497 1 c35648_497.txt SUPPLEMENT DATED JANUARY FEBRUARY 16, 2005 TO PROSPECTUSES DATED MAY 3, 2004 Capital Appreciation Portfolio High Yield Bond Trust Managed Assets Trust Money Market Portfolio 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 Travelers Quality Bond Portfolio U.S. Government Securities Portfolio Zero Coupon Bond Fund Portfolio (Series 2005) The following information supplements each of the above referenced prospectuses. Please retain this supplement and keep it with your prospectus for future reference. On January 31, 2005, Citigroup Inc. ("Citigroup") announced that it has reached an agreement with MetLife, Inc. ("MetLife") to sell Citigroup's life insurance and annuity businesses ("Travelers Life & Annuity") to MetLife. As part of this transaction, Travelers Asset Management International Company LLC ("TAMIC"), currently an indirect wholly owned subsidiary of Citigroup, would become an indirect wholly owned subsidiary of MetLife. TAMIC is the investment adviser to the Fund. The transaction is subject to certain regulatory approvals, as well as other customary conditions to closing. The transaction is expected to close this summer. In connection with this transaction, the Trust's Board of Trustees will be asked to approve new investment advisory and administrative services contracts, and, to the extent required by law, variable annuity and variable life contract owners, who beneficially own the shares of the Fund, will be asked to approve new investment advisory agreements. February 2005 L-24492