<PAGE> 1
MANUFACTURERS INVESTMENT TRUST
PRESIDENT'S MESSAGE
--------------------------------------------------------------------------------
August 23, 2000
Dear Fellow Investors:
I am pleased to present to you the 2000 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
ending June 30, 2000. During this period total net assets of the Trust
increased from $18.15 billion to $20.12 billion.
This growth in assets has occurred while the markets have exhibited striking
changes in leadership and performance. As can be seen in the graph below,
technology stocks were the driving force in 1999. In 2000, however, the pendulum
swung once again, favoring real estate and more value-oriented holdings. This
volatility serves to underscore the importance of diversification. By investing
in a range of portfolios that respond differently to market and economic
conditions, investors may be able to protect themselves from the ups and downs
of a single asset class.
YTD PERFORMANCE AS OF 6/30*
[BAR GRAPH]
<TABLE>
<CAPTION>
2000 1999
<S> <C> <C>
MS REIT (Real Estate) 13.3 4.63
Russell 2000 Value (Sm Value) 5.58 5.26
Russell 1000 Growth (Lg Growth) 4.23 10.45
LB Aggregate Bond 3.98 -1.38
Russell 2000 (Sm Caps) 3.04 9.28
Russell 2000 Growth (Sm Growth) 1.22 12.82
S&P 500 -0.42 12.38
SB High-Yield Bond -1.42 1.76
Nasdaq -2.54 22.5
MSCI EAFE (International) -3.95 4.11
Russell 1000 Value (Lg Value) -4.23 12.87
Dow Jones -8.48 19.49
</TABLE>
At Manulife Financial, we try to make achieving diversification easy. Because of
our strong commitment to helping you meet your long-term financial goals, we
follow a disciplined and comprehensive manager selection and review process. Our
aim is to provide you with portfolios that serve a variety of investment needs,
time frames, and levels of risk, and to do so with managers that have the
highest likelihood of good performance, both today and tomorrow. To that end, we
upgraded our investment program on May 1, 2000, by adding three new equity
portfolios to allow investors to invest in rapidly growing companies and the
dynamic field of internet-based technology. They include a specialty internet
portfolio managed by Munder Capital Management, a mid cap growth portfolio
managed by Janus Capital Corporation, and a large cap blend portfolio managed by
Mitchell Hutchins Asset Management Inc. In addition, to allow investors to mix
both passive and active management strategies, we also now offer a suite of five
index portfolios managed by the Manufacturers Adviser Corporation.
Our platform has been designed to honor the needs of each unique investor. We
also believe that the markets reward foresight and planning. As such, we urge
you to regularly review your financial program with a professional investment
advisor to ensure that it continues to be structured in the best way to help you
meet your goals. It may be the right time to reevaluate your mix of portfolios
to take advantage of our new investment alternatives or to add new asset classes
to increase your diversification.
Thank you for choosing Manulife Financial. We look forward to serving your
investment needs and continuing to help you build your future.
Sincerely,
/s/ Matthew R. Schiffman
Matthew R. Schiffman
President
* The performance shown is of various broad-based securities market indices as
of June 30, 1999 and June 30, 2000. Investors cannot invest directly in an
index. The performance of an index does not include any portfolio or
insurance-related charges. If these charges were reflected, performance would be
lower. Past performance is not a guarantee of future results.
<PAGE> 2
[MANULIFE NEW YORK LOGO]
VENTURE VARIABLE INSURANCE PRODUCTS
Unaudited Financial Statements
MANUFACTURERS INVESTMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2000
Venture Combination Fixed and Variable Annuities,
Venture VUL and Survivorship VUL: Issuer and Administrator
The Manufacturers Life Insurance Company of New York
<PAGE> 3
MANUFACTURERS INVESTMENT TRUST
INDEX TO SEMI-ANNUAL REPORT
--------------------------------------------------------------------------------
PAGE
Statements of Assets and Liabilities.................................... 1
Statements of Operations................................................ 11
Statements of Changes in Net Assets..................................... 21
Financial Highlights.................................................... 37
Portfolio of Investments:
Pacific Rim Emerging Markets Trust.................................... 84
Internet Technologies Trust........................................... 86
Science & Technology Trust............................................ 87
International Small Cap Trust......................................... 88
Aggressive Growth Trust............................................... 90
Emerging Small Company Trust.......................................... 93
Small Company Blend Trust............................................. 96
Dynamic Growth Trust.................................................. 100
Mid Cap Stock Trust................................................... 101
All Cap Growth Trust.................................................. 102
Overseas Trust........................................................ 104
International Stock Trust............................................. 107
International Value Trust............................................. 109
Mid Cap Blend Trust................................................... 111
Small Company Value Trust............................................. 115
Global Equity Trust................................................... 123
Growth Trust.......................................................... 124
Large Cap Growth Trust................................................ 126
Quantitative Equity Trust............................................. 128
Blue Chip Growth Trust................................................ 131
Real Estate Securities Trust.......................................... 133
Value Trust........................................................... 134
Tactical Allocation Trust............................................. 136
Equity Index Trust.................................................... 142
Growth & Income Trust................................................. 148
U.S. Large Cap Value Trust............................................ 150
Equity-Income Trust................................................... 152
Income & Value Trust.................................................. 155
Balanced Trust........................................................ 159
High Yield Trust...................................................... 161
Strategic Bond Trust.................................................. 166
Global Bond Trust..................................................... 172
Total Return Trust.................................................... 175
Investment Quality Bond Trust......................................... 178
Diversified Bond Trust................................................ 186
U.S. Government Securities Trust...................................... 188
Money Market Trust.................................................... 189
Small Cap Index Trust................................................. 191
International Index Trust............................................. 191
Mid Cap Index Trust................................................... 200
Total Stock Market Index Trust........................................ 205
i
<PAGE> 4
MANUFACTURERS INVESTMENT TRUST
INDEX TO SEMI-ANNUAL REPORT, CONTINUED
--------------------------------------------------------------------------------
500 Index Trust....................................................... 236
Lifestyle Aggressive 1000 Trust....................................... 243
Lifestyle Growth 820 Trust............................................ 243
Lifestyle Balanced 640 Trust.......................................... 243
Lifestyle Moderate 460 Trust.......................................... 243
Lifestyle Conservative 280 Trust...................................... 244
Notes to Financial Statements............................................. 245
Results of Special Meeting of Shareholders................................ 263
ii
<PAGE> 5
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PACIFIC RIM
EMERGING INTERNET SCIENCE & INTERNATIONAL AGGRESSIVE
MARKET TECHNOLOGIES TECHNOLOGY SMALL CAP GROWTH
TRUST TRUST TRUST TRUST TRUST
------------- ------------ --------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of
investments) $119,073,810 $28,457,639 $ 1,804,221,514 $271,123,326 $372,933,368
Repurchase agreement, at value 2,121,000 2,573,000 25,248,000 20,812,000 --
Cash 455,329 -- 682 782 15,212
Foreign currency, at value 4,754,738 -- 6,378 1,480,156 --
Receivables:
Forward foreign currency contracts
Note 8) -- -- 16 11,955 --
Investments sold -- -- 7,608,915 10,412,171 108,047
Dividends and interest 236,886 396 267,478 332,406 7,278
Foreign tax withholding reclaims 939 -- -- 82,688 --
Other assets 2,261 -- 31,646 7,541 3,966
------------ ----------- --------------- ------------ ------------
Total assets 126,644,963 31,031,035 1,837,384,629 304,263,025 373,067,871
------------ ----------- --------------- ------------ ------------
LIABILITIES
Payables:
Forward foreign currency contracts
(Note 8) 8,141 -- -- 25,300 --
Investments purchased 6,042,148 16,579 21,970,243 7,347,695 113,211
Dividend and interest withholding tax 24,563 -- 16,166 28,497 --
Other payables and accrued expenses 33,739 11,878 97,557 143,980 31,593
Due to broker (securities lending) 19,358,322 -- 186,007,383 -- 40,557,310
------------ ----------- --------------- ------------ ------------
Total liabilities 25,466,913 28,457 208,091,349 7,545,472 40,702,114
------------ ----------- --------------- ------------ ------------
NET ASSETS $101,178,050 $31,002,578 $ 1,629,293,280 $296,717,553 $332,365,757
============ =========== =============== ============ ============
Net assets consist of:
Undistributed net investment income (loss)
(Note 2) $ 363,134 $ (4,951) $ (4,876,945) $ (916,709) $ (650,472)
Accumulated undistributed net realized gain
(loss) on investments, foreign currency
and forward foreign currency contracts (483,911) (8,240) 31,711,807 10,565,441 26,344,364
Unrealized appreciation (depreciation) on:
Investments 10,171,448 1,704,408 266,988,508 8,137,215 45,371,014
Foreign currency and forward foreign
currency contracts 89,610 -- (1,230) (13,954) --
Capital shares at par value of $.01 (Note 4) 99,131 23,779 477,749 140,545 159,190
Additional paid-in capital 90,938,638 29,287,582 1,334,993,391 278,805,015 261,141,661
------------ ----------- --------------- ------------ ------------
NET ASSETS $101,178,050 $31,002,578 $ 1,629,293,280 $296,717,553 $332,365,757
============ =========== =============== ============ ============
Capital shares outstanding (Note 4) 9,913,057 2,377,932 47,774,879 14,054,511 15,919,061
------------ ----------- --------------- ------------ ------------
Net asset value, offering price and redemption
price per share $ 10.21 $ 13.04 $ 34.10 $ 21.11 $ 20.88
============ =========== =============== ============ ============
Investments in securities, including repurchase
agreements, at identified cost (Note 2) $111,023,362 $29,326,231 $ 1,562,481,006 $283,798,111 $327,562,354
------------ ----------- --------------- ------------ ------------
Investments in foreign currency, at identified
cost (Note 2) $ 4,690,673 -- $ 6,421 $ 1,479,521 --
============ =========== =============== ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
1
<PAGE> 6
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EMERGING SMALL COMPANY DYNAMIC MID CAP
SMALL COMPANY BLEND GROWTH STOCK ALL CAP GROWTH
TRUST TRUST TRUST TRUST TRUST
------------ ------------- ----------- ----------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of
investments) $599,896,497 $103,186,048 $63,964,427 $92,906,353 $ 982,570,728
Repurchase agreements, at value 98,626,000 9,815,000 -- 9,685,000 --
Cash 388 866 8,887 368 37,378
Receivables:
Investments sold 60,441 127,843 -- 1,358,387 22,767,120
Dividends and interest 147,102 22,659 1,048 2,377 140,837
Foreign tax withholding reclaims -- -- -- -- 7,768
Other assets 11,505 1,672 -- 1,476 17,299
------------ ------------ ----------- ----------- --------------
Total assets 698,741,933 113,154,088 63,974,362 03,953,961 1,005,541,130
------------ ------------ ----------- ----------- --------------
LIABILITIES
Payables:
Investments purchased 2,951,324 170,375 3,748,039 -- 1,180,354
Dividend and interest withholding tax -- -- -- -- 3,495
Other payables and accrued expenses 60,547 16,301 7,002 24,843 84,914
Due to broker (securities lending) 83,654,957 23,177,039 -- 20,528,469 71,885,704
Written options outstanding, at value: premiums
received $1,135,626 (Notes 2 and 3) -- -- -- -- 349,399
------------ ------------ ----------- ----------- --------------
Total liabilities 86,666,828 23,363,715 3,755,041 20,553,312 73,503,866
------------ ------------ ----------- ----------- --------------
NET ASSETS $612,075,105 $ 89,790,373 $60,219,321 $83,400,649 $ 932,037,264
============ ============ =========== =========== ==============
Net assets consist of:
Undistributed net investment income (loss)
(Note 2) $ (176,738) $ (70,405) $ 108,002 $ (9,931) $ (1,761,330)
Accumulated undistributed net realized gain
(loss) on investments, options, foreign
currency and forward foreign currency
contracts 8,914,203 6,961,846 298,089 (7,774,069) 41,875,882
Unrealized appreciation (depreciation) on:
Investments 232,262,819 5,605,777 (516,133) 5,435,596 214,000,059
Written options -- -- -- -- (349,399)
Capital shares at par value of $.01 (Note 4) 147,787 52,746 50,097 68,639 372,271
Additional paid-in capital 370,927,034 77,240,409 60,279,266 85,680,414 677,899,781
------------ ------------ ----------- ----------- --------------
NET ASSETS $612,075,105 $ 89,790,373 $60,219,321 $83,400,649 $ 932,037,264
============ ============ =========== =========== ==============
Capital shares outstanding (Note 4) 14,778,716 5,274,552 5,009,669 6,863,863 37,227,119
------------ ------------ ----------- ----------- --------------
Net asset value, offering price and redemption
price per share $ 41.42 $ 17.02 $ 12.02 $ 12.15 $ 25.04
============ ============ =========== =========== ==============
Investments in securities, including repurchase
agreements, at identified cost (Note 2) $466,259,678 $107,395,271 $64,480,560 $97,155,757 $ 768,570,669
============ ============ =========== =========== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE> 7
MANUFACTURERS INVESTMENT TRUST
STATEMENT OF ASSETS AND LIABILITIES - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL
INTERNATIONAL INTERNATIONAL MID CAP COMPANY
OVERSEAS STOCK VALUE BLEND VALUE
TRUST TRUST TRUST TRUST TRUST
------------ ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $536,036,186 $300,197,031 $124,144,212 $1,651,156,774 $116,851,737
Repurchase agreements, at value 46,285,000 12,130,000 11,798,000 85,479,000 4,630,000
Cash 929 3,737 166 509 587
Foreign currency, at value 1,657,453 2,254,345 16,859 29,733 --
Receivables:
Forward foreign currency contracts (Note 8) 18,924 -- 1,192 -- --
Investments sold 8,714,741 521,279 1,480,188 31,433,569 3,120,815
Dividends and interest 417,797 201,821 474,815 866,981 138,475
Foreign tax withholding reclaims 199,459 143,651 96,293 -- --
Other assets 9,260 4,600 1,577 21,976 1,761
------------ ------------ ------------ -------------- ------------
Total assets 593,339,749 315,456,464 138,013,302 1,768,988,542 124,743,375
------------ ------------ ------------ -------------- ------------
LIABILITIES
Payables:
Forward foreign currency contracts (Note 8) -- 705 -- -- --
Investments purchased 11,564,115 150,944 93,896 42,026,146 4,901,874
Dividend and interest withholding tax 53,255 25,395 36,971 416 --
Other payables and accrued expenses 175,623 95,786 43,287 193,811 45,470
Due to broker (securities lending) 72,875,850 29,471,489 -- 160,309,832 16,054,215
------------ ------------ ------------ -------------- ------------
Total liabilities 84,668,843 29,744,319 174,154 202,530,205 21,001,559
------------ ------------ ------------ -------------- ------------
NET ASSETS $508,670,906 $285,712,145 $137,839,148 $1,566,458,337 $103,741,816
============ ============ ============ ============== ============
Net assets consist of:
Undistributed net investment income (Note 2) $ 1,594,365 $ 635,429 $ 1,449,700 $ 2,749,675 $ 74,033
Accumulated undistributed net realized gain (loss)
on investments, foreign currency and
forward foreign currency contracts 23,639,751 4,586,114 457,159 178,395,236 (11,457,505)
Unrealized appreciation (depreciation) on:
Investments 43,261,758 41,565,905 3,501,466 (36,961,413) 7,279,318
Foreign currency and forward foreign currency
contracts (18,978) 266 4,994 (2,557) --
Capital shares at par value of $.01 (Note 4) 367,813 194,769 107,603 844,795 84,048
Additional paid-in capital 439,826,197 238,729,662 132,318,226 1,421,432,601 107,761,922
------------ ------------ ------------ -------------- ------------
NET ASSETS $508,670,906 $285,712,145 $137,839,148 $1,566,458,337 $103,741,816
============ ============ ============ ============== ============
Capital shares outstanding (Note 4) 36,781,332 19,476,866 10,760,279 84,479,457 8,404,932
------------ ------------ ------------ -------------- ------------
Net asset value, offering price and redemption
price per share $ 13.83 $ 14.67 $ 12.81 $ 18.54 $ 12.34
============ ============ ============ ============== ============
Investments in securities, including repurchase
agreements, at identified cost (Note 2) $539,059,428 $270,761,126 $132,440,746 $1,773,597,187 $114,202,419
------------ ------------ ------------ -------------- ------------
Investments in foreign currency, at identified
cost (Note 2) $ 1,659,627 $ 2,254,391 $ 16,733 $ 32,290 --
============ ============ ============ ============== ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 8
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL LARGE CAP QUANTITATIVE BLUE CHIP
EQUITY GROWTH GROWTH EQUITY GROWTH
TRUST TRUST TRUST TRUST TRUST
------------ ------------ ------------ ------------ --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of
investments) $797,211,379 $837,090,016 $559,964,065 $519,874,059 $2,077,945,190
Repurchase agreements, at value 31,338,000 7,977,000 26,797,000 30,554,000 18,061,000
Cash 314 3 63 51 381
Foreign currency, at value 317,928 3,736 7,654 -- 240
Receivables:
Forward foreign currency contracts
(Note 8) 463,848 -- 1,263 -- --
Investments sold 659,681 4,156,150 4,832,242 3,606,782 5,628,054
Dividends and interest 2,207,465 394,004 279,226 175,657 928,028
Foreign tax withholding reclaims 405,334 162 9,508 -- --
Other assets 17,167 15,375 10,034 9,406 38,521
------------ ------------ ------------ ------------ --------------
Total assets 832,621,116 849,636,446 591,901,055 554,219,955 2,102,601,414
------------ ------------ ------------ ------------ --------------
LIABILITIES
Payables:
Investments purchased 3,891,514 -- 1,097,412 5,291,345 485,023
Dividend and interest withholding tax 148,249 -- 1,723 627 7,087
Other payables and accrued expenses 246,913 66,546 63,659 56,290 185,696
Due to broker (securities lending) 74,329,754 33,121,839 39,144,625 25,114,480 55,626,903
------------ ------------ ------------ ------------ --------------
Total liabilities 78,616,430 33,188,385 40,307,419 30,462,742 56,304,709
------------ ------------ ------------ ------------ --------------
NET ASSETS $754,004,686 $816,448,061 $551,593,636 $523,757,213 $2,046,296,705
============ ============ ============ ============ ==============
Net assets consist of:
Undistributed net investment income (loss)
(Note 2) $ 2,168,519 $ (659,456) $ (150,510) $ 733,596 $ (861,460)
Accumulated undistributed net realized gain (loss)
on investments, foreign currency and
forward foreign currency contracts 64,463,622 44,920,670 18,927,831 59,029,822 44,065,871
Unrealized appreciation (depreciation) on:
Investments 43,080,753 107,234,325 43,234,659 39,846,826 588,276,113
Foreign currency and forward foreign
currency contracts 455,626 1,591 (2,835) -- (14)
Capital shares at par value of $.01 (Note 4) 439,987 321,602 373,880 192,422 926,744
Additional paid-in capital 643,396,179 664,629,329 489,210,611 423,954,547 1,413,889,451
------------ ------------ ------------ ------------ --------------
NET ASSETS $754,004,686 $816,448,061 $551,593,636 $523,757,213 $2,046,296,705
============ ============ ============ ============ ==============
Capital shares outstanding (Note 4) 43,998,699 32,160,253 37,387,956 19,242,202 92,674,405
------------ ------------ ------------ ------------ --------------
Net asset value, offering price and redemption
price per share $ 17.14 $ 25.39 $ 14.75 $ 27.22 $ 22.08
============ ============ ============ ============ ==============
Investments in securities, including repurchase
agreements, at identified cost (Note 2) $785,468,626 $737,832,691 $543,526,405 $510,581,233 $1,507,730,077
------------ ------------ ------------ ------------ --------------
Investments in foreign currency, at identified
cost (Note 2) $ 319,016 $ 2,130 $ 7,695 -- $ 255
============ ============ ============ ============ ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 9
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REAL ESTATE TACTICAL GROWTH &
SECURITIES VALUE ALLOCATION EQUITY INDEX INCOME
TRUST TRUST TRUST TRUST TRUST
------------ ------------ ----------- ------------ --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $214,589,371 $134,874,088 $39,924,719 $124,823,180 $3,253,621,259
Repurchase agreements, at value 7,036,000 1,139,000 2,349,000 1,704,000 31,296,000
Cash 368 391 264 3,038 22
Receivables:
Investments sold -- -- 9,500 69,924 14,294,155
Variation margin for open futures contracts
(Note 2) -- -- -- 10,100 --
Dividends and interest 1,373,072 154,541 15,735 91,275 1,479,431
Foreign tax withholding reclaims -- -- -- 386 --
From Adviser -- -- 99 -- --
Other assets 2,519 3,003 -- 2,524 68,410
------------ ------------ ----------- ------------ --------------
Total assets 223,001,330 136,171,023 42,299,317 126,704,427 3,300,759,277
------------ ------------ ----------- ------------ --------------
LIABILITIES
Payables:
Investments purchased -- 990,908 -- 21,524 14,001,777
Dividend and interest withholding tax -- -- 13 73 --
Other payables and accrued expenses 29,822 24,903 25,510 34,303 330,601
Due to broker (securities lending) 17,992,894 1,038,000 -- 3,297,283 58,920,944
------------ ------------ ----------- ------------ --------------
Total liabilities 18,022,716 2,053,811 25,523 3,353,183 73,253,322
------------ ------------ ----------- ------------ --------------
NET ASSETS $204,978,614 $134,117,212 $42,273,794 $123,351,244 $3,227,505,955
============ ============ =========== ============ ==============
Net assets consist of:
Undistributed net investment income (Note 2) $ 4,819,634 $ 753,064 $ 122,877 $ 596,139 $ 4,920,618
Accumulated undistributed net realized gain (loss) on
investments, futures, foreign currency and
forward foreign currency contracts (40,903,733) (1,169,973) (100,859) 129,474 77,008,090
Unrealized appreciation (depreciation) on:
Investments 5,207,081 (14,968,728) (58,815) 22,666,364 1,042,169,621
Futures contracts -- -- -- (27,557) --
Capital shares at par value of $.01 (Note 4) 153,540 105,253 33,941 68,642 1,043,531
Additional paid-in capital 235,702,092 149,397,596 42,276,650 99,918,182 2,102,364,095
------------ ------------ ----------- ------------ --------------
NET ASSETS $204,978,614 $134,117,212 $42,273,794 $123,351,244 $3,227,505,955
============ ============ =========== ============ ==============
Capital shares outstanding (Note 4) 15,354,073 10,525,346 3,394,111 6,864,210 104,353,091
------------ ------------ ----------- ------------ --------------
Net asset value, offering price and redemption price
per share $ 13.35 $ 12.74 $ 12.46 $ 17.97 $ 30.93
============ ============ =========== ============ ==============
Investments in securities, including repurchase
agreements, at identified cost (Note 2) $216,418,289 $150,981,816 $42,332,534 $103,860,816 $2,242,747,638
============ ============ =========== ============ ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE> 10
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. LARGE CAP
VALUE EQUITY-INCOME INCOME & VALUE BALANCED
TRUST TRUST TRUST TRUST
-------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $ 346,315,217 $ 895,843,107 $ 630,450,882 $ 235,815,880
Repurchase agreements, at value 8,232,000 15,041,000 12,204,000 7,774,000
Cash 925 290 800 300
Foreign currency, at value -- 92,208 2,706 --
Receivables:
Investments sold 66,389 3,357,978 1,824,055 748,102
Dividends and interest 273,365 1,965,148 3,103,916 1,174,790
Foreign tax withholding reclaims -- -- 2,823 3,945
Other assets 4,085 19,661 13,622 5,432
------------- ------------- ------------- -------------
Total assets 354,891,981 916,319,392 647,602,804 245,522,449
------------- ------------- ------------- -------------
LIABILITIES
Payables:
Forward foreign currency contracts (Note 8) -- 4,485 -- --
Investments purchased 473,550 1,057,388 748,711 2,193,795
Dividend and interest withholding tax 403 733 596 105
Other payables and accrued expenses 35,860 130,272 81,911 34,507
Due to broker (securities lending) -- 30,536,502 49,324,472 10,143,840
------------- ------------- ------------- -------------
Total liabilities 509,813 31,729,380 50,155,690 12,372,247
------------- ------------- ------------- -------------
NET ASSETS $ 354,382,168 $ 884,590,012 $ 597,447,114 $ 233,150,202
============= ============= ============= =============
Net assets consist of:
Undistributed net investment income (Note 2) $ 782,262 $ 9,669,941 $ 7,887,220 $ 2,041,754
Accumulated undistributed net realized gain (loss) on
investments, foreign currency and
forward foreign currency contracts 1,251,287 52,145,282 14,725,454 (7,013,614)
Unrealized appreciation (depreciation) on:
Investments 10,860,693 3,071,466 667,943 12,421,058
Foreign currency and forward foreign currency
contracts -- 5,643 69 (371)
Capital shares at par value of $.01 (Note 4) 270,589 611,596 579,742 135,561
Additional paid-in capital 341,217,337 819,086,084 573,586,686 225,565,814
------------- ------------- ------------- -------------
NET ASSETS $ 354,382,168 $ 884,590,012 $ 597,447,114 $ 233,150,202
============= ============= ============= =============
Capital shares outstanding (Note 4) 27,058,856 61,159,646 57,974,210 13,556,089
------------- ------------- ------------- -------------
Net asset value, offering price and redemption price
per share $ 13.10 $ 14.46 $ 10.31 $ 17.20
============= ============= ============= =============
Investments in securities, including repurchase
agreements, at identified cost (Note 2) $ 343,686,524 $ 907,812,640 $ 641,986,938 $ 231,168,822
------------- ------------- ------------- -------------
Investments in foreign currency, at identified cost
(Note 2) -- $ 92,208 $ 2,631 --
============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE> 11
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH YIELD STRATEGIC BOND GLOBAL BOND TOTAL RETURN
TRUST TRUST TRUST TRUST
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $ 246,007,524 $ 396,155,676 $ 195,011,552 $ 453,001,217
Repurchase agreements, at value 17,781,000 -- 801,000 4,515,000
Cash 406 -- -- 513
Foreign currency, at value -- -- 3,522,038 5,538,523
Receivables:
Forward foreign currency contracts (Note 8) 174,409 568,099 188,483 20,196
Investments sold 1,956,640 1,346,680 11,245,296 198,874
Variation margin for open futures contracts
(Note 2) 266,880 -- 7,502 286,052
Dividends and interest 4,958,734 4,959,023 2,101,705 2,874,325
Interest on swap agreement -- -- 5,100 57,620
Interest rate swap contracts (Notes 2 and 3) -- -- -- 74,291
Other assets 4,303 7,153 2,937 3,425
------------- ------------- ------------- -------------
Total assets 271,149,896 403,036,631 212,885,613 466,570,036
------------- ------------- ------------- -------------
LIABILITIES
Payables:
Forward foreign currency contracts (Note 8) 214,167 679,403 717,545 20,362
Investments purchased 4,663,353 67,199,986 91,763,121 154,595,918
Variation margin for open futures contracts (Note 2) -- -- 25,358 155,581
Dividend and interest withholding tax 904 3,265 3,178 --
Due to custodian -- 83,136 110,480 --
Other payables and accrued expenses 45,520 91,058 60,863 52,889
Due to broker (securities lending) 14,615,303 5,477,685 -- --
Written options outstanding, at value: premiums received
($6,086 and $380,000 in the Global Bond and Total
Return Trusts, respectively) (Notes 2 and 3) -- -- 4,500 317,481
Interest rate swap contracts (Notes 2 and 3) -- -- 80,427 --
Deferred mortgage dollar roll income -- 31,212 -- --
------------- ------------- ------------- -------------
Total liabilities 19,539,247 73,565,745 92,765,472 155,142,231
------------- ------------- ------------- -------------
NET ASSETS $ 251,610,649 $ 329,470,886 $ 120,120,141 $ 311,427,805
============= ============= ============= =============
Net assets consist of:
Undistributed net investment income (Note 2) $ 11,197,903 $ 15,947,476 $ 3,502,955 $ 7,895,933
Accumulated undistributed net realized gain (loss) on
investments, futures, options, foreign currency and
forward foreign currency contracts (4,005,425) (26,625,191) (13,342,532) (3,646,532)
Unrealized appreciation (depreciation) on:
Investments (23,854,845) (21,047,182) (8,721,227) (4,108,960)
Futures contracts, written options and swap agreement 274,000 -- (779,345) 1,133,410
Foreign currency and forward foreign currency contracts (40,785) (115,064) (872,313) 35,135
Capital shares at par value of $.01 (Note 4) 199,233 316,795 107,601 250,054
Additional paid-in capital 267,840,568 360,994,052 140,225,002 309,868,765
------------- ------------- ------------- -------------
NET ASSETS $ 251,610,649 $ 329,470,886 $ 120,120,141 $ 311,427,805
============= ============= ============= =============
Capital shares outstanding (Note 4) 19,923,282 31,679,595 10,760,120 25,005,435
------------- ------------- ------------- -------------
Net asset value, offering price and redemption price per share $ 12.63 $ 10.40 $ 11.16 $ 12.45
============= ============= ============= =============
Investments in securities, including repurchase agreements, at
identified cost (Note 2) $ 287,643,369 $ 417,202,858 $ 205,386,777 $ 461,625,177
------------- ------------- ------------- -------------
Investments in foreign currency, at identified cost (Note 2) -- -- $ 3,535,502 $ 5,454,838
============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE> 12
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S.
INVESTMENT DIVERSIFIED GOVERNMENT MONEY
QUALITY BOND BOND SECURITIES MARKET
TRUST TRUST TRUST TRUST
------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of investments) $ 318,613,617 $ 221,182,666 $ 339,015,349 $ 848,493,565
Repurchase agreement, at value 1,148,000 4,541,000 30,550,000 40,628,000
Cash 720 218 1,200 479
Foreign currency, at value -- 441 -- --
Receivables:
Investments sold 224,748 1,521,353 2,511,233 --
Dividends and interest 4,630,314 2,733,317 2,045,041 401,145
Foreign tax withholding reclaims 14,656 420 -- --
Other assets 6,173 4,036 6,361 19,976
------------- ------------- ------------- -------------
Total assets 324,638,228 229,983,451 374,129,184 889,543,165
------------- ------------- ------------- -------------
LIABILITIES
Payables:
Investments purchased 1,255,323 743,578 75,577,575 --
Dividends -- -- -- 147,553
Dividend and interest withholding tax 1,624 -- -- --
Other payables and accrued expenses 76,146 42,395 77,361 99,416
Due to broker (securities lending) 49,255,186 33,552,600 -- --
Deferred mortgage dollar roll income -- -- 37,466 --
------------- ------------- ------------- -------------
Total liabilities 50,588,279 34,338,573 75,692,402 246,969
------------- ------------- ------------- -------------
NET ASSETS $ 274,049,949 $ 195,644,878 $ 298,436,782 $ 889,296,196
============= ============= ============= =============
Net assets consist of:
Undistributed net investment income (Note 2) $ 9,689,130 $ 6,735,639 $ 10,272,060 --
Accumulated undistributed net realized gain (loss) on
investments, foreign currency and
forward foreign currency contracts (8,790,081) (3,447,731) (15,039,223) --
Unrealized appreciation (depreciation) on:
Investments (15,784,490) (6,108,879) (6,312,564) --
Foreign currency and forward foreign currency contracts -- 23 -- --
Capital shares at par value of $.01 (Note 4) 247,713 200,440 235,214 889,296
Additional paid-in capital 288,687,677 198,265,386 309,281,295 888,406,900
------------- ------------- ------------- -------------
NET ASSETS $ 274,049,949 $ 195,644,878 $ 298,436,782 $ 889,296,196
============= ============= ============= =============
Capital shares outstanding (Note 4) 24,771,299 20,044,030 23,521,411 88,929,620
------------- ------------- ------------- -------------
Net asset value, offering price and redemption
price per share $ 11.06 $ 9.76 $ 12.69 $ 10.00
============= ============= ============= =============
Investments in securities, including repurchase
agreements, at identified cost (Note 2) $ 335,546,106 $ 231,832,546 $ 375,877,914 $ 889,121,565
------------- ------------- ------------- -------------
Investments in foreign currency, at identified
cost (Note 2) -- $ 428 -- --
============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE> 13
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL
SMALL CAP INTERNATIONAL MID CAP STOCK MARKET 500
INDEX INDEX INDEX INDEX INDEX
TRUST TRUST TRUST TRUST TRUST
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of
investments) $ 25,129,165 $ 45,903,634 $ 14,187,713 $ 43,598,520 $ 34,059,265
Repurchase agreements, at value 6,136,000 1,020,000 2,084,000 3,487,000 4,556,000
Cash 895 441 728 2,396 558
Foreign currency, at value -- 188,450 -- -- --
Receivables:
Investments sold -- 13,892 -- 56,335 23,947
Variation margin for open futures
contracts (Note 2) 414,425 3,146 -- 27,050 60,600
Dividends and interest 1,082 36,707 8,598 33,330 21,102
Foreign tax withholding reclaims -- 21,311 -- -- --
From Adviser 3,081 3,849 3,934 2,080 4,042
------------ ------------ ------------ ------------ ------------
Total assets 31,684,648 47,191,430 16,284,973 47,206,711 38,725,514
------------ ------------ ------------ ------------ ------------
LIABILITIES
Payables:
Investments purchased -- 2,969 -- 7,761 4,447
Variation margin for open futures contracts
(Note 2) -- -- 29,200 -- --
Dividend and interest withholding tax -- 3,430 -- 18 16
Other payables and accrued expenses 6,373 7,053 5,670 7,065 6,121
------------ ------------ ------------ ------------ ------------
Total liabilities 6,373 13,452 34,870 14,844 10,584
------------ ------------ ------------ ------------ ------------
NET ASSETS $ 31,678,275 $ 47,177,978 $ 16,250,103 $ 47,191,867 $ 38,714,930
============ ============ ============ ============ ============
Net assets consist of:
Undistributed net investment income (Note 2) $ 279,243 $ 211,125 $ 30,530 $ 80,504 $ 72,870
Accumulated undistributed net realized gain (loss)
on investments, futures, foreign currency
and forward foreign currency contracts (322,488) 293,248 33,222 98,733 (3,933)
Unrealized appreciation (depreciation) on:
Investments -- 11,409 (154,718) (287,446) (211,013)
Futures contracts 80,203 (5,677) (38,248) (33,632) (84,869)
Foreign currency and forward foreign
currency contracts -- 2,326 -- 1 --
Capital shares at par value of $.01 (Note 4) 25,345 37,323 13,109 37,912 31,294
Additional paid-in capital 31,615,972 46,628,224 16,366,208 47,295,795 38,910,581
------------ ------------ ------------ ------------ ------------
NET ASSETS $ 31,678,275 $ 47,177,978 $ 16,250,103 $ 47,191,867 $ 38,714,929
============ ============ ============ ============ ============
Capital shares outstanding (Note 4) 2,534,504 3,732,294 1,310,930 3,791,188 3,129,404
------------ ------------ ------------ ------------ ------------
Net asset value, offering price and redemption
price per share $ 12.50 $ 12.64 $ 12.40 $ 12.45 $ 12.37
============ ============ ============ ============ ============
Investments in securities, including repurchase
agreements, at identified cost (Note 2) $ 31,265,165 $ 46,912,225 $ 16,426,431 $ 47,372,966 $ 38,826,278
------------ ------------ ------------ ------------ ------------
Investments in foreign currency, at identified
cost (Note 2) -- $ 187,146 -- -- --
============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE> 14
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE
AGGRESSIVE 1000 GROWTH 820 BALANCED 640 MODERATE 460 CONSERVATIVE 280
TRUST TRUST TRUST TRUST TRUST
--------------- ------------- ------------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(See accompanying portfolio of
investments) $ 127,082,906 $ 493,971,836 $ 489,891,308 $ 175,531,164 $ 98,293,802
Cash 2,418 706 1,849 272 86
Receivables:
Dividends and interest -- -- 2,432 3,198 3,261
From adviser 5,073 38,225 19,259 1,299 1,825
Other assets 2,221 9,684 9,720 3,712 2,184
------------- ------------- ------------- ------------- ------------
Total assets 127,092,618 494,020,451 489,924,568 175,539,645 98,301,158
------------- ------------- ------------- ------------- ------------
LIABILITIES
Payables:
Adviser fee 14,003 43,269 43,413 18,461 12,099
Dividends -- -- 2,432 3,198 3,261
Other payables and accrued expenses 7,087 47,909 28,979 5,011 4,009
------------- ------------- ------------- ------------- ------------
Total liabilities 21,090 91,178 74,824 26,670 19,369
------------- ------------- ------------- ------------- ------------
NET ASSETS $ 127,071,528 $ 493,929,273 $ 489,849,744 $ 175,512,975 $ 98,281,789
============= ============= ============= ============= ============
Net assets consist of:
Undistributed net investment income (loss)
(Note 2) $ (14,004) $ (43,269) $ (43,412) $ (18,462) $ (12,099)
Accumulated undistributed net realized gain
(loss) on investments 3,126,573 8,827,515 1,413,264 (5,584,017) (775,263)
Unrealized appreciation (depreciation) on:
Investments 2,258,437 4,625,381 6,801,274 (648,347) (1,800,956)
Capital shares at par value of $.01 (Note 4) 90,699 348,747 358,301 136,504 77,631
Additional paid-in capital 121,609,823 480,170,899 481,320,317 181,627,297 100,792,476
------------- ------------- ------------- ------------- ------------
NET ASSETS $ 127,071,528 $ 493,929,273 $ 489,849,744 $ 175,512,975 $ 98,281,789
============= ============= ============= ============= ============
Capital shares outstanding (Note 4) 9,069,923 34,874,742 35,829,821 13,650,237 7,762,900
------------- ------------- ------------- ------------- ------------
Net asset value, offering price and redemption
price per share $ 14.01 $ 14.16 $ 13.67 $ 12.86 $ 12.66
============= ============= ============= ============= ============
Investments in securities, including repurchase
agreements, at identified cost (Note 2) $ 124,824,468 $ 489,346,455 $ 483,090,034 $ 176,179,511 $100,094,759
============= ============= ============= ============= ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
<PAGE> 15
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PACIFIC RIM
EMERGING INTERNET SCIENCE & INTERNATIONAL AGGRESSIVE
MARKETS TECHNOLOGIES TECHNOLOGY SMALL CAP GROWTH
TRUST TRUST * TRUST TRUST TRUST
------------ ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 253,529 $ 40,919 $ 3,030,753 $ 386,948 $ 499,225
Dividends 711,911 137 448,298 1,343,545 63,019
Less: Foreign taxes withheld (87,270) -- (50,798) (187,868) --
------------ ---------- ------------ ------------ -----------
Total income 878,170 41,056 3,428,253 1,542,625 562,244
------------ ---------- ------------ ------------ -----------
Expenses:
Investment adviser fee (Note 6) 426,652 33,985 8,004,018 1,822,105 1,130,603
Custodian fee 81,835 11,449 152,392 555,010 58,005
Printing and postage fees 3,288 162 42,706 10,431 5,907
Audit and legal fees 3,199 150 41,764 9,968 5,625
Registration and filing fees 1,048 53 13,726 3,199 1,791
Fund administration fees (Note 6) 3,812 137 49,525 11,559 6,465
Trustees fees and expenses (Note 7) 956 41 12,507 2,913 1,645
Miscellaneous 1,335 30 8,743 53,820 2,673
------------ ---------- ------------ ------------ -----------
Expense before reimbursement by investment
adviser 522,125 46,007 8,325,381 2,469,005 1,212,714
Reimbursement of expenses by investment
adviser (Note 6) -- -- (18,981) -- --
------------ ---------- ------------ ------------ -----------
Total expenses 522,125 46,007 8,306,400 2,469,005 1,212,714
------------ ---------- ------------ ------------ -----------
Net investment income 356,045 (4,951) (4,878,147) (926,380) (650,470)
------------ ---------- ------------ ------------ -----------
Realized and unrealized gain (loss) on investments,
foreign currency and forward foreign currency
contracts:
Net realized gain (loss) on:
Investments transactions 5,891,625 (8,240) 33,203,175 13,161,844 27,070,378
Foreign currency and forward foreign currency
contracts 136,280 -- (247,127) (2,062,600) --
Change in unrealized appreciation (depreciation) on:
Investments (11,181,805) 1,704,408 (94,523,314) (58,624,148) 4,962,116
Translation of foreign currency and forward
foreign currency contracts 56,572 -- 42 35,291 --
------------ ---------- ------------ ------------ -----------
Net gain (loss) on investments, foreign currency
and forward foreign currency contracts (5,097,328) 1,696,168 (61,567,224) (47,489,613) 32,032,494
------------ ---------- ------------ ------------ -----------
Net increase (decrease) in net assets resulting
from operations $ (4,741,283) $1,691,217 $(66,445,371) $(48,415,993) $31,382,024
============ ========== ============ ============ ===========
</TABLE>
* For the period May 1, 2000 (commencement of operations) through June 30, 2000.
The accompanying notes are an integral part of the financial statements.
11
<PAGE> 16
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL
EMERGING COMPANY DYNAMIC MID CAP ALL CAP
SMALL COMPANY BLEND GROWTH STOCK GROWTH
TRUST TRUST TRUST * TRUST TRUST
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 2,007,439 $ 197,107 $ 169,207 $ 315,377 $ 1,684,455
Dividends 820,492 186,551 3,743 184,045 608,133
Less: Foreign taxes withheld -- (115) -- -- (15,593)
------------ ------------ ------------ ------------ ------------
Total income 2,827,931 383,543 172,950 499,422 2,276,995
------------ ------------ ------------ ------------ ------------
Expenses:
Investment adviser fee (Note 6) 2,865,995 398,614 57,869 467,747 3,834,711
Custodian fee 71,633 46,384 6,120 28,115 104,577
Printing and postage fees 17,260 2,269 272 3,291 25,311
Audit and legal fees 16,381 2,205 250 2,904 24,187
Registration and filing fees 5,250 721 89 939 7,752
Fund administration fees (Note 6) 19,025 2,672 229 3,280 28,249
Trustees fees and expenses (Note 7) 4,775 647 68 852 6,916
Miscellaneous 4,349 436 51 2,225 6,624
------------ ------------ ------------ ------------ ------------
Total expenses 3,004,668 453,948 64,948 509,353 4,038,327
------------ ------------ ------------ ------------ ------------
Net investment income (176,737) (70,405) 108,002 (9,931) (1,761,332)
------------ ------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments, and
options contracts:
Net realized gain (loss) on:
Investments transactions 8,914,202 6,961,846 298,089 (5,795,286) 40,342,703
Options contracts -- -- -- -- 2,168,767
Change in unrealized appreciation (depreciation) on:
Investments 52,918,531 (2,330,421) (516,133) 1,829,184 18,508,004
Options contracts -- -- -- -- (349,399)
------------ ------------ ------------ ------------ ------------
Net gain (loss) on investments, and option
contracts 61,832,733 4,631,425 (218,044) (3,966,102) 60,670,075
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations $ 61,655,996 $ 4,561,020 ($ 110,042) ($ 3,976,033) $ 58,908,743
============ ============ ============ ============ ============
</TABLE>
* For the period May 1, 2000 (commencement of operations) to June 30, 2000
The accompanying notes are an integral part of the financial statements.
12
<PAGE> 17
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL
INTERNATIONAL INTERNATIONAL MID CAP COMPANY
OVERSEAS STOCK VALUE BLEND VALUE
TRUST TRUST TRUST TRUST TRUST
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 959,347 $ 434,998 $ 208,471 $ 2,462,553 $ 40,816
Dividends 3,906,666 2,092,333 2,209,495 7,654,594 621,111
Less: Foreign taxes withheld (612,137) (304,645) (253,754) (31,826) (284)
------------- ------------- ------------- ------------- -------------
Total income 4,253,876 2,222,686 2,164,212 10,085,321 661,643
------------- ------------- ------------- ------------- -------------
Expenses:
Investment adviser fee (Note 6) 2,165,226 1,340,917 585,024 6,922,027 489,160
Custodian fee 435,005 218,324 99,768 179,004 81,890
Printing and postage fees 14,611 8,311 3,385 60,576 3,438
Audit and legal fees 13,814 7,599 3,009 56,781 3,070
Registration and filing fees 4,435 2,371 975 17,742 927
Fund administration fees (Note 6) 16,075 8,603 3,412 65,564 3,412
Trustees fees and expenses (Note 7) 4,022 2,153 883 16,030 833
Miscellaneous 5,584 2,272 796 17,922 4,880
------------- ------------- ------------- ------------- -------------
Expense before reimbursement by investment
adviser 2,658,772 1,590,550 697,252 7,335,646 587,610
Reimbursement of expenses by investment
adviser (Note 6) -- (3,293) -- -- --
------------- ------------- ------------- ------------- -------------
Total expenses 2,658,772 1,587,257 697,252 7,335,646 587,610
------------- ------------- ------------- ------------- -------------
Net investment income 1,595,104 635,429 1,466,960 2,749,675 74,033
------------- ------------- ------------- ------------- -------------
Realized and unrealized gain (loss) on
investments, futures foreign currency and
forward foreign currency contracts:
Net realized gain (loss) on:
Investments transactions 24,295,208 5,978,956 675,771 188,403,827 3,779,403
Futures contracts 117,867 -- -- (178,808) --
Foreign currency and forward foreign currency
contracts (69,057) 214,928 (218,610) 18,512 (5)
Change in unrealized appreciation (depreciation) on:
Investments (44,701,121) (15,723,673) (831,340) (206,473,318) (2,599,580)
Futures contracts (64,886) -- -- -- --
Translation of foreign currency and forward
foreign currency contracts (12,581) 5,280 5,439 (1,553) --
------------- ------------- ------------- ------------- -------------
Net gain (loss) on investments, futures,
foreign currency and forward currency
contracts (20,434,570) (9,524,509) (368,740) (18,231,340) 1,179,818
------------- ------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations $( 18,839,466) $( 8,889,080) $ 1,098,220 $( 15,481,665) $ 1,253,851
============= ============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
13
<PAGE> 18
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL LARGE CAP QUANTITATIVE BLUE CHIP
EQUITY GROWTH GROWTH EQUITY GROWTH
TRUST TRUST TRUST TRUST TRUST
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 990,215 $ 326,027 $ 698,851 $ 651,064 $ 1,167,110
Dividends 10,142,778 2,341,593 1,391,928 1,864,536 6,379,281
Less: Foreign taxes withheld (968,875) -- (18,241) (2,910) (61,062)
------------- ------------- ------------- ------------- -------------
Total income 10,164,118 2,667,620 2,072,538 2,512,690 7,485,329
------------- ------------- ------------- ------------- -------------
Expenses:
Investment adviser fee (Note 6) 3,434,170 3,171,646 2,068,604 1,663,289 7,987,788
Custodian fee 392,497 64,837 93,780 54,516 142,609
Printing and postage fees 30,033 23,511 15,600 15,621 61,984
Audit and legal fees 26,740 22,377 14,471 14,638 58,640
Registration and filing fees 8,921 7,198 5,334 5,169 18,629
Fund administration fees (Note 6) 32,332 26,187 16,909 16,956 68,401
Trustees fees and expenses (Note 7) 7,913 6,545 4,188 4,216 16,831
Miscellaneous 9,611 4,773 4,161 4,691 15,451
------------- ------------- ------------- ------------- -------------
Expense before reimbursement by investment
adviser 3,942,217 3,327,074 2,223,047 1,779,096 8,370,333
Reimbursement of expenses by investment
adviser (Note 6) -- -- -- -- (23,545)
------------- ------------- ------------- ------------- -------------
Total expenses 3,942,217 3,327,074 2,223,047 1,779,096 8,346,788
------------- ------------- ------------- ------------- -------------
Net investment income 6,221,901 (659,454) (150,509) 733,594 (861,459)
------------- ------------- ------------- ------------- -------------
Realized and unrealized gain (loss) on investments,
foreign currency and forward foreign
currency contracts:
Net realized gain (loss) on:
Investments transactions 62,061,660 45,786,903 21,158,924 59,330,212 46,421,341
Foreign currency and forward foreign
currency contracts 7,717,171 -- 7,840 -- (14,508)
Change in unrealized appreciation (depreciation) on:
Investments (45,505,602) (14,909,002) (18,457,248) (12,676,635) 78,582,252
Translation of foreign currency and forward
foreign currency contracts (3,577,041) (210) (2,326) -- (16)
------------- ------------- ------------- ------------- -------------
Net gain (loss) on investments, foreign
currency and forward currency contracts 20,696,188 30,877,691 2,707,190 46,653,577 124,989,069
------------- ------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 26,918,089 $ 30,218,237 $ 2,556,681 $ 47,387,171 $ 124,127,610
============= ============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE> 19
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REAL ESTATE TACTICAL GROWTH &
SECURITIES VALUE ALLOCATION EQUITY INDEX INCOME
TRUST TRUST TRUST * TRUST TRUST
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 101,683 $ 124,522 $ 166,190 $ 184,385 $ 792,093
Dividends 5,437,059 1,254,944 38,979 634,121 16,734,970
Less: Foreign taxes withheld -- -- (500) (3,340) (92,693)
------------ ------------ ------------ ------------ ------------
Total income 5,538,742 1,379,466 204,669 815,166 17,434,370
------------ ------------ ------------ ------------ ------------
Expenses:
Investment adviser fee (Note 6) 683,181 573,466 56,181 144,614 11,861,507
Custodian fee 36,419 26,219 24,565 58,920 215,944
Printing and postage fees 6,632 5,574 325 3,997 113,156
Audit and legal fees 6,127 5,054 299 3,807 106,568
Registration and filing fees 2,321 1,511 106 1,201 33,637
Fund administration fees (Note 6) 7,058 5,642 273 4,468 124,007
Trustees fees and expenses (Note 7) 1,752 1,349 82 1,099 30,385
Miscellaneous 3,604 7,585 60 921 28,548
------------ ------------ ------------ ------------ ------------
Expense before reimbursement by investment
adviser 747,094 626,400 81,891 219,027 12,513,752
Reimbursement of expenses by investment
adviser (Note 6) -- -- (99) -- --
------------ ------------ ------------ ------------ ------------
Total expenses 747,094 626,400 81,792 219,027 12,513,752
------------ ------------ ------------ ------------ ------------
Net investment income 4,791,648 753,066 122,877 596,139 4,920,618
------------ ------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments, and
futures contracts:
Net realized gain (loss) on:
Investments transactions (3,520,406) 1,379,770 (100,859) 364,074 77,008,090
Futures and options contracts -- -- -- 10,094 --
Change in unrealized appreciation (depreciation) on:
Investments 13,534,153 (8,347,222) (58,815) (1,566,150) (61,875,815)
Futures contracts -- -- -- (111,157) --
------------ ------------ ------------ ------------ ------------
Net gain (loss) on investments, and futures
contracts 10,013,747 (6,967,452) (159,674) (1,303,139) 15,132,275
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations $ 14,805,395 ($ 6,214,386) ($ 36,797) ($ 707,000) $ 20,052,893
============ ============ ============ ============ ============
</TABLE>
* For the period May 1, 2000 (commencement of operations) through June 30, 2000
The accompanying notes are an integral part of the financial statements.
15
<PAGE> 20
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. LARGE CAP EQUITY- INCOME &
VALUE INCOME VALUE BALANCED
TRUST TRUST TRUST TRUST
-------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Investment Income:
Interest $ 388,610 $ 1,067,130 $ 8,011,898 $ 2,698,658
Dividends 1,615,634 12,920,390 2,497,925 373,805
Less: Foreign taxes withheld (16,397) (92,120) (22,875) (1,753)
------------ ------------ ------------ ------------
Total income 1,987,847 13,895,400 10,486,948 3,070,710
------------ ------------ ------------ ------------
Expenses:
Investment adviser fee (Note 6) 1,141,335 4,006,651 2,436,658 949,072
Custodian fee 37,009 93,336 74,511 35,432
Printing and postage fees 7,209 35,673 23,200 9,441
Audit and legal fees 6,693 33,008 21,680 8,788
Registration and filing fees 2,188 10,207 6,707 2,719
Fund administration fees (Note 6) 7,781 37,915 25,023 10,109
Trustees fees and expenses (Note 7) 1,876 9,157 6,071 2,237
Miscellaneous 1,494 10,443 5,878 11,159
------------ ------------ ------------ ------------
Expense before reimbursement by investment
adviser 1,205,585 4,236,390 2,599,728 1,028,957
Reimbursement of expenses by investment
adviser (Note 6) -- (10,930) -- --
------------ ------------ ------------ ------------
Total expenses 1,205,585 4,225,460 2,599,728 1,028,957
------------ ------------ ------------ ------------
Net investment income 782,262 9,669,940 7,887,220 2,041,753
------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments,
foreign currency and forward foreign currency
contracts:
Net realized gain (loss) on:
Investments transactions 1,251,299 52,461,477 14,921,293 (6,531,985)
Foreign currency and forward foreign currency
contracts (12) (10,219) (432) (11,807)
Change in unrealized appreciation (depreciation) on:
Investments 5,424,825 (94,279,747) (9,115,913) 6,562,166
Translation of foreign currency and forward
foreign currency contracts -- 5,181 504 5,144
------------ ------------ ------------ ------------
Net gain (loss) on investments, foreign currency
and forward currency contracts 6,676,112 (41,823,308) 5,805,452 23,518
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations $ 7,458,374 $(32,153,368) $ 13,692,672 $ 2,065,271
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE> 21
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH STRATEGIC GLOBAL TOTAL
YIELD BOND BOND RETURN
TRUST TRUST TRUST TRUST
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Investment Income:
Interest $ 12,226,320 $ 15,866,634 $ 3,608,228 $ 8,994,963
Mortgage dollar rolls -- 299,398 -- --
Dividends 148,428 (150,991) -- 69,000
Less: Foreign taxes withheld 2,561 30,312 285 --
------------ ------------ ------------ ------------
Total income 12,377,309 16,045,353 3,608,513 9,063,963
------------ ------------ ------------ ------------
Expenses:
Investment adviser fee (Note 6) 923,271 1,348,824 511,197 1,049,252
Custodian fee 46,581 118,011 98,421 53,553
Printing and postage fees 8,311 13,494 5,365 7,900
Audit and legal fees 7,562 12,286 4,938 6,924
Registration and filing fees 2,381 3,780 1,505 2,245
Fund administration fees (Note 6) 8,684 13,961 5,647 7,824
Trustees fees and expenses (Note 7) 2,159 3,404 1,349 2,033
Miscellaneous 5,705 6,891 23,154 6,403
------------ ------------ ------------ ------------
Total expenses 1,004,654 1,520,651 651,576 1,136,134
------------ ------------ ------------ ------------
Net investment income 11,372,655 14,524,702 2,956,937 7,927,829
------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments,
futures foreign currency and forward foreign
currency contracts:
Net realized gain (loss) on:
Investments transactions (2,468,749) (133,633) 3,034,499 646,551
Futures and options contracts 89,152 (708,065) (1,831,754) (3,242,684)
Interest rate swaps -- -- (48,521) (179,489)
Foreign currency and forward foreign currency
contracts 995,082 (3,747,238) (3,242,087) 400,102
Change in unrealized appreciation (depreciation) on:
Investments (12,827,986) (2,632,847) (1,416,912) 1,965,355
Futures contracts 100,937 -- 59,517 1,774,156
Options contracts -- -- (865,772) 109,514
Interest rate swaps -- -- (85,227) 124,109
Translation of foreign currency and forward
foreign currency contracts (196,575) (10,914) 92,239 (19,056)
------------ ------------ ------------ ------------
Net gain (loss) on investments, foreign currency
and forward currency contracts (14,308,139) (7,232,697) (4,304,018) 1,578,559
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations $( 2,935,484) $ 7,292,005 $( 1,347,081) $ 9,506,388
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
17
<PAGE> 22
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S.
INVESTMENT DIVERSIFIED GOVERNMENT MONEY
QUALITY BOND BOND SECURITIES MARKET
TRUST TRUST TRUST TRUST
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
Investment Income:
Interest $ 10,686,829 $ 7,587,121 $ 11,047,964 $ 26,664,209
Mortgage dollar rolls -- -- 969,121 --
Dividends 21,763 (1,072) -- --
Less: Foreign taxes withheld (584) (89) -- --
------------ ------------ ------------ ------------
Total income 10,708,008 7,585,960 12,017,085 26,664,209
------------ ------------ ------------ ------------
Expenses:
Investment adviser fee (Note 6) 893,923 768,188 1,051,735 2,241,365
Custodian fee 84,394 38,782 79,943 74,034
Printing and postage fees 8,209 7,687 14,067 33,832
Audit and legal fees 9,470 7,022 11,598 32,082
Registration and filing fees 3,088 2,190 3,570 10,209
Fund administration fees (Note 6) 11,827 8,058 13,235 37,884
Trustees fees and expenses (Note 7) 2,771 1,980 3,218 9,287
Miscellaneous 5,196 16,413 4,463 5,152
------------ ------------ ------------ ------------
Total expenses 1,018,878 850,320 1,181,829 2,443,845
------------ ------------ ------------ ------------
Net investment income 9,689,130 6,735,640 10,835,256 24,220,364
------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments,
foreign currency and forward foreign currency
contracts:
Net realized gain (loss) on:
Investments transactions (3,835,830) (3,343,937) (7,937,378) --
Foreign currency and forward foreign currency
contracts -- (84) -- --
Change in unrealized appreciation (depreciation) on:
Investments 2,436,073 1,811,751 7,834,797 --
Translation of foreign currency and forward
foreign currency contracts -- 83 -- --
------------ ------------ ------------ ------------
Net gain (loss) on investments, foreign
currency and forward currency contracts (1,399,757) (1,532,187) (102,581) --
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations $ 8,289,373 $ 5,203,453 $ 10,732,675 $ 24,220,364
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
18
<PAGE> 23
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL
SMALL CAP INTERNATIONAL MID CAP STOCK MARKET 500
INDEX INDEX INDEX INDEX INDEX
TRUST * TRUST * TRUST * TRUST * TRUST *
--------- ------------ --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 308,393 $ 60,240 $ 15,043 $ 45,019 $ 48,544
Dividends -- 223,288 30,751 79,341 52,246
Less: Foreign taxes withheld -- (27,643) -- (23) (676)
--------- --------- --------- --------- ---------
Total income 308,393 255,885 45,794 124,337 100,114
--------- --------- --------- --------- ---------
Expenses:
Investment adviser fee (Note 6) 25,319 40,795 13,335 38,346 24,875
Custodian fee 4,979 4,979 4,979 4,979 4,979
Printing and postage fees 488 732 244 732 406
Audit and legal fees 449 673 224 673 374
Registration and filing fees 160 239 80 239 133
Fund administration fees (Note 6) 410 615 205 615 342
Trustees fees and expenses (Note 7) 123 184 61 184 102
Miscellaneous 303 392 70 145 75
--------- --------- --------- --------- ---------
Expense before reimbursement by investment
adviser 32,231 48,609 19,198 45,913 31,286
Reimbursement of expenses by investment
adviser (Note 6) (3,081) (3,849) (3,934) (2,080) (4,042)
--------- --------- --------- --------- ---------
Total expenses 29,150 44,760 15,264 43,833 27,244
--------- --------- --------- --------- ---------
Net investment income 279,243 211,125 30,530 80,504 72,870
--------- --------- --------- --------- ---------
Realized and unrealized gain (loss) on investments,
futures contracts foreign currency and forward
foreign currency contracts:
Net realized gain (loss) on:
Investments transactions (419) (37,382) 38,498 (933) 64,209
Futures contracts (322,069) -- (5,274) 99,666 (68,142)
Foreign currency and forward foreign currency
contracts -- 330,630 -- -- --
Change in unrealized appreciation (depreciation) on:
Investments -- 11,409 (154,718) (287,446) (211,013)
Futures contracts 80,203 (5,677) (38,248) (33,632) (84,869)
Translation of foreign currency and forward
foreign currency contracts -- 2,326 -- 1 --
--------- --------- --------- --------- ---------
Net gain (loss) on investments, futures
contracts, foreign currency and forward
currency contracts (242,285) 301,306 (159,742) (222,344) (299,815)
--------- --------- --------- --------- ---------
Net increase (decrease) in net assets resulting
from operations $ 36,958 $ 512,431 ($129,212) ($141,840) ($226,945)
========= ========= ========= ========= =========
</TABLE>
* For the period May 1, 2000 (commencement of operations) through
June 30, 2000.
The accompanying notes are an integral part of the financial statements.
19
<PAGE> 24
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE
AGGRESSIVE 1000 GROWTH 820 BALANCED 640 MODERATE 460 CONSERVATIVE 280
TRUST TRUST TRUST TRUST TRUST
--------------- ------------ ------------ ------------ ----------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Income distributions received $ 471,693 $ 4,859,630 $ 8,863,455 $ 7,109,935 $ 3,433,251
------------ ------------ ------------ ------------ ------------
Total income 471,693 4,859,630 8,863,455 7,109,935 3,433,251
------------ ------------ ------------ ------------ ------------
Expenses:
Investment adviser fee (Note 6) 14,004 43,269 43,412 18,462 12,099
Printing and postage fees 3,602 13,827 15,441 6,790 4,022
Audit and legal fees 3,408 11,772 14,481 7,502 4,072
Registration and filing fees 848 4,531 4,598 1,538 1,122
Fund administration fees (Note 6) 3,831 16,415 16,908 7,004 4,155
Trustees fees and expenses (Note 7) 714 3,503 4,106 1,610 1,045
Miscellaneous 541 2,471 2,522 1,018 606
------------ ------------ ------------ ------------ ------------
Expense before reimbursement by investment
adviser 26,948 95,788 101,468 43,924 27,121
Reimbursement of expenses by investment
adviser (Note 6) (12,944) (52,519) (58,056) (25,462) (15,022)
------------ ------------ ------------ ------------ ------------
Total expenses 14,004 43,269 43,412 18,462 12,099
------------ ------------ ------------ ------------ ------------
Net investment income 457,689 4,816,361 8,820,043 7,091,473 3,421,152
------------ ------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) investment
transactions 4,010,180 14,815,508 8,518,246 (4,222,310) (454,884)
Capital gain distributions received from
mutual funds 4,724,532 19,225,366 14,315,982 5,101,901 1,131,383
Change in unrealized appreciation (depreciation)
on investments (7,144,210) (33,556,396) (15,790,953) (3,431,350) (1,457,486)
------------ ------------ ------------ ------------ ------------
Net gain (loss) on investments 1,590,502 484,478 7,043,275 (2,551,759) (780,987)
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations $ 2,048,191 $ 5,300,839 $ 15,863,318 $ 4,539,714 $ 2,640,165
============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
20
<PAGE> 25
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PACIFIC RIM INTERNET SCIENCE &
EMERGING MARKETS TECHNOLOGIES TECHNOLOGY
TRUST TRUST TRUST
-------------------------- -----------------------------------------------
SIX MONTHS 05/01/2000* SIX MONTHS
ENDED YEAR TO ENDED YEAR
6/30/00 ENDED 6/30/00 6/30/00 ENDED
(UNAUDITED) 12/31/99 (UNAUDITED) (UNAUDITED) 12/31/99
------------ ----------- ----------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
Increase in net assets from:
Operations:
Net investment income (loss) $ 356,045 $ 426,377 $ (4,951) $ 4,878,147) $ (2,002,999)
Net realized gain (loss) on:
Investment transactions 5,891,625 1,705,214 (8,240) 33,203,175 121,073,536
Foreign currency and forward foreign
currency contracts 136,280 (77,478) -- (247,127) (111,800)
Change in unrealized appreciation (depreciation) on:
Investments (11,181,805) 24,461,774 1,704,408 (94,523,314) 314,096,686
Foreign currency and forward foreign
currency contracts 56,572 13,596 -- 42 (1,470)
------------ ----------- ----------- --------------- ---------------
Net increase (decrease) in net assets resulting
from operations (4,741,283) 26,529,483 1,691,217 (66,445,371) 433,053,953
Distribution to shareholders from:
Net investment income (349,336) (755,968) -- -- --
Net realized gains on investments
and foreign currency transactions -- -- -- (38,952,644) (78,452,440)
Distribution to shareholders
In excess of net investment income -- (735,566) -- -- --
------------ ----------- ----------- --------------- ---------------
Total distributions (349,336) (1,491,534) -- (38,952,644) (78,452,440)
Increase in net assets from capital
share transactions (Note 4) 11,515,664 41,719,598 29,311,361 590,237,230 610,567,989
------------ ----------- ----------- --------------- ---------------
Increase in net assets 6,425,045 66,757,547 31,002,578 484,839,215 965,169,502
Net assets at beginning of period 94,753,005 27,995,458 -- 1,144,454,065 179,284,563
------------ ----------- ----------- --------------- ---------------
Net assets at end of period $101,178,050 $94,753,005 $31,002,578 $ 1,629,293,280 $ 1,144,454,065
============ =========== =========== =============== ===============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
21
<PAGE> 26
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL EMERGING
SMALL CAP AGGRESSIVE GROWTH SMALL COMPANY
TRUST TRUST TRUST
-----------------------------------------------------------------------------------------
SIX MONTH SIX MONTH SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/00 ENDED 6/30/00 ENDED 6/30/00 ENDED
(UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99
------------ ------------- ------------- ---------------------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment loss $ (926,380) $ (611,903) $ (650,470) $ (588,808) $ (176,737) $ (1,038,957)
Net realized gain (loss) on:
Investment transactions 13,161,844 67,864,657 27,070,378 21,652,907 8,914,202 56,438,943
Futures and options contracts -- -- -- (913,664) -- (174,744)
Foreign currency and forward
foreign currency contracts (2,062,600) (918,053) -- -- -- --
Change in unrealized appreciation
(depreciation) on:
Investments (58,624,148) 43,457,530 4,962,116 6,872,345 52,918,531 137,960,108
Foreign currency and forward
foreign currency contracts 35,291 (48,530) -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations (48,415,993) 109,743,701 31,382,024 27,022,780 61,655,996 193,185,350
Distribution to shareholders from:
Net investment income -- (500,048) -- -- -- --
Net realized gains on
investments, futures and
foreign currency transactions (62,632,809) -- -- -- (54,991,310) (4,061,968)
------------- ------------- ------------- ------------- ------------- -------------
Total distributions (62,632,809) (500,048) -- -- (54,991,310) (4,061,968)
Increase (decrease) in net assets from
capital share transactions (Note 4) 167,805,681 (17,181,188) 165,480,792 (34,529,443) 152,258,471 (36,608,252)
------------- ------------- ------------- ------------- ------------- -------------
Increase (decrease) in net assets 56,756,879 92,062,465 196,862,816 (7,506,663) 158,923,157 152,515,130
Net assets at beginning of period 239,960,674 147,898,209 135,502,941 143,009,604 453,151,948 300,636,818
------------- ------------- ------------- ------------- ------------- -------------
Net assets at end of period $ 296,717,553 $ 239,960,674 $ 332,365,757 $ 135,502,941 $ 612,075,105 $ 453,151,948
============= ============= ============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
22
<PAGE> 27
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY DYNAMIC MID CAP
BLEND GROWTH STOCK
TRUST TRUST TRUST
-------------------------- ------------ ---------------------------
SIX MONTHS 5/01/2000* SIX MONTHS
ENDED YEAR TO ENDED YEAR
06/30/2000 ENDED 06/30/2000 06/30/2000 ENDED
(UNAUDITED) 12/31/1999 (UNAUDITED) (UNAUDITED) 12/31/1999
------------ ------------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income (loss) $ (70,405) $ (23,435) $ 108,002 $ (9,931) $ (72,096)
Net realized gain (loss) on:
Investment transactions 6,961,846 1,585,805 298,089 (5,795,286) (1,978,783)
Foreign currency and forward
foreign currency contracts -- (2) -- -- --
Change in unrealized appreciation
(depreciation) on:
Investments (2,330,421) 7,936,198 (516,133) 1,829,184 3,606,412
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations 4,561,020 9,498,566 (110,042) (3,976,033) 1,555,533
Distribution to shareholders from:
Net realized gains on investments,
futures and foreign currency
transactions (541,503) (1,020,865) -- -- --
------------ ------------ ------------ ------------ ------------
Total distributions (541,503) (1,020,865) -- -- --
Increase (decrease) in net assets from
capital share transactions (Note 4) 32,256,596 45,036,559 60,329,363 (12,133,493) 97,954,642
------------ ------------ ------------ ------------ ------------
Increase (decrease) in net assets 36,276,113 53,514,260 60,219,321 (16,109,526) 99,510,175
Net assets at beginning of period 53,514,260 -- -- 99,510,175 --
------------ ------------ ------------ ------------ ------------
Net assets at end of period $ 89,790,373 $ 53,514,260 $ 60,219,321 $ 83,400,649 $ 99,510,175
============ ============ ============ ============ ============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
23
<PAGE> 28
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ALL CAP GROWTH TRUST INTERNATIONAL
(FORMERLY, MID CAP GROWTH OVERSEAS STOCK
TRUST) TRUST TRUST
------------------------- --------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/00 ENDED 6/30/00 ENDED 6/30/00 ENDED
(UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99
----------- ----------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income (loss) $(1,761,332) $(2,116,253) $ 1,595,104 $ 2,045,476 $ 635,429 $ 1,149,294
Net realized gain (loss) on:
Investment transactions 40,342,703 61,094,831 24,295,208 33,604,875 5,978,956 18,675,048
Futures and options contracts 2,168,767 96,945 117,867 (39,264) -- --
Foreign currency and forward
foreign currency contracts -- -- (69,057) 763,055 214,928 (200,544)
Change in unrealized appreciation
(depreciation) on:
Investments 18,508,004 36,532,659 (44,701,121) 74,964,607 (15,723,673) 35,664,027
Futures contracts -- -- (64,886) 64,886 -- --
Options (349,399) -- -- -- -- --
Foreign currency and forward
foreign currency contracts -- -- (12,581) (184,989) 5,280 (9,622)
----------- ----------- ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations 58,908,743 95,608,182 (18,839,466) 111,218,646 (8,889,080) 55,278,203
Distribution to shareholders from:
Net investment income -- -- (3,816,198) -- (67,065) (939,920)
Net realized gains on investments,
futures and foreign currency
transactions (58,405,316) 55,167,921) (33,231,331) -- (1,225,703) (17,972,744)
------------ ----------- ------------ ------------ ------------ ------------
Total distributions (58,405,316) 55,167,921) (37,047,529) -- (1,292,768) (18,912,664)
Increase (decrease) in net assets from
capital share transactions (Note 4) 268,860,035 27,124,388 160,334,634 74,453,910 64,165,289 (38,739,606)
------------ ----------- ------------ ------------ ------------ ------------
Increase (decrease) in net assets 269,363,462 67,564,649 104,447,639 185,672,556 53,983,441 (2,374,067)
Net assets at beginning of period 662,673,802 95,109,153 404,223,267 218,550,711 231,728,704 234,102,771
------------ ----------- ------------ ------------ ------------ ------------
Net assets at end of period $932,037,264 $62,673,802 $508,670,906 $404,223,267 $285,712,145 $231,728,704
============ =========== ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
24
<PAGE> 29
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL SMALL
VALUE MID CAP BLEND COMPANY VALUE
TRUST TRUST TRUST
-------------------------- ------------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED 05/01/1999* ENDED YEAR ENDED YEAR
6/30/2000 TO 6/30/2000 ENDED 6/30/2000 ENDED
(UNAUDITED) 12/31/1999 (UNAUDITED) 12/31/1999 (UNAUDITED) 12/31/1999
------------ ------------ -------------- -------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $ 1,466,960 $ 601,389 $ 2,749,675 $ 5,199,214 $ 74,033 $ 159,652
Capital gain distributions received -- -- -- -- -- --
Net realized gain (loss) on:
Investment transactions 675,771 303,161 188,403,827 234,512,411 3,779,403 1,909,906
Futures and options contracts -- -- (178,808) 915,429 -- --
Foreign currency and forward
foreign currency contracts (218,610) (109,395) 18,512 76,181 (5) --
Change in unrealized appreciation
(depreciation) on:
Investments (831,340) 4,332,806 (206,473,318) 138,462,147 (2,599,580) 1,506,359
Foreign currency and forward
foreign currency contracts 5,439 (445) (1,553) (10,400) -- --
------------ ------------ -------------- -------------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations 1,098,220 5,127,516 (15,481,665) 379,154,982 1,253,851 3,575,917
Distribution to shareholders from:
Net investment income (509,256) -- (5,093,411) (6,563,301) (125,033) (105,452)
Net realized gains on investments,
futures and foreign currency
transactions (303,161) -- (237,375,725) (170,802,927) -- --
------------ ------------ -------------- -------------- ------------ ------------
Total distributions (812,417) -- (242,469,136) (177,366,228) (125,033) (105,452)
Increase (decrease) in net assets from
capital share transactions (Note 4) 36,583,757 95,842,072 151,181,151 (84,729,370) 13,445,705 (76,637,904)
------------ ------------ -------------- -------------- ------------ ------------
Increase (decrease) in net assets 36,869,560 100,969,588 (106,769,650) 117,059,384 14,574,523 (73,167,439)
Net assets at beginning of period 100,969,588 -- 1,673,227,987 1,556,168,603 89,167,293 162,334,732
------------ ------------ -------------- -------------- ------------ ------------
Net assets at end of period $137,839,148 $100,969,588 $1,566,458,337 $1,673,227,987 $103,741,816 $ 89,167,293
============ ============ ============== ============== ============ ============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
25
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STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL EQUITY GROWTH LARGE CAP GROWTH
TRUST TRUST TRUST
--------------------------- ----------------------------- ------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
06/30/2000 ENDED 06/30/2000 ENDED 06/30/2000 ENDED
(UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99
------------- ------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net
assets from:
Operations:
Net investment income (loss) $ 6,221,901 $ 9,980,445 $ ( 659,454) $ (803,576) $ (150,509) $ 1,374,378
Net realized gain (loss) on:
Investment transactions 62,061,660 77,601,396 45,786,903 75,873,948 21,158,924 70,613,051
Futures and options
contracts -- -- -- 178,770 -- 600,561
Foreign currency and forward
foreign currency contracts 7,717,171 183,397 -- (11,504) 7,840 (164,609)
Change in unrealized appreciation
(depreciation) on:
Investments (45,505,602) (61,686,373) (14,909,002) 77,260,171 (18,457,248) 4,474,513
Futures contracts -- -- -- -- -- (133,291)
Foreign currency and forward
foreign currency contracts (3,577,041) 4,010,954 (210) 10,829 (2,326) (3,088)
------------ ------------ ------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations 26,918,089 30,089,819 30,218,237 152,508,638 2,556,681 76,761,515
Distribution to shareholders from:
Net investment income (14,174,688) (5,423,428) -- (956,654) (1,269,911) (4,041,499)
Net realized gains on
investments, futures and
foreign currency transactions (80,834,289) (88,486,537) (76,096,002) (17,085,959) (73,144,646) (24,147,307)
------------ ------------ ------------- ------------- ------------- -------------
Total distributions (95,008,977) (93,909,965) (76,096,002) (18,042,613) (74,414,557) (28,188,806)
Increase (decrease) in net assets
from capital share transactions
(Note 4) (15,632,156) (27,015,745) 219,378,056 208,487,269 220,866,255 91,130,824
------------ ------------ ------------- ------------- ------------- -------------
Increase (decrease) in net assets (83,723,044) (90,835,891) 173,500,291 342,953,294 149,008,379 139,703,533
Net assets at beginning of period 837,727,730 928,563,621 642,947,770 299,994,476 402,585,257 262,881,724
------------ ------------ ------------- ------------- ------------- -------------
Net assets at end of period $754,004,686 $837,727,730 $ 816,448,061 $ 642,947,770 $ 551,593,636 $ 402,585,257
============ ============ ============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
26
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MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
QUANTITATIVE BLUE CHIP REAL ESTATE
EQUITY GROWTH SECURITIES
TRUST TRUST TRUST
-------------------------- ------------------------------- ---------------------------
SIX MONTHS SIX MONTHS SIX MOTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/00 ENDED 6/30/00 ENDED 6/30/00 ENDED
(UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99
------------ ------------ -------------- -------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets from:
Operations:
Net investment income (loss) $ 733,594 $ 1,970,981 $ (861,459) $ 887,001 $ 4,791,648 $ 9,391,759
Net realized gain (loss) on:
Investment transactions 59,330,212 59,551,059 46,421,341 82,668,675 (3,520,406) (29,820,928)
Foreign currency and forward
foreign currency contracts -- -- (14,508) (15,872) -- --
Change in unrealized appreciation
(depreciation) on:
Investments (12,676,635) 11,635,061 78,582,252 181,383,806 13,534,153 6,725,127
Foreign currency and forward
foreign currency contracts -- -- (16) (62) -- --
------------ ----------- -------------- -------------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations 47,387,171 73,157,101 124,127,610 264,923,548 14,805,395 (13,704,042)
Distribution to shareholders from:
Net investment income (1,884,589) (2,089,131) (796,216) (3,087,681) (7,799,526) (7,390,951)
Net realized gains on investments
and foreign currency transactions (59,551,914) (26,012,081) (82,180,080) (53,476,374) -- --
------------ ------------ -------------- -------------- ------------ ------------
Total distributions (61,436,503) (28,101,212) (82,976,296) (56,564,055) (7,799,526) (7,390,951)
Increase (decrease) in net assets from
capital share transactions (Note 4) 105,897,184 132,378,612 270,912,324 384,712,051 1,216,722 56,018,845
------------ ------------ -------------- -------------- ------------ ------------
Increase in net assets 91,847,852 177,434,501 312,063,638 593,071,544 8,225,591 34,923,852
Net assets at beginning of period 431,909,361 254,474,860 1,734,233,067 1,141,161,523 196,756,023 161,832,171
------------ ------------ -------------- -------------- ------------ ------------
Net assets at end of period $523,757,213 $431,909,361 $2,046,296,705 $1,734,233,067 $204,978,614 $196,756,023
============ ============ ============== ============== ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
27
<PAGE> 32
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tactical
VALUE ALLOCATION EQUITY INDEX
TRUST TRUST TRUST
----------------------------- ------------- ----------------------------
SIX MONTHS 05/01/2000* SIX MONTHS
ENDED YEAR TO ENDED YEAR
06/30/2000 ENDED 06/30/2000 06/30/2000 ENDED
(UNAUDITED) 12/31/1999 (UNAUDITED) (UNAUDITED) 12/31/1999
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $ 753,066 $ 2,093,501 $ 122,877 $ 596,139 $ 1,032,871
Net realized gain (loss) on:
Investment transactions 1,379,770 2,110,435 (100,859) 364,074 831,620
Futures contracts -- -- -- 10,094 713,926
Foreign currency and forward foreign
currency contracts -- -- -- -- 30
Change in unrealized appreciation
(depreciation) on:
Investments (8,347,222) 2,074,449 (58,815) (1,566,150) 14,467,975
Futures contracts -- -- -- (111,157) 44,856
------------- ------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations (6,214,386) 6,278,385 (36,797) (707,000) 17,091,278
Distribution to shareholders from:
Net investment income -- (2,094,968) -- -- (1,033,741)
Net realized gains on investments,
futures and foreign currency
transactions -- (2,110,435) -- (346,950) (1,748,709)
Distribution to shareholders
In excess of net realized gains on
investments and foreign currency
transactions -- (418,947) -- -- --
------------- ------------- ------------- ------------- -------------
Total distributions -- (4,624,350) -- (346,950) (2,782,450)
Increase (decrease) in net assets from
capital share transactions (Note 4) (5,947,390) (110,929,533) 42,310,591 9,630,240 37,173,941
------------- ------------- ------------- ------------- -------------
Increase (decrease) in net assets (12,161,776) (109,275,498) 42,273,794 8,576,290 51,482,769
Net assets at beginning of period 146,278,988 255,554,486 -- 114,774,954 63,292,185
------------- ------------- ------------- ------------- -------------
Net assets at end of period $ 134,117,212 $ 146,278,988 $ 42,273,794 $ 123,351,244 $ 114,774,954
============= ============= ============= ============= =============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
28
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MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. LARGE CAP
GROWTH & INCOME VALUE EQUITY-INCOME
TRUST TRUST TRUST
------------------------------ -------------------------- ------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
06/30/2000 ENDED 06/30/2000 ENDED 06/30/2000 ENDED
(UNAUDITED) 12/31/1999 (UNAUDITED) 12/31/1999 (UNAUDITED) 12/31/1999
-------------- -------------- ------------ ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $ 4,920,618 $ 17,383,652 $ 782,262 $ 572,429 $ 9,669,940 $ 19,391,088
Net realized gain (loss) on:
Investment transactions 77,008,090 182,201,245 1,251,299 1,533,279 52,461,477 99,860,193
Foreign currency and forward
foreign currency contracts -- (1,641) (12) -- (10,219) (59,761)
Change in unrealized appreciation
(depreciation) on:
Investments (61,875,815) 276,366,400 5,424,825 5,435,868 (94,279,747) (81,285,317)
Foreign currency and forward
foreign currency contracts -- 761 -- -- 5,181 (1,174)
-------------- -------------- ------------ ------------ -------------- --------------
Net increase (decrease) in net assets
resulting from operations 20,052,893 475,950,417 7,458,374 7,541,576 (32,153,368) 37,905,029
Distribution to shareholders from:
Net investment income (17,382,011) (16,252,305) (565,664) -- (18,891,147) (21,363,276)
Net realized gains on
investments and foreign
currency transactions (182,201,245) (73,217,857) (1,533,279) -- (100,472,671) (55,202,191)
-------------- -------------- ------------ ------------ -------------- --------------
Total distributions (199,583,256) (89,470,162) (2,098,943) -- (119,363,818) (76,565,467)
Increase (decrease) in net assets from
capital share transactions (Note 4) 219,816,709 510,621,747 138,298,212 203,182,949 24,846,946 (38,421,374)
-------------- -------------- ------------ ------------ -------------- --------------
Increase (decrease) in net assets 40,286,346 897,102,002 143,657,643 210,724,525 (126,670,240) (77,081,812)
Net assets at beginning of period 3,187,219,609 2,290,117,607 210,724,525 -- 1,011,260,252 1,088,342,064
-------------- -------------- ------------ ------------ -------------- --------------
Net assets at end of period $3,227,505,955 $3,187,219,609 $354,382,168 $210,724,525 $ 884,590,012 $1,011,260,252
============== ============== ============ ============ ============== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
29
<PAGE> 34
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME & VALUE BALANCED HIGH YIELD
TRUST TRUST TRUST
---------------------------- ---------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
06/30/2000 ENDED 06/30/2000 ENDED 06/30/2000 ENDED
(UNAUDITED) 12/31/1999 (UNAUDITED) 12/31/1999 (UNAUDITED) 12/31/1999
------------- ------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets
from:
Operations:
Net investment income $ 7,887,220 $ 15,095,656 $ 2,041,753 $ 8,095,227 $ 11,372,655 $ 18,366,420
Net realized gain (loss) on:
Investment transactions 14,921,293 124,510,597 (6,531,985) 2,183,915 (2,468,749) (2,179,396)
Futures contracts -- (208,857) -- -- 89,152 324,285
Foreign currency and forward
foreign currency contracts (432) (410,146) (11,807) 50,246 995,082 1,442,587
Change in unrealized appreciation
(depreciation) on:
Investments (9,115,913) (88,066,184) 6,562,166 (14,122,890) (12,827,986) (2,770,932)
Futures contracts -- -- -- -- 100,937 282,774
Foreign currency and forward
foreign currency contracts 504 (4,236) 5,144 (7,028) (196,575) 202,491
------------- ------------- ------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 13,692,672 50,916,830 2,065,271 (3,800,530) (2,935,484) 15,668,229
Distribution to shareholders from:
Net investment income (15,210,363) (17,926,561) (8,076,392) (5,554,804) (801,552) (18,396,822)
Net realized gains on
investments, futures and
foreign currency
transactions (123,521,740) (51,417,390) (2,284,425) (13,468,699) -- --
Distribution to shareholders
In excess of net investment
income -- -- -- -- -- (875,053)
------------- ------------- ------------- ------------- ------------- -------------
Total distributions (138,732,103) (69,343,951) (10,360,817) (19,023,503) (801,552) (19,271,875)
Increase (decrease) in net assets from
capital share transactions (Note 4) 82,662,602 40,240,183 (16,711,947) 26,527,898 14,344,173 52,252,907
------------- ------------- ------------- ------------- ------------- -------------
Increase (decrease) in net assets (42,376,829) 21,813,062 (25,007,493) 3,703,865 10,607,137 48,649,261
Net assets at beginning of period 639,823,943 618,010,881 258,157,695 254,453,830 241,003,512 192,354,251
------------- ------------- ------------- ------------- ------------- -------------
Net assets at end of period $ 597,447,114 $ 639,823,943 $ 233,150,202 $ 258,157,695 $ 251,610,649 $ 241,003,512
============= ============= ============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
30
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MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC BOND GLOBAL BOND TOTAL RETURN
TRUST TRUST TRUST
--------------------------- ---------------------------- -----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/00 ENDED 6/30/00 ENDED 6/30/00 ENDED
(UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99
------------- ------------ ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets
from:
Operations:
Net investment income $ 14,524,702 $ 32,259,552 $ 2,956,937 $ 7,331,423 $ 7,927,829 $ 6,783,957
Net realized gain (loss) on:
Investment transactions (133,633) (9,523,555) 3,034,499 (901,127) 646,551 2,368
Futures and options contracts (708,065) -- (1,831,754) (1,873,973) (3,242,684) (1,149,016)
Interest rate swaps -- -- (48,521) (180,323) (179,489) (121,549)
Foreign currency and forward
foreign currency contracts (3,747,238) (1,034,962) (3,242,087) (4,686,289) 400,102 35,603
Change in unrealized appreciation
(depreciation) on:
Investments (2,632,847) (12,904,237) (1,416,912) (12,336,871) 1,965,355 (6,074,315)
Futures contracts -- -- 59,517 92,977 1,774,156 (827,374)
Options -- -- (865,772) 1,539 109,514 (46,995)
Swaps -- -- (85,227) 4,800 124,109 --
Foreign currency and forward
foreign currency contracts (10,914) (113,891) 92,239 (17,754) (19,056) 54,191
------------- ------------ ------------ ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 7,292,005 8,682,907 (1,347,081) (12,565,598) 9,506,387 (1,343,130)
Distribution to shareholders from:
Net investment income (30,615,111) (30,665,785) (4,056,680) (16,839,448) (6,889,595) --
------------- ------------ ------------ ------------- ------------- -------------
Total distributions (30,615,111) (30,665,785) (4,056,680) (16,839,448) (6,889,595) --
Increase (decrease) in net assets from
capital share transactions (Note 4) (15,604,681) (53,032,944) (20,468,269) (21,592,911) 68,794,932 241,359,211
------------- ------------ ------------ ------------- ------------- -------------
Increase (decrease) in net assets (38,927,787) (75,015,822) (25,872,030) (50,997,957) 71,411,724 240,016,081
Net assets at beginning of period 368,398,673 443,414,495 145,992,171 196,990,128 240,016,081 --
------------- ------------ ------------ ------------- ------------- -------------
Net assets at end of period $ 329,470,886 $368,398,673 $120,120,141 $ 145,992,171 $ 311,427,805 $ 240,016,081
============= ============ ============ ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
31
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MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT DIVERSIFIED U.S. GOVERNEMENT
QUALITY BOND BOND SECURITIES
TRUST TRUST TRUST
---------------------------- ---------------------------- -----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/00 ENDED 6/30/00 ENDED 6/30/00 ENDED
(UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets
from:
Operations:
Net investment income $ 9,689,130 $ 21,009,763 $ 6,735,640 $ 11,041,464 $ 10,835,256 $ 24,018,698
Net realized gain (loss) on:
Investment transactions (3,835,830) (2,060,385) (3,343,937) 14,952,677 (7,937,378) (5,800,407)
Futures and options contracts -- -- -- (134,255) -- --
Foreign currency and forward
foreign currency contracts -- -- (84) (69,252) -- --
Change in unrealized appreciation
(depreciation) on:
Investments 2,436,073 (25,340,525) 1,811,751 (24,758,278) 7,834,797 (18,778,446)
Foreign currency and forward
foreign currency contracts -- -- 83 (301) -- --
------------ ------------- ------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 8,289,373 (6,391,147) 5,203,453 1,032,055 $ 10,732,675 (560,155)
Distribution to shareholders from:
Net investment income (21,087,951) (17,104,902) (11,144,465) (7,999,543) (24,755,195) (18,022,070)
Net realized gains on
investments, futures and
foreign currency transactions -- -- (14,635,985) (10,064,425) -- --
------------ ------------- ------------- ------------- ------------- -------------
Total distributions (21,087,951) (17,104,902) (25,780,450) (18,063,968) (24,755,195) (18,022,070)
Increase (decrease) in net assets
from capital share transactions
(Note 4) (1,745,268) (20,900) (2,646,441) 39,100,258 (50,809,209) 18,235,263
------------ ------------- ------------- ------------- ------------- -------------
Increase (decrease) in net assets (14,543,846) (23,516,949) (23,223,438) 22,068,345 (64,831,729) (346,962)
Net assets at beginning of period 288,593,795 312,110,744 218,868,316 196,799,971 363,268,511 363,615,473
------------ ------------- ------------- ------------- ------------- -------------
Net assets at end of period $274,049,949 $ 288,593,759 $ 195,644,878 $ 218,868,316 $ 298,436,782 $ 363,268,511
============ ============= ============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
32
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MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP INTERNATIONAL
MONEY MARKET INDEX INDEX
TRUST TRUST TRUST
---------------------------------- --------------- ----------------
SIX MONTHS 05/01/2000* 05/01/2000*
ENDED YEAR TO ENDED
6/30/00 ENDED 6/30/00 6/30/00
(UNAUDITED) 12/31/99 (UNAUDITED) (UNAUDITED)
--------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $ 24,220,364 $ 36,629,783 $ 279,243 $ 211,125
Net realized gain (loss) on:
Investment transactions -- -- (419) (37,382)
Futures contracts -- -- (322,069) --
Foreign currency and forward foreign
currency contracts -- -- -- 330,630
Change in unrealized appreciation (depreciation) on:
Investments -- -- -- 11,409
Futures contracts -- -- 80,203 (5,677)
Foreign currency and forward foreign
currency contracts -- -- -- 2,326
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets resulting
from operations 24,220,364 36,629,783 36,958 512,431
Distribution to shareholders from:
Net investment income (24,220,364) (36,629,783) -- --
--------------- --------------- --------------- ---------------
Total distributions (24,220,364) (36,629,783) -- --
Increase (decrease) in net assets from capital
share transactions (Note 4) (195,562,350) 475,021,391 31,641,317 46,665,547
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets (195,562,350) 475,021,391 31,678,275 47,177,978
Net assets at beginning of period 1,084,858,546 609,837,155 -- --
--------------- --------------- --------------- ---------------
Net assets at end of period $ 889,296,196 $ 1,084,858,546 $ 31,678,275 $ 47,177,978
=============== =============== =============== ===============
</TABLE>
The accompanying notes are an integral part of the financial statements.
33
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MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID CAP TOTAL STOCK
INDEX MARKET 500 INDEX
TRUST TRUST TRUST
------------- ------------ -------------
05/01/2000 05/01/2000 05/01/2000
TO TO TO
06/30/2000 06/30/2000 06/30/2000
(UNAUDITED) (UNAUDITED) (UNAUDITED)
------------- ------------ -------------
<S> <C> <C> <C>
Increase in net assets from:
Operations:
Net investment income $ 30,530 $ 80,504 $ 72,870
Net realized gain (loss) on:
Investment transactions 38,498 (933) 64,209
Futures contracts (5,274) 99,666 (68,142)
Change in unrealized appreciation (depreciation) on:
Investments (154,718) (287,446) (211,013)
Futures contracts (38,248) (33,632) (84,869)
Foreign currency and forward foreign
currency contracts -- 1 --
------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (129,212) (141,840) (226,945)
------------ ------------ ------------
Increase in net assets from capital
share transactions (Note 4) 16,379,315 47,333,707 38,941,875
------------ ------------ ------------
Increase in net assets 16,250,103 47,191,867 38,714,930
Net assets at beginning of period -- -- --
------------ ------------ ------------
Net assets at end of period $ 16,250,103 $ 47,191,867 $ 38,714,930
============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
34
<PAGE> 39
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE LIFESTYLE LIFESTYLE
AGGRESSIVE 1000 GROWTH 820 BALANCED 640
TRUST TRUST TRUST
-------------------------- ---------------------------- ------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/00 ENDED 6/30/00 ENDED 6/30/00 ENDED
(UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99
------------ ----------- ------------ ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets from:
Operations:
Net investment income $ 457,689 $ 475,768 $ 4,816,361 $ 6,070,916 $ 8,820,043 $ 10,740,850
Capital gain distributions received
from mutual funds 4,724,532 1,535,714 19,225,366 6,895,287 14,315,982 6,798,579
Net realized gain on:
Investment transactions 4,010,180 2,317,152 14,815,508 15,412,938 8,518,246 11,553,939
Change in unrealized appreciation
(depreciation) on:
Investments (7,144,210) 6,907,750 (33,556,396) 28,023,635 (15,790,953) 15,135,721
------------ ----------- ------------ ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 2,048,191 11,236,384 5,300,839 56,402,776 15,863,318 44,229,089
Distribution to shareholders from:
Net investment income (471,693) (475,768) (4,859,630) (6,070,916) (8,863,455) (10,740,850)
Capital gain distributions
received from mutual funds (4,724,532) (1,535,714) (19,225,366) (6,895,287) (14,315,982) (6,798,579)
Net realized gains on
investments (230,631) (1,903,020) (11,552,885) (6,957,893) (10,244,465) (5,263,076)
Distribution to shareholders
In excess of net investment
income -- (52,051) -- -- -- --
------------ ----------- ------------ ------------- ------------- -------------
Total distributions (5,426,856) (3,966,553) (35,637,881) (19,924,096) (33,423,902) (22,802,505)
Increase (decrease) in net assets from
capital share transactions (Note 4) 37,377,441 5,277,916 110,009,275 (2,530,643) 90,704,296 17,747,995
------------ ----------- ------------ ------------- ------------- -------------
Increase in net assets 33,998,776 12,547,747 79,672,233 33,948,037 73,143,712 39,174,579
Net assets at beginning of period 93,072,752 80,525,005 414,257,040 380,309,003 416,706,032 377,531,453
------------ ----------- ------------ ------------- ------------- -------------
Net assets at end of period $127,071,528 $93,072,752 $493,929,273 $ 414,257,040 $ 489,849,744 $ 416,706,032
============ =========== ============ ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
35
<PAGE> 40
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE LIFESTYLE
MODERATE 460 CONSERVATIVE 280
TRUST TRUST
------------------------------ ------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
6/30/00 ENDED 6/30/00 ENDED
(UNAUDITED) 12/31/99 (UNAUDITED) 12/31/99
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Operations:
Net investment income $ 7,091,473 $ 4,439,139 $ 3,421,152 $ 4,191,943
Capital gain distributions received from mutual funds 5,101,901 2,403,259 1,131,383 1,842,148
Net realized gain (loss) on:
Investment transactions (4,222,310) 6,666,705 (454,884) 1,534,128
Change in unrealized appreciation (depreciation) on:
Investments (3,431,350) (1,640,323) (1,457,486) (3,520,387)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations 4,539,714 11,868,780 2,640,165 4,047,832
Distribution to shareholders from:
Net investment income (7,109,935) (4,439,139) (3,433,251) (4,191,943)
Capital gain distributions received
from mutual funds (5,101,901) (2,403,259) (1,131,383) (1,842,148)
Net realized gains on investments (7,486,527) (2,179,014) (1,674,971) (472,028)
------------- ------------- ------------- -------------
Total distributions (19,698,363) (9,021,412) (6,239,605) (6,506,119)
Increase (decrease) in net assets from capital
share transactions (Note 4) 23,171,617 26,524,887 (4,553,883) 30,489,862
------------- ------------- ------------- -------------
Increase in net assets 8,012,968 29,372,255 (8,153,323) 28,031,575
Net assets at beginning of period 167,500,007 138,127,752 106,435,113 78,403,538
------------- ------------- ------------- -------------
Net assets at end of period $ 175,512,975 $ 167,500,007 $ 98,281,789 $ 106,435,113
============= ============= ============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
36
<PAGE> 41
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,
6/30/2000#
--------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.88 $ 6.83 $ 7.16 $ 10.90 $ 10.36 $ 9.41
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.03 0.09 0.08 0.05 0.07 0.12
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.66) 4.17 (0.41) (3.77) 0.94 0.96
---------------------------------------------------------------------
Total from investment operations (0.63) 4.26 (0.33) (3.72) 1.01 1.08
---------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.04) (0.21) -- -- (0.08) (0.09)
Distributions from capital gains -- -- -- (0.02) (0.39) (0.04)
---------------------------------------------------------------------
Total distributions (0.04) (0.21) -- (0.02) (0.47) (0.13)
---------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 10.21 $ 10.88 $ 6.83 $ 7.16 $ 10.90 $ 10.36
=====================================================================
TOTAL RETURN (5.83)%+ 62.87% (4.61)% (34.12)% 9.81% 11.47%
Net assets, end of period (000's) $ 101,178 $94,753 $27,995 $23,850 $23,241 $13,057
Ratio of operating expenses to average net assets 1.04%(A) 1.11% 1.21% 1.42% 1.50% 1.50%
Ratio of net investment income to average net assets 0.71%(A) 0.90% 1.21% 0.65% 0.78% 1.01%
Portfolio turnover rate 26%(A) 42% 62% 63% 48% 55%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
37
<PAGE> 42
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNET
TECHNOLOGIES
TRUST
------------
5/01/2000*
TO
6/30/2000#
(UNAUDITED)
------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net realized and unrealized gain on
investments and foreign currency transactions 0.54
----------
Total from investment operations 0.54
----------
NET ASSET VALUE, END OF PERIOD $ 13.04
==========
TOTAL RETURN 4.32%+
Net assets, end of period (000's) $ 31,003
Ratio of operating expenses to average net assets 1.56%(A)
Ratio of net investment loss to average net assets (0.17)%(A)
Portfolio turnover rate 1%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the period May 1, 2000 (commencement of operations) to June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
38
<PAGE> 43
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SCIENCE & TECHNOLOGY TRUST
-------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/1/1997*
6/30/2000# --------------------------- TO
(UNAUDITED) 1999 1998 12/31/97
-------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 36.17 $ 19.52 $ 13.62 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment loss (0.07) (0.06) (0.09) (0.04)
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (1.08) 19.43 5.99 1.38
-----------------------------------------------------------------
Total from investment operations (1.15) 19.37 5.90 1.34
-----------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Distributions from capital gains (0.92) (2.72) -- (0.04)
Distributions in excess of capital gains -- -- -- (0.18)
-----------------------------------------------------------------
Total distributions (0.92) (2.72) -- (0.22)
-----------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 34.10 $ 36.17 $ 19.52 $ 13.62
=================================================================
TOTAL RETURN (3.25)%+ 99.49% 43.32% 10.71%
Net assets, end of period (000's) $1,629,293 $1,144,454 $179,285 $67,348
Ratio of operating expenses to average net assets 1.14%(A) 1.16% 1.21% 1.26%
Ratio of net investment loss to average net assets (0.67)%(A) (0.40)% (0.73)% (0.54)%
Portfolio turnover rate 122%(A) 113% 105% 121%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
39
<PAGE> 44
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL SMALL CAP TRUST
---------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 3/04/1996*
6/30/2000# ---------------------------------- TO
(UNAUDITED) 1999 1998 1997 12/31/96
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 28.16 $ 15.28 $ 13.70 $ 13.60 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income (loss) (0.01) (0.07) 0.07 0.08 0.06
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (1.76) 13.00 1.56 0.03 1.09
-------------------------------------------------------------
Total from investment operations (1.77) 12.93 1.63 0.11 1.15
-------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income -- (0.05) (0.05) (0.01) (0.05)
Distributions from capital gains (5.28) -- -- -- --
-------------------------------------------------------------
Total distributions (5.28) (0.05) (0.05) (0.01) (0.05)
-------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 21.11 $ 28.16 $ 15.28 $ 13.70 $ 13.60
=============================================================
TOTAL RETURN (8.81)%+ 84.92% 11.86% 0.79% 9.20%+
Net assets, end of period (000's) $296,718 $239,961 $147,898 $128,576 $97,218
Ratio of operating expenses to average net assets 1.49%(A) 1.37% 1.25% 1.31% 1.29%(A)
Ratio of net investment income (loss) to average net assets (0.56)%(A) (0.41)% 0.44% 0.63% 0.93%(A)
Portfolio turnover rate 568%(A) 309% 45% 74% 50%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
40
<PAGE> 45
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH TRUST
----------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/01/1997*
6/30/2000# ------------------------- TO
(UNAUDITED) 1999 1998 12/31/97
----------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 17.34 $ 13.04 $ 12.50 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment loss (0.01) (0.06) (0.07) (0.03)
Net realized and unrealized gain on
investments 3.55 4.36 0.61 0.03
-------------------------------------------------------------
Total from investment operations 3.54 4.30 0.54 --
-------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 20.88 $ 17.34 $ 13.04 $ 12.50
=============================================================
TOTAL RETURN 20.42%+ 32.98% 4.32% 0.00%
Net assets, end of period (000's) $332,366 $135,503 $143,010 $93,335
Ratio of operating expenses to average net assets 1.07%(A) 1.15% 1.14% 1.18%
Ratio of net investment loss to average net assets (0.58)%(A) (0.59)% (0.64)% (0.46)%
Portfolio turnover rate 94%(A) 161% 189% 63%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
41
<PAGE> 46
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EMERGING SMALL COMPANY TRUST
----------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/01/1997*
6/30/2000# ------------------------- TO
(UNAUDITED) 1999 1998 12/31/97
----------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 40.74 $ 23.82 $ 24.13 $ 20.60
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment loss (0.01) (0.09) (0.12) (0.02)
Net realized and unrealized gain on
investments 5.06 17.35 0.17 3.55
--------------------------------------------------------------
Total from investment operations 5.05 17.26 0.05 3.53
--------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Distributions from capital gains (4.37) (0.34) (0.36) --
--------------------------------------------------------------
Total distributions (4.37) (0.34) (0.36) --
--------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 41.42 $ 40.74 $ 23.82 $ 24.13
==============================================================
TOTAL RETURN 13.19%+ 73.53% 0.07% 17.14%
Net assets, end of period (000's) $612,075 $453,152 $300,637 $275,774
Ratio of operating expenses to average net assets 1.10%(A) 1.12% 1.10% 1.11%
Ratio of net investment loss to average net assets (0.06)%(A) (0.35)% (0.54)% (0.13)%
Portfolio turnover rate 22%(A) 136% 77% 120%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
42
<PAGE> 47
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY
BLEND TRUST
------------------------------------
SIX MONTHS
ENDED 5/01/1999*
6/30/2000# TO
(UNAUDITED) 12/31/99
------------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.76 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income (loss) (0.01) (0.01)
Net realized and unrealized gain on
investments 1.38 3.58
-----------------------------------
Total from investment operations 1.37 3.57
-----------------------------------
LESS DISTRIBUTIONS:
-------------------
Distributions from capital gains (0.11) (0.31)
-----------------------------------
Total distributions (0.11) (0.31)
-----------------------------------
NET ASSET VALUE, END OF PERIOD $ 17.02 $ 15.76
===================================
TOTAL RETURN 8.72%+ 25.86%+
Net assets, end of period (000's) $ 89,790 $ 53,514
Ratio of operating expenses to average net assets 1.20%(A) 1.30%(A)
Ratio of net investment loss to average net assets (0.19)%(A) (0.12)%(A)
Portfolio turnover rate 63%(A) 28%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
43
<PAGE> 48
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DYNAMIC
GROWTH
TRUST
-----------
5/01/2000*
TO
6/30/2000#
(UNAUDITED)
-----------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income --
Net realized and unrealized loss on
investments (0.48)
----------
Total from investment operations (0.48)
----------
NET ASSET VALUE, END OF PERIOD $ 12.02
==========
TOTAL RETURN (3.84)%+
Net assets, end of period (000's) $ 60,219
Ratio of operating expenses to average net assets 1.12%(A)
Ratio of net investment income to average net assets 1.87%(A)
Portfolio turnover rate 18%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the period May 1, 2000 (commencement of operations) to June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
44
<PAGE> 49
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID CAP STOCK TRUST
------------------------------------
SIX MONTHS
ENDED 5/01/1999*
6/30/2000# TO
(UNAUDITED) 12/31/99
------------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.60 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment loss -- (0.01)
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.45) 0.11
------------------------------------
Total from investment operations (0.45) 0.10
------------------------------------
NET ASSET VALUE, END OF PERIOD $ 12.15 $ 12.60
====================================
TOTAL RETURN (3.57)%+ 0.80%+
Net assets, end of period (000's) $ 83,401 $ 99,504
Ratio of operating expenses to average net assets 1.01%(A) 1.025%(A)
Ratio of net investment income to average net assets (0.02)%(A) (0.15)%(A)
Portfolio turnover rate 358%(A) 36%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
45
<PAGE> 50
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ALL CAP GROWTH TRUST
(FORMERLY, MID CAP GROWTH TRUST)
-----------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 3/04/1996*
6/30/2000# ------------------------------------ TO
(UNAUDITED) 1999 1998 1997 12/31/96
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 24.89 $ 19.77 $ 15.41 $ 13.37 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment loss (0.02) (0.08) (0.04) (0.04) --
Net realized and unrealized gain on
investments and foreign currency transactions 2.00 7.87 4.40 2.08 0.87
----------------------------------------------------------------------
Total from investment operations 1.98 7.79 4.36 2.04 0.87
----------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Distributions from capital gains (1.83) (2.67) -- -- --
----------------------------------------------------------------------
Total distributions (1.83) (2.67) -- -- --
----------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 25.04 $ 24.89 $ 19.77 $ 15.41 $ 13.37
======================================================================
TOTAL RETURN 8.18%+ 44.69% 28.29% 15.26% 6.96%+
Net assets, end of period (000's) $ 932,037 $662,674 $395,109 $268,377 $176,062
Ratio of operating expenses to average net assets 1.00%(A) 1.03% 1.04% 1.05% 1.10%(A)
Ratio of net investment loss to average net assets (0.44)%(A) (0.46)% (0.27)% (0.33)% (0.02)%(A)
Portfolio turnover rate 119%(A) 193% 150% 151% 67%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
46
<PAGE> 51
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
OVERSEES TRUST
----------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/09/1995*
6/30/2000# ------------------------------------------ TO
(UNAUDITED) 1999 1998 1997 1996 12/31/95
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.92 $ 11.33 $ 11.01 $ 11.77 $ 10.47 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.02 0.08 0.06 0.23 0.17 0.11
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.89) 4.51 0.88 (0.26) 1.15 0.59
-------------------------------------------------------------------
Total from investment operations (0.87) 4.59 0.94 (0.03) 1.32 0.70
-------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.13) -- (0.26) (0.22) (0.02) (0.12)
Distributions from capital gains (1.09) -- (0.36) (0.51) -- (0.11)
-------------------------------------------------------------------
Total distributions (1.22) -- (0.62) (0.73) (0.02) (0.23)
-------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 13.83 $ 15.92 $ 11.33 $ 11.01 $ 11.77 $ 10.47
===================================================================
TOTAL RETURN (5.62)%+ 40.51% 8.04% 0.08% 12.61% 6.98%+
Net assets, end of period (000's) $508,671 $404,223 $218,551 $203,776 $189,010 $88,638
Ratio of operating expenses to average net assets 1.17%(A) 1.21% 1.16% 1.12% 1.11% 1.47%(A)
Ratio of net investment income to average net assets 0.70%(A) 0.73% 0.61% 2.08% 1.82% 0.71%(A)
Portfolio turnover rate 116%(A) 147% 150% 166% 148% 112%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
47
<PAGE> 52
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL STOCK TRUST
-------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/01/1997*
6/30/2000# ----------------------------- TO
(UNAUDITED) 1999 1998 12/31/97
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.43 $ 12.98 $ 11.47 $ 11.47
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.05 0.08 0.09 0.04
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.74) 3.76 1.62 0.12
--------------------------------------------------------------------
Total from investment operations (0.69) 3.84 1.71 0.16
--------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.01) (0.07) (0.09) (0.03)
Distributions from capital gains (0.06) (1.32) (0.11) (0.13)
--------------------------------------------------------------------
Total distributions (0.07) (1.39) (0.20) (0.16)
--------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 14.67 $ 15.43 $ 12.98 $ 11.47
====================================================================
TOTAL RETURN (4.46)%+ 29.71% 14.91% 1.38%
Net assets, end of period (000's) $ 285,712 $ 231,729 $ 234,103 $ 145,253
Ratio of operating expenses to average net assets 1.24%(A) 1.25% 1.25% 1.38%
Ratio of net investment income to average net asset 0.50%(A) 0.58% 0.82% 0.56%
Portfolio turnover rate 50%(A) 39% 27% 43%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
48
<PAGE> 53
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL
VALUE TRUST
-------------------------------------
SIX MONTHS
ENDED 5/01/1999*
6/30/2000# TO
(UNAUDITED) 12/31/99
-------------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.98 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.15 0.08
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.24) 0.40
-------------------------------------
Total from investment operations (0.09) 0.48
-------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.05) --
Distributions from capital gains (0.03) --
-------------------------------------
Total distributions (0.08) --
-------------------------------------
NET ASSET VALUE, END OF PERIOD $ 12.81 $ 12.98
=====================================
TOTAL RETURN (0.64)%+ 3.84
Net assets, end of period (000's) $ 137,839 $ 100,970
Ratio of operating expenses to average net assets 1.19%(A) 1.23%(A)
Ratio of net investment income to average net assets 2.51%(A) 1.27%(A)
Portfolio turnover rate 46%(A) 4%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
49
<PAGE> 54
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID CAP BLEND TRUST
------------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/2000# --------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 21.90 $ 19.48 $ 21.50 $ 22.62 $ 20.79 $ 14.66
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.03 0.07 0.08 0.08 0.13 0.10
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions (0.13) 4.75 2.13 3.31 3.77 6.14
------------------------------------------------------------------------------
Total from investment operations (0.10) 4.82 2.21 3.39 3.90 6.24
------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.07) (0.09) (0.07) (0.14) (0.09) (0.11)
Distributions from capital gains (3.19) (2.31) (4.16) (4.37) (1.98) --
------------------------------------------------------------------------------
Total distributions (3.26) (2.40) (4.23) (4.51) (2.07) (0.11)
------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 18.54 $ 21.90 $ 19.48 $ 21.50 $ 22.62 $ 20.79
==============================================================================
TOTAL RETURN (0.92)%+ 27.75% 9.41% 19.25% 20.14% 42.79%
Net assets, end of period (000's) $1,566,458 $1,673,228 $1,556,169 $1,521,382 $1,345,461 $988,800
Ratio of operating expenses to average
net assets 0.90%(A) 0.88% 0.80% 0.80% 0.80% 0.80%
Ratio of net investment income to average
net assets 0.34%(A) 0.34% 0.42% 0.35% 0.71% 0.63%
Portfolio turnover rate 158%(A) 129% 93% 224% 223% 88%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
50
<PAGE> 55
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY VALUE TRUST
------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 10/1/1997*
6/30/2000# ---------------------------- TO
(UNAUDITED) 1999 1998 12/31/97
------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.27 $ 11.37 $ 11.94 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income -- 0.02 0.01 0.01
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.09 0.89 (0.57) (0.57)
------------------------------------------------------------------
Total from investment operations 0.09 0.91 (0.56) (0.56)
------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.02) (0.01) (0.01) --
Distributions from capital gains -- -- -- --
------------------------------------------------------------------
Total distributions (0.02) (0.01) (0.01) --
------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 12.34 $ 12.27 $ 11.37 $ 11.94
==================================================================
TOTAL RETURN 0.71%+ 8.00% (4.72)% (4.48)%+
Net assets, end of period (000's) $ 103,742 $ 89,167 $ 162,335 $ 67,091
Ratio of operating expenses to average net assets 1.26%(A) 1.22% 1.23% 1.19%(A)
Ratio of net investment income to average net assets 0.16%(A) 0.15% 0.16% 0.54%(A)
Portfolio turnover rate 236%(A) 142% 131% 81%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
51
<PAGE> 56
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL EQUITY TRUST
------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
06/30/2000# ---------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 18.79 $ 20.38 $ 19.38 $ 17.84 $ 16.10 $ 15.74
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.08 0.23 0.17 0.19 0.12 0.29
Net realized and unrealized gain on
investments and foreign currency transactions 0.61 0.38 2.27 3.16 1.89 0.84
-----------------------------------------------------------------------
Total from investment operations 0.69 0.61 2.44 3.35 2.01 1.13
-----------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.35) (0.13) (0.36) (0.27) (0.27) (0.08)
Distributions from capital gains (1.99) (2.07) (1.08) (1.54) -- (0.69)
-----------------------------------------------------------------------
Total distributions (2.34) (2.20) (1.44) (1.81) (0.27) (0.77)
-----------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 17.14 $ 18.79 $ 20.38 $ 19.38 $ 17.84 $ 16.10
=======================================================================
TOTAL RETURN 4.06%+ 3.66% 12.24% 20.80% 12.62% 7.68%
Net assets, end of period (000's) $754,005 $837,728 $928,564 $868,413 $726,842 $648,183
Ratio of operating expenses to average net assets 1.03%(A) 1.06% 1.01% 1.01% 1.01% 1.05%
Ratio of net investment income to average net assets 1.63%(A) 1.14% 0.84% 1.02% 0.78% 0.61%
Portfolio turnover rate 65%(A) 43%(B) 32% 33% 169% 63%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non - annualized
(A) Annualized
(B) The portfolio turnover rate excludes assets acquired in the merger.
The accompanying notes are an integral part of the financial statements.
52
<PAGE> 57
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH TRUST
---------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 7/15/1996*
6/30/2000# ---------------------------------- TO
(UNAUDITED) 1999 1998 1997 12/31/96
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 26.88 $ 20.50 $ 17.21 $ 13.73 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income (loss) (0.01) (0.04) 0.06 0.08 0.09
Net realized and unrealized gain on
investments and foreign currency transactions 1.13 7.46 4.00 3.40 1.23
-------------------------------------------------------------
Total from investment operations 1.12 7.42 4.06 3.48 1.32
-------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income -- (0.05) (0.07) -- (0.09)
Distributions from capital gains (2.61) (0.99) (0.70) -- --
-------------------------------------------------------------
Total distributions (2.61) (1.04) (0.77) -- (0.09)
-------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 25.39 $ 26.88 $ 20.50 $ 17.21 $ 13.73
=============================================================
TOTAL RETURN 4.07%+ 37.20% 23.95% 25.35% 10.53%+
Net assets, end of period (000's) $816,448 $642,948 $299,994 $167,388 $56,807
Ratio of operating expenses to average net assets 0.89%(A) 0.90% 0.90% 0.95% 1.01%(A)
Ratio of net investment income (loss) to average net assets (0.18)%(A) (0.18)% 0.42% 0.74% 2.57%(A)
Portfolio turnover rate 110%(A) 156% 136% 179% 215%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
53
<PAGE> 58
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LARGE CAP GROWTH TRUST
---------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
06/30/2000# -----------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 17.23 $ 15.26 $ 14.36 $ 13.45 $ 12.85 $ 11.17
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income (loss) -- 0.06 0.24 0.29 0.36 0.35
Net realized and unrealized gain on
investments and foreign currency transactions 0.13 3.52 2.43 2.01 1.21 2.07
-------------------------------------------------------------------
Total from investment operations 0.13 3.58 2.67 2.3 1.57 2.42
-------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.05) (0.23) (0.29) (0.38) (0.33) (0.33)
Distributions from capital gains (2.56) (1.38) (1.48) (1.01) (0.64) (0.41)
-------------------------------------------------------------------
Total distributions (2.61) (1.61) (1.77) (1.39) (0.97) (0.74)
-------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 14.75 $ 17.23 $ 15.26 $ 14.36 $ 13.45 $ 12.85
===================================================================
TOTAL RETURN 0.55%+ 25.28% 19.12% 19.09% 13.00% 22.77%
Net assets, end of period (000's) $551,594 $402,585 $262,882 $243,533 $226,699 $211,757
Ratio of operating expenses to average net assets 0.94%(A) 0.94% 0.88% 0.90% 0.90% 0.91%
Ratio of net investment income (loss) to average net assets (0.06)%(A) 0.45% 1.58% 1.99% 2.73% 2.76%
Portfolio turnover rate 89%(A) 164% 64% 91% 75% 111%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
54
<PAGE> 59
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
QUANTITATIVE EQUITY TRUST
--------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/2000# ----------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 28.16 $ 25.22 $ 22.50 $ 17.33 $ 17.27 $ 13.36
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.05 0.10 0.20 0.26 0.26 0.24
Net realized and unrealized gain on
investments and foreign currency transactions 2.80 5.26 5.42 4.91 2.83 3.67
-------------------------------------------------------------------
Total from investment operations 2.85 5.36 5.62 5.17 3.09 3.91
-------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.12) (0.18) (0.25) -- (0.50) --
Distributions from capital gains (3.67) (2.24) (2.65) -- (2.51) --
-------------------------------------------------------------------
Total distributions (3.79) (2.42) (2.90) -- (3.03) --
-------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 27.22 $ 28.16 $ 25.22 $ 22.50 $ 17.33 $ 17.27
===================================================================
TOTAL RETURN(B) 10.19%+ 22.30% 26.35% 29.83% 17.92% 29.23%
Net assets, end of period (000's) $523,757 $431,909 $254,475 $167,530 $91,900 $60,996
Ratio of operating expenses to average net assets(C) 0.75%(A) 0.76% 0.76% 0.50% 0.50% 0.50%
Ratio of net investment income to average net assets (0.28)%(A) 0.57% 1.06% 1.50% 1.81% 1.76%
Portfolio turnover rate 155%(A) 159% 225% 114% 105% 109%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
(B) The total return for the year ended December 31, 1997 would have been lower
had operating expenses not been reduced.
(C) The ratios 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.
55
<PAGE> 60
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,
6/30/2000# --------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 21.64 $ 18.92 $ 15.00 $ 14.31 $ 11.40 $ 9.05
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income (loss) (0.01) 0.01 0.05 0.09 0.03 0.03
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 1.44 3.58 4.19 3.13 2.92 2.36
-------------------------------------------------------------------------
Total from investment operations 1.43 3.59 4.24 3.22 2.95 2.39
-------------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.01) (0.05) (0.08) (0.03) (0.04) (0.04)
Distributions from capital gains (0.98) (0.82) (0.24) (2.50) -- --
-------------------------------------------------------------------------
Total distributions (0.99) (0.87) (0.32) (2.53) (0.04) (0.04)
-------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 22.08 $ 21.64 $ 18.92 $ 15.00 $ 14.31 $ 11.40
=========================================================================
TOTAL RETURN(B) 6.66%+ 19.43% 28.49% 26.94% 25.90% 26.53%
Net assets, end of period (000's) $2,046,297 $1,734,233 $1,141,162 $708,807 $422,571 $277,674
Ratio of operating expenses to average net assets(C) 0.91%(A) 0.94% 0.97% 0.975% 0.975% 0.975%
Ratio of net investment income to average net assets (0.09)%(A) 0.06% 0.37% 0.74% 0.26% 0.42%
Portfolio turnover rate 46%(A) 42% 42% 37% 159% 57%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
(B) The total return for the six months ended June 30, 2000 and the years ended
December 31, 1996 and 1995 would have been lower had operating expenses not
been reduced.
(C) The ratios of operating expenses, before reimbursement from the investment
adviser, was 0.91% for the six months ended June 30, 2000, 1.02% and 1.03%
for the years ended December 31, 1996 and 1995, respectively.
The accompanying notes are an integral part of the financial statements.
56
<PAGE> 61
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,
6/30/2000# -----------------------------------------------------
(UNAUDITED) 1999# 1998 1997 1996 1995
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.89 $ 14.76 $ 20.07 $ 16.95 $ 15.10 $ 13.34
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.37 0.78 0.78 0.80 0.74 0.67
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.61 (1.94) (3.72) 2.32 4.31 1.35
--------------------------------------------------------------------
Total from investment operations 0.98 (1.16) (2.94) 3.12 5.05 2.02
--------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.52) (0.71) (0.53) -- (1.39) (0.26)
Distributions from capital gains -- -- (1.84) -- (1.81) --
--------------------------------------------------------------------
Total distributions (0.52) (0.71) (2.37) 0.00 (3.20) (0.26)
--------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 13.35 $ 12.89 $ 14.76 $ 20.07 $ 16.95 $ 15.10
====================================================================
TOTAL RETURN(B) 7.78%+ (8.00)% (16.44)% 18.41% 34.69% 15.14%
Net assets, end of period (000's) $204,979 $196,756 $161,832 $161,759 $76,220 $52,440
Ratio of operating expenses to average net assets(C) 0.77%(A) 0.77% 0.76% 0.50% 0.50% 0.50%
Ratio of net investment income to average net assets 4.91%(A) 5.88% 5.57% 5.42% 5.22% 5.06%
Portfolio turnover rate 205%(A) 201% 122% 148% 231% 136%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000 and the fiscal year 1999.
+ Non-annualized
(A) Annualized
(B) The total return for the year ended December 31, 1997 would have been lower
had operating expenses not been reduced.
(C) The ratios 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.
