UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6465

The Travelers Series Trust

(Exact name of registrant as specified in charter)

125 Broad Street, New York, NY 10004
(Address of principal executive offices) (Zip code)

Paul G. Cellupica, Chief Counsel
c/o MetLife, Inc.
One MetLife Plaza
27-01 Queens Plaza North
Long Island City, NY 11101
(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 578-5526

Date of fiscal year end: December 31
Date of reporting period: June 30, 2005

ITEM 1.REPORT TO STOCKHOLDERS.

     The Semi-Annual Report to Stockholders is filed herewith.

SEMI-ANNUAL REPORT

June 30, 2005

The Travelers Series Trust:

Travelers Quality Bond Portfolio
Mondrian International Stock Portfolio
Federated High Yield Portfolio
Federated Stock Portfolio
Disciplined Mid Cap Stock Portfolio

The Travelers Insurance Company

The Travelers Life and Annuity Company

One Cityplace

Hartford, CT 06103

Semi-Annual Report for The Travelers Series Trust

 WHAT’S INSIDE

Letter from the Chairman		1
Fund at a Glance
	Travelers Quality Bond Portfolio	5
	Mondrian International Stock Portfolio	6
	Federated High Yield Portfolio	7
	Federated Stock Portfolio	8
	Disciplined Mid Cap Stock Portfolio	9
Fund Expenses		10
Schedules of Investments		12
Statements of Assets and Liabilities		49
Statements of Operations		50
Statements of Changes in Net Assets		51
Financial Highlights		53
Notes to Financial Statements		58
Factors Considered by the Independent Trustees in Approving the Investment Advisory and the Subadvisory Agreements		65
Combined Special Shareholder Meeting		69

 LETTER FROM THE CHAIRMAN

Dear Shareholder,

The U.S. economy overcame a number of obstacles and continued to expand during the reporting period. Rising interest rates, record high oil prices, and geopolitical issues threatened to send the economy into a “soft patch.” However, when all was said and done, first quarter 2005 gross domestic product (“GDP”)ⁱ growth was 3.8%, mirroring the solid gain that occurred during the fourth quarter of 2004.

Given the overall strength of the economy, the Federal Reserve Board (“Fed”)ⁱⁱ continued to raise interest rates over the period in an attempt to ward off inflation. Following five rate hikes from June 2004 through December 2004, the Fed again increased its target for the federal funds rateⁱⁱⁱ in 0.25% increments four additional times during the reporting period. All told, the Fed’s nine rate hikes brought the target for the federal funds rate from 1.00% to 3.25%.

During the six months covered by this report, the U.S. stock market was relatively flat, with the S&P 500 Index^iv returning -0.81%. As was the case in the U.S., international equities largely treaded water during the six-month reporting period.
R. JAY GERKEN, CFA
Chairman, President and
Chief Executive Officer*

During this time, international equities, as measured by the MSCI EAFE Index,^v fell 1.17%. Lackluster economic news, record high oil prices, and a strengthening U.S. dollar all kept the international equity markets from generating momentum. An April 2005 International Monetary Fund World Economic Outlook projected a modest 1.6% growth rate for the Eurozone in 2005 and Japanese growth was expected to be 0.8% in 2005, compared to 2.6% in 2004. In addition, oil prices hit $60 a barrel and led to additional concerns regarding economic growth and a possible increase in inflation. Finally, after falling in 2004, the U.S. dollar surprisingly rose versus the yen and euro during the reporting period. This was bad news for Americans investing overseas, as returns from international securities then decline when translated back into U.S. dollars. Stocks were weak early in the reporting period, as the issues discussed above caused investors to remain on the sidelines. Equities then rallied in the second quarter of 2005, as the economy appeared to be on solid footing and inflation was largely under control. Looking at the reporting period as a whole, mid-cap stocks generated superior returns, with the Russell Midcap,^vi Russell 1000,^vii and Russell 2000^viii Indexes returning 3.92%, 0.11%, and -1.25%, respectively. From a market style perspective, value-oriented stocks outperformed their growth counterparts.

During the reporting period, the fixed income market confounded many investors as short-term interest rates rose in concert with the Fed rate tightening, while longer-term rates, surprisingly, declined. When the period began, the federal funds target rate was 2.25% and the yield on the 10-year Treasury was 4.24%. When the reporting period ended, the federal funds rate rose to 3.25% and the 10-year yield fell to 3.92%. Declining long term rates, mixed economic data, and periodic flights to quality all supported bond prices. Looking at the six-month period as a whole, the overall bond market, as measured by the Lehman Brothers Aggregate Bond Index,^ix returned 2.51%.

Within this environment, the Funds performed as follows:¹

Travelers Quality Bond Portfolio¹

For the six months ended June 30, 2005, the Travelers Quality Bond Portfolio, excluding sales charges, returned 1.72%. The Fund outperformed its unmanaged benchmark, the Lehman Brothers Intermediate Government/ Credit Bond Index,^x which returned 1.59% for the same period. It also outperformed the Lipper Variable Short-Intermediate Investment Grade Debt Funds Category Average² which increased 0.96%.

Mondrian International Stock Portfolio¹

For the six months ended June 30, 2005, the Mondrian International Stock Portfolio, excluding sales charges, returned -1.61%. The Fund outperformed its unmanaged benchmark, the MSCI EAFE GDP Index,^xi which returned -2.09% for the same period. The Lipper Variable International Value Funds Category Average³ decreased 1.38% over the same time frame.

1	The Funds are underlying investment options of various variable annuity and variable life products. The Funds’ performance returns do not reflect the deduction of sales charges and expenses imposed in connection with investing in variable annuity and variable life contracts, such as administrative fees, account charges and surrender charges which, if reflected, would reduce the performance of the Funds. Past performance is no guarantee of future results.
2	Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the 6-month period ended June 30, 2005, including the reinvestment of dividends and capital gains distributions, if any, calculated among the 33 funds in the Fund’s Lipper category, and excluding sales charges.
3	Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the 6-month period ended June 30, 2005, including the reinvestment of dividends and capital gains distributions, if any, calculated among the 31 funds in the Fund’s Lipper category, and excluding sales charges.

1

PERFORMANCE SNAPSHOT

AS OF JUNE 30, 2005

(unaudited)

	6 Months
Travelers Quality Bond Portfolio		1.72%
Lehman Brothers Intermediate Government/ Credit Bond Index		1.59%
Lipper Variable Short-Intermediate Investment Grade Debt Funds Category Average		0.96%
Mondrian International Stock Portfolio		-1.61%
MSCI EAFE GDP Index		-2.09%
Lipper Variable International Value Funds Category Average		-1.38%
Federated High Yield Portfolio		0.00%
Lehman Brothers High Yield Index		1.11%
Lehman Brothers Aggregate Bond Index		2.51%
Lipper Variable High Current Yield Funds Category Average		0.45%
Federated Stock Portfolio		0.60%
S&P 500 Barra Value Index		0.09%
Lipper Variable Multi-Cap Value Funds Category Average		0.45%
Disciplined Mid Cap Stock Portfolio		4.59%
S&P MidCap 400 Index		3.85%
Lipper Variable Mid-Cap Core Funds Category Average		3.18%

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value and investment returns will fluctuate and investors’ shares, when redeemed, may be worth more or less than their original cost.

Fund returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses.

Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended June 30, 2005 and include the reinvestment of dividends and capital gains distributions, if any. Returns were calculated among the 33 funds in the variable short-intermediate investment grade debt funds category. Returns were calculated among the 31 funds in the variable international value funds category. Returns were calculated among the 89 funds in the variable high current yield funds category. Returns were calculated among the 90 funds in the variable multi-cap value funds category. Returns were calculated among the 77 funds in the variable mid-cap core funds category.

Federated High Yield Portfolio⁴

For the six months ended June 30, 2005, the Federated High Yield Portfolio, excluding sales charges, returned 0.00%. These shares underperformed the Lipper Variable High Current Yield Funds Category Average⁵ which increased 0.45% over the same time frame. The Fund’s unmanaged benchmarks, the Lehman Brothers High Yield Index^xii and the Lehman Brothers Aggregate Bond Index, returned 1.11% and 2.51%, respectively, for the same period.

Federated Stock Portfolio⁴

For the six months ended June 30, 2005, the Federated Stock Portfolio, excluding sales charges, returned 0.60%. The Fund outperformed its unmanaged benchmark, the S&P 500 Barra Value Index,^xiii which returned 0.09% for the same period. It also outperformed the Lipper Variable Multi-Cap Value Funds Category Average⁶, which increased 0.45% over the same time frame.

4	The Fund is an underlying investment option of various variable annuity and variable life products. The Fund’s performance returns do not reflect the deduction of sales charges and expenses imposed in connection with investing in variable annuity and variable life contracts, such as administrative fees, account charges and surrender charges which, if reflected, would reduce the performance of the Fund. Past performance is no guarantee of future results.
5	Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the 6-month period ended June 30, 2005, including the reinvestment of dividends and capital gains distributions, if any, calculated among the 89 funds in the Fund’s Lipper category, and excluding sales charges.
6	Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the 6-month period ended June 30, 2005, including the reinvestment of dividends and capital gains distributions, if any, calculated among the 90 funds in the Fund’s Lipper category, and excluding sales charges.

2

Disciplined Mid Cap Stock Portfolio⁷

For the six months ended June 30, 2005, the Disciplined Mid Cap Stock Portfolio, excluding sales charges, returned 4.59%. The Fund outperformed its unmanaged benchmark, the S&P MidCap 400 Index,^xiv which returned 3.85% for the same period. It also outperformed the Lipper Variable Mid-Cap Core Funds Category Average⁸ which increased 3.18% over the same period.

Special Shareholder Notice

On January 31, 2005, Citigroup Inc. (“Citigroup”) announced that it had agreed to sell The Travelers Insurance Company and certain other domestic and international insurance businesses to MetLife Inc. (“MetLife”) pursuant to an acquisition agreement (“MetLife Transaction”). The sale included Travelers Asset Management International Company LLC (“TAMIC”), which serves as the investment advisor for the Funds. During the spring/summer 2005, the shareholders of the Funds approved the change in control of TAMIC from Citigroup to MetLife, as well as the new advisory agreements with TAMIC. The MetLife Transaction closed on July 1, 2005.

Information About Your Funds

As you may be aware, several issues in the mutual fund and variable annuity product industry have recently come under the scrutiny of federal and state regulators. The Travelers Insurance Company and some of its affiliates have received requests for information from various government regulators regarding market timing, late trading, fees, revenue sharing, producer compensation and other mutual fund and variable annuity product issues in connection with various inquiries and or investigations. The Travelers Insurance Company and its affiliates are responding to those information requests, but are not in a position to predict the outcome of these requests and investigations.

Important information concerning the Funds and their sub-administrator with regard to recent regulatory developments is contained in the “Additional Information” note in the Notes to Financial Statements included in this report.

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

Sincerely,

R. Jay Gerken, CFA

Chairman, President and Chief Executive Officer*

July 18, 2005

*  Mr. Gerken resigned as Chairman, President and Chief Executive Officer of the Funds when the MetLife Transaction closed on July 1, 2005.

7

The Fund is an underlying investment option of various variable annuity and variable life products. The Fund’s performance returns do not reflect the deduction of sales charges and expenses imposed in connection with investing in variable annuity and variable life contracts, such as administrative fees, account charges and surrender charges which, if reflected, would reduce the performance of the Fund. Past performance is no guarantee of future results.

8

Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the 6-month period ended June 30, 2005, including the reinvestment of dividends and capital gains distributions, if any, calculated among the 77 funds in the Fund’s Lipper category, and excluding sales charges.

3

The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole.
Portfolio holdings and breakdowns are as of June 30, 2005 and are subject to change. Please refer to pages 12 through 47 for a list and percentage breakdown of the Funds’ holdings.
All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.
i	Gross domestic product is a market value of goods and services produced by labor and property in a given country.
ii	The Federal Reserve Board is responsible for the formulation of a policy designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.
iii	The federal funds rate is the interest rate that banks with excess reserves at a Federal Reserve district bank charge other banks that need overnight loans.
iv	The S&P 500 Index is an unmanaged index of 500 stocks that is generally representative of the performance of larger companies in the U.S.
v	The MSCI EAFE Index is an unmanaged index of common stocks of companies located in Europe, Australasia and the Far East.
vi	The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index whose average market capitalization was approximately $4.7 billion as of 6/24/05.
vii	The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.
viii	The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.
ix	The Lehman Brothers Aggregate Bond Index is a broad-based bond index comprised of Government, Corporate, Mortgage and Asset-backed issues, rated investment grade or higher, and having at least one year to maturity.
x	The Lehman Brothers Intermediate Government/Credit Bond Index is a market value weighted performance benchmark for government and corporate fixed-rate debt issues (rated Baa/BBB or higher) with maturities between one and ten years.
xi	The MSCI EAFE GDP Index is an unmanaged index of common stocks of companies of companies located in Europe, Australasia and the Far East, generally considered representative of foreign markets.
xii	The Lehman Brothers High Yield Index covers the universe of fixed rate, non-investment grade debt, including corporate and non-corporate sectors. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zero coupon bonds, step-up coupon structures, and 144-As are also included.
xiii	The S&P 500 Barra Value is a market-capitalization weighted index of stocks in the S&P 500 having lower price-to-book ratios relative to the S&P 500 as a whole. (A price-to-book ratio is the price of a stock compared to the difference between a company’s assets and liabilities.)
xiv	The S&P MidCap 400 Index is a market-value weighted index which consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation.

4

 Fund at a Glance — Travelers Quality Bond Portfolio (unaudited)

5

 Fund at a Glance — Mondrian International Stock Portfolio (unaudited)

6

 Fund at a Glance — Federated High Yield Portfolio (unaudited)

7

 Fund at a Glance — Federated Stock Portfolio (unaudited)

8

 Fund at a Glance — Disciplined Mid Cap Stock Portfolio (unaudited)

9

 Fund Expenses (unaudited)

          Example

      As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Funds’ expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

      This example is based on an investment of $1,000 invested on January 1, 2005 and held for the six months ended June 30, 2005.

          Actual Expenses

      The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.

 Based on Actual Total Return⁽¹⁾

				Beginning		Ending		Annualized			Expenses
	Actual Total			Account		Account		Expense			Paid During
	Return(2)			Value		Value		Ratio			the Period(3)
Travelers Quality Bond Portfolio		1.72	%	$	1,000.00	$	1,017.20		0.44	%	$	2.20
Mondrian International Stock Portfolio		(1.61	)		1,000.00		983.90		0.95			4.67
Federated High Yield Portfolio		0.00			1,000.00		1,000.00		0.86			4.26
Federated Stock Portfolio		0.60			1,000.00		1,006.00		0.93			4.63
Disciplined Mid Cap Stock Portfolio		4.59			1,000.00		1,045.90		0.81			4.11

(1)	For the six months ended June 30, 2005.
(2)	Assumes reinvestment of dividends and capital gains distributions, if any, at net asset value. Total return is not annualized, as it may not be representative of the total return for the year. Total returns do not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the total returns. Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower.
(3)	Expenses are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

10

 Fund Expenses (unaudited) (continued)

          Hypothetical Example for Comparison Purposes

      The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Funds with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

      Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 Based on Hypothetical Total Return⁽¹⁾

	Hypothetical			Beginning		Ending		Annualized			Expenses
	Annualized			Account		Account		Expense			Paid During
	Total Return			Value		Value		Ratio			the Period(2)
Travelers Quality Bond Portfolio		5.00	%	$	1,000.00	$	1,022.61		0.44	%	$	2.21
Mondrian International Stock Portfolio		5.00			1,000.00		1,020.08		0.95			4.76
Federated High Yield Portfolio		5.00			1,000.00		1,020.53		0.86			4.31
Federated Stock Portfolio		5.00			1,000.00		1,020.18		0.93			4.66
Disciplined Mid Cap Stock Portfolio		5.00			1,000.00		1,020.78		0.81			4.06

(1)	For the six months ended June 30, 2005.
(2)	Expenses are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

11

 Schedules of Investments (unaudited) June 30, 2005 

Travelers Quality Bond Portfolio

FACE
AMOUNT		RATING‡		SECURITY	VALUE
CORPORATE BONDS & NOTES — 45.9%
Aerospace/Defense — 0.6%
$	1,100,000		BBB	Northrop Grumman Corp., Notes, 4.079% due 11/16/06	$	1,097,183
Agriculture — 0.9%
	1,700,000		BBB	Altria Group, Inc., Notes, 5.625% due 11/4/08		1,764,988
Auto Manufacturers — 1.0%
	1,300,000		BBB	DaimlerChrysler North America Holding Corp., Notes, 7.300% due 1/15/12		1,454,571
	400,000		BB+	Ford Motor Co., Global Landmark SecuritiesTM, 7.450% due 7/16/31		334,781
						1,789,352
Banks — 6.1%
	1,720,000		AA-	ABN AMRO Bank NV, Senior Notes, 3.310% due 5/11/07 (a)		1,722,430
	1,000,000		AA-	Bank of America Corp., Senior Notes, 5.375% due 6/15/14		1,064,433
	700,000		A+	HSBC Bank USA, Subordinated Notes, 5.875% due 11/1/34		765,592
	700,000		A-	Huntington National Bank, Senior Notes, 4.650% due 6/30/09		708,493
	300,000		AA	Rabobank Capital Funding Trust III, Subordinated Notes, 5.254% due 12/31/16 (b)		308,376
	500,000		A	RBS Capital Trust I, Subordinated Bank Guarantee, 4.709% due 12/29/49 (a)		494,104
	800,000		A+	Royal Bank of Scotland Group PLC, Subordinated Bonds, 5.050% due 1/8/15		828,634
				U.S. Bank North America:
	1,800,000		AA-	Notes, 2.870% due 2/1/07		1,771,654
	1,000,000		A+	Subordinated Notes, 4.950% due 10/30/14		1,029,654
				Wachovia Bank North America, Subordinated Notes:
	500,000		A+	4.800% due 11/1/14		506,783
	1,400,000		A+	3.590% due 11/3/14 (a)		1,417,560
	900,000		A-	Washington Mutual Bank FA, Subordinated Notes, 5.125% due 1/15/15		915,898
						11,533,611
Beverages — 1.0%
	700,000		A+	Bottling Group LLC, Notes, 4.625% due 11/15/12		711,623
	1,200,000		A	PepsiAmericas, Inc., Notes, 4.875% due 1/15/15		1,224,576
						1,936,199
Diversified Financial Services — 12.5%
	1,000,000		AA+	AIG SunAmerica Global Financing VII, Senior Notes, 5.850% due 8/1/08 (b)		1,043,188
	1,700,000		A+	American General Finance Corp., Medium-Term Notes, Series I, 3.875% due 10/1/09		1,661,991
	1,170,000		BBB	Capital One Bank, Notes, 5.000% due 6/15/09		1,196,530
	500,000		BBB-	Capital One Financial Corp., Notes, 5.500% due 6/1/15		512,493
	1,500,000		A	Caterpillar Financial Services Corp., Notes, 4.700% due 3/15/12		1,529,745
	900,000		A	Countrywide Financial Corp., Medium-Term Notes, Series A, 4.500% due 6/15/10		899,874
	1,330,000		A	Countrywide Home Loans, Inc., Medium-Term Notes, Series L, 4.000% due 3/22/11		1,284,299
				Credit Suisse First Boston USA, Inc., Notes:
	1,100,000		A+	3.875% due 1/15/09		1,087,954
	600,000		A+	6.125% due 11/15/11		653,528
				Ford Motor Credit Co.:
	1,900,000		BB+	Global Landmark SecuritiesTM, 6.875% due 2/1/06		1,919,256
	200,000		BB+	Notes, 5.700% due 1/15/10		184,647

See Notes to Financial Statements.

