration Statement on Form N-1A and
incorporated herein by reference).
1(d) -- Form of Registrant's Articles of Amendment (filed as Exhibit
1(d) to Post-Effective Amendment No. 12 to the Registration
Statement on Form N-1A and incorporated herein by reference).
1(e) -- Form of Articles Supplementary (filed as Exhibit 1(e) to
Post-Effective Amendment No. 12 to the Registration Statement
on Form N-1A and incorporated herein by reference).
1(f) -- Form of Articles Supplementary (filed as Exhibit 1(f) to
Post-Effective Amendment No. 15 to the Registration Statement
on Form N-1A and incorporated herein by reference).
2(a) -- Registrant's By-Laws (filed as Exhibit 2 to the Registration
Statement on Form N-1A (File Nos. 33-34423 and 811-06087) and
incorporated herein by reference).
3 -- None.
4(a) -- Form of Stock Certificate for shares of Class A Stock (filed
as Exhibit 4(a) to Post-Effective Amendment No. 2 to the
Registration Statement on Form N-1A (File Nos. 33-34423 and
811-06087) and incorporated herein by reference).
4(b) -- Form of Stock Certificate for shares of Class B Stock (filed
as Exhibit 4(b) to Post-Effective Amendment No. 2 to the
Registration Statement on Form N-1A (File Nos. 33-34423 and
811-06087) and incorporated herein by reference).
4(c) -- Form of Stock Certificate for shares of Class C Stock (filed
as Exhibit 4(c) to Post-Effective Amendment No. 2 to the
Registration Statement on Form N-1A (File Nos. 33-34423 and
811-06087) incorporated herein by reference).
4(d) -- Form of Stock Certificate for shares of Class D Stock (filed
as Exhibit 4(d) to Post-Effective Amendment No. 6 to the
Registration Statement on Form N-1A and incorporated herein by
reference).
<PAGE> 19
4(e) -- Forms of Specimen Stock Certificates: for Cash Management
Fund - A, New York Municipal Bond Fund - A, National
Intermediate Municipal Fund - A, U.S. Government Income Fund -
A, High Yield Bond Fund - A, Strategic Bond Fund - A, Cash
Management Fund - B, New York Municipal Bond Fund - B, National
Intermediate Municipal Fund - B, U.S. Government Income Fund -
B, High Yield Bond Fund - B, Strategic Bond Fund - B, Cash
Management Fund - C, New York Municipal Bond Fund - C, National
Intermediate Municipal Fund - C, U.S. Government Income Fund -
C, High Yield Bond Fund - C and Strategic Bond Fund - C, Cash
Management Fund - O, New York Municipal Bond Fund - O, National
Intermediate Municipal Fund - O, U.S. Government Income Fund -
O, High Yield Bond Fund - O, Strategic Bond Fund - O (filed as
Exhibit 4(e) to Post-Effective Amendment No. 12 to the
Registration Statement on Form N-1A and incorporated herein by
reference).
4(f) -- Forms of Specimen Stock Certificates for Total Return Fund - A,
Total Return Fund - B, Total Return Fund - C, and Total Return
Fund - O (filed as Exhibit 4(f) to Post-Effective Amendment
No. 15 to the Registration Statement on Form N-1A and
incorporated herein by reference).
5(a) -- Management Contract between Registrant and Salomon Brothers
Asset Management Inc dated September 27, 1990 relating to the
Salomon Brothers Cash Management Fund and the Salomon Brothers
New York Municipal Money Market Fund (filed as Exhibit 5(a) to
Post-Effective Amendment No. 7 to the Registration Statement
on Form N-1A and incorporated herein by reference).
5(b) -- Management Contract between Registrant and Salomon Brothers
Asset Management Inc dated December 7, 1990 relating to the
Salomon Brothers U.S. Treasury Securities Money Market Fund
(filed as Exhibit 5 to Post-Effective Amendment No. 5 to the
Registration Statement on Form N-1A and incorporated herein by
reference).
