MANUFACTURERS INVESTMENT TRUST ANNUAL REPORT
PRESIDENT'S MESSAGE
January 31, 2004
Dear Fellow Investors:
I am pleased to present the 2003 annual financial statements of the
Manufacturers Investment Trust (the Trust), the mutual fund that is the
underlying investment vehicle for your variable annuity, variable insurance
product or retirement plan. The financial statements that follow reflect
operations for the 12 months ended December 31, 2003. During this period, total
net assets of the Trust increased by 40% from $18.8 billion to $26.2 billion.
This year was a turning point for the US and global economies. Business spending
strengthened significantly, the employment picture began looking positive, and
during the third quarter GDP grew at an annual rate of 8.2%, the strongest in
nearly 20 years. In addition, consumer spending remained strong, as did consumer
confidence and the housing market.
The S&P 500 Index marked its first positive calendar year since 1999, ending the
year up +28.7%. The Russell Midcap and small-cap Russell 2000 Indices gained
+40.1% and +47.3%, respectively, while the technology-heavy Nasdaq registered a
+50.0% gain in 2003. During the same period, the Wilshire Real Estate Securities
Index rose +37.1%. The overall US Bond Market posted a small gain; the first
time in four years that bonds underperformed the stock market.
Equity market gains in 2003 appear to bring to a close the current era of equity
market bubbles, starting with the steep climb in the late 1990s and concluding
with the recent collapse at the dawn of the new millennium. This volatility
strengthens the value of our commitment to time-tested disciplines of
diversification and buy-and-hold investing. The multi-manager platform that
Manulife Financial offers was designed in particular to help you achieve
diversification in your portfolio.
To make diversification easier, Manulife offers Lifestyle portfolios, which are
diversified, fund-of-fund portfolios that offer investment risk management
strategies ranging from conservative to aggressive. Increasingly, our clients
are turning to these portfolios to help them pursue an asset allocation mix
appropriate for their risk tolerance. Along with the platform changes
implemented in May, we rebalanced our five Lifestyle portfolios, further
diversifying them with broader asset allocation and new asset classes such as
TIPS (Treasury Inflation Protected Securities), Natural Resources and
International Small Cap. Collectively, these restructurings are a reflection of
our commitment to offer clients a "best in class" investment platform with the
tools needed to implement appropriate asset allocation strategies.
We urge you to review your financial program regularly with your financial
consultant 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 increase diversification among different asset classes.
Thank you for choosing Manulife Financial. We look forward to continuing to earn
your trust as we serve your retirement, insurance and investment needs.
Sincerely,
/s/ JAMES D. GALLAGHER
President
Manufacturers Investment Trust
MANUFACTURERS INVESTMENT TRUST
INDEX TO ANNUAL REPORT
Page
----
Portfolio Performance and Manager's Commentary.......................... iii
Report of Independent Auditors.......................................... 1
Statements of Assets and Liabilities.................................... 2
Statements of Operations................................................ 20
Statements of Changes in Net Assets..................................... 38
Financial Highlights.................................................... 62
Portfolio of Investments:
Science & Technology Trust.......................................... 97
Pacific Rim Emerging Markets Trust.................................. 98
Health Sciences Trust............................................... 100
Emerging Growth Trust .............................................. 102
Aggressive Growth Trust............................................. 103
Emerging Small Company Trust........................................ 107
Small Company Blend Trust........................................... 109
Dynamic Growth Trust................................................ 112
Mid Cap Stock Trust................................................. 113
Natural Resources Trust............................................. 115
All Cap Growth Trust................................................ 116
Strategic Opportunities Trust....................................... 118
Financial Services Trust............................................ 119
International Stock Trust........................................... 120
Overseas Trust...................................................... 121
International Small Cap Trust....................................... 123
International Value Trust........................................... 125
Quantitative Mid Cap Trust.......................................... 126
Mid Cap Core Trust.................................................. 127
Global Equity Trust................................................. 129
Strategic Growth Trust.............................................. 131
Capital Appreciation Trust.......................................... 132
Quantitative All Cap Trust.......................................... 133
All Cap Core Trust ................................................. 135
Large Cap Growth Trust.............................................. 137
Quantitative Equity Trust........................................... 140
Blue Chip Growth Trust.............................................. 141
U.S. Large Cap Trust (formerly, U.S. Large Cap Value Trust)......... 143
Strategic Value Trust (formerly, Capital Opportunities Trust)....... 146
Large Cap Value Trust............................................... 147
Utilities Trust..................................................... 148
Real Estate Securities Trust........................................ 150
Small Cap Opportunities Trust....................................... 151
Small Company Value Trust........................................... 153
Special Value Trust................................................. 155
Mid Cap Value Trust................................................. 157
Value Trust......................................................... 158
All Cap Value Trust................................................. 159
i
MANUFACTURERS INVESTMENT TRUST
INDEX TO ANNUAL REPORT, CONTINUED
Equity Index Trust.................................................. 161
Fundamental Value Trust............................................. 167
Growth & Income Trust............................................... 168
Great Companies-America Trust....................................... 170
Equity-Income Trust................................................. 170
Income & Value Trust................................................ 172
Balanced Trust...................................................... 180
Global Allocation Trust (formerly, Tactical Allocation Trust)....... 182
High Yield Trust.................................................... 187
Strategic Bond Trust................................................ 193
Global Bond Trust................................................... 200
Diversified Bond Trust.............................................. 205
Investment Quality Bond Trust....................................... 210
Total Return Trust.................................................. 221
Real Return Bond Trust.............................................. 224
U.S. Government Securities Trust.................................... 226
Money Market Trust.................................................. 227
Small Cap Index Trust............................................... 228
International Index Trust........................................... 243
Mid Cap Index Trust................................................. 253
Total Stock Market Index Trust...................................... 257
500 Index Trust..................................................... 283
Lifestyle Aggressive 1000 Trust..................................... 289
Lifestyle Growth 820 Trust.......................................... 289
Lifestyle Balanced 640 Trust........................................ 290
Lifestyle Moderate 460 Trust........................................ 290
Lifestyle Conservative 280 Trust.................................... 291
Small-Mid Cap Trust................................................. 291
International Equity Select Trust................................... 292
High Grade Bond Trust............................................... 293
American Growth Trust............................................... 294
American International Trust........................................ 294
American Growth-Income Trust........................................ 294
American Blue Chip Income and Growth Trust.......................... 294
Notes to Financial Statements........................................... 295
Trustees and Officers Information....................................... 320
ii
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO PERFORMANCE AND MANAGER'S COMMENTARY
TRUST PERFORMANCE
In the following pages we have set forth information regarding the performance
of each Portfolio of the Manufacturers Investment Trust (the "Trust"), excluding
the Money Market Trust. There are several ways to evaluate a Portfolio's
historical performance. One can look at the total percentage change in value,
the average annual percentage change or the growth of a hypothetical $10,000
investment. WITH RESPECT TO ALL PERFORMANCE INFORMATION PRESENTED, IT IS
IMPORTANT TO UNDERSTAND THAT PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
RETURN AND PRINCIPAL FLUCTUATE, AND SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST.
PERFORMANCE TABLES
The Performance Tables show two types of total return information: CUMULATIVE
AND AVERAGE ANNUAL TOTAL RETURNS. A CUMULATIVE TOTAL RETURN is an expression of
a Portfolio's total change in share value in percentage terms over a set period
of time -- one, five and ten years (or since the Portfolio's inception if less
than the applicable period). An AVERAGE ANNUAL TOTAL RETURN takes the
Portfolio's cumulative total return for a time period greater than one year and
shows what would have happened if the Portfolio had performed at a constant rate
each year. THE TABLES SHOW ALL CUMULATIVE AND AVERAGE ANNUAL TOTAL RETURNS, NET
OF FEES AND EXPENSES OF THE TRUST, BUT DO NOT REFLECT THE INSURANCE (SEPARATE
ACCOUNT) EXPENSES (INCLUDING A POSSIBLE CONTINGENT DEFERRED SALES CHARGE) OF THE
VARIABLE ANNUITY AND VARIABLE LIFE PRODUCTS THAT INVEST IN THE TRUST. IF THESE
WERE INCLUDED, PERFORMANCE WOULD BE LOWER.
GRAPH -- CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
The performance graph for each Portfolio shows the change in value of a $10,000
investment over the life or ten year period of each Portfolio, whichever is
shorter. Each Portfolio's performance is compared with the performance of one or
more broad-based securities indices as a "benchmark." All performance
information includes the reinvestment of dividends and capital gain
distributions, as well as the deduction of ongoing management fees and Portfolio
operating expenses. The benchmarks used for comparison are unmanaged and include
reinvestment of dividends and capital gains distributions, if any, but do not
reflect any fees or expenses. Portfolios that invest in multiple asset classes
are compared with a customized benchmark. This benchmark is comprised of a set
percentage allocation from each of the asset classes in which the Portfolio
invests.
PORTFOLIO MANAGER'S COMMENTARY
Finally, we have provided a commentary by each portfolio manager regarding each
Portfolio's performance during the period ended December 31, 2003. The views
expressed are those of the portfolio manager as of December 31, 2003, and are
subject to change based on market and other conditions. Information about a
Portfolio's holdings, asset allocation or country diversification is historical
and is no indication of future portfolio composition, which will vary.
Information provided in this report should not be considered a recommendation to
purchase or sell securities. The Portfolios are not insured by the FDIC, are not
a deposit or other obligation of, or guaranteed by banks and are not subject to
investment risks including loss of principal amount invested. For a more
detailed discussion of the risks associated with the Portfolios, see the Trust
prospectus.
"Standard & Poor's," "Standard & Poor's 500," "S&P 500," and "S&P MidCap 400
Index" are trademarks of The McGraw-Hill Companies, Inc. "Russell 1000,"
"Russell 2000," "Russell 3000," and "Russell Midcap" are trademarks of Frank
Russell Company. "Wilshire 5000" is a trademark of Wilshire Associates. "Morgan
Stanley European Australian Far East Free", "EAFE" and "MSCI" are trademarks of
Morgan Stanley & Co. Incorporated." "Lehman Brothers" is a registered trademark
of Lehman Brothers Inc. "Lipper" is a registered trademark of Reuters S.A. None
of the Index Trusts are sponsored, endorsed, managed, advised, sold or promoted
by any of these companies, and none of these companies make any representation
regarding the advisability of investing in the Trust.
iii
SCIENCE & TECHNOLOGY TRUST
INVESTMENT OBJECTIVE & To achieve long-term growth of capital by investing at least
POLICIES: 80% of the portfolio's net assets in the common stocks of
companies expected to benefit from the development,
advancement and use of science and technology.
SUBADVISER: T. Rowe Price Associates, Inc.
PORTFOLIO MANAGERS: Michael Sola
INCEPTION DATE: January 1, 1997
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[SCIENCE & TECHNOLOGY TRUST PERFORMANCE GRAPH]
SCIENCE & TECHNOLOGY TRUST SERIES LIPPER SCIENCE & TECHNOLOGY AVG.
I FUNDS CLASSIFICATION
--------------------------------- --------------------------------
Dec. 1996 10000 10000
10744 10620
9896 9719
9344 9013
9704 9270
10840 10537
Jun. 1997 11040 10688
12336 12052
12168 12055
12616 12672
11680 11607
11632 11500
Dec. 1997 11071 11229
11242 11500
12607 12819
12827 13219
13436 13728
12323 12752
Jun. 1998 12981 13720
12339 13481
9575 10762
10787 12199
12063 13073
13510 14815
Dec. 1998 15867 17240
17882 19948
16069 18215
17873 20302
18004 20935
18233 20661
Jun. 1999 20674 23124
20649 22881
21797 24080
22333 24896
23749 27660
26654 32459
Dec. 1999 31652 40723
29971 39933
35711 51022
35719 48685
31386 42658
27633 37475
Jun. 2000 30622 43853
29238 41718
34697 48205
30540 43351
28213 38391
20553 28341
Dec. 2000 20872 27748
23485 30470
15996 21987
13041 18282
16967 21897
15991 20990
Jun. 2001 15227 20697
14194 18768
11919 16283
9070 12718
10638 14748
12310 17065
Dec. 2001 12262 17236
11899 16927
10399 14566
11345 15934
9816 13993
9357 13159
Jun. 2002 8201 11417
7359 10154
7283 9854
6078 8406
7244 9801
8343 11439
Dec. 2002 7264 9876
7206 9834
7349 9876
7330 9839
8076 10814
8821 12146
Jun. 2003 8840 12224
9222 12935
9814 13900
9566 13518
10417 14921
10636 14985
Dec. 2003 10924 15009
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception
Lipper Science & Technology Avg. Funds Classification* 51.98% -2.73% 5.97% -12.94% 50.09%
Science & Technology Trust Series I 50.39% -7.19% 1.27% -31.15% 9.24%
Science & Technology Trust Series II+++ 50.46% -5.00% -9.44%
Science & Technology Trust Series III*** 7.73%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Science & Technology Trust Series I returned
+50.39%, underperforming the +51.98% return of the Lipper Science & Technology
Average Funds Classification.
ENVIRONMENT: Science and technology stocks rebounded from their lows and posted
powerful returns in 2003. Equity gains were strong, as all major market indexes
delivered returns of 25% or more -- the NASDAQ Composite Index's 50% gain led
the way. The year ended on an upbeat note compared with an atmosphere of
economic uncertainty, depressed business confidence, tight financial conditions
and weak economic growth that prevailed during the early months of 2003.
The fund benefited from strong stock selection among Software stocks. An
overweight of the sector, which lagged the Index, detracted slightly from
results. Solid stock selection among Hardware sector companies helped returns.
In the E-commerce sector, relative performance was hurt when the portfolio
eliminated one company in favor of another when the two companies announced they
would merge. The absence of a leading e-commerce firm from the portfolio also
hurt returns. Stock selection in the Components sector detracted.
OUTLOOK: The more speculative stocks in our sectors of the market have been
fully valued for some time, but we see opportunities among some of the more
established technology companies with leadership positions in their industries.
Corporate profits are strong, and we expect corporate spending on information
technology and other areas to pick up in the months ahead.
iv
PACIFIC RIM EMERGING MARKETS TRUST
INVESTMENT OBJECTIVE To achieve long-term growth of capital by investing, under
& POLICIES: normal conditions, at least 80% of the portfolio's net
assets in common stocks and equity-related securities of
established, larger capitalization, non-U.S. companies in
the Pacific Rim that have attractive long-term prospects for
capital growth.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Samantha Ho and Seton Lor
INCEPTION DATE: October 4, 1994
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[PACIFIC RIM EMERGING MARKETS TRUST PERFORMANCE GRAPH]
PACIFIC RIM EMERGING MSCI AC PACIFIC FREE
MARKETS TRUST SERIES I MSCI PACIFIC INDEX INDEX
---------------------- ------------------ --------------------
Sept. 1994 10000 10000 10000
10140 10254 10264
9466 9684 9674
Dec. 1994 9473 9750 9727
8774 9136 9087
9189 8912 8903
9302 9597 9537
9403 10007 9924
9904 9609 9622
Jun. 1995 9748 9203 9240
10239 9868 9868
10056 9498 9488
10097 9588 9579
9978 9123 9138
10122 9573 9536
Dec. 1995 10548 10042 10005
11015 10061 10086
11064 9949 9963
11184 10256 10241
11563 10779 10759
11392 10313 10315
Jun. 1996 11289 10317 10301
10821 9844 9792
11140 9587 9568
11422 9901 9859
11260 9443 9375
11747 9701 9653
Dec. 1996 11582 9198 9179
11539 8426 8521
11699 8603 8671
11284 8289 8352
11093 8463 8507
11869 9292 9258
Jun. 1997 11964 9869 9818
12007 9634 9617
10179 8680 8569
10328 8648 8493
8564 7599 7394
8033 7182 6960
Dec. 1997 7630 6868 6623
7353 7241 6976
8067 7502 7283
7971 7090 6894
7747 6951 6721
6948 6480 6224
Jun. 1998 6458 6468 6166
6330 6357 6080
5627 5606 5334
5850 5589 5346
6767 6558 6299
7193 6860 6651
Dec. 1998 7278 7053 6850
7257 7105 6887
7150 6967 6741
7822 7847 7576
8783 8372 8185
8310 7875 7719
Jun. 1999 9128 8601 8543
9365 9257 9063
9462 9164 9007
9623 9588 9271
10140 9960 9635
11065 10456 10150
Dec. 1999 11854 11140 10797
11244 10604 10376
11113 10373 10057
11647 11094 10760
11010 10324 9974
10518 9725 9422
Jun. 2000 11163 10477 10074
10168 9481 9137
10628 9999 9520
9961 9473 8910
9348 8931 8352
9108 8622 8033
Dec. 2000 8966 8284 7707
9119 8259 7903
8747 7908 7540
8025 7536 7133
8618 8032 7540
8519 8003 7520
Jun. 2001 8124 7621 7197
7542 7126 6737
7377 6959 6603
6444 6233 5868
6686 6299 5975
7169 6481 6253
Dec. 2001 7301 6194 6109
7191 5850 5874
7377 6008 6030
7904 6338 6389
8056 6622 6632
8177 6970 6905
Jun. 2002 7748 6608 6548
7309 6163 6135
7155 6120 6083
6462 5820 5715
6429 5589 5560
6858 5793 5787
Dec. 2002 6385 5637 5589
6309 5480 5476
6166 5486 5431
5792 5324 5255
6001 5373 5333
6398 5638 5628
Jun. 2003 6827 5997 5998
7279 6202 6260
7928 6758 6786
8116 7133 7061
8710 7505 7480
8413 7331 7301
Dec. 2003 8986 7834 7629
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception
MSCI Pacific Index* 38.98% 2.12% -2.60% 11.08% -21.66%
MSCI AC Pacific Free Index+* 36.51% 2.18% -2.88% 11.38% -23.71%
Pacific Rim Emerging Markets Trust Series I 40.37% 4.30% -1.15% 23.45% -10.14%
Pacific Rim Emerging Markets Trust Series II+++ 40.17% 11.44% 23.28%
Pacific Rim Emerging Markets Trust Series III*** 10.75%
+ The MSCI AC Pacific Free Index was added in 2003 to more accurately reflect
the investment objective of the Pacific Rim Emerging Markets Trust.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Pacific Rim Emerging Markets Trust Series I
returned +40.37%, outperforming the +36.51% return of the MSCI AC Pacific Free
Index.
ENVIRONMENT: Pacific Asian markets posted strong returns in 2003, reversing
earlier losses undermined by the Iraqi war and the SARS outbreak. The regional
index hit its low in April and subsequently rallied, supported by faster global
economic growth and attractive valuations. Over the period, Japanese equities
underperformed the region. Consumer Durable stocks underperformed the market
following disappointing results from a Japanese consumer electronics firm. In
Korea, the market underperformed the region as rising tension on the Korean
peninsula weighed on sentiment during the first few months of the year.
Technology stocks were also strong following better than expected third quarter
results from a Japanese electronics company. In China, materials stocks rallied
strongly after positive earnings from a couple of chemical companies. Auto
stocks remained strong on the back of robust domestic sales.
The overweight positions in China, Taiwan and Thailand versus the underweight
exposure in Japan, added value against benchmark. The underweight exposure in
Australia and the overweight position in Korea and Singapore subtracted value.
OUTLOOK: We believe the macro economic environment remains positive for Asian
equity markets. With an improving global economic outlook, there is room for
further acceleration in growth in much of the region in 2004 supported by
renewed domestic consumption and business investment. Although non-Japan Asia
markets have performed strongly since the SARS outbreak, valuations are still
moderate in absolute terms and inexpensive against its own history or relative
to developed markets.
v
HEALTH SCIENCES TRUST
INVESTMENT OBJECTIVE & To achieve long-term capital appreciation by investing at
POLICIES: least 80% of the portfolio's net assets in common stocks of
companies engaged in the research, development, production
or distribution of products or services related to
healthcare, medicine or the life sciences (collectively, the
"health sciences").
SUBADVISER: T. Rowe Price Associates, Inc.
PORTFOLIO MANAGERS: Kris H. Jenner
INCEPTION DATE: April 30, 2001
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[HEALTH SCIENCES TRUST PERFORMANCE GRAPH]
LIPPER HEALTH/BIOTECHNOLOGY AVG.
HEALTH SCIENCES TRUST SERIES I FUNDS CLASSIFICATION
------------------------------ --------------------------------
Apr. 2001 10000 10000
10472 10432
Jun. 2001 10808 10527
10272 10157
10224 10000
Sep. 2001 9607 9394
10160 9879
10784 10462
Dec. 2001 10832 10397
10176 9676
9800 9363
Mar. 2002 10121 9587
9534 8887
9197 8505
Jun. 2002 8524 7736
8203 7488
8051 7372
Sep. 2002 7762 7045
8091 7305
8219 7518
Dec. 2002 7882 7189
7890 7173
7826 6991
Mar. 2003 8227 7272
8612 7695
9446 8387
Jun. 2003 9719 8620
10160 8883
9991 8744
Sep. 2003 9856 8782
9984 8884
10312 8902
Dec. 2003 10736 9274
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Lipper Health/Biotechnology Avg. Funds Classification* 28.99% -2.79% -7.26%
Health Sciences Trust Series I 36.22% 2.69% 7.36%
Health Sciences Trust Series II+++ 35.91% 1.95% 3.80%
Health Sciences Trust Series III*** 5.93%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Health Sciences Trust Series I returned
+36.22%, outperforming the +28.99% return of the Lipper Health/Biotechnology
Average Funds Classification.
ENVIRONMENT: Despite strong returns by health maintenance organizations and
biotechnology and medical device companies, health care equities as a group
underperformed the S&P 500 Index last year. The performance of many big
pharmaceutical companies, which were hurt by disappointing current and
forecasted earnings, was the primary reason for this shortfall.
A three-year slide in U.S. stocks ended in mid-March. Stocks have rallied
strongly since that time, and all major indices finished the year solidly in
positive territory. The NASDAQ Composite Index's 50.0% return led the way. The
S&P 500 Index and the Dow Jones Industrial Average delivered more moderate, but
still impressive, gains of 28.7% and 28.2%, respectively. Small-cap stocks
strongly outpaced large-caps.
Stock selection among Pharmaceutical stocks, an underweight position relative to
the benchmark at approximately 22% of portfolio assets, contributed strongly to
relative returns. An overweight of a particular pharmaceutical firm aided
performance. We also benefited by underweighting or avoiding several other major
pharmaceutical companies.
Biotechnology represents nearly 39% of portfolio assets -- well above the
benchmark holding. Stock selection in this area yielded mixed results. Strong
stock selection in the services sector, which represents about 23% of portfolio
assets, helped returns. Among products and devices stocks, individual selection
was positive but the portfolio's underweight of this strong sector detracted.
OUTLOOK: We remain biased towards companies producing important drugs for unmet
medical needs with strong management and solid balance sheets. Over the long
term, we believe that health care remains an area of tremendous growth.
vi
EMERGING GROWTH TRUST
INVESTMENT OBJECTIVE & To achieve superior long-term rates of return through
POLICIES: capital appreciation. The portfolio seeks to achieve its
objective by investing, under normal circumstances,
primarily in equity securities of small-cap U.S. companies.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Niall Brown, Robert Lutzko & Luciano Orengo
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[EMERGING GROWTH TRUST PERFORMANCE GRAPH]
EMERGING GROWTH TRUST RUSSELL 2000 GROWTH INDEX
--------------------- -------------------------
Apr. 2003 10000 10000
May 2003 10640 11127
Jun. 2003 10776 11342
Jul. 2003 11505 12199
Aug. 2003 12120 12854
Sep. 2003 11784 12529
Oct. 2003 12640 13612
Nov. 2003 13111 14055
Dec. 2003 13084 14117
PERFORMANCE TABLE**
Cumulative Total Return
Since
Periods Ended December 31, 2003 Inception
Russell 2000 Growth Index* 41.17%
Emerging Growth Trust Series I 30.84%
Emerging Growth Trust Series II 30.68%
Emerging Growth Trust Series III*** 4.77%
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the period since its inception on May 5, 2003, the Emerging
Growth Trust Series I returned +30.84%, underperforming the +41.17% return of
the Russell 2000 Growth Index and the 39.12% return of the Morningstar Small
Growth Peer Group.
ENVIRONMENT: This proved to be an excellent year for the small cap space, and in
particular for the small cap growth space, which led all style boxes in 2003. On
the heels of losses in the prior three years, a deeply oversold market with a
reasonable valuation, diminishing geopolitical risks, and an improving economy
combined to produce one of the best years ever for small cap investors, and the
best year since 1991.
In this year of recovery, the more cyclical sectors outperformed the less
cyclical sectors in general. The top three performing sectors in 2003 were
Telecommunication Services +90.8%, Information Technology +68%, and Health Care
+44.5%. While the three worst performing sectors were Energy +30.6%, Consumer
Staples +31.2% and Utilities +32.8%.
This year was a difficult period for small cap portfolio managers to outperform.
With the benchmark Russell 2000 Growth Index up 48.54% any cash holdings
severely penalized managers. A 5% cash weight held throughout the year would
have hurt performance by a full 2.42%. An allocation to cash detracted from the
Trust's performance. Stock selection also carried an impact. In 2003 the best
performing stocks were ones that were: losing money, were most over valued, had
a stock price under $5, and a market cap under $250M at the years start. In
general these are companies, which we best describe as low quality. The Trust
was penalized by not owning enough of these low quality companies.
OUTLOOK: The environment for the small cap growth space remains strong as the US
economy continues to lead the developed world in growth. Growth stocks tend to
beat value stocks early in the recovery and in periods of US dollar weakness; we
expect the group to continue to perform well. We remain focused on profitable
small companies with reasonable valuations, a strategy that has worked over the
longer term and one that we expect to work in this period of earnings recovery.
The risk of profit taking, especially in the "high-flying" names continues to be
present but we feel that our portfolio positioning in better quality names
offers the fund a degree of protection. We continue to believe that the group as
a whole will end 2004 at a higher level.
vii
AGGRESSIVE GROWTH TRUST
INVESTMENT OBJECTIVE To achieve long-term capital appreciation by investing
& POLICIES: primarily in common stocks, convertible bonds, convertible
preferred stocks and warrants of companies that the
subadviser expects to achieve earnings growth over time at a
rate in excess of 15% per year. Many of these companies are
small and medium sized.
SUBADVISER: A I M Capital Management, Inc.
