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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

811-01539
811-02571
811-03409

Travelers Growth and Income Stock Account For Variable Annuities

Travelers Quality Bond Account For Variable Annuities

Travelers Money Market Account For Variable Annuities

One Cityplace, Hartford, CT 06103

Kathleen A. McGah
One Cityplace
Hartford, CT 06103

(860) 308-6202

Date of fiscal year end: December 31

Date of reporting period: June 30, 2004

ITEM 1. REPORT(S) TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

SEMI-ANNUAL REPORTS

JUNE 30, 2004

THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

THE TRAVELERS QUALITY BOND ACCOUNT
FOR VARIABLE ANNUITIES

THE TRAVELERS MONEY MARKET ACCOUNT
FOR VARIABLE ANNUITIES

[TRAVELERS LOGO]

The Travelers Insurance Company
The Travelers Life and Annuity Company
One Cityplace
Hartford, CT 06103

[LOGO OF TAMIC] Travelers Asset Management International
Company, LLC ("TAMIC") provides fixed income
management and advisory services for the
following Travelers Life & Annuity Variable
Products Separate Accounts ("Accounts")
contained in this report: The Travelers Growth
and Income Stock Account for Variable Annuities,
The Travelers Quality Bond Account for Variable
Annuities and The Travelers Money Market Account
for Variable Annuities.

[LOGO OF TIMCO] The Travelers Investment Management Company
A member of citigroup [LOGO] ("TIMCO") provides equity management and
subadvisory services for The Travelers Growth
and Income Stock Account for Variable Annuities.

TABLE OF CONTENTS

PAGE
- --------------------------------------------------------------------------------

CHAIRMAN'S LETTER.............................................................1

THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES........................................................3

THE TRAVELERS QUALITY BOND ACCOUNT FOR VARIABLE ANNUITIES....................14

THE TRAVELERS MONEY MARKET ACCOUNT FOR VARIABLE ANNUITIES....................25

BOARD OF MANAGERS AND OFFICERS...............................................32

This page intentionally left blank

THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT FOR VARIABLE ANNUITIES
THE TRAVELERS QUALITY BOND ACCOUNT FOR VARIABLE ANNUITIES
THE TRAVELERS MONEY MARKET ACCOUNT FOR VARIABLE ANNUITIES

LETTER FROM THE CHAIRMAN

DEAR SHAREHOLDER,

Both the stock and bond markets switched gears during the first half of this
year, due largely to shifting tides of investor sentiment.

After a torrid second half of 2003, the equity markets took a breather this
year. Markets typically abhor uncertainty, so as the year progressed, investors
grew increasingly lethargic amid questions over Iraq, global terrorism, a rise
in oil prices, interest rates, inflation, and the presidential election. The
good news - solid corporate earnings, the improving economy, renewed job growth,
and the still low level of interest rates - largely was ignored. As a result,
stock market returns for the first six months of 2004 generally were modest, as
opposed to the strong, double-digit gains late last year.

As was the case in 2003, small and mid-capitalization stocks generally
outperformed their larger brethren in the first half of this year. Value- and
growth-oriented stocks frequently traded short-term performance leadership
during the past six months, but value stocks slightly outperformed growth stocks
over the full six-month period. The performance of foreign stock markets in the
first half largely was in-line with that of the broad U.S. market.

Although the bond market got off to a formidable start, its performance also was
hampered by heightened worries about resurgent inflation, rising rates, and
anticipation that the Federal Reserve Bank ("The Fed") would begin to raise key
short-term rates after a long accommodative stance on monetary policy. Higher
interest rates can act as a brake on robust economic growth to help maintain a
balance between steady growth and the inflation that generally accompanies that
growth. Given that the economy appeared to be humming along at a healthy pace,
as was widely expected, the central bank edged up its federal funds target
rate(i) from a four-decade low to 1.25% at the end of June.

Over the six-month period, following a significant pullback this past spring,
bond prices finished on a flat note. However, mortgage-backed securities, U.S.
Agencies, and corporate issues in general held up better than those of U.S.
Treasury bonds(ii) on a total return basis. Signs during the period of economic
recovery, which is favorable for corporate earnings and the credit environment,
helped the high-yield market outperform Treasuries.(iii) Yields on most money
market instruments, particularly those with longer maturities, rose during the
second half of the period.

Although investor sentiment was shaky this past spring, by the end of the period
the U.S. Consumer Confidence Index(iv) rose to levels not seen since June of
2002. The domestic unemployment rate held steady, job growth slowed following a
strong increase in March through the early spring, and inflation picked up
during the period.

-1-

Effective June 28, 2004, a team of individuals employed by Travelers Investment
Management Company (TIMCO) assumed the functions formerly administered by Sandip
Bhagat as Portfolio Manager of The Travelers Growth and Income Stock Account for
Variable Annuities.

Effective January 1, 2004, Gene Collins and Kurt Lin replaced F. Denney Voss as
Portfolio Managers of The Travelers Quality Bond Account for Variable Annuities.
Mr. Collins is a Senior Vice President of Travelers Asset Management
International Company, LLC. Mr. Lin is a Vice President of Travelers Asset
Management International Company, LLC.

INFORMATION ON YOUR TRAVELERS LIFE & ANNUITY VARIABLE PRODUCTS SEPARATE ACCOUNTS

In recent months several issues in the mutual fund and variable insurance
industries have come under the scrutiny of federal and state regulators.
Travelers Life & Annuity and some of its affiliates have received requests for
information from various government regulators regarding market timing, late
trading, revenue sharing, and other mutual fund and variable product issues in
connection with various investigations. The Accounts have been informed that
Travelers Life & Annuity and its affiliates are responding to those information
requests and cooperating with the regulators but are not in a position to
predict the outcome of these requests and investigations.

As always, thank you for your continued confidence in our stewardship of your
assets. We look forward to helping you continue to meet your financial goals.

Sincerely,

/s/ R. Jay Gerken

R. Jay Gerken, CFA
Chairman, President and Chief Executive Officer

JULY 16, 2004

The information provided is not intended to be a forecast of future events, a
guarantee of future results or investment advice. Views expressed may differ
from those of the firm as a whole. Please note that an investor cannot invest
directly in an index.

- --------

(i) The federal funds rate is the interest rate that banks with excess reserves
at a Federal Reserve district bank charge other banks that need overnight loans.

(ii) Government bonds are guaranteed by the full faith and credit of the United
States government as to timely payment of principal and interest. Government
bonds do fluctuate in price.

(iii) Based upon Citigroup total rate of return indices that reflect the
performance for each respective category of fixed-income securities over the six
months ending June 30, 2004.

(iv) Source: June 2004 Consumer Confidence Index, The Conference Board.

-2-

THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 2004

ASSETS:
Investment securities, at fair value (cost $472,753,824) ..... $515,800,591
Cash ......................................................... 5,290
Receivables:
Dividends .................................................. 498,084
Investment securities sold ................................. 7,373
Purchase payments and transfers from other funding options . 91,682
Variation on futures margin ................................ 57,500
Other assets ................................................. 25,493
------------

Total Assets ............................................. 516,486,013
------------

LIABILITIES:
Payables:
Investment securities purchased ............................ 1,002,444
Contract surrenders and transfers to other funding options . 82,252
Investment management and advisory fees .................... 45,326
Insurance charges .......................................... 82,567
Accrued liabilities .......................................... 562
------------

Total Liabilities ........................................ 1,213,151
------------

NET ASSETS: $515,272,862
============

See Notes to Financial Statements

-3-

THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2004

INVESTMENT INCOME:
Dividends ......................................................... $ 3,793,916
Interest .......................................................... 65,645
------------
Total income .................................................... $ 3,859,561

EXPENSES:
Investment management and advisory fees ........................... 1,665,829
Insurance charges ................................................. 3,040,560
------------

Total expenses .................................................. 4,706,389
-------------

Net investment income (loss) .................................. (846,828)
-------------

REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED GAIN (LOSS)
ON INVESTMENT SECURITIES:
Realized gain (loss) from investment security transactions:
Proceeds from investment securities sold ........................ 172,424,444
Cost of investment securities sold .............................. 157,571,431
------------

Net realized gain (loss) ...................................... 14,853,013

Change in unrealized gain (loss) on investment securities:
Unrealized gain (loss) at June 30, 2004 ........................... 43,046,767
Unrealized gain (loss) at December 31, 2003 ....................... 39,489,069
------------

Net change in unrealized gain (loss) for the period ............. 3,557,698
-------------

Net realized gain (loss) and change in unrealized gain (loss) . 18,410,711
-------------

Net increase (decrease) in net assets resulting from operations ..... $ 17,563,883
=============

See Notes to Financial Statements

-4-

THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
2004 2003
---- ----
(UNAUDITED)

OPERATIONS:
Net investment income (loss) ............................................. $ (846,828) $ (633,004)
Net realized gain (loss) from investment security transactions ........... 14,853,013 (11,393,690)
Net change in unrealized gain (loss) on investment securities ............ 3,557,698 123,366,058
------------- -------------

Net increase (decrease) in net assets resulting from operations ........ 17,563,883 111,339,364
------------- -------------

UNIT TRANSACTIONS:
Participant purchase payments
(applicable to 483,716 and 1,271,619 units, respectively) .............. 8,399,276 18,530,423
Participant transfers from other funding options
(applicable to 301,168 and 754,088 units, respectively) ................ 5,264,112 11,209,365
Administrative charges
(applicable to 12,100 and 29,037 units, respectively) .................. (212,033) (458,191)
Contract surrenders
(applicable to 1,350,058 and 3,418,518 units, respectively) ............ (23,604,658) (50,866,631)
Participant transfers to other funding options
(applicable to 505,662 and 1,576,742 units, respectively) .............. (8,808,368) (22,824,923)
Other payments to participants
(applicable to 74,276 and 197,838 units, respectively) ................. (1,346,870) (2,992,921)
------------- -------------

Net increase (decrease) in net assets resulting from unit transactions (20,308,541) (47,402,878)
------------- -------------

Net increase (decrease) in net assets ................................ (2,744,658) 63,936,486

NET ASSETS:
Beginning of period ...................................................... 518,017,520 454,081,034
------------- -------------

End of period ............................................................ $ 515,272,862 $ 518,017,520
============= =============

See Notes to Financial Statements

-5-

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. SIGNIFICANT ACCOUNTING POLICIES

The Travelers Growth and Income Stock Account for Variable Annuities
("Account GIS") is a separate account of The Travelers Insurance Company
("The Company"), an indirect wholly owned subsidiary of Citigroup Inc.,
and is available for funding Universal Annuity contracts issued by The
Company. Account GIS is registered under the Investment Company Act of
1940, as amended, as a diversified, open-end management investment
company.