5(c) -- Management Contract between Registrant and Salomon Brothers
Asset Management Inc dated December 8, 1992 relating to the
Salomon Brothers New York Municipal Bond Fund (filed as
Exhibit 5(c) to Post-Effective Amendment No. 7 to the
Registration Statement on Form N-1A and incorporated herein by
reference).
5(d) -- Form of Management Contract between Registrant and Salomon
Brothers Asset Management Inc relating to the Salomon Brothers
National Intermediate Municipal Fund (filed as Exhibit 5(d) to
Post-Effective Amendment No. 12 to the Registration Statement
on Form N-1A and incorporated herein by reference).
5(e) -- Form of Management Contract between Registrant and Salomon
Brothers Asset Management Inc relating to the Salomon Brothers
U.S. Government Income Fund (filed as Exhibit 5(e) to
Post-Effective Amendment No. 12 to the Registration Statement on
Form N-1A and incorporated herein by reference).
<PAGE> 20
5(f) -- Form of Management Contract between Registrant and
Salomon Brothers Asset Management Inc relating to the
Salomon Brothers High Yield Bond Fund (filed as Exhibit 5(f) to
Post-Effective Amendment No. 12 to the Registration Statement on
Form N-1A and incorporated herein by reference).
5(g) -- Form of Management Contract between Registrant and
Salomon Brothers Asset Management Inc relating to the
Salomon Brothers Strategic Bond Fund (filed as Exhibit 5(g) to
Post-Effective Amendment No. 12 to the Registration Statement on
Form N-1A and incorporated herein by reference).
5(h) -- Form of Subadvisory Consulting Agreement between Salomon
Brothers Asset Management Inc and Salomon Brothers Asset
Management Limited relating to the Strategic Bond Fund (filed as
Exhibit 5(h) to Post-Effective Amendment No. 12 to the
Registration Statement on Form N-1A and incorporated herein by
reference).
5(i) -- Form of Management Contract between Registrant and Salomon
Brothers Asset Management Inc relating to the Salomon Brothers
Total Return Fund (filed as Exhibit 5(i) to Post-Effective
Amendment No. 15 to the Registration Statement on Form N-1A and
incorporated herein by reference).
6(a) -- Distribution Agreement between Registrant and Salomon
Brothers Inc dated September 27, 1990 (filed as Exhibit 6 to
Post-Effective Amendment No. 5 to the Registration Statement on
Form N-1A and incorporated herein by reference).
6(b) -- Distribution Agreement between Registrant and Salomon Brothers
Inc dated December 7, 1990 relating to the Salomon Brothers
U.S. Treasury Money Market Fund (filed as Exhibit 6 to
Post-Effective Amendment No. 5 on Form N-1A and incorporated
herein by reference).
6(c) -- Distribution Agreement between Registrant and Salomon Brothers
Inc dated December 8, 1992 relating to the New York Municipal
Bond Fund (filed as Exhibit 6(c) to Post-Effective Amendment
No. 7 to the Registration Statement on Form N-1A and
incorporated herein by reference).
6(d) -- Distribution Agreement between Registrant and AMT Capital
Services, Inc. dated June 18, 1993 relating to the Salomon
Brothers New York Municipal Money Market Fund and the Salomon
Brothers New York Municipal Bond Fund (filed as Exhibit 6(d)
to Post-Effective Amendment No. 8 to the Registration Statement
on Form N-1A and incorporated herein by reference).
6(e) -- Form of Distribution Agreement between Registrant and Salomon
Brothers Inc relating to Salomon Brothers National Intermediate
Municipal Fund, Salomon Brothers U.S. Government Income Fund,
Salomon Brothers High Yield Bond Fund and Salomon Brothers
Strategic Bond Fund (filed as Exhibit 6(e) to Post-Effective
Amendment No. 12 to the Registration Statement on Form N-1A
and incorporated herein by reference).
