<PAGE> 1
MANUFACTURERS INVESTMENT TRUST
PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
August 24, 1998
Dear Investors:
It is once again my pleasure to present the semi-annual financial statements of
the Manufacturers Investment Trust (the "Trust"), the mutual fund which is the
underlying investment vehicle for your variable insurance product or retirement
plan. The financial statements that follow reflect the results of operations for
the six months ended June 30, 1998. During that period, total net assets of the
Trust grew from $10.45 billion on December 31, 1997 to $12.32 billion on June
30, 1998. This 18% increase in net assets reflects strong asset appreciation and
the continued demand for variable insurance products as vehicles for retirement
and estate planning.
For the six month period ended June 30, 1998, US stock and bond markets
continued to provide strong returns for investors. The Dow Jones Industrial
Index rose 14.1% and the S&P 500 Index was up 17.7% over this period, reflecting
the strong performance of the largest US companies. US bond prices also rose
with the Lehman Brothers Aggregate Bond Index up 3.9% for that period. These
markets have been supported by solid economic growth, accommodative credit, low
inflation and low interest rates. International stock markets were also stronger
as seen in the 16.1% rise in the first half of this year for the MSCI EAFE
Index. Overall, the performance of our active managers reflected the performance
of their asset classes and investment styles, with two-thirds outperforming the
average of their Morningstar mutual fund peer groups.
Since the end of June, stock markets have been more volatile than at any time in
the past three years. The S&P 500 peaked on July 17th and has since fallen off
by over 10%. The ongoing market volatility reinforces our belief that long-term
investors will benefit from a diversified investment program reviewed
periodically with a financial advisor. The Trust, with its many investment
options and multiple managers specializing in a broad array of investment
disciplines, is designed to offer you the opportunity to create such a
diversified investment program. No matter how efficient an investment portfolio
you might build, your degree of success in achieving your financial goals will
still depend, in part, on the quality of investment management you choose. The
management team we have assembled today offers an exceptional level of
expertise, industry knowledge and diversity of investment styles.
We will continue to work to offer you the best investment management services
available. The investment services industry, however, continues to experience
rapid change. In the first half of 1998, a large number of consolidations,
mergers and acquisitions reshaped the industry. Part of our commitment to you is
on-going review of performance and other events that impact our investment
managers. As a result, this was a particularly active time for us. Among our
investment managers, Salomon Brothers Asset Management, Oechsle International
Advisors, and Founders Asset Management all experienced ownership changes. We
have been in close consultation with each manager during these changes and are
working with each one to assess any possible impact that these transactions may
have in view of the high standards we have set for the management of your
assets. If warranted, we would anticipate that any changes be implemented in
May, 1999. We are also considering the addition of more high quality portfolios
and managers to further enhance the investment offerings at that time.
We are confident that our innovative products and services along with our
outstanding investment management team will provide you with a solid framework
for planning your financial future. Thank you for choosing Manulife Financial.
Sincerely,
/s/ John D. DesPrez III
John D. DesPrez III
President
<PAGE> 2
MANUFACTURERS INVESTMENT TRUST
INDEX TO SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page
----
<S> <C>
Statements of Assets and Liabilities....................................... 1
Statements of Operations................................................... 8
Statements of Changes in Net Assets........................................ 15
Financial Highlights....................................................... 27
Portfolio of Investments:
Pacific Rim Emerging Markets Trust.................................. 63
Science & Technology Trust.......................................... 66
International Small Cap Trust....................................... 68
Emerging Growth Trust............................................... 70
Pilgrim Baxter Growth Trust......................................... 72
Small/Mid Cap Trust................................................. 75
International Stock Trust........................................... 77
Worldwide Growth Trust.............................................. 81
Global Equity Trust................................................. 83
Small Company Value Trust........................................... 86
Equity Trust........................................................ 93
Growth Trust........................................................ 99
Quantitative Equity Trust........................................... 101
Equity Index Trust.................................................. 103
Blue Chip Growth Trust.............................................. 111
Real Estate Securities Trust........................................ 114
Value Trust......................................................... 115
International Growth and Income Trust............................... 117
Growth and Income Trust............................................. 121
Equity-Income Trust................................................. 123
Balanced Trust...................................................... 126
Aggressive, Moderate and Conservative Asset Allocation Trusts....... 129
High Yield Trust.................................................... 159
Strategic Bond Trust................................................ 163
Global Government Bond Trust........................................ 171
Capital Growth Bond Trust........................................... 172
Investment Quality Bond Trust....................................... 174
U.S. Government Securities Trust.................................... 180
Money Market Trust.................................................. 181
Lifestyle Aggressive 1000 Trust..................................... 182
Lifestyle Growth 820 Trust.......................................... 182
Lifestyle Balanced 640 Trust........................................ 182
Lifestyle Moderate 460 Trust........................................ 183
Lifestyle Conservative 280 Trust.................................... 183
Notes to Financial Statements.............................................. 184
</TABLE>
ii
<PAGE> 3
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PACIFIC RIM PILGRIM
EMERGING SCIENCE & INTERNATIONAL EMERGING BAXTER
MARKETS TECHNOLOGY SMALL CAP GROWTH GROWTH
ASSETS TRUST TRUST TRUST TRUST TRUST
----------- ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Investments in securities, at value
(Includes a repurchase agreement
of $28,469,000 in the International
Small Cap Trust) (See accompanying
portfolio of investments) .................... $24,082,180 $140,777,157 $166,591,744 $360,222,477 $155,322,210
Forward foreign currency contracts to
buy, at value (Cost $536,861)
(Notes 2 and 8) .............................. -- -- 537,482 -- --
Receivable for forward foreign currency
contracts to sell (Notes 2 and 8) ............ -- -- 1,257,475 -- --
Cash ........................................... 722 819 241 435 77
Foreign currency (Cost: $3,392,009,
$1,763 and $1,145,976 in the Pacific
Rim Emerging Markets, Science &
Technology and International Small Cap
Trusts, respectively) (Note 2) ............... 3,323,710 1,746 1,517,998 -- --
Receivables:
Investments sold ........................ 2,383 68,026 1,261,372 1,428,221 568,323
Dividends and interest .................. 57,041 9,117 102,563 16,011 697
Foreign tax withholding reclaims ........ 2,580 388 100,165 -- --
Other assets ................................... 192 656 1,010 2,091 817
----------- ------------ ------------ ------------ ------------
Total assets ........................ 27,468,808 140,857,909 171,370,050 361,669,235 155,892,124
----------- ------------ ------------ ------------ ------------
LIABILITIES
Forward foreign currency contracts to
sell at value (Cost: $1,257,475)
(Notes 2 and 8) .............................. -- -- 1,261,372 -- --
Payables:
Forward foreign currency contracts
to buy (Notes 2 and 8) ................. -- -- 536,861 -- --
Investments purchased ................... 116,546 3,440,987 763,870 2,556,777 509,273
Dividend and interest withholding tax ... 5,412 477 17,537 -- --
Custodian fee ........................... 13,712 -- 24,226 6,979 2,236
Securities lending ...................... 3,203,518 27,572,460 11,635,753 54,175,553 31,537,857
Other accrued expenses .................. 1,026 4,817 660 15,539 10,468
----------- ------------ ------------ ------------ ------------
Total liabilities ................... 3,340,214 31,018,741 14,240,279 56,754,848 32,059,834
----------- ------------ ------------ ------------ ------------
NET ASSETS ..................................... $24,128,594 $109,839,168 $157,129,771 $304,914,387 $123,832,290
=========== ============ ============ ============ ============
Net assets consist of:
Undistributed net investment income
(loss) (Note 2) ....................... $ 54,795 $ (367,002) $ 462,127 $ (757,213) $ (371,306)
Accumulated undistributed net
realized gain (loss) on investments,
foreign currency and forward foreign
currency contracts .................... (4,301,340) 1,412,505 (1,385,614) 12,557,430 3,057,033
Unrealized appreciation (depreciation)
on:
Investments ........................... (9,561,414) 9,277,014 32,890,119 48,389,366 5,318,452
Foreign currency and forward foreign
currency contracts .................. (65,963) (25) (22,004) -- --
Capital shares at par value of $.01
(Note 4) ............................ 39,830 68,779 94,591 120,684 94,542
Additional paid-in capital .............. 37,962,686 99,447,897 125,090,552 244,604,120 115,733,569
----------- ------------ ------------ ------------ ------------
Net assets ........................ $24,128,594 $109,839,168 $157,129,771 $304,914,387 $123,832,290
=========== ============ ============ ============ ============
Capital shares outstanding (Note 4) ............ 3,982,976 6,877,851 9,459,083 12,068,384 9,454,164
----------- ------------ ------------ ------------ ------------
Net asset value, offering price and
redemption price per share ................... $ 6.06 $ 15.97 $ 16.61 $ 25.27 $ 13.10
=========== ============ ============ ============ ============
Investments in securities, at
identified cost (Note 2) ..................... $33,643,594 $131,500,143 $133,701,625 $311,833,111 $150,003,758
=========== ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
1
<PAGE> 4
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL
SMALL/MID INTERNATIONAL WORLDWIDE GLOBAL COMPANY
CAP STOCK GROWTH EQUITY VALUE
ASSETS TRUST TRUST TRUST TRUST TRUST
------------ ------------- ----------- -------------- ------------
<S> <C> <C> <C> <C> <C>
Investments in securities, at value
(Includes a repurchase agreement of
$7,220,000 in the Worldwide Growth
Trust) (See accompanying portfolio
of investments) ............................. $421,572,415 $230,762,741 $41,226,808 $1,088,509,412 $144,217,886
Receivable for forward foreign currency
contracts to sell (Notes 2 and 8) ........... -- -- -- 52,882,650 --
Forward foreign currency contracts to
buy, at value (Cost: $98,404) (Notes 2
and 8) ...................................... -- -- 98,682 -- --
Cash .......................................... -- 315 9 556 --
Foreign currency (Cost: $530,095,
$150,620 and $2,457,573 in the
International Stock, Worldwide Growth
and Global Equity Trusts, respectively)
(Note 2) .................................... -- 532,470 150,235 2,458,980 --
Receivables:
Investments sold ....................... 4,854,161 69,429 -- 10,118,407 1,508,441
Dividends and interest ................. 105,834 260,285 41,912 2,256,465 149,097
Foreign tax withholding reclaims ....... -- 106,754 14,529 441,897 --
Other assets .................................. 2,204 1,254 212 6,838 14,381
------------ ------------ ----------- -------------- ------------
Total assets ....................... 426,534,614 231,733,248 41,532,387 1,156,675,205 145,889,805
------------ ------------ ----------- -------------- ------------
LIABILITIES
Forward foreign currency contracts to
sell, at value (Cost: $52,882,650)
(Notes 2 and 8) ............................. -- -- -- 53,582,237 --
Payables:
Forward foreign currency contracts
to buy (Notes 2 and 8) ............... -- -- 98,404 -- --
Investments purchased .................. 11,340,297 -- 266,807 -- 1,218,593
Dividend and interest withholding
tax .................................. -- 28,036 5,131 107,869 --
Due to custodian ....................... -- -- -- -- 13,623
Custodian fee .......................... 5,602 23,026 3,229 65,940 --
Securities lending ..................... 77,319,495 28,566,612 6,576,592 130,224,090 17,449,045
Other accrued expenses ................. 20,113 13,603 2,069 40,182 7,686
------------ ------------ ----------- -------------- ------------
Total liabilities .................. 88,685,507 28,631,277 6,952,232 184,020,318 18,688,947
------------ ------------ ----------- -------------- ------------
NET ASSETS .................................... $337,849,107 $203,101,971 $34,580,155 $ 972,654,887 $127,200,858
============ ============ =========== ============== ============
Net assets consist of:
Undistributed net investment
income (loss) (Note 2) ............... $ (550,468) $ 1,207,033 $ 186,232 $ 5,156,770 $ 114,327
Accumulated undistributed net
realized gain (loss) on
investments, foreign currency
and forward foreign currency
contracts ............................ 28,442,066 (1,669,213) 580,086 41,671,937 (1,923,008)
Unrealized appreciation
(depreciation) on:
Investments .......................... 58,843,112 19,394,766 3,334,403 198,985,944 2,074,865
Foreign currency and forward
foreign currency contracts ......... -- 3,619 (6) (645,773) --
Capital shares at par value of
$.01 (Note 4) ...................... 182,761 155,940 21,830 475,939 102,141
Additional paid-in capital ............. 250,931,636 184,009,826 30,457,610 727,010,070 126,832,533
------------ ------------ ----------- -------------- ------------
Net assets ....................... $337,849,107 $203,101,971 $34,580,155 $ 972,654,887 $127,200,858
============ ============ =========== ============== ============
Capital shares outstanding (Note 4) ........... 18,276,105 15,593,977 2,183,020 47,593,856 10,214,105
------------ ------------ ----------- -------------- ------------
Net asset value, offering price and
redemption price per share .................. $ 18.49 $ 13.02 $ 15.84 $ 20.44 $ 12.45
============ ============ =========== ============== ============
Investments in securities, at identified
cost (Note 2) ............................... $362,729,303 $211,367,975 $37,892,405 $ 889,523,468 $142,143,021
============ ============ =========== ============== ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE> 5
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
QUANTITATIVE EQUITY BLUE CHIP
EQUITY GROWTH EQUITY INDEX GROWTH
ASSETS TRUST TRUST TRUST TRUST TRUST
-------------- ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
Investments in securities, at value
(Includes a repurchase agreement of
$7,167,000 in the Equity Index Trust)
(See accompanying portfolio of
investments) ............................... $1,891,455,283 $263,861,377 $232,635,719 $47,707,736 $979,022,645
Cash ......................................... 927 602 884 307 476
Foreign currency (Cost: $148,511,
$100,083 and $38 in the Equity, Growth
and Blue Chip Growth Trusts, respectively)
(Note 2) ................................... 147,683 99,654 -- -- 38
Receivables:
Investments sold ...................... 11,037,734 808,258 956,333 -- --
Dividends and interest ................ 1,266,973 163,886 156,895 39,459 609,547
Foreign tax withholding reclaims ...... 147,550 4,037 -- 196 2,577
Other assets ................................. 11,629 1,450 1,386 259 5,858
-------------- ------------ ------------ ----------- ------------
Total assets ...................... 1,904,067,779 264,939,264 233,751,217 47,747,957 979,641,141
-------------- ------------ ------------ ----------- ------------
LIABILITIES
Payables:
Investments purchased ................. 11,569,626 289,206 4,969,399 -- 5,533,421
Dividend and interest withholding
tax ................................ 10,008 -- 473 3 6,937
Variation margin for open futures
contracts .......................... -- -- -- 57,375 --
Custodian fee ......................... 11,214 5,584 4,163 -- 5,489
Securities lending .................... 242,870,601 24,122,903 14,232,456 3,122,824 79,909,800
Other accrued expenses ................ 91,523 11,900 9,863 1,160 49,074
-------------- ------------ ------------ ----------- ------------
Total liabilities .................. 254,552,972 24,429,593 19,216,354 3,181,362 85,504,721
-------------- ------------ ------------ ----------- ------------
NET ASSETS ................................... $1,649,514,807 $240,509,671 $214,534,863 $44,566,595 $894,136,420
============== ============ ============ =========== ============
Net assets consist of:
Undistributed net investment income
(Note 2) ............................ $ 2,779,192 $ 492,977 $ 904,804 $ 330,131 $ 1,711,657
Accumulated undistributed net
realized gain on investments,
futures, foreign currency and
forward foreign currency contracts .. 114,793,361 10,967,238 25,500,484 977,050 37,504,251
Unrealized appreciation
(depreciation) on:
Investments ......................... 123,450,926 37,558,409 18,547,399 4,264,077 239,519,212
Futures contracts ................... -- -- -- 270,571 --
Foreign currency and forward
foreign currency contracts ........ (1,895) (501) -- -- (6)
Capital shares at par value of
$.01 (Note 4) ..................... 829,443 122,114 93,738 30,942 518,270
Additional paid-in capital ............ 1,407,663,780 191,369,434 169,488,438 38,693,824 614,883,036
-------------- ------------ ------------ ----------- ------------
Net assets ...................... $1,649,514,807 $240,509,671 $214,534,863 $44,566,595 $894,136,420
============== ============ ============ =========== ============
Capital shares outstanding (Note 4) .......... 82,944,313 12,211,438 9,373,815 3,094,226 51,826,958
-------------- ------------ ------------ ----------- ------------
Net asset value, offering price and
redemption price per share ................. $ 19.89 $ 19.70 $ 22.89 $ 14.40 $ 17.25
============== ============ ============ =========== ============
Investments in securities, at
identified cost (Note 2) ................... $1,768,004,357 $226,302,968 $214,088,320 $43,443,659 $739,503,433
============== ============ ============ =========== ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 6
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL
REAL ESTATE GROWTH AND GROWTH AND EQUITY-
SECURITIES VALUE INCOME INCOME INCOME
ASSETS TRUST TRUST TRUST TRUST TRUST
------------ ------------ ------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Investments in securities, at value
(Includes a repurchase agreement of
$30,499,000 in the Value Trust)
(See accompanying portfolio of
investments) .................................. $204,132,182 $242,143,272 $269,909,907 $2,075,696,946 $1,093,887,035
Receivable for forward foreign
currency contracts to sell (Notes 2
and 8) ........................................ -- -- 61,341,145 -- --
Forward foreign currency contracts to
buy, at value (Cost: $28,642,883)
(Notes 2 and 8) ............................... -- -- 28,292,738 -- --
Cash ............................................ 13 998 829 905 470
Foreign currency (Cost: $1,246,711,
$12,125 and and $1,630 in the
International Growth and Income,
Growth and Income and Equity-Income
Trusts, respectively) (Note 2) ................ -- -- 1,249,083 9,300 1,614
Receivables:
Investments sold ......................... 1,443,758 651,256 2,909,473 -- 92,863
Dividends and interest ................... 1,153,156 274,924 581,940 1,887,869 2,153,193
Foreign tax withholding reclaims ......... -- 1,197 284,096 -- 16,728
Deferred organization expenses (Note 2) ......... -- -- 14,860 -- --
Other assets .................................... 1,200 1,396 1,471 13,132 7,328
------------ ------------ ------------ -------------- --------------
Total assets ......................... 206,730,309 243,073,043 364,585,542 2,077,608,152 1,096,159,231
------------ ------------ ------------ -------------- --------------
LIABILITIES
Forward foreign currency contracts to
sell, at value (Cost: $61,341,145)
(Notes 2 and 8) ............................... -- -- 60,601,013 -- --
Payables:
Forward foreign currency
contracts to buy (Notes 2
and 8) ................................. -- -- 28,642,883 -- --
Investments purchased .................... 1,825,311 109,990 4,529,905 14,408,006 643,536
Dividend and interest withholding
tax .................................... -- 2,847 66,649 -- 20,474
Custodian fee ............................ 6,238 10,239 21,937 7,299 8,511
Securities lending ....................... 27,603,151 11,154,359 32,407,075 59,138,837 40,756,854
Other accrued expenses ................... 10,148 13,482 9,869 82,453 48,508
------------ ------------ ------------ -------------- --------------
Total liabilities .................... 29,444,848 11,290,917 126,279,331 73,636,595 41,477,883
------------ ------------ ------------ -------------- --------------
NET ASSETS ...................................... $177,285,461 $231,782,126 $238,306,211 $2,003,971,557 $1,054,681,348
============ ============ ============ ============== ==============
Net assets consist of:
Undistributed net investment
income (Note 2) ........................ $ 4,298,188 $ 1,374,813 $ 481,478 $ 7,678,988 $ 10,675,100
Accumulated undistributed net
realized gain on investments,
foreign currency and forward
foreign currency contracts ............. 5,058,517 5,004,099 8,581,858 26,662,983 31,681,881
Unrealized appreciation
(depreciation) on:
Investments ............................ (4,269,646) 6,217,966 12,491,000 705,868,925 186,732,126
Foreign currency and forward
foreign currency contracts ........... -- -- 419,360 (2,825) 1,155
Capital shares at par value of
$.01 (Note 4) ........................ 105,230 148,741 201,111 765,573 608,871
Additional paid-in capital ............... 172,093,172 219,036,507 216,131,404 1,262,997,913 824,982,215
------------ ------------ ------------ -------------- --------------
Net assets ......................... $177,285,461 $231,782,126 $238,306,211 $2,003,971,557 $1,054,681,348
============ ============ ============ ============== ==============
Capital shares outstanding (Note 4) ............. 10,522,965 14,874,143 20,110,958 76,557,302 60,887,052
------------ ------------ ------------ -------------- --------------
Net asset value, offering price and
redemption price per share .................... $ 16.85 $ 15.58 $ 11.85 $ 26.18 $ 17.32
============ ============ ============ ============== ==============
Investments in securities, at
identified cost (Note 2) ...................... $208,401,828 $235,925,306 $257,418,907 $1,369,828,021 $ 907,154,909
============ ============ ============ ============== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 7
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
ASSET ASSET ASSET HIGH
BALANCED ALLOCATION ALLOCATION ALLOCATION YIELD
ASSETS TRUST TRUST TRUST TRUST TRUST
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Investments in securities, at value
(Includes repurchase agreements of
$27,077,000 and $20,293,000 in the
Balanced and Conservative Asset
Allocation Trusts, respectively)
(See accompanying portfolio of
investments) .................................... $226,622,011 $289,423,785 $679,830,039 $201,348,028 $174,414,638
Receivable for forward foreign
currency contracts to sell (Notes 2
and 8) .......................................... -- 139,574 286,791 59,417 5,755,066
Forward foreign currency contracts to
buy, at value (Cost: $402,797)
(Notes 2 and 8) ................................. 401,518 -- -- -- --
Cash .............................................. 599 887 841 10,703 115
Foreign currency (Cost: $171,703,
$69,237, $194,032,
$43,564 and $32,860 in the Balanced,
Aggressive, Moderate and Conservative
Asset Allocation and High Yield
Trusts, respectively) (Note 2) .................. 169,841 68,915 191,818 43,172 32,856
Receivables:
Investments sold ........................... 2,944,244 720,936 1,731,780 209,024 1,486,117
Variation margin for open futures
contracts ................................ -- 6,375 12,750 2,125 14,031
Dividends and interest ..................... 1,064,456 856,524 3,651,914 1,261,127 2,380,463
Foreign tax withholding reclaims ........... 41,141 38,632 64,986 11,907 --
Other assets ...................................... 1,398 1,829 4,412 1,878 862
------------ ------------ ------------ ------------ ------------
Total assets ........................... 231,245,208 291,257,457 685,775,331 202,947,381 184,084,148
------------ ------------ ------------ ------------ ------------
LIABILITIES
Forward foreign currency contracts to
sell, at value (Cost: $139,574,
$286,791, $59,417 and $5,755,066 in
the Aggressive, Moderate and
Conservative Asset Allocation and
High Yield Trusts, respectively)
(Notes 2 and 8).................................. -- 140,144 289,179 59,659 5,735,009
Payables:
Forward foreign currency contracts
to buy (Notes 2 and 8) ................... 402,797 -- -- -- --
Investments purchased ...................... 2,877,023 999,817 3,607,089 214,702 2,609,055
Variation margin for open futures
contracts ................................ -- 34,682 -- -- --
Dividend and interest withholding
tax ...................................... 7,091 8,907 17,238 3,488 21,287
Custodian fee .............................. 10,217 34,789 39,385 25,038 555
Securities lending ......................... 14,916,924 29,889,882 50,973,414 6,707,621 11,692,053
Other accrued expenses ..................... 8,479 10,496 24,190 8,427 8,102
------------ ------------ ------------ ------------ ------------
Total liabilities ....................... 18,222,531 31,118,717 54,950,495 7,018,935 20,066,061
------------ ------------ ------------ ------------ ------------
NET ASSETS ........................................ $213,022,677 $260,138,740 $630,824,836 $195,928,446 $164,018,087
============ ============ ============ ============ ============
Net assets consist of:
Undistributed net investment
income (Note 2) .......................... $ 2,702,866 $ 2,164,860 $ 9,568,701 $ 4,199,825 $ 5,009,701
Accumulated undistributed net
realized gain on investments,
futures, foreign currency and
forward foreign currency
contracts ................................ 12,051,013 12,807,961 27,573,979 5,583,931 1,351,822
Unrealized appreciation
(depreciation) on:
Investments ............................. 13,606,974 59,394,053 105,969,789 17,607,817 (820,315)
Futures contracts ....................... -- 321,546 (72,787) (12,131) (1,969)
Foreign currency and forward
foreign currency contracts .............. (3,828) 521 (3,064) (726) 20,022
Capital shares at par value of
$.01 (Note 4) ............................ 114,528 178,250 491,928 171,967 116,300
Additional paid-in capital ................. 184,551,124 185,271,549 487,296,290 168,377,763 158,342,526
------------ ------------ ------------ ------------ ------------
Net assets ........................... $213,022,677 $260,138,740 $630,824,836 $195,928,446 $164,018,087
============ ============ ============ ============ ============
Capital shares outstanding (Note 4) ............... 11,452,816 17,825,011 49,192,836 17,196,677 11,630,003
------------ ------------ ------------ ------------ ------------
Net asset value, offering price and
redemption price per share ...................... $ 18.60 $ 14.59 $ 12.82 $ 11.39 $ 14.10
============ ============ ============ ============ ============
Investments in securities, at
identified cost (Note 2) ........................ $213,015,037 $230,029,732 $573,860,250 $183,740,211 $175,234,953
============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE> 8
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL CAPITAL INVESTMENT U.S.
STRATEGIC GOVERNMENT GROWTH QUALITY GOVERNMENT
BOND BOND BOND BOND SECURITIES
ASSETS TRUST TRUST TRUST TRUST TRUST
------------ ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Investments in securities, at value
(Includes repurchase agreements of
$8,774,000 and $76,539,000 in the
Capital Growth Bond and U.S.
Government Securities Trusts,
respectively) (See accompanying
portfolio of investments) .................... $504,827,141 $206,917,986 $59,033,529 $303,758,821 $394,506,203
Receivable for forward foreign
currency contracts to sell (Notes 2
and 8) ....................................... 23,864,932 216,293,725 -- -- --
Forward foreign currency contracts to
buy, at value (Cost: $16,090,394 and
$181,403,412 in the Strategic Bond
and Global Government Bond Trusts,
respectively) (Notes 2 and 8) ................ 15,854,820 180,936,090 -- -- --
Cash ........................................... -- 15,471 108 383 32
Foreign currency (Cost: $14,713 and
$8,005,316 in the Strategic Bond and
Global Government Bond Trusts,
respectively) (Note 2) ....................... 14,564 8,217,300 -- -- --
Receivables:
Investments sold ........................ -- 684,606 -- -- --
Dividends and interest .................. 6,599,025 4,719,779 869,922 4,485,559 2,229,814
Foreign tax withholding reclaims ........ -- -- -- -- --
Other assets ................................... 2,725 1,443 382 1,422 1,874
------------ ------------ ----------- ------------ ------------
Total assets ........................ 551,163,207 617,786,400 59,903,941 308,246,185 396,737,923
------------ ------------ ----------- ------------ ------------
LIABILITIES
Forward foreign currency contracts to
sell, at value (Cost: $23,864,932 and
$216,293,725 in the Strategic Bond
and Global Government Bond Trust,
respectively) (Notes 2 and 8) ................ 23,432,330 213,637,395 -- -- --
Payables:
Forward foreign currency
contracts to buy (Notes 2 and 8) ...... 16,090,394 181,403,412 -- -- --
Investments purchased ................... 58,573,266 1,574,368 -- 184,229 71,935,302
Dividend and interest withholding
tax ................................... 3,769 -- -- 297 --
Due to custodian ........................ 45,579 -- -- -- --
Custodian fee ........................... 19,485 29,628 2,718 5,510 1,942
Securities lending ...................... 31,987,817 20,698,000 1,270,000 61,573,772 39,208,651
Other accrued expenses .................. 21,703 7,622 3,052 9,651 13,989
Deferred mortgage dollar roll income ........... 25,914 -- -- -- 30,062
------------ ------------ ----------- ------------ ------------
Total liabilities .................... 130,200,257 417,350,425 1,275,770 61,773,459 111,189,946
------------ ------------ ----------- ------------ ------------
NET ASSETS ..................................... $420,962,950 $200,435,975 $58,628,171 $246,472,726 $285,547,977
============ ============ =========== ============ ============
Net assets consist of:
Undistributed net investment
income (Note 2) ....................... $ 14,435,526 $ 4,692,678 $ 1,609,693 $ 7,417,531 $ 8,311,846
Accumulated undistributed net
realized gain (loss) on
investments, foreign currency
and forward foreign currency
contracts ............................. 2,690,671 200,702 (940,353) (2,361,931) (2,831,090)
Unrealized appreciation
(depreciation) on:
Investments ........................... 722,737 (4,387,906) 2,141,657 4,408,576 3,529,223
Foreign currency and forward
foreign currency contracts .......... 184,161 2,193,023 -- -- --
Capital shares at par value of
$.01 (Note 4) ....................... 354,552 155,166 50,560 206,413 214,882
Additional paid-in capital .............. 402,575,303 197,582,312 55,766,614 236,802,137 276,323,116
------------ ------------ ----------- ------------ ------------
Net assets ........................ $420,962,950 $200,435,975 $58,628,171 $246,472,726 $285,547,977
============ ============ =========== ============ ============
Capital shares outstanding (Note 4) ............ 35,455,243 15,516,606 5,055,965 20,641,355 21,488,200
------------ ------------ ----------- ------------ ------------
Net asset value, offering price and
redemption price per share ................... $ 11.87 $ 12.92 $ 11.60 $ 11.94 $ 13.29
============ ============ =========== ============ ============
Investments in securities, at
identified cost (Note 2) ..................... $504,104,404 $211,305,892 $56,891,872 $299,350,245 $390,976,980
============ ============ =========== ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE> 9
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE
MONEY AGGRESSIVE GROWTH BALANCED MODERATE CONSERVATIVE
MARKET 1000 820 640 460 280
ASSETS TRUST TRUST TRUST TRUST TRUST TRUST
------------ ----------- ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Investments in securities,
at value (See accompanying
portfolio of investments) ................ $497,234,248 $70,178,574 $321,612,502 $310,543,892 $97,117,271 $44,252,542
Cash ....................................... 237 2,427 -- 1,823 -- 72
Receivables:
Dividends and interest............... 4,060,148 -- -- -- 1,349 1,231
From adviser ........................ -- 1,486 15,054 10,577 2,477 1,286
Other assets ............................... 2,990 421 1,942 1,774 505 219
------------ ----------- ------------ ------------ ----------- -----------
Total assets .................... 501,297,623 70,182,908 321,629,498 310,558,066 97,121,602 44,255,350
------------ ----------- ------------ ------------ ----------- -----------
LIABILITIES
Payables:
Dividends ........................... 69,765 -- -- -- 1,349 1,231
Custodian fee ....................... 1,682 -- -- -- -- --
Other accrued expenses .............. 19,069 1,687 16,289 12,352 2,981 1,505
------------ ----------- ------------ ------------ ----------- -----------
Total liabilities ................ 90,516 1,687 16,289 12,352 4,330 2,736
------------ ----------- ------------ ------------ ----------- -----------
NET ASSETS ................................. $501,207,107 $70,181,221 $321,613,209 $310,545,714 $97,117,272 $44,252,614
============ =========== ============ ============ =========== ===========
Net assets consist of:
Accumulated undistributed net
realized gain on investments ...... -- $ 1,173,751 $ 3,464,813 $ 2,295,967 $ 750,492 $ 115,105
Unrealized appreciation
on investments .................... -- 1,960,187 9,146,808 4,546,249 2,120,945 327,243
Capital shares at par value
of $.01 (Note 4) .................. $ 501,207 50,529 227,427 226,752 70,986 34,017
Additional paid-in capital .......... 500,705,900 66,996,754 308,774,161 303,476,746 94,174,849 43,776,249
------------ ----------- ------------ ------------ ----------- -----------
Net assets .................... $501,207,107 $70,181,221 $321,613,209 $310,545,714 $97,117,272 $44,252,614
============ =========== ============ ============ =========== ===========
Capital shares outstanding (Note 4) ........ 50,120,711 5,052,923 22,742,694 22,675,211 7,098,605 3,401,715
------------ ----------- ------------ ------------ ----------- -----------
Net asset value, offering price and
redemption price per share ............... $ 10.00 $ 13.89 $ 14.14 $ 13.70 $ 13.68 $ 13.01
============ =========== ============ ============ =========== ===========
Investments in securities,
at identified cost (Note 2) .............. $497,234,248 $68,218,387 $312,465,694 $305,997,643 $94,996,326 $43,925,299
============ =========== ============ ============ =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE> 10
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PACIFIC RIM PILGRIM
EMERGING SCIENCE & INTERNATIONAL EMERGING BAXTER
MARKETS TECHNOLOGY SMALL CAP GROWTH GROWTH
TRUST TRUST TRUST TRUST TRUST
----------- ----------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest (Net of $325 withholding
tax in the Pacific Rim Emerging
Markets Trust) ........................... $ 113,893 $ 129,157 $ 715,395 $ 620,162 $ 234,356
Dividends (Net of $25,870, $2,415,
$101,171 and $73 withholding tax
in the Pacific Rim Emerging Markets,
Science & Technology, International
Small Cap and Pilgrim Baxter Growth
Trusts, respectively) .................... 194,180 35,157 622,170 201,646 14,891
----------- ----------- ----------- ----------- -----------
Total income ....................... 308,073 164,314 1,337,565 821,808 249,247
----------- ----------- ----------- ----------- -----------
Expenses:
Investment adviser fee (Note 6) ............ 107,866 487,213 781,163 1,513,395 579,493
Custodian fee .............................. 50,497 35,570 86,115 39,165 30,644
Audit and legal fees ....................... 1,157 3,001 7,358 11,014 3,479
Registration and filing fees ............... 900 3,882 4,832 9,884 4,982
Trustees fees and expenses (Note 7) ........ 383 1,237 1,980 4,140 1,374
Miscellaneous .............................. 215 413 691 1,423 581
----------- ----------- ----------- ----------- -----------
Total expenses ..................... 161,018 531,316 882,139 1,579,021 620,553
----------- ----------- ----------- ----------- -----------
Net investment income (loss) ....... 147,055 (367,002) 455,426 (757,213) (371,306)
----------- ----------- ----------- ----------- -----------
Realized and unrealized gain (loss) on
investments, foreign currency and forward
foreign currency contracts:
Net realized gain (loss) on:
Investment transactions ................... (3,522,649) 2,469,151 3,257,394 12,657,678 7,147,217
Foreign currency and forward foreign
currency contracts ...................... (284,374) (991) (139,080) -- 5
Change in unrealized appreciation
(depreciation) on:
Investments ............................... (510,646) 10,887,983 24,259,611 5,300,299 (1,447,223)
Translation of foreign currency and
forward foreign currency contracts ...... 25,055 (25) 15,218 -- --
----------- ----------- ----------- ----------- -----------
Net gain (loss) on investments,
foreign currency and forward
foreign currency contracts ....... (4,292,614) 13,356,118 27,393,143 17,957,977 5,699,999
----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net assets resulting
from operations ................................. $(4,145,559) $12,989,116 $27,848,569 $17,200,764 $ 5,328,693
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE> 11
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL
SMALL/MID INTERNATIONAL WORLDWIDE GLOBAL COMPANY
CAP STOCK GROWTH EQUITY VALUE
TRUST TRUST TRUST TRUST TRUST
----------- ------------- ---------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest ............................... $ 474,784 $ 225,682 $ 157,427 $ 384,407 $ 73,649
Dividends (Net of $292,122, $26,914,
$976,501 and $1,608 withholding
tax in the International Stock,
Worldwide Growth, Global Equity
and Small Company Value Trusts,
respectively) ........................ 536,923 2,070,051 213,038 9,966,885 628,810
----------- ----------- ---------- ------------ -----------
Total income ................... 1,011,707 2,295,733 370,465 10,351,292 702,459
----------- ----------- ---------- ------------ -----------
Expenses:
Investment adviser fee (Note 6) ........ 1,497,809 919,380 147,898 4,238,674 514,225
Custodian fee .......................... 36,941 152,372 26,057 383,095 66,218
Audit and legal fees ................... 11,012 5,625 1,075 39,465 3,008
Registration and filing fees ........... 10,318 5,813 1,348 31,514 3,083
Trustees fees and expenses (Note 7) .... 4,426 2,211 371 13,927 1,185
Miscellaneous .......................... 1,669 3,292 124 7,707 333
----------- ----------- ---------- ------------ -----------
Total expenses ................. 1,562,175 1,088,693 176,873 4,714,382 588,052
----------- ----------- ---------- ------------ -----------
Net investment income (loss) ... (550,468) 1,207,040 193,592 5,636,910 114,407
----------- ----------- ---------- ------------ -----------
Realized and unrealized gain on investments,
foreign currency and forward foreign currency
contracts:
Net realized gain (loss) on:
Investment transactions ............... 29,621,911 (714,203) 701,359 42,160,747 (1,161,580)
Foreign currency and forward foreign
currency contracts .................. -- (60,382) (33,736) (488,807) --
Change in unrealized appreciation
(depreciation) on:
Investments ........................... 26,089,821 20,587,381 2,562,556 62,035,268 3,317,577
Translation of foreign currency and
forward foreign currency contracts .. -- 12,809 422 (526,201) --
----------- ----------- ---------- ------------ -----------
Net gain on investments, foreign
currency and forward foreign
currency contracts ........... 55,711,732 19,825,605 3,230,601 103,181,007 2,155,997
----------- ----------- ---------- ------------ -----------
Net increase in net assets resulting
from operations ............................. $55,161,264 $21,032,645 $3,424,193 $108,817,917 $ 2,270,404
=========== =========== ========== ============ ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE> 12
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
QUANTITATIVE EQUITY BLUE CHIP
EQUITY GROWTH EQUITY INDEX GROWTH
TRUST TRUST TRUST TRUST TRUST
------------ ----------- ------------ ---------- ------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest ................................ $ 788,091 $ 566,152 $ 346,022 $ 183,559 $ 1,419,045
Dividends (Net of $83,369, $2,178,
$473, $1,681 and $29,218 withholding
tax in the Equity, Growth,
Quantitative Equity, Equity Index
and Blue Chip Growth Trusts,
respectively) ......................... 8,350,685 840,496 1,285,823 222,462 4,154,549
------------ ----------- ----------- ---------- ------------
Total income .................... 9,138,776 1,406,648 1,631,845 406,021 5,573,594
------------ ----------- ----------- ---------- ------------
Expenses:
Investment adviser fee (Note 6) ......... 5,976,489 858,799 672,433 44,873 3,689,816
Custodian fee ........................... 207,318 37,032 36,247 51,578 88,051
Audit and legal fees .................... 67,922 7,261 7,224 1,309 31,906
Registration and filing fees ............ 75,053 6,738 6,495 1,553 36,811
Trustees fees and expenses (Note 7) ..... 23,862 2,771 2,688 493 11,648
Miscellaneous ........................... 8,939 1,070 1,954 4,233 3,705
------------ ----------- ----------- ---------- ------------
Expenses before reimbursement by
investment adviser ................... 6,359,583 913,671 727,041 104,039 3,861,937
Reimbursement of expenses by
investment adviser (Note 6) .......... -- -- -- 28,149 --
------------ ----------- ----------- ---------- ------------
Net expenses .................... 6,359,583 913,671 727,041 75,890 3,861,937
------------ ----------- ----------- ---------- ------------
Net investment income ........... 2,779,193 492,977 904,804 330,131 1,711,657
------------ ----------- ----------- ---------- ------------
Realized and unrealized gain on investments,
futures, foreign currency and forward
foreign currency contracts:
Net realized gain (loss) on:
Investment transactions ................ 116,872,854 11,156,130 25,509,149 11,369 37,732,243
Futures contracts ...................... -- -- -- 1,031,469 --
Foreign currency and forward foreign
currency contracts ................... 61,002 (209) -- -- (16,676)
Change in unrealized appreciation
(depreciation) on:
Investments ............................ 55,503,876 23,715,584 (383,680) 3,948,845 86,060,758
Futures contracts ...................... -- -- -- 204,937 --
Translation of foreign currency and
forward foreign currency contracts ... (1,919) (680) -- -- (6)
----------- ----------- ---------- ------------
Net gain on investments, futures,
foreign currency and forward
foreign currency contracts .... 172,435,813 34,870,825 25,125,469 5,196,620 123,776,319
------------ ----------- ----------- ---------- ------------
Net increase in net assets resulting
from operations .............................. $175,215,006 $35,363,802 $26,030,273 $5,526,751 $125,487,976
============ =========== =========== ========== ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
<PAGE> 13
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL
REAL ESTATE GROWTH AND GROWTH AND EQUITY-
SECURITIES VALUE INCOME INCOME INCOME
TRUST TRUST TRUST TRUST TRUST
------------ ---------- ------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest (Net of $331 withholding tax in the
International Growth and Income Trust) ................. $ 55,995 $ 595,584 $ 244,499 $ 1,013,624 $ 2,071,688
Dividends (Net of $7,920 $316,030, $98,350
and $79,682 withholding tax in the Value,
International Growth and Income, Growth
and Income and Equity-Income Trusts,
respectively) .......................................... 4,780,950 1,605,464 2,375,537 13,759,023 12,831,077
------------ ---------- ----------- ------------ -----------
Total income ........................................ 4,836,945 2,201,048 2,620,036 14,772,647 14,902,765
------------ ---------- ----------- ------------ -----------
Expenses:
Investment adviser fee (Note 6) .......................... 591,122 770,544 1,068,996 6,779,315 4,024,045
Custodian fee ............................................ 28,805 40,024 188,542 146,863 108,979
Audit and legal fees ..................................... 6,403 6,116 9,566 73,539 41,216
Registration and filing fees ............................. 5,746 6,304 7,739 60,159 34,510
Amortization of deferred organization
expenses (Note 2) ...................................... -- -- 4,820 -- 275
Trustees fees and expenses (Note 7) ...................... 1,824 2,346 3,285 26,566 14,936
Miscellaneous ............................................ 2,350 901 8,600 8,452 4,750
------------ ---------- ----------- ------------ -----------
Total expenses ...................................... 636,250 826,235 1,291,548 7,094,894 4,228,711
------------ ---------- ----------- ------------ -----------
Net investment income ............................... 4,200,695 1,374,813 1,328,488 7,677,753 10,674,054
------------ ---------- ----------- ------------ -----------
Realized and unrealized gain (loss) on investments,
foreign currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions ................................ 5,288,196 5,603,153 10,823,618 26,662,983 32,204,701
Foreign currency and forward foreign
currency contracts ................................... -- -- (1,514,574) -- 356
Change in unrealized appreciation (depreciation) on:
Investments ............................................ (17,596,152) 897,491 16,165,391 238,748,286 18,106,592
Translation of foreign currency and
forward foreign currency contracts ................... -- -- (663,657) (544) 1,095
------------ ---------- ----------- ------------ -----------
Net gain (loss) on investments, foreign currency
and forward foreign currency contracts ............ (12,307,956) 6,500,644 24,810,778 265,410,725 50,312,744
------------ ---------- ----------- ------------ -----------
Net increase (decrease) in net assets resulting
from operations ............................................ ($8,107,261) $7,875,457 $26,139,266 $273,088,478 $60,986,798
============ ========== =========== ============ ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
11
<PAGE> 14
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
AGGRESSIVE MODERATE CONSERVATIVE
ASSET ASSET ASSET HIGH
BALANCED ALLOCATION ALLOCATION ALLOCATION YIELD
TRUST TRUST TRUST TRUST TRUST
----------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest .............................................. $ 2,259,515 $ 1,711,963 $ 9,326,566 $ 4,669,558 $ 5,390,820
Dividends (Net of $30,884, $83,088, $144,819
and $9,993 withholding tax in the Balanced,
Aggressive, Moderate and Conservative Asset
Allocation Trusts, respectively) .................... 1,294,046 1,564,707 2,847,278 427,357 193,853
----------- ----------- ----------- ----------- -----------
Total income ..................................... 3,553,561 3,276,670 12,173,844 5,096,915 5,584,673
----------- ----------- ----------- ----------- -----------
Expenses:
Investment adviser fee (Note 6) ....................... 789,075 956,370 2,334,788 745,483 490,270
Custodian fee ......................................... 42,938 130,760 209,563 111,729 29,087
Audit and legal fees .................................. 8,134 10,918 27,302 8,985 4,002
Registration and filing fees .......................... 6,694 8,617 21,005 6,724 4,037
Trustees fees and expenses (Note 7) ................... 2,913 3,844 9,435 3,064 1,599
Miscellaneous ......................................... 941 1,301 3,050 828 2,476
----------- ----------- ----------- ----------- -----------
Total expenses ................................... 850,695 1,111,810 2,605,143 876,813 531,471
----------- ----------- ----------- ----------- -----------
Net investment income ............................ 2,702,866 2,164,860 9,568,701 4,220,102 5,053,202
----------- ----------- ----------- ----------- -----------
Realized and unrealized gain (loss) on investments,
futures, foreign currency and forward foreign
currency contracts:
Net realized gain (loss) on:
Investment transactions ............................. 12,172,382 13,197,630 28,555,711 5,764,155 1,318,341
Futures contracts ................................... -- 244,031 (17,824) (52,875) --
Foreign currency and forward foreign
currency contracts ................................. (55,474) (32,696) (55,263) (3,701) 34,029
Change in unrealized appreciation (depreciation) on:
Investments ......................................... 2,716,300 17,104,676 25,108,666 2,867,761 (1,794,919)
Futures contracts -- 428,825 (47,881) (13,905) (1,969)
Translation of foreign currency and
forward foreign currency contracts ................. (3,667) 6,404 9,840 1,589 (23,141)
----------- ----------- ----------- ----------- -----------
Net gain (loss) on investments, futures, foreign
currency and forward foreign currency
contracts....................................... 14,829,541 30,948,870 53,553,249 8,563,024 (467,659)
----------- ----------- ----------- ----------- -----------
Net increase in net assets resulting
from operations ......................................... $17,532,407 $33,113,730 $63,121,950 $12,783,126 $ 4,585,543
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE> 15
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
GLOBAL CAPITAL INVESTMENT U.S.
STRATEGIC GOVERNMENT GROWTH QUALITY GOVERNMENT
BOND BOND BOND BOND SECURITIES
TRUST TRUST TRUST TRUST TRUST
----------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest (Net of $2,367, $21,468 and $297
withholding tax in the Strategic Bond, Global
Government Bond and Investment Quality
Bond Trusts, respectively) ................................ $16,111,869 $ 7,102,280 $1,809,966 $8,165,783 $8,870,982
Mortgage dollar rolls ....................................... 335,866 -- -- -- 406,843
Dividends ................................................... 941 -- -- 15,188 --
----------- ----------- ---------- ---------- ----------
Total income ............................................ 16,448,676 7,102,280 1,809,966 8,180,971 9,277,825
----------- ----------- ---------- ---------- ----------
Expenses:
Investment adviser fee (Note 6) ............................. 1,533,527 837,114 181,151 691,242 868,869
Custodian fee ............................................... 111,691 129,999 13,035 53,100 56,910
Audit and legal fees ........................................ 15,506 9,735 2,388 8,319 10,771
Registration and filing fees ................................ 13,389 7,129 2,597 6,763 8,844
Trustees fees and expenses (Note 7) ......................... 5,597 3,228 841 3,014 3,765
Miscellaneous ............................................... 2,379 1,072 261 1,002 1,228
----------- ----------- ---------- ---------- ----------
Net expenses ............................................ 1,682,089 988,277 200,273 763,440 950,387
----------- ----------- ---------- ---------- ----------
Net investment income ................................... 14,766,587 6,114,003 1,609,693 7,417,531 8,327,438
----------- ----------- ---------- ---------- ----------
Realized and unrealized gain (loss) on investments,
foreign currency and forward foreign currency
contracts:
Net realized gain (loss) on:
Investment transactions ................................... 3,086,917 6,147,698 (83,289) 752,071 564,876
Foreign currency and forward foreign
currency contracts ...................................... (213,618) (5,899,970) -- -- --
Change in unrealized appreciation (depreciation) on:
Investments ............................................... (7,455,266) (3,350,167) 450,757 697,766 (28,745)
Translation of foreign currency and
forward foreign currency contracts ...................... (174,083) (126,093) -- -- --
----------- ----------- ---------- ---------- ----------
Net gain (loss) on investments, foreign currency
and forward foreign currency contracts ................ (4,756,050) (3,228,532) 367,468 1,449,837 536,131
----------- ----------- ---------- ---------- ----------
Net increase in net assets resulting
from operations ............................................... $10,010,537 $ 2,885,471 $1,977,161 $8,867,368 $8,863,569
=========== =========== ========== ========== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
13
<PAGE> 16
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE
MONEY AGGRESSIVE GROWTH BALANCED MODERATE CONSERVATIVE
MARKET 1000 820 640 460 280
TRUST TRUST TRUST TRUST TRUST TRUST
----------- ---------- ----------- ----------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest ..................................... $13,713,259 -- -- -- -- --
Income distributions received ................ -- $ 228,455 $ 3,192,876 $ 4,453,311 $1,879,193 $ 1,069,988
----------- ---------- ----------- ----------- ---------- -----------
Total income ............................. 13,713,259 228,455 3,192,876 4,453,311 1,879,193 1,069,988
----------- ---------- ----------- ----------- ---------- -----------
Expenses:
Investment adviser fee (Note 6) .............. 1,209,263 -- -- -- -- --
Custodian fee ................................ 47,278 -- -- -- -- --
Audit and legal fees ......................... 19,810 1,971 9,036 8,329 2,399 1,022
Registration and filing fees ................. 14,944 2,627 11,715 10,698 3,072 1,285
Trustee fees and expenses (Note 7) ........... 6,668 849 3,799 3,463 987 410
Miscellaneous ................................ 4,074 241 1,061 939 266 107
----------- ---------- ----------- ----------- ---------- -----------
Expenses before reimbursement
by investment adviser ...................... 1,302,037 5,688 25,611 23,429 6,724 2,824
Reimbursement of expenses by
investment adviser (Note 6) ................ -- 5,688 25,611 23,429 6,724 2,824
----------- ---------- ----------- ----------- ---------- -----------
Net expenses ............................. 1,302,037 -- -- -- -- --
----------- ---------- ----------- ----------- ---------- -----------
Net investment income .................... 12,411,222 228,455 3,192,876 4,453,311 1,879,193 1,069,988
----------- ---------- ----------- ----------- ---------- -----------
Realized and unrealized gain on investments:
Net realized gain on investments ............. -- 1,222,573 3,555,998 2,361,160 781,027 135,085
Capital gain distributions received .......... -- 1,360,505 5,597,174 6,239,232 889,965 510,860
Change in unrealized appreciation
(depreciation) on investments .............. -- 1,730,260 6,947,961 1,071,618 857,071 (143,901)
----------- ---------- ----------- ----------- ---------- -----------
Net gain on investments .................. -- 4,313,338 16,101,133 9,672,010 2,528,063 502,044
----------- ---------- ----------- ----------- ---------- -----------
Net increase in net assets resulting
from operations ................................ $12,411,222 $4,541,793 $19,294,009 $14,125,321 $4,407,256 $ 1,572,032
=========== ========== =========== =========== ========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE> 17
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
PACIFIC RIM SCIENCE & INTERNATIONAL
EMERGING MARKETS TECHNOLOGY SMALL CAP
TRUST TRUST TRUST
-------------------------- -------------------------- ---------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED 1/01/1997* ENDED YEAR
6/30/98 ENDED 6/30/98 TO 6/30/98 ENDED
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
----------- ------------ ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income (loss) ............. $ 147,055 $ 174,510 $ (367,002) $ (182,355) $ 455,426 $ 767,426
Net realized gain (loss) on:
Investment transactions ................ (3,522,649) (338,181) 2,469,151 187,775 3,257,394 (3,601,942)
Foreign currency and
forward foreign
currency contracts ................... (284,374) (386,822) (991) -- (139,080) (318,266)
Change in unrealized appreciation
(depreciation) on:
Investments ............................ (510,646) (10,316,270) 10,887,983 (1,610,969) 24,259,611 3,451,228
Foreign currency and
forward foreign
currency contracts ................... 25,055 (85,137) (25) -- 15,218 (37,787)
----------- ------------ ------------ ----------- ------------ ------------
Net increase (decrease) in
net assets resulting
from operations ........................ (4,145,559) (10,951,900) 12,989,116 (1,605,549) 27,848,569 260,659
Distribution to
shareholders from:
Net investment income .................. -- -- -- -- (437,568) (56,628)
Net realized gains on
investments and foreign
currency transactions ............... -- -- -- (187,775) -- --
Distribution to shareholders:
In excess of net realized
gains on investments
and foreign currency
transactions ........................ -- (72,382) -- (873,300) -- --
Increase in net assets
from capital share
transactions (Note 4) .................. 4,423,829 11,633,402 29,502,476 70,014,200 1,143,060 31,153,786
----------- ------------ ------------ ----------- ------------ ------------
Increase in net assets ................... 278,270 609,120 42,491,592 67,347,576 28,554,061 31,357,817
Net assets at beginning
of period ............................... 23,850,324 23,241,204 67,347,576 -- 128,575,710 97,217,893
----------- ------------ ------------ ----------- ------------ ------------
Net assets at end
of period ............................... $24,128,594 $ 23,850,324 $109,839,168 $67,347,576 $157,129,771 $128,575,710
=========== ============ ============ =========== ============ ============
Undistributed net
investment income (loss) ............... $ 54,795 $ (92,260) $ (367,002) -- $ 462,127 $ 444,269
=========== ============ ============ =========== ============ ============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
15
<PAGE> 18
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
PILGRIM
EMERGING GROWTH BAXTER GROWTH SMALL/MID CAP
TRUST TRUST TRUST
--------------------------- -------------------------- ---------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED 1/01/1997* ENDED 1/01/1997* ENDED YEAR
6/30/98 TO 6/30/98 TO 6/30/98 ENDED
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
------------ ------------ ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment loss .................... $ (757,213) $ (279,938) $ (371,306) $ (221,842) $ (550,468) $ (710,421)
Net realized gain (loss) on:
Investment transactions .............. 12,657,678 4,042,230 7,147,217 (4,090,189) 29,621,911 5,771,995
Foreign currency and
forward foreign
currency contracts ................. -- -- 5 -- -- --
Change in unrealized appreciation
(depreciation) on:
Investments .......................... 5,300,299 32,648,479 (1,447,223) 6,765,675 26,089,821 22,179,663
------------ ------------ ------------ ----------- ------------ ------------
Net increase in net assets
resulting from operations ............ 17,200,764 36,410,771 5,328,693 2,453,644 55,161,264 27,241,237
Distribution to
shareholders from:
Net investment income ................ (4,130,364) -- -- -- -- --
Increase in net assets
from capital share
transactions (Note 4) ................ 16,069,906 239,363,310 25,168,451 90,881,502 14,311,331 65,073,710
------------ ------------ ------------ ----------- ------------ ------------
Increase in net assets ................. 29,140,306 275,774,081 30,497,144 93,335,146 69,472,595 92,314,947
Net assets at beginning
of period ............................ 275,774,081 -- 93,335,146 -- 268,376,512 176,061,565
------------ ------------ ------------ ----------- ------------ ------------
Net assets at end
of period ............................ $304,914,387 $275,774,081 $123,832,290 $93,335,146 $337,849,107 $268,376,512
============ ============ ============ =========== ============ ============
Undistributed net
investment loss ...................... $ (757,213) -- $ (371,306) $ (221,842) $ (550,468) --
============ ============ ============ =========== ============ ============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
16
<PAGE> 19
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
INTERNATIONAL WORLDWIDE GLOBAL
STOCK GROWTH EQUITY
TRUST TRUST TRUST
--------------------------- ------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED 1/01/1997* ENDED 1/01/1997* ENDED YEAR
6/30/98 TO 6/30/98 TO 6/30/98 ENDED
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
------------ ------------ ----------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income ................. $ 1,207,040 $ 456,533 $ 193,592 $ 75,736 $ 5,636,910 $ 8,211,359
Net realized gain (loss) on:
Investment transactions ............. (714,203) 798,600 701,359 63,299 42,160,747 48,944,044
Foreign currency and
forward foreign
currency contracts ................ (60,382) (160,401) (33,736) (26,045) (488,807) 7,211,837
Change in unrealized appreciation
(depreciation) on:
Investments ......................... 20,587,381 (4,119,284) 2,562,556 771,847 62,035,268 85,480,417
Foreign currency and
forward foreign
currency contracts ................ 12,809 (5,560) 422 (428) (526,201) 703,851
------------ ------------ ----------- ----------- ------------ -------------
Net increase (decrease) in
net assets resulting
from operations ..................... 21,032,645 (3,030,112) 3,424,193 884,409 108,817,917 150,551,508
Distribution to
shareholders from:
Net investment income .............. (9,935) (355,257) -- (57,051) (16,146,782) (10,702,845)
Net realized gains on
investments and foreign
currency transactions ............ -- (638,199) -- (37,254) (48,191,144) (62,223,834)
Distribution to shareholders:
In excess of net
investment income ................ -- -- -- (809) -- --
In excess of net realized
gains on investments
and foreign currency
transactions ..................... -- (993,554) -- (113,582) -- --
Increase in net assets
from capital share
transactions (Note 4) ............... 36,826,364 150,270,019 6,893,927 23,586,322 59,762,149 63,945,517
------------ ------------ ----------- ----------- ------------ -------------
Increase in net assets ................ 57,849,074 145,252,897 10,318,120 24,262,035 104,242,140 141,570,346
Net assets at beginning
of period ........................... 145,252,897 -- 24,262,035 -- 868,412,747 726,842,401
------------ ------------ ----------- ----------- ------------ -------------
Net assets at end
of period ........................... $203,101,971 $145,252,897 $34,580,155 $24,262,035 $972,654,887 $ 868,412,747
============ ============ =========== =========== ============ =============
Undistributed net
investment income (loss) ............ $ 1,207,033 $ 9,928 $ 186,232 $ (7,360) $ 5,156,770 $ 15,666,642
============ ============ =========== =========== ============ =============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
17
<PAGE> 20
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
SMALL
COMPANY
VALUE EQUITY GROWTH
TRUST TRUST TRUST
-------------------------- ------------------------------- ---------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED 10/01/1997* ENDED YEAR ENDED YEAR
6/30/98 TO 6/30/98 ENDED 6/30/98 ENDED
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
------------ ----------- -------------- -------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income .............. $ 114,407 $ 69,004 $ 2,779,193 $ 4,967,526 $ 492,977 $ 818,315
Net realized gain (loss) on:
Investment transactions .......... (1,161,580) (762,160) 116,872,854 288,434,853 11,156,130 8,261,706
Foreign currency and
forward foreign
currency contracts ............ -- -- 61,002 (79,750) (209) (32,648)
Change in unrealized
appreciation
(depreciation) on:
Investments ...................... 3,317,577 (1,242,712) 55,503,876 (49,085,206) 23,715,584 11,548,165
Foreign currency and
forward foreign
currency contracts ............ -- -- (1,919) 2 (680) 188
------------ ----------- -------------- -------------- ------------ ------------
Net increase(decrease)
in net assets resulting
from operations .................. 2,270,404 (1,935,868) 175,215,006 244,237,425 35,363,802 20,595,726
Distribution to
shareholders from:
Net investment income ............ (56,195) -- (4,882,009) (8,208,495) (785,667) (2,288)
Net realized gains on
investments and foreign
currency transactions ......... -- -- (288,587,683) (250,024,832) (7,656,124) --
Increase in net assets
from capital share
transactions (Note 4) ............ 57,895,565 69,026,952 246,387,393 189,916,612 46,199,494 89,987,989
------------ ----------- -------------- -------------- ------------ ------------
Increase in net assets ............. 60,109,774 67,091,084 128,132,707 175,920,710 73,121,505 110,581,427
Net assets at beginning
of period ........................ 67,091,084 -- 1,521,382,100 1,345,461,390 167,388,166 56,806,739
------------ ----------- -------------- -------------- ------------ ------------
Net assets at end
of period ........................ $127,200,858 $67,091,084 $1,649,514,807 $1,521,382,100 $240,509,671 $167,388,166
============ =========== ============== ============== ============ ============
Undistributed net
investment income ................ $ 114,327 $ 56,115 $ 2,779,193 $ 4,882,008 $ 492,977 $ 785,667
============ =========== ============== ============== ============ ============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
18
<PAGE> 21
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
QUANTITATIVE BLUE CHIP
EQUITY EQUITY INDEX GROWTH
TRUST TRUST TRUST
---------------------------- ------------------------- ---------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/98 ENDED 6/30/98 ENDED 6/30/98 ENDED
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
------------ ------------ ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income ................. $ 904,804 $ 1,960,998 $ 330,131 $ 614,519 $ 1,711,657 $ 4,123,096
Net realized gain(loss) on:
Investment transactions ............. 25,509,149 21,256,016 11,369 111,548 37,732,243 11,907,336
Futures contracts ................... -- -- 1,031,469 3,580,341 -- --
Foreign currency and
forward foreign
currency contracts ............... -- -- -- -- (16,676) (94)
Change in unrealized appreciation
(depreciation) on:
Investments ......................... (383,680) 9,038,807 3,948,845 292,487 86,060,758 112,919,340
Futures contracts ................... -- -- 204,937 (201,241) -- --
Foreign currency and
forward foreign
currency contracts ............... -- -- -- -- (6) --
------------ ------------ ----------- ----------- ------------ ------------
Net increase in net
assets resulting from
operations .......................... 26,030,273 32,255,821 5,526,751 4,397,654 125,487,976 128,949,678
Distribution to
shareholders from:
Net investment income .............. (1,960,998) -- -- (614,519) (4,121,547) (898,962)
Net realized gains on
investments, futures
and foreign currency
transactions ..................... (21,211,052) -- (707,255) (2,783,548) (11,715,253) (76,558,164)
Increase in net assets
from capital share
transactions (Note 4) ............... 44,146,935 43,374,187 12,672,497 18,257,484 75,677,787 234,744,078
------------ ------------ ----------- ----------- ------------ ------------
Increase in net assets ................ 47,005,158 75,630,008 17,491,993 19,257,071 185,328,963 286,236,630
Net assets at beginning
of period ........................... 167,529,705 91,899,697 27,074,602 7,817,531 708,807,457 422,570,828
------------ ------------ ----------- ----------- ------------ ------------
Net assets at end
of period ........................... $214,534,863 $167,529,705 $44,566,595 $27,074,602 $894,136,420 $708,807,458
============ ============ =========== =========== ============ ============
Undistributed net
investment income ................... $ 904,804 $ 1,960,998 $ 330,131 -- $ 1,711,657 $ 4,121,547
============ ============ =========== =========== ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
19
<PAGE> 22
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
REAL ESTATE INTERNATIONAL
SECURITIES VALUE GROWTH AND INCOME
TRUST TRUST TRUST
--------------------------- -------------------------- ---------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED 1/01/1997* ENDED YEAR
6/30/98 ENDED 6/30/98 TO 6/30/98 ENDED
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income ............... $ 4,200,695 $ 6,435,099 $ 1,374,813 $ 979,426 $ 1,328,488 $ 4,301,075
Net realized gain (loss) on:
Investment transactions ........... 5,288,196 15,106,323 5,603,153 2,848,645 10,823,618 6,819,325
Foreign currency and
forward foreign
currency contracts ............. -- -- -- -- (1,514,574) (7,637)
Change in unrealized
appreciation
(depreciation) on:
Investments ....................... (17,596,152) 1,710,688 897,491 5,320,474 16,165,391 (11,806,866)
Foreign currency and
forward foreign
currency contracts ............. -- -- -- -- (663,657) 594,255
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease)
in net assets resulting
from operations .................... (8,107,261) 23,252,110 7,875,457 9,148,545 26,139,266 (99,848)
Distribution to
shareholders from:
Net investment income ............. (4,711,304) -- -- (979,426) (5,087,750) (3,640,170)
Net realized gains on
investments and foreign
currency transactions .......... (16,427,838) -- -- (2,848,645) (6,913,043) (8,342,784)
Distribution to shareholders:
In excess of net realized
gains on investments
and foreign currency
transactions ................... -- -- -- (599,054) -- --
Increase in net assets
from capital share
transactions (Note 4) ............. 44,772,671 62,287,429 79,235,045 139,950,204 20,391,284 26,849,179
------------ ------------ ------------ ------------ ------------ ------------
Increase in net assets .............. 15,526,268 85,539,539 87,110,502 144,671,624 34,529,757 14,766,377
Net assets at beginning
of period ......................... 161,759,193 76,219,654 144,671,624 -- 203,776,454 189,010,077
------------ ------------ ------------ ------------ ------------ ------------
Net assets at end
of period ......................... $177,285,461 $161,759,193 $231,782,126 $144,671,624 $238,306,211 $203,776,454
============ ============ ============ ============ ============ ============
Undistributed net
investment income ................. $ 4,298,188 $ 4,808,797 $ 1,374,813 -- $ 481,478 $ 4,240,740
============ ============ ============ ============ ============ ============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
20
<PAGE> 23
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
GROWTH AND INCOME EQUITY-INCOME BALANCED
TRUST TRUST TRUST
------------------------------- ----------------------------- ---------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED 1/01/1997*
6/30/98 ENDED 6/30/98 ENDED 6/30/98 TO
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
-------------- -------------- -------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income ........... $ 7,677,753 $ 15,322,986 $ 10,674,054 $ 18,962,919 $ 2,702,866 $ 4,677,007
Net realized gain (loss) on:
Investment transactions ....... 26,662,983 99,563,470 32,204,701 40,834,683 12,172,382 20,430,952
Foreign currency and
forward foreign
currency contracts ......... -- 1,285 356 (76,448) (55,474) (95,635)
Change in unrealized
appreciation
(depreciation) on:
Investments ................... 238,748,286 247,910,751 18,106,592 138,364,867 2,716,300 400,364
Foreign currency and
forward foreign
currency contracts ......... (544) (1,256) 1,095 245 (3,667) (161)
-------------- -------------- -------------- ------------ ------------ ------------
Net increase in net
assets resulting from
operations ..................... 273,088,478 362,797,236 60,986,798 198,086,266 17,532,407 25,412,527
Distribution to
shareholders from:
Net investment income ......... (15,313,773) (13,165,084) (18,698,833) (8,655,530) (4,637,642) --
Net realized gains on
investments, futures
and foreign currency
transactions ............... (99,563,470) (66,257,481) (40,844,225) (80,825,124) (20,360,461) --
Increase in net assets
from capital share
transactions (Note 4) ......... 240,373,044 288,274,613 111,533,021 233,613,354 43,443,730 151,632,116
-------------- -------------- -------------- ------------ ------------ ------------
Increase in net assets .......... 398,584,279 571,649,284 112,976,761 342,218,966 35,978,034 177,044,643
Net assets at beginning
of period ..................... 1,605,387,278 1,033,737,994 941,704,587 599,485,621 177,044,643 --
-------------- -------------- -------------- ------------ ------------ ------------
Net assets at end
of period ..................... $2,003,971,557 $1,605,387,278 $1,054,681,348 $941,704,587 $213,022,677 $177,044,643
============== ============== ============== ============ ============ ============
Undistributed net
investment income ............. $ 7,678,988 $ 15,315,008 $ 10,675,100 $ 18,699,879 $ 2,702,866 $ 4,637,642
============== ============== ============== ============ ============ ============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
21
<PAGE> 24
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
ASSET ALLOCATION ASSET ALLOCATION ASSET ALLOCATION
TRUST TRUST TRUST
--------------------------- --------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/98 ENDED 6/30/98 ENDED 6/30/98 ENDED
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease)
in net assets:
Operations:
Net investment income ............... $ 2,164,860 $ 4,678,266 $ 9,568,701 $ 20,624,457 $ 4,220,102 $ 8,909,268
Net realized gain (loss) on:
Investment transactions ........... 13,197,630 21,787,441 28,555,711 44,169,728 5,764,155 9,545,017
Futures contracts ................. 244,031 2,190,877 (17,824) 2,745,819 (52,875) 38,629
Foreign currency and
forward foreign
currency contracts ............. (32,696) (128,171) (55,263) (177,501) (3,701) (36,148)
Change in unrealized
appreciation
(depreciation) on:
Investments ....................... 17,104,676 12,435,747 25,108,666 22,649,867 2,867,761 3,370,336
Futures contracts ................. 428,825 (63,205) (47,881) 92,982 (13,905) 20,122
Foreign currency and
forward foreign
currency contracts ............. 6,404 (10,440) 9,840 (16,641) 1,589 (2,821)
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets
resulting from operations ......... 33,113,730 40,890,515 63,121,950 90,088,711 12,783,126 21,844,403
Distribution to
shareholders from:
Net investment income ............. (4,765,263) (6,081,059) (20,941,772) (26,584,959) (8,864,663) (10,062,867)
Net realized gains on
investments, futures
and foreign currency
transactions ................... (24,329,301) (16,445,138) (47,173,913) (34,563,767) (9,705,964) (8,097,771)
Increase (decrease) in net
assets from capital share
transactions (Note 4) ............. 12,586,344 (1,530,327) 26,676,931 (44,619,393) (2,632,175) (7,801,297)
------------ ------------ ------------ ------------ ------------ ------------
Increase (decrease)
in net assets ..................... 16,605,511 16,833,991 21,683,196 (15,679,408) (8,419,676) (4,117,532)
Net assets at beginning
of period ......................... 243,533,229 226,699,238 609,141,640 624,821,048 204,348,122 208,465,654
------------ ------------ ------------ ------------ ------------ ------------
Net assets at end
of period ......................... $260,138,740 $243,533,229 $630,824,836 $609,141,640 $195,928,446 $204,348,122
============ ============ ============ ============ ============ ============
Undistributed net
investment income ................. $ 2,164,860 $ 4,765,263 $ 9,568,701 $ 20,941,772 $ 4,199,825 $ 8,844,386
============ ============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
22
<PAGE> 25
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
STRATEGIC GLOBAL
HIGH YIELD BOND GOVERNMENT BOND
TRUST TRUST TRUST
-------------------------- --------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED 1/01/1997* ENDED YEAR ENDED YEAR
6/30/98 TO 6/30/98 ENDED 6/30/98 ENDED
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
------------ ----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease)
in net assets:
Operations:
Net investment income ................ $ 5,053,202 $ 3,000,344 $ 14,766,587 $ 21,794,258 $ 6,114,003 $ 13,484,526
Net realized gain (loss) on:
Investment
transactions .................... 1,318,341 731,169 3,086,917 4,357,008 6,147,698 13,533,542
Foreign currency and
forward foreign
currency contracts .............. 34,029 20,337 (213,618) 474,566 (5,899,970) (8,569,143)
Change in unrealized
appreciation
(depreciation) on:
Investments ........................ (1,794,919) 974,604 (7,455,266) 2,884,064 (3,350,167) (14,618,789)
Futures contracts .................. (1,969) -- -- -- -- --
Foreign currency and
forward foreign
currency contracts .............. (23,141) 43,163 (174,083) 556,273 (126,093) 2,134,019
------------ ----------- ------------ ------------ ------------ ------------
Net increase in net
assets resulting from
operations ......................... 4,585,543 4,769,617 10,010,537 30,066,169 2,885,471 5,964,155
Distribution to
shareholders from:
Net investment income .............. (69,760) (2,994,422) (22,915,842) (14,436,515) (14,017,074) (19,668,247)
Net realized gains on
investments, futures and
foreign currency
transactions .................... (274,005) (457,712) (3,897,165) (1,809,273) (5,897,775) (512,991)
Increase (decrease) in net
assets from capital share
transactions (Note 4) .............. 67,028,654 91,430,172 72,175,212 130,492,346 1,348,230 (19,459,104)
------------ ----------- ------------ ------------ ------------ ------------
Increase (decrease)
in net assets ...................... 71,270,432 92,747,655 55,372,742 144,312,727 (15,681,148) (33,676,187)
Net assets at beginning
of period .......................... 92,747,655 -- 365,590,208 221,277,481 216,117,123 249,793,310
------------ ----------- ------------ ------------ ------------ ------------
Net assets at end
of period .......................... $164,018,087 $92,747,655 $420,962,950 $365,590,208 $200,435,975 $216,117,123
============ =========== ============ ============ ============ ============
Undistributed net
investment income .................. $ 5,009,701 $ 26,259 $ 14,435,526 $ 22,584,781 $ 4,692,678 $ 12,595,749
============ =========== ============ ============ ============ ============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
23
<PAGE> 26
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
CAPITAL INVESTMENT U.S. GOVERNMENT
GROWTH BOND QUALITY BOND SECURITIES
TRUST TRUST TRUST
------------------------- -------------------------- ---------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/98 ENDED 6/30/98 ENDED 6/30/98 ENDED
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
----------- ----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income ............... $ 1,609,693 $ 3,061,428 $ 7,417,531 $ 11,518,010 $ 8,327,438 $ 13,511,297
Net realized gain (loss) on:
Investment transactions ........... (83,289) 48,206 752,071 560,958 564,876 (1,285,791)
Change in unrealized
appreciation
(depreciation) on:
Investments ....................... 450,757 1,026,927 697,766 3,072,046 (28,745) 5,453,837
----------- ----------- ------------ ------------ ------------ ------------
Net increase in net
assets resulting from
operations ........................ 1,977,161 4,136,561 8,867,368 15,151,014 8,863,569 17,679,343
Distribution to
shareholders from:
Net investment income ............ (3,103,100) -- (11,620,376) (10,368,425) (13,043,750) (13,118,502)
Increase in net assets
from capital share
transactions (Note 4) ............. 5,764,165 4,459,955 60,680,791 30,801,522 38,450,823 42,663,878
----------- ----------- ------------ ------------ ------------ ------------
Increase in net assets .............. 4,638,226 8,596,516 57,927,783 35,584,111 34,270,642 47,224,719
Net assets at beginning
of period ......................... 53,989,945 45,393,429 188,544,943 152,960,832 251,277,335 204,052,616
----------- ----------- ------------ ------------ ------------ ------------
Net assets at end
of period ......................... $58,628,171 $53,989,945 $246,472,726 $188,544,943 $285,547,977 $251,277,335
=========== =========== ============ ============ ============ ============
Undistributed net
investment income ................. $ 1,609,693 $ 3,103,100 $ 7,417,531 $ 11,620,376 $ 8,311,846 $ 13,028,158
=========== =========== ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
24
<PAGE> 27
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
LIFESTYLE LIFESTYLE
MONEY MARKET AGGRESSIVE 1000 GROWTH 820
TRUST TRUST TRUST
--------------------------- ------------------------- ---------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED 1/07/1997* ENDED 1/07/1997*
6/30/98 ENDED 6/30/98 TO 6/30/98 TO
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
------------ ------------ ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income ............... $ 12,411,222 $ 21,497,529 $ 228,455 $ 40,644 $ 3,192,876 $ 1,638,443
Capital gain
distributions received ............ -- -- 1,360,505 234,940 5,597,174 623,851
Net realized gain on
investment transactions ........... -- -- 1,222,573 1,526,530 3,555,998 5,455,773
Change in unrealized
appreciation on
investments ....................... -- -- 1,730,260 229,927 6,947,961 2,198,847
------------ ------------ ----------- ----------- ------------ ------------
Net increase in net assets
resulting from operations ......... 12,411,222 21,497,529 4,541,793 2,032,041 19,294,009 9,916,914
Distribution to
shareholders from:
Net investment income ............. (12,411,222) (21,497,529) (228,455) (40,644) (3,192,876) (1,638,443)
Capital gain
distributions received .......... -- -- (1,360,505) (234,940) (5,597,174) (623,851)
Net realized gains on
investments ..................... -- -- (1,575,352) -- (5,546,958) --
Increase in net assets
from capital share
transactions (Note 4) ............. 61,493,569 76,147,741 19,699,213 47,348,070 99,498,551 209,503,037
------------ ------------ ----------- ----------- ------------ ------------
Increase in net assets .............. 61,493,569 76,147,741 21,076,694 49,104,527 104,455,552 217,157,657
Net assets at beginning
of period ......................... 439,713,538 363,565,797 49,104,527 -- 217,157,657 --
------------ ------------ ----------- ----------- ------------ ------------
Net assets at end
of period ......................... $501,207,107 $439,713,538 $70,181,221 $49,104,527 $321,613,209 $217,157,657
============ ============ =========== =========== ============ ============
Undistributed net
investment income ................. -- -- -- -- -- --
============ ============ =========== =========== ============ ============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
25
<PAGE> 28
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
LIFESTYLE LIFESTYLE LIFESTYLE
BALANCED 640 MODERATE 460 CONSERVATIVE 280
TRUST TRUST TRUST
--------------------------- ------------------------- -------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED 1/07/1997* ENDED 1/07/1997* ENDED 1/07/1997*
6/30/98 TO 6/30/98 TO 6/30/98 TO
(UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97 (UNAUDITED) 12/31/97
------------ ------------ ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income ................. $ 4,453,311 $ 1,923,233 $ 1,879,193 $ 692,090 $ 1,069,988 $ 255,536
Capital gain
distributions received .............. $ 6,239,232 519,499 889,965 141,843 510,860 52,417
Net realized gain on
investment transactions ............. 2,361,160 2,682,201 781,027 341,434 135,085 115,432
Change in unrealized appreciation
(depreciation) on:
Investments ......................... 1,071,618 3,474,631 857,071 1,263,874 (143,901) 471,143
------------ ------------ ----------- ----------- ----------- -----------
Net increase in net assets
resulting from operations ........... 14,125,321 8,599,564 4,407,256 2,439,241 1,572,032 894,528
Distribution to
shareholders from:
Net investment income ............... (4,453,311) (1,923,233) (1,879,193) (692,090) (1,069,988) (255,536)
Capital gain
distributions received ............ (6,239,232) (519,499) (889,965) (141,843) (510,860) (52,417)
Net realized gains on
investments ....................... (2,747,394) -- (371,969) -- (135,411) --
Increase in net assets
from capital share
transactions (Note 4) ............... 123,207,028 180,496,470 43,105,513 51,140,322 24,646,821 19,163,445
------------ ------------ ----------- ----------- ----------- -----------
Increase in net assets ................ 123,892,412 186,653,302 44,371,642 52,745,630 24,502,594 19,750,020
Net assets at beginning
of period ........................... 186,653,302 -- 52,745,630 -- 19,750,020 --
------------ ------------ ----------- ----------- ----------- -----------
Net assets at end
of period ........................... $310,545,714 $186,653,302 $97,117,272 $52,745,630 $44,252,614 $19,750,020
============ ============ =========== =========== =========== ===========
Undistributed net
investment income ................... -- -- -- -- -- --
============ ============ =========== =========== =========== ===========
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
26
<PAGE> 29
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------------------------------------------
PACIFIC RIM EMERGING MARKETS TRUST
------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 10/01/1994*
06/30/1998 ------------------------------- TO
(UNAUDITED) 1997 1996** 1995 12/31/1994
----------- --------- -------- -------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period.......................................... $ 7.16 $ 10.90 $ 10.36 $ 9.41 $10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income........................... 0.04 0.05 0.07 0.12 0.04
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions.................................. (1.14) (3.77) 0.94 0.96 (0.59)
------- ------- ------- ------- ------
Total from investment operations............. (1.10) (3.72) 1.01 1.08 (0.55)
LESS DISTRIBUTIONS:
Dividends from net investment income............ --- --- (0.07) (0.09) (0.04)
Dividends in excess of net investment income.... --- --- (0.01) --- ---
Distributions from capital gains................ --- --- (0.39) (0.04) ---
Distributions in excess of capital gains........ --- (0.02) --- --- ---
------- ------- ------- ------- ------
Total distributions.......................... --- (0.02) (0.47) (0.13) (0.04)
------- ------- ------- ------- ------
Net asset value, end of period....................... $ 6.06 $ 7.16 $ 10.90 $ 10.36 $ 9.41
======= ======= ======= ======= ======
Total return................................. (15.36%)+ (34.12%) 9.81% 11.47% (5.63%)+
Net assets, end of period (000's).................... $24,129 $23,850 $23,241 $13,057 $7,657
Ratio of operating expenses to
average net assets................................. 1.26%(A) 1.42% 1.50% 1.50% 1.50%(A)
Ratio of net investment income to
average net assets................................. 1.15%(A) 0.65% 0.78% 1.01% 1.84%(A)
Portfolio turnover rate.............................. 64%(A) 63% 48% 55% 0%(A)
</TABLE>
- -----------------------
* Commencement of operations
** Effective December 31, 1996, the Portfolio changed its name from the Pacific
Rim Emerging Markets Fund.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
27
<PAGE> 30
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (For A Share Outstanding Throughout The Period)
- -----------------------------------------------------------------------
SCIENCE &
TECHNOLOGY TRUST
--------------------------
SIX MONTHS
ENDED 01/01/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
------------ -----------
<S> <C> <C>
Net asset value, beginning
of period................................... $ 13.62 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss........................ (0.05) (0.04)
Net realized and unrealized gain
on investments and foreign currency
transactions.............................. 2.40 1.38
-------- -------
Total from investment operations..... 2.35 1.34
LESS DISTRIBUTIONS:
Distributions from capital gains........... --- (0.04)
Distributions in excess of capital gains... --- (0.18)
-------- -------
Total distributions.................. --- (0.22)
-------- -------
Net asset value, end of period................ $ 15.97 $ 13.62
======== =======
Total return......................... 17.25%+ 10.71%
Net assets, end of period (000's)............. $109,839 $67,348
Ratio of operating expenses to
average net assets.......................... 1.19%(A) 1.26%
Ratio of net investment loss to
average net assets.......................... (0.82%(A) (0.54%)
Portfolio turnover rate....................... 112%(A) 121%
</TABLE>
- ------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
28
<PAGE> 31
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -------------------------------------------------------------------------------------
INTERNATIONAL
SMALL CAP TRUST
--------------------------------------
SIX MONTHS
ENDED YEAR 03/04/1996*
06/30/1998 ENDED TO
(UNAUDITED) 1997 12/31/1996
------------ --------- -----------
<S> <C> <C> <C>
Net asset value, beginning
of period.................................. $ 13.70 $ 13.60 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................... 0.05 0.08 0.06
Net realized and unrealized gain
on investments and foreign
currency transactions.................. 2.91 0.03 1.09
-------- -------- -------
Total from investment operations.... 2.96 0.11 1.15
LESS DISTRIBUTIONS:
Dividends from net investment income.... (0.05) (0.01) (0.05)
-------- -------- -------
Net asset value, end of period............... $ 16.61 $ 13.70 $ 13.60
======== ======== =======
Total return........................ 21.60%+ 0.79% 9.20%+
Net assets, end of period (000's)............ $157,130 $128,576 $97,218
Ratio of operating expenses to
average net assets......................... 1.23%(A) 1.31% 1.29%(A)
Ratio of net investment income to
average net assets......................... 0.64%(A) 0.63% 0.93%(A)
Portfolio turnover rate...................... 54%(A) 74% 50%(A)
</TABLE>
- ------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
29
<PAGE> 32
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------
EMERGING GROWTH TRUST
---------------------------
SIX MONTHS
ENDED 01/01/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
------------- -----------
<S> <C> <C>
Net asset value, beginning of period.......... $ 24.13 $ 20.60
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss...................... (0.06) (0.02)
Net realized and unrealized gain
on investments......................... 1.56 3.55
-------- --------
Total from investment operations..... 1.50 3.53
LESS DISTRIBUTIONS:
Distributions from capital gains......... (0.36) ---
-------- --------
Net asset value, end of period................ $ 25.27 $ 24.13
======== ========
Total return......................... 6.16%+ 17.14%
Net assets, end of period (000's)............. $304,914 $275,774
Ratio of operating expenses to
average net assets.......................... 1.09%(A) 1.11%
Ratio of net investment loss to
average net assets.......................... (0.52%)(A) (0.13%)
Portfolio turnover rate....................... 78%(A) 120%
</TABLE>
- --------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
30
<PAGE> 33
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -----------------------------------------------------------------------
PILGRIM BAXTER
GROWTH TRUST
--------------------------
SIX MONTHS
ENDED 01/01/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
------------ -----------
<S> <C> <C>
Net asset value, beginning of period........ $ 12.50 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss.................... (0.04) (0.03)
Net realized and unrealized gain
on investments....................... 0.64 0.03
-------- -------
Total from investment operations... 0.60 ---
Net asset value, end of period.............. $ 13.10 $ 12.50
======== =======
Total return................. 4.80%+ 0.00%
Net assets, end of period (000's)........... $123,832 $93,335
Ratio of operating expenses to
average net assets........................ 1.12%(A) 1.18%
Ratio of net investment loss to
average net assets........................ (0.67%)(A) (0.46%)
Portfolio turnover rate..................... 257%(A) 63%
</TABLE>
- -------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
31
<PAGE> 34
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -------------------------------------------------------------------------------------------
SMALL/MID CAP TRUST
------------------------------------------
SIX MONTHS
ENDED YEAR 03/04/1996*
06/30/1998 ENDED TO
(UNAUDITED) 12/31/1997 12/31/1996
------------- ---------- -------------
<S> <C> <C> <C>
Net asset value, beginning of period......... $ 15.41 $ 13.37 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss........................ (0.03) (0.04) ---
Net realized and unrealized gain
on investments and foreign currency
transactions............................. 3.11 2.08 0.87
-------- -------- --------
Total from investment operations..... 3.08 2.04 0.87
Net asset value, end of period................ $ 18.49 $ 15.41 $ 13.37
======== ======== ========
Total return......................... 19.99%+ 15.26% 6.96%+
Net assets, end of period (000's)............. $337,849 $268,377 $176,062
Ratio of operating expenses to
average net assets.......................... 1.03%(A) 1.05% 1.10%(A)
Ratio of net investment loss to
average net assets.......................... (0.36%)(A) (0.33%) (0.02%)(A)
Portfolio turnover rate....................... 144%(A) 151% 67%(A)
</TABLE>
- ------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
32
<PAGE> 35
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------
INTERNATIONAL STOCK
TRUST
---------------------------
SIX MONTHS
ENDED 01/01/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
------------ -----------
<S> <C> <C>
Net asset value, beginning of period ............. $ 11.47 $ 11.47
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................... 0.08 0.04
Net realized and unrealized gain
on investments and foreign currency
transactions .............................. 1.47 0.12
-------- --------
Total from investment operations ........ 1.55 0.16
LESS DISTRIBUTIONS
Dividends from net investment income ........ -- (0.03)
Distributions from capital gains ............ -- (0.05)
Distributions in excess of capital gains .... -- (0.08)
Total Distributions ..................... -- (0.16)
-------- --------
Net asset value, end of period ................... $ 13.02 $ 11.47
======== ========
Total return ............................ 13.52%+ 1.38%
Net assets, end of period (000's) ................ $203,102 $145,253
Ratio of operating expenses to
average net assets ............................. 1.23%(A) 1.38%
Ratio of net investment income to
average net assets ............................. 1.37%(A) 0.56%
Portfolio turnover rate .......................... 25%(A) 43%
</TABLE>
- -------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
33
<PAGE> 36
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
WORLDWIDE GROWTH
TRUST
--------------------------
SIX MONTHS
ENDED 01/01/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
----------- -----------
<S> <C> <C>
Net asset value, beginning of period ............ $ 14.04 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................... 0.09 0.04
Net realized and unrealized gain
on investments and foreign
currency transactions ..................... 1.71 1.62
------- -------
Total from investment operations ........ 1.80 1.66
LESS DISTRIBUTIONS:
Dividends from net investment income ........ -- (0.03)
Distributions from capital gains ............ -- (0.02)
Distributions in excess of capital gains .... -- (0.07)
Total distributions ..................... -- (0.12)
------- -------
Net asset value, end of period ................... $ 15.84 $ 14.04
======= =======
Total return ............................ 12.82%+ 13.29%
Net assets, end of period (000's) ................ $34,580 $24,262
Ratio of operating expenses to
average net assets ............................. 1.19%(A) 1.32%
Ratio of net investment income to
average net assets ............................. 1.30%(A) 0.61%
Portfolio turnover rate .......................... 92%(A) 84%
</TABLE>
- -------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
34
<PAGE> 37
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------------------------------------------------
GLOBAL EQUITY TRUST
---------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
06/30/1998 -------------------------------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993
------------ --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ..................... $ 19.38 $ 17.84 $ 16.10 $ 15.74 $ 15.73 $ 12.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)(B) ........ 0.12 0.19 0.12 0.29 0.05 0.12
Net realized and unrealized
gain(loss) on investments
and foreign currency
transactions .......................... 2.38 3.16 1.89 0.84 0.22 3.79
-------- -------- -------- -------- -------- --------
Total from investment operations .... 2.50 3.35 2.01 1.13 0.27 3.91
LESS DISTRIBUTIONS:
Dividends from net
investment income ..................... (0.36) (0.27) (0.27) (0.08) (0.02) (0.18)
Distributions from
capital gains ......................... (1.08) (1.54) -- (0.69) (0.24) --
-------- -------- -------- -------- -------- --------
Total distributions ................. (1.44) (1.81) (0.27) (0.77) (0.26) (0.18)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ........... $ 20.44 $ 19.38 $ 17.84 $ 16.10 $ 15.74 $ 15.73
======== ======== ======== ======== ======== ========
Total return ........................ 12.57%+ 20.80% 12.62% 7.68% 1.74% 32.89%
Net assets, end of period (000's) ........ $972,655 $868,413 $726,842 $648,183 $616,138 $377,871
Ratio of operating expenses to
average net assets(C) ................... 0.99%(A) 1.01% 1.01% 1.05% 1.08% 1.16%
Ratio of net investment income
to average net assets ................... 1.19%(A) 1.02% 0.78% 0.61% 0.44% 0.77%
Portfolio turnover rate .................. 28%(A) 33% 169% 63% 52% 52%
GLOBAL EQUITY TRUST
----------------------------------------------------------------
YEARS ENDED DECEMBER 31, 03/18/1988*
------------------------------------------------ TO
1992 1991 1990 1989 12/31/1988
---------- -------- --------- -------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ..................... $ 12.24 $ 11.00 $ 12.57 $ 10.15 $10.03
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)(B) ........ 0.10 0.16 0.12 0.10 (0.05)
Net realized and unrealized
gain(loss) on investments
and foreign currency
transactions .......................... (0.19) 1.23 (1.41) 2.32 0.17
-------- ------- ------- ------- ------
Total from investment operations .... (0.09) 1.39 (1.29) 2.42 0.12
LESS DISTRIBUTIONS:
Dividends from net
investment income ..................... (0.15) (0.15) (0.04) -- --
Distributions from
capital gains ......................... -- -- (0.24) -- --
-------- ------- ------- ------- ------
Total distributions ................. (0.15) (0.15) (0.28) -- --
-------- ------- ------- ------- ------
Net asset value, end of period ........... $ 12.00 $ 12.24 $ 11.00 $ 12.57 $10.15
======== ======= ======= ======= ======
Total return ........................ (0.72%) 12.80% (10.43%) 23.84% 1.20%+
Net assets, end of period (000's) ........ $116,731 $89,003 $63,028 $26,223 $2,143
Ratio of operating expenses to
average net assets(C) ................... 1.16% 1.23% 1.28% 1.62% 3.98%(A)
Ratio of net investment income
to average net assets ................... 1.12% 1.47% 1.97% 1.82% (1.71%)(A)
Portfolio turnover rate .................. 69% 74% 67% 109% 81%(A)
</TABLE>
- -------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After expense reimbursement per share of $0.02 in 1988.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 4.53% in 1988.
