SUPPLEMENT DATED OCTOBER 25, 2004
                                               TO PROSPECTUSES DATED MAY 3, 2004

Capital Appreciation Portfolio
High Yield Bond Trust
Managed Assets Trust
The Travelers Series Trust:
         Convertible Securities Portfolio
         Disciplined Mid Cap Stock Portfolio
         Equity Income Portfolio
         Federated Stock Portfolio
         Federated High Yield Portfolio
         Large Cap Portfolio
         Lazard International Stock Portfolio
         Merrill Lynch Large Cap Core Portfolio
         MFS Emerging Growth Portfolio
         MFS Mid Cap Growth Portfolio
         MFS Value Portfolio Pioneer Fund Portfolio
         Social Awareness Stock Portfolio
         Travelers Quality Bond Portfolio
         U.S. Government Securities Portfolio
         Zero Coupon Bond Fund Portfolio (Series 2005)

The following information replaces in its entirety the information under the
"Recent Developments" heading in the "Transfer Agent and Fund Administration"
section for each of the above referenced prospectuses, and any supplements
thereto. Please retain this supplement and keep it with your prospectus for
future reference.

In connection with an investigation previously disclosed by Citigroup, the Staff
of the Securities and Exchange Commission (SEC) has notified Citigroup Asset
Management (CAM), the Citigroup business unit that includes the funds'
investment manager and other investment advisory companies; Citicorp Trust Bank
(CTB), an affiliate of CAM; Thomas W. Jones, the former CEO of CAM; and two
other individuals, one of whom is an employee and the other of whom is a former
employee of CAM, that the SEC Staff is considering recommending a civil
injunctive action and/or an administrative proceeding against each of them
relating to the creation and operation of an internal transfer agent unit to
serve various CAM-managed funds.

In 1999, CTB entered the transfer agent business. CTB hired an unaffiliated
subcontractor to perform some of the transfer agent services. The subcontractor,
in exchange, had signed a separate agreement with CAM in 1998 that guaranteed
investment management revenue to CAM and investment banking revenue to a CAM
affiliate. The subcontractor's business was later taken over by PFPC Inc., and
at that time the revenue guarantee was eliminated and a one-time payment was
made by the subcontractor to a CAM affiliate.

CAM did not disclose the revenue guarantee when the boards of various
CAM-managed funds hired CTB as transfer agent. Nor did CAM disclose to the
boards of the various CAM-managed funds the one-time payment received by the CAM
affiliate when it was made.




In addition, the SEC Staff has indicated that it is considering recommending
action based on the adequacy of the disclosures made to the fund boards that
approved the transfer agency arrangement, CAM's initiation and operation of, and
compensation for, the transfer agent business and CAM's retention of, and
agreements with, the subcontractor.

Citigroup is cooperating fully in the investigation and will seek to resolve the
matter in discussions with the SEC Staff. Although there can be no assurance,
Citigroup does not believe that this matter will have a material adverse effect
on the funds. As previously disclosed, CAM has already agreed to pay the
applicable funds, primarily through fee waivers, a total of approximately $17
million (plus interest) that is the amount of the revenue received by Citigroup
relating to the revenue guarantee.










October 2004                                                             L-24427