<PAGE> 1
VENTURE(R)
VARIABLE PRODUCTS
[a man and woman riding bikes]
Unaudited Financial Statements
[MANULIFE FINANCIAL LOGO]
Venture Annuities: Issuer and Administrator
The Manufacturers Life Insurance Company of North America
Venture VUL, SVUL, and COLI VUL; Issuer and Administrator
The Manufacturers Life Insurance Company of America
Manufacturers
Investment Trust
Semi-Annual
Report
June 30, 1999
<PAGE> 2
MANUFACTURERS INVESTMENT TRUST
PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
August 23, 1999
Dear Fellow Investors:
It is my pleasure to present to you the 1999 semi-annual financial statements of
the Manufacturers Investment Trust (the "Trust"), the mutual fund that is the
underlying investment vehicle for your variable insurance product or retirement
plan. The financial statements that follow reflect operations for the six months
ended June 30, 1999. During this period, total net assets of the Trust grew from
$13.40 billion as of December 31, 1998, to $15.35 billion as of June 30, 1999,
reflecting the ongoing interest in tax-deferred variable insurance products as
vehicles for retirement and estate planning.
At Manulife Financial, we are committed to helping you meet your long-term
financial goals by delivering you a full range of investment options and
expertise. Part of this commitment is our disciplined and comprehensive asset
manager selection and review process, which seeks to provide our investors with
the highest likelihood of good performance, both today and tomorrow. To this
end, we upgraded our investment program on May 1, 1999, adding six of the
world's best asset managers, including A I M Capital Management, Inc., Capital
Guardian Trust Company, Franklin Advisers, Inc., Pacific Investment Management
Company (PIMCO), State Street Global Advisors (SSgA), and Templeton Investment
Counsel, Inc. Joining with our already outstanding manager lineup, we now
provide you access to 16 of the market's investment elite who manage over $2.8
trillion in assets (as of 3/31/99) and together have over 635 years of
investment leadership. In choosing these firms, we select those firms and
managers we believe demonstrate superior past performance, consistency in
investment approach, management continuity and outstanding brand strength.
In the financial markets, the first half of 1999 has had two rather distinct
phases. The first quarter was a continuation of 1998 -- large cap growth stocks
and technology stocks reigned supreme, leaving most other asset classes behind.
For example, in the first quarter, the S&P 500 Index (comprised of large cap
growth and value stocks) returned 4.99%, while the Russell 2000 Index (comprised
of small cap growth and value stocks) returned -5.42%. In the second quarter,
investors were again reminded of the value of diversification because, after
more than a year of rather limited returns for small, mid cap, and value stocks,
sentiment changed again. While the S&P 500 Index gained a respectable 7.05%, the
Russell 2000 Index made a significant leap, returning 15.55%. It was a good
reminder of how quickly market trends can change, and how important
diversification can be to enabling you to meet your long-term financial goals.
Diversification helps investors avoid the ups and downs of investing in a single
type of investment. By including investments that respond to different market or
economic factors, when one is doing poorly, another may be doing well. With
Manulife Financial's range of asset classes, investment styles, and world-class
managers, creating a diverse investment portfolio that helps you meet your
long-term financial goals is simple and straightforward.
We encourage you to work closely with a professional investment advisor to
periodically review and update your financial program to ensure that it is
structured to best help you meet your goals. Now may be the right time to
reevaluate your mix of portfolios to take advantage of our many new investment
alternatives, to better reflect your investment horizon, or to add new asset
classes to increase your diversification and spread out your risks.
Thank you for choosing Manulife Financial. We look forward to serving your
investment needs and continuing to earn your trust throughout the rest of 1999
and into the next millennium.
Sincerely,
/s/ John D. DesPrez III
John D. DesPrez III
President
<PAGE> 3
MANUFACTURERS INVESTMENT TRUST
INDEX TO SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Statements of Assets and Liabilities................................................................... 1
Statements of Operations............................................................................... 9
Statements of Changes in Net Assets.................................................................... 17
Financial Highlights................................................................................... 30
Portfolio of Investments:
Pacific Rim Emerging Markets Trust................................................................ 69
Science & Technology Trust........................................................................ 71
International Small Cap Trust..................................................................... 72
Aggressive Growth Trust........................................................................... 74
Emerging Small Company Trust...................................................................... 78
Small Company Blend Trust......................................................................... 80
Mid Cap Growth Trust.............................................................................. 83
Mid Cap Stock Trust............................................................................... 87
Overseas Trust.................................................................................... 89
International Stock Trust......................................................................... 94
International Value Trust......................................................................... 97
Mid Cap Blend Trust............................................................................... 99
Small Company Value Trust......................................................................... 106
Global Equity Trust............................................................................... 114
Growth Trust...................................................................................... 116
Large Cap Growth Trust............................................................................ 118
Quantitative Equity Trust......................................................................... 121
Blue Chip Growth Trust............................................................................ 124
Real Estate Securities Trust...................................................................... 127
Value Trust....................................................................................... 128
Equity Index Trust................................................................................ 130
Growth & Income Trust............................................................................. 139
U.S. Large Cap Value Trust........................................................................ 141
Equity-Income Trust............................................................................... 143
Income & Value Trust.............................................................................. 146
Balanced Trust.................................................................................... 151
High Yield Trust.................................................................................. 153
Strategic Bond Trust.............................................................................. 158
Global Bond Trust................................................................................. 166
Total Return Trust................................................................................ 169
Investment Quality Bond Trust..................................................................... 171
Diversified Bond Trust............................................................................ 181
U.S. Government Securities Trust.................................................................. 183
Money Market Trust................................................................................ 185
Lifestyle Aggressive 1000 Trust................................................................... 186
Lifestyle Growth 820 Trust........................................................................ 186
Lifestyle Balanced 640 Trust...................................................................... 187
Lifestyle Moderate 460 Trust...................................................................... 187
Lifestyle Conservative 280 Trust.................................................................. 187
Notes to Financial Statements.......................................................................... 189
Results of Special Meeting of Shareholders............................................................. 207
</TABLE>
ii
<PAGE> 4
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
PACIFIC RIM
EMERGING SCIENCE & INTERNATIONAL
MARKETS TECHNOLOGY SMALL CAP
TRUST TRUST TRUST
----- ----- -----
<S> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $42,872,491 $518,301,289 $141,476,055
Repurchase agreements, at value 10,920,000 - 10,319,000
Cash 307 157,510 880
Foreign currency 1,259,384 11,157 1,018,249
Receivables:
Investments sold - 651,014 -
Dividends and interest 115,145 38,470 128,843
Foreign tax withholding reclaims 1,430 292 64,626
Other assets 319 3,329 1,425
------------- ------------- -------------
Total assets 55,169,076 519,163,061 153,009,078
------------- ------------- -------------
LIABILITIES
Payables:
Net forward foreign currency
contracts (Note 8) 319 311 1,638
Investments purchased 217,526 4,930,576 710,790
Dividend and interest withholding tax 13,645 - 20,642
Due to custodian for overdraft - - -
Custodian fee 1,477 7,672 19,980
Other accrued expenses 313 4,862 5,523
Collateral on securities loaned, at value 7,972,907 38,211,024 16,302,461
------------- ------------- -------------
Total liabilities 8,206,187 43,154,445 17,061,034
------------- ------------- -------------
NET ASSETS $46,962,889 $476,008,616 $135,948,044
============= ============= =============
Net assets consist of:
Undistributed net investment loss (Note 2) ($147,065) ($644,027) ($11,875)
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts (7,931,515) 38,309,969 211,921
Unrealized appreciation (depreciation) on:
Investments 4,357,955 92,199,784 30,557,851
Foreign currency and forward foreign
currency contracts (11,016) 387 (5,887)
Capital shares at par value of $.01 (Note 4) 55,370 187,374 82,483
Additional paid-in capital 50,639,160 345,955,129 105,113,551
------------- ------------- -------------
NET ASSETS $46,962,889 $476,008,616 $135,948,044
============= ============= =============
Capital shares outstanding (Note 4) 5,536,974 18,737,390 8,248,296
------------- ------------- -------------
Net asset value, offering price and redemption price per share $8.48 $25.40 $16.48
------------- ------------- -------------
Investments in securities, at identified cost (Note 2) $49,434,536 $426,101,505 $121,237,204
------------- ------------- -------------
Investments in foreign currency, at identified cost (Note 2) $1,270,215 $11,173 $1,021,857
============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
AGGRESSIVE EMERGING
GROWTH SMALL COMPANY
TRUST TRUST
----- -----
<S> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $82,113,218 $324,749,892
Repurchase agreements, at value - 27,212,000
Cash 2,124 -
Foreign currency - -
Receivables:
Investments sold 470,872 9,650
Dividends and interest 1,069 62,543
Foreign tax withholding reclaims - -
Other assets 882 2,773
------------ -------------
Total assets 82,588,165 352,036,858
------------ -------------
LIABILITIES
Payables:
Net forward foreign currency
contracts (Note 8) - -
Investments purchased 188,800 89,761
Dividend and interest withholding tax - -
Due to custodian for overdraft - 4,899
Custodian fee 6,278 5,122
Other accrued expenses 15,935 8,828
Collateral on securities loaned, at value 15,940,249 63,548,815
------------ -------------
Total liabilities 16,151,262 63,657,425
------------ -------------
NET ASSETS $66,436,903 $288,379,433
============ =============
Net assets consist of:
Undistributed net investment loss (Note 2) ($354,745) ($704,100)
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts (675,444) 26,380,042
Unrealized appreciation (depreciation) on:
Investments 7,814,528 32,053,264
Foreign currency and forward foreign
currency contracts - -
Capital shares at par value of $.01 (Note 4) 51,185 115,701
Additional paid-in capital 59,601,379 230,534,526
------------ -------------
NET ASSETS $66,436,903 $288,379,433
============ =============
Capital shares outstanding (Note 4) 5,118,517 11,570,052
------------ -------------
Net asset value, offering price and redemption price per share $12.98 $24.92
------------ -------------
Investments in securities, at identified cost (Note 2) $74,298,690 $319,908,628
------------ -------------
Investments in foreign currency, at identified cost (Note 2) -- --
============ =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
1
<PAGE> 5
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
SMALL
COMPANY MID CAP MID CAP
BLEND GROWTH STOCK
TRUST TRUST TRUST
----- ----- -----
<S> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $17,419,688 $460,398,341 $61,462,567
Repurchase agreements, at value 2,098,000 - 3,146,000
Cash 930 6,448 521
Foreign currency - - -
Receivables:
Net forward foreign currency
contracts (Note 8) - - -
Investments sold 71,279 916,885 35,476
Dividends and interest 5,595 111,107 19,356
Foreign tax withholding reclaims - 1,072 -
Deferred organization expenses (Note 2) - - -
Other assets 98 4,368 557
------------ ------------- ------------
Total assets 19,595,590 461,438,221 64,664,477
------------ ------------- ------------
LIABILITIES
Payables:
Investments purchased 54,978 7,505 1,086,084
Variation margin for open futures contracts - - -
Dividend and interest withholding tax 109 750 -
Custodian fee 4,023 9,815 -
Other accrued expenses 587 8,853 7,500
Collateral on securities loaned, at value - - -
------------ ------------- ------------
Total liabilities 59,697 26,923 1,093,584
------------ ------------- ------------
NET ASSETS $19,535,893 $461,411,298 $63,570,893
============ ============= ============
Net assets consist of:
Undistributed net investment income (loss) (Note 2) ($2,668) ($1,004,496) $10,354
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts 32,917 66,811,335 (702,365)
Unrealized appreciation (depreciation) on:
Investments 1,452,919 30,964,885 3,194,576
Futures contracts - - -
Foreign currency and forward foreign
currency contracts - - -
Capital shares at par value of $.01 (Note 4) 14,332 245,189 48,248
Additional paid-in capital 18,038,393 364,394,386 61,020,080
------------ ------------- ------------
NET ASSETS $19,535,893 $461,411,298 $63,570,893
============ ============= ============
Capital shares outstanding (Note 4) 1,433,256 24,518,858 4,824,842
------------ ------------- ------------
Net asset value, offering price and redemption price per share $13.63 $18.82 $13.18
------------ ------------- ------------
Investments in securities, at identified cost (Note 2) $18,064,769 $429,433,456 $61,413,991
------------ ------------- ------------
Investments in foreign currency, at identified cost (Note 2) -- -- --
============ ============= ============
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL
OVERSEAS STOCK
TRUST TRUST
----- -----
<S> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $274,067,961 $154,184,456
Repurchase agreements, at value 28,969,000 9,827,000
Cash 60 511
Foreign currency 1,586,240 3,853,121
Receivables:
Net forward foreign currency
contracts (Note 8) 1,322 -
Investments sold 1,989,575 -
Dividends and interest 368,800 419,079
Foreign tax withholding reclaims 370,032 175,834
Deferred organization expenses (Note 2) 5,140 -
Other assets 2,364 2,371
------------- -------------
Total assets 307,360,494 168,462,372
------------- -------------
LIABILITIES
Payables:
Investments purchased 2,495,499 331,859
Variation margin for open futures contracts 43,056 -
Dividend and interest withholding tax 41,536 52,375
Custodian fee 35,918 44,124
Other accrued expenses 1,659 26,511
Collateral on securities loaned, at value 20,074,319 -
------------- -------------
Total liabilities 22,691,987 454,869
------------- -------------
NET ASSETS $284,668,507 $168,007,503
============= =============
Net assets consist of:
Undistributed net investment income (loss) (Note 2) $1,687,147 $1,113,435
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts 17,845,531 15,071,677
Unrealized appreciation (depreciation) on:
Investments 6,121,106 11,388,939
Futures contracts 181,995 -
Foreign currency and forward foreign
currency contracts (12,917) (17,285)
Capital shares at par value of $.01 (Note 4) 237,393 126,929
Additional paid-in capital 258,608,252 140,323,808
------------- -------------
NET ASSETS $284,668,507 $168,007,503
============= =============
Capital shares outstanding (Note 4) 23,739,249 12,692,865
------------- -------------
Net asset value, offering price and redemption price per share $11.99 $13.24
------------- -------------
Investments in securities, at identified cost (Note 2) $296,915,855 $152,622,517
------------- -------------
Investments in foreign currency, at identified cost (Note 2) $1,583,535 $3,856,902
============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE> 6
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
SMALL
INTERNATIONAL MID CAP COMPANY
VALUE BLEND VALUE
TRUST TRUST TRUST
----- ----- -----
<S> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $ 58,838,295 $ 1,710,755,951 $ 91,690,032
Repurchase agreements, at value 3,225,000 36,718,000 4,150,000
Cash 471 720 823
Foreign currency 1,085 36 --
Receivables:
Net forward foreign currency
contracts (Note 8) -- -- --
Investments sold -- 7,541,156 253,066
Variation margin for open futures contracts -- -- --
Dividends and interest 205,387 1,133,323 99,337
Foreign tax withholding reclaims 19,254 146,120 --
Other assets 532 15,592 1,407
--------------- --------------- ---------------
Total assets 62,290,024 1,756,310,898 96,194,665
--------------- --------------- ---------------
LIABILITIES
Payables:
Net forward foreign currency
contracts (Note 8) 2,059 -- --
Investments purchased 425,294 4,420,468 360,979
Dividend and interest withholding tax 22,776 -- --
Custodian fee -- 37,481 22,222
Other accrued expenses 15,986 14,775 20,170
Collateral on securities loaned, at value -- 134,698,912 12,033,552
--------------- --------------- ---------------
Total liabilities 466,115 139,171,636 12,436,923
--------------- --------------- ---------------
NET ASSETS $ 61,823,909 $ 1,617,139,262 $ 83,757,742
=============== =============== ===============
Net assets consist of:
Undistributed net investment income (loss) (Note 2) $ 276,363 $ 3,465,566 $ 145,050
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts (51,255) 88,202,088 (18,079,037)
Unrealized appreciation (depreciation) on:
Investments (461,552) 177,208,839 7,691,587
Futures contracts -- -- --
Foreign currency and forward foreign
currency contracts (2,855) (6,947) --
Capital shares at par value of $.01 (Note 4) 49,873 803,182 72,341
Additional paid-in capital 62,013,335 1,347,466,534 93,927,801
--------------- --------------- ---------------
NET ASSETS $ 61,823,909 $ 1,617,139,262 $ 83,757,742
=============== =============== ===============
Capital shares outstanding (Note 4) 4,987,263 80,318,255 7,234,102
--------------- --------------- ---------------
Net asset value, offering price and redemption price per share $ 12.40 $ 20.13 $ 11.58
--------------- --------------- ---------------
Investments in securities, at identified cost (Note 2) $ 62,524,847 $ 1,570,265,112 $ 88,148,445
--------------- --------------- ---------------
Investments in foreign currency, at identified cost (Note 2) $ 1,085 $ 36 --
=============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
GLOBAL
EQUITY GROWTH
TRUST TRUST
----- -----
<S> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $ 918,351,960 $ 464,433,655
Repurchase agreements, at value 68,992,000 5,447,000
Cash 204 139
Foreign currency 2,878,016 4,034
Receivables:
Net forward foreign currency
contracts (Note 8) 3,062,124 --
Investments sold 817,992 4,479,750
Variation margin for open futures contracts -- 67,500
Dividends and interest 2,864,333 313,282
Foreign tax withholding reclaims 632,077 170
Other assets 9,015 3,984
--------------- ---------------
Total assets 997,607,721 474,749,514
--------------- ---------------
LIABILITIES
Payables:
Net forward foreign currency
contracts (Note 8) -- --
Investments purchased 1,063,856 --
Dividend and interest withholding tax 188,233 --
Custodian fee 65,982 2,479
Other accrued expenses 191,364 15,699
Collateral on securities loaned, at value 66,675,079 23,425,753
--------------- ---------------
Total liabilities 68,184,514 23,443,931
--------------- ---------------
NET ASSETS $ 929,423,207 $ 451,305,583
=============== ===============
Net assets consist of:
Undistributed net investment income (loss) (Note 2) $ 7,041,139 ($ 158,089)
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts 29,203,798 51,829,151
Unrealized appreciation (depreciation) on:
Investments 140,535,007 43,570,982
Futures contracts -- 185,289
Foreign currency and forward foreign
currency contracts 3,027,619 1,899
Capital shares at par value of $.01 (Note 4) 494,318 200,630
Additional paid-in capital 749,121,326 355,675,721
--------------- ---------------
NET ASSETS $ 929,423,207 $ 451,305,583
=============== ===============
Capital shares outstanding (Note 4) 49,431,824 20,062,956
--------------- ---------------
Net asset value, offering price and redemption price per share $ 18.80 $ 22.49
--------------- ---------------
Investments in securities, at identified cost (Note 2) $ 846,808,953 $ 426,309,673
--------------- ---------------
Investments in foreign currency, at identified cost (Note 2) $ 2,875,182 $ 2,130
=============== ===============
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 7
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
LARGE CAP QUANTITATIVE BLUE CHIP
GROWTH EQUITY GROWTH
TRUST TRUST TRUST
----- ----- -----
<S> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $ 296,936,522 $ 363,886,292 $ 1,518,268,768
Repurchase agreements, at value 12,940,000 25,235,000 2,504,000
Cash 412 210 450
Foreign currency 10,700 -- 250
Receivables:
Net forward foreign currency
contracts (Note 8) 10 -- --
Investments sold 818,997 920,161 5,310,169
Dividends and interest 305,398 249,111 937,362
Foreign tax withholding reclaims 17,112 -- 221
Other assets 2,805 3,247 13,558
--------------- --------------- ---------------
Total assets 311,031,956 390,294,021 1,527,034,778
--------------- --------------- ---------------
LIABILITIES
Payables:
Investments purchased 4,813,581 5,967,814 6,661,153
Dividend and interest withholding tax 9,529 -- --
Custodian fee 31,452 -- 9,882
Other accrued expenses 2,935 16,368 34,543
Collateral on securities loaned, at value 18,271,861 17,105,807 52,920,825
--------------- --------------- ---------------
Total liabilities 23,129,358 23,089,989 59,626,403
--------------- --------------- ---------------
NET ASSETS $ 287,902,598 $ 367,204,032 $ 1,467,408,375
=============== =============== ===============
Net assets consist of:
Undistributed net investment income (Note 2) $ 1,202,944 $ 1,104,660 $ 1,006,749
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts 52,702,300 38,967,058 30,907,184
Unrealized appreciation (depreciation) on:
Investments 21,490,392 32,614,790 413,149,985
Foreign currency and forward foreign
currency contracts (1,198) -- (63)
Capital shares at par value of $.01 (Note 4) 196,198 143,581 739,480
Additional paid-in capital 212,311,962 294,373,943 1,021,605,040
--------------- --------------- ---------------
NET ASSETS $ 287,902,598 $ 367,204,032 $ 1,467,408,375
=============== =============== ===============
Capital shares outstanding (Note 4) 19,619,797 14,358,075 73,948,023
--------------- --------------- ---------------
Net asset value, offering price and redemption price per share $ 14.67 $ 25.57 $ 19.84
--------------- --------------- ---------------
Investments in securities, at identified cost (Note 2) $ 288,386,130 $ 356,506,502 $ 1,107,622,783
--------------- --------------- ---------------
Investments in foreign currency, at identified cost (Note 2) $ 10,718 -- $ 255
=============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
REAL ESTATE
SECURITIES VALUE
TRUST TRUST
----- -----
<S> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $ 153,874,550 $ 170,125,589
Repurchase agreements, at value 181,000 6,028,000
Cash 777 264
Foreign currency -- --
Receivables:
Net forward foreign currency
contracts (Note 8) -- --
Investments sold 1,232,934 789,453
Dividends and interest 1,074,887 132,808
Foreign tax withholding reclaims -- --
Other assets 341 2,431
--------------- ---------------
Total assets 156,364,489 177,078,545
--------------- ---------------
LIABILITIES
Payables:
Investments purchased 2,615,347 3,093,625
Dividend and interest withholding tax -- --
Custodian fee 5,252 2,553
Other accrued expenses 9,451 22,277
Collateral on securities loaned, at value 11,707,596 3,074,388
--------------- ---------------
Total liabilities 14,337,646 6,192,843
--------------- ---------------
NET ASSETS $ 142,026,843 $ 170,885,702
=============== ===============
Net assets consist of:
Undistributed net investment income (Note 2) $ 4,613,286 $ 1,246,906
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts (28,498,272) 1,855,431
Unrealized appreciation (depreciation) on:
Investments 2,800,919 14,390,843
Foreign currency and forward foreign
currency contracts -- --
Capital shares at par value of $.01 (Note 4) 99,013 108,584
Additional paid-in capital 163,011,897 153,283,938
--------------- ---------------
NET ASSETS $ 142,026,843 $ 170,885,702
=============== ===============
Capital shares outstanding (Note 4) 9,901,289 10,858,401
--------------- ---------------
Net asset value, offering price and redemption price per share $ 14.34 $ 15.74
--------------- ---------------
Investments in securities, at identified cost (Note 2) $ 151,254,631 $ 161,762,746
--------------- ---------------
Investments in foreign currency, at identified cost (Note 2) -- --
=============== ===============
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 8
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
EQUITY GROWTH & U.S. LARGE
INDEX INCOME CAP VALUE
TRUST TRUST TRUST
----- ----- -----
<S> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $ 92,772,491 $ 2,880,450,677 $ 88,995,994
Repurchase agreements, at value 1,817,000 55,811,000 11,829,000
Cash 483 612 2
Foreign currency -- 10,615 --
Receivables:
Investments sold 35,883 -- --
Variation margin for open futures contracts 37,500 -- --
Dividends and interest 72,703 2,349,386 57,863
Foreign tax withholding reclaims 5 -- --
Other assets 814 26,863 627
--------------- --------------- ---------------
Total assets 94,736,879 2,938,649,153 100,883,486
--------------- --------------- ---------------
LIABILITIES
Payables:
Investments purchased -- -- 29,859
Dividend and interest withholding tax 5 -- --
Custodian fee 3,350 22,776 3,313
Other accrued expenses 59,513 55,564 4,308
Collateral on securities loaned, at value 4,004,139 32,111,245 --
--------------- --------------- ---------------
Total liabilities 4,067,007 32,189,584 37,480
--------------- --------------- ---------------
NET ASSETS $ 90,669,872 $ 2,906,459,569 $ 100,846,006
=============== =============== ===============
Net assets consist of:
Undistributed net investment income (Note 2) $ 453,863 $ 8,642,222 $ 87,374
Accumulated undistributed net realized gain
on investments, foreign currency
and forward foreign currency contracts 526,422 86,913,606 94,500
Unrealized appreciation (depreciation) on:
Investments 17,642,988 1,042,579,922 1,598,217
Futures contracts 59,277 -- --
Foreign currency and forward foreign
currency contracts -- (1,507) (2)
Capital shares at par value of $.01 (Note 4) 52,596 937,734 79,331
Additional paid-in capital 71,934,726 1,767,387,592 98,986,586
--------------- --------------- ---------------
NET ASSETS $ 90,669,872 $ 2,906,459,569 $ 100,846,006
=============== =============== ===============
Capital shares outstanding (Note 4) 5,259,637 93,773,415 7,933,053
--------------- --------------- ---------------
Net asset value, offering price and redemption price per share $ 17.24 $ 30.99 $ 12.71
--------------- --------------- ---------------
Investments in securities, at identified cost (Note 2) $ 76,946,503 $ 1,893,681,755 $ 99,226,777
--------------- --------------- ---------------
Investments in foreign currency, at identified cost (Note 2) -- $ 12,122 --
=============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
EQUITY- INCOME &
INCOME VALUE
TRUST TRUST
----- -----
<S> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $ 1,136,477,065 $ 794,995,840
Repurchase agreements, at value 1,097,000 25,752,000
Cash 461 177
Foreign currency -- 538,869
Receivables:
Investments sold 2,288,380 --
Variation margin for open futures contracts -- --
Dividends and interest 2,099,512 3,217,847
Foreign tax withholding reclaims 11,414 25,418
Other assets 11,000 6,167
--------------- ----------------
Total assets 1,141,984,832 824,536,318
--------------- ----------------
LIABILITIES
Payables:
Investments purchased 106,841 2,198,210
Dividend and interest withholding tax 14,798 11,984
Custodian fee 19,877 51,214
Other accrued expenses 31,104 9,864
Collateral on securities loaned, at value 38,639,735 165,079,354
--------------- ---------------
Total liabilities 38,812,355 167,350,626
--------------- ---------------
NET ASSETS $ 1,103,172,477 $ 657,185,692
=============== ===============
Net assets consist of:
Undistributed net investment income (Note 2) $ 10,220,815 $ 7,537,690
Accumulated undistributed net realized gain
on investments, foreign currency
and forward foreign currency contracts 57,946,545 111,393,454
Unrealized appreciation (depreciation) on:
Investments 235,680,096 17,722,712
Futures contracts -- --
Foreign currency and forward foreign
currency contracts (706) (75,657)
Capital shares at par value of $.01 (Note 4) 595,413 519,005
Additional paid-in capital 798,730,314 520,088,488
--------------- ---------------
NET ASSETS $ 1,103,172,477 $ 657,185,692
=============== ===============
Capital shares outstanding (Note 4) 59,541,264 51,900,487
--------------- ---------------
Net asset value, offering price and redemption price per share $ 18.53 $ 12.66
--------------- ---------------
Investments in securities, at identified cost (Note 2) $ 901,893,969 $ 803,025,128
--------------- ---------------
Investments in foreign currency, at identified cost (Note 2) -- $ 612,111
=============== ===============
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE> 9
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
HIGH STRATEGIC
BALANCED YIELD BOND
TRUST TRUST TRUST
----- ----- -----
<S> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $270,572,763 $217,988,095 $424,097,102
Repurchase agreements, at value 16,579,000 7,522,000 -
Cash 691 265 2,267
Foreign currency 97,255 275 431,090
Receivables:
Net forward foreign currency
contracts (Note 8) 814 487,510 80,619
Investments sold 1,522,856 1,373,917 507,000
Variation margin for open futures contracts - 174,912 -
Dividends and interest 1,817,180 3,972,288 6,772,216
Foreign tax withholding reclaims 37,780 - -
Other assets 2,881 2,052 4,252
------------- ------------- -------------
Total assets 290,631,220 231,521,314 431,894,546
------------- ------------- -------------
LIABILITIES
Payables:
Investments purchased 1,016,400 209,625 13,950,729
Dividend and interest withholding tax 2,533 1,312 30,148
Custodian fee 11,046 5,928 19,594
Other accrued expenses 8,061 14,483 26,409
Interest rate swap contracts (Notes 2 and 3) - - -
Written options outstanding, at value
(premiums received: $37,784) (Notes 2 and 3) - - -
Collateral on securities loaned, at value 11,588,388 10,691,931 33,419,058
Deferred mortgage dollar roll income - - 5,159
------------- ------------- -------------
Total liabilities 12,626,428 10,923,279 47,451,097
------------- ------------- -------------
NET ASSETS $278,004,792 $220,598,035 $384,443,449
============= ============= =============
Net assets consist of:
Undistributed net investment income (Note 2) $3,696,806 $8,632,020 $16,655,641
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts 14,347,459 (2,388,211) (15,466,770)
Unrealized appreciation (depreciation) on:
Investments, options and interest rate
swap contracts 5,165,072 (8,446,942) (16,972,067)
Futures contracts - 73,205 -
Foreign currency and forward foreign
currency contracts (1,364) 487,337 77,944
Capital shares at par value of $.01 (Note 4) 151,866 163,971 351,547
Additional paid-in capital 254,644,953 222,076,655 399,797,154
------------- ------------- -------------
NET ASSETS $278,004,792 $220,598,035 $384,443,449
============= ============= =============
Capital shares outstanding (Note 4) 15,186,582 16,397,087 35,154,746
------------- ------------- -------------
Net asset value, offering price and redemption price per share $18.31 $13.45 $10.94
------------- ------------- -------------
Investments in securities, at identified cost (Note 2) $281,986,691 $233,957,037 $441,069,169
------------- ------------- -------------
Investments in foreign currency, at identified cost (Note 2) $97,255 $278 $431,721
============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
GLOBAL TOTAL
BOND RETURN
TRUST TRUST
----- -----
<S> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $212,952,602 $181,773,437
Repurchase agreements, at value 264,000 3,889,000
Cash 579 774
Foreign currency 194,526 -
Receivables:
Net forward foreign currency
contracts (Note 8) 1,658,209 -
Investments sold 28,661,528 -
Variation margin for open futures contracts 69,781 404,875
Dividends and interest 2,455,159 1,168,013
Foreign tax withholding reclaims - -
Other assets 1,691 1,438
------------- -------------
Total assets 246,258,075 187,237,537
------------- -------------
LIABILITIES
Payables:
Investments purchased 85,016,466 23,337,047
Dividend and interest withholding tax 3,587 -
Custodian fee 1,126 4,376
Other accrued expenses 550 9,995
Interest rate swap contracts (Notes 2 and 3) 51,083 -
Written options outstanding, at value
(premiums received: $37,784) (Notes 2 and 3) - 30,693
Collateral on securities loaned, at value 145,230 -
Deferred mortgage dollar roll income - -
------------- -------------
Total liabilities 85,218,042 23,382,111
------------- -------------
NET ASSETS $161,040,033 $163,855,426
============= =============
Net assets consist of:
Undistributed net investment income (Note 2) $5,083,894 $1,103,439
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts (17,088,511) (984,108)
Unrealized appreciation (depreciation) on:
Investments, options and interest rate
swap contracts (7,566,118) (1,532,161)
Futures contracts 38,499 97,844
Foreign currency and forward foreign
currency contracts 1,851,295 -
Capital shares at par value of $.01 (Note 4) 141,231 132,488
Additional paid-in capital 178,579,743 165,037,924
------------- -------------
NET ASSETS $161,040,033 $163,855,426
============= =============
Capital shares outstanding (Note 4) 14,123,126 13,248,835
------------- -------------
Net asset value, offering price and redemption price per share $11.40 $12.37
------------- -------------
Investments in securities, at identified cost (Note 2) $220,731,637 $187,201,689
------------- -------------
Investments in foreign currency, at identified cost (Note 2) $195,251 --
============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE> 10
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
INVESTMENT U.S.
QUALITY DIVERSIFIED GOVERNMENT MONEY
BOND BOND SECURITIES MARKET
TRUST TRUST TRUST TRUST
----- ----- ----- -----
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $ 340,095,632 $ 208,315,924 $ 485,721,739 $ 678,766,738
Repurchase agreements, at value 8,847,000 18,054,000 62,062,000 76,469,000
Cash 675 778 43,109 769
Foreign currency -- 100,853 -- --
Receivables:
Investments sold 45,901 -- 4,825,798 --
Dividends and interest 4,834,246 2,767,281 2,780,105 443,421
Foreign tax withholding reclaims 13,679 12,662 -- --
Other assets 3,830 1,912 4,418 6,921
------------- ------------- ------------- -------------
Total assets 353,840,963 229,253,410 555,437,169 755,686,849
------------- ------------- ------------- -------------
LIABILITIES
Payables:
Investments purchased -- 2,019,167 147,035,147 --
Dividends -- -- -- 89,665
Dividend and interest withholding tax 1,641 8,580 -- --
Custodian fee 11,833 29,233 10,661 10,929
Other accrued expenses 103,921 3,250 29,741 37,940
Collateral on securities loaned, at value 49,272,580 -- -- --
Deferred mortgage dollar roll income -- -- 112,782 --
------------- ------------- ------------- -------------
Total liabilities 49,389,975 2,060,230 147,188,331 138,534
------------- ------------- ------------- -------------
NET ASSETS $ 304,450,988 $ 227,193,180 $ 408,248,838 $ 755,548,315
============= ============= ============= =============
Net assets consist of:
Undistributed net investment income (Note 2) $ 10,690,714 $ 4,302,646 $ 11,572,345 --
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts (3,503,015) 17,850,526 (2,843,234) --
Unrealized appreciation (depreciation) on:
Investments (9,931,960) (5,762,605) (8,193,600) --
Foreign currency and forward foreign
currency contracts -- (15,104) -- --
Capital shares at par value of $.01 (Note 4) 263,109 211,341 310,068 $ 755,548
Additional paid-in capital 306,932,140 210,606,376 407,403,259 754,792,767
------------- ------------- ------------- -------------
NET ASSETS $ 304,450,988 $ 227,193,180 $ 408,248,838 $ 755,548,315
============= ============= ============= =============
Capital shares outstanding (Note 4) 26,310,906 21,134,123 31,006,799 75,554,831
------------- ------------- ------------- -------------
Net asset value, offering price and redemption
price per share $ 11.57 $ 10.75 $ 13.17 $ 10.00
------------- ------------- ------------- -------------
Investments in securities, at identified cost
(Note 2) $ 358,874,592 $ 232,132,529 $ 555,977,339 $ 755,235,738
------------- ------------- ------------- -------------
Investments in foreign currency, at identified
cost (Note 2) -- $ 115,635 -- --
============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE> 11
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES--JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE
AGGRESSIVE GROWTH BALANCED MODERATE CONSERVATIVE
1000 820 640 460 280
TRUST TRUST TRUST TRUST TRUST
------------ ------------- ------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $70,970,449 $342,241,341 $359,785,477 $154,678,926 $96,213,375
Cash 2,426 706 1,822 -- 86
Receivables:
Dividends and interest -- -- -- -- 2,275
From advisor 6,224 9,966 18,286 9,926 5,028
Other assets 702 3,352 3,521 1,504 899
------------ ------------- ------------- ------------- ------------
Total assets 70,979,801 342,255,365 359,809,106 154,690,356 96,221,663
------------ ------------- ------------- ------------- ------------
LIABILITIES
Payables:
Dividends -- -- -- -- 2,275
Other accrued expenses 6,707 13,318 21,807 11,430 5,927
------------ ------------- ------------- ------------- ------------
Total liabilities 6,707 13,318 21,807 11,430 8,202
------------ ------------- ------------- ------------- ------------
NET ASSETS $70,973,094 $342,242,047 $359,787,299 $154,678,926 $96,213,461
============ ============= ============= ============= ============
Net assets consist of:
Accumulated undistributed net realized gain
(loss) on investments ($2,426,750) ($1,386,263) ($3,693,870) $5,436,689 $1,326,108
Unrealized appreciation (depreciation) on
investments 2,497,928 11,078,300 3,650,390 (942,203) (961,670)
Capital shares at par value of $.01 (Note 4) 54,031 246,314 270,026 112,444 73,586
Additional paid-in capital 70,847,885 332,303,696 359,560,753 150,071,996 95,775,437
------------ ------------- ------------- ------------- ------------
NET ASSETS $70,973,094 $342,242,047 $359,787,299 $154,678,926 $96,213,461
============ ============= ============= ============= ============
Capital shares outstanding (Note 4) 5,403,126 24,631,381 27,002,562 11,244,363 7,358,629
------------ ------------- ------------- ------------- ------------
Net asset value, offering price and redemption
price per share $13.14 $13.89 $13.32 $13.76 $13.07
------------ ------------- ------------- ------------- ------------
Investments in securities, at identified cost
(Note 2) $68,472,521 $331,163,041 $356,135,087 $155,621,129 $97,175,045
============ ============= ============= ============= ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE> 12
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS--FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PACIFIC RIM
EMERGING SCIENCE & INTERNATIONAL AGGRESSIVE EMERGING
MARKETS TECHNOLOGY SMALL CAP GROWTH SMALL COMPANY
TRUST TRUST TRUST TRUST TRUST
----------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $92,868 $951,381 $268,474 $252,318 $590,625
Dividends 270,365 137,014 703,522 17,261 254,900
Less: Foreign taxes withheld (28,492) (6,133) (95,099) (43) --
----------- ------------ ------------ ------------ ------------
Total income $334,741 $1,082,262 $876,897 $269,536 $845,525
----------- ------------ ------------ ------------ ------------
Expenses:
Investment adviser fee (Note 6) 128,328 1,630,506 768,716 558,796 1,459,979
Custodian fee 33,342 59,437 99,638 46,964 49,275
Printing and postage fees 1,483 13,736 7,614 6,452 15,098
Audit and legal fees 1,128 9,787 5,781 4,689 11,764
Registration and filing fees 415 3,656 2,187 3,174 4,331
Fund administration fees (Note 6) 394 4,100 1,996 1,726 3,912
Trustees fees and expenses (Note 7) 301 2,572 1,643 1,221 2,882
Miscellaneous 3,914 2,495 1,196 1,259 2,384
----------- ------------ ------------ ------------ ------------
Total expenses 169,305 1,726,289 888,771 624,281 1,549,625
----------- ------------ ------------ ------------ ------------
Net investment income (loss) 165,436 (644,027) (11,874) (354,745) (704,100)
----------- ------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on
investments, futures, foreign currency
and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions (330,427) 41,606,793 4,538,218 21,703,479 26,603,473
Futures contracts -- -- -- (913,664) --
Foreign currency and forward
foreign currency contracts (87,871) (78,244) (100,273) -- --
Change in unrealized appreciation (depreciation) on:
Investments 7,466,476 44,784,648 7,254,018 (25,722,025) (9,330,916)
Translation of foreign currency and forward
foreign currency contracts (30,458) 189 (5,172) -- --
----------- ------------ ------------ ------------ ------------
Net gain (loss) on investments, foreign
currency and forward foreign currency
contracts 7,017,720 86,313,386 11,686,791 (4,932,210) 17,272,557
----------- ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations $7,183,156 $85,669,359 $11,674,917 ($5,286,955) $16,568,457
=========== ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE> 13
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS--FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY MID CAP MID CAP INTERNATIONAL
BLEND GROWTH STOCK OVERSEAS STOCK
TRUST* TRUST TRUST* TRUST TRUST
------------- ------------ ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $16,720 $662,136 $66,296 $505,866 $205,473
Dividends 13,854 477,968 37,570 3,232,773 2,754,308
Less: Foreign taxes withheld (109) (750) -- (432,842) (320,622)
----------- ------------ ----------- ------------ ------------
Total income $30,465 $1,139,354 $103,866 $3,305,797 $2,639,159
----------- ------------ ----------- ------------ ------------
Expenses:
Investment adviser fee (Note 6) 23,819 2,017,112 78,060 1,130,712 1,120,637
Custodian fee 8,610 67,596 11,432 290,510 203,763
Printing and postage fees 263 21,869 1,500 12,277 11,793
Audit and legal fees 174 16,151 987 9,430 8,529
Registration and filing fees 70 6,036 403 3,421 3,512
Fund administration fees (Note 6) 140 5,859 798 3,224 3,285
Amortization of deferred
organization expenses (Note 2) -- -- -- 4,820 --
Trustees fees and expenses (Note 7) 36 4,361 210 2,385 1,994
Miscellaneous 21 4,866 122 1,903 28,304
----------- ------------ ----------- ------------ ------------
Total expenses 33,133 2,143,850 93,512 1,458,682 1,381,817
----------- ------------ ----------- ------------ ------------
Net investment income (loss) (2,668) (1,004,496) 10,354 1,847,115 1,257,342
----------- ------------ ----------- ------------ ------------
Realized and unrealized gain on
investments, futures, foreign currency
and forward foreign currency
contracts:
Net realized gain (loss) on:
Investment transactions 32,917 68,117,128 (702,365) 18,095,899 16,156,836
Futures contracts -- -- -- (428,295) --
Foreign currency and forward
foreign currency contracts -- -- -- 1,049,564 (83,949)
Change in unrealized appreciation on:
Investments 1,452,919 (27,994,511) 3,194,576 (6,877,166) (10,236,612)
Futures contracts -- -- -- 181,995 --
Translation of foreign currency
and forward foreign currency contracts -- -- -- (191,509) (21,893)
----------- ------------ ----------- ------------ ------------
Net gain on investments, futures, foreign
currency and forward foreign currency
contracts 1,485,836 40,122,617 2,492,211 11,830,488 5,814,382
----------- ------------ ----------- ------------ ------------
Net increase in net assets
resulting from operations $1,483,168 $39,118,121 $2,502,565 $13,677,603 $7,071,724
=========== ============ =========== ============ ============
</TABLE>
* For the period May 1, 1999 (commencement of operations) to June 30, 1999.
The accompanying notes are an integral part of the financial statements.
10
<PAGE> 14
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS--FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL
INTERNATIONAL MID CAP COMPANY GLOBAL
VALUE BLEND VALUE EQUITY GROWTH
TRUST* TRUST TRUST TRUST TRUST
------------- ------------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $108,110 $1,183,393 $74,425 $559,707 $420,764
Dividends 321,174 8,660,978 834,538 12,361,853 1,079,111
Less: Foreign taxes withheld (34,289) (46,781) -- (1,204,082) (4,458)
--------- ------------- ----------- ------------ ------------
Total income $394,995 $9,797,590 $908,963 $11,717,478 $1,495,417
--------- ------------- ----------- ------------ ------------
Expenses:
Investment adviser fee (Note 6) 84,053 5,909,227 671,931 3,957,770 1,558,465
Custodian fee 30,743 206,695 88,015 393,136 46,488
Printing and postage fees 1,432 80,606 7,311 88,697 18,768
Audit and legal fees 942 62,352 5,320 182,928 13,499
Registration and filing fees 384 22,783 2,229 13,547 5,170
Fund administration fees (Note 6) 762 20,664 2,010 12,470 5,335
Trustees fees and expenses (Note 7) 199 15,783 1,223 9,449 3,437
Miscellaneous 117 13,914 3,197 18,342 2,344
--------- ------------- ----------- ------------ ------------
Total expenses 118,632 6,332,024 781,236 4,676,339 1,653,506
--------- ------------- ----------- ------------ ------------
Net investment income (loss) 276,363 3,465,566 127,727 7,041,139 (158,089)
--------- ------------- ----------- ------------ ------------
Realized and unrealized gain (loss) on
investments, futures, foreign currency
and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions (302) 96,175,922 (874,282) 30,799,997 52,095,271
Futures contracts -- -- -- -- (246,745)
Foreign currency and forward
foreign currency contracts (50,953) 40,774 -- 506,444 (11,504)
Change in unrealized appreciation (depreciation) on:
Investments (461,552) 146,159,081 (680,951) (2,815,412) (1,312,174)
Futures contracts -- -- -- -- 185,289
Translation of foreign currency and
forward foreign currency contracts (2,855) (16,343) -- 3,003,072 10,925
--------- ------------- ----------- ------------ ------------
Net gain (loss) on investments, futures,
foreign currency and forward foreign
currency contracts (515,662) 242,359,434 (1,555,233) 31,494,101 50,721,062
--------- ------------- ----------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations ($239,299) $245,825,000 ($1,427,506) $38,535,240 $50,562,973
========= ============= =========== ============ ============
</TABLE>
* For the period May 1, 1999 (commencement of operations) to June 30, 1999.
The accompanying notes are an integral part of the financial statements.
11
<PAGE> 15
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS--FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LARGE CAP QUANTITATIVE BLUE CHIP REAL ESTATE
GROWTH EQUITY GROWTH SECURITIES VALUE
TRUST TRUST TRUST TRUST TRUST
----------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $1,316,310 $433,988 $1,637,902 $14,302 $243,316
Dividends 1,268,450 1,815,624 5,450,708 5,064,886 1,971,488
Less: Foreign taxes withheld (46,620) -- (21,553) -- (94)
----------- ----------- ------------ ----------- -----------
Total income $2,538,140 $2,249,612 $7,067,057 $5,079,188 $2,214,710
----------- ----------- ------------ ----------- -----------
Expenses:
Investment adviser fee (Note 6) 1,095,149 1,065,108 5,777,007 518,670 889,608
Custodian fee 134,040 39,103 110,054 26,988 33,009
Printing and postage fees 14,835 15,447 66,422 7,877 12,453
Audit and legal fees 11,200 11,422 49,022 5,475 9,119
Registration and filing fees 4,108 4,279 18,315 2,314 3,674
Fund administration fees (Note 6) 3,915 4,342 18,135 2,057 3,330
Trustees fees and expenses (Note 7) 2,864 2,856 12,722 1,423 2,222
Miscellaneous 5,192 2,395 8,631 12,919 14,389
----------- ----------- ------------ ----------- -----------
Total expenses 1,271,303 1,144,952 6,060,308 577,723 967,804
----------- ----------- ------------ ----------- -----------
Net investment income 1,266,837 1,104,660 1,006,749 4,501,465 1,246,906
----------- ----------- ------------ ----------- -----------
Realized and unrealized gain (loss) on
investments, futures, foreign currency
and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions 52,422,706 39,420,538 33,870,437 (18,720,201) 3,986,229
Futures contracts 600,561 -- -- -- --
Foreign currency and forward foreign
currency contracts (165,243) -- (6,052) -- --
Change in unrealized appreciation (depreciation) on:
Investments (35,727,002) (8,273,610) 84,839,933 17,853,118 23,086,798
Futures contracts (133,291) -- -- -- --
Translation of foreign currency and forward
foreign currency contracts (3,777) -- (126) -- --
----------- ----------- ------------ ----------- -----------
Net gain (loss) on investments, foreign
currency and forward foreign currency
contracts 16,993,954 31,146,928 118,704,192 (867,083) 27,073,027
----------- ----------- ------------ ----------- -----------
Net increase in net assets
resulting from operations $18,260,791 $32,251,588 $119,710,941 $3,634,382 $28,319,933
=========== =========== ============ =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE> 16
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS--FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY GROWTH & U.S. LARGE CAP EQUITY- INCOME &
INDEX INCOME VALUE INCOME VALUE
TRUST TRUST TRUST* TRUST TRUST
---------- ------------ -------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $132,777 $1,531,803 $97,198 $1,098,945 $8,227,376
Dividends 480,768 17,331,892 107,995 13,873,063 2,109,608
Less: Foreign taxes withheld (7,511) (117,447) -- (104,949) (38,999)
---------- ------------ ---------- ------------ -----------
Total income $606,034 $18,746,248 $205,193 $14,867,059 $10,297,985
---------- ------------ ---------- ------------ -----------
Expenses:
Investment adviser fee (Note 6) 95,094 9,571,896 105,311 4,391,289 2,379,232
Custodian fee 49,379 179,196 7,936 103,067 207,329
Printing and postage fees 3,969 135,220 1,682 57,304 33,667
Audit and legal fees 2,865 100,090 1,107 43,240 25,653
Registration and filing fees 1,078 37,216 451 16,193 9,404
Fund administration fees (Note 6) 1,100 36,431 894 14,847 8,693
Trustees fees and expenses (Note 7) 752 25,890 300 10,967 6,493
Miscellaneous 458 18,088 138 9,337 12,408
---------- ------------ ---------- ------------ -----------
Expenses before reimbursement by
investment adviser 154,695 10,104,026 117,819 4,646,244 2,682,879
Reimbursement of expenses by
investment adviser (Note 6) 2,544 -- -- -- --
---------- ------------ ---------- ------------ -----------
Net expenses 152,151 10,104,026 117,819 4,646,244 2,682,879
---------- ------------ ---------- ------------ -----------
Net investment income 453,883 8,642,222 87,374 10,220,815 7,615,106
---------- ------------ ---------- ------------ -----------
Realized and unrealized gain on
investments, futures, foreign currency
and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions 347,888 86,913,610 94,500 57,968,731 112,307,201
Futures contracts 218,900 -- -- -- (208,857)
Foreign currency and forward foreign currency
contracts -- (4) -- (19,178) (403,111)
Change in unrealized appreciation (depreciation) on:
Investments 7,878,449 214,900,886 1,598,217 57,043,566 (80,127,328)
Futures contracts 20,533 -- -- -- --
Translation of foreign currency and forward
foreign currency contracts -- (746) -- (2,342) (79,458)
---------- ------------ ---------- ------------ -----------
Net gain on investments, futures, foreign
currency and forward foreign currency
contracts 8,465,770 301,813,746 1,692,717 114,990,777 31,488,447
---------- ------------ ---------- ------------ -----------
Net increase in net assets resulting from operations $8,919,653 $310,455,968 $1,780,091 $125,211,592 $39,103,553
========== ============ ========== ============ ===========
</TABLE>
* For the period May 1, 1999 (commencement of operations) to June 30, 1999.
The accompanying notes are an integral part of the financial statements.
13
<PAGE> 17
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS--FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH STRATEGIC GLOBAL TOTAL
BALANCED YIELD BOND BOND RETURN
TRUST TRUST TRUST TRUST TRUST*
---------- ---------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $3,506,191 $9,435,434 $18,315,241 $4,761,018 $1,288,601
Mortgage dollar rolls -- -- 178,348 -- --
Dividends 1,428,363 -- 5,336 -- --
Less: Foreign taxes withheld (58,044) -- (43,132) (55,922) --
---------- ---------- ----------- ------------ -----------
Total income $4,876,510 $9,435,434 $18,455,793 $4,705,096 $1,288,601
---------- ---------- ----------- ------------ -----------
Expenses:
Investment adviser fee (Note 6) 1,087,458 782,805 1,616,670 713,158 165,949
Custodian fee 53,065 40,652 117,564 95,755 8,812
Printing and postage fees 14,834 10,291 22,917 10,047 3,873
Audit and legal fees 10,962 7,467 17,049 7,748 2,550
Registration and filing fees 4,095 2,950 6,607 2,846 1,039
Fund administration fees (Note 6) 3,946 2,788 6,038 2,488 2,061
Trustees fees and expenses (Note 7) 3,023 1,873 4,185 1,938 540
Miscellaneous 2,321 1,492 5,188 4,086 338
---------- ---------- ----------- ------------ -----------
Total expenses 1,179,704 850,318 1,796,218 838,066 185,162
---------- ---------- ----------- ------------ -----------
Net investment income 3,696,806 8,585,116 16,659,575 3,867,030 1,103,439
---------- ---------- ----------- ------------ -----------
Realized and unrealized gain (loss) on
investments, futures, options, interest
rate swaps, foreign currency and
forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions 14,878,891 (2,617,547) (2,690,356) 409,078 (2,939)
Futures contracts -- 183,245 -- 861 (981,169)
Foreign currency and forward foreign currency
contracts (93,041) 812,169 (378,259) (9,942,809) --
Change in unrealized appreciation (depreciation) on:
Investments (14,816,710) (191,015) (11,461,969) (12,525,097) (1,539,252)
Futures contracts -- 182,916 -- 89,582 97,844
Options -- -- -- (86,397) 7,091
Interest rate swaps -- -- -- (51,083) --
Translation of foreign currency and forward
foreign currency contracts (2,877) 534,038 68,203 2,798,093 --
---------- ---------- ----------- ------------ -----------
Net loss on investments, futures, options, interest
rate swaps, foreign currency and forward foreign
currency contracts (33,737) (1,096,194) (14,462,381) (19,307,772) (2,418,425)
---------- ---------- ----------- ------------ -----------
Net increase (decrease) in net assets
resulting from operations $3,663,069 $7,488,922 $2,197,194 ($15,440,742) ($1,314,986)
========== ========== =========== ============ ===========
* For the period May 1, 1999 (commencement of operations) to June 30, 1999.
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE> 18
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS--FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT U.S.
QUALITY DIVERSIFIED GOVERNMENT MONEY
BOND BOND SECURITIES MARKET
TRUST TRUST TRUST TRUST
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
Investment Income:
Interest $11,905,618 $5,050,372 $12,089,669 $16,748,598
Mortgage dollar rolls -- -- 922,928 --
Dividends 21,138 186,479 -- --
Less: Foreign taxes withheld (331) (13,980) -- --
------------ ------------ ------------ -----------
Total income $11,926,425 $5,222,871 $13,012,597 $16,748,598
------------ ------------ ------------ -----------
Expenses:
Investment adviser fee (Note 6) 1,033,410 760,786 1,293,791 1,727,563
Custodian fee 82,455 110,432 74,239 51,485
Printing and postage fees 33,681 10,653 21,082 38,180
Audit and legal fees 68,168 8,105 15,138 26,613
Registration and filing fees 5,118 2,980 5,992 10,422
Fund administration fees (Note 6) 5,423 2,732 5,972 10,537
Trustees fees and expenses (Note 7) 3,199 2,040 3,640 6,622
Miscellaneous 4,259 2,270 2,794 4,819
------------ ------------ ------------ -----------
Total expenses 1,235,712 899,998 1,422,648 1,876,241
------------ ------------ ------------ -----------
Net investment income 10,690,713 4,322,873 11,589,949 14,872,357
------------ ------------ ------------ -----------
Realized and unrealized loss on
investments, futures, foreign currency
and forward foreign currency contracts:
Net realized gain (loss) on:
Investments (661,171) 18,134,484 (1,714,837) --
Futures contracts -- (134,255) -- --
Foreign currency and forward foreign
currency contracts -- (71,388) -- --
Change in unrealized depreciation on:
Investments (15,994,723) (22,600,253) (12,824,685) --
Translation of foreign currency and forward
foreign currency contracts -- (15,345) -- --
------------ ------------ ------------ -----------
Net loss on investments, futures, foreign
currency and forward foreign currency contracts (16,655,894) (4,686,757) (14,539,522) --
------------ ------------ ------------ -----------
Net increase (decrease) in net assets
resulting from operations ($5,965,181) ($363,884) ($2,949,573) $14,872,357
============ ============ ============ ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE> 19
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS--FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE
AGGRESSIVE GROWTH BALANCED MODERATE CONSERVATIVE
1000 820 640 460 280
TRUST TRUST TRUST TRUST TRUST
---------- ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Income distributions received $440,512 $4,662,123 $7,400,156 $3,747,221 $3,099,756
---------- ----------- ------------ ----------- -----------
Total income 440,512 4,662,123 7,400,156 3,747,221 3,099,756
---------- ----------- ------------ ----------- -----------
Expenses:
Printing and postage fees 4,008 19,196 19,829 7,847 4,735
Audit and legal fees 2,853 14,298 13,680 5,918 3,238
Registration and filing fees 1,130 5,413 5,549 2,178 1,296
Fund administration fees (Note 6) 1,007 4,837 5,086 2,075 1,282
Trustee fees and expenses (Note 7) 708 3,746 2,816 1,605 728
Miscellaneous 544 2,540 2,509 893 476
---------- ----------- ------------ ----------- -----------
Expenses before reimbursement by
investment adviser 10,250 50,030 49,469 20,516 11,755
Reimbursement of expenses by
investment adviser (Note 6) 10,250 50,030 49,469 20,516 11,755
---------- ----------- ------------ ----------- -----------
Net expenses -- -- -- -- --
---------- ----------- ------------ ----------- -----------
Net investment income 440,512 4,662,123 7,400,156 3,747,221 3,099,756
---------- ----------- ------------ ----------- -----------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments 543,378 8,461,784 4,720,586 5,978,574 1,505,644
Futures contracts
Capital gain distributions received
Capital gain distributions received 809,956 4,616,558 5,483,775 2,014,495 1,417,357
Change in unrealized appreciation (depreciation) on -- -- -- -- --
investments 3,030 920,158 (3,806,116) (5,365,529) (4,138,587)
---------- ----------- ------------ ----------- -----------
Net gain (loss) on investments 1,356,364 13,998,500 6,398,245 2,627,540 (1,215,586)
---------- ----------- ------------ ----------- -----------
Net increase in net assets
resulting from operations $1,796,876 $18,660,623 $13,798,401 $6,374,761 $1,884,170
========== =========== ============ =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE> 20
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PACIFIC RIM
EMERGING MARKETS TRUST SCIENCE & TECHNOLOGY TRUST INTERNATIONAL SMALL CAP TRUST
---------------------------- ------------------------------ ------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
------------ ------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net
assets:
Operations:
Net investment income (loss) $165,436 $305,356 ($644,027) ($781,426) ($11,874) $627,681
Net realized gain (loss) on:
Investment transactions (330,427) (6,979,917) 41,606,793 (1,741,037) 4,538,218 277,904
Foreign currency and
forward foreign currency
contracts (87,871) (238,982) (78,244) (10,264) (100,273) (134,334)
Change in unrealized
appreciation
(depreciation) on:
Investments 7,466,476 5,942,247 44,784,648 49,026,105 7,254,018 14,673,325
Foreign currency and
forward foreign currency
contracts (30,458) 110,460 189 198 (5,172) 36,507
------------ ------------ ------------- ------------- ------------- -------------
Net increase (decrease) in
net assets resulting from
operations 7,183,156 (860,836) 85,669,359 46,493,576 11,674,917 15,481,083
Distribution to shareholders
from:
Net investment income (325,598) -- -- -- (500,049) (437,568)
Net realized gains on
investments and foreign
currency transactions -- -- (421,888) -- -- --
Increase (decrease) in net
assets from capital share
transactions (Note 4) 12,109,873 5,005,970 211,476,582 65,443,411 (23,125,033) 4,278,984
------------ ------------ ------------- ------------- ------------- -------------
Increase (decrease) in net
assets 18,967,431 4,145,134 296,724,053 111,936,987 (11,950,165) 19,322,499
Net assets at beginning of
period 27,995,458 23,850,324 179,284,563 67,347,576 147,898,209 128,575,710
------------ ------------ ------------- ------------- ------------- -------------
Net assets at end of period $46,962,889 $27,995,458 $476,008,616 $179,284,563 $135,948,044 $147,898,209
============ ============ ============= ============= ============= =============
Undistributed net investment
income (loss) ($147,065) $13,097 ($644,027) -- ($11,875) $500,048
============ ============ ============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
17
<PAGE> 21
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH TRUST
(FORMERLY, PILGRIM SMALL COMPANY
BAXTER GROWTH TRUST) EMERGING SMALL COMPANY TRUST BLEND TRUST
---------------------------- ---------------------------- ------------- --------
SIX MONTHS SIX MONTHS 5/1/1999*
ENDED YEAR ENDED YEAR TO YEAR
6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
------------- ------------ ------------ ------------ ------------ --------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment loss ($354,745) ($745,047) ($704,100) ($1,512,967) ($2,668) $0
Net realized gain (loss) on:
Investment transactions 21,703,479 (17,375,070) 26,603,473 3,917,918 32,917 --
Futures contracts (913,664) -- -- -- -- --
Change in unrealized appreciation
(depreciation) on:
Investments (25,722,025) 26,770,878 (9,330,916) (1,704,887) 1,452,919 --
------------ ------------ ------------ ------------ -----------
Net increase (decrease) in net
assets resulting from operations (5,286,955) 8,650,761 16,568,457 700,064 1,483,168 --
Distribution to shareholders from:
Net realized gains on investments
and foreign currency transactions -- -- (4,061,968) (4,130,364) -- --
Increase (decrease) in net assets from
capital share transactions (Note 4) (71,285,746) 41,023,697 (24,763,874) 28,293,037 18,052,725 --
------------ ------------ ------------ ------------ ----------- --
Increase (decrease) in net assets (76,572,701) 49,674,458 (12,257,385) 24,862,737 19,535,893 --
Net assets at beginning of period 143,009,604 93,335,146 300,636,818 275,774,081 -- --
------------ ------------ ------------ ------------ ----------- --
Net assets at end of period $66,436,903 $143,009,604 $288,379,433 $300,636,818 $19,535,893 $0
============ ============ ============ ============ =========== ==
Undistributed net investment loss ($354,745) -- ($704,100) -- ($2,668) $0
============ ============ ============ ============ =========== ==
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
18
<PAGE> 22
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID CAP GROWTH TRUST MID CAP OVERSEAS TRUST
(FORMERLY, SMALL/MID STOCK (FORMERLY, INTERNATIONAL
CAP TRUST) TRUST GROWTH AND INCOME TRUST)
---------------------------- ----------- ---------------------------
SIX MONTHS 5/1/1999* SIX MONTHS
ENDED YEAR TO ENDED YEAR
6/30/99 ENDED 6/30/99 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) (UNAUDITED) 12/31/98
------------ ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income (loss) ($1,004,496) ($846,848) $10,354 $1,847,115 $1,349,144
Net realized gain (loss) on:
Investment transactions 68,117,128 55,888,821 (702,365) 18,095,899 431,540
Futures contracts -- -- -- (428,295) --
Foreign currency and forward
foreign currency contracts -- -- -- 1,049,564 (2,299,214)
Change in unrealized appreciation (depreciation) on:
Investments (27,994,511) 26,206,105 3,194,576 (6,877,166) 16,672,663
Futures contracts -- -- -- 181,995 --
Foreign currency and forward
foreign currency contracts -- -- -- (191,509) (904,425)
------------ ------------ ----------- ------------ ------------
Net increase in net assets
resulting from operations 39,118,121 81,248,078 2,502,565 13,677,603 15,249,708
Distribution to shareholders from:
Net investment income -- -- -- -- (5,087,750)
Net realized gains on investments
and foreign currency transactions (55,167,921) -- -- -- (6,913,043)
Increase in net assets from
capital share transactions (Note 4) 82,351,945 45,484,563 61,068,328 52,440,193 11,525,342
------------ ------------ ----------- ------------ ------------
Increase in net assets 66,302,145 126,732,641 63,570,893 66,117,796 14,774,257
Net assets at beginning of period 395,109,153 268,376,512 -- 218,550,711 203,776,454
------------ ------------ ----------- ------------ ------------
Net assets at end of period $461,411,298 $395,109,153 $63,570,893 $284,668,507 $218,550,711
============ ============ =========== ============ ============
Undistributed net investment income (loss) ($1,004,496) -- $10,353 $1,687,147 ($159,968)
============ ============ =========== ============ ============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
19
<PAGE> 23
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL MID CAP BLEND TRUST
INTERNATIONAL STOCK TRUST VALUE TRUST (FORMERLY, EQUITY TRUST)
------------------------------ ------------ ----------------------------------
SIX MONTHS 5/1/1999* SIX MONTHS
ENDED YEAR TO ENDED YEAR
6/30/99 ENDED 6/30/99 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) (UNAUDITED) 12/31/98
------------- ------------- ------------ --------------- ---------------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $1,257,342 $1,586,475 $276,363 $3,465,566 $6,512,985
Net realized gain (loss) on:
Investment transactions 16,156,836 1,821,899 -- 96,175,922 164,915,719
Foreign currency and forward
foreign currency contracts (83,949) (40,590) (50,953) 40,774 58,525
Change in unrealized appreciation
(depreciation) on:
Investments (10,236,612) 22,818,165 (461,552) 146,159,081 (36,897,292)
Foreign currency and forward
foreign currency contracts (21,893) 13,799 (2,855) (16,343) 9,372
------------- ------------- ------------ --------------- ---------------
Net increase in net assets
resulting from operations 7,071,724 26,199,748 (238,997) 245,825,000 134,599,309
Distribution to shareholders from:
Net investment income (66,831) (1,596,410) -- (6,563,301) (4,882,009)
Net realized gains on investments
and foreign currency transactions -- (1,781,309) -- (170,802,927) (288,587,683)
Distribution to shareholders:
In excess of net investment income -- (42,466) -- -- --
In excess of net realized gains on
investments and foreign currency
transactions -- (140,607) -- -- --
Increase (decrease) in net assets from
capital share transactions (Note 4) (73,100,161) 66,210,918 62,063,208 (7,488,113) 193,656,886
------------- ------------- ------------ --------------- ---------------
Increase (decrease) in net assets (66,095,268) 88,849,874 61,824,211 60,970,659 34,786,503
Net assets at beginning of period 234,102,771 145,252,897 -- 1,556,168,603 1,521,382,100
------------- ------------- ------------ --------------- ---------------
Net assets at end of period $168,007,503 $234,102,771 $61,823,909 $1,617,139,262 $1,556,168,603
============= ============= ============ =============== ===============
Undistributed net investment income (loss) $1,113,435 ($77,076) $276,363 $3,465,566 $6,563,301
============= ============= ============ =============== ===============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
20
<PAGE> 24
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY VALUE TRUST GLOBAL EQUITY TRUST GROWTH TRUST
--------------------------- ---------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
----------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $127,727 $188,462 $7,041,139 $7,701,552 ($158,089) $956,935
Net realized gain (loss) on:
Investment transactions (874,282) (16,508,567) 30,799,997 88,388,784 52,095,271 17,266,771
Futures contracts -- -- -- -- (246,745) --
Foreign currency and forward
foreign currency contracts -- -- 506,444 (1,775,815) (11,504) (281)
Change in unrealized appreciation
(depreciation) on:
Investments (680,951) 9,615,252 (2,815,412) 6,402,579 (1,312,174) 31,040,331
Futures contracts -- -- -- -- 185,289 --
Foreign currency and forward
foreign currency contracts -- -- 3,003,072 141,285 10,925 (9,207)
----------- ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net
assets resulting from operations (1,427,506) (6,704,853) 38,535,240 100,858,385 50,562,973 49,254,549
Distribution to shareholders from:
Net investment income (105,452) (56,196) (5,423,428) (16,146,783) (956,654) (785,667)
Net realized gains on investments
and foreign currency transactions -- -- (88,486,537) (48,191,144) (17,085,959) (7,656,124)
Increase (decrease) in net assets
from capital share transactions
(Note 4) (77,044,032) 102,004,697 56,234,311 23,630,416 118,790,747 91,793,552
----------- ------------ ------------ ------------ ------------ ------------
Increase (decrease) in net assets (78,576,990) 95,243,648 859,586 60,150,874 151,311,107 132,606,310
Net assets at beginning of period 162,334,732 67,091,084 928,563,621 868,412,747 299,994,476 167,388,166
----------- ------------ ------------ ------------ ------------ ------------
Net assets at end of period $83,757,742 $162,334,732 $929,423,207 $928,563,621 $451,305,583 $299,994,476
=========== ============ ============ ============ ============ ============
Undistributed net investment
income (loss) $145,050 $122,775 $6,694,434 $5,423,428 ($158,089) $956,654
=========== ============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
21
<PAGE> 25
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LARGE CAP GROWTH TRUST
(FORMERLY, AGGRESSIVE
ASSET ALLOCATION TRUST) QUANTITATIVE EQUITY TRUST BLUE CHIP GROWTH TRUST
---------------------------- ---------------------------- --------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/99 ENDED 6/30/99 ENDED 6/30/99 ENDED
(UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98 (UNAUDITED) 12/31/98
------------ ------------ ------------ ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income $1,266,837 $3,958,805 $1,104,660 $2,167,436 $1,006,749 $3,184,232
Net realized gain (loss) on:
Investment transactions 52,422,706 24,484,460 39,420,538 25,556,516 33,870,437 50,695,303
Futures contracts 600,561 168,829 -- -- -- --
Foreign currency and
forward foreign currency
contracts (165,243) (3,049) -- -- (6,052) (8,634)
Change in unrealized
appreciation
(depreciation) on:
Investments (35,727,002) 14,927,862 (8,273,610) 21,957,322 84,839,933 174,851,600
Futures contracts (133,291) 240,570 -- -- -- --
Foreign currency and
forward foreign currency
contracts (3,777) 8,462 -- -- (126) 63
------------ ------------ ------------ ------------ -------------- --------------
Net increase in net assets
resulting from operations 18,260,791 43,785,939 32,251,588 49,681,274 119,710,941 228,722,564
Distribution to shareholders
from:
Net investment income (4,041,499) (4,765,263) (2,089,131) (1,960,998) (3,087,681) (4,121,547)
Net realized gains on
investments and foreign
currency transactions (24,147,307) (24,329,301) (26,012,081) (21,211,052) (53,476,374) (11,715,254)
Increase in net assets from
capital share transactions
(Note 4) 34,948,889 4,657,120 108,578,796 60,435,931 263,099,966 219,468,302
------------ ------------ ------------ ------------ -------------- --------------
Increase in net assets 25,020,874 19,348,495 112,729,172 86,945,155 326,246,852 432,354,065
Net assets at beginning
of period 262,881,724 243,533,229 254,474,860 167,529,705 1,141,161,523 708,807,458
------------ ------------ ------------ ------------ -------------- --------------
Net assets at end of period $287,902,598 $262,881,724 $367,204,032 $254,474,860 $1,467,408,375 $1,141,161,523
============ ============ ============ ============ ============== ==============
Undistributed net investment
income $1,202,944 $3,977,606 $1,104,660 $2,089,131 $1,006,749 $3,087,681
============ ============ ============ ============ ============== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
22
<PAGE> 26
MANUFACTURES INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
REAL ESTATE
SECURITIES VALUE EQUITY INDEX
TRUST TRUST TRUST
------------------------------- ------------------------------- ----------------
SIX MONTHS ENDED YEAR SIX MONTHS ENDED YEAR SIX MONTHS ENDED
6/30/1999 ENDED 6/30/1999 ENDED 6/30/1999
(UNAUDITED) 12/31/1998 (UNAUDITED) 12/31/1998 (UNAUDITED)
---------------- ------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 4,501,465 $ 9,202,498 $ 1,246,906 $ 3,188,316 $ 453,883
Net realized gain (loss) on:
Investment transactions (18,720,201) (11,066,977) 3,986,229 3,711,085 347,888
Futures contracts - - - - 218,900
Foreign currency and forward
foreign currency contracts - - - - -
Change in unrealized appreciation
(depreciation) on:
Investments 17,853,118 (28,378,705) 23,086,798 (14,016,429) 7,878,449
Futures contracts - - - - 20,533
------------- ------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 3,634,382 (30,243,184) 28,319,933 (7,117,028) 8,919,653
Distribution to shareholders from:
Net investment income (7,390,953) (4,711,304) (981) (3,187,336) (841)
Net realized gains on investments
and foreign currency transactions - (16,427,838) - (3,711,085) (345,805)
Distribution to shareholders:
In excess of net realized gains on
investments and foreign currency
transactions - - - (1,531,744) -
Increase (decrease) in net assets from
capital share transactions (Note 4) (16,048,757) 51,455,304 (112,987,736) 126,430,055 18,804,680
------------- ------------- ------------- ------------- -------------
Increase (decrease) in net assets (19,805,328) 72,978 (84,668,784) 110,882,862 27,377,687
Net assets at beginning of period 161,832,171 161,759,193 255,554,486 144,671,624 63,292,185
------------- ------------- ------------- ------------- -------------
Net assets at end of period $ 142,026,843 $ 161,832,171 $ 170,885,702 $ 255,554,486 $ 90,669,872
============= ============= ============= ============= =============
Undistributed net investment income $ 4,613,286 $ 7,502,774 $ 1,246,906 $ 981 $ 453,863
============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
EQUITY INDEX
TRUST
-------------
YEAR
ENDED
12/31/1998
-------------
<S> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 726,416
Net realized gain (loss) on:
Investment transactions 50,182
Futures contracts 871,822
Foreign currency and forward
foreign currency contracts 20
Change in unrealized appreciation
(depreciation) on:
Investments 9,449,307
Futures contracts (26,890)
-------------
Net increase (decrease) in net assets
resulting from operations 11,070,857
Distribution to shareholders from:
Net investment income (725,595)
Net realized gains on investments
and foreign currency transactions (1,258,052)
Distribution to shareholders:
In excess of net realized gains on
investments and foreign currency
transactions -
Increase (decrease) in net assets from
capital share transactions (Note 4) 27,130,373
-------------
Increase (decrease) in net assets 36,217,583
Net assets at beginning of period 27,074,602
-------------
Net assets at end of period $ 63,292,185
=============
Undistributed net investment income $ 841
=============
</TABLE>
The accompanying notes are an integral part of the financial statements.
23
<PAGE> 27
MANUFACTURES INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
U.S. LARGE CAP
GROWTH & INCOME VALUE EQUITY-INCOME
TRUST TRUST TRUST
---------------------------------- --------------- ----------------------------------
SIX MONTHS ENDED YEAR 5/1/1999* TO SIX MONTHS ENDED YEAR
6/30/1999 ENDED 6/30/1999 6/30/1999 ENDED
(UNAUDITED) 12/31/1998 (UNAUDITED) (UNAUDITED) 12/31/1998
---------------- --------------- ------------ ---------------- ---------------
<S> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income $ 8,642,222 $ 16,270,792 $ 87,374 $ 10,220,815 $ 21,631,383
Net realized gain (loss) on:
Investment transactions 86,913,610 73,188,872 94,500 57,968,731 55,707,234
Foreign currency and forward
foreign currency contracts (4) - - (19,178) 5,469
Change in unrealized appreciation
(depreciation) on:
Investments 214,900,886 360,559,727 1,598,217 57,043,566 10,010,997
Foreign currency and forward
foreign currency contracts (746) 1,520 - (2,342) 1,576
--------------- --------------- ------------ --------------- ---------------
Net increase in net assets
resulting from operations 310,455,968 450,020,911 1,780,091 125,211,592 87,356,659
Distribution to shareholders from:
Net investment income (16,252,305) (15,313,773) - (21,363,276) (18,698,833)
Net realized gains on investments
and foreign currency transactions (73,217,857) (99,563,470) - (55,202,191) (40,844,225)
Increase (decrease) in net assets from
capital share transactions (Note 4) 395,356,156 349,586,661 99,065,915 (33,815,712) 118,823,876
--------------- --------------- ------------ --------------- ---------------
Increase in net assets 616,341,962 684,730,329 100,846,006 14,830,413 146,637,477
Net assets at beginning of period 2,290,117,607 1,605,387,278 - 1,088,342,064 941,704,587
--------------- --------------- ------------ --------------- ---------------
Net assets at end of period $ 2,906,459,569 $ 2,290,117,607 $100,846,006 $ 1,103,172,477 $ 1,088,342,064
=============== =============== ============ =============== ===============
Undistributed net investment income $ 8,642,222 $ 16,252,305 $ 87,374 $ 10,220,815 $ 21,363,276
=============== =============== ============ =============== ===============
</TABLE>
The accompanying notes are an integral part of the financial statements.
24
<PAGE> 28
MANUFACTURES INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INCOME & VALUE TRUST
(FORMERLY, MODERATE BALANCED HIGH YIELD
ASSET ALLOCATION TRUST) TRUST TRUST
-------------------------------- -------------------------------- ----------------
SIX MONTHS ENDED YEAR SIX MONTHS ENDED YEAR SIX MONTHS ENDED
6/30/1999 ENDED 6/30/1999 ENDED 6/30/1999
(UNAUDITED) 12/31/1998 (UNAUDITED) 12/31/1998 (UNAUDITED)
---------------- ------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income $ 7,615,106 $ 17,640,709 $ 3,696,806 $ 5,746,873 $ 8,585,116
Net realized gain (loss) on:
Investment transactions 112,307,201 51,848,087 14,878,891 13,096,202 (2,617,547)
Futures contracts (208,857) 459,020 - - 183,245
Foreign currency and forward
foreign currency contracts (403,111) (29,982) (93,041) (192,069) 812,169
Change in unrealized appreciation
(depreciation) on:
Investments (80,127,328) 16,988,917 (14,816,710) 9,091,108 (191,015)
Futures contracts - 24,906 - - 182,916
Foreign currency and forward
foreign currency contracts (79,458) 16,705 (2,877) 1,674 534,038
------------- ------------- ------------- ------------- -------------
Net increase in net assets
resulting from operations 39,103,553 86,948,362 3,663,069 27,743,788 7,488,922
Distribution to shareholders from:
Net investment income (17,926,561) (20,941,772) (5,554,804) (4,637,642) -
Net realized gains on investments
and foreign currency transactions (51,417,390) (47,173,913) (13,468,698) (20,360,461) -
Distribution to shareholders:
In excess of net realized gains on
investments and foreign currency
transactions - - - - -
Increase (decrease) in net assets from
capital share transactions (Note 4) 69,415,209 (9,963,436) 38,911,395 74,663,502 20,754,862
------------- ------------- ------------- ------------- -------------
Increase in net assets 39,174,811 8,869,241 23,550,962 77,409,187 28,243,784
Net assets at beginning of period 618,010,881 609,141,640 254,453,830 177,044,643 192,354,251
------------- ------------- ------------- ------------- -------------
Net assets at end of period $ 657,185,692 $ 618,010,881 $ 278,004,792 $ 254,453,830 $ 220,598,035
============= ============= ============= ============= =============
Undistributed net investment income $ 7,537,690 $ 17,849,145 $ 3,696,806 $ 5,554,804 $ 8,632,020
============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
HIGH YIELD
TRUST
-------------
YEAR
ENDED
12/31/1998
-------------
<S> <C>
Increase in net assets:
Operations:
Net investment income $ 12,495,423
Net realized gain (loss) on:
Investment transactions 685,329
Futures contracts (158,006)
Foreign currency and forward
foreign currency contracts (338,289)
Change in unrealized appreciation
(depreciation) on:
Investments (9,230,531)
Futures contracts (109,711)
Foreign currency and forward
foreign currency contracts (89,864)
-------------
Net increase in net assets
resulting from operations 3,254,351
Distribution to shareholders from:
Net investment income (12,153,316)
Net realized gains on investments
and foreign currency transactions (463,039)
Distribution to shareholders:
In excess of net realized gains on
investments and foreign currency
transactions (1,115,256)
Increase (decrease) in net assets from
capital share transactions (Note 4) 110,083,856
-------------
Increase in net assets 99,606,596
Net assets at beginning of period 92,747,655
-------------
Net assets at end of period $ 192,354,251
=============
Undistributed net investment income $ 46,904
=============
</TABLE>
The accompanying notes are an integral part of the financial statements.