PORTFOLIO MANAGERS: Karl Farmer, Robert M. Kippes & Jay K. Rushkin
INCEPTION DATE: January 1, 1997++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[AGGRESSIVE GROWTH TRUST PERFORMANCE GRAPH]
AGGRESSIVE GROWTH TRUST SERIES I RUSSELL 2000 GROWTH INDEX
-------------------------------- -------------------------
Dec.1996 10000 10000
10128 10250
9296 9631
8488 8951
8504 8848
9384 10177
Jun.1997 9792 10523
10584 11062
10256 11394
10704 12303
10088 11564
9872 11288
Dec.1997 10000 11295
9600 11144
10432 12128
10920 12637
10976 12714
9944 11790
Jun.1998 10480 11911
9544 10916
7384 8396
7888 9248
8328 9730
9120 10485
Dec.1998 10432 11434
10640 11949
9584 10855
10008 11242
9559 12234
9640 12254
Jun.1999 10384 12900
10440 12501
10336 12034
10648 12266
11112 12580
12056 13909
Dec.1999 13872 16361
13608 16209
17960 19981
17465 17881
16336 16075
14873 14667
Jun.2000 16705 16562
15856 15142
18121 16735
17057 15903
16233 14612
13209 11958
Dec.2000 14288 12691
14368 13718
12169 11837
10864 10761
11984 12078
12056 12358
Jun.2001 12256 12696
11721 11613
10809 10887
9273 9131
9729 10009
10281 10845
Dec.2001 10576 11520
10344 11110
9984 10391
10624 11294
10441 11050
10049 10404
Jun.2002 9257 9521
8041 8058
7993 8054
7520 7472
7880 7851
8360 8629
Dec.2002 7936 8034
7721 7815
7528 7606
7641 7721
8113 8451
8697 9404
Jun.2003 8929 9585
9249 10310
9809 10863
9497 10589
10273 11504
10545 11879
Dec.2003 10624 11933
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since++ Since
Periods Ended December 31, 2003 1 Year 5 Year Inception May 1, 1999 5 Year Inception
Russell 2000 Growth Index* 48.54% 0.86% 2.56% -0.53% 4.37% 19.33%
Aggressive Growth Trust Series I 33.87% 0.37% 0.87% 2.29% 1.84% 6.24%
Aggressive Growth Trust Series II+++ 33.57% 1.40% 2.71%
Aggressive Growth Trust Series III*** 6.58%
++ Current subadviser assignment became effective May 1, 1999.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Aggressive Growth Trust Series I returned
+33.87%, underperforming the +48.54% return of the Russell 2000 Growth Index.
ENVIRONMENT: In the first half of 2003, as the country focused on conflict in
Iraq, the domestic equity markets managed slight gains, and the U.S. economy
grew at a sluggish pace. By the second half of the year, however, economic
growth gathered momentum and the equity markets experienced a broad-based rally.
Economic growth accelerated from 1.4% in the first quarter to 8.2% by the third
quarter. Economic growth is estimated at 4 to 5% for the fourth quarter and
projected to be near 4.5% for 2004.
For the first time in three years, the major equity indices posted gains: the
Dow Jones Industrial Average was up 28.27%, the NASDAQ Composite Index rose
50.01%, and the S&P 500 Index gained 28.70%. Small-cap stocks outperformed large
caps, and small-cap growth outperformed small-cap value.
The primary detractors during the year were the Information Technology and
Health Care sectors, largely due to stock selection. Within these sectors,
portfolio holdings in semiconductor and semiconductor equipment stocks and
health care providers and services detracted the most from performance versus
the Russell 2000 Growth Index. The underweight position to biotechnology stocks
within the Health Care sector detracted from relative performance. In general,
while overall performance was positive, a lack of exposure to more volatile,
lower quality stocks detracted from performance when compared to the benchmark.
Although Information Technology detracted from performance on a relative basis,
this sector had a positive impact on the portfolio's overall return. The
Consumer Discretionary sector also helped performance due to an overweight
position and stock selection.
OUTLOOK: By the end of 2003, the economy had improved markedly, and as we look
to 2004, it remains to be seen whether headlines of new corporate scandals,
heightened terror alerts, and renewed fears of SARS and Mad Cow disease will
erode last year's gains. Both the equity markets and the economy, however, are
in a better position now compared to a year ago, which should bode well for
growth in 2004.
viii
EMERGING SMALL COMPANY TRUST
INVESTMENT OBJECTIVE & To achieve long-term growth of capital by investing at least
POLICIES: 80% of the portfolio's net assets in common stocks of
companies that have market capitalizations which match the
approximate range of capitalization of the Russell 2000
Growth Index at the time of purchase.
SUBADVISER: Franklin(R) Templeton(R)
PORTFOLIO MANAGERS: Edward B. Jamieson, Michael McCarthy and Aidan O'Connell
INCEPTION DATE: January 1, 1997++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[EMERGING SMALL COMPANY TRUST PERFORMANCE GRAPH]
EMERGING SMALL COMPANY TRUST
SERIES I RUSSELL 2000 GROWTH INDEX
---------------------------- -------------------------
Dec.1996 10000 10000
10186 10250
9731 9631
9133 8951
9079 8848
10127 10177
Jun.1997 10578 10523
11191 11062
11298 11394
12293 12303
11651 11564
11514 11288
Dec.1997 11823 11295
11303 11144
12386 12128
13077 12637
13103 12714
12223 11790
Jun.1998 12551 11911
11210 10916
9189 8396
9904 9248
10435 9730
10982 10485
Dec.1998 11722 11434
12081 11949
10910 10855
11732 11242
11434 12234
11334 12254
Jun.1999 12443 12900
12138 12501
12357 12034
12786 12266
14349 12580
16401 13909
Dec.1999 20341 16361
20176 16209
25594 19981
23846 17881
21490 16075
20138 14667
Jun.2000 23024 16562
22096 15142
25114 16735
24619 15903
22891 14612
17866 11958
Dec.2000 19467 12691
20273 13718
16365 11837
14370 10761
16555 12078
16428 12358
Jun.2001 16213 12696
15313 11613
14285 10887
12101 9131
13112 10009
14412 10845
Dec.2001 15138 11520
14534 11110
13877 10391
14882 11294
14051 11050
13575 10404
Jun.2002 12500 9521
10792 8058
10600 8054
9537 7472
10437 7851
11680 8629
Dec.2002 10717 8034
10438 7815
10282 7606
10183 7721
11124 8451
12169 9404
Jun.2003 12234 9585
12728 10310
13669 10863
13077 10589
14355 11504
14778 11879
Dec.2003 14975 11933
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since++ Since
Periods Ended December 31, 2003 1 Year 5 Year Inception May 1, 1999 5 Year Inception
Russell 2000 Growth Index* 48.54% 0.86% 2.56% -0.53% 4.37% 19.33%
Emerging Small Company Trust Series I 39.73% 5.02% 5.94% 5.95% 27.75% 49.75%
Emerging Small Company Trust Series II+++ 39.48% 1.21% 2.35%
Emerging Small Company Trust Series III*** 7.60%
++ Current subadviser assignment became effective May 1, 1999.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Emerging Small Company Trust Series I
returned +39.73%, underperforming the +48.54% return of the Russell 2000 Growth
Index.
ENVIRONMENT: The final quarter of 2003 capped a year of strong stock market
performance. The widely followed Dow Jones Industrial Average, NASDAQ Composite
Index and S&P 500 Index performed well above long-term averages. In the last
three quarters of the year, small-cap stocks outperformed their larger-cap
counterparts. In general, the markets reflected confidence that the economic
recovery may be at hand.
On an absolute basis, electronic technology stocks provided the greatest
contribution to the portfolio's return during the year as its semiconductor and
electronic production equipment holdings appreciated. Retail trade, technology
services and health technology companies were also significant contributors to
positive returns. Relative to the benchmark, the portfolio's overweight position
in electronic technology, particularly in semiconductors and electronic
production equipment, helped performance, as did stock selection within the
Retail sector.
Although the portfolio performed well on an absolute basis during the period, it
underperformed the Index. This was primarily due to overweight positions in
Industrial Services and Process Industries. An overweight position and stock
selection in Producer Manufacturing also hurt relative performance, as did our
stock selection within Health Services.
OUTLOOK: We seek to invest in stocks that present the best trade-off among
growth opportunity, business and financial risk, and valuation. We continue to
search across all sectors for opportunities to invest in rapidly growing small
cap companies, which tend to show higher growth momentum as the economy picks
up.
ix
SMALL COMPANY BLEND TRUST
INVESTMENT OBJECTIVE To achieve long-term growth of capital by investing at least
& POLICIES: 80% of its net assets in equity and equity-related
securities of companies with market capitalizations that
approximately match the range of capitalization of the
Russell 2000 Index ("small cap stocks") at the time of
purchase.
SUBADVISER: Capital Guardian Trust Company
PORTFOLIO MANAGERS: Michael R. Ericksen, James S. Kang, Robert G. Kirby, Karen
A. Miller, Kathryn M. Peters and Lawrence R. Solomon
INCEPTION DATE: May 1, 1999
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[SMALL COMPANY BLEND TRUST PERFORMANCE GRAPH]
SMALL COMPANY BLEND TRUST SERIES
I RUSSELL 2000 INDEX
-------------------------------- ------------------
May1999 10024 10146
Jun.1999 10904 10605
10688 10314
10432 9932
Sep.1999 10456 9934
10696 9974
11536 10570
Dec.1999 12856 11767
12978 11578
15099 13489
Mar.2000 14437 12600
12966 11842
11981 11151
Jun.2000 13977 12124
13295 11733
14362 12628
Sep.2000 12909 12257
11825 11710
9583 10508
Dec.2000 10319 11411
11733 12006
9807 11218
Mar.2001 8986 10669
10145 11504
10476 11787
Jun.2001 10714 12193
10145 11534
9540 11161
Sep.2001 7942 9659
8640 10224
9412 11015
Dec.2001 10081 11695
9768 11573
9566 11256
Mar.2002 10576 12161
10374 12272
9887 11727
Jun.2002 9216 11145
7873 9462
7726 9438
Sep.2002 7054 8760
7257 9041
7983 9848
Dec.2002 7505 9299
7202 9041
6953 8768
Mar.2003 7018 8881
7753 9723
8554 10767
Jun.2003 8691 10962
9022 11648
9648 12181
Sep.2003 9252 11956
9942 12960
10209 13420
Dec.2003 10484 13694
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Russell 2000 Index* 47.25% 6.97% 36.94%
Small Company Blend Trust Series I 39.71% 1.02% 4.84%
Small Company Blend Trust Series II+++ 39.63% 3.38% 6.64%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Small Company Blend Trust Series I returned
+39.71%, underperforming the +47.25% return of the Russell 2000 Index.
ENVIRONMENT: The year was a tough one for active small-cap managers as highly
volatile stocks with no earnings, very small market capitalizations and low
returns on equity drove the performance of the Russell 2000 Index.
Throughout the year, the portfolio was positioned for an economic recovery. Our
overweight position in and stock selection within the Consumer Discretionary
area -- industries such as retail, media, hotels, and restaurants -- generally
detracted from results, although some Consumer Discretionary holdings had strong
relative returns. Holdings in Other Cyclicals and Materials were also
detractors. The portfolio's underweight position and stock selection in Health
Care also hurt returns.
On the positive side, our overweight position in semiconductor production
equipment companies was helpful and we were able to take profits in several of
these holdings. Despite being underweight Technology, stock selection proved
fruitful as our technology holdings outperformed the broad sector.
OUTLOOK: As of the end of 2003, small-caps have now outperformed large caps for
five consecutive years. The duration of the cycle, the magnitude of small-cap
outperformance, current valuations relative to large-caps and historical
precedent argues against this type of small-cap outperformance relative to
large-caps continuing for much longer.
x
DYNAMIC GROWTH TRUST
INVESTMENT OBJECTIVE To achieve long-term growth of capital by investing
& POLICIES: primarily in equity securities of companies with significant
capital appreciation potential, with an emphasis on medium
size companies.
SUBADVISER: Deutsche Asset Management
PORTFOLIO MANAGERS: Bob Grandhi, Audrey M.T. Jones and Dorris R. Klug
INCEPTION DATE: May 1, 2000+
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[DYNAMIC GROWTH TRUST PERFORMANCE GRAPH]
DYNAMIC GROWTH TRUST SERIES I RUSSELL MIDCAP GROWTH INDEX
----------------------------- ---------------------------
Apr. 2000 10000 10000
8960 9271
Jun. 2000 9616 10255
9032 9606
10009 11054
9416 10514
8816 9794
6081 7666
Dec. 2000 6384 8069
7416 8530
5680 7054
4984 6045
5346 7052
4969 7019
Jun. 2001 4616 7023
4352 6549
3975 6075
3342 5070
3558 5603
3783 6207
Dec. 2001 3815 6443
3494 6234
3310 5881
3478 6329
3398 5994
3294 5816
Jun. 2002 3085 5174
2813 4671
2813 4655
2700 4284
2773 4617
2861 4978
Dec. 2002 2733 4678
2628 4632
2605 4592
2596 4677
2757 4996
2965 5476
Jun. 2003 3013 5555
3149 5753
3301 6070
3221 5952
3446 6432
3494 6604
Dec. 2003 3526 6675
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since+ Since+
Since Nov 25, Since Nov 25,
Periods Ended December 31, 2003 1 Year Inception 2002 Inception 2002
Russell Midcap Growth Index* 42.71% -10.44% 31.10% -33.25% 34.09%
Dynamic Growth Trust Series I 29.03% -24.73% 20.04% -64.74% 22.22%
Dynamic Growth Trust Series II+++ 29.12% -0.12% 20.10% -0.23% 22.28%
+ Current subadviser assignment became effective November 25, 2002.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Dynamic Growth Trust Series I returned
+29.03%, underperforming the +42.71% return of the Russell Midcap Growth Index.
ENVIRONMENT: With recent economic data indicating a six month expansion in the
manufacturing sector, the U.S. economy continuing to add jobs, and the fastest
increase in the pace of consumer spending seen in the last 17 years, it would
appear that the U.S. economy is on the path of recovery. However, factors such
as OPEC's decision to reduce production in order to boost oil prices could have
a moderating effect on future growth.
The underweight to both the Technology and Health Care sector was a positive
contributor to relative performance, while the overweight to Other Energy and
Consumer Staples was a detracting factor. Stock selection was the primary driver
of underperformance. The fund was hurt by picks in Consumer Discretionary and
Technology, while selections in Health Care and Consumer Staples helped
performance.
OUTLOOK: With underlying economic and market factors supportive of the equity
markets, investor focus should shift towards the more profitable, institutional
quality mid cap companies (instead of the low quality, non-earner companies
which were the primary drivers of Index performance) as they report superior
earnings with attractive valuations. Mid-cap earnings growth is expected to come
in ahead of large caps, making this the twelfth out of the last 13 reporting
seasons in which mid-cap earnings have exceeded that of large caps and this
should drive relative performance.
xi
MID CAP STOCK TRUST
INVESTMENT OBJECTIVE & To achieve growth of capital by investing at least 80% of
POLICIES: the portfolio's net assets in equity securities of mid-sized
companies with significant capital appreciation potential.
SUBADVISER: Wellington Management Company, LLP
PORTFOLIO MANAGER: Michael Carmen
INCEPTION DATE: May 1, 1999
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[MID CAP STOCK TRUST PERFORMANCE GRAPH]
MID CAP STOCK TRUST SERIES I RUSSELL MIDCAP GROWTH INDEX
---------------------------- ---------------------------
May1999 10104 9871
Jun.1999 10544 10560
10320 10224
9536 10118
Sep.1999 9312 10032
9327 10807
9415 11927
Dec.1999 10080 13992
9680 13989
9880 16930
Mar.2000 10536 16947
9544 15301
8816 14186
Jun.2000 9719 15691
9839 14698
11206 16914
Sep.2000 11135 16087
10454 14987
8702 11730
Dec.2000 9680 12348
9928 13053
8648 10795
Mar.2001 7392 9250
8433 10792
8472 10742
Jun.2001 8688 10747
8488 10023
8152 9296
Sep.2001 7136 7759
7513 8575
8321 9498
Dec.2001 8616 9860
8560 9540
8120 8999
Mar.2002 8664 9686
8352 9173
8200 8899
Jun.2002 7456 7917
6817 7148
6656 7123
Sep.2002 6200 6557
6553 7065
7201 7618
Dec.2002 6672 7158
6680 7088
6592 7026
Mar.2003 6752 7157
7352 7644
7913 8379
Jun.2003 8113 8499
8161 8803
8505 9288
Sep.2003 8281 9107
9057 9841
9370 10105
Dec.2003 9496 10215
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Russell Midcap Growth Index* 42.71% 0.46% 2.15%
Mid Cap Stock Trust Series I 42.33% -1.10% -5.04%
Mid Cap Stock Trust Series II+++ 41.97% 5.69% 11.28%
Mid Cap Stock Trust Series III*** 10.42%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Mid Cap Stock Trust Series I returned
+42.33%, underperforming the +42.71% return of the Russell Midcap Growth Index.
ENVIRONMENT: Equity markets capped off a strong 2003 with another quarter of
double-digit gains. Economic data continued to improve as third quarter real
gross domestic product (GDP) growth reached 8.2%, corporate earnings surged and
the labor market stabilized. Small-and mid-cap stocks outperformed large-cap
stocks, and value and growth stocks posted similar gains. All sectors within the
Russell MidCap Growth Index ended the year with more than a 15% return. The
best-performing sectors were Technology, Telecommunication and Materials, while
the Energy, Consumer Staples and Industrials lagged. Stock selection in Health
Care, Industrials and Consumer Discretionary sectors made the greatest
contributions to performance. Conversely, our underweight exposure to Technology
offset gains for the year.
OUTLOOK: As we enter 2004, corporate profits are robust, borrowing costs remain
attractive, and consumer spending is stable. The building blocks for
reinvigorated corporate spending, rising employment and an expanding economy
appear to be in place. While the strongest move in the equity markets is likely
behind us, we are still early in the economic recovery. Inventories remain quite
low so any acceleration in orders could set off an inventory cycle that would
result in healthy economic growth for an extended period. Rising profit
expectations should continue to support moderate returns in the equity markets.
The biggest risk is if interest rates move dramatically higher and earnings
growth fails to materialize. Relative to the benchmark, the portfolio is
overweight in the Industrials and Telecommunication sectors and underweight in
the Technology sector.
xii
NATURAL RESOURCES TRUST
INVESTMENT OBJECTIVE & To achieve long-term total return. Under normal market
POLICIES: conditions, the portfolio will invest at least 80% of its
net assets in equity and equity-related securities of
natural resource-related companies worldwide. Natural
resource-related companies include companies that own or
develop energy, metals, forest products and other natural
resources, or supply goods and services to such companies.
The portfolio seeks to invest in companies that are expected
to benefit from rising demand for natural resources and
natural resource-based products and services.
SUBADVISER: Wellington Management Company, LLP
PORTFOLIO MANAGERS: Karl E. Bandtel and James A. Bevilacqua
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[NATURAL RESOURCES TRUST PERFORMANCE GRAPH]
LIPPER NATURAL RESOURCES NATURAL RESOURCES TRUST
AVG. FUNDS CLASSIFICATION COMBINED INDEX SERIES I
------------------------- -------------- -----------------------
Apr-03 10000 10000 10000
May-03 11121 10767 10688
Jun-03 11018 10983 10880
Jul-03 10740 11168 10880
Aug-03 11514 11819 11689
Sep-03 11298 11715 11649
Oct-03 11755 12388 12417
Nov-03 11972 12597 12921
Dec-03 13213 14207 14400
PERFORMANCE TABLE**
Periods Ended December 31, 2003 Cumulative Total Return
Lipper Natural Resources Avg. Funds Classification* 32.13%
Combined Index*+ 42.07%
Natural Resources Trust Series I 44.00%
Natural Resources Trust Series II 43.84%
Natural Resources Trust Series III*** 22.28%
+ The Combined Index is comprised of 60% MSCI World Energy Index, 30% MSCI
World Metals & Mining Index, and 10% MSCI World Paper & Forest Products
Index.
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the period since its inception on May 5 through year-end 2003,
the Natural Resources Trust Series I returned +44.00%, outperforming the +42.07%
return of its Combined Index.
ENVIRONMENT: In 2003, oil and gas prices combined (50/50) averaged just under
$31 per barrel-of-oil-equivalent. This is the highest level ever, and roughly
twice the average throughout the 1990s. Energy stocks responded positively to
the bullish commodity prices, particularly in December. Base and precious metals
commodity prices had a strong year, as well. Gold ended the year at $420 an
ounce, up from less than $350 in early May. Metals equities followed suit with
substantial rises. The paper industry continued to show comparative weakness
until late in the year when signs of life emerged. The Portfolio's relative
outperformance was due to stock selection among Oil & Gas and Metals & Mining
securities. Stock selection in Paper and Forest Products detracted somewhat.
OUTLOOK: We are always uncomfortable during periods when optimism is the
prevailing mood toward the sectors in which we invest. Potential future returns
generally become compressed during those rare periods. However, the current
bullish outlook seems plausible. There is little excess capacity in most
commodity sectors, inventories are not excessive, and additional supply is
constrained either by geologic, political, or timeframe limitations. This is an
environment conducive to robust commodity prices. The question is how long does
it take for the powerful self- correcting forces to assert themselves? As yet,
we are generally sticking with the investments that have served us well
although, as always, we remain vigilant for opportunities to improve the
portfolio's risk/reward potential.
xiii
ALL CAP GROWTH TRUST
INVESTMENT OBJECTIVE & To achieve long-term capital appreciation by investing the
POLICIES: portfolio's assets, under normal market conditions,
principally in common stocks of companies that are likely to
benefit from new or innovative products, services or
processes, as well as those that have experienced
above-average, long-term growth in earnings and have
excellent prospects for future growth.
SUBADVISER: A I M Capital Management, Inc.
PORTFOLIO MANAGERS: Christian A. Costanzo, Robert Lloyd, Bryan A. Unterhalter &
Kenneth A. Zschappel
INCEPTION DATE: March 4, 1996++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[ALL CAP GROWTH TRUST PERFORMANCE GRAPH]
ALL CAP GROWTH TRUST
SERIES I RUSSELL 3000 GROWTH INDEX COMBINED INDEX
-------------------- ------------------------- --------------
Feb. 1996 10000.00 10000.00 10000.00
10312.00 10031.00 10079.00
10824.00 10346.00 10566.00
10976.00 10726.00 10781.00
Jun. 1996 10504.00 10663.00 10456.00
9368.00 9968.00 9644.00
9904.00 10272.00 10166.00
10456.00 10997.00 10812.00
10248.00 11010.00 10685.00
10864.00 11786.00 11315.00
Dec. 1996 10696.00 11598.00 11124.00
11232.00 12360.00 11616.00
10584.00 12214.00 11361.00
9984.00 11535.00 10719.00
10064.00 12223.00 10981.00
10848.00 13182.00 11965.00
Jun. 1997 11448.00 13703.00 12297.00
12520.00 14866.00 13474.00
12384.00 14119.00 13341.00
13264.00 14858.00 14017.00
12544.00 14273.00 13314.00
12576.00 14781.00 13454.00
Dec. 1997 12328.00 14932.00 13630.00
12320.00 15316.00 13385.00
13408.00 16486.00 14643.00
14288.00 17147.00 15257.00
14176.00 17372.00 15464.00
13720.00 16807.00 14829.00
Jun. 1998 14792.00 17760.00 15248.00
14536.00 17522.00 14596.00
11592.00 14776.00 11809.00
12408.00 15939.00 12702.00
13128.00 17186.00 13637.00
14080.00 18495.00 14556.00
Dec. 1998 15816.00 20163.00 16064.00
15672.00 21327.00 16546.00
14912.00 20280.00 15737.00
16224.00 21324.00 16614.00
16237.00 21480.00 17371.00
16192.00 20872.00 17147.00
Jun. 1999 17304.00 22306.00 18344.00
16771.00 21599.00 17761.00
16697.00 21866.00 17576.00
16818.00 21466.00 17427.00
18050.00 23012.00 18774.00
19622.00 24333.00 20719.00
Dec. 1999 22884.00 26983.00 22975.00
22488.00 25790.00 21959.00
25403.00 27402.00 23332.00
26066.00 28953.00 24652.00
24064.00 27465.00 23385.00
22601.00 26012.00 22148.00
Jun. 2000 24757.00 28074.00 23904.00
24479.00 26817.00 22834.00
27713.00 29270.00 24923.00
26192.00 26589.00 22640.00
24492.00 25268.00 21515.00
19794.00 21485.00 18294.00
Dec. 2000 20415.00 20933.00 17824.00
21364.00 22396.00 19070.00
18072.00 18645.00 15875.00
16046.00 16641.00 14169.00
17641.00 18741.00 15957.00
17461.00 18518.00 15767.00
Jun.2001 17145.00 18160.00 15463.00
16490.00 17630.00 15011.00
15056.00 16211.00 13803.00
13168.00 14526.00 12369.00
13917.00 15328.00 13052.00
15310.00 16788.00 14294.00
Dec.2001 15562.00 16825.00 14326.00
15299.00 16507.00 14056.00
14644.00 15796.00 13451.00
15530.00 16397.00 13962.00
14634.00 15126.00 12880.00
14349.00 14722.00 12536.00
Jun.2002 13346.00 13368.00 11383.00
12133.00 12543.00 10680.00
12090.00 12577.00 10710.00
11173.00 11297.00 9620.00
12165.00 12304.00 10477.00
12639.00 13006.00 11075.00
Dec.2002 11764.00 12108.00 10310.00
11448.00 11811.00 10057.00
11405.00 11740.00 9997.00
11553.00 11956.00 10181.00
12324.00 12855.00 10947.00
12925.00 13548.00 11537.00
Jun.2003 13095.00 13739.00 11699.00
13581.00 14130.00 12032.00
14087.00 14510.00 12355.00
13612.00 14338.00 12209.00
14583.00 15176.00 12922.00
14889.00 15359.00 13079.00
Dec.2003 15203.00 15858.00 13503.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since++ Since
Periods Ended December 31, 2003 1 Year 5 Year Inception May 1, 1999 5 Year Inception
Russell 3000 Growth Index* 30.97% -4.69% 6.06% -6.29% -21.35% 58.58%
Combined Index*+ 30.97% -3.41% 3.91% -5.25% -15.95% 35.03%
All Cap Growth Trust Series I 29.24% -0.79% 5.50% -1.40% -3.87% 52.03%
All Cap Growth Trust Series II+++ 28.99% -0.43% -0.83%
All Cap Growth Trust Series III*** 6.90%
+ The Combined Index is a blend of the Russell Mid Cap Growth Index since
inception until November 30, 1999, and the performance of the Russell 3000
Growth Index from December 1, 1999 and thereafter.