The following is a summary of significant accounting policies consistently
followed by Account GIS in the preparation of its financial statements.

SECURITY VALUATION. Investments in securities traded on a national
securities exchange are valued at the 4:00 p.m. Eastern Standard Time
price of such exchanges; securities traded on the over-the-counter market
and listed securities with no reported sales are valued at the mean
between the last reported bid and asked prices or on the basis of
quotations received from a reputable broker or other recognized source.

Short-term investments are reported at fair value based on quoted market
prices. Short-term investments, for which there is no reliable quoted
market price, are recorded at amortized cost which approximates fair
value.

SECURITY TRANSACTIONS. Security transactions are accounted for on the
trade date. Dividend income is recorded on the ex-dividend date. Interest
income is recorded on the accrual basis. Premiums and discounts are
amortized to interest income utilizing the constant yield method.

FUTURES CONTRACTS. Account GIS may use stock index futures contracts as a
substitute for the purchase or sale of individual securities. When Account
GIS enters into a futures contract, it agrees to buy or sell a specified
index of stocks at a future time for a fixed price, unless the contract is
closed prior to expiration. Account GIS is obligated to deposit with a
broker an "initial margin" equivalent to a percentage of the face, or
notional value of the contract.

It is Account GIS's practice to hold cash and cash equivalents in an
amount at least equal to the notional value of outstanding purchased
futures contracts, less the initial margin. Cash and cash equivalents
include cash on hand, securities segregated under federal and brokerage
regulations, and short-term highly liquid investments with maturities
generally three months or less when purchased. Generally, futures
contracts are closed prior to expiration.

Futures contracts purchased by Account GIS are priced and settled daily;
accordingly, changes in daily prices are recorded as realized gains or
losses and no asset is recorded in the Statement of Investments.
Therefore, when Account GIS holds open futures contracts, it assumes a
market risk generally equivalent to the underlying market risk of change
in the value of the specified indexes associated with the futures
contract.

OPTIONS. Account GIS may purchase index or individual equity put or call
options, thereby obtaining the right to sell or buy a fixed number of
shares of the underlying asset at the stated price on or before the stated
expiration date. Account GIS may sell the options before expiration.
Options held by Account GIS are listed on either national securities
exchanges or on over-the-counter markets and are short-term contracts with
a duration of less than nine months. The market value of the options will
be based on the 4:00 p.m. Eastern Standard Time price of the respective
exchange, or in the absence of such price, the latest bid quotation. There
were no put or call options in Account GIS at June 30, 2004.

REPURCHASE AGREEMENTS. When Account GIS enters into a repurchase agreement
(a purchase of securities whereby the seller agrees to repurchase the
securities at a mutually agreed upon date and price), the repurchase price
of the securities will generally equal the amount paid by Account GIS plus
a negotiated interest amount. The seller under the repurchase agreement
will be required to provide to Account GIS securities (collateral) whose
market value, including accrued interest, will be at least equal to 102%
of the repurchase price. Account GIS monitors the value of collateral on a
daily basis. Repurchase agreements will be limited to transactions with
national banks and reporting broker dealers believed to present minimal
credit risks. Account GIS's custodian will take actual or constructive
receipt of all securities underlying repurchase agreements until such
agreements expire. There were no repurchase agreements in Account GIS at
June 30, 2004.

-6-

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

FEDERAL INCOME TAXES. The operations of Account GIS form a part of the
total operations of The Company and are not taxed separately. The Company
is taxed as a life insurance company under the Internal Revenue Code of
1986, as amended (the "Code"). Under existing federal income tax law, no
taxes are payable on the investment income and capital gains of Account
GIS. Account GIS is not taxed as a "regulated investment company" under
Subchapter M of the Code.

OTHER. The preparation of financial statements in conformity with
generally accepted accounting principles in the United States of America,
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

2. INVESTMENTS

The aggregate costs of purchases and proceeds from sales of investments
(other than short-term securities), were $146,321,873 and $169,201,748
respectively; the costs of purchases and proceeds from sales of direct and
indirect U.S. government securities were $1,890,587 and $2,248,970,
respectively, for the six months ended June 30, 2004. Realized gains and
losses from investment security transactions are reported on an identified
cost basis.

At June 30, 2004, Account GIS held 50 open S&P 500 Stock Index futures
contracts expiring in September, 2004. The underlying face value, or
notional value, of these contracts at June 30, 2004 amounted to
$14,255,000. In connection with these contracts, short-term investments
with a par value of $1,400,000 had been pledged as margin deposits.

Net realized gains resulting from futures contracts were $314,023 and
$3,542,973 for the six months ended June 30, 2004 and the year ended
December 31, 2003, respectively. These gains (losses) are included in the
net realized gain (loss) from investment security transactions on both the
Statement of Operations and the Statement of Changes in Net Assets. The
cash settlement for June 30, 2004 is shown on the Statement of Assets and
Liabilities as a receivable for variation on futures margin.

3. CONTRACT CHARGES

Investment management and advisory fees are calculated daily at annual
rates which start at 0.65% and decrease, as net assets increase, to 0.40%
of Account GIS's average net assets. These fees are paid to Travelers
Asset Management International Company, LLC ("TAMIC"), an indirect wholly
owned subsidiary of Citigroup Inc. Pursuant to a subadvisory agreement
between TAMIC and The Travelers Investment Management Company ("TIMCO"),
an indirect wholly owned subsidiary of Citigroup Inc., TAMIC pays TIMCO a
subadvisory fee calculated daily at annual rates which start at 0.45% and
decrease, as net assets increase, to 0.20% of Account GIS's average net
assets.

Insurance charges are paid for the mortality and expense risks assumed by
The Company. Each business day, The Company deducts a mortality and
expense risk charge which is reflected in the calculation of accumulation
and annuity unit values. This charge equals, on an annual basis, 1.0017%
for contracts issued prior to May 16, 1983 and 1.25% on an annual basis
for contracts issued on or after May 16, 1983.

For certain contracts in the accumulation phase, a semi-annual charge of
$15 (prorated for partial years) is deducted from participant account
balances and paid to The Company to cover administrative charges.

On contracts issued prior to May 16, 1983, The Company retained from
Account GIS sales charges of $5,086 and $12,494 for the six months ended
June 30, 2004 and the year ended December 31, 2003, respectively. The
Company generally assesses a 5% contingent deferred sales charge if a
participant's purchase payment is surrendered within five years of its
payment date. Contract surrender payments are net of contingent deferred
sales charges of $133,831 and $406,883 for the six months ended June 30,
2004 and the year ended December 31, 2003, respectively.

-7-

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

4. NET ASSETS HELD ON BEHALF OF AN AFFILIATE

Approximately $12,687,000 and $12,382,000 of the net assets of Account GIS
were held on behalf of an affiliate of The Company as of June 30, 2004 and
December 31, 2003, respectively. Transactions with this affiliate during
the six months ended June 30, 2004 and the year ended December 31, 2003,
were comprised of participant purchase payments of approximately $1,000
and $32,000 and contract surrenders of approximately $153,000 and
$534,000, respectively.

5. NET CONTRACT OWNERS' EQUITY

JUNE 30, 2004
------------------------------------------------
UNIT NET
UNITS VALUE ASSETS
----- ----- ------

Accumulation phase of contracts issued prior to May 16, 1983 ............... 7,686,406 $18.561 $ 142,676,854
Annuity phase of contracts issued prior to May 16, 1983 .................... 166,125 18.561 3,083,656
Accumulation phase of contracts issued on or after May 16, 1983 ............ 20,920,150 17.610 368,428,317
Annuity phase of contracts issued on or after May 16, 1983 ................. 61,554 17.610 1,084,035
-------------

Net Contract Owners' Equity ............................................................................ $ 515,272,862
=============

-8-

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

6. SUPPLEMENTARY INFORMATION

(Selected data for a unit outstanding throughout each period.)

