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SMITH BARNEY
TELECOMMUNICATIONS
INCOME Fund
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SEMI-ANNUAL REPORT
JUNE 30, 2000
[LOGO] Smith Barney
Mutual Funds
Your Serious Money Professionally Managed.(R)
NOT FDIC INSURED o NOT BANK GUARANTEED o MAY LOSE VALUE
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<PAGE>
Smith Barney
Telecommunications
Income Fund
[Photo]
HEATH B. MCLENDON
Chairman
[Photo]
ROBERT E. SWAB
Vice President and Investment Officer
Dear Shareholder:
We are pleased to provide the semi-annual report for the period ended June 30,
2000 for the Smith Barney Telecommunications Income Fund ("Fund"). In this
report, we review the factors that contributed to the Fund's performance during
the reporting period and discuss our outlook for the regional Bell operating
companies ("RBOC") that currently represent approximately 80% of the Fund's
holdings. The information provided in this letter represents the opinion of the
manager and is not intended to be a forecast of future events, a guarantee of
future results nor investment advice. We hope you find this report to be useful
and informative.
Market and Performance Update(1)
As you know, the Fund's main objective is to provide current income with
long-term growth of capital as a secondary objective. For the six months ended
June 30, 2000, the Fund returned a negative 9.21%. In comparison the Standard
and Poor's 500 Index ("S&P 500 Index")(2) and the Lipper Inc. ("Lipper") peer
group average of all telecommunications funds reported negative total returns of
0.43% and 2.99%, respectively, for the same period. (Lipper is a major fund
tracking organization.)
The Fund's underperformance versus its Lipper peer group was influenced
significantly by its concentrated holdings in the RBOCs, which currently
represent approximately 80% of the Fund's assets. In the next section, we
provide a general overview of recent events affecting the RBOCs and the ongoing
consolidation of the telecommunications industry.
Market Overview
The Telecommunications Act of 1996 and the subsequent deregulation of the
telecommunications industry as outlined by the Act significantly changed the
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(1) Please note that any discussion of the Fund's holdings is as of June 30,
2000. Please refer to page six for a complete list and percentage breakdown of
the Fund's holdings.
(2) The S&P 500 Index is a market capitalization measure of 500 widely held
common stocks. An investor cannot invest directly in an index.
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Smith Barney Telecommunications Income Fund 1
<PAGE>
competitive landscape for telecommunications companies. Increased competition in
long distance, the local telephone exchange business, wireless, video, Internet
and data has resulted in numerous mergers, joint ventures and strategic
alliances by many telecommunications companies.
For example, US West, a company with a growing presence in the data and Internet
service areas, and Qwest Communications, a developer and operator of
telecommunications networks, recently combined to form a business that now has
one of the most diverse revenue streams in the industry. This past month, the
merger between Bell Atlantic and GTE was finalized and the new company, Verizon,
is now the second largest telephone company in the U.S. offering local, long
distance, wireless, and data services.
The remaining two RBOCs -- SBC Communications and Bell South -- have recently
agreed to combine their domestic wireless assets and create a new joint-venture
company that we think should be well positioned to offer customers competitive,
coast to coast services. This new business combination should create the second
largest wireless operation in the United States.
Vodafone Airtouch PLC is a result of a merger that took place in June of 1999
between Vodafone Group PLC, an UK based mobile telecommunications company and
Airtouch Communications, a wireless telecommunications company providing
cellular services. That company is the second largest holding in your Fund.
Approximately 20% of the Fund's assets are invested in Vodafone Airtouch PLC.
Vodafone's recent acquisition of Mannesmann AG, one of Germany's largest
industrial conglomerates with a strong wireless operation in Europe, has
created, in our view, the strongest global wireless player.
Market Outlook
We remain optimistic about RBOCs as overall telecommunications service industry
revenues continue to grow more than 10% per year. However, fierce competition,
especially in the consumer long-distance telephone sector, has restrained growth
and narrowed operating margins. In addition, a regulatory cloud has materialized
over the entire telecommunications industry in the past few months following the
Department of Justice's prevention of the World Com/Sprint merger. We believe
this event may have consequences regarding further market consolidation.