57
<PAGE> 62
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE TRUST
-----------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/01/1997*
6/30/2000# ---------------------------- TO
(UNAUDITED) 1999 1998 12/31/1997
-----------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.23 $ 14.06 $ 14.81 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.01 0.20 0.18 0.10
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.50) (0.59) (0.45) 2.67
-----------------------------------------------------------------
Total from investment operations (0.49) (0.39) (0.27) 2.77
-----------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income -- (0.20) (0.18) (0.10)
Distributions from capital gains -- (0.24) (0.30) (0.36)
-----------------------------------------------------------------
Total distributions -- (0.44) (0.48) (0.46)
-----------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 12.74 $ 13.23 $ 14.06 $ 14.81
=================================================================
TOTAL RETURN (3.70)%+ (2.79)% (1.72)% 22.14%
Net assets, end of period (000's) $ 134,117 $ 146,279 $ 255,554 $ 144,672
Ratio of operating expenses to average net assets 0.87%(A) 0.87% 0.85% 0.96%
Ratio of net investment income to average net assets 1.05%(A) 1.12% 1.50% 1.50%
Portfolio turnover rate 83%(A) 54% 45% 43%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
58
<PAGE> 63
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TACTICAL
ALLOCATION
TRUST
-----------
5/01/2000*
TO
6/30/2000#
(UNAUDITED)
-----------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net realized and unrealized loss on
investments and foreign currency transactions (0.04)
----------
Total from investment operations (0.04)
----------
NET ASSET VALUE, END OF PERIOD $ 12.46
==========
TOTAL RETURN (0.32)%+
Net assets, end of period (000's) $ 42,274
Ratio of operating expenses to average net assets 1.31%(A)
Ratio of net investment income to average net assets 1.97%(A)
Portfolio turnover rate 36%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the period May 1, 2000 (commencement of operations) to June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
59
<PAGE> 64
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY INDEX TRUST
-------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 2/14/1996*
6/30/2000# ----------------------------------------- TO
(UNAUDITED) 1999 1998 1997 12/31/1996
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 18.13 $ 15.43 $ 12.48 $ 10.69 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.05 0.17 0.18 0.32 0.19
Net realized and unrealized gain (loss) on
investments (0.16) 3.00 3.36 3.26 1.29
-------------------------------------------------------------------------
Total from investment operations (0.11) 3.17 3.54 3.58 1.48
-------------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income -- (0.17) (0.18) (0.32) (0.19)
Distributions from capital gains (0.05) (0.30) (0.41) (1.47) (0.60)
-------------------------------------------------------------------------
Total distributions (0.05) (0.47) (0.59) (1.79) (0.79)
-------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 17.97 $ 18.13 $ 15.43 $ 12.48 $ 10.69
=========================================================================
TOTAL RETURN(B) (0.60)%+ 20.58% 28.56% 33.53% 14.86%+
Net assets, end of period (000's) $ 123,351 $ 114,775 $ 63,292 $ 27,075 $ 7,818
Ratio of operating expenses to average net assets(C) 0.38%(A) 0.40% 0.40% 0.40% 0.40%(A)
Ratio of net investment income to average net assets 1.03%(A) 1.17% 1.70% 3.64% 4.74%(A)
Portfolio turnover rate 7%(A) 10% 3% 7% 27%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) The total return for the years ended December 31, 1999, 1998 and 1997 would
have been lower had operating expenses not been reduced.
(C) The ratios of operating expenses, before reimbursement from the investment
adviser, was 0.41%, 0.55% and 0.57% for the years ended December 31, 1999,
1998 and 1997, respectively.
The accompanying notes are an integral part of the financial statements.
60
<PAGE> 65
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH & INCOME TRUST
----------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/2000# ------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 32.67 $ 28.43 $ 23.89 $ 19.38 $ 16.37 $ 13.04
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.06 0.17 0.19 0.22 0.22 0.27
Net realized and unrealized gain on
investments and foreign currency transactions 0.21 5.12 5.98 5.73 3.41 3.45
----------------------------------------------------------------------------
Total from investment operations 0.27 5.29 6.17 5.95 3.63 3.72
----------------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.17) (0.19) (0.22) (0.24) (0.26) (0.26)
Distributions from capital gains (1.84) (0.86) (1.41) (1.20) (0.36) (0.13)
----------------------------------------------------------------------------
Total distributions (2.01) (1.05) (1.63) (1.44) (0.62) (0.39)
----------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 30.93 $ 32.67 $ 28.43 $ 23.89 $ 19.38 $ 16.37
============================================================================
TOTAL RETURN 0.65%+ 18.87% 26.52% 32.83% 22.84% 29.20%
Net assets, end of period (000's) $3,227,506 $3,187,220 $2,290,118 $1,605,387 $1,033,738 $669,387
Ratio of operating expenses to average net assets 0.79%(A) 0.80% 0.79% 0.79% 0.80% 0.80%
Ratio of net investment income to average net assets 0.31%(A) 0.63% 0.85% 1.14% 1.56% 2.23%
Portfolio turnover rate 27%(A) 19% 16% 34% 49% 39%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
61
<PAGE> 66
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. LARGE CAP
VALUE TRUST
--------------------------------------
SIX MONTHS
ENDED 5/01/1999*
6/30/2000# TO
(UNAUDITED) 12/31/1999
--------------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.84 $ 12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.01 0.04
Net realized and unrealized gain on
investments and foreign currency transactions 0.36 0.30
--------------------------------------
Total from investment operations 0.37 0.34
--------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.03) --
Distributions from capital gains (0.08) --
--------------------------------------
Total distributions (0.11) --
--------------------------------------
NET ASSET VALUE, END OF PERIOD $ 13.10 $ 12.84
======================================
TOTAL RETURN 2.86%+ 2.72%+
Net assets, end of period (000's) $ 354,382 $ 210,725
Ratio of operating expenses to average net assets 0.92%(A) 0.945%(A)
Ratio of net investment income to average net assets 0.60%(A) 0.64%(A)
Portfolio turnover rate 23%(A) 30%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
62
<PAGE> 67
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY-INCOME TRUST
-----------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/2000# --------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 17.05 $ 17.78 $ 17.24 $ 15.41 $ 13.81 $ 11.33
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.13 0.35 0.34 0.34 0.21 0.17
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.57) 0.25 1.26 3.68 2.39 2.49
----------------------------------------------------------------------
Total from investment operations (0.44) 0.60 1.60 4.02 2.60 2.66
----------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.34) (0.37) (0.33) (0.21) (0.16) (0.08)
Distributions from capital gains (1.81) (0.96) (0.73) (1.98) (0.84) (0.10)
----------------------------------------------------------------------
Total distributions (2.15) (1.33) (1.06) (2.19) (1.00) (0.18)
----------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 14.46 $ 17.05 $ 17.78 $ 17.24 $ 15.41 $ 13.81
======================================================================
TOTAL RETURN (2.92)%+ 3.40% 9.21% 29.71% 19.85% 23.69%
Net assets, end of period (000's) $884,590 $1,011,260 $1,088,342 $941,705 $599,486 $396,827
Ratio of operating expenses to average net assets 0.92%(A) 0.91% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income to average net assets 2.11%(A) 1.83% 2.13% 2.47% 1.78% 1.63%
Portfolio turnover rate 33%(A) 30% 21% 25% 158% 52%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
63
<PAGE> 68
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME & VALUE TRUST
------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/2000# --------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.91 $ 13.36 $ 12.95 $ 12.49 $ 12.39 $ 10.79
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.10 0.32 0.40 0.48 0.54 0.50
Net realized and unrealized gain on
investments and foreign currency transactions 0.25 0.77 1.51 1.29 0.60 1.65
-------- --------
Total from investment operations 0.35 1.09 1.91 1.77 1.14 2.15
-------- --------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.32) (0.40) (0.46) (0.57) (0.52) (0.45)
Distributions from capital gains (2.63) (1.14) (1.04) (0.74) (0.52) (0.10)
-------- --------
Total distributions (2.95) (1.54) (1.50) (1.31) (1.04) (0.55)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 10.31 $ 12.91 $ 13.36 $ 12.95 $ 12.49 $ 12.39
======== ========
TOTAL RETURN 2.45%+ 8.52% 15.27% 15.87% 9.96% 20.68%
Net assets, end of period (000's) $597,447 $639,824 $618,011 $609,142 $624,821 $650,136
Ratio of operating expenses to average net assets 0.85%(A) 0.86% 0.84% 0.85% 0.84% 0.84%
Ratio of net investment income to average net assets 2.59%(A) 2.39% 2.89% 3.37% 4.17% 4.09%
Portfolio turnover rate 50%(A) 165% 85% 78% 78% 129%
</TABLE>
--------------------------------------------------------------------------------
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
64
<PAGE> 69
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED TRUST
-------------------------------------------------------
SIX MONTH
ENDED YEARS ENDED DECEMBER 31, 1/01/1997*
6/30/2000# ---------------------------- TO
(UNAUDITED) 1999# 1998 12/31/1997
-------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $17.82 $19.40 $19.33 $16.41
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.16 0.55 0.41 0.51
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.01 (0.85) 2.23 2.41
------------------------------------------------------
Total from investment operations 0.17 (0.30) 2.64 2.92
------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.62) (0.37) (0.48) -
Distributions from capital gains (0.17) (0.91) (2.09) -
------------------------------------------------------
Total distributions (0.79) (1.28) (2.57) -
------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $17.20 $17.82 $19.40 $19.33
======================================================
TOTAL RETURN 0.87%+ (1.65%) 14.25% 17.79%
Net assets, end of period (000's) $233,150 $258,158 $254,454 $177,045
Ratio of operating expenses to average net assets 0.87%(A) 0.87% 0.87% 0.88%
Ratio of net investment income to average net assets 1.72%(A) 2.98% 2.71% 2.97%
Portfolio turnover rate 189%(A) 215% 199% 219%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000 and the fiscal year 1999.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
65
<PAGE> 70
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH YIELD TRUST
---------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/01/1997*
6/30/2000# -------------------------- TO
(UNAUDITED) 1999# 1998 12/31/97
---------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.83 $12.92 $13.56 $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.16 1.14 0.91 0.46
Net realized and unrealized
gain (loss) on investments and
foreign currency transactions (0.32) (0.12) (0.53) 1.13
---------------------------------------------------
Total from investment operations (0.16) 1.02 0.38 1.59
---------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.04) (1.11) (0.89) (0.46)
Distributions from capital gains - - (0.13) (0.07)
---------------------------------------------------
Total distributions (0.04) (1.11) (1.02) (0.53)
---------------------------------------------------
NET ASSET VALUE, END OF PERIOD $12.63 $12.83 $12.92 $13.56
===================================================
TOTAL RETURN (1.31%)+ 8.00% 2.78% 12.68%
Net assets, end of period (000's) $251,611 $241,054 $192,354 $92,748
Ratio of operating expenses to average net assets 0.84%(A) 0.84% 0.84% 0.89%
Ratio of net investment income to average net assets 9.55%(A) 8.59% 8.34% 7.40%
Portfolio turnover rate 50%(A) 62% 94% 75%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000 and the fiscal year 1999.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
66
<PAGE> 71
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC BOND TRUST
---------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/2000# --------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------ --------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $11.14 $11.72 $12.38 $11.94 $11.26 $9.91
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.20 1.00 0.76 0.67 0.62 0.78
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions 0.04 (0.75) (0.59) 0.57 0.92 1.04
--------------------------------------------------------------------------
Total from investment operations 0.24 0.25 0.17 1.24 1.54 1.82
--------------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.98) (0.83) (0.71) (0.71) (0.86) (0.47)
Distributions from capital gains - - (0.12) (0.09) - -
---------------------------------------------------------------------------
Total distributions (0.98) (0.83) (0.83) (0.80) (0.86) (0.47)
---------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.40 $11.14 $11.72 $12.38 $11.94 $11.26
===========================================================================
TOTAL RETURN 2.18%+ 2.22% 1.31% 10.98% 14.70% 19.22%
Net assets, end of period (000's) $329,471 $368,380 $443,414 $365,590 $221,277 $122,704
Ratio of operating expenses to average net assets 0.87%(A) 0.87% 0.85% 0.87% 0.86% 0.92%
Ratio of net investment income to average net assets 8.35%(A) 8.15% 7.59% 7.54% 8.20% 8.76%
Portfolio turnover rate 111%(A) 107% 209% 131% 165% 181%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
67
<PAGE> 72
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL BOND TRUST
----------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/2000# --------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------- --------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $11.60 $13.73 $14.07 $14.97 $14.56 $12.47
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.27 0.67 0.81 0.93 0.93 1.16
Net realized and unrealized
gain (loss) on investments and
foreign currency transactions (0.35) (1.55) 0.20 (0.57) 0.79 1.62
-----------------------------------------------------------------------------
Total from investment operations (0.08) (0.88) 1.01 0.36 1.72 2.78
-----------------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.36) (1.25) (0.95) (1.23) (1.31) (0.69)
Distributions from capital gains - - (0.40) (0.03) - -
-----------------------------------------------------------------------------
Total distributions (0.36) (1.25) (1.35) (1.26) (1.31) (0.69)
-----------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD 11.16 11.60 13.73 14.07 14.97 14.56
=============================================================================
TOTAL RETURN (0.63%)+ (6.67%) 7.61% 2.95% 13.01% 23.18%
Net assets, end of period (000's) $120,120 $145,992 $196,990 $216,117 $249,793 $235,243
Ratio of operating expenses to average net assets 1.02%(A) 0.98% 0.94% 0.93% 0.90% 0.93%
Ratio of net investment income to average net assets 4.63%(A) 4.38% 5.46% 5.87% 6.38% 6.83%
Portfolio turnover rate 527% 471% 140% 160% 167% 171%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
68
<PAGE> 73
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN TRUST
------------------------------
SIX MONTHS
ENDED 5/01/1999*
6/30/2000# TO
(UNAUDITED) 12/31/99
------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.37 $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.35 0.35
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.04 (0.48)
-----------------------------
Total from investment operations 0.39 (0.13)
-----------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.31) -
-----------------------------
Total distributions (0.31) -
-----------------------------
NET ASSET VALUE, END OF PERIOD $12.45 $12.37
=============================
TOTAL RETURN 3.20%+ (1.04%)+
Net assets, end of period (000's) $311,428 $240,016
Ratio of operating expenses to average net assets 0.84%(A) 0.84%(A)
Ratio of net investment income to average net assets 5.86%(A) 5.72%(A)
Portfolio turnover rate 460%(A) 95%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
69
<PAGE> 74
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,
6/30/2000# ---------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $11.60 $12.46 $12.13 $11.89 $12.32 $11.01
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.14 0.81 0.62 0.77 0.77 0.77
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 0.21 (1.02) 0.40 0.30 (0.50) 1.28
-----------------------------------------------------------------------------
Total from investment operations 0.35 (0.21) 1.02 1.07 0.27 2.05
-----------------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.89) (0.65) (0.69) (0.83) (0.70) (0.74)
-----------------------------------------------------------------------------
Total distributions (0.89) (0.65) (0.69) (0.83) (0.70) (0.74)
-----------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $11.06 $11.60 $12.46 $12.13 11.89 12.32
=============================================================================
TOTAL RETURN 3.07%+ (1.79%) 8.73% 9.75% 2.58% 19.49%
Net assets, end of period (000's) $274,050 $288,594 $312,111 $188,545 $152,961 $143,103
Ratio of operating expenses to average net assets 0.74%(A) 0.77% 0.72% 0.74% 0.73% 0.74%
Ratio of net investment income to average net assets 7.05%(A) 6.79% 6.89% 7.15% 6.95% 6.91%
Portfolio turnover rate 67%(A) 36%(B) 41% 47% 68% 137%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
(B) The portfolio turnover rate excludes assets acquired in the merger.
The accompanying notes are an integral part of the financial statements.
70
<PAGE> 75
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DIVERSIFIED BOND TRUST
-----------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/2000# --------------------------------------------------------------
UNAUDITED) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.82 $11.83 $11.78 $11.64 $11.59 $10.34
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.10 0.56 0.51 0.54 0.57 0.54
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 0.19 (0.46) 0.69 0.67 0.20 1.26
-----------------------------------------------------------------------------
Total from investment operations 0.29 0.10 1.20 1.21 0.77 1.8
-----------------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.58) (0.49) (0.55) (0.59) (0.56) (0.55)
Distributions from capital gains (0.77) (0.62) (0.60) (0.48) (0.16) 0.00
-----------------------------------------------------------------------------
Total distributions (1.35) (1.11) (1.15) (1.07) (0.72) (0.55)
-----------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.76 $10.82 $11.83 $11.78 11.64 11.59
=============================================================================
TOTAL RETURN 2.84%+ 0.72% 10.68% 11.44% 7.03% 18.07%
Net assets, end of period (000's) $195,645 $218,868 $196,800 $204,348 $208,466 $224,390
Ratio of operating expenses to average net assets 0.83%(A) 0.84% 0.89% 0.89% 0.87% 0.87%
Ratio of net investment income to average net assets 6.58%(A) 5.18% 4.03% 4.39% 4.59% 4.68%
Portfolio turnover rate 80%(A) 173% 125% 86% 73% 110%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
71
<PAGE> 76
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,
6/30/2000# ---------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------- ---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $13.24 $13.82 $13.50 $13.32 $13.65 $12.64
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.46 0.74 0.79 0.75 0.83 0.89
Net realized and unrealized gain (loss) on
investments 0.01 (0.77) 0.18 0.31 (0.41) 0.99
-----------------------------------------------------------------------------
Total from investment operations 0.47 (0.03) 0.97 1.06 0.42 1.88
-----------------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (1.02) (0.55) (0.65) (0.88) (0.75) (0.87)
-----------------------------------------------------------------------------
Total distributions (1.02) (0.55) (0.65) (0.88) (0.75) (0.87)
-----------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $12.69 $13.24 $13.82 $13.50 13.32 13.65
=============================================================================
TOTAL RETURN 3.68%+ (0.23%) 7.49% 8.47% 3.38% 15.57%
Net assets, end of period (000's) $298,437 $363,269 $363,615 $251,277 $204,053 $216,788
Ratio of operating expenses to average net assets 0.73%(A) 0.72% 0.72% 0.72% 0.71% 0.71%
Ratio of net investment income to average net assets 6.70%(A) 6.03% 5.92% 6.27% 6.36% 6.46%
Portfolio turnover rate 58%(A) 40% 287% 110% 178% 212%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
72
<PAGE> 77
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET TRUST
-----------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
6/30/2000# ----------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------ ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.27 0.45 0.50 0.50 0.49 0.55
-----------------------------------------------------------------------------
Total from investment operations 0.27 0.45 0.50 0.50 0.49 0.55
-----------------------------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.27) (0.45) (0.50) (0.50) (0.49) (0.55)
-----------------------------------------------------------------------------
Total distributions (0.27) (0.45) (0.50) (0.50) (0.49) (0.55)
-----------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
=============================================================================
TOTAL RETURN 2.73%+ 4.60% 5.03% 5.15% 5.05% 5.62%
Net assets, end of period (000's) $889,296 $1,084,859 $609,837 $439,714 $363,566 $258,117
Ratio of operating expenses to average net assets 0.55%(A) 0.55% 0.55% 0.54% 0.55% 0.54%
Ratio of net investment income to average net assets 5.40%(A) 4.54% 4.94% 5.03% 4.97% 5.48%
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
+ Non-annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
73
<PAGE> 78
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP
INDEX
TRUST
----------------
5/01/2000*
TO
06/30/2000#
(UNAUDITED)
----------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income -
Net realized and unrealized gain (loss) on
investments and foreign currency transactions -
----------------
Total from investment operations -
----------------
NET ASSET VALUE, END OF PERIOD $12.50
================
TOTAL RETURN (B) 0.00%+
Net assets, end of period (000's) $31,678
Ratio of operating expenses to average net assets (C) 0.60%(A)
Ratio of net investment income to average net assets 5.79%(A)
Portfolio turnover rate 0%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the period May 1, 2000 (commencement of operations) to June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) The total return for the period May 1, 2000 (commencement of operations) to
June 30, 2000 would have been lower had the operating expenses not been
reduced.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 0.67% for the period May 1, 2000 to June 30, 2000.
The accompanying notes are an integral part of the financial statements.
74
<PAGE> 79
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL
INDEX
TRUST
----------------
5/01/2000*
TO
06/30/2000#
(UNAUDITED)
----------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income -
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.14
----------------
Total from investment operations 0.14
----------------
NET ASSET VALUE, END OF PERIOD $12.64
================
TOTAL RETURN (B) 1.12%+
Net assets, end of period (000's) $47,178
Ratio of operating expenses to average net assets (C) 0.60%(A)
Ratio of net investment income to average net assets 2.85%(A)
Portfolio turnover rate 2%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the period May 1, 2000 (commencement of operations) to June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) The total return for the period May 1, 2000 (commencement of operations) to
June 30, 2000 would have been lower had the operating expenses not been
reduced.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 0.66% for the period May 1, 2000 to June 30, 2000.
The accompanying notes are an integral part of the financial statements.
75
<PAGE> 80
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID CAP
INDEX
TRUST
----------------
5/01/2000*
TO
06/30/2000#
(UNAUDITED)
----------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income -
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.10)
----------------
Total from investment operations (0.10)
----------------
NET ASSET VALUE, END OF PERIOD $12.40
================
TOTAL RETURN (B) (0.80%)+
Net assets, end of period (000's) $16,250
Ratio of operating expenses to average net assets (C) 0.60%(A)
Ratio of net investment income to average net assets 1.20%(A)
Portfolio turnover rate 57%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the period May 1, 2000 (commencement of operations) to June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) The total return for the period May 1, 2000 (commencement of operations) to
June 30, 2000 would have been lower had the operating expenses not been
reduced.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 0.76% for the period May 1, 2000 to June 30, 2000.
The accompanying notes are an integral part of the financial statements.
76
<PAGE> 81
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL STOCK
MARKET INDEX
TRUST
----------------
5/01/2000*
TO
06/30/2000#
(UNAUDITED)
----------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income -
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.05)
----------------
Total from investment operations (0.05)
----------------
NET ASSET VALUE, END OF PERIOD $12.45
================
TOTAL RETURN (B) (0.40%)+
Net assets, end of period (000's) $47,192
Ratio of operating expenses to average net assets (C) 0.60%(A)
Ratio of net investment income to average net assets 1.10%(A)
Portfolio turnover rate 1%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the period May 1, 2000 (commencement of operations) to June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) The total return for the period May 1, 2000 (commencement of operations) to
June 30, 2000 would have been lower had the operating expenses not been
reduced.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 0.63% for the period May 1, 2000 to June 30, 2000.
The accompanying notes are an integral part of the financial statements.
77
<PAGE> 82
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (For A Share Outstanding Throughout The Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
500
INDEX
TRUST
----------------
5/01/2000*
TO
06/30/2000#
(UNAUDITED)
----------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income -
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.13)
----------------
Total from investment operations (0.13)
----------------
NET ASSET VALUE, END OF PERIOD $12.37
================
TOTAL RETURN (B) (1.04%)+
Net assets, end of period (000's) $38,715
Ratio of operating expenses to average net assets (C) 0.57%(A)
Ratio of net investment income to average net assets 1.54%(A)
Portfolio turnover rate 47%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the period May 1, 2000 (commencement of operations) to June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) The total return for the period May 1, 2000 (commencement of operations) to
June 30, 2000 would have been lower had the operating expenses not been
reduced.
(C) The ratio of operating expenses, before reimbursement from the investment
adviser, was 0.66% for the period May 1, 2000 to June 30, 2000.
The accompanying notes are an integral part of the financial statements.
78
<PAGE> 83
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE AGGRESSIVE 1000 TRUST
--------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/07/1997*
6/30/2000# ------------------------- TO
(UNAUDITED) 1999 1998 12/31/97
--------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $14.54 $13.39 $13.47 $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.06 0.08 0.07 0.05
Net realized and unrealized gain on
investments 0.14 1.77 0.62 1.26
---------------------------------------------------------
Total from investment operations 0.20 1.85 0.69 1.31
---------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.06) (0.08) (0.07) (0.05)
Distributions from capital gains (0.67) (0.62) (0.70) (0.29)
---------------------------------------------------------
Total distributions (0.73) (0.70) (0.77) (0.34)
---------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $14.01 $14.54 $13.39 $13.47
=========================================================
TOTAL RETURN (B) 1.36%+ 14.61% 4.86% 10.89%+
Net assets, end of period (000's) $127,072 $93,073 $80,525 $49,105
Ratio of operating expenses to average net assets (C) 0.03%(A) 0.00% 0.00% 0.00%(A)
Ratio of net investment income to average net assets 0.86%(A) 0.64% 0.48% 1.29%(A)
Portfolio turnover rate 148%(A) 136% 59% 67%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) The total return for the six months ended June 30, 2000 and the periods
ended December 31, 1999, 1998 and 1997 would have been lower had operating
expenses not been reduced.
(C) The ratios of operating expenses, before reimbursement from the investment
adviser, was 0.05% for the six months ended June 30, 2000 and 0.03%, 0.02%
and 0.03% for the years ended December 31, 1999, 1998 and 1997,
respectively.
The accompanying notes are an integral part of the financial statements.
79
<PAGE> 84
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE GROWTH 820 TRUST
--------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/07/1997*
6/30/2000# ------------------------ TO
(UNAUDITED) 1999 1998 12/31/97
--------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $15.18 $13.78 $13.77 $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.16 0.23 0.24 0.30
Net realized and unrealized gain on
investments - 1.94 0.63 1.38
--------------------------------------------------------
Total from investment operations 0.16 2.17 0.87 1.68
--------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.16) (0.23) (0.24) (0.30)
Distributions from capital gains (1.02) (0.54) (0.62) (0.11)
--------------------------------------------------------
Total distributions (1.18) (0.77) (0.86) (0.41)
--------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $14.16 $15.18 $13.78 $13.77
========================================================
TOTAL RETURN (B) 1.01%+ 16.56% 6.20% 13.84%+
Net assets, end of period (000's) $493,929 $414,257 $380,309 $217,158
Ratio of operating expenses to average net assets (C) 0.02%(A) 0.00% 0.00% 0.00%(A)
Ratio of net investment income to average net assets 2.15%(A) 1.73% 1.74% 2.44%(A)
Portfolio turnover rate 137%(A) 127% 49% 51%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) The total return for the six months ended June 30, 2000 and the periods
ended December 31, 1999, 1998 and 1997 would have been lower had operating
expenses not been reduced.
(C) The ratios of operating expenses, before reimbursement from the investment
adviser, was 0.04% for the six months ended June 30, 2000 and 0.04%, 0.02%
and 0.03% for the years ended December 31, 1999, 1998 and 1997,
respectively.
The accompanying notes are an integral part of the financial statements.
80
<PAGE> 85
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE BALANCED 640 TRUST
----------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/07/1997*
6/30/2000# ------------------------ TO
(UNAUDITED) 1999 1998 12/31/97
------------------------- ------------ -------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $14.24 $13.49 $13.56 $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.28 0.39 0.31 0.50
Net realized and unrealized gain on
investments 0.20 1.20 0.47 1.19
----------------------------------------------------
Total from investment operations 0.48 1.59 0.78 1.69
----------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.28) (0.39) (0.31) (0.50)
Distributions from capital gains (0.77) (0.45) (0.54) (0.13)
----------------------------------------------------
Total distributions (1.05) (0.84) (0.85) (0.63)
----------------------------------------------------
NET ASSET VALUE, END OF PERIOD $13.67 $14.24 $13.49 $13.56
====================================================
TOTAL RETURN (B) 3.42%+ 12.42% 5.72% 14.11%+
Net assets, end of period (000's) $489,850 $416,706 $377,531 $186,653
Ratio of operating expenses to average net assets (C) 0.02%(A) 0.00% 0.00% 0.00%(A)
Ratio of net investment income to average net assets 3.93%(A) 2.93% 2.21% 3.24%(A)
Portfolio turnover rate 112%(A) 126% 52% 44%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) The total return for the six months ended June 30, 2000 and the periods
ended December 31, 1999, 1998 and 1997 would have been lower had operating
expenses not been reduced.
(C) The ratios of operating expenses, before reimbursement from the investment
adviser, was 0.04% for the six months ended June 30, 2000 and 0.03%, 0.02%
and 0.03% for the years ended December 31, 1999, 1998 and 1997,
respectively.
The accompanying notes are an integral part of the financial statements.
81
<PAGE> 86
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE MODERATE 460 TRUST
----------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/07/1997*
6/30/2000# ------------------------ TO
(UNAUDITED) 1999 1998 12/31/97
----------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $14.13 $13.91 $13.35 $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.60 0.41 0.45 0.65
Net realized and unrealized gain (loss) on
investments (0.22) 0.65 0.84 0.98
----------------------------------------------------
Total from investment operations 0.38 1.06 1.29 1.63
----------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.60) (0.41) (0.45) (0.65)
Distributions from capital gains (1.05) (0.43) (0.28) (0.13)
----------------------------------------------------
Total distributions (1.65) (0.84) (0.73) (0.78)
----------------------------------------------------
NET ASSET VALUE, END OF PERIOD $12.86 $14.13 $13.91 $13.35
====================================================
TOTAL RETURN (B) 2.71%+ 7.89% 9.76% 13.70%+
Net assets, end of period (000's) $175,513 $167,500 $138,128 $52,746
Ratio of operating expenses to average net assets (C) 0.02%(A) 0.00% 0.00% 0.00%(A)
Ratio of net investment income to average net assets 8.41%(A) 2.92% 3.03% 3.91%(A)
Portfolio turnover rate 120%(A) 109% 45% 39%(A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) The total return for the six months ended June 30, 2000 and the periods
ended December 31, 1999, 1998 and 1997 would have been lower had operating
expenses not been reduced.
(C) The ratios of operating expenses, before reimbursement from the investment
adviser, was 0.05% for the six months ended June 30, 2000 and 0.04%, 0.05%
and 0.03% for the years ended December 31, 1999, 1998 and 1997,
respectively.
The accompanying notes are an integral part of the financial statements.
82
<PAGE> 87
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIFESTYLE CONSERVATIVE 280 TRUST
--------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31, 1/07/1997*
6/30/2000# ------------------------ TO
(UNAUDITED) 1999 1998 12/31/97
--------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $13.15 $13.53 $13.01 $12.50
INCOME FROM INVESTMENT OPERATIONS:
----------------------------------
Net investment income 0.47 0.60 0.50 0.76
Net realized and unrealized gain (loss) on
investments (0.10) (0.05) 0.79 0.67
--------------------------------------------------------
Total from investment operations 0.37 0.55 1.29 1.43
--------------------------------------------------------
LESS DISTRIBUTIONS:
-------------------
Dividends from net investment income (0.47) (0.60) (0.50) (0.76)
Distributions from capital gains (0.39) (0.33) (0.27) (0.16)
--------------------------------------------------------
Total distributions (0.86) (0.93) (0.77) (0.92)
--------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $12.66 $13.15 $13.53 $13.01
========================================================
TOTAL RETURN (B) 2.83%+ 4.21% 10.20% 12.15% +
Net assets, end of period (000's) $98,282 $106,435 $78,404 $19,750
Ratio of operating expenses to average net assets (C) 0.02%(A) 0.00% 0.00% 0.00% (A)
Ratio of net investment income to average net assets 7.00%(A) 4.40% 2.98% 3.95% (A)
Portfolio turnover rate 61%(A) 93% 32% 38% (A)
</TABLE>
--------------------------------------------------------------------------------
# Net investment income has been calculated using the average shares method
for the six months ended June 30, 2000.
* Commencement of operations
+ Non-annualized
(A) Annualized
(B) The total return for the six months ended June 30, 2000 and the periods
ended December 31, 1999, 1998 and 1997 would have been lower had operating
expenses not been reduced.
(C) The ratios of operating expenses, before reimbursement from the investment
adviser, was 0.06% for the six months ended June 30, 2000 and 0.03%, 0.03%
and 0.03% for the periods ended December 31, 1999, 1998 and 1997,
respectively.
The accompanying notes are an integral part of the financial statements.
83
<PAGE> 88
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED)
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
PACIFIC RIM EMERGING MARKETS TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 78.80%
AUSTRALIA - 5.56%
Aristocrat Leisure 63,000 $ 212,876
Australia & New Zealand Bank Group 48,000 367,729
Broken Hill Proprietary
Company 42,800 505,532
Cable & Wireless Optus, Ltd.* 96,000 285,916
CSR, Ltd. 167,000 463,417
David Jones, Ltd. 180,000 133,700
F.H. Faulding & Company, Ltd. 41,000 200,672
IBA Technologies, Ltd. 340,000 183,003
John Fairfax Holdings, Ltd. 105,000 295,263
Lend Lease Corporation 29,400 374,652
National Australia Bank, Ltd. 45,800 764,146
News Corporation, Ltd. 56,000 770,288
North, Ltd. 182,000 429,938
Novus Petroleum PLC * 168,000 176,932
Oil Search, Ltd. * 140,000 153,220
Rio Tinto, Ltd.-AUD 22,000 363,386
Santos, Ltd. 60,000 182,645
Westpac Banking Corporation, Ltd. 73,400 528,957
WMC, Ltd. 77,600 346,812
----------
6,739,084
HONG KONG - 12.40%
Asia Satellite Telecom
Holdings 62,000 211,956
Cable & Wireless HKT, Ltd. 445,200 982,290
Cathay Pacific Airways 224,000 413,777
Cheung Kong Holdings, Ltd. 84,000 923,995
Cheung Kong Infrastructure
Holdings, Ltd. 141,000 231,518
China Merchants Holdings
International 156,000 107,062
China Telecom, Ltd. 396,000 3,492,399
Citic Pacific, Ltd. 186,000 975,871
CLP Holdings, Ltd. 76,000 353,897
Dao Heng Bank Group, Ltd. 54,500 241,197
Esprit Holdings, Ltd. 44,000 46,001
Glorious Sun Enterprises 118,000 32,923
Guangdong Kelon Electrical
Holdings Company, Ltd. 180,000 97,556
Hang Seng Bank, Ltd. 41,000 387,884
Henderson Investment, Ltd. 89,000 55,086
Henderson Land Development 147,000 646,796
Hong Kong & China Gas Company, Ltd. 315,645 356,318
Hongkong Land Holdings, Ltd. 133,000 212,800
Hutchison Whampoa, Ltd. 156,000 1,961,131
New World Infrastructure, Ltd. * 133,045 116,908
Smartone Telecommunications
Holdings, Ltd. 80,500 178,132
South China Morning Post, Ltd. 186,000 144,353
Sun Hung Kai Properties, Ltd. 165,000 1,185,299
Swire Pacific, Ltd. 161,000 943,839
Television Broadcast 51,000 340,196
Vatitronix International, Ltd. 88,000 152,960
Vitasoy International Holdings, Ltd. 100,000 19,883
Wharf Holdings 103,000 184,318
Wheelock & Company, Ltd. 54,000 35,674
----------
15,032,019
INDIA - 0.61%
Bajaj Auto, Ltd., GDR 12,910 114,899
Gujarat Ambuja Cements, Ltd., GDR 57,240 234,684
Hindalco Industries, Ltd., GDR 12,770 225,735
ITC, Ltd., GDR * 8,500 159,375
----------
734,693
SHARES VALUE
------ -----
JAPAN - 40.89%
Amada Company, Ltd. 140,000 $ 1,187,503
Asahi Bank 35,000 147,118
Chuo Trust & Banking 67,000 291,730
Credit Saison Company 32,000 741,907
Daihatsu Motor Company 70,000 454,550
Dainippon Ink & Chemicals, Incorporated 265,000 1,246,266
Daiwa Securities Company, Ltd. 145,000 1,913,199
Fujisawa Pharmaceutical Company, Ltd. 25,000 1,010,791
Fukuyama Transport Company, Ltd. 60,000 376,043
Hagoromo Foods 50,000 589,039
Hino Motors * 300,000 1,097,027
Hitachi, Ltd. 95,000 1,369,870
Hosiden Corporation 50,000 2,120,541
Japan Medical Dynamic
Marketing, Incorporated 20,000 620,140
JSR Corpoation 110,000 957,919
Kurita Water Industries 25,000 550,163
Kyorin Pharmaceuticals Company, Ltd. 35,000 1,451,393
Marui Company, Ltd. 95,000 1,817,539
Mitsubishi Corporation 185,000 1,672,070
Mitsubishi Estate Company, Ltd 60,000 705,716
Mitsubishi Heavy Industries, Ltd 235,000 1,040,950
Mitsui Fudosan Company 75,000 812,874
Mitsui Marine and Fire
Insurance Company, Ltd. 195,000 937,279
Mori Seiki Company 35,000 540,974
Nikko Securities 70,000 692,710
Nippon Sanso Corporation 485,000 1,686,678
Nippon Shinpan Company 200,000 488,196
Nippon Steel Corporation 320,000 672,541
NTT Data Corporation 75 770,463
NTT Mobile Communication
Network, Incorporated 60 1,622,921
Obayashi Corporation 150,000 663,023
Orix Corporation 5,000 737,477
Rengo Company, Ltd. 230,000 1,244,239
Sakura Bank 45,000 310,871
Sanwa Bank 101,000 805,297
Shibaura Mechatronics Corporation 22,000 263,324
Shohkoh Fund & Company, Ltd. 5,000 1,126,243
Sony Corporation 15,000 1,399,557
Sumitomo Bakelite Company, Ltd. 120,000 1,579,944
Sumitomo Trust & Banking Company 22,000 156,543
Suruga Bank 22,000 364,092
Tabuchi Electric 32,000 75,397
Taiyo Yuden Company 30,000 1,877,386
Takeda Chemical Industries, Ltd 20,542 1,347,461
The Industrial Bank of Japan, Ltd. 105,000 795,627
THK Company, Ltd. 10,000 505,160
Tokyo Electron, Ltd. 14,000 1,915,838
Tokyo Seimitsu Company, Ltd. 12,000 1,605,956
Toray Industries, Incorporated 150,000 607,888
Toys" R" Us-Japan 500 84,822
Wacoal Corporation 145,000 1,475,897
Yasuda Fire & Marine Insurance 195,000 1,027,331
-----------
49,555,483
SOUTH KOREA - 4.84%
Housing & Commercial Bank,
Korea, GDR 12,700 292,735
Korea Electric Power
Corporation, ADR 63,920 1,178,525
The accompanying notes are an integral part of the financial statements.
84
<PAGE> 89
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
SOUTH KOREA - CONTINUED
Korea Telecom Corporation, ADR 24,330 $1,176,964
LG Chemical, Ltd. 12,100 241,994
Pohang Iron & Steel, Ltd., ADR 25,560 613,440
Samsung Electronics, Ltd., GDR * 7,560 1,477,980
SK Telecom Company, Ltd., ADR 24,220 879,489
----------
5,861,127
MALAYSIA - 0.50%
Austral Enterprises Berhad 67,700 59,148
Genting Berhad 115,000 423,684
Petronas Gas Berhad 32,000 57,263
United Plantation Berhad 70,900 67,169
----------
607,264
NEW ZEALAND - 0.49%
Carter Holt Harvey 274,400 238,134
Telecom Corporation of New
Zealand, Ltd. 100,000 349,479
----------
587,613
PHILIPPINES - 0.18%
Alsons Consolidated
Resources, Incorporated 1,371,000 12,680
Manila Electric Company 58,080 85,273
Philippine Long Distance
Telephone Company, ADR 6,580 116,795
----------
214,748
SINGAPORE - 5.67%
City Developments 126,600 491,152
DBS Group Holdings, Ltd. 86,000 1,105,501
DBS Land, Ltd. 459,000 595,345
Keppel Corporation 154,125 333,774
Sembcorp Industries, Ltd. 429,000 467,006
Sembcorp Marine, Ltd. 790,000 297,336
Singapore Airlines, Ltd. 103,800 1,027,782
Singapore Press Holdings, Ltd. 64,600 1,009,960
Singapore Technologies
Engineering, Ltd. 518,000 761,853
Singapore Telecommunications, Ltd. 205,000 300,318
United Overseas Bank 73,968 483,983
----------
6,874,010
TAIWAN - 3.81%
China Steel 46,620 620,046
Acer, Incorporated, GDR 70,520 648,784
Compal Electronic, GDR 57,850 694,200
Far Eastern Textile, Ltd., GDR * 19,700 243,295
Macronix International Company,
Ltd., ADR 29,925 764,956
Siliconware Precision
Industries Company * 35,000 352,188
Synnex Technology
International Corporation, GDR 16,980 360,825
Winbond Electronics Corporation, GDR 32,967 939,559
----------
4,623,853
THAILAND - 1.11%
Bangkok Expressway 625,000 127,632
BEC World Public Company, Ltd. 45,800 268,896
SHARES VALUE
------ -----
THAILAND - CONTINUED
Electricity Generating Public
Company, Ltd. 241,000 $ 258,379
National Petrochemical Company 273,400 212,696
PTT Exploration & Production
Public Company, Ltd. 62,100 301,187
Shin Corporations Public Company, Ltd. * 33,900 178,262
----------
1,347,052
UNITED KINGDOM - 2.74%
HSBC Holdings-HKD 280,000 3,205,696
Tanjong PLC 49,000 117,342
-----------
3,323,038
TOTAL COMMON STOCKS
(Cost: $86,146,936) $95,499,984
-----------
PRINCIPAL
AMOUNT VALUE
--------- -----
CORPORATE BONDS - 1.44%
JAPAN - 1.44%
Asahi Glass Company
1.90% due 12/26/2008 57,000,000 $ 710,720
Orix Corporation
00.375% due 03/31/2005 50,000,000 685,642
Shibaura Mechatron
00.01% due 03/31/2004 30,000,000 343,528
----------
1,739,890
TOTAL CORPORATE BONDS
(Cost: $1,617,708) $1,739,890
----------
CONVERTIBLE BONDS - 2.04%
JAPAN - 2.04%
Daiwa Securities Group,
Incorporated, 00.50% due
09/29/2006 15,000,000 $ 209,227
Ricoh Company, Ltd.
00.35% due 03/31/2003 75,000,000 1,323,924
THK Company, Ltd.
00.30% due 09/30/2003 50,000,000 942,463
----------
2,475,614
TOTAL CONVERTIBLE BONDS
(Cost: $1,779,396) $2,475,614
----------
SHORT TERM INVESTMENTS - 15.97%
Navigator Securities Lending Trust,
6.65% $19,358,322 $19,358,322
-----------
REPURCHASE AGREEMENTS - 1.75%
Repurchase Agreement with State Street
Bank & Trust Company dated 06/30/2000 at
6.35%, to be repurchased at $2,122,122
on 07/03/2000, collateralized by
$1,760,000 U.S. Treasury Bonds, 8.125%
due 05/15/2011 (valued at $2,164,800,
including interest) $2,121,000 $2,121,000
----------
The accompanying notes are an integral part of the financial statements.
85
<PAGE> 90
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
VALUE
-----
TOTAL INVESTMENTS (PACIFIC RIM EMERGING
MARKETS TRUST) (Cost: $111,023,362) $121,194,810
============
The Trust had the following five top industry concentrations at June 30, 2000
(as a percentage of total value of investments):
Telecommunications Services 15.97%
Banking 8.32%
Real Estate 8.22%
Electronics 6.38%
Financial Services 6.16%
INTERNET TECHNOLOGIES TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 91.71%
BUSINESS SERVICES - 12.17%
Check Point Software
Technologies, Ltd. 5,000 $1,058,750
Comdisco, Incorporated 7,100 158,419
Diamond Technology Partners,
Incorporated, Class A * 3,200 281,600
Entrust Technologies,
Incorporated * 11,400 943,350
TMP Worldwide, Incorporated * 11,700 863,606
Yahoo, Incorporated 3,800 470,725
----------
3,776,450
COMPUTERS & BUSINESS EQUIPMENT - 16.84%
Cisco Systems, Incorporated * 16,000 1,017,000
CNET Networks, Incorporated * 8,900 218,606
Dell Computer Corporation * 4,300 212,044
EMC Corporation * 7,800 600,112
Gilat Satellite Networks, Ltd. 4,800 333,000
Infospace.com * 24,600 1,359,150
JDS Uniphase Corporation * 8,200 982,975
Oni Systems Corporation 300 35,161
Storagenetworks, Incorporated
* 50 4,513
Sun Microsystems, Incorporated * 5,100 463,781
----------
5,226,342
FINANCIAL SERVICES - 1.46%
Charles Schwab Corporation 9,300 312,713
ETrade Group, Incorporated * 8,400 138,600
----------
451,313
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 24.01%
Alteon Websystems,
Incorporated * 8,500 850,531
America Online, Incorporated * 6,200 327,050
Ariba, Incorporated * 2,900 284,336
CMG Information Services, Incorporated * 7,100 325,269
Covad Communications Group,
Incorporated * 3,900 62,888
Critical Path, Incorporated * 9,200 536,475
Digex, Incorporated, Class A * 4,300 292,131
Digital Islands, Incorporated
* 2,800 136,150
SHARES VALUE
------ -----
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - CONTINUED
DoubleClick, Incorporated * 10,700 $ 407,937
Exodus Communications,
Incorporated * 15,700 723,181
Genuity, Incorporated, Class A * 22,100 202,353
HomeStore.com, Incorporated * 4,000 116,750
Inktomi Corporation * 5,200 614,900
Internet Capital Group, Incorporated * 4,400 162,869
Liberate Technologies 5,300 155,356
Lifeminders, Incorporated * 2,900 85,731
Lycos, Incorporated 2,600 140,400
Multex Systems, Incorporated 5,900 148,606
PSINet, Incorporated * 10,700 268,838
Real Networks, Incorporated * 1,800 91,013
Starmedia Network, Incorporated * 5,100 96,263
TIBCO Software, Incorporated * 3,600 386,044
USinternetworking, Incorporated * 6,100 124,669
Verio, Incorporated 5,300 294,067
VerticalNet, Incorporated 9,400 347,212
Vignette Corporation 5,200 270,481
----------
7,451,500
RETAIL TRADE - 2.51%
Amazon.com, Incorporated * 6,300 228,769
eBay, Incorporated * 10,100 548,556
----------
777,325
SEMICONDUCTORS - 8.68%
Applied Micro Circuits
Corporation * 7,400 730,750
Intel Corporation 5,300 708,544
SDL, Incorporated * 4,400 1,254,825
----------
2,694,119
SOFTWARE - 17.47%
Intuit, Incorporated * 5,300 219,288
ISS Group, Incorporated 8,700 858,989
Kana Communications, Incorporated * 1,800 111,375
Marchfirst, Incorporated 5,900 107,675
Micromuse, Incorporated 5,300 877,067
Microsoft Corporation 7,100 568,000
Oracle Systems Corporation 9,400 790,187
VeriSign, Incorporated 10,700 1,888,550
----------
5,421,131
TELECOMMUNICATIONS SERVICES - 5.65%
3Com Corporation * 2,700 155,587
Global Crossing, Ltd. 5,000 131,563
Metromedia Fiber Network,
Incorporated, Class A 9,500 377,031
Next Level Communications,
Incorporated, Class A * 4,300 368,725
Qwest Communications
International, Incorporated * 5,300 263,344
Terayon Communication Systems * 7,100 456,064
----------
1,752,314
TELEPHONE - 2.92%
Intermedia Communications,
Incorporated * 3,600 107,100
Nextlink Communications,
Incorporated, Class A * 4,603 174,626
Viatel, Incorporated 2,500 71,406
The accompanying notes are an integral part of the financial statements.
86
<PAGE> 91
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
TELEPHONE - CONTINUED
Winstar Communications,
Incorporated 8,500 $ 287,938
WorldCom, Incorporated 5,800 266,075
----------
907,145
TOTAL COMMON STOCKS
(Cost: $26,753,231) $28,457,639
-----------
PRINCIPAL
AMOUNT VALUE
--------- -----
REPURCHASE AGREEMENTS - 8.29%
Repurchase Agreement with State Street
Bank & Trust Company dated 06/30/2000 at
5.50%, to be repurchased at $2,574,179
on 07/03/2000, collateralized by
$2,635,000 U.S. Treasury Notes, 5.50%
due 02/28/2003 (valued at $2,625,119,
including interest) $2,573,000 $2,573,000
----------
TOTAL INVESTMENTS (INTERNET TECHNOLOGIES
TRUST) (Cost: $29,326,231) $31,030,639
===========
SCIENCE & TECHNOLOGY TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 86.62%
BUSINESS SERVICES - 0.12%
WebTrends Corporation 58,000 $2,243,875
----------
COMPUTERS & BUSINESS EQUIPMENT - 17.27%
Cisco Systems, Incorporated * 1,151,000 73,160,437
Dell Computer Corporation * 690,000 34,025,625
EMC Corporation * 403,000 31,005,813
JDS Uniphase Corporation * 172,000 20,618,500
Maxim Integrated Products,
Incorporated 921,000 62,570,437
NetIQ Corporation * 195,000 11,626,875
Sanmina Corporation * 230,000 19,665,000
Sun Microsystems, Incorporated * 575,000 52,289,063
Xircom, Incorporated 231,000 10,972,500
----------
315,934,250
ELECTRICAL EQUIPMENT - 3.14%
CIENA Corporation * 345,000 57,507,187
----------
ELECTRONICS - 10.95%
Analog Devices, Incorporated * 921,000 69,996,000
Applied Materials, Incorporated * 460,000 41,687,500
E-Tek Dynamics, Incorporated 57,000 15,037,312
Electronics For Imaging, Incorporated * 287,000 7,264,688
Flextronics International 367,900 25,270,131
Solectron Corporation * 805,000 33,709,375
Synopsys, Incorporated * 215,300 7,441,306
----------
200,406,312
SHARES VALUE
------ -----
INDUSTRIAL MACHINERY - 0.82%
Cognex Corporation * 288,300 $14,919,525
-----------
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 9.72%
Ariba, Incorporated * 627,000 61,475,391
DoubleClick, Incorporated * 614,500 23,427,812
Exodus Communications, Incorporated * 490,000 22,570,625
Internet Capital Group, Incorporated * 180,000 6,662,812
Liberate Technologies 228,000 6,683,250
PSINet, Incorporated * 806,000 20,250,750
Real Networks, Incorporated * 177,900 8,995,069
SOFTBANK CORP 178,000 24,157,204
USinternetworking, Incorporated * 175,000 3,576,563
-----------
177,799,476
SEMICONDUCTORS - 12.94%
Altera Corporation * 576,000 58,716,000
Applied Micro Circuits Corporation * 346,000 34,167,500
ASM Lithography Holding NV 403,000 17,782,375
KLA-Tencor Corporation * 287,000 16,807,438
Texas Instruments, Incorporated 691,000 47,463,062
Xilinx, Incorporated 748,000 61,756,750
-----------
236,693,125
SOFTWARE - 14.31%
BMC Software, Incorporated * 1,150,000 41,957,031
Electronic Arts * 461,000 33,624,188
Intuit, Incorporated * 691,000 28,590,125
ISS Group, Incorporated 80,000 7,898,750
Oracle Systems Corporation 1,035,000 87,004,687
VeriSign, Incorporated 208,000 36,712,000
VERITAS Software Corporation 230,000 25,993,594
-----------
261,780,375
TELECOMMUNICATIONS SERVICES - 12.81%
Colt Telecom Group * 577,000 19,207,287
L.M. Ericsson
Telefonaktiebolaget, ADR, Class B 1,270,000 25,400,000
Nokia Corporation, ADR 1,151,000 57,478,063
Nortel Networks Corporation 806,000 55,009,500
QUALCOMM, Incorporated * 492,400 29,544,000
Vodafone Group PLC, ADR 1,150,000 47,653,125
-----------
234,291,975
TELEPHONE - 4.54%
Nextlink Communications,
Incorporated, Class A * 844,700 32,045,806
Vodafone AirTouch Group PLC 3,460,000 13,978,318
WorldCom, Incorporated 807,000 37,021,125
-----------
83,045,249
TOTAL COMMON STOCKS
(Cost: $1,317,632,841) $1,584,621,349
--------------
PRINCIPAL
AMOUNT VALUE
--------- -----
SHORT TERM INVESTMENTS - 12.00%
Navigator Securities Lending
Trust, 6.65% $186,007,383 $186,007,383
The accompanying notes are an integral part of the financial statements.
87
<PAGE> 92
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
--------- -----
SHORT TERM INVESTMENTS - CONTINUED
T. Rowe Price Resources Investor
Fund, 6.605% $33,592,782 $ 33,592,782
------------
$219,600,165
REPURCHASE AGREEMENTS - 1.38%
Repurchase Agreement with State
Street Bank & Trust Company
dated 06/30/2000 at 5.50%, to be
repurchased at $25,259,572 on
07/03/2000, collateralized by
$19,335,000 U.S. Treasury Bonds,
9.25% due 02/15/2016 and (valued
at $25,739,719, including interest)
and $15,000 U.S. TreasuryBonds,
9.875% due 11/15/2015 and
(valued at $20,531, including interest). $25,248,000 $25,248,000
-----------
TOTAL INVESTMENTS (SCIENCE AND
TECHNOLOGY TRUST) (Cost: $1,562,481,006) $1,829,469,514
==============
INTERNATIONAL SMALL CAP TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 92.87%
AUSTRALIA - 1.70%
Aristocrat Leisure 403,045 $1,361,882
ERG, Ltd. 186,425 1,446,044
Sausage Software 725,600 1,097,013
Secure Networks Solutions, Ltd. * 190,100 1,048,216
----------
4,953,155
AUSTRIA - 0.33%
Adcon Telemetry AG 61,862 974,485
----------
BELGIUM - 0.54%
Cs2 8,000 126,021
G.I.B. Holdings, Ltd. 9,050 332,555
Ubizen 31,700 1,119,768
----------
1,578,344
BERMUDA - 0.16%
VTech Holdings, Ltd. 75,000 283,818
Yuxing Infotech Hl 316,000 173,292
----------
457,110
CANADA - 5.26%
Agrium, Incorporated 169,900 1,465,387
Canadian Hunter Exploration, Ltd. * 95,475 2,028,844
Crestar Energy, Incorporated * 58,525 891,715
Ensign Resource Group, Incorporated 42,975 1,417,014
Exfo Electro Optical
Engineering, Incorporated * 6,300 276,412
Genesis Exploration, Ltd. * 113,300 842,095
GT Group Telecom, Incorporated 26,550 418,880
Hemosol, Incorporated 69,200 680,311
NHC Communications, Incorporated 41,657 325,093
Precision Drilling
Corporation * 63,575 2,455,584
Rio Alto Exploration, Ltd. * 68,125 1,247,424
SHARES VALUE
------ -----
CANADA - CONTINUED
Sierra Wireless, Incorporated * 23,125 $1,244,426
Westjet Airlines, Ltd. 135,425 2,058,826
----------
15,352,011
CHINA - 3.13%
Beijing Datang Power
Generation Company, Ltd. 3,874,000 869,668
Beijing Yanhua Petrochem 4,950,000 571,483
Brilliance China Automotive, ADR 27,725 481,722
China East Airline 13,170,000 1,672,542
China Pharmaceutical, Ltd. 5,428,000 661,484
China Shipping Lines * 7,972,000 1,462,377
Shanghai Petrochem 15,028,000 2,043,446
Zhejiang Expresswa 8,042,000 1,372,056
----------
9,134,778
DENMARK - 0.09%
DSV, De Sammernslut Vognmaend 11,220 251,225
----------
FINLAND - 2.28%
Aldata Solution 67,200 455,507
Alma Media Corporation 17,175 586,192
Comptel Oyj 32,250 649,650
Data Fellows Oyj 70,150 811,034
Jot Automation Group 182,050 1,214,884
Menire Corporation * 26,200 125,066
Oyj Hartwall ABP 40,225 806,459
Technomen Oyj 51,900 445,940
Teleste Corporation 64,650 1,573,895
----------
6,668,627
FRANCE - 8.41%
A Novo 5,875 1,447,087
Bertrand Faure 36,254 1,431,194
Carbone Lorraine 22,775 900,173
Cerep 34,968 2,403,646
Christian Dalloz 5,075 338,188
Elior 98,350 1,242,228
Manutan 1,964 171,097
Neopost SA 44,625 1,446,389
Net2S SA 29,200 585,422
Netgem 37,900 1,444,069
Penauille Polyservices 3,738 1,796,825
Pierre & Vacances 16,150 963,651
Pinguely Haulotte 124,572 2,592,651
Remy Cointreau SA * 30,775 1,000,420
Riber 70,200 1,440,929
SOITEC 4,400 1,029,167
Sommer Allibert 41,475 1,286,877
SR Teleperformance 15,200 579,007
Vallourec SA 10,600 445,272
Wavecom SA 7,150 866,916
Zodiac 5,609 1,141,132
----------
24,552,340
GERMANY - 8.70%
ACG AG 2,875 625,806
Amatech Holding AG 34,100 1,178,501
Articon Information Sysem AG 25,339 1,761,116
Austria Technology NV 8,425 643,468
Balda AG 18,075 759,273
Boss Hugo AG 9,300 1,645,936
Comroad AG 8,271 1,279,205
The accompanying notes are an integral part of the financial statements.
88
<PAGE> 93
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
GERMANY - CONTINED
COR AG Insurance 117,875 $ 1,935,607
DIS Deutscher Indu 11,350 1,376,153
GPC Biotech AG 25,650 1,310,112
Grenke Leasing AG 36,050 1,180,502
Kontron Embedded Computers 16,000 1,443,507
Medigene AG 3,375 219,104
Rucker AG 56,300 865,369
SAI Automotive AG 29,799 260,310
SZ Testsysteme 71,246 1,768,483
Techem AG 88,525 2,112,871
Tecis Holding AG 9,200 877,885
U.C.A. Unternehmer Company 8,325 409,316
Wedeco AG 23,744 920,337
Zapf Creation 45,222 2,827,862
-----------
25,400,723
GREECE - 0.17%
Folli-Follie, SA 7,830 174,873
Maillis 21,080 264,673
Metrolife Insurance * 5,650 52,924
-----------
492,470
HONG KONG - 4.32%
Angang New Steel 17,580,000 1,781,566
China Everbright 608,000 471,862
China Resources Beijing Land 8,211,000 1,095,432
China Southern Airlines 3,018,000 720,092
Cosco Pacific, Ltd. 2,490,000 1,964,402
Giordano International 610,000 927,266
Hong Kong Exchange 655,000 890,642
Huaneng Power International 4,844,000 1,584,530
Quality Healthcare * 1,228,000 362,312
Shandong International Power 2,358,000 347,854
SHN International Holdings * 14,425,000 1,036,239
Yanzhou Coal Mining 6,888,000 1,422,575
-----------
12,604,772
INDIA - 0.00%
Silverline Technologies, Ltd, ADR * 3,575 77,309
-----------
IRELAND - 1.97%
ITG Group PLC 132,711 1,389,891
Parthus Technologies * 696,450 2,002,216
Trinity Biotech PLC, ADR * 561,250 1,648,672
Trintech Group PLC, ADR 35,700 703,402
-----------
5,744,181
ISRAEL - 6.54%
BATM Advanced Communications, Ltd. 30,125 2,616,414
Breezecom, Ltd. * 74,100 3,223,350
Card Guard Scientific 38,300 1,819,561
Commtouch Software, Ltd. 66,000 2,145,000
Geo Interact Media * 72,375 1,385,309
M Systems Flash Disk Pioneers, Ltd. * 35,250 2,745,094
Oridion Systems 16,100 425,373
Radvision, Ltd. * 82,050 2,292,272
Real Time Systemiz 82,920 1,292,744
TTI Team Telecom International, Ltd. * 15,975 575,100
Valor Computerised 62,405 560,034
-----------
19,080,251
SHARES VALUE
------ -----
ITALY - 0.99%
Buzzi Unicem SPA 69,750 $ 631,942
ERG SPA 374,300 1,122,061
Ericsson SPA 19,475 1,136,020
-----------
2,890,023
JAPAN - 10.87%
Aderans Company 28,400 1,314,208
Aica Kogyo Co 6,000 47,613
Amada Company, Ltd. 246,000 2,086,613
Ando Electric Company 50,000 1,154,517
Central Glass Company 185,000 981,622
Fuji Oil Company 100,000 890,627
Hisamitsu Pharmaceutical 65,000 999,152
Hunet, Incorporated 246,000 1,887,225
Ichiyoshi Securities Company 42,000 352,688
Idec Izumi Corporation 108,500 1,528,745
Joint Corporation 36,500 1,241,836
Katokichi Company 47,000 1,189,341
Kinseki 113,000 1,911,644
KOA Corporation 40,000 1,240,281
Micronics Japan Company 22,500 525,894
Moritex Corporation 14,000 1,273,267
Nippon Thompson Company 216,000 3,277,508
Rorze Corporation 17,000 834,739
Ryoyo Electro Corporation 75,000 1,498,516
Shimachu Company 96,900 2,054,804
Sumitomo CP Leasing 11,000 164,837
Tohoku Pioneer 20,000 1,300,599
Toko, Incorporated 95,000 717,167
Tokyo Individualized Education 14,000 765,280
Tsubaki Nakashima 141,500 2,080,392
Xebio Company 17,400 408,331
-----------
31,727,446
SOUTH KOREA - 1.14%
Daeduck Electronics 36,000 364,835
Daum Communications Corp 10,275 976,794
LG Home Shopping 3,800 361,247
Samsung Heavy * 230,670 1,077,815
Shin Sung ENG 88,900 478,375
The Will Bees & Company 4,387 55,279
-----------
3,314,345
LUXEMBOURG - 1.11%
Thiel Logistik AG 34,600 3,253,714
-----------
MALAYSIA - 0.00%
Abric 3,000 8,211
-----------
NETHERLANDS - 3.43%
AOT NV 114,475 655,736
ASM International NV * 26,100 691,650
BE Semiconductor 53,550 835,881
Beter Bed Holding NV * 24,175 724,708
IFCO Systems 26,225 698,533
IHC Caland 63,050 3,069,887
Moolen Van Der 33,050 1,855,307
PinkRoccade NV 19,825 1,031,518
Unique International NV 19,325 463,085
-----------
10,026,305
The accompanying notes are an integral part of the financial statements.
89
<PAGE> 94
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
NEW ZEALAND - 0.06%
Advantage Group, Ltd. 139,875 $ 181,754
-----------
NORWAY - 3.62%
Bergesen d.y. ASA-A Shares 84,050 1,724,002
C Rell 305,900 392,157
Frontline, Ltd. 171,675 2,100,795
Prosafe ASA 81,350 1,204,062
Smedvig ASA-B Shares 137,525 2,243,867
TGS Nopec Geophysical Company 219,225 2,899,835
-----------
10,564,718
SPAIN - 0.69%
Abengoa SA 18,033 482,051
Cortefiel SA 46,015 998,102
Prosegur Seguridad 45,325 530,079
-----------
2,010,232
SWEDEN - 2.12%
Biacore International * 30,550 1,302,358
Glocalnet B 12,550 17,929
Karo Bio AB 40,750 1,515,420
Kipling Holding AB 2,600 36,553
Perbio Science AB 213,300 1,668,674
Sifo Group 76,490 1,066,697
Switchcore 56,460 588,925
-----------
6,196,556
SWITZERLAND - 6.96%
Esec Holding SA 900 2,217,863
Kudelski SA 135 1,698,155
Logitech International 3,692 2,627,605
Phonak 265 763,502
Rieter Hldgs AG 7,650 2,579,231
Sarna Kunst Holdings 1,350 1,655,122
Saurer AG * 5,175 3,229,418
Straumann Holding 1,050 1,576,963
Swisslog Holding 1,600 784,650
Tecan AG 1,569 1,501,385
Think Tools 2,925 1,694,431
-----------
20,328,325
UNITED KINGDOM - 18.28%
Abacus Polar 23,825 166,279
Actinic Ordinary * 500,225 749,321
Advanced Power Companies 76,475 474,429
AIT Group 84,200 1,559,094
Alphameric 94,350 483,960
Anite Group 404,425 979,097
Arena Leisure * 228,325 642,590
Axix Shield * 80,300 868,739
Berisford PLC 332,300 1,628,277
Bodycote International 341,900 1,125,190
Cedar Group * 52,725 542,492
Chloride Group 1,003,285 2,926,384
Debenhams Retail 543,650 1,780,922
Dialog Semiconduct 23,650 1,191,430
E D & F Manitoba Group 345,475 2,775,739
Easynet Group * 59,405 886,947
Eyretel * 1,183,650 3,761,059
Fibernet Group PLC * 38,200 1,069,308
Future Integrated * 33,011 119,877
Hit Entertainment 477,650 3,143,884
Imagination Technologies Group * 353,525 1,524,518
SHARES VALUE
------ -----
UNITED KINGDOM - CONTINED
Incepta Group 1,020,600 2,038,436
Intermediate Capital 172,625 1,841,452
IQE 21,300 1,746,600
ITE Group 236,350 257,487
Lex Service 54,450 274,765
Mayflower Corporation 336,200 727,447
Mentmore Abbey 167,500 517,026
Mitie Group 118,925 655,001
Nestor Healthcare 175,300 1,251,963
NSB Retail Systems 13,200 49,932
Orchestream Holdings Ordinary * 576,350 2,773,198
Oxford Asymmetry * 192,875 1,450,440
Oxford Glycoscience * 29,813 $ 853,031
Pace Micro Technology PLC 162,400 2,339,325
QXL, Ltd. * 741,700 1,122,266
Redstone Telecom * 200,000 797,403
Robotic Technology Systems PLC * 104,100 1,058,492
Scipher Ordinary * 68,500 547,776
Shaftesbury 159,575 615,705
Staffware 16,225 509,413
Superscape VR PLC * 256,925 796,944
Ted Baker 145,025 1,165,212
Telemetrix 227,350 1,123,170
Xenova Group * 314,550 387,896
-----------
53,299,916
TOTAL COMMON STOCKS
(Cost: $262,986,111) $271,123,326
------------
PRINCIPAL
AMOUNT VALUE
--------- -----
REPURCHASE AGREEMENTS - 7.13%
Repurchase Agreement with State Street
Bank & Trust Company dated 06/30/2000 at
5.50%, to be repurchased at $20,821,538.80
on 07/03/2000, collateralized by
$19,085,000 U.S. Treasury Bonds, 7.25%
due 05/15/2016 (valued at $21,232,063,
including interest). $20,812,000 $20,812,000
-----------
TOTAL INVESTMENTS (INTERNATIONAL SMALL
CAP TRUST) (Cost: $283,798,111) $291,935,326
============
The Trust had the following five top industry concentrations at June 30, 2000
(as a percentage of total value of investments):
Financial Services 12.93%
Business Services 8.23%
Electronics 7.46%
Industrial Machinery 6.60%
Computers & Business Equipment 5.53%
AGGRESSIVE GROWTH TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 81.79%
AEROSPACE - 0.47%
REMEC, Incorporated * 41,700 $1,746,188
----------
The accompanying notes are an integral part of the financial statements.
90
<PAGE> 95
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
AIR TRAVEL - 0.18%
Ryanair Holdings PLC, ADR * 18,000 $ 657,000
-----------
APPAREL & TEXTILES - 0.69%
Guess, Incorporated * 52,100 729,400
Quiksilver, Incorporated * 69,400 1,080,038
Vans, Incorporated 53,200 778,050
-----------
2,587,488
AUTO PARTS - 0.54%
Copart, Incorporated * 42,500 680,000
Gentex Corporation * 53,200 1,336,650
-----------
2,016,650
BANKING - 0.60%
Bank United Corporation, Class A 23,000 809,313
Southwest Bancorporation of
Texas, Incorporated * 52,100 1,081,075
Trustmark Corporation 20,400 355,725
-----------
2,246,113
BROADCASTING - 1.84%
Hispanic Broadcasting Corporation * 30,600 1,013,625
Powerwave Technologies, Incorporated * 53,200 2,340,800
Proxim, Incorporated * 17,700 1,751,747
Radio One, Incorporated, Class A * 22,900 676,981
Radio One, Incorporated, Class D * 48,600 1,072,238
-----------
6,855,391
BUILDING MATERIALS & CONSTRUCTION - 0.40%
Dycom Industries, Incorporated * 32,500 1,495,000
-----------
BUSINESS SERVICES - 8.78%
American Management Systems, Incorporated * 63,800 2,094,434
Black Box Corporation * 20,800 1,646,775
CEC Entertainment, Incorporated * 55,550 1,423,469
Concord EFS, Incorporated * 52,050 1,353,300
Diamond Technology Partners,
Incorporated, Class A * 20,800 1,830,400
Entrust Technologies, Incorporated * 13,900 1,150,225
Finistar Corporation * 30,400 796,100
Fiserv, Incorporated * 34,700 1,500,775
Forrester Research, Incorporated * 22,900 1,667,406
Hall Kinion & Associates, Incorporated * 69,400 2,311,887
Inforte Corporation * 13,600 489,600
Iron Mountain, Incorporated * 16,400 557,600
Macrovision Corporation 35,500 2,269,227
National Computer Systems, Incorporated 34,700 1,708,975
On Assignment, Incorporated 34,700 1,058,350
Robert Half International, Incorporated * 151,900 4,329,150
SEI Investment Company 37,200 1,481,025
Sonicwall, Incorporated * 35,500 3,126,219
SunGuard Data Systems, Incorporated * 34,700 1,075,700
TETRA Technologies, Incorporated * 38,200 873,825
-----------
32,744,442
CHEMICALS - 1.87%
Cambrex Corporation 24,300 1,093,500
OM Group, Incorporated 53,200 2,340,800
Spartech Corporation 28,400 766,800
SHARES VALUE
------ -----
CHEMICALS - CONTINUED
Techne Corporation * 21,300 $ 2,769,000
-----------
6,970,100
COMPUTERS & BUSINESS EQUIPMENT - 7.11%
Actel Corporation * 106,400 4,854,500
Affiliated Computer Services,
Incorporated, Class A * 6,000 198,375
Aspen Technology, Incorporated * 70,900 2,729,650
Cybex Computer Products Corporation * 17,150 737,450
Henry, Jack & Associates, Incorporated 70,900 3,553,862
Miami Computer Supply Corporation 22,500 582,188
National Instruments Corporation * 88,600 3,865,175
NetIQ Corporation * 9,242 551,054
Pinnacle Systems, Incorporated * 55,200 1,241,137
Sandisk Corporation * 35,500 2,172,156
Sanmina Corporation * 28,400 2,428,200
Verity, Incorporated 52,100 1,979,800
Virata Corporation 20,700 1,234,238
Visual Networks, Incorporated 13,900 396,150
-----------
26,523,935
CONSTRUCTION MATERIALS - 1.14%
Fastenal Company 27,700 1,402,312
Insituform Technologies,
Incorporated, Class A * 27,100 735,088
Shaw Group, Incorporated * 31,900 1,503,287
Simpson Manufacturing, Incorporated * 13,100 626,344
-----------
4,267,031
CONSTRUCTION & MINING EQUIPMENT - 0.26%
Dril Quip, Incorporated * 20,800 972,400
-----------
CRUDE PETROLEUM & NATURAL GAS - 2.61%
Evergreen Resources * 26,600 788,025
Marine Drilling Companies, Incorporated 86,800 2,430,400
National Oilwell, Incorporated * 106,400 3,497,900
Patterson Energy, Incorporated * 106,400 3,032,400
-----------
9,748,725
DOMESTIC OIL - 0.78%
Maverick Tube Corporation 53,200 1,549,450
Newfield Exploration Company * 34,700 1,357,638
-----------
2,907,088
DRUGS & HEALTH CARE - 6.01%
ALPHARMA, Incorporated, Class A 53,200 3,311,700
Biosite Diagnostics, Incorporated * 31,200 1,503,450
Biovail Corporation * 15,900 881,456
First Health Group Corporation * 41,400 1,358,438
Health Management Association, Class A 177,300 2,315,981
Jones Pharma, Incorporated 13,100 523,181
Lifepoint Hospitals, Incorporated 70,900 1,577,525
Medicis Pharmaceutical Corporation, Class A 16,900 963,300
Novoste Corporation * 17,400 1,061,400
Patterson Dental Company * 27,800 1,417,800
PE Corp-Celera Genomics Group * 10,300 963,050
Polymedica Corporation * 21,300 921,225
Province Healthcare Company * 85,100 3,074,237
Triad Hospitals, Incorporated * 46,900 1,134,394
The accompanying notes are an integral part of the financial statements.
91
<PAGE> 96
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ ------
DRUGS & HEALTH CARE - CONTINUED
Zoll Med Corporation 28,400 $ 1,391,600
-----------
22,398,737
ELECTRICAL EQUIPMENT - 7.28%
Advanced Energy Industries, Incorporated * 34,700 2,045,131
Anaren Microwave, Incorporated * 26,550 3,484,273
C-COR.Net Corporation * 86,800 2,343,600
Cohu, Incorporated 17,000 458,469
Molex, Incorporated, Class A 70,950 2,483,250
Plexus Corporation * 24,400 2,757,200
Power One, Incorporated * 79,750 9,086,515
Sawtek, Incorporated * 31,200 1,795,950
Vishay Intertechnology, Incorporated 70,900 2,689,769
-----------
27,144,157
ELECTRONICS - 8.67%
Amkor Technology, Incorporated * 35,500 1,253,594
Anadigics, Incorporated * 52,050 1,772,953
Asyst Technologies, Incorporated * 51,700 1,770,725
Aurora Bioscience Corporation * 13,400 913,713
Brooks Automation, Incorporated * 28,400 1,815,825
Credence Systems Corporation * 76,600 4,227,362
Cymer, Incorporated * 40,800 1,948,200
Gemstar Group, Ltd. 20,700 1,272,080
Meade Instruments Corporation 14,200 356,775
Microchip Technology, Incorporated 159,500 9,293,367
PerkinElmer, Incorporated 13,900 919,137
Silicon Storage Technology, Incorporated * 35,500 3,135,094
TekTronix, Incorporated 24,800 1,835,200
Tollgrade Communications, Incorporated * 13,800 1,828,500
-----------
32,342,525
FOOD & BEVERAGES - 0.66%
Canandaigua Wine,
Incorporated, Class A * 10,200 514,463
Hain Celestial Group, Incorporated * 53,200 1,951,775
-----------
2,466,238
GAS & PIPELINE UTILITIES - 1.06%
Cooper Cameron Corporation * 35,500 2,343,000
Kinder Morgan, Incorporated 46,100 1,593,331
-----------
3,936,331
HOTELS & RESTAURANTS - 0.84%
Jack In the Box, Incorporated * 51,000 1,255,875
Sonic Corporation * 34,500 1,013,438
Station Casinos, Incorporated * 34,500 862,500
-----------
3,131,813
INSURANCE - 0.22%
HCC Insurance Holdings, Incorporated 43,300 817,288
-----------
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 0.41%
Macromedia, Incorporated 16,000 1,547,000
-----------
INVESTMENT COMPANIES - 0.52%
Affiliated Managers Group, Incorporated * 20,100 914,550
Eaton Vance Corporation 21,900 1,012,875
-----------
1,927,425
SHARES VALUE
------ -----
LEISURE TIME - 0.03%
International Speedway
Corporation, Class B 2,800 $ 115,850
-----------
PETROLEUM SERVICES - 2.23%
Cal Dive International, Incorporated * 35,500 1,923,656
Core Laboratories NV 88,600 2,569,400
Hanover Compressor Company 54,600 2,074,800
Pride International, Incorporated * 70,900 1,754,775
-----------
8,322,631
RETAIL TRADE - 4.65%
99 Cents Only Stores * 17,732 707,064
Childrens Place Retail Stores, Incorporated * 34,700 711,350
Dollar Tree Stores, Incorporated * 55,800 2,207,587
Fossil, Incorporated * 29,400 571,463
Genesco, Incorporated * 67,900 1,090,644
Linens'n Things, Incorporated 60,300 1,635,637
Madden Steven, Ltd. 32,700 214,594
Mens Wearhouse, Incorporated 124,116 2,769,338
Michael's Stores, Incorporated 52,100 2,386,831
Talbots, Incorporated 23,800 1,307,512
Too, Incorporated * 69,400 1,765,362
Tweeter Home Entertainment Group, Incorporated * 22,900 695,588
Zale Corporation 35,500 1,295,750
-----------
17,358,720
SEMICONDUCTORS - 11.54%
Alpha Industries, Incorporated * 113,500 5,001,094
ATMI, Incorporated * 17,400 809,100
Cree Research, Incorporated * 14,200 1,895,700
Dallas Semiconductor Corporation 106,400 4,335,800
Emcore Corporation * 12,200 1,464,000
Fairchild Semiconductor International, Class A * 34,700 1,405,350
Globespan Semiconductor, Incorporated * 10,400 1,269,613
Integrated Device Technology * 88,600 5,304,925
Intersil Holding Corporation, Class A * 34,700 1,875,969
Kopin Corporation * 56,700 3,926,475
Micrel, Incorporated 42,600 1,850,437
QLogic Corporation * 53,200 3,514,525
SDL, Incorporated * 7,000 1,996,312
Semtech Corporation * 29,500 2,256,289
Transwitch Corporation * 20,850 1,609,359
Varian Semiconductor Equipment, Incorporated 34,700 2,179,594
Zoran Corporation 35,500 2,340,781
-----------
43,035,323
SOFTWARE - 4.12%
Business Objects SA, ADR * 20,800 1,833,000
ISS Group, Incorporated 10,400 1,026,838
Keane, Incorporated * 106,400 2,300,900
Mercator Software, Incorporated 10,200 701,250
Mercury Interactive Corporation 13,800 1,335,150
Micromuse, Incorporated 6,900 1,141,842
Peregrine Systems, Incorporated * 26,800 929,625
Rational Software Corporation * 13,900 1,291,831
Secure Computing Corporation * 69,400 1,305,587
Symantec Corporation * 53,200 2,869,475
The accompanying notes are an integral part of the financial statements.
92
<PAGE> 97
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
SOFTWARE - CONTINUED
VeriSign, Incorporated 3,600 $ 635,400
-----------
15,370,898
TELECOMMUNICATIONS SERVICES - 5.46%
AirGate PCS, Incorporated * 35,500 1,865,969
Aspect Communications, Incorporated * 24,100 947,431
Breezecom, Ltd. * 15,000 652,500
Commscope, Incorporated * 69,400 2,845,400
Comverse Technology, Incorporated * 28,400 2,641,200
Digital Lightwave, Incorporated * 17,700 1,778,850
Mastec, Incorporated 30,600 1,168,538
MRV Communications, Incorporated 20,800 1,398,800
Polycom, Incorporated * 53,200 5,005,787
Powertel, Incorporated * 13,600 964,750
SBA Communications Corporation * 20,700 1,075,106
-----------
20,344,331
TELEPHONE - 0.55%
Rural Cellular Corporation, Class A * 14,500 1,110,156
Western Wireless Corporation, Class A 17,400 948,300
-----------
2,058,456
TRANSPORTATION - 0.27%
Expeditores International of
Washington, Incorporated 20,800 988,000
-----------
TOTAL COMMON STOCKS
(Cost: $259,812,414) $305,043,274
------------
PREFERRED STOCK - 0.16%
DOMESTIC OIL - 0.16%
Stone Energy Corporation * 9,800 $ 585,550
-----------
TOTAL PREFERRED STOCK
(Cost: $445,396) $ 585,550
-----------
PRINCIPAL
AMOUNT VALUE
------- -----
SHORT TERM INVESTMENTS - 18.05%
Navigator Securities Lending
Trust, 6.65% $40,557,310 $40,557,310
Federal National Mortgage
Association 6.57% due 07/03/2000 26,757,000 26,747,234
-----------
$67,304,544
TOTAL INVESTMENTS (AGGRESSIVE GROWTH TRUST)
(Cost: $327,562,354) $372,933,368
============
EMERGING SMALL COMPANY TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 73.90%
AIR TRAVEL - 0.22%
Alaska Air Group * 55,600 $ 1,508,150
-----------
APPAREL & TEXTILES - 0.30%
Tommy Hilfiger Corporation 83,800 628,500
SHARES VALUE
------ -----
APPAREL & TEXTILES - CONTINUED
Wolverine World Wide,
Incorporated 150,100 $ 1,482,238
-----------
2,110,738
AUTO PARTS - 0.51%
Gentex Corporation * 142,600 3,582,825
-----------
BANKING - 2.20%
Bank United Corporation, Class A 101,200 3,560,975
City National Corporation 4,600 159,850
Commerce Bancorp, Incorporated 32,550 1,497,300
Golden State Bancorp, Incorporated 160,000 2,880,000
Greater Bay Bancorp 7,900 369,325
Silicon Valley Bancshares * 161,200 6,871,150
-----------
15,338,600
BROADCASTING - 0.28%
Acme Communications, Incorporated * 4,200 76,650
Cumulus Media, Incorporated, Class A * 34,000 310,250
Proxim, Incorporated * 6,500 643,297
Radio One, Incorporated, Class A * 7,900 233,544
Radio One, Incorporated, Class D * 15,800 348,587
Spanish Broadcasting Systems,
Incorporated, Class A * 16,000 329,000
-----------
1,941,328
BUILDING MATERIALS & CONSTRUCTION - 0.50%
Dycom Industries, Incorporated * 76,649 3,525,854
-----------
BUSINESS SERVICES - 6.45%
Answerthink Consulting Group * 78,400 1,303,400
Brio Technology, Incorporated * 26,300 557,231
Check Point Software
Technologies, Ltd. 39,400 8,342,950
Clarus Corporation * 27,600 1,072,950
Concord EFS, Incorporated * 79,000 2,054,000
Corporate Executive Board Company * 5,800 347,275
Cuno, Incorporated * 94,100 2,176,062
Cybersource Corporation * 46,000 635,375
DeVry, Incorporated * 51,000 1,348,312
Efunds Corporation * 22,800 265,050
Entrust Technologies, Incorporated * 97,900 8,101,225
HNC Software, Incorporated 102,900 6,354,075
Interep National Radio Sales, Incorporated * 21,600 114,750
Netsolve, Incorporated * 11,600 301,600
Probusiness Services, Incorporated * 17,400 462,188
Quest Software, Incorporated * 9,900 548,213
RSA Security, Incorporated * 128,800 8,919,400
Sonicwall, Incorporated * 1,200 105,675
Symyx Technologies, Incorporated * 3,400 144,872
Viad Corporation 66,200 1,803,950
Xpedior, Incorporated 6,600 91,163
-----------
45,049,716
CHEMICALS - 1.38%
Waters Corporation 77,200 9,635,525
-----------
The accompanying notes are an integral part of the financial statements.
93
<PAGE> 98
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
COMPUTERS & BUSINESS EQUIPMENT - 9.10%
Aether Systems, Incorporated * 4,100 $ 840,500
Affiliated Computer Services,
Incorporated, Class A * 101,000 3,339,312
Apex, Incorporated * 7,700 336,875
Celeritek Incorporated * 22,400 914,200
Citrix Systems, Incorporated * 68,000 1,287,750
Cobalt Networks, Incorporated * 30,200 1,747,825
Emachines, Incorporated * 35,500 95,406
Handspring, Incorporated 9,500 256,500
Integrated Circuit Systems, Incorporated * 41,600 712,400
Internet Pictures Corporation * 13,746 207,908
JDS Uniphase Corporation * 331,360 39,721,780
McAfee.com Corporation 2,400 62,550
NetIQ Corporation * 27,195 1,621,502
Netro Corporation * 12,900 740,138
Pinnacle Systems, Incorporated * 19,600 440,694
Predictive Systems, Incorporated * 44,300 1,592,031
Radiant Systems, Incorporated * 13,200 316,800
Redback Networks, Incorporated * 6,700 1,192,600
Sierra Wireless, Incorporated * 21,200 1,140,836
Verity, Incorporated 69,600 2,644,800
Wind River Systems, Incorporated 100,000 3,787,500
Xircom, Incorporated 11,700 555,750
-----------
63,555,657
CONSTRUCTION MATERIALS - 0.72%
Catalytica, Incorporated * 199,200 2,191,200
Roper Industries 110,860 2,840,788
-----------
5,031,988
CONTAINERS & GLASS - 0.05%
Packaging Corporation America * 35,600 360,450
-----------
CRUDE PETROLEUM & NATURAL GAS - 0.74%
Barrett Resources Corporation * 137,900 4,197,331
Cabot Oil & Gas Corporation, Class A 14,300 302,981
Marine Drilling Companies, Incorporated 24,900 697,200
-----------
5,197,512
DOMESTIC OIL - 1.26%
Basin Exploration, Incorporated * 32,600 582,725
Chesapeake Energy Corporation * 92,000 713,000
Newfield Exploration Company * 108,500 4,245,062
Pennaco Energy, Incorporated * 79,800 1,306,725
Range Resources Corporation 39,100 122,188
Tom Brown, Incorporated * 80,900 1,865,756
-----------
8,835,456
DRUGS & HEALTH CARE - 3.49%
Abgenix, Incorporated * 7,900 946,889
Alexion Pharmaceuticals, Incorporated * 15,400 1,101,100
COR Therapeutics, Incorporated * 7,900 673,969
eBenX, Incorporated * 2,400 50,850
Epoch Pharmaceuticals, Incorporated * 46,800 415,350
ImClone Systems, Incorporated * 5,000 382,188
INAMED Corporation 14,200 520,075
Inhale Therapeutic Systems * 82,900 8,411,759
SHARES VALUE
------ -----
DRUGS & HEALTH CARE - CONTINUED
Intermune Pharmaceuticals, Incorporated * 4,400 $ 181,775
Luminex Corporation 13,200 549,450
Oxford Health Plans, Incorporated * 19,000 452,437
Packard Bioscience Company * 84,600 1,438,200
Parexel International Corporation * 112,000 1,071,000
Pharmaceutical Product
Development, Incorporated * 85,900 1,803,900
Renal Care Group, Incorporated * 62,900 1,538,102
St. Jude Medical, Incorporated * 5,000 229,375
Summit Technology, Incorporated * 51,000 962,625
Texas Biotechnology Corporation * 38,300 727,700
Thoratec Labs Corporation * 19,400 314,038
Ventana Medical Systems, Incorporated * 19,900 467,650
Visible Genetics, Incorporated 39,500 1,782,437
Wesley Jessen VisionCare, Incorporated 8,800 330,550
-----------
24,351,419
ELECTRICAL EQUIPMENT - 0.72%
American Power Conversion Corporation * 13,800 563,212
Anaren Microwave, Incorporated * 9,750 1,279,535
C-COR.Net Corporation * 20,800 561,600
Electro Scientific Industries, Incorporated * 59,000 2,597,844
-----------
5,002,191
ELECTRONICS - 6.98%
Adaptec, Incorporated * 11,200 254,800
Celestica, Incorporated * 15,600 774,150
CTS Corporation 5,800 261,000
Digital Microwave Corporation * 52,300 1,993,938
Flextronics International 244,047 16,762,978
Foundry Networks, Incorporated * 15,000 1,657,500
Gemstar Group, Ltd. 100,000 6,145,312
Jabil Circuit, Incorporated * 70,000 3,473,750
Nanometrics, Incorporated 20,000 823,750
PerkinElmer, Incorporated 155,300 10,269,212
Synopsys, Incorporated * 57,200 1,976,975
TekTronix, Incorporated 8,700 643,800
Varian Medical Systems, Incorporated * 38,700 1,514,138
Varian, Incorporated 4,700 216,788
Veeco Instruments, Incorporated 27,515 2,015,474
-----------
48,783,565
FINANCIAL SERVICES - 2.12%
Allied Capital Corporation 40,400 686,800
Cabot Microelectronics Corporation * 7,800 356,850
DDI Corporation * 54,200 1,544,700
Digitas, Incorporated * 14,200 231,638
Embarcadero Tech, Incorporated * 8,300 243,812
Financial Security Assured Holdings, Ltd. * 77,600 5,887,900
Firstworld Communications, Series B * 6,100 64,050
HomeGrocer.com, Incorporated 93,500 563,922
Knight Trading Group, Incorporated * 26,000 775,125
Labranche & Company, Incorporated * 77,300 1,111,187
Metris Companies, Incorporated 25,350 636,919
Mortgage.com, Incorporated 22,700 34,050
NOVA Corporation * 57,000 1,592,437
The accompanying notes are an integral part of the financial statements.
94
<PAGE> 99
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
FINANCIAL SERVICES - CONTINUED
Numerical Technologies,
Incorporated * 20,400 $ 991,950
Selectica, Incorporated * 1,100 77,069
-----------
14,798,409
GAS & PIPELINE UTILITIES - 0.06%
Louis Dreyfus Natural Gas Corporation 13,200 413,325
-----------
HOMEBUILDERS - 0.00%
D.R. Horton, Incorporated 2,000 27,125
-----------
HOTELS & RESTAURANTS - 0.18%
Jack In the Box, Incorporated * 50,000 1,231,250
-----------
INDUSTRIAL MACHINERY - 0.91%
Mettler-Toledo International, Incorporated 159,600 6,384,000
-----------
INSURANCE - 0.81%
Mutual Risk Mangement, Ltd. 58,200 1,007,588
Protective Life Corporation 19,400 516,525
Reinsurance Group America, Incorporated 138,300 4,166,287
-----------
5,690,400
INTERNATIONAL OIL - 0.83%
Trico Marine Services, Incorporated 102,900 1,311,975
Varco International, Incorporated * 192,373 4,472,683
-----------
5,784,658
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 4.65%
724 Solutions, Incorporated * 6,000 263,250
Alteon Websystems, Incorporated * 11,500 1,150,719
AppNet, Incorporated * 15,700 565,200
Art Technology Group, Incorporated * 4,900 494,594
BroadVision, Incorporated * 213,300 10,838,306
Critical Path, Incorporated * 1,800 104,963
DigitalThink, Incorporated * 15,400 552,475
Epiphany, Incorporated * 7,900 846,781
Espeed, Incorporated * 6,800 295,375
Exodus Communications, Incorporated * 63,200 2,911,150
Getthere.com, Incorporated * 2,700 28,519
Interact Commerce Corporation * 50,000 590,625
ITXC Corporation * 8,200 290,331
Keynote Systems, Incorporated * 4,800 338,700
Liberate Technologies 13,600 398,650
National Information Consortium * 9,000 102,375
Navisite, Incorporated * 8,200 342,863
Netcentives, Incorporated * 4,100 76,363
Netopia, Incorporated * 9,200 370,300
PC-Tel, Incorporated * 19,600 744,800
PSINet, Incorporated * 104,690 2,630,336
Rare Medium Group, Incorporated * 14,000 221,375
Scient Corporation * 17,300 763,362
Sciquest.com, Incorporated * 6,000 68,625
Software.com, Incorporated * 9,600 1,246,800
Tumbleweed Communications Corporation * 23,400 1,190,475
US Interactive, Incorporated * 17,200 222,525
SHARES VALUE
------ -----
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - CONTINUED
Verio, Incorporated 57,000 $ 3,162,609
Viant Corporation 34,800 1,030,950
Vitria Technology, Incorporated 10,000 611,250
-----------
32,454,646
INVESTMENT COMPANIES - 0.78%
Affiliated Managers Group, Incorporated * 50,000 2,275,000
Federated Investors, Incorporated, Class B 90,000 3,155,625
-----------
5,430,625
LEISURE TIME - 0.35%
SFX Entertainment, Incorporated, Class A * 54,000 2,446,875
-----------
PETROLEUM SERVICES - 1.09%
Atwood Oceanics, Incorporated * 113,400 5,032,125
Pride International, Incorporated * 43,700 1,081,575
Rowan Companies, Incorporated * 45,000 1,366,875
Superior Energy Services, Incorporated * 15,000 155,625
-----------
7,636,200
REAL ESTATE - 2.87%
Alexandria Real Estate Equities 14,800 507,825
Arden Realty, Incorporated 7,400 173,900
Brandywine Realty Trust SBI 24,000 459,000
Camden Property Trust 72,800 2,138,500
Catellus Development Corporation * 22,500 337,500
CBL & Associates Properties, Incorporated 9,900 246,881
Developers Diversified Realty 42,400 633,350
Felcor Lodging Trust, Incorporated 42,000 777,000
General Growth Properties, Incorporated 51,800 1,644,650
Health Care Property Investors, Incorporated 113,500 3,092,875
Healthcare Realty Trust 11,900 203,044
Innkeepers USA Trust 70,000 638,750
Liberty Property Trust SBI 13,100 339,781
Meristar Hospitality Corporation 127,900 2,685,900
Pinnacle Holdings, Incorporated * 54,000 2,916,000
Reckson Associates Realty Corporation 59,400 1,410,750
SL Green Realty Corporation 60,900 1,629,075
Urban Shopping Centers, Incorporated 5,700 192,019
-----------
20,026,800
RETAIL TRADE - 1.02%
BJ's Wholesale Club, Incorporated * 35,000 1,155,000
Dollar General Corporation 193,500 3,773,250
Family Dollar Stores, Incorporated 103,800 2,030,587
Ventro Corporation 9,000 169,875
-----------
7,128,712
SEMICONDUCTORS - 6.32%
Emcore Corporation * 25,000 3,000,000
Kopin Corporation * 4,000 277,000
LAM Research Corporation * 15,800 592,500
Lattice Semiconductor Corporation * 18,000 1,244,250
Micrel, Incorporated 58,800 2,554,125
Novellus Systems, Incorporated * 51,000 2,884,687
PLX Technology, Incorporated * 12,400 514,600
PMC-Sierra, Incorporated * 140,000 24,876,250
The accompanying notes are an integral part of the financial statements.
95
<PAGE> 100
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
SEMICONDUCTORS - CONTINUED
Power Integrations * 60,000 $ 1,413,750
QLogic Corporation * 25,700 1,697,806
Quantum Effect Devices, Incorporated * 5,900 336,300
Quicklogic Corporation * 19,700 438,325
Semtech Corporation * 13,600 1,040,188
Silicon Laboratories * 5,400 286,875
Triquint Semiconductor, Incorporated * 17,600 1,684,100
Varian Semiconductor Equipment, Incorporated 20,400 1,281,375
-----------
44,122,131
SOFTWARE - 11.89%
Accrue Software, Incorporated * 15,000 532,500
Active Software, Incorporated * 19,500 1,514,906
Allaire Corporation * 12,000 441,000
BEA Systems, Incorporated * 320,000 15,820,000
Bindview Development Corporation 80,000 960,000
Cysive, Incorporated * 12,200 291,275
I2 Technologies, Incorporated * 143,300 14,941,264
Intertrust Technologies Corporation * 5,700 117,206
Intuit, Incorporated * 75,600 3,127,950
Keane, Incorporated * 127,500 2,757,188
Lightspan, Incorporated * 17,200 94,600
Marchfirst, Incorporated 114,000 2,080,500
Mercury Interactive Corporation 58,300 5,640,525
Micromuse, Incorporated 72,600 12,014,166
New Era Of Networks, Incorporated * 7,600 323,000
Rational Software Corporation * 7,200 669,150
Sapient Corporation * 60,600 6,480,412
Sonic Foundry, Incorporated * 15,400 323,400
VERITAS Software Corporation 131,850 14,901,110
-----------
83,030,152
TELECOMMUNICATIONS SERVICES - 2.44%
Accelerated Networks, Incorporated * 8,000 337,500
Alaska Communications
Systems, Incorporated * 106,500 1,104,937
Carrier Access Corporation * 26,800 1,417,050
Choice One Communications, Incorporated * 2,700 110,194
Clearnet Communications,
Incorporated, Class A * 31,500 874,617
Com21, Incorporated * 62,300 1,557,500
Copper Mountain Networks, Incorporated * 2,500 220,313
Ditech Communications Corporation * 42,000 3,971,625
Efficient Networks, Incorporated * 7,400 544,362
ICG Communications, Incorporated * 80,000 1,765,000
MCK Communications, Incorporated 10,500 242,812
Millicom International Cellular SA * 3,300 115,500
Nice System, Ltd., ADR * 8,000 617,500
P-Com, Incorporated * 9,000 51,188
Polycom, Incorporated * 38,300 3,603,791
Stanford Microdevices, Incorporated * 6,100 264,969
Triton PCS Holdings, Incorporated * 1,400 80,850
Westell Technologies, Incorporated 13,600 204,000
-----------
17,083,708
TELEPHONE - 1.48%
Intermedia Communications,
Incorporated * 34,300 1,020,425
MGC Communications, Incorporated 20,500 1,228,719
SHARES VALUE
------ -----
TELEPHONE - CONTINUED
Voicestream Wireless Corporation 46,000 $ 5,349,656
Western Wireless Corporation, Class A 51,000 2,779,500
-----------
10,378,300
TRANSPORTATION - 1.20%
C. H. Robinson Worldwide 70,500 3,489,750
Expeditores International of
Washington, Incorporated 102,600 4,873,500
-----------
8,363,250
TOTAL COMMON STOCKS
(Cost: $283,978,721) $516,241,540
------------
PRINCIPAL
AMOUNT VALUE
------- -----
SHORT TERM INVESTMENTS - 11.98%
Navigator Securities Lending Trust,
6.65% $83,654,957 $83,654,957
-----------
REPURCHASE AGREEMENTS - 14.12%
Repurchase Agreement with State Street
Bank & Trust Company dated 06/30/2000 at
5.50%, to be repurchased at $98,671,204
on 07/03/2000, collateralized by
$103,445,000 U.S. Treasury Notes, 5.375%
due 06/30/2003 (valued at $100,605,435,
including interest) $98,626,000 $98,626,000
-----------
TOTAL INVESTMENTS (EMERGING SMALL
COMPANY TRUST) (Cost: $466,259,678) $698,522,497
============
SMALL COMPANY BLEND TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 70.80%
AEROSPACE - 0.63%
REMEC, Incorporated * 17,000 $ 711,875
-----------
AGRICULTURE - 0.01%
Seminis, Incorporated, Class A * 3,600 9,450
-----------
AIR TRAVEL - 0.60%
Alaska Air Group * 12,000 325,500
Atlantic Coast Airlines
Holdings, Incorporated * 11,200 355,600
-----------
681,100
APPAREL & TEXTILES - 0.63%
Kellwood Company 15,500 327,437
Stride Rite Corporation 21,500 131,688
Tefron, Ltd. 14,500 248,313
-----------
707,438
AUTO SERVICES - 0.35%
Avis Rental A Car, Incorporated * 5,400 101,250
Dollar Thrifty Automotive Group * 16,000 295,000
-----------
396,250
The accompanying notes are an integral part of the financial statements.
96
<PAGE> 101
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
AUTOMOBILES - 0.11%
Polaris Industries, Incorporated 4,000 $ 128,000
-----------
BANKING - 1.54%
Bank United Corporation, Class A 5,300 186,494
Banknorth Group, Incorporated 13,687 209,582
BankUnited Financial Corporation * 13,000 94,250
Commerce Bancorp, Incorporated 15,000 690,000
Community First Bankshares, Incorporated 20,500 334,406
Republic Security Financial Corporation 7,000 35,000
Santander Bancorp 5,500 70,125
Silicon Valley Bancshares * 2,800 119,350
-----------
1,739,207
BROADCASTING - 5.03%
Acme Communications, Incorporated * 10,800 197,100
ACTV, Incorporated * 24,000 358,500
BHC Communications, Incorporated, Class A 1,500 228,000
Citadel Communications Corporation * 18,000 628,875
Classic Communications, Incorporated, Class A * 10,000 89,375
Cumulus Media, Incorporated, Class A * 18,500 168,813
Entercom Communications Corporation * 2,500 121,875
Gray Communications Systems,
Incorporated, Class B 5,000 48,750
Insight Communications,
Incorporated, Class A 10,700 167,188
Mediacom Communications
Corporation, Class A 22,800 350,550
Radio One, Incorporated, Class A * 4,400 130,075
Radio One, Incorporated, Class D * 8,800 194,150
Regent Communications, Incorporated * 14,200 122,031
Sinclair Broadcast Group,
Incorporated, Class A * 38,000 418,000
Sirius Satellite Radio, Incorporated * 8,000 354,500
Spanish Broadcasting Systems,
Incorporated, Class A * 24,200 497,612
TiVo, Incorporated 11,100 388,500
World Wrestling Federation
Entertainment, Incorporated, Class A 24,400 507,825
XM Satellite Radio Holdings,
Incorporated, Class A 19,000 711,312
-----------
5,683,031
BUILDING MATERIALS & CONSTRUCTION - 0.28%
Elcor Chemical Corporation 6,000 138,000
R.P.M., Incorporated 18,000 182,250
-----------
320,250
BUSINESS SERVICES - 5.32%
ADVO, Incorporated * 8,500 357,000
Agency.com, Ltd. * 12,500 222,656
Alloy Online, Incorporated * 24,000 270,000
Armor Holdings, Incorporated * 25,000 325,000
Ashford.com, Incorporated * 7,000 20,125
Banta Corporation 16,500 312,469
click2learn.com, Incorporated * 28,000 493,500
SHARES VALUE
------ -----
BUSINESS SERVICES - CONTINUED
Costar Group, Incorporated * 10,000 $ 250,625
Cybersource Corporation * 10,000 138,125
Cypress Communications, Incorporated * 29,000 210,250
Headhunter.Net, Incorporated 22,700 229,837
Intelligroup, Incorporated * 23,000 276,000
Kendle International, Incorporated 30,000 236,250
Mac-Gray Corporation * 18,000 78,750
MedQuist, Incorporated 25,000 850,000
Quanta Services, Incorporated * 10,300 566,500
Razorfish, Incorporated, Class A * 11,374 182,695
RSA Security, Incorporated * 7,500 519,375
Startek, Incorporated * 5,000 251,875
Xpedior, Incorporated 16,200 223,763
-----------
6,014,795
CHEMICALS - 0.86%
Scotts Company, Class A * 11,000 401,500
Spartech Corporation 5,500 148,500
Valence Technology, Incorporated * 23,000 424,062
-----------
974,062
COMPUTERS & BUSINESS EQUIPMENT - 1.46%
C Cube Microsystems, Incorporated * 2,300 45,138
Handspring, Incorporated 4,900 132,300
Logitech International SA, ADR * 9,000 657,000
Manufacturers Services, Ltd. * 2,500 51,406
New Focus, Incorporated * 2,100 172,462
Oni Systems Corporation 1,000 117,203
Spectrasite Holdings, Incorporated * 15,800 448,325
Storagenetworks, Incorporated * 300 27,075
-----------
1,650,909
CONSTRUCTION MATERIALS - 2.27%
Columbus McKinnon Corporation 12,500 173,438
Comfort Systems USA, Incorporated * 12,000 48,000
Donaldson, Incorporated 25,000 493,750
Gasonics International Corporation * 23,500 926,781
Oshkosh Truck Corporation, Class B 11,650 416,487
SpeedFam-IPEC, Incorporated * 27,600 501,975
-----------
2,560,431
COSMETICS & TOILETRIES - 0.04%
Natures Sunshine Products, Incorporated 1,300 9,100
NU Skin Enterprises,
Incorporated, Class A * 7,000 40,250
-----------
49,350
DOMESTIC OIL - 0.42%
Insignia Financial Group, Incorporated * 9,000 90,000
Midcoast Energy Resources, Incorporated 24,500 385,875
-----------
475,875
DRUGS & HEALTH CARE - 6.63%
Algos Pharmaceutical Corporation 13,300 202,825
American Retirement Corporation * 18,600 103,463
Antigenics, Incorporated * 25,000 415,625
Aspect Medical Systems, Incorporated * 10,500 283,500
Assisted Living Concepts, Incorporated * 62,100 38,813
Aviron * 13,000 401,375
The accompanying notes are an integral part of the financial statements.
97
<PAGE> 102
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
DRUGS & HEALTH CARE - CONTINUED
Capital Senior Living Corporation * 15,000 $ 44,063
Charles River Laboratories International * 5,000 110,937
Chromavision Medical Systems, Incorporated * 32,000 422,000
Diversa Corporation * 10,300 341,187
Focal, Incorporated * 42,400 127,200
Gene Logic, Incorporated * 4,800 171,300
Heska Corporation * 83,000 176,375
ILEX Oncology, Incorporated * 7,000 246,750
Kos Pharmaceuticals, Incorporated * 2,200 35,338
Novoste Corporation * 7,000 427,000
Protein Design Laboratories, Incorporated * 5,500 907,242
Sangstat Medical Corporation * 13,000 375,375
Sunrise Assisted Living, Incorporated * 11,500 212,750
Triad Hospitals, Incorporated * 20,000 483,750
Trigon Healthcare, Incorporated * 9,000 464,062
Trimeris, Incorporated * 11,000 769,312
Vical, Incorporated 28,800 554,400
ViroPharma, Incorporated 11,000 171,875
-----------
7,486,517
ELECTRICAL EQUIPMENT - 4.72%
Anaren Microwave, Incorporated * 7,350 964,573
Electro Scientific Industries, Incorporated * 15,000 660,469
Harmon Industries, Incorporated 24,000 318,000
Interwave Commerce International, Ltd. * 15,100 211,400
Power One, Incorporated * 24,000 2,734,500
Rayovac Corporation * 12,000 268,500
Wesco International, Incorporated 19,000 181,687
-----------
5,339,129
ELECTRIC UTILITIES - 0.45%
Consol Energy, Incorporated 17,500 264,688
MDU Resources Group, Incorporated 11,400 246,525
-----------
511,213
ELECTRONICS - 3.37%
August Technology Corporation * 3,900 64,106
Cambridge Technology
Partners, Incorporated * 8,500 74,109
DSP Group, Incorporated * 8,000 448,000
LoJack Corporation 25,000 173,438
Nanometrics, Incorporated 22,000 906,125
Photon Dynamics, Incorporated * 6,000 448,125
Therma Wave, Incorporated * 14,000 312,375
Veeco Instruments, Incorporated 4,700 344,275
Zygo Corporation 11,400 1,035,263
-----------
3,805,816
ENERGY - 0.63%
NRG Energy, Incorporated 39,000 711,750
-----------
FINANCIAL SERVICES - 5.72%
Aclara Biosciences, Incorporated * 15,000 764,063
Americredit Corporation * 28,000 476,000
Bookham Technology Plc, ADR * 14,100 835,425
Circle International Group, Incorporated 1,800 45,225
Exelixis, Incorporated * 26,300 877,762
Fulton Financial Corporation 15,750 278,578
Harbor Florida Bancshares, Incorporated 6,000 62,625
SHARES VALUE
------ -----
FINANCIAL SERVICES - CONTINUED
Lendingtree, Incorporated 18,700 $ 140,250
Lexicon Genetics, Incorporated 17,000 584,375
Matrixone, Incorporated 9,400 381,875
Medallion Financial Corporation 7,500 115,781
Net2000 Communication, Incorporated * 9,700 158,838
Numerical Technologies, Incorporated * 6,800 330,650
OTG Software, Incorporated * 4,800 137,100
Register.com, Incorporated * 5,600 171,150
Saba Software, Incorporated * 12,800 268,800
Selectica, Incorporated * 6,700 469,419
Tanox, Incorporated * 7,700 364,306
-----------
6,462,222
FOOD & BEVERAGES - 1.51%
Beringer Wine Estates Holdings, Class B * 1,400 49,438
Flowers Industries, Incorporated 25,000 498,437
Robert Mondavi Corporation, Class A 2,500 76,719
Suiza Foods Corporation * 11,300 552,287
Tootsie Roll Industries, Incorporated 15,235 533,225
-----------
1,710,106
FOREST PRODUCTS - 0.54%
Caraustar Industries, Incorporated 14,500 219,313
Wausau-Mosinee Paper Corporation 45,300 387,881
-----------
607,194
FUNERAL SERVICES - 0.34%
Carriage Services,
Incorporated, Class A * 28,500 96,188
Stewart Enterprises,
Incorporated, Class A 80,000 282,500
-----------
378,688
GAS & PIPELINE UTILITIES - 1.32%
Energen Corporation 12,400 270,475
Louis Dreyfus Natural Gas Corporation 8,000 250,500
New Jersey Resources Corporation 8,000 304,500
South Jersey Industries, Incorporated 10,100 262,600
Washington Gas Light Company, 17,000 409,062
-----------
1,497,137
HOTELS & RESTAURANTS - 0.42%
Buca, Incorporated * 500 7,813
Buffets, Incorporated * 22,000 279,125
CKE Restaurants, Incorporated 28,500 85,500
Ruby Tuesday, Incorporated 7,800 97,987
-----------
470,425
HOUSEHOLD APPLIANCES - 0.27%
Libbey, Incorporated 6,000 192,750
Pillowtex Corporation * 12,000 51,000
Restoration Hardware, Incorporated * 12,000 66,000
-----------
309,750
HOUSEHOLD PRODUCTS - 0.21%
Martha Stewart Living,
Incorporated, Class A 11,000 242,000
-----------
INDUSTRIAL MACHINERY - 0.24%
Capstone Turbine Corporation * 1,100 49,569
The accompanying notes are an integral part of the financial statements.
98
<PAGE> 103
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
INDUSTRIAL MACHINERY - CONTINUED
NN, Incorporated 7,100 $ 74,550
UNOVA, Incorporated * 20,000 146,250
-----------
270,369
INSURANCE - 0.63%
Fidelity National Financial Corporation 11,100 203,269
First American Financial Corporation 13,000 186,062
Philadelphia Consolidated
Holding Corporation * 5,400 90,788
The MIIX Group, Incorporated 5,600 67,200
Trenwick Group, Incorporated 11,000 160,187
-----------
707,506
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 4.09%
24/7 Media, Incorporated & 13,000 203,125
About.com, Incorporated * 10,100 318,150
Autoweb.com, Incorporated * 40,400 85,850
Digex, Incorporated, Class A * 6,300 428,006
Egreetings Network, Incorporated * 30,000 41,250
Emerge Interactive, Incorporated * 3,000 53,813
Epiphany, Incorporated * 1,500 160,781
Extensity, Incorporated * 13,200 452,100
Fogdog, Incorporated * 16,000 20,500
Harris Interactive, Incorporated 13,300 64,422
HomeStore.com, Incorporated * 14,000 408,625
iVillage, Incorporated * 15,000 126,563
Knot, Incorporated * 24,300 92,644
Liquid Audio, Incorporated 11,800 111,731
Mail.com, Incorporated, Class A 2,100 11,944
National Information Consortium * 23,300 265,037
Neoforma.com, Incorporated * 40,000 281,250
Netpliance, Incorporated * 4,000 36,500
Netratings, Incorporated * 11,000 281,875
Online Resources * 22,500 144,844
Organic, Incorporated 5,700 55,575
PC-Tel, Incorporated * 8,000 304,000
QXL.com PLC, ADR * 41,000 317,750
Snowball.com, Incorporated * 7,000 34,125
VIA NET. WORKS, Incorporated 12,700 196,056
Worldgate Communications, Incorporated 7,000 124,250
-----------
4,620,766
INVESTMENT COMPANIES - 0.31%
American Capital Strategies, Ltd. 14,800 353,350
-----------
LEISURE TIME - 1.78%
Arctic Cat, Incorporated 15,000 178,125
Championship Auto Racing Team * 12,000 306,000
Cheap Tickets, Incorporated * 18,000 216,000
International Speedway
Corporation, Class B 10,000 413,750
Speedway Motorsports, Incorporated * 22,700 522,100
Steiner Leisure, Ltd. 15,000 339,375
West Marine, Incorporated 6,000 41,062
-----------
2,016,412
PAPER - 0.35%
Potlatch Corporation 12,000 397,500
-----------
SHARES VALUE
------ -----
PETROLEUM SERVICES - 0.40%
Seacor Smit, Incorporated * 11,550 $ 446,841
-----------
PUBLISHING - 0.05%
Applied Graphics Technologies * 14,500 61,625
-----------
REAL ESTATE - 0.16%
CB Richard Ellis Services,
Incorporated * 7,500 68,438
Trammell Crow Company * 10,700 115,025
-----------
183,463
RETAIL TRADE - 0.40%
American Eagle Outfitters, Incorporated * 20,000 280,000
FTD.com, Incorporated, Class A * 5,000 11,875
Lithia Motors, Incorporated, Class A 4,600 61,525
Sportsline USA, Incorporated * 5,500 93,844
-----------
447,244
SANITARY SERVICES - 0.34%
Ionics, Incorporated * 12,500 382,813
-----------
SEMICONDUCTORS - 7.47%
American Superconductor Corporation * 13,000 627,250
ASM International NV * 35,000 927,500
BE Semiconductor Industries * 17,000 255,000
Electroglas, Incorporated * 12,000 258,000
Exar Corporation * 6,000 523,125
Intergrated Electrical Services * 10,000 51,250
Kopin Corporation * 10,000 692,500
LTX Corporation * 53,100 1,855,181
Marvell Technology Group, Ltd. 400 22,800
MIPS Technologies, Incorporated 15,500 658,750
Parthus Technologies PLC, ADR * 15,000 427,500
Power Integrations * 17,200 405,275
Quantum Effect Devices, Incorporated * 8,900 507,300
Rambus, Incorporated * 2,400 247,200
Rudolph Technologies, Incorporated * 8,000 310,000
SCG Holding Corporation * 12,700 277,813
Zoran Corporation 6,000 395,625
-----------
8,442,069
SOFTWARE - 1.69%
Acclaim Entertainment, Incorporated * 85,500 122,906
Broadbase Software, Incorporated * 14,000 428,750
Documentum, Incorporated * 3,200 286,000
Lightspan, Incorporated * 14,200 78,100
Midway Games, Incorporated 22,000 177,375
Official Payments Corporation * 9,500 40,969
OpenTV Corporation, Class A * 6,900 309,637
Policy Management Systems Corporation * 30,000 461,250
-----------
1,904,987
TELECOMMUNICATIONS SERVICES - 4.46%
Alaska Communications
Systems, Incorporated * 17,000 176,375
Allied Riser Communctions Corporation * 16,000 226,000
Aspect Communications, Incorporated * 28,000 1,100,750
Boston Communications Group * 12,000 168,000
Carrier Access Corporation * 19,000 1,004,625
Flag Telecom Holdings, Ltd. 20,500 304,938
Focal Communications Corporation * 11,800 421,850
The accompanying notes are an integral part of the financial statements.
99
<PAGE> 104
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
TELECOMMUNICATIONS SERVICES - CONTINUED
GT Group Telecom,
Incorporated, Class B * 5,300 $ 83,806
ICG Communications, Incorporated * 14,000 308,875
Metawave Communications Corporation 11,600 309,575
Polycom, Incorporated * 3,000 282,281
Savvis Communications Corporation * 20,300 265,169
Sonus Networks, Incorporated * 400 63,150
Superior Telecom, Incorporated 14,729 146,369
Triton PCS Holdings, Incorporated * 3,000 173,250
-----------
5,035,013
TELEPHONE - 0.89%
Dobson Communications
Corporation, Class A 8 16,000 308,000
Harmonic, Incorporated 1,248 30,888
Hickory Tech Corporation 19,200 234,000
Viatel, Incorporated 15,000 428,437
-----------
1,001,325
TIRES & RUBBER - 0.15%
Bandag, Incorporated 7,000 169,750
-----------
TRANSPORTATION - 0.23%
M.S. Carriers, Incorporated 10,000 176,250
U.S. Xpress Enterprises,
Incorporated, Class A * 10,500 84,656
-----------
260,906
TRAVEL SERVICES - 0.81%
Hotel Reservations Network,
Incorporated, Class A 30,600 910,350
-----------
TRUCKING & FREIGHT - 0.67%
Hub Group, Incorporated, Class A * 11,000 164,313
Landstar Systems, Incorporated * 5,000 297,812
Werner Enterprises, Incorporated 26,000 300,625
-----------
762,750
TOTAL COMMON STOCKS
(Cost: $74,403,232) $80,009,009
-----------
PRINCIPAL
AMOUNT VALUE
------- -----
SHORT TERM INVESTMENTS - 20.51%
Navigator Securities Lending Trust,
6.65% $23,177,039 $23,177,039
-----------
REPURCHASE AGREEMENTS - 8.69%
Repurchase Agreement with State
Street Bank & Trust Company
dated 06/30/2000 at 5.50%, to be
repurchased at $9,819,499 on
07/03/2000, collateralized by
$8,060,000 U.S. Treasury Bonds,
10.375% due 11/15/2012 (valued at
$10,014,550, including interest) $ 9,815,000 $ 9,815,000
-----------
TOTAL INVESTMENTS (SMALL COMPANY BLEND TRUST)
(Cost: $107,395,271) $113,001,048
============
DYNAMIC GROWTH TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 69.82%
BROADCASTING - 1.94%
EchoStar Communications
Corporation, Class A * 37,425 $ 1,239,118
-----------
BUSINESS SERVICES - 1.33%
National Computer Systems,
Incorporated 17,210 847,593
-----------
COMPUTERS & BUSINESS EQUIPMENT - 8.51%
Adaptive Broadband Corporation * 15,200 558,600
Infospace.com * 9,740 538,135
Media 100, Incorporated 3,985 102,614
Pinnacle Systems, Incorporated * 39,355 884,873
Research In Motion, Ltd. * 27,085 1,225,596
Symbol Technologies, Incorporated 39,530 2,134,620
-----------
5,444,438
DRUGS & HEALTH CARE - 8.03%
Genzyme Corporation * 9,715 577,435
King Pharmaceuticals, Incorporated * 29,760 1,305,720
Maxygen, Incorporated 17,965 1,019,794
Medarex, Incorporated 6,315 533,618
Millennium Pharmaceuticals, Incorporated 7,330 820,044
PE Corp-PE Biosystems Group 13,395 882,396
-----------
5,139,007
ELECTRICAL EQUIPMENT - 5.34%
AT & T Canada, Incorporated,
ADR, Class B * 65,985 2,189,877
SCI Systems, Incorporated * 31,230 1,223,826
-----------
3,413,703
FINANCIAL SERVICES - 1.66%
ETrade Group, Incorporated * 64,325 1,061,362
-----------
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 21.29%
Be Free, Incorporated * 108,590 977,310
Digex, Incorporated, Class A * 17,125 1,163,430
DigitalThink, Incorporated * 32,265 1,157,507
Exodus Communications, Incorporated * 19,820 912,959
Inktomi Corporation * 6,325 747,931
PSINet, Incorporated * 158,773 3,989,159
Real Networks, Incorporated * 18,040 912,147
SkillSoft Corporation * 154,625 2,184,078
Verio, Incorporated 28,375 1,574,369
-----------
13,618,890
LEISURE TIME - 1.01%
Royal Caribbean Cruises, Ltd. 35,080 648,980
-----------
SEMICONDUCTORS - 3.67%
ASM Lithography Holding NV 19,140 844,553
Integrated Device Technology * 9,610 575,399
Marvell Technology Group, Ltd. 5,885 335,445
Vitesse Semiconductor Corporation 8,015 589,603
-----------
2,345,000
The accompanying notes are an integral part of the financial statements.
100
<PAGE> 105
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
TELECOMMUNICATIONS SERVICES - 14.71%
Caprock Communications Corporation * 64,440 $ 1,256,580
Carrier1 International SA, ADR * 48,985 569,451
Clearnet Communications,
Incorporated, Class A * 52,375 1,454,225
CTC Communications Group, Incorporated * 24,665 887,940
Infonet Services Corporation, Class B * 70,475 841,295
McLeodUSA, Incorporated 88,650 1,833,947
Metromedia Fiber Network,
Incorporated, Class A 64,620 2,564,606
-----------
9,408,044
TELEPHONE - 2.33%
Western Wireless Corporation, Class A 27,365 1,491,392
-----------
TOTAL COMMON STOCKS
(Cost: $45,212,036) $44,657,527
PRINCIPAL
AMOUNT VALUE
--------- -----
CORPORATE BONDS - 0.87%
SOFTWARE - 0.87%
Mercury Interactive
Corporation, 4.75% due
07/01/2007 $ 520,000 $ 558,376
-----------
TOTAL CORPORATE BONDS
(Cost: $520,000) $ 558,376
-----------
SHORT TERM INVESTMENTS - 29.31%
Federal Home Loan Mortgage
Corporation, 6.57% due 07/03/2000 $13,800,000 $13,794,963
Federal National Mortgage Association
6.43% due 08/22/2000 5,000,000 4,953,561
-----------
$18,748,524
TOTAL INVESTMENTS (DYNAMIC GROWTH TRUST)
(Cost: $64,480,560) $63,964,427
===========
MID CAP STOCK TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 70.55%
AIR TRAVEL - 0.65%
Southwest Airlines Company 35,200 $ 666,600
-----------
BROADCASTING - 4.99%
EchoStar Communications
Corporation, Class A * 29,100 963,483
Fox Entertainment Group,
Incorporated, Class A * 68,700 2,086,762
Pegasus Communications Corporation * 34,400 1,687,750
Westwood One, Incorporated 11,100 378,788
-----------
5,116,783
BUSINESS SERVICES - 4.46%
Apollo Group, Incorporated, Class A * 19,200 537,600
Ceridian Corporation * 64,700 1,556,844
SHARES VALUE
------ -----
BUSINESS SERVICES - CONTINUED
Checkfree Holdings Corporation * 10,400 $ 536,250
DeVry, Incorporated * 25,900 684,731
Iron Mountain, Incorporated * 24,200 822,800
TMP Worldwide, Incorporated * 5,900 435,494
-----------
4,573,719
COMPUTERS & BUSINESS EQUIPMENT - 5.41%
Cabletron Systems, Incorporated * 51,500 1,300,375
Sanmina Corporation * 21,400 1,829,700
Verity, Incorporated 40,600 1,542,800
Virata Corporation 14,800 882,450
-----------
5,555,325
CONSTRUCTION MATERIALS - 0.94%
Vulcan Materials Company 22,500 960,469
-----------
DRUGS & HEALTH CARE - 12.78%
ALZA Corporation * 15,900 940,088
Baxter International, Incorporated 14,200 998,438
Becton Dickinson & Company 36,300 1,041,356
Biomet, Incorporated 27,200 1,045,500
Cardinal Health, Incorporated 20,500 1,517,000
Genzyme Corporation * 27,300 1,622,644
Immunex Corporation * 39,300 1,942,894
Laboratory Corporation
America Holdings * 20,100 1,550,212
Quest Diagnostics, Incorporated * 21,000 1,502,812
Watson Pharmaceuticals, Incorporated 17,600 946,000
-----------
13,106,944
ELECTRICAL EQUIPMENT - 1.99%
Methode Electronics, Incorporated 18,900 730,013
TeleCorp PCS, Incorporated, Class A * 32,600 1,314,187
-----------
2,044,200
ELECTRIC UTILITIES - 1.42%
Calpine Corporation * 22,100 1,453,075
-----------
ELECTRONICS - 4.10%
Analog Devices, Incorporated * 11,000 836,000
Flextronics International 28,600 1,964,462
Jabil Circuit, Incorporated * 28,300 1,404,388
-----------
4,204,850
FOOD & BEVERAGES - 0.85%
Pepsi Bottling Group, Incorporated 30,000 875,625
-----------
HOTELS & RESTAURANTS - 0.64%
Darden Restaurants, Incorporated 40,100 651,625
-----------
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 5.66%
Critical Path, Incorporated * 17,300 1,008,806
Macromedia, Incorporated 24,600 2,378,512
Vignette Corporation 46,500 2,418,727
-----------
5,806,045
PETROLEUM SERVICES - 3.70%
Noble Drilling Corporation * 19,800 815,513
R & B Falcon Corporation * 50,800 1,196,975
Transocean Offshore, Incorporated 16,900 903,094
The accompanying notes are an integral part of the financial statements.