Contracts issued prior to May 16, 1983 SIX
MONTHS
ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, (DERIVED FROM AUDITED FINANCIAL INFORMATION)
-------- -------------------------------------------------------
2004 2003 2002 2001 2000 1999
---- ---- ---- ---- ---- ----

SELECTED PER UNIT DATA:
Total investment income ................................... $ .136 $ .264 $ .240 $ .266 $ .242 $ .267
Operating expenses ........................................ .150 .256 .261 .311 .376 .347
------- ------- ------- ------- ------- -------

Net investment income (loss) .............................. (.014) .008 (.021) (.045) (.134) (.080)

Unit value at beginning of period ......................... 17.926 14.172 18.064 21.418 24.427 20.017
Net realized and change in unrealized gains (losses) ...... .649 3.746 (3.871) (3.309) (2.875) 4.490
------- ------- ------- ------- ------- -------

Unit value at end of period ............................... $18.561 $17.926 $14.172 $18.064 $21.418 $24.427
======= ======= ======= ======= ======= =======

SIGNIFICANT RATIOS AND ADDITIONAL DATA:
Net increase (decrease) in unit value ..................... $ .64 $ 3.75 $ (3.89) $ (3.35) $ (3.01) $ 4.41
Ratio of operating expenses to average net assets ......... 1.65%* 1.65% 1.64% 1.63% 1.60% 1.60%
Ratio of net investment income (loss) to average net assets (0.15)%* 0.06% (0.12)% (0.24)% (0.57)% (0.37)%
Number of units outstanding at end of period (thousands) .. 7,852 8,139 9,088 10,329 11,413 12,646
Portfolio turnover rate ................................... 29% 68% 54% 32% 52% 47%

Contracts issued on or after May 16, 1983 SIX
MONTHS
ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, (DERIVED FROM AUDITED FINANCIAL INFORMATION)
-------- -------------------------------------------------------
2004 2003 2002 2001 2000 1999
---- ---- ---- ---- ---- ----

SELECTED PER UNIT DATA:
Total investment income ................................... $ .129 $ .251 $ .229 $ .254 $ .232 $ .256
Operating expenses ........................................ .164 .281 .287 .343 .416 .385
------- ------- ------- ------- ------- -------

Net investment income (loss) .............................. (.035) (.030) (.058) (.089) (.184) (.129)

Unit value at beginning of period ......................... 17.028 13.496 17.245 20.498 23.436 19.253
Net realized and change in unrealized gains (losses) ...... .617 3.562 (3.691) (3.164) (2.754) 4.312
------- ------- ------- ------- ------- -------

Unit value at end of period ............................... $17.610 $17.028 $13.496 $17.245 $20.498 $23.436
======= ======= ======= ======= ======= =======

SIGNIFICANT RATIOS AND ADDITIONAL DATA:
Net increase (decrease) in unit value ..................... $ .58 $ 3.53 $ (3.75) $ (3.25) $ (2.94) $ 4.18
Ratio of operating expenses to average net assets ......... 1.90%* 1.90% 1.89% 1.88% 1.85% 1.85%
Ratio of net investment income to average net assets ...... (0.40)%* (0.19)% (0.37)% (0.49)% (0.82)% (0.62)%
Number of units outstanding at end of period (thousands) .. 20,982 21,853 24,100 27,559 29,879 32,648
Portfolio turnover rate ................................... 29% 68% 54% 32% 52% 47%

* Annualized

-9-

THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED)
JUNE 30, 2004

NO. OF FAIR
SHARES VALUE
---------- -------------
COMMON STOCK (96.6%)

AEROSPACE (0.8%)
Boeing Co. 28,246 $ 1,443,088
General Dynamics 25,345 2,516,759
-------------
3,959,847
-------------
AUTOMOTIVE (1.7%)
Ford Motor Co. 154,802 2,422,651
General Motors Corp. 63,120 2,940,761
Harley-Davidson 58,569 3,627,764
-------------
8,991,176
-------------
BANKING (7.8%)
Bank of America Corp. 125,948 10,657,720
BANK ONE Corp. 60,409 3,080,859
Capital One Financial Corp. 41,225 2,818,965
First Horizon National 194 8,821
J.P. Morgan Chase & Co. 136,220 5,281,249
KeyCorp 20,766 620,696
Marshall & Ilsley Corp. 17,756 694,082
MBNA Corp. 107,735 2,778,486
National City Corp. 64,375 2,253,769
U.S. Bancorp 49,664 1,368,740
Wachovia Corp. 102,940 4,580,830
Washington Mutual, Inc. 12,899 498,417
Wells Fargo & Co. 95,736 5,478,971
-------------
40,121,605
-------------
BEVERAGE (2.7%)
Anheuser Busch Cos. 10,621 573,534
Brown-Forman Corp. 12,247 591,163
Coca-Cola Co. 115,700 5,840,536
Coca-Cola Enterprises Inc. 63,679 1,846,054
PepsiCo. Inc. 95,024 5,119,893
-------------
13,971,180
-------------
BROKERAGE (2.8%)
Bear Stearns Cos. 35,041 2,954,307
Goldman Sachs Group, Inc. 39,880 3,755,101
Lehman Brothers Holding, Inc. 29,158 2,194,140
Merrill Lynch & Co. 37,104 2,002,874
Morgan Stanley 64,849 3,422,082
-------------
14,328,504
-------------
BUILDING MATERIALS (0.2%)
Masco Corp. 34,802 1,085,126
-------------

CAPITAL GOODS (1.8%)
Danaher Corp. 66,278 3,436,514
Deere & Co. 48,589 3,408,032
Dover Corp. 37,305 1,570,541
Eaton Corp. 9,593 621,051
Nucor Corp. 6,275 481,669
-------------
9,517,807
-------------
CHEMICALS (1.2%)
Dow Chemical Co. 54,755 2,228,529
E.I. duPont de Nemours & Co. 20,432 907,589
Ecolab Inc. 35,126 1,113,494
Monsanto Co. 53,651 2,065,564
-------------
6,315,176
-------------
CONGLOMERATES (3.9%)
General Electric Co. 429,132 13,903,877
Honeywell International, Inc. 72,047 2,639,082
3M Co. 6,575 591,816
Tyco International Ltd. 98,765 3,273,072
-------------
20,407,847
-------------
CONSTRUCTION MACHINERY (0.6%)
Ingersoll-Rand Co. 45,245 3,090,686
-------------

CONSUMER (2.5%)
Avery Dennison Corp. 12,646 809,470
Ball Corp. 10,663 768,269
Black & Decker Corp. 13,763 855,095
Colgate-Palmolive Co. 15,893 928,946
Kimberly Clark Corp. 23,800 1,567,944
Procter & Gamble Co. 123,140 6,703,742
Sealed Air (A) 26,426 1,407,713
-------------
13,041,179
-------------
DEFENSE (0.7%)
Lockheed Martin Corp. 29,363 1,529,225
Northrop Grumman Corp. 38,210 2,051,877
-------------
3,581,102
-------------
ENTERTAINMENT (3.6%)
Carnival Corp. 87,776 4,125,472
Electronic Arts (A) 41,081 2,238,298
Fox Entertainment Group (A) 55,501 1,481,877
Harrah's Entertainment 51,429 2,782,309
Viacom, Inc. 115,215 4,115,480
Walt Disney Co. 162,229 4,135,217
-------------
18,878,653
-------------
FINANCE (1.8%)
American Express Co. 85,707 4,403,626
Countrywide Financials 40,122 2,818,571
Principal Financial Group 29,244 1,017,106
Providian Financial (A) 60,475 887,168
-------------
9,126,471
-------------

-10-

THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED
JUNE 30, 2004

NO. OF FAIR
SHARES VALUE
---------- -------------
FOOD (1.9%)
Archer-Daniels-Midland Co. 114,841 $ 1,927,032
Hormel Foods 16,653 517,908
Kellogg Co. 9,815 410,758
McDonald's Corp. 97,575 2,536,950
Sara Lee Corp. 99,935 2,297,506
Yum Brands 57,956 2,157,122
-------------
9,847,276
-------------
HEALTHCARE (3.4%)
Abbott Laboratories 33,049 1,347,077
Aetna Inc. 36,590 3,110,150
Anthem Inc. (A) 24,791 2,220,282
Becton, Dickinson 53,234 2,757,521
Cardinal Health 8,009 561,030
Caremark Rx (A) 29,914 985,367
Genentech Inc. (A) 19,494 1,095,563
Hospira Inc. (A) 4,155 114,678
Medco Health Solutions (A) 13,336 500,100
UnitedHealth Group, Inc. 67,642 4,210,714
Wellpoint Health Networks (A) 6,833 765,364
-------------
17,667,846
-------------
HOME CONSTRUCTION (0.8%)
K.B. HOME 28,876 1,981,760
Pulte Homes 39,471 2,053,676
-------------
4,035,436
-------------
INDEPENDENT ENERGY (0.4%)
Burlington Resources 41,380 1,497,128
Devon Energy 7,732 510,312
-------------
2,007,440
-------------
INSURANCE (6.6%)
Ace Limited 13,961 590,271
AFLAC Inc. 25,283 1,031,799
Allstate Corp. 75,326 3,506,425
Ambac Financial Group 27,267 2,002,488
American International Group 123,922 8,833,160
Aon Corp. 24,699 703,181
Chubb Corp. 44,325 3,022,079
CIGNA 18,183 1,251,172
Hartford Financial Services Group 10,080 692,899
Jefferson-Pilot Corp. 20,482 1,040,486
Lincoln National Corp. 9,198 434,606
Metlife Inc. 71,335 2,557,360
Marsh & McLennan Co. 45,781 2,077,542
MGIC Investment Corp. 17,509 1,328,233
Progressive Corp. 15,227 1,298,863
Prudential Financial 79,956 3,715,555
-------------
34,086,119
-------------

