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Supplement dated October 8, 1998
To Prospectus dated May 1, 1998
Travelers Quality Bond Account
for Variable Annuities
The following information supplements the information included for the
Portfolio in "Investment Objective" and "Risk Factors" in the Prospectus:
The ability to invest in quality securities of issuers located in various
foreign countries and regions is an essential part of the investment
strategy used by Travelers Asset Management International Corporation
("TAMIC") in managing the Portfolio. Permissible foreign securities may
include debt securities of foreign governments (including provinces and
municipalities) or their agencies or instrumentalities, securities issued
or guaranteed by international organizations designated or supported by
multiple governments or entities to promote economic reconstruction or
development, and securities of foreign corporations and financial
institutions. Not more than 25% of the Portfolio's total assets at the
time of purchase will be invested in foreign securities. The Portfolio
will not invest in emerging market securities. Foreign securities may
include American Depository Receipts and other U.S. dollar-denominated
securities. Permissible foreign securities must be rated at least
investment grade (the four highest ratings) or deemed comparable by TAMIC.
Subject to the Portfolio's 25% overall limit in foreign securities, there
is no limit on the amount of assets that may be invested in securities of
issuers domiciled in a single country or market. To the extent that its
assets are invested substantially in a single country or market, the
Portfolio is
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more susceptible to the risks of investing in that country or market than
it would be if its assets were geographically more diversified.
Investments in foreign securities may offer the opportunity to pursue the
performance potential of an overseas market. Such securities, however,
also entail risks in addition to the risks of U.S. securities. Foreign
governments may nationalize or expropriate assets or impose confiscatory
taxes on an investment. Civil wars or other political or financial
instability or diplomatic developments may affect the value of the
Portfolio's foreign investments. Foreign countries may impose currency
exchange controls, foreign withholding taxes, or other factors that may
affect the value of an investment. Movement in foreign currency exchange
rates against the U.S. dollar may result in significant changes in the
value of overseas investments. Generally, if the U.S. dollar weakens, the
value of the foreign investment in U.S. dollars increases. Conversely,
when the U.S. dollar strengthens, the value of the foreign investment in
U.S. dollars decreases.
There is generally less information publicly available about a foreign
issuer than about a U.S. issuer, and foreign issuers generally are not
subject to accounting, auditing and financial reporting practices
comparable with U.S. practices. Some foreign securities or markets are
more thinly traded and, as a result, foreign securities may be less liquid
and more volatile than U.S. securities. Foreign settlement procedures and
trade regulations may involve risks and expenses not present in U.S.
settlements.
L-11165-A