The accompanying notes are an integral part of the financial statements.
35
<PAGE> 38
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -----------------------------------------------------------------------------
SMALL COMPANY
VALUE TRUST
--------------------------
SIX MONTHS
ENDED 10/01/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
------------ -----------
<S> <C> <C>
Net asset value, beginning of period ........ $ 11.94 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................... 0.01 0.01
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ............................. 0.51 (0.57)
-------- -------
Total from investment operations ....... 0.52 (0.56)
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ...... (0.01) --
-------- -------
Ret asset value, end of period .............. $ 12.45 $ 11.94
======== =======
Total return ........................... 4.33%+ (4.48%)+
Net assets, end of period (000's) ........... 127,201 67,091
Ratio of operating expenses to
average net assets ......................... 1.19%(A) 1.19%(A)
Ratio of net investment income to
average net assets ......................... 0.23%(A) 0.54%(A)
Portfolio turnover rate ..................... 106%(A) 81%(A)
</TABLE>
- -------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
36
<PAGE> 39
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -------------------------------------------------------------------------------------------------------------------------------
EQUITY TRUST
----------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
06/30/1998 -----------------------------------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993*
-------------- ----------- ----------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ..................... $ 21.50 $ 22.62 $ 20.79 $ 14.66 $ 15.57 $ 13.97
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.03 0.08 0.13 0.10 0.11 0.07
Net realized and unrealized
gain(loss) on investments
and foreign currency
transactions ......................... 2.59 3.31 3.77 6.14 (0.18) 2.11
---------- ---------- ---------- -------- -------- --------
Total from investment operations ... 2.62 3.39 3.90 6.24 (0.07) 2.18
LESS DISTRIBUTIONS:
Dividends from net
investment income ..................... (0.07) (0.14) (0.09) (0.11) (0.05) (0.58)
Distributions from
capital gains ......................... (4.16) (4.37) (1.98) -- (0.79) --
---------- ---------- ---------- -------- -------- --------
Total distributions ................ (4.23) (4.51) (2.07) (0.11) (0.84) (0.58)
---------- ---------- ---------- -------- -------- --------
Net asset value, end of period ........... $ 19.89 $ 21.50 $ 22.62 $ 20.79 $ 14.66 $ 15.57
========== ========== ========== ======== ======== ========
Total return ....................... 11.71%+ 19.25% 20.14% 42.79% (0.53%) 16.31%
Net assets, end of period (000's) ........ $1,649,515 $1,521,382 $1,345,461 $988,800 $534,562 $387,842
Ratio of operating expenses to
average net assets ..................... 0.79%(A) 0.80% 0.80% 0.80% 0.84% 0.88%
Ratio of net investment
income to average net assets ........... 0.35%(A) 0.35% 0.71% 0.63% 0.88% 0.50%
Portfolio turnover rate .................. 85%(A) 224% 223% 88% 132% 173%
</TABLE>
<TABLE>
<CAPTION>
EQUITY TRUST
-------------------------------------------------------------
YEARS ENDED DECEMBER 31,
-------------------------------------------------------------
1992 1991 1990 1989 1988
--------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ..................... $ 13.12 $ 11.33 $ 19.14 $ 15.17 $ 12.57
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.64 0.14 0.24 0.29 0.15
Net realized and unrealized
gain(loss) on investments
and foreign currency
transactions ......................... 0.38 1.88 (1.95) 3.87 2.45
-------- -------- -------- -------- --------
Total from investment operations ... 1.02 2.02 (1.71) 4.16 2.60
LESS DISTRIBUTIONS:
Dividends from net
investment income ..................... (0.17) (0.23) (0.29) (0.12) --
Distributions from
capital gains ......................... -- -- (5.81) (0.07) --
-------- -------- -------- -------- --------
Total distributions ................ (0.17) (0.23) (6.10) (0.19) --
-------- -------- -------- -------- --------
Net asset value, end of period ........... $ 13.97 $ 13.12 $ 11.33 $ 19.14 $ 15.17
======== ======== ======== ======== ========
Total return ....................... 7.93% 17.94% (11.79%) 27.70% 20.71%
Net assets, end of period (000's) ........ $192,626 $ 88,235 $ 36,564 $ 32,108 $133,852
Ratio of operating expenses to
average net assets ..................... 0.95% 0.89% 0.97% 1.02% 1.08%
Ratio of net investment
income to average net assets ........... 7.31% 2.23% 2.74% 1.90% 1.80%
Portfolio turnover rate .................. 782% 172% 95% 111% 49%
</TABLE>
- -------------------
* Net investment income per share was calculated using the average shares
method for fiscal year 1993.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
37
<PAGE> 40
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ---------------------------------------------------------------------------------------------
GROWTH TRUST
-----------------------------------------
SIX MONTHS
ENDED YEAR 07/15/1996*
06/30/1998 ENDED TO
(UNAUDITED) 12/31/1997 12/31/1996
------------ ---------- -----------
<S> <C> <C> <C>
Net asset value, beginning of period ........ $ 17.21 $ 13.73 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.03 0.08 0.09
Net realized and unrealized gain
on investments and foreign currency
transactions .......................... 3.23 3.40 1.23
-------- -------- -------
Total from investment operations .... 3.26 3.48 1.32
LESS DISTRIBUTIONS:
Dividends from net investment income .... (0.07) -- (0.09)
Distribution from capital gains ......... (0.70) -- --
-------- -------- -------
Total distributions ................. (0.77) -- --
-------- -------- -------
Net asset value, end of period ............... $ 19.70 $ 17.21 $ 13.73
======== ======== =======
Total return ........................ 19.11%+ 25.35% 10.53%+
Net assets, end of period (000's) ............ $240,510 $167,388 $56,807
Ratio of operating expenses to
average net assets ......................... 0.90%(A) 0.95% 1.01%(A)
Ratio of net investment income to
average net assets ......................... 0.48%(A) 0.74% 2.57%(A)
Portfolio turnover rate ...................... 97%(A) 179% 215%(A)
</TABLE>
- -------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
38
<PAGE> 41
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ---------------------------------------------------------------------------------------------------------------
QUANTITATIVE EQUITY TRUST
--------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
06/30/1998 -----------------------------------------------------
(UNAUDITED) 1997 1996** 1995 1994 1993
------------ --------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period .................... $ 22.50 $ 17.33 $ 17.27 $ 13.36 $ 14.68 $ 13.73
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(B) .............. 0.08 0.26 0.26 0.24 0.20 0.19
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions ......................... 3.21 4.91 2.83 3.67 (0.81) 1.64
-------- -------- ------- ------- ------- -------
Total from investment operations .. 3.29 5.17 3.09 3.91 (0.61) 1.83
LESS DISTRIBUTIONS:
Dividends from net
investment income .................... (0.25) -- (0.50) -- (0.20) (0.19)
Distributions from
capital gains ........................ (2.65) -- (2.51) -- (0.51) (0.69)
Distributions in excess of
capital gains ........................ -- -- (0.02) -- -- --
-------- -------- ------- ------- ------- -------
Total distributions ............... (2.90) -- (3.03) -- (0.71) (0.88)
-------- -------- ------- ------- ------- -------
Net asset value, end of period .......... $ 22.89 $ 22.50 $ 17.33 $ 17.27 $ 13.36 $ 14.68
======== ======== ======= ======= ======= =======
Total return ...................... 14.68%+ 29.83% 17.92 29.23% (4.19%) 13.39%
Net assets, end of period (000's) ....... $214,535 $167,530 $91,900 $60,996 $34,829 $21,651
Ratio of operating expenses to
average net assets(C) .................. 0.75%(A) 0.50% 0.50% 0.50% 0.50% 0.50%
Ratio of net investment income to
average net assets ..................... 0.93%(A) 1.50% 1.81% 1.76% 1.53% 1.39%
Portfolio turnover rate ................. 253%(A) 114% 105% 109% 85% 88%
QUANTITATIVE EQUITY TRUST
--------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------
1992 1991 1990 1989 1988
------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period .................... $13.33 $10.48 $11.25 $ 8.91 $ 8.36
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(B) .............. 0.18 0.21 0.32 0.36 0.28
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions ......................... 0.61 2.94 (0.77) 2.34 0.56
------ ------ ------ ------ ------
Total from investment operations .. 0.79 3.15 (0.45) 2.70 0.84
LESS DISTRIBUTIONS:
Dividends from net
investment income .................... (0.18) (0.21) (0.32) (0.36) (0.29)
Distributions from
capital gains ........................ (0.21) (0.09) -- -- --
Distributions in excess of
capital gains ........................ -- -- -- -- --
------ ------ ------ ------ ------
Total distributions ............... (0.39) (0.30) (0.32) (0.36) (0.29)
------ ------ ------ ------ ------
Net asset value, end of period .......... $13.73 $13.33 $10.48 $11.25 $ 8.91
====== ====== ====== ====== ======
Total return ...................... 6.07% 30.18% (4.06%) 30.66% 9.86%
Net assets, end of period (000's) ....... $9,708 $5,480 $2,872 $2,138 $1,176
Ratio of operating expenses to
average net assets(C) .................. 0.50% 0.50% 0.50% 0.50% 0.50%
Ratio of net investment income to
average net assets ..................... 1.51% 1.78% 3.06% 3.48% 3.16%
Portfolio turnover rate ................. 48% 53% 121% 121% 172%
</TABLE>
- ------------------------
** Effective December 31, 1996, the Portfolio changes its name from the Common
Stock Fund.
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.05 for the
year ended December 31, 1997.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser and subadviser, was 0.77% for the year ended December 31, 1997.
Effective January 1, 1998, this voluntary expense reimbursement is no longer
in effect.
The accompanying notes are an integral part of the financial statements.
39
<PAGE> 42
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -----------------------------------------------------------------------------------------------
EQUITY INDEX TRUST
---------------------------------------
SIX MONTHS
ENDED YEAR 02/14/1996*
06/30/1998 ENDED TO
(UNAUDITED) 12/31/1997 12/31/1996**
------------ ---------- ------------
<S> <C> <C> <C>
Net asset value, beginning of period ............ $ 12.48 $ 10.69 $10.00
Income from investment operations:
Net investment income (B) ................... 0.11 0.32 0.19
Net realized and unrealized gain
on investments ............................ 2.08 3.26 1.29
-------- ------- ------
Total from investment operations ......... 2.19 3.58 1.48
LESS DISTRIBUTIONS:
Dividends from net investment income ........ -- (0.32) (0.19)
Distributions from capital gains ............ (0.27) (1.47) (0.21)
Distributions in excess of capital gains .... -- -- (0.39)
Total distributions ...................... (0.27) (1.79) (0.79)
-------- ------- ------
Net asset value, end of period ................... $ 14.40 $ 12.48 $10.69
======== ======= ======
Total return ............................. 17.57%+ 33.53% 14.86%+
Net assets, end of period (000's) ................ $ 44,567 $27,075 $7,818
Ratio of operating expenses to
average net assets(C) .......................... 0.40%(A) 0.40% 0.40%(A)
Ratio of net investment income to
average net assets ............................. 1.82%(A) 3.64% 4.74%(A)
Portfolio turnover rate .......................... 1%(A) 7% 27%(A)
</TABLE>
- -------------------
* Commencement of operations
** Effective December 31, 1996, the Portfolio changed its name from the Equity
Index Fund.
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.01 for the
six months ended June 30, 1998 and the year ended December 31, 1997.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 0.57% for the six months ended June 30, 1998 and the year ended
December 31, 1997.
The accompanying notes are an integral part of the financial statements.
40
<PAGE> 43
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------------------------------------------------------------
BLUE CHIP GROWTH TRUST
----------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 12/11/1992*
06/30/1998 ----------------------------------------------------------- TO
(UNAUDITED) 1997 1996** 1995 1994 1993 12/31/1992
-------------- --------- --------- --------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period .... $ 15.00 $ 14.31 $ 11.40 $ 9.05 $ 9.55 $ 9.93 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(B) .............. 0.03 0.09 0.03 0.03 0.04 0.05 --
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ......................... 2.54 3.13 2.92 2.36 (0.50) (0.42) (0.07)
-------- -------- -------- -------- -------- -------- --------
Total from investment operations .. 2.57 3.22 2.95 2.39 (0.46) (0.37) (0.07)
LESS DISTRIBUTIONS:
Dividends from net investment income .. (0.08) (0.03) (0.04) (0.04) (0.04) (0.01) --
Distributions from capital gains ...... (0.24) (2.50) -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Total distributions ............... (0.32) (2.53) (0.04) (0.04) (0.04) (0.01) --
-------- -------- -------- -------- -------- -------- --------
Net asset value, end of period .......... $ 17.25 $ 15.00 $ 14.31 $ 11.40 $ 9.05 $ 9.55 $ 9.93
======== ======== ======== ======== ======== ======== ========
Total return ...................... 17.15%+ 26.94% 25.90% 26.53% (4.80%) (3.80%) (0.70%)+
Net assets, end of period (000's) ....... $894,136 $708,807 $422,571 $277,674 $151,727 $104,966 $31,118
Ratio of operating expenses to
average net assets(C) ................. 0.96%(A) 0.975% 0.975% 0.975% 0.975% 0.975% 1.06%(A)
Ratio of net investment income to
average net assets .................... 0.43%(A) 0.74% 0.26% 0.42% 0.65% 0.75% 1.04%(A)
Portfolio turnover rate ................. 44%(A) 37% 159% 57% 33% 12% 0%(A)
</TABLE>
- ----------------------------------
* Commencement of operations
** Effective October 1, 1996, the Portfolio changed its name from the Pasadena
Growth Trust.
+ Non-annualized
(A) Annualized
(B) After investment adviser and subadviser expense reimbursement per share of
$0.006, $0.004, $0.006 and $0.01 for the years ended December 31, 1996,
1995, 1994 and 1993, respectively.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser and subadviser, was 1.02%, 1.03%, 1.06% and 1.09% for the years
ended December 31, 1996,1995, 1994 and 1993, respectively.
The accompanying notes are an integral part of the financial statements.
41
<PAGE> 44
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -----------------------------------------------------------------------------------------------------------------------
REAL ESTATE SECURITIES TRUST
---------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
06/30/98 ------------------------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993
------------ --------- -------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........ $ 20.07 $ 16.95 $ 15.10 $ 13.34 $ 14.07 $ 12.75
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B) ................. 0.34 0.80 0.74 0.67 0.55 0.47
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ............................. (1.19) 2.32 4.31 1.35 (0.93) 2.38
-------- -------- ------- ------- ------- -------
Total from investment operations ....... (0.85) 3.12 5.05 2.02 (0.38) 2.85
LESS DISTRIBUTIONS:
Dividends from net investment income ...... (0.53) -- (1.39) (0.26) (0.27) (0.47)
Distributions from capital gains .......... (1.84) -- (1.77) -- (0.08) (1.06)
Distributions in excess of capital gains .. -- -- (0.04) -- -- --
-------- -------- ------- ------- ------- -------
Total distributions .................... (2.37) -- (3.20) (0.26) (0.35) (1.53)
-------- -------- ------- ------- ------- -------
Net asset value, end of period ............... $ 16.85 $ 20.07 $ 16.95 $ 15.10 $ 13.34 $ 14.07
======== ======== ======= ======= ======= =======
Total return ........................... (4.68%)+ 18.41% 34.69% 15.14% (2.76%) 22.61%
Net assets, end of period (000's) ............ $177,285 $161,759 $76,220 $52,440 $42,571 $24,106
Ratio of operating expenses to
average net assets(C) ...................... 0.75%(A) 0.50% 0.50% 0.50% 0.50% 0.50%
Ratio of net investment income to
average net assets ......................... 4.93%(A) 5.42% 5.22% 5.06% 4.26% 3.93%
Portfolio turnover rate ...................... 92%(A) 148% 231% 136% 36% 143%
REAL ESTATE SECURITIES TRUST
------------------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------------------
1992 1991 1990 1989 1988
------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........ $10.92 $ 8.16 $ 9.24 $ 9.12 $ 8.76
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B) ................. 0.45 0.53 0.67 0.68 0.70
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ............................. 1.83 2.76 (1.09) 0.15 0.37
------ ------ ------ ------ ------
Total from investment operations ....... 2.28 3.29 (0.42) 0.83 1.07
LESS DISTRIBUTIONS:
Dividends from net investment income ...... (0.45) (0.53) (0.66) (0.71) (0.71)
Distributions from capital gains .......... -- -- -- -- --
Distributions in excess of capital gains .. -- -- -- -- --
------ ------ ------ ------ ------
Total distributions .................... (0.45) (0.53) (0.66) (0.71) (0.71)
------ ------ ------ ------ ------
Net asset value, end of period ............... $12.75 $10.92 $ 8.16 $ 9.24 $ 9.12
====== ====== ====== ====== ======
Total return ........................... 21.29% 41.10% (4.53%) 9.23% 11.72%
Net assets, end of period (000's) ............ $7,273 $4,120 $2,774 $2,874 $2,490
Ratio of operating expenses to
average net assets(C) ...................... 0.50% 0.50% 0.50% 0.50% 0.50%
Ratio of net investment income to
average net assets ......................... 4.13% 5.40% 7.74% 7.29% 7.18%
Portfolio turnover rate ...................... 71% 40% 24% 15% 23%
</TABLE>
- ---------------------------------
+ Non-annualized
(A) Annualized
(B) After investment adviser and subadviser expense reimbursement per share of
$0.04 for the year ended December 31, 1997.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser and subadviser, was 0.77% for the year ended December 31, 1997.
Effective January 1, 1998, this voluntary expense reimbursement is no longer
in effect.
The accompanying notes are an integral part of the financial statements.
42
<PAGE> 45
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
VALUE TRUST
----------------------------
SIX MONTHS
ENDED 01/01/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
------------ -----------
<S> <C>
Net asset value, beginning of period .......... $ 14.81 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................... 0.09 0.10
Net realized and unrealized gain
on investments and foreign currency
transactions ............................ 0.68 2.67
-------- --------
Total from investment operations ...... 0.77 2.77
LESS DISTRIBUTIONS:
Dividends from net investment income ...... -- (0.10)
Distributions from capital gains .......... -- (0.30)
Distributions in excess of capital gains .. -- (0.06)
-------- --------
Total distributions ................... -- (0.46)
-------- --------
Net asset value, end of period ................. $ 15.58 $ 14.81
======== ========
Total return .......................... 5.27%+ 22.14%
Net assets, end of period (000's) .............. $231,782 $144,672
Ratio of operating expenses to
average net assets ........................... 0.85%(A) 0.96%
Ratio of net investment income to
average net assets ........................... 1.42%(A) 1.50%
Portfolio turnover rate ........................ 41%(A) 43%
</TABLE>
- -------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
43
<PAGE> 46
<TABLE>
<CAPTION>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ---------------------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH & INCOME TRUST
--------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 01/09/1995*
06/30/1998 ------------------------ TO
(UNAUDITED) 1997 1996 12/31/1995
------------ ---------- --------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ........ $ 11.01 $ 11.77 $ 10.47 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.06 0.23 0.17 0.11
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions .......................... 1.40 (0.26) 1.15 0.59
-------- -------- -------- -------
Total from investment operations .... 1.46 (0.03) 1.32 0.70
LESS DISTRIBUTIONS:
Dividends from net investment income .... (0.26) (0.22) (0.02) (0.12)
Distributions from capital gains ........ (0.36) (0.51) -- (0.11)
-------- -------- -------- -------
Total distributions ................. (0.62) (0.73) (0.02) (0.23)
-------- -------- -------- -------
Net asset value, end of period ............... $ 11.85 $ 11.01 $ 11.77 $ 10.47
======== ======== ======== =======
Total return ........................ 13.00%+ (0.08%) 12.61% 6.98%+
Net assets, end of period (000's) ............ $238,306 $203,776 $189,010 $88,638
Ratio of operating expenses to
average net assets ......................... 1.14%(A) 1.12% 1.11% 1.47%(A)
Ratio of net investment income to
average net assets ......................... 1.17%(A) 2.08% 1.82% 0.71%(A)
Portfolio turnover rate ...................... 205%(A) 166% 148% 112%(A)
</TABLE>
- -------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
44
<PAGE> 47
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
================================================================================
<TABLE>
<CAPTION>
GROWTH AND INCOME TRUST
------------------------------------------------------------------------------------------------------
SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED 04/23/1991*
6/30/1998 ------------------------------------------------------------------------ TO
(UNAUDITED) 1997 1996 1995 1994 1993 1992 12/31/1991
----------- ---------- ---------- -------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ................. $ 23.89 $ 19.38 $ 16.37 $ 13.04 $ 13.05 $ 12.10 $ 11.08 $ 10.00
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ..... 0.09 0.22 0.22 0.27 0.25 0.17 0.20 0.13
Net realized and
unrealized gain on
investments and foreign
currency transactions ... 3.83 5.73 3.41 3.45 0.11 0.98 0.92 0.95
---------- ---------- ---------- -------- -------- -------- -------- -------
Total from
investment
operations ...... 3.92 5.95 3.63 3.72 0.36 1.15 1.12 1.08
LESS DISTRIBUTIONS:
Dividends from net
investment income ....... (0.22) (0.24) (0.26) (0.26) (0.19) (0.18) (0.10) --
Distributions from
capital gains ........... (1.41) (1.20) (0.36) (0.13) (0.18) (0.02) -- --
---------- ---------- ---------- -------- -------- -------- -------- -------
Total
distributions ... (1.63) (1.44) (0.62) (0.39) (0.37) (0.20) (0.10) --
---------- ---------- ---------- -------- -------- -------- -------- -------
Net asset value,
end of period ............. $ 26.18 $ 23.89 $ 19.38 $ 16.37 $ 13.04 $ 13.05 $ 12.10 $ 11.08
========== ========== ========== ======== ======== ======== ======== =======
Total return ..... 16.51%+ 32.83% 22.84% 29.20% 2.85% 9.62% 10.23% 10.80%+
Net assets,
end of period (000's) ..... $2,003,972 $1,605,387 $1,033,738 $669,387 $409,534 $288,765 $130,984 $57,404
Ratio of operating
expenses to average
net assets ............... 0.78%(A) 0.79% 0.80% 0.80% 0.82% 0.85% 0.85% 0.98%(A)
Ratio of net investment
income to average
net assets................ 0.84%(A) 1.14% 1.56% 2.23% 2.40% 2.29% 2.78% 2.92%(A)
Portfolio turnover
rate...................... 9%(A) 34% 49% 39% 42% 39% 44% 62%(A)
</TABLE>
- -------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
45
<PAGE> 48
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
================================================================================
<TABLE>
<CAPTION>
EQUITY-INCOME TRUST
-----------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 02/19/1993*
06/30/1998 -------------------------------------------------- TO
(UNAUDITED) 1997 1996** 1995 1994# 12/31/1993
---------- -------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ........................... $ 17.24 $ 15.41 $ 13.81 $ 11.33 $ 11.31 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............. 0.17 0.34 0.21 0.17 0.12 0.07
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions .................... 0.97 3.68 2.39 2.49 (0.03) 1.24
---------- -------- -------- -------- -------- -------
Total from investment
operations ................. 1.14 4.02 2.60 2.66 0.09 1.31
LESS DISTRIBUTIONS:
Dividends from net investment
income .......................... (0.33) (0.21) (0.16) (0.08) (0.05) --
Distributions from capital gains .. (0.73) (1.98) (0.84) (0.10) (0.02) --
---------- -------- -------- -------- -------- -------
Total distributions .......... (1.06) (2.19) (1.00) (0.18) (0.07) --
---------- -------- -------- -------- -------- -------
Net asset value, end of period ....... $ 17.32 $ 17.24 $ 15.41 $ 13.81 $ 11.33 $ 11.31
========== ======== ======== ======== ======== =======
Total return .......... 6.39%+ 29.71% 19.85% 23.69% 0.79% 13.10%+
Net assets, end of period (000's) .... $1,054,681 $941,705 $599,486 $396,827 $221,835 $86,472
Ratio of operating expenses to
average net assets .................. 0.83%(A) 0.85% 0.85% 0.85% 0.87% 0.94%(A)
Ratio of net investment income
to average net assets ............... 2.10%(A) 2.47% 1.78% 1.63% 1.08% 1.30%(A)
Portfolio turnover rate .............. 22%(A) 25% 158% 52% 26% 33%(A)
</TABLE>
- ----------
* Commencement of operations
** Effective October 1, 1996, the Portfolio changed its name from the Value
Equity Trust.
# Net investment income per share was calculated using the average shares
method for fiscal year 1994.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
46
<PAGE> 49
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
================================================================================
<TABLE>
<CAPTION>
BALANCED TRUST
------------------------
SIX MONTHS
ENDED 01/01/1997*
06/30/1998 TO
(UNAUDITED) 12/31/97
---------- -----------
<S> <C> <C>
Net asset value, beginning
of period ..................................... $ 19.33 $ 16.41
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................... 0.21 0.51
Net realized and unrealized gain
on investments and foreign currency
transactions ............................. 1.63 2.41
-------- --------
Total from investment
operations .................. 1.84 2.92
-------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ....... (0.48) --
Distributions from capital gains ........... (2.09) --
-------- --------
Total distributions .............. (2.57) --
-------- --------
Net asset value, end of period .................. $ 18.60 $ 19.33
======== ========
Total return ..................... 9.38%+ 17.79%
Net assets, end of period (000's) ............... $213,023 $177,045
Ratio of operating expenses to
average net assets ............................ 0.86%(A) 0.88%
Ratio of net investment income to
average net assets ............................ 2.72%(A) 2.97%
Portfolio turnover rate ......................... 201%(A) 219%
</TABLE>
- ----------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
47
<PAGE> 50
<TABLE>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
AGGRESSIVE ASSET ALLOCATION TRUST
-------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 08/03/1989*
06/30/1998 ------------------------------------------------------------------------- TO
(UNAUDITED) 1997 1996 1995 1994 1993 1992 1991 1990 12/31/1989
----------- ------- -------- -------- -------- -------- ------- ------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ........................ $ 14.36 $ 13.45 $ 12.85 $ 11.17 $ 12.03 $ 11.25 $ 10.72 $ 9.08 $ 9.88 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........... 0.13 0.29 0.36 0.35 0.31 0.34 0.30 0.36 0.36 0.08
Net realized and unrealized
gain (loss) on investments and
foreign currency transactions.. 1.87 2.01 1.21 2.07 (0.41) 0.79 0.55 1.69 (1.07) (0.20)
-------- -------- -------- -------- -------- -------- -------- -------- ------- -------
Total from investment
operations ............. 2.00 2.30 1.57 2.42 (0.10) 1.13 0.85 2.05 (0.71) (0.12)
LESS DISTRIBUTIONS:
Dividends from net investment
income ........................ (0.29) (0.38) (0.33) (0.33) (0.31) (0.30) (0.32) (0.41) (0.07) --
Distributions from capital
gains ......................... (1.48) (1.01) (0.64) (0.41) (0.45) (0.05) -- -- (0.02) --
-------- -------- -------- -------- -------- -------- -------- -------- ------- -------
Total distributions ...... (1.77) (1.39) (0.97) (0.74) (0.76) (0.35) (0.32) (0.41) (0.09) --
-------- -------- -------- -------- -------- -------- -------- -------- ------- -------
Net asset value, end of period .... $ 14.59 $ 14.36 $ 13.45 $ 12.85 $ 11.17 $ 12.03 $ 11.25 $ 10.72 $ 9.08 $ 9.88
======== ======== ======== ======== ======== ======== ======== ======== ======= =======
Total return ............. 13.89%+ 19.09% 13.00% 22.77% (0.69%) 10.30% 8.24% 22.96% (7.27%) (1.20%)+
Net assets, end of period (000's).. $260,139 $243,533 $226,699 $211,757 $184,662 $174,448 $151,627 $124,632 $91,581 $87,301
Ratio of operating expenses to
average net assets .............. 0.86%(A) 0.90% 0.90% 0.91% 0.89% 0.86% 0.89% 0.88% 0.78% 0.89%(A)
Ratio of net investment income to
average net assets .............. 1.68%(A) 1.99% 2.73% 2.76% 2.90% 2.96% 3.08% 3.63% 4.08% 3.32%(A)
Portfolio turnover rate ........... 57%(A) 91% 75% 111% 136% 92% 123% 172% 82% 22%(A)
</TABLE>
- --------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements
48
<PAGE> 51
<TABLE>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
MODERATE ASSET ALLOCATION TRUST
-------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/98 ---------------------------------------------------------------
(UNAUDITED) 1997 1996 1995 1994
------------------ ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period .............................. $ 12.95 $ 12.49 $ 12.39 $ 10.79 $ 11.76
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.21 0.48 0.54 0.50 0.45
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ......................... 1.16 1.29 0.60 1.65 (0.65)
----------- ----------- ----------- ----------- -----------
Total from investment
operations ........................ 1.37 1.77 1.14 2.15 (0.20)
LESS DISTRIBUTIONS:
Dividends from net investment income .. (0.46) (0.57) (0.52) (0.40) (0.39)
Distributions from capital gains ...... (1.04) (0.74) (0.52) (0.37) (0.07)
----------- ----------- ----------- ----------- -----------
Total distributions ................ (1.50) (1.31) (1.04) (0.77) (0.46)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period .......... $ 12.82 $ 12.95 $ 12.49 $ 12.39 $ 10.79
=========== =========== =========== =========== ===========
Total return ....................... $ 10.61%+ 15.87% 9.96% 20.68% (1.61%)
Net assets, end of period (000's) ....... $ 630,825 $ 609,142 $ 624,821 $ 650,136 $ 604,491
Ratio of operating expenses to
average net assets ..................... 0.83%(A) 0.85% 0.84% 0.84% 0.85%
Ratio of net investment income to
average net assets ..................... 3.05%(A) 3.37% 4.17% 4.09% 4.01%
Portfolio turnover rate ................. 2%(A) 78% 78% 129% 180%
</TABLE>
<TABLE>
-----------------------------------------------------------------------------------
<CAPTION>
08/03/1989 *
----------------------------------------------------------------- TO
1993 1992 1991 1990 12/31/1989
------------ ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ................................ $ 11.14 $ 10.72 $ 9.29 $ 10.03 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.41 0.41 0.42 0.48 0.11
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ........................ 0.67 0.43 1.50 (1.10) (0.08)
----------- ----------- ----------- ---------- ----------
Total from investment
operations ............. 1.08 0.84 1.92 (0.62) 0.03
LESS DISTRIBUTIONS:
Dividends from net investment income .. (0.39) (0.42) (0.49) (0.10) --
Distributions from capital gains ...... (0.07) -- -- (0.02) --
----------- ----------- ----------- ---------- ----------
Total distributions ......... (0.46) (0.42) (0.49) (0.12) --
----------- ----------- ----------- ---------- ----------
Net asset value, end of period ............. $ 11.76 $ 11.14 $ 10.72 $ 9.29 $ 10.03
=========== =========== =========== ========== ==========
Total return ................ 10.06% 8.30% 21.23% (6.23%) 0.30%+
Net assets, end of period (000's) .......... $ 644,257 $ 505,967 $ 420,074 $ 327,328 $ 318,439
Ratio of operating expenses to
average net assets ....................... 0.84% 0.87% 0.86% 0.73% 0.79%(A)
Ratio of net investment income to
average net assets ....................... 4.02% 4.21% 4.38% 5.10% 4.51%(A)
Portfolio turnover rate .................... 135% 169% 168% 76% 41%(A)
</TABLE>
- --------------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
49
<PAGE> 52
<TABLE>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CONSERVATIVE ASSET ALLOCATION TRUST
---------------------------------------------------------------------------------------
SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED
06/30/1998 ------------------------------------------------------------
(UNAUDITED) 1997 1996 1995 1994
----------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period .............................. $ 11.78 $ 11.64 $ 11.59 $ 10.34 $ 11.26
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.28 0.54 0.57 0.54 0.55
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ......................... 0.48 0.67 0.20 1.26 (0.76)
--------- --------- --------- --------- ---------
Total from investment
operations ........................ 0.76 1.21 0.77 1.80 (0.21)
LESS DISTRIBUTIONS:
Dividends from net investment income .. (0.55) (0.59) (0.56) (0.55) (0.46)
Distributions from capital gains ...... (0.60) (0.48) (0.16) --- (0.25)
--------- --------- --------- --------- ---------
Total distributions ................ (1.15) (1.07) (0.72) (0.55) (0.71)
--------- --------- --------- --------- ---------
Net asset value, end of period .......... $ 11.39 $ 11.78 $ 11.64 $ 11.59 $ 10.34
========= ========= ========= ========= =========
Total return ....................... 6.56%+ 11.44% 7.03% 18.07% (1.84%)
Net assets, end of period (000's) ....... $ 195,928 $ 204,348 $ 208,466 $ 224,390 $ 216,716
Ratio of operating expenses to
average net assets ..................... 0.87%(A) 0.89% 0.87% 0.87% 0.87%
Ratio of net investment income to
average net assets ..................... 4.21%(A) 4.39% 4.59% 4.68% 4.86%
Portfolio turnover rate ................. 146%(A) 86% 73% 110% 220%
</TABLE>
<TABLE>
<CAPTION>
CONSERVATIVE ASSET ALLOCATION TRUST
--------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31, 08/03/1989*
------------------------------------------------------------- TO
1993 1992 1991 1990 12/31/1989
--------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period .............................. $ 10.78 $ 10.63 $ 9.56 $ 10.11 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.50 0.47 0.58 0.62 0.15
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ......................... 0.44 0.26 1.15 (1.01) (0.04)
--------- --------- --------- --------- ---------
Total from investment
operations ........................ 0.94 0.73 1.73 (0.39) 0.11
LESS DISTRIBUTIONS:
Dividends from net investment income .. (0.46) (0.58) (0.66) (0.13) ---
Distributions from capital gains ...... --- --- --- (0.03) ---
--------- --------- --------- --------- ---------
Total distributions ................ (0.46) (0.58) (0.66) (0.16) ----
--------- --------- --------- --------- ---------
Net asset value, end of period .......... $ 11.26 $ 10.78 $ 10.63 $ 9.56 $ 10.11
========= ========= ========= ========= =========
Total return ....................... 8.99% 7.36% 18.80% (3.84%) 1.10%+
Net assets, end of period (000's) ....... $ 250,117 $ 201,787 $ 165,167 $ 149,901 $ 141,191
Ratio of operating expenses to
average net assets ..................... 0.86% 0.89% 0.88% 0.76% 0.82%(A)
Ratio of net investment income to
average net assets ..................... 4.78% 4.99% 5.65% 6.68% 6.00%(A)
Portfolio turnover rate ................. 170% 252% 211% 78% 85%(A)
</TABLE>
- -----------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
50
<PAGE> 53
<TABLE>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -------------------------------------------------------------------------------
<CAPTION>
HIGH YIELD TRUST
-----------------------------
SIX MONTHS
ENDED 01/01/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
----------- -----------
<S> <C> <C>
Net asset value, beginning
of period ..................................... $ 13.56 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................ 0.44 0.46
Net realized and unrealized gain
on investments and foreign currency
transactions ............................... 0.14 1.13
-------- -------
Total from investment
operations ......................... 0.58 1.59
LESS DISTRIBUTIONS:
Dividends from net investment income ......... (0.01) (0.46)
Distributions from capital gains ............. (0.03) (0.07)
-------- -------
Total distributions .................. (0.04) (0.53)
-------- -------
Net asset value, end of period .................. $ 14.10 $ 13.56
======== =======
Total return ......................... 4.25%+ 12.68%
Net assets, end of period (000's) ............... $164,018 $92,748
Ratio of operating expenses to
average net assets ............................ 0.83%(A) 0.89%
Ratio of net investment income to
average net assets ............................ 7.92%(A) 7.40%
Portfolio turnover rate ......................... 109%(A) 75%
</TABLE>
- --------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
51
<PAGE> 54
<TABLE>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
STRATEGIC BOND TRUST
--------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 2/19/1993*
06/30/1998 ---------------------------------------------------- TO
(UNAUDITED) 1997 1996 1995 1994 12/31/93
----------- -------- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period .................................. $ 12.38 $ 11.94 $ 11.26 $ 9.91 $ 10.88 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................... 0.36 0.67 0.62 0.78 0.57 0.33
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ............................ (0.03) 0.57 0.92 1.04 (1.22) 0.55
-------- -------- -------- -------- ------- -------
Total from investment
operations ....................... 0.33 1.24 1.54 1.82 (0.65) 0.88
LESS DISTRIBUTIONS:
Dividends from net investment income ...... (0.72) (0.71) (0.86) (0.47) (0.28) --
Distributions from capital gains .......... (0.12) (0.09) -- -- (0.04) --
-------- -------- -------- -------- ------- -------
Total distributions ................ (0.84) (0.80) (0.86) (0.47) (0.32) --
-------- -------- -------- -------- ------- -------
Net asset value, end of period ............... $ 11.87 $ 12.38 $ 11.94 $ 11.26 $ 9.91 $ 10.88
======== ======== ======== ======== ======= =======
Total return ....................... 2.61%+ 10.98% 14.70% 19.22% (5.99%) 8.8%+
Net assets, end of period (000's) ............ $420,963 $365,590 $221,277 $122,704 $84,433 $53,640
Ratio of operating expenses to
average net assets ......................... 0.84%(A) 0.87% 0.86% 0.92% 0.91% 1.00%(A)
Ratio of net investment income to
average net assets ......................... 7.40%(A) 7.54% 8.20% 8.76% 7.49% 6.56%(A)
Portfolio turnover rate ...................... 154%(A) 131% 165% 181% 197% 356%(A)
</TABLE>
- ---------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
52
<PAGE> 55
<TABLE>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GLOBAL GOVERNMENT BOND TRUST
----------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
06/30/1998
------------------------------------------------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993
----------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ....................... $ 14.07 $ 14.97 $ 14.56 $ 12.47 $ 13.93 $ 12.47
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......... 0.43 0.93 0.93 1.16 0.74 0.59
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions .................. (0.23) (0.57) 0.79 1.62 (1.54) 1.67
-------- -------- -------- -------- -------- --------
Total from investment
operations ................. 0.20 0.36 1.72 2.78 (0.80) 2.26
LESS DISTRIBUTIONS:
Dividends from net
investment income ............ (0.95) (1.23) (1.31) (0.69) (0.30) (0.70)
Distributions from capital
gains ........................ (0.40) (0.03) ---- ---- (0.36) (0.10)
-------- -------- -------- -------- -------- --------
Total distributions ......... (1.35) (1.26) (1.31) (0.69) (0.66) (0.80)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ... $ 12.92 $ 14.07 $ 14.97 $ 14.56 $ 12.47 $ 13.93
======== ======== ======== ======== ======== ========
Total return ................ 1.26% + 2.95% 13.01% 23.18% (5.75%) 18.99%
Net assets, end of period
(000's) ......................... $200,436 $216,117 $249,793 $235,243 $208,513 $196,817
Ratio of operating expenses to
average net assets .............. 0.94% (A) 0.93% 0.90% 0.93% 0.96% 1.06%
Ratio of net investment income to
average net assets .............. 5.79% (A) 5.87% 6.38% 6.83% 6.10% 5.61%
Portfolio turnover rate .......... 104% (A) 160% 167% 171% 157% 154%
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
03/18/1988*
-------------------------------------------------------- TO
1992 1991 1990 1989 12/31/1988
-------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ....................... $ 12.88 $ 11.59 $ 10.50 $ 10.21 $ 10.03
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......... 0.42 0.55 0.25 0.45 0.14
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions .................. (0.16) 1.21 1.13 ---- 0.04
-------- -------- -------- -------- --------
Total from investment
operations ................. 0.26 1.76 1.38 0.45 0.18
LESS DISTRIBUTIONS:
Dividends from net
investment income ............ (0.43) (0.46) (0.24) (0.09) ----
Distributions from capital
gains ........................ (0.24) (0.01) (0.05) (0.07) ----
-------- -------- -------- -------- --------
Total distributions ......... (0.67) (0.47) (0.29) (0.16) ----
-------- -------- -------- -------- --------
Net asset value, end of period ... $ 12.47 $ 12.88 $ 11.59 $ 10.50 $ 10.21
======== ======== ======== ======== ========
Total return ................ 2.27% 15.86% 13.49% 4.49% 1.79% +
Net assets, end of period
(000's) ......................... $ 67,859 $ 28,251 $ 11,582 $ 4,065 $ 1,355
Ratio of operating expenses to
average net assets .............. 1.05% 1.14% 1.21% 1.50% 3.39% (A)
Ratio of net investment income to
average net assets .............. 6.71% 17.28% 6.62% 7.15% 3.74% (A)
Portfolio turnover rate .......... 132% 164% 142% 50% 234% (A)
</TABLE>
- ------------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
53
<PAGE> 56
<TABLE>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CAPITAL GROWTH BOND TRUST
-----------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
06/30/1998
---------------------------------------------------------------------------
(UNAUDITED) 1997 1996 * 1995 1994 1993
----------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ....................... $ 11.85 $ 10.90 $ 11.30 $ 10.10 $ 11.33 $ 11.12
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B) ...... 0.30 0.67 0.68 0.72 0.72 0.65
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions .................. 0.11 0.28 (0.40) 1.32 (1.22) 0.51
------- ------- ------- ------- ------- -------
Total from investment
operations .................. 0.41 0.95 0.28 2.04 (0.50) 1.16
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.66) ---- (0.68) (0.72) (0.72) (0.65)
Distributions from capital gains ---- ---- ---- (0.12) (0.01) (0.30)
------- ------- ------- ------- ------- -------
Total distributions .......... (0.66) ---- (0.68) (0.84) (0.73) (0.95)
------- ------- ------- ------- ------- -------
Net asset value, end of period ... $ 11.60 $ 11.85 $ 10.90 $ 11.30 $ 10.10 $ 11.33
======= ======= ======= ======= ======= =======
Total return ................. 3.57% + 8.72% 2.48% 20.24% (4.49%) 10.56%
Net assets, end of period (000's) $58,628 $53,990 $45,393 $42,694 $33,618 $41,183
Ratio of operating expenses to
average net assets (C) .......... 0.71%(A) 0.50% 0.50% 0.50% 0.50% 0.50%
Ratio of net investment income to
average net assets .............. 5.7%(A) 36.30% 6.15% 6.36% 6.29% 5.69%
Portfolio turnover rate .......... 26%(A) 73% 58% 85% 79% 95%
</TABLE>
<TABLE>
<CAPTION>
CAPITAL GROWTH BOND TRUST
-----------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
-----------------------------------------------------------------------
1992 1991 1990 1989 1988
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ....................... $ 11.47 $ 10.62 $ 10.82 $ 10.32 $ 10.53
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B) ...... 0.77 0.83 0.88 0.90 0.92
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions .................. (0.11) 0.85 (0.21) 0.50 (0.17)
------- ------- ------- ------- -------
Total from investment
operations .................. 0.66 1.68 0.67 1.40 0.75
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.78) (0.83) (0.87) (0.90) (0.93)
Distributions from capital gains (0.23) ---- ---- ---- (0.03)
------- ------- ------- ------- -------
Total distributions .......... (1.01) (0.83) (0.87) (0.90) (0.96)
------- ------- ------- ------- -------
Net asset value, end of period ... $ 11.12 $ 11.47 $ 10.62 $ 10.82 $ 10.32
======= ======= ======= ======= =======
Total return ................. 5.89% 16.38% 6.58% 13.88% 7.14%
Net assets, end of period (000's) $30,695 $29,326 $24,808 $22,768 $19,732
Ratio of operating expenses to
average net assets (C) .......... 0.50% 0.50% 0.50% 0.50% 0.50%
Ratio of net investment income to
average net assets .............. 6.76% 7.54% 8.25% 8.34% 8.48%
Portfolio turnover rate .......... 153% 20% 41% 69% 29%
</TABLE>
- -------------------------------
* Effective December 31, 1996, the Portfolio changed its name from the
Capital Growth Bond Fund.
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.02 for the
year ended December 31, 1997.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser and subadviser, was 0.77% for the year ended December 31, 1997.
Effective January 1, 1998, this voluntary expense reimbursement is no
longer in effect.
The accompanying notes are an integral part of the financial statements.
54
<PAGE> 57
<TABLE>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
INVESTMENT QUALITY BOND TRUST
------------------------------------------------------------------------------
SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED
06/30/1998 ------------------------------------------------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993
----------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ........................ $ 12.13 $ 11.89 $ 12.32 $ 11.01 $ 12.12 $ 11.58
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........... 0.30 0.77 0.77 0.77 0.66 0.60
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions ................... 0.20 0.30 (0.50) 1.28 (1.23) 0.53
-------- -------- -------- -------- -------- --------
Total from investment
operations ................... 0.50 1.07 0.27 2.05 (0.57) 1.13
LESS DISTRIBUTIONS:
Dividends from net
investment income .......... (0.69) (0.83) (0.70) (0.74) (0.54) (0.59)
-------- -------- -------- -------- -------- --------
Net asset value, end of period .... $ 11.94 $ 12.13 $ 11.89 $ 12.32 $ 11.01 $ 12.12
======== ======== ======== ======== ======== ========
Total return ....... 4.19% + 9.75% 2.58% 19.49% (4.64%) 10.01%
Net assets, end of period (000's).. $246,473 $188,545 $152,961 $143,103 $111,423 $ 99,474
Ratio of operating expenses to
average net assets .............. 0.71% (A) 0.74% 0.73% 0.74% 0.76% 0.77%
Ratio of net investment income to
average net assets .............. 6.92% (A) 7.15% 6.95% 6.91% 6.49% 6.03%
Portfolio turnover rate ........... 37% (A) 47% 68% 137% 140% 33%
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
-------------------------------------------------------------------------
1992 1991 * 1990 1989 1988
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ......................... $ 11.33 $ 10.74 $ 12.37 $ 11.55 $ 10.79
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............ 0.63 0.76 1.12 0.75 0.57
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions .................... 0.15 0.85 (1.50) 0.51 0.19
-------- -------- -------- -------- --------
Total from investment
operations .................... 0.78 1.61 (0.38) 1.26 0.76
LESS DISTRIBUTIONS:
Dividends from net
investment income ........... (0.53) (1.02) (1.25) (0.44) ----
-------- -------- -------- -------- --------
Net asset value, end of period ..... $ 11.58 $ 11.33 $ 10.74 $ 12.37 $ 11.55
======== ======== ======== ======== ========
Total return ........ 7.21% 16.07% (2.73%) 11.34% 7.09%
Net assets, end of period (000's)... $ 60,185 $ 38,896 $ 20,472 $ 26,965 $114,221
Ratio of operating expenses to
average net assets ............... 0.80% 0.85% 0.70% 0.83% 0.89%
Ratio of net investment income to
average net assets ............... 6.96% 7.47% 8.41% 8.77% 7.97%
Portfolio turnover rate ............ 59% 115% 120% 351% 94%
</TABLE>
- ----------------------------------------
* The Investment Quality Bond Trust is the successor to the Bond Trust
effective April 23, 1991.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
55
<PAGE> 58
<TABLE>
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
U.S. GOVERNEMENT SECURITIES TRUST
-------------------------------------------------------------------------------------------
SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED
06/30/98 ---------------------------------------------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993
----------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period .......................... $ 13.50 $ 13.32 $ 13.65 $ 12.64 $ 13.48 $ 13.05
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B) ......... 0.34 0.75 0.83 0.89 0.77 0.48
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions ..................... 0.10 0.31 (0.41) 0.99 (0.95) 0.49
-------- -------- -------- -------- -------- --------
Total from investment
operations .................. 0.44 1.06 0.42 1.88 (0.18) 0.97
LESS DISTRIBUTIONS:
Dividends from net
investment income ............ (0.65) (0.88) (0.75) (0.87) (0.51) (0.46)
Distributions from capital gains ---- ---- ---- ---- (0.15) (0.08)
-------- -------- -------- -------- -------- --------
Total distributions ........... (0.65) (0.88) (0.75) (0.87) (0.66) (0.54)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ...... $ 13.29 $ 13.50 $ 13.32 $ 13.65 $ 12.64 $ 13.48
======== ======== ======== ======== ======== ========
Total return .................. 3.37% + 8.47% 3.38% 15.57% (1.25%) 7.64%
Net assets, end of period (000's) ... $285,548 $251,277 $204,053 $216,788 $188,813 $222,072
Ratio of operating expenses to
average net assets (C) ............. 0.71% (A) 0.72% 0.71% 0.71% 0.73% 0.75%
Ratio of net investment income to
average net assets ................. 6.18% (A) 6.27% 6.36% 6.46% 5.68% 5.05%
Portfolio turnover rate ............. 194% (A) 110% 178% 212% 387% 213%
</TABLE>
<TABLE>
-------------------------------------------------------------------------
03/18/1988*
------------------------------------------------------- TO
1992 1991 1990 1989** 12/31/1988
-------- ------- ------- ------ -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period .......................... $ 12.85 $ 11.83 $ 10.98 $ 9.81 $10.03
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B) ......... 0.10 0.19 1.07 0.20 0.07
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions ..................... 0.65 1.40 (0.13) 1.08 (0.29)
-------- ------- ------- ------ ------
Total from investment
operations .................. 0.75 1.59 0.94 1.28 (0.22)
LESS DISTRIBUTIONS:
Dividends from net
investment income ............ (0.38) (0.53) (0.08) (0.11) ----
Distributions from capital gains (0.17) (0.04) (0.01) ---- ----
-------- ------- ------- ------ ------
Total distributions ........... (0.55) (0.57) (0.09) ---- ----
-------- ------- ------- ------ ------
Net asset value, end of period ...... $ 13.05 $ 12.85 $ 11.83 $10.98 $ 9.81
======== ======= ======= ====== ======
Total return .................. 6.19% 14.01% 8.63% 13.16% (2.19%) +
Net assets, end of period (000's) ... $125,945 $29,246 $10,469 $5,905 $ 344
Ratio of operating expenses to
average net assets (C) ............. 0.76% 0.87% 1.04% 0.90% 5.16% (A)
Ratio of net investment income to
average net assets ................. 6.12% 7.09% 7.70% 6.66% 1.16% (A)
Portfolio turnover rate ............. 141% 233% 284% 330% 156% (A)
</TABLE>
- ----------------------------------------
* Commencement of operations
** The U.S. Government Securities Trust is the successor to the Convertible
Securities Trust effective May 1, 1989.
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.01 and $0.06
for the years ended December 31, 1989 and 1988, respectively.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 1.62% and 6.16% for the years ended December 31, 1989 and
1988, respectively.
The accompanying notes are an integral part of the financial statements.
56
<PAGE> 59
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET TRUST
------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
06/30/1998 ---------------------------------------------
(UNAUDITED) 1997 1996 1995 1994
----------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period........................... $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............ 0.25 0.50 0.49 0.55 0.38
LESS DISTRIBUTIONS:
Dividends from net
investment income.............. (0.25) (0.50) (0.49) (0.55) (0.38)
-------- -------- -------- -------- --------
Net asset value, end of period........ $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
======== ======== ======== ======== ========
Total return........... 2.58%+ 5.15% 5.05% 5.62% 3.78%
Net assets, end of period (000's)..... $501,207 $439,714 $363,566 $258,117 $276,674
Ratio of operating expenses to
average net assets.................. 0.53%(A) 0.54% 0.55% 0.54% 0.57%
Ratio of net investment income to
average net assets.................. 5.09%(A) 5.03% 4.97% 5.48% 3.93%
<CAPTION>
MONEY MARKET TRUST
------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------------------------------------
1993 1992 1991 1990 1989 1988
-------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period........................... $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............ 0.27 0.33 0.56 0.75 0.72 0.57
LESS DISTRIBUTIONS:
Dividends from net
investment income.............. (0.27) (0.33) (0.56) (0.75) (0.72) (0.57)
-------- ------- ------- ------- ------- -------
Net asset value, end of period........ $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
======== ======= ======= ======= ======= =======
Total return........... 2.69% 3.36% 5.71% 7.76% 8.56% 6.77%
Net assets, end of period (000's)..... $132,274 $89,535 $79,069 $85,040 $19,403 $12,268
Ratio of operating expenses to
average net assets.................. 0.59% 0.60% 0.60% 0.57% 0.79% 0.99%
Ratio of net investment income to
average net assets.................. 2.66% 3.28% 5.65% 7.27% 8.26% 6.68%
</TABLE>
- ----------------------------------
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
57
<PAGE> 60
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
LIFESTYLE
AGGRESSIVE 1000 TRUST
----------------------------
SIX MONTHS
ENDED 01/07/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
----------- -----------
Net asset value, beginning
of period.................................... $ 13.47 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B)................. 0.37 0.05
Net realized and unrealized gain
on investments.......................... 0.79 1.26
------- -------
Total from investment
operations................. 1.16 1.31
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.37) (0.05)
Distributions from capital gains.......... (0.37) (0.29)
------- -------
Total distributions............. (0.74) (0.34)
------- -------
Net asset value, end of period................. $ 13.89 $ 13.47
======= =======
Total return.................... 8.53%+ 10.89%+
Net assets, end of period (000's).............. $70,181 $49,105
Ratio of operating expenses to
average net assets (C)....................... 0.00%(A) 0.00%(A)
Ratio of net investment income to
average net assets........................... 0.76%(A) 1.29%(A)
Portfolio turnover rate........................ 48%(A) 67%(A)
- -----------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.009 for the
six months ended June 30, 1998 and $0.007 for the year ended December 31,
1997.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 0.02% for the six months ended June 30, 1998 and 0.03% for the
year ended December 31, 1997.
The accompanying notes are an integral part of the financial statements.
58
<PAGE> 61
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
LIFESTYLE
GROWTH 820 TRUST
----------------------------
SIX MONTHS
ENDED 01/07/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
----------- -----------
Net asset value, beginning
of period.................................... $ 13.77 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B)................. 0.45 0.30
Net realized and unrealized gain
on investments.......................... 0.66 1.38
-------- --------
Total from investment
operations................. 1.11 1.68
LESS DISTRIBUTIONS:
Dividends from net investment income...... (0.45) (0.30)
Distributions from capital gains.......... (0.29) (0.11)
-------- --------
Total distributions............. (0.74) (0.41)
-------- --------
Net asset value, end of period................. $ 14.14 $ 13.77
======== ========
Total return.................... 7.98%+ 13.84%+
Net assets, end of period (000's).............. $321,613 $217,158
Ratio of operating expenses to
average net assets (C)....................... 0.00%(A) 0.00%(A)
Ratio of net investment income to
average net assets........................... 2.34%(A) 2.44%(A)
Portfolio turnover rate........................ 28%(A) 51%(A)
- -----------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.004 for the
six months ended June 30, 1998 and $0.004 for the year ended December 31,
1997.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 0.02% for the six months ended June 30, 1998 and 0.03% for the
year ended December 31, 1997.
The accompanying notes are an integral part of the financial statements.
59
<PAGE> 62
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
LIFESTYLE
BALANCED 640 TRUST
----------------------------
SIX MONTHS
ENDED 01/07/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
----------- -----------
Net asset value, beginning
of period.................................. $ 13.56 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B)............... 0.59 0.50
Net realized and unrealized gain
on investments........................ 0.29 1.19
------- --------
Total from investment
operations............... 0.88 1.69
LESS DISTRIBUTIONS:
Dividends from net investment income.... (0.59) (0.50)
Distributions from capital gains........ (0.15) (0.13)
------- --------
Total distributions........... (0.74) (0.63)
------- --------
Net asset value, end of period............... $ 13.70 $ 13.56
======= ========
Total return.................. 6.47%+ 14.11%+
Net assets, end of period (000's)............ 310,546 186,653
Ratio of operating expenses to
average net assets (C)..................... 0.00%(A) 0.00%(A)
Ratio of net investment income to
average net assets......................... 3.57%(A) 3.24%(A)
Portfolio turnover rate...................... 34%(A) 44%(A)
- ---------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.003 for the
six months ended June 30, 1998 and $0.005 for the year ended December 31,
1997.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 0.02% for the six months ended June 30, 1998 and 0.03% for the
year ended December 31, 1997.
The accompanying notes are an integral part of the financial statements.
60
<PAGE> 63
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
LIFESTYLE
MODERATE 460 TRUST
----------------------------
SIX MONTHS
ENDED 01/07/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
----------- -----------
Net asset value, beginning
of period................................... $ 13.35 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B)................ 0.51 0.65
Net realized and unrealized gain
on investments......................... 0.40 0.98
------- -------
Total from investment
operations................ 0.91 1.63
LESS DISTRIBUTIONS:
Dividends from net investment income..... (0.51) (0.65)
Distributions from capital gains......... (0.07) (0.13)
------- -------
Total distributions............ (0.58) (0.78)
------- -------
Net asset value, end of period................ $ 13.68 $ 13.35
======= =======
Total return................... 6.79%+ 13.7%+
Net assets, end of period (000's)............. $97,117 $52,746
Ratio of operating expenses to
average net assets (C)...................... 0.00%(A) 0.00%(A)
Ratio of net investment income to
average net assets.......................... 5.09%(A) 3.91%(A)
Portfolio turnover rate....................... 36%(A) 39%(A)
- ----------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.002 for the
six months ended June 30, 1998 and $0.005 for the year ended December 31,
1997.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 0.02% for the six months ended June 30, 1998 and 0.03% for the
year ended December 31, 1997.
The accompanying notes are an integral part of the financial statements.
61
<PAGE> 64
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
LIFESTYLE
CONSERVATIVE 280 TRUST
----------------------------
SIX MONTHS
ENDED 01/07/1997*
06/30/1998 TO
(UNAUDITED) 12/31/1997
----------- -----------
Net asset value, beginning
of period................................... $ 13.01 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (B)................ 0.80 0.76
Net realized and unrealized gain
on investments......................... 0.06 0.67
------- -------
Total from investment
operations................ 0.86 1.43
LESS DISTRIBUTIONS:
Dividends from net investment income..... (0.80) (0.76)
Distributions from capital gains......... (0.06) (0.16)
------- -------
Total distributions............ (0.86) (0.92)
------- -------
Net asset value, end of period................ $ 13.01 $ 13.01
======= =======
Total return................... 5.47%+ 12.15%+
Net assets, end of period (000's)............. $44,253 $19,750
Ratio of operating expenses to
average net assets (C)...................... 0.00%(A) 0.00%(A)
Ratio of net investment income to
average net assets.......................... 6.8%(A) 3.95%(A)
Portfolio turnover rate....................... 37%(A) 38%(A)
- ----------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.002 for the
six months ended June 30, 1998 and $0.006 for the year ended December 31,
1997.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 0.02% for the six months ended June 30, 1998 and 0.03% for the
year ended December 31, 1997.
The accompanying notes are an integral part of the financial statements.
62
<PAGE> 65
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PACIFIC RIM EMERGING MARKETS TRUST
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 71.65%
AGRICULTURAL OPERATIONS - 0.46%
Austral Enterprises BHD 67,700 $ 57,093
United Plantation Berhad 70,900 53,642
----------
110,735
AIR TRAVEL - 0.47%
Singapore Airlines, Ltd. 23,800 111,585
----------
APPAREL & TEXTILES - 1.41%
Esprit Holdings, Ltd. 116,000 35,183
Glorious Sun Enterprises 128,000 23,459
Mitsubishi Rayon Company, Ltd. 40,000 112,244
Onward Kashiyama 12,000 150,575
PT Indorama Synthetics 223,000 17,505
----------
338,966
AUTOMOBILES - 0.10%
Qingling Motors Company 90,000 24,974
----------
BANKING - 12.39%
Australia & New Zealand Bank Group 47,100 325,704
Bangkok Bank* 38,800 47,810
Dao Heng Bank Group, Ltd. 30,000 42,592
Hang Seng Bank 35,000 197,858
Housing & Commercial Bank, Korea, GDR 39,551 126,563
HSBC Holdings - HKD 28,000 684,822
Krung Thai Bank PLC 216,774 28,766
Macquarie Bank, Ltd. 35,900 322,017
Malayan Bank BHD 51,200 51,567
National Australia Bank, Ltd. 19,300 255,184
Overseas Chinese Bank 61,080 208,433
Sanwa Bank 24,000 215,405
Thai Farmers Bank 34,000 30,012
The Industrial Bank of Japan, Ltd. 33,000 207,637
The Joyo Bank, Ltd. 9,000 33,326
The Mitsui Trust & Banking Company, Ltd. 9,000 21,284
United Overseas Bank 55,300 172,300
----------
2,971,280
BROADCASTING - 0.54%
BEC World Public Company, Ltd. 13,100 50,600
Television Broadcast 30,000 79,375
----------
129,975
BUILDING MATERIALS & CONSTRUCTION - 0.30%
Citra Marga Nusaphala Persada 136,700 2,800
Henry Walker Group, Ltd. 64,400 68,759
----------
71,559
BUSINESS SERVICES - 0.82%
Benesse Corporation 3,000 $ 105,229
Matichon Public Company, Ltd. 28,000 26,540
Toppan Forms Company, Ltd. 5,000 65,524
----------
197,293
CHEMICALS - 1.52%
Dainippon Ink & Chemical, Incorporated 40,000 122,948
Orica, Ltd. 9,900 58,689
Toray Industries, Incorporated 35,000 182,252
----------
363,889
COMPUTERS & BUSINESS EQUIPMENT - 1.57%
PT Multipolar Corporation 3,398,000 23,195
Ricoh Company, Ltd. 26,000 274,723
Shinawatra C. Communications 21,500 78,460
----------
376,378
CONGLOMERATES - 4.81%
Boustead Holdings BHD 76,600 46,880
CSR, Ltd. 47,200 136,535
Hutchison Whampoa, Ltd. 100,000 527,878
Japan Airport Terminal Company, Ltd 5,000 27,844
Lung Kee Metal Holdings, Ltd. 267,600 78,942
Sime Darby Bhd 175,000 120,595
Singapore Technologies
Engineering, Ltd.* 278,806 196,902
Wheelock & Company, Ltd. 30,000 17,714
----------
1,153,290
CONSTRUCTION MATERIALS - 0.02%
Keppel International Engineering, Ltd. 12,900 2,986
Nikko Company 1,000 2,784
----------
5,770
CONSTRUCTION & MINING EQUIPMENT - 0.14%
Cahya Mata Sarawak Berhad 70,600 32,661
----------
CONTAINERS & GLASS - 0.56%
Kian Joo Can Factory BHD 48,000 43,949
Rengo Company 35,000 89,607
----------
133,556
CRUDE PETROLEUM & NATURAL GAS - 0.45%
Fletcher Challenge Energy 46,200 107,545
----------
DRUGS & HEALTH CARE - 0.71%
Fujisawa Pharmaceutical Company, Ltd. 18,000 168,974
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
63
<PAGE> 66
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRICAL EQUIPMENT - 1.50%
Matsushita Communication
Industrial Company, Ltd. 6,000 $ 158,820
NEC Corporation 21,000 196,377
Sumitomo Densetsu Company, Ltd. 1,000 4,534
----------
359,731
ELECTRIC UTILITIES - 1.41%
Alsons Consolidated Resources,
Incorporated* 2,742,000 65,755
China Light & Power Company, Ltd. 30,000 136,681
Hong Kong & China Gas Company, Ltd. 38,500 43,727
Hongkong Electric Holdings, Ltd. 30,000 92,927
----------
339,090
ELECTRONICS - 5.06%
Hosiden Corporation* 30,000 323,280
K.R. Precision Public Company* 25,000 16,588
LG Information & Communication, Ltd. 3,818 54,503
Malaysian Pacific Industries Berhad 27,000 31,878
Taiyo Yuden Company 11,000 117,422
TDK Corporation 5,000 370,652
Thakral Corporation 271,600 114,072
Tokyo Electron, Ltd. 6,000 184,422
----------
1,212,817
FINANCIAL SERVICES - 3.10%
China Resources Enterprises, Ltd. 28,000 28,911
Daiwa Securities Company, Ltd. 15,000 64,765
New World Infrastructure, Ltd.* 40,045 45,999
Nomura Securities Company, Ltd. 22,000 256,961
Promise Company, Ltd.* 3,400 140,406
Shohkoh Fund & Company, Ltd. 700 172,633
Singapore Finance, Ltd. 71,400 33,899
----------
743,574
FOOD & BEVERAGES - 1.85%
Fraser & Neave, Ltd. 48,600 130,946
Goodman Fielder, Ltd. 126,800 184,971
KFC Holdings 40,000 21,204
Tokuyama Corporation 30,000 78,976
Vitasoy International Holdings, Ltd. 80,000 26,329
----------
442,426
HOTELS & RESTAURANTS - 0.71%
CDL Hotels International, Ltd. 65,000 19,295
Royal Company 11,000 150,358
----------
169,653
HOUSEHOLD APPLIANCES - 0.31%
Guangdong Kelon Electrical
Holdings Company, Ltd. 95,000 $ 74,793
----------
INDUSTRIAL MACHINERY - 6.24%
Amada Company, Ltd. 75,000 366,131
Keppel Corporation 78,125 117,767
Mitsubishi Heavy Industries, Ltd. 45,000 170,536
Mori Seiki Company 21,000 258,039
Reliance Industries, Ltd., GDR 74,000 473,600
Thai Engine Manufacturing Public
Company, Ltd.* 27,500 9,612
THK Company, Ltd 9,000 100,239
----------
1,495,924
INSURANCE - 2.19%
Mitsui Marine and Fire Insurance
Company, Ltd. 70,000 352,860
Reinsurance Australia Corporation, Ltd. 67,400 172,459
----------
525,319
INVESTMENT COMPANIES - 1.35%
Korea 1990 Trust* 105 168,000
Korea Europe Fund 125 107,812
Seoul International Trust 4 47,000
----------
322,812
LEISURE TIME - 1.33%
Aristocrat Leisure, Ltd. 79,500 187,529
Berjaya Sports Toto BHD 26,000 38,528
Guangdong Investment, Ltd. 110,000 24,703
Tanjong PLC 49,000 67,887
----------
318,647
METAL & METAL PRODUCTS - 0.62%
Amtek Engineering, Ltd. 148,000 35,134
Kitagawa Industries Companies, Ltd. 3,400 27,540
Simsmetal, Ltd. 21,700 85,536
----------
148,210
MINING - 0.64%
Lanna Lignite Public Company, Ltd.* 51,500 35,391
PT Tambang Timah 56,800 25,686
PT Tambang Timah, GDR 6,000 26,100
Savage Resources, Ltd. 184,900 66,570
----------
153,747
NON-FERROUS METALS - 0.95%
MIM Holdings, Ltd. 80,500 38,977
MNI Holdings, BHD 36,000 34,870
WMC, Ltd. 50,900 153,557
----------
227,404
</TABLE>
The accompanying notes are an integral part of the financial statements.
64
<PAGE> 67
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
OFFICE FURNISHINGS & SUPPLIES - 0.04%
Catena Corporation 3,000 $ 10,393
-----------
PAPER - 0.18%
Oji Paper Company 10,000 43,683
-----------
PETROLEUM SERVICES - 1.25%
Broken Hill Proprietary Company 23,500 199,121
Novus Petroleum PLC 80,500 99,941
-----------
299,062
PUBLISHING - 0.95%
Singapore Press Holdings, Ltd. 34,000 228,012
-----------
REAL ESTATE - 6.90%
Amoy Properties, Ltd. 68,000 43,882
Cheung Kong Holdings, Ltd. 40,000 196,696
China Resources Beijing Land 35,000 11,293
City Developments 48,600 136,138
DBS Land, Ltd. 110,600 91,893
Great Eagle Holdings, Ltd. 15,000 13,165
Henderson Investment, Ltd. 50,000 25,974
Henderson Land Development 30,000 98,929
Hongkong Land Holdings, Ltd. 35,000 43,750
Hysan Development Company, Ltd. 40,000 33,041
Mitsubishi Estate Company, Ltd. 16,000 141,173
Mitsui Fudosan Company 20,000 158,530
New World Development Company 59,000 114,223
Parkway Holdings, Ltd. 99,400 172,844
PT Pakuwon Jati 219,500 749
Singapore Land, Ltd. 83,800 176,055
Sun Hung Kai Properties, Ltd. 30,000 127,388
United Overseas Land, Ltd. 128,800 69,560
-----------
1,655,283
RETAIL GROCERY - 0.88%
Uny Company, Ltd. 13,000 211,543
-----------
RETAIL TRADE - 1.55%
Circle K Japan Company 78 2,725
Marui Company, Ltd. 6,000 89,824
Mitsubishi Corporation 43,000 267,448
Sa Sa International Holdings, Ltd. 69,000 11,577
-----------
371,574
SANITARY SERVICES - 0.11%
Puncak Niaga Holdings BHD * 78,400 27,202
-----------
SOFTWARE - 1.36%
NTT Data Communication Systems Company 9 326,101
-----------
TELECOMMUNICATIONS SERVICES - 2.38%
China Telecom, Ltd.* 40,000 $69,437
Hong Kong Telecommunications, Ltd. 150,000 281,685
Jasmine International Public
Company, Ltd.* 67,000 21,434
Keppel Telecommunication &
Transportation, Ltd. 202,000 95,905
Singapore Telecommunications, Ltd. 20,000 28,487
Smartone Telecommunications 30,000 73,180
-----------
570,128
TELEPHONE - 2.52%
Nippon Telegraph & Telephone Corporation 47 390,902
PT Telekomunikasi Indonesia, Series B 175,000 49,872
Telecom Corporation of New Zealand 39,300 162,371
-----------
603,145
TOTAL COMMON STOCKS
(Cost: $26,585,777) $17,178,703
-----------
PREFERRED STOCK - 0.00%
BANKING - 0.00%
AB International Cayman Trust 16,000,000 106,459
-----------
TOTAL PREFERRED STOCK
(Cost: $108,874) $ 106,459
-----------
WARRANTS - 0.66%
BANKING - 0.00%
Bank International Indonesia,
(Expiration date 01/17/2000;
strike price IDR 1,000)* 19,796 92
-----------
CHEMICALS - 0.18%
Shin Etsu Chemical Company,
(Expiration date 08/01/2000;
strike price Y1,917)* 40 43,500
-----------
COMPUTERS & BUSINESS EQUIPMENT - 0.17%
Nippon Comsys Corporation,
(Expiration date 08/31/1999;
strike price Y1,353)* 275 39,226
-----------
ELECTRIC UTILITIES - 0.00%
Hong Kong & China Gas Company, Ltd.,
(Expiration date 09/30/1999;
strike price HKD 8.20)* 1,750 120
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
65
<PAGE> 68
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - 0.30%
Credit Saison Company, Ltd.,
(Expiration date 02/15/2000;
strike price Y2,094.80)* 36 $46,800
Promise-Tamporo Company,
(Expiration date 02/08/2000;
strike price Y4,556.40)* 21 25,725
-----------
72,525
LEISURE TIME - 0.00%
Guangdong Investment, Ltd.,
(Expiration date 07/30/1999;
strike price HKD 8.00)* 11,000 59
-----------
MINING - 0.00%
Savage Resources, Ltd.,
(Expiration date 11/30/1998;
strike price AUD 1.25)* 12,900 24
-----------
REAL ESTATE - 0.00%
Great Eagle Holdings, Ltd.,
(Expiration date 11/30/1998;
strike price HKD 15.00)* 3,000 4
Hysan Development Company, Ltd.,
(Expiration date 04/30/1999;
strike price HKD 16.00)* 4,000 33
-----------
37
RETAIL TRADE - 0.01%
Elpis, Ltd., (Expiration date
07/01/1999; strike price Y2,367)* 10 2,000
Takashimaya Cayman, (Expiration
date 01/18/2000; strike price Y1,569)* 7 525
-----------
2,525
TOTAL WARRANTS
(Cost: $207,840) $ 158,108
-----------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
CONVERTIBLE BONDS - 4.97%
AUTOMOBILES - 0.04%
Qingling Motors Company,
3.50% due 01/22/2002 20,000 $ 10,400
-----------
COMPUTERS & BUSINESS EQUIPMENT - 0.19%
Ricoh Company, Ltd.,
00.35% due 03/31/2003 5,000,000 46,142
-----------
DRUGS & HEALTH CARE - 1.75%
Takeda Chemical Industries,
1.90% due 09/30/1998 34,000,000 418,023
-----------
ELECTRONICS - 1.43%
Sony Corporation,
1.40% due 03/31/2005 20,000,000 $222,029
Tokyo Electron,
00.90% due 09/30/2003 12,000,000 120,373
-----------
342,402
FINANCIAL SERVICES - 1.02%
MTI Capital, Ltd.,
00.50% due 10/01/2007 22,000,000 126,094
New World Infrastructure,
Ltd., 1.00% due 04/15/2003 50,000 36,000
Shangai Industrial Investment
Treasury Company, 1.00% due
02/24/2003 25,000 22,938
STB Cayman Capital,
00.50% due 10/01/2007 10,000,000 60,027
-----------
245,059
MINING - 0.54%
Mitsui Mining & Smelting,
00.25% due 09/30/2001 15,000,000 129,366
-----------
TOTAL CONVERTIBLE BONDS
(Cost: $1,293,585) $ 1,191,392
-----------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 13.36%
$3,203,518 Navigator Securities Lending
Trust, 5.54% $ 3,203,518
-----------
REPURCHASE AGREEMENTS - 9.36%
$2,244,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1998 at 5.00%, to be
repurchased at $2,244,312 on
07/01/1998, collateralized by
$1,680,000 U.S. Treasury Bonds at,
8.50% due 02/15/2020 (valued at
$2,292,116, including interest) $ 2,244,000
-----------
TOTAL INVESTMENTS (Pacific Rim Emerging
Markets Trust) (Cost: $33,643,594)
$24,082,180
===========
SCIENCE AND TECHNOLOGY TRUST
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
COMMON STOCKS - 72.28%
BUSINESS SERVICES - 10.71%
America Online, Incorporated 20,000 $ 2,120,000
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
66
<PAGE> 69
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - CONTINUED
Atlantic Data Services, Incorporated 2,800 $ 53,725
Automatic Data Processing, Incorporated 11,000 801,625
BISYS Group, Incorporated 9,500 389,500
Envoy Corporation 5,500 260,563
First Data Corporation 97,000 3,231,312
Gartner Group, Incorporated, Class A 54,000 1,890,000
Legato Systems, Incorporated 8,500 331,500
N2K, Incorporated 5,500 107,937
National Data Corporation 18,000 787,500
Nokia Corporaton, ADR 9,500 689,344
Renaissance Worldwide, Incorporated 5,500 119,625
SunGuard Data Systems, Incorporated 22,000 844,250
Sterling Commerce, Incorporated 71,000 3,443,500
-----------
15,070,381
COMPUTERS & BUSINESS EQUIPMENT - 10.22%
Affiliated Computer Services,
Incorporated 11,000 423,500
Avant Corporation 27,500 680,625
Cisco Systems, Incorporated 41,500 3,820,594
Dell Computer Corporation 13,000 1,206,562
E*Trade Group, Incorporated 48,500 1,112,469
EMC Corporation 58,500 2,621,531
HBO & Company 6,900 243,225
Hewlett-Packard Company 16,500 987,937
National Instruments Corporation 7,000 250,250
Natural Microsystems Corporation 5,500 88,000
PSINet, Incorporated 11,000 143,000
Security Dynamics Technologies 41,500 767,750
Sun Microsystems, Incorporated 22,500 977,344
Tech Data Corporation 16,500 707,437
Veritas Software Corporation 8,500 351,688
-----------
14,381,912
DRUGS & HEALTH CARE - 0.07%
HCIA, Incorporated 7,500 96,563
-----------
ELECTRICAL EQUIPMENT - 2.34%
Anixter International, Incorporated 55,500 1,057,969
Level One Communications, Incorporated 12,500 293,750
Microchip Technology, Incorporated 43,000 1,123,375
Sanmina Corporation 14,000 607,250
Sawtek, Incorporated 8,000 118,000
ELECTRICAL EQUIPMENT - CONTINUED
Speedfam International, Incorporated 5,500 $101,406
-----------
3,301,750
ELECTRONICS - 19.12%
Altera Corporation 48,500 1,433,781
Analog Devices, Incorporated 126,500 3,107,156
Applied Materials, Incorporated 39,000 1,150,500
Applied Micro Circuits Corporation 11,000 284,625
Brooks Automation, Incorporated 7,500 97,500
Burr-Brown Corporation 19,500 409,500
Celestica, Incorporated 9,500 178,125
Checkfree Holdings Corporation 14,000 412,125
Electronics For Imaging, Incorporated 59,500 1,256,937
Galileo Technology, Ltd. 9,700 130,950
Glenayre Technologies, Incorporated 11,000 118,250
Intel Corporation 7,000 518,875
KLA-Tencor Corporation 43,000 1,190,562
Lam Research Corporation 44,500 851,062
Lattice Semiconductor Corporation 11,000 312,469
Linear Technology Corporation 16,500 995,156
Lucent Technologies, Incorporated 6,200 515,763
Marshall Industries 7,100 193,475
Maxim Integrated Products, Incorporated 96,000 3,042,000
Micrel, Incorporated 8,500 276,250
PMC-Sierra, Incorporated 2,000 93,750
Qlogic Corporation 2,400 85,650
SCI Systems, Incorporated 19,500 733,688
Solectron Corporation 32,000 1,346,000
Synopsys, Incorporated 69,500 3,179,625
Technology Solutions Company 11,000 348,563
Tellabs, Incorporated 5,500 393,938
Texas Instruments, Incorporated 27,700 1,615,256
Xilinx, Incorporated 78,000 2,652,000
-----------
26,923,531
INDUSTRIAL MACHINERY - 0.16%
Cognex Corporation 12,000 222,000
-----------
SOFTWARE - 17.30%
Adobe Systems, Incorporated 55,500 2,355,281
Axent Technologies, Incorporated 7,500 229,688
BMC Software, Incorporated 41,500 2,155,406
Cadence Design Systems, Incorporated 14,000 437,500
Caere Corporation 8,700 114,188
CBT Group Public, PLC, ADR 28,500 1,524,750
</TABLE>
The accompanying notes are an integral part of the financial statements.
67
<PAGE> 70
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SOFTWARE - CONTINUED
Computer Associates
International, Incorporated 8,500 $ 472,281
Concentric Network Corporation 2,800 84,875
Electronic Arts 9,500 513,000
Great Plains Software, Incorporated 5,300 179,538
Integrated Systems,
Incorporated, Class A 11,000 169,125
Learning Company, Incorporated 27,500 814,687
Microsoft Corporation 32,000 3,468,000
Networks Associates, Incorporated 78,000 3,734,250
Oracle Corporation 93,000 2,284,312
Parametric Technology Corporation 145,500 3,946,687
Peerless Systems Corporation 1,300 26,975
PeopleSoft, Incorporated 11,000 517,000
Phoenix Technology, Ltd. 1,100 14,025
Platinum Technology, Incorporated 13,000 371,313
Transaction Systems Architects,
Incorporated 7,000 269,500
Vantive Corporation 19,500 399,750
VIASOFT, Incorporated 16,500 267,094
------------
24,349,225
TELECOMMUNICATIONS SERVICES - 9.57%
ADC Telecommunications, Incorporated 55,500 2,027,484
Advanced Fibre Communications 23,500 941,469
Ascend Communications, Incorporated 65,000 3,221,562
CIENA Corporation 27,500 1,914,687
Paging Network, Incorporated 37,500 525,000
PanAmSat Corporation 11,000 625,625
Premisys Communications, Incorporated 22,500 559,688
QUALCOMM, Incorporated 62,500 3,511,719
Transaction Network Services,
Incorporated 7,000 147,438
------------
13,474,672
TELEPHONE - 2.80%
Airtouch Communications, Incorporated 8,000 467,500
Vodafone Group PLC, ADR 4,100 516,856
WorldCom, Incorporated 61,000 2,954,688
------------
3,939,044
TOTAL COMMON STOCKS
(Cost: $92,690,303) $101,759,078
------------
PREFERRED STOCK - 0.39%
SOFTWARE - 0.39%
SAP AG 800 $ 543,403
------------
TOTAL PREFERRED STOCK
(Cost: $335,164) $ 543,403
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 27.33%
$ 483,000 Federal Home Loan Banks
5.55% due 07/01/1998 $ 483,000
Federal Home Loan Mortgage
Corporaiton
3,312,000 5.45% due 08/05/1998 3,294,451
Federal National Mortgage
Association
4,170,000 5.45% due 08/10/1998 4,144,748
3,000,000 5.45% due 08/14/1998 2,980,017
27,572,460 Navigator Securities Lending
Trust, 5.54% 27,572,460
------------
$ 38,474,676
TOTAL INVESTMENTS (Science and
Technology Trust) (Cost: $131,500,143) $140,777,157
============
INTERNATIONAL SMALL CAP TRUST
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 75.93%
AGRICULTURAL MACHINERY - 0.31%
Kverneland Gruppen AS 19,500 $ 508,839
------------
AIR TRAVEL - 1.43%
Ryanair Holdgs PLC 54,150 1,929,094
Virgin Express Holdings PLC, ADR*
34,650 448,284
------------
2,377,378
APPAREL & TEXTILES - 0.82%
Tefron, Ltd.* 62,450 1,373,900
------------
AUTO PARTS - 0.61%
Haldex AB* 56,490 1,019,880
------------
AUTOMOBILES - 3.55%
KTM Motorradhldg* 12,900 1,006,581
Porsche AG 1,700 4,901,716
------------
5,908,297
BROADCASTING - 1.26%
Flextech* 226,600 2,096,081
------------
BUSINESS SERVICES - 3.42%
Brunel International* 35,275 1,466,357
Kobenhavn Lufthavne 17,850 2,167,750
</TABLE>
The accompanying notes are an integral part of the financial statements.
68
<PAGE> 71
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - CONTINUED
Select Appointments Holdings PLC 144,925 $ 2,068,940
-----------
5,703,047
COMPUTERS & BUSINESS EQUIPMENT - 8.06%
BTG PLC 90,775 1,262,553
Bulgari Spa 381,250 1,999,859
Dassault Systemes 68,300 3,219,727
Fuji S Ware ABC 26,500 904,607
Misys 39,321 2,235,528
Psion 352,750 3,798,964
-----------
13,421,238
CONGLOMERATES - 1.58%
Hunter Douglas 48,350 2,628,299
-----------
4,863,827
CONTAINERS & GLASS - 0.47%
Compania Cervecerias Unidas SA, ADR 36,725 775,816
-----------
DRUGS & HEALTH CARE - 2.33%
Orvitus* 55,800 874,498
Schwarz Pharmaceuticals AG 38,400 3,002,246
-----------
3,876,744
ELECTRICAL EQUIPMENT - 0.42%
Vesta Wind Systems* 17,925 708,441
-----------
ELECTRONICS - 7.81%
Altran Technologie 25,850 5,870,627
ARM Holdings* 10,075 193,456
Gold Peak Industry* 250,000 5,163
Meitec Corporation 12,000 416,576
Rofin Sinar Technologies,
Incorporated * 77,650 1,378,287
Toolex Alpha N.V.* 83,850 1,563,357
VTech Holdings, Ltd. 961,800 3,581,302
-----------
13,008,768
FINANCIAL SERVICES - 4.16%
Icon Public, Ltd.* 15,500 391,375
JBA Holdings 224,450 2,323,538
Marschollek Lautenschlaeger und
Partner AG 8,630 4,211,040
-----------
6,925,953
FOOD & BEVERAGES - 9.12%
Doutor Coffee Company* 32,000 819,267
Nutreco Holding NV 43,550 1,525,402
Raisio Tehtaat Oy PLC 291,000 5,256,110
Telepizza 716,000 7,587,218
-----------
15,187,997
HOTELS & RESTAURANTS - 3.41%
Grupo Posadas SA* 1,702,125 $ 1,038,077
Pizza Express 322,200 4,637,365
-----------
5,675,442
HOUSEHOLD APPLIANCES - 1.73%
Dorel Industry, Incorporated* 31,700 1,023,241
Industrie Natuzzi SPA, ADR 71,425 1,857,050
-----------
2,880,291
INDUSTRIAL MACHINERY - 3.32%
IHC Caland 26,225 1,477,192
Konecranes International* 33,075 1,677,571
Tomra Systems AS 78,925 2,368,420
-----------
5,523,183
INTERNATIONAL OIL - 0.66%
Cairn Energy, PLC* 239,400 1,097,248
-----------
LEISURE TIME - 2.66%
Capital Radio 152,575 1,810,667
Cinar Films, Incorporated, Class B* 134,350 2,619,825
-----------
4,430,492
MISCELLANEOUS - 0.14%
Semcon AB* 23,000 226,367
-----------
NEWSPAPERS - 0.40%
Gruppo Editoriale L'Espresso 80,000 664,134
-----------
OFFICE FURNISHINGS & SUPPLIES - 0.68%
Turbon International AG 52,600 1,140,403
-----------
PAPER - 2.58%
Schmalbach Lubeca 17,025 4,295,309
-----------
PETROLEUM SERVICES - 2.88%
British Borneo Petroleum 299,900 1,499,725
Coflexip SA, ADR 31,350 1,916,269
Petroleum Geological Services AS, ADR* 45,100 1,375,550
-----------
4,791,544
PHOTOGRAPHY - 0.62%
Metromedia International Group,
Incorporated* 86,000 1,026,625
-----------
RETAIL GROCERY - 0.24%
Distribucion Y Servicio D&S 26,650 399,750
-----------
RETAIL TRADE - 4.30%
Beter Bed Holding NV 24,800 902,816
Ceteco Holding N.V. 6,525 354,698
Douglas Holding AG 35,275 1,879,690
</TABLE>
The accompanying notes are an integral part of the financial statements.