++ Current subadviser assignment became effective May 1, 1999.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the All Cap Growth Trust Series I returned
+29.24%, underperforming the +30.97% return of the Russell 3000 Growth Index.
ENVIRONMENT: In the first half of 2003, as the country focused on conflict in
Iraq, the domestic equity markets managed slight gains, and the U.S. economy
grew at a sluggish pace. By the second half of the year, however, economic
growth gathered momentum and the equity markets experienced a broad-based rally.
Economic growth accelerated from 1.4% in the first quarter to 8.2% by the third
quarter. Economic growth is estimated at 4 to 5% for the fourth quarter and
projected to be near 4.5% for 2004.
For the first time in three years, the major equity indices posted gains: the
Dow Jones Industrial Average was up 28.27%, the NASDAQ Composite Index rose
50.01%, and the S&P 500 Index gained 28.67%. Small-cap stocks outperformed large
caps, and small-cap growth outperformed small-cap value. Growth outperformed
value among stocks of all sizes.
The Industrial sector was the main detractor from relative performance,
primarily due to stock selection. The Consumer Discretionary and Health Care
sectors aided relative performance due to a combination of stock selection and
sector weight. We held an overweight in the Consumer Discretionary sector and an
underweight in Health Care throughout the year. During the year, we changed the
portfolio's position between earnings momentum and core growth stocks to 60%
earnings momentum/40% core growth, a reverse of the previous year's mix of
roughly 60% core growth and 40% earnings momentum.
OUTLOOK: By the end of 2003, the economy had improved markedly, and as we look
to 2004, it remains to be seen whether headlines of new corporate scandals,
heightened terror alerts, and renewed fears of SARS and Mad Cow disease will
erode last year's gains. Both the equity markets and the economy, however, are
in a better position now compared to a year ago, which should bode well for
growth in 2004.
xiv
STRATEGIC OPPORTUNITIES TRUST
INVESTMENT OBJECTIVE & To achieve growth of capital by investing the portfolio's
POLICIES: assets primarily in common stocks of U.S. issuers or
securities convertible into, or that carry the right to buy,
common stocks. Although current income is a secondary
objective, growth of income may accompany growth of capital.
SUBADVISER: Fidelity(R) Management & Research Company
PORTFOLIO MANAGER: Jason Weiner, CFA
INCEPTION DATE: June 18, 1985++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[STRATEGIC OPPORTUNITIES TRUST PERFORMANCE GRAPH]
STRATEGIC OPPORTUNITIES
TRUST SERIES I S&P 500 INDEX COMBINED INDEX
----------------------- ------------- --------------
Dec.1993 10000 10000 10000
10335 10276 10373
10056 10136 10295
9619 9704 9872
9744 9771 9994
9902 9784 9872
9658 9494 9424
9977 9820 9635
10384 10286 10116
10133 10035 9886
10365 10111 10232
9985 9665 9879
Dec.1994 10131 9791 9947
10394 9992 9872
10797 10509 10266
11117 10810 10659
11441 10973 11149
11892 11333 11566
12172 11714 12488
12577 12283 13486
12611 12471 13629
13140 12753 14046
13094 12468 13998
13670 13088 14346
Dec.1995 13923 13164 14203
14402 13441 14565
14540 13757 14907
14679 13956 15050
14895 14351 15577
15279 14568 16060
15342 14349 15758
14659 13461 14770
14970 14102 15313
15811 14799 16120
16245 14918 16271
17478 15826 17176
Dec.1996 17135 15665 17063
18199 16251 18074
18347 16226 17372
17583 15537 16286
18633 15923 16987
19777 17085 18246
20659 17644 18823
22300 19116 20196
21060 18908 19855
22213 19987 20782
21471 19210 19543
22465 19667 19912
Dec.1997 22852 20209 20347
23105 19828 20290
24772 21378 21909
26040 22392 22959
26302 22448 23095
25850 21754 22455
26900 22055 22729
26614 21003 21815
22766 17644 18010
24224 18786 18627
26195 20067 20295
27782 21017 21232
Dec.1998 29383 22249 22261
30612 22211 22204
29661 21472 21347
30847 22145 22021
32042 23781 24750
31286 23713 24828
33022 24549 26139
31991 23875 25178
31833 23257 24516
30960 22439 23919
32919 23502 24100
33589 24178 25542
Dec.1999 35567 26306 28438
33780 25435 27113
33141 27390 29489
36383 28959 30541
35288 27588 28571
34564 26857 27142
35416 27652 28176
34862 27341 27598
37028 29962 30288
35073 29535 28449
34925 29079 27933
32171 26462 24589
Dec.2000 32328 28476 26626
33475 28934 28009
30423 27173 25835
28496 25487 24012
30710 27667 26634
30916 27889 26135
30163 27375 26384
29867 26924 25438
27997 25334 23171
25736 23099 19172
26227 23636 20279
28239 25457 21939
Dec.2001 28486 25816 22564
28071 25492 21332
27529 24970 20993
28565 26065 22404
26833 24698 21261
26635 24412 20297
24738 22655 17280
22809 20854 15370
22959 20952 15084
20464 18751 13353
22265 20244 14174
23576 21435 15174
Dec.2002 22190 20175 13817
21608 19646 13638
21284 19352 13246
21491 19539 13032
23261 21149 14424
24487 22264 15477
24801 22549 15584
25237 22946 15781
25729 23393 16138
25457 23145 15781
26897 24455 16691
27134 24670 16709
Dec. 2003 28557 25964 17387
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since ++ Since Since
Periods Ended December 31, 2003 1 Year 5 Year 10 Year Dec 13, 1991 Inception 5 Year 10 Year Inception
S&P 500 Index* 28.70% -0.57% 11.06% 11.60% -2.81% 185.57%
Combined Index*++ 28.70% 3.14% 10.01% 11.78% 16.70% 159.64%
Strategic Opportunities Trust
Series I 25.84% -4.82% 5.69% 6.89% -21.89% 73.87%
Strategic Opportunities Trust
Series II+++ 25.61% -10.34% -19.02%
++ Current subadviser assignment became effective December 13, 1991.
++ The Combined Index represents the performance of the Russell Midcap Index
from inception to April 30, 2001 and the Russell 3000 Index from May 1, 2001
through October 2002, and the performance of the S&P 500 Index thereafter.
The Combined Index was prepared by the Advisor using Ibbotson Associates
Software and Data.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Strategic Opportunities Trust Series I
returned +25.84%, underperforming the +28.70% return of the S&P 500 Index.
ENVIRONMENT: For the year 2003, U.S. stock markets rallied back to positive
territory after finishing down for three consecutive years. The Technology
sector moved from being the worst performer in 2002 to top billing in 2003 as
investors rotated into higher-growth segments of the market. Small-cap and
international stocks were top performers, while bond markets performed modestly,
with the notable exception of high-yield bonds, which rallied sharply. In this
environment, the Trust trailed the S&P 500 Index. The portfolio's
underperformance versus the Index can be attributed to overweighting tobacco
holdings early in the year. Additionally, stock selection within the Energy and
Health Care sectors also dampened results. On the positive side, some good picks
in Consumer Discretionary, Telecommunication Services and Technology added to
the portfolio's performance. Several wireless and cellular tower holdings
boosted returns within Telecommunications.
xv
FINANCIAL SERVICES TRUST
INVESTMENT OBJECTIVE To achieve growth of capital by investing primarily in
& POLICIES: common stock of financial services companies. During normal
market conditions, at least 80% of the portfolio's net
assets are invested in companies that are principally
engaged in financial services. A company is "principally
engaged" in financial services if it owns financial
services-related assets constituting at least 50% of the
value of its total assets, or if at least 50% of its
revenues are derived from its provision of financial
services.
SUBADVISER: Davis Advisors
PORTFOLIO MANAGERS: Christopher C. Davis and Kenneth C. Feinberg
INCEPTION DATE: April 30, 2001
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[FINANCIAL SERVICES TRUST PERFORMANCE GRAPH]
LIPPER FINANCIAL SERVICES AVG.
FINANCIAL SERVICES TRUST SERIES I FUNDS CLASSIFICATION
--------------------------------- ------------------------------
Apr.2001 10000.00 10000.00
10328.00 10362.00
Jun.2001 10008.00 10419.00
9728.00 10309.00
9264.00 9896.00
Sep.2001 8472.00 9258.00
8432.00 9071.00
9024.00 9650.00
Dec.2001 9307.00 9907.00
8978.00 9804.00
8915.00 9760.00
Mar.2002 9307.00 10337.00
9187.00 10328.00
9163.00 10333.00
Jun.2002 8443.00 9873.00
7739.00 9114.00
7875.00 9286.00
Sep.2002 7146.00 8262.00
7514.00 8796.00
7979.00 9123.00
Dec.2002 7642.00 8742.00
7474.00 8586.00
7314.00 8351.00
Mar.2003 7226.00 8290.00
7923.00 9226.00
8516.00 9789.00
Jun.2003 8741.00 9842.00
8885.00 10239.00
8973.00 10239.00
Sep.2003 8997.00 10304.00
9518.00 11050.00
9671.00 11100.00
Dec.2003 10208.00 11570.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Lipper Financial Services Avg. Funds Classification* 32.35% 5.62% 15.70%
Financial Services Trust Series I 33.58% 0.78% 2.08%
Financial Services Trust Series II+++ 33.40% 5.48% 10.86%
Financial Services Trust Series III*** 12.85%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Financial Services Trust Series I returned
+33.58%, outperforming the +32.35% of the Lipper Financial Services Average
Funds Classification.
ENVIRONMENT: The Financial Services sector as a whole outperformed the S&P 500
Index. In addition, the specific financial services companies which the
portfolio owned outperformed the majority of financial services companies in the
Index. The portfolio also makes strategic investments in non-financial
companies. These companies as a group were strong contributors to both relative
and absolute performance. In the strong bull market, cash holdings were a drag
on relative performance. The portfolio's short-term performance was also hurt by
select large financial institutions, one of which we sold.
OUTLOOK: We continue to believe that long-term demographics favor financial
services companies. The portfolio's investment strategy is to perform extensive
research to buy companies with expanding earnings at value prices and hold them
for the long term. After a strong year such as we enjoyed in 2003, we caution
investors not to be overly optimistic. We are strong supporters of long-term
buy-and-hold investing.
xvi
INTERNATIONAL STOCK TRUST
INVESTMENT OBJECTIVE Under normal market conditions, the International Stock
& POLICIES: Trust invests at least 80% of its net assets in common
stocks. The portfolio primarily invests in the countries
that make up the MSCI EAFE Index. The MSCI EAFE Index tracks
stocks in Australia, Austria, Belgium, Denmark, Finland,
France, Germany, Hong Kong, Ireland, Italy, Japan, the
Netherlands, New Zealand, Norway, Portugal, Singapore,
Spain, Sweden, Switzerland and the United Kingdom. At least
50% of the portfolio's assets will be invested in securities
that are represented in the MSCI EAFE Index. However, the
portfolio may invest up to 50% of its total assets in
non-Index securities of companies located in the countries
that make up the Index.
SUBADVISER: Deutsche Asset Management
PORTFOLIO MANAGERS: Claire Gray, Stuart Kirk, Marc Slendebroek and Alex Tedder
INCEPTION DATE: January 1, 1997
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[INTERNATIONAL STOCK TRUST PERFORMANCE GRAPH]
INTERNATIONAL STOCK TRUST SERIES I MSCI EAFE INDEX
---------------------------------- ---------------
Dec. 1996 10000 10000
9929 9652
10026 9813
Mar. 1997 10018 9850
10097 9905
10733 10552
Jun. 1997 11183 11136
11474 11319
10424 10476
Sept. 1997 11086 11065
10247 10217
10229 10115
Dec. 1997 10264 10206
10604 10675
11221 11363
Mar. 1998 11615 11715
11696 11810
11642 11756
Jun. 1998 11651 11847
11803 11970
10300 10490
Sept. 1998 10067 10171
10962 11234
11437 11812
Dec. 1998 11650 12281
11497 12248
11228 11959
Mar. 1999 11677 12461
12058 12968
11448 12303
Jun. 1999 11888 12785
12067 13169
12175 13220
Sept. 1999 12228 13356
12659 13860
13466 14345
Dec. 1999 15112 15633
14240 14642
14995 15039
Mar. 2000 15161 15625
14291 14806
13769 14448
Jun. 2000 14439 15016
13966 14390
14271 14518
Sept. 2000 13385 13814
12853 13490
12184 12987
Dec. 2000 12608 13451
12727 13444
11654 12437
Mar. 2001 10758 11614
11626 12428
11120 11999
Jun. 2001 10666 11513
10408 11305
10129 11021
Sept. 2001 9077 9907
9325 10161
9696 10535
Dec. 2001 9892 10599
9417 10037
9500 10107
Mar. 2002 9984 10659
9921 10736
9911 10882
Jun. 2002 9507 10453
8430 9422
8367 9403
Sept. 2002 7394 8395
7901 8847
8026 9250
Dec. 2002 7747 8939
7291 8566
7033 8370
Mar. 2003 6960 8212
7541 9027
7978 9582
Jun. 2003 8051 9818
8384 10058
8551 10302
Sep. 2003 8832 10622
9353 11284
9457 11537
Dec. 2003 10092 12441
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since Since+
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception Nov 25, 2002
MSCI EAFE Index* 39.17% 0.26% 3.17% 1.30% 24.41% 34.50%
International Stock Trust Series I 30.27% -2.83% 0.13% -13.37% 0.92% 26.39%
International Stock Trust Series II+++ 30.26% -0.72% -1.39% 26.04%
International Stock Trust Series III*** 15.08%
+ Current subadviser assignment became effective November 25, 2002.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the International Stock Trust Series I returned
+30.27%, underperforming the +39.17% return of the MSCI EAFE Index and the
+33.15% return of the Morningstar Foreign Large Growth Peer Group.
ENVIRONMENT: During 2003, the harsh bear market finally came to an end.
International equities recorded stellar gains, in part flattered by
strengthening currencies vs. the U.S. dollar. One of the most important features
of equity market performance this year has been the outperformance of the low
quality leveraged plays. During 2003 the more leveraged the company, the greater
the rise in the share price. We continue to focus our investment efforts on
companies with sustainable business models and quality franchises, "best
business models", which we believe outperform over time. However, during 2003
these companies have not been the market leaders in a market that is driven by
contracting credit spreads with little regard for risk. We believe that over
time equity markets reward quality companies and as the market begins to become
more focused on fundamentals this will play to our investment style.
Another feature of 2003 has been the significant outperformance of small caps.
Small cap stocks in Europe and Japan have outperformed the broader indices
dramatically. As we retain a predominantly large cap focus, this has penalized
our Fund.
A Japanese bank was the greatest contributor to returns. The company issued
improved results. The stock has turned the corner on a number of asset quality
metrics. A European wireless communications company was also a positive
contributor as the benefits of its restructuring have been coming. A leading
European building products manufacturer was also a strong performer.
A Japanese electronics firm was the largest detractor as the company announced
very poor numbers within its electronics division, suggesting that the business
has structural problems. A property and casualty insurance firm was another
detractor. The stock fell when the company announced it would cut its dividend.
OUTLOOK: As we look out to 2004, the U.S. continues to be the prime driver of
global growth. We believe that inflationary pressures will begin to reappear and
that global reflation will be of significant benefit to Asia including Japan.
Current growth forecasts for the region are currently too low and will therefore
surprise on the upside. Stocks also remain cheap in the region, but in many
other areas valuations are relatively full.
xvii
OVERSEAS TRUST
INVESTMENT OBJECTIVE To achieve growth of capital by investing at least 80% of
& POLICIES: the portfolio's net assets in non-U.S. securities (primarily
common stocks).
SUBADVISER: Fidelity(R) Management & Research Company
PORTFOLIO MANAGERS: Richard R. Mace Jr.
INCEPTION DATE: January 9, 1995++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[OVERSEAS TRUST PERFORMANCE GRAPH]
OVERSEAS TRUST SERIES I MSCI EAFE INDEX
----------------------- ---------------
Dec.1994 10000 10000
9820 9618
9620 9593
10060 10194
10390 10581
10190 10457
Jun.1995 10010 10276
10480 10918
10200 10505
10270 10713
10080 10428
10280 10721
Dec.1995 10698 11155
10810 11203
10790 11243
10984 11485
11187 11821
11177 11606
Jun.1996 11320 11675
11054 11336
11167 11363
11453 11668
11545 11551
11955 12013
Dec.1996 12047 11862
11791 11449
11883 11639
11976 11685
11983 11749
12485 12516
Jun.1997 12912 13209
13054 13426
12278 12426
12715 13124
11993 12119
11829 11998
Dec.1997 12037 12106
12387 12662
13196 13478
13786 13896
14015 14008
13809 13944
Jun.1998 13602 14053
13682 14199
11352 12442
10778 12064
12064 13325
12672 14011
Dec.1998 13006 14567
13225 14528
12834 14185
13558 14781
13949 15382
13190 14593
Jun.1999 13765 15165
14270 15620
14454 15681
14547 15843
15236 16440
16420 17015
Dec.1999 18274 18549
17115 17373
17999 17844
18240 18540
17072 17568
16461 17143
Jun.2002 17246 17817
16424 17074
16997 17226
16025 16390
15252 16007
14679 15410
Dec.2000 14853 15960
14966 15952
13806 14757
13132 13780
14088 14746
13677 14238
Jun.2001 13089 13661
12623 13414
12047 13077
10856 11755
11212 12056
11759 12501
Dec.2001 11720 12575
11118 11908
11337 11992
11925 12647
11890 12738
12138 12911
Jun.2002 11395 12402
10156 11179
10032 11156
8959 9961
9358 10497
9881 10975
Dec.2002 9207 10606
8835 10164
8601 9931
8243 9743
8939 10710
9672 11368
Jun.2003 10142 11649
10640 11934
11055 12224
11359 12602
12160 13389
12368 13689
Dec.2003 13243 14760
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since++ Since
Periods Ended December 31, 2003 1 Year 5 Year Inception May 1, 1999 5 Year Inception
MSCI EAFE Index* 39.17% 0.26% 4.42% -0.89% 1.30% 47.60%
Overseas Trust Series I 43.83% 0.36% 3.18% -1.09% 1.82% 32.43%
Overseas Trust Series II+++ 43.71% 8.54% 17.14%
Overseas Trust Series III*** 16.14%
++ Current subadviser assignment became effective May 1, 1999.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Overseas Trust Series I returned +43.83%,
outperforming the +39.17% return of the MSCI EAFE Index.
ENVIRONMENT: During the past 12 months, most of the world's major stock markets
posted increases, as many foreign economies rebounded and grew alongside the
rally in the U.S. market. Encouraged by better-than-expected corporate earnings
and a favorable interest rate environment, the world's equity markets were
further boosted by the easing of global geopolitical tensions. In this
environment, the Trust outpaced the MSCI EAFE Index. Financial holdings largely
contributed to performance, mostly due to an overweighting in some of the
outperforming Japanese brokers and European credit companies. Additional
contributors included the portfolio's sizable overweighting in the robust
Information Technology sector, with key semiconductor-related stocks leading the
way, as well as an underweighted position in the more-defensive Utilities
sector. Conversely, performance was hurt by disappointing stock selection in
both the Consumer Staples and Industrials sectors.
xviii
INTERNATIONAL SMALL CAP TRUST
INVESTMENT OBJECTIVE & To achieve long-term capital appreciation. Under normal
POLICIES: market conditions, the portfolio will invest at least 80% of
its net assets in securities issued by foreign companies
which have total stock market capitalizations or annual
revenues of $1.5 billion or less ($2 billion or less
effective August 1, 2003) ("small company securities").
SUBADVISER: Templeton Investment Counsel, LLC
PORTFOLIO MANAGERS: Tucker Scott & Cindy L. Sweeting
INCEPTION DATE: March 4, 1996++
</Table>
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[INTERNATIONAL SMALL CAP TRUST PERFORMANCE GRAPH]
INTERNATIONAL SMALL MSCI WORLD EX U.S. CITIGROUP GLOBAL EX
CAP TRUST SERIES I INDEX U.S.A. COMBINED INDEX
------------------- ------------------ ------------------- --------------
10000.00 10000.00 10000.00 10000.00
Mar. 1996 10048.00 10214.00 10211.00 10214.00
10344.00 10519.00 10745.00 10519.00
10576.00 10342.00 10635.00 10342.00
Jun. 1996 10624.00 10389.00 10621.00 10389.00
10240.00 10087.00 10181.00 10087.00
10304.00 10128.00 10315.00 10128.00
10424.00 10405.00 10411.00 10405.00
10632.00 10339.00 10400.00 10339.00
10832.00 10767.00 10616.00 10767.00
Dec. 1996 10920.00 10621.00 10429.00 10621.00
11033.00 10292.00 10403.00 10292.00
11298.00 10451.00 10637.00 10451.00
11257.00 10464.00 10429.00 10464.00
10998.00 10531.00 10269.00 10531.00
11496.00 11228.00 10834.00 11228.00
Jun. 1997 11641.00 11830.00 11087.00 11830.00
11601.00 12050.00 10953.00 12050.00
11143.00 11165.00 10352.00 11165.00
11560.00 11794.00 10429.00 11794.00
11086.00 10907.00 9781.00 10907.00
11151.00 10788.00 9156.00 10788.00
Dec. 1997 11006.00 10893.00 8897.00 10893.00
11255.00 11360.00 9069.00 11360.00
11801.00 12102.00 9797.00 12102.00
12476.00 12503.00 10187.00 12503.00
12827.00 12603.00 10224.00 12603.00
13359.00 12540.00 10034.00 12540.00
Jun. 1998 13383.00 12610.00 9570.00 12610.00
13383.00 12695.00 9374.00 12695.00
11514.00 11076.00 7986.00 11076.00
10853.00 10763.00 7955.00 10763.00
11328.00 11887.00 8593.00 11887.00
11804.00 12492.00 8907.00 12492.00
Dec. 1998 12311.00 12974.00 9015.00 12974.00
12738.00 12980.00 8890.00 12980.00
12125.00 12656.00 8754.00 12656.00
12681.00 13188.00 9390.00 13188.00
13210.00 13756.00 10218.00 13756.00
12749.00 13064.00 10009.00 13064.00
Jun. 1999 13322.00 13578.00 10642.00 13578.00
13831.00 13972.00 10892.00 13972.00
13945.00 14015.00 11081.00 14015.00
14349.00 14170.00 10964.00 14170.00
15036.00 14720.00 10894.00 14720.00
18819.00 15238.00 11154.00 15238.00
Dec. 1999 22767.00 16642.00 11753.00 16642.00
23730.00 15634.00 11770.00 15634.00
30870.00 16080.00 12068.00 16080.00
26400.00 16743.00 12125.00 16743.00
21561.00 15878.00 11247.00 15878.00
19565.00 15496.00 11050.00 15496.00
Jun. 2000 20764.00 16170.00 11729.00 16170.00
19958.00 15555.00 11267.00 15555.00
21198.00 15761.00 11604.00 15761.00
20009.00 14948.00 11006.00 14948.00
18022.00 14543.00 10194.00 14543.00
15926.00 13961.00 9834.00 13961.00
Dec. 2000 16128.00 14453.00 10075.00 14453.00
15970.00 14480.00 10406.00 14480.00
14879.00 13334.00 10133.00 13334.00
13100.00 12436.00 9430.00 12436.00
13641.00 13309.00 9959.00 13309.00
13276.00 12881.00 10050.00 12881.00
Jun. 2001 12667.00 12361.00 9768.00 12361.00
11693.00 12145.00 9371.00 12145.00
11398.00 11823.00 9384.00 11823.00
9834.00 10633.00 8212.00 10633.00
10267.00 10893.00 8512.00 10893.00
11212.00 11322.00 8923.00 11322.00
Dec. 2001 11113.00 11395.00 9093.00 11395.00
11172.00 10817.00 9051.00 10817.00
10936.00 10883.00 9177.00 10883.00
11556.00 11467.00 9714.00 11467.00
11458.00 11542.00 9946.00 11542.00
11842.00 11703.00 10213.00 11703.00
Jun. 2002 11390.00 11231.00 9771.00 11231.00
10494.00 10116.00 9115.00 10116.00
10238.00 10103.00 9050.00 10103.00
9156.00 9034.00 8266.00 9034.00
9550.00 9509.00 8334.00 9509.00
9806.00 9948.00 8638.00 9948.00
Dec. 2002 9254.00 9628.00 8599.00 9628.00
9156.00 9262.00 8606.00 9262.00
9087.00 9080.00 8514.00 9080.00
8871.00 8912.00 8409.00 8912.00
9598.00 9778.00 9021.00 9777.00
10247.00 10393.00 9796.00 10617.00
Jun. 2003 10798.00 10651.00 10297.00 11159.00
11456.00 10898.00 10688.00 11583.00
12184.00 11181.00 11356.00 12307.00
12527.00 11519.00 11929.00 12929.00
13422.00 12241.00 12805.00 13878.00
13579.00 12520.00 12864.00 13942.00
Dec. 2003 14338.00 13690.00 13447.00 14837.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since Since++
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception May 1, 2003
MSCI World ex US Index* 40.01% 0.77% 3.89% 3.90% 34.80% 37.87%
Citigroup Global ex US ****$2 billion Index++* 59.20% 8.71% 4.07% 51.85% 36.90% 51.75%
Combined Index+* 54.10% 2.72% 5.17% 14.35% 48.37% 51.75%
International Small Cap Trust Series I 54.73% 3.10% 4.71% 16.46% 43.38% 48.57%
International Small Cap Trust Series II+++ 54.52% 13.76% 28.28% 48.37%
International Small Cap Trust Series III*** 14.74%
+ The Combined Index was added to more accurately reflect the investment
objective of the International Small Cap Trust. The Combined Index is a
blend of the MSCI World ex US Index from inception through May 31, 2003 and
the Citigroup Global ex US ****$2 billion Index from June 1, 2003 and
thereafter.
++ The Citigroup Global ex US ****$2 billion Index was added to more accurately
reflect the investment objective of the International Small Cap Trust.
