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SUPPLEMENT TO PROSPECTUS FOR
MANUFACTURERS INVESTMENT TRUST
DATED MAY 1, 1998
STRATEGIC BOND AND U.S. GOVERNMENT SECURITIES TRUSTS - PORTFOLIO MANAGER CHANGES
Steven Guterman who had been jointly responsible together with Roger
Lavan for the day-to-day management of the Strategic Bond and U.S. Government
Securities Trusts is no longer managing these portfolios. Roger Lavan continues
to manage these portfolios and continues to be assisted in the management of the
Strategic Bond Trust by Peter Wilby and David Scott.
GROWTH TRUST - PORTFOLIO MANAGER CHANGES
Edward F. Keely who has been the lead portfolio manager for the Growth
Trust no longer manages this portfolio. Paul LaRocco, CFA has taken the role of
interim lead manager with the support of the Founders investment management
team.
Mr. LaRocco, Vice President, Investments for Founders, became lead
portfolio manager for Founders Special Fund in March 1998. Prior to joining
Founders, he was a vice president and portfolio manager with Oppenheimer Funds
Inc. (1993-1998) and a securities analyst with Columbus Circle Investors
(1990-1993). Since April 1998, Mr. LaRocco also has served as a portfolio
manager for The Dreyfus Corporation. A graduate of the University of California
at Santa Barbara, Mr. LaRocco received an MBA with a concentration in finance
from the University of Chicago.
REORGANIZATION AND RECAPITALIZATION OF OECHSLE INTERNATIONAL ADVISORS, L.P.
On October 8, 1998, Oechsle International Advisors, L.P. ("Oechsle
International"), the subadviser to the Global Government Bond portfolio,
reorganized and recapitalized with Oechsle International Advisors, LLC ("Oechsle
LLC") becoming the successor to Oechsle International (the "Transaction").
Oechsle International was a Delaware limited partnership. Its sole
general partner was Oechsle Group, L.P., a Delaware limited partnership ("Group
LP"). Walter Oechsle, as Managing General Partner of Group LP, was the chief
executive officer of Oechsle International and Group LP. In addition to Mr.
Oechsle, the following persons were general partners of Group LP: S. Dewey
Keesler, Jr., L. Sean Roche, Stephen P. Langer, Steven H. Schaefer, Warren
Walker and Andrew S. Parlin.
Dresdner Asset Management (U.S.A.) Corporation ("DAMCO") owned a
majority limited partnership interest in Oechsle International. DAMCO is a
wholly-owned subsidiary of Dresdner Bank AG.
Certain Ownership Changes Affected by the Transaction
As part of the Transaction, Oechsle International was reorganized into
Oechsle LLC, which now conducts the business that Oechsle International
conducted prior to that time. Also as part of the Transaction, (1) the seven
general partners of Group LP approximately doubled their current collective
ownership interest in Oechsle LLC and (2) Dresdner Bank AG sold the stock of
DAMCO to Fleet Financial Group, Inc. ("Fleet"), which now holds approximately a
35% (on a fully diluted basis) non-voting interest in Oechsle LLC. As a result,
Dresdner Bank AG no longer holds any interest in Oechsle LLC.
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Structure Following the Transaction
Oechsle LLC is a Delaware limited liability company. Its Member Manager
is Oechsle Group, LLC, a Delaware limited liability company ("Group LLC") which
owns approximately a 44% (on a fully diluted basis) interest in Oechsle LLC. The
seven current general partners of Group LP will collectively own approximately a
89% interest in Group LLC. The management, policies and control of Oechsle LLC
are vested exclusively in Group LLC. Day-to-day management of Oechsle LLC will
be exercised by the Management Committee of Group LLC which will consist of
Messrs. Keesler, Roche, Langer, Walker and Parlin. The address of Group LLC is
One International Place, Boston, Massachusetts 02110.
As a result of the Transaction, Oechsle LLC has entered into a new
subadvisory agreement with Manufacturers Securities Services, LLC, the adviser
to the Trust. The Board of Trustees of the Trust approved the new subadvisory
agreement at a meeting held on June 29, 1998. Pursuant to an order the Trust has
received from the Securities and Exchange Commission, shareholder approval of
the new subadvisory agreement is not required. The Transaction has not resulted
in any change in the portfolio managers for the Global Government Bond portfolio
nor has there been any material change in the investment personnel servicing
this portfolio. The Transaction has also not resulted in any change in the rate
of advisory or subadvisory fee for the Global Government Bond portfolio.