69
<PAGE> 72
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL TRADE - CONTINUED
Narvesen ASA 16,000 $ 334,008
Sixt Ag 10,525 1,622,418
Wetherspoon JD 431,965 2,077,206
------------
7,170,836
SOFTWARE - 1.67%
Eidos PLC, ADR 51,875 693,828
New Dimension Software Ltd.* 11,000 369,188
Nippon System Development 39,000 930,788
Smallworld PLC* 27,100 789,287
------------
2,783,091
TELECOMMUNICATIONS SERVICES - 3.56%
Energis PLC 109,625 1,670,395
Global Telesystems Group
Incorporated 37,400 1,823,250
Grupo Iusacell S A De C V 119,675 1,645,531
Nice System, Ltd 21,000 787,500
------------
5,926,676
TELEPHONE - 1.76%
Netcom Systems AB * 76,625 2,934,922
------------
TOTAL COMMON STOCKS
(Cost: $93,596,872) $126,486,991
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 6.98%
$11,635,753 Navigator Securities Lending
Trust, 5.54% $ 11,635,753
------------
REPURCHASE AGREEMENTS - 17.09%
$28,469,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1998 at 5.00%, to be
repurchased at $28,472,954 on
07/01/1998, collateralized by
$19,075,000 U.S. Treasury Bonds,
12.00% due 08/15/2013 (valued at
$29,045,884, including interest)
$ 28,469,000
------------
TOTAL INVESTMENTS (International Small
Cap Trust) (Cost: $133,701,625) $166,591,744
============
EMERGING GROWTH TRUST
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 80.64%
AEROSPACE - 1.68%
Gulfstream Aerospace Corporation
66,000 $ 3,069,000
AEROSPACE - CONTINUED
Tristar Aerospace Company 191,300 $ 2,965,150
------------
6,034,150
APPAREL & TEXTILES - 1.19%
Interface, Incorporated 212,800 4,295,900
------------
BANKING - 2.13%
Bank United Corporation 52,200 2,499,075
City National Corporation 70,500 2,604,094
Cullen Frost Bankers, Incorporated 47,400 2,571,450
------------
7,674,619
BROADCASTING - 2.69%
Central European Media
Enterprises, Ltd., Class A 115,500 2,497,687
Heftel Broadcasting Corporation 84,100 3,763,475
Metro Networks, Incorporated 79,800 3,441,375
------------
9,702,537
BUSINESS SERVICES - 14.04%
Assisted Living Concepts, Incorporated 178,000 3,070,500
BISYS Group, Incorporated 76,900 3,152,900
Central Garden & Pet Company 96,200 2,994,225
Devry, Incorporated 168,000 3,685,500
Hypercom Corporation 181,200 1,812,000
ITT Educational Services, Incorporated 106,000 3,418,500
Kroll O'Gara Company 102,700 2,195,213
Outdoor Systems, Incorporated 189,112 5,295,136
PMT Services, Incorporated 218,500 5,558,094
Pre- Paid Legal Services, Incorporated 81,800 2,581,812
Protection One, Incorporated 257,600 2,817,500
Robert Half International, Incorporated 127,199 7,107,244
Sterling Commerce, Incorporated 68,000 3,298,000
SunGuard Data Systems, Incorporated 93,400 3,584,225
------------
50,570,849
COMPUTERS & BUSINESS EQUIPMENT - 4.08%
Avant Corporation 156,000 3,861,000
National Instruments Corporation 107,400 3,839,550
Network Appliance, Incorporated 92,800 3,613,400
QRS Corporation 89,900 3,382,487
------------
14,696,437
CRUDE PETROLEUM & NATURAL GAS - 1.47%
Chieftain International, Incorporated 133,500 3,162,281
</TABLE>
The accompanying notes are an integral part of the financial statements.
70
<PAGE> 73
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CRUDE PETROLEUM & NATURAL GAS - CONTINUED
Forcenergy, Incorporated 119,000 $ 2,119,688
-----------
5,281,969
DOMESTIC OIL - 0.37%
KCS Energy, Incorporated 117,900 1,348,481
-----------
DRUGS & HEALTH CARE - 13.00%
Alternative Living Services,
Incorporated 102,600 2,770,200
Ameripath, Incorporated 219,700 2,595,206
Aviron 120,000 3,742,500
Chirex, Incorporated 125,000 2,195,313
Gilead Sciences, Incorporated 65,400 2,096,888
Mentor Corporation Minnesota 76,400 1,852,700
Micro Therapeutics, Incorporated 250,000 2,750,000
Mid Atlantic Med Services, Incorporated 207,200 2,382,800
Minimed, Incorporated 42,000 2,199,750
National Surgery Centers, Incorporated 108,400 3,150,375
Novacare, Incorporated 228,300 2,682,525
Pharmerica, Incorporated 253,000 3,051,812
Renal Care Group, Incorporated 83,300 3,670,406
Sangstat Med Corporation 90,600 2,842,575
Sepracor, Incorporated 63,100 2,618,650
Sunrise Assisted Living, Incorporated 45,300 1,557,188
VWR Scientific Products Corporation 51,400 1,265,725
Watson Pharmaceuticals, Incorporated 73,000 3,408,187
-----------
46,832,800
ELECTRICAL EQUIPMENT - 0.16%
Cable Design Technologies Corporation 28,700 591,938
-----------
ELECTRONICS - 6.06%
Aavid Thermal Technologies,
Incorporated 88,000 2,574,000
Burr-Brown Corporation 69,500 1,459,500
Cambridge Technology Partners,
Incorporated 62,300 3,403,137
Maxim Integrated Products, Incorporated 71,200 2,256,150
Radiant Systems, Incorporated 160,400 2,325,800
Technology Solutions Company 107,850 3,417,497
Tecnomatix Technologies Limited 101,000 2,020,000
Uniphase Corporation 69,500 $ 4,363,297
-----------
21,819,381
FINANCIAL SERVICES - 2.00%
Allmerica Financial Corporation 67,190 $ 4,367,350
Legg Mason, Incorporated 49,132 2,828,161
-----------
7,195,511
FOOD & BEVERAGES - 1.63%
Bob Evans Farms, Incorporated 137,500 2,913,281
Suiza Foods Corporation 49,300 2,942,594
-----------
5,855,875
HOTELS & RESTAURANTS - 0.58%
Signature Resorts, Incorporated 126,300 2,083,950
-----------
HOUSEHOLD APPLIANCES - 1.38%
United States Home and Garden,
Incorporated 310,000 1,995,625
Westpoint Stevens, Incorporated 89,900 2,966,700
-----------
4,962,325
INSURANCE - 1.39%
Amerin Corporation 87,700 2,559,744
Life Re Corporation 30,000 2,460,000
-----------
5,019,744
LEISURE TIME - 2.79%
Family Golf Centers, Incorporated 85,400 2,161,687
Premier Parks, Incorporated 73,000 4,863,625
Vistana, Incorporated 164,800 3,028,200
-----------
10,053,512
METAL & METAL PRODUCTS - 0.86%
Metals USA, Incorporated 180,000 3,105,000
-----------
OFFICE FURNISHINGS & SUPPLIES - 1.07%
Miller Herman, Incorporated 159,100 3,868,119
-----------
OTHER UTILITIES - 0.94%
Casella Waste Systems, Incorporated 125,000 3,375,000
-----------
PETROLEUM SERVICES - 2.36%
Global Industries, Incorporated 167,000 2,818,125
Petroleum Geological Services AS, ADR 144,200 4,398,100
Pride International, Incorporated 76,100 1,288,944
-----------
8,505,169
PUBLISHING - 0.73%
Jostens, Incorporated 109,900 2,623,863
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
71
<PAGE> 74
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RAILROADS & EQUIPMENT - 0.70%
Swift Transportation, Incorporated
127,000 $ 2,516,188
------------
REAL ESTATE - 2.43%
CB Richard Ellis Services,
Incorporated 84,900 2,838,844
Fairfield Communities, Incorporated 152,000 2,916,500
Trammell Crow Company 89,700 2,999,343
------------
8,754,687
RETAIL TRADE - 4.40%
Borders Group, Incorporated 97,200 3,596,400
Genesis Direct, Incorporated 125,000 1,390,625
Payless ShoeSource, Incorporated 38,700 2,851,706
Staples, Incorporated 165,700 4,794,944
Wilmar Industry, Incorporated 126,000 3,213,000
------------
15,846,675
SOFTWARE - 5.20%
Arbor Software Corporation 67,200 2,112,600
Boole & Babbage, Incorporated 44,700 1,067,212
Check Point Software Tech, Ltd. 65,000 2,128,750
Great Plains Software, Incorporated 81,000 2,743,875
JDA Software Group, Incorporated 75,200 3,290,000
PeopleSoft, Incorporated 62,100 2,918,700
Transaction Systems Architects,
Incorporated 115,800 4,458,300
------------
18,719,437
TELECOMMUNICATIONS SERVICES - 0.40%
Teledata Communications, Ltd. 131,000 1,449,188
------------
TELEPHONE - 2.53%
Intermedia Communications,
Incorporated 120,000 5,032,500
McLeodUSA, Incorporated 105,100 4,085,762
------------
9,118,262
TRANSPORTATION - 2.39%
Coach USA, Incorporated 92,200 4,206,625
Greyhound Lines, Incorporated 355,200 2,153,400
Heartland Express, Incorporated 110,600 2,239,650
------------
8,599,675
------------
TOTAL COMMON STOCKS
(Cost: $242,113,558) $290,501,241
------------
WARRANTS - 0.00%
REAL ESTATE - 0.00%
Security Capital Group,
Incorporated (Expiration date
09/18/1998; strike price $28.00) 4,897 $ 1,683
------------
TOTAL WARRANTS
(Cost: $0) $ 1,683
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 15.04%
$54,175,553 Navigator Securities Lending
Trust, 5.54% $ 54,175,553
------------
REPURCHASE AGREEMENTS - 4.32%
$15,544,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1998 at 5.75%, to be
repurchased at $15,546,483 on
07/01/1998, collateralized
by$11,415,000 U.S. Treasury Bonds,
8.875% due 08/15/17 (valued at
$15,859,396, including interest)
$ 15,544,000
------------
TOTAL INVESTMENTS (Emerging Growth
Trust) (Cost: $311,833,111) $360,222,477
============
PILGRIM BAXTER GROWTH TRUST
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 76.47%
AEROSPACE - 0.19%
Kellstrom Industry, Incorporated 10,300 $ 298,378
------------
APPAREL & TEXTILES - 2.21%
American Eagle Outfitters* 16,300 628,569
Finish Line, Incorporated* 18,900 531,563
Goodys Family Clothing, Incorporated* 19,500 1,070,062
Pacific Sunwear Of California* 15,000 525,000
Stage Stores, Incorporated 15,000 678,750
------------
3,433,944
AUTO PARTS - 0.23%
Gentex Corporation 20,100 364,313
------------
AUTO SERVICES - 0.69%
United Rentals, Incorporated* 25,600 1,075,200
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
72
<PAGE> 75
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - 11.46%
Apollo Group, Incorporated * 91,750 $ 3,033,484
Computer Horizons Corporation* 19,300 715,306
Computer Task Group, Incorporated 21,300 713,550
Devry, Incorporated * 37,000 811,688
Express Scripts, Incorporated* 26,400 2,128,500
International Telecomm Systems,
Incorporated 18,300 530,700
Lamar Advertising Company* 47,900 1,718,412
Legato Systems, Incorporated* 33,100 1,290,900
Medquist, Incorporated* 6,200 179,025
Memberworks, Incorporated* 15,500 499,875
Metamor Worldwide, Incorporated* 31,800 1,118,962
Metzler Group, Incorporated* 15,750 576,844
MMC Networks, Incorporated* 15,300 487,688
Pre-Paid Legal Services, Incorporated 21,100 665,969
ROMAC International, Incorporated* 21,200 643,950
Systems & Computer Technology
Corporation 45,300 1,223,100
Transition Systems, Incorporated* 8,200 87,125
Whittman Hart, Incorporated 11,900 575,663
World Access, Incorporated 26,500 795,000
-----------
17,795,741
COMPUTERS & BUSINESS EQUIPMENT - 9.50%
Citrix Systems, Incorporated* 55,900 3,822,162
Complete Busines Solutions, Incorporated* 20,400 733,125
Engineering Animation, Incorporated* 14,500 884,500
Gilat Satellite Networks, Ltd.* 15,500 518,281
Mastech Corporation* 19,200 540,000
Network Solutions, Incorporated* 14,500 652,500
Saville Systems PLC, ADR* 73,200 3,669,150
Star Telecommunications, Incorporated* 31,845 712,532
Syntel, Incorporated 20,250 632,813
Veritas Software Corporation 51,700 2,139,087
Xeikon NV 10,700 228,044
Xylan Corporation 23,000 685,688
-----------
15,217,882
CRUDE PETROLEUM & NATURAL GAS - 0.56%
National Oilwell, Incorporated* 32,200 863,363
-----------
DRUGS & HEALTH CARE - 10.92%
ABR Information Services, Incorporated* 18,000 427,500
Access Health, Incorporated* 30,100 767,550
DRUGS & HEALTH CARE - CONTINUED
Agouron Pharmaceuticals, Incorporated* 18,900 $ 572,906
Alternative Living Services,
Incorporated* 11,200 302,400
Arterial Vascular Engineering,
Incorporated* 29,000 1,036,750
Cooper Company, Incorporated* 20,500 746,969
ESC Medical Systems, Ltd.* 3,800 128,250
General Nutrition Companies,
Incorporated * 48,900 1,522,012
International Network Services 13,700 561,700
Minimed, Incorporated* 5,500 288,063
Omnicare, Incorporated 26,700 1,017,937
Pediatrix Med Group* 13,400 498,313
Prime Hospitality Corporation* 74,600 1,300,837
Renal Care Group, Incorporated* 18,900 832,781
Resources Care, Incorporated* 35,300 650,844
Rexall Sundown, Incorporated* 54,400 1,917,600
Safeskin Corporation 23,500 966,438
Theragenics Corporation 39,800 1,037,287
Total Renal Care Holdings, Incorporated 50,166 1,730,727
Twinlab Corporation* 15,000 655,313
-----------
16,962,177
ELECTRICAL EQUIPMENT - 2.60%
Artisan Components, Incorporated* 20,100 271,350
Cable Design Technologies Corporation* 17,100 352,688
Level One Communications, Incorporated* 29,050 682,675
Sanmina Corporation* 19,000 824,125
SLI, Incorporated 20,700 540,787
Waters Corporation 23,300 1,373,244
-----------
4,044,869
ELECTRONICS - 6.17%
Applied Micro Circuits Corporation* 20,000 517,500
Ase Test, Ltd.* 21,100 654,100
Avid Technology, Incorporated* 14,300 479,050
Cambridge Technology Partners,
Incorporated* 22,400 1,223,600
Flextronics International* 18,300 796,050
Gemstar Group, Ltd. 40,500 1,516,219
Input/Output, Incorporated* 63,600 1,132,875
Intermediate Telephone, Incorporated 13,400 214,400
Micrel, Incorporated* 20,500 666,250
Neomagic Corporation* 16,100 249,550
Uniphase Corporation 20,600 1,293,294
</TABLE>
The accompanying notes are an integral part of the financial statements.
73
<PAGE> 76
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONICS - CONTINUED
Vitesse Semiconductor Corporation 27,000 $ 833,625
----------
9,576,513
FINANCIAL SERVICES - 1.51%
Amresco, Incorporated 30,000 873,750
Concord EFS, Incorporated* 56,550 1,477,369
----------
2,351,119
FOOD & BEVERAGES - 1.03%
American Italian Pasta Company 13,500 502,875
Suiza Foods Corporation 18,300 1,092,281
----------
1,595,156
HOMEBUILDERS - 0.44%
Fairfield Communities, Incorporated* 35,900 688,831
----------
HOTELS & RESTAURANTS - 0.38%
ShowBiz Pizza Time, Incorporated* 14,700 592,594
----------
INDUSTRIAL MACHINERY - 1.84%
Applied Power, Incorporated 41,100 1,412,812
Core Laboratories N.V. 49,100 1,061,787
Wabash National Corporation 14,800 381,100
----------
2,855,699
INSURANCE - 0.64%
CenturyBusiness Services, Incorporated* 17,100 342,000
Mutual Risk Management, Ltd.* 18,000 655,875
----------
997,875
LEISURE TIME - 0.56%
Family Golf Centers, Incorporated* 18,550 469,547
Party City Corporation* 11,200 329,000
Vistana, Incorporated 4,100 75,337
----------
873,884
PETROLEUM SERVICES - 0.95%
Cal Dive International, Incorporated* 11,100 305,944
Varco International, Incorporated 58,900 1,166,956
----------
1,472,900
POLLUTION CONTROL - 0.57%
Eastern Environmental Services,
Incorporated* 15,800 537,200
US Liquids, Incorporated* 15,700 341,475
----------
878,675
PUBLISHING - 0.65%
Mail-Well Holdings, Incorporated* 46,200 $1,001,963
----------
RETAIL GROCERY - 1.64%
Whole Foods Market, Incorporated 42,200 2,553,100
----------
RETAIL TRADE - 4.38%
Buckle, Incorporated* 14,150 417,425
Central Garden & Pet Comnpany* 26,500 824,812
Dollar Tree Stores, Incorporated* 60,075 2,440,547
Fossil, Incorporated 31,250 777,344
Linens'n Things, Incorporated* 17,700 540,956
MSC Industrial Direct, Incorporated* 36,400 1,037,400
Proffitt's, Incorporated 19,100 771,162
----------
6,809,646
SOFTWARE - 14.81%
Arbor Software Corporation* 23,500 738,781
Aspect Development, Incorporated* 15,000 1,134,375
CBT Group Public, PLC, ADR* 62,800 3,359,800
Cerner Corporation* 26,400 747,450
Check Point Software Tech, Ltd.* 24,700 808,925
CIBER, Incorporated 47,300 1,797,400
Dialogic Corporation* 1,400 41,650
Filenet Corporation* 29,700 857,587
Genesys Telecommunications Laboratory* 13,400 443,038
Geotel Communications Corporation* 9,000 366,750
Henry Jack & Associates, Incorporated 10,500 360,938
Hyperion Software Corporation* 17,600 501,600
I2 Technologies, Incorporated* 36,400 1,278,550
IDT Corporation* 18,600 559,162
Information Management
Resources, Incorporated 30,600 1,034,662
JDA Software Group, Incorporated 15,900 695,625
Medical Manager Corporation* 14,300 395,038
Mercury Interactive Corporation* 20,400 910,350
Pinnacle Systems, Incorporated* 11,500 372,313
Progress Software Corporation 15,900 651,900
Sapient Corporation* 20,200 1,065,550
Software AG Systems, Incorporated* 24,400 713,700
Transaction Systems Architects,
Incorporated* 42,600 1,640,100
Vantive Corporation* 13,200 270,600
Veritas DGC, Incorporated 45,100 2,252,181
----------
22,998,025
</TABLE>
The accompanying notes are an integral part of the financial statements.
74
<PAGE> 77
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - 1.17%
Advanced Fibre Communications* 11,000 $ 440,688
DSP Communications, Incorporated* 10,000 137,500
Excel Switching Corporation 18,300 455,212
Premisys Communications, Incorporated* 31,800 791,025
------------
1,824,425
TELEPHONE - 0.45%
Pacific Gateway Exchange, Incorporated* 17,300 693,081
------------
TRANSPORTATION - 0.61%
Coach USA, Incorporated 20,800 949,000
------------
TOTAL COMMON STOCKS
(Cost: $113,449,901) $118,768,353
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 20.30%
$31,537,857 Navigator Securities Lending
Trust, 5.54% $ 31,537,857
------------
REPURCHASE AGREEMENTS - 3.23%
$5,016,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1998 at 5.00%, to be
repurchased at $5,016,697 on
07/01/1998, collateralized by
$3,565,000 U.S. Treasury Bonds,
12.75% due 11/15/2010 (valued at
$5,120,787, including interest) $ 5,016,000
------------
TOTAL INVESTMENTS (Pilgrim Baxter
Growth Trust) (Cost: $150,003,758) $155,322,210
============
SMALL/MID CAP TRUST
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 77.85%
AIR TRAVEL - 3.80%
Alaska Air Group * 104,000 $ 5,674,500
Continental Airlines,
Incorporated, Class B* 169,600 10,324,400
------------
15,998,900
APPAREL & TEXTILES - 0.91%
Tommy Hilfiger Corporation* 61,100 3,818,750
------------
AUTOMOBILES - 0.62%
Wabash National Corporation 101,300 $2,608,475
------------
BANKING - 3.54%
Dime Bancorp, Incorporated 171,700 5,140,269
Sovereign Bancorp, Incorporated 316,960 5,180,315
Star Banc Corporation 33,200 2,120,650
State Street Boston Corporation 35,800 2,488,100
------------
14,929,334
BUILDING MATERIALS & CONSTRUCTION - 0.36%
Consolidated Capital Corporation* 66,700 1,499,708
------------
BUSINESS SERVICES - 6.70%
America Online, Incorporated 91,500 9,699,000
Cognizant Corporation 187,200 11,793,600
Paychex, Incorporated 165,750 6,743,953
------------
28,236,553
COMPUTERS & BUSINESS EQUIPMENT - 2.56%
Citrix Systems, Incorporated 50,100 3,425,587
HBO & Company 208,400 7,346,100
------------
10,771,687
CONSTRUCTION MATERIALS - 3.23%
Masco Corporation 151,700 9,177,850
Royal Group Technologies, Ltd.* 153,500 4,451,500
------------
13,629,350
CONTAINERS & GLASS - 1.25%
Owens-Illinois, Incorporated * 118,000 5,280,500
------------
DRUGS & HEALTH CARE - 14.01%
Alza Corporation* 98,000 4,238,500
AmeriSource Health Corporation, Class A* 45,200 2,969,075
Bergen Brunswig Corporation, Class A 35,200 1,632,400
Biomatrix, Incorporated* 51,500 2,111,500
Biomet, Incorporated 140,800 4,655,200
Cardinal Health, Incorporated 72,200 6,768,750
Elan PLC, ADR* 102,400 6,585,600
Forest Labs, Incorporated* 179,500 6,462,000
Fred Meyer, Incorporated* 132,100 5,614,250
McKesson Corporation 76,400 6,207,500
Omnicare, Incorporated 203,500 7,758,437
DRUGS & HEALTH CARE - CONTINUED
Quorum Health Group, Incorporated* 153,250 4,061,125
------------
59,064,337
ELECTRONICS - 0.32%
Amkor Technology, Incorporated* 143,800 1,343,631
------------
FINANCIAL SERVICES - 1.83%
Finova Group, Incorporated 64,800 3,669,300
Paine Webber Group, Incorporated 94,500 4,051,687
------------
7,720,987
</TABLE>
The accompanying notes are an integral part of the financial statements.
75
<PAGE> 78
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOOD & BEVERAGES - 5.43%
Aurora Foods, Incorporated* 157,600 $ 3,329,300
Outback Steakhouse, Incorporated* 124,200 4,843,800
Suiza Foods Corporation* 171,800 10,254,312
United States Foodservice* 127,000 4,452,938
------------
22,880,350
HOMEBUILDERS - 1.25%
Champion Enterprises, Incorporated* 179,400 5,269,875
------------
HOTELS & RESTAURANTS - 1.22%
ShowBiz Pizza Time, Incorporated* 127,300 5,131,781
------------
HOUSEHOLD APPLIANCES - 2.89%
Furniture Brands International,
Incorporated* 166,200 4,663,987
Leggett & Platt, Incorporated 244,200 6,105,000
Pillowtex Corporation 35,700 1,432,463
------------
12,201,450
HOUSEHOLD PRODUCTS - 0.39%
Black & Decker Corporation 27,100 1,653,100
------------
INDUSTRIAL MACHINERY - 1.73%
AES Corporation* 139,000 7,306,188
------------
INSURANCE - 3.09%
Fremont General Corporation 63,800 3,457,162
MGIC Investment Corporation 97,500 5,563,594
SunAmerica, Incorporated 69,750 4,006,266
------------
13,027,022
LEISURE TIME - 3.57%
International Game Technology 330,600 8,017,050
Premier Parks, Incorporated* 105,400 7,022,275
------------
15,039,325
POLLUTION CONTROL - 2.59%
USA Waste Services, Incorporated* 221,450 10,934,094
------------
RAILROADS & EQUIPMENT - 1.44%
Kansas City Southern Industries,
Incorporated 122,100 6,059,213
------------
REAL ESTATE - 0.37%
IndyMac Mortgage Holdings, Incorporated 68,900 $1,567,475
------------
RETAIL GROCERY - 1.09%
Food Lion Incorporated, Class A 200,000 2,125,000
Starbucks Corporation* 46,500 2,484,844
------------
4,609,844
RETAIL TRADE - 5.78%
Bed Bath & Beyond, Incorporated* 50,000 2,590,625
Borders Group, Incorporated* 181,000 6,697,000
CVS Corporation 80,200 3,122,787
Family Dollar Stores, Incorporated 90,000 1,665,000
Office Depot, Incorporated* 49,000 1,546,563
Staples, Incorporated* 301,950 8,737,678
------------
24,359,653
SOFTWARE - 3.97%
Compuware Corporation* 132,100 6,753,613
Intuit, Incorporated* 53,600 3,283,000
Networks Associates, Incorporated* 139,950 6,700,106
------------
16,736,719
TELECOMMUNICATIONS SERVICES - 1.62%
Ascend Communications, Incorporated* 31,900 1,581,044
CIENA Corporation* 75,600 5,263,650
------------
6,844,694
TIRES & RUBBER - 0.93%
Safeskin Corporation* 95,600 3,931,550
------------
TRANSPORTATION - 1.36%
Coach USA, Incorporated* 125,400 5,721,375
------------
TOTAL COMMON STOCKS
(Cost: $269,332,807) $328,175,920
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 22.15%
$5,000,000 General Motors Corporation,
5.59% due 07/13/1998 $ 4,990,683
4,000,000 Lexington Parker Capital
Corporation, 5.57% due 07/02/1998 3,999,381
5,000,000 Merrill Lynch & Company,
Incorporated, 5.60% due 07/13/1998 4,990,667
</TABLE>
The accompanying notes are an integral part of the financial statements.
76
<PAGE> 79
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - CONTINUED
$77,319,495 Navigator Securities Lending
Trust, 5.54% $ 77,319,495
2,096,269 Seven Seas Money Market Fund,
5.30% due 07/01/1998 2,096,269
------------
$ 93,396,495
TOTAL INVESTMENTS (Small/Mid Cap
Trust) (Cost: $362,729,302) $421,572,415
============
INTERNATIONAL STOCK TRUST
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 85.33%
ALUMINUM - 0.01%
Granges AB 1,695 $ 31,027
------------
APPAREL & TEXTILES - 0.10%
Gucci Group NV 4,352 230,656
------------
AUTO PARTS - 0.64%
Denso Corporation 89,000 1,480,437
------------
AUTOMOBILES - 0.40%
Buderus AG 250 124,775
Honda Motor Company 5,000 178,636
Rolls Royce 40,000 165,300
Volkswagen AG 466 450,380
------------
919,091
BANKING - 12.96%
ABN AMRO Holdings 48,100 1,126,336
Argentaria Corporation 19,760 443,263
Banca Commerciale Italiana 41,000 245,296
Banca di Roma 529,000 1,101,618
Banca Di Roma 6,413 546,997
Banco Bilbao Vizcaya SA 8,140 417,749
Banco De Galicia Buenos Aires SA, ADR 5,299 96,707
Banco Frances Del Rio De La Plata, ADR 4,590 105,283
Banco Latinoamericano De
Exportaciones, S.A. 857 26,353
Banco Santander SA 54,650 1,398,769
Bayerische Hypotheken und
Wechsel Bank AG 15,355 974,029
Bayerische Vereinsbank AG 11,478 973,764
Commerzbank AG 4,640 176,755
Commonwealth Bank 32,077 375,138
Credit Commercial de France 8,551 719,926
Credit Suisse Group 6,016 1,340,818
Credito Italiano 231,538 1,212,585
Den Danske Bank 2,515 $ 302,042
Deutsche Bank AG 17,368 1,469,604
Dexia France 975 131,275
Dresdner Bank AG 22,132 964,248
Generale De Banque 1,520 1,129,067
Grupo Financiero Banamex Accival
SA, Series B 46,000 89,589
Hang Seng Bank 29,000 163,939
Imi 46,000 724,919
Kredietbank NV 31,200 2,793,654
National Australia Bank, Ltd. 11,013 145,614
National Westminster 272,000 4,864,036
Nordbanken AB 146,131 1,071,798
Royal Bank Canada 2,970 178,618
Schweizerischer Bankverein 3,708 1,381,042
Societe Generale 4,589 954,128
Thai Farmers Bank 126,000 111,220
Unibanco Uniao De Barncos Bras, GDR 8,000 236,000
Unidanmark 1,915 172,279
Union Bank of Switzerland/
Schweizerische Bankgesellschaft 3,750 1,396,685
Westpac Banking Corporation, Ltd. 57,000 348,520
------------
29,909,663
BROADCASTING - 0.71%
Canal Plus 1,720 321,485
Grupo Televisa SA, ADR 7,800 293,475
News Corporation 51,021 417,427
Publishing & Broadcasting, Ltd. 51,000 220,025
Sangetsu Company 3,000 38,837
TV Azteca, SA, ADR 10,200 110,288
TV Francaise 1,570 243,328
------------
1,644,865
BUILDING MATERIALS & CONSTRUCTION - 0.66%
Bilfinger& Berger
Bauaktiengesellschaft AG 3,390 116,261
Cemex SA 28,000 208,768
Cie de Staint Gobain 5,815 1,078,224
Fletcher Challenge, Ltd. 29,027 69,479
National House Industrial 5,000 38,439
------------
1,511,171
BUSINESS SERVICES - 2.13%
Adecco SA 2,960 1,337,014
Brambles Industries, Ltd. 12,000 236,059
Eaux (Cie Generale Des) 11,545 2,465,322
Esselte AB 2,690 62,393
Kokuyo Company 22,000 373,906
Toppan Printing Company 42,000 450,770
------------
4,925,464
</TABLE>
The accompanying notes are an integral part of the financial statements.
77
<PAGE> 80
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CHEMICALS - 1.51%
AKZO Nobel NV, ADS 970 $ 215,783
Bayer AG 19,161 992,341
Hoechst AG 6,467 325,421
Kuraray Company 51,000 434,867
Sekisui Chemical Company, Ltd. 87,000 446,735
Shin-Etsu Chemical Company, Ltd. 50,000 867,867
UCB SA 40 207,636
-----------
3,490,650
COMPUTERS & BUSINESS EQUIPMENT - 0.08%
Fujitsu, Ltd. 17,000 179,504
-----------
CONGLOMERATES - 1.24%
Hutchison Whampoa, Ltd. 174,000 918,508
Kon PTT Netherland 5,710 219,945
Tomkins 318,500 1,729,678
-----------
2,868,131
CONSTRUCTION MATERIALS - 0.62%
Caradon 156,300 480,192
Cemex SA 20,000 87,919
Cemex Sa 600 2,254
Fletcher Challenge 35,019 43,733
Heywood Williams 5,000 21,706
Hornbach Holding Ag 2,250 205,855
Hornback Baummarkt 570 28,035
Inax Corporation 10,000 34,498
Lafarge 2,643 273,231
Lapeyre 2,770 257,954
-----------
1,435,377
CONSTRUCTION & MINING EQUIPMENT - 0.23%
Atlas Copco AB 19,690 536,933
-----------
CONTAINERS & GLASS - 0.02%
Compania Cervecerias Unidas SA, ADR 2,094 44,236
-----------
CRUDE PETROLEUM & NATURAL GAS - 1.18%
Elf Aquitaine SA 6,541 919,637
ENI SPA 213,873 1,402,347
Gas Natural Sdg 5,536 399,993
-----------
2,721,977
DOMESTIC OIL - 0.03%
Primagaz 870 76,413
-----------
DRUGS & HEALTH CARE - 8.00%
Astra AB 102,916 2,051,610
Companhia Siderurgica National, ADR 4,000 96,835
Daiichi Pharmaceutical Company 42,000 555,869
Fresenius AG 740 140,331
Gehe AG 22,720 1,218,864
Glaxo Wellcome PLC 94,000 $ 2,823,563
L'Oreal 645 358,790
Novartis AG 1,420 2,366,823
Rhon Klinikum AG 3,070 303,859
Roche Holdings AG 163 1,603,305
Sankyo Company 63,000 1,439,792
Sanofi Company SA 9,912 1,165,693
Shiseido Company 26,000 296,348
SmithKline Beecham PLC 330,100 4,031,793
-----------
18,453,475
ELECTRICAL EQUIPMENT - 3.40%
ABB AB SEK 38,010 538,507
ABB AG CHF 720 1,065,046
Alcatel Alsthom Cie Generale D'Electric 7,565 1,540,353
Centrais Eletricas Brasileiras, ADR 2,000 28,964
Hitachi, Ltd. 105,000 687,242
Legrand 1,470 389,037
Makita Corporation 35,000 404,752
NEC Corporation 148,000 1,383,988
Otra NV 1,490 22,503
Samsung Electronics Company 1,541 47,700
Siemens AG 6,240 381,123
Sumitomo Electric Industries, Ltd. 134,000 1,359,673
-----------
7,848,888
ELECTRIC UTILITIES - 2.14%
Austrailia Gas and Light 51,198 320,990
Centrica 30,000 50,717
Chilectra SA, ADR 4,004 85,831
China Light & Power Company, Ltd. 89,000 405,485
Companhia Energeticade Minas Gerais, ADR 22,027 681,791
Endesa SA 33,754 738,472
Enersis SA, ADR 3,399 83,063
Hong Kong & China Gas Company, Ltd. 173,700 197,284
Huaneng Power International,
Incorporated, ADR 23,000 309,063
Iberdrola SA 34,126 554,116
VEBA AG 22,350 1,503,880
-----------
4,930,692
ELECTRONICS - 3.29%
Advantest 2,580 139,197
Alps Electric Company 28,000 334,129
Dainippon Screen 30,000 123,237
Electrocomponents 47,000 368,837
Fanuc, Ltd. 8,400 291,603
Kyocera Corporation 20,000 980,690
Murata Manufacturing Company, Ltd. 28,000 911,261
</TABLE>
The accompanying notes are an integral part of the financial statements.
78
<PAGE> 81
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONICS - CONTINUED
Nokia (AB) OY, Series A 13,368 $ 984,116
Schneider SA 16,632 1,326,279
SGS Thomson Microelectronics,
Incorporated 2,100 148,841
TDK Corporation 22,000 1,630,867
Tokyo Electron, Ltd. 11,200 344,254
-----------
7,583,311
FINANCIAL SERVICES - 2.95%
Colonial Limited 58,000 175,697
Credicorp, Ltd. 1,947 28,597
Dexia Credit Company 1,278 192,439
Fomento Economico Mexico 7,800 246,531
Fortis Amev NV 22,140 1,297,195
International Nederlanded Groep NV 52,859 3,463,691
Lend Lease Corporation 11,232 227,644
Nomura Securities Company, Ltd. 86,000 1,004,484
TABCORP Holdings, Ltd. 35,000 179,242
-----------
6,815,520
FOOD & BEVERAGES - 4.67%
Ahold Kon NV 16,021 514,658
Cadbury Schweppes 105,000 1,626,079
CSM NV 18,310 880,033
Danone 2,500 689,333
Goodman Fielder, Ltd. 98,000 142,959
Gruma SA de CV 30,907 67,348
Gruma SA de CV, ADR 7,163 63,132
Hillsdown Holdings 37,000 100,700
Kao Corporation 46,000 711,940
Nestle SA 1,628 3,489,723
Numico Kon NV 13,030 408,319
Orkla SA 71,910 1,674,726
Panamerican Beverages,
Incorporated, Class A 13,000 408,688
-----------
10,777,638
FOREST PRODUCTS - 0.05%
Sumitomo Forestry 20,000 112,678
-----------
GAS & PIPELINE UTILITIES - 0.06%
Italgas 35,000 142,620
-----------
HOMEBUILDERS - 0.43%
Daiwa House Industry Company, Ltd. 53,000 469,552
Groupe GTM 1,620 168,278
Sekisui House 44,000 342,085
-----------
979,915
HOTELS & RESTAURANTS - 0.27%
Ladbroke Group 112,000 615,251
-----------
HOUSEHOLD APPLIANCES - 1.92%
Industrie Natuzzi SPA, ADR 5,000 $ 130,000
Matsushita Electric Industrial
Company, Ltd. 77,000 1,241,846
Philips Electronics NV 12,080 1,016,200
Pioneer Electronic 15,000 287,481
Sharp Corporation 15,000 121,935
Sony Corporation 18,800 1,624,792
-----------
4,422,254
HOUSEHOLD PRODUCTS - 0.98%
Kimberly-Clark de Mexico, SA de CV 65,000 229,676
Laing John 20,000 131,906
Unilever NV 23,966 1,902,896
-----------
2,264,478
INDUSTRIAL MACHINERY - 1.57%
Amada Company, Ltd. 34,000 165,979
Daifuku Company 4,000 14,956
Gkn 23,000 293,208
Grupo Ind Maseca 83,000 60,411
Hitachi Zosen Corporation 60,000 97,201
Komatsu 38,000 185,232
Komori Corporation 20,000 381,138
Mannesmann AG 13,370 1,375,217
Mitsubishi Heavy Industries, Ltd. 275,000 1,042,164
-----------
3,615,506
INSURANCE - 2.65%
Abbey National 77,000 1,369,237
Allianz AG Holding 3,240 1,080,629
AMP Limited 19,000 222,911
Assicurazioni Generali 25,360 824,994
AXA-UAP 10,851 1,220,484
Ing Groep NV 7,179 132,437
Istituto Nazionale delle Assicurazioni 133,000 378,022
Mediolanum 22,074 700,703
Tokio Marine & Fire Insurance Company 19,000 195,950
-----------
6,125,367
INTERNATIONAL OIL - 3.97%
Oil Company Lukoil, ADR 550 18,386
Royal Dutch Petroleum Company - NLG 80,088 4,444,190
Saga Petroleum 2,590 36,664
The British Petroleum Company PLC 65,000 948,557
The Shell Transport and Trading
Company PLC 406,500 2,864,253
YPF Sociedad Anonima, ADR 27,994 841,570
-----------
9,153,620
</TABLE>
The accompanying notes are an integral part of the financial statements.
79
<PAGE> 82
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
LEISURE TIME - 1.65%
Accor SA 1,190 $ 333,043
Compass Group PLC 100,000 1,150,423
Pathe SA 880 172,486
Rank Group PLC 121,500 667,438
Sodexho Alliance SA 7,440 1,406,606
Star City Holdings 138,600 80,874
-----------
3,810,870
LIQUOR - 1.37%
Diageo 239,240 2,836,159
Fosters Brewing Group 42,000 99,072
Grupo Modelo SA, Series C 26,000 220,778
-----------
3,156,009
MINING - 0.02%
Usinas Siderurgicas de Minas, ADR 9,882 49,725
-----------
MISCELLANEOUS - 0.46%
Centrais Geradoras Sul Do Bras 200 1,357
Colonial, Ltd. 5,800 1,332
Electrolux AB 57,200 982,498
Rao Gazprom 6,547 73,981
-----------
1,059,168
MUTUAL FUNDS - 0.01%
Brazil Fund Incorporated 1,000 18,125
-----------
NEWSPAPERS - 0.69%
United News & Media PLC 113,000 1,581,106
-----------
NON-FERROUS METALS - 0.71%
Alcan Aluminum, Ltd. 9,300 255,955
Rio Tinto 78,150 880,788
Sandvik AB, A Shares 1,440 39,809
Sandvik AB, B Shares 17,120 470,070
-----------
1,646,622
OFFICE FURNISHINGS & SUPPLIES - 0.01%
Scribona AB 1,130 13,601
-----------
PAPER - 0.12%
David S. Smith Holdings 83,000 267,469
-----------
PETROLEUM SERVICES - 2.15%
BG PLC ADS 70,764 409,406
Broken Hill Proprietary Company 38,159 323,330
Norsk Hydro AS 33,363 1,469,113
Perez Companc SA 46,440 233,163
Repsol SA 8,249 454,542
Total SA, B Shares 14,679 1,908,413
Woodside Petroleum, Ltd. 33,000 165,107
-----------
4,963,074
PHOTOGRAPHY - 0.74%
Canon, Incorporated 75,000 $ 1,708,613
-----------
PUBLISHING - 3.66%
ASM Lithography Holdings NV 25,430 753,111
Elsevier NV 90,452 1,366,069
Fairfax John 88,000 153,335
Reed International PLC 269,300 2,437,104
Singapore Press Holdings, Ltd. 21,900 146,866
Wolters Kluwer NV 26,139 3,590,215
-----------
8,446,700
RAILROADS & EQUIPMENT - 0.30%
East Japan Railway 149 702,596
-----------
REAL ESTATE - 0.53%
Henderson Land Development 83,000 273,703
Mitsui Fudosan Company 121,000 959,109
-----------
1,232,812
RETAIL GROCERY - 1.71%
ASDA Group 249,000 855,416
Jeronimo Martins Sgps 22,750 1,093,627
Seven Eleven Japan Company, Ltd. 7,000 418,167
Tesco 122,500 1,196,549
Uny Company, Ltd. 23,000 374,268
-----------
3,938,027
RETAIL TRADE - 4.94%
Carrefour SA 1,032 652,927
Cifra SA ADR 3,916 57,350
Citizen Watch Company 24,000 198,742
Fielmann AG 930 32,514
Hennes & Mauritz AB 28,110 1,793,880
Ito-Yokado Company, Ltd. 25,000 1,180,661
Kingfisher 161,000 2,594,129
Marui Company, Ltd. 64,000 958,125
Mitsubishi Corporation 55,000 342,084
Pin Printemps Redo 2,601 2,176,929
Rinascente La 7,000 69,734
Safeway 140,000 917,500
Sumitomo Corporation 90,000 434,151
-----------
11,408,726
SOFTWARE - 0.85%
Baan Company * 4,520 161,590
SAP AG 2,970 1,803,294
-----------
1,964,884
STEEL - 0.04%
Tokyo Steel Manufacturing 18,200 93,981
-----------
TELECOMMUNICATIONS SERVICES - 1.15%
Cable & Wireless ADS 151,500 1,841,545
</TABLE>
The accompanying notes are an integral part of the financial statements.
80
<PAGE> 83
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - CONTINUED
Hong Kong Telecommunications, Ltd. 154,800 $ 290,700
Mahanagar Telep Ni 13,000 131,950
Singapore Telecommunications, Ltd. 77,000 109,674
Telecom Corporation of New Zealand 16,000 34,301
Telstra Corporation, Ltd. * 93,060 239,155
------------
2,647,325
TELEPHONE - 4.84%
Compania Anonima Nacional
Telefonos de Venezuela, ADR 4,001 100,025
DDI Corporation 113 394,728
Deutsche Telekom AG 28,677 785,519
Nippon Telegraph & Telephone Corporation 64 532,292
Tele Danmark A/S 305 29,303
Telecom Corporation of New Zealand 55,000 227,237
Telecom Italia Mobile 254,162 1,554,941
Telecom Italia SPA 266,177 1,960,279
Telecomunicacoes Brasileiras, ADR 26,000 2,838,875
Telefonica de Argentina SA, ADR 10,850 351,947
Telefonica del Peru SA, ADR 1,520 31,065
Telefonica SA 31,258 1,445,186
Telefonos De Mexico SA, ADR 19,000 913,187
------------
11,164,584
TOYS, AMUSEMENTS & SPORTING GOODS - 0.44%
Polygram 18,155 927,064
SEGA Enterprises 5,200 90,070
------------
1,017,134
TRANSPORTATION - 0.06%
TNT Post Group NV 5,710 146,068
------------
TRUCKING & FREIGHT - 0.01%
Bergesen ASA 1,640 31,240
------------
TOTAL COMMON STOCKS
(Cost: $177,960,119) $196,915,267
------------
PREFERRED STOCK - 0.63%
BROADCASTING - 0.13%
News Corporation 42,608 302,575
------------
CONGLOMERATES - 0.04%
Companhia Brasileira de Destribuicao
Grupo Pao de Acucar, ADR 4,000 90,500
------------
SOFTWARE - 0.46%
SAP AG 1,572 1,067,787
------------
<CAPTION>
VALUE
-----
<S> <C>
TOTAL PREFERRED STOCK
(Cost: $1,021,244) $ 1,460,862
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 12.38%
$28,566,612 Navigator Securities Lending
Trust, 5.54% $ 28,566,612
------------
REPURCHASE AGREEMENTS - 1.66%
$3,820,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1998 at 5.00%, to be
repurchased at $3,820,531 on
07/01/1998, collateralized by
$2,715,000 U.S. Treasury Bonds,
12.75% due 11/15/2010 (valued at
$3,899,842, including interest) $ 3,820,000
------------
TOTAL INVESTMENTS (International Stock
Trust) (Cost: $211,367,975) $230,762,741
============
WORLDWIDE GROWTH TRUST
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 64.71%
AIR FREIGHT - 0.39%
Sas Danmark A/S 7,950 $ 159,706
------------
AIR TRAVEL - 1.22%
Deutsche Lufthansa AG 19,850 500,254
------------
APPAREL & TEXTILES - 4.39%
Adidas-Salomon AG 3,125 544,962
Gucci Group NV 7,525 398,825
Warnaco Group, Incorporated, Class A 11,600 492,275
Wolverine World Wide, Incorporated 17,275 374,652
------------
1,810,714
BANKING - 4.26%
Banca di Roma* 199,325 415,085
Credito Italiano 39,425 206,472
Dresdner Bank AG 6,200 335,191
Merita PLC 121,000 799,154
------------
1,755,902
BROADCASTING - 3.60%
Jacor Communications,
Incorporated, Class A* 9,875 582,625
</TABLE>
The accompanying notes are an integral part of the financial statements.
81
<PAGE> 84
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BROADCASTING-CONTINUED
Pearson PLC 26,875 $ 492,708
Prosieben Media AG 7,900 409,576
------------
1,484,909
BUILDING MATERIALS & CONSTRUCTION - 0.80%
Brisa-Auto Estrada de Portugal, SA 7,700 329,523
------------
BUSINESS SERVICES - 2.57%
Konami Company 14,000 302,235
Manpower, Incorporated 14,450 414,534
Thomson Travel Group* 110,050 343,614
------------
1,060,383
CHEMICALS - 2.03%
Air Liquide 2,362 390,691
Imperial Chemical Industries PLC, ADR 6,900 445,050
------------
835,741
COMPUTERS & BUSINESS EQUIPMENT - 2.86%
Computacenter 28,050 352,668
Oce-Van Der Grinten 17,300 737,021
Saville Systems PLC, ADR* 1,800 90,225
------------
1,179,914
CONSTRUCTION MATERIALS - 0.58%
Hornbach Holding AG* 2,600 237,877
------------
CRUDE PETROLEUM & NATURAL GAS - 0.78%
Apache Corporation 10,225 322,088
------------
DRUGS & HEALTH CARE - 2.28%
Novartis AG 195 325,022
Quorum Health Group, Incorporated* 7,612 201,718
Schwarz Pharmaceuticals AG 5,300 414,372
------------
941,112
ELECTRICAL EQUIPMENT - 2.18%
Emerson Electric Company 6,800 410,550
Philips Electronics NV, ADR 5,750 488,750
------------
899,300
ELECTRONICS - 0.29%
Digital Microwave Corporation* 16,475 119,444
------------
FINANCIAL SERVICES - 5.97%
Green Tree Financial Corporation 14,575 623,992
International Nederlanded Groep NV 8,500 556,980
Marschollek Lautenschlaeger und
Partner AG 2,000 975,907
Takefuji Corporation 6,600 305,489
------------
2,462,368
FOOD & BEVERAGES - 5.17%
Danone 2,400 $ 661,759
Kao Corporation 23,000 355,970
Panamerican Beverages,
Incorporated, Class A 12,550 394,541
PepsiCo, Incorporated 17,450 718,722
------------
2,130,992
GAS & PIPELINE UTILITIES - 0.77%
Eni SPA 4,900 318,500
------------
HOTELS & RESTAURANTS - 1.74%
Ladbroke Group 130,675 717,839
------------
HOUSEHOLD APPLIANCES - 0.29%
Industrie Natuzzi SPA, ADR 4,600 119,600
------------
HOUSEHOLD PRODUCTS - 1.31%
Benckiser NV* 8,775 540,033
------------
INDUSTRIAL MACHINERY - 2.22%
Alstom* 9,900 325,868
Mannesmann AG 4,000 411,434
VA Technologie AG 750 93,399
Valmet Corporation 4,900 84,571
------------
915,272
INSURANCE - 2.37%
Royal & Sun Alliance Insurance
Group PLC 28,675 296,608
WPP Group PLC 103,675 679,875
------------
976,483
INTERNATIONAL OIL - 1.84%
Gulf Canada Resources Limited 42,000 207,375
YPF Sociedad Anonima, ADR 18,250 548,641
------------
756,016
LEISURE TIME - 1.82%
Compass Group PLC 65,250 750,651
------------
NEWSPAPERS - 1.65%
Ver Ned Uitgevers 18,750 681,650
------------
PAPER - 0.63%
Metsa Serla Oy 27,000 261,081
------------
PETROLEUM SERVICES - 1.93%
Aker Maritime ASA 5,425 95,554
Dresser Industries, Incorporated 3,700 163,031
Petroleim Geological Servicies AS, ADR* 4,700 143,350
</TABLE>
The accompanying notes are an integral part of the financial statements.
82
<PAGE> 85
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PETROLEUM SERVICES - CONTINUED
Total SA, ADR 6,000 $ 392,250
-----------
794,185
RETAIL TRADE - 1.76%
Dixons Group 22,350 178,379
Guitar Center, Incorporated* 16,700 503,088
Wetherspoon JD 8,750 42,076
-----------
723,543
SOFTWARE - 1.53%
CBT Group Public, PLC, ADR* 6,800 363,800
Dr. Solomons Group, PLC* 5,000 174,375
Square Company, Ltd. 3,400 90,981
-----------
629,156
TELECOMMUNICATIONS SERVICES - 0.19%
China Telecom Hong Kong, Ltd.* 2,300 79,494
-----------
TELEPHONE - 5.29%
Nippon Telegraph & Telephone Corporation 50 415,853
Telecom Italia SPA 19,000 139,927
Telecom Italia SPA Risp. 30,000 145,293
Telecomunicacoes Brasileiras, ADR 3,070 335,206
Telefonica de Argentina SA, ADR 8,075 261,933
WorldCom, Incorporated* 18,250 883,984
-----------
2,182,196
TOTAL COMMON STOCKS
(Cost: $23,609,788) $26,675,926
-----------
PREFERRED STOCK - 1.83%
AUTOMOBILES - 1.13%
Volkswagen AG 675 465,607
-----------
SOFTWARE - 0.70%
SAP AG 425 288,683
-----------
TOTAL PREFERRED STOCK
(Cost: $486,025) $ 754,290
-----------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 15.95%
$6,576,592 Navigator Securities Lending
Trust, 5.54% $ 6,576,592
-----------
REPURCHASE AGREEMENTS - 17.51%
$7,220,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1998 at 5.00%, to be
repurchased at $7,221,003 on
07/01/1998, collateralized by
$5,610,000 U.S. Treasury Bonds,
8.125% due 08/15/2019 (valued at
$7,369,195, including interest) $ 7,220,000
-----------
TOTAL INVESTMENTS (Worldwide Growth
Trust) (Cost: $37,892,405) $41,226,808
===========
GLOBAL EQUITY TRUST
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 87.92%
ALUMINUM - 0.68%
Aluminum Company of America 111,700 $7,365,219
-----------
AUTO PARTS - 1.07%
Borg- Warner Automotive, Incorporated 243,550 11,705,622
-----------
AUTOMOBILES - 1.74%
Volkswagen AG 19,615 18,957,523
-----------
BANKING - 7.26%
ABN AMRO Holdings 617,973 14,470,798
Bank of Ireland 649,886 13,325,200
First Chicago Corporation 146,000 12,939,250
Mellon Bank Corporation 164,650 11,463,756
Nordbanken AB 1,587,800 11,645,725
The Chase Manhattan Corporation 200,630 15,147,565
-----------
78,992,294
BROADCASTING - 0.78%
Mediaset SPA 1,323,479 8,450,749
-----------
BUSINESS SERVICES - 1.15%
Aggreko PLC* 662,222 2,200,367
Danka Business Systems, ADR 298,700 3,528,394
Intelidata Technologies Corporation* 963,600 933,488
NCR Corporation* 180,193 5,856,272
-----------
12,518,521
CHEMICALS - 5.27%
AKZO Nobel NV, ADS 54,300 12,079,429
BASF AG 217,700 10,351,146
Bayer AG 360,700 18,680,518
Rhone Poulenc SA 100,000 5,640,373
</TABLE>
The accompanying notes are an integral part of the financial statements.
83
<PAGE> 86
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
CHEMICALS - CONTINUED
The B.F. Goodrich Company 213,700 $10,604,863
-----------
57,356,329
COMPUTERS & BUSINESS EQUIPMENT - 1.04%
Data General Corporation * 756,750 11,303,953
-----------
CONGLOMERATES - 1.14%
CSR, Ltd. 1,939,000 5,608,934
Jardine Strategic Holdings, Ltd. 3,595,800 6,796,062
-----------
12,404,996
CONSTRUCTION MATERIALS - 1.99%
Cimpor-Cimentos de Portugual SA 59,050 2,076,026
Holderbank Financiere Glarus, Ltd. 9,100 11,598,098
Wolseley PLC 1,369,700 8,050,198
-----------
21,724,322
CONTAINERS & GLASS - 0.29%
Toyo Seikan Kaisha 254,100 3,124,105
-----------
CRUDE PETROLEUM & NATURAL GAS - 1.09%
Elf Aquitaine SA 84,200 11,838,166
-----------
DOMESTIC OIL - 0.77%
Tenneco, Incorporated 219,200 8,343,300
-----------
DRUGS & HEALTH CARE - 4.49%
Fujisawa Pharmaceutical
Company, Ltd. 569,000 5,341,448
Pharmacia & Upjohn,
Incorporated 475,700 21,941,663
Reckitt & Colman 1,131,767 21,618,297
-----------
48,901,408
ELECTRICAL EQUIPMENT - 1.05%
ABB AG 2,390 3,535,363
General Signal Corporation 94,500 3,402,000
Hitachi, Ltd. 680,000 4,450,712
-----------
11,388,075
ELECTRIC UTILITIES - 3.35%
Iberdrola SA 752,900 12,225,112
Southern Electric PLC 646,153 5,847,539
Unicom Corporation 152,400 5,343,525
VEBA AG 194,600 13,094,186
-----------
36,510,362
ELECTRONICS - 3.16%
Ascom Holding AG * 3,180 5,879,945
GenRad, Incorporated 558,100 11,022,475
Premier Farnell PLC, ADS 930,200 4,737,122
SGS Thomson Microelectronics,
Incorporated * 68,900 4,883,413
SHARES VALUE
------ -----
ELECTRONICS - CONTINUED
TDK Corporation 106,000 $ 7,857,814
-----------
34,380,769
FINANCIAL SERVICES - 5.28%
Enhance Financial Services
Group, Incorporated 252,600 8,525,250
International Nederlanded Groep NV 343,601 22,515,141
PennCorp Financial Group,
Incorporated 534,200 10,951,100
UST Corporation 585,800 15,523,700
-----------
57,515,191
FOOD & BEVERAGES - 4.72%
Danone 46,100 12,711,299
IBP, Incorporated 177,100 3,209,938
Kao Corporation 679,000 10,508,859
Lion Nathan, Ltd. 2,090,250 4,655,193
Nestle SA 8,900 19,077,726
Salvesen Christian 662,222 1,238,397
-----------
51,401,412
FOREST PRODUCTS - 0.85%
Georgia-Pacific Corporation 156,500 9,223,719
-----------
GAS & PIPELINE UTILITIES - 0.55%
Ocean Energy, Incorporated * 307,645 6,018,305
-----------
HOUSEHOLD APPLIANCES - 1.46%
Matsushita Electric Industrial
Company, Ltd. 404,000 6,515,657
Philips Electronics NV 111,700 9,396,483
-----------
15,912,140
HOUSEHOLD PRODUCTS - 1.39%
Benckiser NV 99,900 6,148,070
Tupperware Corporation 321,350 9,037,969
-----------
15,186,039
INDUSTRIAL MACHINERY - 2.09%
Bobst AG 2,500 4,606,089
Schindler Holding AG 3,400 5,186,555
Sumitomo Rubber Industries 174,000 941,289
Tecumseh Products Company,
Class A 133,700 7,061,031
United Dominion Industries, Ltd. 13,150 438,881
Valmet Corporation 260,220 4,491,258
-----------
22,725,103
INSURANCE - 6.51%
MBIA, Incorporated 230,600 17,266,175
Pohjola Insurance Group, Series B 6,000 298,848
Royal & SunAlliance Insurance
Group PLC 1,017,500 10,524,808
The accompanying notes are an integral part of the financial statements.
84
<PAGE> 87
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
INSURANCE-CONTINUED
SCOR 194,100 12,312,445
Sumitomo Marine & Fire 836,000 4,691,806
Terra Nova Bermuda Holdings, Ltd. 362,300 11,367,162
WPP Group PLC 2,197,400 14,409,992
-----------
70,871,236
MINING - 1.42%
English China Clay 897,010 3,100,317
Potash Corporation of
Saskatchewan, Incorporated 12,205 922,240
Potash Corporation of
Saskatchewan, Incorporated - CAD 151,795 11,429,368
-----------
15,451,925
PAPER - 1.34%
Boise Cascade Corporation 306,500 10,037,875
Clondalkin Group 513,400 4,543,287
-----------
14,581,162
PETROLEUM SERVICES - 1.15%
Burma Castrol PLC 369,200 6,583,720
Noble Drilling Corporation * 246,190 5,923,947
-----------
12,507,667
PHOTOGRAPHY - 1.39%
Fuji Photo Film Company 433,000 15,125,406
-----------
PUBLISHING - 2.48%
Aegis Group 2,495,700 4,042,058
Houghton Mifflin Company 724,950 23,017,163
-----------
27,059,221
RAILROADS & EQUIPMENT - 0.29%
BTR PCL 1,109,068 3,148,078
-----------
REAL ESTATE - 0.16%
Hysan Development Company, Ltd. 2,174,000 1,795,767
-----------
RETAIL GROCERY - 1.98%
Albertsons, Incorporated 240,100 12,440,181
American Stores Company 375,900 9,092,081
-----------
21,532,262
RETAIL TRADE - 5.78%
BJ's Wholesale Club,
Incorporated * 576,200 23,408,125
Delhaize-Le Lion SA 118,900 8,312,450
G.I.B. Holdings, Ltd. 80,600 4,551,224
Homebase, Incorporated * 576,200 4,573,587
Karstadt AG 38,300 18,635,532
Toys R Us, Incorporated * 144,200 3,397,712
-----------
62,878,630
SHARES VALUE
------ -----
TELECOMMUNICATIONS SERVICES - 2.57%
Comsat Corporation 692,850 $ 19,616,316
France Telecom, ADS 65,900 4,545,429
Telstra Corporation, Ltd. 1,471,800 3,782,385
------------
27,944,130
TELEPHONE - 4.68%
Nippon Telegraph & Telephone
Corporation 1,047 8,707,963
Telecom Italia SPA Risp. 3,650,000 17,677,360
Telefonica SA 385,418 17,819,456
Telus Corporation 259,509 6,710,147
------------
50,914,926
TOBACCO - 4.59%
BAT Industries PLC 501,498 5,024,107
Compagnie Financiere
Richemont AG 9,145 11,987,602
Imperial Tobacco 500,700 3,695,203
Japan Tobacco, Incorporated 680 4,617,921
Philip Morris Companies,
Incorporated 624,600 24,593,625
------------
45,300,537
TRUCKING & FREIGHT - 0.92%
Peninsular & Oriental Steam
Navigation Company 695,099 10,016,036
------------
TOTAL COMMON STOCKS
(Cost: $758,008,378) $956,992,526
------------
WARRANTS - 0.00%
REAL ESTATE - 0.00%
Hysan Development Company, Ltd.,
(Expiration date 04/30/1999;
strike price HKD 16.00) * 217,400 1,796
------------
TOTAL WARRANTS
(Cost: $0) $ 1,796
------------
PRINCIPAL
AMOUNT VALUE
- ------ -----
SHORT TERM INVESTMENTS - 11.96%
$130,224,090 Navigator Securities Lending
Trust, 5.54% $130,224,090
------------
The accompanying notes are an integral part of the financial statements.
85
<PAGE> 88
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------ -----
REPURCHASE AGREEMENTS - 0.12%
$1,291,000 Repurchase Agreement with
State Bank & Trust Company
dated 06/30/1998 at 5.00%, to
be repurchased at $1,291,179
on 07/01/1998 collateralized by
$1,005,000 U.S. Treasury
Bonds, 8.125% due 08/15/2019
(valued at $1,320,150, including
interest) $ 1,291,000
--------------
TOTAL INVESTMENTS (Global Equity
Trust) (Cost: $889,523,468) $1,088,509,412
==============
SMALL COMPANY VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 87.90%
AEROSPACE - 0.56%
Aeroflex, Incorporated * 12,100 $125,537
Applied Signal Technology,
Incorporated * 10,600 125,875
Engineered Support Systems,
Incorporated 6,000 111,000
Primex Technologies,
Incorporated 5,400 276,750
Spacehab, Incorporated * 13,900 160,719
--------
799,881
AGRICULTURAL MACHINERY - 0.11%
Gehl Company * 7,500 151,875
--------
AIR TRAVEL - 0.66%
Alaska Air Group 12,100 660,206
Amtran, Incorporated * 12,100 297,963
--------
958,169
APPAREL & TEXTILES - 2.25%
Concord Fabrics, Incorporated * 3,800 35,150
Dixie Group, Incorporated 13,300 126,350
Drypers Corporation * 9,100 59,150
Fabri Centers America,
Incorporated 200 5,475
G III Apparel Group, Ltd. * 7,100 31,950
Goodys Family Clothing,
Incorporated 6,500 356,687
Guilford Mills, Incorporated 2,000 40,000
Haggar Corporation 8,900 113,475
Jan Bell Marketing Incorporated 17,500 113,750
Jos A Bank Clothiers,
Incorporated * 2,900 23,925
Kellwood Company 17,100 611,325
Maxwell Shoe, Incorporated * 10,400 206,700
SHARES VALUE
------ -----
APPAREL & TEXTILES - CONTINUED
Oneida, Ltd. 10,400 $ 318,500
Oshkosh B'Gosh, Incorporated 8,700 387,150
Quaker Fabric Corporation 6,100 88,069
Sirena Apparel Group,
Incorporated 5,500 37,125
Springs Industries, Incorporated 9,800 452,025
Supreme International
Corporation * 5,100 83,513
Tarrant Apparel Group * 8,200 154,775
----------
3,245,094
AUTO PARTS - 0.58%
Borg- Warner Automotive,
Incorporated 6,800 326,825
Discount Auto Parts,
Incorporated * 600 15,600
Excel Industries, Incorporated 7,600 108,775
Keystone Automotive Industry,
Incorporated 2,080 48,100
Raytech Corporation * 5,000 25,000
Safety Components
International Incorporated * 4,200 74,550
Standard Products Company 8,200 230,625
----------
829,475
BANKING - 3.86%
Ambanc Holding Company,
Incorporated 7,100 126,025
Bank United Corporation 900 43,088
Banknorth Group, Incorporated 2,600 96,200
BNC CORP, Incorporated * 1,900 33,725
Central Co-Operative Bank 1,600 42,400
Citizens Banking Corporation 300 10,088
Commercial Bank of New York 4,900 129,850
Corus Bankshares, Incorporated 9,400 378,350
Dime Community Bancorp,
Incorporated 16,800 466,200
Financial Bancorp, Incorporated 2,400 77,400
First Citizens Bancshares,
Incorporated 11,500 1,150,719
First Hawaiian, Incorporated 14,500 527,437
First Oak Brook Bancshares,
Incorporated 3,100 144,150
First Palm Beach Bancorp,
Incorporated 1,300 56,550
FNB Rochester Corporation 5,200 112,450
GBC Bancorp California 12,200 323,300
HF Bancorp, Incorporated * 2,300 40,681
Home Port Bancorp,
Incorporated 1,700 42,500
Hubco, Incorporated 1,200 42,975
Iroquois Bancorp, Incorporated 400 9,700
MAF Bancorp, Incorporated 400 14,550
The accompanying notes are an integral part of the financial statements.
86
<PAGE> 89
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
BANKING - CONTINUED
North City Bancorp * 525 $ 7,383
NSS Bancorp, Incorporated 3,300 184,800
Pacific Bank, N.A. 2,700 148,500
PONCEBANK 5,500 141,969
Professional Bancorp 1,900 35,506
Quaker City Bancorp Incorporated * 400 9,200
Riggs National Corporation 2,800 81,812
Sandwich Bancorp, Incorporated 1,800 114,300
Sierrawest Bancorp 3,300 104,362
Silicon Valley Bancshares * 19,200 683,400
Skaneateles Bancorp, Incorporated 1,200 21,150
Sterling Bancorp 3,100 80,600
Sumitomo Bank of California 2,200 83,050
Wainwright Bank & Trust
Company, Boston 500 4,688
----------
5,569,058
BROADCASTING - 0.03%
Andersen Group, Incorporated * 2,600 18,850
Datron Systems, Incorporated * 3,200 21,600
----------
40,450
BUILDING MATERIALS & CONSTRUCTION - 0.45%
Abrams Industries, Incorporated 4,200 28,875
American Buildings Company * 4,800 142,800
NCI Building Systems,
Incorporated 7,600 438,900
Perini Corporation * 5,000 42,813
----------
653,388
BUSINESS SERVICES - 8.12%
ACNielson Corporation * 51,900 1,310,475
Advanced Marketing Services,
Incorporated 6,400 108,800
ADVO, Incorporated * 25,800 727,237
Allied Research Corporation * 3,900 48,750
American Business Information,
Incorporated 12,700 203,200
Analysis & Technology,
Incorporated 2,100 43,050
Automobile Protection
Corporation * 14,700 146,081
Barra, Incorporated * 13,600 333,200
Bowne & Company, Incorporated 14,800 666,000
Cadmus Communications
Corporation 9,300 225,525
Complete Management,
Incorporated * 16,300 64,181
Dianon Systems, Incorporated * 5,700 52,725
Education Management
Corporation 4,900 161,087
Electro Rental * 3,800 85,263
Exponent, Incorporated 5,600 47,600
SHARES VALUE
------ -----
BUSINESS SERVICES - CONTINUED
Grey Advertising, Incorporated 1,800 $ 712,800
GTECH Holdings Corporation * 29,400 990,412
Harbinger Corporation * 10,650 257,597
Information Resources,
Incorporated * 33,700 623,450
Interim Services, Incorporated * 32,400 1,040,850
Intervoice, Incorporated 14,700 260,925
ITEX Corporation * 9,900 18,253
Kelly Services, Incorporated 13,300 470,487
LCS Industries, Incorporated 5,900 86,287
Marlton Technologies,
Incorporated * 3,600 23,400
Maxco, Incorporated * 4,500 36,563
Merrill Corporation 10,700 236,069
National Technical Systems,
Incorporated 9,400 72,850
Norrell Corporation Georgia 3,400 67,788
Norwood Promotional Products,
Incorporated * 3,800 76,000
Olsten Corporation 72,700 813,331
Opinion Research Corporation * 300 2,438
PCA International, Incorporated 9,400 237,350
Personal Group Of America,
Incorporated * 18,400 368,000
Refac Technology Development
Corporation * 4,800 59,100
Snyder Communications,
Incorporated * 1,400 61,600
Stone & Webster, Incorporated 5,700 225,862
Systems & Computer
Technology Corporation 26,800 723,600
Total Research Corporation * 1,500 5,438
Trio-Tech International * 2,600 11,213
-----------
11,704,837
CHEMICALS - 1.95%
American Vanguard Corporation 3,000 28,125
Cambrex Corporation 24,600 645,750
Dexter Corporation 12,000 381,750
Dtrex Corporation * 1,800 22,725
Farrel Corporation 5,300 20,040
Ferro Corporation 47,500 1,202,344
Fuller H B Company 9,200 510,025
-----------
2,810,759
COMPUTERS & BUSINESS EQUIPMENT - 4.15%
AMX Corporation * 11,900 89,994
BancTec, Incorporated * 23,200 536,500
Banyan Systems, Incorporated * 23,000 189,750
Boundless Corporation * 6,300 42,525
Dataram Corporation * 4,100 47,663
Digi International, Incorporated * 22,300 451,575
Equinox Systems, Incorporated * 6,900 57,356
The accompanying notes are an integral part of the financial statements.
87
<PAGE> 90
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
COMPUTERS & BUSINESS EQUIPMENT - CONTINUED
Evans & Sutherland Computer
Company * 1,000 $ 25,188
General Binding Corporation 4,800 176,700
Gerber Scientific, Incorporated 800 18,200
Gradco Systems, Incorporated * 6,525 44,044
Intergraph Corporation 51,100 437,544
ITI Technologies, Incorporated * 8,100 229,331
Microsemi Corporation * 14,200 131,350
National Computer Systems,
Incorporated 37,900 909,600
Powerhouse Technologies,
Incorporated * 13,800 135,412
Printronix Corporation * 9,200 147,200
Programmers Paradise,
Incorporated * 6,900 56,925
QMS, Incorporated * 3,300 11,756
Rainbow Technologies,
Incorporated * 7,800 159,900
Scan Optics, Incorporated * 7,000 36,750
SPSS, Incorporated * 800 18,600
Stratus Computer, Incorporated * 37,700 954,281
Thrustmaster, Incorporated * 3,200 25,600
Wang Labs, Incorporated * 41,100 1,045,481
----------
5,979,225
CONGLOMERATES - 0.46%
ACX Technologies, Incorporated * 14,700 319,725
Cooper Life Sciences,
Incorporated * 2,500 95,625
Griffon Corporation * 12,100 155,031
Triarc Companies, Incorporated,
Class A 4,100 89,944
----------
660,325
CONSTRUCTION MATERIALS - 0.58%
Florida Rock Industries,
Incorporated 7,400 215,988
Patrick Industries, Incorporated 5,400 82,350
Republic Group, Incorporated 1,000 21,000
TJ International, Incorporated 17,300 521,162
----------
840,500
CONSTRUCTION & MINING EQUIPMENT - 1.10%
ABT Building Prods Corporation * 8,400 144,375
Astec Industries, Incorporated * 12,200 420,900
CDI Corporation 12,600 337,050
Gencor Industries, Incorporated 12,000 241,500
Kaman Corporation 23,100 439,622
----------
1,583,447
SHARES VALUE
------ -----
COSMETICS & TOILETRIES - 0.13%
Block Drug, Incorporated 5,047 191,786
----------
DOMESTIC OIL - 0.17%
Houston Exploration Company * 10,200 233,962
Maynard Oil Company * 1,300 13,163
----------
247,125
DRUGS & HEALTH CARE - 5.20%
Acuson Corporation * 18,800 $ 341,925
ALPHARMA, Incorporated 17,100 376,200
ATL Ultrasound * 14,500 661,562
Beckman Coulter, Incorporated 4,900 285,425
Bio Logic Systems Corporation * 1,800 7,425
Bio Reference Laboratories,
Incorporated * 7,000 10,938
Chemed Corporation 5,000 170,312
CNS, Incorporated 10,300 47,959
Copley Pharmaceutical,
Incorporated * 14,800 90,650
Covance, Incorporated * 9,500 213,750
Datascope Corporation * 19,900 528,594
Drug Emporium, Incorporated * 13,800 53,475
Equimed, Incorporated * 4,700 25,263
Gamma Biologicals,
Incorporated 4,600 22,138
Hanger Orthopedic Group 18,700 381,012
Herbalife International,
Incorporated * 8,099 178,774
Horizon Health Corporation * 6,100 106,750
Integrated Health Services,
Incorporated 6,000 225,000
Invacare Corporation 40,300 1,032,687
Marquette Medical Systems,
Incorporated * 15,200 389,975
Maxxim Medical, Incorporated * 12,000 348,000
Meridian Medical Technologies,
Incorporated * 3,800 36,100
Minntech Corporation 4,900 60,638
Moore Medical Corporation * 2,400 29,400
Polymedica Corporation * 6,000 54,000
Quest Diagnostics, 43,000 940,625
Incorporated*
Roberts Pharmaceutical
Corporation * 17,400 400,200
Sheridan Healthcare,
Incorporated * 6,100 72,437
Sonosight, Incorporated * 4,200 30,713
Spacelabs, Incorporated * 12,300 206,025
Sunrise Medical, Incorporated * 1,700 25,500
Syncor International Corporation * 8,300 143,175
----------
7,496,627
ELECTRICAL EQUIPMENT - 1.26%
Amistar Corporation * 2,800 9,450
The accompanying notes are an integral part of the financial statements.
88
<PAGE> 91
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
ELECTRICAL EQUIPMENT -CONTINUED
Barnes Group, Incorporated 200 $ 5,413
Bel Fuse, Incorporated * 6,300 140,175
Belden, Incorporated 700 21,438
CMC Industry, Incorporated * 10,500 77,437
Cohu, Incorporated 7,400 179,912
Comdial Corporation * 10,400 126,100
Diodes, Incorporated * 4,700 32,313
Encore Wire Corporation 11,250 181,406
ESCO Electronics Corporation * 10,700 203,300
Fluke Corporation 11,700 384,637
Genlyte Group, Incorporated * 4,200 111,300
Kewaunee Scientific Corporation 2,500 28,125
PSC, Incorporated * 13,600 123,250
Relm Wireless Corporation * 5,700 17,456
Sl Industry, Incorporated 1,600 22,000
Twin Disc, Incorporated 2,700 81,675
Williams Clayton Energy,
Incorporated * 7,600 77,900
----------
1,823,287
ELECTRIC UTILITIES - 0.83%
Public Service Company 52,500 1,191,094
----------
ELECTRONICS - 3.05%
Activision, Incorporated 15,100 155,719
Alliant Techsystems,
Incorporated * 4,400 278,300
American Technical Ceramics * 3,100 28,869
Bairnco Corporation 3,000 27,000
Baldwin Technology,
Incorporated * 13,000 76,375
Cobra Electronics Corporation * 8,100 41,006
Cognitronics Corporation * 4,600 63,825
CP Clare Corporation 9,900 94,050
CTS Corporation 16,300 480,850
Dallas Semiconductor
Corporation 12,500 387,500
EG & G, Incorporated 56,800 1,704,000
Frequency Electronics,
Incorporated 3,200 40,200
General Microwave Corporation* 1,000 10,000
Genicom Corporation * 13,400 61,975
Herley Industries, Incorporated * 10,600 131,175
IEC Electronics Corporation 9,500 65,906
Integrated Circuit Systems,
Incorporated * 14,500 241,062
Optek Technology, Incorporated* 2,600 49,725
Reliability, Incorporated * 5,800 66,700
SDL, Incorporated * 400 9,550
Siliconix, Incorporated 4,400 107,800
Tech-Sym Corporation * 4,400 122,375
Vicon Industries, Incorporated * 3,300 25,988
Video Display Corporation * 4,700 51,700
Videonics, Incorporated * 1,800 3,150
Xeta Corporation * 3,900 78,000
----------
4,402,800
FINANCIAL SERVICES - 5.77%
Albank Final 13,800 973,762
Associated Banc Corporation 7,700 289,712
Atalanta/ Sosnoff Capital
Corporation 2,000 19,500
Carver Bancorp, Incorporated * 2,800 37,100
Cathay Bancorp Incorporated 700 32,550
CFI Proservices, Incorporated * 5,900 100,300
Commercial Assets,
Incorporated 1,500 9,938
Community Bank Systems,
Incorporated 4,900 153,431
Community Financial Group,
Incorporated 5,100 75,863
Contifinancial Corporation * 100 2,313
D & N Savings Financial
Corporation 550 14,747
Delphi Financial Group,
Incorporated * 1,800 101,362
Delta Financial Corporation * 1,700 31,238
Downey Financial Corporation 6,400 209,200
EVEREN Capital Corporation * 9,000 252,000
First Bancshares, Incorporated 1,700 22,525
First Republic Bank * 12,700 458,787
First Street Bancorporation 2,100 50,663
Firstbank Puerto Rico 20,800 540,800
Hallmark Capital Corporation 400 5,600
Hawthorne Financial Corporation * 5,900 100,300
Impac Mort Holdings
Incorporated 700 10,894
Jefferies Group, Incorporated 13,600 557,600
JSB Financial, Incorporated 9,800 573,912
JW Genesis Financial
Corporation 5,000 50,625
Lakeview Financial Corporation 5,300 148,400
Landamerica Financial Group,
Incorporated 12,800 732,800
McDonald Company
Investments, Incorporated 2,000 65,625
National R.V. Holdings,
Incorporated 6,000 270,750
North Central Bancshares,
Incorporated 2,500 52,969
Ottawa Financial Corporation 2,400 69,300
Pacific Crest Capital,
Incorporated * 2,400 42,300
PennFed Financial Services,
Incorporated 12,800 212,000
The accompanying notes are an integral part of the financial statements.
89
<PAGE> 92
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
FINANCIAL SERVICES - CONITNUED
Peoples Bancshares,
Incorporated 3,900 $ 90,431
Redwood Empire Bancorp 2,800 58,100
Reliance Bancorp, Incorporated 12,000 459,750
Southwest Securities Group,
Incorporated 8,900 200,250
TF Financial Corporation 2,600 66,625
Thornburg Mortgage Asset
Corporation 27,900 340,031
UST Corporation 31,500 834,750
WFS Financial, Incorporated * 1,000 7,000
----------
8,325,803
FOOD & BEVERAGES - 1.44%
Bob Evans Farms, Incorporated 6,300 133,481
Chock Full O' Nuts Corporation * 11,700 79,706
Earthgrains Company 22,500 1,257,187
Fresh Choice, Incorporated * 4,700 14,688
International Multifoods
Corporation 16,200 445,500
Taco Cabana, Incorporated * 19,000 119,938
United Natural Foods,
Incorporated * 800 22,800
----------
2,073,300
FOREST PRODUCTS - 0.16%
American Woodmark
Corporation 7,600 208,050
Baltek Corporation * 2,600 22,181
----------
230,231
GAS & PIPELINE UTILITIES - 0.48%
Eastern Enterprises 9,700 415,888
Louis Dreyfus Natural Gas
Corporation * 10,700 202,631
Mitchell Energy & Development
Corporation 1,600 30,800
Southwest Gas Corporation 2,000 48,875
----------
698,194
HOMEBUILDERS - 0.82%
Beazer Homes USA,
Incorporated * 8,100 210,094
Champion Enterprises,
Incorporated * 18,500 543,437
Crossmann Communities,
Incorporated * 8,000 243,000
Dominion Homes, Incorporated * 4,300 62,350
Kennedy Wilson, Incorporated * 4,200 47,250
Pulte Corporation 1,200 35,850
Walter Industries, Incorporated * 2,100 39,769
----------
1,181,750
SHARES VALUE
------ -----
HOTELS & RESTAURANTS - 2.05%
Ark Restaurants Corporation * 3,000 $ 36,000
Back Bay Restaurant Group * 4,100 33,313
Bertucci's, Incorporated 10,500 107,625
Buffets, Incorporated * 21,600 338,850
Foodmaker, Incorporated * 50,800 857,250
HOTELS & RESTAURANTS - CONTINUED
Garden Fresh Restaurant
Corporation * 5,900 106,200
Luby's Cafeterias, Incorporated 13,400 235,337
Main Street & Main Incorporated * 5,100 19,125
Ryan's Family Steak Houses,
Incorporated * 50,200 514,550
ShowBiz Pizza Time,
Incorporated 17,700 713,531
----------
2,961,781
HOUSEHOLD APPLIANCES - 0.56%
American Biltrite, Incorporated 4,100 121,975
Graham Corporation * 2,400 39,000
Ladd Furniture, Incorporated 10,300 309,000
Metatec Corporation * 7,000 40,688
Stanley Furniture, Incorporated* 10,200 258,825
Toro Company 1,200 41,100
----------
810,588
HOUSEHOLD PRODUCTS - 0.18%
Winsloew Furniture, Incorporated * 9,600 259,200
----------
INDUSTRIAL MACHINERY - 3.30%
Brown & Sharpe Manufacturing
Company * 10,600 127,200
Cameron Ashley Building
Product * 11,900 200,813
Chicago Rivet Machine Company 600 19,725
Gleason Corporation 12,300 345,937
Kennametal, Incorporated 26,000 1,085,500
Manitowoc, Incorporated 600 24,188
Moore Products Company 2,700 74,925
NACCO Industries,
Incorporated, Class A 8,400 1,085,700
Peerless Manufacturing
Company 1,000 12,625
Quipp, Incorporated * 2,600 52,000
Speizman Industries,
Incorporated * 4,400 23,100
SPX Corporation * 8,600 553,625
Tecumseh Prods Company 200 11,450
Triumph Group, Incorporated * 5,500 231,000
Unit Industries, Incorporated * 3,700 32,606
Unova, Incorporated * 41,000 881,500
----------
4,761,894
The accompanying notes are an integral part of the financial statements.
90
<PAGE> 93
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
INSURANCE - 3.56%
Acceptance Insurance Company * 10,700 $ 262,819
Fidelity National Financial
Corporation 23,500 935,593
First American Financial
Corporation 20,300 1,827,000
Foremost Corporation America 23,000 554,875
Highlands Insurance Group,
Incorporated 1,700 31,450
Intercontinental Life Corporation 5,100 131,325
*
Midland Company 800 18,300
Presidential Life Corporation 3,800 81,225
PXRE Corporation 9,400 282,000
Stewart Information Services
Corporation 8,700 422,494
Vesta Insurance Group,
Incorporated 1,100 23,444
Willis Corroon Group PLC, ADR 44,900 564,056
----------
5,134,581
INVESTMENT COMPANIES - 1.93%
Advest Group, Incorporated 2,000 57,750
Eaton Vance Corporation 15,200 703,950
John Nuveen Company 4,800 190,500
Pilgrim America Capital
Corporation * 7,600 183,350
Raymond James Financial,
Incorporated 48,250 1,444,484
Stifel Financial Corporation 7,245 110,034
Value Line, Incorporated 2,300 87,975
----------
2,778,043
LEISURE TIME - 1.39%
4Kids Entertainment,
Incorporated * 2,300 19,550
Anchor Gaming 1,900 147,487
Escalade, Incorporated * 3,400 79,050
Grand Casinos, Incorporated * 36,900 618,075
IlX Incorporated 3,500 20,563
Inland Entertainment Corporation * 6,500 22,750
Intrav, Incorporated 5,300 111,300
Movie Gallery, Incorporated * 15,200 110,200
Play By Play Toys & Novelties,
Incorporated 4,800 49,500
Players International,
Incorporated * 38,900 193,284
Quintel Entertainment,
Incorporated * 4,700 18,213
Transport World Entertainment
Corporation * 14,300 616,687
----------
2,006,659
SHARES VALUE
------ -----
LIQUOR - 0.81%
Adolph Coors Company, Class B 34,300 $1,166,200
----------
MINING - 0.64%
Cleveland-Cliffs, Incorporated 10,000 536,250
Lincoln Electric Holding,
Incorporated 12,000 258,000
Pittston Company 8,300 129,169
----------
923,419
MOBILE HOMES - 1.00%
Fleetwood Enterprises,
Incorporated 36,100 1,444,000
----------
NEWSPAPERS - 0.31%
Media General, Incorporated 9,200 448,500
----------
NON-FERROUS METALS - 1.60%
American Resources Delaware,
Incorporated * 10,500 24,609
Lindberg Corporation 4,900 95,550
Mueller Industry, Incorporated * 40,800 1,514,700
Wolverine Tube, Incorporated * 17,700 672,600
----------
2,307,459
OFFICE FURNISHINGS & SUPPLIES - 0.26%
Kimball International,
Incorporated 21,000 380,625
----------
PAPER - 0.85%
FiberMark, Incorporated * 11,400 182,400
Glatfelter P H Company 20,900 330,481
Rock-Tenn Company 36,900 463,556
Shorewood Packaging
Corporation * 16,050 254,794
----------
1,231,231
PETROLEUM SERVICES - 2.54%
Ceanic Corporation * 10,600 205,375
Dawson Geophysical Company * 7,200 136,800
Global Industries, Incorporated 4,700 79,313
Lufkin Industries, Incorporated 5,700 188,100
Oceaneering International,
Incorporated * 22,500 399,375
Petroleum Development
Corporation * 29,500 142,890
Pool Energy Services Company* 24,900 367,275
PS Group Holding, Incorporated 6,500 79,625
Seitel, Incorporated * 25,300 409,544
Varco International, 22,100 437,856
Incorporated
Veritas DGC, Incorporated * 24,500 1,223,469
----------
3,669,622
The accompanying notes are an integral part of the financial statements.
91
<PAGE> 94
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
PHOTOGRAPHY - 0.16%
CPI Corporation 5,600 $ 133,350
Optical Coating Laboratory,
Incorporated 4,900 93,713
----------
227,063
PLASTICS - 0.01%
China Resources Development* 4,800 7,800
----------
POLLUTION CONTROL - 1.66%
Allied Waste Industries,
Incorporated * 96,400 2,313,600
Emcon * 6,700 31,825
Harding Lawson Associates
Group * 5,300 48,031
----------
2,393,456
PUBLISHING - 0.23%
Courier Corporation 3,600 95,400
Plenum Publishing Corporation 3,300 241,725
----------
337,125
RAILROADS & EQUIPMENT - 0.24%
Greenbrier Company,
Incorporated 600 10,350
Johnstown AmericaI Industry,
Incorporated * 19,700 342,288
----------
352,638
REAL ESTATE - 5.80%
American General Hospitality
Corporation 6,100 129,625
Amrep Corporation * 6,800 66,300
Angeles Mortgage Investment
Trust 2,600 47,450
Arden Realty, Incorporated 68,600 1,775,025
Bluegreen Corporation * 28,200 248,512
Brandywine Realty Trust SBI 9,000 201,375
Capstone Capital Corporation 18,200 418,600
CB Richard Ellis Services,
Incorporated * 22,000 735,625
CBL & Associates Properties,
Incorporated 12,900 312,825
Dominion Resources Black
Warrior Trust 4,300 88,419
Essex Property Trust 14,200 440,200
Excel Realty Trust, Incorporated 25,600 737,600
Execl Legacy Corporation * 16,600 72,625
Facility Realty, Incorporated 2,600 20,800
FelCor Suite Hotels,
Incorporated 34,600 1,085,575
Glenborough Realty Trust,
Incorporated * 40,800 1,076,100
Healthcare Realty Trust * 200 5,450
SHARES VALUE
------ -----
REAL ESTATE - CONTINUED
Highwoods Properties,
Incorporated 6,700 $ 216,494
Hospitality Properties Trust SBI 5,700 183,112
LNR Property Corporation * 1,200 30,750
Security Capital Atlantic,
Incorporated 6,000 133,875
Taubman Centers, Incorporated,
REIT 19,700 280,725
TriNet Corporate Realty Trust,
Incorporated 1,200 40,800
Walden Residential Properties,
Incorporated 600 14,700
----------
8,362,562
RETAIL GROCERY - 0.06%
Foodarama Supermarkets * 1,600 54,200
Village Super Market,
Incorporated * 2,100 33,863
----------
88,063
RETAIL TRADE - 5.05%
Ames Department Stores,
Incorporated * 29,500 776,219
BJ's Wholesale Club,
Incorporated * 47,200 1,917,500
Bon-Ton Stores, Incorporated * 12,300 197,569
Brookstone, Incorporated * 10,400 156,000
Burlington Coat Factory
Warehouse 22,200 499,500
Catherines Stores Corporation * 8,300 81,444
Chicos Fas, Incorporated 4,700 72,850
Cole National Corporation * 19,600 784,000
Dress Barn,The 1,200 29,850
Family Bargain Corporation * 6,300 18,112
Finlay Enterprises, Incorporated* 13,100 316,037
Fossil, Incorporated 500 12,438
Mays J W, Incorporated * 3,800 47,500
Pamida Holdings Corporation * 10,800 75,600
Piercing Pagoda, Incorporated * 6,400 232,000
Sharper Image Corporation * 10,600 51,675
Shoe Carnival, Incorporated * 1,300 18,037
United Retail Group,
Incorporated * 4,700 74,612
Value City Department Stores,
Incorporated * 18,000 378,000
Video Update, Incorporated * 17,700 25,444
Zale Corporation * 47,500 1,511,094
----------
7,275,481
SHIPBUILDING - 0.22%
Avondale Industries,
Incorporated* 11,500 317,328
----------
The accompanying notes are an integral part of the financial statements.