25
<PAGE> 29
MANUFACTURES INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
GLOBAL BOND TRUST
STRATEGIC BOND (FORMERLY, GLOBAL TOTAL RETURN
TRUST GOVERNMENT BOND TRUST) TRUST
------------------------------- ------------------------------- -------------
SIX MONTHS ENDED YEAR SIX MONTHS ENDED YEAR 5/1/1999* TO
6/30/1999 ENDED 6/30/1999 ENDED 6/30/1999
(UNAUDITED) 12/31/1998 (UNAUDITED) 12/31/1998 (UNAUDITED)
---------------- ------------- ---------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 16,659,575 $ 31,143,747 $ 3,867,030 $ 11,145,124 $ 1,103,439
Net realized gain (loss) on:
Investment transactions (2,690,356) (11,765,900) 409,078 10,492,768 (2,939)
Futures contracts - - 861 - (981,169)
Foreign currency and forward
foreign currency contracts (378,259) (474,432) (9,942,809) (9,668,870) -
Change in unrealized appreciation
(depreciation) on:
Investments (11,461,969) (13,688,101) (12,525,097) 6,083,115 (1,539,252)
Futures contracts - - 89,582 - 97,844
Options - - (86,397) - 7,091
Interest rate swaps - - (51,083) - -
Foreign currency and forward
foreign currency contracts 68,203 (348,502) 2,798,093 (3,265,913) -
------------- ------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 2,197,194 4,866,812 (15,440,742) 14,786,224 (1,314,986)
Distribution to shareholders from:
Net investment income (30,665,785) (22,915,842) (16,839,448) (14,017,074) -
Net realized gains on investments
and foreign currency transactions - (3,897,165) - (5,897,775) -
Increase (decrease) in net assets from
capital share transactions (Note 4) (30,502,455) 99,770,482 (3,669,905) (13,998,370) 165,170,412
------------- ------------- ------------- ------------- -------------
Increase (decrease) in net assets (58,971,046) 77,824,287 (35,950,095) (19,126,995) 163,855,426
Net assets at beginning of period 443,414,495 365,590,208 196,990,128 216,117,123 -
------------- ------------- ------------- ------------- -------------
Net assets at end of period $ 384,443,449 $ 443,414,495 $ 161,040,033 $ 196,990,128 $ 163,855,426
============= ============= ============= ============= =============
Undistributed net investment income $ 16,655,641 $ 30,812,687 $ 5,083,894 $ 18,056,312 $ 1,103,439
============= ============= ============= ============= =============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
26
<PAGE> 30
MANUFACTURES INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INVESTMENT DIVERSIFIED BOND TRUST U.S. GOVERNMENT
QUALITY BOND (FORMERLY, CONSERVATIVE SECURITIES
TRUST ASSET ALLOCATION TRUST) TRUST
------------------------------- ------------------------------- ----------------
SIX MONTHS ENDED YEAR SIX MONTHS ENDED YEAR SIX MONTHS ENDED
6/30/1999 ENDED 6/30/1999 ENDED 6/30/1999
(UNAUDITED) 12/31/1998 (UNAUDITED) 12/31/1998 (UNAUDITED)
---------------- ------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 10,690,713 $ 17,062,319 $ 4,322,873 $ 7,917,173 $ 11,589,949
Net realized gain (loss) on:
Investment transactions (661,171) 1,251,275 18,134,484 10,151,359 (1,714,837)
Futures contracts - - (134,255) 34,810 -
Foreign currency and forward
foreign currency contracts - - (71,388) (1,455) -
Change in unrealized appreciation
(depreciation) on:
Investments (15,994,723) 2,352,727 (22,600,253) 2,097,641 (12,824,685)
Futures contracts - - - (1,773) -
Options
Foreign currency and forward
foreign currency contracts - - (15,345) 2,506 -
------------- ------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations (5,965,181) 20,666,321 (363,884) 20,200,261 (2,949,573)
Distribution to shareholders from:
Net investment income (17,104,902) (11,620,376) (7,999,543) (8,864,663) (18,022,069)
Net realized gains on investments
and foreign currency transactions - - (10,064,425) (9,705,964) -
Increase (decrease) in net assets from
capital share transactions (Note 4) 15,410,327 114,519,856 48,821,061 (9,177,785) 65,605,007
------------- ------------- ------------- ------------- -------------
Increase (decrease) in net assets (7,659,756) 123,565,801 30,393,209 (7,548,151) 44,633,365
Net assets at beginning of period 312,110,744 188,544,943 196,799,971 204,348,122 363,615,473
------------- ------------- ------------- ------------- -------------
Net assets at end of period $ 304,450,988 $ 312,110,744 $ 227,193,180 $ 196,799,971 $ 408,248,838
============= ============= ============= ============= =============
Undistributed net investment income $ 10,690,713 $ 17,104,902 $ 4,302,646 $ 7,979,316 $ 11,572,345
============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
U.S. GOVERNMENT
SECURITIES
TRUST
---------------
YEAR
ENDED
12/31/1998
---------------
<S> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 17,784,744
Net realized gain (loss) on:
Investment transactions 2,537,744
Futures contracts -
Foreign currency and forward
foreign currency contracts -
Change in unrealized appreciation
(depreciation) on:
Investments 1,073,117
Futures contracts -
Options
Foreign currency and forward
foreign currency contracts -
-------------
Net increase (decrease) in net assets
resulting from operations 21,395,605
Distribution to shareholders from:
Net investment income (13,043,750)
Net realized gains on investments
and foreign currency transactions -
Increase (decrease) in net assets from
capital share transactions (Note 4) 103,986,283
-------------
Increase (decrease) in net assets 112,338,138
Net assets at beginning of period 251,277,335
-------------
Net assets at end of period $ 363,615,473
=============
Undistributed net investment income $ 18,004,465
=============
</TABLE>
The accompanying notes are an integral part of the financial statements.
27
<PAGE> 31
MANUFACTURES INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LIFESTYLE LIFESTYLE
MONEY MARKET AGGRESSIVE 1000 GROWTH 820
TRUST TRUST TRUST
------------------------------- ------------------------------ ----------------
SIX MONTHS ENDED YEAR SIX MONTHS ENDED YEAR SIX MONTHS ENDED
6/30/1999 ENDED 6/30/1999 ENDED 6/30/1999
(UNAUDITED) 12/31/1998 (UNAUDITED) 12/31/1998 (UNAUDITED)
---------------- ------------- ---------------- ------------ ----------------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 14,872,357 $ 27,391,740 $ 440,512 $ 311,250 $ 4,662,123
Capital gain distributions received - - 809,956 1,458,191 4,616,558
Net realized gain (loss) on investment
transactions - - 543,378 (966,235) 8,461,784
Change in unrealized appreciation
on investments - - 3,030 2,264,970 920,158
------------- ------------- ------------ ------------ -------------
Net increase in net assets
resulting from operations 14,872,357 27,391,740 1,796,876 3,068,176 18,660,623
Distribution to shareholders from:
Net investment income (14,872,357) (27,391,740) (440,512) (311,250) (4,662,123)
Capital gain distributions received - - (809,956) (1,458,191) (4,616,558)
Net realized gains on investments - - (1,955,071) (609,117) (6,957,892)
Distribution to shareholders in excess of
net realized gains on investments - - - (966,235) -
Increase (decrease) in net assets from
capital share transactions (Note 4) 145,711,160 170,123,617 (8,143,248) 31,697,095 (40,491,006)
------------- ------------- ------------ ------------ -------------
Increase (decrease) in net assets 145,711,160 170,123,617 (9,551,911) 31,420,478 (38,066,956)
Net assets at beginning of period 609,837,155 439,713,538 80,525,005 49,104,527 380,309,003
------------- ------------- ------------ ------------ -------------
Net assets at end of period $ 755,548,315 $ 609,837,155 $ 70,973,094 $ 80,525,005 $ 342,242,047
============= ============= ============ ============ =============
Undistributed net investment income -- -- -- -- --
============= ============= ============ ============ =============
</TABLE>
<TABLE>
<CAPTION>
LIFESTYLE
GROWTH 820
TRUST
-------------
YEAR
ENDED
12/31/1998
-------------
<S> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 5,257,312
Capital gain distributions received 6,975,778
Net realized gain (loss) on investment
transactions (2,798,969)
Change in unrealized appreciation
on investments 7,959,295
-------------
Net increase in net assets
resulting from operations 17,393,416
Distribution to shareholders from:
Net investment income (5,257,312)
Capital gain distributions received (6,975,778)
Net realized gains on investments (2,747,990)
Distribution to shareholders in excess of
net realized gains on investments (2,798,969)
Increase (decrease) in net assets from
capital share transactions (Note 4) 163,537,979
-------------
Increase (decrease) in net assets 163,151,346
Net assets at beginning of period 217,157,657
-------------
Net assets at end of period $ 380,309,003
=============
Undistributed net investment income --
=============
</TABLE>
The accompanying notes are an integral part of the financial statements.
28
<PAGE> 32
MANUFACTURES INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LIFESTYLE LIFESTYLE LIFESTYLE
BALANCED 640 MODERATE 460 CONSERVATIVE 280
TRUST TRUST TRUST
------------------------------- ------------------------------- ----------------
SIX MONTHS ENDED YEAR SIX MONTHS ENDED YEAR SIX MONTHS ENDED
6/30/1999 ENDED 6/30/1999 ENDED 6/30/1999
(UNAUDITED) 12/31/1998 (UNAUDITED) 12/31/1998 (UNAUDITED)
---------------- ------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 7,400,156 $ 6,372,564 $ 3,747,221 $ 2,862,066 $ 3,099,756
Capital gain distributions received 5,483,775 7,454,039 2,014,495 1,336,619 1,417,357
Net realized gain on investment
transactions 4,720,586 (3,086,187) 5,978,574 1,667,664 1,505,644
Change in unrealized appreciation
(depreciation) on investments (3,806,116) 3,981,875 (5,365,529) 3,159,452 (4,138,587)
------------- ------------- ------------- ------------- ------------
Net increase in net assets
resulting from operations 13,798,401 14,722,291 6,374,761 9,025,801 1,884,170
Distribution to shareholders from:
Net investment income (7,400,156) (6,372,564) (3,747,221) (2,862,066) (3,099,756)
Capital gain distributions received (5,483,775) (4,367,852) (2,014,495) (1,336,619) (1,417,357)
Net realized gains on investments (5,263,076) (2,747,394) (2,179,014) (371,970) (472,029)
Distributions to shareholders in excess of
capital gain distributions received - (3,086,187) - - -
Increase (decrease) in net assets from
capital share transactions (Note 4) (13,395,548) 192,729,857 18,117,143 80,926,976 20,914,895
------------- ------------- ------------- ------------- ------------
Increase (decrease) in net assets (17,744,154) 190,878,151 16,551,174 85,382,122 17,809,923
Net assets at beginning of period 377,531,453 186,653,302 138,127,752 52,745,630 78,403,538
------------- ------------- ------------- ------------- ------------
Net assets at end of period $ 359,787,299 $ 377,531,453 $ 154,678,926 $ 138,127,752 $ 96,213,461
============= ============= ============= ============= ============
Undistributed net investment income -- -- -- -- --
============= ============= ============= ============= ============
</TABLE>
<TABLE>
<CAPTION>
LIFESTYLE
CONSERVATIVE 280
TRUST
----------------
YEAR
ENDED
12/31/1998
------------
<S> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 1,356,487
Capital gain distributions received 510,860
Net realized gain on investment
transactions 312,471
Change in unrealized appreciation
(depreciation) on investments 2,705,774
------------
Net increase in net assets
resulting from operations 4,885,592
Distribution to shareholders from:
Net investment income (1,356,416)
Capital gain distributions received (510,860)
Net realized gains on investments (135,411)
Distributions to shareholders in excess of
capital gain distributions received -
Increase (decrease) in net assets from
capital share transactions (Note 4) 55,770,613
------------
Increase (decrease) in net assets 58,653,518
Net assets at beginning of period 19,750,020
------------
Net assets at end of period $ 78,403,538
============
Undistributed net investment income --
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
29
<PAGE> 33
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PACIFIC RIM EMERGING MARKETS TRUST
-----------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 10/01/1994*
6/30/1999 TO
----------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 12/31/1994
-------- ------- ------- ------- ------- ----------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 6.83 $ 7.16 $ 10.90 $ 10.36 $ 9.41 $ 10.00
Income from investment operations:
Net investment income 0.05 0.08 0.05 0.07 0.12 0.04
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 1.68 (0.41) (3.77) 0.94 0.96 (0.59)
-------- ------- ------- ------- ------- -------
Total from investment operations 1.73 (0.33) (3.72) 1.01 1.08 (0.55)
Less distributions:
Dividends from net investment income (0.08) -- -- (0.08) (0.09) (0.04)
Distributions from capital gains -- -- (0.02) (0.39) (0.04) --
-------- ------- ------- ------- ------- -------
Total distributions (0.08) -- (0.02) (0.47) (0.13) (0.04)
-------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 8.48 $ 6.83 $ 7.16 $ 10.90 $ 10.36 $ 9.41
======== ======= ======= ======= ======= =======
TOTAL RETURN 25.41%+ (4.61%) (34.12%) 9.81% 11.47% (5.63%)+
Net assets, end of period (000's) $ 46,963 $27,995 $23,850 $23,241 $13,057 $ 7,657
Ratio of operating expenses to average net assets 1.11%(A) 1.21% 1.42% 1.50% 1.50% 1.50%(A)
Ratio of net investment income to average net assets 1.09%(A) 1.21% 0.65% 0.78% 1.01% 1.84%(A)
Portfolio turnover rate 63%(A) 62% 63% 48% 55% 0%(A)
</TABLE>
- -------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
30
<PAGE> 34
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
SCIENCE &
TECHNOLOGY TRUST
-----------------------------------------------
SIX MONTHS
ENDED YEAR ENDED 01/01/1997*
6/30/1999 DECEMBER 31, TO
(UNAUDITED) 1998 12/31/1997
------------ ----------- -----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 19.52 $ 13.62 $ 12.50
Income from investment operations:
Net investment loss (0.04) (0.09) (0.04)
Net realized and unrealized gain on investments
and foreign currency transactions 5.95 5.99 1.38
----------- ----------- -----------
Total from investment operations 5.91 5.90 1.34
Less distributions:
Distributions from capital gains (0.03) -- (0.22)
----------- ----------- -----------
Total distributions (0.03) -- (0.22)
----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 25.40 $ 19.52 $ 13.62
=========== =========== ===========
TOTAL RETURN 30.30% + 43.32% 10.71%
Net assets, end of period (000's) $ 476,009 $ 179,285 $ 67,348
Ratio of operating expenses to average net assets 1.16%(A) 1.21% 1.26%
Ratio of net investment loss to average net assets (0.43%)(A) (0.73%) (0.54%)
Portfolio turnover rate 132%(A) 105% 121%
</TABLE>
- ----------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
31
<PAGE> 35
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL
SMALL CAP TRUST
-----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, 03/04/1996*
6/30/1999 TO
--------------------------------
(UNAUDITED) 1998 1997 12/31/1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.28 $ 13.70 $ 13.60 $ 12.50
Income from investment operations:
Net investment income -- 0.07 0.08 0.06
Net realized and unrealized gain on
investments and foreign currency
transactions 1.25 1.56 0.03 1.09
----------- ----------- ----------- -----------
Total from investment operations 1.25 1.63 0.11 1.15
Less distributions:
Dividends from net investment income (0.05) (0.05) (0.01) (0.05)
----------- ----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 16.48 $ 15.28 $ 13.70 $ 13.60
=========== =========== =========== ===========
TOTAL RETURN 8.22%+ 11.86% 0.79% 9.20% +
Net assets, end of period (000's) $ 135,948 $ 147,898 $ 128,576 $ 97,218
Ratio of operating expenses to average net assets 1.26%(A) 1.25% 1.31% 1.29%(A)
Ratio of net investment income to average net assets (0.02%)(A) 0.44% 0.63% 0.93%(A)
Portfolio turnover rate 35%(A) 45% 74% 50%(A)
</TABLE>
- --------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
32
<PAGE> 36
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH TRUST
(FORMERLY, PILGRIM BAXTER GROWTH TRUST)
--------------------------------------------------
SIX MONTHS
ENDED 01/01/1997 *
6/30/1999@ YEAR ENDED TO
(UNAUDITED) 12/31/1998 12/31/1997
----------- ----------- -----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.04 $ 12.50 $ 12.50
Income from investment operations:
Net investment loss (0.04) (0.07) (0.03)
Net realized and unrealized gain on investments (0.02) 0.61 0.03
----------- ----------- -----------
Total from investment operations (0.06) 0.54 --
----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 12.98 $ 13.04 $ 12.50
=========== =========== ===========
TOTAL RETURN (0.46%)+ 4.32% 0.00%
Net assets, end of period (000's) $ 66,437 $ 143,010 $ 93,335
Ratio of operating expenses to average net assets 1.15%(A) 1.14% 1.18%
Ratio of net investment loss to average net assets (0.65%)(A) (0.64%) (0.46%)
Portfolio turnover rate 149%(A) 189% 63%
</TABLE>
- ---------------
* Commencement of operations
@ Net investment income per share was calculated using the average shares
method for the six months ended June 30,1999.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
33
<PAGE> 37
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EMERGING SMALL
COMPANY TRUST
------------------------------------------------
SIX MONTHS
ENDED 01/01/1997*
6/30/1999 YEAR ENDED TO
(UNAUDITED) 12/31/1998 12/31/1997
----------- ----------- -----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 23.82 $ 24.13 $ 20.60
Income from investment operations:
Net investment loss (0.06) (0.12) (0.02)
Net realized and unrealized gain on investments 1.50 0.17 3.55
----------- ----------- -----------
Total from investment operations 1.44 0.05 3.53
Less distributions:
Distributions from capital gains (0.34) (0.36) --
----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 24.92 $ 23.82 $ 24.13
=========== =========== ===========
TOTAL RETURN 6.15%+ 0.07% 17.14%
Net assets, end of period (000's) $ 288,379 $ 300,637 $ 275,774
Ratio of operating expenses to average net assets 1.11%(A) 1.10% 1.11%
Ratio of net investment loss to average net assets (0.50%)(A) (0.54%) (0.13%)
Portfolio turnover rate 232%(A) 77% 120%
</TABLE>
- -----------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
34
<PAGE> 38
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY
BLEND TRUST
------------
5/01/1999*
TO
6/30/1999
(UNAUDITED)
-----------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50
Income from investment operations:
Net investment loss --
Net realized and unrealized gain on investments 1.13
----------
Total from investment operations 1.13
----------
NET ASSET VALUE, END OF PERIOD $ 13.63
==========
TOTAL RETURN 9.04% +
Net assets, end of period (000's) $ 19,536
Ratio of operating expenses to average net assets 1.46%(A)
Ratio of net investment loss to average net assets (0.12%)(A)
Portfolio turnover rate 4%(A)
</TABLE>
- -----------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
35
<PAGE> 39
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID CAP GROWTH TRUST
(FORMERLY, SMALL/MID CAP TRUST)
-----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED 03/04/1996*
6/30/1999 DECEMBER 31, TO
----------------------------
(UNAUDITED) 1998 1997 12/31/1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 19.77 $ 15.41 $ 13.37 $ 12.50
Income from investment operations:
Net investment loss (0.04) (0.04) (0.04) --
Net realized and unrealized gain on
investments and foreign currency
transactions 1.76 4.40 2.08 0.87
----------- ----------- ----------- -----------
Total from investment operations 1.72 4.36 2.04 0.87
----------- ----------- ----------- -----------
Less distributions:
Distributions from capital gains (2.67) -- -- --
----------- ----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 18.82 $ 19.77 $ 15.41 $ 13.37
=========== =========== =========== ===========
TOTAL RETURN 9.40%+ 28.29% 15.26% 6.96%+
Net assets, end of period (000's) $ 461,411 $ 395,109 $ 268,377 $ 176,062
Ratio of operating expenses to average net assets 1.04%(A) 1.04% 1.05% 1.10% (A)
Ratio of net investment loss to average net assets (0.49%)(A) (0.27%) (0.33%) (0.02%)(A)
Portfolio turnover rate 345%(A) 150% 151% 67% (A)
</TABLE>
- --------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
36
<PAGE> 40
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID CAP
STOCK TRUST
-----------
5/01/1999*
TO
6/30/1999
(UNAUDITED)
------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50
Income from investment operations:
Net investment loss --
Net realized and unrealized gain on
investments and foreign currency
transactions 0.68
----------
Total from investment operations 0.68
----------
NET ASSET VALUE, END OF PERIOD $ 13.18
==========
TOTAL RETURN 5.44% +
Net assets, end of period (000's) $ 63,571
Ratio of operating expenses to average net assets 1.11%(A)
Ratio of net investment loss to average net assets 0%(A)
Portfolio turnover rate 16%(A)
</TABLE>
- ----------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
37
<PAGE> 41
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
OVERSEAS TRUST
(FORMERLY, INTERNATIONAL GROWTH AND INCOME TRUST)
-------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 01/09/1995*
6/30/1999 TO
------------------------------------
(UNAUDITED) 1998 1997 1996 12/31/1995
-------- -------- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.33 $ 11.01 $ 11.77 $ 10.47 $ 10.00
-------- -------- --------- -------- ---------
Income from investment operations:
Net investment income 0.08 0.06 0.23 0.17 0.11
Net realized and unrealized gain on
investments and foreign currency
transactions 0.58 0.88 (0.26) 1.15 0.59
-------- -------- --------- -------- ---------
Total from investment operations 0.66 0.94 (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 $ 11.99 $ 11.33 $ 11.01 $ 11.77 $ 10.47
======== ======== ========= ======== =========
Total return 5.74%+ 8.04% (0.08%) 12.61% 6.98% +
Net assets, end of period (000's) $284,669 $218,551 $ 203,776 $189,010 $ 88,638
Ratio of operating expenses to average net assets 1.22%(A) 1.16% 1.12% 1.11% 1.47%(A)
Ratio of net investment income to average net assets 1.54%(A) 0.61% 2.08% 1.82% 0.71%(A)
Portfolio turnover rate 236%(A) 150% 166% 148% 112%(A)
</TABLE>
- -----------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
38
<PAGE> 42
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL STOCK
TRUST
-----------------------------------------------
SIX MONTHS
ENDED YEAR ENDED 01/01/1997 *
6/30/1999 DECEMBER 31, TO
(UNAUDITED) 1998 12/31/97
----------- ----------- -----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.98 $ 11.47 $ 11.47
Income from investment operations:
Net investment income 0.09 0.09 0.04
Net realized and unrealized gain on
investments and foreign currency
transactions 0.17 1.62 0.12
----------- ----------- -----------
Total from investment operations 0.26 1.71 0.16
Less distributions
Dividends from net investment income -- (0.09) (0.03)
Distributions from capital gains -- (0.11) (0.13)
----------- ----------- -----------
Total Distributions -- (0.20) (0.16)
----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 13.24 $ 12.98 $ 11.47
=========== =========== ===========
Total return 2.03%+ 14.91% 1.38%
Net assets, end of period (000's) $ 168,008 $ 234,103 $ 145,253
Ratio of operating expenses to average net assets 1.28%(A) 1.25% 1.38%
Ratio of net investment income to average net assets 1.17%(A) 0.82% 0.56%
Portfolio turnover rate 43%(A) 27% 43%
</TABLE>
- ----------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
39
<PAGE> 43
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL
VALUE
TRUST
------------------
5/01/1999*
TO
6/30/1999
(UNAUDITED)
------------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50
Income from investment operations:
Net investment income 0.06
Net realized and unrealized gain on
investments and foreign currency
transactions (0.16)
----------
Total from investment operations (0.10)
----------
NET ASSET VALUE, END OF PERIOD $ 12.40
==========
Total return (0.80%)+
Net assets, end of period (000's) $ 61,824
Ratio of operating expenses to average net assets 1.42%(A)
Ratio of net investment income to average net assets 3.30%(A)
Portfolio turnover rate 0%(A)
</TABLE>
- -------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
40
<PAGE> 44
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID CAP BLEND TRUST
(FORMERLY, EQUITY TRUST)
------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/1999
-------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995
----------- ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 19.48 $ 21.50 $ 22.62 $ 20.79 $ 14.66
Income from investment operations:
Net investment income 0.05 0.08 0.08 0.13 0.10
Net realized and unrealized gain on
investments and foreign currency
transactions 3.00 2.13 3.31 3.77 6.14
----------- ----------- ----------- --------- ----------
Total from investment operations 3.05 2.21 3.39 3.90 6.24
Less distributions:
Dividends from net investment income (0.09) (0.07) (0.14) (0.09) (0.11)
Distributions from capital gains (2.31) (4.16) (4.37) (1.98) --
----------- ----------- ----------- --------- ----------
Total distributions (2.40) (4.23) (4.51) (2.07) (0.11)
----------- ----------- ----------- --------- ----------
NET ASSET VALUE, END OF PERIOD $ 20.13 $ 19.48 $ 21.50 $ 22.62 $ 20.79
=========== =========== =========== ========= ==========
Total return 17.42%+ 9.41% 19.25% 20.14% 42.79%
Net assets, end of period (000's) $ 1,617,139 $ 1,556,169 $ 1,521,382 $1,345,461 $ 988,800
Ratio of operating expenses to average net assets 0.83%(A) 0.80% 0.80% 0.80% 0.80%
Ratio of net investment income to average net assets 0.46%(A) 0.42% 0.35% 0.71% 0.63%
Portfolio turnover rate 80%(A) 93% 224% 223% 88%
</TABLE>
<TABLE>
<CAPTION>
MID CAP BLEND TRUST
(FORMERLY, EQUITY TRUST)
------------------------------------------------------------------------
1994
---------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.57
Income from investment operations:
Net investment income 0.11
Net realized and unrealized gain on
investments and foreign currency
transactions (0.18)
---------
Total from investment operations (0.07)
Less distributions:
Dividends from net investment income (0.05)
Distributions from capital gains (0.79)
---------
Total distributions (0.84)
---------
NET ASSET VALUE, END OF PERIOD $ 14.66
=========
Total return (0.53%)
Net assets, end of period (000's) $ 534,562
Ratio of operating expenses to average net assets 0.84%
Ratio of net investment income to average net assets 0.88%
Portfolio turnover rate 132%
</TABLE>
- ------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
41
<PAGE> 45
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY
VALUE TRUST
-----------------------------------------------
SIX MONTHS
ENDED YEAR ENDED 10/01/1997 *
6/30/1999 DECEMBER 31, TO
(UNAUDITED) 1998 12/31/1997
----------- ----------- -----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.37 $ 11.94 $ 12.50
Income from investment operations:
Net investment income 0.02 0.01 0.01
Net realized and unrealized gain on
investments and foreign currency
transactions 0.20 (0.57) (0.57)
----------- ----------- -----------
Total from investment operations 0.22 (0.56) (0.56)
----------- ----------- -----------
Less distributions:
Dividends from net investment income (0.01) (0.01) --
----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 11.58 $ 11.37 $ 11.94
=========== =========== ===========
Total return 1.92%+ (4.72%) (4.48%) +
Net assets, end of period (000's) $ 83,758 $ 162,335 $ 67,091
Ratio of operating expenses to average net assets 1.21%(A) 1.23% 1.19% (A)
Ratio of net investment income to average net assets 0.20%(A) 0.16% 0.54% (A)
Portfolio turnover rate 126%(A) 131% 81% (A)
</TABLE>
- ----------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
42
<PAGE> 46
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
GLOBAL EQUITY TRUST
----------------------------------------------------------------
YEARS ENDED DECEMBER 31,
SIX MONTHS
ENDED --------------------------------------------------
6/30/1999
(UNAUDITED) 1998 1997 1996 1995
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 20.38 $ 19.38 $ 17.84 $ 16.10 $ 15.74
Income from investment operations:
Net investment income 0.14 0.17 0.19 0.12 0.29
Net realized and unrealized gain on
investments and foreign currency
transactions 0.47 2.27 3.16 1.89 0.84
-------- -------- -------- -------- --------
Total from investment operations 0.61 2.44 3.35 2.01 1.13
Less distributions:
Dividends from net investment income (0.12) (0.36) (0.27) (0.27) (0.08)
Distributions from capital gains (2.07) (1.08) (1.54) -- (0.69)
-------- -------- -------- -------- --------
Total distributions (2.19) (1.44) (1.81) (0.27) (0.77)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 18.80 $ 20.38 $ 19.38 $ 17.84 $ 16.10
======== ======== ======== ======== ========
TOTAL RETURN 3.72%+ 12.24% 20.80% 12.62% 7.68%
Net assets, end of period (000's) $929,423 $928,564 $868,413 $726,842 $648,183
Ratio of operating expenses to average net assets 1.06%(A) 1.01% 1.01% 1.01% 1.05%
Ratio of net investment income to average net assets 0.77%(A) 0.84% 1.02% 0.78% 0.61%
Portfolio turnover rate 32%(A) 32% 33% 169% 63%
</TABLE>
<TABLE>
<CAPTION>
GLOBAL EQUITY TRUST
---------------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
---------------------------------------------------------------------------
1994
--------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.73
Income from investment operations:
Net investment income 0.05
Net realized and unrealized gain on
investments and foreign currency
transactions 0.22
--------
Total from investment operations 0.27
Less distributions:
Dividends from net investment income (0.02)
Distributions from capital gains (0.24)
--------
Total distributions (0.26)
--------
NET ASSET VALUE, END OF PERIOD $ 15.74
========
TOTAL RETURN 1.74%
Net assets, end of period (000's) $616,138
Ratio of operating expenses to average net assets 1.08%
Ratio of net investment income to average net assets 0.44%
Portfolio turnover rate 52%
</TABLE>
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
43
<PAGE> 47
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
GROWTH TRUST
----------------------------------------------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, 07/15/1996 *
6/30/1999 ----------------------------- TO
(UNAUDITED) 1998 1997 12/31/1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 20.50 $ 17.21 $ 13.73 $ 12.50
Income from investment operations:
Net investment income (loss) (0.02) 0.06 0.08 0.09
Net realized and unrealized gain on
investments and foreign currency
transactions 3.05 4.00 3.40 1.23
----------- ----------- ----------- -----------
Total from investment operations 3.03 4.06 3.48 1.32
Less distributions:
Dividends from net investment income (0.06) (0.07) -- (0.09)
Distribution from capital gains (0.98) (0.70) -- --
----------- ----------- ----------- -----------
Total distributions (1.04) (0.77) -- --
----------- ----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 22.49 $ 20.50 $ 17.21 $ 13.73
=========== =========== =========== ===========
TOTAL RETURN 14.79%+ 23.95% 25.35% 10.53% +
Net assets, end of period (000's) $ 451,306 $ 299,994 $ 167,388 $ 56,807
Ratio of operating expenses to average net assets 0.89%(A) 0.90% 0.95% 1.01% (A)
Ratio of net investment income to average net assets (0.09%)(A) 0.42% 0.74% 2.57% (A)
Portfolio turnover rate 199%(A) 136% 179% 215% (A)
</TABLE>
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
44
<PAGE> 48
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (For A Share Outstanding Throughout The Period)
<TABLE>
<CAPTION>
LARGE CAP GROWTH TRUST
(FORMERLY, AGGRESSIVE ASSET ALLOCATION TRUST)
-------------------------------------------------------
SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED
6/30/1999 -------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.26 $ 14.36 $ 13.45 $ 12.85 $ 11.17
Income from investment operations:
Net investment income 0.06 0.24 0.29 0.36 0.35
Net realized and unrealized gain on
investments and foreign currency
transactions 0.96 2.43 2.01 1.21 2.07
---------- ---------- ---------- ---------- ----------
Total from investment operations 1.02 2.67 2.30 1.57 2.42
Less distributions:
Dividends from net investment income (0.23) (0.29) (0.38) (0.33) (0.33)
Distributions from capital gains (1.38) (1.48) (1.01) (0.64) (0.41)
---------- ---------- ---------- ---------- ----------
Total distributions (1.61) (1.77) (1.39) (0.97) (0.74)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 14.67 $ 15.26 $ 14.36 $ 13.45 $ 12.85
========== ========== ========== ========== ==========
TOTAL RETURN 6.67%+ 19.12% 19.09% 13.00% 22.77%
Net assets, end of period (000's) $ 287,903 $ 262,882 $ 243,533 $ 226,699 $ 211,757
Ratio of operating expenses to average net assets 0.91%(A) 0.88% 0.90% 0.90% 0.91%
Ratio of net investment income to average net assets 0.91%(A) 1.58% 1.99% 2.73% 2.76%
Portfolio turnover rate 231%(A) 64% 91% 75% 111%
</TABLE>
<TABLE>
<CAPTION>
LARGE CAP GROWTH TRUST
(FORMERLY, AGGRESSIVE ASSET ALLOCATION TRUST)
----------------------------------------------------------------------------
--------
1994
---------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.03
Income from investment operations:
Net investment income 0.31
Net realized and unrealized gain on
investments and foreign currency
transactions (0.41)
---------
Total from investment operations (0.10)
Less distributions:
Dividends from net investment income (0.31)
Distributions from capital gains (0.45)
---------
Total distributions (0.76)
---------
NET ASSET VALUE, END OF PERIOD $ 11.17
=========
TOTAL RETURN (0.69%)
Net assets, end of period (000's) $ 184,662
Ratio of operating expenses to average net assets 0.89%
Ratio of net investment income to average net assets 2.90%
Portfolio turnover rate 136%
</TABLE>
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
45
<PAGE> 49
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
QUANTITATIVE EQUITY TRUST
---------------------------------------------------------------------
SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED
6/30/1999 ----------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995
--------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 25.22 $ 22.50 $ 17.33 $ 17.27 $ 13.36
Income from investment operations:
Net investment income (B) 0.05 0.20 0.26 0.26 0.24
Net realized and unrealized gain on
investments and foreign currency
transactions 2.72 5.42 4.91 2.83 3.67
--------- --------- --------- --------- -----------
Total from investment operations 2.77 5.62 5.17 3.09 3.91
Less distributions:
Dividends from net investment income (0.18) (0.25) -- (0.50) --
Distributions from capital gains (2.24) (2.65) -- (2.53) --
--------- --------- --------- --------- -----------
Total distributions (2.42) (2.90) -- (3.03) --
--------- --------- --------- --------- -----------
NET ASSET VALUE, END OF PERIOD $ 25.57 $ 25.22 $ 22.50 $ 17.33 $ 17.27
========= ========= ========= ========= ===========
TOTAL RETURN 11.05%+ 26.35% 29.83% 17.92% 29.23%
Net assets, end of period (000's) $ 367,204 $ 254,475 $ 167,530 $ 91,900 $ 60,996
Ratio of operating expenses to average net assets (C) 0.75%(A) 0.76% 0.50% 0.50% 0.50%
Ratio of net investment income to average net assets 0.72%(A) 1.06% 1.50% 1.81% 1.76%
Portfolio turnover rate 191%(A) 225% 114% 105% 109%
</TABLE>
* Commencement of operations
+ 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, was 0.77% for the year ended December 31, 1997.
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
QUANTITATIVE EQUITY TRUST
----------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
----------------------------------------------------------------------
1994
--------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 14.68
Income from investment operations:
Net investment income (B) 0.20
Net realized and unrealized gain on
investments and foreign currency
transactions (0.81)
--------
Total from investment operations (0.61)
Less distributions:
Dividends from net investment income (0.20)
Distributions from capital gains (0.51)
--------
Total distributions (0.71)
--------
NET ASSET VALUE, END OF PERIOD $ 13.36
========
TOTAL RETURN (4.19%)
Net assets, end of period (000's) $ 34,829
Ratio of operating expenses to average net assets (C) 0.50%
Ratio of net investment income to average net assets 1.53%
Portfolio turnover rate 85%
</TABLE>
The accompanying notes are an integral part of the financial statements.
46
<PAGE> 50
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BLUE CHIP GROWTH TRUST
-----------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/1999
--------------------------------------
(UNAUDITED) 1998 1997 1996
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $18.92 $15.00 $14.31 $11.40
Income from investment operations:
Net investment income (B) 0.01 0.05 0.09 0.03
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 1.78 4.19 3.13 2.92
---------- ---------- -------- --------
Total from investment operations 1.79 4.24 3.22 2.95
Less distributions:
Dividends from net investment income (0.05) (0.08) (0.03) (0.04)
Distributions from capital gains (0.82) (0.24) (2.50) ----
---------- ---------- -------- --------
Total distributions (0.87) (0.32) (2.53) (0.04)
---------- ---------- -------- --------
NET ASSET VALUE, END OF PERIOD $19.84 $18.92 $15.00 $14.31
========== ========== ======== ========
TOTAL RETURN 9.50%+ 28.49% 26.94% 25.90%
Net assets, end of period (000's) $1,467,408 $1,141,162 $708,807 $422,571
---------- ---------- -------- --------
Ratio of operating expenses to average net assets (C) 0.94%(A) 0.97% 0.975% 0.975%
Ratio of net investment income to average net assets 0.16%(A) 0.37% 0.74% 0.26%
Portfolio turnover rate 42%(A) 42% 37% 159%
</TABLE>
<TABLE>
<CAPTION>
BLUE CHIP GROWTH TRUST
-------------------------
YEARS ENDED DECEMBER 31,
-------------------------
1995 1994
---------- ----------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.05 $9.55
Income from investment operations:
Net investment income (B) 0.03 0.04
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 2.36 (0.50)
-------- --------
Total from investment operations 2.39 (0.46)
Less distributions:
Dividends from net investment income (0.04) (0.04)
Distributions from capital gains ---- ----
-------- --------
Total distributions (0.04) (0.04)
-------- --------
NET ASSET VALUE, END OF PERIOD $11.40 $9.05
======== == =====
TOTAL RETURN 26.53% (4.80%)
Net assets, end of period (000's) $277,674 $151,727
Ratio of operating expenses to average net assets (C) 0.975% 0.975%
Ratio of net investment income to average net assets 0.42% 0.65%
Portfolio turnover rate 57% 33%
- ----------------------------------------------------------------------------------
</TABLE>
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After investment adviser and subadviser expense reimbursement per share of
$0.006, $0.004 and $0.006 for the years ended December 31, 1996, 1995 and
1994, respectively.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser and subadviser, was 1.02%, 1.03% and 1.06% for the years ended
December 31, 1996, 1995 and 1994, respectively.
The accompanying notes are an integral part of the financial statements.
47
<PAGE> 51
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Real Estate Securities Trust
--------------------------------------------------------------------------
Six Months
Ended Years Ended December 31,
6/30/99
-------------------------------------------------------------
(Unaudited) 1998 1997 1996 1995
------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $14.76 $20.07 $16.95 $15.10 $13.34
Income from investment operations:
Net investment income (B) 0.49 0.78 0.80 0.74 0.67
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.20) (3.72) 2.32 4.31 1.35
--------- -------- -------- ------- -------
Total from investment operations 0.29 (2.94) 3.12 5.05 2.02
Less distributions:
Dividends from net investment income (0.71) (0.53) ---- (1.39) (0.26)
Distributions from capital gains ---- (1.84) ---- (1.81) ----
--------- -------- -------- ------- -------
Total distributions (0.71) (2.37) ---- (3.20) (0.26)
--------- -------- -------- ------- -------
Net asset value, end of period $14.34 $14.76 $20.07 $16.95 $15.10
========= ======== ======== ======= =======
Total return 2.35%+ (16.44%) 18.41% 34.69% 15.14%
Net assets, end of period (000's) $142,027 $161,832 $161,759 $76,220 $52,440
Ratio of operating expenses to average net assets (C) 0.77%(A) 0.76% 0.50% 0.50% 0.50%
Ratio of net investment income to average net assets 6.03%(A) 5.57% 5.42% 5.22% 5.06%
Portfolio turnover rate 221%(A) 122% 148% 231% 136%
</TABLE>
<TABLE>
<CAPTION>
----------------
Real Estate
Securities Trust
----------------
1994
--------
<S> <C>
Net asset value, beginning of period $14.07
Income from investment operations:
Net investment income (B) 0.55
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.93)
-------
Total from investment operations (0.38)
Less distributions:
Dividends from net investment income (0.27)
Distributions from capital gains (0.08)
-------
Total distributions (0.35)
-------
Net asset value, end of period $13.34
=======
Total return (2.76%)
Net assets, end of period (000's) $42,571
Ratio of operating expenses to average net assets (C) 0.50%
Ratio of net investment income to average net assets 4.26%
Portfolio turnover rate 36%
</TABLE>
- --------------------------------------------------------------------------------
+ Non-annualized
(A) Annualized
(B) After investment adviser 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, was 0.77% for the year ended December 31, 1997.
The accompanying notes are an integral part of the financial statements.
48
<PAGE> 52
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE TRUST
----------------------------------------
SIX MONTHS
ENDED YEAR ENDED 01/01/1997 *
6/30/99 DECEMBER 31, TO
(UNAUDITED) 1998 12/31/97
------------ ----------- ------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $14.06 $14.81 $12.50
Income from investment operations:
Net investment income 0.11 0.18 0.10
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 1.57 (0.45) 2.67
-------- -------- --------
Total from investment operations 1.68 (0.27) 2.77
Less distributions:
Dividends from net investment income ---- (0.18) (0.10)
Distributions from capital gains ---- (0.30) (0.36)
-------- -------- --------
Total distributions ---- (0.48) (0.46)
-------- -------- --------
NET ASSET VALUE, END OF PERIOD $15.74 $14.06 $14.81
======== ======== ========
TOTAL RETURN 11.95%+ (1.72%) 22.14%
Net assets, end of period (000's) $170,886 $255,554 $144,672
-------- -------- --------
Ratio of operating expenses to average net assets 0.86%(A) 0.85% 0.96%
Ratio of net investment income to average net assets 1.11%(A) 1.50% 1.50%
Portfolio turnover rate 63%(A) 45% 43%
</TABLE>
- --------------------------------------------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
49
<PAGE> 53
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Equity Index Trust
---------------------------------------------------
Six Months
Ended Years Ended 02/14/1996 *
6/30/99 December 31, to
-------------------------
(Unaudited) 1998 1997 12/31/1996
----------- ------- ------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $15.43 $12.48 $10.69 $10.00
Income from investment operations:
Net investment income (B) 0.08 0.18 0.32 0.19
Net realized and unrealized gain on investments 1.80 3.36 3.26 1.29
------- ------- ------- ------
Total from investment operations 1.88 3.54 3.58 1.48
Less distributions:
Dividends from net investment income ---- (0.18) (0.32) (0.19)
Distributions from capital gains (0.07) (0.41) (1.47) (0.60)
------- ------- ------- ------
Total distributions (0.07) (0.59) (1.79) (0.79)
------- ------- ------- ------
Net asset value, end of period $17.24 $15.43 $12.48 $10.69
======= ======= ======= ======
Total return 12.21%+ 28.56% 33.53% 14.86% +
Net assets, end of period (000's) $90,670 $63,292 $27,075 $7,818
Ratio of operating expenses to average net assets (C) 0.40%(A) 0.40% 0.40% 0.40% (A)
Ratio of net investment income to average net assets 0.30%(A) 1.70% 3.64% 4.74% (A)
Portfolio turnover rate 11%(A) 3% 7% 27% (A)
</TABLE>
- --------------------------------------------------------------------------------
* Commencement of operations
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.0005 for
the six months ended June 30,1999 and $0.02 and $0.01 for the years ended
December 31,1998 and 1997, respectively.
(C) The ratios of operating expenses, before reimbursement from the investment
adviser, were 0.41% for the six months ended June 30,1999 and 0.55% and
0.57% for the year ended December 31, 1998 and 1997, respectively.
The accompanying notes are an integral part of the financial statements.
50
<PAGE> 54
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Growth & Income Trust
--------------------------------------------------------------------
Six Months
Ended Years Ended December 31,
6/30/99
-----------------------------------------------------
(Unaudited) 1998 1997 1996 1995
------------ ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $28.43 $23.89 $19.38 $16.37 $13.04
Income from investment operations:
Net investment income 0.08 0.19 0.22 0.22 0.27
Net realized and unrealized gain on
investments and foreign currency
transactions 3.53 5.98 5.73 3.41 3.45
---------- ---------- ---------- ---------- --------
Total from investment operations 3.61 6.17 5.95 3.63 3.72
Less distributions:
Dividends from net investment income (0.19) (0.22) (0.24) (0.26) (0.26)
Distributions from capital gains (0.86) (1.41) (1.20) (0.36) (0.13)
---------- ---------- ---------- ---------- --------
Total distributions (1.05) (1.63) (1.44) (0.62) (0.39)
---------- ---------- ---------- ---------- --------
Net asset value, end of period $30.99 $28.43 $23.89 $19.38 $16.37
========== ========== ========== ========== ========
Total return 12.76%+ 26.52% 32.83% 22.84% 29.20%
Net assets, end of period (000's) $2,906,460 $2,290,118 $1,605,387 $1,033,738 $669,387
Ratio of operating expenses to average net assets 0.79%(A) 0.79% 0.79% 0.80% 0.80%
Ratio of net investment income to average net assets 0.67%(A) 0.85% 1.14% 1.56% 2.23%
Portfolio turnover rate 18%(A) 16% 34% 49% 39%
</TABLE>
<TABLE>
<CAPTION>
Growth & Income Trust
--------------------------------------
Years Ended December 31,
--------------------------------------
1994
----------
<S> <C>
Net asset value, beginning of period $13.05
Income from investment operations:
Net investment income 0.25
Net realized and unrealized gain on
investments and foreign currency
transactions 0.11
--------
Total from investment operations 0.36
Less distributions:
Dividends from net investment income (0.19)
Distributions from capital gains (0.18)
--------
Total distributions (0.37)
--------
Net asset value, end of period $13.04
========
Total return 2.85%
Net assets, end of period (000's) $409,534
Ratio of operating expenses to average net assets 0.82%
Ratio of net investment income to average net assets 2.40%
Portfolio turnover rate 42%
</TABLE>
- -------------------------------------------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
51
<PAGE> 55
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (For A Share Outstanding Throughout The Period)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
US Large Cap
Value Trust
------------
5/01/1999*
to
6/30/99
(Unaudited)
------------
<S> <C>
Net asset value, beginning of period $12.50
Income from investment operations:
Net investment income 0.01
Net realized and unrealized gain on
investments and foreign currency
transactions 0.20
--------
Total from investment operations 0.21
--------
Net asset value, end of period $12.71
========
Total return 1.68%+
Net assets, end of period (000's) $100,846
Ratio of operating expenses to average net assets 0.98%(A)
Ratio of net investment income to average net assets 0.73%(A)
Portfolio turnover rate 1%(A)
</TABLE>
- --------------------------------------------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
52
<PAGE> 56
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY-INCOME TRUST
--------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/99
--------------------------------------
(UNAUDITED) 1998 1997 1996
---------- ---------- -------- --------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $17.78 $17.24 $15.41 $13.81
Income from investment operations:
Net investment income 0.19 0.34 0.34 0.21
Net realized and unrealized gain on
investments and foreign currency
transactions 1.89 1.26 3.68 2.39
---------- ---------- -------- --------
Total from investment operations 2.08 1.60 4.02 2.60
Less distributions:
Dividends from net investment income (0.37) (0.33) (0.21) (0.16)
Distributions from capital gains (0.96) (0.73) (1.98) (0.84)
---------- ---------- -------- --------
Total distributions (1.33) (1.06) (2.19) (1.00)
---------- ---------- -------- --------
NET ASSET VALUE, END OF PERIOD $18.53 $17.78 $17.24 $15.41
========== ========== ======== ========
Total return 12.38%+ 9.21% 29.71% 19.85%
Net assets, end of period (000's) $1,103,172 $1,088,342 $941,705 $599,486
Ratio of operating expenses to average net assets 0.87%(A) 0.85% 0.85% 0.85%
Ratio of net investment income to average net assets 1.91%(A) 2.13% 2.47% 1.78%
Portfolio turnover rate 25%(A) 21% 25% 158%
</TABLE>
<TABLE>
<CAPTION>
EQUITY-INCOME TRUST
------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------
1995 1994#
-------- --------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $11.33 $11.31
Income from investment operations:
Net investment income 0.17 0.12
Net realized and unrealized gain on
investments and foreign currency
transactions 2.49 (0.03)
-------- --------
Total from investment operations 2.66 0.09
Less distributions:
Dividends from net investment income (0.08) (0.05)
Distributions from capital gains (0.10) (0.02)
-------- --------
Total distributions (0.18) (0.07)
-------- --------
NET ASSET VALUE, END OF PERIOD $13.81 $11.33
======== ========
Total return 23.69% 0.79%
Net assets, end of period (000's) $396,827 $221,835
Ratio of operating expenses to average net assets 0.85% 0.87%
Ratio of net investment income to average net assets 1.63% 1.08%
Portfolio turnover rate 52% 26%
</TABLE>
- --------------------------------------------------------------------------------
* Commencement of operations
# 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.
53
<PAGE> 57
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME & VALUE TRUST
(FORMERLY, MODERATE ASSET ALLOCATION TRUST)
---------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/99
---------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995
------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $13.36 $12.95 $12.49 $12.39 $10.79
Income from investment operations:
Net investment income 0.16 0.40 0.48 0.54 0.50
Net realized and unrealized gain on
investments and foreign currency
transactions 0.69 1.51 1.29 0.60 1.65
-------- -------- -------- -------- --------
Total from investment operations 0.85 1.91 1.77 1.14 2.15
Less distributions:
Dividends from net investment income (0.40) (0.46) (0.57) (0.52) (0.45)
Distributions from capital gains (1.15) (1.04) (0.74) (0.52) (0.10)
-------- -------- -------- -------- --------
Total distributions (1.55) (1.50) (1.31) (1.04) (0.55)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $12.66 $13.36 $12.95 $12.49 $12.39
======== ======== ======== ======== ========
Total return 6.42%+ 15.27% 15.87% 9.96% 20.68%
Net assets, end of period (000's) $657,186 $618,011 $609,142 $624,821 $650,136
Ratio of operating expenses to average net assets 0.86%(A) 0.84% 0.85% 0.84% 0.84%
Ratio of net investment income to average net assets 2.44%(A) 2.89% 3.37% 4.17% 4.09%
Portfolio turnover rate 268%(A) 85% 78% 78% 129%
</TABLE>
<TABLE>
<CAPTION>
INCOME & VALUE TRUST
(FORMERLY, MODERATE ASSET ALLOCATION TRUST)
----------------------------------------------------------------
YEARS ENDED DECEMBER 31,
---------------------------------------------------------------
1994
---------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $11.76
Income from investment operations:
Net investment income 0.45
Net realized and unrealized gain on
investments and foreign currency
transactions (0.65)
--------
Total from investment operations (0.20)
Less distributions:
Dividends from net investment income (0.40)
Distributions from capital gains (0.37)
--------
Total distributions (0.77)
--------
NET ASSET VALUE, END OF PERIOD $10.79
========
Total return (1.61%)
Net assets, end of period (000's) $604,491
Ratio of operating expenses to average net assets 0.85%
Ratio of net investment income to average net assets 4.01%
Portfolio turnover rate 180%
</TABLE>
- --------------------------------------------------------------------------------
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
54
<PAGE> 58
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED TRUST
-------------------------------------------
SIX MONTHS
ENDED YEAR ENDED 01/01/1997 *
6/30/99 DECEMBER 31, TO
(UNAUDITED) 1998 12/31/97
----------- ------------ -----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $19.40 $19.33 $16.41
Income from investment operations:
Net investment income 0.19 0.41 0.51
Net realized and unrealized gain on
investments and foreign currency
transactions ---- 2.23 2.41
-------- -------- --------
Total from investment operations 0.19 2.64 2.92
Less distributions:
Dividends from net investment income (0.37) (0.48) ----
Distributions from capital gains (0.91) (2.09) ----
-------- -------- --------
Total distributions (1.28) (2.57) ----
-------- -------- --------
NET ASSET VALUE, END OF PERIOD $18.31 $19.40 $19.33
======== ======== ========
Total return 1.05%+ 14.25% 17.79%
Net assets, end of period (000's) $278,005 $254,454 $177,045
Ratio of operating expenses to average net assets 0.86%(A) 0.87% 0.88%
Ratio of net investment income to average net assets 2.70%(A) 2.71% 2.97%
Portfolio turnover rate 227%(A) 199% 219%
</TABLE>
- --------------------------------------------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
55
<PAGE> 59
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH YIELD TRUST
----------------------------------------
SIX MONTHS
ENDED YEAR ENDED 01/01/1997 *
6/30/99 DECEMBER 31, TO
(UNAUDITED) 1998 12/31/97
--------- ------------ ----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.92 $13.56 $12.50
Income from investment operations:
Net investment income 0.52 0.91 0.46
Net realized and unrealized gain on
investments and foreign currency
transactions 0.01 (0.53) 1.13
-------- -------- -------
Total from investment operations 0.53 0.38 1.59
Less distributions:
Dividends from net investment income ---- (0.89) (0.46)
Distributions from capital gains ---- (0.13) (0.07)
-------- -------- -------
Total distributions ---- (1.02) (0.53)
-------- -------- -------
NET ASSET VALUE, END OF PERIOD $13.45 $12.92 $13.56
======== ======== =======
Total return 4.10%+ 2.78% 12.68%
Net assets, end of period (000's) $220,598 $192,354 $92,748
Ratio of operating expenses to average net assets 0.84%(A) 0.84% 0.89%
Ratio of net investment income to average net assets 4.21%(A) 8.34% 7.40%
Portfolio turnover rate 58%(A) 94% 75%
</TABLE>
- --------------------------------------------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
56
<PAGE> 60
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC BOND TRUST
----------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/99
------------------------------------
(UNAUDITED) 1998 1997 1996
----------- -------- -------- --------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $11.72 $12.38 $11.94 $11.26
Income from investment operations:
Net investment income 0.50 0.76 0.67 0.62
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions (0.44) (0.59) 0.57 0.92
-------- -------- -------- --------
Total from investment operations 0.06 0.17 1.24 1.54
Less distributions:
Dividends from net investment income (0.84) (0.71) (0.71) (0.86)
Distributions from capital gains ---- (0.12) (0.09) ----
-------- -------- -------- --------
Total distributions (0.84) (0.83) (0.80) (0.86)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $10.94 $11.72 $12.38 $11.94
======== ======== ======== ========
Total return 0.39%+ 1.31% 10.98% 14.70%
Net assets, end of period (000's) $384,443 $443,414 $365,590 $221,277
Ratio of operating expenses to average net assets 0.85%(A) 0.85% 0.87% 0.86%
Ratio of net investment income to average net assets 7.92%(A) 7.59% 7.54% 8.20%
Portfolio turnover rate 137%(A) 209% 131% 165%
</TABLE>
<TABLE>
<CAPTION>
STRATEGIC BOND TRUST
--------------------------
YEARS ENDED DECEMBER 31,
--------------------------
1995 1994
-------- --------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.91 $10.88
Income from investment operations:
Net investment income 0.78 0.57
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions 1.04 (1.22)
-------- -------
Total from investment operations 1.82 (0.65)
Less distributions:
Dividends from net investment income (0.47) (0.28)
Distributions from capital gains ---- (0.04)
-------- -------
Total distributions (0.47) (0.32)
-------- -------
NET ASSET VALUE, END OF PERIOD $11.26 $9.91
======== =======
Total return 19.22% (5.99%)
Net assets, end of period (000's) $122,704 $84,433
Ratio of operating expenses to average net assets 0.92% 0.91%
Ratio of net investment income to average net assets 8.76% 7.49%
Portfolio turnover rate 181% 197%
</TABLE>
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
57
<PAGE> 61
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL BOND TRUST
(FORMERLY, GLOBAL GOVERNMENT BOND TRUST)
--------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/99
---------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
----------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $13.73 $14.07 $14.97 $14.56 $12.47 $13.93
Income from investment operations:
Net investment income 0.35 0.81 0.93 0.93 1.16 0.74
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions (1.43) 0.20 (0.57) 0.79 1.62 (1.54)
-------- -------- -------- -------- -------- --------
Total from investment operations (1.08) 1.01 0.36 1.72 2.78 (0.80)
Less distributions:
Dividends from net investment income (1.25) (0.95) (1.23) (1.31) (0.69) (0.30)
Distributions from capital gains ---- (0.40) (0.03) ---- ---- (0.36)
-------- -------- -------- -------- -------- --------
Total distributions (1.25) (1.35) (1.26) (1.31) (0.69) (0.66)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $11.40 $13.73 $14.07 $14.97 $14.56 $12.47
======== ======== ======== ======== ======== ========
Total return (8.28%)+ 7.61% 2.95% 13.01% 23.18% (5.75%)
Net assets, end of period (000's) $161,040 $196,990 $216,117 $249,793 $235,243 $208,513
Ratio of operating expenses to average net assets 0.93%(A) 0.94% 0.93% 0.90% 0.93% 0.96%
Ratio of net investment income to average net assets 4.30%(A) 5.46% 5.87% 6.38% 6.83% 6.10%
Portfolio turnover rate 428%(A) 140% 160% 167% 171% 157%
</TABLE>
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
58
<PAGE> 62
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN
TRUST
------------
5/01/1999*
TO
6/30/99
(UNAUDITED)
------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.50
Income from investment operations:
Net investment income 0.08
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions (0.21)
--------
Total from investment operations (0.13)
--------
Net asset value, end of period $12.37
========
Total return (1.04%)+
Net assets, end of period (000's) $163,855
Ratio of operating expenses to average net assets 0.87%(A)
Ratio of net investment income to average net assets 5.17%(A)
Portfolio turnover rate 0%(A)
</TABLE>
- --------------------------------------------------------------------------------
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
59
<PAGE> 63
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT QUALITY BOND TRUST
-----------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/99
------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
----------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.46 $12.13 $11.89 $12.32 $11.01 $12.12
Income from investment operations:
Net investment income 0.37 0.62 0.77 0.77 0.77 0.66
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions (0.61) 0.40 0.30 (0.50) 1.28 (1.23)
-------- -------- -------- -------- -------- --------
Total from investment operations (0.24) 1.02 1.07 0.27 2.05 (0.57)
Less distributions:
Dividends from net investment income (0.65) (0.69) (0.83) (0.70) (0.74) (0.54)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $11.57 $12.46 $12.13 $11.89 $12.32 $11.01
======== ======== ======== ======== ======== ========
Total return (2.04%)+ 8.73% 9.75% 2.58% 19.49% (4.64%)
Net assets, end of period (000's) $304,451 $312,111 $188,545 $152,961 $143,103 $111,423
Ratio of operating expenses to average net assets 0.77%(A) 0.72% 0.74% 0.73% 0.74% 0.76%
Ratio of net investment income to average net assets 6.67%(A) 6.89% 7.15% 6.95% 6.91% 6.49%
Portfolio turnover rate 88%(A) 41% 47% 68% 137% 140%
</TABLE>
+ Non-Annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
60
<PAGE> 64
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Diversified Bond Trust
(formerly, Conservative Asset Allocation Trust)
----------------------------------------------------------------------------
Six Months
Ended Years Ended December 31,
6/30/99
-----------------------------------------------------------
(Unaudited) 1998 1997 1996 1995 1994
----------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $11.83 $11.78 $11.64 $11.59 $10.34 $11.26
Income from investment operations:
Net investment income 0.22 0.51 0.54 0.57 0.54 0.55
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions (0.18) 0.69 0.67 0.20 1.26 (0.76)
-------- -------- -------- -------- -------- --------
Total from investment operations 0.04 1.20 1.21 0.77 1.80 (0.21)
Less distributions:
Dividends from net investment income (0.50) (0.55) (0.59) (0.56) (0.55) (0.46)
Distributions from capital gains (0.62) (0.60) (0.48) (0.16) ---- (0.25)
-------- -------- -------- -------- -------- --------
Total distributions (1.12) (1.15) (1.07) (0.72) (0.55) (0.71)
-------- -------- -------- -------- -------- --------
Net asset value, end of period $10.75 $11.83 $11.78 $11.64 $11.59 $10.34
======== ======== ======== ======== ======== ========
Total return 0.07%+ 10.68% 11.44% 7.03% 18.07% (1.84%)
Net assets, end of period (000's) $227,193 $196,800 $204,348 $208,466 $224,390 $216,716
Ratio of operating expenses to average net assets 0.88%(A) 0.89% 0.89% 0.87% 0.87% 0.87%
Ratio of net investment income to average net assets 4.23%(A) 4.03% 4.39% 4.59% 4.68% 4.86%
Portfolio turnover rate 277%(A) 125% 86% 73% 110% 220%
</TABLE>
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
61
<PAGE> 65
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES TRUST
---------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/99 -----------------------------------------------------------
(UNAUDITED) 1998++ 1997 1996 1995 1994
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD 13.82 $ 13.50 $ 13.32 $ 13.65 $ 12.64 $ 13.48
Income from investment operations:
Net investment income 0.24 0.79 0.75 0.83 0.89 0.77
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions (0.34) 0.18 0.31 (0.41) 0.99 (0.95)
-------- -------- -------- -------- -------- --------
Total from investment operations (0.10) 0.97 1.06 0.42 1.88 (0.18)
Less distributions:
Dividends from net investment income (0.55) (0.65) (0.88) (0.75) (0.87) (0.51)
Distributions from capital gains -- -- -- -- -- (0.15)
-------- -------- -------- -------- -------- --------
Total distributions (0.55) (0.65) (0.88) (0.75) (0.87) (0.66)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 13.17 $ 13.82 $ 13.50 $ 13.32 $ 13.65 $ 12.64
======== ======== ======== ======== ======== ========
Total return (0.76%)+ 7.49% 8.47% 3.38% 15.57% (1.25%)
Net assets, end of period (000's) $408,249 $363,615 $251,277 $204,053 $216,788 $188,813
Ratio of operating expenses to average net assets 0.71%(A) 0.72% 0.72% 0.71% 0.71% 0.73%
Ratio of net investment income to average net assets 5.77%(A) 5.92% 6.27% 6.36% 6.46% 5.68%
Portfolio turnover rate 42%(A) 287% 110% 178% 212% 387%
</TABLE>
++ Net investment income per share was calculated using the average shares
method for fiscal year 1998.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
62
<PAGE> 66
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET TRUST
---------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/99
------------------------------------------------------------
(UNAUDITED) 1998 1997 1996 1995 1994
----------- -------- -------- -------- -------- ---------
<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 0.21 0.50 0.50 0.49 0.55 0.38
Less distributions:
Dividends from net investment income (0.21) (0.50) (0.50) (0.49) (0.55) (0.38)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
======== ======== ======== ======== ======== ========
TOTAL RETURN 2.15%+ 5.03% 5.15% 5.05% 5.62% 3.78%
Net assets, end of period (000's) $755,548 $609,837 $439,714 $363,566 $258,117 $276,674
Ratio of operating expenses to average net assets 0.54%(A) 0.55% 0.54% 0.55% 0.54% 0.57%
Ratio of net investment income to average net assets 4.27%(A) 4.94% 5.03% 4.97% 5.48% 3.93%
</TABLE>
The accompanying notes are an integral part of the financial statements.
63
<PAGE> 67
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE
AGGRESSIVE 1000 TRUST
-------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED 01/07/1997*
6/30/99 DECEMBER 31, TO
(UNAUDITED) 1998 12/31/1997
----------- ----------- -----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.39 $ 13.47 $ 12.50
Income from investment operations:
Net investment income (B) 0.08 0.07 0.05
Net realized and unrealized gain on investments 0.25 0.62 1.26
--------- ----------- -----------
Total from investment operations 0.33 0.69 1.31
Less distributions:
Dividends from net investment income (0.08) (0.07) (0.05)
Distributions from capital gains (0.50) (0.70) (0.29)
--------- --------- ---------
Total distributions (0.58) (0.77) (0.34)
--------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 13.14 $ 13.39 $ 13.47
========= ========= =========
TOTAL RETURN 2.71%+ 4.86% 10.89%+
Net assets, end of period (000's) $70,973 $80,525 $49,105
Ratio of operating expenses to average net assets (C) 0.00%(A) 0.00% 0.00%(A)
Ratio of net investment income to average net assets 3.46%(A) 0.48% 1.29%(A)
Portfolio turnover rate 196%(A) 59% 67%(A)
</TABLE>
- ----------
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.0019 for
the six months ended June 30,1999 and $0.017 and $0.007 for the years
ended December 31,1998 and 1997, respectively.
(C) The ratios of operating expenses, before reimbursement from the
investment adviser, was 0.03% for the six months ended June 30,1999 and
0.02% and 0.03% for the years ended December 31, 1998 and 1997,
respectively.
The accompanying notes are an integral part of the financial statements.
64
<PAGE> 68
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE
GROWTH 820 TRUST
---------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED 01/07/1997*
6/30/99 DECEMBER 31, TO
(UNAUDITED) 1998 12/31/1997
----------- ----------- -----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.78 $ 13.77 $ 12.50
Income from investment operations:
Net investment income (B) 0.18 0.24 0.30
Net realized and unrealized gain on investments 0.57 0.63 1.38
----------- ----------- -----------
Total from investment operations 0.75 0.87 1.68
Less distributions:
Dividends from net investment income (0.18) (0.24) (0.30)
Distributions from capital gains (0.46) (0.62) (0.11)
----------- ----------- -----------
Total distributions (0.64) (0.86) (0.41)
----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 13.89 $ 13.78 $ 13.77
=========== =========== ===========
TOTAL RETURN 5.70%+ 6.20% 13.84% +
Net assets, end of period (000's) $ 342,242 $ 380,309 $ 217,158
Ratio of operating expenses to average net assets (C) 0.00%(A) 0.00% 0.00%(A)
Ratio of net investment income to average net assets 5.31%(A) 1.74% 2.44%(A)
Portfolio turnover rate 181%(A) 49% 51%(A)
</TABLE>
- ----------
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.002 for
the six months ended June 30,1999 and $0.006 and $0.004 for the years
ended December 31,1998 and 1997, respectively.
(C) The ratios of operating expenses, before reimbursement from the
investment adviser, was 0.03% for the six months ended June 30,1999 and
0.02% and 0.03% for the years ended December 31, 1998 and 1997,
respectively.
The accompanying notes are an integral part of the financial statements.
65
<PAGE> 69
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE
BALANCED 640 TRUST
------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED 01/07/1997*
6/30/99 DECEMBER 31, TO
(UNAUDITED) 1998 12/31/1997
----------- ----------- -----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.49 $ 13.56 $ 12.50
Income from investment operations:
Net investment income (B) 0.28 0.31 0.50
Net realized and unrealized gain on investments 0.23 0.47 1.19
----------- ----------- -----------
Total from investment operations 0.51 0.78 1.69
Less distributions:
Dividends from net investment income (0.28) (0.31) (0.50)
Distributions from capital gains (0.40) (0.54) (0.13)
----------- ----------- -----------
Total distributions (0.68) (0.85) (0.63)
----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 13.32 $ 13.49 $ 13.56
=========== =========== ===========
TOTAL RETURN 3.97%+ 5.72% 14.11%+
Net assets, end of period (000's) $ 359,787 $ 377,531 186,653
Ratio of operating expenses to average net assets (C) 0.00%(A) 0.00% 0.00%(A)
Ratio of net investment income to average net assets 7.14%(A) 2.21% 3.24%(A)
Portfolio turnover rate 190%(A) 52% 44%(A)
</TABLE>
- ----------
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.002 for
the six months ended June 30,1999 and $0.004 and $0.005 for the years
ended December 31,1998 and 1997, respectively.
(C) The ratios of operating expenses, before reimbursement from the
investment adviser, was 0.03% for the six months ended June 30,1999 and
0.02% and 0.03% for the years ended December 31, 1998 and 1997,
respectively.
The accompanying notes are an integral part of the financial statements.
66
<PAGE> 70
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE
MODERATE 460 TRUST
---------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED 01/07/1997*
6/30/99 DECEMBER 31, TO
(UNAUDITED) 1998 12/31/1997
----------- ----------- -----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.91 $ 13.35 $ 12.50
Income from investment operations:
Net investment income (B) 0.37 0.45 0.65
Net realized and unrealized gain on
investments 0.25 0.84 0.98
----------- ----------- -----------
Total from investment operations 0.62 1.29 1.63
Less distributions:
Dividends from net investment income (0.37) (0.45) (0.65)
Distributions from capital gains (0.40) (0.28) (0.13)
----------- ----------- -----------
Total distributions (0.77) (0.73) (0.78)
----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 13.76 $ 13.91 $ 13.35
=========== =========== ===========
TOTAL RETURN 4.39%+ 9.76% 13.70%+
Net assets, end of period (000's) $ 154,679 $ 138,128 $ 52,746
Ratio of operating expenses to average net assets (C) 0.00%(A) 0.00% 0.00%(A)
Ratio of net investment income to average net assets 7.87%(A) 3.03% 3.91%(A)
Portfolio turnover rate 178%(A) 45% 39%(A)
</TABLE>
- ----------
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.002 for
the six months ended June 30,1999 and $0.004 and $0.005 for the years
ended December 31,1998 and 1997, respectively.
(C) The ratios of operating expenses, before reimbursement from the
investment adviser, was 0.03% for the six months ended June 30,1999 and
0.02% and 0.03% for the years ended December 31, 1998 and 1997,
respectively.
The accompanying notes are an integral part of the financial statements.
67
<PAGE> 71
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE
CONSERVATIVE 280 TRUST
-----------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED 01/07/1997*
6/30/99 DECEMBER 31, TO
(UNAUDITED) 1998 12/31/1997
---------- ---------- ----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.53 $ 13.01 $ 12.50
Income from investment operations:
Net investment income (B) 0.52 0.50 0.76
Net realized and unrealized gain on investments (0.18) 0.79 0.67
---------- ---------- ----------
Total from investment operations 0.34 1.29 1.43
Less distributions:
Dividends from net investment income (0.52) (0.50) (0.76)
Distributions from capital gains (0.28) (0.27) (0.16)
---------- ---------- ----------
Total distributions (0.80) (0.77) (0.92)
---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 13.07 $ 13.53 $ 13.01
========== ========== ==========
TOTAL RETURN 2.08%+ 10.20% 12.15%+
Net assets, end of period (000's) $ 96,213 $ 78,404 $ 19,750
Ratio of operating expenses to average net assets (C) 0.00%(A) 0.00% 0.00%(A)
Ratio of net investment income to average net assets 10.11%(A) 2.98% 3.95%(A)
Portfolio turnover rate 156%(A) 32% 38%(A)
</TABLE>
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) After investment adviser expense reimbursement per share of $0.0016 for
the six months ended June 30, 1999 and $0.007 and $0.006 for the years
ended December 31, 1998 and 1997, respectively.
(C) The ratios of operating expenses, before reimbursement from the
investment adviser, was 0.03% for the six months ended June 30, 1999
and 0.03% and 0.03% for the years ended December 31, 1998 and 1997,
respectively.
The accompanying notes are an integral part of the financial statements.
68
<PAGE> 72
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED)
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
PACIFIC RIM EMERGING MARKETS TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 61.90%
AUSTRALIA - 5.90%
Australia & New Zealand Bank
Group 25,000 $183,590
Broken Hill Proprietary
Company 29,000 335,483
Cable & Wireless * 45,000 102,331
CSR, Ltd. 110,000 314,131
F.H. Faulding & Company, Ltd. 20,000 121,633
Fairfax John 58,500 174,021
Lend Lease Corporation 14,000 191,970
National Australia Bank, Ltd. 22,000 363,577
News Corporation 35,000 298,233
North, Ltd. 96,000 194,190
Rio Tinto, Ltd. 12,000 196,506
Solution 6 Holdings * 46,500 107,586
Westpac Banking Corporation,
Ltd. 40,000 259,132
WMC, Ltd. 52,000 223,091
Woolworths, Ltd. 32,000 106,297
---------
3,171,771
HONG KONG - 13.40%
Amoy Properties, Ltd. 86,000 80,917
Asia Satellite Telecom 26,000 61,158
CDL Hotels International, Ltd. 110,000 46,078
Cheung Kong Holdings, Ltd. 65,000 578,068
China Light & Power Company,
Ltd. 86,000 417,885
China Telecom, Ltd. * 76,000 211,095
Citic Pacific, Ltd. 40,000 127,600
Dao Heng Bank Group, Ltd. 45,500 204,083
Esprit Holdings, Ltd. 78,000 52,780
Glorious Sun Enterprises 155,000 52,941
Guangdong Kelon Electrical
Holdings Company, Ltd. 221,000 257,785
Hang Lung Development Company 112,000 138,582
Hang Seng Bank, Ltd. 34,400 384,631
Henderson Investment, Ltd. 89,000 61,944
Henderson Land Development 60,000 344,908
Hong Kong & China Gas
Company, Ltd. 188,950 273,978
Hong Kong Telecommunications,
Ltd. 220,800 573,444
Hong Kong Electric Holdings, Ltd. 96,500 310,945
Hong Kong Land Holdings, Ltd. 99,000 160,380
HSBC Holdings - HKD 24,800 904,596
Hutchison Whampoa, Ltd. 69,000 624,758
Hysan Development Company,
Ltd. 146,000 220,169
New World Infrastructure, Ltd. * 35,045 65,947
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HONG KONG - CONTINUED
Smartone Telecommunications
Holdings, Ltd. 30,000 $106,720
Sun Hung Kai Properties, Ltd. 65,000 592,730
Swire Pacific, Ltd. 64,000 316,758
Vitasoy International
Holdings, Ltd. 100,000 35,122
---------
7,206,002
INDIA - 0.70%
Gujarat Ambuja Cement, GDR 12,150 97,200
Hindalco Industries, Ltd., GDR 6,600 95,667
Reliance Industries, Ltd., GDR 18,300 183,000
---------
375,867
JAPAN - 24.60%
Amada Company, Ltd. 80,000 565,429
Canon, Incorporated 6,000 172,605
Credit Saison Company 15,000 313,714
Daihatsu Motor Company 30,000 163,677
Dainippon Ink & Chemical,
Incorporated 50,000 170,290
Daiwa Securities Company, Ltd. 85,000 562,123
Fujisawa Pharmaceutical
Company, Ltd. 11,000 179,135
Fukuyama Transport 21,000 112,491
Hosiden Corporation 15,000 323,634
JSR Corpoation 47,000 345,788
Kenwood Corporation 40,000 195,090
Kurita Water Industries 11,000 197,322
Kyorin Pharmaceuticals 12,000 298,586
Laox Company 7,000 60,759
Marui Company, Ltd. 18,000 297,594
Mitsubishi Corporation 55,000 372,820
Mitsubishi Estate Company, Ltd. 10,000 97,628
Mitsubishi Heavy Industries, Ltd. 85,000 345,003
Mitsubishi Rayon Company, Ltd. 75,000 213,896
Mitsui Fudosan Company 30,000 243,035
Mitsui Marine and Fire
Insurance Company, Ltd. 80,000 393,486
Mori Seiki Company 15,000 204,596
NEC Corporation 12,000 149,293
Nikko Company 1,000 3,174
Nippon Sanso Corporation 65,000 218,691
Nippon Steel Corporation 140,000 325,205
Nippon Telegraph & Telephone
Corporation 52 606,101
NTT Data Corporation 45 357,857
NTT Mobile Communication
Network, Incorporated 45 610,069
Obayashi Corporation 60,000 302,058
Oji Paper Company 30,000 173,597
Orix Corporation 3,000 267,835
Sanwa Bank 40,000 393,817
Shohkoh Fund & Company, Ltd. 400 287,013
Sony Corporation 3,000 323,634
</TABLE>
The accompanying notes are an integral part of the financial statements.
69
<PAGE> 73
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
JAPAN-CONTINUED
Rengo Company 50,000 $257,915
Ricoh Company, Ltd. 45,000 619,740
Royal Company 11,000 151,856
Sakura Bank 25,000 94,858
Taiyo Yuden Company 12,000 197,008
Takeda Chemical Industries, Ltd. 8,542 396,136
The Industrial Bank of Japan, Ltd. 40,000 317,434
The Joyo Bank, Ltd. 20,000 77,871
The Mitsui Trust & Banking
Company, Ltd. 20,000 31,909
Tokuyama Corporation 30,000 109,366
Tokyo Electron, Ltd. 6,000 407,208
Tokyo Seimitsu Company, Ltd. 4,000 254,939
Toray Industries, Incorporated 60,000 300,570
Trans Cosmos, Incorporated 2,000 145,491
----------
13,209,346
KOREA - 2.57%
Korea Electric Power
Corporation, ADR 23,450 480,725
Korea Europe Fund 12 33,000
LG Information &
Communication, Ltd. 5,444 402,597
Pohang Iron & Steel, Ltd., ADR 13,950 469,069
----------
1,385,341
MALAYSIA - 1.69%
Austral Enterprises Berhad 67,700 58,198
Berjaya Sports Toto Berhad 26,000 50,176
Boustead Holdings Berhad 76,600 58,122
Cahya Mata Sarawak Berhad 50,000 42,544
KFC Holdings 40,000 42,632
Malayan Bank Berhad 97,220 243,050
Petronas Gas Berhad 32,000 63,158
Puncak Niaga Holdings Berhad 78,400 58,456
Sime Darby Berhad 123,000 134,329
Tanjong PLC 49,000 101,546
United Plantation Berhad 70,900 59,705
----------
911,916
NEW ZEALAND - 0.80%
Carter Holt Harvey 141,600 169,433
Telecom Corporation Of New
Zealand 55,050 236,084
----------
405,517
PHILIPPINES - 1.40%
Alsons Consolidated
Resources, Incorporated 1,371,000 23,421
Manila Electric Company 74,600 268,599
Philippine Long Distance
Telephone Company, ADR 8,440 254,255
San Miguel Corporation 100,000 218,134
----------
764,409
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SINGAPORE - 7.80%
City Developments 48,600 $311,246
Elec & Eltek International
Company, Ltd. 53,000 206,700
Fraser & Neave, Ltd. 48,600 215,588
Jurong Shipyard 46,000 225,676
Keppel Corporation 79,125 269,639
Overseas Chinese Bank 33,000 275,323
Sembcorp Industrie 286,000 453,701
Singapore Airlines, Ltd. 51,800 493,043
Singapore Press Holdings, Ltd. 30,600 521,387
Singapore Technologies
Engineering, Ltd. 440,000 498,942
Singapore Telecommunications,
Ltd. 295,000 506,110
United Overseas Bank 33,000 230,729
----------
4,208,084
TAIWAN - 1.00%
Taiwan Fund, Incorporated 26,000 539,500
----------
THAILAND - 2.10%
BEC World 20,200 124,898
BEC World Public Company, Ltd. 13,100 80,998
Electricity Generating Public
Company, Ltd. 106,000 202,657
PTT Exploration & Production
Public Company, Ltd. 29,700 227,129
Shinawatra C. Communications 51,900 242,083
Siam Cement Company 4,100 124,529
Thai Farmers Bank 34,000 105,112
----------
1,107,406
TOTAL COMMON STOCKS
(Cost: $29,040,874) $33,285,209
-----------
PREFERRED STOCK - 0.50%
AUSTRALIA - 0.20%
Star City Holdings, Ltd. 130,000 126,327
----------
JAPAN - 0.30%
AB International Cayman Trust 16,000,000 152,104
----------
TOTAL PREFERRED STOCK
(Cost: $256,540) $278,431
----------
WARRANTS - 0.60% *
HONG KONG - 0.00%
Guangdong Investment, Ltd.,
(Expiration date 07/30/1999;
strike price HKD 8.00) 11,000 14
</TABLE>
The accompanying notes are an integral part of the financial statements.
70
<PAGE> 74
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HONG KONG - CONTINUED
Hong Kong & China Gas Company, Ltd.,
(Expiration date 09/30/1999; strike
price HKD 8.20) 1,750 $284
----------
298
JAPAN - 0.60%
NGK Spark Plug Company, Ltd.,
(Expiration date 02/15/2001; strike
price JPY 1,271) 475 246,406
Takashimaya Cayman, (Expiration date
01/18/2000; strike price JPY 1,569) 7 525
THK Company, Ltd., (Expiration date
06/20/2000; strike price JPY 1,902) 220 72,150
----------
319,081
THAILAND - 0.00%
Siam Commercial Bank,
(Expiration date
2002; strike price THB 118) 5,333 0
----------
TOTAL WARRANTS
(Cost: $339,745) $319,379
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
CONVERTIBLE BONDS - 1.90%
CHINA - 0.00%
Qingling Motors Company,
3.50% due 01/22/2002 $20,000 $7,600
----------
HONG KONG - 0.10%
New World Infrastructure,
Ltd., 1.00% due 04/15/2003 50,000 48,000
----------
JAPAN - 0.80%
Hosiden Corporation,
1.90% due 09/29/2000 12,000,000 127,965
MTI Capital, Ltd.,
0.50% due 10/01/2007 22,000,000 104,571
Ricoh Leasing Company, Ltd.,
0.40% due 09/30/2002 15,000,000 159,957
STB Cayman Capital,
0.50% due 10/01/2007 10,000,000 95,892
THK Company,
0.30% due 09/30/2003 24,000,000 220,617
Tokyo Electron, Ltd.,
0.90% due 09/30/2003 12,000,000 251,963
--------
452,426
TOTAL CONVERTIBLE BONDS
(Cost: $455,809) $508,026
--------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 14.80%
$7,972,907 Navigator Securities Lending
Trust, 4.97% $7,972,907
----------
REPURCHASE AGREEMENTS - 20.30%
$10,920,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.70% to be
repurchased at $10,921,426 on
07/01/1999, collateralized by
$11,835,000 U.S. Treasury Notes,
4.25% due 11/15/2003 (valued at
$11,139,694 including interest). $10,920,000
----------
TOTAL INVESTMENTS (PACIFIC RIM EMERGING
MARKETS TRUST) (Cost: $49,434,536) $53,792,491
==========
</TABLE>
The Trust had the following five top industry concentrations at June 30, 1999
(as a percentage of total investments):
<TABLE>
<S> <C>
Banking 7.57%
Telecommunications Services 6.55%
Real Estate 6.09%
Industrial Machinery 4.89%
Financial Services 4.18%
</TABLE>
SCIENCE & TECHNOLOGY TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 87.08%
BANKING - 0.88%
Softbank Corporation * 22,500 $4,558,775
----------
BUSINESS SERVICES - 6.42%
First Data Corporation 274,000 13,408,875
Gartner Group, Incorporated,
Class A * 249,500 5,114,750
National Data Corporation * 51,000 2,180,250
Nokia Corporaton, ADR 137,000 12,544,062
----------
33,247,937
CHEMICALS - 0.95%
Sterling Commerce, Incorporated * 135,500 4,945,750
----------
COMPUTERS & BUSINESS EQUIPMENT - 24.55%
America Online, Incorporated * 44,500 4,917,250
Avant Corporation * 91,500 1,155,188
Ceridian Corporation * 171,000 5,589,562
Cisco Systems, Incorporated * 219,000 14,125,500
</TABLE>
The accompanying notes are an integral part of the financial statements.