INTEGRATED ENERGY (4.7%)
Anadarko Petroleum 14,254 835,284
ChevronTexaco Corp. 50,699 4,771,283
ConocoPhillips 33,050 2,521,385
Exxon Mobil Corp. 312,960 13,898,554
Marathon Oil 30,723 1,162,558
Occidental Petroleum 18,573 899,119
-------------
24,088,183
-------------
LODGING (0.5%)
Marriott International 45,826 2,285,801
Starwood Hotels & Resorts 8,357 374,811
-------------
2,660,612
-------------
MEDIA (0.8%)
Comcast Corp. (Class A) (A) 41,393 1,162,315
Gannett Co. 22,262 1,888,931
Time Warner, Inc. (A) 70,160 1,233,413
-------------
4,284,659
-------------
METALS (1.2%)
Alcoa, Inc. 103,917 3,432,379
Pactiv Corp. (A) 109,985 2,743,026
-------------
6,175,405
-------------
NATURAL GAS DISTRIBUTORS (0.8%)
KeySpan Corp. 49,109 1,802,300
Kinder Morgan 30,116 1,785,578
National Fuel Gas 12,243 306,075
-------------
3,893,953
-------------
OIL FIELD (0.8%)
Baker Hughes, Inc. 23,166 872,200
Halliburton Co. 19,559 591,855
Schlumberger Ltd. 32,183 2,043,942
Transocean, Inc. (A) 21,164 612,486
-------------
4,120,483
-------------
PAPER (0.5%)
Georgia-Pacific Corp. 17,510 647,520
International Paper 23,579 1,053,981
Weyerhaeuser Co. 9,869 622,931
-------------
2,324,432
-------------
PHARMACEUTICALS (7.2%)
AmerisourceBergen Corp. 16,595 992,049
Amgen, Inc. (A) 61,453 3,353,797
Eli Lilly & Co. 42,149 2,946,637
Forest Labs (A) 33,159 1,877,794
Johnson & Johnson 169,169 9,422,713
Merck & Co., Inc. 72,062 3,422,945
Pfizer, Inc. 395,159 13,546,051
Wyeth 43,843 1,585,363
-------------
37,147,349
-------------

-11-

THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED
JUNE 30, 2004

NO. OF FAIR
SHARES VALUE
---------- -------------
RAILROADS (0.1%)
Norfolk Southern 16,776 $ 444,900
-------------

REFINING (0.4%)
Newmont Mining Corp. 19,375 750,975
Sunoco Inc. 7,678 488,474
Valero Energy 9,090 670,478
-------------
1,909,927
-------------
RETAILERS (6.4%)
AutoZone, Inc. (A) 5,694 456,089
Best Buy 30,613 1,553,304
Big Lots (A) 90,749 1,312,231
Costco Wholesale 21,611 889,509
CVS Corp. 22,419 942,046
Federated Department Stores, Inc. 12,390 608,349
Gap Inc. 33,260 806,555
Home Depot, Inc. 173,235 6,097,872
Jones Apparel Group 6,979 275,531
Limited Brands 46,384 867,381
Lowe's Cos. 18,931 994,824
Staples Inc. 78,821 2,310,638
Target Corp. 94,515 4,014,052
Toys R Us (A) 70,831 1,131,879
Walgreen Co. 54,947 1,989,631
Wal-Mart Stores 162,011 8,547,700
-------------
32,797,591
-------------
SERVICES (3.5%)
Biogen, Inc. (A) 31,020 1,963,101
Boston Scientific Corp. (A) 98,906 4,233,177
Cendant Corp. 51,593 1,262,997
eBay Inc. (A) 37,878 3,484,776
KLA-Tencor Corp. (A) 29,731 1,468,563
Medtronic, Inc. 42,604 2,075,667
Yahoo Inc. (A) 96,850 3,522,919
-------------
18,011,200
-------------
TECHNOLOGY (15.2%)
Advanced Micro Devices (A) 83,937 1,334,598
Analog Devices, Inc. 51,952 2,445,900
Autodesk 33,293 1,424,940
BMC Software Inc. (A) 47,206 873,311
Cisco Systems, Inc. (A) 365,617 8,666,951
Comverse Technology (A) 81,806 1,623,849
Cooper Industries Ltd. 26,887 1,597,357
Corning Inc (A) 66,599 869,783
Dell Inc. (A) 90,478 3,251,327
EMC Corp. (A) 36,361 414,515
Fiserv Inc. (A) 12,204 474,431
Gateway Inc. (A) 115,654 520,443
Hewlett Packard Co. 105,783 2,232,021
Intel Corp. 268,562 7,413,654
International Business Machines Corp. 76,824 6,772,036
ITT Industries 16,129 1,338,707
Jabil Circuit (A) 45,645 1,149,341
Micron Technology (A) 99,869 1,528,994
Microsoft 543,574 15,527,191
Motorola, Inc. 176,580 3,222,585
NCR Corp. (A) 25,799 1,279,372
Nvidia Corp. (A) 58,421 1,197,338
Oracle Corp. (A) 232,747 2,789,473
Pentair, Inc. 51,718 1,739,794
QUALCOMM, Inc. 34,642 2,530,771
Scientific-Atlanta, Inc. 49,543 1,709,234
Texas Instruments, Inc. 93,808 2,268,277
Thomas & Betts Corp. 43,164 1,175,356
VERITAS Software Corp. (A) 53,916 1,496,169
-------------
78,867,718
-------------
TELECOMMUNICATIONS (2.9%)
AT&T Wireless Services (A) 25,309 362,425
BellSouth Corp. 124,064 3,252,958
CenturyTel Inc. 12,604 378,624
NEXTEL Communications (A) 115,869 3,089,647
SBC Communications, Inc. 90,827 2,202,555
Sprint Corp. - PCS Group 111,288 1,958,669
Verizon Communications 97,255 3,519,658
-------------
14,764,536
-------------
TEXTILE (0.7%)
NIKE, Inc. 47,371 3,588,353
-------------

TOBACCO (1.3%)
Altria Group 95,539 4,781,727
Fortune Brands 26,616 2,007,645
-------------
6,789,372
-------------
TRANSPORTATION SERVICES (1.2%)
PACCAR Inc. 34,033 1,970,851
United Parcel 53,185 3,997,916
-------------
5,968,767
-------------
U.S. AGENCY (1.2%)
Federal Association National Mortgage 59,606 4,253,484
Federal Home Loan Mortgage Corp. 31,633 2,002,369
-------------
6,255,853
-------------

-12-

THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED
JUNE 30, 2004

NO. OF FAIR
SHARES VALUE
---------- -------------
UTILITIES (2.0%)
Amern Corp. 62,542 $ 2,001,344
Constellation Energy Group 46,830 1,774,857
Edison International 46,592 1,191,357
Exelon Corp. 56,416 1,878,089
FirstEnergy Corp. 53,191 1,989,875
Public Service Enterprises 13,294 532,159
Southern Co. 27,360 797,544
-------------
10,165,225
-------------

TOTAL COMMON STOCKS
(COST $455,270,975) 498,318,994
-------------

PRINCIPAL
AMOUNT
-----------
SHORT-TERM INVESTMENTS (3.4%)
COMMERCIAL PAPER (3.1%)
American Express Credit Corp.,
Due July 9, 2004 $ 3,000,000 2,998,989
American General Financial Corp.,
Due July 13, 2004 1,296,000 1,295,378
Clipper Receivables Corp.,
Due July 1, 2004 5,037,000 5,037,000
DE Funding Corp.,
Due July 8, 2004 1,705,000 1,704,487
Windmill Funding Corp.,
Due July 8, 2004 4,899,000 4,897,525

-------------
15,933,379
-------------
U.S. TREASURY (0.3%)
United States of America Treasury
1.00% due August 5, 2004 (B) 1,550,000 1,548,218
-------------

TOTAL SHORT-TERM
INVESTMENTS (COST $17,482,849) 17,481,597
-------------

NOTIONAL
VALUE
------------

FUTURES CONTRACTS (0.0%)
S&P 500 Stock Index,
Exp. September, 2004 (C) $ 14,255,000 --
-------------

TOTAL INVESTMENTS (100%)
(COST $472,753,824) (D) $ 515,800,591
=============

NOTES

(A) Non-income Producing Security.

(B) Par value of $1,400,000 pledged to cover margin deposits on futures
contracts.

(C) As more fully discussed in Note 1 to the financial statements, it is
Account GIS's practice to hold cash and cash equivalents (including
short-term investments) at least equal to the underlying face value, or
notional value, of outstanding purchased futures contracts, less the
initial margin. Account GIS uses futures contracts as a substitute for
holding individual securities.

(D) At June 30, 2004, net unrealized appreciation for all securities was
$43,046,767. This consisted of aggregate gross unrealized appreciation for
all securities in which there was an excess of fair value over cost of
$70,606,671 and aggregate gross unrealized depreciation for all securities
in which there was an excess of cost over fair value of $27,559,904.

