MANAGED ASSETS TRUST

                      SUPPLEMENT DATED FEBRUARY 15, 2006
                                      TO
                         PROSPECTUS DATED MAY 2, 2005

This Supplement is made as of February 15, 2006 to the Prospectus of Managed
Assets Trust ("Trust") dated May 2, 2005.

On January 25, 2006, the Board of Trustees of the Trust approved a proposal to
reorganize the Trust into the Legg Mason Partners Managed Assets Portfolio
("Legg Mason Partners Managed Assets"), a new series of Met Investors Series
Trust.

Legg Mason Partners Managed Assets has investment objectives, strategies and
risks substantially similar to the Trust.

If the shareholders of the Trust approve the proposal, the Trust will liquidate
by transferring substantially all of its assets to Legg Mason Partners Managed
Assets. Shareholders of the Trust will receive shares of Legg Mason Partners
Managed Assets equal in value to their shares of the Trust as of the date of
the reorganization, which is proposed to take place as of the close of business
on or about May 1, 2006. Shareholders of record of the Trust as of January 31,
2006 are scheduled to vote on the proposal at a special meeting of shareholders
to be held on April 12, 2006. Shareholders of record of the Trust will be
mailed information detailing the proposal prior to April 12, 2006.

Date: February 15, 2006