++ Current subadviser assignment became effective May 5, 2003.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the International Small Cap Trust Series I
returned 54.73%, underperforming the +59.20% return of the Citigroup Global ex
US **** $2 billion Index and outperforming the +48.45% return of the Morningstar
Foreign Small/Mid Value Peer Group.
ENVIRONMENT: In late May 2003, the resolution of the war in Iraq coincided with
the start of a global stock market rally that provided equity investors with the
strongest yearly gains since 1986. The rally's main catalyst was an improving
global economy, underpinned by years of expansionary policies, restructuring and
consolidation. After outperforming larger-cap stocks in the second and third
quarters, foreign small-caps performed in line with larger stocks during the
fourth quarter.
During the last year, the portfolio benefited from the strong performance of
several stocks. Shares of a Hong Kong-based manufacturer of power tools
appreciated substantially during the year. The portfolio also benefited from its
holding of a Dutch-based specialist staffing company; the security performed
very well during the year, thanks to healthier European labor markets. Finally,
the portfolio was rewarded for holding a low-income homebuilder in Mexico. The
security appreciated significantly as the market captured the company's
compelling growth opportunities.
Unfortunately, the portfolio was not immune to the markets' volatile nature.
During the reporting period, there tended to be a sharp, negative share price
reaction for companies that reported disappointing news. Examples included a
Tokyo-based educational firm and a UK security services firm.
OUTLOOK: We seek to invest in securities of small-capitalization companies
located outside of the U.S., and continue to apply our long-term, bottom-up,
value-oriented investment strategy in researching and identifying companies we
believe are poised for future earnings and asset growth.
**** Denotes less than
xix
INTERNATIONAL VALUE TRUST
INVESTMENT OBJECTIVE & To achieve long-term growth of capital by investing
POLICIES: primarily in equity securities of companies located outside
the United States, including those in emerging markets.
SUBADVISER: Templeton(R) Investments Counsel, Inc.
PORTFOLIO MANAGERS: Antonio C. Docal, Tucker Scott & Cindy L. Sweeting
INCEPTION DATE: May 1, 1999
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[INTERNATIONAL VALUE TRUST PERFORMANCE GRAPH]
INTERNATIONAL VALUE TRUST SERIES I MSCI EAFE INDEX
---------------------------------- ---------------
Apr.1999 10000 10000
9504 9487
Jun.1999 9920 9859
9840 10155
9743 10194
Sep.1999 9519 10299
9447 10688
9623 11062
Dec.1999 10384 12055
9728 11291
9703 11597
Mar.2000 10143 12049
9704 11418
9752 11141
Jun.2000 10316 11579
10155 11096
10171 11195
Sep.2000 9632 10652
9302 10403
9229 10015
Dec.2000 9713 10373
9826 10369
9471 9592
Mar.2001 8730 8957
9375 9585
9317 9255
Jun.2001 9126 8880
8935 8719
8860 8500
Sep.2001 7740 7641
7989 7836
8553 8126
Dec.2001 8745 8173
8463 7739
8529 7794
Mar.2003 9068 8220
9048 8279
9257 8391
Jun.2002 8722 8060
7744 7265
7735 7251
Sep.2002 6666 6474
7210 6822
7694 7133
Dec.2002 7185 6893
6968 6606
6658 6454
Mar.2002 6491 6332
7301 6960
7799 7389
Jun.2003 8061 7571
8525 7756
8854 7944
Sep.2003 8938 8191
9580 8702
9748 8897
Dec.2003 10408 9593
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
MSCI EAFE Index* 39.17% -0.89% -4.07%
International Value Trust Series I 44.86% 0.86% 4.08%
International Value Trust Series II+++ 44.52% 10.56% 21.39%
International Value Trust Series III*** 14.27%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the International Value Trust Series I returned
+44.86%, outperforming the +39.17% return of the MSCI EAFE Index.
ENVIRONMENT: In late May 2003, the resolution of the war in Iraq coincided with
the start of a global stock market rally that provided equity investors with the
strongest yearly gains since 1986. The rally's main catalyst was an improving
global economy, underpinned by years of expansionary policies, restructuring and
consolidation.
During 2003, the portfolio benefited from the strong performance of several
stocks, including a Denmark-based wind turbine manufacturer that appreciated
during the year. A German post office company and the world's leading express
and logistics provider rose significantly, benefiting from a comprehensive
restructuring project. The portfolio was also rewarded for its holdings of a
French insurer and asset manager, which gained as a result of accelerated
premium growth, improving equity markets, and tight expense control.
Unfortunately, the portfolio was not immune to the markets' volatile nature.
During the reporting period, there tended to be a sharp, negative share price
reaction for companies that reported disappointing news. Examples of such stocks
in the portfolio included a French energy and transport firm, and a UK security
services firm.
xx
QUANTITATIVE MID CAP TRUST
INVESTMENT OBJECTIVE & To achieve long-term capital growth by investing at least
POLICIES: 80% of the portfolio's net assets in U.S. mid cap stocks,
convertible preferred stocks, convertible bonds and
warrants.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGER: Rhonda Chang and Noman Ali
INCEPTION DATE: April 30, 2001
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[QUANTATIVE MID CAP TRUST PERFORMANCE GRAPH]
QUANTITATIVE MID CAP TRUST SERIES
I S&P MID CAP 400 INDEX
--------------------------------- ---------------------
Apr. 2001 10000.00 10000.00
9976.00 10233.00
Jun. 2001 9616.00 10192.00
9136.00 10040.00
8472.00 9712.00
Sep. 2001 7344.00 8504.00
7480.00 8880.00
7928.00 9540.00
Dec. 2001 8160.00 10033.00
8009.00 9981.00
7857.00 9993.00
Mar. 2002 8216.00 10708.00
8024.00 10657.00
7784.00 10477.00
Jun. 2002 7256.00 9710.00
6497.00 8769.00
6513.00 8813.00
Sep. 2002 6289.00 8103.00
6561.00 8454.00
6593.00 8943.00
Dec. 2002 6312.00 8577.00
6256.00 8327.00
6224.00 8128.00
Mar. 2003 6312.00 8197.00
6784.00 8792.00
7232.00 9521.00
Jun. 2003 7255.00 9641.00
7480.00 9984.00
7808.00 10437.00
Sep. 2003 7768.00 10277.00
8400.00 11054.00
8593.00 11439.00
Dec. 2003 8744.00 11631.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
S&P MidCap 400 Index* 35.61% 5.83% 16.31%
Quantitative Mid Cap Trust Series I 38.53% -4.90% -12.56%
Quantitative Mid Cap Trust Series II+++ 38.32% 4.40% 8.67%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges were reflected, performance would be lower.
Past performance does not predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Quantitative Mid Cap Trust Series I returned
+38.53%, outperforming the +35.61% return of the S&P MidCap 400 Index.
ENVIRONMENT: In 2003, Technology and Health Care were the best performing
sectors in the S&P MidCap 400 Index, outperforming the Index by 38.3% and 19.8%
respectively. While all sectors had positive returns for the year, Consumer
Staples and Energy were the worst performers, underperforming the Index by 13.5%
and 14.5% respectively, as investors avoided defensive sectors and the threat of
Iraqi oil entering the market kept oil stocks in check. For the Trust,
Financials and Energy were the leading contributors to outperformance. Most
notably, shares in a leading mortgage bank almost doubled in price as interest
rates continued to fuel mortgage refinancing while a U.S.-based oil & gas
exploration company gained 75% in 2003 on increased production guidance.
OUTLOOK: The outlook for the market is positive, although a second consecutive
year of strong double-digit gains is less likely. Economic growth is projected
to be about 4% in 2004 and earnings growth for S&P 400 Index companies may
accelerate to 19% from 15% in 2003. Inflation remains muted despite high oil
prices. Typically the market return has been 14% in such a favorable macro
environment. However, our forecast is tempered by an expected Federal Reserve
interest rate hike in May, and valuation levels that already reflect much of the
good news. The Trust's growth focus and larger cap bias position it favorably
for the year ahead.
xxi
MID CAP CORE TRUST
INVESTMENT OBJECTIVE & To achieve long-term growth of capital. The portfolio seeks
POLICIES: to achieve its objective by investing, normally, at least
80% of its assets in equity securities, including
convertible securities, of mid-capitalization companies.
SUBADVISER: A I M Capital Management
PORTFOLIO MANAGER: Ronald S. Sloan, Paul Rasplicka
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[MID CAP CORE TRUST PERFORMANCE GRAPH]
MID CAP CORE TRUST SERIES I RUSSELL MIDCAP INDEX
--------------------------- --------------------
Apr. 2003 10000 10000
May 2003 10616 10915
Jun. 2003 10744 11025
Jul. 2003 11056 11389
Aug. 2003 11456 11883
Sep. 2003 11177 11735
Oct. 2003 11665 12630
Nov. 2003 11858 12985
Dec. 2003 12256 13374
PERFORMANCE TABLE**
Cumulative Total Return
Since
Periods Ended December 31, 2003 Inception
Russell Midcap Index* 33.74%
Mid Cap Core Trust Series I 22.56%
Mid Cap Core Trust Series II 22.40%
Mid Cap Core Trust Series III*** 5.87%
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the period since its inception on May 5, 2003, the Mid Cap Core
Trust Series I returned +22.56%, underperforming the 33.74% return of the
Russell Midcap Index.
ENVIRONMENT: Despite anxieties about the sustainability of the economic recovery
and the stock market rally, the economy and stocks ended 2003 strongly. Third
quarter economic growth reached 8.2%, the highest third quarter growth in nearly
20 years. A key manufacturing report surprised analysts positively, indicating
that the U.S. manufacturing sector is in a sustainable upward trend, and the
unemployment rate fell to 5.7% by year-end. All 10 of the S&P sectors were
positive for the fourth quarter, as small capitalization stocks continued to
outperform large, and the value style of investing outperformed growth.
During the last six months, the portfolio had positive relative performance in
the Information Technology and Industrial sectors. Relative performance excelled
due to good stock selection in both sectors. An overweight position in the
Industrials sector also contributed to relative performance, as well. Relative
performance was helped in the Information Technology sector by the stock of a
company that provides end-to-end networks for programmers and cable operators. A
company that designs, makes and sells office systems, products and services was
the largest contributor to relative performance in the Industrial sector. The
largest detractor from relative performance was the Financials sector, primarily
due to an underweight position.
OUTLOOK: For 2004, we will continue to balance exposure to more defensive names
with tactical investments in individual companies that are more leveraged to the
economy. We have been careful to select economically sensitive companies that
represent strong brands, are market leaders and are trading at very compelling
valuations.
xxii
GLOBAL EQUITY TRUST
INVESTMENT OBJECTIVE The portfolio seeks long-term capital appreciation by
& POLICIES: investing, under normal market conditions, at least 80% of
its net assets (plus any borrowings for investment purposes)
in the equity securities of companies located anywhere in
the world, including emerging markets. At least 65% of its
total assets will be invested in issuers located in at least
three different countries (including the U.S.).
SUBADVISER: Franklin(R) Templeton(R)
PORTFOLIO MANAGER: Jeffery A. Everett, Murdo Murchison & Lisa F. Myers
INCEPTION DATE: March 18, 1988++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[GLOBAL EQUITY TRUST PERFORMANCE GRAPH]
GLOBAL EQUITY TRUST SERIES I MSCI WORLD INDEX
---------------------------- ----------------
Dec. 1993 10000.00 10000.00
10598.00 10661.00
10623.00 10525.00
10299.00 10073.00
10600.00 10386.00
10445.00 10415.00
10562.00 10388.00
10814.00 10587.00
11169.00 10908.00
10762.00 10623.00
10898.00 10927.00
10193.00 10455.00
Dec. 1994 10174.00 10558.00
9618.00 10402.00
9611.00 10555.00
9993.00 11066.00
10234.00 11454.00
10254.00 11554.00
10220.00 11553.00
10812.00 12133.00
10730.00 11865.00
10839.00 12213.00
10588.00 12023.00
10662.00 12443.00
Dec. 1995 10955.00 12809.00
11071.00 13043.00
11173.00 13125.00
11438.00 13345.00
11832.00 13662.00
11722.00 13676.00
11715.00 13748.00
11065.00 13264.00
11320.00 13419.00
11424.00 13947.00
11362.00 14047.00
12095.00 14837.00
Dec. 1996 12337.00 14602.00
12365.00 14780.00
12676.00 14953.00
12572.00 14659.00
12688.00 15141.00
13573.00 16078.00
14242.00 16883.00
14834.00 17663.00
14111.00 16484.00
14872.00 17382.00
14318.00 16470.00
14388.00 16764.00
Dec. 1997 14903.00 16971.00
14972.00 17447.00
16141.00 18630.00
17025.00 19419.00
17205.00 19612.00
17008.00 19369.00
16778.00 19831.00
16507.00 19802.00
13930.00 17164.00
14324.00 17471.00
15662.00 19053.00
16277.00 20189.00
Dec. 1998 16729.00 21179.00
16573.00 21646.00
15777.00 21073.00
16072.00 21953.00
17101.00 22822.00
16843.00 21991.00
17350.00 23020.00
17526.00 22954.00
17369.00 22916.00
16649.00 22697.00
16760.00 23880.00
17000.00 24555.00
Dec. 1999 17341.00 26546.00
16584.00 25028.00
16132.00 25099.00
17332.00 26837.00
17150.00 25705.00
17613.00 25058.00
18044.00 25905.00
17813.00 25179.00
18160.00 26001.00
17666.00 24622.00
18245.00 24212.00
18287.00 22745.00
Dec. 2000 19455.00 23116.00
19360.00 23565.00
18866.00 21576.00
18076.00 20163.00
18824.00 21659.00
18598.00 21390.00
17995.00 20723.00
17669.00 20450.00
16702.00 19472.00
14944.00 17759.00
14994.00 18101.00
15961.00 19174.00
Dec. 2001 16325.00 19297.00
15760.00 18715.00
15534.00 18556.00
16476.00 19380.00
15773.00 18729.00
15875.00 18772.00
14769.00 17637.00
13536.00 16153.00
13765.00 16186.00
12405.00 14410.00
13231.00 15476.00
13803.00 16314.00
Dec. 2002 13205.00 15526.00
12786.00 15057.00
12456.00 14799.00
12367.00 14759.00
13571.00 16077.00
14354.00 17004.00
14572.00 17304.00
14765.00 17659.00
15163.00 18045.00
15265.00 18159.00
16061.00 19240.00
16151.00 19538.00
Dec. 2003 16832.00 20768.00
PERFORMANCE TABLE**
Cumulative Total Return
Since++
Average Annual Total Return 10 December 9, Since
Periods Ended December 31, 2003 1 Year 5 Year 10 Year 5 Year Year 2003 Inception
MSCI World Index* 33.76% -0.39% 7.58% -1.94% 107.68% 6.30%
Global Equity Trust Series I 27.46% 0.12% 5.34% 0.61% 68.32% 3.39%
Global Equity Trust Series II+++ 27.23% 3.40% 5.18%
Global Equity Trust Series III*** 3.39% 9.07%
++ Current subadviser assignment became effective December 9, 2003.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Global Equity Trust Series I returned
+27.46%, underperforming the +33.76% return of the MSCI World Index.
ENVIRONMENT: After three years of declines, in 2003, global equity markets
delivered the strongest annual total return gains since 1986. The main catalyst
for the rally was an improving global economy, underpinned by years of
expansionary fiscal and monetary policies, corporate restructuring and
consolidation, and declining equity valuations that created opportunities for
investors in Asia, Europe and the Americas. In many countries, including the
United States, China and Japan, gross domestic product (GDP) growth accelerated
in 2003, particularly in the second half of the year. Domestically, consumer
spending rose, spurred largely by tax cuts, car-buying incentives and mortgage
refinancing, as U.S. interest rates remained at their lowest level in more than
four decades.
In 2003, the value of the U.S. dollar fell against most major currencies,
including a substantial decline versus the euro. While the decline magnified
top-line and earnings-per-share growth in the U.S., it had the opposite effect
in Europe. The dollar's decline benefited U.S. investors in international
equities because it increased the returns of investments denominated in
currencies whose value increased against the dollar, such as the euro.
OUTLOOK: The portfolio seeks to invest in securities of companies located around
the world, including the United States. We continue to adhere to our time-tested
investment philosophy of identifying and evaluating securities based on a
long-term, bottom-up and value-oriented investment approach.
xxiii
STRATEGIC GROWTH TRUST
INVESTMENT OBJECTIVE The portfolio invests, under normal market conditions, at
& POLICIES: least 65% of its total assets in common stocks and related
securities (such as preferred stocks, bonds, warrants or
rights Convertible into stock and depositary receipts for
these securities) of companies which MFS believes offer
superior prospects for growth.
SUBADVISER: MFS Investment Management(R)
PORTFOLIO MANAGERS: S. Irfan Ali
INCEPTION DATE: April 30, 2001
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[STRATEGIC GROWTH TRUST PERFORMANCE GRAPH]
STRATEGIC GROWTH TRUST SERIES I RUSSELL 1000 GROWTH INDEX
------------------------------- -------------------------
Apr.2001 10000 10000
10000 9853
Jun. 2001 9704 9624
9232 9384
8432 8616
Sep. 2001 7384 7756
7920 8164
8680 8948
Dec. 2001 8816 8931
8336 8773
8025 8409
Mar. 2002 8440 8700
7760 7990
7520 7796
Jun. 2002 6768 7075
6280 6686
6336 6706
Sep. 2002 5680 6011
6313 6562
6841 6918
Dec. 2002 6344 6440
6264 6284
6144 6255
Mar. 2003 6208 6371
6743 6842
7095 7183
Jun. 2003 7183 7282
7319 7464
7503 7649
Sep. 2003 7319 7568
7727 7993
7815 8077
Dec. 2003 8048 8356
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Russell 1000 Growth* 29.75% -6.51% -16.44%
Strategic Growth Trust Series I 26.86% -7.81% -19.52%
Strategic Growth Trust Series II+++ 26.61% -2.68% -5.10%
Strategic Growth Trust Series III*** 4.36%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Strategic Growth Trust Series I returned
+26.86%, underperforming the +29.75% return of the Russell 1000 Growth Index and
the +28.55% return of the Morningstar Large Growth Peer Group.
ENVIRONMENT: Our positioning among Business Services stocks was the greatest
impediment to performance. We sold our position in a firm that provides payroll
and trade processing services after it experienced soft demand for its services
and then announced plans to increase spending. A provider of investment and
educational services to financial institutions also weighed on results. But we
held onto the stock, in the belief that the company would be able to address
soft demand for some of its products.
Holdings in the Leisure sector also hurt relative performance, as weak
advertising sales in radio, television and newspapers detracted from results.
However, we retained some of these holdings because we believe market conditions
in 2004 could offer growth opportunities for advertising-sensitive media
companies -- given the confluence of a stronger economy, a U.S. presidential
election, and the summer Olympics.
Performance was held back by not owning a semiconductor chip giant as
semiconductor stocks staged a strong rebound during the period. Strong relative
positioning elsewhere in Technology did not fully offset the impact of
underweighting this one stock. Our position in a moderate-priced apparel
retailer also hurt performance.
In the Health Care sector, we avoided or underweighted several large-cap
pharmaceutical firms because we felt their medium-term growth prospects would be
limited by patent expirations on key products as well as by a dearth of new
drugs in the development pipeline. Instead, we invested in companies elsewhere
in Health Care that we believed would offer stronger sustainable growth. This
positioning proved beneficial for results. Underweighting Consumer Staples
concerns also helped performance as that sector lagged the overall market. Stock
selection in the Financial Services sector also helped performance. In
particular, the portfolio's focus on capital markets-sensitive franchises helped
performance as bond spreads narrowed, trading volumes rose, and underwriting
activity showed signs of renewed life.
xxiv
CAPITAL APPRECIATION TRUST
INVESTMENT OBJECTIVE & To achieve long-term growth of capital by investing at least
POLICIES: 65% of the portfolio's total assets in equity-related
securities of companies that exceed $1 billion in market
capitalization and that Jennison Associates believes have
above-average growth prospects.
SUBADVISER: Jennison Associates, LLC
PORTFOLIO MANAGERS: Michael Del Balso, Kathleen McCarragher, and Spiros Segalas
INCEPTION DATE: November 1, 2000
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[CAPITAL APPRECIATION TRUST PERFORMANCE GRAPH]
CAPITAL APPRECIATION TRUST SERIES I RUSSELL 1000 GROWTH INDEX
----------------------------------- -------------------------
Oct. 2000 10000 10000
8640 8526
Dec. 2000 8776 8256
9279 8129
7960 6748
Mar. 2001 7432 6014
8064 6775
8032 6675
Jun. 2001 7656 6520
7447 6357
6815 5837
Sep. 2001 6151 5255
6495 5531
7127 6062
Dec. 2001 7160 6570
7016 6454
6800 6186
Mar. 2002 6960 6400
6496 5878
6320 5735
Jun. 2002 5808 5205
5320 4919
5304 4933
Sep. 2002 4816 4422
5144 4827
5440 5090
Dec. 2002 4968 4738
4848 4623
4792 4602
Mar. 2003 4880 4687
5264 5034
5560 5285
Jun. 2003 5560 5358
5791 5491
5991 5628
Sep. 2003 5815 5568
6167 5880
6223 5942
Dec. 2003 6432 6148
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Russell 1000 Growth Index* 29.75% -14.24% -38.52%
Capital Appreciation Trust Series I 29.47% -13.02% -35.68%
Capital Appreciation Trust Series II+++ 29.35% -4.30% -8.13%
Capital Appreciation Trust Series III*** 5.51%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Capital Appreciation Trust Series I returned
+29.47%, underperforming the +29.75% return of the Russell 1000 Growth Index.
ENVIRONMENT: Information Technology stocks contributed significantly to returns,
led by our emphasis in semiconductor and semiconductor equipment stocks. We
added meaningfully to these and other Technology stocks in late 2002 and early
2003. In the fourth quarter, we opportunistically reduced selected semiconductor
positions due to valuations, and redeployed the proceeds into other Technology
stocks. So far, earnings growth for many of our holdings in this area is
primarily a result of cost cutting. We believe that as revenue growth
accelerates, these companies should demonstrate impressive operating leverage
leading to upward earnings revisions and positive earnings surprises.
Health Care stocks were among the largest contributors to absolute returns.
Biotechnology holdings advanced on the back of a stream of encouraging product
developments. Financial holdings also advanced, led by capital markets stocks.
We expect higher-margin merger and acquisition and initial public offering (IPO)
activity, increased corporate spending and a stronger global economy to be among
the earnings drivers for these stocks in the coming year.
OUTLOOK: The Trust's gains for the year were supported by accelerating profits
alongside surging economic activity in the second half of the year. While we
believe that the rapid pace of growth in the past two quarters will not likely
be repeated, the fundamental drivers for healthy economic activity should remain
in place, reinforcing our positive economic outlook and optimistic perspective
for equities in 2004.
xxv
QUANTITATIVE ALL CAP TRUST
INVESTMENT OBJECTIVE & To achieve long-term growth of capital. The portfolio seeks
POLICIES: to achieve its objective by investing, under normal
circumstances, primarily in equity securities of U.S.
companies. The Fund will generally focus on equity
securities of U.S. companies across the three market
capitalization ranges of large, mid and small.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Rhonda Chang, Chris Hensen, Brett Hryb, Robert Lutzko, Mark
Schmeer & Harpreet Singh
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[QUANTITATIVE ALL CAP TRUST PERFORMANCE GRAPH]
QUANTITATIVE ALL CAP TRUST SERIES I RUSSELL 3000 INDEX
----------------------------------- ------------------
Apr. 2003 10000 10000
May 2003 10488 10604
Jun. 2003 10536 10747
Jul. 2003 10792 10993
Aug. 2003 11017 11237
Sep. 2003 11000 11115
Oct. 2003 11680 11787
Nov. 2003 11960 11950
Dec. 2003 12449 12496
PERFORMANCE TABLE**
Cumulative Total Return
Since
Periods Ended December 31, 2003 Inception
Russell 3000 Index* 24.96%
Quantitative All Cap Trust Series I 24.49%
Quantitative All Cap Trust Series II 24.38%
Quantitative All Cap Trust Series III*** 10.42%
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: Since its inception on May 5, 2003, the Quantitative All Cap Trust
Series I returned +24.49%, underperforming the +24.96% return of the Russell
3000 Index.
ENVIRONMENT: Better than expected earnings results throughout the year coupled
with a strong rebound in the economy and the end of the war in Iraq helped to
propel the market higher. The economically sensitive sectors such as Basics,
Consumer Durables and Technology outperformed, while the less economically
sensitive sectors such as Telecommunications, Consumer Staples and Health Care
underperformed. Successful allocation to stocks of different sizes combined with
stock selection in Technology, Consumer Staples and Financials contributed
positively to the Trust's performance.
OUTLOOK: We expect positive returns in 2004, albeit at much lower levels than
those experienced in 2003. Economic growth in 2004 should average around 4%.
Growth will be driven by accelerated business investment, which should offset
moderating consumer spending activity. Given this economic backdrop, earnings
growth should average 10% to 15%. Historically this type of environment has been
positive for stocks, with returns averaging 11% to 14%.
However, there are a few risks on the horizon. With economic growth at healthy
levels the risk of inflation and the Federal Reserve's policy to deal with it
should not be discounted. When the Fed is tightening, returns in the market have
historically been negative. The Trust is well positioned to provide strong
performance in an improving economy and rising stock market. The average
earnings growth rates and earnings revisions for the stocks in the Trust are
greater than those of the Russell 3000 Index, yet the Trust's valuation
characteristics continue to remain more attractive than those of the market.
xxvi
ALL CAP CORE TRUST (FORMERLY GROWTH TRUST)
INVESTMENT OBJECTIVE To achieve long-term growth of capital by investing in
& POLICIES: stocks within all assets classes (small-, mid- and
large-cap) primarily those within the Russell 3000 Index.
