TRAVELERS TIMED GROWTH & INCOME STOCK ACC FOR VARIABLE ANNU, N-30D, 2000-08-23

TRAVELERS TIMED GROWTH & INCOME STOCK ACC FOR VARIABLE ANNU
N-30D, 2000-08-23

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<PAGE> 1
UNIVERSAL ANNUITY

SEMI-ANNUAL REPORTS
JUNE 30, 2000

THE TRAVELERS TIMED GROWTH AND INCOME
STOCK ACCOUNT FOR VARIABLE ANNUITIES

THE TRAVELERS TIMED SHORT-TERM
BOND ACCOUNT FOR VARIABLE ANNUITIES

THE TRAVELERS TIMED AGGRESSIVE
STOCK ACCOUNT FOR VARIABLE ANNUITIES

[TRAVELERS LIFE&ANNUITY LOGO]

The Travelers Insurance Company
The Travelers Life and Annuity Company
One Tower Square
Hartford, CT 06183
[UMBRELLA ART]

<PAGE> 2

[TIMCO LOGO]

The Travelers Investment Management Company ("TIMCO") provides equity management
and advisory services for the following Travelers Variable Products Separate
Accounts contained in this report: The Travelers Timed Growth and Income Stock
Account for Variable Annuities, The Travelers Timed Short-Term Bond Account for
Variable Annuities and The Travelers Timed Aggressive Stock Account for Variable
Annuities.

<PAGE> 3

[TRAVELERS LIFE&ANNUITY LOGO]

THE TRAVELERS VARIABLE PRODUCT SEPARATE ACCOUNTS
INVESTMENT ADVISORY COMMENTARY AS OF JUNE 30, 2000

MARKET AND ECONOMIC OVERVIEW

Stocks declined in the second quarter of 2000, leaving many of the major indexes
down for the first half of the year as investors debated potential rate
increases by the Federal Reserve Board ("Fed"). Volatility continued to be a
major theme with both the Dow Jones Industrial Average ("DJIA")(1) and the
Nasdaq Composite Index ("NASDAQ")(2) registering record one-day point losses.
The breadth of the declines affected a wide range of stocks including many
small- and large- capitalization company stocks, growth stocks and value stocks.
(Growth stocks are shares of companies with historically strong and relatively
predictable earnings growth rates. Value stocks are shares of companies that are
believed to be undervalued but have good longer-term business prospects.)
Momentum investing and dot.com stocks were out of favor, replaced in many cases
by a renewed interest in companies that many investors believed may provide real
earnings and had strong financials.

Concerns about higher interest rates peaked in mid-May, when the Fed raised
interest rates an additional 50 basis points(3). The specter of rising rates was
a catalyst for the weak performance of all of the major indexes during the
period. The DJIA, which is made up of Old Economy companies, declined 8.44%
during the reporting period. (The Old Economy represents more established,
"blue-chip" companies.) The Standard & Poor's 500 Index ("S&P 500 Index")(4) of
large-company stocks fell 0.43%, the Standard and Poor's MidCap 400 Index(5)
("S&P MidCap 400 Index") of medium-size company stocks and the Russell 2000
Index(6) of small-company stocks advanced 8.97% and 3.04%, respectively, for the
six months ended June 30, 2000.

For the sixth consecutive time in the last year, the Fed acted to raise interest
rates in May to slow the U.S. economy, increasing the federal funds rate by 50
basis points to 6.5%. (The federal funds rate is the interest rate that banks
with excess reserves at a Fed district bank charge other banks that need
overnight loans. The fed funds rate, as it is called, often points to the
direction of U.S. interest rates.) The increase of the target overnight interest
rate marked its highest level in nine years and reflected Fed actions intended
to address risks of an economy with higher inflationary pressures.

The Fed continued to stress its concern that there is a disparity in the growth
of demand and potential supply, which may foster inflation and jeopardize the
economy's performance. In theory, higher rates may potentially hurt stocks,
because slower growth often hinders profits at the same time that alternative
investments become more attractive. Accordingly, many interest-rate sensitive
stocks experienced price declines after the recent decision.

-1-
<PAGE> 4

In June, many investors were relieved after the Fed left interest rates
unchanged during its latest policy meeting. Although the central bank noted that
inflation risks persist, the decision was made against more interest rate
increases was ruled out for the time being. Generally, monetary policy takes
time to filter through the economy and the full effect of higher interest rates
may not be felt for months.

(1) DJIA is a price-weighted average of 30 actively traded blue-chip stocks. An
investor cannot invest in an index.

(2) The NASDAQ is a market value-weighted index that measures all domestic and
non-U.S. based securities listed on the NASDAQ stock market. An investor
cannot invest directly in an index.

(3) A basis point is 0.01% or one one-hundredth of a percent.

(4) The S&P 500 Index is a market capitalization measure of 500 widely held
common stocks. An investor cannot invest directly in an index.

(5) S&P 400 Midcap Index is a market-value weighted index, consisting of 400
domestic stocks chosen for market size liquidating and industry group
representation.

(6) Russell 2000 Index measures the performance of the 2,000 smallest companies
in the Russell 3000 Index

DAVID A. TYSON, CFA, PRESIDENT & CHIEF INVESTMENT OFFICER, TRAVELERS ASSET
MANAGEMENT INTERNATIONAL COMPANY, LLC

SANDIP A. BHAGAT, CFA, PRESIDENT & CHIEF INVESTMENT OFFICER, THE TRAVELERS
INVESTMENT MANAGEMENT COMPANY

-2-
<PAGE> 5

<TABLE>
<CAPTION>
TABLE OF CONTENTS

PAGE

-------------------------------------------------------------------------------
<S> <C>
THE TRAVELERS TIMED GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES..................................................... 4

THE TRAVELERS TIMED SHORT-TERM BOND ACCOUNT FOR VARIABLE ANNUITIES.........17

THE TRAVELERS TIMED AGGRESSIVE STOCK ACCOUNT FOR VARIABLE ANNUITIES........25
</TABLE>

-3-
<PAGE> 6

THE TRAVELERS
TIMED GROWTH AND INCOME
STOCK ACCOUNT
FOR VARIABLE ANNUITIES

The Travelers Timed Growth and Income Stock Account for Variable Annuities
("Account TGIS") is managed by the Travelers Investment Management Company
("TIMCO"). TIMCO manages Account TGIS to provide diversified exposure to the
large-company segment of the U.S. equity market, while maintaining a highly
marketable portfolio of common stocks and related financial instruments in order
to accommodate cash flows associated with market-timing moves. Stock selection
is based on a quantitative screening process favoring companies that are able to
grow earnings above consensus expectations and offer attractive relative value.
In order to achieve consistent relative performance, we manage Account TGIS to
mirror the overall risk, sector weightings and growth/value style
characteristics of the Standard & Poor's 500 Stock Index ("S&P 500"). The S&P
500 is a value-weighted equity index comprised primarily of large-company
stocks.

For the six months ending June 30, 2000, Account TGIS achieved a total return of
-0.5%, before fees and expenses, in line with the S&P 500 return of -0.4%. Net
of fees and expenses, Account TGIS's total return of -1.9% for the first half of
2000 was comparable to the -1.0% median return for variable annuity stock
accounts in the Lipper Growth & Income category. On a trailing twelve month
basis as of June 30, 2000, Account TGIS had a total return of 6.9%, net of fees
and expenses, well ahead of the Lipper Growth & Income median of 0.6%. A
discussion of portfolio performance in each of the first two quarters of 2000 is
presented next.

During the first quarter of 2000, stock selection was most favorable in the
Financial Services, Producer Durables and Utilities sectors and slightly adverse
in the Technology and Health care sectors.

In the Financial Services sector, falling long-term rates helped bank and
brokerage stocks. Our overweight positions in Merrill Lynch & Co., Morgan
Stanley Dean Witter & Co., Lehman Brothers Holdings, Inc. and Chase Manhattan
Corp., which serve to offset the underweight restriction in Citigroup, all
performed quite well. Avoiding Associated First Capital which experienced
disappointing operating performance in its loan origination business and AON
Corp. which failed to meet consensus expectations for fourth quarter earnings
also helped us.

In the Producer Durables sector, Tyco International Ltd. continued to rebound
from the controversy surrounding its accounting practices in the treatment of
mergers and acquisitions. By the end of the first quarter, Tyco International
Ltd had recovered most of the nearly -50% loss from the previous high
established in September 1999. PerkinElmer, Inc. was also a strong performer
with positive earnings and revenue momentum generated from its line of
telecommunications products.

In the Utilities sector, our emphasis on telecommunications companies such as
Nextel Communications, Inc. and Sprint Corp.-PCS Group continues to payoff.
Nextel Communications, Inc. launched its worldwide cell phone service with
several new joint ventures in the first quarter and Sprint Corp.-PCS Group
continued to increase its penetration in the digital wireless market.

In the Technology sector, we were hurt by our picks in the software industry.
BMC Software Inc. notified investors on January 5 that it was going to
significantly miss the consensus earnings forecast of 53 cents/share due to an
unexpected slowdown in North American sales. Other mainframe software stocks
such as Compuware Corp. sold off in sympathy. Our performance was hurt by small
overweight positions in both stocks.

In the Healthcare sector, we lost ground from being underweight in better
performing stocks such as Pfizer, Inc. and Guidant. Performance was also
hindered by Columbia/HCA Healthcare Corp., the hospital giant, which reported
earnings in line with expectations but fell sharply as it failed to match the
above-average operating results of other major hospital companies.

At the beginning of the second quarter, market volatility spiked up
significantly. Value stocks dominated early in the quarter and growth stocks
staged a strong recovery towards the end of the quarter. Stock selection hurt
relative performance in the Consumer Discretionary and Utilities sectors, was
favorable in the Producer Durables sector and remained mixed in the other
sectors.

-4-
<PAGE> 7

Higher interest rates and gasoline prices began to take their toll on retail
stocks in the Consumer Discretionary sector. Our overweight position in Circuit
City Stores, Inc. performed poorly as the company indicated that a slowdown in
major appliance sales and a shift in the overall merchandise sales mix would
result in lower profit margins. Other retail stocks which did not fare well in
the second quarter included Lowe's Cos., Sears, Roebuck & Co. and Target Corp.
Stores.

In the Producer Durables sector, PerkinElmer, Inc. continued its strong
performance with positive earnings and revenue momentum generated from its line
of telecommunications products. The big story in this sector, however, was
Corning, Inc. which took the unusual step of guiding earnings estimates for the
current fiscal year higher as it encounters unprecedented demand for its high
tech products such as high-speed optical fiber and cable and LCD flat-panel
display glass. Corning, Inc. rose by nearly 40% in the second quarter as its new
focus on technology applications propels it into a higher earnings growth orbit.