92
<PAGE> 95
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
SOFTWARE - 4.58%
Adept Technology, Incorporated* 5,800 $ 43,863
American Software, Incorporated * 7,300 51,100
Ardent Software, Incorporated * 10,300 141,625
Artisoft, Incorporated * 10,500 28,875
Aspect Development,
Incorporated * 9,200 695,750
Boole & Babbage, Incorporated * 7,050 168,319
Discreet Logic, Incorporated * 28,900 335,962
Expert Software, Incorporated * 7,300 30,113
Imation Corporation * 33,400 553,187
Infinium Software, Incorporated * 12,200 169,275
International Microcomp
Software, Incorporated * 9,200 143,750
Intersolv, Incorporated * 16,600 266,637
Manugistics Group, Incorporated 13,100 324,225
Mentor Graphics Corporation * 57,200 604,175
Platinum Technology,
Incorporated 49,600 1,416,700
Policy Management Systems
Corporation * 11,400 447,450
Progress Software Corporation * 11,200 459,200
Quality Systems * 7,600 70,300
Software Spectrum, Incorporated * 4,200 85,050
Symix Systems, Incorporated * 11,800 243,375
Titan Corporation 19,500 117,000
Wall Data, Incorporated * 13,100 209,600
----------
6,605,531
STEEL - 2.01%
LTV Corporation 119,700 1,144,631
NS Group, Incorporated * 13,100 132,637
Pitt Desmoines, Incorporated 400 10,600
Steel of West Virginia,
Incorporated * 7,500 72,188
Texas Industries, Incorporated 21,800 1,155,400
Varlen Corporation 11,250 388,125
----------
2,903,581
TELECOMMUNICATIONS SERVICES - 0.82%
Atlantic Tele Network, Incorporated * 5,560 68,110
Comsat Corporation 11,500 325,594
Price Communications Corporation * 4,400 67,375
Superior Telecom, Incorporated 13,500 561,937
Teltrend, Incorporated * 9,400 161,563
----------
1,184,579
TELEPHONE - 0.02%
Hector Communications Corporation * 3,100 34,488
----------
TOYS, AMUSEMENTS & SPORTING GOODS - 0.17%
Coastcast Corporation * 11,600 208,800
Riddell Sports, Incorporated 6,700 33,500
----------
242,300
SHARES VALUE
------ -----
TRUCKING & FREIGHT - 1.71%
Airbourne Freight Corporation 55,000 $ 1,921,562
TRUCKING & FREIGHT - CONTINUED
Consolidated Freightways
Corporation * 36,000 501,750
Roadway Express, Incorporated 1,800 33,975
Travel Ports America,
Incorporated * 2,376 7,277
------------
2,464,564
TOTAL COMMON STOCKS
(Cost: $124,693,976) $126,768,841
------------
PRINCIPAL
AMOUNT VALUE
- ------ -----
SHORT TERM INVESTMENTS - 12.10%
$17,449,045 Navigator Securities Lending
Trust, 5.54% $ 17,449,045
------------
TOTAL INVESTMENTS (Small
Company Value Trust) (Cost:
$142,143,021) $144,217,886
============
EQUITY TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 83.96%
AEROSPACE - 0.38%
GenCorp, Incorporated 74,500 $ 1,881,125
Gulfstream Aerospace
Corporation 112,300 5,221,950
-----------
7,103,075
AGRICULTURAL MACHINERY - 0.15%
Delta and Pine Land Company 62,100 2,763,450
-----------
AIR TRAVEL - 0.05%
Sealed Air Corporation* 600 22,050
Virgin Express Holdings PLC, ADR* 64,800 838,350
-----------
860,400
ALUMINUM - 1.01%
Aluminum Company of America 290,450 19,151,547
-----------
APPAREL & TEXTILES - 1.74%
Brylane, Incorporated* 71,100 3,270,600
Culp, Incorporated 57,100 738,731
Kellwood Company 65,600 2,345,200
Mohawk Industries, Incorporated* 148,000 4,689,750
Nike, Incorporated, Class B 115,700 5,633,144
Reebok International, Ltd. 281,800 7,802,337
Shaw Industries, Incorporated 82,800 1,459,350
Stage Stores, Incorporated 68,700 3,108,675
The accompanying notes are an integral part of the financial statements.
93
<PAGE> 96
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
APPAREL & TEXTILES - CONTINUED
Unifi, Incorporated 112,550 $ 3,854,838
-----------
32,902,625
AUTO PARTS - 0.44%
Danaher Corporation 113,700 4,171,369
Federal-Mogul Corporation 62,200 4,198,500
-----------
8,369,869
AUTOMOBILES - 0.53%
Federal Signal Corporation 50,000 1,215,625
Harley Davidson, Incorporated 205,100 7,947,625
Schawk, Incorporated, Class A 62,600 939,000
-----------
10,102,250
BANKING - 2.89%
Amsouth Bancorporation 83,400 3,278,663
Banc One Corporation 65,250 3,641,766
Comerica, Incorporated 139,800 9,261,750
Crestar Financial Corporation 51,000 2,782,688
M & T Bank Corporation 300 166,200
Marshall & Ilsley Corporation 52,800 2,696,100
National City Corporation 25,400 1,803,400
North Fork Bancorporation,
Incorporated 264,977 6,475,375
Providian Financial Corporation 20,500 1,610,531
Southwest Bancorporation of
Texas, Incorporated* 65,200 1,226,575
Star Banc Corporation 44,200 2,823,275
Texas Regional Bancshares,
Incorporated 11,200 366,800
U.S. Bancorp 241,875 10,400,625
Westamerica Bancorporation 89,800 2,884,825
Zions BanCorporation 99,300 5,275,312
-----------
54,693,885
BROADCASTING - 1.50%
CBS Corporation 77,900 2,473,325
Clear Channel Communications* 75,300 8,217,112
E.W. Scripps Company, Class A 25,800 1,414,163
Jacor Communications,
Incorporated, Class A * 52,200 3,079,800
MediaOne Group, Incorporated 264,700 11,630,256
Tele-Communications,
Incorporated* 74,700 1,498,669
-----------
28,313,325
BUILDING MATERIALS & CONSTRUCTION - 1.13%
Fluor Corporation 276,900 14,121,900
Harsco Corporation 160,100 7,334,581
-----------
21,456,481
BUSINESS SERVICES - 5.44%
AccuStaff, Incorporated * 90,600 2,831,250
SHARES VALUE
------ -----
BUSINESS SERVICES - CONTINUED
Administaff, Incorporated 30,600 $ 1,411,425
America Online, Incorporated 91,800 9,730,800
Banta Corporation 187,200 5,779,800
Deluxe Corporation 514,200 18,414,787
GTECH Holdings Corporation* 78,700 2,651,206
Harte Hanks Communications 64,800 1,672,650
Humana, Incorporated* 41,400 1,291,163
Interpublic Group Companies,
Incorporated 17,800 1,080,238
Jacobs Engineering Group,
Incorporated* 92,400 2,968,350
Laidlaw, Incorporated 120,000 1,447,453
OmniCom Group, Incorporated 256,400 12,787,950
Paychex, Incorporated 51,600 2,099,475
R.R. Donnelley & Sons Company 492,900 22,550,175
Service Corporation International 119,900 5,140,713
Stone & Webster, Incorporated 279,300 11,067,262
------------
102,924,697
CHEMICALS - 5.56%
Cabot Corporation 374,600 12,104,262
Cytec Industries, Incorporated 55,600 2,460,300
E.I. Du Pont De Nemours &
Company 40,000 2,985,000
Ferro Corporation 152,650 3,863,953
Great Lakes Chemical
Corporation 34,000 1,340,875
Hercules, Incorporated 482,900 19,859,262
IMC Global, Incorporated 68,100 2,051,513
Lawter International,
Incorporated 195,900 2,130,413
M.A. Hanna Company 267,800 4,904,087
Macdermid, Incorporated 59,400 1,678,050
Nalco Chemical Company 728,600 25,592,075
Olin Corporation 145,500 6,065,531
Union Carbide Corporation 90,800 4,846,450
VWR Scientific Products
Corporation 34,800 856,950
Waters Corporation 62,600 3,689,488
Witco Corporation 365,200 10,682,100
------------
105,110,309
COMPUTERS & BUSINESS EQUIPMENT - 2.66%
Computer Learning Centers,
Incorporated 113,200 2,815,850
CSG Systems International,
Incorporated* 40,600 1,903,125
E*Trade Group, Incorporated * 96,000 2,202,000
HBO & Company 171,000 6,027,750
Hutchinson Technology,
Incorporated* 38,900 1,060,025
The accompanying notes are an integral part of the financial statements.
94
<PAGE> 97
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
COMPUTERS & BUSINESS EQUIPMENT - CONTINUED
Ingram Micro, Incorporated,
Class A* 60,700 $ 2,685,975
Pixar* 38,300 2,312,362
Quantum Corporation* 40,300 836,225
Seagate Technology,
Incorporated 473,200 11,268,075
Tandy Corporation 82,700 4,388,269
Unisys Corporation* 522,500 14,760,625
-----------
50,260,281
CONGLOMERATES - 0.48%
Triarc Companies, Incorporated,
Class A 160,200 3,514,388
Tyco International, Ltd. 89,174 5,617,962
-----------
9,132,350
CONSTRUCTION MATERIALS - 0.73%
Armstrong World Industries,
Incorporated 86,600 5,834,675
Dayton Superior Corporation,
Class A* 93,900 1,690,200
Lone Star Industries,
Incorporated 46,700 3,598,819
Medusa Corporation 19,300 1,211,075
Owens-Corning 34,400 1,403,950
-----------
13,738,719
CONSTRUCTION & MINING EQUIPMENT - 0.22%
Harnischfeger Industries,
Incorporated 144,200 4,082,663
-----------
CONTAINERS & GLASS - 0.67%
Mark IV Industries, Incorporated 76,750 1,659,719
Owens-Illinois, Incorporated 179,050 8,012,487
Silgan Holdings, Incorporated 107,900 3,021,200
-----------
12,693,406
COSMETICS & TOILETRIES - 0.62%
Alberto Culver Company, Class A 290,000 7,358,750
International Flavors &
Fragrances, Incorporated 57,300 2,488,969
Revlon, Incorporated, Class A 37,400 1,921,425
-----------
11,769,144
CRUDE PETROLEUM & NATURAL GAS - 2.62%
Burlington Resources,
Incorporated 281,797 12,134,883
Elf Aquitaine SA 70,000 9,841,706
Enron Oil & Gas Company 107,300 2,172,825
Nuevo Energy Company 58,350 1,874,494
Occidental Petroleum Corporation 646,900 17,466,300
Valero Energy Corporation 183,700 6,108,025
-----------
49,598,233
SHARES VALUE
------ -----
DOMESTIC OIL - 1.30%
Amerada Hess Corporation 281,800 $ 15,305,262
Phillips Petroleum Company 80,000 3,855,000
Unocal Corporation 58,300 2,084,225
USX-Marathon Group 100,000 3,431,250
------------
24,675,737
DRUGS & HEALTH CARE - 6.36%
Bausch & Lomb, Incorporated 353,900 17,739,237
C.R. Bard, Incorporated 49,400 1,880,288
Cardinal Health, Incorporated 68,300 6,403,125
Columbia/HCA Healthcare
Corporation 220,900 6,433,712
Cyberonics, Incorporated 69,500 738,438
Cytyc Corporation 59,700 973,856
Fred Meyer, Incorporated* 60,300 2,562,750
Gilead Sciences, Incorporated 32,400 1,038,825
Guidant Corporation 69,600 4,963,350
Health Management
Association, Class A 225,150 7,528,453
HEALTHSOUTH Corporation* 244,750 6,531,766
Incontrol, Incorporated 20,200 53,025
McKesson Corporation 280,700 22,806,875
Medtronic, Incorporated 152,300 9,709,125
Rexall Sundown, Incorporated* 87,200 3,073,800
Sofamor/Danek Group,
Incorporated* 23,400 2,025,562
Steris Corporation* 10,400 661,375
Sybron International Corporation 173,450 4,379,612
Tenet Healthcare Corporation* 103,200 3,225,000
United Healthcare Corporation 265,600 16,865,600
Young Innovations Investor* 50,300 773,363
------------
120,367,137
ELECTRICAL EQUIPMENT - 0.90%
AMETEK, Incorporated 133,970 3,926,996
Cooper Industries, Incorporated 57,600 3,164,400
General Electric Company 48,300 4,395,300
Kuhlman Corporation 92,600 3,663,487
Raychem Corporation 60,000 1,773,750
------------
16,923,933
ELECTRIC UTILITIES - 0.45%
Duke Energy Company 50,700 3,003,975
Entergy Corporation 26,500 761,875
IPALCO Enterprises 54,600 2,426,287
LG & E Energy Corporation 28,400 768,575
PG&E Corporation 50,300 1,587,594
------------
8,548,306
ELECTRONICS - 4.42%
Alliant Techsystems, Incorporated 38,900 2,460,425
AMP, Incorporated 543,300 18,675,937
Apple Computer, Incorporated* 441,900 12,677,006
The accompanying notes are an integral part of the financial statements.
95
<PAGE> 98
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
ELECTRONICS - CONTINUED
Comverse Technology, Incorporated* 33,595 $ 1,742,741
EG & G, Incorporated 382,500 11,475,000
Electronic Data Systems
Corporation 270,300 10,812,000
Linear Technology Corporation 108,900 6,568,031
Loral Space & Communications* 79,900 2,257,175
Micron Technology, Incorporated 561,900 13,942,144
MIPS Technologies, Incorporated
1,800 24,188
Novellus Systems, Incorporated* 25,900 924,306
Synopsys, Incorporated * 21,100 965,325
Technology Solutions Company* 35,300 1,118,569
-----------
83,642,847
FINANCIAL SERVICES - 1.65%
Alcatel Alsthom ADR 171,700 6,986,044
Allmerica Financial Corporation 4,900 318,500
Association First Capital
Corporation, Class A 60,600 4,658,625
Borg-Warner Security
Corporation* 104,300 2,359,787
Capital Re Corporation 12,800 916,800
Compass Bancshares,
Incorporated 45,300 2,044,162
Heller Financial, Incorporated,
Class A 26,000 780,000
Household International,
Incorporated 123,300 6,134,175
Nationwide Financial Services,
Incorporated 28,400 1,448,400
ReliaStar Financial Corporation 54,400 2,611,200
Richmond County Financial
Corporation 47,700 891,394
Sterling Bancshares,
Incorporated 2,450 38,588
TCF Financial Corporation 15,400 454,300
Webster Financial Corporation 49,400 1,642,550
-----------
31,284,525
FOOD & BEVERAGES - 2.92%
Coca-Cola Bottling Company
Consolidated 17,500 1,157,188
Coca-Cola Enterprises,
Incorporated 61,100 2,398,175
Dean Foods Company 120,000 6,592,500
Dole Food, Incorporated 591,100 29,370,281
Flowers Industries, Incorporated 102,000 2,084,625
Interstate Bakeries Corporation 66,500 2,206,969
Michael Foods, Incorporated* 95,800 2,814,125
Northland Cranberries,
Incorporated 98,200 1,515,962
Pilgrims Pride Corporation 33,200 664,000
Sanderson Farms, Incorporated 17,500 258,125
SHARES VALUE
------ -----
FOOD & BEVERAGES - CONTINUED
Suiza Foods Corporation* 40,800 $ 2,435,250
United States Foodservice 57,562 2,018,268
Wm. Wrigley Jr. Company 17,000 1,666,000
-----------
55,181,468
FOREST PRODUCTS - 0.38%
American Disposal Services,
Incorporated* 76,600 3,590,625
Georgia-Pacific Corporation 62,100 3,660,019
-----------
7,250,644
FURNITURE & FIXTURES - 0.27%
Knoll, Incorporated 138,400 4,082,800
Steelcase, Incorporated 40,200 1,045,200
-----------
5,128,000
GAS & PIPELINE UTILITIES - 0.43%
Cooper Cameron Corporation* 26,400 1,346,400
Enron Corporation 25,900 1,400,219
Ocean Energy, Incorporated* 163,216 3,192,913
R & B Falcon Corporation* 95,904 2,169,828
-----------
8,109,360
GOLD - 0.18%
Newmont Mining Corporation 140,000 3,307,500
-----------
HOMEBUILDERS - 0.30%
Elcor Chemical Corporation 131,800 3,327,950
Lennar Corporation 35,038 1,033,621
Walter Industries, Incorporated 66,500 1,259,344
-----------
5,620,915
HOTELS & RESTAURANTS - 1.17%
CKE Restaurants, Incorporated 112,215 4,628,869
Cracker Barrel Old Country Store 93,200 2,959,100
Mirage Resorts, Incorporated 300,500 6,404,406
Papa Johns International,
Incorporated 61,400 2,421,462
Promus Hotel Corporation 148,500 5,717,250
-----------
22,131,087
HOUSEHOLD APPLIANCES - 2.26%
Bassett Furniture Industries,
Incorporated 58,700 1,654,606
Ethan Allen Interiors,
Incorporated 36,800 1,837,700
Furniture Brands International,
Incorporated 79,900 2,242,194
Leggett & Platt, Incorporated 500,600 12,515,000
Westpoint Stevens, Incorporated 77,600 2,560,800
Whirlpool Corporation 320,000 22,000,000
-----------
42,810,300
The accompanying notes are an integral part of the financial statements.
96
<PAGE> 99
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
HOUSEHOLD PRODUCTS - 2.34%
Black & Decker Corporation 50,000 $ 3,050,000
Church & Dwight, Incorporated 55,800 1,806,525
Rubbermaid, Incorporated 906,500 30,084,469
The Stanley Works 104,100 4,326,656
Tupperware Corporation 179,100 5,037,187
-----------
44,304,837
INDUSTRIAL MACHINERY - 1.46%
American Standard Companies,
Incorporated* 405,000 18,098,437
Gorman Rupp Company 63,600 1,152,750
Kaydon Corporation 27,300 964,031
PRI Automation, Incorporated 63,800 1,088,588
W.H. Brady Company, Class A 159,800 4,444,437
York International Corporation 41,500 1,807,844
-----------
27,556,087
INSURANCE - 1.93%
Aetna, Incorporated 73,500 5,595,187
AFLAC, Incorporated 185,200 5,613,875
Ambac Financial Group,
Incorporated 41,100 2,404,350
Chubb Corporation 15,500 1,245,813
Foundation Health System,
Incorporated* 82,700 2,181,212
Hartford Life, Incorporated, Class A 33,700 1,918,794
HCC Insurance Holdings,
Incorporated 75,100 1,652,200
Life Re Corporation 12,900 1,057,800
MBIA, Incorporated 26,600 1,991,675
MedPartners, Incorporated 134,100 1,072,800
PAULA Financial 65,700 1,322,213
Progressive Corporation 12,800 1,804,800
Protective Life Corporation 46,500 1,705,969
Provident Companies,
Incorporated 28,500 983,250
Travelers Property Casualty
Corporation, Class A 72,100 3,091,287
UNUM Corporation 50,400 2,797,200
-----------
36,438,425
LEISURE TIME - 1.67%
Action Performance Companies,
Incorporated 85,900 2,764,906
B Corporation 405,000 10,023,750
Carnival Corporation, Class A 74,400 2,948,100
Cinar Films, Incorporated 42,200 774,286
Cinar Films, Incorporated, Class B* 103,000 2,008,500
Premier Parks, Incorporated 115,500 7,695,187
Westwood One, Incorporated 212,300 5,353,941
-----------
31,568,670
SHARES VALUE
------ -----
LIQUOR - 0.19%
Adolph Coors Company, Class B 105,000 $ 3,570,000
-----------
MOBILE HOMES - 0.16%
Oakwood Homes Corporation 101,650 3,049,500
-----------
NEWSPAPERS - 0.06%
Tribune Company 17,500 1,204,219
-----------
OFFICE FURNISHINGS & SUPPLIES - 0.39%
Miller Herman, Incorporated 64,500 1,568,156
Reynolds & Reynolds Company,
Class A 322,100 5,858,194
-----------
7,426,350
PAPER - 1.18%
Champion International
Corporation 102,900 5,061,394
Chesapeake Corporation 102,800 4,002,775
Fort James Corporation 170,000 7,565,000
Ivex Packaging Corporation* 166,000 3,859,500
Stone Container Corporation 120,000 1,875,000
-----------
22,363,669
PETROLEUM SERVICES - 1.16%
EVI Weatherford, Incorporated 34,700 1,288,238
Halliburton Company 90,000 4,010,625
Tosco Corporation 302,300 8,880,062
TOTAL SA, B Shares 60,000 7,800,586
-----------
21,979,511
PHOTOGRAPHY - 1.01%
Polaroid Corporation 538,800 19,161,075
-----------
PLASTICS - 0.70%
First Brands Corporation 421,800 10,808,625
Spartech Corporation 114,400 2,452,450
-----------
13,261,075
POLLUTION CONTROL - 4.14%
Browning Ferris Industries,
Incorporated 786,600 27,334,350
Eastern Environmental Services,
Incorporated* 141,800 4,821,200
Republic Industries, Incorporated* 416,200 10,405,000
USA Waste Services,
Incorporated* 384,437 18,981,577
Waste Management,
Incorporated 479,800 16,793,000
-----------
78,335,127
PUBLISHING - 0.62%
Applied Graphics Technologies 36,800 1,683,600
Chum, Ltd., Class B* 25,600 968,122
The accompanying notes are an integral part of the financial statements.
97
<PAGE> 100
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
PUBLISHING - CONTINUED
John H. Harland Company 195,000 $ 3,302,813
Meredith Corporation 87,000 4,083,562
Times Mirror Company, Series A 28,100 1,766,788
------------
11,804,885
RAILROADS & EQUIPMENT - 0.05%
CSX Corporation 20,000 910,000
------------
REAL ESTATE - 0.22%
Bedford Property Investments,
Incorporated 25,900 472,675
Brandywine Realty Trust SBI 43,900 982,262
Duke Realty Investments,
Incorporated 22,900 541,013
Home Properties of New York,
Incorporated 15,600 416,325
LNR Property Corporation 59,800 1,532,375
Sl Green Realty Corporation 8,500 191,250
------------
4,135,900
RETAIL GROCERY - 1.23%
Dominicks Supermarkets,
Incorporated* 29,300 1,305,681
Hannaford Brothers Company 53,200 2,340,800
Safeway, Incorporated* 330,100 13,430,944
Starbucks Corporation* 94,300 5,039,156
The Great Atlantic & Pacific Tea
Company, Incorporated 35,900 1,186,944
------------
23,303,525
RETAIL TRADE - 6.87%
Abercrombie & Fitch Company,
Class A* 25,800 1,135,200
Ann Taylor Stores Corporation 276,700 5,862,581
Bon-Ton Stores, Incorporated* 145,400 2,335,488
Consolidated Stores Corporation* 275,729 9,995,176
CVS Corporation 384,858 14,985,408
Dollar Tree Stores, Incorporated* 142,650 5,795,156
Federated Department Stores,
Incorporated* 610,000 32,825,625
Fingerhut Companies, Incorporated 143,600 4,738,800
Haverty Furniture Companies,
Incorporated 18,100 400,463
Heilig-Meyers Company 474,900 5,847,206
Michael's Stores, Incorporated* 85,400 3,013,019
Pep Boys-Manny, Moe & Jack 50,800 962,025
Pier 1 Imports, Incorporated 46,100 1,100,638
Proffitt's, Incorporated* 197,600 7,978,100
The Limited, Incorporated 457,600 15,158,000
TJX Companies, Incorporated 471,100 11,365,287
Walgreen Company 74,100 3,061,256
Zale Corporation* 105,100 3,343,494
------------
129,902,922
SHARES VALUE
------ -----
SHIPBUILDING - 0.10%
Avondale Industries, Incorporated* 67,622 $ 1,865,945
-----------
SOFTWARE - 2.26%
BMC Software, Incorporated* 103,000 5,349,563
CIBER, Incorporated* 106,000 4,028,000
Compuware Corporation* 142,700 7,295,537
Dialogic Corporation* 68,000 2,023,000
Keane, Incorporated* 179,500 10,052,000
PeopleSoft, Incorporated 15,500 728,500
Shared Medical Systems
Corporation 300 22,031
Siebel Systems, Incorporated 180,550 5,822,737
Symantec Corporation* 100,300 2,620,338
USA Networks, Incorporated 191,200 4,803,900
-----------
42,745,606
STEEL - 0.63%
Nucor Corporation 245,500 11,293,000
Steel Dynamics, Incorporated 48,000 666,000
-----------
11,959,000
TELECOMMUNICATIONS SERVICES - 1.10%
Ascend Communications,
Incorporated* 90,400 4,480,450
Comsat Corporation* 139,600 3,952,425
Cox Communications,
Incorporated, Class A* 79,000 3,826,563
PanAmSat Corporation 40,400 2,297,750
RCN Corporation 50,200 972,625
Skytel Communications,
Incorporated 214,800 5,027,662
US LEC Corporation, Class A 15,400 321,475
-----------
20,878,950
TELEPHONE - 1.43%
Qwest Communications
International, Incorporated 35,755 1,246,955
U.S. West, Incorporated 11 517
WorldCom, Incorporated 531,195 25,729,758
-----------
26,977,230
TIRES & RUBBER - 0.12%
Carlisle Companies ,
Incorporated 51,300 2,209,106
-----------
TOBACCO - 0.21%
Philip Morris Companies,
Incorporated* 44,800 1,764,000
RJR Nabisco Holdings
Corporation 90,500 2,149,375
-----------
3,913,375
The accompanying notes are an integral part of the financial statements.
98
<PAGE> 101
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SHARES VALUE
------ -----
TOYS, AMUSEMENTS & SPORTING GOODS - 0.45%
Mattel, Incorporated 198,800 $ 8,411,725
--------------
TRUCKING & FREIGHT - 0.47%
CNF Transportation,
Incorporated 139,600 5,933,000
Pittston Brinks Group 79,200 2,920,500
--------------
8,853,500
TOTAL COMMON STOCKS
(Cost: $1,464,717,806) $1,588,098,682
--------------
WARRANTS - 0.04%
REAL ESTATE - 0.04%
Kimco Realty Corporation,
(Expiration date 10/08/1998;
strike price $39.438) 18,000 738,000
--------------
TOTAL WARRANTS
(Cost: $667,950) $ 738,000
--------------
PRINCIPAL
AMOUNT VALUE
- ------ -----
SHORT TERM INVESTMENTS - 12.84%
$242,870,601 Navigator Securities Lending
Trust, 5.54% $ 242,870,601
--------------
REPURCHASE AGREEMENTS - 3.16%
$59,748,000 Repurchase Agreement with State
Street Bank & Trust Company
dated 06/30/1998 at 5.00%, to be
repurchase at $59,756,298 on
07/01/1998, collateralized by
$52,440,000 U.S. Treasury Bonds,
6.75% due 08/15/2026 (valued at
$60,945,978, including interest) $ 59,748,000
--------------
TOTAL INVESTMENTS (Equity Trust)
(Cost: $1,768,004,357) $1,891,455,283
==============
GROWTH TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 83.07%
AIR TRAVEL - 2.02%
Deutsche Lufthansa AG 81,200 $2,046,378
Galileo International, Incorporated 72,925 3,286,183
----------
5,332,561
BANKING - 1.66%
Citicorp 29,300 4,373,025
----------
SHARES VALUE
------ -----
BROADCASTING - 4.34%
CBS Corporation* 112,150 $ 3,560,762
Jacor Communications,
Incorporated, Class A* 36,075 2,128,425
MediaOne Group, Incorporated* 31,000 1,362,063
Tele-Communications
Incorporated, Series A 114,550 4,403,016
-----------
11,454,266
BUSINESS SERVICES - 5.53%
America Online, Incorporated 19,100 2,024,600
Cognizant Corporation 40,600 2,557,800
Comdisco Incorporated 86,500 1,643,500
Computer Sciences Corporation* 56,650 3,625,600
Fiserv, Incorporated* 83,937 3,564,699
Viad Corporation 42,000 1,165,500
-----------
14,581,699
CHEMICALS - 2.73%
Monsanto Company 92,325 5,158,659
Sterling Commerce, Incorporated* 42,300 2,051,550
-----------
7,210,209
COMPUTERS & BUSINESS EQUIPMENT - 1.02%
Oce-Van Der Grinten 30,000 1,278,072
Veritas Software Corporation* 33,812 1,398,971
-----------
2,677,043
CONGLOMERATES - 1.17%
Cendant Corporation* 115,800 2,417,325
Hunter Douglas 12,050 655,036
-----------
3,072,361
DRUGS & HEALTH CARE - 10.85%
Alza Corporation* 18,650 806,613
Bristol-Myers Squibb Company 27,550 3,166,528
Eli Lilly & Company 25,600 1,691,200
Fred Meyer, Incorporated* 68,475 2,910,187
Medtronic, Incorporated 37,800 2,409,750
Merck & Company, Incorporated 10,300 1,377,625
Novartis AG 1,050 1,750,116
Pfizer, Incorporated 105,850 11,504,572
Warner-Lambert Company 43,200 2,997,000
-----------
28,613,591
ELECTRICAL EQUIPMENT - 2.61%
General Electric Company* 75,600 6,879,600
-----------
ELECTRONICS - 2.89%
Intel Corporation 65,575 4,860,747
Maxim Integrated Products,
Incorporated 30,450 964,884
Tellabs, Incorporated* 25,125 1,799,578
-----------
7,625,209
The accompanying notes are an integral part of the financial statements.
99
<PAGE> 102
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - 13.31%
Association First Capital Corporation, Class A 67,958 $5,224,271
Beneficial Corporation 46,675 7,150,027
Capital One Financial Corporation 47,675 5,920,639
Federal National Mortgage Association 55,875 3,394,406
Golden West Financial Corporation 25,975 2,761,467
Green Tree Financial Corporation 115,700 4,953,406
Hartford Financial Services Group, Incorporated 26,450 3,025,219
Heller Financial, Incorporated, Class A* 11,500 345,000
SLM Holding Corporation 47,925 2,348,325
------------
35,122,760
FOOD & BEVERAGES - 2.96%
Coca-Cola Enterprises, Incorporated 74,125 2,909,406
Ralston Purina Company 19,850 2,318,728
Sara Lee Corporation 46,250 2,587,110
------------
7,815,244
HOTELS & RESTAURANTS - 2.59%
Hilton Hotels Corporation 149,300 4,255,050
Mirage Resorts, Incorporated* 120,875 2,576,148
------------
6,831,198
HOUSEHOLD APPLIANCES - 1.82%
Maytag Corporation 37,775 1,865,141
Newell Company 59,000 2,938,937
------------
4,804,078
HOUSEHOLD PRODUCTS - 5.15%
Black & Decker Corporation 20,500 1,250,500
Colgate-Palmolive Company 30,400 2,675,200
Dial Corporation 100,800 2,614,500
Gillette Company 72,000 4,081,500
Procter & Gamble Company 32,700 2,977,744
------------
13,599,444
INDUSTRIAL MACHINERY - 0.77%
Crane Company 41,900 2,034,769
------------
INSURANCE - 3.63%
Allstate Corporation 5,300 485,281
Conseco, Incorporated 43,200 2,019,600
Everest Reinsurance Holdings 33,225 1,277,086
Marsh & Mclennan Companies, Incorporated 50,700 3,064,181
Progressive Corporation 19,350 2,728,350
------------
9,574,498
LEISURE TIME - 0.91%
Grand Casinos, Incorporated 81,000 1,356,750
The Walt Disney Company 9,950 1,045,372
------------
2,402,122
NEWSPAPERS - 0.78%
News Corporation, Ltd.* 72,800 2,056,600
------------
OFFICE FURNISHINGS & SUPPLIES - 0.89%
Office Max Incorporated* 142,525 2,351,663
------------
PAPER - 0.63%
Fort James Corporation 37,250 1,657,625
------------
RETAIL TRADE - 3.66%
Circuit City Stores, Incorporated 69,100 3,239,062
Kmart Corporation* 96,050 1,848,963
Lowe's Companies, Incorporated 112,550 4,565,309
------------
9,653,334
SOFTWARE - 3.49%
Intuit, Incorporated* 45,500 2,786,875
Microsoft Corporation* 53,800 5,830,575
PeopleSoft, Incorporated* 12,650 594,550
------------
9,212,000
TELECOMMUNICATIONS SERVICES - 0.46%
Ascend Communications, Incorporated* 24,525 1,215,520
------------
TELEPHONE - 4.40%
Bell Atlantic Corporation* 63,100 2,878,938
MCI Communications Corporation 149,825 8,708,578
U.S. West, Incorporated* 559 26,273
------------
11,613,789
TOBACCO - 2.09%
Philip Morris Companies, Incorporated* 83,275 3,278,953
RJR Nabisco Holdings Corporation 94,200 2,237,250
------------
5,516,203
TOYS, AMUSEMENTS & SPORTING GOODS - 0.72%
Mattel, Incorporated 45,000 1,904,063
------------
TOTAL COMMON STOCKS
(Cost: $181,626,067) $219,184,474
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
100
<PAGE> 103
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 9.14%
$24,122,903 Navigator Securities Lending Trust, 5.54% $24,122,903
-----------
REPURCHASE AGREEMENTS - 7.79%
$20,554,000 Repurchase Agreement with State Street Bank
& Trust Company dated 06/30/1998 at 5.00%,
to be repurchased at $20,556,855 on 07/01/1998,
collateralized by $15,965,000 U.S. Treasury Bonds,
8.125% due 08/15/2019 (valued at $20,971,337,
including interest) $20,554,000
-----------
TOTAL INVESTMENTS (Growth Trust)
(Cost: $226,302,968) $263,861,377
============
</TABLE>
QUANTITATIVE EQUITY TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 86.57%
AIR TRAVEL - 1.72%
AMR Corporation* 48,000 $3,996,000
------------
ALUMINUM - 1.53%
Reynolds Metals Company 63,800 3,568,813
------------
APPAREL & TEXTILES - 0.45%
Jones Apparel Group, Incorporated* 28,600 1,045,688
------------
AUTOMOBILES - 3.29%
Ford Motor Company 71,400 4,212,600
General Motors Corporation 51,500 3,440,844
------------
7,653,444
BANKING - 11.84%
BancOne Corporation 67,120 3,746,135
Bankers Trust New York Corporation 30,000 3,481,875
First Union Corporation 67,000 3,902,750
Fleet Financial Group, Incorporated 45,100 3,765,850
Keycorp 97,600 3,477,000
National City Corporation 54,600 3,876,600
Northern Trust Corporation 13,700 1,044,625
PNC Bank Corporation 64,100 3,449,381
Washington Mutual, Incorporated 18,300 794,906
------------
27,539,122
BROADCASTING - 0.52%
Clear Channel Communications* 11,100 1,211,288
------------
BUSINESS SERVICES - 2.09%
OmniCom Group, Incorporated 20,400 1,017,450
Outsource International, Incorporated* 75,000 675,000
Paychex, Incorporated 16,750 681,516
Quintiles Transnational Corporation* 20,000 983,750
Robert Half International, Incorporated* 26,750 1,494,656
------------
4,852,372
CHEMICALS - 2.19%
Millennium Chemicals, Incorporated 21,000 711,375
PPG Industries, Incorporated 50,000 3,478,125
The B.F. Goodrich Company 18,300 908,137
------------
5,097,637
COMPUTERS & BUSINESS EQUIPMENT - 4.81%
Cisco Systems, Incorporated* 48,900 4,501,856
Dell Computer Corporation* 44,900 4,167,281
HBO & Company 43,600 1,536,900
Sundstrand Corporation 17,300 990,425
------------
11,196,462
CONGLOMERATES - 2.24%
Aeroquip-Vickers, Incorporated 17,300 1,009,887
Tyco International, Ltd. 66,800 4,208,400
------------
5,218,287
DOMESTIC OIL - 3.61%
Murphy Oil Corporation 27,500 1,393,906
Sun, Incorporated 87,100 3,380,569
USX-Marathon Group 105,800 3,630,262
------------
8,404,737
DRUGS & HEALTH CARE - 4.93%
Fred Meyer, Incorporated* 33,000 1,402,500
General Nutrition Companies, Incorporated* 29,000 902,625
Rexall Sundown, Incorporated* 30,500 1,075,125
Schering-Plough Corporation 44,300 4,058,987
Warner-Lambert Company 58,000 4,023,750
------------
11,462,987
ELECTRICAL EQUIPMENT - 0.44%
General Cable Corporation 35,400 1,022,175
------------
ELECTRIC UTILITIES - 2.20%
FPI Group, Incorporated 60,200 3,792,600
Pinnacle West Capital Corporation 29,400 1,323,000
------------
5,115,600
</TABLE>
The accompanying notes are an integral part of the financial statements.
101
<PAGE> 104
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONICS - 2.81%
Lexmark International Group, Incorporated, Class A* 24,400 $1,488,400
LSI Logic Corporation* 30,500 703,406
Lucent Technologies, Incorporated 52,200 4,342,388
------------
6,534,194
FINANCIAL SERVICES - 3.64%
A.G. Edwards, Incorporated 19,800 845,212
Capital One Financial Corporation 13,700 1,701,369
Golden West Financial Corporation 11,600 1,233,225
H.F. Ahmanson & Company 12,100 859,100
Merrill Lynch & Company, Incorporated 41,400 3,819,150
------------
8,458,056
FOOD & BEVERAGES - 0.21%
Flowers Industries, Incorporated 23,500 480,281
------------
GAS & PIPELINE UTILITIES - 0.30%
Cooper Cameron Corporation* 13,600 693,600
------------
HOMEBUILDERS - 0.45%
Centex Corporation 27,800 1,049,450
------------
HOUSEHOLD APPLIANCES - 0.49%
Ethan Allen Interiors, Incorporated 22,900 1,143,569
------------
INSURANCE - 2.40%
Marsh & McLennan Companies, Incorporated 63,450 3,834,759
MGIC Investment Corporation 4,900 279,606
SunAmerica, Incorporated 25,800 1,481,888
------------
5,596,253
LEISURE TIME - 2.29%
Carnival Corporation, Class A 109,200 4,327,050
Royal Caribbean Cruises, Ltd. 12,500 993,750
------------
5,320,800
OFFICE FURNISHINGS & SUPPLIES - 0.24%
Miller Herman, Incorporated 23,100 561,619
------------
PAPER - 2.00%
International Paper Company 30,000 1,290,000
Union Camp Corporation 67,700 3,359,612
------------
4,649,612
PETROLEUM SERVICES - 1.40%
Baker Hughes, Incorporated 48,900 1,690,107
Halliburton Company 35,300 1,573,056
------------
3,263,163
PHOTOGRAPHY - 1.63%
Eastman Kodak Company 51,900 3,791,944
------------
REAL ESTATE - 1.55%
Simon DeBartolo Group, Incorporated 110,900 3,604,250
------------
RETAIL TRADE - 9.31%
CVS Corporation 16,600 646,362
Dayton Hudson Corporation 79,800 3,870,300
GAP, Incorporated 68,500 4,221,312
J.C. Penney, Incorporated 51,500 3,724,094
Staples, Incorporated* 118,900 3,440,669
The Limited, Incorporated 20,000 662,500
TJX Companies, Incorporated 42,200 1,018,075
Wal-Mart Stores, Incorporated 67,100 4,076,325
------------
21,659,637
SOFTWARE - 3.33%
BMC Software, Incorporated* 22,300 1,158,206
Computer Associates International, Incorporated 70,500 3,917,157
Informix Corporation 103,400 817,506
Keane, Incorporated* 14,900 834,400
PeopleSoft, Incorporated* 21,600 1,015,200
------------
7,742,469
TELEPHONE - 9.97%
Airtouch Communications, Incorporated* 64,700 3,780,906
American Telephone & Telegraph Corporation 52,300 2,987,638
Bell Atlantic Corporation 80,800 3,686,500
BellSouth Corporation 57,400 3,852,975
Qwest Communications International, Incorporated* 32,700 1,140,413
SBC Communications, Incorporated 95,200 3,808,000
WorldCom, Incorporated* 81,370 3,941,359
------------
23,197,791
TIRES & RUBBER - 0.48%
Safeskin Corporation* 27,200 1,118,600
------------
TOBACCO - 1.68%
Philip Morris Companies, Incorporated 99,000 3,898,125
------------
TRANSPORTATION - 0.11%
Dollar Thrifty Automotive Group* 20,000 265,000
------------
TRUCKING & FREIGHT - 0.42%
Airbourne Freight Corporation 28,200 985,238
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
102
<PAGE> 105
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
-----
<S> <C>
TOTAL COMMON STOCKS
(Cost: $182,850,864) $201,398,263
------------
PRINCIPAL
AMOUNT VALUE
- ------ -----
SHORT TERM INVESTMENTS - 6.12%
$14,232,456 Navigator Securities Lending Trust, 5.54% $14,232,456
------------
REPURCHASE AGREEMENTS - 7.31%
$17,005,000 Repurchase Agreement with State Street Bank
& Trust Company dated 06/30/1998 at 5.71% to
be repurchased at $17,007,697 on 07/01/1998
collateralized by $17,325,000 U.S. Treasury
Notes, 5.625% due 12/31/1999 (valued at
$17,346,656, including interest) $17,005,000
------------
TOTAL INVESTMENTS (Quantitative Equity Trust) (Cost: $214,088,320) $232,635,719
============
</TABLE>
EQUITY INDEX TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 77.16%
AEROSPACE - 1.34%
AlliedSignal, Incorporated 2,310 $102,506
Boeing Company 4,137 184,355
Computer Sciences Corporation* 636 40,704
General Dynamics Corporation 554 25,761
Lockheed Martin Corporation 751 79,512
Northrop Grumman Corporation 276 28,463
Rockwell International Corporation 901 43,304
TRW, Incorporated 554 30,262
United Technologies Corporation 973 90,003
---------
624,870
AGRICULTURAL MACHINERY - 0.11%
Deere & Company 1,022 54,038
---------
AGRICULTURAL OPERATIONS - 0.00%
Agribrands International, Incorporated 40 1,210
---------
AIR FREIGHT - 0.08%
FDX Corporation 615 38,591
---------
AIR TRAVEL - 0.34%
AMR Corporation* 720 59,940
Delta Air Lines, Incorporated 309 39,938
AIR TRAVEL - CONTINUED
Sealed Air Corporation 164 $6,027
Southwest Airlines Company 922 27,314
US Airways Group, Incorporated* 339 26,866
---------
160,085
ALUMINUM - 0.19%
Alcan Aluminum, Ltd. 946 26,133
Aluminum Company of America 695 45,826
Reynolds Metals Company 309 17,285
---------
89,244
APPAREL & TEXTILES - 0.27%
Fruit of The Loom, Incorporated, Class A* 314 10,421
Liz Claiborne, Incorporated 300 15,675
Nike, Incorporated, Class B 1,222 59,496
Reebok International, Ltd.* 260 7,199
Russell Corporation 104 3,139
Springs Industries, Incorporated 58 2,675
V. F. Corporation 562 28,943
---------
127,548
AUTO PARTS - 0.18%
Dana Corporation 395 21,133
Eaton Corporation 319 24,802
Echlin, Incorporated 278 13,639
Genuine Parts Company 712 24,609
---------
84,183
AUTO SERVICES - 0.00%
Midas, Incorporated 48 966
---------
AUTOMOBILES - 1.38%
Chrysler Corporation 2,741 154,524
Ford Motor Company 4,892 288,628
General Motors Corporation 2,975 198,767
PACCAR, Incorporated 321 16,772
---------
658,691
BANKING - 6.67%
Banc One Corporation 2,609 145,615
Bank of New York, Incorporated 1,592 96,615
BankAmerica Corporation 2,905 251,101
BankBoston Corporation 1,232 68,530
Bankers Trust New York Corporation 348 40,390
BB&T Corporation 367 24,818
Citicorp 1,912 285,366
Comerica, Incorporated 600 39,750
Fifth Third Bancorp 969 61,047
First Chicago Corporation 1,268 112,376
First Union Corporation 3,926 228,689
Fleet Financial Group, Incorporated 1,031 86,089
</TABLE>
The accompanying notes are an integral part of the financial statements.
103
<PAGE> 106
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BANKING - CONTINUED
Huntington Bancshares, Incorporated 434 $14,539
J. P. Morgan & Company, Incorporated 718 84,096
Keycorp 1,858 66,191
MBNA Corporation 2,026 66,858
Mellon Bank Corporation 1,028 71,575
Mercantile Bancorporation, Incorporated 200 10,075
National City Corporation 921 65,391
NationsBank Corporation 3,927 300,415
Northern Trust Corporation 500 38,125
Norwest Corporation 3,130 116,984
PNC Bank Corporation 1,297 69,795
Providian Financial Corporation 367 28,832
Republic New York Corporation 510 32,098
State Street Boston Corporation 396 27,522
Summit Bancorp 200 9,500
SunTrust Banks, Incorporated 919 74,726
Synovus Financial Corporation 621 14,749
The Chase Manhattan Corporation 3,436 259,418
U.S. Bancorp 2,988 128,484
Wachovia Corporation 768 64,896
Washington Mutual, Incorporated 1,518 65,938
Wells Fargo & Company 352 129,888
----------
3,180,481
BROADCASTING - 0.96%
CBS Corporation 2,795 88,741
Clear Channel Communications* 220 24,008
Comcast Corporation, Class A* 1,395 56,628
MediaOne Group, Incorporated* 2,526 110,986
Tele-Communications Incorporated, Series A 2,297 88,291
Viacom, Incorporated, Class B* 1,503 87,550
----------
456,204
BUILDING MATERIALS & CONSTRUCTION - 0.02%
Fluor Corporation 340 17,340
----------
BUSINESS SERVICES - 0.81%
Automatic Data Processing, Incorporated 1,233 89,855
Cognizant Corporation 673 42,399
Deluxe Corporation 334 11,961
Ecolab, Incorporated 568 17,608
First Data Corporation 1,770 58,963
H & R Block, Incorporated 396 16,682
Humana, Incorporated* 665 20,740
Interpublic Group Companies, Incorporated 552 33,499
Laidlaw, Incorporated 1,312 15,990
BUSINESS SERVICES - CONTINUED
OmniCom Group, Incorporated 200 $9,975
R.R. Donnelley & Sons Company 617 28,228
Service Corporation International 996 42,703
----------
388,603
CHEMICALS - 1.80%
Air Products & Chemicals, Incorporated 1,024 40,960
Dow Chemical Company 958 92,627
E.I. Du Pont De Nemours & Company 4,615 344,394
Eastman Chemical Company 323 20,107
FMC Corporation* 105 7,160
Great Lakes Chemical Corporation 270 10,648
Hercules, Incorporated 384 15,792
Monsanto Company 2,481 138,626
Morton International Industries, Incorporated 590 14,750
Nalco Chemical Company 290 10,186
Octel Corporation 67 1,332
PPG Industries, Incorporated 712 49,528
Praxair, Incorporated 649 30,381
Rohm & Haas Company 276 28,687
Sigma-Aldrich Corporation 386 13,558
The B.F. Goodrich Company 254 12,605
Union Carbide Corporation 556 29,676
----------
861,017
COMPUTERS & BUSINESS EQUIPMENT - 4.47%
3Com Corporation* 1,460 44,804
Bay Networks, Incorporated* 880 28,380
Cabletron Systems, Incorporated* 646 8,681
Ceridian Corporation* 323 18,976
Cisco Systems, Incorporated* 4,142 381,323
Compaq Computer Corporation 6,774 192,212
Data General Corporation* 224 3,346
Dell Computer Corporation* 2,696 250,223
EMC Corporation* 2,003 89,759
Gateway 2000, Incorporated* 700 35,438
HBO & Company 1,084 38,211
Hewlett-Packard Company 4,221 252,732
International Business Machines Corporation 4,013 460,743
Pitney Bowes, Incorporated 1,226 59,001
Seagate Technology, Incorporated* 997 23,741
Sun Microsystems, Incorporated* 1,550 67,328
Tandy Corporation 406 21,543
Unisys Corporation 798 22,544
Xerox Corporation 1,322 134,348
----------
2,133,333
</TABLE>
The accompanying notes are an integral part of the financial statements.
104
<PAGE> 107
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONGLOMERATES - 0.81%
Aeroquip-Vickers, Incorporated 79 $4,612
Cendant Corporation* 3,247 67,781
Fortune Brands, Incorporated 688 26,445
Harcourt General, Incorporated 301 17,910
ITT Industries, Incorporated 537 20,070
Raytheon Company, Class B 1,073 63,441
Textron, Incorporated 670 48,031
Tyco International, Ltd. 2,143 135,009
W. R. Grace & Company* 307 5,238
----------
388,537
CONSTRUCTION MATERIALS - 0.18%
Armstrong World Industries, Incorporated 216 14,553
Masco Corporation 664 40,172
Owens-Corning 251 10,244
Sherwin Williams Company 691 22,889
----------
87,858
CONSTRUCTION & MINING EQUIPMENT - 0.27%
Caterpillar, Incorporated 1,573 83,172
Dover Corporation 936 32,058
Foster Wheeler Corporation 216 4,631
Harnischfeger Industries, Incorporated 240 6,795
----------
126,656
CONTAINERS & GLASS - 0.15%
Ball Corporation 86 3,456
Bemis, Incorporated 251 10,260
Crown Cork & Seal, Incorporated 566 26,885
Owens-Illinois, Incorporated* 372 16,647
Temple-Inland, Incorporated 260 14,007
----------
71,255
COSMETICS & TOILETRIES - 0.15%
Alberto Culver Company, Class B 260 7,540
Avon Products, Incorporated 576 44,640
International Flavors & Fragrances, Incorporated 411 17,853
----------
70,033
CRUDE PETROLEUM & NATURAL GAS - 0.24%
Anadarko Petroleum Corporation 173 11,623
Apache Corporation 210 6,615
Burlington Resources, Incorporated 703 30,273
Occidental Petroleum Corporation 1,340 36,180
ONEOK Incorporated 83 3,310
Oryx Energy Company* 400 8,850
Santa Fe Energy Resources, Incorporated* 162 1,741
Union Pacific Resources Group, Incorporated 1,022 17,949
----------
116,541
DOMESTIC OIL - 0.69%
Amerada Hess Corporation 363 $19,716
Ashland, Incorporated 312 16,107
Atlantic Richfield Company 1,315 102,734
Kerr-McGee Corporation 236 13,659
Pennzoil Company 234 11,846
Phillips Petroleum Company 1,050 50,597
Sun, Incorporated 308 11,954
Tenneco, Incorporated 686 26,111
Unocal Corporation 1,007 36,000
USX-Marathon Group 1,219 41,827
----------
330,551
DRUGS & HEALTH CARE - 8.91%
Abbott Laboratories 6,394 261,355
Allergan Specialty Therapeutics, Incorporated, Class A 9 92
Allergan, Incorporated 285 13,217
Alza Corporation* 342 14,792
American Home Products Corporation 5,276 273,033
Amgen, Incorporated* 1,054 68,905
Bausch & Lomb, Incorporated 258 12,932
Baxter International, Incorporated 1,193 64,198
Becton Dickinson & Company 547 42,461
Biomet, Incorporated 417 13,787
Bristol-Myers Squibb Company 4,141 475,956
C.R. Bard, Incorporated 263 10,010
Cardinal Health, Incorporated 409 38,344
Columbia/HCA Healthcare Corporation 2,683 78,142
Crescendo Pharmaceuticals Corporation, Class A* 6 76
Eli Lilly & Company 4,564 301,509
Guidant Corporation 621 44,285
HEALTHSOUTH Corporation* 1,531 40,859
Johnson & Johnson 5,489 404,814
Mallinckrodt, Incorporated 309 9,173
Manor Care, Incorporated 281 10,801
Medtronic, Incorporated 1,946 124,057
Merck & Company, Incorporated 4,936 660,190
Pfizer, Incorporated 5,376 584,304
Pharmacia & Upjohn, Incorporated 2,045 94,326
Schering-Plough Corporation 2,984 273,409
St. Jude Medical, Incorporated* 360 13,253
Tenet Healthcare Corporation* 1,259 39,344
United Healthcare Corporation* 731 46,419
United States Surgical Corporation 309 14,098
Warner-Lambert Company 3,219 223,318
----------
4,251,459
</TABLE>
The accompanying notes are an integral part of the financial statements.
105
<PAGE> 108
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRICAL EQUIPMENT - 3.08%
Cooper Industries, Incorporated 541 $29,721
Emerson Electric Company 1,865 112,600
General Electric Company 13,528 1,231,048
General Signal Corporation 244 8,784
Hussmann International, Incorporated 144 2,673
Johnson Controls, Incorporated 338 19,329
Millipore Corporation 224 6,104
National Service Industries, Incorporated 228 11,600
Raychem Corporation 349 10,317
W.W. Grainger, Incorporated 490 24,408
----------
1,456,584
ELECTRIC UTILITIES - 1.85%
Ameren Corporation 491 19,517
American Electric Power, Incorporated 737 33,441
Baltimore Gas & Electric Company 620 19,259
Carolina Power & Light Company 630 27,326
Central & South West Corporation 904 24,295
CINergy Corporation 649 22,715
Consolidated Edison, Incorporated 969 44,635
Dominion Resources, Incorporated 726 29,584
DTE Energy Company 613 24,750
Duke Energy Company 1,523 90,238
Edison International 1,651 48,808
Entergy Corporation 981 28,204
FirstEnergy Corporation 829 25,492
FPI Group, Incorporated 719 45,297
GPU, Incorporated 544 20,570
Houston Industries, Incorporated 1,296 40,014
Niagara Mohawk Power Corporation* 611 9,127
Northern States Power Company 604 17,290
PacifiCorp 1,242 28,100
PECO Energy Company 933 27,232
PG&E Corporation 1,800 56,812
PP&L Resources, Incorporated 669 15,178
Public Service Enterprise Group, Incorporated 961 33,094
Southern Company 2,844 78,743
Texas Utilities Company 984 40,959
Unicom Corporation 915 32,082
----------
882,762
ELECTRONICS - 3.31%
Advanced Micro Devices, Incorporated* 600 $10,237
AMP, Incorporated 925 31,797
Andrew Corporation* 358 6,466
Apple Computer, Incorporated* 561 16,094
Applied Materials, Incorporated* 1,534 45,253
Boston Scientific Corporation* 753 53,934
DSC Communications Corporation* 535 16,050
EG & G, Incorporated 231 6,930
General Instrument Corporation* 618 16,802
Harris Corporation 327 14,613
Honeywell, Incorporated 562 46,962
Intel Corporation 6,755 500,714
KLA-Tencor Corporation* 202 5,593
LSI Logic Corporation* 603 13,907
Lucent Technologies, Incorporated 5,246 436,402
Micron Technology, Incorporated* 899 22,306
Motorola, Incorporated 2,493 131,038
National Semiconductor Corporation* 626 8,255
Scientific-Atlanta, Incorporated 321 8,145
Silicon Graphics, Incorporated* 703 8,524
TekTronix, Incorporated 242 8,561
Tellabs, Incorporated* 714 51,140
Texas Instruments, Incorporated 1,589 92,659
The Perkin-Elmer Corporation 225 13,992
Thomas & Betts Corporation 255 12,559
----------
1,578,933
FINANCIAL SERVICES - 3.66%
American Express Company 1,941 221,274
Association First Capital Corporation, Class A 1,282 98,554
Beneficial Corporation 252 38,603
Case Corporation 312 15,054
Charles Schwab Corporation 1,049 34,092
Countrywide Credit Industries, Incorporated 401 20,351
Federal Home Loan Mortgage Corporation 2,878 135,446
Federal National Mortgage Association 4,420 268,515
Franklin Resources, Incorporated 1,200 64,800
Golden West Financial Corporation 262 27,854
Green Tree Financial Corporation 587 25,131
H.F. Ahmanson & Company 382 27,122
Hartford Financial Services Group, Incorporated 535 61,191
</TABLE>
The accompanying notes are an integral part of the financial statements.
106
<PAGE> 109
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - CONTINUED
Household International, Incorporated 1,212 $60,297
Lehman Brothers Holdings, Incorporated 100 7,756
Merrill Lynch & Company, Incorporated 1,343 123,892
Morgan Stanley Dean Witter & Company 2,447 223,594
Travelers Group, Incorporated 4,858 294,516
----------
1,748,042
FOOD & BEVERAGES - 4.59%
Archer-Daniels-Midland Company 2,294 44,446
Bestfoods 1,218 70,720
Campbell Soup Company 1,917 101,841
ConAgra, Incorporated 1,954 61,917
Corn Products International, Incorporated* 102 3,455
General Mills, Incorporated 657 44,922
H.J. Heinz Company 1,548 86,882
Hershey Foods Corporation 623 42,987
Kellogg Company 1,678 63,030
PepsiCo, Incorporated 6,259 257,793
Pioneer Hawaii Bred International, Incorporated 939 38,851
Quaker Oats Company 589 32,358
Ralston Purina Company 403 47,075
Sara Lee Corporation 1,967 110,029
Supervalu, Incorporated 271 12,026
Sysco Corporation 1,392 35,670
The Coca-Cola Company 10,257 876,974
Unilever NV 2,622 206,974
Vlasic Foods International, Incorporated 191 3,844
Whitman Corporation 289 6,629
Wm. Wrigley Jr. Company 431 42,238
----------
2,190,661
FOREST PRODUCTS - 0.16%
Georgia-Pacific Corporation 361 21,277
Georgia-Pacific Corporation (Timber Group) 261 6,019
Louisiana Pacific Corporation 411 7,501
Weyerhaeuser Company 866 39,998
----------
74,795
GAS & PIPELINE UTILITIES - 0.48%
Coastal Corporation 402 28,065
Columbia Energy Group 387 21,527
Consolidated Natural Gas Company 371 21,843
Eastern Enterprises 58 2,487
Enron Corporation 1,270 68,659
NICOR, Incorporated 238 9,550
Peoples Energy Corporation 100 $3,862
Sempra Energy 507 14,063
Sonat, Incorporated 345 13,326
Williams Companies, Incorporated 1,302 43,942
----------
227,324
GOLD - 0.17%
Barrick Gold Corporation 1,561 29,952
Battle Mountain Gold Company 954 5,664
Freeport Mcmoran Copper & Gold, Incorporated, Class B 768 11,664
Homestake Mining Company 618 6,412
Newmont Mining Corporation 644 15,214
Placer Dome, Incorporated 982 11,539
----------
80,445
HOMEBUILDERS - 0.04%
Centex Corporation 264 9,966
Kaufman & Broad Home Corporation 110 3,493
Pulte Corporation 120 3,585
----------
17,044
HOTELS & RESTAURANTS - 0.67%
Darden Restaurants, Incorporated 635 10,081
Hilton Hotels Corporation 1,011 28,813
Marriott International, Incorporated, Class A 1,124 36,389
McDonalds Corporation 2,861 197,409
Mirage Resorts, Incorporated* 419 8,930
Sodexho Marriott Services, Incorporated* 140 4,060
Tricon Global Restaurants, Incorporated* 600 19,013
Wendys International, Incorporated 574 13,489
----------
318,184
HOUSEHOLD APPLIANCES - 0.15%
Maytag Corporation 379 18,713
Newell Company 652 32,478
Whirlpool Corporation 312 21,450
----------
72,641
HOUSEHOLD PRODUCTS - 2.14%
Black & Decker Corporation 368 22,448
Clorox Company 394 37,578
Colgate-Palmolive Company 1,241 109,208
Corning, Incorporated 954 33,151
Gillette Company 4,578 259,515
Procter & Gamble Company 5,551 505,488
Rubbermaid, Incorporated 626 20,775
Snap-On, Incorporated 274 9,933
The Stanley Works 353 14,672
</TABLE>
The accompanying notes are an integral part of the financial statements.
107
<PAGE> 110
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HOUSEHOLD PRODUCTS - CONTINUED
Tupperware Corporation 275 $7,734
----------
1,020,502
INDUSTRIAL MACHINERY - 0.24%
Briggs & Stratton Corporation 72 2,696
Cincinnati Milacron, Incorporated 214 5,203
Crane Company 230 11,169
Cummins Engine, Incorporated 109 5,586
Ingersoll-Rand Company 667 29,390
NACCO Industries, Incorporated, Class A 23 2,973
Pall Corporation 561 11,500
Parke-Hannifin Corporation 418 15,936
Thermo Electron Corporation* 628 21,470
Timken Company 278 8,566
----------
114,489
INSURANCE - 3.06%
Aetna, Incorporated 628 47,806
Allstate Corporation 1,748 160,051
American General Corporation 995 70,832
American International Group, Incorporated 2,900 423,400
Aon Corporation 674 47,348
Chubb Corporation 695 55,861
CIGNA Corporation 930 64,170
Cincinnati Financial Corporation 300 11,513
Conseco, Incorporated 727 33,987
Equifax, Incorporated 629 22,841
General Re Corporation 328 83,148
Jefferson-Pilot Corporation 453 26,246
Lincoln National Corporation 393 35,910
Loews Corporation 428 37,289
Marsh & McLennan Companies, Incorporated 1,013 61,193
MBIA, Incorporated 349 26,131
MGIC Investment Corporation 431 24,594
Progressive Corporation 188 26,508
SAFECO Corporation 575 26,127
St. Paul Companies, Incorporated 912 38,361
SunAmerica, Incorporated 756 43,423
Torchmark, Incorporated 595 27,221
Transamerica Corporation 285 32,811
UNUM Corporation 598 33,189
----------
1,459,960
INTERNATIONAL OIL - 4.16%
Amoco Corporation 4,004 166,667
Chevron Corporation 2,661 221,029
Exxon Corporation 10,256 731,381
Mobil Corporation 3,238 248,112
Royal Dutch Petroleum Company 8,802 482,460
Texaco, Incorporated 2,226 $132,864
----------
1,982,513
INVESTMENT COMPANIES - 0.95%
SPDR Trust, Series 1 3,990 452,366
----------
LEISURE TIME - 0.68%
B Corporation 382 9,454
Harrahs Entertainment, Incorporated* 390 9,068
King World Productions, Incorporated* 312 7,956
The Walt Disney Company 2,821 296,381
----------
322,859
LIQUOR - 0.38%
Adolph Coors Company, Class B 106 3,604
Anheuser-Busch Companies, Incorporated 2,006 94,658
Brown Forman Corporation, Class B 296 19,018
Seagram, Ltd. 1,555 63,658
----------
180,938
MINING - 0.04%
Cyprus Amax Minerals Company 366 4,849
Phelps Dodge Corporation 275 15,727
----------
20,576
MOBILE HOMES - 0.01%
Fleetwood Enterprises, Incorporated 102 4,080
----------
NEWSPAPERS - 0.41%
Dow Jones & Company, Incorporated 372 20,739
Gannett, Incorporated 1,206 85,702
Knight-Ridder, Incorporated 355 19,547
New York Times Company, Class A 372 29,481
Tribune Company 549 37,778
----------
193,247
NON-FERROUS METALS - 0.06%
ASARCO, Incorporated 221 4,917
Engelhard Corporation 610 12,353
Inco, Ltd. 674 9,183
----------
26,453
OFFICE FURNISHINGS & SUPPLIES - 0.07%
Avery Dennison Corporation 394 21,177
Ikon Office Solutions, Incorporated 577 8,403
Moore Corporation, Ltd. 351 4,651
----------
34,231
</TABLE>
The accompanying notes are an integral part of the financial statements.
108
<PAGE> 111
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PAPER - 0.87%
Boise Cascade Corporation 247 $ 8,089
Champion International Corporation 372 18,298
Fort James Corporation 671 29,859
International Paper Company 1,258 54,094
Kimberly-Clark Corporation 2,289 105,008
Mead Corporation 398 12,636
Minnesota Mining & Manufacturing Company 1,684 138,404
Potlatch Corporation 82 3,444
Stone Container Corporation* 382 5,969
Union Camp Corporation 297 14,739
Westvaco Corporation 391 11,046
Willamette Industries, Incorporated 416 13,312
---------
414,898
PETROLEUM SERVICES - 0.59%
Baker Hughes, Incorporated 674 23,295
Dresser Industries, Incorporated 700 30,844
Halliburton Company 1,021 45,498
Helmerich & Payne, Incorporated 242 5,385
Mcdermott International, Incorporated 257 8,851
Rowan Companies, Incorporated* 345 6,706
Schlumberger, Ltd. 2,007 137,103
Western Atlas, Incorporated 253 21,473
---------
279,155
PHOTOGRAPHY - 0.22%
Eastman Kodak Company 1,332 97,319
Polaroid Corporation 229 8,144
---------
105,463
PLASTICS - 0.14%
Illinois Tool Works, Incorporated 1,010 67,354
---------
POLLUTION CONTROL - 0.19%
Browning Ferris Industries, Incorporated 570 19,808
Laidlaw Environmental Services, Incorporated 744 2,697
Waste Management, Incorporated 1,889 66,115
---------
88,620
PUBLISHING - 0.64%
American Greetings Corporation, Class A 314 15,994
Dun & Bradstreet Corporation 686 24,782
John H. Harland Company 88 1,491
Jostens, Incorporated 111 2,650
McGraw-Hill Companies, Incorporated 383 31,238
Meredith Corporation 252 11,828
Time Warner, Incorporated 2,292 195,823
Times Mirror Company, Series A 372 23,390
---------
307,196
RAILROADS & EQUIPMENT - 0.41%
Burlington Northern Santa Fe Corporation 640 62,840
CSX Corporation 919 41,815
Norfolk Southern Corporation 1,573 46,895
Union Pacific Corporation 1,003 44,257
---------
195,807
RETAIL GROCERY - 0.36%
Albertsons, Incorporated 1,007 52,175
American Stores Company 1,175 28,420
Giant Foods, Incorporated, Class A 270 11,627
Kroger Company* 1,023 43,861
The Great Atlantic & Pacific Tea Company, Incorporated 109 3,604
Winn-Dixie Stores, Incorporated 624 31,941
---------
171,628
RETAIL TRADE - 3.82%
Abercrombie & Fitch Company, Class A 14 616
AutoZone, Incorporated* 630 20,121
Charming Shoppes, Incorporated * 400 1,900
Circuit City Stores, Incorporated 379 17,766
Consolidated Stores Corporation * 100 3,625
Costco Companies, Incorporated* 903 56,945
CVS Corporation 1,362 53,033
Dayton Hudson Corporation 1,836 89,046
Dillards, Incorporated, Class A 421 17,445
Federated Department Stores, Incorporated* 894 48,108
GAP, Incorporated 1,658 102,174
Home Depot, Incorporated 2,975 247,111
J. C. Penney, Incorporated 1,005 72,674
Kmart Corporation* 1,982 38,154
Longs Drug Stores Corporation 111 3,205
Lowe's Companies, Incorporated 1,388 56,301
May Department Stores, Incorporated 969 63,470
Mercantile Stores, Incorporated 105 8,288
Nordstrom, Incorporated 323 24,952
Pep Boys-Manny, Moe & Jack 276 5,227
Rite Aid Corporation 998 37,487
Sears Roebuck & Company 1,615 98,616
The Limited, Incorporated 1,072 35,510
TJX Companies, Incorporated 1,304 31,459
Toys R Us, Incorporated* 1,213 28,581
Venator Group, Incorporated* 583 11,150
Wal-Mart Stores, Incorporated 9,346 567,769
</TABLE>
The accompanying notes are an integral part of the financial statements.
109
<PAGE> 112
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL TRADE - CONTINUED
Walgreen Company 2,002 $82,708
-----------
1,823,441
SOFTWARE - 2.88%
Adobe Systems, Incorporated 305 12,943
Autodesk, Incorporated 237 9,154
Computer Associates International, Incorporated 2,252 125,127
Microsoft Corporation* 9,922 1,075,297
Novell, Incorporated* 1,390 17,722
Oracle Corporation* 4,089 100,436
Parametric Technology Corporation* 1,026 27,830
Shared Medical Systems Corporation 70 5,141
-----------
1,373,650
STEEL - 0.13%
Allegheny Teldyne, Incorporated 701 16,035
Armco, Incorporated* 405 2,582
Bethleham Steel Corporation* 420 5,224
Inland Steel Industries, Incorporated 239 6,737
Nucor Corporation 350 16,100
USX-United States Steel Group 344 11,352
Worthington Industries, Incorporated 375 5,648
-----------
63,678
TELECOMMUNICATIONS SERVICES - 0.34%
Ascend Communications, Incorporated* 800 39,650
Northern Telecom, Ltd. 2,184 123,942
-----------
163,592
TELEPHONE - 5.08%
Airtouch Communications, Incorporated* 2,033 118,803
Alltel Corporation 731 33,992
American Telephone & Telegraph Corporation 6,724 384,108
Ameritech Corporation 4,526 203,104
Bell Atlantic Corporation 6,418 292,821
BellSouth Corporation 4,123 276,756
Frontier Corporation 667 21,011
GTE Corporation 3,919 217,994
MCI Communications Corporation 2,861 166,296
SBC Communications, Incorporated 7,496 299,840
Sprint Corporation 1,825 128,663
U. S. West, Incorporated 2,032 95,504
WorldCom, Incorporated* 3,853 186,630
-----------
2,425,522
TIRES & RUBBER - 0.10%
Cooper Tire & Rubber Company 324 6,682
Goodyear Tire & Rubber Company 644 41,498
-----------
48,180
TOBACCO - 0.87%
Philip Morris Companies, Incorporated 10,005 393,947
UST, Incorporated 723 19,521
-----------
413,468
TOYS, AMUSEMENTS & SPORTING GOODS - 0.16%
Hasbro, Incorporated 563 22,133
Mattel, Incorporated 1,228 51,960
-----------
74,093
TRUCKING & FREIGHT - 0.04%
Navistar International Corporation, Incorporated 308 8,894
Ryder Systems, Incorporated 319 10,068
-----------
18,962
TOTAL COMMON STOCKS
(Cost: $32,547,826) $36,813,630
-----------
PREFERRED STOCK - 0.01%
AIR TRAVEL - 0.01%
Sealed Air Corporation, Series A 145 6,090
-----------
TOTAL PREFERRED STOCK
(Cost: $7,816) $6,090
-----------
PRINCIPAL
AMOUNT VALUE
- ------ -----
SHORT TERM INVESTMENTS - 7.80%
$3,122,824 Navigator Securities Lending Trust, 5.54% $3,122,824
600,000 United States Treasury Bills,
4.93% due 07/23/1998 **** 598,192
-----------
$3,721,016
REPURCHASE AGREEMENTS - 15.02%
$7,167,000 Repurchase Agreement with State Street Bank
& Trust Company dated 06/30/1998 at 5.71%, to
be repurchased at $7,168,137 on 07/01/1998,
collateralized by $5,265,000 U.S. Treasury Bonds,
8.875% due 08/15/2017 (valued at $7,311,769,
including interest) $7,167,000
-----------
TOTAL INVESTMENTS (Equity Index Trust) (Cost: $43,443,659) $47,707,736
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
110
<PAGE> 113
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
BLUE CHIP GROWTH TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 86.51%
AEROSPACE - 1.29%
AlliedSignal, Incorporated 282,200 $12,522,625
Boeing Company 2,700 120,319
------------
12,642,944
AIR TRAVEL - 0.54%
Galileo International, Incorporated 117,700 5,303,856
------------
APPAREL & TEXTILES - 0.93%
Unifi, Incorporated 65,800 2,253,650
Warnaco Group, Incorporated, Class A 160,700 6,819,706
------------
9,073,356
AUTO PARTS - 1.48%
Danaher Corporation 303,000 11,116,312
Federal-Mogul Corporation 50,600 3,415,500
------------
14,531,812
BANKING - 8.58%
Banc One Corporation 145,200 8,103,975
BankBoston Corporation 127,700 7,103,312
Citicorp 55,800 8,328,150
First Union Corporation 122,000 7,106,500
Mellon Bank Corporation 122,400 8,522,100
National City Corporation 29,300 2,080,300
NationsBank Corporation 127,800 9,776,700
Norwest Corporation 236,200 8,827,975
The Chase Manhattan Corporation 111,600 8,425,800
U.S. Bancorp 172,400 7,413,200
Washington Mutual, Incorporated 66,450 2,886,422
Wells Fargo & Company 14,600 5,387,400
------------
83,961,834
BROADCASTING - 0.90%
CBS Corporation 164,500 5,222,875
MediaOne Group, Incorporated 81,700 3,589,694
------------
8,812,569
BUSINESS SERVICES - 4.67%
America Online, Incorporated 28,200 2,989,200
Automatic Data Processing, Incorporated 90,100 6,566,037
First Data Corporation 196,700 6,552,569
H & R Block, Incorporated 112,600 4,743,275
Nokia Corporaton, ADR 81,800 5,935,612
OmniCom Group, Incorporated 121,000 6,034,875
R.R. Donnelley & Sons Company 29,300 1,340,475
Service Corporation International 132,100 5,663,788
SunGuard Data Systems, Incorporated 98,400 3,776,100
Valassis Communications, Incorporated 54,900 2,117,081
------------
45,719,012
CHEMICALS - 1.39%
E.I. Du Pont De Nemours & Company 44,800 3,343,200
Great Lakes Chemical Corporation 95,600 3,770,225
Hercules, Incorporated 43,900 1,805,388
Sterling Commerce, Incorporated 95,700 4,641,450
------------
13,560,263
COMPUTERS & BUSINESS EQUIPMENT - 2.93%
Ceridian Corporation 25,000 1,468,750
Cisco Systems, Incorporated 87,850 8,087,691
Compaq Computer Corporation 80,900 2,295,537
Dell Computer Corporation 34,500 3,202,031
EMC Corporation 93,500 4,189,969
Hewlett-Packard Company 73,100 4,376,862
International Business Machines Corporation 24,800 2,847,350
Sun Microsystems, Incorporated 35,700 1,550,719
Xerox Corporation 6,600 670,725
------------
28,689,634
CONGLOMERATES - 2.28%
Cendant Corporation 169,700 3,542,488
Raytheon Company, Class B 101,300 5,989,362
Tyco International, Ltd. 202,532 12,759,516
------------
22,291,366
CONSTRUCTION MATERIALS - 0.74%
Masco Corporation 119,600 7,235,800
------------
CONTAINERS & GLASS - 0.09%
Crown Cork & Seal, Incorporated 18,500 878,750
------------
DOMESTIC OIL - 0.441%
Atlantic Richfield Company 26,600 2,078,125
USX-Marathon Group 66,300 2,274,919
------------
4,353,044
DRUGS & HEALTH CARE - 12.93%
Abbott Laboratories 76,600 3,131,025
American Home Products Corporation 159,100 8,233,425
Arterial Vascular Engineering, Incorporated 49,800 1,780,350
Biogen Incorporated 86,800 4,253,200
Bristol-Myers Squibb Company 122,600 14,091,337
Eli Lilly & Company 50,000 3,303,125
Fred Meyer, Incorporated 145,600 6,188,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
111
<PAGE> 114
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE - CONTINUED
General Nutrition Companies, Incorporated 120,600 $3,753,675
Guidant Corporation 39,600 2,823,975
HEALTHSOUTH Corporation 257,700 6,877,369
Johnson & Johnson 87,500 6,453,125
Medtronic, Incorporated 40,500 2,581,875
Merck & Company, Incorporated 86,700 11,596,125
Pfizer, Incorporated 103,100 11,205,681
R.P. Scherer Corporation 700 62,038
Schering-Plough Corporation 81,100 7,430,787
Steris Corporation 28,200 1,793,344
Tenet Healthcare Corporation 89,800 2,806,250
United Healthcare Corporation 129,300 8,210,550
United States Surgical Corporation 171,200 7,811,000
Warner-Lambert Company 176,400 12,237,750
------------
126,624,006
ELECTRICAL EQUIPMENT - 1.34%
Cooper Industries, Incorporated 18,500 1,016,344
General Electric Company 110,400 10,046,400
Rentokil Initial 287,000 2,065,369
------------
13,128,113
ELECTRONICS - 2.97%
Boston Scientific Corporation 17,200 1,231,950
Honeywell, Incorporated 39,800 3,325,787
Intel Corporation 78,400 5,811,400
Linear Technology Corporation 54,700 3,299,094
Lucent Technologies, Incorporated 6,600 549,038
Maxim Integrated Products, Incorporated 95,900 3,038,831
Teleflex, Incorporated 123,800 4,704,400
Tellabs, Incorporated 93,900 6,725,587
Texas Instruments, Incorporated 6,700 390,694
------------
29,076,781
FINANCIAL SERVICES - 7.39%
American Express Company 83,700 9,541,800
Association First Capital Corporation, Class A 32,000 2,460,000
Capital One Financial Corporation 43,600 5,414,575
Fairfax Financial Holdings, Ltd. 4,100 1,599,266
Federal Home Loan Mortgage Corporation 277,100 13,041,019
Federal National Mortgage Association 157,900 9,592,425
Hartford Financial Services Group, Incorporated 6,600 754,875
Household International, Incorporated 113,400 5,641,650
Morgan Stanley Dean Witter & Company 49,900 4,559,613
SLM Holding Corporation 110,100 5,394,900
Travelers Group, Incorporated 236,100 14,313,562
------------
72,313,685
FOOD & BEVERAGES - 3.19%
Dean Foods Company 30,000 1,648,125
H.J. Heinz Company 65,000 3,648,125
Hershey Foods Corporation 44,000 3,036,000
Interstate Bakeries Corporation 18,500 613,969
PepsiCo, Incorporated 153,900 6,338,756
Ralston Purina Company 31,400 3,667,912
Sara Lee Corporation 109,100 6,102,781
Unilever NV 34,400 2,715,450
United States Foodservice 98,347 3,448,292
------------
31,219,410
GAS & PIPELINE UTILITIES - 0.28%
Cooper Cameron Corporation 53,200 2,713,200
------------
GOLD - 0.22%
Newmont Mining Corporation 90,500 2,138,063
------------
HOTELS & RESTAURANTS - 0.92%
Hilton Hotels Corporation 148,900 4,243,650
McDonalds Corporation 69,100 4,767,900
------------
9,011,550
HOUSEHOLD APPLIANCES - 0.45%
Newell Company 88,600 4,413,388
------------
HOUSEHOLD PRODUCTS - 1.47%
Colgate-Palmolive Company 68,700 6,045,600
Gillette Company 54,000 3,061,125
Procter & Gamble Company 42,600 3,879,262
The Stanley Works 34,200 1,421,438
------------
14,407,425
INDUSTRIAL MACHINERY - 0.20%
SPX Corporation 30,400 1,957,000
------------
INSURANCE - 3.48%
ACE, Ltd. 233,200 9,094,800
Allstate Corporation 6,600 604,313
American International Group, Incorporated 8,250 1,204,500
Equifax, Incorporated 71,300 2,589,081
EXEL, Ltd. 80,400 6,256,125
Mid Ocean, Ltd. 57,800 4,537,300
Travelers Property Casualty Corporation, Class A 128,300 5,500,862
</TABLE>
The accompanying notes are an integral part of the financial statements.
112
<PAGE> 115
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE - CONTINUED
UNUM Corporation 76,600 $4,251,300
-------------
34,038,281
INTERNATIONAL OIL - 1.56%
Chevron Corporation 26,900 2,234,381
Mobil Corporation 106,400 8,152,900
The British Petroleum Company PLC, ADR 55,800 4,924,350
-------------
15,311,631
LEISURE TIME - 1.55%
Carnival Corporation, Class A 207,800 8,234,075
The Walt Disney Company 66,000 6,934,125
-------------
15,168,200
NEWSPAPERS - 0.91%
Tribune Company 129,100 8,883,694
-------------
PAPER - 0.90%
Fort James Corporation 84,700 3,769,150
Kimberly-Clark Corporation 109,200 5,009,550
-------------
8,778,700
PETROLEUM SERVICES - 0.83%
Camco International Incorporated 47,600 3,706,850
Halliburton Company 98,100 4,371,581
-------------
8,078,431
POLLUTION CONTROL - 0.97%
USA Waste Services, Incorporated 192,200 9,489,875
-------------
PUBLISHING - 0.80%
Time Warner, Incorporated 92,100 7,868,794
-------------
RAILROADS & EQUIPMENT - 0.83%
Burlington Northern Santa Fe Corporation 35,200 3,456,200
Norfolk Southern Corporation 157,600 4,698,450
-------------
8,154,650
REAL ESTATE - 1.21%
Crescent Real Estate Equities 124,700 4,193,038
Starwood Hotels & Resorts Trust SBI 157,800 7,623,712
-------------
11,816,750
RETAIL GROCERY - 1.13%
Safeway, Incorporated 271,600 11,050,725
-------------
RETAIL TRADE - 4.09%
CVS Corporation 234,666 9,137,307
Dayton Hudson Corporation 61,500 2,982,750
Federated Department Stores, Incorporated * 55,200 2,970,450
Home Depot, Incorporated 70,350 5,843,447
Kohls Corporation 70,000 3,631,250
Neiman Marcus Group, Incorporated 79,800 3,466,313
Rite Aid Corporation 117,300 4,406,081
Wal-Mart Stores, Incorporated 124,500 7,563,375
-------------
40,000,973
SOFTWARE - 4.45%
Adobe Systems, Incorporated 59,000 2,503,813
BMC Software, Incorporated * 185,200 9,618,825
Cadence Design Systems, Incorporated 75,800 2,368,750
Microsoft Corporation 122,100 13,232,587
Networks Associates, Incorporated 116,700 5,587,012
Oracle Corporation 156,200 3,836,663
Parametric Technology Corporation 235,000 6,374,375
-------------
43,522,025
TELEPHONE - 4.38%
Airtouch Communications, Incorporated 82,200 4,803,563
Alltel Corporation 81,900 3,808,350
American Telephone & Telegraph Corporation 87,900 5,021,287
MCI Communications Corporation 127,900 7,434,187
SBC Communications, Incorporated 206,900 8,276,000
Telecomunicacoes Brasileiras, ADR 17,200 1,878,025
Vodafone Group PLC, ADR 10,600 1,336,263
WorldCom, Incorporated 212,800 10,307,500
-------------
42,865,175
TOBACCO - 0.87%
Philip Morris Companies, Incorporated 217,500 8,564,063
-------------
TOYS, AMUSEMENTS & SPORTING GOODS - 0.95%
Hasbro, Incorporated 149,700 5,885,081
Mattel, Incorporated 79,800 3,376,538
-------------
9,261,619
TOTAL COMMON STOCKS
(Cost: $607,391,236) $846,910,447
-------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
113
<PAGE> 116
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 13.46%
$2,100,000 Aluminum Company of America,
5.55% due 07/28/1998 $2,091,259
12,800,000 Associates Finance
Services Company, 5.53% due 08/20/1998 12,701,689
2,655,000 Finova Capital Corporation,
5.54% due 07/07/1998 2,652,548
4,700,000 H.J. Heinz Company,
5.52% due 07/27/1998 4,681,263
2,000,000 Kellogg Company
5.52% due 07/28/1998 1,991,720
79,909,800 Navigator Securities Lending Trust, 5.54% 79,909,800
4,885,000 Nordstrom Credit Incorporated, 5.57% due 07/14/1998 4,875,174
23,000,000 Preferred Receivables Funding Corporation, 5.58% due 07/28/1998 22,903,745
------------
$131,807,198
REPURCHASE AGREEMENTS - 0.03%
$305,000 Repurchase Agreement with State Street
Bank & Trust Company dated 06/30/1998 at
5.00%, to be repurchased on 07/01/1999 at
$305,042, collateralized by $225,000 U.S.
Treasury Bonds, 9.125% due 07/31/1998
(valued at $358,116, including interest) $305,000
------------
TOTAL INVESTMENTS (Blue Chip Growth Trust) (Cost: $739,503,433) $979,022,645
============
</TABLE>
REAL ESTATE SECURITIES TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 85.13%
REAL ESTATE - 85.13%
Apartment Investment & Management Company, Class A 134,300 $5,304,850
Arden Realty, Incorporated 69,350 1,794,431
Avalon Bay Communities, Incorporated 90,627 3,443,826
Bedford Property Investments, Incorporated 130,600 2,383,450
Boston Properties, Incorporated 67,800 2,339,100
Brandywine Realty Trust SBI 120,200 2,689,475
BRE Properties, Incorporated 42,700 1,112,869
Burnham Pacific Properties, Incorporated 146,100 2,072,794
Camden Property Trust 148,600 4,420,850
CapStar Hotel Company 66,600 1,864,800
CarrAmerica Realty Corporation 70,300 1,994,762
CBL & Associates Properties, Incorporated 154,700 3,751,475
CCA Prison Realty Trust 51,000 1,561,875
CenterPoint Properties Trust 23,987 793,070
Chateau Communities, Incorporated 26,570 763,888
Chelsea GCA Realty, Incorporated 60,500 2,420,000
Colonial Properties Trust SBI 129,250 4,006,750
Cornerstone Properties, Incorporated 106,000 1,868,250
Cousins Properties, Incorporated 38,050 1,136,744
Crescent Real Estate Equities 215,770 7,255,266
Developers Diversified Realty 52,000 2,037,750
Duke Realty Investments, Incorporated 84,500 1,996,312
Equity Office Properties Trust 296,780 8,421,132
Equity Residential Properties Trust SBI 108,912 5,166,513
Essex Property Trust 23,550 730,050
Excel Realty Trust, Incorporated 26,200 754,888
Federal Realty Investment Trust SBI 43,100 1,037,094
FelCor Suite Hotels, Incorporated 126,600 3,972,075
First Industrial Realty Trust, Incorporated 43,000 1,367,937
Franchise Finance Corporation of America 51,800 1,343,563
Gables Residential Trust SBI 23,300 632,013
General Growth Properties, Incorporated 83,800 3,132,025
Glenborough Realty Trust, Incorporated 137,100 3,616,012
Glimcher Realty Trust 98,700 1,918,481
Highwoods Properties, Incorporated 156,300 5,050,444
Hospitality Properties Trust SBI 44,100 1,416,712
IRT Property Company 111,100 1,222,100
Irvine Apartment Communities, Incorporated 25,700 743,694
JDN Realty Corporation 24,700 787,313
Kilroy Realty Corporation 28,600 715,000
Liberty Property Trust SBI 164,000 4,192,250
Macerich Company, REIT 27,300 800,231
Mack-California Realty Corporation 74,000 2,543,750
Manufactured Home Communities, Incorporated 28,100 677,913
Merry Land & Investment Company 46,100 970,981
Mid-America Apartment Communities, Incorporated 86,800 2,283,925
</TABLE>
The accompanying notes are an integral part of the financial statements.
114
<PAGE> 117
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
REAL ESTATE - CONTINUED
Mills Corporation 26,200 $628,800
New Plan Realty Trust SBI 71,100 1,741,950
Patriot American Hospitality, Incorporated 128,871 3,084,850
Post Properties, Incorporated 41,091 1,582,003
Prentiss Properties Trust SBI 39,100 950,619
Public Storage, Incorporated 133,850 3,747,800
Reckson Associates Realty Corporation 42,700 1,008,788
Regency Realty Corporation 29,700 746,213
Rouse Company 73,700 2,316,944
Security Capital Atlantic, Incorporated 43,200 963,900
Security Capital Group, Incorporated, Class B 130,600 3,477,225
Security Capital Industrial Trust SBI 130,200 3,255,000
Security Capital Pacific Trust SBI 110,950 2,496,375
Shurgard Storage Centers, Incorporated, Class A 38,400 1,065,600
Simon DeBartolo Group, Incorporated 121,160 3,937,700
Spieker Properties, Incorporated 68,400 2,650,500
Starwood Hotels & Resorts Trust SBI 178,460 8,621,849
Storage USA, Incorporated 33,700 1,179,500
Sun Communities, Incorporated 104,500 3,461,562
Taubman Centers, Incorporated, REIT* 58,200 829,350
TriNet Corporate Realty Trust, Incorporated* 129,450 4,401,300
United Dominion Realty Trust, Incorporated 105,829 1,468,377
Urban Shopping Centers, Incorporated 22,700 715,050
Vornado Realty Trust 86,450 3,430,984
Walden Residential Properties, Incorporated 87,100 2,133,950
Weeks Corporation 18,500 585,063
Weingarten Realty Investors SBI 31,950 1,335,909
Westfield America, Incorporated 78,900 1,449,787
------------
TOTAL COMMON STOCKS
(Cost: $178,442,255) $173,775,631
------------
WARRANTS - 1.03%
REAL ESTATE - 1.03%
Kimco Realty Corporation,
(Expiration date 10/08/1998;
strike price $39.438) 51,400 2,107,400
------------
TOTAL WARRANTS
(Cost: $1,710,422) $2,107,400
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 13.52%
$27,603,151 Navigator Securities Lending Trust, 5.54% $27,603,151
------------
REPURCHASE AGREEMENTS - 0.32%
$646,000 Repurchase Agreement with State Street Bank
& Trust Company dated 06/30/1998 at 5.71%,
to be repurchase at $646,102 on 07/01/1998,
collateralized by $680,000 U.S. Treasury Bills,
zero coupon due 12/24/1998 (valued at $662,993,
including interest) $646,000
------------
TOTAL INVESTMENTS (Real Estate
Securities Trust) (Cost: $208,401,828) $204,132,182
============
VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 82.80%
AEROSPACE - 0.91%
TRW, Incorporated 40,400 $2,206,850
------------
AIR TRAVEL - 1.86%
AMR Corporation 23,300 1,939,725
Delta Air Lines, Incorporated 19,900 2,572,075
------------
4,511,800
APPAREL & TEXTILES - 2.74%
Russell Corporation 47,700 1,439,944
Springs Industries, Incorporated 36,500 1,683,562
V. F. Corporation 68,400 3,522,600
------------
6,646,106
AUTO PARTS - 1.41%
Dana Corporation 42,600 2,279,100
Eaton Corporation 14,700 1,142,925
------------
3,422,025
AUTOMOBILES - 5.49%
Ford Motor Company 117,700 6,944,300
General Motors Corporation 95,100 6,353,869
------------
13,298,169
BANKING - 9.14%
Banc One Corporation 41,900 2,338,544
Citicorp 18,200 2,716,350
Crestar Financial Corporation 10,700 583,819
First Union Corporation 84,520 4,923,290
</TABLE>
The accompanying notes are an integral part of the financial statements.