71
<PAGE> 75
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMPUTERS & BUSINESS EQUIPMENT -
CONTINUED
Citrix Systems, Incorporated * 81,500 $4,604,750
Dell Computer Corporation * 240,000 8,880,000
EMC Corporation * 240,000 13,200,000
Hewlett-Packard Company 120,000 12,060,000
Lucent Technologies,
Incorporated 226,050 15,244,247
National Instruments
Corporation * 41,000 1,655,375
PSINet, Incorporated * 205,500 8,990,625
SCI Systems, Incorporated * 279,400 13,271,500
Texas Instruments, Incorporated 78,000 11,310,000
Sun Microsystems, Incorporated * 178,000 12,259,750
----------
127,263,747
ELECTRICAL EQUIPMENT - 2.28%
ASM Lithography Holding NV * 68,000 4,037,500
Sanmina Corporation * 102,500 7,777,188
----------
11,814,688
ELECTRONICS - 23.63%
Altera Corporation * 342,500 12,608,281
Analog Devices, Incorporated * 411,500 20,652,156
Applied Materials, Incorporated * 102,500 7,572,188
Burr-Brown Corporation * 68,000 2,490,500
Electronics For Imaging,
Incorporated * 103,000 5,291,625
General Instrument Corporation * 109,500 4,653,750
KLA-Tencor Corporation * 68,000 4,411,500
Maxim Integrated Products,
Incorporated * 226,000 15,029,000
Novellus Systems,
Incorporated * 57,500 3,924,375
Solectron Corporation * 226,000 15,071,375
Synopsys, Incorporated * 274,000 15,121,375
Xilinx, Incorporated * 274,000 15,686,500
----------
122,512,625
INDUSTRIAL MACHINERY - 0.41%
Cognex Corporation * 68,000 2,146,250
----------
SOFTWARE - 19.22%
Adobe Systems, Incorporated 205,000 16,842,031
BMC Software, Incorporated * 227,000 12,258,000
Computer Associates
International, Incorporated 98,500 5,417,500
Great Plains Software,
Incorporated * 32,000 1,510,000
Intuit, Incorporated * 123,000 11,085,375
Microsoft Corporation * 205,500 18,533,531
Novell, Incorporated * 205,500 5,445,750
Oracle Corporation 342,500 12,715,312
Parametric Technology
Corporation * 823,000 11,419,125
Sapient Corporation * 7,700 436,013
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
SOFTWARE - CONTINUED
Visio Corporation * 75,000 $2,854,688
Wind River Systems, Incorporated 68,000 1,092,250
----------
99,609,575
TELECOMMUNICATIONS SERVICES - 6.02%
MCI WorldCom, Incorporated * 164,000 14,114,250
PanAmSat Corporation * 92,000 3,582,250
Vodafone Group PLC, ADR 68,500 13,494,500
----------
31,191,000
TELEPHONE - 2.71%
Sprint Corporation 81,900 4,325,344
Sprint Corporation (PCS
Group), Series 1 * 82,000 4,684,250
Viatel, Incorporated * 90,000 5,051,250
----------
14,060,844
TOTAL COMMON STOCKS
(Cost: $359,151,407) $451,351,191
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
SHORT TERM INVESTMENTS - 12.92%
<S> <C> <C>
$2,126,000 Federal Home Loan Bank
4.47% due 07/01/1999 $2,126,000
Federal Home Loan Mortgage
Corporation,
639,000 4.86% due 07/19/1999 637,447
20,000,000 4.87% due 07/19/1999 19,951,300
1,620,000 5.05% due 08/05/1999 1,612,046
Federal National Mortgage
Association,
1,853,000 5.03% due 07/21/1999 1,847,822
1,100,000 5.05% due 07/21/1999 1,096,914
500,000 5.10% due 07/16/1999 498,937
38,211,024 Navigator Securities Lending
Trust, 4.97% 38,211,024
978,000 United States Treasury Bills
zero coupon due 09/16/1999 968,608
-----------
$66,950,098
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS (SCIENCE & TECHNOLOGY
TRUST) (Cost: $426,101,505) $518,301,289
============
</TABLE>
INTERNATIONAL SMALL CAP TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 82.50%
AUSTRIA - 0.80%
KTM Motorradholding AG * 17,350 $1,158,964
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
72
<PAGE> 76
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BRAZIL - 1.00%
Aracruz Celulose SA 68,325 $1,503,150
------------
CANADA - 4.10%
Cinar Films, Incorporated,
Class B * 153,725 3,766,262
Dorel Industry, Incorporated 89,100 1,939,324
Research In Motion, Ltd. 28,000 561,902
------------
6,267,488
DENMARK - 1.80%
Vesta Wind Systems 30,900 2,720,598
------------
FINLAND - 2.60%
Konecranes International 33,750 1,158,895
Raison Yhtyma Oyj 306,100 2,839,889
------------
3,998,784
FRANCE - 4.70%
Altran Technologie 16,625 4,387,299
Coflexip SA, ADR 23,250 1,011,375
Dassault Systemes 34,825 1,150,574
Royal Canin 9,450 545,526
------------
7,094,774
GERMANY - 12.30%
Douglas Holding AG 40,375 1,810,495
Ixos Software AG 6,737 1,152,843
Marschollek Lautenschlaeger
und Partner AG 8,005 3,812,404
Porsche AG 2,050 4,818,194
Primacom 7,775 352,654
Rhon Klinikum AG 7,000 696,339
Schwarz Pharmaceuticals AG 41,925 1,936,184
Singulus Technology 10,975 1,301,062
Sixt AG 40,125 2,804,403
------------
18,684,578
GREECE - 1.00%
Chipita 59,643 1,554,523
------------
HONG KONG - 0.00%
Gold Peak Industry, Ltd. 250,000 4,318
------------
IRELAND - 2.80%
Ryanair Holdings PLC, ADR * 79,350 4,205,550
------------
ITALY - 5.70%
Bulgari SPA 466,900 3,138,102
Class Editore 78,225 624,946
Ducati Motor Holding 141,175 369,647
Gruppo Editoriale L'Espresso 180,000 2,913,183
Industrie Natuzzi SPA, ADR 82,225 1,598,249
------------
8,644,127
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
JAPAN - 8.90%
Fancl Corporation 13,000 $2,364,222
Fuji S Ware ABC * 63,000 3,749,690
Nippon System Development * 72,000 4,285,360
Ryohin Keikaku Company 12,000 3,020,584
------------
13,419,856
MEXICO - 0.90%
Grupo Posadas SA * 2,023,450 1,403,177
------------
NETHERLANDS - 5.60%
Beter Bed Holding NV 27,975 807,465
Hunter Douglas 55,250 1,896,584
IHC Caland 47,675 1,867,540
Krasnapolsky Hotels &
Restaurant 8,700 582,497
Nutreco Holding NV * 69,625 2,468,990
Ordina Beheer NV 27,500 793,755
------------
8,416,831
NORWAY - 2.50%
Narvesen ASA 16,000 371,550
Stolt Comex Seaway SA 81,800 889,576
Tomra Systems AS 66,050 2,480,909
------------
3,742,034
SINGAPORE - 1.80%
Natsteel Electroni * 631,000 2,762,015
------------
SPAIN - 2.60%
Baron De Ley 44,325 1,530,697
Telepizza * 469,250 2,428,307
------------
3,959,004
SWEDEN - 1.30%
Haldex AB 60,915 796,509
Orvitus * 56,125 310,740
Semcon AB 101,125 905,348
------------
2,012,597
SWITZERLAND - 2.80%
Kudelski SA 585 2,087,808
Logitech International 10,475 1,515,578
Phonak 525 702,205
------------
4,305,591
UNITED KINGDOM - 18.50%
Capital Radio 161,575 2,138,061
Eidos PLC, ADR 85,250 2,818,578
Esat Telecom Group PLC 36,650 1,608,019
Filtronic 148,275 1,744,709
Flextech 232,500 3,775,202
Freepages Group 1,549,550 903,717
Icon Public, Ltd. 66,575 1,306,534
Pizza Express 354,150 5,135,707
Psion 297,750 3,848,494
</TABLE>
The accompanying notes are an integral part of the financial statements.
73
<PAGE> 77
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UNITED KINGDOM - CONTINUED
Select Appointments Holdings
PLC 219,925 $2,624,192
Wetherspoon (JD) 460,815 2,142,762
------------
28,045,975
UNITED STATES - 0.80%
United International
Holdings, Incorporated 18,775 1,269,659
------------
TOTAL COMMON STOCKS
(Cost: $94,615,743) $125,173,594
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
SHORT TERM INVESTMENTS - 10.70%
<S> <C> <C>
$16,302,461 Navigator Securities Lending
Trust,
4.97% $16,302,461
------------
</TABLE>
REPURCHASE AGREEMENTS - 6.80%
<TABLE>
<S> <C> <C>
$10,319,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00%, to be
repurchased at $10,320,147 on
07/01/1999, collateralized by
$8,520,000 U.S. Treasury Bonds,
8.125% due 08/15/2021 (valued at
$10,526,094, including interest) $10,319,000
------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS (INTERNATIONAL SMALL
CAP TRUST) (Cost: $121,237,204) $151,795,055
============
</TABLE>
The Trust had the following five top industry concentrations at June 30, 1999
(as a percentage of total investments):
<TABLE>
<S> <C>
Food & Beverages 11.08%
Computer & Business Equipment 7.83%
Retail Trade 7.22%
Electronics 6.09%
Software 5.81%
</TABLE>
AGGRESSIVE GROWTH TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 66.59%
AEROSPACE - 0.42%
Aeroflex, Incorporated * 17,500 $345,625
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
AIR TRAVEL - 0.53%
Alaska Air Group * 2,200 $91,850
Ryanair Holdings PLC, ADR * 6,500 344,500
------------
436,350
APPAREL & TEXTILES - 1.37%
G & K Services, Class A 2,200 115,225
K-Swiss, Incorporated, Class A 4,100 190,650
Mohawk Industries,
Incorporated * 8,200 249,075
Pacific Sunwear of California * 13,050 318,094
Quiksilver, Incorporated * 9,800 255,412
------------
1,128,456
AUTO PARTS - 0.96%
Brooks Automation,
Incorporated * 4,300 116,369
Copart, Incorporated * 6,500 138,125
Gentex Corporation * 10,900 305,200
Meritor Automotive,
Incorporated 8,800 224,400
------------
784,094
AUTOMOBILES - 0.92%
O'Reilly Automotive, Incorporated * 11,200 564,200
Tower Automotive, Incorporated * 7,600 193,325
------------
757,525
BANKING - 1.63%
Bank United Corporation,
Class A * 8,000 321,500
Community First Bankshares,
Incorporated 10,900 260,237
Doral Financial Corporation 8,900 153,525
Southwest Bancorporation of
Texas, Incorporated * 19,500 351,000
Trustmark Corporation 10,900 249,338
------------
1,335,600
BROADCASTING - 2.02%
Hispanic Broadcasting
Corporation * 9,800 743,575
Powerwave Technologies,
Incorporated * 12,500 403,125
Proxim, Incorporated * 6,500 377,000
Radio One, Incorporated,
Class A * 2,900 134,850
------------
1,658,550
BUILDING MATERIALS & CONSTRUCTION
- 0.92%
Dycom Industries,
Incorporated * 6,800 380,800
Elcor Chemical Corporation 6,500 283,969
NCI Building Systems,
Incorporated * 4,300 91,912
------------
756,681
</TABLE>
The accompanying notes are an integral part of the financial statements.
74
<PAGE> 78
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - 7.13%
Acxiom Corporation 7,600 $189,525
Amdocs, Ltd. * 8,700 197,925
American Management Systems,
Incorporated * 3,800 121,838
Bowlin Outdoor
Advertising/Travel * 5,400 32,400
Bright Horizons Family
Solutions * 5,700 107,588
CEC Entertainment,
Incorporated * 10,300 435,175
Check Point Software
Technologies, Ltd. * 6,500 348,562
Checkfree Holdings
Corporation * 6,500 179,156
Cornell Corrections,
Incorporated * 3,800 62,463
Critical Path, Incorporated * 1,300 71,906
Express Scripts,
Incorporated, Class A * 5,400 325,012
FactSet Research Systems,
Incorporated 3,300 186,862
Forrester Research,
Incorporated * 8,300 207,500
Hooper Holmes, Incorporated 13,000 264,875
INFOCURE Corporation * 3,500 185,281
Iron Mountain, Incorporated * 3,300 94,463
Lason Holdings, Incorporated * 2,700 133,988
MedQuist, Incorporated * 7,600 332,500
Metzler Group, Incorporated * 2,700 74,588
Provant, Incorporated * 5,400 84,038
Rent A Center, Incorporated * 7,600 182,400
Ritchie Brothers Auctioneers,
Incorporated * 3,400 129,625
Safeguard Scientifics,
Incorporated * 2,200 136,400
Scansource, Incorporated * 4,300 92,988
SEI Investments 2,700 238,275
Select Appointments Holdings
PLC, ADR * 6,100 146,400
SunGuard Data Systems,
Incorporated * 5,100 175,950
Sykes Enterprises,
Incorporated * 8,900 297,037
TETRA Technologies,
Incorporated * 13,625 224,812
TMP Worldwide, Incorporated * 2,100 133,350
USWeb Corporation * 10,300 228,531
Valassis Communications,
Incorporated * 6,450 236,231
------------
5,857,644
CHEMICALS - 1.70%
Biovail Corporation
International * 3,800 194,037
Nova Corporation * 11,200 280,000
OM Group, Incorporated 8,700 300,150
Spartech Corporation 5,100 161,288
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CHEMICALS - CONTINUED
Waters Corporation * 8,600 $456,875
------------
1,392,350
COMPUTERS & BUSINESS EQUIPMENT - 6.48%
Affiliated Computer Services,
Incorporated, Class A * 6,500 329,062
Analytical Surveys, Incorporated * 4,300 106,963
Apex PC Solutions, Incorporated * 4,900 100,450
Avant Corporation * 500 6,313
Citrix Systems, Incorporated * 7,800 440,700
Comverse Technology,
Incorporated * 8,200 619,100
CSG Systems International,
Incorporated * 10,900 285,444
Cybex Computer Products
Corporation * 7,600 211,850
Henry, Jack & Associates,
Incorporated 2,700 105,975
Macromedia, Incorporated * 4,900 172,725
National Computer Systems,
Incorporated 9,800 330,750
National Instruments
Corporation * 8,700 351,262
Network Appliance,
Incorporated * 2,800 156,450
QRS Corporation * 2,200 171,600
Rational Software Corporation * 13,600 447,950
Sandisk Corporation * 8,700 391,500
Veritas Software Corporation * 4,300 408,231
Verity, Incorporated * 4,300 233,006
Visual Networks, Incorporated * 8,700 278,400
Xircom Incorporated 5,800 174,363
------------
5,322,094
CONSTRUCTION MATERIALS - 0.50%
Fastenal Company 2,900 152,069
Simpson Manufacturing,
Incorporated * 5,500 261,250
------------
413,319
CONSTRUCTION & MINING EQUIPMENT - 0.27%
Astec Industries,
Incorporated * 5,500 224,125
------------
CRUDE PETROLEUM & NATURAL GAS - 0.37%
Cabot Oil & Gas Corporation,
Class A 5,400 100,575
Evergreen Resources * 8,200 206,537
------------
307,112
DOMESTIC OIL - 0.38%
Insignia Financial Group,
Incorporated * 1,200 12,600
Maverick Tube Corporation * 11,300 157,494
</TABLE>
The accompanying notes are an integral part of the financial statements.
75
<PAGE> 79
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DOMESTIC OIL - CONTINUED
Stone Energy Corporation * 3,300 $139,837
------------
309,931
DRUGS & HEALTH CARE - 5.15%
ALPHARMA, Incorporated, Class
A * 10,800 384,075
Capital Senior Living
Corporation * 10,000 100,000
Health Management
Association, Class A * 10,900 122,625
Henry Schein, Incorporated * 7,100 224,981
IDEXX Laboratories,
Incorporated * 5,400 125,888
International Network
Services * 4,900 197,837
Medicis Pharmaceutical
Corporation, Class A * 8,700 220,762
Minimed, Incorporated * 3,700 284,669
OEC Medical Systems,
Incorporated * 4,300 105,350
Patterson Dental Company * 6,500 225,875
Province Healthcare Company * 6,500 126,750
Renal Care Group,
Incorporated * 6,500 168,188
ResMed, Incorporated * 5,400 179,213
Resources Care, Incorporated * 3,300 75,075
Sybron International
Corporation * 10,900 300,431
Syncor International
Corporation * 3,300 118,800
Universal Health Services,
Incorporated, Class B * 4,300 205,325
Veterinary Centers of
America, Incorporated * 10,900 147,831
VISX, Incorporated 6,500 514,719
Xomed Surgical Products,
Incorporated * 8,200 399,237
------------
4,227,631
ELECTRICAL EQUIPMENT - 1.95%
Advanced Energy Industries,
Incorporated * 7,100 287,994
Electro Scientific
Industries, Incorporated * 1,600 66,850
Emulex Corporation * 5,800 644,887
Sanmina Corporation * 4,300 326,262
Sawtek, Incorporated * 4,300 197,263
SLI, Incorporated * 2,900 78,300
------------
1,601,556
ELECTRONICS - 12.10%
Alpha Industries,
Incorporated * 21,000 1,000,125
American Xtal Technology,
Incorporated * 7,000 166,688
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
ELECTRONICS - CONTINUED
Anadigics, Incorporated * 8,000 $296,000
Applied Micro Circuits
Corporation * 6,500 534,625
Asyst Technologies,
Incorporated * 8,700 260,456
Burr-Brown Corporation * 5,400 197,775
Concord Communications,
Incorporated * 3,300 148,500
Credence Systems Corporation * 6,500 241,313
Cree Research, Incorporated * 6,500 500,094
Dallas Semiconductor
Corporation 3,800 191,900
Electronics For Imaging,
Incorporated * 8,700 446,962
Etec Systems, Incorporated * 5,100 169,575
Flextronics International * 5,400 299,700
Genesis Microchip,
Incorporated * 7,800 184,275
Insight Enterprises,
Incorporated * 14,700 363,825
Jabil Circuit, Incorporated * 6,900 311,363
Micrel, Incorporated * 3,300 244,200
Microchip Technology,
Incorporated * 12,500 592,187
Novellus Systems,
Incorporated * 2,200 150,150
Oak Industries, Incorporated * 6,100 266,494
PMC-Sierra, Incorporated * 8,600 506,862
Qlogic Corporation * 4,500 594,000
SDL, Incorporated * 7,800 398,287
Semtech Corporation * 6,500 338,813
Transwitch Corporation * 8,100 383,737
Uniphase Corporation * 3,300 547,800
Unitrode Corporation * 10,900 312,694
Vitesse Semiconductor
Corporation * 4,300 289,981
------------
9,938,381
FINANCIAL SERVICES - 3.14%
Affiliated Managers Group,
Incorporated * 2,200 66,413
Americredit Corporation * 8,700 139,200
Concord EFS, Incorporated * 12,000 507,750
First Republic Bank, San
Francisco California * 6,500 188,094
Hambrecht & Quist Group,
Incorporated * 10,300 382,387
Knight Trimark Group, Class A * 7,600 458,375
Metris Companies, Incorporated 8,600 350,450
NCO Group, Incorporated * 4,400 167,200
Queens County Bancorp 4,900 158,638
Rental Way, Incorporated * 6,500 160,062
------------
2,578,569
</TABLE>
The accompanying notes are an integral part of the financial statements.
76
<PAGE> 80
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOOD & BEVERAGES - 0.31%
Hain Food Group, Incorporated * 8,200 $169,125
United Natural Foods,
Incorporated * 3,300 81,675
------------
250,800
GOLD - 0.19%
Global Industries,
Incorporated * 12,000 153,750
------------
HOTELS & RESTAURANTS - 0.91%
Foodmaker, Incorporated * 7,600 215,650
Papa Johns International,
Incorporated * 2,200 98,313
Sonic Corporation * 6,500 212,062
Station Casinos, Incorporated * 10,900 222,087
------------
748,112
INDUSTRIAL MACHINERY - 0.52%
Osteotech, Incorporated* 14,900 428,375
------------
INDUSTRIALS - 0.38%
MotivePower Industries,
Incorporated * 17,400 308,850
------------
INSURANCE - 0.92%
Advance Paradigm,
Incorporated * 4,900 298,900
FPIC Insurance Group,
Incorporated * 6,500 315,250
HCC Insurance Holdings,
Incorporated 5,400 122,512
Penn Treaty American
Corporation * 700 16,844
------------
753,506
INVESTMENT COMPANIES - 0.29%
Eaton Vance Corporation 6,900 237,619
------------
LEISURE TIME - 1.24%
Action Performance Companies,
Incorporated * 3,300 108,900
Championship Auto Racing Team * 2,200 65,863
International Speedway
Corporation, Class A 1,500 71,250
SFX Entertainment,
Incorporated, Class A * 6,500 416,000
Speedway Motorsports,
Incorporated * 2,200 86,487
Steiner Leisure, Ltd. * 8,800 266,750
------------
1,015,250
NEWSPAPERS - 0.71%
Core Laboratories NV * 10,900 151,919
Gemstar Group, Ltd. * 6,600 430,650
------------
582,569
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PETROLEUM SERVICES - 0.16%
Cal Dive International,
Incorporated * 4,300 $128,463
------------
PUBLISHING - 0.29%
IDG Books Worldwide,
Incorporated * 8,700 158,775
Meredith Corporation 2,300 79,638
------------
238,413
RAILROADS & EQUIPMENT - 0.33%
Swift Transportation,
Incorporated * 12,300 270,600
------------
RETAIL TRADE - 7.28%
99 Cents Only Stores * 4,400 219,725
Abercrombie & Fitch Company,
Class A * 8,600 412,800
American Eagle Outfitters,
Incorporated * 11,200 509,600
Ann Taylor Stores Corporation * 9,800 441,000
Buckle, Incorporated * 5,900 169,625
CDW Computer Centers,
Incorporated * 11,200 492,800
Childrens Place Retail
Stores, Incorporated * 5,400 218,700
Claire S Stores, Incorporated 14,300 366,437
Cost Plus, Incorporated * 7,500 341,250
CSK Auto Corporation * 2,200 59,400
Daisytek International
Corporation * 11,600 189,225
Dollar Tree Stores,
Incorporated * 3,900 171,600
Family Dollar Stores,
Incorporated 7,600 182,400
Footstar, Incorporated * 10,900 405,344
Fossil, Incorporated * 6,700 324,112
Hibbett Sporting Goods,
Incorporated * 8,200 180,400
Linens'n Things, Incorporated * 6,700 293,125
Mens Wearhouse, Incorporated * 14,300 364,650
Regis Corporation Minnesota 11,600 222,575
Tuesday Morning Corporation * 3,900 99,450
Wet Seal, Incorporated * 4,900 140,263
Wild Oats Markets,
Incorporated * 5,800 175,994
SOFTWARE - 2.82%
AVT Corporation 8,200 310,575
Business Objects SA, ADR * 5,400 197,100
ISS Group, Incorporated * 4,400 166,100
Medical Manager Corporation * 6,500 287,625
Mercury Interactive Corporation * 6,700 237,012
Micromuse, Incorporated * 4,300 214,463
Pegrine Systems, Incorporated * 2,300 59,081
</TABLE>
The accompanying notes are an integral part of the financial statements.
77
<PAGE> 81
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SOFTWARE - CONTINUED
Pinnacle Systems, Incorporated * 10,000 $336,250
Transaction Systems Architects,
Incorporated, Class A * 8,100 315,900
VeriSign, Incorporated * 2,200 189,750
------------
2,313,856
TELECOMMUNICATIONS SERVICES - 1.47%
ADTRAN, Incorporated * 9,200 334,650
ANTEC Corporation * 6,500 208,406
Commscope, Incorporated * 7,100 218,325
DSP Communications,
Incorporated * 12,500 360,938
Polycom, Incorporated * 2,200 85,800
------------
1,208,119
TELEPHONE - 0.53%
Harmonic, Incorporated * 7,600 436,525
------------
TRANSPORTATION - 0.30%
Expeditores International of
Washington, Incorporated 6,600 179,850
M.S. Carriers, Incorporated * 2,200 65,244
-----------
245,094
TOTAL COMMON STOCKS
(Cost: $46,861,441) $54,675,969
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 33.41%
$15,940,249 Navigator Securities Lending
Trust, $15,940,249
4.97%
11,497,000 Federal Home Loan Mortgage
Corporation, 4.60% due
07/01/1999 11,497,000
-----------
$27,437,249
TOTAL INVESTMENTS (AGGRESSIVE GROWTH
TRUST) (Cost: $74,298,6 $82,113,218
===========
</TABLE>
EMERGING SMALL COMPANY TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 74.21%
AIR TRAVEL - 0.66%
Alaska Air Group * 55,600 $2,321,300
------------
APPAREL & TEXTILES - 1.82%
Tommy Hilfiger Corporation * 41,900 3,079,650
Tropical Sportswear
International Corporation * 16,100 513,188
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
APPAREL & TEXTILE - CONTINUED
Wolverine World Wide,
Incorporated 202,100 $2,829,400
------------
6,422,238
AUTO PARTS - 1.10%
Gentex Corporation * 138,700 3,883,600
------------
BANKING - 2.70%
Bank United Corporation,
Class A * 101,200 4,066,975
Golden State Bancorp,
Incorporated * 160,000 3,520,000
Silicon Valley Bancshares * 78,000 1,930,500
------------
9,517,475
BROADCASTING - 2.11%
Cumulus Media, Incorporated,
Class A * 31,000 678,125
Hispanic Broadcasting
Corporation * 28,475 2,160,541
Jones Intercable,
Incorporated, Class A * 35,000 1,715,000
Metro Networks, Incorporated * 53,700 2,866,237
------------
7,419,903
BUILDING MATERIALS & CONSTRUCTION - 0.88%
Dycom Industries,
Incorporated * 55,000 3,080,000
------------
BUSINESS SERVICES - 5.88%
Check Point Software
Technologies, Ltd. * 49,700 2,665,162
CMG Information Services,
Incorporated * 10,200 1,163,438
Cuno, Incorporated * 94,100 1,799,663
DeVRY, Incorporated * 51,000 1,141,125
Doubleclick, Incorporated * 9,900 908,325
Exchange Applications
Software * 59,000 2,404,250
HNC Software, Incorporated * 97,900 3,016,544
Lamar Advertising Company,
Class A * 49,000 2,005,937
Verio, Incorporated * 28,500 1,980,750
Whittman Hart, Incorporated * 114,000 3,619,500
------------
20,704,694
CHEMICALS - 1.57%
Nova Corporation * 57,000 1,425,000
Waters Corporation * 77,200 4,101,250
------------
5,526,250
COMPUTERS & BUSINESS EQUIPMENT - 3.81%
Affiliated Computer Services,
Incorporated, Class A * 98,100 4,966,312
ETrade Group, Incorporated * 13,600 543,150
Gilat Satellite Networks, 11,100 582,750
Ltd. *
</TABLE>
The accompanying notes are an integral part of the financial statements.
78
<PAGE> 82
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMPUTERS & BUSINESS EQUIPMENT - CONTINUED
Saleslogix Corporation * 122,000 $1,814,750
Security Dynamics
Technologies * 128,800 2,737,000
Veritas Software Corporation * 29,300 2,781,669
------------
13,425,631
CONSTRUCTION MATERIALS - 1.73%
Catalytica, Incorporated * 199,200 2,788,800
Roper Industries 103,000 3,296,000
------------
6,084,800
CRUDE PETROLEUM & NATURAL GAS - 1.50%
Barrett Resources Corporation * 137,900 5,291,913
------------
DOMESTIC OIL - 1.03%
Newfield Exploration Company * 127,600 3,628,625
------------
DRUGS & HEALTH CARE - 3.09%
Inhale Therapeutic Systems * 71,400 1,700,212
International Network
Services * 76,000 3,068,500
Parexel International
Corporation * 112,000 1,491,000
Pharmaceutical Product
Development, Incorporated * 85,900 2,351,512
Renal Care Group,
Incorporated * 62,900 1,627,538
Zonagen, Incorporated * 68,300 631,775
------------
10,870,537
EDUCATIONAL SERVICES - 0.52%
Sylvan Learning Systems,
Incorporated * 67,000 1,821,563
------------
ELECTRICAL EQUIPMENT - 3.17%
Electro Scientific
Industries, Incorporated * 35,000 1,462,344
Power Integrations * 82,400 6,025,500
Sanmina Corporation * 48,200 3,657,175
------------
11,145,019
ELECTRONICS - 11.98%
Conexant Systems,
Incorporated * 47,000 2,728,938
Cymer, Incorporated * 132,000 3,300,000
DII Group, Incorporated * 32,700 1,220,119
EG & G, Incorporated 143,500 5,112,187
Flextronics International * 62,300 3,457,650
Jabil Circuit, Incorporated * 64,900 2,928,613
Novellus Systems,
Incorporated * 49,000 3,344,250
PLX Technology, Incorporated * 77,100 3,652,612
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONICS - CONTINUED
PMC-Sierra, Incorporated * 78,600 $4,632,487
Sipex Corporation * 108,000 2,214,000
Synopsys, Incorporated * 57,200 3,156,725
Transwitch Corporation * 41,000 1,942,375
Uniphase Corporation * 27,000 4,482,000
------------
42,171,956
FINANCIAL SERVICES - 2.73%
Affiliated Managers Group,
Incorporated * 37,000 1,116,937
Financial Security Assured
Holdings, Ltd. 77,600 4,035,200
Hambrecht & Quist Group,
Incorporated * 120,200 4,462,425
------------
9,614,562
HOUSEHOLD APPLIANCES - 0.08%
United States Home and
Garden, Incorporated * 74,100 277,875
------------
INDUSTRIAL MACHINERY - 1.12%
Mettler Toledo International,
Incorporated * 158,700 3,937,744
------------
INSURANCE - 1.94%
Reinsurance Group America,
Incorporated 115,600 4,074,900
SCOR, ADR 54,600 2,750,475
------------
6,825,375
LEISURE TIME - 1.03%
Harrahs Entertainment,
Incorporated * 60,100 1,322,200
SFX Entertainment,
Incorporated, Class A * 36,000 2,304,000
------------
3,626,200
NEWSPAPERS - 1.45%
Gemstar Group, Ltd. * 78,200 5,102,550
------------
PETROLEUM SERVICES - 1.01%
Atwood Oceanics, Incorporated * 113,400 3,543,750
------------
PHOTOGRAPHY - 1.35%
Optical Coating Laboratory,
Incorporated 57,000 4,766,625
------------
REAL ESTATE - 2.66%
Camden Property Trust 102,800 2,852,700
Federated Investors,
Incorporated, Class B 61,000 1,094,188
Meristar Hospitality
Corporation 127,900 2,869,756
Prime Hospitality Corporation * 211,000 2,532,000
------------
9,348,644
</TABLE>
The accompanying notes are an integral part of the financial statements.
79
<PAGE> 83
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL TRADE - 0.61%
Claire S Stores, Incorporated 84,000 $2,152,500
------------
SANITARY SERVICES - 1.33%
Safety-Kleen Corporation * 257,800 4,672,625
------------
SOFTWARE - 6.74%
Activision, Incorporated * 117,000 1,703,812
Broadvision, Incorporated * 42,800 3,156,500
Earthlink Network,
Incorporated * 20,100 1,234,894
Electronic Arts * 17,000 922,250
Entrust Technologies,
Incorporated * 97,900 3,255,175
Exodus Communications,
Incorporated * 33,500 4,017,906
I2 Technologies, Incorporated * 38,000 1,634,000
Intuit, Incorporated * 25,200 2,271,150
Keane, Incorporated * 127,500 2,884,687
Mercury Interactive
Corporation * 22,900 810,088
Sapient Corporation * 32,400 1,834,650
------------
23,725,112
STEEL - 0.73%
Carpenter Technology
Corporation 89,400 2,553,488
------------
TELECOMMUNICATIONS SERVICES - 4.63%
Clearnet Communications,
Incorporated, Class A * 11,200 156,100
Com21, Incorporated * 122,900 2,096,981
Excel Switching Corporation * 208,900 6,253,944
JDS Fitel, Incorporated * 68,600 5,753,548
Millicom International Cellular SA * 4,600 144,900
Polycom, Incorporated * 48,000 1,872,000
------------
16,277,473
TELEPHONE - 1.56%
Pacific Gateway Exchange,
Incorporated * 96,400 2,807,650
Voicestream Wireless
Corporation * 46,000 1,308,125
Western Wireless Corporation,
Class A * 51,000 1,377,000
------------
5,492,775
TRANSPORTATION - 1.31%
C. H. Robinson Worldwide 61,000 2,241,750
Expeditores International of
Washington, Incorporated 87,400 2,381,650
------------
4,623,400
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TRUCKING & FREIGHT - 0.38%
Air Express International
Corporation * 53,000 $1,344,875
------------
TOTAL COMMON STOCKS
(Cost: $229,147,813) $261,201,077
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 18.06%
$63,548,815 Navigator Securities Lending
Trust, 4.97% $63,548,815
------------
</TABLE>
REPURCHASE AGREEMENTS - 7.73%
<TABLE>
<S> <C> <C>
$27,212,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00%, to be
repurchased at $27,215,024 on
07/01/1999, collateralized by
$23,155,000 U.S. Treasury Bonds,
8.00% due 11/15/2021 (valued at
$27,757,056, including interest $27,212,000
------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS (EMERGING SMALL
COMPANY TRUST) (Cost: $319,908,628)
$351,961,892
============
</TABLE>
SMALL COMPANY BLEND TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 89.25%
AEROSPACE - 0.58%
REMEC, Incorporated * 7,000 $112,875
-----------
AIR TRAVEL - 1.66%
Atlantic Coast Airlines
Holdings, Incorporated * 10,000 190,000
Midway Airlines Corporation * 13,100 134,275
-----------
324,275
APPAREL & TEXTILES - 1.73%
Kellwood Company 3,800 103,075
Stride Rite Corporation 8,000 82,500
Tefron, Ltd. * 14,500 152,250
------------
337,825
AUTO PARTS - 0.49%
Transportation Components,
Incorporated * 30,000 95,625
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
80
<PAGE> 84
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
AUTOMOBILES - 0.89%
Polaris Industries,
Incorporated 4,000 $174,000
-----------
BANKING - 3.75%
Banco Santander * 5,000 90,313
Banknorth Group, Incorporated * 5,500 181,500
Bankunited Financial
Corporation * 6,000 57,750
Community First Bankshares,
Incorporated 5,800 138,475
First Alliance Company * 45,000 154,687
Western Bancorp 2,500 108,750
-----------
731,475
BROADCASTING - 4.69%
BHC Communications,
Incorporated, Class A * 1,000 130,000
Citadel Communications
Corporation * 5,000 180,937
Cox Radio, Incorporated,
Class A * 2,500 135,625
Cumulus Media, Incorporated,
Class A * 5,500 120,313
Entercom Communications
Corporation * 2,500 106,875
Gray Communications Systems,
Incorporated, Class B * 5,000 70,625
Young Broadcasting,
Incorporated, Class A * 4,000 170,250
-----------
914,625
BUSINESS SERVICES - 12.92%
Adforce, Incorporated * 2,500 58,750
Alloy Online, Incorporated * 1,100 12,581
Armor Holdings, Incorporated * 10,000 104,375
Asymetrix Learning Systems,
Incorporated * 12,000 49,500
Banta Corporation * 3,000 63,000
Boston Communications Group * 8,000 107,500
Caribiner International,
Incorporated * 8,000 49,500
Clarify, Incorporated * 4,000 165,000
Condor Technology Solutions * 9,600 45,000
Intelligroup, Incorporated * 18,500 131,812
International Integration,
Incorporated * 6,500 146,250
Kendle International,
Incorporated * 12,000 192,000
Korn/Ferry International * 8,000 136,000
Mac Gray Corporation * 6,000 52,500
Nvidia Corporation * 9,000 172,125
Onemain Common, Incorporated * 3,200 75,600
Online Resources * 7,500 101,719
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - CONTINUED
Quanta Services, Incorporated * 4,000 $176,000
Realty Information Group,
Incorporated * 5,000 217,500
Renaissance Worldwide,
Incorporated * 11,000 87,656
Technisource, Incorporated * 17,000 88,188
Tier Technologies,
Incorporated, Class B * 16,000 112,000
TMP Worldwide, Incorporated * 1,500 95,250
Wesco International,
Incorporated * 4,000 82,000
-----------
2,521,806
CHEMICALS - 1.60%
H.B. Fuller Company 3,000 205,125
Spartech Corporation 3,400 107,525
-----------
312,650
COMPUTERS & BUSINESS EQUIPMENT - 0.72%
Ariba, Incorporated * 300 29,175
Structural Dynamics Research
Corporation * 6,000 111,375
-----------
140,550
CONSTRUCTION MATERIALS - 4.22%
Applied Industrial
Technologies, Incorporated 9,200 174,800
Comfort Systems USA,
Incorporated * 4,000 72,000
Gasonics International
Corporation * 11,500 161,000
NN Ball & Roller, Incorporated
10,000 57,500
Oshkosh Truck Corporation,
Class B 600 30,188
Pameco Corporation * 12,000 91,500
SpeedFam-IPEC, Incorporated * 11,000 176,687
White Capital Industries
Corporation * 5,000 59,062
-----------
822,737
COSMETICS & TOILETRIES - 1.69%
Natrol, Incorporated * 10,000 75,000
Natures Sunshine Products,
Incorporated 11,000 115,500
Nu Skin Enterprises,
Incorporated, Class A * 7,000 139,563
-----------
330,063
DOMESTIC OIL - 4.42%
Cross Timbers Oil Company 13,500 200,812
Devon Energy Corporation 2,000 71,500
Insignia Financial Group,
Incorporated * 9,000 94,500
</TABLE>
The accompanying notes are an integral part of the financial statements.
81
<PAGE> 85
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DOMESTIC OIL - CONTINUED
Midcoast Energy Resources,
Incorporated 12,500 $201,562
Pogo Producing Company 6,500 121,063
Vintage Petroleum,
Incorporated 16,200 174,150
---------
863,587
DRUGS & HEALTH CARE - 9.91%
Algos Pharmaceutical
Corporation * 3,000 66,187
Alterra Healthcare
Corporation * 2,500 34,375
American Retirement
Corporation * 6,000 75,000
Anesta Corporation * 4,000 81,750
Aviron * 4,000 115,000
Capital Senior Living
Corporation * 6,000 60,000
Chromavision Medical Systems,
Incorporated * 12,000 118,500
Focal, Incorporated * 18,000 135,000
Heska Corporation * 23,000 53,188
Kos Pharmaceuticals,
Incorporated * 12,000 60,750
Lifepoint Hospitals,
Incorporated * 15,000 201,562
Novoste Corporation * 8,000 168,000
Ocular Sciences, Incorporated * 7,000 121,625
Orthodontic Centers of
America, Incorporated * 7,000 98,875
PE Corporation-Celera
Genomics Group * 6,000 97,125
Protein Design Labs,
Incorporated * 4,500 99,844
Sangstat Medical Corporation * 12,100 208,725
Sunrise Assisted Living,
Incorporated * 1,500 52,313
Trimeris, Incorporated * 6,000 87,000
---------
1,934,819
ELECTRICAL EQUIPMENT - 4.06%
Dupont Photomasks,
Incorporated * 2,500 119,687
Holophane Corporation * 4,000 152,500
Intergrated Electrical
Services * 6,000 96,750
Power One, Incorporated * 9,000 221,625
Rayovac Corporation * 4,000 90,750
Sensormatic Electrics
Corporation * 8,000 111,500
---------------
792,812
ELECTRONICS - 7.82%
Aspect Telecommunications
Corporation * 12,000 117,000
BE Semiconductor Industries * 17,000 174,250
ELECTRONICS-CONTINUED
C Cube Microsystems,
Incorporated * 8,000 $253,500
Cambridge Technology
Partners, Incorporated * 5,500 96,594
Cymer, Incorporated * 11,500 287,500
Etec Systems, Incorporated * 7,000 232,750
LoJack Corporation * 15,000 125,625
Photronics, Incorporated * 7,000 171,500
Veeco Instruments,
Incorporated * 2,000 68,000
---------
1,526,719
FINANCIAL SERVICES - 1.28%
First American Financial
Corporation 3,500 62,563
Harbor Florida Bancshares,
Incorporated 6,000 73,500
Medallion Financial
Corporation 6,000 114,375
---------
250,438
FOOD & BEVERAGES - 1.54%
Beringer Wine Estates
Holdings, Class B * 3,000 125,344
Robert Mondavi Corporation,
Class A 2,500 90,937
Del Monte Foods Produce * 6,000 84,750
---------
301,031
FOREST PRODUCTS - 1.09%
Caraustar Industries,
Incorporated * 7,000 172,813
Wausau-Mosinee Paper
Corporation 2,200 39,600
---------
212,413
FUNERAL SERVICES - 0.13%
Carriage Services,
Incorporated, Class A * 1,300 24,375
---------
GAS & PIPELINE UTILITIES - 2.74%
Eastern Enterprises 7,000 278,250
Energen Corporation * 8,000 149,000
Louis Dreyfus Natural Gas
Corporation * 5,000 107,812
---------
535,062
HOTELS & RESTAURANTS - 1.34%
Buffets, Incorporated * 10,000 115,000
CKE Restaurants, Incorporated * 9,000 146,250
---------
261,250
INSURANCE - 1.59%
ESG Re, Ltd. 5,000 75,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
82
<PAGE> 86
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE - CONTINUED
Fidelity National Financial
Corporation 7,000 $ 147,000
Trenwick Group, Incorporated 3,600 88,763
---------
310,763
LEISURE TIME - 1.46%
Intrawest Corporation 6,600 101,063
Steiner Leisure, Ltd. * 3,200 97,000
West Marine, Incorporated * 6,000 87,375
---------
285,438
PAPER - 0.68%
Ivex Packaging Corporation * 6,000 132,000
---------
PETROLEUM SERVICES - 0.55%
Seacor Smit, Incorporated * 2,000 107,000
---------
POLLUTION CONTROL - 1.03%
Ionics, Incorporated * 5,500 200,750
---------
PUBLISHING - 0.95%
Applied Graphics Technologies * 8,000 101,000
Jostens, Incorporated 4,000 84,250
---------
185,250
RAILROADS & EQUIPMENT - 0.39%
Wisconsin Central
Transportation Corporation * 4,000 75,500
---------
REAL ESTATE - 1.86%
CB Richard Ellis Services,
Incorporated * 5,000 124,375
Meristar Hospitality
Corporation 7,000 157,062
Trammell Crow Company * 5,000 82,188
---------
363,625
RETAIL TRADE - 1.14%
CSK Auto Corporation * 4,000 108,000
Egghead.com, Incorporated * 6,000 67,125
Sportsline USA, Incorporated * 1,000 35,875
Stamps Common Incorporated * 600 10,500
---------
221,500
SOFTWARE - 3.26%
About.com, Incorporated * 2,500 129,687
Acclaim Entertainment,
Incorporated * 6,500 41,438
Epicor Software Corporation * 22,500 167,344
Mail.com, Incorporated, Class A * 2,100 39,506
Midway Games, Incorporated * 12,000 155,250
Worldgate Communications,
Incorporated * 2,000 102,500
---------
635,725
TELECOMMUNICATIONS SERVICES - 4.32%
ICG Communications,
Incorporated * 14,000 $299,250
Carrier Access Corporation * 4,000 175,250
Juniper Networks Incorporated * 300 44,700
Polycom, Incorporated * 5,000 195,000
Superior Telecom, Incorporated 4,500 112,500
Time Warner Telecom,
Incorporated, Class A * 600 17,400
---------
844,100
TIRES & RUBBER - 0.71%
Bandag, Incorporated * 4,000 138,750
---------
TRANSPORTATION - 1.19%
Circle International Group,
Incorporated * 5,000 109,375
M.S. Carriers, Incorporated * 4,000 118,625
U.S. Xpress Enterprises,
Incorporated, Class A * 400 4,275
---------
232,275
TRUCKING & FREIGHT - 0.85%
Werner Enterprises,
Incorporated 8,000 166,000
---------
TOTAL COMMON STOCKS
(Cost: $15,966,769) $17,419,688
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
REPURCHASE AGREEMENTS - 10.75%
$2,098,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00% to be
repurchased at $2,098,233 on
0701/1999, collateralized by
$1,780,000 U.S. Treasury Bonds,
7.875% due 02/15/2021 (valued at
$2,141,550 including interest). $ 2,098,000
-----------
TOTAL INVESTMENTS (SMALL COMPANY BLEND
TRUST) (Cost: $18,064,769)
$19,517,688
===========
</TABLE>
MID CAP GROWTH TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 90.66%
AIR TRAVEL - 0.29%
Southwest Airlines Company 42,900 $1,335,263
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
83
<PAGE> 87
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
APPAREL & TEXTILES - 2.58%
Cintas Corporation 42,900 $2,882,344
Intimate Brands,
Incorporated, Class A 34,650 1,641,544
Jones Apparel Group,
Incorporated * 75,000 2,573,437
NIKE, Incorporated, Class B 37,400 2,367,888
Shaw Industries, Incorporated * 50,000 825,000
Tommy Hilfiger Corporation * 21,400 1,572,900
----------
11,863,113
AUTO PARTS - 0.47%
Danaher Corporation 37,400 2,173,875
----------
AUTOMOBILES - 0.79%
Harley Davidson, Incorporated 67,200 3,654,000
----------
BANKING - 4.27%
AmSouth Bancorporation * 32,100 744,319
Astoria Financial Corporation * 28,600 1,256,612
Bank United Corporation,
Class A * 28,500 1,145,344
Dime Bancorp, Incorporated 75,900 1,527,487
First Tennessee National
Corporation 35,700 1,367,756
Firstar Corporation 74,100 2,074,800
Golden State Bancorp,
Incorporated * 45,800 1,007,600
Mercantile Bankshares
Corporation 14,300 505,863
North Fork Bancorporation,
Incorporated 71,500 1,523,844
Northern Trust Corporation 23,500 2,279,500
Old Kent Financial Corporation 24,885 1,042,059
Providian Financial
Corporation 42,900 4,011,150
Zions BanCorporation 18,600 1,181,100
----------
19,667,434
BROADCASTING - 1.60%
Adelphia Communications
Corporation, Class A * 29,300 1,864,213
Chancellor Media Corporation * 40,900 2,254,613
Hispanic Broadcasting
Corporation * 29,900 2,268,662
TCA Cable TV, Incorporated 18,000 999,000
----------
7,386,488
BUSINESS SERVICES - 9.02%
Apollo Group, Incorporated,
Class A * 42,900 1,139,531
At Home Corporation, Series A * 26,000 1,402,375
BUSINESS SERVICES-CONTINUED
Check Point Software
Technologies, Ltd. * 21,800 $1,169,025
Choicepoint, Incorporated * 17,700 1,188,112
Comdisco, Incorporated 69,400 1,778,375
Convergys Corporation * 28,600 550,550
Etoys, Incorporated * 20,000 815,000
Express Scripts,
Incorporated, Class A * 41,900 2,521,856
Fiserv, Incorporated * 107,250 3,358,266
Interpublic Group Companies,
Incorporated 14,300 1,238,737
Lamar Advertising Company,
Class A * 66,500 2,722,344
Lycos, Incorporated * 31,600 2,903,250
National Data Corporation * 28,600 1,222,650
Nokia Corporaton, ADR 44,500 4,074,531
OmniCom Group, Incorporated 71,500 5,720,000
Paychex, Incorporated 55,800 1,778,625
Real Networks, Incorporated * 12,500 860,938
SunGuard Data Systems,
Incorporated * 57,200 1,973,400
TMP Worldwide, Incorporated * 18,000 1,143,000
Valassis Communications,
Incorporated * 32,100 1,175,663
Verio, Incorporated * 21,700 1,508,150
Viad Corporation 41,500 1,283,906
----------
41,528,284
CHEMICALS - 0.30%
Waters Corporation * 25,800 1,370,625
----------
COMPUTERS & BUSINESS EQUIPMENT - 6.39%
Affiliated Computer Services,
Incorporated, Class A * 28,600 1,447,875
America Online, Incorporated * 21,600 2,386,800
Ceridian Corporation * 57,200 1,869,725
Citrix Systems, Incorporated * 85,800 4,847,700
Comverse Technology,
Incorporated * 42,900 3,238,950
CSG Systems International,
Incorporated * 64,200 1,681,237
DST Systems, Incorporated * 21,400 1,345,525
EMC Corporation * 100,000 5,500,000
Sterling Software,
Incorporated * 35,700 952,744
Symbol Technologies,
Incorporated 75,000 2,765,625
Veritas Software Corporation * 35,500 3,370,281
----------
29,406,462
CONSTRUCTION MATERIALS - 0.23%
Masco Corporation 36,700 1,059,713
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
84
<PAGE> 88
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CRUDE PETROLEUM & NATURAL GAS - 0.08%
Santa Fe Snyder Corporation * 50,000 $ 381,250
----------
DOMESTIC OIL - 0.14%
Transocean Offshore,
Incorporated 24,900 653,625
----------
DRUGS & HEALTH CARE - 6.19%
ALPHARMA, Incorporated, Class A * 21,600 768,150
Bausch & Lomb, Incorporated * 28,600 2,187,900
Biogen, Incorporated * 57,200 3,678,675
Biomet, Incorporated * 57,200 2,273,700
Forest Labs, Incorporated * 14,300 661,375
Guidant Corporation * 45,200 2,324,975
Health Management
Association, Class A * 57,200 643,500
Henry Schein, Incorporated * 28,600 906,263
Jones Pharmaceutical,
Incorporated 67,200 2,646,000
Medicis Pharmaceutical
Corporation, Class A * 35,800 908,425
Medimmune, Incorporated * 15,000 1,016,250
Mylan Labs, Incorporated 17,800 471,700
Patterson Dental Company * 5,300 184,175
PE Corporation-Biosystems
Group 23,000 2,639,250
PE Corportion-Celera Genomics
Group * 9,650 156,209
Stryker Corporation * 34,900 2,098,363
Sybron International
Corporation * 35,700 983,981
Trigon Healthcare, Incorporated * 21,400 778,425
Universal Health Services,
Incorporated, Class B * 50,000 2,387,500
Watson Pharmaceuticals,
Incorporated * 22,100 774,881
----------
28,489,697
ELECTRICAL EQUIPMENT - 1.38%
American Power Conversion
Corporation * 149,400 3,006,675
ASM Lithography Holding NV * 18,600 1,104,375
Sanmina Corporation * 29,360 2,227,690
----------
6,338,740
ELECTRONICS - 14.95%
Adaptec, Incorporated * 57,200 2,019,875
Altera Corporation * 75,600 2,783,025
Analog Devices, Incorporated * 89,100 4,471,706
Apple Computer, Incorporated * 29,400 1,361,588
Applied Materials,
Incorporated * 26,300 1,942,913
Atmel Corporation * 57,200 1,497,925
Conexant Systems,
Incorporated * 31,600 1,834,775
Cypress Semiconductor
Corporation * 56,700 935,550
ELECTRONICS - CONTINUED
Electronics For Imaging,
Incorporated * 58,400 $3,000,300
General Instrument
Corporation * 55,000 2,337,500
KLA-Tencor Corporation * 34,300 2,225,212
Lexmark International Group,
Incorporated, Class A * 57,200 3,778,775
Linear Technology Corporation 57,200 3,846,700
LSI Logic Corporation * 57,200 2,638,350
Maxim Integrated Products,
Incorporated * 44,900 2,985,850
Microchip Technology,
Incorporated * 39,200 1,857,100
National Semiconductor
Corporation * 59,900 1,516,219
Novellus Systems,
Incorporated * 14,300 975,975
PMC-Sierra, Incorporated * 71,400 4,208,137
Scientific-Atlanta,
Incorporated 57,200 2,059,200
Solectron Corporation * 85,800 5,721,787
Synopsys, Incorporated * 42,900 2,367,544
Teradyne, Incorporated * 35,700 2,561,475
Uniphase Corporation * 21,400 3,552,400
Vishay Intertechnology,
Incorporated * 68,750 1,443,750
Vitesse Semiconductor
Corporation * 23,900 1,611,756
Xilinx, Incorporated * 57,200 3,274,700
----------
68,810,087
FINANCIAL SERVICES - 6.74%
Bear Stearns Companies,
Incorporated * 35,700 1,668,975
Capital One Financial
Corporation 68,700 3,825,731
Charles Schwab Corporation 68,600 7,537,425
Compass Bancshares,
Incorporated 12,700 346,075
Concord EFS, Incorporated * 128,700 5,445,619
Countrywide Credit
Industries, Incorporated 18,200 778,050
FINOVA Group, Incorporated 30,500 1,605,062
Franklin Resources,
Incorporated 35,000 1,421,875
Greenpoint Financial
Corporation 42,900 1,407,656
Lehman Brothers Holdings,
Incorporated 17,200 1,070,700
SLM Holding Corporation 28,600 1,310,238
T. Rowe Price & Associates,
Incorporated 64,600 2,479,025
TCF Financial Corporation 28,600 797,225
TD Waterhouse Group,
Incorporated * 53,500 1,340,844
----------
31,034,500
</TABLE>
The accompanying notes are an integral part of the financial statements.
85
<PAGE> 89
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOOD & BEVERAGES - 0.43%
Keebler Foods Company * 35,400 $1,075,275
United States Foodservice * 21,400 912,175
----------
1,987,450
GAS & PIPELINE UTILITIES - 0.91%
Cooper Cameron Corporation * 72,200 2,675,912
El Paso Energy Corporation 42,900 1,509,544
----------
4,185,456
GOLD - 0.23%
Global Industries, Incorporated * 82,100 1,051,906
----------
HOMEBUILDERS - 0.13%
Champion Enterprises,
Incorporated * 3,100 57,738
Clayton Homes, Incorporated 46,200 528,412
----------
586,150
HOTELS & RESTAURANTS - 1.50%
Brinker International,
Incorporated * 57,200 1,555,125
Mandalay Resort Group * 64,100 1,354,112
MGM Grand, Incorporated * 14,300 700,700
Outback Steakhouse,
Incorporated * 59,900 2,354,819
Papa Johns International,
Incorporated * 21,400 956,313
----------
6,921,069
HOUSEHOLD APPLIANCES - 0.70%
Leggett & Platt, Incorporated 57,200 1,590,875
Maytag Corporation 23,300 1,623,719
----------
3,214,594
HOUSEHOLD PRODUCTS - 1.70%
Corning, Incorporated 95,600 6,703,950
Dial Corporation 30,800 1,145,375
----------
7,849,325
INDUSTRIAL MACHINERY - 0.26%
SPX Corporation * 14,300 1,194,050
----------
INSURANCE - 1.30%
AFLAC, Incorporated * 26,500 1,268,687
Equifax, Incorporated 28,600 1,020,663
MGIC Investment Corporation 28,600 1,390,675
Provident Companies,
Incorporated * 42,900 1,716,000
Torchmark, Incorporated 17,200 586,950
----------
5,982,975
LEISURE TIME - 0.84%
Action Performance Companies,
Incorporated * 14,300 471,900
Callaway Golf Company 72,700 1,063,237
LEISURE TIME - CONTINUED
SFX Entertainment,
Incorporated, Class A * 33,400 $2,137,600
Speedway Motorsports,
Incorporated * 5,000 196,563
----------
3,869,300
NEWSPAPERS - 0.01%
Core Laboratories NV * 2,400 33,450
----------
PAPER - 0.15%
Pentair, Incorporated 14,300 654,225
Stolt Comex Seaway SA, ADR * 2,000 21,500
----------
675,725
PETROLEUM SERVICES - 2.65%
Apache Corporation * 42,900 1,673,100
Baker Hughes, Incorporated * 60,000 2,010,000
BJ Services Company * 57,900 1,704,431
Coflexip SA, ADR 6,800 295,800
Diamond Offshore Drilling,
Incorporated 28,600 811,525
Rowan Companies, Incorporated * 57,200 1,054,625
Smith International,
Incorporated * 50,700 2,202,281
Stolt Comex Seaway SA 32,900 357,788
Varco International,
Incorporated * 92,200 1,008,437
Weatherford International,
Incorporated * 30,000 1,098,750
----------
12,216,737
PUBLISHING - 0.69%
McGraw-Hill Companies,
Incorporated 31,500 1,699,031
Readers Digest Association,
Incorporated, Class A 37,300 1,482,675
----------
3,181,706
RAILROADS & EQUIPMENT - 0.86%
Kansas City Southern
Industries, Incorporated 62,000 3,956,375
----------
REAL ESTATE - 0.23%
Federated Investors,
Incorporated, Class B 59,000 1,058,313
----------
RETAIL GROCERY - 0.83%
Kroger Company * 60,000 1,676,250
Starbucks Corporation * 57,700 2,167,356
----------
3,843,606
RETAIL TRADE - 9.55%
Abercrombie & Fitch Company,
Class A * 31,200 1,497,600
</TABLE>
The accompanying notes are an integral part of the financial statements.
86
<PAGE> 90
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL TRADE-CONTINUED
Bed Bath & Beyond,
Incorporated * 82,200 $3,164,700
Best Buy Company,
Incorporated * 66,600 4,495,500
CDW Computer Centers,
Incorporated * 57,200 2,516,800
Circuit City Stores,
Incorporated 37,000 3,441,000
Consolidated Stores
Corporation * 59,700 1,611,900
Dollar General Corporation 48,650 1,410,850
Dollar Tree Stores,
Incorporated * 51,800 2,279,200
Family Dollar Stores,
Incorporated 81,500 1,956,000
Federated Department Stores,
Incorporated * 17,500 926,406
GAP, Incorporated 22,050 1,110,769
Kohls Corporation * 35,700 2,755,594
Linens'n Things, Incorporated * 38,200 1,671,250
Lowe's Companies, Incorporated 40,000 2,267,500
Mens Wearhouse, Incorporated * 66,100 1,685,550
Payless ShoeSource,
Incorporated * 14,300 765,050
Ross Stores, Incorporated 30,000 1,511,250
Staples, Incorporated * 171,600 5,308,875
Talbots Incorporated 15,600 594,750
TJX Companies, Incorporated 89,800 2,991,462
----------
43,962,006
SANITARY SERVICES - 0.27%
Waste Management,
Incorporated * 22,800 1,225,500
----------
SOFTWARE - 4.85%
BMC Software, Incorporated * 119,200 6,436,800
CIBER, Incorporated * 20,200 386,325
Compuware Corporation * 143,000 4,549,187
Electronic Arts * 30,300 1,643,775
Intuit, Incorporated * 32,000 2,884,000
Keane, Incorporated * 14,300 323,538
Novell, Incorporated * 57,200 1,515,800
Policy Management Systems
Corporation * 20,100 603,000
Siebel Systems, Incorporated * 17,800 1,181,475
USA Networks, Incorporated * 37,700 1,512,712
VeriSign, Incorporated * 14,800 1,276,500
----------
22,313,112
TELECOMMUNICATIONS SERVICES - 4.96%
ADC Telecommunications,
Incorporated * 51,300 2,337,356
TELECOMMUNICATIONS SERVICES -
CONTINUED
Cox Communications,
Incorporated, Class A * 16,000 $589,000
Crown Castle International
Corporation * 75,000 1,560,938
Global Telesystems Group,
Incorporated * 42,900 3,474,900
Lucent Technologies,
Incorporated 115,005 7,755,650
Metromedia Fiber Network,
Incorporated, Class A * 59,800 2,149,062
QUALCOMM, Incorporated * 15,200 2,181,200
Univision Communications,
Incorporated, Class A * 41,900 2,765,400
----------
22,813,506
TELEPHONE - 1.69%
American Telephone &
Telegraph Corporation,
Class A * 85,800 3,153,150
CenturyTel, Incorporated 67,800 2,695,050
Cincinnati Bell, Incorporated * 28,600 713,214
NTL, Incorporated * 14,300 1,232,481
------------
7,793,895
TOYS, AMUSEMENTS & SPORTING GOODS -
0.50%
Hasbro, Incorporated 23,500 656,531
Mattel, Incorporated 62,920 1,663,448
------------
2,319,979
TOTAL COMMON STOCKS
(Cost: $386,424,456) $417,389,341
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 9.34%
$43,009,000 Federal Home Loan Mortgage
Corporation, 4.60% due 07/01/1999
43,009,000
------------
TOTAL INVESTMENTS (MID CAP GROWTH
Trust) (Cost: $429,433,456) $460,398,341
============
</TABLE>
MID CAP STOCK TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 95.13%
AIR TRAVEL - 0.69%
Mesaba Holdings, Incorporated * 35,000 $446,250
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
87
<PAGE> 91
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
APPAREL & TEXTILES - 3.35%
G & K Services, Class A 41,300 $2,163,087
----------
AUTO SERVICES - 3.16%
United Rentals, Incorporated * 69,100 2,038,450
----------
BANKING - 5.86%
Mercantile Bankshares
Corporation 27,300 965,737
National Commerce Bancorp 16,500 360,938
Westamerica Bancorporation 27,000 985,500
Wilmington Trust Corporation 25,700 1,474,537
----------
3,786,712
BUSINESS SERVICES - 14.75%
Acxiom Corporation 52,200 1,301,737
American Management Systems,
Incorporated * 45,800 1,468,462
BISYS Group, Incorporated * 12,000 702,000
Catalina Marketing
Corporation * 20,000 1,840,000
DeVRY, Incorporated * 20,000 447,500
Lason Holdings, Incorporated * 16,600 823,775
Ritchie Brothers Auctioneers,
Incorporated * 22,000 838,750
Robert Half International,
Incorporated * 13,400 348,400
Sterling Commerce,
Incorporated * 27,000 985,500
Systems & Computer Technology
Corporation * 53,000 771,813
----------
9,527,937
CHEMICALS - 5.83%
Genzyme Surgical Products * 6,068 26,739
MacDermid, Incorporated 25,900 1,204,350
Minerals Technologies,
Incorporated 30,000 1,674,375
Waters Corporation * 16,200 860,625
----------
3,766,089
COMPUTERS & BUSINESS EQUIPMENT - 9.25%
DST Systems, Incorporated * 39,400 2,477,275
Sterling Software,
Incorporated * 69,100 1,844,106
Symbol Technologies,
Incorporated 44,900 1,655,688
----------
5,977,069
CONSTRUCTION MATERIALS - 3.97%
Donaldson, Incorporated 34,300 840,350
Ionics, Incorporated * 22,000 803,000
Nordson Corporation 15,000 918,750
----------
2,562,100
CONTAINERS & GLASS - 1.48%
Bemis, Incorporated * 24,000 954,000
----------
DRUGS & HEALTH CARE - 6.77%
Covance, Incorporated * 45,200 1,081,975
Genzyme Corporation * 33,900 1,644,150
Henry Schein, Incorporated * 52,000 1,647,750
----------
4,373,875
ELECTRICAL EQUIPMENT - 1.22%
Littelfuse, Incorporated * 41,000 789,250
----------
ELECTRONICS - 9.00%
Dallas Semiconductor
Corporation 46,000 2,323,000
Synopsys, Incorporated * 32,100 1,771,519
Xilinx, Incorporated * 30,000 1,717,500
----------
5,812,019
FINANCIAL SERVICES - 2.31%
FINOVA Group, Incorporated 28,300 1,489,288
----------
FOOD & BEVERAGES - 2.63%
Beringer Wine Estates
Holdings, Class B * 40,700 1,700,497
----------
HOUSEHOLD APPLIANCES - 2.57%
Ethan Allen Interiors,
Incorporated 44,050 1,662,888
----------
INDUSTRIAL MACHINERY - 1.18%
AptarGroup, Incorporated * 25,500 765,000
----------
INSURANCE - 3.86%
Frontier Insurance Group,
Incorporated 52,700 810,262
Reinsurance Group of America
50,300 1,685,050
----------
2,495,312
LEISURE TIME - 2.19%
Speedway Motorsports,
Incorporated * 36,000 1,415,250
----------
OFFICE FURNISHINGS & SUPPLIES - 1.69%
Herman Miller, Incorporated 52,000 1,092,000
----------
PETROLEUM SERVICES - 1.25%
Hanover Compressor Company *
25,200 809,550
----------
RETAIL GROCERY - 2.27%
Whole Foods Market,
Incorporated * 30,500 1,465,906
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
88
<PAGE> 92
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL TRADE - 0.78%
MSC Industrial Direct,
Incorporated, Class A * 49,400 $506,350
----------
SOFTWARE - 6.48%
Black Box Corporation * 20,200 1,012,525
Policy Management Systems
Corporation * 41,000 1,230,000
Shared Medical Systems
Corporation 29,800 1,944,450
----------
4,186,975
TRANSPORTATION - 1.27%
C. H. Robinson Worldwide 22,400 823,200
----------
TRUCKING & FREIGHT - 1.32%
Air Express International
Corporation * 16,300 413,613
Werner Enterprises,
Incorporated 21,200 439,900
----------
853,513
TOTAL COMMON STOCKS
(Cost: $58,267,991) $61,462,567
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 4.87%
$3,146,000 Repurchase Agreement with ABN
AMRO dated 06/30/1999 at 4.82% to
be repurchased at $3,146,421 on
07/01/1999, collateralized by
$2,666,000 U.S. Treasury Bonds,
7.875% due 02/15/2021 (valued at
$3,206,426 including interest). $3,146,000
----------
TOTAL INVESTMENTS (MID CAP STOCK TRUST)
(Cost: $61,413,991) $64,608,567
===========
</TABLE>
OVERSEAS TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 82.50%
AUSTRALIA - 2.30%
AMP, Ltd. * 25,300 $276,223
Australia & New Zealand Bank
Group * 110,900 814,406
Brambles Industries, Ltd. 5,700 149,966
Broken Hill Property Company * 58,177 673,013
Cable & Wireless * 144,000 327,458
Coles Myer, Ltd. 50,800 295,180
Commonwealth Bank * 13,200 209,857
AUSTRALIA - CONTINUED
CSR, Ltd. 29,900 $85,386
Fosters Brewing Group 61,900 174,233
Goodman Fielder, Ltd. 115,151 102,534
National Australia Bank, Ltd. 50,920 841,517
News Corporation 74,639 635,994
News Corporation, Ltd., ADR 5,000 157,812
Rio Tinto, Ltd. * 25,000 409,388
WBK STRYPES Trust 19,600 634,550
WMC, Ltd. * 245,000 1,051,102
Woolworths, Ltd. 69,100 229,535
---------
7,068,155
BELGIUM - 0.30%
Electrabel 1,580 509,797
Fortis Bank 14,600 458,285
---------
968,082
CANADA - 1.00%
BCE, Incorporated 36,100 1,759,032
Celestica, Incorporated 11,600 501,813
Cinar Films, Incorporated,
Class B * 15,700 384,650
Newbridge Networks
Corporation - CAD * 4,000 114,092
Noranda, Incoporated 12,600 166,004
---------
2,925,591
DENMARK - 0.50%
Carlsberg * 7,300 303,652
Den Danske Bank 3,400 367,710
Ratin A/S 2,000 234,325
Tele Danmark A/S 4,400 215,968
Unidanmark 5,400 359,391
---------
1,481,046
FINLAND - 2.10%
Asko Oyj 4,300 70,080
Helsingin Puhelin 6,600 312,966
Nokia AB Oyj 48,900 4,284,729
Sampo Corporation 11,800 341,810
Sonera Group PLC 8,500 185,759
UPM-Kymmene Oyj 33,400 957,165
Valmet Rauma 6,100 69,170
---------
6,221,679
FRANCE - 10.50%
Alcatel Alsthom Cie Generale
D'Electric 6,000 844,266
AXA-UAP 16,700 2,036,558
Banque Nationale de Paris 27,700 2,307,208
Banque Paribas 6,200 694,731
Canal Plus * 1,119 313,873
Cap Gemini SA 4,300 675,537
Castorama Dubois 2,600 616,448
Cie de Saint Gobain 3,600 573,359
</TABLE>
The accompanying notes are an integral part of the financial statements.
89
<PAGE> 93
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FRANCE - CONTINUED
Club Mediterranee 2,500 $265,186
Coflexip SA, ADR 9,200 400,200
Danone Groupe 4,854 1,250,937
Elf Aquitaine SA 35,553 5,215,269
France Telecom, ADS 25,550 1,929,275
L'Oreal 600 405,433
Lafarge 3,400 323,151
Lagardere S.C.A. 7,005 260,682
Michelin Cgde 8,800 359,866
Pechiney 2,000 85,932
Pin Printemps Redo 1,900 325,914
Rhone Poulenc SA 18,250 833,605
Sanofi Synthelabo 32,320 1,370,998
SCOR 12,200 604,924
Seita 3,400 196,274
Societe Generale 6,860 1,208,542
Suez Lyonn Eaux 8,900 1,604,632
TOTAL SA, B Shares * 18,873 2,433,850
TV Francaise * 4,600 1,071,672
Valeo 3,800 313,378
Vivendi 40,902 3,311,969
----------
31,833,669
GERMANY - 7.20%
Allianz AG Holding 5,550 1,539,008
BASF AG 39,150 1,729,331
Bayer AG 25,600 1,066,146
Bayerische Vereinsbank AG 7,075 459,476
Continental AG 4,100 97,209
DaimlerChrysler AG 25,800 2,234,059
Deutsche Bank AG 19,000 1,158,521
Deutsche Lufthansa AG 24,200 438,561
Deutsche Telekom AG 71,650 3,006,119
Dyckerhoff AG 800 241,631
Fag Kugelfischer 9,600 97,477
Fresenius Medical 3,600 214,870
Hoechst AG 4,100 185,543
Mannesmann AG 31,900 4,758,333
Metro AG 5,420 336,350
Munchener Ruckvers 1,701 310,365
RWE AG 12,300 569,181
Schering AG 2,380 252,212
Siemens AG 16,050 1,237,577
VEBA AG 21,700 1,275,059
Viag AG 1,300 613,768
----------
21,820,796
HONG KONG - 0.30%
Cheung Kong Holdings, Ltd. * 28,000 249,014
Dah Sing Financial * 84,000 319,929
Dao Heng Bank Group, Ltd. 62,000 278,091
Wing Hang Bank, Ltd. * 62,000 199,379
----------
1,046,413
HUNGARY - 0.10%
Matav RT 5,200 $143,000
----------
IRELAND - 0.50%
Bank Of Ireland * 69,512 1,172,907
CRH PLC * 18,600 329,789
----------
1,502,696
ITALY - 3.70%
Assicurazioni Generali 45,500 1,575,964
Banca Commerciale Italiana 87,800 640,801
Banca di Roma 196,400 282,430
Credito Italiano 122,800 539,267
ENI SPA 243,700 1,454,553
Italgas 38,800 162,788
Olivetti SPA 315,500 757,793
San Paolo IMI SPA 59,500 809,630
Telecom Italia Mobile 173,600 1,036,153
Telecom Italia SPA 323,600 3,362,518
Telecom Italia SPA RISP * 122,300 663,144
----------
11,285,041
JAPAN - 18.80%
Aiful Corporation 10,000 1,225,097
Alps Electric Company 6,000 140,613
Aoyama Trading Company 8,100 255,782
Asahi Chemical Industries 41,000 227,420
Bank of Tokyo-Mitsubishi, Ltd. 9,000 128,189
Banyu Pharmaceutical Company,
Ltd. * 39,000 644,788
Canon, Incorporated 24,000 690,419
Dai Ichi Kangyo Bank 63,000 406,216
Dai Nippon Printng 19,000 303,918
Dai Nippon Screen 30,000 154,997
Daiwa Securities Company, Ltd. 131,000 866,331
DDI Corporation * 455 2,832,231
Fancl Corporation 2,000 363,727
Fuji Bank 120,000 837,232
Fuji Machine Manufacturers 5,000 154,171
Fuji Photo Film Company 18,000 681,491
Furukawa Electric Company,
Ltd. 210,000 963,462
Hirose Electric 1,500 155,741
Hitachi, Ltd. 151,000 1,416,756
Honda Motor Company * 49,000 2,077,953
Hoya Corporation 4,000 225,841
Ito-Yokado Company, Ltd. 38,000 2,544,433
Kao Corporation 29,000 815,078
Kdd 13,300 955,419
Kirin Brewery Company, Ltd. 213,000 2,553,112
Koa Corporation 7,000 76,498
Kobe Steel 76,000 67,852
</TABLE>
The accompanying notes are an integral part of the financial statements.
90
<PAGE> 94
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
JAPAN - CONTINUED
Kyocera Corporation 17,400 $1,021,245
Matsushita Electric
Industrial Company, Ltd. 115,000 2,234,025
Matsushita Electric Works
Company 14,000 135,174
Matsushita Kotobuk 7,000 197,900
Minolta Company * 106,000 543,275
Mitsubishi Electric
Corporation * 343,000 1,318,467
Mitsubishi Estate Company,
Ltd. * 77,000 751,732
Mitsubishi Trust & Banking * 57,000 554,121
Mitsui Fudosan Company * 34,000 275,440
NEC Corporation * 39,000 485,203
Nichicon Corpororation * 21,000 306,398
Nikko Securities 209,000 1,349,335
Nintendo Company * 5,900 829,619
Nippon Comsys Corporation * 16,000 259,899
Nippon Telegraph & Telephone
Corporation * 169 1,969,827
Nippon Zeon Company * 20,000 145,656
Nomura Securities Company,
Ltd. 111,000 1,300,215
NTT Mobile Communication
Network, Incorporated 130 1,762,421
Omron Corporation * 192,000 3,333,058
Orix Corporation 8,100 723,155
Ricoh Company, Ltd. * 62,000 853,865
Rohm Company * 2,000 313,301
Ryohin Keikaku Company 1,600 402,745
Sankyo Company * 13,000 327,767
Secom Company, Ltd. 7,000 729,106
Sharp Corporation * 94,000 1,111,185
Shin-Etsu Chemical Company,
Ltd. * 17,000 569,149
Shohkoh Fund & Company, Ltd. 790 566,851
Softbank Corporation * 7,300 1,479,069
Sony Corporation * 7,400 798,297
Sumitomo Realty & Development
Company, Ltd. 57,000 213,921
Takeda Chemical Industries,
Ltd. * 77,000 3,570,885
Takefuji Corporation * 15,000 1,551,211
Terumo Corporation * 27,000 601,513
THK Company, Ltd. * 46,200 1,069,356
Toyota Motor Corporation * 17,000 538,233
Yamaha Motor Company * 40,000 371,662
Yamanouchi Pharmaceutical
Company, Ltd. * 17,000 650,657
----------
56,979,705
MEXICO - 0.70%
Empresas Ica Sociedad
Control, ADR 29,700 200,475
MEXICO - CONTINUED
Grupo Finance Bancomer 2,763,900 $999,353
Grupo Elektras A De CV, GDR 12,800 75,200
Grupo Financiero Banamex 135,400 344,566
Tubos De Acero De Mexico
SA, ADR 37,700 409,987
----------
2,029,581
NETHERLANDS - 5.70%
ABN AMRO Holdings * 39,900 863,749
Aegon NV * 8,600 623,675
Ahold Kon NV * 27,604 950,417
Ahrend Kon 5,600 97,271
Akzo Nobel NV, ADS 26,800 1,127,173
CSM NV 4,400 219,757
Equant NV 6,000 564,750
Fortis Amev NV NL 38,600 1,191,735
Heineken NV * 10,900 557,881
International Nederlanded
Groep NV * 45,014 2,436,141
Koninklijke Ahold NV * 26,000 1,219,496
Koninklijke Philips Electronics NV 26,298 2,593,005
Nutreco Holding NV * 7,800 276,598
Royal Dutch Petroleum Company
- NLG 9,200 538,681
Samas Groep * 8,800 130,176
ST Microelectronics NV 8,600 596,625
TNT Post Group NV * 8,200 195,686
Unilever NV 18,317 1,233,944
Vedior 20,200 343,582
Vendex NV * 22,400 598,058
Ver Ned Uitgevers * 14,300 571,220
Wolters Kluwer 7,864 312,915
----------
17,242,535
NEW ZEALAND - 0.00%
Lion Nathan, Ltd. 57,200 136,886
----------
NORWAY - 0.00%
Stolt Comex Seaway SA 11,500 125,063
----------
PORTUGAL - 0.10%
Electric De Portugal 15,400 277,179
----------
SINGAPORE - 0.50%
Development Bank Singapore * 56,000 684,371
Overseas Chinese Bank 41,000 342,068
Overseas Union Bank 69,300 333,878
United Overseas Bank * 32,200 225,135
----------
1,585,452
SPAIN - 2.30%
Argentaria Corporation BC 15,700 356,865
Banco Bilbao Vizcaya SA 28,600 413,047
Endesa SA * 37,600 801,556
</TABLE>
The accompanying notes are an integral part of the financial statements.
91
<PAGE> 95
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SPAIN - CONTINUED
Banco Santander Central,
Hispano, SA 141,248 $1,470,616
Iberdrola SA * 40,300 613,179
Tabacalera * 12,800 258,620
Telefonica SA * 61,800 2,983,378
Telefonica Public Information SA 2,900 57,846
Union Electrica Fenosa * 8,000 104,569
----------
7,059,676
SWEDEN - 3.00%
Autoliv, Incorporated, ADR 143,100 4,365,991
Electrolux AB 26,700 559,854
L.M. Ericsson
Telefonaktiebolaget 49,100 1,576,128
Nordbanken AB 60,600 354,791
Skandia Foersaekrings AB 21,700 406,444
Skandinaviska Enskilda Baken 23,700 276,393
Svenska Handelsbanken Series A 31,400 377,288
Swedish Match Company 180,100 642,836
Volvo AB, Series B 15,600 452,986
----------
9,012,711
SWITZERLAND - 5.30%
ABB AG 8,753 824,624
ABB AG-SEK 4,622 432,853
Credit Suisse Group 9,235 1,597,463
Gretag Imaging Holding 2,700 260,867
Holderbank Financiere Glarus, Ltd. 100 117,999
Julius Baer Holdings 235 669,443
Nestle SA 1,800 3,242,107
Novartis AG 2,390 3,488,715
Roche Holdings AG 104 1,068,690
Schweizerische
Ruckversichererungs-Gesellschaft 350 666,195
Swatch Group 2,200 314,063
Swisscom AG 3,200 1,203,781
UBS AG 7,150 2,133,368
----------
16,020,168
UNITED KINGDOM - 16.40%
Abbey National 29,400 552,162
Allied Domecq PLC 36,700 352,875
Allied Zurich PLC 131,500 1,653,033
Amvescap 53,400 476,833
ASDA Group 99,400 340,777
Ashtead Group 132,400 365,217
BG PLC ADS 82,100 500,817
Boots Company 25,500 302,664
British Aerospace PLC 34,800 226,545
UNITED KINGDOM - CONTINUED
British American Tobacco PLC 61,400 $579,239
British Energy 44,100 378,844
British Telecommunication 165,912 2,777,330
BTP 16,600 113,690
Cadbury Schweppes 76,400 487,591
Caradon 624,600 1,471,866
CGU PLC 37,821 544,586
Cookson Group 132,100 445,596
Courtaulds Textile 61,800 158,782
David S. Smith Holdings 66,400 155,425
Diageo 94,000 987,537
Dixons Group 28,500 534,585
Elan PLC, ADR 22,800 632,700
Gallaher Group 20,500 126,344
General Electric Company 62,500 634,933
Glaxo Wellcome PLC 87,981 2,444,930
Hays 17,900 188,758
J. Sainsbury 45,300 285,617
Kingfisher 75,480 880,787
Ladbroke Group 43,800 175,016
Lloyds TSB Group PLC 175,700 2,385,900
Marks & Spencer 11,400 65,767
National Grid Group 67,300 468,881
National Westminster 18,000 381,610
Orange PLC 45,800 672,110
Pearson PLC 27,700 562,805
Peninsular & Oriental Steam
Navigation Company 14,300 214,472
Prudential Corporation 56,200 828,272
Rentokil 416,400 1,614,623
Reuters Group PLC 65,300 858,944
Rio Tinto, Ltd. 22,800 382,026
Royal & Sun Alliance 48,545 435,011
Royal Bank Scotland Group 31,000 635,229
Schroders 4,100 82,722
Scottish & Newcastle PLC 41,000 428,472
Scottish Hydro 39,900 407,543
Siebe 91,200 431,262
SmithKline Beecham PLC 246,000 3,199,000
South African Brew 39,400 345,921
Tarmac PLC 433,300 812,757
The British Petroleum Company PLC 260,374 4,662,310
The Shell Transport and
Trading Company PLC 570,800 4,282,685
Tomkins 44,400 192,460
Unilever 134,377 1,192,500
Vodafone Group PLC 138,903 2,732,445
Vodafone Group PLC, ADR 8,350 1,644,950
WPP Group PLC 36,300 307,317
Zeneca Group PLC 18,200 703,711
----------
49,706,784
</TABLE>
The accompanying notes are an integral part of the financial statements.