12

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Travelers Quality Bond Portfolio

FACE
AMOUNT		RATING‡		SECURITY	VALUE
Diversified Financial Services — 12.5% (continued)
$	600,000		BBB-	Glencore Funding LLC, Notes, 6.000% due 4/15/14 (b)	$	576,301
	2,100,000		A+	Goldman Sachs Group, Inc., Notes, 5.250% due 10/15/13		2,170,623
	2,600,000		A	HSBC Finance Corp., Notes, 6.375% due 10/15/11		2,846,379
	800,000		A	JPMorgan Chase & Co., Subordinated Notes, 5.250% due 5/1/15		828,290
	1,300,000		A	Lehman Brothers Holdings, Inc., Medium-Term Notes, Series G, 4.800% due 3/13/14		1,315,935
	1,700,000		AAA	MassMutual Global Funding II, Notes, 2.550% due 7/15/08 (a)(b)		1,623,718
				Merrill Lynch & Co., Inc., Medium-Term Notes, Series C:
	700,000		A+	4.125% due 9/10/09		697,691
	700,000		A+	4.250% due 2/8/10		698,984
	700,000		A+	5.000% due 1/15/15		718,106
						23,449,532
Electric — 4.9%
	700,000		BBB+	Dominion Resources, Inc., Senior Notes, Series F, 5.250% due 8/1/33		718,200
	2,800,000		BBB	Pepco Holdings, Inc., Notes, 5.500% due 8/15/07		2,863,496
	750,000		BB-	PSEG Energy Holdings LLC, Senior Notes, 8.625% due 2/15/08		800,625
	1,700,000		AA	SP PowerAssets Ltd., Notes, 5.000% due 10/22/13 (b)		1,764,865
	800,000		BBB-	TransAlta Corp., Notes, 5.750% due 12/15/13		842,625
	2,200,000		BBB-	Xcel Energy, Inc., Senior Notes, 3.400% due 7/1/08		2,145,475
						9,135,286
Food — 1.7%
	300,000		BB+	Delhaize America, Inc., Debentures, 9.000% due 4/15/31		376,044
	1,300,000		BBB-	Fred Meyer, Inc., Notes, 7.450% due 3/1/08		1,399,226
	1,400,000		BBB-	Safeway, Inc., Notes, 6.500% due 3/1/11		1,514,941
						3,290,211
Forest Products & Paper — 0.4%
	700,000		BBB	International Paper Co., Notes, 5.300% due 4/1/15		703,376
Gas — 0.4%
	700,000		A+	Southern California Gas Co., First Mortgage Bonds, Series II, 4.375% due 1/15/11		700,265
Health Care – Services — 0.4%
	700,000		BBB+	WellPoint, Inc., Bonds, 6.800% due 8/1/12		790,995
Home Builders — 0.7%
	600,000		BB+	D.R. Horton, Inc., Senior Notes, 5.250% due 2/15/15		583,886
	800,000		BBB-	Pulte Homes, Inc., Senior Notes, 5.200% due 2/15/15		792,811
						1,376,697
Insurance — 0.8%
				Berkshire Hathaway Finance Corp.:
	300,000		AAA	3.330% due 5/16/08 (a)(b)		300,107
	700,000		AAA	4.750% due 5/15/12 (b)		707,416
	400,000		BBB+	GE Global Insurance Holding Corp., Notes, 7.000% due 2/15/26		429,911
						1,437,434

See Notes to Financial Statements.

13

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Travelers Quality Bond Portfolio

FACE
AMOUNT		RATING‡		SECURITY	VALUE
Media — 4.2%
$	400,000		BBB-	Clear Channel Communications, Inc., Senior Notes, 4.400% due 5/15/11	$	376,529
	900,000		BBB+	Comcast Cable Communications, Inc., Exchange Notes, 8.500% due 5/1/27		1,210,338
	1,500,000		BBB-	COX Communications, Inc., Notes, 7.125% due 10/1/12		1,684,545
	879,000		BB+	Liberty Media Corp., Senior Notes, 4.910% due 9/17/06 (a)		884,634
	3,600,000		BBB+	Time Warner, Inc., Notes, 6.150% due 5/1/07		3,726,591
						7,882,637
Mining — 0.4%
	600,000		BBB	Phelps Dodge Corp., Senior Notes, 8.750% due 6/1/11		726,301
Miscellaneous Manufacturing — 2.3%
	2,400,000		AAA	General Electric Co., Notes, 5.000% due 2/1/13		2,481,914
	1,800,000		BBB	Tyco International Group SA, 6.125% due 11/1/08		1,907,370
						4,389,284
Oil & Gas — 1.0%
	700,000		BBB+	Anadarko Finance Co., Senior Notes, Series B, 6.750% due 5/1/11		778,720
	1,000,000		BBB	Devon Financing Corp. ULC, Notes, 6.875% due 9/30/11		1,120,402
						1,899,122
Oil & Gas Services — 0.2%
	400,000		BBB+	Cooper Cameron Corp., Senior Notes, 2.650% due 4/15/07		388,236
Pharmaceuticals — 1.2%
	2,200,000		A	Wyeth, Notes, 5.500% due 2/1/14		2,322,100
Pipelines — 1.2%
	300,000		BBB+	Consolidated Natural Gas Co., Senior Notes, 5.000% due 12/1/14		304,053
	700,000		BBB-	Duke Capital LLC, Senior Notes, 4.331% due 11/16/06		701,165
	870,000		BBB	Duke Energy Field Services Corp., Notes, 7.500% due 8/16/05		873,443
	300,000		BBB+	Kinder Morgan Energy Partners LP, Notes, 5.125% due 11/15/14		303,988
						2,182,649
Real Estate — 0.3%
	500,000		BBB-	Colonial Realty LP, Notes, 4.750% due 2/1/10		496,578
Real Estate Investment Trust — 1.3%
	100,000		BBB+	AvalonBay Communities, Inc., Notes, 4.950% due 3/15/13		100,920
	500,000		BBB	HRPT Properties Trust, Senior Notes, 6.250% due 8/15/16		542,456
	660,000		BBB-	iStar Financial, Inc., Senior Notes, 6.000% due 12/15/10		687,288
	200,000		A-	Kimco Realty Corp., Medium-Term Notes, Series C, 3.410% due  8/1/06 (a)		200,262
	250,000		BBB-	Nationwide Health Properties, Inc., Medium-Term Notes, Series C, 6.900% due 10/1/37		280,870
				Simon Property Group LP, Notes:
	300,000		BBB+	4.600% due 6/15/10 (b)		300,496
	300,000		BBB+	5.100% due 6/15/15 (b)		300,419
						2,412,711
Software — 0.8%
	1,500,000		BBB-	Computer Associates International, Inc., Senior Notes, 4.750% due 12/1/09 (b)		1,496,695

See Notes to Financial Statements.

14

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Travelers Quality Bond Portfolio

FACE
AMOUNT		RATING‡			SECURITY	VALUE
Telecommunications — 1.6%
$	600,000		A-		Deutsche Telekom International Finance BV, Bonds, 8.750% due 6/15/30	$	814,911
	700,000		A		SBC Communications, Inc., Bonds, 6.450% due 6/15/34		789,763
	1,350,000		BBB-		Sprint Capital Corp., Notes, 6.125% due 11/15/08		1,423,302
							3,027,976
					TOTAL CORPORATE BONDS & NOTES (Cost — $84,515,598)		86,229,418
ASSET-BACKED SECURITIES — 3.0%
Automobile — 1.1%
	690,319		AAA		DaimlerChrysler Auto Trust, Series 2001-C, Class A4, 4.630% due 12/6/06		690,875
	1,135,896		AAA		Ford Credit Auto Owner Trust, Series 2002-B, Class A4, 4.750% due 8/15/06		1,138,659
	255,798		AAA		Toyota Auto Receivables Owner Trust, Series 2002-C, Class A3, 2.650% due 11/15/06		255,680
							2,085,214
Credit Card — 0.9%
	1,700,000		AAA		Discover Card Master Trust I, Series 1996-3, Class A, 6.050% due 8/18/08		1,724,106
Home Equity — 0.6%
	1,000,000		AAA		Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2002-2, Class 1A5, 5.833% due 4/25/32		1,028,198
Other — 0.4%
	722,028		AAA		California Infrastructure PG&E-1, Series 1997-1, Class A7, 6.420% due 9/25/08		734,894
					TOTAL ASSET-BACKED SECURITIES (Cost — $5,865,375)		5,572,412
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.5%
	2,800,000		AAA		Banc of America Commercial Mortgage, Inc., Series 2004-6, Class AJ, 4.870% due 12/10/42		2,847,055
					JPMorgan Chase Commercial Mortgage Securities Corp.:
	3,000,000		Aaa (c	)	Series 2004-C3, Class AJ, 4.922% due 1/15/42		3,059,819
	1,150,000		AAA		Series 2005-LDP1, Class A4, 5.038% due 3/15/46		1,191,585
					LB-UBS Commercial Mortgage Trust:
	1,090,000		AAA		Series 2002-C4, Class A5, 4.853% due 9/15/31		1,116,007
	900,000		AAA		Series 2005-C1, Class AJ, 4.806% due 2/15/40		911,065
	1,130,000		AAA		Morgan Stanley Capital I, Inc., Series 2005-IQ9, Class A4, 4.660% due 7/15/56		1,139,626
					TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
					(Cost — $10,127,302)		10,265,157
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 32.7%
U.S. Government Agencies — 3.2%
	1,200,000				FHLMC, step bond to yield 2.900% due 2/27/19		1,193,414
					FNMA:
	2,400,000				1.750% due 6/16/06		2,355,310
	2,600,000				step bond to yield 1.011% due 2/9/07		2,595,967
							6,144,691

See Notes to Financial Statements.

15

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Travelers Quality Bond Portfolio

FACE
AMOUNT		SECURITY	VALUE
U.S. Government Obligations — 29.5%
$	1,000,000	U.S. Treasury Bonds, 5.250% due 2/15/29	$	1,144,024
		U.S. Treasury Notes:
	9,760,000	5.875% due 11/15/05		9,853,794
	21,000,000	2.875% due 11/30/06		20,792,478
	2,600,000	2.750% due 8/15/07		2,552,878
	6,520,000	3.375% due 11/15/08		6,456,078
	200,000	3.875% due 5/15/10		201,203
	200,000	3.625% due 6/15/10		199,188
	4,400,000	5.750% due 8/15/10		4,810,269
	9,200,000	4.125% due 5/15/15		9,337,282
				55,347,194
		TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
		(Cost — $61,563,131)		61,491,885
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
		(Cost — $162,071,406)		163,558,872
SHORT-TERM INVESTMENT — 12.2%
Repurchase Agreement — 12.2%
	22,839,000	State Street Bank & Trust Co., dated 6/30/05, 2.550% due 7/1/05, Proceeds due at maturity — $22,840,618; (Fully collateralized by U.S. Treasury Bond, 7.250% due 8/15/22; Market value — $23,299,824) (Cost — $22,839,000)		22,839,000
		TOTAL INVESTMENTS — 99.3% (Cost — $184,910,406#)		186,397,872
		Other Assets in Excess of Liabilities — 0.7%		1,364,880
		TOTAL NET ASSETS — 100.0%	$	187,762,752

‡	All ratings are by Standard & Poor’s Ratings Service, unless otherwise footnoted.
(a)	Variable rate securities. Coupon rates disclosed are those which are in effect at June 30, 2005. Maturity date shown is the date of the next coupon rate reset or actual maturity.
(b)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(c)	Rating by Moody’s Investors Service.
#	Aggregate cost for Federal income tax purposes is substantially the same.
See page 48 for definitions of ratings.
	Abbreviations used in this schedule:
	FHLMC — Federal Home Loan Mortgage Corporation
	FNMA — Federal National Mortgage Association

See Notes to Financial Statements.

16

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Mondrian International Stock Portfolio

SHARES		SECURITY	VALUE
COMMON STOCK — 98.4%
Australia — 9.2%
	264,800	Coles Myer Ltd. (a)	$	1,867,602
	281,867	National Australia Bank Ltd. (a)		6,603,680
	1,740,014	Telstra Corp., Ltd. (a)		6,705,925
	63,800	Wesfarmers Ltd.		1,944,217
				17,121,424
Belgium — 5.1%
	8,700	Electrabel		3,800,827
	202,500	Fortis		5,617,725
				9,418,552
Finland — 1.5%
	141,500	UPM-Kymmene OYJ		2,716,844
France — 8.4%
	60,300	Compagnie de Saint-Gobain (a)		3,347,856
	54,400	Societe Generale (a)		5,538,401
	28,600	Total SA		6,723,110
				15,609,367
Germany — 6.4%
	139,100	Bayer AG (a)		4,643,124
	111,817	RWE AG		7,221,340
				11,864,464
Hong Kong — 1.0%
	393,500	HongKong Electric Holdings Ltd.		1,797,347
Italy — 2.9%
	1,165,600	Banca Intesa SpA		5,337,610
Japan — 16.7%
	121,500	Canon, Inc. (a)		6,397,620
	1,393	KDDI Corp.		6,443,143
	414,000	Matsushita Electric Industrial Co., Ltd.		6,282,229
	125,100	Takeda Pharmaceutical Co., Ltd.		6,203,679
	162,600	Toyota Motor Corp.		5,820,232
				31,146,903
Netherlands — 9.9%
	231,800	ING Groep NV		6,553,956
	261,418	Reed Elsevier NV		3,643,505
	126,600	Royal Dutch Petroleum Co.		8,271,016
				18,468,477
Singapore — 1.6%
	436,800	Oversea-Chinese Banking Corp., Ltd.		3,003,396
South Korea — 1.4%
	60,400	POSCO, ADR (a)		2,655,788

See Notes to Financial Statements.

17

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Mondrian International Stock Portfolio

SHARES		SECURITY	VALUE
Spain — 9.2%
	514,400	Banco Santander Central Hispano SA (a)	$	5,968,304
	176,471	Iberdrola SA (a)		4,658,644
	396,156	Telefonica SA		6,489,576
				17,116,524
United Kingdom — 25.1%
	584,600	Aviva PLC		6,518,822
	155,800	Boots Group PLC		1,701,001
	602,300	BP PLC		6,273,486
	291,146	GlaxoSmithKline PLC		7,051,575
	448,200	HBOS PLC		6,914,212
	801,100	Lloyds TSB Group PLC		6,793,097
	175,034	Rio Tinto PLC		5,359,573
	628,700	Unilever PLC		6,069,447
				46,681,213
		TOTAL COMMON STOCK (Cost — $178,753,887)		182,937,909
RIGHT — 0.2%
Singapore — 0.2%
	87,360	Oversea-Chinese Banking Corp. Ltd.* (Cost — $0)		333,999
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost — $178,753,887)		183,271,908

FACE
AMOUNT
SHORT-TERM INVESTMENTS — 16.5%
Repurchase Agreement — 0.9%
$	1,697,000	State Street Bank & Trust Co., dated 6/30/05, 2.550% due 7/1/05; Proceeds at maturity — $1,697,120; (Fully collateralized by U.S. Treasury Bond, 8.750% due 5/15/17; Market value — $1,731,000) (Cost — $1,697,000)	1,697,000

SHARES
Securities Purchased from Securities Lending Collateral — 15.6%
	29,000,415	State Street Navigator Securities Lending Trust Prime Portfolio (Cost — $29,000,415)		29,000,415
		TOTAL SHORT-TERM INVESTMENTS (Cost — $30,697,415)		30,697,415
		TOTAL INVESTMENTS — 115.1% (Cost — $209,451,302#)		213,969,323
		Liabilities in Excess of Other Assets — (15.1)%		(27,995,187	)
		TOTAL NET ASSETS — 100.0%	$	185,974,136

*	Non-income producing security.
(a)	All or a portion of this security is on loan (See Notes 1 and 3).
#	Aggregate cost for Federal income tax purposes is substantially the same.
	Abbreviation used in this schedule: ADR — American Depositary Receipt

See Notes to Financial Statements.

18

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Mondrian International Stock Portfolio

Summary of Investments by Sector**
Financials	31.8	%
Energy	11.5
Telecommunication Services	10.6
Utilities	9.5
Consumer Discretionary	8.6
Materials	8.3
Health Care	7.2
Consumer Staples	5.2
Information Technology	3.5
Industrials	2.9
Other	0.9
	100.0	%

** As a percentage of total market value (excluding securities purchased from securities lending collateral). Please note that Fund holdings are as of June 30, 2005 and are subject to change.

See Notes to Financial Statements.

19

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
CORPORATE BONDS & NOTES — 96.1%
Advertising — 2.1%
			Advanstar Communications, Inc.:
$	125,000	B-	Senior Secured Notes, 10.750% due 8/15/10	$	137,187
	250,000	CCC+	Senior Subordinated Notes, Series B, 12.000% due 2/15/11		268,125
	175,000	NR	Advanstar, Inc., Senior Subordinated Notes, Series B, step bond to yield 14.681% due 10/15/11		174,344
	175,000	B	Lamar Media Corp., Senior Subordinated Notes, 7.250% due 1/1/13		185,500
	157,000	Caa2 (a)	SITEL Corp., Senior Subordinated Notes, 9.250% due 3/15/06		156,215
			Vertis, Inc.:
	550,000	CCC	Notes, Series B, 10.875% due 6/15/09		528,000
	50,000	CCC	Senior Secured Notes, 9.750% due 4/1/09		52,250
	350,000	CCC+	WDAC Subsidiary Corp., Senior Notes, 8.375% due 12/1/14 (b)		336,000
					1,837,621
Aerospace/Defense — 1.3%
	175,000	B	Alliant Techsystems, Inc., Senior Subordinated Notes, 8.500% due 5/15/11		187,687
	150,000	B	Argo-Tech Corp., Senior Notes, 9.250% due 6/1/11		163,500
	75,000	B-	K&F Acquisition, Inc., Senior Subordinated Notes, 7.750% due 11/15/14		77,063
	425,000	BB+	L-3 Communications Corp., Senior Subordinated Notes, 6.125% due 1/15/14		427,125
	225,000	B-	TransDigm, Inc., Senior Subordinated Notes, 8.375% due 7/15/11		239,625
					1,095,000
Apparel — 0.4%
	150,000	BB	Phillips-Van Heusen Corp., Senior Notes, 8.125% due 5/1/13		163,125
	162,000	B+	William Carter Co., Senior Subordinated Notes, Series B, 10.875% due 8/15/11		182,276
					345,401
Auto Manufacturers — 1.1%
	300,000	B	Cooper-Standard Automotive, Inc., 8.375% due 12/15/14		238,500
			General Motors Corp.:
	500,000	BB	Senior Debentures, 8.375% due 7/15/33		420,000
	275,000	BB	Senior Notes, 7.125% due 7/15/13		247,500
					906,000
Auto Parts & Equipment — 2.4%
	225,000	CCC-	Advanced Accessory Systems LLC, Senior Notes, 10.750% due 6/15/11		182,250
	150,000	CCC+	American Tire Distributors Holdings, Inc., Senior Notes, 10.750% due 4/1/13 (b)		144,000
	200,000	B-	Rexnord Corp., Senior Subordinated Notes, 10.125% due 12/15/12		220,000
	250,000	B-	Stanadyne Corp., Senior Subordinated Notes, Series 1, 10.000% due 8/15/14		237,500
	125,000	B-	Stanadyne Holdings, Inc., Senior Discount Notes, step bond to yield 11.983% due 2/15/15		68,125
	250,000	B+	Stoneridge, Inc., Senior Notes, 11.500% due 5/1/12		256,250
	275,000	B-	Tenneco Automotive, Inc., Senior Subordinated Notes, 8.625% due 11/15/14		277,750
			TRW Automotive, Inc.:
	75,000	BB-	Senior Notes, 9.375% due 2/15/13		83,438
	310,000	BB-	Senior Subordinated Notes, 11.000% due 2/15/13		358,050
	225,000	B	United Components, Inc., Senior Subordinated Notes, 9.375% due 6/15/13		227,812
					2,055,175

See Notes to Financial Statements.