115
<PAGE> 118
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BANKING - CONTINUED
NationsBank Corporation 22,500 $1,721,250
Republic New York Corporation 35,000 2,202,812
The Chase Manhattan Corporation 82,300 6,213,650
Washington Mutual, Incorporated 32,700 1,420,406
------------
22,120,121
BUSINESS SERVICES - 0.61%
Olsten Corporation 132,200 1,478,988
------------
CHEMICALS - 6.07%
Air Products & Chemicals, Incorporated 33,500 1,340,000
Dow Chemical Company 22,100 2,136,794
E.I. Du Pont De Nemours & Company 30,100 2,246,212
FMC Corporation 23,400 1,595,588
Great Lakes Chemical Corporation 54,600 2,153,288
IMC Global, Incorporated 55,200 1,662,900
Lubrizol Corporation 33,700 1,019,425
Octel Corporation 5,025 99,872
Rohm & Haas Company 23,400 2,432,137
------------
14,686,216
COMPUTERS & BUSINESS EQUIPMENT - 3.41%
International Business Machines Corporation 58,100 6,670,606
Stratus Computer, Incorporated 62,400 1,579,500
------------
8,250,106
CONGLOMERATES - 2.37%
Aeroquip-Vickers, Incorporated 79,400 4,634,975
Raytheon Company, Class A 22 1,268
W. R. Grace & Company 64,500 1,100,531
------------
5,736,774
CONSTRUCTION MATERIALS - 1.23%
Owens-Corning 73,200 2,987,475
------------
CONSTRUCTION & MINING EQUIPMENT - 1.68%
Caterpillar, Incorporated 28,600 1,512,225
Harnischfeger Industries, Incorporated 90,400 2,559,450
------------
4,071,675
DOMESTIC OIL - 2.62%
Atlantic Richfield Company 30,100 2,351,563
Phillips Petroleum Company 46,300 2,231,081
Ultramar Diamond Shamrock 56,000 1,767,500
------------
6,350,144
DRUGS & HEALTH CARE - 4.53%
Beckman Coulter, Incorporated 62,600 3,646,450
Columbia/HCA Healthcare Corporation 84,300 $2,455,237
Foundation Health System, Incorporated 95,940 2,530,417
Mallinckrodt, Incorporated 24,400 724,375
Maxicare Health Plans, Incorporated 45,400 306,450
Tenet Healthcare Corporation 37,900 1,184,375
Vencor, Incorporated 15,300 110,925
------------
10,958,229
ELECTRICAL EQUIPMENT - 0.52%
Arrow Electronics, Incorporated 57,500 1,250,625
------------
ELECTRIC UTILITIES - 2.52%
CINergy Corporation 24,700 864,500
DTE Energy Company 40,000 1,615,000
Duke Energy Company 20,439 1,211,011
Entergy Corporation 41,500 1,193,125
GPU, Incorporated 32,000 1,210,000
------------
6,093,636
ELECTRONICS - 2.46%
Avnet, Incorporated 32,500 1,777,344
Electronic Data Systems Corporation 45,100 1,804,000
TekTronix, Incorporated 67,300 2,380,737
------------
5,962,081
FINANCIAL SERVICES - 4.69%
Association First Capital Corporation, Class A 28 2,153
Case Corporation 119,600 5,770,700
Hartford Financial Services Group, Incorporated 26,100 2,985,187
ReliaStar Financial Corporation 54,000 2,592,000
------------
11,350,040
FOOD & BEVERAGES - 1.40%
IBP, Incorporated 58,800 1,065,750
Universal Foods Corporation 104,200 2,311,937
------------
3,377,687
HOUSEHOLD PRODUCTS - 0.52%
Tupperware Corporation 45,000 1,265,625
------------
INDUSTRIAL MACHINERY - 4.02%
Cummins Engine, Incorporated 76,700 3,930,875
Kennametal, Incorporated 48,700 2,033,225
Parke-Hannifin Corporation 45,150 1,721,344
Tecumseh Products Company, Class A 39,000 2,059,687
------------
9,745,131
</TABLE>
The accompanying notes are an integral part of the financial statements.
116
<PAGE> 119
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE - 7.04%
Allstate Corporation 33,800 $3,094,812
American General Corporation 34,500 2,455,969
CIGNA Corporation 52,200 3,601,800
Everest Reinsurance Holdings 59,000 2,267,812
Loews Corporation 15,500 1,350,438
Old Republic International Corporation 80,550 2,361,122
Transatlantic Holdings, Incorporated 24,700 1,909,619
-------------
17,041,572
INTERNATIONAL OIL - 2.06%
Amoco Corporation 900 37,463
The British Petroleum Company PLC, ADR 29,800 2,629,850
YPF Sociedad Anonima, ADR 77,300 2,323,831
-------------
4,991,144
OFFICE FURNISHINGS & SUPPLIES - 0.36%
Standard Register 24,700 873,763
-------------
PAPER - 0.37%
Westvaco Corporation 31,500 889,875
-------------
PETROLEUM SERVICES - 0.50%
Nabors Industries, Incorporated 61,200 1,212,525
-------------
RAILROADS & EQUIPMENT - 0.80%
Burlington Northern Santa Fe Corporation 4,300 422,206
CSX Corporation 33,100 1,506,050
-------------
1,928,256
REAL ESTATE - 0.08%
Ventas, Incorporated 13,200 182,325
-------------
RETAIL TRADE - 5.08%
Dillards, Incorporated, Class A 69,600 2,884,050
Federated Department Stores, Incorporated * 37,400 2,012,587
Sears Roebuck & Company 44,600 2,723,387
Toys R Us, Incorporated * 128,300 3,023,069
Venator Group, Incorporated 86,300 1,650,488
-------------
12,293,581
STEEL - 0.74%
Inland Steel Industries, Incorporated 63,800 1,798,363
-------------
TELEPHONE - 0.81%
Bell Atlantic Corporation 42,800 1,952,750
-------------
Tires & Rubber - 1.92%
Goodyear Tire & Rubber Company 72,100 $4,645,944
-------------
TOBACCO - 2.85%
Philip Morris Companies, Incorporated 107,100 4,217,062
RJR Nabisco Holdings Corporation 113,400 2,693,250
-------------
6,910,312
TOTAL COMMON STOCKS
(Cost: $194,271,948) $200,489,913
-------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 4.61%
$11,154,359 Navigator Securities Lending Trust, 5.54% $11,154,359
-------------
REPURCHASE AGREEMENTS - 12.59%
$30,499,000 Repurchase Agreement with State Street Bank
& Trust Company dated 06/30/1998 at 5.00%,
to be repurchaseed at $30,503,236 on 07/01/1998,
collateralized by $21,660,000 U.S. Treasury Bonds,
12.75% due 11/15/2010 (valued at $31,112,554,
including interest $30,499,000
-------------
TOTAL INVESTMENTS (Value Trust) (Cost: $235,925,306) $242,143,272
=============
INTERNATIONAL GROWTH & INCOME TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 81.71%
Aerospace - 0.72%
Lucas Varity PLC, ADS 491,300 $1,952,370
-------------
AGRICULTURAL MACHINERY - 0.79%
Kvaerner ASA, Series A 36,600 1,241,568
Kvaerner ASA, Series B 29,200 902,916
-------------
2,144,484
AIR TRAVEL - 0.07%
Deutsche Lufthansa AG 7,500 189,013
-------------
APPAREL & TEXTILES - 1.61%
Adidas-Salomon AG 12,300 2,144,972
Christian Dior SA 17,500 2,202,805
-------------
4,347,777
</TABLE>
The accompanying notes are an integral part of the financial statements.
117
<PAGE> 120
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
AUTO PARTS - 1.32%
Autoliv, Incorporated, ADR 111,492 $3,564,501
-----------
AUTOMOBILES - 1.51%
Honda Motor Company 45,000 1,607,724
Peugeot Sa 7,900 1,698,728
Tata Engineering & Locomotive Company, Ltd., GDR 2,300 9,037
Volkswagen AG 800 773,185
-----------
4,088,674
BANKING - 13.79%
Banco Totta & Acores, SA 46,090 1,397,930
Banque Paribas 31,510 3,372,144
Dao Heng Bank Group, Ltd. 1,103,000 1,565,953
Deutsche Bank AG 38,300 3,240,777
Dresdner Bank AG 66,800 3,611,412
Grupo Financiero Banamex Accival SA, Series B 1,086,000 2,115,074
Housing & Commercial Bank, Korea, GDR* 28,801 92,163
Lloyds TSB Group PLC 218,700 3,061,895
Sanwa Bank 29,000 260,281
Societe Generale 18,460 3,838,136
The Bank of Fukuoka, Ltd. 455,000 1,711,145
The Mitsui Trust & Banking Company, Ltd.* 478,000 1,130,440
Unibanco Uniao De Barncos Bras, GDR* 81,100 2,392,450
Union Bank of Switzerland/ Schweizerische Bankgesellschaft 17,050 6,350,261
Westpac Banking Corporation, Ltd. 302,600 1,850,213
Yapi ve Kredi Bankasi A.S. 20,369,249 358,243
Z Laenderbank Bank Austria AG 10,700 869,494
-----------
37,218,011
BROADCASTING - 0.31%
Central European Media Enterprises, Ltd., Class A* 38,100 823,912
-----------
BUILDING MATERIALS & CONSTRUCTION - 0.96%
ACS, Actividades de Construccion y Servicios SA* 46,000 1,381,350
Cie de Saint Gobain 6,500 1,205,237
-----------
2,586,587
BUSINESS SERVICES - 3.49%
Eaux (Cie Generale Des) 25,369 5,417,301
Vedior* 34,637 979,761
Wessex Water PLC 396,900 3,021,930
-----------
9,418,992
CHEMICALS - 3.72%
Air Liquide 10,350 $ 1,711,960
Bayer AG 27,400 1,419,036
Fauji Fertilizer Company, Ltd.* 416,600 451,795
Rhodia SA* 128,401 3,580,794
Sekisui Chemical Company, Ltd. 276,000 1,417,227
SGL Carbon AG 12,500 1,456,930
-----------
10,037,742
COMPUTERS & BUSINESS EQUIPMENT - 0.79%
Fujitsu, Ltd. 201,000 2,122,369
-----------
CONGLOMERATES - 0.68%
ABSA Group, Ltd. 134,300 837,960
First Phil Holdings 701,000 470,695
Hutchison Whampoa, Ltd. 100,000 527,878
-----------
1,836,533
CONSTRUCTION MATERIALS - 0.92%
Pioneer International, Ltd. 384,000 917,717
Tostem Corporation 120,000 1,560,425
-----------
2,478,142
CRUDE PETROLEUM & NATURAL GAS - 1.24%
Elf Aquitaine SA 23,753 3,339,572
-----------
DRUGS & HEALTH CARE - 7.31%
Incentive AB, Series A 68,500 1,245,299
Orion Yhtyma Oy, Series A 2,000 60,937
Ranbaxy Laboratories, Ltd., GDR 24,400 374,540
Roche Holdings AG 304 2,990,213
Sanofi Company SA 16,080 1,891,076
Schering AG 22,480 2,648,812
Smith & Nephew PLC 751,000 1,877,782
SmithKline Beecham PLC 199,500 2,436,664
Takeda Chemical Industries, Ltd. 65,000 1,734,650
Yamanouchi Pharmaceutical Company, Ltd. 96,000 2,006,509
Zeneca Group PLC 57,500 2,469,319
-----------
19,735,801
ELECTRICAL EQUIPMENT - 0.78%
ABB AG 1,160 1,715,908
Elektrim Spolka Akcyjina SA 30,893 376,528
-----------
2,092,436
ELECTRIC UTILITIES - 2.38%
Iberdrola SA 208,900 3,391,985
VEBA AG 44,900 3,021,218
-----------
6,413,203
ELECTRONICS - 1.95%
Fanuc, Ltd. 62,000 2,152,311
Nokia (AB) OY, Series A 22,400 1,649,027
</TABLE>
The accompanying notes are an integral part of the financial statements.
118
<PAGE> 121
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONICS - CONTINUED
Samsung Electronics, Ltd., GDR* 2,656 $42,097
SGS Thomson Microelectronics, Incorporated 19,900 1,410,449
------------
5,253,884
FINANCIAL SERVICES - 1.22%
Credicorp, Ltd. 2,460 36,131
International Nederlanded Groep NV 49,800 3,263,245
------------
3,299,376
FOOD & BEVERAGES - 3.13%
Danisco A/S 16,300 1,096,237
Nestle SA 2,300 4,930,199
Panamerican Beverages, Incorporated, Class A 24,300 763,931
Tate & Lyle PLC 209,688 1,663,927
------------
8,454,294
GOLD - 0.63%
Anglogold, Ltd. 39,303 1,584,059
Eastvaal Gold Holdings, Ltd.* 121,200 110,368
------------
1,694,427
HOUSEHOLD APPLIANCES - 2.04%
Philips Electronics NV 34,150 2,872,783
Sony Corporation 30,500 2,635,966
------------
5,508,749
HOUSEHOLD PRODUCTS - 0.96%
Unilever PLC 243,000 2,588,603
------------
INDUSTRIAL MACHINERY - 0.64%
Tadano, Ltd. 102,000 295,075
Tokyo Ohka Kogyo 49,800 1,419,049
------------
1,714,124
INSURANCE - 4.60%
QBE Insurance Group, Ltd. 541,000 1,914,206
Royal & Sun Alliance Insurance Group PLC 239,000 2,472,166
Skandia Foersaekrings AB 221,400 3,164,444
Union Assurance, Ltd. 9,000 1,418,694
Zurich Versicherungs 5,400 3,451,892
------------
12,421,402
INTERNATIONAL OIL - 4.04%
Oil Company Lukoil, ADR 18,900 631,821
Pakistan State Oil Company, Ltd.* 17,060 27,363
Petrofina Sa 2,500 1,026,822
RWE AG 68,400 4,050,637
The Shell Transport and Trading Company PLC 462,000 3,255,314
YPF Sociedad Anonima, ADR 63,570 1,911,073
------------
10,903,030
LIQUOR - 0.50%
South Africa Brews 65,800 1,353,727
------------
MISCELLANEOUS - 0.69%
Orion, Series B 36,200 1,116,173
WBK STRYPES Trust 24,900 751,669
------------
1,867,842
NON-FERROUS METALS - 0.41%
Billiton PLC 548,800 1,113,343
------------
PAPER - 1.80%
Fletcher Challenge Paper 978,800 1,089,942
Stora Kopparbergs, Series A 146,500 2,305,134
UPM-Kymmene Oyj 53,500 1,473,897
------------
4,868,973
PETROLEUM SERVICES - 1.24%
TOTAL SA, B Shares 25,673 3,337,741
------------
PHOTOGRAPHY - 0.26%
Fuji Photo Film Company 20,000 698,633
------------
PUBLISHING - 1.51%
ASM Lithography Holdings N.V.* 51,454 1,523,813
Lagardere S.C.A. 39,100 1,627,846
Wolters Kluwer NV 6,700 920,251
------------
4,071,910
REAL ESTATE - 1.15%
Henderson Land Development 944,000 3,112,958
------------
RETAIL GROCERY - 0.52%
De Boer Unigro N.V. 26,700 1,412,003
------------
RETAIL TRADE - 2.88%
Carrefour SA 3,019 1,910,064
Edgars Stores 75,500 668,423
Ito-Yokado Company, Ltd. 23,000 1,086,208
Mitsubishi Corporation 447,000 2,780,213
Vendex NV 35,100 1,340,629
------------
7,785,537
SOFTWARE - 1.36%
Olicom A/S* 66,600 1,803,276
SAP AG 3,080 1,870,082
------------
3,673,358
</TABLE>
The accompanying notes are an integral part of the financial statements.
119
<PAGE> 122
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
STEEL - 0.57%
Acerinox SA 7,300 $972,064
Pohang Iron & Steel, Ltd., ADR 28,900 346,800
Tokyo Steel Manufacturing 40,000 206,552
------------
1,525,416
TELECOMMUNICATIONS SERVICES - 2.41%
Cable & Wireless ADS 143,200 1,740,656
Great Nordic Store Nord A/S 85,324 2,608,347
Portugal Telecom SA 35,000 1,856,175
Telstra Corporation, Ltd.* 114,700 294,768
------------
6,499,946
TELEPHONE - 3.91%
DDI Corporation 787 2,749,121
Philippine Long Distance Telephone Company, ADR 24,116 545,625
Telecom Italia SPA RISP 467,200 2,262,702
Telecomunicacoes Brasileiras, ADR 20,600 2,249,263
Telefonos De Mexico SA, ADR 16,358 786,206
Vodafone Group 155,300 1,972,010
------------
10,564,927
TOYS, AMUSEMENTS & SPORTING GOODS - 0.27%
Nintendo Company 7,800 724,886
------------
TRANSPORTATION - 0.63%
Evergreen Marine Corporation, GDR 74,675 575,916
Stolt-Nielsen S.A., ADR 64,440 1,119,645
------------
1,695,561
TOTAL COMMON STOCKS
(Cost: $210,672,683) $220,534,769
------------
PREFERRED STOCK - 4.54%
AUTOMOBILES - 0.26%
Volkswagen AG 1,000 689,789
------------
BROADCASTING - 1.69%
News Corporation 642,400 4,561,925
------------
CONGLOMERATES - 0.35%
Companhia Brasileira de Destribuicao Grupo Pao de Acucar, ADR 42,000 950,250
------------
ELECTRIC UTILITIES - 0.40%
Companhia Paranaense de Energia-Copel, ADR 116,400 1,076,700
------------
FINANCIAL SERVICES - 0.28%
Sanwa International Finance* 102,000,000 752,441
------------
INSURANCE - 1.56%
Munchener Ruckversicherungs-Gesellschaft AG 8,482 4,214,074
------------
TOTAL PREFERRED STOCK
(Cost: $9,958,749) $12,245,179
------------
PRINCIPAL
AMOUNT VALUE
--------- -----
CONVERTIBLE BONDS - 1.70%
FINANCIAL SERVICES - 0.15%
Mti Capital (Cayman), Ltd.,
00.50% due 10/01/2007 $71,000,000 $ 406,939
------------
FOOD & BEVERAGES - 1.08%
Compass Group PLC,
5.75% due 10/05/2007 985,000 2,929,130
------------
INDUSTRIALS - 0.47%
Beijing Enterprises*,
00.50% due 03/31/2003 1,279,000 1,259,815
------------
TOTAL CONVERTIBLE BONDS
(Cost: $4,253,400) $4,595,884
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 12.00%
$32,407,075 Navigator Securities Lending Trust, 5.54% $32,407,075
------------
REPURCHASE AGREEMENTS - 0.05%
$127,000 Repurchase Agreement with State Street Bank & Trust Company dated
06/30/1998 at 5.00%, to be repurchased at $127,018 on 07/01/1998,
collateralized by $95,000 U.S. Treasury Bonds, 8.75% due 05/15/2020
(valued at $130,759, including interest) $127,000
------------
TOTAL INVESTMENTS (International
Growth & Income Trust) (Cost: $257,418,907) $269,909,907
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
120
<PAGE> 123
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
GROWTH & INCOME TRUST
COMMON STOCKS - 94.56%
AEROSPACE - 3.35%
Boeing Company 400,000 $ 17,825,000
Computer Sciences Corporation* 310,000 19,840,000
Lockheed Martin Corporation 175,000 18,528,125
United Technologies Corporation 145,000 13,412,500
------------
69,605,625
AGRICULTURAL MACHINERY - 0.64%
Deere & Company 250,000 13,218,750
------------
AIR TRAVEL - 1.28%
Southwest Airlines Company 900,000 26,662,500
------------
ALUMINUM - 0.49%
Aluminum Company of America 155,000 10,220,313
------------
AUTO SERVICES - 0.30%
General Motors Corporation* 130,000 6,126,250
------------
BANKING - 8.026%
Citicorp 275,000 41,043,750
First Union Corporation 700,000 40,775,000
The Chase Manhattan Corporation 240,000 18,120,000
U.S. Bancorp 867,000 37,281,000
Wachovia Corporation 346,500 29,279,250
------------
166,499,000
BUSINESS SERVICES - 1.86%
Automatic Data Processing, Incorporated 290,000 21,133,750
First Data Corporation 525,000 17,489,062
------------
38,622,812
CHEMICALS - 2.14%
Dow Chemical Company 95,000 9,185,313
E.I. Du Pont De Nemours & Company 238,300 17,783,137
Zeneca Group PLC, ADR 399,900 17,545,612
------------
44,514,062
COMPUTERS & BUSINESS EQUIPMENT - 5.65%
3Com Corporation* 88,900 2,728,119
Cisco Systems, Incorporated* 320,000 29,460,000
EMC Corporation* 260,000 11,651,250
Hewlett-Packard Company 255,000 15,268,125
International Business Machines
Corporation 330,000 37,888,125
Xerox Corporation 200,000 20,325,000
------------
117,320,619
CONTAINERS & GLASS - 0.31%
Crown Cork & Seal, Incorporated 135,000 6,412,500
------------
DOMESTIC OIL - 0.64%
Unocal Corporation 370,000 13,227,500
------------
DRUGS & HEALTH CARE - 10.92%
Abbott Laboratories 640,000 26,160,000
American Home Products Corporation 330,500 17,103,375
Bristol-Myers Squibb Company 180,000 20,688,750
Columbia/HCA Healthcare Corporation 750,700 21,864,137
Johnson & Johnson 240,000 17,700,000
Merck & Company, Incorporated 165,000 22,068,750
Pfizer, Incorporated 374,000 40,649,125
Pharmacia & Upjohn, Incorporated 770,000 35,516,250
Warner-Lambert Company 360,000 24,975,000
------------
226,725,387
ELECTRICAL EQUIPMENT - 3.43%
General Electric Company 782,700 71,225,700
------------
ELECTRIC UTILITIES - 2.08%
DPL, Incorporated 667,500 12,098,437
Duke Energy Company 208,000 12,324,000
New England Electric Systems 195,000 8,433,750
Texas Utilities Company 250,000 10,406,250
------------
43,262,437
ELECTRONICS - 3.93%
AMP, Incorporated 300,000 10,312,500
Analog Devices, Incorporated* 245,000 6,017,812
Intel Corporation 360,000 26,685,000
Lucent Technologies, Incorporated 210,000 17,469,375
Motorola, Incorporated 269,500 14,165,594
Texas Instruments, Incorporated 120,000 6,997,500
------------
81,647,781
FINANCIAL SERVICES - 7.26%
American Express Company 330,000 37,620,000
Federal National Mortgage Association 550,000 33,412,500
Merrill Lynch & Company, Incorporated 189,700 17,499,825
Morgan Stanley Dean Witter & Company 232,200 21,217,275
Travelers Group, Incorporated 675,000 40,921,875
------------
150,671,475
FOOD & BEVERAGES - 4.26%
General Mills, Incorporated 170,000 11,623,750
H.J. Heinz Company 160,000 8,980,000
Nabisco Holdings Corporation 230,000 8,294,375
</TABLE>
The accompanying notes are an integral part of the financial statements.
121
<PAGE> 124
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOOD & BEVERAGES - CONTINUED
PepsiCo, Incorporated 423,500 $ 17,442,906
Sara Lee Corporation 410,000 22,934,375
The Coca-Cola Company 225,000 19,237,500
--------------
88,512,906
GAS & PIPELINE UTILITIES - 0.79%
KN Energy, Incorporated 100,000 5,418,750
National Fuel Gas Company 145,000 6,316,563
Peoples Energy Corporation 120,000 4,635,000
--------------
16,370,313
HOTELS & RESTAURANTS - 1.48%
McDonalds Corporation 445,000 30,705,000
--------------
HOUSEHOLD PRODUCTS - 2.77%
Colgate-Palmolive Company 150,000 13,200,000
Gillette Company 204,900 11,615,269
Procter & Gamble Company 360,000 32,782,500
--------------
57,597,769
INSURANCE - 4.70%
ACE, Ltd. 600,000 23,400,000
Allstate Corporation 280,000 25,637,500
American International Group, Incorporated 189,000 27,594,000
Marsh & Mclennan Companies, Incorporated 345,000 20,850,937
--------------
97,482,437
INTERNATIONAL OIL - 4.95%
Amoco Corporation 400,000 16,650,000
Chevron Corporation 330,000 27,410,625
Exxon Corporation 440,000 31,377,500
Royal Dutch Petroleum Company 500,000 27,406,250
--------------
102,844,375
LEISURE TIME - 0.46%
The Walt Disney Company 90,000 9,455,625
--------------
LIQUOR - 0.71%
Anheuser-Busch Companies, Incorporated 311,000 14,675,313
--------------
NEWSPAPERS - 1.51%
Gannett, Incorporated 440,000 31,267,500
--------------
PAPER - 2.04%
International Paper Company 230,000 9,890,000
Kimberly-Clark Corporation 385,000 17,661,875
Minnesota Mining & Manufacturing Company 180,000 14,793,750
--------------
42,345,625
PETROLEUM SERVICES - 1.50%
Diamond Offshore Drilling, Incorporated 170,000 6,800,000
Schlumberger, Ltd 355,000 24,250,938
--------------
31,050,938
RAILROADS & EQUIPMENT - 0.59%
Union Pacific Corporation 275,300 12,147,613
--------------
REAL ESTATE - 0.21%
Security Capital Pacific Trust SBI 190,000 4,275,000
--------------
RETAIL TRADE - 5.13%
Dayton Hudson Corporation 680,000 32,980,000
GAP, Incorporated 300,000 18,487,500
May Department Stores, Incorporated 254,600 16,676,300
Wal-Mart Stores, Incorporated 630,000 38,272,500
--------------
106,416,300
SOFTWARE - 3.31%
Microsoft Corporation* 540,000 58,522,500
PeopleSoft, Incorporated* 217,200 10,208,400
--------------
68,730,900
TELECOMMUNICATIONS SERVICES - 0.55%
Cox Communications, Incorporated, Class A* 235,000 11,382,813
--------------
TELEPHONE - 5.41%
Bell Atlantic Corporation 638,798 29,145,159
BellSouth Corporation 215,000 14,431,875
SBC Communications, Incorporated 780,000 31,200,000
U. S. West, Incorporated* 350,000 16,450,000
WorldCom, Incorporated* 435,000 21,070,312
--------------
112,297,346
TIRES & RUBBER - 0.50%
Goodyear Tire & Rubber Company 160,000 10,310,000
--------------
TOBACCO - 1.39%
Philip Morris Companies, Incorporated 735,000 28,940,625
--------------
TOTAL COMMON STOCKS
(Cost: $1,256,902,184) $1,962,771,109
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
122
<PAGE> 125
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENT - 2.85%
$59,138,837 Navigator Securities Lending
Trust, 5.54% $ 59,138,837
--------------
REPURCHASE AGREEMENTS - 2.59%
$53,787,000 Repurchase Agreement with Swiss Bank dated
06/30/1998 at 5.70%, to be repurchased at
$53,795,516 on 07/01/1998, collateralized by
$42,406,000 U.S. Treasury Bonds, 8.00% due
11/15/2021 (valued at $54,398,947,
including interest)
$ 53,787,000
--------------
TOTAL INVESTMENTS (Growth & Income Trust) (Cost: $1,369,828,021) $2,075,696,946
==============
</TABLE>
EQUITY-INCOME TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 90.01%
AEROSPACE - 1.16%
AlliedSignal, Incorporated 129,300 $ 5,737,688
TRW, Incorporated 127,900 6,986,537
--------------
12,724,225
ALUMINUM - 0.39%
Reynolds Metals Company 76,500 4,279,219
--------------
APPAREL & TEXTILES - 0.08%
Unifi, Incorporated 25,600 876,800
--------------
AUTO PARTS - 0.73%
Genuine Parts Company 230,950 7,982,209
--------------
AUTOMOBILES - 0.75%
General Motors Corporation 123,700 8,264,706
--------------
BANKING - 8.70%
Banc One Corporation 157,300 8,779,306
BankBoston Corporation 106,000 5,896,250
Bankers Trust New York Corporation 64,100 7,439,606
First Union Corporation 126,710 7,380,858
Fleet Financial Group, Incorporated 92,500 7,723,750
J. P. Morgan & Company, Incorporated 89,500 10,482,688
Mellon Bank Corporation 276,700 19,265,237
Mercantile Bankshares Corporation 97,250 3,385,516
National City Corporation 80,000 5,680,000
PNC Bank Corporation 72,400 3,896,025
The Chase Manhattan Corporation 118,100 8,916,550
Wells Fargo & Company 17,100 6,309,900
--------------
95,155,686
BUSINESS SERVICES - 1.36%
H & R Block, Incorporated 152,000 6,403,000
R.R. Donnelley & Sons Company 184,400 8,436,300
--------------
14,839,300
CHEMICALS - 7.01%
Dow Chemical Company 145,600 14,077,700
E.I. Du Pont De Nemours & Company 132,200 9,865,425
Eastman Chemical Company 38,000 2,365,500
Great Lakes Chemical Corporation 165,700 6,534,794
Hercules, Incorporated 197,200 8,109,850
Imperial Chemical Industries PLC, ADR 74,100 4,779,450
Lubrizol Corporation 96,900 2,931,225
Nalco Chemical Company 159,200 5,591,900
Octel Corporation 86,125 1,711,734
Olin Corporation 171,800 7,161,913
PPG Industries, Incorporated 113,200 7,874,475
Witco Corporation 194,700 5,694,975
--------------
76,698,941
COMPUTERS & BUSINESS EQUIPMENT - 0.42%
Hewlett-Packard Company 76,000 4,550,500
--------------
CONGLOMERATES - 1.39%
Fortune Brands, Incorporated 178,900 6,876,469
Lonrho 241,500 1,133,083
Lonrho Africa 161,100 197,707
Tomkins 1,298,500 7,051,763
--------------
15,259,022
CONSTRUCTION MATERIALS - 0.35%
Armstrong World Industries,
Incorporated 56,200 3,786,475
--------------
COSMETICS & TOILETRIES - 0.86%
International Flavors & Fragrances,
Incorporated 216,200 9,391,188
--------------
CRUDE PETROLEUM & NATURAL GAS - 0.47%
Occidental Petroleum Corporation 188,800 5,097,600
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
123
<PAGE> 126
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DOMESTIC OIL - 3.16%
Amerada Hess Corporation 148,100 $ 8,043,681
Atlantic Richfield Company 181,600 14,187,500
Phillips Petroleum Company 90,200 4,346,512
Unocal Corporation 85,000 3,038,750
USX-Marathon Group 143,900 4,937,569
--------------
34,554,012
DRUGS & HEALTH CARE - 5.85%
Abbott Laboratories 151,600 6,196,650
American Home Products Corporation 303,200 15,690,600
Amgen, Incorporated 43,400 2,837,275
Bausch & Lomb, Incorporated 115,300 5,779,413
Baxter International, Incorporated 68,500 3,686,156
Johnson & Johnson 37,800 2,787,750
Pharmacia & Upjohn, Incorporated 291,900 13,463,887
Smith & Nephew PLC 1,267,200 3,168,476
United States Surgical Corporation 227,900 10,397,938
--------------
64,008,145
ELECTRICAL EQUIPMENT - 1.79%
Cooper Industries, Incorporated 92,500 5,081,719
General Electric Company 113,800 10,355,800
Hubbell, Incorporated 99,000 4,120,875
--------------
19,558,394
ELECTRIC UTILITIES - 6.76%
Baltimore Gas & Electric Company 106,100 3,295,731
Central & South West Corporation 98,000 2,633,750
Dominion Resources, Incorporated 140,800 5,737,600
DQE, Incorporated 128,200 4,615,200
Duke Energy Company 150,800 8,934,900
Entergy Corporation 145,900 4,194,625
FirstEnergy Corporation 240,775 7,403,831
GPU, Incorporated 103,600 3,917,375
Houston Industries, Incorporated 201,000 6,205,875
PacifiCorp 162,900 3,685,613
PECO Energy Company 165,900 4,842,206
Southern Company 274,900 7,611,294
TECO Energy, Incorporated 132,400 3,549,975
Unicom Corporation 209,400 7,342,087
--------------
73,970,062
ELECTRONICS - 0.62%
AMP, Incorporated 196,100 6,740,938
--------------
FINANCIAL SERVICES - 1.53%
Federal National Mortgage Association 156,500 9,507,375
Travelers Group, Incorporated 119,049 7,217,346
--------------
16,724,721
FOOD & BEVERAGES - 3.80%
General Mills, Incorporated 155,900 10,659,662
H.J. Heinz Company 123,200 6,914,600
Kellogg Company 134,000 5,033,375
McCormick & Company, Incorporated 226,000 8,072,437
Quaker Oats Company 159,700 8,773,519
Sara Lee Corporation 37,800 2,114,438
--------------
41,568,031
FOREST PRODUCTS - 0.36%
Georgia-Pacific Corporation 52,100 3,070,644
Georgia-Pacific Corporation (Timber
Group) 39,600 913,275
--------------
3,983,919
GOLD - 0.45%
Newmont Mining Corporation 208,400 4,923,450
--------------
HOTELS & RESTAURANTS - 0.34%
Hilton Hotels Corporation 132,500 3,776,250
--------------
HOUSEHOLD APPLIANCES - 0.72%
Whirlpool Corporation 114,700 7,885,625
--------------
HOUSEHOLD PRODUCTS - 0.34%
Tupperware Corporation 132,400 3,723,750
--------------
INDUSTRIAL MACHINERY - 0.49%
Pall Corporation 260,000 5,330,000
--------------
INSURANCE - 4.92%
American General Corporation 147,800 10,521,512
EXEL, Ltd. 89,300 6,948,656
Hilb Rogal & Hamilton Company 9,500 148,438
Lincoln National Corporation 58,000 5,299,750
SAFECO Corporation 191,600 8,705,825
St. Paul Companies, Incorporated 298,548 12,557,675
Transamerica Corporation 55,300 6,366,413
Willis Corroon Group PLC, ADR 260,820 3,276,551
--------------
53,824,820
INTERNATIONAL OIL - 7.43%
Amoco Corporation 337,100 14,031,787
Chevron Corporation 158,800 13,190,325
Exxon Corporation 226,400 16,145,150
Mobil Corporation 152,000 11,647,000
Royal Dutch Petroleum Company 141,600 7,761,450
Texaco, Incorporated 197,400 11,782,313
The British Petroleum Company PLC, ADR 76,000 6,707,000
--------------
81,265,025
LIQUOR - 1.57%
Anheuser-Busch Companies, Incorporated 230,900 10,895,594
</TABLE>
The accompanying notes are an integral part of the financial statements.
124
<PAGE> 127
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Liquor - continued
Brown Forman Corporation, Class B 98,300 $ 6,315,775
--------------
17,211,369
MINING - 0.45%
Phelps Dodge Corporation 87,100 4,981,031
--------------
NEWSPAPERS - 1.42%
Dow Jones & Company, Incorporated 121,400 6,768,050
Knight-Ridder, Incorporated 158,600 8,732,912
--------------
15,500,962
NON-FERROUS METALS - 0.24%
Inco, Ltd. 192,300 2,620,088
--------------
PAPER - 3.18%
Consolidated Papers, Incorporated 189,200 5,155,700
International Paper Company 110,700 4,760,100
Kimberly-Clark Corporation 173,700 7,968,488
Minnesota Mining & Manufacturing
Company 105,400 8,662,562
Union Camp Corporation 165,200 8,198,050
--------------
34,744,900
PHOTOGRAPHY - 0.93%
Eastman Kodak Company 139,000 10,155,687
--------------
POLLUTION CONTROL - 1.32%
Browning Ferris Industries,
Incorporated 183,200 6,366,200
Waste Management, Incorporated 229,700 8,039,500
--------------
14,405,700
PUBLISHING - 0.92%
Dun & Bradstreet Corporation 151,700 5,480,163
Readers Digest Association,
Incorporated, Class A 171,000 4,638,375
--------------
10,118,538
RAILROADS & EQUIPMENT - 2.95%
Burlington Northern Santa Fe
Corporation 67,100 6,588,381
Gatx Corporation 75,000 3,290,625
Norfolk Southern Corporation 399,000 11,895,187
Union Pacific Corporation 238,100 10,506,163
--------------
32,280,356
REAL ESTATE - 2.95%
Crescent Real Estate Equities 165,100 5,551,487
Rouse Company 56,200 1,766,788
Security Capital Pacific Trust SBI 105,400 2,371,500
Simon DeBartolo Group, Incorporated 261,800 8,508,500
Starwood Hotels & Resorts Trust SBI 242,071 11,695,055
Weingarten Reality Investors SBI 57,700 2,412,581
--------------
32,305,911
RETAIL TRADE - 1.22%
J. C. Penney, Incorporated 114,000 8,243,625
May Department Stores, Incorporated 77,600 5,082,800
--------------
13,326,425
STEEL - 0.33%
USX-United States Steel Group 108,200 3,570,600
--------------
TELEPHONE - 7.78%
Alltel Corporation 318,500 14,810,250
American Telephone & Telegraph
Corporation 173,600 9,916,900
BCE, Incorporated 150,600 6,428,737
Bell Atlantic Corporation 180,000 8,212,500
BellSouth Corporation 105,600 7,088,400
Frontier Corporation 156,000 4,914,000
GTE Corporation 211,200 11,748,000
SBC Communications, Incorporated 285,458 11,418,320
Southern New England Telecommunications
Corporation 92,900 6,084,950
U. S. West, Incorporated 95,000 4,465,000
--------------
85,087,057
TOBACCO - 2.32%
Philip Morris Companies, Incorporated 314,500 12,383,437
RJR Nabisco Holdings Corporation 208,600 4,954,250
UST, Incorporated 297,400 8,029,800
--------------
25,367,487
TRUCKING & FREIGHT - 0.20%
Alexander & Baldwin, Incorporated 76,400 2,225,150
--------------
TOTAL COMMON STOCKS
(Cost: $797,912,149) $ 984,644,274
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 9.95%
$8,040,000 Aluminum Company of America,
5.55% due 07/28/1998 $ 8,006,534
3,900,000 CIESCO LP,
5.53% due 07/20/1998 3,888,617
18,000,000 Diageo Capital PLC,
5.51% due 07/28/1998 17,925,615
</TABLE>
The accompanying notes are an integral part of the financial statements.
125
<PAGE> 128
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - CONTINUED
$3,985,000 Metlife Funding, Incorporated, 5.51% due
07/08/1998 $ 3,980,731
40,756,854 Navigator Securities Lending Trust, 5.54% 40,756,854
14,000,000 Preferred Receivables Funding, 5.58% due
07/28/1998 13,941,410
$18,400,000 Procter & Gamble Company,
5.50% due 07/31/1998 18,315,667
2,000,000 KFW International Finance, Incorporated,
5.50% due 07/13/1998 1,996,333
--------------
$ 108,811,761
REPURCHASE AGREEMENTS - 0.04%
$431,000 Repurchase Agreement with State Street Bank & Trust Company
dated 06/30/1998 at 5.00%, to be repurchased at $431,060 on
07/01/1998, collateralized by $335,000 U.S. Treasury Bonds,
8.125% due 08/15/2021 (valued at $444,237, including interest) $ 431,000
--------------
TOTAL INVESTMENTS (Equity-Income Trust)
(Cost: $907,154,909) $1,093,887,035
==============
</TABLE>
BALANCED TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 54.20%
AEROSPACE - 0.43%
Lockheed Martin Corporation 9,200 $ 974,050
--------------
BANKING - 1.13%
Mercantile Bancorporation, Incorporated 17,800 896,675
The Chase Manhattan Corporation 22,100 1,668,550
--------------
2,565,225
BROADCASTING - 0.55%
Tele-Communications Incorporated,
Series A 32,600 1,253,063
--------------
CHEMICALS - 2.85%
Arco Chemical Company 20,000 1,147,500
Bayer AG 70,100 3,630,453
E.I. Du Pont De Nemours & Company 22,500 1,679,062
--------------
6,457,015
COMPUTERS & BUSINESS EQUIPMENT - 1.55%
International Business Machines
Corporation 22,900 2,629,206
Sun Microsystems, Incorporated* 20,400 886,125
--------------
3,515,331
DOMESTIC OIL - 4.72%
Atlantic Richfield Company 100,000 7,812,500
Phillips Petroleum Company 59,600 2,871,975
--------------
10,684,475
DRUGS & HEALTH CARE - 16.23%
Abbott Laboratories 15,800 645,825
Alza Corporation* 81,100 3,507,575
Eli Lilly & Company 43,450 2,870,416
Glaxo Wellcome PLC 36,475 1,095,632
Glaxo Wellcome PLC, ADR 95,200 5,694,150
Johnson & Johnson 22,900 1,688,875
Merck & Company, Incorporated 13,100 1,752,125
Novartis AG 1,900 3,166,876
Pfizer, Incorporated 28,700 3,119,331
Schering AG 31,725 3,738,148
SmithKline Beecham PLC 168,425 2,057,119
Smithkline Beecham PLC 43,300 2,619,650
Synthelabo 12,000 2,024,579
Warner-Lambert Company 25,200 1,748,250
Zeneca Group PLC 24,500 1,052,145
--------------
36,780,696
ELECTRICAL EQUIPMENT - 0.95%
General Electric Company 23,700 2,156,700
--------------
ELECTRIC UTILITIES - 2.18%
Allegheny Energy, Incorporated 70,600 2,126,825
Baltimore Gas & Electric Company 38,100 1,183,481
Cinergy Corporation 46,875 1,640,625
--------------
4,950,931
ELECTRONICS - 0.66%
Intel Corporation 20,200 1,497,325
--------------
FINANCIAL SERVICES - 0.85%
Travelers Group, Incorporated 31,700 1,921,812
--------------
FOOD & BEVERAGES - 2.95%
Campbell Soup Company 17,200 913,750
Dean Foods Company 20,225 1,111,111
Dole Food, Incorporated 54,000 2,683,125
Nestle SA 500 1,071,782
Unilever NV 11,600 915,675
--------------
6,695,443
</TABLE>
The accompanying notes are an integral part of the financial statements.
126
<PAGE> 129
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HOTELS & RESTAURANTS - 0.91%
Hilton Hotels Corporation 72,100 $ 2,054,850
--------------
HOUSEHOLD PRODUCTS - 2.82%
Colgate-Palmolive Company 24,100 2,120,800
Dial Corporation 85,200 2,209,875
Procter & Gamble Company 22,700 2,067,119
--------------
6,397,794
INDUSTRIAL MACHINERY - 0.45%
Thermo Electron Corporation 30,050 1,027,334
--------------
INSURANCE - 5.90%
Allstate Corporation 22,800 2,087,625
Berkley W R Corporation 36,037 1,443,732
Chubb Corporation 24,600 1,977,225
Marsh & Mclennan Companies,
Incorporated 62,325 3,766,767
Travelers Property Casualty
Corporation, Class A 95,600 4,098,850
--------------
13,374,199
INTERNATIONAL OIL - 1.78%
Amoco Corporation 25,000 1,040,625
Chevron Corporation 7,300 606,356
Mobil Corporation 18,000 1,379,250
Texaco, Incorporated 16,900 1,008,719
--------------
4,034,950
MINING - 1.12%
Potash Corporation of Saskatchewan,
Incorporated 33,700 2,546,456
--------------
PAPER - 1.89%
Fort James Corporation 69,900 3,110,550
International Paper Company 12,900 554,700
Kimberly-Clark Corporation 13,600 623,900
--------------
4,289,150
PUBLISHING - 0.25%
Time Warner, Incorporated 6,700 572,431
--------------
REAL ESTATE - 0.26%
Legacy Hotels Real Estate Investment 101,200 591,431
--------------
RETAIL GROCERY - 0.44%
Hannaford Brothers Company 22,400 985,600
--------------
SOFTWARE - 0.44%
Computer Associates International,
Incorporated 17,800 989,013
--------------
TELEPHONE - 2.21%
American Telephone & Telegraph
Corporation 40,300 $ 2,302,137
Ameritech Corporation 22,900 1,027,638
TELEPHONE - CONTINUED
U. S. West, Incorporated 35,500 1,668,500
--------------
4,998,275
TOBACCO - 0.67%
Philip Morris Companies, Incorporated 38,575 1,518,891
--------------
TOTAL COMMON STOCKS
(Cost: $111,979,953) $ 122,832,440
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 21.82%
U.S. TREASURY BONDS - 5.93%
6.00% due 02/15/2026 $ 470,000 $ 488,946
6.125% due 11/15/2027 1,000,000 1,071,560
6.25% due 08/15/2023 3,650,000 3,907,763
6.375% due 08/15/2027 1,600,000 1,756,992
6.50% due 11/15/2026 1,540,000 1,710,124
6.625% due 02/15/2027 1,760,000 1,987,427
6.75% due 08/15/2026 1,290,000 1,476,844
6.875% due 08/15/2025 895,000 1,036,517
-----------
13,436,173
U.S. TREASURY NOTES - 15.89%
5.75% due 10/31/2000 1,700,000 1,707,973
5.75% due 11/15/2000 1,700,000 1,708,500
5.875% due 02/15/2000 3,900,000 3,921,333
5.875% due 11/15/2005 5,650,000 5,690,623
6.00% due 08/15/2000 4,200,000 4,240,026
6.125% due 12/31/2001 1,600,000 1,628,992
6.25% due 08/31/2000 965,000 979,176
6.25% due 02/15/2007 4,635,000 4,853,726
6.625% due 03/31/2002 5,300,000 5,489,634
6.625% due 04/30/2002 1,100,000 1,140,392
6.875% due 05/15/2006 4,300,000 4,656,083
-----------
36,016,458
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $46,972,030) $49,452,631
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
127
<PAGE> 130
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.63%
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.63%
6.00% due 05/15/2008 $ 4,100,000 $4,156,375
6.35% due 01/08/2003 1,800,000 1,798,596
----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $5,903,234) $5,954,971
----------
CORPORATE BONDS - 1.99%
ELECTRICAL EQUIPMENT - 0.22%
Sonat Incorporated,
6.625% due 02/01/2008 $ 482,000 $ 491,120
----------
ELECTRIC UTILITIES - 0.22%
Commonwealth Edison Company,
7.625% due 01/15/2007 481,000 511,317
----------
TELEPHONE - 1.55%
New Jersey Bell Telephone Company,
5.875% due 12/01/2006 500,000 496,360
New York Telephone Company,
5.875% due 09/01/2003 2,000,000 1,987,340
New York Telephone Company,
7.00% due 12/01/2033 1,000,000 1,021,330
----------
3,504,030
TOTAL CORPORATE BONDS
(Cost: $4,284,319) $4,506,467
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 7.41%
$14,916,924 Navigator Securities Lending Trust, 5.54% $14,916,924
1,900,000 E.I. Dupont De Nemours & Company, 5.37%
due 09/04/1998 1,881,578
------------
$16,798,502
REPURCHASE AGREEMENTS - 11.95%
$27,077,000 Repurchase Agreement with State Street
Bank & Trust Company dated 06/30/1998 at
5.00%, to be repurchased at $27,080,761
on 07/01/1998, collateralized by
$21,925,000 U.S. Treasury Bonds, 10.375%
due 11/15/2009 (valued at $27,618,659,
including interest) $27,077,000
------------
TOTAL INVESTMENTS (Balanced Trust) (Cost:
$213,015,037) $226,622,011
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
128
<PAGE> 131
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
--------------------- -------------------- -------------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
ASSET ALLOCATION TRUSTS
COMMON STOCKS: 72.40% 53.00% 26.10%
AEROSPACE: 0.40% 0.40% 0.20%
BE Aerospace, Incorporated* 400 $ 11,650 600 $ 17,475 -- --
British Aerospace PLC* 40,592 311,094 73,380 562,379 12,968 $ 99,386
Gulfstream Aerospace Corporation* -- -- -- -- 1,300 60,450
Kellstrom Industry, Incorporated 5,50 159,328 6,100 176,709 900 26,072
Lockheed Martin Corporation 4,800 508,200 11,500 1,217,563 900 95,287
Northrop Grumman Corporation 900 92,813 2,000 206,250 300 30,938
Primex Technologies, Incorporated -- -- 5,500 281,875 300 15,375
United Technologies Corporation 1,800 166,500 1,200 111,000 300 27,750
--------- --------- --------
1,249,585 2,573,251 355,258
AIR TRAVEL: 0.80% 0.60% 0.20%
Alaska Air Group * 11,500 627,469 9,200 501,975 2,000 109,125
AMR Corporation* 6,500 541,125 11,100 924,075 1,500 124,875
ASA Holdings, Incorporated 8,600 426,775 17,400 863,475 -- --
Continental Airlines, Incorporated,
Class B* 900 54,787 1,500 91,312 -- --
Sealed Air Corporation* 10,317 379,150 18,532 681,051 2,447 89,927
US Airways Group, Incorporated* 4,200 332,850 11,100 879,675 600 47,550
--------- --------- --------
2,362,156 3,941,563 371,477
APPAREL & TEXTILES: 0.10% 0.00% 0.10%
Hugo Boss AG* 100 210,707 150 316,061 50 105,354
--------- --------- --------
AUTO PARTS: 0.30% 0.30% 0.10%
Borg-Warner Automotive, Incorporated -- -- 7,500 360,469 500 24,031
Eaton Corporation 5,600 435,400 9,300 723,075 1,300 101,075
Echlin, Incorporated -- -- 1,600 78,500 -- --
Federal-Mogul Corporation -- -- 8,800 594,000 -- --
Modine Manufacturing Company 9,700 335,863 -- -- 2,800 96,950
--------- --------- --------
771,263 1,756,044 222,056
AUTOMOBILES: 1.20% 0.90% 0.50%
Bayerische Motoren Werke - New* 14 11,295 24 19,363 4 3,227
Bayerische Motoren Werke AG* 150 151,792 250 252,987 50 50,597
Chrysler Corporation 13,100 738,512 22,200 1,251,525 3,400 191,675
Daimler Benz AG* 1,745 171,747 3,130 308,062 545 53,640
Ford Motor Company 22,900 1,351,100 33,700 1,988,300 4,900 289,100
Honda Motor Company 8,000 285,818 15,000 535,908 3,000 107,182
Spartan Motors, Incorporated -- -- 400 2,850 -- --
Tower Automotive, Incorporated* 7,400 317,275 11,700 501,638 2,100 90,038
Toyota Motor Corporation 21,000 545,238 42,000 1,090,475 7,000 181,746
--------- --------- --------
3,572,777 5,951,108 967,205
BANKING: 8.20% 6.10% 3.00%
Akita Bank, Ltd. 29,000 127,938 54,000 238,230 9,000 39,705
Astoria Financial Corporation 12,800 684,800 27,400 1,465,900 6,000 321,000
Banc One Corporation 26,180 1,461,171 30,690 1,712,886 5,500 306,969
Banco Bilbao Vizcaya SA* 6,100 313,055 11,000 564,526 2,200 112,905
Banco Santander SA* 2,600 66,547 5,000 127,975 1,200 30,714
Bank Of Ireland* 19,956 409,179 34,470 706,765 6,249 128,127
</TABLE>
The accompanying notes are an integral part of the financial statements.
129
<PAGE> 132
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
--------------------- -------------------- -------------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
BANKING - CONTINUED
Bank of New York, Incorporated 42,300 $ 2,567,081 78,900 $ 4,788,244 10,900 $ 661,494
Bank of Tokyo-Mitsubishi, Ltd.* 35,000 371,845 67,000 711,817 11,000 116,866
Bank United Corporation 2,100 100,538 -- -- -- --
BankAmerica Corporation 24,400 2,109,075 45,400 3,924,262 6,000 518,625
Barclays 13,347 385,093 24,367 703,047 4,346 125,393
BHF-Bank AG* 14,700 559,977 26,150 996,149 4,450 169,517
Charter One Financial, Incorporated 20,800 700,700 57,276 1,929,485 4,630 155,973
Citicorp 11,300 1,686,525 21,900 3,268,575 1,600 238,800
Comerica, Incorporated 4,800 318,000 7,650 506,812 1,950 129,187
Commercial Federal Corporation 11,925 377,128 21,825 690,216 4,725 149,428
Credit Suisse Group 4,210 938,305 7,605 1,694,966 1,325 295,310
Credito Italiano 67,500 353,504 122,000 638,925 19,500 102,123
Dresdner Bank AG 1,200 64,876 2,500 135,158 500 27,032
First Chicago Corporation 8,093 717,242 16,431 1,456,197 2,515 222,892
Fleet Financial Group, Incorporated 3,898 325,483 7,345 613,307 759 63,376
ForeningsSparbanken AB, Series A* 5,000 150,451 10,000 300,903 1,700 51,153
Fuji Bank 20,000 89,535 37,000 165,640 6,000 26,860
Hang Seng Bank* 14,000 79,143 20,000 113,061 4,000 22,612
HSBC Holdings - pound sterling 24,866 602,852 45,710 1,108,195 7,442 180,424
HSBC Holdings - HKD 977 23,895 1,615 39,500 366 8,952
Lloyds TSB Group PLC 40,339 564,763 73,023 1,022,354 12,792 179,094
Long Islands Bancorp, Incorporated 3,000 182,250 -- -- 300 18,225
Mitsubishi Trust & Banking 8,000 68,214 28,000 238,750 2,000 17,054
National Australia Bank, Ltd.* 12,500 165,275 22,900 302,783 3,900 51,566
National City Corporation 9,200 653,200 15,300 1,086,300 1,200 85,200
NationsBank Corporation 17,596 1,346,094 30,260 2,314,890 4,528 346,392
North Fork Bancorporation, Incorporated 17,271 422,060 20,538 501,897 5,534 159,675
Providian Financial Corporation 1,400 109,988 1,900 149,269 600 47,137
Societe Generale* 3,842 798,815 6,727 1,398,653 1,113 231,411
Sumitomo Trust & Banking Company 14,000 62,776 25,000 112,100 4,000 17,936
Svenska Handelbanken, Series A 7,100 329,363 12,800 593,781 2,200 102,056
Toyo Trust & Banking Company, Ltd.* 8,000 39,748 18,000 89,434 2,000 9,937
U.S. Bancorp 24,900 1,070,700 24,900 1,070,700 7,200 309,600
Union Bank of Switzerland* -- -- 750 279,337 150 55,867
United Overseas Bank 17,800 55,460 32,600 101,573 6,200 19,317
Washington Federal, Incorporated 19,580 540,898 19,910 550,014 -- --
Washington Mutual, Incorporated 22,350 970,828 36,600 1,589,812 4,500 195,469
Wells Fargo & Company 2,000 738,000 2,900 1,070,100 133 49,077
Westpac Banking Corporation, Ltd. 6,600 40,335 11,900 72,761 2,100 12,840
Zions BanCorporation -- -- 2,000 106,250 -- --
----------- ----------- ----------
23,742,725 41,251,499 6,113,290
BROADCASTING: 0.70% 0.60% 0.30%
BET Holdings, Incorporated, Class A* 2,700 169,931 4,500 283,219 1,700 106,994
CBS Corporation 29,607 940,022 43,634 1,385,379 8,098 257,111
Clear Channel Communications* 776 84,681 3,149 343,635 268 29,245
Medialink Worldwide, Incorporated* 9,800 205,800 16,500 346,500 -- --
MediaOne Group, Incorporated* -- -- 27,200 1,195,100 -- --
News Corporation 20,822 170,355 34,039 278,489 6,307 51,601
Pearson PLC 8,600 157,667 15,100 276,833 1,800 33,000
Viacom, Incorporated, Class B* 4,400 256,300 -- -- 1,500 87,375
----------- ----------- ----------
1,984,756 4,109,155 565,326
</TABLE>
The accompanying notes are an integral part of the financial statements.
130
<PAGE> 133
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
--------------------- -------------------- -------------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
BUILDING MATERIALS & CONSTRUCTION: 0.30% 0.10% 0.10%
Fluor Corporation 4,700 $ 239,700 10,000 $ 510,000 1,600 $ 81,600
Harsco Corporation 10,400 476,450 7,800 357,338 2,400 109,950
----------- ----------- ----------
716,150 867,338 191,550
BUSINESS SERVICES: 2.40% 1.60% 0.90%
ADVO, Incorporated* 4,400 124,025 5,000 140,938 2,200 62,012
Automatic Data Processing, Incorporated 2,500 182,187 4,300 313,362 700 51,012
Barra, Incorporated* 4,200 102,900 9,450 231,525 1,950 47,775
Brambles Industries, Ltd.* 3,000 59,015 5,500 108,194 1,100 21,639
Britax International PLC* 49,900 135,392 78,000 211,634 13,800 37,443
Cap Gemini SA* 2,611 410,283 4,666 733,199 722 113,453
Cognizant Corporation 10,100 636,300 365 22,990 2,165 136,390
Eaux (Cie Generale Des) 300 64,062 500 106,770 110 23,489
First Data Corporation -- -- 6,700 223,194 1,500 49,969
Fiserv, Incorporated* 3,802 161,466 10,248 435,220 918 38,986
ISS International Service System AS,
Series B* 7,450 433,802 13,450 783,172 2,350 136,837
Konami Company* 3,800 82,035 6,800 146,800 1,200 25,906
Market Facts Incorporated* -- -- -- -- 2,400 52,200
Nokia Corporaton, ADR* 10,000 725,625 17,200 1,248,075 2,400 174,150
Ogden Corporation 36,900 1,021,669 66,700 1,846,756 11,700 323,944
OmniCom Group, Incorporated 37,000 1,845,375 61,500 3,067,312 6,300 314,212
SABRE Group Holdings, Incorporated,
Class A* 10,700 406,600 5,000 190,000 1,200 45,600
Secom Company, Ltd. 1,000 57,930 2,000 115,860 1,000 57,930
Securitas AB, Series B* 1,200 58,751 2,200 107,711 400 19,584
SunGuard Data Systems, Incorporated* 11,800 452,825 18,000 690,750 2,600 99,775
----------- ----------- ----------
6,960,242 10,723,462 1,832,306
CHEMICALS: 2.70% 2.20% 1.10%
Air Products & Chemicals, Incorporated 2,000 80,000 -- -- -- --
AKZO Nobel NV, ADS 650 144,597 1,450 322,563 200 44,491
BASF AG* 4,300 204,455 7,700 366,118 1,300 61,812
Bayer AG* 2,600 134,653 4,700 243,411 1,000 51,790
Cytec Industries, Incorporated* 29,600 1,309,800 50,500 2,234,625 8,400 371,700
E.I. Du Pont De Nemours & Company 32,600 2,432,775 75,600 5,641,650 10,200 761,175
Geon Company 7,900 181,206 -- -- 1,500 34,406
Hexcel Corporation* 600 13,575 1,000 22,625 -- --
Hoechst AG 2,000 100,640 4,300 216,377 750 37,740
Imperial Chemical Industries PLC 10,200 163,838 18,300 293,944 3,200 51,400
Imperial Chemical Industries PLC, ADR 5,400 348,300 13,400 864,300 2,400 154,800
Monsanto Company 27,100 1,514,213 47,000 2,626,125 7,100 396,712
Olin Corporation -- -- 1,200 50,025 -- --
Om Group, Incorporated 2,700 111,375 4,350 179,438 -- --
Praxair, Incorporated 2,600 121,713 4,100 191,931 700 32,769
Shin-Etsu Chemical Company, Ltd. 6,000 104,144 10,000 173,573 2,000 34,715
Solutia, Incorporated 9,060 259,909 12,560 360,315 2,280 65,408
TETRA Technologies, Incorporated* 6,500 107,250 12,200 201,300 800 13,200
Wesfarmers, Ltd.* 10,065 74,943 14,072 104,779 3,145 23,417
Witco Corporation 17,800 520,650 33,100 968,175 3,500 102,375
----------- ----------- ----------
7,928,036 15,061,274 2,237,910
COMPUTERS & BUSINESS EQUIPMENT: 3.80% 2.60% 1.30%
3Com Corporation* 15,500 475,656 21,300 653,644 2,900 88,994
Avant Corporation* 3,800 94,050 6,900 170,775 1,900 47,025
</TABLE>
The accompanying notes are an integral part of the financial statements.
131
<PAGE> 134
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
--------------------- -------------------- -------------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
COMPUTERS & BUSINESS EQUIPMENT-CONTINUED
Cisco Systems, Incorporated* 11,350 $ 1,044,909 20,350 $ 1,873,472 3,050 $ 280,791
Citrix Systems, Incorporated* 1,600 109,400 -- -- -- --
Compaq Computer Corporation 6,500 184,438 31,700 899,487 3,700 104,987
Dell Computer Corporation* 17,200 1,596,375 24,500 2,273,906 3,800 352,687
EMC Corporation* 35,200 1,577,400 59,600 2,670,825 8,200 367,462
Evans & Sutherland Computer Company* 6,700 166,756 5,000 125,938 1,800 45,338
FactSet Research Systems, Incorporated* 2,200 71,500 4,000 130,000 900 29,250
Fujitsu, Ltd. 12,000 126,709 22,000 232,299 7,000 73,913
Gateway 2000, Incorporated* 7,500 379,687 -- -- 700 35,438
General Binding Corporation 6,000 220,875 12,500 460,156 -- --
HBO & Company 5,600 197,400 15,200 535,800 1,200 42,300
Hutchinson Technology, Incorporated* -- -- 9,500 258,875 600 16,350
International Business Machines
Corporation 5,100 585,544 5,500 631,649 600 68,887
Pitney Bowes, Incorporated 23,200 1,116,500 36,400 1,751,750 7,400 356,125
Quantum Corporation* 14,900 309,175 5,400 112,050 -- --
Saville Systems PLC, ADR* -- -- -- -- 900 45,113
Security Dynamics Technologies* 7,700 142,450 9,400 173,900 -- --
Sun Microsystems, Incorporated* 900 39,094 3,400 147,688 800 34,750
Sundstrand Corporation 1,900 108,775 3,900 223,275 1,200 68,700
Tech Data Corporation* -- -- -- -- 500 21,438
Xerox Corporation 25,400 2,581,275 39,700 4,034,512 5,100 518,287
----------- ----------- ----------
11,129,968 17,359,821 2,597,835
CONGLOMERATES: 0.50% 0.40% 0.20%
Berjaya Group BHD 46,000 5,653 83,000 10,199 14,000 1,720
Corporation Financiera Reunida SA* 15,000 226,443 33,000 498,174 5,900 89,068
CSR, Ltd.* 18,700 54,094 33,800 97,773 5,900 17,067
Harcourt General, Incorporated 3,100 184,450 6,700 398,650 -- --
Hutchison Whampoa, Ltd. 35,000 184,757 64,000 337,842 13,000 68,624
Kon PTT Netherland 1,000 38,519 2,000 77,039 400 15,408
Ratin A/S* 650 137,674 1,100 232,986 225 47,656
Raytheon Company, Class B 1,800 106,425 6,200 366,575 -- --
Smith Howard, Ltd.* 6,500 38,331 11,700 68,996 2,000 11,794
Tyco International, Ltd. 9,000 567,000 12,600 793,800 2,600 163,800
W. R. Grace & Company* 800 13,650 1,800 30,713 -- --
----------- ----------- ----------
1,556,996 2,912,747 415,137
CONSTRUCTION MATERIALS: 0.40% 0.30% 0.10%
Boral, Ltd.* 14,779 27,797 26,500 49,843 4,586 8,625
CRH PLC* 3,883 55,109 6,057 85,964 924 13,114
Lafarge Corporation 1,100 43,244 -- -- -- --
Masco Corporation 10,100 611,050 21,500 1,300,750 3,500 211,750
Portland Valderrivas SA* 700 85,771 1,250 153,163 200 24,506
Sherwin Williams Company 10,300 341,188 16,300 539,937 -- --
Tarmac PLC* 38,300 68,426 69,200 123,631 12,000 21,439
Vulcan Materials Company -- -- 800 85,350 -- --
----------- ----------- ----------
1,232,585 2,338,638 279,434
CONSTRUCTION & MINING EQUIPMENT: 0.00% 0.00% 0.00%
Foster Wheeler Corporation 1,900 40,731 -- -- -- --
----------- ----------- ----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
132
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
CONTAINERS & GLASS: 0.10% 0.00% 0.00%
Silgan Holdings, Incorporated* 5,200 $ 145,600 3,000 $ 84,000 500 $ 14,000
---------- ---------- ----------
COSMETICS & TOILETRIES: 0.10% 0.00% 0.00%
Avon Products, Incorporated 2,200 170,500 3,900 302,250 500 38,750
---------- ---------- ----------
CRUDE PETROLEUM & NATURAL GAS: 0.50% 0.30% 0.20%
Anadarko Petroleum Corporation 6,000 403,125 5,200 349,375 1,100 73,907
Burlington Resources, Incorporated 5,500 236,884 6,300 271,294 1,200 51,675
Elf Aquitaine SA* 2,700 379,609 4,900 688,919 900 126,536
Monument Oil & Gas PLC* 136,500 134,469 246,375 242,710 41,875 41,252
Occidental Petroleum Corporation -- -- 7,000 189,000 1,300 35,100
Santa Fe Energy Resources, Incorporated* -- -- 14,400 154,800 -- --
Vastar Resources, Incorporated 8,600 375,712 8,300 362,606 -- --
---------- ---------- ----------
1,529,759 2,258,704 328,470
DOMESTIC OIL: 0.60% 0.40% 0.20%
Amerada Hess Corporation 4,000 217,250 5,900 320,444 1,100 59,744
Kerr-McGee Corporation 1,400 81,025 -- -- 600 34,725
USX-Marathon Group 44,500 1,526,906 74,700 2,563,144 10,000 343,125
---------- ---------- ----------
1,825,181 2,883,588 437,594
DRUGS & HEALTH CARE: 7.00% 5.60% 2.40%
Alkermes, Incorporated* 8,900 159,087 21,700 387,888 2,100 37,537
American Home Products Corporation 30,600 1,583,500 64,800 3,353,400 8,600 445,050
Amgen, Incorporated* -- -- 21,600 1,412,100 400 26,150
Anesta Corporation* 21,600 311,850 45,600 658,350 4,300 62,081
Astra AB, Series A* 10,533 215,256 17,766 363,071 3,100 63,353
AxyS Pharmaceuticals, Incorporated* 18,900 134,663 -- -- -- --
Baxter International, Incorporated 3,700 199,106 7,100 382,069 600 32,288
Bristol-Myers Squibb Company 10,500 1,206,844 14,700 1,689,581 2,800 321,825
Columbia/HCA Healthcare Corporation 20,700 602,887 34,150 994,619 4,150 120,869
CV Therapeutics, Incorporated* 21,800 188,025 12,100 104,363 5,100 43,987
Cytyc Corporation* -- -- 9,800 159,863 -- --
Elan PLC, ADR* -- -- -- -- 400 25,725
Eli Lilly & Company 8,400 554,925 4,400 290,675 2,200 145,337
Geltex Pharmaceuticals, Incorporated* 2,600 48,425 -- -- 1,100 20,488
Genentech, Incorporated* 22,000 1,493,250 64,600 4,384,725 3,900 264,712
Genzyme Corporation* -- -- 2,000 51,125 -- --
Glaxo Wellcome PLC 18,569 557,774 33,551 1,007,802 5,830 175,121
Health Management Association, Class A* 13,387 447,628 25,050 837,609 4,462 149,198
HEALTHSOUTH Corporation* 34,800 928,725 53,100 1,417,106 4,800 128,100
INCYTE Pharmacuticals, Incorporated* 2,200 75,075 5,200 177,450 -- --
Johnson & Johnson 10,200 752,250 19,200 1,416,000 2,400 177,000
Medimmune Incorporated* -- -- 1,900 118,513 -- --
Medtronic, Incorporated 2,400 153,000 -- -- 1,300 82,875
Merck & Company, Incorporated 22,600 3,022,750 41,800 5,590,750 5,900 789,125
Novartis AG 658 1,096,739 1,188 1,980,131 207 345,023
Sankyo Company 9,000 205,685 17,000 388,515 3,000 68,562
Sanofi Company SA 1,650 194,047 3,600 423,375 500 58,802
Schering-Plough Corporation 16,200 1,484,325 27,100 2,483,037 3,800 348,175
Sierra Health Services, Incorporated* 12,150 306,028 14,700 370,256 750 18,891
SmithKline Beecham PLC* 44,434 542,710 81,150 991,154 14,381 175,647
St. Jude Medical, Incorporated* 1,450 53,378 2,300 84,669 -- --
</TABLE>
The accompanying notes are an integral part of the financial statements.
133
<PAGE> 136
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
DRUGS & HEALTH CARE-CONTINUED
Takeda Chemical Industries, Ltd. 10,000 $ 266,869 19,000 $ 507,051 3,000 $ 80,061
Tenet Healthcare Corporation* 16,400 512,500 26,800 837,500 3,700 115,625
Thermedics, Incorporated* 5,900 73,013 9,600 118,800 2,200 27,225
Total Renal Care Holdings, Incorporated* 1,177 40,607 1,960 67,620 -- --
United Healthcare Corporation 12,200 774,700 24,400 1,549,400 2,800 177,800
Universal Health Services, Incorporated, Class B* 4,900 286,037 10,600 618,775 1,200 70,050
ViroPharma, Incorporated* 2,800 65,100 11,900 276,675 1,500 34,875
Warner-Lambert Company 15,300 1,061,437 26,100 1,810,688 3,000 208,125
Wellpoint Health Networks, Incorporated* 4,600 340,400 7,200 532,800 -- --
Yamanouchi Pharmaceutical Company, Ltd. 2,000 41,802 3,000 62,703 -- --
Zeneca Group PLC* 3,600 154,601 6,400 274,846 1,100 47,239
----------- ----------- -----------
20,135,048 38,175,054 4,886,921
ELECTRICAL EQUIPMENT: 2.70% 2.20% 0.90%
ABB AG* 65 96,150 120 177,508 25 36,981
Alcatel Alsthom Cie Generale D'Electric 4,177 850,503 7,539 1,535,059 1,124 228,864
AVX Corporation 9,100 146,169 13,600 218,450 -- --
Baldor Electric Company 28,666 698,734 48,800 1,189,500 -- --
Emerson Electric Company 8,500 513,188 13,700 827,137 1,500 90,562
FLIR Systems, Incorporated* 4,500 77,625 16,200 279,450 3,800 65,550
General Electric Company 47,600 4,331,600 96,000 8,736,000 12,100 1,101,100
IFR Systems, Incorporated 13,000 234,000 21,950 395,100 -- --
Johnson Controls, Incorporated 8,300 474,656 13,600 777,750 1,800 102,937
Matsushita Communication Industrial Company, Ltd.* 1,000 26,470 1,000 26,470 -- --
Matsushita Electric Works 14,000 113,401 31,000 251,103 4,000 32,400
Mitsubishi Electric Corporation 80,000 184,566 144,000 332,220 19,000 43,835
NEC Corporation 6,000 56,108 14,000 130,918 2,000 18,703
Oki Electric Industry Company, Ltd.* 39,000 93,925 71,000 170,992 12,000 28,900
Raychem Corporation 1,300 38,431 2,200 65,037 300 8,869
Sanmina Corporation* -- -- 3,200 138,800 -- --
Sawtek, Incorporated* 400 5,900 -- -- -- --
----------- ----------- -----------
7,941,426 15,251,494 1,758,701
ELECTRIC UTILITIES: 0.90% 0.60% 0.30%
China Light & Power Company, Ltd. 16,000 72,896 28,500 129,846 7,000 31,892
Datacraft Asia, Ltd.* 15,000 36,000 27,000 64,800 5,000 12,000
DPL, Incorporated 10,500 190,312 8,850 160,406 1,200 21,750
DQE, Incorporated -- -- 2,600 93,600 500 18,000
Duke Energy Company 12,400 734,700 20,100 1,190,925 2,300 136,275
Electric De Portugal* 5,900 137,241 10,500 244,242 1,800 41,870
Energy East Corporation 8,100 337,162 5,300 220,613 500 20,813
Hong Kong & China Gas Company, Ltd.* 48,400 54,972 86,900 98,699 11,000 12,494
Iberdrola SA 8,400 136,394 15,150 245,996 2,650 43,029
IPALCO Enterprises -- -- 3,300 146,644 1,200 53,325
Kansai Electric Power 2,400 41,831 4,300 74,948 200 3,486
National Grid Group PLC* 41,990 283,247 75,735 510,877 15,045 101,487
Tenaga Nasional BHD* 11,000 13,252 26,000 31,323 5,000 6,024
VEBA AG 5,450 366,718 9,750 656,055 1,600 107,660
Yorkshire Water PLC* 18,646 140,100 34,495 259,183 6,008 45,142
----------- ----------- -----------
2,544,825 4,128,157 655,247
</TABLE>
The accompanying notes are an integral part of the financial statements.
134
<PAGE> 137
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
ELECTRONICS: 2.30% 1.60% 0.90%
Alliant Techsystems, Incorporated* 4,900 $ 309,925 2,700 $ 170,775 1,000 $ 63,250
Altera Corporation* 1,000 29,563 1,400 41,388 200 5,913
AMP, Incorporated 2,400 82,500 5,500 189,062 800 27,500
Applied Materials, Incorporated* 4,200 123,900 2,900 85,550 800 23,600
Applied Micro Circuits Corporation* -- -- 3,100 80,213 1,300 33,638
Boston Scientific Corporation* 2,600 186,225 5,200 372,450 1,600 114,600
Brightpoint, Incorporated* 8,200 118,900 11,900 172,550 2,600 37,700
Cellstar Corporation* -- -- 11,900 153,956 -- --
DSC Communications Corporation* -- -- -- -- 200 6,000
Elec & Eltek International Holdings, Ltd.* 13,200 44,616 23,100 78,078 3,300 11,154
Electronic Data Systems Corporation 5,300 212,000 12,200 488,000 1,700 68,000
Electronics For Imaging, Incorporated* 11,400 240,825 13,800 291,525 1,500 31,688
Fanuc, Ltd. 1,000 34,715 3,000 104,144 500 17,357
Honeywell, Incorporated 2,700 225,619 4,800 401,100 -- --
Intel Corporation 18,700 1,386,137 23,100 1,712,287 4,100 303,912
Linear Technology Corporation 7,300 440,281 13,000 784,062 2,400 144,750
Lucent Technologies, Incorporated 4,962 412,776 11,984 996,919 848 70,543
Maxim Integrated Products, Incorporated* -- -- 8,400 266,175 1,200 38,025
Maxwell Technologies, Incorporated* -- -- 6,100 141,828 800 18,600
Micron Technology, Incorporated 16,900 419,331 10,500 260,531 3,000 74,437
Motorola, Incorporated 6,400 336,400 11,500 604,469 2,300 120,894
Nokia (AB) OY, Series A 5,600 412,257 10,100 743,535 1,600 117,788
REMEC, Incorporated* 2,800 31,850 9,400 106,925 -- --
Rohm Company 2,000 206,118 3,000 309,178 1,000 103,059
Scientific-Atlanta, Incorporated 13,900 352,712 15,700 398,387 2,500 63,437
Synopsys, Incorporated* 8,000 366,000 11,400 521,550 1,400 64,050
TDK Corporation 2,000 148,261 3,000 222,391 1,000 74,130
Texas Instruments, Incorporated 3,200 186,600 6,400 373,200 700 40,819
Thermoquest Corporation* 7,800 116,513 5,700 85,144 -- --
Tokyo Electron, Ltd. 2,000 61,474 4,000 122,948 1,000 30,737
Vitesse Semiconductor Corporation* 7,800 240,828 8,200 253,175 3,400 104,975
Xilinx, Incorporated* -- -- 1,500 51,000 -- --
---------- ---------- ----------
6,726,323 10,582,492 1,810,556
FINANCIAL SERVICES: 3.60% 2.40% 1.20%
A.G. Edwards, Incorporated 2,800 119,525 -- -- 600 25,613
Acom Company 3,700 176,343 5,000 238,302 1,400 66,725
American Express Company 9,200 1,048,800 14,000 1,596,000 2,600 296,400
Association First Capital Corporation, Class A 9,434 725,239 11,734 902,051 1,295 99,553
Bear Stearns Companies, Incorporated 1,900 108,063 -- -- -- --
Beneficial Corporation 2,800 428,925 6,500 995,719 700 107,231
Dain Rauscher Corporation -- -- 8,100 443,475 1,450 79,388
Enhance Financial Services Group, Incorporated 24,400 823,500 -- -- -- --
Federal Home Loan Mortgage Corporation 7,200 338,500 11,400 536,512 2,900 136,841
Federal National Mortgage Association 27,700 1,640,250 33,500 2,035,125 5,500 334,125
Green Tree Financial Corporation 8,700 372,469 21,200 907,625 2,500 107,031
Greenpoint Financial Corporation -- -- 3,000 112,875 -- --
Hartford Financial Services Group, Incorporated 7,600 869,250 9,300 1,063,687 1,500 171,563
Household International, Incorporated 12,300 611,925 23,400 1,164,150 4,500 223,875
International Nederlanded Groep NV* 4,162 272,723 7,522 492,894 1,405 92,065
Jafco Company, Ltd.* 1,000 26,759 3,000 80,278 1,000 26,759
Julius Baer Holdings AG* 70 219,342 125 391,683 15 47,002
Lehman Brothers Holdings, Incorporated 5,700 442,106 13,400 1,039,337 -- --
</TABLE>
The accompanying notes are an integral part of the financial statements.
135
<PAGE> 138
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
FINANCIAL SERVICES-CONTINUED
McDonald Company Investments, Incorporated 4,800 $ 157,500 9,800 $ 321,563 1,600 $ 52,500
Morgan Stanley Dean Witter & Company 1,980 180,923 -- -- 1,320 120,615
Nomura Securities Company, Ltd. 10,000 116,800 18,000 210,241 3,000 35,040
Orix Corporation 2,000 135,532 3,000 203,298 -- --
Peoples Heritage Financial Group 12,800 302,400 24,400 576,450 4,800 113,400
Pioneer Group, Incorporated 10,400 273,650 13,400 352,588 1,100 28,944
SLM Holding Corporation 1,000 49,000 2,450 120,050 -- --
Takefuji Corporation* 2,000 92,573 3,000 138,859 1,000 46,286
TCF Financial Corporation 6,600 194,700 24,200 713,900 -- --
Travelers Group, Incorporated 12,447 754,599 25,047 1,518,474 4,047 245,349
----------- ----------- -----------
10,481,746 16,155,136 2,455,945
FOOD & BEVERAGES: 3.70% 2.70% 1.30%
Archer-Daniels-Midland Company 4,427 85,773 14,349 278,012 2,662 51,576
Asahi Breweries* 11,000 139,220 20,000 253,128 3,000 37,969
Campbell Soup Company 6,900 366,563 11,400 605,625 1,100 58,438
Dekalb Genetics Corporation, Class B 3,800 359,575 9,700 917,862 1,100 104,088
Devro PLC* 18,700 157,210 33,700 283,314 5,900 49,601
Dole Food, Incorporated 3,900 193,781 6,100 303,094 1,500 74,531
General Mills, Incorporated 6,088 416,267 11,879 812,227 1,974 134,972
H.J. Heinz Company 12,700 712,788 24,400 1,369,450 2,800 157,150
Hershey Foods Corporation 2,100 144,900 3,600 248,400 -- --
ITOEN, Ltd.* 3,000 93,296 6,000 186,591 1,000 31,099
Kao Corporation 8,000 123,816 11,000 170,247 3,000 46,431
Nestle SA 158 338,683 285 610,916 48 102,891
Nippon Suisan Kaisha, Ltd.* 80,000 91,994 131,000 150,640 16,000 18,399
PepsiCo, Incorporated 48,300 1,989,356 74,200 3,056,112 11,700 481,894
Pioneer Hawaii Bred International, Incorporated 1,000 41,375 1,700 70,338 -- --
Quaker Oats Company 700 38,456 -- -- -- --
Ralston Purina Company 6,300 735,919 10,800 1,261,575 1,800 210,262
Sara Lee Corporation 12,800 716,000 17,900 1,001,281 2,700 151,031
Scottish & Newcastle PLC 17,000 240,704 32,700 463,001 5,000 70,795
The Coca-Cola Company 41,000 3,505,500 69,500 5,942,250 9,800 837,900
Tyson Foods, Incorporated, Class A 3,650 79,159 6,000 130,125 850 18,434
Viscofan Industria Navarra De Envolturas
Celulosicas SA* 1,500 69,840 2,500 116,400 500 23,280
----------- ----------- -----------
10,640,175 18,230,588 2,660,741
FOREST PRODUCTS: 0.00% 0.00% 0.00%
Georgia-Pacific Corporation (Timber Group) 1,400 32,288 -- -- 200 4,612
Sumitomo Forestry 16,000 90,142 28,000 157,749 5,000 28,170
----------- ----------- -----------
122,430 157,749 32,782
GAS & PIPELINE UTILITIES: 1.20% 0.90% 0.40%
Coastal Corporation 23,800 1,661,537 40,500 2,827,406 5,600 390,950
Enron Corporation 4,200 227,063 7,600 410,875 1,100 59,469
MCN Energy Group, Incorporated* 1,100 27,363 1,900 47,262 -- --
Ocean Energy, Incorporated* 12,402 242,614 15,678 306,701 2,808 54,931
Osaka Gas Company, Ltd.* 20,000 51,493 35,000 90,114 6,000 15,448
Piedmont Natural Gas, Incorporated 7,900 265,638 14,200 477,475 3,200 107,600
Questar Corporation 600 11,775 1,000 19,625 -- --
Sempra Energy* 17,688 490,831 38,272 1,062,054 6,413 177,959
Tokyo Gas Company, Ltd.* 40,000 89,390 71,000 158,668 12,000 26,817
</TABLE>
The accompanying notes are an integral part of the financial statements.
136
<PAGE> 139
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
GAS & PIPELINE UTILITIES-CONTINUED
UGI Corporation 11,600 $ 288,550 16,700 $ 415,412 2,400 $ 59,700
---------- ---------- ----------
3,356,254 5,815,592 892,874
HOMEBUILDERS: 0.40% 0.30% 0.20%
Barratt Developments 15,000 66,120 27,000 119,016 4,800 21,158
Beazer Group* 59,800 184,719 107,800 332,988 18,800 58,072
Daiwa House Industry Company, Ltd. 9,900 79,735 17,000 150,611 3,000 26,578
Eiffage SA* 1,210 104,675 2,200 190,317 330 28,548
Elcor Chemical Corporation 6,300 159,075 16,100 406,525 2,650 66,912
George Wimpey PLC* 26,000 50,141 49,000 94,497 9,000 17,357
Sekisui House 22,000 171,042 36,000 279,887 7,000 54,423
Societe Generale d'Enterprises SA* 4,500 212,804 8,000 378,319 1,500 70,935
---------- ---------- ----------
1,028,311 1,952,160 343,983
HOTELS & RESTAURANTS: 0.40% 0.30% 0.20%
Louisiana Quinta Inns, Incorporated 1,225 28,878 -- -- -- --
McDonalds Corporation 10,500 724,500 17,800 1,228,200 2,400 165,600
Mirage Resorts, Incorporated* 2,800 59,675 5,100 108,694 800 17,050
Promus Hotel Corporation* -- -- 1,433 55,170 323 12,435
Thistle Hotels PLC* 73,100 264,859 132,000 478,269 23,000 83,335
Yoshinoya D&C Company, Ltd. 10 86,787 18 156,216 3 26,036
---------- ---------- ----------
1,161,699 2,026,549 304,456
HOUSEHOLD APPLIANCES: 0.40% 0.30% 0.20%
Fedders USA, Incorporated 700 4,681 1,100 7,356 -- --
Matsushita Electric Industrial Company, Ltd. 18,000 290,302 33,000 253,220 5,000 80,639
Philips Electronics NV 7,200 605,682 12,950 1,089,386 2,350 197,688
Sharp Corporation 12,000 97,548 22,000 178,839 4,000 32,516
Sony Corporation 2,600 224,705 4,500 388,913 700 60,498
---------- ---------- ----------
1,222,918 2,196,714 371,341
HOUSEHOLD PRODUCTS: 0.40% 0.20% 0.30%
Black & Decker Corporation -- -- -- -- 3,000 183,000
Gillette Company 6,600 374,138 6,400 362,800 2,800 158,725
Procter & Gamble Company 2,000 182,125 -- -- -- --
Unilever NV* 3,550 281,869 6,450 512,129 1,200 95,280
Unilever PLC* 37,300 397,345 69,300 738,231 12,100 128,897
---------- ---------- ----------
1,235,477 1,613,160 565,902
INDUSTRIAL MACHINERY: 0.70% 0.50% 0.30%
Alstom* 2,000 65,832 4,000 131,664 700 23,041
American Standard Companies, Incorporated * -- -- -- -- 500 22,344
Ingersoll-Rand Company 8,400 370,125 19,100 841,594 1,650 72,703
Mannesmann AG* 9,000 925,726 16,000 1,645,735 2,500 257,146
Minebea Company 17,000 169,791 29,000 289,643 5,000 49,939
SPX Corporation -- -- 2,500 160,937 400 25,750
Thermo Electron Corporation* 3,825 130,767 6,075 207,689 1,950 66,666
THK Company, Ltd.* 14,400 160,382 30,000 334,129 4,500 50,119
TSI, Incorporated 7,800 63,375 14,400 117,000 2,400 19,500
---------- ---------- ----------
1,885,998 3,728,391 587,208
INSURANCE: 2.80% 2.10% 1.00%
AFLAC, Incorporated 3,400 103,063 4,200 127,312 -- --
</TABLE>
The accompanying notes are an integral part of the financial statements.
137
<PAGE> 140
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
INSURANCE-CONTINUED
Allstate Corporation 10,642 $974,408 17,944 $1,642,997 2,562 $234,583
American International Group, Incorporated 900 131,400 13,000 422,907 -- --
Assicurazioni Generali 6,960 226,418 1,500 168,715 2,320 75,473
AXA-UAP 800 89,981 6,904 128,879 300 33,743
CGU PLC* 3,822 71,346 500 127,723 1,233 23,017
Fortis AG* 300 76,634 5,800 130,738 100 25,544
General Accident PLC* -- -- 14,600 302,950 1,000 22,541
Harleysville Group, Incorporated 7,000 145,250 50,250 2,688,375 4,000 83,000
HSB Group, Incorporated 28,500 1,524,750 108,000 306,965 6,750 361,125
Istituto Nazionale delle Assicurazioni 60,000 170,536 44,100 2,665,294 19,000 54,003
Marsh & Mclennan Companies, Incorporated 21,600 1,305,450 2,500 187,187 6,300 380,756
MBIA, Incorporated -- -- 34,000 272,000 400 29,950
MedPartners, Incorporated* 24,400 195,200 -- -- 4,200 33,600
Mercury General Corporation 800 51,550 76,000 48,554 -- --
National Mutual Asia, Ltd.* 42,000 26,833 24,400 1,790,350 14,000 8,944
PMI Group, Incorporated 10,200 748,425 2,700 134,482 2,500 183,437
Pohjola Insurance Group, Series B 1,500 74,712 8,800 322,850 450 22,412
Protective Life Corporation 4,200 154,087 7,500 98,867 -- --
Prudential Corporation 4,200 55,366 25,600 573,600 1,300 17,137
Selective Insurance Group, Incorporated 13,400 300,244 56,000 800,401 3,800 85,144
Skandia Foersaekrings AB* 30,000 428,786 9,700 557,144 9,500 135,782
SunAmerica, Incorporated 16,900 970,694 1,900 218,737 2,400 137,850
Transamerica Corporation 1,100 126,637 1,500 236,449 -- --
Union Assurance, Ltd.* 500 78,816 500 10,656 300 47,290
Zurich Versicherungs 275 175,791 530 338,797 95 60,728
--------- --------- ---------
8,206,377 14,302,929 2,056,061
INTERNATIONAL OIL: 1.60% 1.00% 0.50%
Mobil Corporation 1,500 114,938 -- -- 600 45,975
Royal Dutch Petroleum Company 5,400 295,987 -- -- -- --
Royal Dutch Petroleum Company - NLG 12,300 682,543 22,200 1,231,908 3,850 213,642
Texaco, Incorporated 48,000 2,865,000 81,400 4,858,562 11,600 692,375
The British Petroleum Company PLC 22,148 323,210 39,975 583,362 6,915 100,912
The British Petroleum Company PLC, ADR* 900 79,425 2,200 194,150 -- --
The Shell Transport and Trading Company PLC 18,300 128,944 33,100 233,227 5,800 40,867
--------- --------- ---------
4,490,047 7,101,209 1,093,771
INVESTMENT COMPANIES: 0.00% 0.00% 0.00%
Eaton Vance Corporation -- -- -- -- 1,200 55,575
--------- --------- ---------
LEISURE TIME: 0.80% 0.50% 0.30%
Accor SA 400 111,947 700 195,908 100 27,987
American Skiing Company* 130 32,500 370 92,500 -- --
Berjaya Sports Toto BHD* 9,000 13,337 17,000 25,191 3,000 4,445
Hollywood Entertainment Corporation* -- -- 8,600 116,637 -- --
King World Productions, Incorporated* 21,600 550,800 22,800 581,400 3,800 96,600
Sodak Gaming, Incorporated* -- -- 600 3,750 -- --
Stakis PLC* 27,000 55,000 50,000 101,852 8,800 17,926
Tanjong PLC* 35,000 48,491 63,000 87,284 11,000 15,240
The Walt Disney Company 13,619 1,430,846 22,734 2,388,491 3,009 316,133
West Marine, Incorporated* 2,600 46,800 -- -- 1,400 25,200
--------- --------- ---------
2,289,721 3,593,013 503,831
</TABLE>
The accompanying notes are an integral part of the financial statements.
