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 811-6465
THE TRAVELERS SERIES TRUST
(Exact name of registrant as specified in charter)
125 Broad Street, New York, NY 10004
(Address of principal executive offices) (Zip code)
Christina T. Sydor, Esq.
300 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant's telephone number, including area code:
(800) 451-2010
Date of fiscal year end: DECEMBER 31
Date of reporting period: JUNE 30, 2003
ITEM 1. REPORT TO STOCKHOLDERS.
The SEMI-ANNUAL Report to Stockholders is filed herewith.
[INSERT SHAREHOLDER REPORT]
SEMI-ANNUAL REPORT
JUNE 30, 2003
[UMBRELLA ART TOP]
[UMBRELLA ART BOTTOM]
THE TRAVELERS SERIES TRUST:
ZERO COUPON BOND FUND PORTFOLIO SERIES 2005
[TRAVELERS LOGO]
The Travelers Insurance Company
The Travelers Life and Annuity Company
One Cityplace
Hartford, CT 06103
SEMI-ANNUAL REPORT FOR THE TRAVELERS SERIES TRUST
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WHAT'S INSIDE
<Table>
Letter from the Chairman.................................... 1
Schedule of Investments..................................... 2
Statement of Assets and Liabilities......................... 4
Statement of Operations..................................... 5
Statements of Changes in Net Assets......................... 6
Notes to Financial Statements............................... 7
Financial Highlights........................................ 9
</Table>
SEMI-ANNUAL REPORT FOR THE TRAVELERS SERIES TRUST
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LETTER FROM THE CHAIRMAN
[PHOTO OF R. JAY GERKEN]
R. JAY GERKEN, CFA
Chairman, President and
Chief Executive Officer
DEAR SHAREHOLDER,
The philosopher Bertrand Russell famously remarked that,
"Change is one thing, progress is another." You will
notice in the following pages that we have begun to
implement some changes to your shareholder report and we
will be reflecting other changes in future reports. Our
aim is to make meaningful improvements in reporting on
the management of your Fund and its performance, not
just to enact change for change's sake. Please bear with
us during this transition period.
We invite you to read this report in full. Please take
the opportunity to talk to your financial adviser about
this report or any other questions or concerns you have
about your Fund and your financial future. As always,
thank you for entrusting your assets to us. We look
forward to helping you continue to meet your financial
goals.
Sincerely,
/s/ R. Jay Gerken
R. Jay Gerken, CFA
Chairman, President and Chief Executive Officer
July 24, 2003
1
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SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2003
<Table>
<Caption>
FACE
AMOUNT RATING(A) SECURITY VALUE
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U.S. TREASURY OBLIGATIONS -- 74.5%
$1,350,000 AAA U.S. Treasury Note, Stripped Principal Payment only, to
yield 7.195% due 8/15/05.................................. $1,312,828
1,500,000 AAA U.S. Treasury Note, Stripped Principal Payment only, to
yield 7.034% due 11/15/05................................. 1,451,169
2,850,000 AAA U.S. Treasury Note, Stripped Principal Payment only, to
yield 4.541% due 5/15/07.................................. 2,626,520
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TOTAL U.S. TREASURY OBLIGATIONS (Cost -- $4,912,593)........ 5,390,517
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CORPORATE BONDS AND NOTES -- 5.7%
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FOOD -- 3.5%
180,000 A+ Diageo PLC, zero coupon note to yield 7.788% due 1/6/04..... 178,650
80,000 BBB+ General Mills Inc., zero coupon bond to yield 7.207% due
8/15/04..................................................... 76,913
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255,563
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INSURANCE -- 1.1%
80,000 AAA American International Group, zero coupon bond to yield
6.992% due 8/15/04.......................................... 78,471
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OIL -- 1.1%
80,000 AAA Exxon Capital Corp., zero coupon bond to yield 7.008% due
11/15/04.................................................... 78,285
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TOTAL CORPORATE BONDS AND NOTES (Cost -- $395,600).......... 412,319
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SUB-TOTAL INVESTMENTS (Cost -- $5,308,193).................. 5,802,836
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REPURCHASE AGREEMENT -- 19.8%
1,437,000 State Street Corp., 1.000% due 7/1/03; Proceeds at
maturity -- $1,437,040;
(Fully collateralized by Fannie Mae, 5.250% due 4/15/07;
Market value -- $1,467,000) (Cost -- $1,437,000).......... 1,437,000
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TOTAL INVESTMENTS -- 100.0% (Cost -- $6,745,193*)........... $7,239,836
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</Table>
(a) All ratings are by Standard & Poor's Ratings Service.
