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SUPPLEMENT TO PROSPECTUS FOR
MANUFACTURERS INVESTMENT TRUST
DATED MAY 1, 1998
PORTFOLIO MERGERS
On February 25, 1999, the Board of Trustees approved the following
portfolio mergers:
Capital Growth Bond Trust into Investment Quality Bond Trust
Worldwide Growth Trust into Global Equity Trust
The mergers are subject to the Trust obtaining an order from the Securities
and Exchange Commission ("SEC") permitting the mergers. The Trust has filed an
application for this order with the SEC. The proposal to merge these portfolios
will be presented to shareholders of the Capital Growth Bond Trust and the
Worldwide Growth Bond Trust at a meeting of shareholders to be held on April 27,
1999 subject to the Trust obtaining the SEC order by that date. If the merger is
approved by shareholders, it is expected that the mergers will take place
immediately after the close of business on April 30, 1999.
* * * *
The portfolios listed below are under review by the Adviser of the
Trust. On March 26, 1999, the Board of Trustees will meet to consider the
following changes to these portfolios which have been recommended by the Adviser
to the Trustees:
CHANGES TO SUBADVISERS TO THE FOLLOWING PORTFOLIOS:
<TABLE>
<CAPTION>
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Portfolio Current Subadviser Proposed New Subadviser
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<S> <C> <C>
Conservative Asset Allocation Trust Fidelity Management Trust Company Capital Guardian Trust Company
Moderate Asset Allocation Trust Fidelity Management Trust Company Capital Guardian Trust Company
Growth Trust Founders Asset Management LLC State Street Global Advisers
Small/Mid Cap Trust Fred Alger Management, Inc. A I M Capital Management, Inc.
International Growth and Income Trust J.P. Morgan Investment Management Inc. Fidelity Management Trust Company
Global Government Bond Trust Oechsle International Advisors, L.P. Pacific Investment Mangement Company
Pilgrim Baxter Growth Trust Pilgrim Baxter & Associates, Ltd. A I M Capital Management, Inc.
Emerging Small Company Trust. Warburg Pincus Asset Management, Inc. Franklin Advisers, Inc.
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</TABLE>
In connection with the proposed subadviser changes listed above, the Board
of Trustees will also consider changing the name, the investment objective
and/or the investment policies of these portfolios as follows:
CONSERVATIVE ASSET ALLOCATION TRUST
New Name. Diversified Bond Trust
New Investment Objective and Policies. To seek high total return as is
consistent with the conservation of capital by investing at least 75% of the
portfolio's assets in fixed-income securities.
MODERATE ASSET ALLOCATION TRUST
New Name. Income & Value Trust
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New Investment Objective and Policies. To seek the balanced accomplishment of
(a) conservation of principal and (b) long-term growth of capital and income by
investing the portfolio's assets in both equity and fixed-income securities. The
subadviser has full discretion to determine the allocation between equity and
fixed-income securities.
GROWTH TRUST
New Investment Policies. To seek long-term growth of capital by investing
primarily in large capitalization growth securities (market capitalizations of
approximately $1 billion or greater). (There is no proposed change in the
investment objective of the Growth Trust.)
SMALL/MID CAP TRUST
New Name. Mid Cap Growth Trust
New Investment Policies. To seek long-term capital appreciation by
investing the portfolio's assets principally in common stocks, with emphasis on
medium-sized and smaller emerging growth companies. (There is no proposed change
in the investment objective of the Small/Mid Cap Trust.)
INTERNATIONAL GROWTH AND INCOME TRUST
New Name. Overseas Trust
New Investment Objective and Policies. To seek growth of capital. The subadviser
normally invests at least 65% of the portfolios' assets in foreign securities
(including American Depositary Receipts (ADRs) and European Depositary Receipts
(EDRs). The subadviser normally invests the portfolio's assets primarily in
common stocks.
GLOBAL GOVERNMENT BOND TRUST
New Name. Global Bond Trust
New Investment Objective and Policies. To seek to realize maximum total return,
consistent with preservation of capital and prudent investment management by
investing the portfolio's asset primarily in fixed income securities denominated
in major foreign currencies, baskets of foreign currencies (such as the
euro),and the U.S. dollar.