20

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Beverages — 0.4%
$	150,000	BB	Constellation Brands, Inc., Senior Notes, Series B, 8.000% due 2/15/08	$	160,500
	200,000	B+	Cott Beverages USA, Inc., Senior Subordinated Notes, 8.000% due 12/15/11		215,500
					376,000
Biotechnology — 0.3%
	225,000	BB-	Bio-Rad Laboratories, Inc., Senior Subordinated Notes, 6.125% due 12/15/14		228,375
Building Materials — 1.7%
			Associated Materials, Inc.:
	275,000	CCC+	Senior Discount Notes, step bond to yield 10.957% due 3/1/14		176,000
	125,000	CCC+	Senior Subordinated Notes, 9.750% due 4/15/12		130,000
			Goodman Global Holding Co., Inc.:
	100,000	B-	Senior Notes, 6.410% due 6/15/12 (b)(c)		99,000
	300,000	B-	Senior Subordinated Notes, 7.875% due 12/15/12 (b)		279,000
	225,000	B-	HydroChem Industrial Services, Inc., Senior Subordinated Notes, 9.250% due 2/15/13 (b)		209,250
	100,000	CCC+	Nortek, Inc., Senior Subordinated Notes, 8.500% due 9/1/14		93,500
	250,000	CCC+	NTK Holdings, Inc., Senior Discount Notes, step bond to yield 10.747% due 3/1/14 (b)		118,750
	150,000	B-	Ply Gem Industries, Inc., Senior Subordinated Notes, 9.000% due 2/15/12		127,500
	50,000	BB-	Texas Industries, Inc., Senior Notes, 7.250% due 7/15/13 (b)		51,500
	200,000	B-	U.S. Concrete, Inc., Senior Subordinated Notes, 8.375% due 4/1/14		189,000
					1,473,500
Chemicals — 4.3%
	200,000	CCC+	Aventine Renewable Energy Holdings, Inc., Senior Secured Notes, 9.410% due 12/15/11 (b)(c)		193,000
	300,000	B-	Borden U.S. Finance Corp./Nova Scotia Finance ULC, Second Priority Senior Secured Notes, 9.000% due 7/15/14 (b)		306,750
	225,000	B-	Compass Minerals Group, Inc., Senior Subordinated Notes, 10.000% due 8/15/11		246,375
	500,000	B-	Crystal U.S. Holdings 3 LLC/Crystal U.S. Sub. 3 Corp., Senior Discount Notes, Series B, step bond to yield 10.235% due 10/1/14		350,000
	250,000	BB-	Equistar Chemicals LP/Equistar Funding Corp., Senior Notes, 10.125% due 9/1/08		271,875
	125,000	BBB-	FMC Corp., Secured Notes, 10.250% due 11/1/09		141,406
	150,000	B	Huntsman Advanced Materials LLC, Senior Secured Notes, 11.000% due 7/15/10		170,250
	258,000	B	Huntsman International LLC, Senior Subordinated Notes, 10.125% due 7/1/09		266,707
			Lyondell Chemical Co.:
			Senior Secured Notes:
	275,000	BB-	9.500% due 12/15/08		293,906
	50,000	BB-	10.500% due 6/1/13		57,438
	75,000	BB-	Series A, 9.625% due 5/1/07		80,438
	250,000	B	Senior Subordinated Notes, 10.875% due 5/1/09		260,625
	275,000	B-	Nalco Co., Senior Subordinated Notes, 8.875% due 11/15/13		296,312
	250,000	CCC+	Polypore, Inc., Senior Subordinated Notes, 8.750% due 5/15/12		235,000
	125,000	B-	PQ Corp., Senior Subordinated Notes, 7.500% due 2/15/13 (b)		123,438
	75,000	B-	Rockwood Specialties Group, Inc., Subordinated Notes, 7.500% due 11/15/14 (b)		74,813
	300,000	B-	UAP Holding Corp., Senior Discount Notes, step bond to yield 7.829% due 7/15/12		247,500

See Notes to Financial Statements.

21

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Chemicals — 4.3% (continued)
$	50,000	BBB-	Union Carbide Chemicals & Plastics Co., Inc., Debentures, 7.875% due 4/1/23	$	56,740
	50,000	BBB-	Union Carbide Corp., Debentures, 7.500% due 6/1/25		55,374
					3,727,947
Commercial Services — 1.2%
	300,000	CCC+	Brand Services, Inc., Senior Notes, 12.000% due 10/15/12		322,500
	200,000	B	Brickman Group LTD., Senior Subordinated Notes, Series B, 11.750% due 12/15/09		227,500
			NationsRent, Inc.:
	175,000	B-	Senior Notes, 9.500% due 5/1/15 (b)		174,125
	150,000	BB-	Senior Secured Notes, 9.500% due 10/15/10		164,250
	125,000	BB-	United Rentals North America, Inc., Senior Notes, 6.500% due 2/15/12		123,594
					1,011,969
Computers — 0.9%
			Activant Solutions, Inc., Senior Notes:
	75,000	B+	9.504% due 4/1/10 (b)(c)		78,000
	250,000	B+	10.500% due 6/15/11		272,500
	225,000	BB+	Seagate Technology HDD Holdings, Senior Notes, 8.000% due 5/15/09		240,469
	225,000	BB+	Unisys Corp., Senior Notes, 6.875% due 3/15/10		222,187
					813,156
Diversified Financial Services — 6.4%
	300,000	B-	AAC Group Holding Corp., Senior Discount Notes, step bond to yield 8.904% due 10/1/12 (b)		204,000
	300,000	BB	American Real Estate Partners LP/American Real Estate Finance Corp., Senior Notes, 7.125% due 2/15/13 (b)		295,500
	100,000	B-	AMR HoldCo, Inc./EmCare HoldCo, Inc., Senior Subordinated Notes, 10.000% due 2/15/15 (b)		107,000
	240,366	BBB-	Caithness Coso Funding Corporation, Secured Notes, Series B, 9.050% due 12/15/09		258,995
	179,000	B-	Crystal U.S. Holdings Corp., Senior Subordinated Notes, 9.625% due 6/15/14		201,375
	50,000	NR	Diamond Brands Operating Corp., Senior Subordinated Notes, 10.125% due 4/15/08 (d)(e)(f)		720
			General Motors Acceptance Corp.:
	600,000	BB	Bonds, 8.000% due 11/1/31		536,767
	475,000	BB	Notes, 6.875% due 9/15/11		439,003
	275,000	B-	Global Cash Access LLC/Global Cash Finance Corp., Senior Subordinated Notes, 8.750% due 3/15/12		300,438
	250,000	B-	JSG Funding PLC, Senior Notes, 9.625% due 10/1/12		251,250
	125,000	B-	K & F Parent, Inc., Senior Notes, 11.500% due 2/1/15 (b)(g)		132,813
	216,000	B-	Nalco Finance Holdings LLC, Senior Notes, step bond to yield 9.711% due 2/1/14		160,650
	175,000	B-	NSP Holdings/NSP Holdings Capital Corp., Senior Notes, 11.750% due 1/1/12 (g)		191,625
	250,000	B-	Sensus Metering Systems, Inc., Senior Subordinated Notes, 8.625% due 12/15/13		233,750

See Notes to Financial Statements.

22

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Diversified Financial Services — 6.4% (continued)
$	150,000	B-	Standard Aero Holdings, Inc., Senior Subordinated Notes, 8.250% due 9/1/14 (b)	$	159,000
	1,421,676	BB-	Targeted Return Index Sector (TRAINS), HY-2004-1, Senior Secured Notes, 8.211% due 8/1/15 (b)(c)		1,504,229
	225,000	B-	UGS Corp., 10.000% due 6/1/12		250,875
	250,000	B-	Visant Corp., 7.625% due 10/1/12		248,125
					5,476,115
Electric — 3.7%
	375,000	B+	Edison Mission Energy, Senior Notes, 9.875% due 4/15/11		441,094
	125,000	BB-	FPL Energy National Wind, Secured Notes, 6.125% due 3/25/19 (b)		121,592
	125,000	B-	Inergy LP/Inergy Finance Corp., Senior Notes, 6.875% due 12/15/14 (b)		122,187
			Nevada Power Co.:
			General and Refunding Mortgage Notes, Series I:
	50,000	BB	6.500% due 4/15/12		52,500
	50,000	BB	5.875% due 1/15/15 (b)		50,500
	400,000	BB	Second Mortgage, 9.000% due 8/15/13		452,000
	75,000	BB+	Northwestern Corp., Secured Notes, 5.875% due 11/1/14 (b)		77,250
	287,000	B	NRG Energy, Inc., Senior Secured Notes, 8.000% due 12/15/13 (b)		304,220
			PSEG Energy Holdings LLC, Senior Notes:
	200,000	BB-	8.625% due 2/15/08		213,500
	250,000	BB-	10.000% due 10/1/09		281,875
			Reliant Energy, Inc., Senior Secured Notes:
	125,000	B+	9.250% due 7/15/10		136,875
	325,000	B+	9.500% due 7/15/13		362,375
	75,000	BB	TECO Energy, Inc., Senior Notes, 6.750% due 5/1/15 (b)		79,875
	425,000	B	Texas Genco LLC/Texas Genco Financing Corp., Senior Notes, 6.875% due 12/15/14 (b)		449,437
					3,145,280
Electrical Components & Equipment — 0.5%
	175,000	B-	Coleman Cable, Inc., Senior Notes, 9.875% due 10/1/12 (b)		156,625
	300,000	B	Superior Essex Communications LLC/Essex Group, Inc., Senior Notes, 9.000% due 4/15/12		298,500
					455,125
Entertainment — 3.1%
	375,000	CCC+	AMC Entertainment, Inc., Senior Secured Notes, 9.875% due 2/1/12		374,062
	525,000	B-	Cinemark, Inc., Senior Discount Notes, step bond to yield 9.474% due 3/15/14		351,750
	150,000	B-	Cinemark USA, Inc., Senior Subordinated Notes, 9.000% due 2/1/13		154,875
	75,000	B-	Herbst Gaming, Inc., Senior Subordinated Notes, 7.000% due 11/15/14		75,938
			Isle of Capri Casinos, Inc., Senior Subordinated Notes:
	225,000	B	9.000% due 3/15/12		245,813
	50,000	B	7.000% due 3/1/14		50,500
	325,000	CCC+	LCE Acquisition Corp., Senior Subordinated Notes, 9.000% due 8/1/14 (b)		316,062
	175,000	B+	Mohegan Tribal Gaming Authority, Senior Subordinated Notes, 8.000% due 4/1/12		188,125

See Notes to Financial Statements.

23

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Entertainment — 3.1% (continued)
			Penn National Gaming, Inc., Senior Subordinated Notes:
$	50,000	B	8.875% due 3/15/10	$	53,750
	250,000	B	6.750% due 3/1/15 (b)		249,375
	425,000	B-	Universal City Development Partners, Senior Notes, 11.750% due 4/1/10		489,812
			Universal City Florida Holdings UCD, Senior Notes:
	75,000	B-	7.960% due 5/1/10 (c)		78,188
	50,000	B-	8.375% due 5/1/10		52,375
					2,680,625
Environmental Control — 1.4%
			Aleris International, Inc., Senior Secured Notes:
	225,000	B	10.375% due 10/15/10		248,062
	100,000	B-	9.000% due 11/15/14		104,000
			Allied Waste North America, Inc., Series B:
	450,000	BB-	Senior Notes, 8.875% due 4/1/08		474,750
	117,000	BB-	Senior Secured Notes, 9.250% due 9/1/12		126,945
	200,000	B	Clean Harbors, Inc., Senior Secured Notes, 11.250% due 7/15/12 (b)		223,000
					1,176,757
Food — 4.6%
	275,000	B-	American Seafood Group LLC, Senior Subordinated Notes, 10.125% due 4/15/10		294,937
	550,000	B-	ASG Consolidated LLC/ASG Finance, Inc., Senior Discount Notes, step bond to yield 11.387% due 11/1/11		397,375
	150,000	B	B&G Foods, Inc., Senior Notes, 8.000% due 10/1/11		155,813
	63,000	B-	Birds Eye Foods, Inc., Senior Subordinated Notes, 11.875% due 11/1/08		65,441
	400,000	B	Del Monte Corp., Senior Subordinated Notes, 8.625% due 12/15/12		442,000
			Dole Foods Co., Inc., Senior Notes:
	200,000	B+	8.625% due 5/1/09		214,000
	275,000	B+	7.250% due 6/15/10		280,500
	125,000	CCC	Eagle Family Foods, Inc., Senior Subordinated Notes, Series B, 8.750% due 1/15/08		100,625
	98,000	B	Gold Kist, Inc., Senior Notes, 10.250% due 3/15/14		111,230
	275,000	B-	Michael Foods, Inc., Senior Subordinated Notes, 8.000% due 11/15/13		281,188
	175,000	B-	National Beef Packing Co./NB Finance Corp. LLC, Senior Notes, 10.500% due 8/1/11		167,563
	275,000	B-	Pierre Foods, Inc., Senior Subordinated Notes, 9.875% due 7/15/12		285,312
			Pilgrim’s Pride Corp.:
	100,000	BB-	Senior Notes, 9.625% due 9/15/11		109,750
	175,000	B+	Senior Subordinated Notes, 9.250% due 11/15/13		195,125
			Smithfield Foods, Inc., Senior Notes, Series B:
	250,000	BB	8.000% due 10/15/09		271,250
	325,000	BB	7.750% due 5/15/13		355,875
			Swift & Co.:
	100,000	B+	Senior Notes, 10.125% due 10/1/09		109,500
	125,000	B	Senior Subordinated Notes, 12.500% due 1/1/10		140,156
					3,977,640

See Notes to Financial Statements.

24

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Forest Products & Paper — 2.7%
$	250,000	BB-	Abitibi-Consolidated, Inc., Senior Notes, 8.375% due 4/1/15	$	256,250
			Boise Cascade LLC:
	75,000	B+	Senior Notes, 6.016% due 10/15/12 (b)(c)		76,125
	100,000	B+	Senior Subordinated Notes, 7.125% due 10/15/14 (b)		98,750
			Georgia-Pacific Corp.:
	500,000	BB+	Notes, 7.500% due 5/15/06		515,000
			Senior Notes:
	250,000	BB+	8.125% due 5/15/11		283,125
	400,000	BB+	9.375% due 2/1/13		454,500
	300,000	B	Mercer International, Inc., Senior Notes, 9.250% due 2/15/13		241,500
	275,000	CCC+	NewPage Corp., Senior Subordinated Notes, 12.000% due 5/1/13 (b)		273,625
	200,000	B	Tembec Industries, Inc., Senior Notes, 8.500% due 2/1/11		155,500
					2,354,375
Health Care – Products — 2.3%
	725,000	B-	CDRV Investors, Inc., Senior Discount Notes, step bond to yield 10.057% due 7/1/14 (b)		358,875
			Fisher Scientific International, Inc., Senior Subordinated Notes:
	325,000	BB+	8.000% due 9/1/13		372,937
	50,000	BB+	6.750% due 8/15/14		52,500
	425,000	BB+	6.125% due 7/1/15 (b)		427,656
	100,000	CCC+	Hanger Orthopedic Group, Inc., Senior Notes, 10.375% due 2/15/09		92,750
	300,000	B-	Medical Device Manufacturing, Inc., Senior Subordinated Notes, Series B, 10.000% due 7/15/12		324,000
	75,000	B-	Safety Products Holdings, Inc., Senior Unsecured Notes, 11.750% due 1/1/12 (b)(g)		71,063
	150,000	BB-	Sybron Dental Specialties, Inc., Senior Subordinated Notes, 8.125% due 6/15/12		161,250
	75,000	B-	VWR International, Inc., Senior Subordinated Notes, 8.000% due 4/15/14		71,813
					1,932,844
Health Care – Services — 3.9%
	375,000	B-	AmeriPath, Inc., Senior Subordinated Notes, 10.500% due 4/1/13		381,562
	225,000	B-	Ardent Health Services, Inc., Senior Subordinated Notes, 10.000% due 8/15/13		273,094
			Concentra Operating Corp., Senior Subordinated Notes:
	175,000	B-	9.500% due 8/15/10		187,250
	50,000	B-	9.125% due 6/1/12		53,250
	275,000	B	DaVita, Inc., Senior Subordinated Notes, 7.250% due 3/15/15 (b)		283,938
			HCA, Inc., Notes:
	375,000	BB+	8.750% due 9/1/10		428,066
	300,000	BB+	6.750% due 7/15/13		317,173
	400,000	BB+	6.375% due 1/15/15		416,043
	275,000	BB+	7.500% due 11/6/33		297,147
	143,382	B+	Magellan Health Services, Inc., Senior Notes, Series A, 9.375% due 11/15/08		153,419
	250,000	B-	National Mentor, Inc., Senior Subordinated Notes, 9.625% due 12/1/12 (b)		264,375
	250,000	B	Tenet Healthcare Corp., Senior Notes, 9.875% due 7/1/14		269,375
					3,324,692

See Notes to Financial Statements.

25

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Home Builders — 0.3%
$	250,000	B	Builders FirstSource, Inc., Secured Notes, 7.518% due 2/15/12 (b)(c)	$	250,000
Home Furnishings — 1.2%
	325,000	CCC+	ALH Finance LLC/ALH Finance Corporation, Senior Subordinated Notes, 8.500% due 1/15/13		299,406
	50,000	NR	Glenoit Corp., Senior Subordinated Notes, 11.000% due 4/15/07 (d)(e)		0
	150,000	B-	Norcraft Cos. LP/Norcraft Finance Corp., Senior Subordinated Notes, 9.000% due 11/1/11		155,250
	425,000	B-	Norcraft Holdings LP/Norcraft Capital Corp., Senior Discount Notes, step bond to yield 9.746% due 9/1/12		295,375
	250,000	B-	Sealy Mattress Co., Senior Subordinated Notes, 8.250% due 6/15/14		253,750
					1,003,781
Household Products/Wares — 1.1%
	75,000	B-	American Achievement Corp., Senior Subordinated Notes, 8.250% due 4/1/12		75,750
	125,000	B+	Church & Dwight Co., Inc., Senior Subordinated Notes, 6.000% due 12/15/12 (b)		126,875
	300,000	CCC+	Playtex Products, Inc., Senior Subordinated Notes, 9.375% due 6/1/11		317,250
	400,000	B-	Spectrum Brands, Inc., Senior Subordinated Notes, 7.375% due 2/1/15 (b)		389,000
					908,875
Housewares — 1.0%
	300,000	CCC	Ames True Temper, Inc., Senior Subordinated Notes, 10.000% due 7/15/12		243,000
	225,000	B-	Jarden Corp., Senior Subordinated Notes, 9.750% due 5/1/12		238,219
	550,000	B-	Visant Holding Corp., Senior Discount Notes, step bond to yield 9.956% due 12/1/13		390,500
					871,719
Insurance — 0.2%
	175,000	CCC+	IAAI Finance Corp., Senior Subordinated Notes, 11.000% due 4/1/13 (b)		181,060
Internet — 0.2%
	194,000	B-	FTD, Inc., Senior Subordinated Notes, 7.750% due 2/15/14		191,090
Iron – Steel — 0.3%
	150,000	NR	Republic Technologies International LLC/RTI Capital Corp., Senior Secured Notes, 13.750% due 7/15/09 (d)(e)(f)		0
	210,000	BB	United States Steel Corp., Senior Notes, 9.750% due 5/15/10		227,850
					227,850
Leisure Time — 0.6%
	175,000	BB	K2, Inc., Senior Notes, 7.375% due 7/1/14		185,063
	325,000	B-	Knowledge Learning Center, Inc., 7.750% due 2/1/15 (b)		312,000
					497,063
Lodging — 6.2%
	175,000	B-	155 East Tropicana LLC/155 East Tropicana Finance Corp., Senior Secured Notes, 8.750% due 4/1/12 (b)		171,063
			Boyd Gaming Corp., Senior Subordinated Notes:
	100,000	B+	8.750% due 4/15/12		109,125
	175,000	B+	7.750% due 12/15/12		187,906

See Notes to Financial Statements.

26

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Lodging — 6.2% (continued)
			Caesars Entertainment, Inc., Senior Subordinated Notes:
$	275,000	BB+	7.875% due 3/15/10	$	309,375
	300,000	BB+	8.125% due 5/15/11		346,500
	275,000	B-	Gaylord Entertainment Co., Senior Notes, 6.750% due 11/15/14		270,187
	500,000	BB+	Harrah’s Operating Co., Inc., Senior Subordinated Notes, 7.875% due 12/15/05		508,750
	28,000	B+	HMH Properties, Inc., Senior Secured Notes, Series B, 7.875% due 8/1/08		28,560
	146,000	B	Interline Brands, Inc., Senior Subordinated Notes, 11.500% due 5/15/11		161,330
	275,000	B+	Intrawest Corp., Senior Notes, 7.500% due 10/15/13		283,594
	225,000	B	Kerzner International Ltd., Senior Subordinated Notes, 8.875% due 8/15/11		241,875
			Mandalay Resort Group:
			Senior Notes:
	125,000	BB	9.500% due 8/1/08		139,844
	150,000	BB	8.500% due 9/15/10		167,250
	18,023	B+	Senior Subordinated Notes, 9.375% due 2/15/10		20,231
			MGM MIRAGE, Inc., Senior Subordinated Notes:
	500,000	B+	9.750% due 6/1/07		544,375
	550,000	B+	Series B, 10.250% due 8/1/07		607,750
	225,000	B+	MTR Gaming Group, Inc., Senior Notes, Series B, 9.750% due 4/1/10		245,250
	175,000	BB+	Royal Caribbean Cruises Ltd., Senior Notes, 8.000% due 5/15/10		194,687
			Starwood Hotels & Resorts Worldwide, Inc., Senior Notes:
	350,000	BB+	7.375% due 5/1/07		367,500
	100,000	BB+	7.875% due 5/1/12		113,250
			Station Casinos, Inc.:
	50,000	BB-	Senior Notes, 6.000% due 4/1/12		51,000
	200,000	B+	Senior Subordinated Notes, 6.500% due 2/1/14		205,000
					5,274,402
Machinery – Construction & Mining — 0.4%
	150,000	NR	Clark Material Handling Company, Senior Notes, Series D, 10.750% due 11/15/06 (d)(e)(f)		0
			Columbus McKinnon Corp.:
	50,000	B-	Senior Secured Notes, 10.000% due 8/1/10		54,500
	275,000	CCC+	Senior Subordinated Notes, 8.500% due 4/1/08		270,875
					325,375
Machinery – Diversified — 0.5%
	400,000	Ba3 (a)	Case New Holland, Inc., Senior Notes, 9.250% due 8/1/11		422,000
Media — 9.1%
			American Media Operations, Inc.:
	200,000	CCC+	8.875% due 1/15/11		190,500
	175,000	CCC+	Series B, 10.250% due 5/1/09		175,875
	300,000	B+	Cablevision Systems Corp., Senior Notes, Series B, 8.000% due 4/15/12		295,500
	350,000	CCC+	CBD Media Holdings LLC, Senior Notes, 9.250% due 7/15/12		356,125
	425,000	CCC-	Charter Communications Holdings LLC, Senior Discount Notes, 9.920% due 4/1/11		312,375
	500,000	CCC-	Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp., Senior Notes, 10.250% due 9/15/10		508,125
	375,000	BB-	CSC Holdings, Inc., Senior Notes, 7.875% due 12/15/07		389,062

See Notes to Financial Statements.