* Aggregate cost for Federal income tax purposes is substantially the same.
See page 3 for definitions of ratings.
SEE NOTES TO FINANCIAL STATEMENTS.
2
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BOND RATINGS (UNAUDITED)
The definitions of the applicable rating symbols are set forth below:
Standard & Poor's Ratings Service ("Standard & Poor's") -- Ratings from "AA" to
"BBB" may be modified by the addition of a plus (+) or minus (-) sign to show
relative standings within the major rating categories.
<Table>
AAA -- Bonds rated "AAA" have the highest rating assigned by
Standard & Poor's to a debt obligation. Capacity to pay
interest and repay principal is extremely strong.
AA -- Bonds rated "AA" have a very strong capacity to pay interest
and repay principal and differ from the highest rated issues
only in small degree.
A -- Bonds rated "A" have a strong capacity to pay interest and
repay principal although they are somewhat more susceptible
to the adverse effects of changes in circumstances and
economic conditions than bonds in higher rated categories.
BBB -- Bonds rated "BBB" have an adequate capacity to pay interest
and repay principal. Whereas they normally exhibit adequate
protection parameters, adverse economic conditions or
changing circumstances are more likely to lead to a weakened
capacity to pay interest and repay principal for bonds in
this category than in higher rated categories.
</Table>
3
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STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2003
<Table>
ASSETS:
Investments, at value (Cost -- $5,308,193)................ $5,802,836
Repurchase agreement, at value (Cost -- $1,437,000)....... 1,437,000
Cash...................................................... 96
Interest receivable....................................... 40
Receivable from administrator............................. 11,338
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TOTAL ASSETS.............................................. 7,251,310
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LIABILITIES:
Payable for Fund shares purchased......................... 7,138
Investment advisory fee payable........................... 429
Accrued expenses.......................................... 21,058
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TOTAL LIABILITIES......................................... 28,625
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TOTAL NET ASSETS............................................ $7,222,685
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NET ASSETS:
Capital paid in excess of par value....................... $6,547,974
Undistributed net investment income....................... 145,942
Accumulated net realized gain from investment
transactions........................................... 34,126
Net unrealized appreciation of investments................ 494,643
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TOTAL NET ASSETS............................................ $7,222,685
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SHARES OUTSTANDING.......................................... 596,173
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NET ASSET VALUE............................................. $12.12
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
4
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STATEMENT OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2003
<Table>
INVESTMENT INCOME:
Interest.................................................. $144,251
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EXPENSES:
Audit and legal........................................... 12,014
Shareholder communications................................ 9,478
Custody................................................... 4,444
Investment advisory fee (Note 2).......................... 3,392
Directors' fees........................................... 2,908
Shareholder servicing fees................................ 2,484
Administration fee (Note 2)............................... 2,035
Other..................................................... 387
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TOTAL EXPENSES............................................ 37,142
Less: Expense reimbursement (Note 2)...................... (32,054)
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NET EXPENSES.............................................. 5,088
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NET INVESTMENT INCOME....................................... 139,163
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UNREALIZED GAIN ON INVESTMENTS (NOTE 3):
Change in Net Unrealized Appreciation of Investments:
Beginning of period.................................... 474,733
End of period.......................................... 494,643
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INCREASE IN NET UNREALIZED APPRECIATION................... 19,910
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INCREASE IN NET ASSETS FROM OPERATIONS...................... $159,073
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
5
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STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
AND THE YEAR ENDED DECEMBER 31, 2002
<Table>
<Caption>
2003 2002
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OPERATIONS:
Net investment income..................................... $ 139,163 $ 279,320
Net realized gain......................................... -- 36,113
Increase in net unrealized appreciation................... 19,910 314,217