101
<PAGE> 106
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
PETROLEUM SERVICES - CONTINUED
Weatherford International, Incorporated 22,200 $ 883,837
-----------
3,799,419
RETAIL GROCERY - 0.91%
Whole Foods Market, Incorporated 22,600 933,662
-----------
RETAIL TRADE - 1.44%
Bed Bath & Beyond, Incorporated * 21,400 775,750
Dollar General Corporation 35,750 697,125
-----------
1,472,875
SANITARY SERVICES - 0.93%
Waste Management, Incorporated 50,400 957,600
-----------
SEMICONDUCTORS - 2.72%
Kopin Corporation * 1,000 69,250
LAM Research Corporation * 21,200 795,000
Novellus Systems, Incorporated * 4,200 237,562
Teradyne, Incorporated * 12,700 933,450
Vitesse Semiconductor Corporation 10,300 757,694
-----------
2,792,956
SOFTWARE - 9.06%
Intuit, Incorporated * 33,600 1,390,200
Kana Communications, Incorporated * 14,800 915,750
Mercury Interactive Corporation 13,600 1,315,800
Rational Software Corporation * 24,500 2,276,969
Siebel Systems, Incorporated * 8,600 1,406,638
VeriSign, Incorporated 11,287 1,992,155
-----------
9,297,512
TELECOMMUNICATIONS SERVICES - 5.91%
American Tower Corporation, Class A * 29,400 1,225,612
Crown Castle International Corporation * 50,000 1,825,000
McLeodUSA, Incorporated 68,900 1,425,369
Nextel Partners, Incorporated, Class A * 48,700 1,585,794
-----------
6,061,775
TELEPHONE - 1.99%
Voicestream Wireless Corporation 17,600 2,046,825
-----------
TOTAL COMMON STOCKS
(Cost: $66,942,288) $72,377,884
-----------
PRINCIPAL
AMOUNT VALUE
--------- -----
SHORT TERM INVESTMENTS - 20.01%
Navigator Securities Lending Trust,
6.65% $20,528,469 $20,528,469
-----------
PRINCIPAL
AMOUNT VALUE
--------- -----
REPURCHASE AGREEMENTS - 9.44%
Repurchase Agreement with Paine Webber
dated 06/30/2000 at 6.55%, to be
repurchased at $9,690,285.60 on 07/03/2000,
collateralized by $9,785,000
U.S. Treasury Notes, 3.625% due 07/15/2002
(valued at $9,878,947.60, including interest) $9,685,000 $ 9,685,000
-----------
TOTAL INVESTMENTS (MID CAP STOCK TRUST)
(Cost: $97,155,757) $102,591,353
============
ALL CAP GROWTH TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 85.72%
APPAREL & TEXTILES - 0.04%
Jones Apparel Group, Incorporated * 18,800 $ 441,800
-----------
AUTO PARTS - 0.41%
Danaher Corporation 82,500 4,078,594
-----------
AUTOMOBILES - 1.96%
General Motors Corporation, Class H 129,500 11,363,625
Harley Davidson, Incorporated 205,900 7,927,150
-----------
19,290,775
BANKING - 1.46%
Northern Trust Corporation 76,300 4,964,269
Providian Financial Corporation 72,500 6,525,000
State Street Corporation 26,600 2,821,262
-----------
14,310,531
BROADCASTING - 2.76%
American Telephone & Telegraph
Corporation-Liberty Media
Group, Class A * 247,400 5,999,450
AMFM, Incorporated * 64,600 4,457,400
Hispanic Broadcasting Corporation * 140,000 4,637,500
Univision Communications,
Incorporated, Class A * 62,700 6,489,450
Westwood One, Incorporated 161,600 5,514,600
-----------
27,098,400
BUSINESS SERVICES - 4.70%
Check Point Software
Technologies, Ltd. 64,700 13,700,225
Fiserv, Incorporated * 167,450 7,242,213
Lamar Advertising Company, Class A * 175,000 7,579,687
Omnicom Group, Incorporated 103,100 9,182,344
Paychex, Incorporated **** 135,550 5,693,100
Yahoo, Incorporated 22,800 2,824,350
-----------
46,221,919
COMPUTERS & BUSINESS EQUIPMENT - 7.90%
Brocade Communications
Systems, Incorporated * 54,100 9,926,505
Cisco Systems, Incorporated * 82,500 5,243,906
The accompanying notes are an integral part of the financial statements.
102
<PAGE> 107
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
COMPUTERS & BUSINESS EQUIPMENT - CONTINUED
CSG Systems International, Incorporated * 42,500 $ 2,382,656
Dell Computer Corporation * 51,500 2,539,594
EMC Corporation * 107,700 8,286,169
JDS Uniphase Corporation **** 232,900 27,918,887
Maxim Integrated Products, Incorporated 82,500 5,604,844
Network Appliance, Incorporated * 41,200 3,316,600
Sanmina Corporation **** 82,520 7,055,460
Sun Microsystems, Incorporated * 59,100 5,374,406
-----------
77,649,027
DRUGS & HEALTH CARE - 7.19%
Amgen, Incorporated * 65,000 4,566,250
Biogen, Incorporated * 145,000 9,352,500
Biomet, Incorporated 72,900 2,802,094
Forest Laboratories, Incorporated * 45,300 4,575,300
HCA Healthcare Company 115,000 3,493,125
Health Management Association, Class A 321,700 4,202,206
Jones Pharma, Incorporated 236,924 9,462,152
Lincare Holdings, Incorporated 96,000 2,364,000
Medicis Pharmaceutical Corporation, Class A 49,500 2,821,500
Medtronic, Incorporated 150,000 7,471,875
PE Corp-PE Biosystems Group 126,800 8,352,950
Pfizer, Incorporated 190,000 9,120,000
Tenet Healthcare Corporation * 75,000 2,025,000
-----------
70,608,952
ELECTRICAL EQUIPMENT - 2.93%
American Power Conversion Corporation **** 216,500 8,835,906
CIENA Corporation * 66,000 11,001,375
Millipore Corporation 60,000 4,522,500
Vishay Intertechnology, Incorporated 115,950 4,398,853
-----------
28,758,634
ELECTRIC UTILITIES - 0.22%
Montana Power Company 60,000 2,118,750
-----------
ELECTRONICS - 6.78%
Agilent Technologies, Incorporated * 45,000 3,318,750
Analog Devices, Incorporated * 222,100 16,879,600
Applied Materials, Incorporated * 23,600 2,138,750
Celestica, Incorporated * 165,500 8,212,937
Gemstar Group, Ltd. 42,800 2,630,194
Harris Corporation 177,500 5,813,125
Linear Technology Corporation 103,100 6,591,956
Microchip Technology, Incorporated 87,600 5,104,069
Scientific-Atlanta, Incorporated **** 213,900 15,935,550
-----------
66,624,931
FINANCIAL SERVICES - 4.88%
American Express Company 92,500 4,821,563
Capital One Financial Corporation 83,200 3,712,800
Charles Schwab Corporation 293,850 9,880,706
Goldman Sachs Group, Incorporated 115,500 10,958,062
J.P. Morgan & Company, Incorporated 43,500 4,790,438
Merrill Lynch & Company, Incorporated 35,000 4,025,000
SHARES VALUE
------ -----
FINANCIAL SERVICES - CONTINUED
Morgan Stanley Dean Witter & Company 117,000 $ 9,740,250
-----------
47,928,819
GAS & PIPELINE UTILITIES - 1.04%
Cooper Cameron Corporation * 100,300 6,619,800
Enron Corporation **** 55,500 3,579,750
-----------
10,199,550
HOMEBUILDERS - 0.00%
Champion Enterprises, Incorporated * 3,100 15,113
-----------
HOTELS & RESTAURANTS - 0.60%
Brinker International, Incorporated * 118,700 3,471,975
Outback Steakhouse, Incorporated 82,500 2,413,125
-----------
5,885,100
INDUSTRIAL MACHINERY - 0.28%
Grant Pride, Incorporated * 109,000 2,725,000
-----------
INSURANCE - 0.87%
AFLAC, Incorporated 127,800 5,870,812
Aon Corporation 85,000 2,640,313
-----------
8,511,125
INTERNATIONAL OIL - 0.71%
Nabors Industries, Incorporated 166,900 6,936,781
-----------
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 2.10%
Ariba, Incorporated * 36,200 3,549,297
Exodus Communications, Incorporated * 136,000 6,264,500
Juniper Networks, Incorporated * 41,200 5,997,175
Portal Software, Incorporated * 76,200 4,867,275
-----------
20,678,247
INVESTMENT COMPANIES - 0.31%
Federated Investors,
Incorporated, Class B 88,000 3,085,500
-----------
PETROLEUM SERVICES - 3.68%
BJ Services Company **** 88,800 5,550,000
ENSCO International, Incorporated 103,100 3,692,269
R & B Falcon Corporation * 254,500 5,996,656
Rowan Companies, Incorporated * 134,500 4,085,438
Smith International, Incorporated * 83,800 6,101,687
Transocean Offshore, Incorporated 139,900 7,475,906
Weatherford International, Incorporated 80,800 3,216,850
-----------
36,118,806
RETAIL TRADE - 6.46%
Bed Bath & Beyond, Incorporated * 215,700 7,819,125
Best Buy Company, Incorporated * 64,600 4,085,950
CDW Computer Centers, Incorporated * 92,600 5,787,500
Dollar Tree Stores, Incorporated * 112,049 4,432,939
Family Dollar Stores, Incorporated 103,200 2,018,850
GAP, Incorporated 101,900 3,184,375
Intimate Brands, Incorporated, Class A 108,400 2,140,900
The accompanying notes are an integral part of the financial statements.
103
<PAGE> 108
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
RETAIL TRADE - CONTINUED
Kohls Corporation * 172,500 $ 9,595,312
Lowe's Companies, Incorporated 155,000 6,364,687
Mens Wearhouse, Incorporated 90,600 2,021,513
Ross Stores, Incorporated 147,100 2,509,894
Staples, Incorporated * 169,300 2,602,988
Talbots, Incorporated 61,900 3,400,631
The Limited, Incorporated 158,800 3,434,050
Tiffany & Company 30,900 2,085,750
Zale Corporation 54,200 1,978,300
-----------
63,462,764
SEMICONDUCTORS - 6.66%
Altera Corporation * 39,500 4,026,531
ASM Lithography Holding NV 67,000 2,956,375
Cypress Semiconductor Corporation * 54,200 2,289,950
Intel Corporation 32,900 4,398,319
KLA-Tencor Corporation * 72,200 4,228,213
LSI Logic Corporation * 103,100 5,580,288
Novellus Systems, Incorporated * 61,900 3,501,219
PMC-Sierra, Incorporated * 81,100 14,410,456
SDL, Incorporated * 29,400 8,384,512
Teradyne, Incorporated **** 43,000 3,160,500
Vitesse Semiconductor Corporation 72,500 5,333,281
Xilinx, Incorporated 87,500 7,224,219
-----------
65,493,863
SOFTWARE - 6.97%
BEA Systems, Incorporated * 90,700 4,483,981
Business Objects SA, ADR * 47,500 4,185,938
I2 Technologies, Incorporated * 32,890 3,429,296
Oracle Systems Corporation 82,500 6,935,156
PeopleSoft, Incorporated * 75,000 1,256,250
Rational Software Corporation * 30,900 2,871,769
Siebel Systems, Incorporated * 54,100 8,848,731
VeriSign, Incorporated 47,900 8,454,350
VERITAS Software Corporation 248,000 28,027,875
-----------
68,493,346
TELECOMMUNICATIONS SERVICES - 11.14%
ADC Telecommunications, Incorporated * 291,100 24,416,013
Broadwing, Incorporated * 123,700 3,208,469
Comverse Technology, Incorporated * 123,700 11,504,100
Corning, Incorporated 107,900 29,119,512
Cox Communications, Incorporated, Class A * 66,000 3,007,125
Crown Castle International Corporation * 81,000 2,956,500
Level 3 Communications, Incorporated 45,000 3,960,000
Metromedia Fiber Network, Incorporated, Class A 172,500 6,846,094
Nokia Corporation, ADR 132,100 6,596,744
Nortel Networks Corporation 169,400 11,561,550
Qwest Communications
International, Incorporated * 126,700 6,295,406
-----------
109,471,513
TELEPHONE - 2.56%
Alcatel Alsthom, ADR 173,000 11,504,500
NTL, Incorporated 61,900 3,706,262
SHARES VALUE
------ -----
TELEPHONE - CONTINUED
Voicestream Wireless Corporation 39,100 $ 4,547,208
Western Wireless Corporation, Class A 99,200 5,406,400
-----------
25,164,370
TRUCKING & FREIGHT - 1.11%
Kansas City Southern
Industries, Incorporated 122,500 10,864,219
-----------
TOTAL COMMON STOCKS
(Cost: $768,570,669) $842,236,429
------------
PRINCIPAL
AMOUNT VALUE
--------- -----
CORPORATE BONDS - 0.09%
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 0.09%
Exodus Communications,
Incorporated, 4.75% due
07/15/2008 $ 650,000 $ 926,250
------------
TOTAL CORPORATE BONDS
(Cost: $650,000) $ 926,250
------------
SHORT TERM INVESTMENTS - 14.19%
Navigator Securities Lending Trust,
6.65% $71,885,704 $71,885,704
Federal National Mortgage Association
6.57% due 07/03/2000 67,547,000 67,522,345
------------
$139,408,049
TOTAL INVESTMENTS (ALL CAP GROWTH Trust)
(Cost: $768,570,669) $982,570,728
============
OVERSEAS TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 79.03%
AUSTRALIA - 0.83%
Broken Hill Proprietary
Company 119,532 $ 1,411,851
Cable & Wireless Optus, Ltd.* 504,900 1,503,738
News Corporation, Ltd. 140,033 1,926,175
-----------
4,841,764
BELGIUM - 0.15%
Electrabel 3,630 897,234
-----------
BRAZIL - 0.81%
Aracruz Celulose SA, ADR 30,800 594,825
Grupo Televisa SA, ADR * 43,500 2,998,781
Telesp Celular Participacoes, ADR 25,300 1,135,338
-----------
4,728,944
CANADA - 2.46%
Alberta Energy, Ltd. 31,200 1,260,961
Anderson Exploration, Ltd. * 57,200 1,039,649
BCE, Incorporated 9,900 234,791
Canadian Natural Resources, Ltd. * 45,000 1,307,432
Canadian Occidental Petroleum, Ltd. 24,700 670,071
Celestica, Incorporated * 6,300 312,637
The accompanying notes are an integral part of the financial statements.
104
<PAGE> 109
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
CANADA - CONTINUED
Celestica, Incorporated-CAD * 29,300 $ 1,427,385
Cinar Films, Incorporated, Class B * 15,700 109,900
Crestar Energy, Incorporated * 42,600 649,074
Mitel Corporation 17,300 361,926
Nortel Networks Corporation 15,546 1,078,766
Rio Alto Exploration, Ltd. * 41,500 759,899
Suncor Energy, Incorporated 31,800 734,838
Talisman Energy, Incorporated * 113,800 3,771,547
Telesystem International
Wireless, Incorporated 29,800 545,662
Telesystem International
Wireless, Incorporated * 4,500 83,250
-----------
14,347,788
DENMARK - 0.34%
Novo Nordisk AS, Series B 11,600 1,973,975
-----------
FINLAND - 2.48%
Metsa Serla Oy 22,800 168,696
Nokia AB Oyj 130,400 6,654,147
Sampo Corporation 23,100 937,277
Sonera Group PLC 38,500 1,755,097
UPM-Kymmene Oyj 197,500 4,902,387
-----------
14,417,604
FRANCE - 9.39%
AXA-UAP 22,600 3,560,078
Banque Nationale de Paris 28,376 2,730,730
Canal Plus 5,176 869,709
Castorama Dubois 5,890 1,456,405
Compagnie de Staint-Gobain 4,100 554,261
France Telecom, ADS 49,050 6,855,627
Rhodia SA 65,400 1,098,898
Rhone Poulenc SA 29,601 2,160,484
Sanofi Synthelabo 34,120 1,625,461
Societe Generale 30,040 1,806,790
STMicroelectronics NV 24,700 1,585,431
Suez Lyonn Eaux 5,850 1,024,847
Television Francaise 32,150 2,240,634
TOTAL Fina SA, B Shares 153,797 23,580,908
Vivendi 40,102 3,539,485
-----------
54,689,748
GERMANY - 3.09%
Allianz AG Holding 8,250 2,963,844
BASF AG 67,950 2,731,107
Bayer AG 23,600 921,064
Deutsche Telekom AG 35,250 2,012,461
I & I AG 3,500 429,377
Intershop Communications AG 1,200 541,888
Jumptec Industries 200 17,566
K & S AG 105,500 1,611,534
Medigene AG 1,300 84,396
Siemens AG 33,350 5,030,603
Software AG Darmst 2,700 250,036
VEBA AG 29,300 1,412,622
-----------
18,006,498
HONG KONG - 1.28%
China Telecom, Ltd. 622,000 5,485,537
Hutchison Whampoa, Ltd. 102,200 1,284,792
Johnson Electric Holdings 74,000 702,457
-----------
7,472,786
SHARES VALUE
------ -----
IRELAND - 0.21%
Bank Of Ireland 199,424 $ 1,248,609
-----------
ISRAEL - 0.16%
Check Point Software
Technologies, Ltd. 4,400 933,687
-----------
ITALY - 1.73%
Banca Intesa SPA 528,330 2,365,621
Olivetti SPA 315,500 1,147,603
San Paolo IMI SPA 71,800 1,274,298
Telecom Italia Mobile SPA 235,400 2,404,680
Telecom Italia SPA 208,000 2,859,519
-----------
10,051,721
JAPAN - 19.88%
Asahi Chemical Industries 95,000 671,505
Canon, Incorporated 71,000 3,533,104
Dai Ichi Kangyo Bank 51,000 386,928
DDI Corporation 493 4,739,268
Fuji Bank 157,000 1,192,611
Fujitsu, Ltd. 132,000 4,565,666
Furukawa Electric Company, Ltd 1,103,000 23,025,730
Hitachi Chemical 22,000 509,024
Hitachi Zosen Corporation * 209,000 189,096
Hoya Corporation 14,000 1,253,475
Ito-Yokado Company, Ltd. 68,000 4,088,780
KDD 13,200 1,331,134
Kyocera Corporation 47,200 8,002,715
Mitsubishi Electric Corporation 228,000 2,466,840
Mitsubishi Estate Company, Ltd. 110,000 1,293,813
Mitsui Fudosan Company 43,000 466,048
NEC Corporation 145,000 4,550,681
Net One Systems Company 25 574,902
Nikko Securities 687,000 6,798,455
Nintendo Company 6,900 1,204,354
Nippon Telegraph & Telephone Corporation 586 7,787,192
Nippon Zeon Company 117,000 832,525
Nomura Securities Company, Ltd. 364,000 8,902,314
NTT Mobile Communication
Network, Incorporated 66 1,785,213
Oki Electric Industry Company * 127,000 987,465
Omron Corporation 125,000 3,392,866
Orix Corporation 10,200 1,504,453
Rohm Company 4,000 1,168,654
Sakura Bank 191,000 1,319,476
SOFTBANK CORP 22,100 2,999,293
Sony Corporation 35,100 3,274,964
Takeda Chemical Industries, Ltd. 79,000 5,182,037
Toko, Incorporated 98,000 739,814
Tokyo Broadcasting 4,000 172,659
Tokyo Seimitsu Company, Ltd. 21,200 2,837,190
Tokyo Tomin Bank 3,200 108,572
Trans Cosmos, Incorporated 5,100 765,204
Yamanouchi Pharmaceutical Company, Ltd. 21,000 1,145,940
-----------
115,749,960
SOUTH KOREA - 3.22%
Kookmin Bank 36,540 465,342
Samsung Elec Mech * 27,100 1,698,876
Samsung Electronics Company 44,020 14,567,727
The accompanying notes are an integral part of the financial statements.
105
<PAGE> 110
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
SOUTH KOREA - CONTINUED
SK Telecom Company, Ltd., ADR 55,500 $ 2,015,344
-----------
18,747,289
MEXICO - 2.08%
Cifra SA De CV * 969,100 2,273,635
Telefonos De Mexico SA, ADR 93,000 5,312,625
TV Azteca, SA, ADR 341,100 4,498,256
-----------
12,084,516
NETHERLANDS - 7.47%
ABN AMRO Holdings 71,600 1,754,029
Ahold Kon NV 119,896 3,528,949
Akzo Nobel NV, ADS 55,700 2,366,368
Equant NV * 56,000 2,408,000
Heineken NV 16,800 1,022,484
International Nederlanded Groep NV 62,814 4,245,774
KPN NV 42,000 1,878,564
Nutreco Holding NV 22,300 851,593
Philips Electronics NV 252,592 11,912,795
Royal Dutch Petroleum Company 135,000 8,390,385
Technomen * 3,900 33,510
United Pan-Europe Communications NV 60,300 1,576,799
Vendex NV 87,200 1,481,015
Ver Ned Uitgevers NV 18,100 934,852
Wolters Kluwer 42,664 1,136,404
-----------
43,521,521
NORWAY - 1.11%
Bergesen d.y. ASA-A Shares 89,000 1,825,535
Bergesen d.y. ASA-B Shares 78,500 1,504,953
Den Norske Bank 151,400 628,150
Frontline, Ltd. 122,900 1,503,933
Tandberg ASA 33,100 788,876
Vmetro 17,800 207,447
-----------
6,458,894
SINGAPORE - 0.68%
Chartered Semiconductor
Manufacturing, ADR * 34,200 3,078,000
Overseas Union Bank 142,584 553,163
United Overseas Bank 51,675 338,117
-----------
3,969,280
SPAIN - 1.43%
Banco Santander Central,
Hispano, SA 272,548 2,875,229
Tabacalera 44,054 676,719
Telefonica SA 223,200 4,794,505
-----------
8,346,453
SWEDEN - 0.05%
Netcom Systems AB * 3,900 287,857
-----------
SWITZERLAND - 3.40%
ABB AG-CHF 10,753 1,287,025
Credit Suisse Group 21,935 4,363,334
Gretag Imaging Holding 1,000 192,485
Julius Baer Holdings 335 1,324,557
Nestle SA 3,751 7,507,519
The Swatch Group AG 7,450 1,943,220
UBS AG 19,100 2,798,320
SHARES VALUE
------ -----
SWITZERLAND - CONTINUED
Valora Holding AG 1,300 $ 361,000
-----------
19,777,460
UNITED KINGDOM - 14.74%
Amvescap 145,800 2,338,465
BP Amoco PLC 2,145,848 20,585,231
British Aerospace PLC 281,571 1,755,305
Cable & Wireless ADS 343,100 5,809,227
Carlton Communciations 280,700 3,610,180
Diageo PLC 77,200 692,691
Granada Group 117,400 1,172,410
Hilton Group PLC 47,100 165,340
HSBC Holdings-GBP 168,655 1,927,974
Lloyds TSB Group PLC 265,400 2,505,838
Marconi PLC 113,700 1,479,539
Misys PLC 101,800 859,507
Prudential Corporation 80,800 1,183,462
Reed International PLC 87,100 757,798
Reuters Group PLC 136,400 2,325,979
Rio Tinto, Ltd. 137,400 2,245,319
Royal Bank Scotland Group 221,500 3,706,777
SMG 140,000 755,188
SmithKline Beecham PLC 284,100 3,718,390
SSL International 15,700 169,853
The Shell Transport and Trading Company PLC 993,400 8,289,669
Unilever PLC 217,577 1,316,863
Vodafone AirTouch Group PLC 4,301,978 17,379,888
WPP Group PLC 74,700 1,090,726
-----------
85,841,619
UNITED STATES - 2.03%
Apropos Technology, Incorporated * 100 1,988
Bristol-Myers Squibb Company 25,400 1,479,550
Eli Lilly & Company 20,100 2,007,487
European Warrants Fund, Incorporated * 55,900 817,538
Omi Corporation * 69,150 376,003
Overseas Shipholding Group, Incorporated 90,100 2,218,712
Schering-Plough Corporation 29,650 1,497,325
Teekay Shipping Corporation 104,200 3,425,575
-----------
11,824,178
TOTAL COMMON STOCKS
(Cost: $417,602,979) $460,219,385
------------
PREFERRED STOCK - 0.51%
AUSTRALIA - 0.24%
News Corporation, Ltd., ADR 29,500 1,401,250
-----------
GERMANY - 0.27%
Munchener
Ruckversicherungs-Gesellschaft AG 4,902 1,539,701
-----------
TOTAL PREFERRED STOCK
(Cost: $2,295,599) $ 2,940,951
-----------
The accompanying notes are an integral part of the financial statements.
106
<PAGE> 111
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
--------- -----
SHORT TERM INVESTMENTS - 12.51%
Navigator Securities Lending Trust,
6.65% $72,875,850 $ 72,875,850
------------
REPURCHASE AGREEMENTS - 7.95%
Repurchase Agreement with State Street
Bank & Trust Company dated 06/30/2000 at
6.00%, to be repurchased at $46,308,143
on 07/03/2000, collateralized by
$47,095,000 U.S. Treasury Bonds, 6.00%
due 02/15/2026 (valued at
$47,212,738, including interest) $46,285,000 $ 46,285,000
------------
TOTAL INVESTMENTS (OVERSEAS TRUST)
(Cost: $539,059,428) $582,321,186
============
The Trust had the following five top industry concentrations at June 30, 2000
(as a percentage of total value of investments):
Electrical Equipment 12.51%
Telephone 9.64%
Petroleum Services 7.86%
Telecommunications Services 7.83%
Banking 7.20%
INTERNATIONAL STOCK TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 85.87%
AUSTRALIA - 1.63%
Brambles Industries, Ltd. 25,000 $ 767,537
Commonwealth Bank of Australia 47,116 780,241
Lend Lease Corporation 27,904 355,588
News Corporation, Ltd. 102,425 1,408,871
Publishing & Broadcasting, Ltd. 97,000 745,440
TABCORP Holdings, Ltd. 51,000 292,805
Telstra Corporation 191,060 730,151
-----------
5,080,633
BELGIUM - 0.55%
Dexia Credit Company B 4,328 638,385
Fortis B 33,408 972,148
UCB SA 2,620 96,251
-----------
1,706,784
BRAZIL - 2.85%
Banco Itau SA 2,600,000 228,500
Embratel Participacoes SA, ADR 12,000 283,500
Grupo Televisa SA, ADR * 39,500 2,723,031
Petrol Brasileiros 63,700 1,924,951
Telecomunicacoes Brasileiras,
ADR, Pfd. Block 32,208 3,128,202
Telesp Cellular Participacoes 10,089,941 182,385
Telesp Tel Sao Pau 8,597,256 161,458
Unibanco Uniao De Barncos Bras, GDR 9,674 278,128
-----------
8,910,155
SHARES VALUE
------ -----
CANADA - 1.07%
Alcan Aluminum, Ltd. 8,020 $ 249,270
Celestica, Incorporated * 33,190 1,647,054
Nortel Networks Corporation 17,580 1,219,909
Royal Bank Canada 4,340 222,132
-----------
3,338,365
DENMARK - 0.11%
Tele Danmark AS 4,950 333,137
-----------
FINLAND - 2.62%
Nokia AB Oyj 160,624 8,196,440
-----------
FRANCE - 11.12%
Alcatel 55,065 3,611,599
Altran Technologie 1,790 350,498
Aventis SA 3,965 284,283
AXA-UAP 21,781 3,431,064
Banque Nationale de Paris 28,130 2,707,057
Canal Plus 1,340 225,157
Cap Gemini SA 4,440 782,072
Carrefour 3,404 232,686
Compagnie de Staint-Gobain 5,615 759,067
Danone 1,280 169,860
Hermes International 3,500 472,815
L'Oreal SA * 285 246,785
Lafarge 1,337 103,902
Legrand SA 4,810 1,079,146
LVMH Moet Hennessy * 1,511 623,038
Rhone Poulenc SA 35,782 2,611,615
Sanofi Synthelabo 42,578 2,028,397
Schneider Electric SA 3,942 274,730
Societe Generale 7,276 437,623
Sodexho Alliance SA 1,721 312,178
STMicroelectronics NV 23,900 1,505,944
Television Francaise 53,400 3,721,613
TOTAL Fina SA, B Shares 29,963 4,594,074
Vivendi 47,116 4,158,555
-----------
34,723,758
GERMANY - 4.32%
Allianz AG Holding 4,660 1,674,123
Bayer AG 6,941 270,894
Bayerische Hypo-Und
Vereinsbank AG 30,453 1,967,113
Deutsche Bank AG 23,726 1,952,535
Deutsche Telekom AG 26,525 1,514,341
Gehe AG 12,690 417,973
Infineon Technologies AG 18,396 1,449,798
Rhoen-Klinikum AG 3,910 154,915
SAP AG 17,400 2,638,811
Siemens AG 3,240 488,730
VEBA AG 20,080 968,104
-----------
13,497,337
HONG KONG - 3.07%
Cable & Wireless HKT, Ltd. 196,600 433,779
Cheung Kong Holdings, Ltd. 132,000 1,451,992
China Telecom, Ltd. 278,000 2,451,735
China Unicom 382,000 806,093
Dao Heng Bank Group, Ltd. 122,000 539,927
Henderson Land Development 105,000 461,997
Hutchison Whampoa, Ltd. 189,200 2,378,500
Pacific Century * 432,000 853,415
The accompanying notes are an integral part of the financial statements.
107
<PAGE> 112
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
HONG KONG - CONTINUED
Sun Hung Kai Properties, Ltd. 28,000 $ 201,142
-----------
9,578,580
INDIA - 0.21%
Icici, Ltd., ADR 35,549 666,544
-----------
IRELAND - 0.16%
Smartforce PLC * 10,525 505,200
-----------
ITALY - 5.06%
Alleanza Assicuraz 68,000 905,629
Banca Intesa SPA 593,933 2,659,362
Bipop Carire 160,000 1,258,677
ENI SPA, ADR 259,873 1,501,010
Mediaset SPA 21,000 320,779
Mediolanum SPA 72,370 1,177,322
San Paolo IMI SPA 10,015 177,745
Tecnost SPA * 104,400 393,699
Telecom Italia Mobile SPA 337,162 3,444,209
Telecom Italia SPA 184,177 2,532,008
Uncredito Italiano SPA 299,538 1,432,705
-----------
15,803,145
JAPAN - 17.28%
Bridgestone Corporation 15,000 317,374
Canon, Incorporated 83,000 4,130,248
DDI Corporation 41 394,138
East Japan Railway 47 272,862
Fanuc, Ltd. 10,700 1,088,101
Fuji Bank 243,000 1,845,889
Fuji Television Network, Incorporated 93 1,454,974
Fujitsu, Ltd. 49,000 1,694,831
Hitachi, Ltd. 35,000 504,689
Ito-Yokado Company, Ltd. 8,000 481,033
Kao Corporation 16,000 488,573
Kokuyo Company 19,000 311,399
Komori Corporation 10,000 174,733
Kyocera Corporation 21,000 3,560,530
Makita Corporation 25,000 238,207
Marui Company, Ltd. 47,000 899,204
Matsushita Electric
Industrial Company, Ltd. 90,000 2,332,595
Mitsui Fudosan Company 137,000 1,484,850
Murata Manufacturing Company, Ltd. 25,000 3,586,071
NEC Corporation 110,000 3,452,241
Nippon Telegraph & Telephone Corporation 319 4,239,103
Nomura Securities Company, Ltd. 106,000 2,592,432
NTT Mobile Communication
Network, Incorporated 95 2,569,624
Sankyo Company 30,000 677,159
Seven Eleven Japan Company, Ltd. 18,000 1,504,736
Shin-Etsu Chemical Company, Ltd. 17,000 861,976
Shiseido Company 38,000 587,343
SOFTBANK CORP 4,100 556,430
Sony Corporation 33,500 3,125,677
Sumitomo Bank, Ltd. 134,000 1,641,770
Sumitomo Corporation 62,000 697,102
Sumitomo Electric Industries, Ltd. 20,000 342,679
TDK Corporation 7,000 1,005,419
Toshiba Corporation 251,000 2,831,601
SHARES VALUE
------ -----
JAPAN - CONTINUED
Yamanouchi Pharmaceutical
Company, Ltd. 37,000 $ 2,019,038
-----------
53,964,631
SOUTH KOREA - 1.27%
Korea Telecom Corporation, ADR 22,400 1,083,600
Pohang Iron & Steel, Ltd., ADR 5,840 140,160
Samsung Electronics Company 8,326 2,755,359
-----------
3,979,119
LUXEMBOURG - 0.06%
Societe Europeenne des Satellites 1,217 204,489
-----------
MEXICO - 1.24%
Fomento Econ Mexico * 143,000 609,994
Grupo Iusacell SA De CV, ADR * 19,000 296,875
Telefonos De Mexico SA, ADR 52,000 2,970,500
-----------
3,877,369
NETHERLANDS - 5.73%
ABN AMRO Holdings 11,110 272,169
Akzo Nobel NV, ADS 3,420 145,296
ASM Lithography Holding NV 45,590 1,959,486
CSM NV 13,290 261,372
Equant NV 7,944 322,781
Fortis Amev NV 49,230 1,433,027
International Nederlanded Groep NV 46,749 3,159,896
KPN NV 17,610 787,655
Philips Electronics NV 68,896 3,249,287
Royal Dutch Petroleum Company 31,008 1,927,178
TNT Post Group NV 2,210 59,604
United Pan-Europe Communications NV 20,068 524,763
Ver Ned Uitgevers NV 58,350 3,013,736
Wolters Kluwer 29,042 773,567
-----------
17,889,817
NEW ZEALAND - 0.13%
Telecom Corporation of New
Zealand, Ltd. 114,000 398,407
-----------
NORWAY - 0.17%
Orkla SA 27,690 526,015
-----------
PORTUGAL - 0.08%
Jeronimo Martins SGPS 15,820 260,684
-----------
SINGAPORE - 0.32%
United Overseas Bank 152,824 999,949
-----------
SPAIN - 3.25%
Banco Bilbao Vizcaya SA 135,155 2,019,359
Banco Santander Central, Hispano, SA 148,906 1,570,875
Endesa SA 75,494 1,462,384
Repsol-YPF, SA 39,089 778,086
Telefonica SA 137,565 2,955,001
Telefonica SA, ADR * 21,217 1,359,238
-----------
10,144,943
SWEDEN - 2.76%
Atlas Copco AB-B Shares 6,220 116,360
Electrolux AB 25,460 394,024
The accompanying notes are an integral part of the financial statements.
108
<PAGE> 113
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
SWEDEN - CONTINUED
Hennes & Mauritz AB 39,670 $ 827,583
L.M. Ericsson
Telefonaktiebolaget, Series B 182,320 3,607,125
Nordbanken Holding AB 180,771 1,362,956
Nordic Baltic Holding 21,405 156,107
Sandvik AB 7,230 151,650
Securitas AB 94,846 2,010,907
-----------
8,626,712
SWITZERLAND - 3.89%
ABB AG-CHF 10,470 1,253,153
ABB AG-SEK 6,172 715,168
Adecco SA 3,530 2,999,191
Credit Suisse Group 6,156 1,224,558
Nestle SA 1,418 2,838,086
Roche Holdings AG-Genusscheine 87 846,907
Swisscom AG 742 256,991
UBS AG 13,726 2,010,982
-----------
12,145,036
TAIWAN - 0.10%
Hon Hai Precision Industry, Ltd., GDR 16,660 300,755
-----------
UNITED KINGDOM - 16.82%
Abbey National 28,000 334,698
Baltimore Technologies * 90,000 680,895
BG Group PLC 27,456 177,392
BP Amoco PLC 142,000 1,362,213
Cable & Wireless ADS 225,800 3,823,152
Cadbury Schweppes 112,000 735,488
Celltech Group PLC * 34,000 658,501
Centrica PLC 48,600 162,148
Compass Group PLC 211,000 2,779,193
David S. Smith Holdings 41,000 99,458
Diageo PLC 151,540 1,359,720
Electrocomponents PLC 34,000 347,256
GKN PLC 8,000 102,043
Glaxo Wellcome PLC 187,300 5,461,187
Hays PLC 17,600 98,134
Hilton Group PLC 44,000 154,457
HSBC Holdings-HKD 58,000 664,037
Kingfisher 108,000 982,940
Marconi PLC 85,800 1,116,486
Reed International PLC 347,300 3,021,622
Rio Tinto, Ltd. 82,150 1,342,452
Royal Bank Scotland Group 254,920 4,266,056
SmithKline Beecham PLC 230,100 3,011,621
Standard Chartered PLC 78,000 971,319
Tesco 147,200 457,707
The Shell Transport and
Trading Company PLC 512,500 4,276,682
Tomkins 208,096 676,183
Unilever PLC 110,071 666,194
United News & Media PLC 37,300 536,167
Vodafone AirTouch Group PLC 1,809,217 7,309,193
WPP Group PLC 183,000 2,672,057
Zeneca Group PLC 47,576 2,220,806
-----------
52,527,457
TOTAL COMMON STOCKS
(Cost: $226,978,965) $268,185,461
------------
SHARES VALUE
------ -----
PREFERRED STOCK - 0.81%
AUSTRALIA - 0.81%
News Corporation, Ltd. 210,626 $ 2,540,081
-----------
TOTAL PREFERRED STOCK
(Cost: $2,180,672) $ 2,540,081
-----------
PRINCIPAL
AMOUNT VALUE
--------- -----
SHORT TERM INVESTMENTS - 9.44%
Navigator Securities Lending Trust,
6.65% $29,471,489 $29,471,489
-----------
REPURCHASE AGREEMENTS - 3.88%
Repurchase Agreement with State Street
Bank & Trust Company dated 06/30/2000 at
5.50%, to be repurchased at $12,135,560
on 07/03/2000, collateralized by
$11,380,000 U.S. Treasury Bonds, 6.625%
due 02/15/2027 (valued at
$12,375,750, including interest) $12,130,000 $ 12,130,000
------------
TOTAL INVESTMENTS (INTERNATIONAL STOCK TRUST)
(Cost: $270,761,126) $312,327,031
============
The Trust had the following five top industry concentrations at June 30, 2000
(as a percentage of total value of investments):
Banking 10.77%
Telephone 9.97%
Telecommunications Services 8.68%
Drugs & Health Care 5.88%
Electronics 3.90%
INTERNATIONAL VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 89.91%
ARGENTINA - 0.89%
Irsa Inversiones 257,859 $ 593,396
Nortel Inversora SA, ADR, Series B 32,500 617,500
-----------
1,210,896
AUSTRALIA - 2.12%
Australia & New Zealand Bank Group 217,900 1,669,337
Broken Hill Proprietary Company 103,000 1,216,583
-----------
2,885,920
AUSTRIA - 1.26%
Bank Austria AG 20,245 986,110
Wienerberger Baustoffindustrie AG 31,700 719,981
-----------
1,706,091
BERMUDA - 2.00%
ACE, Ltd. 37,708 1,055,824
Mutual Risk Mangement, Ltd. 35,000 605,937
The accompanying notes are an integral part of the financial statements.
109
<PAGE> 114
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
BERMUDA - CONTINUED
XL Capital, Ltd., Shares A 19,600 $ 1,060,850
-----------
2,722,611
BRAZIL - 2.15%
Companhia Vale Do Rio Doce, ADR 21,300 599,817
Embratel Participacoes SA, ADR 37,800 893,025
Tele Centro Sul Participacoes, ADR 19,500 1,424,718
-----------
2,917,560
CANADA - 3.64%
Barrick Gold Corporation - CAD 35,900 648,868
Kinross Gold Corporation * 641,100 571,792
Laurentian Bank of Canada 32,100 490,176
Renaissance Energy, Ltd. * 132,200 1,281,804
Transcanada Pipelines, Ltd. 257,000 1,962,230
-----------
4,954,870
CHINA - 0.48%
Beijing Datang Power
Generation Company, Ltd. 2,906,000 652,364
-----------
DENMARK - 0.88%
Danske Traelast 12,500 1,199,509
-----------
FINLAND - 2.02%
Konecranes International 22,600 755,168
UPM-Kymmene Oyj 37,800 938,279
Valmet Rauma 87,000 1,046,543
-----------
2,739,990
FRANCE - 8.76%
Alcatel 47,000 3,082,632
Aventis SA 8,927 640,048
AXA-UAP 11,591 1,825,879
Banque Nationale de Paris 12,000 1,154,806
Elf Aquitaine SA 2,600 532,436
Michelin (CGDE)-B 12,000 385,050
Rhone Poulenc SA 30,300 2,211,501
TOTAL Fina SA, B Shares 13,500 2,069,886
-----------
11,902,238
GERMANY - 6.15%
Adidas-Salomon AG 26,500 1,465,857
BASF AG 39,500 1,587,619
Deutsche Bank AG 11,000 905,247
Merck & Company, Incorporated 33,900 1,084,205
Prosieben Media AG 9,000 1,119,148
VEBA AG 45,600 2,198,484
-----------
8,360,560
HONG KONG - 5.60%
Cheung Kong Holdings, Ltd. 218,000 2,397,986
CLP Holdings, Ltd. 315,500 1,469,136
First Tractor Company 2,416,000 204,549
Guangdong Kelon Electrical
Holdings Company, Ltd. 450,000 243,891
Hong Kong Aircraft 311,600 599,577
Moulin International Holding 8,100,000 696,171
Smartone Telecommunications
Holdings, Ltd. 495,000 1,095,343
Techtronic Industries 3,500,000 909,178
-----------
7,615,831
SHARES VALUE
------ -----
INDONESIA - 0.11%
Perusahaan Perseroan Indo Sat, ADR 13,400 $ 152,425
-----------
ITALY - 1.95%
Banca Naz Del Lavoro 333,600 1,175,221
Telecom Italia SPA-RNC 222,200 1,474,334
-----------
2,649,555
JAPAN - 7.51%
Fujitsu, Ltd. 43,000 1,487,301
Komatsu 100,000 703,077
Kurita Water Industries 84,000 1,848,546
Nippon Telegraph & Telephone
Corporation, ADR 37,900 2,591,413
Nomura Securities Company, Ltd. 75,000 1,834,268
Ono Pharmaceutical 24,000 1,029,169
Sony Corporation 7,600 709,109
-----------
10,202,883
SOUTH KOREA - 3.15%
Hyundai Electric Industry * 109,500 2,160,490
Korea Telecom Corporation, ADR 13,200 638,550
Samsung Company 172,500 1,486,715
-----------
4,285,755
MEXICO - 0.85%
Telefonos De Mexico SA, ADR 20,200 1,153,925
-----------
NETHERLANDS - 9.15%
Akzo Nobel NV, ADS 52,800 2,243,164
Arcadis NV 110,000 787,628
Internatio Muller 43,500 747,530
International Nederlanded Groep NV 41,700 2,818,619
Philips Electronics NV 31,040 1,463,915
Stork NV 37,000 501,600
Unilever NV-CVA 37,000 1,697,314
Wolters Kluwer 82,000 2,184,164
-----------
12,443,934
NEW ZEALAND - 2.71%
Fletcher Challenge Energy 614,900 2,004,724
Telecom Corporation of New
Zealand, Ltd. 463,100 1,618,439
Tranz Rail Holdings, Ltd., ADR 11,000 54,313
-----------
3,677,476
PHILIPPINES - 0.87%
Philippine Long Distance
Telephone Company, ADR 66,850 1,186,587
-----------
SINGAPORE - 0.87%
Asia Pulp & Paper, Ltd., ADR * 74,500 377,156
Creative Technology, Ltd. 17,650 421,394
-----------
798,550
SOUTH AFRICA - 0.33%
Anglogold, Ltd., ADR 22,100 454,431
-----------
SPAIN - 2.77%
Iberdrola SA 74,700 962,768
Repsol-YPF, SA 114,200 2,273,208
The accompanying notes are an integral part of the financial statements.
110
<PAGE> 115
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
SPAIN - CONTINUED
Telefonica SA, ADR * 13,405 $ 858,784
Teva Pharmaceutical
Industries, Ltd., ADR 9,628 533,752
-----------
$ 1,392,536.00
SWEDEN - 4.83%
Autoliv, Incorporated 21,500 517,344
ForeningsSparbanken AB, Series A 71,150 1,040,629
Nordic Baltic Holding 459,118 3,344,530
Svedala Industries 41,400 788,572
Volvo AB-B Shares 40,100 870,652
-----------
6,561,727
SWITZERLAND - 0.77%
ABB AG-CHF 8,000 957,518
ABB AG-SEK 813 94,205
-----------
1,051,723
THAILAND - 0.08%
Bangkok Bank 84,100 103,045
-----------
UNITED KINGDOM - 17.66%
Allied Zurich PLC 220,100 2,602,655
British Aerospace PLC 310,254 1,934,114
British Airways 202,700 1,165,480
Heywood Williams Group PLC 118,900 417,386
Imperial Chemical Industries PLC 114,600 909,489
J. Sainsbury 397,100 1,802,556
Marks & Spencer PLC 461,200 1,620,737
National Power 199,800 1,272,756
Nycomed Amersham 125,000 1,240,742
Peninsular & Oriental Steam
Navigation Company 130,400 1,116,764
Powergen 69,900 597,576
Rolls Royce 434,500 1,541,701
Safeway 150,000 583,300
Stagecoach Holdings 1,784,400 1,970,982
The Shell Transport and
Trading Company PLC 219,800 1,834,175
TI Group 170,000 926,017
Williams PLC 423,900 2,469,401
-----------
24,005,831
TOTAL COMMON STOCKS
(Cost: $118,581,207) $122,224,799
------------
PREFERRED STOCK - 1.39%
AUSTRALIA - 0.70%
News Corporation, Ltd. 79,100 $ 953,921
-----------
GERMANY - 0.69%
Volkswagen AG 39,700 930,484
-----------
TOTAL PREFERRED STOCK
(Cost: $2,061,539) $ 1,884,405
-----------
PRINCIPAL
AMOUNT VALUE
--------- -----
RIGHTS - 0.02%
SWEDEN - 0.02%
Volvo AB* 40,100 $ 35,008
-----------
TOTAL RIGHTS
(Cost: $0) $ 35,008
-----------
REPURCHASE AGREEMENTS - 8.68%
Repurchase Agreement with State Street
Bank & Trust Company dated 06/30/2000 at
5.50%, to be repurchased at $11,803,407
on 07/03/2000, collateralized by
$12,005,000 U.S. Treasury Notes, 5.625%
due 09/30/2001 (valued at
$12,035,013, including interest) $11,798,000 $11,798,000
-----------
TOTAL INVESTMENTS (INTERNATIONAL VALUE TRUST)
(Cost: $132,440,746) $135,942,212
============
The Trust had the following five top industry concentrations at June 30, 2000
(as a percentage of total value of investments):
Telephone 9.01%
Banking 6.87%
Electric Utilities 5.26%
Insurance 5.26%
Chemicals 5.11%
MID CAP BLEND TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 85.50%
AEROSPACE - 0.60%
GenCorp, Incorporated 651,500 $ 5,212,000
General Dynamics Corporation 100,000 5,225,000
-----------
10,437,000
AIR TRAVEL - 0.02%
AMR Corporation * 14,800 391,275
-----------
ALUMINUM - 0.07%
Alcoa, Incorporated 39,000 1,131,000
-----------
APPAREL & TEXTILES - 0.30%
Kellwood Company 125,900 2,659,638
Shaw Industries, Incorporated 144,600 1,807,500
Unifi, Incorporated * 60,000 742,500
-----------
5,209,638
AUTO PARTS - 0.42%
Eaton Corporation 108,300 7,256,100
-----------
AUTO SERVICES - 0.43%
AutoNation, Incorporated * 1,050,800 7,421,275
-----------
The accompanying notes are an integral part of the financial statements.
111
<PAGE> 116
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
AUTOMOBILES - 0.17%
Harley Davidson, Incorporated 75,400 $ 2,902,900
-----------
BANKING - 1.72%
AmSouth Bancorporation 240,000 3,780,000
Bank One Corporation 92,200 2,449,063
Comerica, Incorporated 100,200 4,496,475
PNC Bank Corporation 77,300 3,623,437
Silicon Valley Bancshares * 364,900 15,553,862
-----------
29,902,837
BROADCASTING - 2.05%
AMFM, Incorporated * 189,900 13,103,100
Clear Channel Communications * 161,200 12,090,000
EchoStar Communications
Corporation, Class A * 312,500 10,346,680
-----------
35,539,780
BUILDING MATERIALS & CONSTRUCTION - 1.78%
Elcor Chemical Corporation 30,000 690,000
Fluor Corporation 443,000 14,009,875
Harsco Corporation 553,700 14,119,350
Masco Corporation 120,000 2,167,500
-----------
30,986,725
BUSINESS SERVICES - 5.53%
Banta Corporation 215,400 4,079,138
Ceridian Corporation * 378,400 9,105,250
Deluxe Corporation 977,800 23,039,412
Dun & Bradstreet Corporation 164,100 4,697,363
Gartner Group, Incorporated,
Class B * 15,082 148,935
H & R Block, Incorporated 254,100 8,226,487
Healtheon/ WebMD Corporation 662,100 9,807,356
Iron Mountain, Incorporated * 171,500 5,831,000
ITT Industries, Incorporated 275,300 8,362,237
Ogden Corporation * 514,800 4,633,200
R.R. Donnelley & Sons Company 672,800 15,180,050
The Titan Corporation * 66,100 2,957,975
-----------
96,068,403
CHEMICALS - 3.58%
Cabot Corporation 135,700 3,697,825
Crompton Corporation 550,403 6,742,437
Dow Chemical Company 120,000 3,622,500
Engelhard Corporation 236,100 4,028,456
Ferro Corporation 687,950 14,446,950
Geon Company 366,500 6,780,250
Hercules, Incorporated 175,100 2,462,344
Lyondell Chemical Company 11,200 187,600
M.A. Hanna Company 169,800 1,528,200
Millennium Chemicals, Incorporated 141,800 2,410,600
Omnova Solutions, Incorporated 436,300 2,726,875
Praxair, Incorporated 170,000 6,364,375
W. R. Grace & Company * 595,400 7,219,225
-----------
62,217,637
COMPUTERS & BUSINESS EQUIPMENT - 4.91%
Aether Systems, Incorporated * 1,200 246,000
Brocade Communications
Systems, Incorporated * 55,500 10,183,383
Citrix Systems, Incorporated * 102,800 1,946,775
Gateway, Incorporated * 46,900 2,661,575
JDS Uniphase Corporation * 380,400 45,600,450
SHARES VALUE
------ -----
COMPUTERS & BUSINESS EQUIPMENT - CONTINUED
Network Appliance, Incorporated * 203,100 $16,349,550
Network Peripherals, Incorporated * 10,000 167,500
Nurun, Incorporated 5,000 142,736
Redback Networks, Incorporated * 20,400 3,631,200
Unisys Corporation * 293,600 4,275,550
-----------
85,204,719
CONSTRUCTION MATERIALS - 0.46%
Diebold, Incorporated 82,300 2,294,113
Sherwin-Williams Company 270,000 5,720,625
-----------
8,014,738
CONTAINERS & GLASS - 0.60%
Bemis, Incorporated 310,800 10,450,650
-----------
COSMETICS & TOILETRIES - 0.03%
International Flavors &
Fragrances, Incorporated 14,800 446,775
-----------
CRUDE PETROLEUM & NATURAL GAS - 1.26%
Burlington Resources,
Incorporated 100,000 3,825,000
Devon Energy Corporation 7,300 410,169
Helmerich & Payne, Incorporated 236,000 8,820,500
Occidental Petroleum Corporation 342,000 7,203,375
Sunoco, Incorporated 53,400 1,571,962
-----------
21,831,006
DOMESTIC OIL - 1.20%
Amerada Hess Corporation 184,100 11,368,175
Conoco, Incorporated, Class B 187,500 4,605,469
Ultramar Diamond Shamrock Corporation 197,800 4,907,912
-----------
20,881,556
DRUGS & HEALTH CARE - 6.11%
Abgenix, Incorporated * 46,100 5,525,517
Affymetrix, Incorporated * 15,000 2,476,875
Celgene Corporation * 229,500 13,511,813
COR Therapeutics, Incorporated * 58,800 5,016,375
Dentsply International, Incorporated 409,200 12,608,475
Hillenbrand Industries, Incorporated 169,300 5,301,206
Human Genome Sciences, Incorporated * 28,200 3,761,175
ImClone Systems, Incorporated * 83,900 6,413,106
Immunex Corporation * 561,800 27,773,988
Medarex, Incorporated 122,200 10,325,900
MedImmune, Incorporated 93,300 6,904,200
Millennium Pharmaceuticals, Incorporated 43,200 4,833,000
Quest Diagnostics, Incorporated * 9,300 665,531
Tenet Healthcare Corporation * 36,900 996,300
-----------
106,113,461
ELECTRICAL EQUIPMENT - 1.56%
AMETEK, Incorporated 492,970 8,626,975
Audiovox Corporation, Class A * 534,200 11,785,787
AVX Corporation 227,400 5,215,988
Hubbell, Incorporated, Class B 56,400 1,438,200
-----------
27,066,950
ELECTRIC UTILITIES - 1.32%
AES Corporation * 182,600 8,331,125
The accompanying notes are an integral part of the financial statements.
112
<PAGE> 117
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
ELECTRIC UTILITIES - CONTINUED
Calpine Corporation * 205,800 $13,531,350
Dynegy, Incorporated, Class A 16,400 1,120,325
-----------
22,982,800
ELECTRONICS - 4.40%
Analog Devices, Incorporated * 149,100 11,331,600
C-MAC Industries, Incorporated * 68,500 3,239,865
California Amplifier, Incorporated * 125,800 5,755,350
Celestica, Incorporated * 205,000 10,173,125
CTS Corporation 26,600 1,197,000
Electronics For Imaging, Incorporated * 718,300 18,181,969
Flextronics International 27,600 1,895,775
Foundry Networks, Incorporated * 19,600 2,165,800
Jabil Circuit, Incorporated * 96,600 4,793,775
Lexmark International Group,
Incorporated, Class A 29,700 1,997,325
Linear Technology Corporation 147,500 9,430,781
Scientific-Atlanta, Incorporated 83,900 6,250,550
-----------
76,412,915
ENERGY - 0.02%
NRG Energy, Incorporated 19,000 346,750
-----------
FINANCIAL SERVICES - 3.29%
Association First Capital
Corporation, Class A 210,000 4,685,625
Charles Schwab Corporation 415,800 13,981,275
Federal Home Loan Mortgage Corporation 260,000 10,530,000
Federal National Mortgage Association 200,000 10,437,500
J.D. Edwards & Company * 91,900 1,384,244
Lehman Brothers Holdings, Incorporated 25,800 2,439,713
Metlife, Incorporated 290,000 6,108,125
SLM Holding Corporation 203,800 7,629,762
-----------
57,196,244
FOOD & BEVERAGES - 0.46%
Canandaigua Wine,
Incorporated, Class A * 27,000 1,361,813
Dean Foods Company 51,600 1,635,075
Earthgrains Company 122,200 2,375,262
Fleming Companies, Incorporated 204,000 2,664,750
-----------
8,036,900
GAS & PIPELINE UTILITIES - 0.22%
Ocean Energy, Incorporated * 270,700 3,840,556
-----------
HOTELS & RESTAURANTS - 0.08%
Starwood Hotels & Resorts
SBI, Class B 40,700 1,325,294
-----------
HOUSEHOLD APPLIANCES - 1.54%
American Standard Companies, Incorporated * 553,400 22,689,400
Whirlpool Corporation 88,700 4,135,638
-----------
26,825,038
SHARES VALUE
------ -----
HOUSEHOLD PRODUCTS - 1.67%
Black & Decker Corporation 282,400 $11,101,850
Snap-On, Incorporated 671,900 17,889,337
-----------
28,991,187
INDUSTRIAL MACHINERY - 2.32%
Albany International
Corporation, Class A * 259,973 3,769,608
Crane Company 281,200 6,836,675
Ingersoll-Rand Company 195,400 7,864,850
Kaydon Corporation 211,900 4,449,900
Kennameta, Incorporated 161,700 3,466,444
Pentair, Incorporated 230,000 8,165,000
UNOVA, Incorporated * 792,500 5,795,156
-----------
40,347,633
INSURANCE - 1.54%
ACE, Ltd. 280,400 7,851,200
Ambac Financial Group, Incorporated 126,300 6,922,819
Commerce Group, Incorporated 87,100 2,569,450
HCC Insurance Holdings, Incorporated 67,500 1,274,062
Sun Life Financial Services, Incorporated 200,000 3,371,622
UNUMProvident Corporation 143,700 2,882,981
XI Capital, Ltd., Shares A 34,000 1,840,250
-----------
26,712,384
INTERNATIONAL OIL - 0.92%
Halliburton Company 337,200 15,911,625
-----------
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 4.58%
Ariba, Incorporated * 84,100 8,245,742
Art Technology Group, Incorporated * 113,900 11,496,781
BroadVision, Incorporated * 381,900 19,405,294
Covad Communications Group, Incorporated * 1,109,350 17,888,269
Digital Insight Corporation * 92,100 3,131,400
Juniper Networks, Incorporated * 46,400 6,754,100
Priceline.com, Incorporated * 210,200 7,984,315
Rhythms Net Connections, Incorporated * 369,100 4,636,819
-----------
79,542,720
LEISURE TIME - 0.23%
Callaway Golf Company 129,900 2,118,994
Harrahs Entertainment, Incorporated 87,100 1,823,656
-----------
3,942,650
MINING - 0.30%
Newmont Mining Corporation 140,000 3,027,500
Phelps Dodge Corporation 60,000 2,231,250
-----------
5,258,750
OFFICE FURNISHINGS & SUPPLIES - 0.57%
Miller Herman, Incorporated 382,900 9,907,538
-----------
PAPER - 0.71%
Bowater, Incorporated 52,900 2,334,213
Chesapeake Corporation 90,000 2,666,250
Fort James Corporation 235,800 5,452,875
The accompanying notes are an integral part of the financial statements.
113
<PAGE> 118
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
PAPER - CONTINUED
Smurfit Container Corporation * 151,600 $ 1,951,850
-----------
12,405,188
PETROLEUM SERVICES - 0.59%
Apache Corporation 90,000 5,293,125
Tosco Corporation 177,300 5,019,806
-----------
10,312,931
PHOTOGRAPHY - 0.15%
Polaroid Corporation 141,300 2,552,231
-----------
POLLUTION CONTROL - 1.16%
Republic Services,
Incorporated, Class A * 1,257,400 20,118,400
-----------
PUBLISHING - 0.67%
Houghton Mifflin Company 31,700 1,479,994
John H. Harland Company 358,400 5,353,600
Readers Digest Association,
Incorporated, Class A 120,000 4,770,000
-----------
11,603,594
RAILROADS & EQUIPMENT - 0.53%
Burlington Northern Santa Fe Corporation 127,800 2,931,413
CSX Corporation 112,900 2,392,069
Norfolk Southern Corporation 257,900 3,836,262
-----------
9,159,744
REAL ESTATE - 1.50%
Apartment Investment &
Management Company, Class A 57,900 2,504,175
Arch Chemicals, Incorporated 45,250 989,844
Archstone Communities Trust SBI 78,300 1,649,194
Arden Realty, Incorporated 82,400 1,936,400
Avalon Bay Communities, Incorporated 74,200 3,097,850
BRE Properties, Incorporated 87,500 2,526,562
Duke-Weeks Realty Investments, Incorporated 80,200 1,794,475
Equity Office Properties Trust 50,000 1,378,125
First Industrial Realty Trust, Incorporated 31,200 920,400
Kimco Realty Corporation 53,400 2,189,400
Prologis Trust SBI 90,100 1,920,256
Public Storage, Incorporated 74,200 1,739,063
Reckson Associates Realty Corporation 78,500 1,864,375
Spieker Properties, Incorporated 34,700 1,596,200
-----------
26,106,319
RETAIL TRADE - 5.25%
Best Buy Company, Incorporated * 86,700 5,483,775
BJ's Wholesale Club, Incorporated * 324,900 10,721,700
Consolidated Stores Corporation * 1,174,500 14,094,000
Federated Department Stores, Incorporated 610,000 20,587,500
J.C. Penney, Incorporated 95,900 1,768,156
Kohls Corporation * 146,000 8,121,250
Lowe's Companies, Incorporated 135,600 5,568,075
Nordstrom, Incorporated 181,100 4,369,037
Payless ShoeSource, Incorporated * 148,700 7,620,875
SHARES VALUE
------ -----
RETAIL TRADE - CONTINUED
Regis Corporation 437,900 $ 5,473,750
Shopko Stores, Incorporated * 21,700 333,638
Target Corporation 70,000 4,060,000
The Limited, Incorporated 139,800 3,023,175
-----------
91,224,931
SANITARY SERVICES - 0.78%
Waste Management, Incorporated 708,705 13,465,395
-----------
SEMICONDUCTORS - 4.14%
Advanced Micro Devices, Incorporated * 24,200 1,869,450
Altera Corporation * 97,800 9,969,487
Cypress Semiconductor Corporation * 118,300 4,998,175
KLA-Tencor Corporation * 70,000 4,099,375
LSI Logic Corporation * 177,900 9,628,837
Mattson Technology, Incorporated 93,200 3,029,000
Micron Technology, Incorporated 105,100 9,255,369
National Semiconductor Corporation * 88,300 5,011,025
PMC-Sierra, Incorporated * 16,900 3,002,919
SDL, Incorporated * 48,300 13,774,556
Three Five Systems, Incorporated * 33,000 1,947,000
Triquint Semiconductor,
Incorporated * 22,100 2,114,694
Vitesse Semiconductor Corporation 42,700 3,141,119
-----------
71,841,006
SHIPBUILDING - 0.08%
Teekay Shipping Corporation 41,600 1,367,600
-----------
SOFTWARE - 4.15%
Adobe Systems, Incorporated 32,300 4,199,000
Intuit, Incorporated * 453,400 18,759,425
ISS Group, Incorporated 42,300 4,176,464
Parametric Technology Corporation * 190,000 2,090,000
Rational Software Corporation * 39,100 3,633,856
Siebel Systems, Incorporated * 27,600 4,514,325
VeriSign, Incorporated 119,755 21,136,758
VERITAS Software Corporation 119,600 13,516,669
-----------
72,026,497
STEEL - 0.20%
Nucor Corporation 44,100 1,463,569
Ryerson Tull, Incorporated 190,868 1,980,255
-----------
3,443,824
TELECOMMUNICATIONS SERVICES - 4.74%
Citizens Communications Company * 352,600 6,082,350
Comverse Technology, Incorporated * 42,444 3,947,292
Copper Mountain Networks, Incorporated * 49,100 4,326,937
Corning, Incorporated 54,400 14,681,200
Global Telesystems Group, Incorporated * 104,300 1,258,119
InterDigital Communication Corporation * 116,200 1,924,563
L.M. Ericsson
Telefonaktiebolaget, ADR, Class B 278,000 5,560,000
McLeodUSA, Incorporated 888,800 18,387,050
Metromedia Fiber Network,
Incorporated, Class A 404,200 16,041,687
The accompanying notes are an integral part of the financial statements.
114
<PAGE> 119
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
TELECOMMUNICATIONS SERVICES - CONTINUED
Nokia Corporation, ADR 202,700 $ 10,122,331
--------------
82,331,529
TELEPHONE - 3.09%
BellSouth Corporation 66,900 2,851,613
Nextel Communications,
Incorporated, Class A * 393,200 24,058,925
Nextlink Communications,
Incorporated, Class A * 68,800 2,610,100
Nortel Networks Corporation 148,000 10,270,000
Voicestream Wireless Corporation 31,900 3,709,870
Winstar Communications, Incorporated 299,750 10,154,031
--------------
53,654,539
TIRES & RUBBER - 0.19%
Goodyear Tire & Rubber Company 166,200 3,324,000
--------------
TRANSPORTATION - 0.34%
Expeditores International of
Washington, Incorporated 123,400 5,861,500
--------------
TRUCKING & FREIGHT - 0.97%
CNF Transportation, Incorporated 594,200 13,518,050
Landstar Systems, Incorporated * 29,600 1,763,050
Pittston Brinks Group 118,100 1,616,494
--------------
16,897,594
TOTAL COMMON STOCKS
(Cost: $1,520,011,555) $1,484,752,231
--------------
PREFERRED STOCK - 0.16%
CONTAINERS & GLASS - 0.16%
Owens-Illinois, Incorporated 128,800 $ 2,865,800
--------------
TOTAL PREFERRED STOCK
(Cost: $4,567,889) $ 2,865,800
--------------
PRINCIPAL
AMOUNT VALUE
--------- -----
SHORT TERM INVESTMENTS - 9.42%
Navigator Securities Lending Trust,
6.65% $160,309,832 $ 160,309,832
United States Treasury Bills
5.98% due 08/10/2000 3,250,000 3,228,911
--------------
$ 163,538,743
REPURCHASE AGREEMENTS - 4.92%
Repurchase Agreement with State Street Bank &
Trust Company dated 06/30/2000 at 6.00%,
to be repurchased at $85,521,740 on
07/03/2000, collateralized by $49,160,000
U.S. Treasury Notes, 6.875% due
05/15/2006 and (valued at $40,394,526,
including interest) $ 85,479,000 $ 85,479,000
--------------
TOTAL INVESTMENTS (MID CAP BLEND TRUST)
(Cost: $1,773,597,187) $1,736,635,774
==============
SMALL COMPANY VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCKS - 82.97%
AEROSPACE - 0.04%
Curtiss Wright Corporation 1,200 $ 44,625
--------------
AGRICULTURE - 0.16%
Agribrands International, Incorporated * 3,700 155,169
Oil-Dri Corporation of America 800 7,200
PW Eagle, Incorporated * 1,800 32,625
--------------
194,994
AIR TRAVEL - 0.01%
Aviall, Incorporated * 2,700 13,331
--------------
APPAREL & TEXTILES - 2.00%
Angelica Corporation 8,500 68,000
Ashworth, Incorporated * 4,500 20,109
Decorator Industries, Incorporated 400 1,850
Ellis Perry International, Incorporated * 3,200 25,600
G III Apparel Group, Ltd. * 500 2,656
Guess, Incorporated * 5,500 77,000
Guilford Mills, Incorporated 10,900 46,325
Haggar Corporation 5,700 66,975
Hampshire Group, Ltd. 200 1,450
Jos A Bank Clothiers, Incorporated * 600 2,325
Kellwood Company 21,600 456,300
Leslie Fay, Incorporated * 4,200 14,175
Mikasa, Incorporated 100 1,100
Quaker Fabric Corporation * 7,525 38,095
Reebok International, Ltd. * 4,000 63,750
Russell Corporation 21,100 422,000
Springs Industries, Incorporated 7,400 238,188
Stride Rite Corporation 39,700 243,163
Timberland Company, Class A * 7,800 552,337
Wellman, Incorporated 5,400 87,413
--------------
2,428,811
AUTO PARTS - 0.55%
American Axle & Manufacturing
Holdings, Incorporated * 5,900 83,706
Borg-Warner Automotive, Incorporated 16,000 562,000
Donnelly Corporation 100 1,300
Edelbrock Corporation 1,200 12,075
TFC Enterprises, Incorporated * 2,400 4,800
--------------
663,881
AUTO SERVICES - 0.30%
Dollar Thrifty Automotive Group * 19,900 366,906
--------------
AUTOMOBILES - 0.14%
Dura Automotive Systems,
Incorporated * 7,800 84,337
Wabash National Corporation 4,800 57,300
Winnebago Industries, Incorporated 2,600 33,963
--------------
175,600
BANKING - 2.93%
Ambanc Holding Company,
Incorporated * 4,200 64,050
Ameriana Bancorp 600 5,925
Bancwest Corporation 17,300 284,369
The accompanying notes are an integral part of the financial statements.
115
<PAGE> 120
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
BANKING - CONTINUED
Berkshire Bancorp, Incorporated 2,000 $ 67,000
BNCCORP, Incorporated * 2,000 12,000
Byl Bancorp 300 2,850
Camco Financial Corporation 2,800 25,375
CCBT Financial Companies, Incorporated 2,900 45,584
Central Bancorp, Incorporated 1,900 29,450
Chittenden Corporation 19,300 471,644
Colonial Bancgroup, Incorporated 46,100 443,712
Commercial Bank of New York 4,300 50,525
East West Bancorp, Incorporated 9,000 129,375
Elmira Savings Bank 662 11,907
FFLC Bancorp, Incorporated 100 1,263
FFW Corporation 1,200 14,175
First Citizens Bancshares, Incorporated 4,200 249,900
First Keystone Financial, Incorporated 400 3,950
First United Corporation 1,200 13,050
Firstbank NW Corporation 200 2,300
Frankfort First Bancorp, Incorporated 800 9,900
Franklin Bank NA 2,100 16,800
FSF Financial Corporation 2,400 28,800
Greater Bay Bancorp 6,800 317,900
Hingham Institution for Savings 300 3,938
HMN Financial, Incorporated 4,400 48,400
Horizon Financial Corporation 2,200 19,800
Iberiabank Corporation 100 1,538
Independent Bank Corporation of Michigan 100 1,356
Iroquois Bancorp, Incorporated 400 13,075
Jacksonville Bancorp, Incorporated 1,400 18,025
Local Financial Corporation 8,300 69,253
MAF Bancorp, Incorporated 13,500 245,531
Nara Bank, N.A 700 5,884
Newmil Bancorp, Incorporated 1,500 15,000
North Valley Bancorp 3,200 33,600
Pacific Century Financial Corporation 10,200 149,175
Parkvale Financial Corporation 2,300 39,675
Prosperity Bancshares, Incorporated 3,600 58,050
Quaker City Bancorp, Incorporated * 5,700 87,637
Republic Bancorp, Incorporated 17,500 156,406
Republic Bancshares, Incorporated * 100 1,200
Silicon Valley Bancshares * 2,400 102,300
Southern Missouri Bancorp, Incorporated 700 8,925
Staten Islands Bancorp, Incorporated 5,600 98,700
Sterling Financial Corporation * 1,000 11,500
Str Francis Capital Corporation 100 1,513
Texas Regional Bancshares,
Incorporated, Class A 900 22,838
United Financial Corporation 1,900 28,737
Wainwright Bank & Trust Company 500 3,625
Wells Financial Corporation 1,300 15,925
-----------
3,563,410
BROADCASTING - 0.21%
Powerwave Technologies, Incorporated * 1,000 44,000
Salem Communications Corporation, Class A 22,400 207,900
-----------
251,900
SHARES VALUE
------ -----
BUILDING MATERIALS & CONSTRUCTION - 1.30%
Butler Manufacturing Company 4,800 $ 81,600
Continental Materials Corporation * 1,600 26,800
Haemonetics Corporation 17,500 367,500
Harsco Corporation 17,000 433,500
Hughes Supply, Incorporated 14,200 280,450
Lennox International, Incorporated 27,400 363,050
Meadow Valley Corporation * 3,400 11,475
Miller Building System, Incorporated 100 725
Wolohan Lumber Company 1,600 16,400
-----------
1,581,500
BUSINESS SERVICES - 8.67%
Advanced Marketing Services, Incorporated 1,700 31,344
ADVO, Incorporated * 13,600 571,200
American Management Systems, Incorporated * 11,200 367,675
Banta Corporation 20,300 384,431
Barra, Incorporated * 8,700 431,194
Berlitz International, Incorporated * 3,200 28,800
Bowne & Company, Incorporated 31,100 312,944
Cass Commercial Corporation 600 12,450
Cellular Technical Services, Incorporated * 2,200 17,875
Central Garden & Pet Company * 1,000 8,969
Corporate Executive Board Company * 7,300 437,087
Cyrk, Incorporated * 15,300 76,500
Ennis Business Forms, Incorporated 3,600 28,800
Exponent, Incorporated * 5,600 46,900
Ezcorp, Incorporated, Class A * 10,100 17,675
General Employment Enterprises 100 381
Grey Advertising, Incorporated 800 403,200
GTECH Holdings Corporation * 29,300 664,744
Gundle/SLT Environmental, Incorporated * 12,700 47,625
GZA Geo Environmental * 3,900 24,375
Healthcare Services Group, Incorporated 1,800 8,100
Heidrick & Struggles
International, Incorporated * 1,900 119,937
Hello Direct, Incorporated 1,800 21,375
Insight Enterprises, Incorporated * 18,400 1,091,350
Interim Services, Incorporated * 4,400 78,100
IT Group, Incorporated * 11,100 54,112
Jacobs Engineering Group, Incorporated * 16,500 539,344
Kelly Services, Incorporated, Class A 14,600 337,625
Korn/Ferry International * 15,900 503,831
Learning Tree International, Incorporated * 3,700 226,625
Marlton Technologies, Incorporated 2,300 3,450
Maxco, Incorporated 1,600 12,000
Nashua Corporation 100 825
Opinion Research Corporation 3,500 23,188
Penton Media, Incorporated 7,500 262,500
Quanta Services, Incorporated * 20,200 1,111,000
Quest Education Corporation * 700 12,644
REFAC * 3,200 11,000
The accompanying notes are an integral part of the financial statements.
116
<PAGE> 121
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
BUSINESS SERVICES - CONTINUED
Rent-A-Center, Incorporated * 700 $ 15,750
Salient 3 Communications,
Incorporated, Class A * 5,600 67,550
Seachange International,
Incorporated * 12,300 355,162
Systems & Computer Technology
Corporation * 25,000 500,000
Team, Incorporated * 4,800 9,600
Tier Technologies,
Incorporated, Class B * 3,100 16,275
Trio-Tech International * 2,400 15,600
True North Communications 27,200 1,196,800
Vse Corporation 1,700 11,369
Westaff, Incorporated * 3,100 13,756
-----------
10,533,037
CHEMICALS - 2.40%
Aceto Corporation 1,700 18,700
American Vanguard Corporation 2,640 21,450
Cambrex Corporation 16,900 760,500
Chemfirst, Incorporated 400 9,650
Dexter Corporation 17,400 835,200
Farrel Corporation 4,200 5,512
Georgia Gulf Corporation 16,300 339,244
H.B. Fuller Company 10,200 464,737
Meteor Industries, Incorporated * 1,000 4,000
Millennium Chemicals, Incorporated 12,000 204,000
NCH Corporation 100 3,619
Olin Corporation 600 9,900
Quaker Chemical 3,600 62,550
Schulman, Incorporated 14,300 172,494
-----------
2,911,556
COMPUTERS & BUSINESS EQUIPMENT - 4.76%
Act Manufacturing,
Incorporated * 10,500 487,594
Actel Corporation * 10,700 488,187
Allen Telecom, Incorporated * 1,200 21,225
Aspen Technology, Incorporated * 16,000 616,000
Avant Corporation * 31,000 580,766
Bogen Communications
International, Incorporated * 6,000 44,250
FEI Company * 600 18,300
Gerber Scientific, Incorporated 8,300 95,450
Infocus Corporation * 11,600 373,375
Lcc International Incorporated * 5,300 144,756
Magic Software Enterprises, Ltd. 8,200 87,637
Maxtor Corporation * 58,800 621,075
Napco Security Systems, Incorporated 200 738
Natural Microsystems Corporation * 8,500 955,719
Opti, Incorporated 3,600 18,450
Pericom Semiconductor Corporation * 5,500 374,000
Prophet 21, Incorporated * 1,200 17,400
Radiant Systems, Incorporated * 3,600 86,400
Robotic Vision Systems, Incorporated * 700 12,600
Standard Microsystems Corporation * 11,800 181,425
Stratasys, Incorporated * 5,100 34,106
Structural Dynamics Research Corporation * 13,600 204,850
SHARES VALUE
------ -----
COMPUTERS & BUSINESS EQUIPMENT - CONTINUED
Sybase, Incorporated * 10,400 $ 239,200
Talx Corporation 1,100 18,838
Tut Systems, Incorporated * 1,000 57,375
-----------
5,779,716
CONSTRUCTION MATERIALS - 0.68%
Aaon, Incorporated * 400 9,800
Ameron International Corporation 3,100 110,825
Centex Construction Products 7,400 167,887
Griffon Corporation * 14,800 82,325
Justin Industries, Incorporated 14,800 323,750
Noland Company 2,300 39,100
P & F Industries,
Incorporated, Class A 2,600 22,100
QEP, Incorporated * 2,500 21,250
Standex International Corporation 2,900 46,038
-----------
823,075
CONSTRUCTION & MINING EQUIPMENT - 0.22%
Corrpro Companies, Incorporated * 4,400 14,300
Gencor Industries, Incorporated * 11,500 0
Kaman Corporation, Class A 20,200 215,888
Utilx Corporation * 5,800 34,256
-----------
264,444
CONTAINERS & GLASS - 0.20%
Carmel Container Systems, Ltd. * 1,000 8,250
Greif Brothers Corporation, Class A 2,400 73,800
Liqui Box Corporation 700 34,650
West Pharmaceutical Services, Incorporated 5,600 121,100
-----------
237,800
COSMETICS & TOILETRIES - 0.47%
Allou Health & Beauty Care, Incorporated * 5,700 40,969
Block Drug, Incorporated, Class A 11,700 495,056
Guest Supply, Incorporated * 800 14,550
Intermediate Parfums, Incorporated * 1,950 16,575
-----------
567,150
CRUDE PETROLEUM & NATURAL GAS - 0.36%
Cabot Oil & Gas Corporation, Class A 800 16,950
Helmerich & Payne, Incorporated 11,300 422,338
-----------
439,288
DOMESTIC OIL - 1.98%
Equity Oil Company * 11,600 32,987
Greka Energy Corporation * 232 2,117
HS Resources, Incorporated 10,900 327,000
Huntway Refining Company * 5,600 5,250
Key Production, Incorporated * 6,400 112,000
Maynard Oil Company 700 11,200
Mitchell Energy & Development
Corporation, Class A 2,100 67,462
Newfield Exploration Company * 12,000 469,500
Patina Oil & Gas Corporation 6,600 136,950
Precision Drilling Corporation * 500 19,313
Remington Oil Gas Corporation * 6,700 50,250
Texoil, Incorporated * 2,400 15,600
Tom Brown, Incorporated * 1,500 34,594
Triton Energy, Ltd. 14,800 581,825
The accompanying notes are an integral part of the financial statements.
117
<PAGE> 122
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
DOMESTIC OIL - CONTINUED
Valero Energy Corporation 2,600 $ 82,550
Vintage Petroleum, Incorporated 20,500 462,531
-----------
2,411,129
DRUGS & HEALTH CARE - 6.44%
Air Methods Corporation * 5,800 18,306
ALPHARMA, Incorporated, Class A 4,600 286,350
Arrow International, Incorporated 1,600 53,600
Barr Laboratories, Incorporated * 12,150 544,472
Bio Logic Systems Corporation * 3,400 20,825
Biosite Diagnostics, Incorporated * 100 4,819
Bradley Pharmaceuticals,
Incorporated, Class A * 900 1,069
Coventry Helath Care, Incorporated * 28,300 377,186
Datascope Corporation 400 14,400
Delaware Global Technologies Corporation * 7,000 68,031
Diagnostic Products Corporation 9,600 307,200
Dura Pharmaceuticals, Incorporated * 21,800 313,375
Health Management Systems, Incorporated 9,600 30,000
Hi-Tech Pharmacal Company, Incorporated 4,100 17,681
Hycor Biomedical, Incorporated * 8,100 53,663
IDEXX Laboratories, Incorporated * 25,600 585,600
Immucor Corporation * 5,700 32,063
Integramed America, Incorporated * 4,800 14,700
Lakeland Industries, Incorporated * 3,000 18,750
Lifemark, Incorporated 200 1,200
Medical Action, Incorporated 5,800 20,300
Medicis Pharmaceutical
Corporation, Class A 17,600 1,003,200
Medstone International, Incorporated 900 5,175
Medtox Scientific, Incorporated 300 3,000
Mesa Labs, Incorporated 3,300 18,150
Mine Safety Appliances Company 8,700 208,800
Minntech Corporation 7,500 50,625
National Home Health Care Corporation 5,200 22,100
NBTY, Incorporated 45,800 291,975
Nutraceutical International Corporation * 12,600 40,163
Perrigo Company * 46,900 296,056
Pharmacopeia, Incorporated * 10,800 500,850
Polydex Pharmaceuticals, Ltd. * 2,600 13,934
Polymedica Corporation * 1,100 47,575
Prime Hospitality Corporation * 27,400 258,587
Quest Diagnostics, Incorporated * 16,550 1,184,359
Quidel Corporation * 16,000 84,000
Respironics, Incorporated * 26,400 475,200
Sicor, Incorporated * 67,500 540,000
-----------
7,827,339
ELECTRICAL EQUIPMENT - 3.85%
Acme Electric Corporation * 3,600 31,050
Baldor Electric Company 100 1,863
Detection Systems, Incorporated * 5,200 49,400
Diodes, Incorporated * 1,000 42,875
Edo Corporation 500 3,156
Elamex S.A. De C.V. * 1,100 3,300
SHARES VALUE
------ -----
ELECTRICAL EQUIPMENT - CONTINUED
Electro Scientific Industries, Incorporated * 21,800 $ 959,881
Genlyte Group, Incorporated * 9,100 191,669
Harmon Industries, Incorporated 3,000 39,750
Kewaunee Scientific Corporation 1,800 23,400
Kulicke & Soffa Industries, Incorporated * 18,400 1,092,500
Loronix Information Systems, Incorporated 3,800 136,562
Merrimac Industries, Incorporated 1,500 25,313
Mitel Corporation 6,300 132,300
Plexus Corporation * 8,300 937,900
Powell Industries, Incorporated * 100 975
Power One, Incorporated * 6,549 746,177
Robinson Nugent, Incorporated * 4,300 53,750
Twin Disc, Incorporated 3,400 58,012
W.H. Brady Company, Class A 4,400 143,000
-----------
4,672,833
ELECTRIC UTILITIES - 0.90%
Bangor-Hydro Electric Company 800 18,750
Central Vermont Public Service Corporation 6,600 72,600
Public Service Company 25,900 399,831
RGS Energy Group, Incorporated 27,200 605,200
-----------
1,096,381
ELECTRONICS - 6.41%
Aerovox, Incorporated * 2,200 9,075
Amplicon, Incorporated 2,100 19,950
Astro Med, Incorporated 4,400 24,200
Asyst Technologies, Incorporated * 9,600 328,800
Bairnco Corporation 4,200 30,975
Baldwin Technology, Incorporated * 13,000 27,625
Bell Microproducts, Incorporated * 8,600 158,025
Brooks Automation, Incorporated * 1,000 63,938
C & D Technologies, Incorporated 17,200 971,800
CMP Group, Incorporated 29,800 873,512
Cobra Electronics Corporation * 500 3,375
Credence Systems Corporation * 3,100 171,081
CTS Corporation 3,900 175,500
Cubic Corporation 900 16,875
Cyberoptics Corporation * 5,400 249,750
Digital Microwave Corporation * 4,200 160,125
Edison Control Corporation * 400 3,300
Giga Tronics, Incorporated * 5,300 50,350
Hurco Company, Incorporated * 1,200 4,650
Identix, Incorporated * 5,800 90,987
Intermediate Telephone, Incorporated 6,700 107,619
Jaco Electrics, Incorporated * 500 11,000
Katy Industries, Incorporated 5,800 68,150
Kemet Corporation * 6,500 162,906
New Brunswick Scientific, Incorporated * 2,640 15,840
Photon Dynamics, Incorporated * 4,000 298,750
Planar Systems, Incorporated * 5,000 64,688
Sigmatron International, Incorporated * 6,600 24,750
Supertex, Incorporated * 300 15,075
Taitron Components,
Incorporated, Class A * 4,000 17,000
Tecnomatix Technologies, Ltd. * 600 8,175
The accompanying notes are an integral part of the financial statements.
118
<PAGE> 123
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
ELECTRONICS - CONTINUED
TekTronix, Incorporated 10,000 $ 740,000
Tollgrade Communications, Incorporated * 7,500 993,750
United Industrial Corporation 9,200 83,950
Varian Medical Systems, Incorporated * 23,800 931,175
Varian, Incorporated 16,000 738,000
Video Display Corporation 3,800 21,850
Zygo Corporation 500 45,406
-----------
7,781,977
FINANCIAL SERVICES - 3.26%
Aegis Realty, Incorporated 1,800 17,887
American Business Financial Services 1,800 20,587
Annaly Mortgage Management, Incorporated 1,700 15,088
Arthur J. Gallagher & Company 2,000 84,000
Asta Funding, Incorporated * 2,300 7,188
Capital Corporation of The West * 3,200 33,200
Carver Bancorp, Incorporated 2,300 25,156
Circle International Group, Incorporated 9,800 246,225
Community Financial Corporation 1,600 17,200
Enhance Financial Services
Group, Incorporated 5,200 74,750
Federal Agricultural Mortgage
Corporation, Class C * 8,600 125,237
Fidelity Bancorp, Incorporated 100 1,738
First Bancshares, Incorporated 1,500 14,813
Gabelli Asset Management,
Incorporated, Class A * 100 2,500
Hawthorne Financial Corporation 3,800 29,450
Hoenig Group, Incorporated 6,000 58,875
HPSC, Incorporated 3,500 30,187
International Assets Holding Corporation * 1,900 10,450
International Bancshares Corporation 13,000 424,125
ITLA Capital Corporation * 1,700 24,650
JB Oxford Holdings, Incorporated * 200 700
JW Genesis Financial Corporation 1,966 17,203
KBK Capital Corporation * 3,600 15,300
Kirlin Holding Corporation 3,300 7,838
Liberty Financial Companies, Incorporated 4,099 89,922
M H Meyerson & Company 5,500 23,375
Maxcorp Financial Group, Incorporated 8,000 12,500
MB Financial, Incorporated 1,300 15,925
Mego Financial Corporation 8 3,366 13,937
Metris Companies, Incorporated 46,800 1,175,850
Morgan Keegan, Incorporated 7,200 106,200
North Central Bancshares, Incorporated 2,500 34,687
NZ Corporation * 3,000 14,625
Peoples Bancshares, Incorporated 200 3,050
Point West Capital Corporation * 3,100 10,850
Southwest Securities Group, Incorporated 9,600 357,600
Student Loan Corporation 4,000 168,000
Tucker Anthony Sutro 10,100 181,800
SHARES VALUE
------ -----
FINANCIAL SERVICES - CONTINUED
UMB Financial Corporation 13,550 $ 444,609
-----------
3,957,277
FOOD & BEVERAGES - 0.64%
Dreyers Grand Ice Cream, Incorporated 12,300 258,300
Farmer Brothers Company 800 140,000
Fresh Choice, Incorporated * 3,700 11,100
Genesee Corporation, Class B 1,300 24,213
Golden Enterprises, Incorporated 5,600 17,150
International Multifoods Corporation 5,600 96,950
J & J Snack Foods Corporation * 6,500 116,187
John B. San Filippo & Son, Incorporated * 10,100 29,669
M & F Worldwide Corporation * 2,400 13,500
National Beverage Corporation 4,000 32,500
Ravenswood Winery, Incorporated 1,300 17,550
Seabord Corporation 90 15,480
-----------
772,599
FOREST PRODUCTS - 0.19%
Baltek Corporation * 2,100 14,963
Pope & Talbot, Incorporated 13,400 214,400
-----------
229,363
GAS & PIPELINE UTILITIES - 1.80%
Energen Corporation 2,800 61,075
Equitable Resources, Incorporated 13,900 670,675
Louis Dreyfus Natural Gas Corporation 7,000 219,187
UGI Corporation 23,300 477,650
Western Resources, Incorporated 48,700 754,850
-----------
2,183,437
HOMEBUILDERS - 0.16%
M.D.C. Holdings, Incorporated 100 1,862
Southern Energy Homes, Incorporated * 3,300 3,300
Walter Industries, Incorporated 12,500 142,969
Washington Homes, Incorporated 6,900 41,400
-----------
189,531
HOTELS & RESTAURANTS - 1.81%
Applebees International, Incorporated 14,200 430,437
Argosy Gaming Corporation * 14,700 211,312
Aztar Corporation * 12,200 189,100
Buffets, Incorporated * 26,100 331,144
CBRL Group, Incorporated 10,000 146,875
Crown Group, Incorporated * 2,600 13,244
Garden Fresh Restaurant Corporation * 5,300 55,319
Isle of Capri Casinos, Incorporated * 1,800 24,412
Lone Star Steakhouse & Saloon 25,500 258,187
Luby's Cafeterias, Incorporated 8,000 64,000
Max & Ermas Restaurants, Incorporated 1,900 15,794
Motor Gaming Group, Incorporated * 2,700 13,416
Panera Bread Company, Class A * 9,200 93,150
The accompanying notes are an integral part of the financial statements.
119
<PAGE> 124
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
HOTELS & RESTAURANTS - CONTINUED
Rare Hospitality
International, Incorporated * 800 $ 22,600
Ruby Tuesday, Incorporated 1,000 12,563
Ryan's Family Steak Houses, Incorporated * 22,900 193,219
Sonesta International Hotels
Corporation, Class A 4,200 35,175
Sunburst Hospitality Corporation * 7,400 32,837
Uno Restaurant Corporation * 2,100 22,444
Vicorp Restaurants, Incorporated 2,200 40,150
-----------
2,205,378
HOUSEHOLD APPLIANCES - 0.41%
Associate Matls, Incorporated 900 13,500
Business Resource Group * 4,200 26,775
Chromcraft Revington, Incorporated * 6,500 75,562
Citadel Holding Corporation, Class A * 1,500 4,594
Flexsteel Industries, Incorporated 400 4,900
Lesco, Incorporated 6,800 103,275
National Presto Industries, Incorporated 2,000 61,500
Schuler Homes, Incorporated, ADR * 5,000 30,625
Stanley Furniture, Incorporated * 6,400 140,800
Swiss Army Brands, Incorporated * 6,300 32,288
Transtechnology Corporation 600 6,600
-----------
500,419
HOUSEHOLD PRODUCTS - 0.38%
Lancaster Colony Corporation 3,200 61,400
Topps, Incorporated * 34,600 397,900
-----------
459,300
INDUSTRIAL MACHINERY - 0.45%
Ampco-Pittsburgh Corporation 7,700 85,663
BHA Group Holdings,
Incorporated, Class A 500 4,875
Collins Industries, Incorporated 7,200 36,000
CPAC, Incorporated 600 4,500
General Bearing Corporation * 1,400 6,825
Key Technology, Incorporated * 2,300 19,550
McClain Industries, Incorporated 300 1,500
Oilgear Company 1,300 10,888
Olympic Steel, Incorporated 7,200 25,200
Quipp, Incorporated * 1,600 30,400
SPX Corporation * 1,400 169,312
Summa Industries * 2,200 26,125
Tecumseh Products Company, Class B 3,100 127,681
-----------
548,519
INDUSTRIALS - 0.03%
Federal Screw Works 900 36,900
-----------
INSURANCE - 1.01%
Farm Family Holdings, Incorporated * 500 15,469
Financial Industries Corporation 3,300 26,813
Highlands Insurance Group, Incorporated 3,100 29,062
Independence Holding Company 1,900 23,275
Intercontinental Life Corporation * 8,100 68,850
Interstate National Dealer Services * 4,900 25,725
Kansas City Life Insurance Company 2,500 67,187
Merchants Group, Incorporated 1,000 16,625
SHARES VALUE
------ -----
INSURANCE - CONTINUED
Midland Company 3,000 $ 73,500
National Security Group, Incorporated 1,900 22,325
National Western Life
Insurance Company, Class A * 1,700 122,400
PMA Capital Corporation, Class A 13,300 252,700
Renaissancere Holdings 10,900 474,831
Standard Management Corporation * 2,900 10,331
United Trust Group, Incorporated * 100 638
-----------
1,229,731
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 0.56%
Ask Jeeves, Incorporated * 20,300 366,669
Caredata.com, Incorporated * 2,400 4,050
Keynote Systems, Incorporated * 4,400 310,475
-----------
681,194
INVESTMENT COMPANIES - 2.05%
Affiliated Managers Group, Incorporated * 6,300 286,650
Dain Rauscher Corporation 10,600 699,600
Eaton Vance Corporation 21,800 1,008,250
John Nuveen Company, Class A 6,400 268,400
Raymond James Financial, Incorporated 6,600 148,500
Stifel Financial Corporation 7,407 77,773
-----------
2,489,173
LEISURE TIME - 0.44%
Allen Organ Company, Class B 1,300 74,750
Ellett Brothers, Incorporated 100 350
Gametech International, Incorporated * 3,000 13,875
Handleman Company 17,500 218,750
IlX, Incorporated * 3,400 7,225
Lakes Gaming, Incorporated 7,500 66,562
Mikohn Gaming Corporation 8,500 67,469
Movie Gallery, Incorporated 3,000 11,625
Navigant International, Incorporated * 3,000 28,875
Rexhall Industries, Incorporated * 2,300 11,644
Saucony, Incorporated, Class A * 3,800 38,950
-----------
540,075
LIQUOR - 0.02%
Todhunter International, Incorporated * 3,000 23,625
-----------
MANUFACTURING - 0.11%
Lydall, Incorporated 12,200 129,625
-----------
METAL & METAL PRODUCTS - 1.33%
Inco, Ltd. * 7,200 110,700
Mueller Industry, Incorporated 28,900 809,200
Timken Company 37,400 696,575
-----------
1,616,475
MINING - 0.62%
Brush Wellman, Incorporated 8,900 139,062
Fansteel, Incorporated * 4,000 15,750
Lincoln Electric Holding, Incorporated 31,100 443,175
Penn Virginia Corporation 3,500 86,188
Stillwater Mining Company * 2,700 75,263
-----------
759,438
The accompanying notes are an integral part of the financial statements.
120
<PAGE> 125
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
MOBILE HOMES - 0.27%
Coachmen Industries, Incorporated 14,400 $ 165,600
Skyline Corporation 7,400 159,100
-----------
324,700
NEWSPAPERS - 0.17%
Pulitzer, Incorporated 4,800 202,500
-----------
OFFICE FURNISHINGS & SUPPLIES - 0.30%
Kimball International,
Incorporated, Class B 24,800 365,800
-----------
PAPER - 0.23%
Badger Paper Mills, Incorporated * 1,700 6,906
Chesapeake Corporation 4,100 121,463
P.H. Glatfelter Company 14,600 148,737
-----------
277,106
PETROLEUM SERVICES - 0.49%
Atwood Oceanics, Incorporated * 9,200 408,250
Kaneb Services, Incorporated * 14,100 56,400
Miller Exploration Company 500 719
Oceaneering International, Incorporated * 6,600 125,400
Petroleum Development Corporation * 600 3,075
-----------
593,844
PHOTOGRAPHY - 0.51%
Polaroid Corporation 34,200 617,738
-----------
POLLUTION CONTROL - 0.01%
MFRI, Incorporated 4,300 16,125
-----------
PUBLISHING - 0.09%
Courier Corporation 650 18,362
Media General, Incorporated, Class A 400 19,425
Nelson Thomas, Incorporated 8,400 71,925
Primesource Corporation 300 1,519
-----------
111,231
RAILROADS & EQUIPMENT - 0.08%
Canadian National Railway Company 2,700 78,806
Kllm Transport Services, Incorporated * 2,400 18,975
-----------
97,781
REAL ESTATE - 3.89%
AMREP Corporation * 5,100 28,688
Brandywine Realty Trust SBI 26,700 510,637
Cabot Industrial Trust SBI 15,600 307,125
Captec Net Lease Realty, Incorporated 3,300 36,300
CBL & Associates Properties, Incorporated 14,500 361,594
Center Trust, Incorporated 44,600 225,787
Charles E. Smith Residential 1,600 60,800
Cornerstone Realty Income
Trust, Incorporated 31,500 315,000
DeWolfe Company, Incorporated 3,300 23,925
First Industrial Realty Trust, Incorporated 24,100 710,950
Glenborough Realty Trust, Incorporated 1,500 26,156
Healthcare Realty Trust 35,000 597,187
SHARES VALUE
------ -----
REAL ESTATE - CONTINUED
LNR Property Corporation 5,300 $ 103,350
Pan Pacific Retail Properties, Incorporated 7,700 154,963
Prentiss Properties Trust SBI 28,200 676,800
Prime Group Realty Trust SBI 500 7,594
The Macerich Company, REIT 24,500 540,531
W. P. Carey & Company LLC 800 13,100
Xtra Corporation 600 23,663
-----------
4,724,150
RETAIL GROCERY - 0.33%
Andersons, Incorporated 800 7,600
Arden Group, Incorporated * 2,700 105,469
Cantel Med Corporation, Class B * 2,500 15,000
Foodarama Supermarkets * 1,100 26,606
Mexican Restaurants, Incorporated * 2,000 6,563
Ruddick Corporation 16,200 191,362
Schultz Sav-O Stores, Incorporated 1,800 18,675
Village Super Market,
Incorporated, Class A 2,700 33,413
-----------
404,688
RETAIL TRADE - 2.43%
Bon-Ton Stores, Incorporated * 3,400 7,863
Burlington Coat Factory Warehouse * 23,100 249,769
Cache, Incorporated * 100 369
Debenture Shops, Incorporated 2,600 32,500
Elder Beerman Stores Corporation * 7,900 32,587
Footstar, Incorporated * 7,700 256,025
Gadzooks, Incorporated * 9,600 111,450
Gart Sports Company * 3,300 19,800
Gottschalks, Incorporated * 3,700 23,356
Hancock Fabrics, Incorporated 9,300 39,525
IPI, Incorporated * 3,800 11,875
J.W. Mays, Incorporated 1,600 8,000
Mens Wearhouse, Incorporated 1,200 26,775
Michael's Stores, Incorporated 3,400 155,762
PC Connection, Incorporated 6,250 356,250
Pier 1 Imports, Incorporated 74,100 722,475
Rex Stores Corporation * 7,000 163,187
S & K Famous Brands, Incorporated * 4,000 27,500
Shoe Carnival, Incorporated * 8,400 52,500
Sound Advice, Incorporated * 900 8,606
Spiegel, Incorporated, Class A 16,800 142,800
Sport Chalet, Incorporated 6,600 30,525
Sport Supply Group, ncorporated * 500 2,313
Syms Corporation * 14,300 56,306
The Dress Barn * 11,000 243,375
Tractor Supply Company * 1,000 16,563
Transport World Entertainment Corporation * 1,900 23,038
Value City Department Stores, Incorporated 14,000 133,000
-----------
2,954,094
SEMICONDUCTORS - 6.64%
ATMI, Incorporated * 1,700 79,050
Cypress Semiconductor Corporation * 5,400 228,150
Elantec Semiconductor, Incorporated * 7,100 494,337
General Semiconductor, Incorporated * 18,100 266,975
The accompanying notes are an integral part of the financial statements.
121
<PAGE> 126
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SHARES VALUE
------ -----
SEMICONDUCTORS - CONTINUED
Integrated Device Technology * 2,300 $ 137,713
International Rectifier Corporation * 8,600 481,600
LAM Research Corporation * 27,900 1,046,250
Lattice Semiconductor Corporation * 11,700 808,762
Mattson Technology, Incorporated 7,000 27,500
Phoenix Technology, Ltd. * 12,000 195,750
PRI Automation, Incorporated * 8,500 555,820
Richardson Electronics, Ltd. 3,000 48,188
Silicon Valley Group, Incorporated * 22,400 579,600
Siliconix, Incorporated * 4,500 303,750
Techdyne, Incorporated * 5,400 13,500
Technitrol, Incorporated 300 29,063
Telcom Semiconductor, Incorporated * 13,600 549,100
Three Five Systems, Incorporated * 12,900 761,100
Varian Semiconductor
Equipment, Incorporated 19,700 1,237,406
Xicor, Incorporated 3,800 25,413
-----------
8,069,027
SOFTWARE - 4.75%
American Software,
Incorporated, Class A * 5,000 25,625
Axent Technologies, Incorporated * 21,700 538,431
Cerner Corporation * 21,100 574,975
CSP, Incorporated * 3,895 31,160
Direct Focus, Incorporated * 5,300 259,700
Documentum, Incorporated * 3,100 277,063
Group 1 Software, Incorporated * 600 10,350
GSE Systems, Incorporated * 500 2,250
Imation Corporation * 31,900 937,062
Informix Corporation * 38,050 282,997
JDA Software Group, Incorporated * 9,900 189,956
Manugistics Group, Incorporated 3,600 168,300
Mentor Graphics Corporation 35,900 713,513
Merant PLC, ADR * 7,000 71,313
Mercury Interactive Corporation 10,900 1,054,575
Microtest, Incorporated 1,600 13,400
Paradigm Geophysical, Ltd. * 2,400 14,400
Pomeroy Computer Resources * 4,800 70,800
Progress Software Corporation * 9,100 163,231
Quality Systems * 4,800 36,000
Software Spectrum, Incorporated * 3,200 55,400
Symantec Corporation * 5,200 280,475
-----------
5,770,976
STEEL - 0.05%
Pitt DesMoines, Incorporated 3,200 60,800
-----------
TELECOMMUNICATIONS SERVICES - 0.58%
Atlantic Tele-Network, Incorporated 2,560 24,160
Centigram Communications Corporation * 2,800 71,575
Digital Lightwave, Incorporated * 400 40,200
Mastec, Incorporated 14,950 570,903
Vodavi Technology, Incorporated 800 1,900
-----------
708,738
SHARES VALUE
------ -----
TELEPHONE - 0.10%
Conestoga Enterprises, Incorporated 4,800 87,900
Hector Communications Corporation 3,000 $ 39,000
-----------
126,900
TOYS, AMUSEMENTS & SPORTING GOODS - 0.15%
Russ Berrie & Company, Incorporated 9,400 180,950
-----------
TRANSPORTATION - 0.05%
International Aircraft Investors * 3,500 18,375
Marten Transport, Ltd. 3,500 45,500
-----------
63,875
TRUCKING & FREIGHT - 1.60%
American Freightways Corporation * 18,500 268,250
Boyd Brothers Transportation, Incorporated * 2,600 10,725
Forward Air Corporation * 12,250 490,000
Kenan Transport Company 2,100 42,525
Landstar Systems, Incorporated * 7,500 446,719
Old Dominion Freight Lines,
Incorporated * 2,700 26,326
Roadway Express, Incorporated 10,300 241,406
U.S. Freightways Corporation 5,300 130,181
Yellow Corporation 19,500 287,625
-----------
1,943,757
TOTAL COMMON STOCKS
(Cost: $93,518,203) $100,797,522
------------
PRINCIPAL
AMOUNT VALUE
--------- -----
SHORT TERM INVESTMENTS - 13.22%
Navigator Securities Lending Trust,
6.65% $16,054,215 $16,054,215
-----------
REPURCHASE AGREEMENTS - 3.81%
Repurchase Agreement with State Street
Bank & Trust Company dated 06/30/2000 at
5.50%, to be repurchased at $4,528,074
on 07/03/2000, collateralized by
$4,250,000 U.S. Treasury Bonds, 6.625%
due 02/15/2027 (valued at $4,621,875,
including interest)and
$105,000 U.S. Notes, 6.25% due
2/15/2003 (valued at $107,100,
including interest) $ 4,630,000 $ 4,630,000
-----------
TOTAL INVESTMENTS (SMALL COMPANY VALUE TRUST)
(Cost: $114,202,419) $121,481,737
============
The accompanying notes are an integral part of the financial statements.
122
<PAGE> 127
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED)
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
GLOBAL EQUITY TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 87.25%
AUSTRALIA - 1.66%
CSR, Ltd. 2,176,880 $ 6,040,737
Westpac Banking Corporation, Ltd. 1,070,644 7,715,599
------------
13,756,336
BELGIUM - 0.54%
Delhaize-Le Lion SA 74,480 4,454,797
------------
CANADA - 1.90%
Potash Corporation of
Saskatchewan, Incorporated - CAD 114,720 6,278,595
Telus Corporation 355,053 9,475,232
due
------------
15,753,827
DENMARK - 0.44%
Danisco A/S 108,400 3,619,945
------------
FRANCE - 6.96%
Alcatel 103,740 6,804,091
Danone 63,260 8,394,814
Lafarge 47,860 3,719,326
Michelin (CGDE)-B 85,150 2,732,249
Pernod-Ricard SA 127,700 6,949,169
Rhone Poulenc SA 174,480 12,734,745
TOTAL Fina SA, B Shares 106,380 16,310,702
------------
57,645,096
GERMANY - 3.31%
BASF AG 214,247 8,611,206
Bayer AG 198,990 7,766,212
Schering AG 12,466 683,134
VEBA AG 144,500 6,966,688
Volkswagen AG 89,610 3,395,507
------------
27,422,747
HONG KONG - 0.92%
Hong Kong Electric Holdings, Ltd. 2,365,000 7,614,842
------------
IRELAND - 1.41%
Bank Of Ireland 873,820 5,468,421
Green Property Company 1,057,285 6,207,751
------------
11,676,172
ITALY - 1.97%
ENI SPA, ADR 782,260 4,518,285
Telecom Italia SPA-RNC 1,785,040 11,844,040
------------
16,362,325
JAPAN - 11.70%
Daiichi Pharmaceutical Company 176,000 4,461,995
Fuji Photo Film Company 246,000 10,062,109
Fujitsu, Ltd. 62,000 2,144,480
Hitachi, Ltd. 809,000 11,665,520
Matsushita Electric
Industrial Company, Ltd. 159,000 4,120,918
Mitsubishi Electric 539,000 5,831,695
Corporation
Mitsui & Company, Ltd. 566,000 4,320,814
Nippon Telegraph & Telephone
Corporation 1,573 20,903,163
Pioneer Electronic 122,000 4,748,693
Sankyo Company 187,000 $ 4,220,961
Sumitomo Bank, Ltd. 336,000 4,116,677
Sumitomo Marine & Fire 659,000 3,832,082
Tokyo Gas Company 1,862,000 5,229,499
Toppan Printing Company 545,000 5,763,065
Toshiba Corporation 488,000 5,505,264
------------
96,926,935
NETHERLANDS - 4.46%
Akzo Nobel NV, ADS 91,480 3,886,452
International Nederlanded Groep NV 120,621 8,153,110
Philips Electronics NV 285,510 13,465,280
Royal Dutch Petroleum
Company, GDR 186,420 11,476,481
------------
36,981,323
PORTUGAL - 0.13%
Cimpor-Cimentos de Portugual SA 55,222 1,054,409
------------
SINGAPORE - 0.23%
United Overseas Bank 298,000 1,949,855
------------
SPAIN - 2.20%
Iberdrola SA 461,120 5,943,125
Telefonica SA 573,032 12,309,162
------------
18,252,287
SWEDEN - 1.07%
Nordbanken Holding AB 1,173,850 8,850,456
------------
SWITZERLAND - 4.70%
Compagnie Financiere
Richemont AG 3,150 8,486,636
Holderbank Financiere Glarus AG-B 4,675 5,731,625
Nestle SA 7,270 14,550,696
Swisscom AG 14,290 4,949,335
UBS AG 35,440 5,192,276
------------
38,910,568
UNITED KINGDOM - 15.29%
Allied Domecq PLC 2,275,860 12,052,610
Baa PLC 494,000 3,961,598
Bernard Matthews PLC 1,221,430 2,605,885
Blue Circle Industries 1,234,151 7,964,433
British Aerospace PLC 1,219,100 7,599,834
British Telecommunication 626,500 8,095,552
Burmah Castrol PLC 236,958 5,973,294
Cadbury Schweppes 1,832,600 12,034,414
Diageo PLC 925,321 8,302,610
Granada Group 203,975 2,036,988
Great University Stores 609,900 3,922,068
Imperial Tobacco 803,000 7,691,070
J. Sainsbury 1,430,894 6,495,256
Reckitt & Colman 738,653 8,270,651
Royal & Sun Alliance 1,212,497 7,870,558
Vodafone AirTouch Group PLC 705,900 2,851,819
WPP Group PLC 733,400 10,708,675
Zeneca Group PLC 177,000 8,262,205
------------
126,699,520
UNITED STATES - 28.36%
Albertsons, Incorporated 432,349 14,375,604
Alcoa, Incorporated 379,680 11,010,720
</TABLE>
The accompanying notes are an integral part of the financial statements.
123
<PAGE> 128
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UNITED STATES - 28.36%
American Home Products
Corporation 44,700 $ 2,626,125
B.F. Goodrich Company 155,580 5,299,444
BJ's Wholesale Club, Incorporated* 204,040 6,733,320
Boise Cascade Corporation 284,440 7,359,885
Borg-Warner Automotive,
Incorporated 175,490 6,164,086
Bristol-Myers Squibb Company 64,700 3,768,775
Cadiz, Incorporated * 444,200 3,553,600
Chase Manhattan Corporation 326,373 15,033,556
Comsat Corporation, Series 1 219,990 5,431,003
Deere & Company 43,930 1,625,410
First Data Corporation 81,100 4,024,588
Fort James Corporation 321,300 7,430,063
General Dynamics Corporation 177,980 9,299,455
GenRad, Incorporated * 220,300 1,982,700
Georgia-Pacific Corporation 149,980 3,936,975
GTE Corporation * 207,110 12,892,597
Honeywell International,
Incorporated 36,700 1,236,331
Houghton Mifflin Company 138,420 6,462,484
MBIA, Incorporated 155,660 7,500,866
Mellon Financial Corporation 314,890 11,473,804
Metlife, Incorporated 208,700 4,395,744
NCR Corporation 196,661 7,657,488
New York Times Company, Class A 99,080 3,913,660
Pharmacia & Upjohn, Incorporated 139,022 7,185,700
Philip Morris Companies,
Incorporated 733,610 19,486,516
Rockwell International Corporation 76,100 2,397,150
SBC Communications, Incorporated 265,750 11,493,687
Sears Roebuck & Company 250,800 8,182,350
Tupperware Corporation 229,640 5,052,080
U.S. Bancorp 263,860 5,079,304
Unicom Corporation 281,360 10,885,114
------------
234,950,184
TOTAL COMMON STOCKS
(Cost: $679,800,872) $722,881,625
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 8.97%
Navigator Securities Lending Trust,
6.65% $74,329,754 $ 74,329,754
------------
REPURCHASE AGREEMENTS - 3.78%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 5.50%, to be
repurchased at $31,352,363 on
07/03/2000, collateralized by
$32,285,000 U.S. Treasury Notes,
5.75% due 11/30/2002 (valued at
$31,968,478, including interest) $31,338,000 $ 31,338,000
------------
TOTAL INVESTMENTS (GLOBAL EQUITY
TRUST) (Cost: $785,468,626) $828,549,379
============
</TABLE>
The Trust had the following five top industry concentrations at June 30, 2000
(as a percentage of total value of investments):
Banking 8.97%
Telephone 7.83%
Food & Beverages 7.62%
Telecommunications Services 5.81%
Drugs & Health 5.30%
GROWTH TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 95.14%
AEROSPACE - 1.69%
Boeing Company 224,300 $ 9,378,544
Teledyne Technologies, 67,800 1,135,650
Incorporated *
United Technologies 63,300 3,726,787
Corporation
------------
14,240,981
BANKING - 0.22%
MBNA Corporation 69,500 1,885,188
------------
BROADCASTING - 0.87%
Clear Channel Communications * 20,400 1,530,000
Viacom, Incorporated, Class B 85,800 5,850,487
------------
7,380,487
BUSINESS SERVICES - 2.97%
American Management Systems,
Incorporated * 139,300 4,572,958
Automatic Data Processing,
Incorporated 80,300 4,301,069
First Data Corporation 91,200 4,525,800
MedQuist, Incorporated 93,600 3,182,400
Viad Corporation 115,100 3,136,475
Yahoo, Incorporated 43,600 5,400,950
------------
25,119,652
CHEMICALS - 0.73%
E.I. Du Pont De Nemours & Company 140,400 6,142,500
------------
COMPUTERS & BUSINESS EQUIPMENT - 17.88%
Apple Computer, Incorporated * 124,800 6,536,400
Cisco Systems, Incorporated * 735,200 46,731,150
Dell Computer Corporation * 310,800 15,326,325
EMC Corporation * 216,200 16,633,887
Hewlett-Packard Company 115,300 14,398,088
International Business
Machines Corporation 166,800 18,275,025
JDS Uniphase Corporation * 64,800 7,767,900
Quantum Corporation * 337,100 3,729,169
Sun Microsystems, Incorporated * 238,800 21,715,875
------------
151,113,819
CRUDE PETROLEUM & NATURAL GAS - 0.47%
Devon Energy Corporation 70,200 3,944,362
------------
DOMESTIC OIL - 0.46%
USX-Marathon Group 155,000 3,884,688
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
124
<PAGE> 129
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE - 13.84%
Abbott Laboratories 91,000 $ 4,055,188
American Home Products
Corporation 55,100 3,237,125
Amgen, Incorporated * 85,400 5,999,350
Boston Scientific Corporation * 322,800 7,081,425
Bristol-Myers Squibb Company 161,300 9,395,725
Eli Lilly & Company 113,300 11,315,837
Johnson & Johnson 89,600 9,128,000
Medtronic, Incorporated 35,300 1,758,381
Merck & Company, Incorporated 152,400 11,677,650
Pacificare Health Systems * 75,900 4,568,231
Pfizer, Incorporated 532,825 25,575,600
Schering-Plough Corporation 200,400 10,120,200
St. Jude Medical, 132,300 6,069,263
Incorporated *
Universal Health Services,
Incorporated, Class B * 37,900 2,482,450
Wellpoint Health Networks,
Incorporated, Class A 61,700 4,469,394
------------
116,933,819
ELECTRICAL EQUIPMENT - 5.96%
General Electric Company 950,800 50,392,400
------------
ELECTRONICS - 4.51%
Analog Devices, Incorporated * 78,000 5,928,000
Applied Materials, 151,500 13,729,687
Incorporated *
Linear Technology Corporation 64,000 4,092,000
Lucent Technologies, Incorporated 225,900 13,384,575
Motorola, Incorporated 33,900 985,219
------------
38,119,481
FINANCIAL SERVICES - 2.42%
American Express Company 42,300 2,204,887
Association First Capital
Corporation, Class A 88,100 1,965,731
Charles Schwab Corporation 38,700 1,301,288
Citigroup, Incorporated 90,000 5,422,500
Federal Home Loan Mortgage
Corporation 92,100 3,730,050
Federal National Mortgage
Association 77,100 4,023,656
Metris Companies, Incorporated 70,500 1,771,313
------------
20,419,425
FOOD & BEVERAGES - 2.48%
International Home Foods,
Incorporated * 214,100 4,482,719
PepsiCo, Incorporated 152,000 6,754,500
The Coca-Cola Company 169,600 9,741,400
------------
20,978,619
HOUSEHOLD APPLIANCES - 0.56%
Maytag Corporation 128,100 4,723,687
------------
HOUSEHOLD PRODUCTS - 0.53%
Colgate-Palmolive Company 45,500 2,724,312
Procter & Gamble Company 31,200 1,786,200
------------
4,510,512
INDUSTRIAL MACHINERY - 0.43%
Cognex Corporation * 69,500 3,596,625
------------
INSURANCE - 0.26%
AFLAC, Incorporated 47,800 $ 2,195,813
------------
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 2.42%
America Online, Incorporated * 279,800 14,759,450
Juniper Networks, 39,000 5,676,937
Incorporated *
------------
20,436,387
NEWSPAPERS - 0.82%
Central Newspapers,
Incorporated, Class A 42,300 2,675,475
Dow Jones & Company, Incorporated 58,000 4,248,500
------------
6,923,975
PETROLEUM SERVICES - 0.55%
Apache Corporation 46,300 2,723,019
BJ Services Company * 31,000 1,937,500
------------
4,660,519
PUBLISHING - 1.65%
McGraw-Hill Companies,
Incorporated 117,800 6,361,200
Time Warner, Incorporated 100,100 7,607,600
------------
13,968,800
RETAIL TRADE - 6.10%
Best Buy Company, Incorporated * 81,100 5,129,575
BJ's Wholesale Club, Incorporated * 94,600 3,121,800
Circuit City Stores, 56,300 1,868,456
Incorporated
Home Depot, Incorporated 229,050 11,438,184
RadioShack Corporation 52,100 2,468,238
Target Corporation 63,200 3,665,600
Tiffany & Company 55,000 3,712,500
Wal-Mart Stores, Incorporated 295,300 17,016,663
Zale Corporation 85,000 3,102,500
------------
51,523,516
SEMICONDUCTORS - 10.42%
Altera Corporation * 40,600 4,138,662
Broadcom Corporation, Class A * 18,900 4,137,919
Intel Corporation 410,500 54,878,719
Teradyne, Incorporated * 95,200 6,997,200
Texas Instruments, 160,600 11,031,212
Incorporated
Xilinx, Incorporated 82,800 6,836,175
------------
88,019,887
SOFTWARE - 9.58%
Adobe Systems, Incorporated 45,200 5,876,000
Computer Associates
International, Incorporated 124,600 6,377,963
Microsoft Corporation 455,400 36,432,000
Oracle Systems Corporation 263,700 22,167,281
Symantec Corporation * 106,500 5,744,344
VERITAS Software Corporation 38,600 4,362,403
------------
80,959,991
TELECOMMUNICATIONS SERVICES - 2.76%
ADC Telecommunications,
Incorporated * 111,000 9,310,125
Corning, Incorporated 31,200 8,420,100
Inet Technologies, 50,000 2,712,500
Incorporated *
QUALCOMM, Incorporated * 48,400 2,904,000
------------
23,346,725
</TABLE>
The accompanying notes are an integral part of the financial statements.
125
<PAGE> 130
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELEPHONE - 3.53%
Bell Atlantic Corporation 22,200 $ 1,128,038
Nextel Communications,
Incorporated, Class A * 55,600 3,402,025
SBC Communications, Incorporated 149,600 6,470,200
Sprint Corporation (PCS 129,500 7,705,250
Group) *
WorldCom, Incorporated 243,100 11,152,212
------------
29,857,725
TOBACCO - 1.03%
Philip Morris Companies,
Incorporated 327,100 8,688,594
------------
TOTAL COMMON STOCKS
(Cost: $696,733,852) $803,968,177
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 3.92%
Navigator Securities Lending Trust,
6.65% $33,121,839 $ 33,121,839
------------
REPURCHASE AGREEMENTS - 0.94%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 5.50%, to be
repurchased at $7,980,656 on
07/03/2000, collateralized by
$8,220,000 U.S. Treasury Notes,
5.75% due 11/30/2002 (valued at
$8,139,411, including interest) $ 7,977,000 $ 7,977,000
------------
TOTAL INVESTMENTS (GROWTH TRUST)
(Cost: $737,832,691) $845,067,016
============
</TABLE>
LARGE CAP GROWTH TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 88.76%
AEROSPACE - 0.91%
Boeing Company 52,750 $ 2,205,609
United Technologies Corporation 53,200 3,132,150
------------
5,337,759
BANKING - 1.16%
FleetBoston Financial Corporation 134,400 4,569,600
Mellon Financial Corporation 17,000 619,438
State Street Corporation 15,400 1,633,362
------------
6,822,400
BROADCASTING - 3.80%
American Telephone &
Telegraph Corporation-Liberty
Media Group, Class A * 148,800 3,608,400
Cablevision Systems
Corporation, Class A * 15,300 1,038,488
Comcast Corporation, Class A * 91,700 3,713,850
EchoStar Communications
Corporation, Class A * 25,500 844,289
Fox Entertainment Group,
Incorporated, Class A * 69,200 $ 2,101,950
Grupo Televisa SA, ADR * 44,600 3,074,612
Infinity Broadcasting
Corporation, Class A * 28,500 1,038,469
Pegasus Communications
Corporation * 11,700 574,031
Univision Communications,
Incorporated, Class A * 17,500 1,811,250
Viacom, Incorporated, Class B 65,551 4,469,759
------------
22,275,098
BUSINESS SERVICES - 2.88%
Automatic Data Processing,
Incorporated 97,700 5,233,056
Comdisco, Incorporated 26,200 584,588
First Data Corporation 22,900 1,136,412
Robert Half International,
Incorporated * 8,500 242,250
TMP Worldwide, Incorporated * 45,200 3,336,325
United Parcel Service,
Incorporated, Class B 26,500 1,563,500
World Access, Incorporated 45,540 503,786
WPP Group PLC 35,000 2,541,875
Yahoo, Incorporated 14,400 1,783,800
------------
16,925,592
CHEMICALS - 0.19%
Union Carbide Corporation 22,200 1,098,900
------------
COMPUTERS & BUSINESS EQUIPMENT - 12.05%
Brocade Communications
Systems, Incorporated * 8,700 1,596,314
Cisco Systems, Incorporated * 369,200 23,467,275
Citrix Systems, Incorporated * 19,900 376,856
CNET Networks, Incorporated * 26,300 645,994
Compaq Computer Corporation 68,700 1,756,144
Dell Computer Corporation * 175,700 8,664,206
EMC Corporation * 98,800 7,601,425
Gateway, Incorporated * 31,900 1,810,325
Hewlett-Packard Company 48,000 5,994,000
International Business
Machines Corporation 59,600 6,529,925
JDS Uniphase Corporation * 31,200 3,740,100
Sun Microsystems, Incorporated * 93,900 8,539,031
------------
70,721,595
CRUDE PETROLEUM & NATURAL GAS - 0.40%
Barrett Resources Corporation * 2,400 73,050
Burlington Resources, Incorporated 26,800 1,025,100
Devon Energy Corporation 22,300 1,252,981
------------
2,351,131
DOMESTIC OIL - 0.84%
Exxon Mobil Corporation 62,800 4,929,800
------------
DRUGS & HEALTH CARE - 14.99%
Affymetrix, Incorporated * 5,400 891,675
Alkermes, Incorporated * 24,600 1,159,275
Amgen, Incorporated * 50,500 3,547,625
Andrx Corporation * 22,500 1,438,242
Ariad Pharmaceuticals, 54,200 721,538
Incorporated *
Arqule, Incorporated * 34,200 662,625
</TABLE>
The accompanying notes are an integral part of the financial statements.