27

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Media — 9.1% (continued)
$	500,000	B	Dex Media, Inc., Discount Notes, step bond to yield 9.067% due 11/15/13	$	405,000
	276,000	B	Dex Media East LLC/Dex Media East Finance Co., 12.125% due 11/15/12		331,890
	488,000	B	Dex Media West LLC/Dex Media Finance Co., Senior Subordinated Notes, Series B, 9.875% due 8/15/13		558,760
			DirecTV Holdings LLC/DirecTV Financing Co., Senior Notes:
	211,000	BB-	8.375% due 3/15/13		234,737
	175,000	BB-	6.375% due 6/15/15 (b)		175,000
			EchoStar DBS Corp.:
			Senior Notes:
	225,000	BB-	5.750% due 10/1/08		224,719
	200,000	BB-	6.375% due 10/1/11		199,250
	100,000	BB-	6.625% due 10/1/14		99,250
	125,000	B-	Emmis Communications Corp., Senior Notes, 9.314% due 6/15/12 (b)(c)		127,813
	375,000	B-	Houghton Mifflin Co., Senior Discount Notes, step bond to yield 11.154% due 10/15/13		275,625
	525,000	B	Kabel Deutschland GMBH, Senior Notes, 10.625% due 7/1/14 (b)		572,250
	175,000	B-	LodgeNet Entertainment Corp., Senior Subordinated Debentures, 9.500% due 6/15/13		191,625
	150,000	B	Majestic Star Casino LLC, Senior Secured Notes, 9.500% due 10/15/10		155,250
	175,000	CCC+	NBC Acquisition Corp., Senior Discount Notes, step bond to yield 11.013% due 3/15/13		126,000
	100,000	CCC+	Nebraska Book Co., Inc., Senior Subordinated Notes, 8.625% due 3/15/12		93,750
	200,000	B	PRIMEDIA, Inc., Senior Notes, 8.875% due 5/15/11		210,500
	300,000	B	Quebecor Media, Inc., Senior Notes, 11.125% due 7/15/11		334,875
	325,000	B+	Rainbow National Services LLC, Senior Subordinated Debentures, 10.375% due 9/1/14 (b)		375,375
	200,000	BB-	Reader’s Digest Association, Inc., Senior Notes, 6.500% due 3/1/11		204,000
	225,000	B	Sinclair Broadcast Group, Inc., Senior Subordinated Notes, 8.750% due 12/15/11		237,375
	94,000	CCC+	XM Satellite Radio, Inc., Senior Secured Notes, 12.000% due 6/15/10		106,220
			Yell Finance BV:
	179,000	B+	Senior Discount Notes, step bond to yield 16.740% due 8/1/11		180,342
	97,000	B+	Senior Notes, 10.750% due 8/1/11		107,428
					7,754,596
Metal Fabricate – Hardware — 0.6%
	200,000	B	Hawk Corp., Senior Notes, 8.750% due 11/1/14		204,000
	175,000	B-	Mueller Group, Inc., Senior Subordinated Notes, 10.000% due 5/1/12		184,625
	100,000	B+	Valmont Industries, Inc., Senior Subordinated Notes, 6.875% due 5/1/14		100,500
					489,125
Mining — 0.4%
			Compass Minerals International, Inc.:
	150,000	B+	Senior Notes, Series B, step bond to yield 12.740% due 12/15/12		132,000
	275,000	B-	Senior Subordinated Notes, Series B, step bond to yield 11.980% due 6/1/13		231,000
					363,000

See Notes to Financial Statements.

28

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Miscellaneous Manufacturing — 2.3%
$	250,000	B-	Aearo Co. I, Senior Subordinated Notes, 8.250% due 4/15/12	$	251,250
	100,000	B	Amsted Industries, Inc., Senior Notes, 10.250% due 10/15/11 (b)		108,500
	150,000	B-	Da-Lite Screen Co., Inc., Senior Notes, 9.500% due 5/15/11		160,500
	50,000	Caa1 (a)	GFSI, Inc., Senior Subordinated Notes, Series B, 9.625% due 3/1/07		45,750
	150,000	B	Koppers, Inc., Senior Secured Notes, 9.875% due 10/15/13		162,750
			Neenah Co.:
	191,000	CCC+	Senior Secured Notes, 11.000% due 9/30/10 (b)		208,190
	159,574	CCC+	Senior Subordinated Notes, 13.000% due 9/30/13 (b)		158,776
	250,000	B-	Norcross Safety Products LLC/Norcoss Capital Co., Senior Subordinated Notes, Series B, 9.875% due 8/15/11		262,500
			Reddy Ice Group, Inc.:
	325,000	B-	Senior Discount Notes, step bond to yield 11.013% due 11/1/12 (b)		235,625
	200,000	B-	Senior Subordinated Notes, 8.875% due 8/1/11		223,000
	150,000	B	Ryerson Tull, Inc., Notes, 9.125% due 7/15/06		153,750
					1,970,591
Office Furnishings — 0.3%
	205,000	B	Tempur-Pedic, Inc./Tempur Production USA, Inc., Senior Subordinated Notes, 10.250% due 8/15/10		226,525
Office/Business Equipment — 1.0%
	125,000	B	Danka Business Systems PLC, Senior Notes, 11.000% due 6/15/10		100,625
			Xerox Corp., Senior Notes:
	450,000	BB-	9.750% due 1/15/09		513,563
	225,000	BB-	7.625% due 6/15/13		243,281
					857,469
Oil & Gas — 1.6%
	175,000	BB-	AmeriGas Partners LP, Senior Notes, 7.250% due 5/20/15 (b)		182,875
	225,000	B	Compton Petroleum Corp., Senior Notes, 9.900% due 5/15/09		241,875
	175,000	B	El Paso Production Holding Co., Senior Notes, 7.750% due 6/1/13		187,687
	150,000	BB	Pogo Producing Co., Senior Subordinated Notes, 6.625% due 3/15/15 (b)		155,625
			Range Resources Corp.:
	125,000	B	6.375% due 3/15/15		125,000
	75,000	B	Senior Subordinated Notes, 7.375% due 7/15/13		80,250
	125,000	BB-	SEMCO Energy, Inc., Senior Notes, 7.125% due 5/15/08		127,886
	250,000	B	Swift Energy Co., Senior Subordinated Notes, 9.375% due 5/1/12		270,625
					1,371,823
Oil & Gas Services — 0.1%
	50,000	B	Lone Star Technologies, Inc., Senior Subordinated Notes, Series B, 9.000% due 6/1/11		52,813
Packaging & Containers — 3.1%
	325,000	B-	Berry Plastics Corp., Senior Subordinated Notes, 10.750% due 7/15/12		356,281
	150,000	CCC+	Graham Packaging Co., Inc., Senior Notes, 8.500% due 10/15/12 (b)		152,250
	300,000	B-	Graphic Packaging International Corp., Senior Subordinated Notes, 9.500% due 8/15/13		303,750
	250,000	BB-	Greif, Inc., Senior Subordinated Notes, 8.875% due 8/1/12		270,000

See Notes to Financial Statements.

29

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Packaging & Containers — 3.1% (continued)
$	300,000	B	Jefferson Smurfit Corp., Senior Notes, 8.250% due 10/1/12	$	303,000
			Owens-Brockway Glass Container, Inc.:
	250,000	BB-	Secured Notes, 8.875% due 2/15/09		266,875
	100,000	B	Senior Notes, 8.250% due 5/15/13		109,125
	150,000	BB-	Senior Secured Notes, 7.750% due 5/15/11		160,125
	350,000	B	Owens-Illinois, Inc., Senior Notes, 8.100% due 5/15/07		365,750
	225,000	CCC+	Pliant Corp., Senior Subordinated Notes, 13.000% due 6/1/10		183,375
	18,259	NR	Russell-Stanley Holdings, Inc., Senior Subordinated Notes, 9.000% due 11/30/08 (b)(e)(f)(g)		9,376
	175,000	B	Smurfit-Stone Container Enterprises, Inc., Senior Notes, 9.750% due 2/1/11		185,937
					2,665,844
Pharmaceuticals — 0.5%
	200,000	CCC+	Leiner Health Products, Inc., Senior Subordinated Notes, 11.000% due 6/1/12		197,000
	190,000	B+	WH Holdings Ltd./WH Capital Corp., Senior Notes, 9.500% due 4/1/11		204,250
					401,250
Pipelines — 3.6%
			El Paso Corp.:
	175,000	B-	Medium-Term Notes, 6.950% due 12/15/07		177,844
			Senior Medium-Term Notes:
	325,000	B-	8.050% due 10/15/30		323,375
	275,000	B-	7.800% due 8/1/31		268,813
	225,000	B-	Senior Notes, 6.750% due 5/15/09		226,125
	300,000	B+	Holly Energy Partners LP, Senior Notes, 6.250% due 3/1/15 (b)		294,000
	50,000	B+	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., Senior Notes, 6.875% due 11/1/14 (b)		50,000
	175,000	BB-	Pacific Energy Partners LP/Pacific Energy Finance Corp., Senior Notes, 7.125% due 6/15/14		183,094
			Tennessee Gas Pipeline Co.:
	450,000	B	Bonds, 8.375% due 6/15/32		531,761
	150,000	B	Debentures, 7.500% due 4/1/17		166,898
	150,000	B+	Transcontinental Gas Pipe Line Corp., Senior Notes, Series B, 8.875% due 7/15/12		179,250
			Williams Cos., Inc.:
	425,000	B+	Notes, 7.875% due 9/1/21		485,562
	200,000	B+	Senior Notes, 7.625% due 7/15/19		226,000
					3,112,722
Real Estate — 0.1%
	114,000	BB-	CB Richard Ellis Services, Inc., Senior Notes, 9.750% due 5/15/10		127,110

See Notes to Financial Statements.

30

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Real Estate Investment Trust — 0.9%
			Host Marriott LP, Senior Notes:
$	325,000	B+	7.125% due 11/1/13	$	340,437
	100,000	B+	6.375% due 3/15/15 (b)		99,500
			Ventas Realty LP/Ventas Capital Corp., Senior Notes:
	250,000	BB	6.625% due 10/15/14		252,500
	75,000	BB	7.125% due 6/1/15 (b)		78,375
					770,812
Retail — 4.1%
			Affinity Group, Inc., Senior Subordinated Notes:
	150,000	B-	9.000% due 2/15/12		152,625
	175,000	B-	10.875% due 2/15/12		170,188
	50,000	CCC	Buffets, Inc., Senior Subordinated Notes, 11.250% due 7/15/10		50,625
	150,000	B-	Carrols Corp., Senior Subordinated Notes, 9.000% due 1/15/13 (b)		152,625
	250,000	B	Couche-Tard U.S. LP/Couche-Tard Finance Corp., Senior Subordinated Notes, 7.500% due 12/15/13		263,750
	128,000	B-	Domino’s, Inc., Senior Subordinated Notes, 8.250% due 7/1/11		136,960
	125,000	CCC+	General Nutrition Centers, Inc., Senior Subordinated Notes, 8.500% due 12/1/10		100,625
	175,000	B	Hines Nurseries, Inc., Senior Subordinated Notes, 10.250% due 10/1/11		181,125
			J.C. Penney Co., Inc., Notes:
	50,000	BB+	7.600% due 4/1/07		52,750
	476,000	BB+	9.000% due 8/1/12		565,250
	250,000	B	Jean Coutu Group, Inc., Senior Subordinated Notes, 8.500% due 8/1/14		248,125
	275,000	B	Landry’s Restaurants, Inc., Series B, 7.500% due 12/15/14		267,437
	275,000	B+	R.H. Donnelley, Inc., Senior Subordinated Notes, 10.875% due 12/15/12		321,062
			Rite Aid Corp.:
	100,000	B+	Senior Notes, 9.500% due 2/15/11		107,000
	300,000	B+	Senior Secured Second Lien Notes, 8.125% due 5/1/10		310,500
	250,000	CCC+	True Temper Sports, Inc., 8.375% due 9/15/11		233,125
	175,000	B	United Auto Group, Inc., Senior Subordinated Notes, 9.625% due 3/15/12		187,688
					3,501,460
Semiconductors — 0.2%
	175,000	BB+	Freescale Semiconductor, Inc., Senior Notes, 7.125% due 7/15/14		189,000
Software — 0.4%
	325,000	BB-	Ingram Micro, Inc., Senior Subordinated Notes, 9.875% due 8/15/08		343,688
Telecommunications — 8.6%
	163,000	B-	Alaska Communications Systems Holdings, Inc., Senior Notes, 9.875% due 8/15/11		173,595
	900,000	BB+	AT&T Corp., Senior Notes, 9.750% due 11/15/31		1,175,625
			Cincinnati Bell, Inc.:
	250,000	B-	Senior Notes, 7.250% due 7/15/13		263,750
	75,000	B-	Senior Subordinated Notes, 8.375% due 1/15/14		77,250

See Notes to Financial Statements.

31

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
Telecommunications — 8.6% (continued)
			Citizens Communications Co.:
$	75,000	BB+	Notes, 9.250% due 5/15/11	$	84,094
			Senior Notes:
	150,000	BB+	6.250% due 1/15/13		145,875
	200,000	BB+	9.000% due 8/15/31		206,000
	50,000	B-	Inmarsat Finance PLC, Senior Notes, 7.625% due 6/30/12		53,000
	125,000	CCC+	Inmarsat Finance II PLC, step bond to yield 10.372% due 11/15/12		98,750
			Intelsat Bermuda Ltd., Senior Notes:
	225,000	B+	7.805% due 1/15/12 (b)(c)		230,062
	175,000	B+	8.625% due 1/15/15 (b)		185,500
	400,000	B+	MCI, Inc., Senior Notes, 8.735% due 5/1/14		449,500
	100,000	B-	New Skies Satellites NV, Senior Subordinated Notes, 9.125% due 11/1/12 (b)		99,750
	575,000	BB	Nextel Communications, Inc., Senior Notes, 7.375% due 8/1/15		623,875
	163,000	B+	PanAmSat Corp., Senior Notes, 9.000% due 8/15/14		178,689
	700,000	B+	PanAmSat Holding Corp., Senior Discount Notes, step bond to yield 10.366% due 11/1/14		484,750
	850,000	BB-	Qwest Corp., Notes, 8.875% due 3/15/12 (b)		928,625
	575,000	B	Qwest Services Corp., Secured Notes, 13.500% due 12/15/10		667,000
	775,000	BB	Rogers Wireless Communications, Inc., Secured Notes, 6.375% due 3/1/14		792,437
	200,000	CCC-	U.S. Unwired, Inc., Second Priority Secured Notes, Series B, 10.000% due 6/15/12		223,500
	225,000	B	Valor Telecommunications Enterprises LLC/Finance Corp., Senior Notes, 7.750% due 2/15/15 (b)		222,188
					7,363,815
Textiles — 1.3%
	200,000	B-	Collins & Aikman Floor Covering, Inc., Senior Subordinated Notes, Series B, 9.750% due 2/15/10		208,000
	225,000	B+	INVISTA, Notes, 9.250% due 5/1/12 (b)		246,937
			Simmons Co.:
	275,000	B-	Senior Discount Notes, step bond to yield 10.002% due 6/15/14 (b)		125,125
	350,000	B-	Senior Subordinated Notes, 7.875% due 1/15/14		302,750
	225,000	BB-	Warnaco, Inc., Senior Notes, 8.875% due 6/15/13		249,750
					1,132,562
Tobacco — 0.4%
	300,000	B-	Commonwealth Brands, Inc., Secured Notes, 10.625% due 9/1/08 (b)		317,250
Transportation — 0.8%
	150,000	CC	Allied Holdings, Inc., Senior Notes, 8.625% due 10/1/07		72,000
	100,000	NR	Holt Group, Inc., Senior Notes, 9.750% due 1/15/06 (d)(e)(f)		0
	150,000	BB-	Petroleum Helicopters, Inc., Senior Notes, Series B, 9.375% due 5/1/09		158,625
			Stena AB, Senior Notes:
	250,000	BB-	9.625% due 12/1/12		273,750
	150,000	BB-	7.500% due 11/1/13		148,500
					652,875
			TOTAL CORPORATE BONDS & NOTES (Cost — $80,262,082)		82,211,142

See Notes to Financial Statements.

32

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

FACE
AMOUNT		RATING‡	SECURITY	VALUE
CONVERTIBLE NOTES — 0.1%
Entertainment — 0.1%
$	125,000	NR	Magna Entertainment Corp., Subordinated Notes, 7.250% due 12/15/09 (Cost — $124,114)	$	119,844

SHARES
ESCROWED SHARES — 0.0%
	175,000	Pillowtex Corp., 9.000% due 12/15/49 (e)(f)* (Cost — $0)	0
COMMON STOCK — 0.2%
CONSUMER STAPLES — 0.1%
Food & Staples Retailing — 0.1%
	5,715	B&G Food, Inc.	83,667
MATERIALS — 0.0%
Chemicals — 0.0%
	45	General Chemical Industrial Products, Inc. (e)(f)	8,686
Packaging & Containers — 0.0%
	2,000	Russell-Stanley Holdings, Inc. (b)(e)(f)*	5,120
		TOTAL MATERIALS	13,806
TELECOMMUNICATION SERVICES — 0.1%
Diversified Telecommunication Services — 0.1%
	710	NTL, Inc.*	48,578
	1,237	Viatel Holding Bermuda Ltd.*	353
		TOTAL TELECOMMUNICATION SERVICES	48,931
		TOTAL COMMON STOCK (Cost — $588,225)	146,404
PREFERRED STOCK — 0.3%
CONSUMER DISCRETIONARY — 0.3%
Media — 0.2%
	1,500	PRIMEDIA, Inc., Series H, 8.625%	148,125
Specialty Retail — 0.1%
	200	GNC Corp., Series A, 12.000% (g)*	134,500
		TOTAL PREFERRED STOCK (Cost — $348,012)	282,625

See Notes to Financial Statements.

33

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

WARRANTS		SECURITY	VALUE
WARRANTS* — 0.1%
Chemicals — 0.0%
		General Chemical Industrial Products, Inc.:
	26	Series A, expires 4/30/11 (e)(f)	$	0
	19	Series B, expires 4/30/11 (e)(f)		0
				0
Commercial Services & Supplies — 0.0%
	100	MDP Acquisitions PLC, expires 10/1/13 (b)(e)		3,500
Packaging & Containers — 0.0%
	100	Pliant Corp., expires 6/1/10 (b)(e)(f)		1
Leisure Equipment & Products — 0.0%
	901	AMF Bowling Worldwide, Inc., Class B, expires 3/9/09 (e)		0
Media — 0.0%
	75	Advanstar Holdings Corp., expires 10/15/11 (b)		2
	125	XM Satellite Radio Holdings, Inc., Class A Shares, expires 3/15/10		7,625
				7,627
Metals & Mining — 0.1%
	30,652	ACP Holding Co., expires 9/30/13 (b)		57,472
		TOTAL WARRANTS (Cost — $105,554)		68,600
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost — $81,427,987)		82,828,615

FACE
AMOUNT
SHORT-TERM INVESTMENT — 1.9%
Repurchase Agreement — 1.9%
	1,636,000	State Street Bank & Trust Co., dated 6/30/05, 2.550% due 7/1/05; Proceeds due at maturity — $1,636,116; (Fully collateralized by U.S. Treasury Bond, 8.000% due 11/15/21; Market value — $1,670,780) (Cost — $1,636,000)		1,636,000
		TOTAL INVESTMENTS — 98.7% (Cost — $83,063,987#)		84,464,615
		Other Assets in Excess of Liabilities — 1.3%		1,088,355
		TOTAL NET ASSETS — 100.0%	$	85,552,970

See Notes to Financial Statements.