92
<PAGE> 96
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UNITED STATES - 1.20%
Asia Pacific Fund,
Incorporated 23,700 $232,556
Asia Tigers Fund, Incorporated 16,200 153,900
Baker Hughes, Incorporated * 8,000 268,000
European Warrants Fund,
Incorporated 13,400 212,725
Halliburton Company 7,600 343,900
McDermott International,
Incorporated 2,500 70,625
Morgan Stanley Dean Witter
Asia Pacific Fund,
Incorporated 82,900 797,912
New Germany Fund, Incorporated 41,000 499,687
Newmont Mining Corporation 18,100 359,738
Noble Drilling Corporation * 4,900 96,469
Smith International,
Incorporated * 1,600 69,500
Templeton Dragon Fund,
Incorporated 35,000 387,188
Weatherford International,
Incorporated * 4,600 168,475
----------
3,660,675
TOTAL COMMON STOCKS
(Cost: $243,825,537) $250,132,583
------------
PREFERRED STOCK - 0.50%
GERMANY - 0.50%
Munchener
Ruckversicherungs-Gesellschaft
AG * 2,001 $370,260
SAP AG 2,000 798,909
Wella AG 500 363,375
----------
TOTAL PREFERRED STOCK
(Cost: $1,634,078) $1,532,544
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
CORPORATE BONDS - 0.70%
FRANCE - 0.10%
Suez Lyonn Eaux,
4.00% due 01/01/2006 $2,000 $360,797
----------
NETHERLANDS - 0.10%
Ahold Kon NV,
3.00% due 09/30/2003 540,000 316,383
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
UNITED STATES - 0.50%
Nestle Holdings,
Incorporated, 3.00% due
06/17/2002 $660,000 $785,400
Roche Holdings, Incorporated,
zero coupon due 04/20/2010 360,000 204,750
----------
990,150
TOTAL CORPORATE BONDS
(Cost: $1,749,665) $1,667,330
----------
CONVERTIBLE BONDS - 0.10%
FRANCE - 0.10%
Groupe Danone,
3.00% due 01/01/2002 1,000 264,285
--------
TOTAL CONVERTIBLE BONDS
(Cost: $267,089) $264,285
--------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 6.60%
$20,074,319 Navigator Securities Lending
Trust, 4.97% $20,074,319
400,000 United States Treasury Bills ****,
zero coupon due 09/02/1999 396,900
-----------
$20,471,219
REPURCHASE AGREEMENTS - 9.60%
$28,969,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.25%, to be
repurchased at $28,969,000 on
07/01/1999, collateralized by
$26,085,000 U.S. Treasury Bonds,
7.250% due 08/15/2022 (valued at
$29,553,653 including interest) $28,969,000
-----------
TOTAL INVESTMENTS (OVERSEAS TRUST)
(Cost: $296,915,855) $303,036,961
============
</TABLE>
The Trust had the following five top industry concentrations at June 30, 1999
(as a percentage of total investments:
<TABLE>
<S> <C>
Banking 10.07%
Telephone 7.21%
Drugs & Health Care 6.42%
Financial Services 4.74%
Electrical Equipment 4.41%
</TABLE>
The accompanying notes are an integral part of the financial statements.
93
<PAGE> 97
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
INTERNATIONAL STOCK TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 93.30%
ARGENTINA - 0.30%
Banco De Galicia Buenos Aires
SA, ADR 5,775 $ 116,944
Banco Frances Del Rio De
La Plata, ADR 5,790 110,010
Telefonica de Argentina SA,
ADR * 7,910 248,176
------------
475,130
AUSTRALIA - 2.60%
Austrailia Gas and Light 32,988 $ 200,404
Brambles Industries, Ltd. 10,000 263,098
Broken Hill Property Company * 43,675 505,249
Colonial, Ltd. * 102,190 361,407
Commonwealth Bank * 30,116 478,792
Lend Lease Corporation 19,464 266,893
News Corporation 41,025 349,571
Publishing & Broadcasting, Ltd. 62,000 408,621
TABCORP Holdings, Ltd. 39,000 262,450
Telstra Corporation 102,060 584,060
Westpac Banking Corporation,
Ltd. 78,242 506,874
------------
4,187,419
BELGIUM - 1.40%
Dexia Credit Company B 1,418 211,076
Fortis Bank 21,468 673,868
Kredietbank NV 20,360 1,206,816
UCB 6,000 256,682
------------
2,348,442
BRAZIL - 1.90%
Banco Bradesco SA * 18,703,000 95,073
Banco Itau SA * 260,000 133,635
Cemig Cia Energetica 5,070,000 105,982
Companhia Energeticade Minas
Gerais, ADR 6,027 125,779
Petrol Brasileiros 2,381,000 369,825
Telecomunicacoes Brasileiras,
ADR * 31,723 1,983
Telecomunicacoes Brasileiras,
ADR, PFD Block 20,208 1,822,509
Telesp 21,575 2,559
Telesp Celular SA 2,085,000 103,749
Telesp Tel Sao Paulo 1,587,000 188,235
Unibanco Uniao De Barncos
Bras, GDR 6,000 144,375
------------
3,093,703
SHARES VALUE
------ -----
CANADA - 0.20%
Alcan Aluminum, Ltd. 8,020 $ 254,625
Royal Bank Canada 2,710 119,626
------------
374,251
CHILE - 0.00%
Chilectra SA, ADR 4,004 86,634
------------
CHINA - 0.20%
Huaneng Power International,
Incorporated, ADR 20,000 342,500
------------
DENMARK - 0.40%
Den Danske Bank 2,285 247,123
Tele Danmark A/S 4,950 242,964
Unidanmark 1,685 112,143
------------
602,230
FINLAND - 0.90%
Nokia AB Oy 17,346 1,519,896
------------
FRANCE - 9.80%
Alcatel Alsthom Cie Generale
D'Electric 5,075 714,109
AXA-UAP 8,871 1,081,815
Banque Nationale de Paris 4,710 392,309
Carrefour 7,552 1,109,360
Cie de Staint Gobain 3,605 574,155
Credit Commercial de France 4,501 486,257
Danone Groupe 1,970 507,694
Dexia France 1,045 139,825
Elf Aquitaine SA 4,051 594,241
L'Oreal 525 354,754
Lafarge 2,393 227,441
Legrand 1,770 360,177
Pin Printemps Redo 7,995 1,371,410
Sanofi Synthelabo 31,608 1,340,795
Schneider SA 13,172 739,342
Societe Generale 3,079 542,434
Sodexho Alliance SA 5,960 1,026,026
TOTAL SA, B Shares * 11,499 1,482,904
TV Francaise * 2,910 677,949
Vivendi 28,566 2,313,083
------------
16,036,080
GERMANY - 5.80%
Allianz AG Holding 2,370 657,198
Bayer AG 12,861 535,614
Bayerische Vereinsbank AG 17,613 1,143,851
Deutsche Bank AG 12,516 763,161
Deutsche Telekom AG 16,615 697,092
Dresdner Bank AG 16,977 663,278
Fielmann AG 550 20,354
Fresenius AG 840 148,504
Gehe AG 19,640 902,967
</TABLE>
The accompanying notes are an integral part of the financial statements.
94
<PAGE> 98
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
GERMANY - CONTINUED
Hoechst AG 5,287 $ 239,260
Mannesmann AG 10,560 1,575,172
Rhon Klinikum AG 2,710 269,583
SAP AG 1,930 652,569
Siemens AG 4,500 346,984
VEBA AG 11,130 653,982
Volkswagen AG 3,230 206,771
------------
9,476,340
HONG KONG - 2.20%
Cheung Kong Holdings 45,000 400,201
China Light & Power Company,
Ltd. 76,000 369,293
China Telecom, Ltd. * 172,000 477,741
Dao Heng Bank Group 20,000 89,707
Henderson Land Development 67,000 385,147
Hong Kong Telecommunications,
Ltd. * 102,200 265,426
Hutchison Whampoa, Ltd. * 116,000 1,050,318
New World Development Company 88,000 263,707
Sun Hung Kai Properties 36,000 328,281
------------
3,629,821
INDIA - 0.10%
Mahanagar Telephone Nigam,
Ltd., GDR 13,000 127,400
Rao Gazprom, ADR 6,547 73,654
------------
201,054
ITALY - 4.40%
Assicurazioni Generali 18,360 635,927
Banca di Roma 106,000 152,432
Banca Popolare Di Brescia 18,000 770,973
Credito Italiano 153,538 674,250
ENI SPA 140,873 840,818
Istituto Nazionale delle
Assicurazioni 262,000 607,686
Italgas 30,000 125,867
Mediolanum 47,370 363,794
San Paolo IMI SPA 43,015 585,315
Tecnost SPA * 104,400 257,213
Telecom Italia Mobile 215,162 1,284,221
Telecom Italia SPA 87,177 905,854
------------
7,204,350
JAPAN - 17.40%
Canon, Incorporated 54,000 1,553,443
Citizen Watch Company 19,000 164,917
Daiichi Pharmaceutical Company 28,000 434,686
Daiwa House Industry Company,
Ltd. 33,000 347,268
SHARES VALUE
------ -----
JAPAN-CONTINUED
DDI Corporation * 68 $ 423,278
Denso Corporation * 53,000 1,077,788
East Japan Railway 75 402,992
Fanuc, Ltd. 7,200 386,873
Fujitsu, Ltd. 28,000 563,611
Hitachi, Ltd. 65,000 609,862
Honda Motor Company * 4,000 169,629
Ito-Yokado Company, Ltd. 9,000 602,629
Kao Corporation 31,000 871,290
Kokuyo Company 19,000 306,274
Komori Corporation 17,000 306,357
Kuraray Company 38,000 457,370
Kyocera Corporation 14,000 821,691
Makita Corporation 25,000 282,921
Marui Company, Ltd. 43,000 710,920
Matsushita Electric
Industrial Company, Ltd. 66,000 1,282,136
Mitsubishi Corporation * 39,000 264,363
Mitsubishi Heavy Industries,
Ltd. * 168,000 681,888
Mitsui Fudosan Company * 83,000 672,398
Murata Manufacturing Company,
Ltd. * 20,000 1,316,029
NEC Corporation * 99,000 1,231,669
Nippon Telegraph & Telephone
Corporation * 126 1,468,629
Nomura Securities Company,
Ltd. 62,000 726,246
NTT Mobile Communication
Network, Incorporated 110 1,491,279
Sankyo Company * 45,000 1,134,579
Sekisui Chemical Company,
Ltd. * 52,000 301,761
Sekisui House 32,000 345,474
Seven Eleven Japan Company,
Ltd. 5,000 490,204
Shin-Etsu Chemical Company,
Ltd. * 22,000 736,546
Shiseido Company * 19,000 284,914
Sony Corporation * 14,700 1,585,806
Sumitomo Corporation * 68,000 497,479
Sumitomo Electric Industries,
Ltd. * 83,000 944,102
TDK Corporation * 13,000 1,189,634
Tokio Marine & Fire Insurance
Company 17,000 184,798
Tokyo Electron, Ltd. * 6,200 420,782
Toppan Printing Company * 31,000 346,210
Toshiba Corp * 24,000 171,216
Uny Company, Ltd. 17,000 255,766
------------
28,517,707
</TABLE>
The accompanying notes are an integral part of the financial statements.
95
<PAGE> 99
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
KOREA - 0.60%
Korea Telecom, ADR * 13,000 $ 520,000
Samsung Electronics Company 1,926 211,319
SK Telecom Company, Ltd. 153 182,669
------------
913,988
LUXEMBOURG - 0.10%
Societe Europa Des Satellites SA 884 128,261
------------
MEXICO - 1.90%
Cemex SA - B Shares 20,000 99,035
Cemex SA, ADR 34,000 334,686
Fomento Econ Mexico 103,000 411,738
Gruma SA de CV 29,389 49,236
Gruma SA de CV, ADR 6,384 43,092
Grupo Industrial Maseca 84,000 49,878
Grupo Modelo SA, Series C 89,000 253,854
Grupo Televisa SA, ADR 7,800 349,537
Kimberly-Clark de Mexico, SA
de CV 58,000 238,618
Telefonos De Mexico SA, ADR 15,000 1,212,187
TV Azteca, SA, ADR 10,200 52,913
------------
3,094,774
NETHERLANDS - 9.70%
ABN AMRO Holdings * 29,310 634,499
Ahold Kon NV * 27,051 931,377
Akzo Nobel NV, ADS 3,420 143,841
ASM Lithography Holdings NV * 16,780 970,399
CSM NV 11,350 566,872
Elsevier NV * 58,952 683,670
Equant NV 2,680 246,983
Fortis Amev NV 28,720 886,700
Gucci Group NV 7,103 497,210
International Nederlanded
Groep NV * 39,369 2,130,636
Koninklijke Ahold NV * 4,290 201,217
Koninklijke Philips Electronics NV 11,159 1,100,287
Numico Kon NV * 9,350 331,081
Royal Dutch Petroleum Company
- NLG 19,758 1,156,876
ST Microelectronics 8,240 548,726
TNT Post Group NV * 4,290 102,377
Unilever NV 9,699 653,383
Ver Ned Uitgevers * 11,270 450,185
Wolters Kluwer 92,076 3,663,780
------------
15,900,099
NEW ZEALAND - 0.30%
Telecom Corporation Of New
Zealand * 98,000 420,277
------------
SHARES VALUE
------ -----
NORWAY - 0.90%
Bergesen ASA 1,640 $ 24,141
Norsk Hydro ASA 19,653 740,681
Orkla ASA 49,590 770,862
------------
1,535,684
PORTUGAL - 0.80%
Jeronimo Martins 38,690 1,277,472
------------
SINGAPORE - 0.40%
Singapore Press Holdings, Ltd. 13,710 233,602
United Overseas Bank * 71,000 496,416
------------
730,018
SPAIN - 2.90%
Argentaria Corporation BC 14,750 335,271
Banca Di Roma * 3,180 228,648
Banco Bilbao Vizcaya SA 16,370 236,419
Banco Santander Central,
Hispano, SA 67,952 707,488
Endesa SA * 24,574 523,868
Gas Natural Sdg * 4,136 300,583
Iberdrola SA * 37,066 563,972
Repsol SA g 16,637 342,148
Telefonica SA * 33,139 1,599,776
------------
4,838,173
SWEDEN - 3.30%
Astrazeneca 34,846 1,358,702
Atlas Copco AB 14,700 394,817
Electrolux AB 42,610 893,460
Esselte AB 3,430 35,557
Granges AB 2,625 44,528
Hennes & Mauritz 58,870 1,456,320
Meto 3,430 17,011
Nordbanken AB 121,521 711,461
Sandvik AB, B Shares 12,870 285,023
Securitas 13,266 198,466
------------
5,395,345
SWITZERLAND - 6.20%
Abb AG 6,970 656,645
ABB AG 4,052 379,472
Adecco SA 1,920 1,028,461
Credit Suisse Group 3,726 644,521
Nestle SA 1,318 2,373,943
Novartis AG 1,300 1,897,627
Roche Holdings AG 133 1,366,690
Swisscom AG 742 279,127
UBS AG 5,438 1,622,553
------------
10,249,039
</TABLE>
The accompanying notes are an integral part of the financial statements.
96
<PAGE> 100
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UNITED KINGDOM - 18.60%
Abbey National 43,000 $ 807,584
ASDA Group 150,000 514,252
BG PLC ADS 47,764 291,365
Cable & Wireless ADS 101,500 1,294,314
Cadbury Schweppes 177,000 1,129,628
Caradon 111,300 262,278
CBT Group Public PLC, ADR 13,585 224,152
Centrica 48,600 114,143
Compass Group PLC 182,000 1,805,894
David S. Smith Holdings 54,000 126,399
Diageo 194,240 2,040,629
Electrocomponents 34,000 250,277
GKN 14,000 238,991
Glaxo Wellcome PLC 76,000 2,111,986
Hays 32,000 337,444
HSBC Holdings 17,600 641,971
Kingfisher 185,000 2,158,791
Ladbroke Group 66,000 263,722
Laing John 20,000 99,067
National Westminster 177,000 3,752,500
Rank Group PLC 42,500 169,151
Reed International PLC 205,300 1,365,610
Rio Tinto, Ltd. 53,150 890,557
Rolls Royce 44,000 185,871
Safeway 86,000 342,960
SmithKline Beecham PLC 222,100 2,888,203
Tesco 262,500 680,645
The British Petroleum Company
PLC 43,000 769,967
The Shell Transport and
Trading Company PLC 347,500 2,607,276
Tomkins 194,096 841,346
Unilever 75,071 666,202
United News & Media PLC 68,000 653,829
------------
30,527,004
TOTAL COMMON STOCKS
(Cost: $141,667,049) $153,105,692
------------
PREFERRED STOCK - 0.70%
AUSTRALIA - 0.30%
News Corporation 36,626 278,676
Star City Holdings, Ltd. * 155,600 151,203
------------
429,879
GERMANY - 0.20%
SAP AG 972 388,269
------------
SHARES VALUE
------ -----
UNITED STATES - 0.20%
Companhia Brasileira de
Destribuicao Grupo Pao de
Acucar, ADR 13,946 $ 260,616
------------
TOTAL PREFERRED STOCK
(Cost: $1,128,468) $ 1,078,764
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
REPURCHASE AGREEMENTS - 6.00%
$9,827,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00%, to be
repurchased at $9,828,092 on
07/01/1999, collateralized by
$8,910,000 U.S. Treasury Bonds,
7.50% due 11/15/2016 (valued at
$10,023,750, including interest) $ 9,827,000
------------
TOTAL INVESTMENTS (INTERNATIONAL STOCK
TRUST) (Cost: $152,622,517) $164,011,456
============
</TABLE>
The Trust had the following five top industry concentrations at June 30, 1999
(as a percentage of total investments):
<TABLE>
<S> <C>
Banking 12.00%
Health Care 8.62%
Telecommunications Services 5.49%
Retail Trade 5.30%
Electronics 4.29%
</TABLE>
INTERNATIONAL VALUE TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 92.80%
ARGENTINA - 3.20%
Irsa Inversiones 254,900 $ 785,198
Nortel Inversora SA, ADR,
Series B 27,800 483,025
Telefonica de Argentina SA,
ADR * 22,300 699,662
------------
1,967,885
AUSTRALIA - 3.90%
Australia & New Zealand Bank
Group 137,900 1,012,683
Leighton Holdings 130,000 507,025
Lend Lease Corporation 67,700 928,313
------------
2,448,021
</TABLE>
The accompanying notes are an integral part of the financial statements.
97
<PAGE> 101
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
AUSTRIA - 2.20%
Bank Austria AG 10,200 $ 536,248
Wienerberger Baust 31,700 820,544
------------
1,356,792
BRAZIL - 3.00%
Companhia Vale Do Rio Doce,
ADR * 18,000 342,000
Embratel Participacoes SA, ADR 46,800 649,350
Teleleste Celular
Participacoe, ADR 9,000 267,750
Telesp Participacpoes SA,
ADR * 27,000 617,624
------------
1,876,725
CANADA - 4.40%
Laidlaw, Incorporated 141,300 1,026,764
Laurentian Bank of Canada 32,100 494,852
Newbridge Networks
Corporation * 9,000 258,750
Renaissance Energy, Ltd. * 72,200 970,839
------------
2,751,205
CHILE - 0.40%
Gener S A, ADR 15,800 280,450
------------
CHINA - 0.50%
Beijing Datang Pow 906,000 291,934
------------
DENMARK - 2.50%
Danske Traelastko 10,500 793,447
Unidanmark 11,600 772,025
------------
1,565,472
FINLAND - 3.10%
Konecranes International 18,100 621,511
Merita PLC 136,000 772,478
UPM-Kymmene Oyj 17,800 510,106
------------
1,904,095
FRANCE - 6.40%
Alcatel Alsthom Cie Generale
D'Electric 9,400 1,322,684
AXA-UAP 4,200 512,188
Elf Aquitaine SA 2,600 381,394
Rhone Poulenc SA 20,300 927,243
Sylea * 6,500 414,092
TOTAL SA, B Shares * 3,000 386,878
------------
3,944,479
GERMANY - 4.10%
Adidas-Salomon AG 6,000 595,316
BASF AG 25,300 1,117,550
SHARES VALUE
------ -----
GERMANY - CONTINUED
Hoechst AG 5,900 $ 267,000
Merck KgaA 1,500 48,770
VEBA AG 9,300 546,454
------------
2,575,090
HONG KONG - 6.30%
Cheung Kong Holdings, Ltd. 73,000 649,215
China Light & Power Company,
Ltd. 155,500 755,594
First Tractor Company 2,416,000 716,211
Hong Kong Aircraft 311,600 602,428
New Asia Realty * 347,000 527,750
SmarTone Telecommunications
Holdings, Ltd. 180,000 640,322
------------
3,891,520
ISRAEL - 0.90%
Teva Pharmaceutical
Industries, Ltd., ADR 11,314 554,386
------------
ITALY - 2.00%
Banca Naz Del Lavoro * 213,600 671,579
Telecom Italia SPA RISP * 102,200 554,156
------------
1,225,735
JAPAN - 6.80%
Kurita Water Industries 51,000 914,855
Maezawa Kyuso Industry 35,000 280,937
Makita Corporation 21,000 237,654
Nippon Telegraph & Telephone
Corporation, ADR 14,900 933,112
Nomura Securities Company,
Ltd. 75,000 878,524
Sony Corporation 8,800 949,326
------------
4,194,409
KOREA - 0.50%
Korea Telecom, ADR * 8,200 328,000
------------
MEXICO - 2.50%
Corporacion Geo Sa De Cv * 91,800 389,354
Desc Sa De Cv * 567,500 631,826
Telefonos De Mexico SA, ADR 6,600 533,363
------------
1,554,543
NETHERLANDS - 8.40%
Ahrend Kon 33,000 573,204
Akzo Nobel NV, ADS 17,700 744,439
Arcadis NV 90,000 756,129
International Muller 38,500 847,333
</TABLE>
The accompanying notes are an integral part of the financial statements.
98
<PAGE> 102
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
NETHERLANDS - CONTINUED
International Nederlanded
Groep NV 9,300 $ 503,313
Koninklijke Philips Electronics NV 2,760 272,138
Stork NV 32,000 729,017
Twentsche Kabel Hl 25,000 818,238
------------
5,243,811
NEW ZEALAND - 2.00%
Fletcher Challenge, Ltd.-
Energy 273,200 740,586
Kiwi Incorporated Property
Trust 890,400 476,137
------------
1,216,723
NORWAY - 1.10%
Norsk Hydro AS 18,000 678,383
------------
PERU - 0.70%
Telefonica de Peru SA, ADR 27,000 408,375
------------
PHILIPPINES - 0.80%
Philippine Long Distance
Telephone Company, ADR 17,400 524,175
------------
SPAIN - 1.40%
Iberdrola SA * 56,700 862,710
------------
SWEDEN - 4.20%
ForeningsSparbanken AB,
Series A 71,150 1,005,772
Svedala Industries 41,400 746,166
Volvo AB, Series B 30,100 874,031
------------
2,625,969
SWITZERLAND - 0.90%
ABB AG 6,013 563,121
------------
THAILAND - 0.50%
Bangkok Bank * 84,100 314,734
------------
UNITED KINGDOM - 17.30%
Allied Zurich PLC 77,200 970,450
British Airways 122,700 847,118
General Electric Company 51,900 527,249
Heywood Williams 204,200 875,487
Imperial Chemical Industries PLC 36,600 361,433
Marks & Spencer 101,200 583,830
National Power 129,800 943,193
Northern Foods 96,600 198,707
Peninsular & Oriental Steam
Navigation Company 65,400 980,871
Powergen 69,900 752,529
Rolls Royce 116,500 492,137
Safeway 150,000 598,187
Storehouse 280,800 597,525
SHARES VALUE
------ -----
UNITED KINGDOM - CONTINUED
The Shell Transport and
Trading Company PLC 106,800 $ 801,315
Williams 179,400 1,184,845
------------
10,714,876
UNITED STATES - 2.80%
ACE, Ltd. 25,600 723,200
Xl Capital, Ltd., Shares A 17,800 1,005,700
------------
1,728,900
TOTAL COMMON STOCKS
(Cost: $57,941,172) $ 57,592,517
------------
PREFERRED STOCK - 2.00%
GERMANY - 2.00%
Munchener
Ruckversicherungs-Gesellschaft
AG * 1,400 $ 259,053
Volkswagen AG 26,700 986,725
------------
TOTAL PREFERRED STOCK
(Cost: $1,358,675) $ 1,245,778
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
REPURCHASE AGREEMENTS - 5.20%
$3,225,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00% to be
repurchased at $3,225,358 on
07/01/1999, collateralized
$3,180,000 U.S. Treasury Bonds,
6.375% due 08/15/2027 (valued at
$3,291,872 including interest). $ 3,225,000
-----------
TOTAL INVESTMENTS (INTERNATIONAL VALUE
TRUST) (Cost: $62,524,847) $62,063,295
===========
</TABLE>
The Trust had the following five top industry concentrations at June 30, 1999
(as a percentage of total investments):
<TABLE>
<S> <C>
Banking 8.99%
Electric Utilities 7.14%
Telephone 5.82%
Chemicals 5.51%
Financial Services 5.34%
</TABLE>
MID CAP BLEND TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 89.89%
AEROSPACE - 1.36%
GenCorp, Incorporated 439,300 $11,092,325
General Dynamics Corporation 43,500 2,979,750
</TABLE>
The accompanying notes are an integral part of the financial statements.
99
<PAGE> 103
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
AEROSPACE - CONTINUED
Gulfstream Aerospace
Corporation * 118,400 $ 7,999,400
Litton Industries, Incorporated * 23,600 1,693,300
------------
23,764,775
AIR TRAVEL - 0.08%
Atlantic Coast Airlines
Holdings, Incorporated * 6,300 119,700
Ryanair Holdings PLC, ADR * 25,200 1,335,600
------------
1,455,300
ALUMINUM - 0.64%
Alcoa, Incorporated * 180,600 11,174,625
------------
APPAREL & TEXTILES - 0.98%
Albany International
Corporation, Class A * 254,876 5,288,677
Liz Claiborne, Incorporated 104,000 3,796,000
Mohawk Industries,
Incorporated * 150,500 4,571,437
Nautica Enterprises,
Incorporated 104,900 1,770,188
Reebok International, Ltd. * 66,000 1,229,250
Shaw Industries, Incorporated * 29,300 483,450
------------
17,139,002
AUTO PARTS - 0.45%
Danaher Corporation 79,100 4,597,688
Eaton Corporation 36,000 3,312,000
------------
7,909,688
AUTOMOBILES - 0.39%
Harley Davidson, Incorporated 112,600 6,122,625
Schawk, Incorporated, Class A 69,600 622,050
------------
6,744,675
BANKING - 1.54%
Comerica, Incorporated 93,800 5,575,238
Commercial Federal Corporation 28,900 670,119
Marshall & Ilsley Corporation 94,700 6,096,312
Northern Trust Corporation 30,170 2,926,490
Providian Financial
Corporation 30,700 2,870,450
State Street Boston
Corporation 40,400 3,449,150
United States Trust
Corporation 17,800 1,646,500
Westamerica Bancorporation 89,800 3,277,700
Whitney Holding Corporation 10,100 401,475
------------
26,913,434
SHARES VALUE
------ -----
BROADCASTING - 1.51%
A.H. Belo Corporation 72,400 $ 1,425,375
CBS Corporation * 96,800 4,204,750
Clear Channel Communications * 149,865 10,331,318
Fox Entertainment Group,
Incorporated, Class A * 149,900 4,037,931
Hearst Argyle Television,
Incorporated * 27,800 667,200
Infinity Broadcasting
Corporation, Class A * 45,000 1,338,750
MediaOne Group, Incorporated * 25,400 1,889,125
Sinclair Broadcast Group,
Incorporated * 70,800 1,159,350
Young Broadcasting,
Incorporated, Class A * 30,200 1,285,388
------------
26,339,187
BUILDING MATERIALS & CONSTRUCTION
- - 1.40%
Elcor Chemical Corporation 34,260 1,496,734
Fluor Corporation 226,900 9,189,450
Fortune Brands, Incorporated 71,000 2,937,625
Harsco Corporation 336,700 10,774,400
------------
24,398,209
BUSINESS SERVICES - 6.22%
Adforce, Incorporated * 35,700 838,950
At Home Corporation, Series A * 57,644 3,109,173
Banta Corporation * 225,500 4,735,500
Careerbuilder, Incorporated * 48,500 636,563
Deluxe Corporation 561,500 21,863,406
Doubleclick, Incorporated * 13,000 1,192,750
Getty Images, Incorporated * 45,300 855,038
GTECH Holdings Corporation * 98,700 2,325,619
International Telecomm
Systems, Incorporated 59,500 952,000
Jacobs Engineering Group,
Incorporated 77,200 2,933,600
Legato Systems, Incorporated * 84,600 4,885,650
Lycos, Incorporated * 17,700 1,626,187
NCR Corporation * 45,300 2,211,206
Nielsen Media Research,
Incorporated * 26,000 760,500
Ogden Corporation 136,500 3,676,969
OmniCom Group, Incorporated 99,100 7,928,000
Outdoor Systems, Incorporated * 180,900 6,602,850
Quintiles Transnational
Corporation * 142,700 5,993,400
R.R. Donnelley & Sons Company * 427,300 15,836,806
</TABLE>
The accompanying notes are an integral part of the financial statements.
100
<PAGE> 104
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES-CONTINUED
SABRE Group Holdings,
Incorporated, Class A * 38,700 $ 2,660,625
Service Corporation
International 396,600 7,634,550
Stone & Webster, Incorporated * 174,400 4,643,400
Teletech Holdings,
Incorporated * 1,800 18,225
Ticketmaster Online
Citysearch, Class B * 46,800 1,415,700
Xoom Common, Incorporated * 62,700 3,291,750
------------
108,628,417
CHEMICALS - 7.75%
Arch Chemicals, Incorporated 118,450 2,879,816
Cabot Corporation 537,200 12,993,525
Crompton & Knowles Corporation 23,200 453,850
Cytec Industries,
Incorporated * 94,900 3,024,938
Dow Chemical Company 20,000 2,537,500
Ferro Corporation 553,150 15,211,625
Geon Company 166,500 5,369,625
Georgia Gulf Corporation 30,000 506,250
Hercules, Incorporated 482,900 18,984,006
IMC Global, Incorporated 110,400 1,945,800
Lyondell Chemical Company 67,000 1,381,875
M.A. Hanna Company 132,000 2,169,750
Minerals Technologies,
Incorporated 65,200 3,638,975
Nalco Chemical Company 618,600 32,089,875
Olin Corporation 145,500 1,918,781
Solutia, Incorporated 58,400 1,244,650
VWR Scientific Products
Corporation * 290,900 10,672,394
W. R. Grace & Company * 471,900 8,671,162
Waters Corporation * 39,000 2,071,875
Witco Corporation 386,500 7,730,000
------------
135,496,272
COMPUTERS & BUSINESS
EQUIPMENT - 2.14%
Affiliated Computer Services,
Incorporated, Class A * 64,100 3,245,063
America Online, Incorporated * 12,030 1,329,315
Ariba, Incorporated * 200 19,450
Cisco Systems, Incorporated * 74,089 4,778,740
Comverse Technology,
Incorporated * 75,542 5,703,421
CSG Systems International,
Incorporated * 26,200 686,113
DST Systems, Incorporated * 61,900 3,891,962
ETrade Group, Incorporated * 117,800 4,704,637
SHARES VALUE
------ -----
COMPUTERS & BUSINESS
EQUIPMENT - CONTINUED
Gateway, Incorporated * 25,300 $ 1,492,700
Ingram Micro, Incorporated,
Class A * 78,400 2,018,800
Pixar * 83,800 3,613,875
Symbol Technologies,
Incorporated 7,250 267,344
Veritas Software Corporation * 48,400 4,594,975
Visual Networks, Incorporated * 32,800 1,049,600
------------
37,395,995
CONSTRUCTION MATERIALS - 0.44%
Armstrong World Industries,
Incorporated * 16,200 936,563
Dayton Superior Corporation,
Class A * 113,300 2,103,131
Granite Construction,
Incorporated 63,400 1,858,413
Masco Corporation 94,300 2,722,912
------------
7,621,019
CONTAINERS & GLASS - 0.36%
Bemis, Incorporated * 91,100 3,621,225
Owens-Illinois, Incorporated * 61,450 2,008,647
Silgan Holdings, Incorporated 34,700 689,662
------------
6,319,534
CRUDE PETROLEUM & NATURAL
GAS - 2.31%
Anadarko Petroleum Corporation 105,800 3,894,762
Barrett Resources Corporation * 37,600 1,442,900
Burlington Resources,
Incorporated 68,497 2,962,495
Cabot Oil & Gas Corporation,
Class A 31,500 586,688
Elf Aquitaine SA 40,000 5,867,600
Enron Oil & Gas Company 107,400 2,174,850
Nuevo Energy Company * 130,650 1,731,113
Occidental Petroleum
Corporation 696,900 14,722,012
Santa Fe Snyder Corporation * 396,065 3,019,996
Vastar Resources, Incorporated 74,700 3,917,081
------------
40,319,497
DOMESTIC OIL - 2.22%
Amerada Hess Corporation * 333,200 19,825,400
Dynegy, Incorporated 7,800 158,925
Kerr-McGee Corporation 55,690 2,794,942
Noble Affiliates, Incorporated 57,800 1,629,238
Transocean Offshore,
Incorporated 70,000 1,837,500
</TABLE>
The accompanying notes are an integral part of the financial statements.
101
<PAGE> 105
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DOMESTIC OIL-CONTINUED
Ultramar Diamond Shamrock 116,100 $ 2,532,431
USX-Marathon Group 309,200 10,068,325
------------
38,846,761
DRUGS & HEALTH CARE - 3.16%
Biomet, Incorporated * 107,300 4,265,175
Cardinal Health, Incorporated 192,000 12,312,000
Cyberonics, Incorporated 55,100 688,750
Dentsply International,
Incorporated 104,800 2,934,400
Duane Reade, Incorporated * 5,700 174,563
Guidant Corporation * 75,200 3,868,100
Health Management Association,
Class A * 167,425 1,883,531
Heartport, Incorporated * 43,500 103,313
Medtronic, Incorporated 56,500 4,399,937
Novoste Corporation * 48,900 1,026,900
PE Corp-Biosystems Group 49,500 5,680,125
Quest Diagnostics, Incorporated * 151,500 4,147,312
Sybron International
Corporation * 243,350 6,707,334
Tenet Healthcare Corporation * 139,200 2,583,900
Total Renal Care Holdings,
Incorporated * 120,000 1,867,500
Trigon Healthcare,
Incorporated * 25,100 913,013
Wellpoint Health Networks,
Incorporated, Class A * 20,200 1,714,475
------------
55,270,328
ELECTRICAL EQUIPMENT - 2.08%
American Power Conversion
Corporation * 80,600 1,622,075
AMETEK, Incorporated * 432,970 9,958,310
ASM Lithography Holding NV * 54,300 3,224,063
Emerson Electric Company 55,100 3,464,412
General Electric Company 12,900 1,457,700
Hubbell, Incorporated 40,180 1,823,168
Millipore Corporation 232,600 9,434,837
Sensormatic Electrics
Corporation * 235,600 3,283,675
W.W. Grainger, Incorporated 38,000 2,044,875
------------
36,313,115
ELECTRIC UTILITIES - 1.73%
AES Corporation * 96,200 5,591,625
Calpine Corporation 94,100 5,081,400
CMS Energy Corporation 135,000 5,653,125
Duke Energy Company 17,200 935,250
Energy East Corporation 38,000 988,000
Entergy Corporation 67,100 2,096,875
SHARES VALUE
ELECTRIC UTILITIES-CONTINUED
Illinova Corporation 37,300 $ 1,016,425
IPALCO Enterprises 100,400 2,127,225
PG&E Corporation 207,100 6,730,750
------------
30,220,675
ELECTRONICS - 3.43%
Adaptec, Incorporated * 40,700 1,437,219
Altera Corporation * 101,000 3,718,062
Analog Devices, Incorporated * 70,400 3,533,200
Apple Computer, Incorporated * 55,600 2,574,975
Boston Scientific Corporation * 19,800 869,963
Conexant Systems,
Incorporated * 20,300 1,178,669
EG & G, Incorporated 317,800 11,321,625
Electronics For Imaging,
Incorporated * 80,800 4,151,100
Flextronics International * 37,600 2,086,800
Harris Corporation 90,700 3,554,306
Lexmark International Group,
Incorporated, Class A * 29,800 1,968,662
Linear Technology Corporation 81,000 5,447,250
Micron Technology,
Incorporated * 46,800 1,886,625
MIPS Technologies,
Incorporated * 22,800 1,092,975
SCI Systems, Incorporated * 14,700 698,250
Synopsys, Incorporated * 20,400 1,125,825
TekTronix, Incorporated 166,500 5,026,219
Teradyne, Incorporated * 25,200 1,808,100
Thomas & Betts Corporation 58,400 2,759,400
Uniphase Corporation * 17,500 2,905,000
Xilinx, Incorporated * 12,700 727,075
------------
59,871,300
FINANCIAL SERVICES - 1.45%
Allmerica Financial
Corporation * 84,181 5,119,257
Amcore Financial,
Incorporated * 20,200 465,863
Association First Capital
Corporation, Class A * 161,800 7,169,762
Borg-Warner Security
Corporation * 224,900 4,568,281
Financial Security Assured
Holdings, Ltd. 38,013 1,976,676
ReliaStar Financial
Corporation 79,600 3,482,500
Richmond County Financial
Corporation 65,400 1,258,950
Webster Financial Corporation 49,400 1,339,975
------------
25,281,264
</TABLE>
The accompanying notes are an integral part of the financial statements.
102
<PAGE> 106
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOOD & BEVERAGES - 3.57%
Dean Foods Company 150,400 $ 6,251,000
Dole Food Company 591,100 17,363,562
Earthgrains Company 197,500 5,097,969
Fleming Companies,
Incorporated 77,400 899,775
Flowers Industries,
Incorporated 154,600 3,352,888
Interstate Bakeries
Corporation 367,400 8,243,537
Keebler Foods Company * 115,000 3,493,125
Michael Foods, Incorporated 100,500 2,361,750
Nabisco Holdings Corporation,
Class A 106,100 4,588,825
Tootsie Roll Industries,
Incorporated 63,757 2,462,614
United States Foodservice * 155,662 6,635,093
Whitman Corporation 93,200 1,677,600
------------
62,427,738
FOREST PRODUCTS - 0.04%
Georgia-Pacific Corporation 14,200 672,725
------------
GAS & PIPELINE UTILITIES - 1.07%
Coastal Corporation 62,300 2,492,000
Columbia Energy Group 55,500 3,479,156
Enron Corporation 45,900 3,752,325
Ocean Energy, Incorporated * 680,200 6,546,925
Williams Companies,
Incorporated 58,500 2,489,906
------------
18,760,312
GOLD - 0.16%
Newmont Mining Corporation 140,000 2,782,500
------------
HOMEBUILDERS - 0.33%
Centex Corporation * 83,200 3,125,200
Lennar Corporation 109,900 2,637,600
------------
5,762,800
HOTELS & RESTAURANTS - 0.33%
CKE Restaurants, Incorporated * 56,900 924,625
Papa Johns International,
Incorporated * 78,400 3,503,500
Promus Hotel Corporation * 43,400 1,345,400
------------
5,773,525
HOUSEHOLD APPLIANCES - 1.43%
Bassett Furniture Industries,
Incorporated * 49,900 1,141,462
Furniture Brands
International, Incorporated * 43,200 1,204,200
SHARES VALUE
------ -----
HOUSEHOLD APPLIANCES-CONTINUED
Leggett & Platt, Incorporated 586,300 $ 16,306,469
Westpoint Stevens,
Incorporated 213,500 6,364,969
------------
25,017,100
HOUSEHOLD PRODUCTS - 1.26%
Snap-On, Incorporated 447,000 16,175,812
Tupperware Corporation 229,100 5,842,050
------------
22,017,862
INDUSTRIAL MACHINERY - 3.31%
American Standard Companies,
Incorporated * 572,000 27,456,000
Gorman Rupp Company 73,600 1,214,400
Kaydon Corporation 69,800 2,347,025
Manitowoc, Incorporated 61,600 2,564,100
Pall Corporation 159,200 3,532,250
PRI Automation, Incorporated * 83,200 3,016,000
SPX Corporation * 56,613 4,727,185
Unova, Incorporated * 814,000 12,922,250
------------
57,779,210
INDUSTRIALS - 0.91%
Autonation, Incorporated * 897,100 15,979,594
------------
INSURANCE - 1.62%
AFLAC, Incorporated * 69,400 3,322,525
Ambac Financial Group,
Incorporated * 112,150 6,406,569
American Bankers Insurance
Group, Incorporated 60,900 3,315,244
CIGNA Corporation 73,000 6,497,000
Horace Mann Educators
Corporation 68,300 1,856,906
MBIA, Incorporated 69,000 4,467,750
Protective Life Corporation 75,900 2,504,700
------------
28,370,694
INTERNATIONAL OIL - 1.57%
Halliburton Company 494,500 22,376,125
Nabors Industries,
Incorporated * 210,000 5,131,875
------------
27,508,000
LEISURE TIME - 2.00%
Action Performance Companies,
Incorporated * 29,500 973,500
B Corporation 405,000 11,289,375
Cinar Films, Incorporated * 42,200 974,397
Cinar Films, Incorporated,
Class B * 78,200 1,915,900
</TABLE>
The accompanying notes are an integral part of the financial statements.
103
<PAGE> 107
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
LEISURE TIME-CONTINUED
Harrahs Entertainment,
Incorporated * 70,000 $ 1,540,000
Premier Parks, Incorporated * 232,500 8,544,375
Westwood One, Incorporated * 271,800 9,699,863
------------
34,937,410
LIQUOR - 0.51%
Adolph Coors Company, Class B 104,200 5,157,900
Brown Forman Corporation,
Class B 57,860 3,771,749
------------
8,929,649
MINING - 0.14%
Phelps Dodge Corporation 40,000 2,477,500
------------
OFFICE FURNISHINGS & SUPPLIES - 0.47%
Knoll, Incorporated * 32,100 854,662
Miller Herman, Incorporated 352,700 7,406,700
------------
8,261,362
PAPER - 1.72%
Bowater, Incorporated 140,000 6,615,000
Champion International
Corporation 82,500 3,949,687
Fort James Corporation 415,800 15,748,425
Ivex Packaging Corporation * 166,100 3,654,200
------------
29,967,312
PETROLEUM SERVICES - 2.69%
Apache Corporation * 145,900 5,690,100
Baker Hughes, Incorporated * 220,000 7,370,000
Conoco, Incorporated, Class A 48,700 1,357,513
ENSCO International,
Incorporated 277,000 5,522,687
Helmerich & Payne,
Incorporated 256,000 6,096,000
Noble Drilling Corporation * 209,800 4,130,437
Schlumberger, Ltd. 59,200 3,770,300
Smith International,
Incorporated * 73,400 3,188,313
Tosco Corporation 382,900 9,931,469
------------
47,056,819
PHOTOGRAPHY - 0.65%
Polaroid Corporation 408,000 11,271,000
------------
PLASTICS - 0.11%
Illinois Tool Works,
Incorporated 24,200 1,984,400
------------
SHARES VALUE
------ -----
POLLUTION CONTROL - 1.92%
Browning-Ferris Industries,
Incorporated 556,600 $ 23,933,800
Republic Services,
Incorporated, Class A * 389,500 9,640,125
------------
33,573,925
PUBLISHING - 0.45%
John H. Harland Company 295,100 5,883,556
Meredith Corporation 55,800 1,932,075
------------
7,815,631
RAILROADS & EQUIPMENT - 1.08%
Burlington Northern Santa Fe
Corporation 194,400 6,026,400
Canadian National Railway
Company 69,800 4,676,600
CSX Corporation 181,900 8,242,344
------------
18,945,344
REAL ESTATE - 1.19%
Apartment Investment &
Management Company, Class A 115,600 4,941,900
Arden Realty, Incorporated * 49,700 1,223,863
Avalon Bay Communities,
Incorporated * 64,200 2,375,400
BRE Properties, Incorporated * 54,700 1,418,781
Duke Realty Investments,
Incorporated 80,100 1,807,256
First Industrial Realty
Trust, Incorporated 17,200 471,925
Highwoods Properties,
Incorporated 10,000 274,375
Kimco Realty Corporation 50,400 1,971,900
Mack-California Realty
Corporation 53,100 1,642,781
Public Storage, Incorporated 72,400 2,027,200
Simon Property Group,
Incorporated 56,400 1,431,150
Spieker Properties,
Incorporated 10,000 388,750
TrizecHahn Corporation 42,400 863,900
------------
20,839,181
RETAIL GROCERY - 1.24%
Caseys General Stores,
Incorporated 191,100 2,866,500
Kroger Company * 203,400 5,682,487
Safeway, Incorporated * 143,500 7,103,250
Starbucks Corporation * 158,800 5,964,925
------------
21,617,162
</TABLE>
The accompanying notes are an integral part of the financial statements.
104
<PAGE> 108
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL TRADE - 7.58%
American Eagle Outfitters,
Incorporated * 53,600 $ 2,438,800
Ames Department Stores,
Incorporated * 38,100 1,738,313
Bed Bath & Beyond,
Incorporated * 93,800 3,611,300
Bon-Ton Stores, Incorporated * 195,800 1,260,463
Borders Group, Incorporated * 15,300 241,931
Cole National Corporation,
Class A * 38,500 305,594
Consolidated Stores
Corporation * 670,000 18,090,000
CVS Corporation 86,758 4,402,968
Dayton Hudson Corporation 38,400 2,496,000
Dollar General Corporation 82,250 2,385,250
Dollar Tree Stores,
Incorporated * 173,350 7,627,400
Family Dollar Stores,
Incorporated 76,100 1,826,400
Federated Department Stores,
Incorporated * 610,000 32,291,875
Heilig-Meyers Company 474,900 3,235,256
Nordstrom, Incorporated 259,400 8,689,900
Office Depot, Incorporated 101,250 2,233,828
Pep Boys-Manny, Moe & Jack 183,400 3,966,025
Restoration Hardware,
Incorporated * 210,000 2,808,750
Ross Stores, Incorporated 45,300 2,281,988
Saks, Incorporated * 194,982 5,630,105
Sportsline USA, Incorporated * 27,600 990,150
Staples, Incorporated * 15,200 470,250
The Limited, Incorporated 349,900 15,876,712
TJX Companies, Incorporated 172,000 5,729,750
Tuesday Morning Corporation * 25,000 637,500
Wet Seal, Incorporated * 43,400 1,242,325
------------
132,508,833
SANITARY SERVICES - 1.63%
Waste Management,
Incorporated * 528,705 28,417,894
------------
SOFTWARE - 2.80%
Adobe Systems, Incorporated 25,200 2,070,338
Autodesk, Incorporated * 52,000 1,537,250
Exodus Communications,
Incorporated * 63,000 7,556,062
Inktomi Corporation * 39,200 5,154,800
Intuit, Incorporated * 74,100 6,678,262
Mentor Graphics Corporation 83,100 1,064,719
Novell, Incorporated * 15,200 402,800
Real Networks, Incorporated * 44,900 3,092,488
SHARES VALUE
------ -----
SOFTWARE-CONTINUED
Shared Medical Systems
Corporation 37,900 $ 2,472,975
Siebel Systems, Incorporated * 49,450 3,282,244
USA Networks, Incorporated * 225,900 9,064,237
VeriSign, Incorporated * 75,000 6,468,750
------------
48,844,925
STEEL - 1.22%
Nucor Corporation 355,800 16,878,263
Ryerson Tull, Incorporated 132,068 2,979,784
Steel Dynamics, Incorporated * 89,500 1,384,453
------------
21,242,500
TELECOMMUNICATIONS SERVICES - 2.49%
American Tower Corporation,
Class A * 40,400 969,600
Broadcom Corporation, Class A * 38,100 5,507,831
Cox Communications,
Incorporated, Class A * 53,000 1,951,063
Nextel Communications,
Incorporated, Class A * 75,300 3,779,119
Polycom, Incorporated * 78,300 3,053,700
QUALCOMM, Incorporated * 127,200 18,253,200
Skytel Communications,
Incorporated * 200,700 4,202,156
Univision Communications,
Incorporated, Class A * 88,700 5,854,200
------------
43,570,869
TELEPHONE - 0.74%
Alltel Corporation * 35,700 2,552,550
American Telephone &
Telegraph Corporation,
Class A * 64,272 2,361,996
Cincinnati Bell, Incorporated * 157,400 3,925,162
Qwest Communications
International, Incorporated * 33,000 1,091,063
Winstar Communications,
Incorporated * 61,200 2,983,500
------------
12,914,271
TIRES & RUBBER - 0.33%
Carlisle Companies,
Incorporated 120,300 5,789,438
------------
TOYS, AMUSEMENTS &
SPORTING GOODS - 0.28%
Hasbro, Incorporated 90,900 2,539,519
Mattel, Incorporated 90,600 2,395,237
------------
4,934,756
</TABLE>
The accompanying notes are an integral part of the financial statements.
105
<PAGE> 109
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TRUCKING & FREIGHT - 1.41%
Canadian National Railway
Company 4,100 $ 275,375
CNF Transportation,
Incorporated 565,700 21,708,738
Navistar International
Corporation * 50,700 2,535,000
Pittston Brinks Group 1,600 42,800
--------------
24,561,913
TOTAL COMMON STOCKS
(Cost: $1,394,391,294) $1,570,837,226
--------------
PREFERRED STOCK - 0.30%
CONTAINERS & GLASS - 0.22%
Owens-Illinois, Incorporated 88,800 3,885,000
--------------
DOMESTIC OIL - 0.08%
Stone Energy Corporation * 31,500 1,334,813
--------------
TOTAL PREFERRED STOCK
(Cost: $4,456,906) $ 5,219,813
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 7.71%
$134,698,912 Navigator Securities Lending
Trust, 4.97% $ 134,698,912
--------------
REPURCHASE AGREEMENTS - 2.10%
$36,718,000 Repurchase Agreement with State
Street Bank & Trust Company
dated 06/30/1999 at 4.25%, to be
repurchased at $36,722,335 on
07/01/1999, collateralized by
$30,315,000 U.S. Treasury Bonds,
8.125% due 08/15/2021 (valued at
$37,452,879, including interest) $ 36,718,000
--------------
TOTAL INVESTMENTS (MID CAP BLEND TRUST)
(Cost: $1,570,265,112) $1,747,473,951
==============
</TABLE>
SMALL COMPANY VALUE TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 83.11%
AEROSPACE - 0.32%
Curtiss Wright Corporation 7,200 $ 279,900
Spacehab, Incorporated * 5,700 29,213
------------
309,113
SHARES VALUE
------ -----
AIR TRAVEL - 0.24%
Hawaiian Airlines,
Incorporated * 32,700 $ 89,925
Skywest, Incorporated 5,600 139,650
------------
229,575
APPAREL & TEXTILES - 1.77%
Alba Waldensian, Incorporated * 3,800 76,000
Angelica Corporation * 12,500 220,312
Concord Fabrics, Incorporated * 1,200 7,050
Dixie Group, Incorporated * 3,000 25,453
Jos A Bank Clothiers,
Incorporated * 20,100 128,138
K-Swiss, Incorporated, Class A 6,800 316,200
Kellwood Company 14,300 387,887
Leslie Fay, Incorporated * 9,000 57,938
Penobscot Shoe Company 1,600 16,800
Premiumwear, Incorporated * 2,000 9,750
Russell Corporation 3,300 64,350
Tarrant Apparel Group * 17,000 386,750
Vans, Incorporated * 300 3,436
------------
1,700,064
AUTO PARTS - 1.46%
Arvin Industries, Incorporated * 11,500 435,563
Borg-Warner Automotive,
Incorporated * 17,400 957,000
TFC Enterprises, Incorporated * 2,400 5,400
------------
1,397,963
AUTO SERVICES - 1.40%
Avis Rent A Car, Incorporated * 7,200 209,700
Dollar Thrifty Automotive
Group * 48,700 1,132,275
------------
1,341,975
AUTOMOBILES - 0.23%
Wabash National Corporation 11,200 217,000
------------
BANKING - 2.72%
Ambanc Holding Company,
Incorporated * 10,500 173,250
Berkshire Bancorp,
Incorporated * 2,500 100,156
BNCCORP, Incorporated * 3,100 27,900
California Independent Bancorp 600 12,225
Central Bancorp, Incorporated 6,000 129,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
106
<PAGE> 110
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BANKING-CONTINUED
Century Bancshares,
Incorporated * 4,410 $ 26,460
Citizens Banking Corporation 1,200 36,075
Commercial Bank of New York 13,900 170,275
Corus Bankshares, Incorporated 17,100 543,994
Elmira Savings Bank 600 13,350
First Citizens Bancshares,
Incorporated 7,900 637,925
First Keystone Financial,
Incorporated 400 5,250
Flagstar Bancorp, Incorporated 3,700 93,425
Franklin Bank NA Southfield 1,100 11,825
FSF Financial Corporation 5,100 72,356
Horizon Financial Corporation 1,800 24,637
Independence Federal Savings
Bank 1,100 13,337
Iroquois Bancorp, Incorporated 400 7,450
Jacksonville Bancorp,
Incorporated 1,400 22,225
M & T Bank Corporation 67 36,850
New Century Financial
Corporation * 11,600 210,250
Princeton National Bancorp,
Incorporated 5,600 84,700
Professional Bancorp 1,900 39,425
Quaker City Bancorp,
Incorporated * 5,700 94,050
Republic Security Financial
Corporation 858 7,186
Southern Missouri Bancorp,
Incorporated 500 6,750
The Trust Company Of New
Jersey 300 7,050
Wainwright Bank & Trust
Company, Boston 500 4,063
------------
2,611,439
BROADCASTING - 0.01%
Andersen Group, Incorporated * 1,100 6,875
------------
BUILDING MATERIALS &
CONSTRUCTION - 0.80%
Abrams Industries,
Incorporated * 3,200 16,000
Continental Materials
Corporation * 5,400 103,950
Dycom Industries,
Incorporated * 1,500 84,000
Hussmann International,
Incorporated 2,700 44,719
SHARES VALUE
------ -----
BUILDING MATERIALS &
CONSTRUCTION - CONTINUED
Meadow Valley Corporation * 300 $ 1,313
Morrison Knudsen Corporation * 21,500 221,719
NCI Building Systems,
Incorporated * 10,900 232,987
Perini Corporation * 10,600 60,287
------------
764,975
BUSINESS SERVICES - 8.37%
Abacus Direct Corporation * 5,100 466,650
AC Nielson Corporation * 19,600 592,900
Allied Research Corporation * 3,100 18,600
Amerco * 5,000 112,500
Baker Michael Corporation * 7,214 54,556
Banta Corporation * 9,200 193,200
Berlitz International,
Incorporated * 1,400 25,725
BISYS Group, Incorporated * 11,600 678,600
Catalina Marketing Corporation * 200 18,400
Checkfree Holdings
Corporation * 9,300 256,331
Dendrite International,
Incorporated * 2,600 93,925
Ennis Business Forms,
Incorporated 11,900 101,894
Exponent, Incorporated * 5,600 39,200
Ezcorp, Incorporated 16,200 111,375
Grey Advertising, Incorporated 1,800 599,400
GTECH Holdings Corporation * 14,900 351,081
Gundle/SLT Environmental,
Incorporated * 300 1,275
GZA Geo Environmental * 10,900 54,500
Headway Corporate Resources,
Incorporated * 11,600 53,650
Hospitality Worldwide
Services, Incorporated * 4,300 15,588
Infoseek Corporation * 3,200 153,400
Interlinq Software
Corporation * 2,300 15,525
ITEX Corporation * 9,900 8,044
Jacobs Engineering Group,
Incorporated * 23,200 881,600
Judge Group Incorporated * 12,900 20,156
Kelly Services, Incorporated 9,300 298,762
Laser Vision Centers,
Incorporated * 13,600 856,800
Made2Manage Systems,
Incorporated * 700 5,644
Marlton Technologies,
Incorporated * 2,300 8,625
Maxco, Incorporated * 1,600 11,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
107
<PAGE> 111
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES-CONTINUED
Memberworks, Incorporated * 600 $ 17,400
Mindspring Enterprises,
Incorporated 15,400 682,412
National Technical Systems,
Incorporated 13,800 56,925
Opinion Research Corporation * 11,800 66,375
Porta Systems Corporation * 9,700 17,581
Promedco Management Company * 9,000 34,594
Quest Education Corporation 1,300 13,731
REFAC * 6,600 42,900
Salient 3 Communications,
Incorporated * 300 2,438
Simone Central Holdings,
Incorporated * 3,500 8,750
Specialty Care Network,
Incorporated * 1,000 1,750
Sunrise Resources,
Incorporated * 9,600 43,200
Sykes Enterprises,
Incorporated * 12,000 400,500
Sypris Solutions,
Incorporated * 4,200 40,556
Team, Incorporated * 4,300 16,125
Trio-Tech International * 2,600 8,450
TRM Copy Centers Corporation * 18,400 120,750
United States Franchise
Systems, Incorporated * 14,400 333,900
Westaff, Incorporated * 2,200 12,925
------------
8,020,168
CHEMICALS - 2.77%
Aceto Corporation * 8,300 95,450
American Vanguard Corporation * 3,000 16,125
Cambrex Corporation 28,100 737,625
Dexter Corporation 17,400 710,137
Farrel Corporation 8,400 17,325
Ferro Corporation 8,000 220,000
H.B. Fuller Company 9,800 670,075
NCH Corporation 1,400 69,300
Quaker Chemical 3,600 58,500
Schulman, Incorporated 800 13,750
Uniroyal Technology * 4,200 49,350
------------
2,657,637
COMPUTERS & BUSINESS
EQUIPMENT - 2.97%
Autologic Information
International, Incorporated * 4,700 20,563
Boundless Corporation * 14,700 86,363
Dataram Corporation * 8,200 80,975
SHARES VALUE
------ -----
COMPUTERS & BUSINESS
EQUIPMENT-CONTINUED
Gerber Scientific,
Incorporated 29,000 $ 639,812
Interphase Corporation * 1,900 43,700
Network Appliance,
Incorporated * 5,700 318,487
New Horizons Worldwide,
Incorporated 5,600 110,600
Orcad, Incorporated * 14,700 186,506
Programmers Paradise,
Incorporated * 3,000 36,750
QRS Corporation * 5,700 444,600
Savoir Technology Group,
Incorporated * 11,800 110,625
SBE, Incorporated * 3,600 20,700
Sequent Computer Systems,
Incorporated * 4,800 85,200
Sybase, Incorporated * 38,300 421,300
Texas Micro, Incorporated * 4,000 30,000
Walker Interactive Systems * 5,800 15,225
Xircom, Incorporated * 6,500 195,406
------------
2,846,812
CONSTRUCTION MATERIALS - 2.57%
Ameron International
Corporation * 10,600 467,725
Dayton Superior Corporation,
Class A * 4,500 83,531
Elcotel, Incorporated * 18,300 36,600
Florida Rock Industries,
Incorporated 14,500 659,750
Forest City Enterprises,
Incorporated 28,300 792,400
Giant Group, Ltd. * 1,800 13,388
Industrial Distribution
Group, Incorporated * 2,900 14,681
Noland Company 700 14,175
Patrick Industries,
Incorporated 5,400 84,375
Standex International
Corporation 1,900 52,012
TJ International, Incorporated 8,000 248,000
------------
2,466,637
CONSTRUCTION & MINING
EQUIPMENT - 0.72%
CDI Corporation * 18,100 616,531
Gencor Industries,
Incorporated * 11,500 72,594
------------
689,125
CONTAINERS & GLASS - 0.25%
Carmel Container Systems,
Ltd. * 1,000 7,250
Greif Brothers Corporation 9,200 234,600
------------
241,850
</TABLE>
The accompanying notes are an integral part of the financial statements.
108
<PAGE> 112
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COSMETICS & TOILETRIES - 0.65%
Allou Health & Beauty Care,
Incorporated * 2,100 $ 14,831
Block Drug, Incorporated * 14,650 610,722
------------
625,553
CRUDE PETROLEUM &
NATURAL GAS - 0.37%
Cabot Oil & Gas Corporation,
Class A 19,000 353,875
------------
DOMESTIC OIL - 0.16%
Castle Energy Corporation 7,300 131,400
Greka Energy Corporation * 1,450 11,600
Inland Resources,
Incorporated * 8,200 8,713
------------
151,713
DRUGS & HEALTH CARE - 5.54%
Acuson Corporation * 6,300 108,281
Applied Analytical
Industries, Incorporated * 8,300 93,375
Bindley Western Industries,
Incorporated * 6,000 138,375
Carter Wallace, Incorporated 1,600 29,100
Chirex, Incorporated * 7,900 253,787
Conmed Corporation * 6,400 196,000
Datascope Corporation * 700 22,488
Diagnostic Health Services,
Incorporated * 9,200 6,038
Drug Emporium, Incorporated * 19,100 138,475
GP Strategies Corporation * 5,100 44,625
Hawaii Tech Pharmacal Company,
Incorporated 4,100 18,450
Hooper Holmes, Incorporated 300 6,113
International Specialty
Products * 2,000 20,375
Invacare Corporation 3,500 93,625
Medical Action Indiana,
Incorporated * 5,800 17,763
Medimmune, Incorporated * 4,000 271,000
Millennium Pharmaceuticals * 7,200 259,200
Mine Safety Appliances Company 7,300 467,200
National Home Health Care
Corporation * 5,200 23,400
NCS Healthcare, Incorporated * 4,900 26,644
Omega Healthcare Investors 800 20,650
Perclose Incorporated * 2,100 100,931
Phoenix International Life
Sciences, Incorporated * 1,100 10,175
Phymatrix Corporation 13,100 21,288
Premier Research Worldwide,
Ltd. * 10,600 67,575
SHARES VALUE
------ -----
DRUGS & HEALTH CARE-CONTINUED
Priority Healthcare
Corporation * 4,100 $ 141,450
Quest Diagnostics,
Incorporated * 34,900 955,387
Quidel Corporation * 9,000 28,687
Respironics, Incorporated * 3,300 49,912
Roberts Pharmaceutical
Corporation * 19,800 480,150
Sonosight, Incorporated * 4,000 68,000
Spacelabs, Incorporated * 11,100 209,512
Synbiotics Corporation * 13,300 52,369
Syncor International
Corporation * 500 18,000
Uniholding Corporation * 4,800 9,600
Vencor, Incorporated * 23,000 3,450
VISX, Incorporated * 6,300 498,881
Xomed Surgical Products,
Incorporated * 6,900 335,944
------------
5,306,275
ELECTRICAL EQUIPMENT - 0.62%
Acme Electric Corporation * 8,900 48,394
All American Semiconductor,
Incorporated * 100 297
Audiovox Corporation, ClassA * 15,000 165,000
Emulex Corporation * 400 44,475
Intergrated Electrical Services * 7,800 125,775
Kewaunee Scientific
Corporation 4,700 48,762
Merrimac Industries,
Incorporated * 1,500 12,562
Rayovac Corporation * 1,700 38,569
Sl Industry, Incorporated 5,000 63,750
Todd AO Corporation 4,600 50,600
------------
598,184
ELECTRIC UTILITIES - 1.54%
Avista Corporation 9,100 147,875
Cilcorp, Incorporated 7,000 437,500
TNP Enterprises, Incorporated 3,200 116,000
United Illuminating Company 18,200 772,362
------------
1,473,737
ELECTRONICS - 8.12%
Alpha Industries,
Incorporated *, 00.05% 4,200 200,025
American Technical Ceramics * 3,000 25,500
</TABLE>
The accompanying notes are an integral part of the financial statements.
109
<PAGE> 113
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONICS-CONTINUED
Amplicon, Incorporated * 800 $ 11,200
Asante Technologies * 13,800 10,350
Aspec Technology * 22,000 19,250
Bairnco Corporation * 4,200 31,500
Baldwin Technology,
Incorporated * 13,000 38,188
Bell Microproducts,
Incorporated * 7,700 52,937
CMP Group, Incorporated 55,200 1,445,550
Cobra Electronics Corporation * 7,400 29,600
Cree Research, Incorporated * 6,700 515,481
CTS Corporation 17,500 1,225,000
Digital Microwave Corporation * 1,300 16,575
Haemonetics Corporation * 3,400 68,212
International Rectifier
Corporation * 74,000 985,125
Katy Industries, Incorporated 12,400 161,200
Key Tronic Corporation * 8,700 48,938
Novellus Systems,
Incorporated * 12,100 825,825
PMC-Sierra, Incorporated * 13,750 810,391
Polk Audio, Incorporated * 200 2,200
SDL, Incorporated * 6,600 337,012
Sequa Corporation * 9,700 679,000
Triquint Semiconductor
Incorporated * 200 11,363
United Industrial Corporation 17,400 192,487
Video Display Corporation * 4,700 22,619
Vishay Intertechnology,
Incorporated * 750 15,750
------------
7,781,278
FINANCIAL SERVICES - 5.33%
BOK Financial Corporation * 8,796 222,099
Capital Associates,
Incorporated * 4,800 16,200
Carver Bancorp, Incorporated * 4,800 40,800
Community Financial Corporation * 6,600 64,350
Community Financial Group,
Incorporated 1,400 20,213
Crawford & Company, Class B * 1,000 16,250
EVEREN Capital Corporation 6,800 202,725
First Bancshares, Incorporated 3,900 44,850
First Charter Corporation 1,800 44,550
Freedom Securitiess
Corporation * 15,100 258,587
Hawthorne Financial
Corporation * 6,300 102,375
Hoenig Group, Incorporated * 13,800 137,137
SHARES VALUE
------ -----
FINANCIAL SERVICES-CONTINUED
HPSC, Incorporated * 11,900 $ 113,050
Investment Technology Group 9,565 309,667
ITLA Capital Corporation * 1,700 26,775
JSB Financial, Incorporated 13,800 702,075
JW Charles Financial
Corporation 1,700 24,013
North Central Bancshares,
Incorporated 2,500 41,875
PennFed Financial Services,
Incorporated 1,600 25,200
Resource Bancshares Mortgage
Group, Incorporated 5,600 57,400
Seacoast Financial Services
Corporation * 11,493 130,733
Student Loan Corporation 9,900 440,550
UMB Financial Corporation 16,500 707,437
UST Corporation 45,100 1,364,275
------------
5,113,186
FOOD & BEVERAGES - 1.07%
Corn Products International,
Incorporated 10,700 325,681
Farmer Brothers Company 1,800 360,000
Golden State Vintners,
Incorporated * 6,700 41,038
Performance Food Group
Company * 100 2,719
Scope Industries * 2,200 143,000
Seabord Corporation 400 136,000
Triarc Companies,
Incorporated, Class A * 700 14,875
------------
1,023,313
FOREST PRODUCTS - 0.44%
Baltek Corporation * 6,300 61,425
Universal Fast Products,
Incorporated 16,900 363,350
------------
424,775
GAS & PIPELINE UTILITIES - 0.55%
Equitable Resources,
Incorporated 7,500 283,125
Southwest Gas Corporation 8,500 243,313
------------
526,438
HOMEBUILDERS - 1.43%
Castle & Cooke, Incorporated * 28,200 497,025
DeWolfe Company, Incorporated * 1,100 7,700
Fortress Group, Incorporated * 1,600 2,350
</TABLE>
The accompanying notes are an integral part of the financial statements.
110
<PAGE> 114
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HOMEBUILDERS-CONTINUED
M.D.C. Holdings, Incorporated 3,500 $ 75,250
Ryland Group, Incorporated 22,700 673,906
Saxton, Incorporated * 1,800 9,900
Walter Industries,
Incorporated * 4,600 59,513
Washington Homes,
Incorporated * 6,900 44,419
------------
1,370,063
HOTELS & RESTAURANTS - 1.57%
Bridgestreet Accomodations,
Incorporated * 8,700 28,819
Crown Group, Incorporated * 2,600 16,250
Denamerica Corporation * 6,200 5,425
Fresh Foods, Incorporated * 4,800 41,400
IHOP Corporation * 7,000 168,437
Jerrys Famous Deli,
Incorporated * 300 413
Luby's Cafeterias,
Incorporated 31,500 472,500
Piccadilly Cafeterias,
Incorporated 17,200 142,975
Ryan's Family Steak Houses,
Incorporated * 30,200 351,075
Sizzler International,
Incorporated * 7,500 16,875
Sonesta International Hotels
Corporation 1,400 17,062
Vicorp Restaurants,
Incorporated * 11,100 192,862
Wall Street Deli, Incorporated * 1,500 4,688
WMS Industries Incorporated * 2,500 42,500
------------
1,501,281
HOUSEHOLD APPLIANCES - 0.32%
American Biltrite,
Incorporated * 8,100 166,050
Catalina Lighting,
Incorporated * 19,800 99,000
Ladd Furniture, Incorporated * 700 14,700
Royal Appliance Manufacturing
Company * 1,800 12,487
Strouds, Incorporated * 7,100 11,538
------------
303,775
HOUSEHOLD PRODUCTS - 0.20%
Home Products International,
Incorporated * 20,854 177,259
Winsloew Furniture,
Incorporated * 400 13,450
------------
190,709
SHARES VALUE
------ -----
INDUSTRIAL MACHINERY - 1.04%
Ampco Pittsburgh Corporation *
16,600 $ 212,687
Briggs & Stratton Corporation 1,700 98,175
Brown & Sharpe Manufacturing
Company * 28,137 152,995
CPAC, Incorporated * 600 5,025
Moore Products Company * 2,700 61,931
Osteotech, Incorporated* 3,400 97,750
Peerless Manufacturing Company 5,000 52,813
Quipp, Incorporated * 2,600 33,800
Sparton Corporation * 9,900 59,400
Summa Industries * 1,200 15,525
Unova, Incorporated * 13,200 209,550
------------
999,651
INDUSTRIALS - 0.57%
ACX Technologies,
Incorporated * 18,700 303,875
Federal Screw Works 2,900 143,550
MotivePower Industries,
Incorporated * 5,600 99,400
------------
546,825
INSURANCE - 2.93%
American Annuity Group, Incorporated * 7,100 172,175
American Indemnity Financial
Corporation * 200 2,850
Arm Financial, Incorporated * 3,700 31,450
Herley Insurance,
Incorporated * 1,000 2,625
Intercontinental Life
Corporation * 10,200 95,625
Kansas City Life Insurance
Company 12,600 541,800
Liberty Corporation 3,100 168,950
Merchants Group, Incorporated 1,000 22,375
Midland Company 1,700 43,138
National Western Life
Insurance Company * 4,600 442,750
PMA Capital Corporation 3,700 76,081
Standard Management
Corporation * 2,900 19,031
White Mountains Insurance
Group, Incorporated 8,400 1,184,400
------------
2,803,250
INVESTMENT COMPANIES - 0.52%
John Nuveen Company 6,400 273,200
Phoenix Investment Partners, Ltd. 5,100 43,987
Stifel Financial Corporation 7,407 68,978
Value Line, Incorporated 2,900 113,100
------------
499,265
</TABLE>
The accompanying notes are an integral part of the financial statements.
111
<PAGE> 115
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
LEISURE TIME - 0.80%
Aldila, Incorporated * 3,000 $ 5,531
Four Media Company * 9,400 61,100
IlX, Incorporated * 6,000 11,250
Inland Entertainment
Corporation * 6,500 15,844
Lakes Gaming, Incorporated * 2,050 22,422
Park Place Entertainment
Corporation * 8,200 79,437
Quintel Entertainment,
Incorporated * 11,200 16,800
SFX Entertainment,
Incorporated, Class A * 8,600 550,400
Trimark Holdings,
Incorporated * 1,200 5,625
------------
768,409
LIQUOR - 0.28%
Adolph Coors Company, Class B 5,400 267,300
------------
METAL & METAL PRODUCTS - 0.07%
Lindberg Corporation 5,700 64,125
------------
MINING - 1.98%
Brush Wellman, Incorporated 8,000 145,000
Lincoln Electric Holding,
Incorporated 47,200 967,600
Pittston Company 4,500 42,750
Stillwater Mining Company * 22,800 745,275
------------
1,900,625
MOBILE HOMES - 0.65%
Liberty Homes, Incorporated 6,000 55,875
Skyline Corporation 19,400 568,663
------------
624,538
NEWSPAPERS - 0.30%
Media General, Incorporated 5,600 285,600
------------
OFFICE FURNISHINGS &
SUPPLIES - 0.44%
Kimball International,
Incorporated 25,200 425,250
------------
PAPER - 0.50%
Badger Paper Mills,
Incorporated * 2,300 16,675
Rock-Tenn Company 28,000 467,250
------------
483,925
PETROLEUM SERVICES - 0.46%
American Resources Offshore,
Incorporated * 34,400 11,825
SHARES VALUE
------ -----
PETROLEUM SERVICES-CONTINUED
Eagle Geophysical,
Incorporated * 1,362 $ 1,021
Kaneb Services, Incorporated * 2,300 9,775
PS Group Holding, Incorporated 6,500 71,094
Seitel, Incorporated * 21,200 343,175
------------
436,890
PLASTICS - 0.00%
China Resources Development,
Incorporated * 480 1,980
------------
POLLUTION CONTROL - 0.08%
Harding Lawson Associates
Group * 5,300 45,050
MFRI, Incorporated * 7,300 36,500
------------
81,550
PUBLISHING - 0.95%
Courier Corporation * 650 14,950
Esquire Communications, Ltd. * 2,000 4,312
Houghton Mifflin Company 14,400 677,700
John H. Harland Company 10,500 209,344
------------
906,306
RAILROADS & EQUIPMENT - 0.02%
Greenbrier Company,
Incorporated 2,200 23,100
------------
REAL ESTATE - 2.06%
AMREP Corporation * 11,500 65,406
Camden Property Trust 9,600 266,400
Captec Net Lease Realty,
Incorporated 2,200 29,838
Execl Legacy Corporation * 16,600 78,850
Hospitality Properties Trust
SBI 2,500 67,812
Pacific Gulf Properties,
Incorporated 23,200 524,900
Pan Pacific Retail
Properties, Incorporated 16,800 325,500
Prentiss Properties Trust 4,200 98,700
Price Enterprises,
Incorporated * 26,100 187,594
Seibels Bruce Group,
Incorporated * 8,400 42,000
Sl Green Realty Corporation 11,300 230,944
Westfield America,
Incorporated 3,800 57,237
------------
1,975,181
</TABLE>
The accompanying notes are an integral part of the financial statements.
112
<PAGE> 116
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL GROCERY - 0.39%
Arden Group, Incorporated * 3,900 $163,800
Foodarama Supermarkets * 2,100 62,738
Mexican Restaurants,
Incorporated * 2,000 8,500
Schultz Sav-O Stores,
Incorporated 1,800 28,800
Village Super Market,
Incorporated * 8,200 105,575
------------
369,413
RETAIL TRADE - 5.02%
American Eagle Outfitters,
Incorporated * 28,600 1,301,300
BJ's Wholesale Club,
Incorporated * 35,000 1,052,187
Burlington Coat Factory
Warehouse * 18,700 361,144
Childrens Place Retail
Stores, Incorporated * 11,400 461,700
Cyberian Outpost,
Incorporated * 3,000 29,812
Filenes Basement Corporation * 10,900 15,669
Fossil, Incorporated * 1,000 48,375
Freds, Incorporated 7,900 123,437
Friedmans, Incorporated 2,600 22,588
IPI, Incorporated * 3,800 10,213
Loehmanns, Incorporated * 16,100 1,771
Mays J W, Incorporated * 3,800 19,000
Micro Warehouse, Incorporated * 4,100 73,287
Noodle Kidoodle, Incorporated * 2,800 14,875
Pamida Holdings Corporation * 4,000 46,000
Pep Boys-Manny, Moe & Jack 17,500 378,437
Sport Chalet, Incorporated * 5,200 31,850
Todays Manitoba, Incorporated * 26,300 29,588
Ultimate Electronics, Incorporated * 6,900 125,494
Zale Corporation * 16,500 660,000
------------
4,806,727
SHIPBUILDING - 0.67%
Avondale Industries,
Incorporated * 16,500 643,500
------------
SOFTWARE - 3.35%
Activision, Incorporated * 14,800 215,525
Advent Software, Incorporated * 4,000 268,000
AVT Corporation 4,000 151,500
Computer Network Technology * 12,500 270,312
CSP, Incorporated * 9,801 64,932
Group 1 Software,
Incorporated * 300 2,663
SHARES VALUE
------ -----
SOFTWARE-CONTINUED
Imation Corporation * 24,600 $610,387
Mentor Graphics Corporation * 21,600 276,750
Merant PLC * 500 9,750
Mercury Interactive
Corporation * 16,100 569,537
Pinnacle Systems,
Incorporated * 8,000 269,000
Symantec Corporation * 19,000 484,500
Wall Data, Incorporated * 2,300 21,994
------------
3,214,850
STEEL - 0.86%
Pitt DesMoines, Incorporated 8,700 543,750
Quanex Corporation 8,500 242,250
Steel Technologies,
Incorporated 3,800 35,863
Varlen Corporation 62 2,511
------------
824,374
TELECOMMUNICATIONS SERVICES - 1.69%
Atlantic Tele-Network,
Incorporated * 9,160 96,180
Commonwealth Telephone
Enterprises * 8,300 335,631
Incomnet, Incorporated * 2,500 4,610
Mosaix, Incorporated * 4,800 61,500
Polycom, Incorporated * 11,700 456,300
Price Communications
Corporation * 44,062 660,930
------------
1,615,151
TELEPHONE - 0.55%
Conestoga Enterprises,
Incorporated 9,300 202,275
Harmonic, Incorporated * 3,400 195,288
Hector Communications
Corporation * 7,500 75,000
RMH Teleservices,
Incorporated * 13,600 53,550
------------
526,113
TIRES & RUBBER - 0.33%
Myers Indiana, Incorporated 14,800 296,000
O'Sullivan Corporation 1,300 15,844
------------
311,844
TOYS, AMUSEMENTS &
SPORTING GOODS - 0.29%
Russ Berrie & Company,
Incorporated 11,200 277,200
------------
TRANSPORTATION - 0.37%
International Aircraft
Investors * 11,100 78,394
</TABLE>
The accompanying notes are an integral part of the financial statements.