Over the long term, however, the strategic goal of the largest telecommunication
companies -- including the RBOCs -- will be to provide not only long distance
and local telephone services but a bundle of services that include voice, video,
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2 2000 Semi-Annual Report to Shareholders
<PAGE>
Internet and data. Internet and data operations are producing healthy year over
year growth, which we think may offset the slowing of growth brought on by the
competitive pressures in the long distance business.
Finally, the RBOCs should continue to offer a degree of stability for
conservative investors concerned with ongoing volatility in the stock market. In
addition, RBOCs typically maintain and offer attractive dividends.
In closing, thank you for investing in the Smith Barney Telecommunications
Income Fund.
Sincerely,
/s/ Heath B. McLendon /s/ Robert E. Swab
Heath B. McLendon Robert E. Swab
Chairman Vice President and
Investment Officer
July 28, 2000
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Smith Barney Telecommunications Income Fund 3
<PAGE>
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Historical Performance
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<TABLE>
<CAPTION>
Net Asset Value
----------------------
Beginning End Income Capital Gain Return Total
Period Ended of Period of Period Dividends Distributions of Capital Returns+
===========================================================================================
<S> <C> <C> <C> <C> <C> <C>
6/30/00 $177.27 $153.49 $ 0.82 $ 6.77 $ 0.00 (9.21)%++
-------------------------------------------------------------------------------------------
12/31/99 176.20 177.27 1.78 18.13 0.00 12.18%
-------------------------------------------------------------------------------------------
12/31/98 134.06 176.20 2.22 22.08 0.00 53.72
-------------------------------------------------------------------------------------------
12/31/97 104.62 134.06 2.83 13.61 0.00 45.11
-------------------------------------------------------------------------------------------
12/31/96 119.69 104.62 3.12 9.72 0.00 (1.45)
-------------------------------------------------------------------------------------------
12/31/95 95.62 119.69 3.58 11.50 0.00 42.93
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12/31/94 107.62 95.62 4.05 6.06 0.00 (1.83)
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12/31/93 102.67 107.62 4.42 6.87 0.00 16.00
-------------------------------------------------------------------------------------------
12/31/92 110.75 102.67 4.55 15.23 0.00 10.89
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12/31/91 129.06 110.75 6.05 14.62 1.18 3.30
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12/31/90 140.93 129.06 5.79 3.20 0.00 (1.80)
===========================================================================================
Total $39.21 $127.79 $1.18
===========================================================================================
</TABLE>
It is the Fund's policy to distribute dividends quarterly and capital gains, if
any, twice a year.
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Average Annual Total Returns+
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Six Months Ended 6/30/00++ (9.21)%
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Year Ended 6/30/00 (9.18)
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Five Years Ended 6/30/00 23.26
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Ten Years Ended 6/30/00 16.18
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1/1/84* through 6/30/00 17.80
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Cumulative Total Return+
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6/30/90 through 6/30/00 347.97%
================================================================================
+ Assumes reinvestment of all dividends and capital gain distributions, if
any, at net asset value.
++ Total return is not annualized, as it may not be representative of the
total return for the year.
* Commencement of operations.
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4 2000 Semi-Annual Report to Shareholders
<PAGE>
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Historical Performance (unaudited)
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Growth of $10,000 Invested in
the Smith Barney Telecommunications Income Fund vs.
Standard & Poor's 500 Index and Lipper Equity Income Fund Index+
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June 1990-- June 2000
[The following table was depicted as a line graph in the printed material.]
Smith Barney Lipper Equity
Telecommunications S&P 500 Index Income Index
Income Fund
6/30/90 10000 10000 10000
12/90 10731 9400 11217
12/91 11085 12258 14308
12/92 12292 13191 15702
12/93 14259 14517 18032
12/94 13998 14708 17865
12/95 20007 20229 23196
12/96 19720 24871 27419
12/97 28436 33173 34764
12/98 43983 42707 38856
12/99 49341 51689 40483
6/30/2000 44797 51467 39585
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+ Hypothetical illustration of $10,000 invested in the Smith Barney
Telecommunications Income Fund on June 30, 1990, assuming reinvestment of
dividends and capital gains, if any, at net asset value through June 30,
2000. The Standard & Poor's 500 Index is composed of widely held common
stocks listed on the New York Stock Exchange, American Stock Exchange and
the over-the-counter market. Figures for the index include reinvestment of
dividends. The Lipper Equity Income Fund Index is a net asset value
weighted index of the 30 largest funds in the Equity Income category. The
indexes are unmanaged and are not subject to the same management and
trading expenses as a mutual fund. An investor may not invest directly in
an index.