34

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated High Yield Portfolio

*	Non-income producing security.
‡	All ratings are by Standard & Poor’s Ratings Service, unless otherwise footnoted.
(a)	Rating by Moody’s Investors Service.
(b)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(c)	Variable rate securities. Coupon rates disclosed are those which are in effect at June 30, 2005. Maturity date shown is the date of the next coupon rate reset or actual maturity.
(d)	Security is currently in default.
(e)	Security is fair valued in good faith by or under the direction of the Board of Trustees.
(f)	Illiquid security.
(g)	Payment-in-kind security for which part of the income/dividend earned may be paid by the issuance of additional security.
#	Aggregate cost for Federal income tax purposes is substantially the same.
See page 48 for definitions of ratings.

See Notes to Financial Statements.

35

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated Stock Portfolio

SHARES		SECURITY	VALUE
COMMON STOCK — 99.0%
CONSUMER DISCRETIONARY — 10.5%
Auto Components — 0.8%
	4,400	Johnson Controls, Inc.	$	247,852
Hotels, Restaurants & Leisure — 1.7%
	18,300	McDonald’s Corp.		507,825
Leisure Equipment & Products — 1.0%
	16,200	Mattel, Inc.		296,460
Media — 5.0%
	12,300	Clear Channel Communications, Inc.		380,439
	27,400	Interpublic Group of Cos., Inc.*		333,732
	23,700	News Corp., Class A Shares		383,466
	23,800	Time Warner, Inc.*		397,698
				1,495,335
Specialty Retail — 2.0%
	15,500	Gap, Inc.		306,125
	8,000	Home Depot, Inc.		311,200
				617,325
		TOTAL CONSUMER DISCRETIONARY		3,164,797
CONSUMER STAPLES — 6.2%
Food & Staples Retailing — 2.4%
	14,600	Albertson’s, Inc.		301,928
	18,400	Rite Aid Corp.*		76,912
	10,900	SUPERVALU, Inc.		355,449
				734,289
Food Products — 1.0%
	17,100	Tyson Foods, Inc., Class A Shares		304,380
Tobacco — 2.8%
	12,900	Altria Group, Inc.		834,114
		TOTAL CONSUMER STAPLES		1,872,783
ENERGY — 11.3%
Energy Equipment & Services — 1.2%
	7,700	Halliburton Co.		368,214
Oil, Gas & Consumable Fuels — 10.1%
	9,500	BP PLC, Sponsored ADR		592,610
	16,302	Chevron Corp.		911,608
	5,400	ConocoPhillips		310,446
	14,800	Exxon Mobil Corp.		850,556
	7,100	Marathon Oil Corp.		378,927
				3,044,147
		TOTAL ENERGY		3,412,361

See Notes to Financial Statements.

36

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated Stock Portfolio

SHARES		SECURITY	VALUE
FINANCIALS — 30.5%
Commercial Banks — 6.0%
	17,200	Bank of America Corp.	$	784,492
	7,600	U.S. Bancorp		221,920
	6,300	Wachovia Corp.		312,480
	8,200	Wells Fargo & Co.		504,956
				1,823,848
Diversified Financial Services — 14.1%
	6,400	Capital One Financial Corp.		512,064
	7,900	Fannie Mae		461,360
	8,800	Freddie Mac		574,024
	3,500	Goldman Sachs Group, Inc.		357,070
	12,700	JPMorgan Chase & Co.		448,564
	27,200	MBNA Corp.		711,552
	9,600	Merrill Lynch & Co., Inc.		528,096
	12,400	Morgan Stanley		650,628
				4,243,358
Insurance — 10.4%
	12,300	ACE Ltd.		551,655
	16,900	Allstate Corp.		1,009,775
	7,500	American International Group, Inc.		435,750
	13,600	Aon Corp.		340,544
	6,400	Hartford Financial Services Group, Inc.		478,592
	8,800	Nationwide Financial Services, Inc., Class A Shares		333,872
				3,150,188
		TOTAL FINANCIALS		9,217,394
HEALTH CARE — 8.7%
Health Care Providers & Services — 5.4%
	5,300	AmerisourceBergen Corp.		366,495
	6,600	HCA, Inc.		374,022
	12,000	McKesson Corp.		537,480
	29,400	Tenet Healthcare Corp.*		359,856
				1,637,853
Pharmaceuticals — 3.3%
	7,100	Johnson & Johnson		461,500
	19,300	Pfizer, Inc.		532,294
				993,794
		TOTAL HEALTH CARE		2,631,647
INDUSTRIALS — 8.5%
Aerospace & Defense — 1.3%
	6,934	Northrop Grumman Corp.		383,104
Building Products — 1.0%
	9,100	Masco Corp.		289,016

See Notes to Financial Statements.

37

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated Stock Portfolio

SHARES		SECURITY	VALUE
Commercial Services & Supplies — 3.0%
	13,770	Cendant Corp.	$	308,035
	3,000	H&R Block, Inc.		175,050
	9,700	Pitney Bowes, Inc.		422,435
				905,520
Industrial Conglomerates — 2.4%
	25,391	Tyco International Ltd.		741,417
Machinery — 0.8%
	4,200	Eaton Corp.		251,580
		TOTAL INDUSTRIALS		2,570,637
INFORMATION TECHNOLOGY — 8.6%
Communications Equipment — 1.2%
	20,600	Motorola, Inc.		376,156
Computers & Peripherals — 1.8%
	16,500	Hewlett-Packard Co.		387,915
	1,900	International Business Machines Corp.		140,980
				528,895
IT Services — 1.0%
	6,900	Computer Sciences Corp.*		301,530
Semiconductors & Semiconductor Equipment — 2.9%
	28,100	Applied Materials, Inc.		454,658
	15,800	Intel Corp.		411,748
				866,406
Software — 1.7%
	14,500	BMC Software, Inc.*		260,275
	10,700	Microsoft Corp.		265,788
				526,063
		TOTAL INFORMATION TECHNOLOGY		2,599,050
MATERIALS — 2.6%
Chemicals — 0.9%
	4,600	PPG Industries, Inc.		288,696
Metals & Mining — 0.8%
	9,600	Alcoa, Inc.		250,848
Paper & Forest Products — 0.9%
	8,400	Georgia-Pacific Corp.		267,120
		TOTAL MATERIALS		806,664

See Notes to Financial Statements.

38

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Federated Stock Portfolio

SHARES		SECURITY	VALUE
TELECOMMUNICATION SERVICES — 6.6%
Diversified Telecommunication Services — 5.7%
	5,400	ALLTEL Corp.	$	336,312
	23,000	SBC Communications, Inc.		546,250
	12,500	Sprint Corp.		313,625
	14,750	Verizon Communications, Inc.		509,612
				1,705,799
Wireless Telecommunication Services — 0.9%
	11,500	Vodafone Group PLC, Sponsored ADR		279,680
		TOTAL TELECOMMUNICATION SERVICES		1,985,479
UTILITIES — 5.5%
Electric Utilities — 3.9%
	8,300	American Electric Power Co., Inc.		306,021
	12,100	Edison International		490,655
	5,200	FirstEnergy Corp.		250,172
	2,700	Pinnacle West Capital Corp.		120,015
				1,166,863
Multi-Utilities — 1.6%
	19,800	NiSource, Inc.		489,654
		TOTAL UTILITIES		1,656,517
		TOTAL COMMON STOCK (Cost — $26,594,770)		29,917,329
ESCROWED SHARES — 0.0%
	10,300	ESC Seagate Technology (a)(b)* (Cost — $0)		0
		TOTAL INVESTMENTS — 99.0% (Cost — $26,594,770#)		29,917,329
		Other Assets in Excess of Liabilities — 1.0%		299,885
		TOTAL NET ASSETS — 100.0%	$	30,217,214

*	Non-income producing security.
(a)	Security is fair valued in good faith by or under the direction of the Board of Trustees.
(b)	Illiquid security.
#	Aggregate cost for Federal income tax purposes is substantially the same.
	Abbreviation used in this schedule:
	ADR — American Depositary Receipt

See Notes to Financial Statements.

39

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Disciplined Mid Cap Stock Portfolio

SHARES		SECURITY	VALUE
COMMON STOCK — 98.7%
CONSUMER DISCRETIONARY — 18.9%
Auto Components — 0.9%
	11,307	Autoliv, Inc.	$	495,246
	21,789	BorgWarner, Inc. (a)		1,169,416
				1,664,662
Diversified Consumer Services — 0.4%
	16,485	Laureate Education, Inc.*		788,972
Hotels, Restaurants & Leisure — 2.4%
	20,432	Applebees International, Inc.		541,244
	29,165	Brinker International, Inc.*		1,168,058
	31,423	Darden Restaurants, Inc.		1,036,331
	6,190	Harrah’s Entertainment, Inc.		446,113
	24,931	International Speedway Corp., Class A Shares		1,402,618
				4,594,364
Household Durables — 5.0%
	39,791	D.R. Horton, Inc.		1,496,539
	6,006	Harman International Industries, Inc.		488,648
	30,859	HNI Corp.		1,578,438
	21,959	Leggett & Platt, Inc.		583,670
	25,844	Lennar Corp., Class A Shares		1,639,802
	11,036	Ryland Group, Inc.		837,301
	14,846	Stanley Works		676,087
	10,972	Toll Brothers, Inc.*		1,114,207
	60,598	Tupperware Corp.		1,416,175
				9,830,867
Leisure Equipment & Products — 0.6%
	4,452	Brunswick Corp.		192,861
	44,763	Marvel Enterprises, Inc.*		882,726
				1,075,587
Media — 1.6%
	18,942	Belo Corp., Class A Shares		454,040
	31,835	Macrovision Corp.*		717,561
	19,638	Media General, Inc.		1,271,757
	20,255	Scholastic Corp.*		780,830
				3,224,188
Multiline Retail — 0.7%
	13,629	Neiman-Marcus Group, Inc., Class A Shares		1,320,923
Specialty Retail — 6.7%
	31,136	Abercrombie & Fitch Co., Class A Shares		2,139,043
	41,299	Aeropostale, Inc.*		1,387,646
	31,451	American Eagle Outfitters, Inc.		963,973
	32,998	AutoNation, Inc.*		677,119
	29,068	Barnes & Noble, Inc.*		1,127,838

See Notes to Financial Statements.

40

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Disciplined Mid Cap Stock Portfolio

SHARES		SECURITY	VALUE
Specialty Retail — 6.7% (continued)
	35,596	Borders Group, Inc. (a)	$	900,935
	17,684	Chico’s FAS, Inc.*		606,208
	21,789	Copart, Inc.*		518,578
	47,012	Foot Locker, Inc.		1,279,667
	45,673	Michaels Stores, Inc.		1,889,492
	29,256	Pacific Sunwear of California, Inc.*		672,596
	15,721	Rent-A-Center, Inc.*		366,142
	32,339	United Rentals, Inc.*		653,571
				13,182,808
Textiles, Apparel & Luxury Goods — 0.6%
	31,392	Timberland Co., Class A Shares*		1,215,498
		TOTAL CONSUMER DISCRETIONARY		36,897,869
CONSUMER STAPLES — 4.8%
Beverages — 1.3%
	63,434	Constellation Brands, Inc., Class A Shares*		1,871,303
	26,192	PepsiAmericas, Inc.		672,087
				2,543,390
Food & Staples Retailing — 1.0%
	36,144	BJ’s Wholesale Club, Inc.*		1,174,318
	12,408	SUPERVALU, Inc.		404,625
	2,709	Whole Foods Market, Inc.		320,475
				1,899,418
Food Products — 2.0%
	54,887	Dean Foods Co.*		1,934,218
	17,683	Pilgrim’s Pride Corp.		603,521
	18,773	Smithfield Foods, Inc.*		511,940
	10,977	TreeHouse Foods, Inc.*		312,965
	31,349	Tyson Foods, Inc., Class A Shares		558,012
				3,920,656
Household Products — 0.5%
	26,873	Church & Dwight Co., Inc.		972,803
		TOTAL CONSUMER STAPLES		9,336,267
ENERGY — 7.3%
Energy Equipment & Services — 4.2%
	65,532	Grant Prideco, Inc.*		1,733,321
	31,691	Helmerich & Payne, Inc.		1,486,942
	17,048	National-Oilwell Varco, Inc.*		810,462
	68,081	Patterson-UTI Energy, Inc.		1,894,694
	47,368	Pride International, Inc.*		1,217,358
	27,713	Tidewater, Inc.		1,056,419
				8,199,196

See Notes to Financial Statements.

41

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Disciplined Mid Cap Stock Portfolio

SHARES		SECURITY	VALUE
Oil, Gas & Consumable Fuels — 3.1%
	37,501	Forest Oil Corp.*	$	1,575,042
	48,444	Newfield Exploration Co.*		1,932,431
	19,824	Noble Energy, Inc.		1,499,686
	25,753	Pioneer Natural Resources Co.		1,083,686
				6,090,845
		TOTAL ENERGY		14,290,041
FINANCIALS — 17.3%
Commercial Banks — 4.5%
	26,345	Associated Banc-Corp.		886,773
	18,525	Comerica, Inc.		1,070,745
	18,147	Commerce Bancorp, Inc.		550,035
	26,729	Independence Community Bank Corp.		987,102
	22,484	Investors Financial Services Corp.		850,345
	13,205	Mercantile Bankshares Corp.		680,454
	25,995	North Fork Bancorp., Inc		730,199
	27,261	SVB Financial Group*		1,305,802
	21,716	Westcorp		1,138,353
	8,142	Zions Bancorp		598,681
				8,798,489
Diversified Financial Services — 4.3%
	20,031	American Capital Strategies Ltd.		723,319
	59,803	AmeriCredit Corp.*		1,524,976
	10,906	Bear Stearns Cos., Inc.		1,133,570
	38,511	IndyMac Bancorp, Inc.		1,568,553
	27,695	Jefferies Group, Inc.		1,049,364
	23,115	Legg Mason, Inc.		2,406,503
				8,406,285
Insurance — 5.6%
	19,513	AmerUs Group Co.		937,600
	19,723	Everest Re Group Ltd.		1,834,239
	30,750	Fidelity National Financial, Inc.		1,097,467
	30,156	First American Corp.		1,210,462
	40,110	HCC Insurance Holdings, Inc.		1,518,966
	32,607	Ohio Casualty Corp.		788,437
	23,602	Protective Life Corp.		996,476
	26,582	Radian Group Inc.		1,255,202
	35,228	WR Berkley Corp. (a)		1,256,935
				10,895,784
Real Estate — 2.9%
	25,920	CBL & Associates Properties, Inc.		1,116,374
	18,369	Developers Diversified Realty Corp.		844,239
	23,849	General Growth Properties, Inc.		979,956

See Notes to Financial Statements.

42

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Disciplined Mid Cap Stock Portfolio

SHARES		SECURITY	VALUE
Real Estate — 2.9% (continued)
	42,370	Highwoods Properties, Inc.	$	1,260,931
	54,715	New Plan Excel Realty Trust, Inc.		1,486,607
				5,688,107
		TOTAL FINANCIALS		33,788,665
HEALTH CARE — 12.3%
Biotechnology — 1.7%
	33,435	Cephalon, Inc.*		1,331,047
	23,010	Invitrogen Corp.*		1,916,503
				3,247,550
Health Care Equipment & Supplies — 2.4%
	15,047	Bausch & Lomb, Inc.		1,248,901
	10,752	Beckman Coulter, Inc.		683,505
	10,825	Cooper Cos., Inc.		658,809
	55,200	STERIS Corp.		1,422,504
	16,917	Varian Medical Systems, Inc.*		631,512
				4,645,231
Health Care Providers & Services — 5.9%
	20,758	Apria Healthcare Group, Inc.*		719,057
	25,607	Community Health Systems, Inc.*		967,689
	34,605	Coventry Health Care, Inc.*		2,448,304
	22,757	Health Net, Inc.*		868,407
	31,189	LifePoint Hospitals, Inc.*		1,575,668
	37,328	Lincare Holdings, Inc.*		1,524,475
	34,592	Omnicare, Inc.		1,467,739
	19,169	PacifiCare Health Systems, Inc.*		1,369,625
	12,950	Triad Hospitals, Inc.*		707,588
				11,648,552
Pharmaceuticals — 2.3%
	39,472	Barr Pharmaceuticals, Inc.*		1,923,865
	41,629	IVAX Corp.*		895,024
	84,753	King Pharmaceuticals, Inc.*		883,126
	65,576	Perrigo Co.		914,129
				4,616,144
		TOTAL HEALTH CARE		24,157,477
INDUSTRIALS — 13.8%
Aerospace & Defense — 1.2%
	6,183	Alliant Techsystems, Inc.*		436,520
	4,102	L-3 Communications Holdings, Inc.		314,131
	21,345	Precision Castparts Corp.		1,662,775
				2,413,426

See Notes to Financial Statements.

43

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Disciplined Mid Cap Stock Portfolio

SHARES		SECURITY	VALUE
Air Freight & Logistics — 1.1%
	25,944	CNF, Inc.	$	1,164,885
	29,493	Ryder System, Inc.		1,079,444
				2,244,329
Building Products — 0.8%
	12,850	Crane Co.		337,955
	31,061	York International Corp.		1,180,318
				1,518,273
Commercial Services & Supplies — 5.1%
	61,766	Adesa, Inc.		1,344,646
	36,458	Alliance Data System Corp.*		1,478,736
	38,176	Career Education Corp.*		1,397,623
	44,341	CheckFree Corp.*		1,510,254
	27,552	Education Management Corp.*		929,329
	33,857	Korn/ Ferry International*		600,962
	6,640	Manpower, Inc.		264,139
	40,474	Valassis Communications, Inc.*		1,499,562
	26,444	West Corp.*		1,015,450
				10,040,701
Electrical Equipment — 0.9%
	24,474	Ametek, Inc.		1,024,237
	24,297	Thomas & Betts Corp.*		686,147
				1,710,384
Industrial Conglomerates — 0.8%
	26,861	Teleflex, Inc.		1,594,738
Machinery — 2.2%
	23,366	Flowserve Corp.*		707,055
	16,258	Harsco Corp.		886,874
	24,424	Kennametal, Inc.		1,119,841
	12,300	Oshkosh Truck Corp.		962,844
	9,965	PACCAR, Inc.		677,620
				4,354,234
Marine — 0.5%
	15,052	Overseas Shipholding Group, Inc.		897,852
Road & Rail — 1.2%
	19,161	GATX Corp.		661,055
	42,966	JB Hunt Transport Services, Inc.		829,244
	34,477	Swift Transportation Coo., Inc.*		802,969
				2,293,268
		TOTAL INDUSTRIALS		27,067,205

See Notes to Financial Statements.

44

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Disciplined Mid Cap Stock Portfolio

SHARES		SECURITY	VALUE
INFORMATION TECHNOLOGY — 11.7%
Communications Equipment — 1.8%
	51,434	Andrew Corp.*	$	656,298
	55,300	Harris Corp.		1,725,913
	107,844	Powerwave Technologies, Inc.*		1,102,165
				3,484,376
Computers & Peripherals — 1.1%
	38,599	Storage Technology Corp.*		1,400,758
	52,160	Western Digital Corp.*		699,987
				2,100,745
Electronic Equipment & Instruments — 2.2%
	43,014	Amphenol Corp., Class A Shares		1,727,873
	10,915	CDW Corp.		623,137
	9,104	Diebold, Inc.		410,682
	37,869	Jabil Circuit, Inc.*		1,163,714
	18,975	Tektronix, Inc.		441,548
				4,366,954
IT Services — 1.4%
	21,619	Cognizant Technology Solutions Corp., Class A Shares*		1,018,903
	10,081	Computer Sciences Corp.*		440,540
	14,052	DST Systems, Inc.*		657,634
	63,276	MPS Group, Inc.*		596,060
				2,713,137
Office Electronics — 0.3%
	38,347	Xerox Corp.*		528,805
Semiconductors & Semiconductor Equipment — 2.5%
	49,987	Fairchild Semiconductor International, Inc.*		737,308
	33,477	International Rectifier Corp.*		1,597,522
	57,874	Lam Research Corp.*		1,674,874
	63,135	MEMC Electronic Materials, Inc.*		995,639
				5,005,343
Software — 2.4%
	83,948	Activision, Inc.*		1,386,821
	40,811	Fair Isaac Corp.		1,489,601
	23,444	Jack Henry & Associates, Inc.		429,260
	34,796	Sybase, Inc.*		638,507
	32,988	Transaction Systems Architects, Inc., Class A Shares*		812,494
				4,756,683
		TOTAL INFORMATION TECHNOLOGY		22,956,043
MATERIALS — 5.1%
Chemicals — 3.3%
	32,775	Albemarle Corp.		1,195,304
	17,204	Cytec Industries, Inc.		684,719

See Notes to Financial Statements.

