Supplement Dated January 9, 2004 to the following Prospectuses:

Travelers Series Trust:
         Convertible  Securities  Portfolio  (May 1, 2003)
         Disciplined  Mid Cap Stock  Portfolio  (May 1, 2003)
         Equity Income  Portfolio  (May 1, 2003)
         Federated High Yield  Portfolio (May 1, 2003)
         Federated Stock Portfolio (May 1, 2003)
         Large Cap  Portfolio  (May 1, 2003)
         Lazard  International Stock  Portfolio  (May 1, 2003)
         MFS Emerging  Growth  Portfolio (May 1, 2003)
         MFS Mid Cap Growth  Portfolio  (May 1, 2003)
         MFS Value  Portfolio (May 1, 2003)
         Merrill  Lynch Large Cap Core  Portfolio  (November  17, 2003)
         Pioneer  Fund  Portfolio  (May 1, 2003)
         Social  Awareness  Stock Portfolio (May 1, 2003)
         Travelers  Quality Bond Portfolio (May 1, 2003)
         U.S.  Government  Securities  Portfolio  (May 1, 2003)
         Zero Coupon Bond Fund Portfolio (May 1, 2003)

Capital Appreciation Fund (May 1, 2003)
High Yield Bond Trust (May 1, 2003)
Managed Assets Trust (May 1, 2003)
Money Market Portfolio (May 1, 2003)

The following information supplements the prospectuses for the Portfolios listed
above.

Recent Developments

The Fund has received the following  information from Citigroup Asset Management
("CAM"),  the  Citigroup  business  unit that  includes  the  Fund's  Investment
Manager,  which is an indirect,  wholly-owned  subsidiary of  Citigroup.  CAM is
reviewing its entry,  through an affiliate,  into the transfer agent business in
the period  1997-1999.  As CAM currently  understands the facts, at the time CAM
decided to enter the transfer agent business, CAM sub-contracted for a period of
five years  certain of the  transfer  agency  services to a third party and also
concluded a revenue guarantee agreement with this sub-contractor  providing that
the  sub-contractor  would guarantee  certain  benefits to CAM or its affiliates
(the "Revenue Guarantee Agreement").  In connection with the subsequent purchase
of the  sub-contractor's  business by an affiliate  of the current  sub-transfer
agent (PFPC) used by CAM on many of the funds it manages, this Revenue Guarantee
Agreement was amended  eliminating  those benefits in exchange for  arrangements
that included a one-time payment from the subcontractor.

The Boards of CAM-managed  funds (the "Boards") were not informed of the Revenue
Guarantee  Agreement with the  sub-contractor  at the time the Boards considered
and approved the transfer agent  arrangements.  Nor were the Boards  informed of
the subsequent amendment to the Revenue Guarantee Agreement when that occurred.

CAM has begun to take corrective  actions.  CAM will pay to the applicable funds
$16  million  (plus  interest)  that CAM and its  affiliates  received  from the
Revenue  Guarantee  Agreement and its  amendment.  CAM also plans an independent
review to verify that the transfer agency fees charged by CAM were fairly priced
as compared to competitive  alternatives.  CAM is instituting new procedures and
making changes  designed to ensure no similar  arrangements  are entered into in
the future.

CAM has  briefed  the  SEC,  the New  York  State  Attorney  General  and  other
regulators  with  respect to this  matter,  as well as the U.S.  Attorney who is
investigating the matter.  CAM is cooperating with  governmental  authorities on
this matter.

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