In the Utilities sector, our emphasis on telecommunications companies such as
Nextel Communications, Inc., Sprint Corp.-PCS Group and CenturyTel, Inc. did not
pay off for the first time in several quarters. The Nasdaq sell-off in April and
May had a negative effect on these higher-growth, higher price-to-earnings
stocks and contributed adversely to performance.

The near term outlook for the stock market relies heavily on monetary policy.
The Federal Reserve Board ("Fed") has indicated a hawkish bias in its promise to
monitor inflationary developments closely. Economic data reported between now
and the next Fed meeting in August will determine if we experience another rise
in short term rates.

In our disciplined approach to stock selection, we screen our research universe
of over 1,000 large cap securities for companies that offer improving earnings
fundamentals at discounted stock valuations. A small sample of our current
holdings is presented here to illustrate our investment approach. In the
technology sector, we are emphasizing Oracle Corp. in the software industry and
Micron Technologies, Inc. in the semiconductor industry as they offer strong
earnings growth at reasonable valuations. As discussed above, Corning, Inc.
represents our biggest active position in the diversified manufacturing group.
Merck & Co, Inc. and Pfizer, Inc. are our core plays in the health care sector.

PORTFOLIO MANAGER: SANDIP A. BHAGAT, CFA

[TIMCO LOGO]

-5-
<PAGE> 8

THE TRAVELERS TIMED GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 2000

<TABLE>
<S> <C>
ASSETS:
Investment securities, at market value (cost $114,767,376) ......... $126,274,910
Cash ............................................................... 41,967
Receivables:
Dividends ........................................................ 95,285
Investment securities sold ....................................... 1,632,613
Purchase payments and transfers from other Travelers accounts .... 31,027
Other assets ......................................................... 21
------------
Total Assets ................................................... 128,075,823
------------

LIABILITIES:
Payables:
Investment securities purchased .................................. 1,479,149
Contract surrenders and transfers to other Travelers accounts .... 25,866
Investment management and advisory fees .......................... 8,879
Variation on futures margin ...................................... 105,600
Market timing fees ............................................... 34,331
Insurance charges ................................................ 34,331
Accrued liabilities ................................................ 87
------------
Total Liabilities .............................................. 1,688,243
------------
NET ASSETS:
(Applicable to 23,873,936 units outstanding at $5.294 per unit) .... $126,387,580
============
</TABLE>

See Notes to Financial Statements

-6-
<PAGE> 9

THE TRAVELERS TIMED GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000

<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends .................................................................... $ 499,856
Interest ..................................................................... 705,554
----------------
Total income ............................................................... $ 1,205,410

EXPENSES:
Market timing fees ........................................................... 753,551
Investment management and advisory fees ...................................... 194,899
Insurance charges ............................................................ 753,551
----------------
Total expenses ............................................................. 1,702,001
---------------
Net investment loss ...................................................... (496,591)
---------------
REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENT
SECURITIES:
Realized gain (loss) from investment security transactions:
Proceeds from investment securities sold ................................... 91,113,673
Cost of investment securities sold ......................................... 91,076,935
----------------
Net realized gain (loss) ................................................. 36,738
Change in unrealized gain (loss) on investment securities:
Unrealized gain at December 31, 1999 ....................................... 16,613,103
Unrealized gain at June 30, 2000 ........................................... 11,507,534
----------------
Net change in unrealized gain (loss) for the period ...................... (5,105,569)
---------------
Net realized gain (loss) and change in unrealized gain (loss) ......... (5,068,831)
---------------
Net decrease in net assets resulting from operations ........................... $ (5,565,422)
===============
</TABLE>

See Notes to Financial Statements

-7-
<PAGE> 10

THE TRAVELERS TIMED GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
2000 1999
---- ----
(UNAUDITED)
<S> <C> <C>
OPERATIONS:
Net investment loss ......................................................... $ (496,591) $ (1,476,555)
Net realized gain (loss) from investment security transactions .............. 36,738 22,289,513
Net change in unrealized gain (loss) on investment securities ............... (5,105,569) (1,043,185)
------------- -------------
Net increase (decrease) in net assets resulting from operations ........... (5,565,422) 19,769,773
------------- -------------

UNIT TRANSACTIONS:
Participant purchase payments
(applicable to 645,630 and 1,021,824 units, respectively) ................. 3,374,557 4,927,907
Participant transfers from other Travelers accounts
(applicable to 516,936 and 981,870 units, respectively) ................... 2,680,567 4,757,800
Market timing transfers from other Travelers timed accounts
(applicable to 9,002,776 and 18,884,484 units, respectively) .............. 48,356,010 94,008,240
Administrative and asset allocation charges
(applicable to 12,628 and 25,451 units, respectively) ..................... (66,073) (128,020)
Contract surrenders
(applicable to 1,921,180 and 2,395,305 units, respectively) ............... (9,953,101) (11,528,046)
Participant transfers to other Travelers accounts
(applicable to 629,669 and 1,441,585 units, respectively) ................. (3,316,632) (7,014,338)
Market timing transfers to other Travelers timed accounts
(applicable to 9,672,562 and 16,174,913 units, respectively) .............. (49,102,256) (76,871,942)
Other payments to participants
(applicable to 65,206 and 33,017 units, respectively) ..................... (334,192) (159,648)
------------- -------------
Net increase (decrease) in net assets resulting from unit transactions .... (8,361,120) 7,991,953
------------- -------------
Net increase (decrease) in net assets ................................... (13,926,542) 27,761,726

NET ASSETS:
Beginning of period ......................................................... 140,314,122 112,552,396
------------- -------------
End of period ............................................................... $ 126,387,580 $ 140,314,122
============= =============
</TABLE>

See Notes to Financial Statements

-8-
<PAGE> 11

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. SIGNIFICANT ACCOUNTING POLICIES

The Travelers Timed Growth and Income Stock Account for Variable Annuities
("Account TGIS") is a separate account of The Travelers Insurance Company
("The Travelers"), an indirect wholly owned subsidiary of Citigroup Inc.,
and is available for funding certain variable annuity contracts issued by
The Travelers. Account TGIS is registered under the Investment Company Act
of 1940, as amended, as a diversified, open-end management investment
company. Participants in Account TGIS have entered into market timing
service agreements with an affiliate of The Travelers, which provide for the
transfer of participants' funds to certain other timed accounts of The
Travelers, at the discretion of the market timer.

The following is a summary of significant accounting policies consistently
followed by Account TGIS 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 the New York Stock Exchange on the last business day of the period;
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 for which a quoted market price is available are
valued at market. Short-term investments for which there is no reliable
quoted market price are valued at amortized cost which approximates market.

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 TGIS may use stock index futures contracts, and
may also use interest rate futures contracts, as a substitute for the
purchase or sale of individual securities. When Account TGIS enters into a
futures contract, it agrees to buy or sell a specified index of stocks or
debt securities at a future time for a fixed price, unless the contract is
closed prior to expiration. Account TGIS 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 TGIS'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 TGIS 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. However,
when Account TGIS 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 or debt securities associated with the futures
contract.

OPTIONS. Account TGIS 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 TGIS may sell the options before expiration.
Options held by Account TGIS 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 New York Stock
Exchange, or in the absence of such price, the latest bid quotation.

-9-
<PAGE> 12

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

REPURCHASE AGREEMENTS. When Account TGIS 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 TGIS plus
a negotiated interest amount. The seller under the repurchase agreement will
be required to provide to Account TGIS securities (collateral) whose market
value, including accrued interest, will be at least equal to 102% of the
repurchase price. Account TGIS 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 TGIS's custodian will take actual or constructive receipt of all
securities underlying repurchase agreements until such agreements expire.

FEDERAL INCOME TAXES. The operations of Account TGIS form a part of the
total operations of The Travelers and are not taxed separately. The
Travelers is taxed as a life insurance company under the Internal Revenue
Code of 1986, as amended (the "Code"). Under the existing federal income tax
law no taxes are payable on the investment income and capital gains of
Account TGIS. Account TGIS 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 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 $64,350,955 and $36,062,153,
respectively; the cost of purchases and proceeds from sales of direct and
indirect U.S. government securities were $1,873,643 and $15,207,886,
respectively, for the six months ended June 30, 2000. Realized gains and
losses from investment security transactions are reported on an identified
cost basis.

Account TGIS placed a portion of its security transactions with brokerage
firms which are affiliates of The Travelers. The commissions paid to these
affiliated firms were $5,044 and $6,389 for the six months ended June 30,
2000 and the year ended December 31, 1999, respectively.

At June 30, 2000, Account TGIS held 32 open S&P 500 Stock Index futures
contracts expiring in September, 2000. The underlying face value, or
notional value, of these contracts at June 30, 2000 amounted to $11,744,800.
In connection with these contracts, short-term investments with a par value
of $730,000 had been pledged as margin deposits.

Net realized gains (losses) resulting from futures contracts were
($1,667,483) and $1,999,495 for the six months ended June 30, 2000 and the
year ended December 31, 1999, respectively. These losses are included in the
net realized gain from investment security transactions on both the
Statement of Operations and the Statement of Changes in Net Assets. The cash
settlement for June 30, 2000 is shown on the Statement of Assets and
Liabilities as a payable for variation on futures margin.

-10-
<PAGE> 13

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

3. CONTRACT CHARGES

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

A market timing fee equivalent on an annual basis to 1.25% of the average
net assets of Account TGIS is deducted for market timing services. The
Travelers deducts the fee daily and, in turn, pays the fee to Copeland
Financial Services, Inc., a registered investment adviser and an affiliate
of The Travelers which provides market timing services to participants in
Account TGIS.

Insurance charges are paid for the mortality and expense risks assumed by
The Travelers. Each business day, The Travelers deducts a mortality and
expense risk charge which is reflected in the calculation of accumulation
unit values. This charge equals, on an annual basis, 1.25%. Additionally,
for 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 Travelers to cover administrative charges.

No sales charge is deducted from participant purchase payments when they are
received. However, The Travelers 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 include $58,780 and
$55,337 of contingent deferred sales charges for the six months ended June
30, 2000 and the year ended December 31, 1999, respectively.