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INCREASE IN NET ASSETS FROM OPERATIONS.................... 159,073 629,650
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DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income..................................... -- (539,398)
Net realized gains........................................ -- (71,822)
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DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS........................................... -- (611,220)
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FUND SHARE TRANSACTIONS (NOTE 6):
Net proceeds from sale of shares.......................... 1,050,651 760,093
Net asset value of shares issued for reinvestment of
dividends.............................................. -- 611,220
Cost of shares reacquired................................. (465,238) (655,671)
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INCREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS....... 585,413 715,642
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INCREASE IN NET ASSETS...................................... 744,486 734,072
NET ASSETS:
Beginning of period....................................... 6,478,199 5,744,127
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END OF PERIOD*............................................ $7,222,685 $6,478,199
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* Includes undistributed net investment income of:.......... $145,942 $6,779
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
6
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
The Zero Coupon Bond Fund Portfolio Series 2005 ("Fund"), a separate
investment fund of The Travelers Series Trust ("Trust"), a Massachusetts
business trust registered under the Investment Company Act of 1940, as amended,
as a diversified, open-end management investment company and consists of this
fund and fifteen other separate investment funds: U.S. Government Securities,
Social Awareness Stock, Pioneer Fund, formerly known as Utilities, Travelers
Quality Bond, Lazard International Stock, MFS Emerging Growth, Federated High
Yield, Federated Stock, Large Cap, Equity Income, Disciplined Mid Cap Stock,
Convertible Securities, MFS Research, MFS Mid Cap Growth and MFS Value
Portfolios. Shares of the Trust are offered exclusively for use with certain
variable annuity and variable life insurance contracts offered through the
separate accounts of various affiliated life insurance companies. The financial
statements and financial highlights for the other funds are presented in
separate shareholder reports.
The significant accounting policies consistently followed by the Fund are:
(a) security transactions are accounted for on trade date; (b) securities traded
on national securities markets are valued at the closing prices on such markets;
securities for which no sales prices were reported and U.S. government agencies
and obligations are valued at the mean between the last reported bid and ask
prices or on the basis of quotations received from reputable brokers or other
recognized sources; (c) securities maturing within 60 days are valued at cost
plus accreted discount, or minus amortized premium, which approximates value;
(d) securities that have a maturity of 60 days or more are valued at prices
based on market quotations for securities of similar type, yield and maturity;
(e) interest income, adjusted for amortization of premium and accretion of
discount, is recorded on an accrual basis; (f) gains or losses on the sale of
securities are calculated by using the specific identification method; (g)
dividends and distributions to shareholders are recorded on the ex-dividend
date; the Fund distributes dividends and capital gains, if any, at least
annually; (h) the Fund intends to comply with the requirements of the Internal
Revenue Code of 1986, as amended, pertaining to regulated investment companies
and to make distributions of taxable income sufficient to relieve it from
substantially all Federal income and excise taxes; (i) the character of income
and gains to be distributed are determined in accordance with income tax
regulations which may differ from accounting principles generally accepted in
the United States of America; and (j) estimates and assumptions are required to
be made regarding assets, liabilities and changes in net assets resulting from
operations when financial statements are prepared. Changes in the economic
environment, financial markets and any other parameters used in determining
these estimates could cause actual results to differ.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS
Travelers Asset Management International Company LLC ("TAMIC"), an indirect
wholly-owned subsidiary of Citigroup Inc. ("Citigroup"), acts as investment
adviser to the Fund. The Fund pays TAMIC an investment advisory fee calculated
at an annual rate of 0.10% of its average daily net assets. This fee is
calculated daily and paid monthly.
The Travelers Insurance Company ("TIC"), another indirect wholly-owned
subsidiary of Citigroup, acts as administrator to the Fund. The Fund pays TIC an
administration fee calculated at an annual rate of 0.06% of its average daily
net assets. This fee is calculated daily and paid monthly. TIC has entered into
a sub-administrative service agreement with Smith Barney Fund Management LLC
("SBFM"). TIC pays SBFM, as sub-administrator, a fee calculated at an annual
rate of 0.06% of the Fund's average daily net assets.