126
<PAGE> 131
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE - CONTINUED
Becton Dickinson & Company 8,700 $ 249,581
Bristol-Myers Squibb Company 172,900 10,071,425
Cell Therapeutics, 47,300 1,448,563
Incorporated *
Eli Lilly & Company 60,000 5,992,500
Enzon, Incorporated * 22,400 952,000
Genetech, Incorporated * 10,900 1,874,800
HCA Healthcare Company 42,200 1,281,825
Human Genome Sciences,
Incorporated * 28,800 3,841,200
ImClone Systems, Incorporated * 5,000 382,188
Immunex Corporation * 40,300 1,992,331
Johnson & Johnson 60,500 6,163,437
Medtronic, Incorporated 73,500 3,661,219
Merck & Company, Incorporated 140,400 10,758,150
Millennium Pharmaceuticals,
Incorporated 36,500 4,083,437
Novoste Corporation * 9,200 561,200
Pfizer, Incorporated 357,682 17,168,736
Protein Design Laboratories,
Incorporated * 9,107 1,502,228
Schering-Plough Corporation 149,900 7,569,950
------------
87,975,750
ELECTRICAL EQUIPMENT - 5.49%
Emerson Electric Company 40,300 2,433,112
General Electric Company 501,500 26,579,500
Methode Electronics, Incorporated 25,800 996,525
Omron Corporation 42,000 1,140,003
Sony Corporation 11,000 1,037,438
------------
32,186,578
ELECTRIC UTILITIES - 0.61%
AES Corporation * 34,300 1,564,938
Calpine Corporation * 30,600 2,011,950
------------
3,576,888
ELECTRONICS - 3.52%
Agilent Technologies, 52,949 3,904,989
Incorporated *
Analog Devices, Incorporated * 17,000 1,292,000
Applied Materials, 5,600 507,500
Incorporated *
Kudelski SA 15 188,684
Lexmark International Group,
Incorporated, Class A 15,437 1,038,138
Linear Technology Corporation 38,900 2,487,169
Lucent Technologies, Incorporated 99,324 5,884,947
Motorola, Incorporated 134,100 3,897,281
Samsung Electronics, Ltd., GDR * 7,300 1,427,150
------------
20,627,858
FINANCIAL SERVICES - 6.27%
American Express Company 105,200 5,483,550
Association First Capital
Corporation, Class A 106,768 2,382,261
Charles Schwab Corporation 56,100 1,886,363
Citigroup, Incorporated 110,200 6,639,550
Federal Home Loan Mortgage
Corporation 109,400 4,430,700
Federal National Mortgage
Association 156,600 8,172,562
Goldman Sachs Group, Incorporated 9,000 853,875
Metlife, Incorporated 130,500 2,748,656
Morgan Stanley Dean Witter &
Company 21,800 1,814,850
Nomura Securities Company, Ltd. 44,000 $ 1,076,104
UTStarcom, Incorporated * 41,900 1,272,713
------------
36,761,184
FOOD & BEVERAGES - 1.97%
Heineken NV 22,100 1,345,054
Quaker Oats Company 35,000 2,629,375
The Coca-Cola Company 132,300 7,598,981
------------
11,573,410
GAS & PIPELINE UTILITIES - 0.35%
Williams Companies, Incorporated 49,700 2,071,869
------------
HOTELS & RESTAURANTS - 0.33%
McDonalds Corporation 38,000 1,251,625
MGM Grand, Incorporated 22,200 713,175
------------
1,964,800
HOUSEHOLD PRODUCTS - 1.27%
Clorox Company 25,100 1,124,794
Gillette Company 51,600 1,802,775
Procter & Gamble Company 63,700 3,646,825
Tupperware Corporation 39,700 873,400
------------
7,447,794
INDUSTRIAL MACHINERY - 0.68%
Illinois Tool Works, 24,300 1,385,100
Incorporated
Ingersoll-Rand Company 64,100 2,580,025
------------
3,965,125
INSURANCE - 1.36%
American International Group,
Incorporated 50,671 5,953,842
Chubb Corporation 33,400 2,054,100
------------
8,007,942
INTERNATIONAL OIL - 0.93%
Chevron Corporation 35,700 3,027,806
Halliburton Company 51,400 2,425,438
------------
5,453,244
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 1.61%
America Online, Incorporated * 70,200 3,703,050
DoubleClick, Incorporated * 25,300 964,562
Inktomi Corporation * 4,800 567,600
Juniper Networks, Incorporated * 15,200 2,212,550
Lycos, Incorporated 4,300 232,200
Ticketmaster Online
Citysearch, Class B * 62,500 996,094
Vignette Corporation 14,700 764,630
------------
9,440,686
LEISURE TIME - 1.56%
Seagram, Ltd. - CAD 6,300 370,338
Segrarm, Ltd. 4,100 237,800
The Walt Disney Company 220,857 8,572,012
------------
9,180,150
LIQUOR - 0.64%
Anheuser-Busch Companies,
Incorporated 50,100 3,741,844
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
127
<PAGE> 132
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MINING - 0.13%
Newmont Mining Corporation 34,300 $ 741,738
------------
NEWSPAPERS - 0.98%
Grupo Prisa SA 17,400 403,666
New York Times Company,
Class A 102,200 4,036,900
United News & Media PLC 90,416 1,299,680
------------
5,740,246
PAPER - 0.47%
Minnesota Mining &
Manufacturing Company 33,700 2,780,250
------------
PETROLEUM SERVICES - 1.27%
Noble Drilling Corporation * 69,100 2,846,056
Schlumberger, Ltd. 61,400 4,581,975
------------
7,428,031
PUBLISHING - 0.99%
Time Warner, Incorporated 76,600 5,821,600
------------
RETAIL TRADE - 3.84%
Best Buy Company, Incorporated * 18,200 1,151,150
Home Depot, Incorporated 141,750 7,078,641
Kohls Corporation * 28,900 1,607,563
Target Corporation 16,600 962,800
The Swatch Group AG 5,536 1,443,982
Wal-Mart Stores, Incorporated 178,100 10,263,012
------------
22,507,148
SEMICONDUCTORS - 8.31%
Altera Corporation * 23,800 2,426,112
Chartered Semiconductor
Manufacturing, ADR * 24,700 2,223,000
Globespan Semiconductor,
Incorporated * 12,900 1,574,808
Intel Corporation 188,800 25,240,200
KLA-Tencor Corporation * 5,700 333,806
LAM Research Corporation * 71,200 2,670,000
LSI Logic Corporation * 18,400 995,900
Marvell Technology Group, Ltd. 200 11,400
Micron Technology, Incorporated 23,400 2,060,663
Novellus Systems, Incorporated * 20,200 1,142,563
PMC-Sierra, Incorporated * 5,300 941,744
Texas Instruments, Incorporated 119,100 8,180,681
Vitesse Semiconductor Corporation 13,300 978,381
------------
48,779,258
SOFTWARE - 4.05%
BEA Systems, Incorporated * 28,800 1,423,800
Microsoft Corporation 192,900 15,432,000
Oracle Systems Corporation 38,400 3,228,000
VeriSign, Incorporated 12,300 2,170,950
VERITAS Software Corporation 13,400 1,514,409
------------
23,769,159
TELECOMMUNICATIONS SERVICES - 3.09%
Allegiance Telecom, Incorporated * 10,750 688,000
Carlton Communciations 128,400 1,651,397
Corning, Incorporated 17,500 4,722,813
Cox Communications,
Incorporated, Class A * 56,500 2,574,281
McLeodUSA, Incorporated 46,100 $ 953,694
Metromedia Fiber Network,
Incorporated, Class A 74,400 2,952,750
Nokia Corporation, ADR 34,700 1,732,831
Nortel Networks Corporation 24,900 1,699,425
Powertel, Incorporated * 10,700 759,031
QUALCOMM, Incorporated * 6,600 396,000
------------
18,130,222
TELEPHONE - 1.08%
American Telephone &
Telegraph Corporation 26,641 842,522
DDI Corporation 69 663,305
SBC Communications, Incorporated 20,445 884,246
Sprint Corporation (PCS Group) * 35,800 2,130,100
Vodafone AirTouch Group PLC 446,073 1,802,124
------------
6,322,297
TOBACCO - 0.67%
Philip Morris Companies, 148,500 3,944,531
Incorporated
------------
TRAVEL SERVICES - 0.07%
Travelocity.com, Incorporated * 25,500 417,563
------------
TOTAL COMMON STOCKS
(Cost: $477,584,780) $520,819,440
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 6.67%
Navigator Securities Lending Trust,
6.65% $39,144,625 $ 39,144,625
------------
REPURCHASE AGREEMENTS - 4.57%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 6.00%, to be
repurchased at $26,810,399 on
07/03/2000, collateralized by
$25,575,000 U.S. Treasury Notes,
7.875% due 11/15/2004 (valued at
$27,333,281, including interest) $26,797,000 $ 26,797,000
------------
TOTAL INVESTMENTS LARGE CAP GROWTH
TRUST) (Cost: $543,526,405) $586,761,065
============
</TABLE>
QUANTITATIVE EQUITY TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 89.89%
AEROSPACE - 1.68%
Honeywell International, Incorporated 119,700 $ 4,032,394
United Technologies Corporation 88,200 5,192,775
------------
9,225,169
AIR TRAVEL - 0.94%
Southwest Airlines Company 271,600 5,143,425
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
128
<PAGE> 133
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BANKING - 1.27%
MBNA Corporation 166,800 $ 4,524,450
Northern Trust Corporation 19,900 1,294,744
Providian Financial 12,800 1,152,000
Corporation
------------
6,971,194
BROADCASTING - 1.24%
Entercom Communications
Corporation * 46,700 2,276,625
Powerwave Technologies,
Incorporated * 41,700 1,834,800
USA Networks, Incorporated * 126,200 2,729,075
------------
6,840,500
BUILDING MATERIALS & CONSTRUCTION - 0.41%
Masco Corporation 123,900 2,237,944
------------
BUSINESS SERVICES - 5.40%
Amdocs, Ltd. 35,800 2,747,650
Comdisco, Incorporated 17,100 381,544
Computer Sciences Corporation * 49,200 3,674,625
Omnicom Group, Incorporated 36,500 3,250,781
Outsource International, Incorporated 65,000 73,125
Quanta Services, Incorporated * 51,000 2,805,000
Robert Half International,
Incorporated * 53,700 1,530,450
TMP Worldwide, Incorporated * 35,100 2,590,819
Tyco International, Ltd. 137,600 6,518,800
Yahoo, Incorporated 49,800 6,168,975
------------
29,741,769
CHEMICALS - 1.00%
B.F. Goodrich Company 37,400 1,273,937
PPG Industries, Incorporated 95,100 4,214,119
------------
5,488,056
COMPUTERS & BUSINESS EQUIPMENT - 6.67%
Brocade Communications
Systems, Incorporated * 13,000 2,385,297
Cisco Systems, Incorporated * 176,600 11,225,137
EMC Corporation * 131,400 10,109,588
JDS Uniphase Corporation * 55,200 6,617,100
Manufacturers Services, Ltd. * 14,300 294,044
Pitney Bowes, Incorporated 100,100 4,004,000
Sandisk Corporation * 34,000 2,080,375
------------
36,715,541
CRUDE PETROLEUM & NATURAL GAS - 0.93%
Conoco, Incorporated, Class A 233,600 5,139,200
------------
DOMESTIC OIL - 1.33%
Anadarko Petroleum Corporation 47,300 2,332,481
USX-Marathon Group 198,900 4,984,931
------------
7,317,412
DRUGS & HEALTH CARE - 7.11%
Andrx Corporation * 27,700 1,770,636
Forest Laboratories, Incorporated * 32,800 3,312,800
Guidant Corporation * 109,200 5,405,400
McKesson HBOC, Incorporated 59,800 1,252,062
Medtronic, Incorporated 87,100 4,338,669
Pfizer, Incorporated 174,900 8,395,200
Schering-Plough Corporation 79,900 $ 4,034,950
Sepracor, Incorporated * 23,800 $ 2,870,875
Unitedhealth Group, 90,500 7,760,375
Incorporated
------------
39,140,967
ELECTRICAL EQUIPMENT - 3.51%
CIENA Corporation * 41,400 6,900,862
General Electric Company 203,500 10,785,500
Vishay Intertechnology, Incorporated 43,350 1,644,591
------------
19,330,953
ELECTRIC UTILITIES - 2.24%
Calpine Corporation * 45,800 3,011,350
Duke Energy Company 76,600 4,318,325
Dynegy, Incorporated, Class A 22,100 1,509,706
PECO Energy Company 16,000 645,000
Pinnacle West Capital Corporation 41,300 1,399,037
Reliant Energy, Incorporated 48,300 1,427,869
------------
12,311,287
ELECTRONICS - 5.59%
Agilent Technologies, Incorporated * 61,800 4,557,750
Amphenol Corporation, Class A * 28,900 1,912,819
Applied Materials, Incorporated * 73,000 6,615,625
Linear Technology Corporation 78,100 4,993,519
Motorola, Incorporated 201,300 5,850,281
Scientific-Atlanta, Incorporated 27,800 2,071,100
Solectron Corporation * 114,300 4,786,312
------------
30,787,406
FINANCIAL SERVICES - 5.41%
Association First Capital
Corporation, Class A 74,600 1,664,512
Capital One Financial Corporation 31,900 1,423,538
Charles Schwab Corporation 141,450 4,756,256
Citigroup, Incorporated 170,900 10,296,725
Federal National Mortgage
Association 106,300 5,547,531
Morgan Stanley Dean Witter &
Company 72,800 6,060,600
------------
29,749,162
FOOD & BEVERAGES - 3.63%
Pepsi Bottling Group, Incorporated 324,900 9,483,019
PepsiCo, Incorporated 154,300 6,856,706
Supervalu, Incorporated 115,200 2,196,000
Sysco Corporation 34,600 1,457,525
------------
19,993,250
GAS & PIPELINE UTILITIES - 2.24%
Coastal Corporation 115,400 7,024,975
Cooper Cameron Corporation * 43,300 2,857,800
El Paso Energy Corporation 48,500 2,470,469
------------
12,353,244
HOTELS & RESTAURANTS - 0.48%
MGM Grand, Incorporated 82,900 2,663,163
------------
INDUSTRIAL MACHINERY - 1.65%
Capstone Turbine Corporation * 14,300 644,394
Dover Corporation 63,300 2,567,606
</TABLE>
The accompanying notes are an integral part of the financial statements.
129
<PAGE> 134
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INDUSTRIAL MACHINERY - CONTINUED
Ingersoll-Rand Company 102,100 $ 4,109,525
Viasystems Group, Incorporated 108,700 1,759,581
------------
9,081,106
INSURANCE - 4.15%
American International Group,
Incorporated 88,350 10,381,125
CIGNA Corporation 69,700 6,516,950
Marsh & McLennan Companies,
Incorporated 56,950 5,947,716
------------
22,845,791
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 0.43%
Genuity, Incorporated, Class A * 154,600 1,415,556
Portal Software, Incorporated * 15,000 958,125
------------
2,373,681
INVESTMENT COMPANIES - 0.40%
T. Rowe Price Associates,
Incorporated 52,100 2,214,250
------------
LEISURE TIME - 0.52%
Carnival Corporation, Class A 145,800 2,843,100
------------
NEWSPAPERS - 0.56%
Dow Jones & Company, Incorporated 42,400 3,105,800
------------
PAPER - 0.17%
Boise Cascade Corporation 36,000 931,500
------------
PETROLEUM SERVICES - 0.52%
Apache Corporation 48,800 2,870,050
------------
PUBLISHING - 1.61%
McGraw-Hill Companies,
Incorporated 78,500 4,239,000
Time Warner, Incorporated 60,600 4,605,600
------------
8,844,600
RETAIL GROCERY - 2.18%
Kroger Company * 232,500 5,129,531
Safeway, Incorporated * 152,000 6,859,000
------------
11,988,531
RETAIL TRADE - 7.44%
CVS Corporation 225,700 9,028,000
Home Depot, Incorporated 126,500 6,317,094
Kohls Corporation * 53,200 2,959,250
Lowe's Companies, Incorporated 107,400 4,410,112
Staples, Incorporated * 445,850 6,854,944
Target Corporation 103,500 6,003,000
Tiffany & Company 48,600 3,280,500
Zale Corporation 57,000 2,080,500
------------
40,933,400
SEMICONDUCTORS - 4.36%
Applied Micro Circuits Corporation * 21,900 2,162,625
Broadcom Corporation, Class A * 24,200 5,298,288
Intel Corporation 54,200 7,245,862
LSI Logic Corporation * 113,800 6,159,425
PMC-Sierra, Incorporated * 6,700 1,190,506
SDL, Incorporated * 6,800 1,939,275
------------
23,995,981
SOFTWARE - 5.54%
Business Objects SA, ADR * 13,600 1,198,500
Computer Associates
International, Incorporated 68,100 3,485,869
Microsoft Corporation 156,400 12,512,000
Siebel Systems, Incorporated * 35,300 5,773,756
VERITAS Software Corporation 66,500 7,515,539
------------
30,485,664
TELECOMMUNICATIONS SERVICES - 3.58%
Corning, Incorporated 38,200 10,309,225
Metromedia Fiber Network,
Incorporated, Class A 70,300 2,790,031
Nokia Corporation, ADR 85,800 4,284,638
Vodafone Group PLC, ADR 55,650 2,305,997
------------
19,689,891
TELEPHONE - 5.26%
American Telephone &
Telegraph Corporation 135,000 4,269,375
Nextel Communications,
Incorporated, Class A * 117,800 7,207,887
Sprint Corporation (FON Group) 70,800 3,610,800
U. S. West, Incorporated * 90,600 7,768,950
WorldCom, Incorporated 133,155 6,108,486
------------
28,965,498
TOBACCO - 0.44%
Philip Morris Companies,
Incorporated 91,900 2,441,094
------------
TOTAL COMMON STOCKS
(Cost: $454,912,753) $494,759,579
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 4.56%
Navigator Securities Lending Trust,
6.65% $25,114,480 $ 25,114,480
------------
REPURCHASE AGREEMENTS - 5.55%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 6.35%, to be
repurchased at $30,570,168 on
07/03/2000, collateralized by
$25,340,000 U.S. Treasury Bonds,
8.125% due 05/15/2021 (valued at
$31,168,200, including interest) $30,554,000 $ 30,554,000
------------
TOTAL INVESTMENTS (QUANTITATIVE EQUITY
TRUST) (Cost: $510,581,233) $550,428,059
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
130
<PAGE> 135
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
BLUE CHIP GROWTH TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 94.83%
AEROSPACE - 0.41%
United Technologies Corporation 147,000 $ 8,654,625
------------
AUTO PARTS - 0.52%
Danaher Corporation 222,500 10,999,844
------------
BANKING - 4.55%
Bank America Corporation 107,500 4,622,500
Bank of New York, Incorporated 487,800 22,682,700
Chase Manhattan Corporation 81,150 3,737,972
Firstar Corporation 796,800 16,782,600
Mellon Financial Corporation 515,200 18,772,600
Providian Financial Corporation 80,800 7,272,000
State Street Corporation 202,900 21,520,081
------------
95,390,453
BROADCASTING - 3.94%
American Telephone &
Telegraph Corporation-Liberty
Media Group, Class A * 325,000 7,881,250
Clear Channel Communications * 250,800 18,810,000
Comcast Corporation, Class A * 136,400 5,524,200
Infinity Broadcasting
Corporation, Class A * 351,200 12,796,850
Viacom, Incorporated, Class B 552,514 37,674,548
------------
82,686,848
BUILDING MATERIALS & CONSTRUCTION - 0.02%
Masco Corporation 26,900 485,881
------------
BUSINESS SERVICES - 4.87%
Automatic Data Processing,
Incorporated 333,400 17,857,737
First Data Corporation 352,100 17,472,963
Omnicom Group, Incorporated 156,000 13,893,750
Tyco International, Ltd. 968,296 45,873,023
Yahoo, Incorporated 56,400 6,986,550
------------
102,084,023
CHEMICALS - 1.10%
Waters Corporation 184,200 22,990,463
------------
COMPUTERS & BUSINESS EQUIPMENT - 7.68%
Cisco Systems, Incorporated * 847,300 53,856,506
Dell Computer Corporation * 547,000 26,973,937
EMC Corporation * 60,800 4,677,800
Hewlett-Packard Company 171,500 21,416,063
JDS Uniphase Corporation * 154,000 18,460,750
Maxim Integrated Products,
Incorporated 333,300 22,643,569
Sun Microsystems, Incorporated * 143,600 13,058,625
------------
161,087,250
DOMESTIC OIL - 1.53%
Amerada Hess Corporation 83,400 5,149,950
Exxon Mobil Corporation 342,233 26,865,290
------------
32,015,240
DRUGS & HEALTH CARE - 14.61%
American Home Products
Corporation 344,800 20,257,000
Amgen, Incorporated * 180,600 12,687,150
Baxter International, Incorporated 236,200 16,607,812
Bristol-Myers Squibb Company 149,500 8,708,375
Eli Lilly & Company 210,200 20,993,725
Genetech, Incorporated * 106,000 18,232,000
Johnson & Johnson 50,500 5,144,688
MedImmune, Incorporated 184,200 13,630,800
Medtronic, Incorporated 39,900 1,987,519
Merck & Company, Incorporated 178,500 13,677,562
PE Corp-PE Biosystems Group 67,500 4,446,563
Pfizer, Incorporated 1,906,000 91,488,000
Pharmacia & Upjohn, Incorporated 325,265 16,812,135
Schering-Plough Corporation 374,200 18,897,100
Unitedhealth Group, Incorporated 358,600 30,749,950
Wellpoint Health Networks,
Incorporated, Class A 165,000 11,952,187
------------
306,272,566
ELECTRICAL EQUIPMENT - 2.57%
General Electric Company 889,700 47,154,100
Koninklijke Philips
Electronics NV, ADR 140,300 6,664,250
------------
53,818,350
ELECTRONICS - 3.29%
Agilent Technologies, Incorporated * 65,410 4,823,988
Analog Devices, Incorporated * 108,400 8,238,400
Applied Materials, Incorporated * 266,400 24,142,500
Flextronics International 283,000 19,438,562
Lexmark International Group,
Incorporated, Class A 2,700 181,575
Motorola, Incorporated 55,200 1,604,250
Solectron Corporation * 250,000 10,468,750
------------
68,898,025
FINANCIAL SERVICES - 9.51%
American Express Company 367,800 19,171,575
Association First Capital
Corporation, Class A 220,200 4,913,212
Capital One Financial Corporation 350,300 15,632,137
Charles Schwab Corporation 75,000 2,521,875
Citigroup, Incorporated 989,475 59,615,869
Federal Home Loan Mortgage
Corporation 902,100 36,535,050
Federal National Mortgage
Association 409,500 21,370,781
Goldman Sachs Group, Incorporated 21,700 2,058,788
Morgan Stanley Dean Witter &
Company 234,600 19,530,450
Wells Fargo & Company 465,700 18,045,875
------------
199,395,612
FOOD & BEVERAGES - 1.71%
PepsiCo, Incorporated 477,300 21,210,019
Quaker Oats Company 50,600 3,801,325
The Coca-Cola Company 187,800 10,786,762
------------
35,798,106
HOTELS & RESTAURANTS - 0.21%
McDonalds Corporation 134,900 4,443,269
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
131
<PAGE> 136
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE - 2.68%
ACE, Ltd. 505,400 $ 14,151,200
American International Group,
Incorporated 79,018 9,284,615
CIGNA Corporation 145,600 13,613,600
Marsh & McLennan Companies,
Incorporated 183,000 19,112,062
--------------
56,161,477
INTERNATIONAL OIL - 1.51%
Chevron Corporation 196,100 16,631,731
Royal Dutch Petroleum
Company, GDR 242,800 14,947,375
--------------
31,579,106
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 2.28%
America Online, Incorporated * 564,200 29,761,550
Ariba, Incorporated * 99,400 9,745,859
Macromedia, Incorporated 2,700 261,056
Priceline.com, Incorporated * 87,500 3,323,633
SOFTBANK CORP 10,500 1,425,004
Vitria Technology, Incorporated 52,500 3,209,063
--------------
47,726,165
PAPER - 0.47%
Kimberly-Clark Corporation 170,100 9,759,488
--------------
PETROLEUM SERVICES - 1.18%
Baker Hughes, Incorporated 382,400 12,236,800
BP Amoco PLC, ADR 222,700 12,596,469
--------------
24,833,269
PHOTOGRAPHY - 0.03%
Eastman Kodak Company 10,500 624,750
--------------
PUBLISHING - 0.19%
Time Warner, Incorporated 53,800 4,088,800
--------------
RETAIL GROCERY - 1.82%
Kroger Company * 523,200 11,543,100
Safeway, Incorporated * 589,700 26,610,212
--------------
38,153,312
RETAIL TRADE - 4.11%
Circuit City Stores, Incorporated 45,200 1,500,075
CVS Corporation 369,366 14,774,640
GAP, Incorporated 2,600 81,250
Home Depot, Incorporated 449,100 22,426,931
Lowe's Companies, Incorporated 191,200 7,851,150
Target Corporation 172,000 9,976,000
Wal-Mart Stores, Incorporated 512,100 29,509,763
--------------
86,119,809
SEMICONDUCTORS - 6.72%
Altera Corporation * 236,000 24,057,250
Intel Corporation 399,800 53,448,262
PMC-Sierra, Incorporated * 59,200 10,519,100
SDL, Incorporated * 40,600 11,578,613
Texas Instruments, Incorporated 376,300 25,847,106
Xilinx, Incorporated 186,400 15,389,650
--------------
140,839,981
SOFTWARE - 7.52%
BMC Software, Incorporated * 257,600 9,398,375
Computer Associates
International, Incorporated 184,600 9,449,212
Electronic Arts * 13,200 962,775
Intuit, Incorporated * 54,100 2,238,388
Microsoft Corporation 630,300 50,424,000
Oracle Systems Corporation 522,200 43,897,437
Peregrine Systems, Incorporated * 27,000 936,563
Siebel Systems, Incorporated * 127,600 20,870,575
VeriSign, Incorporated 17,845 3,149,643
VERITAS Software Corporation 143,425 16,209,266
--------------
157,536,234
TELECOMMUNICATIONS SERVICES - 6.06%
China Telecom Hong Kong, Ltd., ADR * 2,700 480,094
Corning, Incorporated 178,700 48,226,662
L.M. Ericsson Telefonaktiebolaget,
ADR, Class B 347,700 6,954,000
Nokia Corporation, ADR 465,900 23,265,881
Nortel Networks Corporation 301,600 20,584,200
QUALCOMM, Incorporated * 26,900 1,614,000
Tellabs, Incorporated * 40,200 2,751,188
Vodafone Group PLC, ADR 558,650 23,149,059
--------------
127,025,084
TELEPHONE - 2.80%
GTE Corporation * 27,000 1,680,750
Nextel Communications,
Incorporated, Class A * 337,400 20,644,663
Nextlink Communications,
Incorporated, Class A * 108,800 4,127,600
Sprint Corporation (PCS Group) * 80,700 4,801,650
WorldCom, Incorporated 596,214 27,351,317
--------------
58,605,980
TOBACCO - 0.22%
Philip Morris Companies, Incorporated 172,000 4,568,750
--------------
TRUCKING & FREIGHT - 0.72%
Kansas City Southern
Industries, Incorporated 170,000 15,076,875
--------------
TOTAL COMMON STOCKS
(Cost: $1,399,443,523) $1,987,719,635
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 4.31%
Navigator Securities Lending Trust,
6.65% $55,626,903 $ 55,626,903
T. Rowe Price Resources Investor
Fund, 6.605% 34,598,652 34,598,652
------------
$ 90,225,555
</TABLE>
The accompanying notes are an integral part of the financial statements.
132
<PAGE> 137
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
REPURCHASE AGREEMENTS - 0.86%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 5.50%, to be
repurchased at $24,011 on
07/03/2000, collateralized by $25,000
U.S. Treasury Notes, 5.125% due
08/31/2000 (valued at $25,375,
including interest) $18,061,000 $ 18,061,000
--------------
TOTAL INVESTMENTS (BLUE CHIP GROWTH
TRUST) (Cost: $1,507,730,077) $2,096,006,190
==============
</TABLE>
REAL ESTATE SECURITIES TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 88.71%
APPAREL & TEXTILES - 0.25%
Springs Industries, Incorporated 17,400 $ 560,063
------------
BANKING - 9.36%
Associated Banc-Corp 25,960 566,252
Astoria Financial Corporation 30,000 772,500
Centura Banks, Incorporated * 8,400 285,075
Colonial Bancgroup, Incorporated 256,000 2,464,000
Commercial Federal Corporation 46,000 715,875
First Union Corporation 15,000 372,188
Golden State Bancorp, Incorporated 50,000 900,000
Greenpoint Financial Corporation 39,200 735,000
Hibernia Corporation, Class A 62,000 674,250
Huntington Bancshares, Incorporated 42,000 664,125
Imperial Bancorp * 184,000 2,875,000
Marshall & Ilsley Corporation 25,000 1,037,500
North Fork Bancorporation, Incorporated 40,000 605,000
Provident Bankshares Corporation 76,334 1,030,509
Provident Financial Group, Incorporated 46,500 1,107,281
Sovereign Bancorp, Incorporated 105,000 738,281
SunTrust Banks, Incorporated 26,000 1,187,875
Union Planters Corporation 60,000 1,676,250
UnionBanCal Corporation 48,000 891,000
Washington Federal, Incorporated 40,000 730,000
Washington Mutual, Incorporated 24,400 704,550
------------
20,732,511
BUILDING MATERIALS & CONSTRUCTION - 2.13%
Dycom Industries, Incorporated * 40,100 1,844,600
EMCOR Group, Incorporated * 62,000 1,437,625
NCI Building Systems,
Incorporated 30,800 623,700
Nortek, Incorporated * 41,600 821,600
------------
4,727,525
BUSINESS SERVICES - 0.91%
Quanta Services, Incorporated * 36,750 2,021,250
------------
CONSTRUCTION MATERIALS - 1.22%
Ameron International Corporation 5,000 178,750
Granite Construction, Incorporated 81,000 1,984,500
Simpson Manufacturing,
Incorporated * 5,100 243,844
Southdown, Incorporated 5,100 294,525
------------
2,701,619
CONSTRUCTION & MINING EQUIPMENT - 0.23%
Caterpillar, Incorporated 15,000 508,125
------------
DRUGS & HEALTH CARE - 0.26%
Prime Hospitality Corporation * 60,000 566,250
------------
FINANCIAL SERVICES - 1.29%
Amcore Financial, Incorporated 12,000 219,750
First Republic Bank * 31,100 620,056
Istar Financial, Incorporated 17,750 371,641
Radian Group, Incorporated 18,100 936,675
Regions Financial Corporation 36,000 715,500
------------
2,863,622
FOREST PRODUCTS - 0.34%
Rayonier, Incorporated 21,000 753,375
------------
FURNITURE & FIXTURES - 0.02%
La-Z-Boy, Incorporated 3,700 51,800
------------
HOMEBUILDERS - 1.24%
Centex Corporation 32,000 752,000
NVR, Incorporated 35,000 1,995,000
------------
2,747,000
HOTELS & RESTAURANTS - 0.65%
Crestline Capital Corporation * 85,000 1,450,312
------------
HOUSEHOLD APPLIANCES - 0.54%
Toro Company 10,500 345,844
Whirlpool Corporation 18,000 839,250
------------
1,185,094
HOUSEHOLD PRODUCTS - 0.10%
The Stanley Works 9,200 218,500
------------
INSURANCE - 1.75%
Fidelity National Financial
Corporation 100,000 1,831,250
Landamerica Financial Group,
Incorporated 60,000 1,376,250
PMI Group, Incorporated 14,000 665,000
------------
3,872,500
LEISURE TIME - 0.43%
SCP Pool Corporation * 40,050 941,175
------------
METAL & METAL PRODUCTS - 0.44%
Mueller Industry, Incorporated 34,800 974,400
------------
REAL ESTATE - 66.12%
AMB Property Corporation 81,100 1,850,094
Apartment Investment & Management
Company, Class A 117,900 5,099,175
Archstone Communities Trust SBI 196,950 4,148,259
</TABLE>
The accompanying notes are an integral part of the financial statements.
133
<PAGE> 138
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
REAL ESTATE - CONTINUED
Avalon Bay Communities,
Incorporated 58,527 $ 2,443,502
Bedford Property Investments,
Incorporated 113,000 2,097,562
Boston Properties, Incorporated 38,000 1,467,750
Brandywine Realty Trust SBI 58,000 1,109,250
BRE Properties, Incorporated 22,700 655,463
Cabot Industrial Trust SBI 117,600 2,315,250
CBL & Associates Properties,
Incorporated 98,200 2,448,862
CenterPoint Properties Trust 37,800 1,540,350
Charles E. Smith Residential 35,500 1,349,000
Chelsea GCA Realty, Incorporated 156,000 5,391,750
Cornerstone Realty Income
Trust, Incorporated 47,200 472,000
Cousins Properties, Incorporated 27,000 1,039,500
Crescent Real Estate Equities 72,070 1,477,435
Developers Diversified Realty 112,600 1,681,962
Duke-Weeks Realty
Investments, Incorporated 189,050 4,229,994
EastGroup Properties, Incorporated 33,900 714,019
Entertainment Properties Trust SBI 194,400 2,685,150
Equity Office Properties Trust 595,068 16,401,562
Equity Residential Properties
Trust SBI 229,612 10,562,152
Federal Realty Investment Trust SBI 63,900 1,278,000
First Industrial Realty
Trust, Incorporated 6,200 182,900
Franchise Finance Corporation
of America 127,700 2,937,100
General Growth Properties,
Incorporated 116,900 3,711,575
Glenborough Realty Trust,
Incorporated 37,250 649,547
Home Properties of New York,
Incorporated 11,100 333,000
Host Marriott Corporation 174,900 1,639,687
JP Realty, Incorporated 73,600 1,311,000
Kilroy Realty Corporation 60,500 1,569,219
Kimco Realty Corporation 57,700 2,365,700
Koger Equity, Incorporated 84,900 1,432,688
Liberty Property Trust SBI 144,100 3,737,594
Manufactured Home
Communities, Incorporated 52,000 1,244,750
Meristar Hospitality Corporation 23,400 491,400
Mills Corporation 163,400 3,073,962
National Golf Properties,
Incorporated 72,800 1,537,900
Newhall Land & Farming
Company, ADR 30,100 797,650
Pacific Gulf Properties, Incorporated 90,900 2,278,181
Parkway Properties, Incorporated 62,300 1,900,150
Prologis Trust SBI 167,400 3,567,712
Public Storage, Incorporated 115,677 2,711,180
Realty Income Corporation 41,000 966,063
Reckson Associates Realty
Corporation 22,800 541,500
Rouse Company 165,300 4,091,175
Simon Property Group, Incorporated 284,460 6,311,456
SL Green Realty Corporation 170,000 4,547,500
Sovran Self Storage, Incorporated 25,000 535,938
Spieker Properties, Incorporated 97,100 4,466,600
Sun Communities, Incorporated 65,620 2,194,169
Taubman Centers,
Incorporated, REIT 130,000 1,430,000
The Macerich Company, REIT 50,000 1,103,125
Trammell Crow Company * 5,000 53,750
United Dominion Realty Trust,
Incorporated 54,400 598,400
Vornado Realty Trust 188,750 6,559,062
Washington Real Estate
Investment Trust SBI 32,800 586,300
Weingarten Realty Investors SBI 65,200 2,632,450
------------
146,548,424
RETAIL TRADE - 0.70%
Home Depot, Incorporated 31,200 1,558,050
------------
STEEL - 0.13%
Texas Industries, Incorporated 10,300 297,413
------------
TELECOMMUNICATIONS SERVICES - 0.60%
Mastec, Incorporated 34,500 1,317,469
------------
TOTAL COMMON STOCKS
(Cost: $191,389,395) $196,596,477
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 8.12%
Navigator Securities Lending Trust,
6.65% $17,992,894 $ 17,992,894
------------
REPURCHASE AGREEMENTS - 3.17%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 6.35%, to be
repurchased at $7,039,723 on
07/03/2000, collateralized by
$5,835,000 U.S. Treasury Bonds,
8.125% due 05/15/2021 (valued at
$7,177,050, including interest) $ 7,036,000 $ 7,036,000
------------
TOTAL INVESTMENTS (REAL ESTATE
SECURITIES TRUST) (Cost: $216,418,289) $221,625,371
============
</TABLE>
VALUE TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 98.40%
AEROSPACE - 1.90%
Honeywell International, Incorporated 50,700 $ 1,707,956
TRW, Incorporated 20,200 876,175
------------
2,584,131
AIR TRAVEL - 2.71%
AMR Corporation * 41,500 1,097,156
Delta Air Lines, Incorporated 51,200 2,588,800
------------
3,685,956
</TABLE>
The accompanying notes are an integral part of the financial statements.
134
<PAGE> 139
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
APPAREL & TEXTILES - 5.32%
Jones Apparel Group, Incorporated * 56,800 $ 1,334,800
Liz Claiborne, Incorporated 118,200 4,166,550
V. F. Corporation 73,000 1,738,312
------------
7,239,662
AUTO PARTS - 2.34%
Dana Corporation 50,800 1,076,325
Eaton Corporation 29,900 2,003,300
Visteon Corporation 9,061 109,859
------------
3,189,484
AUTOMOBILES - 2.19%
Ford Motor Company 69,200 2,975,600
------------
BANKING - 11.45%
Bank America Corporation 42,800 1,840,400
Bank One Corporation 48,000 1,275,000
Chase Manhattan Corporation 84,000 3,869,250
First Union Corporation 24,720 613,365
FleetBoston Financial Corporation 60,851 2,068,934
PNC Bank Corporation 53,900 2,526,563
Washington Mutual, Incorporated 116,900 3,375,487
------------
15,568,999
BUILDING MATERIALS & CONSTRUCTION - 1.46%
Masco Corporation 109,900 1,985,069
------------
BUSINESS SERVICES - 2.58%
First Data Corporation 70,600 3,503,525
------------
CHEMICALS - 6.30%
Eastman Chemical Company 23,800 1,136,450
Engelhard Corporation 107,700 1,837,631
FMC Corporation * 35,100 2,035,800
IMC Global, Incorporated 72,000 936,000
Lubrizol Corporation 85,400 1,793,400
Solutia, Incorporated 60,500 831,875
------------
8,571,156
COMPUTERS & BUSINESS EQUIPMENT - 4.28%
Quantum Corporation * 444,300 4,304,156
SABRE Group Holdings,
Incorporated, Class A * 30,046 856,311
Xerox Corporation 32,000 664,000
------------
5,824,467
CONSTRUCTION MATERIALS - 0.59%
Owens-Corning Corporation 86,400 799,200
------------
DOMESTIC OIL - 1.04%
USX-Marathon Group 56,300 1,411,019
------------
DRUGS & HEALTH CARE - 11.07%
Beckman Coulter, Incorporated 33,000 1,926,375
HCA Healthcare Company 40,100 1,218,037
HEALTHSOUTH Corporation 849,300 6,104,344
Tenet Healthcare Corporation * 188,800 5,097,600
Wellpoint Health Networks,
Incorporated, Class A 9,900 717,131
------------
15,063,487
ELECTRICAL EQUIPMENT - 1.45%
Cooper Industries, Incorporated 60,500 1,970,031
------------
ELECTRIC UTILITIES - 0.43%
Duke Energy Company 10,439 588,499
------------
ELECTRONICS - 3.13%
Arrow Electronics, Incorporated * 76,500 2,371,500
Avnet, Incorporated 31,800 1,884,150
------------
4,255,650
FINANCIAL SERVICES - 2.96%
Association First Capital
Corporation, Class A 31,300 698,381
Citigroup, Incorporated 22,100 1,331,525
Federal Home Loan Mortgage
Corporation 14,700 595,350
Federal National Mortgage
Association 11,600 605,375
Household International,
Incorporated 19,100 793,844
------------
4,024,475
FOOD & BEVERAGES - 1.04%
IBP, Incorporated 91,500 1,412,531
------------
FOREST PRODUCTS - 0.35%
Weyerhaeuser Company 11,200 481,600
------------
GAS & PIPELINE UTILITIES - 1.09%
Coastal Corporation 24,300 1,479,263
------------
HOTELS & RESTAURANTS - 1.47%
Tricon Global Restaurants,
Incorporated * 70,800 2,000,100
------------
HOUSEHOLD APPLIANCES - 2.41%
Maytag Corporation 18,600 685,875
Whirlpool Corporation 55,700 2,597,013
------------
3,282,888
HOUSEHOLD PRODUCTS - 2.77%
Black & Decker Corporation 60,900 2,394,132
Fortune Brands, Incorporated 59,300 1,367,606
------------
3,761,738
INDUSTRIAL MACHINERY - 4.65%
Cummins Engine, Incorporated 86,200 2,348,950
Parker-Hannifin Corporation 86,550 2,964,337
Tecumseh Products Company,
Class A 26,600 1,015,788
------------
6,329,075
INSURANCE - 10.98%
ACE, Ltd. 76,100 2,130,800
Aetna, Incorporated 25,300 1,623,944
Allstate Corporation 58,600 1,303,850
American General Corporation 33,700 2,055,700
Everest Reinsurance Group, Ltd. 53,900 1,771,962
Foundation Health System,
Incorporated * 272,940 3,548,220
Hartford Financial Services
Group, Incorporated 36,400 2,036,125
</TABLE>
The accompanying notes are an integral part of the financial statements.
135
<PAGE> 140
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE - CONTINUED
UNUMProvident Corporation 22,900 $ 459,431
------------
14,930,032
INTERNATIONAL OIL - 1.10%
Texaco, Incorporated 28,000 1,491,000
------------
PAPER - 0.32%
International Paper Company 14,700 438,244
------------
RAILROADS & EQUIPMENT - 0.42%
Burlington Northern Santa Fe
Corporation 24,900 571,144
------------
RETAIL TRADE - 0.80%
Toys R Us, Incorporated * 74,600 1,086,363
------------
SANITARY SERVICES - 0.75%
Waste Management, Incorporated 53,600 1,018,400
------------
SOFTWARE - 1.66%
Computer Associates
International, Incorporated 44,000 2,252,250
------------
TELEPHONE - 6.22%
American Telephone &
Telegraph Corporation 41,900 1,325,087
Bell Atlantic Corporation 39,100 1,986,769
GTE Corporation * 24,100 1,500,225
SBC Communications, Incorporated 84,400 3,650,300
------------
8,462,381
TRUCKING & FREIGHT - 1.17%
CNF Transportation, Incorporated 36,000 819,000
Navistar International Corporation * 25,100 779,669
------------
1,598,669
TOTAL COMMON STOCKS
(Cost: $148,804,816) $133,836,088
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 0.76%
Navigator Securities Lending Trust,
6.65% $1,038,000 $ 1,038,000
------------
REPURCHASE AGREEMENTS - 0.84%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 5.50%, to be
repurchased at $1,139,522 on
07/03/2000, collateralized by
$1,160,000 U.S. Treasury
Note, 5.625% due 09/30/2001
(valued at $1,162,900,
including interest) $1,139,000 $ 1,139,000
------------
TOTAL INVESTMENTS (VALUE TRUST) (Cost:
$150,981,816) $136,013,088
============
</TABLE>
TACTICAL ALLOCATION TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 48.50%
AEROSPACE - 0.53%
Boeing Company 1,500 $ 62,719
General Dynamics Corporation 300 15,675
Honeywell International,
Incorporated 1,300 43,794
Lockheed Martin Corporation 700 17,369
Northrop Grumman Corporation 100 6,625
Raytheon Company, Class B 600 11,550
Textron, Incorporated 200 10,862
TRW, Incorporated 200 8,675
United Technologies Corporation 800 47,100
------------
224,369
AIR FREIGHT - 0.04%
Fedex Corporation * 500 19,000
------------
AIR TRAVEL - 0.09%
AMR Corporation * 300 7,931
Delta Air Lines, Incorporated 200 10,113
Southwest Airlines Company 800 15,150
US Airways Group, Incorporated * 100 3,900
------------
37,094
ALUMINUM - 0.12%
Alcan Aluminum, Ltd. 400 12,400
Alcoa, Incorporated 1,400 40,600
------------
53,000
APPAREL & TEXTILES - 0.07%
Liz Claiborne, Incorporated 100 3,525
NIKE, Incorporated, Class B 500 19,906
V. F. Corporation 200 4,763
------------
28,194
AUTO PARTS - 0.11%
Dana Corporation 300 6,356
Danaher Corporation 200 9,888
Delphi Automotive Systems
Corporation 900 13,106
Eaton Corporation 100 6,700
Genuine Parts Company 300 6,000
Visteon Corporation 262 3,175
------------
45,225
AUTOMOBILES - 0.38%
Ford Motor Company 2,000 86,000
General Motors Corporation * 900 52,256
Harley Davidson, Incorporated 500 19,250
PACCAR, Incorporated 100 3,969
------------
161,475
BANKING - 2.02%
AmSouth Bancorporation 700 11,025
Bank America Corporation 2,700 116,100
Bank of New York, Incorporated 1,200 55,800
Bank One Corporation 1,900 50,469
BB&T Corporation 600 14,325
Charter One Financial, Incorporated 400 9,200
Chase Manhattan Corporation 2,000 92,125
</TABLE>
The accompanying notes are an integral part of the financial statements.
136
<PAGE> 141
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BANKING - CONTINUED
Comerica, Incorporated 300 $ 13,462
Fifth Third Bancorp 500 31,625
First Union Corporation 1,600 39,700
Firstar Corporation 1,600 33,700
FleetBoston Financial Corporation 1,500 51,000
Golden West Financial Corporation 300 12,244
Huntington Bancshares, Incorporated 400 6,325
KeyCorp 700 12,337
MBNA Corporation 1,300 35,262
Mellon Financial Corporation 800 29,150
National City Corporation 1,000 17,062
Northern Trust Corporation 400 26,025
Old Kent Financial Corporation 210 5,618
PNC Bank Corporation 500 23,437
Providian Financial Corporation 200 18,000
Southtrust Corporation 300 6,788
State Street Corporation 300 31,819
Summit Bancorp 300 7,388
SunTrust Banks, Incorporated 500 22,844
Synovus Financial Corporation 500 8,812
U.S. Bancorp 1,200 23,100
Union Planters Corporation 200 5,588
Wachovia Corporation 300 16,275
Washington Mutual, Incorporated 900 25,987
------------
852,592
BROADCASTING - 0.81%
Clear Channel Communications * 600 45,000
Comcast Corporation, Class A * 1,500 60,750
MediaOne Group, Incorporated 1,000 66,125
Viacom, Incorporated, Class B 2,500 170,469
------------
342,344
BUILDING MATERIALS & CONSTRUCTION - 0.04%
Fluor Corporation 100 3,163
Masco Corporation 800 14,450
------------
17,613
BUSINESS SERVICES - 1.32%
Automatic Data Processing,
Incorporated 1,000 53,562
Cendant Corporation * 1,200 16,800
Ceridian Corporation * 200 4,813
Computer Sciences Corporation * 300 22,406
Convergys Corporation * 300 15,562
Deluxe Corporation 100 2,356
Dun & Bradstreet Corporation 300 8,587
Ecolab, Incorporated 200 7,813
Electronic Data Systems Corporation 800 33,000
First Data Corporation 700 34,737
H & R Block, Incorporated 200 6,475
Harcourt General, Incorporated 100 5,438
Interpublic Group Companies,
Incorporated 500 21,500
ITT Industries, Incorporated 200 6,075
NCR Corporation 200 7,788
Newell Rubbermaid, Incorporated 400 10,300
Omnicom Group, Incorporated 300 26,719
Paychex, Incorporated 600 25,200
R.R. Donnelley & Sons Company 200 4,513
Tyco International, Ltd. 2,800 132,650
Yahoo, Incorporated 900 111,487
------------
557,781
CHEMICALS - 0.47%
Air Products & Chemicals,
Incorporated 400 12,325
B.F. Goodrich Company 200 6,812
Dow Chemical Company 1,200 36,225
E.I. Du Pont De Nemours &
Company 1,700 74,375
Eastman Chemical Company 100 4,775
Engelhard Corporation 200 3,412
FMC Corporation * 100 5,800
Great Lakes Chemical Corporation 100 3,150
Hercules, Incorporated 200 2,813
PPG Industries, Incorporated 300 13,294
Praxair, Incorporated 300 11,231
Rohm & Haas Company 400 13,800
Sigma-Aldrich Corporation 100 2,925
Union Carbide Corporation 200 9,900
------------
200,837
COMPUTERS & BUSINESS EQUIPMENT - 5.37%
Apple Computer, Incorporated * 600 31,425
Cabletron Systems, Incorporated * 300 7,575
Cisco Systems, Incorporated * 11,500 730,969
Citrix Systems, Incorporated * 300 5,681
Compaq Computer Corporation 2,800 71,575
Dell Computer Corporation * 4,200 207,113
EMC Corporation * 3,600 276,975
Gateway, Incorporated * 500 28,375
Hewlett-Packard Company 1,600 199,800
International Business
Machines Corporation 2,900 317,731
Maxim Integrated Products,
Incorporated 500 33,969
Network Appliance, Incorporated * 500 40,250
Pitney Bowes, Incorporated 400 16,000
SABRE Group Holdings,
Incorporated, Class A * 200 5,700
Sanmina Corporation * 100 8,550
Seagate Technology, Incorporated * 400 22,000
Sun Microsystems, Incorporated * 2,600 236,437
Unisys Corporation * 500 7,281
Xerox Corporation 1,100 22,825
------------
2,270,231
CONSTRUCTION MATERIALS - 0.03%
Sherwin-Williams Company 300 6,356
Vulcan Materials Company 200 8,538
------------
14,894
CONSTRUCTION & MINING EQUIPMENT - 0.05%
Caterpillar, Incorporated 600 20,325
------------
CONTAINERS & GLASS - 0.04%
Bemis, Incorporated 100 3,362
Crown Cork & Seal, Incorporated 200 3,000
Owens-Illinois, Incorporated 300 3,506
Pactiv Corporation * 300 2,363
Temple-Inland, Incorporated 100 4,200
------------
16,431
</TABLE>
The accompanying notes are an integral part of the financial statements.
137
<PAGE> 142
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COSMETICS & TOILETRIES - 0.06%
Alberto Culver Company, Class B 100 $ 3,056
Avon Products, Incorporated 400 17,800
International Flavors &
Fragrances, Incorporated 200 6,038
------------
26,894
CRUDE PETROLEUM & NATURAL GAS - 0.10%
Burlington Resources, Incorporated 400 15,300
Occidental Petroleum Corporation 600 12,637
Sunoco, Incorporated 200 5,888
Union Pacific Resources
Group, Incorporated * 400 8,800
------------
42,625
DOMESTIC OIL - 1.31%
Amerada Hess Corporation 200 12,350
Anadarko Petroleum Corporation 200 9,863
Ashland, Incorporated 100 3,506
Conoco, Incorporated, Class B 1,000 24,562
Exxon Mobil Corporation 5,700 447,450
Kerr-McGee Corporation 200 11,788
Phillips Petroleum Company 400 20,275
Unocal Corporation 400 13,250
USX-Marathon Group 500 12,531
------------
555,575
DRUGS & HEALTH CARE - 5.76%
Abbott Laboratories 2,500 111,406
Allergan, Incorporated 200 14,900
ALZA Corporation * 200 11,825
American Home Products
Corporation 2,100 123,375
Amgen, Incorporated * 1,700 119,425
Bausch & Lomb, Incorporated 100 7,738
Baxter International, Incorporated 500 35,156
Becton Dickinson & Company 400 11,475
Biogen, Incorporated * 200 12,900
Biomet, Incorporated 200 7,688
Boston Scientific Corporation * 700 15,356
Bristol-Myers Squibb Company 3,200 186,400
C.R. Bard, Incorporated 100 4,813
Cardinal Health, Incorporated 500 37,000
Eli Lilly & Company 1,900 189,762
Guidant Corporation * 500 24,750
HCA Healthcare Company 900 27,337
HEALTHSOUTH Corporation 700 5,031
IMS Health, Incorporated 500 9,000
Johnson & Johnson 2,300 234,312
Mallinckrodt, Incorporated 100 4,344
McKesson HBOC, Incorporated 500 10,469
MedImmune, Incorporated 300 22,200
Medtronic, Incorporated 2,000 99,625
Merck & Company, Incorporated 3,800 291,175
PE Corp-PE Biosystems Group 300 19,762
Pfizer, Incorporated 10,525 505,200
Pharmacia & Upjohn, Incorporated 2,100 108,544
Schering-Plough Corporation 2,400 121,200
St. Jude Medical, Incorporated * 100 4,588
Tenet Healthcare Corporation * 500 13,500
Unitedhealth Group, Incorporated 300 25,725
Watson Pharmaceuticals,
Incorporated 200 10,750
Wellpoint Health Networks,
Incorporated, Class A 100 7,244
------------
2,433,975
ELECTRICAL EQUIPMENT - 2.27%
American Power Conversion
Corporation * 300 12,244
Cooper Industries, Incorporated 200 6,513
Emerson Electric Company 700 42,262
General Electric Company 16,300 863,900
Johnson Controls, Incorporated 100 5,131
Millipore Corporation 100 7,537
Molex, Incorporated 300 14,437
W.W. Grainger, Incorporated 200 6,163
------------
958,187
ELECTRIC UTILITIES - 0.79%
AES Corporation * 700 31,937
Ameren Corporation 200 6,750
American Electric Power, Incorporated 500 14,812
CINergy Corporation 300 7,631
CMS Energy Corporation 200 4,425
Consolidated Edison, Incorporated 300 8,887
Constellation Energy Group,
Incorporated 200 6,513
CP & L Energy, Incorporated 300 9,581
Dominion Resources, Incorporated 400 17,150
DTE Energy Company 200 6,113
Duke Energy Company 600 33,825
Edison International 500 10,250
Entergy Corporation 400 10,875
FirstEnergy Corporation 400 9,350
Florida Progress Corporation 200 9,375
FPI Group, Incorporated 300 14,850
GPU, Incorporated 200 5,413
New Century Energies, Incorporated 200 6,000
Niagara Mohawk Holdings,
Incorporated * 300 4,181
Northern States Power Company 300 6,056
PECO Energy Company 300 12,094
PG&E Corporation 600 14,775
Pinnacle West Capital Corporation 100 3,388
PPL Corporation 200 4,388
Public Service Enterprise
Group, Incorporated 300 10,387
Reliant Energy, Incorporated 500 14,781
Southern Company 1,100 25,644
TXU Corporation 400 11,800
Unicom Corporation 300 11,606
------------
332,837
ELECTRONICS - 1.84%
Adaptec, Incorporated * 200 4,550
Agilent Technologies, Incorporated * 700 51,625
Analog Devices, Incorporated * 600 45,600
Applied Materials, Incorporated * 1,300 117,812
Lexmark International Group,
Incorporated, Class A 200 13,450
Linear Technology Corporation 500 31,969
Lucent Technologies, Incorporated 5,400 319,950
Motorola, Incorporated 3,500 101,719
PerkinElmer, Incorporated 100 6,612
Rockwell International Corporation 300 9,450
</TABLE>
The accompanying notes are an integral part of the financial statements.
138
<PAGE> 143
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONICS - CONTINUED
Scientific-Atlanta, Incorporated 300 $ 22,350
Solectron Corporation * 1,000 41,875
TekTronix, Incorporated 100 7,400
Thomas & Betts Corporation 100 1,913
------------
776,275
FINANCIAL SERVICES - 2.73%
American Express Company 2,200 114,675
Association First Capital
Corporation, Class A 1,200 26,775
Bear Stearns Companies,
Incorporated 200 8,325
Capital One Financial Corporation 300 13,388
Charles Schwab Corporation 2,200 73,975
Citigroup, Incorporated 5,500 331,375
Countrywide Credit
Industries, Incorporated 200 6,063
Federal Home Loan Mortgage
Corporation 1,100 44,550
Federal National Mortgage
Association 1,700 88,719
Franklin Resources, Incorporated 400 12,150
Household International,
Incorporated 800 33,250
J. P. Morgan & Company,
Incorporated 300 33,037
Lehman Brothers Holdings,
Incorporated 200 18,912
Merrill Lynch & Company,
Incorporated 600 69,000
Morgan Stanley Dean Witter &
Company 1,900 158,175
Regions Financial Corporation 400 7,950
SLM Holding Corporation 300 11,231
Wells Fargo & Company 2,600 100,750
------------
1,152,300
FOOD & BEVERAGES - 1.53%
Archer-Daniels-Midland Company 1,000 9,813
Bestfoods 400 27,700
Campbell Soup Company 700 20,387
Coca-Cola Enterprises, Incorporated 700 11,419
ConAgra, Incorporated 800 15,250
General Mills, Incorporated 500 19,125
H.J. Heinz Company 600 26,250
Hershey Foods Corporation 200 9,700
Kellogg Company 700 20,825
Nabisco Group Holding Corporation 500 12,969
PepsiCo, Incorporated 2,400 106,650
Quaker Oats Company 200 15,025
Ralston Purina Company 500 9,969
Sara Lee Corporation 1,400 27,037
Supervalu, Incorporated 200 3,813
Sysco Corporation 500 21,062
The Coca-Cola Company 4,100 235,494
Unilever NV 900 38,700
Wm. Wrigley Jr. Company 200 16,037
------------
647,225
FOREST PRODUCTS - 0.06%
Georgia-Pacific Corporation 300 7,875
Weyerhaeuser Company 400 17,200
------------
25,075
FURNITURE & FIXTURES - 0.01%
Leggett & Platt, Incorporated 300 4,950
------------
GAS & PIPELINE UTILITIES - 0.38%
Coastal Corporation 300 18,262
Columbia Energy Group 100 6,563
El Paso Energy Corporation 400 20,375
Enron Corporation 1,200 77,400
NICOR, Incorporated 100 3,263
Sempra Energy 300 5,100
Williams Companies, Incorporated 700 29,181
------------
160,144
GOLD - 0.05%
Barrick Gold Corporation 700 12,731
Homestake Mining Company 500 3,438
Placer Dome, Incorporated 600 5,737
------------
21,906
HOMEBUILDERS - 0.01%
Centex Corporation 100 2,350
------------
HOTELS & RESTAURANTS - 0.25%
Darden Restaurants, Incorporated 200 3,250
Hilton Hotels Corporation 600 5,625
Marriott International,
Incorporated, Class A 400 14,425
McDonalds Corporation 2,200 72,462
Tricon Global Restaurants,
Incorporated * 200 5,650
Wendy's International, Incorporated 200 3,563
------------
104,975
HOUSEHOLD APPLIANCES - 0.02%
Maytag Corporation 100 3,688
Whirlpool Corporation 100 4,662
------------
8,350
HOUSEHOLD PRODUCTS - 0.66%
Black & Decker Corporation 200 7,862
Clorox Company 400 17,925
Colgate-Palmolive Company 900 53,887
Fortune Brands, Incorporated 300 6,919
Gillette Company 1,700 59,394
Procter & Gamble Company 2,200 125,950
Snap-On, Incorporated 100 2,663
The Stanley Works 200 4,750
------------
279,350
INDUSTRIAL MACHINERY - 0.21%
Crane Company 100 2,431
Cummins Engine, Incorporated 100 2,725
Deere & Company 400 14,800
Dover Corporation 300 12,169
Illinois Tool Works, Incorporated 500 28,500
Ingersoll-Rand Company 300 12,075
Pall Corporation 200 3,700
Parker-Hannifin Corporation 200 6,850
Thermo Electron Corporation * 300 6,319
------------
89,569
</TABLE>
The accompanying notes are an integral part of the financial statements.
139
<PAGE> 144
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE - 1.43%
Aetna, Incorporated 200 $ 12,837
AFLAC, Incorporated 400 18,375
Allstate Corporation 1,200 26,700
American General Corporation 400 24,400
American International Group,
Incorporated 2,500 293,750
Aon Corporation 400 12,425
Chubb Corporation 300 18,450
CIGNA Corporation 300 28,050
Cincinnati Financial Corporation 300 9,431
Conseco, Incorporated 600 5,850
Equifax, Incorporated 200 5,250
Hartford Financial Services
Group, Incorporated 300 16,781
Jefferson-Pilot Corporation 200 11,287
Lincoln National Corporation 300 10,838
Loews Corporation 200 12,000
Marsh & McLennan Companies,
Incorporated 400 41,775
MBIA, Incorporated 200 9,638
MGIC Investment Corporation 200 9,100
Progressive Corporation 100 7,400
SAFECO Corporation 200 3,975
St. Paul Companies, Incorporated 400 13,650
Torchmark, Incorporated 200 4,938
UNUMProvident Corporation 400 8,025
------------
604,925
INTERNATIONAL OIL - 0.92%
Chevron Corporation 1,100 93,294
Halliburton Company 700 33,031
Royal Dutch Petroleum
Company, GDR 3,500 215,469
Texaco, Incorporated 900 47,925
------------
389,719
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 0.47%
America Online, Incorporated * 3,800 200,450
------------
INVESTMENT COMPANIES - 0.02%
T. Rowe Price & Associates,
Incorporated 200 8,500
------------
LEISURE TIME - 0.49%
B Corporation 200 3,312
Carnival Corporation, Class A 1,000 19,500
Harrahs Entertainment, Incorporated 200 4,187
Hasbro, Incorporated 300 4,519
Seagram, Ltd. 700 40,600
The Walt Disney Company 3,500 135,844
------------
207,962
LIQUOR - 0.15%
Adolph Coors Company, Class B 100 6,050
Anheuser-Busch Companies,
Incorporated 700 52,281
Brown Forman Corporation,
Class B 100 5,375
------------
63,706
METAL & METAL PRODUCTS - 0.01%
Inco, Ltd. * 300 4,613
------------
MINING - 0.02%
Newmont Mining Corporation 300 6,487
Phelps Dodge Corporation 100 3,719
------------
10,206
NEWSPAPERS - 0.16%
Dow Jones & Company, Incorporated 100 7,325
Gannett, Incorporated 400 23,925
Knight-Ridder, Incorporated 100 5,319
New York Times Company, Class A 300 11,850
Tribune Company 500 17,500
------------
65,919
OFFICE FURNISHINGS & SUPPLIES - 0.04%
Avery Dennison Corporation 200 13,425
Office Depot, Incorporated * 500 3,125
------------
16,550
PAPER - 0.37%
Boise Cascade Corporation 100 2,588
Fort James Corporation 300 6,937
International Paper Company 800 23,850
Kimberly-Clark Corporation 900 51,637
Mead Corporation 200 5,050
Minnesota Mining &
Manufacturing Company 600 49,500
Sealed Air Corporation * 100 5,238
Westvaco Corporation 200 4,963
Willamette Industries,
Incorporated 200 5,450
------------
155,213
PETROLEUM SERVICES - 0.29%
Apache Corporation 200 11,763
Baker Hughes, Incorporated 500 16,000
Rowan Companies, Incorporated * 200 6,075
Schlumberger, Ltd. 900 67,162
Tosco Corporation 200 5,663
Transocean Offshore, Incorporated 300 16,031
------------
122,694
PHOTOGRAPHY - 0.07%
Eastman Kodak Company 500 29,750
------------
PUBLISHING - 0.45%
American Greetings
Corporation, Class A 100 1,900
McGraw-Hill Companies,
Incorporated 300 16,200
Meredith Corporation 100 3,375
Time Warner, Incorporated 2,200 167,200
------------
188,675
RAILROADS & EQUIPMENT - 0.11%
Burlington Northern Santa Fe
Corporation 700 16,056
CSX Corporation 400 8,475
Norfolk Southern Corporation 600 8,925
Union Pacific Corporation 400 14,875
------------
48,331
RETAIL GROCERY - 0.25%
Albertsons, Incorporated 700 23,275
</TABLE>
The accompanying notes are an integral part of the financial statements.
140
<PAGE> 145
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL GROCERY - CONTINUED
Kroger Company * 1,400 $ 30,888
Safeway, Incorporated * 800 36,100
Starbucks Corporation * 300 11,456
Winn-Dixie Stores, Incorporated 300 4,294
------------
106,013
RETAIL TRADE - 2.43%
AutoZone, Incorporated * 200 4,400
Bed Bath & Beyond, Incorporated * 200 7,250
Best Buy Company, Incorporated * 300 18,975
Circuit City Stores, Incorporated 300 9,956
Consolidated Stores Corporation * 200 2,400
Costco Wholesale Corporation * 700 23,100
CVS Corporation 600 24,000
Dollar General Corporation 500 9,750
Federated Department Stores,
Incorporated 400 13,500
GAP, Incorporated 1,400 43,750
Home Depot, Incorporated 3,800 189,762
J. C. Penney, Incorporated 500 9,219
Kmart Corporation * 800 5,450
Kohls Corporation * 500 27,812
Lowe's Companies, Incorporated 600 24,638
May Department Stores,
Incorporated 600 14,400
Nordstrom, Incorporated 200 4,825
RadioShack Corporation 300 14,213
Rite Aid Corporation 500 3,281
Sears Roebuck & Company 600 19,575
Staples, Incorporated * 800 12,300
Target Corporation 700 40,600
The Limited, Incorporated 700 15,138
TJX Companies, Incorporated 500 9,375
Toys R Us, Incorporated * 400 5,825
Wal-Mart Stores, Incorporated 7,300 420,662
Walgreen Company 1,600 51,500
------------
1,025,656
SANITARY SERVICES - 0.05%
Allied Waste Industries, Incorporated * 300 3,000
Waste Management, Incorporated 1,000 19,000
------------
22,000
SEMICONDUCTORS - 2.86%
Advanced Micro Devices,
Incorporated * 300 23,175
Altera Corporation * 300 30,581
Conexant Systems, Incorporated * 400 19,450
Intel Corporation 5,500 735,281
KLA-Tencor Corporation * 300 17,569
LSI Logic Corporation * 500 27,063
Micron Technology, Incorporated 900 79,256
National Semiconductor Corporation * 300 17,025
Novellus Systems, Incorporated * 200 11,313
Teradyne, Incorporated * 300 22,050
Texas Instruments, Incorporated 2,700 185,456
Xilinx, Incorporated 500 41,281
------------
1,209,500
SOFTWARE - 3.17%
Adobe Systems, Incorporated 200 26,000
Autodesk, Incorporated 100 3,469
BMC Software, Incorporated * 400 14,594
Computer Associates
International, Incorporated 1,000 51,187
Compuware Corporation * 600 6,225
Microsoft Corporation 8,700 696,000
Novell, Incorporated * 500 4,625
Oracle Systems Corporation 4,700 395,094
Parametric Technology
Corporation * 500 5,500
PeopleSoft, Incorporated * 500 8,375
Sapient Corporation * 100 10,694
Siebel Systems, Incorporated * 300 49,069
VERITAS Software Corporation 600 67,809
------------
1,338,641
STEEL - 0.02%
Allegheny Technologies,
Incorporated 100 1,800
Nucor Corporation 100 3,319
USX-United States Steel Group 200 3,712
------------
8,831
TELECOMMUNICATIONS SERVICES - 1.73%
3Com Corporation * 600 34,575
ADC Telecommunications,
Incorporated * 500 41,938
Andrew Corporation * 100 3,356
Comverse Technology,
Incorporated * 200 18,600
Corning, Incorporated 500 134,937
Global Crossing, Ltd. 1,400 36,838
Nortel Networks Corporation 4,900 334,425
QUALCOMM, Incorporated * 1,200 72,000
Tellabs, Incorporated * 700 47,906
Young & Rubicam, Incorporated 100 5,719
------------
730,294
TELEPHONE - 3.13%
Alltel Corporation 500 30,969
American Telephone &
Telegraph Corporation 5,250 166,031
Bell Atlantic Corporation 2,500 127,031
BellSouth Corporation 3,100 132,138
CenturyTel, Incorporated 200 5,750
GTE Corporation * 1,600 99,600
Nextel Communications,
Incorporated, Class A * 1,200 73,425
SBC Communications, Incorporated 5,600 242,200
Sprint Corporation (FON Group) 1,400 71,400
Sprint Corporation (PCS Group) * 1,500 89,250
U. S. West, Incorporated * 800 68,600
WorldCom, Incorporated 4,700 215,612
------------
1,322,006
TIRES & RUBBER - 0.01%
Goodyear Tire & Rubber Company 300 6,000
------------
TOBACCO - 0.25%
Philip Morris Companies,
Incorporated 3,800 100,938
UST, Incorporated 300 4,406
------------
105,344
</TABLE>
The accompanying notes are an integral part of the financial statements.
141
<PAGE> 146
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TOYS, AMUSEMENTS & SPORTING GOODS - 0.02%
Mattel, Incorporated 700 $ 9,231
------------
TRUCKING & FREIGHT - 0.05%
Kansas City Southern
Industries, Incorporated 200 17,738
Navistar International Corporation * 100 3,106
------------
20,844
TOTAL COMMON STOCKS
(Cost: $20,564,354) $ 20,505,540
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 45.94%
United States Treasury Bills
4.38% due 07/06/2000 19,431,000 19,419,179
------------
$ 19,419,179
REPURCHASE AGREEMENTS - 5.56%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 5.50%, to be
repurchased at $2,350,077 on
07/03/2000, collateralized by
$2,205,000 U.S. Treasury Bonds,
6.625% due 02/15/2027 (valued at
$2,397,938, including interest) $ 2,349,000 $ 2,349,000
------------
TOTAL INVESTMENTS (TACTICAL ALLOCATION
TRUST) (Cost: $42,332,534) $ 42,273,719
============
</TABLE>
EQUITY INDEX TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 95.44%
AEROSPACE - 1.04%
Boeing Company 8,700 $ 363,769
General Dynamics Corporation 1,967 102,776
Honeywell International,
Incorporated 7,629 257,002
Lockheed Martin Corporation 3,805 94,412
Northrop Grumman Corporation 717 47,501
Raytheon Company, Class B 3,265 62,851
Textron, Incorporated 1,394 75,712
TRW, Incorporated 1,203 52,180
United Technologies Corporation 4,493 264,525
------------
1,320,728
AIR FREIGHT - 0.08%
Fedex Corporation * 2,830 107,540
------------
AIR TRAVEL - 0.17%
AMR Corporation * 1,468 38,810
Delta Air Lines, Incorporated 1,212 61,282
Southwest Airlines Company 4,805 90,995
US Airways Group, Incorporated * 614 23,946
------------
215,033
ALUMINUM - 0.25%
Alcan Aluminum, Ltd. 2,305 71,455
Alcoa, Incorporated 8,276 240,004
------------
311,459
APPAREL & TEXTILES - 0.13%
Liz Claiborne, Incorporated 530 18,682
NIKE, Incorporated, Class B 2,602 103,592
Reebok International, Ltd. * 575 9,164
Russell Corporation 276 5,520
Springs Industries, Incorporated 195 6,277
V. F. Corporation 1,108 26,384
------------
169,619
AUTO PARTS - 0.22%
Dana Corporation 1,490 31,569
Danaher Corporation 1,404 69,410
Delphi Automotive Systems
Corporation 5,382 78,376
Eaton Corporation 667 44,689
Genuine Parts Company 1,677 33,540
Visteon Corporation 1,515 18,363
------------
275,947
AUTOMOBILES - 0.74%
Ford Motor Company 11,567 497,381
General Motors Corporation * 5,140 298,441
Harley Davidson, Incorporated 2,921 112,459
PACCAR, Incorporated 781 30,996
------------
939,277
BANKING - 3.91%
AmSouth Bancorporation 3,786 59,630
Bank America Corporation 15,945 685,635
Bank of New York, Incorporated 7,104 330,336
Bank One Corporation 11,039 293,223
BB&T Corporation 3,364 80,316
Charter One Financial, Incorporated 2,000 46,000
Chase Manhattan Corporation 11,847 545,702
Comerica, Incorporated 1,518 68,120
Fifth Third Bancorp 2,947 186,398
First Union Corporation 9,422 233,783
Firstar Corporation 9,326 196,429
FleetBoston Financial Corporation 8,623 293,182
Golden West Financial Corporation 1,532 62,525
Huntington Bancshares, Incorporated 2,087 33,001
KeyCorp 4,163 73,373
MBNA Corporation 7,713 209,215
Mellon Financial Corporation 4,714 171,766
National City Corporation 5,859 99,969
Northern Trust Corporation 2,155 140,210
Old Kent Financial Corporation 1,257 33,621
PNC Bank Corporation 2,808 131,625
Providian Financial Corporation 1,341 120,690
Southtrust Corporation 1,623 36,720
State Street Corporation 1,525 161,745
Summit Bancorp 1,656 40,779
SunTrust Banks, Incorporated 2,928 133,773
Synovus Financial Corporation 2,672 47,094
U.S. Bancorp 7,215 138,889
Union Planters Corporation 1,303 36,403
Wachovia Corporation 1,988 107,849
Washington Mutual, Incorporated 5,261 151,911
------------
4,949,912
</TABLE>
The accompanying notes are an integral part of the financial statements.
142
<PAGE> 147
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BROADCASTING - 1.57%
Clear Channel Communications * 3,213 $ 240,975
Comcast Corporation, Class A * 8,637 349,798
MediaOne Group, Incorporated 5,974 395,031
Viacom, Incorporated, Class B 14,670 1,000,311
------------
1,986,115
BUILDING MATERIALS & CONSTRUCTION - 0.08%
Armstrong Holdings, Incorporated 398 6,094
Fluor Corporation 700 22,138
Masco Corporation 4,302 77,705
------------
105,937
BUSINESS SERVICES - 2.55%
Automatic Data Processing,
Incorporated 6,019 322,393
Cendant Corporation * 6,873 96,222
Ceridian Corporation * 1,442 34,698
Computer Sciences Corporation * 1,566 116,961
Convergys Corporation * 1,512 78,435
Deluxe Corporation 694 16,352
Dun & Bradstreet Corporation 1,529 43,768
Ecolab, Incorporated 1,233 48,164
Electronic Data Systems Corporation 4,491 185,254
First Data Corporation 3,963 196,664
H & R Block, Incorporated 908 29,396
Harcourt General, Incorporated 646 35,126
Humana, Incorporated * 1,606 7,829
Interpublic Group Companies,
Incorporated 2,867 123,281
ITT Industries, Incorporated 857 26,031
NCR Corporation 871 33,915
Newell Rubbermaid, Incorporated 2,578 66,383
Omnicom Group, Incorporated 1,753 156,127
Paychex, Incorporated 3,571 149,982
Quintiles Transnational Corporation * 1,084 15,312
R.R. Donnelley & Sons Company 1,192 26,894
Tyco International, Ltd. 16,256 770,128
Yahoo, Incorporated 5,185 642,292
------------
3,221,607
CHEMICALS - 0.90%
Air Products & Chemicals,
Incorporated 2,196 67,664
B.F. Goodrich Company 1,032 35,153
Dow Chemical Company 6,539 197,396
E.I. Du Pont De Nemours &
Company 10,013 438,069
Eastman Chemical Company 784 37,436
Engelhard Corporation 1,192 20,339
FMC Corporation * 272 15,776
Great Lakes Chemical Corporation 488 15,372
Hercules, Incorporated 986 13,866
PPG Industries, Incorporated 1,672 74,090
Praxair, Incorporated 1,473 55,145
Rohm & Haas Company 2,076 71,622
Sigma-Aldrich Corporation 792 23,166
Union Carbide Corporation 1,332 65,934
W. R. Grace & Company * 659 7,990
------------
1,139,018
COMPUTERS & BUSINESS EQUIPMENT - 10.44%
Apple Computer, Incorporated * 3,112 162,991
Cabletron Systems, Incorporated * 1,795 45,324
Cisco Systems, Incorporated * 66,826 4,247,628
Citrix Systems, Incorporated * 1,731 32,781
Compaq Computer Corporation 16,308 416,873
Dell Computer Corporation * 24,687 1,217,378
EMC Corporation * 20,804 1,600,608
Gateway, Incorporated * 3,041 172,577
Hewlett-Packard Company 9,622 1,201,547
International Business
Machines Corporation 16,996 1,862,124
Maxim Integrated Products,
Incorporated 2,703 183,635
Mips Technologies,
Incorporated, Class B * 247 9,510
Network Appliance, Incorporated * 2,923 235,301
Pitney Bowes, Incorporated 2,481 99,240
SABRE Group Holdings,
Incorporated, Class A * 1,277 36,395
Seagate Technology, Incorporated * 2,182 120,010
Sun Microsystems, Incorporated * 15,246 1,386,433
Unisys Corporation * 2,959 43,090
Xerox Corporation 6,394 132,675
------------
13,206,120
CONSTRUCTION MATERIALS - 0.06%
Owens-Corning Corporation 562 5,198
Sherwin-Williams Company 1,539 32,608
Vulcan Materials Company 973 41,535
------------
79,341
CONSTRUCTION & MINING EQUIPMENT - 0.09%
Caterpillar, Incorporated 3,312 112,194
------------
CONTAINERS & GLASS - 0.07%
Ball Corporation 248 7,982
Bemis, Incorporated 459 15,434
Crown Cork & Seal, Incorporated 1,225 18,375
Owens-Illinois, Incorporated 1,386 16,199
Pactiv Corporation * 1,634 12,868
Temple-Inland, Incorporated 474 19,908
------------
90,766
COSMETICS & TOILETRIES - 0.12%
Alberto Culver Company, Class B 573 17,512
Avon Products, Incorporated 2,275 101,238
International Flavors &
Fragrances, Incorporated 1,029 31,063
------------
149,813
CRUDE PETROLEUM & NATURAL GAS - 0.19%
Burlington Resources, Incorporated 2,095 80,134
Occidental Petroleum Corporation 3,573 75,256
Sunoco, Incorporated 897 26,405
Union Pacific Resources
Group, Incorporated * 2,436 53,592
------------
235,387
DOMESTIC OIL - 2.56%
Amerada Hess Corporation 849 52,426
Anadarko Petroleum Corporation 1,197 59,027
Ashland, Incorporated 665 23,317
Conoco, Incorporated, Class B 5,958 146,343
Exxon Mobil Corporation 33,444 2,625,354
Kerr-McGee Corporation 905 53,338
</TABLE>
The accompanying notes are an integral part of the financial statements.
143
<PAGE> 148
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DOMESTIC OIL - CONTINUED
Phillips Petroleum Company 2,475 $ 125,451
Unocal Corporation 2,301 76,221
USX-Marathon Group 3,028 75,889
------------
3,237,366
DRUGS & HEALTH CARE - 11.16%
Abbott Laboratories 14,842 661,397
Allergan, Incorporated 1,238 92,231
ALZA Corporation * 1,031 60,958
American Home Products
Corporation 12,560 737,900
Amgen, Incorporated * 9,899 695,405
Bausch & Lomb, Incorporated 470 36,366
Baxter International, Incorporated 2,781 195,539
Becton Dickinson & Company 2,403 68,936
Biogen, Incorporated * 1,410 90,945
Biomet, Incorporated 1,047 40,244
Boston Scientific Corporation * 3,923 86,061
Bristol-Myers Squibb Company 18,946 1,103,604
C.R. Bard, Incorporated 474 22,811
Cardinal Health, Incorporated 2,682 198,468
Eli Lilly & Company 10,808 1,079,449
Guidant Corporation * 2,963 146,668
HCA Healthcare Company 5,343 162,294
HEALTHSOUTH Corporation 3,668 26,364
IMS Health, Incorporated 2,807 50,526
Johnson & Johnson 13,374 1,362,476
Mallinckrodt, Incorporated 655 28,452
Manor Care, Incorporated 999 6,993
McKesson HBOC, Incorporated 2,727 57,097
MedImmune, Incorporated 2,000 148,000
Medtronic, Incorporated 11,499 572,794
Merck & Company, Incorporated 22,111 1,694,255
PE Corp-PE Biosystems Group 2,011 132,475
Pfizer, Incorporated 60,005 2,880,240
Pharmacia & Upjohn, Incorporated 12,175 629,295
Schering-Plough Corporation 14,072 710,636
St. Jude Medical, Incorporated * 833 38,214
Tenet Healthcare Corporation * 2,992 80,784
Unitedhealth Group, Incorporated 1,512 129,654
Watson Pharmaceuticals,
Incorporated 970 52,137
Wellpoint Health Networks,
Incorporated, Class A 547 39,623
------------
14,119,291
ELECTRICAL EQUIPMENT - 4.41%
American Power Conversion
Corporation * 1,841 75,136
Cooper Industries, 863 28,101
Incorporated
Emerson Electric Company 4,059 245,062
General Electric Company 95,008 5,035,424
Johnson Controls, Incorporated 811 41,614
Millipore Corporation 415 31,281
Molex, Incorporated 1,893 91,101
National Service Industries,
Incorporated 412 8,034
W.W. Grainger, Incorporated 886 27,300
------------
5,583,053
ELECTRIC UTILITIES - 1.55%
AES Corporation * 4,117 187,838
Ameren Corporation 1,271 42,896
American Electric Power,
Incorporated 3,052 90,415
CINergy Corporation 1,573 40,013
CMS Energy Corporation 1,085 24,006
Consolidated Edison, Incorporated 2,038 60,376
Constellation Energy Group,
Incorporated 1,424 46,369
CP & L Energy, Incorporated 1,546 49,375
Dominion Resources, Incorporated 2,258 96,812
DTE Energy Company 1,410 43,093
Duke Energy Company 3,565 200,977
Edison International 3,170 64,985
Entergy Corporation 2,185 59,405
FirstEnergy Corporation 2,211 51,682
Florida Progress Corporation 972 45,563
FPI Group, Incorporated 1,688 83,556
GPU, Incorporated 1,202 32,529
New Century Energies, Incorporated 1,084 32,520
Niagara Mohawk Holdings,
Incorporated * 1,687 23,513
Northern States Power Company 1,516 30,604
PECO Energy Company 1,662 66,999
PG&E Corporation 3,683 90,694
Pinnacle West Capital Corporation 862 29,200
PPL Corporation 1,373 30,120
Public Service Enterprise
Group, Incorporated 2,126 73,613
Reliant Energy, Incorporated 2,801 82,805
Southern Company 6,253 145,773
TXU Corporation 2,553 75,313
Unicom Corporation 1,659 64,183
------------
1,965,227
ELECTRONICS - 3.57%
Adaptec, Incorporated * 976 22,204
Agilent Technologies, Incorporated * 4,357 321,329
Analog Devices, Incorporated * 3,356 255,056
Applied Materials, Incorporated * 7,790 705,969
Lexmark International Group,
Incorporated, Class A 1,193 80,229
Linear Technology Corporation 3,027 193,539
Lucent Technologies, Incorporated 31,282 1,853,458
Motorola, Incorporated 20,605 598,833
PerkinElmer, Incorporated 426 28,169
Rockwell International Corporation 1,791 56,416
Scientific-Atlanta, Incorporated 1,566 116,667
Silicon Graphics, Incorporated * 1,786 6,698
Solectron Corporation * 5,733 240,069
TekTronix, Incorporated 443 32,782
Thomas & Betts Corporation 572 10,940
------------
4,522,358
FINANCIAL SERVICES - 5.37%
American Express Company 12,805 667,461
Association First Capital
Corporation, Class A 7,006 156,321
Bear Stearns Companies,
Incorporated 1,064 44,289
Capital One Financial Corporation 1,855 82,779
Charles Schwab Corporation 13,069 439,445
Citigroup, Incorporated 32,379 1,950,835
</TABLE>
The accompanying notes are an integral part of the financial statements.
144
<PAGE> 149
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - CONTINUED
Countrywide Credit
Industries, Incorporated 1,130 34,253
Federal Home Loan Mortgage
Corporation 6,678 270,459
Federal National Mortgage
Association 9,632 502,670
Franklin Resources, Incorporated 2,315 70,318
Household International,
Incorporated 4,575 190,149
J. P. Morgan & Company,
Incorporated 1,577 173,667
Lehman Brothers Holdings,
Incorporated 1,143 108,085
Merrill Lynch & Company,
Incorporated 3,772 433,780
Morgan Stanley Dean Witter &
Company 10,867 904,678
Paine Webber Group,
Incorporated 1,404 63,882
Regions Financial Corporation 2,141 42,552
SLM Holding Corporation 1,536 57,504
Wells Fargo & Company 15,483 599,966
------------
6,793,093
FOOD & BEVERAGES - 3.01%
Archer-Daniels-Midland Company 5,768 56,599
Bestfoods 2,600 180,050
Campbell Soup Company 4,019 117,053
Coca-Cola Enterprises, Incorporated 4,011 65,430
ConAgra, Incorporated 4,755 90,642
General Mills, Incorporated 2,840 108,630
H.J. Heinz Company 3,383 148,006
Hershey Foods Corporation 1,312 63,632
Kellogg Company 3,909 116,293
Nabisco Group Holding Corporation 3,165 82,092
PepsiCo, Incorporated 13,859 615,859
Quaker Oats Company 1,266 95,108
Ralston Purina Company 2,940 58,616
Sara Lee Corporation 8,326 160,796
Supervalu, Incorporated 1,303 24,838
Sysco Corporation 3,177 133,831
The Coca-Cola Company 23,803 1,367,185
Unilever NV 5,502 236,586
Wm. Wrigley Jr. Company 1,069 85,721
------------
3,806,967
FOREST PRODUCTS - 0.12%
Georgia-Pacific Corporation 1,593 41,816
Louisiana Pacific Corporation 1,033 11,234
Weyerhaeuser Company 2,200 94,600
------------
147,650
FURNITURE & FIXTURES - 0.02%
Leggett & Platt, Incorporated 1,844 30,426
------------
GAS & PIPELINE UTILITIES - 0.79%
Coastal Corporation 2,039 124,124
Columbia Energy Group 756 49,613
Eastern Enterprises 305 19,215
El Paso Energy Corporation 2,257 114,966
Enron Corporation 7,029 453,370
NICOR, Incorporated 435 14,192
ONEOK, Incorporated 247 6,407
Peoples Energy Corporation 373 12,076
Sempra Energy 1,971 33,507
Williams Companies, Incorporated 4,178 174,170
------------
1,001,640
GOLD - 0.11%
Barrick Gold Corporation 4,039 73,459
Freeport McMoran Copper &
Gold, Incorporated, Class B * 1,524 14,097
Homestake Mining Company 2,486 17,091
Placer Dome, Incorporated 3,349 32,025
------------
136,672
HOMEBUILDERS - 0.03%
Centex Corporation 585 13,747
Kaufman & Broad Home Corporation 497 9,847
Pulte Corporation 409 8,845
------------
32,439
HOTELS & RESTAURANTS - 0.49%
Darden Restaurants, Incorporated 1,212 19,695
Hilton Hotels Corporation 3,506 32,869
Marriott International,
Incorporated, Class A 2,335 84,206
McDonalds Corporation 12,812 421,995
Tricon Global Restaurants,
Incorporated * 1,410 39,832
Wendy's International, Incorporated 1,128 20,093
------------
618,690
HOUSEHOLD APPLIANCES - 0.05%
Maytag Corporation 761 28,062
Whirlpool Corporation 666 31,052
------------
59,114
HOUSEHOLD PRODUCTS - 1.28%
Black & Decker Corporation 854 33,573
Clorox Company 2,235 100,156
Colgate-Palmolive Company 5,586 334,462
Fortune Brands, Incorporated 1,535 35,401
Gillette Company 10,038 350,702
Procter & Gamble Company 12,575 719,919
Snap-On, Incorporated 595 15,842
The Stanley Works 835 19,831
Tupperware Corporation 593 13,046
------------
1,622,932
INDUSTRIAL MACHINERY - 0.40%
Briggs & Stratton Corporation 221 7,569
Crane Company 583 14,174
Cummins Engine, Incorporated 390 10,628
Deere & Company 2,215 81,955
Dover Corporation 1,978 80,233
Illinois Tool Works, Incorporated 2,859 162,963
Ingersoll-Rand Company 1,604 64,561
Pall Corporation 1,215 22,478
Parker-Hannifin Corporation 1,045 35,791
Thermo Electron Corporation * 1,462 30,793
------------
511,145
</TABLE>
The accompanying notes are an integral part of the financial statements.
145
<PAGE> 150
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE - 2.82%
Aetna, Incorporated 1,323 $ 84,920
AFLAC, Incorporated 2,595 119,208
Allstate Corporation 7,174 159,621
American General Corporation 2,409 146,949
American International Group,
Incorporated 14,833 1,742,877
Aon Corporation 2,482 77,097
Chubb Corporation 1,642 100,983
CIGNA Corporation 1,532 143,242
Cincinnati Financial Corporation 1,540 48,414
Conseco, Incorporated 3,114 30,362
Equifax, Incorporated 1,326 34,808
Hartford Financial Services
Group, Incorporated 2,039 114,057
Jefferson-Pilot Corporation 969 54,688
Lincoln National Corporation 1,793 64,772
Loews Corporation 957 57,420
Marsh & McLennan Companies,
Incorporated 2,543 265,585
MBIA, Incorporated 952 45,874
MGIC Investment Corporation 1,057 48,093
Progressive Corporation 736 54,464
SAFECO Corporation 1,256 24,963
St. Paul Companies, Incorporated 1,988 67,840
Torchmark, Incorporated 1,275 31,477
UNUMProvident Corporation 2,268 45,502
------------
3,563,216
INTERNATIONAL OIL - 1.81%
Chevron Corporation 6,301 534,404
Halliburton Company 4,221 199,178
Royal Dutch Petroleum
Company, GDR 20,588 1,267,449
Texaco, Incorporated 5,334 284,035
------------
2,285,066
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 0.92%
America Online, Incorporated * 22,068 1,164,087
------------
INVESTMENT COMPANIES - 0.50%
SPDR Trust 3,990 579,672
T. Rowe Price Associates,
Incorporated 1,187 50,448
------------
630,120
LEISURE TIME - 0.96%
B Corporation 879 14,558
Carnival Corporation, Class A 5,851 114,095
Harrahs Entertainment, Incorporated 1,217 25,481
Hasbro, Incorporated 1,633 24,597
Seagram, Ltd. 4,527 262,566
The Walt Disney Company 19,969 775,047
------------
1,216,344
LIQUOR - 0.30%
Adolph Coors Company, Class B 381 23,051
Anheuser-Busch Companies,
Incorporated 4,380 327,131
Brown Forman Corporation, Class B 636 34,185
------------
384,367
METAL & METAL PRODUCTS - 0.03%
Inco, Ltd. * 1,832 28,167
Timken Company 605 11,268
------------
39,435
MINING - 0.05%
Newmont Mining Corporation 1,573 34,016
Phelps Dodge Corporation 752 27,965
------------
61,981
NEWSPAPERS - 0.36%
Dow Jones & Company, Incorporated 861 63,068
Gannett, Incorporated 2,584 154,556
Knight-Ridder, Incorporated 716 38,082
New York Times Company, Class A 1,618 63,911
Tribune Company 3,815 133,525
------------
453,142
OFFICE FURNISHINGS & SUPPLIES - 0.07%
Avery Dennison Corporation 1,030 69,139
Ikon Office Solutions, Incorporated 1,465 5,677
Office Depot, Incorporated * 3,041 19,006
------------
93,822
PAPER - 0.77%
Boise Cascade Corporation 563 14,568
Fort James Corporation 2,019 46,689
International Paper Company 5,374 160,202
Kimberly-Clark Corporation 5,314 304,891
Mead Corporation 1,009 25,477
Minnesota Mining & Manufacturing
Company 3,807 314,078
Potlatch Corporation 241 7,983
Sealed Air Corporation * 834 43,681
Westvaco Corporation 997 24,738
Willamette Industries, Incorporated 1,044 28,449
------------
970,756
PETROLEUM SERVICES - 0.60%
Apache Corporation 1,123 66,047
Baker Hughes, Incorporated 3,216 102,912
McDermott International,
Incorporated 579 5,102
Rowan Companies, Incorporated * 925 28,097
Schlumberger, Ltd. 5,424 404,766
Tosco Corporation 1,405 39,779
Transocean Offshore, Incorporated 2,005 107,142
------------
753,845
PHOTOGRAPHY - 0.15%
Eastman Kodak Company 2,987 177,727
Polaroid Corporation 420 7,586
------------
185,313
PLASTICS - 0.00%
Milacron, Incorporated 293 4,248
------------
PUBLISHING - 0.86%
American Greetings
Corporation, Class A 654 12,426
McGraw-Hill Companies,
Incorporated 1,871 101,034
</TABLE>
The accompanying notes are an integral part of the financial statements.
146
<PAGE> 151
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PUBLISHING - CONTINUED
Meredith Corporation 459 $ 15,491
Time Warner, Incorporated 12,601 957,676
------------
1,086,627
RAILROADS & EQUIPMENT - 0.22%
Burlington Northern Santa Fe
Corporation 4,076 93,493
CSX Corporation 2,066 43,773
Norfolk Southern Corporation 3,650 54,294
Union Pacific Corporation 2,410 89,622
------------
281,182
RETAIL GROCERY - 0.49%
Albertsons, Incorporated 4,085 135,826
Kroger Company * 8,034 177,250
Safeway, Incorporated * 4,772 215,336
Starbucks Corporation * 1,734 66,217
The Great Atlantic & Pacific
Tea Company, Incorporated 387 6,434
Winn-Dixie Stores, Incorporated 1,426 20,410
------------
621,473
RETAIL TRADE - 4.81%
AutoZone, Incorporated * 1,332 29,304
Bed Bath & Beyond, Incorporated * 1,303 47,234
Best Buy Company, Incorporated * 1,949 123,274
Circuit City Stores, Incorporated 1,969 65,346
Consolidated Stores Corporation * 1,025 12,300
Costco Wholesale Corporation * 4,301 141,933
CVS Corporation 3,761 150,440
Dillards, Incorporated, Class A 944 11,564
Dollar General Corporation 3,162 61,659
Federated Department Stores,
Incorporated 2,025 68,344
GAP, Incorporated 8,163 255,094
Home Depot, Incorporated 22,254 1,111,309
J. C. Penney, Incorporated 2,528 46,610
Kmart Corporation * 4,585 31,235
Kohls Corporation * 3,154 175,441
Longs Drug Stores Corporation 391 8,504
Lowe's Companies, Incorporated 3,630 149,057
May Department Stores,
Incorporated 3,202 76,848
Nordstrom, Incorporated 1,340 32,328
RadioShack Corporation 1,817 86,080
Rite Aid Corporation 2,527 16,584
Sears Roebuck & Company 3,407 111,153
Staples, Incorporated * 4,593 70,617
Target Corporation 4,333 251,314
The Limited, Incorporated 4,132 89,355
TJX Companies, Incorporated 2,848 53,400
Toys R Us, Incorporated * 2,050 29,853
Wal-Mart Stores, Incorporated 42,824 2,467,733
Walgreen Company 9,648 310,545
------------
6,084,458
SANITARY SERVICES - 0.10%
Allied Waste Industries, Incorporated * 1,838 18,380
Waste Management, Incorporated 5,973 113,487
------------
131,867
SEMICONDUCTORS - 5.59%
Advanced Micro Devices,
Incorporated * 1,497 115,643
Altera Corporation * 1,946 198,370
Conexant Systems, Incorporated * 2,057 100,022
Intel Corporation 32,169 4,300,593
KLA-Tencor Corporation * 1,766 103,421
LSI Logic Corporation * 2,893 156,584
Micron Technology, Incorporated 5,353 471,399
National Semiconductor Corporation * 1,667 94,602
Novellus Systems, Incorporated * 1,300 73,531
Teradyne, Incorporated * 1,625 119,438
Texas Instruments, Incorporated 15,697 1,078,188
Xilinx, Incorporated 3,135 258,833
------------
7,070,624
SOFTWARE - 6.19%
Adobe Systems, Incorporated 1,173 152,490
Autodesk, Incorporated 544 18,870
BMC Software, Incorporated * 2,379 86,796
Computer Associates
International, Incorporated 5,620 287,674
Compuware Corporation * 3,464 35,939
Microsoft Corporation 50,525 4,042,000
Novell, Incorporated * 3,194 29,545
Oracle Systems Corporation 27,267 2,292,132
Parametric Technology Corporation * 2,685 29,535
PeopleSoft, Incorporated * 2,596 43,483
Sapient Corporation * 543 58,067
Shared Medical Systems Corporation * 205 14,952
Siebel Systems, Incorporated * 1,941 317,475
VERITAS Software Corporation 3,784 427,651
------------
7,836,609
STEEL - 0.06%
Allegheny Technologies,
Incorporated 841 15,138
Bethleham Steel Corporation * 1,286 4,581
Nucor Corporation 830 27,546
USX-United States Steel Group 825 15,314
Worthington Industries, Incorporated 867 9,103
------------
71,682
TELECOMMUNICATIONS SERVICES - 3.43%
3Com Corporation * 3,282 189,125
ADC Telecommunications,
Incorporated * 2,920 244,915
Andrew Corporation * 730 24,501
Comverse Technology, Incorporated * 1,512 140,616
Corning, Incorporated 2,561 691,150
Global Crossing, Ltd. 8,518 224,130
Nortel Networks Corporation 30,587 2,087,563
QUALCOMM, Incorporated * 7,140 428,400
Tellabs, Incorporated * 3,932 269,096
Young & Rubicam, Incorporated 651 37,229
------------
4,336,725
TELEPHONE - 6.17%
Alltel Corporation 3,021 187,113
American Telephone &
Telegraph Corporation 31,037 981,545
Bell Atlantic Corporation 14,895 756,852
BellSouth Corporation 18,108 771,854
CenturyTel, Incorporated 1,302 37,433
</TABLE>
The accompanying notes are an integral part of the financial statements.
147
<PAGE> 152
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELEPHONE - CONTINUED
GTE Corporation * 9,296 $ 578,676
Nextel Communications,
Incorporated, Class A * 7,283 445,629
SBC Communications, Incorporated 32,689 1,413,799
Sprint Corporation (FON Group) 8,417 429,267
Sprint Corporation (PCS Group) * 8,820 524,790
U. S. West, Incorporated * 4,860 416,745
WorldCom, Incorporated 27,492 1,261,195
------------
7,804,898
TIRES & RUBBER - 0.03%
Cooper Tire & Rubber Company 681 7,576
Goodyear Tire & Rubber Company 1,464 29,280
------------
36,856
TOBACCO - 0.48%
Philip Morris Companies,
Incorporated 21,931 582,542
UST, Incorporated 1,592 23,383
------------
605,925
TOYS, AMUSEMENTS & SPORTING GOODS - 0.04%
Mattel, Incorporated 4,121 54,346
------------
TRUCKING & FREIGHT - 0.10%
Kansas City Southern
Industries, Incorporated 1,081 95,871
Navistar International Corporation * 642 19,942
Ryder Systems, Incorporated 558 10,567
------------
126,380
TOTAL COMMON STOCKS
(Cost: $98,092,906) $120,759,270
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 0.60%
U.S. TREASURY BILLS - 0.60%
5.72% due 09/07/2000 **** 775,000 $ 766,627
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $766,627) $ 766,627
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 2.61%
Navigator Securities Lending Trust,
6.65% $3,297,283 $ 3,297,283
------------
REPURCHASE AGREEMENTS - 1.35%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 6.35%, to be
repurchased at $1,704,902 on
07/03/2000, collateralized by
$1,415,000 U.S. Treasury Bonds,
8.125% due 05/15/2021 (valued at
$1,740,450, including interest) $1,704,000 $ 1,704,000
------------
TOTAL INVESTMENTS (EQUITY INDEX TRUST)
(Cost: $103,860,816) $126,527,180
============
</TABLE>
GROWTH & INCOME TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 97.25%
AEROSPACE - 0.91%
Honeywell International, Incorporated 381,200 $ 12,841,675
United Technologies Corporation 290,000 17,073,750
------------
29,915,425
AGRICULTURE - 0.44%
Monsanto Company 318,500 14,412,125
------------
AIR TRAVEL - 0.42%
AMR Corporation * 517,300 13,676,119
------------
ALUMINUM - 0.74%
Alcoa, Incorporated 835,800 24,238,200
------------
AUTOMOBILES - 0.88%
General Motors Corporation, Class H 328,800 28,852,200
------------
BANKING - 2.27%
Chase Manhattan Corporation 392,550 18,081,834
U.S. Bancorp 1,454,700 28,002,975
Wachovia Corporation 523,600 28,405,300
------------
74,490,109
BROADCASTING - 1.92%
American Telephone & Telegraph
Corporation-Liberty Media
Group, Class A * 1,488,400 36,093,700
Viacom, Incorporated, Class B 396,502 27,036,480
------------
63,130,180
BUSINESS SERVICES - 4.41%
Automatic Data Processing,
Incorporated 580,000 31,066,250
Computer Sciences Corporation * 357,900 26,730,656
Electronic Data Systems Corporation 386,700 15,951,375
First Data Corporation 721,300 35,794,513
Tyco International, Ltd. 743,000 35,199,625
------------
144,742,419
CHEMICALS - 1.29%
Dow Chemical Company 520,500 15,712,594
E.I. Du Pont De Nemours &
Company 612,300 26,788,125
------------
42,500,719
COMPUTERS & BUSINESS EQUIPMENT - 8.94%
Cisco Systems, Incorporated * 1,949,800 123,934,162
Dell Computer Corporation * 653,700 32,235,581
EMC Corporation * 528,000 40,623,000
Hewlett-Packard Company 281,800 35,189,775
International Business
Machines Corporation 563,400 61,727,513
------------
293,710,031
CONSTRUCTION & MINING EQUIPMENT - 0.52%
Caterpillar, Incorporated 508,800 17,235,600
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
148
<PAGE> 153
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DOMESTIC OIL - 3.02%
Exxon Mobil Corporation 1,108,300 $ 87,001,550
Unocal Corporation 370,000 12,256,250
------------
99,257,800
DRUGS & HEALTH CARE - 12.80%
Abbott Laboratories 766,800 34,170,525
American Home Products
Corporation 1,008,700 59,261,125
Baxter International, Incorporated 545,900 38,383,594
Bristol-Myers Squibb Company 419,800 24,453,350
Cardinal Health, Incorporated 357,600 26,462,400
HCA Healthcare Company 844,300 25,645,612
Johnson & Johnson 361,400 36,817,625
Merck & Company, Incorporated 579,100 44,373,537
Pfizer, Incorporated 1,656,875 79,530,000
Pharmacia & Upjohn, Incorporated 997,419 51,554,095
------------
420,651,863
ELECTRICAL EQUIPMENT - 3.85%
General Electric Company 2,384,700 126,389,100
------------
ELECTRIC UTILITIES - 1.16%
Duke Energy Company 484,700 27,324,962
Unicom Corporation 280,100 10,836,369
------------
38,161,331
ELECTRONICS - 4.52%
Agilent Technologies, Incorporated * 1 74
Analog Devices, Incorporated * 522,400 39,702,400
Lucent Technologies,
Incorporated 952,600 56,441,550
Motorola, Incorporated 1,111,800 32,311,687
Solectron Corporation * 477,800 20,007,875
------------
148,463,586
FINANCIAL SERVICES - 5.60%
Association First Capital
Corporation, Class A 1,329,400 29,662,237
Citigroup, Incorporated 1,264,825 76,205,706
Federal National Mortgage
Association 322,200 16,814,813
Goldman Sachs Group, Incorporated 98,400 9,335,700
Merrill Lynch & Company,
Incorporated 451,600 51,934,000
------------
183,952,456
FOOD & BEVERAGES - 1.76%
PepsiCo, Incorporated 1,060,700 47,134,856
The Coca-Cola Company 187,600 10,775,275
------------
57,910,131
HOTELS & RESTAURANTS - 1.02%
McDonalds Corporation 1,018,800 33,556,725
------------
HOUSEHOLD PRODUCTS - 1.35%
Gillette Company 508,100 17,751,744
Procter & Gamble Company 463,700 26,546,825
------------
44,298,569
INDUSTRIAL MACHINERY - 0.43%
Illinois Tool Works, Incorporated 249,100 14,198,700
------------
INSURANCE - 3.64%
American International Group,
Incorporated 454,250 53,374,375
Marsh & McLennan Companies,
Incorporated 634,100 66,223,819
------------
119,598,194
INTERNATIONAL OIL - 2.30%
Chevron Corporation 359,200 30,464,650
Royal Dutch Petroleum
Company, GDR 732,700 45,106,844
------------
75,571,494
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 1.46%
America Online, Incorporated * 907,400 47,865,350
------------
LEISURE TIME - 0.84%
The Walt Disney Company 707,200 27,448,200
------------
LIQUOR - 0.92%
Anheuser-Busch Companies,
Incorporated 406,300 30,345,531
------------
NEWSPAPERS - 1.03%
Gannett, Incorporated 567,300 33,931,631
------------
PAPER - 2.01%
International Paper Company 666,800 19,878,975
Kimberly-Clark Corporation 500,400 28,710,450
Minnesota Mining &
Manufacturing Company 211,000 17,407,500
------------
65,996,925
PETROLEUM SERVICES - 1.44%
Schlumberger, Ltd. 634,700 47,364,488
------------
RETAIL TRADE - 4.08%
Ebay, Incorporated * 209,400 11,373,038
Staples, Incorporated * 500,000 7,687,500
Target Corporation 728,300 42,241,400
Wal-Mart Stores, Incorporated 1,260,000 72,607,500
------------
133,909,438
SANITARY SERVICES - 0.48%
Waste Management, Incorporated 830,400 15,777,600
------------
SEMICONDUCTORS - 6.58%
Intel Corporation 841,700 112,524,769
Micron Technology, Incorporated 705,000 62,084,062
Texas Instruments, Incorporated 603,900 41,480,381
------------
216,089,212
SOFTWARE - 5.20%
Microsoft Corporation 1,555,100 124,408,000
Oracle Systems Corporation 226,700 19,056,969
VeriSign, Incorporated 155,427 27,432,865
------------
170,897,834
TELECOMMUNICATIONS SERVICES - 1.63%
Corning, Incorporated 150,200 40,535,225
Nokia Corporation, ADR 258,000 12,883,875
------------
53,419,100
</TABLE>
The accompanying notes are an integral part of the financial statements.
149
<PAGE> 154
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELEPHONE - 7.39%
American Telephone &
Telegraph Corporation 1,012,500 $ 32,020,313
Bell Atlantic Corporation 878,998 44,664,086
SBC Communications, Incorporated 1,256,100 54,326,325
Sprint Corporation (PCS Group) * 744,800 44,315,600
WorldCom, Incorporated 1,469,550 67,415,606
--------------
242,741,930
TOTAL COMMON STOCKS
(Cost: $2,152,530,694) $3,194,700,315
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 1.80%
Navigator Securities Lending Trust,
6.65% $58,920,944 $ 58,920,944
--------------
REPURCHASE AGREEMENTS - 0.95%
Repurchase Agreement with Dillion
Read dated 06/30/2000 at 6.60%, to be
repurchased at $31,313,213 on
07/03/2000, collateralized by
$28,662,000 U.S. Treasury Bonds,
6.875% due 08/15/2025 (valued at
$32,013,643, including interest) $31,296,000 $ 31,296,000
--------------
TOTAL INVESTMENTS (GROWTH & INCOME
Trust) (Cost: $2,242,747,638) $3,284,917,259
==============
</TABLE>
U. S. LARGE CAP VALUE TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 97.14%
AEROSPACE - 4.08%
Lockheed Martin Corporation 229,300 $ 5,689,506
Raytheon Company, Class B 60,000 1,155,000
Textron, Incorporated 30,000 1,629,375
United Technologies Corporation 101,900 5,999,363
------------
14,473,244
AIR TRAVEL - 0.38%
Galileo International, Incorporated 65,000 1,356,875
------------
ALUMINUM - 0.41%
Alcoa, Incorporated 50,600 1,467,400
------------
APPAREL & TEXTILES - 1.76%
NIKE, Incorporated, Class B 119,500 4,757,593
Tommy Hilfiger Corporation 49,700 372,750
V. F. Corporation 45,900 1,092,994
------------
6,223,337
AUTO PARTS - 0.11%
Federal Mogul Corporation 41,000 392,063
------------
AUTO SERVICES - 0.35%
AutoNation, Incorporated * 175,000 1,235,938
------------
BANKING - 3.74%
Bank America Corporation 120,900 5,198,700
Bank One Corporation 119,700 3,179,531
Washington Mutual, Incorporated 169,000 4,879,875
------------
13,258,106
BROADCASTING - 7.68%
Adelphia Communications
Corporation, Class A * 68,000 3,187,500
American Telephone &
Telegraph Corporation-
Liberty Media Group, Class A * 260,000 6,305,000
Cablevision Systems
Corporation, Class A * 88,000 5,973,000
Charter Communications,
Incorporated, Class A * 147,000 2,416,312
Fox Entertainment Group,
Incorporated, Class A * 199,300 6,053,737
Viacom, Incorporated, Class A 23,000 1,572,625
Viacom, Incorporated, Class B 25,000 1,704,688
------------
27,212,862
BUSINESS SERVICES - 3.02%
Ecolab, Incorporated 36,000 1,406,250
Interpublic Group Companies,
Incorporated 74,000 3,182,000
Quintiles Transnational Corporation * 76,000 1,073,500
Service Corporation International 118,500 377,719
Tyco International, Ltd. 98,300 4,656,962
------------
10,696,431
COMPUTERS & BUSINESS EQUIPMENT - 5.76%
Cisco Systems, Incorporated * 48,000 3,051,000
Compaq Computer Corporation 182,300 4,660,044
Dell Computer Corporation * 80,500 3,969,656
Hewlett-Packard Company 41,700 5,207,287
International Business
Machines Corporation 22,000 2,410,375
JDS Uniphase Corporation * 9,300 1,114,838
------------
20,413,200
COSMETICS & TOILETRIES - 0.69%
Avon Products, Incorporated 55,000 2,447,500
------------
DOMESTIC OIL - 1.53%
Exxon Mobil Corporation 69,200 5,432,200
------------
DRUGS & HEALTH CARE - 11.99%
Astrazeneca PLC, ADR 174,500 8,114,250
Becton Dickinson & Company 165,400 4,744,912
Forest Laboratories, Incorporated * 74,000 7,474,000
Guidant Corporation * 129,300 6,400,350
Medtronic, Incorporated 85,800 4,273,913
Pacificare Health Systems * 15,200 914,850
Pfizer, Incorporated 191,000 9,168,000
Unitedhealth Group, Incorporated 16,600 1,423,450
------------
42,513,725
</TABLE>
The accompanying notes are an integral part of the financial statements.
150
<PAGE> 155
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRICAL EQUIPMENT - 2.11%
Emerson Electric Company 35,400 $ 2,137,275
General Electric Company 22,500 1,192,500
Sony Corporation 23,200 2,188,050
W.W. Grainger, Incorporated 64,200 1,978,162
------------
7,495,987
ELECTRIC UTILITIES - 2.65%
AES Corporation * 57,000 2,600,625
American Electric Power,
Incorporated 110,900 3,285,413
CINergy Corporation 63,200 1,607,650
Niagara Mohawk Holdings,
Incorporated * 77,500 1,080,156
Northeast Utilities 37,400 813,450
------------
9,387,294
ELECTRONICS - 3.46%
Agilent Technologies, Incorporated * 73,104 5,391,420
Applied Materials, Incorporated * 28,000 2,537,500
Burr-Brown Corporation * 36,400 3,155,425
Lucent Technologies, Incorporated 20,000 1,185,000
------------
12,269,345
FINANCIAL SERVICES - 3.77%
Association First Capital
Corporation, Class A 163,200 3,641,400
Citigroup, Incorporated 31,500 1,897,875
Household International,
Incorporated 86,300 3,586,844
SLM Holding Corporation 87,600 3,279,525
Wells Fargo & Company 24,500 949,375
------------
13,355,019
FOOD & BEVERAGES - 6.18%
Campbell Soup Company 135,900 3,958,087
ConAgra, Incorporated 170,000 3,240,625
General Mills, Incorporated 98,000 3,748,500
H.J. Heinz Company 30,900 1,351,875
Kellogg Company 178,800 5,319,300
PepsiCo, Incorporated 82,000 3,643,875
Seagram, Ltd. 12,000 645,000
------------
21,907,262
GAS & PIPELINE UTILITIES - 1.92%
NiSource, Incorporated 58,300 1,085,838
Williams Companies, Incorporated 137,500 5,732,031
------------
6,817,869
HOTELS & RESTAURANTS - 0.51%
McDonalds Corporation 55,000 1,811,562
------------
HOUSEHOLD PRODUCTS - 1.40%
Clorox Company 111,000 4,974,187
------------
INDUSTRIAL MACHINERY - 2.27%
Dover Corporation 61,900 2,510,819
Illinois Tool Works, Incorporated 97,300 5,546,100
------------
8,056,919
INSURANCE - 5.30%
Allstate Corporation 65,000 1,446,250
American International Group,
Incorporated 18,125 2,129,688
Berkshire Hathaway,
Incorporated, Class A * 96 5,164,800
Cincinnati Financial Corporation 51,200 1,609,600
Hartford Financial Services
Group, Incorporated 68,000 3,803,750
Jefferson-Pilot Corporation 32,300 1,822,931
PMI Group, Incorporated 27,000 1,282,500
XL Capital, Ltd., Shares A 28,000 1,515,500
------------
18,775,019
INTERNATIONAL OIL - 2.02%
Chevron Corporation 8,900 754,831
Texaco, Incorporated 67,000 3,567,750
The Shell Transport & Trading
Company PLC 57,000 2,846,438
------------
7,169,019
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 0.85%
Genuity, Incorporated, Class A * 83,500 764,547
Macromedia, Incorporated 23,100 2,233,481
------------
2,998,028
LEISURE TIME - 1.72%
Blockbuster, Incorporated, Class A 5,700 55,219
Carnival Corporation, Class A 242,800 4,734,600
Hasbro, Incorporated 86,400 1,301,400
------------
6,091,219
LIQUOR - 0.66%
Anheuser-Busch Companies,
Incorporated 31,500 2,352,656
------------
PAPER - 0.00%
Sealed Air Corporation * 100 5,238
------------
PETROLEUM SERVICES - 1.39%
Baker Hughes, Incorporated 153,700 4,918,400
------------
PUBLISHING - 2.32%
American Greetings
Corporation, Class A 80,400 1,527,600
Time Warner, Incorporated 88,300 6,710,800
------------
8,238,400
RAILROADS & EQUIPMENT - 0.43%
Canadian National Railway
Company 26,100 761,794
Union Pacific Corporation 20,000 743,750
------------
1,505,544
REAL ESTATE - 0.39%
IndyMac Mortgage Holdings,
Incorporated 102,000 1,383,375
------------
RETAIL GROCERY - 0.40%
Starbucks Corporation * 37,000 1,412,938
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
151
<PAGE> 156
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL TRADE - 2.35%
Circuit City Stores, Incorporated 7,300 $ 242,269
GAP, Incorporated 35,000 1,093,750
Lowe's Companies, Incorporated 120,200 4,935,712
Williams Sonoma, Incorporated 63,600 2,063,025
------------
8,334,756
SEMICONDUCTORS - 5.62%
Advanced Micro Devices,
Incorporated * 35,000 2,703,750
Altera Corporation * 9,000 917,438
Applied Micro Circuits
Corporation * 13,200 1,303,500
Intel Corporation 16,000 2,139,000
KLA-Tencor Corporation * 25,000 1,464,062
Micron Technology, Incorporated 26,000 2,289,625
PMC-Sierra, Incorporated * 12,500 2,221,094
Teradyne, Incorporated * 39,300 2,888,550
Texas Instruments, Incorporated 46,000 3,159,625
Xilinx, Incorporated 10,100 833,881
------------
19,920,525
SOFTWARE - 1.75%
Autodesk, Incorporated 49,100 1,703,156
Cadence Design Systems,
Incorporated * 106,500 2,169,938
PeopleSoft, Incorporated * 140,100 2,346,675
------------
6,219,769
TELECOMMUNICATIONS SERVICES - 1.77%
Nokia Corporation, ADR 120,300 6,007,481
Qwest Communications
International, Incorporated * 5,500 273,281
------------
6,280,762
TELEPHONE - 3.82%
American Telephone &
Telegraph Corporation 28,500 901,312
Sprint Corporation (FON Group) 97,000 4,947,000
Sprint Corporation (PCS Group) * 37,000 2,201,500
U. S. West, Incorporated * 10,200 874,650
Voicestream Wireless
Corporation 31,500 3,663,352
WorldCom, Incorporated 21,000 963,375
------------
13,551,189
TOBACCO - 0.39%
Philip Morris Companies,
Incorporated 52,000 1,381,250
------------
TRUCKING & FREIGHT - 0.19%
CNF Transportation, Incorporated 30,000 682,500
------------
TOTAL COMMON STOCKS
(Cost: $333,548,622) $344,418,912
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
CORPORATE BONDS - 0.54%
RETAIL TRADE - 0.54%
Amazon.com, Incorporated
4.75% due 02/01/2009 3,022,000 $ 1,896,305
------------
TOTAL CORPORATE BONDS
(Cost: $1,905,902) $ 1,896,305
------------
REPURCHASE AGREEMENTS - 2.32%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 5.50%, to be
repurchased at $8,235,773 on
07/03/2000, collateralized by
$6,135,000 U.S. Treasury Bonds,
9.875% due 11/15/2015 (valued at
$8,397,281.25, including interest) $ 8,232,000 $ 8,232,000
------------
TOTAL INVESTMENTS (U.S. LARGE CAP VALUE
TRUST) (Cost: $343,686,524) $354,547,217
============
</TABLE>
EQUITY-INCOME TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 92.15%
AEROSPACE - 1.70%
Boeing Company 85,400 $ 3,570,787
Lockheed Martin Corporation 481,500 11,947,219
------------
15,518,006
AUTO PARTS - 1.32%
Dana Corporation 81,200 1,720,425
Eaton Corporation 72,200 4,837,400
Genuine Parts Company 272,650 5,453,000
------------
12,010,825
BANKING - 6.82%
Bank America Corporation 117,900 5,069,700
Bank One Corporation 304,100 8,077,656
Firstar Corporation 189,000 3,980,812
FleetBoston Financial
Corporation 390,260 13,268,840
KeyCorp 106,900 1,884,113
Mellon Financial Corporation 573,000 20,878,687
Mercantile Bankshares
Corporation 199,250 5,940,141
National City Corporation 174,200 2,972,288
------------
62,072,237
BUILDING MATERIALS & CONSTRUCTION - 0.29%
Armstrong Holdings,
Incorporated 173,300 2,653,656
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
152
<PAGE> 157
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - 1.56%
Dun & Bradstreet Corporation 192,900 $ 5,521,762
H & R Block, Incorporated 125,500 4,063,063
R.R. Donnelley & Sons Company 206,500 4,659,156
------------
14,243,981
CHEMICALS - 3.33%
Dow Chemical Company 134,100 4,048,143
E.I. Du Pont De Nemours &
Company 211,100 9,235,625
Great Lakes Chemical
Corporation 199,500 6,284,250
Hercules, Incorporated 334,400 4,702,500
Imperial Chemical Industries
PLC, ADR 90,800 2,797,775
PPG Industries, Incorporated 73,900 3,274,694
------------
30,342,987
COMPUTERS & BUSINESS EQUIPMENT - 1.46%
Compaq Computer Corporation 173,100 4,424,869
Unisys Corporation * 134,200 1,954,287
Xerox Corporation 331,200 6,872,400
------------
13,251,556
COSMETICS & TOILETRIES - 0.96%
International Flavors &
Fragrances, Incorporated 290,700 8,775,506
------------
DOMESTIC OIL - 5.13%
Amerada Hess Corporation 135,800 8,385,650
Exxon Mobil Corporation 294,745 23,137,482
Unocal Corporation 301,500 9,987,188
USX-Marathon Group 208,000 5,213,000
------------
46,723,320
DRUGS & HEALTH CARE - 5.43%
Abbott Laboratories 211,700 9,433,881
American Home Products
Corporation 273,800 16,085,750
Becton Dickinson & Company 143,800 4,125,263
Merck & Company, Incorporated 75,300 5,769,863
Pharmacia & Upjohn,
Incorporated 271,464 14,031,295
------------
49,446,052
ELECTRICAL EQUIPMENT - 0.84%
Cooper Industries, Incorporated 49,000 1,595,563
Hubbell, Incorporated, Class B 238,700 6,086,850
------------
7,682,413
ELECTRIC UTILITIES - 5.06%
Duke Energy Company 162,700 9,172,212
Entergy Corporation 145,000 3,942,188
FirstEnergy Corporation 274,375 6,413,516
Niagara Mohawk Holdings,
Incorporated * 195,300 2,721,994
Reliant Energy, Incorporated 187,000 5,528,187
Scottish Power PLC, ADR 116,740 3,903,494
Southern Company 308,000 7,180,250
Unicom Corporation 187,100 7,238,431
------------
46,100,272
ELECTRONICS - 0.93%
Motorola, Incorporated 101,100 2,938,219
Rockwell International
Corporation 176,800 5,569,200
------------
8,507,419
FINANCIAL SERVICES - 4.38%
Citigroup, Incorporated 188,673 11,367,548
Federal National Mortgage
Association 210,700 10,995,906
J. P. Morgan & Company,
Incorporated 86,300 9,503,788
Wells Fargo & Company 206,700 8,009,625
------------
39,876,867
FOOD & BEVERAGES - 6.37%
Campbell Soup Company 212,200 6,180,325
General Mills, Incorporated 425,100 16,260,075
H.J. Heinz Company 271,700 11,886,875
Hershey Foods Corporation 247,300 11,994,050
Kellogg Company 124,500 3,703,875
McCormick & Company,
Incorporated 247,200 8,034,000
------------
58,059,200
HOTELS & RESTAURANTS - 1.78%
Hilton Hotels Corporation 560,300 5,252,813
Starwood Hotels & Resorts
SBI, Class B 337,371 10,985,643
------------
16,238,456
HOUSEHOLD PRODUCTS - 2.84%
Fortune Brands, Incorporated 203,100 4,683,994
Gillette Company 125,000 4,367,187
Procter & Gamble Company 90,700 5,192,575
The Stanley Works 244,600 5,809,250
Tupperware Corporation 95,400 2,098,800
Unilever NV-CVA 81,100 3,720,329
------------
25,872,135
INDUSTRIAL MACHINERY - 0.76%
Pall Corporation 375,500 6,946,750
------------
INSURANCE - 4.95%
American General Corporation 160,400 9,784,400
Chubb Corporation 132,400 8,142,600
Lincoln National Corporation 155,000 5,599,375
SAFECO Corporation 233,200 4,634,850
St. Paul Companies,
Incorporated 260,548 8,891,200
UNUMProvident Corporation 400,200 8,029,013
------------
45,081,438
INTERNATIONAL OIL - 4.28%
Chevron Corporation 164,700 13,968,618
Royal Dutch Petroleum
Company, GDR 199,900 12,306,344
Texaco, Incorporated 239,000 12,726,750
------------
39,001,712
</TABLE>
The accompanying notes are an integral part of the financial statements.