All figures represent past performance and are not a guarantee of future
results. Investment returns and principal value will fluctuate, and
redemption value may be more or less than the original cost. No adjustment
has been made for shareholder tax liability on dividends or capital gains.
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Smith Barney Telecommunications Income Fund 5
<PAGE>
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Schedule of Investments (unaudited) June 30, 2000
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SHARES SECURITY VALUE
================================================================================
COMMON STOCK -- 100%
Telecommunications -- 100%
291,580 Bell Atlantic Corp. $ 14,815,909
378,888 Bellsouth Corp. 16,150,101
514,500 SBC Communications Inc. 22,252,125
146,858 U.S. West Communications Inc. 12,593,073
402,990 Vodafone AirTouch PLC 16,698,898
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TOTAL INVESTMENTS -- 100%
(Cost -- $8,928,533) $82,510,106
================================================================================
See Notes to Financial Statements.
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6 2000 Semi-Annual Report to Shareholders
<PAGE>
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Statement of Assets and Liabilities (unaudited) June 30, 2000
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ASSETS:
Investments, at value (Cost -- $8,928,533) $82,510,106
Receivable for securities sold 1,762,741
Dividends and interest receivable 40,875
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Total Assets 84,313,722
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LIABILITIES:
Payable to bank 1,814,782
Dividends payable 215,139
Investment advisory fees payable 40,865
Administration fees payable 13,154
Accrued expenses 50,849
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Total Liabilities 2,134,789
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Total Net Assets $82,178,933
================================================================================
NET ASSETS:
Par value of shares of beneficial interest $ 535
Capital paid in excess of par value 4,913,061
Undistributed net investment income 19,735
Accumulated net realized gain on security transactions 3,664,029
Net unrealized appreciation of investments 73,581,573
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Total Net Assets $82,178,933
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Shares Outstanding 535,408
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Net Asset Value, per share (and redemption price) $ 153.49
================================================================================
See Notes to Financial Statements.
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Smith Barney Telecommunications Income Fund 7
<PAGE>
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Statement of Operations (unaudited)
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For the Six Months Ended June 30, 2000
INVESTMENT INCOME:
Interest $ 4,260
Dividends 865,176
Less: Foreign withholding tax (4,542)
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Total Investment Income 864,894
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EXPENSES:
Investment advisory fees (Note 2) 248,714
Administration fees (Note 2) 90,441
Shareholder and system servicing fees 19,538
Audit and legal 19,394
Custody fees 12,929
Trustees' fees 8,454
Other 8,701
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Total Expenses 408,171
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Net Investment Income 456,723
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE 3):
Realized Gain From Security Transactions
(excluding short-term securities):
Proceeds from sales 4,999,396
Cost of securities sold 351,810
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Net Realized Gain 4,647,586
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Change in Net Unrealized Appreciation of Investments:
Beginning of period 87,394,469
End of period 73,581,573
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Decrease in Net Unrealized Appreciation (13,812,896)
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Net Loss on Investments (9,165,310)
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Decrease in Net Assets From Operations $ (8,708,587)
================================================================================
See Notes to Financial Statements.
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8 2000 Semi-Annual Report to Shareholders
<PAGE>
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Statements of Changes in Net Assets
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For the Six Months Ended June 30, 2000 (unaudited) and the Year Ended December
31, 1999
<TABLE>
<CAPTION>
2000 1999
====================================================================================================
<S> <C> <C>
OPERATIONS:
Net investment income $ 456,723 $ 897,447
Net realized gain+ 4,647,586 8,794,542
Increase (decrease) in net unrealized appreciation (13,812,896) 1,605,103
----------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations (8,708,587) 11,297,092
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DISTRIBUTION TO SHAREHOLDERS FROM:
Net investment income (434,807) (920,534)
Net realized gains (3,556,623) (9,707,861)
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Decrease in Net Assets From
Distributions to Shareholders (3,991,430) (10,628,395)
----------------------------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net asset value of shares issued
for reinvestment of dividends 1,767,258 4,799,292
Cost of shares reacquired (3,483,485) (5,326,023)
----------------------------------------------------------------------------------------------------
Decrease in Net Assets From
Fund Share Transactions (1,716,227) (526,731)
----------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets (14,416,244) 141,966
NET ASSETS:
Beginning of period 96,595,177 96,453,211
----------------------------------------------------------------------------------------------------
End of period* $ 82,178,933 $ 96,595,177
====================================================================================================
* Includes undistributed (overdistributed) net investment income of: $ 19,735 $ (2,181)
====================================================================================================
</TABLE>
+ Net realized gains for Federal income tax purposes are $8,852,060 for the
year ended December 31, 1999.