-11-
<PAGE> 14

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

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

SIX
MONTHS
ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, (DERIVED FROM AUDITED FINANCIAL INFORMATION)
-------- ------------------------------------------------------
2000 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER UNIT DATA:
Total investment income .................................... $ .052 $ .076 $ .064 $ .075 $ .061 $ .083
Operating expenses ......................................... .073 .136 .110 .090 .069 .057
-------- -------- -------- -------- -------- --------

Net investment income (loss) ............................... (.021) (.060) (.046) (.015) (.008) .026

Unit value at beginning of period .......................... 5.394 4.468 3.526 2.717 2.263 1.695
Net realized and change in unrealized gains (losses) ....... (.079) .986 .988 .824 .462 .542
-------- -------- -------- -------- -------- --------

Unit value at end of period ................................ $ 5.294 $ 5.394 $ 4.468 $ 3.526 $ 2.717 $ 2.263
======== ======== ======== ======== ======== ========

SIGNIFICANT RATIOS AND ADDITIONAL DATA:
Net increase (decrease) in unit value ...................... $ (.10) $ .93 $ .94 $ .81 $ .45 $ .57
Ratio of operating expenses to average net assets* ......... 2.82% 2.82% 2.82% 2.82% 2.82% 2.82%
Ratio of net investment income (loss) to average net assets* (.82)% (1.25)% (1.16)% (.45)% (.34)% 1.37%
Number of units outstanding at end of period (thousands) ... 23,874 26,010 25,192 60,312 68,111 105,044
Portfolio turnover rate .................................... 36% 51% 81% 63% 81% 79%
</TABLE>

* Annualized

-12-
<PAGE> 15

THE TRAVELERS TIMED GROWTH AND INCOME STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000

<TABLE>
<CAPTION>
NO. OF MARKET
SHARES VALUE
------------ ------------
<S> <C> <C>
COMMON STOCKS (90.7%)
AEROSPACE (0.4%)
Boeing Co. 10,700 $ 447,394
--------------
AIRLINES (0.1%)
AMR Corp. (A) 960 25,380
Delta Airlines, Inc. 3,200 161,800
--------------
187,180
--------------
AUTOMOTIVE (1.0%)
Ford Motor Co. 11,600 498,800
General Motors Corp. 5,100 296,119
Harley Davidson, Inc. 6,000 231,000
Johnson Controls, Inc. 4,700 241,169
Visteon Corp. (A) 1,519 18,416
--------------
1,285,504
--------------
BANKING (3.4%)
Bank of America Corp. 12,203 524,729
Bank of New York 9,100 423,150
Bank One Corp. 11,872 315,350
Capital One Financial Corp. 4,600 205,275
Chase Manhattan Corp. 13,872 638,979
Fifth Third BanCorp 2,400 151,875
Firstar Corp. 10,400 219,050
FleetBoston Financial Corp. 12,974 441,116
J.P. Morgan & Company 1,400 154,175
MBNA Corp. 13,100 355,337
National City Corp. 7,300 124,556
State Street Corp. 2,400 254,550
Wells Fargo & Co. 13,700 530,875
--------------
4,339,017
--------------
BEVERAGE (2.0%)
Adolph Coors Co. 4,000 242,000
Anheuser-Busch Cos. 5,900 440,656
Coca-Cola Co. 23,500 1,349,781
PepsiCo, Inc. 12,200 542,138
--------------
2,574,575
--------------
BROKERAGE (3.2%)
Bear Stearns Cos., Inc. 6,500 270,563
Charles Schwab Corp. 10,500 353,062
Lehman Brothers Holdings, Inc. 5,900 557,919
Merrill Lynch & Co. 7,000 805,000
MGIC Investment Corp. 6,300 286,650
Morgan Stanely Dean Witter & Co. 15,780 1,313,685
Paine Webber Group, Inc. 5,300 241,150
T. Rowe Price & Associates, Inc. 4,900 208,403
--------------
4,036,432
--------------
BUILDING MATERIALS (0.1%)
Masco Corp. 7,000 126,438
--------------
CAPITAL (1.2%)
Applied Materials, Inc. (A) 9,400 852,169
Honeywell International, Inc. 8,987 302,750
Nucor Corp. 1,500 49,781
Tellabs, Inc. (A) 3,700 253,335
--------------
1,458,035
--------------
CHEMICALS (0.7%)
Dow Chemical Co. 7,200 217,350
E.l. Dupont De Nemours & Co. 9,114 398,737
Praxair, Inc. 1,500 56,156
Rohm & Haas Co. 4,100 141,450
Union Carbide Corp. 1,100 54,450
--------------
868,143
--------------
CONGLOMERATES (5.2%)
Emerson Electric Co. 2,400 144,900
General Electric Co. 90,800 4,812,400
Minnesota Mining &
Manufacturing Co. 2,100 173,250
Tyco International Ltd. 20,418 967,303
United Technologies Corp. 7,900 465,112
--------------
6,562,965
--------------
CONSTRUCTION MACHINE (0.2%)
Caterpillar, Inc. 2,000 67,750
Ingersoll-Rand Co. 5,700 229,425
--------------
297,175
--------------
CONSUMER (1.9%)
ACNielsen Corp. (A) 15,900 349,800
Ball Corp. 3,000 96,562
Black & Decker Corp. 2,300 90,419
Colgate-Palmolive Co. 8,100 484,987
Kimberly Clark Corp. 7,920 454,410
Procter & Gamble Co. 15,270 874,208
--------------
2,350,386
--------------
DEFENSE (0.3%)
Lockheed Martin Corp. 14,600 362,263
--------------
ENTERTAINMENT (2.5%)
Seagram Co. Ltd. 4,200 243,600
Time Warner, Inc. 13,500 1,026,000
Viacom, Inc. (A) 14,462 986,128
Walt Disney Co. 23,023 893,580
--------------
3,149,308
--------------
FINANCE (1.6%)
American Express Co. 16,500 860,063
Household International 7,900 328,344
Marsh & McLennan Cos 2,300 240,206
Metlife Capital Trust (A) 12,900 271,706
Providian Financial Corp. 3,700 333,000
--------------
2,033,319
--------------
</TABLE>

-13-
<PAGE> 16

STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED

<TABLE>
<CAPTION>
NO. OF MARKET
SHARES VALUE
------------ ------------
<S> <C> <C>
FOOD (0.7%)
Bestfoods, Inc. 4,700 $ 325,475
McDonald's Corp. 6,600 217,388
Systemsco Corp. 8,700 366,487
--------------
909,350
--------------
HEALTHCARE (1.0%)
Abbott Laboratories 8,800 392,150
Cardinal Health, Inc. 3,000 222,000
Columbia/HCA Healthcare Corp. 10,200 309,825
PE Corp.- Celera Genomics Group 5,600 368,900
--------------
1,292,875
--------------
INDEPENDENT ENERGY (0.2%)
Apache Corp. 3,700 217,606
--------------
INSURANCE (2.8%)
Aetna, Inc. 5,000 320,938
Allstate Corp. 12,276 273,141
Ambac Financial Group, Inc. 3,000 164,437
American General Corp. 2,100 128,100
ChoicePoint, Inc. (A) 620 27,590
Cigna Corp. 4,300 402,050
Cincinnati Financial Corp. 7,100 223,428
International Lease Finance Corp. 13,668 1,605,990
Lincoln National Corp. 6,900 249,262
MBIA, Inc. 3,800 183,113
--------------
3,578,049
--------------
INTEGRATED ENERGY (4.2%)
Chevron Corp. 6,100 517,357
Conoco, Inc. 5,298 130,132
Exxon Mobil Corp. 31,660 2,485,310
Kerr Mcgee Corp. 3,700 218,069
Occidental Petroleum Corp. 3,700 77,931
Phillips Petroleum Co. 2,400 121,650
Royal Dutch Petroleum Co. 18,900 1,163,531
Texaco, Inc. 4,900 260,925
USX-Marathon Group 2,700 67,669
Williams Cos. 6,700 279,306
--------------
5,321,880
--------------
MEDIA (1.4%)
Clear Channel
Communications, Inc. (A) 3,700 277,500
Comcast Corp. 7,900 320,197
Gannett Company, Inc. 3,800 227,287
Interpublic Group Cos., Inc. 4,900 210,700
New York Times Co. 5,600 221,200
Omnicom Group, Inc. 3,400 302,813
Tribune Co. 6,900 241,500
--------------
1,801,197
--------------
METALS (0.5%)
Alcan Aluminum Ltd. 1,800 55,800
Alcoa, Inc. 8,848 256,592
Barrick Gold Corp. 6,900 125,494
Grace (W.R.) & Co. (A) 10,700 129,737
Phelps Dodge Corp. 2,400 89,250
--------------
656,873
--------------
NATURAL GAS PIPELINE (0.4%)
Enron Corp. 7,300 470,850
--------------
OIL FIELD (0.6%)
Baker Hughes, Inc. 3,000 96,000
Halliburton Co. 4,300 202,906
Schlumberger Ltd. 4,900 365,663
Transocean Sedco Forex, Inc. 2,635 140,808
--------------
805,377
--------------
PAPER (0.5%)
Avery Dennison Corp. 2,500 167,812
Georgia-Pacific Group 4,600 120,750
International Paper Co. 4,600 137,138
Mead Corp. 2,890 72,973
Weyerhaeuser Co. 2,000 86,000
--------------
584,673
--------------
PHARMACEUTICALS (9.1%)
Allergan, Inc. 6,100 454,450
American Home Products Corp. 12,000 705,000
Amgen, Inc. (A) 11,900 836,347
Baxter International, Inc. 2,800 196,875
Bristol Myers Squibb Co. 20,300 1,182,475
Eli Lilly & Co. 7,000 699,125
Johnson & Johnson 13,900 1,416,063
Merck & Co., Inc. 24,300 1,861,987
Pfizer, Inc. 59,030 2,833,440
Pharmacia & Upjohn, Inc. 11,280 583,035
Schering-Plough Corp. 13,600 686,800
--------------
11,455,597
--------------
REFINING (0.1%)
Tosco Corp. 2,600 73,613
--------------
RETAILERS (4.8%)
Bed Bath & Beyond, Inc. (A) 4,700 170,228
Best Buy Company, Inc. (A) 4,100 259,325
Circuit City Store 4,400 146,025
CVS Corp. 5,900 236,000
Home Depot, Inc. 18,650 931,334
Kohl's Corp. (A) 5,500 305,937
Limited, Inc. 16,800 363,300
Lowes Cos., Inc. 7,800 320,288
Sears Roebuck & Co. 11,970 390,521
Target Corp. 5,900 342,200
Walgreen Co. 13,600 437,750
Wal-Mart Stores, Inc. 36,700 2,114,838
--------------
6,017,746
--------------
</TABLE>