113
<PAGE> 117
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TRANSPORTATION-CONTINUED
M.S. Carriers, Incorporated * 7,200 $ 213,525
Marten Transport, Ltd. * 5,600 67,200
------------
359,119
TRUCKING & FREIGHT - 1.43%
Consolidated Freightways
Corporation * 26,400 339,075
Railtex, Incorporated * 1,900 26,362
U.S. Freightways Corporation 15,500 717,844
Yellow Corporation * 16,100 285,775
------------
1,369,056
TOTAL COMMON STOCKS
(Cost: $71,913,977) $ 79,656,480
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 12.56%
$12,033,552 Navigator Securities Lending
Trust, 4.97% $ 12,033,552
------------
REPURCHASE AGREEMENTS - 4.33%
$4,150,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00% to be
repurchased at $4,150,461 on
07/01/1999, collateralized by
$3,245,000 U.S. Treasury Bonds,
8.750% due 08/15/2020 (valued at
$4,234,644 including interest). $ 4,150,000
------------
TOTAL INVESTMENTS (SMALL COMPANY VALUE
TRUST)
(Cost: $88,148,445) $ 95,840,032
============
</TABLE>
GLOBAL EQUITY TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 86.30%
AUSTRALIA - 0.80%
CSR, Ltd. 2,592,600 $ 7,403,781
------------
BELGIUM - 0.90%
Delhaize-Le Lion SA 103,510 8,808,358
------------
CANADA - 2.10%
BCT.Telus Communications,
Incorporated 531,505 12,702,603
SHARES VALUE
------ -----
CANADA-CONTINUED
Potash Corporation of
Saskatchewan, Incorporated 12,205 $ 631,609
Potash Corporation of
Saskatchewan, Incorporated
- CAD 142,295 7,358,753
------------
20,692,965
DENMARK - 0.40%
Danisco A/S 97,000 4,371,066
------------
FRANCE - 7.40%
Bongrain SA 17,463 6,588,636
Danone 69,380 17,880,098
Elf Aquitaine SA 112,330 16,477,687
Michelin Cgde 99,030 4,049,716
Pernod Ricard 64,850 4,345,291
Rhone Poulenc SA 282,700 12,912,881
SCOR 226,450 11,228,273
------------
73,482,582
GERMANY - 4.40%
BASF AG 317,310 14,016,196
Bayer AG 172,000 7,163,172
VEBA AG 256,700 15,083,298
Volkswagen AG 114,610 7,336,851
------------
43,599,517
IRELAND - 2.30%
Bank Of Ireland * 935,864 15,791,252
Green Property Company 1,222,340 6,741,265
------------
22,532,517
ITALY - 2.50%
Mediaset SPA 1,201,979 10,680,700
Telecom Italia SPA RISP * 2,664,400 14,447,103
------------
25,127,803
JAPAN - 8.00%
Daiichi Pharmaceutical Company 572,000 8,880,020
Fuji Photo Film Company 371,000 14,046,292
Fujisawa Pharmaceutical
Company, Ltd. 38,000 618,831
Hitachi, Ltd. 639,000 5,995,412
Kao Corporation 736,000 20,686,120
Nippon Telegraph & Telephone
Corporation 2,149 25,048,276
Sumitomo Marine & Fire 689,000 4,157,808
------------
79,432,759
NETHERLANDS - 4.00%
ABN AMRO Holdings 383,873 8,310,027
Benckiser NV 165,800 8,844,850
</TABLE>
The accompanying notes are an integral part of the financial statements.
114
<PAGE> 118
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
NETHERLANDS-CONTINUED
International Nederlanded
Groep NV 227,202 $ 12,296,090
Koninklijke Philips
Electronics NV 96,600 9,524,840
------------
38,975,807
PORTUGAL - 0.70%
Cimpor-Cimentos de Portugual
SA 252,710 6,512,654
------------
SPAIN - 3.50%
Iberdrola SA * 994,000 15,124,058
Telefonica SA * 392,880 18,966,171
------------
34,090,229
SWEDEN - 0.90%
Nordbanken AB 1,497,800 8,769,073
------------
SWITZERLAND - 7.70%
Compagnie Financiere
Richemont AG 16,758 32,220,706
Holderbank Financiere Glarus,
Ltd. 9,692 11,436,448
Nestle SA 15,150 27,287,731
Swisscom AG 12,410 4,668,413
------------
75,613,298
UNITED KINGDOM - 10.60%
Allied Domecq PLC 1,277,200 12,280,440
Blue Circle Industries 1,339,351 8,930,175
Burmah Castrol 452,258 8,575,848
Imperial Tobacco 923,300 10,121,972
J. Sainsbury 1,776,556 11,201,188
Premier Farnell PLC, ADS 930,200 3,482,292
Reckitt & Colman 1,629,543 17,016,761
Royal & Sun Alliance 1,415,097 12,680,660
Siebe 1,725,242 8,158,240
Wolseley PLC 758,300 5,713,393
WPP Group PLC 797,400 6,750,821
------------
104,911,790
UNITED STATES - 30.10%
Albertsons, Incorporated * 515,859 26,598,980
Alcoa, Incorporated * 75,200 4,653,000
B.F. Goodrich Company 211,700 8,997,250
BJ's Wholesale Club,
Incorporated * 425,000 12,776,563
Boise Cascade Corporation 170,500 7,310,188
Borg-Warner Automotive,
Incorporated * 163,150 8,973,250
Cadiz, Incorporated * 305,850 2,886,459
Chase Manhattan Corporation
111,950 9,697,669
SHARES VALUE
------ -----
UNITED STATES-CONTINUED
Comsat Corporation, Series 1 529,000 $ 17,192,500
Data General Corporation * 630,950 9,188,209
Enhance Financial Services
Group, Incorporated 450,200 8,891,450
FINOVA Group, Incorporated 269,340 14,174,017
GenRad, Incorporated * 485,100 10,096,144
Georgia-Pacific Corporation 92,900 4,401,138
Houghton Mifflin Company 415,050 19,533,291
IBP, Incorporated 97,000 2,303,750
Intelidata Technologies
Corporation * 963,600 2,409,000
MBIA, Incorporated 267,550 17,323,862
Mellon Bank Corporation 373,300 13,578,787
NCR Corporation * 68,926 3,364,450
Noble Drilling Corporation * 277,690 5,467,022
PennCorp Financial Group,
Incorporated * 35,500 17,750
Pharmacia & Upjohn,
Incorporated 38,950 2,212,847
Philip Morris Companies,
Incorporated 860,750 34,591,391
Rite Aid Corporation 165,800 4,082,825
Sears Roebuck & Company 1,700 75,756
Tenneco, Incorporated 219,200 5,233,400
Terra Nova Bermuda Holdings,
Ltd., Class A 213,200 5,743,075
Tupperware Corporation 338,500 8,631,750
U.S. Bancorp 123,600 4,202,400
Unicom Corporation 467,750 18,037,609
UST Corporation 155,600 4,706,900
------------
297,352,682
TOTAL COMMON STOCKS
(Cost: $711,141,874) $851,676,881
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 6.70%
$66,675,079 Navigator Securities Lending
Trust, 4.97% $ 66,675,079
------------
REPURCHASE AGREEMENTS - 7.00%
$68,992,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00% to be
repurchased at $68,999,666 on
07/01/1999, collateralized by
$62,555,000 U.S. Treasury Bonds,
7.50% due 11/15/2016 (valued at
$70,374,375 including interest). $ 68,992,000
------------
TOTAL INVESTMENTS (GLOBAL EQUITY TRUST)
(Cost: $846,808,953) $987,343,960
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
115
<PAGE> 119
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
The Trust had the following five top industry concentrations at June 30, 1999
(as a percentage of total investments):
<TABLE>
<S> <C>
Food & Beverages 9.70%
Tobacco 7.79%
Banking 6.11%
Insurance 5.86%
Telecommunications Services 5.56%
</TABLE>
GROWTH TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 93.80%
AEROSPACE - 1.36%
Cordant Technologies,
Incorporated 102,000 $ 4,609,125
United Technologies
Corporation 24,800 1,777,850
------------
6,386,975
APPAREL & TEXTILES - 1.90%
Intimate Brands,
Incorporated, Class A 81,795 3,875,038
Shaw Industries, Incorporated * 306,000 5,049,000
------------
8,924,038
AUTO PARTS - 0.43%
Meritor Automotive,
Incorporated 78,700 2,006,850
------------
BANKING - 0.22%
Firstar Corporation 37,240 1,042,720
------------
BROADCASTING - 1.28%
MediaOne Group, Incorporated * 81,100 6,031,813
------------
BUSINESS SERVICES - 1.93%
American Management Systems,
Incorporated * 79,900 2,561,794
SABRE Group Holdings,
Incorporated, Class A * 30,000 2,062,500
Viad Corporation 144,100 4,458,094
------------
9,082,388
CHEMICALS - 0.24%
Cytec Industries,
Incorporated * 35,000 1,115,625
------------
COMPUTERS & BUSINESS
EQUIPMENT - 17.09%
America Online, Incorporated * 107,400 11,867,700
Cisco Systems, Incorporated * 240,000 15,480,000
Dell Computer Corporation * 85,000 3,145,000
SHARES VALUE
------ -----
COMPUTERS & BUSINESS
EQUIPMENT-CONTINUED
EMC Corporation * 154,800 $ 8,514,000
Hewlett-Packard Company 93,800 9,426,900
Ingram Micro, Incorporated,
Class A * 155,000 3,991,250
International Business
Machines Corporation 60,900 7,871,325
Seagate Technology,
Incorporated * 41,900 1,073,688
Sun Microsystems,
Incorporated * 79,200 5,454,900
Tandy Corporation 160,800 7,859,100
Veritas Software Corporation * 59,000 5,601,312
------------
80,285,175
DRUGS & HEALTH CARE - 14.95%
Abbott Laboratories * 102,700 4,672,850
American Home Products
Corporation * 50,000 2,875,000
Amgen, Incorporated * 69,700 4,242,988
Bristol-Myers Squibb Company 174,300 12,277,256
Eli Lilly & Company 50,000 3,581,250
Johnson & Johnson 133,400 13,073,200
Merck & Company, Incorporated 126,200 9,338,800
Pacificare Health Systems,
Class B * 68,300 4,913,331
Pfizer, Incorporated 49,600 5,443,600
Schering-Plough Corporation 185,400 9,826,200
------------
70,244,475
ELECTRICAL EQUIPMENT - 4.91%
General Electric Company 204,200 23,074,600
------------
ELECTRONICS - 10.57%
Applied Materials,
Incorporated * 111,100 8,207,512
Intel Corporation 205,200 12,209,400
Lexmark International Group,
Incorporated, Class A * 56,000 3,699,500
Lucent Technologies,
Incorporated 223,100 15,045,306
Tellabs, Incorporated * 117,000 7,904,813
Texas Instruments,
Incorporated 18,000 2,610,000
------------
49,676,531
FINANCIAL SERVICES - 4.73%
American Express Company * 25,000 3,253,125
Citigroup, Incorporated 142,450 6,766,375
Federal Home Loan Mortgage
Corporation 121,700 7,058,600
</TABLE>
The accompanying notes are an integral part of the financial statements.
116
<PAGE> 120
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES-CONTINUED
Federal National Mortgage
Association 75,200 $ 5,141,800
------------
22,219,900
FOOD & BEVERAGES - 3.58%
International Home Foods,
Incorporated * 98,200 1,810,563
Interstate Bakeries
Corporation 201,700 4,525,644
Suiza Foods Corporation * 78,100 3,270,437
The Coca-Cola Company 115,600 7,225,000
------------
16,831,644
HOTELS & RESTAURANTS - 0.14%
McDonalds Corporation 15,800 652,738
------------
HOUSEHOLD PRODUCTS - 2.57%
Lancaster Colony Corporation 138,050 4,762,725
Procter & Gamble Company 82,000 7,318,500
------------
12,081,225
INSURANCE - 2.15%
Conseco, Incorporated 178,200 5,423,963
Equitable Companies,
Incorporated 69,800 4,676,600
------------
10,100,563
NEWSPAPERS - 1.13%
Tribune Company 61,000 5,314,625
------------
PAPER - 0.42%
Kimberly-Clark Corporation 35,000 1,995,000
------------
RETAIL GROCERY - 1.15%
Safeway, Incorporated * 109,200 5,405,400
------------
RETAIL TRADE - 10.01%
Best Buy Company,
Incorporated * 97,700 6,594,750
Dayton Hudson Corporation 92,800 6,032,000
GAP, Incorporated 146,700 7,390,012
Home Depot, Incorporated 130,100 8,383,319
Lowe's Companies, Incorporated 26,700 1,513,556
Sears Roebuck & Company 43,400 1,934,013
Wal-Mart Stores, Incorporated 314,900 15,193,925
------------
47,041,575
SHARES VALUE
------ -----
SOFTWARE - 6.05%
BMC Software, Incorporated * 100,000 $ 5,400,000
Microsoft Corporation * 255,100 23,006,831
------------
28,406,831
TELECOMMUNICATIONS SERVICES - 1.04%
MCI WorldCom, Incorporated * 56,500 4,862,531
------------
TELEPHONE - 3.69%
American Telephone &
Telegraph Corporation * 65,200 3,638,975
Bell Atlantic Corporation * 87,900 5,746,462
SBC Communications,
Incorporated 137,400 7,969,200
------------
17,354,637
TOBACCO - 2.26%
Philip Morris Companies,
Incorporated 264,200 10,617,537
------------
TOTAL COMMON STOCKS
(Cost: $397,184,421) $440,755,396
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 5.04%
$23,425,753 Navigator Securities Lending
Trust, 4.97% $ 23,425,753
United States Treasury Bills, ***
230,000 zero coupon due 09/16/1999 227,771
25,000 zero coupon due 09/23/1999 24,735
------------
$ 23,678,259
REPURCHASE AGREEMENTS - 1.16%
$5,447,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00%, to be
repurchased at $5,447,605 on
07/01/1999, collateralized by
$4,820,000 U.S. Treasury Bonds,
7.50% due 11/15/2024 (valued at
$5,561,075, including interest) $ 5,447,000
------------
TOTAL INVESTMENTS (GROWTH TRUST) (Cost:
$426,309,673) $469,880,655
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
117
<PAGE> 121
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
LARGE CAP GROWTH TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 89.87%
AEROSPACE - 1.18%
Boeing Company * 7,200 $ 318,150
Cordant Technologies,
Incorporated 25,800 1,165,837
General Dynamics Corporation 16,800 1,150,800
Litton Industries, Incorporated * 14,100 1,011,675
------------
3,646,462
AIR TRAVEL - 0.67%
AMR Corporation * 18,100 1,235,325
Southwest Airlines Company 27,150 845,044
------------
2,080,369
BANKING - 2.38%
Bank of New York,
Incorporated * 46,200 1,694,963
BankBoston Corporation 15,000 766,875
Comerica, Incorporated 12,700 754,856
Commonwealth Bank * 33,500 532,591
Fleet Financial Group,
Incorporated 27,696 1,229,010
HSBC Holdings * 15,800 559,859
Mellon Bank Corporation 17,200 625,650
State Street Boston
Corporation 14,100 1,203,788
------------
7,367,592
BROADCASTING - 4.63%
Cablevision Systems
Corporation, Class A * 35,200 2,464,000
Canal Plus * 1,900 532,939
CBS Corporation * 80,407 3,492,679
Comcast Corporation, Class A 92,200 3,543,938
Fox Entertainment Group,
Incorporated, Class A * 74,400 2,004,150
MediaOne Group, Incorporated * 24,200 1,799,875
TV Francaise * 2,200 512,539
------------
14,350,120
BUSINESS SERVICES - 3.67%
At Home Corporation, Series A * 13,600 733,550
Automatic Data Processing,
Incorporated * 47,800 2,103,200
First Data Corporation 33,500 1,639,406
Legato Systems, Incorporated * 15,500 895,125
OmniCom Group, Incorporated 15,300 1,224,000
Quintiles Transnational
Corporation * 33,000 1,386,000
TMP Worldwide, Incorporated * 24,400 1,549,400
SHARES VALUE
------ -----
BUSINESS SERVICES-CONTINUED
WPP Group PLC 10,300 $ 883,225
Yahoo, Incorporated * 5,600 964,600
------------
11,378,506
CHEMICALS - 0.81%
Monsanto Company 44,800 1,766,800
Union Carbide Corporation 15,100 736,125
------------
2,502,925
COMPUTERS & BUSINESS
EQUIPMENT - 7.33%
America Online, Incorporated * 21,800 2,408,900
Cisco Systems, Incorporated * 111,250 7,175,625
Citrix Systems, Incorporated * 21,100 1,192,150
Dell Computer Corporation * 82,600 3,056,200
EMC Corporation * 45,500 2,502,500
Hewlett-Packard Company 48,900 4,914,450
International Business
Machines Corporation 11,400 1,473,450
------------
22,723,275
CONTAINERS & GLASS - 0.94%
Crown Cork & Seal,
Incorporated 32,100 914,850
Owens-Illinois, Incorporated * 60,700 1,984,131
------------
2,898,981
DOMESTIC OIL - 0.51%
USX-Marathon Group 48,400 1,576,025
------------
DRUGS & HEALTH CARE - 14.53%
Abbott Laboratories * 65,500 2,980,250
Affymetrix, Incorporated * 31,800 1,570,125
ALZA Corporation * 12,500 635,938
American Home Products
Corporation * 32,500 1,868,750
Amgen, Incorporated * 60,400 3,676,850
Banyu Pharmaceutical Company,
Ltd. * 46,000 760,519
Becton Dickinson & Company * 8,700 261,000
Bristol-Myers Squibb Company 54,200 3,817,712
Eli Lilly & Company 61,400 4,397,775
First Health Group
Corporation * 32,300 696,469
Genzyme Corporation * 20,300 984,550
Genzyme Surgical Products * 3,634 14,763
Guidant Corporation * 28,400 1,460,825
Johnson & Johnson 36,300 3,557,400
Medtronic, Incorporated 11,800 918,925
Merck & Company, Incorporated 112,200 8,302,800
Pfizer, Incorporated 36,200 3,972,950
</TABLE>
The accompanying notes are an integral part of the financial statements.
118
<PAGE> 122
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE-CONTINUED
QLT PhotoTherapeutics,
Incorporated * 12,200 $ 671,000
Schering-Plough Corporation 41,300 2,188,900
SmithKline Beecham PLC, ADR 22,100 1,459,981
Watson Pharmaceuticals,
Incorporated * 23,500 823,969
------------
45,021,451
ELECTRICAL EQUIPMENT - 3.87%
Emerson Electric Company 17,700 1,112,888
General Electric Company 92,500 10,452,500
Mitsubishi Electric
Corporation * 109,000 418,988
------------
11,984,376
ELECTRIC UTILITIES - 0.39%
AES Corporation * 20,700 1,203,187
------------
ELECTRONICS - 7.95%
Altera Corporation * 25,300 931,356
Applied Materials,
Incorporated * 13,600 1,004,700
Boston Scientific Corporation * 34,900 1,533,419
Electronic Data Systems
Corporation 4,700 265,844
General Instrument
Corporation * 20,600 875,500
Intel Corporation 104,200 6,199,900
KLA-Tencor Corporation * 14,000 908,250
Linear Technology Corporation 10,700 719,575
Lucent Technologies,
Incorporated 62,824 4,236,693
Micron Technology,
Incorporated * 13,500 544,219
Motorola, Incorporated * 23,300 2,207,675
Newbridge Networks
Corporation * 6,300 181,125
Newbridge Networks
Corporation - CAD * 16,300 464,924
Raytheon Company, Class B 19,900 1,400,462
Texas Instruments,
Incorporated 21,800 3,161,000
------------
24,634,642
FINANCIAL SERVICES - 3.62%
American Express Company * 11,600 1,509,450
Association First Capital
Corporation, Class A * 35,968 1,593,832
Citigroup, Incorporated 28,400 1,349,000
Federal Home Loan Mortgage
Corporation 25,300 1,467,400
SHARES VALUE
------ -----
FINANCIAL SERVICES-CONTINUED
Federal National Mortgage
Association 55,400 $ 3,787,975
Hartford Financial Services
Group, Incorporated 11,700 682,256
Household International,
Incorporated 17,586 833,137
------------
11,223,050
FOOD & BEVERAGES - 2.25%
H.J. Heinz Company 28,600 1,433,575
PepsiCo, Incorporated 38,600 1,493,337
Quaker Oats Company 16,600 1,101,825
The Coca-Cola Company 47,200 2,950,000
------------
6,978,737
GOLD - 0.57%
Barrick Gold Corporation * 23,600 457,250
Barrick Gold Corporation -
CAD * 4,900 94,506
Newmont Mining Corporation 28,900 574,388
Placer Dome, Incorporated 50,900 601,256
Placer Dome, Incorporated - CAD * 4,300 49,935
------------
1,777,335
HOTELS & RESTAURANTS - 0.93%
McDonalds Corporation 69,500 2,871,219
------------
HOUSEHOLD PRODUCTS - 2.31%
Gillette Company 56,000 2,296,000
Procter & Gamble Company 54,300 4,846,275
------------
7,142,275
INDUSTRIAL MACHINERY - 0.28%
AptarGroup, Incorporated * 29,100 873,000
BBA Group PLC * 189 1,448
------------
874,448
INSURANCE - 1.58%
American International Group,
Incorporated * 29,097 3,406,168
CIGNA Corporation 16,900 1,504,100
------------
4,910,268
INTERNATIONAL OIL - 1.61%
Exxon Corporation 36,600 2,822,775
Halliburton Company 20,400 923,100
Texaco, Incorporated 20,000 1,250,000
------------
4,995,875
LEISURE TIME - 1.54%
CNET, Incorporated * 12,300 708,787
Seagram, Ltd. 16,200 806,975
The Walt Disney Company * 105,757 3,258,638
------------
4,774,400
</TABLE>
The accompanying notes are an integral part of the financial statements.
119
<PAGE> 123
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
LIQUOR - 0.86%
Anheuser-Busch Companies,
Incorporated * 37,700 $ 2,674,344
------------
NEWSPAPERS - 1.63%
New York Times Company, Class A 66,300 2,440,669
Tribune Company 29,900 2,605,037
------------
5,045,706
PAPER - 1.50%
Champion International
Corporation 20,700 991,013
Minnesota Mining &
Manufacturing Company 35,100 3,051,506
Smurfit Container Corporation * 29,300 602,481
------------
4,645,000
PETROLEUM SERVICES - 1.61%
Baker Hughes, Incorporated * 24,500 820,750
Schlumberger * 9,800 597,800
Schlumberger, Ltd. 30,800 1,961,575
Total SA, ADR * 24,946 1,607,458
------------
4,987,583
PUBLISHING - 1.33%
Reuters Group PLC 33,100 2,683,169
Time Warner, Incorporated 19,500 1,433,250
------------
4,116,419
RETAIL GROCERY - 0.69%
Albertsons, Incorporated * 15,700 809,531
Safeway, Incorporated * 26,900 1,331,550
------------
2,141,081
RETAIL TRADE - 5.65%
CVS Corporation 30,600 1,552,950
Dayton Hudson Corporation 47,200 3,068,000
Federated Department Stores,
Incorporated * 30,500 1,614,594
Home Depot, Incorporated 44,700 2,880,356
Michael's Stores,
Incorporated * 25,400 777,875
Staples, Incorporated * 36,700 1,135,406
TJX Companies, Incorporated 35,300 1,175,931
Wal-Mart Stores, Incorporated 77,200 3,724,900
Walgreen Company 53,800 1,580,375
------------
17,510,387
SHARES VALUE
------ -----
SANITARY SERVICES - 0.32%
Waste Management,
Incorporated * 18,700 $ 1,005,125
------------
SOFTWARE - 4.27%
Microsoft Corporation * 139,800 12,608,212
Shared Medical Systems
Corporation 9,420 614,655
------------
13,222,867
TELECOMMUNICATIONS SERVICES - 2.72%
MCI WorldCom, Incorporated * 51,427 4,425,936
Metromedia Fiber Network,
Incorporated, Class A * 18,700 672,031
Nextel Communications,
Incorporated, Class A * 16,100 808,019
Univision Communications,
Incorporated, Class A * 18,000 1,188,000
Vodafone Group PLC, ADR 6,850 1,349,450
------------
8,443,436
TELEPHONE - 3.08%
Alltel Corporation * 19,000 1,358,500
American Telephone &
Telegraph Corporation * 36,241 2,022,701
American Telephone &
Telegraph Corporation,
Class A * 60,100 2,208,675
DDI Corporation * 102 634,917
SBC Communications,
Incorporated 22,445 1,301,810
Sprint Corporation 38,300 2,022,719
------------
9,549,322
TOBACCO - 2.34%
Philip Morris Companies,
Incorporated 180,800 7,265,900
------------
TOYS, AMUSEMENTS &
SPORTING GOODS - 0.32%
Hasbro, Incorporated 35,000 977,813
------------
TOTAL COMMON STOCKS
(Cost: $257,174,269) $278,500,501
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
120
<PAGE> 124
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
WARRANTS - 0.05%
SOFTWARE - 0.05%
Rhythms NetConnections,
Incorporated *, (Expiration
date 05/15/2008, Strike Price
$0.01) 1,140 $ 164,160
------------
TOTAL WARRANTS
(Cost: $0) $ 164,160
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 5.90%
$18,271,861 Navigator Securities Lending
Trust, 4.97% $ 18,271,861
------------
REPURCHASE AGREEMENTS - 4.18%
$12,940,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.25%, to be
repurchased at $12,941,528 on
07/01/1999, collateralized by
$11,650,000 U.S. Treasury Bonds,
7.25% due 08/15/2022 (valued at
$13,199,159, including interest) $ 12,940,000
------------
TOTAL INVESTMENTS (LARGE CAP GROWTH
TRUST) (Cost: $288,386,130) $309,876,522
============
</TABLE>
QUANTITATIVE EQUITY TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 89.12%
AIR TRAVEL - 0.45%
Galileo International,
Incorporated 32,500 $1,736,719
------------
APPAREL & TEXTILES - 0.22%
Shaw Industries, Incorporated * 52,100 859,650
------------
AUTOMOBILES - 2.38%
Ford Motor Company 87,600 4,943,925
General Motors Corporation 52,000 3,432,000
PACCAR, Incorporated 16,700 891,362
------------
9,267,287
SHARES VALUE
------ -----
BANKING - 8.71%
AmSouth Bancorporation * 45,750 $1,060,828
Bank America Corporation * 57,100 4,186,144
Bank One Corporation 81,420 4,849,579
Charter One Financial,
Incorporated 40,500 1,126,406
First Union Corporation 70,300 3,304,100
Fleet Financial Group,
Incorporated 88,300 3,918,313
MBNA Corporation 171,000 5,236,875
Providian Financial
Corporation 15,700 1,467,950
Telebanc Financial
Corporation * 10,000 387,500
U.S. Bancorp 112,000 3,808,000
Washington Mutual,
Incorporated 128,500 4,545,687
------------
33,891,382
BROADCASTING - 0.06%
Adelphia Communications
Corporation, Class A * 3,900 248,138
------------
BUSINESS SERVICES - 1.69%
Outsource International,
Incorporated * 75,000 285,938
TMP Worldwide, Incorporated * 8,600 546,100
Tyco International, Ltd. 38,400 3,638,400
Valassis Communications,
Incorporated * 32,650 1,195,806
Yahoo, Incorporated * 5,400 930,150
------------
6,596,394
CHEMICALS - 1.76%
B.F. Goodrich Company 22,800 969,000
Monsanto Company 120,700 4,760,106
Waters Corporation * 21,200 1,126,250
------------
6,855,356
COMPUTERS & BUSINESS
EQUIPMENT - 9.19%
America Online, Incorporated * 25,500 2,817,750
Cisco Systems, Incorporated * 86,400 5,572,800
Compaq Computer Corporation 110,400 2,615,100
CSG Systems International,
Incorporated * 15,600 408,525
EMC Corporation * 122,300 6,726,500
Hewlett-Packard Company 33,200 3,336,600
International Business
Machines Corporation 31,800 4,110,150
Pixar * 22,000 948,750
Sun Microsystems,
Incorporated * 80,000 5,510,000
Xerox Corporation 62,600 3,697,312
------------
35,743,487
</TABLE>
The accompanying notes are an integral part of the financial statements.
121
<PAGE> 125
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONSTRUCTION MATERIALS - 0.80%
Masco Corporation 107,200 $3,095,400
------------
COSMETICS & TOILETRIES - 1.31%
Avon Products, Incorporated 74,300 4,123,650
Estee Lauder Companies,
Incorporated, Class A 19,400 972,425
------------
5,096,075
CRUDE PETROLEUM &
NATURAL GAS - 1.57%
Sunoco, Incorporated 186,500 5,629,968
Union Pacific Resources
Group, Incorporated 28,300 461,644
------------
6,091,612
DOMESTIC OIL - 0.91%
USX-Marathon Group 109,300 3,559,081
------------
DRUGS & HEALTH CARE - 9.17%
Allergan, Incorporated 15,600 1,731,600
Amgen, Incorporated * 140,600 8,559,025
Becton Dickinson & Company * 137,000 4,110,000
Eli Lilly & Company 48,700 3,488,137
Guidant Corporation * 90,100 4,634,519
McKesson, Incorporated 60,500 1,943,563
Medimmune, Incorporated * 21,500 1,456,625
Medtronic, Incorporated 54,100 4,213,037
United Healthcare Corporation 32,500 2,035,313
Warner-Lambert Company 50,600 3,510,375
------------
35,682,194
ELECTRICAL EQUIPMENT - 1.65%
General Electric Company 56,700 6,407,100
------------
ELECTRIC UTILITIES - 0.74%
Energy East Corporation 19,200 499,200
Florida Progress Corporation 23,300 962,581
PECO Energy Company 33,900 1,419,563
------------
2,881,344
ELECTRONICS - 6.54%
Adaptec, Incorporated * 32,000 1,130,000
Electronics For Imaging,
Incorporated * 22,500 1,155,937
Intel Corporation 64,500 3,837,750
KLA-Tencor Corporation * 15,100 979,613
Lexmark International Group,
Incorporated, Class A * 15,800 1,043,788
Linear Technology Corporation 67,400 4,532,650
SHARES VALUE
------ -----
ELECTRONICS-CONTINUED
Lucent Technologies,
Incorporated 91,575 $6,175,589
Scientific-Atlanta, Incorporated 28,400 1,022,400
Texas Instruments, Incorporated 34,400 4,988,000
Uniphase Corporation * 3,600 597,600
------------
25,463,327
FINANCIAL SERVICES - 5.46%
American Express Company * 29,400 3,825,675
Capital One Financial
Corporation 5,100 284,006
Charles Schwab Corporation 46,750 5,136,656
Citigroup, Incorporated 98,300 4,669,250
Federal National Mortgage
Association 55,000 3,760,625
Morgan Stanley Dean Witter &
Company 35,000 3,587,500
------------
21,263,712
FOOD & BEVERAGES - 1.66%
H.J. Heinz Company 40,900 2,050,113
Nabisco Group Holding
Corporation 129,400 2,531,387
Pepsi Bottling Group,
Incorporated 47,500 1,095,469
Supervalu, Incorporated 30,000 770,625
------------
6,447,594
FOREST PRODUCTS - 1.02%
Georgia-Pacific Corporation 84,000 3,979,500
------------
GAS & PIPELINE UTILITIES - 1.07%
Coastal Corporation 79,500 3,180,000
El Paso Energy Corporation 28,400 999,325
------------
4,179,325
HOMEBUILDERS - 0.28%
Centex Corporation * 29,000 1,089,313
------------
HOTELS & RESTAURANTS - 0.67%
Brinker International,
Incorporated * 40,300 1,095,656
Darden Restaurants,
Incorporated 69,100 1,507,244
------------
2,602,900
INSURANCE - 2.96%
AFLAC, Incorporated * 24,300 1,163,363
American International Group,
Incorporated * 38,600 4,518,612
</TABLE>
The accompanying notes are an integral part of the financial statements.
122
<PAGE> 126
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE-CONTINUED
Marsh & McLennan Companies,
Incorporated 77,550 $ 5,855,025
------------
11,537,000
LEISURE TIME - 1.18%
Carnival Corporation, Class A 94,900 4,602,650
------------
PAPER - 0.51%
Boise Cascade Corporation 20,900 896,087
Mead Corporation 25,800 1,077,150
------------
1,973,237
PETROLEUM SERVICES - 0.12%
Global Marine, Incorporated * 31,000 478,563
------------
POLLUTION CONTROL - 1.21%
Browning-Ferris Industries,
Incorporated 109,400 4,704,200
------------
PUBLISHING - 1.16%
Time Warner, Incorporated 61,400 4,512,900
REAL ESTATE - 1.05%
Equity Residential Properties
Trust SBI 32,300 1,455,519
Simon Property Group,
Incorporated 103,800 2,633,925
------------
4,089,444
RETAIL GROCERY - 2.89%
Albertsons, Incorporated * 75,600 3,898,125
Kroger Company * 163,200 4,559,400
Safeway, Incorporated * 56,100 2,776,950
------------
11,234,475
RETAIL TRADE - 9.64%
Abercrombie & Fitch Company,
Class A * 41,800 2,006,400
Amazon.com, Incorporated * 16,000 2,002,000
Best Buy Company,
Incorporated * 24,200 1,633,500
CVS Corporation 86,500 4,389,875
Dayton Hudson Corporation 44,600 2,899,000
GAP, Incorporated 111,825 5,633,184
Home Depot, Incorporated 42,100 2,712,819
Lowe's Companies, Incorporated 76,300 4,325,256
Staples, Incorporated * 195,950 6,062,203
TJX Companies, Incorporated 51,900 1,728,919
Wal-Mart Stores, Incorporated 85,000 4,101,250
------------
37,494,406
SHARES VALUE
------ -----
SOFTWARE - 4.08%
Microsoft Corporation * 104,200 $ 9,397,537
Oracle Systems Corporation * 104,050 3,862,856
Siebel Systems, Incorporated * 18,700 1,241,213
USA Networks, Incorporated * 34,100 1,368,263
------------
15,869,869
STEEL - 0.23%
Alaska Steel Holding
Corporation 39,100 879,750
------------
TELECOMMUNICATIONS SERVICES - 3.02%
MCI WorldCom, Incorporated * 62,270 5,359,112
Metromedia Fiber Network,
Incorporated, Class A * 27,300 981,094
Vodafone Group PLC, ADR 27,450 5,407,650
------------
11,747,856
TELEPHONE - 2.25%
American Telephone &
Telegraph Corporation * 74,200 4,141,287
Bell Atlantic Corporation * 58,400 3,817,900
Qwest Communications
International, Incorporated * 23,600 780,275
------------
8,739,462
TOBACCO - 1.51%
Philip Morris Companies,
Incorporated 112,500 4,521,094
R.J. Reynolds Tobacco
Holdings, Incorporated * 43,133 1,358,689
------------
5,879,783
TOTAL COMMON STOCKS
(Cost: $314,165,695) $346,780,485
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 4.40%
$17,105,807 Navigator Securities Lending
Trust, 4.97% $ 17,105,807
------------
REPURCHASE AGREEMENTS - 6.48%
$25,235,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.70% to be
repurchased at $25,238,295 on
07/15/1999, collaterized by
$25,355,000 U.S. Treasury Notes,
5.75% due 08/15/2003 (valued at
$25,740,219 including interest). $ 25,235,000
------------
TOTAL INVESTMENTS (QUANTITATIVE EQUITY
TRUST) (Cost: $356,506,502) $389,121,292
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
123
<PAGE> 127
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
BLUE CHIP GROWTH TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 93.70%
AEROSPACE - 1.44%
AlliedSignal, Incorporated * 348,500 $ 21,955,500
------------
AIR TRAVEL - 0.56%
Galileo International,
Incorporated 160,300 8,566,031
------------
APPAREL & TEXTILES - 0.69%
NIKE, Incorporated, Class B 134,600 8,521,863
Warnaco Group, Incorporated,
Class A 75,900 2,030,325
------------
10,552,188
AUTO PARTS - 1.14%
Danaher Corporation 297,300 17,280,563
------------
BANKING - 4.70%
Bank America Corporation * 276,600 20,278,237
Bank of New York,
Incorporated * 430,900 15,808,644
Bank One Corporation 25,100 1,495,019
Chase Manhattan Corporation 127,000 11,001,375
Firstar Corporation 75,300 2,108,400
Mellon Bank Corporation 429,800 15,633,975
State Street Boston
Corporation 61,100 5,216,412
------------
71,542,062
BROADCASTING - 4.17%
CBS Corporation * 428,000 18,591,250
Clear Channel Communications * 156,700 10,802,506
Fox Entertainment Group,
Incorporated, Class A * 306,800 8,264,425
Infinity Broadcasting
Corporation, Class A * 330,400 9,829,400
MediaOne Group, Incorporated * 214,500 15,953,438
------------
63,441,019
BUSINESS SERVICES - 7.13%
Automatic Data Processing,
Incorporated * 240,200 10,568,800
Cendant Corporation * 126,300 2,589,150
Concord EFS, Incorporated * 76,300 3,228,444
First Data Corporation 264,800 12,958,650
H & R Block, Incorporated * 152,200 7,610,000
IMS Health, Incorporated 100,300 3,134,375
SHARES VALUE
------ -----
BUSINESS SERVICES-CONTINUED
Newell Rubbermaid,
Incorporated 58,200 $ 2,706,300
Nokia Corporaton, ADR 81,500 7,462,343
OmniCom Group, Incorporated 164,600 13,168,000
SunGuard Data Systems,
Incorporated * 125,800 4,340,100
Tyco International, Ltd. 428,848 40,633,348
------------
108,399,510
CHEMICALS - 0.32%
Great Lakes Chemical
Corporation 105,800 4,873,413
------------
COMPUTERS & BUSINESS
EQUIPMENT - 5.44%
America Online, Incorporated * 104,000 11,492,000
Ceridian Corporation * 101,600 3,321,050
Cisco Systems, Incorporated * 252,550 16,289,475
Dell Computer Corporation * 225,000 8,325,000
EMC Corporation * 151,600 8,338,000
Hewlett-Packard Company 186,700 18,763,350
International Business
Machines Corporation 64,000 8,272,000
Sun Microsystems,
Incorporated * 115,700 7,968,837
------------
82,769,712
CONSTRUCTION MATERIALS - 0.52%
Masco Corporation 275,000 7,940,625
------------
DOMESTIC OIL - 0.10%
Amerada Hess Corporation * 25,300 1,505,350
------------
DRUGS & HEALTH CARE - 12.91%
American Home Products
Corporation * 228,500 13,138,750
Amgen, Incorporated * 83,600 5,089,150
Baxter International,
Incorporated * 82,100 4,977,313
Biogen, Incorporated * 119,200 7,666,050
Bristol-Myers Squibb Company 394,800 27,808,725
Cardinal Health, Incorporated 125,097 8,021,845
Eli Lilly & Company 179,000 12,820,875
Johnson & Johnson 170,300 16,689,400
Medtronic, Incorporated 6,300 490,613
Merck & Company, Incorporated 274,500 20,313,000
Pfizer, Incorporated 188,700 20,709,825
Schering-Plough Corporation 277,900 14,728,700
United Healthcare Corporation 329,100 20,609,887
Warner-Lambert Company 277,000 19,216,875
Wellpoint Health Networks
Incorporated 48,400 4,107,950
------------
196,388,958
</TABLE>
The accompanying notes are an integral part of the financial statements.
124
<PAGE> 128
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRICAL EQUIPMENT - 1.38%
General Electric Company 186,200 $ 21,040,600
------------
ELECTRONICS - 7.34%
Altera Corporation * 131,900 4,855,569
Applied Materials,
Incorporated * 122,000 9,012,750
Boston Scientific Corporation * 175,100 7,693,456
Intel Corporation 343,600 20,444,200
Linear Technology Corporation 49,500 3,328,875
Lucent Technologies,
Incorporated 212,025 14,298,436
Maxim Integrated Products,
Incorporated * 141,200 9,389,800
Motorola, Incorporated * 63,400 6,007,150
Raytheon Company, Class B 50,200 3,532,825
Solectron Corporation * 91,300 6,088,569
Tellabs, Incorporated * 96,400 6,513,025
Texas Instruments,
Incorporated 89,700 13,006,500
Xilinx, Incorporated * 128,800 7,373,800
------------
111,544,955
FINANCIAL SERVICES - 11.91%
American Express Company * 115,500 15,029,438
Association First Capital
Corporation, Class A * 258,700 11,463,644
Capital One Financial
Corporation 210,000 11,694,375
Citigroup, Incorporated 891,975 42,368,812
Fairfax Financial Holdings,
Ltd. * 16,000 4,292,020
Federal Home Loan Mortgage
Corporation 578,700 33,564,600
Federal National Mortgage
Association 264,600 18,092,025
Goldman Sachs Group,
Incorporated 30,500 2,203,625
Morgan Stanley Dean Witter &
Company 69,900 7,164,750
TD Waterhouse Group,
Incorporated * 36,600 917,288
Wells Fargo & Company 588,900 25,175,475
Xl Capital, Ltd., Shares A 161,242 9,110,173
------------
181,076,225
FOOD & BEVERAGES - 1.63%
H.J. Heinz Company 126,000 6,315,750
PepsiCo, Incorporated 327,700 12,677,894
The Coca-Cola Company 41,600 2,600,000
United States Foodservice * 75,947 3,237,241
------------
24,830,885
SHARES VALUE
------ -----
HOTELS & RESTAURANTS - 1.26%
McDonalds Corporation 264,200 $ 10,914,763
Starwood Hotels & Resorts,
Class B 267,300 8,169,356
------------
19,084,119
HOUSEHOLD PRODUCTS - 1.76%
Colgate-Palmolive Company 50,400 4,977,000
Corning, Incorporated 148,700 10,427,587
Gillette Company 88,900 3,644,900
Procter & Gamble Company 85,900 7,666,575
------------
26,716,062
INDUSTRIAL MACHINERY - 0.55%
SPX Corporation * 101,000 8,433,500
------------
INSURANCE - 3.47%
ACE, Ltd. 278,300 7,861,975
Aetna, Incorporated * 91,000 8,138,812
American International Group,
Incorporated * 42,975 5,030,761
Berkshire Hathaway,
Incorporated, Class A * 51 3,513,900
Berkshire Hathaway,
Incorporated, Class B * 18 40,320
CIGNA Corporation 43,000 3,827,000
Equifax, Incorporated 46,700 1,666,606
Marsh & McLennan Companies,
Incorporated 140,500 10,607,750
Travelers Property Casualty
Corporation, Class A 158,700 6,209,138
UNUM Corporation 106,800 5,847,300
------------
52,743,562
INTERNATIONAL OIL - 1.18%
Chevron Corporation 105,100 10,004,206
Halliburton Company 176,200 7,973,050
------------
17,977,256
LEISURE TIME - 0.43%
Carnival Corporation, Class A 95,300 4,622,050
The Walt Disney Company * 63,500 1,956,594
------------
6,578,644
NEWSPAPERS - 0.55%
Tribune Company 95,300 8,303,013
------------
PAPER - 0.80%
Kimberly-Clark Corporation 213,200 12,152,400
------------
PETROLEUM SERVICES - 1.79%
BP Amoco PLC * 92,300 10,014,550
Mobil Corporation 174,500 17,275,500
------------
27,290,050
</TABLE>
The accompanying notes are an integral part of the financial statements.
125
<PAGE> 129
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PHOTOGRAPHY - 0.26%
Eastman Kodak Company 58,000 $ 3,929,500
--------------
PUBLISHING - 1.34%
Time Warner, Incorporated 277,600 20,403,600
--------------
RETAIL GROCERY - 2.30%
Kroger Company * 557,000 15,561,187
Safeway, Incorporated * 390,700 19,339,650
--------------
34,900,837
RETAIL TRADE - 3.84%
CVS Corporation 275,266 13,969,750
Dayton Hudson Corporation 79,000 5,135,000
Federated Department Stores,
Incorporated * 39,200 2,075,150
Home Depot, Incorporated 226,200 14,575,762
Saks, Incorporated * 207,400 5,988,675
Wal-Mart Stores, Incorporated 344,200 16,607,650
--------------
58,351,987
SANITARY SERVICES - 1.27%
Waste Management,
Incorporated * 360,600 19,382,250
--------------
SOFTWARE - 4.81%
BMC Software, Incorporated * 310,100 16,745,400
Compuware Corporation * 239,900 7,631,819
Microsoft Corporation * 442,300 39,889,931
Oracle Systems Corporation * 101,100 3,753,337
Parametric Technology
Corporation * 371,600 5,155,950
--------------
73,176,437
TELECOMMUNICATIONS SERVICES - 3.15%
MCI WorldCom, Incorporated * 419,943 36,141,344
Vodafone Group PLC, ADR 59,350 11,691,950
--------------
47,833,294
TELEPHONE - 1.89%
Alltel Corporation * 121,900 8,715,850
GTE Corporation 75,600 5,726,700
Qwest Communications
International, Incorporated * 44,200 1,461,362
SBC Communications,
Incorporated 176,500 10,237,000
Sprint Corporation 49,600 2,619,500
--------------
28,760,412
SHARES VALUE
------ -----
TOBACCO - 0.81%
Philip Morris Companies,
Incorporated 305,400 $ 12,273,263
--------------
TOYS, AMUSEMENTS &
SPORTING GOODS - 0.86%
Hasbro, Incorporated 269,700 7,534,745
Mattel, Incorporated 206,940 5,470,976
--------------
13,005,721
TOTAL COMMON STOCKS
(Cost: $1,011,853,517) $1,425,003,503
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------- -----
<S> <C>
SHORT TERM INVESTMENTS - 6.13%
$52,920,825 Navigator Securities Lending
Trust, 4.97% $ 52,920,825
15,000,000 Abbey National North America,
4.80% due 08/09/1999 14,922,000
140,000 Svenska Handelsbanken,
Incorporated, 4.82% due
08/24/1999 138,988
10,000,000 Associates Finance Services
Company, 5.03% due
07/20/1999 9,973,452
1,310,000 Colgate-Palmolive Company
4.83% due 07/01/1999 1,310,000
13,431,000 Gilfin BV
5.70% due 07/01/1999 13,431,000
569,000 Motorola, Incorporated
4.80% due 07/01/1999 569,000
------------
$ 93,265,265
REPURCHASE AGREEMENTS - 0.17%
$2,504,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00%, to be
repurchased at $2,504,278 on
07/01/1999, collateralized by
$1,970,000 U.S. Treasury Bonds,
8.875% due 08/15/2017 (valued at
$2,555,098, including interest) $ 2,504,000
--------------
TOTAL INVESTMENTS (BLUE CHIP GROWTH
TRUST) (Cost: $1,107,622,783) $1,520,772,768
==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
126
<PAGE> 130
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
REAL ESTATE SECURITIES TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 92.28%
HOMEBUILDERS - 0.49%
Centex Corporation 20,000 $ 751,250
----------
HOTELS & RESTAURANTS - 2.73%
Starwood Hotels & Resorts, Class B 113,600 3,471,900
Wyndham International, Incorporated, Class A 164,500 740,250
----------
4,212,150
REAL ESTATE - 88.43%
Alexandria Real Estate Equities 51,900 1,621,875
AMB Property Corporation 99,500 2,338,250
Apartment Investment & Management Company,
Class A 77,200 3,300,300
Archstone Communities Trust SBI 200,450 4,397,372
Arden Realty, Incorporated 71,997 1,772,926
Avalon Bay Communities, Incorporated 75,027 2,775,999
Boston Properties, Incorporated 94,600 3,393,775
Brandywine Realty Trust SBI 82,900 1,642,456
BRE Properties, Incorporated 51,291 1,330,360
Camden Property Trust 59,800 1,659,450
CarrAmerica Realty Corporation 132,500 3,312,500
CBL & Associates Properties, Incorporated 81,500 2,149,562
CenterPoint Properties Trust 24,300 889,988
Chateau Communities, Incorporated 33,400 999,913
Chelsea GCA Realty, Incorporated 55,300 2,053,012
Cornerstone Properties, Incorporated 189,300 3,005,137
Crescent Real Estate Equities 169,570 4,027,287
Developers Diversified Realty 148,200 2,463,825
Duke Realty Investments, Incorporated 162,650 3,669,791
Equity Office Properties Trust 256,380 6,569,737
Equity Residential Properties Trust SBI 153,712 6,926,647
Essex Property Trust 61,900 2,189,712
Federal Realty Investment Trust SBI 45,400 1,041,363
Felcor Lodging Trust, Incorporated 83,825 1,739,369
First Industrial Realty Trust, Incorporated 43,700 $1,199,019
Gables Residential Trust SBI 30,085 725,801
General Growth Properties, Incorporated 81,300 2,886,150
Glenborough Realty Trust, Incorporated 38,250 669,375
Highwoods Properties, Incorporated 68,700 1,884,956
Hospitality Properties Trust SBI 60,600 1,643,775
Host Marriott Corporation 262,100 3,112,437
JDN Reality Corporation 40,750 911,781
Kimco Realty Corporation 101,600 3,975,100
Liberty Property Trust SBI 79,700 1,982,538
Mack-California Realty Corporation 67,350 2,083,641
Manufactured Home Communities, Incorporated 90,700 2,358,200
Meristar Hospitality Corporation 119,131 2,673,002
Mills Corporation 24,729 536,310
New Plan Excel Realty Trust, Incorporated 112,500 2,025,000
Post Properties, Incorporated 42,300 1,734,300
Prentiss Properties Trust SBI 107,000 2,514,500
Prison Realty Corporation 123,250 1,209,391
Prologis Trust SBI 218,000 4,414,500
Public Storage, Incorporated 139,377 3,902,556
Reckson Associates Realty Corporation 43,000 1,010,500
Regency Realty Corporation 65,400 1,434,713
Shurgard Storage Centers, Incorporated, Class A 33,800 916,825
Simon Property Group, Incorporated 226,760 5,754,035
Sl Green Realty Corporation 97,700 1,996,744
Spieker Properties, Incorporated 91,000 3,537,625
Storage USA, Incorporated 38,138 1,215,649
Summit Properties, Incorporated 99,400 1,963,150
Sun Communities, Incorporated 19,720 700,060
Taubman Centers, Incorporated, REIT 58,500 771,469
The Macerich Company, REIT 39,000 1,023,750
Urban Shopping Centers, Incorporated 20,250 637,875
Vornado Realty Trust 116,650 4,119,203
Weeks Corporation 28,550 870,775
</TABLE>
The accompanying notes are an integral part of the financial statements.
127
<PAGE> 131
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
REAL ESTATE - CONTINUED
Weingarten Realty Investors SBI
31,400 $ 1,310,950
Westfield America, Incorporated
83,700 1,260,731
------------
136,236,992
RETAIL TRADE - 0.63%
Home Depot, Incorporated 15,000 966,562
------------
TOTAL COMMON STOCKS
(Cost: $139,366,035) $142,166,954
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 7.60%
$11,707,596 Navigator Securities Lending
Trust, 4.97% $ 11,707,596
------------
REPURCHASE AGREEMENTS - 0.12%
$181,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.70% to be
repurchased at $181,024 on
07/01/1999, collateralized by
$155,000 U.S Treasury Bonds,
8.125% due 08/15/2019 (valued at
$198,873 including interest). $ 181,000
------------
TOTAL INVESTMENTS (REAL ESTATE
SECURITIES TRUST) (Cost: $151,254,631) $154,055,550
============
</TABLE>
<TABLE>
<CAPTION>
VALUE TRUST
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 94.83%
AEROSPACE - 1.31%
TRW, Incorporated 42,000 $ 2,304,750
------------
AIR TRAVEL - 2.97%
AMR Corporation * 46,000 3,139,500
Delta Air Lines, Incorporated 36,400 2,097,550
------------
5,237,050
APPAREL & TEXTILES - 4.55%
Liz Claiborne, Incorporated 82,600 3,014,900
Springs Industries, Incorporated 31,300 1,365,463
V. F. Corporation 85,200 3,642,300
------------
8,022,663
AUTO PARTS - 2.54%
Dana Corporation 56,300 $2,593,319
Delphi Automotive Systems Corporation 4 74
Eaton Corporation 20,500 1,886,000
------------
4,479,393
AUTOMOBILES - 6.20%
Ford Motor Company 67,700 3,820,819
General Motors Corporation 107,500 7,095,000
------------
10,915,819
BANKING - 13.21%
Bank America Corporation * 41,600 3,049,800
Bank One Corporation 43,400 2,585,013
BankBoston Corporation 24,400 1,247,450
Chase Manhattan Corporation 61,900 5,362,087
First Union Corporation 27,520 1,293,440
KeyCorp 57,400 1,843,975
PNC Bank Corporation 59,800 3,445,975
Washington Mutual, Incorporated 125,600 4,443,100
------------
23,270,840
BUSINESS SERVICES - 3.13%
First Data Corporation 64,500 3,156,469
Olsten Corporation 94,100 594,006
Service Corporation International 91,700 1,765,225
------------
5,515,700
CHEMICALS - 8.85%
Air Products & Chemicals, Incorporated * 32,900 1,324,225
Eastman Chemical Company 5,300 274,275
Engelhard Corporation 119,400 2,701,425
FMC Corporation * 38,900 2,657,356
IMC Global, Incorporated 79,700 1,404,713
Lubrizol Corporation 94,700 2,580,575
Rohm & Haas Company 32,000 1,372,000
Solutia, Incorporated 67,100 1,430,069
W. R. Grace & Company * 100,500 1,846,687
------------
15,591,325
COMPUTERS & BUSINESS EQUIPMENT - 4.89%
International Business Machines Corporation 39,600 5,118,300
Quantum Corporation 144,800 3,493,300
------------
8,611,600
CONSTRUCTION MATERIALS - 1.02%
Owens-Corning 52,100 1,790,938
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
128
<PAGE> 132
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DOMESTIC OIL - 1.34%
Transocean Offshore, Incorporated 31,300 $821,625
Ultramar Diamond Shamrock 70,900 1,546,506
------------
2,368,131
DRUGS & HEALTH CARE - 6.30%
Beckman Coulter, Incorporated * 36,500 1,774,812
Columbia/HCA Healthcare Corporation 42,800 976,375
HEALTHSOUTH Corporation * 268,100 4,004,744
Lifepoint Hospitals, Incorporated * 3,184 42,785
Tenet Healthcare Corporation * 110,800 2,056,725
Triad Hospitals, Incorporated * 3,184 42,984
United Healthcare Corporation 35,000 2,191,875
------------
11,090,300
ELECTRIC UTILITIES - 3.27%
CINergy Corporation 12,100 387,200
DTE Energy Company 28,400 1,136,000
Duke Energy Company 11,639 632,871
Entergy Corporation 29,500 921,875
GPU, Incorporated 22,700 957,656
PECO Energy Company 18,500 774,687
Southern Company 35,600 943,400
------------
5,753,689
ELECTRONICS - 3.56%
Arrow Electronics, Incorporated * 67,000 1,273,000
Avnet, Incorporated * 34,400 1,599,600
Intel Corporation 29,900 1,779,050
Raytheon Company, Class A 22 1,515
TekTronix, Incorporated 53,900 1,627,107
------------
6,280,272
FINANCIAL SERVICES - 2.57%
Hartford Financial Services Group, Incorporated 40,300 2,349,994
ReliaStar Financial Corporation 49,600 2,170,000
------------
4,519,994
FOOD & BEVERAGES - 2.63%
IBP, Incorporated 41,700 990,375
Nabisco Group Holding Corporation 106,100 2,075,581
Universal Foods Corporation 74,200 1,567,475
------------
4,633,431
GAS & PIPELINE UTILITIES - 0.56%
Coastal Corporation 24,700 $988,000
------------
HOUSEHOLD APPLIANCES - 0.83%
Whirlpool Corporation 19,700 1,457,800
------------
INDUSTRIAL MACHINERY - 6.99%
Case Corporation 52,200 2,512,125
Cummins Engine, Incorporated 79,100 4,518,587
Kennameta, Incorporated 34,600 1,072,600
Parker-Hannifin Corporation 55,750 2,550,563
Tecumseh Products Company, Class A 27,300 1,653,356
------------
12,307,231
INSURANCE - 5.41%
ACE, Ltd. 30,300 855,975
Allstate Corporation * 64,800 2,324,700
American General Corporation * 15,500 1,168,312
CIGNA Corporation 14,500 1,290,500
Everest Reinsurance Holdings 62,200 2,029,275
Foundation Health System, Incorporated * 57,440 861,600
Old Republic International Corporation 57,350 992,872
------------
9,523,234
INTERNATIONAL OIL - 1.34%
Nabors Industries, Incorporated * 96,700 2,363,106
------------
OFFICE FURNISHINGS & SUPPLIES - 0.31%
Standard Register 17,700 544,275
------------
PETROLEUM SERVICES - 0.44%
Tosco Corporation 29,900 775,531
------------
RAILROADS & EQUIPMENT - 0.49%
Burlington Northern Santa Fe Corporation 27,700 858,700
------------
RETAIL TRADE - 2.79%
Dillards, Incorporated, Class A 40,000 1,405,000
Sears Roebuck & Company 36,600 1,630,987
Toys R Us, Incorporated * 91,300 1,888,769
------------
4,924,756
</TABLE>
The accompanying notes are an integral part of the financial statements.
129
<PAGE> 133
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
STEEL - 0.61%
Ryerson Tull, Incorporated 47,600 $ 1,073,975
------------
TELEPHONE - 4.02%
Bell Atlantic Corporation * 43,400 2,837,275
GTE Corporation 26,700 2,022,525
U. S. West, Incorporated 37,900 2,226,625
------------
7,086,425
TIRES & RUBBER - 0.45%
Goodyear Tire & Rubber Company 13,500 793,969
------------
TOBACCO - 0.37%
R.J. Reynolds Tobacco Holdings, Incorporated * 20,566 647,829
------------
TRUCKING & FREIGHT - 1.88%
CNF Transportation, Incorporated 22,600 867,275
Navistar International Corporation * 27,900 1,395,000
Ryder Systems, Incorporated 40,700 1,058,200
------------
3,320,475
TOTAL COMMON STOCKS
(Cost: $152,660,358) $167,051,201
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 1.75%
$3,074,388 Navigator Securities Lending
Trust, 4.97% $ 3,074,388
------------
REPURCHASE AGREEMENTS - 3.42%
$6,028,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00% to be
repurchased at $6,028,700 on
07/01/1999, collateralized by
$5,470,000 U.S. Treasury Bond,
7.50% due 11/15/2016 (valued at
$6,153,750 including interest). $ 6,028,000
------------
TOTAL INVESTMENTS (VALUE TRUST)
(Cost: $161,762,746) $176,153,589
============
</TABLE>
EQUITY INDEX TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 93.11%
AEROSPACE - 1.51%
AlliedSignal, Incorporated * 4,348 $ 273,924
Boeing Company * 7,765 343,116
Computer Sciences Corporation * 1,244 86,069
General Dynamics Corporation 920 63,020
Lockheed Martin Corporation 3,116 116,071
Northrop Grumman Corporation 566 37,533
Rockwell International Corporation 1,552 94,284
Textron, Incorporated 1,285 105,771
TRW, Incorporated 914 50,156
United Technologies Corporation 3,546 254,204
------------
1,424,148
AGRICULTURE - 0.08%
Deere & Company 1,844 73,069
------------
AIR FREIGHT - 0.13%
FDX Corporation * 2,218 120,327
------------
AIR TRAVEL - 0.29%
AMR Corporation * 1,460 99,645
Delta Air Lines, Incorporated 1,018 58,662
Southwest Airlines Company 2,624 81,672
US Airways Group, Incorporated * 762 33,195
------------
273,174
ALUMINUM - 0.28%
Alcan Aluminum, Ltd. 1,745 55,731
Alcoa, Incorporated * 2,880 178,200
Reynolds Metals Company 604 35,636
------------
269,567
APPAREL & TEXTILES - 0.24%
Fruit of The Loom, Ltd., Shares A * 609 5,938
Liz Claiborne, Incorporated 587 21,426
NIKE, Incorporated, Class B 2,200 139,287
Reebok International, Ltd. * 434 8,083
Russell Corporation 252 4,914
Springs Industries, Incorporated 82 3,577
V.F. Corporation 922 39,416
------------
222,641
</TABLE>
The accompanying notes are an integral part of the financial statements.
130
<PAGE> 134
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
AUTO PARTS - 0.30%
Dana Corporation 1,270 $58,499
Danaher Corporation 1,000 58,125
Delphi Automotive Systems Corporation 3,669 68,106
Eaton Corporation 613 56,396
Genuine Parts Company 1,347 47,145
------------
288,271
AUTOMOBILES - 0.95%
Ford Motor Company 9,384 529,609
General Motors Corporation 5,035 332,310
PACCAR, Incorporated 624 33,306
------------
895,225
BANKING - 6.01%
AmSouth Bancorporation * 100 2,319
Bank America Corporation * 13,497 989,499
Bank of New York, Incorporated * 5,866 215,209
Bank One Corporation 9,201 548,035
BankBoston Corporation 2,319 118,559
BB&T Corporation 2,410 88,417
Chase Manhattan Corporation 6,562 568,433
Comerica, Incorporated 1,104 65,619
Fifth Third Bancorp 2,121 141,179
First Union Corporation 7,700 361,900
Firstar Corporation 5,400 151,200
Fleet Financial Group, Incorporated 4,408 195,605
Huntington Bancshares, Incorporated 1,655 57,925
J. P. Morgan & Company, Incorporated 1,350 189,675
KeyCorp 3,536 113,594
MBNA Corporation 6,327 193,764
Mellon Bank Corporation 3,942 143,390
Mercantile Bancorporation, Incorporated 1,200 68,550
National City Corporation 2,554 167,287
Northern Trust Corporation 846 82,062
PNC Bank Corporation 2,293 132,134
Providian Financial Corporation 1,037 96,959
Republic New York Corporation 852 58,096
Southtrust Corporation 300 11,513
State Street Boston Corporation 1,308 111,670
Summit Bancorp 1,328 55,527
SunTrust Banks, Incorporated 2,494 173,177
Synovus Financial Corporation 2,067 $41,082
U.S. Bancorp 5,664 192,576
Union Planters Corporation 1,000 44,687
Wachovia Corporation 1,640 140,322
Washington Mutual, Incorporated 4,639 164,105
------------
5,684,069
BROADCASTING - 1.26%
CBS Corporation * 5,536 240,470
Clear Channel Communications * 2,066 142,425
Comcast Corporation, Class A 5,760 221,400
MediaOne Group, Incorporated * 4,727 351,570
Viacom, Incorporated, Class B * 5,348 235,312
------------
1,191,177
BUILDING MATERIALS & CONSTRUCTION - 0.08%
Fluor Corporation 644 26,082
Fortune Brands, Incorporated 1,315 54,408
------------
80,490
BUSINESS SERVICES - 2.00%
Automatic Data Processing, Incorporated * 4,758 209,352
Cendant Corporation * 6,575 134,787
Deluxe Corporation 640 24,920
Dun & Bradstreet Corporation 1,311 46,459
Ecolab, Incorporated 938 40,920
First Data Corporation 3,457 169,177
H & R Block, Incorporated * 836 41,800
Harcourt General, Incorporated 594 30,628
Humana, Incorporated * 1,284 16,612
IMS Health, Incorporated 2,582 80,687
Interpublic Group Companies, Incorporated 1,031 89,310
ITT Industries, Incorporated 793 30,233
Laidlaw, Incorporated 2,545 18,769
Newell Rubbermaid, Incorporated 2,172 100,998
OmniCom Group, Incorporated 1,323 105,840
Paychex, Incorporated 2,000 63,750
R.R. Donnelley & Sons Company * 1,000 37,063
Service Corporation International 2,134 41,080
Tyco International, Ltd. 6,392 605,642
------------
1,888,027
</TABLE>
The accompanying notes are an integral part of the financial statements.
131
<PAGE> 135
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CHEMICALS - 1.67%
Air Products & Chemicals, Incorporated * 1,828 $ 73,577
ASARCO, Incorporated 273 5,136
B.F. Goodrich Company 651 27,667
Dow Chemical Company 1,753 222,412
E.I. Du Pont De Nemours & Company 8,802 601,287
Eastman Chemical Company 727 37,622
Engelhard Corporation 1,100 24,888
FMC Corporation * 150 10,247
Great Lakes Chemical Corporation 448 20,636
Hercules, Incorporated 808 31,764
Monsanto Company 4,871 192,100
Nalco Chemical Company 577 29,932
PPG Industries, Incorporated 1,345 79,439
Praxair, Incorporated 1,257 61,514
Rohm & Haas Company 1,616 69,286
Sigma-Aldrich Corporation 818 28,170
Union Carbide Corporation 1,034 50,407
W. R. Grace & Company * 607 11,154
------------
1,577,238
COMPUTERS & BUSINESS EQUIPMENT - 8.38%
3Com Corporation * 2,732 72,910
America Online, Incorporated * 8,100 895,050
Cabletron Systems, Incorporated * 1,262 16,406
Ceridian Corporation * 1,036 33,864
Cisco Systems, Incorporated * 24,712 1,593,924
Compaq Computer Corporation 13,270 314,333
Data General Corporation * 289 4,209
Dell Computer Corporation * 19,812 733,044
EMC Corporation * 7,918 435,490
Gateway, Incorporated * 1,105 65,195
Hewlett-Packard Company 8,087 812,743
International Business Machines Corporation 14,578 1,884,206
Pitney Bowes, Incorporated 2,187 140,515
Seagate Technology, Incorporated * 1,916 49,098
Sun Microsystems, Incorporated * 6,096 419,862
Tandy Corporation 1,676 81,915
Unisys Corporation * 1,932 75,227
Xerox Corporation 5,008 295,785
------------
7,923,776
CONSTRUCTION MATERIALS - 0.15%
Armstrong World Industries, Incorporated * 269 15,552
Masco Corporation 2,675 77,241
Owens-Corning 422 $14,506
Sherwin-Williams Company 1,318 36,574
------------
143,873
CONSTRUCTION & MINING EQUIPMENT - 0.24%
Caterpillar, Incorporated 2,752 165,120
Dover Corporation 1,729 60,515
Foster Wheeler Corporation 270 3,814
------------
229,449
CONTAINERS & GLASS - 0.12%
Ball Corporation 226 9,549
Bemis, Incorporated * 321 12,760
Crown Cork & Seal, Incorporated 930 26,505
Owens-Illinois, Incorporated * 1,176 38,440
Temple-Inland, Incorporated 433 29,552
------------
116,806
COSMETICS & TOILETRIES - 0.17%
Alberto Culver Company, Class B 432 11,502
Avon Products, Incorporated 1,998 110,889
International Flavors & Fragrances, Incorporated 852 37,808
------------
160,199
CRUDE PETROLEUM & NATURAL GAS - 0.21%
Anadarko Petroleum Corporation 904 33,279
Burlington Resources, Incorporated 1,336 57,782
Occidental Petroleum Corporation 2,704 57,122
Sunoco, Incorporated 731 22,067
Union Pacific Resources Group, Incorporated 1,952 31,842
------------
202,092
DOMESTIC OIL - 0.63%
Amerada Hess Corporation * 783 46,588
Ashland, Incorporated 613 24,597
Atlantic Richfield Company * 2,537 211,998
Kerr-McGee Corporation 735 36,888
Phillips Petroleum Company 1,890 95,091
Tenneco, Incorporated 1,309 31,252
Unocal Corporation 1,824 72,276
USX-Marathon Group 2,501 81,439
------------
600,129
DRUGS & HEALTH CARE - 9.93%
Abbott Laboratories * 11,718 533,169
Allergan, Incorporated 571 63,381
</TABLE>
The accompanying notes are an integral part of the financial statements.
132
<PAGE> 136
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - June 30, 1999 (Unaudited) - Continued
(showing percentage of total value of investments)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ALZA Corporation * 756 $38,461
American Home Products Corporation * 10,405 598,287
Amgen, Incorporated * 3,876 235,951
Bausch & Lomb, Incorporated * 431 32,972
Baxter International, Incorporated * 2,268 137,497
Becton Dickinson & Company * 1,919 57,570
Biomet, Incorporated * 864 34,344
Bristol-Myers Squibb Company 15,596 1,098,543
C.R. Bard, Incorporated 437 20,894
Cardinal Health, Incorporated 2,176 139,536
Columbia/HCA Healthcare Corporation 5,031 114,770
Eli Lilly & Company 8,511 609,600
Guidant Corporation * 2,338 120,261
HCR Manor Care, Incorporated * 824 19,931
HEALTHSOUTH Corporation * 3,286 49,085
Johnson & Johnson 10,557 1,034,586
Lifepoint Hospitals, Incorporated * 238 3,198
Mallinckrodt, Incorporated 605 22,007
McKesson HBOC, Incorporated 2,121 68,137
Medtronic, Incorporated 4,663 363,131
Merck & Company, Incorporated 18,702 1,383,948
PE Corp-Biosystems Group 290 33,278
PE Corp-Celera Genomics Group * 145 2,347
Pfizer, Incorporated 10,093 1,107,707
Pharmacia & Upjohn, Incorporated 4,013 227,989
Schering-Plough Corporation 11,498 609,394
St. Jude Medical, Incorporated * 671 23,904
Tenet Healthcare Corporation * 2,464 45,738
Triad Hospitals, Incorporated * 238 3,213
United Healthcare Corporation 1,488 93,186
Warner-Lambert Company 6,498 450,799
Watson Pharmaceuticals, Incorporated * 100 3,506
Wellpoint Health Networks, Incorporated, Class A* 100 8,488
------------
9,388,808
SHARES VALUE
------ -----
ELECTRICAL EQUIPMENT - 3.51%
Cooper Industries, Incorporated 794 $41,288
Emerson Electric Company 3,444 216,541
General Electric Company 25,604 2,893,252
Johnson Controls, Incorporated 749 51,915
Millipore Corporation 282 11,439
National Service Industries, Incorporated 282 10,152
Raychem Corporation 659 24,383
Sonat, Incorporated 890 29,481
W.W. Grainger, Incorporated 818 44,019
------------
3,322,470
ELECTRIC UTILITIES - 1.87%
AES Corporation * 1,500 87,188
Ameren Corporation 1,071 41,100
American Electric Power, Incorporated 1,588 59,649
Carolina Power & Light Company 1,129 48,335
Central & South West Corporation 1,683 39,340
CINergy Corporation 1,257 40,224
CMS Energy Corporation 100 4,188
Consolidated Edison, Incorporated 1,776 80,364
Constellation Energy Group, Incorporated 1,115 33,032
Dominion Resources, Incorporated 1,584 68,607
DTE Energy Company 1,104 44,160
Duke Energy Company 2,798 152,141
Edison International 2,716 72,653
Entergy Corporation 1,905 59,531
FirstEnergy Corporation 1,841 57,071
FPI Group, Incorporated 1,357 74,126
GPU, Incorporated 1,012 42,694
New Century Energies, Incorporated 900 34,931
Niagara Mohawk Holdings, Incorporated * 1,557 25,009
Northern States Power Company Minnesota 1,103 26,679
PacifiCorp 2,333 42,869
PECO Energy Company 1,726 72,276
PG&E Corporation 3,002 97,565
PP&L Resources, Incorporated 1,068 32,841
Public Service Enterprise Group, Incorporated 1,766 72,185
Reliant Energy, Incorporated 2,185 60,361
Southern Company 5,461 144,716
</TABLE>
The accompanying notes are an integral part of the financial statements.
133
<PAGE> 137
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - June 30, 1999 (Unaudited) - Continued
(showing percentage of total value of investments)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Texas Utilities Company 2,251 $92,854
Unicom Corporation 1,700 65,556
------------
1,772,245
ELECTRONICS - 5.99%
Advanced Micro Devices, Incorporated * 1,089 19,670
Andrew Corporation * 671 12,707
Apple Computer, Incorporated * 1,038 48,072
Applied Materials, Incorporated * 2,915 215,346
Boston Scientific Corporation * 3,120 137,085
EG & G, Incorporated 291 10,367
Electronic Data Systems Corporation 3,847 217,596
General Instrument Corporation * 1,316 55,930
Harris Corporation 732 28,685
Honeywell, Incorporated 928 107,532
Intel Corporation 26,026 1,548,547
KLA-Tencor Corporation * 716 46,450
LSI Logic Corporation * 1,088 50,184
Lucent Technologies, Incorporated 23,452 1,581,544
Micron Technology, Incorporated * 1,879 75,747
Motorola, Incorporated * 4,679 443,335
National Semiconductor Corporation * 1,242 31,438
Raytheon Company, Class B 2,618 184,242
Scientific-Atlanta, Incorporated 625 22,500
Silicon Graphics, Incorporated * 1,551 25,398
Solectron Corporation * 1,800 120,037
TekTronix, Incorporated 308 9,298
Tellabs, Incorporated * 3,038 205,255
Texas Instruments, Incorporated 3,102 449,790
Thomas & Betts Corporation 430 20,318
------------
5,667,073
FINANCIAL SERVICES - 5.53%
American Express Company * 3,541 460,773
Association First Capital Corporation, Class A * 5,674 251,429
Bear Stearns Companies, Incorporated * 935 43,711
Capital One Financial Corporation 1,811 100,850
Charles Schwab Corporation 3,100 340,613
Citigroup, Incorporated 26,714 1,268,915
Countrywide Credit Industries, Incorporated 847 $36,209
Federal Home Loan Mortgage Corporation 5,270 305,660
Federal National Mortgage Association 8,183 559,513
Franklin Resources, Incorporated 1,933 78,528
Golden West Financial Corporation 438 42,924
Hartford Financial Services Group, Incorporated 1,777 103,621
Household International, Incorporated 3,831 181,494
Lehman Brothers Holdings, Incorporated 855 53,224
Merrill Lynch & Company, Incorporated 2,701 215,911
Morgan Stanley Dean Witter & Company 4,517 462,992
Paine Webber Group, Incorporated 1,100 51,425
Regions Financial Corporation 1,781 68,457
SLM Holding Corporation 1,320 60,473
Wells Fargo & Company 12,676 541,899
------------
5,228,621
FOOD & BEVERAGES - 3.72%
Archer-Daniels-Midland Company 4,695 72,479
Bestfoods 2,196 108,702
Campbell Soup Company 3,507 162,637
Coca-Cola Enterprises, Incorporated 3,100 92,225
ConAgra, Incorporated 3,895 103,704
General Mills, Incorporated 1,160 93,235
H.J. Heinz Company 2,824 141,553
Hershey Foods Corporation 1,111 65,966
Kellogg Company 3,113 102,729
Nabisco Group Holding Corporation 2,527 49,434
PepsiCo, Incorporated 11,495 444,713
Pioneer Hawaii-Bred International, Incorporated 1,857 72,307
Quaker Oats Company 1,068 70,889
Ralston Purina Company 2,519 76,672
Sara Lee Corporation 7,262 164,757
Supervalu, Incorporated 901 23,144
Sysco Corporation 2,636 78,586
The Coca-Cola Company 19,197 1,199,812
Unilever NV 4,484 312,759
</TABLE>
The accompanying notes are an integral part of the financial statements.
134
<PAGE> 138
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - June 30, 1999 (Unaudited) - Continued
(showing percentage of total value of investments)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Wm. Wrigley Jr. Company 884 $79,560
------------
3,515,863
FOREST PRODUCTS - 0.20%
Georgia-Pacific Corporation 1,268 60,072
Louisiana Pacific Corporation 855 20,306
Weyerhaeuser Company 1,628 111,925
------------
192,303
GAS & PIPELINE UTILITIES - 0.63%
Coastal Corporation 1,683 67,320
Columbia Energy Group 697 43,693
Consolidated Natural Gas Company 797 48,417
Eastern Enterprises 185 7,354
Enron Corporation 2,603 212,795
NICOR, Incorporated 301 11,457
ONEOK, Incorporated 224 7,112
Peoples Energy Corporation 247 9,309
Sempra Energy 1,822 41,223
Williams Companies, Incorporated 3,360 143,010
------------
591,690
GOLD - 0.16%
Barrick Gold Corporation * 2,951 57,176
Battle Mountain Gold Company * 1,756 4,280
Freeport McMoran Copper & Gold, Incorporated,
Class B * 1,304 23,390
Homestake Mining Company 1,796 14,705
Newmont Mining Corporation 1,250 24,844
Placer Dome, Incorporated 2,011 23,755
------------
148,150
HOMEBUILDERS - 0.03%
Centex Corporation * 442 16,603
Kaufman & Broad Home Corporation 262 6,517
Pulte Corporation 277 6,388
------------
29,508
HOTELS & RESTAURANTS - 0.71%
Darden Restaurants, Incorporated 1,018 22,205
Hilton Hotels Corporation 1,936 27,467
Marriott International, Incorporated, Class A 1,953 72,993
McDonalds Corporation 10,522 434,690
Mirage Resorts, Incorporated * 1,455 24,371
Tricon Global Restaurants, Incorporated * 1,100 59,538
Wendy's International, Incorporated 941 $26,642
------------
667,906
HOUSEHOLD APPLIANCES - 0.10%
Maytag Corporation 699 48,712
Whirlpool Corporation 612 45,288
------------
94,000
HOUSEHOLD PRODUCTS - 1.93%
Black & Decker Corporation 690 43,556
Clorox Company 931 99,442
Colgate-Palmolive Company 2,230 220,213
Corning, Incorporated 1,759 123,350
Gillette Company 8,654 354,814
Procter & Gamble Company 10,413 929,360
Snap-On, Incorporated 552 19,976
The Stanley Works 770 24,784
Tupperware Corporation 451 11,501
------------
1,826,996
INDUSTRIAL MACHINERY - 0.27%
Briggs & Stratton Corporation 104 6,006
Case Corporation 610 29,356
Crane Company 635 19,963
Cummins Engine, Incorporated 260 14,853
Harnischfeger Industries, Incorporated 303 606
Ingersoll-Rand Company 1,284 82,978
NACCO Industries, Incorporated, Class A 34 2,499
Pall Corporation 924 20,501
Parker-Hannifin Corporation 863 39,482
Thermo Electron Corporation * 1,246 24,998
Timken Company 560 10,920
------------
252,162
INSURANCE - 3.12%
Aetna, Incorporated * 1,018 91,047
AFLAC, Incorporated * 200 9,575
Allstate Corporation * 6,485 232,649
American General Corporation * 1,928 145,323
American International Group, Incorporated * 9,681 1,133,282
Aon Corporation 1,994 82,252
Chubb Corporation 1,313 91,253
CIGNA Corporation 1,609 143,201
Cincinnati Financial Corporation 1,320 49,583
Conseco, Incorporated 2,475 75,333
Equifax, Incorporated 1,123 40,077
</TABLE>
The accompanying notes are an integral part of the financial statements.
135
<PAGE> 139
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - June 30, 1999 (Unaudited) - Continued
(showing percentage of total value of investments)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE - CONTINUED
Jefferson-Pilot Corporation 792 $52,421
Lincoln National Corporation 1,650 86,316
Loews Corporation 879 69,551
Marsh & McLennan Companies, Incorporated 1,948 147,074
MBIA, Incorporated 779 50,440
MGIC Investment Corporation 880 42,790
Progressive Corporation 683 99,035
Provident Companies, Incorporated * 978 39,120
SAFECO Corporation 1,061 46,817
St. Paul Companies, Incorporated 1,822 57,962
Torchmark, Incorporated 1,079 36,821
Transamerica Corporation 934 70,050
UNUM Corporation 1,080 59,130
------------
2,951,102
INTERNATIONAL OIL - 3.56%
Chevron Corporation 5,021 477,936
Exxon Corporation 18,961 1,462,367
Halliburton Company 3,498 158,285
Royal Dutch Petroleum Company 16,720 1,007,380
Texaco, Incorporated 4,130 258,125
------------
3,364,093
INVESTMENT COMPANIES - 0.58%
SPDR Trust, Series 1 3,990 546,630
------------
LEISURE TIME - 0.83%
B Corporation 812 22,635
Carnival Corporation, Class A 4,700 227,950
Harrahs Entertainment, Incorporated * 923 20,306
King World Productions, Incorporated * 608 21,166
The Walt Disney Company * 15,956 491,644
------------
783,701
LIQUOR - 0.50%
Adolph Coors Company, Class B 254 12,573
Anheuser-Busch Companies, Incorporated * 3,740 265,306
Brown Forman Corporation, Class B 586 38,200
Seagram, Ltd. 3,110 156,666
------------
472,745
METAL & METAL PRODUCTS - 0.02%
Inco, Ltd. * 1,292 23,256
------------
MINING - 0.04%
Cyprus Amax Minerals Company 789 $11,983
Phelps Dodge Corporation 452 27,996
------------
39,979
MOBILE HOMES - 0.01%
Fleetwood Enterprises, Incorporated 247 6,530
------------
NEWSPAPERS - 0.39%
Dow Jones & Company, Incorporated 795 42,185
Gannett, Incorporated 2,180 155,597
Knight-Ridder, Incorporated 659 36,204
New York Times Company, Class A 1,493 54,961
Tribune Company 909 79,197
------------
368,144
OFFICE FURNISHINGS & SUPPLIES - 0.08%
Avery Dennison Corporation 948 57,236
Ikon Office Solutions, Incorporated 1,055 15,825
Moore Corporation, Ltd. 667 5,586
------------
78,647
PAPER - 1.00%
Boise Cascade Corporation 421 18,050
Champion International Corporation 798 38,204
Fort James Corporation 1,761 66,698
International Paper Company 3,186 160,893
Kimberly-Clark Corporation 4,208 239,856
Mead Corporation 834 34,820
Minnesota Mining & Manufacturing Company 3,115 270,810
Potlatch Corporation 220 9,666
Sealed Air Corporation * 673 43,661
Westvaco Corporation 824 23,896
Willamette Industries, Incorporated 862 39,706
------------
946,260
PETROLEUM SERVICES - 1.07%
Apache Corporation * 840 32,760
Baker Hughes, Incorporated * 2,575 86,263
Helmerich & Payne, Incorporated 308 7,334
McDermott International, Incorporated 435 12,289
Mobil Corporation 5,965 590,535
Rowan Companies, Incorporated * 657 12,113
</TABLE>
The accompanying notes are an integral part of the financial statements.