153
<PAGE> 158
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
LEISURE TIME - 1.61%
Hasbro, Incorporated 274,800 $ 4,139,175
The Walt Disney Company 271,500 10,537,594
------------
14,676,769
LIQUOR - 1.36%
Anheuser-Busch Companies,
Incorporated 72,100 5,384,969
Brown Forman Corporation,
Class B 130,100 6,992,875
------------
12,377,844
MINING - 0.77%
Newmont Mining Corporation 149,500 3,232,938
Phelps Dodge Corporation 102,000 3,793,125
------------
7,026,063
NEWSPAPERS - 1.55%
Dow Jones & Company,
Incorporated 71,800 5,259,350
Knight-Ridder, Incorporated 166,900 8,876,994
------------
14,136,344
PAPER - 4.73%
Consolidated Papers, Incorporated 22,700 829,969
Fort James Corporation 384,000 8,880,000
International Paper Company 334,955 9,985,846
Kimberly-Clark Corporation 210,500 12,077,437
Minnesota Mining &
Manufacturing Company 137,300 11,327,250
------------
43,100,502
PETROLEUM SERVICES - 3.59%
Baker Hughes, Incorporated 228,000 7,296,000
BP Amoco PLC, ADR 449,260 25,411,269
------------
32,707,269
PHOTOGRAPHY - 1.22%
Eastman Kodak Company 186,100 11,072,950
------------
PUBLISHING - 0.61%
Readers Digest Association,
Incorporated, Class A 139,300 5,537,175
------------
RAILROADS & EQUIPMENT - 1.76%
Norfolk Southern Corporation 466,100 6,933,237
Union Pacific Corporation 245,200 9,118,375
------------
16,051,612
REAL ESTATE - 1.41%
Rouse Company 237,400 5,875,650
Simon Property Group,
Incorporated 313,800 6,962,437
------------
12,838,087
RETAIL TRADE - 1.89%
J. C. Penney, Incorporated 140,400 2,588,625
May Department Stores,
Incorporated 183,350 4,400,400
Toys R Us, Incorporated * 700,300 10,198,119
------------
17,187,144
SANITARY SERVICES - 0.86%
Waste Management, Incorporated 413,832 7,862,808
------------
SOFTWARE - 1.23%
BMC Software, Incorporated * 97,700 3,564,523
Microsoft Corporation 94,900 7,592,000
------------
11,156,523
TELECOMMUNICATIONS SERVICES - 0.30%
Vodafone Group PLC, ADR 65,000 2,693,438
------------
TELEPHONE - 7.68%
Alltel Corporation 197,600 12,238,850
American Telephone &
Telegraph Corporation 156,450 4,947,731
Bell Atlantic Corporation 214,800 10,914,525
BellSouth Corporation 138,100 5,886,513
GTE Corporation * 235,500 14,659,875
SBC Communications,
Incorporated 418,864 18,115,868
U. S. West, Incorporated * 37,400 3,207,050
------------
69,970,412
TOBACCO - 1.39%
Philip Morris Companies,
Incorporated 279,300 7,418,906
UST, Incorporated 354,100 5,200,844
------------
12,619,750
TOTAL COMMON STOCKS
(Cost: $836,348,012) $839,419,478
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 6.20%
Navigator Securities Lending Trust,
6.65% $30,536,502 $ 30,536,502
T. Rowe Price Resources Investor
Fund, 6.605% 25,887,127 25,887,127
------------
$ 56,423,629
REPURCHASE AGREEMENTS - 1.65%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 5.50%, to be
repurchased at $15,036,889 on
07/03/2000, collateralized by
$13,645,000 U.S. Treasury Bonds,
10.75% due 05/15/2003 (valued at
$15,333,569, including interest) $15,041,000 $ 15,041,000
------------
TOTAL INVESTMENTS (EQUITY-INCOME TRUST)
(Cost: $907,812,640) $910,884,107
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
154
<PAGE> 159
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
INCOME & VALUE TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 59.95%
AEROSPACE - 2.07%
Lockheed Martin Corporation 106,800 $ 2,649,975
Raytheon Company, Class B 77,400 1,489,950
Textron, Incorporated 52,400 2,845,975
United Technologies Corporation 106,900 6,293,738
-----------
13,279,638
AIR TRAVEL - 0.26%
Galileo International, Incorporated 80,000 1,670,000
-----------
ALUMINUM - 0.22%
Alcoa, Incorporated 48,000 1,392,000
-----------
APPAREL & TEXTILES - 0.91%
NIKE, Incorporated, Class B 99,000 3,941,437
V. F. Corporation 79,400 1,890,713
-----------
5,832,150
AUTO PARTS - 0.10%
Federal Mogul Corporation 69,900 668,419
-----------
AUTO SERVICES - 0.25%
AutoNation, Incorporated * 224,900 1,588,356
-----------
BANKING - 2.79%
Bank America Corporation 181,100 7,787,300
Bank One Corporation 191,400 5,084,062
Washington Mutual, Incorporated 175,000 5,053,125
-----------
17,924,487
BROADCASTING - 4.64%
Adelphia Communications
Corporation, Class A * 60,000 2,812,500
American Telephone &
Telegraph Corporation-Liberty
Media Group, Class A * 214,400 5,199,200
Cablevision Systems Corporation, Class A * 93,000 6,312,375
Fox Entertainment Group, Incorporated, Class A * 255,000 7,745,625
Viacom, Incorporated, Class A 92,000 6,290,500
Viacom, Incorporated, Class B 21,000 1,431,937
-----------
29,792,137
BUSINESS SERVICES - 2.30%
Ecolab, Incorporated 56,000 2,187,500
Interpublic Group Companies, Incorporated 65,000 2,795,000
Protection One, Incorporated 5,440 11,900
Quintiles Transnational Corporation * 167,500 2,365,937
Service Corporation International 240,000 765,000
Tyco International, Ltd. 140,000 6,632,500
-----------
14,757,837
COMPUTERS & BUSINESS EQUIPMENT - 3.07%
Cisco Systems, Incorporated * 41,000 2,606,063
Compaq Computer Corporation 149,000 3,808,812
Dell Computer Corporation * 69,800 3,442,012
Hewlett-Packard Company 49,100 6,131,362
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMPUTERS & BUSINESS EQUIPMENT - CONTINUED
International Business Machines Corporation 22,000 $ 2,410,375
JDS Uniphase Corporation * 11,100 1,330,613
-----------
19,729,237
COSMETICS & TOILETRIES - 0.48%
Avon Products, Incorporated 70,000 3,115,000
-----------
DOMESTIC OIL - 0.95%
Exxon Mobil Corporation 77,600 6,091,600
-----------
DRUGS & HEALTH CARE - 7.99%
Astrazeneca PLC, ADR 184,000 8,556,000
Becton Dickinson & Company 110,600 3,172,838
Forest Laboratories, Incorporated * 113,000 11,413,000
Guidant Corporation * 165,600 8,197,200
Medtronic, Incorporated 126,000 6,276,375
Pacificare Health Systems * 35,500 2,136,656
Pfizer, Incorporated 241,000 11,568,000
-----------
51,320,069
ELECTRICAL EQUIPMENT - 1.30%
Emerson Electric Company 43,700 2,638,388
General Electric Company 25,800 1,367,400
Sony Corporation 34,200 3,225,487
W.W. Grainger, Incorporated 36,400 1,121,575
-----------
8,352,850
ELECTRIC UTILITIES - 1.55%
AES Corporation * 104,000 4,745,000
American Electric Power, Incorporated 2,200 65,175
CINergy Corporation 103,100 2,622,606
Niagara Mohawk Holdings, Incorporated * 115,700 1,612,569
Northeast Utilities 43,200 939,600
-----------
9,984,950
ELECTRONICS - 2.10%
Agilent Technologies, Incorporated * 85,626 6,314,917
Applied Materials, Incorporated * 36,000 3,262,500
Burr-Brown Corporation * 30,500 2,643,969
Lucent Technologies, Incorporated 22,000 1,303,500
-----------
13,524,886
FINANCIAL SERVICES - 2.56%
Association First Capital Corporation, Class A 150,000 3,346,875
Citigroup, Incorporated 23,500 1,415,875
Household International, Incorporated 110,000 4,571,875
SLM Holding Corporation 150,000 5,615,625
Wells Fargo & Company 38,200 1,480,250
-----------
16,430,500
FOOD & BEVERAGES - 3.74%
Campbell Soup Company 164,300 4,785,237
ConAgra, Incorporated 103,600 1,974,875
General Mills, Incorporated 113,600 4,345,200
H.J. Heinz Company 37,100 1,623,125
Kellogg Company 278,900 8,297,275
</TABLE>
The accompanying notes are an integral part of the financial statements.
155
<PAGE> 160
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOOD & BEVERAGES - CONTINUED
PepsiCo, Incorporated 32,000 $ 1,422,000
Seagram, Ltd. 30,000 1,612,500
-----------
24,060,212
GAS & PIPELINE UTILITIES - 1.09%
NiSource, Incorporated 39,600 737,550
Williams Companies, Incorporated 151,000 6,294,813
-----------
7,032,363
HOUSEHOLD PRODUCTS - 0.71%
Clorox Company 101,200 4,535,025
-----------
INDUSTRIAL MACHINERY - 1.04%
Dover Corporation 43,000 1,744,188
Illinois Tool Works, Incorporated 86,400 4,924,800
-----------
6,668,988
INSURANCE - 3.18%
American International Group, Incorporated 31,250 3,671,875
Berkshire Hathaway, Incorporated, Class A * 82 4,411,600
Cincinnati Financial Corporation 82,700 2,599,881
Hartford Financial Services Group, Incorporated 38,000 2,125,625
Jefferson-Pilot Corporation 16,000 903,000
PMI Group, Incorporated 40,000 1,900,000
XL Capital, Ltd., Shares A 89,000 4,817,125
-----------
20,429,106
INTERNATIONAL OIL - 1.08%
Chevron Corporation 15,000 1,272,188
Texaco, Incorporated 41,700 2,220,525
The Shell Transport & Trading Company PLC 69,000 3,445,687
-----------
6,938,400
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 0.34%
Genuity, Incorporated, Class A * 93,900 859,772
Macromedia, Incorporated 12,600 1,218,262
Rhythms Net Connections, Incorporated * 9,751 122,497
-----------
2,200,531
LEISURE TIME - 0.92%
Carnival Corporation, Class A 152,000 2,964,000
Hasbro, Incorporated 194,400 2,928,150
-----------
5,892,150
LIQUOR - 0.64%
Anheuser-Busch Companies, Incorporated 55,000 4,107,813
-----------
PETROLEUM SERVICES - 0.78%
Baker Hughes, Incorporated 157,000 5,024,000
-----------
PUBLISHING - 1.51%
American Greetings Corporation, Class A 113,100 2,148,900
Time Warner, Incorporated 99,700 7,577,200
-----------
9,726,100
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RAILROADS & EQUIPMENT - 0.36%
Canadian National Railway Company 29,200 $ 852,275
Union Pacific Corporation 40,000 1,487,500
-----------
2,339,775
REAL ESTATE - 0.50%
IndyMac Mortgage Holdings, Incorporated 236,300 3,204,819
-----------
RETAIL GROCERY - 0.37%
Starbucks Corporation * 63,000 2,405,813
-----------
RETAIL TRADE - 1.03%
Lowe's Companies, Incorporated 119,300 4,898,757
Williams Sonoma, Incorporated 53,900 1,748,381
-----------
6,647,138
SEMICONDUCTORS - 3.47%
Advanced Micro Devices, Incorporated * 39,000 3,012,750
Altera Corporation * 14,800 1,508,675
Applied Micro Circuits Corporation * 16,400 1,619,500
Intel Corporation 24,300 3,248,606
KLA-Tencor Corporation * 38,000 2,225,375
Micron Technology, Incorporated 18,000 1,585,125
PMC-Sierra, Incorporated * 15,000 2,665,312
Teradyne, Incorporated * 39,500 2,903,250
Texas Instruments, Incorporated 32,200 2,211,738
Xilinx, Incorporated 15,600 1,287,975
-----------
22,268,306
SOFTWARE - 1.63%
Autodesk, Incorporated 79,400 2,754,188
Cadence Design Systems, Incorporated * 250,000 5,093,750
PeopleSoft, Incorporated * 145,000 2,428,750
Policy Management Systems Corporation * 14,000 215,250
-----------
10,491,938
TELECOMMUNICATIONS SERVICES - 1.47%
Nokia Corporation, ADR 183,000 9,138,562
Qwest Communications International, Incorporated * 6,500 322,969
-----------
9,461,531
TELEPHONE - 1.67%
American Telephone & Telegraph Corporation 42,550 1,345,644
Nextel International, Incorporated * 96 959
Sprint Corporation (FON Group) 107,600 5,487,600
U. S. West, Incorporated * 12,200 1,046,150
Voicestream Wireless Corporation 13,500 1,570,008
WorldCom, Incorporated 27,500 1,261,562
-----------
10,711,923
TOBACCO - 0.53%
Philip Morris Companies, Incorporated 128,000 3,400,000
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
156
<PAGE> 161
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TRUCKING & FREIGHT - 0.35%
CNF Transportation, Incorporated 100,000 $ 2,275,000
-----------
TOTAL COMMON STOCKS
(Cost: $377,761,275) $385,275,047
-----------
WARRANTS - 0.00%
TELECOMMUNICATIONS SERVICES - 0.00%
Orbital Imaging Corporation *,
(Expiration date 03/01/2005;
strike price $1.00) 570 $ 11,471
-----------
TOTAL WARRANTS
(Cost: $0) $ 11,471
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 5.46%
U.S. TREASURY BONDS - 0.78%
zero coupon due 08/15/2025 $ 6,650,000 $ 1,479,160
5.25% due 02/15/2029 1,000,000 887,500
7.875% due 02/15/2021 2,250,000 2,677,500
-----------
5,044,160
U.S. TREASURY NOTES - 4.68%
5.625% due 02/15/2006 - 05/15/2008 3,400,000 3,291,707
6.25% due 02/15/2003 - 02/15/2007 22,750,000 22,705,472
6.375% due 08/15/2002 2,000,000 1,998,120
7.25% due 05/15/2004 2,000,000 2,062,820
-----------
30,058,119
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $36,317,662) $35,102,279
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 13.13%
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 7.81%
5.125% due 02/13/2004 7,000,000 6,570,130
5.25% due 01/15/2009 3,000,000 2,644,230
5.875% due 04/23/2004 3,000,000 2,861,250
6.00% due 05/15/2008 - 05/01/2029 11,934,613 11,138,868
6.25% due 05/15/2029 7,500,000 6,744,150
6.50% due 06/01/2014 - 05/01/2029 19,076,781 18,050,240
7.50% due 06/01/2025 - 09/01/2029 2,202,295 2,170,626
-----------
50,179,494
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 5.32%
6.00% due 05/15/2029 - 06/15/2029 4,602,364 4,239,071
6.50% due 05/15/2029 - 07/15/2029 17,501,799 16,610,257
7.00% due 04/15/2029 - 10/15/2029 3,656,765 3,553,900
7.50% due 10/15/2029 993,508 986,365
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - CONTINUED
8.00% due 10/15/2025 - 04/15/2030 $ 8,724,096 $ 8,818,325
-----------
34,207,918
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $87,157,715) $84,387,412
-----------
CORPORATE BONDS - 10.44%
AUTO SERVICES - 0.11%
Hertz Corporation,
7.625% due 08/15/2007 750,000 $ 741,285
-----------
BANKING - 0.34%
Bank Of America,
7.875% due 05/16/2005 750,000 761,753
Bank One Corporation,
5.625% due 02/17/2004 750,000 699,675
Capital One Bank,
8.25% due 06/15/2005 750,000 746,055
-----------
2,207,483
BROADCASTING - 0.69%
Acme Television LLC,
Step up to 10.875% due 09/30/2004 500,000 477,500
British Sky Broadcasting Group,
8.20% due 07/15/2009 1,750,000 1,637,020
CBS, Incorporated,
7.15% due 05/20/2005 1,250,000 1,222,937
Cox Radio, Incorporated,
6.375% due 05/15/2005 1,000,000 944,370
Radio One, Incorporated,
12.00% due 05/15/2004 125,000 135,000
-----------
4,416,827
BUSINESS SERVICES - 0.36%
Williams Holdings, Incorporated,
6.50% due 12/01/2008 2,500,000 2,287,050
-----------
COMPUTERS & BUSINESS EQUIPMENT - 0.12%
Zilog, Incorporated,
9.50% due 03/01/2005 900,000 778,500
-----------
CONSTRUCTION & MINING EQUIPMENT - 0.13%
McDermott, Incorporated,
9.375% due 03/15/2002 1,125,000 828,495
-----------
CONTAINERS & GLASS - 0.10%
Graham Packaging
Company/GPC Capital
Company, 8.75% due
01/15/2008 750,000 652,500
-----------
DOMESTIC OIL - 0.01%
Clark Refining & Marketing,
Incorporated, 8.375% due
11/15/2007 75,000 58,875
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
157
<PAGE> 162
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
ELECTRIC UTILITIES - 0.22%
Michigan Consolidated Gas
Company, 6.45%, VR due 06/30/2008 $ 750,000 $ 702,167
Waste Management,
Incorporated, 6.625% due 07/15/2002 750,000 718,837
-----------
1,421,004
FINANCIAL SERVICES - 2.23%
Associates Corporation of North America,
5.75% due 11/01/2003 2,000,000 1,900,300
5.80% due 04/20/2004 750,000 702,480
Chase Manhattan Corporation,
6.375% due 04/01/2008 750,000 693,518
Conseco, Incorporated,
8.75% due 02/09/2004 750,000 513,750
Ford Motor Credit Company,
5.80% due 01/12/2009 2,250,000 1,957,477
6.70% due 07/16/2004 750,000 726,645
7.375% due 10/28/2009 1,000,000 967,270
General Motors Acceptance
Corporation, 6.85% due 06/17/2004 750,000 731,992
Goldman Sachs Group, Incorporated,
6.65% due 05/15/2009 750,000 688,515
Household Finance Corporation,
6.40% due 06/17/2008 2,000,000 1,814,620
7.20% due 07/15/2006 750,000 725,947
Lehman Brothers Holdings, Incorporated,
6.625% due 02/05/2006 750,000 700,793
Pegasus Aviation Lease Securitization,
8.37% due 03/25/2030 750,000 756,075
Triton Aviation Finance,
7.42% due 05/15/2005 750,000 750,000
United States West Capital Funding,
Incorporated, 6.375% due 07/15/2008 750,000 680,625
-----------
14,310,007
FOOD & BEVERAGES - 0.51%
ConAgra, Incorporated,
9.75% due 03/01/2021 750,000 835,191
Nabisco, Incorporated,
6.375% due 02/01/2035 750,000 670,568
7.55% due 06/15/2015 2,000,000 1,748,824
-----------
3,254,583
GAS & PIPELINE UTILITIES - 0.11%
TransCanada Pipelines, Ltd.,
7.15% due 06/15/2006 750,000 734,852
-----------
HOTELS & RESTAURANTS - 0.11%
Mirage Resorts, Incorporated,
6.625% due 02/01/2005 750,000 684,855
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- ---------
<S> <C> <C>
HOUSEHOLD APPLIANCES - 0.11%
Philips Electronics NV,
7.20% due 06/01/2026 $ 750,000 $ 712,958
----------
HOUSEHOLD PRODUCTS - 0.25%
Home Products International,
Incorporated, 9.625% due 05/15/2008 750,000 622,500
Salton, Incorporated
10.75% due 12/15/2005 1,000,000 985,000
----------
1,607,500
INDUSTRIALS - 0.82%
Fox/Liberty Networks LLC,
8.875% due 08/15/2007 750,000 746,250
Honeywell International, Incorporated,
7.50% due 03/01/2010 750,000 749,632
Norsk Hydro AS,
7.15% due 11/15/2025 750,000 673,808
Time Warner, Incorporated,
7.25% due 10/15/2017 2,250,000 2,074,882
8.18% due 08/15/2007 1,000,000 1,019,690
----------
5,264,262
LEISURE TIME - 0.24%
Hasbro, Incorporated,
8.50% due 03/15/2006 750,000 763,363
The Walt Disney Company,
7.30% due 02/08/2005 750,000 755,722
----------
1,519,085
MINING - 0.05%
Freeport McMoran Copper & Gold,
7.20% due 11/15/2026 500,000 335,000
----------
PAPER - 0.11%
Fort James Corporation
6.875% due 09/15/2007 750,000 710,078
----------
RETAIL TRADE - 0.33%
Amazon.com, Incorporated,
4.75% due 02/01/2009 3,397,000 2,131,618
----------
SANITARY SERVICES - 0.51%
Allied Waste North America,
Incorporated, 10.00% due 08/01/2009 1,125,000 950,625
WMX Technologies, Incorporated,
6.375% due 12/01/2003 750,000 694,282
6.70% due 05/01/2001 250,000 245,495
7.10% due 08/01/2026 1,500,000 1,411,830
----------
3,302,232
TELECOMMUNICATIONS SERVICES - 1.37%
Dobson Communications Corporation,
10.875% due 07/01/2010 1,500,000 1,503,750
Nextel Communications, Incorporated,
9.375% due 11/15/2009 1,000,000 955,000
12.00% due 11/01/2008 2,250,000 2,390,625
</TABLE>
The accompanying notes are an integral part of the financial statements.
158
<PAGE> 163
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - CONTINUED
Nextel Partners, Incorporated,
11.00% due 03/15/2010 $ 1,000,000 $ 990,000
Omnipoint Corporation
11.50% due 09/15/2009 250,000 272,500
Omnipoint Corporation,
11.625% due 08/15/2006 2,250,000 2,407,500
Spectrasite Holdings, Incorporated,
Step up to 11.25% due 04/15/2009 500,000 290,000
---------
8,809,375
TELEPHONE - 1.61%
Allegiance Telecom, Incorporated,
12.875% due 05/15/2008 750,000 811,875
Crown Castle International Corporation,
10.75% due 08/01/2011 750,000 760,312
Step up to 10.375% due 05/15/2011 1,500,000 915,000
GTE Corporation,
7.90% due 02/01/2027 750,000 702,630
Liberty Media Corporation
7.875% due 07/15/2009 1,750,000 1,674,033
Nextlink Communications,
Incorporated, 10.50% due 12/01/2009 1,500,000 1,470,000
SBA Communications Corporation, Step up to
12.00% due 03/01/2008 300,000 210,000
Vodafone Airtouch PLC,
7.625% due 02/15/2005 1,500,000 1,501,095
7.875% due 02/15/2030 750,000 736,410
Voicestream Wireless Corporation,
10.375% due 11/15/2009 1,500,000 1,552,500
-----------
10,333,855
TOTAL CORPORATE BONDS
(Cost: $69,819,307) $67,102,279
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.81%
Bombardier Capital Mortgage Securities
Corporation, 7.575% due 06/15/2030 750,000 $ 748,402
Deutsche Mortgage & Asset Recreation
Corporation, 6.22% due 09/15/2007 859,880 826,105
DLJ Mortgage Acceptance Corporation,
6.85% due 12/17/2027 750,000 740,577
GMAC Commercial Mortgage Security,
Incorporated, 6.869% due 08/15/2007 750,000 726,078
Merrill Lynch Mortgage Investments,
Incorporated, Series 1995-C2, Class
A1, 6.985% due 06/15/2021 1,410,394 1,395,745
Series 1997-C1, Class A3, 7.12%
due 06/18/2029 750,000 736,185
-----------
5,173,092
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $5,156,099) $ 5,173,092
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-------------- ------------
<S> <C> <C>
ASSET BACKED SECURITIES - 0.63%
Citibank Credit Card Master Trust I,
5.50% due 02/15/2006 $ 750,000 $ 708,750
EQCC Home Equity Loan Trust,
7.067% due 11/25/2024 750,000 716,482
Government Lease Trust,
6.18% due 05/18/2005 2,000,000 1,933,820
Sears Credit Account Master Trust II,
5.65% due 03/15/2009 750,000 715,778
------------
4,074,830
TOTAL ASSET BACKED SECURITIES
(Cost: $4,241,107) $ 4,074,830
------------
SHORT TERM INVESTMENTS - 7.68%
Navigator Securities Lending Trust,
6.65% $ 49,324,472 $ 49,324,472
------------
REPURCHASE AGREEMENTS - 1.90%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 5.50%, to be repurchased
at $12,209,593 on 07/03/2000,
collateralized by $12,205,000
U.S. Treasury Notes, 6.25% due
02/15/2003 (valued at $12,449,100,
including interest) $ 12,204,000 $ 12,204,000
------------
TOTAL INVESTMENTS (INCOME & VALUE TRUST)
(Cost: $641,986,938) $642,654,882
============
</TABLE>
BALANCED TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ ----------
<S> <C> <C>
COMMON STOCKS - 61.66%
AUTOMOBILES - 0.62%
General Motors Corporation, Class H 17,200 $1,509,300
----------
BANKING - 1.96%
Bank of New York, Incorporated 25,200 1,171,800
Chase Manhattan Corporation 43,800 2,017,538
Fifth Third Bancorp 25,100 1,587,575
----------
4,776,913
BROADCASTING - 2.52%
American Telephone & Telegraph
Corporation-Liberty Media Group,
Class A * 71,400 1,731,450
</TABLE>
The accompanying notes are an integral part of the financial statements.
159
<PAGE> 164
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BROADCASTING - CONTINUED
AMFM, Incorporated * 23,100 $ 1,593,900
Comcast Corporation, Class A * 38,000 1,539,000
EchoStar Communications Corporation,
Class A * 38,500 1,274,711
-----------
6,139,061
BUSINESS SERVICES - 3.55%
Automatic Data Processing, Incorporated 26,100 1,397,982
Comdisco, Incorporated 51,700 1,153,556
Omnicom Group, Incorporated 15,200 1,353,750
Tyco International, Ltd. 100,000 4,737,500
-----------
8,642,788
COMPUTERS & BUSINESS EQUIPMENT - 6.78%
Apple Computer, Incorporated * 34,000 1,780,750
Cisco Systems, Incorporated * 79,600 5,059,575
EMC Corporation * 23,000 1,769,562
Gateway, Incorporated * 27,700 1,571,975
International Business Machines Corporation 13,400 1,468,138
JDS Uniphase Corporation * 15,800 1,894,025
Redback Networks, Incorporated * 7,600 1,352,800
Sun Microsystems, Incorporated * 17,900 1,627,781
-----------
16,524,606
DOMESTIC OIL - 0.86%
Exxon Mobil Corporation 26,600 2,088,100
-----------
DRUGS & HEALTH CARE - 11.21%
Abbott Laboratories 64,200 2,860,912
American Home Products Corporation 28,900 1,697,875
Amgen, Incorporated * 32,000 2,248,000
Baxter International, Incorporated 28,300 1,989,844
Bristol-Myers Squibb Company 22,000 1,281,500
Eli Lilly & Company 27,700 2,766,537
Genetech, Incorporated * 7,600 1,307,200
Genzyme Corporation * 17,400 1,034,213
Guidant Corporation * 38,200 1,890,900
Human Genome Sciences, Incorporated * 5,500 733,563
IDEC Pharmaceuticals Corporation * 11,760 1,379,595
MedImmune, Incorporated 11,000 814,000
Pfizer, Incorporated 116,825 5,607,600
Pharmacia & Upjohn, Incorporated 32,600 1,685,012
-----------
27,296,751
ELECTRICAL EQUIPMENT - 2.87%
General Electric Company 131,700 6,980,100
-----------
ELECTRONICS - 4.63%
Analog Devices, Incorporated * 34,300 2,606,800
E-Tek Dynamics, Incorporated 6,800 1,793,925
Foundry Networks, Incorporated * 18,800 2,077,400
Jabil Circuit, Incorporated * 45,400 2,252,975
Lucent Technologies, Incorporated 43,100 2,553,675
-----------
11,284,775
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - 2.45%
Capital One Financial Corporation 28,200 $ 1,258,425
Citigroup, Incorporated 22,900 1,379,725
Federal Home Loan Mortgage Corporation 34,200 1,385,100
Wells Fargo & Company 50,300 1,949,125
-----------
5,972,375
GAS & PIPELINE UTILITIES - 0.60%
Williams Companies, Incorporated 35,000 1,459,063
-----------
INSURANCE - 0.93%
American International Group, Incorporated 19,200 2,256,000
-----------
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 0.70%
Juniper Networks, Incorporated * 11,700 1,703,081
-----------
LIQUOR - 0.55%
Anheuser-Busch Companies, Incorporated 18,000 1,344,375
-----------
PUBLISHING - 1.50%
McGraw-Hill Companies, Incorporated 25,500 1,377,000
Time Warner, Incorporated 30,000 2,280,000
-----------
3,657,000
RETAIL GROCERY - 0.80%
Kroger Company * 88,000 1,941,500
-----------
RETAIL TRADE - 2.17%
Costco Wholesale Corporation * 29,100 960,300
Home Depot, Incorporated 24,300 1,213,481
Lowe's Companies, Incorporated 29,000 1,190,813
Wal-Mart Stores, Incorporated 33,300 1,918,912
-----------
5,283,506
SEMICONDUCTORS - 5.19%
Applied Micro Circuits Corporation * 22,500 2,221,875
Intel Corporation 36,300 4,852,856
National Semiconductor Corporation * 24,500 1,390,375
Texas Instruments, Incorporated 43,600 2,994,775
Vitesse Semiconductor Corporation 16,200 1,191,713
-----------
12,651,594
SOFTWARE - 1.00%
Oracle Systems Corporation 29,100 2,446,219
-----------
TELECOMMUNICATIONS SERVICES - 6.39%
Comverse Technology, Incorporated * 20,800 1,934,400
Corning, Incorporated 10,400 2,806,700
L.M. Ericsson Telefonaktiebolaget, ADR, Class B 61,950 1,239,000
Level 3 Communications, Incorporated 15,400 1,355,200
</TABLE>
The accompanying notes are an integral part of the financial statements.
160
<PAGE> 165
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - CONTINUED
Nextel Partners, Incorporated, Class A * 28,700 $ 934,544
Nokia Corporation, ADR 28,550 1,425,716
Nortel Networks Corporation 37,450 2,555,962
Qwest Communications International, Incorporated * 16,900 839,719
RF Micro Devices, Incorporated * 15,000 1,314,375
Tellabs, Incorporated * 17,000 1,163,437
------------
15,569,053
TELEPHONE - 4.38%
American Telephone & Telegraph Corporation 49,500 1,565,437
Nextel Communications, Incorporated, Class A * 25,200 1,541,925
SBC Communications, Incorporated 44,600 1,928,950
U. S. West, Incorporated * 26,400 2,263,800
Winstar Communications, Incorporated 18,400 623,300
WorldCom, Incorporated 60,000 2,752,500
------------
10,675,912
TOTAL COMMON STOCKS
(Cost: $136,907,964) $150,202,072
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 16.37%
U.S. TREASURY NOTES - 16.37%
5.375% due 06/30/2003 1,100,000 $ 1,070,784
5.50% due 02/28/2003 - 02/15/2008 5,500,000 5,309,170
5.75% due 04/30/2003 6,200,000 6,100,242
6.25% due 10/31/2001 - 02/15/2007 6,000,000 5,992,950
6.50% due 05/15/2005 8,000,000 8,086,240
6.875% due 05/15/2006 6,000,000 6,175,320
7.25% due 05/15/2004 6,925,000 7,142,514
-----------
39,877,220
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $40,379,193) $39,877,220
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.28%
FEDERAL HOME LOAN BANK - 4.85%
7.25% due 05/15/2002 5,935,000 $ 5,960,046
6.75% due 02/15/2002 5,885,000 5,865,697
-----------
11,825,743
FEDERAL HOME LOAN MORTGAGE CORPORATION - 3.16%
6.45% due 04/29/2009 4,500,000 4,193,415
6.645% due 03/10/2004 1,525,000 1,505,094
6.875% due 01/15/2005 2,000,000 1,987,500
-----------
7,686,009
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 0.04%
6.00% due 05/15/2008 $ 100,000 $ 93,257
------------
STUDENT LOAN MARKETING ASSOCIATION - 1.23%
6.094% due 10/19/2000 3,000,000 2,998,293
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $22,910,653) $ 22,603,302
------------
CORPORATE BONDS - 5.33%
AUTOMOBILES - 0.88%
Hertz Corporation,
6.50% due 05/15/2006 2,275,000 $ 2,136,316
------------
BUSINESS SERVICES - 0.83%
Target Corporation,
7.50% due 02/15/2005 2,000,000 2,031,680
------------
INDUSTRIALS - 2.01%
Wal Mart Stores, Incorporated,
6.55% due 08/10/200 5,000,000 4,906,950
------------
TELECOMMUNICATIONS SERVICES - 0.79%
New York Telephone Company,
5.875% due 09/01/2003 2,000,000 1,912,280
------------
TELEPHONE - 0.82%
WorldCom, Incorporated,
7.75% due 04/01/2007 2,000,000 2,002,220
------------
TOTAL CORPORATE BONDS
(Cost: $13,053,172) $ 12,989,446
------------
SHORT TERM INVESTMENTS - 4.17%
Navigator Securities Lending Trust,
6.65% $ 10,143,840 $ 10,143,840
------------
REPURCHASE AGREEMENTS - 3.19%
Repurchase Agreement with State
Street Bank & Trust Company
dated 06/30/2000 at 5.50%, to
be repurchased at $7,777,563 on
07/03/2000, collateralized
by $7,910,000 U.S. Treasury
Notes, 5.625% due 09/30/2001
(valued at $7,929,775, including
interest) $ 7,774,000 $ 7,774,000
------------
TOTAL INVESTMENTS (BALANCED TRUST)
(Cost: $231,168,822) $243,589,880
============
</TABLE>
HIGH YIELD TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 0.81%
ELECTRIC UTILITIES - 0.68%
TNP Enterprises, Incorporated 18,000 $1,782,000
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
161
<PAGE> 166
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - 0.13%
Tele1 Europe Holding AB, ADR 29,128 $ 351,357
----------
TOTAL COMMON STOCKS
(Cost: $1,782,000) $2,133,357
----------
PREFERRED STOCK - 3.25%
BROADCASTING - 0.78%
Paxson Communications
Corporation 213 $2,050,125
----------
FINANCIAL SERVICES - 0.35%
Kmart Financing 25,350 923,691
----------
TELECOMMUNICATIONS SERVICES - 0.88%
IXC Communications,
Incorporated 2,305 2,333,812
----------
TELEPHONE - 1.24%
Dobson Communications
Corporation 1,441 1,495,038
NEXTEL Communications,
Incorporated, Series D 4,680 501,930
Nextlink Communications 1,281 1,263,386
----------
3,260,354
TOTAL PREFERRED STOCK
(Cost: $7,927,218) $8,567,982
----------
WARRANTS - 0.13%
BROADCASTING - 0.00%
Paxson Communications
Corporation *, (Expiration
date 06/30/03; strike
price $ 16.00) 832 $ 2,496
----------
COMPUTERS & BUSINESS EQUIPMENT - 0.02%
Wam | Net, Incorporated *,
(Expiration date
03/01/2005; strike
price $6.03) 4,500 50,062
----------
INDUSTRIALS - 0.00%
Nokornthai Strip MI Public, Ltd. *,
(Expiration date
02/01/2008; strike
price $1.00) 588,776 5,888
----------
STEEL - 0.00%
Republic Technologies
International, Incorporated *,
(Expiration date
07/15/2009; strike
price $.01) 1,315 13
----------
TELECOMMUNICATIONS SERVICES - 0.02%
Globalstar Telecommunications *,
(Expiration date
02/15/2004; strike
price $17.39) 1,540 1,540
Motient Corporation *,
(Expiration date 04/01/2008;
strike price $12.28) 1,415 56,777
----------
58,317
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELEPHONE - 0.09%
Occidente y Caribe Celular
SA, (Expiration date
03/15/2004; strike
price $1.00) 13,400 $202,675
Onepoint Communications
Corporation, (Expiration
date 06/01/2008; strike 1,200 36,150
price $0.01) --------
238,825
TOTAL WARRANTS
(Cost: $189,086) $355,601
--------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 0.68%
U.S. TREASURY NOTES - 0.68%
6.50% due 10/15/2006 $1,775,000 $1,796,353
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $1,773,618) $1,796,353
----------
FOREIGN GOVERNMENT OBLIGATIONS - 1.40%
FEDERAL REPUBLIC OF BRAZIL - 0.63%
12.75% due 01/15/2020 $1,750,000 $1,669,500
----------
REPUBLIC OF COLOMBIA - 0.37%
9.75% due 04/23/2009 1,250,000 975,000
----------
REPUBLIC OF PHILIPPINES - 0.40%
10.625% due 03/16/2025 1,220,000 1,043,100
----------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $3,950,012) $3,687,600
----------
CORPORATE BONDS - 79.29%
AUTO PARTS - 0.84%
Tenneco Automotive,
Incorporated, 11.625% due
10/15/2009 2,500,000 $2,218,750
----------
BROADCASTING - 8.86%
AMSC Acquisition Company,
Incorporated, Series B,
12.25% due 04/01/2008 1,415,000 1,103,700
Cablevision SA,
13.75% due 05/01/2009 845,000 768,950
Callahan Nordrhein Westfalen,
14.00% due 07/15/2010 2,700,000 2,700,000
Chancellor Media Corporation,
9.00% due 10/01/2008 2,500,000 2,543,750
Series B, 8.125% due
12/15/2007 2,670,000 2,676,675
CSC Holdings, Incorporated,
7.25% due 07/15/2008 2,045,000 1,890,500
Echostar DBS Corporation,
9.375% due 02/01/2009 2,750,000 2,653,750
</TABLE>
The accompanying notes are an integral part of the financial statements.
162
<PAGE> 167
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
BROADCASTING - CONTINUED
HMV Media Group PLC,
10.875% due 05/15/2008 $ 1,450,000 $ 1,539,087
Multicanal SA,
10.50% due 02/01/2007 1,350,000 1,140,750
Series E, 13.125% due
04/15/2009 365,000 344,925
Rogers Cablesystems, Ltd.,
10.125% due 09/01/2012 650,000 664,625
TV Azteca SA DE CV, Series B,
10.50% due 02/15/2007 2,410,000 2,120,800
United Pan Europe, Series B,
10.875% due 08/01/2009 2,400,000 2,040,000
Xm Satellite Radio,
Incorporated, 14.00% due
03/15/2010 1,350,000 1,188,000
-----------
23,375,512
BUILDING MATERIALS & CONSTRUCTION - 1.09%
Centex Corporation,
9.75% due 06/15/2005 1,700,000 1,704,267
D.R. Horton, Incorporated,
8.00% due 02/01/2009 1,365,000 1,173,900
-----------
2,878,167
CHEMICALS - 1.59%
Huntsman ICI Chemicals,
10.125% due 07/01/2009 1,250,000 1,256,250
Series EUR, 10.125% due
07/01/2009 1,200,000 1,185,738
Lyondell Chemical Company,
Series A, 9.625% due
05/01/2007 1,775,000 1,757,250
-----------
4,199,238
COMPUTERS & BUSINESS EQUIPMENT - 3.73%
Globix Corporation,
12.50% due 02/01/2010 1,650,000 1,369,500
International Game
Technology, 8.375% due
05/15/2009 3,645,000 3,444,525
Netia Holdings II BV,
13.50% due 06/15/2009 1,800,000 1,716,342
Rhythms Netconnections,
Incorporated, 14.00% due
02/15/2010 950,000 669,750
Series B, Step up to
13.50% due 05/15/2008 4,225,000 1,690,000
Wam | Net, Incorporated,
Series A, Step up to 13.25%
due 03/01/2005 1,700,000 952,000
-----------
9,842,117
CONSTRUCTION MATERIALS - 1.57%
Nortek, Incorporated, Series
B, 8.875% due 08/01/2008 2,675,000 2,420,875
Pindo Deli Finance Mauritius,
Ltd., 10.75% due 10/01/2007 2,845,000 1,707,000
-----------
4,127,875
CONSTRUCTION & MINING EQUIPMENT - 0.38%
Applied Power, Incorporated,
8.75% due 04/01/2009 965,000 998,775
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
CRUDE PETROLEUM & NATURAL GAS - 0.84%
Vintage Petroleum,
Incorporated,
8.625% due 02/01/2009 $ 625,000 $ 596,875
9.75% due 06/30/2009 1,595,000 1,610,950
-----------
2,207,825
DRUGS & HEALTH CARE - 5.35%
Columbia/HCA Healthcare
Corporation,
6.91% due 06/15/2005 1,900,000 1,724,250
7.00% due 07/01/2007 1,905,000 1,671,637
7.25% due 05/20/2008 750,000 660,000
7.69% due 06/15/2025 1,000,000 807,500
8.85% due 01/01/2007 2,280,000 2,194,500
Fresenius Medical Care
Capital Trust,
7.875% due 02/01/2008 1,900,000 1,691,000
9.00% due 12/01/2006 650,000 630,500
Tenet Healthcare Corporation,
8.125% due 12/01/2008 2,770,000 2,527,625
8.625% due 01/15/2007 2,300,000 2,196,500
-----------
14,103,512
ELECTRIC UTILITIES - 2.89%
AES Corporation,
8.50% due 11/01/2007 2,100,000 1,916,250
CMS Energy Corporation,
7.50% due 01/15/2009 2,500,000 2,212,500
USA Waste Services,
Incorporated,
7.125% due 10/01/2007 1,500,000 1,358,010
7.125% due 12/15/2017 500,000 410,600
WMX Technologies,
Incorporated, 7.00% due
10/15/2006 1,905,000 1,730,426
-----------
7,627,786
ELECTRONICS - 0.41%
Grupo Elektra SA, GDR,
12.00% due 04/01/2008 1,205,000 1,090,525
-----------
FINANCIAL SERVICES - 1.77%
Cellco Finance NV,
12.75% due 08/01/2005 1,050,000 1,094,625
GS Escrow Corporation,
7.125% due 08/01/2005 2,355,000 2,132,664
PTC International Finance II
SA, 11.25% due 12/01/2009 1,500,000 1,454,497
-----------
4,681,786
HOMEBUILDERS - 0.52%
Lennar Corporation,
9.95% due 05/01/2010 1,380,000 1,359,300
-----------
HOTELS & RESTAURANTS - 4.50%
Hilton Hotels Corporation,
7.95% due 04/15/2007 2,700,000 2,550,042
HMH Properties, Incorporated,
7.875% due 08/01/2005 4,200,000 3,969,000
Horseshoe Gaming LLC,
8.625% due 05/15/2009 2,525,000 2,373,500
</TABLE>
The accompanying notes are an integral part of the financial statements.
163
<PAGE> 168
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----
<S> <C> <C>
HOTELS & RESTAURANTS - CONTINUED
Park Place Entertainment
Corporation,
7.875% due 12/15/2005 $ 2,400,000 $ 2,256,000
8.50% due 11/15/2006 725,000 712,378
-----------
11,860,920
INDUSTRIALS - 5.47%
Axia, Incorporated,
10.75% due 07/15/2008 1,295,000 1,010,100
EES Coke Battery Company,
Incorporated, 9.382% due
04/15/2007 525,000 495,485
Glencore Nickel Property,
Ltd., 9.00% due 12/01/2014 630,000 522,900
Hayes Lemmerz International,
Incorporated, Series B,
8.25% due 12/15/2008 2,775,000 2,331,000
Indah Kiat Finance Mauritius,
Ltd., 10.00% due 07/01/2007 1,850,000 1,110,000
ISP Holdings, Incorporated,
Series B, 9.00% due
10/15/2003 2,550,000 2,346,000
Norampac, Incorporated,
9.50% due 02/01/2008 2,110,000 2,036,150
Paiton Energy,
9.34% due 02/15/2014 1,440,000 288,000
Ras Laffan Liquefied Natural
Gas, 8.294% due 03/15/2014 760,000 702,050
Sirona Dental Systems,
4.257% due 07/15/2008 1,300,000 525,106
Smithfield Foods,
Incorporated, 7.625% due
02/15/2008 3,425,000 3,065,375
-----------
14,432,166
INTERNET CONTENT, SOFTWARE &
INFRASTRUCTURE - 1.81%
Exodus Communications
Incorporated, 11.625% due
07/15/2010 1,845,000 1,846,153
PSINet, Incorporated
10.00% due 02/15/2005 2,350,000 2,162,000
11.00% due 08/01/2009 825,000 767,250
-----------
4,775,403
LEISURE TIME - 4.01%
Charter Communications
Holdings, 10.25% due
01/15/2010 2,500,000 2,418,750
Harrahs Operating,
Incorporated, 7.875% due
12/15/2005 3,385,000 3,181,900
Station Casinos, Incorporated,
8.875% due 12/01/2008 2,985,000 2,843,212
9.75% due 04/15/2007 885,000 882,788
10.125% due 03/15/2006 1,240,000 1,246,200
-----------
10,572,850
MINING - 0.81%
Murrin Murrin Holdings
Property, 9.375% due
08/31/2007 2,505,000 2,148,037
</TABLE> ----------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
PAPER - 1.06%
Pacifica Papers,
Incorporated, 10.00% due
03/15/2009 $2,800,000 $2,786,000
----------
PETROLEUM SERVICES - 0.46%
Husky Oil, Ltd.,
8.90% due 08/15/2028 1,300,000 1,223,152
----------
POLLUTION CONTROL - 0.85%
Norcal Waste Systems,
Incorporated, Series B,
Step up to 13.50% due
11/15/2005 2,150,000 2,236,000
---------
PUBLISHING - 0.90%
Outdoor Systems,
Incorporated, 8.875% due
06/15/2007 2,420,000 2,374,383
----------
RETAIL GROCERY - 0.61%
Stater Brothers Holdings,
Incorporated, 10.75% due
08/15/2006 1,840,000 1,619,200
----------
RETAIL TRADE - 2.44%
K Mart Funding Corporation,
Series F, 8.80% due
07/01/2010 3,500,000 3,286,815
Musicland Group, Incorporated,
9.00% due 06/15/2003 865,000 787,150
9.875% due 03/15/2008 2,950,000 2,360,000
----------
6,433,965
SANITARY SERVICES - 0.54%
Waste Management,
Incorporated,
6.875% due 05/15/2009 855,000 749,100
7.65% due 03/15/2011 730,000 661,913
----------
1,411,013
SEMICONDUCTORS - 0.58%
Hyundai Semiconductor, Series 144A
8.25% due 05/15/2004 700,000 634,655
8.625% due 05/15/2007 1,030,000 907,193
----------
1,541,848
STEEL - 0.85%
National Steel Corporation,
Series D, 9.875% due
03/01/2009 2,350,000 1,997,500
NSM Steel, Incorporated,
due 02/01/2008 @ 930,000 18,600
Republic Technologies
International LLC, 13.75%
due 07/15/2009 1,315,000 231,769
----------
2,247,869
TELECOMMUNICATIONS SERVICES - 12.40%
Adelphia Communications
Corporation,
7.75% due 01/15/2009 4,050,000 3,422,250
8.375% due 02/01/2008 1,615,000 1,421,200
9.375% due 11/15/2009 2,000,000 1,855,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
164
<PAGE> 169
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - CONTINUED
Adelphia Communications
Corporation,
Series B, 9.875% due
03/01/2007 $ 275,000 $ 264,000
Bayan Telecommunications,
13.50% due 07/15/2006 2,500,000 1,628,125
Centennial Cellular Operating
Company, 10.75% due
12/15/2008 1,620,000 1,579,500
Dolphin Telecom PLC,
zero coupon due 05/15/2009 1,380,000 455,400
Step up to 11.50% due
06/01/2008 2,070,000 677,442
Global Crossings Holdings,
Ltd., 9.625% due 05/15/2008 2,450,000 2,388,750
Globalstar LP,
11.375% due 02/15/2004 1,700,000 510,000
Globalstar LP/Capital,
11.50% due 06/01/2005 275,000 82,500
Grupo Iusacell,
14.25% due 12/01/2006 2,200,000 2,299,000
GT Group Telecom,
Incorporated, Series A,
Step up to 13.25% due
02/01/2010 2,640,000 1,465,200
Maxcom Telecomunicaciones CV,
13.75% due 04/01/2007 1,675,000 1,478,187
NTL, Incorporated,
Step up to 10.75% due
10/15/2007 2,500,000 2,345,304
RCN Corporation,
Series B, Step up to 9.80%
due 02/15/2008 1,125,000 621,563
Step up to 11.125% due
10/15/2007 2,625,000 1,640,625
Satelites Mexicanos SA De CV,
10.125% due 11/01/2004 1,150,000 770,500
Tele1 Europ BV,
13.00% due 05/15/2009 1,550,000 1,557,750
Telewest Communication PLC,
Step up to 9.875% due
04/15/2009 2,225,000 1,935,822
Winstar Communications,
Incorporated, 12.75% due
04/15/2010 9,400,000 4,324,000
-----------
33,452,703
TELEPHONE - 12.16%
CTI Holdings SA,
Step up to 11.50% due
04/15/2008 3,300,000 1,897,500
Esprit Telecom Group, PLC,
5.236% due 06/15/2008 1,505,000 571,547
Series DM, 5.474% due
12/15/2007 1,200,000 456,011
Hermes Europe Railtel BV,
10.375% due 01/15/2009 900,000 756,000
11.50% due 08/15/2007 1,025,000 837,938
Hyperion Telecommunications,
Incorporated, Series B,
Step up to 13.00% due
04/15/2003 2,540,000 2,336,800
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- ----------
<S> <C> <C>
TELEPHONE - CONTINUED
Intermedia Communications,
Incorporated, 8.50% due
01/15/2008 $ 300,000 $ 274,500
Series B, Step up to
11.25% due 07/15/2007 4,775,000 3,724,500
Level 3 Communications,
Incorporated, 12.875% due
03/15/2010 2,300,000 1,259,250
Nextel Communications,
Incorporated,
Step up to 9.95% due 02/15/2008 1,850,000 1,364,375
Step up to 10.65% due 09/15/2007 7,300,000 5,730,500
Nextlink Communications,
Step up to 9.45% due 04/15/2008 2,200,000 1,375,000
10.75% due 11/15/2008 900,000 886,500
Step up to 12.125% due 12/01/2009 930,000 534,750
Step up to 12.25% due 06/01/2009 750,000 465,000
Occidente y Caribe Celular,
Series B, Step up to 14.00%
due 03/15/2004 2,650,000 1,855,000
Onepoint Communications
Corporation, 14.50% due 06/01/2008 1,200,000 600,000
Primus Telecommunications
Group, Incorporated,
9.875% due 05/15/2008 1,695,000 1,271,250
11.25% due 01/15/2009 950,000 760,000
RSL Communications PLC,
9.125% due 03/01/2008 2,400,000 1,536,000
Step up to 10.00% due 03/15/2008 3,400,000 730,585
Step up to 10.125% due 03/01/2008 3,000,000 1,200,000
12.25% due 11/15/2006 346,000 283,720
Viatel, Incorporated,
Step up to 12.50% due 04/15/2008 2,900,000 1,363,000
------------
32,069,726
TOTAL CORPORATE BONDS
(Cost: $233,152,269) $209,165,818
------------
CONVERTIBLE BONDS - 0.18%
TELECOMMUNICATIONS SERVICES - 0.18%
Total Access Communication
Public Company, Ltd., 2.00%
due 05/15/2006 $ 400,000 $ 488,000
------------
TOTAL CONVERTIBLE BONDS
(Cost: $402,000) $ 488,000
------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.72%
CA FM Lease Trust,
8.50% due 07/15/2017 1,569,575 $ 1,530,320
</TABLE>
The accompanying notes are an integral part of the financial statements.
165
<PAGE> 170
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS - CONTINUED
DLJ Mortgage Acceptance
Corporation, Series
1997-CF2, Class S, 00.351%
due 10/15/2017 $20,456,051 $ 358,799
-----------
1,889,119
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $2,126,302) $ 1,889,119
-----------
ASSET BACKED SECURITIES - 1.22%
Aircraft Lease Portfolio
Securitization, Ltd.,
Series 1996-1, Class DX,
12.75% due 06/15/2006 902,776 $ 828,579
DR Structured Finance,
Series A-2, 8.375% due 550,000 475,893
08/15/2015
Series 94K2, 9.35% due
08/15/2019 400,000 369,012
Series A-1, 6.66% due
08/15/2010 563,867 480,730
Jet Equipment Trust, Series
C1, 11.79% due 06/15/2013 300,000 354,930
Long Beach Acceptance Auto
Business, 14.22% due
10/25/2003 194,676 193,749
OHA Auto Grantor Trust,
Series 1997-1, Class A,
11.00% due 01/15/2004 387,959 370,537
Securitized Multiple Asset
Rated Trust, Series 1997,
Class 5, 7.72% due 06/15/2005 541,461 135,365
-----------
3,208,795
TOTAL ASSET BACKED SECURITIES
(Cost: $3,844,976) $ 3,208,795
-----------
SHORT TERM INVESTMENTS - 5.58%
Navigator Securities Lending Trust,
6.65% $14,615,303 $14,615,303
United States Treasury Bills,
5.61% due 07/27/2000 **** 100,000 99,596
-----------
$14,714,899
REPURCHASE AGREEMENTS - 6.74%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 5.50%, to be
repurchased at $17,789,150 on
07/03/2000, collateralized by
$18,095,000 U.S. Treasury Notes,
5.625% due 09/30/2001 (valued at
$18,140,238, including interest) $ 17,781,000 $ 17,781,000
------------
TOTAL INVESTMENTS(HIGH YIELD TRUST)
(Cost: $287,643,369) $263,788,524
============
</TABLE>
STRATEGIC BOND TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PREFERRED STOCK - 0.00%
ELECTRIC UTILITIES - 0.00%
TCR Holdings 18,019 $ 180
-------
180
TOTAL PREFERRED STOCK
(Cost: $1,071) $ 180
-------
WARRANTS - 0.00%
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
05/15/2002; strike price $100) 1,500 0
-------
TOTAL WARRANTS
(Cost: $0) $ 0
-------
RIGHTS - 0.01%
TRUCKING & FREIGHT - 0.01%
Terex Corporation *,
(Expiration date
05/15/2002; strike price 4,000 $56,500
$ 20) -------
TOTAL RIGHTS
(Cost: $0) $56,500
-------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 11.50%
U.S. TREASURY BONDS - 5.55%
5.25% due 11/15/2028 -
02/15/2029 *** $ 8,250,000 $ 7,311,725
5.50% due 08/15/2028 *** 3,500,000 3,210,165
6.125% due 08/15/2029 *** 2,000,000 2,020,000
6.25% due 05/15/2030 *** 9,000,000 9,442,980
-----------
21,984,870
U.S. TREASURY NOTES - 5.95%
5.25% due 05/31/2001 *** 6,000,000 5,935,320
5.875% due 11/15/2004 *** 5,500,000 5,420,085
6.50% due 03/31/2002 *** 12,200,000 12,207,564
-----------
23,562,969
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $46,836,438) $45,547,839
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
166
<PAGE> 171
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS - 22.80%
FEDERAL HOME LOAN BANK - 0.30%
5.89% due 07/24/2000 *** $ 1,200,000 $ 1,199,808
-----------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 0.38%
8.00% due 05/01/2010 354,705 356,773
8.50% due 05/01/2008 269,246 273,621
10.00% due 05/15/2020 779,392 815,438
REMIC, IO, 7.595% due 07/15/2006 556,412 56,037
-----------
1,501,869
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 21.30%
REMIC, IO, 0.584% due
03/17/2020 20,236,315 396,767
REMIC, IO, 0.9455% due
02/17/2002 60,977,467 852,465
IO, 1.0371% due 06/25/2038 39,504,598 2,176,569
IO, 1.6631% due 02/25/2035 23,943,615 1,461,535
REMIC, IO, 5.209% due
10/17/2036 50,314,912 1,144,926
7.00% TBA ** 38,000,000 36,681,780
7.369% due 01/17/2013 *** 9,843,608 9,966,942
7.394% due 08/17/2003 1,393,475 1,392,491
7.50 TBA ** 22,000,000 21,683,640
8.00% TBA ** 7,000,000 7,028,420
8.80% due 01/25/2019 1,029,049 1,054,775
REMIC, 10.40% due 04/25/2019 377,338 400,567
13.00% due 11/15/2015 117,950 132,509
-----------
84,373,386
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.52%
7.50% due 04/15/2022 -
02/15/2028 2,051,111 2,038,130
-----------
2,038,130
STUDENT LOAN MARKETING ASSOCIATION - 0.30%
7.20% due 11/09/2000 1,200,000 1,203,372
-----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $91,676,242) $90,316,565
-----------
FOREIGN GOVERNMENT OBLIGATIONS - 12.29%
GOVERNMENT OF ALGERIA - 0.28%
6.375% due 03/04/2010 $ 1,425,000 1,100,812
-----------
REPUBLIC OF ARGENTINA - 1.24%
11.375% due 01/30/2017 1,045,000 934,753
11.75% due 04/07/2009 1,000,000 932,500
11.75% due 06/15/2015 562,000 514,005
12.125% due 02/25/2019 900,000 843,750
Step up to 6.00% due 03/31/2023 2,600,000 1,725,750
-----------
4,950,758
FEDERAL REPUBLIC OF BRAZIL - 1.42%
14.50% due 10/15/2009 1,650,000 1,769,625
8.00% due 04/15/2014 2,222,696 1,632,348
FRN, 7.437% due 04/15/2012 1,400,000 1,023,680
12.75% due 01/15/2020 1,250,000 1,187,500
-----------
5,613,153
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
NATIONAL REPUBLIC OF BULGARIA - 0.35%
FRN 2.75% due 07/28/2012 950,000 $ 698,250
FRN, 5.8755% due 07/28/2011 875,000 690,200
------------
1,388,450
REPUBLIC OF COLOMBIA - 0.28%
10.875% due 03/09/2004 1,200,000 1,119,000
------------
REPUBLIC OF CROATIA - 0.23%
FRN 7.625% due 07/31/2006 972,638 914,863
------------
REPUBLIC OF ECUADOR - 0.13%
FRN, 6.819% due 02/28/2025 1,500,000 506,250
------------
GOVERNMENT OF FRANCE - 0.11%
7.00% due 10/12/2000 EUR 440,000 422,345
------------
FEDERAL REPUBLIC OF GERMANY - 3.40%
5.625% due 01/04/2028 430,000 415,817
6.50% due 07/15/2003 630,000 625,098
7.375% due 01/03/2005 11,980,000 12,438,076
------------
13,478,991
REPUBLIC OF GREECE - 0.20%
9.70% due 05/27/2001 GRD 275,000,000 797,289
------------
IVORY COAST - 0.13%
2.00% due 03/31/2018 $ 3,351,000 536,160
------------
GOVERNMENT OF MEXICO - 0.70%
10.375% due 02/17/2009 700,000 738,535
11.375% due 09/15/2016 1,781,000 2,018,763
------------
2,757,298
GOVERNMENT OF MOROCCO - 0.26%
FRN, 7.75% due 01/01/2009 1,137,144 1,017,744
------------
REPUBLIC OF PANAMA - 0.35%
4.25% VR due 07/17/2014 900,000 716,670
8.875% due 09/30/2027 775,000 656,812
------------
1,373,482
REPUBLIC OF PERU - 0.18%
4.50% due 03/07/2017 1,100,000 731,500
------------
REPUBLIC OF PHILLIPINES - 0.21%
8.60% due 06/15/2027 450,000 389,070
9.875% due 01/15/2019 500,000 424,886
------------
813,956
GOVERNMENT OF RUSSIA - 1.05%
6.063% due 12/15/2020 4,000,000 1,210,400
FRN, 6.906% due 12/15/2015 3,750,000 1,167,187
12.75% due 06/24/2028 2,100,000 1,802,115
------------
4,179,702
GOVERNMENT OF SPAIN - 0.69%
6.00% due 01/31/2008 EUR 2,260,000 2,212,578
6.15% due 01/31/2013 510,000 508,734
------------
2,721,312
</TABLE>
The accompanying notes are an integral part of the financial statements.
167
<PAGE> 172
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
KINGDOM OF SWEDEN - 0.07%
10.25% due 05/05/2003 SEK 2,200,000 $ 281,660
-----------
REPUBLIC OF VENEZUELA - 1.01%
7.437% VR due 03/31/2007 $ 333,343 272,508
7.437% VR due 03/31/2007 1,499,991 1,226,243
13.625% due 08/15/2018 2,675,000 2,491,094
-----------
3,989,845
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $48,034,445) $48,694,570
-----------
CORPORATE BONDS - 21.92%
AEROSPACE - 0.39%
Raytheon Company,
6.15% due 11/01/2008 1,200,000 $ 1,070,484
Sequa Corporation,
9.00% due 08/01/2009 500,000 470,000
-----------
1,540,484
AGRICULTURE - 0.21%
Hines Horticulture, Series B,
11.75% due 10/15/2005 839,000 839,000
-----------
APPAREL & TEXTILES - 0.46%
Collins & Aikman
Floorcovering, 10.00% due 1,250,000 1,215,625
01/15/2007
Levi Strauss & Company,
7.00% due 11/01/2006 250,000 190,000
Westpoint Stevens,
Incorporated, 7.875% due 500,000 417,500
06/15/2005
-----------
1,823,125
AUTO PARTS - 0.09%
Breed Technologies,
Incorporated, 9.25% due
04/15/2008 1,000,000 6,250
Tenneco Automotive,
Incorporated, 11.625% due
10/15/2009 375,000 332,813
-----------
339,063
AUTO SERVICES - 0.26%
Avis Rental A Car,
Incorporated, 11.00% due
05/01/2009 1,000,000 1,040,000
-----------
AUTOMOBILES - 0.61%
DaimlerChrysler NA America
Holding Corporation, 7.75%
due 05/27/2003 2,400,000 2,419,416
-----------
BANKING - 0.50%
Bank Of America,
7.875% due 05/16/2005 1,963,000 1,993,760
-----------
BROADCASTING - 1.22%
A.H. Belo Corporation,
7.25% due 09/15/2027 1,000,000 797,820
Capstar Broadcasting
Partners, 9.25% due 1,000,000 997,500
07/01/2007
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
BROADCASTING - CONTINUED
Century Communications
Corporation, zero coupon
due 01/15/2008 $1,250,000 $ 506,250
Charter Communications
Holdings, Step up to 9.92%
due 04/01/2011 2,000,000 1,150,000
CSC Holdings, Incorporated,
7.625% due 07/15/2018 375,000 339,101
10.50% due 05/15/2016 1,000,000 1,055,000
----------
4,845,671
BUILDING MATERIALS & CONSTRUCTION - 0.39%
Integrated Electrical
Services, 9.375% due 750,000 603,750
02/01/2009
Nortek, Incorporated,
9.875% due 03/01/2004 1,000,000 947,500
----------
1,551,250
BUSINESS SERVICES - 1.47%
CB Richards Ellis Services,
Incorporated, 8.875% due
06/01/2006 1,250,000 1,070,313
Cendant Corporation,
7.75% due 12/01/2003 2,200,000 2,114,860
Jordan Industries,
Incorporated, Series B,
Step up to 11.75% due 2,412,580 1,544,051
04/01/2009
Primark Corporation,
9.25% due 12/15/2008 1,000,000 1,100,000
----------
5,829,224
CHEMICALS - 0.70%
Acetex Corporation,
9.75% due 10/01/2003 500,000 472,500
Borden Chemcials & Plastics
Operating, 9.50% due
05/01/2005 750,000 663,750
Lyondell Chemical Company,
Series B, 9.875% due
05/01/2007 750,000 742,500
PCI Chemicals Canada,
Incorporated, 9.25% due
10/15/2007 875,000 577,500
United Industries
Corporation, Series B,
9.875% due 04/01/2009 500,000 300,000
----------
2,756,250
COAL - 0.06%
PL Coal Holdings Corporation,
Series B, 8.875% due
05/15/2008 250,000 232,500
----------
COSMETICS & TOILETRIES - 0.14%
French Fragrances,
Incorporated, Series D,
10.375% due 05/15/2007 515,000 484,100
Revlon Consumer Products
Corporation, 8.625% due
02/01/2008 125,000 62,500
----------
546,600
</TABLE>
The accompanying notes are an integral part of the financial statements.
168
<PAGE> 173
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
CRUDE PETROLEUM & NATURAL GAS - 0.27%
Frontier Oil Corporation,
Series A, 9.125% due
02/15/2006 $ 1,250,000 $ 1,062,500
-----------
DOMESTIC OIL - 0.19%
Ocean Energy, Incorporated,
Series B, 8.875% due
07/15/2007 750,000 746,250
-----------
DRUGS & HEALTH CARE - 0.62%
Cole National Group,
Incorporated, 8.625% due
08/15/2007 500,000 345,000
Columbia/HCA Healthcare
Corporation, 6.91% due
06/15/2005 695,000 630,713
Fresenius Medical Care
Capital Trust, 9.00% due 750,000 727,500
12/01/2006
Tenet Healthcare Corporation,
144A, 9.25% due 09/01/2010 750,000 755,625
-----------
2,458,838
ELECTRICAL EQUIPMENT - 0.09%
High Voltage Engineering
Corporation, 10.50% due
08/15/2004 500,000 345,000
-----------
ELECTRIC UTILITIES - 0.26%
Calpine Corporation,
8.75% due 07/15/2007 1,000,000 1,011,900
-----------
FINANCIAL SERVICES - 3.04%
Contifinancial Corporation,
8.125% due 04/01/2008 @ 1,000,000 132,500
8.375% due 08/15/2003 @ 580,000 76,850
Donaldson Lufkin & Jenrette,
5.875% due 04/01/2002 1,500,000 1,456,440
DVI, Incorporated,
9.875% due 02/01/2004 500,000 455,000
Foamex Capital Corporation
9.875% due 06/15/2007 1,375,000 1,045,000
Forest City Enterprises,
Incorporated, 8.50% due
03/15/2008 750,000 669,375
Intertek Finance PLC, Series
B, 10.25% due 11/01/2006 1,250,000 1,025,000
Morgan Stanley Dean Witter,
7.75% due 06/15/2005 2,100,000 2,114,511
Nordiska Investeringsbanken,
17.75% due 04/15/2002 PLN 2,160,000 493,371
Paine Webber Group,
Incorporated
6.45% due 12/01/2003 2,200,000 2,095,896
7.625% due 12/01/2009 300,000 282,738
Sprint Capital Corporation,
5.70% due 11/15/2003 2,000,000 1,886,560
TPSA Finance BV,
7.75% due 12/10/2008 325,000 311,155
-----------
12,044,396
FOOD & BEVERAGES - 0.93%
Azurix Corporation, 144A,
10.75% due 02/15/2010 750,000 721,875
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FOOD & BEVERAGES - CONTINUED
Delta Beverage Group,
Incorporated, 9.75% due
12/15/2003 $1,000,000 $ 943,750
Imperial Holly Corporation
9.75% due 12/15/2007 1,000,000 191,250
Kroger Company,
7.65% due 04/15/2007 1,850,000 1,810,114
----------
3,666,989
FOREST PRODUCTS - 0.31%
APP FIN II Mauritius, Ltd.,
Series B, Step up to 12.00%
due 02/15/2004 1,000,000 520,000
Tembec Industries,
Incorporated, 8.625% due 750,000 712,500
06/30/2009
----------
1,232,500
HOTELS & RESTAURANTS - 0.59%
HMH Properties, Incorporated,
Series B, 7.875% due
08/01/2008 1,000,000 897,500
Series C, 8.45% due
12/01/2008 250,000 231,250
Park Place Entertainment
Corporation, 9.375% due
02/15/2007 1,200,000 1,200,000
----------
2,328,750
HOUSEHOLD APPLIANCES - 0.05%
Flooring America,
Incorporated, 9.25% due
10/15/2007 369,000 210,330
----------
INDUSTRIAL MACHINERY - 0.19%
R&B Falcon Corporation,
9.50% due 12/15/2008 750,000 753,750
----------
INDUSTRIALS - 0.54%
Federal Mogul Corporation,
7.375% due 01/15/2006 750,000 551,250
Nebco Evans Holding Company,
Step up to 12.375% due
07/15/2007 @ 1,500,000 11,250
Northwest Airlines,
Incorporated, 7.625% due 03/15/2005 700,000 637,987
RG Receivables, Ltd.,
9.60% due 02/10/2005 1,017,857 875,357
Stellex Industries,
Incorporated, 9.50% due 11/01/2007 @ 1,000,000 95,000
----------
2,170,844
INTERNET CONTENT, SOFTWARE &
INFRASTRUCTURE - 0.13%
Covad Communications Group,
Incorporated, Series B,
12.00% due 02/15/2010 500,000 390,000
PSINet, Incorporated,
11.50% due 11/01/2008 150,000 141,000
-------
531,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
169
<PAGE> 174
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
LEISURE TIME - 0.94%
Derby Cycle/ Lyon Cycle,
10.00% due 05/15/2008 $ 400,000 $ 186,000
Harrahs Operating,
Incorporated, 7.875% due 375,000 352,500
12/15/2005
Horseshoe Gaming LLC, Series
B, 9.375% due 06/15/2007 1,500,000 1,470,000
Mohegan Tribal Gaming
Authority, 8.75% due
01/01/2009 750,000 716,250
Sun International Hotels,
Ltd., 8.625% due 12/15/2007 1,125,000 1,018,125
----------
3,742,875
MANUFACTURING - 0.07%
Indesco International,
Incorporated, 9.75% due
04/15/2008 750,000 277,500
----------
MINING - 0.22%
Murrin Murrin Holdings
Property, 9.375% due
08/31/2007 1,000,000 857,500
----------
PAPER - 0.05%
Repap New Brunswick,
Incorporated, 10.625% due
04/15/2005 205,000 180,400
----------
PETROLEUM SERVICES - 1.37%
Benton Oil & Gas Company,
11.625% due 05/01/2003 1,000,000 645,000
Costilla Energy,
Incorporated, 10.25% due 750,000 330,000
10/01/2006 @
Plains Resources,
Incorporated, Series B,
10.25% due 03/15/2006 500,000 496,250
Union Oil Company California,
7.35% due 06/15/2009 1,750,000 1,694,945
United Refining Company,
Series B, 10.75% due 500,000 300,000
06/15/2007
USX Marathon Group,
7.20% due 02/15/2004 2,000,000 1,970,800
----------
5,436,995
PHOTOGRAPHY - 0.20%
Polaroid Corporation,
11.50% due 02/15/2006 750,000 778,125
----------
PLASTICS - 0.01%
Key Plastics, Incorporated,
Series B, 10.25% due
03/15/2007 500,000 48,750
----------
POLLUTION CONTROL - 0.25%
Loomis Fargo & Company,
10.00% due 01/15/2004 1,000,000 965,000
Safety-Kleen Services,
Incorporated, 9.25% due
06/01/2008 @ 1,000,000 40,000
----------
1,005,000
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
PUBLISHING - 0.16%
Hollinger International,
9.25% due 02/01/2006 $ 625,000 $ 615,625
----------
REAL ESTATE - 0.32%
Radnor Holdings Corporation,
10.00% due 12/01/2003 750,000 671,250
Spieker Properties LP,
7.25% due 05/01/2009 650,000 609,531
----------
1,280,781
RETAIL GROCERY - 0.04%
Vlasic Food International,
Incorporated, Series B,
10.25% due 07/01/2009 375,000 150,000
----------
RETAIL TRADE - 0.37%
Finlay Fine Jewelry
Corporation, 8.375% due 500,000 450,000
05/01/2008
Wal-Mart Stores,
Incorporated, 7.55% due 02/15/2030 1,000,000 1,023,630
----------
1,473,630
SANITARY SERVICES - 0.11%
Allied Waste North America,
Incorporated, 10.00% due
08/01/2009 500,000 422,500
----------
STEEL - 0.11%
Alaska Steel Corporation,
7.875% due 02/15/2009 500,000 443,750
----------
TELECOMMUNICATIONS SERVICES - 2.13%
Adelphia Communications
Corporation, Series B,
9.875% due 03/01/2007 525,000 504,000
10.50% due 07/15/2004 475,000 475,000
Centennial Cellular Operating
Company, 10.75% due
12/15/2008 265,000 258,375
Charter Communication Holding
LLC, 8.625% due 04/01/2009 375,000 331,406
Diamond Cable Communications
PLC, Step up to 11.75% due
12/15/2005 750,000 712,500
ICG Holdings, Incorporated,
Step up to 13.50% due
09/15/2005 1,250,000 1,209,375
International Cabletel,
Incorporated, Series B,
Step up to 11.50% due 02/01/2006 1,500,000 1,380,000
Leap Wireless International,
Incorporated, 12.50% due 04/15/2010 370,000 318,200
Rogers Communications,
Incorporated, 8.875% due
07/15/2007 500,000 490,000
Telewest Communication PLC,
Step up to 11.00% due
10/01/2007 1,500,000 1,428,750
</TABLE>
The accompanying notes are an integral part of the financial statements.
170
<PAGE> 175
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - CONTINUED
United International
Holdings, Incorporated,
10.75% due 02/15/2008 $ 2,000,000 $ 1,340,000
-----------
8,447,606
TELEPHONE - 0.98%
Crown Castle International
Corporation, 10.75% due
08/01/2011 250,000 253,438
GTE Corporation,
6.94% due 04/15/2028 880,000 778,923
Intermedia Communications,
Incorporated, 8.60% due
06/01/2008 250,000 230,000
Series B, Step up to
11.25% due 07/15/2007 750,000 585,000
Nextel Communications,
Incorporated,
Step up to 9.75% due 750,000 562,500
10/31/2007
Step up to 9.95% due 1,000,000 737,500
02/15/2008
Price Communitions Wireless,
Incorporated, Series B,
9.125% due 12/15/2006 750,000 750,000
-----------
3,897,361
TRANSPORTATION - 0.74%
Axiohm Transaction Solutions,
9.75% due 10/01/2007 @ 1,000,000 202,500
Holt Group, Incorporated,
9.75% due 01/15/2006 1,000,000 95,000
Iron, Incorporated,
10.125% due 10/01/2006 750,000 750,000
Navistar International
Corporation, 8.00% due
02/01/2008 550,000 504,625
Teekay Shipping Corporation,
8.32% due 02/01/2008 750,000 697,500
TFM SA De CV,
Step up to 11.75% due
06/15/2009 985,000 674,725
-----------
2,924,350
TRUCKING & FREIGHT - 0.14%
Stena AB,
8.75% due 06/15/2007 625,000 543,750
-----------
TOTAL CORPORATE BONDS
(Cost: $102,312,360) $86,845,888
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS - 11.82%
Commercial Mortgage Asset
Trust, Series 1999-C1,
7.35% due 08/17/2013 8,000,000 $ 7,577,457
Contimortgage Home Equity
Loan Trust, Series 1999-3,
Class B, 144A, 7.00% due
12/25/2029 3,600,000 3,226,392
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS - CONTINUED
DLJ Commercial Mortgage
Corporation, Series
1998-CF2, Class S, 1.066%
due 11/12/2031 $40,890,794 $ 1,975,843
Series 1998-CG1, Class S,
00.892% due 05/10/2023 46,273,477 1,838,445
DLJ Mortgage Acceptance
Corporation, 1.364% due
11/15/2004 89,000,000 4,380,135
First Boston Mortgage
Securities Corporation
Strip, Series D, Class I-O,
Interest Only due 05/25/2017 388,786 102,812
First Union Residential
Securitiation Trust, Series
1998-A, Class B2, REMIC due
08/25/2028 1,089,377 965,395
GE Capital Mortgage Services,
Incorporated, Series
1998-14, Class B1, 6.75%
due 10/25/2028 3,738,683 3,363,992
Green Tree Financial
Corporation, Series 1997-6,
Class A8, 7.07% due
01/15/2029 *** 7,761,143 7,271,182
LB Commercial Conduit
Mortgage Trust, Series
1999-C1, Class A2, 6.78%
due 04/15/2009 4,930,000 4,718,606
PNC Mortgage Securities
Corporation, Series 1998-4,
Class 3B3, 6.75% due
05/25/2028 1,543,488 1,332,447
Series 98-5, Class C,
6.74% due 07/25/2028 2,061,072 1,784,146
Series 1999-1, Class CB2,
6.77% due 03/25/2029 4,126,219 3,711,122
Series 1998-4, Class CB3,
6.838% due 05/25/2028 2,249,961 1,972,361
Series 1999-2, Class DB3,
6.91% due 04/25/2029 2,971,831 2,592,804
-----------
46,813,139
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $49,522,724) $46,813,139
-----------
ASSET BACKED SECURITIES - 3.65%
Airplane Pass Through Trust,
Series 1, Class D, 10.875%
due 03/15/2019 1,481,550 1,203,596
Countrywide Home Loan, Series
MTNH, 6.25% due 04/15/2009 2,500,000 2,181,100
Countrywide Mortgage Backed
Securities, Incorporated,
Series 1994-J, Class B1,
7.75% due 06/25/2024 *** 5,018,196 4,906,641
Mid State Trust VI,
7.34% due 07/01/2035 *** 6,389,418 6,157,802
-----------
14,449,139
</TABLE>
The accompanying notes are an integral part of the financial statements.
171
<PAGE> 176
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
-----
<S> <C>
TOTAL ASSET BACKED SECURITIES
(Cost: $15,387,722) $14,449,139
-----------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 16.01%
Bombardier Capital,
Incorporated, $ 11,569,000 $ 11,559,616
7.30% due 07/05/2000
Duke Energy Field,
6.93% due 07/12/2000 18,500,000 18,460,826
Houston Industries Finance,
6.95% due 07/12/2000 2,000,000 1,995,753
J.B. Hunt Transport Services,
Incorporated, 6.90% due 07/10/2000 7,496,000 7,483,070
Navigator Securities Lending Trust,
6.65% 5,477,685 5,477,685
TRW, Incorporated,
6.75% due 07/14/2000 18,500,000 18,454,906
------------
$ 63,431,856
TOTAL INVESTMENTS(STRATEGIC BOND Trust)
(Cost: $417,202,858) $396,155,676
============
</TABLE>
GLOBAL BOND TRUST
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 8.46%
U.S. TREASURY BONDS - 2.35%
11.25% due 02/15/2015 $ 3,120,000 $ 4,600,534
-----------
U.S. TREASURY NOTES - 6.11%
5.125% due 08/31/2000 **** 290,000 289,591
zero coupon due 07/15/2002 11,764,390 11,683,451
-----------
11,973,042
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $16,545,621) $16,573,576
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 23.92%
FEDERAL NATIONAL MORTGAGE ASSOCIATIONS - 0.22%
7.00% due 07/01/2003 $ 440,959 $ 436,840
-----------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATIONS - 23.70%
6.00% TBA ** 2,590,074 4,854,536
6.50% TBA ** 27,590,000 26,184,566
7.00% TBA ** 10,140,000 9,856,384
7.00% due 04/20/2030 250,000 249,375
7.50% TBA ** 5,300,000 5,261,893
-----------
46,406,754
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $46,723,099) $46,843,594
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FOREIGN GOVERNMENT OBLIGATIONS - 11.74%
AUSTRALIA - 1.93%
6.50% due 06/14/2005 AUD 6,300,000 $ 3,786,365
------------
BRAZIL - 0.58%
FRN 7.375% due 04/15/2006 BRL 1,134,600 1,032,486
7.875% VR due 01/01/2001 $ 98,400 98,523
------------
1,131,009
BULGARIA - 0.60%
FRN 2.75% due 07/28/2012 200,000 147,000
FRN 7.0625% due 07/28/2024 1,290,000 1,031,850
------------
1,178,850
CANADA - 3.01%
6.625% due 10/03/2007 NZD 5,000,000 2,239,952
5.25% due 04/01/2002 CAD 5,500,000 3,662,406
------------
5,902,358
GERMANY - 1.96%
4.50% due 07/04/2009 EUR 110,000 99,672
5.375% due 01/04/2010 1,720,000 1,660,147
6.25% due 01/04/2024 150,000 155,234
6.25% due 01/04/2030 1,800,000 1,920,895
------------
3,835,949
GREECE - 0.16%
6.60% due 01/15/2004 GRD 106,500,000 306,545
------------
ITALY - 0.66%
5.50% due 11/01/2010 EUR 1,360,000 1,298,782
------------
JAPAN - 0.04%
00.90% due 12/22/2008 JPY 6,000,000 52,544
3.00% due 09/20/2005 2,000,000 20,504
------------
73,048
JORDAN - 0.17%
Step to 6.00% due 12/23/2023 $ 500,000 329,007
------------
MEXICO - 1.05%
4.00% due 03/11/2004 JPY 12,000,000 113,096
4.00% due 03/11/2004 22,000,000 211,592
3.10% due 04/24/2002 150,000,000 1,419,349
10.375% due 01/29/2003 DEM 590,000 309,591
------------
2,053,628
NEW ZEALAND - 0.15%
4.50% due 02/15/2016 NZD 600,000 286,056
------------
PANAMA - 0.15%
4.25% VR due 07/17/2014 $ 380,000 302,594
------------
PERU - 0.34%
4.50% due 03/07/2017 $ 1,000,000 667,500
------------
PHILIPPINES - 0.50%
8.00% due 09/17/2004 EUR 500,000 480,214
9.50% due 10/21/2024 $ 200,000 186,000
FRN 7.9375% due 12/01/2009 357,200 319,694
------------
985,908
</TABLE>
The accompanying notes are an integral part of the financial statements.
172
<PAGE> 177
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
POLAND - 0.09%
Step up to 3.50% due 130,000 $ 77,350
10/27/2024
Step up to 4.00% due 150,000 96,757
10/27/2024
---------------
174,107
PORTUGAL - 0.35%
3.95% due 07/15/2009 EUR 800,000 677,685
---------------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $22,551,183) $ 22,989,391
---------------
FOREIGN BONDS - 0.95%
AUSTRALIA - 0.95%
Federal National Mortgage
Association, 6.50% due
07/10/2002 AUD 3,125,000 $ 1,863,948
---------------
TOTAL FOREIGN BONDS
(Cost: $1,863,607) $ 1,863,948
---------------
CORPORATE BONDS - 32.52%
AUSTRALIA - 1.68%
Bankers Trust Australia, FRN,
7.1625% due 06/02/2008 $ 1,400,000 $ 1,388,660
GMAC Australia Finance, Ltd.,
FRN 4.718% due
03/25/2002 EUR 2,000,000 1,909,783
---------------
3,298,443
DENMARK - 1.32%
Realkredit Danmark Mortgage,
5.00% due 10/01/2029 DKK 23,658,000 2,575,963
Unikredit Realkredit
Mortgage, 5.00% due 99,000 10,824
10/01/2029
---------------
2,586,787
FRANCE - 3.83%
Compagine Financiere de CIC et
De I'Union Europeen, FRN,
6.9812% due 10/29/2049 $ 800,000 765,520
Electricite De France,
3.75% due 10/28/2003 EUR 6,800,000 6,191,385
John Hancock Global Fund,
5.375% due 06/18/2009 FRF 4,000,000 546,951
---------------
7,503,856
GERMANY - 0.32%
HypothekenBank In Essen,
4.75% due 08/11/2008 EUR 700,000 622,549
---------------
IRELAND - 0.36%
Allied Irish Banks, FRN,
7.1675% due 09/07/2006 $ 700,000 699,685
---------------
ITALY - 0.78%
Deutsche Bank Finance BV,
zero coupon due 01/20/2032 ITL 18,370,000,000 1,158,912
Tecnost International NV, FRN,
6.368% due 06/23/2004 EUR 390,000 376,857
---------------
1,535,769
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
JAPAN - 1.87%
Industrial Bank of Japan Finance
Company,
2.14% due 11/16/2009 JPY 100,000,000 $ 943,804
Korea Development Bank,
2.70% due 08/16/2002 186,000,000 1,754,386
YTB Finance (Aruba) AEC,
3.50% due 07/18/2012 100,000,000 967,674
------------
3,665,864
SOUTH KOREA - 0.67%
Korea Development Bank,
1.65% due 12/02/2002 139,000,000 1,306,093
------------
NETHERLANDS - 0.77%
Deutsche Bank Finance N V,
FRN 6.84% due 12/17/2003 $ 1,500,000 1,497,900
------------
UNITED KINGDOM - 11.18%
Abbey National Treasury Services,
4.875% due 02/24/2003 EUR 5,500,000 5,195,718
Barclays Bank PLC,
6.50% due 02/16/2004 GBP 4,170,000 6,282,179
Halifax Group Sterling
Finance, 7.881% VR due 1,160,000 1,744,313
01/01/2049
Landesbank Baden-Wuerttemberg,
4.625% due 02/17/2003 EUR 7,250,000 6,817,754
Lloyds TSB Bank PLC,
5.625% due 07/15/2049 1,020,000 884,790
Royal Bank Of Scotland,
6.77% due 03/31/2049 1,000,000 966,396
------------
21,891,150
UNITED STATES - 9.74%
Abbey National Capital,
8.9629% due 12/29/2049 $ 500,000 496,536
DQE Capital Corporation 144A
FRN 6.7812% due 01/15/2002 200,000 199,681
El Paso Energy Corporation,
144A, FRN 5.96% due
07/15/2001 1,530,000 1,529,901
Ford Motor Credit,
1.20% due 02/07/2005 JPY 163,000,000 1,524,385
General Motors Acceptance
Corporation, 4.00% due
02/09/2006 EUR 5,441,000 4,697,149
International Game Technology,
7.875% due 05/15/2004 $ 500,000 480,000
J. P. Morgan & Company,
Incorporated, FRN 6.902%
due 02/15/2012 360,000 315,626
Joseph E Seagram & Sons,
Incorporated, 5.79% due
04/15/2001 1,220,000 1,202,859
KFW International Finance,
Incorporated, 5.75% due
01/15/2008 5,500,000 5,020,125
Kroger Company,
FRN 6.42% due 10/01/2010 800,000 799,840
Oneok, Incorporated,
FRN 6.96% due 04/24/2002 $ 600,000 599,885
Pinto Totta International
Finance, Ltd., Series A
144A, 7.77% VR due 251 231,391
12/31/2049
</TABLE>
The accompanying notes are an integral part of the financial statements.
173
<PAGE> 178
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
UNITED STATES - CONTINUED
Protective Life Fund Trust,
144A, FRN 6.6325% due $ 500,000 $ 499,250
01/17/2003
Sakura Capital Funding,
FRN, 7.70% due 09/29/2049 800,000 777,220
Texas Utilities Company,
FRN, 6.6975% due 09/24/2001 700,000 697,424
-----------
19,071,272
TOTAL CORPORATE BONDS
(Cost: $71,480,238) $63,679,368
-----------
CONVERTIBLE BONDS - 0.37%
FRANCE - 0.13%
AXA SA,
2.50% due 01/01/2014 EUR 234,630 $ 246,741
-----------
GREECE - 0.24%
Hellenic Finance SCA,
2.00% due 07/15/2003 500,000 466,610
-----------
TOTAL CONVERTIBLE BONDS
(Cost: $762,459) $ 713,351
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 8.13%
AUSTRALIA - 0.17% Racers
2000-5-MM-AIG, 144A, FRN,
7.119% due 03/03/2003 338,737 $ 323,327
-----------
ITALY - 0.29%
Island Finance (ICR4) Spa,
Series 1, Class A, 144A,
FRN 4.6929% due 01/15/2015 600,000 572,820
-----------
JAPAN - 0.56%
International Credit Recovery-Japan,
Series 1,
Class A, 144A, FRN
0.4537% due 11/08/2004 JPY 24,230,507 228,364
Class B, 144A, FRN
0.5537% due 11/08/2004 40,000,000 376,985
SHL Corporation, Ltd., Series 1999-1A,
Class A1, 144A, FRN
0.5293% due 10/25/2023 31,972,435 301,376
Class A2, 144A, FRN
0.8293% due 12/25/2024 20,000,000 188,493
-----------
1,095,218
UNITED KINGDOM - 0.30%
Ocwen Mortgage Loans, FRN,
4.9669% due 12/15/2031 EUR 618,570 591,494
-----------
UNITED STATES - 6.81%
CDC Securitization
Corporation, Series
1999-FL1, Class-A, 144A,
7.0987% due 12/14/2001 $ 2,000,000 2,004,275
Crusade Global Trust,
Series 1999-1, Class A2,
5.773% due 05/15/2021 3,900,000 3,909,750
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
UNITED STATES - CONTINUED
Government Lease Trust Series
1999 Class1 144A, 4.00% due
05/18/2011 $ 500,000 $ 367,625
Haus, Ltd.,Series 2000-1A,
Class A2, FRN, 4.542% due
12/10/2037 2,000,000 2,000,000
Restructured Asset
Securities, FRN, 7.1187% 1,700,000 1,700,000
due 03/03/2003
Salomon Brothers Mortgage
Securities VII,
Incorporated,
Series 1999-AQB, Class A1,
5.82% due 11/15/2029 627,601 628,793
Series 1999-LB1, Class A,
6.1137% due 06/25/2029 1,498,105 1,496,966
Sasco Foating Rate Commercial
Mortgage, Series 1999-C3,
Class A, 7.0512% due
11/20/2001 825,884 826,692
Torrens Trust, Series
2000-1GA, Class A, 144A,
6.91% due 07/15/2031 400,000 400,000
-----------
13,334,101
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $15,831,984) $15,916,960
-----------
ASSET BACKED SECURITIES - 2.20%
UNITED STATES - 2.20%
AESOP Funding II LLC, Series
1997-1A, Class A1, 6.22%
due 10/20/2001 533,333 $ 532,747
Amresco Residential
Securities, Series 1999 1,
Certificate Class A, FRN 1,525,274 1,530,154
6.06% due 06/25/2029
United Panam Mortgage Loan
Trust, Series 1999-2, Class
A2, 7.1012% due 09/25/2029 2,245,499 2,242,872
-----------
4,305,773
TOTAL ASSET BACKED SECURITIES
(Cost: $4,303,364) $ 4,305,773
-----------
SUPRANATIONAL OBLIGATIONS - 6.81%
Asian Development Bank,
zero coupon due 08/31/2004 2,600,000 $ 1,951,300
Eurofima,
4.75% due 07/07/2004 SEK 18,500,000 2,003,013
European Investment Bank,
6.00% due 11/26/2004 GBP 1,300,000 1,934,082
Inter-American Development Bank,
5.75% due 04/15/2004 NZD 5,600,000 2,483,002
International Bank for
Reconstruction and
Development (the "World
Bank"), 5.375% due
11/06/2003 11,250,000 4,971,286
-----------
13,342,683
</TABLE>
The accompanying notes are an integral part of the financial statements.
174
<PAGE> 179
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
-----
<S> <C>
TOTAL SUPRANATIONAL OBLIGATIONS
(Cost: $14,888,344) $13,342,683
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 2.62%
American Express Credit Corporation,
6.57% due 07/06/2000 $100,000 $ 99,909
American Telephone & Telegraph
Company, 6.57% due 09/01/2000 100,000 98,868
General Electric Capital Corporation,
6.50% due 07/05/2000 100,000 99,928
6.59% due 07/18/2000 100,000 99,689
Ingersoll Rand Company,
6.75% due 07/13/2000 400,000 399,100
International Paper Company
6.80% due 08/07/2000 500,000 496,505
KFW International Finance,
Incorporated, 6.55% due 09/27/2000 400,000 393,595
Motorola, Incorporated,
6.57% due 09/27/2000 3,300,000 3,247,002
Washington Mutual Finance,
6.85% due 08/30/2000 200,000 197,717
----------
$5,132,313
REPURCHASE AGREEMENTS - 6.74%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 5.50%, to be
repurchased at $801,367 on
07/03/2000, collateralized by
$840,000
U.S. Treasury Notes, 5.375% due
06/30/2003 (valued at $819,913,
including interest). $801,000 $ 801,000
----------
</TABLE>
<TABLE>
<CAPTION>
PUT OPTIONS - 1.63%
NUMBER OF EXPIRATION MONTH/
CONTRACTS STRIKE PRICE VALUE
--------- ------------ -----
<S> <C> <C> <C>
Government of August 2000/
7,770,000 Canada Bonds CAD 125 $1,276,223
United Kingdom August 2000/
2,310,000 Treasury Bonds GBP 111.50 246,171
20 Eurodollar Futures March 2001/
$ 90.75 125
U.S. Treasury August 2000/
4,100,000 Notes $ 105.4375 360,431
U.S. Treasury August 2000/
17,200,000 Notes $ 102.1796875 382,528
U.S. Treasury August 2000/
10,560,000 Notes $ 108.09375 924,422
----------
TOTAL PUT OPTIONS
(Cost: $3,977,174) $3,189,900
----------
</TABLE>
<TABLE>
<CAPTION>
CALL OPTIONS - 0.24%
NUMBER OF EXPIRATION MONTH/
CONTRACTS STRIKE PRICE VALUE
--------- ------------ -----
<S> <C> <C> <C>
CAD Callable/ July 2000/
17,540,000 $ Put CAD 1.409 $ 0
United Kingdom August 2000/
9,220,000 Treasury Bonds GBP 98.44 460,376
$ Callable/Eur July 2000/
11,130,000 Put $ 1.05 319
------------
TOTAL CALL OPTIONS
(Cost: $526,419) $ 460,695
------------
TOTAL INVESTMENTS
(GLOBAL BOND TRUST)
(Cost: $205,386,777) $195,812,552
============
</TABLE>
TOTAL RETURN TRUST
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 5.50%
U.S. TREASURY BONDS - 2.90%
3.875% due 04/15/2029 $624,816 $ 622,279
8.75% due 08/15/2020 6,100,000 7,842,282
10.625% due 08/15/2015 1,200,000 1,709,064
11.25% due 02/15/2015 2,100,000 3,096,513
-----------
13,270,138
U.S. TREASURY NOTES - 2.60%
zero coupon due 07/15/2002 10,475,416 10,403,345
5.125% due 08/31/2000**** 1,470,000 1,467,928
-----------
11,871,273
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $24,767,054) $25,141,411
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 41.06%
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 6.21%
6.00% due 06/15/2014 -
12/31/2099 5,646,476 5,428,384
6.09% due 01/01/2029 10,788,525 10,572,754
7.00% due 12/31/2099 7,800,000 7,537,374
7.50% due 12/20/2029 5,158,215 4,869,117
-----------
28,407,629
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 5.36%
6.00% TBA** 16,600,000 15,191,656
6.255% due 09/01/2013 700,000 642,287
7.00% TBA** 9,000,000 8,689,230
-----------
24,523,173
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 29.49%
6.375% due 05/20/2023 6,440,415 6,452,523
6.50% due 05/20/2030 6,093,398 6,038,191
</TABLE>
The accompanying notes are an integral part of the financial statements.
175
<PAGE> 180
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C> <C>
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - CONTINUED
6.50% TBA ** $36,300,000 $34,450,878
6.75% due 09/20/2021 1,117,397 1,123,162
7.00% TBA ** 63,200,000 61,432,296
7.375% due 02/20/2024 2,260,266 2,265,917
7.50% TBA ** 22,000,000 21,841,820
8.00% TBA ** 1,300,000 1,313,819
-------------
134,918,606
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $188,149,760) $187,849,408
-------------
FOREIGN GOVERNMENT
OBLIGATIONS - 2.65%
FEDERAL REPUBLIC OF BRAZIL -
1.32%
FRN 7.375% due 04/15/2006 $ 4,650,000 $ 4,231,500
7.875% VR due 01/01/2001 1,795,800 1,798,045
-------------
6,029,545
FEDERAL REPUBLIC OF GERMANY -
0.37%
6.25% due 01/04/2024 -
01/04/2030 EUR 1,590,000 1,689,046
-------------
1,689,046
REPUBLIC OF PANAMA - 0.86%
7.875% due 02/13/2002 4,000,000 3,934,000
-------------
REPUBLIC OF POLAND - 0.10%
Step up to 4.00% due
10/27/2024 750,000 483,783
-------------
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS
(Cost: $12,115,401) $ 12,136,374
-------------
CORPORATE BONDS - 26.77%
AUTOMOBILES - 1.05%
Navistar International
Corporation, 7.00% due
02/01/2003 5,000,000 $ 4,775,000
-------------
BANKING - 0.22%
Bank Tokyo Mitsubishi, Ltd.,
8.40% due 04/15/2010 1,000,000 1,009,800
-------------
BUILDING MATERIALS &
CONSTRUCTION - 0.67%
Cemex SA 144A,
9.25% due 06/17/2002 3,000,000 3,048,750
-------------
DRUGS & HEALTH CARE - 0.43%
Tenet Healthcare Corporation,
8.625% due 12/01/2003 2,000,000 1,970,000
-------------
ELECTRIC UTILITIES - 5.67%
Entergy Louisiana,
Incorporated, 8.50% due
06/01/2003 3,000,000 3,042,222
Houston Industries,
Incorporated, 9.375% due
06/01/2001 1,500,000 1,517,835
LG&E Capital Corporation,
6.205% due 05/01/2004 6,000,000 5,803,560
Niagara Mohawk Power
Corporation, Series B,
7.00% due 10/01/2000 1,512,196 1,510,169
System Energy Resources,
Incorporated, 7.80% due
08/01/2000 4,100,000 4,099,959
Texas Utilities Company,
FRN 6.6975% due 09/24/2001 5,000,000 4,981,600
FRN 6.725% due 06/25/2001 5,000,000 4,993,950
-------------
25,949,295
ELECTRONICS - 1.09%
Sierra Pacific Resources,
FRN 6.8925% due 04/20/2003 5,000,000 4,992,075
-------------
FINANCIAL SERVICES - 7.95%
Bear Stearns Companies,
Incorporated, FRN 6.766%
due 08/01/2002 1,900,000 1,910,830
Caterpillar Financial
Services Corporation,
6.875% due 08/01/2004 3,500,000 3,408,300
Ford Credit Canada, Ltd.
144A, FRN 6.28% due
12/16/2002 7,000,000 6,970,796
Household Finance Corporation,
6.125% due 02/27/2003 2,000,000 1,915,500
6.301% due 05/24/2002 3,000,000 3,016,860
Lehman Brothers Holdings,
Incorporated, FRN 6.69% due
04/04/2003 1,900,000 1,897,238
Pemex Finance, Ltd.,
5.72% due 11/15/2003 8,750,000 8,418,725
SB Treasury Company LLC,
9.40%, VR due 12/29/2049 4,000,000 3,846,040
Textron Financial
Corporation, FRN 6.58125%
due 09/17/2002 5,000,000 4,998,915
-------------
36,383,204
INDUSTRIALS - 5.16%
Allied Waste North America,
Incorporated, 7.375% due
01/01/2004 2,000,000 1,805,000
Boise Cascade Corporation,
9.85% due 06/15/2002 6,000,000 6,074,400
Burlington Northern Santa Fe,
6.05% due 03/15/2031 5,885,000 5,840,827
Cox Enterprises,
Incorporated,144A, 6.625%
due 06/14/2002 5,000,000 4,916,750
Ford Motor Credit Company,
7.50% due 03/15/2005 5,000,000 4,975,250
-------------
23,612,227
SANITARY SERVICES - 0.80%
Waste Management,
Incorporated, 6.50% due
05/14/2004 4,000,000 3,671,884
-------------
TELEPHONE - 3.73%
Philippine Long Distance
Telephone Company, 10.50%
due 04/15/2009 2,000,000 1,785,758
</TABLE>
The accompanying notes are an integral part of the financial statements.
176
<PAGE> 181
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C> <C>
TELEPHONE - CONTINUED
Tecnost International NV,
FRN 6.368% due 06/23/2004 EUR 10,000,000 $ 9,663,000
Worldcom, Incorporated,
FRN 7.05% due 11/26/2001 5,600,000 5,601,501
-------------
17,050,259
TOTAL CORPORATE BONDS
(Cost: $124,940,402) $122,462,494
------------
CONVERTIBLE BONDS - 0.00%
ELECTRIC UTILITIES - 0.00%
Alliant Energy Resources,
Incorporated, Step up to
7.25% due 02/15/2030 200 $ 13,709
-------------
TOTAL CONVERTIBLE BONDS
(Cost: $13,550) $ 13,709
-------------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 7.64%
ABN AMRO Mortgage
Corporation, Series 1999-4,
Class IA4, 6.50% due
06/25/2029 5,000,000 $4,525,300
Ameriquest Mortgage
Securities, Incorporated,
Series 2000-1, Class A,
6.781% due 06/15/2030 4,856,206 4,804,536
Series 2000-2, Class A,
6.95% due 07/15/2030 2,800,000 2,801,750
Contimortgage Home Equity
Loan, Series 1999-3, Class
A1, 6.42% due 04/25/2014 2,668,601 2,650,481
GE Capital Mortgage Services,
Incorporated, REMIC, 98 6,
Class 1A6, 6.75% due
03/25/2028 3,350,000 3,119,084
GMAC Commercial Mortgage
Security, Incorporated,
Series 99 C2, Class A,
6.57% due 09/15/2033 5,641,684 5,430,540
Green Tree Financial
Corporation, Series 1999 5,
Class A, 6.97% due
04/01/2031 4,000,000 3,927,480
Residential Funding Mortgage
Securities I, Series
1997-S15, Class A1, 7.00%
due 10/25/2027 1,737,975 1,727,652
Series 1998, Class A6,
6.75% due 03/25/2028 4,335,000 4,037,142
Series 1999 S14, Class IA1,
5.90% due 06/25/2025 1,968,270 1,948,882
-------------
34,972,847
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $36,111,314) $ 34,972,847
-------------
ASSET BACKED SECURITIES - 7.82%
Brazos Student Finance
Corporation,Series 1998-A,
Class A2, FRN 6.897% due
06/01/2023 $5,000,000 $4,947,350
Duck Auto Grantor Trust,
Class A 144A, 5.65% due
03/15/2004 805,044 791,044
FHA 220 NP Reilly 60,
7.43% due 12/01/2023 7,154,777 6,640,528
Irwin Low Balance Home Loan
Trust, 7.0488% due
06/25/2021 3,500,000 3,500,000
Norwest Asset Securities
Corporation, Class A, 6.25%
due 10/25/2029 5,955,389 5,405,111
Team Fleet Financing
Corporation, 6.13% due
10/25/2004 15,000,000 14,509,200
-------------
35,793,233
TOTAL ASSET BACKED SECURITIES
(Cost: $36,369,854) $ 35,793,233
-------------
SUPRANATIONAL OBLIGATIONS -
0.04%
International Bank for
Reconstruction and
Development (the "World
Bank"), 7.25% due 05/27/2003 NZD 400,000 $185,149
-------------
TOTAL SUPRANATIONAL OBLIGATIONS
(Cost: $196,250) $ 185,149
-------------
SHORT TERM INVESTMENTS - 7.53%
Aluminum Company of America,
6.57% due 09/14/2000 $ 1,300,000 $ 1,282,207
American Express Credit
Corporation, 6.55% due
07/10/2000 400,000 399,345
American Telephone & Telegraph
Company,
6.53% due 07/10/2000 300,000 299,510
6.57% due 09/01/2000 3,500,000 3,460,398
Daimler Chrysler NA America
Holding Corporation,
6.57% due 09/20/2000 2,400,000 2,364,522
6.63% due 09/21/2000 500,000 492,449
E.I. Dupont De Nemours &
Company, 6.27% due
07/10/2000 4,200,000 4,193,416
General Motors Acceptance
Corporation,
6.48% due 07/05/2000 3,500,000 3,497,480
6.58% due 09/07/2000 100,000 98,757
General Electric Capital
Corporation,
6.55% due 09/08/2000 -
09/12/2000 1,700,000 1,678,512
6.58% due 09/13/2000 200,000 197,295
6.59% due 07/18/2000 200,000 199,378
6.62% due 07/24/2000 4,000,000 3,983,082
International Paper Company,
6.80% due 08/07/2000 9,100,000 9,010,618
</TABLE>
The accompanying notes are an integral part of the financial statements.
177
<PAGE> 182
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
SHORT TERM INVESTMENTS - CONTINUED
Southwestern Public Service Company,
6.58% due 07/14/2000 $1,600,000 $ 1,596,198
Visteon Corporation,
7.14% due 07/14/2000 1,700,000 1,693,425
------------
$34,446,592
REPURCHASE AGREEMENTS - 0.99%
Repurchase Agreement with State
Street Bank & Trust Company
dated 06/30/2000 at 5.50%, to
be repurchased at $4,517,069
on 07/03/2000, collateralized
by $4,635,000 U.S. Treasury
Notes, 5.75% due 04/30/2003
(valued at $4,606,031,
including interest). $4,515,000 $ 4,515,000
------------
TOTAL INVESTMENTS
(TOTAL RETURN TRUST)
(Cost: $461,625,177) $457,516,217
============
</TABLE>
<TABLE>
<CAPTION>
INVESTMENT QUALITY BOND TRUST
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 0.06%
COMPUTERS & BUSINESS EQUIPMENT - 0.00%
Decisionone Corporation 233 $ 50
---------
INDUSTRIALS - 0.00%
SF Holdings Group,
Incorporated, Class C 62 0
---------
TELEPHONE - 0.06%
Nextlink Communications 181 178,511
---------
TOTAL COMMON STOCKS
(Cost: $227,139) $178,561
---------
PREFERRED STOCK - 0.14%
INDUSTRIALS - 0.03%
SF Holdings Group,
Incorporated 4 $16,900
SF Holdings Group,
Incorporated, Series B 17 71,825
---------
88,725
MINING - 0.07%
Fairfield Manufacturing,
Incorporated 270 230,175
---------
PUBLISHING - 0.04%
Primedia, Incorporated 1,525 131,531
---------
TOTAL PREFERRED STOCK
(Cost: $577,080) $450,431
--------
WARRANTS - 0.01%
COMPUTERS & BUSINESS EQUIPMENT - 0.00%
Decisionone Corporation *,
Class A, (Expiration date
04/18/2007; strike price
$1.00) 137 0
Class B, (Expiration date
04/18/2007; strike price
$1.00) 236 0
Class C, (Expiration date
04/18/2007; strike price
$40.00) 140 0
---------
0
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 0.01%
Concentric Network Corporation *,
(Expiration date 12/15/2007;
strike price $10.86) 40 18,800
---------
TELECOMMUNICATIONS SERVICES - 0.00%
KMC Telecom Holdings, Incorporated *,
(Expiration date 01/31/2000;
strike price $ .21785) 425 1,302
Motient Corporation *,
(Expiration date
04/01/2008; strike price
$12.28) 35 1,404
---------
2,706
TOTAL WARRANTS
(Cost: $0) $ 21,506
---------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 13.87%
U.S. TREASURY BONDS - 12.25%
3.875% due 04/15/2029 $2,081,450 $2,072,999
8.125% due 08/15/2019 -
08/15/2021 9,350,000 11,403,227
8.75% due 05/15/2017 -
08/15/2020 5,300,000 6,725,659
8.875% due 02/15/2019 1,000,000 1,287,030
12.00% due 08/15/2013 13,100,000 17,685,000
-----------
39,173,915
U.S. TREASURY NOTES - 1.62%
4.25% due 01/15/2010 5,087,600 5,160,709
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $46,441,433) $44,334,624
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 17.09%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 3.03%
6.00% due 02/01/2003 -
11/01/2013 5,597,248 $5,311,797
6.30% due 03/15/2023 400,000 388,000
6.50% due 05/01/2029 -
06/01/2029 966,705 913,536
7.50% due 06/01/2010 -
05/01/2028 2,254,749 2,235,246
6.50% due 06/25/2019 853,399 847,263
-----------
9,695,842
</TABLE>
The accompanying notes are an integral part of the financial statements.
178
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 5.68%
5.90% due 10/25/2019 $ 367,289 $ 364,417
6.00% due 02/01/2028 -
11/01/2029 9,703,765 8,884,916
6.18% due 07/01/2008 357,378 334,684
6.27% due 11/01/2007 1,079,269 1,019,295
6.295% due 06/01/2008 195,825 184,701
6.30% due 01/01/2008 307,017 290,239
6.34% due 01/01/2008 283,763 269,103
6.39% due 01/01/2006 142,987 136,982
6.43% due 01/01/2008 311,860 296,951
6.447% due 01/01/2008 1,471,710 1,402,660
6.812% due 10/01/2007 208,395 203,166
6.981% due 06/01/2007 79,325 77,927
7.00% due 06/01/2029 -
04/01/2030 2,999,701 2,895,928
7.024% due 06/01/2007 102,112 100,598
7.04% due 03/01/2007 657,794 647,340
7.085% due 08/01/2003 674,997 666,327
7.28% due 10/01/2006 387,199 385,296
-----------
18,160,530
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 7.98%
6.00% due 08/15/2008 -
12/15/2013 3,917,897 3,758,890
6.50% due 07/15/2008 -
05/15/2029 137,769 133,934
7.00% due 04/15/2023 -
03/15/2029 9,253,814 9,014,622
7.50% due 04/15/2002 -
12/15/2029 11,356,409 11,304,981
8.00% due 06/15/2023 -
10/15/2023 1,282,287 1,299,508
9.50% due 10/15/2009 713 770
-----------
25,512,705
HOUSING URBAN DEVELOPMENT (HUD) -
0.40%
US Department of Housing &
Urban Development, 7.498%
due 08/01/2011 1,275,000 1,291,575
-----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $56,277,136) $54,660,652
-----------
FOREIGN GOVERNMENT OBLIGATIONS -
1.18%
GOVERNMENT OF CANADA - 0.98%
8.625% due 01/19/2005 $ 2,000,000 $2,083,640
8.80% due 04/15/2003 1,000,000 1,040,640
--------------
3,124,280
REPUBLIC OF PHILLIPINES - 0.20%
10.625% due 03/16/2025 769,000 657,495
-----------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $4,109,689) $ 3,781,775
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
CORPORATE BONDS - 45.19%
AEROSPACE - 0.36%
Dunlop Standard Aerospace
Holdings PLC, 11.875% due
05/15/2009 $ 225,000 $ 221,062
Raytheon Company,
6.75% due 08/15/2007 1,000,000 939,530
-----------
1,160,592
AIR TRAVEL - 1.10%
Argo-Tech Corporation,
8.625% due 10/01/2007 10,000 7,000
Continental Airlines,
6.648% due 09/15/2017 880,256 796,332
6.90% due 01/02/2018 1,237,006 1,145,987
SCL Terminal Aereo Santiago
SA, 6.95% due 07/01/2012 1,700,000 1,565,105
-----------
3,514,424
APPAREL & TEXTILES - 0.11%
Bell Sports, Incorporated,
11.00% due 08/15/2008 250,000 248,750
Westpoint Stevens,
Incorporated, 7.875% due
06/15/2008 125,000 99,375
-----------
348,125
AUTO PARTS - 0.08%
Accuride Corporation,
9.25% due 02/01/2008 95,000 80,513
LDM Technologies,
Incorporated, 10.75% due
01/15/2007 215,000 170,925
-----------
251,438
AUTO SERVICES - 0.06%
Delco Remy International,
Incorporated,
8.625% due 12/15/2007 150,000 138,188
10.625% due 08/01/2006 70,000 69,475
-----------
207,663
AUTOMOBILES - 0.59%
Chrysler Corporation,
7.45% due 02/01/2097 2,000,000 1,817,520
Westinghouse Air Brake
Company, 9.375% due
06/15/2005 85,000 82,025
-----------
1,899,545
BANKING - 5.79%
Bank New York, Incorporated,
6.625% due 06/15/2003 1,000,000 978,790
BankAmerica Corporation,
9.625% due 02/13/2001 1,475,000 1,494,942
Citicorp,
7.125% due 06/01/2003 1,000,000 994,290
Credit National,
7.00% due 11/14/2005 1,300,000 1,251,640
Export-Import Bank of Korea,
6.375% due 02/15/2006 610,000 556,180
First Financial Caribbean
Corporation, 7.84% due
10/10/2006 810,000 764,737
</TABLE>
The accompanying notes are an integral part of the financial statements.
179
<PAGE> 184
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
BANKING - CONTINUED
First Republic Bank of San
Francisco, 7.75% due
09/15/2012 $ 825,000 $ 690,752
Grove Worldwide LLC/Cap,
Incorporated, 9.25% due
05/01/2008 120,000 46,500
Korea Development Bank,
7.125% due 09/17/2001 715,000 709,194
Liberty Financial Companies,
Incorporated, 6.75% due
11/15/2008 965,000 853,407
National City Corporation,
6.875% due 05/15/2019 2,250,000 1,936,823
National Westminster Bank
PLC, 9.45% due 05/01/2001 1,000,000 1,018,070
NBD Bancorp,
8.25% due 11/01/2024 2,000,000 2,096,620
Republic New York
Corporation, 9.50% due
04/15/2014 1,000,000 1,101,350
Royal Bank Scotland Group
PLC, 6.40% due 04/01/2009 2,750,000 2,496,808
Sprint Capital Corporation,
6.875% due 11/15/2028 1,745,000 1,516,876
-----------
18,506,979
BROADCASTING - 1.32%
AMSC Acquisition Company,
Incorporated, Series B,
12.25% due 04/01/2008 75,000 58,500
Cablevision SA,
13.75% due 05/01/2009 140,000 127,400
Century Communications
Corporation, zero coupon
due 01/15/2008 700,000 283,500
Classic Cable, Incorporated,
10.50% due 03/01/2010 180,000 166,050
Echostar DBS Corporation,
9.375% due 02/01/2009 400,000 386,000
Granite Broadcasting
Corporation, 8.875% due
05/15/2008 175,000 147,875
Lin Holdings Corporation,
Step up to 10.00% due
03/01/2008 600,000 390,000
USA Networks, Incorporated,
6.75% due 11/15/2005 1,570,000 1,491,814
Viacom, Incorporated,
7.75% due 06/01/2005 1,035,000 1,038,509
Young Broadcasting,
Incorporated, 8.75% due
06/15/2007 150,000 137,250
-----------
4,226,898
BUILDING MATERIALS & CONSTRUCTION -
0.08%
American Standard,
Incorporated, 7.625% due
02/15/2010 70,000 64,050
Toll Corporation,
8.125% due 02/01/2009 200,000 180,000
-----------
244,050
BUSINESS SERVICES - 1.07%
Consumers Packaging,
Incorporated, 9.75% due
02/01/2007 140,000 49,000
Doman Industries, Ltd.,
12.00% due 07/01/2004 200,000 200,000
Dura Operating Corporation,
9.00% due 05/01/2009 150,000 132,375
EOP Operating Limited
Partnership, 6.50% due
01/15/2004 1,795,000 1,713,166
Federal Express Corporation
Trust, 6.72% due 01/15/2022 980,430 891,534
Packaging Corporation
America, 9.625% due
04/01/2009 70,000 69,300
Pierce Leahy Command Company,
8.125% due 05/15/2008 50,000 43,750
RCN Corporation,
Step up to 11.00% due
07/01/2008 325,000 181,187
True Temper Sports,
Incorporated, 10.875% due
12/01/2008 100,000 95,125
Werner Holding Delaware,
Incorporated, 10.00% due
11/15/2007 60,000 57,750
-----------
3,433,187
CHEMICALS - 1.41%
Acetex Corporation,
9.75% due 10/01/2003 250,000 236,250
Arco Chemical Company
9.80% due 02/01/2020 120,000 106,800
Bio-Rad Laboratories,
Incorporated, 11.625% due
02/15/2007 30,000 30,900
Georgia Gulf Corporation,
10.375% due 11/01/2007 40,000 41,600
ICI North America,
Incorporated, 8.875% due
11/15/2006 785,000 811,886
ICI Wilmington, Incorporated,
6.95% due 09/15/2004 2,735,000 2,631,918
Lyondell Chemical Company,
Series B, 9.875% due
05/01/2007 320,000 316,800
Pioneer Americas Acquisition
Corporation, 9.25% due
06/15/2007 55,000 36,300
Sovereign Specialty
Chemicals, 11.875% due
03/15/2010 80,000 82,300
Texas Petrochemicals
Corporation, Series B,
11.125% due 07/01/2006 250,000 212,500
-----------
4,507,254
COAL - 0.07%
PL Coal Holdings Corporation,
Series B, 9.625% due
05/15/2008 250,000 228,750
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
180
<PAGE> 185
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
---------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
CONSTRUCTION MATERIALS - 0.05%
Nortek, Incorporated,
Series B, 8.875% due
08/01/2008 $ 55,000 $ 49,775
9.25% due 03/15/2007 50,000 46,750
Pindo Deli Finance Mauritius,
Ltd., 10.75% due 10/01/2007 100,000 60,000
----------
156,525
CONSTRUCTION & MINING EQUIPMENT
- 0.04%
Webb Delaware Corporation,
10.25% due 02/15/2010 150,000 129,000
----------
CRUDE PETROLEUM & NATURAL GAS -
0.90%
Enron Corporation,
6.75% due 09/01/2004 2,000,000 1,947,824
KN Energy, Incorporated,
6.65% due 03/01/2005 795,000 757,174
Tuboscope Vetco
International,
Incorporated, 7.50% due
02/15/2008 200,000 176,000
----------
2,880,998
DOMESTIC OIL - 0.05%
ICO, Incorporated, Series B
10.375% due 06/01/2007 95,000 91,675
Key Energy Services,
Incorporated, 14.00% due
01/15/2009 50,000 56,250
----------
147,925
DRUGS & HEALTH CARE - 3.01%
Alaris Medical, Incorporated,
9.75% due 12/01/2006 100,000 66,000
Step up to 11.125% due
08/01/2008 275,000 41,938
Allegiance Corporation,
7.00% due 10/15/2026 4,000,000 3,880,360
Beckman Instruments,
Incorporated,
7.10% due 03/04/2003 240,000 229,341
7.45% due 03/04/2008 1,065,000 969,917
Beverly Enterprises,
9.00% due 02/15/2006 170,000 140,250
Columbia/HCA Healthcare
Corporation,
7.00% due 07/01/2007 5,000 4,387
7.25% due 05/20/2008 195,000 171,600
Fisher Scientific
International,
Incorporated, 9.00% due
02/01/2008 190,000 173,850
Healthsouth Corporation,
6.875% due 06/15/2005 1,000,000 867,690
MEDIQ Life Support Services,
11.00% due 06/01/2008 165,000 16,500
Owens & Minor, Incorporated,
10.875% due 06/01/2006 100,000 103,000
Tenet Healthcare Corporation,
7.875% due 01/15/2003 850,000 826,625
Torchmark, Incorporated,
7.875% due 05/15/2023 2,000,000 1,773,960
Triad Hospitals,
11.00% due 05/15/2009 180,000 184,275
Universal Hospital Services,
Incorporated, 10.25% due
03/01/2008 120,000 64,200
Warner Chilcott,
Incorporated, 12.625% due
02/15/2008 100,000 102,625
----------
9,616,518
ELECTRICAL EQUIPMENT - 0.15%
Costilla Energy,
Incorporated, 10.25% due
10/01/2006@ 225,000 100,125
Energy Corporation of
America, Incorporated,
9.50% due 05/15/2007 375,000 253,125
Wesco Distribution,
Incorporated, 9.125% due
06/01/2008 150,000 137,250
----------
490,500
ELECTRIC UTILITIES - 1.86%
Baltimore Gas & Electric
Company, 6.125% due
07/01/2003 1,000,000 966,390
Cinergy Corporation,
6.125% due 04/15/2004 2,000,000 1,859,762
Cleveland Electric
Illuminating Company, 7.19%
due 07/01/2000 1,010,000 1,010,000
L-3 Communications
Corporation, 8.00% due
08/01/2008 160,000 141,200
Northern States Power
Company, 6.375% due
04/01/2003 1,000,000 977,120
Pacific Gas & Electric
Company, 6.25% due
08/01/2003 1,000,000 966,480
Western Resources
Incorporated, 6.875% due
08/01/2004 20,000 17,717
----------
5,938,669
FINANCIAL SERVICES - 10.06%
AAG Holding, Incorporated,
6.875% due 06/01/2008 1,710,000 1,573,337
American Financial Group,
Incorporated, 7.125% due
04/15/2009 340,000 298,540
American General Finance
Corporation, 6.54% due
08/12/2002 1,000,000 983,690
Amerus Capital I,
8.85% due 02/01/2027 1,000,000 877,020
Amvescap PLC,
6.60% due 05/15/2005 2,000,000 1,863,160
Associates Corporation of
North America, 5.75% due
11/01/2003 610,000 579,591
BanPonce Financial
Corporation,
6.75% due 08/09/2001 2,150,000 2,140,347
6.80% due 12/21/2005 260,000 251,053
Beneficial Corporation,
8.40% due 05/15/2008 350,000 360,560
Cigna Corporation,
7.40% due 05/15/2007 1,300,000 1,265,381
7.875% due 05/15/2027 790,000 735,640
</TABLE>
The accompanying notes are an integral part of the financial statements.