138
<PAGE> 141
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
LIQUOR: 0.00% 0.00% 0.00%
Carlsberg Brewery* 6,500 $19,734 11,000 $33,396 4,500 $13,662
--------- --------- ---------
MINING: 0.60% 0.30% 0.20%
Cookson Group 29,919 102,909 54,038 185,868 9,455 32,521
Crown Resources Corporation* 20,700 90,562 ---- ---- 5,100 22,313
Getchell Gold Corporation* 44,600 685,725 62,500 960,938 11,300 173,737
Stillwater Mining Company* 31,000 840,875 37,300 1,011,762 6,100 165,463
--------- --------- ---------
1,720,071 2,158,568 394,034
MOBILE HOMES: 0.00% 0.00% 0.00%
Coachmen Industries, Incorporated 4,900 128,013 ---- ---- 800 20,900
--------- --------- ---------
NEWSPAPERS: 0.10% 0.10% 0.10%
Ver Ned Uitgevers* 8,700 316,286 15,150 550,774 3,200 116,335
--------- --------- ---------
NON-FERROUS METALS: 0.10% 0.10% 0.00%
Pechiney 4,154 167,309 7,488 301,591 1,283 51,675
Ryerson Tull, Incorporated, Class A* ---- ---- 11,800 241,900 1,900 38,950
--------- --------- ---------
167,309 543,491 90,625
OFFICE FURNISHINGS & SUPPLIES: 0.00% 0.00% 0.00%
Ikon Office Solutions, Incorporated 2,200 32,038 3,900 56,794 600 8,738
--------- --------- ---------
PAPER: 1.30% 1.00% 0.50%
Boise Cascade Corporation 11,000 360,250 22,400 733,600 3,100 101,525
Bowater, Incorporated 8,500 401,625 14,000 661,500 2,100 99,225
Chesapeake Corporation 12,000 467,250 21,000 817,687 3,200 124,600
Domtar, Incorporated 5,400 36,450 ---- ---- ---- ----
Fort James Corporation 30,312 1,348,884 71,362 3,175,609 8,475 377,138
Jefferson Smurfit Corporation* ---- ---- ---- ---- 500 7,859
Kimberly-Clark Corporation 8,300 380,762 13,900 637,662 1,900 87,163
Minnesota Mining & Manufacturing Company 4,600 378,063 1,000 82,188 ---- ----
Stone Container Corporation 9,100 142,188 ---- ---- 2,400 37,500
UPM-Kymmene Oyj* 8,800 242,435 17,700 487,626 3,000 82,648
Willamette Industries, Incorporated 1,700 54,400 2,800 89,600 400 12,800
--------- --------- ---------
3,812,307 6,685,472 930,458
PETROLEUM SERVICES: 1.70% 1.30% 0.70%
BG PLC ADS* 14,000 80,997 25,200 145,795 4,400 25,456
Broken Hill Proprietary Company 8,114 68,752 14,357 121,650 3,205 27,157
Diamond Offshore Drilling, Incorporated 2,100 84,000 2,300 92,000 800 32,000
Dresser Industries, Incorporated 5,500 242,344 10,500 462,656 1,500 66,094
Halliburton Company 8,100 360,956 10,200 454,538 1,600 71,300
Noble Drilling Corporation * 6,000 144,375 15,200 365,750 1,300 31,281
Schlumberger, Ltd 4,100 280,081 7,300 498,681 1,100 75,144
TOTAL SA, ADR 30,346 1,983,870 46,628 3,048,305 8,089 528,818
TOTAL SA, B Shares 6,422 834,923 11,616 1,510,193 2,033 264,310
Transocean Offshore, Incorporated 5,600 249,200 23,700 1,054,600 1,400 62,300
Western Atlas, Incorporated* 6,000 509,250 7,900 670,513 1,500 127,312
Woodside Petroleum, Ltd. 13,700 68,544 22,400 112,073 4,300 21,514
--------- --------- ---------
4,907,292 8,536,804 1,332,686
</TABLE>
The accompanying notes are an integral part of the financial statements.
139
<PAGE> 142
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
PHOTOGRAPHY: 0.10% 0.10% 0.10%
Canon, Incorporated 8,000 $182,252 14,000 $318,941 2,000 $45,563
Fuji Photo Film Company 6,000 209,590 10,000 349,317 2,000 69,863
--------- --------- ----------
420,713 718,782 115,426
POLLUTION CONTROL: 0.40% 0.30% 0.10%
Republic Industries, Incorporated* 2,700 67,500 10,800 270,000 1,000 25,000
Sevenson Environmental Services 4,320 36,180 7,520 62,980 ---- ----
Stericycle, Incorporated* 23,100 334,950 ---- ---- ---- ----
USA Waste Services, Incorporated * 11,990 590,006 30,870 1,524,206 5,175 255,516
--------- --------- ----------
1,030,636 1,857,186 280,516
PUBLISHING: 0.90% 0.60% 0.20%
Meredith Corporation 900 42,244 ---- ---- ---- ----
Playboy Enterprises, Incorporated, Class B* 14,800 262,700 15,600 276,900 ---- ----
Time Warner, Incorporated 14,100 1,204,668 25,200 2,153,025 3,000 256,312
Times Mirror Company, Series A 16,200 1,018,575 26,900 1,691,337 2,500 157,188
--------- --------- ----------
2,528,187 4,121,262 413,500
RAILROADS & EQUIPMENT: 0.50% 0.30% 0.10%
Canadian National Railway Company 4,900 260,313 ---- ---- ---- ----
CSX Corporation 16,800 764,400 35,400 1,610,700 4,200 191,100
East Japan Railway 22 103,739 28 132,032 3 14,146
Norfolk Southern Corporation 5,600 166,950 9,400 280,237 1,300 38,757
Wisconsin Central Transportation Corporation* ---- ---- ---- ---- 800 17,500
--------- --------- ----------
1,295,402 2,022,969 261,503
REAL ESTATE: 0.20% 0.20% 0.10%
Cheung Kong Holdings, Ltd. 33,000 162,274 66,000 324,548 10,000 49,174
Mitsubishi Estate Company, Ltd. 14,000 123,526 25,000 220,583 4,000 35,293
Mitsui Fudosan Company 8,000 63,412 14,000 110,971 3,000 23,779
New World Development Company 16,609 32,155 28,584 55,583 6,631 12,315
Sumitomo Realty & Development Company, Ltd.* 20,000 88,523 46,000 203,602 7,000 30,983
Sun Hung Kai Properties, Ltd. 30,362 128,925 54,652 232,067 8,096 34,378
--------- --------- ----------
598,815 1,147,109 185,922
RETAIL GROCERY: 0.80% 0.50% 0.30%
Giant Foods, Incorporated, Class A 6,900 297,131 17,000 732,093 2,500 107,656
Safeway, Incorporated * 26,600 1,082,287 23,400 952,088 4,400 179,025
Somerfield PLC* 46,800 299,284 84,500 540,373 13,100 83,774
Starbucks Corporation * 9,800 523,688 16,700 892,406 2,500 133,594
--------- --------- ----------
2,202,390 3,116,930 504,049
RETAIL TRADE: 3.70% 2.70% 1.20%
Boots Company 14,300 237,096 25,800 427,767 4,500 74,611
Colruyt SA* 100 78,516 150 117,774 ---- ----
Consolidated Stores Corporation * 7,812 283,185 12,031 436,124 2,656 96,280
CVS Corporation 58,600 2,281,737 102,000 3,971,625 9,600 373,800
Dayton Hudson Corporation 10,800 523,800 24,000 1,164,000 1,800 87,300
Federated Department Stores, Incorporated* 2,400 129,150 5,100 274,444 600 32,288
Haverty Furniture Companies, Incorporated 5,600 123,900 ---- ---- ---- ----
Home Depot, Incorporated 22,050 1,831,528 40,950 3,401,409 5,250 436,078
</TABLE>
The accompanying notes are an integral part of the financial statements.
140
<PAGE> 143
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
RETAIL TRADE-CONTINUED
Isetan Company, Ltd.* 14,000 $117,451 25,000 $209,734 4,000 $33,558
Ito-Yokado Company, Ltd. 5,000 236,132 8,000 377,811 1,000 47,226
Kingfisher 14,189 228,622 25,691 413,949 4,449 71,685
Lowe's Companies, Incorporated 18,000 730,125 31,600 1,281,775 5,000 202,812
Marui Company, Ltd. 5,000 74,854 8,000 119,766 1,000 14,971
Mitsubishi Corporation 11,000 68,417 20,000 124,394 3,000 18,659
Moebel Walther AG* 2,000 82,065 3,500 143,614 600 24,619
Proffitt's, Incorporated * 10,452 421,999 17,480 705,755 980 39,567
TJX Companies, Incorporated 19,600 472,850 22,800 550,050 4,800 115,800
Wal-Mart Stores, Incorporated 45,000 2,733,750 76,600 4,653,450 12,700 771,525
---------- ---------- ---------
10,655,177 18,373,441 2,440,779
SHIPBUILDING: 0.00% 0.00% 0.00%
Avondale Industries, Incorporated * ---- ---- ---- ---- 3,100 85,541
--------- ---------- ---------
SOFTWARE: 3.00% 2.30% 1.10%
BMC Software, Incorporated * ---- ---- 3,600 186,975 ---- ----
Cadence Design Systems, Incorporated* ---- ---- ---- ---- 200 6,250
Electronic Arts* ---- ---- 1,000 54,000 ---- ----
Keane, Incorporated * ---- ---- ---- ---- 1,000 56,000
Micro Focus Group, Incorporated PLC, ADR* 1,500 50,438 ---- ---- ---- ----
Microsoft Corporation* 64,400 6,979,350 109,200 11,834,550 15,100 1,636,463
Oracle Corporation* 15,000 368,437 25,350 622,659 3,687 90,562
PeopleSoft, Incorporated* 11,900 559,300 21,600 1,015,200 2,200 103,400
SAP AG* 1,350 819,679 2,600 1,578,641 450 273,226
---------- ---------- ---------
8,777,204 15,292,025 2,165,901
STEEL: 0.10% 0.10% 0.00%
Amcast Industrial Corporation 5,400 100,575 6,500 121,062 ---- ----
Nippon Steel Corporation 38,000 67,057 70,000 123,526 12,000 21,176
Sumitomo Metal Industry 75,000 120,959 152,000 245,144 24,000 38,707
---------- ---------- ---------
288,591 489,732 59,883
TELECOMMUNICATIONS SERVICES: 0.70% 0.60% 0.20%
ADC Telecommunications, Incorporated* 1,900 69,409 3,500 127,859 400 14,613
Ascend Communications, Incorporated* 900 44,606 7,000 346,937 ---- ----
Cable & Wireless ADS 9,300 113,045 16,800 204,211 2,900 35,251
Comsat Corporation 22,700 642,694 51,500 1,458,094 7,500 212,344
Hong Kong Telecommunications, Ltd. 33,600 63,098 60,000 112,674 10,000 18,779
ICG Communications, Incorporated* 700 25,594 1,100 40,219 ---- ----
IXC Communications, Incorporated* 7,100 341,687 15,000 712,875 ---- ----
L.M. Ericsson Telefonaktiebolaget 11,200 327,182 20,200 590,095 3,600 105,165
Portugal Telecom SA* 1,300 68,944 2,300 121,977 400 21,213
Superior Telecom, Incorporated 3,475 144,647 8,975 373,584 750 31,219
Telstra Corporation, Ltd. * 29,400 75,555 57,300 147,256 9,200 23,643
USCS International, Incorporated* 3,700 76,544 2,600 53,788 ---- ----
---------- ---------- ---------
1,993,005 4,298,569 462,227
TELEPHONE: 5.00% 3.40% 1.80%
American Telephone & Telegraph Corporation 61,100 3,490,337 73,800 4,215,825 9,600 548,400
Ameritech Corporation 8,500 381,438 ---- ---- 900 40,388
BellSouth Corporation 400 26,850 2,000 134,250 ---- ----
</TABLE>
The accompanying notes are an integral part of the financial statements.
141
<PAGE> 144
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
TELEPHONE-CONTINUED
British Telecommunication 13,800 $170,510 24,900 $307,659 5,600 $69,192
Cellular Communications International 400 19,950 ---- ---- ---- ----
Cincinnati Bell, Incorporated ---- ---- ---- ---- 1,000 28,625
DDI Corporation 43 150,206 76 265,481 13 45,411
EXCEL Communications, Incorporated* 8,300 190,381 ---- ---- 3,400 77,988
GTE Corporation 10,700 595,188 16,000 890,000 2,100 116,812
MCI Communications Corporation 31,900 1,854,187 53,900 3,132,937 7,600 441,750
McLeodUSA, Incorporated* 7,600 295,450 13,500 524,813 1,700 66,088
Nippon Telegraph & Telephone Corporation 76 632,097 139 1,156,071 24 199,609
Qwest Communications International, Incorporated* 19,392 676,296 71,600 2,497,050 13,600 474,300
SBC Communications, Incorporated 3,086 123,440 4,696 187,840 ---- ----
Sprint Corporation 800 56,400 600 42,300 ---- ----
Telecom Corporation Of New Zealand 14,000 57,842 25,000 103,290 4,000 16,526
Telecom Italia Mobile* 53,500 327,308 100,500 614,850 17,200 105,228
Telecom Italia Mobile RISP* 102,100 344,787 186,400 629,464 27,800 93,879
Telecom Italia SPA RISP* 51,000 246,999 92,000 445,566 16,000 77,490
Telefonica SA* 11,000 508,575 19,800 915,435 3,450 159,508
Telephone Save Holdings, Incorporated 26,300 387,925 38,700 570,825 7,300 107,675
Teleport Communications Group Incorporated,
Class A* 3,400 184,450 8,000 434,000 1,300 70,525
U. S. West, Incorporated ---- ---- 742 34,874 ---- ----
Vodafone Group 64,231 815,610 76,002 965,079 13,200 167,614
WorldCom, Incorporated * 58,350 2,826,328 98,800 4,785,625 13,700 663,594
---------- ---------- ---------
14,362,554 22,853,234 3,570,602
TIRES & RUBBER: 0.00% 0.00% 0.00%
Bridgestone Corporation 4,000 94,887 7,000 166,052 1,000 23,722
TOBACCO: 0.80% 0.60% 0.30%
BAT Industries PLC 33,142 332,023 59,875 599,840 10,466 104,851
Philip Morris Companies, Incorporated 46,500 1,830,938 77,600 3,055,500 10,800 424,250
RJR Nabisco Holdings Corporation, Class A* 4,900 116,375 8,100 192,375 1,100 26,125
Rothmans Pall Mall* 3,000 20,782 6,000 41,564 1,000 6,927
Swedish Match Company 24,500 81,400 43,800 145,524 7,700 25,583
--------- --------- -------
2,381,518 4,034,803 588,736
TRANSPORTATION: 0.00% 0.00% 0.00%
TNT Post Group NV* 1,000 25,581 2,000 51,162 400 10,232
--------- --------- -------
TRUCKING & FREIGHT: 0.40% 0.50% 0.20%
Air Express International Corporation 11,850 316,987 31,350 838,613 3,000 80,250
Expeditores International of Washington,
Incorporated 6,600 290,400 29,400 1,293,600 2,000 88,000
Kirby Corporation* ---- ---- 600 15,150 ---- ----
Malaysia International Shipping BHD* 28,000 40,817 51,000 74,345 12,000 17,493
NCL Holdings AS* 52,355 258,889 84,111 415,918 14,666 72,521
Peninsular & Oriental Steam Navigation Company* 21,120 304,329 38,186 550,242 6,666 96,054
U.S. Freightways Corporation 2,000 65,688 3,000 98,531 ---- ----
--------- --------- -------
1,277,110 3,286,399 354,318
</TABLE>
The accompanying notes are an integral part of the financial statements.
142
<PAGE> 145
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
TOTAL COMMON STOCKS
(Cost: $152,215,756, $261,259,094 and
$37,317,339 respectively) $209,633,312 $360,095,844 $52,539,142
------------ ------------ -----------
PREFERRED STOCK: 2.10% 1.70% 0.20%
APPAREL & TEXTILES: 0.10% 0.10% 0.10%
Hugo Boss AG 150 $331,032 250 $551,720 50 $110,344
-------- --------- --------
AUTOMOBILES: 0.10% 0.00% 0.00%
Volkswagen AG 150 103,468 250 172,447 50 34,489
-------- --------- --------
BROADCASTING: 0.20% 0.20% 0.00%
CBS Radio, Incorporated, Series B* 586 69,588 325 38,594 ---- ----
Citadel Broadcasting Company, Series B* 1,811 214,151 3,782 447,221 ---- ----
EchoStar Communications Corporation* 211 235,792 409 457,057 ---- ----
Granite Broadcasting Corporation* ---- ---- 11 12,898 ---- ----
News Corporation 13,300 94,448 31,000 220,143 3,000 21,304
-------- --------- --------
613,979 1,175,913 21,304
COSMETICS & TOILETRIES: 0.10% 0.10% 0.10%
Wella AG* 300 336,023 550 616,041 100 112,008
-------- --------- --------
FINANCIAL SERVICES: 0.00% 0.00% 0.00%
BTI Capital Trust* 100 4,225 100 4,225 ---- ----
-------- --------- --------
INDUSTRIALS: 0.30% 0.30% 0.00%
CSC Holdings, Incorporated* 7,600 875,859 16,505 1,902,156 ---- ----
CSC Holdings, Incorporated, Series H* 339 39,624 690 80,693 ---- ----
-------- --------- --------
915,483 1,982,849
PUBLISHING: 0.30% 0.30% 0.00%
PRIMEDIA, Incorporated, Series D* 390 41,242 1,100 116,325 ---- ----
PRIMEDIA, Incorporated, Series F* 800 81,400 1,600 162,800 ---- ----
Time Warner, Incorporated, Series M 686 763,175 1,627 1,810,038 ---- ----
-------- --------- --------
885,817 2,089,163 ----
SOFTWARE: 0.00% 0.00% 0.00%
Concentric Network Corporation* 100 99,250 121 120,093 ---- ----
-------- --------- --------
TELECOMMUNICATIONS SERVICES: 0.70% 0.50% 0.00%
Benedek Communications Corporation* 100 98,250 398 391,035 ---- ----
Intermedia Communications, Incorporated, Series
B* 4,011 472,791 8,156 961,422 ---- ----
IXC Communications, Incorporated* 765 885,487 765 885,488 ---- ----
NEXTLINK Communications* 7,886 463,303 20,487 1,203,611 ---- ----
-------- --------- --------
1,919,831 3,441,556 ----
TELEPHONE: 0.30% 0.20% 0.00%
Adelphia Communications Corporation* 904 109,158 2,048 247,296 ---- ----
E. Spire Communications, Incorporated* ---- ---- 222 249,195 ---- ----
Hyperion Telecommunications, Incorporated,
Series B* 10 10,270 25 24,648 ---- ----
</TABLE>
The accompanying notes are an integral part of the financial statements.
143
<PAGE> 146
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
SHARES VALUE SHARES VALUE SHARES VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
TELEPHONE-CONTINUED
NEXTEL Communications, Incorporated,
Series D* 511 $568,488 674 $749,825 ---- ----
Winstar Communications, Incorporated* 1,000 119,250 2,750 327,938 ---- ----
---------- ----------- --------
807,166 1,598,902 ----
TOTAL PREFERRED STOCK
(Cost: $5,053,380, $9,932,815 and
$194,446 respectively) $6,016,274 $11,752,909 $278,145
---------- ----------- --------
WARRANTS: 0.00% 0.00% 0.00%
BUSINESS SERVICES: 0.00% 0.00% 0.00%
Protection One, Incorporated, (Expiration date
06/30/05;strike price $6.60)* 960 10,560 3,200 35,200 ---- ----
---------- ----------- --------
CHEMICALS: 0.00% 0.00% 0.00%
Sterling Chemicals Holdings, Incorporated,
(Expiration date 08/05/2008; strike price 40 960 120 2,880 ---- ----
$0.01)*
---------- ----------- --------
INDUSTRIALS: 0.00% 0.00% 0.00%
McCaw International, Ltd., (Expiration date
04/15/2007; strike price $36.45)* 250 719 250 719 ---- ----
---------- ----------- --------
SOFTWARE: 0.00% 0.00% 0.00%
Loral Orion Network Systems, Incorporated,
(Expiration date 01/15/2007; strike price
$0.01)* 150 2,100 260 3,640 ---- ----
Orbital Imaging Corporation, (Expiration date
03/01/2005; strike price $1.00)* 270 12,150 570 25,650 ---- ----
---------- ----------- --------
14,250 29,290 ----
TELECOMMUNICATIONS SERVICES: 0.00% 0.00% 0.00%
Globalstar Telecommunications, (Expiration date
02/15/2004; strike price $17.39)* 200 24,600 ---- ---- ---- ----
Highwaymaster Communications, (Expiration date
09/15/2005; strike price $9.625)* 330 3,341 620 6,278 ---- ----
Microcell Telecommunications, Incorporated,
(Expiration date 06/15/2006; strike price $0.01)* 1,280 35,549 3,760 104,426 ---- ----
Powertel, Incorporated, (Expiration date
02/01/2006; strike price $18.15)* 1,312 12,464 3,488 33,136 ---- ----
---------- ----------- --------
75,954 143,840 ----
TELEPHONE: 0.00% 0.00% 0.00%
Hyperion Telecommunications, Incorporated,
(Expiration date 04/15/2001; strike price
$0.018)* 220 16,335 830 61,627 ---- ----
---------- ----------- --------
TOTAL WARRANTS
(Cost: $16,374, $42,369 and $0 respectively) $118,778 $273,556 ----
---------- ----------- --------
</TABLE>
The accompanying notes are an integral part of the financial statements.
144
<PAGE> 147
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS: 4.40% 5.10% 6.80%
U.S. TREASURY BONDS: 1.50% 4.00% 5.20%
6.50% due 11/15/2026 $360,000 $399,769 ---- ---- ---- ----
7.125% due 02/15/2023 770,000 910,887 $350,000 $414,039 $60,000 $70,978
7.625% due 02/15/2025 415,000 522,510 850,000 1,070,201 790,000 994,657
8.125% due 08/15/2019 **** ---- ---- ---- ---- 401,000 517,539
8.875% due 08/15/2017 - 02/15/2019 **** 759,000 1,044,628 9,200,000 12,641,440 4,956,000 6,820,965
9.00% due 11/15/2018 ---- ---- 1,845,000 2,564,255 320,000 444,749
10.75% due 05/15/2003 - 08/15/2005 617,000 763,420 7,800,000 10,020,627 705,000 859,106
12.75% due 11/15/2010 373,000 531,234 ---- ---- 517,000 736,322
13.875% due 05/15/2011 30,000 45,525 ---- ---- ---- ----
--------- ---------- ----------
4,217,973 26,710,562 10,444,316
U.S. TREASURY NOTES: 2.90% 1.10% 1.60%
5.75% due 10/31/2000 3,150,000 3,164,773 ---- ---- ---- ----
5.875% due 07/31/1999 ---- ---- 840,000 843,016 660,000 662,369
6.875% due 03/31/2000 2,305,000 2,356,148 ---- ---- ---- ----
7.00% due 07/15/2006 2,105,000 2,298,723 3,570,000 3,898,547 2,425,000 2,648,173
7.50% due 11/15/2001 ---- ---- 2,670,000 2,828,117 ---- ----
7.875% due 08/15/2001 600,000 639,372 ---- ---- ---- ----
--------- ---------- ----------
8,459,016 7,569,680 3,310,542
TOTAL US TREASURY OBLIGATIONS
(Cost: $12,185,883, $33,035,050, and
$12,954,143 respectively) $12,676,989 $34,280,242 $13,754,858
----------- ----------- -----------
U.S. GOVERNMENT AGENCY OBLIGATIONS:
0.00% 8.30% 15.20%
FEDERAL AGRICULTURAL MORTGAGE CORPORATION: 0.10% 0.20%
7.04% due 08/10/2005 ---- ---- $800,000 $856,376 $300,000 $321,141
---------- ----------
FEDERAL HOME LOAN BANK: 0.00% 0.10%
7.59% due 03/10/2005 ---- ---- 280,000 307,213 120,000 131,663
---------- ----------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.80% 1.60%
6.50% due 07/01/2006 ---- ---- ---- ---- 11,310 11,397
8.00% due 04/01/2023 - 07/01/2024 ---- ---- 1,864,290 1,929,002 1,152,318 1,194,774
9.50% due 09/01/2016 - 12/01/2022 ---- ---- 3,217,758 3,483,054 1,923,585 ----
---------- ----------
5,412,056 3,287,099
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 6.80% 12.10%
6.00% due 12/01/2008 - 04/01/2013 ---- ---- 11,091,774 10,991,748 6,885,687 6,818,809
6.50% due 01/01/2008 -02/01/2028 ---- ---- 13,716,295 13,711,729 6,053,201 6,061,412
7.00% due 12/01/2025 -03/01/2028 ---- ---- 12,876,449 13,058,292 6,053,201 6,139,353
7.49% due 03/02/2005 ---- ---- 470,000 513,917 200,000 218,688
7.50% due 12/01/2006 -03/01/2028 ---- ---- 6,980,790 7,161,261 4,460,404 4,575,148
8.50% due 11/01/2008 -07/01/2024 ---- ---- 491,404 515,556 633,453 662,910
---------- ----------
45,952,503 24,476,320
</TABLE>
The accompanying notes are an integral part of the financial statements.
145
<PAGE> 148
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
------ ----- ------ ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION: 0.60% 1.20%
7.50% due 10/15/2022 - 05/15/2023 ---- ---- $2,825,205 $2,934,397 $1,870,193 $1,924,223
9.00% due 05/15/2017 - 01/15/2025 ---- ---- 1,123,090 1,208,257 469,967 505,528
----------- -----------
4,142,654 2,429,751
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $0, $55,608,841, and $30,096,929
respectively) ---- $56,670,802 $30,645,974
----------- -----------
FOREIGN BOND OBLIGATIONS: 0.00% 0.60% 0.50%
Deutsche Mortgage Asset Receiving
Corporation, Series 1998-C1, Class D,
7.231% due 06/15/2031 ---- ---- $700,000 $700,437 $360,000 $360,225
Government Backed Trust, Series T-3,
9.625% due 05/15/2002 ---- ---- 149,726 158,369 62,368 65,987
Government Loan Trusts, Series 1-B, 8.50%
due 04/01/2006 ---- ---- 1,120,000 1,235,113 ---- ----
Government Trust Certificates,
Class 1C, 9.25% due 11/15/2001 ---- ---- 381,151 404,195 447,836 474,912
Class 2E, 9.40% due 05/15/2002 ---- ---- 940,526 994,268 ---- ----
Israel Export Trust,
6.88% due 01/26/2003 ---- ---- 329,412 335,941 141,176 143,975
TOTAL FOREIGN BOND OBLIGATIONS
(Cost: $0, $3,854,384, and $1,058,545
respectively) ---- $3,828,323 $1,045,099
---------- ----------
CORPORATE BONDS: 6.60% 15.20% 17.20%
APPAREL & TEXTILES: 0.00% 0.10% 0.10%
Unifi, Incorporated,
6.50% due 02/01/2008 ---- ---- $500,000 $509,562 $280,000 $285,355
----------- -----------
BANKING: 0.00% 1.90% 3.50%
BankAmerica Capital II,
8.00% due 12/15/2026 ---- ---- 480,000 521,669 270,000 293,439
Banponce Corporation,
5.75% due 03/01/1999 ---- ---- 490,000 489,098 270,000 269,503
6.378% due 04/08/1999 ---- ---- 590,000 591,764 330,000 330,986
6.665% due 03/05/2001 ---- ---- 820,000 830,020 430,000 435,255
Capital One Bank,
6.375% due 02/15/2003 ---- ---- 600,000 600,540 340,000 340,306
6.42% due 11/12/1999 ---- ---- 3,380,000 3,389,802 1,600,000 1,604,640
Den Danske Bank Aktieselskab,
6.375% VR due 06/15/2008 ---- ---- 920,000 909,070 480,000 474,298
First Tennessee National Corporation, 6.75%
due 11/15/2005 ---- ---- 350,000 361,319 190,000 196,145
Firstar Corporation,
7.15% due 09/01/2000 ---- ---- 820,000 821,419 360,000 360,623
Fleet Financial Group, Incorporated, 7.625%
due 12/01/1999 ---- ---- 150,000 153,336 80,000 81,779
</TABLE>
The accompanying notes are an integral part of the financial statements.
146
<PAGE> 149
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
------ ----- ------ ----- ------ ------
<S> <C> <C> <C> <C> <C> <C>
BANKING - CONTINUED
Kansallis Osake Pankki New York,
10.00% due 05/01/2002 ---- ---- $360,000 $405,896 $150,000 $169,123
Long Island Savings Bank,
6.20% due 04/02/2001 ---- ---- 600,000 600,918 250,000 250,383
7.00% due 06/13/2002 ---- ---- 600,000 613,386 350,000 357,808
Mellon Capital I, Series A,
7.72% due 12/01/2026 ---- ---- 320,000 341,082 180,000 191,858
Provident Bank,
6.125% due 12/15/2000 ---- ---- 1,040,000 1,040,801 520,000 520,400
Providian National Bank,
6.70% due 03/15/2003 ---- ---- 500,000 505,500 260,000 262,860
Shawmut National Corporation,
8.625% due 12/15/1999 ---- ---- ---- ---- 360,000 372,629
Union Planters Corporation,
6.75% due 11/01/2005 ---- ---- 850,000 864,875 450,000 457,875
---------- ---------
13,040,495 6,969,910
BROADCASTING: 0.40% 0.50% 0.20%
Ascent Entertainment Group, Incorporated.
Step up to 11.875% due 12/15/2002 $10,000 $6,450 10,000 6,450 ---- ----
Citadel Broadcasting Company, Series B,
10.25% due 07/01/2007 390,000 428,025 810,000 888,975 ---- ----
EchoStar Communications Corporation, Step
up to 12.875% due 06/01/2004 240,000 233,400 650,000 632,125 ---- ----
EchoStar Satellite Broadcast Corporation,
Step up to 13.125% due 03/15/2004 690,000 633,938 1,730,000 1,589,438 ---- ----
Hearst-Argyle Television, Incorporated,
7.50% due 11/15/2027 ---- ---- 560,000 596,534 290,000 308,920
--------- ---------- ---------
1,301,813 3,713,522 308,920
BUSINESS SERVICES: 0.20% 0.50% 0.50%
Comdisco, Incorporated,
5.75% due 02/15/2001 ---- ---- 1,700,000 1,682,677 1,000,000 989,810
Federal Data Corporation,
10.125% due 08/01/2005 170,000 172,550 370,000 375,550 ---- ----
Protection One Alarm, Incorporated,
Step up to 13.625% due 06/30/2005 195,000 222,300 650,000 741,000 ---- ----
Psinet, Incorporated,
10.00% due 02/15/2005 160,000 163,200 340,000 346,800 ---- ----
--------- --------- -------
558,050 3,146,027 989,810
CHEMICALS: 0.10% 0.10% 0.00%
Huntsman Corporation,
9.50% due 07/01/2007 210,000 210,000 540,000 540,000 ---- ----
--------- --------- -------
COMPUTERS & BUSINESS EQUIPMENT: 0.00% 0.00% 0.00%
Decisionone Corporation,
9.75% due 08/01/2007 20,000 19,300 30,000 28,950 ---- ----
--------- ---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
147
<PAGE> 150
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------- -------- ------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
------ ----- ------ ----- ------ ------
<S> <C> <C> <C> <C> <C> <C>
CONGLOMERATES: 0.00% 0.30% 0.50%
Raytheon Company,
5.95% due 03/15/2001 ---- ---- $860,000 $856,801 $430,000 $428,400
6.45% due 08/15/2002 ---- ---- 1,070,000 1,080,614 600,000 605,952
--------- ---------
1,937,415 1,034,352
COSMETICS & TOILETRIES: 0.00% 0.00% 0.00%
Revlon Consumer Products Corporation,
8.625% due 02/01/2008 $160,000 $160,000 340,000 340,000 ---- ----
--------- ---------
CRUDE PETROLEUM & NATURAL GAS: 0.00% 0.20% 0.30%
Occidental Petroleum Corporation,
5.93% due 11/09/1998 ---- ---- 470,000 469,704 270,000 269,830
Union Oil Company,
7.67% due 04/19/2002 ---- ---- 680,000 719,440 390,000 412,620
--------- ---------
1,189,144 682,450
DRUGS & HEALTH CARE: 0.10% 0.10% 0.00%
Integrated Health Services, Incorporated,
Series A, 9.25% due 01/15/2008 246,000 255,533 520,000 540,150 ---- ----
Oxford Health Plans, Incorporated,
11.00% due 05/15/2005 60,000 60,975 100,000 101,625 ---- ----
--------- ---------
316,508 641,775
ELECTRICAL EQUIPMENT: 0.10% 0.10% 0.00%
Hadco Corporation,
9.50% due 06/15/2008 75,000 74,625 160,000 159,200 ---- ----
SC International Services, Incorporated,
Series B, 9.25% due 09/01/2007 90,000 93,150 190,000 196,650 ---- ----
--------- ---------
167,775 355,850
ELECTRIC UTILITIES: 0.00% 0.50% 0.90%
Avon Energy Partners Holdings,
6.46% due 03/04/2008 ---- ---- 650,000 652,880 360,000 361,595
6.73% due 12/11/2002 ---- ---- 930,000 945,568 520,000 528,704
British Columbia Hydro & Power,
12.50% due 01/15/2014 ---- ---- 460,000 493,870 260,000 279,144
Israel Electric Corporation,
7.75% due 12/15/2027 ---- ---- 880,000 919,922 500,000 522,683
Niagara Mohawk Power Corporation,
Series H, Step up to 8.50% due 07/01/2010 20,000 13,700 30,000 20,550 ---- ----
Texas Utilities Company,
6.375% due 01/01/2008 ---- ---- 370,000 363,084 220,000 215,888
--------- --------- ---------
13,700 3,395,874 1,908,014
FINANCIAL SERVICES: 0.40% 3.20% 5.00%
Ahmanson Capital Trust 1, Series A, 8.36%
due 12/01/2026 ---- ---- 1,080,000 1,213,845 720,000 $809,230
</TABLE>
The accompanying notes are an integral part of the financial statements.
148
<PAGE> 151
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------------------- --------------------------- -------------------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
------ ------- ------ ---------- ------ -----------
<S> <C> <C> <C> <C> <C> <C>
FINANCIAL SERVICES - CONTINUED
American Telephone & Telegraph Capital
Corporation, 6.16% due 12/03/1999 ---- ---- $2,490,000 $2,492,714 $1,120,000 $1,121,221
6.25% due 05/15/2001 ---- ---- 900,000 901,026 360,000 360,410
Amvescap PLC,
6.375% due 05/15/2003 ---- ---- 350,000 351,033 200,000 200,590
APP FIN II Mauritius, Ltd., Series B,
Step up to 12.00% due 02/15/2004 $290,000 $200,100 710,000 489,900 ---- ----
Associates Corporation of North America,
6.00% due 04/15/2003 ---- ---- 550,000 547,228 300,000 298,488
BankBoston Capital Trust II, Series B,
7.75% due 12/15/2026 ---- ---- 1,610,000 1,692,835 910,000 956,819
Banponce Financial Corporation,
6.34% due 03/29/1999 ---- ---- 350,000 350,950 200,000 200,543
Beal Financial Corporation,
12.75% due 08/15/2000 120,000 128,400 380,000 406,600 ---- ----
CIT Group Holdings, Incorporated,
6.25% due 10/04/1999 ---- ---- 380,000 3,313,365 1,550,000 1,556,277
Countrywide Funding Corporation,
6.45% due 02/27/2003 ---- ---- 600,000 604,818 400,000 403,212
DTI Holdings, Incorporated,
Step up to 12.50% due 03/01/2008 460,000 248,400 960,000 518,400 ---- ----
EOP Operating LP,
6.375% due 02/15/2003 ---- ---- 590,000 587,492 330,000 328,598
6.75% due 02/15/2008 ---- ---- 210,000 209,742 120,000 119,852
FBS Capital I,
8.09% due 11/15/2026 ---- ---- 480,000 516,326 270,000 290,434
First Nationwide Parent Holdings,
12.50% due 04/15/2003 250,000 283,750 750,000 851,250 ---- ----
General Motors Acceptance Corporation,
6.75% due 07/10/2002 ---- ---- ---- 1,071,656 600,000 612,375
Globalstar LP,
11.50% due 06/01/2005 90,000 87,750 180,000 175,500 ---- ----
Great Western Financial Trust II, Series A,
8.206% due 02/01/2027 ---- ---- 730,000 797,364 410,000 447,835
GST Equipment Funding, Incorporated, 13.25%
due 05/01/2007 150,000 171,375 300,000 342,750 ---- ----
Heller Financial, Incorporated,
6.25% due 03/01/2001 ---- ---- 800,000 800,744 450,000 450,418
7.875% due 11/01/1999 ---- ---- 1,000,000 1,021,370 540,000 551,540
Home Savings of America,
6.50% due 08/15/2004 ---- ---- 510,000 514,457 290,000 292,535
Hydro Quebec Enterprises,
7.40% due 03/28/2025 ---- ---- 630,000 760,473 360,000 434,556
MCN Investment Corporation,
5.84% due 02/01/1999 ---- ---- 800,000 798,712 440,000 439,292
Weeks Realty LP,
6.875% due 03/15/2005 ---- ---- 450,000 451,187 250,000 250,659
---------- ---------- ----------
1,119,775 21,781,737 10,124,884
</TABLE>
The accompanying notes are an integral part of the financial statements.
149
<PAGE> 152
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------------------- --------------------------- -------------------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
------ ------- ------ ---------- ------ -----------
<S> <C> <C> <C> <C> <C> <C>
FURNITURE & FIXTURES: 0.00% 0.00% 0.00%
Sealy Mattress Company,
Step up to 10.875% due 12/15/2007 $20,000 $13,200 $40,000 $26,400 ---- ----
9.875% due 12/15/2007 10,000 10,600 20,000 21,200 ---- ----
-------- -------
23,800 47,600
GAS & PIPELINE UTILITIES: 0.00% 0.00% 0.10%
Southwest Gas Corporation,
9.75% due 06/15/2002 ---- ---- 290,000 325,223 $170,000 $190,648
------- --------
HOTELS & RESTAURANTS: 0.00% 0.10% 0.30%
Darden Restaurants, Incorporated,
7.125% due 02/01/2016 ---- ---- 490,000 492,514 570,000 572,924
------- --------
INDUSTRIALS: 2.60% 2.80% 1.10%
AFC Enterprises, Incorporated,
10.25% due 05/15/2007 10,000 10,500 20,000 21,000 ---- ----
Amazon Common, Incorporated,
Step up to 10.00% due 05/01/2003 785,000 471,000 1,640,000 984,000 ---- ----
Atlantis Group, Incorporated,
11.00% due 02/15/2003 50,000 52,750 130,000 137,150 ---- ----
Bally Total Fitness Holding,
9.875% due 10/15/2007 220,000 226,600 458,000 471,740 ---- ----
Breed Technologies, Incorporated,
9.25% due 04/15/2008 60,000 58,650 200,000 195,500 ---- ----
Carson, Incorporated, Series B,
10.375% due 11/01/2007 160,000 159,600 340,000 339,150 ---- ----
CEX Holdings, Incorporated,
9.625% due 06/01/2008 60,000 61,200 125,000 127,500 ---- ----
Cinemark USA, Incorporated, Series B, 8.50%
due 08/01/2008 80,000 77,600 160,000 155,200 ---- ----
Compass Aerospace Corporation, 10.125% due
04/15/2005 320,000 324,800 680,000 690,200 ---- ----
Conagra, Incorporated,
7.125% due 10/01/2026 ---- ---- 1,000,000 1,065,840 575,000 612,858
Dobson Wireline Company,
12.25% due 06/15/2008 140,000 135,800 295,000 286,150 ---- ----
Falcon Holding Group LP,
Step up to 9.285% due 04/01/2003 195,000 123,337 400,000 253,000 ---- ----
8.375% due 04/15/2010 140,000 138,600 285,000 282,150 ---- ----
Frontiervision Holding LP
Step up to 11.875% due 09/15/2007 160,000 126,400 340,000 268,600 ---- ----
Global Health Sciences, Incorporated,
11.00% due 05/01/2008 735,000 725,812 1,540,000 1,520,750 ---- ----
High Voltage Engineering Corporation,
10.50% due 08/15/2004 320,000 329,600 680,000 700,400 ---- ----
Home Interiors & Gifts, Incorporated,
10.125% due 06/01/2008 190,000 194,038 400,000 408,500 ---- ----
Interep National Radio Sales, Incorporated,
10.00% due 07/01/2008 160,000 160,000 340,000 340,000 ---- ----
</TABLE>
The accompanying notes are an integral part of the financial statements.
150
<PAGE> 153
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------------------- --------------------------- -------------------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
------ ------- ------ ---------- ------ -----------
<S> <C> <C> <C> <C> <C> <C>
INDUSTRIALS - CONTINUED
Internorth, Incorporated,
9.625% due 03/15/2006 ---- ---- $590,000 $706,201 $330,000 $394,993
Jafra Cosmetics International,
Incorporated, 11.75% due 05/01/2008 $160,000 $160,000 340,000 340,000 ---- ----
Lin Holdings Corporation,
Step up to 10.00% due 03/01/2003 320,000 214,400 680,000 455,600 ---- ----
Livent, Incorporated,
9.375% due 10/15/2004 170,000 169,575 350,000 349,125 ---- ----
Marsulex, Incorporated,
9.625% due 07/01/2008 320,000 320,000 680,000 680,000 ---- ----
McCaw International, Ltd.,
Step up to 13.00% due 04/15/2007 250,000 162,625 250,000 165,625 ---- ----
MCMS, Incorporated,
9.75% due 03/01/2008 160,000 148,000 340,000 314,500 ---- ----
Motors & Gears, Incorporated, Series B,
10.75% due 11/15/2006 260,000 278,200 740,000 791,800 ---- ----
MSX International, Incorporated,
11.375% due 01/15/2008 360,000 370,800 750,000 772,500 ---- ----
Pathmark Stores, Incorporated,
9.625% due 05/01/2003 210,000 212,100 360,000 363,600 ---- ----
Petroleum Geological Services AS, 7.125%
due 03/30/2028 ---- ---- 850,000 860,234 450,000 455,418
Rhythms Netconnections, Incorporated, Step
up to 13.50% due 05/15/2003 285,500 139,650 600,000 294,000 ---- ----
Roller Bearing Company of America,
Incorporated, Step up to 13.00% due
06/15/2009 240,000 153,600 510,000 326,400 ---- ----
Sabreliner Corporation,
11.00% due 06/15/2008 140,000 140,000 360,000 360,000 ---- ----
Safelite Glass Corporation,
9.875% due 12/15/2006 250,000 262,500 ---- ---- ---- ----
Satelites Mexicanos SA,
10.125% due 11/01/2004 320,000 311,600 680,000 662,150 ---- ----
Stone Energy Corporation,
8.75% due 09/15/2007 160,000 162,400 340,000 345,100 ---- ----
Thermadyne Holdings,
Step up to 12.50% due 06/01/2008 30,000 16,350 50,000 27,250 ---- ----
Town Sports International, Incorporated,
Series B, 9.75% due 10/15/2004 190,000 190,000 410,000 410,000 ---- ----
Tri-State Outdoor Media Group,
11.00% due 05/15/2008 150,000 151,875 310,000 313,875 ---- ----
United Artists Theatre Company,
9.75% due 04/15/2008 190,000 189,525 400,000 399,000 ---- ----
Wesco International, Incorporated,
Step up to 11.125% due 06/01/2003 320,000 187,200 680,000 397,800 ---- ----
WMX Technologies, Incorporated,
6.25% due 10/15/2000 ---- ---- 345,000 345,524 190,000 190,289
7.10% due 08/01/2026 ---- ---- 830,000 863,698 470,000 489,082
</TABLE>
The accompanying notes are an integral part of the financial statements.
151
<PAGE> 154
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
---------------------- --------------------------- ---------------------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
------ ------- ------ ---------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
INDUSTRIALS - CONTINUED
Young America Corporation,
11.625% due 02/15/2006 $160,000 $156,800 $340,000 $333,200 ---- ----
--------- ------------ ------------
7,476,487 19,124,012 2,142,640
INSURANCE: 0.00% 0.80% 1.40%
Metropolitan Life Insurance Company, 6.30%
due 11/01/2003 ---- ---- 2,350,000 2,347,908 $1,155,000 $1,153,972
Nationwide Life Insurance Company, 6.50%
due 02/15/2004 ---- ---- 2,760,000 2,790,940 1,630,000 1,648,272
------------ ------------
5,138,848 2,802,244
LEISURE TIME: 0.50% 0.40% 0.00%
AMC Entertainment, Incorporated,
9.50% due 03/15/2009 250,000 252,500 450,000 454,500 ---- ----
American Skiing Company, Series B, 12.00%
due 07/15/2006 500,000 560,000 900,000 1,008,000 ---- ----
Hollywood Entertainment Corporation,
10.625% due 08/15/2004 130,000 132,600 290,000 295,800 ---- ----
Premier Parks, Incorporated,
Step up to 10.00% due 04/01/2003 390,000 258,375 840,000 556,500 ---- ----
9.25% due 04/01/2006 10,000 10,350 20,000 20,700 ---- ----
SFX Entertainment, Incorporated,
9.125% due 02/01/2008 280,000 274,400 740,000 725,200 ---- ----
--------- ------------
1,488,225 3,060,700
MISCELLANEOUS: 0.10% 0.00% 0.00%
V2 Music Holdings PLC,
Step up to 14.00% due 10/15/2003 320,000 164,800 680,000 350,200 ---- ----
--------- ------------
PAPER: 0.20% 0.20% 0.00%
Advance Agro Public Company, Ltd., 13.00%
due 11/15/2007 490,000 504,700 1,010,000 1,040,300 ---- ----
--------- ------------
PUBLISHING: 0.30% 0.20% 0.00%
Sullivan Graphics, Incorporated,
12.75% due 08/01/2005 600,000 628,500 1,190,000 1,246,525 ---- ----
Von Hoffmann Press, Incorporated, 10.375%
due 05/15/2007 240,000 252,000 330,000 346,500 ---- ----
--------- ------------
880,500 1,593,025
RAILROADS & EQUIPMENT: 0.00% 0.10% 0.20%
CSX Corporation,
6.46% due 06/22/2005 ---- ---- 680,000 685,964 350,000 353,070
------------ ----------
REAL ESTATE: 0.00% 0.00% 0.10%
CenterPoint Properties Trust,
6.75% due 04/01/2005 ---- ---- 260,000 260,447 130,000 130,224
------------ ----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
152
<PAGE> 155
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
------------------------- ------------------------- ------------------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
RETAIL GROCERY: 0.00% 0.10% 0.20%
Kroger Company,
6.00% VR due 07/01/2010 -- -- $ 750,000 $ 748,331 $ 400,000 $ 399,110
---------- ----------
RETAIL TRADE: 0.00% 0.50% 0.90%
Federated Department Stores, Incorporated,
6.79% due 07/15/2027 -- -- 550,000 562,678 350,000 358,067
7.00% due 02/15/2028 -- -- 660,000 671,741 370,000 376,582
Levi Strauss & Company,
7.00% due 11/01/2006 -- -- 1,980,000 2,011,324 1,080,000 1,097,086
---------- ----------
3,245,743 1,831,735
SOFTWARE: 0.10% 0.10% 0.00%
Orbital Imaging Corporation,
11.625% due 03/01/2005 $ 270,000 $ 283,500 570,000 598,500 -- --
---------- ----------
STEEL: 0.10% 0.10% 0.00%
Schuff Steel Company,
10.50% due 06/01/2008 160,000 158,400 340,000 336,600 -- --
Steel Heddle Manufacturing Company, 10.625%
due 06/01/2008 160,000 160,000 340,000 340,000 -- --
---------- ----------
318,400 676,600
TELECOMMUNICATIONS SERVICES: 0.40% 0.40% 0.20%
Adelphia Communications Corporation, Series
B, 9.875% due 03/01/2007 490,000 530,425 930,000 1,006,725 -- --
Cable & Wireless Communication,
6.375% due 03/06/2003 -- -- 830,000 -- 460,000 460,386
Diamond Cable Communications PLC, Step up
to 10.75% due 02/15/2007 30,000 22,200 40,000 29,600 -- --
Step up to 11.75% due 12/15/2005 10,000 8,300 40,000 33,200 -- --
GST Telecommunications, Incorporated,
12.75% due 11/15/2007 50,000 58,500 110,000 128,700 -- --
Highwaymaster Communications, Series B,
13.75% due 09/15/2005 325,000 243,750 610,000 457,500 -- --
NTL, Incorporated,
Step up to 9.75% due 04/01/2003 280,000 4,182,000 620,000 403,000 -- --
---------- ---------- ----------
1,045,175 2,889,422 460,386
TELEPHONE: 0.70% 0.70% 0.00%
Adelphia Communications Corporation,
8.375% due 02/01/2008 160,000 158,400 290,000 287,100 -- --
9.25% due 10/01/2002 100,000 103,500 200,000 207,000 -- --
Covad Communications Group, Incorporated,
Step up to 13.50% due 03/15/2003
330,000 171,600 730,000 379,600 -- --
GST Network Funding, Incorporated,
Step up to 10.50% due 05/01/2003 160,000 96,000 840,000 504,000 -- --
</TABLE>
The accompanying notes are an integral part of the financial statements.
153
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
--------------------------- --------------------------- --------------------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
TELEPHONE - CONTINUED
Hyperion Telecommunications, Incorporated,
Series B 12.25% due 09/01/2004 $ 100,000 $ 108,000 $ 200,000 $ 216,000 -- --
13.00% due 04/15/2003 220,000 163,900 830,000 618,350 -- --
KMC Telecom Holdings, Incorporated,
Step up to 12.50% due 02/15/2008 40,000 23,200 80,000 46,400 -- --
McLeodUSA, Incorporated,
Step up to 10.50% due 03/01/2007 90,000 66,825 190,000 141,075 -- --
Millicom International Cellular SA,
Step up to 13.50% due 06/01/2006 310,000 241,800 630,000 491,400 -- --
Nextel International, Incorporated,
Step up to 12.125% due 04/15/2003 150,000 86,250 310,000 178,250 -- --
NEXTEL Communications, Incorporated,
Step up to 9.75% due 08/15/2004 60,000 58,350 140,000 136,150 -- --
Pathnet, Incorporated,
12.25% due 04/15/2008 240,000 254,400 505,000 535,300 -- --
Telecommunications Techniques Company,
9.75% due 05/15/2008 75,000 76,687 160,000 163,600 -- --
Winstar Communications, Incorporated,
Step up to 14.00% due 10/15/2005 320,000 265,600 680,000 564,400 -- --
11.00% due 03/15/2008 140,000 138,950 280,000 277,900 -- --
------------ ------------
2,013,462 4,746,525
TOBACCO: 0.00% 0.50% 0.90%
Philip Morris Companies, Incorporated,
6.95% due 06/01/2006 -- -- 1,400,000 1,450,204 $ 850,000 $ 880,481
7.00% due 07/15/2005 -- -- 850,000 869,593 480,000 491,064
7.25% due 09/15/2001 -- -- 850,000 871,870 520,000 533,380
------------ ------------
3,191,667 1,904,925
TRANSPORTATION: 0.30% 0.70% 0.80%
Burlington Northern Santa Fe,
7.29% due 06/01/2036 -- -- 1,070,000 1,182,446 610,000 674,105
Greyhound Lines, Incorporated, Series B,
11.50% due 04/15/2007 500,000 555,625 600,000 666,750 -- --
Norfolk Southern Corporation,
7.05% due 05/01/2037 -- -- 1,220,000 1,295,506 690,000 732,704
Transtar Holdings LP, Series B, --
Step up to 13.375% due 12/15/2003 270,000 251,100 730,000 678,900 --
United States Air, Incorporated,
9.625% due 02/01/2001 190,000 197,600 490,000 509,600 -- --
Wisconsin Central Transportation
Corporation, 6.625% due 04/15/2008 -- -- 250,000 249,520 125,000 124,760
------------ ------------ ------------
1,004,325 4,582,722 1,531,569
TOTAL CORPORATE BONDS
(Cost: $18,647,258, $103,418,694 and
$33,843,400, respectively) $ 19,070,295 $103,418,694 $ 34,623,170
------------ ------------ ------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
154
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
------------------------- ------------------------- ------------------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
CONVERTIBLE BONDS: 0.00% 0.00% 0.00%
TELECOMMUNICATIONS SERVICES: 0.00% 0.00% 0.00%
GST Telecommuncations, Incorporated,
Step up to 13.875% due 12/15/2005 $ 10,000 $ 8,063 $ 10,000 $ 8,062 -- --
---------- ----------
TOTAL CONVERTIBLE BONDS
(Cost: $11,045, $11,119 and $0,
respectively) $ 8,063 $ 8,062 --
---------- ----------
COLLATERALIZED MORTGAGE OBLIGATIONS: 0.00% 2.60% 4.90%
American Housing Trust, Series IV,
9.552% due 09/25/2020 -- -- $1,564,309 $1,627,523 $ 771,241 $ 802,407
Bankamerica Manufactured Housing Contract,
Series 1998-2, Class A5,
6.20% due 04/10/2009 -- -- 470,000 468,825 -- --
CBM Funding Corporation, Certificates 96
1B, Class A1, 7.55% due 07/01/2004 -- -- 46,196 45,460 26,398 25,977
1B, Class A2, 6.88% due 02/01/2013 -- -- 480,000 487,800 270,000 274,387
1B, Class A3, 7.08% due 02/01/2013 -- -- 480,000 518,250 270,000 291,516
1B, Class B, 7.48% due 02/01/2013 -- -- 380,000 408,067 210,000 225,511
Contimortage Home Equity Loan Trust, Series
1997-4, Class A3,
6.26% due 07/15/2012 -- -- 880,000 880,818 490,000 490,456
Credit Suisse First Boston Mortgage
Securities Corporation, Series 1997-C2,
Class D, 7.27% due 04/17/2011 -- -- 990,000 1,018,027 560,000 575,854
Series 1998-C1, Class D,
7.17% due 01/17/2012 -- -- 650,000 651,828 340,000 340,956
Series 1998-FL1A, Class E,
6.506% due 01/10/2001 -- -- 710,000 711,997 370,000 371,041
Edison Mission Energy Funding Corporation,
Series A 144A, 6.77% due 09/15/2003
-- -- 877,175 899,157 632,089 640,723
General Growth Property, Series 1,
Class A2, 6.602% due 11/15/2007 -- -- 710,000 727,528 400,000 409,875
Series 1, Class D2,
6.992% due 11/15/2007 -- -- 760,000 762,375 430,000 431,344
Series 1, Class E2,
7.224% due 11/15/2007 -- -- 450,000 449,438 260,000 259,675
Green Tree Financial Corporation, 96 8
Series Certificates, Class A2,
6.55% due 10/15/2027 -- -- 183,220 183,227 193,339 193,459
97 6 Series, 6.68% due 01/15/2029 -- -- 1,230,000 1,247,294 690,000 699,701
GS Mortgage Securities Corporation II,
Series 97-GL, Class A2B,
6.86% due 07/13/2030 -- -- 850,000 884,060 470,000 488,833
Series 98-GL II, Class D,
6.97% due 04/13/2031 -- -- 270,000 270,000 150,000 150,000
Series 98-GL II, Class E,
6.97% due 04/13/2031 -- -- 570,000 570,000 320,000 320,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
155
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
------------------------- ------------------------- ------------------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS - CONTINUED
LTC Commercial Mortgage Certificates,
Series 1998-1, Class A, 6.029% due
05/28/2030 -- -- $ 528,367 $ 518,130 $ 269,168 $ 263,953
Morgan Stanley Capital I, Incorporated,
Series 1998-HF1, Class D, 7.10% due
02/15/2008 -- -- 870,000 882,615 450,000 456,525
NationsLink Funding Corporation,
Certificates 96 1, Class A1, 7.533% due
09/20/2002 -- -- 1,226,216 1,281,605 735,730 768,963
Nomura Asset Securities Corporation, Series
1994-MD2, Class A6,
6.933% due 07/07/2003 -- -- 1,092,469 1,093,278 702,302 702,821
Series 1998-D6, Class A4,
7.349% due 03/15/2030 -- -- 700,000 718,543 360,000 369,536
Overseas Private Investment Corporation,
Series 1995, 6.08% due 08/15/2004 -- -- 404,200 406,629 338,400 340,434
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $0,$17,493,482 and $9,779,916
respectively) -- $17,702,524 $ 9,893,947
----------- -----------
ASSET BACKED SECURITIES: 0.00% 1.40% 2.70%
Chevy Chase Auto Receivables Trust, Series
1998-2, Class A, 5.91% due 12/15/2004
-- -- $ 350,000 $ 349,563 $ 180,000 $ 179,775
CPS Auto Grantor Trust,
Series 1996 2 Certificates, Class A,
6.70% due 02/15/2002 -- -- 288,332 290,716 162,514 163,858
Series 1997 1 Certificates, Class A,
6.55% due 08/15/2002 -- -- 544,213 549,296 322,497 325,509
Series 1998 1 Certificates, Class A,
6.00% due 08/15/2003 -- -- 942,031 943,798 528,691 529,682
Series 1998 2 Certificates, Class A,
6.09% due 11/15/2003 -- -- 544,317 546,018 277,107 277,973
Dayton Hudson Credit Card Master
Certificates, Series 95 1, Class A, 6.25%
due 08/25/2005 -- -- 870,000 879,509 490,000 495,356
Discover Card Trust, 1992 B,
7.50% due 06/16/2000 -- -- 1,330,000 1,327,087 730,000 728,401
Ford Credit Grantor Trust, 1995 B,
Certificates, Class A, 5.90% due
10/15/2000 -- -- 660,854 661,680 288,373 288,733
Guaranteed Export Trust,
Series 1993 C, 5.20% due 10/15/2004 -- -- 183,733 178,635 81,467 79,206
Series 1993 D, 5.23% due 05/15/2005 -- -- 321,702 318,617 142,979 141,607
Series 1994 C, 6.61% due 09/15/1999 -- -- 52,245 52,582 21,373 21,511
MBNA Master Credit Card Trust II, Series 97
Certificates, Class A, 6.55% due
01/15/2007 -- -- 1,720,000 1,773,750 970,000 1,000,313
</TABLE>
The accompanying notes are an integral part of the financial statements.
156
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
-------------------------- -------------------------- -------------------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSET BACKED SECURITIES - CONTINUED
Olympic Automobile Receivable, 1997 A,
6.40% due 09/15/2001 -- -- $ 1,080,000 $ 1,085,130 $ 440,000 $ 442,090
Railcar Trust, 1992 1,
7.75% due 06/01/2004 -- -- 580,162 610,760 723,822 761,997
----------- -----------
TOTAL ASSET BACKED SECURITIES:
(Cost: $0, $9,505,803 and $5,392,238
respectively) -- $ 9,567,141 $ 5,436,011
----------- -----------
SUPRANATIONAL OBLIGATIONS: 0.00% 0.10% 0.30%
Inter-American Development Bank,
6.29% due 07/16/2027 -- -- $ 800,000 $ 841,768 $ 480,000 $ 505,061
----------- ----------- -----------
TOTAL SUPRANATIONAL OBLIGATIONS
(Cost: $0, $795,024 and $477,015
respectively) -- $ 841,768 $ 505,061
----------- -----------
SHORT TERM INVESTMENTS: 11.10% 8.50% 15.70%
Navigator Securities Lending Trust, 5.54% $29,889,882 $29,889,882 $50,973,414 $50,973,414 $ 6,707,621 $ 6,707,621
United States Treasury Bills
4.93% due 07/23/1998 **** 2,300,000 2,293,192 6,500,000 6,480,760 24,926,000 24,926,000
----------- ----------- -----------
$32,183,074 $57,454,174 $31,633,621
----------- ----------- -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
157
<PAGE> 160
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE MODERATE CONSERVATIVE
--------------------------- --------------------------- --------------------------
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
REPURCHASE AGREEMENTS: 3.40% 3.50% 10.40%
Repurchase Agreement with State Street
Bank & Trust Company dated
06/30/1998 at 5.00%, to be
repurchased at $9,718,350 on
07/01/1998, collateralized by
$9,790,000 U.S. Treasury Notes,
5.75% due 10/31/2000 (valued at
$9,912,375, including interest) $ 9,717,000 $ 9,717,000
------------
Repurchase Agreement with State Street
Bank & Trust Company dated
06/30/1998 at 5.00%, to be
repurchased at $23,939,324 on
07/01/1998, collateralized by
$17,740,000 U.S. Treasury Bonds,
8.75% due 05/15/2020 (valued at
$24,417,442, including interest) $ 23,936,000 $ 23,936,000
------------
Repurchase Agreement with State Street
Bank & Trust Company dated
06/30/1988 at 5.00%, to be
repurchased at $20,955,916 on
07/01/1998, collateralized by
$21,150,000 U.S. Treasury Notes,
5.75% due 10/31/2000 (valued at
$21,414,375, including interest) $ 20,993,000 $ 20,993,000
------------
TOTAL INVESTMENTS
(Aggressive,Moderate Conservative
Asset Allocation Trusts) Cost:
$230,029,732, $573,860,250 and
$183,740,211, respectively) $289,423,785 $679,830,039 $201,348,028
============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
158
<PAGE> 161
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED)
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
---------- ----------
HIGH YIELD TRUST
<S> <C> <C>
PREFERRED STOCK - 3.53%
BROADCASTING - 0.78%
Paxson Communications Corporation
77 $ 756,525
Paxson Communications
Corporation, Convertible 26 259,350
Sinclair Capital 3,125 347,156
----------
1,363,031
PUBLISHING - 2.07%
Time Warner, Incorporated,
Series M 3,244 3,608,950
----------
SOFTWARE - 0.35%
Concentric Network Corporation 625 620,312
----------
TELECOMMUNICATIONS SERVICES - 0.33%
IXC Communications, Incorporated 491 568,333
----------
TOTAL PREFERRED STOCK
(Cost: $5,921,742) $6,160,626
----------
WARRANTS - 0.15%
BROADCASTING - 0.00%
Paxson Communications
Corporation, (Expiration date
06/30/03; strike price $16.00) 832 8
----------
SOFTWARE - 0.03%
Concentric Network Corporation,
(Expiration date 12/15/2007;
strike price $10.86) 520 49,400
----------
TELECOMMUNICATIONS SERVICES - 0.08%
Globalstar Telecommunications,
(Expiration date 02/15/2004;
strike price $17.39) 750 92,250
Iridium World Communications,
Ltd., (Expiration date
07/15/2005; strike price $20.90) 240 49,200
----------
141,450
TELEPHONE - 0.04%
Occidente y Caribe Cellular SA,
(Expiration date 03/15/2004;
strike price $1.00) 3,600 72,000
----------
TOTAL WARRANTS
(Cost: $0) $ 262,858
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- ----------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 1.08%
U.S. TREASURY NOTES - 1.08%
6.50% due 10/15/2006 $1,775,000 $1,884,819
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $1,773,282) $1,884,819
----------
FOREIGN GOVERNMENT OBLIGATIONS - 0.78%
REPUBLIC OF ARGENTINA - 0.78%
FRN, Series L due
03/31/2005 $1,543,750 1,359,504
----------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $1,398,699) $1,359,504
----------
CORPORATE BONDS - 73.69%
BROADCASTING - 4.27%
CSC Holdings, Incorporated,
7.875% due 12/15/2007 $1,955,000 $2,057,638
9.875% due 05/15/2006 585,000 640,575
Rogers Cablesystems, Ltd.,
10.00% due 03/15/2005 115,000 127,650
10.125% due 09/01/2012 650,000 706,875
Sinclair Broadcast Group,
Incorporated, 9.00% due
07/15/2007 1,080,000 1,117,800
TCI Satellite Entertainment,
Incorporated, Step up to
12.25% due 02/15/2007 1,685,000 1,137,375
TV Azteca SA DE CV, Series B,
10.50% due 02/15/2007 1,660,000 1,655,850
----------
7,443,762
BUSINESS SERVICES - 0.48%
Psinet, Incorporated,
10.00% due 02/15/2005 825,000 841,500
----------
COSMETICS & TOILETRIES - 0.82%
Revlon Consumer Products
Corporation, 8.125% due
02/01/2006 1,445,000 1,434,163
----------
CRUDE PETROLEUM & NATURAL GAS - 0.80%
Chesapeake Energy
Corporation, 9.625% due
05/01/2005 1,385,000 1,388,463
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
159
<PAGE> 162
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
DRUGS & HEALTH CARE - 6.38%
Columbia/HCA Healthcare
Corporation, 6.91% due
06/15/2005 $4,075,000 $ 3,957,925
Fresenius Medical Care
Capital Trust, 7.875% due
02/01/2008 1,120,000 1,092,000
Oxford Health Plans,
Incorporated, 11.00% due
05/15/2005 720,000 731,700
Tenet Healthcare Corporation,
8.125% due 12/01/2008 1,125,000 1,127,813
8.625% due 01/15/2007 2,125,000 2,178,125
Vencor, Incorporated,
9.875% due 05/01/2005 2,070,000 2,036,363
-----------
11,123,925
ELECTRIC UTILITIES - 2.74%
AES Corporation,
8.50% due 11/01/2007 1,630,000 1,646,300
Companhia Energetica de Sao
Paulo, Step up to 9.125%
due 06/26/2002 1,000,000 904,490
Korea Electric Power
Corporation, 7.75% due
04/01/2013 305,000 225,493
Niagara Mohawk Power
Corporation, Series G,
7.75% due 10/01/2008 430,000 440,539
Niagara Mohawk Power
Corporation, Series H, Step
up to 8.50% due 07/01/2010
759,000 519,915
Quezon Power Philippines
Company, 8.86% due
06/15/2017 1,220,000 1,049,444
-----------
4,786,179
ELECTRONICS - 1.27%
Hyundai Semiconductor
American, Incorporated,
8.625% due 05/15/2007 830,000 655,528
Samsung Electronics America,
Incorporated, 9.75% due
05/01/2003 1,235,000 1,154,725
Samsung Electronics, Ltd.,
7.45% due 10/01/2002 500,000 409,905
-----------
2,220,158
FINANCIAL SERVICES - 7.99%
APP FIN II Mauritius, Ltd.,
Series B, Step up to 12.00%
due 02/15/2004 860,000 593,400
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
FINANCIAL SERVICES - CONTINUED
CB Richards Ellis Services,
Incorporated, 8.875% due
06/01/2006 $1,170,000 $ 1,161,225
Fuji JGB Investment, LLC,
9.87% VR due 12/31/2049 due
12/31/2049 1,005,000 874,641
Indah Kiat Finance Mauritius,
Ltd., 10.00% due 07/01/2007
1,500,000 1,065,000
Iridium Capital Corporation,
Series A, 13.00% due
07/15/2005 490,000 521,850
K Mart Funding Corporation,
Series F, 8.80% due
07/01/2010 3,025,000 3,233,211
Navistar Financial
Corporation, 9.00% due
06/01/2002 1,510,000 1,579,837
Pindo Deli Finance Mauritius,
Ltd., 10.75% due 10/01/2007
2,195,000 1,536,500
PTC International Financial
BV, Step up to 10.75% due
07/01/2007 2,170,000 1,478,312
SB Treasury Company LLC,
9.40% VR due 12/29/2049 due
06/30/2008 990,000 983,902
Western Financial Savings,
8.875% due 08/01/2007 980,000 901,600
-----------
13,929,478
FOOD & BEVERAGES - 0.45%
Smithfield Foods,
Incorporated, 7.625% due
02/15/2008 785,000 777,150
-----------
HOTELS & RESTAURANTS - 0.95%
Host Marriott Travel Plazas,
Incorporated, Series B,
9.50% due 05/15/2005 1,560,000 1,663,350
-----------
INDUSTRIALS - 12.93%
Advanced Micro Devices,
Incorporated, 11.00% due
08/01/2003 890,000 938,950
American Commercial Lines
LLC/ACL, 10.25% due
06/30/2008 840,000 850,500
American Standard,
Incorporated, 7.375% due
02/01/2008 2,180,000 2,147,300
AST Research, Incorporated,
7.45% due 10/01/2002 1,440,000 1,291,163
</TABLE>
The accompanying notes are an integral part of the financial statements.
160
<PAGE> 163
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PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
INDUSTRIALS - CONTINUED
Cathay International, Ltd.,
13.00% due 04/15/2008 $1,250,000 $ 1,100,000
CEX Holdings, Incorporated,
9.625% due 06/01/2008 1,090,000 1,111,800
EES Coke Battery Company,
Incorporated, 9.382% due
04/15/2007 525,000 557,461
Geberit International SA,
5.63% due 10/15/1998 250,000 158,031
Globalstar LP,
11.375% due 02/15/2004 750,000 727,500
Hylsa SA De CV,
9.25% due 09/15/2007 750,000 697,500
ISP Holdings, Incorporated,
Series B, 9.00% due
10/15/2003 1,970,000 2,058,650
Multicanal SA,
10.50% due 02/01/2007 -
04/15/2018 1,830,000 1,761,650
Norampac, Incorporated,
9.50% due 02/01/2008 1,380,000 1,404,150
RBS Participacoes SA,
11.00% due 04/01/2007 855,000 769,500
RCN Corporation,
9.80% due 02/15/2008 1,125,000 675,000
Step up to 11.125% due
10/15/2007 1,335,000 857,737
Reliance Industry, Ltd.,
9.375% due 06/24/2026 500,000 488,600
RG Receivables, Ltd.,
9.60% due 02/10/2005 337,502 313,340
Rhythms Netconnections,
Incorporated, Step up to
13.50% due 05/15/2008 2,900,000 1,421,000
Satelites Mexicanos SA,
10.125% due 11/01/2004 1,825,000 1,777,094
Sirona Dental Systems,
9.125% due 07/15/2008 DEM 1,250,000 697,448
Wam ! Net, Incorporated,
Step up to 13.25% due
03/01/2005 1,200,000 756,000
-----------
22,560,374
LEISURE TIME - 1.38%
Grand Casino, Incorporated,
10.125% due 12/01/2003 1,320,000 1,438,800
Station Casinos, Incorporated,
9.75% due 04/15/2007 425,000 477,063
10.125% due 03/15/2006 450,000 500,062
-----------
2,415,925
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
METAL & METAL PRODUCTS - 0.61%
Impress Metal Packaging Holdings,
5.475% due 05/29/2007 $ 600,000 $ 352,657
9.875% due 05/29/2007 DEM 1,200,000 705,315
----------
1,057,972
MINING - 1.88%
Grupo Minero Mexico SA De
CV, Series A, 8.25% due
04/01/2008 780,000 739,050
Murrin Murrin Holdings
Property, 9.375% due
08/31/2007 2,590,000 2,538,200
----------
3,277,250
PETROLEUM SERVICES - 1.18%
Synder Oil Corporation,
8.75% due 06/15/2007 2,045,000 2,055,225
----------
POLLUTION CONTROL - 0.95%
Norcal Waste Systems,
Incorporated, Series B,
Step up to 13.50% due
11/15/2005 1,415,000 1,655,550
----------
PUBLISHING - 1.51%
Outdoor Systems,
Incorporated, 8.875% due
06/15/2007 1,535,000 1,598,319
S. D. Warren Company,
12.00% due 12/15/2004 935,000 1,033,175
----------
2,631,494
RETAIL GROCERY - 1.72%
Fleming Companies,
Incorporated, Series B,
10.50% due 12/01/2004 254,000 264,160
Southland Corporation,
5.00% due 12/15/2003 3,159,000 2,740,433
----------
3,004,593
RETAIL TRADE - 1.83%
Musicland Group,
Incorporated, 9.875% due
03/15/2008 1,635,000 1,606,387
Samsonite Corporation,
10.75% due 06/15/2008 1,595,000 1,579,050
----------
3,185,437
STEEL - 0.38%
NSM Steel, Incorporated,
12.25% due 02/01/2008 730,000 660,650
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
161
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ------------
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - 9.73%
American Mobile Satellite
Corporation, 12.25% due
04/01/2008 $ 1,415,000 $ 1,315,950
Americian Cellular Corporation,
10.50% due 05/15/2008 1,240,000 1,240,000
Comcast Cellular Holdings,
Incorporated, Series B,
9.50% due 05/01/2007 975,000 1,011,563
Esprit Telecom Group, PLC,
6.099% due 07/01/1998 2,550,000 1,462,405
Globo Communicacoes,
10.50% due 12/20/2006 880,000 805,200
10.625% due 12/05/2008 100,000 89,000
HMV Media Group PLC,
10.875% due 05/15/2008 875,000 1,426,289
Level 3 Commerce,
Incorporated, 9.125% due
05/01/2008 1,605,000 1,560,862
Onepoint Communications
Corporation, 14.50% due
06/01/2008 1,200,000 1,128,000
Paramount Communications,
Incorporated, 8.25% due
08/01/2022**** 900,000 935,883
Rogers Cantel, Incorporated,
8.30% due 10/01/2007 1,820,000 1,788,150
Rogers Communications,
Incorporated,
8.875% due 07/15/2007 1,600,000 1,612,000
9.125% due 01/15/2006 460,000 468,050
RSL Communications PLC,
9.125% due 03/01/2008 1,225,000 1,188,250
10.00% due 03/15/2008 DEM 2,700,000 890,793
RSL Communications, Ltd.,
PLC, 12.25% due 11/15/2006 46,000 51,980
------------
16,974,375
TELEPHONE - 13.44%
CTI Holdings SA,
11.50% due 04/15/2008 1,325,000 735,375
Dial Callable Communications,
Incorporated, Series B, Step
up to 10.25% due 12/15/2005 650,000 645,125
Dolphin Telecom PLC,
Step up to 11.50% due
06/01/2008 1,500,000 847,500
Flag, Ltd.,
8.25% due 01/30/2008 800,000 806,000
Global Crossing Holdings,
Ltd., 9.625% due 05/15/2008 1,465,000 1,527,262
Hermes Europe Railtel BV,
11.50% due 08/15/2007 485,000 548,050
TELEPHONE - CONTINUED
Intermedia Communications,
Incorporated, Series B,
Step up to 11.25% due
07/15/2007 $ 2,700,000 $ 1,971,000
IXC Communications,
Incorporated, 9.00% due
04/15/2008 1,475,000 1,482,375
Lenfest Communications,
Incorporated,
7.625% due 02/15/2008 1,225,000 1,244,906
8.375% due 11/01/2005 1,165,000 1,237,813
NEXTEL Communications,
Incorporated,
Step up to 9.75% due
08/15/2004 2,725,000 2,650,062
Step up to 10.65% due
09/15/2007 4,035,000 2,723,625
Nextlink Communications,
Incorporated, 9.45% due
04/15/2008 2,100,000 1,291,500
Occidente y Caribe Celular,
Series B, Step up to 14.00%
due 03/15/2004 900,000 676,125
Philippine Long Distance
Telephone Company,
7.85% due 03/06/2007 880,000 784,420
9.25% due 06/30/2006 200,000 188,955
Primus Telecommunications
Group, 9.875% due 05/15/2008 1,150,000 1,127,000
Qwest Communications
International, Incorporated,
8.29% due 02/01/2008 1,300,000 936,000
10.875% due 04/01/2007 225,000 259,313
Teleport Communications
Group, Step up to 11.125%
due 07/01/2007 1,465,000 1,259,900
Viatel, Incorporated,
Step up to 12.50% due
04/15/2008 825,000 499,125
------------
23,441,431
TOTAL CORPORATE BONDS
(Cost: $129,975,793) $128,528,404
------------
CONVERTIBLE BONDS - 0.18%
TELECOMMUNICATIONS SERVICES - 0.18%
Total Access Communication
Public Company, Ltd., 2.00%
due 05/15/2006 $ 400,000 $ 312,000
------------
TOTAL CONVERTIBLE BONDS
(Cost: $402,000) $ 312,000
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
162
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ----------
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.31%
DLJ Mortgage Acceptance
Corporation, Series 1997-CF2,
Class S, IO, 0.317% due
10/15/2017 $20,884,861 $ 542,129
----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $534,327) $ 542,129
----------
ASSET BACKED SECURITIES- 4.20%
Aircraft Lease Portfolio
Securitization, Ltd., Series
1996-1, Class DX, 12.75% due
06/15/2006 $ 1,047,115 $1,047,115
CA FM Lease Trust,
8.50% due 07/15/2017 1,686,389 1,798,837
DR Structured Finance, Series
A-2, 8.375% due 08/15/2015 550,000 549,978
DR Structured Finance, Series
94K2, 9.35% due 08/15/2019 400,000 424,256
DR Structured Finance, Series
A-1, 6.66% due 08/15/2010 633,316 587,426
DR Structured Finance, Series
A-2, 7.43% due 08/15/2018 375,000 346,965
Jet Equipment Trust, Series C1,
11.79% due 06/15/2013 300,000 408,714
Long Beach Acceptance Auto
Business, 14.22% due 10/25/2003 1,113,552 1,112,230
OHA Auto Grantor Trust, Series
1997-1, Class A, 11.00% due
01/15/2004 492,525 485,320
Securitized Multiple Asset
Rated Trust, Series 1997,
Class 5, 7.72% due 04/15/2005 564,919 568,404
----------
TOTAL ASSET BACKED SECURITIES
(Cost: $7,194,055) $ 7,329,245
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C>
SHORT TERM INVESTMENTS - 6.70%
$11,692,053 Navigator Securities Lending
Trust, 5.54% $11,692,053
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C>
REPURCHASE AGREEMENTS - 9.37%
$16,343,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1998 at 5.00%, to be
repurchased at $16,345,270 on
07/01/1998, collateralized by
$11,610,000 U.S. Treasury Bonds,
12.75% due 11/15/2010 (valued at
$16,676,674, including interest) $16,343,000
-----------
TOTAL INVESTMENTS (High Yield Trust)
(Cost: $175,234,953) $174,414,638
============
</TABLE>
STRATEGIC BOND TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PREFERRED STOCK - 0.21%
FOOD & BEVERAGES - 0.21%
Nebco Evans Holding Company 10,265 $1,049,596
----------
TOTAL PREFERRED STOCK
(Cost: $999,961) $1,049,596
----------
WARRANTS - 0.00%
FINANCIAL SERVICES - 0.00%
BPC Holdings Corporation,
(Expiration date 04/15/2004;
strike price $18.797) 1,000 $ 20,000
----------
TELEPHONE - 0.00%
Wireless One, Incorporated,
(Expiration date 10/19/2000;
strike price $11.50) 2,250 23
----------
TOTAL WARRANTS
(Cost: $0) $ 20,023
----------
RIGHTS - 0.02%
TRUCKING & FREIGHT - 0.02%
Terex Corporation, (Expiration
date 05/15/2002; strike price $20) 4,000 $ 92,500
----------
TOTAL RIGHTS
(Cost: $0) $ 92,500
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
163
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-------------- -----------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 5.98%
U.S. TREASURY BONDS - 0.21%
6.375% due 08/15/2027*** $ 950,000 $ 1,043,214
-----------
U.S. TREASURY NOTES - 5.77%
3.375% due 01/15/2007 1,190,000 1,152,444
5.50% due 02/15/2008 1,150,000 1,149,275
5.625% due 12/31/2002*** 2,000,000 2,008,740
5.875% due 09/30/2002 5,000,000 5,062,500
6.125% due 08/15/2007*** 13,525,000 14,072,357
6.625% due 03/31/2002*** 5,500,000 5,696,790
-----------
29,142,106
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $29,895,656) $30,185,320
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.36%
FEDERAL HOME LOAN BANK - 0.34%
5.89% due 07/24/2000 1,200,000 1,205,808
5.94% due 06/13/2000 500,000 502,810
-----------
1,708,618
FEDERAL HOME LOAN MORTGAGE CORPORATION - 1.25%
6.50% TBA** 1,250,000 1,246,475
8.00% due 05/01/2010 827,239 850,418
8.50% due 05/01/2008 450,431 469,484
10.00% due 05/15/2020 1,609,665 1,747,984
REMIC, Interest Only due
07/15/2006 1,296,528 158,177
REMIC, Interest Only due
02/17/2002 60,977,467 1,835,422
-----------
6,307,960
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 12.76%
6.50% due 12/01/2010 1,255,643 1,267,044
6.50% TBA** 15,900,000 15,835,287
7.00% TBA** 34,750,000 35,238,585
7.50% TBA** 4,075,000 4,179,402
8.80% due 01/25/2019 2,165,754 2,304,492
13.00% due 11/01/2015 239,779 288,260
Interest Only due 10/17/2036 51,077,436 1,547,646
REMIC, Interest Only due
03/17/2020 22,482,143 632,872
Interest Only due 02/25/2035 27,042,453 2,301,313
REMIC due 04/25/2019 743,154 823,273
-----------
64,418,174
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.77%
7.50% due 04/15/2022 - 02/15/2028 3,777,579 3,882,792
-----------
3,882,792
STUDENT LOAN MARKETING ASSOCIATION - 0.24%
7.20% due 11/09/2000 $ 1,200,000 $ 1,239,936
-----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $76,552,597) $77,557,480
-----------
FOREIGN GOVERNMENT OBLIGATIONS - 17.33%
REPUBLIC OF ARGENTINA - 1.16%
5.75% due 03/31/2023 $ 7,900,000 5,876,020
-----------
COMMONWEALTH OF AUSTRALIA - 0.06%
7.375% due 02/21/2007 AUD 450,000 304,897
-----------
FEDERAL REPUBLIC OF BRAZIL - 2.09%
10.125% due 05/15/2027 $ 12,250,000 10,565,625
-----------
NATIONAL REPUBLIC OF BULGARIA - 0.85%
FRN due 07/28/2011 6,000,000 4,275,000
-----------
GOVERNMENT OF CANADA - 0.50%
6.50% due 09/01/1998 CAD 3,060,000 2,084,015
7.00% due 12/01/2006 590,000 445,121
-----------
2,529,136
GOVERNMENT OF COSTA RICA - 0.12%
Series B due 05/21/2015 $ 700,000 591,500
-----------
KINGDOM OF DENMARK - 2.41%
6.00% due 02/15/1999 DKK 49,190,000 7,237,973
8.00% due 05/15/2003 29,760,000 4,954,729
-----------
12,192,702
REPUBLIC OF ECUADOR - 0.24%
3.25% due 12/27/2015 $ 2,058,620 1,231,261
-----------
FEDERAL REPUBLIC OF GERMANY - 0.86%
5.625% due 01/04/2028 DEM 4,040,000 2,325,277
6.00% due 01/05/2006 510,000 305,697
6.50% due 07/04/2027 2,640,000 1,708,326
-----------
4,339,300
REPUBLIC OF GREECE - 0.27%
FRN due 02/25/2000 GRD 408,800,000 1,339,038
-----------
REPUBLIC OF ITALY - 0.69%
zero coupon
due 07/31/1998 ITL 6,200,000,000 3,473,116
-----------
GOVERNMENT OF MEXICO - 1.62%
11.50% due 05/15/2026 $ 2,400,000 2,700,000
Series W-A due 12/31/2019 2,900,000 2,399,750
</TABLE>
The accompanying notes are an integral part of the financial statements.