14
<PAGE> 17

STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED

<TABLE>
<CAPTION>
NO. OF MARKET
SHARES VALUE
------------ ------------
<S> <C> <C>
SERVICES (6.0%)
Altera Corp. (A) 4,500 $ 458,579
Biogen, Inc. (A) 2,400 154,725
Cendant Corp. (A) 23,900 334,600
Medtronic, Inc. 9,700 483,181
Microsoft (A) 47,400 3,790,521
Oracle Corp. (A) 27,700 2,327,667
--------------
7,549,273
--------------
SUPERMARKETS (0.3%)
Safeway, Inc. (A) 8,943 403,553
--------------
TECHNOLOGY (22.7%)
Adobe Systems, Inc. 2,700 350,747
Advanced Micro Device (A) 3,700 285,825
Agilent Technologies, Inc. (A) 3,547 261,591
America Online, Inc. (A) 20,400 1,076,100
Analog Devices, Inc. (A) 6,100 463,600
Apple Computers, Inc. (A) 6,400 335,000
Automatic Data Processing 3,800 203,537
Cisco Systems, Inc. (A) 62,900 3,996,119
Compaq Computer Corp. 15,578 398,213
Computer Associates International 4,100 209,869
Comverse Technology, Inc. (A) 3,000 279,094
Corning, Inc. 4,300 1,160,462
Dell Computer Corp. (A) 16,580 818,120
Eastman Kodak Co. 3,400 202,300
EMC Corp. (A) 17,400 1,338,713
First Data Corp. 7,300 362,262
Hewlett Packard Co. 10,100 1,261,237
Intel Corp. 31,160 4,164,730
International Business
Machine Corp. 17,500 1,917,344
Level 3 Communications (A) 4,400 251,075
LSI Logic (A) 4,900 265,212
Lucent Technologies 30,226 1,790,890
Micron Technologies, Inc. (A) 8,400 739,725
Motorola, Inc. 19,400 563,813
Network Appliance Corp. (A) 4,300 346,016
PerkinElmer, Inc. 5,200 343,850
QUALCOMM, Inc. (A) 6,700 401,791
Siebel Systems, Inc. (A) 2,700 441,703
Solectron Corp. (A) 8,200 343,375
Sun MicroSystemstems, Inc. (A) 15,400 1,400,920
Teradyne, Inc. (A) 3,500 257,250
Texas Instruments, Inc. 15,600 1,071,525
VERITAS Software Corp. (A) 3,000 338,906
Xilinx, Inc. (A) 4,900 404,710
Yahoo, Inc. (A) 4,590 568,730
--------------
28,614,354
--------------
TELECOMMUNICATIONS (9.3%)
ADC TeleCommunications, Inc. (A) 5,900 494,678
ALLITEL Corp. 3,700 229,169
AT&T Corp. 34,361 1,086,667
AT&T Wireless Corp. (A) 5,600 156,100
Bell Atlantic Corp. 17,960 912,592
BellSouth Corp. 13,700 583,962
Broadcom Corp. (A) 2,100 459,769
Global Crossing Ltd. (A) 6,400 168,600
GTE Corp. 5,300 329,925
MCI Worldcom, Inc. (A) 27,726 1,272,798
Nextel Communications, Inc. (A) 12,200 746,107
Nortel Networks Corp. 28,600 1,951,950
SBC Communications, Inc. 34,088 1,474,306
Sprint Corp. - Fon Group 9,940 506,940
Sprint Corp. - PCS Group (A) 13,370 795,515
US West, Inc. 6,486 556,175
--------------
11,725,253
--------------
TOBACCO (0.5%)
Philip Morris Cos. 25,900 687,969
--------------
TRANSPORTATION (0.1%)
FDX Corp. (A) 4,900 186,200
--------------
U.S. AGENCY (0.7%)
Federal Home Loan Mortgage Corp. 7,900 319,950
Federal National Mortgage
Association 9,900 516,656
--------------
836,606
--------------
UTILITIES (1.0%)
AES Corp. (A) 7,400 337,625
FirstEnergy Corp. 11,400 266,475
FPL Group, Inc. 4,000 198,000
Montana Power Co. 4,000 141,250
PECO Energy 7,000 282,188
Southern Co. 3,700 86,256
--------------
1,311,794
--------------
TOTAL COMMON STOCKS
(COST $103,069,683) 114,578,822
--------------
</TABLE>

-15-
<PAGE> 18

STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED

<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
------------ ------------
<S> <C> <C>
SHORT-TERM INVESTMENTS (9.3%)
COMMERCIAL PAPER (8.5%)
DaimlerChrysler North America, Corp.,
6.89% due July 11, 2000 $ 2,000,000 $ 1,995,874
Ford Motor Credit Co.,
6.69% due July 7, 2000 2,000,000 1,997,336
General Motors Acceptance Corp.,
6.74% due July 12, 2000 3,000,000 2,993,274
GE Capital Corp.,
6.63% due July 6, 2000 2,250,000 2,247,422
Household Finance Corp.,
7.00% due July 3, 2000 1,480,000 1,479,433
--------------
10,713,339
--------------
U.S. TREASURY (0.8%)
United States of America Treasury,
5.96% due October 19, 2000 (B) 1,000,000 982,749
--------------
TOTAL SHORT-TERM
INVESTMENTS (COST $11,697,693) 11,696,088
--------------

NOTIONAL
VALUE
------------
FUTURES CONTRACTS (0.0%)
S&P 500 Stock Index,
Exp. September, 2000 (C) $ 11,744,800
--------------
TOTAL INVESTMENTS (100%)
(COST $114,767,376) (D) $ 126,274,910
==============
</TABLE>

NOTES

(A) Non-income Producing Security.

(B) Par value of $730,000 pledged to cover margin deposits on futures contracts.

(C) As more fully discussed in Note 1 to the financial statements, it is Account
TGIS'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
TGIS uses futures contracts as a substitute for holding individual
securities.

(D) At June 30, 2000, net unrealized appreciation for all securities was
$11,507,534. This consisted of aggregate gross unrealized appreciation for
all securities in which there was an excess of market value over cost of
$17,450,263 and aggregate gross unrealized depreciation for all securities
in which there was an excess of cost over market value of $5,942,729.

See Notes to Financial Statements

-16-
<PAGE> 19

THE TRAVELERS
TIMED SHORT-TERM
BOND ACCOUNT
FOR VARIABLE ANNUITIES

During the six months ended the economy showed its first signs of a possible
slowdown in the second quarter, as the June employment report implied the
economy may have lost some of its forward momentum. The unemployment rate
remains at 4.0%, and it is estimated that real Gross Domestic Product growth for
the second quarter will be 3.6%, down from 5.5% in the first quarter. Although
temporary factors may be behind recent economic data pointing to a slowing
economy, evidence for a more fundamental deceleration has gained credibility
recently based on a fading of the wealth effect, temporarily depressing real
incomes, and the tightening of credit availability.

The six months ended with the 30-year Treasury Bond yield at 5.90% and the
federal funds rate at 6.50%. The 30-year Treasury Bond yield was up 7 basis
points from the March 31 level of 5.83% and down 58 basis points from year-end.
The May 16th meeting of the Federal Open Market Committee ("FOMC") resulted in
an increase of the federal funds rate by 50 basis points, while leaving the rate
unchanged in the June 28 meeting. The federal funds rate is up 100 basis points
from the beginning of the year. Currently, the FOMC is maintaining an inflation
bias. If economic strength persists, the Federal Reserve Board once again may
have to tighten interest rates.

The strategy in management of The Travelers Timed Short-Term Bond Account for
Variable Annuities short-term assets will be to maintain an average life of 30
to 35 days. At June 30, 2000 the asset size of the portfolio was $165.5 million,
with an average yield of 6.64%.

PORTFOLIO MANAGER: EMIL J. MOLINARO JR.

[TIMCO LOGO]

-17-
<PAGE> 20

THE TRAVELERS TIMED SHORT-TERM BOND ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 2000

<TABLE>
<S> <C>
ASSETS:
Investment securities, at market value (cost $165,473,597) ............................................ $ 165,467,588
Receivables:
Interest ............................................................................................ 15,036
Investment securities sold .......................................................................... 2,135,000
Purchase payments and transfers from other Travelers accounts ....................................... 45,116
Other assets .......................................................................................... 2
--------------------
Total Assets ...................................................................................... 167,662,742
--------------------

LIABILITIES:
Cash overdraft ........................................................................................ 62,189
Payables:
Investment securities purchased ..................................................................... 2,072,944
Contract surrenders and transfers to other Travelers accounts ....................................... 111,951
Investment management and advisory fees ............................................................. 11,687
Market timing fees .................................................................................. 45,188
Insurance charges ................................................................................... 45,188
Accrued liabilities ................................................................................... 13
--------------------
Total Liabilities ................................................................................. 2,349,160
--------------------
NET ASSETS:
(Applicable to 110,390,493 units outstanding at $1.497 per unit) ...................................... $ 165,313,582
====================
</TABLE>

See Notes to Financial Statements

-18-
<PAGE> 21

THE TRAVELERS TIMED SHORT-TERM BOND ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000

<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Interest ..................................................................... $ 5,425,054

EXPENSES:
Market timing fees ........................................................... $ 1,095,609
Investment management and advisory fees ...................................... 283,368
Insurance charges ............................................................ 1,095,609
-------------------
Total expenses ............................................................. 2,474,586
-------------------
Net investment income .................................................... 2,950,468
-------------------

REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENT
SECURITIES:
Realized gain (loss) from investment security transactions:
Proceeds from investment securities sold ................................... 71,666,934
Cost of investment securities sold ......................................... 71,668,097
-------------------
Net realized gain (loss) ................................................. (1,163)
Change in unrealized gain (loss) on investment securities:
Unrealized gain at December 31, 1999 ....................................... 32,987
Unrealized loss at June 30, 2000 ........................................... (6,009)
-------------------
Net change in unrealized gain (loss) for the period ...................... (38,996)
-------------------
Net realized gain (loss) and change in unrealized gain (loss) .......... (40,159)
-------------------
Net increase in net assets resulting from operations .......................... $ 2,910,309
===================
</TABLE>

See Notes to Financial Statements

-19-
<PAGE> 22

THE TRAVELERS TIMED SHORT-TERM BOND ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
2000 1999
---- ----
(UNAUDITED)

<S> <C> <C>
OPERATIONS:
Net investment income ....................................................... $ 2,950,468 $ 4,340,748
Net realized gain (loss) from investment security transactions .............. (1,163) (531)
Net change in unrealized gain (loss) on investment securities ............... (38,996) 39,291
------------- -------------
Net increase in net assets resulting from operations ...................... 2,910,309 4,379,508
------------- -------------