181
<PAGE> 186
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - CONTINUED
Commercial Credit Group,
Incorporated, 7.375% due
04/15/2005 $1,000,000 $ 989,700
Dime Capital Trust,
9.33% due 05/06/2027 1,350,000 1,232,793
Donaldson Lufkin & Jenrette,
5.625% due 02/15/2016 1,000,000 983,490
Equitable Life Assured
Society, 7.70% due
12/01/2015 680,000 691,104
Ford Credit Auto Owner Trust,
5.81% due 03/15/2002 373,232 371,597
General Electric Capital
Corporation, 8.88% due
06/18/2003 600,000 628,110
Globalstar LP/Globalstar
Capital, 10.75% due
11/01/2004 250,000 73,750
H.F. Ahmanson & Company,
7.875% due 09/01/2004 525,000 517,519
International Lease Finance
Corporation, 6.00% due
06/15/2003 300,000 288,333
Japan Finance Corporation,
8.70% due 07/30/2001 1,500,000 1,524,315
KFW International Finance,
Incorporated, 9.125% due
05/15/2001 1,000,000 1,017,590
MBNA America Bank,
6.75% due 03/15/2008 700,000 634,487
Private Export Funding
Corporation, 6.62% due
10/01/2005 2,000,000 1,981,240
RBF Finance Company,
11.375% due 03/15/2009 205,000 222,425
Southern Company Capital
Trust I, 8.19% due
02/01/2037 1,000,000 908,400
Sun Canada Financial Company,
6.625% due 12/15/2007 650,000 618,785
7.25% due 12/15/2015 1,500,000 1,480,080
Sunamerica, Incorporated,
8.125% due 04/28/2023 1,000,000 1,025,040
Tembec Finance Corporation,
9.875% due 09/30/2005 100,000 100,000
Toyota Motor Credit
Corporation, 5.625% due
11/13/2003 1,600,000 1,523,616
United States Bancorp Oregon,
7.50% due 06/01/2026 2,774,000 2,757,467
United States West Capital
Funding, Incorporated,
6.25% due 07/15/2005 1,395,000 1,306,906
Western Financial Bank,
8.875% due 08/01/2007 400,000 356,000
------------
32,161,066
FOOD & BEVERAGES - 0.61%
Aurora Foods, Incorporated,
8.75% due 07/01/2008 100,000 56,000
9.875% due 02/15/2007 50,000 29,000
Avecia Group PLC,
11.00% due 07/01/2009 225,000 220,500
Azurix Corporation,
10.75% due 02/15/2010 75,000 72,188
B & G Foods Incications
Corporation, 9.625% due
08/01/2007 200,000 140,000
Chiquita Brands
International,
Incorporated, 10.00% due
06/15/2009 165,000 126,225
Del Monte Foods Company
Step up to 12.50% due
12/15/2007 205,000 152,212
Nash Finch Company,
8.50% due 05/01/2008 250,000 162,500
Seagram, Joseph E & Sons,
Incorporated, 6.625% due
12/15/2005 1,000,000 937,670
Tricon Global Restaurants,
Incorporated, 7.65% due
05/15/2008 75,000 66,965
------------
1,963,260
FOREST PRODUCTS - 0.00%
Tembec Industries,
Incorporated, 8.625% due
06/30/2009 10,000 9,500
------------
FURNITURE & FIXTURES - 0.05%
Mattress Descounters
Corporation, 12.625% due
07/15/2007 150,000 136,500
Sealy Mattress Company,
Step up to 10.875% due
12/15/2007 35,000 24,938
------------
161,438
GAS & PIPELINE UTILITIES - 0.60%
Sonat, Incorporated,
6.875% due 06/01/2005 2,000,000 1,909,140
------------
HOMEBUILDERS - 0.06%
Engle Homes, Incorporated,
9.25% due 02/01/2008 90,000 75,825
Standard Pacific Corporation,
8.50% due 06/15/2007 115,000 102,063
------------
177,888
HOUSEHOLD PRODUCTS - 0.36%
Procter & Gamble-ESOP, Series
A, 9.36% due 01/01/2021 1,000,000 1,152,590
------------
INDUSTRIALS - 1.33%
BWay Corporation,
10.25% due 04/15/2007 75,000 71,063
Conmed Corporation,
9.00% due 03/15/2008 115,000 104,937
Federal Mogul Corporation,
7.50% due 01/15/2009 470,000 329,000
Frontiervision Holdings LP,
Step up to 11.875% due
09/15/2007 125,000 107,500
Gaylord Container
Corporation, 9.375% due
06/15/2007 100,000 78,000
John Q.Hammon Hotels,
8.875% due 02/15/2004 100,000 87,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
182
<PAGE> 187
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
INDUSTRIALS - CONTINUED
Lear Corporation,
7.96% due 05/15/2005 $ 40,000 $ 37,518
8.11% due 05/15/2009 200,000 180,570
News America Holdings,
Incorporated, 9.25% due
02/01/2013 2,645,000 2,858,213
Pierce Leahy Corporation,
9.125% due 07/15/2007 20,000 18,800
Prestolite Electric,
Incorporated, 9.625% due
02/01/2008 165,000 105,600
Roller Bearing Company
America, Incorporated,
9.625% due 06/15/2007 25,000 22,875
SCG Holding Corporation,
12.00% due 08/01/2009 153,000 163,710
Sun Media Corporation,
9.50% due 05/15/2007 100,000 96,000
-----------
4,260,786
INSURANCE - 3.61%
Amerus Life Holdings,
Incorporated, 6.95% due
06/15/2005 715,000 654,241
Everest Reinsurance Holdings,
Incorporated, 8.75% due
03/15/2010 1,500,000 1,506,945
Florida Windstorm
Underwriting Association,
7.125% due 02/25/2019 3,720,000 3,362,099
Jackson National Life
Insurance Company, 8.15%
due 03/15/2027 1,000,000 934,790
Liberty Mutual Insurance
Company,
8.20% due 05/04/2007 550,000 560,780
8.50% due 05/15/2025 700,000 637,504
Lumbermans Mutual Casualty
Company, 9.15% due
07/01/2026 675,000 579,325
Ohio National Life Insurance
Company, 8.50% due
05/15/2026 1,150,000 1,116,512
Security Benefit Life
Company, 8.75% due
05/15/2016 1,350,000 1,323,078
Zurich Reinsurance Centre
Holdings, Incorporated,
7.125% due 10/15/2023 1,000,000 870,210
-----------
11,545,484
INTERNATIONAL OIL - 0.16%
Tosco Trust 2000 E,
Incorporated, 8.58% due
03/01/2010 500,000 501,133
-----------
INTERNET CONTENT, SOFTWARE &
INFRASTRUCTURE - 0.34%
Concentric Network
Corporation, 12.75% due
12/15/2007 300,000 316,500
Covad Communications Group,
Incorporated, 12.50% due
02/15/2009 150,000 120,000
INTERNET CONTENT, SOFTWARE &
INFRASTRUCTURE - CONTINUED
Exodus Communications
Incorporated, 11.625% due
07/15/2010 $200,000 $200,000
PSINet, Incorporated,
10.00% due 02/15/2005 205,000 188,600
11.50% due 11/01/2008 75,000 70,500
Verio, Incorporated,
11.25% due 12/01/2008 175,000 196,437
-----------
1,092,037
INVESTMENT COMPANIES - 0.37%
John Hancock Global Funding,
7.90% due 07/02/2010 1,200,000 1,197,132
-----------
LEISURE TIME - 0.21%
AMC Entertainment, Incorporated,
9.50% due 03/15/2009 -
02/01/2011 425,000 202,500
Aztar Corporation,
8.875% due 05/15/2007 50,000 47,000
Loews Ciniplex Entertainment
Corporation, 8.875% due
08/01/2008 200,000 94,000
Station Casinos,
Incorporated, 8.875% due
12/01/2008 250,000 238,125
Time Warner Telecom LLC,
9.75% due 07/15/2008 100,000 97,000
-----------
678,625
METAL & METAL PRODUCTS - 0.10%
LTV Corporation,
11.75% due 11/15/2009 205,000 172,200
Neenah Corporation,
11.125% due 05/01/2007 180,000 132,300
-----------
304,500
NEWSPAPERS - 0.32%
News America Holdings,
Incorporated, 8.50% due
02/15/2005 1,000,000 1,028,930
-----------
PAPER - 1.21%
Boise Cascade Corporation,
9.90% due 10/01/2001 1,000,000 1,025,150
Boise Cascade Office Products
Company, 7.05% due
05/15/2005 2,700,000 2,563,029
Domtar, Incorporated,
9.50% due 08/01/2016 75,000 77,917
Repap New Brunswick,
Incorporated, 10.625% due
04/15/2005 225,000 198,000
-----------
3,864,096
PETROLEUM SERVICES - 1.25%
Newfield Exploration Company,
7.45% due 10/15/2007 1,045,000 958,599
Petroleos Mexicanos,
8.85% due 09/15/2007 250,000 242,500
Pioneer Natural Resources
Company, 9.625% due
04/01/2010 20,000 20,600
</TABLE>
The accompanying notes are an integral part of the financial statements.
183
<PAGE> 188
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
PETROLEUM SERVICES - CONTINUED
Plains Resources,
Incorporated, 10.25% due
03/15/2006 $ 100,000 $ 100,750
Series B, 10.25% due
03/15/2006 175,000 173,688
Ultramar Corporation,
8.00% due 03/15/2005 1,000,000 995,550
YPF Sociedad Anonima,
10.00% due 11/02/2028 1,400,000 1,503,740
-----------
3,995,427
PUBLISHING - 0.26%
Scholastic Corporation,
7.00% due 12/15/2003 530,000 516,501
Sullivan Graphics,
Incorporated, 12.75% due
08/01/2005 300,000 304,500
-----------
821,001
RETAIL GROCERY - 0.04%
Stater Brothers Holdings,
Incorporated, 10.75% due
08/15/2006 150,000 132,000
-----------
RETAIL TRADE - 0.06%
Duane Reade, Incorporated,
9.25% due 02/15/2008 200,000 180,750
-----------
SANITARY SERVICES - 0.51%
Allied Waste North America,
Incorporated, 7.625% due
01/01/2006 105,000 91,350
USA Waste Services,
Incorporated, Step up to
6.125% due 07/15/2001 1,500,000 1,448,580
Waste Management,
Incorporated, 6.875% due
05/15/2009 100,000 87,614
-----------
1,627,544
SEMICONDUCTORS - 0.08%
Advanced Micro Devices,
Incorporated, 11.00% due
08/01/2003 95,000 97,375
Fairchild Semiconductor
Corporation,
10.125% due 03/15/2007 100,000 100,750
10.375% due 10/01/2007 65,000 66,138
-----------
264,263
STEEL - 0.11%
Alaska Steel Corporation,
7.875% due 02/15/2009 180,000 159,750
Algoma Steel, Incorporated,
12.375% due 07/15/2005 100,000 87,000
Weirton Steel Corporation,
11.375% due 07/01/2004 100,000 98,000
-----------
344,750
TELECOMMUNICATIONS SERVICES - 1.85%
Alaska Communications
Holdings, 9.375% due
05/15/2009 100,000 92,250
American Media Operations,
Incorporated, 10.25% due
05/01/2009 100,000 97,000
BTI Telecom Corporation,
10.50% due 09/15/2007 175,000 133,438
Charter Communication Holding
LLC, 8.625% due 04/01/2009 425,000 375,594
Crown Castle International
Corporation, Step up to
10.625% due 11/15/2007 175,000 127,750
Deutsche Telekom
International Finance BV,
7.75% due 06/15/2005 500,000 499,130
8.25% due 06/15/2030 500,000 499,655
Frontiervision LP/Capital,
Series B, Step up to
11.875% due 09/15/2007 90,000 77,850
GCI, Incorporated,
9.75% due 08/01/2007 550,000 506,687
GST Telecommunications,
Incorporated, 12.75% due
11/15/2007 210,000 25,200
GT Group Telecom,
Incorporated, Series A,
Step up to 13.25% due
02/01/2010 150,000 83,250
Insight Midwest LP,
9.75% due 10/01/2009 85,000 83,300
ITC Deltacom, Incorporated,
9.75% due 11/15/2008 130,000 123,500
KMC Telecom Holdings,
Incorporated, Step up to
12.50% due 02/15/2008 500,000 235,000
Level 3 Communications,
Incorporated, 11.25% due
03/15/2010 125,000 123,125
McleodUSA, Incorporated,
8.375% due 03/15/2008 30,000 27,300
9.50% due 11/01/2008 180,000 174,600
NTL Communications
Corporation, Series B, Step
up to 12.375% due 10/01/2008 425,000 278,375
Rogers Cantel, Incorporated,
9.375% due 06/01/2008 100,000 103,000
RSL Communivations PLC,
12.00% due 11/01/2008 250,000 185,000
Satelites Mexicanos SA De CV,
10.125% due 11/01/2004 125,000 83,750
Tele-Communications,
Incorporated,
9.25% due 04/15/2002 1,500,000 1,555,215
9.65% due 10/01/2003 426,000 441,016
-----------
5,930,985
TELEPHONE - 2.67%
Alestra SA,
12.125% due 05/15/2006 250,000 230,000
Allbritton Communications
Company, 8.875% due
02/01/2008 205,000 187,575
Bellsouth Savings, ESOT,
9.19% due 07/01/2003 450,905 466,930
</TABLE>
The accompanying notes are an integral part of the financial statements.
184
<PAGE> 189
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<S> <C> <C>
TELEPHONE - CONTINUED
Benedek Communications
Corporation, Step up to
13.25% due 05/15/2006 $ 235,000 $ 183,300
Comcast Cable Communications,
8.50% due 05/01/2027 1,100,000 1,105,346
Compania De
Telecomunicaciones, 8.375%
due 01/01/2006 1,000,000 987,225
Compania De
Telocomunicaciones, 7.625%
due 07/15/2006 1,000,000 963,750
E Spire Communications,
Incorporated, Step up to
10.625% due 07/01/2008 75,000 24,000
GTE Corporation,
8.75% due 11/01/2021 1,000,000 1,075,730
Hyperion Telecommunications,
Incorporated, Series B,
Step up to 13.00% due
04/15/2003 175,000 161,000
Intermedia Communications,
Incorporated,
8.875% due 11/01/2007 250,000 235,000
Step up to 12.25% due
03/01/2009 165,000 101,063
McleodUSA, Incorporated,
8.125% due 02/15/2009 70,000 63,000
Nextel Communications,
Incorporated, Step up to
9.75% due 10/31/2007 755,000 566,250
Nextlink Communications,
Step up to 9.45% due
04/15/2008 400,000 250,000
Telecommunications Techniques
Company, 9.75% due
05/15/2008 225,000 202,500
Viatel, Incorporated,
11.25% due 04/15/2008 225,000 166,500
World Common, Incorporated
7.55% due 04/01/2004 1,575,000 1,562,510
-----------
8,531,679
TOYS, AMUSEMENTS & SPORTING GOODS - 0.02%
Hollywood Casino Corporation,
11.25% due 05/01/2007 50,000 50,750
------------
TRANSPORTATION - 0.85%
Honda Auto Lease Trust,
6.65% due 07/15/2005 2,000,000 1,985,920
Iron Mountain, Incorporated,
8.75% due 09/30/2009 100,000 92,000
K & F Industry, Incorporated,
9.25% due 10/15/2007 175,000 165,375
Southern Railway Company,
8.75% due 10/15/2003 470,000 483,940
------------
2,727,235
TOTAL CORPORATE BONDS
(Cost: $154,812,382) $144,503,029
------------
MUNICIPAL BONDS - 3.32%
ALABAMA - 0.30.%
Huntsville Alabama Solid
Waste Disposal, 5.95% due
10/01/2003 1,000,000 965,580
------------
ARIZONA - 0.30%
Phoenix Arizona Civic
Improvement Corporation,
6.30% due 07/01/2008 1,010,000 947,269
------------
CALIFORNIA - 1.04%
Los Angeles County California
Pension,
8.49% due 06/30/2004 500,000 521,725
8.62% due 06/30/2006 1,500,000 1,599,315
Southern California Public
Power Authority Project,
6.93% due 05/15/2017 1,300,000 1,208,480
------------
3,329,520
FLORIDA - 0.34%
Miami Beach Florida
Redevelopment Agency Tax,
8.95% due 12/01/2022 1,000,000 1,095,470
------------
MARYLAND - 0.22%
Baltimore Maryland,
6.375% due 10/15/2002 705,000 695,144
------------
MICHIGAN - 0.39%
Detroit Michigan Downtown
Development Authority,
6.20% due 07/01/2008 1,335,000 1,244,100
------------
PENNSYLVANIA - 0.58%
Philidelphia Pennsylvania
Authority, 5.59% due
04/15/2005 2,000,000 1,871,200
------------
SOUTH CAROLINA - 0.15%
South Carolina Public Service
Authority, 6.97% due
01/01/2005 475,000 469,965
-------------
TOTAL MUNICIPAL BONDS
(Cost: $11,411,729) $ 10,618,248
------------
COLLATERALIZED MORTGAGE OBLIGATIONS
- 2.12%
Asset Securitization
Corporation, 6.66% due
02/14/2041 2,110,000 $ 2,044,383
Chase Commercial Mortgage
Securities Corporation,
6.39% due 11/18/2008 2,500,000 2,336,563
Credit Suisse First Boston,
6.52% due 07/17/2007 530,000 510,132
First Union-Lehman Brothers
Commercial Mortgage, 6.60% due
05/18/2007 1,950,000 1,885,222
------------
6,776,300
</TABLE>
The accompanying notes are an integral part of the financial statements.
185
<PAGE> 190
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
-----
<S> <C>
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $7,148,745) $6,776,300
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
ASSET BACKED SECURITIES - 1.26%
AESOP Funding II LLC, Series 1998-1,
Class A, 6.14% due 05/20/2006 $ 600,000 $ 568,464
Series 1997-1A, Class A2, 6.40%
due 10/20/2003 1,000,000 984,080
Series 1997-1A, Class A1, 6.22%
due 10/20/2001 1,066,667 1,065,494
Carco Auto Loan Master Trust, Series
1997 1, Class A, 6.689% due
08/15/2004 509,472 507,577
Discover Card Master Trust 1, Series
97 2, Class A, 6.792% due
04/16/2010 927,208 907,690
-------------
4,033,305
$1,148,000
TOTAL ASSET BACKED SECURITIES
(Cost: $4,137,602) $ 4,033,305
-------------
SHORT TERM INVESTMENTS - 15.40%
Navigator Securities Lending
Trust, 6.65% $49,255,186 $49,255,186
-------------
REPURCHASE AGREEMENTS - 0.36%
Repurchase Agreement with Dillion
Read dated 06/30/2000 at 6.59%,
to be repurchased at $1,148,630 on
07/03/2000, collateralized by
$1,164,000
U.S. Treasury Bonds, 6.125% due
11/15/2027 (valued at $1,174,06,
including interest) $1,148,000 $1,148,000
-------------
TOTAL INVESTMENTS (INVESTMENT QUALITY
BOND TRUST) (Cost: $335,546,106) $319,761,617
=============
</TABLE>
<TABLE>
<CAPTION>
DIVERSIFIED BOND TRUST
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 16.42%
U.S. TREASURY BONDS - 2.63%
Principal Strip, zero coupon
due 08/15/2025 $ 6,600,000 $ 1,468,038
5.25% due 02/15/2029 1,000,000 887,500
7.875% due 02/15/2021 3,000,000 3,570,000
------------
5,925,538
U.S. TREASURY NOTES - 13.79%
5.25% due 08/15/2003 125,000 121,171
5.625% due 02/15/2006 -
05/15/2008 6,500,000 6,290,998
6.25% due 02/15/2003 -
02/15/2007 18,250,000 18,218,350
6.375% due 08/15/2002 6,000,000 5,994,360
7.50% due 11/15/2001 500,000 506,330
------------
31,131,209
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $38,034,962) $37,056,747
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS
- 33.94%
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 19.09%
5.125% due 02/13/2004 $ 7,000,000 $ 6,570,130
5.25% due 01/15/2009 3,000,000 2,644,230
5.875% due 04/23/2004 3,000,000 2,861,250
6.00% due 05/15/2008 -
05/01/2029 10,879,291 10,156,077
6.25% due 05/15/2029 7,500,000 6,744,150
6.50% due 06/01/2014 -
06/01/2029 11,782,937 11,166,675
7.50% due 10/01/2010 -
09/01/2029 2,973,948 2,953,771
-----------
43,096,283
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 14.85%
6.00% due 05/15/2029 -
06/15/2029 4,331,359 3,989,495
6.50% due 05/15/2029 -
07/15/2029 16,008,292 15,192,829
7.00% due 04/15/2029 -
10/15/2029 3,511,343 3,412,569
8.00% due 10/15/2026 -
04/15/2030 10,795,453 10,912,325
-----------
33,507,218
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $78,923,132) $76,603,501
-----------
CORPORATE BONDS - 28.67%
AUTO SERVICES - 0.33%
Hertz Corporation
7.625% due 08/15/2007 750,000 $ 741,285
-----------
BANKING - 0.98%
Bank Of America
7.875% due 05/16/2005 750,000 761,753
Bank One Corporation
5.625% due 02/17/2004 750,000 699,675
Capital One Bank
8.25% due 06/15/2005 750,000 746,055
-----------
2,207,483
BROADCASTING - 1.96%
Acme Television LLC
Step up to 10.875% due
09/30/2004 500,000 477,500
British Sky Broadcasting
Group, 8.20% due 07/15/2009 1,750,000 1,637,020
CBS, Incorporated
7.15% due 05/20/2005 1,250,000 1,222,937
Cox Radio, Incorporated
6.375% due 05/15/2005 1,000,000 944,370
</TABLE>
The accompanying notes are an integral part of the financial statements.
186
<PAGE> 191
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
BROADCASTING - CONTINUED
Radio One, Incorporated
7.00% due 05/15/2004 $ 125,000 $ 135,000
-----------
4,416,827
BUSINESS SERVICES - 0.81%
Williams Holdings,
Incorporated, 6.50% due
12/01/2008 2,000,000 1,829,640
-----------
COMPUTERS & BUSINESS EQUIPMENT - 0.34%
Zilog, Incorporated
9.50% due 03/01/2005 900,000 778,500
-----------
CONSTRUCTION & MINING EQUIPMENT - 0.37%
McDermott, Incorporated
9.375% due 03/15/2002 1,125,000 828,495
-----------
CONTAINERS & GLASS - 0.29%
Graham Packaging Company/GPC
Capital Company, 8.75% due
01/15/2008 750,000 652,500
-----------
DOMESTIC OIL - 0.03%
Clark Refining & Marketing,
Incorporated, 8.375% due
11/15/2007 75,000 58,875
-----------
ELECTRIC UTILITIES - 0.63%
Michigan Consolidated Gas
Company, 6.45%, VR due
06/30/2008 due 06/30/2008 750,000 702,167
Waste Management,
Incorporated, 6.625% due
07/15/2002 750,000 718,837
-----------
1,421,004
FINANCIAL SERVICES - 6.64%
Associates Corporation of
North America,
5.75% due 11/01/2003 2,000,000 1,900,300
5.80% due 04/20/2004 750,000 702,480
Chase Manhattan Corporation,
6.375% due 04/01/2008 750,000 693,518
Conseco, Incorporated,
8.75% due 02/09/2004 750,000 513,750
Ford Motor Credit Company,
5.80% due 01/12/2009 2,000,000 1,739,980
6.70% due 07/16/2004 750,000 726,645
7.375% due 10/28/2009 1,000,000 967,270
General Motors Acceptance
Corporation, 6.85% due
06/17/2004 750,000 731,992
Goldman Sachs Group,
Incorporated, 6.65% due
05/15/2009 750,000 688,515
Household Finance Corporation,
6.40% due 06/17/2008 3,000,000 2,721,930
7.20% due 07/15/2006 750,000 725,947
Lehman Brothers Holdings,
Incorporated, 6.625% due
02/05/2006 750,000 700,793
Pegasus Aviation Lease
Securitization, 8.37% due
03/25/2030 750,000 756,075
Triton Aviation Finance
7.42% due 05/15/2005 750,000 750,000
United States West Capital
Funding, Incorporated,
6.375% due 07/15/2008 750,000 680,625
-----------
14,999,820
FOOD & BEVERAGES - 1.44%
ConAgra, Incorporated
9.75% due 03/01/2021 750,000 835,191
Nabisco, Incorporated
6.375% due 02/01/2035 750,000 670,568
7.55% due 06/15/2015 2,000,000 1,748,824
-----------
3,254,583
GAS & PIPELINE UTILITIES - 0.33%
TransCanada Pipelines, Ltd.
7.15% due 06/15/2006 750,000 734,852
-----------
HOTELS & RESTAURANTS - 0.30%
Mirage Resorts, Incorporated
6.625% due 02/01/2005 750,000 684,855
-----------
HOUSEHOLD APPLIANCES - 0.32%
Philips Electronics NV
7.20% due 06/01/2026 750,000 712,958
-----------
HOUSEHOLD PRODUCTS - 0.71%
Home Products International,
Incorporated, 9.625% due
05/15/2008 750,000 622,500
Salton, Incorporated
10.75% due 12/15/2005 1,000,000 985,000
-----------
1,607,500
INDUSTRIALS - 2.23%
Fox/Liberty Networks LLC
8.875% due 08/15/2007 750,000 746,250
Honeywell International,
Incorporated, 7.50% due
03/01/2010 750,000 749,632
Norsk Hydro AS
7.15% due 11/15/2025 750,000 673,808
Time Warner, Incorporated
7.25% due 10/15/2017 2,000,000 1,844,340
8.18% due 08/15/2007 1,000,000 1,019,690
-----------
5,033,720
LEISURE TIME - 0.67%
Hasbro, Incorporated
8.50% due 03/15/2006 750,000 763,363
The Walt Disney Company
7.30% due 02/08/2005 750,000 755,722
-----------
1,519,085
MINING - 0.15%
Freeport McMoran Copper &
Gold, 7.20% due 11/15/2026 500,000 335,000
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
187
<PAGE> 192
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
PAPER - 0.31%
Fort James Corporation,
6.875% due 09/15/2007 $ 750,000 $ 710,078
------------
SANITARY SERVICES - 1.46%
Allied Waste North America,
Incorporated, 10.00% due
08/01/2009 1,125,000 950,625
WMX Technologies, Incorporated
6.375% due 12/01/2003 750,000 694,282
6.70% due 05/01/2001 250,000 245,495
7.10% due 08/01/2026 1,500,000 1,411,830
------------
3,302,232
TELECOMMUNICATIONS SERVICES - 3.79%
Dobson Communications Corporation,
10.875% due 07/01/2010 1,250,000 1,253,125
Nextel Communications,
Incorporated,
9.375% due 11/15/2009 1,000,000 955,000
12.00% due 11/01/2008 2,250,000 2,390,625
Nextel Partners,
Incorporated, 11.00% due
03/15/2010 1,000,000 990,000
Omnipoint Corporation
11.50% due 09/15/2009 250,000 272,500
11.625% due 08/15/2006 2,250,000 2,407,500
Spectrasite Holdings,
Incorporated, Step up to
11.25% due 04/15/2009 500,000 290,000
------------
8,558,750
TELEPHONE - 4.58%
Allegiance Telecom,
Incorporated, 12.875% due
05/15/2008 750,000 811,875
Crown Castle International
Corporation,
10.75% due 08/01/2011 750,000 760,312
Step up to 10.375% due
05/15/2011 1,500,000 915,000
GTE Corporation,
7.90% due 02/01/2027 750,000 702,630
Liberty Media Corporation,
7.875% due 07/15/2009 1,750,000 1,674,033
Nextlink Communications,
Incorporated, 10.50% due
12/01/2009 1,500,000 1,470,000
SBA Communications
Corporation, Step up to
12.00% due 03/01/2008 300,000 210,000
Vodafone Airtouch PLC,
7.625% due 02/15/2005 1,500,000 1,501,095
7.875% due 02/15/2030 750,000 736,410
Voicestream Wireless
Corporation, 10.375% due
11/15/2009 1,500,000 1,552,500
------------
10,333,855
TOTAL CORPORATE BONDS
(Cost: $67,383,677) $ 64,721,897
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 2.29%
Bombardier Capital Mortgage
Securities Corporation,
7.575% due 06/15/2030 750,000 748,402
Deutsche Mortgage & Asset
Recreation Corporation,
6.22% due 09/15/2007 859,880 826,105
DLJ Mortgage Acceptance
Corporation, 6.85% due
12/17/2027 750,000 740,577
GMAC Commercial Mortgage
Security, Incorporated,
6.869% due 08/15/2007 750,000 726,078
Merrill Lynch Mortgage Investments,
Incorporated, Series 1995-C2,
Class A1, 6.985% due 06/15/2021 1,410,394 1,395,745
Series 1997-C1, Class A3,
7.12% due 06/18/2029 750,000 736,185
------------
5,173,092
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $5,156,099) $ 5,173,092
------------
ASSET BACKED SECURITIES - 1.81%
Citibank Credit Card Master
Trust I, 5.50% due
02/15/2006 750,000 $ 708,750
EQCC Home Equity Loan Trust,
7.067% due 11/25/2024 750,000 716,482
Government Lease Trust,
6.18% due 05/18/2005 2,000,000 1,933,820
Sears Credit Account Master
Trust II, 5.65% due
03/15/2009 750,000 715,778
------------
4,074,830
TOTAL ASSET BACKED SECURITIES
(Cost: $4,241,107) $ 4,074,830
------------
SHORT TERM INVESTMENTS - 14.86%
Navigator Securities Lending Trust,
6.65% $33,552,660 $33,552,660
REPURCHASE AGREEMENTS - 2.01%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 5.50%, to be
repurchased at $4,543,081 on
07/03/2000, collateralized by
$4,605,000 U.S. Treasury Notes,
6.50% due 05/31/2002 (valued
at $4,633,781, including
interest) $4,541,000 $ 4,541,000
------------
TOTAL INVESTMENTS (DIVERSIFIED BOND
TRUST) (Cost: $231,832,546) $225,723,666
============
</TABLE>
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES TRUST
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 8.39%
U.S. TREASURY BONDS - 1.21%
5.25% due 11/15/2028 *** $2,000,000 $1,770,940
</TABLE>
The accompanying notes are an integral part of the financial statements.
188
<PAGE> 193
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY BONDS - CONTINUED
6.375% due 08/15/2027 *** $ 2,100,000 $ 2,162,664
6.625% due 02/15/2027 *** 500,000 530,860
------------
4,464,464
U.S. TREASURY NOTES - 7.18%
5.25% due 05/31/2001 *** 1,500,000 1,483,830
5.875% due 11/15/2004 16,000,000 15,767,520
6.50% due 02/15/2010 9,000,000 9,307,980
------------
26,559,330
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $31,027,918) $ 31,023,794
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS
- 63.90%
FEDERAL HOME LOAN BANK - 2.07%
5.80% due 09/02/2008 *** 8,350,000 7,665,049
------------
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 13.21%
6.00% due 10/01/2010 -
11/01/2028 *** 11,225,269 10,306,718
6.50% TBA ** 6,980,000 6,587,375
6.50% due 07/01/2006 -
12/01/2010 *** 2,247,531 2,196,578
7.00% due 12/01/2004 -
04/15/2021 *** 20,452,911 20,187,821
7.50% due 05/01/2007 1,699,339 1,702,380
8.25% due 07/01/2006 65,932 66,472
9.00% due 10/01/2017 -
11/01/2020 *** 3,773,099 3,865,679
9.50% due 08/01/2020 1,009,288 1,049,660
10.00% due 05/01/2005 *** 248,499 254,491
10.50% due 06/01/2020 *** 2,035,985 2,178,503
11.75% due 10/01/2009 -
12/01/2013 78,282 84,917
12.00% due 07/01/2020 294,179 324,332
------------
48,804,926
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 43.26%
6.00% TBA ** 6,950,000 6,359,250
6.00% due 12/01/2028 7,655,952 7,014,766
6.50% TBA ** 14,800,000 13,953,588
6.50% due 12/01/2003 -
06/01/2029 *** 22,337,224 21,167,701
6.527% due 05/25/2030 *** 9,500,000 8,941,518
7.00% TBA ** 14,000,000 13,514,340
7.00% due 07/01/2022 -
01/01/2030 *** 31,482,183 30,422,690
7.368% due 01/17/2013 2,953,082 2,990,083
7.50% TBA ** 26,000,000 25,626,120
8.00% TBA** 7,240,000 7,269,394
8.00% due 08/01/2004 -
10/01/2024 5,836 5,862
8.25% due 09/01/2008 117,123 118,711
8.50% due 02/01/2009 25,951 26,558
8.75% due 08/01/2009 -
10/01/2011 1,096,603 1,120,632
9.00% due 05/01/2021 -
05/01/2027 524,574 540,193
10.00% due 04/01/2016 -
09/01/2020 4,781,413 5,083,355
10.50% due 03/01/2016 559 562
11.50% due 09/15/2013 -
09/01/2019 903,507 987,328
11.75% due 12/01/2015 56,230 61,765
12.00% due 01/01/2013 -
04/20/2016 2,324,464 2,557,645
12.50% due 01/01/2013 -
09/20/2015 1,374,896 1,520,758
13.00% due 11/15/2015 789,731 887,207
13.50% due 11/15/2014 393,020 448,966
14.50% due 11/15/2014 289,365 331,051
REMIC due 01/17/2003 1,201,680 1,199,261
REMIC due 12/28/2028 *** 8,095,143 7,705,252
------------
159,854,556
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 5.36%
7.50% due 02/15/2007 -
12/15/2027 14,140,880 14,049,759
8.00% due 10/15/2005 5,947 6,025
9.00% due 12/20/2019 5,492,965 5,659,921
9.50% due 09/15/2020 84,429 88,729
11.00% due 09/15/2015 9,696 10,580
------------
19,815,014
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $242,447,986) $236,139,545
------------
SHORT TERM INVESTMENTS - 19.44%
Boral, Ltd.,
6.80% due 07/12/2000 18,000,000 $ 17,962,600
Duke Energy Field,
6.93% due 07/12/2000 18,000,000 17,961,885
Houston Industries Finance,
6.95% due 07/12/2000 18,000,000 17,961,775
Imperial Tobacco Finance PLC
6.85% due 07/11/2000 18,000,000 17,965,750
------------
$ 71,852,010
REPURCHASE AGREEMENTS - 8.27%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 6.40%, to be
repurchased at $30,566,293 on
07/03/2000, collateralized by
$27,920,000 U.S. Treasury Bonds,
6.875% due 08/15/2025 (valued at
$31,165,700, including interest $30,550,000 $ 30,550,000
------------
TOTAL INVESTMENTS (U.S. GOVERNMENT
SECURITIES TRUST) (Cost: $375,877,914) $369,565,349
===================
MONEY MARKET TRUST
PRINCIPAL
AMOUNT VALUE
U.S. GOVERNMENT AGENCY OBLIGATIONS - 47.08%
FEDERAL FARM CREDIT BANK - 3.29%
6.42% due 08/08/2000 29,495,000 $29,295,122
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
189
<PAGE> 194
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
FEDERAL HOME LOAN BANK - 16.56%
6.40% due 08/11/2000 -
08/23/2000 $125,000,000 $123,982,222
6.42% due 07/26/2000 23,399,000 23,294,680
------------
147,276,902
FEDERAL HOME LOAN MORTGAGE CORPORATION - 15.97%
6.04% due 07/06/2000 30,000,000 29,974,833
6.42% due 08/15/2000 50,000,000 49,598,750
6.46% due 08/31/2000 63,100,000 62,409,301
------------
141,982,884
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 6.25%
6.445% due 09/07/2000 35,000,000 34,573,914
6.46% due 07/13/2000 21,000,000 20,954,780
------------
55,528,694
STUDENT LOAN MARKETING ASSOCIATION - 5.01%
6.094% due 07/04/2000 15,000,000 15,000,000
6.284% due 07/04/2000 29,500,000 29,500,000
------------
44,500,000
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $418,583,602) $418,583,602
------------
FOREIGN GOVERNMENT OBLIGATIONS - 2.24%
GOVERNMENT OF CANADA - 2.24%
6.48% due 07/19/2000 20,000,000 $ 19,935,200
------------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $19,935,200) $ 19,935,200
------------
COMMERCIAL PAPER - 46.11%
APPAREL & TEXTILES - 2.81%
NIKE, Incorporated,
6.55% due 07/05/2000 $ 25,000,000 $ 24,981,806
------------
AUTO SERVICES - 2.68%
PACCAR Financial Corporation
6.49% due 07/07/2000 12,000,000 11,987,020
6.57% due 09/21/2000 12,000,000 11,820,420
------------
23,807,440
BUSINESS SERVICES - 3.68%
United Parcel Service of
America, Incorporated,
6.47% due 08/11/2000 33,000,000 32,756,836
------------
CHEMICALS - 2.79%
E.I. Dupont De Nemours &
Company,
6.51% due 07/18/2000 15,000,000 14,953,887
6.53% due 08/23/2000 10,000,000 9,903,864
------------
24,857,751
COMPUTERS & BUSINESS EQUIPMENT -
2.80%
Lucent Technologies,
Incorporated, 6.54% due
07/21/2000 $ 25,000,000 $ 24,909,167
------------
DRUGS & HEALTH CARE - 6.73%
Abbott Laboratories,
6.54% due 07/11/2000 30,000,000 29,945,500
Pfizer, Incorporated,
6.48% due 07/17/2000 30,000,000 29,913,600
------------
59,859,100
ELECTRIC UTILITIES - 6.18%
Emerson Electric Company,
6.50% due 07/06/2000 25,000,000 24,977,430
General Electric Capital
Corporation, 6.60% due
07/12/2000 30,000,000 29,939,500
------------
54,916,930
FINANCIAL SERVICES - 7.30%
Goldman Sachs Group LP
6.54% due 07/10/2000 15,000,000 14,975,475
6.57% due 07/05/2000 25,000,000 24,981,750
J. P. Morgan & Company,
Incorporated, 6.50% due
07/17/2000 25,000,000 24,927,778
------------
64,885,003
FOOD & BEVERAGES - 3.91%
H.J. Heinz Company,
6.54% due 08/08/2000 35,000,000 34,758,383
------------
LEISURE TIME - 1.67%
The Walt Disney Company,
6.45% due 08/28/2000 15,000,000 14,844,125
------------
LIQUOR - 2.76%
Anheuser-Busch, Incorporated,
6.58% due 10/16/2000 25,000,000 24,511,069
------------
TELEPHONE - 2.80%
BellSouth Capital Funding
Corporation, 6.50% due 07/26/2000 25,000,000 24,887,153
------------
TOTAL COMMERCIAL PAPER
(Cost: $409,974,763) $409,974,763
------------
REPURCHASE AGREEMENTS - 4.57%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 6.35% to be repurchase
at $40,649,499 on 07/03/2000,
collateralized by $40,880,000 U.S.
Treasury Notes, 6.625% due
04/30/2002 (valued at $41,442,100,
including interest). $ 40,628,000 $ 40,628,000
------------
TOTAL INVESTMENTS (MONEY MARKET TRUST)
(Cost: $889,121,565) $889,121,565
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
190
<PAGE> 195
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED)
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
SMALL CAP INDEX TRUST
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 7.02%
United States Treasury Bills
5.50% due 09/14/2000 **** $ 100,000 $ 98,844
5.645% due 09/14/2000 **** 20,000 19,765
5.70% due 09/07/2000 **** 2,100,000 2,077,390
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $2,195,999) $ 2,195,999
-----------
SHORT TERM INVESTMENTS - 73.35%
Federal Farm Credit Bank
6.42% due 08/08/2000 $3,000,000 $2,979,670
Federal Home Loan Bank
6.52% due 08/01/2000 3,500,000 3,465,136
Federal Home Loan Mortgage
Corporation, 6.41% due
08/01/2000 5,000,000 4,972,401
Federal National Mortgage
Association, 6.535% due
08/24/2000 7,500,000 7,426,481
E.I. Dupont De Nemours &
Company, 6.54% due
07/20/2000 1,000,000 996,549
General Electric Capital
Corporation, 6.60% due
07/24/2000 1,000,000 995,783
Nike, Incorporated,
6.65% due 07/14/2000 1,103,000 1,100,351
United Parcel Service of
America, Incorporated, 6.41%
due 07/19/2000 1,000,000 996,795
-----------
22,933,166
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
REPURCHASE AGREEMENTS - 19.63%
Repurchase Agreement with
State Street Bank & Trust Company
dated 06/30/2000 at 6.35%, to be
repurchased at $6,139,247 on
07/03/2000, collateralized by
$4,930,000 U.S. Treasury Bonds,
8.75% due 05/15/2017 (valued at
$6,261,100, including interest) $ 6,136,000 $ 6,136,000
-----------
TOTAL INVESTMENTS (SMALL CAP INDEX
TRUST) (Cost: $31,265,165) $31,265,165
===========
</TABLE>
INTERNATIONAL INDEX TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 96.75%
AUSTRALIA - 2.34%
Amcor, Ltd. 2,942 $ 10,277
AMP Diversified Property Trust 1,997 2,783
AMP, Ltd. 5,124 52,095
Austrailia Gas & Light 1,592 9,473
Boral, Ltd. New 2,671 3,355
Brambles Industries, Ltd. 1,074 32,973
British America Tobacco
Australasia, Ltd.-AUD 708 4,446
Broken Hill Proprietary 8,336 98,461
Company
Coca Cola Amatil 4,836 9,400
Coles Myer, Ltd. 5,454 20,921
Commonwealth Bank of Australia 5,356 88,695
Computershare, Ltd. 1,431 7,351
CSL, Ltd. 623 12,308
CSR, Ltd. 4,878 13,536
David Jones, Ltd. 1,849 1,373
Delta Gold, Ltd. 1,020 757
F.H. Faulding & Company, Ltd. 759 3,715
Fosters Brewing Group 8,147 22,900
Futuris Corporation, Ltd. 2,729 2,987
General Property Tst 7,232 11,635
Goodman Fielder, Ltd. 5,993 4,444
Iluka Resources 1,048 2,997
James Hardie Industries, Ltd. 1,914 5,024
Leighton Holdings 1,235 3,974
Lend Lease Corporation 2,406 30,660
Mayne Nickless, Ltd. 1,631 3,346
MIM Holdings, Ltd. 8,079 4,348
National Australia Bank, Ltd. 7,028 117,258
Newcrest Mining * 1,139 3,065
News Corporation, Ltd. 9,561 131,513
Normandy Mining, Ltd. 8,179 4,402
North, Ltd. 3,583 8,464
Orica, Ltd. 1,292 5,855
Pacific Dunlop, Ltd. 4,837 4,310
Paperlink 1,208 2,290
QBE Insurance Group, Ltd. 1,962 9,589
Rio Tinto, Ltd.-AUD 1,454 24,017
Santos, Ltd. 2,852 8,682
Smith Howard 924 4,509
Sons Of Gwalia, Ltd. 542 1,702
Southcorp, Ltd. 2,939 8,472
Stockland Trust Gp 2,018 4,254
Suncorp Metway 1,520 7,838
TABCORP Holdings, Ltd. 1,743 10,007
Telstra Corporation 36,310 147,229
Wesfarmers, Ltd. 1,274 10,134
Westfield Trust 7,794 15,107
Westpac Banking Corporation, 8,626 62,163
Ltd.
WMC, Ltd. 5,409 24,174
Woolworths, Ltd. 5,395 19,891
-----------
1,099,159
AUSTRIA - 0.20%
AMS Austria Mikros 14 1,203
Austria Tabak 104 3,852
Austrian Airlines 160 2,314
Bank Austria AG 548 26,693
Bau Holdings AG 21 880
BBAG Oest Brau Beteiligungs 42 1,904
Bohler Uddeholm AG 52 1,820
BWT AG 8 2,815
Flughafen Wien AG 99 3,525
Generali Holding Vien 36 5,791
Lenzing AG 17 1,006
Mayr Melnhof Karto 56 2,649
Oesterreichische Elektrizitaets AG 145 14,881
</TABLE>
The accompanying notes are an integral part of the financial statements.
191
<PAGE> 196
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
AUSTRIA - CONTINUED
OMV AG 127 $11,034
RHI AG 94 2,292
VA Technologie AG 71 3,740
Wienerberger Baustoffindustrie AG 327 7,427
-----------
93,826
BELGIUM - 0.76%
Barco NV 58 6,506
Bekaert SA 106 5,475
C.M.B. SA 42 2,205
Colruyt SA 187 7,923
Delhaize-Le Lion SA 245 14,654
Electrabel 256 63,276
Fortis B 3,453 100,480
Glaverbel 33 2,458
GPE Bruxelles Lam 115 28,710
KBC Bancassurance Holding NV 1,398 61,528
SA D'Ieteren Trading 26 6,578
Solvay 396 26,653
UCB SA 687 25,238
Union Miniere 121 4,389
-----------
356,073
BERMUDA - 0.00%
Brierley Investment, Ltd. 12,900 1,997
-----------
DENMARK - 0.72%
Bang & Olufsen Holding 100 3,403
Carlsberg A/S-A 200 5,886
Carlsberg A/S-B 100 3,032
D/S 1912 4 42,479
D/S Svendborg 3 44,334
Danisco A/S 300 10,018
Den Danske Bank 200 24,054
Falck 100 16,045
FLS Industries 200 3,071
ISS International 200 15,226
Navision Software 100 4,158
Novo Nordisk AS, Series B 400 68,068
Ostasiatiske Kompa 100 1,484
SAS Danmark A/S 200 1,676
Tele Danmark AS 1,000 67,300
Topdanmark AS 200 3,276
Vestas Wind Systems 300 11,016
William Demant Holdings 500 14,778
-----------
339,304
FINLAND - 3.07%
Amer Group 100 2,750
Asko Oyj 200 3,771
Finnlines 100 2,167
Instrumentarium 100 2,387
Kemira Oy 600 2,921
Kesko 400 4,067
Kone Corporation 100 6,015
Metra Oyi-A Shares 100 1,909
Metra Oyi-B Shares 200 3,446
Nokia AB Oyj 22,700 1,158,352
Outokumpu Oyj 600 5,728
Oyj Hartwall ABP 300 6,015
Pohjola Insurance Group, Series B 100 3,534
Pohjola Yhtyma Oyj 100 3,486
Raison Yhtyma Oyj 800 1,581
FINLAND - 3.07%
Rautaruukki Oy 700 3,308
Sampo Corporation 300 12,172
Sonera Group PLC 3,500 159,554
Stockmann AB- A Shares 100 1,575
Stockmann AB-B Shares 100 1,523
Tieto Corporation 400 13,347
UPM-Kymmene Oyj 1,300 32,269
Valmet Rauma 600 7,218
-----------
1,439,095
FRANCE - 11.13%
Accor 877 35,944
Air Liquide 429 55,947
Alcatel 5,237 343,484
AXA-UAP 1,770 278,820
Banque Nationale de Paris 2,117 203,727
BIC 260 12,734
Bouygues 153 102,248
Canal Plus 591 99,304
Cap Gemini SA 483 85,077
Carrefour 3,270 223,526
Casino Guich Perrachon SA 381 35,283
Chargeurs 30 1,718
Club Mediterranee 73 9,889
Coflexip 85 10,306
Compagnie de Staint-Gobain 410 55,426
CPR SA * 55 2,022
CSF Thomson 789 31,079
Danone 714 94,750
Dassault Systemes 532 49,622
Erid Beghin Say 125 12,244
Essilor International 50 14,330
Eurafrance 20 9,576
France Telecom, ADS 4,820 673,682
Groupe GTM 72 6,736
Grp Le Fin De Cons 91 9,739
Imerys 76 8,823
L'Oreal SA * 318 275,360
Lafarge 494 38,390
Lagardere S.C.A. 577 44,069
LVMH Moet Hennessy * 461 190,087
Michelin (CGDE)-B 634 20,344
Nord Est 62 1,494
Pechiney 384 16,021
Pernod-Ricard SA 265 14,421
Peugeot SA 214 42,945
Pinault-Printemps-Redoute 561 124,631
Publicis 42 16,480
Rhone Poulenc SA 3,659 267,059
Sagem SA 50 58,619
Sanofi Synthelabo 3,439 163,832
Schneider Electric SA 759 52,897
SEB SA 73 4,272
Sidel 159 12,895
Simco 90 6,573
Societe Generale 1,956 117,646
Sodexho Alliance SA 158 28,660
STMicroelectronics NV 4,074 256,704
Suez Lyonn Eaux 934 163,625
Technip 74 8,951
TOTAL Fina SA, B Shares 3,493 535,564
Unibail SA 69 9,552
Usinor 1,144 13,958
</TABLE>
The accompanying notes are an integral part of the financial statements.
192
<PAGE> 197
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FRANCE - CONTINUED
Valeo 390 $20,851
Vivendi 2,811 248,105
Zodiac 24 4,883
-----------
5,224,924
GERMANY - 7.83%
Adidas-Salomon AG 200 11,063
Agiv AG 200 2,121
Allianz AG Holding 1,150 413,142
BASF AG 2,900 116,559
Bayer AG 3,450 134,647
Bayerische Hypo-Und
Vereinsbank AG 1,950 125,960
Beiersdorf AG 400 34,369
Bilfinger& Berger
Bauaktiengesellschaft AG 150 1,972
Buderus AG 300 4,769
Continental AG 600 10,082
Daimlerchrysler AG 4,700 245,130
Deutsche Bank AG 2,900 238,656
Deutsche Lufthansa AG 1,800 41,604
Deutsche Telekom AG 14,200 810,693
Deutz AG * 300 1,389
Douglas Holding AG 150 4,339
Dresdner Bank AG 2,450 100,812
Dyckerhoff AG 150 3,795
EM TV Merchandising 550 32,398
FAG Kugelfischer 300 2,263
Fresenius Medical 400 31,895
Gehe AG 350 11,528
Heidelberg Zement 300 18,502
Hochtief AG 350 10,659
Holsten Brau AG 50 868
Iwka AG 100 1,575
Kamps AG 200 6,396
Karstadt Quelle AG 550 14,335
Linde AG 550 22,106
MAN AG 500 15,113
Man AG-Vorzugsaktien 200 4,124
Merck & Company, Incorporated 800 25,586
Metro AG 1,250 44,143
Metro AG-Vorzugsaktien 100 2,329
Preussag AG 800 25,853
Rheinmetall AG 100 1,270
RWE AG 2,200 74,562
RWE AG-Non Voting Preferred 400 10,865
Salamander AG 100 1,194
SAP AG 1,500 245,339
Schering AG 900 49,320
SGL Carbon AG * 100 6,650
Siemens AG 2,800 422,359
Thyssen Krupp AG 2,400 39,066
VEBA AG 3,650 175,975
Volkswagen AG 1,450 54,944
WCM Beteilgungs & Grundbesi 850 19,955
-----------
3,672,274
HONG KONG - 1.95%
ASM Pacific Technology, Ltd. 2,000 7,491
Bank of East Asia 6,600 15,409
Cable & Wireless HKT, Ltd. 57,200 126,206
Cathay Pacific Airways 16,000 29,555
CLP Holdings, Ltd. 10,000 46,565
Giordano International 4,000 6,080
Hang Lung Development Company 6,000 4,656
Hang Seng Bank, Ltd. 9,000 85,145
Henderson Land Development 4,000 17,600
Hong Kong & China Gas
Company, Ltd. 24,000 27,093
Hong Kong & Shang Hot 5,500 3,193
Hopewell Holdings 4,000 1,668
Hutchison Whampoa, Ltd. 19,800 248,913
Hysan Development Company, Ltd. 5,000 5,227
Johnson Electric Holdings 4,500 42,717
Li & Fung 2,000 10,006
New World Development Company 10,000 11,096
Oriental Press Group * 10,000 1,603
Pacific Century * 20,000 39,510
Shangri La Asia, Ltd. 10,000 11,738
Sino Land Company 16,000 5,696
South China Morning Post, Ltd. 8,000 6,209
Sun Hung Kai Properties, Ltd. 11,000 79,020
Swire Pacific, Ltd. 7,500 43,968
Television Broadcast 2,000 13,341
Vatitronix International, Ltd. 1,000 1,738
Wharf Holdings 12,000 21,474
-----------
912,917
IRELAND - 0.34%
Allied Irish Banks 4,100 36,716
Bord Telecom Eirea 10,400 27,801
CRH PLC 1,800 32,565
DCC PLC 400 3,565
Fyffes PLC 1,400 1,446
Greencore Group 900 2,436
Independent News & Media 1,200 4,359
Irish Continental 100 843
Irish Permanent 1,400 11,848
Jurys Doyle Hotel 300 1,801
Kerry Group 800 10,228
Ryanair Holdings * 1,600 11,749
Smurfit Jefferson 5,100 8,681
Tullow Oil * 1,300 1,082
Waterford Wedgewood 3,500 3,748
-----------
158,868
ITALY - 4.31%
Alitalia Linee * 7,000 14,435
Arnoldo Mondadori Editore SPA 500 11,409
Assicurazioni Generali 5,900 202,215
Autogrill SPA 1,000 10,664
Banca di Roma 25,000 30,694
Banca Intesa S.p.A 4,000 9,471
Banca Intesa SPA 22,000 98,506
Banca Pop Di Milano 1,500 10,812
Benetton Group SPA 7,500 15,681
Bulgari SPA 1,000 13,366
Burgo Cartiere SPA 500 4,797
Enel SPA 34,221 151,592
ENI SPA, ADR 37,500 216,598
Fiat SPA 2,000 51,897
Impregilo SPA 5,000 2,845
Italcementi SPA 1,040 9,780
Italcementi SPA-RNC 520 1,747
Italgas SPA 3,000 13,261
La Rinascente SPA 1,000 5,671
</TABLE>
The accompanying notes are an integral part of the financial statements.
193
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MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ITALY - CONTINUED
La Rinascente SPA-RNC 500 $1,747
Magneti Marelli 2,500 13,032
Marzotto & Figli 250 2,041
Mediaset SPA 5,500 84,014
Mediobanca SPA 2,750 28,355
Olivetti SPA 22,500 81,842
Parmalat Finanz 7,500 10,583
Pirelli SPA 9,000 23,672
RAS SPA 3,300 36,231
Reno De Medici SPA 1,000 2,024
San Paolo IMI SPA 6,500 115,361
Sirti SPA 1,000 1,666
Snia SPA 5,000 4,983
Societa Assicuratrice Industriale 250 4,427
Societa Assicuratrice Industriale-RNC 125 967
Telecom Italia Mobile SPA-RNC 7,500 37,734
Telecom Italia Mobile SPA 31,000 316,674
Telecom Italia SPA 17,500 240,584
Telecom Italia SPA-RNC 4,000 26,541
Uncredito Italiano SPA 24,000 114,793
-----------
2,022,712
JAPAN - 26.44%
Acom Company 700 58,847
Advantest 500 111,446
Ajinomoto Company, Incorporated 3,000 38,452
Alps Electric Company 1,000 18,567
Amada Company, Ltd. 2,000 16,964
Aoyama Trading Company 300 4,326
Arabian Oil Company 300 1,018
Asahi Bank 13,000 54,644
Asahi Breweries 2,000 23,920
Asahi Chemical Industries 7,000 49,479
Asahi Glass Company 6,000 67,009
Asatsu Dk 200 8,199
Ashikaga Bank 3,000 6,220
Autobacs Seven Company 200 6,654
Bank of Tokyo-Mitsubishi, Ltd. 22,000 265,605
Bank of Yokohama 5,000 22,383
Benesse Corporation 500 34,635
Bridgestone Corporation 4,000 84,633
Brother Industries 1,000 2,856
Canon, Incorporated 4,000 199,048
Casio Computer Company 1,000 11,215
Central Japan Railway 10 56,548
Chichibu Onoda Cement 4,000 8,369
Chiyoda Corporatio 1,000 1,037
Chugai Pharmaceutical Company 1,000 18,896
Chuo Trust & Banking 4,000 17,417
Citizen Watch Company 1,000 9,651
Cosmo Oil Company 3,000 5,513
Credit Saison Company 800 18,548
CSK Corporation 400 12,365
Dai Nippon Printing 4,000 70,458
Daicel Chem Inds 2,000 6,446
Daiei, Incorporated 3,000 11,253
Daifuku Company 1,000 11,083
Daiichi Pharmaceutical Company 1,000 25,352
Daikin Industries 1,000 23,232
Daikyo, Incorporated 1,000 2,611
Daimaru, Incorporated 1,000 3,506
Dainippon Ink & Chemicals,
Incorporated 4,000 18,812
Dainippon Screen 1,000 9,509
Daito Trust Const 600 9,896
Daiwa Bank 10,000 25,918
Daiwa House Industry Company, Ltd. 2,000 14,589
Daiwa Securities Company, Ltd. 6,000 79,167
Denki Kagaku Kogyo 2,000 8,859
Denso Corporation 4,000 97,262
East Japan Railway 19 110,306
Ebara Corporation 1,000 13,543
Eisai Company 1,000 32,044
Fanuc, Ltd. 1,100 111,861
Fuji Bank 16,000 121,540
Fuji Photo Film Company 2,000 81,806
Fuji S Ware ABC 200 11,856
Fujikura 2,000 13,289
Fujita Corporation 2,000 980
Fujitsu, Ltd. 9,000 311,295
Furukawa Electric Company, Ltd. 3,000 62,627
Gunma Bank 2,000 10,311
Hankyu Department Stores 1,000 5,334
Haseko Corporation * 2,000 773
Hirose Electric 200 31,120
Hitachi Zosen Corporation * 5,000 4,524
Hitachi, Ltd. 16,000 230,715
Hokuriku Bank * 3,000 6,955
Honda Motor Company 4,000 136,092
House Food Corporation 1,000 15,456
Hoya Corporation 1,000 89,534
Inax Corporation 1,000 6,154
Isetan Company, Ltd. 1,000 12,252
Ishihara Sangyo * 1,000 1,678
Ishikawajima Har * 6,000 10,857
Ito-Yokado Company, Ltd. 2,000 120,258
Itochu Corporation * 7,000 35,295
Iwatani International Corporation 1,000 1,828
Jaccs Company 1,000 3,195
Japan Air Lines Company 8,000 30,385
Japan Energy Corporation * 5,000 5,372
Japan Steel Works * 2,000 2,695
Japan Tobacco, Incorporated 9 78,969
JGC Corporation 1,000 4,034
Jusco Company 2,000 37,887
Kadokawa Shoten Publishing 100 10,084
Kajima Corporation 5,000 15,928
Kamigumi Company 1,000 5,268
Kanebo * 2,000 6,183
Kaneka Corporation 2,000 22,035
Kansai Electric Power Company 4,600 82,285
Kao Corporation 3,000 91,607
Kawasaki Heavy Ind * 7,000 10,688
Kawasaki Kisen 3,000 6,022
Kawasaki Steel Corporation 15,000 21,488
Keihin Electric Express Railway
Company 2,000 7,521
Kikkoman Corporation 1,000 7,700
Kinden Corporation 1,000 6,277
Kinki Nippon Railway 8,000 32,421
Kirin Brewery Company, Ltd. 5,000 62,438
Kokuyo Company 1,000 16,389
Komatsu 5,000 35,154
Konami Company 500 31,572
Konica Corporation 2,000 16,964
Koyo Seiko Company 1,000 8,680
Kubota Corporation 7,000 25,399
</TABLE>
The accompanying notes are an integral part of the financial statements.
194
<PAGE> 199
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
JAPAN - CONTINUED
Kumagai Gumi Company * 3,000 $1,810
Kuraray Company 2,000 22,921
Kurita Water Industries 1,000 22,006
Kyocera Corporation 900 152,594
Kyowa Exeo Corporation 1,000 10,037
Kyowa Hakko Kogyo 2,000 19,547
Makita Corporation 1,000 9,528
Marubeni Corporation * 7,000 24,080
Marui Company, Ltd. 2,000 38,264
Matsushita Electric
Industrial Company, Ltd. 10,000 259,177
Meiji Milk Product 1,000 5,372
Meiji Seika Kaisha 2,000 13,232
Meitec Corporation 200 7,917
Minebea Company 2,000 25,069
Mitsubishi Chemical 10,000 40,997
Mitsubishi Corporation 7,000 63,268
Mitsubishi Electric 10,000 108,195
Corporation
Mitsubishi Estate Company, Ltd. 6,000 70,572
Mitsubishi Gas Chm 2,000 6,691
Mitsubishi Heavy Industries, Ltd. 16,000 70,873
Mitsubishi Logistc 1,000 9,048
Mitsubishi Materl 5,000 20,451
Mitsubishi Paper 2,000 4,637
Mitsubishi Rayon Company, Ltd. 3,000 9,132
Mitsubishi Trust & Banking 6,000 46,539
Mitsui & Company, Ltd. 7,000 53,438
Mitsui Energy & Shiping * 4,000 3,808
Mitsui Fudosan Company 4,000 43,353
Mitsui Marine and Fire
Insurance Company, Ltd. 4,000 19,226
Mitsui Mining & Sm 2,000 15,174
Murata Manufacturing Company, Ltd. 1,000 143,443
Mycal Corporation 1,000 3,421
NEC Corporation 8,000 251,072
NGK Insulators, Ltd. 2,000 24,768
NGK Spark Plug Company 1,000 15,466
Nichiei Company * 300 4,920
Nichirei Corporation 1,000 4,260
Nidec Corporation 300 26,012
Nikon Corporation 2,000 74,078
Nintendo Company 700 122,181
Nippon Comsys Corporation 1,000 21,253
Nippon Express Company 5,000 30,677
Nippon Light Metal 3,000 2,969
Nippon Meat Packer 1,000 14,608
Nippon Mitsub Oil 7,000 32,063
Nippon Paper Inds 4,000 27,294
Nippon Sharyo 1,000 2,092
Nippon Sheet Glass 2,000 27,784
Nippon Shinpan Company 1,000 2,441
Nippon Shokubai Company 1,000 6,371
Nippon Steel Corporation 32,000 67,254
Nippon Suisan 1,000 1,828
Nippon Telegraph & Telephone
Corporation 59 784,035
Nippon Yusen KK 6,000 28,839
Nishimatsu Const 1,000 3,939
Nissan Motor Company * 19,000 111,917
Nisshin Flour Mill 1,000 9,990
Nisshinbo Ind, Incorporated 1,000 5,278
Nissin Food Products 600 15,268
Nitto Boseki Company 1,000 1,744
Nitto Denko Corporation 1,000 38,547
NOF Corporation 1,000 2,922
Nomura Securities Company, Ltd. 9,000 220,112
Noritake Company 1,000 5,570
NSK, Ltd. 3,000 26,295
Ntn Corporation 2,000 8,539
Obayashi Corporation 4,000 17,681
Oji Paper Company 5,000 34,400
Okuma Corporation 1,000 4,373
Okumura Corporation 1,000 3,619
Olympus Optical Company 1,000 17,916
Omron Corporation 1,000 27,143
Onward Kashiyama Company, Ltd. 1,000 13,571
Orient Corporation * 2,000 11,253
Oriental Land Company, Ltd. 500 51,034
Orix Corporation 400 58,998
Osaka Gas Company 12,000 34,494
Penta Ocean Const 2,000 3,035
Pioneer Electronic 1,000 38,924
Promise Company, Ltd. 600 47,387
Renown, Incorporated * 1,000 1,461
Rohm Company 500 146,082
Sakura Bank 19,000 131,257
Sanden Corporation 1,000 7,766
Sankyo Company 2,000 45,144
Sanwa Shutter Corporation 1,000 3,242
Sanyo Electric Company 9,000 80,920
Sapporo Breweries 2,000 8,162
Secom Company, Ltd. 1,000 73,041
SEGA Enterprises * 600 9,217
Seino Transportn 1,000 5,033
Seiyu, Ltd. * 1,000 4,241
Sekisui Chemical Company, Ltd. 3,000 11,536
Sekisui House 3,000 27,737
Sharp Corporation 5,000 88,356
Shimachu Company 200 4,241
Shimamura Company 200 23,354
Shimano, Incorporated 700 16,823
Shimizu Corporation 4,000 11,423
Shin-Etsu Chemical Company, Ltd. 2,000 101,409
Shionogi & Company 2,000 37,981
Shiseido Company 2,000 30,913
Shizuoka Bank 4,000 33,929
Sho Bond Corporation 100 1,487
Showa Denko Kk * 5,000 7,351
Showa Shell Sekiyu 1,000 4,938
Skylark Company 1,000 39,489
Smc Corporation 300 56,406
Snow Brand Milk 2,000 10,744
SOFTBANK CORP 1,500 203,572
Sony Corporation 4,200 391,876
Sumitomo Bank, Ltd. 15,000 183,780
Sumitomo Chemical 8,000 48,103
Sumitomo Corporation 5,000 56,218
Sumitomo Electric Industries, Ltd. 4,000 68,536
Sumitomo Forestry 1,000 6,720
Sumitomo Heavy Ind 3,000 10,037
Sumitomo Marine & Fire 3,000 17,445
Sumitomo Metal Industry 17,000 11,696
Sumitomo Metal Mining 3,000 14,137
Sumitomo Osaka Cem 2,000 11,837
Taisei Corporation 5,000 8,011
Taisho Pharm Company 2,000 71,627
</TABLE>
The accompanying notes are an integral part of the financial statements.
195
<PAGE> 200
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
JAPAN - CONTINUED
Taiyo Yuden Company 1,000 $ 62,580
Takara Shuzo Company 1,000 24,928
Takara Standard Company 1,000 4,354
Takashimaya Company 1,000 9,312
Takeda Chemical Industries, Ltd. 4,000 262,382
Takefuji Corporation 700 84,511
Teijin, Ltd. 4,000 19,490
Teikoku Oil Company 1,000 3,242
Terumo Corporation 1,000 33,834
The 77th Bank, Ltd. 2,000 15,984
The Bank of Fukuoka, Ltd. 3,000 20,414
The Industrial Bank of Japan, Ltd. 12,000 90,929
The Joyo Bank, Ltd. 4,000 15,381
Toa Corporation 1,000 1,253
Tobu Railway Company 4,000 11,423
Toda Corporation 2,000 9,519
Toei Company 1,000 7,304
Toho Company 100 17,021
Tohoku Electric Power 2,400 32,345
Tokai Bank 11,000 54,220
Tokio Marine & Fire Insurance
Company 7,000 80,750
Tokyo Broadcasting 1,000 43,165
Tokyo Dome Corporation * 1,000 4,533
Tokyo Electric Power Company 6,400 155,921
Tokyo Electron, Ltd. 1,000 136,846
Tokyo Gas Company 13,000 36,511
Tokyo Tatemono Company 1,000 2,130
Tokyotokeiba Company 1,000 1,282
Tokyu Corporation 5,000 24,693
Toppan Printing Company 3,000 31,723
Toray Industries, Incorporated 7,000 28,368
Toshiba Corporation 15,000 169,219
Tosoh Corporation 3,000 15,127
Tostem Corporation 1,000 16,305
Toto 2,000 15,343
Toyo Seikan Kaisha 1,000 18,661
Toyobo Company 3,000 5,909
Toyota Motor Corporation 17,000 773,856
Trans Cosmos, Incorporated 100 15,004
Tsubakimoto Chain 1,000 5,089
Ube Industries 4,000 12,516
Uni Charm Corporation 300 18,152
Unitika * 2,000 1,564
Uny Company, Ltd. 1,000 13,807
Wacoal Corporation 1,000 10,179
Yakult Honsha Company 1,000 13,279
Yamaha Corporation 1,000 10,923
Yamanouchi Pharmaceutical
Company, Ltd. 2,000 109,137
Yamato Transport 2,000 49,668
Yamazaki Baking Company 1,000 9,802
Yokogawa Electric 1,000 9,990
-----------
12,404,530
NETHERLANDS - 5.34%
ABN AMRO Holdings 6,905 169,156
Aegon NV 6,288 223,738
Ahold Kon NV 3,317 97,631
Akzo Nobel NV, ADS 1,343 57,056
ASM Lithography Holding NV 1,961 84,285
Baan Company NV 1,113 3,028
Buhrmann NV 454 12,981
Elsevier NV 3,143 38,078
Getronics NV 1,590 24,515
Hagemeyer 496 13,676
Heineken NV 1,475 89,772
Hollandsche Beton 163 1,922
IHC Caland 130 6,330
International Nederlanded Groep NV 4,547 307,344
KLM NV 261 7,027
KPN NV 4,482 200,470
Nedlloyd NV * 110 2,131
Oce-Van Der Grinten 397 6,500
Philips Electronics NV 6,379 300,848
Royal Dutch Petroleum Company 10,085 626,793
Stork NV 146 1,979
TNT Post Group NV 2,246 60,575
Unilever NV-CVA 2,688 123,307
Vedior 453 5,601
Vopak Kon 255 5,599
Wolters Kluwer 1,307 34,813
-----------
2,505,155
NEW ZEALAND - 0.12%
Carter Holt Harvey 8,200 7,116
Contact Energy 2,800 3,744
Fisher & Paykel 600 1,886
Fletcher Challenge Building 1,600 1,696
Fletcher Challenge Energy 1,600 5,216
Fletcher Challenge Forests 4,000 1,445
Fletcher Challenge Paper 3,000 3,434
Lion Nathan, Ltd. 2,500 5,571
Telecom Corporation of New
Zealand, Ltd. 8,200 28,657
-----------
58,765
NORWAY - 0.36%
Bergesen d.y. ASA-A Shares 300 6,154
Bergesen d.y. ASA-B Shares 100 1,917
Christiania Bank 2,600 13,969
Den Norske Bank 3,700 15,351
Elkem As 200 3,753
Hafslund ASA-A Shares 300 1,381
Hafslund ASA-B Shares 200 650
Kvaerner ASA, Series A * 200 2,098
Kvaerner ASA, Series B * 100 874
Leif Hoegh & Company * 200 1,748
Merkantildata Asa 700 3,598
Norsk Hydro AS 1,300 54,542
Norske Skogsindust 100 2,855
Orkla SA 1,000 18,997
Petroleum Geo Svs 500 8,537
SAS Norge ASA 200 1,678
Schibsted Asa 300 5,559
Smedvig ASA 100 1,806
Smedvig ASA-B Shares 100 1,632
Storebrand Asa 1,300 9,393
Tomra Systems Asa 400 10,606
Unitor A/S * 100 734
-----------
167,832
PORTUGAL - 0.44%
Banco Com Portugues 4,704 24,475
Banco Espirito Santo 553 13,568
BPI-SGPS SA 2,657 9,386
</TABLE>
The accompanying notes are an integral part of the financial statements.
196
<PAGE> 201
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PORTUGAL - CONTINUED
Brisa Auto Estrada 1,411 $ 12,151
Cimpor-Cimentos de Portugual SA 632 12,067
CIN SA 89 495
Cort Amorim Sgps 67 579
EFACEC Capital SGPS 63 397
Electric De Portugal 2,822 51,243
INAPA SA 141 901
Jeronimo Martins SGPS 451 7,432
Portucel Industria 409 2,479
Portugal Telecom 4,915 55,182
Seguros Tranquilid 89 2,804
Soares Da Costa * 151 444
Sonae Sgps 685 9,038
Sonae Sgps SA 3,430 4,645
-----------
207,286
SINGAPORE - 0.90%
Chartered Semi Conductors 3,000 26,231
City Developments 4,000 15,518
Comfort Group 3,000 1,494
Creative Technolog 450 10,866
Cycle & Carriage 1,000 2,351
DBS Group Holdings, Ltd. 6,000 77,128
DBS Land, Ltd. 6,000 7,782
First Capital Corporation 2,000 1,911
Fraser & Neave, Ltd. 1,000 3,561
Haw Par Corporation, Ltd. 1,000 1,621
Hotel Properties 2,000 1,783
Keppel Corporation 4,000 8,662
Neptune Orient Lines * 6,000 5,559
Overeas Union Enterprises, 1,000 2,432
Ltd.
Overseas-Chinese Banking
Corporation, Ltd. 6,000 41,343
Parkway Holdings, Ltd. 2,000 5,119
Sembcorp Industries, Ltd. 8,000 8,709
Singapore Airlines, Ltd. 6,000 59,409
Singapore Press Holdings, Ltd. 2,000 31,268
Singapore Technologies
Engineering, Ltd. 13,000 19,120
Singapore Telecommunications, Ltd. 29,000 42,484
Straits Trading Company 1,000 1,123
United Overseas Bank 5,000 32,716
United Overseas Land, Ltd. 3,000 2,675
UTD Industrial 6,000 2,832
Venture Manufact 1,000 10,191
-----------
423,888
SPAIN - 2.60%
Acerinox SA 275 7,955
ACS, Actividades de
Construccion y Servicios SA 301 8,477
Aguas De Barcelona 651 8,701
Aguila SA El * 163 1,156
Asturiana De Zinc 190 1,814
Autopistas Cesa 1,247 536
Autopistas Concesionaria Espanola
SA Registered Shares 1,247 10,846
Azucarera Ebro Agr 312 3,723
Banco Bilbao Vizcaya SA 14,166 211,655
Banco Santander Central,
Hispano, SA 19,286 203,456
Corp Mapfre SA 285 3,611
Corporacion Financiera Alba 386 10,171
Cortefiel SA 184 3,991
Endesa SA 4,980 96,467
Ercros SA 1,100 578
Fabrica Espanola Productos
Quimicos y Farmaceuticos, S.A. 142 1,518
Faes Esp Prod Quim 14 150
FOM Consta Y Contra 565 10,680
Gas Natural SDG SA 2,106 37,799
Grupo Dragados SA 811 5,815
Grupo Empresarial Ence 100 1,633
Iberdrola SA 4,241 54,660
Inmobiliaria Urbis 389 1,783
Metrovacesa 245 4,117
Portland Valderriv 102 1,899
Prosegur Seguridad 282 3,298
Puleva SA 1,437 2,346
Repsol-YPF, SA 5,588 111,232
Sol Melia SA 807 9,014
Tabacalera 1,642 25,223
Telefonica SA 15,347 329,665
Telepizza 1,010 5,689
Union Elec Fenosa 1,433 25,925
Uralita 239 1,437
Vallehermoso SA 607 3,622
Viscofan Envoltura 230 1,506
Zardoya Otis 641 5,679
-----------
1,217,827
SWEDEN - 3.14%
Assidoman 600 8,537
Atlas Copco AB-A Shares 700 13,492
Atlas Copco AB-B Shares 300 5,612
Drott AB 500 5,385
Electrolux AB 1,700 26,309
Esselte AB-A Shares 100 584
Esselte AB-B Shares 100 584
ForeningsSparbanken AB, Series A 2,500 36,565
Gambro AB- A Shares 400 3,175
Granges AB 200 3,515
Hennes & Mauritz AB 3,900 81,360
Incentive AB, Series A 1,200 9,796
L.M. Ericsson
Telefonaktiebolaget, Series B 36,500 722,137
Netcom Systems AB * 500 36,905
Nordbanken Holding AB 14,300 107,817
OM Gruppen AB 400 17,868
Sandvik AB 1,200 25,170
Securitas AB 1,700 36,043
Skandia Foersaekrings AB 4,800 126,803
Skandinaviska Enskilda Baken,
Series A 3,300 39,099
Skanska AB 500 17,715
SKF AB-A Shares 200 3,175
SKF AB-B Shares 300 5,017
SSAB Svenskt Stal AB, Series A 400 3,968
SSAB Svenskt Stal AB, Series B 100 958
Svenska Cellulosa 1,100 20,890
Svenska Handelsbanken AB-
A Shares 3,100 44,989
B Shares 300 4,320
Swedish Match Company 2,000 6,168
Trelleborg AB 600 4,184
Volvo AB-A Shares 700 14,683
</TABLE>
The accompanying notes are an integral part of the financial statements.
197
<PAGE> 202
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SWEDEN - CONTINUED
Volvo AB-B Shares 1,400 $ 30,397
WM Data AB 1,500 8,248
-----------
1,471,468
SWITZERLAND - 5.67%
ABB AG-CHF 1,400 167,566
Adecco SA 80 67,970
Alusuisse Lonza Gr * 30 19,549
Credit Suisse Group 1,290 256,608
Fischer Georg AG 20 6,216
Forbo Holdings AG 10 4,169
Givaudan AG 40 12,174
Holderbank Financiere Glarus AG 50 16,337
Holderbank Financiere Glarus AG-B 20 24,520
Jelmoli Holding AG 10 2,544
Kuoni Reisen Holding 11 5,091
Lonza Group AG 30 15,632
Nestle SA 185 370,272
Novartis AG 340 538,564
Roche Holdings AG-Bearer 7 74,042
Roche Holdings AG-Genusscheine 33 321,241
Sairgroup 50 8,337
Schindler Holding AG 5 7,663
Schweizerische
Ruckversichererungs-Gesellschaft 65 132,486
Sika Finanz AG 10 3,347
Societe Generale de
Surveillance Holding SA 10 4,199
Societe Generale de
Surveillance Holding SA-B 5 8,643
Sulzer AG * 20 13,302
Swisscom AG 350 121,222
The Swatch Group AG 70 18,259
The Swatch Group AG-B 20 25,428
UBS AG 2,020 295,948
Valora Holding AG 20 5,554
Zurich Allied AG 230 113,639
-----------
2,660,522
UNITED KINGDOM - 19.09%
3I Group 2,800 57,576
Abbey National 6,688 79,945
Airtours 2,248 11,803
Allied Zurich PLC 7,404 87,551
Amec 1,014 2,877
Amvescap 3,172 50,875
Anglian Water 1,280 11,814
Arjo Wiggins Apple 3,950 15,360
Arm Holdings * 4,459 47,768
Baa PLC 5,015 40,217
Barclays 7,027 174,693
Barratt Developments 1,099 4,357
Bass PLC 4,116 46,273
BBA Group PLC 2,012 13,182
Berkeley Group 596 5,663
BG Group PLC 16,495 106,573
Bicc PLC 1,981 2,293
Blue Circle Industries 3,744 24,161
Boc Group 2,309 33,191
Boots Company 4,257 32,400
BP Amoco PLC 106,647 1,023,070
British Aerospace PLC 13,704 85,430
British Airways 5,048 29,025
British American Tobacco
Australasia, Ltd.-GBP 10,230 68,262
British Land Company PLC 2,436 14,928
British Sky Broadcast * 8,208 160,460
British Telecommunication 30,429 393,200
Bunzl PLC 2,150 11,516
Burmah Castrol PLC 840 21,175
Cadbury Schweppes 9,613 63,127
Canary Wharf Group * 3,217 18,035
Capita Group 1,015 24,834
Caradon 2,194 5,013
Carlton Communciations 2,905 37,362
Celltech Group PLC * 1,231 23,842
Centrica PLC 18,793 62,701
CGU PLC 6,157 102,478
Coats Viyella 3,309 2,754
Compass Group PLC 3,194 42,070
Corus Group * 14,619 21,346
De Lousiana Rue PLC 901 4,717
Diageo PLC 16,087 144,344
Dixons Group New 7,976 32,464
Eidos * 470 3,449
Electrocomponents PLC 2,027 20,703
EMI Group PLC 3,703 33,618
FKI PLC 2,681 9,533
George Wimpey PLC 1,722 3,016
GKN PLC 3,348 42,705
Glaxo Wellcome PLC 17,002 495,735
Granada Group 8,690 86,782
Great Portland Est 1,689 5,961
Great University Stores 4,731 30,424
Halifax Group 10,564 101,341
Hammerson PLC 1,356 9,069
Hanson 388 2,690
Hanson PLC 3,065 21,658
Hays PLC 8,105 45,192
Hepworth 1,142 3,257
Hilton Group PLC 7,054 24,762
HSBC Holdings-GBP 39,774 454,675
IMI PLC 1,648 7,057
Imperial Chemical Industries PLC 3,423 27,166
Independent News & Meida 1,200 4,267
Invensys PLC 17,148 64,348
J. Sainsbury 9,029 40,985
Jarvis 643 1,751
Johnson Matthey 1,026 14,438
Kingfisher 6,401 58,257
Land Securities 2,553 30,517
Lasmo 6,323 13,442
Legal & General Gp 24,074 56,279
Lex Service 545 2,750
Lloyds TSB Group PLC 25,752 243,144
Logica 1,912 45,247
London Bridge Software 148 1,097
Marconi PLC 12,593 163,868
Marks & Spencer PLC 13,501 47,445
MEPC PLC 1,645 13,540
Misys PLC 2,683 22,653
National Grid Group 6,951 54,796
National Power 5,342 34,029
Nycomed Amersham 2,970 29,480
Ocean Group 1,062 17,515
Pearson PLC 2,922 92,847
</TABLE>
The accompanying notes are an integral part of the financial statements.
198
<PAGE> 203
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UNITED KINGDOM - CONTINUED
Peninsular & Oriental Steam
Navigation Company 3,023 $ 25,889
Pilkington 5,174 7,359
Provident Financial 1,222 12,851
Prudential Corporation 9,174 134,370
Psion 1,845 17,839
Racal Electronics 1,368 9,273
Railtrack Group 2,401 37,292
Rank Group PLC 3,639 8,424
Reed International PLC 5,364 46,669
Rentokil Initial 13,475 30,584
Reuters Group PLC 6,664 113,639
Rexam 1,859 7,229
Rio Tinto, Ltd. 4,907 80,188
RMC Group PLC 1,227 15,967
Royal Bank Scotland Group 12,192 204,032
Sage Group PLC 6,057 49,032
Schroders 1,390 24,986
Scottish Power 8,582 72,718
Sema Group 2,167 30,822
Slough Estates 1,933 10,683
Smith & Nephew PLC 5,257 19,409
SmithKline Beecham PLC 26,416 345,741
Smiths Industries 1,479 19,246
SSL International 870 9,412
Stagecoach Holdings 7,724 8,532
Tate & Lyle PLC 2,146 10,715
Taylor Woodrow 1,793 4,151
Tesco 31,908 99,215
Thames Water 1,648 21,320
TI Group 2,263 12,327
Unigate New 1,133 4,972
Unilever PLC 13,693 82,876
United Utilities 2,586 25,590
Vodafone AirTouch Group PLC 285,826 1,154,730
Williams PLC 3,430 19,981
Wolseley PLC 2,695 14,476
WPP Group PLC 3,605 52,638
Zeneca Group PLC 8,383 391,311
------------
8,958,701
TOTAL COMMON STOCKS
(Cost: $45,413,925) $45,397,123
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PREFERRED STOCK - 0.87%
AUSTRALIA - 0.26%
News Corporation, Ltd. 10,066 $ 121,393
------------
AUSTRIA - 0.00%
Bau Holdings AG-Vorzugsaktien 8 327
------------
FRANCE - 0.01%
Casino Guich Perrachon SA 82 5,038
------------
GERMANY - 0.60%
Munchener
Ruckversicherungs-Gesellschaft
AG 850 266,982
Rheinmetall AG 100 931
Volkswagen AG 500 11,719
------------
279,632
TOTAL PREFERRED STOCK
(Cost: $379,579) $ 406,390
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
RIGHTS *- 0.00%
GERMANY - 0.00%
Holsten Brauerei* 50 $ 48
-------
NORWAY - 0.00%
Kvaerner A* 200 112
Kvaerner B* 51 18
-------
130
SWEDEN - 0.00%
Volvo AB* 1,400 1,222
-------
TOTAL RIGHTS
(Cost: $0) $ 1,400
-------
U.S. TREASURY OBLIGATIONS - 0.87%
United States Treasury Bills
5.615% due 09/21/2000 100,000 $98,721
-------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $98,721) $98,721
-------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
REPURCHASE AGREEMENTS - 2.17%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 6.35%, to be
repurchased at $1,020,540 on
07/03/2000, collateralized by
$820,000 U.S. Treasury Bonds,
8.75% due 05/15/2017 (valued at
$1,041,400, including interest). $1,020,000 $ 1,020,000
------------
TOTAL INVESTMENTS (INTERNATIONAL INDEX
TRUST) (Cost: $46,912,225) $46,923,634
===========
</TABLE>
THE TRUST HAD THE FOLLOWING FIVE TOP INDUSTRY CONCENTRATIONS AT JUNE 30, 2000
(AS A PERCENTAGE OF TOTAL VALUE OF INVESTMENTS):
<TABLE>
<S> <C>
Banking 12.27%
Telecommunications Services 9.03%
Drugs & Health Care 7.36%
Telephone 5.91%
Insurance 5.46%
</TABLE>
The accompanying notes are an integral part of the financial statements.
199
<PAGE> 204
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
MID CAP INDEX TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 86.28%
AEROSPACE - 0.18%
Litton Industries, Incorporated 700 $ 29,400
--------
AIR TRAVEL - 0.07%
Alaska Air Group * 400 10,850
--------
APPAREL & TEXTILES - 1.32%
Cintas Corporation 2,600 95,387
Jones Apparel Group, Incorporated * 2,000 47,000
Mohawk Industries, Incorporated 900 19,575
Shaw Industries, Incorporated 2,100 26,250
Unifi, Incorporated * 900 11,138
Warnaco Group, Incorporated,
Class A 900 6,975
Wellman, Incorporated 500 8,094
--------
214,419
AUTO PARTS - 0.41%
Arvin Industries, Incorporated * 400 6,950
Borg-Warner Automotive,
Incorporated 400 14,050
Federal Mogul Corporation 1,200 11,475
Meritor Automotive, Incorporated 1,000 11,000
Modine Manufacturing Company
Superior Industries 500 13,500
International, Incorporated 400 10,300
--------
67,275
AUTO SERVICES - 0.09%
Pennzoil-Quaker State Company 1,200 14,475
--------
AUTOMOBILES - 0.21%
Federal Signal Corporation 700 11,550
Lear Corporation 1,100 22,000
--------
33,550
BANKING - 4.58%
Associated Banc-Corp 1,100 23,994
Astoria Financial Corporation 900 23,175
CCB Financial Corporation * 600 22,200
Charter One Financial, Incorporated 3,300 75,900
City National Corporation 800 27,800
Dime Bancorp, Incorporated 1,800 28,350
First Security Corporation 3,000 40,687
First Tennessee National Corporation 2,100 34,781
First Virginia Banks, Incorporated 800 27,850
FirstMerit Corporation 1,400 29,925
Greenpoint Financial Corporation 1,700 31,875
Hibernia Corporation, Class A 2,500 27,188
Keystone Financial, Incorporated 800 17,000
Marshall & Ilsley Corporation 1,700 70,550
Mercantile Bankshares Corporation 1,100 32,794
National Commerce Bancorp 1,700 27,306
North Fork Bancorporation,
Incorporated 2,700 40,837
Pacific Century Financial Corporation 1,300 19,013
Provident Financial Group,
Incorporated 800 19,050
Sovereign Bancorp, Incorporated 3,400 23,906
Westamerica Bancorporation 600 15,675
Wilmington Trust Corporation 500 21,375
Zions BanCorporation 1,400 64,247
--------
745,478
BROADCASTING - 2.45%
A.H. Belo Corporation, Series A 1,900 32,894
Chris Craft Industries, Incorporated * 600 39,637
Hispanic Broadcasting Corporation * 1,800 59,625
Powerwave Technologies,
Incorporated * 900 39,600
Univision Communications,
Incorporated, Class A * 1,600 165,600
Westwood One, Incorporated 1,800 61,425
--------
398,781
BUILDING MATERIALS & CONSTRUCTION -
0.20%
Harsco Corporation 600 15,300
R.P.M., Incorporated 1,700 17,213
--------
32,513
BUSINESS SERVICES - 6.64%
ACNielson Corporation * 900 19,800
Acxiom Corporation * 1,400 38,150
Apollo Group, Incorporated, Class A * 1,200 33,600
Banta Corporation 400 7,575
Checkfree Holdings Corporation * 900 46,406
Comdisco, Incorporated 2,400 53,550
Concord EFS, Incorporated * 3,200 83,200
Convergys Corporation * 2,400 124,500
DeVry, Incorporated * 1,100 29,081
Express Scripts,
Incorporated, Class A * 600 37,275
Fiserv, Incorporated * 2,000 86,500
Gartner Group, Incorporated,
Class B * 1,400 13,825
GTECH Holdings Corporation * 600 13,612
Harte Hanks Communications 1,100 27,500
Jacobs Engineering Group,
Incorporated * 400 13,075
Kelly Services, Incorporated,
Class A 600 13,875
Legato Systems, Incorporated 1,400 21,175
Manpower, Incorporated 1,200 38,400
Modis Professional Services,
Incorporated * 1,500 13,313
Navigant Consulting Company * 700 2,975
NVIDIA Corporation * 1,000 63,562
Ogden Corporation * 800 7,200
Robert Half International,
Incorporated * 2,800 79,800
Rollins, Incorporated 500 7,438
Sothebys Holdings, Incorporated 900 15,750
SunGuard Data Systems,
Incorporated * 2,000 62,000
Sykes Enterprises,
Incorporated * 700 9,013
The Titan Corporation * 800 35,800
Valassis Communications,
Incorporated * 900 34,312
Viad Corporation 1,500 40,875
</TABLE>
The accompanying notes are an integral part of the financial statements.
200
<PAGE> 205
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVIES - CONTINUED
Wallace Computer Series,
Incorporated 700 $ 6,913
----------
1,080,050
CHEMICALS - 2.50%
Airgas, Incorporated * 1,100 6,256
Albemarle Corporation 700 13,825
Cabot Corporation 1,100 29,975
Crompton Corporation 1,900 23,275
Cytec Industries, Incorporated * 700 17,281
Dexter Corporation 400 19,200
Ethyl Corporation 1,300 3,250
Ferro Corporation 600 12,600
Georgia Gulf Corporation 500 10,406
H.B. Fuller Company 200 9,113
IMC Global, Incorporated 1,800 23,400
Lubrizol Corporation 900 18,900
Lyondell Chemical Company 1,900 31,825
M.A. Hanna Company 800 7,200
Minerals Technologies, Incorporated 300 13,800
Olin Corporation 700 11,550
Schulman, Incorporated 500 6,031
Solutia, Incorporated 1,800 24,750
Waters Corporation 1,000 124,813
----------
407,450
COMPUTERS & BUSINESS EQUIPMENT - 3.54%
Affiliated Computer Services,
Incorporated, Class A * 800 26,450
CSG Systems International,
Incorporated * 800 44,850
DST Systems, Incorporated * 1,000 76,125
L 3 Communications Holding
Corporation * 500 28,531
Quantum Corporation * 2,500 24,219
Sanmina Corporation * 2,000 171,000
Storage Technology Corporation * 1,600 17,500
Structural Dynamics Research
Corporation * 600 9,037
Sybase, Incorporated * 1,300 29,900
Symbol Technologies, Incorporated 2,100 113,400
Tech Data Corporation * 800 34,850
----------
575,862
CONSTRUCTION MATERIALS - 1.33%
Diebold, Incorporated 1,100 30,662
Donaldson, Incorporated 700 13,825
Fastenal Company 600 30,375
Granite Construction, Incorporated 400 9,800
Martin Marietta Matls, Incorporated 700 28,306
Nordson Corporation 300 15,188
Precision Castparts 400 18,100
Corporation
Southdown, Incorporated 600 34,650
Trinity Industries, Incorporated 600 11,100
USG Corporation 800 24,300
----------
216,306
CONTAINERS & GLASS - 0.35%
Longview Fibre Company 800 8,850
Mark IV Industries, Incorporated 700 14,613
Sonoco Products Company 1,600 32,900
----------
56,363
CRUDE PETROLEUM & NATURAL GAS - 0.99%
Devon Energy Corporation 1,400 78,662
Helmerich & Payne, Incorporated 800 29,900
Pioneer Natural Resources Company * 1,600 20,400
Santa Fe Snyder Corporation * 2,800 31,850
----------
160,812
DOMESTIC OIL - 0.85%
Murphy Oil Corporation 700 41,606
Noble Affiliates, Incorporated 900 33,525
Ultramar Diamond Shamrock
Corporation 1,400 34,738
Valero Energy Corporation 900 28,575
----------
138,444
DRUGS & HEALTH CARE - 10.22%
Acuson Corporation * 400 5,400
Apria Healthcare Group,
Incorporated * 800 9,800
Beckman Coulter, Incorporated 500 29,187
Bergen Brunswig Corporation,
Class A 2,100 11,550
Beverly Enterprises, Incorporated * 1,600 4,500
Carter Wallace, Incorporated 700 14,088
Chiron Corporation * 2,800 133,000
Covance, Incorporated * 900 7,931
Dentsply International, Incorporated 800 24,650
Edwards Lifesciences Corporation * 900 17,213
First Health Group Corporation * 800 26,250
Forest Laboratories, Incorporated * 1,400 141,400
Genzyme Corporation * 1,300 77,269
Gilead Sciences, Incorporated * 700 49,787
Health Management
Association, Class A 3,800 49,637
Hillenbrand Industries, Incorporated 1,000 31,312
ICN Pharmaceuticals, Incorporated 1,300 36,156
IDEC Pharmaceuticals Corporation * 800 93,850
INCYTE Pharmacuticals,
Incorporated * 500 41,094
Ivax Corporation * 2,500 103,750
Lincare Holdings, Incorporated 900 22,163
Millennium Pharmaceuticals,
Incorporated 1,400 156,625
Minimed, Incorporated 500 59,000
Mylan Labs, Incorporated 2,100 38,325
Omnicare, Incorporated 1,500 13,594
Oxford Health Plans, Incorporated * 1,300 30,956
Pacificare Health Systems * 700 42,131
Perrigo Company * 1,200 7,575
PSS World Med, Incorporated * 1,100 7,391
Quorum Health Group, Incorporated * 1,100 11,344
Sepracor, Incorporated * 1,100 132,687
STERIS Corporation * 1,100 9,763
Stryker Corporation 3,000 131,250
Sybron International Corporation * 1,700 33,681
Trigon Healthcare, Incorporated * 600 30,937
VISX, Incorporated 1,000 28,063
----------
1,663,309
EDUCATIONAL SERVICES - 0.07%
Sylvan Learning Systems,
Incorporated * 800 11,000
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
201
<PAGE> 206
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRICAL EQUIPMENT - 2.37%
American Power Conversion
Corporation * 3,000 $ 122,437
AMETEK, Incorporated 500 8,750
Hubbell, Incorporated, Class B 1,000 25,500
Sawtek, Incorporated * 700 40,294
SCI Systems, Incorporated * 2,300 90,131
Sensormatic Electrics Corporation * 1,200 18,975
Vishay Intertechnology, Incorporated 2,100 79,669
----------
385,756
ELECTRIC UTILITIES - 6.40%
Allegheny Energy, Incorporated 1,800 49,275
Alliant Corporation 1,300 33,800
Black Hills Corporation 300 6,769
Calpine Corporation * 2,000 131,500
Cleco Corporation 400 13,400
Conectiv, Incorporated 1,500 23,344
DPL, Incorporated 2,100 46,069
DQE, Incorporated 1,200 47,400
Dynegy, Incorporated, Class A 2,200 150,287
Energy East Corporation 2,000 38,125
Hawaiian Electric Industries,
Incorporated 500 16,406
Idacorp, Incorporated 600 19,350
IPALCO Enterprises 1,400 28,175
Kansas City Power & Light Company 1,000 22,500
LG & E Energy Corporation 2,100 50,137
Minnesota Power & Light Company 1,200 20,775
Montana Power Company 1,800 63,562
Northeast Utilities 2,300 50,025
NSTAR 1,000 40,688
OGE Energy Corporation 1,200 22,200
Potomac Electric Power Company 1,900 47,500
Public Service Company 700 10,806
Puget Sound Energy, Incorporated 1,400 29,838
TECO Energy, Incorporated 2,100 42,131
Wisconsin Energy Corporation 1,900 37,644
----------
1,041,706
ELECTRONICS - 3.83%
Arrow Electronics, 1,500 46,500
Incorporated *
Atmel Corporation * 3,400 125,375
Avnet, Incorporated 700 41,475
Burr-Brown Corporation * 900 78,019
Cambridge Technology
Partners, Incorporated * 1,000 8,719
CMP Group, Incorporated 500 14,656
Harris Corporation 1,100 36,025
Jabil Circuit, Incorporated * 2,700 133,987
Microchip Technology, Incorporated 1,200 69,919
Sequa Corporation, Class A * 200 7,638
Synopsys, Incorporated * 1,100 38,019
Teleflex, Incorporated 600 22,237
----------
622,569
FINANCIAL SERVICES - 2.48%
A.G. Edwards, Incorporated 1,400 54,600
Compass Bancshares, Incorporated 1,800 30,713
ETrade Group, Incorporated * 4,500 74,250
FINOVA Group, Incorporated 1,000 13,000
Investment Technology Group * 500 21,281
Legg Mason, Incorporated 900 45,000
NCO Group, Incorporated 400 9,250
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - CONTINUED
NOVA Corporation * 1,200 $ 33,525
ReliaStar Financial 1,400 73,412
Corporation
TCF Financial Corporation 1,300 33,394
Webster Financial Corporation 700 15,531
----------
403,956
FOOD & BEVERAGES - 1.91%
Bob Evans Farms, Incorporated 600 8,963
Dean Foods Company 600 19,012
Dole Food, Incorporated 900 14,738
Dreyers Grand Ice Cream,
Incorporated 400 8,400
Flowers Industries, 1,600 31,900
Incorporated
Hormel Foods Corporation 2,300 38,669
IBP, Incorporated 1,700 26,244
Interstate Bakeries 1,100 15,400
Corporation
J.M. Smucker Company, Class A 500 9,625
Lance, Incorporated 500 4,500
McCormick & Company, Incorporated 1,100 35,750
Suiza Foods Corporation * 500 24,437
Tyson Foods, Incorporated, Class A 3,500 30,625
Universal Foods Corporation 800 14,800
Whitman Corporation 2,300 28,462
----------
311,525
FOREST PRODUCTS - 0.30%
Georgia-Pacific Corporation
(Timber Group) 1,300 28,113
Rayonier, Incorporated 400 14,350
Wausau-Mosinee Paper Corporation 800 6,850
----------
49,313
FUNERAL SERVICES - 0.04%
Stewart Enterprises,
Incorporated, Class A 1,700 6,003
----------
FURNITURE & FIXTURES - 0.07%
Furniture Brands
International, Incorporated * 800 12,100
----------
GAS & PIPELINE UTILITIES - 2.82%
AGL Resources, Incorporated 900 14,344
American Water Works Company,
Incorporated 1,500 37,500
Keyspan Corporation 2,100 64,575
Kinder Morgan, Incorporated 1,800 62,212
MCN Energy Group, Incorporated 1,400 29,925
National Fuel Gas Company 600 29,250
NiSource, Incorporated 2,000 37,250
Ocean Energy, Incorporated * 2,600 36,887
Questar Corporation 1,300 25,188
Scana Corporation 1,700 41,012
Sierra Pacific Resources 1,300 16,331
Utilicorp United, Incorporated 1,500 29,813
Vectren Corporation 1,000 17,250
Washington Gas Light Company 700 16,844
----------
458,381
HOMEBUILDERS - 0.11%
Clayton Homes, Incorporated 2,200 17,600
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
202
<PAGE> 207
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HOTELS & RESTAURANTS - 0.81%
Brinker International, 1,000 $ 29,250
Incorporated *
Buffets, Incorporated * 700 8,881
CBRL Group, Incorporated 900 13,219
Lone Star Steakhouse & Saloon 500 5,062
Mandalay Resort Group 1,400 28,000
Outback Steakhouse, Incorporated 1,200 35,100
Papa Johns International, Incorporated * 500 12,250
----------
131,762
HOUSEHOLD APPLIANCES - 0.63%
American Standard Companies,
Incorporated * 1,100 45,100
Blyth Industries, 800 23,600
Incorporated *
HON Industries, Incorporated 1,000 23,500
Westpoint Stevens, Incorporated 900 10,013
----------
102,213
HOUSEHOLD PRODUCTS - 0.42%
Church & Dwight, Incorporated 600 10,800
Dial Corporation 1,700 17,637
Energizer Holdings, 1,600 29,200
Incorporated *
Lancaster Colony Corporation 600 11,513
----------
69,150
INDUSTRIAL MACHINERY - 1.60%
AGCO Corporation 1,000 12,250
Albany International
Corporation, Class A * 500 7,250
Allmerica Financial Corporation 900 47,137
Flowserve Corporation * 600 9,038
Grant Pride, Incorporated * 1,700 42,500
Kaydon Corporation 500 10,500
Kennameta, Incorporated 500 10,719
Pentair, Incorporated 800 28,400
SPX Corporation * 500 60,469
Stewart & Stevenson Services,
Incorporated 400 6,025
Tecumseh Products Company,
Class A 300 11,456
York International Corporation 600 15,150
----------
260,894
INSURANCE - 1.82%
Ambac Financial Group,
Incorporated 1,100 60,294
American Financial Group,
Incorporated 900 22,331
Everest Reinsurance Group, Ltd. 800 26,300
Foundation Health System, Incorporated * 2,000 26,000
Horace Mann Educators Corporation 700 10,500
HSB Group, Incorporated 500 15,563
Ohio Casualty Corporation 1,000 10,625
Old Republic International
Corporation 2,000 33,000
PMI Group, Incorporated 700 33,250
Protective Life Corporation 1,000 26,625
Unitrin, Incorporated 1,100 32,312
----------
296,800
INTERNATIONAL OIL - 0.66%
Nabors Industries, Incorporated 2,200 91,437
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INTERNATIONAL OIL - 0.66%
Varco International, Incorporated * 712 $16,554
----------
107,991
INTERNET CONTENT, SOFTWARE &
INFRASTRUCTURE - 0.48%
Macromedia, Incorporated 800 77,350
----------
LEISURE TIME - 1.06%
Callaway Golf Company 1,200 19,575
International Game Technology * 1,200 31,800
International Speedway
Corporation, Class B 800 33,100
Park Place Entertainment
Corporation * 4,800 58,500
Premier Parks, Incorporated * 1,300 29,575
----------
172,550
MINING - 0.09%
Cleveland-Cliffs, Incorporated 200 5,162
UCAR International, Incorporated * 700 9,144
----------
14,306
NEWSPAPERS - 0.69%
Lee Enterprises, Incorporated 700 16,319
Washington Post Company 200 95,600
----------
111,919
OFFICE FURNISHINGS & SUPPLIES - 0.43%
Miller Herman, Incorporated 1,300 33,638
Office Max, Incorporated * 1,800 9,000
Reynolds & Reynolds Company, Class A 1,200 21,900
Standard Register 400 5,700
----------
70,238
PAPER - 0.65%
Bowater, Incorporated 800 35,300
Chesapeake Corporation 300 8,888
Consolidated Papers, Incorporated 1,500 54,844
P.H. Glatfelter Company 700 7,131
----------
106,163
PETROLEUM SERVICES - 3.15%
BJ Services Company * 1,200 75,000
ENSCO International, Incorporated 2,200 78,788
Global Marine, Incorporated * 2,700 76,106
Hanover Compressor Company 1,000 38,000
Noble Drilling Corporation * 2,100 86,494
Smith International, Incorporated * 800 58,250
Tidewater, Incorporated 900 32,400
Weatherford International, Incorporated 1,700 67,681
----------
512,719
PUBLISHING - 0.79%
Houghton Mifflin Company 500 23,344
Media General, Incorporated,
Class A 400 19,425
Readers Digest Association,
Incorporated, Class A 1,700 67,575
Scholastic Corporation,
Series 1202, Class D * 300 18,337
----------
128,681
</TABLE>
The accompanying notes are an integral part of the financial statements.
203
<PAGE> 208
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RAILROADS & EQUIPMENT - 0.32%
Arnold Industries, Incorporated 400 $4,825
GATX Corporation 800 27,200
J.B. Hunt Transport Services,
Incorporated 600 9,263
Wisconsin Central
Transportation Corporation 800 10,400
-----------
51,688
RETAIL GROCERY - 1.02%
Hannaford Brothers Company 700 50,312
Ruddick Corporation 700 8,269
Starbucks Corporation * 2,800 106,925
----------
165,506
RETAIL TRADE - 3.36%
Abercrombie & Fitch Company,
Class A * 1,600 19,500
American Eagle Outfitters,
Incorporated * 700 9,800
Barnes & Noble, Incorporated * 1,100 24,475
BJ's Wholesale Club, Incorporated * 1,200 39,600
Borders Group, Incorporated * 1,200 18,675
CDW Computer Centers, Incorporated * 1,400 87,500
Claire's Stores, Incorporated 800 15,400
Dollar Tree Stores, Incorporated * 1,500 59,344
Family Dollar Stores, Incorporated 2,700 52,819
Lands' End, Incorporated * 500 16,687
Neiman Marcus Group, Class A * 800 24,150
Payless ShoeSource, Incorporated * 400 20,500
Ross Stores, Incorporated 1,400 23,887
Saks, Incorporated * 2,300 24,150
Tiffany & Company 1,200 81,000
Williams Sonoma, Incorporated 900 29,194
----------
546,681
SEMICONDUCTORS - 4.42%
Cirrus Logic, Incorporated * 1,100 17,600
Cypress Semiconductor Corporation * 1,700 71,825
Integrated Device Technology * 1,500 89,812
Micrel, Incorporated 1,400 60,812
Novellus Systems, Incorporated * 2,000 113,125
QLogic Corporation * 1,200 79,275
Transwitch Corporation * 600 46,313
Triquint Semiconductor, Incorporated * 600 57,413
Vitesse Semiconductor Corporation 2,500 183,906
----------
720,081
SHIPBUILDING - 0.11%
Newport News Shipbuilding, Incorporated 500 18,375
----------
SOFTWARE - 4.01%
Cadence Design Systems,
Incorporated * 3,800 77,425
Electronic Arts * 1,000 72,937
Imation Corporation * 600 17,625
Informix Corporation * 4,200 31,237
Intuit, Incorporated * 3,000 124,125
Keane, Incorporated * 1,100 23,788
Marchfirst, Incorporated 2,400 43,800
Mentor Graphics Corporation 1,000 $19,875
Networks Associates, Incorporated* 2,200 44,825
</TABLE>
<TABLE>
<CAPTION>
SHARES $VALUE
------ ------
<S> <C> <C>
SOFTWARE - CONTINUED
Policy Management Systems
Corporation * 600 9,225
Rational Software Corporation * 1,400 130,112
Symantec Corporation * 900 48,544
Transaction Systems
Architects, Incorporated, 500 8,563
Class A * -----------
652,081
STEEL - 0.17%
Alaska Steel Holding 1,800 14,400
Corporation
Carpenter Technology
Corporation 400 8,450
Ryerson Tull, Incorporated 400 4,150
-----------
27,000
TELECOMMUNICATIONS SERVICES - 1.33%
ADTRAN, Incorporated * 600 35,925
ANTEC Corporation * 600 24,938
Broadwing, Incorporated * 3,400 88,187
Comsat Corporation, Series 1 800 19,750
Polycom, Incorporated * 500 47,047
-----------
215,847
TELEPHONE - 0.62%
Telephone & Data Systems, Incorporated 1,000 100,250
-----------
TIRES & RUBBER - 0.20%
Bandag, Incorporated 400 9,700
Carlisle Companies, 500 22,500
Incorporated -----------
32,200
TOBACCO - 0.37%
R.J. Reynolds Tobacco
Holdings, Incorporated 1,800 50,287
Universal Corporation 500 10,563
-----------
60,850
TRANSPORTATION - 0.29%
C. H. Robinson Worldwide 700 34,650
Overseas Shipholding Group,
Incorporated 500 12,313
-----------
46,963
TRUCKING & FREIGHT - 0.45%
Airbourne Freight Corporation 800 15,150
Alexander & Baldwin, Incorporated 700 15,444
CNF Transportation, 800 18,200
Incorporated
Pittston Brinks Group 800 10,950
Swift Transportation, Incorporated * 1,000 14,000
-----------
73,744
TOTAL COMMON STOCKS
(Cost: $14,193,966) $14,039,248
-----------
U.S. TREASURY OBLIGATIONS - 0.61%
United States Treasury Bills
5.50% due 09/07/2000 **** 100,000 $98,951
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $98,951) $98,951
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
204
<PAGE> 209
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 0.30%
United States Treasury Bills
5.74% due 08/31/2000 **** $ 50,000 $ 49,514
-----------
REPURCHASE AGREEMENTS - 12.81%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 6.35%, to be
repurchased at $2,085,102.80 on
07/03/2000, collateralized by
$1,675,000 U.S. Treasury Bonds,
8.75% due 05/15/2017 (valued at
$2,127,250, including interest) $2,084,000 $ 2,084,000
-----------
TOTAL INVESTMENTS (MID CAP
INDEX TRUST)
(Cost: $16,426,431) $16,271,713
===========
</TABLE>
TOTAL STOCK MARKET INDEX TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 92.12%
ADVERTISING - 0.00%
HA-LO Industries, Incorporated 200 $1,125
Ventiv Health, Incorporated 100 1,113
-----------
2,238
AEROSPACE - 0.81%
AAR Corporation 100 1,200
Aeroflex, Incorporated * 100 4,969
BE Aerospace, Incorporated * 100 688
Boeing Company 2,300 96,169
GenCorp, Incorporated 100 800
General Dynamics Corporation 500 26,125
Honeywell International,
Incorporated 2,100 70,744
Ladish, Incorporated * 100 975
Litton Industries, Incorporated 100 4,200
Lockheed Martin Corporation 1,100 27,294
Northrop Grumman Corporation 200 13,250
Orbital Sciences Corporation 100 1,219
Raytheon Company, Class B 900 17,325
REMEC, Incorporated * 100 4,187
Teledyne Technologies, Incorporated * 100 1,675
Textron, Incorporated 400 21,725
TRW, Incorporated 300 13,012
United Technologies Corporation 1,300 76,537
-----------
382,094
AGRICULTURE - 0.01%
Cadiz, Incorporated * 100 800
Delta and Pine Land Company 100 2,506
-----------
3,306
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
AIR FREIGHT - 0.06%
Fedex Corporation * 800 $30,400
-----------
AIR TRAVEL - 0.21%
Airtran Holdings, Incorporated * 200 831
Alaska Air Group * 100 2,713
America West Holding
Corporation, Class B * 100 1,713
AMR Corporation * 400 10,575
Atlantic Coast Airlines
Holdings, Incorporated * 100 3,175
Atlas Air, Incorporated * 100 3,587
Continental Airlines,
Incorporated, Class B * 100 4,700
Delta Air Lines, Incorporated 300 15,169
Frontier Airlines, Incorporated * 100 1,431
Galileo International, Incorporated 200 4,175
Mesa Air Group, Incorporated * 100 553
Mesaba Holdings, Incorporated 100 956
Northwest Airlines Corporation * 200 6,087
Skywest, Incorporated 100 3,706
Southwest Airlines Company 1,300 24,619
UAL Corporation 100 5,819
US Airways Group, Incorporated * 200 7,800
-----------
97,609
ALUMINUM - 0.15%
Alcoa, Incorporated 2,424 70,296
-----------
APPAREL & TEXTILES - 0.27%
Angelica Corporation 100 800
Brown Shoe, Incorporated 100 1,300
Burlington Industries, 300 506
Incorporated
Chemfab Corporation * 100 1,187
Cintas Corporation 500 18,344
Collins & Aikman Corporation * 200 1,038
Columbia Sportswear Company * 100 2,687
Cone Mills Corporation * 200 1,237
FAB Industries, Incorporated 100 1,063
G & K Services, Class A 100 2,506
Goodys Family Clothing,
Incorporated * 100 550
Guess, Incorporated * 100 1,400
Guilford Mills, Incorporated 100 425
Interface, Incorporated, Class A 200 763
Jason, Incorporated * 100 963
Jones Apparel Group, Incorporated * 300 7,050
Kellwood Company 100 2,112
Liz Claiborne, Incorporated 200 7,050
Mikasa, Incorporated 100 1,100
Mohawk Industries, Incorporated 100 2,175
Nautica Enterprises, Incorporated * 100 1,069
NIKE, Incorporated, Class B 700 27,869
Oneida, Ltd. 100 1,775
Oshkosh B'Gosh, Incorporated 100 1,637
Oxford Industries, Incorporated 100 1,800
Pacific Sunwear of California * 100 1,875
Phillips Van Heusen Corporation 100 950
Polo Ralph Lauren Corporation * 100 1,425
Quiksilver, Incorporated * 100 1,556
Reebok International, Ltd. * 200 3,187
Russell Corporation 100 2,000
Shaw Industries, Incorporated 400 5,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
205
<PAGE> 210
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
APPAREL & TEXTILES - CONTINUED
Stride Rite Corporation 200 $1,225
Superior Uniform Group,
Incorporated 100 869
Timberland Company, Class A * 100 7,081
Unifi, Incorporated * 200 2,475
V. F. Corporation 300 7,144
Vans, Incorporated 100 1,462
Warnaco Group, Incorporated, Class A 200 1,550
Wellman, Incorporated 100 1,619
Wolverine World Wide, Incorporated 100 988
-----------
128,812
AUTO PARTS - 0.26%
Aftermarket Technology Corporation * 100 850
American Axle & Manufacturing
Holdings, Incorporated * 100 1,419
Arvin Industries, Incorporated * 100 1,738
Autoliv, Incorporated 300 7,219
Borg-Warner Automotive, Incorporated 100 3,512
Colonels International, Incorporated * 100 525
Copart, Incorporated * 200 3,200
Dana Corporation 400 8,475
Danaher Corporation 400 19,775
Delphi Automotive Systems Corporation 1,500 21,844
Detroit Diesel Corporation 100 1,475
Donnelly Corporation 100 1,300
Eaton Corporation 200 13,400
Exide Corporation 100 800
Federal Mogul Corporation 200 1,912
Gentex Corporation * 200 5,025
Genuine Parts Company 400 8,000
Hayes Lemmerz International, Incorporated * 100 1,206
Insurance Auto Auctions, Incorporated * 100 2,112
Mascotech, Incorporated 100 1,081
Meritor Automotive, Incorporated 200 2,200
Modine Manufacturing Company 100 2,700
Sauer, Incorporated 100 988
Simpson Industries, Incorporated 100 753
Standard Motor Products,
Incorporated, Class A 100 850
Superior Industries
International, Incorporated 100 2,575
TBC Corporation * 100 463
Tower Automotive, Incorporated * 100 1,250
Visteon Corporation 419 5,080
Wynns International, Incorporated 100 2,269
-----------
123,996
AUTO SERVICES - 0.05%
AutoNation, Incorporated * 1,000 7,062
Avis Rental A Car, Incorporated * 100 1,875
Budget Group, Incorporated * 200 825
Dollar Thrifty Automotive Group * 100 1,844
Midas, Incorporated 100 2,000
Pennzoil-Quaker State Company 300 3,619
Sonic Automatic, Incorporated * 100 1,069
United Rentals, Incorporated * 200 3,425
-----------
21,719
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
AUTOMOBILES - 0.70%
Decoma International,
Incorporated 100 $756
Dura Automotive Systems,
Incorporated * 100 1,081
Federal Signal Corporation 100 1,650
Ford Motor Company 3,200 137,600
General Motors Corporation * 1,700 98,706
General Motors Corporation,
Class H 400 35,100
Harley Davidson, Incorporated 800 30,800
Lear Corporation 200 4,000
Miller Industries, Incorporated * 200 363
Monaco Coach Corporation 100 1,363
O'Reilly Automotive, Incorporated 200 2,775
PACCAR, Incorporated 200 7,937
Polaris Industries, Incorporated 100 3,200
Spartan Motors, Incorporated 200 838
Tenneco Automotive, Incorporated 100 525
Wabash National Corporation 100 1,194
Winnebago Industries, Incorporated 100 1,306
-----------
329,194
BANKING - 3.84%
1St Source Corporation 100 1,569
ABC Bancorp 100 963
Alabama National Bancorporation 100 1,981
Ambanc Holding Company, Incorporated * 100 1,525
Ameriana Bancorp 100 988
American National Bankshares,
Incorporated 100 1,375
AmSouth Bancorporation 1,000 15,750
Area Bancshares Corporation 100 2,231
Associated Banc-Corp 220 4,799
Astoria Financial Corporation 100 2,575
Auburn National Bancorp 100 1,200
Bancorp Connecticut, Incorporated 100 1,450
Bancorpsouth, Incorporated 100 1,406
Bancwest Corporation 200 3,287
Bank America Corporation 4,500 193,500
Bank Corporation * 100 663
Bank of New York, Incorporated 1,900 88,350
Bank One Corporation 3,000 79,687
Bank United Corporation, Class A 100 3,519
Bankatlantic Bancorp,
Incorporated 200 1,175
Bankfirst Corporation 100 825
Banknorth Group, Incorporated 482 7,381
BB&T Corporation 900 21,487
Boston Private Financial
Holdings, Incorporated 100 1,006
Brenton Banks, Incorporated 100 1,388
Bridge Bancorp, Incorporated 100 1,625
California Center Bank * 100 1,694
Camco Financial Corporation 100 906
Camden National Corporation 100 1,350
Capitol Bancorp, Ltd. 100 1,138
Capitol Federal Financial 200 2,212
Catskill Financial Corporation 100 2,187
Cavalry Bancorp, Incorporated 100 1,156
CCB Financial Corporation * 100 3,700
</TABLE>
The accompanying notes are an integral part of the financial statements.
206
<PAGE> 211
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BANKING - CONTINUED
Cenit Bankcorp 100 $1,188
Centennial Bancorp * 100 869
Center Bancorp, Incorporated 100 2,175
Centura Banks, Incorporated * 100 3,394
Century South Bank, Incorporated 100 1,937
Charter One Financial, Incorporated 600 13,800
Chase Manhattan Corporation 3,300 152,006
Chemung Financial Corporation 100 1,962
Chester Valley Bancorp, Incorporated 100 1,700
Chittenden Corporation 100 2,444
Citizens Banking Corporation 100 1,623
City Holding Company 100 588
City National Corporation 100 3,475
Civic Bancorp * 100 1,437
CNB Financial Corporation/ NY 100 1,050
CNB Financial Corporation/PA 100 1,800
CNY Financial Corporation * 100 1,850
Coastal Financial Corporation 100 975
Colonial Bancgroup, Incorporated 300 2,887
Colorado Business Bankshares,
Incorporated 100 1,338
Columbia Bancorp 100 900
Comerica, Incorporated 400 17,950
Commerce Bancorp, Incorporated 100 4,600
Commerce Bancshares, Incorporated 100 2,975
Commercial Bank of New York 100 1,175
Commercial Bankshares,
Incorporated 100 1,775
Commercial Federal Corporation 200 3,112
Community Bancshares,
Incorporated 100 1,800
Community First Bankshares,
Incorporated 100 1,631
Community Savings Bankshares,
Incorporated 100 1,138
Cortland Bancorp 100 1,562
Cullen Frost Bankers, Incorporated 100 2,631
CVB Financial Corporation 100 1,581
Dime Bancorp, Incorporated 300 4,725
Dime Community Bancorp,
Incorporated 100 1,625
Doral Financial Corporation 100 1,144
Drovers Bancshares Corporation 105 1,614
East West Bancorp, Incorporated 100 1,437
EFC Bancorp, Incorporated 100 938
Enstar Group, Incorporated * 100 1,475
Evertrust Financial Group, Incorporated 100 1,019
F & M Bancorp 100 1,975
F & M National Corporation 100 2,100
Farmers National Banc Corporation 100 988
FFY Financial Corporation 100 1,100
Fidelity Bankshares, Incorporated 100 1,537
Fifth Third Bancorp 800 50,600
Financial Institutions, Incorporated 100 1,400
First Bancorp North Carolina 100 1,388
First Bancshares Texas,
Incorporated * 100 1,225
First Bell Bancorp, Incorporated 100 1,525
First Chester County Corporation 100 1,363
First Commonwealth Financial
Corporation Pennsylvania 200 1,812
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BANKING - CONTINUED
First Defiance Financial Corporation 100 $806
First Federal Financial
Corporation Of Kentucky 100 1,900
First Financial Bancorp 100 1,969
First Liberty Bank Corporation 100 1,125
First Midwest Bancorp, Incorporated 100 2,325
First Niagara Financial
Group, Incorporated 100 938
First Northern Capital Corporation 100 1,338
First Oak Brook Bancshares, Incorporated 100 1,363
First Savings Bancorp 100 1,625
First Security Corporation 500 6,781
First Securityfed Financial, Incorporated 100 1,288
First Sentinel Bancorp, Incorporated 200 1,644
First Tennessee National Corporation 300 4,969
First Union Corporation 2,600 64,512
First United Bancshares, Incorporated 100 1,519
First United Corporation 100 1,088
First Virginia Banks, Incorporated 100 3,481
First Washington Bancorp, Incorporated 100 1,394
Firstar Corporation 2,600 54,762
Firstbank Corporation 100 1,987
Firstfed America Bancorp,
Incorporated 100 1,156
FirstMerit Corporation 200 4,275
FirstSpartan Financial Corporation 100 1,725
Flag Financial Corporation 200 888
FleetBoston Financial Corporation 2,400 81,600
FMS Financial Corporation 100 738
FNB Financial Services Corporation 100 1,300
Foothill Independent Bancorp 100 925
FPB Financial Corporation 100 1,088
Gaston Federal Bancorp 100 1,019
Georgia Financial, Incorporated 100 1,200
Glacier Bancorp, Incorporated 110 1,451
Gold Banc Corporation, Incorporated 200 1,000
Golden State Bancorp, Incorporated 300 5,400
Golden West Financial Corporation 400 16,325
Granite State Bankshares,
Incorporated 100 1,512
Greenpoint Financial Corporation 300 5,625
Guaranty Federal Bancshares,
Incorporated 100 1,013
Hanmi Financial Corporation 100 1,369
Hanover Bancorp, Incorporated 100 1,650
Harris Financial, Incorporated 200 1,238
Heritage Bancorp, Incorporated 100 1,700
Heritage Financial
Corporation Washington 100 869
HF Financial Corporation 100 900
Hibernia Corporation, Class A 400 4,350
Home Federal Bancorp 100 1,650
Horizon Financial Corporation 200 1,800
Hudson City Bancorp, Incorporated 300 5,119
Hudson United Bancorp 100 2,244
Humboldt Bancorp * 100 1,150
Huntington Bancshares, Incorporated 600 9,487
Iberiabank Corporation 100 1,537
</TABLE>
The accompanying notes are an integral part of the financial statements.