45

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Disciplined Mid Cap Stock Portfolio

SHARES		SECURITY	VALUE
Chemicals — 3.3% (continued)
	23,315	FMC Corp.*	$	1,308,904
	26,263	Lubrizol Corp.		1,103,309
	16,619	PPG Industries, Inc.		1,043,008
	16,779	Scotts Miracle-Gro Co., Class A Shares*		1,194,833
				6,530,077
Containers & Packaging — 0.1%
	7,105	Sonoco Products Co.		188,283
Metals & Mining — 1.4%
	9,075	Nucor Corp.		414,002
	32,137	Peabody Energy Corp.		1,672,409
	6,624	Southern Peru Copper Corp.		283,772
	23,970	Worthington Industries, Inc.		378,726
				2,748,909
Paper & Forest Products — 0.3%
	16,767	Georgia-Pacific Corp.		533,191
		TOTAL MATERIALS		10,000,460
TELECOMMUNICATION SERVICES — 0.3%
Diversified Telecommunication Services — 0.3%
	136,366	Cincinnati Bell, Inc.*		586,374
UTILITIES — 7.2%
Electric Utilities — 4.4%
	59,354	Energy East Corp.		1,720,079
	46,244	NSTAR		1,425,703
	75,298	Pepco Holdings, Inc.		1,802,634
	44,115	PNM Resources, Inc.		1,270,953
	16,707	Puget Energy, Inc.		390,610
	51,211	Wisconsin Energy Corp.		1,997,229
				8,607,208
Gas Utilities — 2.1%
	12,898	AGL Resources, Inc.		498,508
	56,136	MDU Resources Group, Inc.		1,581,351
	50,880	ONEOK, Inc.		1,661,232
	8,161	WGL Holdings, Inc.		274,536
				4,015,627
Multi-Utilities — 0.7%
	21,977	Questar Corp.		1,448,284
		TOTAL UTILITIES		14,071,119
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost — $163,446,246)		193,151,520

See Notes to Financial Statements.

46

 Schedules of Investments (unaudited) (continued) June 30, 2005 

Disciplined Mid Cap Stock Portfolio

FACE
AMOUNT		SECURITY		VALUE
SHORT-TERM INVESTMENTS — 1.4%
Repurchase Agreement — 1.3%
$	2,567,000	State Street Bank & Trust Co., 2.550% due 7/1/05, dated 6/30/05, 2.550% due 7/1/05;
			Proceeds due at maturity — $2,567,182; (Fully collateralized by U.S. Treasury Bond, 7.250% due 8/15/22; Market value — $2,621,922) (Cost — $2,567,000)	$	2,567,000
U.S. Government Obligation — 0.1%
	200,000	U.S. Treasury Bills due 9/15/05 (a)(b) (Cost — $198,763)			198,738
		TOTAL SHORT-TERM INVESTMENTS (Cost — $2,765,763)			2,765,738
		TOTAL INVESTMENTS — 100.1% (Cost — $166,212,009#)			195,917,258
		Liabilities in Excess of Other Assets — (0.1)%			(207,611	)
		TOTAL NET ASSETS — 100.0%		$	195,709,647

*	Non-income producing security.
(a)	All or a portion of this security is segregated for open futures contracts.
(b)	All or a portion of this security is held at the broker as collateral for open futures contracts.
#	Aggregate cost for Federal income tax purposes is substantially the same.

See Notes to Financial Statements.

47

 Bond Ratings (unaudited)

The definitions of the applicable rating symbols are set forth below:

Standard & Poor’s Ratings Service (“Standard & Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.

AAA	—	Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.
AA	—	Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.
A	—	Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.
BBB	—	Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.
BB, B, CCC and CC	—	Bonds rated “BB”, “B”, “CCC” and “CC” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents a lower degree of speculation than “B”, and “CC” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.
D	—	Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.

Moody’s Investors Service (“Moody’s”) — Numerical modifiers 1, 2 and 3 may be applied to each generic rating from “Aa” to “Ca,” where 1 is the highest and 3 the lowest ranking within its generic category.

Aaa	—	Bonds rated “Aaa” are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edge.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.
Aa	—	Bonds rated “Aa” are judged to be of high quality by all standards. Together with the “Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in “Aaa” securities.
A	—	Bonds rated “A” possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.
Baa	—	Bonds rated “Baa” are considered to be medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.
Ba	—	Bonds rated “Ba” are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and therefore not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.
B	—	Bonds rated “B” generally lack characteristics of desirable investments. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.
Caa	—	Bonds rated “Caa” are of poor standing. These may be in default, or present elements of danger may exist with respect to principal or interest.
Ca	—	Bonds rated “Ca” represent obligations which are speculative in a high degree. Such issues are often in default or have other marked short-comings.
NR	—	Indicates that the bond is not rated by Standard & Poor’s or Moody’s.

48

 Statements of Assets and Liabilities (unaudited) June 30, 2005 

		Travelers			Mondrian								Disciplined
		Quality			International			Federated			Federated		Mid Cap
		Bond			Stock			High Yield			Stock		Stock
		Portfolio			Portfolio			Portfolio			Portfolio		Portfolio
ASSETS:
	Investments, at cost	$	162,071,406		$	178,753,887		$	81,427,987		$	26,594,770	$	163,446,246
	Short-term investments, at cost		22,839,000			30,697,415			1,636,000			—		2,765,763
	Foreign currency, at cost		—			249,306			—			—		—
	Investments, at value	$	163,558,872		$	183,271,908		$	82,828,615		$	29,917,329	$	193,151,520
	Short-term investments, at value		22,839,000			30,697,415			1,636,000			—		2,765,738
	Foreign currency, at value		—			247,295			—			—		—
	Cash		—			—			—			23,697		—
	Receivable for open foreign currency contracts (Notes 1 and 3)		—			608,489			—			—		—
	Receivable for securities sold		—			—			102,212			287,418		2,997,499
	Dividends and interest receivable		1,627,861			671,900			1,665,303			46,731		121,635
	Receivable for Fund shares sold		37,607			23,966			10,217			801		1,967
	Prepaid expenses		701			3,235			—			—		560
	Total Assets		188,064,041			215,524,208			86,242,347			30,275,976		199,038,919
LIABILITIES:
	Payable for loaned securities collateral (Notes 1 and 3)		—			29,000,415			—			—		—
	Payable for securities purchased		—			—			542,061			—		3,065,381
	Payable for Fund shares repurchased		179,130			348,014			43,910			15,300		85,542
	Investment advisory fee payable		50,275			108,835			45,418			15,634		111,958
	Due to custodian		10,250			10,122			9,737			—		10,296
	Administration fee payable		8,972			9,999			4,193			1,501		9,596
	Payable to broker — variation margin for open futures contracts		—			—			—			—		4,649
	Accrued expenses		52,662			72,687			44,058			26,327		41,850
	Total Liabilities		301,289			29,550,072			689,377			58,762		3,329,272
Total Net Assets		$	187,762,752		$	185,974,136		$	85,552,970		$	30,217,214	$	195,709,647
NET ASSETS:
	Paid-in capital (Note 4)		186,410,493			194,267,410			94,575,404			25,725,021		148,919,750
	Undistributed net investment income		1,654,746			2,208,944			2,804,377			185,907		765,737
	Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(1,789,953	)		(15,618,865	)		(13,227,439	)		983,727		16,312,826
	Net unrealized appreciation of investments, futures contracts and foreign currencies		1,487,466			5,116,647			1,400,628			3,322,559		29,711,334
Total Net Assets		$	187,762,752		$	185,974,136		$	85,552,970		$	30,217,214	$	195,709,647
Shares Outstanding			16,729,507			16,562,400			9,926,801			1,813,664		9,579,045
Net Asset Value			$11.22		$	11.23		$	8.62		$	16.66	$	20.43

See Notes to Financial Statements.

49

 Statements of Operations (unaudited) For the Six Months Ended June 30, 2005 

			Travelers			Mondrian									Disciplined
			Quality			International			Federated			Federated			Mid Cap
			Bond			Stock			High Yield			Stock			Stock
			Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
INVESTMENT INCOME:
	Interest		$	3,627,414		$	64,212		$	3,417,541		$	2,553		$	31,827
	Dividends			—			4,138,718			17,398			326,457			1,502,801
	Income from securities lending			—			59,837			—			—			—
	Less: Foreign withholding tax			—			(539,844	)		—			—			(132	)
	Total Investment Income			3,627,414			3,722,923			3,434,939			329,010			1,534,496
EXPENSES:
	Investment advisory fees (Note 2)			298,077			705,237			276,982			96,173			670,180
	Administration fees (Note 2)			55,319			54,695			25,568			9,233			57,444
	Legal fees			14,348			14,400			14,263			14,263			10,989
	Custody			14,282			58,193			29,073			7,748			10,658
	Shareholder reports			11,958			14,215			7,413			3,082			10,979
	Audit and tax			9,972			10,662			9,850			9,900			10,066
	Trustees’ fees			2,600			2,300			2,300			2,300			4,469
	Insurance			1,513			987			472			203			1,234
	Miscellaneous expenses			315			5,724			657			201			363
	Total Expenses			408,384			866,413			366,578			143,103			776,382
	Net Investment Income			3,219,030			2,856,510			3,068,361			185,907			758,114
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 1 AND 3):
	Net Realized Gain (Loss) From:
		Investment transactions		(105,021	)		18,864,973			(753,951	)		1,770,493			16,378,064
		Futures contracts		—			—			—			—			20,859
		Foreign currency transactions		—			119,959			—			—			—
	Net Realized Gain (Loss)			(105,021	)		18,984,932			(753,951	)		1,770,493			16,398,923
	Change in Net Unrealized Appreciation/ Depreciation From:
		Investments		218,286			(25,392,255	)		(2,292,662	)		(1,811,619	)		(8,361,007	)
		Futures contracts		—			—			—			—			6,085
		Foreign currencies		—			593,648			—			—			(24,126	)
	Change in Net Unrealized Appreciation/ Depreciation			218,286			(24,798,607	)		(2,292,662	)		(1,811,619	)		(8,379,048	)
Net Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions				113,265			(5,813,675	)		(3,046,613	)		(41,126	)		8,019,875
Increase (Decrease) in Net Assets From Operations			$	3,332,295		$	(2,957,165	)	$	21,748		$	144,781		$	8,777,989

See Notes to Financial Statements.

50

 Statements of Changes in Net Assets

For the Six Months Ended June 30, 2005 (unaudited)

and the Year Ended December 31, 2004

		Travelers Quality						Mondrian International
		Bond Portfolio						Stock Portfolio
		2005			2004			2005			2004
OPERATIONS:
	Net investment income	$	3,219,030		$	7,188,168		$	2,856,510		$	2,138,466
	Net realized gain (loss)		(105,021	)		865,318			18,984,932			13,861,266
	Change in net unrealized appreciation/depreciation		218,286			(1,671,033	)		(24,798,607	)		8,410,207
	Increase (Decrease) in Net Assets From Operations		3,332,295			6,382,453			(2,957,165	)		24,409,939
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):
	Net investment income		—			(8,995,106	)		(100,497	)		(2,613,383	)
	Decrease in Net Assets From Distributions to Shareholders		—			(8,995,106	)		(100,497	)		(2,613,383	)
FUND SHARE TRANSACTIONS (NOTE 4):
	Net proceeds from sale of shares		11,920,083			16,645,993			16,788,564			53,475,176
	Reinvestment of distributions		—			8,995,106			100,497			2,613,383
	Cost of shares repurchased		(16,804,613	)		(42,786,580	)		(9,031,437	)		(24,585,856	)
	Increase (Decrease) in Net Assets From Fund Share Transactions		(4,884,530	)		(17,145,481	)		7,857,624			31,502,703
Increase (Decrease) in Net Assets			(1,552,235	)		(19,758,134	)		4,799,962			53,299,259
NET ASSETS:
	Beginning of period		189,314,987			209,073,121			181,174,174			127,874,915
	End of period*	$	187,762,752		$	189,314,987		$	185,974,136		$	181,174,174
	*Includes undistributed (overdistributed) net investment income of:		$1,654,746		$	(1,564,284	)	$	2,208,944		$	(547,069	)

See Notes to Financial Statements.

51

 Statements of Changes in Net Assets (continued)

For the Six Months Ended June 30, 2005 (unaudited)

and the Year Ended December 31, 2004

		Federated High						Federated						Disciplined Mid Cap
		Yield Portfolio						Stock Portfolio						Stock Portfolio
		2005			2004			2005			2004			2005			2004
OPERATIONS:
	Net investment income	$	3,068,361		$	5,946,244		$	185,907		$	444,940		$	758,114		$	497,527
	Net realized gain (loss)		(753,951	)		1,202,342			1,770,493			1,268,513			16,398,923			15,193,127
	Change in net unrealized appreciation/depreciation		(2,292,662	)		749,397			(1,811,619	)		1,454,617			(8,379,048	)		11,904,347
	Increase in Net Assets From Operations		21,748			7,897,983			144,781			3,168,070			8,777,989			27,595,001
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):
	Net investment income		—			(6,213,875	)		—			(451,992	)		—			(508,893	)
	Net realized gains		—			—			—			—			(2,217,847	)		(5,360,391	)
	Decrease in Net Assets From Distributions to Shareholders		—			(6,213,875	)		—			(451,992	)		(2,217,847	)		(5,869,284	)
FUND SHARE TRANSACTIONS (NOTE 4):
	Net proceeds from sale of shares		5,494,701			14,459,403			469,667			2,342,984			7,819,978			24,387,730
	Reinvestment of distributions		—			6,213,875			—			451,992			2,217,847			5,869,284
	Cost of shares repurchased		(6,900,770	)		(11,216,237	)		(2,936,129	)		(4,775,545	)		(18,716,378	)		(19,071,361	)
	Increase (Decrease) in Net Assets From Fund Share Transactions		(1,406,069	)		9,457,041			(2,466,462	)		(1,980,569	)		(8,678,553	)		11,185,653
Increase (Decrease) in Net Assets			(1,384,321	)		11,141,149			(2,321,681	)		735,509			(2,118,411	)		32,911,370
NET ASSETS:
	Beginning of period		86,937,291			75,796,142			32,538,895			31,803,386			197,828,058			164,916,688
	End of period*	$	85,552,970		$	86,937,291		$	30,217,214		$	32,538,895		$	195,709,647		$	197,828,058
	*Includes undistributed (overdistributed) net investment income of:		$2,804,377			$(263,984	)		$185,907			—			$765,737			$7,623

See Notes to Financial Statements.

52

 Financial Highlights

For a share of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:

Travelers Quality Bond Portfolio(1)		2005(2)			2004			2003			2002			2001			2000
Net Asset Value, Beginning of Period			$11.03			$11.21			$11.03			$11.39			$11.00			$10.82
Income (Loss) From Operations:
	Net investment income		0.19			0.41			0.48			0.51			0.59	(3)		0.73
	Net realized and unrealized gain (loss)		(0.00	) (4)		(0.04	)		0.29			0.14			0.20	(3)		0.00	(4)
Total Income From Operations			0.19			0.37			0.77			0.65			0.79			0.73
Less Distributions From:
	Net investment income		—			(0.55	)		(0.56	)		(0.85	)		(0.40	)		(0.55	)
	Net realized gains		—			—			(0.03	)		(0.16	)		—			—
Total Distributions			—			(0.55	)		(0.59	)		(1.01	)		(0.40	)		(0.55	)
Net Asset Value, End of Period			$11.22			$11.03			$11.21			$11.03			$11.39			$11.00
Total Return(5)			1.72	%		3.29	%		6.98	%		5.81	%		7.13	%		6.97	%
Net Assets, End of Period (millions)			$188			$189			$209			$206			$152			$73
Ratios to Average Net Assets:
	Gross expenses		0.44	% (6)		0.44	%		0.43	%		0.44	%		0.45	%		0.49	%
	Net expenses(7)		0.44	(6)		0.42	(8)		0.43			0.44			0.45			0.49
	Net investment income		3.49	(6)		3.62			4.15			4.48			5.14	(3)		6.81
Portfolio Turnover Rate			47	%		90	%		191	%		176	%		225	%		157	%

(1)	Per share amounts have been calculated using the average shares method.
(2)	For the six months ended June 30, 2005 (unaudited).
(3)	Effective January 1, 2001, the Fund adopted a change in the accounting method that requires the Fund to amortize premiums and accrete all discounts. Without the adoption of this change, for the year ended December 31, 2001 these amounts would have been $0.61, $0.18 and 5.31% for net investment income, net realized and unrealized gain and the ratio of net investment income to average net assets, respectively. Per share information, ratios and supplemental data for the periods prior to January 1, 2001 have not been restated to reflect this change in presentation.
(4)	Amount is less than $0.01.
(5)	Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Total returns do not reflect expenses associated with the separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Total returns for periods of less than one year are not annualized.
(6)	Annualized.
(7)	As a result of an expense limitation, the ratio of expenses to average net assets of the Fund will not exceed 0.75%.
(8)	The sub-administrator voluntarily waived a portion of its fee.

See Notes to Financial Statements.

53

 Financial Highlights (continued)

For a share of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:

Mondrian International Stock
Portfolio(1)		2005(2)			2004			2003			2002			2001			2000
Net Asset Value, Beginning of Period			$11.42			$10.01			$7.91			$9.30			$13.15			$15.65
Income (Loss) From Operations:
	Net investment income		0.18			0.14			0.15			0.11			0.11			0.13
	Net realized and unrealized gain (loss)		(0.36	)		1.44			2.11			(1.31	)		(3.50	)		(1.88	)
Total Income (Loss) From Operations			(0.18	)		1.58			2.26			(1.20	)		(3.39	)		(1.75	)
Less Distributions From:
	Net investment income		(0.01	)		(0.17	)		(0.16	)		(0.19	)		(0.02	)		(0.32	)
	Net realized gains		—			—			—			—			(0.44	)		(0.43	)
Total Distributions			(0.01	)		(0.17	)		(0.16	)		(0.19	)		(0.46	)		(0.75	)
Net Asset Value, End of Period			$11.23			$11.42			$10.01			$7.91			$9.30			$13.15
Total Return(3)			(1.61	)%		15.75	%		28.60	%		(12.96	)%		(26.19	)%		(11.50	)%
Net Assets, End of Period (millions)			$186			$181			$128			$97			$120			$141
Ratios to Average Net Assets:
	Gross expenses		0.95	% (4)		1.01	%		1.00	%		1.06	%		1.01	%		1.02	%
	Net expenses(5)		0.95	(4)		0.99	(6)		1.00			1.06			1.01			1.02
	Net investment income		3.13	(4)		1.38			1.79			1.32			1.01			0.92
Portfolio Turnover Rate			103	%		59	%		44	%		55	%		81	%		39	%

(1)	Per share amounts have been calculated using the average shares method.
(2)	For the six months ended June 30, 2005 (unaudited).
(3)	Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Total returns do not reflect expenses associated with the separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Total returns for periods of less than one year are not annualized.
(4)	Annualized.
(5)	As a result of an expense limitation, the ratio of expenses to average net assets of the Fund will not exceed 1.25%.
(6)	The sub-administrator voluntarily waived a portion of its fee.

See Notes to Financial Statements.