6(f) -- Form of Distribution Agreement between Registrant and Salomon
Brothers Inc relating to Salomon Brothers Total Return Fund
(filed as Exhibit 6(f) to Post-Effective Amendment No. 15 to
the Registration Statement on Form N-1A and incorporated herein
by reference).
<PAGE> 21
7 -- None.
8(a) -- Custody Agreement between Registrant and Boston Safe Deposit
and Trust Company (filed as Exhibit 8 to Post-Effective
Amendment No. 4 to the Registration Statement on Form N-1A (File
Nos. 33-34423 and 811-06087) and incorporated herein by
reference).
8(b) -- Form of Custodian Agreement between Registrant and Investors
Bank & Trust Company (filed as Exhibit 8(b) to Post-Effective
Amendment No. 12 to the Registration Statement on Form N-1A
and incorporated herein by reference).
9(a) -- Transfer Agency Agreement between Registrant and The
Shareholder Services Group, Inc. (filed as Exhibit 9(a) to
Post-Effective Amendment No. 5 to the Registration Statement on
Form N-1A and incorporated herein by reference).
9(b) -- Administration Agreement between Registrant and The
Boston Company Advisors, Inc. (filed as Exhibit 9(a) to
Post-Effective Amendment No. 4 to the Registration Statement on
Form N-1A (File Nos. 33-34423 and 811-06087) and incorporated
herein by reference).
9(c) -- Form of Administration Agreement between Registrant and
Investors Bank & Trust Company (filed as Exhibit 9(c) to
Post-Effective Amendment No. 12 to the Registration Statement on
Form N-1A and incorporated herein by reference).
9(d) -- Form of Amendment to Transfer Agency Agreement between
Registrant and The Shareholders Services Group, Inc (filed as
Exhibit 9(d) to Post-Effective Amendment No. 12 to the
Registration Statement on Form N-1A and incorporated herein by
reference).
10 -- Opinion and Consent of Counsel of Piper & Marbury, LLP as to
the Legality of Securities Being Registered (filed as
Exhibit 10 to Post-Effective Amendment No. 15 to the
Registration Statement on Form N-1A and incorporated herein by
reference).
11 -- Consents of Independent Accountants.
12 -- None.
13(a) -- Share Purchase Agreement (filed as Exhibit 13 to
Post-Effective Amendment No. 5 to the Registration Statement on
Form N-1A (File Nos. 33-34423 and 811-06087) and incorporated
herein by reference).
13(b) -- Form of Share Purchase Agreement relating to Salomon
Brothers New York Municipal Bond Fund, Salomon Brothers
National Intermediate Municipal Fund, Salomon Brothers U.S.
Government Income Fund, Salomon Brothers High Yield Bond Fund
and the Strategic Bond Fund (filed as Exhibit 13(b) to
Post-Effective Amendment No. 12 to the Registration Statement on
Form N-1A and incorporated herein by reference).
13(c) -- Form of Share Purchase Agreement Relating to Salomon Brothers
Total Return Fund (filed as Exhibit 13(c) to Post-Effective
Amendment No. 15 to the Registration Statement on Form N-1A and
incorporated herein by reference).
14 -- None.
<PAGE> 22
15(a) -- Form of Services and Distribution Plan for Salomon
Brothers New York Municipal Bond Fund, Salomon Brothers
National Intermediate Municipal Fund, Salomon Brothers U.S.
Government Income Fund, Salomon Brothers High Yield Bond Fund
and Salomon Brothers Strategic Bond Fund (filed as Exhibit 15(a)
to Post-Effective Amendment No. 12 to the Registration Statement
on Form N-1A and incorporated herein by reference).
15(b) -- Form of Services and Distribution Plan for Salomon Brothers
Total Return Fund (filed as Exhibit 15(b) to Post-Effective
Amendment No. 15 to the Registration Statement on Form N-1A
and incorporated herein by reference).
16(a) -- Performance Data (filed as Exhibit 16 to
Post-Effective Amendment No. 4 to the Registration
Statement on Form N-1A (File Nos. 33-34423 and 811-06087) and
incorporated herein by reference).