For the six months ended June 30, 2003, TIC has agreed to reimburse the
Fund for expenses in the amount of $32,054.
Citicorp Trust Bank, fsb. ("CTB"), another subsidiary of Citigroup, acts as
the Fund's transfer agent. CTB receives account fees and asset-based fees that
vary according to the size and type of account. During the six months ended June
30, 2003, the Fund paid transfer agent fees of $2,500 to CTB.
One Trustee and all officers of the Trust are employees of Citigroup or its
affiliates.
3. INVESTMENTS
During the six months ended June 30, 2003, there were no purchases or
sales.
At June 30, 2003, the aggregate unrealized appreciation and depreciation of
investments for Federal income tax purposes were substantially as follows:
<Table>
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Gross unrealized appreciation............................... $494,643
Gross unrealized depreciation............................... --
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Net unrealized appreciation................................. $494,643
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</Table>
7
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. REPURCHASE AGREEMENTS
The Fund purchases (and the custodian takes possession of) U.S. government
securities from securities dealers subject to agreements to resell the
securities to the sellers at a future date (generally, the next business day) at
an agreed-upon higher repurchase price. The Fund requires continual maintenance
of the market value (plus accrued interest) of the collateral in amounts at
least equal to the repurchase price.
5. STRIPPED SECURITIES
The Fund invests primarily in "Stripped Securities," a term used
collectively for Stripped Treasury Securities, Stripped Government Securities,
Stripped Corporate Securities, and Stripped Eurodollar Obligations; as well as
other stripped securities. Stripped securities can be securities consisting of
debt obligations that have been stripped of unmatured interest coupons,
securities consisting of unmatured interest coupons that have been stripped from
debt obligations, or debt obligations that are issued without interest coupons
and are sold at substantial discounts from their face amounts.
Stripped Securities do not make periodic payments of interest prior to
maturity. The market value of Stripped Securities will fluctuate in response to
changes in economic conditions, interest rates and the market's perception of
the securities. Fluctuations in response to interest rates may be greater than
those for debt obligations of comparable maturities that pay interest currently.
The amount of fluctuation increases with a longer period of maturity.
6. SHARES OF BENEFICIAL INTEREST
The Declaration of Trust authorizes the issuance of an unlimited number of
shares of beneficial interest without par value. Transactions in shares of the
Fund were as follows:
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2003 DECEMBER 31, 2002
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Shares sold................................................. 88,137 62,086
Shares issued on reinvestment............................... -- 51,242
Shares reacquired........................................... (38,895) (54,160)
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Net Increase................................................ 49,242 59,168
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</Table>
8
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FINANCIAL HIGHLIGHTS
For a share of beneficial interest outstanding throughout each year ended
December 31, unless otherwise noted:
<Table>
<Caption>
2003(1)(2) 2002(2) 2001(2) 2000(2) 1999 1998
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NET ASSET VALUE, BEGINNING OF
PERIOD............................. $11.84 $11.78 $11.56 $10.65 $11.26 $10.53
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INCOME (LOSS) FROM OPERATIONS:
Net investment income(3)........... 0.23 0.55 0.61 0.67 0.62 0.55
Net realized and unrealized gain
(loss).......................... 0.05 0.70 0.13 0.79 (1.23) 0.74
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Total Income (Loss) From
Operations......................... 0.28 1.25 0.74 1.46 (0.61) 1.29
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LESS DISTRIBUTIONS FROM:
Net investment income.............. -- (1.05) (0.50) (0.55) -- (0.56)
Net realized gains................. -- (0.14) (0.02) -- -- --
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Total Distributions.................. -- (1.19) (0.52) (0.55) -- (0.56)
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NET ASSET VALUE, END OF PERIOD....... $12.12 $11.84 $11.78 $11.56 $10.65 $11.26
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TOTAL RETURN......................... 2.36%++ 10.79% 6.41% 14.13% (5.42)% 12.26%
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NET ASSETS, END OF PERIOD (000'S).... $7,223 $6,478 $5,744 $4,346 $3,001 $3,170
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RATIOS TO AVERAGE NET ASSETS:
Expenses(3)(4)..................... 0.15%+ 0.15% 0.15% 0.15% 0.15% 0.15%
Net investment income.............. 4.10+ 4.58 5.18 6.07 5.68 5.63
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PORTFOLIO TURNOVER RATE.............. 0% 0% 16% 30% 18% 3%
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</Table>
(1) For the six months ended June 30, 2003 (unaudited).