SUBADVISER: Deutsche Asset Management
PORTFOLIO MANAGERS: Janet Campagna & Robert Wang
INCEPTION DATE: July 15, 1996++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[ALL CAP CORE TRUST PERFORMANCE GRAPH]
RUSSELL 3000 INDEX COMBINED INDEX ALL CAP CORE TRUST SERIES I
------------------ -------------- ---------------------------
10000 10000 10000
9477 9415 9936
9765 9658 10304
10296 10361 10808
10484 10424 10768
11224 11206 11400
Dec-96 11089 10987 11053
11702 11758 11697
11715 11678 11432
11185 11046 11077
11736 11779 11593
12537 12630 12293
13059 13135 12937
14082 14297 14056
13511 13460 13412
14277 14122 14081
13798 13600 13485
14326 14178 13598
Dec-97 14613 14337 13855
14689 14765 14016
15740 15876 14894
16520 16509 15659
16682 16737 15892
16270 16262 15657
16820 17258 16503
16515 17144 16269
13985 14571 13622
14939 15690 14443
16073 16952 15331
17056 18241 16009
Dec-98 18140 19886 17174
18756 21053 18321
18092 20092 17861
18756 21150 18824
19602 21177 18697
19230 20526 18417
20202 21964 19714
19589 21266 19206
19366 21613 19486
18871 21159 19066
20055 22757 20345
20616 23985 21345
Dec-99 21932 26480 23563
21072 25238 22353
21268 26472 23580
22934 28367 25412
22126 27017 24097
21504 25657 22967
22141 27601 24522
21749 26450 23392
23362 28845 25410
22304 26117 22407
21987 24881 21064
19960 21213 17916
Dec-00 20296 20542 17133
20990 21961 17771
19072 18233 14690
17829 16249 12951
19259 18304 14786
19413 18034 14719
19055 17617 14651
18741 17176 14284
17635 15772 13106
16079 14197 11783
16453 14942 12372
17720 16378 13357
Dec-01 17970 16347 13473
17745 16058 13212
17382 15391 12507
18144 15924 12922
17192 14624 12063
16993 14270 11667
15770 12950 10827
14516 12238 10228
14585 12275 10209
13052 11002 9310
14092 12011 10102
14944 12663 10547
Dec-02 14099 11947 10073
13754 11655 9909
13528 11463 9716
13670 11584 9841
14787 12530 10566
15679 13286 11155
15891 13465 11242
16255 13774 11464
16615 14079 11802
16435 13926 11725
17430 14769 12459
17670 14973 12691
Dec-03 18477 15656 13251
PERFORMANCE TABLE**
Cumulative Total
Average Annual Total Return Return
Since Since++ Since
Periods Ended December 31, 2003 1 Year 5 Year Inception Nov 25, 2002 5 Year Inception
Russell 3000 Index* 31.06% 0.37% 9.42% 21.64% 1.86% 84.77%
Combined Index+* 31.06% -4.67% 7.10% 21.64% -21.26% 56.56%
All Cap Core Trust Series I 31.54% -5.05% 3.84% 23.82% -22.84% 32.51%
All Cap Core Trust Series II+++ 31.26% 0.19% 23.67% 0.37%
+ The Combined Index was added to more accurately reflect the investment
objective of the All Cap Core Trust. The Combined Index is a blend of the
Russell 1000 Growth Index from inception through December 31, 2002 and the
Russell 3000 Index from January 1, 2003 and thereafter.
++ Current subadviser assignment became effective November 25, 2002.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the All Cap Core Trust Series I returned
+31.54%, outperforming the +31.06% return of the Russell 3000 Index and the
+28.04% return of the Lipper Multi Cap Core Average Funds Classification.
ENVIRONMENT: Domestic equity markets experienced one of their best years on
record. Small capitalization stocks had an especially strong year. As measured
by the Russell 2000 Index, these stocks returned +47.25%, while the Russell 1000
Index returned +29.89%.
With respect to the All Cap Core portfolio, stocks within Automobiles and
Components had the highest absolute performance, returning +68.9% for the year.
In terms of relative performance, stock selection within Diversified Financials
added more than any other industry group, generating 1.1% of relative
performance. The largest drag on relative performance was the Materials sector,
detracting 0.8 percentage points. Stocks in the Index in this industry group
returned +34.8% while poor stock selection within the Materials group in the
portfolio generated a return of only +11.4%.
OUTLOOK: The market volatility experienced in the first half of 2003 has
diminished greatly and fundamental characteristics are now more likely to be
driving individual stock performance. This is expected to continue into 2004.
Currently the portfolio remains positioned to be style, capitalization and
industry group neutral to the Russell 3000 benchmark. Therefore, the strategy
seeks to add value purely through stock selection bets relative to the benchmark
weights of the individual securities. The position taken in an individual
security depends on the relative value, growth, market sentiment, and risk
characteristics relative to the security's peer group.
xxvii
LARGE CAP GROWTH TRUST
INVESTMENT OBJECTIVE & To achieve long-term growth of capital invests at least 80%
POLICIES: of the portfolio's assets in securities (primarily common
stocks) of companies with large market capitalizations.
Portfolio securities are selected based on the fundamental
analysis of each issuer. Investments may include domestic
and foreign issuers, and growth or value stocks or a
combination of both.
SUBADVISER: Fidelity(R) Management & Research Company
PORTFOLIO MANAGER: Karen Firestone
INCEPTION DATE: August 3, 1989++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[LARGE CAP GROWTH TRUST PERFORMANCE GRAPH]
LARGE CAP GROWTH TRUST
SERIES I RUSSELL 1000 GROWTH INDEX COMBINED INDEX
---------------------- ------------------------- --------------
Dec. 1993 10000.00 10000.00 10000.00
10324.00 10231.00 10358.00
10091.00 10045.00 10212.00
9717.00 9559.00 9845.00
9816.00 9605.00 9957.00
9931.00 9750.00 9993.00
9727.00 9462.00 9899.00
10002.00 9785.00 10095.00
10233.00 10331.00 10367.00
10020.00 10190.00 10188.00
10153.00 10430.00 10339.00
9851.00 10096.00 10055.00
Dec. 1994 9931.00 10266.00 10156.00
9905.00 10484.00 10228.00
10127.00 10924.00 10481.00
10385.00 11243.00 10770.00
10637.00 11489.00 11027.00
10893.00 11890.00 11274.00
11064.00 12349.00 11430.00
11462.00 12862.00 11809.00
11491.00 12876.00 11806.00
11737.00 13469.00 12100.00
11614.00 13479.00 12014.00
11956.00 14003.00 12364.00
Dec. 1995 12193.00 14083.00 12608.00
12411.00 14554.00 12814.00
12478.00 14820.00 12905.00
12535.00 14839.00 13016.00
12661.00 15230.00 13241.00
12794.00 15762.00 13373.00
12835.00 15783.00 13373.00
12477.00 14858.00 12971.00
12630.00 15242.00 13188.00
13122.00 16352.00 13655.00
13317.00 16450.00 13780.00
13890.00 17685.00 14386.00
Dec. 1996 13778.00 17339.00 14268.00
14065.00 18555.00 14552.00
14095.00 18430.00 14625.00
13757.00 17432.00 14296.00
14146.00 18590.00 14660.00
14912.00 19931.00 15396.00
15426.00 20729.00 15955.00
16283.00 22562.00 16694.00
15643.00 21242.00 16131.00
16500.00 22287.00 16830.00
15963.00 21463.00 16355.00
16329.00 22375.00 16607.00
Dec. 1997 16409.00 22626.00 16826.00
16626.00 23302.00 17083.00
17631.00 25055.00 17903.00
18385.00 26053.00 18469.00
18573.00 26414.00 18632.00
18291.00 25664.00 18421.00
18688.00 27236.00 18795.00
18586.00 27056.00 18662.00
16037.00 22996.00 16803.00
16818.00 24762.00 17292.00
17715.00 26752.00 18229.00
18637.00 28787.00 19055.00
Dec. 1998 19546.00 31383.00 19798.00
20046.00 33226.00 20182.00
19482.00 31708.00 19684.00
20199.00 33378.00 20251.00
20480.00 33421.00 20921.00
19855.00 32394.00 20279.00
20850.00 34663.00 21698.00
20480.00 33561.00 21008.00
20793.00 34109.00 21351.00
20267.00 33393.00 20902.00
21504.00 35915.00 22480.00
22470.00 37852.00 23692.00
Dec. 1999 24488.00 41789.00 26156.00
23707.00 39830.00 24929.00
25085.00 41777.00 26148.00
25512.00 44767.00 28021.00
24205.00 42637.00 26687.00
23254.00 40490.00 25342.00
24622.00 43559.00 27263.00
23855.00 41743.00 26126.00
25541.00 45522.00 28490.00
23888.00 41216.00 25795.00
23120.00 39266.00 24575.00
20867.00 33478.00 20953.00
Dec. 2000 21000.00 32419.00 20290.00
21384.00 34658.00 21693.00
19347.00 28774.00 18009.00
18012.00 25643.00 16050.00
19510.00 28886.00 18080.00
19458.00 28461.00 17814.00
19109.00 27802.00 17401.00
18603.00 27107.00 16966.00
17329.00 24891.00 15578.00
15532.00 22406.00 14023.00
16125.00 23581.00 14760.00
17277.00 25846.00 16178.00
Dec. 2001 17259.00 25798.00 16147.00
17085.00 25342.00 15862.00
16718.00 24290.00 15203.00
17329.00 25130.00 15729.00
16346.00 23079.00 14446.00
16189.00 22521.00 14096.00
15121.00 20438.00 12792.00
13984.00 19314.00 12089.00
13931.00 19372.00 12125.00
12583.00 17362.00 10868.00
13529.00 18955.00 11864.00
14194.00 19985.00 12508.00
Dec. 2002 13319.00 18604.00 11644.00
12916.00 18153.00 11361.00
12846.00 18069.00 11309.00
12951.00 18405.00 11519.00
13848.00 19766.00 12370.00
14533.00 20753.00 12988.00
14585.00 21039.00 13167.00
14954.00 21562.00 13495.00
15252.00 22099.00 13831.00
15077.00 21862.00 13683.00
15849.00 23090.00 14452.00
15972.00 23332.00 14604.00
Dec. 2003 16691.00 24138.00 15108.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since++ Since
Periods Ended December 31, 2003 1 Year 5 Year 10 Year May 1, 1999 5 Year 10 Year Inception
Russell 1000 Growth Index* 29.75% -5.11% 9.21% -6.73% -23.08% 141.38%
Combined Index*+ 29.75% -5.26% 4.21% -6.73% -23.68% 51.08%
Large Cap Growth Trust Series I 25.33% -3.11% 5.26% -4.29% -14.60% 66.91%
Large Cap Growth Trust Series II+++ 25.24% -2.50%
+ The Combined Index is comprised of 47.5% of the return of the Wilshire 5000
Index, 20% of the MSCI EAFE Index, 15% of the Lehman Brothers Aggregate Bond
Index, 10% of the 90 Day T-Bill, and 7.5% of the Merrill Lynch High Yield
Index since inception and 100% return of the Russell 1000 Growth Index
thereafter. The Combined Index was prepared by the adviser using Ibbotson
Associates Software and Data.
++ Current subadviser assignment became effective May 1, 1999.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Large Cap Growth Trust Series I returned
+25.33%, underperforming the +29.75% return of the Russell 1000 Growth Index.
ENVIRONMENT: The broad U.S. stock market, as represented by the S&P 500 Index,
gained substantial ground in 2003, providing some relief to investors who
endured several years of dismal equity returns. The strong results were likely a
product of several factors: Improving economic conditions led to a rapid gain in
corporate earnings, and investors reacted to the strong earnings reports by
pushing stock prices higher. In this environment, the portfolio underperformed
the Index. Security selection in Telecommunication Services was a major
detractor, as one of the portfolio's holdings experienced a labor dispute. Stock
picking in Technology further detracted, led by several large-cap stocks that
underperformed the sector. On the positive side was security selection in
Consumer Discretionary, where holdings in some online retailers performed well
as investor attention once again turned to these types of companies.
Additionally, the portfolio benefited from security selection in Financials,
particularly among brokers and asset management companies that rebounded as
market and trading activity improved.
xxviii
QUANTITATIVE EQUITY TRUST
INVESTMENT OBJECTIVE & To achieve intermediate and long-term growth through capital
POLICIES: appreciation and current income by investing at least 80% of
its net assets in common stocks or in securities convertible
into common stock or carrying rights or warrants to purchase
common stocks or to participate in earnings.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Rhonda Chang, Chris Hensen, Brett Hryb & Mark Schmeer
INCEPTION DATE: April 30, 1987
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[QUANTITIVE EQUITY TRUST PERFORMANCE GRAPH]
QUANTITATIVE EQUITY TRUST SERIES I S&P 500 INDEX
---------------------------------- -------------
Dec.1993 10000.00 10000.00
10410.00 10335.00
10113.00 10056.00
9504.00 9619.00
9625.00 9744.00
9655.00 9902.00
9340.00 9658.00
9732.00 9977.00
10124.00 10384.00
9948.00 10133.00
10033.00 10365.00
9594.00 9985.00
Dec.1994 9579.00 10131.00
9635.00 10394.00
9967.00 10797.00
10160.00 11117.00
10167.00 11441.00
10409.00 11892.00
10693.00 12172.00
11067.00 12577.00
11070.00 12611.00
11624.00 13140.00
11559.00 13094.00
12104.00 13670.00
Dec.1995 12379.00 13923.00
12687.00 14402.00
12898.00 14540.00
12914.00 14679.00
13177.00 14895.00
13463.00 15279.00
13426.00 15342.00
12696.00 14659.00
13124.00 14970.00
13807.00 15811.00
14239.00 16245.00
14992.00 17478.00
Dec.1996 14598.00 17135.00
15432.00 18199.00
15517.00 18347.00
14910.00 17583.00
15643.00 18633.00
16528.00 19777.00
17244.00 20659.00
18785.00 22300.00
18019.00 21060.00
19038.00 22213.00
18162.00 21471.00
18583.00 22465.00
Dec.1997 18954.00 22852.00
18945.00 23105.00
20327.00 24772.00
21363.00 26040.00
21507.00 26302.00
20985.00 25850.00
21735.00 26900.00
21241.00 26614.00
18089.00 22766.00
19190.00 24224.00
20691.00 26195.00
21944.00 27782.00
Dec.1998 23948.00 29383.00
25125.00 30612.00
24309.00 29661.00
25533.00 30847.00
25741.00 32042.00
25055.00 31286.00
26594.00 33022.00
26085.00 31991.00
25731.00 31833.00
25065.00 30960.00
26501.00 32919.00
27125.00 33589.00
Dec.1999 29288.00 35567.00
28643.00 33780.00
29413.00 33141.00
32585.00 36383.00
31466.00 35288.00
30493.00 34564.00
32272.00 35416.00
31952.00 34862.00
34845.00 37028.00
33908.00 35073.00
33446.00 34925.00
30126.00 32171.00
Dec.2000 31134.00 32328.00
31750.00 33475.00
28324.00 30423.00
26166.00 28496.00
28772.00 30710.00
28437.00 30916.00
27099.00 30163.00
26373.00 29867.00
24184.00 27997.00
21534.00 25736.00
22398.00 26227.00
23765.00 28239.00
Dec.2001 23988.00 28486.00
23235.00 28071.00
22426.00 27529.00
23472.00 28565.00
21533.00 26833.00
21155.00 26635.00
19338.00 24738.00
17940.00 22809.00
18079.00 22959.00
15898.00 20464.00
17380.00 22265.00
18261.00 23576.00
Dec.2002 17324.00 22190.00
16821.00 21608.00
16443.00 21284.00
16457.00 21491.00
17574.00 23261.00
18574.00 24487.00
18855.00 24801.00
19010.00 25237.00
19320.00 25729.00
19207.00 25457.00
19911.00 26897.00
20235.00 27134.00
Dec.2003 21404.00 28557.00
PERFORMANCE TABLE**
Cumulative Total Return
Average Annual Total Return Since
Periods Ended December 31, 2003 1 Year 5 Year 10 Year 5 Year 10 Year Inception
S&P 500 Index* 28.70% -0.57% 11.06% -2.81% 185.57%
Quantitative Equity Trust Series I 23.55% -2.22% 7.91% -10.62% 114.04%
Quantitative Equity Trust Series II+++ 23.40% -9.10%
Quantitative Equity Trust Series III*** 8.88%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Quantitative Equity Trust Series I returned
+23.55%, underperforming the +28.70% return of the S&P 500 Index and the +26.72%
return of the Morningstar Large Blend Peer Group.
ENVIRONMENT: Economic data improved steadily throughout the year. Figures for
2003 economic growth showed steady improvement from 1.4% in the first quarter,
3.3% in the second quarter and more than 8% for the third quarter. Employment
data also showed an improving trend during the third and fourth quarters.
The Technology sector was strong, with returns up by more than 46% for the year.
Other sectors that performed well included Materials and Consumer Discretionary.
Sectors that performed poorly for the year were Telecommunications Utilities,
Consumer Staples and Health Care. Performance for the year was strong in
absolute terms but lagged that of the S&P 500 Index. The Trust's average cash
position of about 3% hurt performance. The large cap bias of the portfolio also
had a negative impact due to the exceptional performance of the smallest, most
expensive stocks within the benchmark. Sectors that detracted from performance
during 2003 included Capital Goods and Consumer Staples. The Trust was
overweight the Consumer Staples sector for most of the year and this sector
underperformed the broader S&P 500 index. In Capital Goods the large defense
names all underperformed the market and the Trust had positions in several of
these names. Stock selection in Health Care strongly added to performance. Large
Cap pharmaceutical stocks were down meaningfully in 2003 and the fund benefit
from its under weight to this group.
OUTLOOK: We are bullish on the U.S. markets in 2004 given our forecasts for
economic growth and inflation (4% and 2%, respectively). Our expectation for
positive returns in 2004 is tempered by potential risks, the biggest being the
future direction of interest rates. Given the growth we have seen in the U.S.
economy, it is possible the Federal Reserve will take action on interest rates
as early as May.
xxix
BLUE CHIP GROWTH TRUST
INVESTMENT OBJECTIVE To achieve long-term growth of capital by investing at least
& POLICIES: 80% of the portfolio's net assets in the common stocks of
large and medium sized blue chip companies as defined by T.
Rowe Price Associates, Inc. These are firms that the
managers believe are well established in their industries
and have the potential for above-average earnings growth.
Current income is a secondary objective.
SUBADVISER: T. Rowe Price Associates, Inc.
PORTFOLIO MANAGER: Larry J. Puglia
INCEPTION DATE: December 11, 1992++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[BLUE CHIP GROWTH TRUST PERFORMANCE GRAPH]
BLUE CHIP GROWTH TRUST
SERIES I RUSSELL 1000 GROWTH S&P 500 INDEX
---------------------- ------------------- -------------
Dec.1993 10000.00 10000.00 10000.00
10115.00 10231.00 10335.00
9916.00 10045.00 10056.00
9382.00 9559.00 9619.00
9541.00 9605.00 9744.00
9488.00 9750.00 9902.00
9110.00 9462.00 9658.00
9352.00 9785.00 9977.00
9920.00 10331.00 10384.00
9709.00 10190.00 10133.00
9804.00 10430.00 10365.00
9594.00 10096.00 9985.00
Dec.1994 9520.00 10266.00 10131.00
9741.00 10484.00 10394.00
9951.00 10924.00 10797.00
10246.00 11243.00 11117.00
10387.00 11489.00 11441.00
10714.00 11890.00 11892.00
11158.00 12349.00 12172.00
11623.00 12862.00 12577.00
11612.00 12876.00 12611.00
11950.00 13469.00 13140.00
11771.00 13479.00 13094.00
12119.00 14003.00 13670.00
Dec.1995 12046.00 14083.00 13923.00
12447.00 14554.00 14402.00
12743.00 14820.00 14540.00
12838.00 14839.00 14679.00
13353.00 15230.00 14895.00
13872.00 15762.00 15279.00
13735.00 15783.00 15342.00
12834.00 14858.00 14659.00
13321.00 15242.00 14970.00
14371.00 16352.00 15811.00
14318.00 16450.00 16245.00
15377.00 17685.00 17478.00
Dec.1996 15165.00 17339.00 17135.00
15801.00 18555.00 18199.00
15822.00 18430.00 18347.00
15102.00 17432.00 17583.00
15772.00 18590.00 18633.00
16684.00 19931.00 19777.00
17377.00 20729.00 20659.00
18686.00 22562.00 22300.00
17839.00 21242.00 21060.00
18698.00 22287.00 22213.00
18262.00 21463.00 21471.00
18827.00 22375.00 22465.00
Dec.1997 19250.00 22626.00 22852.00
19468.00 23302.00 23105.00
20944.00 25055.00 24772.00
21894.00 26053.00 26040.00
22121.00 26414.00 26302.00
21572.00 25664.00 25850.00
22552.00 27236.00 26900.00
22304.00 27056.00 26614.00
18708.00 22996.00 22766.00
19820.00 24762.00 24224.00
21532.00 26752.00 26195.00
22853.00 28787.00 27782.00
Dec.1998 24735.00 31383.00 29383.00
25441.00 33226.00 30612.00
24722.00 31708.00 29661.00
25638.00 33378.00 30847.00
26293.00 33421.00 32042.00
25542.00 32394.00 31286.00
27084.00 34663.00 33022.00
26183.00 33561.00 31991.00
25883.00 34109.00 31833.00
25392.00 33393.00 30960.00
27166.00 35915.00 32919.00
27753.00 37852.00 33589.00
Dec.1999 29542.00 41789.00 35567.00
28586.00 39830.00 33780.00
28873.00 41777.00 33141.00
31357.00 44767.00 36383.00
30410.00 42637.00 35288.00
29739.00 40490.00 34564.00
31509.00 43559.00 35416.00
30866.00 41743.00 34862.00
33506.00 45522.00 37028.00
31794.00 41216.00 35073.00
31081.00 39266.00 34925.00
28098.00 33478.00 32171.00
Dec.2000 28726.00 32419.00 32328.00
29125.00 34658.00 33475.00
26029.00 28774.00 30423.00
23817.00 25643.00 28496.00
26141.00 28886.00 30710.00
26358.00 28461.00 30916.00
25707.00 27802.00 30163.00
25041.00 27107.00 29867.00
23290.00 24891.00 27997.00
21601.00 22406.00 25736.00
22438.00 23581.00 26227.00
24204.00 25846.00 28239.00
Dec.2001 24530.00 25798.00 28486.00
23832.00 25342.00 28071.00
23135.00 24290.00 27529.00
24220.00 25130.00 28565.00
22732.00 23079.00 26833.00
22345.00 22521.00 26635.00
20408.00 20438.00 24738.00
18920.00 19314.00 22809.00
19277.00 19372.00 22959.00
17278.00 17362.00 20464.00
18936.00 18955.00 22265.00
19881.00 19985.00 23576.00
Dec.2002 18579.00 18604.00 22190.00
18207.00 18153.00 21608.00
18022.00 18069.00 21284.00
18331.00 18405.00 21491.00
19828.00 19766.00 23261.00
20852.00 20753.00 24487.00
21115.00 21039.00 24801.00
21580.00 21562.00 25237.00
21828.00 22099.00 25729.00
21518.00 21862.00 25457.00
22681.00 23090.00 26897.00
22914.00 23332.00 27134.00
Dec.2003 23999.00 24138.00 28557.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since++ Since
Periods Ended December 31, 2003 1 Year 5 Year 10 Year Oct 1, 1996 5 Year 10 Year Inception
S&P 500 Index+ 28.70% -0.57% 11.06% 8.50% -2.81% 185.57%
Russell 1000 Growth* 29.75% -5.11% 9.21% 5.52% -23.08% 141.38%
Blue Chip Growth Trust Series I 29.17% -0.60% 9.15% 7.40% -2.98% 139.99%
Blue Chip Growth Trust Series II+++ 29.02% -0.48%
Blue Chip Growth Trust Series III*** 7.80%
++ Current subadviser assignment became effective October 1, 1996.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
+ This Index was added to more accurately reflect the investment objective of
the Trust.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Blue Chip Growth Trust Series I returned
+29.17%, outperforming the +28.70% return of the S&P 500 Index.
ENVIRONMENT: U.S. stocks posted solid gains in 2003. Investors bid up equities,
which were buoyed by favorable economic data, stronger earnings growth, signs of
job market stabilization and rising global demand. For the year, the portfolio
posted a strong gain that almost matched the style-specific Russell 1000 Growth
Index and edged the S&P 500 Index.
The Telecommunications Services sector produced the strongest contribution to
the portfolio's relative results, largely because of good stock selection. Two
communications firms rallied sharply and were top absolute and relative
performance contributors for the year. Similarly, the Health Care sector
contributed to relative results despite our overweight position, which limited
gains. Strength came mostly from pharmaceuticals and biotechnology holdings
during the period.
The Consumer Discretionary sector was the largest drag on relative results, and
although the Information Technology (IT) sector led the market higher, the IT
services industry languished.
OUTLOOK: As economic growth continues to accelerate into 2004, we expect
earnings at many U.S. companies to also show sharp improvement. Despite the
strong gains this year, driven mostly by small- and mid-cap stocks, we are
optimistic about the prospects for large-cap stocks as history indicates that
this group is likely to outperform in the second year of an expansion.
Additionally, we believe that many consistent growth companies with strong free
cash flow and dividend growth potential appear to be undervalued, providing us
with advantageous investing opportunities.
xxx
U.S. LARGE CAP TRUST (FORMERLY U.S. LARGE CAP VALUE TRUST)
INVESTMENT OBJECTIVE & To achieve long-term growth of capital and income by
POLICIES: investing at least 80% of the portfolio's net assets in
equity and equity-related securities of companies with
market capitalization greater than $500 million at the time
of purchase.
SUBADVISER: Capital Guardian Trust Company
PORTFOLIO MANAGERS: Terry Berkemeier, Michael R. Ericksen, David I. Fisher,
Karen A. Miller, Theodore R. Samuels, Eugene P. Stein and
Alan J. Wilson
INCEPTION DATE: May 1, 1999
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[U.S. LARGE CAP TRUST PERFORMANCE GRAPH]
S&P 500 INDEX US LARGE CAP TRUST SERIES I
------------- ---------------------------
10000.00 10000.00
9764.00 9744.00
10306.00 10168.00
9984.00 10040.00
9935.00 9808.00
9662.00 9416.00
10274.00 9744.00
10483.00 9808.00
Dec.1999 11100.00 10272.00
10542.00 9800.00
10343.00 9696.00
11355.00 10656.00
11013.00 10606.00
10787.00 10590.00
11053.00 10566.00
10880.00 10509.00
11556.00 11042.00
10946.00 10711.00
10900.00 10687.00
10040.00 9977.00
Dec.2000 10089.00 10558.00
10447.00 11058.00
9495.00 10219.00
8893.00 9808.00
9584.00 10689.00
9649.00 10869.00
9414.00 10591.00
9321.00 10509.00
8738.00 9930.00
8032.00 8780.00
8185.00 9179.00
8813.00 10028.00
Dec.2001 8890.00 10289.00
8761.00 10053.00
8592.00 9718.00
8915.00 10330.00
8374.00 9678.00
8313.00 9514.00
7720.00 8524.00
7119.00 7690.00
7165.00 7592.00
6387.00 6806.00
6949.00 7551.00
7358.00 8303.00
Dec.2002 6925.00 7698.00
6744.00 7534.00
6643.00 7510.00
6707.00 7608.00
7260.00 8316.00
7642.00 8891.00
7740.00 9031.00
7876.00 9285.00
8030.00 9507.00
7945.00 9327.00
8394.00 9935.00
8468.00 10074.00
Dec. 2003 8912.00 10551.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
S&P 500 Index* 28.70% -2.44% -10.88%
U.S. Large Cap Trust Series I 37.06% 1.16% 5.51%
U.S. Large Cap Trust Series II+++ 36.68% 2.26% 4.41%
U.S. Large Cap Trust Series III*** 9.56%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the U.S. Large Cap Trust Series I returned
37.06%, outperforming the 28.70% return of the S&P 500 Index.