See Notes to Financial Statements

-13-

THE TRAVELERS QUALITY BOND ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 2004

ASSETS:
Investment securities, at fair value (cost $102,219,454) ..... $102,611,982
Cash ......................................................... 885
Receivables:
Interest ................................................... 1,183,533
Investment securities sold ................................. 988,843
Purchase payments and transfers from other funding options . 22,822
Other assets ................................................. 9,187
------------

Total Assets ............................................. 104,817,252
------------

LIABILITIES:
Payables:
Contract surrenders and transfers to other funding options . 41,654
Investment management and advisory fees .................... 4,627
Insurance charges .......................................... 16,613
Accrued liabilities .......................................... 14,071
------------

Total Liabilities ........................................ 76,965
------------

NET ASSETS: $104,740,287
============

See Notes to Financial Statements

-14-

THE TRAVELERS QUALITY BOND ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2004

INVESTMENT INCOME:
Interest .......................................................... $ 2,372,343

EXPENSES:
Investment management and advisory fees ........................... $ 175,071
Insurance charges ................................................. 639,947
-----------

Total expenses .................................................. 815,018
-----------

Net investment income (loss) .................................. 1,557,325
-----------

REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED GAIN (LOSS)
ON INVESTMENT SECURITIES:
Realized gain (loss) from investment security transactions:
Proceeds from investment securities sold ........................ 56,183,137
Cost of investment securities sold .............................. 56,030,016
-----------

Net realized gain (loss) ...................................... 153,121

Change in unrealized gain (loss) on investment securities:
Unrealized gain (loss) at June 30, 2004 ......................... 392,528
Unrealized gain (loss) at December 31, 2003 ..................... 2,333,354
-----------

Net change in unrealized gain (loss) for the period ........... (1,940,826)
-----------

Net realized gain (loss) and change in unrealized gain (loss) (1,787,705)
-----------

Net increase (decrease) in net assets resulting from operations ..... $ (230,380)
===========

See Notes to Financial Statements

-15-

THE TRAVELERS QUALITY BOND ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
2004 2003
---- ----
(UNAUDITED)

OPERATIONS:
Net investment income (loss) ........................................... $ 1,557,325 $ 3,870,307
Net realized gain (loss) from investment security transactions ......... 153,121 (3,387,271)
Net change in unrealized gain (loss) on investment securities .......... (1,940,826) 9,169,643
------------ ------------

Net increase (decrease) in net assets resulting from operations ...... (230,380) 9,652,679
------------ ------------

UNIT TRANSACTIONS:
Participant purchase payments
(applicable to 368,854 and 747,578 units, respectively) .............. 2,567,478 5,016,359
Participant transfers from other funding options
(applicable to 299,500 and 2,091,858 units, respectively) ............ 2,084,536 14,023,583
Administrative charges
(applicable to 5,733 and 12,788 units, respectively) ................. (39,762) (88,426)
Contract surrenders
(applicable to 878,118 and 2,007,854 units, respectively) ............ (6,171,317) (13,546,840)
Participant transfers to other funding options
(applicable to 615,768 and 2,177,370 units, respectively) ............ (4,286,118) (14,621,732)
Other payments to participants
(applicable to 90,205 and 169,426 units, respectively) ............... (637,795) (1,169,671)
------------ ------------

Net increase (decrease) in net assets resulting from unit transactions (6,482,978) (10,386,727)
------------ ------------

Net increase (decrease) in net assets .............................. (6,713,358) (734,048)

NET ASSETS:
Beginning of period .................................................... 111,453,645 112,187,693
------------ ------------

End of period .......................................................... $104,740,287 $111,453,645
============ ============

See Notes to Financial Statements

-16-

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. SIGNIFICANT ACCOUNTING POLICIES

The Travelers Quality Bond Account for Variable Annuities ("Account QB")
is a separate account of The Travelers Insurance Company ("The Company"),
an indirect wholly owned subsidiary of Citigroup Inc., and is available
for funding Universal Annuity contracts issued by The Company. Account QB
is registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end management investment company.

The following is a summary of significant accounting policies consistently
followed by Account QB in the preparation of its financial statements.

SECURITY VALUATION. Investments in securities traded on a national
securities exchange are valued at the 4:00 p.m. Eastern Standard Time
price of such exchanges; securities traded on the over-the-counter market
and listed securities with no reported sales are valued at the mean
between the last-reported bid and asked prices or on the basis of
quotations received from a reputable broker or other recognized source.

When market quotations are not considered to be readily available for
long-term corporate bonds and notes, such investments are generally stated
at fair value on the basis of valuations furnished by a pricing service.
These valuations are determined for normal institutional-size trading
units of such securities using methods based on market transactions for
comparable securities and various relationships between securities, which
are generally recognized by institutional traders. Securities, including
restricted securities, for which pricing services are not readily
available, are valued by management at prices which it deems, in good
faith, to be fair value.

SECURITY TRANSACTIONS. Security transactions are accounted for on the
trade date. Interest income is recorded on the accrual basis. Premiums and
discounts are amortized to interest income utilizing the constant yield
method.

FUTURES CONTRACTS. Account QB may use interest rate futures contracts as a
substitute for the purchase or sale of individual securities. When Account
QB enters into a futures contract, it agrees to buy or sell specified debt
securities at a future time for a fixed price, unless the contract is
closed prior to expiration. Account QB is obligated to deposit with a
broker an "initial margin" equivalent to a percentage of the face, or
notional value of the contract.

It is Account QB's practice to hold cash and cash equivalents in an amount
at least equal to the notional value of outstanding purchased futures
contracts, less the initial margin. Cash and cash equivalents include cash
on hand, securities segregated under federal and brokerage regulations,
and short-term highly liquid investments with maturities generally three
months or less when purchased. Generally, futures contracts are closed
prior to expiration.

Futures contracts purchased by Account QB are priced and settled daily;
accordingly, changes in daily prices are recorded as realized gains or
losses and no asset is recorded in the Statement of Investments.
Therefore, when Account QB holds open futures contracts, it assumes a
market risk generally equivalent to the underlying market risk of change
in the value of the debt securities associated with the futures contract.

REPURCHASE AGREEMENTS. When Account QB enters into a repurchase agreement
(a purchase of securities whereby the seller agrees to repurchase the
securities at a mutually agreed upon date and price), the repurchase price
of the securities will generally equal the amount paid by Account QB plus
a negotiated interest amount. The seller under the repurchase agreement
will be required to provide to Account QB securities (collateral) whose
market value, including accrued interest, will be at least equal to 102%
of the repurchase price. Account QB monitors the value of collateral on a
daily basis. Repurchase agreements will be limited to transactions with
national banks and reporting broker dealers believed to present minimal
credit risks. Account QB's custodian will take actual or constructive
receipt of all securities underlying repurchase agreements until such
agreements expire. There were no repurchase agreements in Account QB at
June 30, 2004.

-17-

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

FEDERAL INCOME TAXES. The operations of Account QB form a part of the
total operations of The Company and are not taxed separately. The Company
is taxed as a life insurance company under the Internal Revenue Code of
1986, as amended (the "Code"). Under existing federal income tax law, no
taxes are payable on the investment income and capital gains of Account
QB. Account QB is not taxed as a "regulated investment company" under
Subchapter M of the Code.

2. INVESTMENTS

The aggregate costs of purchases and proceeds from sales of investments
(other than short-term securities) were $15,322,770 and $18,422,174,
respectively; the costs of purchases and proceeds from sales of direct and
indirect U.S. government securities were $39,341,583 and $37,760,964,
respectively, for the six months ended June 30, 2004. Realized gains and
losses from investment security transactions are reported on an identified
cost basis.

3. CONTRACT CHARGES

Investment management and advisory fees are calculated daily at an annual
rate of 0.3233% of Account QB's average net assets. These fees are paid to
Travelers Asset Management International Company, LLC, an indirect wholly
owned subsidiary of Citigroup Inc.

On contracts issued prior to May 16, 1983, The Company retained from
Account QB sales charges of $1,843 and $4,296 for the six months ended
June 30, 2004 and the year ended December 31, 2003, respectively. The
Company generally assesses a 5% contingent deferred sales charge if a
participant's purchase payment is surrendered within five years of its
payment date. Contract surrender payments are net of contingent deferred
sales charges of $26,244 and $58,765 for the six months ended June 30,
2004 and the year ended December 31, 2003, respectively.

-18-

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

4. NET ASSETS HELD ON BEHALF OF AN AFFILIATE

Approximately $102,000 and $115,000 of the net assets of Account QB were
held on behalf of an affiliate of The Company as of June 30, 2004 and
December 31, 2003, respectively. Transactions with this affiliate during
the six months ended June 30, 2004 and the year ended December 31, 2003,
were comprised of participant purchase payments of approximately $4,000
and $71,000 and contract surrenders of approximately $17,000 and $98,000,
respectively.

5. NET CONTRACT OWNERS' EQUITY

JUNE 30, 2004
--------------------------------------------------
UNIT NET
UNITS VALUE ASSETS
----- ----- ------

Accumulation phase of contracts issued prior to May 16, 1983 ........... 3,921,897 $ 7.271 $ 28,519,545
Annuity phase of contracts issued prior to May 16, 1983 ................ 38,389 7.271 279,160
Accumulation phase of contracts issued on or after May 16, 1983 ........ 11,000,390 6.898 75,895,469
Annuity phase of contracts issued on or after May 16, 1983 ............. 6,684 6.898 46,113
------------

Net Contract Owners' Equity ........................................................................... $104,740,287
============

-19-

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

6. SUPPLEMENTARY INFORMATION
(Selected data for a unit outstanding throughout each period.)

SELECTED PER UNIT DATA:
Total investment income ................................... $ .159 $ .345 $ .381 $ .421 $ .446 $ .393
Operating expenses ........................................ .048 .093 .086 .089 .081 .080
------- ------- ------- ------- ------- -------

Net investment income (loss) .............................. .111 .252 .295 .332 .365 .313

Unit value at beginning of period ......................... 7.281 6.674 6.608 6.335 6.055 5.994
Net realized and change in unrealized gains (losses) ...... (.121) .355 (.229) (.059) (.085) (.252)
------- ------- ------- ------- ------- -------

Unit value at end of period ............................... $ 7.271 $ 7.281 $ 6.674 $ 6.608 $ 6.335 $ 6.055
======= ======= ======= ======= ======= =======

SIFICANT RATIOS AND ADDITIONAL DATA:
Net increase (decrease) in unit value ..................... $ (.01) $ .61 $ .07 $ .27 $ .28 $ .06
Ratio of operating expenses to average net assets ......... 1.33% * 1.33% 1.33% 1.33% 1.33% 1.33%
Ratio of net investment income (loss) to average net assets 3.05% * 3.58% 4.56% 4.99% 5.93% 5.22%
Number of units outstanding at end of period (thousands) .. 3,960 4,207 4,684 5,194 5,491 6,224
Portfolio turnover rate ................................... 53% 139% 113% 166% 105% 340%

