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December 1, 1996 Supplement to
Prospectus Dated September 16, 1996
Capital Appreciation Fund
Fund Administration
Capital Appreciation Fund ("Fund") has entered into an Administrative Services
Agreement, whereby Travelers Insurance will be responsible for the pricing and
bookkeeping services for the Fund at an annualized rate of 0.06% of the daily
net assets of the Fund. The Travelers Insurance Company, at its expense, may
appoint a sub-administrator to perform these services. The sub-administrator
may be affiliated with The Travelers Insurance Company.
12/96
L-11171B