164
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
GOVERNMENT OF MEXICO - CONTINUED
Series W-B due 12/31/2019 $ 1,000,000 $ 826,250
FRN, Series D due 12/31/2019 2,500,000 2,247,000
-----------
8,173,000
GOVERNMENT OF MOROCCO - 1.18%
FRN due 01/01/2009 7,000,000 5,967,500
-----------
GOVERNMENT OF NETHERLANDS - 0.77%
9.00% due 01/15/2001 NLG 7,120,000 3,898,443
-----------
GOVERNMENT OF NEW ZEALAND - 0.31%
6.50% due 02/15/2000 NZD 3,000,000 1,544,659
-----------
REPUBLIC OF PANAMA - 0.52%
3.75% due 07/12/2014 $ 3,500,000 2,603,300
-----------
REPUBLIC OF PERU - 0.45%
4.00% due 03/02/2017 3,700,000 2,280,310
-----------
GOVERNMENT OF RUSSIA - 1.66%
FRN due 12/15/2015 5,707,277 3,160,404
FRN due 12/15/2020 11,000,000 5,197,500
FRN due 12/15/2015 78,945 42,437
-----------
8,400,341
KINGDOM OF SWEDEN - 0.49%
11.00% due 01/21/1999 SEK 19,000,000 2,466,998
-----------
REPUBLIC OF VENEZUELA - 1.08%
6.625% due 03/31/20078 - 12/18/1998 $ 6,535,714 5,440,671
-----------
5,440,671
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $89,923,193) $87,492,817
-----------
CORPORATE BONDS - 35.63%
AEROSPACE - 0.24%
B E Aerospace,
8.00% due 03/01/2008 $ 1,225,000 $ 1,221,938
-----------
AGRICULTURAL OPERATIONS - 0.28%
Hines Horticulture,
11.75% due 10/15/2005 1,290,000 1,412,550
-----------
APPAREL & TEXTILES - 0.41%
Collins & Aikman
Floorcovering, 10.00% due
01/15/2007 1,250,000 1,296,875
APPAREL & TEXTILES - CONTINUED
Synthetic Industries,
Incorporated, 9.25% due
02/15/2007 $ 750,000 $ 776,250
-----------
2,073,125
BANKING - 1.63%
Banc One Corporation,
7.60% due 05/01/2007*** 3,300,000 3,580,830
Korea Development Bank,
9.60% due 12/01/2000 3,000,000 2,886,990
Malayan Banking BHD,
7.125% due 09/15/2005 2,100,000 1,776,579
-----------
8,244,399
BROADCASTING - 1.37%
Century Communications
Corporation, zero coupon due
01/15/2008 3,000,000 1,361,250
Chancellor Media Corporation,
9.375% due 10/01/2004 500,000 527,500
CSC Holdings, Incorporated,
10.50% due 05/15/2016 1,000,000 1,165,000
Fox Family Worldwide,
Incorporated, Step up to
10.25% due 11/01/2007 1,250,000 812,500
Granite Broadcasting
Corporation, 8.875% due
05/15/2008 1,000,000 1,011,250
Marcus Cable Company,
Step up to 14.25% due
12/15/2005 1,000,000 930,000
SFX Broadcasting,
Incorporated, 10.75% due
05/15/2006 1,000,000 1,102,500
-----------
6,910,000
BUILDING MATERIALS & CONSTRUCTION - 0.20%
Nortek, Incorporated,
9.125% due 09/01/2007 1,000,000 1,015,000
-----------
BUSINESS SERVICES - 1.46%
Borg Warner Security
Corporation, 9.125% due
05/01/2003*** 1,000,000 1,042,500
First Data Corporation,
6.375% due 12/15/2007 2,575,000 2,620,269
Jordan Industries,
Incorporated, Series B,
Series B, Step up to 11.75%
due 04/01/2009 2,412,580 1,544,051
Jordan Telecommunication
Products, 9.875% due
08/01/2007 1,000,000 1,020,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
165
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
BUSINESS SERVICES - CONTINUED
Williams Scotsman,
Incorporated, 9.875% due
06/01/2007 $ 1,100,000 $ 1,144,000
-----------
7,370,820
CHEMICALS - 1.09%
Huntsman Packaging
Corporation, 9.125% due
10/01/2007 1,200,000 1,218,000
Norsk Hydro AS,
6.70% due 01/15/2018 2,050,000 2,091,758
PCI Chemicals Canada,
Incorporated, 9.25% due
10/15/2007 1,000,000 990,000
Texas Petro-Chemical
Corporation, 11.125% due
07/01/2006 1,085,000 1,182,650
-----------
5,482,408
COAL - 0.10%
P&L Coal Holdings Corporation,
9.625% due 05/15/2008
500,000 513,750
-----------
COMPUTERS & BUSINESS EQUIPMENT - 0.45%
Decisionone Corporation,
9.75% due 08/01/2007*** 1,030,000 993,950
Unisys Corporation,
7.875% due 04/01/2008 1,250,000 1,275,000
-----------
2,268,950
CONGLOMERATES - 0.47%
Dana Corporation,
6.50% due 03/15/2008 1,365,000 1,386,362
Raytheon Company,
5.95% due 03/15/2001 1,000,000 996,280
-----------
2,382,642
COSMETICS & TOILETRIES - 0.52%
American Safety Razor Company,
Series B, 9.875% due
08/01/2005 1,000,000 1,070,000
Revlon Worldwide Corporation
Series B, zero coupon due
03/15/2001 2,000,000 1,555,000
-----------
2,625,000
CRUDE PETROLEUM & NATURAL GAS - 0.50%
Dawson Production Services,
Incorporated, 9.375% due
02/01/2007*** 1,250,000 1,256,250
Wainoco Oil Corporation,
9.125% due 02/15/2006 1,250,000 1,259,375
-----------
2,515,625
DRUGS & HEALTH CARE - 2.10%
Cole National Group,
Incorporated, 8.625% due
08/15/2007 $ 1,275,000 $ 1,287,750
Dade International,
Incorporated, 11.125% due
05/01/2006 1,000,000 1,130,000
Dailey International,
Incorporated, 9.50% due
02/15/2008 1,000,000 977,500
Fisher Scientific
International, Incorporated,
9.00% due 02/01/2008 750,000 746,250
Integrated Health Services,
Incorporated, Series A,
9.25% due 01/15/2008 1,000,000 1,038,750
Maxxim Medical, Incorporated,
10.50% due 08/01/2006 1,000,000 1,097,500
Packard BioScience,
Incorporated, 9.375% due
03/01/2007 900,000 873,000
Prime Medical Services,
Incorporated, 8.75% due
04/01/2008 1,000,000 990,000
Universal Hospital Services,
10.25% due 03/01/2008 1,000,000 1,000,000
Vencor, Incorporated,
9.875% due 05/01/2005 1,500,000 1,475,625
-----------
10,616,375
EDUCATIONAL SERVICES - 0.25%
Kindercare Learning Centre,
Incorporated, 9.50% due
02/15/2009 1,250,000 1,256,250
-----------
ELECTRICAL EQUIPMENT - 0.21%
SC International Services,
Incorporated, Series B,
9.25% due 09/01/2007 1,000,000 1,035,000
-----------
ELECTRIC UTILITIES - 0.51%
AES Corporation,
8.50% due 11/01/2007 1,000,000 1,010,000
Transamerican Energy Corporation,
11.50% due 06/15/2002 750,000 690,000
Transamerican Energy Corporation,
Series B, Step up to 13.00% due
06/15/2002 1,050,000 861,000
-----------
2,561,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
166
<PAGE> 169
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
ELECTRONICS - 0.23%
Amphenol Corporation,
9.875% due 05/15/2007 $ 1,100,000 $ 1,171,500
-----------
FINANCIAL SERVICES - 2.63%
APP FIN II Mauritius, Ltd.,
Series B, Step up to 12.00%
due 02/15/2004 1,000,000 690,000
CB Richards Ellis Services,
Incorporated, 8.875% due
06/01/2006 1,250,000 1,240,625
DVI, Incorporated,
9.875% due 02/01/2004 1,000,000 1,060,000
Foamex Capital Corporation,
9.875% due 06/15/2007 750,000 825,000
Forest City Enterprises,
Incorporated, 8.50% due
03/15/2008 1,000,000 990,000
Intertek Finance PLC, Series
B, 10.25% due 11/01/2006 1,250,000 1,287,500
Medicom LLC/Mediacom Capital
Corporation, 8.50% due
04/15/2008 1,000,000 996,250
Merrill Lynch & Company,
Incorporated, 6.00% due
02/12/2003*** 2,025,000 2,017,143
Paine Webber Group,
Incorporated, 7.00% due
03/01/2000*** 1,700,000 1,721,454
United States Leasing
International, 8.45% due
01/25/2005*** 1,500,000 1,674,930
Venture Holdings Trust,
9.75% due 04/01/2004 781,000 788,810
-----------
13,291,712
FOOD & BEVERAGES - 1.26%
B & G Foods Incications
Corporation, 9.625% due
08/01/2007 500,000 505,000
CFP Holdings, Incorporated,
Series B, 11.625% due
01/15/2004 1,100,000 1,031,250
Delta Beverage Group,
Incorporated, 9.75% due
12/15/2003*** 1,250,000 1,303,125
Dole Foods, Incorporated,
6.75% due 07/15/2000*** 1,500,000 1,511,850
Imperial Holly Corporation,
9.75% due 12/15/2007 1,000,000 1,002,500
Specialty Foods Corporation,
11.125% due 10/01/2002 1,000,000 1,000,000
-----------
6,353,725
FOREST PRODUCTS - 0.19%
Doman Industries, Ltd.
8.75% due 03/15/2004 $ 1,000,000 $ 977,500
-----------
FURNITURE & FIXTURES - 0.21%
Sealy Mattress Company
9.875% due 12/15/2007 1,000,000 1,060,000
-----------
GAS & PIPELINE UTILITIES - 0.46%
Praxair, Incorporated
6.15% due 04/15/2003 2,300,000 2,300,943
-----------
HOTELS & RESTAURANTS - 0.21%
Prime Hospitality Corporation,
9.75% due 04/01/2007 1,000,000 1,062,500
-----------
HOUSEHOLD PRODUCTS - 0.31%
Ekco Group, Incorporated,
Series B, 9.25% due
04/01/2006 1,500,000 1,563,750
-----------
INDUSTRIAL MACHINERY - 0.71%
Harnischfeger Industries,
Incorporated, 6.875% due
02/15/2027*** 2,400,000 2,540,736
Insilco Corporation,
10.25% due 08/15/2007 1,000,000 1,030,000
-----------
3,570,736
INDUSTRIALS - 2.69%
Advance Stores Company,
10.25% due 04/15/2008 1,000,000 1,030,000
AEI Holdings Company,
10.00% due 11/15/2007 1,000,000 990,000
Falcon Holding Group LP,
8.375% due 04/15/2010 1,250,000 1,237,500
Furon Company,
8.125% due 03/01/2008 750,000 748,125
High Voltage Engineering
Corporation, 10.50% due
08/15/2004 1,000,000 1,030,000
Holt Group, Incorporated,
9.75% due 01/15/2006 1,000,000 1,000,000
Indesco International,
Incorporated, 9.75% due
04/15/2008 1,250,000 1,237,500
International Semi-Tech
Microelectronic, Step up to
11.50% due 08/15/2003 800,000 240,000
Lin Holdings Corporation,
Step up to 10.00% due
03/01/2008 1,750,000 1,172,500
Polymer Group, Incorporated,
8.75% due 03/01/2008 875,000 873,906
</TABLE>
The accompanying notes are an integral part of the financial statements.
167
<PAGE> 170
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
INDUSTRIALS - CONTINUED
Polymer Group, Incorporated,
9.00% due 07/01/2007 $ 275,000 $ 278,094
Purina Mills, Incorporated,
9.00% due 03/15/2010 1,375,000 1,412,812
RG Receivables, Ltd.,
9.60% due 02/10/2005 1,446,429 1,342,879
Stellex Industries,
Incorporated, 9.50% due
11/01/2007 1,000,000 990,000
-----------
13,583,316
INSURANCE - 0.36%
Aetna Services, Incorporated,
7.625% due 08/15/2026*** 1,700,000 1,813,730
-----------
LEISURE TIME - 0.44%
Grand Casinos, Incorporated,
9.00% due 10/15/2004 1,000,000 1,085,000
Sun International Hotels,
Ltd., 8.625% due 12/15/2007 1,125,000 1,158,750
-----------
2,243,750
LIQUOR - 0.12%
Stroh Brewery Company,
11.10% due 07/01/2006 1,000,000 601,250
-----------
METAL & METAL PRODUCTS - 1.04%
Commonwealth Aluminum
Corporation, 10.75% due
10/01/2006 1,000,000 1,030,000
Envirosource, Incorporated,
9.75% due 06/15/2003 1,000,000 1,010,000
International Knife & Saw,
Incorporated, 11.375% due
11/15/2006 1,000,000 1,060,000
International Utility
Strucutures, Incorporated,
10.75% due 02/01/2008 1,075,000 1,096,500
Renco Metals, Incorporated,
11.50% due 07/01/2003 1,000,000 1,060,000
-----------
5,256,500
MINING - 0.19%
Murrin Murrin Holdings
Property, 9.375% due
08/31/2007 1,000,000 980,000
-----------
NEWSPAPERS - 0.45%
Garden State Newspapers,
Incorporated, 8.75% due
10/01/2009 1,000,000 1,015,000
Hollinger, Incorporated,
zero coupon due 10/05/2013 3,000,000 1,245,000
-----------
2,260,000
OFFICE FURNISHINGS & SUPPLIES - 0.61%
Staples, Incorporated,
7.125% due 08/15/2007*** 2,950,000 3,055,227
-----------
PAPER - 0.26%
Stone Container Corporation,
12.25% due 04/01/2002 1,250,000 1,293,750
-----------
PETROLEUM SERVICES - 1.67%
Bellwether Exploration
Company, 10.875% due
04/01/2007 1,000,000 1,055,000
Benton Oil & Gas Company,
11.625% due 05/01/2003 1,000,000 1,065,000
Cliffs Drilling Company,
10.25% due 05/15/2003*** 1,100,000 1,177,000
Costilla Energy, Incorporated,
10.25% due 10/01/2006 750,000 761,250
National Energy Group,
Incorporated, 10.75% due
11/01/2006 1,250,000 1,125,000
Occidental Petroleum
Corporation, 9.25% due
08/01/2019*** 2,225,000 2,770,748
United Refining Company,
10.75% due 06/15/2007 500,000 495,000
-----------
8,448,998
PLASTICS - 0.51%
Berry Plastics,
12.25% due 04/15/2004 1,150,000 1,247,750
Key Plastics, Incorporated,
10.25% due 03/15/2007 500,000 525,000
Plastic Containers,
Incorporated, 10.00% due
12/15/2006 750,000 798,750
-----------
2,571,500
POLLUTION CONTROL - 0.78%
Allied Waste Industries,
Incorporated, Step up to
11.30% due 06/01/2007 2,000,000 1,470,000
Loomis Fargo & Company,
10.00% due 01/15/2004 1,000,000 1,000,000
Norcal Waste Systems,
Incorporated, Series B, Step
up to 13.50% due 11/15/2005
1,250,000 1,462,500
-----------
3,932,500
</TABLE>
The accompanying notes are an integral part of the financial statements.
168
<PAGE> 171
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
PUBLISHING - 0.25%
American Media Operations,
Incorporated, 11.625% due
11/15/2004 $ 1,150,000 $ 1,242,000
-----------
REAL ESTATE - 0.26%
Radnor Holdings Corporation,
10.00% due 12/01/2003 1,250,000 1,300,000
-----------
RETAIL GROCERY - 0.70%
Carr Gottstein Foods Company,
12.00% due 11/15/2005 1,000,000 1,110,000
Fleming Companies,
Incorporated, 10.625% due
07/31/2007 750,000 791,250
Fleming Companies,
Incorporated,Series B,
10.50% due 12/01/2004 500,000 520,000
Jitney-Jungle Stores of
America, Incorporated,
12.00% due 03/01/2006 1,000,000 1,125,000
-----------
3,546,250
RETAIL TRADE - 1.30%
Finlay Enterprises,
Incorporated, 9.00% due
05/01/2008 500,000 501,250
Finlay Fine Jewelry
Corporation, 8.375% due
05/01/2008 1,000,000 1,005,000
French Fragrances,
Incorporated, Series B,
10.375% due 05/15/2007 840,000 894,600
Hills Stores Company,
12.50% due 07/01/2003 500,000 492,500
Maxim Group, Incorporated,
9.25% due 10/15/2007 500,000 513,750
Musicland Group, Incorporated,
9.875% due 03/15/2008
1,000,000 982,500
Selmer, Incorporated,
11.00% due 05/15/2005 1,000,000 1,090,000
Windy Hill Pet Food,
Incorporated, 9.75% due
05/15/2007 1,040,000 1,086,800
-----------
6,566,400
SOFTWARE - 0.16%
Alvey Systems, Incorporated,
11.375% due 01/31/2003 750,000 806,250
-----------
TELECOMMUNICATIONS SERVICES - 1.49%
Adelphia Communications
Corporation, Series B,
9.875% due 03/01/2007 $ 525,000 $ 568,312
10.50% due 07/15/2004 475,000 518,938
Comcast Cellular Holdings,
Incorporated, Series B,
9.50% due 05/01/2007 1,000,000 1,037,500
Diamond Cable Communications
PLC, Step up to 11.75% due
12/15/2005
750,000 622,500
ICG Holdings, Incorporated,
Step up to 13.50% due
09/15/2005 1,250,000 1,068,750
International Cabletel,
Incorporated, Series B, Step
up to 11.50% due 02/01/2006
1,500,000 1,237,500
Telewest Communication PLC,
Step up to 11.00% due
10/01/2007 1,500,000 1,237,500
United International Holdings,
Incorporated, 10.75% due
02/15/2008 2,000,000 1,235,000
-----------
7,526,000
TELEPHONE - 2.41%
British Telecom PLC,
7.00% due 05/23/2007 5,080,000 5,397,500
GST Network Funding,
Incorporated, Step up to
10.50% due 05/01/2008 1,500,000 900,000
GTE Corporation,
6.94% due 04/15/2028 1,800,000 1,814,040
Intermedia Communications,
Incorporated, Series B, Step
up to 11.25% due 07/15/2007
1,000,000 730,000
Mastec, Incorporated,
7.75% due 02/01/2008 750,000 716,250
NEXTEL Communications,
Incorporated,
Step up to 9.75% due
08/15/2004 1,000,000 972,500
Step up to 9.95% due
02/15/2008 1,000,000 637,500
Nextlink Communications,
Incorporated, 9.00% due
03/15/2008 1,000,000 1,000,000
-----------
12,167,790
</TABLE>
The accompanying notes are an integral part of the financial statements.
169
<PAGE> 172
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ------------
<S> <C> <C>
TOYS, AMUSEMENTS & SPORTING GOODS - 0.20%
Riddel Sports, Incorporated,
10.50% due 07/15/2007 $ 1,000,000 $ 1,007,500
------------
TRANSPORTATION - 1.74%
Atlantic Express
Transportation Corporation,
10.75% due 02/01/2004 1,250,000 1,331,250
Axiohm Transaction Solutions,
9.75% due 10/01/2007 1,000,000 1,012,500
Iron, Incorporated,
10.125% due 10/01/2006 1,000,000 1,085,000
LES Company, Incorporated,
9.25% due 06/01/2008 500,000 505,000
Navistar International
Corporation, 8.00% due
02/01/2008 1,000,000 1,005,000
Ryder Trucks, Incorporated,
10.00% due 12/01/2006 850,000 981,750
Stena AB,
10.50% due 12/15/2005 1,000,000 1,090,000
TFM S A De C V,
Step up to 11.75% due
06/15/2009 1,500,000 937,500
Trico Marine Services,
Incorporated, 8.50% due
08/01/2005 875,000 850,937
------------
8,798,937
TOTAL CORPORATE BONDS
(Cost: $178,578,103) $179,858,846
------------
CONVERTIBLE BONDS - 0.16%
DRUGS & HEALTH CARE - 0.16%
Fresenius Medical Care Capital
Trust, 9.00% due 12/01/2006 $ 750,000 $ 780,000
------------
TOTAL CONVERTIBLE BONDS
(Cost: $766,875) $ 780,000
------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 3.58%
DLJ Commercial Mortgage
Corporation, Series 1998-CG1,
Class S, 0.709% due 05/10/2023 $ 47,378,006 $ 2,354,687
First Boston Mortgage Securities
Corporation Strip, Series D,
Class I-O, Interest Only due
05/25/2017 782,331 223,450
COLLATERALIZED MORTGAGE OBLIGATIONS - CONTINUED
First Union Residential
Securitiation Trust, Series
1998-A, Class B2, REMIC due
08/25/2028 $ 1,123,016 $ 1,104,767
Green Tree Financial Corporation,
Series 1997-6, Class A8, 7.07%
due 09/15/2007*** 8,245,267 8,551,826
PNC Mortgage Securities
Corporation, Series 1998-4,
Class 3B3, 6.75% due 05/25/2028 1,576,325 1,539,534
PNC Mortgage Securities
Corporation, Series 1998-4,
Class CB3, 6.838% due 05/25/2028 2,301,882 2,247,212
PNC Mortgage Securities
Corporation, Series 1998-5,
Class CB3, 6.734% due 07/25/2028 2,122,356 2,056,032
------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $17,773,138) $ 18,077,508
------------
ASSET BACKED SECURITIES - 1.26%
Mid State Trust VI,
7.34% due 07/01/2035*** $ 6,097,244 $ 6,337,292
------------
TOTAL ASSET BACKED SECURITIES
(Cost: $6,096,317) $ 6,337,292
------------
SUPRANATIONAL OBLIGATIONS - 0.34%
European Investment Bank, 4.25%
due 07/16/1998 (Yen) 240,000,000 $ 1,738,338
------------
TOTAL SUPRANATIONAL OBLIGATIONS
(Cost: $1,881,144) $ 1,738,338
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C>
SHORT TERM INVESTMENTS - 20.13%
$15,000,000 Bausch & Lomb, Incorporated
5.77% due 07/08/1998 $14,983,171
15,000,000 Levi Strauss & Company
6.00% due 07/08/1998 14,982,500
31,987,817 Navigator Securities Lending Trust,
5.54% 31,987,817
</TABLE>
The accompanying notes are an integral part of the financial statements.
170
<PAGE> 173
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Principal
Amount Amount Value
------ -------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - CONTINUED
$15,000,000 Norfolk Southern Corporation
5.72% due 07/09/1998 $ 14,980,933
11,986,000 Rayonier, Incorporated
7.25% due 07/01/1998 11,986,000
12,717,000 Raytheon Company
5.70% due 07/01/1998 12,717,000
------------
101,637,421
------------
TOTAL INVESTMENTS (Strategic Bond
Trust) (Cost: $504,104,404) $504,827,141
============
</TABLE>
GLOBAL GOVERNMENT BOND TRUST
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FOREIGN GOVERNMENT OBLIGATIONS - 40.27%
FOREIGN BONDS - 6.86%
Province of Ontario
6.00% due 02/21/2006 $ 10,000,000 $ 9,995,000
Province of Quebec
7.00% due 01/30/2007 4,000,000 4,207,500
------------
14,202,500
COMMONWEALTH OF AUSTRALIA - 2.50%
6.50% due 06/14/2005 AUD 8,000,000 5,177,053
------------
GOVERNMENT OF CANADA - 3.91%
6.125% due 07/15/2002 $ 8,000,000 8,095,000
------------
KINGDOM OF DENMARK - 4.84%
5.00% due 08/15/2005 DKK 38,000,000 5,606,376
7.00% due 11/10/2024 25,000,000 4,415,532
------------
10,021,908
REPUBLIC OF ITALY - 8.69%
5.75% due 07/10/2007 DEM 10,000,000 5,877,624
zero coupon due 01/10/2001 $ 14,000,000 12,101,250
------------
17,978,874
REPUBLIC OF SOUTH AFRICA - 1.43%
12.50% due 12/21/2006 ZAR 10,000,000 1,467,049
13.00% due 08/31/2010 10,000,000 1,488,513
------------
2,955,562
KINGDOM OF SWEDEN - 11.44%
5.50% due 04/12/2002 SEK 50,000,000 6,484,284
6.00% due 02/09/2005 50,000,000 6,702,106
6.50% due 10/25/2006 50,000,000 6,935,996
zero coupon due 07/31/2000 4,000,000 3,557,500
------------
23,679,886
GOVERNMENT OF UNITED KINGDOM - 0.59%
zero coupon due 06/07/2021 pound sterling 2,500,000 $ 1,224,157
------------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $83,311,938) $ 83,334,940
------------
CORPORATE BONDS - 32.83%
BANKING - 7.75%
Baden-Wurttemberg L Finance,
5.125% due 03/05/2004 ECU 5,500,000 $ 6,167,050
Baden-Wurttemberg L Finance,
5.375% due 02/05/2010 DEM 10,000,000 5,666,916
Bank Nederlandse Gemeenten,
zero coupon due
12/29/2017 ZAR 180,000,000 2,143,761
Schweiz Bankgesellschaft,
zero coupon due
03/31/2006 pound sterling 2,000,000 2,062,079
------------
16,039,806
FINANCIAL SERVICES - 20.63%
Credit Local Dexia France,
5.25% due 04/25/2008 ECU 5,500,000 6,087,791
DEPFA Finance NV,
7.125% due 11/11/2003 pound sterling 5,000,000 8,405,896
Federal National Mortgage Association,
6.375% due 08/15/2007 AUD 10,000,000 6,443,383
7.00% due 09/26/2000 NZD 10,000,000 5,107,236
Ford Credit Canada, Ltd.,
14.00% due 11/13/2002 ZAR 18,000,000 2,864,671
Helaba International Finance
PLC, 7.375% due
12/30/2002 pound sterling 4,000,000 6,745,588
Swiss Bank Corporation
Finance (C.I.), Ltd., zero
coupon due 02/28/2001 pound sterling 4,000,000 5,543,404
Westdeutsche Landesbank
Finance Curacao, 15.25% due
02/07/2000 ZAR 9,000,000 1,483,558
------------
42,681,528
TOBACCO - 4.45%
Philip Morris Company,
Incorporated, 7.00% due
07/15/2005 9,000,000 9,211,500
------------
TOTAL CORPORATE BONDS
(Cost: $69,112,841) $ 67,932,834
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
171
<PAGE> 174
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
ASSET BACKED SECURITIES- 4.18%
Citibank Credit Card Master Trust,
5.75% due 07/16/2007 DEM 15,000,000 $ 8,645,928
------------
TOTAL ASSET BACKED SECURITIES
(Cost: $8,523,593) $ 8,645,928
------------
SUPRANATIONAL OBLIGATIONS - 12.71%
Asian Development Bank, zero
coupon due 08/31/2004 $ 14,000,000 $ 9,861,250
Eurofima, 15.50% due
02/07/2002 ZAR 9,000,000 1,491,905
European Investment Bank,
13.50% due 11/11/2002 18,000,000 2,932,968
14.75% due 06/13/2002 9,000,000 1,508,221
International Bank for Reconstruction and
Development (World Bank)
7.00% due 09/18/2000 NZD 10,000,000 5,135,205
zero coupon due 08/20/2007 12,000,000 3,395,284
zero coupon due 07/14/2027 ZAR 400,000,000 1,981,450
------------
TOTAL SUPRANATIONAL OBLIGATIONS
(Cost: $29,659,519) $ 26,306,284
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C>
SHORT TERM INVESTMENTS - 10.00%
$20,698,000 Navigator Securities Lending
Trust, 5.54% $20,698,000
------------
TOTAL INVESTMENTS (Global Government
Bond Trust) (Cost: $211,305,892) $206,917,986
============
</TABLE>
CAPITAL GROWTH BOND TRUST
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 24.31%
U.S. TREASURY BONDS - 5.46%
6.375% due 08/15/2027 $ 1,595,000 $ 1,751,502
6.625% due 02/15/2027 1,065,000 1,202,619
6.75% due 08/15/2026 235,000 269,037
-----------
3,223,158
U.S. TREASURY NOTES - 18.85%
5.875% due 02/28/1999 $ 3,000,000 $ 3,007,980
6.125% due 08/15/2007 4,700,000 4,890,209
6.375% due 05/15/1999 360,000 362,588
6.50% due 08/31/2001 2,000,000 2,054,380
7.25% due 05/15/2004 750,000 813,750
-----------
11,128,907
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $14,088,490) $14,352,065
-----------
FOREIGN GOVERNMENT OBLIGATIONS - 1.87%
FOREIGN BONDS - 1.87%
Province of Quebec,
8.80% due 04/15/2003 $ 1,000,000 $ 1,104,380
-----------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $1,098,025) $ 1,104,380
-----------
CORPORATE BONDS - 48.23%
AUTOMOBILES - 5.46%
Chrysler Corporation,
7.45% due 02/01/2097 $ 2,000,000 $ 2,214,520
Ford Motor Credit Company,
6.375% due 04/15/2000 1,000,000 1,007,380
-----------
3,221,900
BANKING - 7.44%
Bank New York, Incorporated,
6.625% due 06/15/2003 1,000,000 1,019,180
Bank Nova Scotia Halifax,
9.00% due 10/01/1999 1,000,000 1,035,870
Citicorp,
7.125% due 06/01/2003 1,000,000 1,039,850
Republic New York
Corporation, 9.50% due
04/15/2014 1,000,000 1,296,050
-----------
4,390,950
CONGLOMERATES - 1.65%
ITT Corporation,
6.25% due 11/15/2000 1,000,000 974,600
-----------
ELECTRIC UTILITIES - 5.14%
Baltimore Gas & Electric
Company, 6.125% due
07/01/2003 1,000,000 1,005,840
Northern States Power Company
of Minnesota, 6.375% due
04/01/2003 1,000,000 1,015,770
</TABLE>
The accompanying notes are an integral part of the financial statements.
172
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
ELECTRIC UTILITIES - CONTINUED
Pacific Gas & Electric
Company, 6.25% due
08/01/2003 $ 1,000,000 $ 1,010,470
-----------
3,032,080
FINANCIAL SERVICES - 10.62%
Bear Stearns Capital Trust,
Incorporated, 7.00% due
07/15/1998 1,000,000 1,019,903
Commercial Credit Group,
Incorporated, 7.375% due
04/15/2005 1,000,000 1,068,380
Donaldson Lufkin & Jenrette,
5.625% due 02/15/2016 1,000,000 989,910
Fifth Third Capital Trust,
Incorporated, Series A,
8.136% due 03/15/2027 1,000,000 1,092,200
Household Finance
Corporation, 7.75% due
06/01/1999 1,000,000 1,016,610
Southern Company Capital
Trust I, 8.19% due
02/01/2037 1,000,000 1,081,660
-----------
6,268,663
FUNERAL SERVICES - 1.72%
Service Corporation
International, 6.75% due
06/01/2001 1,000,000 1,014,450
-----------
GAS & PIPELINE UTILITIES - 1.73%
Columbia Gas Systems,
Incorporated, 7.05% due
11/28/2007 1,000,000 1,023,190
-----------
HOUSEHOLD PRODUCTS - 2.24%
Procter & Gamble-ESOP, Series
A, 9.36% due 01/01/2021 1,000,000 1,321,810
-----------
INSURANCE - 1.77%
Zurich Reinsurance Centre
Holdings, Incorporated,
7.125% due 10/15/2023 1,000,000 1,048,310
-----------
NEWSPAPERS - 1.88%
News America Holdings,
Incorporated, 8.50% due
02/15/2005 1,000,000 1,107,750
-----------
PETROLEUM SERVICES - 1.83%
Ultramar Corporation,
8.00% due 03/15/2005 $ 1,000,000 $ 1,083,350
-----------
REAL ESTATE - 1.78%
MEPCO Finance, Incorporated,
7.50% due 05/01/2003 1,000,000 1,049,890
-----------
TELEPHONE - 3.21%
Bellsouth Savings, ESOT,
9.19% due 07/01/2003 623,625 671,844
GTE Corporation,
8.75% due 11/01/2021 1,000,000 1,222,790
-----------
1,894,634
TOYS, AMUSEMENTS & SPORTING GOODS - 1.76%
Brunswick Corporation,
7.125% due 08/01/2027 1,000,000 1,037,790
-----------
TOTAL CORPORATE BONDS
(Cost: $26,681,927) $28,469,367
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS - 3.43%
Residential Funding Mortgage
Security I, Incorporated,
Series 1996-S1, Class A12,
7.25% due 01/25/2026 $ 1,000,000 $ 1,024,565
Residential Funding Mortgage
Security I, Incorporated,
Series 1996-S3, Class A5,
7.25% due 01/25/2026 976,506 1,000,002
-----------
2,024,567
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $1,979,438) $ 2,024,567
-----------
ASSET BACKED SECURITIES - 5.15%
Carco Auto Loan Master Trust,
Series 1997 1, Class A, 6.689%
due 06/15/1998 $ 1,000,000 $ 1,015,420
Discover Card Master Trust 1,
Series 97 2, Class A, 6.792%
due 04/16/2010 1,000,000 1,018,730
Mortgage Index Amortizing Trust,
1997 1, Class A1, 6.682% due
08/25/2004 1,000,000 1,005,000
-----------
TOTAL ASSET BACKED SECURITIES
(Cost: $2,999,992) $ 3,039,150
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
173
<PAGE> 176
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C>
SHORT TERM INVESTMENTS - 2.15%
$1,270,000 Navigator Securities Lending
Trust, 5.54% $ 1,270,000
-----------
REPURCHASE AGREEMENTS - 14.86%
$8,774,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1998 at 5.71%, to be
repurchased at $8,775,392 on
07/01/1998, collateralized by
$6,620,000 U.S. Treasury Bonds,
8.75% due 05/15/2017 (valued at
$8,953,550, including interest) $8,774,000
-----------
TOTAL INVESTMENTS (Capital Growth Bond
Trust) (Cost: $56,891,872) $59,033,529
===========
</TABLE>
INVESTMENT QUALITY BOND TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 0.09%
INDUSTRIALS - 0.05%
Sinking Fund Holdings Group,
Incorporated 17 $ 151,725
------------
PUBLISHING - 0.04%
Primedia, Incorporated 1,380 134,205
------------
TOTAL COMMON STOCKS
(Cost: $290,172) $ 285,930
------------
PREFERRED STOCK - 0.10%
MINING - 0.10%
Fairfield Manufacturing,
Incorporated 270 $ 289,575
------------
TOTAL PREFERRED STOCK
(Cost: $279,450) $ 289,575
------------
WARRANTS - 0.00%
SOFTWARE - 0.00%
Concentric Network Corporation,
(Expiration date 12/15/2007;
strike price $10.86) 40 $ 3,800
------------
TOTAL WARRANTS
(Cost: $0) $ 3,800
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 37.22%
U.S. TREASURY BONDS - 37.22%
7.50% due 11/15/2016 $ 4,000,000 $ 4,801,880
8.125% due 05/15/2021 1,800,000 2,343,654
11.875% due 11/15/2003 25,800,000 33,249,750
12.00% due 08/15/2013 49,000,000 72,650,340
------------
113,045,624
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $111,462,702) $113,045,624
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.19%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.17%
6.00% due 02/01/2003 - 07/01/2003 $ 610,135 $ 608,784
6.30% due 03/15/2023 400,000 404,624
6.50% due 08/17/2011 -
06/25/2019 1,400,000 1,410,772
7.00% due 06/01/2023 -
01/01/2026 3,291,861 3,342,317
7.50% due 06/01/2010 -
04/01/2011 808,756 833,053
------------
6,599,550
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 1.29%
5.90% due 10/25/2019 1,000,000 998,120
6.00% due 06/01/2028 3,000,000 2,920,290
------------
3,918,410
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 5.73%
6.50% due 07/15/2008 -
05/15/2009 170,214 172,378
7.00% due 04/15/2023 -
02/15/2024 7,183,067 7,308,688
7.50% due 04/15/2002 -
01/15/2024 6,282,961 6,463,195
8.00% due 06/15/2023 -
10/15/2023 1,866,148 1,940,216
8.50% due 09/15/2016 -
04/15/2022 1,420,594 1,505,673
9.50% due 10/15/2009 798 898
------------
17,391,048
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $27,240,920) $ 27,909,008
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
174
<PAGE> 177
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
FOREIGN GOVERNMENT OBLIGATIONS - 1.38%
FOREIGN BONDS - 0.75%
Province of Quebec,
8.625% due 01/19/2005 $ 2,000,000 $ 2,286,580
-----------
REPUBLIC OF ARGENTINA - 0.63%
11.00% due 10/09/2006 1,800,000 1,908,000
-----------
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS
(Cost: $4,238,000) $ 4,194,580
-----------
CORPORATE BONDS - 28.63%
AIR TRAVEL - 0.33%
Argo-Tech Corporation,
8.625% due 10/01/2007 150,000 150,000
Continental Airlines,
6.648% due 09/15/2017 840,000 857,119
-----------
1,007,119
APPAREL & TEXTILES - 0.09%
Clark-Schwebel, Incorporated,
10.50% due 04/15/2006 95,000 105,925
Collins & Aikman Products
Company, 11.50% due
04/15/2006 150,000 166,500
-----------
272,425
AUTOMOBILES - 0.06%
LDM Technologies,
Incorporated, 10.75% due
01/15/2007 160,000 168,000
-----------
BANKING - 3.47%
BankAmerica Corporation,
9.625% due 02/13/2001 1,475,000 1,598,959
Credit National,
7.00% due 11/14/2005 1,300,000 1,326,000
Export-Import Bank of Korea,
6.375% due 02/15/2006 1,550,000 1,173,288
First Financial Caribbean
Corporation, 7.84% due
10/10/2006 530,000 559,378
First Republic Bank San Francisco,
7.75% due 09/15/2012 825,000 862,546
Korea Development Bank,
7.125% due 09/17/2001 715,000 635,470
National Westminster Bank PLC,
9.45% due 05/01/2001 1,000,000 1,085,510
NBD Bancorp,
8.25% due 11/01/2024 2,000,000 2,402,060
Norwest Corporation,
6.00% due 03/15/2000 900,000 901,701
----------
10,544,912
BROADCASTING - 0.11%
Century Communications
Corporation, zero coupon
due 01/15/2008 $ 225,000 $ 102,094
Granite Broadcasting
Corporation, 8.875% due
05/15/2008 150,000 151,687
Jacor Communications Company,
8.00% due 02/15/2010 20,000 20,000
8.75% due 06/15/2007 60,000 62,400
-----------
336,181
BUILDING MATERIALS & CONSTRUCTION - 0.04%
Grove Worldwide, LLC,
9.25% due 05/01/2008 120,000 117,600
-----------
BUSINESS SERVICES - 0.07%
Psinet, Incorporated,
10.00% due 02/15/2005 140,000 142,800
Silgan Holdings,
Incorporated, 9.00% due
06/01/2009 65,000 67,275
-----------
210,075
CHEMICALS - 0.14%
Huntsman Corporation,
9.50% due 07/01/2007 135,000 135,000
Pioneer Amers Acquisition
Corporation, 9.25% due
06/15/2007 75,000 74,250
Sovereign Speciality
Chemicals, 9.50% due
08/01/2007 75,000 76,875
Texas Petro-Chemical
Corporation, 11.125% due
07/01/2006 120,000 130,800
-----------
416,925
COAL - 0.12%
P&L Coal Holdings
Corporation, 9.625% due
05/15/2008 350,000 359,625
-----------
COMPUTERS & BUSINESS EQUIPMENT - 0.10%
Concentric Network
Corporation, 12.75% due
12/15/2007 100,000 105,750
Decisionone Corporation,
9.75% due 08/01/2007 100,000 96,500
Verio, Incorporated,
10.375% due 04/01/2005 100,000 103,000
-----------
305,250
</TABLE>
The accompanying notes are an integral part of the financial statements.
175
<PAGE> 178
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
COSMETICS & TOILETRIES - 0.04%
Revlon Worldwide Corporation
Series B, zero coupon due
03/15/2001 $ 160,000 $ 124,400
-----------
DRUGS & HEALTH CARE - 2.14%
Allegiance Corporation,
7.00% due 10/15/2026 2,830,000 2,892,062
Beckman Instruments,
Incorporated, 7.10% due
03/04/2003 240,000 241,656
Dailey International,
Incorporated, 9.50% due
02/15/2008 100,000 97,750
Healthsouth Corporation,
6.875% due 06/15/2005 2,000,000 2,000,740
Owens & Minor, Incorporated,
10.875% due 06/01/2006 250,000 272,500
Tenet Healthcare Corporation,
7.875% due 01/15/2003 850,000 864,875
Universal Hospital Services,
10.25% due 03/01/2008 120,000 120,000
-----------
6,489,583
ELECTRICAL EQUIPMENT - 0.23%
Costilla Energy, Incorporated,
10.25% due 10/01/2006 225,000 228,375
Energy Corporation of
America, Incorporated,
9.50% due 05/15/2007 200,000 195,500
Tesoro Petroleum Corporation,
9.00% due 07/01/2008 135,000 134,229
Wesco Distribution,
Incorporated, 9.125% due
06/01/2008 150,000 148,500
-----------
706,604
ELECTRIC UTILITIES - 0.89%
Cleveland Electric
Illuminating Company, 7.19%
due 07/01/2000 1,010,000 1,025,463
Duke Energy Company,
7.50% due 04/01/1999 700,000 707,812
Empresa Nacional De Electric,
7.325% due 02/01/2037 1,000,000 977,050
-----------
2,710,325
ELECTRONICS - 0.04%
Fairchild Semiconductor
Corporation, 10.125% due
03/15/2007 120,000 123,600
-----------
FINANCIAL SERVICES - 10.32%
Allstate Financing,
7.83% due 12/01/2045 $ 530,000 $ 561,747
American General Finance
Corporation, 8.00% due
02/15/2000 1,270,000 1,308,443
Amerus Capital,
8.85% due 02/01/2027 900,000 956,502
Amresco Commerce Mortgage,
9.875% due 03/15/2005 100,000 101,000
Amvescap PLC,
6.60% due 05/15/2005 2,000,000 2,021,900
Associates Corporation North
America, 9.125% due
04/01/2000 300,000 315,597
BanPonce Financial
Corporation, 6.75% due
08/09/2001 2,150,000 2,182,185
Beneficial Corporation,
8.40% due 05/15/2008 350,000 403,372
Cigna Corporation,
7.875% due 05/15/2027 740,000 830,332
Dime Capital Trust,
9.33% due 05/06/2027 1,200,000 1,405,512
Equitable Companies,
Incorporated, 7.00% due
04/01/2028 770,000 786,663
Equitable Life Assured
Society, 7.70% due
12/01/2015 680,000 750,162
General Electric Capital
Corporation, 8.88% due
06/18/2003 600,000 677,226
Globalstar LP/Globalstar
Capital, 10.75% due
11/01/2004 205,000 194,750
Iridium Operating LLC/Iridium Capital,
10.875% due 07/15/2005 285,000 285,113
Japan Finance Corporation,
8.70% due 07/30/2001 1,500,000 1,611,150
9.125% due 10/11/2000 500,000 533,050
Liberty Mutual Insurance Company,
8.20% due 05/04/2007 550,000 620,406
8.50% due 05/15/2025 700,000 836,780
Lumbermans Mutual Casualty
Company, 9.15% due
07/01/2026 675,000 813,274
Olympic Financial, Ltd.,
11.50% due 03/15/2007 100,000 100,250
Pindo Deli Finance Mauritius,
Ltd., 10.75% due
10/01/2007 100,000 70,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
176
<PAGE> 179
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
FINANCIAL SERVICES - CONTINUED
Private Export Funding Corporation,
6.49% due 07/15/2007 $1,175,000 $ 1,232,645
6.62% due 10/01/2005 2,000,000 2,101,240
6.90% due 01/31/2003 3,650,000 3,823,375
7.30% due 01/31/2002 200,000 210,312
Rifkin Acquisitions
Participation LP, 11.125%
due 01/15/2006 80,000 88,000
Sun Canada Financial Company,
7.25% due 12/15/2015 1,500,000 1,625,655
Tembec Finance Corporation,
9.875% due 09/30/2005 115,000 121,325
United States Bancorp,
7.50% due 06/01/2026 2,300,000 2,572,044
United States West Capital
Funding, Incorporated,
6.25% due 07/15/2005 2,035,000 2,030,564
Western Financial Savings,
8.875% due 08/01/2007 200,000 184,000
-----------
31,354,573
FOOD & BEVERAGES - 0.08%
Aurora Foods, Incorporated,
8.75% due 07/01/2008 50,000 50,550
Delaware Monte Foods Company,
Step up to 12.50%
due 12/15/2007 275,000 178,750
-----------
229,300
HOMEBUILDERS - 0.09%
Engle Homes, Incorporated,
9.25% due 02/01/2008 150,000 147,000
Standard Pacific Corporation,
8.50% due 06/15/2007 115,000 116,725
-----------
263,725
INDUSTRIALS - 1.76%
Advanced Micro Devices,
Incorporated, 11.00% due
08/01/2003 275,000 290,125
Cincinnati Milacron,
Incorporated, 7.875% due
05/15/2000 870,000 889,084
Falcon Building Products,
Incorporated, 9.50% due
06/15/2007 165,000 161,700
Gaylord Container
Corporation, 9.375% due
06/15/2007 95,000 91,438
Laroche Industry,
Incorporated, 9.50% due
09/15/2007 85,000 82,875
INDUSTRIALS - CONTINUED
Lin Holdings Corporation,
Step up to 10.00% due
03/01/2008 $ 300,000 $ 201,000
Moog, Incorporated,
10.00% due 05/01/2006 150,000 160,500
Neenah Corporation,
11.125% due 05/01/2007 85,000 92,650
News America Holdings,
Incorporated, 9.25% due
02/01/2013 1,800,000 2,189,232
Numatics, Incorporated,
9.625% due 04/01/2008 25,000 25,250
YPF Sociedad Anonima,
8.00% due 02/15/2004 1,150,000 1,158,395
-----------
5,342,249
INSURANCE - 1.50%
Amerus Life Holdings
Incorporated, 6.95% due
06/15/2005 715,000 713,938
Jackson National Life
Insurance Company, 8.15%
due 03/15/2027 1,000,000 1,168,240
Ohio National Life Insurance
Company, 8.50% due
05/15/2026 1,150,000 1,332,390
Security Benefit Life
Company, 8.75% due
05/15/2016 1,150,000 1,344,073
-----------
4,558,641
LEISURE TIME - 0.46%
Argosy Gaming Company,
13.25% due 06/01/2004 105,000 117,862
Hollywood Casino,
Incorporated, 12.75% due
11/01/2003 150,000 164,250
Viacom, Incorporated,
7.75% due 06/01/2005 1,035,000 1,102,741
-----------
1,384,853
NON-BANK FINANCE - 0.36%
KFW International Finance,
Incorporated, 9.125% due
05/15/2001 1,000,000 1,082,450
-----------
OFFICE FURNISHINGS & SUPPLIES - 0.90%
Boise Cascade Office Products
Company, 7.05% due
05/15/2005 2,700,000 2,726,190
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
177
<PAGE> 180
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- ----------
<S> <C> <C>
PAPER - 0.58%
American Pad & Paper Company,
13.00% due 11/15/2005 $ 185,000 $ 185,925
Boise Cascade Corporation,
9.90% due 10/01/2001 1,000,000 1,103,200
Domtar, Incorporated,
9.50% due 08/01/2016 75,000 81,687
Grupo Industrial Durango
GIDUSA, 12.625% due
08/01/2003 120,000 127,800
Repap New Brunswick,
Incorporated, 10.625% due
04/15/2005 275,000 277,750
----------
1,776,362
PETROLEUM SERVICES - 0.41%
Abraxas Pee Corporation,
11.50% due 11/01/2004 100,000 103,500
Cross Timbers Oil Company,
8.75% due 11/01/2009 55,000 55,275
9.25% due 04/01/2007 150,000 154,500
Great Lakes Carbon Corporation,
10.25% due 05/15/2008 65,000 66,300
Newfield Exploration Company,
7.45% due 10/15/2007 445,000 452,472
Petroleos Mexicanos,
8.85% due 09/15/2007 250,000 240,000
Plains Resources,
Incorporated, 10.25% due
03/15/2006 170,000 181,475
----------
1,253,522
PUBLISHING - 0.17%
Scholastic Corporation,
7.00% due 12/15/2003 300,000 309,744
Sullivan Graphics,
Incorporated, 12.75% due
08/01/2005 210,000 219,975
----------
529,719
RETAIL TRADE - 0.77%
Duane Reade, Incorporated,
9.25% due 02/15/2008 100,000 101,250
Guitar Center Management
Company, Incorporated,
11.00% due 07/01/2006 120,000 132,600
JC Penney, Incorporated,
7.40% due 04/01/2037 1,900,000 2,119,013
----------
2,352,863
STEEL - 0.18%
Accuride Corporation,
9.25% due 02/01/2008 $ 95,000 $ 95,000
Acindar Industria, Argentina,
11.25% due 02/15/2004 75,000 75,188
Bayou Steel Corporation
Louisiana Place, 9.50% due
05/15/2008 150,000 148,687
CSN Iron SA,
9.125% due 06/01/2007 140,000 112,000
Weirton Steel Corporation,
11.375% due 07/01/2004 100,000 106,500
----------
537,375
TELECOMMUNICATIONS SERVICES - 1.30%
American Mobile Satellite Corporation,
12.25% due 04/01/2008 35,000 32,550
BTI Telecom Corporation,
10.50% due 09/15/2007 150,000 150,750
EchoStar DBS Corporation,
12.50% due 07/01/2002 60,000 67,350
Facilicom International,
Incorporated, 10.50% due
01/15/2008 70,000 68,950
GCI, Incorporated,
9.75% due 08/01/2007 250,000 261,250
GST Telecommunications,
Incorporated, 12.75% due
11/15/2007 210,000 245,700
Innova S De R L,
12.875% due 04/01/2007 200,000 203,000
ITC Deltacom, Incorporated,
8.875% due 03/01/2008 105,000 107,100
Level 3 Commerce,
Incorporated, 9.125% due
05/01/2008 245,000 238,262
RSL Communications PLC,
9.125% due 03/01/2008 170,000 164,900
Tele-Communications, Incorporated,
9.25% due 04/15/2002 1,500,000 1,653,480
9.65% due 10/01/2003 533,000 581,690
Viatel, Incorporated
11.25% due 04/15/2008 158,000 165,900
----------
3,940,882
TELEPHONE - 1.57%
Allbritton Communications
Company, 8.875% due
02/01/2008 160,000 172,800
Comcast Cable Communications
8.50% due 05/01/2027 1,000,000 1,132,990
E Spire Communications
Insurance, Step up to
12.75% due 04/01/2006 200,000 157,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
178
<PAGE> 181
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
TELEPHONE - CONTINUED
Intermedia Communications,
Incorporated, 8.875% due
11/01/2007 $ 250,000 $ 255,625
Intermedia Communications
Incorporated, 8.60% due
06/01/2008 80,000 80,600
IXC Communications,
Incorporated, 9.00% due
04/15/2008 185,000 185,925
KMC Telecom Holdings,
Incorporated, Step up to
12.50% due 02/15/2008 425,000 246,500
McLeodUSA, Incorporated,
8.375% due 03/15/2008 35,000 35,088
MobileMedia Communications,
Incorporated, 9.375% due
11/01/2007[Superior carat] 250,000 77,500
NEXTEL Communications,
Incorporated, Step up to
9.75% due 10/31/2007 660,000 430,650
Nextlink Communications,
Incorporated, 9.45% due
04/15/2008 250,000 153,750
Paging Network, Incorporated,
10.125% due 08/01/2007 150,000 155,250
Telecommunications Techniques
Company, 9.75% due
05/15/2008 160,000 163,600
World Common, Incorporated,
7.55% due 04/01/2004 1,450,000 1,535,579
-----------
4,782,857
TRANSPORTATION - 0.31%
Johnstown America Industry,
Incorporated, 11.75% due
08/15/2005 195,000 215,962
K & F Industry, Incorporated,
9.25% due 10/15/2007 105,000 106,050
MTL, Incorporated,
10.00% due 06/15/2006 100,000 99,000
Southern Railway Company,
8.75% due 10/15/2003 470,000 527,467
-----------
948,479
TOTAL CORPORATE BONDS
(Cost: $84,882,495) $86,956,664
-----------
MUNICIPAL BONDS - 0.56%
ALABAMA - 0.33%
Huntsville, Alabama Solid
Waste Disposal, 5.95% due
10/01/2003 $ 1,000,000 $ 991,020
-----------
MARYLAND - 0.23%
Baltimore, Maryland, Series B,
6.375% due 10/15/2002 705,000 716,125
-----------
TOTAL MUNICIPAL BONDS
(Cost: $1,710,168) $ 1,707,145
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.66%
First Union-Lehman Brothers
Commercial, 6.60% due
07/18/1998 $ 1,950,000 $ 1,989,975
-----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $1,960,094) $ 1,989,975
-----------
ASSET BACKED SECURITIES- 1.56%
American Express Master Trust,
6.60% due 05/15/2000 $ 1,500,000 $ 1,508,895
Asset Securitization
Corporation, 6.66% due
02/14/2041 2,110,000 2,174,081
Credit Suisse First Boston,
6.52% due 07/17/2007 400,000 409,372
Green Tree Financial
Corporation, 5.98% due
08/01/2008 500,000 500,155
Premier Auto Trust,
4.65% due 11/02/1999 142,781 142,245
-----------
TOTAL ASSET BACKED SECURITIES
(Cost: $4,644,472) $ 4,734,748
-----------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----------
<S> <C>
SHORT TERM INVESTMENTS - 20.27%
$61,573,772 Navigator Securities
Lending Trust, 5.54% $61,573,772
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
179
<PAGE> 182
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- ------------
<S> <C>
REPURCHASE AGREEMENTS - 0.35%
$1,068,000 Swiss Bank Repo Repurchase
Agreement with Swiss Bank dated
06/30/1998 at 5.70%, to be
repurchased at $1,068,169 on
07/01/1998, collateralized by
$843,000 U.S. Treasury Bonds,
8.00% due 11/15/2021 (valued at
$1,081,411, including interest) $ 1,068,000
------------
TOTAL INVESTMENTS (Investment Quality
Bond Trust) (Cost: $299,350,245) $303,758,821
============
U.S. GOVERNMENT SECURITIES TRUST
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 10.47%
U.S. TREASURY BONDS - 0.73%
6.375% due 08/15/2027 $ 2,100,000 $ 2,306,052
6.625% due 02/15/2027 500,000 564,610
------------
2,870,662
U.S. TREASURY NOTES - 9.74%
5.50% due 02/15/2008 2,500,000 2,498,425
5.625% due 12/31/2002 -
05/15/2008 9,500,000 9,597,757
5.75% due 04/30/2003 4,400,000 4,443,296
5.875% due 09/30/2002 3,000,000 3,037,500
6.125% due 08/15/2007 14,650,000 15,242,885
6.25% due 08/31/2002 2,750,000 2,821,748
6.625% due 05/15/2007 750,000 805,545
------------
38,447,156
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $40,600,795) $ 41,317,818
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 55.73%
FEDERAL HOME LOAN BANK - 0.84%
5.94% due 06/13/2000 $ 3,300,000 $ 3,318,546
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 15.26%
6.00% due 10/01/2010 928,331 926,874
6.247% due 07/01/1998 11,000,000 11,018,810
6.50% due 07/01/2006 - 12/01/2010 3,526,061 3,556,557
7.00% due 12/01/2004 - 04/15/2021 29,374,443 29,984,334
7.50% due 05/01/2007 $ 3,070,117 $ 3,164,493
8.25% due 07/01/2006 116,478 120,154
9.00% due 10/01/2017 - 11/01/2020 2,518,405 2,666,556
9.50% due 08/01/2020 2,056,445 2,205,948
10.00% due 05/01/2005 895,097 928,457
10.50% due 06/01/2020 4,325,616 4,835,216
11.75% due 07/01/2006 -
12/01/2013 129,549 146,884
12.00% due 07/01/2020 543,360 626,728
------------
60,181,011
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 30.89%
6.50% TBA** 24,900,000 24,798,657
6.50% due 12/01/2003 - 04/01/2026 21,410,543 21,379,135
6.527% due 07/01/1998 9,500,000 9,737,500
7.00% TBA** 45,925,000 46,570,706
7.50% TBA** 500,000 512,810
8.00% due 08/01/2004 - 10/01/2024 18,615 19,066
8.25% due 09/01/2008 208,569 216,918
8.50% due 02/01/2009 42,413 44,348
8.75% due 08/01/2009 - 10/01/2011 1,736,694 1,822,074
10.00% due 04/01/2016 3,365 3,690
10.50% due 03/01/2016 6,992 7,242
11.50% due 09/01/2013 -
09/01/2019 1,819,414 2,078,695
11.75% due 09/01/2011 -
12/01/2015 116,517 134,438
12.00% due 01/01/2013 -
04/01/2016 4,531,247 5,224,969
12.50% due 01/01/2013 -
09/01/2015 3,126,938 3,633,229
13.00% due 11/01/2015 1,605,435 1,930,034
13.50% due 11/01/2014 766,020 928,560
14.50% due 11/01/2014 642,824 790,473
VR due 01/17/2003 2,001,991 2,024,354
------------
121,856,898
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 7.62%
7.50% due 02/15/2007 - 12/15/2027 23,293,566 23,941,735
8.00% due 10/15/2005 10,460 10,780
9.00% due 02/20/2016 - 10/20/2017 5,456,362 5,827,793
9.50% due 09/15/2020 235,000 254,326
11.00% due 09/15/2015 27,359 30,810
------------
30,065,444
</TABLE>
The accompanying notes are an integral part of the financial statements.
180
<PAGE> 183
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ------------
<S> <C>
STUDENT LOAN MARKETING ASSOCIATION - 1.12%
7.50% due 03/08/2000 $ 4,300,000 $ 4,425,646
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $216,990,485) $219,847,545
------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.70%
OTHER COLLATERALIZED MORTGAGE OBLIGATIONS - 1.70%
Vendee Mortgage Trust, Series
1995-3, Class 1B, Remic, 7.25%
due 10/15/2010 $ 6,674,434 $ 6,693,189
------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost: $6,738,049) $ 6,693,189
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- ------------
<S> <C>
SHORT TERM INVESTMENTS - 12.70%
$39,208,651 Navigator Securities Lending
Trust, 5.54% $ 39,208,651
10,900,000 Federal Home Loan Bank,
5.40% due 07/01/1998 10,900,000
------------
$ 50,108,651
REPURCHASE AGREEMENTS - 19.40%
$38,270,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1998 at 5.70%, to be
repurchased at $38,276,059 on
07/01/1988, collateralized by
$32,440,000 U.S. Treasury Bonds,
7.50% due 11/15/2016 (valued at
$39,039,529, including interest)*** 38,270,000
38,269,000 Repurchase Agreement with J.P.
Morgan, dated 06/30/1998 at 5.48%, to
be repurchased at $38,274,825 on
07/01/1998, collateralized by
$39,330,000 U.S. Treasury Notes,
5.375% due 06/30/2003 (valued at
$39,035,025, including interest)*** 38,269,000
------------
$ 76,539,000
------------
TOTAL INVESTMENTS (U.S. Government
Securities Trust) (Cost: $390,976,980) $394,506,203
============
MONEY MARKET TRUST
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 0.96%
U.S. TREASURY BILLS - 0.96%
5.153% due 05/27/1999 $ 5,000,000 $ 4,763,844
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $4,763,844) $ 4,763,844
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 44.73%
FEDERAL HOME LOAN BANK - 15.08%
5.64% due 01/21/1999 25,000,000 25,000,000
FRN due 04/01/1999 50,000,000 49,983,110
------------
74,983,110
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 16.08%
FRN due 02/04/1999 - 03/16/1999
80,000,000 79,975,113
------------
79,975,113
STUDENT LOAN MARKETING ASSOCIATION - 13.57%
3.60% due 09/28/1998 9,000,000 9,000,000
4.30% due 02/22/1998 7,900,000 7,900,166
5.74% due 11/16/1998 21,550,000 21,568,365
FRN due 08/20/1998 29,000,000 28,989,908
------------
67,458,439
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $222,416,662) $222,416,662
------------
COMMERCIAL PAPER - 53.37%
Abbey National Treasury Services
PLC, 5.50% due 02/05/1999 $10,000,000 $9,997,052
Anheuser-Busch, Incorporated,
5.53% due 07/07/1998 5,000,000 4,995,392
Bell Atlantic Financial
Services, 5.50% due 07/16/1998 10,000,000 9,977,083
BellSouth Capital Funding
Corporation, 5.50% due
07/27/1998 24,000,000 23,904,667
Canadian Imperial Bank Commerce,
5.94% due 10/23/1998 15,000,000 15,014,529
General Motors Acceptance
Corporation, 8.375% due
02/03/1999 9,960,000 10,227,725
Goldman Sachs Group LP,
5.51% due 08/10/1998 25,000,000 24,846,722
</TABLE>
The accompanying notes are an integral part of the financial statements.
181
<PAGE> 184
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ------------
<S> <C> <C>
COMMERICAL PAPER -CONTINUED
J.P. Morgan & Company,
Incorporated, FRN, 5.61%, due
04/05/1999 $ 15,000,000 $ 14,996,647
Merrill Lynch Company,
Incorporated, FRN, 5.61%, due
04/14/1999 20,000,000 20,000,000
Peoples Security Life Insurance
Company, 5.58% due 08/20/1998 10,000,000 10,000,000
Pfizer, Incorporated,
5.50% due 07/06/1998 14,125,000 14,114,210
RC Willey Home Furnishings,
5.52% due 07/15/1998 10,000,000 9,978,533
Salomon Smith Barney Holdings,
Incorporated, 5.53% due
07/06/1998 20,000,000 19,984,639
Sharp Electronics Corporation,
5.53% due 08/06/1998 18,000,000 17,900,460
Strategic Money Market Trust,
5.625% due 03/05/1998 20,000,000 20,000,000
The Coca-Cola Company,
5.49% due 08/10/1998 20,000,000 19,878,000
Xerox Capital Corporation,
5.50% due 07/16/1998 19,600,000 19,555,083
------------
265,370,742
TOTAL COMMERCIAL PAPER
(Cost: $265,370,742) $265,370,742
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- ------------
<S> <C>
REPURCHASE AGREEMENTS - 0.94%
$4,683,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1998 at 5.71%, to be
repurchased at $4,683,743 on
07/01/1998, collateralized by
$3,535,000 U.S. Treasury Bonds,
8.75% due 05/15/2017 (valued at
$4,781,088, including interest) $ 4,683,000
------------
TOTAL INVESTMENTS (Money Market Trust)
(Cost: $497,234,248) $497,234,248
============
LIFESTYLE AGGRESSIVE 1000 TRUST
<CAPTION>
SHARES VALUE
------------ ------------
<S> <C> <C>
COMMON STOCKS - 100.00%
INVESTMENT COMPANIES - 100.00%
Manufacturers Investment Trust
Blue Chip Growth Trust 202,434 $ 3,491,991
Emerging Growth Trust 277,854 7,021,373
Equity Trust 175,932 3,499,293
Growth Trust 176,376 3,474,614
International Small Cap Trust 419,702 6,971,243
International Stock Trust 813,823 10,595,982
Pilgrim Baxter Growth Trust 1,069,324 14,008,142
Real Estate Securities Trust 421,728 7,106,115
Small Company Value Trust 1,125,287 14,009,821
------------
TOTAL INVESTMENTS (Lifestyle Aggressive
1000 Trust) (Cost: $68,218,387) $ 70,178,574
============
LIFESTYLE GROWTH 820 TRUST
<CAPTION>
SHARES VALUE
------------ ------------
<S> <C> <C>
COMMON STOCKS - 100.00%
INVESTMENT COMPANIES - 100.00%
Manufacturers Investment Trust
Blue Chip Growth Trust 928,636 $ 16,018,971
Emerging Growth Trust 637,308 16,104,774
Equity Trust 807,061 16,052,449
Equity-Income Trust 925,954 16,037,521
Growth Trust 809,101 15,939,297
High Yield Trust 1,138,375 16,051,083
International Small Cap Trust 962,657 15,989,726
International Stock Trust 3,733,234 48,606,702
Pilgrim Baxter Growth Trust 2,452,694 32,130,293
Real Estate Securities Trust 967,308 16,299,133
Small Company Value Trust 2,581,046 32,134,020
Strategic Bond Trust 2,705,192 32,110,623
U.S. Government Securities Trust 1,206,949 16,040,356
Value Trust 2,060,177 32,097,554
------------
TOTAL INVESTMENTS (Lifestyle Growth 820
Trust) (Cost: $312,465,694) $321,612,502
============
LIFESTYLE BALANCED 640 TRUST
<CAPTION>
SHARES VALUE
------------ ------------
<S> <C> <C>
COMMON STOCKS - 100.00%
INVESTMENT COMPANIES - 100.00%
Manufacturers Investment Trust
Emerging Growth Trust 615,529 $ 15,554,425
Equity Trust 779,484 15,503,946
Equity-Income Trust 894,313 15,489,504
Growth Trust 781,452 15,394,602
High Yield Trust 1,099,472 15,502,551
</TABLE>
The accompanying notes are an integral part of the financial statements.
182
<PAGE> 185
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1998 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------ ------------
<S> <C> <C>
INVESTMENT COMPANIES - CONTINUED
International Stock Trust 2,403,814 $ 31,297,656
Investment Quality Bond Trust 2,595,232 30,987,075
Pilgrim Baxter Growth Trust 1,184,435 15,516,094
Quantitative Equity Trust 678,080 15,521,246
Real Estate Securities Trust 934,252 15,742,152
Small Company Value Trust 2,492,844 31,035,908
Strategic Bond Trust 2,612,753 31,013,378
U.S. Government Securities Trust 2,331,410 30,984,437
Value Trust 1,989,789 31,000,918
------------
TOTAL INVESTMENTS (Lifestyle Balanced
640 Trust) (Cost: $305,997,643) $310,543,892
============
LIFESTYLE MODERATE 460 TRUST
<CAPTION>
SHARES VALUE
------------ ------------
<S> <C> <C>
COMMON STOCKS - 100.00%
INVESTMENT COMPANIES - 100.00%
Manufacturers Investment Trust
Blue Chip Growth Trust 561,647 $ 9,688,417
Equity-Income Trust 560,025 9,699,634
High Yield Trust 344,248 4,853,902
International Stock Trust 752,642 9,799,403
Investment Quality Bond Trust 1,218,864 14,553,239
Money Market Trust 969,403 9,694,033
Quantitative Equity Trust 212,309 4,859,755
Strategic Bond Trust 818,062 9,710,395
U.S. Government Securities Trust 1,094,959 14,552,000
Value Trust 623,010 9,706,493
------------
TOTAL INVESTMENTS (Lifestyle Moderate
460 Trust) (Cost: $94,996,326) $ 97,117,271
============
LIFESTYLE CONSERVATIVE 280 TRUST
<CAPTION>
SHARES VALUE
------------ ------------
<S> <C> <C>
COMMON STOCKS - 100.00%
INVESTMENT COMPANIES - 100.00%
Manufacturers Investment Trust
Blue Chip Growth Trust 128,095 $ 2,209,635
Equity-Income Trust 255,450 4,424,386
Investment Quality Bond Trust 926,620 11,063,844
Money Market Trust 884,368 8,843,676
Quantitative Equity Trust 193,685 4,433,452
Strategic Bond Trust 186,575 2,214,647
U.S. Government Securities Trust 832,423 11,062,902
------------
TOTAL INVESTMENTS (Lifestyle
Conservative 280 Trust) (Cost:
$43,925,299) $ 44,252,542
============
</TABLE>
Key to Currency Abbreviations
AUD - Australian Dollar
BEF - Belgian Franc
CAD - Canadian Dollar
DKK - Danish Krone
ECU - European Currency Unit
FIM - Finnish Markka
FRF - French Franc
DEM - German Deustche Mark
(pound
sterling) - Great British Pound
HKD - Hong Kong Dollar
IDR - Indonesian Rupiah
IEP - Irish Punt
ITL - Italian Lira
KRW - Korean Wan
(YEN) - Japanese Yen
MYR - Malaysian Ringgit
NLG - Netherland Guilder
NZD - New Zealand Dollar
SGD - Singapore Dollar
ZAR - South African Rand
ESP - Spanish Peseta
SEK - Swedish Krone
CHF - Swiss Franc
THB - Thailand Baht
Key to Security Abbreviations and Legend
ADR - American Depository Receipt
ADS - American Depository Shares
FRN - Floating Rate Note (Rate effective as of June 30, 1998).
GDR - Global Depository Receipt
GTD - Guaranteed
IO - Interest Only (Carries notional principal amount)
REIT - Real Estate Investment Trust
REMIC - Real Estate Mortgage Investment Conduit
TBA - To Be Announced
VR - Variable Rate Demand Note (Rate effective as of June 30, 1998)
(SUPERIOR
CARET) - Non-Income producing, issuer is in bankruptcy and is in default of
interest payments.
* - Non-Income producing
** - Purchased on a forward commitment (Note 2)
*** - At June 30, 1998 a portion of this security was pledged to cover
forward commitments purchased.
**** - At June 30, 1998 a portion of this security was pledged to cover
margin requirements for open futures contracts.
The accompanying notes are an integral part of the financial statements.
183
<PAGE> 186
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
1. ORGANIZATION OF THE TRUST. The Manufacturers Investment Trust (the "Trust"),
formerly NASL Series Trust, is a no-load, open-end management investment company
organized as a Massachusetts business trust. It is a series company, which means
that it has several portfolios, each with a stated investment objective which it
pursues through separate investment policies. The Trust currently offers the
following thirty six Portfolios: The Pacific Rim Emerging Markets Trust
("Pacific Rim Emerging Markets"), the Science & Technology Trust ("Science &
Technology"), the International Small Cap Trust ("International Small Cap"), the
Emerging Growth Trust ("Emerging Growth"), the Pilgrim Baxter Growth Trust
("Pilgrim Baxter Growth"), the Small/Mid Cap Trust ("Small/Mid Cap"), the
International Stock Trust ("International Stock"), the Worldwide Growth Trust
("Worldwide Growth"), the Global Equity Trust ("Global Equity"), the Small
Company Value Trust ("Small Company Value"), the Equity Trust ("Equity"), the
Growth Trust ("Growth"), the Quantitative Equity Trust ("Quantitative Equity"),
the Equity Index Trust ("Equity Index"), the Blue Chip Growth Trust ("Blue Chip
Growth"), the Real Estate Securities Trust ("Real Estate Securities"), the Value
Trust ("Value"), the International Growth and Income Trust ("International
Growth and Income"), the Growth and Income Trust ("Growth and Income"), the
Equity-Income Trust ("Equity-Income"), the Balanced Trust ("Balanced"), the
Aggressive Asset Allocation Trust ("Aggressive Asset Allocation"), the Moderate
Asset Allocation Trust ("Moderate Asset Allocation"), the Conservative Asset
Allocation Trust ("Conservative Asset Allocation"), the High Yield Trust ("High
Yield"), the Strategic Bond Trust ("Strategic Bond"), the Global Government Bond
Trust ("Global Government Bond"), the Capital Growth Bond Trust ("Capital Growth
Bond"), the Investment Quality Bond Trust ("Investment Quality Bond"), the U.S.
Government Securities Trust ("U.S. Government Securities"), the Money Market
Trust ("Money Market"), the Lifestyle Aggressive 1000 Trust ("Lifestyle
Aggressive 1000"), the Lifestyle Growth 820 Trust ("Lifestyle Growth 820"), the
Lifestyle Balanced 640 Trust ("Lifestyle Balanced 640"), the Lifestyle Moderate
460 Trust ("Lifestyle Moderate 460") and the Lifestyle Conservative 280 Trust
("Lifestyle Conservative 280"). Each of the Portfolios with the exception of
Emerging Growth, Global Government Bond, Lifestyle Aggressive 1000, Lifestyle
Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460 and Lifestyle
Conservative 280 is diversified for purposes of the Investment Company Act of
1940, as amended.
Shares of the Portfolios are presently offered only to Separate Accounts A, B
and C, separate accounts of The Manufacturers Life Insurance Company of North
America ("MNA"), to Separate Accounts A, D and E, separate accounts of The
Manufacturers Life Insurance Company of New York ("MNY"), to Separate Accounts
One, Two, Three, and Four, separate accounts of The Manufacturers Life Insurance
Company of America ("Manulife America") and in the case of certain Portfolios,
to unregistered separate accounts issued by The Manufacturers Life Insurance
Company (U.S.A.) ("Manulife USA"). MNA is controlled by The Manufacturers Life
Insurance Company ("Manulife"), a mutual life insurance company based in
Toronto, Canada. MNY is a wholly-owned subsidiary of MNA. Manulife America and
Manulife USA are wholly-owned subsidiaries of Manulife.
At June 30, 1998, Manulife America owned seed money shares in Pacific Rim
Emerging Markets, International Stock, and Equity Index. Manulife USA owned seed
money shares in Science & Technology, Pilgrim Baxter Growth, Worldwide Growth,
Value and High Yield.
Manufacturers Securities Services, LLP ("MSS"), formerly NASL Financial
Services, a wholly-owned subsidiary of MNA, serves as investment adviser for the
Trust (See Note 6). MSS is also the principal underwriter of the variable
contracts issued by MNA and MNY.
NAME CHANGE. Effective October 1, 1997, the Trustees, including a majority of
Trustees who are not interested persons of the Trust, voted to approve a name
change for the Trust from NASL Series Trust to Manufacturers Investment Trust.
NEW PORTFOLIOS. On January 1, 1997, Science & Technology, Pilgrim Baxter Growth,
Worldwide Growth, Value and High Yield commenced operations. In addition, also
effective January 1, 1997, Emerging Growth, International Stock and Balanced
were reorganized whereby all assets and liabilities of these existing Portfolios
were transferred to form new Portfolios of the Trust. Concurrent with this
reorganization, the subadvisers to these Portfolios were changed. T. Rowe Price
Associates, Inc. ("T. Rowe Price") is the subadviser to Science & Technology,
Warburg Pincus Asset Management, Inc. ("Warburg Pincus") is the subadviser to
Emerging Growth, Pilgrim Baxter & Associates ("PBHG") is the subadviser to
Pilgrim Baxter Growth, Rowe Price-Fleming International, Inc. ("Price-Fleming")
is the subadviser to International Stock, Founders Asset Management, Inc.
("Founders") is the subadviser to Worldwide Growth and Balanced and Miller
Anderson & Sherrerd, LLP ("MAS") is the subadviser to Value and High Yield. On
January 7, 1997, Lifestyle Aggressive 1000, Lifestyle Growth 820, Lifestyle
Balanced 640, Lifestyle Moderate 460 and Lifestyle Conservative 280 commenced
operations. Manufacturers Adviser Corporation ("MAC") is the subadviser to
Lifestyle Aggressive 1000, Lifestyle Growth 820, Lifestyle Balanced 640,
Lifestyle Moderate 460 and Lifestyle Conservative 280. Small Company Value,
managed by Rosenberg Institutional Equity Management ("Rosenberg") commenced
operations on October 1, 1997.
184
<PAGE> 187
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES. The policies described below are followed by
the Trust in the preparation of the financial statements.
BASIS OF PRESENTATION. The accompanying unaudited financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and pursuant to the rules and regulations of the
Securities and Exchange Commission. In the opinion of management, all
adjustments necessary for a fair presentation of the financial position and the
results of operations have been included. Results for the six months ended June
30, 1998 are not necessarily indicative of annual results. Certain prior year
balances have been reclassified to conform with current year presentation.
SECURITY VALUATION. Securities held by Money Market and short term instruments
with remaining maturities of 60 days or less held by the other Portfolios of the
Trust are valued at amortized cost basis, which approximates market value. All
other securities held by the Portfolios are valued at the last sale price as of
the close of business on a principal securities exchange (domestic or foreign)
or, lacking any sales, at the closing bid price. Securities traded only in the
over-the-counter market are valued at the last bid price quoted by brokers
making markets in the securities at the close of trading.
Portfolio securities for which there are no such quotations, principally debt
securities, are valued on the basis of the valuation provided by a pricing
service which utilizes both dealer-supplied and electronic data processing
techniques. Other assets and securities for which no such quotations are readily
available are valued at their fair value as determined in good faith under
consistently applied procedures established by and under the general supervision
of the Board of Trustees.
FOREIGN CURRENCY TRANSLATIONS. The accounting records of the Trust are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars on the following basis:
(i) market value of securities, other assets and other liabilities at
the current rate of exchange of such currencies against U.S.
dollars; and
(ii) purchases and sales of securities, income and expenses at the rate
of exchange quoted on the respective dates of such transactions.
Gains and losses that arise from changes in foreign exchange rates have been
segregated from gains and losses that arise from changes in the market prices of
investments. These gains and losses are included with gains and losses on
foreign currency and forward foreign currency contracts in the Statements of
Operations.
FORWARD FOREIGN CURRENCY CONTRACTS. All portfolios with the exception of Equity
Index, Real Estate Securities, Investment Quality Bond, U.S. Government
Securities, Money Market, Lifestyle Aggressive 1000, Lifestyle Growth 820,
Lifestyle Balanced 640, Lifestyle Moderate 460 and Lifestyle Conservative 280
may purchase and sell forward foreign currency contracts in order to hedge a
specific transaction or portfolio position. Forward foreign currency contracts
are valued at forward foreign currency exchange rates and marked to market
daily.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held at the end of the period, the resulting net unrealized
appreciation (depreciation) and related net receivable or payable amount are
determined using forward foreign currency exchange rates supplied by a quotation
service. The Portfolios could be exposed to risks if the counterparties to the
contracts are unable to meet the terms of their contracts or if the value of the
forward foreign currency contract changes unfavorably.
Net realized gains (losses) on foreign currency and forward foreign currency
contracts shown in the Statements of Operations, include net gains or losses
realized by a Portfolio on contracts which have matured or which the Portfolio
has terminated by entering into an offsetting commitment with the same broker.
FUTURES. All Portfolios with the exception of Real Estate Securities, Investment
Quality Bond, Money Market, Lifestyle Aggressive 1000, Lifestyle Growth 820,
Lifestyle Balanced 640, Lifestyle Moderate 460 and Lifestyle Conservative 280
may purchase and sell financial futures contracts and options on those
contracts. The Portfolios invest in contracts based on financial instruments
such as U.S. Treasury Bonds or Notes or on securities indices such as the S&P
500 Index, in order to hedge against a decline in the value of securities owned
by the Portfolios.
When a Portfolio sells a futures contract based on a financial instrument, the
Portfolio becomes obligated to deliver that kind of instrument at an agreed upon
date for a specified price. The Portfolio realizes a gain or loss depending on
whether the price of an offsetting purchase is less or more than the price of
the initial sale or on whether the price of an offsetting sale is more or less
than the price of the initial purchase . The Portfolios could be exposed to
risks if it could not close out futures positions because of an illiquid
secondary market or the inability of counterparties to meet the terms of their
contracts. Upon entering into futures contracts, the Portfolio is required to
deposit with a broker an amount, initial margin, which typically represents 5%
of the purchase price indicated in the futures contract.
185
<PAGE> 188
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Payments to and from the broker, known as variation margin, are required to be
made on a daily basis as the price of the futures contract fluctuates, making
the long or short positions in the contract more or less valuable. If the
position is closed out by taking an opposite position prior to the settlement
date of the futures contract, a final determination of variation margin is made,
cash is required to be paid to or released by the broker, and the Portfolio
realizes a gain or loss.
The following is a summary of open futures contracts at June 30, 1998:
<TABLE>
<CAPTION>
SALES OF FUTURES CONTRACTS
----------------------------------------------------------------
NUMBER AGGREGATE
EXPIRATION OF OPEN MARKET VALUE UNREALIZED
DATE CONTRACTS OF CONTRACTS LOSS
------------ ---------- --------------- ------------
<S> <C> <C> <C> <C>
EQUITY INDEX:
S&P 500 Futures.............. September 1998 -- --
AGGRESSIVE ASSET ALLOCATION:
S&P 500 Futures.............. September 1998 3 $857,250 ($36,393)
CAC 40 Futures............... September 1998 -- --
DAX 30 Futures............... September 1998 -- --
FTSE 100 Futures............. September 1998 -- --
NIKKEI 300 Futures........... September 1998 -- --
MODERATE ASSET ALLOCATION:
S&P 500 Futures.............. September 1998 6 1,714,500 (72,787)
CONSERVATIVE ASSET ALLOCATION:
S&P 500 Futures.............. September 1998 1 285,756 (12,131)
HIGH YIELD
Long Gilt.................... September 1998 8 POUND STERLING 869,440 (1,969)
</TABLE>
<TABLE>
<CAPTION>
PURCHASES OF FUTURES CONTRACTS
----------------------------------
NUMBER AGGREGATE
OF OPEN MARKET VALUE UNREALIZED
CONTRACTS OF CONTRACTS GAIN/LOSS
--------- -------------------------- ------------
<S> <C> <C> <C>
EQUITY INDEX:
S&P 500 Futures............. 27 $ 7,715,250 $270,571
AGGRESSIVE ASSET ALLOCATION:
S&P 500 Futures............. -- --
CAC 40 Futures.............. 8 FRF 6,789,600 123,367
DAX 30 Futures.............. 5 DEM 2,937,500 258,996
FTSE 100 Futures............ 12 POUND STERLING 706,920 (8,942)
NIKKEI 300 Futures.......... 39 YEN 94,848,000 (15,482)
MODERATE ASSET ALLOCATION:
S&P 500 Futures............. -- --
CONSERVATIVE ASSET ALLOCATION:
S&P 500 Futures............. -- --
HIGH YIELD
Long Gilt................... -- --
</TABLE>
FORWARD COMMITMENTS. All Portfolios with the exception of Lifestyle Aggressive
1000, Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460 and
Lifestyle Conservative 280 may purchase debt securities on a when issued or
forward delivery basis, which means that the obligations will be delivered to
the Portfolios of the Trust at a future date, which may be a month or more after
the date of commitment. The price of the underlying securities and the date when
the securities will be delivered and paid for are fixed at the time the
transaction is negotiated. The value of the securities underlying a forward
commitment to purchase securities, and the subsequent fluctuations in their
value, are taken into account when determining the Portfolio's net asset value
starting on the day the Portfolio agrees to purchase the securities. At June 30,
1998, the forward commitments in Strategic Bond and U.S. Government Securities
were valued at $56,499,749 and $71,882,173, respectively.
SECURITIES LENDING. All Portfolios with the exception of Lifestyle Aggressive
1000, Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460 and
Lifestyle Conservative 280 may lend securities in amounts up to 33 1/3% of its
total non-cash assets to brokers, dealers and other financial institutions,
provided such loans are callable at any time and are at all times fully secured
by cash, cash equivalents or securities issued or guaranteed by the U.S.
government or its agencies or instrumentalities, marked to market to the value
of the loaned securities on a daily basis. The Portfolios may bear the risk of
delay in recovery of, or even of rights in, the securities loaned should the
borrower of the securities fail financially. Consequently, loans of Portfolio
securities will only be made to firms deemed by the subadvisers to be
creditworthy. The Portfolios receive compensation for lending its securities
either in the form of fees or by retaining a portion of interest on the
investment of any cash received as collateral. Income generated from the
investment of cash collateral is included as interest income in the Statement of
Operations. All collateral received will be in an amount equal to at least 100%
of the market value of the loaned securities and must be maintained at that
level during the period of the loan. During the loan period, the Portfolio
continues to retain rights of ownership, including dividends and interest of the
loaned securities.
At June 30, 1998, the value of the securities loaned amounted to $3,029,088,
$26,688,712, $11,055,651, $51,889,250, $30,527,220, $75,059,246, $27,260,932,
$6,335,817, $123,879,536, $16,782,083, $234,286,271, $23,340,444, $13,720,368,
$3,027,476, $77,622,182, $26,600,788, $10,811,998, $29,473,614, $57,368,575,
$39,498,421, $14,350,244, $28,851,245, $49,164,089, $6,420,831, $11,424,219,
$31,299,967, $20,074,027, $1,234,163, $60,353,773 and $38,429,098 in Pacific Rim
Emerging Markets, Science & Technology, International Small Cap, Emerging
Growth, Pilgrim Baxter Growth, Small/Mid Cap, International Stock, Worldwide
Growth, Global Equity, Small Company Value, Equity, Growth, Quantitative Equity,
Equity Index, Blue Chip Growth, Real Estate Securities, Value, International
Growth and Income, Growth and Income, Equity-Income, Balanced, Aggressive Asset
Allocation,
186
<PAGE> 189
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Moderate Asset Allocation, Conservative Asset Allocation, High Yield, Strategic
Bond, Global Government Bond, Capital Growth Bond, Investment Quality Bond and
U.S. Government Securities, respectively.
At June 30, 1998, the value of collateral amounted to $3,203,518, $27,572,460,
$11,635,753, $54,175,553, $31,537,857, $77,319,495, $28,566,612, $6,576,592,
$130,224,090, $17,449,045, $242,870,601, $24,122,903, $14,232,456, $3,122,824,
$79,909,800, $27,603,151, $11,154,359, $32,407,075, $59,138,837, $40,756,854,
$14,916,924, $29,889,882, $50,973,414, $6,707,621, $11,692,053, $31,987,817,
$20,698,000, $1,270,000, $61,573,772 and $39,208,651 in Pacific Rim Emerging
Markets, Science & Technology, International Small Cap, Emerging Growth, Pilgrim
Baxter Growth, Small/Mid Cap, International Stock, Worldwide Growth, Global
Equity, Small Company Value, Equity, Growth, Quantitative Equity, Equity Index,
Blue Chip Growth, Real Estate Securities, Value, International Growth and
Income, Growth and Income, Equity-Income, Balanced, Aggressive Asset Allocation,
Moderate Asset Allocation, Conservative Asset Allocation, High Yield, Strategic
Bond, Global Government Bond, Capital Growth Bond, Investment Quality Bond and
U.S. Government Securities, respectively.
MORTGAGE DOLLAR ROLLS. Strategic Bond and U.S. Government Securities may enter
into mortgage dollar rolls in which they sell mortgage securities for delivery
currently and simultaneously contract to repurchase similar, but not identical,
securities at the same price on an agreed upon date. The Portfolios receive
compensation as consideration for entering into the commitment to repurchase.
The compensation is recorded as deferred income and amortized to income over the
roll period. As the holder, the counterparty receives all principal and interest
payments, including prepayments, made with respect to the similar security.
Mortgage dollar rolls may be renewed with a new sale and repurchase price with a
cash settlement made at renewal without physical delivery of the securities
subject to the contract.
ORGANIZATION COSTS. Costs incurred by a Portfolio in connection with its
organization, initial registration and public offering of shares are being
amortized on a straight-line basis for International Growth and Income, over a
five-year period beginning with the commencement of operations of each
Portfolio.
FEDERAL INCOME TAXES. The Trust's and Portfolios policy is to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code, as
amended, and to distribute all of its taxable income to its shareholders.
Accordingly, no federal income tax provision is required. Each Portfolio of the
Trust is treated as a separate taxpayer for federal income tax purposes.
DISTRIBUTION OF INCOME AND GAINS. All of the net investment income of Money
Market, Lifestyle Balanced 640, Lifestyle Moderate 460 and Lifestyle
Conservative 280 is declared as a dividend to shareholders of record as of the
close of business each day and is reinvested daily. During any particular year,
net realized gains from investment transactions of each Portfolio, in excess of
available capital loss carryforwards of each Portfolio would be taxable to such
Portfolio if not distributed. Therefore, each Portfolio of the Trust intends to
distribute all of its investment company taxable income and any net realized
capital gains in order to avoid federal income tax. The Portfolios'
distributions are based on income amounts determined in accordance with federal
income tax regulations. The character of distributions made during the year from
net investment income and net realized gains may differ for tax purposes due to
various differences in recording net investment income and realized gains for
financial statement and tax purposes.
EXPENSE ALLOCATION. Expenses not directly attributable to a particular Portfolio
are allocated based on the relative share of net assets of each Portfolio at the
time the expense was incurred, except as discussed in footnote 6.
REPURCHASE AGREEMENTS. Each Portfolio of the Trust may enter into repurchase
agreements. When a Portfolio enters into a repurchase agreement through its
custodian, it receives delivery of securities, the amount of which at the time
of purchase and each subsequent business day is required to be maintained at
such a level that the market value is generally at least 102% of the repurchase
amount. Each Portfolio will take constructive receipt of all securities
underlying the repurchase agreements it has entered into until such agreements
expire. If the seller defaults, a Portfolio would suffer a loss to the extent
that proceeds from the sale of underlying securities were less than the
repurchase amount.
CAPITAL ACCOUNTS. The Portfolios report the undistributed net investment income
and accumulated undistributed net realized gain (loss) accounts on a basis
approximating amounts available for future tax distributions (or to offset
future taxable realized gains when a capital loss carryforward is available).
Accordingly, each Portfolio of the Trust may periodically make reclassifications
among certain capital accounts without impacting its net asset value.
OTHER. Investment security transactions are accounted for on a trade date plus
one basis. Interest income is accrued as earned. Dividend income and
distributions to shareholders are recorded on the ex-dividend date. Foreign
dividends are recorded on the ex-date or as soon after the ex-date that the
Portfolio is aware of such dividends, net of all taxes. All original issue
discounts are accreted for financial and tax reporting purposes. The Portfolios
use the First In, First Out method for determining realized gain or loss on
187
<PAGE> 190
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
investments for both financial and federal income tax reporting purposes. The
preparation of financial statements in conformity with Generally Accepted
Accounting Principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of income and expenses during the
reporting period. Actual results may differ from these estimates.