207
<PAGE> 212
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BANKING - CONTINUED
Imperial Bancorp * 100 $1,562
Independence Community Bank
Corporation 200 2,650
Independent Bank Corporation
of Massachusetts 100 1,131
Independent Bank Corporation
of Michigan 100 1,356
Indiana United Bancorp 100 1,600
Integra Bank Corporation 100 1,700
Irwin Financial Corporation 100 1,444
James River Bankshares,
Incorporated 100 1,100
Jefferson Svgs Bancorp,
Incorporated 100 1,094
KeyCorp 1,200 21,150
Keystone Financial, Incorporated 100 2,125
Klamath First Bancorp, Incorporated 100 1,173
Lafayette Bancorporation 100 1,462
Lakeland Bancorp, Incorporated 100 1,150
Lakeland Financial Corporation 100 1,150
Lincoln Bancorp 100 1,000
LNB Bancorp, Incorporated 102 2,104
Main Street Bancorp, Incorporated 100 888
Marshall & Ilsley Corporation 300 12,450
MBNA Corporation 2,100 56,962
Mellon Financial Corporation 1,300 47,369
Mercantile Bankshares Corporation 200 5,962
Merchants Bancshares, Incorporated 100 1,950
Metrowest Bkmass 200 1,100
NASB Financial, Incorporated 100 1,125
National Bancorp Alaska,
Incorporated 100 3,587
National City Corporation 1,600 27,300
National Commerce Bancorp 300 4,819
National Penn Bancshares,
Incorporated 100 2,062
Net.B@nk, Incorporated * 100 1,244
North Fork Bancorporation,
Incorporated 400 6,050
Northern Trust Corporation 600 39,037
Northwest Bancorp, Incorporated 200 1,375
Oak Hill Financial, Incorporated 100 1,400
Ocwen Financial Corporation * 200 1,113
Old Kent Financial Corporation 315 8,426
Old National Bancorp 100 2,931
One Valley Bancorp West
Virginia, Incorporated 100 3,125
PAB Bankshares, Incorporated 100 1,038
Pacific Capital Bancorp 100 2,506
Pacific Century Financial Corporation 200 2,925
Patriot Bank Corporation 100 694
People's Bank Corporation 100 1,837
Permanent Bancorp, Incorporated 100 2,000
PNC Bank Corporation 700 32,812
Popular, Incorporated 300 5,719
Premier National Bancorp,
Incorporated 100 1,300
Progress Financial Corporation 100 1,238
Prosperity Bancshares, Incorporated 100 1,612
Provident Bancorp, Incorporated 100 1,500
Provident Bankshares Corporation 100 1,350
Provident Financial Group,
Incorporated 100 2,381
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BANKING - CONTINUED
Providian Financial 400 $36,000
Corporation
Quaker City Bancorp, Incorporated * 100 1,537
Republic Bancorp, Incorporated 200 1,787
Republic Bancshares, Incorporated * 100 1,200
Republic Security Financial
Corporation 200 1,000
Riggs National Corporation 100 1,263
Roslyn Bancorp, Incorporated 200 3,322
Royal Bancshares
Pennsylvania, Incorporated 100 1,675
S & T Bancorp, Incorporated 100 1,825
Savannah Bancorp, Incorporated 100 1,925
Scripps Financial Corporation 100 2,037
Shoreline Financial Corporation 105 1,247
Silicon Valley Bancshares * 200 8,525
Sky Financial Group, Incorporated 200 3,187
SNB Bancshares, Incorporated 100 1,500
South Alabama Bancorp,
Incorporated 100 1,013
South Financial Group, Incorporated 100 1,450
South Jersey Financial
Corporation, Incorporated 100 1,959
SouthBanc Shares, Incorporated 100 1,600
Southside Bancshares Corporation 100 744
Southtrust Corporation 400 9,050
Southwest Bancorporation of
Texas, Incorporated * 100 2,075
Sovereign Bancorp, 500 3,516
State Bancorp, Incorporated 108 1,364
State Financial Services Corporation 100 956
State Street Corporation 400 42,425
Summit Bancorp 400 9,850
Summit Bankshares, Incorporated 100 1,725
SunTrust Banks, Incorporated 800 36,550
Superior Financial Corporation * 100 1,019
Susquehanna Bancshares,
Incorporated 100 1,425
Synovus Financial Corporation 700 12,337
Trico Bancshares 100 1,650
Troy Financial Corporation 100 988
Trustco Bank Corporation of
New York 200 2,500
Trustmark Corporation 200 3,487
U.S. Bancorp 2,000 38,500
U.S.B. Holding, Incorporated 100 1,413
Union Bankshares Corporation 100 1,063
Union Planters Corporation 300 8,381
UnionBanCal Corporation 400 7,425
Unionbancorp, Incorporated 100 1,100
United Bankshares, Incorporated 100 1,819
United Community Financial
Corporation 200 1,331
United National Bancorp 100 1,837
United Security Bancorporation 100 963
Valley National Bancorp 105 2,553
VIB Corporation * 103 618
Vista Bancorp, Incorporated 105 1,470
W Holding Company, Incorporated 100 825
Wachovia Corporation 500 27,125
Warren Bancorp, Incorporated 200 1,425
Washington Mutual, Incorporated 1,500 43,312
Washington Trust Bancorp,
Incorporated 100 1,475
</TABLE>
The accompanying notes are an integral part of the financial statements.
208
<PAGE> 213
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BANKING - CONTINUED
Wayne Bancorp, Incorporated 100 $1,600
Wesbanco, Incorporated 100 2,425
West Coast Bancorp 100 1,000
Westamerica Bancorporation 100 2,612
Westcorp, Incorporated 100 1,194
Whitney Holding Corporation 100 3,419
Wilmington Trust Corporation 100 4,275
Yadkin Valley Bank & Trust
Company 100 1,125
Yardville National Bancorp 100 1,063
York Financial Corporation 100 1,225
Zions BanCorporation 200 9,178
-----------
1,810,085
BROADCASTING - 2.31%
A.H. Belo Corporation, Series A 300 5,194
Ackerley Communications,
Incorporated 100 1,175
Acme Communications, Incorporated * 100 1,825
ACTV, Incorporated * 100 1,494
Adelphia Communications
Corporation, Class A * 300 14,062
American Telephone & Telegraph
Corporation-Liberty Media Group,
Class A * 6,200 150,350
AMFM, Incorporated * 600 41,400
AT&T Corporation * 600 19,500
Cablevision Systems
Corporation, Class A * 300 20,362
Charter Communications,
Incorporated, Class A * 600 9,863
Chris Craft Industries, Incorporated * 100 6,606
Citadel Communications
Corporation * 100 3,494
Clear Channel Communications * 900 67,500
Comcast Corporation * 100 3,888
Comcast Corporation, Class A * 2,500 101,250
Cumulus Media, Incorporated,
Class A * 100 913
Dick Clark Productions,
Incorporated * 110 1,293
E.W. Scripps Company, Class A 100 4,925
EchoStar Communications
Corporation, Class A * 600 19,866
Emmis Communications
Corporation, Class A * 100 4,138
Entercom Communications
Corporation * 100 4,875
Fox Entertainment Group,
Incorporated, Class A * 500 15,187
Gray Communications Systems,
Incorporated 100 981
Gray Communications Systems,
Incorporated, Class B 100 975
Hearst Argyle Television,
Incorporated * 100 1,950
Hispanic Broadcasting Corporation * 200 6,625
Infinity Broadcasting
Corporation, Class A * 1,100 40,081
Insight Communications,
Incorporated, Class A 100 1,563
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BROADCASTING - CONTINUED
Mediacom Communications
Corporation, Class A 200 $3,075
MediaOne Group, Incorporated 1,600 105,800
New Frontier Media, Incorporated * 100 731
On Command Corporation 100 1,425
Paxson Communications
Corporation * 200 1,600
Powerwave Technologies,
Incorporated * 300 13,200
Radio One, Incorporated, Class A * 100 2,956
Radio One, Incorporated, Class D * 200 4,413
Radio Unica Communications * 100 700
Regent Communications,
Incorporated * 100 859
Saga Communications, Incorporated * 100 2,200
Sinclair Broadcast Group,
Incorporated, Class A * 200 2,200
Sirius Satellite Radio, 100 4,431
Incorporated *
Spanish Broadcasting Systems,
Incorporated, Class A * 100 2,056
TCI Satellite Entertainment,
Incorporated * 200 1,738
TiVo, Incorporated 100 3,500
TV Guide, Incorporated * 400 13,700
UnitedGlobalCom, Incorporated * 200 9,350
Univision Communications,
Incorporated, Class A * 300 31,050
USA Networks, Incorporated * 700 15,137
Viacom, Incorporated, Class A 400 27,350
Viacom, Incorporated, Class B 3,970 270,704
Westwood One, Incorporated 300 10,237
Wink Communications, Incorporated 100 3,050
XM Satellite Radio Holdings,
Incorporated, Class A 100 3,744
-----------
1,086,541
BUILDING MATERIALS & CONSTRUCTION - 0.12%
Apogee Enterprises,
Incorporated, 00.12% 200 706
Armstrong Holdings, Incorporated 100 1,531
Benjamin Moore & Company * 100 2,413
Dycom Industries, 100 4,600
Incorporated *
Elcor Chemical Corporation 100 2,300
Fluor Corporation 200 6,325
Haemonetics Corporation 100 2,100
Harsco Corporation 100 2,550
Hughes Supply, Incorporated 100 1,975
Lennox International, Incorporated 200 2,650
Masco Corporation 1,200 21,675
Morrison Knudsen Corporation 200 1,450
NCI Building Systems, Incorporated 100 2,025
R.P.M., Incorporated 300 3,038
United States Concrete,
Incorporated * 100 800
-----------
56,138
BUSINESS SERVICES - 2.73%
ABM Industries, Incorporated 100 2,300
ACNielson Corporation * 200 4,400
Acxiom Corporation * 200 5,450
Advanced Marketing Services,
Incorporated 100 1,844
ADVO, Incorporated * 100 4,200
</TABLE>
The accompanying notes are an integral part of the financial statements.
209
<PAGE> 214
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - CONTINUED
Agency.com, Ltd. * 100 $1,781
Allscripts, Incorporated * 100 2,300
Amerco * 100 2,000
American Management Systems,
Incorporated * 100 3,283
Anacomp, Incorporated * 100 300
Analysts International Corporation 100 931
Ancor Communications,
Incorporated * 100 3,577
Answerthink Consulting Group * 100 1,663
APAC Customer Services,
Incorporated * 200 2,213
Apollo Group, Incorporated,
Class A * 200 5,600
Apropos Technology, Incorporated * 200 1,731
Armor Holdings, Incorporated * 100 1,300
Automatic Data Processing,
Incorporated 1,700 91,056
Banta Corporation 100 1,894
Berlitz International, Incorporated * 100 900
Billing Concepts Corporation * 200 888
BISYS Group, Incorporated * 100 6,150
Black Box Corporation * 100 7,917
Bowne & Company, Incorporated 100 1,006
Braun Consulting, Incorporated * 100 2,113
Breakaway Solutions, Incorporated * 100 2,700
Bright Horizons Family Solutions * 100 2,138
Brio Technology, Incorporated* 100 2,119
Burns International Services
Corporation * 100 1,250
Cass Commercial Corporation 100 2,075
Catalina Marketing Corporation * 100 10,200
CCC Information Services
Group, Incorporated * 100 1,063
CEC Entertainment, Incorporated * 100 2,562
Cendant Corporation * 1,900 26,600
Central Parking Corporation 100 2,369
Ceridian Corporation * 400 9,625
Checkfree Holdings Corporation * 200 10,312
Choicepoint, Incorporated * 152 6,764
Coinstar, Incorporated * 100 1,006
Comdisco, Incorporated 400 8,925
Compucredit Corporation * 100 3,000
Computer Horizons Corporation * 100 1,344
Computer Sciences Corporation * 400 29,875
Computer Task Group, Incorporated 100 506
Concord EFS, Incorporated * 600 15,600
Convergys Corporation * 400 20,750
Costar Group, Incorporated * 100 2,506
Cuno, Incorporated * 100 2,312
Cybersource Corporation * 100 1,381
Cypress Communications,
Incorporated * 100 725
Deluxe Corporation 200 4,712
DeVry, Incorporated * 200 5,287
Diamond Technology Partners,
Incorporated, Class A * 100 8,800
Dun & Bradstreet Corporation 400 11,450
Eclipsys Corporation * 100 750
Ecolab, Incorporated 300 11,719
Edison Schools, Incorporated * 100 2,319
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - CONTINUED
Education Management
Corporation * 100 $1,806
Electro Rent Corporation * 100 1,225
Electronic Data Systems Corporation 1,200 49,500
Encompass Services Corporation * 200 1,150
Entrust Technologies,
Incorporated * 100 8,275
EpicEdge, Incorporated * 100 2,300
Exchange Applications Software * 100 2,662
Express Scripts,
Incorporated, Class A * 100 6,212
FactSet Research Systems,
Incorporated 100 2,825
Finistar Corporation * 400 10,475
First Consulting Group * 100 556
First Data Corporation 1,100 54,587
Fiserv, Incorporated * 300 12,975
Forrester Research, Incorporated * 100 7,281
Franklin Covey Company * 100 694
Futurelink Corporation * 200 1,438
Gartner Group, Incorporated,
Class A * 200 2,400
Gartner Group, Incorporated,
Class B * 300 2,962
Getty Images, Incorporated * 100 3,706
GTECH Holdings Corporation * 100 2,269
H & R Block, Incorporated 300 9,712
Harcourt General, Incorporated 200 10,875
Harte Hanks Communications 200 5,000
Healtheon/WebMD Corporation 500 7,406
Heidrick & Struggles
International, Incorporated * 100 6,312
HNC Software, Incorporated 100 6,175
Hooper Holmes, Incorporated 100 800
Humana, Incorporated * 500 2,437
Hunt Corporation 100 1,038
Imagex Common, Incorporated * 100 606
Industri-Matematik
International Corporation * 100 538
INFOCURE Company * 100 563
Information Holdings,
Incorporated * 100 3,700
Information Resources, 100 394
Incorporated *
Insight Enterprises, 100 5,931
Incorporated *
Intelidata Technologies Corporation * 100 1,031
Intelligroup, Incorporated * 100 1,200
Interim Services, Incorporated * 200 3,550
Interpublic Group Companies,
Incorporated 700 30,100
Intervoice, Incorporated * 100 656
Iron Mountain, Incorporated * 100 3,400
ITT Educational Services,
Incorporated * 100 1,756
ITT Industries, Incorporated 200 6,075
Jacobs Engineering Group,
Incorporated * 100 3,269
Jupiter Communications,
Incorporated * 100 2,300
Kelly Services, Incorporated,
Class A 100 2,313
Kforce.com, Incorporated * 100 694
Korn/Ferry International * 100 3,169
Labor Ready, Incorporated * 100 663
</TABLE>
The accompanying notes are an integral part of the financial statements.
210
<PAGE> 215
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - CONTINUED
Lamar Advertising Company,
Class A * 200 $8,662
Learning Tree International,
Incorporated * 100 6,125
Legato Systems, Incorporated 200 3,025
Lightbridge, Incorporated * 100 2,387
Loch Harris, Incorporated 1,200 516
Macrovision Corporation 100 6,392
Management Network Group, Incorporated 100 3,500
Manpower, Incorporated 200 6,400
MedQuist, Incorporated 100 3,400
MMC Networks, Incorporated 100 5,344
Modis Professional Services,
Incorporated * 300 2,662
Monro Muffler Brake, Incorporated 100 919
National Computer Systems,
Incorporated 100 4,925
National Data Corporation 100 2,300
National Processing, Incorporated * 200 2,500
Navigant Consulting Company * 100 425
NCR Corporation 300 11,681
NetLojix Communications,
Incorporated * 300 1,088
New England Business Service,
Incorporated 100 1,625
Newell Rubbermaid, Incorporated 800 20,600
Newpark Resources, Incorporated * 200 1,888
Nextcard, Incorporated * 200 1,700
NovaMed Eyecare, Incorporated * 100 881
NVIDIA Corporation * 200 12,712
Ogden Corporation * 200 1,800
Omnicom Group, Incorporated 500 44,531
On Assignment, Incorporated 100 3,050
Paxar Corporation * 100 1,194
Paychex, Incorporated 1,050 44,100
Pegasystems, Incorporated * 100 500
Penton Media, Incorporated 100 3,500
Pre- Paid Legal Services,
Incorporated * 100 2,987
Primark Corporation * 100 3,725
Probusiness Services, Incorporated * 100 2,656
Professional Detailing, Incorporated * 100 3,406
Profit Recovery Group
International, Incorporated * 100 1,663
Prosoft Development, Incorporated * 100 1,681
Protection One, Incorporated 500 1,094
Quanta Services, Incorporated * 100 5,500
Quest Software, Incorporated * 200 11,075
Quintiles Transnational Corporation * 300 4,237
R.H. Donnelley Corporation * 100 1,938
R.R. Donnelley & Sons Company 300 6,769
Razorfish, Incorporated, Class A * 300 4,819
Renaissance Worldwide,
Incorporated * 200 313
Rent-A-Center, Incorporated * 100 2,250
Ritchie Brothers Auctioneers,
Incorporated * 100 2,394
Robert Half International,
Incorporated * 400 11,400
Rollins, Incorporated 100 1,488
RSA Security, Incorporated * 100 6,925
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - CONTINUED
Seachange International,
Incorporated * 100 $2,887
Service Corporation 800 2,550
International
Service Master Company 800 9,100
SITEL Corporation * 200 988
Snyder Communications,
Incorporated * 200 4,750
Sonicwall, Incorporated * 100 8,806
Sothebys Holdings, Incorporated 200 3,500
Source Information Management Company * 100 1,525
Staffmark, Incorporated * 100 669
Stone & Webster, Incorporated 100 75
SunGuard Data Systems,
Incorporated * 300 9,300
Superior Consultant, Incorporated * 100 475
Sykes Enterprises, Incorporated * 100 1,288
Symyx Technologies, Incorporated * 100 4,261
Syntel, Incorporated * 100 1,000
Systems & Computer Technology
Corporation * 100 2,000
Tanning Technology Corporation * 100 1,925
Telespectrum Worldwide,
Incorporated * 200 913
Teletech Holdings, Incorporated * 200 6,212
TETRA Technologies, Incorporated * 100 2,288
The Titan Corporation * 100 4,475
Thermo Terratech, Incorporated * 100 800
TMP Worldwide, Incorporated * 200 14,762
Total Systems Services,
Incorporated 500 7,937
Track Data Corporation * 300 384
True North Communications 100 4,400
United Parcel Service,
Incorporated, Class B 300 17,700
URS Corporation * 100 1,525
Valassis Communications,
Incorporated * 200 7,625
Viad Corporation 300 8,175
Voicenet, Incorporated 100 1,225
Wackenhut Corrections
Corporation 100 750
Wallace Computer Series,
Incorporated 100 988
Waste Connections, Incorporated 100 1,975
WebTrends Corporation 100 3,869
West Teleservices Corporation 200 5,062
Wireless Facilities, Incorporated 100 5,094
Workflow Management, Incorporated 100 1,188
World Access, Incorporated 200 2,213
Xceed, Incorporated 100 913
Xpedior, Incorporated 100 1,381
Yahoo, Incorporated 1,400 173,425
Zap.com Corporation 200 550
-----------
1,284,082
CHEMICALS - 0.98%
Aceto Corporation 100 1,100
Air Products & Chemicals,
Incorporated 600 18,487
Airgas, Incorporated * 200 1,138
Albemarle Corporation 100 1,975
Amcol International Corporation 100 1,650
</TABLE>
The accompanying notes are an integral part of the financial statements.
211
<PAGE> 216
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - continued
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CHEMICALS - CONTINUED
B.F. Goodrich Company 300 $10,219
Cabot Corporation 200 5,450
Calgon Carbon Corporation 200 1,550
Cambrex Corporation 100 4,500
Chemfirst, Incorporated 100 2,412
Crompton Corporation 300 3,675
Cytec Industries, 100 2,469
Incorporated *
Dexter Corporation 100 4,800
Dow Chemical Company 1,800 54,337
E.I. Du Pont De Nemours &
Company 2,800 122,500
Eastman Chemical Company 200 9,550
Engelhard Corporation 300 5,119
Ethyl Corporation 300 750
Ferro Corporation 100 2,100
FMC Corporation * 100 5,800
Geon Company 100 1,850
Georgia Gulf Corporation 100 2,081
Great Lakes Chemical Corporation 100 3,150
Hawkins Chemical, Incorporated 100 788
Hercules, Incorporated 300 4,219
Hexcel Corporation 200 1,900
IMC Global, Incorporated 300 3,900
Lilly Industrial, Incorporated, 100 3,006
Class A
Lubrizol Corporation 100 2,100
Lyondell Chemical Company 300 5,025
M.A. Hanna Company 100 900
MacDermid, Incorporated 100 2,350
Martek Biosciences Corporation 100 1,875
Material Sciences Corporation 100 1,000
Millennium Chemicals, Incorporated 200 3,400
Minerals Technologies, 100 4,600
Incorporated
Mississippi Chemical 100 475
Corporation
Nl Industries, Incorporated 100 1,525
Olin Corporation 100 1,650
OM Group, Incorporated 100 4,400
Omnova Solutions, Incorporated 200 1,250
Penford Corporation 100 2,150
Phosphaet Resource Partners 300 1,800
PPG Industries, Incorporated 400 17,725
Praxair, Incorporated 400 14,975
Quaker Chemical 100 1,738
Rohm & Haas Company 600 20,700
Schulman, Incorporated 100 1,206
Scotts Company, Class A * 100 3,650
Sigma-Aldrich Corporation 300 8,775
Solutia, Incorporated 300 4,125
Spartech Corporation 100 2,700
Techne Corporation * 100 13,000
TETRA Technologies, Incorporated * 100 1,419
Union Carbide Corporation 400 19,800
Uniroyal Technology * 100 1,106
Valence Technology, Incorporated * 100 1,844
Valhi, Incorporated 300 3,112
Valspar Corporation 100 3,375
W. R. Grace & Company * 200 2,425
Waters Corporation 200 24,962
WD-40 Company 100 2,075
-------
463,687
COMPUTERS & BUSINESS EQUIPMENT - 9.21%
3Dfx Interactive, Incorporated * 100 778
Act Manufacturing, Incorporated * 100 4,644
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMPUTERS & BUSINESS EQUIPMENT-CONTINUED
Actel Corporation * 100 $4,562
Adaptive Broadband Corporation * 100 3,675
ADE Corporation * 100 1,913
Advanced Digital Information * 100 1,594
Advanced Radio Telecom
Corporation * 100 1,463
Aether Systems, Incorporated * 100 20,500
Affiliated Computer Services,
Incorporated, Class A * 100 3,306
Allen Telecom, Incorporated * 100 1,769
Apex, Incorporated * 100 4,375
Apple Computer, Incorporated * 800 41,900
Arguss Holdings, Incorporated * 100 1,888
Aspen Technology, Incorporated * 100 3,850
Avanex Corporation * 200 19,100
Avant Corporation * 100 1,873
Benchmark Electronics, 100 3,656
Incorporated *
Brocade Communications
Systems, Incorporated * 300 55,045
C Cube Microsystems, Incorporated * 100 1,963
Cabletron Systems, Incorporated * 500 12,625
Cisco Systems, Incorporated * 18,200 1,156,837
Citrix Systems, Incorporated * 500 9,469
Clariti Telecom 500 688
International, Ltd.
CNET Networks, Incorporated * 200 4,912
Cobalt Networks, Incorporated * 100 5,787
Communication Intelligence
Corporation * 300 1,345
Compaq Computer Corporation 4,500 115,031
Complete Busines Solutions,
Incorporated * 100 1,756
Concurrent Computer Corporation * 200 2,625
Crossroads Systems, Incorporated * 100 2,525
CSG Systems International,
Incorporated * 100 5,606
Cybex Computer Products
Corporation * 100 4,300
Cylink Corporation * 100 1,675
Datastream Systems, Incorporated * 100 1,250
Delano Technology Corporation * 100 1,213
Dell Computer Corporation * 6,800 335,325
DST Systems, Incorporated * 200 15,225
Echelon Corporation * 100 5,794
Emachines, Incorporated * 400 1,075
EMC Corporation * 5,400 415,462
Extreme Networks, Incorporated * 100 10,550
FEI Company * 100 3,050
FileNET Corporation * 100 1,838
FSI International, Incorporated * 100 2,169
Gateway, Incorporated * 800 45,400
General Magic, Incorporated * 200 1,638
Gerber Scientific, Incorporated 100 1,150
Helix Technology Corporation 100 3,900
Henry, Jack & Associates,
Incorporated 100 5,012
Hewlett-Packard Company 2,700 337,162
Hutchinson Technology,
Incorporated * 100 1,425
Hypercom Corporation * 100 1,438
Infocus Corporation * 100 3,219
Informatica Corporation * 100 8,194
Infospace.com * 600 33,150
</TABLE>
The accompanying notes are an integral part of the financial statements.
212
<PAGE> 217
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) -- Continued
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMPUTERS & BUSINESS EQUIPMENT-CONTINUED
Ingram Micro, Incorporated, Class A * 200 $3,488
Intergraph Corporation * 200 1,513
International Business
Machines Corporation 4,800 525,900
International Fibercom, 100 2,550
Incorporated *
Internet Pictures Corporation * 100 1,513
Iomega Corporation * 800 3,200
JDS Uniphase Corporation * 1,500 179,812
L 3 Communications Holding
Corporation * 100 5,706
Maxim Integrated Products,
Incorporated 700 47,556
Maxtor Corporation * 300 3,169
Mechanical Technology,
Incorporated 100 1,500
Mercury Computer Systems,
Incorporated 100 3,231
Metasolv Software, Incorporated 100 4,400
Micron Electronics, Incorporated 300 3,750
Mips Technologies, Incorporated, Class B * 69 2,657
MTS Systems Corporation 100 625
National Instruments Corporation * 100 4,362
NetIQ Corporation * 100 5,962
Netrix Corporation * 100 1,231
Netro Corporation * 100 5,737
Network Appliance, Incorporated * 800 64,400
Network Peripherals, 100 1,675
Incorporated *
New Horizons Worldwide,
Incorporated * 100 2,323
Optical Cable Corporation 100 3,025
Packeteer, Incorporated * 100 2,913
Perot Systems Corporation * 300 3,300
Pinnacle Systems, 100 2,248
Incorporated *
Pitney Bowes, Incorporated 700 28,000
Pixar * 100 3,525
Predictive Systems, Incorporated * 100 3,594
Quantum Corporation * 600 6,087
Quintus Corporation * 100 1,986
Radiant Systems, Incorporated * 100 2,400
Redback Networks, Incorporated * 200 35,600
Remedy Corporation * 100 5,575
Robotic Vision Systems,
Incorporated * 100 1,800
S3, Incorporated * 200 2,950
SABRE Group Holdings,
Incorporated, Class A * 300 8,550
Sandisk Corporation * 200 12,237
Sanmina Corporation * 300 25,650
Seagate Technology, Incorporated * 600 33,000
Socket Communications,
Incorporated * 100 1,313
Spectralink Corporation 100 1,463
Spectrasite Holdings, Incorporated * 300 8,512
Standard Microsystems Corporation * 100 1,538
Storage Technology Corporation * 300 3,281
Structural Dynamics Research
Corporation * 100 1,506
Sun Microsystems, Incorporated * 4,200 381,937
Sybase, Incorporated * 200 4,600
Symbol Technologies, Incorporated 400 21,600
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMPUTERS & BUSINESS EQUIPMENT-CONTINUED
Tech Data Corporation * 100 $4,356
Telxon Corporation * 100 1,788
Tenfold Corporation * 100 1,644
Tricord Systems, Incorporated * 100 1,806
Turnstone Systems, Incorporated * 100 16,567
Unisys Corporation * 800 11,650
Universal Display Corporation 100 2,969
VA Linus Systems, Incorporated * 100 4,300
Verity, Incorporated 100 3,800
Virata Corporation 200 11,925
Visual Networks, Incorporated 100 2,850
Wave Systems Corporation 100 1,581
Western Digital Corporation 400 2,000
Wind River Systems, Incorporated 100 3,788
Witness Systems, Incorporated 100 2,438
Xerox Corporation 1,800 37,350
Xircom, Incorporated 100 4,750
Xybernaut Corporation 100 1,119
---------
4,338,805
CONSTRUCTION MATERIALS - 0.22%
Applied Industrial
Technologies, Incorporated 100 1,638
Catalytica, Incorporated * 100 1,100
Centex Construction Products 100 2,269
Clarcor, Incorporated 100 1,988
Columbus McKinnon Corporation 100 1,388
Comfort Systems USA, Incorporated * 100 400
Dal-Tile International, 200 1,650
Incorporated *
Diebold, Incorporated 200 5,575
Donaldson, Incorporated 100 1,975
Esterline Technologies 100 1,488
Corporation *
Fastenal Company 100 5,062
Florida Rock Industries,
Incorporated 100 3,562
Forest City Enterprises,
Incorporated 100 3,337
Granite Construction, 100 2,450
Incorporated
Griffon Corporation * 100 556
Insituform Technologies,
Incorporated, Class A * 100 2,712
JLG Industries, Incorporated 100 1,188
Justin Industries, Incorporated 100 2,187
Lafarge Corporation 200 4,200
Martin Marietta Matls, Incorporated 100 4,044
Noland Company 100 1,700
Oshkosh Truck Corporation,
Class B 100 3,575
Owens-Corning Corporation 200 1,850
Precision Castparts 100 4,525
Corporation
Regal Beloit Corporation 100 1,606
Republic Group, Incorporated 100 900
Roper Industries 100 2,562
Sherwin-Williams Company 400 8,475
Southdown, Incorporated 100 5,775
SpeedFam-IPEC, Incorporated * 100 1,819
Terex Corporation * 100 1,413
Trinity Industries, 100 1,850
Incorporated
United States Aggregates,
Incorporated 100 1,813
USG Corporation 100 3,037
Vulcan Materials Company 300 12,806
-------
102,475
</TABLE>
The accompanying notes are an integral part of the financial statements.
213
<PAGE> 218
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) -- Continued
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONSTRUCTION & MINING EQUIPMENT- 0.13%
Astec Industries, Incorporated * 100 $2,537
Caterpillar, Incorporated 900 30,487
CDI Corporation * 100 2,038
Dril Quip, Incorporated * 100 4,675
Foster Wheeler Corporation 200 1,725
Friede Goldman Halter, 100 894
Incorporated *
Gulf Islands Fabrication,
Incorporated 100 1,700
Kaman Corporation, Class A 100 1,069
Key Energy Services, Incorporated * 200 1,925
Kinder Morgan Energy Partners LP 100 3,994
Lakehead Pipeline Partner LP 100 4,006
Offshore Logistics, Incorporated * 100 1,438
Parker Drilling Company * 300 1,856
RPC, Incorporated 100 1,056
------
59,400
CONTAINERS & GLASS - 0.10%
American Material Can Group,
Incorporated 200 3,375
Ball Corporation 100 3,219
Bemis, Incorporated 100 3,362
Crown Cork & Seal, Incorporated 300 4,500
Earthshell Corporation * 300 909
Gaylord Container
Corporation, Class A * 200 538
Longview Fibre Company 200 2,212
Mark IV Industries, Incorporated 100 2,088
Owens-Illinois, Incorporated 400 4,675
Packaging Corporation America * 300 3,037
Pactiv Corporation * 500 3,937
Silgan Holdings, Incorporated 100 981
Sonoco Products Company 300 6,169
Temple-Inland, Incorporated 100 4,200
United States Can Corporation * 100 1,738
West Pharmaceutical Services,
Incorporated 100 2,163
------
47,103
COSMETICS & TOILETRIES - 0.12%
Alberto Culver Company, Class A 100 2,625
Alberto Culver Company, Class B 100 3,056
Avon Products, Incorporated 600 26,700
Estee Lauder Companies,
Incorporated, Class A 300 14,832
Intermediate Parfums, 150 1,275
Incorporated *
International Flavors &
Fragrances, Incorporated 300 9,056
NU Skin Enterprises,
Incorporated, Class A * 100 575
Revlon, Incorporated, Class A * 100 631
------
58,750
CRUDE PETROLEUM & NATURAL GAS - 0.33%
Barrett Resources Corporation * 100 3,044
Burlington Resources,
Incorporated 600 22,950
Cabot Oil & Gas Corporation, Class A 100 2,119
Conoco, Incorporated, Class A 500 11,000
Devon Energy Corporation 200 11,237
EOTT Energy Partners LP 100 1,419
Evergreen Resources * 100 2,963
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CRUDE PETROLEUM & NATURAL GAS - CONTINUED
Helmerich & Payne, Incorporated 100 $3,738
Marine Drilling Companies, Incorporated 200 5,600
National Oilwell, Incorporated * 267 8,778
Nuevo Energy Company * 100 1,888
Occidental Petroleum Corporation 1,000 21,062
Patterson Energy, Incorporated * 100 2,850
Pioneer Natural Resources 300 3,825
Santa Fe Snyder Corporation * 500 5,687
Sunoco, Incorporated 200 5,887
TEPPCO Partners LP 100 2,375
Union Pacific Resources
Group, Incorporated * 700 15,400
Vastar Resources, Incorporated 300 24,637
-------
156,459
DOMESTIC OIL - 2.11%
Amerada Hess Corporation 200 12,350
Anadarko Petroleum Corporation 300 14,794
Ashland, Incorporated 200 7,012
Basin Exploration, 100 1,788
Incorporated *
Belco Oil & Gas Corporation * 100 850
Berry Petroleum Company 100 1,700
Chesapeake Energy Corporation * 400 3,100
Conoco, Incorporated, Class B 1,700 41,756
Cornerstone Propane Partners LP * 100 1,469
Cross Timbers Oil Company 200 4,425
Crown Central Petroleum
Company, Class A * 100 913
Crown Central Petroleum
Company, Class B * 100 906
Energysouth, Incorporated 100 1,888
Enterprise Products Partners LP 100 2,250
EOG Resources, Incorporated 300 10,050
Exxon Mobil Corporation 9,100 714,350
Forest Oil Corporation * 200 3,187
Frontier Oil Corporation * 100 800
Genesis Energy LP 200 1,375
Giant Industries, Incorporated * 100 788
Grey Wolf, Incorporated * 600 3,000
Holly Corporation 100 1,188
Houston Exploration Company * 100 2,513
HS Resources, Incorporated 100 3,000
Insignia Financial Group,
Incorporated * 100 1,000
Kerr-McGee Corporation 200 11,787
Key Production, Incorporated * 100 1,750
Maverick Tube Corporation 100 2,912
Maynard Oil Company 100 1,600
McMoran Exploration Company 100 1,650
Midcoast Energy Resources,
Incorporated 100 1,575
Mitchell Energy & Development
Corporation, Class A 200 6,425
Murphy Oil Corporation 100 5,944
Newfield Exploration Company * 100 3,912
Noble Affiliates, Incorporated 200 7,450
Patina Oil & Gas Corporation 100 2,075
Pennaco Energy, Incorporated * 100 1,638
Phillips Petroleum Company 600 30,412
Plains Resources,Incorporated * 100 1,600
Pogo Producing Company 100 2,213
</TABLE>
The accompanying notes are an integral part of the financial statements.
214
<PAGE> 219
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) -- Continued
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DOMESTIC OIL - CONTINUED
Remington Oil Gas Corporation * 200 $1,500
Spinnaker Exploration Company * 100 2,562
Swift Energy Company * 100 2,837
Syntroleum Corporation * 100 1,713
Thermo Ecotek Corporation * 200 1,875
Tom Brown, Incorporated * 100 2,306
Triton Energy, Ltd. 100 3,931
Ultramar Diamond Shamrock
Corporation 200 4,962
Unit Corporation * 100 1,350
Unocal Corporation 600 19,875
USX-Marathon Group 800 20,050
Valero Energy Corporation 200 6,350
Vintage Petroleum, 200 4,512
Incorporated
World Fuel Services Corporation 100 863
-------
994,081
DRUGS & HEALTH CARE - 10.71%
Abbott Laboratories 4,100 182,706
Abgenix, Incorporated * 100 11,986
Acuson Corporation * 100 1,350
ADAC Laboratories * 100 2,400
Advance Paradigm, Incorporated * 100 2,050
Advanced Tissue Sciences,
Incorporated * 200 1,606
Affymetrix, Incorporated * 100 16,512
Algos Pharmaceutical Corporation 100 1,525
Alkermes, Incorporated * 200 9,425
Allergan, Incorporated 300 22,350
Alliance Pharmaceutical 200 2,250
Corporation *
ALPHARMA, Incorporated, Class A 100 6,225
ALZA Corporation * 300 17,737
American Home Products Corporation 3,500 205,625
AmeriSource Health
Corporation, Class A * 100 3,100
Amgen, Incorporated * 2,700 189,675
Amylin Pharmaceuticals, 200 3,037
Incorporated *
Andrx Corporation * 200 12,784
Anesta Corporation * 100 2,488
Antigenics, Incorporated * 100 1,663
Aphton Corporation * 100 2,575
Apria Healthcare Group, 100 1,225
Incorporated *
Aradigm Corporation * 100 1,750
Ariad Pharmaceuticals,
Incorporated * 100 1,331
Arrow International, 100 3,350
Incorporated
ATS Medical, Incorporated * 100 1,463
Avant Immunotherapeutics,
Incorporated * 200 2,113
Aviron * 100 3,087
AxyS Pharmaceuticals,
Incorporated * 100 594
Barr Laboratories, 150 6,722
Incorporated *
Bausch & Lomb, Incorporated 200 15,475
Baxter International, 800 56,250
Incorporated
Beckman Coulter, Incorporated 100 5,837
Becton Dickinson & Company 700 20,081
Bergen Brunswig Corporation,
Class A 400 2,200
Beverly Enterprises, 400 1,125
Incorporated *
Bindley Western Industries,
Incorporated * 100 2,644
Bio Technology General Corporation * 200 2,637
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE - CONTINUED
Biocontrol Techniology, Incorporated * 3,100 $567
Biocryst Pharmaceuticals,
Incorporated * 100 2,869
Biogen, Incorporated * 400 25,800
Biomarin Pharmaceutical,
Incorporated * 100 1,700
Biomatrix, Incorporated * 100 2,263
Biomet, Incorporated 300 11,531
Biopure Corporation * 100 1,881
Boston Scientific Corporation * 1,100 24,131
Bristol-Myers Squibb Company 5,300 308,725
Brookdale Living Communities,
Incorporated * 100 1,450
C.R. Bard, Incorporated 100 4,812
Cardinal Health, Incorporated 700 51,800
Cardiodynamics International
Corporation * 200 1,256
Caremark Rx, Incorporated * 600 4,087
Carter Wallace, Incorporated 100 2,013
Celgene Corporation * 200 11,775
Cell Genesys, Incorporated * 100 2,800
Cell Pathways, Incorporated * 100 2,350
Cell Therapeutics, 100 3,062
Incorporated *
Celsion Corporation * 200 575
Cephalon, Incorporated * 100 5,987
Chirex, Incorporated * 100 2,000
Chiron Corporation * 500 23,750
Chromavision Medical Systems,
Incorporated * 100 1,319
CIMA Labs, Incorporated * 100 2,025
Closure Medical Corporation * 100 2,300
Coherent, Incorporated * 100 8,387
Columbia Laboratories, 100 575
Incorporated *
Computerized Thermal Imaging * 200 1,456
Conmed Corporation * 100 2,588
Connetics Corporation * 100 1,469
COR Therapeutics, Incorporated * 100 8,531
Corixa Corporation * 100 4,294
Corvas International, 100 1,200
Incorporated *
Coulter Pharmaceutical,
Incorporated * 100 2,050
Covance, Incorporated * 200 1,763
Coventry Helath Care, 200 2,666
Incorporated *
Creative Biomolecules, 100 1,400
Incorporated *
Cryolife, Incorporated * 100 2,300
Cubist Pharmaceuticals,
Incorporated * 100 4,925
Curagen Corporation * 100 3,806
CV Therapeutics, Incorporated * 100 6,931
Cyberonics, Incorporated * 100 1,200
Cygnus, Incorporated * 100 1,425
Cytogen Corporation * 200 2,025
Cytyc Corporation * 100 5,337
Daxor Corporation * 100 1,113
Dentsply International,
Incorporated 100 3,081
Diagnostic Products 100 3,200
Corporation
Diametrics Medical, 100 566
Incorporated *
Diversa Corporation * 100 3,312
Drugstore.com, Incorporated * 200 1,506
Duane Reade, Incorporated * 100 2,575
Dura Pharmaceuticals, Incorporated * 100 1,438
DVI, Incorporated * 100 1,600
</TABLE>
The accompanying notes are an integral part of the financial statements.
215
<PAGE> 220
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) -- Continued
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE - CONTINUED
eBenX, Incorporated * 100 $2,119
Edwards Lifesciences Corporation * 200 3,825
Elan PLC, ADR * 38 1,841
Eli Lilly & Company 2,900 289,637
Embrex, Incorporated * 100 1,375
Emisphere Technologies,
Incorporated * 100 4,261
Endocare, Incorporated * 100 2,025
Enzo Biochem, Incorporated * 100 6,900
Enzon, Incorporated * 100 4,250
EPIX Medical, Incorporated * 100 1,488
First Health Group 100 3,281
Corporation *
Forest Laboratories, 200 20,200
Incorporated *
Fusion Medical Technologies,
Incorporated * 100 1,594
Geltex Pharmaceuticals,
Incorporated * 100 2,044
Gene Logic, Incorporated * 100 3,569
Genelabs Technologies,
Incorporated * 200 813
Genetech, Incorporated * 700 120,400
Genome Therapeutics Corporation * 100 3,044
Genta, Incorporated * 100 650
Genzyme Corporation * 200 11,887
Genzyme Transgenics Corporation * 100 2,712
Geron Corporation * 100 3,200
Gilead Sciences, Incorporated * 100 7,112
Guidant Corporation * 800 39,600
Guilford Pharmaceuticals,
Incorporated 100 1,506
HCA Healthcare Company 1,500 45,562
Health Management Association, Class A 700 9,144
HEALTHSOUTH Corporation 1,100 7,906
Hemispherx Biopharma, Incorporated 100 563
Henry Schein, Incorporated * 100 1,725
Hillenbrand Industries, 200 6,262
Incorporated
Human Genome Sciences,
Incorporated * 100 13,337
I-STAT Corporation * 100 1,744
ICN Pharmaceuticals, Incorporated 200 5,562
ICOS Corporation * 100 4,400
IDEC Pharmaceuticals Corporation * 100 11,731
IDEXX Laboratories, Incorporated * 100 2,288
IDX Systems Corporation * 100 1,413
Igen International * 100 1,656
ILEX Oncology, Incorporated * 100 3,525
Imaging Diagnostic Systems,
Incorporated * 300 506
Imatron, Incorporated * 400 938
ImClone Systems, Incorporated * 100 7,644
Immune Response Corporation * 100 1,088
Immunex Corporation * 1,300 64,269
Immunogen, Incorporated * 100 1,206
Immunomedics, Incorporated * 100 2,450
IMS Health, Incorporated 800 14,400
INAMED Corporation 100 3,662
INCYTE Pharmacuticals,
Incorporated * 100 8,219
Inhale Therapeutic Systems * 100 10,147
Intermune Pharmaceuticals,
Incorporated * 100 4,131
International Specialty 200 1,138
Products *
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE - CONTINUED
Invacare Corporation 100 $2,625
Invitrogen Corporation * 100 7,520
Irvine Sensors Corporation * 100 425
Isis Pharmaceuticals, Incorporated * 100 1,450
Ivax Corporation * 400 16,600
Johnson & Johnson 3,700 376,937
Jones Pharma, Incorporated 200 7,987
King Pharmaceuticals, Incorporated * 300 13,162
Kos Pharmaceuticals, Incorporated * 100 1,606
Labone, Incorporated 100 563
Laboratory Corporation
America Holdings * 40 3,085
Landauer, Incorporated 100 1,556
LCA Vision, Incorporated * 200 488
Life Technologies, 100 5,100
Incorporated
Lifepoint Hospitals, 100 2,225
Incorporated
Ligand Pharmaceuticals,
Incorporated 200 2,637
Lincare Holdings, Incorporated 100 2,463
Lunar Corporation 100 1,675
Mallinckrodt, Incorporated 200 8,687
Manor Care, Incorporated 300 2,100
Maximus, Incorporated 100 2,213
Maxygen, Incorporated 100 5,677
McKesson HBOC, Incorporated 800 16,750
Medarex, Incorporated 100 8,450
Medicis Pharmaceutical
Corporation, Class A 100 5,700
MedImmune, Incorporated 600 44,400
Medtronic, Incorporated 3,200 159,400
Mentor Corporation 100 2,719
Merck & Company, Incorporated 6,200 475,075
MGI Pharma, Incorporated 100 2,877
Mid Atlantic Medical
Services, Incorporated 200 2,700
Millennium Pharmaceuticals,
Incorporated 200 22,375
Minimed, Incorporated 100 11,800
Miravant Medical Technologies 100 2,231
Mylan Labs, Incorporated 300 5,475
NABI, Incorporated * 100 731
Nanogen, Incorporated 100 4,244
NBTY, Incorporated 200 1,275
NeoRx Corporation * 100 1,888
Neurocrine Biosciences,
Incorporated * 100 3,556
Neurogen Corporation * 100 2,887
Nexell Therapeutics,
Incorporated * 75 1,116
NexMed, Incorporated * 100 950
Northfield Laboratories,
Incorporated * 100 1,631
Noven Pharmaceuticals,
Incorporated * 100 3,006
NPS Pharmaceuticals,
Incorporated 100 2,675
Ocular Sciences, Incorporated * 100 1,175
Omega Healthcare Investors 200 900
Omnicare, Incorporated 300 2,719
Organogenesis, Incorporated 100 1,144
Orthodontic Centers America,
Incorporated 100 2,263
</TABLE>
The accompanying notes are an integral part of the financial statements.
216
<PAGE> 221
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) -- Continued
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE - CONTINUED
OSI Pharmaceuticals,
Incorporated * 100 $2,881
Owens & Minor, Incorporated 100 1,719
Oxford Health Plans, 200 4,762
Incorporated *
Pacificare Health Systems * 100 6,019
Parexel International Corporation * 100 956
Pathogensis Corporation * 100 2,600
Patterson Dental Company * 100 5,100
PE Corp-Celera Genomics Group * 200 18,700
PE Corp-PE Biosystems Group 600 39,525
Perrigo Company * 200 1,263
Pfizer, Incorporated 16,625 798,000
Pharmaceutical Product
Development, Incorporated * 100 2,100
Pharmaceutical Resources,
Incorporated * 100 525
Pharmacia & Upjohn, Incorporated 3,300 170,569
Pharmacopeia, Incorporated * 100 4,637
Pharmos Corporation * 200 750
Prime Hospitality Corporation * 200 1,888
Priority Healthcare Corporation * 100 7,431
Protein Design Laboratories,
Incorporated * 100 16,495
Protocol Systems, Incorporated * 100 1,594
Province Healthcare Company * 100 3,612
PSS World Med, Incorporated * 200 1,344
Psychemedics Corporation 200 1,038
Quest Diagnostics, Incorporated * 100 7,156
Quidel Corporation * 100 525
Quorum Health Group, Incorporated * 200 2,063
Regeneron Pharmaceuticals,
Incorporated * 100 2,981
Renal Care Group, Incorporated * 100 2,445
ResMed, Incorporated * 100 2,675
Resources Care, Incorporated * 100 538
Respironics, Incorporated * 100 1,800
Rexall Sundown, Incorporated * 200 4,800
Ribozyme Pharmaceuticals,
Incorporated * 100 2,581
Safescience, Incorporated * 100 525
Sangstat Medical Corporation * 100 2,887
Schein Pharmaceutical, Incorporated * 100 2,163
Schering-Plough Corporation 3,900 196,950
SciClone Pharmaceuticals,
Incorporated * 100 1,294
Scios, Incorporated * 200 1,125
Scott Technologies, Incorporated * 100 1,719
Sepracor, Incorporated * 200 24,125
Sequenom, Incorporated * 100 4,537
Sicor, Incorporated * 300 2,400
St. Jude Medical, Incorporated * 200 9,175
STAAR Surgical Company * 100 1,119
Star Scientific, Incorporated * 200 675
STERIS Corporation * 200 1,775
Stryker Corporation 600 26,250
Summit Technology, Incorporated * 200 3,775
Sunrise Assisted Living,
Incorporated * 100 1,850
Sunrise Medical, Incorporated * 200 975
Sunrise Technologies International * 200 2,000
Supergen, Incorporated * 100 3,625
Sybron International Corporation * 300 5,944
Targeted Genetics Corporation * 100 1,488
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE - CONTINUED
Techniclone International 300 $1,163
Corporation *
Tenet Healthcare Corporation * 800 21,600
Texas Biotechnology Corporation * 100 1,900
Theragenics Corporation * 100 856
Thermedics, Incorporated * * 200 1,988
Thermo Cardiosystems, Incorporated * 100 1,000
Thoratec Labs Corporation * 100 1,619
Titan Pharmaceuticals,
Incorporated * 100 4,300
Total Renal Care Holdings,
Incorporated * 300 1,800
Transkaryotic Therapies,
Incorporated * 100 3,675
Triad Hospitals, Incorporated * 100 2,419
Triangle Pharmaceuticals,
Incorporated * 100 906
Trigon Healthcare, Incorporated * 100 5,156
Tularik, Incorporated * 100 2,950
Twinlab Corporation * 100 638
United Therapeutics Corporation * 100 10,837
United Wisconsin, Incorporated 100 556
Unitedhealth Group, Incorporated 500 42,875
Universal Health Services,
Incorporated, Class B * 100 6,550
US Oncology, Incorporated * 300 1,500
Valentis, Incorporated * 100 1,175
Vasomedical, Incorporated 200 944
Vaxgen, Incorporated 100 2,188
Vertex Pharmaceuticals,
Incorporated 100 10,537
Veterinary Centers of
America, Incorporated 100 1,375
Vical, Incorporated 100 1,925
ViroPharma, Incorporated 100 1,563
VISX, Incorporated 200 5,612
Vital Signs, Incorporated 100 1,813
Von Pharmaceuticls, Incorporated 100 750
Watson Pharmaceuticals,
Incorporated 300 16,125
Wellpoint Health Networks,
Incorporated, Class A 200 14,487
Wesley Jessen VisionCare,
Incorporated 100 3,756
XOMA, Ltd. * 200 856
Young Innovations, Incorporated 100 1,788
Zila, Incorporated 200 763
---------
5,044,735
EDUCATIONAL SERVICES - 0.01%
Strayer Education, Incorporated 100 2,400
Sylvan Learning Systems,
Incorporated * 200 2,750
-----
5,150
ELECTRICAL EQUIPMENT - 3.80%
A.O. Smith Corporation 100 2,094
Advanced Energy Industries,
Incorporated * 100 5,894
American Power Conversion
Corporation * 500 20,406
AMETEK, Incorporated 100 1,750
Anixter International, 100 2,650
Incorporated *
</TABLE>
The accompanying notes are an integral part of the financial statements.
217
<PAGE> 222
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) -- Continued
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRICAL EQUIPMENT - CONTINUED
Artesyn Technologies,
Incorporated * 100 $2,781
Audiovox Corporation, Class A * 100 2,206
AVX Corporation 400 9,175
Baldor Electric Company 100 1,863
Barnes Group, Incorporated 100 1,631
Belden, Incorporated 100 2,563
C-COR.Net Corporation * 100 2,700
Cable Design Technologies
Corporation * 100 3,350
CIENA Corporation * 400 66,675
Cohu, Incorporated 100 2,697
Cooper Industries, Incorporated 200 6,512
Dauphin Technology, Incorporated * 200 1,244
Dynatech Corporation * 400 7,250
Electro Scientific
Industries, Incorporated * 100 4,403
Emerson Electric Company 1,100 66,412
Emulex Corporation * 100 6,569
General Cable Corporation 100 813
General Electric Company 26,100 1,383,300
Genlyte Group, Incorporated * 100 2,106
Hubbell, Incorporated, Class B 200 5,100
Johnson Controls, Incorporated 200 10,262
Kulicke & Soffa Industries,
Incorporated * 100 5,938
Littelfuse, Incorporated 100 4,900
Magnetek, Incorporated 100 800
Methode Electronics, Incorporated 100 3,863
Millipore Corporation 100 7,537
Molex, Incorporated 500 24,062
Molex, Incorporated, Class A 300 10,500
National Service Industries,
Incorporated 100 1,950
NCT Group, Incorporated * 1,000 380
Plexus Corporation * 100 11,300
Plug Power, Incorporated * 100 6,250
Powell Industries, Incorporated * 100 975
Power One, Incorporated * 150 17,091
Rayovac Corporation * 100 2,238
Sawtek, Incorporated * 100 5,756
SCI Systems, Incorporated * 400 15,675
Sensormatic Electrics Corporation * 200 3,163
SLI, Incorporated 100 1,213
TeleCorp PCS, Incorporated,
Class A * 200 8,062
Thomas Industries, Incorporated 100 1,769
Twin Disc, Incorporated 100 1,706
Universal Electronics, 100 2,456
Incorporated *
Vicor Corporation 100 3,481
Vishay Intertechnology, 300 11,381
Incorporated
W.H. Brady Company, Class A 100 3,250
W.W. Grainger, Incorporated 200 6,162
Watsco, Incorporated 100 1,250
Wesco International, Incorporated 100 956
Williams Clayton Energy,
Incorporated 100 3,194
---------
1,789,664
ELECTRIC UTILITIES - 1.61%
AES Corporation * 1,200 54,750
Allegheny Energy, Incorporated 300 8,212
Alliant Corporation 200 5,200
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRIC UTILITIES - CONTINUED
Ameren Corporation 300 $10,125
American Electric Power,
Incorporated 800 23,700
Avista Corporation 100 1,744
Bangor-Hydro Electric Company 100 2,344
Baycorp Holdings, Ltd. * 100 813
Black Hills Corporation 100 2,256
Calpine Corporation * 400 26,300
Central Vermont Public
Service Corporation 200 2,200
CH Energy Group, Incorporated 100 3,394
CINergy Corporation 400 10,175
Cleco Corporation 100 3,350
CMS Energy Corporation 300 6,637
Conectiv, Incorporated 300 4,669
Conectiv, Incorporated, Class A 100 2,438
Consol Energy, Incorporated 200 3,025
Consolidated Edison, Incorporated 600 17,775
Constellation Energy Group,
Incorporated 400 13,025
CP & L Energy, Incorporated 400 12,775
Dominion Resources, Incorporated 600 25,725
DPL, Incorporated 400 8,775
DQE, Incorporated 200 7,900
DTE Energy Company 400 12,225
Duke Energy Company 900 50,737
Dynegy, Incorporated, Class A 400 27,325
Edison International 900 18,450
El Paso Electric Company * 200 2,238
Empire District Electric 100 2,206
Company
Energy East Corporation 300 5,719
Entergy Corporation 700 19,031
FirstEnergy Corporation 600 14,025
Florida Progress Corporation 200 9,375
Florida Public Utilities 100 1,563
Company
FPI Group, Incorporated 500 24,750
GPU, Incorporated 300 8,119
Green Mountain Power
Corporation 200 1,650
Hawaiian Electric Industries,
Incorporated 100 3,281
Idacorp, Incorporated 100 3,225
IPALCO Enterprises 200 4,025
Kansas City Power & Light
Company 200 4,500
LG & E Energy Corporation 300 7,162
Madison Gas & Electric Company
100 1,975
MDU Resources Group, 100 2,163
Minnesota Power & Light Company 200 3,463
Montana Power Company 300 10,594
New Century Energies,
Incorporated 300 9,000
Niagara Mohawk Holdings,
Incorporated * 500 6,969
Northeast Utilities 400 8,700
Northern States Power Company 400 8,075
NSTAR 100 4,069
OGE Energy Corporation 200 3,700
Online Power Supply,
Incorporated 100 559
</TABLE>
The accompanying notes are an integral part of the financial statements.
218
<PAGE> 223
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRIC UTILITIES - CONTINUED
Otter Tail Power Company 100 $2,100
PECO Energy Company 500 20,156
PG&E Corporation 1,000 24,625
Pinnacle West Capital Corporation 200 6,775
Potomac Electric Power Company 300 7,500
PPL Corporation 400 8,775
Public Service Company 100 1,544
Public Service Enterprise
Group, Incorporated 500 17,312
Puget Sound Energy, Incorporated 200 4,262
Reliant Energy, Incorporated 800 23,650
RGS Energy Group, Incorporated 100 2,225
Southern Company 1,700 39,631
TECO Energy, Incorporated 300 6,019
The St. Joseph Light & Power
Company 100 2,100
TXU Corporation 700 20,650
Unicom Corporation 600 23,212
Unisource Energy Corporation 100 1,500
Wisconsin Energy Corporation 300 5,944
WPS Resources Corporation 100 3,006
---------
757,166
ELECTRONICS - 3.67%
Adaptec, Incorporated * 300 6,825
Agilent Technologies, Incorporated * 2,301 169,699
Amkor Technology, Incorporated * 400 14,125
Amphenol Corporation, Class A * 100 6,619
Anadigics, Incorporated * 100 3,406
Analog Devices, Incorporated * 900 68,400
Applied Materials, Incorporated * 2,000 181,250
Arrow Electronics, Incorporated * 300 9,300
Asyst Technologies, Incorporated * 100 3,425
Atmel Corporation * 600 22,125
Aurora Bioscience Corporation * 100 6,819
Avid Technology, Incorporated * 100 1,200
Avnet, Incorporated 100 5,925
Bell & Howell Company * 100 2,425
Burr-Brown Corporation * 200 17,337
Cambridge Technology
Partners, Incorporated * 200 1,744
Cellstar Corporation * 200 556
Checkpoint Systems, Incorporated * 100 750
CMP Group, Incorporated 100 2,931
Credence Systems Corporation * 200 11,037
CTS Corporation 100 4,500
Cymer, Incorporated * 100 4,775
Digital Microwave Corporation * 200 7,625
DSP Group, Incorporated * 100 5,600
E-Tek Dynamics, Incorporated 200 52,762
Electronics For Imaging, Incorporated * 100 2,531
Foundry Networks, Incorporated * 300 33,150
GenRad, Incorporated * 100 900
Glenayre Technologies, Incorporated * 200 2,113
Harris Corporation 200 6,550
Identix, Incorporated * 100 1,569
Input/Output, Incorporated * 200 1,688
Intermediate Telephone, Incorporated 100 1,606
Jabil Circuit, Incorporated * 500 24,812
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONICS- CONTINUED
Kemet Corporation * 200 $5,013
Kent Electronics Corporation * 100 2,981
Lexmark International Group,
Incorporated, Class A 300 20,175
Linear Technology Corporation 800 51,150
Lucent Technologies, Incorporated 8,500 503,625
Lumenon Innovation Lightwave 100 1,913
Microchip Technology, Incorporated 200 11,653
Motorola, Incorporated 5,700 165,656
MTI Technology Corporation 100 800
Network Access Solutions Corporation * 100 956
Pac-West Telecomm, Incorporated * 100 2,000
PerkinElmer, Incorporated 100 6,613
Raytheon Company, Class A 300 5,831
Rockwell International Corporation 500 15,750
Scientific-Atlanta, Incorporated 400 29,800
Silicon Graphics, Incorporated * 500 1,875
Silicon Storage Technology,
Incorporated * 100 8,831
Solectron Corporation * 1,600 67,000
Somera Communications, Incorporated * 200 2,725
Stoneridge, Incorporated * 100 875
Sycamore Networks, Incorporated * 700 77,262
Synopsys, Incorporated * 200 6,913
Technology Solutions Company * 200 1,238
TekTronix, Incorporated 100 7,400
Teleflex, Incorporated 100 3,706
Therma Wave, Incorporated * 100 2,231
Thermo Instrument Systems,
Incorporated * 300 5,625
Thermotrex Corporation * 100 1,106
Thomas & Betts Corporation 200 3,825
Trimble Navigation, Ltd. * 100 4,881
United Industrial Corporation 100 913
Varian Medical Systems,
Incorporated * 100 3,913
Varian, Incorporated 100 4,613
Veeco Instruments, Incorporated 100 7,325
Vixel Corporation 100 825
X-Rite, Incorporated 100 913
Zebra Technologies
Corporation, Class A 100 4,431
---------
1,728,421
FINANCIAL SERVICES - 5.82%
A.G. Edwards, Incorporated 200 7,800
Acacia Research Corporation * 100 2,400
Acadia Realty Trust 300 1,706
Ace Cash Express, Incorporated * 100 1,188
Aclara Biosciences, Incorporated * 100 5,094
Advanta Corporation, Class B 100 850
Aegis Realty, Incorporated 300 2,981
Alliance Capital Management
Holding LP 400 18,975
Allied Capital Corporation 200 3,400
Amcore Financial, Incorporated 100 1,831
America First Mortgage
Investments, Incorporated 200 1,000
American Express Company 3,600 187,650
American Insured Mortgage
Investors, Series 86, LP 300 1,088
</TABLE>
The accompanying notes are an integral part of the financial statements.
219
<PAGE> 224
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES- CONTINUED
American Insured Mortgage
Investors, Series 88, LP 200 $1,213
American Insured Mortgage
Investors, Series 85, LP 200 1,588
American Residential
Investment Trust 100 413
Americredit Corporation * 200 3,400
Ameritrade Holding Corporation * 500 5,812
Amresco Capital Trust 100 1,013
Annaly Mortgage Management,
Incorporated 100 888
Arthur J. Gallagher & Company 100 4,200
Asiainfo Holdings, Incorporated * 100 4,469
Asset Investments Corporation 200 2,362
Association First Capital
Corporation, Class A 1,900 42,394
Atlanta/ Sosnoff Capital Corporation * 100 1,000
Axonyx, Incorporated * 100 819
Banyan Strategic Realty Trust SBI 300 1,725
Bear Stearns Companies, Incorporated 300 12,487
Biotech Holdrs Trust, ADR 300 53,400
BNP Residential Properties,
Incorporated 200 1,675
BOK Financial Corporation * 100 1,756
BP Prudhoe Bay Royalty Trust 100 1,194
BRT Realty Trust SBI * 100 800
Caldera Systems, Incorporated * 100 1,306
Capital One Financial Corporation 500 22,312
Cash America International,
Incorporated 100 738
Centraxx, Incorporated * 100 603
Charles Schwab Corporation 3,814 128,246
Circle International Group,
Incorporated 100 2,512
Citigroup, Incorporated 8,900 536,225
Colormax Technologies, Incorporated * 100 244
Community Financial Group,
Incorporated 100 1,319
Compass Bancshares, Incorporated 300 5,119
Corporate Office Properties Trust 200 1,838
Correctional Properties Trust 200 2,100
Countrywide Credit Industries,
Incorporated 300 9,094
Crawford & Company, Class B 100 1,100
Credit Acceptance Corporation * 200 1,113
Creo Products, Incorporated * 100 2,275
Cross Timbers Realty Trust 100 1,381
Delphi Financial Group, Incorporated * 100 3,394
Denbury Resources, Incorporated * 200 1,038
Digitas, Incorporated * 200 3,262
Donaldson, Lufkin & Jenrette,
Incorporated 300 12,731
Elan Corporation PLC * 100 50
Enhance Financial Services
Group, Incorporated 100 1,438
Equity One, Incorporated 200 1,925
ETrade Group, Incorporated * 800 13,200
FairMarket, Incorporated * 100 706
Fidelity Holdings, Incorporated * 100 125
Financial Federal Corporation * 100 1,738
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES- CONTINUED
Financial Security Assured
Holdings, Ltd. * 100 $7,587
FINOVA Group, Incorporated 200 2,600
First Charter Corporation 100 1,575
First Ecom.com, Incorporated * 100 984
First Street Bancorporation 100 1,025
Firstworld Communications,
Series B * 100 1,050
Franklin Resources, Incorporated 700 21,262
Frontline Capital Group * 100 2,131
Fulton Financial Corporation 210 3,714
Gabelli Asset Management,
Incorporated, Class A * 100 2,500
Goldman Sachs Group, Incorporated 1,200 113,850
Grove Real Estate Asset Trust SBI 100 1,625
Heller Financial,
Incorporated, Class A 100 2,050
Hoenig Group, Incorporated 100 981
HomeGrocer.com, Incorporated 400 2,412
Household International, Incorporated 1,200 49,875
Hugoton Royalty Trust 200 2,487
Humphrey Hospitality Trust 300 2,381
Impac Commercial Holdings,
Incorporated 200 1,163
Impac Mortgage Holdings, Incorporated 400 1,725
Intercounty Bancshares, Incorporated 100 1,900
Internet Architecture Holders 2,700 247,050
Internet Infrastructure Holders, ADR * 2,700 168,581
Intrabiotics Pharmaceuticals * 100 2,669
Investment Technology Group * 100 4,256
Investors Real Estate Trust SBI 200 1,538
Istar Financial, Incorporated 200 4,187
ITLA Capital Corporation * 100 1,450
J. P. Morgan & Company, Incorporated 400 44,050
J.D. Edwards & Company * 300 4,519
Jameson Inns, Incorporated 300 2,212
Jeffries Group, Incorporated 100 2,019
John Hancock Financial Services 800 18,950
Jones Lang Lasalle, Incorporated * 100 1,338
Keystone Property Trust Corporation 100 1,375
Knight Trading Group, Incorporated * 300 8,944
Labranche & Company, Incorporated * 100 1,438
Legg Mason, Incorporated 200 10,000
Lehman Brothers Holdings,
Incorporated 300 28,369
Leucadia National Corporation 100 2,281
Liberte Investors, Incorporated 200 638
Liberty Financial Companies,
Incorporated 100 2,194
LL&E Royalty Trust 300 938
Loudeye Technologies, Incorporated 100 1,744
Malan Realty Investments,
Incorporated 200 2,787
Matrixone, Incorporated 100 4,062
MB Financial, Incorporated 100 1,225
Medallion Financial Corporation 100 1,544
</TABLE>
The accompanying notes are an integral part of the financial statements.
220
<PAGE> 225
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES- CONTINUED
MerchantOnline.com, Incorporated * 200 $1,525
Merrill Lynch & Company, Incorporated 1,000 115,000
Metris Companies, Incorporated 150 3,769
Mid-Atlantic Realty Trust SBI 200 2,000
Morgan Keegan, Incorporated 100 1,475
Morgan Stanley Dean Witter & Company 3,000 249,750
National Bankshares, Incorporated 100 1,650
National Discount Brokers Group 100 3,187
National Health Realty, Incorporated 300 2,419
Nationwide Financial
Services, Incorporated 100 3,287
NCO Group, Incorporated 100 2,312
net.Genesis Corporation * 100 1,806
Net2000 Communication, Incorporated * 100 1,638
Neuberger Berman, Incorporated 100 4,650
Niku Corporation * 200 6,750
North European Oil Royalty Trust 100 1,588
NOVA Corporation * 200 5,587
Nvest LP 100 3,787
On2 Common, Incorporated 100 513
Onvia Common, Incorporated 200 1,725
OTG Software, Incorporated * 100 2,856
Ottawa Financial Corporation 110 1,870
Paine Webber Group, Incorporated 400 18,200
Palm, Incorporated * 1,500 50,062
Peoples Bancshares, Incorporated 100 1,525
Permian Basin Royalty Trust 300 1,444
Philips International Realty
Corporation 100 1,738
Photogen Technologies, Incorporated * 100 831
Pioneer Group, Incorporated * 100 4,237
PMC Capital, Incorporated 100 975
Queens County Bancorp 100 1,844
Radian Group, Incorporated 100 5,175
Ramco Gershenson Properties Trust SBI 200 3,087
Regions Financial Corporation 600 11,925
Register.com, Incorporated * 100 3,056
ReliaStar Financial Corporation 200 10,487
Rental Way, Incorporated * 100 2,919
Resource America, Incorporated 100 653
Resource Asset Investment Trust 100 1,100
Resource Bancshares Mortgage
Group, Incorporated 300 1,256
Richmond County Financial
Corporation 100 1,912
Roberts Realty Investments,
Incorporated 200 1,425
Sabine Realty Trust 100 1,606
San Juan Basin Royalty Trust 100 1,000
Selectica, Incorporated * 100 7,006
Siebert Financial Corporation 100 700
Sizeler Property Investments,
Incorporated 300 2,250
Sterling Bancshares, Incorporated 100 1,081
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES- CONTINUED
Switchboard, Incorporated * 100 $1,000
Tarragon Realty Investments,
Incorporated 100 1,050
TC Pipelines LP 100 1,650
TCF Financial Corporation 200 5,137
TD Waterhouse Group, Incorporated * 1,000 17,312
The CIT Group, Incorporated 700 11,375
The Intercept Group, Incorporated * 100 1,700
Thornburg Mortgage Asset Corporation 100 719
Transcontinental Realty Investments 100 1,219
Triad Guaranty, Incorporated * 100 2,294
Twilight Productions, Ltd. * 300 1,013
United Asset Management Corporation 200 4,675
United Investments Realty Trust 300 1,772
Universal Access, Incorporated * 200 4,900
Uproar, Incorporated * 100 744
UTStarcom, Incorporated * 200 6,075
Versat, Incorporated 100 4,031
Waddell & Reed Financial,
Incorporated, Class A 100 3,281
Waddell & Reed Financial,
Incorporated, Class B 100 2,906
Webster Financial Corporation 100 2,219
Wells Fargo & Company 4,400 170,500
WFS Financial, Incorporated 100 1,725
WIT Soundview Group, Incorporated * 200 2,147
Zemex Corporation 100 750
Ziegler Companies, Incorporated 100 1,563
---------
2,739,333
FOOD & BEVERAGES - 2.41%
Alico, Incorporated 100 1,588
American Italian Pasta
Company, Class A * 100 2,069
Archer-Daniels-Midland Company 1,600 15,700
Aurora Foods, Incorporated * 200 800
Beringer Wine Estates
Holdings, Class B * 100 3,531
Bestfoods 700 48,475
Bob Evans Farms, Incorporated 100 1,494
Bridgford Foods Corporation 100 1,200
Brown Forman Corporation, Class A 100 5,275
Bush Boake Allen, Incorporated * 100 4,375
Campbell Soup Company 1,100 32,037
Chiquita Brands
International, Incorporated 300 1,181
Coca-Cola Enterprises, Incorporated 1,100 17,944
ConAgra, Incorporated 1,300 24,781
Corn Products International,
Incorporated 100 2,650
Dean Foods Company 100 3,169
Del Monte Foods Company * 200 1,363
Dole Food, Incorporated 200 3,275
Dreyers Grand Ice Cream, Incorporated 100 2,100
Earthgrains Company 100 1,944
Fleming Companies, Incorporated 100 1,306
Flowers Industries, Incorporated 300 5,981
</TABLE>
The accompanying notes are an integral part of the financial statements.
221
<PAGE> 226
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOOD & BEVERAGES - CONTINUED
General Mills, Incorporated 800 $30,600
H.J. Heinz Company 900 39,375
Hain Celestial Group, Incorporated * 100 3,669
Hershey Foods Corporation 400 19,400
Hines Horticulture, Incorporated 100 681
Hormel Foods Corporation 400 6,725
IBP, Incorporated 300 4,631
International Home Foods,
Incorporated * 200 4,188
International Multifoods Corporation 100 1,731
Interstate Bakeries Corporation 200 2,800
J.M. Smucker Company, Class A 100 1,925
J.M. Smucker Company, Class B 100 1,875
Keebler Foods Company 200 7,425
Kellogg Company 1,100 32,725
Lance, Incorporated 100 900
Maui Land & Pineapple, Incorporated 100 2,263
McCormick & Company, Incorporated 200 6,500
Michael Foods, Incorporated 100 2,450
Nabisco Group Holding Corporation 900 23,344
Nabisco Holdings Corporation, Class A 100 5,250
National Beverage Corporation 100 813
Pepsi Bottling Group, Incorporated 400 11,675
PepsiAmericas, Incorporated * 300 900
PepsiCo, Incorporated 3,900 173,306
Pilgrims Pride Corporation 100 713
Quaker Oats Company 300 22,537
Ralcorp Holdings, Incorporated * 100 1,225
Ralston Purina Company 800 15,950
Sanderson Farms, Incorporated 100 800
Sara Lee Corporation 2,400 46,350
Smithfield Foods, Incorporated * 200 5,612
Suiza Foods Corporation * 100 4,888
Supervalu, Incorporated 400 7,625
Sysco Corporation 900 37,912
Tasty Baking Corporation 100 1,281
The Coca-Cola Company 6,600 379,087
Tootsie Roll Industries, Incorporated 100 3,500
Triarc Companies,
Incorporated, Class A * 100 2,050
Tyson Foods, Incorporated, Class A 600 5,250
United Natural Foods, Incorporated * 100 1,375
Universal Foods Corporation 100 1,850
Whitman Corporation 400 4,950
Wm. Wrigley Jr. Company 300 24,056
---------
1,134,400
FOREST PRODUCTS - 0.13%
Caraustar Industries, Incorporated 100 1,513
Georgia-Pacific Corporation 400 10,500
Georgia-Pacific Corporation
(Timber Group) 200 4,325
Johns Manville Corporation 400 5,275
Louisiana Pacific Corporation 300 3,262
Pope & Talbot, Incorporated 100 1,600
Rayonier, Incorporated 100 3,587
Universal Fast Products, Incorporated 100 1,375
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREST PRODUCTS - CONTINUED
Wausau-Mosinee Paper Corporation 200 $1,713
Weyerhaeuser Company 600 25,800
---------
58,950
FUNERAL SERVICES - 0.00%
Stewart Enterprises,
Incorporated, Class A 300 1,059
---------
FURNITURE & FIXTURES - 0.04%
Advanced Lighting
Technologies, Incorporated * 100 1,850
Beach Couch, Incorporated * 200 913
Ethan Allen Interiors, Incorporated 100 2,400
Furniture Brands
International, Incorporated * 100 1,512
La-Z-Boy, Incorporated 200 2,800
Leggett & Platt, Incorporated 500 8,250
Steelcase, Incorporated 100 1,700
---------
19,425
GAS & PIPELINE UTILITIES - 0.86%
AGL Resources, Incorporated 100 1,594
American Water Works Company,
Incorporated 200 5,000
Atmos Energy Corporation 100 1,750
Azurix Corporation * 300 2,100
California Water Service Group 100 2,425
Cascade Natural Gas Corporation 100 1,669
Chesapeake Utilities Corporation 100 1,775
Coastal Corporation 600 36,525
Columbia Energy Group 200 13,125
Cooper Cameron Corporation * 100 6,600
Delta Natural Gas, Incorporated 100 1,525
Eastern Enterprises 100 6,300
El Paso Energy Corporation 600 30,562
El Paso Energy Partners LP 100 2,438
Energen Corporation 100 2,181
Enron Corporation 1,900 122,550
Equitable Resources, Incorporated 100 4,825
Fall River Gas Company * 100 2,200
Keyspan Corporation 300 9,225
Kinder Morgan, Incorporated 300 10,369
Louis Dreyfus Natural Gas
Corporation 100 3,131
MCN Energy Group, Incorporated 200 4,275
National Fuel Gas Company 100 4,875
NICOR, Incorporated 100 3,262
NiSource, Incorporated 300 5,587
Northwestern Corporation 100 2,313
Ocean Energy, Incorporated * 500 7,094
ONEOK, Incorporated 100 2,594
Peoples Energy Corporation 100 3,237
Philadelphia Suburban Corporation 100 2,050
Piedmont Natural Gas, Incorporated 100 2,656
Questar Corporation 200 3,875
RGC Resources, Incorporated 100 1,763
Scana Corporation 200 4,825
Semco Energy, Incorporated 100 1,300
Sempra Energy 500 8,500
Sierra Pacific Resources 200 2,513
Southern Union Company * 100 1,581
Southwest Gas Corporation 100 1,750
</TABLE>
The accompanying notes are an integral part of the financial statements.
222
<PAGE> 227
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
GAS & PIPELINE UTILITIES - CONTINUED
Southwest Water Company 100 $1,300
Southwestern Energy Company 100 625
Transmontaigne, Incorporated * 100 613
UGI Corporation 100 2,050
United Water Resources, Incorporated 100 3,487
Utilicorp United, Incorporated 200 3,975
Washington Gas Light Company, 100 2,406
Western Gas Resources, Incorporated 100 2,100
Western Resources, Incorporated 200 3,100
Williams Companies, Incorporated 1,200 50,025
York Water Company 100 1,500
---------
403,100
GOLD - 0.04%
Battle Mountain Gold Company * 500 1,094
Freeport McMoran Copper &
Gold, Incorporated, Class B * 400 3,700
Global Industries, Incorporated * 300 5,662
Homestake Mining Company 700 4,812
Meridian Gold, Incorporated 300 1,838
---------
17,106
HOMEBUILDERS - 0.07%
Castle & Cooke, Incorporated 100 1,931
Centex Corporation 200 4,700
Champion Enterprises, Incorporated * 200 975
Clayton Homes, Incorporated 400 3,200
Crossmann Communities, Incorporated * 100 1,650
D.R. Horton, Incorporated 200 2,712
Fairfield Communities, Incorporated * 100 788
Hovnanian Enterprises, Incorporated * 100 600
Kaufman & Broad Home Corporation 100 1,981
Lennar Corporation 100 2,025
M.D.C. Holdings, Incorporated 100 1,863
Pulte Corporation 100 2,163
Ryland Group, Incorporated 100 2,213
Toll Brothers, Incorporated * 100 2,050
Walter Industries, Incorporated 200 2,287
---------
31,138
HOTELS & RESTAURANTS - 0.60%
Applebees International, Incorporated 100 3,031
Argosy Gaming Corporation * 100 1,438
Aztar Corporation * 100 1,550
Bally Total Fitness Holding
Corporation * 100 2,537
Boyd Gaming Corporation * 200 1,113
Brinker International, Incorporated * 200 5,850
Buca, Incorporated * 100 1,562
Buffets, Incorporated * 100 1,269
CBRL Group, Incorporated 200 2,937
Chart House Enterprises, Incorporated * 200 1,100
Cheesecake Factory * 150 4,125
Choice Hotels, Incorporated * 100 994
Consolidated Products, Incorporated * 100 900
Darden Restaurants, Incorporated 300 4,875
Extended Stay America, Incorporated * 300 2,775
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HOTELS & RESTAURANTS - CONTINUED
Frischs Restaurants, Incorporated 100 $1,050
Hilton Hotels Corporation 1,000 9,375
IHOP Corporation * 100 1,675
International Speedway Corporation 100 4,150
Isle of Capri Casinos, Incorporated * 100 1,356
Jack In the Box, Incorporated * 100 2,462
Landrys Seafood Restaurant,
Incorporated * 100 850
Lone Star Steakhouse & Saloon 100 1,013
Mandalay Resort Group 200 4,000
Marcus Corporation 100 1,213
Marriott International,
Incorporated, Class A 600 21,637
McDonalds Corporation 3,600 118,575
MGM Grand, Incorporated 300 9,637
NPC International, Incorporated * 100 897
O'Charley's, Incorporated * 100 1,363
Outback Steakhouse, Incorporated 200 5,850
Panera Bread Company, Class A * 100 1,013
Papa Johns International,
Incorporated * 100 2,450
Ruby Tuesday, Incorporated 200 2,512
Ryan's Family Steak Houses,
Incorporated * 100 844
Scientific Games Holdings
Corporation * 100 2,456
Shuffle Master, Incorporated * 100 1,438
Sizzler International, Incorporated * 300 769
Sodexho Marriott Services,
Incorporated 200 3,200
Sonic Corporation * 100 2,937
Starwood Hotels & Resorts
SBI, Class B 500 16,281
Station Casinos, Incorporated * 100 2,500
Ticketscom, Incorporated * 200 681
Trendwest Resorts, Incorporated * 100 1,612
Tricon Global Restaurants,
Incorporated * 400 11,300
Uno Restaurant Corporation * 100 1,069
Wendy's International, Incorporated 300 5,344
WMS Industries, Incorporated 100 1,544
Wyndham International,
Incorporated, Class A 600 1,500
Xcelera.com, Incorporated * 100 3,400
---------
284,009
HOUSEHOLD APPLIANCES - 0.15%
3DO Company * 100 784
A.T. Cross Company * 200 988
American Standard Companies,
Incorporated * 200 8,200
Applica, Incorporated * 100 1,131
Bassett Furniture Industries,
Incorporated 100 1,262
Blyth Industries, Incorporated * 100 2,950
California Coastal Community,
Incorporated * 200 1,175
Chromcraft Revington, Incorporated * 100 1,163
Consolidated Tomoka Land Company 100 1,212
Drew Industries, Incorporated * 100 788
Earthlink, Incorporated * 300 4,631
Eastern Company 100 1,300
</TABLE>
The accompanying notes are an integral part of the financial statements.
223
<PAGE> 228
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HOUSEHOLD APPLIANCES - CONTINUED
Excelon Corporation * 100 $794
Falcon Products, Incorporated 100 950
Fedders Corporation 200 925
Fedders USA, Incorporated 200 1,163
Flexsteel Industries, Incorporated 100 1,225
HON Industries, Incorporated 200 4,700
International Aluminum Corporation 100 1,725
Lesco, Incorporated 100 1,519
Lifetime Hoan Corporation 100 800
Maytag Corporation 200 7,375
Mission West Properties, Incorporated 100 1,050
Palm Harbor Homes, Incorporated * 100 1,450
Proxicom, Incorporated * 100 4,787
Standard Pacific Corporation 100 1,000
Stratus Properties, Incorporated * 200 850
Sunbeam Corporation * 400 1,375
Transtechnology Corporation 100 1,100
Tuscarora, Incorporated 100 1,562
Westpoint Stevens, Incorporated 100 1,113
Whirlpool Corporation 200 9,325
---------
70,372
HOUSEHOLD PRODUCTS - 0.99%
Black & Decker Corporation 200 7,862
Boyds Collection, Ltd. * 200 1,700
Church & Dwight, Incorporated 100 1,800
Clorox Company 600 26,887
Colgate-Palmolive Company 1,500 89,812
Department 56, Incorporated * 100 1,100
Dial Corporation 300 3,113
Fortune Brands, Incorporated 400 9,225
Gillette Company 2,800 97,825
Graphic Packaging
International Corporation * 200 425
Lancaster Colony Corporation 100 1,919
Martha Stewart Living,
Incorporated, Class A 100 2,200
Oakley, Incorporated * 200 2,300
Playtex Products, Incorporated * 200 2,263
Procter & Gamble Company 3,500 200,375
Snap-On, Incorporated 200 5,325
The Stanley Works 200 4,750
Topps, Incorporated * 200 2,300
Tupperware Corporation 200 4,400
---------
465,581
INDUSTRIAL MACHINERY - 0.54%
ABC Rail Products Corporation * 100 800
AGCO Corporation 200 2,450
Alamo Group, Incorporated 100 1,250
Albany International
Corporation, Class A * 100 1,450
Allmerica Financial Corporation 100 5,237
Ampco-Pittsburgh Corporation 100 1,113
Applied Power, Incorporated 100 3,350
AptarGroup, Incorporated 100 2,700
Blout International, Incorporated * 100 769
Briggs & Stratton Corporation 100 3,425
Cascade Corporation 100 1,194
CE Franklin, Ltd. * 100 744
Circor International, Incorporated 100 819
Cognex Corporation * 100 5,175
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INDUSTRIAL MACHINERY - CONTINUED
Crane Company 200 $4,862
Cummins Engine, Incorporated 100 2,725
Deere & Company 600 22,200
Dionex Corporation * 100 2,675
Dover Corporation 500 20,281
Esco Electrons Corporation * 100 1,700
Flow International Corporation * 100 1,000
Flowserve Corporation * 100 1,506
Gardner Denver, Incorporated * 100 1,787
GenTek, Incorporated 100 1,119
Graco, Incorporated 100 3,250
Hardinge Brothers, Incorporated 100 1,044
Hartcourt Companies, Incorporated 100 819
Idex Corporation 100 3,156
Illinois Tool Works, Incorporated 800 45,600
Ingersoll-Rand Company 400 16,100
Kaydon Corporation 100 2,100
Kennameta, Incorporated 100 2,144
LIC Industries, Incorporated 100 963
Lindsay Manufacturing Company 100 1,962
Lone Star Technologies, Incorporated 100 4,625
Manitowoc, Incorporated 100 2,675
Mettler-Toledo International,
Incorporated 100 4,000
NN, Incorporated 100 1,050
Osmonics, Incorporated 100 925
Osteotech, Incorporated 100 1,050
Pall Corporation 300 5,550
Parker-Hannifin Corporation 300 10,275
Pentair, Incorporated 100 3,550
Polymer Group, Incorporated 100 925
Presstek, Incorporated * 100 1,631
Quixote Corporation 100 1,500
Roanoke Electric Steel Corporation 100 1,250
Semitool, Incorporated * 100 1,731
Specialty Equipment
Companies, Incorporated * 100 2,712
SPX Corporation * 100 12,094
Stewart & Stevenson Services,
Incorporated 100 1,506
Thermo Electron Corporation * 400 8,425
Thermo Fibertek, Incorporated * 200 950
Titan International,
Incorporated Illinois 100 531
Tredegar Industries, Incorporated 100 1,900
U.S. Industries, Incorporated 200 2,425
UNOVA, Incorporated * 200 1,463
Valmont Industries, Incorporated 100 1,987
Viasystems Group, Incorporated 400 6,475
Watts Industries, Incorporated 100 1,263
York International Corporation 100 2,525
---------
252,462
INSURANCE - 3.03%
21St Century Insurance Group 200 3,150
Aetna, Incorporated 400 25,675
AFLAC, Incorporated 700 32,156
Alfa Corporation 100 1,750
Allcity Insurance Company * 100 700
Allstate Corporation 2,100 46,725
Ambac Financial Group, Incorporated 200 10,962
</TABLE>
The accompanying notes are an integral part of the financial statements.
224
<PAGE> 229
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE- CONTINUED
American Financial Group,
Incorporated 200 $4,962
American General Corporation 600 36,600
American International Group,
Incorporated 4,100 481,750
Amerus Life Holdings, Incorporated 100 2,063
Aon Corporation 700 21,744
Argonaut Group, Incorporated 100 1,713
AXA Financial, Incorporated 1,100 37,400
Baldwin & Lyons, Incorporated 100 1,706
Berkshire Hathaway,
Incorporated, Class A * 4 215,200
CenturyBusiness Services,
Incorporated * 300 581
Chubb Corporation 500 30,750
CIGNA Corporation 400 37,400
Cincinnati Financial Corporation 400 12,575
CNA Financial Corporation * 500 17,000
CNA Surety Corporation 100 1,194
Commerce Group, Incorporated 100 2,950
Conseco, Incorporated 900 8,775
Donegal Group, Incorporated 100 575
EMC Insurance Group, Incorporated 100 875
Equifax, Incorporated 400 10,500
Erie Indemnity Company, Class A 200 6,300
Everest Reinsurance Group, Ltd. 100 3,287
FBL Financial Group, Incorporated 100 1,575
Fidelity National Financial
Corporation 200 3,662
First American Financial Corporation 200 2,863
Foundation Health System,
Incorporated * 300 3,900
Fremont General Corporation 200 788
Great American Financial
Resources, Incorporated 100 1,769
Harleysville Group, Incorporated 100 1,675
Hartford Financial Services
Group, Incorporated 600 33,562
HCC Insurance Holdings, Incorporated 100 1,888
Highlands Insurance Group,
Incorporated 100 938
Horace Mann Educators Corporation 100 1,500
HSB Group, Incorporated 100 3,112
Independence Holding Company 100 1,225
Jefferson-Pilot Corporation 300 16,931
Landamerica Financial Group,
Incorporated 100 2,294
Liberty Corporation 100 4,200
Lincoln National Corporation 500 18,062
Loews Corporation 300 18,000
Manulife Financial Corporation 1,300 23,156
Marsh & McLennan Companies,
Incorporated 700 73,106
MBIA, Incorporated 300 14,456
Medical Assurance, Incorporated * 100 1,125
MEEMIC Holdings, Incorporated 100 1,813
Mercury General Corporation 100 2,363
Meridian Insurance Group,
Incorporated 100 1,200
MGIC Investment Corporation 300 13,650
Mony Group, Incorporated 100 3,381
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE- CONTINUED
Navigators Group, Incorporated * 100 $900
Ohio Casualty Corporation 200 2,125
Old Republic International
Corporation 300 4,950
Philadelphia Consolidated
Holding Corporation * 100 1,681
PICO Holdings, Incorporated * 100 1,406
PMI Group, Incorporated 100 4,750
Presidential Life Corporation 100 1,388
Progressive Corporation 200 14,800
Protective Life Corporation 200 5,325
PXRE Group, Ltd. 100 1,350
Reinsurance Group America,
Incorporated 100 3,013
Reliance Group Holdings, Incorporated 400 300
SAFECO Corporation 300 5,962
Selective Insurance Group,
Incorporated 100 1,900
St. Paul Companies, Incorporated 600 20,475
Stancorp Financial Group,
Incorporated 100 3,212
State Auto Financial Corporation 100 1,188
Stewart Information Services
Corporation * 100 1,463
The MIIX Group, Incorporated 100 1,200
Torchmark, Incorporated 300 7,406
Transatlantic Holdings, Incorporated 100 8,375
Trenwick Group, Incorporated 100 1,456
UICI * 200 1,313
Unitrin, Incorporated 200 5,875
Universal American Financial
Corporation * 200 800
UNUMProvident Corporation 600 12,037
W.R. Berkley Corporation 100 1,875
---------
1,425,737
INTERNATIONAL OIL - 0.63%
Chevron Corporation 1,700 144,181
Halliburton Company 1,200 56,625
Nabors Industries, Incorporated 400 16,625
Texaco, Incorporated 1,400 74,550
Trico Marine Services, Incorporated 100 1,275
Varco International, Incorporated * 242 5,627
---------
298,883
INTERNET CONTENT, SOFTWARE &
INFRASTRUCTURE - 2.97%
24/7 Media, Incorporated & 100 1,563
About.com, Incorporated * 100 3,150
Agile Software Corporation * 100 7,069
Akamai Technologies, Incorporated * 300 35,620
Alteon Websystems, Incorporated * 100 10,006
America Online, Incorporated * 6,100 321,775
Appliedtheory Corporation * 100 1,500
AppNet, Incorporated * 100 3,600
Ariba, Incorporated * 500 49,023
Art Technology Group, Incorporated * 200 20,187
Ask Jeeves, Incorporated * 100 1,806
At Home Corporation, Series A * 900 18,675
</TABLE>
The accompanying notes are an integral part of the financial statements.
225
<PAGE> 230
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INTERNET CONTENT, SOFTWARE &
INFRASTRUCTURE - CONTINUED
Avenue A., Incorporated * 200 $1,763
Backweb Technologies, Ltd. 100 2,287
Be Free, Incorporated * 200 1,800
Bluestone Software, Incorporated * 100 2,569
BroadVision, Incorporated * 700 35,569
Buy.com, Incorporated * 400 2,012
C-bridge Internet Solutions,
Incorporated * 100 1,738
Cacheflow, Incorporated * 100 6,156
Cais Internet, Incorporated * 100 1,406
Calico Commerce, Incorporated * 100 1,625
CareInsite, Incorporated * 200 3,575
Chordiant Software, Incorporated * 100 1,663
Clarent Corporation * 100 7,150
CMG Information Services,
Incorporated * 700 32,069
Commerce One, Incorporated * 400 18,156
Covad Communications Group,
Incorporated * 400 6,450
Critical Path, Incorporated * 200 11,662
Cybernet Internet Services
International * 100 531
Data Return Corporation * 100 2,900
Digex, Incorporated, Class A * 100 6,794
Digital Courier Technologies * 100 638
Digital Impact, Incorporated * 100 1,413
Digital Insight Corporation * 100 3,400
Digital Islands, Incorporated * 200 9,725
Digital River, Incorporated * 100 769
DigitalThink, Incorporated * 100 3,587
DoubleClick, Incorporated * 300 11,437
DSL.net, Incorporated * 200 2,062
e-Medsoft.com * 200 1,600
Egain Communications Corporation * 100 1,213
Elcom International, Incorporated * 100 688
Emerge Interactive, Incorporated * 100 1,794
Engage, Incorporated * 300 3,881
Entrade, Incorporated * 100 706
Epiphany, Incorporated * 100 10,719
Eprise Corporation * 100 1,644
Eventures Group, Incorporated * 100 1,550
Exodus Communications, Incorporated * 1,000 46,062
Extensity, Incorporated * 100 3,425
F5 Networks, Incorporated * 100 5,456
Firepond, Incorporated * 100 3,600
Freemarkets, Incorporated * 100 4,744
Getthere.com, Incorporated * 100 1,056
Globix Corporation * 100 2,931
Go.com * 100 1,194
Go2Net, Incorporated * 100 5,031
GoTo.com, Incorporated * 100 1,531
GRIC Communications, Incorporated * 100 1,794
High Speed Access Corporation 200 1,313
HomeStore.com, Incorporated * 200 5,837
Hotjobs.com, Ltd. 100 1,381
IJNT.net, Incorporated 100 463
Imanage, Incorporated * 100 994
Information Architects Corporation * 100 694
Inktomi Corporation * 300 35,475
Interliant, Incorporated * 100 2,331
Internet Capital Group, Incorporated * 700 25,911
Interworld Corporation * 100 2,050
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INTERNET CONTENT, SOFTWARE &
INFRASTRUCTURE - CONTINUED
Interwoven, Incorporated * 100 $10,998
Intranet Solutions, Incorporated * 100 3,837
Intraware, Incorporated 100 1,606
ITXC Corporation * 100 3,541
iVillage, Incorporated * 100 844
Juniper Networks, Incorporated * 800 116,450
Juno Online Services, Incorporated * 100 1,075
Keynote Systems, Incorporated * 100 7,056
Lante Corporation * 100 2,044
Liberate Technologies 200 5,862
LifeF/X, Incorporated 100 1,763
Lifeminders, Incorporated * 100 2,956
Liquid Audio, Incorporated 100 947
Looksmart, Ltd. 200 3,700
Lycos, Incorporated 300 16,200
Macromedia, Incorporated 100 9,669
Mail.com, Incorporated, Class A 100 569
Mapquest.com, Incorporated 100 1,656
Marimba, Incorporated 100 1,394
Mcy.com, Incorporated 200 1,438
Media Metrix, Incorporated 100 2,544
Mediaplex, Incorporated * 100 1,931
Medicalogic, Incorporated 164 1,517
Messagemedia, Incorporated * 200 700
MP3.com, Incorporated 200 2,712
Multex Systems, Incorporated 100 2,519
Mypoints.com, Incorporated 100 1,895
National Information Consortium * 200 2,275
Navisite, Incorporated * 200 8,362
NBC Internet, Incorporated, Class A 100 1,250
Neoforma.com, Incorporated * 200 1,406
Net Perceptions, Incorporated * 100 1,588
Netcentives, Incorporated * 100 1,863
NetObjects, Incorporated * 100 913
Netpliance, Incorporated * 200 1,825
Netratings, Incorporated * 100 2,562
Network Commerce, Incorporated * 200 1,100
Netzee, Incorporated * 100 572
Netzero, Incorporated * 300 1,566
Northpoint Communications Holdings * 400 4,475
Open Market, Incorporated 100 1,381
Organic, Incorporated 200 1,950
PC-Tel, Incorporated * 100 3,800
Persistence Software, Incorporated * 100 1,813
Phone.com, Incorporated * 200 13,025
Portal Software, Incorporated * 400 25,550
Preview Systems, Incorporated * 100 1,300
Priceline.com, Incorporated * 500 18,992
Primus Knowledge Solutions,
Incorporated * 100 4,500
PSINet, Incorporated * 490 12,311
PurchasePro.com, Incorporated * 100 4,100
Quokka Sports, Incorporated * 200 1,606
Ramp Networks, Incorporated * 100 1,188
Rare Medium Group, Incorporated * 100 1,581
Real Networks, Incorporated * 400 20,225
Retek, Incorporated * 100 3,200
Rhythms Net Connections, Incorporated * 200 2,512
S1 Corporation * 100 2,331
</TABLE>
The accompanying notes are an integral part of the financial statements.
226
<PAGE> 231
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INTERNET CONTENT, SOFTWARE &
INFRASTRUCTURE - CONTINUED
Safeguard Scientifics, Incorporated * 300 $9,619
Scient Corporation * 200 8,825
Sciquest.com, Incorporated * 100 1,144
Softnet Systems, Incorporated * 100 963
Software.com, Incorporated * 100 12,987
Spyglass, Incorporated * 100 3,131
Stamps.com, Incorporated * 100 731
Starmedia Network, Incorporated * 200 3,775
Telescan, Incorporated * 100 731
TIBCO Software, Incorporated * 500 53,617
Ticketmaster Online
Citysearch, Class B * 100 1,594
Trizetto Group, Incorporated * 100 1,619
Tumbleweed Communications
Corporation * 100 5,087
US Interactive, Incorporated * 100 1,294
USinternetworking, Incorporated * 300 6,131
Verio, Incorporated 200 11,097
VerticalNet, Incorporated 200 7,387
VIA NET. WORKS, Incorporated 100 1,544
Viador, Incorporated 100 1,588
Viant Corporation 100 2,962
Vicinity Corporation 100 1,963
Vignette Corporation 500 26,008
Vitria Technology, Incorporated 300 18,337
Voyager.net, Incorporated 100 800
Watchguard Technologies, Incorporated 100 5,494
Webmethods, Incorporated 100 15,719
Women.com Networks, Incorporated 200 413
Worldgate Communications,
Incorporated 100 1,775
Ziff-Davis, Incorporated 200 1,800
---------
1,398,628
INVESTMENT COMPANIES - 0.32%
Advest Group, Incorporated 100 2,094
Affiliated Managers Group,
Incorporated * 100 4,550
American Capital Strategies, Ltd. 100 2,388
B2B Internet Holdrs Trust, ADR 2,700 111,206
Eaton Vance Corporation 100 4,625
Federated Investors,
Incorporated, Class B 200 7,012
Muniholdings Florida Insured Fund 100 1,100
Phoenix Investment Partners, Ltd. 200 2,100
Raymond James Financial, Incorporated 100 2,250
Stifel Financial Corporation 100 1,050
T. Rowe Price & Associates,
Incorporated 300 12,750
---------
151,125
LEISURE TIME - 0.67%
Action Performance Companies,
Incorporated * 100 725
Ambassadors International,
Incorporated * 100 1,575
American Classic Voyages Company * 100 2,062
Arctic Cat, Incorporated 100 1,188
B Corporation 300 4,969
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
LEISURE TIME - CONTINUED
Blockbuster, Incorporated, Class A 100 $969
Boca Resorts, Incorporated * 100 988
Callaway Golf Company 200 3,262
Cedar Fair LP 100 1,925
Championship Auto Racing Team * 100 2,550
Cheap Tickets, Incorporated * 100 1,200
Chyron Corporation * 100 288
Concord Camera Corporation * 100 2,087
Dover Downs Entertainment,
Incorporated 100 1,400
Gaylord Entertainment Company 100 2,150
Handleman Company 100 1,250
Harrahs Entertainment, Incorporated 300 6,281
Hasbro, Incorporated 500 7,531
Hollywood Entertainment Corporation 200 1,575
International Game Technology * 200 5,300
International Speedway
Corporation, Class B 100 4,137
Loews Cineplex Entertainment
Corporation 200 638
Marval Enterprises, Incorporated * 200 1,250
Metro Goldwyn Mayer, Incorporated 500 13,062
Musicland Stores, Incorporated 100 744
Park Place Entertainment Corporation * 800 9,750
Penn National Gaming, Incorporated * 100 1,362
Pinnacle Entertainment, Incorporated * 100 1,944
Premier Parks, Incorporated * 200 4,550
SFX Entertainment,
Incorporated, Class A * 200 9,062
Speedway Motorsports, Incorporated * 100 2,300
Sturm Ruger & Company, Incorporated 100 888
The Walt Disney Company 5,500 213,469
THQ, Incorporated * 100 1,219
Vail Resorts, Incorporated * 100 1,631
---------
315,281
LIQUOR - 0.23%
Adolph Coors Company, Class B 100 6,050
Anheuser-Busch Companies,
Incorporated 1,200 89,625
Brown Forman Corporation, Class B 200 10,750
---------
106,425
METAL & METAL PRODUCTS - 0.02%
Amcast Industrial Corporation 100 875
Metals USA, Incorporated 100 469
Mueller Industry, Incorporated 100 2,800
Timken Company 200 3,725
Wolverine Tube, Incorporated 100 1,700
---------
9,569
MINING - 0.08%
A.M. Castle Company 100 831
Alliance Resource Partners LP * 100 1,513
Arch Coal, Incorporated 200 1,538
Authoriszor, Incorporated * 100 1,050
Brush Wellman, Incorporated 100 1,562
Century Aluminum Company 100 1,088
Freeport McMoran Copper &
Gold, Incorporated, Class A * 200 1,825
Gibraltor Steel Corporation * 100 1,400
</TABLE>
The accompanying notes are an integral part of the financial statements.
227
<PAGE> 232
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MINING - CONTINUED
Kaiser Aluminum Corporation * 300 $1,200
Lincoln Electric Holding, Incorporated 100 1,425
MSI Holdings, Incorporated 100 906
National Steel Corporation, Class B 100 419
Newmont Mining Corporation 400 8,650
Phelps Dodge Corporation 200 7,437
Rouge Industries, Incorporated 200 600
RTI International Metals,
Incorporated * 100 1,138
Shiloh Industries, Incorporated * 100 956
Stillwater Mining Company * 100 2,787
Synalloy Corporation 100 711
UCAR International, Incorporated * 100 1,306
Weirton Steel Corporation 100 325
WHX Corporation 100 550
---------
39,217
MOBILE HOMES - 0.01%
Coachmen Industries, Incorporated 100 1,150
Fleetwood Enterprises, Incorporated 100 1,425
Oakwood Homes Corporation 300 544
---------
3,119
NEWSPAPERS - 0.24%
Central Newspapers,
Incorporated, Class A 100 6,325
Dow Jones & Company, Incorporated 200 14,650
Gannett, Incorporated 700 41,869
Journal Register Company * 100 1,825
Knight-Ridder, Incorporated 200 10,638
Lee Enterprises, Incorporated 100 2,331
New York Times Company, Class A 400 15,800
Tribune Company 600 21,000
---------
114,438
OFFICE FURNISHINGS & SUPPLIES - 0.09%
Avery Dennison Corporation 300 20,137
Ikon Office Solutions, Incorporated 400 1,550
Kimball International,
Incorporated, Class B 100 1,475
Miller Herman, Incorporated 200 5,175
Office Depot, Incorporated * 900 5,625
Office Max, Incorporated * 300 1,500
Reynolds & Reynolds Company, Class A 200 3,650
Standard Register 100 1,425
United Stationers, Incorporated * 100 3,238
---------
43,775
PAPER - 0.63%
Boise Cascade Corporation 200 5,175
Bowater, Incorporated 100 4,412
Buckeye Technologies, Incorporated * 100 2,194
Chesapeake Corporation 100 2,963
Consolidated Papers, Incorporated 200 7,312
Crown Pacific Partners LP 100 1,900
FiberMark, Incorporated * 100 1,238
Fort James Corporation 600 13,875
International Paper Company 1,241 37,011
Ivex Packaging Corporation * 100 1,113
Kimberly-Clark Corporation 1,500 86,062
Mead Corporation 300 7,575
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PAPER - CONTINUED
Minnesota Mining &
Manufacturing Company 1,000 $82,500
P.H. Glatfelter Company 100 1,019
Plum Creek Timber Company,
Incorporated 200 5,200
Potlatch Corporation 100 3,312
Rock-Tenn Company, Class A 100 856
Sealed Air Corporation * 200 10,475
Smurfit Container Corporation * 600 7,725
US Timberlands Company 100 975
Westvaco Corporation 300 7,444
Willamette Industries, Incorporated 300 8,175
---------
298,511
PETROLEUM SERVICES - 0.48%
Apache Corporation 300 17,644
Baker Hughes, Incorporated 900 28,800
BJ Services Company * 200 12,500
Dawson Geophysical Company * 100 1,125
Diamond Offshore Drilling,
Incorporated 400 14,050
ENSCO International, Incorporated 400 14,325
Global Marine, Incorporated * 500 14,094
Hanover Compressor Company 200 7,600
Kaneb Services, Incorporated * 200 800
Lufkin Industries, Incorporated 100 1,588
Noble Drilling Corporation * 300 12,356
Oceaneering International,
Incorporated * 100 1,900
Pride International, Incorporated * 200 4,950
Pure Resources, Incorporated * 86 1,537
R & B Falcon Corporation * 500 11,781
Rowan Companies, Incorporated * 200 6,075
Smith International, Incorporated * 100 7,281
Superior Energy Services,
Incorporated * 200 2,075
Tesoro Petroleum Corporation * 100 1,013
Tidewater, Incorporated 100 3,600
Tosco Corporation 400 11,325
Transocean Offshore, Incorporated 600 32,062
UTI Energy Corporation * 100 4,012
Veritas DGC, Incorporated 100 2,600
Weatherford International,
Incorporated 300 11,944
---------
227,037
PHOTOGRAPHY - 0.11%
Eastman Kodak Company 800 47,600
Metromedia International
Group, Incorporated 300 1,425
Polaroid Corporation 100 1,806
---------
50,831
PLASTICS - 0.01%
Medical Manager Corporation * 100 3,406
Milacron, Incorporated 100 1,450
---------
4,856
POLLUTION CONTROL - 0.03%
Republic Services,
Incorporated, Class A * 500 8,000
Stericycle, Incorporated * 100 2,400
</TABLE>
The accompanying notes are an integral part of the financial statements.
228
<PAGE> 233
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
POLLUTION CONTROL- CONTINUED
Wabtec Corporation 200 $ 2,075
--------
12,475
PUBLISHING - 0.72%
American Greetings
Corporation, Class A 200 3,800
Hollinger International,
Incorporated, Class A 200 2,725
Houghton Mifflin Company 100 4,669
John H. Harland Company 100 1,494
John Wiley & Son, Class A 100 2,250
John Wiley & Son, Class B 100 2,350
Mail-Well Holdings, Incorporated 200 1,725
McGraw-Hill Companies Incorporated 500 27,000
Media General, Incorporated, Class A 100 4,856
Meredith Corporation 100 3,375
Playboy Enterprises, Incorporated, Class B * 100 1,287
Primedia, Incorporated * 400 9,100
Readers Digest Association,
Incorporated, Class A 300 11,925
Time Warner, Incorporated 3,400 258,400
Worldpages.com, Incorporated 100 600
Ziff-Davis, Incorporated 300 2,700
--------
338,256
RAILROADS & EQUIPMENT - 0.20%
Arkansas Best Corporation * 100 994
Arnold Industries, Incorporated 100 1,206
Burlington Northern Santa Fe Corporation 1,200 27,525
CSX Corporation 600 12,713
Florida East Coast Indiana, Incorporated 100 4,000
GATX Corporation 100 3,400
J.B. Hunt Transport Services, Incorporated 100 1,544
Knight Transportation, Incorporated * 100 1,456
Norfolk Southern Corporation 1,000 14,875
PAM Transportation Services, Incorporated 100 950
Rollins Truck Leasing Corporation 200 1,388
Union Pacific Corporation 600 22,312
Wisconsin Central
Transportation Corporation 100 1,300
--------
93,663
REAL ESTATE - 0.71%
Aaron Rents, Incorporated, Class A 100 1,563
AMB Property Corporation 200 4,562
American Dream Entertainment, Incorporated * 100 750
American Industrial Properties REIT 100 1,356
Apartment Investment &
Management Company, Class A 200 8,650
Arch Chemicals, Incorporated 100 2,187
Archstone Communities Trust SBI 300 6,319
Arden Realty, Incorporated 100 2,350
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------- -----
<S> <C> <C>
REAL ESTATE - CONTINUED
Associated Estates Realty Corporation 200 $ 1,400
Atlantic Realty Trust SBI * 200 1,488
Avalon Bay Communities, Incorporated 100 4,175
Avatar Holdings, Incorporated* 100 2,300
Boston Properties, Incorporated 200 7,725
Boykin Lodging Company 100 1,350
Brandywine Realty Trust SBI 100 1,912
BRE Properties, Incorporated 100 2,887
Burnham Pacific Properties, Incorporated 200 1,375
Cabot Industrial Trust SBI 100 1,969
Camden Property Trust 100 2,937
Capital Automotive REIT 100 1,413
Capstead Mortgage Corporation 150 1,256
Captec Net Lease Realty, Incorporated 200 2,200
CarrAmerica Realty Corporation 100 2,650
Catellus Development Corporation * 300 4,500
CB Richard Ellis Services, Incorporated * 100 913
Center Trust, Incorporated 200 1,013
Chateau Communities, Incorporated 100 2,825
Cornerstone Realty Income Trust, Incorporated 200 2,000
Cousins Properties, Incorporated 100 3,850
Crescent Real Estate Equities 300 6,150
Crown American Realty 400 2,150
Developers Diversified Realty 200 2,987
Duke-Weeks Realty Investments, Incorporated 300 6,712
EastGroup Properties, Incorporated 100 2,106
Entertainment Properties Trust SBI 100 1,381
Equity Inns, Incorporated 300 1,837
Equity Office Properties Trust 728 20,053
Equity Residential Properties Trust SBI 300 13,800
Federal Realty Investment Trust SBI 100 2,000
Felcor Lodging Trust, Incorporated 100 1,850
First Industrial Realty Trust, Incorporated 100 2,950
First Union Real Estate Equity 600 1,763
First Washington Realty Trust, Incorporated 100 2,206
Franchise Finance Corporation of America 100 2,300
General Growth Properties, Incorporated 100 3,175
Getty Realty Corporation 100 1,088
Golf Trust America, Incorporated 100 1,588
Health Care Property Investors, Incorporated 100 2,725
Hertz Corporation, Class A 100 2,806
Highwoods Properties, Incorporated 100 2,400
Hospitality Properties Trust SBI 100 2,256
Host Marriott Corporation 600 5,625
HRPT Properties Trust SBI 400 2,450
IndyMac Mortgage Holdings, Incorporated 200 2,712
Innkeepers USA Trust 200 1,825
Interpool, Incorporated 100 975
IRT Property Company 200 1,700
</TABLE>
The accompanying notes are an integral part of the financial statements.
229
<PAGE> 234
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
REAL ESTATE - CONTINUED
JDN Realty Corporation 200 $2,037
Kilroy Realty Corporation 100 2,594
Kimco Realty Corporation 100 4,100
Koger Equity, Incorporated 100 1,688
Konover Property Trust, Incorporated 200 950
Kramont Realty Trust 400 3,750
Lasalle Hotel Properties SBI 100 1,438
Lexington Corporate Property Trust 200 2,237
Liberty Property Trust SBI 100 2,594
LNR Property Corporation 100 1,950
LTC Properties 200 1,188
Mack-California Realty Corporation 100 2,569
McGrath Rentcorp 100 1,700
Meditrust Companies 500 1,875
Meristar Hospitality Corporation 100 2,100
Mills Corporation 100 1,881
National Health Investments, Incorporated 100 1,100
NationsRent, Incorporated * 200 763
Nationwide Health Properties, Incorporated 200 2,787
New Plan Excel Realty Trust, Incorporated 200 2,600
Newhall Land & Farming Company, ADR 100 2,650
Pinnacle Holdings, Incorporated * 100 5,400
Post Properties, Incorporated 100 4,400
Prentiss Properties Trust SBI 100 2,400
Price Enterprises, Incorporated * 200 1,344
Prime Group Realty Trust SBI 100 1,519
Prison Realty Corporation 400 1,225
Prologis Trust SBI 400 8,525
PS Business Parks, Incorporated 100 2,400
Public Storage, Incorporated 300 7,031
Reckson Associates Realty Corporation 100 2,375
Redwood Trust, Incorporated 100 1,400
Regency Realty Corporation 100 2,375
Rouse Company 100 2,475
Saul Centers, Incorporated 100 1,613
Security Capital Group, Incorporated, Class B * 200 3,400
Senior Housing Properties Trust SBI 200 1,463
Simon Property Group, Incorporated 400 8,875
SL Green Realty Corporation 100 2,675
Sovran Self Storage, Incorporated 100 2,144
Spieker Properties, Incorporated 100 4,600
Storage USA, Incorporated 100 2,950
Sun Communities, Incorporated 100 3,344
Tanger Factory Outlet Centers, Incorporated 100 2,350
Taubman Centers, Incorporated, REIT 200 2,200
The St. Joe Company 200 6,000
Trammell Crow Company * 100 1,075
United Dominion Realty Trust, Incorporated 200 2,200
United States Restaurant Properties, Incorporated 100 894
Ventas, Incorporated 300 956
Vornado Realty Trust 200 6,950
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
REAL ESTATE - CONTINUED
Washington Real Estate
Investment Trust SBI 100 $ 1,788
Webb Delaware Corporation 100 1,531
Wellsford Real Properties, Incorporated 50 756
Western Properties Trust SBI 200 2,375
Westfield America, Incorporated 200 2,712
Winston Hotels, Incorporated 200 1,500
--------
333,216
RETAIL GROCERY - 0.43%
Albertsons, Incorporated 1,100 36,575
Caseys General Stores, Incorporated 200 2,075
Delhaize America, Incorporated, Class A 200 3,537
Delhaize America, Incorporated, Class B 200 3,075
Hannaford Brothers Company 100 7,187
Heartland Express, Incorporated 100 1,669
Ingles Markets, Incorporated 100 1,044
Kroger Company * 2,200 48,537
Marsh Supermarkets, Incorporated, Class A 100 1,500
Nash-Finch Company 100 825
Ruddick Corporation 100 1,181
Safeway, Incorporated * 1,300 58,662
Schultz Sav-O Stores, Incorporated 100 1,038
Smart & Final, Incorporated * 100 769
Starbucks Corporation * 500 19,094
The Great Atlantic & Pacific Tea Company, Incorporated 100 1,663
Weis Markets, Incorporated 100 3,275
Whole Foods Market, Incorporated 100 4,131
Winn-Dixie Stores, Incorporated 400 5,725
-------
201,562
RETAIL TRADE - 4.15%
99 Cents Only Stores * 100 3,987
Aaron Rents, Incorporated, Class B 100 1,256
Abercrombie & Fitch Company, Class A * 300 3,656
Amazon.com, Incorporated * 900 32,681
American Eagle Outfitters, Incorporated * 100 1,400
Amerigas Partners LP 100 1,700
Ames Department Stores, Incorporated * 100 775
Ann Taylor Stores Corporation * 100 3,312
AutoZone, Incorporated * 400 8,800
Bacou USA, Incorporated * 100 2,000
Barnes & Noble, Incorporated * 200 4,450
Barnesandnoble.com, Incorporated * 100 653
Bebe Stores, Incorporated * 100 838
Bed Bath & Beyond, Incorporated * 400 14,500
Best Buy Company, Incorporated * 500 31,625
BJ's Wholesale Club, Incorporated * 200 6,600
Borders Group, Incorporated * 200 3,113
Buckle, Incorporated * 100 1,175
Burlington Coat Factory Warehouse * 100 1,081
Cato Corporation 100 1,163
CDW Computer Centers, Incorporated * 200 12,500
</TABLE>
The accompanying notes are an integral part of the financial statements.
230
<PAGE> 235
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ ------
<S> <C> <C>
RETAIL TRADE - CONTINUED
Charlotte Russe Holding, Incorporated * 100 $ 1,050
Charming Shoppes, Incorporated * 300 1,528
Chicos Fas, Incorporated * 100 2,000
Childrens Place Retail Stores, Incorporated * 100 2,050
Circuit City Stores, Incorporated 500 16,594
Claire's Stores, Incorporated 100 1,925
Consolidated Stores Corporation * 300 3,600
Cost Plus, Incorporated * 100 2,869
Costco Wholesale Corporation * 1,200 39,600
CSK Auto Corporation * 100 756
CVS Corporation 1,000 40,000
Daisytek International Corporation * 100 944
Davids Bridal, Incorporated * 100 1,156
Dillards, Incorporated, Class A 300 3,675
Dollar General Corporation 875 17,062
Dollar Tree Stores, Incorporated * 300 11,869
Ebay, Incorporated * 600 32,587
Electronics Boutique Holdings Corporation * 100 1,638
eToys, Incorporated * 300 1,903
Family Dollar Stores, Incorporated 500 9,781
Federated Department Stores, Incorporated 600 20,250
Fisher Scientific International, Incorporated * 100 2,475
Footstar, Incorporated * 100 3,325
Fossil, Incorporated * 100 1,944
Fred's, Incorporated 100 1,800
GAP, Incorporated 2,300 71,875
Genesco, Incorporated * 100 1,606
Gerald Stevens, Incorporated * 200 288
Group 1 Automotive, Incorporated * 100 1,200
Guitar Center, Incorporated 100 1,050
Hanover Direct, Incorporated 700 1,094
Haverty Furniture Companies, Incorporated 100 850
Heilig-Meyers Company 300 356
Heritage Propane Partners LP 100 2,063
Hollywood.com, Incorporated 100 775
Home Depot, Incorporated 6,100 304,619
Intertan, Incorporated 100 1,175
Intimate Brands, Incorporated, Class A 200 3,950
J. C. Penney, Incorporated 700 12,906
Kmart Corporation * 1,300 8,856
Kohls Corporation * 400 22,250
Lands' End, Incorporated * 100 3,337
Linens'n Things, Incorporated 100 2,713
Longs Drug Stores Corporation 100 2,175
Lowe's Companies, Incorporated 1,000 41,062
May Department Stores, Incorporated 900 21,600
Mens Wearhouse, Incorporated 100 2,231
Michael's Stores, Incorporated 100 4,581
MSC Industrial Direct, Incorporated, Class A 100 2,094
Neiman Marcus Group, Class A * 100 3,019
Neiman Marcus Group, Class B * 100 2,775
Nordstrom, Incorporated 400 9,650
Pantry, Incorporated * 100 925
Payless ShoeSource, Incorporated * 100 5,125
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL TRADE - CONTINUED
Pep Boys-Manny, Moe & Jack 200 $ 1,200
Petco Animal Supplies, Incorporated * 100 1,963
Petrie Stores Liquidating Trust SBI 800 950
Petsmart, Incorporated * 400 1,350
Pier 1 Imports, Incorporated 300 2,925
Radioshack Corporation 500 23,687
Regis Corporation 100 1,250
Rite Aid Corporation 700 4,594
Ross Stores, Incorporated 200 3,412
Saks, Incorporated * 400 4,200
School Specialty, Incorporated * 100 1,856
Sears Roebuck & Company 1,000 32,625
Shop At Home, Incorporated * 100 467
Shopko Stores, Incorporated * 100 1,538
Sportsline USA, Incorporated * 100 1,706
Staples, Incorporated * 1,300 19,987
Star Gas Partners LP 100 1,538
Stein Mart, Incorporated * 200 2,050
Sunglass Hut International, Incorporated * 100 822
Systemax, Incorporated * 100 388
Talbots, Incorporated 100 5,494
Target Corporation 1,200 69,600
The Dress Barn * 100 2,213
The Limited, Incorporated 1,200 25,950
The Yankee Candle, Incorporated 200 4,325
Tiffany & Company 200 13,500
TJX Companies, Incorporated 800 15,000
Too, Incorporated * 100 2,544
Toys R Us, Incorporated * 600 8,737
Transport World Entertainment Corporation * 200 2,425
Tuesday Morning Corporation * 100 1,050
Tweeter Home Entertainment Group, Incorporated * 100 3,038
Urban Outfitters, Incorporated * 100 881
Value City Department Stores, Incorporated 100 950
Valuevision International, Incorporated 100 2,400
Venator Group, Incorporated 400 4,100
Ventro Corporation 100 1,888
Wal-Mart Stores, Incorporated 11,800 679,975
Walgreen Company 2,700 86,906
Webvan Group, Incorporated 900 6,553
Wet Seal, Incorporated 100 1,313
Wild Oats Markets, Incorporated 100 1,256
Williams Sonoma, Incorporated 200 6,487
Zale Corporation 100 3,650
----------
1,954,589
SANITARY SERVICES - 0.08%
Allied Waste Industries, Incorporated * 500 5,000
IMCO Recycling, Incorporated 100 544
Ionics, Incorporated * 100 3,062
Waste Management, Incorporated 1,600 30,400
----------
39,006
SEMICONDUCTORS - 5.76%
8X8, Incorporated * 100 1,200
Advanced Micro Devices, Incorporated * 400 30,900
</TABLE>
The accompanying notes are an integral part of the financial statements.