54

 Financial Highlights (continued)

For a share of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:

Federated High Yield Portfolio		2005(1)(2)			2004(2)			2003(2)			2002(2)			2001(2)			2000
Net Asset Value, Beginning of Period			$8.62			$8.41			$7.37			$8.55			$9.50			$11.44
Income (Loss) From Operations:
	Net investment income		0.31			0.64			0.65			0.74			0.97	(3)		1.25
	Net realized and unrealized gain (loss)		(0.31	)		0.23			1.00			(0.46	)		(0.77	) (3)		(2.11	)
Total Income (Loss) From Operations			—			0.87			1.65			0.28			0.20			(0.86	)
Less Distributions From:
	Net investment income		—			(0.66	)		(0.61	)		(1.46	)		(1.15	)		(1.08	)
Total Distributions			—			(0.66	)		(0.61	)		(1.46	)		(1.15	)		(1.08	)
Net Asset Value, End of Period			$8.62			$8.62			$8.41			$7.37			$8.55			$9.50
Total Return(4)			0.00	%		10.38	%		22.39	%		3.72	%		1.94	%		(8.15	)%
Net Assets, End of Period (millions)			$86			$87			$76			$48			$40			$39
Ratios to Average Net Assets:
	Gross expenses		0.86	%(5)		0.87	%		0.90	%		0.89	%		0.89	%		0.88	%
	Net expenses(6)		0.86	(5)		0.83	(7)		0.90			0.89			0.89			0.88
	Net investment income		7.20	(5)		7.42			7.93			9.09			10.45	(3)		10.61
Portfolio Turnover Rate			17	%		38	%		57	%		58	%		44	%		19	%

(1)	For the six months ended June 30, 2005 (unaudited).
(2)	Per share amounts have been calculated using the average shares method.
(3)	Effective January 1, 2001, the Fund adopted a change in the accounting method that requires the Fund to amortize premiums and accrete all discounts. Without the adoption of this change, for the year ended December 31, 2001, these amounts would have been $0.98, $0.78 and 10.51% for net investment income, net realized and unrealized loss and the ratio of net investment income to average net assets, respectively. Per share information, ratios and supplemental data for the periods prior to January 1, 2001 have not been restated to reflect this change in presentation.
(4)	Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Total returns do not reflect expenses associated with the separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Total returns for periods of less than one year are not annualized.
(5)	Annualized.
(6)	As a result of an expense limitation, the ratio of expenses to average net assets of the Fund will not exceed 0.95%.
(7)	The sub-administrator voluntarily waived a portion of its fee.

See Notes to Financial Statements.

55

 Financial Highlights (continued)

For a share of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:

Federated Stock Portfolio		2005(1)			2004			2003(2)			2002(2)			2001(2)			2000
Net Asset Value, Beginning of Period			$16.56			$15.19			$12.06			$15.40			$15.99			$16.34
Income (Loss) From Operations:
	Net investment income		0.10			0.23			0.20			0.16			0.16			0.21
	Net realized and unrealized gain (loss)		(0.00	)(3)		1.37			3.13			(3.13	)		0.11			0.33
Total Income (Loss) From Operations			0.10			1.60			3.33			(2.97	)		0.27			0.54
Less Distributions From:
	Net investment income		—			(0.23	)		(0.20	)		(0.37	)		(0.20	)		(0.18	)
	Net realized gains		—			—			—			—			(0.66	)		(0.71	)
Total Distributions			—			(0.23	)		(0.20	)		(0.37	)		(0.86	)		(0.89	)
Net Asset Value, End of Period			$16.66			$16.56			$15.19			$12.06			$15.40			$15.99
Total Return(4)			0.60	%		10.55	%		27.61	%		(19.32	)%		1.67	%		3.77	%
Net Assets, End of Period (millions)			$30			$33			$32			$27			$44			$45
Ratios to Average Net Assets:
	Gross expenses		0.93	% (5)		0.94	%		0.91	%		0.84	%		0.81	%		0.82	%
	Net expenses(6)		0.93	(5)		0.83	(7)		0.91			0.84			0.81			0.82
	Net investment income		1.21	(5)		1.42			1.50			1.14			0.99			1.23
Portfolio Turnover Rate			22	%		31	%		41	%		13	%		14	%		24	%

(1)	For the six months ended June 30, 2005 (unaudited).
(2)	Per share amounts have been calculated using the average shares method.
(3)	Amount is less than $0.01.
(4)	Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Total returns do not reflect expenses associated with the separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Total returns for periods of less than one year are not annualized.
(5)	Annualized.
(6)	As a result of an expense limitation, the ratio of expenses to average net assets of the Fund will not exceed 0.95%.
(7)	The sub-administrator voluntarily waived a portion of its fee.

See Notes to Financial Statements.

56

 Financial Highlights (continued)

For a share of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:

Disciplined Mid Cap Stock Portfolio		2005(1)			2004(2)			2003			2002			2001(2)			2000(2)
Net Asset Value, Beginning of Period			$19.76			$17.49			$13.11			$15.41			$17.26			$15.61
Income (Loss) From Operations:
	Net investment income		0.08			0.05			0.05			0.03			0.06			0.08
	Net realized and unrealized gain (loss)		0.82			2.82			4.38			(2.23	)		(0.78	)		2.46
Total Income (Loss) From Operations			0.90			2.87			4.43			(2.20	)		(0.72	)		2.54
Less Distributions From:
	Net investment income		—			(0.05	)		(0.05	)		(0.08	)		(0.04	)		(0.03	)
	Net realized gains		(0.23	)		(0.55	)		—			(0.02	)		(1.09	)		(0.86	)
Total Distributions			(0.23	)		(0.60	)		(0.05	)		(0.10	)		(1.13	)		(0.89	)
Net Asset Value, End of Period			$20.43			$19.76			$17.49			$13.11			$15.41			$17.26
Total Return(3)			4.59	%		16.45	%		33.75	%		(14.32	)%		4.02	%		16.61	%
Net Assets, End of Period (millions)			$196			$198			$165			$111			$113			$95
Ratios to Average Net Assets:
	Gross expenses		0.81	% (4)		0.82	%		0.82	%		0.85	%		0.83	%		0.88	%
	Net expenses(5)		0.81	(4)		0.80	(6)		0.82			0.85			0.83			0.88
	Net investment income		0.79	(4)		0.28			0.38			0.23			0.37			0.49
Portfolio Turnover Rate			58	%		91	%		61	%		67	%		40	%		67	%

(1)	For the six months ended June 30, 2005 (unaudited).
(2)	Per share amounts have been calculated using the average shares method.
(3)	Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Total returns do not reflect expenses associated with the separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Total returns for periods of less than one year are not annualized.
(4)	Annualized.
(5)	As a result of an expense limitation, the ratio of expenses to average net assets of the Fund will not exceed 0.95%.
(6)	The sub-administrator voluntarily waived a portion of its fee.

See Notes to Financial Statements.

57

 Notes to Financial Statements (unaudited)

          1.     Organization and Significant Accounting Policies

      The Travelers Quality Bond Portfolio (“TQB”), Mondrian International Stock Portfolio (formerly Lazard International Stock Portfolio) (“MIS”), Federated High Yield Portfolio (“FHY”), Federated Stock Portfolio (“FSP”) and Disciplined Mid Cap Stock Portfolio (“DMCS”) (“Funds”) are separate diversified investment funds of The Travelers Series Trust (“Trust”). The Trust, a Massachusetts business trust, is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as an open-end management investment company. Shares of the Trust are offered exclusively for use with certain variable annuity and variable life insurance contracts offered through the separate accounts of various affiliated life insurance companies.

      The following are significant accounting policies consistently followed by the Funds. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.

      (a) Investment Valuation. Equity securities for which market quotations are available are valued at the last sale price or official closing price on the primary market or exchange on which they trade. Debt securities are valued at the mean between the bid and asked prices provided by an independent pricing service that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various relationships between securities. When prices are not readily available, or are determined not to reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Funds calculate their net asset values, the Funds may value these investments at fair value as determined in accordance with the procedures approved by the Funds’ Board of Trustees. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates market value.

      (b) Repurchase Agreements. When entering into repurchase agreements, it is the Funds’ policy that their custodian or a third party custodian takes possession of the underlying collateral securities, the market value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

      (c) Financial Futures Contracts. Certain Funds may enter into financial futures contracts typically as a substitution for buying or selling securities and as a cash flow management technique. Upon entering into a financial futures contract, the Funds are required to deposit cash or securities as initial margin. Additional securities are also segregated up to the current market value of the financial futures contracts. Subsequent payments, known as variation margin, are made or received by the Funds each day, depending on the daily fluctuation in the value of the underlying financial instruments. The Funds recognize an unrealized gain or loss equal to the daily variation margin. When the financial futures contracts are closed, a realized gain or loss is recognized equal to the difference between the proceeds from (or cost of) the closing transactions and the Funds’ basis in the contracts.

      The risks associated with entering into financial futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in financial futures contracts involves the risk that the Funds could lose more than the original margin deposit and subsequent payments required for a futures transaction. Risk may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

      (d) Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by the Funds as an unrealized gain or loss. When a forward foreign currency contract is

58

 Notes to Financial Statements (unaudited) (continued)

extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

      Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

      (e) Lending of Portfolio Securities. The Funds have an agreement with their custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as securities lending income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or high quality money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities, plus a margin which varies depending on the type of securities loaned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand.

      The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.

      (f) Credit and Market Risk. Certain Funds may invest in high-yield instruments that are subject to certain credit and market risks. The yields of high-yield securities reflect, among other things, perceived credit risk. The Funds’ investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. In addition, certain Funds may invest in foreign securities. The Funds’ investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in a foreign currency and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

      (g) Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method.

      (h) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

      The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

      Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.

      Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of

59

 Notes to Financial Statements (unaudited) (continued)

governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

      (i) Distributions to Shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

      (j) Federal and Other Taxes. It is the Funds’ policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute substantially all of their taxable income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

      (k) Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.

          2.     Investment Advisory Agreement, Administration Agreement and Other Transactions with Affiliates

      Travelers Asset Management International Company, (“TAMIC”), an indirect wholly-owned subsidiary of Citigroup Inc. (“Citigroup”), acts as investment advisor to the Funds. TQB, MIS, FHY, FSP and DMCS pay TAMIC an investment advisory fee calculated at the annual rate of 0.3233%, 0.775% for the first $100 million and 0.650% over $100 million, 0.65%, 0.625% and 0.70%, respectively, of the average daily net assets of the respective Funds. These fees are calculated daily and paid monthly.

      TAMIC has entered into sub-advisory agreements with Mondrian Investment Partners Ltd. (“Mondrian”), Federated Investment Management Company (“Federated”) and TIMCO Asset Management, Inc. (formerly Travelers Investment Management Company) (“TIMCO”), another indirect wholly subsidiary of Citigroup. Prior to May 1, 2005, Lazard Asset Management LLC was the subadviser to MIS. Pursuant to each sub-advisory agreement, Mondrian and TIMCO are responsible for the day-to-day fund operations and investment decisions for MIS and DMCS, respectively. Federated is responsible for the day-to-day fund operations and investment decisions for FHY and FSP. As a result, the following fees are calculated and paid at an annual rate:

•  TAMIC pays Mondrian 0.425% on the first $100 million of the average daily net assets of MIS and 0.300% over $100 million of the average daily net assets of MIS.

•  TAMIC pays Federated 0.40% and 0.375% of the average daily net assets of FHY and FSP, respectively.

•  TAMIC pays TIMCO 0.35% of DMCS’s average daily net assets.

      Prior to May 1, 2005, the investment advisory fee and sub-advisory fee for MIS were calculated at the annual rates in accordance with the following schedule:

	Investment Advisory			Sub-Advisory
Average Daily Net Assets	Fee Rate			Fee Rate
First $100 million		0.825	%		0.475	%
Next $400 million		0.775			0.425
Next $500 million		0.725			0.375
Over $1 billion		0.700			0.350

      The Travelers Insurance Company (“TIC”), another indirect wholly-owned subsidiary of Citigroup, acts as the Funds’ administrator. As compensation for its services, the Funds pay TIC an administration fee calculated at the annual rate of 0.06% of each Fund’s respective average daily net assets. This fee is calculated daily and paid monthly.

      TIC has entered into a sub-administrative services agreement with Smith Barney Fund Management LLC (“SBFM”), another indirect wholly-owned subsidiary of Citigroup. TIC pays SBFM, as sub-administrator, a fee

60

 Notes to Financial Statements (unaudited) (continued)

calculated at an annual rate of 0.02% of the respective average daily net assets of each Fund, plus $30,000 per Fund, subject to a maximum of 0.06% of each Fund’s respective average daily net asset.

      During the six months ended June 30, 2005, TQB, MIS, FHY, FSP and DMCS had contractual expense limitations in place of 0.75%, 1.25%, 0.95%, 0.95% and 0.95%, respectively. These expense limitations are renewed annually and can be terminated at any time by TIC with 60 days’ notice.

      Citicorp Trust Bank, fsb. (“CTB”), another subsidiary of Citigroup, acts as the Funds’ transfer agent. For the six months ended June 30, 2005, the Funds did not pay transfer agent fees to CTB.

      All officers and one Trustee of the Trust are employees of Citigroup or its affiliates and do not receive compensation from the Trust.

          3.     Investments

      During the six months ended June 30, 2005, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

					U.S. Government and
	Investments				Agency Obligations
	Purchases		Sales		Purchases		Sales
Travelers Quality Bond Portfolio	$	55,510,523	$	55,277,473	$	23,554,870	$	34,403,764
Mondrian International Stock Portfolio		195,123,102		182,948,745		—		—
Federated High Yield Portfolio		15,861,841		14,010,498		—		—
Federated Stock Portfolio		6,841,480		9,163,219		—		—
Disciplined Mid Cap Stock Portfolio		111,829,475		120,119,903		—		—

      At June 30, 2005, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Gross		Gross			Net
	Unrealized		Unrealized			Unrealized
	Appreciation		Depreciation			Appreciation
Travelers Quality Bond Portfolio	$	2,338,087	$	(850,621	)	$	1,487,466
Mondrian International Stock Portfolio		6,580,172		(2,062,151	)		4,518,021
Federated High Yield Portfolio		4,164,779		(2,764,151	)		1,400,628
Federated Stock Portfolio		4,366,584		(1,044,025	)		3,322,559
Disciplined Mid Cap Stock Portfolio		31,993,840		(2,288,591	)		29,705,249

      At June 30, 2005, DMCS had the following open futures contracts:

	Number of		Expiration		Basis		Market		Unrealized
	Contracts		Date		Value		Value		Gain
Contracts to Buy:
S&P MidCap 400		2,500		9/05	$	1,714,790	$	1,720,875	$	6,085

      At June 30, 2005, MIS had the following open currency contracts as described below. The unrealized gain on the contract reflected in the financial statements was as follows:

	Local		Market		Settlement		Unrealized
Foreign Currency	Currency		Value		Date		Gain
Contracts to Sell:
British Pound		8,753,500	$	15,675,647		7/29/05	$	608,489

61

 Notes to Financial Statements (unaudited) (continued)

      At June 30, 2005, MIS loaned securities having a market value of $27,576,351. The Fund received cash collateral amounting to $29,000,415 which was invested into the State Street Navigator Securities Lending Trust Prime Portfolio, a Rule 2a-7 money market fund, registered under the 1940 Act.

          4.     Shares of Beneficial Interest

      The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest without par value. Transactions in shares of each Fund were as follows:

	Six Months Ended			Year Ended
	June 30, 2005			December 31, 2004
Travelers Quality Bond Portfolio
Shares sold		1,077,131			1,465,860
Shares issued on reinvestment		—			817,628
Shares repurchased		(1,517,565	)		(3,769,397	)
Net Decrease		(440,434	)		(1,485,909	)
Mondrian International Stock Portfolio
Shares sold		1,488,061			5,246,816
Shares issued on reinvestment		8,973			228,579
Shares repurchased		(803,028	)		(2,381,102	)
Net Increase		694,006			3,094,293
Federated High Yield Portfolio
Shares sold		642,599			1,653,448
Shares issued on reinvestment		—			721,724
Shares repurchased		(806,617	)		(1,293,767	)
Net Increase (Decrease)		(164,018	)		1,081,405
Federated Stock Portfolio
Shares sold		28,731			151,666
Shares issued on reinvestment		—			27,337
Shares repurchased		(180,342	)		(307,228	)
Net Decrease		(151,611	)		(128,225	)
Disciplined Mid Cap Stock Portfolio
Shares sold		396,986			1,329,948
Shares issued on reinvestment		110,067			297,265
Shares repurchased		(939,734	)		(1,043,953	)
Net Increase (Decrease)		(432,681	)		583,260

          5.     Capital Loss Carryforward

      On December 31, 2004, TQB had a net capital loss carryforward of $1,684,932 of which $1,232,729 expires in 2011 and $452,203 expires in 2012. MIS had a net capital loss carryforward of $33,913,755 of which $3,632,501 expires in 2009, $22,825,140 expires in 2010 and $7,456,114 expires in 2011. FHY had a net capital loss carryforward of $12,465,630 of which $4,648,588 expires in 2009, $6,217,956 expires in 2010 and $1,599,086 expires in 2011. FSP had a net capital loss carryforward of $776,231 which expires in 2011. These amounts will be available to offset any future taxable capital gains.

          6.     Additional Information

      On May 31, 2005, the U.S. Securities and Exchange Commission (“SEC”) issued an order in connection with the settlement of an administrative proceeding against Smith Barney Fund Management LLC (“SBFM”) and Citigroup

62

 Notes to Financial Statements (unaudited) (continued)

Global Markets Inc. (“CGMI”) relating to the appointment of an affiliated transfer agent for the Smith Barney family of mutual funds (the “Funds”), which includes the Funds (“TL&A Funds”).

      The SEC order finds that SBFM and CGMI willfully violated Section 206(1) of the Investment Advisers Act of 1940 (“Advisers Act”). Specifically, the order finds that SBFM and CGMI knowingly or recklessly failed to disclose to the boards of the Funds in 1999 when proposing a new transfer agent arrangement with an affiliated transfer agent that First Data Investors Services Group (“First Data”), the Funds’ then-existing transfer agent, had offered to continue as transfer agent and do the same work for substantially less money than before. Additionally, the SEC order finds that Citigroup Asset Management (“CAM”), the Citigroup business unit that, each Fund’s sub-administrator, had entered into a side letter with First Data under which CAM agreed to recommend the appointment of First Data as sub-transfer agent to the affiliated transfer agent in exchange, among other things, for a guarantee by First Data of specified amounts of asset management and investment banking fees to CAM and CGMI. The order also finds that SBFM and CGMI willfully violated Section 206(2) of the Advisers Act by virtue of the omissions discussed above and other misrepresentations and omissions in the materials provided to the Funds’ boards, including the failure to make clear that the affiliated transfer agent would earn a high profit for performing limited functions while First Data continued to perform almost all of the transfer agent functions, and the suggestion that the proposed arrangement was in the Funds’ best interests and that no viable alternatives existed. SBFM and CGMI do not admit or deny any wrongdoing or liability. The settlement does not establish wrongdoing or liability for purposes of any other proceeding.

      The SEC censured SBFM and CGMI and ordered them to cease and desist from violations of Sections 206(1) and 206(2) of the Advisers Act. The order requires Citigroup to pay $208.1 million, including $109 million in disgorgement of profits, $19.1 million in interest, and a civil money penalty of $80 million. Approximately $24.4 million has already been paid to the Funds, primarily through fee waivers. In addition, Travelers Life & Annuity and CAM reviewed the adequacy and accuracy of the disclosure provided to the TL&A Funds’ boards at the time the revised transfer agency arrangement was discussed with the boards and concluded that the transfer agency fees paid to CTB, for the period from June 1, 1999 to August 23, 2004, by the TL&A Funds that did not have expense caps in effect should be reimbursed with interest to the TL&A Funds. The reimbursement occurred on November 1, 2004.

      The remaining $183.7 million to be paid under the SEC order, including the penalty, has been paid to the U.S. Treasury and will be distributed pursuant to a plan to be prepared by Citigroup and submitted within 90 days of the entry of the order for approval by the SEC. The order also requires that transfer agency fees received from the Funds since December 1, 2004 less certain expenses be placed in escrow and provides that a portion of such fees may be subsequently distributed in accordance with the terms of the order.

      The order requires SBFM to recommend a new transfer agent contract to the Fund boards within 180 days of the entry of the order.

      At this time, there is no certainty as to how the proceeds of the settlement will be distributed, to whom such distributions will be made, the methodology by which such distributions will be allocated, and when such distributions will be made. Although there can be no assurance, Citigroup does not believe that this matter will have a material adverse effect on the Funds.

          7.     Other Matters

      On June 24, 2005, Citigroup announced that it has signed a definitive agreement under which Citigroup will sell substantially all of its worldwide asset management business to Legg Mason, Inc. (“Legg Mason”).

      As part of this transaction, Salomon Brothers Asset Management Inc. (“Salomon”) and TIMCO, currently indirect wholly owned subsidiaries of Citigroup, would become indirect wholly owned subsidiaries of Legg Mason. Salomon, effective July 1, 2005, and TIMCO are the subadvisers to TQB and DMCS, respectively.

      The transaction is subject to certain regulatory approvals, as well as other customary conditions to closing. Subject to such approvals and the satisfaction of the other conditions, Citigroup expects the transaction to be completed later this year.