UNIT TRANSACTIONS:
Participant purchase payments
(applicable to 3,206,639 and 5,354,365 units, respectively) ............... 4,758,202 7,790,491
Participant transfers from other Travelers accounts
(applicable to 2,291,168 and 4,539,700 units, respectively) ............... 3,397,828 6,611,717
Market timing transfers from other Travelers timed accounts
(applicable to 52,637,447 and 71,856,849 units, respectively) ............. 77,810,899 104,699,427
Administrative and asset allocation charges
(applicable to 59,301 and 107,746 units, respectively) .................... (88,696) (157,465)
Contract surrenders
(applicable to 9,576,471 and 12,251,352 units, respectively) .............. (14,199,535) (17,827,446)
Participant transfers to other Travelers accounts
(applicable to 3,471,422 and 8,299,415 units, respectively) ............... (5,151,769) (12,076,485)
Market timing transfers to other Travelers timed accounts
(applicable to 44,051,163 and 88,289,250 units, respectively) ............. (65,271,930) (128,674,249)
Other payments to participants
(applicable to 252,179 and 204,194 units, respectively) ................... (373,864) (296,703)
------------- -------------
Net increase (decrease) in net assets resulting from unit transactions .... 881,135 (39,930,713)
------------- -------------
Net increase (decrease) in net assets ................................... 3,791,444 (35,551,205)

NET ASSETS:
Beginning of period ......................................................... 161,522,138 197,073,343
------------- -------------
End of period ............................................................... $ 165,313,582 $ 161,522,138
============= =============
</TABLE>

See Notes to Financial Statements

-20-
<PAGE> 23

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. SIGNIFICANT ACCOUNTING POLICIES

The Travelers Timed Short-Term Bond Account for Variable Annuities ("Account
TSB") is a separate account of The Travelers Insurance Company ("The
Travelers"), an indirect wholly owned subsidiary of Citigroup Inc., and is
available for funding certain variable annuity contracts issued by The
Travelers. Account TSB is registered under the Investment Company Act of
1940, as amended, as a diversified, open-end management investment company.
Participants in Account TSB have entered into market timing service
agreements with an affiliate of The Travelers, which provide for the
transfer of participants' funds to certain other timed accounts of The
Travelers, at the discretion of the market timers.

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

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.

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.

REPURCHASE AGREEMENTS. When Account TSB 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 TSB plus a
negotiated interest amount. The seller under the repurchase agreement will
be required to provide to Account TSB securities (collateral) whose market
value, including accrued interest, will be at least equal to 102% of the
repurchase price. Account TSB 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 TSB's custodian will take actual or constructive receipt of all
securities underlying repurchase agreements until such agreements expire.

FEDERAL INCOME TAXES. The operations of Account TSB form a part of the total
operations of The Travelers and are not taxed separately. The Travelers 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 TSB. Account
TSB is not taxed as a "regulated investment company" under Subchapter M of
the Code.

-21-
<PAGE> 24

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

2. INVESTMENTS

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 TSB's average net assets. These fees are paid to
The Travelers Investment Management Company, an indirect wholly owned
subsidiary of Citigroup Inc.

A market timing fee equivalent on an annual basis to 1.25% of the average
net assets of Account TSB is deducted for market timing services. The
Travelers deducts the fee daily and, in turn, pays the fee to Copeland
Financial Services, Inc., a registered investment adviser and an affiliate
of The Travelers which provides market timing services to participants in
Account TSB.

No sales charge is deducted from participant purchase payments when they are
received. However, The Travelers 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 include $87,750 and
$105,311 of contingent deferred sales charges for the six months ended June
30, 2000 and the year ended December 31, 1999, respectively.

-22-
<PAGE> 25

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

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

<TABLE>
<CAPTION>
SIX
MONTHS
ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, (DERIVED FROM AUDITED FINANCIAL INFORMATION)
--------- ----------------------------------------------------------
2000 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER UNIT DATA:
Total investment income.................................. $ .046 $ .076 $ .078 $ .077 $ .057 $ .074
Operating expenses....................................... .021 .041 .040 .039 .030 .035
--------- --------- ---------- --------- --------- ---------

Net investment income.................................... .025 .035 .038 .038 .027 .039

Unit value at beginning of period........................ 1.473 1.437 1.399 1.361 1.333 1.292
Net realized and change in unrealized gains (losses)..... (.001) .001 .000 .000 .001 .002
--------- --------- ---------- --------- --------- ---------

Unit value at end of period.............................. $ 1.497 $ 1.473 $ 1.437 $ 1.399 $ 1.361 $ 1.333
========= ========= ========== ========= ========= =========

SIGNIFICANT RATIOS AND ADDITIONAL DATA:
Net increase in unit value................................ $ .02 $ .04 $ .04 $ .04 $ .03 $ .04
Ratio of operating expenses to average net assets *....... 2.82% 2.82% 2.82% 2.82% 2.82% 2.82%
Ratio of net investment income to average net assets *.... 3.38% 2.38% 2.71% 2.77% 2.47% 3.17%
Number of units outstanding at end of period (thousands).. 110,390 109,666 137,067 47,262 54,565 -
</TABLE>

* Annualized

-23-
<PAGE> 26

THE TRAVELERS TIMED SHORT-TERM BOND ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000

<TABLE>
<CAPTION>
PRINCIPAL MARKET
AMOUNT VALUE
------------ ------------
<S> <C> <C>
SHORT-TERM INVESTMENTS (100%)
COMMERCIAL PAPER (100%)
Alcoa, Inc.,
6.71% due July 27, 2000 $ 7,830,000 $ 7,791,273
American Express Credit Corp.,
6.68% due July 6, 2000 7,500,000 7,491,405
American Honda Finance Corp.,
6.82% due June 25, 2001 7,500,000 7,500,000
Asset Securitization Corp.,
6.67% due July 20, 2000 8,250,000 8,219,623
Associates Corp. of North America,
6.77% due June 15, 2004 (A) 5,000,000 5,025,882
Becton Dickinson & Co.,
6.70% due August 1, 2000 7,500,000 7,456,133
Bell Atlantic Financial Services, Inc.,
6.74% due August 30, 2000 8,000,000 7,910,800
Boeing Capital Corp.,
7.00% due July 06, 2000 1,500,000 1,498,281
DaimlerChrysler North America, Corp.,
6.89% due July 11, 2000 8,000,000 7,983,496
Ford Motor Credit Co.,
6.67% due July 07, 2000 8,140,000 8,129,158
GE Capital Corp.,
6.73% due July 27, 2000 8,300,000 8,258,948
General Dynamics Corp.,
6.72% due July 11, 2000 5,000,000 4,989,685
General Motors Acceptance Corp.,
6.74% due July 12, 2000 8,150,000 8,131,728
Goldman Sachs Group LP,
6.72% due July 10, 2000 7,750,000 7,735,414
Household Finance Corp.,
7.00% due July 03, 2000 575,000 574,780
Knight-Ridder, Inc.,
6.65% due July 18, 2000 5,642,000 5,623,280
Merrill Lynch & Co., Inc.,
6.69% due July 06, 2000 4,600,000 4,594,728
New Castle 2000-A,
6.80% due July 7, 2000 7,500,000 7,490,010
Newell Rubbermaid, Inc.,
6.63% due July 06, 2000 2,900,000 2,896,677
Preferred Resources Funding Corp.,
6.70% due July 20, 2000 8,000,000 7,970,544
Providian Master Trust,
6.69% due July 17, 2000 8,000,000 7,974,912
Swiss Reinsurance Co.,
6.80% due September 15, 2000 8,000,000 7,887,320
The Gap, Inc.,
6.40% due July 11, 2000 8,000,000 7,983,496
Transamerica Financial Corp.,
6.66% due July 18, 2000 6,865,000 6,842,222
UBS Finance (DE), Inc.,
6.86% due July 05, 2000 7,515,000 7,507,793
--------------
TOTAL INVESTMENTS (100%)
(COST $165,473,597) $ 165,467,588
==============
</TABLE>

NOTES

(A) Security is putable annually on June 15.

See Notes to Financial Statements

-24-
<PAGE> 27

THE TRAVELERS
TIMED AGGRESSIVE
STOCK ACCOUNT
FOR VARIABLE ANNUITIES

The Travelers Timed Aggressive Stock Account for Variable Annuities ("Account
TAS") is managed by the Travelers Investment Management Company ("TIMCO"). TIMCO
manages Account TAS to provide diversified exposure to the mid- and
small-capitalization sector of the U.S. equity market, while maintaining a
highly marketable portfolio of common stocks and related financial instruments
in order to accommodate cash flows associated with market-timing moves. Stock
selection is based on a disciplined quantitative screening process that that
favors companies that are able to grow earnings above consensus expectations and
offer attractive relative value. In order to achieve consistent relative
performance, we manage Account TAS to mirror the overall risk, sector weightings
and growth/value style characteristics of the Standard & Poor's 400 MidCap Stock
Index ("S&P 400"). The S&P 400 is a value-weighted index comprised of mid- and
small-company stocks.

For the six months ending June 30, 2000, Account TAS had a total return of 9.2%,
before fees and expenses, ahead of the 9.0% total return of the S&P 400. Net of
fees and expenses, Account TAS's total return of 7.7% for the first half of 2000
was comparable to the 7.1% median return achieved by variable annuity stock
funds in the Lipper Mid Cap Category. On a trailing twelve month basis as of
June 30, 2000, Account TAS's total return of 16.2%, net of fees and expenses,
lagged the Lipper Mid Cap median of 41.5%. A discussion of portfolio performance
in each of the first two quarters of 2000 is presented next.

During the first quarter of 2000, stock selection was favorable in most sectors
and particularly positive in the Technology, Utilities, Producer Durables and
Financial Services sectors.

In the Technology sector, we benefited from our picks in several different
industry groups. Within the Semiconductor industry, Comverse Technology, Inc.,
Cypress Semiconductor and Qlogic Corp. performed well as the promise of the
Internet and higher capital spending spurred investor interest. Our positions in
Software stocks such as Rational Software Corp., Citrix Systems and Siebel
Systems, Inc. generated high returns as these companies offered customers
Web-based business solutions. Electronic component companies such as Analog
Devices, Inc. and Sanmina Corp. outperformed their industry group while
semiconductor equipment makers such as Teradyne, Inc. posted strong gains.

In the Utilities sector, our positions in the faster growing telecommunications
group such as Qwest, Winstar Communications, Inc., Century Tel, Inc. and Alltel
Corp. performed well. Calpine Corp., a leader in the electric power generation
industry, continued its robust growth through acquisitions while Scana Corp. and
Montana Power Co. increased their price-to-earnings multiples through leadership
positions.