See Notes to Financial Statements.
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Smith Barney Telecommunications Income Fund 9
<PAGE>
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Notes to Financial Statements (unaudited)
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1. Significant Accounting Policies
The Smith Barney Telecommunications Income Fund ("Fund"), an investment fund of
the Smith Barney Telecommunications Trust ("Trust"), a Massachusetts business
trust, is registered under the Investment Company Act of 1940, as amended, as a
non-diversified, open-end management investment company. Shares of the Fund are
not currently offered for sale to new investors.
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 are valued at current quoted
bid prices; securities, other than U.S. government agencies and obligations,
that have a maturity of more than 60 days are valued at prices based on market
quotations for securities of similar type, yield and maturity; (c) securities
maturing within 60 days are valued at cost plus accreted discount, or minus
amortized premium, which approximates value; (d) dividend income is recorded on
the ex-dividend date and interest income is recorded on the accrual basis; (e)
dividends and distributions to shareholders are recorded on the ex-dividend
date; (f) gains or losses on the sale of securities are calculated using the
average-cost method for financial reporting purposes and the specific
identification method for tax purposes; (g) the Fund intends to comply with the
applicable provisions 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; (h) the character of income and gains to be distributed are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. At December 31, 1999 reclassifications
were made to the Fund's capital accounts to reflect permanent book/tax
differences and income and gains available for distributions under income tax
regulations. Net investment income, net realized gains and net assets were not
affected by this adjustment; and (i) 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.
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10 2000 Semi-Annual Report to Shareholders
<PAGE>
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Notes to Financial Statements (unaudited) (continued)
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2. Investment Advisory Agreement, Administration Agreement and Other
Transactions
SSB Citi Fund Management LLC ("SSBC"), a subsidiary of Salomon Smith Barney
Holdings Inc. ("SSBH"), which, in turn, is a subsidiary of Citigroup Inc.
("Citigroup"), acts as investment adviser to the Trust. The Fund pays SSBC an
investment advisory fee calculated at an annual rate of 0.55% of the average
daily net assets. This fee is calculated daily and paid monthly.
SSBC also acts as the administrator of the Trust for which it receives a fee
calculated at an annual rate of 0.20% of the average daily net assets of each
fund. This fee is calculated daily and paid monthly.
Citi Fiduciary Trust Company ("CFTC"), formerly known as Smith Barney Private
Trust Company, another subsidiary of Citigroup, became the Fund's transfer agent
and PFPC Global Fund Services ("PFPC") became the Fund's sub-transfer agent.
CFTC receives account fees and asset-based fees that vary according to the size
and type of account. PFPC is responsible for shareholder recordkeeping and
financial processing for all shareholder accounts and is paid by CFTC. During
the six months ended June 30, 2000, the Fund paid transfer agent fees of $9,556
to CFTC.
All officers and one Trustee of the Trust are employees of SSB.
3. Investments
During the six months ended June 30, 2000, the aggregate cost of purchases and
proceeds from sales of investments (including maturities, but excluding
short-term securities) were as follows:
================================================================================
Purchases --
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Sales $ 4,999,396
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At June 30 2000, the aggregate gross unrealized appreciation and depreciation of
investments for Federal income tax purposes were as follows:
================================================================================
Gross unrealized appreciation $73,581,573
Gross unrealized depreciation --
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Net unrealized appreciation $73,581,573
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Smith Barney Telecommunications Income Fund 11
<PAGE>
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Notes to Financial Statements (unaudited) (continued)
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4. Repurchase Agreements
The Fund purchases (and its custodian takes possession of) U.S. government
securities from banks and 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 of the collateral in amounts at least equal to the
repurchase price.