ENVIRONMENT: The U.S. equity market closed 2003 very strongly, with all sectors
in the portfolio returning double-digits for the year. The largest contributor
to relative returns for the year was an overweight and strong stock selection in
Technology -- specifically semiconductor equipment manufacturers and other
companies focusing on high-value-added equipment or components within the
technology chain. Stock selection within the pharmaceuticals industry also
helped as our concentration in companies with solid drug pipelines outperformed
the Index for the year. The portfolio's underweight to Consumer Staples was also
helpful as Foods and other less economically sensitive stocks underperformed the
broad market. On the negative side, stock selection among Integrated Oils and
Financial stocks hindered results.
OUTLOOK: The best results in 2003 came from depressed industries such as
Technology and from stocks of low-quality companies whose prospects dramatically
improved as their balance sheets recovered. Many of these stocks now look fully
valued. Our research is currently identifying attractive investments in a
broader range of sectors, often in defensive industries that trailed the market
for most of 2003.
xxxi
STRATEGIC VALUE TRUST (FORMERLY CAPITAL OPPORTUNITIES TRUST)
INVESTMENT OBJECTIVE & To seek capital appreciation. The portfolio invests, under
POLICIES: normal market conditions, at least 65% of its net assets in
common stocks and related securities, such as preferred
stock, convertible securities and depositary receipts, of
companies which MFS believes are undervalued in the market
relative to their long term potential.
SUBADVISER: MFS Investment Management
PORTFOLIO MANAGER: Kenneth J. Enright
INCEPTION DATE: April 30, 2001 (manager, investment process & style changed
as of May 1, 2003)
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[STRATEGIC VALUE TRUST PERFORMANCE GRAPH]
STRATEGIC VALUE TRUST SERIES
I S&P 500 INDEX RUSSELL 1000 VALUE INDEX
---------------------------- ------------- ------------------------
Apr.2001 10000 10000 10000
9960 10067 10225
Jun.2001 9568 9822 9998
9135 9726 9977
8296 9117 9577
Sep.2001 7303 8381 8903
7712 8541 8826
8383 9196 9339
Dec.2001 8560 9276 9559
8168 9141 9486
8048 8964 9501
Mar.2002 8472 9302 9950
7968 8738 9609
7736 8673 9657
Jun.2002 6976 8055 9103
6305 7427 8257
6376 7476 8319
Sep.2002 5729 6664 7394
6152 7250 7942
6704 7677 8442
Dec.2002 6232 7225 8075
6088 7036 7880
5936 6930 7670
Mar.2003 5976 6997 7683
6545 7574 8359
6977 7973 8899
Jun.2003 7161 8075 9010
7217 8217 9144
7425 8378 9287
Sep.2003 7257 8289 9196
7505 8758 9758
7537 8835 9891
Dec.2003 8025 9299 10500
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
S&P 500 Index* 28.70% -2.69% -7.01%
Russell 1000 Value Index*+ 30.03% 1.85% 5.00%
Strategic Value Trust Series I 28.78% -7.90% -19.75%
Strategic Value Trust Series II+++ 28.68% -1.31% -2.52%
Strategic Value Trust Series III*** 6.48%
+ The Index was added to more accurately reflect the current strategy of the
manager.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Strategic Value Trust Series I returned
+28.78%, underperforming the +30.03% return of the Russell 1000 Value Index.
ENVIRONMENT: An underweighting in technology and stock selection in the energy
sectors were key factors in the portfolio's relative underperformance compared
with its benchmark. One pharmaceutical company saw its stock price decline
sharply because of announcements of lower earnings, investigations of past
pricing and shareholder reporting practices, and marketing difficulties with a
prescription allergy drug. The portfolio's position in several Energy companies
also hurt relative performance as concerns arose over sustainable natural gas
prices and the lack of evidence of capital spending in the industry.
In Basic Materials, the stock of a company that manufactures glass and plastic
packaging detracted from performance as it faced pressure from rising fuel
prices at its factories as well as concerns about its highly leveraged balance
sheet and potential asbestos liabilities. Retailing, Utilities and
Communications were among the portfolio's strongest-performing sectors, and
individual holdings in several other sectors, such as Financial Services,
contributed to performance. A large undervalued retailer contributed to positive
performance. Another large retailer performed well as it posted strong sales
figures after beginning the year selling at a very attractive valuation. The
portfolio also benefited from a large wireless telephone company and a bank
merger that boosted the stock price of a bank holding on the announcement of a
large takeover offer.
xxxii
LARGE CAP VALUE TRUST
INVESTMENT OBJECTIVE The portfolio seeks long-term growth of capital through
& POLICIES: investment primarily in a diversified portfolio of equity
securities of large-cap companies located in the United
States. The portfolio seeks to achieve its investment
objective by investing at least 80% of its net assets in
common stocks of large cap companies the subadviser selects
from among those that are, at the time of purchase, included
in the Russell 1000 Index.
SUBADVISER: Mercury Advisors
PORTFOLIO MANAGER: Bob Doll
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[LARGE CAP VALUE TRUST PERFORMANCE GRAPH]
LARGE CAP VALUE TRUST SERIES I RUSSELL 1000 VALUE INDEX
------------------------------ ------------------------
Apr. 2003 10000 10000
May 2003 10504 10645
Jun. 2003 10696 10778
Jul. 2003 10832 10938
Aug. 2003 11128 11109
Sep. 2003 11152 11000
Oct. 2003 12152 11673
Nov. 2003 12536 11832
Dec. 2003 12765 12562
PERFORMANCE TABLE**
Cumulative Total Return
Periods Ended December 31, 2003 Since Inception
Russell 1000 Value Index* 25.62%
Large Cap Value Trust Series I 27.65%
Large Cap Value Trust Series II 27.49%
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: Since the Trust's inception on May 5, 2003, the Large Cap Value
Trust Series I returned +27.65%, outperforming the +25.62% return of the Russell
1000 Value Index.
ENVIRONMENT: The Trust's performance versus its benchmark benefited from
positive stock selection in the Health Care and Consumer Discretionary sectors,
a significant overweight in the Consumer Discretionary sector, and a
considerable underweight in Telecommunication Services. Conversely, poor stock
selection and underweight positions in the Financials and Materials sectors
detracted from the relative return.
During the year, we adopted a more cyclical orientation to the portfolio with
increased leverage to an improving U.S. economy. Consequently, we added
significantly to our Information Technology holdings, maintained an overweight
exposure in the Consumer Discretionary sector, and trimmed our positions in
Health Care, Energy and Consumer Staples.
OUTLOOK: The portfolio remains overweight versus the benchmark in cyclical areas
of the market, including Consumer Discretionary and Information Technology, and
underweight in Financials and Consumer Staples. As usual, through careful stock
selection, we are focusing on companies that we believe have positive earnings
momentum, earnings surprises, and valuation characteristics.
xxxiii
UTILITIES TRUST
INVESTMENT OBJECTIVE To achieve capital growth and current income (income above
& POLICIES: that available from a portfolio invested entirely in equity
securities) by investing at least 80% of the portfolio's net
assets in equity and debt securities of domestic and foreign
companies in the utilities industry.
SUBADVISER: MFS Investment Management(R)
PORTFOLIO MANAGER: Maura A. Shaughnessy
INCEPTION DATE: April 30, 2001
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[UTILITIES TRUST PERFORMANCE GRAPH]
UTILITIES TRUST SERIES I S&P UTILITIES INDEX
------------------------ -------------------
Apr. 2001 10000.00 10000.00
9688.00 9681.00
Jun. 2001 9048.00 8910.00
8712.00 8499.00
8216.00 8268.00
Sep. 2001 7424.00 7311.00
7424.00 7284.00
7336.00 6893.00
Dec. 2001 7470.00 7073.00
6891.00 6666.00
6698.00 6519.00
Mar. 2002 7068.00 7312.00
6787.00 7176.00
6465.00 6539.00
Jun. 2002 5966.00 6075.00
5404.00 5226.00
5661.00 5422.00
Sep. 2002 5243.00 4721.00
5436.00 4636.00
5652.00 4758.00
Dec. 2002 5717.00 4952.00
5733.00 4800.00
5621.00 4573.00
Mar. 2003 5749.00 4797.00
6264.00 5212.00
6729.00 5756.00
Jun. 2003 6891.00 5821.00
6704.00 5441.00
6794.00 5545.00
Sep. 2003 6932.00 5792.00
7063.00 5854.00
7217.00 5860.00
Dec. 2003 7691.00 6252.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
S&P Utilities Index* 26.26% -16.15% -37.48%
Utilities Trust Series I 34.53% -9.36% -23.09%
Utilities Trust Series II+++ 34.25% 4.41% 8.69%
Utilities Trust Series III*** 11.20%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Utilities Trust Series I returned +34.53%,
outperforming the +26.26% return of the S&P Utilities Index.
ENVIRONMENT: Over the year, the electric utility and natural gas industries
experienced a dramatic recovery from the devastation initiated by Enron. In
2002, in the wake of the Enron scandal, utilities symbolized what was wrong with
American business. Credit rating agencies took a dim view of any company with
energy trading or merchant generation exposure and viewed most utilities as
having too much debt on their balance sheets. This initiated a downward spiral
in mid-2002 that decimated both stocks and bonds of many utilities. In our view,
the rating agencies and investors largely ignored the fact that Enron went
bankrupt because of fraud, not because it was in the energy trading or electric
generation business.
Over the period, investors seemed to realize that most utilities were probably
undervalued. Utilities began to improve their balance sheets by issuing equity
to pay down debt. Banks restructured utility debt at lower rates and longer
maturities. The result was strong performance in the first half of 2003, as
beaten-down utility securities recovered. In the second half of 2003, however,
Utility issues were largely left behind in a stock market rally that focused on
more cyclical companies, particularly in Technology and Financial Services.
In Telecommunications, performance was mixed. Earnings of regional Bell
operating companies (RBOCs), continued to be hampered by a murky regulatory
environment that, in our view, put them at a disadvantage relative to
competition from cable companies. Convertible preferred bonds of an electric
power generator also contributed strongly to performance. The firm's credit
outlook, and thus its bond prices, strengthened over the period as the company
improved its cash flow and negotiated more favorable terms on its debt. As
natural gas prices appreciated over the winter of 2002-2003, portfolio
performance was also helped by positions in what we viewed as some of the
best-managed companies in the industry: an integrated gas production and
distribution firm, a pipeline company and a distribution firm.
Over the period, some of the largest detractors from performance were positions
in several RBOCs. Relative performance was also hurt by our underweighted
positions in some electric generation and natural gas companies that performed
very well over the period.
xxxiv
REAL ESTATE SECURITIES TRUST
INVESTMENT OBJECTIVE The portfolio invests, under normal market conditions, at
& POLICIES: least 80% of net assets (plus any borrowings for investment
purposes) in equity securities of real estate investment
trusts ("REITS") and real estate companies. Equity
securities include common stock, preferred stock and
securities convertible into common stock.
SUBADVISER: Deutsche Asset Management
PORTFOLIO MANAGERS: Karen Knudson, John F. Robertson, John W. Vojtick and Mark
D. Zeisloft
INCEPTION DATE: April 30, 1987++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[REAL ESTATE SECURITIES TRUST PERFORMANCE GRAPH]
REAL ESTATE TRUST SERIES I WILSHIRE REAL ESTATE SECURITIES
-------------------------- -------------------------------
Dec.1993 10000.00 10000.00
10178.00 10300.00
10762.00 10721.00
10366.00 10225.00
10319.00 10339.00
10460.00 10554.00
10304.00 10347.00
10093.00 10370.00
10214.00 10363.00
9960.00 10190.00
9478.00 9817.00
9066.00 9433.00
Dec.1994 9723.00 10164.00
9421.00 9836.00
9611.00 10144.00
9574.00 10203.00
9575.00 10129.00
9953.00 10464.00
10292.00 10647.00
10476.00 10818.00
10758.00 10950.00
10874.00 11151.00
10595.00 10806.00
10590.00 10918.00
Dec.1995 11195.00 11551.00
11310.00 11711.00
11400.00 11943.00
11329.00 12039.00
11348.00 12094.00
11666.00 12363.00
11870.00 12611.00
11826.00 12498.00
12325.00 13029.00
12543.00 13355.00
12979.00 13717.00
13453.00 14286.00
Dec.1996 15079.00 15811.00
15034.00 16037.00
15043.00 16046.00
15106.00 16101.00
14572.00 15581.00
15034.00 16045.00
15862.00 16841.00
16342.00 17395.00
16129.00 17266.00
17650.00 18969.00
17098.00 18163.00
17418.00 18528.00
Dec.1997 17854.00 18941.00
17614.00 18674.00
17347.00 18435.00
17819.00 18798.00
17171.00 18206.00
17080.00 18031.00
17019.00 17936.00
15848.00 16687.00
14282.00 14953.00
15141.00 15791.00
14868.00 15575.00
15090.00 15867.00
Dec.1998 14919.00 15640.00
14474.00 15301.00
14222.00 15180.00
14020.00 15098.00
15407.00 16708.00
15663.00 16990.00
15269.00 16701.00
14705.00 16062.00
14470.00 15821.00
13853.00 15107.00
13650.00 14826.00
13342.00 14593.00
Dec.1999 13725.00 15142.00
13342.00 15204.00
12937.00 14914.00
13778.00 15567.00
14494.00 16677.00
14716.00 16877.00
14793.00 17446.00
15757.00 19012.00
15624.00 18328.00
16056.00 18924.00
15613.00 18102.00
15901.00 18510.00
Dec.2000 17253.00 19796.00
17109.00 19994.00
16710.00 19578.00
16622.00 19594.00
17028.00 20060.00
17200.00 20622.00
18118.00 21737.00
17682.00 21303.00
18187.00 22046.00
17246.00 20739.00
16627.00 19963.00
17407.00 21257.00
Dec.2001 17797.00 21873.00
17797.00 21967.00
18141.00 22470.00
19276.00 23852.00
19368.00 24000.00
19782.00 24243.00
20184.00 24740.00
18954.00 23208.00
19120.00 23217.00
18422.00 22191.00
17405.00 21086.00
18067.00 22130.00
Dec.2002 18256.00 22453.00
17854.00 21795.00
18162.00 22115.00
18682.00 22677.00
19457.00 23632.00
20517.00 24988.00
20907.00 25476.00
22077.00 26953.00
22442.00 27242.00
23234.00 28160.00
23478.00 28588.00
24623.00 29826.00
Dec.2003 25403.00 30774.00
PERFORMANCE TABLE**
Average Annual Total Return
Since++ Cumulative Total Return
1 5 10 Nov 25, 5 10 Since
Periods Ended December 31, 2003 Year Year Year 2002 Year Year Inception
Wilshire Real Estate Securities Index* 37.06% 14.50% 11.90% 35.58% 96.76% 207.74%
Real Estate Securities Trust Series I 39.15% 11.23% 9.77% 36.86% 70.28% 154.03%
Real Estate Securities Trust Series II+++ 38.93% 36.58% 43.17%
Real Estate Securities Trust Series III*** 10.49%
++ Current subadviser assignment became effective November 25, 2002.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Real Estate Securities Trust Series I
returned +39.15%, outperforming the +37.06% return of the Wilshire Real Estate
Securities Index.
ENVIRONMENT: During 2003, REITs performed very well, as investors continued to
be attracted to the yield and the attractive relative valuations available in
this asset class. Over the year, sector selection and stock selection, in
particular, made a significant contribution to performance. From a sector
perspective, mall, retail, hotel and storage outperformed the other property
types during the quarter, while the apartment sector lagged. As such, our
overweight positions in the mall and hotel areas over the year benefited
performance as these were two of the best performing sectors on an annual basis.
Meanwhile, our overweight position in apartments for much of the year detracted
from performance. From a stock perspective, our individual holdings in retail,
office, industrial and hotels performed particularly well relative to the
benchmark.
OUTLOOK: As the economy improves, we continue to believe that REITs will perform
well. Though other asset classes performed particularly well during the fourth
quarter, investor interest in REITs remains strong. Furthermore, concern about
valuation is offset by the expectation of improving real estate fundamentals.
xxxv
SMALL CAP OPPORTUNITIES TRUST
INVESTMENT OBJECTIVE & To achieve long-term capital appreciation by investing,
POLICIES: under normal circumstances, at least 80% of its net assets,
in smaller-capitalization companies that the managers
believe are undervalued but have stable or improving
earnings records and sound finances. Small-capitalization
companies generally have a market capitalization below $1.5
billion at the time of purchase.
SUBADVISER: Munder Capital Management
PORTFOLIO MANAGERS: Robert E. Crosby, Julie R. Hollinshead and John P.
Richardson
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[SMALL CAP OPPORTUNITIES TRUST PERFORMANCE GRAPH]
SMALL CAP OPPORTUNITIES TRUST RUSSEL 2000 VALUE INDEX
----------------------------- -----------------------
Apr. 2003 10000.00 10000.00
May 2003 10568.00 11021.00
Jun. 2003 10969.00 11207.00
Jul. 2003 11233.00 11766.00
Aug. 2003 11545.00 12214.00
Sep. 2003 11777.00 12073.00
Oct. 2003 12897.00 13057.00
Nov. 2003 13385.00 13559.00
Dec. 2003 14000.00 14050.00
PERFORMANCE TABLE**
Cumulative Total Return
Since
Periods Ended December 31, 2003 Inception
Russell 2000 Value Index* 40.50%
Small Cap Opportunities Trust Series I 40.00%
Small Cap Opportunities Trust Series II 39.84%
Small Cap Opportunities Trust Series III*** 17.85%
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: Since inception on May 5, 2003, the Small Cap Opportunities Trust
Series I returned +40.00%, underperforming the +40.50% return of the Russell
2000 Value Index.
ENVIRONMENT: The portfolio was helped by good stock selection, but was hurt by
holding some cash as the stock market soared. We target to hold cash at a
maximum of 5%.
The strongest sectors in the portfolio were Consumer Discretionary, Financials
and Health Care. We were underweight in Technology, causing the portfolio to
underperform the best performing sector in the Index. Our focus is on companies
with a high return on capital, but reasonable valuations. This focus will almost
always lead to an underweight in the Technology and Utility sectors.
The small cap market has performed extremely well. Further strong performance
will be more dependent on good earnings' growth. We will continue to focus on
stocks with the combination of the best fundamentals and valuation.
xxxvi
SMALL COMPANY VALUE TRUST
INVESTMENT OBJECTIVE To achieve long-term growth of capital by investing at least
& POLICIES: 80% of its net assets in companies with market
capitalizations that do not exceed the maximum market
capitalization of any security in the Russell 2000 Index at
the time of purchase. Portfolio securities are also selected
by what T. Rowe Price believes to be undervalued companies
that have good prospects for capital appreciation.
SUBADVISER: T. Rowe Price Associates, Inc.
PORTFOLIO MANAGERS: Preston G. Athey
INCEPTION DATE: October 1, 1997++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[SMALL COMPANY VALUE TRUST PERFORMANCE GRAPH]
SMALL COMPANY VALUE TRUST SERIES
I RUSSELL 2000 VALUE INDEX
-------------------------------- ------------------------
Sep. 1997 10000.00 10000.00
9512.00 9728.00
9496.00 9835.00
Dec. 1997 9552.00 10168.00
9368.00 9984.00
10032.00 10587.00
10448.00 11017.00
10622.00 11071.00
10141.00 10679.00
Jun. 1998 9965.00 10620.00
9213.00 9788.00
7652.00 8255.00
8140.00 8722.00
8164.00 8981.00
8677.00 9224.00
Dec. 1998 9101.00 9514.00
9037.00 9298.00
8341.00 8663.00
8356.00 8591.00
8627.00 9375.00
8771.00 9663.00
Jun. 1999 9276.00 10013.00
9139.00 9775.00
8891.00 9419.00
8899.00 9230.00
8810.00 9046.00
9099.00 9093.00
Dec .1999 9828.00 9371.00
9660.00 9126.00
10541.00 9684.00
10125.00 9730.00
9746.00 9787.00
9240.00 9637.00
Jun. 2000 9898.00 9919.00
9673.00 10249.00
10234.00 10707.00
10106.00 10646.00
10058.00 10608.00
9408.00 10391.00
Dec. 2000 10412.00 11509.00
10533.00 11827.00
10420.00 11810.00
10067.00 11621.00
10610.00 12159.00
10876.00 12472.00
Jun. 2001 11044.00 12973.00
10892.00 12682.00
10611.00 12638.00
9622.00 11243.00
9976.00 11536.00
10426.00 12366.00
Dec. 2001 11092.00 13124.00
11333.00 13298.00
11502.00 13379.00
12314.00 14381.00
12796.00 14887.00
12263.00 14395.00
Jun. 2002 11907.00 14076.00
10314.00 11985.00
10362.00 11931.00
9797.00 11079.00
9966.00 11246.00
10532.00 12143.00
Dec. 2002 10435.00 11624.00
10063.00 11296.00
9796.00 10917.00
10144.00 11034.00
11083.00 12082.00
11750.00 13315.00
Jun. 2003 11864.00 13541.00
12336.00 14216.00
12703.00 14756.00
12500.00 14587.00
13306.00 15776.00
13656.00 16381.00
Dec. 2003 13948.00 16975.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since++ Since
Periods Ended December 31, 2003 1 Year 5 Year Inception Apr 30, 2001 5 Year Inception
Russell 2000 Value Index* 46.03% 12.28% 8.83% 13.33% 78.45% 69.75%
Small Company Value Trust Series I 33.66% 8.91% 5.47% 10.78% 53.26% 39.48%
Small Company Value Trust Series II+++ 33.56% 12.37% 25.28%
Small Company Value Trust Series III*** 7.33%
++ Current subadvisor assignment became effective April 30, 2001.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Small Company Value Trust Series I returned
+33.66%, underperforming the +46.03% return of the Russell 2000 Value Index.
ENVIRONMENT: U.S. stocks bounced back from a three-year bear market in 2003,
with several major indexes finishing the year at their highest levels in nearly
two years. The rally gathered steam in mid-year on stronger corporate earnings
growth and mounting evidence of a self-sustaining economic recovery. For the
year, small-caps outperformed large, and growth, led by Technology stocks,
outperformed value.
Improving investor confidence about an economic recovery led to a sharp rebound
in speculative/riskier small-cap stocks. The portfolio's underperformance was
primarily due to our lower-than-benchmark risk posture, and stock selection in
the Health Care and Industrials sectors.
OUTLOOK: Small-cap stocks led the bull market in 2003 and we expect the positive
environment for the asset class to continue into 2004. While we select stocks in
an individual bottom-up fashion, there are a few industries -- Commercial
Transportation, Commercial Services, Paper and Forest Products, and Construction
Materials -- that appear undervalued and have our attention. We will likely
remain underweight in Financials, in deference to our concern about rising
interest rates. Regardless of the economic climate, we remain focused on our
investment strategy -- investing in small, out-of-favor and undervalued
companies.
xxxvii
SPECIAL VALUE TRUST
INVESTMENT OBJECTIVE To achieve long-term growth of capital by investing at least
& POLICIES: 80% of the value of its net assets in the common stock and
other equity securities of smaller-capitalized U.S.
companies believed to be undervalued.
SUBADVISER: Salomon Brothers Asset Management
PORTFOLIO MANAGERS: Peter J. Hable & Thomas B. Driscoll
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[SPECIAL VALUE TRUST PERFORMANCE GRAPH]
SPECIAL VALUE TRUST SERIES I RUSSELL 2000 VALUE INDEX
---------------------------- ------------------------
Apr. 2003 10000 10000
May. 2003 10416 11021
Jun. 2003 10664 11207
Jul. 2003 11184 11766
Aug. 2003 11568 12214
Sep. 2003 11344 12073
Oct. 2003 11831 13057
Nov. 2003 12151 13559
Dec. 2003 12656 14050
PERFORMANCE TABLE**
Cumulative Total Return
Since
Periods Ended December 31, 2003 Inception
Russell 2000 Value Index* 40.50%
Special Value Trust Series I 26.56%
Special Value Trust Series II 26.40%
Special Value Trust Series III*** 7.99%
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: Since inception on May 5, 2003, the Special Value Trust Series I
returned +26.56%, underperforming the +40.50% return of the Russell 2000 Value
Index.
ENVIRONMENT: For the past year, the market for small-cap stocks strongly favored
companies with the lowest share prices, smallest size and highest volatility.
This has presented one of the most difficult periods for active small-cap
managers, as it is very difficult and risky to have a large concentration in
these speculative companies. To date, this situation has left us with good
absolute returns, but behind the Russell 2000 Value Index. We expect that as the
economy continues to recover, the market for small-cap stocks will broaden and
we will see a move away from speculative trading.
We have positioned the portfolio in sectors that we expect will benefit from
economic recovery, with a particular focus on companies that will benefit from a
return of corporate spending. As the economy has begun to recover, we have seen
a resurgence of corporate capital expenditures. Consequently, we have a
significant overweight in the Producer Durables ("Industrials"), Technology and
Basic Materials sectors.
With an increase in economic activity, we have anticipated a rise in interest
rates and a steepening yield curve. Consequently, we have underweighted sectors
that we believe will be hurt by rising interest rates, in particular the
Financial sector. Our largest underweights within this sector are the savings
and loans, and banks that focus on mortgage origination. We are also
underweighted in Real Estate Investment Trusts (REITs). Finally, we are
underweighted in Utilities because of high valuations, increasing interest rates
and a difficult regulatory environment.