231
<PAGE> 236
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SEMICONDUCTORS - CONTINUED
Alliance Semiconductor Corporation * 100 $ 2,456
Alpha Industries, Incorporated * 100 4,406
Altera Corporation * 500 50,969
American Superconductor Corporation * 100 4,825
American Xtal Technology, Incorporated * 100 4,325
Applied Micro Circuits Corporation * 300 29,625
ATMI, Incorporated * 100 4,650
Broadcom Corporation, Class A * 300 65,681
Caliper Technologies Corporation * 100 4,600
Cirrus Logic, Incorporated * 200 3,200
Conexant Systems, Incorporated * 600 29,175
Cree Research, Incorporated * 100 13,350
Cypress Semiconductor Corporation * 300 12,675
Dallas Semiconductor Corporation 200 8,150
Electroglas, Incorporated * 100 2,150
ESS Technology, Incorporated * 100 1,450
Exar Corporation * 100 8,719
Fairchild Semiconductor International, Class A * 200 8,100
General Semiconductor, Incorporated * 100 1,475
Genesis Microchip, Incorporated * 100 1,788
Genus, Incorporated * 100 819
Globespan Semiconductor, Incorporated * 200 24,416
Integrated Device Technology * 300 17,962
Integrated Silicon Solution * 100 3,800
Intel Corporation 8,900 1,189,819
Intergrated Electrical Services * 200 1,025
International Rectifier Corporation * 200 11,200
Intersil Holding Corporation, Class A * 100 5,406
JNI Corporation * 100 3,163
KLA-Tencor Corporation * 500 29,281
Kopin Corporation * 100 6,925
LAM Research Corporation * 300 11,250
Lattice Semiconductor Corporation * 100 6,912
LSI Logic Corporation * 800 43,300
LTX Corporation * 100 3,494
Mattson Technology, Incorporated 100 3,250
MEMC Electronic Materials, Incorporated 200 3,600
Micrel, Incorporated 200 8,687
Micron Technology, Incorporated 1,400 123,287
MKS Instruments, Incorporated 100 3,913
National Semiconductor Corporation * 500 28,375
Novellus Systems, Incorporated * 300 16,969
Oak Technology * 200 4,313
Phoenix Technology, Ltd. * 100 1,631
Photronics, Incorporated * 100 2,838
Pioneer Standard Electronics, Incorporated 100 1,475
PLX Technology, Incorporated * 100 4,150
PMC-Sierra, Incorporated * 400 71,075
Power Integrations * 100 2,356
PRI Automation, Incorporated * 100 6,539
QLogic Corporation * 200 13,212
Quantum Effect Devices, Incorporated * 100 5,700
Quicklogic Corporation * 100 2,225
Rambus, Incorporated * 400 41,200
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SEMICONDUCTORS - CONTINUED
SDL, Incorporated * 200 $ 57,037
Semtech Corporation * 100 7,648
Silicon Image, Incorporated * 100 4,987
Silicon Laboratories * 100 5,312
Silicon Valley Group, Incorporated * 100 2,588
Siliconix, Incorporated * 100 6,750
Sipex Corporation * 100 2,769
STMicroelectronics NV 2,400 154,050
Telcom Semiconductor, Incorporated * 100 4,038
Teradyne, Incorporated * 500 36,750
Texas Instruments, Incorporated 4,400 302,225
Transwitch Corporation * 100 7,719
Triquint Semiconductor, Incorporated * 100 9,569
Ultratech Stepper, Incorporated * 100 1,488
Varian Semiconductor Equipment, Incorporated 100 6,281
Vitesse Semiconductor Corporation 400 29,425
Xicor, Incorporated 100 669
Xilinx, Incorporated 900 74,306
----------
2,711,047
SHIPBUILDING - 0.02%
Maritrans, Incorporated 200 1,213
Newport News Shipbuilding, Incorporated 100 3,675
Teekay Shipping Corporation 100 3,287
Todd Shipyards Corporation * 100 788
----------
8,963
SOFTWARE - 5.80%
Accrue Software, Incorporated * 100 3,550
Active Software, Incorporated * 100 7,769
Actuate Corporation * 100 5,337
Adobe Systems, Incorporated 300 39,000
Advantage Learning Systems, Incorporated * 100 1,538
Advent Software, Incorporated * 100 6,450
Allaire Corporation * 100 3,675
Alternative Technology Resources, Incorporated * 200 956
ANSYS, Incorporated * 100 1,138
Applied Digital Solutions, Incorporated * 200 675
Aremissoft Corporation * 100 3,112
Artisoft, Incorporated * 100 1,213
Autodesk, Incorporated 200 6,937
AVT Corporation * 100 738
Aware, Incorporated * 100 5,112
Axent Technologies, Incorporated * 100 2,481
BE, Incorporated * 100 500
BEA Systems, Incorporated * 500 24,719
Bindview Development Corporation 200 2,400
BMC Software, Incorporated * 700 25,539
Broadbase Software, Incorporated * 100 3,062
Bsquare Corporation * 100 2,244
Cadence Design Systems, Incorporated * 700 14,262
Caminus Corporation * 100 2,450
</TABLE>
The accompanying notes are an integral part of the financial statements.
232
<PAGE> 237
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SOFTWARE - CONTINUED
Carreker Antinori, Incorporated * 100 $ 813
Cerner Corporation * 100 2,725
CIBER, Incorporated * 200 2,650
Computer Associates International, Incorporated 1,600 81,900
Computer Network Technology * 100 1,737
Compuware Corporation * 1,000 10,375
Daleen Technologies, Incorporated * 100 1,544
Datatec Systems, Incorporated * 100 563
Deltek Systems, Incorporated * 100 591
Dendrite International, Incorporated * 100 3,331
Digital Generation Systems, Incorporated * 100 675
Documentum, Incorporated * 100 8,937
Electronic Arts * 200 14,587
Eloyalty Corporation * 100 1,275
Epicor Software Corporation * 200 500
Epresence, Incorporated * 100 725
Gadzoox Networks, Incorporated * 100 1,369
Geoworks Corporation * 100 1,575
Hyperion Solutions Corporation * 100 3,244
I2 Technologies, Incorporated * 510 53,175
Igate Capital Corporation * 100 1,375
Imation Corporation * 100 2,937
IMRglobal Corporation * 100 1,306
Industries International, Incorporated * 100 856
Infogrames, Incorporated * 80 650
Informix Corporation * 700 5,206
InfoUSA, Incorporated * 200 1,300
Inprise Corporation * 200 1,225
Internap Network Services Corporation * 400 16,606
Internet.com Corporation * 100 1,969
Intertrust Technologies Corporation * 200 4,112
Intrusion.com, Incorporated * 100 1,131
Intuit, Incorporated * 500 20,687
ISS Group, Incorporated 100 9,873
IXl Enterprises, Incorporated * 200 2,900
JDA Software Group, Incorporated * 100 1,919
Kana Communications, Incorporated * 200 12,375
Keane, Incorporated * 200 4,325
Lightspan, Incorporated * 100 550
Luminant Worlwide Corporation 100 894
Manhattan Associates, Incorporated * 100 2,500
Manugistics Group, Incorporated 100 4,675
Marchfirst, Incorporated 400 7,300
Mentor Graphics Corporation 200 3,975
Mercator Software, Incorporated 100 6,875
Mercury Interactive Corporation 200 19,350
Metacreations Corporation * 100 1,200
Metro Information Services, Incorporated * 100 1,000
Micromuse, Incorporated 100 16,548
Microsoft Corporation 13,800 1,104,000
MicroStrategy, Incorporated, Class A * 100 3,000
Midway Games, Incorporated 100 806
MSC Software Corporation * 100 931
Netegrity, Incorporated * 100 7,531
NetManage, Incorporated * 200 894
Netscout Systems, Incorporated * 100 1,288
Netspeak Corporation * 100 988
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SOFTWARE - CONTINUED
Networks Associates, Incorporated * 400 8,150
New Era Of Networks, Incorporated * 100 4,250
New Visual Entertainment, Incorporated * 50 250
Novell, Incorporated * 900 8,325
NYFIX, Incorporated * 100 4,194
Objective Systems Integrators, Incorporated * 100 1,069
Ondisplay, Incorporated 100 8,144
Onyx Software Corporation 100 2,969
Oracle Systems Corporation 7,500 630,469
Parametric Technology Corporation * 800 8,800
PeopleSoft, Incorporated * 700 11,725
Peregrine Systems, Incorporated * 435 15,089
Pfsweb, Incorporated * 100 469
Pivotal Corp * 100 2,350
Policy Management Systems Corporation * 100 1,538
Pomeroy Computer Resources * 100 1,475
Prodigy Communications Corporation * 200 2,100
Progress Software Corporation * 100 1,794
Project Software & Development, Incorporated * 100 1,800
Puma Technology, Incorporated * 100 2,681
Rational Software Corporation * 200 18,587
Redeemable Hat, Incorporated * 400 10,825
Saga Systems, Incorporated * 100 1,244
Sagent Technology, Incorporated * 100 1,425
Sanchez Computer Associates, Incorporated * 100 2,375
Santa Cruz Operation, Incorporated * 100 638
Sapient Corporation * 200 21,387
Secure Computing Corporation * 100 1,881
Serena Software, Incorporated * 100 4,541
Shared Medical Systems Corporation * 100 7,294
Siebel Systems, Incorporated * 500 81,781
Silverstream Software, Incorporated * 100 5,775
Starbase Corporation * 100 1,063
SVI Holdings, Incorporated * 100 513
Symantec Corporation * 200 10,787
Take Two Interactive Software * 100 1,213
TR Systems, Incorporated 100 638
Transaction Systems Architects, Incorporated,
Class A * 100 1,712
Tyler Technologies, Incorporated * 200 513
Unify Corporation * 100 856
VeriSign, Incorporated 515 90,897
VERITAS Software Corporation 1,000 113,016
Vertel Corporation 100 1,750
Zapme Corporation 200 550
---------
2,731,107
STEEL - 0.08%
Alaska Steel Holding Corporation 300 2,400
Allegheny Technologies, Incorporated 200 3,600
Bethleham Steel Corporation * 400 1,425
Carpenter Technology Corporation 100 2,112
Intermet Corporation 100 688
Kaiser Ventures * 100 1,388
</TABLE>
The accompanying notes are an integral part of the financial statements.
233
<PAGE> 238
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
STEEL - CONTINUED
LTV Corporation 400 $ 1,150
NS Group, Incorporated 100 2,094
Nucor Corporation 200 6,637
Quanex Corporation 100 1,488
Reliance Steel & Aluminum Company 100 1,913
Ryerson Tull, Incorporated 100 1,038
Steel Dynamics, Incorporated * 100 906
Texas Industries, Incorporated 100 2,887
USX-United States Steel Group 200 3,712
Worthington Industries, Incorporated 200 2,100
--------
35,538
TELECOMMUNICATIONS SERVICES - 2.89%
3Com Corporation * 900 51,862
ADC Telecommunications, Incorporated * 886 74,313
Adelphia Business Solutions, Class A * 100 2,319
ADTRAN, Incorporated * 100 5,988
Advanced Fibre Communications * 200 9,062
Airnet Commerce Corporation * 100 2,613
Alamosa PCS Holdings, Incorporated * 200 4,175
Alaska Communications Systems, Incorporated * 100 1,038
Allegiance Telecom, Incorporated* 300 19,200
Allied Riser Communctions Corporation * 200 2,825
American Tower Corporation, Class A * 400 16,675
Andrew Corporation * 200 6,712
ANTEC Corporation * 100 4,156
Aspect Communications, Incorporated * 100 3,931
Broadwing, Incorporated * 600 15,562
Caprock Communications Corporation * 100 1,950
Carrier Access Corporation * 100 5,288
Choice One Communications, Incorporated * 100 4,081
Citizens Communications Company * 700 12,075
Com21, Incorporated * 100 2,500
Commonwealth Telephone Enterprises * 100 4,706
Commscope, Incorporated * 100 4,100
Comsat Corporation, Series 1 100 2,469
Comverse Technology, Incorporated * 400 37,200
Convergent Communications, Incorporated * 100 800
Copper Mountain Networks, Incorporated * 100 8,812
Corning, Incorporated 700 188,912
Corsair Communications, Incorporated * 100 2,875
Cox Communications, Incorporated, Class A * 1,500 68,344
Crown Castle International Corporation * 400 14,600
CT Communications, Incorporated 100 2,844
CTC Communications Group, Incorporated * 100 3,600
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - CONTINUED
Digital Lightwave, Incorporated * 100 $ 10,050
Ditech Communications Corporation * 100 9,456
Efficient Networks, Incorporated * 100 7,356
Eglobe, Incorporated * 300 900
Fibernet Telecom Group, Incorporated * 100 1,700
FirstCom Corporation * 100 1,506
Focal Communications Corporation * 200 7,150
General Communication, Incorporated * 200 1,025
Global Crossing, Ltd. 118 3,105
Global Telesystems Group, Incorporated * 500 6,031
Golden Telecom, Incorporated * 100 2,975
GT Group Telecom, Incorporated, Class B * 100 1,581
Ibasis, Incorporated * 100 4,306
ICG Communications, Incorporated * 100 2,206
IDT Corporation * 100 3,394
Impsat Corporation * 300 5,025
Inet Technologies, Incorporated * 100 5,425
Infonet Services Corporation, Class B * 800 9,550
Intelect Communications, Incorporated * 300 694
ITC DeltaCom, Incorporated * 200 4,463
Latitude Communications, Incorporated * 100 1,119
Leap Wireless International, Incorporated 100 4,700
Level 3 Communications, Incorporated 1,000 88,000
LHS Group, Incorporated * 200 6,900
LMKI, Incorporated * 100 525
Mastec, Incorporated 150 5,728
MCK Communications, Incorporated 100 2,313
McLeodUSA, Incorporated 500 10,344
Metricom, Incorporated 100 2,788
Metrocall, Incorporated 100 900
Metromedia Fiber Network, Incorporated, Class A 1,300 51,594
Mphase Technologies, Incorporated 100 756
MRV Communications, Incorporated 200 13,450
Net2Phone, Incorporated * 100 3,569
NetCom AB, ADR * 200 14,750
Network Equipment Technologies * 100 1,006
Network Plus Corporation * 200 2,838
Next Level Communications, Incorporated, Class A * 200 17,150
Nextel Partners, Incorporated, Class A * 400 13,025
P-Com, Incorporated * 200 1,138
PanAmSat Corporation * 400 17,475
Paradyne Corporation * 100 3,256
Polycom, Incorporated * 100 9,409
Powertel, Incorporated * 100 7,094
Price Communications Corporation * 200 4,713
PTEK Holdings, Incorporated * 200 650
QUALCOMM, Incorporated * 2,000 120,000
</TABLE>
The accompanying notes are an integral part of the financial statements.
234
<PAGE> 239
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS SERVICES - CONTINUED
Qwest Communications International, Incorporated* 2,000 $ 99,375
RCN Corporation * 200 5,075
RF Micro Devices, Incorporated * 200 17,525
Savvis Communications Corporation * 300 3,919
SBA Communications Corporation * 100 5,194
Star Telecommunications, Incorporated * 200 506
Startec Global Communications* 100 1,069
Superior Telecom, Incorporated 100 994
Symmetricom, Incorporated * 100 2,525
Tekelec, Incorporated * 200 9,637
Telaxis Communications Corporation * 100 3,125
Teligent, Incorporated * 100 2,363
Tellabs, Incorporated * 1,100 75,281
Terayon Communication Systems * 200 12,847
Time Warner Telecom, Incorporated, Class A * 100 6,437
Triton PCS Holdings, Incorporated * 200 11,550
Waverider Communications, Incorporated 200 1,331
Weblink Wireless, Incorporated 100 1,325
Westell Technologies, Incorporated 100 1,500
Williams Communications Group 200 6,637
Young & Rubicam, Incorporated 200 11,437
----------
1,358,327
TELEPHONE - 4.90%
Alltel Corporation 800 49,550
American Telephone & Telegraph Corporation 8,500 268,812
Arch Communications Group, Incorporated * 200 1,300
Bell Atlantic Corporation 4,100 208,331
BellSouth Corporation 5,000 213,125
Centennial Communications Corporation * 300 4,125
CenturyTel, Incorporated 400 11,500
Conestoga Enterprises, Incorporated 100 1,831
Dobson Communications Corporation, Class A 8 100 1,925
E Spire Communications, Incorporated * 200 1,350
GTE Corporation * 2,600 161,850
Harmonic, Incorporated 154 3,812
Hickory Tech Corporation 100 1,219
Intermedia Communications, Incorporated * 100 2,975
MGC Communications, Incorporated 100 5,994
Nextel Communications, Incorporated, Class A * 2,000 122,375
Nextlink Communications, Incorporated, Class A * 328 12,443
North Pittsburgh Systems, Incorporated 100 1,475
NTL, Incorporated 400 23,950
Primus Telecommunication Group, Incorporated * 100 2,488
SBC Communications, Incorporated 9,100 393,575
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELEPHONE - CONTINUED
Sprint Corporation (FON Group) 2,300 $ 117,300
Sprint Corporation (PCS Group) * 2,300 136,850
Talk.com, Incorporated * 200 1,163
Telephone & Data Systems, Incorporated 200 20,050
Tritel, Incorporated, Class A* 300 8,906
U. S. West, Incorporated * 1,300 111,475
United States Cellular Corporation * 100 6,300
Viatel, Incorporated 100 2,856
Voicestream Wireless Corporation 400 46,519
Western Wireless Corporation, Class A 200 10,900
Winstar Communications, Incorporated 200 6,775
WorldCom, Incorporated 7,500 344,062
Z Telephone Technologies, Incorporated 100 1,200
----------
2,308,361
TIRES & RUBBER - 0.04%
Bandag, Incorporated 100 2,425
Carlisle Companies, Incorporated 100 4,500
Cooper Tire & Rubber Company 200 2,225
Goodyear Tire & Rubber Company 400 8,000
Myers Indiana, Incorporated 100 1,075
----------
18,225
TOBACCO - 0.39%
Philip Morris Companies, Incorporated 6,200 164,687
R.J. Reynolds Tobacco Holdings, Incorporated 400 11,175
Universal Corporation 100 2,113
UST, Incorporated 400 5,875
Vector Group, Ltd. 100 1,475
----------
185,325
TOYS, AMUSEMENTS & SPORTING GOODS - 0.04%
Jakks Pacific, Incorporated * 100 1,475
Mattel, Incorporated 1,100 14,506
Russ Berrie & Company, Incorporated 100 1,925
----------
17,906
TRANSPORTATION - 0.03%
C. H. Robinson Worldwide 100 4,950
Expeditores International of Washington, Incorporated 100 4,750
Overseas Shipholding Group, Incorporated 100 2,463
----------
12,163
TRAVEL SERVICES - 0.01%
Hotel Reservations Network,
Incorporated, Class A 100 2,975
Pegasus Systems, Incorporated* 100 1,088
Travelocity.com, Incorporated* 100 1,637
----------
5,700
TRUCKING & FREIGHT - 0.15%
Airbourne Freight Corporation 100 1,894
Alexander & Baldwin, Incorporated 100 2,206
American Freightways Corporation * 100 1,450
</TABLE>
The accompanying notes are an integral part of the financial statements.
235
<PAGE> 240
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TRUCKING & FREIGHT - CONTINUED
CNF Transportation, Incorporated 100 $ 2,275
Cyber Care, Incorporated * 100 995
EGL, Incorporated * 100 3,075
Expedia, Incorporated, Class A * 100 1,481
First Aviation Services, Incorporated * 100 594
Forward Air Corporation * 100 4,000
Fritz Companies, Incorporated* 100 1,031
Kansas City Southern Industries, Incorporated 300 26,606
Kirby Corporation * 100 2,125
Navistar International Corporation * 200 6,212
Pittston Brinks Group 100 1,369
Plains All American Pipeline LP 100 1,863
RailAmerica, Incorporated * 100 638
Roadway Express, Incorporated 100 2,344
Ryder Systems, Incorporated 200 3,788
Swift Transportation, Incorporated * 200 2,800
U.S. Freightways Corporation 100 2,456
Werner Enterprises, Incorporated 100 1,156
Yellow Corporation 100 1,475
-----------
71,833
TOTAL COMMON STOCKS
(Cost: $43,662,581) $43,374,035
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PREFERRED STOCK - 0.01%
DOMESTIC OIL - 0.01%
Stone Energy Corporation * 100 $5,975
------
TOTAL PREFERRED STOCK
(Cost: $4,909) $5,975
------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 0.21%
U.S. TREASURY BILLS - 0.21%
00.01% due 09/07/2000 **** 100,000 98,957
-------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $98,923) $98,957
-------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 0.25%
United States Treasury Bills
5.58% due 07/06/2000 **** 80,000 $79,938
United States Treasury Bills
5.68% due 08/31/2000 **** 40,000 39,615
--------
$119,553
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
REPURCHASE AGREEMENTS - 7.41%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 6.35%, to be
repurchased at $3,488,845 on
07/03/2000, collateralized by
$2,805,000 U.S. Treasury Bonds,
8.75% due 05/15/2017 (valued at
$3,562,350, including interest) $3,487,000 $ 3,487,000
-----------
TOTAL INVESTMENTS (Total Stock Market
Index Trust) (Cost: $47,372,966) $47,085,520
===========
</TABLE>
500 INDEX TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 76.25%
AEROSPACE - 0.84%
Boeing Company 2,100 $ 87,806
General Dynamics Corporation 500 26,125
Honeywell International, Incorporated 1,900 64,006
Lockheed Martin Corporation 900 22,331
Northrop Grumman Corporation 200 13,250
Raytheon Company, Class B 800 15,400
Textron, Incorporated 300 16,294
TRW, Incorporated 300 13,013
United Technologies Corporation 1,100 64,762
--------
322,987
AIR FREIGHT - 0.07%
Fedex Corporation * 700 26,600
--------
AIR TRAVEL - 0.15%
AMR Corporation * 400 10,575
Delta Air Lines, Incorporated 300 15,169
Southwest Airlines Company 1,200 22,725
US Airways Group, Incorporated 200 7,800
--------
56,269
ALUMINUM - 0.19%
Alcan Aluminum, Ltd. 500 15,500
Alcoa, Incorporated 2,000 58,000
--------
73,500
APPAREL & TEXTILES - 0.09%
Liz Claiborne, Incorporated 100 3,525
NIKE, Incorporated, Class B 600 23,887
Reebok International, Ltd. * 100 1,594
V. F. Corporation 300 7,144
--------
36,150
AUTO PARTS - 0.18%
Dana Corporation 400 8,475
Danaher Corporation 300 14,831
Delphi Automotive Systems Corporation 1,300 18,931
Eaton Corporation 200 13,400
</TABLE>
The accompanying notes are an integral part of the financial statements.
236
<PAGE> 241
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
AUTO PARTS - CONTINUED
Genuine Parts Company 400 $ 8,000
Visteon Corporation 380 4,604
----------
68,241
AUTOMOBILES - 0.61%
Ford Motor Company 2,900 124,700
General Motors Corporation * 1,300 75,481
Harley Davidson, Incorporated 700 26,950
PACCAR, Incorporated 200 7,938
----------
235,069
BANKING - 3.14%
AmSouth Bancorporation 900 14,175
Bank America Corporation 3,900 167,700
Bank of New York, Incorporated 1,700 79,050
Bank One Corporation 2,700 71,719
BB&T Corporation 800 19,100
Charter One Financial, Incorporated 500 11,500
Chase Manhattan Corporation 2,900 133,581
Comerica, Incorporated 400 17,950
Fifth Third Bancorp 700 44,275
First Union Corporation 2,300 57,069
Firstar Corporation 2,300 48,444
FleetBoston Financial Corporation 2,100 71,400
Golden West Financial Corporation 400 16,325
Huntington Bancshares, Incorporated 500 7,906
KeyCorp 1,000 17,625
MBNA Corporation 1,900 51,537
Mellon Financial Corporation 1,200 43,725
National City Corporation 1,400 23,888
Northern Trust Corporation 500 32,531
Old Kent Financial Corporation 315 8,426
PNC Bank Corporation 700 32,813
Providian Financial Corporation 300 27,000
Southtrust Corporation 400 9,050
State Street Corporation 400 42,425
Summit Bancorp 400 9,850
SunTrust Banks, Incorporated 700 31,981
Synovus Financial Corporation 700 12,338
U.S. Bancorp 1,800 34,650
Union Planters Corporation 300 8,381
Wachovia Corporation 500 27,125
Washington Mutual, Incorporated 1,300 37,537
----------
1,211,076
BROADCASTING - 1.11%
Clear Channel Communications * 800 60,000
Comcast Corporation, Class A * 2,100 85,050
MediaOne Group, Incorporated 1,200 79,350
Viacom, Incorporated, Class B 3,027 206,404
----------
430,804
BUILDING MATERIALS & CONSTRUCTION - 0.07%
Armstrong Holdings, Incorporated 100 1,531
Fluor Corporation 200 6,325
Masco Corporation 1,100 19,869
----------
27,725
BUSINESS SERVICES - 2.05%
Automatic Data Processing,
Incorporated 1,500 80,344
Cendant Corporation * 1,700 23,800
Ceridian Corporation * 300 7,219
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES - CONTINUED
Computer Sciences Corporation* 400 $ 29,875
Convergys Corporation * 400 20,750
Deluxe Corporation 200 4,712
Dun & Bradstreet Corporation 400 11,450
Ecolab, Incorporated 300 11,719
Electronic Data Systems Corporation 1,100 45,375
First Data Corporation 1,000 49,625
H & R Block, Incorporated 200 6,475
Harcourt General, Incorporated 200 10,875
Humana, Incorporated * 400 1,950
Interpublic Group Companies, Incorporated 700 30,100
ITT Industries, Incorporated 200 6,075
NCR Corporation 200 7,787
Newell Rubbermaid, Incorporated 600 15,450
Omnicom Group, Incorporated 400 35,625
Paychex, Incorporated 750 31,500
Quintiles Transnational Corporation * 300 4,238
R.R. Donnelley & Sons Company 300 6,769
Tyco International, Ltd. 4,000 189,500
Yahoo, Incorporated 1,300 161,037
----------
792,250
CHEMICALS - 0.74%
Air Products & Chemicals, Incorporated 500 15,406
B.F. Goodrich Company 300 10,218
Dow Chemical Company 1,600 48,300
E.I. Du Pont De Nemours & Company 2,500 109,375
Eastman Chemical Company 200 9,550
Engelhard Corporation 300 5,119
FMC Corporation * 100 5,800
Great Lakes Chemical Corporation 100 3,150
Hercules, Incorporated 300 4,219
PPG Industries, Incorporated 400 17,725
Praxair, Incorporated 400 14,975
Rohm & Haas Company 500 17,250
Sigma-Aldrich Corporation 200 5,850
Union Carbide Corporation 300 14,850
W. R. Grace & Company * 200 2,425
----------
284,212
COMPUTERS & BUSINESS EQUIPMENT - 8.50%
Apple Computer, Incorporated * 800 41,900
Cabletron Systems, Incorporated* 400 10,100
Cisco Systems, Incorporated * 16,400 1,042,425
Citrix Systems, Incorporated * 400 7,575
Compaq Computer Corporation 4,000 102,250
Dell Computer Corporation * 6,100 300,806
EMC Corporation * 5,100 392,381
Gateway, Incorporated * 800 45,400
Hewlett-Packard Company 2,400 299,700
International Business Machines Corporation 4,200 460,162
Maxim Integrated Products, Incorporated 700 47,556
Mips Technologies, Incorporated, Class B * 55 2,118
Network Appliance, Incorporated* 700 56,350
Pitney Bowes, Incorporated 600 24,000
SABRE Group Holdings, Incorporated, Class A * 300 8,550
</TABLE>
The accompanying notes are an integral part of the financial statements.
237
<PAGE> 242
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMPUTERS & BUSINESS EQUIPMENT - CONTINUED
Sanmina Corporation * 300 $ 25,650
Seagate Technology, Incorporated* 500 27,500
Sun Microsystems, Incorporated * 3,800 345,563
Unisys Corporation * 700 10,194
Xerox Corporation 1,600 33,200
----------
3,283,380
CONSTRUCTION MATERIALS - 0.05%
Owens-Corning Corporation 100 925
Sherwin-Williams Company 400 8,475
Vulcan Materials Company 200 8,538
----------
17,938
CONSTRUCTION & MINING EQUIPMENT - 0.07%
Caterpillar, Incorporated 800 27,100
----------
CONTAINERS & GLASS - 0.06%
Ball Corporation 100 3,219
Bemis, Incorporated 100 3,362
Crown Cork & Seal, Incorporated 300 4,500
Owens-Illinois, Incorporated 300 3,506
Pactiv Corporation * 400 3,150
Temple-Inland, Incorporated 100 4,200
----------
21,937
COSMETICS & TOILETRIES - 0.09%
Alberto Culver Company, Class B 100 3,056
Avon Products, Incorporated 600 26,700
International Flavors & Fragrances, Incorporated 200 6,038
----------
35,794
CRUDE PETROLEUM & NATURAL GAS - 0.15%
Burlington Resources, Incorporated 500 19,125
Occidental Petroleum Corporation 900 18,956
Sunoco, Incorporated 200 5,888
Union Pacific Resources Group, Incorporated * 600 13,200
----------
57,169
DOMESTIC OIL - 2.06%
Amerada Hess Corporation 200 12,350
Anadarko Petroleum Corporation 300 14,794
Ashland, Incorporated 200 7,013
Conoco, Incorporated, Class B 1,500 36,844
Exxon Mobil Corporation 8,200 643,700
Kerr-McGee Corporation 200 11,787
Phillips Petroleum Company 600 30,412
Unocal Corporation 600 19,875
USX-Marathon Group 700 17,544
----------
794,319
DRUGS & HEALTH CARE - 8.69%
Abbott Laboratories 3,700 164,881
Allergan, Incorporated 300 22,350
ALZA Corporation * 200 11,825
American Home Products Corporation 3,100 182,125
Amgen, Incorporated * 2,400 168,600
Bausch & Lomb, Incorporated 100 7,738
Baxter International, Incorporated 700 49,219
Becton Dickinson & Company 600 17,213
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE - CONTINUED
Biogen, Incorporated * 400 $ 25,800
Biomet, Incorporated 300 11,531
Boston Scientific Corporation* 1,000 21,938
Bristol-Myers Squibb Company 4,700 273,775
C.R. Bard, Incorporated 100 4,813
Cardinal Health, Incorporated 700 51,800
Eli Lilly & Company 2,700 269,662
Guidant Corporation * 700 34,650
HCA Healthcare Company 1,300 39,487
HEALTHSOUTH Corporation 900 6,469
IMS Health, Incorporated 700 12,600
Johnson & Johnson 3,300 336,187
Mallinckrodt, Incorporated 200 8,688
Manor Care, Incorporated 200 1,400
McKesson HBOC, Incorporated 700 14,656
MedImmune, Incorporated 500 37,000
Medtronic, Incorporated 2,800 139,475
Merck & Company, Incorporated 5,400 413,775
PE Corp-PE Biosystems Group 500 32,937
Pfizer, Incorporated 12,175 584,400
Pharmacia & Upjohn, Incorporated 3,000 155,062
Schering-Plough Corporation 3,500 176,750
St. Jude Medical, Incorporated * 200 9,175
Tenet Healthcare Corporation * 700 18,900
Unitedhealth Group, Incorporated 400 34,300
Watson Pharmaceuticals, Incorporated 200 10,750
Wellpoint Health Networks, Incorporated, Class A 100 7,244
----------
3,357,175
ELECTRICAL EQUIPMENT - 3.57%
American Power Conversion Corporation * 500 20,406
Cooper Industries, Incorporated 200 6,513
Emerson Electric Company 1,000 60,375
General Electric Company 23,400 1,240,200
Johnson Controls, Incorporated 200 10,262
Millipore Corporation 100 7,538
Molex, Incorporated 500 24,062
National Service Industries, Incorporated 100 1,950
W.W. Grainger, Incorporated 200 6,163
----------
1,377,469
ELECTRIC UTILITIES - 1.25%
AES Corporation * 1,000 45,625
Ameren Corporation 300 10,125
American Electric Power, Incorporated 800 23,700
CINergy Corporation 400 10,175
CMS Energy Corporation 300 6,638
Consolidated Edison, Incorporated 500 14,812
Constellation Energy Group, Incorporated 400 13,025
CP & L Energy, Incorporated 400 12,775
Dominion Resources, Incorporated 600 25,725
DTE Energy Company 300 9,169
Duke Energy Company 900 50,737
Edison International 800 16,400
Entergy Corporation 500 13,594
FirstEnergy Corporation 500 11,688
Florida Progress Corporation 200 9,375
</TABLE>
The accompanying notes are an integral part of the financial statements.
238
<PAGE> 243
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRIC UTILITIES - CONTINUED
FPI Group, Incorporated 400 $ 19,800
GPU, Incorporated 300 8,119
New Century Energies, Incorporated 300 9,000
Niagara Mohawk Holdings, Incorporated * 400 5,575
Northern States Power Company 400 8,075
PECO Energy Company 400 16,125
PG&E Corporation 900 22,162
Pinnacle West Capital Corporation 200 6,775
PPL Corporation 300 6,581
Public Service Enterprise Group, Incorporated 500 17,312
Reliant Energy, Incorporated 700 20,694
Southern Company 1,500 34,969
TXU Corporation 600 17,700
Unicom Corporation 400 15,475
----------
481,925
ELECTRONICS - 2.86%
Adaptec, Incorporated * 200 4,550
Agilent Technologies, Incorporated * 1,100 81,125
Analog Devices, Incorporated * 800 60,800
Applied Materials, Incorporated * 1,900 172,187
Lexmark International Group, Incorporated, Class A 300 20,175
Linear Technology Corporation 700 44,756
Lucent Technologies, Incorporated 7,700 456,225
Motorola, Incorporated 5,100 148,219
PerkinElmer, Incorporated 100 6,612
Rockwell International Corporation 400 12,600
Scientific-Atlanta, Incorporated 400 29,800
Solectron Corporation * 1,400 58,625
TekTronix, Incorporated 100 7,400
Thomas & Betts Corporation 100 1,913
----------
1,104,987
FINANCIAL SERVICES - 4.35%
American Express Company 3,200 166,800
Association First Capital Corporation, Class A 1,700 37,931
Bear Stearns Companies, Incorporated 300 12,487
Capital One Financial Corporation 500 22,312
Charles Schwab Corporation 3,200 107,600
Citigroup, Incorporated 8,000 482,000
Countrywide Credit Industries, Incorporated 300 9,094
Federal Home Loan Mortgage Corporation 1,600 64,800
Federal National Mortgage Association 2,400 125,250
Franklin Resources, Incorporated 600 18,225
Household International, Incorporated 1,100 45,719
J. P. Morgan & Company, Incorporated 400 44,050
Lehman Brothers Holdings, Incorporated 300 28,369
Merrill Lynch & Company, Incorporated 900 103,500
Morgan Stanley Dean Witter & Company 2,700 224,775
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES - CONTINUED
Paine Webber Group,
Incorporated 300 $ 13,650
Regions Financial Corporation 500 9,938
SLM Holding Corporation 400 14,975
Wells Fargo & Company 3,800 147,250
----------
1,678,725
FOOD & BEVERAGES - 2.44%
Archer-Daniels-Midland Company 1,400 13,738
Bestfoods 600 41,550
Campbell Soup Company 1,000 29,125
Coca-Cola Enterprises, Incorporated 1,000 16,313
ConAgra, Incorporated 1,200 22,875
General Mills, Incorporated 700 26,775
H.J. Heinz Company 800 35,000
Hershey Foods Corporation 300 14,550
Kellogg Company 1,000 29,750
Nabisco Group Holding Corporation 800 20,750
PepsiCo, Incorporated 3,400 151,087
Quaker Oats Company 300 22,538
Ralston Purina Company 700 13,956
Sara Lee Corporation 2,100 40,556
Supervalu, Incorporated 300 5,719
Sysco Corporation 800 33,700
The Coca-Cola Company 5,900 338,881
Unilever NV 1,400 60,200
Wm. Wrigley Jr. Company 300 24,056
----------
941,119
FOREST PRODUCTS - 0.10%
Georgia-Pacific Corporation 400 10,500
Louisiana Pacific Corporation 200 2,175
Weyerhaeuser Company 600 25,800
----------
38,475
FURNITURE & FIXTURES - 0.02%
Leggett & Platt, Incorporated 500 8,250
----------
GAS & PIPELINE UTILITIES - 0.63%
Coastal Corporation 500 30,437
Columbia Energy Group 200 13,125
Eastern Enterprises 100 6,300
El Paso Energy Corporation 500 25,469
Enron Corporation 1,700 109,650
NICOR, Incorporated 100 3,262
ONEOK, Incorporated 100 2,594
Peoples Energy Corporation 100 3,238
Sempra Energy 500 8,500
Williams Companies, Incorporated 1,000 41,687
----------
244,262
GOLD - 0.08%
Barrick Gold Corporation 900 16,369
Freeport McMoran Copper & Gold, Incorporated, Class B* 400 3,700
Homestake Mining Company 600 4,125
Placer Dome, Incorporated 800 7,650
----------
31,844
</TABLE>
The accompanying notes are an integral part of the financial statements.
239
<PAGE> 244
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HOMEBUILDERS - 0.02%
Centex Corporation 100 $ 2,350
Kaufman & Broad Home Corporation 100 1,981
Pulte Corporation 100 2,163
--------
6,494
HOTELS & RESTAURANTS - 0.40%
Darden Restaurants, Incorporated 300 4,875
Hilton Hotels Corporation 900 8,438
Marriott International, Incorporated, Class A 600 21,637
McDonalds Corporation 3,200 105,400
Tricon Global Restaurants, Incorporated * 300 8,475
Wendy's International, Incorporated 300 5,344
--------
154,169
HOUSEHOLD APPLIANCES - 0.04%
Maytag Corporation 200 7,375
Whirlpool Corporation 200 9,325
--------
16,700
HOUSEHOLD PRODUCTS - 1.04%
Black & Decker Corporation 200 7,862
Clorox Company 600 26,887
Colgate-Palmolive Company 1,400 83,825
Fortune Brands, Incorporated 400 9,225
Gillette Company 2,500 87,344
Procter & Gamble Company 3,100 177,475
Snap-On, Incorporated 100 2,663
The Stanley Works 200 4,750
Tupperware Corporation 100 2,200
--------
402,231
INDUSTRIAL MACHINERY - 0.34%
Briggs & Stratton Corporation 100 3,425
Crane Company 100 2,431
Cummins Engine, Incorporated 100 2,725
Deere & Company 600 22,200
Dover Corporation 500 20,281
Illinois Tool Works, Incorporated 700 39,900
Ingersoll-Rand Company 400 16,100
Pall Corporation 300 5,550
Parker-Hannifin Corporation 300 10,275
Thermo Electron Corporation * 400 8,425
--------
131,312
INSURANCE - 2.25%
Aetna, Incorporated 300 19,256
AFLAC, Incorporated 600 27,562
Allstate Corporation 1,800 40,050
American General Corporation 600 36,600
American International Group, Incorporated 3,600 423,000
Aon Corporation 600 18,637
Chubb Corporation 400 24,600
CIGNA Corporation 400 37,400
Cincinnati Financial Corporation 400 12,575
Conseco, Incorporated 800 7,800
Equifax, Incorporated 300 7,875
Hartford Financial Services Group, Incorporated 500 27,969
Jefferson-Pilot Corporation 200 11,288
Lincoln National Corporation 500 18,062
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE - CONTINUED
Loews Corporation 200 $ 12,000
Marsh & McLennan Companies, Incorporated 600 62,662
MBIA, Incorporated 200 9,638
MGIC Investment Corporation 300 13,650
Progressive Corporation 200 14,800
SAFECO Corporation 300 5,963
St. Paul Companies, Incorporated 500 17,063
Torchmark, Incorporated 300 7,406
UNUMProvident Corporation 600 12,038
--------
867,894
INTERNATIONAL OIL - 1.46%
Chevron Corporation 1,500 127,219
Halliburton Company 1,100 51,906
Royal Dutch Petroleum Company, GDR 5,100 313,969
Texaco, Incorporated 1,300 69,225
--------
562,319
INTERNET CONTENT, SOFTWARE & INFRASTRUCTURE - 0.74%
America Online, Incorporated * 5,400 284,850
--------
INVESTMENT COMPANIES - 0.03%
T. Rowe Price & Associates, Incorporated 300 12,750
--------
LEISURE TIME - 0.75%
B Corporation 200 3,313
Carnival Corporation, Class A 1,400 27,300
Harrahs Entertainment, Incorporated 300 6,281
Hasbro, Incorporated 400 6,025
Seagram, Ltd. 1,000 58,000
The Walt Disney Company 4,900 190,181
--------
291,100
LIQUOR - 0.26%
Adolph Coors Company, Class B 100 6,050
Anheuser-Busch Companies, Incorporated 1,100 82,156
Brown Forman Corporation, Class B 200 10,750
--------
98,956
METAL & METAL PRODUCTS - 0.02%
Inco, Ltd. * 400 6,150
Timken Company 100 1,863
--------
8,013
MINING - 0.04%
Newmont Mining Corporation 400 8,650
Phelps Dodge Corporation 200 7,438
--------
16,088
NEWSPAPERS - 0.26%
Dow Jones & Company, Incorporated 200 14,650
Gannett, Incorporated 600 35,887
Knight-Ridder, Incorporated 200 10,638
New York Times Company, Class A 400 15,800
Tribune Company 700 24,500
--------
101,475
</TABLE>
The accompanying notes are an integral part of the financial statements.
240
<PAGE> 245
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
OFFICE FURNISHINGS & SUPPLIES - 0.07%
Avery Dennison Corporation 300 $ 20,137
Ikon Office Solutions, Incorporated 400 1,550
Office Depot, Incorporated * 700 4,375
--------
26,062
PAPER - 0.60%
Boise Cascade Corporation 100 2,588
Fort James Corporation 500 11,562
International Paper Company 1,241 37,011
Kimberly-Clark Corporation 1,300 74,587
Mead Corporation 200 5,050
Minnesota Mining & Manufacturing Company 900 74,250
Potlatch Corporation 100 3,313
Sealed Air Corporation * 200 10,475
Westvaco Corporation 200 4,963
Willamette Industries, Incorporated 300 8,175
--------
231,974
PETROLEUM SERVICES - 0.47%
Apache Corporation 300 17,644
Baker Hughes, Incorporated 800 25,600
Rowan Companies, Incorporated * 200 6,075
Schlumberger, Ltd. 1,300 97,012
Tosco Corporation 300 8,494
Transocean Offshore, Incorporated 500 26,719
--------
181,544
PHOTOGRAPHY - 0.11%
Eastman Kodak Company 700 41,650
Polaroid Corporation 100 1,806
--------
43,456
PLASTICS - 0.00%
Milacron, Incorporated 100 1,450
--------
PUBLISHING - 0.70%
American Greetings Corporation, Class A 200 3,800
McGraw-Hill Companies, Incorporated 500 27,000
Meredith Corporation 100 3,375
Time Warner, Incorporated 3,100 235,600
--------
269,775
RAILROADS & EQUIPMENT - 0.18%
Burlington Northern Santa Fe Corporation 1,000 22,937
CSX Corporation 500 10,594
Norfolk Southern Corporation 900 13,388
Union Pacific Corporation 600 22,312
--------
69,231
RETAIL GROCERY - 0.39%
Albertsons, Incorporated 1,000 33,250
Kroger Company * 2,000 44,125
Safeway, Incorporated * 1,200 54,150
Starbucks Corporation * 400 15,275
The Great Atlantic & Pacific
Tea Company, Incorporated 100 1,662
Winn-Dixie Stores, Incorporated 300 4,294
--------
152,756
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL TRADE - 3.91%
AutoZone, Incorporated * 300 $ 6,600
Bed Bath & Beyond, Incorporated* 300 10,875
Best Buy Company, Incorporated * 500 31,625
Circuit City Stores, Incorporated 500 16,594
Consolidated Stores Corporation* 300 3,600
Costco Wholesale Corporation * 1,100 36,300
CVS Corporation 900 36,000
Dillards, Incorporated, Class A 200 2,450
Dollar General Corporation 800 15,600
Federated Department Stores, Incorporated 500 16,875
GAP, Incorporated 2,000 62,500
Home Depot, Incorporated 5,500 274,656
J. C. Penney, Incorporated 600 11,063
Kmart Corporation * 1,100 7,494
Kohls Corporation * 800 44,500
Longs Drug Stores Corporation 100 2,175
Lowe's Companies, Incorporated 900 36,956
May Department Stores, Incorporated 800 19,200
Nordstrom, Incorporated 300 7,238
Radioshack Corporation 400 18,950
Rite Aid Corporation 600 3,938
Sears Roebuck & Company 800 26,100
Staples, Incorporated * 1,100 16,912
Target Corporation 1,100 63,800
The Limited, Incorporated 1,000 21,625
Tiffany & Company 200 13,500
TJX Companies, Incorporated 700 13,125
Toys R Us, Incorporated * 500 7,281
Wal-Mart Stores, Incorporated 10,500 605,062
Walgreen Company 2,400 77,250
----------
1,509,844
SANITARY SERVICES - 0.08%
Allied Waste Industries,
Incorporated * 400 4,000
Waste Management, Incorporated
1,500 28,500
----------
32,500
SEMICONDUCTORS - 4.51%
Advanced Micro Devices, Incorporated * 400 30,900
Altera Corporation * 500 50,969
Conexant Systems, Incorporated * 500 24,313
Intel Corporation 7,900 1,056,131
KLA-Tencor Corporation * 400 23,425
LSI Logic Corporation * 700 37,887
Micron Technology, Incorporated 1,300 114,481
National Semiconductor Corporation * 400 22,700
Novellus Systems, Incorporated * 300 16,969
Teradyne, Incorporated * 400 29,400
Texas Instruments, Incorporated 3,900 267,881
Xilinx, Incorporated 800 66,050
----------
1,741,106
SOFTWARE - 4.98%
Adobe Systems, Incorporated 300 39,000
Autodesk, Incorporated 100 3,469
BMC Software, Incorporated * 600 21,891
Computer Associates International, Incorporated 1,400 71,662
</TABLE>
The accompanying notes are an integral part of the financial statements.
241
<PAGE> 246
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SOFTWARE - CONTINUED
Compuware Corporation * 900 $ 9,337
Microsoft Corporation 12,400 992,000
Novell, Incorporated * 800 7,400
Oracle Systems Corporation 6,700 563,219
Parametric Technology Corporation * 700 7,700
PeopleSoft, Incorporated * 700 11,725
Sapient Corporation * 100 10,694
Siebel Systems, Incorporated * 500 81,781
VERITAS Software Corporation 900 101,714
----------
1,921,592
STEEL - 0.04%
Allegheny Technologies, Incorporated 200 3,600
Bethleham Steel Corporation * 300 1,069
Nucor Corporation 200 6,637
USX-United States Steel Group 200 3,713
Worthington Industries, Incorporated 200 2,100
----------
17,119
TELECOMMUNICATIONS SERVICES - 2.74%
3Com Corporation * 800 46,100
ADC Telecommunications, Incorporated * 700 58,713
Andrew Corporation * 200 6,713
Comverse Technology, Incorporated * 400 37,200
Corning, Incorporated 700 188,912
Global Crossing, Ltd. 2,100 55,256
Nortel Networks Corporation 7,000 477,750
QUALCOMM, Incorporated * 1,800 108,000
Tellabs, Incorporated * 1,000 68,437
Young & Rubicam, Incorporated 200 11,438
----------
1,058,519
TELEPHONE - 5.08%
Alltel Corporation 700 43,356
American Telephone & Telegraph Corporation 8,900 281,462
Bell Atlantic Corporation 3,700 188,006
BellSouth Corporation 4,400 187,550
CenturyTel, Incorporated 300 8,625
GTE Corporation * 2,300 143,175
Nextel Communications, Incorporated, Class A * 1,800 110,138
SBC Communications, Incorporated 8,000 346,000
Sprint Corporation (FON Group) 2,100 107,100
Sprint Corporation (PCS Group) * 2,200 130,900
U. S. West, Incorporated * 1,200 102,900
WorldCom, Incorporated 6,800 311,950
----------
1,961,162
TIRES & RUBBER - 0.03%
Cooper Tire & Rubber Company 200 2,225
Goodyear Tire & Rubber Company 400 8,000
----------
10,225
TOBACCO - 0.39%
Philip Morris Companies, Incorporated 5,400 143,437
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TOBACCO - CONTINUED
UST, Incorporated 400 $ 5,875
-----------
149,312
TOYS, AMUSEMENTS & SPORTING GOODS - 0.03%
Mattel, Incorporated 1,000 13,188
-----------
TRUCKING & FREIGHT - 0.08%
Kansas City Southern Industries, Incorporated 300 26,606
Navistar International Corporation * 100 3,106
Ryder Systems, Incorporated 100 1,894
-----------
31,606
TOTAL COMMON STOCKS
(Cost: $29,654,537) $29,443,523
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 1.41%
U.S. Treasury Bills - 1.41%
5.55% due 09/07/2000 **** 550,000 544,234
--------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $544,234) $544,234
--------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.55%
FEDERAL NATIONAL MORTGAGE ASSOCIATIONS - 2.55%
6.46% due 09/14/2000 1,000,000 986,542
--------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS (Cost: $986,542) $986,542
--------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------ -----
<S> <C> <C>
SHORT TERM INVESTMENTS - 7.99%
Federal Home Loan
Mortgage Corporation,
6.40% due 07/18/2000 $1,000,000 $996,978
6.41% due 08/01/2000 2,000,000 1,988,960
United States Treasury Bills
5.74% due 08/31/2000 **** 100,000 99,028
-----------
$3,084,966
REPURCHASE AGREEMENTS - 11.80%
Repurchase Agreement with State
Street Bank & Trust Company dated
06/30/2000 at 6.35%, to be
repurchased at $4,558,411 on
07/03/2000, collateralized by
$3,715,000 U.S. Treasury Bonds,
8.125% due 08/15/2021 (valued at
$4,653,038, including interest) $4,556,000 $4,556,000
-----------
TOTAL INVESTMENTS (500 INDEX TRUST)
(Cost: $38,826,278) $38,615,265
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
242
<PAGE> 247
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
--------------------------------------------------------------------------------
LIFESTYLE AGGRESSIVE 1000 TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
Aggressive Growth Trust 430,420 $ 8,987,170
Blue Chip Growth Trust 927,831 20,486,513
Dynamic Growth Trust 318,285 3,825,782
Emerging Small Company Trust 153,946 6,376,450
Equity-Income Trust 774,153 11,194,256
International Stock Trust 870,241 12,766,438
International Value Trust 995,737 12,755,390
Mid Cap Blend Trust 204,024 3,782,609
Mid Cap Stock Trust 526,935 6,402,260
Overseas Trust 824,678 11,405,298
Small Company Blend Trust 147,702 2,513,887
Small Company Value Trust 513,655 6,338,497
U.S. Large Cap Value Trust 1,545,676 20,248,356
------------
TOTAL INVESTMENTS (LIFESTYLE AGGRESSIVE
1000 TRUST) (Cost: $124,824,468) $127,082,906
============
</TABLE>
LIFESTYLE GROWTH 820 TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
Aggressive Growth Trust 717,252 $ 14,976,230
Blue Chip Growth Trust 2,254,786 49,785,679
Dynamic Growth Trust 1,237,577 14,875,671
Emerging Small Company Trust 359,151 14,876,014
Equity-Income Trust 1,672,287 24,181,269
Growth & Income Trust 799,411 24,725,777
High Yield Trust 1,557,268 19,668,289
International Stock Trust 2,368,612 34,747,545
International Value Trust 2,710,185 34,717,476
Mid Cap Blend Trust 793,301 14,707,805
Mid Cap Stock Trust 2,048,865 24,893,714
Overseas Trust 2,494,000 34,492,013
Quantitative Equity Trust 915,272 24,913,699
Small Company Value Trust 1,597,782 19,716,628
Strategic Bond Trust 1,891,503 19,671,631
Total Return Trust 5,138,482 63,974,097
U.S. Large Cap Value Trust 4,507,504 59,048,299
------------
TOTAL INVESTMENTS (LIFESTYLE GROWTH 820
TRUST) (Cost: $489,346,455) $493,971,836
============
</TABLE>
LIFESTYLE BALANCED 640 TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
Blue Chip Growth Trust 2,466,539 $ 54,461,171
Emerging Small Company Trust 357,163 14,793,688
Equity-Income Trust 665,213 9,618,978
Growth & Income Trust 953,984 29,506,728
High Yield Trust 4,258,786 53,788,462
International Stock Trust 1,346,002 19,745,855
International Value Trust 1,925,133 24,660,959
Money Market Trust 1,465,797 14,657,966
Overseas Trust 1,417,256 19,600,645
Quantitative Equity Trust 910,207 24,775,821
Real Estate Securities Trust 2,136,730 28,525,342
Small Company Value Trust 794,470 9,803,756
Strategic Bond Trust 1,410,776 14,672,073
Total Return Trust 7,861,607 97,877,004
U.S. Government Securities Trust 1,542,538 19,574,805
U.S. Large Cap Value Trust 4,109,012 53,828,055
------------
TOTAL INVESTMENTS (LIFESTYLE BALANCED
640 TRUST) (Cost: $483,090,034) $489,891,308
============
</TABLE>
LIFESTYLE MODERATE 460 TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
Blue Chip Growth Trust 482,440 $ 10,652,280
Diversified Bond Trust 1,796,987 17,538,590
Growth & Income Trust 342,088 10,580,789
High Yield Trust 694,161 8,767,252
International Stock Trust 361,996 5,310,485
International Value Trust 414,199 5,305,890
Money Market Trust 1,927,268 19,272,682
Overseas Trust 508,212 7,028,576
Quantitative Equity Trust 391,668 10,661,206
Real Estate Securities Trust 766,208 10,228,875
Strategic Bond Trust 1,349,037 14,029,986
Total Return Trust 1,550,497 19,303,692
U.S. Government Securities Trust 2,074,264 26,322,415
U.S. Large Cap Value Trust 803,698 10,528,446
------------
TOTAL INVESTMENTS (LIFESTYLE MODERATE
460 TRUST) (Cost: $176,179,511) $175,531,164
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
243
<PAGE> 248
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - JUNE 30, 2000 (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
-------------------------------------------------------------------------------
LIFESTYLE CONSERVATIVE 280 TRUST
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
Diversified Bond Trust 1,411,185 $13,773,169
High Yield Trust 155,751 1,967,137
International Stock Trust 338,426 4,964,713
Money Market Trust 1,965,580 19,655,796
Real Estate Securities Trust 358,160 4,781,430
Strategic Bond Trust 472,950 4,918,679
Total Return Trust 1,581,319 19,687,422
U.S. Government Securities Trust 1,551,365 19,686,823
U.S. Large Cap Value Trust 676,232 8,858,633
-----------
TOTAL INVESTMENTS (LIFESTYLE CONSERVATIVE
280 TRUST) (Cost: $100,094,759) $98,293,802
===========
</TABLE>
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 - 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
Key to Security Abbreviations and Legend
ADR - American Depositary Receipts
ADS - American Depositary Shares
ESOP - Employee Stock Ownership Plan
FRN - Floating Rate Note (Rate effective
as of June 30, 2000).
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, 2000)
@ - 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, 2000 a portion of this security
was pledged to cover forward commitments
purchased.
**** - At June 30, 2000 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.
244
<PAGE> 249
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
forty seven Portfolios: The Pacific Rim Emerging Markets Trust ("Pacific Rim
Emerging Markets"), the Internet Technologies Trust ("Internet Technologies"),
the Science & Technology Trust ("Science & Technology"), the International Small
Cap Trust ("International Small Cap"), the Aggressive Growth Trust ("Aggressive
Growth"), the Emerging Small Company Trust ("Emerging Small Company"), the Small
Company Blend Trust ("Small Company Blend"), the Dynamic Growth Trust ("Dynamic
Growth"), the Mid Cap Stock Trust ("Mid Cap Stock"), the All Cap Growth Trust
("All Cap Growth", formerly, "Mid Cap Growth"), the Overseas Trust ("Overseas"),
the International Stock Trust ("International Stock"), the International Value
Trust ("International Value"), the Mid Cap Blend Trust ("Mid Cap Blend"), 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"), 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 Tactical Allocation
Trust ("Tactical Allocation"), 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"), the Balanced Trust ("Balanced"), the High Yield Trust
("High Yield"), the Strategic Bond Trust ("Strategic Bond"), the Global Bond
Trust ("Global Bond"), the Total Return Trust ("Total Return"), the Investment
Quality Bond Trust ("Investment Quality Bond"), the Diversified Bond Trust
("Diversified Bond"), the U.S. Government Securities Trust ("U.S. Government
Securities"), the Money Market Trust ("Money Market"), the Small Cap Index Trust
("Small Cap Index"), the International Index Trust ("International Index"), the
Mid Cap Index Trust ("Mid Cap Index"), the Total Stock Market Index Trust
("Total Stock Market"), the 500 Index trust ("500 Index"), 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 Dynamic Growth, 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, MNY, Manulife America and Manulife USA
are indirect wholly owned subsidiaries of The Manufacturers Life Insurance
Company ("Manulife"), which in turn is a wholly owned subsidiary of Manulife
Financial Corporation, a publicly traded company. Manulife Financial Corporation
and its subsidiaries are known collectively as "Manulife Financial". MNY is a
wholly owned subsidiary of MNA and Manulife America is a wholly owned subsidiary
of Manulife USA.
At June 30, 2000, Manulife USA owned seed money shares in Internet Technologies,
Tactical Allocation, Small Cap Index, International Index, Mid Cap Index, Total
Stock Market Index and 500 Index.
Manufacturers Securities Services, LLC ("MSS"), a Delaware limited liability
company controlled by 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 PORTFOLIO NAMES. Effective May 1, 2000, the name of Mid Cap Growth was
changed to All Cap Growth.
NEW PORTFOLIOS. Effective May 1, 2000, Internet Technologies, Dynamic Growth,
Tactical Allocation, Small Cap Index, International Index, Mid Cap Index, Total
Stock Market Index and 500 Index commenced operations. Munder Capital Management
("Munder Capital") is the subadviser to Internet Technologies, Janus Capital
Corporation ("Janus Capital") is the subadviser to Dynamic Growth, Mitchell
Hutchins Asset Management Inc. is the subadviser to Tactical Allocation and
Manufacturers Adviser Corporation ("MAC") is the subadviser to Small Cap Index,
International Index, Mid Cap Index, Total Stock Market Index and 500 Index.
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: (a) the
transfer of all assets, subject to all of the liabilities, of the Transferor
Portfolios in exchange for a representative amount of the Acquiring Portfolios
shares; (b) the liquidation of the Transferor Portfolios; and (c) the
distribution to Transferor Portfolio shareholders of such Acquiring Portfolio
shares. Based on the opinion of Trust counsel, the reorganization qualified as a
tax-free reorganization for federal income tax purposes with no gain or loss
recognized to the portfolios or their shareholders. 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 (including $6,919,477 and $1,057,973 of
unrealized appreciation of Worldwide Growth and Capital Growth Bond,
respectively) 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>
245
<PAGE> 250
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES. The policies described below are followed by
the Trust in the preparation of the financial statements.
BASIS OF PRESENTATION. The accompanying unaudited financial statements have been
prepared in accordance with accounting principles generally accepted in the
United States 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, 2000 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, which approximates market value. All other
securities held by the Portfolios are valued at the last sale price as of the
close of business on a principal securities exchange (domestic or foreign) or,
lacking any sales, at the closing bid price. Securities traded only in the
over-the-counter market are valued at the last bid price quoted by brokers
making markets in the securities at the close of trading.
Portfolio securities for which there are no such quotations, principally debt
securities, are valued on the basis of the valuation provided by a pricing
service which utilizes both dealer-supplied and electronic data processing
techniques. Other assets and securities for which no such quotations are readily
available are valued at their fair value as determined in good faith under
consistently applied procedures established by and under the general supervision
of the Board of Trustees.
FOREIGN CURRENCY TRANSLATIONS. The accounting records of the Trust are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars on the following basis:
(i) market value of securities, other assets and other liabilities at the
current rate of exchange at period end 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.
Net realized gains and losses on foreign currency transactions represent net
gains and losses from sales and maturities of foreign currency contracts,
disposition of foreign currencies, the difference between the amount of net
investment income accrued and the U.S. dollar amount actually received, and
gains and losses between trade and settlement date on purchases and sales of
securities.
The effects of changes in foreign currency exchange rates on investments in
securities are included with the net realized and unrealized gain or loss on
investment securities.
FORWARD FOREIGN CURRENCY CONTRACTS. 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. The Portfolios that 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, 2000:
<TABLE>
<CAPTION>
SALES OF FUTURES CONTRACTS PURCHASES OF FUTURES CONTRACTS
-------------------------------------- ------------------------------------------
NUMBER OF AGGREGATE NUMBER OF AGGREGATE
EXPIRATION OPEN MARKET VALUE UNREALIZED OPEN MARKET VALUE UNREALIZED
DATE CONTRACTS OF CONTRACTS GAIN CONTRACTS OF CONTRACTS GAIN (LOSS)
---------- --------- ------------ ---------- --------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
EQUITY INDEX:
S&P 500 Index................ Sept 2000 -- -- 4 $1,468,100 ($27,557)
=======
HIGH YIELD:
U.S. 10 yr. Treasury......... Sept 2000 -- -- 76 $7,484,813 $230,071
========
Long Gilt.................... Sept 2000 28 $4,818,795 $43,929 -- --
=======
</TABLE>
246
<PAGE> 251
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
<TABLE>
<CAPTION>
SALES OF FUTURES CONTRACTS PURCHASES OF FUTURES CONTRACTS
--------------------------------------- -----------------------------------------
NUMBER OF AGGREGATE NUMBER OF AGGREGATE
EXPIRATION OPEN MARKET VALUE UNREALIZED OPEN MARKET VALUE UNREALIZED
DATE CONTRACTS OF CONTRACTS GAIN CONTRACTS OF CONTRACTS GAIN (LOSS)
---------- --------- ------------ ---------- --------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
GLOBAL BOND:
Euro........................ March 2001 -- -- 26 6,038,175 1,375
Deutschemark ............... Sept 2000 -- -- 72 $7,222,346 $23,132
Japanese Yen ............... Sept 2000 -- -- 19 23,771,265 83,691
Long Gilt................... Sept 2000 28 $4,818,799 ($11,527) -- -- --
Municipal Bond Index ....... Sept 2000 -- -- 15 1,435,781 55,781
U.S. 30yr Treasury.......... Sept 2000 21 2,044,219 (1,313) -- -- --
-------
($12,840) $163,979
======== ========
SMALL CAP INDEX:
Russell 2000 Index........... Sept 2000 -- -- 121 $31,617,300 $80,203
=======
INTERNATIONAL INDEX:
All Ordinaries Index ....... Sept 2000 -- -- 1 $50,012 $2,760
Euro ....................... Sept 2000 -- -- 7 838,338 5,171
Japanese Yen ............... Sept 2000 -- -- 4 478,850 (3,174)
MSCI ....................... Sept 2000 -- -- 21 551,740 (15,957)
Tokyo Topix Index........... Sept 2000 -- -- 2 299,986 5,523
------
($5,677)
========
MID CAP INDEX:
S&P 400 Index............... Sept 2000 -- -- 8 $1,953,200 ($38,248)
=========
TOTAL STOCK MARKET INDEX:
Russell 2000 Index ......... Sept 2000 -- -- 2 $552,600 $3,586
S&P 500 Index .............. Sept 2000 -- -- 8 2,936,200 (37,218)
--------
($33,632)
=========
500 INDEX:
S&P 500 Index .............. Sept 2000 -- -- 24 $8,808,600 ($84,869)
=========
</TABLE>
PURCHASED AND WRITTEN OPTIONS. 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.
The Portfolios may use options to manage exposure to fluctuations in currency
values. Writing puts and buying calls may increase the Portfolio's exposure to
the underlying instrument. Buying puts and writing calls may decrease the
Portfolio's exposure to the underlying instrument. Losses may arise from changes
in the value of the underlying instruments, if there is an illiquid secondary
market for the contracts or if the counterparties do not perform under the terms
of the contract.
INTEREST RATE SWAPS. Interest rate swaps involve the exchange of commitments to
pay or receive interest of one instrument for that of another instrument (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 that purchase or sell 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 Portfolio may receive compensation for
interest forgone in the purchase of forward delivery securities. With respect to
purchase commitments, each Portfolio identifies securities as segregated in its
records with a value at least equal to the amount of the commitment. Losses may
arise due to changes in the value of the underlying securities or if the
counterparty does not perform under the contract, or if the issuer does not
issue the securities due to political, economic, or other factors. 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.
247
<PAGE> 252
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
SECURITIES LENDING. All Portfolios that lend securities may lend 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, 2000, the value of the securities loaned amounted to $18,307,070,
$181,049,257, $40,262,640, $80,969,195, $21,927,597, $20,536,721, $71,425,676,
$69,459,516, $28,388,722, $157,848,347, $15,557,264, $71,482,441, $31,983,348,
$38,245,933, $25,088,203, $55,679,456, $16,927,832, $957,250, $3,238,871,
$57,803,744, $28,846,837, $48,361,785, $9,863,700, $14,425,342, $5,344,231,
48,322,925 and $33,007,966, in Pacific Rim Emerging Markets, Science &
Technology, Aggressive Growth, Emerging Small Company, Small Company Blend, Mid
Cap Stock, All Cap Growth, Overseas, International Stock, 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, Investment
Quality Bond, and Diversified Bond, respectively.
At June 30, 2000, the value of cash collateral amounted to $19,358,322,
$186,007,383, $40,557,310, $83,654,957, $23,177,039, $20,528,469, $71,885,704,
$72,875,850, $29,471,489, $160,309,832, $16,054,215, $74,329,754, $33,121,839,
$39,144,625, $25,114,480, $55,626,903, $17,992,894, $1,038,000, $3,297,283,
$58,920,944, $30,536,502, $49,324,472, $10,143,840, $14,615,303, $5,477,685,
$49,255,186 and $33,552,600 in Pacific Rim Emerging Markets, Science &
Technology, Aggressive Growth, Emerging Small Company, Small Company Blend, Mid
Cap Stock, All Cap Growth, Overseas, International Stock, 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, Investment
Quality Bond, and Diversified Bond respectively.
MORTGAGE DOLLAR ROLLS. All Portfolios that 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.
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 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.
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. 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
in the United States requires management to make
248
<PAGE> 253
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
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 at June 30, 2000:
<TABLE>
<CAPTION>
ALL CAP GROWTH TOTAL RETURN
----------------------- --------------------------
NUMBER OF PREMIUMS NUMBER OF PREMIUMS
CONTRACTS RECEIVED CONTRACTS RECEIVED
--------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Options outstanding 12/31/1999 -- -- 339 $177,945
Options written 8,847 $ 4,393,845 458,510,485 2,354,773
Options closed & expired (5,500) (3,258,219) (431,110,824) (2,152,718)
------ ----------- ------------ -----------
Options outstanding 6/30/2000 3,347 $ 1,135,626 27,400,000 $ 380,000
====== =========== ============ ===========
</TABLE>
In addition, at June 30, 2000, Global Bond and Total Return had entered into
written options on futures contracts. The terms of the contracts required a
deposit for initial and variation margin. Premiums received from writing options
on futures contracts were included in the initial margin deposit. The following
is a summary of open written options on futures contracts outstanding in Global
Bond and Total Return at June 30, 2000:
<TABLE>
<CAPTION>
UNREALIZED
DESCRIPTION NUMBER OF CONTRACTS EXPIRATION DATE DEPRECIATION
----------- ------------------- --------------- ------------
<S> <C> <C> <C> <C>
GLOBAL BOND
Eurodollar 12 March, 2001 ($4,500)
=========
TOTAL RETURN
US Treasury Bond 95 August, 2000 ($35,438)
Eurodollar 358 December, 2000 (210,238)
Eurodollar 145 March, 2001 (35,925)
---------
($281,601)
</TABLE>
The following is a summary of open interest rate swap contracts outstanding in
Global Bond and Total Return at June 30, 2000:
GLOBAL BOND
<TABLE>
<CAPTION>
UNREALIZED
APPRECIATION
NOTIONAL AMOUNT DESCRIPTION (DEPRECIATION)
--------------- ----------- --------------
<S> <C> <C>
JPY 660,000,000 Agreement with Goldman Sachs & Company terminating May 18,
2010 to pay 6 month LIBOR (London Interbank Offer Rate)
semi-annually and to receive a fixed rate of 2.035% annually. ($26,822)
CAD 5,200,000 Agreement with JP Morgan terminating May 10, 2002 to pay
3 month LIBOR (London Interbank Offer Rate) semi-annually
and to receive a fixed rate of 6.515% annually. (21,359)
EUR 150,000 Agreement with JP Morgan terminating January 4, 2024 to pay
6 month LIBOR (London Interbank Offer Rate) semi-annually
and to receive a fixed rate of 6.25% annually. (13,117)
GBP 7,600,000 Agreement with Merrill Lynch terminating August 6, 2003 to
pay 6 month LIBOR (London Interbank Offer Rate) semi-
annually and to receive a fixed rate of 6.949% annually. 11,657
EUR 2,020,000 Agreement with Goldman Sachs & Company terminating May 22,
2030 to pay 6 month LIBOR (London Interbank Offer Rate)
semi-annually and to receive a fixed rate of 6.175%
annually. (30,786)
--------
($80,427)
========
</TABLE>
TOTAL RETURN
<TABLE>
<CAPTION>
UNREALIZED
APPRECIATION
NOTIONAL AMOUNT DESCRIPTION (DEPRECIATION)
--------------- ----------- --------------
<S> <C> <C>
JPY 125,000,000 Agreement with Goldman Sachs & Company terminating May 18,
2007 to pay 6 month LIBOR (London Interbank Offer Rate)
semi-annually and to receive a fixed rate of 1.6692%
annually. ($4,068)
</TABLE>
249
<PAGE> 254
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
WRITTEN OPTIONS AND INTEREST RATE SWAPS, CONTINUED
<TABLE>
<CAPTION>
UNREALIZED
NOTIONAL AMOUNT DESCRIPTION APPRECIATION (DEPRECIATION)
--------------- ----------- ---------------------------
<S> <C> <C>
EUR 1,110,000 Agreement with JP Morgan terminating January 4, 2009 to pay
6 month LIBOR (London Interbank Offer Rate) semi-annually
and to receive a fixed rate of 6.00% annually. $ 19,836
EUR 240,000 Agreement with JP Morgan terminating January 4, 2024 to pay
6 month LIBOR (London Interbank Offer Rate) semi-annually
and to receive a fixed rate of 6.25% annually. (20,987)
EUR 840,000 Agreement with Goldman Sachs & Company terminating August 6,
2003 to pay 6 month LIBOR (London Interbank Offer Rate)
semi-annually and to receive a fixed rate of 6.175% annually. (12,802)
$4,100,000 Agreement with Morgan Stanley terminating May 24, 2010 to
pay 3 month LIBOR (London Interbank Offer Rate) semi-
annually and to receive a fixed rate of 6.175% annually. 142,131
--------
$124,110
</TABLE>
4. CAPITAL SHARES. Share activity for the Trust for the six months ended June
30, 2000 and the year ended December 31, 1999 was as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 2000 YEAR ENDED DECEMBER 31, 1999
------------------------------ ------------------------------
SHARES CAPITAL SHARES CAPITAL
----------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
PACIFIC RIM EMERGING MARKETS
Sold 13,118,298 $ 132,246,254 19,223,623 $ 166,239,881
Reinvestment of distributions 33,365 349,336 150,288 1,491,534
Redeemed (11,944,246) (121,079,926) (14,768,802) (126,011,817)
----------- ------------- ------------- -------------
Net increase 1,207,417 $ 11,515,664 4,605,109 $ 41,719,598
=========== ============= ============= =============
INTERNET TECHNOLOGIES
Sold 2,390,517 $ 29,457,729 -- --
Redeemed (12,585) (146,368)
----------- -------------
Net increase 2,377,932 $ 29,311,361
=========== =============
SCIENCE & TECHNOLOGY
Sold 15,912,133 $ 581,987,938 22,528,543 $ 592,873,759
Reinvestment of distributions 1,111,345 38,952,644 2,196,290 78,452,440
Redeemed (892,329) (30,703,352) (2,266,973) (60,758,210)
----------- ------------- ------------- -------------
Net increase 16,131,149 $ 590,237,230 22,457,860 $ 610,567,989
=========== ============= ============= =============
INTERNATIONAL SMALL CAP
Sold 12,476,722 341,192,084 5,814,052 $ 105,417,292
Reinvestment of distributions 2,564,816 62,632,809
31,234 500,049
Redeemed (9,509,144) (236,019,212) (7,001,039) (123,098,528)
----------- ------------- ------------- -------------
Net increase (decrease) 5,532,394 $ 167,805,681 $ (1,155,753) $ (17,181,187)
=========== ============= ============= =============
AGGRESSIVE GROWTH
Sold 9,605,797 $ 194,917,437 8,078,142 $ 106,010,569
Redeemed (1,503,400) (29,436,645) (11,224,810) (140,540,012)
----------- ------------- ------------- -------------
Net increase (decrease) 8,102,397 $ 165,480,792 (3,146,668) $ (34,529,443)
=========== ============= ============= =============
EMERGING SMALL COMPANY
Sold 3,592,786 $ 153,546,993 2,469,575 $ 65,829,200
Reinvestment of distributions 1,425,384 54,991,310 176,071 4,061,968
Redeemed (1,361,937) (56,279,832) (4,146,024) (106,499,420)
----------- ------------- ------------- -------------
Net increase (decrease) 3,656,233 $ 152,258,471 (1,500,378) $ (36,608,252)
=========== ============= ============= =============
</TABLE>
250
<PAGE> 255
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 2000 YEAR ENDED DECEMBER 31, 1999
------------------------------ ------------------------------
SHARES CAPITAL SHARES CAPITAL
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
SMALL COMPANY BLEND
Sold 2,705,333 $ 45,348,779 3,391,215 $ 44,848,948
Reinvestment of distributions 33,447 541,503 64,982 1,020,865
Redeemed (859,513) (13,633,686) (60,911) (833,254)
------------- ------------- ------------- -------------
Net increase 1,879,267 $ 32,256,596 3,395,286 $ 45,036,559
============= ============= ============= =============
DYNAMIC GROWTH
Sold 5,027,249 $ 60,542,741 -- --
Redeemed (17,580) (213,378)
------------- -------------
Net increase 5,009,669 $ 60,329,363
============= =============
MID CAP STOCK
Sold 4,847,177 $ 57,515,939 8,779,846 $ 108,832,071
Redeemed (5,878,775) (69,649,432) (884,386) (10,877,429)
------------- ------------- ------------- -------------
Net increase (decrease) (1,031,598) $ (12,133,493) 7,895,460 $ 97,954,642
============= ============= ============= =============
ALL CAP GROWTH (FORMERLY, MID CAP
GROWTH)
Sold 9,357,910 $ 239,015,666 7,272,833 $ 142,509,467
Reinvestment of distributions 2,398,576 58,405,316 3,082,007 55,167,921
Redeemed (1,150,225) (28,560,947) (3,721,530) (70,553,000)
------------- ------------- ------------- -------------
Net increase 10,606,261 $ 268,860,035 6,633,310 $ 127,124,388
============= ============= ============= =============
OVERSEAS
Sold 37,676,515 $ 540,543,934 32,196,915 $ 394,552,595
Reinvestment of distributions 2,625,622 37,047,529 -- --
Redeemed (28,915,112) (417,256,829) (26,084,433) (320,098,685)
------------- ------------- ------------- -------------
Net increase 11,387,025 $ 160,334,634 6,112,482 $ 74,453,910
============= ============= ============= =============
INTERNATIONAL STOCK
Sold 15,335,775 $ 225,474,860 28,057,311 $ 370,997,131
Reinvestment of distributions 86,185 1,292,768 1,241,609 18,912,664
Redeemed (10,959,156) (162,602,339) (32,315,892) (428,649,401)
------------- ------------- ------------- -------------
Net increase (decrease) 4,462,804 $ 64,165,289 (3,016,972) $ (38,739,606)
============= ============= ============= =============
INTERNATIONAL VALUE
Sold 6,629,967 $ 81,657,121 9,749,493 $ 119,828,426
Reinvestment of distributions 65,254 812,417 -- --
Redeemed (3,712,309) (45,885,781) (1,972,126) (23,986,354)
------------- ------------- ------------- -------------
Net increase 2,982,912 $ 36,583,757 7,777,367 $ 95,842,072
============= ============= ============= =============
MID CAP BLEND
Sold 3,248,822 $ 67,872,881 4,966,975 $ 95,247,137
Reinvestment of distributions 12,674,811 242,469,136 10,077,627 177,366,228
Redeemed (7,843,568) (159,160,866) (18,521,608) (357,342,735)
------------- ------------- ------------- -------------
Net increase (decrease) 8,080,065 $ 151,181,151 (3,477,006) $ (84,729,370)
============= ============= ============= =============
SMALL COMPANY VALUE
Sold 3,162,858 $ 38,480,593 2,887,495 $ 32,006,557
Reinvestment of distributions 10,333 125,033 9,967 105,452
Redeemed (2,032,982) (25,159,921) (9,907,015) (108,749,913)
------------- ------------- ------------- -------------
Net increase (decrease) 1,1409,209 $ 13,445,705 (7,009,553) $ (76,637,904)
============= ============= ============= =============
</TABLE>
251
<PAGE> 256
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 2000 YEAR ENDED DECEMBER 31, 1999
------------------------------ ------------------------------
SHARES CAPITAL SHARES CAPITAL
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
GLOBAL EQUITY
Sold 13,433,883 $ 233,519,881 22,532,074 $ 421,163,138
Reinvestment of distributions 5,709,674 95,008,977 5,314,655 93,909,966
Redeemed (19,737,941) (344,161,018) (31,124,344) (584,725,222)
Shares issued in connection
with reorganization -- -- 2,300,374 42,636,373
------------- ------------- ------------- -------------
Net decrease (594,384) $(15,632,160) (977,241) $ (27,015,745)
============= ============= ============= =============
GROWTH
Sold 8,104,880 $ 213,520,082 11,074,770 $ 251,148,342
Reinvestment of distributions 2,965,550 76,096,002 18,042,613 802,965
Redeemed (2,827,993) (70,238,028) (2,596,080) (60,703,686)
------------- ------------- ------------- -------------
Net increase 8,242,437 $ 219,378,056 9,281,655 $ 208,487,269
============= ============= ============= =============
LARGE CAP GROWTH
Sold 11,712,307 $ 189,718,289 11,650,530 $ 173,828,799
Reinvestment of distributions 4,980,894 74,414,557 1,915,001 28,188,805
Redeemed (2,671,696) (43,266,591) (7,425,729) (110,886,780)
------------- ------------- ------------- -------------
Net increase 14,021,505 $ 220,866,255 6,139,802 $ 91,130,824
============= ============= ============= =============
QUANTITATIVE EQUITY
Sold 3,106,484 $ 85,381,250 5,665,339 $ 143,508,314
Reinvestment of distributions 2,268,704 61,436,503 1,104,607 28,101,212
Redeemed (1,471,822) (40,920,569 (1,522,915) (39,230,914)
------------- ------------- ------------- -------------
Net increase 3,903,366 $ 105,897,184 5,247,031 $ 132,378,612
============= ============= ============= =============
BLUE CHIP GROWTH
Sold 12,979,880 $ 278,618,562 25,358,047 $ 492,130,684
Reinvestment of distributions 3,815,002 82,976,296 2,897,748 56,564,055
Redeemed (4,247,742 (90,682,534) (8,448,638) (163,982,688)
------------- ------------- ------------- -------------
Net increase 12,547,140 $ 270,912,324 19,807,157 $ 384,712,051
============= ============= ============= =============
REAL ESTATE SECURITIES
Sold 1,044,152 $ 13,552,596 6,873,888 $ 92,841,726
Reinvestment of distributions 611,248 7,799,526 560,770 7,390,951
Redeemed (1,567,869) (20,135,400) (3,133,643) (44,213,832)
------------- ------------- ------------- -------------
Net increase 87,531 $ 1,216,722 4,301,015 $ 56,018,845
============= ============= ============= =============
VALUE
Sold 2,217,076 $ 30,392,366 2,436,870 $ 35,300,251
Reinvestment of distributions -- -- 4,624,350 354,079
Redeemed (2,746,044) (36,339,756) (9,909,599) (150,854,134)
------------- ------------- ------------- -------------
Net decrease (598,968) $ 5,947,390 (7,118,650) $(110,929,533)
============= ============= ============= =============
TACTICAL ALLOCATION
Sold 3,451,824 $ 43,016,939 -- --
Redeemed (57,713) (706,348)
------------- -------------
Net increase $ 3,394,111 $ 42,310,591
============= =============
</TABLE>
252
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MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 2000 YEAR ENDED DECEMBER 31, 1999
------------------------------ ------------------------------
SHARES CAPITAL SHARES CAPITAL
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
EQUITY INDEX
Sold 1,058,985 $ 18,836,200 2,885,132 $ 47,861,401
Reinvestment of distributions 18,724 346,950 155,372 2,782,446
Redeemed (544,559) (9,552,910) (811,265) (13,469,906)
------------- ------------- ------------- -------------
Net increase 553,150 $ 9,552,910) $ 2,229,239 $ 37,173,941
============= ============= ============= =============
GROWTH & INCOME
Sold 5,183,704 $ 165,517,088 19,120,056 $ 575,002,218
Reinvestment of distributions 6,264,383 199,583,256 2,940,196 89,470,162
Redeemed (4,664,668) (145,283,635) (5,045,205) (153,850,633)
------------- ------------- ------------- -------------
Net increase 6,783,419 $ 219,816,709 $ 17,015,047 $ 510,621,747
============= ============= ============= =============
U.S. LARGE CAP VALUE
Sold 11,580,762 $ 150,246,018 17,074,014 $ 211,344,517
Reinvestment of distributions 157,815 2,098,943 -- --
Redeemed (1,094,906) (14,046,749) (658,829) (8,161,568)
------------- ------------- ------------- -------------
Net increase 10,643,671 $ 138,298,212 $ 16,415,185 $ 203,182,949
============= ============= ============= =============
EQUITY-INCOME
Sold 3,098,078 $ 48,010,597 7,231,374 $ 128,530,632
Reinvestment of distributions 8,027,156 119,363,818 4,503,851 76,565,467
Redeemed (9,263,932) (142,527,469) (13,631,875) (243,517,473)
------------- ------------- ------------- -------------
Net increase (decrease) 1,861,302 $ 24,846,946 $ (1,896,650) $ (38,421,374)
============= ============= ============= =============
INCOME & VALUE
Sold 1,990,393 $ 23,601,763 4,299,864 $ 54,039,467
Reinvestment of distributions 13,314,021 138,732,103 5,529,820 69,343,951
Redeemed (6,886,063) (79,671,264) (6,536,596) (83,143,235)
------------- ------------- ------------- -------------
Net increase 8,418,351 $ 82,662,602 $ 3,293,088 $ 40,240,183
============= ============= ============= =============
BALANCED
Sold 559,324 $ 9,746,436 3,069,046 $ 57,353,502
Reinvestment of distributions 590,696 10,360,817 1,047,549 19,023,503
Redeemed (2,081,597) (36,819,200) (2,745,068) (49,849,107)
------------- ------------- ------------- -------------
Net increase (decrease) (931,577) $ (16,711,947) 1,371,527 $ 26,527,898
============= ============= ============= =============
HIGH YIELD
Sold 4,368,668 $ 55,286,693 7,131,998 $ 96,511,235
Reinvestment of distributions 62,916 801,552 1,502,095 19,271,875
Redeemed (3,288,936) (41,744,072) (4,746,296) (63,530,203)
------------- ------------- ------------- -------------
Net increase 1,142,648 $ 14,344,173 $ 3,887,797 $ 52,252,907
============= ============= ============= =============
STRATEGIC BOND
Sold 2,170,571 $ 23,623,830 4,555,359 $ 51,184,957
Reinvestment of distributions 2,955,126 30,615,111 2,765,174 30,665,785
Redeemed (6,523,828) (69,843,622) (12,067,131) (134,883,686)
------------- ------------- ------------- -------------
Net decrease (1,398,131) $ (15,604,681) (4,746,598) $ (53,032,944)
============= ============= ============= =============
</TABLE>
253
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--------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 2000 YEAR ENDED DECEMBER 31, 1999
---------------------------------- ----------------------------------
SHARES CAPITAL SHARES CAPITAL
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
GLOBAL BOND
Sold 1,139,650 $ 12,603,757 2,074,428 $ 24,587,793
Reinvestment of distributions 365,138 4,056,680 1,410,339 16,839,448
Redeemed (3,327,985) (37,128,706) (5,251,214) (63,020,152)
--------------- --------------- --------------- ---------------
Net decrease (1,823,197) $ (20,468,269) (1,766,447) $ (21,592,911)
=============== =============== =============== ===============
TOTAL RETURN
Sold 8,923,927 $ 109,687,084 $ 258,636,345 20,796,912
Reinvestment of distributions 559,675 6,889,595 -- --
Redeemed (3,878,943) (47,781,747) (1,396,137) (17,277,134)
--------------- --------------- --------------- ---------------
Net increase 5,604,659 $ 68,794,932 $ 19,400,775 $ 241,359,211
=============== =============== =============== ===============
INVESTMENT QUALITY BOND
Sold 1,871,113 $ 21,775,650 4,721,697 $ 56,684,852
Reinvestment of distributions 1,911,872 21,087,951 1,443,452 17,104,902
Redeemed (3,894,462) (44,608,869) (11,807,744) (138,265,919)
Shares issued in connection
with reorganization -- -- 5,476,233 64,455,265
--------------- --------------- --------------- ---------------
Net decrease (111,477) $ (1,745,268) (166,362) $ (20,900)
=============== =============== =============== ===============
DIVERSIFIED BOND
Sold 1,626,289 $ 16,025,776 5,678,173 $ 62,120,028
Reinvestment of distributions 2,671,549 25,780,450 1,639,199 18,063,968
Redeemed (4,484,568) (44,452,667) (3,716,109) (41,083,738)
--------------- --------------- --------------- ---------------
Net increase (decrease) 186,730 $ (2,646,441) 3,601,263 $ 39,100,258
=============== =============== =============== ===============
U.S. GOVERNMENT SECURITIES
Sold 1,638,246 $ 20,989,613 11,945,868 $ 162,266,123
Reinvestment of distributions 1,977,252 24,755,195 1,349,968 18,022,070
Redeemed (7,521,264) (96,554,017) (12,188,142) (162,052,930)
--------------- --------------- --------------- ---------------
Net increase (decrease) (3,905,766) $ (50,809,209) 1,107,694 $ 18,235,263
=============== =============== =============== ===============
MONEY MARKET
Sold 168,710,726 $ 1,687,107,255 217,064,656 $ 2,170,646,703
Reinvestment of distributions 2,407,281 24,072,811 3,663,025 36,629,783
Redeemed (190,674,242) (1,906,742,416) (173,225,509) (1,732,255,095)
--------------- --------------- --------------- ---------------
Net increase (decrease) (19,556,235) $ (195,562,350) 47,502,172 $ 475,021,391
=============== =============== =============== ===============
SMALL CAP INDEX
Sold 2,542,520 $ 31,739,928 -- --
Redeemed (8,015) (98,611)
--------------- ---------------
Net increase 2,534,505 $ 31,641,317
=============== ===============
INTERNATIONAL INDEX
Sold 3,749,916 $ 46,888,129 -- --
Redeemed (17,623) (222,582)
--------------- ---------------
Net increase $ 3,732,293 $ 46,665,547
=============== ===============
</TABLE>
254
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
CAPITAL SHARES, CONTINUED
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 2000 YEAR ENDED DECEMBER 31, 1999
------------------------------ ----------------------------
SHARES CAPITAL SHARES CAPITAL
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
MID CAP INDEX
Sold 1,333,633 $ 16,654,372 -- --
Redeemed (22,703) (275,057)
------------ ------------
Net increase 1,310,930 $ 16,379,315
============ ============
TOTAL STOCK MARKET INDEX
Sold 3,791,424 $ 47,336,556 -- --
Redeemed (236) (2,849)
------------ ------------
Net increase 3,791,188 $ 47,333,707
============ ============
500 INDEX
Sold 3,147,096 $ 39,154,159 -- --
Redeemed (17,692) (212,284)
------------ ------------
Net increase 3,129,404 $ 38,941,875
============ ============
LIFESTYLE AGGRESSIVE 1000
Sold 2,448,654 $ 34,344,341 1,885,307 $ 24,869,279
Reinvestment of distributions 387,080 5,426,856 306,488 3,966,553
Redeemed (167,658) (2,393,756) (1,805,521) (23,557,915)
------------ ------------ ------------ ------------
Net increase 2,668,076 $ 37,377,441 $ 386,274 $ 5,277,917
============ ============ ============ ============
LIFESTYLE GROWTH 820
Sold 5,469,183 $ 79,990,519 4,720,035 $ 65,963,874
Reinvestment of distributions 2,506,180 35,637,881 1,468,410 19,924,095
Redeemed (385,157) (5,619,125) (6,498,243) (88,418,613)
------------ ------------ ------------ ------------
Net increase (decrease) 7,590,206 $110,009,275 (309,798) $ (2,530,644)
============ ============ ============ ============
LIFESTYLE BALANCED 640
Sold 4,742,251 $ 66,164,937 5,431,955 $ 73,105,083
Reinvestment of distributions 2,453,918 33,421,470 1,730,091 22,802,505
Redeemed (636,512) (8,882,111) (5,869,343) (78,159,593)
------------ ------------ ------------ ------------
Net increase 6,559,657 $ 90,704,296 1,292,703 $ 17,747,995
============ ============ ============ ============
LIFESTYLE MODERATED 460
Sold 876,260 $ 11,761,256 3,434,974 $ 47,275,252
Reinvestment of distributions 1,535,179 19,695,165 252,171 3,462,636
Redeemed (615,821) (8,284,804) (1,760,827) (24,213,001)
------------ ------------ ------------ ------------
Net increase 1,795,618 $ 23,171,617 $ 1,926,318 $ 26,524,887
============ ============ ============ ============
LIFESTYLE CONSERVATIVE 280
Sold 513,481 $ 6,577,242 3,336,284 $ 44,155,484
Reinvestment of distributions 494,886 6,236,344 6,499,821 494,740
Redeemed (1,340,012) (17,367,469) (1,529,502) (20,165,443)
------------ ------------ ------------ ------------
Net increase (decrease) (331,645) $ (4,553,883) 2,301,522 $ 30,489,862
============ ============ ============ ============
</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, 2000:
255
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
PURCHASE 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>
Pacific Rim Emerging Markets ........ -- $18,222,908 -- $11,621,513
Internet Technologies *.............. -- 26,790,240 28,769
Science & Technology ............ -- 1,397,272,139 835,960,215
International Small Cap.............. -- 915,595,136 847,821,617
Aggressive Growth.................... -- 244,909,215 101,920,408
Emerging Small Company............... -- 96,517,457 55,769,990
Small Company Blend.................. -- 48,747,296 21,346,776
Dynamic Growth *..................... -- 46,809,009 1,375,063
Mid Cap Stock........................ -- 157,827,809 174,848,238
All Cap Growth....................... -- 610,581,789 451,607,979
Overseas............................. -- 348,695,448 246,829,071
International Stock.................. -- 129,429,298 60,604,158
International Value.................. -- 54,572,691 25,148,245
Mid Cap Blend........................ -- 1,143,558,946 1,222,893,903
Small Company Value.................. -- 120,809,095 109,455,217
Global Equity........................ -- 232,735,853 309,733,616
Growth............................... -- 544,780,457 402,072,819
Large Cap Growth..................... -- 338,464,351 201,280,251
Quantitative Equity.................. -- 384,739,472 354,280,792
Blue Chip Growth..................... -- 608,446,072 418,385,467
Real Estate Securities............... -- 191,199,485 197,846,249
Value................................ -- 62,865,373 57,568,806
Tactical Allocation *................ -- 22,468,520 1,755,300
Equity Index......................... -- 13,576,789 4,160,868
Growth & Income...................... -- 463,729,770 419,674,093
U.S. Large Cap Value................. -- 165,904,774 29,699,778
Equity-Income........................ -- 145,175,950 227,750,865
Income & Value....................... $29,710,260 119,094,184 $54,283,781 145,425,802
Balanced............................. 32,470,194 158,917,747 50,349,250 165,974,914
High Yield........................... -- 239,090,977 -- 56,233,556
Strategic Bond....................... 63,158,264 423,418,888 34,146,246 469,442,902
Global Bond Total Return............. 316,541,289 161,715,974 279,948,351 182,181,020
Total Return......................... 801,047,318 92,263,045 670,221,612 58,617,392
Investment Quality Bond.............. 35,078,502 179,981,473 37,343,046 54,872,617
Diversified Bond..................... 34,679,667 44,259,709 59,207,844 35,435,711
U.S. Government Securities........... 97,956,543 -- 92,491,805 --
Small Cap Index *.................... -- -- -- --
International Index *................ -- 46,119,714 -- 276,925
Mid Cap Index *...................... -- 16,214,535 -- 2,059,471
Total Stock Market Index *........... -- 43,950,312 -- 93,379
500 Index *.......................... -- 32,960,889 -- 3,308,476
Lifestyle Aggressive 1000............ -- 116,779,728 -- 79,632,897
Lifestyle Growth 820................. -- 405,171,735 -- 306,715,347
Lifestyle Balanced 640............... -- 332,636,722 -- 252,176,919
Lifestyle Moderate 460............... -- 116,672,797 -- 100,987,706
Lifestyle Conservative 280........... -- 29,892,797 -- 36,121,653
</TABLE>
* For the period May 1, 2000 (commencement of operations) to June 30, 2000.
At June 30, 2000, 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........ $111,171,943 $10,022,867 $15,947,125 $5,924,258
Internet Technologies............... 29,333,401 1,697,237 2,900,943 1,203,706
Science & Technology................ 1,574,412,464 255,057,050 374,793,368 119,736,318
International Small Cap............. 287,142,244 4,793,082 22,610,264 17,817,182
</TABLE>
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
PURCHASE 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>
Aggressive Growth................... $327,716,573 $45,216,795 $54,756,413 $9,539,618
Emerging Small Company.............. 466,259,678 232,262,819 257,702,714 25,439,895
Small Company Blend................. 107,395,271 5,605,777 19,630,177 14,024,400
Dynamic Growth...................... 64,480,560 (516,133) 2,495,516 3,011,649
Mid Cap Stock....................... 97,756,430 4,834,923 8,547,240 3,712,317
All Cap Growth...................... 769,584,265 212,637,064 235,745,876 23,108,812
Overseas............................ 539,741,101 42,580,085 58,854,442 16,274,357
International Stock................. 272,023,010 40,304,021 49,858,028 9,554,007
International Value................. 132,440,746 3,501,466 15,360,644 11,859,178
Mid Cap Blend....................... 1,784,267,352 (47,631,578) 201,247,559 248,879,137
Small Company Value................. 114,494,382 6,987,355 14,330,836 7,343,481
Global Equity....................... 789,275,600 39,273,779 99,869,217 60,595,438
Growth.............................. 740,468,764 104,598,252 129,709,440 25,111,188
Large Cap Growth.................... 545,981,338 40,779,726 72,976,162 32,196,436
Quantitative Equity................. 512,486,146 37,941,913 73,655,499 35,713,586
Blue Chip Growth.................... 1,512,036,536 583,969,654 621,079,756 37,110,102
Real Estate Securities.............. 218,919,189 2,706,181 11,017,121 8,310,940
Value............................... 154,223,304 (18,210,216) 6,960,509 25,170,725
Tactical Allocation................. 42,466,675 (192,956) 1,002,036 1,194,992
Equity Index........................ 104,216,417 22,310,763 30,858,242 8,547,479
Growth & Income..................... 2,242,747,638 1,042,169,621 1,209,107,640 166,938,019
U.S. Large Cap Value................ 343,686,524 10,860,693 41,205,223 30,344,530
Equity-Income....................... 909,517,609 1,366,497 105,791,447 104,424,950
Income & Value...................... 642,293,502 361,379 59,672,319 59,310,940
Balanced............................ 231,893,208 11,696,672 20,835,889 9,139,217
High Yield.......................... 287,660,154 (23,871,630) 2,357,936 26,229,566
Strategic Bond...................... 418,183,177 (22,027,501) 3,120,980 25,148,481
Global Bond......................... 206,456,302 (10,640,750) 1,218,554 11,859,304
Total Return........................ 461,657,976 (4,141,759) 946,006 5,087,765
Investment Quality Bond............. 335,557,187 (15,795,571) 1,145,075 16,940,646
Diversified Bond.................... 232,045,023 (6,321,356) 363,272 6,684,628
U.S. Government Securities.......... 376,666,464 (7,101,114) 647,323 7,748,437
Small Cap Index..................... 31,265,165 -- -- --
International Index................. 46,912,225 11,409 2,582,090 2,570,681
Mid Cap Index....................... 16,426,431 (154,718) 923,360 1,078,078
Total Stock Market Index............ 47,372,995 (287,475) 2,610,520 2,897,995
500 Index........................... 38,826,290 (211,025) 1,303,613 1,514,638
Lifestyle Aggressive 1000........... 127,160,513 (77,608) 1,160,805 1,238,413
Lifestyle Growth 820................ 497,334,868 (3,363,032) 2,668,064 6,031,096
Lifestyle Balanced 640.............. 492,210,877 (2,319,569) 2,029,188 4,348,757
Lifestyle Moderate 460.............. 178,721,664 (3,190,500) 2,324,729 5,515,229
Lifestyle Conservative 280.......... 101,058,179 (2,764,376) 556,781 3,321,157
</TABLE>
6. INVESTMENT ADVISORY AGREEMENTS. The Trust has entered into an Investment
Advisory Agreement with MSS (the "Adviser"). 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. On
April 28, 2000, the shareholders of the Trust voted to approve an Amended and
Restated Advisory Agreement to change Advisory Fees as discussed below for
Lifestyle Aggressive 1000, Lifestyle Growth 820, Lifestyle Balanced 640,
Lifestyle Moderate 460 and Lifestyle Conservative 280. This change in Advisory
Fees was effective May 1, 2000. Advisory fees charged to each Portfolio were as
follows:
PORTFOLIO FEE
--------- ---
Pacific Rim Emerging Markets...................... .850%
Internet Technologies *........................... 1.150%
Science & Technology.............................. 1.100%
International Small Cap........................... 1.100%
Aggressive Growth ................................ 1.000%
Emerging Small Company............................ 1.050%
Small Company Blend............................... 1.050%
Dynamic Growth *.................................. 1.000%
Mid Cap Stock..................................... .925%
All Cap Growth.................................... .950%
Overseas.......................................... .950%
International Stock............................... 1.050%
International Value .............................. 1.000%
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
INVESTMENT ADVISORY AGREEMENTS, CONTINUED
PORTFOLIO FEE
--------- ---
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%
Tactical Allocation *............................. .900%
Equity Index...................................... .250%
Growth & Income................................... .750%
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%
Small Cap Index *................................. .525%
International Index *............................. .550%
Mid Cap Index *................................... .525%
Total Stock Market Index *........................ .525%
500 Index *....................................... .525%
Lifestyle Aggressive 2000 +....................... .075%#
Lifestyle Growth 820 +............................ .075%#
Lifestyle Balanced 640 +.......................... .075%#
Lifestyle Moderate 460 +.......................... .075%#
Lifestyle Conservative 280 +...................... .075%#
* For the period May 1, 2000 (commencement of operations) to June 30, 2000.
# 0.075% up to $100 million; 0.05% of net assets in excess of $100 million.
+ For the period May 1, 2000 to June 30, 2000. Prior to May 1, 2000, Advisory
fees were 0.00%, 0.00%, 0.00%, 0.00% and 0.00% in Lifestyle Aggressive 1000,
Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460 and
Lifestyle Conservative 280, respectively.
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 0.050% of the average daily net assets of International Index and 500 Index,
0.075% of the average daily net assets of Small Cap Index, Mid Cap Index and
Total Stock Market Index, 0.15% of the average daily net assets of Equity Index,
0.50% of the average daily net assets of Internet Technologies, Science &
Technology, Aggressive Growth, Emerging Small Company, Small Company Blend,
Dynamic Growth, Mid Cap Stock, All Cap Growth, Mid Cap Blend, Small Company
Value, Growth, Large Cap Growth, Quantitative Equity, Blue Chip Growth, Real
Estate Securities, Value, Tactical Allocation, Growth & Income, U.S. Large Cap
Value, Equity-Income, Income & Value, Balanced, High Yield, Strategic Bond,
Total Return, Investment Quality Bond, Diversified Bond, U.S. Government
Securities, Money Market 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, if total expenses of a Lifestyle Trust (excluding the expenses of the
underlying portfolios and absent reimbursement) exceed 0.075%, the Adviser will
reimburse expenses of the Lifestyle Trusts (or reduce the advisory fee for the
Lifestyle Trust) by an amount such that the total expenses of the Lifestyle
Trust equal 0.075%. If the total expenses of a Lifestyle Trust (excluding the
expenses of the underlying portfolios and absent reimbursement) are equal to or
less than 0.075%, then no expenses will be reimbursed by the Adviser. In
addition, effective June 1, 2000, the Adviser has agreed to waive a portion of
its advisory fee for Science & Technology, Blue Chip Growth, Equity-Income and
International Stock. The fee reduction is based upon the combined asset level of
all four portfolios. Once the combined assets exceed specified amounts, the fee
reduction is increased. The percentage fee reduction for each asset level is as
follows:
FEE REDUCTION
COMBINED ASSET LEVELS (AS A PERCENTAGE OF THE ADVISORY FEE)
--------------------- -------------------------------------
First $750 million 0.00%
Between $750 million and $1.5 billion 2.50%
Between $1.5 billion and $3.0 billion 3.75%
Over $3.0 billion 5.00%
Any of these expense reimbursements may be terminated at any time.
FUND ADMINISTRATION FEES. 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
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--------------------------------------------------------------------------------
INVESTMENT ADVISORY AGREEMENTS, CONTINUED
periodic reports to shareholders and the preparation of all regulatory reports.
Total expense reimbursed by the Trust for the six months ended June 30, 2000 was
$762,700 of which $160,550 remains payable to the Adviser at June 30, 2000.
7. TRUSTEES' FEES. The Trust pays each Trustee who is not an employee 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 $40,000.
8. COMMITMENTS. At June 30, 2000, Pacific Rim Emerging Markets, Science &
Technology, International Small Cap, Overseas, International Stock,
International Value, Global Equity, Large Cap Growth, Equity-Income, High Yield,
Strategic Bond, Global Bond and Total Return 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, 2000
were as follows:
PACIFIC RIM EMERGING MARKETS
CROSS CURRENCY:
<TABLE>
<CAPTION>
NET UNREALIZED
PAYABLE RECEIVABLE IN EXCHANGE SETTLEMENT APPRECIATION/
CURRENCY VALUE CURRENCY FOR DATE VALUE (DEPRECIATION)
-------- ----- ---------- ----------- ---------- ----- --------------
<S> <C> <C> <C> <C> <C> <C>
Singapore Dollar $361,821 AUD 626,677 7/3/2000 $362,870 ($1,049)
Singapore Dollar 11,503 NZD 19,900 7/3/2000 11,523 (20)
Australian Dollar $361,821 SGD 600,035 7/3/2000 $358,851 (2,970)
New Zealand Dollar 11,503 SGD 24,510 7/3/2000 11,498 (5)
-------- -------- -------
(2,975)
-------
$746,648 $744,742 ($4,044)
======== ======== =======
</TABLE>
<TABLE>
<CAPTION>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
------------ ----------- ---------- ----- --------------
<S> <C> <C> <C> <C> <C>
PURCHASES
Japanese Yen $455,216 47,865,989 7/3/2000 $ 451,119 ($4,097)
========
SCIENCE & TECHNOLOGY
PURCHASES
British Pound $238,247 157,467 7/3/2000 $ 238,263 $16
===
INTERNATIONAL SMALL CAP
PURCHASES
Australian Dollar $ 405,160 672,599 7/3/2000 $ 402,248 ($2,912)
Swiss Franc 444,739 727,371 7/3/2000 445,884 1,145
Euro 1,475,425 1,561,892 7/3/2000 1,491,139 15,714
British Pound 195,990 130,343 7/3/2000 197,220 1,230
Hong Kong Dollar 678,409 5,288,336 7/3/2000 678,383 (26)
Japanese Yen 94,591 9,950,045 7/3/2000 93,775 (816)
Canadian Dollar 131,201 194,400 7/5/2000 131,351 150
British Pound 1,758,101 1,162,764 7/5/2000 1,759,378 1,277
British Pound 545,896 359,259 7/6/2000 543,596 (2,300)
---------- ---------- -------
$5,729,512 $5,742,974 13,462
---------- ---------- -------
SALES
Danish Krone 175,139 $22,409 7/3/2000 $22,112 ($297)
Euro 1,385,741 1,322,968 7/3/2000 1,304,304 (18,664)
British Pound 6,686 10,116 7/3/2000 10,023 (93)
Greek Drachma 63,613,220 180,295 7/3/2000 177,940 (2,355)
Hong Kong Dollar 3,471,976 445,382 7/3/2000 445,399 17
Japanese Yen 120,139,487 1,132,270 7/3/2000 1,137,254 4,984
Norwegian Krone 8,225 959 7/3/2000 948 (11)
New Zealand Dollar 42,209 19,800 7/3/2000 19,728 (72)
Swedish Krona 3,856,824 437,282 7/3/2000 434,015 (3,267)
Canadian Dollar 515,483 348,300 7/5/2000 348,547 247
Danish Krone 53,838 6,888 7/5/2000 6,867 (21)
Euro 994,217 949,179 7/5/2000 945,798 (3,381)
British Pound 530,458 802,636 7/5/2000 802,054 (582)
Greek Drachma 56,504,022 160,145 7/5/2000 159,557 (588)
Japanese Yen 80,157,611 755,456 7/5/2000 762,027 6,571
New Zealand Dollar 39,950 18,740 7/5/2000 18,696 (44)
Swedish Krona 9,803,624 1,111,521 7/5/2000 1,107,504 (4,017)
British Pound 21,216 32,102 7/6/2000 32,238 136
</TABLE>
259
<PAGE> 264
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
COMMITMENTS, CONTINUED
INTERNATIONAL SMALL CAP, CONTINUED
<TABLE>
<CAPTION>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
------------ ----------- ---------- ----- -------------
<S> <C> <C> <C> <C> <C>
Euro 763,403 $ 728,821 7/31/2000 $ 723,451 $ (5,370)
------------ ------------ ------------
$ 8,485,269 $ 8,458,462 (26,807)
------------ ------------ ------------
$ (13,345)
============
OVERSEAS TRUST
PURCHASES
Euro $ 4,512,638 1,606,951 7/3/2000 $ 4,541,992 $ 29,354
Swiss Franc 3,103,611 5,086,409 7/3/2000 3,118,009 14,398
Norwegian Krone 178,177 1,532,404 7/3/2000 178,591 414
Japanese Yen 48,544 5,126,935 7/3/2000 48,319 (225)
British Pound 1,300,399 859,399 7/5/2000 1,300,356 (43)
British Pound 437,785 288,373 7/6/2000 436,337 (1,448)
Euro 404,607 424,718 7/31/2000 405,478 871
------------ ------------ ------------
$ 9,985,761 $ 10,029,082 $ 43,321
------------ ------------ ------------
SALES
Euro 1,130,412 $ 1,066,770 7/3/2000 $ 1,079,425 $ (12,655)
Swedish Krona 707,502 79,756 7/3/2000 80,235 (479)
Japanese Yen 29,893,752 283,045 7/3/2000 281,737 1,308
Norwegian Krone 5,131,117 591,633 7/3/2000 597,997 (6,364)
British Pound 836,412 1,265,731 7/5/2000 1,265,576 155
Euro 2,463,697 2,343,222 7/5/2000 2,352,092 (8,870)
British Pound 499,469 758,254 7/6/2000 755,746 2,508
------------ ------------ ------------
$ 6,388,411 $ 6,412,808 $ (24,397)
------------ ------------ ------------
$ 18,924
INTERNATIONAL STOCK
PURCHASES
Swedish Krona $ 151,649 1,331,330 7/3/2000 $ 150,944 $ (705)
============
INTERNATIONAL VALUE
PURCHASES
New Zealand Dollar $ 10,391 22,202 7/3/2000 $ 10,416 $ 25
------------
SALES
Japanese Yen 8,389,920 $ 79,072 7/3/2000 $ 79,782 $ 710
British Pound 157,536 238,368 7/5/2000 238,825 457
------------ ------------ ------------
$ 317,440 $ 318,607 $ 1,167
============ ============ ------------
$ 1,192
============
GLOBAL EQUITY
SALES
Euro 35,900,000 $ 34,301,712 7/12/2000 34,765,560 $ 463,848
============
LARGE CAP GROWTH
PURCHASES
Euro $ 324,702 341,432 7/3/2000 $ 325,965 $ 1,263
============
EQUITY-INCOME
SALES
Euro 862,347 $ 818,798 7/3/2000 $ 823,283 $ 4,485
============
HIGH YIELD
PURCHASES
Euro $ 271,785 285,000 7/28/2000 $ 272,608 $ 823
British Pound 759,700 500,000 8/3/2000 757,052 (2,648)
------------ ------------ ------------
$ 1,031,485 $ 1,029,660 $ (1,825)
------------ ------------ ------------
SALES
Euro 2,380,000 $ 2,276,208 7/26/2000 $ 2,247,862 $ (28,346)
Euro 4,750,000 4,543,471 7/28/2000 4,504,184 (39,287)
British Pound 4,195,000 6,351,665 8/3/2000 6,520,079 168,414
Euro 2,445,000 2,340,353 8/10/2000 2,199,033 (141,320)
British Pound 275,000 416,429 8/10/2000 421,600 5,171
Euro 195,000 187,205 9/29/2000 184,640 (2,565)
------------ ------------ ------------
$ 16,115,331 $ 16,077,398 (37,933)
------------ ------------ ------------
$ (39,758)
============
</TABLE>
260
<PAGE> 265
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>
STRATEGIC BOND
PURCHASES
Canadian Dollar $10,173,103 15,048,163 7/28/2000 $10,175,282 $2,179
Euro 10,071,879 10,805,836 7/28/2000 10,336,000 264,121
British Pound 743,764 491,069 7/28/2000 743,461 (303)
Greek Drachma 2,513,023 926,124,375 7/28/2000 2,621,552 108,529
Japanese Yen 4,418,163 474,452,400 7/28/2000 4,496,236 78,074
Polish Zloty 3,888,814 17,223,611 7/28/2000 3,919,035 30,221
Swedish Krona 1,747,317 15,437,700 7/28/2000 1,754,335 7,018
----------- ----------- --------
$33,556,062 $34,045,900 $489,838
----------- ----------- --------
SALES
Canadian Dollar 3,308,163 $2,236,917 7/28/2000 $2,239,188 $2,271
Euro 13,532,333 12,943,949 7/28/2000 12,600,337 (343,612)
British Pound 486,959 737,238 7/28/2000 730,000 (7,238)
Greek Drachma 926,124,375 2,621,552 7/28/2000 2,479,583 (141,968)
Japanese Yen 457,495,475 4,335,541 7/28/2000 4,319,904 (15,637)
Polish Zloty 17,223,610 3,919,035 7/28/2000 3,878,411 (40,624)
Swedish Krona 15,437,700 1,754,335 7/28/2000 1,700,000 (54,335)
----------- ----------- --------
$28,548,566 $27,947,423 (601,142)
----------- ----------- ---------
($111,304)
GLOBAL BOND
PURCHASES
Australian Dollar $312,043 518,000 7/5/2000 $309,816 ($2,227)
British Pound 386,277 257,000 7/5/2000 388,906 2,629
Japanese Yen 2,993,157 317,125,000 7/5/2000 2,991,720 (1,438)
New Zealand Dollar 2,137,096 4,676,000 7/10/2000 2,193,581 56,486
Chilean Peso 162,600 83,300,000 7/13/2000 153,384 (9,216)
Canadian Dollar 2,144,316 3,150,000 7/14/2000 2,129,174 (15,142)
Brazilian Real 158,948 290,000 7/17/2000 156,714 (2,233)
Indonesian Rupiah 160,637 1,230,000,000 7/18/2000 140,147 (20,490)
British Pound 1,255,508 838,000 7/19/2000 1,268,468 12,960
Japanese Yen 18,550,200 1,947,771,000 7/19/2000 18,425,699 (124,501)
South Korean Won 171,833 190,700,000 7/24/2000 162,563 (9,270)
Thailand Baht 171,958 6,500,000 7/24/2000 166,024 (5,934)
New Taiwan Dollar 170,940 5,200,000 7/24/2000 169,187 (1,753)
Australian Dollar 98,358 169,000 7/26/2000 101,115 2,757
Euro 13,177,976 13,777,000 7/26/2000 13,176,184 (1,792)
Japanese Yen 3,656,447 383,649,000 7/26/2000 3,634,287 (22,160)
Euro 430,521 455,000 7/27/2000 435,526 5,005
Swedish Krona 1,484,104 13,164,000 8/3/2000 1,496,519 12,415
Australian Dollar 2,323,211 3,889,000 8/9/2000 2,327,329 4,118
Turkish Lira 115,762 74,100,000,000 8/21/2000 114,250 (1,513)
Colombian Peso 126,513 263,400,000 8/22/2000 121,131 (5,382)
Hungarian Forint 224,134 65,400,000 8/22/2000 238,662 14,528
Peruvian Nouveau Sol 210,361 750,000 8/22/2000 211,944 1,583
Turkish Lira 210,829 139,510,000,000 8/22/2000 210,487 (342)
Hong Kong Dollar 2,556,231 19,900,000 9/18/2000 2,554,547 (1,683)
Brazilian Real 96,852 180,000 9/19/2000 97,271 419
Peruvian Nouveau Sol 67,835 240,000 9/19/2000 67,822 (13)
Chilean Peso 38,490 20,600,000 9/20/2000 37,932 (558)
South African Rand 239,977 1,670,000 9/20/2000 244,181 4,204
Hong Kong Dollar 1,524,982 11,870,000 9/27/2000 1,523,784 (1,198)
Venezuelan Bolivar 162,636 118,440,000 10/13/2000 164,443 1,806
Mexican Peso 160,602 1,600,000 10/18/2000 154,284 (6,318)
Hong Kong Dollar 2,009,579 15,650,000 10/26/2000 2,009,043 (536)
Venezuelan Bolivar 46,704 33,580,000 12/19/2000 46,623 (81)
Polish Zloty 1,574,631 7,200,000 2/7/2001 1,548,775 (25,856)
----------- ----------- ---------
$59,312,248 $59,171,522 ($140,726)
----------- ----------- ---------
SALES
Australian Dollar 518,000 $309,816 7/5/2000 $297,910 ($11,907)
British Pound 2,016,000 3,050,720 7/5/2000 3,059,963 9,243
Japanese Yen 317,125,000 2,991,720 7/5/2000 2,982,509 (9,210)
Danish Krone 6,680,000 854,954 7/6/2000 859,717 4,763
New Zealand Dollar 21,129,000 9,911,929 7/10/2000 9,699,056 (212,873)
Euro 1,660,000 1,586,204 7/13/2000 1,598,016 11,812
</TABLE>
261
<PAGE> 266
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
--------------------------------------------------------------------------------
COMMITMENTS, CONTINUED
GLOBAL BOND, CONTINUED
<TABLE>
<CAPTION>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
------------ ----------- ---------- ----------- --------------
<S> <C> <C> <C> <C> <C>
Canadian Dollar 2,644,000 $ 1,787,154 7/14/2000 $ 1,796,196 $ 9,041
Australian Dollar 2,219,000 1,327,502 7/19/2000 1,265,829 (61,673)
Japanese Yen 317,125,000 3,004,109 7/26/2000 3,028,892 24,784
Euro 5,196,000 4,970,079 7/28/2000 4,918,326 (51,753)
Australian Dollar 394,000 235,759 8/2/2000 236,961 1,202
Danish Krone 5,681,000 728,075 8/3/2000 720,391 (7,685)
New Zealand Dollar 908,000 425,984 8/3/2000 428,894 2,910
Hungarian Forint 372,000,000 1,359,697 8/7/2000 1,299,790 (59,906)
Australian Dollar 518,000 310,025 8/16/2000 312,250 2,225
Hong Kong Dollar 19,900,000 2,554,547 9/18/2000 2,536,648 (17,900)
Hong Kong Dollar 11,870,000 1,523,784 9/27/2000 1,514,301 (9,483)
Hong Kong Dollar 15,650,000 2,009,043 10/26/2000 1,997,116 (11,927)
----------- ----------- ---------
$38,941,099 $38,552,763 (388,336)
----------- ----------- ---------
$(529,062)
=========
TOTAL RETURN
PURCHASES
Euro $2,464,410 2,560,000 7/13/2000 $2,446,194 $ (18,216)
---------
SALES
Euro 5,922 $5,639 7/3/2000 $5,654 ($15)
Euro 2,560,000 2,446,194 7/13/2000 2,464,410 18,216
Euro 30,446,000 29,118,249 7/26/2000 29,118,098 (151)
----------- ----------- ---------
$31,564,443 $31,582,508 18,050
----------- ----------- ---------
$ (166)
=========
</TABLE>
9. LINE OF CREDIT. All Portfolios with the exception of Growth, US Government,
Money Market, Lifestyle Aggressive 1000, Lifestyle Growth 820, Lifestyle
Balanced 640, Lifestyle Moderate 460, and Lifestyle Conservative 280 have
entered into an agreement which enables them to participate in a $100 million
unsecured committed line of credit with State Street Bank & Trust Company.
Borrowings will be made solely to temporarily finance the repurchase of capital
shares. Interest is charged to each participating Portfolio based on its
borrowings at a rate per annum equal to the Federal Funds rate plus 0.50%. In
addition, a commitment fee of 0.09% per annum, payable at the end of each
calendar quarter, based on the average daily unused portion of the line of
credit is charged to each participating portfolio on a prorata basis based on
average net assets. For the six months ended June 30, 2000, interest charged
under the agreement was $40,869 and $13,519 in International Small Cap and
Diversified Bond, respectively.
262
<PAGE> 267
MANUFACTURERS INVESTMENT TRUST
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS
--------------------------------------------------------------------------------
On April 28, 2000, 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 Amendment to the Advisory Agreement between the
Trust and Manufacturers Securities Services LLC, providing for
an advisory fee with respect to each Lifestyle Trust (Only
shareholders of each of the Lifestyle Trusts will vote on
Proposal 1);
Proposal 2 Approval of an Amendment to the Subadvisory Agreement between
Manufacturers Securities Services LLC and Manufacturers
Adviser Corporation providing for a subadvisory fee with
respect to each Lifestyle Trust (Only shareholders of each of
the Lifestyle Trusts will vote on Proposal 2);
Proposal 3 Approval of a Subadvisory Consulting Agreement between
Manufacturers Adviser Corporation and State Street Global
Advisors with respect to each Lifestyle Trust (Only
shareholders of each of the Lifestyle Trusts will vote on
Proposal 3).
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
Lifestyle Aggressive 1000 Trust 6,041,093 403,015 585,075
Lifestyle Growth 820 Trust 25,315,720 1,890,704 2,066,021
Lifestyle Balanced 640 Trust 26,583,946 1,609,218 2,854,909
Lifestyle Moderate 460 Trust 10,211,943 640,407 994,569
Lifestyle Conservative 280 Trust 6,346,696 364,378 789,637
PROPOSAL 2
Lifestyle Aggressive 1000 Trust 5,997,844 454,525 576,814
Lifestyle Growth 820 Trust 25,190,153 1,920,312 2,161,980
Lifestyle Balanced 640 Trust 26,495,066 1,674,381 2,878,627
Lifestyle Moderate 460 Trust 10,280,656 661,463 904,799
Lifestyle Conservative 280 Trust 6,353,519 387,721 759,470
PROPOSAL 3
Lifestyle Aggressive 1000 Trust 5,977,262 455,835 596,085
Lifestyle Growth 820 Trust 25,190,153 1,846,192 2,277,690
Lifestyle Balanced 640 Trust 26,434,469 1,638,485 2,975,120
Lifestyle Moderate 460 Trust 10,151,021 665,468 1,030,429
Lifestyle Conservative 280 Trust 6,320,887 367,584 812,240
</TABLE>
263
<PAGE> 268
[MANULIFE NEW YORK LOGO] PRESORTED
100 Summit Lake Drive STANDARD
Second floor U.S. POSTAGE
Valhalla, NY 10595 PAID
PERMIT #1176
CONCORD, NH
Management of the Trust
Trustees
John D. Richardson, Chairman of the Board
Don B. Allen
Charles L. Bardelis
John D. DesPrez, III
Samuel Hoar
F. David Rolwing
Officers
Matthew R. Schiffman, President
John G. Vrysen, Treasurer
Gordon M. Shone, Assistant Treasurer
James D. Gallagher, Secretary
Investment Adviser
Manufacturers Securities Services, LLC
Boston, Massachusetts
Issuer of Venture Annuities, VUL, and
Survivorship VUL
The Manufacturers Life Insurance
Company of New York
100 Summit Lake Drive
Second floor
Valhalla, NY 10595
Principal Underwriter of
Venture Annuities, VUL, and
Survivorship VUL
Manufacturers Securities Services, LLC
Boston, Massachusetts
Promotional Agent of Venture Annuities
Manulife Wood Logan, Inc.
Stamford, Connecticut
The block design is a registered service mark of The Manufacturers Life
Insurance Company and is used by it and its affiliates including Manulife
Financial Corporation.
[Manulife New York LOGO]
0800.70376