16(b) -- Schedule of Performance Data for Class A, Class B,
Class C and Class O Shares for Salomon Brothers New
York Municipal Bond Fund (filed as Exhibit 16(b) to
Post-Effective Amendment No. 12 to the Registration Statement on
Form N-1A and incorporated herein by reference).
17(a) -- Financial Data Schedule for Salomon Brothers Cash Management
Fund, Salomon Brothers New York Municipal Bond Fund, Salomon
Brothers National Intermediate Municipal Fund, Salomon Brothers
U.S. Government Income Fund, Salomon Brothers High Yield Bond
Fund, Salomon Brothers Strategic Bond Fund and Salomon Brothers
Investors Fund Inc (filed as Exhibit 17 to Post-Effective
Amendment No. 15 to the Registration Statement on Form N-1A and
incorporated herein by reference).
17(b) -- Financial Data Schedule for Salomon Brothers Total Return Fund
is filed herein.
18 -- Form of Application and Signature Card for Salomon Brothers
Investment Series (filed as Exhibit 18 to Post-Effective
Amendment No. 13 to the Registration Statement Form N-1A and
incorporated herein by reference).
18(a) Powers of Attorney (filed as an Exhibit to Post-Effective
Amendment No. 1 to the Registration Statement on Form
N-1A (File Nos. 33-34423 and 811-06087) and incorporated herein
by reference).
18(b) -- Powers of Attorney of Carol L. Colman and Daniel P.
Cronin (filed as an Exhibit to Post-Effective Amendment
No. 11 to the Registration Statement on Form N-1A (File Nos.
33-34423 and 811-06087) and incorporated herein by reference).
18(c) -- Powers of Attorney of Carol L. Colman, Daniel P. Cronin and
Charles F. Barber (filed as Exhibit 18(c) to Post-Effective
Amendment No. 13 to the Registration Statement on Form N-1A
(File Nos. 33-34423 and 811-06087) and incorporated herein by
reference).
18(d) -- Form of Multiclass Plan Pursuant to Rule 18f-3 Under the
Investment Company Act of 1940 for the Salomon Brothers Series
Funds Inc (filed as Exhibit 18(d) to Post-Effective Amendment
No. 13 to the Registration Statement on Form N-1A (File Nos.
33-34423 and 811-06087) and incorporated herein by reference).
Item 25. Persons Controlled by or under Common Control with Registrant.
Salomon Brothers Holding Company Inc (SBH"), owns a substantial
amount of the outstanding shares of the National Intermediate
Municipal Fund, U.S. Government Income Fund, High Yield Bond
Fund, Strategic Bond Fund and Total Return Fund and
consequently is a controlling person of such Funds. SBH owns
the outstanding shares of SBAM, Salomon Brothers Inc and
certain of their affiliates.
<PAGE> 23
Item 26. Number of Holders of Securities
<TABLE>
<CAPTION>
Number of
Record
Title of Class Holders at
-------------- January 15, 1996
-------------
<S> <C>
Shares of Salomon Brothers Cash
Management Fund, par value
$.001 per share
Class A 25
Class B 4
Class C 14
Class O 129
Shares of Salomon Brothers New
York Municipal Money Market
Fund, par value $.001 per share 838
Shares of Salomon Brothers U.S.
Treasury Securities Money Market
Fund, par value $.001 per share 108
Shares of Salomon Brothers New
York Municipal Bond Fund, par
value $.001 per share
Class A 5
Class B 6
Class C 1
Class O 73
Shares of Salomon Brothers
Investors Fund, par value $1.00
per share
Class A 21
Class B 29
Class C 5
Class O 16,437
Shares of Salomon Brothers
National Intermediate Municipal
Fund, par value $.001 per share
Class A 1,086
Class B 6
Class C 2
Class O 2
Shares of Salomon Brothers U.S.
