SUPPLEMENT DATED NOVEMBER 1, 2004 TO
                                                            MANAGED ASSETS TRUST
                                                    PROSPECTUS DATED MAY 3, 2004



Effective November 1, 2004, the following information supplements the
information in the Managed Assets Trust prospectus. Please retain this
supplement and keep it with the prospectus for future reference.

GOALS AND INVESTMENTS SECTION

The Portfolio Manager information is deleted in its entirety and replaced with
the following:

------------------------------------------------------------
   PORTFOLIO MANAGERS:       Gene Collins
                             Kurt Lin
------------------------------------------------------------


THE SUBADVISER AND PORTFOLIO MANAGER SECTION

This second paragraph is deleted and replaced in its entirety with the
following:

Mr. Gene Collins and Mr. Kurt Lin are responsible for the day to day management
of the Fund. Mr. Collins is a Senior Vice President of TAMIC. Since 1986, he has
been the Senior Portfolio Manager of the investment portfolios of Primerica
Inc., the predecessor company of Citigroup Inc. Since 1998, Mr. Collins has also
been the Senior Portfolio Manager of Primerica Life of Canada; a Canadian
domiciled insurance company. Mr. Collins has 27 years of experience in
investments covering all types of fixed income and equity securities. Mr. Lin is
a Vice President of TAMIC and is responsible for managing US investment grade
portfolios and structured products. He also trades corporate bonds, derivatives
and currencies. Prior to joining TAMIC in 1997, Mr. Lin was the senior
derivatives trader at Smith Barney.

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