OUTLOOK: Small-cap stocks have outperformed larger-caps for more than three
years. This period of relative outperformance by small-cap stocks has narrowed
the extreme valuation gap that has existed between small and large-cap companies
since 1998. In our opinion, however, small-cap stocks are still priced at
compelling levels relative to large-cap stocks. While the outperformance of
small-cap stocks over the last few years may have eliminated the potential for
dramatic gains relative to large cap companies, we believe small-cap valuations
still imply further superior return potential.
xxxviii
MID CAP VALUE TRUST
INVESTMENT OBJECTIVE To achieve capital appreciation by investing at least 80% of
& POLICIES: the portfolio's net assets will consist of investments in
mid-sized companies, with market capitalizations of
approximately $500 million to $10 billion.
SUBADVISER: Lord, Abbett & Co. LLC
PORTFOLIO MANAGER: Eileen K. Banko, David G. Builder, Howard E. Hansen and
Edward K. von der Linde
INCEPTION DATE: April 30, 2001
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[MID CAP VALUE TRUST PERFORMANCE GRAPH]
MID CAP VALUE TRUST SERIES I RUSSELL MIDCAP VALUE INDEX
---------------------------- --------------------------
Apr. 2001 10000 10000
10240 10284
Jun. 2001 10096 10147
10047 10107
9920 9922
Sep. 2001 9248 8975
9656 9023
10152 9654
Dec. 2001 10472 10054
10152 10156
10456 10321
Mar. 2002 11049 10848
10953 10841
10936 10825
Jun. 2002 10383 10342
9388 9329
9588 9438
Sep. 2002 8851 8485
8995 8754
9757 9306
Dec. 2002 9413 9085
9012 8833
8659 8687
Mar. 2003 8652 8716
9215 9379
9811 10204
Jun. 2003 9980 10275
10189 10595
10680 10971
Sep. 2003 10471 10886
10866 11685
11189 12023
Dec. 2003 11800 12543
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Russell Midcap Value Index* 38.07% 8.87% 25.43%
Mid Cap Value Trust Series I 25.36% 6.39% 18.00%
Mid Cap Value Trust Series II+++ 25.14% 8.14% 16.32%
Mid Cap Value Trust Series III*** 9.49%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Mid Cap Value Trust Series I returned
+25.36%, underperforming the +38.07% return of the Russell Midcap Value Index.
ENVIRONMENT: Stock selection in the Materials and Processing sector detracted
from relative performance versus the Russell Midcap Value Index during 2003, as
returns of certain holdings within the Chemical Manufacturing industry trailed
the Index's sector holdings. Stock selection in the Producer Durables sector
also hurt relative returns for the period. Certain holdings within the
construction and agricultural machinery industry suffered as a result of a
slumping industry, partially due to customers' postponed equipment purchases.
Additionally, the portfolio's lack of exposure to the Technology sector hurt
relative returns. We continue to search for the combination of catalysts and
attractive valuations we believe necessary for us to meaningfully add to the
sector.
The portfolio's overweight in the strong performing Health Care sector, combined
with good stock selection, aided relative returns. Certain retail drug holdings
performed well in 2003, as investors gravitated to lower cost drug providers.
Additionally, the portfolio's underweight in the Consumer Staples sector helped
relative performance, as this sector did not keep pace with stronger performing
sectors.
OUTLOOK: We remain focused on bottom-up selection of attractively valued stocks
whose issuing companies are likely to experience a set of catalysts that we
believe can enhance profitability. We believe the roots of a recovery are in
place and expect the economy to expand over the next year or longer.
xxxix
VALUE TRUST
INVESTMENT OBJECTIVE: To achieve long-term capital appreciation. Under normal
circumstances, the portfolio invests at least 65% of its
total assets in equity securities. These primarily include
common stocks, but may also include preferred stocks,
convertible securities, rights, warrants, and ADR's.
SUBADVISER: Van Kampen Investments
PORTFOLIO MANAGERS: James A. Gilligan
INCEPTION DATE: January 1, 1997++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[VALUE TRUST PERFORMANCE GRAPH]
VALUE TRUST SERIES I RUSSELL MIDCAP VALUE INDEX
-------------------- --------------------------
Dec. 1996 10000 10000
10328 10314
10464 10489
10144 10170
10536 10427
11168 11041
Jun. 1997 11576 11451
12232 12302
12120 12158
12480 12912
11904 12519
12120 12942
Dec. 1997 12214 13437
11991 13176
12882 14056
13328 14780
13353 14697
13155 14354
Jun. 1998 12858 14400
12330 13670
10563 11748
10613 12433
11537 13238
12065 13703
Dec. 1998 12003 14120
11739 13791
11611 13488
11842 13680
13174 14976
13191 15039
Jun. 1999 13439 15210
12986 14830
12320 14317
11347 13593
11749 13994
11475 13737
Dec. 1999 11669 14104
10866 13261
10196 12706
11774 14246
12330 14303
12065 14549
Jun. 2000 11236 14007
11598 14334
12339 15213
12515 15359
13679 15651
13511 15447
Dec. 2000 14535 16810
15179 16749
14827 16679
14438 16217
15361 17109
15662 17595
Jun. 2001 15306 17361
15489 17291
15087 16975
13582 15356
13618 15437
14568 16518
Dec. 2001 15033 17201
14814 17374
14905 17656
15682 18559
15257 18547
15127 18519
Jun. 2002 13779 17692
12163 15960
12201 16146
10556 14515
11179 14977
12201 15920
Dec. 2002 11605 15541
11299 15111
10964 14860
10871 14910
11834 16043
13163 17455
Jun. 2003 13088 17577
13654 18124
14388 18767
14001 18621
14999 19988
15281 20567
Dec. 2003 16103 21457
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since Since++
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception May 1, 2003
Russell MidCap Value Index* 38.07% 8.73% 11.52% 51.97% 114.57% 33.73%
Value Trust Series I 38.76% 6.05% 7.05% 34.15% 61.03% 35.53%
Value Trust Series II+++ 38.60% 4.21% 8.29% 35.24%
++ Current subadvisor assignment became effective May 1, 2003.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Value Trust Series I returned +38.76%,
outperforming the +38.07% return of the Russell MidCap Value Index.
ENVIRONMENT: Stock selection and sector weighting had a positive impact on
relative performance. The portfolio's largest sector weighting was Financials,
which was underweight relative to the Russell MidCap Value Index. This position
contributed positively to performance.
The Consumer Discretionary sector, which was underweight relative to the Index,
made the greatest positive contribution to performance, with stock selection
being particularly beneficial. The overweight position in Industrials relative
to the Index had the greatest negative impact on performance.
The portfolio's Energy position had the most significant negative effect on
relative performance due to both weak stock selection and an overweight
allocation relative to the Index.
OUTLOOK: Favorable fundamental conditions (low interest rates, a cheaper dollar
and fiscal stimulus) support a rebound in economic growth to around a 5% rate in
the second half of 2003. Capital markets have benefited handsomely from powerful
monetary and fiscal stimuli. With better economic conditions expected for the
next several quarters, however, U.S. Treasury yields have moved higher. The
Federal Reserve may have little choice but to begin raising short-term rates
during 2004. Even modest upward moves in interest rates would likely be felt
throughout the bond and stock markets. We believe investors should be realistic
in their return expectations and should pay attention to sound valuation
disciplines in the quarters ahead.
xl
ALL CAP VALUE TRUST
INVESTMENT OBJECTIVE & The portfolio will invest primarily in equity securities of
POLICIES: U.S. and multinational companies that Lord Abbett & Co. LLC
(Lord Abbett) believes are undervalued in all capitalization
ranges. Under normal circumstances, the portfolio will
invest at least 50% of its net assets in equity securities
of large, seasoned companies with market capitalizations of
at least $5 billion at the time of purchase.
SUBADVISER: Lord, Abbett & Co. LLC
PORTFOLIO MANAGER: David G. Builder, Robert P. Fetch, Daniel H. Frascarelli,
Howard E. Hansen, Gerard E. Heffernan Jr. & Robert G. Morris
INCEPTION DATE: April 30, 2001++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[ALL CAP VALUE TRUST PERFORMANCE GRAPH]
ALL CAP VALUE TRUST SERIES I RUSSELL 3000 VALUE INDEX
---------------------------- ------------------------
Apr.2001 10000.00 10000.00
10184.00 10227.00
Jun.2001 10008.00 10045.00
9928.00 10010.00
9496.00 9633.00
Sep.2001 8543.00 8928.00
8831.00 8872.00
9783.00 9396.00
Dec.2001 10090.00 9642.00
10041.00 9583.00
9433.00 9601.00
Mar.2002 10049.00 10075.00
9441.00 9783.00
9169.00 9802.00
Jun.2002 8329.00 9266.00
7304.00 8367.00
7304.00 8423.00
Sep.2002 6337.00 7509.00
7041.00 8034.00
8009.00 8549.00
Dec.2002 7281.00 8178.00
7329.00 7978.00
7265.00 7762.00
Mar.2003 7345.00 7779.00
8000.00 8468.00
8417.00 9037.00
Jun.2003 8529.00 9153.00
8737.00 9312.00
8962.00 9472.00
Sep.2003 8793.00 9378.00
9362.00 9966.00
9578.00 10121.00
Dec.2003 10075.00 10725.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since Since++
Periods Ended December 31, 2003 1 Year Inception Inception May 1, 2003
Russell 3000 Value Index* 31.14% 2.66% 7.25% 26.65%
All Cap Value Trust Series I 38.36% 0.28% 0.75% 25.67%
All Cap Value Trust Series II+++ 38.16% 0.00% -0.01% 25.53%
All Cap Value Trust Series III*** 11.03%
++ Current subadvisor assignment became effective May 1, 2003.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the All Cap Value Trust Series I returned
+38.36%, outperforming the +31.14% return of the Russell 3000 Value Index.
ENVIRONMENT: Stock selection within the Materials and Processing sector aided
performance relative to the Russell 3000 Value Index. Several Basic Materials
holdings benefited from strong third quarter earnings announcements. In
addition, the portfolio's overweight in the Materials and Processing sector,
compared to the Russell 3000 Value Index, further added to performance.
Technology sector holdings also contributed positively for the eight-month
period ended December 31, 2003. In particular, several Technology holdings have
benefited from stronger-than-anticipated quarterly earnings announcements and
reported new product developments.
Stock selection within the Consumer Staples sector detracted from relative
performance for the period. Specifically, a food processing company holding was
hurt by an announced earnings revision during the fourth quarter. Within the
Consumer Discretionary sector, a consumer product manufacturing company has been
hurt by announcing weaker-than-anticipated sales in recent months. Additionally,
stock selection within the Auto and Transportation sector also detracted from
relative performance.
OUTLOOK: Toward the end of 2003, we selectively added some undervalued Consumer
Staples sector stocks to the portfolio's holdings. We continue to maintain a
cyclical bias in the portfolio, focusing on Consumer Cyclical, Basic Materials
and Technology stocks, which we believe should benefit from continued
strengthening in the U.S. economy. Going forward, we will continue to implement
the disciplined investment process and philosophy that has guided us for over 70
years.
xli
EQUITY INDEX TRUST
INVESTMENT OBJECTIVE & To achieve the approximate aggregate total return of a broad
POLICIES: U.S. domestic equity market index by attempting to track the
performance of the S&P 500 Index.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Carson Jen and Narayan Ramani
INCEPTION DATE: February 14, 1996
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[EQUITY INDEX TRUST PERFORMANCE GRAPH]
EQUITY INDEX TRUST SERIES I S&P 500 INDEX
--------------------------- -------------
Jan .1996 10000 10000
9740 9779.41
9895 9873.29
10038 10018.4
10283 10276.9
Jun. 1996 10369 10319
9888 9859.84
10069 10068.9
10633 10634.7
10951 10926.1
11749 11755.4
Dec. 1996 11486 11525
12206 12240.7
12303 12339.9
11733 11826.5
12475 12532.6
13281 13302.1
Jun. 1997 13807 13895.3
14946 14998.7
14130 14164.7
14871 14940.5
14441 14441.5
15054 15110.2
Dec. 1997 15337 15370
15533 15540.7
16627 16661.4
17475 17514.7
17656 17690.9
17343 17386.8
Jun. 1998 18032 18093
17831 17900.3
15264 15312.3
16266 16293.2
17581 17618.5
18645 18686.3
Dec. 1998 19718 19763.1
20536 20589.6
19898 19949.6
20664 20747.8
21472 21551.4
20971 21042.6
Jun. 1999 22127 22210.4
21434 21517
21319 21410.5
20728 20823.6
22038 22141.3
22474 22591.5
Dec. 1999 23776 23922.1
22582 22720.3
22162 22290.2
24325 24470.8
23579 23734.5
23093 23247.5
Jun. 2000 23631 23820.5
23277 23448.2
24710 24904.6
23408 23589.9
23303 23490.1
21462 21638.1
Dec. 2000 21568 21743.9
22332 22515.4
20293 20462.4
19004 19166.2
20479 20655.6
20600 20793.9
Jun. 2001 20087 20287.8
19884 20088.2
18641 18830.7
17127 17310.1
17439 17640.2
18777 18993.4
Dec. 2001 18924 19159.8
18640 18880.2
18288 18516.2
18964 19212.6
17815 18047.7
17678 17914.7
Jun. 2002 16409 16638.5
15126 15341.5
15221 15442.3
13556 13764
14757 14975.5
15617 15857
Dec. 2002 14704 14925
14308 14534
14090 14316
14226 14455
15396 15646
16201 16470
Jun. 2003 16423 16681
16700 16975
17019 17306
16839 17122
17782 18092
17935 18251
Dec. 2003 18863 19207
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception
S&P 500 Index 28.70% -0.57% 9.03% -2.81% 92.07%
Equity Index Trust Series I 28.29% -0.88% 8.39% -4.34% 88.63%
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Equity Index Trust Series I returned
+28.29%, underperforming the +28.70% return of the S&P 500 Index.
ENVIRONMENT: The U.S. economy started out strong in 2003. The federal stimulus
package eliminated the double taxation of dividends. However, the continued
geopolitical risks, high unemployment rate and decreased consumer confidence
caused the market to continue to decline until mid-March.
After the decisive victory in the Iraq war, all of the major indexes rallied
strongly. But even with the rebound, consumer confidence and unemployment
numbers remained mixed and deflation risks prompted the Federal Reserve to
reduce rates from 1.25% to 1.0%.
In the third quarter, the economy expanded at an 8.2% annualized rate and
consumer spending increased at a 6.4% annualized rate. The labor market is also
continuing its recovery with three straight months of job growth and an average
of 82,000 new jobs created each month.
For the year, Information Technology and Consumer Discretionary were the best
performing sectors, up 46.6% and 36.1% respectively; Consumer Staples and
Utilities were the worst, returning 9.2% and 6.9%.
OUTLOOK: The economy is positioned to expand at a better pace than last year.
Geopolitical risks have subsided; economic growth and consumer confidence have
also increased. The major concerns in the near term are the size of the U.S.
government deficit and the need for a pickup in employment for the economic
recovery to be sustainable.
xlii
FUNDAMENTAL VALUE TRUST
INVESTMENT OBJECTIVE & To achieve growth of capital by investing primarily in
POLICIES: common stocks of U.S. companies with market capitalizations
of at least $10 billion.
SUBADVISER: Davis Advisors
PORTFOLIO MANAGER: Christopher C. Davis and Kenneth C. Feinberg
INCEPTION DATE: April 30, 2001
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[FUNDAMENTAL VALUE TRUST PERFORMANCE GRAPH]
FUNDAMENTAL VALUE TRUST
SERIES I RUSSELL 1000 VALUE INDEX S&P 500 INDEX
----------------------- ------------------------ -------------
Apr. 2001 10000 10000 10000
10168 10225 10067
Jun. 2001 9816 9998 9822
9608 9977 9725
9168 9577 9117
Sep. 2001 8464 8903 8380
8536 8826 8540
9216 9339 9195
Dec. 2001 9384 9559 9276
9040 9486 9141
8952 9501 8964
Mar. 2002 9312 9950 9301
9144 9609 8737
9161 9657 8673
Jun. 2002 8472 9103 8055
8015 8257 7427
8119 8319 7476
Sep. 2002 7406 7394 6664
7759 7942 7250
8127 8442 7677
Dec. 2002 7863 8075 7225
7687 7880 7036
7543 7669 6930
Mar.2003 7479 7682 6997
8089 8358 7574
8619 8898 7973
Jun.2003 8779 9009 8075
8868 9144 8217
8956 9286 8378
Sep.2003 8948 9195 8289
9510 9758 8758
9695 9891 8835
Dec.2003 10209 10500 9299
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Russell 1000 Value Index* 30.03% 1.85% 5.00%
S&P 500 Index* 28.70% -2.69% -7.01%
Fundamental Value Trust Series I 29.83% 0.78% 2.09%
Fundamental Value Trust Series II+++ 29.57% 5.47% 10.84%
Fundamental Value Trust Series III*** 12.68%
+++ Series III inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Fundamental Value Trust Series I returned
+29.83%, outperforming the +28.70% return of the S&P 500 Index.
ENVIRONMENT: The portfolio performed well during the year, both on an absolute
basis and relative to the S&P 500 Index. Contributors to relative performance
over the year included our large holdings in Financial Services companies and
their strong performance through the year, and the Capital Goods companies which
the portfolio held -- as a group, they outperformed the Index by a substantial
margin. On the negative side, weaker performance from the portfolio's Health
Care companies, and cash holdings were a drag on relative performance.
OUTLOOK: We have built a portfolio that is quite different in composition from
the S&P 500 Index. Our investment strategy is to perform extensive research to
buy companies with expanding earnings at value prices and hold them for the long
term. After a strong year such as we enjoyed in 2003, we caution investors not
to be overly optimistic. We are strong supporters of long-term buy-and-hold
investing.
xliii
GROWTH & INCOME TRUST
INVESTMENT OBJECTIVE & To achieve long-term growth of capital and income consistent
POLICIES: with prudent investment risk by investing the portfolio's
assets primarily in common stocks of U.S. issuers the
manager believes are of high quality. The portfolio may also
invest in securities convertible into, or that carry the
right to buy, common stocks. The portfolio may also invest
up to 20% of its assets in foreign securities.
SUBADVISER: Wellington Management Company, LLP
PORTFOLIO MANAGER: Matthew E. Megargel
INCEPTION DATE: April 23, 1991
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[GROWTH & INCOME TRUST PERFORMANCE GRAPH]
S&P 500 INDEX TOTAL GROWTH & INCOME TRUST SERIES I
------------------- ------------------------------
Dec-1993 10000 10000
10335 10345
10056 10237
9619 9855
9744 9962
9902 10135
9658 9899
9977 10317
10384 10624
10133 10427
10365 10584
9985 10103
Dec-1994 10131 10284
10394 10293
10797 10711
11117 10963
11441 11315
11892 11681
12172 11924
12577 12265
12611 12370
13140 12751
13094 12556
13670 13067
Dec-1995 13923 13287
14402 13603
14540 13635
14679 13871
14895 14081
15279 14417
15342 14435
14659 13912
14970 14215
15811 15041
16245 15453
17478 16623
Dec-1996 17135 16321
18199 17205
18347 17400
17583 16726
18633 17678
19777 18703
20659 19775
22300 21310
21060 20165
22214 21218
21472 20484
22466 21436
Dec-1997 22852 21681
23106 21926
24772 23423
26040 24604
26303 24943
25851 24307
26901 25263
26615 25146
22767 21498
24226 22828
26196 24844
27783 26213
Dec-1998 29384 27429
30612 28299
29660 27690
30846 28906
32040 30132
31284 29342
33020 30929
31990 30110
31830 29959
30958 29082
32917 30748
33586 31058
Dec-1999 35564 32605
33778 31128
33140 30558
36381 33813
35286 32873
34563 32331
35413 32819
34860 32235
37025 34114
35070 32077
34923 31971
32171 29986
Dec-2000 32329 30283
33476 31110
30423 28680
28498 26824
30712 28710
30918 29169
30166 28181
29871 27899
28001 26169
25738 24439
26230 24945
28242 26744
Dec-2001 28490 26867
28074 26114
27533 25597
28568 26529
26837 24383
26638 24149
24741 22526
22811 20983
22962 20970
20466 18599
22267 20410
23579 21743
Dec-2002 22192 20330
21611 19722
21287 19371
21493 19545
23264 21068
24490 22060
24804 22437
25240 23086
25732 23487
25460 23062
26901 24278
27137 24372
Dec-2003 28557 25737
PERFORMANCE TABLE**
Cumulative Total Return
Average Annual Total Return Since
Periods Ended December 31, 2003 1 Year 5 Year 10 Year 5 Year 10 Year Inception
S&P 500 Index* 28.70% -0.57% 11.06% -2.81% 185.57% 284.32%
Growth & Income Trust Series I 26.45% -1.27% 9.91% -6.18% 157.37% 244.57%
Growth & Income Trust Series II+++ 26.41% -2.44%
Growth & Income Trust Series III*** 7.82%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Growth and Income Trust Series I returned
+26.45%, underperforming the +28.70% return of the S&P 500 Index.
ENVIRONMENT: After three consecutive down years, equity markets posted strong
double digit returns driven by an improved geopolitical environment, renewed
economic growth, improving credit markets, and investor perception that
deflationary risks had bottomed. This sharp directional change in the financial
markets was reflected by market capitalization with nearly an inverse
relationship between company size and returns, with small stocks performing the
best and mega-caps returning the least.
The portfolio lagged the Index while finishing nearly on par with its
Morningstar peer group. All 10 S&P 500 Index sectors had positive returns, led
by Technology stocks, which gained over 47%. Significant contributors to
performance were stock selection coupled with an overweight to the Materials
sector plus stock selection in Consumer Discretionary stocks. Stock selection in
Information Technology and Financials detracted from performance. We correctly
overweighted Technology but our overweight positions in higher-quality,
larger-cap names hurt relative performance as they lagged the market.
OUTLOOK: We continue to have a cyclical bias. Our view is that cyclical earnings
growth will be sufficient near term to continue to attract investor attention
and support relatively high valuation, with the exception of some technology
industries. While we remain optimistic about the economy moving beyond the
current stimulus-driven phase into a more durable recovery with higher
employment and income, the rate of growth will decelerate especially later in
the year. This transition may favor a gradual unwinding of our cyclical posture
into more stable areas. Thus, we envision a maturing economic cycle that will
likely provide lower absolute returns but favor high quality, big-cap stocks
that can provide steadier earnings growth.
xliv
GREAT COMPANIES-AMERICA TRUST
INVESTMENT OBJECTIVE &
POLICIES: Seek to achieve long-term growth of capital by investing in
common stocks of large, established, United States-based
companies. The goal is to produce similar to or higher
returns than that of the S&P 500 Index over the long-term
but with lower volatility.
SUBADVISER: Great Companies, L.L.C.
PORTFOLIO MANAGERS: Jim Huguet, Jack Kenny, Gerry Bollman and Matt Stephani
INCEPTION DATE: August 4, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[GREAT COMPANIES-AMERICA TRUST PERFORMANCE GRAPH]
GREAT COMPANIES AMERICA TRUST S&P 500 INDEX
----------------------------- -------------
Jul. 2003 10000 10000
Aug. 2003 10216 10195
Sep. 2003 10272 10087
Oct. 2003 10560 10658
Nov. 2003 10591 10752
Dec. 2003 11207 11315
PERFORMANCE TABLE**
Cumulative Total Return
Periods Ended December 31, 2003 Since Inception
S&P 500 Index* 13.15%
Great Companies-America Trust Series II 12.07%
* All since inception returns for the indices begin on the month-end closest to
the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not predict
future results. Total return would have been lower had operating expenses not
been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the period since inception on August 4 through year-end 2003,
the Great Companies-America Trust Series II returned +12.07%, underperforming
the +13.15% return of the S&P 500 Index.
ENVIRONMENT: For the first time in three years the markets closed up for the
year. Unfortunately, many investors who became afraid of the market pulled out
in 2002 and missed the significant market run-up in 2003. We believe there are
several lessons to be learned from the last three years -- over the long term,
markets improve, it is impossible to time the market, and whenever investor's
emotions control their stock market activities, they will lose.
We remain overweighted in the Healthcare and Industrial sectors. These sectors
lend themselves to long-term protective barriers, and companies participating in
these sectors can often generate returns on capital in excess of the cost of
capital, which in turn drives stock performance. We continue to avoid in their
entirety, the Energy, Materials, Utilities, and Telecommunication sectors as
these sectors are commodity-type businesses and as a result, positive economic
profits over the long term are doubtful.
Our overweighting in Healthcare hurt us as the Healthcare sector underperformed
the S&P 500 during the past quarter. Furthermore, underweighting Materials also
hurt our performance as investors bid up shares of these companies as a result
of the economic recovery becoming more prominent. Our overweighting in
Industrials helped us during the quarter as these stocks outperformed the S&P
500 as well.
OUTLOOK: The tax cuts of 2003 as well as low interest rates have created a
backdrop that will support significant economic growth. Furthermore,
productivity gains and an improving employment picture also support our bias
towards economic growth. However growth expectations are now factored into the
stock prices of many cyclical businesses, reducing the opportunity for such
businesses to out perform as these stocks no longer trade at significant
discounts to intrinsic value.
We regularly review our stocks, their intrinsic values, and the discount to
intrinsic value given the current market price. In reviewing the stocks included
in our portfolio, many stocks have closed the gap between their stock price and
their intrinsic values. However, we still see significant discounts to intrinsic
value in the Healthcare and Industrial sectors. As a result, we have increased
our positions in these sectors.
xlv
EQUITY-INCOME TRUST
INVESTMENT OBJECTIVE & To achieve substantial dividend income and also long-term
POLICIES: capital appreciation by investing, under normal
circumstances, at least 80% of the portfolio's total assets
in equity securities, with at least 65% in common stocks of
well-established companies, paying above-average dividends.
The portfolio seeks equity securities that appear to be
temporarily undervalued by various measures and may be
temporarily out of favor but have good prospects for capital
appreciation and dividend growth.
SUBADVISER: T. Rowe Price Associates, Inc.