Government Income Fund, par
value $.001 per share
Class A 1,087
Class B 8
Class C 2
Class O 1
Shares of Salomon Brother
High Yield Bond Fund, par
value $.001 per share
Class A 1,391
Class B 453
Class C 47
Class O 4
Shares of Salomon Brothers
Strategic Bond Fund, par
value $.001 per share
Class A 1,115
Class B 110
Class C 18
Class O 2
Shares of Salomon Brothers
Total Return Fund, par
value $.001 per share
Class A 1,345
Class B 380
Class C 19
Class O 2
</TABLE>
<PAGE> 24
Item 27. Indemnification.
Reference is made to Article VII of Registrant's Articles of
Incorporation, Article IV of Registrant's By-Laws and Section 4
of the Distribution Agreements between the Registrant and
Salomon Brothers Inc.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933, as amended (the "Securities Act"), may
be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or
otherwise, the Registrant understands that in the opinion of the
Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final
adjudication of such issue.
Item 28. Business and Other Connections
of Investment Adviser.
The list required by this Item 28 of officers and directors of
SBAM and Salomon Brothers Asset Management Limited ("SBAM
Limited"), together with information as to any other business,
profession, vocation or employment of a substantial nature
engaged in by such officers and directors during the past two
years, is incorporated by reference to Schedules A and D of
their respective FORM ADV filed by SBAM and SBAM Limited,
respectively, pursuant to the Advisers Act (SEC File Nos.
801-32046 and 801-43335, respectively).
Item 29. Principal Underwriter.
(a) Salomon Brothers Inc ("Salomon Brothers") currently acts as
distributor for, in addition to the Registrant, Salomon Brothers
Capital Fund Inc, Salomon Brothers Investors Fund Inc and
Salomon Brothers Opportunity Fund Inc.
(b) The information required by this Item 29 with respect to
each director, officer or partner of Salomon Brothers is
incorporated by reference to Schedule A of Form BD filed by
Salomon Brothers pursuant to the Securities Exchange Act of 1934
(SEC File No. 8-26920).
(c) Not applicable.
<PAGE> 25
Item 30. Location of Accounts and Records.
(1) Salomon Brothers Asset Management Inc
7 World Trade Center
New York, New York 10048
(2) Investors Bank & Trust Company
89 South Street
Boston, Massachusetts 02111
(3) The Shareholder Services Group, Inc.
One Exchange Place
Boston, Massachusetts 02109
Item 31. Management Services.
Not applicable.
Item 32. Undertakings.
(a) Not applicable.
(b) Not applicable.
(c) Registrant undertakes to furnish to each person to
whom a prospectus is delivered a copy of Registrant's
latest annual report to shareholders, upon request and
without charge.
(d) Registrant hereby undertakes to call a meeting of
shareholders for the purpose of voting upon the
question of removal of one or more of Registrant's
directors when requested in writing to do
so by the holders of at least 10% of Registrant's
outstanding shares of common stock and, in
connection with such meeting, to assist in
communications with other shareholders in this regard,
as provided under Section 16(c) of the Investment
Company Act of 1940, as amended.
<PAGE> 26
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
and the Investment Company Act of 1940, as amended, the Registrant certifies
that it meets all of the requirements for effectiveness of this registration
statement pursuant to Rule 485 (b) under the Securities Act of 1933 and has
duly caused this Post-Effective Amendment to its Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of New York, State of New York, on this 17th day of January, 1996.