SELECTED PER UNIT DATA:
Total investment income ................................... $ .151 $ .328 $ .363 $ .402 $ .427 $ .378
Operating expenses ........................................ .055 .105 .097 .101 .092 .091
------- ------- ------- ------- ------- -------

Net investment income (loss) .............................. .096 .223 .266 .301 .335 .287

Unit value at beginning of period ......................... 6.917 6.356 6.309 6.063 5.810 5.765
Net realized and change in unrealized gains (losses) ...... (.115) .338 (.219) (.055) (.082) (.242)
------- ------- ------- ------- ------- -------

Unit value at end of period ............................... $ 6.898 $ 6.917 $ 6.356 $ 6.309 $ 6.063 $ 5.810
======= ======= ======= ======= ======= =======

SIGNIFICANT RATIOS AND ADDITIONAL DATA:
Net increase (decrease) in unit value ..................... $ (.02) $ .56 $ .05 $ .25 $ .25 $ .04
Ratio of operating expenses to average net assets ......... 1.57% * 1.57% 1.57% 1.57% 1.57% 1.57%
Ratio of net investment income (loss) to average net assets 2.80% * 3.33% 4.31% 4.74% 5.69% 4.97%
Number of units outstanding at end of period (thousands) .. 11,007 11,682 12,733 15,116 14,045 17,412
Portfolio turnover rate ................................... 53% 139% 113% 166% 105% 340%

* Annualized

-20-

THE TRAVELERS QUALITY BOND ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED)
JUNE 30, 2004

PRINCIPAL FAIR
AMOUNT VALUE
------------ ------------

BONDS (76.4%)

AIRLINES (0.5%)
Delta Airlines Inc., 9.25% Debentures, 2007..................................... $ 675,233 $ 476,039
------------

ASSET BACKED SECURITIES (6.0%)
CA Infrastructure, 6.42% Debentures, 2008....................................... 786,719 821,458
Chase Funding Mortgage Loan Asset Backed Certificate, 5.83% Debentures, 2032.... 500,000 520,557
Daimler Chrysler Auto, 4.63% Debentures, 2006................................... 1,324,763 1,343,972
Discover Card Mt, 6.05% Debentures, 2008........................................ 1,100,000 1,155,392
Ford Credit Auto Owner Trust, 4.75% Debentures, 2006............................ 1,400,000 1,431,468
Toyota Auto Recovery Owner Trust, 2.65% Debentures, 2006........................ 906,113 909,456
------------
6,182,303
------------
AUTOMOTIVE (1.7%)
Daimler Chrysler NA Holdings, 4.05% Debentures, 2008............................ 1,130,000 1,108,983
Lear Corp., 7.96% Debentures, 2005.............................................. 600,000 625,763
------------
1,734,746
------------
BANKING (4.4%)
ABN AMRO Holding ADS, 1.25% Debentures, 2007.................................... 920,000 921,708
Capital One Financial, 5.00% Debentures, 2009................................... 520,000 522,053
Credit Suisse First Boston Corp., 6.13% Debentures, 2011........................ 300,000 316,226
Fleet Financial Group, 7.13% Debentures, 2006................................... 1,250,000 1,341,226
Huntington National Bank, 4.65% Debentures, 2009................................ 400,000 401,502
U.S. Bancorp NA MN, 2.87% Debentures, 2007...................................... 1,000,000 983,467
------------
4,486,182
------------
BROKERAGE (3.7%)
Goldman Sachs Group Inc., 4.75% Debentures, 2013................................ 1,100,000 1,035,199
Lehman Brothers Holdings, Inc., 4.80% Debentures, 2014.......................... 700,000 655,709
Merrill Lynch & Co. Inc., 3.38% Debentures, 2007................................ 700,000 693,500
Morgan Stanley, 4.75% Debentures, 2014.......................................... 900,000 831,938
Morgan Stanley, 6.60% Debentures, 2012.......................................... 500,000 539,102
------------
3,755,448
------------
COLLATERALIZED MORTGAGE OBLIGATIONS (4.3%)
Credit Suisse First Boston Corp., Debentures, 2036.............................. 1,000,000 971,079
LB UBS Commercial Mortgage Trust, 3.09% Debentures, 2027........................ 1,000,000 961,812
LB UBS Commercial Mortgage Trust, 4.57% Debentures, 3031........................ 1,000,000 945,106
LB UBS Commercial Mortgage Trust, 4.85% Debentures, 3031........................ 670,000 657,556
Wachovia Bank Commercial Mortgage, 4.96% Debentures, 2035....................... 900,000 901,320
------------
4,436,873
------------
CONGLOMERATES (2.0%)
General Electric Capital Corp., 5.45% Debentures, 2013.......................... 1,000,000 1,015,621
Tyco International, 6.13% Debentures, 2008...................................... 1,000,000 1,064,887
------------
2,080,508
------------

-21-

THE TRAVELERS QUALITY BOND ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED
JUNE 30, 2004

PRINCIPAL FAIR
AMOUNT VALUE
------------ ------------

CONSUMER (0.3%)
Sealed Air, 5.63% Debentures, 2013 (A).......................................... $ 300,000 $ 296,864
------------

DEFENSE (2.0%)
Northrop Grumman Corp., 8.63% Debentures, 2004.................................. 2,000,000 2,036,442
------------

FINANCE (4.3%)
Countrywide Home Loan, 4.00% Debentures, 2011................................... 610,000 569,768
Ford Motor Credit Co., 6.88% Debentures, 2006................................... 1,000,000 1,049,288
Ford Motor Credit Co., 7.00% Debentures, 2013................................... 700,000 707,818
General Motors Acceptance Corp., 7.25% Debentures, 2011......................... 650,000 683,095
Household Financial Corp., 6.38% Debentures, 2012............................... 1,400,000 1,486,813
------------
4,496,782
------------

HOME CONSTRUCTION (0.5%)
M.D.C. Holdings, 5.50% Debentures, 2013......................................... 500,000 485,476
------------

INDEPENDENT ENERGY (1.1%)
Anadarko Petroleum, 6.75% Debentures, 2011...................................... 400,000 440,556
Cooper Cameron , 2.65% Debentures, 2007......................................... 200,000 194,143
Devon Energy, 6.88% Debentures, 2011 (A)........................................ 500,000 545,109
------------
1,179,808
------------
INSURANCE (1.8%)
Massachusetts Mutual Life, 2.55% Debentures, 2008 (A)........................... 900,000 848,556
New York Life, 5.38% Debentures, 2013 (A)....................................... 1,000,000 1,005,795
------------
1,854,351
------------
MEDIA CABLE (7.3%)
AOL Time Warner Inc., 6.15% Debentures, 2007.................................... 2,400,000 2,542,766
Comcast Cable Communications, 8.50% Debentures, 2027............................ 500,000 607,149
Cox Enterprises Inc., 7.88% Debentures, 2010 (A)................................ 3,800,000 4,324,674
------------
7,474,589
------------
MEDIA NON-CABLE (1.3%)
Clear Channel Communications Inc., 4.40% Debentures, 2011....................... 200,000 189,178
Liberty Media Corp., 3.02% Debentures, 2006..................................... 1,100,000 1,120,658
------------
1,309,836
------------
NATURAL GAS PIPELINE (3.3%)
Duke Energy Field Service, 7.50% Debentures, 2005............................... 500,000 525,088
Southern California Gas Co., 4.38% Debentures, 2011............................. 400,000 391,839
Transcontinental Gas Pipeline, 6.13% Debentures, 2005........................... 2,400,000 2,448,000
------------
3,364,927
------------
PAPER (0.7%)
International Paper, 5.50% Debentures, 2014..................................... 700,000 686,531
------------

-22-

THE TRAVELERS QUALITY BOND ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED
JUNE 30, 2004

PRINCIPAL FAIR
AMOUNT VALUE
------------ ------------

PHARMACEUTICALS (1.1%)
Wyeth, 5.50% Debentures, 2014................................................... $ 1,200,000 $ 1,148,710
------------

REAL ESTATE (8.1%)

Canada Mortgage & Housing Corp., 3.38% Debentures, 2008......................... 1,000,000 983,013
iStar Financial, 6.00% Debentures, 2010......................................... 240,000 239,700
Nationwide Health Properties Inc., 6.90% Debentures, 2037....................... 4,500,000 4,562,716
Post Apartment Homes LP, 6.85% Debentures, 2005................................. 2,510,000 2,558,400
------------
8,343,829
------------
RETAIL (2.3%)
Wal-Mart Stores Inc., 4.55% Debentures, 2013.................................... 2,500,000 2,412,877
------------

SUPERMARKETS (1.1%)
Fred Meyer Inc., 7.45% Debentures, 2008......................................... 1,000,000 1,110,575
------------

TELECOMMUNICATIONS (3.3%)
Deutsche Telekom AG, 8.25% Debentures, 2005..................................... 1,100,000 1,156,834
Sprint Capital Corp., 6.13% Debentures, 2008.................................... 720,000 757,528
Telecom Italia S.p.A., 5.25% Debentures, 2013 (A)............................... 1,500,000 1,454,410
------------
3,368,772
------------
TOBACCO (0.9%)
Altria Group, 5.63% Debentures, 2008............................................ 900,000 904,777
------------