In the Producer Durables sector, American Power Conversion Corp. and Molex, Inc.
proved to the big winners in our portfolios. Both companies benefited from
strong end-market demand. American Power Conversion Corp. was chosen by
Microsoft to leverage its uninterruptable power supply management into its
Windows 2000 operating system. Molex, Inc., a manufacturer of diversified
electronics components, benefited from a global recovery in demand especially
for consumer electronics.

In the Financial Services sector, we observed that most stocks performed well in
the first half of the fourth quarter but faded later in the quarter as interest
rates rose. Our positions in T. Rowe Price & Associates, Inc. PMI Group, Inc.
and Marshall & Ilsley Corp. all outperformed their respective peer groups.

At the beginning of the second quarter, market volatility spiked up
significantly. Value stocks dominated early in the quarter and growth stocks
staged a strong recovery towards the end of the quarter. Stock selection was
favorable in the Health Care sector, adverse in the Consumer Discretionary and
Transportation sectors and remained mixed in the other sectors.

-25-
<PAGE> 28

In the Healthcare sector, the recent strong interest in biotech stocks led the
whole group higher. We benefited here from our positions in Medimmune, Inc.,
Millenium Pharmaceuticals and Sepracor, Inc. We were also underweight relative
to the benchmark in a couple of poor performing stocks during the second
quarter. Mylan Laboratories, Inc. issued a profit warning in June as competitive
pricing pressure hurt margins. The loss of management credibility as a result
contributed to a decline in stock price exceeding -30%. Omnicare suffered a
similar fate after announcing a second quarter earnings shortfall.

In the Consumer Discretionary sector, the rise in interest rates and gasoline
prices did take a toll on retailing stocks. We were adversely affected by our
positions in Ross Stores, Inc. a retail apparel and accessories stores, and
Leggett & Platt, Inc. a manufacturer of home furnishings. Modis Professional
Services, Inc. was hurt by a dent in staffing profits as a result of tight labor
markets and Reynolds and Reynolds Co. declined after a third quarter profits
warning. In the Transportation sector, the same earnings shortfall syndrome
punished Airborne Freight Corp.

In our disciplined approach to stock selection, we screen our research universe
of over 800 mid cap securities for companies that offer improving earnings
fundamentals at discounted stock valuations. A small sample of our current
holdings is presented here to illustrate our investment approach. In the
technology sector, our emphasis is on growth stocks such as Rational Software
Corp. and Symbol Technologies, Inc. which still trade at reasonable valuations.
We are also positioned to benefit from a continued rally in value stocks through
our positions in materials and energy stocks such as Southdown, Inc., Solutia,
Inc. and Devon Energy Corp.

PORTFOLIO MANAGER: SANDIP A. BHAGAT, CFA

[TIMCO LOGO]

-26-
<PAGE> 29

THE TRAVELERS TIMED AGGRESSIVE STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 2000

<TABLE>
<S> <C>
ASSETS:
Investment securities, at market value (cost $50,937,829) .......... $52,865,080
Cash ............................................................... 38,901
Receivables:
Dividends ........................................................ 26,100
Investment securities sold ....................................... 1,053,212
Purchase payments and transfers from other Travelers accounts .... 22,191
Other assets ....................................................... 1,263
-----------
Total Assets ................................................... 54,006,747
-----------

LIABILITIES:
Payables:
Investment securities purchased .................................. 992,429
Contract surrenders and transfers to other Travelers accounts .... 125,750
Investment management and advisory fees .......................... 4,109
Variation on futures margin ...................................... 196,800
Market timing fees ............................................... 14,676
Insurance charges ................................................ 14,676
Accrued liabilities ................................................ 110
-----------
Total Liabilities .............................................. 1,348,550
-----------

NET ASSETS:
(Applicable to 11,184,587 units outstanding at 4.708 per unit) .... $52,658,197
===========
</TABLE>

See Notes to Financial Statements

-27-
<PAGE> 30

THE TRAVELERS TIMED AGGRESSIVE STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000

<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends.......................................................................... $ 234,354
Interest........................................................................... 272,431
---------------
Total income..................................................................... $ 506,785

EXPENSES:
Market timing fees................................................................. 339,048
Investment management and advisory fees............................................ 94,933
Insurance charges.................................................................. 339,048
---------------
Total expenses................................................................... 773,029
---------------
Net investment loss............................................................ (266,244)
---------------

Change in unrealized gain (loss) on investment securities:
Unrealized gain at December 31, 1999............................................. 5,910,430
Unrealized gain at June 30, 2000................................................. 1,927,251
---------------
Net change in unrealized gain (loss) for the period............................ (3,983,179)
---------------
Net realized gain (loss) and change in unrealized gain (loss)................ 3,170,518
---------------
Net increase in net assets resulting from operations............................... $ 2,904,274
===============
</TABLE>

See Notes to Financial Statements

-28-

<PAGE> 31

THE TRAVELERS TIMED AGGRESSIVE STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
2000 1999
---- ----
(UNAUDITED)
<S> <C> <C>
OPERATIONS:
Net investment loss............................................................. $ (266,244) $ (903,107)
Net realized gain (loss) from investment security transactions.................. 7,153,697 9,025,810
Net change in unrealized gain (loss) on investment securities................... (3,983,179) (1,823,114)
------------------- -------------------

Net increase in net assets resulting from operations.......................... 2,904,274 6,299,589
------------------- -------------------

UNIT TRANSACTIONS:
Participant purchase payments
(applicable to 261,924 and 726,794 units, respectively)....................... 1,191,892 2,801,681
Participant transfers from other Travelers accounts
(applicable to 95,067 and 303,988 units, respectively)........................ 431,648 1,208,994
Market timing transfers from other Travelers timed accounts
(applicable to 3,513,639 and 8,768,263 units, respectively)................... 16,915,919 34,666,009
Administrative charges
(applicable to 6,281 and 19,074 units, respectively).......................... (29,955) (78,066)
Contract surrenders
(applicable to 907,408 and 1,705,802 units, respectively)..................... (4,075,571) (6,596,120)
Participant transfers to other Travelers accounts
(applicable to 501,312 and 2,129,169 units, respectively)..................... (2,290,693) (8,294,458)
Market timing transfers to other Travelers timed accounts
(applicable to 6,444,823 and 7,187,938 units, respectively)................... (28,708,643) (27,827,485)
Other payments to participants
(applicable to 6,640 and 28,865 units, respectively).......................... (29,667) (108,294)
------------------- -------------------

Net decrease in net assets resulting from unit transactions................... (16,595,070) (4,227,739)
------------------- -------------------

Net increase (decrease) in net assets....................................... (13,690,796) 2,071,850

NET ASSETS:
Beginning of period............................................................. 66,348,993 64,277,143
------------------- -------------------

End of period................................................................... $ 52,658,197 $ 66,348,993
=================== ===================
</TABLE>

See Notes to Financial Statements

-29-

<PAGE> 32

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. SIGNIFICANT ACCOUNTING POLICIES

The Travelers Timed Aggressive Stock Account for Variable Annuities
("Account TAS") is a separate account of The Travelers Insurance Company
("The Travelers"), an indirect wholly owned subsidiary of Citigroup Inc.,
and is available for funding certain variable annuity contracts issued by
The Travelers. Account TAS is registered under the Investment Company Act of
1940, as amended, as a diversified, open-end management investment company.
Participants in Account TAS have entered into market timing service
agreements with an affiliate of The Travelers, which provide for the
transfer of participants' funds to certain other timed accounts of The
Travelers, at the discretion of the market timers.

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

FUTURES CONTRACTS. Account TAS may use stock index futures contracts, and
may also use interest rate futures contracts, as a substitute for the
purchase or sale of individual securities. When Account TAS enters into a
futures contract, it agrees to buy or sell a specified index of stocks, or
debt securities, at a future time for a fixed price, unless the contract is
closed prior to expiration. Account TAS 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 TAS'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 TAS 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. However,
when Account TAS 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 or debt securities associated with the futures
contract.

OPTIONS. Account TAS 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 TAS may sell the options before expiration. Options
held by Account TAS are listed on either national securities exchanges or on
over-the-counter market 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 New York Stock Exchange, or, in the
absence of such price, the latest bid quotation.

-30-

<PAGE> 33

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

REPURCHASE AGREEMENTS. When Account TAS 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 TAS plus a
negotiated interest amount. The seller under the repurchase agreement will
be required to provide to Account TAS securities (collateral) whose market
value, including accrued interest, will be at least equal to 102% of the
repurchase price. Account TAS 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 TAS's custodian will take actual or constructive receipt of all
securities underlying repurchase agreements until such agreements expire.

FEDERAL INCOME TAXES. The operations of Account TAS form a part of the total
operations of The Travelers and are not taxed separately. The Travelers 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 TAS. Account
TAS 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 $27,593,451 and $36,020,596
respectively; the costs of purchases and proceeds from sales of direct and
indirect U.S. government securities were $1,175,653 and $4,600,000,
respectively, for the six months ended June 30, 2000. Realized gains and
losses from investment security transactions are reported on an identified
cost basis.

Account TAS placed a portion of its security transactions with brokerage
firms which are affiliates of The Travelers. The commissions paid to these
affiliated firms were $1,160 and $13,755 for the six months ended June 30,
2000 and the year ended December 31, 1999, respectively.

At June 30, 2000, Account TAS held 28 open S&P 400 MidCap Index futures
contracts expiring in September, 2000. The underlying face value, or
notional value, of these contracts at June 30, 2000 amounted to $6,836,200.
In connection with these contracts, short-term investments with a par value
of $660,000 had been pledged as margin deposits.

Net realized gains (losses) resulting from futures contracts were ($565,426)
and $1,028,832 for the six months ended June 30, 2000 and the year ended
December 31, 1999, respectively. These losses are included in the net
realized gain from investment security transactions on both the Statement of
Operations and the Statement of Changes in Net Assets. The cash settlement
for June 30, 2000 is shown on the Statement of Assets and Liabilities as a
receivable for variation on futures margin.

-31-
<PAGE> 34

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

3. CONTRACT CHARGES

Investment management and advisory fees are calculated daily at an annual
rate of 0.35% of Account TAS's average net assets. These fees are paid to
The Travelers Investment Management Company, an indirect wholly owned
subsidiary of Citigroup Inc.

A market timing fee equivalent on an annual basis to 1.25% of the average
net assets of Account TAS is deducted for market timing services. The
Travelers deducts the fee daily and, in turn, pays the fee to Copeland
Financial Services, Inc., a registered investment adviser and an affiliate
of The Travelers which provides market timing services to participants in
Account TAS.

No sales charge is deducted from participant purchase payments when they are
received. However, The Travelers 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 include $36,830 and
$52,916 of contingent deferred sales charges for the six months ended June
30, 2000 and the year ended December 31, 1999, respectively.