SALOMON BROTHERS SERIES FUNDS INC
(Registrant)
By: /s/ MICHAEL S. HYLAND
---------------------------------
Michael S. Hyland, President
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Post-Effective Amendment to this Registration Statement has been signed
below by the following persons in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
Signature Title Date
- --------- ----- ----
<S> <C> <C>
/s/ MICHAEL S. HYLAND President and Director January 17, 1996
- ------------------------------ (Principal Executive
Michael S. Hyland Officer)
/s/ ALAN M. MANDEL Treasurer January 17, 1996
- ------------------------------ (Principal Financial
Alan M. Mandel and Accounting Officer)
* Director January 17, 1996
- ------------------------------
Charles F. Barber
* Director January 17, 1996
- ------------------------------
Carol L. Colman
* Director January 17, 1996
- ------------------------------
Daniel P. Cronin
*By: /s/ ALAN M. MANDEL
--------------------------
Alan M. Mandel
Attorney-in-Fact
</TABLE>
<PAGE> 27
SALOMON BROTHERS SERIES FUNDS INC
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibit
- ------ ----------------------
11 Consents of Independent
Accountants
17(b) Financial Data Schedule for
Salomon Brothers Total Return
Fund
<PAGE> 1
Exhibit 11
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in the Statement of Additional Information
constituting part of this Post-Effective Amendment No. 16 to the registration
statement on Form N-1A (the "Registration Statement") for Salomon Brothers
Series Funds Inc of our report dated February 17, 1995, relating to the
financial statements and financial highlights of Salomon Brothers Investors
Fund Inc, which appears in such Statement of Additional Information, and to the
incorporation by reference of our report into the Prospectus which constitutes
part of this Registration Statement.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
January 17, 1996
<PAGE> 2
Exhibit 11
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in the Statement of Additional Information
constituting part of this Post-Effective Amendment No. 16 to the registration
statement on Form N-1A (the "Registration Statement") of our report dated
February 27, 1995, relating to the financial statements and financial
highlights of Salomon Brothers Cash Management Fund, Salomon Brothers New York
Municipal Money Market Fund, Salomon Brothers U.S. Treasury Securities Money
Market Fund and Salomon Brothers New York Municipal Bond Fund (each a portfolio
of Salomon Brothers Series Funds Inc), which appears in such Statement of
Additional Information, and to the incorporation by reference of our report into
the Prospectus which constitutes part of this Registration Statement. We also
consent to the reference to us under the heading "Independent Accountants" in
such Statements of Additional Information and to the reference to us under the
heading "Financial Highlights" in such Prospectus.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
January 17, 1996
<PAGE> 3
Exhibit 11
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in the Statement of Additional Information
constituting part of this Post-Effective Amendment No. 16 to the registration
statement on Form N-1A (the "Registration Statement") of our report dated July
13, 1995, relating to the financial statement of Salomon Brothers Total Return
Fund (one of the portfolios constituting Salomon Brothers Series Funds Inc),
which appears in such Statement of Additional Information, and to the
incorporation by reference of our report into the Prospectus which constitutes
part of this Registration Statement.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
January 17, 1996
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Salomon Brothers Total Return Fund -- CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 14,849,713
<INVESTMENTS-AT-VALUE> 15,299,860
<RECEIVABLES> 233,501
<ASSETS-OTHER> 90,638
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,623,999
<PAYABLE-FOR-SECURITIES> 1,562,019
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87,741
<TOTAL-LIABILITIES> 1,649,760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,514,968
<SHARES-COMMON-STOCK> 346,685
<SHARES-COMMON-PRIOR> 125
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,185
<ACCUMULATED-NET-GAINS> 10,309
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 450,147
<NET-ASSETS> 3,658,044
<DIVIDEND-INCOME> 7,276
<INTEREST-INCOME> 21,320
<OTHER-INCOME> 0
<EXPENSES-NET> 3,799
<NET-INVESTMENT-INCOME> 24,797
<REALIZED-GAINS-CURRENT> 3,829
<APPREC-INCREASE-CURRENT> 87,616
<NET-CHANGE-FROM-OPS> 116,242
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 36,044
<DISTRIBUTIONS-OF-GAINS> 3,580