U.S. AGENCY (5.6%)
Federal Association National Mortgage, 1.75% Debentures, 2006................... 1,300,000 1,269,697
Federal Association National Mortgage, 2.00% Debentures, 2007................... 1,400,000 1,390,402
Federal Association National Mortgage, 6.00% Debentures, 2011................... 2,200,000 2,365,425
Federal Home Loan Mortgage Corp., 2.90% Debentures, 2019........................ 700,000 695,001
------------
5,720,525
------------
UTILITIES (8.8%)
National Rural Utilities Co-Op, 4.75% Debentures, 2014.......................... 600,000 577,381
Pepco Holdings Inc., 5.50% Debentures, 2007..................................... 1,600,000 1,652,926
Progress Energy Inc., 6.05% Debentures, 2007.................................... 2,700,000 2,848,252
PSEG Energy Holdings, 8.63% Debentures, 2008.................................... 450,000 486,000
SCANA Corp., 1.70% Debentures, 2006............................................. 1,000,000 1,001,208
SP Powerassets Ltd., 5.00% Debentures, 2013..................................... 900,000 877,930
TransAlta Corp., 5.75% Debentures, 2013......................................... 400,000 396,770
Xcel Energy Inc., 3.40% Debentures, 2008 (A).................................... 1,200,000 1,159,366
------------
8,999,833
------------
TOTAL BONDS
(COST $77,765,363).............................................................. 78,347,603
------------

-23-

THE TRAVELERS QUALITY BOND ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED
JUNE 30, 2004

PRINCIPAL FAIR
AMOUNT VALUE
------------ ------------

UNITED STATES GOVERNMENT SECURITIES (21.8%)
United States of America Treasury, 3.13% Debentures, 2008....................... $ 4,500,000 $ 4,417,209
United States of America Treasury, 3.38% Debentures, 2008....................... 1,130,000 1,117,995
United States of America Treasury, 3.50% Debentures, 2006....................... 3,075,000 3,115,722
United States of America Treasury, 4.75% Debentures, 2014....................... 6,010,000 6,074,565
United States of America Treasury, 5.00% Debentures, 2011....................... 1,250,000 1,305,323
United States of America Treasury, 5.88% Debentures, 2005....................... 6,060,000 6,348,565
------------

TOTAL UNITED STATES GOVERNMENT SECURITIES
(COST $22,569,091).............................................................. 22,379,379
------------

SHORT-TERM INVESTMENTS (1.8%)
COMMERCIAL PAPER (1.8%)...........................................................
Clipper Receivables Corp., Debentures, 2004..................................... 1,885,000 1,885,000
------------

TOTAL SHORT-TERM INVESTMENTS (COST $1,885,000).................................... 1,885,000
------------

TOTAL INVESTMENTS (100%)
(COST $102,219,454) (B)......................................................... $102,611,982
============

NOTES

(A) Restricted Security.

(B) At June 30, 2004 net unrealized appreciation for all securities was
$392,528. This consisted of aggregate gross unrealized appreciation for
all securities in which there was an excess of fair value over cost of
$1,734,012 and aggregate gross unrealized depreciation for all securities
in which there was an excess of cost over fair value of $1,341,484.

See Notes to Financial Statements

-24-

THE TRAVELERS MONEY MARKET ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 2004

ASSETS:
Investment securities, at fair value (cost $76,560,320) ....... $76,556,185
Cash .......................................................... 202,709
Receivables:
Interest .................................................... 3,420
Purchase payments and transfers from other funding options .. 52,584
Other assets .................................................. 2,676
-----------

Total Assets .............................................. 76,817,574
-----------

LIABILITIES:
Payables:
Contract surrenders and transfers to other funding options .. 172,946
Investment management and advisory fees ..................... 3,392
Insurance charges ........................................... 13,114
-----------

Total Liabilities ......................................... 189,452
-----------

NET ASSETS: $76,628,122
===========

See Notes to Financial Statements

-25-

THE TRAVELERS MONEY MARKET ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2004

INVESTMENT INCOME:
Interest ...................................................... $ 427,170

EXPENSES:
Investment management and advisory fees ....................... $ 131,867
Insurance charges ............................................. 509,717
---------

Total expenses .............................................. 641,584
---------

Net investment income (loss) .............................. (214,414)
---------

Net increase (decrease) in net assets resulting from operations $(214,414)
=========

See Notes to Financial Statements

-26-

THE TRAVELERS MONEY MARKET ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF CHANGES IN NET ASSETS

SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
2004 2003
---- ----
(UNAUDITED)

OPERATIONS:
Net investment income (loss) ........................................... $ (214,414) $ (453,301)
------------- -------------

Net increase (decrease) in net assets resulting from operations ...... (214,414) (453,301)
------------- -------------

UNIT TRANSACTIONS:
Participant purchase payments
(applicable to 1,607,009 and 3,738,508 units, respectively) .......... 4,386,754 10,242,509
Participant transfers from other funding options
(applicable to 9,820,008 and 37,539,587 units, respectively) ......... 26,808,056 102,847,832
Administrative charges
(applicable to 19,150 and 47,013 units, respectively) ................ (52,211) (128,680)
Contract surrenders
(applicable to 4,259,703 and 10,956,438 units, respectively) ......... (11,627,212) (30,017,360)
Participant transfers to other funding options
(applicable to 11,594,143 and 48,091,621 units, respectively) ........ (31,653,079) (131,747,666)
Other payments to participants
(applicable to 45,319 and 335,989 units, respectively) ............... (124,429) (922,085)
------------- -------------

Net increase (decrease) in net assets resulting from unit transactions (12,262,121) (49,725,450)
------------- -------------

Net increase (decrease) in net assets .............................. (12,476,535) (50,178,751)

NET ASSETS:
Beginning of period .................................................... 89,104,657 139,283,408
------------- -------------

End of period .......................................................... $ 76,628,122 $ 89,104,657
============= =============

See Notes to Financial Statements

-27-

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. SIGNIFICANT ACCOUNTING POLICIES

The Travelers Money Market Account for Variable Annuities ("Account MM")
is a separate account of The Travelers Insurance Company ("The Company"),
an indirect wholly owned subsidiary of Citigroup Inc., and is available
for funding Universal Annuity contracts issued by The Company. Account MM
is registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end management investment company.

The following is a summary of significant accounting policies consistently
followed by Account MM in the preparation of its financial statements.

REPURCHASE AGREEMENTS. When Account MM enters into a repurchase agreement
(a purchase of securities whereby the seller agrees to repurchase the
securities at a mutually agreed upon date and price), the repurchase price
of the securities will generally equal the amount paid by Account MM plus
a negotiated interest amount. The seller under the repurchase agreement
will be required to provide to Account MM securities (collateral) whose
market value, including accrued interest, will be at least equal to 102%
of the repurchase price. Account MM monitors the value of collateral on a
daily basis. Repurchase agreements will be limited to transactions with
national banks and reporting broker dealers believed to present minimal
credit risks. Account MM's custodian will take actual or constructive
receipt of all securities underlying repurchase agreements until such
agreements expire. There were no repurchase agreements in Account MM at
June 30, 2004.

FEDERAL INCOME TAXES. The operations of Account MM form a part of the
total operations of The Company and are not taxed separately. The Company
is taxed as a life insurance company under the Internal Revenue Code of
1986, as amended (the "Code"). Under existing federal income tax law, no
taxes are payable on the investment income and capital gains of Account
MM. Account MM is not taxed as a "regulated investment company" under
Subchapter M of the Code.

-28-

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

2. CONTRACT CHARGES

Investment management and advisory fees are calculated daily at an annual
rate of 0.3233% of Account MM's average net assets. These fees are paid to
Travelers Asset Management International Company, LLC, an indirect wholly
owned subsidiary of Citigroup Inc.

The Company assesses a 5% contingent deferred sales charge if a
participant's purchase payment is surrendered within five years of its
payment date. Contract surrender payments are net of contingent sales
charges of $97,911 and $243,226 for the six months ended June 30, 2004 and
the year ended December 31, 2003, respectively.

3. NET ASSETS HELD ON BEHALF OF AN AFFILIATE

Approximately $1,088,000 and $1,185,000 of the net assets of Account MM
were held on behalf of an affiliate of The Company as of June 30, 2004 and
December 31, 2003, respectively. Transactions with this affiliate during
the six months ended June 30, 2004 and the year ended December 31, 2003,
were comprised of participant purchase payments of approximately $346,000
and $523,000 and contract surrenders of approximately $441,000 and
$1,541,000, respectively.