T. ROWE PRICE ASSOCIATES, INC. ("T. ROWE PRICE") AND ROWE PRICE-FLEMING
INTERNATIONAL, INC. ("PRICE-FLEMING") SUBADVISED PORTFOLIOS - INVESTMENT IN THE
T. ROWE PRICE RESERVE INVESTMENT FUND
The portfolios of the Trust subadvised by T. Rowe Price (the Science &
Technology, the Blue Chip Growth, and the Equity-Income portfolios) and
Price-Fleming (the International Stock portfolio) each may invest cash reserves
in the T. Rowe Price Reserve Investment Fund, a money market fund established
for the exclusive use of the T. Rowe Price family of mutual funds and other
clients of T. Rowe Price and Price-Fleming. The T. Rowe Price Reserve Investment
Fund operates under an Exemptive Order issued by the Securities and Exchange
Commission which grants relief from certain provisions of the 1940 Act regarding
registered investment companies investing in other investment companies. Under
the order, a registered investment company may invest up to 25% of its total
assets in the T. Rowe Price Reserve Investment Fund. The T. Rowe Price Reserve
Investment Fund, like any money market fund, must comply with the requirements
of Rule 2a-7 under the 1940 Act. At least 95% of the T. Rowe Price Reserve
Investment Fund's assets will be invested in prime money market instruments
receiving the highest credit rating. The T. Rowe Price Reserve Investment Fund
will not charge an advisory fee and it is anticipated that the fund will have a
low expense ratio. While the T. Rowe Price Reserve Investment Fund will attempt
to maintain a stable net asset value of $1.00 per share, no assurance can be
given that it will do so. The T. Rowe Price Reserve Investment Fund is not
insured or guaranteed by the U.S. Government.
THE DATE OF THIS SUPPLEMENT IS OCTOBER 13, 1998.
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SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION FOR
MANUFACTURERS INVESTMENT TRUST
DATED MAY 1, 1998
Nonfundamental investment restriction number 13 is amended and restated as
follows:
Unless a portfolio is specifically excepted by the terms of a restriction, each
portfolio will not:
(13) Purchase securities of other investment companies if the purchase would
cause more than 10% of the value of the portfolio's total assets to be
invested in investment company securities, provided that (i) no
investment will be made in the securities of any one investment company
if immediately after such investment more than 3% of the outstanding
voting securities of such company would be owned by the portfolio or more
than 5% of the value of the portfolio's total assets would be invested in
such company and (ii) no restrictions shall apply to a purchase of
investment company securities in connection with:
(a) a merger, consolidation or reorganization,
(b) the investment of collateral received in connection with the
lending of securities in the Navigator Securities Lending Trust,*
or
(c) the purchase of shares of the T. Rowe Price Reserve Investment
Fund, a T. Rowe Price Associates, Inc. money market fund.
(However, a portfolio of the Trust may not invest more than 25% of
its total assets in the T. Rowe Price Reserve Investment Fund).**
For purposes of this restriction, privately issued collateralized mortgage
obligations will not be treated as investment company securities if issued by
"Exemptive Issuers." Exemptive Issuers are defined as unmanaged, fixed-asset
issuers that (a) invest primarily in mortgage-backed securities, (b) do not
issue redeemable securities as defined in section 2(a)(32) of the 1940 Act, (c)
operate under general exemptive orders exempting them from all provisions of the
1940 Act, and (d) are not registered or regulated under the 1940 Act as
investment companies. This restriction (13) shall not apply to the Lifestyle
Trusts.
*State Street Bank and Trust Company ("State Street"), the Trust's custodian,
pursuant to an agreement with the Trust provides a security lending service to
the Trust. In connection with the service, collateral from securities lent may
be invested in the Navigator Securities Lending Trust. The Navigator Securities
Lending Trust is a registered investment company managed by State Street that is
sold only to mutual fund lending clients of State Street. In connection with the
creation of the Navigator Securities Lending Trust, State Street received from
the Securities and Exchange Commission exemption from certain provisions of the
1940 Act in order to permit its mutual fund clients to invest in the Navigator
Securities Lending Trust. State Street received exemption from Section 12(d)(1)
of the 1940 Act and various provisions of Section 17 of the 1940 Act.
**The T. Rowe Price Reserve Investment Fund is a money market fund registered
under the 1940 Act managed by T. Rowe Price Associates, Inc. which is sold only
to advisory clients of T. Rowe Price Associates, Inc. and Rowe Price-Fleming
International, Inc. and their affiliates. T. Rowe Price Associates, Inc. and
Rowe Price-Fleming International, Inc. have received from the Securities and
Exchange Commission exemption from certain provisions of the 1940 Act in order
to permit their mutual fund advisory clients to invest in the T. Rowe Price
Reserve Investment Fund.
THE DATE OF THIS SUPPLEMENT IS OCTOBER 13, 1998.