-32-
<PAGE> 35

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED

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

<TABLE>
<CAPTION>
SIX
MONTHS
ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, (DERIVED FROM AUDITED FINANCIAL INFORMATION)
--------- -----------------------------------------------------------
2000 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER UNIT DATA:
Total investment income................................ $ .042 $ .052 $ .056 $ .063 $ .041 $ .042
Operating expenses..................................... .065 .110 .098 .085 .069 .057
--------- --------- --------- --------- --------- ----------

Net investment loss.................................... (.023) (.058) (.042) (.022) (.028) (.015)

Unit value at beginning of period...................... 4.371 3.907 3.389 2.623 2.253 1.706
Net realized and change in unrealized gains............ .360 .522 + .560 .788 .398 .562
--------- --------- --------- --------- --------- ----------

Unit value at end of period............................ $ 4.708 $ 4.371 $ 3.907 $ 3.389 $ 2.623 $ 2.253
========= ========= ========= ========= ========= ==========

SIGNIFICANT RATIOS AND ADDITIONAL DATA:
Net increase in unit value............................. $ .34 $ .46 $ .52 $ .77 $ .37 $ .55
Ratio of operating expenses to average net assets*..... 2.85% 2.85% 2.85% 2.85% 2.84% 2.83%
Ratio of net investment loss to average net assets*.... (.99)% (1.49)% (1.21)% (.76)% (1.13)% (.74)%
Number of units outstanding at end of period
(thousands)........................................... 11,185 15,180 16,452 25,865 30,167 45,575
Portfolio turnover rate................................ 62% 85% 113% 92% 98% 113%
</TABLE>

* Annualized

+ Includes a reimbursement of $56,058 from the investment adviser, TIMCO.

-33-
<PAGE> 36

THE TRAVELERS TIMED AGGRESSIVE STOCK ACCOUNT
FOR VARIABLE ANNUITIES

STATEMENT OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000

<TABLE>
<CAPTION>
NO. OF MARKET
SHARES VALUE
------------ ------------
<S> <C> <C>
COMMON STOCKS (86.4%)
AIRLINES (0.1%)
Alaska Air Group, Inc. (A) 2,800 $ 75,950
--------------
AUTOMOTIVE (0.5%)
Arvin Industries, Inc. 4,100 71,238
Borg Warner, Inc. 2,800 98,350
Lear Corp. (A) 5,800 116,000
--------------
285,588
--------------
BANKING (4.0%)
Associated Banc-Corp. 5,362 116,791
Charter One Financial, Inc. 5,995 137,885
City National Corp. 2,300 81,650
Compass Bancshares, Inc. 5,500 94,187
Dime Savings Bank, Inc. 3,400 53,550
First Security Corp. 11,350 154,290
First Virginia Banks, Inc. 2,000 69,625
Hibernia Corp. 16,100 175,088
Marshall & Ilsley Corp. 6,000 249,000
Mercantile Bankshares Corp. 6,650 198,461
North Fork Bancorp, Inc. 7,300 110,413
Old Kent Financial Corp. 2,667 71,342
Pacific Century Financial 8,900 130,163
Provident Financial Group 5,500 131,141
Sovereign Bancorp, Inc. 11,300 79,630
Wilmington Trust Co. 1,300 55,575
Zions Bancorp 4,000 183,625
--------------
2,092,416
--------------
BROKERAGE (2.0%)
A.G. Edwards, Inc. 7,650 298,350
Bear Stearns Cos., Inc. 2,800 116,550
Federated Investors, Inc. 3,400 119,212
Legg Mason, Inc. 3,400 170,000
T. Rowe Price & Associates, Inc. 3,700 157,366
Waddell and Reed Financial 6,700 219,844
--------------
1,081,322
--------------
BUILDING MATERIALS (1.2%)
Carlisle Cos., Inc. 5,000 225,000
Martin Marietta Materials, Inc. 3,000 121,313
Southdown, Inc. 3,800 219,450
USG Corp. 2,400 72,900
--------------
638,663
--------------
CAPITAL GOODS (1.5%)
American Standard Co. (A) 5,100 209,100
Leggett & Platt, Inc. 4,100 67,650
Tecumseh Products Co. 3,400 129,944
Waters Corp. (A) 3,000 374,437
--------------
781,131
--------------
CHEMICALS (2.8%)
Albemarle Corp. 8,500 167,875
Cabot Corp. 3,500 95,375
Crompton Corp. 8,500 104,125
Georgia Gulf Corp. 1,600 33,300
IMC Global 7,100 92,300
IVAX Corp. (A) 11,600 481,400
Lubrizol Corp. 5,600 117,600
Lyondell Petrochemical Co. 6,100 102,175
Mylan Laboratories, Inc. 5,200 94,900
Solutia, Inc. 12,200 167,750
--------------
1,456,800
--------------
CONGLOMERATES (0.1%)
Olin Corp. 2,600 42,900
--------------
CONSTRUCTION MACHINE (0.1%)
Briggs & Stratton Corp. 1,700 58,225
--------------
CONSUMER (3.2%)
ACNielsen Corp. (A) 9,800 215,600
Acxiom Corp. (A) 6,400 178,800
Dial Corp. 5,000 51,875
DST Systems, Inc. (A) 4,600 350,175
Furniture Brands, Inc., (A) 7,600 114,950
Informix Corp. (A) 17,600 131,451
Meritor Auto Co. 7,400 81,400
Outback Steakhouse, Inc. (A) 8,400 245,700
Pall Corp. 4,100 75,850
Sybron Corp. (A) 5,400 106,987
Viad Corp. 5,800 158,050
--------------
1,710,838
--------------
DEFENSE (0.3%)
Litton Industries (A) 4,000 168,000
--------------
ENERGY (1.3%)
Devon Energy Corp. 4,800 269,700
Hanover Compressor Holdings (A) 3,200 121,600
Helmerich & Payne, Inc. 2,400 89,700
Ocean Energy, Inc. (A) 9,500 134,781
Pioneer Natural Resources (A) 5,600 71,400
--------------
687,181
--------------
ENTERTAINMENT (0.8%)
Electronic Arts, Inc. (A) 3,800 277,281
Park Place Entertainment (A) 13,300 162,094
--------------
439,375
--------------
FINANCE (2.0%)
Allmerica Finance Corp. 4,800 251,400
American Financial Group
Holdings 4,800 119,100
Comdisco, Inc. 8,600 191,887
E*Trade Group, Inc. (A) 12,800 210,801
FINOVA Group 4,000 52,000
Greenpoint Financial Co. 5,800 108,750
Heller Financial, Inc. 5,600 114,800
--------------
1,048,738
--------------
</TABLE>

-34-
<PAGE> 37
STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED

<TABLE>
<CAPTION>
NO. OF MARKET
SHARES VALUE
------------ ------------
<S> <C> <C>
FOOD (2.0%)
Brinker International, Inc. (A) 7,100 $ 207,675
Dreyers Grand Ice Cream, Inc. 5,500 115,156
Hormel Foods 7,900 132,819
IBP, Inc. 11,500 177,531
McCormick & Co., 4,900 159,250
Suiza Foods Co. (A) 4,900 239,487
--------------
1,031,918
--------------
HEALTHCARE (2.8%)
Beckman Coulter, Inc. 4,600 268,525
Express Scripts, Inc. (A) 4,900 302,422
Health Management
Associates, Inc. (A) 11,475 149,892
Minimed, Inc. (A) 1,600 188,800
PacifiCare Health Systems, (A) 2,300 138,359
Trigon Healthcare (A) 5,200 268,125
VISX Inc. (A) 5,200 145,275
--------------
1,461,398
--------------
HOME CONSTRUCTION (0.1%)
Clayton Homes, Inc. 6,137 49,096
--------------
INDEPENDENT ENERGY (0.4%)
Noble Affiliates, Inc. 3,200 119,200
Santa Fe Snyder Corp. (A) 9,500 108,063
--------------
227,263
--------------
INDUSTRIAL (2.2%)
Cintas Corp., 6,950 254,109
Grant Prideco, Inc. (A) 5,800 145,000
Miller Herman, Inc. 5,400 139,557
Minerals Technologies, Inc. 1,700 78,200
Modis Professional
Services, Inc. (A) 10,700 94,962
Pentair, Inc. 3,500 124,250
SPX Corp. (A) 1,600 193,500
Teleflex, Inc. 3,500 129,719
--------------
1,159,297
--------------
INSURANCE (1.9%)
Ambac Financial Group, Inc. 4,300 235,694
Old Republic International Corp. 10,050 165,825
Oxford Health Plans, Inc. (A) 4,100 97,631
PMI Group, Inc. 4,800 228,000
Protective Life Corp. 4,600 122,475
ReliaStar Financial Corp. 3,000 157,312
--------------
1,006,937
--------------
MEDIA-CABLE (1.5%)
Cox Communications, Inc. (A) 1,989 90,624
Media General, Inc. 2,800 135,975
Univision Communications, Inc. (A) 5,500 569,250
--------------
795,849
--------------
MEDIA NON-CABLE (2.4%)
Belo (A.H.) 8,300 143,694
Chris Craft Industries, Inc. (A) 1,733 114,486
Hispanic Broadcasting Corp. (A) 4,800 159,000
Houghton Mifflin Co. 4,100 191,419
Readers Digest Association, Inc. 5,000 198,750
Snyder Communications, Inc. (A) 5,000 118,750
Washington Post Co. 710 339,380
--------------
1,265,479
--------------
METALS (0.2%)
Ryerson Tull, Inc. 8,300 86,112
UCAR International (A) 2,300 30,044
--------------
116,156
--------------
NATURAL GAS DISTRIBUTORS (2.2%)
Dynegy, Inc. 8,500 580,656
KeySpan Corp. 9,600 295,200
MCN Energy Group, Inc. 2,800 59,850
National Fuel Gas Co. 4,600 224,250
--------------
1,159,956
--------------
OIL FIELD (3.8%)
BJ Services Co. (A) 4,700 293,750
Ensco International, Inc. 7,300 261,431
Global Marine, Inc. (A) 9,400 264,962
Nabors Industries, Inc. (A) 7,200 299,250
Noble Drilling Corp. (A) 7,300 300,669
Smith International, Inc. (A) 2,400 174,750
Tidewater, Inc. 2,900 104,400
Varco International, Inc. (A) 2,850 66,263
Weatherford International, Inc. (A) 5,800 230,913
--------------
1,996,388
--------------
PAPER (1.6%)
Bowater, Inc. 2,400 105,900
Consolidated Papers, Inc. 7,300 266,906
Georgia-Pacific Group 7,400 160,025
Glatfelter (P.H.) 4,100 41,769
Reynolds & Reynolds Co. 8,400 153,300
Sonoco Products Co. 5,450 112,066
--------------
839,966
--------------
PHARMACEUTICALS (5.8%)
Chiron Corp. (A) 9,600 456,000
Forest Labs, Inc. (A) 5,200 525,200
Genzyme Corp. (A) 5,000 297,656
Gilead Sciences, Inc. (A) 2,200 156,544
ICN Pharmaceuticals, Inc. 4,100 114,031
IDEC Pharmaceuticals Corp. (A) 1,800 211,106
Incyte Genomics, Inc. (A) 1,600 131,450
Millennium Pharmaceuticals (A) 5,300 592,772
Sepracor, Inc. (A) 5,000 603,125
--------------
3,087,884
--------------
</TABLE>