4. NET CONTRACT OWNERS' EQUITY

JUNE 30, 2004
---------------------------------------------------------

UNIT NET
UNITS VALUE ASSETS
----- ----- ------

Accumulation phase of contracts issued prior to May 16, 1983 ......... 24,204 $ 2.873 $ 69,542
Annuity phase of contracts issued prior to May 16, 1983 .............. 10,666 2.873 30,644
Accumulation phase of contracts issued on or after May 16, 1983 ...... 27,996,446 2.726 76,321,672
Annuity phase of contracts issued on or after May 16, 1983 ........... 75,662 2.726 206,264
------------

Net Contract Owners' Equity ........................................................................... $ 76,628,122
============

-29-

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

5. SUPPLEMENTARY INFORMATION
(Selected data for a unit outstanding throughout each period.)

SELECTED PER UNIT DATA:
Total investment income ................................... $ .015 $ .033 $ .051 $ .120 $ .174 $ .135
Operating expenses ........................................ .019 .038 .038 .037 .037 .034
------- ------- ------- ------- ------- -------

Net investment income (loss) .............................. (.004) (.005) .013 .083 .137 .101

Unit value at beginning of period ......................... 2.877 2.882 2.869 2.786 2.649 2.548
------- ------- ------- ------- ------- -------

Unit value at end of period ............................... $ 2.873 $ 2.877 $ 2.882 $ 2.869 $ 2.786 $ 2.649
======= ======= ======= ======= ======= =======

SIGNIFICANT RATIOS AND ADDITIONAL DATA:
Net increase (decrease) in unit value ..................... $ (.00) $ (.01) $ .01 $ .08 $ .14 $ .10
Ratio of operating expenses to average net assets ......... 1.33%* 1.33% 1.33% 1.33% 1.33% 1.33%
Ratio of net investment income (loss) to average net assets (0.27)%* (0.16)% 0.46% 2.89% 5.09% 3.87%
Number of units outstanding at end of period (thousands) .. 35 39 49 60 70 80

SELECTED PER UNIT DATA:
Total investment income ................................... $ .014 $ .032 $ .048 $ .114 $ .167 $ .130
Operating expenses ........................................ .021 .043 .043 .042 .041 .039
------- ------- ------- ------- ------- -------

Net investment income (loss) .............................. (.007) (.011) .005 .072 .126 .091

Unit value at beginning of period ......................... 2.733 2.744 2.739 2.667 2.541 2.450
------- ------- ------- ------- ------- -------

Unit value at end of period ............................... $ 2.726 $ 2.733 $ 2.744 $ 2.739 $ 2.667 $ 2.541
======= ======= ======= ======= ======= =======

SIGNIFICANT RATIOS AND ADDITIONAL DATA:
Net increase (decrease) in unit value ..................... $ (.01) $ (.01) $ .01 $ .07 $ .13 $ .09
Ratio of operating expenses to average net assets ......... 1.57%* 1.57% 1.57% 1.57% 1.57% 1.57%
Ratio of net investment income (loss) to average net assets (0.52)%* (0.41)% 0.21% 2.64% 4.84% 3.62%
Number of units outstanding at end of period (thousands) .. 28,072 32,559 50,702 63,430 55,477 70,545

* Annualized

-30-

THE TRAVELERS MONEY MARKET ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED)
JUNE 30, 2004

PRINCIPAL FAIR
AMOUNT VALUE
------------- --------------

SHORT-TERM INVESTMENTS (100%)

COMMERCIAL PAPER (81.3%)
American Express Credit Corp., due July 1, 2004...................... $ 2,361,000 $ 2,360,837
Amsterdam Funding Corp., due July 13, 2004........................... 3,891,000 3,889,132
Atomium Funding Corp., due July 16, 2004............................. 3,794,000 3,791,777
Australia & N.Z. Bank ADS, due July 6, 2004.......................... 3,847,000 3,846,127
BMW U.S. Capital Corp., due July 1, 2004............................. 2,130,000 2,130,000
BMW U.S. Capital Corp., due July 7, 2004............................. 1,648,000 1,647,565
Capital Receivables Corp., due July 12, 2004......................... 3,551,000 3,549,420
Deutsche Bank Financials LLC, due July 1, 2004....................... 3,784,000 3,784,000
E.I. duPont de Nemours & Co., due July 12, 2004...................... 2,747,000 2,745,778
General Electric Capital Corp., due July 14, 2004.................... 2,447,000 2,445,740
General Electric Capital Corp., due July 20, 2004.................... 1,360,000 1,359,007
Goldman Sachs Group Inc., due August 23, 2004........................ 3,700,000 3,692,396
Merrill Lynch & Co., due July 1, 2004................................ 3,784,000 3,784,000
Morgan Stanley Dean Witter & Co., due July 22, 2004.................. 1,918,000 1,916,464
National Australia Banking Inc., due July 1, 2004.................... 1,128,000 1,127,922
Paradigm Funding LLC, due July 12, 2004.............................. 3,850,000 3,848,287
Pfizer Inc., due July 6, 2004........................................ 3,545,000 3,544,195
Royal Bank Of Scotland PLC, due July 6, 2004......................... 1,100,000 1,099,750
UBS Financial Inc., due July 1, 2004................................. 4,012,000 4,011,723
Victory Receivables Corp., due July 1, 2004.......................... 3,851,000 3,850,734
Wells Fargo Bank NA, 1.08% due July 6, 2004.......................... 3,800,000 3,799,848
--------------
62,224,702
--------------
UNITED STATES AGENCY SECURITIES (18.7%)
Federal Home Loan, due July 16, 2004................................. 5,630,000 5,627,044
Federal Home Loan, due July 21, 2004................................. 6,160,000 6,155,688
Federal Home Loan Mortgage Corp., due July 15, 2004.................. 2,550,000 2,548,751
--------------
14,331,483
--------------

TOTAL INVESTMENTS (100%)
(COST $76,560,320)................................................... $ 76,556,185
==============

See Notes to Financial Statements

-31-

THE BOARD OF MANAGERS AND OFFICERS

The investments and administration of each of the Accounts are under the
direction of the Board of Managers, listed below. Members of the Board of
Managers of Accounts GIS, QB, MM, TGIS, TSB and TAS are elected annually by
those Contract Owners participating in the Accounts. A majority of the members
of the Board of Managers are persons who are not affiliated with The Travelers
Insurance Company, TIMCO, TAMIC or their affiliates.

BOARD OF MANAGERS(1)

R. Jay Gerken, CFA(2)
CHAIRMAN

Frances M. Hawk, CFA, CFP

Lewis Mandell

Robert E. McGill, III

OFFICERS

R. Jay Gerken, CFA
CHIEF EXECUTIVE OFFICER AND PRESIDENT

Kathleen A. McGah
SECRETARY TO THE BOARD

Ernest J. Wright
ASSISTANT SECRETARY TO THE BOARD

David A. Golino
PRINCIPAL ACCOUNTING OFFICER

William D. Wilcox
CHIEF ANTI-MONEY LAUNDERING COMPLIANCE OFFICER
CHIEF COMPLIANCE OFFICER(3)

- --------------------------------------------------------------------------------

(1) Mr. Knight Edwards is an Emeritus Manager. An Emeritus Manager is permitted
to attend meetings, but has no voting power.

(2) Mr. Gerken is an "interested person" within the meaning of the 1940 Act by
virtue of his position as Managing Director of Salomon Smith Barney, Inc., an
indirect wholly owned subsidiary of Citigroup Inc., and his ownership of shares
and options to purchase shares of Citigroup Inc., the indirect parent of The
Travelers Insurance Company.

(3) As of July 23, 2004

Each Manager and Officer serves until his or her respective successor has been
duly elected and qualified.

- --------------------------------------------------------------------------------

The Statement of Additional Information for Universal Annuity contains
additional information about the Trustees and Officers, and is available without
charge, upon request, by calling 1-800-842-9406.

-32-

This page intentionally left blank

INVESTMENT ADVISER

TRAVELERS ASSET MANAGEMENT INTERNATIONAL COMPANY, LLC
Hartford, Connecticut
THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT FOR VARIABLE ANNUITIES
THE TRAVELERS QUALITY BOND ACCOUNT FOR VARIABLE ANNUITIES
THE TRAVELERS MONEY MARKET ACCOUNT FOR VARIABLE ANNUITIES

INVESTMENT SUB-ADVISER

THE TRAVELERS INVESTMENT MANAGEMENT COMPANY
Stamford, Connecticut
THE TRAVELERS GROWTH AND INCOME STOCK ACCOUNT FOR VARIABLE ANNUITIES

INDEPENDENT AUDITORS

KPMG LLP
Hartford, Connecticut

CUSTODIAN

JPMORGAN CHASE BANK
New York, New York

This report is prepared for the general information of contract owners and is
not an offer of units of The Travelers Growth and Income Stock Account for
Variable Annuities, The Travelers Quality Bond Account for Variable Annuities or
The Travelers Money Market Account for Variable Annuities.

All figures represent past performance and the information provided is not
intended to be a forecast of future events, a guarantee of future results or
investment advice. Principal value and investment returns will fluctuate and
investors' units may be worth more or less than their original cost

A description of the policies and procedures that the Account uses to determine
how to vote proxies relating to portfolio securities is currently available,
and, beginning August 31, 2004, information on how the Account voted proxies
relating to portfolio securities will be available. You may obtain these
materials upon request and without charge by calling the Account (toll-free) at
1-800-842-9406 and by visiting the Securities and Exchange Commission's website
at http://www.sec.gov.

VG-137 (Semi-Annual) (6-04) Printed in U.S.A.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 10. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive officer and principal
financial officer have concluded that the registrant's disclosure
controls and procedures (as defined in Rule 30a - 3 (c) under the
Investment Company Act of 1940, as amended) 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 11. EXHIBITS.

(a)(2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act
of 2002 are attached hereto as Exhibit 99.CERT.

(b) Certifications pursuant to section 906 of the Sarbanes-Oxley Act
of 2002 are furnished as Exhibit 99.906CERT

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, thereunto duly authorized.

Travelers Growth and Income Stock Account For Variable Annuities

Travelers Quality Bond Account For Variable Annuities

Travelers Money Market Account For Variable Annuities

By: /s/ R. Jay Gerken
R. Jay Gerken
Chairman of the Board
Chief Executive Officer
Travelers Growth and Income Stock Account For Variable Annuities
Travelers Quality Bond Account For Variable Annuities
Travelers Money Market Account For Variable Annuities

Date 8/26/04

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.

Date 8/26/04

By: /s/ David A. Golino
David A. Golino
Principal Accounting Officer
Travelers Growth and Income Stock Account For Variable Annuities
Travelers Quality Bond Account For Variable Annuities
Travelers Money Market Account For Variable Annuities

Date 8/26/04