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 343,940
<NUMBER-OF-SHARES-REDEEMED> 93
<SHARES-REINVESTED> 2,713
<NET-CHANGE-IN-ASSETS> 3,656,794
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,069
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,768
<AVERAGE-NET-ASSETS> 1,677,784
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 0.52
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.55
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Salomon Brothers Total Return Fund -- CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 14,849,713
<INVESTMENTS-AT-VALUE> 15,299,860
<RECEIVABLES> 233,501
<ASSETS-OTHER> 90,638
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,623,999
<PAYABLE-FOR-SECURITIES> 1,562,019
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87,741
<TOTAL-LIABILITIES> 1,649,760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,514,968
<SHARES-COMMON-STOCK> 510,399
<SHARES-COMMON-PRIOR> 125
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,185
<ACCUMULATED-NET-GAINS> 10,309
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 450,147
<NET-ASSETS> 5,378,037
<DIVIDEND-INCOME> 10,863
<INTEREST-INCOME> 31,827
<OTHER-INCOME> 0
<EXPENSES-NET> 11,428
<NET-INVESTMENT-INCOME> 31,262
<REALIZED-GAINS-CURRENT> 5,820
<APPREC-INCREASE-CURRENT> 136,828
<NET-CHANGE-FROM-OPS> 173,910
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 47,544
<DISTRIBUTIONS-OF-GAINS> 5,288
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 518,625
<NUMBER-OF-SHARES-REDEEMED> 12,152
<SHARES-REINVESTED> 3,801
<NET-CHANGE-IN-ASSETS> 5,376,787
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,069
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,768
<AVERAGE-NET-ASSETS> 2,507,926
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 0.51
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.54
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Salomon Brothers Total Return Fund -- CLASS C
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 14,849,713
<INVESTMENTS-AT-VALUE> 15,299,860
<RECEIVABLES> 233,501
<ASSETS-OTHER> 90,638
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,623,999
<PAYABLE-FOR-SECURITIES> 1,562,019
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87,741
<TOTAL-LIABILITIES> 1,649,760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,514,968
<SHARES-COMMON-STOCK> 42,109
<SHARES-COMMON-PRIOR> 125
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,185
<ACCUMULATED-NET-GAINS> 10,309
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 450,147
<NET-ASSETS> 444,641
<DIVIDEND-INCOME> 1,593
<INTEREST-INCOME> 4,674
<OTHER-INCOME> 0
<EXPENSES-NET> 1,637
<NET-INVESTMENT-INCOME> 4,630
<REALIZED-GAINS-CURRENT> 989
<APPREC-INCREASE-CURRENT> 17,623
<NET-CHANGE-FROM-OPS> 23,242
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,496
<DISTRIBUTIONS-OF-GAINS> 438
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 41,886
<NUMBER-OF-SHARES-REDEEMED> 1
<SHARES-REINVESTED> 99
<NET-CHANGE-IN-ASSETS> 443,391
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,069
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,768
<AVERAGE-NET-ASSETS> 354,065
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 0.51
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> 1.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Salomon Brothers Total Return Fund -- CLASS O
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 14,849,713
<INVESTMENTS-AT-VALUE> 15,299,860
<RECEIVABLES> 233,501
<ASSETS-OTHER> 90,638
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,623,999
<PAYABLE-FOR-SECURITIES> 1,562,019
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87,741
<TOTAL-LIABILITIES> 1,649,760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,514,968
<SHARES-COMMON-STOCK> 425,125
<SHARES-COMMON-PRIOR> 125
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,185
<ACCUMULATED-NET-GAINS> 10,309
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 450,147
<NET-ASSETS> 4,493,517
<DIVIDEND-INCOME> 19,927
<INTEREST-INCOME> 58,379
<OTHER-INCOME> 0
<EXPENSES-NET> 6,904
<NET-INVESTMENT-INCOME> 71,402
<REALIZED-GAINS-CURRENT> 13,411
<APPREC-INCREASE-CURRENT> 208,080
<NET-CHANGE-FROM-OPS> 292,893
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 46,192
<DISTRIBUTIONS-OF-GAINS> 4,434
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 425,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,492,267
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,069
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,768
<AVERAGE-NET-ASSETS> 4,389,005
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 0.52
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.57
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