136
<PAGE> 140
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - June 30, 1999 (Unaudited) - Continued
(showing percentage of total value of investments)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PETROLEUM SERVICES - CONTINUED
Schlumberger, Ltd. 4,222 $268,889
------------
1,010,183
PHOTOGRAPHY - 0.19%
Eastman Kodak Company 2,556 173,169
Polaroid Corporation 287 7,928
------------
181,097
PLASTICS - 0.17%
Illinois Tool Works, Incorporated 1,939 158,998
Milacron, Incorporated 266 4,921
------------
163,919
POLLUTION CONTROL - 0.06%
Browning-Ferris Industries, Incorporated 1,398 60,114
------------
PUBLISHING - 0.92%
American Greetings Corporation, Class A* 607 18,286
Jostens, Incorporated 259 5,455
McGraw-Hill Companies, Incorporated 1,628 87,810
Meredith Corporation 321 11,115
Time Warner, Incorporated 9,660 710,010
Times Mirror Company, Series A 686 40,645
------------
873,321
RAILROADS & EQUIPMENT - 0.42%
Burlington Northern Santa Fe Corporation 3,642 112,902
CSX Corporation 1,706 77,303
Kansas City Southern Industries, Incorporated 100 6,381
Norfolk Southern Corporation 2,971 89,501
Union Pacific Corporation 1,928 112,427
------------
398,514
RETAIL GROCERY - 0.61%
Albertsons, Incorporated * 3,275 168,867
Kroger Company * 6,124 171,089
Safeway, Incorporated * 3,800 188,100
The Great Atlantic & Pacific Tea Company, Incorporated 259 8,758
Winn-Dixie Stores, Incorporated 1,119 41,333
------------
578,147
RETAIL TRADE - 5.14%
AutoZone, Incorporated * 1,131 $34,071
Circuit City Stores, Incorporated 810 75,330
Consolidated Stores Corporation * 844 22,788
Costco Companies, Incorporated * 1,688 135,145
CVS Corporation 3,074 156,005
Dayton Hudson Corporation 3,413 221,845
Dillards, Incorporated, Class A 867 30,453
Dollar General Corporation 1,816 52,664
Federated Department Stores, Incorporated * 1,671 88,459
GAP, Incorporated 6,842 344,641
Home Depot, Incorporated 11,481 739,807
J. C. Penney, Incorporated 1,938 94,114
Kmart Corporation * 3,829 62,939
Kohls Corporation * 1,208 93,243
Longs Drug Stores Corporation 262 9,055
Lowe's Companies, Incorporated 2,750 155,891
May Department Stores, Incorporated 2,659 108,687
Nordstrom, Incorporated 1,142 38,257
Pep Boys-Manny, Moe & Jack 360 7,785
Rite Aid Corporation 1,938 47,723
Sears Roebuck & Company 3,031 135,069
Staples, Incorporated * 3,650 112,922
The Limited, Incorporated 1,109 50,321
TJX Companies, Incorporated 2,521 83,981
Toys R Us, Incorporated * 1,975 40,858
Wal-Mart Stores, Incorporated 35,068 1,692,031
Walgreen Company 7,812 229,477
------------
4,863,561
SANITARY SERVICES - 0.25%
Waste Management, Incorporated * 4,420 237,575
------------
SOFTWARE - 4.82%
Adobe Systems, Incorporated 493 40,503
Autodesk, Incorporated * 299 8,839
BMC Software, Incorporated * 1,700 91,800
Computer Associates International, Incorporated 4,190 230,450
Compuware Corporation * 2,800 89,075
Microsoft Corporation * 39,120 3,528,135
Novell, Incorporated * 2,755 73,008
Oracle Systems Corporation * 11,402 423,299
</TABLE>
The accompanying notes are an integral part of the financial statements.
137
<PAGE> 141
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SOFTWARE - CONTINUED
Parametric Technology Corporation * 2,084 $ 28,916
PeopleSoft, Incorporated * 1,800 31,050
Shared Medical Systems Corporation 205 13,376
------------
4,558,451
STEEL - 0.12%
Allegheny Teldyne, Incorporated 1,560 35,295
Bethleham Steel Corporation * 990 7,611
Nucor Corporation 766 36,337
USX-United States Steel Group 760 20,520
Worthington Industries, Incorporated 802 13,183
------------
112,946
TELECOMMUNICATIONS SERVICES - 2.35%
MCI WorldCom, Incorporated * 14,245 1,225,960
Nextel Communications, Incorporated, Class A * 2,275 114,177
Nortel Networks Corporation 5,069 440,053
Vodafone Group PLC, ADR 2,244 441,969
------------
2,222,159
TELEPHONE - 6.45%
Alltel Corporation * 2,191 156,657
American Telephone & Telegraph Corporation * 25,901 1,445,600
Ameritech Corporation 8,575 630,262
Bell Atlantic Corporation * 12,160 794,960
BellSouth Corporation * 15,332 718,687
CenturyTel, Incorporated 1,100 43,725
Frontier Corporation 1,292 76,228
GTE Corporation 7,486 567,064
SBC Communications, Incorporated 15,311 888,038
Sprint Corporation 6,680 352,788
Sprint Corporation (PCS Group), Series 1 * 3,495 199,652
U. S. West, Incorporated 3,891 228,596
------------
6,102,257
TIRES & RUBBER - 0.09%
Cooper Tire & Rubber Company 626 14,789
Goodyear Tire & Rubber Company 1,150 67,635
------------
82,424
TOBACCO - 0.88%
Philip Morris Companies, Incorporated 19,001 $ 763,602
R.J. Reynolds Tobacco Holdings, Incorporated * 742 23,373
UST, Incorporated 1,567 45,835
------------
832,810
TOYS, AMUSEMENTS & SPORTING GOODS - 0.11%
Hasbro, Incorporated 1,604 44,812
Mattel, Incorporated 2,313 61,150
------------
105,962
TRUCKING & FREIGHT - 0.05%
Navistar International Corporation * 596 29,800
Ryder Systems, Incorporated 615 15,990
------------
45,790
TOTAL COMMON STOCKS
(Cost: $70,429,023) $ 88,071,859
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----------
<S> <C>
SHORT TERM INVESTMENTS - 4.97%
$4,004,139 Navigator Securities Lending
Trust, 4.97% $ 4,004,139
700,000 United States Treasury Bills, ****
zero coupon due 08/12/1999 696,493
------------
$ 4,700,632
REPURCHASE AGREEMENTS - 1.92%
$1,817,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.70%, to be
repurchased at $1,817,237 on
07/01/1999, collateralized by
$1,765,000 U.S. Treasury Notes,
6.875% due 05/15/2006 (valued at
$1,855,456, including interest). $ 1,817,000
------------
TOTAL INVESTMENTS (EQUITY INDEX TRUST)
(Cost: $76,946,503) $ 94,589,491
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
138
<PAGE> 142
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
GROWTH & INCOME TRUST
COMMON STOCKS - 97.01%
AEROSPACE - 1.75%
Boeing Company * 400,000 $ 17,675,000
General Motors Hughes 230,000 12,937,500
United Technologies Corporation 290,000 20,789,375
------------
51,401,875
AGRICULTURE - 0.50%
Deere & Company 371,200 14,708,800
------------
AIR TRAVEL - 0.97%
AMR Corporation * 418,200 28,542,150
------------
ALUMINUM - 0.79%
Alcoa, Incorporated * 372,700 23,060,813
------------
AUTO PARTS - 0.44%
Eaton Corporation 141,800 13,045,600
------------
AUTOMOBILES - 0.92%
Ford Motor Company 478,800 27,022,275
------------
BANKING - 4.06%
Chase Manhattan Corporation 225,600 19,542,600
First Union Corporation 606,600 28,510,200
U.S. Bancorp 972,800 33,075,200
Wachovia Corporation 445,400 38,109,537
------------
119,237,537
BUSINESS SERVICES - 4.47%
Automatic Data Processing, Incorporated * 580,000 25,520,000
Computer Sciences Corporation * 357,900 24,762,206
First Data Corporation 721,300 35,298,619
Tyco International, Ltd. 483,500 45,811,625
------------
131,392,450
CHEMICALS - 1.92%
Dow Chemical Company 140,400 17,813,250
E.I. Du Pont De Nemours & Company 562,500 38,425,781
------------
56,239,031
COMPUTERS & BUSINESS EQUIPMENT - 7.75%
Cisco Systems, Incorporated * 855,000 55,147,500
EMC Corporation * 314,000 17,314,000
Hewlett-Packard Company 359,800 $36,159,900
International Business Machines Corporation 563,400 72,819,450
Xerox Corporation 782,900 46,240,031
------------
227,680,881
DOMESTIC OIL - 0.50%
Unocal Corporation 370,000 14,661,250
------------
DRUGS & HEALTH CARE - 13.01%
Abbott Laboratories * 640,000 29,120,000
American Home Products Corporation * 767,400 44,125,500
Astrazeneca PLC, ADR * 399,900 15,671,081
Baxter International, Incorporated * 548,100 33,228,562
Bristol-Myers Squibb Company 419,800 29,569,663
Cardinal Health, Incorporated 357,600 22,931,100
Columbia/HCA Healthcare Corporation 1,007,600 22,985,875
Johnson & Johnson 361,400 35,417,200
Merck & Company, Incorporated 447,200 33,092,800
Monsanto Co ACES Cv 247,300 9,922,913
Pfizer, Incorporated 260,000 28,535,000
Pharmacia & Upjohn, Incorporated 670,100 38,070,056
Warner-Lambert Company 564,600 39,169,125
------------
381,838,875
ELECTRICAL EQUIPMENT - 3.26%
General Electric Company 848,200 95,846,600
------------
ELECTRIC UTILITIES - 1.68%
DPL, Incorporated 667,500 12,265,313
GPU, Incorporated 295,400 12,462,187
Pinnacle West Capital Corporation 353,200 14,216,300
Texas Utilities Company 250,000 10,312,500
------------
49,256,300
ELECTRONICS - 6.83%
Analog Devices, Incorporated * 475,700 23,874,194
Intel Corporation 853,300 50,771,350
Lucent Technologies, Incorporated 811,700 54,739,018
Micron Technology, Incorporated * 409,600 16,512,000
Motorola, Incorporated * 269,500 25,535,125
</TABLE>
The accompanying notes are an integral part of the financial statements.
139
<PAGE> 143
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONICS - CONTINUED
Texas Instruments, Incorporated
199,900 $ 28,985,500
------------
200,417,187
FINANCIAL SERVICES - 6.70%
Association First Capital Corporation, Class A * 1,101,100 48,792,494
Citigroup, Incorporated 1,603,725 76,176,937
Federal National Mortgage Association 521,000 35,623,375
Merrill Lynch & Company, Incorporated 451,600 36,099,775
------------
196,692,581
FOOD & BEVERAGES - 1.67%
PepsiCo, Incorporated 423,500 16,384,156
Sara Lee Corporation 820,000 18,603,750
The Coca-Cola Company 225,000 14,062,500
------------
49,050,406
GAS & PIPELINE UTILITIES - 0.95%
Enron Corporation 190,100 15,540,675
National Fuel Gas Company 255,400 12,386,900
------------
27,927,575
HOTELS & RESTAURANTS - 1.43%
McDonalds Corporation 1,018,800 42,089,175
------------
HOUSEHOLD PRODUCTS - 2.30%
Colgate-Palmolive Company 150,000 14,812,500
Gillette Company 274,500 11,254,500
Procter & Gamble Company 463,700 41,385,225
------------
67,452,225
INSURANCE - 3.74%
ACE, Ltd. 685,900 19,376,675
American International Group, Incorporated * 363,400 42,540,513
Marsh & McLennan Companies, Incorporated 634,100 47,874,550
------------
109,791,738
INTERNATIONAL OIL - 5.12%
Chevron Corporation 406,200 38,665,163
Exxon Corporation 875,700 67,538,362
Royal Dutch Petroleum Company 732,700 44,145,175
------------
150,348,700
LEISURE TIME - 0.88%
The Walt Disney Company * 839,900 25,879,419
------------
LIQUOR - 0.98%
Anheuser-Busch Companies, Incorporated * 406,300 $28,821,906
------------
NEWSPAPERS - 1.23%
Gannett, Incorporated 506,500 36,151,438
------------
PAPER - 2.14%
International Paper Company 500,000 25,250,000
Kimberly-Clark Corporation 385,000 21,945,000
Minnesota Mining & Manufacturing Company 180,000 15,648,750
------------
62,843,750
PETROLEUM SERVICES - 1.22%
Schlumberger, Ltd. 560,800 35,715,950
------------
PLASTICS - 0.47%
Illinois Tool Works, Incorporated 169,800 13,923,600
------------
RETAIL TRADE - 5.44%
Dayton Hudson Corporation 728,300 47,339,500
GAP, Incorporated 675,000 34,003,125
May Department Stores, Incorporated 427,350 17,467,931
Wal-Mart Stores, Incorporated 1,260,000 60,795,000
------------
159,605,556
SOFTWARE - 3.60%
Microsoft Corporation * 1,172,600 105,753,863
------------
TELECOMMUNICATIONS SERVICES - 2.11%
Cox Communications, Incorporated, Class A * 294,000 10,822,875
MCI WorldCom, Incorporated * 594,900 51,198,581
------------
62,021,456
TELEPHONE - 6.76%
American Telephone & Telegraph Corporation,
Liberty Media - A 340,200 12,502,350
American Telephone & Telegraph Corporation * 755,500 42,166,344
Bell Atlantic Corporation * 1,058,998 69,231,994
SBC Communications, Incorporated 780,000 45,240,000
U. S. West, Incorporated 497,800 29,245,750
------------
198,386,438
TOBACCO - 1.01%
Philip Morris Companies, Incorporated 735,000 29,537,813
------------
The accompanying notes are an integral part of the financial statements.
</TABLE>
140
<PAGE> 144
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TRUCKING & FREIGHT - 0.41%
CSX Corporation 264,700 $ 11,994,219
--------------
TOTAL COMMON STOCKS
(Cost: $1,805,759,510) $2,848,339,432
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 1.09%
$32,111,245 Navigator Securities Lending
Trust, 4.97% $ 32,111,245
--------------
REPURCHASE AGREEMENTS - 1.90%
$55,811,000 Repurchase Agreement with Paine
Webber dated 06/30/1999 at 4.85%
to be repurchased at $55,818,519
on 07/01/1999, collateralized by
$50,000,000 U.S. Treasury Bonds,
7.125% due 02/15/2023 (valued at
$56,838,398, including interest)
and $710,000 U.S. Treasury Bonds,
8.75% due 05/15/2017 (valued at
$905,419 including
interest)
$ 55,811,000
TOTAL INVESTMENTS (GROWTH & INCOME
Trust) (Cost: $1,893,681,755) $2,936,261,677
==============
</TABLE>
<TABLE>
<CAPTION>
U.S. LARGE CAP VALUE TRUST
<S> <C> <C>
COMMON STOCKS - 88.27%
AEROSPACE - 1.93%
Boeing Company * 24,500 $ 1,082,594
United Technologies Corporation 12,000 860,250
------------
1,942,844
APPAREL & TEXTILES - 0.60%
NIKE, Incorporated, Class B 9,500 601,469
------------
AUTO PARTS - 1.42%
Federal-Mogul Corporation 27,500 1,430,000
------------
BANKING - 3.13%
Bank America Corporation * 20,500 1,502,906
J. P. Morgan & Company, Incorporated 5,000 702,500
Washington Mutual, Incorporated 27,000 955,125
------------
3,160,531
BROADCASTING - 4.44%
Adelphia Communications Corporation, Class A * 17,000 $1,081,625
Cablevision Systems Corporation, Class A * 19,500 1,365,000
Fox Entertainment Group, Incorporated, Class A * 51,000 1,373,812
Viacom, Incorporated, Class B * 15,000 660,000
------------
4,480,437
BUSINESS SERVICES - 8.10%
Ecolab, Incorporated 30,500 1,330,562
Interpublic Group Companies, Incorporated 13,500 1,169,438
Nokia Corporaton, ADR 17,000 1,556,562
Quintiles Transnational Corporation * 31,000 1,302,000
Service Corporation International 29,500 567,875
Tyco International, Ltd. 16,000 1,516,000
Young & Rubicam, Incorporated 16,000 727,000
------------
8,169,437
COMPUTERS & BUSINESS EQUIPMENT - 5.22%
Cisco Systems, Incorporated * 11,000 709,500
Gateway, Incorporated * 23,000 1,357,000
Hewlett-Packard Company 11,500 1,155,750
International Business Machines Corporation 11,000 1,421,750
Xerox Corporation 10,500 620,156
------------
5,264,156
CONSTRUCTION & MINING EQUIPMENT - 1.27%
Dover Corporation 36,500 1,277,500
------------
CRUDE PETROLEUM & NATURAL GAS - 1.33%
Burlington Resources, Incorporated 31,000 1,340,750
------------
DRUGS & HEALTH CARE - 6.44%
Astrazeneca PLC, ADR * 32,500 1,273,594
Forest Labs, Incorporated * 30,000 1,387,500
Guidant Corporation * 26,800 1,378,525
Medtronic, Incorporated 12,500 973,437
Pfizer, Incorporated 5,500 603,625
United Healthcare Corporation 14,000 876,750
------------
6,493,431
ELECTRICAL EQUIPMENT - 1.64%
Sony Corporation 15,000 1,655,625
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
141
<PAGE> 145
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRIC UTILITIES - 3.68%
AES Corporation * 28,500 $1,656,562
CINergy Corporation 18,000 576,000
Niagara Mohawk Holdings, Incorporated * 11,100 178,294
Northeast Utilities * 73,500 1,300,031
------------
3,710,887
ELECTRONICS - 4.74%
Applied Materials, Incorporated * 14,000 1,034,250
Intel Corporation 20,000 1,190,000
KLA-Tencor Corporation * 12,500 810,937
Loral Space & Communications * 41,000 738,000
Teradyne, Incorporated * 14,000 1,004,500
------------
4,777,687
FINANCIAL SERVICES - 7.83%
Association First Capital Corporation, Class A * 18,000 797,625
Citigroup, Incorporated 31,500 1,496,250
Goldman Sachs Group, Incorporated 14,000 1,011,500
Household International, Incorporated 24,500 1,160,688
Merrill Lynch & Company, Incorporated 17,500 1,398,906
SLM Holding Corporation 29,000 1,328,562
Wells Fargo & Company 16,500 705,375
------------
7,898,906
FOOD & BEVERAGES - 3.15%
Campbell Soup Company 4,200 194,775
Kellogg Company 36,500 1,204,500
Nabisco Holdings Corporation, Class A 15,000 648,750
The Coca-Cola Company 18,000 1,125,000
------------
3,173,025
GAS & PIPELINE UTILITIES - 0.65%
Williams Companies, Incorporated 15,500 659,719
HOUSEHOLD PRODUCTS - 0.74%
Clorox Company 7,000 747,688
------------
INDUSTRIALS - 0.80%
Autonation, Incorporated * 45,000 801,563
------------
INSURANCE - 3.55%
American International Group, Incorporated * 10,500 1,229,156
Berkshire Hathaway, Incorporated, Class A * 15 $1,033,500
Cincinnati Financial Corporation 35,000 1,314,688
------------
3,577,344
INTERNATIONAL OIL - 2.37%
Exxon Corporation 13,000 1,002,625
The Shell Transport & Trading Company PLC 30,000 1,391,250
------------
2,393,875
LEISURE TIME - 1.47%
Carnival Corporation, Class A 30,500 1,479,250
------------
LIQUOR - 0.74%
Anheuser-Busch Companies, Incorporated * 10,500 744,844
------------
NEWSPAPERS - 0.99%
New York Times Company, Class A 27,000 993,938
------------
PAPER - 3.61%
Bowater, Incorporated 19,000 897,750
Fort James Corporation 32,500 1,230,938
Kimberly-Clark Corporation 9,500 541,500
Sealed Air Corporation * 15,000 973,125
------------
3,643,313
PETROLEUM SERVICES - 1.06%
Baker Hughes, Incorporated * 32,000 1,072,000
------------
PLASTICS - 1.34%
Illinois Tool Works, Incorporated 16,500 1,353,000
------------
PUBLISHING - 1.67%
American Greetings Corporation, Class A* 34,000 1,024,250
Time Warner, Incorporated 9,000 661,500
------------
1,685,750
REAL ESTATE - 0.79%
IndyMac Mortgage Holdings, Incorporated 49,500 792,000
------------
RETAIL TRADE - 1.37%
Circuit City Stores, Incorporated 7,500 697,500
</TABLE>
The accompanying notes are an integral part of the financial statements.
142
<PAGE> 146
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL TRADE-CONTINUED
Lowe's Companies, Incorporated 12,000 $ 680,250
------------
1,377,750
SOFTWARE - 3.09%
Autodesk, Incorporated * 34,000 1,005,125
Cadence Design Systems, Incorporated * 91,000 1,160,250
PeopleSoft, Incorporated * 55,000 948,750
------------
3,114,125
TELECOMMUNICATIONS SERVICES - 2.09%
MCI WorldCom, Incorporated * 12,500 1,075,781
Vodafone Group PLC, ADR 5,250 1,034,250
------------
2,110,031
TELEPHONE - 4.20%
American Telephone & Telegraph Corporation * 29,800 1,663,212
American Telephone & Telegraph Corporation,
Liberty Media - A * 42,000 1,543,500
Sprint Corporation 19,400 1,024,563
------------
4,231,275
TOBACCO - 0.94%
Philip Morris Companies, Incorporated 23,500 944,406
------------
TOYS, AMUSEMENTS & SPORTING GOODS - 1.33%
Hasbro, Incorporated 48,000 1,341,000
------------
TRUCKING & FREIGHT - 0.55%
CNF Transportation, Incorporated 14,500 556,438
------------
TOTAL COMMON STOCKS
(Cost: $87,397,777) $ 88,995,994
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C> <C>
REPURCHASE AGREEMENTS - 11.73%
$11,829,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00%, to be
repurchased at $11,830,314 on
07/01/1999, collateralized by
$9,305,000 U.S. Treasury Bonds,
8.875% due 08/15/2017 (valued at
$12,068,622, including interest) $ 11,829,000
------------
TOTAL INVESTMENTS (U.S. LARGE CAP VALUE
TRUST) (Cost: $99,226,777) $100,824,994
============
</TABLE>
EQUITY-INCOME TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 92.86%
AEROSPACE - 2.41%
AlliedSignal, Incorporated * 143,500 $ 9,040,500
Boeing Company * 157,000 6,937,437
Lockheed Martin Corporation 158,400 5,900,400
TRW, Incorporated 100,900 5,536,888
-------------
27,415,225
ALUMINUM - 0.74%
Reynolds Metals Company 143,500 8,466,500
------------
AUTO PARTS - 0.78%
Delphi Automotive Systems Corporation 28,241 524,224
Genuine Parts Company 239,950 8,398,250
------------
8,922,474
AUTOMOBILES - 0.37%
General Motors Corporation 64,300 4,243,800
------------
BANKING - 7.52%
Bank America Corporation * 97,500 7,147,969
Bank One Corporation 171,800 10,232,837
BankBoston Corporation 119,800 6,124,775
Chase Manhattan Corporation 96,200 8,333,325
Fleet Financial Group, Incorporated 199,000 8,830,625
J. P. Morgan & Company, Incorporated 88,400 12,420,200
KeyCorp 81,900 2,631,038
Mellon Bank Corporation 543,900 19,784,362
Mercantile Bankshares Corporation 134,050 4,742,019
National City Corporation 80,000 5,240,000
------------
85,487,150
BUILDING MATERIALS & CONSTRUCTION - 0.54%
Fortune Brands, Incorporated 147,100 6,086,263
------------
BUSINESS SERVICES - 1.65%
Dun & Bradstreet Corporation 161,900 5,737,331
H & R Block, Incorporated * 134,000 6,700,000
R.R. Donnelley & Sons Company * 171,900 6,371,044
------------
18,808,375
CHEMICALS - 6.33%
Arch Chemicals, Incorporated 55,800 1,356,638
Dow Chemical Company 115,700 14,679,437
</TABLE>
The accompanying notes are an integral part of the financial statements.
143
<PAGE> 147
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CHEMICALS-CONTINUED
E.I. Du Pont De Nemours & Company 176,700 $ 12,070,819
Great Lakes Chemical Corporation 177,300 8,166,881
Hercules, Incorporated 278,800 10,960,325
Imperial Chemical Industries PLC, ADR 108,400 4,308,900
Nalco Chemical Company 159,200 8,258,500
Olin Corporation 155,800 2,054,613
PPG Industries, Incorporated 104,500 6,172,031
Witco Corporation 197,300 3,946,000
------------
71,974,144
COMPUTERS & BUSINESS EQUIPMENT - 1.24%
Compaq Computer Corporation 79,200 1,876,050
Hewlett-Packard Company 121,400 12,200,700
------------
14,076,750
CONSTRUCTION MATERIALS - 0.73%
Armstrong World Industries, Incorporated * 143,300 8,284,531
------------
COSMETICS & TOILETRIES - 1.03%
International Flavors & Fragrances, Incorporated 264,600 11,741,625
------------
DOMESTIC OIL - 3.88%
Amerada Hess Corporation * 175,700 10,454,150
Atlantic Richfield Company * 195,700 16,353,181
Phillips Petroleum Company 87,900 4,422,469
Unocal Corporation 215,200 8,527,300
USX-Marathon Group 133,400 4,343,837
------------
44,100,937
DRUGS & HEALTH CARE - 4.21%
Abbott Laboratories * 155,200 7,061,600
American Home Products Corporation * 300,600 17,284,500
Merck & Company, Incorporated 47,000 3,478,000
Pharmacia & Upjohn, Incorporated 284,300 16,151,794
Smith & Nephew PLC 1,279,600 3,872,582
------------
47,848,476
ELECTRICAL EQUIPMENT - 1.81%
Cooper Industries, Incorporated 122,300 6,359,600
General Electric Company 71,300 8,056,900
Hubbell, Incorporated 134,800 $6,116,550
------------
20,533,050
ELECTRIC UTILITIES - 4.81%
Constellation Energy Group, Incorporated 77,500 2,295,938
DQE, Incorporated 140,200 5,625,525
Duke Energy Company 126,500 6,878,437
Entergy Corporation 117,000 3,656,250
FirstEnergy Corporation 240,375 7,451,625
Niagara Mohawk Holdings, Incorporated * 118,100 1,896,981
PacifiCorp 238,000 4,373,250
Reliant Energy, Incorporated 170,800 4,718,350
Southern Company 289,300 7,666,450
TECO Energy, Incorporated 124,000 2,821,000
Unicom Corporation 189,600 7,311,450
------------
54,695,256
ELECTRONICS - 0.69%
Honeywell, Incorporated 67,900 7,867,912
------------
FINANCIAL SERVICES - 3.31%
Citigroup, Incorporated 299,173 14,210,717
Federal National Mortgage Association 170,500 11,657,938
Wells Fargo & Company 169,500 7,246,125
Xl Capital, Ltd., Shares A 80,900 4,570,850
------------
37,685,630
FOOD & BEVERAGES - 5.63%
Campbell Soup Company 122,600 5,685,575
General Mills, Incorporated 194,400 15,624,900
H.J. Heinz Company 146,500 7,343,312
Hershey Foods Corporation 95,200 5,652,500
Kellogg Company 171,200 5,649,600
McCormick & Company, Incorporated 237,500 7,496,094
Nabisco Group Holding Corporation 232,500 4,548,281
PepsiCo, Incorporated 80,000 3,095,000
Quaker Oats Company 135,400 8,987,175
------------
64,082,437
GOLD - 0.41%
Newmont Mining Corporation 234,800 4,666,650
------------
HOTELS & RESTAURANTS - 1.15%
Hilton Hotels Corporation 194,900 2,765,144
Starwood Hotels & Resorts, Class B
336,871 10,295,620
------------
13,060,764
</TABLE>
The accompanying notes are an integral part of the financial statements.
144
<PAGE> 148
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HOUSEHOLD APPLIANCES - 0.74%
Whirlpool Corporation 113,100 $ 8,369,400
------------
HOUSEHOLD PRODUCTS - 0.75%
The Stanley Works 131,100 4,219,781
Tupperware Corporation 125,400 3,197,700
Unilever NV 16,100 1,084,594
------------
8,502,075
INDUSTRIAL MACHINERY - 0.65%
Pall Corporation 335,000 7,432,813
------------
INSURANCE - 4.45%
American General Corporation * 147,800 11,140,425
Chubb Corporation 85,200 5,921,400
Lincoln National Corporation 130,200 6,811,088
SAFECO Corporation 215,300 9,500,112
St. Paul Companies, Incorporated 311,948 9,923,846
Transamerica Corporation 97,000 7,275,000
------------
50,571,871
INTERNATIONAL OIL - 4.98%
Chevron Corporation 152,500 14,516,094
Exxon Corporation 231,800 17,877,575
Royal Dutch Petroleum Company 185,200 11,158,300
Texaco, Incorporated 210,200 13,137,500
------------
56,689,469
LEISURE TIME - 0.13%
The Walt Disney Company * 49,500 1,525,219
LIQUOR - 1.69%
Anheuser-Busch Companies, Incorporated * 160,400 11,378,375
Brown Forman Corporation, Class B 120,800 7,874,650
------------
19,253,025
METAL & METAL PRODUCTS - 0.38%
Inco, Ltd. * 242,300 4,361,400
------------
MINING - 0.45%
Phelps Dodge Corporation 82,000 5,078,875
------------
NEWSPAPERS - 1.38%
Dow Jones & Company, Incorporated 126,100 6,691,181
Knight-Ridder, Incorporated 164,300 9,026,231
------------
15,717,412
PAPER - 4.78%
Consolidated Papers, Incorporated 196,500 $5,256,375
Fort James Corporation 176,000 6,666,000
International Paper Company 329,755 16,652,627
Kimberly-Clark Corporation 239,600 13,657,200
Minnesota Mining & Manufacturing Company 140,200 12,188,638
------------
54,420,840
PETROLEUM SERVICES - 3.79%
Baker Hughes, Incorporated * 329,600 11,041,600
BP Amoco PLC * 167,800 18,206,300
Mobil Corporation 140,500 13,909,500
------------
43,157,400
PHOTOGRAPHY - 1.02%
Eastman Kodak Company 170,600 11,558,150
------------
POLLUTION CONTROL - 0.92%
Browning-Ferris Industries, Incorporated
244,500 10,513,500
------------
PUBLISHING - 0.56%
Readers Digest Association, Incorporated, Class A
160,400 6,375,900
------------
RAILROADS & EQUIPMENT - 2.98%
Burlington Northern Santa Fe Corporation
166,200 5,152,200
GATX Corporation 67,400 2,565,413
Norfolk Southern Corporation 396,100 11,932,512
Union Pacific Corporation 245,100 14,292,394
------------
33,942,519
REAL ESTATE - 1.22%
Crescent Real Estate Equities 151,300 3,593,375
Rouse Company 122,400 3,105,900
Simon Property Group, Incorporated 280,600 7,120,225
------------
13,819,500
RETAIL TRADE - 1.45%
J. C. Penney, Incorporated 140,400 6,818,175
May Department Stores, Incorporated 116,550 4,763,981
Toys R Us, Incorporated * 239,000 4,944,313
------------
16,526,469
SANITARY SERVICES - 0.21%
Waste Management, Incorporated * 43,932 2,361,345
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
145
<PAGE> 149
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - 0.53%
Telecomunicacoes Brasileiras, ADR * 66,900 $4,181
Telecomunicacoes Brasileiras, Pfd. Block, ADR 66,900 6,033,544
--------------
6,037,725
TELEPHONE - 8.42%
Alltel Corporation * 281,400 20,120,100
American Telephone & Telegraph Corporation * 91,050 5,081,728
BCE, Incorporated 149,900 7,391,944
Bell Atlantic Corporation * 196,000 12,813,500
BellSouth Corporation * 80,500 3,773,437
GTE Corporation 213,300 16,157,475
SBC Communications, Incorporated 420,064 24,363,712
U.S. West, Incorporated 103,200 6,063,000
--------------
95,764,896
TOBACCO - 1.99%
Philip Morris Companies, Incorporated 291,400 11,710,637
R.J. Reynolds Tobacco Holdings, Incorporated * 77,500 2,441,250
UST, Incorporated 291,900 8,538,075
--------------
22,689,962
TRUCKING & FREIGHT - 0.15%
Alexander & Baldwin, Incorporated * 76,400 1,699,900
--------------
TOTAL COMMON STOCKS
(Cost: $820,737,518) $1,056,417,614
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ --------
<S> <C>
SHORT TERM INVESTMENTS - 7.04%
$38,639,735 Navigator Securities Lending Trust, 4.97% $ 38,639,735
10,000,000 Associates Finance Services
Company, 5.03% due 07/20/1999 9,973,453
2,500,000 Stanford University,
4.70% due 07/30/1999 2,490,535
5,000,000 Commonwealth Bank of Australia,
Series C, 4.80% due 08/10/1999 4,973,333
12,960,000 Falcon Asset Securitization
Corporation, 5.03% due 07/20/1999 12,925,595
3,770,000 Repsol International Financial,
4.82% due 08/12/1999 3,748,800
7,308,000 Gilfin BV,
5.70% due 07/01/1999 7,308,000
--------------
$ 80,059,451
REPURCHASE AGREEMENTS - 0.10%
$1,097,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00%, to be
repurchased at $1,097,122 on
07/01/1999, collateralized by
$865,000 U.S. Treasury Bonds,
8.875% due 08/15/2017 (valued at
$1,121,908, including interest) $ 1,097,000
--------------
TOTAL INVESTMENTS (EQUITY-INCOME TRUST)
(Cost: $901,893,969) $1,137,574,065
==============
</TABLE>
<TABLE>
<CAPTION>
INCOME & VALUE TRUST
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 51.26%
AEROSPACE - 1.21%
Boeing Company * 130,000 $ 5,744,375
United Technologies Corporation 58,000 4,157,875
------------
9,902,250
APPAREL & TEXTILES - 0.57%
NIKE, Incorporated, Class B 74,000 4,685,125
-------------
AUTO PARTS - 0.54%
Federal-Mogul Corporation 85,000 4,420,000
-------------
BANKING - 2.01%
Bank America Corporation * 95,000 6,964,692
J. P. Morgan & Company, Incorporated 30,000 4,215,000
Standard Chartered PLC * 391 6,367
Washington Mutual, Incorporated 150,000 5,306,250
-------------
16,492,309
BROADCASTING - 2.69%
Adelphia Communications Corporation, Class A * 73,000 4,644,625
Cablevision Systems Corporation, Class A * 93,000 6,510,000
Fox Entertainment Group, Incorporated, Class A * 255,000 6,869,063
Viacom, Incorporated, Class A * 92,000 4,059,500
-------------
22,083,188
</TABLE>
The accompanying notes are an integral part of the financial statements.
146
<PAGE> 150
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - 4.42%
Ecolab, Incorporated 142,000 $ 6,194,750
Interpublic Group Companies, Incorporated 35,000 3,031,875
Nokia Corporation, ADR 62,000 5,676,875
Quintiles Transnational Corporation * 150,000 6,300,000
Service Corporation International 240,000 4,620,000
Tyco International, Ltd. 70,000 6,632,500
Young & Rubicam, Incorporated 85,000 3,862,187
-------------
36,318,187
COMPUTERS & BUSINESS EQUIPMENT - 3.18%
Cisco Systems, Incorporated * 51,000 3,289,500
Gateway, Incorporated * 110,000 6,490,000
Hewlett-Packard Company 40,000 4,020,000
International Business Machines Corporation 62,000 8,013,500
Xerox Corporation 73,000 4,311,562
-------------
26,124,562
CONSTRUCTION & MINING EQUIPMENT - 0.62%
Dover Corporation 145,000 5,075,000
-------------
CRUDE PETROLEUM & NATURAL GAS - 0.77%
Burlington Resources, Incorporated 147,000 6,357,750
-------------
DRUGS & HEALTH CARE - 3.98%
Astrazeneca PLC, ADR * 147,000 5,760,562
Forest Labs, Incorporated * 148,000 6,845,000
Guidant Corporation * 130,800 6,728,025
Medtronic, Incorporated 63,000 4,906,125
Pfizer, Incorporated 48,000 5,268,000
United Healthcare Corporation 50,000 3,131,250
-------------
32,638,962
ELECTRICAL EQUIPMENT - 1.01%
Sony Corporation 75,000 8,278,125
-------------
ELECTRIC UTILITIES - 1.57%
AES Corporation * 117,000 6,800,625
Niagara Mohawk Holdings, Incorporated * 57,700 926,806
Northeast Utilities * 292,000 5,164,750
-------------
12,892,181
ELECTRONICS - 2.84%
Applied Materials, Incorporated * 48,000 3,546,000
Intel Corporation 90,000 5,355,000
KLA-Tencor Corporation * 82,000 $5,319,750
Loral Space & Communications * 278,400 5,011,200
Teradyne, Incorporated * 57,000 4,089,750
-------------
23,321,700
FINANCIAL SERVICES - 5.44%
Association First Capital Corporation, Class A * 110,000 4,874,375
Citigroup, Incorporated 193,500 9,191,250
Goldman Sachs Group, Incorporated 50,000 3,612,500
Household International, Incorporated 110,000 5,211,250
Merrill Lynch & Company, Incorporated 60,000 4,796,250
SLM Holding Corporation 140,000 6,413,750
Wells Fargo & Company 130,000 5,557,500
Xl Capital, Ltd., Shares A 89,000 5,028,500
-------------
44,685,375
FOOD & BEVERAGES - 1.29%
Campbell Soup Company 9,200 426,650
Kellogg Company 193,000 6,369,000
The Coca-Cola Company 61,000 3,812,500
-------------
10,608,150
GAS & PIPELINE UTILITIES - 0.31%
Williams Companies, Incorporated 59,000 2,511,188
-------------
HOUSEHOLD PRODUCTS - 0.47%
Clorox Company 36,500 3,898,656
-------------
INDUSTRIAL MACHINERY - 0.00%
BBA Group PLC * 339 2,597
-------------
INDUSTRIALS - 0.43%
Autonation, Incorporated * 197,900 3,525,094
-------------
INSURANCE - 2.00%
American International Group, Incorporated * 25,000 2,926,563
Berkshire Hathaway, Incorporated, Class A * 100 6,890,000
Cincinnati Financial Corporation 175,200 6,580,950
-------------
16,397,513
</TABLE>
The accompanying notes are an integral part of the financial statements.
147
<PAGE> 151
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - June 30, 1999 (Unaudited) - Continued
(showing percentage of total value of investments)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INTERNATIONAL OIL - 1.50%
Exxon Corporation 60,000 $ 4,627,500
The Shell Transport & Trading Company PLC 165,000 7,651,875
-------------
12,279,375
LEISURE TIME - 0.90%
Carnival Corporation, Class A 152,000 7,372,000
-------------
LIQUOR - 0.48%
Anheuser-Busch Companies, Incorporated * 55,000 3,901,563
-------------
NEWSPAPERS - 0.54%
New York Times Company, Class A 120,000 4,417,500
-------------
PAPER - 1.68%
Bowater, Incorporated 124,000 5,859,000
Fort James Corporation 120,000 4,545,000
Sealed Air Corporation * 52,000 3,373,500
-------------
13,777,500
PETROLEUM SERVICES - 0.59%
Baker Hughes, Incorporated * 145,000 4,857,500
-------------
PLASTICS - 0.80%
Illinois Tool Works, Incorporated 80,000 6,560,000
-------------
PUBLISHING - 1.12%
American Greetings Corporation, Class A* 167,000 5,030,875
Time Warner, Incorporated 57,000 4,189,500
-------------
9,220,375
REAL ESTATE - 0.46%
IndyMac Mortgage Holdings, Incorporated
236,300 3,780,800
-------------
RETAIL TRADE - 0.92%
Circuit City Stores, Incorporated 34,000 3,162,000
Lowe's Companies, Incorporated 78,000 4,421,625
-------------
7,583,625
SOFTWARE - 1.59%
Autodesk, Incorporated * 140,000 4,138,750
Cadence Design Systems, Incorporated * 435,000 5,546,250
PeopleSoft, Incorporated * 195,000 3,363,750
-------------
13,048,750
TELECOMMUNICATIONS SERVICES - 1.22%
MCI WorldCom, Incorporated * 85,000 $7,315,313
Vodafone Group PLC, ADR 13,500 2,659,500
-------------
9,974,813
TELEPHONE - 2.35%
American Telephone & Telegraph Corporation * 110,878 6,188,378
American Telephone & Telegraph Corporation,
Liberty Media - A * 217,200 7,982,100
Sprint Corporation 96,600 5,101,687
Telefonica SA * 621 29,979
-------------
19,302,144
TOBACCO - 0.63%
Philip Morris Companies, Incorporated
128,000 5,144,000
-------------
TOYS, AMUSEMENTS & SPORTING GOODS - 0.66%
Hasbro, Incorporated 194,400 5,431,051
-------------
TRUCKING & FREIGHT - 0.47%
CNF Transportation, Incorporated 100,000 3,837,500
-------------
TOTAL COMMON STOCKS
(Cost: $397,694,483) $ 420,706,408
-------------
PREFERRED STOCK - 0.01%
SOFTWARE - 0.01%
Concentric Network Corporation
136 127,500
-------------
TOTAL PREFERRED STOCK
(Cost: $119,393) $ 127,500
-------------
WARRANTS - 0.05%
BUSINESS SERVICES - 0.00%
Protection One, Incorporated *,
(Expiration date
06/30/2005;strike price $6.60)
3,200 13,200
-------------
INDUSTRIALS - 0.00%
McCaw International, Ltd. *, (Expiration date
04/15/2007; strike price $36.45)
250 656
-------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
148
<PAGE> 152
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - June 30, 1999 (Unaudited) - Continued
(showing percentage of total value of investments)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SOFTWARE - 0.04%
Rhythms NetConnections, Incorporated *,
(Expiration date 05/15/2008;strike price $0.01) 2,400 $ 345,600
-------------
TELECOMMUNICATIONS SERVICES - 0.01%
Microcell Telecommunications, Incorporated *, 3,760 57,340
(Expiration date 06/15/2006; strike price
$0.01)
Orbital Imaging Corporation *, (Expiration date
03/01/2005; strike price $1.00) 570 17,171
-------------
74,511
TOTAL WARRANTS
(Cost: $0) $433,967
--------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 13.13%
U.S. TREASURY BONDS - 1.19%
5.50% due 08/15/2028 $ 5,500,000 $ 5,035,910
7.875% due 02/15/2021 4,000,000 4,748,120
-------------
9,784,030
U.S. TREASURY NOTES - 11.94%
5.25% due 08/15/2003 4,500,000 4,423,365
5.625% due 02/15/2006 - 05/15/2008 6,250,000 6,150,780
6.25% due 02/15/2003 - 02/15/2007 47,250,000 48,109,892
6.875% due 05/15/2006 4,200,000 4,421,802
7.25% due 05/15/2004 23,000,000 24,423,010
7.50% due 11/15/2001 10,000,000 10,417,200
-------------
97,946,049
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $110,475,993) $ 107,730,079
-------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.89%
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.97%
5.125% due 02/13/2004 3,500,000 3,355,625
6.00% due 05/01/2014 - 05/01/2029
9,467,668 9,045,726
6.50% due 04/01/2029 - 05/01/2029
20,903,135 $20,164,837
-------------
32,566,188
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 2.92%
6.00% due 05/15/2029 - 06/15/2029
$ 4,745,389 $ 4,433,949
6.50% due 05/15/2029 - 12/15/2099
7,993,514 7,686,404
7.00% due 04/15/2029 2,747,739 2,710,809
8.00% due 10/15/2025 - 04/15/2029
8,894,887 9,148,070
-------------
23,979,232
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $58,201,519) $ 56,545,420
-------------
CORPORATE BONDS - 4.82%
AUTO SERVICES - 0.19%
Hertz Corporation,
7.375% due 06/15/2001 1,500,000 1,521,587
-------------
BANKING - 0.10%
Banc One Corporation,
8.00% due 04/29/2027 750,000 783,345
-------------
BROADCASTING - 0.09%
Spectrasite Holdings, Incorporated, Step up to
11.25% due 04/15/2009
1,250,000 700,000
-------------
BUSINESS SERVICES - 0.29%
Williams Holdings, Incorporated, 6.50% due
12/01/2008
2,500,000 2,369,375
-------------
DRUGS & HEALTH CARE - 0.18%
McKesson Corporation,
6.30% due 03/01/2005 1,500,000 1,442,229
-------------
ELECTRIC UTILITIES - 0.08%
Carolina Power & Light Company, 5.95% due
03/01/2009
750,000 698,370
-------------
FINANCIAL SERVICES - 1.46%
Associates Corporation of North America,
5.75% due 11/01/2003 2,000,000 1,945,360
6.25% due 11/01/2008 750,000 715,695
Bankamerica Corporation,
5.875% due 02/15/2009 750,000 688,568
</TABLE>
The accompanying notes are an integral part of the financial statements.
149
<PAGE> 153
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - June 30, 1999 (Unaudited) - Continued
(showing percentage of total value of investments)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----
<S> <C> <C>
FINANCIAL SERVICES-CONTINUED
Ford Motor Credit Company,
5.80% due 01/12/2009 $3,000,000 $2,741,700
Household Financial Corporation, 6.40% due
06/17/2008 3,250,000 3,088,247
Lehman Brothers Holdings, Incorporated, 6.625%
due 02/05/2006 750,000 730,275
United States West Capital Funding, Incorporated
6.25% due 07/15/2005 500,000 484,635
6.375% due 07/15/2008 750,000 712,477
6.50% due 11/15/2018 1,000,000 885,030
-------------
11,991,987
FOOD & BEVERAGES - 0.09%
Delta Beverage Group, Incorporated, 9.75% due
12/15/2003 750,000 772,500
-------------
HOUSEHOLD APPLIANCES - 0.09%
Philips Electronics NV,
7.20% due 06/01/2026 750,000 768,998
-------------
INDUSTRIALS - 1.43%
CBS, Incorporated,
7.15% due 05/20/2005 1,500,000 1,496,250
Columbia Gas Systems, Incorporated, 6.39% due
11/28/2000 1,000,000 1,001,090
Cox Radio, Incorporated,
6.375% due 05/15/2005 1,000,000 954,520
Crown Castle International Corporation, Step up
to 10.375% due 05/15/2011 3,250,000 1,885,000
Fox / Liberty Networks LLC,
Step up to 9.75% due 08/15/2007 1,350,000 1,053,000
Freeport McMoran Copper & Gold, 7.20% due
11/15/2026 500,000 311,670
Home Products International, Incorporated,
9.625% due 05/15/2008 750,000 682,500
McDermott, Incorporated,
9.375% due 03/15/2002 1,000,000 1,041,410
Nabisco, Incorporated,
7.55% due 06/15/2015 2,000,000 1,966,040
Paracelsus Healthcare Corporation, 10.00% due
08/15/2006 $ 500,000 $ 390,000
United Defense Industries, Incorporated, 8.75%
due 11/15/2007 250,000 $ 243,125
Ziff Davis, Incorporated,
8.50% due 05/01/2008 750,000 708,750
-------------
11,733,355
PAPER - 0.36%
Fletcher Challenge Capital, Incorporated, 7.875%
due 03/24/2017 2,250,000 2,251,924
Fort James Corporation,
6.875% due 09/15/2007 750,000 738,367
-------------
2,990,291
TELECOMMUNICATIONS SERVICES - 0.10%
Nextel Communication, Incorporated, 12.00% due
11/01/2008
750,000 847,500
-------------
TELEPHONE - 0.27%
Cable & Wireless Communication, 6.75% due
03/06/2008
2,250,000 2,176,717
-------------
TRANSPORTATION - 0.09%
Canadian National Railway Company, 6.45% due
07/15/2006 750,000 728,768
-------------
TOTAL CORPORATE BONDS
(Cost: $40,717,380) $ 39,525,022
=============
ASSET BACKED SECURITIES - 0.59%
Citibank Credit Card Master Trust I, 5.50% due
02/15/2006
1,500,000 1,441,395
Government Lease Trust,
6.18% due 05/18/2005 2,000,000 1,957,800
Sears Credit Account Master Trust II, 5.65% due
03/15/2009 1,500,000 1,448,895
TOTAL ASSET BACKED SECURITIES
(Cost: $4,979,674) $ 4,848,090
-------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
150
<PAGE> 154
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - June 30, 1999 (Unaudited) - Continued
(showing percentage of total value of investments)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 20.11%
$165,079,354 Navigator Securities Lending
Trust, 4.97% $ 165,079,354
-------------
REPURCHASE AGREEMENTS - 3.14%
$25,752,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00%, to be
repurchased at $25,754,861 on
07/01/1999, collateralized by
$20,075,000 U.S. Treasury Bonds,
8.875% due 02/15/2019 (valued at
$26,272,594, including interest $ 25,752,000
-------------
TOTAL INVESTMENTS (INCOME & VALUE TRUST)
(Cost: $803,025,128) $ 820,747,840
=============
</TABLE>
<TABLE>
<CAPTION>
BALANCED TRUST
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 46.18%
BANKING - 0.55%
Chase Manhattan Corporation 18,100 $ 1,567,913
-------------
CHEMICALS - 4.94%
Akzo Nobel NV, ADS 62,600 2,632,874
B.F. Goodrich Company 97,100 4,126,750
Bayer AG 141,400 5,888,794
E.I. Du Pont De Nemours & Company 22,500 1,537,031
-------------
14,185,449
CONSTRUCTION MATERIALS - 0.42%
Precision Castparts Corporation
28,600 1,215,500
-------------
DOMESTIC OIL - 0.45%
Phillips Petroleum Company 25,700 1,293,031
-------------
DRUGS & HEALTH CARE - 20.58%
Abbott Laboratories * 26,000 1,183,000
American Home Products Corporation * 75,900 4,364,250
Baxter International, Incorporated * 19,700 1,194,312
Becton Dickinson & Company * 72,400 2,172,000
Bristol-Myers Squibb Company 41,600 2,930,200
Eli Lilly & Company 97,550 6,987,019
Glaxo Wellcome PLC, ADR 62,300 3,527,737
Mallinckrodt, Incorporated 29,300 1,065,788
Merck & Company, Incorporated 98,500 7,289,000
Merck KGaA 139,550 4,537,192
Pharmacia & Upjohn, Incorporated 75,500 4,289,344
Sankyo Company 120,800 3,045,714
Schering-Plough Corporation 231,400 12,264,200
SmithKline Beecham PLC, ADR 20,600 1,360,887
Warner-Lambert Company 41,700 2,892,937
-------------
59,103,580
ELECTRICAL EQUIPMENT - 0.95%
General Electric Company 24,200 2,734,600
-------------
ELECTRIC UTILITIES - 3.03%
Duke Energy Company 159,700 8,683,688
-------------
ELECTRONICS - 1.03%
Intel Corporation 49,700 2,957,150
-------------
FINANCIAL SERVICES - 3.71%
Citigroup, Incorporated 55,725 2,646,937
Xl Capital, Ltd., Shares A 141,412 7,989,778
-------------
10,636,715
GAS & PIPELINE UTILITIES - 3.78%
Coastal Corporation 77,000 3,080,000
Columbia Energy Group 124,200 7,785,787
-------------
10,865,787
HOTELS & RESTAURANTS - 0.35%
Mirage Resorts, Incorporated * 60,500 1,013,375
-------------
HOUSEHOLD PRODUCTS - 0.53%
Dial Corporation 40,875 1,520,039
-------------
INSURANCE - 1.85%
Allstate Corporation * 36,500 1,309,437
Chubb Corporation 39,250 2,727,875
St. Paul Companies, Incorporated 40,200 1,278,863
-------------
5,316,175
</TABLE>
The accompanying notes are an integral part of the financial statements.
151
<PAGE> 155
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - June 30, 1999 (Unaudited) - Continued
(showing percentage of total value of investments)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----
<S> <C> <C>
INTERNATIONAL OIL - 0.97%
Texaco, Incorporated 44,400 $ 2,775,000
-------------
PETROLEUM SERVICES - 0.47%
Conoco, Incorporated, Class A 48,700 1,357,513
-------------
RETAIL GROCERY - 2.35%
Albertsons, Incorporated * 102,554 5,287,941
Kroger Company * 52,400 1,463,925
-------------
6,751,866
TELEPHONE - 0.22%
Qwest Communications International, Incorporated* 19,300 638,106
-------------
TOTAL COMMON STOCKS
(Cost: $127,370,707) $ 132,615,487
------------
U.S. TREASURY OBLIGATIONS - 40.29%
U.S. TREASURY BONDS - 1.88%
5.625% due 05/15/2008 $5,525,000 $ 5,411,903
-------------
U.S. TREASURY NOTES - 38.41%
5.625% due 04/30/2000 - 05/15/2001
7,400,000 7,416,761
5.75% due 04/30/2003 6,200,000 6,210,664
5.875% due 02/15/2000 - 11/15/2005 31,230,000 31,385,427
6.125% due 12/31/2001 1,600,000 1,619,248
6.25% due 10/31/2001 - 02/15/2007 24,885,000 25,292,577
6.625% due 03/31/2002 - 04/30/2002 8,900,000 9,127,268
6.875% due 05/15/2006 10,700,000 11,265,067
7.25% due 08/15/2004 5,300,000 5,637,875
-------------
110,289,111
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $115,701,670) $ 115,701,014
-------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.55%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 1.51%
6.45% due 04/29/2009 4,500,000 4,341,105
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 0.04%
6.00% due 05/15/2008 $100,000 $ 96,984
-------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $4,600,329) $ 4,438,089
-------------
FOREIGN BONDS - 1.49%
Province of Ontario Canada
6.125% due 09/12/2007 3,006,000 2,076,661
6.50% due 03/08/2029 3,091,000 2,194,264
-------------
4,270,925
TOTAL FOREIGN BONDS
(Cost: $4,198,981) $ 4,270,925
-------------
CORPORATE BONDS - 0.68%
TELECOMMUNICATIONS SERVICES - 0.68%
New York Telephone Company,
5.875% due 09/01/2003 2,000,000 1,958,860
-------------
TOTAL CORPORATE BONDS
(Cost: $1,947,616) $ 1,958,860
-------------
SHORT TERM INVESTMENTS - 4.04%
$11,588,388 Navigator Securities Lending
Trust, 4.97% $ 11,588,388
-------------
REPURCHASE AGREEMENTS - 5.77%
$16,579,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00%, to be
repurchased at $16,580,842 on
07/01/1999, collateralized by
$13,040,000 U.S. Treasury Bonds,
8.875% due 08/15/2017 (valued at
$16,912,932, including interest $ 16,579,000
-------------
TOTAL INVESTMENTS (BALANCED TRUST)
(Cost: $281,986,691) $ 287,151,763
=============
</TABLE>
152
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
HIGH YIELD TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PREFERRED STOCK - 1.76%
BROADCASTING - 0.55%
Paxson Communications JR EXEC 111 $969,863
Paxson JR CRT PIK 27 270,000
---------
1,239,863
SOFTWARE - 0.30%
Concentric Network Corporation 710 665,625
---------
TELECOMMUNICATIONS SERVICES - 0.56%
IXC Communications,
Incorporated 1,321 1,271,462
---------
TELEPHONE - 0.35%
Dobson Communications
Corporation 800 786,000
---------
TOTAL PREFERRED STOCK
(Cost: $3,816,620) $3,962,950
----------
WARRANTS - 0.77%
BROADCASTING - 0.00%
Paxson Communications
Corporation, (Expiration
date 06/30/03; strike price
$16.00) 832 1,997
---------
COMPUTERS & BUSINESS EQUIPMENT
- - 0.05%
Wam ! Net, Incorporated,
(Expiration date
03/01/2005; strike price
$6.03) 4,500 102,375
---------
INDUSTRIALS - 0.00%
Nokornthai Strip Ml Public,
Ltd., (expiration date
02/01/2008; strike
price $1.00) 588,776 5,887
---------
SOFTWARE - 0.60%
Rhythms NetConnections,
Incorporated *, (Expiration
date 05/15/2008; strike
price $0.01) 9,300 1,339,200
---------
TELECOMMUNICATIONS SERVICES
- - 0.04%
American Mobile Satellite
Corporation, (expiration
date 04/01/2008; strike
price $12.57) 1,415 $56,777
Globalstar
Telecommunications,
(Expiration date
02/15/2004; strike price
$17.39) 750 41,250
Iridium World Communications,
Ltd., (Expiration date
07/15/2005; strike price
$20.90) 240 150
---------
98,177
TELEPHONE - 0.08%
Occidente y Caribe Celular
SA, (Expiration date
03/15/2004; strike price
$1.00) 10,600 181,525
Onepoint Communications
Corporation, (Expiration
date 06/01/2008; strike
price $0.01) 1,200 1,200
---------
182,725
TOTAL WARRANTS
(Cost: $67,861) $1,730,361
---------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 0.81%
U.S. TREASURY NOTES - 0.81%
6.50% due 10/15/2006 $1,775,000 $1,832,688
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $1,773,445) $1,832,688
----------
FOREIGN GOVERNMENT OBLIGATIONS
- - 1.80%
REPUBLIC OF ARGENTINA
- - 1.42% FRN, Series L
due 09/30/1999 3,771,150 3,207,929
----------
GOVERNMENT OF MEXICO - 0.38%
Series W-A due 12/31/2019 250,000 184,375
Series W-B due 12/31/2019 920,000 678,500
---------
862,875
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS (Cost: $4,124,391) $4,070,804
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
153
<PAGE> 157
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
CORPORATE BONDS - 83.84%
AUTO PARTS - 0.91%
Hayes Lemmerz International,
Incorporated, 8.25% due
12/15/2008 $2,155,000 $2,047,250
----------
BROADCASTING - 7.44%
Cablevision SA,
13.75% due 05/01/2009 845,000 768,950
Chancellor Media Corporation,
8.125% due 12/15/2007 2,670,000 2,603,250
9.00% due 10/01/2008 1,875,000 1,884,375
CSC Holdings, Incorporated,
7.25% due 07/15/2008 2,045,000 1,948,271
HMV Media Group PLC,
10.875% due 05/15/2008 1,390,000 2,270,411
Multicanal SA,
10.50% due 02/01/2007 1,195,000 967,950
RBS Participacoes SA,
11.00% due 04/01/2007 855,000 568,575
Rogers Cablesystems, Ltd.,
9.625% due 08/01/2002 750,000 785,625
10.00% due 03/15/2005 1,260,000 1,348,200
10.125% due 09/01/2012 650,000 695,500
TV Azteca SA DE CV, Series B,
10.50% due 02/15/2007 3,970,000 2,937,800
----------
16,778,907
BUILDING MATERIALS &
CONSTRUCTION - 1.49%
American Standard,
Incorporated, 7.125% due
06/01/2006 EUR 1,580,000 1,627,196
D.R. Horton, Incorporated,
8.00% due 02/01/2009 $1,840,000 1,738,800
----------
3,365,996
COMPUTERS & BUSINESS EQUIPMENT
- - 1.89%
Entex Information Services,
Incorporated, 12.50% due
08/01/2006 390,000 239,850
International Game
Technology, 8.375% due
05/15/2009 3,160,000 3,096,800
Wam ! Net, Incorporated,
Step up to 13.25% due
03/01/2005 1,500,000 915,000
----------
4,251,650
CONSTRUCTION & MINING EQUIPMENT
- 0.42%
Applied Power, Incorporated,
8.75% due 04/01/2009 $965,000 $936,050
----------
CRUDE PETROLEUM & NATURAL GAS
- - 0.43%
Vintage Petroleum,
Incorporated,
8.625% due 02/01/2009 375,000 364,688
9.75% due 06/30/20098 595,000 608,387
----------
973,075
DRUGS & HEALTH CARE - 6.18%
Columbia/HCA Healthcare
Corporation,
6.91% due 06/15/2005 3,885,000 3,543,042
7.00% due 07/01/2007 1,540,000 1,379,994
7.25% due 05/20/2008 750,000 679,702
7.69% due 06/15/2025 1,000,000 831,740
8.85% due 01/01/2007 2,280,000 2,214,154
Fresenius Medical Care
Capital Trust, 7.875% due
02/01/2008 1,495,000 1,405,300
Tenet Healthcare Corporation,
8.125% due 12/01/2008 1,925,000 1,819,125
8.625% due 01/15/2007 2,125,000 2,071,875
----------
13,944,932
ELECTRIC UTILITIES - 2.16%
AES Corporation,
8.50% due 11/01/2007 1,780,000 1,677,650
CMS Energy Corporation,
7.50% due 01/15/2009 2,210,000 2,057,276
Companhia Energetica de Sao
Paulo, Step up to 9.125%
due 06/26/2002 1,000,000 822,500
Quezon Power Philippines
Company, 8.86% due
06/15/2017 400,000 320,000
----------
4,877,426
ELECTRONICS - 0.86%
Hyundai Semiconductor
American, Incorporated,
8.625% due 05/15/2007 830,000 661,136
Samsung Electronics America,
Incorporated, 9.75% due
05/01/2003 310,000 314,650
Samsung Electronics, Ltd.,
7.45% due 10/01/2002 1,000,000 963,393
----------
1,939,179
</TABLE>
The accompanying notes are an integral part of the financial statements.
154
<PAGE> 158
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - 0.85%
Fuji JGB Investment, LLC,
9.87% VR due 12/31/2049 due
12/31/2049 $1,075,000 $940,625
SB Treasury Company LLC,
9.40%, VR due 12/29/2049
due 06/30/2008 990,000 972,576
----------
1,913,201
FOREST PRODUCTS - 0.33%
Tembec Industries,
Incorporated, 8.625% due
06/30/2009 750,000 746,250
----------
HOTELS & RESTAURANTS - 4.15%
Hilton Hotels Corporation,
7.95% due 04/15/2007 2,035,000 2,039,518
HMH Properties, Incorporated,
7.875% due 08/01/2005 3,200,000 3,016,000
Host Marriott Travel Plazas,
Incorporated, Series B,
9.50% due 05/15/2005 1,935,000 1,935,000
Park Place Entertainment
Corporation, 7.875% due
12/15/2005 2,500,000 2,375,000
----------
9,365,518
INDUSTRIALS - 11.43%
AMSC Acquisition Company,
Incorporated, Series B,
12.25% due 04/01/2008 1,415,000 1,082,475
APP FIN II Mauritius, Ltd.,
Series B, Step up to 12.00%
due 02/15/2004 860,000 567,600
AST Research, Incorporated,
7.45% due 10/01/2002 1,440,000 1,387,286
Axia, Incorporated,
10.75% due 07/15/2008 705,000 695,306
CEX Holdings, Incorporated,
9.625% due 06/01/2008 1,750,000 1,645,000
EES Coke Battery Company,
Incorporated, 9.382% due
04/15/2007 525,000 503,979
Geberit International SA,
10.125% due 04/15/2007 725,000 445,172
Glencore Nickel Property,
Ltd., 9.00% due 12/01/2014 1,725,000 1,483,500
Huntsman ICI Chemicals LLC,
10.125% due 07/01/2009 2,300,000 2,351,113
Indah Kiat Finance Mauritius,
Ltd., 10.00% due 07/01/2007 1,850,000 1,276,500
INDUSTRIALS - CONTINUED
ISP Holdings, Incorporated,
Series B, 9.00% due
10/15/2003 $2,300,000 $2,331,625
Lyondell Chemical Company,
9.625% due 05/01/2007 1,300,000 1,330,875
Multicanal,
13.125% due 04/15/2009 365,000 338,538
Norampac, Incorporated,
9.50% due 02/01/2008 1,885,000 1,922,700
Nortek, Incorporated,
8.875% due 08/01/2008 2,025,000 1,984,500
Pindo Deli Finance Mauritius,
Ltd., 10.75% due 10/01/2007 2,845,000 1,977,275
Ras Laffan Liquefied Natural
Gas, 8.294% due 03/15/2014 1,150,000 1,061,255
S.D. Warren Company,
12.00% due 12/15/2004 935,000 1,009,800
Sirona Dental Systems,
5.124% due 08/12/1998 1,550,000 751,595
Smithfield Foods,
Incorporated, 7.625% due
02/15/2008 1,800,000 1,620,000
----------
25,766,094
INSURANCE - 0.40%
Mosaic Re, Ltd., Class A,
9.598% due 06/30/1999 900,000 900,000
----------
LEISURE TIME - 3.63%
Harrahs Entertainment,
Incorporated, 7.875% due
12/15/2005 2,605,000 2,513,825
Horseshoe Gaming Holdings,
8.625% due 05/15/2009 2,525,000 2,452,406
Station Casinos, Incorporated,
8.875% due 12/01/2008 1,070,000 1,037,900
9.75% due 04/15/2007 885,000 902,700
10.125% due 03/15/2006 1,240,000 1,277,200
----------
8,184,031
METAL & METAL PRODUCTS - 0.78%
Impress Metal Packaging
Holdings,
5.205% due 07/01/1999 1,800,000 1,053,075
9.875% due 05/29/2007 DEM 1,200,000 710,495
----------
1,763,570
</TABLE>
The accompanying notes are an integral part of the financial statements.
155
<PAGE> 159
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
MINING - 0.52%
Murrin Murrin Holdings
Property, 9.375% due
08/31/2007 $1,340,000 $1,179,200
----------
PAPER - 0.74%
Pacifica Papers,
Incorporated, 10.00% due
03/15/2009 1,615,000 1,663,450
----------
PETROLEUM SERVICES - 1.36%
Husky Oil, Ltd.,
8.90% due 08/15/2008 965,000 934,241
Synder Oil Corporation
8.75% due 06/15/2007 2,165,000 2,143,350
----------
3,077,591
POLLUTION CONTROL - 1.27%
Norcal Waste Systems,
Incorporated, Series B,
Step up to 13.50% due
11/15/2005 2,550,000 2,868,750
----------
PUBLISHING - 1.12%
Outdoor Systems,
Incorporated, 8.875% due
06/15/2007 2,420,000 2,528,900
----------
RETAIL TRADE - 3.10%
K Mart Funding Corporation,
Series F, 8.80% due
07/01/2010 4,020,000 4,091,275
Musicland Group, Incorporated,
9.00% due 06/15/2003 865,000 821,750
9.875% due 03/15/2008 2,125,000 2,071,875
----------
6,984,900
SANITARY SERVICES - 0.41%
Allied Waste North America,
Incorporated, 7.875% due
01/01/2009 1,000,000 927,500
----------
SOFTWARE - 1.27%
Psinet, Incorporated,
10.00% due 02/15/2005 1,325,000 1,318,375
Rhythms NetConnections,
Incorporated, Series B,
Step up to 13.50% due
05/15/2008 2,900,000 1,544,250
----------
2,862,625
STEEL - 0.71%
National Steel Corporation,
Series D, 9.875% due
03/01/2009 $1,520,000 $1,546,600
NSM Steel, Incorporated,
due 02/01/2008 930,000 46,500
----------
1,593,100
TELECOMMUNICATIONS SERVICES
- - 0.04%
Adelphia Communications
Corporation,
7.50% due 01/15/2004 1,000,000 953,750
8.375% due 02/01/2008 1,315,000 1,262,400
Series B, 9.875% due
03/01/2007 275,000 287,375
American Celluar Corporation,
10.50% due 05/15/2008 1,640,000 1,672,800
Centennial Cellular Operating
Company, 10.75% due
12/15/2008 1,410,000 1,459,350
Dolphin Telecom PLC,
Step up to 11.50% due
06/01/2008 EUR 2,070,000 1,035,000
zero coupon due 05/15/2009 $1,380,000 655,500
Echostar DBS Corporation,
9.375% due 02/01/2009 2,000,000 2,040,000
Esprit Telecom Group, PLC,
11.50% due 12/15/2007 1,200,000 684,658
Global Crossings Holdings,
Ltd., 9.625% due 05/15/2008 1,635,000 1,765,800
Globalstar LP,
11.375% due 02/15/2004 1,440,000 964,800
Globalstar LP/Capital,
11.50% due 06/01/2005 275,000 181,500
Iridium Capital Corporation,
Series A, 13.00% due
07/15/2005 1,740,000 339,300
Metromedia Fiber Network,
Incorporated, 10.00% due
11/15/2008 990,000 1,017,225
Netia Holdings II B.V.,
13.50% due 06/15/2009 EUR 1,800,000 1,855,530
Nextlink Communications,
10.75% due 11/15/2008 $350,000 357,875
NTL, Incorporated,
10.75% due 04/01/2008 2,275,000 2,384,669
RCN Corporation,
Step up to 9.80% due
02/15/2008 1,125,000 703,125
Step up to 11.125% due
10/15/2007 2,565,000 1,712,137
</TABLE>
The accompanying notes are an integral part of the financial statements.
156
<PAGE> 160
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES
- - CONTINUED
Rogers Cantel, Incorporated,
8.30% due 10/01/2007 $1,820,000 $1,820,000
Rogers Communications,
Incorporated,
8.875% due 07/15/2007 2,195,000 2,216,950
9.125% due 01/15/2006 460,000 466,900
RSL Communications PLC,
10.00% due 03/15/2008 DEM 3,400,000 1,104,333
Satelites Mexicanos SA De CV,
10.125% due 11/01/2004 $2,075,000 1,649,625
Tele1 Europe BV,
13.00% due 05/15/2009 1,550,000 1,606,188
Telewest Communications PLC,
Step up to 9.875 due
04/15/2009 GBP 2,225,000 2,270,884
--------------
32,467,674
TELEPHONE - 14.97%
CTI Holdings SA,
Step up to 11.50% due
04/15/2008 $2,600,000 1,261,000
Dial Callable Communications,
Incorporated, Series B,
Step up to 10.25% due
12/15/2005 250,000 253,750
Dobson Communications
Corporation, 11.75% due
04/15/2007 1,335,000 1,401,750
Espirit Telecom Group, PLC,
11.00% due 06/15/2008 1,505,000 848,760
Hermes Europe Railtel BV,
10.375% due 01/15/2009 900,000 911,250
11.50% due 08/15/2007 1,025,000 1,076,250
Hyperion Telecommunications,
Incorporated, Series B,
Step up to 13.00% due
04/15/2003 2,540,000 2,095,500
Intermedia Communications,
Incorporated, Series B,
Step up to 11.25% due
07/15/2007 4,290,000 3,045,900
IXC Communications,
Incorporated, 9.00% due
04/15/2008 330,000 315,975
Lenfest Communications,
Incorporated, 7.625% due
02/15/2008 2,150,000 2,165,781
TELEPHONE - CONTINUED
NEXTEL Communications,
Incorporated,
Step up to 9.75% due
08/15/2004 **** $1,725,000 $1,750,875
Step up to 9.95% due
02/15/2008 800,000 552,000
Step up to 10.65% due
09/15/2007 5,770,000 4,183,250
Nextlink Communications,
Incorporated, Step up to
9.45% due 04/15/2008 2,755,000 1,653,000
Occidente y Caribe Celular,
Series B, Step up to 14.00%
due 03/15/2004 2,650,000 1,616,500
Onepoint Communications
Corporation, 14.50% due
06/01/2008 1,200,000 660,000
Philippine Long Distance
Telephone Company,
7.85% due 03/06/2007 1,585,000 1,351,212
9.25% due 06/30/2006 200,000 187,000
10.50% due 04/15/2009 580,000 581,208
Primus Telecommunications
Group, Incorporated,
9.875% due 05/15/2008 1,695,000 1,635,675
11.25% due 01/15/2009 400,000 402,000
PTC International Financial
BV, Step up to 10.75% due
07/01/2007 1,875,000 1,406,250
RSL Communications PLC,
9.125% due 03/01/2008 1,470,000 1,341,375
12.25% due 11/15/2006 46,000 48,070
Step up to 10.125% due
03/01/2008 3,000,000 1,800,000
Viatel, Incorporated,
Step up to 12.50% due
04/15/2008 1,900,000 1,216,000
--------------
33,760,331
TRANSPORTATION - 0.62%
American Commercial Lines,
Incorporated, 10.25% due
06/30/2008 1,390,000 1,390,000
--------------
TOTAL CORPORATE BONDS
(Cost: $198,813,258) $189,057,150
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
157
<PAGE> 161
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
CONVERTIBLE BONDS - 0.18%
TELECOMMUNICATIONS SERVICES - 0.18%
Total Access Communication
Public Company, Ltd., 2.00%
due 05/15/2006 $400,000 $396,000
----------
TOTAL CONVERTIBLE BONDS
(Cost: $402,000) $396,000
----------
COLLATERALIZED MORTGAGE OBLIGATIONS
- - 0.92%
CA FM Lease Trust,
8.50% due 07/15/2017 1,630,441 1,643,615
DLJ Mortgage Acceptance
Corporation, Series
1997-CF2, Class S, 00.315%
due 06/15/1999 20,641,489 441,357
----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $2,222,252) $2,084,972
----------
ASSET BACKED SECURITIES - 1.84%
Aircraft Lease Portfolio
Securitization, Ltd.,
Series 1996-1, Class DX,
12.75% due 06/15/2006 942,865 942,865
DR Structured Finance,
Series A-2, 8.375% due
08/15/2015 550,000 542,901
DR Structured Finance, Series
94K2, 9.35% due 08/15/2019 400,000 403,655
DR Structured Finance, Series
A-1, 6.66% due 08/15/2010 599,728 560,818
DR Structured Finance, Series
A-2, 7.43% due 08/15/2018 375,000 338,346
Jet Equipment Trust, Series
C1, 11.79% due 06/15/2013 300,000 371,796
Long Beach Acceptance Auto
Business, 14.22% due
10/25/2003 470,921 467,713
ASSET BACKED SECURITIES - CONTINUED
OHA Auto Grantor Trust,
Series 1997-1, Class A,
11.00% due 01/15/2004 $399,503 $397,744
Securitized Multiple Asset
Trust, Series 1997, Class
5, 7.72% due 06/15/2005 541,604 135,401
----------
TOTAL ASSET BACKED SECURITIES
(Cost: $4,524,101) $4,161,239
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 4.74%
$10,691,931 Navigator Securities Lending
Trust, 4.97% $10,691,931
------------
REPURCHASE AGREEMENTS - 3.34%
$7,522,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00% to be
repurchased at $7,522,836 on
07/01/1999, collateralized by
$6,435,000 U.S. Treasury Bonds,
10.75% due 02/15/2003 (valued at
$7,673,738 including interest). $7,522,000
------------
TOTAL INVESTMENTS (HIGH YIELD TRUST)
(Cost: $233,957,037) $225,510,095
============
</TABLE>
STRATEGIC BOND TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 0.00%
ELECTRIC UTILITIES - 0.00%
TCR Holdings 18,019 $1,071
------
TOTAL COMMON STOCKS
(Cost: $1,071) $1,071
------
</TABLE>
The accompanying notes are an integral part of the financial statements.
158
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PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
WARRANTS - 0.02%
FINANCIAL SERVICES - 0.00%
BPC Holdings Corporation,
(Expiration date
04/15/2004; strike price $18.797) 1,000 $ 0
----------
TELEPHONE - 0.00%
In Flight Phone Corporation,
(Expiration date 2002) 1,500 0
Wireless One, Incorporated,
(Expiration date
10/19/2000; strike price $11.50) 2,250 22
----------
22
REPUBLIC OF ARGENTINA - 0.01%
Argentina Republic,
(Expiration date 12/03/99;
strike price $1.00) 4,000 28,500
----------
GOVERNMENT OF MEXICO - 0.01%
Government of Mexico,
(expiration date 02/18/2000) 9,035 56,582
----------
TOTAL WARRANTS
(Cost: $98,034) $ 85,104
----------
RIGHTS - 0.01%
TRUCKING & FREIGHT - 0.01%
Terex Corporation,
(Expiration date
05/15/2002; strike price $20) 4,000 56,500
----------
GOVERNMENT OF MEXICO - 0.00%
Government of Mexico,
(Expiration date 2003) 5,400,000 0
----------
TOTAL RIGHTS
(Cost: $0) $56,500
----------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
U.S. TREASURY OBLIGATIONS - 6.11%
U.S. TREASURY BONDS - 2.27%
5.25% due 11/15/2028 $5,000,000 $4,433,047
5.50% due 08/15/2028 4,335,000 3,969,213
6.125% due 11/15/2027 920,000 913,817
6.375% due 08/15/2027 300,000 307,407
----------
9,623,484
U.S. TREASURY NOTES - 3.84%
4.75% due 02/15/2004 -
11/15/2008 $11,175,000 $10,296,651
5.25% due 05/31/2001 *** 6,000,000 5,971,860
----------
16,268,511
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $27,002,452) $25,891,995
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 7.77%
FEDERAL HOME LOAN BANK - 0.40%
5.89% due 07/24/2000 1,200,000 1,203,192
5.94% due 06/13/2000 500,000 501,955
----------
1,705,147
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 0.80%
6.50% TBA** 1,250,000 1,209,763
8.00% due 05/01/2010 571,615 582,870
8.50% due 05/01/2008 344,202 356,689
10.00% due 05/15/2020 1,052,282 1,132,519
REMIC, IO, 7.595% due
07/15/2006 844,428 99,558
----------
3,381,399
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 5.72%
1.044% due 06/01/2029 39,930,089 2,298,256
6.00% TBA** 5,000,000 4,716,038
6.50% TBA** 2,900,000 2,804,822
7.388% due 08/25/2003 3,514,940 3,530,617
7.50% TBA** 4,000,000 4,048,720
13.00% due 11/15/2015 157,026 183,819
IO, 1.631% due 02/25/2035 26,782,905 1,964,258
REMIC, IO, 0.9455% due
02/17/2002 60,977,467 898,820
REMIC, IO, 0.538% due
10/17/2036 50,709,602 1,306,330
REMIC, IO, 0.584% due
03/17/2020 20,696,210 485,285
8.80% due 01/25/2019 1,401,791 1,479,324
REMIC, 10.40% due 04/25/2019 518,738 562,665
----------
24,278,954
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 0.56%
7.50% due 04/15/2022 -
02/15/2028 2,345,776 2,368,313
----------
2,368,313
</TABLE>
The accompanying notes are an integral part of the financial statements.