PILGRIM BAXTER GROWTH TRUST
New Name. Aggressive Growth Trust
New Investment Objective and Policies. To seek long-term capital appreciation by
investing the portfolio's asset principally in common stocks, convertible bonds,
convertible preferred stocks and warrants of companies which in the opinion of
the subadviser are expected to achieve earnings growth over time at a rate in
excess of 15% per year. Many of these companies are in the small and
medium-sized category.
EMERGING SMALL COMPANY TRUST
New Investment Objective and Policies. To seek long-term growth of capital by
investing, under normal market conditions, at least 65% of the portfolio's total
assets in common stock equity securities of small capitalization ("small cap")
growth companies. In general, companies in which the portfolios invests will
have market cap values of less than $1.5 billion at the time of purchase.
OTHER PROPOSED CHANGES TO PORTFOLIOS OF THE TRUST
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EQUITY TRUST
Name Change. Mid Cap Blend Trust
AGGRESSIVE ASSET ALLOCATION TRUST
New Name. Large Cap Growth Trust
New Investment Objective and Policies. To seek long-term growth of capital. The
subadviser normally invests at least 65% of the portfolio's assets in equity
securities of companies with large market capitalizations.
<TABLE>
<CAPTION>
CHANGES TO ADVISORY FEES
Portfolio Current Advisory Fee Proposed Advisory Fee
<S> <C> <C>
FEE INCREASES
Moderate Asset Allocation Trust .75% .80%
Equity Trust .75% .85%
Aggressive Asset Allocation Trust .75% .875%
Equity-Income Trust .80% .875%
FEE DECREASES
Blue Chip Growth Trust .925% .875%
Pilgrim Baxter Growth Trust 1.05% 1.00%
Small/Mid Cap Trust 1.00% .95%
</TABLE>
SHAREHOLDER APPROVAL OF CHANGES
If the Trustees of the Trust approve the changes set forth above, certain
of these changes must then be approved by shareholders of the applicable
portfolio. The changes requiring shareholder approval are as follows:
* all advisory fee increases, and
* changes to investment objectives for the Conservative Asset Allocation
Trust, the Moderate Asset Allocation Trust, the Aggressive Asset Allocation
Trust, the Emerging Small Company Trust, the Pilgrim Baxter Trust, the
International Growth and Income Trust and the Global Government Bond Trust.
At Board of Trustees meeting, the Trustees will be asked to consider a
shareholder meeting date of April 27, 1999 to consider these changes. If
approved by the Trustees and, if applicable, by shareholders, the changes are
expected to become effective May 1, 1999.
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PORTFOLIO MANAGER CHANGES
Global Equity Trust
Richard Boon and Paul Boyne have joined Frances Campion, the lead portfolio
manager, in the management of the Global Equity Trust. Biographical information
regarding Richard Boon and Paul Boyne are set forth below:
Richard Boon. Mr. Boon joined Morgan Stanley's Asset Management ("Morgan
Stanley") Global Equity team in September 1995 and became a Principal in
December 1998. In addition to portfolio management, his responsiblities include
security analysis on North American and Australian equities. Prior to joining
Morgan Stanley, he spent seven year in investment banking; working for Deutsche
Bank as a member of their Equity Capital Markets Group; advising the UK Post
Office on its proposed privatization; and with Ord Minnett Securities in their
Mergers & Acquisitions division. He is a graduate of Cantebury and Victoria
Unviersities, New Zealand.
Paul Boyne. Paul Boyne joined Morgan Stanley in 1993 after working as a
Chartered Accountant with Grant Thornton International in Dublin. At Morgan
Stanley, he assists in the implementation of the Global Equity Program and the
analysis of North American and Irish equities. He is currently completing a
post-graduate degree with University College, Dublin. Mr. Boyne became a
Principal in December 1998.
Pacific Rim Emerging Markets
Hugh Williams has replaced Emilia Panadero-Perez in managing the Pacific
Rim Emerging Markets Trust. Stephen Hill and Richard James Cook continue to
manage this Trust along with Hugh Williams. Biographical information regarding
Hugh Williams is set forth below:
Hugh Williams. Mr. Williams joined Manufacturers Adviser Corporation in
1998 and was appointed to permanent staff on January 1, 1999. He is responsible
for equity portfolios in the Pacific Asia region, excluding Japan and Australia.
Prior to joining MAC, Mr. Williams managed Asian and Australian portfolios for
Prudential Portfolio Managers.
THE DATE OF THIS SUPPLEMENT IS MARCH 1, 1999.
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