(2) Per share amounts have been calculated using the monthly average shares
method.
(3) For the six months ended June 30, 2003 and the five years ended December 31,
2002, Travelers Insurance Company reimbursed the Fund for $32,054, $68,397,
$57,934, $46,621, $55,152 and $38,063 in expenses, respectively. If such
expenses were not reimbursed, the per share decrease to net investment
income and actual expense ratios would have been as follows:
<Table>
<Caption>
EXPENSE RATIOS
PER SHARE DECREASES WITHOUT EXPENSE
TO NET INVESTMENT INCOME REIMBURSEMENT
------------------------ -------------------
2003 $0.05 1.10%+
2002 0.14 1.27
2001 0.13 1.28
2000 0.14 1.44
1999 0.20 1.95
1998 0.14 1.61
</Table>
(4) As a result of a voluntary expense limitation, the ratio of expenses to
average net assets will not exceed 0.15%.
++ Total return is not annualized, as it may not be representative of the
total return for the year.
+ Annualized.
9
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THE TRAVELERS SERIES TRUST
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TRUSTEES
R. Jay Gerken, CFA
Chairman
Robert E. McGill
Frances M. Hawk, CFA, CPA
Lewis Mandell
OFFICERS
R. Jay Gerken, CFA
President and
Chief Executive Officer
Lewis E. Daidone
Senior Vice President and
Chief Administrative Officer
Richard L. Peteka
Chief Financial Officer
and Treasurer
Kaprel Ozsolak
Controller
Ernest J. Wright
Secretary
Kathleen A. McGah
Assistant Secretary
INVESTMENT ADVISER
Travelers Asset Management International Company LLC
ADMINISTRATOR
The Travelers Insurance Company
CUSTODIAN
State Street Bank and Trust Company
TRANSFER AGENT
Citicorp Trust Bank, fsb.
The Fund is a separate investment fund of The Travelers Series Trust, a
Massachusetts business trust.
This report is prepared for the general information of contract owners and is
not an offer of shares of Zero Coupon Bond Fund Portfolio Series 2005. It should
not be used in connection with any offer except in conjunction with the
Prospectuses for the Variable Universal Life Insurance products offered by The
Travelers Insurance Company and The Travelers Life and Annuity Company and the
Prospectuses for the underlying funds, which collectively contain all pertinent
information, including the applicable sales commissions.
VG-ZERO (Semi) (8-03) Printed in U.S.A. 03-4964
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal
financial officer have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-2(c)
under the Investment Company Act of 1940, as amended) are
effective based on their evaluation of the disclosure controls
and procedures as of a date within 90 days of the filing date of
this document.
(b) In the last 90 days, there have been no significant changes in
the Registrant's internal controls or in other factors that
could significantly affect these controls.
ITEM 10. EXHIBITS.
(a) Not applicable.
(b) Attached hereto.
Exhibit 99.CERT Certifications pursuant to section 302 of the
Sarbanes-Oxley Act of 2002
Exhibit 99.906CERT Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this Report
to be signed on its behalf by the undersigned, there unto duly authorized.
THE TRAVELERS SERIES TRUST
By: /s/ R. Jay Gerken
R. Jay Gerken
Chief Executive Officer of
The Travelers Series Trust
Date: August 28, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ R. Jay Gerken
(R. Jay Gerken)
Chief Executive Officer of
The Travelers Series Trust
Date: August 28, 2003
By: /s/ Richard L. Peteka
(Richard L. Peteka)
Chief Financial Officer of
The Travelers Series Trust
Date: August 28, 2003