63

 Notes to Financial Statements (unaudited) (continued)

          8.     Subsequent Events

      On July 1, 2005, MetLife, Inc., a Delaware corporation (“MetLife”), acquired all of the outstanding shares of capital stock of certain indirect subsidiaries held by Citigroup including TIC, The Travelers Life and Annuity Company, a wholly owned subsidiary of TIC and certain other domestic insurance companies of Citigroup and substantially all of Citigroup’s international businesses for $11.8 billion. The sale also included TIC’s affiliated investment advisor, TAMIC, which serves as the investment adviser to the Funds.

      TIC filed a Form 8-K Current Report with The United States Securities and Exchange Commission on July 8, 2005, with additional information about the transaction.

      On July 1, 2005, Salomon began to perform subadvisory services under a Subadvisory Agreement between TAMIC and Salomon for TQB.

      Also effective July 1, 2005, PFPC Inc. replaced CTB as transfer agent for the Funds; and State Street Bank and Trust Company replaced SBFM as sub-administrator for the Funds.

      The Funds were liable for excise tax payments resulting from the timing of required distribution payments made to taxable shareholders for the years 1999-2001. SBFM indemnified the Funds for any associated excise tax as well as any interest and penalties or any other costs. Subsequent to June 30, 2005, SBFM has filed all past excise tax returns for the Funds and made certain tax payments on behalf of DMCS. The Funds’ net asset values were not impacted by the outcome of this matter.

          9.     Change in Independent Registered Public Accounting Firm

      KPMG LLP was previously the independent registered public accounting firm for the Funds. In connection with the transaction described in Note 8, the decision to change the independent registered public accounting firm was approved by the Audit Committee and by the Board of Trustees, resulting in Deloitte and Touche LLP’s appointment as independent registered public accounting firm.

      The reports on the financial statements of the Funds audited by KPMG LLP through the year ended December 31, 2004 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. There were no disagreements between the Funds and KPMG LLP on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

64

 Factors Considered by the Independent Trustees in Approving The Investment Advisory and
 The Subadvisory Agreements (unaudited)

      Beginning at a telephonic meeting on March 17, 2005, and at in person meetings on March 29 and 30, 2005, the Independent Trustees for the Travelers Series Trust: the Mondrian International Stock Portfolio, the Quality Bond Portfolio, the Federated High Yield Portfolio, the Federated Stock Portfolio, and the Disciplined Mid Cap Stock Portfolio (all, the “Portfolios”) approved the investment advisory agreements (the “Agreements”) between TAMIC and the Portfolios. In addition, the Independent Trustees, at the in person meetings on March 29 and 30, 2005, approved investment subadvisory agreements (the “Subadvisory Agreements”) between TAMIC and Mondrian Investment Partners Ltd. (“Mondrian”) for the Mondrian International Stock Portfolio, between TAMIC and Federated Investment Management Company for the Federated High Yield Portfolio, between TAMIC and Federated Equity Management Company of Pennsylvania for the Federated Stock Portfolio (with Federated Investment Management Company “Federated”), and between TAMIC and TIMCO Asset Management, Inc. (“TIMCO”) for the Disciplined Mid Cap Stock Portfolio and, at the in person meeting on April 27 and 28, 2005, the Subadvisory Agreements between TAMIC and Salomon Brothers Asset Management Inc. (“Salomon”) for the Quality Bond Portfolio. In voting to approve the Agreements and the Subadvisory Agreements, the Independent Trustees considered whether the approval of the Agreements and the Subadvisory Agreements would be in the best interests of the Portfolios and their shareholders, an evaluation largely based on the nature and quality of the services provided under the Agreements and the Subadvisory Agreements and the overall fairness of the Agreements and the Subadvisory Agreements to the shareholders.

      The Independent Trustees did not identify any one factor, piece of information or written document as all important or controlling, and each Independent Trustee attributed different weight to different factors. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Agreements and the Subadvisory Agreements with management and with experienced independent and fund counsel and received materials from counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and the Subadvisory Agreements. The Independent Trustees also reviewed the proposed continuation of the Agreements and the Subadvisory Agreements in private sessions alone and with their independent counsel at which no representatives of management were present. Based on an evaluation of all material factors including those described below, the Independent Trustees concluded that the Agreements and the Subadvisory Agreements were reasonable and fair and in the best interest of the Portfolios and their shareholders.

      As background, MetLife Inc. (“MetLife”) and Citigroup Inc. (“Citigroup”) announced an agreement for the sale of The Travelers Insurance Company and certain affiliates by Citigroup to MetLife (the “MetLife Transaction”). The MetLife Transaction included the acquisition of TAMIC, a subsidiary of The Travelers Insurance Company and the investment adviser to the Portfolios, by MetLife. The MetLife Transaction closed on July 1, 2005. The approval of the Agreements and the Subadvisory Agreements (except for the approval of the Salomon Subadvisory Agreement which was necessary because there was no subadvisory agreement in place prior to the closing of the Metlife Transaction) was necessary because under the 1940 Act, the change in control of TAMIC resulted in the termination of the investment advisory and subadvisory agreements for the Portfolios on the closing of the MetLife Transaction. The Agreements and the Subadvisory Agreements for the Portfolios were approved by the Independent Trustees and the Agreements were submitted to a vote of the shareholders.

      The Independent Trustees met in executive session and considered; (a) the nature, extent and quality of the services to be provided by TAMIC, and by Salomon, Mondrians, Federated, and TIMCO (the “subadvisors”) under the Agreements and the Subadvisory Agreements; (b) the investment performance of the Portfolio, TAMIC and the subadvisers; (c) the cost of services to be provided and the profit realized by TAMIC and the subadvisors and their affiliates, which information was to be reviewed in depth at the July, 2005 Board meeting; (d) the extent to which TAMIC realizes economies of scale as each Portfolio grows; and (e) whether the investment advisory fee levels reflect these economies of scale for the benefit of the shareholders.

The Agreements

      As part of the process, legal counsel to the Portfolios requested certain information from MetLife and in response MetLife provided certain written and oral information that addressed certain factors designed to inform the Independent Trustees regarding their consideration of the Agreements. In making their determination, the Independent Trustees were provided with information about MetLife and its purchase of The Travelers Insurance Company from Citigroup. At the various meetings, MetLife representatives discussed MetLife’s intentions regarding the preservation and strengthening of

65

 Factors Considered by the Independent Trustees in Approving The Investment Advisory and
 The Subadvisory Agreements (unaudited) (continued)

TAMIC’s business and MetLife’s intentions regarding staffing changes and executive leadership changes at TAMIC. The MetLife representatives also discussed and provided certain written information on MetLife’s business and products, including MetLife’s advisory subsidiaries and their experience in overseeing subadvised mutual funds. The Independent Trustees also discussed the plans and anticipated role and responsibilities of certain of the employees and officers after the MetLife Transaction.

      With respect to the nature, scope and quality of the services to be provided by TAMIC after the MetLife Transaction, the Board considered the experience of MetLife’s advisory subsidiaries and the mutual funds advised by them and also MetLife’s efforts to build and maintain a strong investment team in TAMIC. The Board also considered the level and depth of knowledge of TAMIC, including the professional experience and qualifications of its personnel as well as current staffing levels. The Independent Trustees also considered:

•  the ability of TAMIC to continue the oversight of both the investment and compliance operations of the sub adviser after the MetLife transaction,

•  the intention of MetLife to integrate The Travelers Insurance Company and its affiliates, including TAMIC, into MetLife’s current businesses to create a single business operation,

•  MetLife’s compliance with certain conditions set forth in Section 15(f) of the 1940 Act regarding placing unfair burdens on the Portfolios,

•  anticipated changes to back office operations to the Portfolios, including the provision of administrative and transfer agency services, after the MetLife Transaction, and

•  the fact that the Agreements including the investment advisory fees would be identical to the current Agreements, except for the inception date and the express authority for TAMIC to retain subadvisers.

      In addition, the Independent Trustees noted that the performance of the Portfolios, which information the Independent Trustees receive and review on a quarterly basis, had generally been satisfactory. As to the profits realized by TAMIC from its relationship with the Portfolios, the Board noted that it was satisfied that TAMIC’s profits were not excessive in the past, and that it was not possible to predict how the MetLife Transaction would affect such profits at this time, but that it would reconsider this factor in connection with its annual review pursuant to Section 15(c) of the 1940 Act in July 2005. As to whether economies of scale would be realized as the Portfolios grow and whether fee levels reflect any such economies of scale, the Board noted that investment advisory fees for certain Portfolios included breakpoints that reduced fees payable at the higher asset levels and noted its intention to explore the possibility of instituting breakpoints for the other Portfolios. Finally, the Independent Trustees considered the level of service expected to be provided by TAMIC after the MetLife Transaction.

      The Independent Trustees considered their plans to perform the annual review of the Agreements pursuant to Section 15(c) of the 1940 Act at their regularly scheduled Board meeting which was scheduled to occur three weeks after the closing of the MetLife Transaction. In light of the continuity of investment management under the Agreements, the short period between the effective date of those Agreements and the upcoming annual review, the information provided by MetLife, and MetLife’s plans to conduct a search for a subadviser for the Portfolios for which Salomon would serve as subadviser, the Board considered the information provided to it sufficient for their consideration of the Agreements at that time.

The Subadvisory Agreements

     a.  Quality Bond Portfolio

      MetLife recommended and the Independent Trustees approved the retention of Salomon, which was an affiliate of TAMIC before the MetLife Transaction, as a subadviser for the Portfolios that had been managed directly by TAMIC without a subadviser, effective on or about the closing of the MetLife Transaction. For the Quality Bond Portfolio, the portfolio manager employed by Salomon was also an employee of TAMIC and the then current portfolio manager. As a result, there would be no change in the day-to-day portfolio management. The Independent Trustees noted that MetLife may in the future recommend to the Independent Trustees such additional changes to any Portfolios, including changes to the investment objectives, policies and restrictions of the Portfolios or merging one or more Portfolios into other MetLife-sponsored funds, as it determines are appropriate and as permitted by applicable law.

66

 Factors Considered by the Independent Trustees in Approving The Investment Advisory and
 The Subadvisory Agreements (unaudited) (continued)

      As part of the process, legal counsel to the Portfolios requested certain information from Salomon and in response Salomon provided certain written and oral information that addressed certain factors designed to inform the Independent Trustees regarding their consideration of the Subadvisory Agreement. With respect to the nature, scope and quality of the services to be provided by Salomon after the MetLife Transaction, the Board considered the experience and commitment of Salomon’s personnel and nature and quality of its investment process and that the Portfolio Manager would remain the same. The Independent Trustees noted that the performance of the Portfolio had generally been satisfactory. In determining whether the terms of the Subadvisory Agreement are reasonable and fair the Board considered the terms and structure of the Agreements including the fee schedule. In evaluating the subadvisory fees, the Independent Trustees considered that the investment subadvisory fees were paid by TAMIC out of the investment advisory fees it received under the Agreement. So, the cost of the services to be provided by Salomon, and the profitability to Salomon of with regard to the Portfolio along with the economies of scale in its management of the Portfolio were not material to the consideration of Subadvisory Agreement by the Independent Trustees. The Independent Trustees noted that the overall investment advisory fee was not changing. The Independent Trustees considered also their plans to perform the annual review of the Subadvisory Agreements pursuant to Section 15(c) of the 1940 Act at their regularly scheduled July 20 and 21, 2005 Board meeting which was scheduled to occur three weeks after the closing of the MetLife Transaction. In light of the continuity of portfolio management under the Subadvisory Agreement, the short period between the effective date of the Subadvisory Agreement and the upcoming annual review, the information provided by Salomon, and MetLife’s plans to conduct a search for a sub advisor for the Portfolio for which Salomon would serve as subadviser, the Board considered the information provided to it sufficient for their consideration of the Subadvisory Agreements at that time.

     b.  Mondrian International Stock Portfolio, the Federated Stock Portfolio, the Federated High Yield Portfolio, and the Disciplined Mid Cap Stock Portfolio

      Also, MetLife recommended and the Independent Trustees reapproved the Subadvisory Agreements for the Mondrian International Portfolio, the Federated High Yield Portfolio, the Federated Stock Portfolio, and the Disciplined Mid Cap Portfolio. As discussed above, a change in control of TAMIC resulted in the termination of TAMIC’s previous subadvisory contracts with the subadvisers on the closing of the MetLife Transaction. With respect to the nature, scope and quality of the services to be provided by the subadvisers after the MetLife Transaction, the Board considered that the MetLife Transaction was not expected to affect the subadvisers or their services. The Independent Trustees also noted that the subadvisory fees were not changing. In evaluating the subadvisory fees, the Independent Trustees considered that the investment subadvisory fees were paid by TAMIC out of the investment advisory fees it received under the Agreements. So, the cost of the services to be provided by the subadvisers the profitability to the subadvisors with regard to the Portfolios along with the economies of scale in their management of the Portfolios were not material to the consideration of the Independent Trustees. The Board also considered that it had received quarterly performance information regarding the Portfolios. The Board noted that the performance of the Portfolios was satisfactory, but the performance for the Mondrian International Stock Portfolio and Federated Stock Portfolio was disappointing. The Board also told that Mondrian has recently replaced the Portfolio’s prior investment adviser, and determine to further review the performance of the Federated Stock Portfolio as part of the annual review at the next scheduled Board meeting. The Independent Trustees considered their plans to perform the annual review of the Subadvisory Agreements pursuant to Section 15(c) of the 1940 Act at its regularly scheduled Board meeting which was scheduled to occur three weeks after the closing of the MetLife Transaction. In light of the continuity of portfolio management under the Subadvisory Agreements, the overall performance of the Portfolios, and the short period between the effective date of the Subadvisory Agreements and the upcoming annual review, the Board considered the information provided to it sufficient for its consideration of the Subadvisory Agreements at that time.

Other Business Relationships

      The Independent Trustees considered other business relationships that MetLife and TAMIC would enter into with Citigroup, including its affiliate Salomon. In connection with the closing of the MetLife Transaction, MetLife, Citigroup and certain of their affiliates entered into a Distribution Agreements under which Citigroup-affiliated broker-dealers will continue to offer certain TIC and MetLife insurance contracts until July 1, 2015. In addition, MetLife, Citigroup and certain of their affiliates entered into an Investment Products Agreements under which certain TIC and MetLife insurance products will include certain Citigroup-sponsored mutual funds as investment options including Salomon advised funds as investment options until July 1, 2010.

67

 Factors Considered by the Independent Trustees in Approving The Investment Advisory and
 The Subadvisory Agreements (unaudited) (continued)

Conclusion

      Based on the deliberations of the Independent Trustees and their evaluation of the information described above, the Independent Trustees unanimously concluded that (a) the terms of the Agreements and the Subadvisory Agreements are fair and reasonable; (b) the fees are reasonable in light of the services TAMIC and the subadvisers provided to the Portfolios and their shareholders; (d) TAMIC and the subadvisers possess the capabilities to perform the duties required of them under the Agreements and the Subadvisory Agreements; (e) the investment performance of the Portfolios is generally satisfactory except as discussed above; and (f) the Agreements and the Subadvisory Agreements are approved.

68

 Combined Special Shareholder Meeting (unaudited)

      Combined Special Meeting of the Funds was held on June 23 and adjourned to June 30, 2005.

      There were three proposals submitted to shareholders. Proposal 1 was the approval of the investment advisory contracts between the Funds and TAMIC. The agreements terminated as a matter of law at the closing of the MetLife Transaction. Proposal 2 was the approval of future subadvisory agreements without a shareholder vote. Proposal 3 was the election of a new member of the Board of Trustees, Elizabeth Forget, who is affiliated with MetLife.

      The shareholders approved all proposals.

      The following table sets forth the number of shares voted for, against and withheld as to each Proposal.

	Number
Proposal 1	of Shares
Mondrian International Stock Portfolio
For		14,803,907.193
Against		477,478.265
Withhold		1,103,059.542
Total		16,384,445.000
Travelers Quality Bond Portfolio
For		14,675,840.345
Against		777,487.223
Withhold		1,002,926.432
Total		16,456,254.000
Federated High Yield Portfolio
For		8,762,240.656
Against		382,071.140
Withhold		767,231.204
Total		9,911,543.000
Federated Stock Portfolio
For		1,605,390.013
Against		67,033.212
Withhold		218,832.775
Total		1,891,256.000
Disciplined Mid Cap Stock Portfolio
For		8,215,634.350
Against		462,781.815
Withhold		1,052,479.835
Total		9,730,896.000

69

 Combined Special Shareholder Meeting (unaudited) (continued)

	Number
Proposal 2	of Shares
Mondrian International Stock Portfolio
For		13,767,239.633
Against		1,399,105.229
Withhold		1,218,100.138
Total		16,384,445.000
Travelers Quality Bond Portfolio
For		13,900,240.704
Against		1,727,297.903
Withhold		828,715.393
Total		16,456,254.000
Federated High Yield Portfolio
For		8,233,725.655
Against		771,990.320
Withhold		905,827.025
Total		9,911,543.000
Federated Stock Portfolio
For		1,443,490.274
Against		217,092.079
Withhold		230,673.647
Total		1,891,256.000
Disciplined Mid Cap Stock Portfolio
For		7,481,724.150
Against		1,247,274.283
Withhold		1,001,897.567
Total		9,730,896.000

70

 Combined Special Shareholder Meeting (unaudited) (continued)

	Number
Proposal 3	of Shares
Mondrian International Stock Portfolio
For		15,655,464.390
Against		728,980.610
Total		16,384,445.000
Travelers Quality Bond Portfolio
For		15,606,400.845
Against		849,853.155
Total		16,456,254.000
Federated High Yield Portfolio
For		9,293,786.726
Against		617,756.274
Total		9,911,543.000
Federated Stock Portfolio
For		1,822,596.117
Against		68,659.883
Total		1,891,256.000
Disciplined Mid Cap Stock Portfolio
For		9,198,461.453
Against		532,434.547
Total		9,730,896.000

71

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The Travelers Series Trust

TRUSTEES*

Elizabeth M. Forget
  Chairperson
Frances M. Hawk, CFA, CFP
Lewis Mandell
Robert E. McGill, III

OFFICERS*

Elizabeth M. Forget
President and
Chief Executive Officer

Peter H. Duffy
Chief Financial Officer
and Treasurer

Leonard M. Bakal
Chief Compliance Officer and
Chief Anti-Money Laundering
Compliance Officer

Paul G. Cellupica
Secretary

Jack P. Huntington
Assistant Secretary

* As of July 1, 2005 INVESTMENT ADVISER*

Travelers Asset Management International Company LLC

ADMINISTRATOR*

The Travelers Insurance Company

CUSTODIAN*

State Street Bank and Trust Company

TRANSFER AGENT*

PFPC Inc.

The Funds are separate investment funds of The Travelers Series Trust, a Massachusetts business trust.

This report is prepared for the general information of variable annuity or life contract owners and is not an offer of shares of the Travelers Quality Bond Portfolio, Mondrian International Stock Portfolio, Federated High Yield Portfolio, Federated Stock Portfolio, and Disciplined Mid Cap Stock Portfolio and is not for use with the general public. All the Funds contained in this report may not be available under our variance annuity or life contract.

This report must be preceded or accompanied by a free prospectus. Investors should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the Funds. Please read the prospectus carefully before investing.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. To obtain information on Form N-Q from the Funds, shareholders can call 1-800-842-9406.

Information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 and a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling 1-800-842-9406, and (2) on the SEC’s website at www.sec.gov.

Series Trust (Semi-Annual) (8-05) Printed in U.S.A.

ITEM 2.	CODE OF ETHICS.
	Not applicable.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT.
	Not applicable.
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.
	Not applicable.
ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable.
ITEM 6.	SCHEDULE OF INVESTMENTS.
	Included in reports to stockholders under Item 1.
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES
	Not applicable.
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
	Not applicable.
ITEM 11.	CONTROLS AND PROCEDURES.

(a)	The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.
	Effective July 1, 2005, certain changes were made to the registrant’s internal controls over financial reporting in connection with the acquisition of the registrant’s investment adviser by MetLife, Inc. Such changes will be reported in the registrant’s Form N-Q for the fiscal quarter ending September 30, 2005 to be filed, which covers the effective date of such changes.

ITEM 12. EXHIBITS.

(a)  (1)	Not applicable.
(2)	Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002
(3)	Not applicable.
(b)	Certifications pursuant to section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

The Travelers Series Trust

By:	/s/ Elizabeth M. Forget
	Elizabeth M. Forget
	Chief Executive Officer of
	The Travelers Series Trust
Date:	September 7, 2005

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Elizabeth M. Forget
	Elizabeth M. Forget
	Chief Executive Officer of
	The Travelers Series Trust

Date: September 7, 2005

By:	/s/ Peter H. Duffy
	Peter H. Duffy
	Chief Financial Officer of
	The Travelers Series Trust

Date: September 7, 2005