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<PAGE> 38

STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED

<TABLE>
<CAPTION>
NO. OF MARKET
SHARES VALUE
------------ ------------
<S> <C> <C>
RAILROADS (0.1%)
Trinity Industries 4,300 $ 79,550
--------------
REFINING (0.8%)
Murphy Oil Corp. 2,500 148,594
Ultramar Diamond Shamrock Corp. 7,100 176,169
Valero Energy Corp. 3,200 101,600
--------------
426,363
--------------
RETAILERS (4.4%)
Barnes & Noble, Inc., (A) 6,500 144,625
Bed Bath & Beyond, Inc., (A) 2,600 94,169
BJ's Wholesale Club (A) 6,500 214,500
Callaway Golf 11,300 184,331
CDW Computer Centers, Inc. (A) 6,000 375,188
Dollar Tree Stores (A) 6,000 237,188
Family Dollar Stores, Inc. 14,900 291,481
Fastenal Co. 2,900 146,722
Payless ShoeSource, Inc. (A) 3,100 161,781
Ross Stores, Inc. 9,600 163,500
Westwood One, Inc. (A) 6,500 221,813
Williams-Sonoma, Inc. (A) 3,000 97,313
--------------
2,332,611
--------------
SERVICES (3.7%)
Apollo Group, Inc. (A) 3,800 106,281
Cadence Design Systems (A) 10,350 210,881
Concord EFS, Inc. (A) 8,500 221,000
International Speedway 1,200 49,913
Lincare Holdings, Inc. (A) 6,000 147,563
Manpower, Inc. 6,000 192,000
Robert Half International, Inc. (A) 15,400 438,900
Stryker Corp. 9,200 402,500
Sungard Data Systems, Inc. (A) 5,600 173,600
--------------
1,942,638
--------------
SUPERMARKETS (0.4%)
Hannaford Brothers Co. 3,000 215,625
--------------
TECHNOLOGY (17.9%)
Affiliated Computer
Services, Inc. (A) 3,200 105,800
Analog Devices, Inc. (A) 1,000 76,000
Arrow Electronics, Inc. (A) 6,700 207,700
Atmel Corp. (A) 12,200 449,875
Avnet, Inc. 2,300 136,275
Burr Brown Corp. (A) 4,100 355,419
Checkfree Holdings Corp. (A) 3,200 165,300
Comverse Technology, Inc. (A) 1,300 120,941
Cypress Semiconductor (A) 7,300 308,425
Fiserv, Inc. (A) 7,325 316,806
Harris Corp. 5,400 176,850
Imation Corp. (A) 4,600 135,125
Integrated Device
Technologies, Inc. (A) 6,200 372,000
Intuit, Inc. (A) 11,600 479,225
Jabil Circuit, Inc. (A) 10,100 501,212
Legato Systems, Inc. (A) 4,390 66,262
Level 3 Communications Holdings (A) 4,600 262,487
Macromedia, Inc. (A) 2,000 193,313
MarchFirst, Inc. (A) 5,300 96,891
Micrel, Inc. (A) 6,200 269,507
Microchip Technology, Inc. (A) 4,150 242,256
Molex, Inc. 2,175 104,808
Network Associates, Inc. (A) 7,700 157,129
Nova Corp. (A) 5,900 164,831
Nvidia Corp. (A) 3,200 203,300
Qlogic Corp. (A) 4,100 271,241
Quantum Corp. (A) 9,700 93,969
Rational Software Corp. (A) 6,200 576,019
SCI Systems, Inc. (A) 7,800 305,662
Sybase, Inc. (A) 7,200 165,825
Symantec Corp. (A) 3,300 178,097
Symbol Technologies, Inc. 8,300 448,200
Synopsys, Inc. (A) 2,600 89,781
Technology Data Corp. (A) 2,400 104,475
TranSwitch, Corp. (A) 2,600 200,769
TriQuint Semiconductor (A) 2,000 191,313
VERITAS Software Corp. (A) 750 84,727
Vishay Intertechnology, Inc. (A) 8,387 318,182
Vitesse Semiconductor Corp. (A) 10,500 772,735
--------------
9,468,732
--------------
TELECOMMUNICATIONS (2.9%)
Adtran, Inc. (A) 3,000 179,531
Broadwing, Inc. (A) 15,400 399,437
CSG Systems International, Inc. (A) 1,600 89,750
Polycom, Inc. (A) 2,200 206,938
Sawtek, Inc. (A) 3,700 212,866
Telephone & Data Systems, Inc. 4,000 401,000
Winstar Communications, Inc. (A) 1,650 55,894
--------------
1,545,416
--------------
TEXTILE (0.5%)
Jones Apparel Group, Inc. (A) 7,100 166,850
Shaw Industries, Inc. 6,800 85,000
--------------
251,850
--------------
TOBACCO (0.3%)
R.J. Reynolds Tobacco
Holdings, Inc. 6,200 173,213
--------------

TRANSPORTATION (1.0%)
C.H. Robinson Worldwide, Inc. 4,700 232,503
CNF Transportation 4,100 93,275
GATX Corp. 5,200 176,800
--------------
502,578
--------------
</TABLE>

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<PAGE> 39

STATEMENT OF INVESTMENTS (UNAUDITED) - CONTINUED

<TABLE>
<CAPTION>
NO. OF MARKET
SHARES VALUE
------------ ------------
<S> <C> <C>
UTILITIES (7.6%)
Allegheny Energy, Inc. 3,800 $ 104,025
Alliant Energy Corp. 5,800 150,800
Calpine Corp. (A) 10,100 664,075
Constellation Energy Group 3,000 97,688
DPL, Inc. 10,000 219,375
DQE, Inc. 5,200 205,725
Energy East 8,900 169,656
IPALCO Enterprises, Inc. 10,200 205,275
Kinder Morgan, Inc. 8,400 290,325
Minnesota Power, Inc. 8,400 145,425
Montana Power Co. 9,000 317,812
NiSource, Inc. 6,100 113,613
Northeast Utilities 7,300 158,775
OGE Energy Corp. 8,300 153,550
Pinnacle West Capital Corp. 5,000 169,375
Powerwave Technology, Inc. (A) 3,700 162,800
Public Service Of New Mexico 8,900 137,394
SCANA Corp. 7,800 188,175
TECO Energy, Inc. 11,200 224,700
Wisconsin Energy 7,100 140,669
--------------
4,019,232
--------------
TOTAL COMMON STOCKS
(COST $43,794,318 ) 45,722,522
--------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
------------
<S> <C> <C>
SHORT-TERM INVESTMENTS (13.6%)
COMMERCIAL PAPER (12.3%)
DaimlerChrysler North
America, Corp.,
6.89% due July 11, 2000 $ 1,000,000 997,937
Ford Motor Credit Co.,
6.69% due July 7, 2000 1,500,000 1,498,002
GE Capital Corp.,
6.63% due July 6, 2000 1,740,000 1,738,006
American Express Credit Corp.,
6.76% due July 10, 2000 1,255,000 1,252,638
Household Finance Corp.,
7.00% due July 3, 2000 993,000 992,619
--------------
6,479,202
--------------
U.S. TREASURY (1.3%)
United States of America Treasury,
5.96% due October 19, 2000 (B) 675,000 663,356
--------------

TOTAL SHORT-TERM
INVESTMENTS (COST $7,143,511) 7,142,558
--------------

NOTIONAL MARKET
VALUE VALUE
------------ ------------
FUTURES CONTRACTS (0.0%)
S&P 400 MidCap Index,
Exp. September, 2000 (C) $ 6,836,200 -
--------------
TOTAL INVESTMENTS (100%)
(COST $50,937,829) (D) $ 52,865,080
==============
</TABLE>

NOTES

(A) Non-income Producing Security.

(B) Par value of $660,000 pledged to cover margin deposits on futures contracts.

(C) As more fully discussed in Note 1 to the financial statements, it is Account
TAS'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
TAS uses futures contracts as a substitute for holding individual
securities.

(D) At June 30, 2000, net unrealized appreciation for all securities was
$1,927,251. This consisted of aggregate gross unrealized appreciation for
all securities in which there was an excess of market value over cost of
$6,224,209 and aggregate gross unrealized depreciation for all securities in
which there was an excess of cost over market value of $4,296,958.

See Notes to Financial Statements

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<PAGE> 43

Investment Advisers
THE TRAVELERS INVESTMENT MANAGEMENT COMPANY
Hartford, Connecticut

THE TRAVELERS TIMED GROWTH AND INCOME STOCK ACCOUNT FOR VARIABLE ANNUITIES
THE TRAVELERS TIMED SHORT-TERM BOND ACCOUNT FOR VARIABLE ANNUITIES
THE TRAVELERS TIMED AGGRESSIVE STOCK ACCOUNT FOR VARIABLE ANNUITIES

Independent Accountants
KPMG LLP
Hartford, Connecticut

Custodian
THE CHASE MANHATTAN BANK, N.A.
New York, New York

The financial information included herein has been taken from the records of The
Travelers Timed Growth and Income Stock Account for Variable Annuities, The
Travelers Timed Short-Term Bond Account for Variable Annuities and The Travelers
Timed Aggressive Stock Account for Variable Annuities. This financial
information has not been audited by the Accounts' independent accountants, who
therefore express no opinion concerning its accuracy. However, it is
management's opinion that all proper adjustments have been made.

This report is prepared for the general information of contract owners and is
not an offer of units of The Travelers Timed Growth and Income Stock Account for
Variable Annuities, The Travelers Timed Short-Term Bond Account for Variable
Annuities, or The Travelers Timed Aggressive Stock Account for Variable
Annuities. It should not be used in connection with any offer except in
conjunction with the Universal Annuity Prospectus which contains all pertinent
information, including the applicable sales commissions.

VG-182 (Semi-Annual) (6-00) Printed in U.S.A.