159
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
STUDENT LOAN MARKETING
ASSOCIATION - 0.29%
7.20% due 11/09/2000 $1,200,000 $1,221,372
----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $34,384,943) $32,955,185
-----------
FOREIGN GOVERNMENT OBLIGATIONS
- - 21.88%
ALGERIA - 0.59%
6.375% due 03/04/2010 $4,450,000 $2,503,125
-----------
ARGENTINA - 2.45%
11.00% due 12/04/2005 6,100,000 5,596,750
11.375% due 01/30/2017 5,520,000 4,796,880
-----------
10,393,630
AUSTRALIA - 0.07%
7.375% due 02/21/2007 AUD 450,000 310,115
-----------
BRAZIL - 2.57%
5.00% due 04/15/2006 $15,538,695 9,556,297
5.875% due 04/15/2014 1,710,000 1,325,250
-----------
10,881,547
BULGARIA - 1.09%
2.50% due 07/28/2012 3,750,000 2,231,250
FRN 5.8755% due 07/28/2011 3,500,000 2,371,250
-----------
4,602,500
CANADA - 0.28%
6.00% due 06/01/2008 CAD 1,720,000 1,204,292
-----------
COLOMBIA - 0.79%
10.875% due 03/09/2004 $3,500,000 3,342,500
-----------
CROATIA - 0.58%
5.813% due 07/31/2006 2,920,863 2,460,827
-----------
ECUADOR - 0.37%
4.00% due 02/28/2001 4,000,000 1,580,000
-----------
GREECE - 1.81%
7.60% due 01/22/2002 GRD 468,000,000 1,506,925
8.70% due 04/08/2005 143,500,000 504,375
8.90% due 04/01/2003 1,277,500,000 4,352,444
FRN 11.00% due 02/25/2000 408,800,000 1,321,490
-----------
7,685,234
ITALY - 0.30%
5.25% due 11/01/2029 EUR 1,290,000 1,271,153
-----------
MEXICO - 1.41%
Series W-A due 12/31/2019 $7,000,000 5,162,500
10.375% due 02/17/2009 800,000 808,480
-----------
5,970,980
MOROCCO - 0.63%
FRN 5.90625% due 01/01/2009 3,319,048 2,655,239
-----------
NORWAY - 0.48%
6.50% due 09/15/1999 NOK 16,000,000 2,030,786
-----------
PANAMA - 0.45%
4.00% due 07/17/2014 $2,600,000 1,904,500
-----------
PERU - 1.19%
4.50% due 03/07/2003 8,200,000 5,033,160
-----------
PHILLIPINES - 0.38%
8.60% due 06/15/2027 1,900,000 1,608,350
-----------
RUSSIA - 1.36%
12.75% due 06/24/2028 6,000,000 3,330,300
11.75% due 06/10/2003 4,000,000 2,445,000
-----------
5,775,300
SLOVENIA - 0.42%
5.375% due 05/27/2005 EUR 1,700,000 1,790,999
-----------
SPAIN - 0.29%
6.00% due 01/31/2008 1,100,000 1,230,391
-----------
SWEDEN - 0.30%
6.50% due 05/05/2008 SEK 9,800,000 1,274,035
-----------
UNITED KINGDOM - 1.07%
6.50% due 12/07/2003 GBP 2,760,000 4,535,345
-----------
VENEZUELA - 2.35%
6.00% due 03/31/2007 $4,380,932 3,307,604
9.25% due 09/15/2027 3,950,000 2,561,575
13.625% due 08/15/2018 4,575,000 4,117,500
-----------
9,986,679
IVORY COAST - 0.65%
2.00% due 03/31/2005 8,051,000 2,777,595
-----------
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS
(Cost: $93,415,788) $92,808,282
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
160
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PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
CORPORATE BONDS - 35.87%
AEROSPACE - 0.27%
B E Aerospace,
8.00% due 03/01/2008 $1,225,000 $1,145,375
-----------
AGRICULTURE - 0.21%
Hines Horticulture,
11.75% due 10/15/2005 839,000 893,535
-----------
APPAREL & TEXTILES - 0.65%
Collins & Aikman
Floorcovering, 10.00% due
01/15/2007 1,250,000 1,237,500
Simmons Company,
10.25% due 03/15/2009 1,000,000 1,015,000
Synthetic Industries,
Incorporated, 9.25% due
02/15/2007 500,000 515,000
-----------
2,767,500
AUTO PARTS - 0.32%
Breed Technologies,
Incorporated, 9.25% due
04/15/2008 1,000,000 160,000
Hayes Lemmerz International,
Incorporated, 8.25% due
12/15/2008 1,250,000 1,187,500
-----------
1,347,500
BANKING - 2.52%
Bank America Corporation,
6.625% due 06/15/2004 1,475,000 1,414,422
Commerzbank O/S Finance NV,
10.25% due 04/28/2000 AUD 5,680,000 3,898,759
Korea Development Bank,
9.60% due 12/01/2000 $3,000,000 3,100,710
US Bank National Association,
5.70% due 12/15/2008 2,500,000 2,282,697
-----------
10,696,588
BROADCASTING - 1.25%
Capstar Broadcasting
Partners, 9.25% due
07/01/2007 1,250,000 1,292,188
Century Communications
Corporation, zero coupon
due 01/15/2008 750,000 330,000
Chancellor Media Corporation,
9.375% due 10/01/2004 500,000 510,000
BROADCASTING - CONTINUED
CSC Holdings, Incorporated,
7.625% due 07/15/2018 $375,000 $347,981
10.50% due 05/15/2016 1,000,000 1,150,000
Granite Broadcasting
Corporation, 8.875% due
05/15/2008 1,000,000 970,000
SFX Broadcasting,
Incorporated, 10.75% due
05/15/2006 658,000 715,575
-----------
5,315,744
BUSINESS SERVICES - 2.80%
CB Richard Ellis Services,
Incorporated, 8.875% due
06/01/2006 1,250,000 1,206,250
Comdisco, Incorporated,
6.00% due 01/30/2002 2,000,000 1,971,860
First Data Corporation,
6.375% due 12/15/2007 *** 1,540,000 1,498,035
Jordan Industries,
Incorporated, Series B,
Step up to 11.75% due
04/01/2009 2,412,580 1,568,177
Pierce Leahy Command Company,
8.125% due 05/15/2008 250,000 236,250
Pierce Leahy Corporation,
11.125% due 07/15/2006 1,250,000 1,387,500
Primark Corporation,
9.25% due 12/15/2008 1,500,000 1,443,750
Protection One Alarm,
8.125% due 01/15/2009 1,500,000 1,440,000
Williams Scotsman,
Incorporated, 9.875% due
06/01/2007 1,145,000 1,109,219
-----------
11,861,041
CHEMICALS - 0.48%
Huntsman Package Corporation,
9.125% due 10/01/2007 1,200,000 1,164,000
PCI Chemicals Canada,
Incorporated, 9.25% due
10/15/2007 1,000,000 850,000
-----------
2,014,000
COAL - 0.18%
P&L Coal Holdings
Corporation, Series B,
8.875% due 05/15/2008 250,000 250,000
9.625% due 05/15/2008 500,000 496,250
-----------
746,250
</TABLE>
The accompanying notes are an integral part of the financial statements.
161
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PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
COMPUTERS & BUSINESS EQUIPMENT
- - 0.19%
Decisionone Corporation,
9.75% due 08/01/2007 $1,030,000 $51,500
Unisys Corporation,
7.875% due 04/01/2008 750,000 761,250
-----------
812,750
COSMETICS & TOILETRIES - 0.47%
American Safety Razor
Company, Series B, 9.875%
due 08/01/2005 1,000,000 1,010,000
Revlon Worldwide Corporation,
Series B, zero coupon due
03/15/2001 1,500,000 1,001,250
-----------
2,011,250
CRUDE PETROLEUM & NATURAL GAS
- - 0.29%
Frontier Oil Corporation,
Series A, 9.125% due
02/15/2006 1,250,000 1,225,000
-----------
DRUGS & HEALTH CARE - 1.12%
Cole National Group,
Incorporated, 8.625% due
08/15/2007 1,275,000 1,096,500
Dade International,
Incorporated, 11.125% due
05/01/2006 1,000,000 1,050,000
Maxxim Medical, Incorporated,
10.50% due 08/01/2006 1,000,000 1,075,000
Packard BioScience,
Incorporated, 9.375% due
03/01/2007 900,000 850,500
Universal Hospital Services,
Incorporated, 10.25% due
03/01/2008 750,000 667,500
-----------
4,739,500
ELECTRICAL EQUIPMENT - 0.23%
Alaris Med Systems
Incorporated, 9.75% due
12/01/2006 1,000,000 990,000
-----------
ELECTRIC UTILITIES - 0.55%
Integrat Electric Service,
9.375% due 02/01/2009 1,500,000 1,477,500
L-3 Communications
Corporation, 8.00% due
08/01/2008 750,000 706,875
ELECTRIC UTILITIES - CONTINUED
Transamerican Energy
Corporation,
11.50% due 06/15/2002 $750,000 $71,250
Series B, Step up to
13.00% due 06/15/2002 1,050,000 94,500
-----------
2,350,125
ELECTRONICS - 0.37%
Amphenol Corporation,
9.875% due 05/15/2007 1,500,000 1,552,500
-----------
FINANCIAL SERVICES - 4.41%
Contifinancial Corporation,
8.125% due 04/01/2008 1,000,000 860,000
8.375% due 08/15/2003 580,000 498,800
DVI, Incorporated,
9.875% due 02/01/2004 1,500,000 1,457,500
9.875% due 02/01/2004
Foamex Capital Corporation,
9.875% due 06/15/2007 1,375,000 1,168,750
Ford Motor Credit Company,
5.80% due 01/12/2009 1,035,000 945,887
Forest City Enterprises,
Incorporated, 8.50% due
03/15/2008 1,000,000 955,000
General Electric Capital
Corporation, 5.875% due
07/07/2000 1,830,000 1,216,254
Intertek Finance PLC, Series
B, 10.25% due 11/01/2006 1,250,000 1,203,125
KFW International Finance,
16.30% due 06/24/2003 PLZ 2,430,000 727,948
Mediacom LLC/Capital
Corporation, Series B,
8.50% due 04/15/2008 $1,500,000 1,440,000
Merrill Lynch & Company,
Incorporated, 6.00% due
11/15/2004 1,020,000 991,195
Nordiska Investeringsbanken,
17.75% due 04/15/2002 PLZ 3,160,000 913,434
Paine Webber Group,
Incorporated, 7.75% due
09/01/2002 $1,700,000 1,745,288
Sudwestdeutsche LB Capital,
17.50% due 05/05/2003 PLZ 2,470,000 747,385
TPSA Finance BV,
7.75% due 12/10/2008 $2,300,000 2,228,550
United States Leasing
International, 8.45% due
01/25/2005 1,500,000 1,615,335
-----------
18,714,451
</TABLE>
The accompanying notes are an integral part of the financial statements.
162
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PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FOOD & BEVERAGES - 1.04%
CFP Holdings, Incorporated,
Series B, 11.625% due
01/15/2004 $1,100,000 $913,000
Delta Beverage Group,
Incorporated, 9.75% due
12/15/2003 1,000,000 1,030,000
Dole Foods, Incorporated,
6.75% due 07/15/2000 1,500,000 1,505,205
Imperial Holly Corporation,
9.75% due 12/15/2007 1,000,000 975,000
----------
4,423,205
FUNERAL SERVICES - 0.44%
Service Corporation
International, 6.00% due
12/15/2005 2,000,000 1,844,800
----------
FURNITURE & FIXTURES - 0.23%
Sealy Mattress Company,
9.875% due 12/15/2007 1,000,000 983,750
----------
GAS & PIPELINE UTILITIES - 0.53%
Praxair, Incorporated,
6.15% due 04/15/2003 2,300,000 2,263,476
----------
HOTELS & RESTAURANTS - 0.89%
HMH Properties, Incorporated,
Series B, 7.875% due
08/01/2008 1,000,000 917,500
HMH Properties, Incorporated,
Series C, 8.45% due
12/01/2008 250,000 236,250
Park Place Entertainment
Corporation, 7.875% due
12/15/2005 1,500,000 1,425,000
Prime Hospitality
Corporation, 9.75% due
04/01/2007 1,200,000 1,188,000
----------
3,766,750
HOUSEHOLD PRODUCTS - 0.36%
Ekco Group, Incorporated,
Series B, 9.25% due
04/01/2006 1,500,000 1,522,500
----------
INDUSTRIAL MACHINERY - 0.25%
Cabot Safety Acquisition
Corporation, 12.50% due
07/15/2005 1,000,000 1,060,000
----------
INDUSTRIALS - 3.83%
APP FIN II Mauritius, Ltd.,
Series B, Step up to 12.00%
due 02/15/2004 $1,000,000 $660,000
Coach USA, Incorporated,
9.375% due 07/01/2007 1,500,000 1,545,000
Empress Entertainment,
Incorporated, 8.125% due
07/01/2006 1,000,000 1,010,000
Falcon Holding Group LP,
Series B, 8.375% due
04/15/2010 1,000,000 987,500
Furon Company,
8.125% due 03/01/2008 750,000 705,000
High Voltage Engineering
Corporation, 10.50% due
08/15/2004 1,000,000 928,750
Holt Group, Incorporated,
9.75% due 01/15/2006 1,000,000 680,000
Indesco International,
Incorporated, 9.75% due
04/15/2008 750,000 547,500
Lin Holdings Corporation,
Step up to 10.00% due
03/01/2008 1,750,000 1,155,000
Mastec, Incorporated,
7.75% due 02/01/2008 750,000 705,000
NBTY, Incorporated, Series B,
8.625% due 09/15/2007 1,000,000 860,000
Nebco Evans Holding Company,
Step up to 12.375% due
07/15/2007 1,500,000 735,000
Panolam Industries
International,
Incorporated, 11.50% due 1,500,000 1,548,750
02/15/2009
Purina Mills, Incorporated,
9.00% due 03/15/2010 410,000 307,500
Raytheon Company,
6.15% due 11/01/2008 1,200,000 1,132,908
RG Receivables, Ltd.,
9.60% due 02/10/2005 1,232,143 702,321
Stellex Industries,
Incorporated, 9.50% due
11/01/2007 1,000,000 840,000
United Industries
Corporation, 9.875% due
04/01/2009 1,250,000 1,187,500
----------
16,237,729
</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, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
INSURANCE - 0.39%
Aetna Services, Incorporated,
7.625% due 08/15/2026 $1,700,000 $1,656,888
----------
LEISURE TIME - 1.18%
Harrahs Entertainment,
Incorporated, 7.875% due
12/15/2005 1,500,000 1,447,500
Horseshoe Gaming LLC,
9.375% due 06/15/2007 1,500,000 1,522,500
Mohegan Tribal Gaming
Authority, 8.75% due
01/01/2009 950,000 940,500
Sun International Hotels,
Ltd., 8.625% due 12/15/2007 1,125,000 1,102,500
----------
5,013,000
METAL & METAL PRODUCTS - 0.22%
Envirosource, Incorporated,
9.75% due 06/15/2003 735,000 463,050
International Knife & Saw,
Incorporated, 11.375% due
11/15/2006 500,000 470,000
----------
933,050
MINING - 0.21%
Murrin Murrin Holdings
Property, 9.375% due
08/31/2007 1,000,000 880,000
----------
NEWSPAPERS - 0.23%
Garden State Newspapers,
Incorporated, 8.75% due
10/01/2009 1,000,000 980,000
----------
OFFICE FURNISHINGS & SUPPLIES
- - 0.44%
Staples, Incorporated,
7.125% due 08/15/2007 *** 1,950,000 1,871,337
----------
PETROLEUM SERVICES - 0.54%
Bellwether Exploration
Company, 10.875% due
04/01/2007 1,000,000 957,500
Benton Oil & Gas Company,
11.625% due 05/01/2003 1,000,000 730,000
Costilla Energy,
Incorporated, 10.25% due 750,000 217,500
10/01/2006
United Refining Company,
Series B, 10.75% due
06/15/2007 500,000 366,250
----------
2,271,250
PLASTICS - 0.32%
Key Plastics, Incorporated,
10.25% due 03/15/2007 $500,000 $501,250
Plastic Containers,
Incorporated, Series B,
10.00% due 12/15/2006 750,000 836,250
----------
1,337,500
POLLUTION CONTROL - 0.48%
Loomis Fargo & Company,
10.00% due 01/15/2004 1,000,000 1,020,000
Safety-Kleen Services,
Incorporated, 9.25% due
06/01/2008 1,000,000 1,025,000
----------
2,045,000
PUBLISHING - 0.57%
Big Flower Press Holdings,
Incorporated, 8.625% due
12/01/2008 1,500,000 1,380,000
Hollinger International
Publishing, Incorporated,
9.25% due 03/15/2007 1,000,000 1,022,500
----------
2,402,500
REAL ESTATE - 0.29%
Radnor Holdings Corporation,
10.00% due 12/01/2003 1,250,000 1,250,000
----------
RETAIL TRADE - 0.89%
Finlay Enterprises,
Incorporated, 9.00% due
05/01/2008 500,000 476,250
Finlay Fine Jewelry
Corporation, 8.375% due
05/01/2008 1,000,000 980,000
French Fragrances,
Incorporated, Series B,
10.375% due 05/15/2007 840,000 856,800
Maxim Group, Incorporated,
9.25% due 10/15/2007 500,000 490,000
Musicland Group,
Incorporated, 9.875% due
03/15/2008 1,000,000 975,000
----------
3,778,050
SANITARY SERVICES - 0.33%
Allied Waste North America,
Incorporated, 7.875% due
01/01/2009 1,500,000 1,391,250
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
164
<PAGE> 168
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
SOFTWARE - 0.24%
Alvey Systems, Incorporated,
11.375% due 01/31/2003 $1,000,000 $1,030,000
----------
TELECOMMUNICATIONS SERVICES
- - 3.26%
Adelphia Communications
Corporation, Series B
9.875% due 03/01/2007 525,000 548,625
10.50% due 07/15/2004 475,000 507,062
Centennial Cellular Operating
Company, 10.75% due
12/15/2008 1,250,000 1,293,750
Charter Commerce Holdings
LLC, due 04/01/2004 2,000,000 1,240,000
Diamond Cable Communications
PLC, Step up to 11.75% due
12/15/2005 750,000 669,375
ICG Holdings, Incorporated,
Step up to 13.50% due
09/15/2005 1,250,000 1,100,000
International Cabletel,
Incorporated, Series B,
Step up to 11.50% due
02/01/2006 1,500,000 1,305,000
Jordan Telecommunication
Products, Series B,
Step up to 11.75% due
08/01/2007 600,000 513,000
Step up to 11.75% due
08/01/2007 1,000,000 990,000
Metronet Communications
Corporation,
Step up to 9.95% due
06/15/2008 2,000,000 1,480,000
Rogers Communications,
Incorporated, 8.875% due
07/15/2007 1,500,000 1,515,000
Telewest Communication PLC,
Step up to 11.00% due
10/01/2007 1,500,000 1,335,000
United International
Holdings, Incorporated,
10.75% due 02/15/2008 2,000,000 1,320,000
----------
13,816,812
TELEPHONE - 0.86%
GST Network Funding,
Incorporated, Step up to
10.50% due 05/01/2008 1,000,000 565,000
TELEPHONE - CONTINUED
GTE Corporation,
6.94% due 04/15/2028 $880,000 $832,999
Intermedia Communications,
Incorporated, Series B,
Step up to 11.25% due
07/15/2007 750,000 532,500
NEXTEL Communications,
Incorporated, Step up to
9.75% due 08/15/2004 1,000,000 1,015,000
Step up to 9.95% due
02/15/2008 1,000,000 690,000
----------
3,635,499
TRANSPORTATION - 1.54%
Atlantic Express
Transportation Corporation,
10.75% due 02/01/2004 1,250,000 1,237,500
Axiohm Transaction Solutions,
9.75% due 10/01/2007 1,000,000 650,000
Iron, Incorporated,
10.125% due 10/01/2006 1,000,000 1,060,000
Navistar International
Corporation, 8.00% due
02/01/2008 1,000,000 980,000
Stena AB,
10.50% due 12/15/2005 1,000,000 995,000
Teekay Shipping Corporation,
8.32% due 02/01/2008 750,000 705,000
TFM SA De C V,
Step up to 11.75% due
06/15/2009 1,500,000 896,250
----------
6,523,750
TOTAL CORPORATE BONDS
(Cost: $164,219,120) $152,101,205
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 9.34%
Commercial Mortgage Asset
Trust, Series 1999-C1,
7.35% due 08/17/2013 8,000,000 7,780,240
Contimortgage Home Equity
Loan Trust, Series 1999-3,
Class B, 7.00% due
12/25/2029 3,600,000 3,118,500
DLJ Commercial Mortgage
Corporation, Series
1998-CF2, Class S, 1.07%
due 11/12/2031 41,427,340 2,177,918
</TABLE>
The accompanying notes are an integral part of the financial statements.
165
<PAGE> 169
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
COLLATERALIZED MORTGAGE
OBLIGATIONS - CONTINUED
DLJ Commercial Mortgage
Corporation, Series
1998-CG1, Class S, 0.704%
due 05/10/2023 $46,843,203 $2,017,630
First Boston Mortgage
Securities Corporation
Strip, Series D, IO, due
05/25/2017 516,272 154,716
First Union Residential
Securitiation Trust, Series
1998-A, Class B2, REMIC due
08/25/2028 1,107,397 1,008,484
GE Capital Mortgage Services,
Incorporated, Series
1998-14, Class B1, 6.75%
due 10/25/2028 3,779,506 3,344,334
Green Tree Financial
Corporation, Series 1997-6,
Class A8, 7.07% due
09/15/2007 *** 8,012,310 7,949,654
PNC Mortgage Securities
Corporation, Series 1998-4,
Class 3B3, 6.75% due
05/25/2028 1,561,247 1,470,632
PNC Mortgage Securities
Corporation, Series 1998-4,
Class CB3, 6.839% due
05/25/2028 2,278,729 2,047,188
PNC Mortgage Securities
Corporation, Series 1999-1,
Class CB2, 6.772% due
03/25/2029 4,165,640 3,952,414
PNC Mortgage Securities
Corporation, Series 1999-2,
Class DB3, 6.905% due
04/25/2029 3,015,243 2,709,347
PNC Mortgage Securities
Corporation, Series 1998-5,
Class C, 6.735% due
07/25/2028 2,095,764 1,861,856
-----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $41,045,831) $39,592,913
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
ASSET BACKED SECURITIES - 3.31%
Airplane Pass Through Trust,
Class D, Series 1, 10.875%
due 03/15/2019 $1,500,000 $1,444,530
Contrywide Mortgage
Corporation, Series 1994-J,
7.75% due 06/25/2024 5,334,687 5,394,723
Mid State Trust VI, ***
7.34% due 07/01/2035 7,159,840 7,213,539
-----------
TOTAL ASSET BACKED SECURITIES
(Cost: $14,203,140) $14,052,792
-----------
SUPRANATIONAL OBLIGATIONS - 0.20%
European Bank for
Reconstructon and
Development, 10.50% due
01/25/2001 3,400,000 845,997
-----------
TOTAL SUPRANATIONAL OBLIGATIONS
(Cost: $992,732) $845,997
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 15.49%
$17,325,000 Bombardier Capital, Incorporated,
6.40% due 07/01/1999 $17,325,000
33,419,058 Navigator Securities Lending
Trust, 4.94% 33,419,058
14,963,000 Thomas And Betts Corporation,
6.00% due 07/01/1999 14,963,000
-------------
$65,706,058
TOTAL INVESTMENTS (STRATEGIC BOND
Trust) (Cost: $441,069,169) $424,097,102
============
</TABLE>
GLOBAL BOND TRUST
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 5.00%
U.S. TREASURY NOTES - 5.00%
3.625% due 07/15/2002 $2,071,000 $2,048,985
4.75% due 02/15/2004 320,000 307,799
5.50% due 05/15/2009 90,000 87,918
6.125% due 08/15/2007 8,140,000 8,227,749
-----------
10,672,451
</TABLE>
The accompanying notes are an integral part of the financial statements.
166
<PAGE> 170
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C> <C>
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $10,605,666) $10,672,451
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 0.30%
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 0.30%
7.00% due 07/01/2003 559,604 563,336
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $568,523) $563,336
-----------
FOREIGN GOVERNMENT
OBLIGATIONS - 32.60%
AUSTRALIA - 2.00%
6.50% due 06/14/2005 AUD 6,300,000 4,193,767
-----------
BELGIUM(EUROCLEAR) - 2.70%
zero coupon due 07/31/2000 $ 4,000,000 3,756,600
6.50% due 07/10/2002 AUD 3,125,000 2,096,355
-----------
5,852,955
CANADA - 6.60%
5.25% due 04/01/2002 CAD 5,500,000 3,695,365
6.00% due 02/21/2006 $ 8,100,000 7,812,450
6.625% due 10/03/2007 NZD 5,000,000 2,576,172
-----------
14,083,987
GERMANY - 2.80%
4.125% due 07/04/2008 EUR 1,760,000 1,760,593
5.25% due 01/04/2008 3,830,000 4,140,827
-----------
5,901,420
JAPAN - 4.90%
0.90% due 12/22/2008 JPY 480,000,000 3,710,011
2.00% due 03/20/2009 334,000,000 2,817,119
3.30% due 06/20/2006 422,000,000 3,924,526
-----------
10,451,656
NEW ZEALAND - 1.30%
4.50% due 02/15/2016 NZD 600,000 322,642
10.00% due 03/15/2002 4,160,000 2,435,979
-----------
2,758,621
NORWAY - 2.00%
5.50% due 05/15/2009 NOK 34,000,000 4,269,577
-----------
QATAR - 0.30%
FRN 6.20% due 02/18/2004 $ 400,000 380,500
9.50% due 05/21/2009 300,000 303,375
-----------
683,875
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C> <C>
SWEDEN - 1.90%
6.50% due 05/05/2008 SEK 31,700,000 4,121,112
-----------
UNITED KINGDOM - 8.10%
7.00% due 06/07/2002 GBP 3,300,000 5,414,893
8.00% due 06/10/2003 6,880,000 11,771,815
-----------
17,186,708
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS
(Cost: $70,791,646) $69,503,678
-----------
CORPORATE BONDS - 27.40%
DENMARK - 6.90%
Nykredit Mortgage,
5.00% due 10/01/2029 DKK 5,024,000 620,668
Realkredit Danmark
Mortgage,
5.00% due 10/01/2029 105,538,000 13,082,135
Unikredit Realkredit
Mortgage, 5.00% due
10/01/2029 7,480,000 924,084
-----------
14,626,887
FRANCE - 3.30%
Electricite De France,
3.75% due 10/28/2003 EUR 6,800,000 6,984,547
-----------
GERMANY - 0.50%
Deutsche Bank Finance BV,
zero coupon due
01/20/2032 ITL 18,370,000,000 1,161,389
-----------
GREECE - 0.20%
Hellenic Finance,
2.00% due 07/15/2003 EUR 500,000 510,271
-----------
NETHERLANDS - 0.40%
KPNQWEST BV,
7.125% due 06/01/2009 900,000 916,632
-----------
UNITED KINGDOM - 9.50%
Abbey National Treasury
Services, 4.88% due
02/24/2003 5,500,000 5,851,106
Barclays Bank PLC,
6.50% due 02/16/2004 GBP 4,170,000 6,614,702
LB Bad-Wuertt Capital
Markets, 4.625% due
02/17/2003 EUR 7,250,000 7,675,453
-----------
20,141,261
</TABLE>
The accompanying notes are an integral part of the financial statements.
167
<PAGE> 171
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C> <C>
UNITED STATES - 6.60%
General Motors Acceptance
Corporation, 4.00% due
02/09/2006 $5,441,000 $5,373,845
International Game
Technology, 7.875% due
05/15/2004 500,000 490,000
KFW International Finance,
5.75% due 01/15/2008 5,500,000 5,143,050
Texas Utilities Company,
FRN 5.7287% due 06/25/2001 2,100,000 2,100,000
TRW, Incorporated,
FRN 5.5987% due 06/28/2000 1,000,000 999,264
-----------
14,106,159
TOTAL CORPORATE BONDS
(Cost: $63,766,575) $58,447,146
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 1.30%
JAPAN - 0.30%
SHL Corporation, Ltd., Series
1999-1-A2, FRN 0.7937% due
12/25/2024 JPY 20,000,000 165,382
SHLCorporation, Ltd., Series
1999-1-1A, FRN 0.4931% due
10/25/2023 55,000,000 454,800
-----------
620,182
UNITED STATES - 1.00%
Government Lease Trust,
4.00% due 05/18/2011 $500,000 $382,971
Salomon Brothers Mortgage
Securities VII,
Incorporated, 5.3925% due
06/25/2029 1,800,000 1,800,000
-----------
2,182,971
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $2,804,408) $2,803,153
-----------
SUPRANATIONAL OBLIGATIONS - 9.60%
Asian Development Bank, zero
coupon due 08/31/2004 $ 2,600,000 1,877,330
European Investment Bank,
6.00% due 11/26/2004 GBP 1,300,000 2,040,212
Inter-American Development
Bank, 5.125% due
02/05/2004 $ 8,520,000 8,089,740
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C> <C>
SUPRANATIONAL OBLIGATIONS -
CONTINUED
Inter-American Development
Bank, 5.75% due
04/15/2004 NZD 5,600,000 2,840,542
International Bank for
Reconstruction and
Development (the "World
Bank"), 5.375% due
11/06/2003 11,250,000 5,676,367
-----------
20,524,191
TOTAL SUPRANATIONAL OBLIGATIONS
(Cost: $21,405,763) $20,524,191
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 23.60%
$7,900,000 American Express Credit
Corporation, 5.08% due
07/06/1999 $7,894,580
200,000 Ameritech Corporation
5.08% due 07/20/1999 199,477
400,000 The Coca-Cola Company,
5.00% due 07/22/1999 398,845
5,800,000 The Coca-Cola Company,
5.09% due 07/13/1999 5,789,869
900,000 Emerson Electric Company
5.08% due 07/27/1999 896,737
2,100,000 Federal Home Loan Mortgage
Corporation, 4.92% due
07/16/1999 2,095,590
1,500,000 Federal Home Loan Mortgage
Discount Notes, 4.88% due
07/14/1999 1,497,395
5,300,000 General Electric Capital
Corporation, 5.20% due
07/07/1999 5,295,592
1,100,000 MCI WorldCom, Incorporated
6.10% due 01/27/2000 1,065,607
145,230 Navigator Securities Lending
Trust, 4.97% 145,230
5,700,000 Procter & Gamble Company
5.05% due 07/20/1999 5,684,733
4,500,000 Shell Oil Company
5.06% due 07/20/1999 4,488,244
5,300,000 United Parcel Service of America,
Incorporated, 5.60% due
07/01/1999 5,300,000
100,000 United States Treasury Bills, ****
zero coupon due 09/16/1999 99,031
</TABLE>
The accompanying notes are an integral part of the financial statements.
168
<PAGE> 172
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C> <C>
SHORT TERM INVESTMENTS - CONTINUED
$1,500,000 US West Capital Funding,
Incorporated, 6.10% due
03/24/2000 $1,433,728
8,000,000 Wisconsin Electric Power
Company, 4.95% due
07/02/1999 7,998,913
-----------
$50,283,571
REPURCHASE AGREEMENTS - 0.10%
$100,000 Repurchase Agreement with Morgan
Stanley dated 06/30/1999 at 4.75%
to be repurchased at $100,013 on
07/01/1999, collateralized by
$85,000 U.S. Treasury Bonds,
11.875% due 11/15/2003 (valued at
$104,497 including interest). $100,000
164,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00% to be
repurchased at $164,018 on
07/01/1999, collateralized by
$150,000 U.S. Treasury Bonds,
7.50% due 11/15/2016 (valued at
$168,750 including interest) 164,000
-----------
$264,000
</TABLE>
PUT OPTIONS - 0.07%
<TABLE>
<CAPTION>
Number of Expiration month/
Contracts strike price Value
- --------- ------------ -----
<S> <C> <C> <C>
172,000 US Treasury Note,
5.25% September/100 $100,276
12,500 Japanese Yen - PUT November/125 13,700
12,500 Japanese Yen - PUT November/125 13,700
12,500 Japanese Yen - PUT November/125 13,700
12,500 Japanese Yen - PUT November/125 13,700
------------
TOTAL PUT OPTIONS (Cost: $241,473) $155,076
------------
TOTAL INVESTMENTS (GLOBAL BOND TRUST)
(Cost: $220,731,637) $213,216,602
============
</TABLE>
TOTAL RETURN TRUST
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 16.67%
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 10.17%
6.00% due 06/15/2014 $5,000,000 $4,990,600
6.139% due 01/01/2029 13,775,790 13,885,583
-----------
18,876,183
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 6.50%
6.375% due 05/20/2023 -
02/20/2024 $10,572,069 $10,670,045
6.63% due 09/20/2021 1,374,232 1,392,702
-----------
12,062,747
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $30,755,927) $30,938,930
-----------
FOREIGN GOVERNMENT
OBLIGATIONS - 1.39%
GOVERNMENT OF MEXICO - 1.39%
5.8125% due 03/20/2002 2,650,552 2,582,964
----------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $2,584,302) $2,582,964
----------
CORPORATE BONDS - 36.65%
BUILDING MATERIALS &
CONSTRUCTION - 1.63%
Cemex SA,
9.25% due 06/17/2002 3,000,000 3,030,000
----------
ELECTRIC UTILITIES - 9.17%
LG&E Capital Corporation,
6.205% due 05/01/2004 6,000,000 5,859,660
Niagara Mohawk Power
Corporation, 7.00% due
10/01/2000 2,000,000 2,007,040
System Energy Resources,
Incorporated, 7.80% due
08/01/2000 4,100,000 4,152,029
Texas Utilities Company,
FRN 5.729% due 06/25/2001 5,000,000 5,000,000
----------
17,018,729
FINANCIAL SERVICES - 6.43%
Household Finance Corporation,
5.2487% due 05/24/2002 5,000,000 4,992,300
6.125% due 02/27/2003 2,000,000 1,952,300
US West Capital Funding,
Incorporated,
5.5462% due 06/15/2000 5,000,000 4,996,530
----------
11,941,130
FOOD & BEVERAGES - 2.69%
Conagra, Incorporated,
5.30% due 06/12/2000 5,000,000 4,995,415
----------
INDUSTRIALS - 9.74%
Boise Cascade Corporation,
9.85% due 06/15/2002 6,000,000 6,246,900
</TABLE>
The accompanying notes are an integral part of the financial statements.
169
<PAGE> 173
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
INDUSTRIALS - CONTINUED
Building Materials
Corporation of America,
8.625% due 12/15/2006 $1,000,000 $980,000
Burlington Northern Santa Fe,
6.05% due 03/15/2001 5,885,000 5,861,377
Cox Enterprises,
Incorporated, 6.625% due
06/14/2002 5,000,000 5,001,500
-----------
18,089,777
RAILROADS & EQUIPMENT - 3.78%
CSX Corporation,
5.38% due 09/15/2000 7,000,000 7,016,730
-----------
SANITARY SERVICES - 2.13%
Waste Management,
Incorporated, 6.50% due
05/14/2004 4,000,000 3,965,080
-----------
TELEPHONE - 1.08%
Philippine Long Distance
Telephone Company, 10.50%
due 04/15/2009 2,000,000 2,004,166
-----------
TOTAL CORPORATE BONDS
(Cost: $68,819,265) $68,061,027
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 23.01%
ABN Amro Mortgage
Corporation, 6.50% due
06/25/2029 5,000,000 4,848,437
Contimortgage Home Equity
Loan, 6.42% due 04/25/2014 5,000,000 5,005,050
GE Capital Mortgage Services,
Incorporated,
6.75% due 03/25/2028 -
05/25/2029 13,350,000 12,912,876
GMAC Commercial Mortgage
Security, Incorporated,
6.57% due 09/15/2033 6,000,000 5,958,900
PNC Mortgage Securities
Corporation, 6.50% due
06/25/2029 7,389,101 6,856,790
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
COLLATERALIZED MORTGAGE
OBLIGATIONS - CONTINUED
Residential Funding Mortgage
Securities I, Series 1998,
Class A6, 6.75% due
03/25/2028 $4,335,000 $4,130,908
Residential Funding Mortgage
Securities I, Series 1999
S14, Class A1, 5.90% due
06/25/2029 3,000,000 3,000,938
-----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $43,470,991) $42,713,899
-----------
ASSET BACKED SECURITIES - 11.15%
Brazos Student Finance
Corporation, 5.4948% due
06/01/2023 5,000,000 4,911,400
FHA, 7.43% due 12/01/2023 11,011,012 11,160,049
Norwest Asset Securities
Corporation, 6.50% due
06/25/2029 5,000,000 4,640,550
-----------
TOTAL ASSET BACKED SECURITIES
(Cost: $20,917,586) $20,711,999
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 9.03%
$1,700,000 Ameritech Corporation
5.08% due 07/20/1999 $1,695,559
3,000,000 Export Development Corporation,
5.09% due 07/22/1999 2,991,600
2,000,000 General Electric Capital
Corporation, 4.83% due
07/28/1999 1,992,755
4,900,000 IBM Credit Corporation,
4.80% due 07/01/1999 4,900,000
National Rural Utilities
Cooperative Finance,
600,000 5.25% due 07/23/1999 598,247
3,800,000 5.12% due 08/20/1999 3,774,403
820,000 United States Treasury Bills,****
zero coupon due 09/16/1999 812,054
-----------
$16,764,618
</TABLE>
The accompanying notes are an integral part of the financial statements.
170
<PAGE> 174
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C> <C>
REPURCHASE AGREEMENTS - 2.10%
$3,889,000 Repurchase Agreement with Daiwa
Bank dated 06/30/1999 at 4.68%,
to be repurchased at $3,889,506
on 07/01/1999, collateralized by
$3,606,000 U.S. Treasury Notes,
4.625% due 11/30/2000 (valued at
$3,567,120 including interest) and
$315,000 U.S. Treasury Bonds,
8.50% due 02/15/2020 (valued at
$400,782 including interest) $3,889,000
------------
TOTAL INVESTMENTS (TOTAL RETURN TRUST)
(Cost: $187,201,689) $185,662,437
============
</TABLE>
INVESTMENT QUALITY BOND TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 0.04%
INDUSTRIALS - 0.00%
SF Holding Group, Class C 629 $6
--------
PUBLISHING - 0.04%
Primedia, Incorporated 1,525 145,447
--------
TOTAL COMMON STOCKS
(Cost: $150,691) $145,453
--------
PREFERRED STOCK - 0.13%
INDUSTRIALS - 0.01%
SF Holding Group 17 37,825
--------
MINING - 0.08%
Fairfield Manufacturing,
Incorporated 270 277,088
--------
SOFTWARE - 0.04%
Concentric Network Corporation 160 150,000
--------
TOTAL PREFERRED STOCK
(Cost: $557,011) $464,913
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
WARRANTS - 0.00% *
SOFTWARE - 0.00%
Concentric Network
Corporation, (Expiration
date 12/15/2007; strike
price $10.86) 40 $14,005
-------
TELECOMMUNICATIONS SERVICES - 0.00%
American Mobile Satellite
Corporation, (expiration
date 04/01/2008; strike
price $12.57) 35 1,404
KMC Telecom Holdings,
Incorporated, (expiration
date 04/15/2008; strike
price $0.2179) 425 1,089
-------
2,493
TOTAL WARRANTS
(Cost: $0) $16,498
-------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 15.88%
U.S. TREASURY BONDS - 14.83%
7.50% due 11/15/2016 $9,500,000 $10,706,785
8.75% due 05/15/2017 3,300,000 4,165,722
11.875% due 11/15/2003 10,000,000 12,290,600
12.00% due 08/15/2013 17,500,000 24,571,050
-----------
51,734,157
U.S. TREASURY NOTES - 1.05%
6.50% due 08/31/2001 3,600,000 3,667,500
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $58,923,499) $55,401,657
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 12.68%
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 2.96%
6.00% due 02/01/2003 -
11/01/2013 6,249,636 6,051,221
7.50% due 06/01/2010 -
05/01/2028 2,835,756 2,870,710
6.30% due 03/15/2023 400,000 396,000
6.50% due 08/17/2011 -
06/25/2019 997,557 998,498
-----------
10,316,429
</TABLE>
The accompanying notes are an integral part of the financial statements.
171
<PAGE> 175
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 3.95%
6.00% due 02/01/2028 -
11/01/2028 $7,136,923 $6,704,211
6.18% due 07/01/2008 361,478 349,764
6.27% due 11/01/2007 1,091,624 1,064,711
6.295% due 06/01/2008 197,986 193,015
6.30% due 01/01/2008 310,487 303,209
6.34% due 01/01/2008 288,648 282,794
6.39% due 01/01/2006 144,783 143,589
6.43% due 01/01/2008 315,397 310,435
6.447% due 01/01/2008 1,488,352 1,466,427
6.812% due 10/01/2007 210,956 213,796
6.981% due 06/01/2007 83,112 84,969
7.024% due 06/01/2007 103,418 105,874
7.04% due 03/01/2007 664,577 680,600
7.085% due 08/01/2003 682,277 684,617
7.28% due 10/01/2006 391,086 405,249
5.90% due 10/25/2019 794,799 793,806
----------
13,787,066
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 5.77%
6.00% due 08/15/2008 -
12/15/2013 4,464,560 4,347,442
6.50% due 07/15/2008 -
05/15/2009 132,061 131,299
7.00% due 04/15/2023 -
09/15/2028 8,482,020 8,389,850
7.50% due 04/15/2002 -
07/15/2028 5,640,361 5,701,302
8.00% due 06/15/2023 -
10/15/2023 1,539,278 1,584,009
9.50% due 10/15/2009 757 803
----------
20,154,705
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $45,205,492) $44,258,200
-----------
FOREIGN GOVERNMENT
OBLIGATIONS - 0.93%
PROVINCE OF QUEBEC - 0.93%
8.625% due 01/19/2005 2,000,000 2,163,220
8.80% due 04/15/2003 1,000,000 1,075,660
-----------
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS
(Cost: $3,345,537) $3,238,880
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
CORPORATE BONDS - 46.18%
AIR TRAVEL - 1.07%
Continental Airlines,
6.648% due 09/15/2017 $905,618 $865,662
6.90% due 01/02/2018 1,300,000 1,274,078
SCL Terminale Aereo Santiago SA,
6.95% due 07/01/2012 1,700,000 1,610,988
---------
3,750,728
APPAREL & TEXTILES - 0.07%
Bell Sports, Incorporated,
11.00% due 08/15/2008 250,000 248,750
---------
AUTO PARTS - 0.09%
Accuride Corporation,
9.25% due 02/01/2008 95,000 92,387
LDM Technologies,
Incorporated, 10.75% due
01/15/2007 210,000 207,900
---------
300,287
AUTO SERVICES - 0.04%
Delco Remy International,
Incorporated, 8.625% due
12/15/2007 100,000 98,000
Dura Operating Corporation,
9.00% due 05/01/2009 50,000 47,750
---------
145,750
AUTOMOBILES - 0.86%
Chrysler Corporation,
7.45% due 02/01/2097 2,000,000 1,990,400
Ford Motor Credit Company,
6.375% due 04/15/2000 1,000,000 1,002,920
---------
2,993,320
BANKING - 5.49%
Bank New York, Incorporated,
6.625% due 06/15/2003 1,000,000 1,004,720
BankAmerica Corporation,
9.625% due 02/13/2001 1,475,000 1,551,788
Citicorp,
7.125% due 06/01/2003 1,000,000 1,019,220
Credit National,
7.00% due 11/14/2005 1,300,000 1,274,000
Export-Import Bank of Korea,
6.375% due 02/15/2006 610,000 554,331
First Financial Caribbean
Corporation, 7.84% due
10/10/2006 810,000 792,075
First Republic Bank San
Francisco, 7.75% due
09/15/2012 825,000 750,007
</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, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
BANKING - CONTINUED
Grove Worldwide LLC/Capital,
Incorporated, 9.25% due
05/01/2008 $120,000 $108,000
Korea Development Bank,
7.125% due 09/17/2001 715,000 707,164
Liberty Financial Companies,
Incorporated, 6.75% due
11/15/2008 965,000 928,977
National City Corporation,
6.875% due 05/15/2019 2,000,000 1,878,652
National Westminster Bank
PLC, 9.45% due 05/01/2001 1,000,000 1,056,320
NBD Bancorp,
8.25% due 11/01/2024 2,000,000 2,213,440
Republic New York
Corporation, 9.50% due
04/15/2014 1,000,000 1,154,180
Royal Bank Scotland Group
PLC, 6.40% due 04/01/2009 2,750,000 2,598,007
Sprint Capital Corporation,
6.875% due 11/15/2028 1,745,000 1,582,052
----------
19,172,933
BROADCASTING - 0.50%
Cablevision SA,
13.75% due 05/01/2009 140,000 127,400
Century Communications
Corporation, zero coupon
due 01/15/2008 600,000 264,000
Granite Broadcasting
Corporation, 8.875% due
05/15/2008 175,000 169,750
Jacor Communications Company,
8.75% due 06/15/2007 55,000 58,438
Viacom, Incorporated,
7.75% due 06/01/2005 1,035,000 1,060,088
Young Broadcasting,
Incorporated, 8.75% due
06/15/2007 50,000 48,500
----------
1,728,176
BUILDING MATERIALS &
CONSTRUCTION - 0.05%
Toll Corporation,
8.125% due 02/01/2009 200,000 189,500
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - 0.91%
EOP Operating Limited
Partnership, 6.50% due
01/15/2004 $1,795,000 $1,748,581
Federal Express Corporation
Trust, 6.72% due 01/15/2022 999,713 954,136
RCN Corporation,
Step up to 11.00% due
07/01/2008 325,000 201,500
Royster Clark, Incorporated,
10.25% due 04/01/2009 135,000 132,975
Silgan Holdings,
Incorporated, 9.00% due
06/01/2009 65,000 64,350
Werner Holding, Incorporated,
10.00% due 11/15/2007 60,000 58,950
---------
3,160,492
CHEMICALS - 0.34%
Acetex,
9.75% due 10/01/2003 250,000 230,625
Huntsman Corporation,
9.50% due 07/01/2007 95,000 91,675
Lyondell Chemical Company,
9.875% due 05/01/2007 320,000 326,000
Pioneer Amers Acquisition
Corporation, 9.25% due
06/15/2007 100,000 82,000
Sovereign Speciality
Chemicals, 9.50% due
08/01/2007 135,000 135,337
ZSC Specialty,
11.00% due 07/01/2009 325,000 327,844
---------
1,193,481
COAL - 0.11%
PL Coal Holdings Corporation,
Series B, 9.625% due
05/15/2008 400,000 397,000
---------
COMPUTERS & BUSINESS
EQUIPMENT - 0.09%
Concentric Network
Corporation, 12.75% due
12/15/2007 300,000 314,250
Decisionone Corporation,
9.75% due 08/01/2007 100,000 5,000
---------
319,250
CONSTRUCTION & MINING
EQUIPMENT - 0.06%
Webb Delaware Corporation,
10.25% due 02/15/2010 200,000 198,000
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
173
<PAGE> 177
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
COSMETICS & TOILETRIES - 0.05%
Revlon Consumer Products
Corporation, 8.625% due
02/01/2008 $125,000 $118,125
Revlon Worldwide Corporation,
Series B zero coupon due 03/15/2001 100,000 66,750
---------
184,875
CRUDE PETROLEUM & NATURAL GAS - 0.84%
Enron Corporation,
6.75% due 09/01/2004 2,000,000 1,997,406
KN Energy, Incorporated,
6.65% due 03/01/2005 795,000 770,570
Tuboscope Vetco
International, Incorporated,
7.50% due 02/15/2008 200,000 174,000
---------
2,941,976
DRUGS & HEALTH CARE - 3.28%
Alaris Medical, Incorporated,
Step up to 11.125% due
08/01/2008 275,000 149,188
Allegiance Corporation,
7.00% due 10/15/2026 4,000,000 3,990,960
Beckman Instruments,
Incorporated,
7.10% due 03/04/2003 240,000 232,965
7.45% due 03/04/2008 1,065,000 999,705
Beverly Enterprises,
9.00% due 02/15/2006 100,000 99,000
Columbia/HCA Healthcare
Corporation,
7.00% due 07/01/2007 5,000 4,480
7.25% due 05/20/2008 195,000 176,723
Dailey International,
Incorporated, 9.50% due
02/15/2008 300,000 190,500
Fisher Scientific
International,
Incorporated, 9.00% due 190,000 180,500
02/01/2008
Healthsouth Corporation,
6.875% due 06/15/2005 2,000,000 1,855,260
Lifepoint Hospitals Holdings,
Incorporated, 10.75% due
05/15/2009 100,000 101,750
MEDIQ, Incorporated, 11.00%
due 06/01/2008 200,000 155,000
Owens & Minor, Incorporated,
10.875% due 06/01/2006 225,000 241,313
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE - CONTINUED
Tenet Healthcare Corporation,
7.875% due 01/15/2003 $850,000 $833,000
Torchmark, Incorporated,
7.875% due 05/15/2023 2,000,000 1,966,920
Triad Hospitals Holdings,
Incorporated, 11.00% due
05/15/2009 150,000 152,250
Universal Hospital Services,
Incorporated, 10.25% due
03/01/2008 120,000 106,800
----------
11,436,314
ELECTRICAL EQUIPMENT - 0.29%
Classic Cable, Incorporated,
9.875% due 08/01/2008 130,000 134,550
Costilla Energy,
Incorporated, 10.25% due
10/01/2006 225,000 65,250
Energy Corporation of
America, Incorporated,
9.50% due 05/15/2007 375,000 343,125
Fairchild Semiconductor
Corporation,
10.125% due 03/15/2007 275,000 266,750
10.375% due 10/01/2007 65,000 63,862
Wesco Distribution,
Incorporated, 9.125% due
06/01/2008 150,000 145,125
----------
1,018,662
ELECTRIC UTILITIES - 1.79%
Baltimore Gas & Electric
Company, 6.125% due
07/01/2003 1,000,000 992,750
Calpine Corporation,
8.75% due 07/15/2007 150,000 148,325
Cinergy Corporation,
6.125% due 04/15/2004 2,000,000 1,943,658
Cleveland Electric
Illuminating Company, 7.19%
due 07/01/2000 1,010,000 1,013,282
L-3 Communications
Corporation, 8.00% due
08/01/2008 160,000 150,800
Northern States Power
Company, 6.375% due
04/01/2003 1,000,000 998,200
Pacific Gas & Electric
Company, 6.25% due
08/01/2003 1,000,000 986,780
----------
6,233,795
</TABLE>
The accompanying notes are an integral part of the financial statements.
174
<PAGE> 178
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - 10.61%
AAG Holding, Incorporated,
6.875% due 06/01/2008 $1,710,000 $1,555,416
Ahmanson H F & Company,
7.875% due 09/01/2004 525,000 545,207
Allstate Financing,
7.83% due 12/01/2045 565,000 555,994
American Financial Group,
Incorporated, 7.125% due
04/15/2009 340,000 316,360
American General Finance
Corporation, 6.54% due
08/12/2002 1,000,000 996,940
Amerus Capital,
8.85% due 02/01/2027 1,000,000 879,690
Amresco Commerce Mortgage,
9.875% due 03/15/2005 100,000 77,000
Amvescap PLC,
6.60% due 05/15/2005 2,000,000 1,946,200
Arcadia Financial, Ltd.,
11.50% due 03/15/2007 40,000 34,800
Associates Corporation of
North America, 5.75% due
11/01/2003 610,000 593,335
BanPonce Financial
Corporation,
6.75% due 08/09/2001 2,150,000 2,140,239
6.80% due 12/21/2005 260,000 251,542
Bear Stearns Capital Trust,
Incorporated, 7.00% VR due
01/15/2027 1,000,000 990,896
Beneficial Corporation,
8.40% due 05/15/2008 350,000 380,447
CIGNA Corporation,
7.875% due 05/15/2027 790,000 796,043
Commercial Credit Group,
Incorporated, 7.375% due
04/15/2005 1,000,000 1,031,920
Dime Capital Trust,
9.33% due 05/06/2027 1,350,000 1,404,270
Donaldson Lufkin & Jenrette,
5.625% due 02/15/2016 1,000,000 989,670
Equitable Companies,
Incorporated, 7.00% due
04/01/2028 770,000 719,249
Equitable Life Assured
Society, 7.70% due
12/01/2015 680,000 703,440
Ford Credit Auto Owner Trust,
5.81% due 03/15/2002 600,000 599,436
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - CONTINUED
General Electric Capital
Corporation, 8.88% due
06/18/2003 $600,000 $651,144
Globalstar LP/Globalstar
Capital, 10.75% due
11/01/2004 250,000 165,000
International Lease Finance
Corporation, 6.00% due
06/15/2003 300,000 294,429
Iridium Operating LLC/Iridium
Capital, 11.25% due
07/15/2005 300,000 58,500
Japan Finance Corporation,
8.70% due 07/30/2001 1,500,000 1,571,220
9.125% due 10/11/2000 500,000 518,330
KFW International Finance,
Incorporated, 9.125% due
05/15/2001 1,000,000 1,052,930
Liberty Mutual Insurance
Company,
8.20% due 05/04/2007 550,000 585,574
8.50% due 05/15/2025 700,000 734,853
Lumbermans Mutual Casualty
Company, 9.15% due
07/01/2026 675,000 731,821
MBNA America Bank National
Association, 6.75% due
03/15/2008 700,000 667,628
Olympic Financial, Ltd.,
11.50% due 03/15/2007 100,000 88,000
Private Export Funding
Corporation, 6.62% due
10/01/2005 2,000,000 2,003,880
RBF Finance,
11.375% due 03/15/2009 205,000 212,175
Rifkin Acquisitions
Participation LP, 11.125%
due 01/15/2006 40,000 44,300
Southern Company Capital
Trust I, 8.19% due
02/01/2037 1,000,000 1,007,170
Sun Canada Financial Company,
6.625% due 12/15/2007 650,000 638,098
7.25% due 12/15/2015 1,500,000 1,503,870
Tembec Finance Corporation,
9.875% due 09/30/2005 100,000 104,000
Toyota Motor Credit
Corporation, 5.625% due
11/13/2003 1,600,000 1,549,408
United States Bancorp,
7.50% due 06/01/2026 2,774,000 2,895,252
</TABLE>
The accompanying notes are an integral part of the financial statements.
175
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - CONTINUED
United States West Capital
Funding, Incorporated,
6.25% due 07/15/2005 $2,165,000 $2,098,470
Western Financial Savings,
8.875% due 08/01/2007 400,000 328,000
----------
37,012,146
FOOD & BEVERAGES - 1.38%
Aurora Foods, Incorporated,
9.875% due 02/15/2007 50,000 51,750
B & G Foods Incications
Corporation, 9.625% due
08/01/2007 200,000 188,250
Chiquita Brands
International,
Incorporated, 10.00% due
06/15/2009 175,000 174,562
Del Monte Foods Company,
Step up to 12.50% due
12/15/2007 205,000 150,675
Nash Finch Company,
8.50% due 05/01/2008 250,000 225,000
Seagram, Joseph E & Sons,
Incorporated,
6.625% due 12/15/2005 1,000,000 968,920
7.50% due 12/15/2018 1,480,000 1,431,841
Tricon Global Restaurants,
Incorporated, 7.65% due
05/15/2008 75,000 74,017
Vlasic Foods International,
Incorporated, 10.25% due
07/01/2009 250,000 246,250
Whitman Corporation,
6.375% due 05/01/2009 1,360,000 1,286,410
----------
4,797,675
FOREST PRODUCTS - 0.00%
Tembec Industries,
Incorporated, 8.625% due
06/30/2009 10,000 9,950
----------
GAS & PIPELINE UTILITIES - 0.63%
Kelley Oil & Gas Corporation,
14.00% due 04/15/2003 225,000 228,937
Sonat, Incorporated,
6.875% due 06/01/2005 2,000,000 1,965,620
---------
2,194,557
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
HOMEBUILDERS - 0.06%
Engle Homes, Incorporated,
9.25% due 02/01/2008 $90,000 $83,700
Standard Pacific Corporation
8.50% due 06/15/2007 115,000 115,000
---------
198,700
HOUSEHOLD PRODUCTS - 0.35%
Procter & Gamble-ESOP, Series
A, 9.36% due 01/01/2021 1,000,000 1,205,250
---------
INDUSTRIAL MACHINERY - 0.01%
Numatics, Incorporated,
9.625% due 04/01/2008 25,000 20,250
---------
INDUSTRIALS - 5.06%
Advanced Micro Devices,
Incorporated, 11.00% due
08/01/2003 270,000 272,700
American Standard,
Incorporated, 7.625% due
02/15/2010 70,000 65,800
AMSC Acquisition Company,
Incorporated, Series B,
12.25% due 04/01/2008 75,000 57,375
Arco Chemical Company,
9.80% due 02/01/2020 120,000 114,816
Armco, Incorporated,
8.875% due 12/01/2008 150,000 153,375
Bayou Steel Corporation
Louisiana Place, 9.50% due
05/15/2008 50,000 48,500
Cincinnati Milacron,
Incorporated, 7.875% due
05/15/2000 870,000 871,151
Conoco, Incorporated,
5.90% due 04/15/2004 1,000,000 975,780
6.95% due 04/15/2029 1,100,000 1,029,842
Conseco, Incorporated,
6.40% due 02/10/2003 1,600,000 1,517,472
Disco SA,
9.875% due 05/15/2008 145,000 118,537
Dunlop Standard Aerospace
Holdings PLC, 11.875% due
05/15/2009 225,000 226,125
Exodus Communications,
Incorporated, 11.25% due
07/01/2008 200,000 210,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
176
<PAGE> 180
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
INDUSTRIALS - CONTINUED
Falcon Building Products,
Incorporated, Series B,
Step up to 10.50% due
06/15/2007 $275,000 $184,250
Step up to 9.285% due
04/15/2003 150,000 105,000
8.375% due 04/15/2010 75,000 74,063
Federal Mogul Corporation,
7.50% due 01/15/2009 270,000 249,167
Frontiervision Holdings LP,
Step up to 11.875% due
09/15/2001 125,000 108,125
Gaylord Container
Corporation, 9.375% due
06/15/2007 100,000 93,000
ICI North America,
Incorporated, 8.875% due
11/15/2006 785,000 860,297
ICI Wilmington, Incorporated,
6.95% due 09/15/2004 2,735,000 2,748,183
Lin Holdings Corporation,
Step up to 10.00% due
03/01/2008 600,000 396,000
Moog, Incorporated,
10.00% due 05/01/2006 150,000 156,000
Multicanal,
13.125% due 04/15/2009 325,000 301,437
Neenah Corporation,
11.125% due 05/01/2007 150,000 147,000
News America Holdings,
Incorporated, 9.25% due
02/01/2013 2,645,000 2,973,324
Nortek, Incorporated,
8.875% due 08/01/2008 55,000 53,900
9.25% due 03/15/2007 100,000 100,000
Pindo Deli Finance Mauritius,
Ltd., 10.75% due 10/01/2007 100,000 69,500
Purina Mills, Incorporated,
9.00% due 03/15/2010 200,000 150,000
Texas Petrochemicals
Corporation, 11.125% due
07/01/2006 250,000 225,000
USA Networks, Incorporated,
6.75% due 11/15/2005 1,570,000 1,506,618
USA Waste Services,
Incorporated, 1.00% due
07/15/2001 1,500,000 1,491,015
----------
17,653,352
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
INSURANCE - 3.21%
Amerus Life Holdings,
Incorporated, 6.95% due
06/15/2005 $715,000 $687,046
Cigna Corporation,
7.40% due 05/15/2007 1,300,000 1,317,407
Conseco, Incorporated,
6.80% due 06/15/2005 1,000,000 944,420
Florida Windstorm
Underwriting, 7.125% due
02/25/2019 3,720,000 3,641,359
Jackson National Life
Insurance Company, 8.15%
due 03/15/2027 1,000,000 1,064,480
Ohio National Life Insurance
Company, 8.50% due
05/15/2026 1,150,000 1,228,212
Security Benefit Life
Company, 8.75% due
05/15/2016 1,350,000 1,364,725
Zurich Reinsurance Centre
Holdings, Incorporated,
7.125% due 10/15/2023 1,000,000 955,360
----------
11,203,009
LEISURE TIME - 0.53%
AMC Entertainment,
Incorporated,
9.50% due 03/15/2009 -
02/01/2011 425,000 405,000
Aztar Corporation,
8.875% due 05/15/2007 200,000 191,500
Hollywood Casino Corporation,
11.25% due 05/01/2007 250,000 251,875
Loews Cineplex Entertainment
Corporation, 8.875% due
08/01/2008 200,000 191,000
Station Casinos,
Incorporated, 8.875% due
12/01/2008 250,000 242,500
Time Warner Telecom LLC,
9.75% due 07/15/2008 225,000 230,625
True Temper Sports,
Incorporated, 10.875% due
12/01/2008 400,000 336,000
----------
1,848,500
METAL & METAL PRODUCTS - 0.05%
Consumers Packaging,
Incorporated, 9.75% due
02/01/2007 140,000 136,850
</TABLE>
The accompanying notes are an integral part of the financial statements.
177
<PAGE> 181
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
METAL & METAL PRODUCTS - CONTINUED
Neenah Corporation
11.125% due 05/01/2007 $30,000 $29,400
---------
166,250
NEWSPAPERS - 0.30%
News America Holdings,
Incorporated, 8.50% due
02/15/2005 1,000,000 1,052,210
---------
PAPER - 1.27%
American Pad & Paper Company,
13.00% due 11/15/2005 90,000 56,475
Boise Cascade Corporation,
9.90% due 10/01/2001 1,000,000 1,037,700
Boise Cascade Office Products
Company, 7.05% due
05/15/2005 2,800,000 2,664,536
Doman Industries, Ltd.,
12.00% due 07/01/2004 200,000 193,000
Domtar, Incorporated,
9.50% due 08/01/2016 75,000 79,351
Grupo Industrial Durango
GIDUSA, 12.625% due
08/01/2003 120,000 114,000
Pacifica Papers,
Incorporated, 10.00% due
03/15/2009 100,000 103,000
Repap New Brunswick,
Incorporated, 10.625% due
04/15/2005 225,000 172,125
---------
4,420,187
PETROLEUM SERVICES - 1.18%
Abraxas Petro/CN Abraxas,
Series D, 11.50% due
11/01/2004 300,000 190,500
Newfield Exploration Company,
7.45% due 10/15/2007 1,045,000 983,261
Petroleos Mexicanos,
8.85% due 09/15/2007 250,000 225,000
Plains Resources,
Incorporated, 10.25% due
03/15/2006 125,000 126,250
Ultramar Corporation,
8.00% due 03/15/2005 1,000,000 1,023,170
YPF Sociedad Anonima
10.00% due 11/02/2028 1,400,000 1,565,153
--------------
4,113,334
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
PLASTICS - 0.03%
Packaging Corporation of
America, 9.625% due
04/01/2009 $90,000 $91,350
---------
PUBLISHING - 0.17%
Scholastic Corporation,
7.00% due 12/15/2003 300,000 299,172
Sullivan Graphics,
Incorporated, 12.75% due
08/01/2005 300,000 309,000
---------
608,172
RETAIL GROCERY - 0.02%
Stater Brothers Holdings,
Incorporated, 9.00% due
07/01/2004 65,000 60,450
---------
RETAIL TRADE - 0.14%
Duane Reade, Incorporated,
9.25% due 02/15/2008 350,000 363,125
Guitar Center Management
Company, Incorporated,
11.00% due 07/01/2006 137,000 139,055
---------
502,180
SANITARY SERVICES - 0.03%
Allied Waste North America,
Incorporated, 7.625% due
01/01/2006 105,000 97,388
---------
SOFTWARE - 0.20%
Psinet, Incorporated,
10.00% due 02/15/2005 250,000 248,750
11.50% due 11/01/2008 75,000 79,125
Verio, Incorporated,
10.375% due 04/01/2005 190,000 191,900
11.25% due 12/01/2008 175,000 183,312
---------
703,087
STEEL - 0.12%
Acindar Industria, Argentina,
11.25% due 02/15/2004 75,000 53,250
Alaska Steel Corporation,
7.875% due 02/15/2009 80,000 76,800
9.125% due 12/15/2006 75,000 76,875
CSN Iron SA,
9.125% due 06/01/2007 140,000 107,800
Weirton Steel Corporation,
11.375% due 07/01/2004 115,000 112,700
---------
427,425
</TABLE>
The accompanying notes are an integral part of the financial statements.
178
<PAGE> 182
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - 1.52%
American Media Operations,
Incorporated, 10.25% due
05/01/2009 $100,000 $100,750
BTI Telecom Corporation,
10.50% due 09/15/2007 205,000 176,300
Covad Communications Group,
Incorporated, 12.50% due
02/15/2009 150,000 142,500
Crown Castle International
Corporation, Step up to
10.625% due 11/30/2002 175,000 121,625
Echostar DBS Corporation,
9.375% due 02/01/2009 500,000 510,000
Frontiervision LP/Capital,
Series B, Step up to
11.875% due 09/15/2007 90,000 76,725
GCI, Incorporated,
9.75% due 08/01/2007 450,000 450,000
GST Telecommunications,
Incorporated, 12.75% due
11/15/2007 210,000 222,600
Innova S de R. L.,
12.875% due 04/01/2007 200,000 160,000
ITC Deltacom, Incorporated,
9.75% due 11/15/2008 55,000 56,375
KMC Telecom Holdings,
Incorporated, Step up to
12.50% due 02/15/2008 500,000 275,000
NTL Communications
Corporation, Series B, Step
up to 12.375% due 10/01/2008 425,000 290,063
Rogers Cantel, Incorporated,
9.375% due 06/01/2008 100,000 103,500
RSL Communications PLC,
12.00% due 11/01/2008 250,000 263,125
Satelites Mexicanos SA De CV,
10.125% due 11/01/2004 225,000 178,875
Tele-Communications,
Incorporated,
9.25% due 04/15/2002 1,500,000 1,613,970
9.65% due 10/01/2003 533,000 569,766
---------
5,311,174
TELEPHONE - 3.07%
Alestra SA,
12.125% due 05/15/2006 250,000 238,438
Allbritton Communications
Company, 8.875% due
02/01/2008 275,000 264,688
Bellsouth Savings, ESOT
9.19% due 07/01/2003 542,816 581,964
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
TELEPHONE - CONTINUED
Benedek Communications
Corporation, Step up to
13.25% due 05/15/2001 $185,000 $154,475
Bresnan Communications Group,
Step up to 9.25% due
02/01/2009 125,000 81,250
Charter Communications
Holdings, 8.625% due
04/01/2009 350,000 335,125
Comcast Cable Communications,
8.50% due 05/01/2027 1,100,000 1,208,702
Compania De
Telocomunicaciones, 7.625%
due 07/15/2006 1,000,000 945,010
8.375% due 01/01/2006 1,000,000 980,410
E Spire Communications Insurance,
Step up to 10.625%
due 07/01/2008 175,000 63,000
Step up to 12.75% due
04/01/2006 200,00 104,000
Emmis Communications
Corporation, 8.125% due
03/15/2009 95,000 90,369
GTE Corporation,
8.75% due 11/01/2021 1,000,000 1,147,520
Hyperion Telecommunications,
Incorporated, Series B,
12.25% due 09/01/2004 75,000 78,750
Step up to 13.00% due
04/15/2003 175,000 144,375
Intermedia Communications,
Incorporated,
8.60% due 06/01/2008 80,000 73,600
8.875% due 11/01/2007 350,000 327,250
Step up to 12.25% due
03/01/2009 165,000 91,575
IXC Communications,
Incorporated, 9.00% due
04/15/2008 200,000 191,500
McLeodUSA, Incorporated,
9.50% due 11/01/2008 150,000 150,000
MGC Communications,
Incorporated, 13.00% due
10/01/2004 50,000 45,500
</TABLE>
The accompanying notes are an integral part of the financial statements.
179
<PAGE> 183
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
TELEPHONE - CONTINUED
MobileMedia Communications,
Incorporated, 9.375% due
11/01/2007 #
$250,000 $21,250
NEXTEL Communications,
Incorporated, Step up to
9.75% due 10/31/2007 925,000 645,187
Nextlink Communications,
Incorporated, Step up to
9.45% due 04/15/2008 400,000 240,000
Paging Network, Incorporated,
10.125% due 08/01/2007 250,000 182,500
Price Communications
Wireless, Incorporated,
9.125% due 12/15/2006 150,000 151,500
Qwest Communications
International,
Incorporated, 7.50% due 105,000 104,987
11/01/2008
Telecommunications
Techniques, 9.75% due
05/15/2008 225,000 227,250
Viatel, Incorporated,
11.25% due 04/15/2008 225,000 228,375
World Common, Incorporated,
7.55% due 04/01/2004 1,575,000 1,630,141
----------
10,728,691
TRANSPORTATION - 0.31%
Iron Mountain, Incorporated,
8.75% due 09/30/2009 220,000 217,250
Johnstown America Industry,
Incorporated, 11.75% due
08/15/2005 100,000 106,000
K & F Industry, Incorporated,
9.25% due 10/15/2007 175,000 172,375
Southern Railway Company,
8.75% due 10/15/2003 470,000 503,111
Westinghouse Air Brake
Company, 9.375% due
06/15/2005 85,000 86,275
----------
1,085,011
TOTAL CORPORATE BONDS
(Cost: $165,597,019) $161,123,587
------------
MUNICIPAL BONDS - 3.45%
ALABAMA - 0.28%
Huntsville, Alabama Solid
Waste Disposal, 5.95% due
10/01/2003 $1,000,000 $980,090
----------
ARIZONA - 0.28%
Phoenix Arizona, Civic
Improvement Corporation,
6.30% due 07/01/2008 1,010,000 968,550
----------
CALIFORNIA - 1.44%
Los Angeles County,
California Pension
Obligations, 8.62% due
06/30/2006 1,500,000 1,665,915
Orange County, California
Pension Obligations, 7.36%
due 09/01/2010 2,000,000 2,059,560
Southern California Public
Power Authority Project,
6.93% due 05/15/2017 1,300,000 1,313,156
----------
5,038,631
FLORIDA - 0.33%
Miami Beach, Florida
Redevelopment Agency Tax,
8.95% due 12/01/2022 1,000,000 1,147,780
----------
MARYLAND - 0.20%
Baltimore Maryland,
6.375% due 10/15/2002 705,000 711,063
----------
MICHIGAN - 0.37%
Detroit Michigan, Downtown
Development Authority,
6.20% due 07/01/2008 1,335,000 1,278,262
----------
PENNSYLVANIA - 0.55%
Philidelphia, Pennsylvania
Authority, 5.59% due
04/15/2005 2,000,000 1,923,340
----------
TOTAL MUNICIPAL BONDS
(Cost: $12,614,480) $12,047,716
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
180
<PAGE> 184
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
COLLATERALIZED MORTGAGE
OBLIGATIONS - 1.44%
Asset Securitization
Corporation, 6.66% due
02/14/2041 $2,110,000 $2,083,098
Chase Commercial Mortgage
Securitiess Corporation,
6.39% due 11/18/2008 2,500,000 2,406,875
Credit Suisse First Boston,
6.52% due 07/17/2007 530,000 517,810
----------
5,007,783
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $5,188,651) $5,007,783
----------
ASSET BACKED SECURITIES - 2.61%
AESOP Funding II LLC, Series
1998-1, Class A, 6.14% due
05/20/2006 600,000 588,108
6.22% due 10/20/2001 1,600,000 1,609,056
6.40% due 10/20/2003 1,000,000 1,000,000
American Express Master
Trust, 6.60% due 05/15/2000 1,500,000 1,500,465
Carco Auto Loan Master Trust,
Series 1997 1, Class A,
6.689% due 08/15/2004 1,000,000 1,001,790
Discover Card Master Trust 1,
Series 97 2, Class A,
6.792% due 04/16/2010 1,000,000 1,003,150
First Union-Lehman Brothers
Commercial, 6.60% due
05/18/2007 1,950,000 1,915,076
Green Tree Financial
Corporation, 6.05% due
08/01/2008 500,000 500,720
----------
9,118,365
TOTAL ASSET BACKED SECURITIES
(Cost: $9,172,632) $9,118,365
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 14.12%
$49,272,580 Navigator Securities Lending
Trust, 4.97% $49,272,580
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
REPURCHASE AGREEMENTS - 2.54%
$8,847,000 Repurchase Agreement with Paine
Webber dated 06/30/1999 at 4.85%,
to be repurchased at $8,848,192
on 07/01/1999, collateralized by
$8,585,000 U.S. Treasury Notes,
6.875% due 05/15/2006 (valued at
$9,058,514, including interest)
$8,847,000
----------
TOTAL INVESTMENTS (INVESTMENT QUALITY
BOND TRUST) (Cost: $358,874,592) $348,942,632
=============
</TABLE>
DIVERSIFIED BOND TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 0.12%
BANKING - 0.00%
Bank Of Ireland * 1 $13
Standard Chartered PLC * 66 1,075
-------
1,088
INDUSTRIAL MACHINERY - 0.00%
BBA Group PLC * 59 452
-------
TELEPHONE - 0.12%
American Telephone &
Telegraph Corporation * 4,872 271,918
Telefonica SA * 105 5,069
-------
276,987
TOTAL COMMON STOCKS
(Cost: $208,686) $278,527
--------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS
- - 48.96%
U.S. TREASURY BONDS - 4.98%
5.50% due 08/15/2028 $5,500,000 $5,035,910
7.875% due 02/15/2021 5,250,000 6,231,908
----------
11,267,818
U.S. TREASURY NOTES - 43.98%
5.25% due 08/15/2003 4,500,000 4,423,365
5.625% due 02/15/2006 -
05/15/2008 6,250,000 6,150,780
6.25% due 02/15/2003 -
02/15/2007 40,250,000 40,983,632
6.875% due 05/15/2006 11,000,000 11,580,910
7.25% due 05/15/2004 24,500,000 26,015,815
</TABLE>
The accompanying notes are an integral part of the financial statements.
181
<PAGE> 185
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY NOTES - CONTINUED
7.50% due 11/15/2001 $10,000,000 $10,417,200
-----------
99,571,702
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $113,860,857) $110,839,520
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 23.99%
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 14.02%
5.125% due 02/13/2004 3,500,000 3,355,625
6.00% due 04/01/2014 -
05/01/2029 8,471,980 8,097,168
6.50% due 04/01/2029 -
06/01/2029 18,979,772 18,309,406
7.50% due 10/01/2010 1,946,615 1,981,284
-----------
31,743,483
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 9.97%
6.00% due 05/15/2029 -
06/15/2029 4,596,266 4,294,613
6.50% due 05/15/2029 -
12/15/2099 7,493,594 7,205,700
7.00% due 04/15/2029 2,597,862 2,562,947
8.00% due 10/15/2026 -
05/15/2029 8,258,266 8,493,048
-----------
22,556,308
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $55,846,824) $54,299,791
-----------
CORPORATE BONDS - 16.81%
AUTO SERVICES - 0.67%
Hertz Corporation,
7.375% due 06/15/2001 $1,500,000 $1,521,586
BANKING - 0.35%
Banc One Corporation,
8.00% due 04/29/2027 750,000 783,345
-----------
BROADCASTING - 0.31%
Spectrasite Holdings,
Incorporated, Step up to
11.25% due 04/15/2009 1,250,000 700,000
-----------
BUSINESS SERVICES - 0.84%
Williams Holdings,
Incorporated, 6.50% due
12/01/2008 2,000,000 1,895,500
-----------
DRUGS & HEALTH CARE - 0.64%
McKesson Corporation,
6.30% due 03/01/2005 $1,500,000 $1,442,229
-----------
ELECTRIC UTILITIES - 0.31%
Carolina Power & Light
Company, 5.95% due
03/01/2009 750,000 698,370
-----------
FINANCIAL SERVICES - 5.09%
Associates Corporation of
North America,
5.75% due 11/01/2003 2,000,000 1,945,360
6.25% due 11/01/2008 750,000 715,695
Bankamerica Corporation,
5.875% due 02/15/2009 750,000 688,568
Ford Motor Credit Company,
5.80% due 01/12/2009 2,750,000 2,513,225
Household Financial
Corporation, 6.40% due
06/17/2008 3,000,000 2,850,690
Lehman Brothers Holdings,
Incorporated, 6.625% due
02/05/2006 750,000 730,275
United States West Capital
Funding, Incorporated,
6.25% due 07/15/2005 500,000 484,635
6.375% due 07/15/2008 750,000 712,477
6.50% due 11/15/2018 1,000,000 885,030
-----------
11,525,955
FOOD & BEVERAGES - 0.34%
Delta Beverage Group,
Incorporated, 9.75% due
12/15/2003 750,000 772,500
-----------
HOUSEHOLD APPLIANCES - 0.34%
Philips Electronics NV,
7.20% due 06/01/2026 750,000 768,998
-----------
INDUSTRIALS - 5.16%
CBS, Incorporated,
7.15% due 05/20/2005 1,500,000 1,496,250
Columbia Gas Systems,
Incorporated, 6.39% due
11/28/2000 957,000 958,043
Cox Radio, Incorporated,
6.375% due 05/15/2005 1,000,000 954,520
Crown Castle International
Corporation, Step up to
10.375% due 05/15/2011 3,250,000 1,885,000
Fox/Liberty Networks LLC,
Step up to 9.75% due
08/15/2007 1,350,000 1,053,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
182
<PAGE> 186
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
INDUSTRIALS - CONTINUED
Freeport McMoran Copper &
Gold, 7.20% due 11/15/2026
$500,000 $311,670
Home Products International,
Incorporated, 9.625% due
05/15/2008 750,000 682,500
McDermott, Incorporated,
9.375% due 03/15/2002 1,000,000 1,041,410
Nabisco, Incorporated,
7.55% due 06/15/2015 2,000,000 1,966,040
Paracelsus Healthcare
Corporation, 10.00% due
08/15/2006 500,000 390,000
United Defense Industries,
Incorporated, 8.75% due
11/15/2007 250,000 243,125
Ziff Davis, Incorporated
8.50% due 05/01/2008 750,000 708,750
----------
11,690,308
PAPER - 1.21%
Fletcher Challenge Capital,
Incorporated, 7.875% due
03/24/2017 2,000,000 2,001,710
Fort James Corporation,
6.875% due 09/15/2007 750,000 738,367
----------
2,740,077
TELECOMMUNICATIONS SERVICES
- - 0.37%
Nextel Communication,
Incorporated, 12.00% due
11/01/2008 750,000 847,500
----------
TELEPHONE - 0.86%
Cable & Wireless
Communication, 6.75% due
03/06/2008 2,000,000 1,934,860
----------
TRANSPORTATION - 0.32%
Canadian National Railway
Company, 6.45% due
07/15/2006 750,000 728,768
----------
TOTAL CORPORATE BONDS
(Cost: $39,182,486) $38,049,996
-----------
ASSET BACKED SECURITIES - 2.14%
Citibank Credit Card Master
Trust I, 5.50% due
02/15/2006 1,500,000 1,441,395
ASSET BACKED SECURITIES
- - CONTINUED
Government Lease Trust,
6.18% due 05/18/2005 $2,000,000 $1,957,800
Sears Credit Account Master
Trust II, 5.65% due
03/15/2009 1,500,000 1,448,895
----------
4,848,090
TOTAL ASSET BACKED SECURITIES
(Cost: $4,979,674) $4,848,090
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
REPURCHASE AGREEMENTS - 7.98%
$18,054,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.00%, to be
repurchased at $18,056,006 on
07/01/1999, collateralized by
$14,200,000 U.S. Treasury Bonds,
8.875% due 08/15/2017 (valued at
$18,417,457, including interest $18,054,000
-----------
TOTAL INVESTMENTS (DIVERSIFIED BOND
TRUST) (Cost: $232,132,529) $226,369,924
============
</TABLE>
US GOVERNMENT SECURITIES TRUST
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS
- - 10.17%
U.S. TREASURY BONDS - 2.38%
5.25% due 02/15/2029 *** $11,500,000 $10,332,060
6.375% due 08/15/2027 *** 2,100,000 2,151,849
6.625% due 02/15/2027 *** 500,000 528,045
-----------
13,011,954
U.S. TREASURY NOTES - 7.79%
4.75% due 02/15/2004 -
11/15/2008 *** 27,750,000 25,979,196
5.25% due 05/31/2001 *** 16,800,000 16,721,208
-----------
42,700,404
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $56,414,905) $55,712,358
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
183
<PAGE> 187
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS
- - 61.92%
FEDERAL HOME LOAN BANK - 2.06%
5.94% due 06/13/2000 *** $3,300,000 $3,312,903
5.80% due 09/02/2008 *** 8,350,000 7,955,963
-----------
11,268,866
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 17.33%
6.00% TBA** 10,500,000 9,873,255
6.00% due 10/01/2010 -
11/01/2028 *** 17,643,489 16,662,263
6.247% due 03/17/2021 *** 11,000,000 10,825,430
6.50% TBA** 17,500,000 16,936,675
6.50% due 07/01/2006 -
12/01/2010 2,704,322 2,684,535
7.00% due 12/01/2004 -
04/15/2021 *** 24,976,983 25,119,946
7.50% due 05/01/2007 2,114,359 2,157,957
8.25% due 07/01/2006 85,756 87,823
9.00% due 10/01/2017 -
11/01/2020 *** 4,910,878 5,146,852
9.50% due 08/01/2020 1,344,977 1,432,804
10.00% due 05/01/2005 525,403 543,241
10.50% due 06/01/2020 *** 2,706,680 2,916,421
11.75% due 07/01/2006 -
12/01/2013 95,167 104,087
12.00% due 07/01/2020 389,119 438,833
-----------
94,930,122
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 34.42%
6.00% TBA** 1,200,000 1,130,616
6.00% due 12/01/2028 7,982,941 7,528,871
6.50% TBA** 35,300,000 34,141,454
6.50% due 12/01/2003 -
06/01/2029 24,802,754 24,035,128
6.527% due 05/25/2030 9,500,000 9,344,580
6.73% due 12/28/2028 9,397,555 9,572,590
6.78% due 01/17/2003 1,616,325 1,631,227
7.00% TBA** 59,000,000 58,464,870
7.00% due 07/01/2022 -
03/01/2029 22,296,225 22,097,385
8.00% TBA** 2,000,000 2,057,500
8.00% due 08/01/2004 -
10/01/2024 10,130 10,322
8.25% due 09/01/2008 140,076 145,424
8.50% due 02/01/2009 32,644 34,258
8.75% due 08/01/2009 -
10/01/2011 1,362,675 1,427,995
9.00% due 05/01/2021 -
05/01/2027 622,872 659,201
10.00% due 04/01/2016 -
09/01/2020 6,650,135 7,150,606
10.50% due 03/01/2016 4,212 4,307
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - CONTINUED
11.50% due 09/15/2013 -
09/01/2019 $1,212,272 $1,344,821
11.75% due 12/01/2015 57,478 64,401
12.00% due 01/01/2013 -
04/20/2016 3,030,785 3,416,529
12.50% due 01/01/2013 -
09/20/2015 1,730,069 1,981,962
13.00% due 11/15/2015 1,051,364 1,230,753
13.50% due 11/15/2014 498,579 588,634
14.50% due 11/15/2014 390,608 462,138
-----------
188,525,572
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 7.32%
7.50% TBA ** 20,000,000 20,231,200
7.50% due 02/15/2007 -
12/15/2027 15,893,673 16,078,452
8.00% due 10/15/2005 7,088 7,278
9.00% due 02/20/2016 -
10/20/2017 3,412,526 3,624,161
9.50% due 09/15/2020 149,119 160,040
11.00% due 09/15/2015 9,933 10,928
-----------
40,112,059
STUDENT LOAN MARKETING
ASSOCIATION - 0.79%
7.50% due 03/08/2000 *** 4,300,000 4,355,083
-----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $346,675,651) $339,191,702
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 0.12%
Vendee Mortgage Trust, Series
1995-3, Class 1B, REMIC,
7.25% due 10/15/2010
639,983 638,979
-----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $646,083) $ 638,979
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
SHORT TERM INVESTMENTS - 16.46%
$19,550,000 Consolidated Coal Company,
5.25% due 07/12/1999 $19,518,639
12,075,000 Conoco, Incorporated,
5.20% due 07/12/1999 12,055,814
19,550,000 Englehard Corporation,
5.25% due 07/12/1999 19,518,638
</TABLE>
The accompanying notes are an integral part of the financial statements.