3. CAPITAL LOSS CARRYFORWARDS. At December 31, 1997, capital loss carryforwards
available to offset future realized gains were approximately:
<TABLE>
<CAPTION>
CAPITAL LOSS CARRYFORWARD
EXPIRATION YEAR
-------------------------------------------------------------------------------
PORTFOLIO 2002 2003 2004 2005
- --------------- ---------- ---- ---------- ----------
<S> <C> <C> <C> <C>
International Small Cap ....... -- -- $ 426,000 $3,982,000
Pilgrim Baxter Growth ......... -- -- -- 4,038,000
Small/Mid Cap ................. -- -- 1,180,000 --
Small Company Value ........... -- -- -- 732,000
Capital Growth Bond ........... $ 644,000 -- 213,000 --
Investment Quality Bond ....... 3,114,000 -- -- --
U.S. Government Securities .... 2,529,000 -- -- 872,000
</TABLE>
4. CAPITAL SHARES. Share activity for the Trust for the six months ended June
30, 1998 was as follows:
<TABLE>
<CAPTION>
SHARES CAPITAL
---------- ------------
<S> <C> <C>
PACIFIC RIM EMERGING MARKETS
Sold ........................... 2,517,515 $ 17,452,828
Redeemed ....................... (1,864,492) (13,028,999)
---------- ------------
Net increase ................. 653,023 $ 4,423,829
========== ============
SCIENCE & TECHNOLOGY
Sold ........................... 2,502,403 $ 38,153,812
Redeemed ....................... (568,698) (8,651,336)
---------- ------------
Net increase ................. 1,933,705 $ 29,502,476
========== ============
INTERNATIONAL SMALL CAP
Sold ........................... 3,549,146 $ 53,988,220
Reinvestment of distributions .. 27,503 437,568
Redeemed ....................... (3,499,797) (53,282,728)
---------- ------------
Net increase ................. 76,852 $ 1,143,060
========== ============
EMERGING GROWTH
Sold ........................... 1,514,903 $ 37,139,606
Reinvestment of distributions .. 158,191 4,130,364
Redeemed ....................... (1,031,518) (25,200,064)
---------- ------------
Net increase ................. 641,576 $ 16,069,906
========== ============
PILGRIM BAXTER GROWTH
Sold ........................... 3,435,691 $ 43,762,403
Redeemed ....................... (1,448,232) (18,593,952)
---------- ------------
Net increase ................. 1,987,459 $ 25,168,451
========== ============
SMALL/MID CAP
Sold ........................... 2,747,027 $ 46,382,744
Redeemed ....................... (1,888,889) (32,071,413)
---------- ------------
Net increase ................. 858,138 $ 14,311,331
========== ============
</TABLE>
188
<PAGE> 191
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SHARES CAPITAL
---------- ------------
<S> <C> <C>
INTERNATIONAL STOCK
Sold ........................... 8,036,606 $ 101,812,647
Reinvestment of distributions .. 739 9,935
Redeemed ....................... (5,104,389) (64,996,218)
----------- -------------
Net increase .................. 2,932,956 $ 36,826,364
=========== =============
WORLDWIDE GROWTH
Sold ........................... 558,993 $ 8,498,345
Redeemed ....................... (103,751) (1,604,418)
----------- -------------
Net increase ................. 455,242 $ 6,893,927
=========== =============
GLOBAL EQUITY
Sold ........................... 2,182,502 $ 45,229,689
Reinvestment of distributions .. 3,005,041 64,337,927
Redeemed ....................... (2,406,921) (49,805,467)
----------- -------------
Net increase ................. 2,780,622 $ 59,762,149
=========== =============
SMALL COMPANY VALUE
Sold ........................... 5,172,290 $ 65,156,824
Reinvestment of distributions .. 4,241 56,194
Redeemed ....................... (580,445) (7,317,453)
----------- -------------
Net increase ................. 4,596,086 $ 57,895,565
=========== =============
EQUITY
Sold ........................... 3,277,485 $ 68,697,738
Reinvestment of distributions .. 14,385,769 293,469,692
Redeemed ....................... (5,476,473) (115,780,037)
----------- -------------
Net increase ................. 12,186,781 $ 246,387,393
=========== =============
GROWTH
Sold ........................... 2,246,562 $ 41,552,938
Reinvestment of distributions .. 443,371 8,441,791
Redeemed ....................... (206,171) (3,795,235)
----------- -------------
Net increase ................. 2,483,762 $ 46,199,494
=========== =============
QUANTITATIVE EQUITY
Sold ........................... 1,199,182 $ 27,749,856
Reinvestment of distributions .. 1,017,210 23,172,050
Redeemed ....................... (289,576) (6,774,971)
----------- -------------
Net increase ................. 1,926,816 $ 44,146,935
=========== =============
EQUITY INDEX
Sold ........................... 1,068,766 $ 14,493,526
Reinvestment of distributions .. 50,053 707,255
Redeemed ....................... (193,433) (2,528,284)
----------- -------------
Net increase ................. 925,386 $ 12,672,497
=========== =============
BLUE CHIP GROWTH
Sold ........................... 7,355,675 $ 120,867,949
Reinvestment of distributions .. 932,125 15,836,800
Redeemed ....................... (3,729,286) (61,026,962)
----------- -------------
Net increase ................. 4,558,514 $ 75,677,787
=========== =============
REAL ESTATE SECURITIES
Sold ........................... 1,789,828 $ 33,663,264
Reinvestment of distributions .. 1,208,641 21,139,142
Redeemed ....................... (534,683) (10,029,735)
----------- -------------
Net increase ................. 2,463,786 $ 44,772,671
=========== =============
</TABLE>
189
<PAGE> 192
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SHARES CAPITAL
---------- ------------
<S> <C> <C>
VALUE
Sold .......................... 5,399,547 $ 83,869,760
Redeemed ...................... (295,692) (4,634,715)
----------- -------------
Net increase ................ 5,103,855 $ 79,235,045
=========== =============
INTERNATIONAL GROWTH AND INCOME
Sold .......................... 10,241,349 $ 123,220,091
Reinvestment of distributions . 961,602 12,000,793
Redeemed ...................... (9,608,341) (14,829,600)
----------- -------------
Net increase ................ 1,594,610 $ 120,391,284
=========== =============
GROWTH AND INCOME
Sold .......................... 6,736,043 $ 172,606,058
Reinvestment of distributions . 4,443,994 114,877,243
Redeemed ...................... (1,823,246) (47,110,257)
----------- -------------
Net increase ................ 9,356,791 $ 240,373,044
=========== =============
EQUITY-INCOME
Sold .......................... 5,644,145 $ 99,886,888
Reinvestment of distributions . 3,319,011 59,543,058
Redeemed ...................... (2,701,156) (47,896,925)
----------- -------------
Net increase ................ 6,262,000 $ 111,533,021
=========== =============
BALANCED
Sold .......................... 1,156,752 $ 22,641,624
Reinvestment of distributions . 1,349,790 24,998,103
Redeemed ...................... (212,935) (4,195,997)
----------- -------------
Net increase ................ 2,293,607 $ 43,443,730
=========== =============
AGGRESSIVE ASSET ALLOCATION
Sold .......................... 307,583 $ 4,559,711
Reinvestment of distributions . 1,988,692 29,094,564
Redeemed ...................... (1,428,280) (21,067,931)
----------- -------------
Net increase ................ 867,995 $ 12,586,344
=========== =============
MODERATE ASSET ALLOCATION
Sold .......................... 107,483 $ 1,462,299
Reinvestment of distributions . 5,317,384 68,115,685
Redeemed ...................... (3,267,825) (42,901,053)
----------- -------------
Net increase ................ 2,157,042 $ 26,676,931
=========== =============
CONSERVATIVE ASSET ALLOCATION
Sold .......................... 265,705 $ 3,128,033
Reinvestment of distributions . 1,646,332 18,570,627
Redeemed ...................... (2,057,004) (24,330,835)
----------- -------------
Net decrease ................ (144,967) ($ 2,632,175)
=========== =============
HIGH YIELD
Sold .......................... 5,058,307 $ 70,793,273
Reinvestment of distributions . 24,312 343,765
Redeemed ...................... (294,025) (4,108,384)
----------- -------------
Net increase ................ 4,788,594 $ 67,028,654
=========== =============
STRATEGIC BOND
Sold .......................... 5,486,889 $ 67,698,760
Reinvestment of distributions . 2,251,302 26,813,006
Redeemed ...................... (1,820,015) (22,336,554)
----------- -------------
Net increase ................ 5,918,176 $ 72,175,212
=========== =============
</TABLE>
190
<PAGE> 193
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SHARES CAPITAL
---------- ------------
<S> <C> <C>
GLOBAL GOVERNMENT BOND
Sold ........................ 293,678 $ 4,151,115
Reinvestment of distributions 1,512,137 19,914,849
Redeemed .................... (1,651,397) (22,717,734)
----------- -------------
Net increase .............. 154,418 $ 1,348,230
=========== =============
CAPITAL GROWTH BOND
Sold ........................ 493,877 $ 5,815,395
Reinvestment of distributions 272,441 3,103,100
Redeemed .................... (268,292) (3,154,330)
----------- -------------
Net increase .............. 498,026 $ 5,764,165
=========== =============
INVESTMENT QUALITY BOND
Sold ........................ 5,277,147 $ 63,216,686
Reinvestment of distributions 990,654 11,620,376
Redeemed .................... (1,175,634) (14,156,271)
----------- -------------
Net increase .............. 5,092,167 $ 60,680,791
=========== =============
U.S. GOVERNMENT SECURITIES
Sold ........................ 4,207,264 $ 56,740,923
Reinvestment of distributions 996,467 13,043,750
Redeemed .................... (2,331,922) (31,333,850)
----------- -------------
Net increase .............. 2,871,809 $ 38,450,823
=========== =============
MONEY MARKET
Sold ........................ 49,467,106 $ 494,671,057
Reinvestment of distributions 1,234,146 12,341,457
Redeemed .................... (44,551,895) (445,518,945)
----------- -------------
Net increase .............. 6,149,357 $ 61,493,569
=========== =============
LIFESTYLE AGGRESSIVE 1000
Sold ........................ 1,665,286 $ 23,326,152
Reinvestment of distributions 221,591 3,164,313
Redeemed .................... (478,566) (6,791,252)
----------- -------------
Net increase .............. 1,408,311 $ 19,699,213
=========== =============
LIFESTYLE GROWTH 820
Sold ........................ 6,326,912 $ 90,146,778
Reinvestment of distributions 991,494 14,337,008
Redeemed .................... (343,607) (4,985,235)
----------- -------------
Net increase .............. 6,974,799 $ 99,498,551
=========== =============
LIFESTYLE BALANCED 640
Sold ........................ 8,211,376 $ 113,533,748
Reinvestment of distributions 963,401 13,439,938
Redeemed .................... (266,660) (3,766,658)
----------- -------------
Net increase .............. 8,908,117 $ 123,207,028
=========== =============
LIFESTYLE MODERATE 460
Sold ........................ 3,291,717 $ 45,023,256
Reinvestment of distributions 228,386 3,139,778
Redeemed .................... (372,774) (5,057,521)
----------- -------------
Net increase .............. 3,147,329 $ 43,105,513
=========== =============
</TABLE>
191
<PAGE> 194
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SHARES CAPITAL
---------- ------------
<S> <C> <C>
LIFESTYLE CONSERVATIVE 280
Sold ........................ 1,808,903 $ 23,685,460
Reinvestment of distributions 132,403 1,715,028
Redeemed .................... (57,116) (753,667)
---------- ------------
Net increase .............. 1,884,190 $ 24,646,821
========== ============
</TABLE>
5. PURCHASES AND SALES OF SECURITIES. The following summarizes the securities
transactions (except for short-term investments) for the Portfolios (with the
exception of Money Market) for the six months ended June 30, 1998:
<TABLE>
<CAPTION>
PURCHASES SALES
--------------------------------- ----------------------------------
U.S. U.S.
PORTFOLIO GOVERNMENT OTHER ISSUES GOVERNMENT OTHER ISSUES
--------- ---------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Pacific Rim Emerging Markets .. -- $ 11,234,047 -- $ 5,902,257
Science & Technology .......... -- 75,561,557 -- 47,814,293
International Small Cap ....... -- 34,844,155 -- 30,544,160
Emerging Growth ............... -- 117,954,029 -- 105,948,840
Pilgrim Baxter Growth ......... -- 154,721,484 -- 133,123,974
Small/Mid Cap ................. -- 235,616,905 -- 205,695,870
International Stock ........... -- 66,919,359 -- 21,246,732
Worldwide Growth .............. -- 15,925,564 -- 10,767,076
Global Equity ................. -- 128,154,077 -- 129,255,377
Small Company Value ........... -- 109,545,085 -- 51,187,787
Equity ........................ -- 667,322,307 -- 725,400,056
Growth ........................ -- 135,790,637 -- 87,643,559
Quantitative Equity ........... -- 253,366,331 -- 228,427,034
Equity Index .................. -- 11,469,992 -- 133,863
Blue Chip Growth .............. -- 232,696,087 -- 167,248,233
Real Estate Securities ........ -- 105,726,769 -- 78,215,460
Value ......................... -- 102,684,283 -- 35,068,417
International Growth and Income -- 239,857,149 -- 221,949,132
Growth and Income ............. -- 226,314,776 -- 80,688,407
Equity-Income ................. -- 170,502,125 -- 104,418,175
Balanced ...................... $ 33,873,359 144,058,294 $ 38,418,528 139,260,757
Aggressive Asset Allocation ... 6,373,463 63,103,698 1,319,769 78,832,936
Moderate Asset Allocation ..... 128,882,755 147,278,082 108,342,401 191,263,725
Conservative Asset Allocation . 104,423,583 28,133,396 57,453,531 95,083,757
High Yield .................... -- 126,261,436 -- 63,180,444
Strategic Bond ................ 378,627,050 188,887,705 370,971,725 138,433,754
Global Government Bond ........ -- 103,045,010 -- 119,533,487
Capital Growth Bond ........... 9,804,550 -- -- 6,003,121
Investment Quality Bond ....... 49,993,561 45,911,185 17,088,013 20,511,818
U.S. Government Securities .... 543,348,210 -- 495,993,087 --
Lifestyle Aggressive 1000 ..... -- 32,587,436 -- 14,463,574
Lifestyle Growth 820 .......... -- 132,688,928 -- 38,737,334
Lifestyle Balanced 640 ........ -- 162,582,395 -- 42,122,760
Lifestyle Moderate 460 ........ -- 55,961,290 -- 13,227,746
Lifestyle Conservative 280 .... -- 30,352,747 -- 5,841,408
</TABLE>
Purchases and sales for Money Market for the six months ended June 30, 1998 were
$5,514,370,347 and $5,457,161,942, respectively.
192
<PAGE> 195
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
PURCHASES AND SALES OF SECURITIES - CONTINUED
At June 30, 1998, tax basis net unrealized appreciation (depreciation) was equal
to the aggregate gross unrealized appreciation for all securities in which there
was an excess of market value over tax cost and aggregate gross unrealized
depreciation for all securities in which there was an excess of tax cost over
market value as follows:
<TABLE>
<CAPTION>
TAX BASIS NET
UNREALIZED TAX BASIS TAX BASIS
TAX BASIS APPRECIATION UNREALIZED UNREALIZED
PORTFOLIO COST (DEPRECIATION) APPRECIATION DEPRECIATION
--------- ---- -------------- ------------ ------------
<S> <C> <C> <C> <C>
Pacific Rim Emerging Markets........ $33,798,637 ($6,618,330) $3,713,780 $10,332,110
Science & Technology................ 133,092,376 35,257,254 41,573,849 6,316,595
International Small Cap............. 133,738,657 44,488,841 47,836,721 3,347,880
Emerging Growth..................... 311,928,085 102,469,955 117,918,398 15,448,443
Pilgrim Baxter Growth............... 150,123,027 5,199,192 12,035,548 6,836,356
Small/Mid Cap ...................... 362,729,304 136,162,613 138,706,926 2,544,313
International Stock................. 211,676,357 47,637,123 58,385,825 10,748,702
Worldwide Growth.................... 37,935,215 9,868,182 10,766,440 898,258
Global Equity....................... 889,523,472 329,210,034 378,373,512 49,163,478
Small Company Value................. 142,445,961 19,218,872 27,912,408 8,693,536
Equity.............................. 1,769,933,386 364,392,535 452,772,202 88,379,667
Growth.............................. 226,313,750 61,670,536 65,045,566 3,375,030
Quantitative Equity................. 214,131,611 32,736,570 36,383,418 3,646,848
Equity Index........................ 43,444,144 7,386,424 8,288,652 902,228
Blue Chip Growth.................... 740,076,096 243,978,582 250,175,191 6,196,609
Real Estate Securities.............. 208,348,737 23,102,847 31,219,637 8,116,790
Value............................... 236,383,631 16,914,015 28,873,350 11,959,335
International Growth and Income..... 258,004,867 44,312,114 58,809,659 14,497,545
Growth and Income................... 1,369,817,523 705,879,424 723,351,647 17,472,223
Equity-Income....................... 907,225,170 226,882,844 246,955,105 20,072,261
Balanced............................ 213,159,476 28,379,462 30,287,023 1,907,561
Aggressive Asset Allocation......... 230,375,602 88,978,866 95,837,950 6,859,084
Moderate Asset Allocation........... 574,300,838 156,507,973 168,454,923 11,946,950
Conservative Asset Allocation....... 183,808,273 24,315,470 26,150,038 1,834,568
High Yield.......................... 175,244,404 10,862,298 14,337,554 3,475,256
Strategic Bond...................... 504,268,264 32,546,698 41,676,031 9,129,333
Global Government Bond.............. 211,305,894 16,310,090 23,391,180 7,081,090
Capital Growth Bond................. 56,891,872 3,411,660 3,437,949 26,289
Investment Quality Bond............. 299,350,245 65,982,347 67,372,593 1,390,246
U.S. Government Securities.......... 390,982,053 42,732,805 43,118,433 385,628
Lifestyle Aggressive 1000........... 68,343,614 1,834,961 2,898,314 1,063,353
Lifestyle Growth 820................ 312,711,806 8,900,695 12,562,085 3,661,390
Lifestyle Balanced 640.............. 306,161,769 4,382,123 7,429,743 3,047,620
Lifestyle Moderate 460.............. 95,043,060 2,074,212 2,277,027 202,815
Lifestyle Conservative 280.......... 43,955,111 297,431 365,875 68,444
</TABLE>
193
<PAGE> 196
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
6. INVESTMENT ADVISORY AGREEMENTS. Effective March 20, 1987, the Trust entered
into an Investment Advisory Agreement with MSS (the "Adviser"), a wholly-owned
subsidiary of MNA and the principal underwriter of the variable annuity
contracts issued by MNA and MNY. The Adviser is responsible for managing the
corporate and business affairs of the Trust and for selecting and compensating
subadvisers to handle the investment and reinvestment of the assets of each
Portfolio of the Trust, subject to the supervision of the Trust's Board of
Trustees. As compensation for its services, the Adviser receives an advisory fee
from the Trust based on the average daily net assets of each Portfolio, except
for the Lifestyle Trusts for which the Adviser makes no charge. Advisory fees
charged to each Portfolio were as follows:
<TABLE>
<CAPTION>
PORTFOLIO FEE
--------- ---
<S> <C>
Pacific Rim Emerging Markets...................... .850%
Science & Technology.............................. 1.100%
International Small Cap........................... 1.100%
Emerging Growth................................... 1.050%
Pilgrim Baxter Growth............................. 1.050%
Small/Mid Cap..................................... 1.000%
International Stock............................... 1.050%
Worldwide Growth.................................. 1.000%
Global Equity..................................... .900%
Small Company Value............................... 1.050%
Equity............................................ .750%
Growth............................................ .850%
Quantitative Equity............................... .700%
Equity Index...................................... .250%
Blue Chip Growth.................................. .925%
Real Estate Securities............................ .700%
Value............................................. .800%
International Growth and Income................... .950%
Growth and Income................................. .750%
Equity-Income..................................... .800%
Balanced.......................................... .800%
Aggressive Asset Allocation....................... .750%
Moderate Asset Allocation......................... .750%
Conservative Asset Allocation..................... .750%
High Yield........................................ .775%
Strategic Bond.................................... .775%
Global Government Bond............................ .800%
Capital Growth Bond............................... .650%
Investment Quality Bond........................... .650%
U.S. Government Securities........................ .650%
Money Market...................................... .500%
</TABLE>
For the six months ended June 30, 1998, the Adviser paid aggregate subadvisory
fees of $16,887,202 and retained net investment advisory fees after payment of
subadvisory fees of $29,085,638, allocated among the portfolios as follows:
<TABLE>
<CAPTION>
FEE AS A % OF FEE AS A % OF
AVERAGE AVERAGE
FEE ANNUAL NET ASSETS FEE ANNUAL NET
PAID TO PAID TO RETAINED ASSETS RETAINED
PORTFOLIO SUBADVISER SUBADVISER BY ADVISER BY ADVISER
- --------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Pacific Rim Emerging Markets........ $50,761 .400% $57,105 .450%
Science & Technology................ 265,752 .600% 221,461 .500%
International Small Cap............. 438,486 .620% 342,677 .480%
Emerging Growth..................... 792,730 .550% 720,665 .500%
Pilgrim Baxter Growth............... 331,139 .600% 248,354 .450%
Small/Mid Cap....................... 742,452 .496% 755,357 .504%
International Stock................. 477,471 .545% 441,909 .505%
</TABLE>
194
<PAGE> 197
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
INVESTMENT ADVISORY AGREEMENTS, CONTINUED
<TABLE>
<CAPTION>
FEE AS A % OF FEE AS A % OF
AVERAGE AVERAGE
FEE ANNUAL NET FEE ANNUAL NET
PAID TO ASSETS PAID TO RETAINED ASSETS RETAINED
PORTFOLIO SUBADVISER SUBADVISER BY ADVISER BY ADVISER
- --------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Worldwide Growth.................... $88,739 .600% $59,159 .400%
Global Equity....................... 1,741,386 .370% 2,497,288 .530%
Small Company Value................. 287,798 .588% 226,427 .462%
Equity.............................. 1,841,676 .231% 4,134,813 .519%
Growth.............................. 448,969 .444% 409,830 .406%
Quantitative Equity................. 227,747 .237% 444,686 .463%
Equity Index........................ 17,949 .100% 26,924 .150%
Blue Chip Growth.................... 1,643,464 .412% 2,046,352 .513%
Real Estate Securities.............. 202,401 .240% 388,721 .460%
Value............................... 309,263 .320% 461,281 .480%
International Growth and Income..... 517,619 .460% 551,377 .490%
Growth and Income................... 1,717,426 .190% 5,061,889 .560%
Equity-Income....................... 1,129,984 .225% 2,894,061 .575%
Balanced............................ 335,357 .340% 453,718 .460%
Aggressive Asset Allocation......... 444,535 .349% 511,835 .401%
Moderate Asset Allocation........... 870,556 .280% 1,464,232 .470%
Conservative Asset Allocation....... 310,085 .312% 435,398 .438%
High Yield.......................... 202,179 .320% 288,091 .455%
Strategic Bond...................... 556,672 .281% 976,855 .494%
Global Government Bond.............. 369,706 .353% 467,408 .447%
Capital Growth Bond................. 62,706 .225% 118,445 .425%
Investment Quality Bond............. 233,663 .220% 457,579 .430%
U.S. Government Securities.......... 274,891 .206% 593,978 .444%
Money Market........................ 175,289 .072% 1,033,974 .428%
</TABLE>
Of the total retained by the Adviser, $1,525,234 was paid to Manulife America
and $43,366 was paid to Manulife USA.
EXPENSE REIMBURSEMENT. Pursuant to the Advisory Agreement, the Adviser
reimburses the Trust for expenses (excluding advisory fees, taxes, portfolio
brokerage commissions and interest) incurred in excess, on an annualized basis,
of 0.15% of the average daily net assets of Equity Index, 0.50% of the average
daily net assets of Science & Technology, Emerging Growth, Pilgrim Baxter
Growth, Small/Mid Cap, Growth, Equity, Quantitative Equity, Blue Chip Growth,
Real Estate Securities, Value, Growth and Income, Equity-Income, Balanced,
Aggressive Asset Allocation, Moderate Asset Allocation, Conservative Asset
Allocation, High Yield, Strategic Bond, Capital Growth Bond, Investment Quality
Bond, U.S. Government Securities, Money Market, Lifestyle Aggressive 1000,
Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460 and
Lifestyle Conservative 280 and 0.75% of the average daily net assets of Pacific
Rim Emerging Markets, International Small Cap, International Stock, Worldwide
Growth, Global Equity, International Growth and Income and Global Government
Bond. In the case of the Lifestyle Trusts, the Adviser has agreed to pay the
expenses of the Lifestyle Trusts (other than the expenses of the underlying
Portfolios). This expense reimbursement may be terminated at any time. For the
six months ended June 30, 1998, the Adviser reimbursed Equity Index, Lifestyle
Aggressive 1000, Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle
Moderate 460 and Lifestyle Conservative 280 the amounts of $28,149, $5,688,
$25,611, $23,429, $6,724 and $2,824 respectively, for expenses incurred in
excess of the applicable limitations.
7. TRUSTEES' FEES. The Trust pays each Trustee who is not an employee or
director of the Adviser or its affiliates a fee of $7,500 plus travel expenses
for each Board of Trustees meeting attended. The Trust also pays each Trustee
who is not an employee of the Adviser or its affiliates an annual retainer of
$30,000.
8. COMMITMENTS. At June 30, 1998, International Small Cap, Worldwide Growth,
Global Equity, International Growth and Income, Balanced, Aggressive Asset
Allocation, Moderate Asset Allocation, Conservative Asset Allocation, High
Yield, Strategic Bond and Global Government Bond had entered into forward
foreign currency contracts which contractually obligate the Portfolio to deliver
currencies at future dates. Open sale and purchase contracts at June 30, 1998
were as follows:
195
<PAGE> 198
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
COMMITMENTS, CONTINUED
<TABLE>
<CAPTION>
NET
UNREALIZED
CONTRACTS IN EXCHANGE SETTLEMENT APPRECIATION
TO DELIVER FOR DATE VALUE (DEPRECIATION)
---------- ---------------------- ---- ----- --------------
<S> <C> <C> <C> <C> <C>
INTERNATIONAL SMALL CAP:
PURCHASES $ 111,011 ATS 1,412,057 07/01/1998 $ 111,295 $ 284
278,162 NOK 2,127,937 07/01/1998 277,635 (526)
POUND
147,688 STERLING 88,969 07/03/1998 148,551 863
----------- ----------- ---------
$ 536,861 $ 537,482 $ 621
=========== =========== =========
SALES
Great British Pounds.......... 274,116 $ 456,596 07/01/1998 $ 457,691 $ (1,095)
Great British Pounds.......... 373,539 621,943 07/02/1998 623,698 (1,756)
Great British Pounds.......... 107,793 178,936 07/03/1998 179,982 (1,046)
----------- ----------
$ 1,257,475 $ 1,261,372 ($3,897)
=========== =========== ---------
($3,276)
=========
WORLDWIDE GROWTH:
POUND
PURCHASES $ 98,404 STERLING 59,101 07/02/1998 $ 98,682 $278
=========== =========== =========
GLOBAL EQUITY:
SALES
Great British Pound........... 32,400,000 $52,882,650 12/16/1998 $53,582,237 ($699,587)
=========== =========== =========
.
INTERNATIONAL GROWTH AND INCOME:
PURCHASES $ 1,268,231 CHF 1,858,973 08/19/1998 $ 1,233,755 ($34,476)
22,758,127 DEM 40,361,344 08/19/1998 22,447,799 (310,329)
2,475,252 IEP 1,759,528 08/19/1998 2,455,404 (19,848)
1,041,635 NZD 2,050,489 08/19/1998 1,063,508 21,873
609,754 SGD 1,015,789 08/19/1998 600,991 (8,763)
------------ ----------- ---------
$28,152,999 $27,801,457 ($351,542)
=========== =========== ---------
SALES
Australian Dollar............. 7,860,522 $4,814,131 08/19/1998 $4,882,594 ($68,463)
Swiss Franc................... 9,302,567 6,337,047 08/19/1998 6,173,888 163,159
German Deutsche Mark.......... 66,465,522 37,441,260 08/19/1998 36,966,179 475,081
French Franc.................. 26,100,000 4,322,767 08/19/1998 4,330,196 (7,429)
Hong Kong Dollar.............. 15,040,000 1,913,931 08/19/1998 1,932,466 (18,535)
Irish Punt.................... 1,759,528 2,506,447 08/19/1998 2,455,404 51,043
New Zealand Dollar............ 3,936,733 2,086,240 08/19/1998 2,041,830 44,411
Singapore Dollar.............. 1,015,789 614,698 08/19/1998 600,991 13,708
South African Rand............ 4,400,000 814,739 08/19/1998 724,742 89,997
----------- ----------- -------
. $60,851,261 $60,108,289 $ 742,972
=========== =========== ---------
</TABLE>
<TABLE>
<CAPTION>
NET
CROSS CURRENCY: UNREALIZED
PAYABLE CONTRACTS RECEIVABLE IN EXCHANGE SETTLEMENT APPRECIATION
CURRENCY TO DELIVER VALUE CURRENCY FOR VALUE DATE (DEPRECIATION)
- -------- ----------- ------ -------- ---- ------ ---- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
POUND
STERLING 510,336 $851,081 SEK 6,395,971 $850,520 07/01/1998 ($561)
SGD 223,730 131,527 DKK 900,000 130,645 07/01/1998 (822)
-------- -------- --------
$982,608 $981,164 ($1,443)
======== ======== --------
$389,987
========
</TABLE>
196
<PAGE> 199
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
COMMITMENTS, CONTINUED
<TABLE>
<CAPTION>
NET
UNREALIZED
CONTRACTS IN EXCHANGE SETTLEMENT APPRECIATION
TO DELIVER FOR DATE VALUE (DEPRECIATION)
---------- --- ---- ----- --------------
<S> <C> <C> <C> <C> <C>
BALANCED:
PURCHASES .................... $ 402,797 FRF 2,427,458 07/31/1998 $ 401,518 ($ 1,279)
============ ============ =========
AGGRESSIVE ASSET ALLOCATION:
SALES
Italian Lira .............. 249,000,000 $ 139,574 07/02/1998 $ 140,144 ($ 570)
============ ============ =========
MODERATE ASSET ALLOCATION:
SALES
Japanese Yen .............. 8,000,000 $ 56,410 07/01/1998 $ 57,858 ($ 1,448)
Italian Lira .............. 411,000,000 230,381 07/02/1998 231,321 (940)
----------- ------------ ---------
$ 286,791 $ 289,179 ($ 2,388)
============ ============ =========
CONSERVATIVE ASSET ALLOCATION:
SALES
Italian Lira .............. 106,000,000 $ 59,417 07/02/1998 $ 59,659 ($ 242)
=========== ============ =========
HIGH YIELD:
SALES
German Deutsche Mark ...... 1,880,000 $ 1,060,351 08/31/1998 $ 1,046,278 $ 14,072
German Deutsche Mark ...... 1,115,000 622,905 09/18/1998 621,175 1,730
German Deutsche Mark ...... 2,120,000 1,188,105 09/22/1998 1,181,341 6,764
German Deutsche Mark ...... 1,350,000 759,707 09/24/1998 752,355 7,352
Great British Pounds ...... 865,000 1,430,710 10/02/1998 1,436,758 (6,048)
German Deutsche Mark ...... 1,250,000 693,289 10/06/1998 697,102 (3,813)
----------- ------------ ---------
$ 5,755,066 $ 5,735,009 $ 20,057
=========== ============ =========
STRATEGIC BOND:
SALES
Canadian Dollar ........... 6,492,884 $ 4,530,974 08/12/1998 $ 4,416,342 $ 114,632
German Deutsche Mark ...... 10,904,196 6,150,000 08/12/1998 6,062,096 87,904
Danish Krone .............. 34,024,770 5,048,185 08/12/1998 4,961,810 86,375
Japanese Yen .............. 258,054,286 1,972,892 08/12/1998 1,878,224 94,668
Netherland Guilder ........ 1,867,629 934,282 08/12/1998 921,191 13,091
New Zealand Dollar ........ 2,694,248 1,444,117 08/12/1998 1,398,021 46,097
----------- ------------ ---------
$20,080,449 $ 19,637,684 $ 442,766
=========== ============ ---------
PURCHASES
$ 1,910,594 CAD 2,760,809 08/12/1998 $ 1,877,852 ($ 32,742)
10,395,317 DEM 18,396,057 08/12/1998 10,227,134 (168,183)
------------ ------------ ---------
$ 12,305,911 $ 12,104,986 ($200,925)
============ ============ ---------
</TABLE>
<TABLE>
<CAPTION>
NET
CROSS CURRENCY: UNREALIZED
PAYABLE CONTRACTS RECEIVABLE IN EXCHANGE SETTLEMENT APPRECIATION
CURRENCY TO DELIVER VALUE CURRENCY FOR VALUE DATE (DEPRECIATION)
- -------- ---------- ------ -------- ---- ------ ---- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
DEM 5,140,000 $2,873,297 GRD 884,080,000 $2,887,264 08/12/1998 $13,966
DEM 3,480,000 1,949,050 NLG 3,922,134 1,948,990 08/12/1998 (60)
GRD 856,996,000 2,756,782 DEM 4,820,000 $2,698,063 08/12/1998 (58,719)
---------- ---------- --------
$7,579,129 $7,534,317 ($44,813)
========== ========== --------
$197,028
========
</TABLE>
197
<PAGE> 200
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- -------------------------------------------------------------------------------
COMMITMENTS, CONTINUED
<TABLE>
<CAPTION>
NET
UNREALIZED
CONTRACTS IN EXCHANGE SETTLEMENT APPRECIATION
TO DELIVER FOR DATE VALUE (DEPRECIATION)
------------ ------------------------ -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
GLOBAL GOVERNMENT BOND:
SALES
Japanese Yen ....... 341,100,000 $ 2,392,006 07/01/1998 $ 2,466,912 ($ 74,907)
South African Rand.. 79,352,400 15,200,000 07/02/1998 13,367,805 1,832,195
South African Rand.. 56,897,025 9,600,000 07/15/1998 9,521,519 78,481
Great British Pound. 14,022,841 22,900,000 07/28/1998 23,377,323 (477,323)
New Zealand Dollar.. 32,549,389 17,300,000 07/28/1998 16,904,725 395,275
South African Rand.. 37,770,150 6,050,000 08/03/1998 6,264,616 (214,616)
Australian Dollar... 21,661,694 14,600,000 10/02/1998 13,461,935 1,138,065
Danish Krone ....... 61,483,500 9,000,000 10/02/1998 8,986,107 13,893
Italian Lira ....... 40,578,400,000 23,000,000 10/02/1998 22,876,040 123,960
Swedish Krone ...... 235,256,400 29,200,000 10/02/1998 29,607,828 (407,828)
Australian Dollar... 21,635,263 13,800,000 12/02/1998 13,457,310 342,691
Danish Krone ....... 40,947,000 6,000,000 12/02/1998 6,001,662 (1,662)
Swedish Krone ...... 79,485,000 10,000,000 12/02/1998 10,030,412 (30,412)
--------------- ------------- -----------
$ 179,042,006 $ 176,324,194 $ 2,717,812
=============== ============= -----------
PURCHASES
$ 1,540,086 ZAR 9,336,000 07/03/1998 $ 1,574,368 $ 34,282
13,725,825 ZAR 79,352,400 07/02/1998 13,367,805 (358,020)
POUND
23,020,902 STERLING 14,022,841 07/28/1998 23,377,323 356,422
16,672,372 NZD 32,549,389 07/28/1998 16,904,725 232,353
14,118,551 AUD 21,661,694 10/02/1998 13,461,935 (656,616)
9,076,751 DKK 61,483,500 10/02/1998 8,986,107 (90,644)
22,899,101 ITL 40,578,400,000 10/02/1998 22,876,040 (23,060)
30,010,489 SEK 235,256,400 10/02/1998 29,607,828 (402,661)
13,087,619 AUD 21,635,263 12/02/1998 13,457,310 369,691
--------------- ------------- -----------
$ 144,151,693 $ 143,613,441 ($ 538,252)
=============== ============= -----------
</TABLE>
<TABLE>
<CAPTION>
CROSS CURRENCY: NET
UNREALIZED
PAYABLE CONTRACTS RECEIVABLE IN EXCHANGE SETTLEMENT APPRECIATION
CURRENCY TO DELIVER VALUE CURRENCY FOR VALUE DATE (DEPRECIATION)
- -------- ----------- ------ -------- ---- ------ ---- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
POUND
DEM 64,235,580 $36,163,487 STERLING 21,800,000 $36,234,938 12/02/1998 $ 71,451
GBP 23,374,716 38,401,433 DEM 68,927,840 38,339,430 12/02/1998 (62,303)
----------- ----------- -----------
$74,564,920 $74,574,368 $ 9,448
=========== =========== ----------
$2,189,008
==========
</TABLE>
198
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> EQUITY TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,768,004,357
<INVESTMENTS-AT-VALUE> 1,891,455,283
<RECEIVABLES> 12,452,257
<ASSETS-OTHER> 160,239
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,904,067,779
<PAYABLE-FOR-SECURITIES> 11,569,626
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 242,983,346
<TOTAL-LIABILITIES> 254,552,972
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,408,493,223
<SHARES-COMMON-STOCK> 82,944,313
<SHARES-COMMON-PRIOR> 70,757,532
<ACCUMULATED-NII-CURRENT> 2,779,192
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 114,793,361
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 123,449,031
<NET-ASSETS> 1,649,514,807
<DIVIDEND-INCOME> 8,350,685
<INTEREST-INCOME> 788,091
<OTHER-INCOME> 0
<EXPENSES-NET> 6,359,583
<NET-INVESTMENT-INCOME> 2,779,193
<REALIZED-GAINS-CURRENT> 116,933,856
<APPREC-INCREASE-CURRENT> 55,503,876
<NET-CHANGE-FROM-OPS> 175,215,006
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,882,009
<DISTRIBUTIONS-OF-GAINS> 288,587,683
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,277,485
<NUMBER-OF-SHARES-REDEEMED> 5,476,473
<SHARES-REINVESTED> 14,385,769
<NET-CHANGE-IN-ASSETS> 128,132,707
<ACCUMULATED-NII-PRIOR> 4,882,008
<ACCUMULATED-GAINS-PRIOR> 286,447,188
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,976,489
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,359,583
<AVERAGE-NET-ASSETS> 1,606,938,137
<PER-SHARE-NAV-BEGIN> 21.50
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.59
<PER-SHARE-DIVIDEND> 0.07
<PER-SHARE-DISTRIBUTIONS> 4.16
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.89
<EXPENSE-RATIO> 0.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 2
<NAME> INVESTMENT QUALITY BOND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 299,350,245
<INVESTMENTS-AT-VALUE> 303,758,821
<RECEIVABLES> 4,485,559
<ASSETS-OTHER> 1,805
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 308,246,185
<PAYABLE-FOR-SECURITIES> 184,229
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61,589,230
<TOTAL-LIABILITIES> 61,773,459
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 237,008,550
<SHARES-COMMON-STOCK> 20,641,355
<SHARES-COMMON-PRIOR> 15,549,187
<ACCUMULATED-NII-CURRENT> 7,417,531
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (940,353)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,141,657
<NET-ASSETS> 58,628,171
<DIVIDEND-INCOME> 15,188
<INTEREST-INCOME> 8,165,783
<OTHER-INCOME> 0
<EXPENSES-NET> 763,440
<NET-INVESTMENT-INCOME> 7,417,531
<REALIZED-GAINS-CURRENT> 752,071
<APPREC-INCREASE-CURRENT> 697,766
<NET-CHANGE-FROM-OPS> 8,867,368
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,620,376
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,277,147
<NUMBER-OF-SHARES-REDEEMED> 1,175,634
<SHARES-REINVESTED> 990,654
<NET-CHANGE-IN-ASSETS> 57,927,783
<ACCUMULATED-NII-PRIOR> 11,620,376
<ACCUMULATED-GAINS-PRIOR> (3,114,002)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 691,242
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 763,440
<AVERAGE-NET-ASSETS> 214,452,328
<PER-SHARE-NAV-BEGIN> 12.13
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> 0.69
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.94
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 3
<NAME> MONEY MARKET
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 497,234,248
<INVESTMENTS-AT-VALUE> 497,234,248
<RECEIVABLES> 4,060,148
<ASSETS-OTHER> 3,227
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 501,297,623
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 90,516
<TOTAL-LIABILITIES> 90,516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 501,207,107
<SHARES-COMMON-STOCK> 50,120,711
<SHARES-COMMON-PRIOR> 43,971,354
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 501,207,107
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,713,259
<OTHER-INCOME> 0
<EXPENSES-NET> 1,302,037
<NET-INVESTMENT-INCOME> 12,411,222
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,411,222
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,411,222
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49,467,106
<NUMBER-OF-SHARES-REDEEMED> 44,551,895
<SHARES-REINVESTED> 1,234,146
<NET-CHANGE-IN-ASSETS> 61,493,569
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,209,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,302,037
<AVERAGE-NET-ASSETS> 487,713,931
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.25
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 4
<NAME> GLOBAL EQUITY
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 889,523,468
<INVESTMENTS-AT-VALUE> 1,088,509,412
<RECEIVABLES> 65,699,419
<ASSETS-OTHER> 2,466,374
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,156,675,205
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 184,020,318
<TOTAL-LIABILITIES> 184,020,318
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 727,486,009
<SHARES-COMMON-STOCK> 47,593,856
<SHARES-COMMON-PRIOR> 44,813,235
<ACCUMULATED-NII-CURRENT> 5,156,770
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 41,671,937
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 198,340,171
<NET-ASSETS> 972,654,887
<DIVIDEND-INCOME> 9,966,885
<INTEREST-INCOME> 384,407
<OTHER-INCOME> 0
<EXPENSES-NET> 4,714,382
<NET-INVESTMENT-INCOME> 5,636,910
<REALIZED-GAINS-CURRENT> 41,671,940
<APPREC-INCREASE-CURRENT> 61,509,067
<NET-CHANGE-FROM-OPS> 108,817,917
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16,146,782
<DISTRIBUTIONS-OF-GAINS> 48,191,144
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,182,502
<NUMBER-OF-SHARES-REDEEMED> 2,406,921
<SHARES-REINVESTED> 3,005,041
<NET-CHANGE-IN-ASSETS> 104,242,140
<ACCUMULATED-NII-PRIOR> 15,666,642
<ACCUMULATED-GAINS-PRIOR> 48,191,141
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,238,674
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,714,382
<AVERAGE-NET-ASSETS> 949,733,334
<PER-SHARE-NAV-BEGIN> 19.38
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 2.38
<PER-SHARE-DIVIDEND> 0.36
<PER-SHARE-DISTRIBUTIONS> 1.08
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.44
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 5
<NAME> GLOBAL GOVERNMENT BOND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 211,305,892
<INVESTMENTS-AT-VALUE> 206,917,986
<RECEIVABLES> 402,634,200
<ASSETS-OTHER> 8,234,214
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 617,786,400
<PAYABLE-FOR-SECURITIES> 1,574,368
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 415,776,057
<TOTAL-LIABILITIES> 417,350,425
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 197,737,478
<SHARES-COMMON-STOCK> 15,516,606
<SHARES-COMMON-PRIOR> 15,362,187
<ACCUMULATED-NII-CURRENT> 4,692,678
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 200,702
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,194,883)
<NET-ASSETS> 200,435,975
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,102,280
<OTHER-INCOME> 0
<EXPENSES-NET> 988,277
<NET-INVESTMENT-INCOME> 6,114,003
<REALIZED-GAINS-CURRENT> 247,728
<APPREC-INCREASE-CURRENT> (3,476,260)
<NET-CHANGE-FROM-OPS> 2,885,471
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14,017,074
<DISTRIBUTIONS-OF-GAINS> 5,897,775
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 293,678
<NUMBER-OF-SHARES-REDEEMED> 1,651,397
<SHARES-REINVESTED> 1,512,137
<NET-CHANGE-IN-ASSETS> (15,681,148)
<ACCUMULATED-NII-PRIOR> 12,595,749
<ACCUMULATED-GAINS-PRIOR> 5,850,749
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 837,114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 988,277
<AVERAGE-NET-ASSETS> 211,013,038
<PER-SHARE-NAV-BEGIN> 14.07
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> (0.23)
<PER-SHARE-DIVIDEND> 0.95
<PER-SHARE-DISTRIBUTIONS> 0.40
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.92
<EXPENSE-RATIO> 0.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 6
<NAME> US GOVERNMENT SECURITIES
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 390,976,980
<INVESTMENTS-AT-VALUE> 394,506,203
<RECEIVABLES> 2,229,814
<ASSETS-OTHER> 1,906
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 396,737,923
<PAYABLE-FOR-SECURITIES> 71,935,302
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,254,644
<TOTAL-LIABILITIES> 111,189,946
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 276,537,998
<SHARES-COMMON-STOCK> 21,488,200
<SHARES-COMMON-PRIOR> 18,616,392
<ACCUMULATED-NII-CURRENT> 8,311,846
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,831,090)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,529,223
<NET-ASSETS> 285,547,977
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,870,982
<OTHER-INCOME> 406,843
<EXPENSES-NET> 950,387
<NET-INVESTMENT-INCOME> 8,327,438
<REALIZED-GAINS-CURRENT> 564,876
<APPREC-INCREASE-CURRENT> (28,745)
<NET-CHANGE-FROM-OPS> 8,863,569
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,043,750
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,207,264
<NUMBER-OF-SHARES-REDEEMED> 2,331,922
<SHARES-REINVESTED> 996,467
<NET-CHANGE-IN-ASSETS> 34,270,642
<ACCUMULATED-NII-PRIOR> 13,028,158
<ACCUMULATED-GAINS-PRIOR> (3,395,966)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 868,869
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 950,387
<AVERAGE-NET-ASSETS> 269,559,989
<PER-SHARE-NAV-BEGIN> 13.50
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.10
<PER-SHARE-DIVIDEND> 0.65
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.29
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 7
<NAME> CONSERVATIVE ASSET ALLOCATION TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 183,740,211
<INVESTMENTS-AT-VALUE> 201,348,028
<RECEIVABLES> 1,543,600
<ASSETS-OTHER> 55,753
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 202,947,381
<PAYABLE-FOR-SECURITIES> 214,702
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,804,233
<TOTAL-LIABILITIES> 7,018,935
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 168,549,730
<SHARES-COMMON-STOCK> 17,196,677
<SHARES-COMMON-PRIOR> 17,341,644
<ACCUMULATED-NII-CURRENT> 4,199,825
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,583,931
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,594,960
<NET-ASSETS> 195,928,446
<DIVIDEND-INCOME> 427,357
<INTEREST-INCOME> 4,669,558
<OTHER-INCOME> 0
<EXPENSES-NET> 876,813
<NET-INVESTMENT-INCOME> 4,220,102
<REALIZED-GAINS-CURRENT> 5,707,579
<APPREC-INCREASE-CURRENT> 2,855,445
<NET-CHANGE-FROM-OPS> 12,783,126
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,864,663
<DISTRIBUTIONS-OF-GAINS> 9,705,964
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 265,705
<NUMBER-OF-SHARES-REDEEMED> 2,057,004
<SHARES-REINVESTED> 1,646,332
<NET-CHANGE-IN-ASSETS> (8,419,676)
<ACCUMULATED-NII-PRIOR> 4,199,825
<ACCUMULATED-GAINS-PRIOR> 5,583,931
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 745,483
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 876,813
<AVERAGE-NET-ASSETS> 200,442,902
<PER-SHARE-NAV-BEGIN> 11.78
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.48
<PER-SHARE-DIVIDEND> 0.55
<PER-SHARE-DISTRIBUTIONS> 0.60
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.39
<EXPENSE-RATIO> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 8
<NAME> MODERATE ASSET ALLOCATION TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 573,860,250
<INVESTMENTS-AT-VALUE> 679,830,039
<RECEIVABLES> 5,748,221
<ASSETS-OTHER> 197,071
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 685,775,331
<PAYABLE-FOR-SECURITIES> 3,607,089
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,343,406
<TOTAL-LIABILITIES> 54,950,495
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 487,788,218
<SHARES-COMMON-STOCK> 49,192,836
<SHARES-COMMON-PRIOR> 47,035,794
<ACCUMULATED-NII-CURRENT> 9,568,701
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 27,573,979
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 105,893,938
<NET-ASSETS> 630,824,836
<DIVIDEND-INCOME> 2,847,278
<INTEREST-INCOME> 9,326,566
<OTHER-INCOME> 0
<EXPENSES-NET> 2,605,143
<NET-INVESTMENT-INCOME> 9,568,701
<REALIZED-GAINS-CURRENT> 28,482,624
<APPREC-INCREASE-CURRENT> 25,070,625
<NET-CHANGE-FROM-OPS> 63,121,950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 20,941,772
<DISTRIBUTIONS-OF-GAINS> 47,173,913
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 107,483
<NUMBER-OF-SHARES-REDEEMED> 3,267,825
<SHARES-REINVESTED> 5,317,384
<NET-CHANGE-IN-ASSETS> 21,683,196
<ACCUMULATED-NII-PRIOR> 20,941,772
<ACCUMULATED-GAINS-PRIOR> 46,265,268
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,334,788
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,605,143
<AVERAGE-NET-ASSETS> 627,769,976
<PER-SHARE-NAV-BEGIN> 12.95
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 1.16
<PER-SHARE-DIVIDEND> 0.46
<PER-SHARE-DISTRIBUTIONS> 1.04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.82
<EXPENSE-RATIO> 0.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 9
<NAME> AGGRESSIVE ASSET ALLOCATION TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 230,029,732
<INVESTMENTS-AT-VALUE> 289,423,785
<RECEIVABLES> 1,762,041
<ASSETS-OTHER> 71,631
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 291,257,457
<PAYABLE-FOR-SECURITIES> 999,817
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,118,900
<TOTAL-LIABILITIES> 31,118,717
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 185,449,799
<SHARES-COMMON-STOCK> 17,825,011
<SHARES-COMMON-PRIOR> 16,957,017
<ACCUMULATED-NII-CURRENT> 2,164,860
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,807,961
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,716,120
<NET-ASSETS> 260,138,740
<DIVIDEND-INCOME> 1,564,707
<INTEREST-INCOME> 1,711,963
<OTHER-INCOME> 0
<EXPENSES-NET> 1,111,810
<NET-INVESTMENT-INCOME> 2,164,860
<REALIZED-GAINS-CURRENT> 13,408,965
<APPREC-INCREASE-CURRENT> 17,539,905
<NET-CHANGE-FROM-OPS> 33,113,730
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,765,263
<DISTRIBUTIONS-OF-GAINS> 24,329,301
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 307,583
<NUMBER-OF-SHARES-REDEEMED> 1,428,280
<SHARES-REINVESTED> 1,988,692
<NET-CHANGE-IN-ASSETS> 16,605,511
<ACCUMULATED-NII-PRIOR> 2,164,860
<ACCUMULATED-GAINS-PRIOR> 12,807,961
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 956,370
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,111,810
<AVERAGE-NET-ASSETS> 257,145,398
<PER-SHARE-NAV-BEGIN> 14.36
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 1.87
<PER-SHARE-DIVIDEND> 0.29
<PER-SHARE-DISTRIBUTIONS> 1.48
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.59
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 10
<NAME> GROWTH & INCOME TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,369,828,021
<INVESTMENTS-AT-VALUE> 2,075,696,946
<RECEIVABLES> 1,887,869
<ASSETS-OTHER> 23,337
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,077,608,152
<PAYABLE-FOR-SECURITIES> 14,408,006
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59,228,589
<TOTAL-LIABILITIES> 73,636,595
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,263,763,486
<SHARES-COMMON-STOCK> 76,557,302
<SHARES-COMMON-PRIOR> 67,200,511
<ACCUMULATED-NII-CURRENT> 7,678,988
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,662,983
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 705,866,100
<NET-ASSETS> 2,003,971,557
<DIVIDEND-INCOME> 13,759,023
<INTEREST-INCOME> 1,013,624
<OTHER-INCOME> 0
<EXPENSES-NET> 7,094,894
<NET-INVESTMENT-INCOME> 7,677,753
<REALIZED-GAINS-CURRENT> 26,662,983
<APPREC-INCREASE-CURRENT> 238,747,742
<NET-CHANGE-FROM-OPS> 273,088,478
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,313,773
<DISTRIBUTIONS-OF-GAINS> 99,563,470
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,736,043
<NUMBER-OF-SHARES-REDEEMED> 1,823,246
<SHARES-REINVESTED> 4,443,994
<NET-CHANGE-IN-ASSETS> 398,584,279
<ACCUMULATED-NII-PRIOR> 15,315,008
<ACCUMULATED-GAINS-PRIOR> 99,563,470
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,779,315
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,094,894
<AVERAGE-NET-ASSETS> 1,822,799,246
<PER-SHARE-NAV-BEGIN> 23.89
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 3.83
<PER-SHARE-DIVIDEND> 0.22
<PER-SHARE-DISTRIBUTIONS> 1.41
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.18
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 11
<NAME> BLUE CHIP GROWTH TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 739,503,433
<INVESTMENTS-AT-VALUE> 979,022,645
<RECEIVABLES> 612,124
<ASSETS-OTHER> 6,372
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 979,641,141
<PAYABLE-FOR-SECURITIES> 5,533,421
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79,971,300
<TOTAL-LIABILITIES> 85,504,721
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 615,401,306
<SHARES-COMMON-STOCK> 51,826,958
<SHARES-COMMON-PRIOR> 47,268,444
<ACCUMULATED-NII-CURRENT> 1,711,657
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 37,504,251
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 239,519,206
<NET-ASSETS> 894,136,420
<DIVIDEND-INCOME> 4,154,549
<INTEREST-INCOME> 1,419,045
<OTHER-INCOME> 0
<EXPENSES-NET> 3,861,937
<NET-INVESTMENT-INCOME> 1,711,657
<REALIZED-GAINS-CURRENT> 37,715,567
<APPREC-INCREASE-CURRENT> 86,060,752
<NET-CHANGE-FROM-OPS> 125,487,976
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,121,547
<DISTRIBUTIONS-OF-GAINS> 11,715,253
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,355,675
<NUMBER-OF-SHARES-REDEEMED> 3,729,286
<SHARES-REINVESTED> 932,125
<NET-CHANGE-IN-ASSETS> 185,328,963
<ACCUMULATED-NII-PRIOR> 4,121,547
<ACCUMULATED-GAINS-PRIOR> 11,503,937
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,689,816
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,861,937
<AVERAGE-NET-ASSETS> 804,409,574
<PER-SHARE-NAV-BEGIN> 15.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.54
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 0.24
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.25
<EXPENSE-RATIO> 0.96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 12
<NAME> EQUITY-IMCOME TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 907,154,909
<INVESTMENTS-AT-VALUE> 1,093,887,035
<RECEIVABLES> 2,262,784
<ASSETS-OTHER> 9,412
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,096,159,231
<PAYABLE-FOR-SECURITIES> 643,536
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,834,347
<TOTAL-LIABILITIES> 41,477,883
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 825,591,086
<SHARES-COMMON-STOCK> 60,887,052
<SHARES-COMMON-PRIOR> 54,625,052
<ACCUMULATED-NII-CURRENT> 10,675,100
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 31,681,881
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 186,733,281
<NET-ASSETS> 1,054,681,348
<DIVIDEND-INCOME> 12,831,077
<INTEREST-INCOME> 2,071,688
<OTHER-INCOME> 0
<EXPENSES-NET> 4,228,711
<NET-INVESTMENT-INCOME> 10,674,054
<REALIZED-GAINS-CURRENT> 32,205,057
<APPREC-INCREASE-CURRENT> 18,107,687
<NET-CHANGE-FROM-OPS> 60,986,798
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 18,698,833
<DISTRIBUTIONS-OF-GAINS> 40,844,225
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,644,145
<NUMBER-OF-SHARES-REDEEMED> 2,701,156
<SHARES-REINVESTED> 3,319,011
<NET-CHANGE-IN-ASSETS> 112,976,761
<ACCUMULATED-NII-PRIOR> 10,675,100
<ACCUMULATED-GAINS-PRIOR> 31,681,881
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,024,045
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,228,711
<AVERAGE-NET-ASSETS> 1,014,348,427
<PER-SHARE-NAV-BEGIN> 17.24
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 0.97
<PER-SHARE-DIVIDEND> 0.33
<PER-SHARE-DISTRIBUTIONS> 0.73
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.32
<EXPENSE-RATIO> 0.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 13
<NAME> STRATEGIC BOND TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 504,104,404
<INVESTMENTS-AT-VALUE> 504,827,141
<RECEIVABLES> 46,318,777
<ASSETS-OTHER> 17,289
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 551,163,207
<PAYABLE-FOR-SECURITIES> 58,573,266
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71,626,991
<TOTAL-LIABILITIES> 130,200,257
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 402,929,855
<SHARES-COMMON-STOCK> 35,455,243
<SHARES-COMMON-PRIOR> 29,537,067
<ACCUMULATED-NII-CURRENT> 14,435,526
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,690,671
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 906,898
<NET-ASSETS> 420,962,950
<DIVIDEND-INCOME> 941
<INTEREST-INCOME> 16,111,869
<OTHER-INCOME> 335,866
<EXPENSES-NET> 1,682,089
<NET-INVESTMENT-INCOME> 14,766,587
<REALIZED-GAINS-CURRENT> 2,873,299
<APPREC-INCREASE-CURRENT> (7,629,349)
<NET-CHANGE-FROM-OPS> 10,010,537
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22,915,842
<DISTRIBUTIONS-OF-GAINS> 3,897,165
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,486,889
<NUMBER-OF-SHARES-REDEEMED> 1,820,015
<SHARES-REINVESTED> 2,251,302
<NET-CHANGE-IN-ASSETS> 55,372,742
<ACCUMULATED-NII-PRIOR> 22,584,781
<ACCUMULATED-GAINS-PRIOR> 3,714,537
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,533,527
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,682,089
<AVERAGE-NET-ASSETS> 399,028,552
<PER-SHARE-NAV-BEGIN> 12.38
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> 0.72
<PER-SHARE-DISTRIBUTIONS> 0.12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.87
<EXPENSE-RATIO> 0.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 14
<NAME> INTERNATIONAL GROWTH & INCOME TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 257,418,907
<INVESTMENTS-AT-VALUE> 269,909,907
<RECEIVABLES> 93,409,392
<ASSETS-OTHER> 17,160
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 364,585,542
<PAYABLE-FOR-SECURITIES> 4,529,905
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 121,749,426
<TOTAL-LIABILITIES> 126,279,331
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 216,332,515
<SHARES-COMMON-STOCK> 20,110,958
<SHARES-COMMON-PRIOR> 18,516,347
<ACCUMULATED-NII-CURRENT> 481,478
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,581,858
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,910,360
<NET-ASSETS> 238,306,211
<DIVIDEND-INCOME> 2,375,537
<INTEREST-INCOME> 244,499
<OTHER-INCOME> 0
<EXPENSES-NET> 1,291,548
<NET-INVESTMENT-INCOME> 1,328,488
<REALIZED-GAINS-CURRENT> 9,309,044
<APPREC-INCREASE-CURRENT> 15,501,734
<NET-CHANGE-FROM-OPS> 26,139,266
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,087,750
<DISTRIBUTIONS-OF-GAINS> 6,913,043
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,241,349
<NUMBER-OF-SHARES-REDEEMED> 9,608,341
<SHARES-REINVESTED> 961,602
<NET-CHANGE-IN-ASSETS> 34,529,757
<ACCUMULATED-NII-PRIOR> 4,240,740
<ACCUMULATED-GAINS-PRIOR> 6,185,857
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,068,996
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,291,548
<AVERAGE-NET-ASSETS> 226,916,776
<PER-SHARE-NAV-BEGIN> 11.01
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 1.40
<PER-SHARE-DIVIDEND> 0.26
<PER-SHARE-DISTRIBUTIONS> 0.36
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.85
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 15
<NAME> SMALL/MID CAP TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 362,729,303
<INVESTMENTS-AT-VALUE> 421,572,415
<RECEIVABLES> 4,959,995
<ASSETS-OTHER> 2,204
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 426,534,614
<PAYABLE-FOR-SECURITIES> 11,340,297
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,345,210
<TOTAL-LIABILITIES> 88,685,507
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 251,114,397
<SHARES-COMMON-STOCK> 18,276,105
<SHARES-COMMON-PRIOR> 17,417,967
<ACCUMULATED-NII-CURRENT> (550,468)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28,442,066
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 58,843,112
<NET-ASSETS> 337,849,107
<DIVIDEND-INCOME> 536,923
<INTEREST-INCOME> 474,784
<OTHER-INCOME> 0
<EXPENSES-NET> 1,562,175
<NET-INVESTMENT-INCOME> (550,468)
<REALIZED-GAINS-CURRENT> 29,621,911
<APPREC-INCREASE-CURRENT> 26,089,821
<NET-CHANGE-FROM-OPS> 55,161,264
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,747,027
<NUMBER-OF-SHARES-REDEEMED> 1,888,889
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 69,472,595
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,179,845)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,497,809
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,562,175
<AVERAGE-NET-ASSETS> 302,044,258
<PER-SHARE-NAV-BEGIN> 15.41
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 3.11
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.49
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 16
<NAME> INTERNATIONAL SMALL CAP TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 133,701,625
<INVESTMENTS-AT-VALUE> 166,591,744
<RECEIVABLES> 3,259,057
<ASSETS-OTHER> 1,519,249
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,370,050
<PAYABLE-FOR-SECURITIES> 763,870
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,476,409
<TOTAL-LIABILITIES> 14,240,279
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125,185,143
<SHARES-COMMON-STOCK> 9,459,083
<SHARES-COMMON-PRIOR> 9,382,231
<ACCUMULATED-NII-CURRENT> 462,127
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,385,614)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,868,115
<NET-ASSETS> 157,129,771
<DIVIDEND-INCOME> 622,170
<INTEREST-INCOME> 715,395
<OTHER-INCOME> 0
<EXPENSES-NET> 882,139
<NET-INVESTMENT-INCOME> 455,426
<REALIZED-GAINS-CURRENT> 3,118,314
<APPREC-INCREASE-CURRENT> 24,274,829
<NET-CHANGE-FROM-OPS> 27,848,569
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 437,568
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,549,146
<NUMBER-OF-SHARES-REDEEMED> 3,499,797
<SHARES-REINVESTED> 27,503
<NET-CHANGE-IN-ASSETS> 28,554,061
<ACCUMULATED-NII-PRIOR> 444,269
<ACCUMULATED-GAINS-PRIOR> (4,503,928)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 781,163
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 882,139
<AVERAGE-NET-ASSETS> 143,206,594
<PER-SHARE-NAV-BEGIN> 13.70
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 2.91
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.61
<EXPENSE-RATIO> 1.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 17
<NAME> GROWTH TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 226,302,968
<INVESTMENTS-AT-VALUE> 263,861,377
<RECEIVABLES> 976,181
<ASSETS-OTHER> 101,706
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 264,939,264
<PAYABLE-FOR-SECURITIES> 289,206
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,140,387
<TOTAL-LIABILITIES> 24,429,593
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 191,491,548
<SHARES-COMMON-STOCK> 12,211,438
<SHARES-COMMON-PRIOR> 9,727,676
<ACCUMULATED-NII-CURRENT> 492,977
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,967,238
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37,557,908
<NET-ASSETS> 240,509,671
<DIVIDEND-INCOME> 840,496
<INTEREST-INCOME> 566,152
<OTHER-INCOME> 0
<EXPENSES-NET> 913,671
<NET-INVESTMENT-INCOME> 492,977
<REALIZED-GAINS-CURRENT> 11,155,921
<APPREC-INCREASE-CURRENT> 23,714,904
<NET-CHANGE-FROM-OPS> 35,363,802
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 785,667
<DISTRIBUTIONS-OF-GAINS> 7,656,124
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,246,562
<NUMBER-OF-SHARES-REDEEMED> 206,171
<SHARES-REINVESTED> 443,371
<NET-CHANGE-IN-ASSETS> 73,121,505
<ACCUMULATED-NII-PRIOR> 785,667
<ACCUMULATED-GAINS-PRIOR> 7,467,441
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 858,799
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 913,671
<AVERAGE-NET-ASSETS> 203,745,026
<PER-SHARE-NAV-BEGIN> 17.21
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 3.23
<PER-SHARE-DIVIDEND> 0.07
<PER-SHARE-DISTRIBUTIONS> 0.70
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.70
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 18
<NAME> EMERGING GROWTH TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 311,833,111
<INVESTMENTS-AT-VALUE> 360,222,477
<RECEIVABLES> 1,444,232
<ASSETS-OTHER> 2,526
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 361,669,235
<PAYABLE-FOR-SECURITIES> 2,556,777
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54,198,071
<TOTAL-LIABILITIES> 56,754,848
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 244,724,804
<SHARES-COMMON-STOCK> 12,068,384
<SHARES-COMMON-PRIOR> 11,426,808
<ACCUMULATED-NII-CURRENT> (757,213)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,557,430
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,389,366
<NET-ASSETS> 304,914,387
<DIVIDEND-INCOME> 201,646
<INTEREST-INCOME> 620,162
<OTHER-INCOME> 0
<EXPENSES-NET> 1,579,021
<NET-INVESTMENT-INCOME> (757,213)
<REALIZED-GAINS-CURRENT> 12,657,678
<APPREC-INCREASE-CURRENT> 5,300,299
<NET-CHANGE-FROM-OPS> 17,200,764
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,130,364
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,514,903
<NUMBER-OF-SHARES-REDEEMED> 1,031,518
<SHARES-REINVESTED> 158,191
<NET-CHANGE-IN-ASSETS> 29,140,306
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,030,117
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,513,395
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,579,021
<AVERAGE-NET-ASSETS> 290,654,730
<PER-SHARE-NAV-BEGIN> 24.13
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 1.56
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.36
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.27
<EXPENSE-RATIO> 1.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 19
<NAME> QUANTITATIVE EQUITY TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 214,088,320
<INVESTMENTS-AT-VALUE> 232,635,719
<RECEIVABLES> 1,113,228
<ASSETS-OTHER> 2,270
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 233,751,217
<PAYABLE-FOR-SECURITIES> 4,969,399
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,246,955
<TOTAL-LIABILITIES> 19,216,354
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 169,582,176
<SHARES-COMMON-STOCK> 9,373,815
<SHARES-COMMON-PRIOR> 7,446,999
<ACCUMULATED-NII-CURRENT> 904,804
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,500,484
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,547,399
<NET-ASSETS> 214,534,863
<DIVIDEND-INCOME> 1,285,823
<INTEREST-INCOME> 346,022
<OTHER-INCOME> 0
<EXPENSES-NET> 727,041
<NET-INVESTMENT-INCOME> 904,804
<REALIZED-GAINS-CURRENT> 25,509,149
<APPREC-INCREASE-CURRENT> (383,680)
<NET-CHANGE-FROM-OPS> 26,030,273
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,960,998
<DISTRIBUTIONS-OF-GAINS> 21,211,052
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,199,182
<NUMBER-OF-SHARES-REDEEMED> 289,576
<SHARES-REINVESTED> 1,017,210
<NET-CHANGE-IN-ASSETS> 47,005,158
<ACCUMULATED-NII-PRIOR> 1,960,998
<ACCUMULATED-GAINS-PRIOR> 21,202,387
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 672,433
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 727,041
<AVERAGE-NET-ASSETS> 193,715,849
<PER-SHARE-NAV-BEGIN> 22.50
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 3.21
<PER-SHARE-DIVIDEND> 0.25
<PER-SHARE-DISTRIBUTIONS> 2.65
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.89
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 20
<NAME> BALANCED TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 213,015,037
<INVESTMENTS-AT-VALUE> 226,622,011
<RECEIVABLES> 4,451,359
<ASSETS-OTHER> 171,838
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 231,245,208
<PAYABLE-FOR-SECURITIES> 2,877,023
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,345,508
<TOTAL-LIABILITIES> 18,222,531
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 184,665,652
<SHARES-COMMON-STOCK> 11,452,816
<SHARES-COMMON-PRIOR> 9,159,210
<ACCUMULATED-NII-CURRENT> 2,702,866
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,051,013
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,603,146
<NET-ASSETS> 213,022,677
<DIVIDEND-INCOME> 1,294,046
<INTEREST-INCOME> 2,259,515
<OTHER-INCOME> 0
<EXPENSES-NET> 850,695
<NET-INVESTMENT-INCOME> 2,702,866
<REALIZED-GAINS-CURRENT> 12,116,908
<APPREC-INCREASE-CURRENT> 2,712,633
<NET-CHANGE-FROM-OPS> 17,532,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,637,642
<DISTRIBUTIONS-OF-GAINS> 20,360,461
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,156,752
<NUMBER-OF-SHARES-REDEEMED> 212,935
<SHARES-REINVESTED> 1,349,790
<NET-CHANGE-IN-ASSETS> 35,978,034
<ACCUMULATED-NII-PRIOR> 4,637,642
<ACCUMULATED-GAINS-PRIOR> 20,294,566
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 789,075
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 850,695
<AVERAGE-NET-ASSETS> 198,897,961
<PER-SHARE-NAV-BEGIN> 19.33
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 1.63
<PER-SHARE-DIVIDEND> 0.48
<PER-SHARE-DISTRIBUTIONS> 2.09
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.60
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 21
<NAME> REAL ESTATE SECURITIES TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 208,401,828
<INVESTMENTS-AT-VALUE> 204,132,182
<RECEIVABLES> 2,596,914
<ASSETS-OTHER> 1,213
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 206,730,309
<PAYABLE-FOR-SECURITIES> 1,825,311
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,619,537
<TOTAL-LIABILITIES> 29,444,848
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 172,198,402
<SHARES-COMMON-STOCK> 10,522,965
<SHARES-COMMON-PRIOR> 8,059,178
<ACCUMULATED-NII-CURRENT> 4,298,188
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,058,517
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,269,646)
<NET-ASSETS> 177,285,461
<DIVIDEND-INCOME> 4,780,950
<INTEREST-INCOME> 55,995
<OTHER-INCOME> 0
<EXPENSES-NET> 636,250
<NET-INVESTMENT-INCOME> 4,200,695
<REALIZED-GAINS-CURRENT> 5,288,196
<APPREC-INCREASE-CURRENT> (17,596,152)
<NET-CHANGE-FROM-OPS> (8,107,261)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,711,304
<DISTRIBUTIONS-OF-GAINS> 16,427,838
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,789,828
<NUMBER-OF-SHARES-REDEEMED> 534,683
<SHARES-REINVESTED> 1,208,641
<NET-CHANGE-IN-ASSETS> 15,526,268
<ACCUMULATED-NII-PRIOR> 4,808,797
<ACCUMULATED-GAINS-PRIOR> 16,198,159
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 591,122
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 636,250
<AVERAGE-NET-ASSETS> 170,291,681
<PER-SHARE-NAV-BEGIN> 20.07
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> (1.19)
<PER-SHARE-DIVIDEND> 0.53
<PER-SHARE-DISTRIBUTIONS> 1.84
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.85
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 22
<NAME> CAPITAL GROWTH BOND TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 56,891,872
<INVESTMENTS-AT-VALUE> 59,033,529
<RECEIVABLES> 869,922
<ASSETS-OTHER> 490
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,903,941
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,275,770
<TOTAL-LIABILITIES> 1,275,770
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,817,174
<SHARES-COMMON-STOCK> 5,055,965
<SHARES-COMMON-PRIOR> 4,557,940
<ACCUMULATED-NII-CURRENT> 1,609,693
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (940,353)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,141,657
<NET-ASSETS> 58,628,171
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,809,966
<OTHER-INCOME> 0
<EXPENSES-NET> 200,273
<NET-INVESTMENT-INCOME> 1,609,693
<REALIZED-GAINS-CURRENT> (83,289)
<APPREC-INCREASE-CURRENT> 450,757
<NET-CHANGE-FROM-OPS> 1,977,161
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,103,100
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 493,877
<NUMBER-OF-SHARES-REDEEMED> 268,292
<SHARES-REINVESTED> 272,441
<NET-CHANGE-IN-ASSETS> 4,638,226
<ACCUMULATED-NII-PRIOR> 3,103,100
<ACCUMULATED-GAINS-PRIOR> (857,064)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 181,151
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 200,273
<AVERAGE-NET-ASSETS> 56,200,565
<PER-SHARE-NAV-BEGIN> 11.85
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> 0.66
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.60
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 23
<NAME> PAC. RIM EMERGING MARKETS TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 33,643,594
<INVESTMENTS-AT-VALUE> 24,082,180
<RECEIVABLES> 62,004
<ASSETS-OTHER> 3,324,204
<OTHER-ITEMS-ASSETS> 86
<TOTAL-ASSETS> 27,468,808
<PAYABLE-FOR-SECURITIES> 116,546
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,223,668
<TOTAL-LIABILITIES> 3,340,214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,002,516
<SHARES-COMMON-STOCK> 3,982,976
<SHARES-COMMON-PRIOR> 3,329,953
<ACCUMULATED-NII-CURRENT> 54,795
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,301,340)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,561,414)
<NET-ASSETS> 24,128,594
<DIVIDEND-INCOME> 194,180
<INTEREST-INCOME> 113,893
<OTHER-INCOME> 0
<EXPENSES-NET> 161,018
<NET-INVESTMENT-INCOME> 147,055
<REALIZED-GAINS-CURRENT> (3,807,023)
<APPREC-INCREASE-CURRENT> (485,591)
<NET-CHANGE-FROM-OPS> (4,145,559)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,517,515
<NUMBER-OF-SHARES-REDEEMED> 1,864,492
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 278,270
<ACCUMULATED-NII-PRIOR> (92,260)
<ACCUMULATED-GAINS-PRIOR> (494,317)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 107,866
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 161,018
<AVERAGE-NET-ASSETS> 25,590,707
<PER-SHARE-NAV-BEGIN> 7.16
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (1.14)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.06
<EXPENSE-RATIO> 1.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 24
<NAME> INTERNATIONAL STOCK TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 211,367,975
<INVESTMENTS-AT-VALUE> 230,762,741
<RECEIVABLES> 436,468
<ASSETS-OTHER> 1,569
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 231,733,248
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,631,277
<TOTAL-LIABILITIES> 28,631,277
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 184,165,766
<SHARES-COMMON-STOCK> 15,593,977
<SHARES-COMMON-PRIOR> 12,661,021
<ACCUMULATED-NII-CURRENT> 1,207,033
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,669,213)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,398,385
<NET-ASSETS> 203,101,971
<DIVIDEND-INCOME> 2,070,051
<INTEREST-INCOME> 225,682
<OTHER-INCOME> 0
<EXPENSES-NET> 1,088,693
<NET-INVESTMENT-INCOME> 1,207,040
<REALIZED-GAINS-CURRENT> (774,585)
<APPREC-INCREASE-CURRENT> 20,600,190
<NET-CHANGE-FROM-OPS> 21,032,645
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,935
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,036,606
<NUMBER-OF-SHARES-REDEEMED> 5,104,389
<SHARES-REINVESTED> 739
<NET-CHANGE-IN-ASSETS> 57,849,074
<ACCUMULATED-NII-PRIOR> 9,928
<ACCUMULATED-GAINS-PRIOR> (894,628)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 919,380
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,088,693
<AVERAGE-NET-ASSETS> 176,571,233
<PER-SHARE-NAV-BEGIN> 11.47
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.02
<EXPENSE-RATIO> 1.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 25
<NAME> EQUITY INDEX TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 43,443,659
<INVESTMENTS-AT-VALUE> 47,707,736
<RECEIVABLES> 39,655
<ASSETS-OTHER> 566
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,747,957
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,181,362
<TOTAL-LIABILITIES> 3,181,362
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,724,966
<SHARES-COMMON-STOCK> 3,094,226
<SHARES-COMMON-PRIOR> 2,168,839
<ACCUMULATED-NII-CURRENT> 330,131
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 977,050
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,534,648
<NET-ASSETS> 44,566,595
<DIVIDEND-INCOME> 222,462
<INTEREST-INCOME> 183,559
<OTHER-INCOME> 0
<EXPENSES-NET> 104,039
<NET-INVESTMENT-INCOME> 330,131
<REALIZED-GAINS-CURRENT> 1,042,838
<APPREC-INCREASE-CURRENT> 4,153,782
<NET-CHANGE-FROM-OPS> 5,526,751
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 707,255
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,068,766
<NUMBER-OF-SHARES-REDEEMED> 193,433
<SHARES-REINVESTED> 50,053
<NET-CHANGE-IN-ASSETS> 17,491,993
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 641,467
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 44,873
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 104,039
<AVERAGE-NET-ASSETS> 36,195,552
<PER-SHARE-NAV-BEGIN> 12.48
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 2.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.27
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.40
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 26
<NAME> SCIENCE AND TECHNOLOGY TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 131,500,143
<INVESTMENTS-AT-VALUE> 140,777,157
<RECEIVABLES> 77,531
<ASSETS-OTHER> 3,221
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 140,857,909
<PAYABLE-FOR-SECURITIES> 3,440,987
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,577,754
<TOTAL-LIABILITIES> 31,018,741
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99,516,676
<SHARES-COMMON-STOCK> 6,877,851
<SHARES-COMMON-PRIOR> 4,944,146
<ACCUMULATED-NII-CURRENT> (367,002)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,412,505
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,276,989
<NET-ASSETS> 109,839,168
<DIVIDEND-INCOME> 35,157
<INTEREST-INCOME> 129,157
<OTHER-INCOME> 0
<EXPENSES-NET> 531,316
<NET-INVESTMENT-INCOME> (367,002)
<REALIZED-GAINS-CURRENT> 2,468,160
<APPREC-INCREASE-CURRENT> 10,887,958
<NET-CHANGE-FROM-OPS> 12,989,116
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,502,403
<NUMBER-OF-SHARES-REDEEMED> 568,698
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 42,491,592
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,055,655)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 487,213
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 531,316
<AVERAGE-NET-ASSETS> 89,318,382
<PER-SHARE-NAV-BEGIN> 13.62
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 2.40
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.97
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFROMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 27
<NAME> PILGRIM BAXTER GROWTH TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 150,003,758
<INVESTMENTS-AT-VALUE> 155,322,210
<RECEIVABLES> 569,020
<ASSETS-OTHER> 894
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 155,892,124
<PAYABLE-FOR-SECURITIES> 509,273
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,550,561
<TOTAL-LIABILITIES> 32,059,834
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 115,828,111
<SHARES-COMMON-STOCK> 9,454,164
<SHARES-COMMON-PRIOR> 7,466,705
<ACCUMULATED-NII-CURRENT> (371,306)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,057,033
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,318,452
<NET-ASSETS> 123,832,290
<DIVIDEND-INCOME> 14,891
<INTEREST-INCOME> 234,356
<OTHER-INCOME> 0
<EXPENSES-NET> 620,553
<NET-INVESTMENT-INCOME> (371,306)
<REALIZED-GAINS-CURRENT> 7,147,222
<APPREC-INCREASE-CURRENT> (1,447,223)
<NET-CHANGE-FROM-OPS> 5,328,693
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,435,691
<NUMBER-OF-SHARES-REDEEMED> 1,448,232
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 30,497,144
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,090,189)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 579,493
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 620,553
<AVERAGE-NET-ASSETS> 111,294,395
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 0.64
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.10
<EXPENSE-RATIO> 1.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 28
<NAME> WORLDWIDE GROWTH TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 37,892,405
<INVESTMENTS-AT-VALUE> 41,226,808
<RECEIVABLES> 155,123
<ASSETS-OTHER> 221
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,532,387
<PAYABLE-FOR-SECURITIES> 266,807
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,685,425
<TOTAL-LIABILITIES> 6,952,232
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,479,440
<SHARES-COMMON-STOCK> 2,183,020
<SHARES-COMMON-PRIOR> 1,727,778
<ACCUMULATED-NII-CURRENT> 186,232
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 580,086
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,334,397
<NET-ASSETS> 34,580,155
<DIVIDEND-INCOME> 213,038
<INTEREST-INCOME> 157,427
<OTHER-INCOME> 0
<EXPENSES-NET> 176,873
<NET-INVESTMENT-INCOME> 193,592
<REALIZED-GAINS-CURRENT> 667,623
<APPREC-INCREASE-CURRENT> 2,562,978
<NET-CHANGE-FROM-OPS> 3,424,193
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 558,993
<NUMBER-OF-SHARES-REDEEMED> 103,751
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,318,120
<ACCUMULATED-NII-PRIOR> (7,360)
<ACCUMULATED-GAINS-PRIOR> (87,537)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 147,898
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 176,873
<AVERAGE-NET-ASSETS> 29,824,808
<PER-SHARE-NAV-BEGIN> 14.04
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 1.71
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.84
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 29
<NAME> VALUE TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 235,925,306
<INVESTMENTS-AT-VALUE> 242,143,272
<RECEIVABLES> 927,377
<ASSETS-OTHER> 2,394
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 243,073,043
<PAYABLE-FOR-SECURITIES> 109,990
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,180,927
<TOTAL-LIABILITIES> 11,290,917
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 219,185,248
<SHARES-COMMON-STOCK> 14,874,143
<SHARES-COMMON-PRIOR> 9,770,288
<ACCUMULATED-NII-CURRENT> 1,374,813
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,004,099
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,217,966
<NET-ASSETS> 231,782,126
<DIVIDEND-INCOME> 1,605,464
<INTEREST-INCOME> 595,584
<OTHER-INCOME> 0
<EXPENSES-NET> 826,235
<NET-INVESTMENT-INCOME> 1,374,813
<REALIZED-GAINS-CURRENT> 5,603,153
<APPREC-INCREASE-CURRENT> 897,491
<NET-CHANGE-FROM-OPS> 7,875,457
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,399,547
<NUMBER-OF-SHARES-REDEEMED> 295,692
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 87,110,502
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (599,054)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 770,544
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 826,235
<AVERAGE-NET-ASSETS> 194,232,361
<PER-SHARE-NAV-BEGIN> 14.81
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 0.68
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.58
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 30
<NAME> HIGH YIELD TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 175,234,953
<INVESTMENTS-AT-VALUE> 174,414,638
<RECEIVABLES> 9,635,677
<ASSETS-OTHER> 33,833
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 184,084,148
<PAYABLE-FOR-SECURITIES> 2,609,055
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,457,006
<TOTAL-LIABILITIES> 20,066,061
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 158,458,826
<SHARES-COMMON-STOCK> 11,630,003
<SHARES-COMMON-PRIOR> 6,841,409
<ACCUMULATED-NII-CURRENT> 5,009,701
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,351,822
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (802,262)
<NET-ASSETS> 164,018,087
<DIVIDEND-INCOME> 193,853
<INTEREST-INCOME> 5,390,820
<OTHER-INCOME> 0
<EXPENSES-NET> 531,471
<NET-INVESTMENT-INCOME> 5,053,202
<REALIZED-GAINS-CURRENT> 1,352,370
<APPREC-INCREASE-CURRENT> (1,820,029)
<NET-CHANGE-FROM-OPS> 4,585,543
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 69,760
<DISTRIBUTIONS-OF-GAINS> 274,005
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,058,307
<NUMBER-OF-SHARES-REDEEMED> 294,025
<SHARES-REINVESTED> 24,312
<NET-CHANGE-IN-ASSETS> 71,270,432
<ACCUMULATED-NII-PRIOR> 26,259
<ACCUMULATED-GAINS-PRIOR> 273,457
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 490,270
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 531,471
<AVERAGE-NET-ASSETS> 127,569,912
<PER-SHARE-NAV-BEGIN> 13.56
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0.03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.10
<EXPENSE-RATIO> 0.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 31
<NAME> LIFESTYLE CONSERVATIVE 280 TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 43,925,299
<INVESTMENTS-AT-VALUE> 44,252,542
<RECEIVABLES> 2,589
<ASSETS-OTHER> 219
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,255,350
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,736
<TOTAL-LIABILITIES> 2,736
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,810,266
<SHARES-COMMON-STOCK> 3,401,715
<SHARES-COMMON-PRIOR> 1,517,524
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 115,105
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 327,243
<NET-ASSETS> 44,252,614
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1,069,988
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 1,069,988
<REALIZED-GAINS-CURRENT> 645,945
<APPREC-INCREASE-CURRENT> (143,901)
<NET-CHANGE-FROM-OPS> 1,572,032
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,069,988
<DISTRIBUTIONS-OF-GAINS> 646,271
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,808,903
<NUMBER-OF-SHARES-REDEEMED> 57,116
<SHARES-REINVESTED> 132,403
<NET-CHANGE-IN-ASSETS> 24,502,594
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 115,432
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,824
<AVERAGE-NET-ASSETS> 31,448,586
<PER-SHARE-NAV-BEGIN> 13.01
<PER-SHARE-NII> .80
<PER-SHARE-GAIN-APPREC> .06
<PER-SHARE-DIVIDEND> .80
<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.01
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 32
<NAME> LIFESTYLE MODERATE 460 TRUST
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 94,996,326
<INVESTMENTS-AT-VALUE> 97,117,271
<RECEIVABLES> 3,826
<ASSETS-OTHER> 505
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97,121,602
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,330
<TOTAL-LIABILITIES> 4,330
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 94,245,835
<SHARES-COMMON-STOCK> 7,098,605
<SHARES-COMMON-PRIOR> 3,951,276
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 750,492
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,120,945
<NET-ASSETS> 97,117,272
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1,879,193
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 1,879,193
<REALIZED-GAINS-CURRENT> 1,670,992
<APPREC-INCREASE-CURRENT> 857,071
<NET-CHANGE-FROM-OPS> 4,407,256
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,879,193
<DISTRIBUTIONS-OF-GAINS> 1,261,934
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,291,717
<NUMBER-OF-SHARES-REDEEMED> 372,774
<SHARES-REINVESTED> 228,386
<NET-CHANGE-IN-ASSETS> 44,371,642
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 341,434
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,724
<AVERAGE-NET-ASSETS> 73,877,562
<PER-SHARE-NAV-BEGIN> 13.35
<PER-SHARE-NII> .51
<PER-SHARE-GAIN-APPREC> .40
<PER-SHARE-DIVIDEND> .51
<PER-SHARE-DISTRIBUTIONS> .07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.68
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 33
<NAME> LIFESTYLE BALANCED 640 TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 305,997,643
<INVESTMENTS-AT-VALUE> 310,543,892
<RECEIVABLES> 10,577
<ASSETS-OTHER> 1,774
<OTHER-ITEMS-ASSETS> 1,823
<TOTAL-ASSETS> 310,558,066
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,352
<TOTAL-LIABILITIES> 12,352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 303,703,498
<SHARES-COMMON-STOCK> 22,675,211
<SHARES-COMMON-PRIOR> 13,767,095
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,295,967
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,546,249
<NET-ASSETS> 310,545,714
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 4,453,311
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 4,453,311
<REALIZED-GAINS-CURRENT> 8,600,392
<APPREC-INCREASE-CURRENT> 1,071,618
<NET-CHANGE-FROM-OPS> 14,125,321
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,453,311
<DISTRIBUTIONS-OF-GAINS> 8,986,626
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,211,376
<NUMBER-OF-SHARES-REDEEMED> 266,660
<SHARES-REINVESTED> 963,401
<NET-CHANGE-IN-ASSETS> 123,892,412
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,682,201
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,429
<AVERAGE-NET-ASSETS> 249,738,904
<PER-SHARE-NAV-BEGIN> 13.56
<PER-SHARE-NII> .59
<PER-SHARE-GAIN-APPREC> .29
<PER-SHARE-DIVIDEND> .59
<PER-SHARE-DISTRIBUTIONS> .15
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.70
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 34
<NAME> LIFESTYLE GROWTH 820 TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 312,465,694
<INVESTMENTS-AT-VALUE> 321,612,502
<RECEIVABLES> 15,054
<ASSETS-OTHER> 1,942
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 321,629,498
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,289
<TOTAL-LIABILITIES> 16,289
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 309,001,588
<SHARES-COMMON-STOCK> 22,742,694
<SHARES-COMMON-PRIOR> 15,767,894
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,464,813
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,146,808
<NET-ASSETS> 321,613,209
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 3,192,876
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 3,192,876
<REALIZED-GAINS-CURRENT> 9,153,172
<APPREC-INCREASE-CURRENT> 6,947,961
<NET-CHANGE-FROM-OPS> 19,294,009
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,192,876
<DISTRIBUTIONS-OF-GAINS> 11,144,132
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,326,912
<NUMBER-OF-SHARES-REDEEMED> 343,607
<SHARES-REINVESTED> 991,494
<NET-CHANGE-IN-ASSETS> 104,455,552
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5,455,773
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25,611
<AVERAGE-NET-ASSETS> 272,373,065
<PER-SHARE-NAV-BEGIN> 13.77
<PER-SHARE-NII> .45
<PER-SHARE-GAIN-APPREC> .66
<PER-SHARE-DIVIDEND> .45
<PER-SHARE-DISTRIBUTIONS> .29
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.14
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 35
<NAME> LIFESTYLE AGGRESSIVE 1000 TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 68,218,387
<INVESTMENTS-AT-VALUE> 70,178,574
<RECEIVABLES> 1,486
<ASSETS-OTHER> 2,848
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70,182,908
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,687
<TOTAL-LIABILITIES> 1,687
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67,047,283
<SHARES-COMMON-STOCK> 5,052,923
<SHARES-COMMON-PRIOR> 3,644,612
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,173,751
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,960,187
<NET-ASSETS> 70,181,221
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 228,455
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 228,455
<REALIZED-GAINS-CURRENT> 2,583,078
<APPREC-INCREASE-CURRENT> 1,730,260
<NET-CHANGE-FROM-OPS> 4,541,793
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 228,455
<DISTRIBUTIONS-OF-GAINS> 2,935,857
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,665,286
<NUMBER-OF-SHARES-REDEEMED> 478,566
<SHARES-REINVESTED> 221,591
<NET-CHANGE-IN-ASSETS> 21,076,694
<ACCUMULATED-NII-PRIOR> 1,526,530
<ACCUMULATED-GAINS-PRIOR> 229,927
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,688
<AVERAGE-NET-ASSETS> 60,109,627
<PER-SHARE-NAV-BEGIN> 13.47
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 0.79
<PER-SHARE-DIVIDEND> 0.37
<PER-SHARE-DISTRIBUTIONS> 0.37
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.89
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
MANUFACTURERS INVESTMENT TRUST SEMI ANNUAL REPORT DATED JUNE 30, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000756913
<NAME> MANUFACTURERS INVESTMENT TRUST
<SERIES>
<NUMBER> 36
<NAME> SMALL COMPANY VALUE TRUST
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 142,143,021
<INVESTMENTS-AT-VALUE> 144,217,886
<RECEIVABLES> 1,657,538
<ASSETS-OTHER> 14,381
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 145,889,805
<PAYABLE-FOR-SECURITIES> 1,218,593
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,470,354
<TOTAL-LIABILITIES> 18,688,947
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126,934,674
<SHARES-COMMON-STOCK> 10,214,105
<SHARES-COMMON-PRIOR> 5,618,018
<ACCUMULATED-NII-CURRENT> 114,327
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,923,008)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,074,865
<NET-ASSETS> 127,200,858
<DIVIDEND-INCOME> 628,810
<INTEREST-INCOME> 73,649
<OTHER-INCOME> 0
<EXPENSES-NET> 588,052
<NET-INVESTMENT-INCOME> 114,407
<REALIZED-GAINS-CURRENT> (1,161,580)
<APPREC-INCREASE-CURRENT> 3,317,577
<NET-CHANGE-FROM-OPS> 2,270,404
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 56,195
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,172,290
<NUMBER-OF-SHARES-REDEEMED> 580,445
<SHARES-REINVESTED> 4,241
<NET-CHANGE-IN-ASSETS> 60,109,774
<ACCUMULATED-NII-PRIOR> 56,115
<ACCUMULATED-GAINS-PRIOR> (761,428)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 514,225
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 588,052
<AVERAGE-NET-ASSETS> 98,759,367
<PER-SHARE-NAV-BEGIN> 11.94
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.51
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.45
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