5. Shares of beneficial interest
At June 30, 2000, the Trust had an unlimited number of shares of beneficial
interest authorized with a par value of $0.001 per share.
Transactions in shares of the Fund were as follows:
Six Months Ended Year Ended
June 30, 2000 December 31, 1999
================================================================================
Shares issued on reinvestment 11,248 26,863
Shares reacquired (20,750) (29,350)
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Net Decrease (9,502) (2,487)
================================================================================
6. Concentration of Risk
Because the Fund concentrates its investments in one industry, its portfolio may
be subject to greater risk and market fluctuations than a portfolio of
securities representing a broader range of investment alternatives. The economic
and business cycle risks associated with the concentration of the Fund in only
one industry could mean that adverse conditions could substantially impact the
income earned by the Fund and the value of the Fund's holdings.
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12 2000 Semi-Annual Report to Shareholders
<PAGE>
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Financial Highlights
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For a share of beneficial interest outstanding throughout each year ended
December 31, except where noted:
<TABLE>
<CAPTION>
2000(1) 1999 1998 1997 1996 1995
==================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $177.27 $176.20 $134.06 $104.62 $119.69 $ 95.62
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Income (Loss) From
Operations:
Net investment income 0.86 1.74 2.26 2.83 3.12 3.58
Net realized and unrealized
gain (loss) (17.05) 19.24 64.18 43.05 (5.35) 35.57
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Total Income (Loss)
From Operations (16.19) 20.98 66.44 45.88 (2.23) 39.15
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Less Distributions From:
Net investment income (0.82) (1.78) (2.22) (2.83) (3.12) (3.58)
Net realized gains (6.77) (18.13) (22.08) (13.61) (9.72) (11.50)
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Total Distributions (7.59) (19.91) (24.30) (16.44) (12.84) (15.08)
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Net Asset Value,
End of Period $153.49 $177.27 $176.20 $134.06 $104.62 $119.69
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Total Return (9.21)%++ 12.18% 53.72% 45.11% (1.45)% 42.93%
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Net Assets,
End of Period (millions) $82 $97 $96 $73 $63 $75
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Ratios to Average
Net Assets:
Expenses 0.90%+ 0.89% 0.89% 0.92% 0.90% 0.95%
Net investment income 1.01+ 0.92 1.51 2.35 2.80 3.23
------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 0% 0% 0% 0% .00% 00%
==================================================================================================================
</TABLE>
(1) For the six months ended June 30, 2000 (unaudited).
++ Total return is not annualized, as it may not be representative of the
total return for the year.
+ Annualized.
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Smith Barney Telecommunications Income Fund 13
<PAGE>
SALOMON SMITH BARNEY
------------------------------------
A member of citigroup[logo]
Trustees
Paul R. Ades
Herbert Barg
Dwight B. Crane
Frank G. Hubbard
Heath B. McLendon, Chairman
Jerome Miller
Ken Miller
John F. White, Emeritus
Officers
Heath B. McLendon
President and
Chief Executive Officer
Lewis E. Daidone
Senior Vice President
and Treasurer
Robert E. Swab
Vice President and
Investment Officer
Paul A. Brook
Controller
Christina T. Sydor
Secretary
Investment Adviser and Administrator
SSB Citi Fund Management LLC
Distributor
Salomon Smith Barney Inc.
Custodian
PFPC Trust Company
Transfer Agent
Citi Fiduciary Trust Company
125 Broad Street, 11th Floor
New York, New York 10004
Sub-Transfer Agent
PFPC Global Fund Services
P.O. Box 9699
Providence, Rhode Island 02940-9699
This report is submitted for the general information of shareholders of Smith
Barney Telecommunications Income Trust - Smith Barney Telecommunications Income
Fund, but it may also be used as sales literature when proceeded or accompanied
by the current Prospectus, which gives details about charges, expenses,
investment objectives and operating policies of the Fund. If used as sales
material after September 30, 2000 this report must be accompanied by performance
information for the most recently completed calendar quarter.
Salomon Smith Barney is a service mark of Salomon Smith Barney Inc.
Smith Barney
Telecommunications
Income Fund
388 Greenwich Street, MF-2
New York, New York 10013
www.smithbarney.com/mutualfunds
FD0412 8/00