184
<PAGE> 188
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C>
SHORT TERM INVESTMENTS - CONTINUED
$19,550,000 Imperial Tobacco Finance PLC,
5.30% due 07/06/1999 $19,535,609
19,550,000 TRW, Incorporated,
6.00% due 07/01/1999 19,550,000
-----------
$90,178,700
REPURCHASE AGREEMENTS - 11.33% ***
$62,062,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.70%, to be
repurchased at $62,070,103 on
07/01/1999, collateralized by
$52,620,000 U.S. Treasury Bonds,
7.875% due 02/15/2021 (valued at
$63,308,069, including interest $62,062,000
-----------
TOTAL INVESTMENTS (U.S. GOVERNMENT
SECURITIES TRUST) (Cost: $555,977,339)
$547,783,739
============
</TABLE>
MONEY MARKET TRUST
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 37.68%
FEDERAL HOME LOAN BANK - 3.97%
4.73% due 07/07/1999 $15,000,000 $14,988,175
5.289% due 07/07/1999 15,000,000 15,000,000
-----------
29,988,175
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 6.60%
4.72% due 08/06/1999 30,000,000 29,894,925
4.75% due 07/22/1999 20,000,000 19,945,539
-----------
49,840,464
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 18.50%
4.69% due 07/13/1999 20,000,000 19,968,566
4.70% due 07/12/1999 20,000,000 19,971,278
4.98% due 07/20/1999 100,000,000 99,797,169
-----------
139,737,013
STUDENT LOAN MARKETING
ASSOCIATION - 8.61%
5.109% due 07/06/1999 30,000,000 29,995,130
5.159% due 07/06/1999 15,000,000 15,000,000
5.169% due 07/06/1999 20,000,000 20,000,000
-----------
64,995,130
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $284,560,782) $284,560,782
------------
FOREIGN BONDS - 6.61%
CANADA - 6.61%
Export Development
Corporation Her Majesty in
Right of Canada, 4.80% due
07/02/1999 $30,000,000 $29,995,950
Government of Canada
4.75% due 07/16/1999 20,000,000 19,960,417
-----------
49,956,367
TOTAL FOREIGN BONDS
(Cost: $49,956,367) $49,956,367
-----------
COMMERCIAL PAPER - 45.58%
AUTO SERVICES - 2.64%
PACCAR Financial Corporation,
5.06% due 07/16/1999 20,000,000 19,957,833
-----------
BANKING - 3.29%
Bank of Montreal,
4.99% due 08/20/1999 15,000,000 14,896,041
4.79% due 07/12/1999 10,000,000 9,985,364
-----------
24,881,405
BUSINESS SERVICES - 2.65%
United Parcel Service of
America, Incorporated,
4.85% due 07/06/1999 20,000,000 19,986,528
-----------
CRUDE PETROLEUM & NATURAL GAS
- - 7.27%
BP America, Incorporated,
4.78% due 07/12/1999 25,000,000 24,963,486
Koch Industries, Incorporated,
4.75% due 07/20/1999 10,000,000 9,974,931
4.80% due 07/02/1999 20,000,000 19,997,333
-----------
54,935,750
DRUGS & HEALTH CARE - 2.64%
Pfizer, Incorporated,
4.95% due 07/20/1999 20,000,000 19,947,750
-----------
ELECTRICAL EQUIPMENT - 0.40%
General Electric Capital
Corporation, 4.84% due
08/05/1999 3,000,000 2,985,883
-----------
ELECTRIC UTILITIES - 3.31%
Emerson Electric Company,
4.87% due 07/08/1999 25,000,000 24,976,326
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
185
<PAGE> 189
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - 9.11%
Goldman Sachs Group LP,
5.07% due 07/19/1999 $20,000,000 $19,949,300
J.P. Morgan & Company,
Incorporated
4.80% due 07/12/1999 15,000,000 14,978,000
5.00% due 08/16/1999 12,000,000 11,923,333
Unilever Capital Corporation,
4.93% due 07/19/1999 22,000,000 21,945,771
-----------
68,796,404
FOOD & BEVERAGES - 3.57%
H.J. Heinz Company,
4.78% due 07/14/1999 15,000,000 14,974,109
Sara Lee Corporation,
5.05% due 07/06/1999 12,000,000 11,991,583
-----------
26,965,692
LEISURE TIME - 4.09%
The Walt Disney Company,
4.72% due 07/23/1999 19,000,000 18,944,035
4.92% due 07/16/1999 12,000,000 11,975,399
-----------
30,919,434
LIQUOR - 3.31%
Anheuser-Busch, Incorporated,
5.03% due 07/09/1999 25,000,000 24,972,056
TELECOMMUNICATIONS SERVICES
- - 3.30%
Bellsouth Telecommunication,
Incorporated, 4.72% due
07/23/1999 25,000,000 24,924,528
-----------
TOTAL COMMERCIAL PAPER
(Cost: $344,249,589) $344,249,589
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------ -----
<S> <C>
REPURCHASE AGREEMENTS - 10.13%
$76,469,000 Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/1999 at 4.70% to be
repurchased at $76,478,983 on
07/01/1999, collateralized by
$49,275,000 U.S. Treasury Notes,
6.25% due 02/15/2003 (valued at
$51,000,955 including interest),
and $24,970,000 U.S. Treasury
Notes, 7.00% due 07/15/2006
(valued at $26,998,813 including
interest). ------------
$ 76,469,000
TOTAL INVESTMENTS (MONEY MARKET TRUST)
(Cost: $755,235,738) $755,235,738
============
</TABLE>
LIFESTYLE AGGRESSIVE 1000 TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
Aggressive Growth Trust 219,853 $2,853,695
Blue Chip Growth Trust 107,764 2,138,038
Emerging Small Company Trust 144,172 3,592,756
Equity-Income Trust 421,176 7,804,387
Growth Trust 254,819 5,730,869
Growth & Income Trust 92,134 2,855,226
International Stock Trust 529,752 7,013,914
International Value Trust 567,836 7,041,164
Mid Cap Stock Trust 813,008 10,715,442
Overseas Trust 644,399 7,719,900
Quantitative Equity Trust 139,149 3,558,040
Small Company Value Trust 306,978 3,554,811
U.S. Large Cap Value Trust 502,927 6,392,207
----------
TOTAL INVESTMENTS (LIFESTYLE
AGGRESSIVE 1000 TRUST)
(Cost: $68,472,521)
$70,970,449
===========
</TABLE>
LIFESTYLE GROWTH 820 TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
Emerging Small Company Trust 695,815 $17,339,703
Equity-Income Trust 739,171 13,696,830
Growth Trust 1,383,558 31,116,228
Growth & Income Trust 666,997 20,670,245
High Yield Trust 1,010,512 13,591,381
International Stock Trust 1,789,717 23,695,857
</TABLE>
The accompanying notes are an integral part of the financial statements.
186
<PAGE> 190
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - CONTINUED
International Value Trust 1,918,380 $23,787,916
Mid Cap Blend Trust 850,324 7,117,021
Mid Cap Stock Trust 2,877,465 37,924,987
Overseas Trust 2,544,594 30,484,242
Quantitative Equity Trust 671,574 17,172,151
Small Company Value Trust 1,185,255 13,725,254
Strategic Bond Trust 1,556,327 16,995,090
Total Return Trust 3,585,878 44,357,316
U.S. Large Cap Value Trust 1,618,184 20,567,120
-----------
TOTAL INVESTMENTS (LIFESTYLE GROWTH 820
TRUST) (Cost: $331,163,041) $342,241,341
============
</TABLE>
LIFESTYLE BALANCED 640 TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
Blue Chip Growth Trust 2,007,202 $9,822,896
Emerging Small Company Trust 732,362 18,250,453
Equity-Income Trust 388,997 7,208,121
Growth & Income Trust 1,170,051 36,259,879
High Yield Trust 2,658,969 35,763,135
International Small Cap Trust 869,384 14,327,451
International Stock Trust 1,076,412 14,251,690
Inernational Value Trust 1,442,244 17,883,823
Quantitative Equity Trust 706,848 18,074,101
Real Estate Securities Trust 1,497,273 21,470,891
Strategic Bond Trust 1,638,071 17,887,739
Total Return Trust 5,806,497 71,826,366
U.S. Government Securities Trust 1,909,623 25,111,546
U.S. Large Cap Value Trust 1,703,178 21,647,386
----------
TOTAL INVESTMENTS
(LIFESTYLE BALANCED
640 TRUST) (Cost: $356,135,087) $359,785,477
============
</TABLE>
LIFESTYLE MODERATE 460 TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
Diversified Bond Trust 2,877,075 $30,928,561
Growth & Income Trust 251,933 7,807,393
High Yield Trust 572,523 7,700,435
International Small Cap Trust 280,791 4,627,430
International Stock Trust 347,656 4,602,961
International Value Trust 372,649 4,620,844
Mid Cap Stock Trust 592,828 7,813,478
Quantitative Equity Trust 365,272 9,340,015
Real Estate Securities Trust 644,779 9,246,124
Strategic Bond Trust 1,551,905 16,946,803
Total Return Trust 875,169 10,825,842
U.S. Government Securities Trust 2,349,575 30,896,911
U.S. Large Cap Value Trust 733,448 9,322,129
----------
TOTAL INVESTMENTS (LIFESTYLE MODERATE
460 TRUST) (Cost: $155,621,129)
$154,678,926
============
</TABLE>
LIFESTYLE CONSERVATIVE 280 TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
Blue Chip Growth Trust 146,908 $2,914,651
Diversified Bond Trust 1,255,061 13,491,903
High Yield Trust 499,501 6,718,290
International Stock Trust 361,088 4,780,810
Money Market Trust 1,916,657 19,166,570
Real Estate Securities Trust 334,846 4,801,688
Total Return Trust 1,558,258 19,275,649
U.S. Government Securities Trust 1,464,215 19,254,423
U.S. Large Cap Value Trust 457,072 5,809,391
-----------
TOTAL INVESTMENTS (LIFESTYLE
CONSERVATIVE 280 TRUST) (Cost:
$97,175,045) $96,213,375
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
187
<PAGE> 191
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 1999 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
Key to Currency Abbreviations
AUD - Australian Dollar
CAD - Canadian Dollar
CZK - Czech Koruna
DKK - Danish Krone
EUR - European Currency
FIM - Finnish Markka
FRF - French Franc
DEM - German Deustche Mark
GBP - Great British Pound
GRD - Greek Drachma
HKD - Hong Kong Dollar
ITL - Italian Lira
JPY - Japanese Yen
NLG - Netherland Guilder
NZD - New Zealand Dollar
NOK - Norwegian Krone
PLZ - Polish Zloty
SGD - Singapore Dollar
ZAR - South African Rand
SEK - Swedish Krona
CHF - Swiss Franc
THB - Thailand Baht
Key to Security Abbreviations and Legend
ADR - American Depositary Receipts
ADS - American Depositary Shares
FRN - Floating Rate Note (Rate effective
as of June 30, 1999).
GDR - Global Depositary Receipts
GTD - Guaranteed
IO - Interest Only (Carries notional principal amount)
REIT - Real Estate Investment Trust
REMIC - Real Estate Mortgage Investment Conduit
SBI - Shares Beneficial Interest
SPDR - Standard & Poor's Depositary Receipts
TBA - To Be Announced VR - Variable Rate Demand Note (Rate effective
as of June 30, 1999)
# - 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, 1999 a portion of this security
was pledged to cover forward commitments
purchased.
**** - At June 30, 1999 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.
188
<PAGE> 192
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. ORGANIZATION OF THE TRUST. The Manufacturers Investment Trust (the "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 nine 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 Aggressive Growth
Trust ("Aggressive Growth", formerly, Pilgrim Baxter Growth), the Emerging Small
Company Trust ("Emerging Small Company"), the Small Company Blend Trust ("Small
Company Blend"), the Mid Cap Growth Trust ("Mid Cap Growth", formerly, Small/Mid
Cap), the Mid Cap Stock Trust ("Mid Cap Stock"), the Overseas Trust ("Overseas",
formerly, International Growth and Income), the International Stock Trust
("International Stock"), the International Value Trust ("International Value"),
the Mid Cap Blend Trust ("Mid Cap Blend", formerly, Equity), the Small Company
Value Trust ("Small Company Value"), the Global Equity Trust ("Global Equity"),
the Growth Trust ("Growth"), the Large Cap Growth Trust ("Large Cap Growth",
formerly, Aggressive Asset Allocation), the Quantitative Equity Trust
("Quantitative Equity"), the Blue Chip Growth Trust ("Blue Chip Growth"), the
Real Estate Securities Trust ("Real Estate Securities"), the Value Trust
("Value"), the Equity Index Trust ("Equity Index"), the Growth & Income Trust
("Growth & Income"), the U.S. Large Cap Value Trust ("U.S. Large Cap Value"),
the Equity-Income Trust ("Equity-Income"), the Income & Value Trust ("Income &
Value", formerly, Moderate Asset Allocation), the Balanced Trust ("Balanced"),
the High Yield Trust ("High Yield"), the Strategic Bond Trust ("Strategic
Bond"), the Global Bond Trust ("Global Bond", formerly, Global Government Bond),
the Total Return Trust ("Total Return"), the Investment Quality Bond Trust
("Investment Quality Bond"), the Diversified Bond Trust ("Diversified Bond",
formerly, Conservative Asset Allocation), 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 Global 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, B, 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, 1999, Manulife USA owned seed money shares in Small Company Blend.
Manufacturers Securities Services, LLC ("MSS"), 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.
CHANGE IN SUBADVISERS. Effective May 1, 1999, Pilgrim Baxter & Associates, Ltd.
("PBA") resigned as subadviser to Pilgrim Baxter Growth, Warburg Pincus Asset
Management, Inc. ("Warburg") resigned as subadviser to Emerging Small Company,
Fred Alger Management, Inc. ("Alger") was replaced as subadviser to Small/Mid
Cap, J.P. Morgan Investment Management Inc. ("J.P. Morgan") resigned as
subadviser to International Growth and Income, Founders Asset Management LLC
("Founders") resigned as subadviser to Growth, Fidelity Management Trust Company
("FMTC") resigned as subadviser to Moderate Asset Allocation and Conservative
Asset Allocation and Oechsle International Advisors, L.P. ("Oechsle") resigned
as subadviser to Global Government Bond.
The Trustees, including a majority of Trustees who are not interested persons of
the Trust, voted to approve the following new subadvisers: AIM Capital
Management, Inc. ("AIM") as subadviser to Aggressive Growth and Mid Cap Growth;
Capital Guardian Trust Company ("CGTC") as subadviser to Income & Value and
Diversified Bond; FMTC as subadviser to Overseas; Franklin Advisers, Inc.
("Franklin") as subadviser to Emerging Small Company; Pacific Investment
Management Company ("PIMCO") as subadviser to Global Bond and State Street
Global Advisors ("SSgA") as subadviser to Growth.
CHANGE IN PORTFOLIO NAMES. Effective May 1, 1999, the name of Pilgrim Baxter
Growth was changed to Aggressive Growth, Small/Mid Cap was changed to Mid Cap
Growth, International Growth and Income was changed to Overseas, Equity was
changed to Mid Cap Blend, Aggressive Asset Allocation was changed to Large Cap
Growth, Moderate Asset Allocation was changed to Income & Value, Global
Government Bond was changed to Global Bond and Conservative Asset Allocation was
changed to Diversified Bond.
CHANGE IN INVESTMENT OBJECTIVE. Due to the changes in subadvisers, the Trustees
voted to change the investment objectives of Aggressive Growth, Emerging Small
Company, Overseas, Large Cap Growth, Income & Value, Global Bond and Diversified
Bond. The proposed changes were approved by the shareholders of each Portfolios
on April 27, 1999 and were effective May 1, 1999.
189
<PAGE> 193
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - continued
- --------------------------------------------------------------------------------
ORGANIZATION OF THE TRUST, CONTINUED
NEW PORTFOLIOS. Effective May 1, 1999, Small Company Blend, Mid Cap Stock,
International Value, U.S. Large Cap Value and Total Return commenced operations.
CGTC is the subadviser to Small Company Blend and U.S. Large Cap Value,
Wellington Management Company, LLP ("Wellington Management") is the subadviser
to Mid Cap Stock, Templeton Investment Counsel, Inc. ("Templeton Investment") is
the subadviser to International Value and PIMCO is the subadviser to Total
Return.
REORGANIZATION. On April 27, 1999 the shareholders of the Trust voted to approve
an Agreement and Plan of Reorganization (the "Agreement") of the Trust on behalf
of the Worldwide Growth Trust ("Worldwide Growth") and the Capital Growth Bond
Trust ("Capital Growth Bond") portfolios (collectively, the "Transferor
Portfolios") and the Global Equity and the Investment Quality Bond portfolios
(collectively, the "Acquiring Portfolios"). The agreement provided for the
tax-free reorganization of the Transferor Portfolios, including (a) the transfer
of all assets, subject to all of the liabilities, of the Transferor Portfolios
in exchange for the Acquiring Portfolios shares; (b) the liquidation of the
Transferor Portfolios; and (c) the distribution to Transferor Portfolio
shareholders of such Acquiring Portfolio shares. The expenses of the
reorganization were borne by the Transferor Portfolios and the Acquiring
Portfolios.
The effective time of the reorganization occurred at the close of regularly
scheduled trading on the New York Stock Exchange on April 30, 1999. As a result
of the reorganization, the total value of all shares of each Acquiring Portfolio
issued in the reorganization equaled the total value of the net assets of the
corresponding Transferor Portfolio acquired by such Acquiring Portfolio. The
resulting activity was as follows:
<TABLE>
<CAPTION>
Shares Total Net Assets Net Asset Value
------ ---------------- ---------------
<S> <C> <C> <C>
Worldwide Growth at April 30, 1999 2,685,944 $42,636,373 $15.87
Global Equity at April 30, 1999 47,464,654 879,296,730 18.53
Global Equity after reorganization on April 30, 1999 49,765,028 921,933,103 18.53
Capital Growth Bond at April 30, 1999 5,792,535 64,455,265 11.13
Investment Quality Bond at April 30, 1999 27,658,681 325,513,768 11.77
Investment Quality Bond after Reorganization
on April 30, 1999 33,134,914 389,969,033 11.77
</TABLE>
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, 1999 are not necessarily indicative of annual results.
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:
190
<PAGE> 194
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - continued
- --------------------------------------------------------------------------------
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
(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, 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 in excess of amounts
recognized on the Statements of Assets and Liabilities 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.
FUTURES. All Portfolios with the exception of Real Estate Securities, 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 Portfolio 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.
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, 1999:
<TABLE>
<CAPTION>
NUMBER OF OPEN AGGREGATE MARKET
TRUST CONTRACTS EXPIRATION DATE CONTRACTS VALUE OF CONTRACTS UNREALIZED GAIN
----- --------- --------------- --------- ------------------ ---------------
PURCHASES OF FUTURES
CONTRACTS:
<S> <C> <C> <C> <C> <C>
OVERSEAS: Topix Index September 1999 20 JPY 281,400,000 $174,570
Nikkei 225 Index September 1999 33 JPY 2,929,575 7,425
--------
$181,995
========
GROWTH: S&P 500 Index September 1999 20 $ 3,872,500 $185,289
========
</TABLE>
191
<PAGE> 195
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - continued
- --------------------------------------------------------------------------------
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF OPEN AGGREGATE MARKET
TRUST CONTRACTS EXPIRATION DATE CONTRACTS VALUE OF CONTRACTS UNREALIZED GAIN
----- --------- --------------- --------- ------------------ ---------------
<S> <C> <C> <C> <C> <C>
EQUITY INDEX: S&P 500 Index September 1999 6 $ 2,072,550 $ 59,277
========
HIGH YIELD: FTSE 100 September 1999 35 GBP 3,895,850 $ 73,205
========
GLOBAL BOND: U.S. 10 yr Treasury September 1999 77 $ 8,561,438 $ 38,499
========
TOTAL RETURN: U.S. Treasury Bond September 1999 152
$17,617,750 ($183,406)
U.S. 10 yr Treasury September 1999 300 33,356,250 281,125
--------
$ 97,844
========
</TABLE>
PURCHASED AND WRITTEN OPTIONS. All Portfolios with the exception of Real Estate
Securities, Money Market, Lifestyle Aggressive 1000, Lifestyle Growth 820,
Lifestyle Balanced 640, Lifestyle Moderate 460 and Lifestyle Conservative 280
may purchase and sell put and call options on securities (whether or not it
holds the securities in its portfolio) securities indices, currencies and
futures contracts.
When a Portfolio writes a put or call option, an amount equal to the premium
received by the Portfolio is recorded as a liability and is subsequently
"marked-to-market" to reflect the current market value of the option written. If
an option expires or if the Portfolio enters into a offsetting purchase option,
the Portfolio realizes a gain (or loss if the cost of a offsetting purchase
option exceeds the premium received when the option was written). If a written
call option is exercised, the Portfolio realizes a gain or loss from the sale of
the underlying security with the proceeds of the sale increased by the premium
originally received. If a written put option is exercised, the amount of the
premium originally received reduces the cost of the security the Portfolio
purchases upon exercise of the option.
When a Portfolio purchases a put or call option, the premium paid by the
Portfolio is included in the Portfolio of Investments and subsequently
"marked-to-market" to reflect the current market value of the option. If the
purchased option expires, the Portfolio realizes a loss in the amount of the
cost of the option. If a Portfolio enters into a closing sale transaction, the
Portfolio realizes a gain or loss, depending on whether proceeds from the
closing sale transaction are greater or less than the original cost of the
option. If a Portfolio exercises a call option, the cost of the securities
acquired by exercising the call is increased by the premium paid to buy the
call. If a Portfolio exercises a put option, it realizes a gain or loss from the
sale of the underlying security and the proceeds from such sale are decreased by
the premium originally paid.
INTEREST RATE SWAPS. All Portfolios with the exception of Real Estate
Securities, Money Market, Lifestyle Aggressive 1000, Lifestyle Growth 820,
Lifestyle Balanced 640, Lifestyle Moderate 460 and Lifestyle Conservative 280
may enter into interest rate swaps. Interest rate swaps involve the exchange of
commitments to pay or receive interest of one instrument for that of another
instruments (for example, an exchange of floating rate payments for fixed rate
payments with respect to a notional principal amount). Net periodic interest
payments to be received or paid are accrued daily and are recorded as interest
income. Interest rate swaps are marked-to-market daily based upon quotations
from market makers and the change, if any, is recorded as unrealized
appreciation or depreciation. Payments received or paid at the end of the
agreement are recorded as realized gains or losses. A Portfolio could be exposed
to credit or market risk due to unfavorable changes in the fluctuation of
interest rates, the possibility that there is no liquid market for these
agreements or that the counterparty may default on its obligation to perform.
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. The market
values of the securities purchased on a forward delivery basis are identified in
the portfolio of investments.
192
<PAGE> 196
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
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 their 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 is intended to be maintained at that
level during the period of the loan. The market value of the loaned securities
is determined at the close of business of the Portfolio and any additional
required collateral is delivered to the Portfolio the next business day. During
the loan period, the Portfolio continues to retain rights of ownership,
including dividends and interest of the loaned securities.
At June 30, 1999, the value of the securities loaned amounted to $7,543,395,
$36,180,116, $15,747,324, $15,686,925, $63,133,956, $23,567,479, $133,816,369,
$11,626,828, $63,449,300, $22,857,791, $17,757,343, $17,027,833, $51,565,973,
$11,463,878, $3,166,786, $3,992,760, $30,784,679, $37,965,449, $162,467,066,
$11,526,222, $10,431,343, $31,704,526, $139,689, $48,692,485, in Pacific Rim
Emerging Markets, Science & Technology, International Small Cap, Aggressive
Growth, Emerging Small Company, Overseas, Mid Cap Blend, Small Company Value,
Global Equity, Growth, Large Cap Growth, Quantitative Equity, Blue Chip Growth,
Real Estate Securities, Value, Equity Index, Growth & Income, Equity-Income,
Income & Value, Balanced, High Yield, Strategic Bond, Global Bond, and
Investment Quality Bond, respectively.
At June 30, 1999, the value of cash collateral amounted to $7,972,907,
$38,211,024, $16,302,461, $15,940,249, $63,548,815, $20,074,319, $134,698,912,
$12,033,552, $66,675,079, $23,425,753, $18,271,861, $17,105,807, $52,920,825,
$11,707,596, $3,074,388, $4,004,139, $32,111,245, $38,639,735, $165,079,354,
$11,588,388, $10,691,931, $33,419,058, $145,230, and $49,272,580 in Pacific Rim
Emerging Markets, Science & Technology, International Small Cap, Aggressive
Growth, Emerging Small Company, Overseas, Mid Cap Blend, Small Company Value,
Global Equity, Growth, Large Cap Growth, Quantitative Equity, Blue Chip Growth,
Real Estate Securities, Value, Equity Index, Growth & Income, Equity-Income,
Income & Value, Balanced, High Yield, Strategic Bond, Global Bond, and
Investment Quality Bond, respectively. At June 30, 1999, the value of U.S.
Government securities collateral amounted to $38,792, $4,733,742 and $44,206 in
Pacific Rim Emerging Markets, Overseas, and Equity Index, 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 Overseas, over a five-year period
beginning with the commencement of operations.
FEDERAL INCOME TAXES. The Portfolios' policy is to qualify as a regulated
investment company under Subchapter M of the Internal Revenue Code, as amended,
and to distribute substantially 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. Substantially 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 substantially 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.
193
<PAGE> 197
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
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 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 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. WRITTEN OPTIONS AND INTEREST RATE SWAPS.
The following is a summary of open written options outstanding in Total Return
at June 30, 1999:
<TABLE>
<CAPTION>
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
--------- --------
<S> <C> <C>
Options written 78 $37,784
-- -------
Options outstanding at June 30, 1999: 78 $37,784
== =======
</TABLE>
The following is a summary of open interest rate swap contracts outstanding in
Global Bond at June 30, 1999:
<TABLE>
<CAPTION>
UNREALIZED
NOTIONAL AMOUNT DESCRIPTION DEPRECIATION
--------------- ----------- ------------
<S> <C> <C>
SEK 31,600,000 Agreement with Deutsche Bank Company terminating
June 7, 2004 to pay 3 month STIBOR (Stockholm
Interbank Offer Rate) quarterly and to receive a
fixed rate of 4.925% quarterly. ($51,083)
</TABLE>
4. CAPITAL SHARES. Share activity for the Trust for the six months ended June
30, 1999 and the year ended December 31, 1998 was as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 1999 YEAR ENDED DECEMBER 31, 1998
-------------------------------- --------------------------------
SHARES CAPITAL SHARES CAPITAL
------ ------- ------ -------
<S> <C> <C> <C> <C>
PACIFIC RIM EMERGING MARKETS
Sold 7,753,520 $ 59,194,378 6,770,616 $ 43,082,198
Reinvestment of distributions 42,729 325,598 -- --
Redeemed (6,359,806) (47,410,103) (6,000,038) (38,076,228)
------------ ------------ ------------ ------------
Net increase 1,436,443 $ 12,109,873 $ 770,578 $ 5,005,970
============ ============ ============ ============
</TABLE>
194
<PAGE> 198
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 1999 YEAR ENDED DECEMBER 31, 1998
-------------------------------- --------------------------------
SHARES CAPITAL SHARES CAPITAL
------ ------- ------ -------
<S> <C> <C> <C> <C>
SCIENCE & TECHNOLOGY
Sold 10,455,228 $ 229,946,383 6,255,104 $ 95,650,833
Reinvestment of distributions 19,099 421,888 -- --
Redeemed (922,808) (18,891,689) (2,013,379) (30,207,422)
------------- ------------- ------------- -------------
Net increase 9,551,519 $ 211,476,582 4,241,725 $ 65,443,411
============= ============= ============= =============
INTERNATIONAL SMALL CAP
Sold 2,731,345 $ 42,726,329 7,587,840 $ 112,981,718
Reinvestment of distributions 31,234 500,049 27,503 437,568
Redeemed (4,192,153) (66,351,411) (7,319,705) (109,140,302)
------------- ------------- ------------- -------------
Net increase (decrease) (1,429,574) ($ 23,125,033) 295,639 $ 4,278,984
============= ============= ============= =============
AGGRESSIVE GROWTH (FORMERLY,
PILGRIM BAXTER GROWTH)
Sold 3,129,311 $ 38,366,379 8,155,418 $ 93,414,114
Redeemed (8,974,126) (109,652,123) (4,658,791) (52,390,417)
------------- ------------- ------------- -------------
Net increase (decrease) (5,844,815) ($ 71,285,746) 3,496,627 $ 41,023,697
============= ============= ============= =============
EMERGING SMALL COMPANY
Sold 933,603 $ 21,721,290 3,113,895 $ 71,622,128
Reinvestment of distributions 176,071 4,061,968 158,191 4,130,364
Redeemed (2,162,485) (50,547,132) (2,076,031) (47,459,455)
------------- ------------- ------------- -------------
Net increase (decrease) (1,052,811) ($ 24,763,874) 1,196,055 $ 28,293,037
============= ============= ============= =============
SMALL COMPANY BLEND
Sold 1,434,252 $ 18,065,632
Redeemed (996) (12,907) -- --
------------- -------------
Net Increase 1,433,256 $ 18,052,725
============= =============
MID CAP GROWTH (FORMERLY,
SMALL/MID CAP)
Sold 3,459,138 $ 64,349,668 6,614,995 $ 112,499,416
Reinvestment of distributions 3,082,007 55,167,921 -- --
Redeemed (2,009,837) (37,165,644) (4,045,412) (67,014,853)
------------- ------------- ------------- -------------
Net increase 4,531,308 $ 82,351,945 2,569,583 $ 45,484,563
============= ============= ============= =============
MID CAP STOCK
Sold 4,996,091 $ 63,253,234
Redeemed (171,149) (2,184,906) -- --
------------- -------------
Net Increase 4,824,842 $ 61,068,328
============= =============
OVERSEAS (FORMERLY, INTERNATIONAL
GROWTH AND INCOME)
Sold 20,494,251 $ 240,836,932 23,788,371 $ 269,693,810
Reinvestment of distributions -- -- 961,602 12,000,793
Redeemed (16,036,826) (188,396,739) (23,984,496) (270,169,261)
------------- ------------- ------------- -------------
Net increase 4,457,425 $ 52,440,193 765,477 $ 11,525,342
============= ============= ============= =============
</TABLE>
195
<PAGE> 199
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 1999 YEAR ENDED DECEMBER 31, 1998
-------------------------------- --------------------------------
SHARES CAPITAL SHARES CAPITAL
------ ------- ------ -------
<S> <C> <C> <C> <C>
INTERNATIONAL STOCK
Sold 20,990,006 $ 271,462,864 20,278,906 $ 252,715,252
Reinvestment of distributions 5,006 66,831 273,672 3,560,791
Redeemed (26,333,181) (344,629,856) (15,182,565) (190,065,125)
------------- ------------- ------------- -------------
Net increase (decrease) (5,338,169) ($ 73,100,161) 5,370,013 $ 66,210,918
============= ============= ============= =============
INTERNATIONAL VALUE
Sold 5,194,906 $ 64,606,453
Redeemed (207,643) (2,543,245) -- --
------------- -------------
Net increase 4,987,263 $ 62,063,208
============= =============
MID CAP BLEND (FORMERLY, EQUITY)
Sold 2,849,512 $ 54,519,273 8,508,634 $ 161,890,771
Reinvestment of distributions 10,077,627 177,366,228 14,385,769 293,469,692
Redeemed (12,485,282) (239,373,614) (13,775,537) (261,703,577)
------------- ------------- ------------- -------------
Net increase (decrease) 441,857 ($ 7,488,113) 9,118,866 $ 193,656,886
============= ============= ============= =============
SMALL COMPANY VALUE
Sold 2,039,812 $ 22,368,168 9,982,319 $ 117,110,620
Reinvestment of distributions 9,467 105,452 4,241 56,195
Redeemed (9,089,951) (99,517,652) (1,330,303) (15,162,118)
------------- ------------- ------------- -------------
Net increase (decrease) (7,040,172) ($ 77,044,032) 8,656,257 $ 102,004,697
============= ============= ============= =============
GLOBAL EQUITY
Sold 7,779,094 $ 139,125,303 4,136,030 $ 83,076,554
Reinvestment of distributions 5,314,655 93,909,966 3,005,041 64,337,927
Redeemed (11,532,622) (219,437,331) (6,383,984) (123,784,064)
Shares issued in connection
with reorganization 2,300,374 42,636,373 -- --
------------- ------------- ------------- -------------
Net increase 3,861,501 $ 56,234,311 757,088 $ 23,630,416
============= ============= ============= =============
GROWTH
Sold 5,528,659 $ 120,029,029 5,117,245 $ 95,321,751
Reinvestment of distributions 802,965 18,042,613 443,371 8,441,791
Redeemed (904,832) (19,280,894) (652,129) (11,969,990)
------------- ------------- ------------- -------------
Net increase 5,426,793 $ 118,790,747 4,908,487 $ 91,793,552
============= ============= ============= =============
LARGE CAP GROWTH (FORMERLY,
AGGRESSIVE ASSET ALLOCATION)
Sold 3,184,692 $ 46,573,501 1,272,177 $ 18,613,080
Reinvestment of distributions 1,915,001 28,188,806 1,988,692 29,094,564
Redeemed (2,706,545) (39,813,418) (2,991,236) (43,050,524)
------------- ------------- ------------- -------------
Net increase 2,393,148 $ 34,948,889 269,633 $ 4,657,120
============= ============= ============= =============
QUANTITATIVE EQUITY
Sold 3,486,620 $ 88,686,869 2,525,086 $ 56,864,359
Reinvestment of distributions 1,104,607 28,101,212 1,017,210 23,172,050
Redeemed (324,957) (8,209,285) (897,490) (19,600,478)
------------- ------------- ------------- -------------
Net increase 4,266,270 $ 108,578,796 2,644,806 $ 60,435,931
============= ============= ============= =============
</TABLE>
196
<PAGE> 200
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 1999 YEAR ENDED DECEMBER 31, 1998
-------------------------------- --------------------------------
SHARES CAPITAL SHARES CAPITAL
------ ------- ------ -------
<S> <C> <C> <C> <C>
BLUE CHIP GROWTH
Sold 14,018,145 $ 269,310,061 19,497,392 $ 322,061,761
Reinvestment of distributions 2,897,748 56,564,055 932,125 15,836,800
Redeemed (3,287,977) (62,774,150) (7,377,854) (118,430,259)
------------- ------------- ------------- -------------
Net increase 13,627,916 $ 263,099,966 13,051,663 $ 219,468,302
============= ============= ============= =============
REAL ESTATE SECURITIES
Sold 807,697 $ 11,579,635 3,414,938 $ 57,940,371
Reinvestment of distributions 560,770 7,390,953 1,208,641 21,139,142
Redeemed (2,432,705) (35,019,345) (1,717,232) (27,624,209)
------------- ------------- ------------- -------------
Net increase (decrease) (1,064,238) ($ 16,048,757) 2,906,348 $ 51,455,304
============= ============= ============= =============
VALUE
Sold 1,431,808 $ 21,231,614 8,926,276 $ 133,950,075
Reinvestment of distributions 69 981 603,016 8,430,164
Redeemed (8,746,440) (134,220,331) (1,126,616) (15,950,184)
------------- ------------- ------------- -------------
Net increase (decrease) (7,314,563) ($112,987,736) 8,402,676 $ 126,430,055
============= ============= ============= =============
EQUITY INDEX
Sold 1,527,915 $ 24,799,814 2,175,437 $ 30,132,341
Reinvestment of distributions 20,500 346,646 131,978 1,983,647
Redeemed (390,599) (6,341,781) (374,434) (4,985,616)
------------- ------------- ------------- -------------
Net increase 1,157,816 $ 18,804,680 1,932,981 $ 27,130,373
============= ============= ============= =============
GROWTH & INCOME
Sold 11,860,052 $ 352,736,082 14,731,896 $ 379,844,294
Reinvestment of distributions 2,940,196 89,470,162 4,443,994 114,877,243
Redeemed (1,581,456) (46,850,088) (5,821,777) (145,134,876)
------------- ------------- ------------- -------------
Net increase 13,218,791 $ 395,356,156 13,354,113 $ 349,586,661
============= ============= ============= =============
U.S. LARGE CAP VALUE
Sold 7,948,273 $ 99,253,485
Redeemed (15,220) (187,570) -- --
------------- -------------
Net Increase 7,933,053 $ 99,065,915
============= =============
EQUITY-INCOME
Sold 2,930,747 $ 52,556,136 10,021,748 $ 173,662,705
Reinvestment of distributions 4,503,851 76,565,467 3,319,011 59,543,058
Redeemed (9,088,327) (162,937,315) (6,770,818) (114,381,887)
------------- ------------- ------------- -------------
Net increase (decrease) (1,653,729) ($ 33,815,712) 6,569,941 $ 118,823,876
============= ============= ============= =============
INCOME & VALUE (FORMERLY,
MODERATE ASSET ALLOCATION)
Sold 2,642,639 $ 33,358,677 616,674 $ 8,884,701
Reinvestment of distributions 5,529,820 69,343,951 5,317,384 68,115,685
Redeemed (2,534,742) (33,287,419) (6,707,081) (86,963,822)
------------- ------------- ------------- -------------
Net increase (decrease) 5,637,717 $ 69,415,209 (773,023) ($ 9,963,436)
============= ============= ============= =============
</TABLE>
197
<PAGE> 201
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 1999 YEAR ENDED DECEMBER 31, 1998
-------------------------------- --------------------------------
SHARES CAPITAL SHARES CAPITAL
------ ------- ------ -------
<S> <C> <C> <C> <C>
BALANCED
Sold 2,552,577 $ 48,082,949 3,060,496 $ 58,207,534
Reinvestment of distributions 1,047,549 19,023,502 1,349,790 24,998,103
Redeemed (1,529,683) (28,195,056) (453,357) (8,542,136)
------------- ------------- ------------- -------------
Net increase 2,070,443 $ 38,911,395 3,956,929 $ 74,663,502
============= ============= ============= =============
HIGH YIELD
Sold 4,062,887 $ 54,727,157 9,574,213 $ 131,241,993
Reinvestment of distributions -- -- 1,062,130 13,731,611
Redeemed (2,558,638) (33,972,295) (2,584,913) (34,889,748)
------------- ------------- ------------- -------------
Net increase 1,504,249 $ 20,754,862 8,051,430 $ 110,083,856
============= ============= ============= =============
STRATEGIC BOND
Sold 2,382,264 $ 27,357,617 10,586,115 $ 126,618,386
Reinvestment of distributions 2,765,174 30,665,785 2,251,302 26,813,006
Redeemed (7,817,016) (88,525,857) (4,550,160) (53,660,911)
------------- ------------- ------------- -------------
Net increase (decrease) (2,669,578) ($ 30,502,455) 8,287,257 $ 99,770,482
============= ============= ============= =============
GLOBAL BOND (FORMERLY, GLOBAL
GOVERNMENT BOND)
Sold 555,707 $ 6,861,864 889,721 $ 12,101,805
Reinvestment of distributions 1,410,339 16,839,448 1,512,137 19,914,849
Redeemed (2,192,684) (27,371,217) (3,414,282) (46,015,024)
------------- ------------- ------------- -------------
Net decrease (226,638) ($ 3,669,905) (1,012,424) ($ 13,998,370)
============= ============= ============= =============
TOTAL RETURN
Sold 13,589,507 $ 169,393,213
Redeemed (340,672) (4,222,801) -- --
------------- -------------
Net increase 13,248,835 $ 165,170,412
============= =============
INVESTMENT QUALITY BOND
Sold 3,433,516 $ 40,677,352 11,528,927 $ 139,662,289
Reinvestment of distributions 1,443,452 17,104,902 990,654 11,620,375
Redeemed (9,091,432) (106,827,192) (3,019,631) (36,762,808)
Shares issued in connection
with reorganization 5,476,233 64,455,265 -- --
------------- ------------- ------------- -------------
Net increase 1,261,769 $ 15,410,327 9,499,950 $ 114,519,856
============= ============= ============= =============
DIVERSIFIED BOND (FORMERLY,
CONSERVATIVE ASSET ALLOCATION)
Sold 4,613,806 $ 50,631,451 1,037,883 $ 11,909,984
Reinvestment of distributions 1,639,199 18,063,968 1,646,332 18,570,627
Redeemed (1,748,379) (19,874,358) (3,396,362) (39,658,396)
------------- ------------- ------------- -------------
Net increase (decrease) 4,504,626 $ 48,821,061 ($ 712,147) ($ 9,177,785)
============= ============= ============= =============
U.S. GOVERNMENT SECURITIES
Sold 8,959,425 $ 122,943,052 11,633,765 $ 157,556,444
Reinvestment of distributions 1,349,968 18,022,069 996,467 13,043,750
Redeemed (5,622,077) (75,360,114) (4,927,141) (66,613,911)
------------- ------------- ------------- -------------
Net increase 4,687,316 $ 65,605,007 7,703,091 $ 103,986,283
============= ============= ============= =============
</TABLE>
198
<PAGE> 202
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 1999 YEAR ENDED DECEMBER 31, 1998
------------------------------- --------------------------------
SHARES CAPITAL SHARES CAPITAL
------ ------- ------ -------
<S> <C> <C> <C> <C>
MONEY MARKET
Sold 98,241,936 $ 982,419,366 122,669,097 $ 1,226,690,969
Reinvestment of distributions 1,478,269 14,782,692 2,739,174 27,391,741
Redeemed (85,149,090) (851,490,898) (108,395,909) (1,083,959,093)
--------------- --------------- --------------- ---------------
Net increase 14,571,115 $ 145,711,160 17,012,362 $ 170,123,617
=============== =============== =============== ===============
LIFESTYLE AGGRESSIVE 1000
Sold 497,907 $ 6,407,646 2,940,289 $ 39,235,345
Reinvestment of distributions 253,603 3,205,539 235,336 3,344,794
Redeemed (1,363,958) (17,756,435) (804,663) (10,883,044)
--------------- --------------- --------------- ---------------
Net increase (decrease) (612,448) ($ 8,143,248) 2,370,962 $ 31,697,095
=============== =============== =============== ===============
LIFESTYLE GROWTH 820
Sold 1,205,305 $ 16,387,875 11,372,979 $ 156,491,064
Reinvestment of distributions 1,223,555 16,236,573 1,244,102 17,780,049
Redeemed (5,391,813) (73,115,454) (790,640) (10,733,134)
--------------- --------------- --------------- ---------------
Net increase (decrease) (2,962,953) ($ 40,491,006) 11,826,441 $ 163,537,979
=============== =============== =============== ===============
LIFESTYLE BALANCED 640
Sold 1,711,208 $ 22,660,136 13,995,601 $ 188,784,151
Reinvestment of distributions 1,401,313 18,147,007 1,197,810 16,573,997
Redeemed (4,087,419) (54,202,691) (983,046) (12,628,291)
--------------- --------------- --------------- ---------------
Net increase (decrease) (974,898) ($ 13,395,548) 14,210,365 $ 192,729,857
=============== =============== =============== ===============
LIFESTYLE MODERATE 460
Sold 2,018,550 $ 22,281,122 6,252,966 $ 84,594,300
Reinvestment of distributions 175,418 7,940,730 332,059 4,570,654
Redeemed (877,906) (12,104,709) (608,000) (8,237,978)
--------------- --------------- --------------- ---------------
Net increase 1,316,062 $ 18,117,143 5,977,025 $ 80,926,976
=============== =============== =============== ===============
LIFESTYLE CONSERVATIVE 280
Sold 1,795,851 $ 24,054,282 4,305,187 $ 56,164,191
Reinvestment of distributions 378,849 4,986,867 154,440 2,002,757
Redeemed (609,095) (8,126,254) (184,127) (2,396,336)
--------------- --------------- --------------- ---------------
Net increase 1,565,605 $ 20,914,895 4,275,500 $ 55,770,613
=============== =============== =============== ===============
</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 six months ended June 30, 1999:
<TABLE>
<CAPTION>
PURCHASES SALES
-------------------------------------- --------------------------------------
U.S. U.S.
PORTFOLIO GOVERNMENT OTHER ISSUES GOVERNMENT OTHER ISSUES
------------- ----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Pacific Rim Emerging Markets........ ----- $13,323,894 ----- $8,356,178
Science & Technology................ ----- 367,706,350 ----- 180,281,178
International Small Cap............. ----- 22,377,466 ----- 35,307,393
Aggressive Growth................... ----- 70,633,154 ----- 143,330,182
Emerging Small Company.............. ----- 307,316,794 ----- 350,659,337
Small Company Blend *............... ----- 16,033,575 ----- 99,723
Mid Cap Growth...................... ----- 663,143,861 ----- 657,404,936
Mid Cap Stock *..................... ----- 60,589,827 ----- 1,586,506
</TABLE>
199
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MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
PURCHASES AND SALES OF SECURITIES, CONTINUED
<TABLE>
<CAPTION>
PURCHASES SALES
-------------------------------------- ------------------------------------
U.S. U.S.
PORTFOLIO GOVERNMENT OTHER ISSUES GOVERNMENT OTHER ISSUES
------------- ----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
International Stock ...... -- $ 41,967,881 -- $112,175,805
International Value * .... -- 59,313,034 -- --
Mid Cap Blend ............ -- 586,602,553 -- 736,978,952
Small Company Value ...... -- 77,254,785 -- 156,313,510
Global Equity ............ -- 287,955,404 -- 342,993,149
Growth ................... -- 446,096,962 -- 352,562,772
Large Cap Growth ......... -- 313,347,867 -- 300,793,674
Quantitative Equity ...... -- 366,453,412 -- 290,910,374
Blue Chip Growth ......... -- 458,607,775 -- 260,926,070
Real Estate Securities ... -- 163,607,806 -- 180,151,831
Value .................... -- 65,794,665 -- 147,432,474
Equity Index ............. -- 22,722,053 -- 3,993,259
Growth and Income ........ -- 520,432,865 -- 221,689,113
U.S. Large Cap Value * ... -- 87,397,776 -- 94,500
Equity-Income ............ -- 127,331,793 -- 218,912,374
Income & Value ........... $362,033,204 443,357,834 $208,170,532 572,053,123
Balanced ................. 127,037,199 178,411,744 74,820,321 214,513,058
High Yield ............... -- 84,132,362 -- 54,101,833
Strategic Bond ........... 257,108,287 362,711,634 327,999,669 214,741,971
Global Bond .............. 66,227,311 305,482,487 81,462,411 298,955,324
Total Return * ........... 77,143,996 90,206,380 -- --
Investment Quality Bond .. 55,896,169 83,454,115 102,168,447 27,598,230
Diversified Bond ......... 282,802,144 13,560,706 110,431,071 116,584,595
U.S. Government Securities 973,984,800 -- 893,783,477 --
Lifestyle Aggressive 1000 -- 71,223,874 -- 81,322,193
Lifestyle Growth 820 ..... -- 315,871,274 -- 363,320,171
Lifestyle Balanced 640 ... -- 340,299,545 -- 358,958,168
Lifestyle Moderate 460 ... -- 146,807,543 -- 130,869,415
Lifestyle Conservative 280 -- 89,804,343 -- 69,361,491
</TABLE>
* For the period May 1, 1999 (commencement of operations) to June 30, 1999.
At June 30, 1999, 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........ $49,549,267 $4,243,224 $5,733,571 $1,490,347
Science & Technology................ 431,287,452 87,013,837 92,599,837 5,586,000
International Small Cap............. 121,274,245 30,520,810 35,351,621 4,830,811
Aggressive Growth................... 74,513,015 7,600,203 9,805,941 2,205,738
Emerging Small Company.............. 319,908,628 32,053,264 43,472,416 11,419,152
Small Company Blend................. 18,064,769 1,452,919 1,971,286 518,367
Mid Cap Growth...................... 430,516,150 29,882,191 43,239,661 13,357,470
Mid Cap Stock....................... 61,460,379 3,148,188 4,524,391 1,376,203
Overseas............................ 297,011,321 6,025,640 15,537,471 9,511,831
International Stock................. 154,467,656 9,543,800 18,051,016 8,507,216
International Value................. 62,524,847 (461,552) 1,716,789 2,178,341
Mid Cap Blend....................... 1,579,368,031 168,105,920 257,832,511 89,726,591
Small Company Value................. 88,501,354 7,338,678 11,844,059 4,505,381
Global Equity....................... 847,028,089 140,315,871 176,070,998 35,755,127
Growth.............................. 427,180,301 42,700,354 48,991,404 6,291,050
Large Cap Growth.................... 289,610,425 20,266,097 28,532,887 8,266,790
</TABLE>
200
<PAGE> 204
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
PURCHASES AND SALES OF SECURITIES, CONTINUED
<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>
Quantitative Equity................. $357,732,199 $31,389,093 $45,811,117 $14,422,024
Blue Chip Growth.................... 1,109,221,745 411,551,023 417,977,690 6,426,667
Real Estate Securities.............. 156,654,692 (2,599,142) 3,498,940 6,098,082
Value............................... 163,435,952 12,717,637 19,961,479 7,243,842
Equity Index........................ 77,033,115 17,556,376 19,050,412 1,494,036
Growth & Income..................... 1,893,681,755 1,042,579,922 1,063,987,460 21,407,538
U.S. Large Cap Value................ 99,226,777 1,598,217 4,322,447 2,724,230
Equity-Income....................... 902,312,547 235,261,518 256,623,276 21,361,758
Income & Value...................... 803,211,492 17,536,348 33,994,703 16,458,355
Balanced............................ 282,503,641 4,648,122 8,377,166 3,729,044
High Yield.......................... 233,957,818 (8,447,723) 3,382,674 11,830,397
Strategic Bond...................... 441,866,194 (17,769,092) 4,464,248 22,233,340
Global Bond......................... 220,872,476 (7,655,874) 218,181 7,874,055
Total Return........................ 187,201,689 (1,539,252) 219,786 1,759,038
Investment Quality Bond............. 358,889,004 (9,946,372 1,972,724 11,919,096
Diversified Bond.................... 232,222,373 (5,852,449) 121,713 5,974,162
U.S. Government Securities.......... 561,637,577 (13,853,838) 1,069,814 14,923,652
Lifestyle Aggressive 1000........... 69,374,660 1,595,789 1,945,802 350,013
Lifestyle Growth 820................ 337,196,897 5,044,444 7,719,956 2,675,512
Lifestyle Balanced 640.............. 362,664,149 (2,878,672) 5,077,778 7,956,450
Lifestyle Moderate 460.............. 156,007,535 (1,328,609) 1,473,276 2,801,885
Lifestyle Conservative 280.......... 97,239,623 (1,026,246) 242,807 1,269,053
</TABLE>
6. INVESTMENT ADVISORY AGREEMENTS. The Trust has 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. Effective May 1, 1999, in accordance with the
Amended Advisory Agreement, Advisory Fees were changed as discussed below for
Aggressive Growth, Mid Cap Blend, Mid Cap Blend, Large Cap Growth, Blue Chip
Growth, Equity-Income and Income & Value. 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%
Aggressive Growth **.............................. 1.000%
Emerging Small Company............................ 1.050%
Small Company Blend *............................. 1.050%
Mid Cap Growth**.................................. .950%
Mid Cap Stock *................................... .925%
Overseas.......................................... .950%
International Stock............................... 1.050%
International Value *............................. 1.000%
Mid Cap Blend **.................................. .850%
Small Company Value............................... 1.050%
Global Equity..................................... .900%
Growth............................................ .850%
Large Cap Growth **.............................. .875%
Quantitative Equity............................... .700%
Blue Chip Growth **............................... .875%
Real Estate Securities............................ .700%
Value............................................. .800%
Equity Index...................................... .250%
Growth and Income................................. .750%
</TABLE>
201
<PAGE> 205
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
INVESTMENT ADVISORY AGREEMENTS, CONTINUED
<TABLE>
<CAPTION>
PORTFOLIO FEE
- ---------------- --------------
<S> <C>
U.S. Large Cap Value *............................ .875%
Equity-Income **.................................. .875%
Income & Value**.................................. .800%
Balanced.......................................... .800%
High Yield........................................ .775%
Strategic Bond.................................... .775%
Global Bond....................................... .800%
Total Return *.................................... .775%
Investment Quality Bond........................... .650%
Diversified Bond.................................. .750%
U.S. Government Securities........................ .650%
Money Market...................................... .500%
</TABLE>
* For the period May 1, 1999 (commencement of operations) to June 30, 1999.
** For the period May 1, 1999 to June 30, 1999. Prior to May 1, 1999, Advisory
fees were 1.05%, 1.00%, .750%, .750%, .925%, .800% and .750% in Aggressive
Growth, Mid Cap Growth, Mid Cap Blend, Large Cap Growth, Blue Chip Growth,
Equity-Income and Income & Value, respectively.
For the six months ended June 30, 1999, the Adviser paid aggregate subadvisory
fees of $16,571,958 and retained net investment advisory fees after payment of
subadvisory fees of $35,435,466 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........ $60,390 .400% $67,938 .450%
Science & Technology................ 889,367 .600% 741,139 .500%
International Small Cap............. 431,686 .618% 337,010 .482%
Aggressive Growth................... 311,599 .972% 247,197 .771%
Emerging Small Company.............. 777,917 .579% 682,06 .508%
Small Company Blend *............... 12,477 .550% 11,342 .500%
Mid Cap Growth...................... 988,213 .458% 1,028,900 .477%
Mid Cap Stock *..................... 37,863 .449% 40,197 .476%
Overseas............................ 562,049 .422% 568,663 .427%
International Stock................. 544,376 .510% 576,261 .540%
International Value *............... 52,455 .624% 31,598 .376%
Mid Cap Blend....................... 2,064,493 .265% 3,844,734 .493%
Small Company Value................. 374,161 .585% 297,770 .465%
Global Equity....................... 1,639,948 .373% 2,317,822 .527%
Growth.............................. 724,186 .315% 834,278 .363%
Large Cap Growth.................... 503,402 .350% 591,745 .411%
Quantitative Equity................. 328,263 .216% 736,845 .484%
Blue Chip Growth.................... 2,335,249 .337% 3,441,758 .497%
Real Estate Securities.............. 179,113 .242% 339,557 .458%
Value............................... 346,374 .311% 543,234 .489%
Equity Index........................ 38,038 .100% 57,056 .150%
Growth & Income..................... 2,162,324 .169% 7,409,572 .581%
U.S. Large Cap Value *.............. 48,142 .400% 57,169 .475%
Equity-Income....................... 1,464,040 .267% 2,927,249 .535%
Income & Value...................... 933,360 .294% 1,445,850 .455%
Balanced............................ 435,800 .321% 651,658 .479%
High Yield.......................... 314,518 .311% 468,330 .464%
Strategic Bond...................... 583,493 .280% 1,033,177 .495%
Global Bond......................... 318,205 .357% 394,953 .443%
Total Return *...................... 64,238 .300% 101,711 .475%
Investment Quality Bond............. 312,862 .197% 720,548 .453%
Diversified Bond.................... 315,582 .311% 445,204 .439%
U.S. Government Securities.......... 372,951 .187% 920,840 .463%
Money Market........................ 205,473 .059% 1,522,090 .441%
</TABLE>
202
<PAGE> 206
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - continued
- --------------------------------------------------------------------------------
INVESTMENT ADVISORY AGREEMENTS, CONTINUED
* For the period May 1, 1999 (commencement of operations) to June 30, 1999.
Of the total retained by the Adviser, $2,150,772 was paid to Manulife America
and $410,726 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, Aggressive Growth, Emerging Small
Company, Small Company Blend, Mid Cap Growth, Mid Cap Stock, Mid Cap Blend,
Small Company Value, Growth, Large Cap Growth, Quantitative Equity, Blue Chip
Growth, Real Estate Securities, Value, Growth & Income, Equity-Income, Income &
Value, Balanced, High Yield, Strategic Bond, Total Return, Investment Quality
Bond, Diversified 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, Overseas,
International Stock, International Value, Global Equity and Global 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, 1999, the Adviser reimbursed Equity Index, Lifestyle Aggressive 1000,
Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460 and
Lifestyle Conservative 280 the amounts of $2,544, $10,250, $50,030, $49,469,
$20,516, and $11,755, respectively, for expenses incurred in excess of the
applicable limitations.
FUND ADMINISTRATION FEES. Effective May 1, 1999, the Amended Advisory Agreement
requires the Trust to reimburse the Adviser for all expenses associated with
providing the administrative, financial, accounting and recordkeeping services
of the Trust including, the preparation of all tax returns, annual, semiannual
and periodic reports to shareholders and the preparation of all regulatory
reports.
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, 1999, Pacific Rim Emerging Markets, Science &
Technology, International Small Cap, Overseas, International Value, Global
Equity, Large Cap Growth, Balanced, High Yield, Strategic Bond and Global 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, 1999 were as follows:
<TABLE>
<CAPTION>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
------- --- ---- ----- --------------
<S> <C> <C> <C> <C> <C>
PACIFIC RIM
EMERGING MARKETS
Sales
Singapore Dollar 370,773 $217,526 7/1/1999 $217,845 ($319)
======== ======== ======
SCIENCE & TECHNOLOGY
Sales
Japanese Yen 35,056,154 $289,481 7/1/1999 $289,792 ($311)
======== ======== ======
INTERNATIONAL SMALL CAP
Purchases $151,407 EUR 146,426 7/1/1999 $150,947 ($460)
104,621 GBP 32,793,303 7/1/1999 103,980 (641)
93,984 CAD 138,579 7/2/1999 94,111 127
18,352 CHF 28,409 7/2/1999 18,268 (84)
73,706 EUR 71,421 7/2/1999 73,625 (81)
81,707 GBP 51,599 7/2/1999 81,332 (375)
66,144 GBP 41,921 7/6/1999 66,079 (65)
52,846 EUR 51,207 7/30/1999 52,787 (59)
------ ------ ----
$642,767 $641,129 ($1,638)
======== ======== ========
</TABLE>
203
<PAGE> 207
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - continued
- --------------------------------------------------------------------------------
COMMITMENTS, CONTINUED
<TABLE>
<CAPTION>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
------- --- ---- ----- --------------
<S> <C> <C> <C> <C> <C>
OVERSEAS
Purchases $522,623 EUR 504,484 7/1/1999 $520,083 ($2,540)
10,646 JPY 1,289,469 7/1/1999 10,661 15
386,836 EUR 373,257 7/2/1999 384,829 (2,007)
974,283 JPY 117,797,200 7/2/1999 974,058 (225)
------- ------- -----
$1,894,388 $1,889,631 ($4,757)
========== ========== --------
Sales
Danish Krone 480,088 $67,012 7/1/1999 $66,570 $442
Euro 39,940 41,390 7/1/1999 41,175 215
Danish Krone 769,434 107,014 7/2/1999 106,699 315
Euro 515,130 533,843 7/2/1999 531,100 2,743
Japanese Yen 16,610,432 137,382 7/2/1999 137,351 31
Euro 43,483 44,912 7/6/1999 44,845 67
Great British Pound 145,297 229,433 7/6/1999 229,035 398
Euro 128,378 133,189 7/15/1999 132,487 702
Euro 328,639 340,705 7/30/1999 339,539 1,166
------- ------- -----
$1,634,880 $1,628,801 $6,079
========== ========== ------
$1,322
INTERNATIONAL VALUE
Purchases $133,546 EUR 127,552 7/30/1999 $131,488 ($2,059)
======== ======== ========
GLOBAL EQUITY
Purchases $989,412 GBP 626,250 7/1/1999 $987,127 ($2,286)
======== ======== ========
Sales
Euro 457,015 $472,097 7/1/1999 $471,114 $983
Japanese Yen 90,268,388 746,267 7/1/1999 746,205 62
Euro 58,000,000 63,327,300 8/12/1999 60,263,935 3,063,365
---------- ---------- ---------
$64,545,664 $61,481,254 $3,064,410
=========== =========== ----------
$3,062,124
LARGE CAP GROWTH
Purchases $18,586 JPY 2,251,147 7/1/1999 $18,609 $24
26,610 JPY 3,217,365 7/2/1999 26,596 (14)
------ ------ ----
$45,196 $45,205 $10
======= ======= ===
BALANCED
Purchases
$212,486 EUR 219,711 7/1/1999 $219,043 $668
126,344 EUR 130,387 7/2/1999 130,241 146
------- ------- ---
$338,830 $349,284 $814
======== ======== ====
</TABLE>
204
<PAGE> 208
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - continued
- --------------------------------------------------------------------------------
COMMITMENTS, CONTINUED
<TABLE>
<CAPTION>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
------- --- ---- ----- --------------
<S> <C> <C> <C> <C> <C>
HIGH YIELD
Purchases
$2,380,000.00 EUR 2,479,229 7/26/1999 $2,458,198 $21,031
6,800,000 EUR 7,217,253 7/27/1999 7,023,952 193,301
1,185,000 EUR 1,264,561 7/30/1999 1,224,301 40,260
275,000 GBP 440,028 8/9/1999 433,579 6,449
230,000 EUR 249,893 8/10/1999 237,812 12,081
2,445,000 EUR 2,602,140 8/20/1999 2,530,009 72,131
4,160,000 GBP 6,702,467 9/3/1999 6,560,210 142,257
--------- --------- -------
$13,315,000 $13,907,851 $487,510
=========== =========== ========
STRATEGIC BOND
Purchases $5,907,719 EUR 5,696,383 6/17/1999 $5,884,425 ($23,294)
569,862 AUD 880,000 7/28/1999 581,897 12,035
1,000,000 EUR 953,680 7/28/1999 985,162 (14838)
--------- ------- -------
$7,477,581 $7,451,484 ($26,097)
========== ========== ---------
Sales
Australian Dollar 4,930,000 $3,247,756 7/28/1999 $3,259,944 ($12,188)
Euro 3,024,769 3,197,876 7/28/1999 3,124,619 73,257
Great British Pound 2,911,087 4,631,888 7/28/1999 4,589,383 42,505
Norwegian Krone 8,950,352 1,141,492 7/28/1999 1,134,677 6,815
Swedish Krona 8,960,000 1,052,879 7/28/1999 1,057,320 (4,441)
--------- --------- -------
$13,271,891 $13,165,943 $105,948
=========== =========== ========
</TABLE>
CROSS CURRENCY:
<TABLE>
<CAPTION>
IN NET UNREALIZED
RECEIVABLE EXCHANGE APPRECIATION
PAYABLE CURRENCY VALUE CURRENCY FOR VALUE SETTLEMENT DATE (DEPRECIATION)
- ---------------- ----- -------- --- ----- --------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Euro $1,060,384 SEK 8,960,000 $1,062,745 7/28/1999 $2,361
Euro 2,266,029 NOK 10,045,062 2,269,861 7/28/1999 3,832
Euro 1,057,320 SEK 1,026,499 1,062,745 7/28/1999 (5,425)
--------- --------- -------
$4,383,733 $4,395,351 $768
========== ========== ----
$80,619
</TABLE>
<TABLE>
<CAPTION>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
------- --- ---- ----- --------------
<S> <C> <C> <C> <C> <C>
GLOBAL BOND
Purchases $3,019,707 EUR 2,923,000 7/9/1999 $3,015,205 ($4,502)
18,316,883 JPY 984,038,464 7/14/1999 18,548,858 231,975
6,272,020 EUR 5,917,000 7/15/1999 6,106,383 (165,637)
4,518,433 GBP 2,816,000 7/15/1999 4,439,127 (79,306)
2,830,257 JPY 344,890,000 7/19/1999 2,859,008 28,751
524,332 CAD 765,000 7/21/1999 519,682 (4,650)
768,513 CHF 1,189,612 7/22/1999 766,935 ($1,578)
28,616,094 EUR 27,696,000 7/22/1999 28,597,419 (18,675)
4,288,000 GBP 6,861,529 7/22/1999 6,759,867 (101,662)
2,664,820 CHF 4,099,226 7/23/1999 2,643,054 (21,766)
</TABLE>
205
<PAGE> 209
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - continued
- --------------------------------------------------------------------------------
COMMITMENTS, CONTINUED
<TABLE>
<CAPTION>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
------- --- ---- ----- --------------
<S> <C> <C> <C> <C> <C>
GLOBAL BOND, CONTINUED
Purchases, continued $4,280,448 SEK 36,231,000 7/23/1999 $4,274,093 ($6,355)
1,762,232 SEK 14,998,000 7/30/1999 1,770,051 7,819
67,161 DKK 473,000 8/3/1999 65,724 (1,437)
8,657,377 JPY 1,043,987,000 8/5/1999 8,674,747 17,370
2,731,348 DKK 18,825,000 8/10/1999 2,616,928 (114,420)
524,625 JPY 63,520,000 8/12/1999 528,355 3,730
3,088,459 AUD 4,690,000 8/24/1999 3,102,153 13,694
--------- --------- ------
$92,930,709 $95,287,589 ($216,649)
=========== =========== ----------
</TABLE>
<TABLE>
Sales
<S> <C> <C> <C> <C> <C>
New Zealand Dollar 22,585,000 $12,615,990 7/2/1999 $11,958,094 $657,896
Euro 1,014,000 1,067,458 7/9/1999 1,045,986 21,472
Euro 500,000 519,100 7/13/1999 515,926 3,175
Japanese Yen 229,500,000 1,912,110 7/14/1999 1,901,070 11,040
Euro 893,000 934,042 7/15/1999 921,582 12,460
Euro 3,814,000 3,970,278 7/15/1999 3,936,074 34,204
Great British Pound 4,490,000 7,332,664 7/15/1999 7,078,011 254,653
Australian Dollar 5,444,000 3,539,873 7/19/1999 3,599,483 (59,610)
Swiss Franc 5,292,000 3,565,197 7/22/1999 3,411,717 153,480
Swedish Krona 22,914,000 2,737,254 7/23/1999 2,703,115 34,140
Danish Krone 741,000 107,004 7/27/1999 102,922 4,082
Swedish Krona 8,173,000 969,111 7/30/1999 964,571 4,540
Australian Dollar 200,000 131,649 8/10/1999 132,267 (618)
Danish Krone 88,887,000 12,975,826 8/17/1999 12,362,080 613,746
Australian Dollar 7,186,000 4,737,191 8/24/1999 4,753,108 (15,917)
Danish Krone 4,735,000 691,019 8/24/1999 658,825 32,194
Danish Krone 10,031,000 1,464,700 8/31/1999 1,396,249 68,451
Euro 1,350,000 1,413,646 8/31/1999 1,398,021 15,625
Danish Krone 1,119,000 160,898 9/7/1999 155,829 5,069
Danish Krone 4,916,000 709,676 9/14/1999 684,900 24,776
----------- ----------- ----------
$61,554,686 $59,679,830 $1,874,858
=========== =========== ----------
$1,658,209
==========
</TABLE>
206
<PAGE> 210
MANUFACTURERS INVESTMENT TRUST
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS
- --------------------------------------------------------------------------------
On April 27, 1999, a Special Meeting of Shareholders of Manufacturers
Investment Trust (the "Trust") was held at 73 Tremont Street, Boston, MA at 10
a.m. E.S.T. for the purpose of considering and voting upon:
Proposal 1 Approval of an Amended and Restated Advisory Agreement between
the Trust, on behalf of each portfolio, and Manufacturers
Securities Services, LLC ("Manulife Securities" or the
"Adviser");
Proposal 1A Approval of an increase, from 0.750% to 0.800%, in the
advisory fee payable to Manulife Securities in connection with
the Moderate Asset Allocation Trust (only shareholders of the
Moderate Asset Allocation Trust voted on Proposal 1A);
Proposal 1B Approval of an increase, from 0.750% to 0.850%, in the
advisory fee payable to Manulife Securities in connection with
the Equity Trust (only shareholders of the Equity Trust voted
on Proposal 1B);
Proposal 1C Approval of an increase, from 0.750% to 0.875%, in the
advisory fee payable to Manulife Securities in connection with
the Aggressive Asset Allocation Trust (only shareholders of
the Aggressive Asset Allocation Trust voted on Proposal 1C);
Proposal 1D Approval of an increase, from 0.800% to 0.875%, in the
advisory fee payable to Manulife Securities in connection with
the Equity-Income Trust (only shareholders of the
Equity-Income Trust voted on Proposal 1D);
Proposal 2 Approval of a change to the investment objective of the
Conservative Asset Allocation Trust (only shareholders of the
Conservative Asset Allocation Trust voted on Proposal 2);
Proposal 3 Approval of a change to the investment objective of the
Moderate Asset Allocation Trust (only shareholders of the
Moderate Asset Allocation Trust voted on Proposal 3);
Proposal 4 Approval of a change to the investment objective of the
Aggressive Asset Allocation Trust (only shareholders of the
Aggressive Asset Allocation Trust voted on Proposal 4);
Proposal 5 Approval of a change to the investment objective of the
Emerging Small Company Trust (only shareholders of the
Emerging Small Company Trust voted on Proposal 5);
Proposal 6 Approval of a change to the investment objective of the
Pilgrim Baxter Growth Trust (only shareholders of the Pilgrim
Baxter Growth Trust voted on Proposal 6);
Proposal 7 Approval of a change to the investment objective of the
International Growth and Income Trust (only shareholders of
the International Growth and Income Trust voted on Proposal
7);
Proposal 8 Approval of a change to the investment objective of the Global
Government Bond Trust (only shareholders of the Global
Government Bond Trust voted on Proposal 8);
Proposal 9 Ratification of the selection of PricewaterhouseCoopers LLP as
the independent accountants for the Trust for its fiscal year
ending December 31, 1999.
207
<PAGE> 211
MANUFACTURERS INVESTMENT TRUST
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS (CONTINUED)
- --------------------------------------------------------------------------------
At the meeting, all proposals were approved by shareholders of each Portfolio.
The number of votes cast FOR or AGAINST or which ABSTAINED from voting is set
forth below for each proposal:
<TABLE>
<CAPTION>
SHARES
---------- ----------------------------------------------------------
PORTFOLIO FOR AGAINST ABSTAINED
---------- ---------- ---------- ----------
<S> <C> <C> <C>
PROPOSAL 1
Pacific Rim Emerging Markets Trust 2,943,064 184,456 227,812
Science & Technology Trust 10,147,525 844,310 701,197
International Small Cap Trust 8,023,543 486,952 536,481
Emerging Small Company Trust 10,075,129 963,422 1,135,155
Pilgrim Baxter Growth Trust 9,311,477 464,134 592,216
Small/Mid Cap Trust 17,624,081 1,415,946 1,149,745
International Stock Trust 15,375,882 1,280,779 922,820
Worldwide Growth Trust 2,298,903 133,938 181,504
Global Equity Trust 37,822,197 2,678,681 2,644,370
Small Company Value Trust 11,863,645 659,752 1,162,834
Equity Trust 65,389,885 4,324,381 4,850,162
Growth Trust 13,731,272 851,749 898,631
Quantitative Equity Trust 9,277,359 1,039,074 514,955
Equity Index Trust 3,630,855 830,853 109,571
Blue Chip Growth Trust 54,212,794 3,703,701 3,948,129
Real Estate Securities Trust 9,285,582 633,934 536,375
Value Trust 15,109,548 942,227 1,054,964
International Growth and Income Trust 17,050,190 829,207 926,910
Growth and Income Trust 72,372,204 4,662,072 5,207,890
Equity-Income Trust 51,811,896 3,146,293 3,463,343
Balanced Trust 12,376,669 1,073,526 805,001
Aggressive Asset Allocation Trust 15,229,578 991,428 881,093
High Yield Trust 12,409,501 820,705 1,253,777
Moderate Asset Allocation Trust 39,998,387 2,080,068 3,022,956
Conservative Asset Allocation Trust 14,588,752 851,161 850,870
Strategic Bond Trust 32,042,830 1,701,137 2,406,543
Global Government Bond Trust 12,436,120 574,355 851,535
Capital Growth Bond Trust 4,375,033 243,304 745,906
Investment Quality Bond Trust 21,920,363 1,413,377 1,878,122
U.S. Government Securities Trust 23,824,421 1,147,982 2,349,394
Money Market Trust 62,327,126 6,721,221 6,679,408
Lifestyle Aggressive 1000 Trust 4,597,759 351,883 557,016
Lifestyle Growth 820 Trust 21,223,515 1,693,868 2,575,654
Lifestyle Balanced 640 Trust 23,440,003 870,946 2,506,962
Lifestyle Moderate 460 Trust 8,789,822 509,493 1,041,772
Lifestyle Conservative 280 Trust 5,671,277 193,350 541,299
</TABLE>
208
<PAGE> 212
MANUFACTURERS INVESTMENT TRUST
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES
---------- -----------------------------------------------------------
PORTFOLIO FOR AGAINST ABSTAINED
---------- ----------- ----------- -----------
<S> <C> <C> <C>
PROPOSAL 1A
Moderate Asset Allocation Trust 33,360,901 9,448,412 2,292,097
PROPOSAL 1B
Equity Trust 53,983,986 16,900,659 3,679,784
PROPOSAL 1C
Aggressive Asset Allocation Trust 12,364,827 4,147,847 589,426
PROPOSAL 1D
Equity-Income Trust 43,714,642 11,987,421 2,719,468
PROPOSAL 2
Conservative Asset Allocation Trust 14,114,252 1,139,262 1,037,268
PROPOSAL 3
Moderate Asset Allocation Trust 39,697,892 2,621,546 2,781,972
PROPOSAL 4
Aggressive Asset Allocation Trust 14,812,973 1,231,344 1,057,783
PROPOSAL 5
Emerging Small Company Trust 10,365,639 762,177 1,045,891
PROPOSAL 6
Pilgrim Baxter Growth Trust 9,415,489 479,250 473,088
PROPOSAL 7
International Growth and Income Trust 17,026,084 868,327 911,895
PROPOSAL 8
Global Government Bond Trust 12,515,694 597,023 749,293
PROPOSAL 9
All Series of the Trust 805,077,288 14,182,518 44,374,415
</TABLE>
209
<PAGE> 213
MANUFACTURERS INVESTMENT TRUST
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS (CONTINUED)
- --------------------------------------------------------------------------------
On April 27, 1999 a Special Meeting of Shareholders of Manufacturers
Investment Trust (the "Trust"), was held at 73 Tremont Street, Boston, MA at
10:00 a.m. E.S.T. for the purpose of considering and voting upon:
Proposal 1 Approval of an Agreement and Plan of Reorganization (the
"Plan") of the Trust on behalf of the Worldwide Growth Trust
and the Capital Growth Bond Trust portfolios (collectively,
the "Transferor Portfolios") and the Global Equity Trust and
the Investment Quality Bond Trust portfolios (collectively,
the "Acquiring Portfolios"). The following table depicts each
Transferor Portfolio and the corresponding Acquiring Portfolio
into which such Transferor Portfolio will be merged:
<TABLE>
<CAPTION>
Transferor Portfolios Corresponding Acquiring Portfolios
--------------------- ----------------------------------
<S> <C> <C>
Worldwide Growth Trust Global Equity Trust
Capital Growth Bond Trust Investment Quality Bond Trust
</TABLE>
Required Vote: Approval of the Plan required the affirmative vote of the holders
of at least a "majority of the outstanding voting securities" of each of the
Transferor Portfolios. Upon motion duly made and seconded, shares of each
Transferor Portfolio were voted as follows:
<TABLE>
<CAPTION>
SHARES
---------- -----------------------------------------------------------
PORTFOLIO FOR AGAINST ABSTAINED
---------- ----------- ----------- -----------
<S> <C> <C> <C>
PROPOSAL 1
Worldwide Growth Trust 2,367,636 61,031 185,678
Capital Growth Bond Trust 4,450,304 160,072 753,867
</TABLE>
210
<PAGE> 214
Management of the Trust
Trustees
John D. Richardson, Chairman of the Board
Don B. Allen
Charles L. Bardelis
Samuel Hoar
F. David Rolwing
Officers
John DesPrez, III, President
James R. Boyle, Treasurer
John G. Vrysen, Vice President
James D. Gallagher, Secretary
Investment Adviser
Manufacturers Securities Services, LLC
Boston, Massachusetts
Manulife Financial and the block design are registered service marks of The
Manufacturers Life Insurance Company and are used by it and its subsidiaries.
Issuer of Venture Annuities
The Manufacturers Life Insurance
Company of North America
PO Box 9230
Boston, Massachusetts 02205-9230
800-344-1029
Issuer of Venture VUL, SVUL, and COLI VUL Variable Life
The Manufacturers Life Insurance
Company of America
200 Bloor Street East
Toronto, Ontario, Canada M4W1E5
800-827-4546
Principal Underwriter of Venture Annuities
Manufacturers Securities Services, LLC
Boston, Massachusetts
Promotional Agent of Venture Annuities
Wood Logan Associates, Inc.
Old Greenwich, Connecticut
Principal Underwriter of Venture VUL, SVUL, and COLI VUL
ManEquity, Inc.
Toronto, Ontario, Canada
