WITNESSETH:

                                                                   Ex-99.(d)(86)


EXhibit (d)(86)
                   AMENDMENT TO INVESTMENT ADVISORY AGREEMENT


         AMENDMENT made as of May 1, 2005 to the Investment Advisory Agreement
made as of the 1st day of August, 1996, as amended (the "Agreement") between
Travelers Asset Management International Company LLC ("TAMIC") (successor to
Travelers Asset Management International Corporation) and The Travelers Series
Trust (the "Trust").


                                   WITNESSETH:

         WHEREAS, TAMIC and the Trust have entered into the Agreement with
respect to the Lazard International Stock Portfolio (now known as the Mondrian
International Stock Portfolio) of the Trust;

         WHEREAS, TAMIC and the Trust desire to amend the Agreement to change
the investment advisory fee;

         NOW THEREFORE, in consideration of the mutual promises set forth below,
TAMIC and the Trust hereby agree to amend paragraph 5 of the Advisory Agreement
to read as follows:

         8. COMPENSATION

                  In consideration of the services rendered pursuant to this
                  Agreement, the Trust will pay TAMIC an amount equivalent on an
                  annual basis to the following:

                      Annual                               Aggregate Net Asset
                  Management Fee                          Value of the Portfolio
                  ---------------                        -----------------------
                      0.775%          of the first            $100,000,000
                      0.650%          of amounts over         $100,000,000


         The parties understand that the fee will be calculated daily and paid
monthly. The fee for the period from the Effective Date (defined below) of the
Agreement to the end of the month during which the Effective Date occurs shall
be prorated according to the proportion that such period bears to the full
monthly period. Upon any termination of this Agreement before the end of a
month, the fee for such part of that month shall be prorated according to the
proportion that such period bears to the full monthly period and shall be
payable upon the date of termination of this Agreement. For the purpose of
determining fees payable to TAMIC, the value of the Portfolio's net assets shall
be computed at the times and in the manner specified in the then current
Prospectus and/or the SAI.


                                       Travelers Asset Management International
                                       Company LLC

                                       By: /s/ Xxxx Xxxxxxxxx
                                           -------------------


                                       The Travelers Series Trust


                                       By: /s/ Xxxxxxxx X XxXxx
                                           --------------------