PORTFOLIO MANAGER: Brian C. Rogers
INCEPTION DATE: February 19, 1993++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[EQUITY-INCOME TRUST PERFORMANCE GRAPH]
EQUITY-INCOME TRUST SERIES I RUSSELL 1000 VALUE INDEX
---------------------------- ------------------------
Dec. 1993 10000 10000
10195 10378
10354 10023
10044 9651
10079 9836
10159 9949
10017 9711
10159 10013
10613 10300
10550 9959
10364 10097
9892 9689
Dec. 1994 10079 9801
10017 10103
10675 10502
10906 10733
11068 11072
11384 11538
11745 11694
12097 12101
12223 12272
12259 12716
11835 12590
12313 13227
Dec. 1995 12467 13560
12765 13982
13018 14088
13171 14328
13488 14383
13769 14562
13468 14574
12993 14024
13391 14425
14060 14998
14205 15578
15049 16707
Dec. 1996 14942 16494
15369 17294
15766 17548
15417 16917
15828 17627
16593 18612
17234 19411
18257 20871
17751 20127
18616 21344
18122 20747
18819 21665
Dec. 1997 19381 22297
19246 21982
20190 23461
21146 24896
21023 25063
20678 24691
20618 25008
20023 24566
18047 20910
19035 22111
20202 23823
21023 24933
Dec. 1998 21166 25782
20618 25988
20452 25621
21011 26151
23336 28594
23143 28280
23785 29101
23259 28248
22540 27200
21731 26250
22437 27760
22078 27543
Dec. 1999 21886 27676
20794 26774
19100 24784
21231 27808
21408 27485
22407 27774
21247 26505
21511 26837
22569 28330
22701 28590
23833 29292
23583 28204
Dec. 2000 24729 29617
25037 29731
24685 28905
24009 27883
25048 29251
25892 29907
25379 29244
25478 29182
25048 28013
23260 26041
23244 25817
24618 27318
Dec. 2001 25048 27961
25015 27746
25396 27791
26207 29106
25491 28107
25766 28248
24131 26626
21997 24151
22238 24333
19931 21628
21153 23230
22634 24693
Dec. 2002 21721 23621
21085 23049
20362 22434
20413 22472
22205 24449
23602 26029
23817 26354
23943 26747
24391 27164
24158 26898
25377 28544
25502 28932
Dec. 2003 27276 30714
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since++ Since
Periods Ended December 31, 2003 1 Year 5 Year 10 Year Inception Oct 1, 1996 5 Year 10 Year Inception
Russell 1000 Value Index* 30.03% 3.56% 11.88% 10.39% 19.13% 207.14%
Equity-Income Trust Series I 25.57% 5.20% 10.56% 9.54% 28.87% 172.76%
Equity-Income Trust Series II+++ 25.40% 4.68% 9.24%
Equity-Income Trust Series III*** 9.81%
++ Current subadviser assignment became effective October 1, 1996.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Equity Income Trust Series I returned
+25.57%, underperforming the +30.03% return of the Russell 1000 Value Index.
ENVIRONMENT: U.S. stocks bounced back from a three-year bear market in 2003,
with several major indexes finishing the year at their highest levels in nearly
two years. Small- and mid-cap shares outperformed large-caps, but value edged
out growth among large-caps.
The portfolio posted a strong gain for the year but lagged the Russell 1000
Value Index. Stock selection in Consumer Discretionary, a significant overweight
in Pharmaceuticals, and underweighting Financials hurt relative results.
Overweighting the strong Industrials sector added the most to relative results.
In Financials, our performance was hurt by underweighting market-sensitive
companies such as brokers and diversified financials. However, we added value
with stock selection among banks, particularly as merger activity in that sector
picked up.
Continued concern about generic competition and limited product pipelines
weighed on a couple of large pharmaceuticals, which detracted from results. We
believe these pharmaceutical leaders have good business models and attractive
valuations relative to the market, as well as strong and safe dividend yields.
Stock selection in Consumer Discretionary was negative. Telecommunications
holdings also struggled throughout the year, hurting the portfolio's relative
results.
OUTLOOK: Overall, we remain optimistic about the prospects for our value
approach to stock selection in the months ahead. Economic growth is likely to
decelerate from the strong pace of the second half of 2003. We see value
opportunities in Pharmaceuticals, Media and Industrial and Business Services
stocks. Pharmaceuticals are beginning to trade at a discount to the overall
market, but many have good business models and attractive and safe dividend
yields. Media shares were strong performers throughout 2003, but we believe they
will still enjoy good earnings growth in the year ahead. Within Industrials,
defense-related stocks should continue to benefit from the ongoing war against
terrorism while other Industrials trade at attractive valuations and should
benefit from a continuing economic recovery.
xlvi
INCOME & VALUE TRUST
INVESTMENT OBJECTIVE To achieve both the conservation of principal and long-term
& POLICIES: growth of capital and income by investing in both equity and
fixed income securities.
SUBADVISER: Capital Guardian Trust Company
PORTFOLIO MANAGERS: Terry Berkemeier, Christine Cronin, Michael R. Ericksen,
David I. Fisher, Michael D. Locke, Karen A. Miller, James R.
Mulally, Theodore R. Samuels, Eugene P. Stein and Alan J.
Wilson
INCEPTION DATE: August 3, 1989++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[INCOME & VALUE TRUST PERFORMANCE GRAPH]
60% S&P 500/40%
CITIGROUP BROAD CITIGROUP BROAD
INCOME & VALUE INVESTMENT GRADE INVESTMENT GRADE
TRUST SERIES I S&P 500 INDEX BOND INDEX BOND INDEX* COMBINED INDEX
-------------- ------------- ---------------- ---------------- --------------
Dec. 1993 10000.00 10000.00 10000.00 10000.00 10000.00
10255.00 10335.00 10135.00 10255.00 10260.00
10043.00 10056.00 9967.00 10021.00 10108.00
9719.00 9619.00 9720.00 9660.00 9795.00
9749.00 9744.00 9647.00 9707.00 9829.00
9822.00 9902.00 9646.00 9801.00 9857.00
9675.00 9658.00 9625.00 9647.00 9783.00
9921.00 9977.00 9808.00 9912.00 9972.00
10067.00 10384.00 9819.00 10159.00 10153.00
9876.00 10133.00 9678.00 9954.00 10002.00
9976.00 10365.00 9668.00 10086.00 10091.00
9767.00 9985.00 9642.00 9853.00 9911.00
Dec. 1994 9840.00 10131.00 9715.00 9970.00 10000.00
9876.00 10394.00 9916.00 10208.00 10126.00
10077.00 10797.00 10148.00 10541.00 10379.00
10278.00 11117.00 10207.00 10753.00 10575.00
10494.00 11441.00 10347.00 10999.00 10785.00
10772.00 11892.00 10758.00 11434.00 11088.00
10916.00 12172.00 10833.00 11628.00 11227.00
11146.00 12577.00 10812.00 11851.00 11453.00
11213.00 12611.00 10936.00 11924.00 11512.00
11405.00 13140.00 11039.00 12269.00 11737.00
11385.00 13094.00 11187.00 12309.00 11741.00
11654.00 13670.00 11361.00 12711.00 12020.00
Dec. 1995 11874.00 13923.00 11518.00 12922.00 12221.00
12065.00 14402.00 11596.00 13224.00 12386.00
12046.00 14540.00 11399.00 13211.00 12382.00
12056.00 14679.00 11317.00 13249.00 12420.00
12096.00 14895.00 11233.00 13327.00 12534.00
12179.00 15279.00 11226.00 13531.00 12624.00
12252.00 15342.00 11371.00 13634.00 12675.00
12054.00 14659.00 11402.00 13285.00 12440.00
12158.00 14970.00 11386.00 13446.00 12581.00
12535.00 15811.00 11584.00 13993.00 12947.00
12745.00 16245.00 11845.00 14348.00 13122.00
13173.00 17478.00 12040.00 15096.00 13572.00
Dec. 1996 13058.00 17135.00 11934.00 14865.00 13469.00
13267.00 18199.00 11981.00 15442.00 13687.00
13299.00 18347.00 11994.00 15524.00 13743.00
13028.00 17583.00 11873.00 15073.00 13482.00
13356.00 18633.00 12043.00 15699.00 13780.00
13882.00 19777.00 12156.00 16336.00 14267.00
14268.00 20659.00 12301.00 16851.00 14650.00
14899.00 22300.00 12634.00 17837.00 15233.00
14467.00 21060.00 12525.00 17180.00 14887.00
15063.00 22214.00 12709.00 17845.00 15371.00
14795.00 21472.00 12892.00 17590.00 15188.00
15029.00 22466.00 12953.00 18112.00 15379.00
Dec. 1997 15134.00 22852.00 13085.00 18373.00 15565.00
15321.00 23106.00 13254.00 18590.00 15769.00
15976.00 24772.00 13245.00 19389.00 16250.00
16466.00 26040.00 13296.00 20016.00 16606.00
16609.00 26303.00 13365.00 20178.00 16731.00
16478.00 25851.00 13494.00 20047.00 16657.00
16738.00 26901.00 13604.00 20602.00 16930.00
16673.00 26615.00 13633.00 20489.00 16858.00
15093.00 22767.00 13841.00 18837.00 15849.00
15668.00 24226.00 14168.00 19740.00 16296.00
16164.00 26196.00 14104.00 20667.00 16806.00
16804.00 27783.00 14182.00 21465.00 17348.00
Dec. 1998 17445.00 29384.00 14226.00 22234.00 17802.00
17811.00 30612.00 14331.00 22856.00 18085.00
17367.00 29660.00 14080.00 22269.00 17700.00
17876.00 30846.00 14161.00 22854.00 18058.00
18212.00 32040.00 14207.00 23417.00 18467.00
18007.00 31284.00 14077.00 23000.00 18139.00
18563.00 33020.00 14029.00 23734.00 18717.00
18344.00 31990.00 13973.00 23252.00 18337.00
18094.00 31830.00 13963.00 23175.00 18277.00
17713.00 30958.00 14130.00 22904.00 18063.00
18152.00 32917.00 14173.00 23802.00 18771.00
18299.00 33586.00 14171.00 24092.00 19000.00
Dec. 1999 18930.00 35564.00 14106.00 24899.00 19637.00
18328.00 33778.00 14067.00 24120.00 19022.00
18299.00 33140.00 14231.00 23958.00 18895.00
19501.00 36381.00 14416.00 25489.00 20102.00
19300.00 35286.00 14373.00 25000.00 19716.00
19300.00 34563.00 14360.00 24682.00 19466.00
19395.00 35413.00 14660.00 25252.00 19915.00
19395.00 34860.00 14794.00 25108.00 19802.00
20184.00 37025.00 15005.00 26188.00 20653.00
19845.00 35070.00 15107.00 25429.00 20054.00
19827.00 34923.00 15204.00 25429.00 20054.00
18943.00 32171.00 15450.00 24391.00 19236.00
Dec. 2000 19866.00 32329.00 15742.00 24647.00 19438.00
20618.00 33476.00 16002.00 25335.00 19980.00
19565.00 30423.00 16144.00 24038.00 18957.00
19039.00 28498.00 16228.00 23175.00 18277.00
20200.00 30712.00 16152.00 24211.00 19094.00
20477.00 30918.00 16257.00 24371.00 19220.00
20159.00 30166.00 16311.00 24046.00 18964.00
20179.00 29871.00 16688.00 24126.00 19027.00
19467.00 28001.00 16871.00 23327.00 18397.00
17902.00 25738.00 17079.00 22312.00 17597.00
18575.00 26230.00 17424.00 22748.00 17940.00
19743.00 28242.00 17183.00 23669.00 18666.00
Dec. 2001 20059.00 28490.00 17082.00 23737.00 18720.00
19803.00 28074.00 17217.00 23605.00 18616.00
19367.00 27533.00 17382.00 23423.00 18472.00
20159.00 28568.00 17095.00 23795.00 18766.00
19347.00 26837.00 17420.00 23110.00 18226.00
19145.00 26638.00 17568.00 23087.00 18207.00
17673.00 24741.00 17698.00 22168.00 17483.00
16463.00 22811.00 17909.00 21237.00 16748.00
16463.00 22962.00 18222.00 21468.00 16931.00
15253.00 20466.00 18512.00 20206.00 15935.00
16403.00 22267.00 18429.00 21237.00 16748.00
17674.00 23579.00 18425.00 21986.00 17339.00
Dec. 2002 16866.00 22192.00 18808.00 21393.00 16871.00
16623.00 21611.00 18823.00 21063.00 16611.00
16643.00 21287.00 19090.00 20994.00 16557.00
16825.00 21493.00 19073.00 21107.00 16646.00
17972.00 23264.00 19241.00 22226.00 17528.00
18941.00 24490.00 19597.00 23092.00 18212.00
19126.00 24804.00 19562.00 23254.00 18339.00
19270.00 25240.00 18901.00 23184.00 18284.00
19642.00 25732.00 19031.00 23518.00 18548.00
19540.00 25460.00 19530.00 23615.00 18624.00
20384.00 26901.00 19350.00 24330.00 19188.00
20610.00 27137.00 19406.00 24488.00 19313.00
Dec. 2003 21325.00 28557.00 19597.00 25358.00 20004.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since++ Since
Periods Ended December 31, 2003 1 Year 5 Year 10 Year Inception May 1, 1999 5 Year 10 Year Inception
S&P 500 Index* 28.70% -0.57% 11.06% -2.44% -2.81% 185.57%
Citigroup Broad Investment Grade Bond
Index* 4.20% 6.62% 6.96% 7.14% 37.77% 95.97%
60% S&P 500/40% Citigroup Broad
Investment Grade Bond Index 18.53% 2.67% 9.75% -2.44% 14.07% 153.58%
Combined Index*++++ 18.53% 2.35% 7.18% 1.72% 12.34% 100.04%
Income & Value Trust Series I 26.48% 4.11% 7.87% 3.44% 22.28% 113.25%
Income & Value Trust Series II+++ 26.29% 3.87% 7.61%
++ Current sub-adviser assignment became effective May 1, 1999.
++++ The Combined Index represents 32.5% of the return of the Wilshire 5000
Index, 10% of the MSCI EAFE Index, 40% of the Lehman Brothers Aggregate
Bond Index, 10% of the 90 Day T-Bill, and 7.5% of the Merrill Lynch High
Yield Index through April 30, 1999, and 60% of the returns of the S&P 500
Index and 40% of the returns of the Citigroup Broad Investment Grade Bond
Index from May 1, 1999 and thereafter. The Combined Index was prepared by
the adviser using Ibboston Associates Software and Data.
+++ Series II inception date: January 28, 2002.
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Income & Value Trust Series I returned
+26.48%, outperforming both the +18.53% return of the blend of 60% S&P 500/40%
Citigroup Broad Investment Grade Bond Index.
ENVIRONMENT: The portfolio's overweight position in equities and underweight
position in bonds throughout the year contributed to results while both equity
and fixed-income portfolios outperformed their respective benchmarks. The equity
portfolio benefited from good stock selection, especially within the Information
Technology sector and the pharmaceuticals industry. Also adding value during the
year was an underweight to the traditionally less economically sensitive names
in the Consumer Staples sector, which underperformed the market. The
fixed-income portfolio benefited from an overweight position in corporate bonds
and emphasis on BBB-rated securities and high-yield issues and an underweight to
mortgage-backed securities.
OUTLOOK: The portfolio continues to be overweight stocks and underweight bonds.
Equities have by and large moved straight up for nine months, and we are
concerned that investor expectations for both stock prices and sustainable
economic growth may be too high. While a pullback may be inevitable, over the
coming year we believe equities should continue to be supported by economic
growth and improving earnings. A weaker U.S. dollar should also help companies
that generate a significant portion of profits from overseas.
xlvii
BALANCED TRUST
INVESTMENT OBJECTIVE & To achieve current income and capital appreciation by
POLICIES: investing in a balanced portfolio of common stocks, U.S. and
foreign government obligations and a variety of corporate
fixed income securities.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Rhonda Chang, Chris Hensen, Brett Hryb, John McIntyre, Mark
Schmeer, Gary Stewart
INCEPTION DATE: January 1, 1997++++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[BALANCED TRUST PERFORMANCE GRAPH]
LEHMAN BROTHERS
LEHMAN BROTHERS IT
BALANCED TRUST AGGREGATE BOND GOVERNMENT/CREDIT
SERIES I S&P 500 INDEX INDEX BOND INDEX COMBINED INDEX
-------------- ------------- --------------- ----------------- --------------
Dec. 1996 10000 10000 10000 10000 10000
10374 10625 10031 10039 10326
10362 10708 10056 10058 10381
10196 10268 9944 9989 10107
10515 10881 10094 10107 10485
10901 11543 10190 10190 10856
Jun. 1997 11239 12081 10311 10283 11163
11570 13021 10589 10492 11757
11208 12291 10499 10439 11380
11655 12965 10655 10561 11776
11563 12532 10809 10678 11665
11704 13112 10859 10701 11962
Dec. 1997 11852 13338 10968 10787 12125
12170 13486 11109 10928 12270
12532 14459 11100 10919 12707
12777 15199 11138 10954 13054
12891 15352 11196 11009 13154
12821 15088 11302 11090 13103
Jun. 1998 12982 15701 11398 11160 13425
12710 15534 11422 11200 13368
12019 13288 11608 11375 12510
12654 14139 11880 11661 13057
13066 15289 11817 11649 13554
13345 16216 11884 11648 14003
Dec. 1998 13458 17150 11920 11695 14428
13298 17867 12004 11759 14781
12972 17311 11794 11586 14422
13159 18004 11859 11673 14750
13427 18700 11897 11709 15059
13383 18259 11792 11619 14815
Jun. 1999 13598 19272 11755 11627 15202
13331 18671 11705 11617 14933
13360 18578 11700 11626 14892
13093 18069 11835 11734 14775
13293 19213 11879 11765 15269
13137 19603 11878 11779 15424
Dec. 1999 13235 20757 11821 11740 15841
12842 19715 11782 11696 15340
13392 19342 11924 11792 15216
14053 21234 12082 11915 16173
13142 20595 12047 11888 15866
12707 20173 12041 11907 15681
Jun. 2000 13352 20669 12291 12116 16023
13236 20347 12403 12208 15921
14206 21610 12583 12352 16590
13515 20469 12662 12465 16125
13111 20383 12746 12522 16114
11923 18777 12955 12692 15439
Dec. 2000 12000 18867 13196 12926 15598
12497 19537 13411 13138 16032
11636 17755 13527 13263 15216
10991 16631 13595 13365 14685
11666 17923 13538 13330 15354
11610 18043 13619 13405 15452
Jun. 2001 11324 17605 13671 13454 15293
11237 17432 13977 13734 15389
10729 16341 14138 13872 14996
10071 15021 14302 14074 14477
10412 15308 14601 14308 14767
10753 16482 14399 14165 15231
Dec. 2001 10777 16624 14307 14087 15249
10619 16382 14423 14160 15199
10444 16066 14563 14272 15127
10674 16670 14321 14055 15286
10229 15660 14599 14287 14970
10132 15544 14723 14430 14979
Jun. 2002 9612 14437 14851 14554 14511
9198 13311 15031 14725 14033
9328 13399 15285 14945 14197
8686 11943 15533 15212 13541
9149 12994 15461 15153 14106
9450 13759 15457 15139 14519
Dec. 2002 9231 12950 15776 15469 14242
9085 12611 15790 15468 14061
9011 12422 16008 15686 14053
9019 12542 15995 15702 14116
9391 13576 16128 15821 14757
9750 14291 16428 16139 15282
Jun. 2003 9816 14474 16395 16128 15365
9732 14729 15844 15689 15242
9840 15016 15949 15727 15440
9891 14857 16372 16125 15562
10066 15698 16219 15973 15931
10174 15836 16258 15995 16020
Dec. 2003 10549 16666 16425 16135 16523
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since++++ Since
Periods Ended December 31, 2003 1 Year 5 Year Inception Apr 30, 2001 5 Year Inception
S&P 500 Index* 28.70% -0.57% 7.57% -2.69% -2.81% 66.66%
Lehman Brothers Aggregate Bond Index*+ 4.11% 6.62% 7.35% 7.52% 37.79% 64.25%
Lehman Brothers IT Government/Credit Bond
Index* 4.30% 6.65% 7.07% 7.42% 37.97% 61.35%
Combined Index*++ 16.01% 2.75% 7.44% 2.79% 14.52% 65.23%
Balanced Trust Series I 14.30% -4.75% 0.77% -3.70% -21.61% 5.49%
Balanced Trust Series II+++ 14.18% -0.75% -1.44%
+ The Lehman Brothers Aggregate Bond Index was added to more accurately
reflect the investment objective of the Balanced Trust.
++ The Combined Index represents 50% of the return of the S&P 500 Index and
50% of the return of the Lehman Brothers Aggregate Bond Index through
December 31, 1999, and 60% of the return of the S&P 500 Index and 40% of
the return of the Lehman Brothers Intermediate Term Government/Credit Bond
Index from January 1, 2000 through April 30, 2001. As of May 2001, the
index represents 50% of the return of the S&P 500 Index and 50% of the
return of the Lehman Brothers Aggregate Bond Index. The Combined Index was
prepared using Ibbotson Associates Software and Data.
++++ Current subadvisor assignment became effective April 30, 2001.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Balanced Trust Series I returned +14.30%,
underperforming the +16.01% return of the Combined Index.
ENVIRONMENT: Long-term interest rates increased by about 30 basis points in
2003. The bond market was extremely volatile for most of the year, with major
swings occurring between March and September. Geopolitical risk dominated market
activity early in the year with the onset of the war in Iraq. This overshadowed
economic data that showed a weakening economy.
Deflationary fears on the part of the Federal Reserve contributed to a major
bond market rally in the second quarter, only to be reversed when these fears
became less of a concern. Economic growth began to pick up steam in the latter
part of the year, with third quarter U.S. gross domestic product (GDP) growth
increasing by a surprising 8.2%. Job data, which had been depressed for the past
few years, began to show strength, with gains over the last four months of the
year.
OUTLOOK: We are bullish on the U.S. equity markets in 2004 given our forecasts
for economic growth and inflation (4% and 2% respectively). Our expectation for
positive returns in 2004 is tempered by potential risks, the biggest being the
future direction of interest rates.
The Federal Reserve has stated that it will keep interest rates low for the
foreseeable future, which should limit any dramatic increase in rates over the
near term. However, the outlook is for interest rates to move higher in 2004 as
the economy continues to achieve stronger growth. As the excess capacity in the
U.S. economy is reduced, there will be pressure on the Fed to shift away from
its accommodative policy and precipitate a move to higher rates and a flatter
yield curve.
xlviii
GLOBAL ALLOCATION TRUST (FORMERLY TACTICAL ALLOCATION TRUST)
INVESTMENT OBJECTIVE & The portfolio seeks to achieve total return by allocating
POLICIES: its assets between equity and fixed income securities of
issuers located within and outside the United States. The
portfolio can invest a portion of its assets across
domestic, international, and emerging market equities,
domestic and international emerging market, and high yield
bonds.
SUBADVISER: UBS Global Asset Management
PORTFOLIO MANAGERS: Thomas P. Madsen, John A. Penicook, Jr., Brian D. Singer &
Neil Williams
INCEPTION DATE: May 1, 2000 (manager, investment process & style changed as
of May 1, 2003)
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[GLOBAL ALLOCATION TRUST PERFORMANCE GRAPH]
GLOBAL ALLOCATION TRUST GSMI GLOBAL SECURITIES
SERIES I S&P 500 INDEX MARKETS INDEX
---------------- ------------- ----------------------
Apr.2000 10000.00 10000.00 10000.00
9840.00 9795.00 9793.00
Jun.2000 9968.00 10036.00 10150.00
9856.00 9879.00 9970.00
10321.00 10493.00 10315.00
Sept.2000 10080.00 9939.00 9986.00
10056.00 9897.00 9801.00
9680.00 9117.00 9339.00
Dec.2000 9680.00 9161.00 9570.00
10003.00 9487.00 9816.00
9091.00 8622.00 9265.00
Mar.2001 8502.00 8076.00 8821.00
9128.00 8704.00 9247.00
9178.00 8762.00 9238.00
Jun.2001 8946.00 8549.00 9079.00
8847.00 8465.00 9027.00
8283.00 7935.00 8822.00
Sep.2001 7602.00 7294.00 8271.00
7735.00 7434.00 8459.00
8316.00 8004.00 8791.00
Dec.2001 8385.00 8073.00 8852.00
8251.00 7955.00 8716.00
8085.00 7801.00 8684.00
Mar.2002 8377.00 8095.00 8934.00
7860.00 7604.00 8846.00
7801.00 7548.00 8868.00
Jun.2002 7242.00 7010.00 8553.00
6666.00 6464.00 8077.00
6708.00 6506.00 8156.00
Sep.2002 5964.00 5799.00 7635.00
6474.00 6310.00 7971.00
6850.00 6681.00 8282.00
Dec.2002 6439.00 6288.00 8120.00
6264.00 6123.00 7993.00
6172.00 6031.00 7939.00
Mar.2003 6222.00 6090.00 7945.00
6731.00 6592.00 8442.00
7016.00 6939.00 8861.00
Jun.2003 7117.00 7028.00 8965.00
7159.00 7152.00 9018.00
7260.00 7291.00 9188.00
Sep.2003 7369.00 7214.00 9327.00
7637.00 7622.00 9693.00
7755.00 7689.00 9830.00
Dec.2003 8140.00 8093.00 10270.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
S&P 500 Index* 28.70% -5.61% -19.07%
Global Securities Market Index+* 26.48% 0.73% 2.70%
Global Allocation Trust Series I 26.43% -5.45% -18.60%
Global Allocation Trust Series II+++ 26.47% -0.90% -1.73%
+ The Global Securities Markets Index was added to more accurately reflect the
investment objective of the Global Allocation Trust, and is an unmanaged
index compiled by UBS Global Asset Management. It is currently constructed
as follows: 40% Russell 3000 Index, 22% MSCI World ex-USA (free) Index, 21%
Citigroup Broad Investment Grade (BIG) Bond Index, 9% Citigroup World
Government Bond non-US Index, 3% Merrill Lynch High Yield Cash Pay Index, 3%
MSCI Emerging Free Markets Index and 2% J.P. Morgan EMBI Global.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Global Allocation Trust Series I returned
+26.43%, underperforming the +26.48% return of the Global Securities Market
Index.
ENVIRONMENT: Global capital markets are currently within a band of intrinsic or
fair value at the end of 2003. Equities were out of favor through the first
quarter, but a variety of developments led to a reversal. Military success in
Iraq in April helped to encourage less risk averse investors, as risky assets
soared through the remainder of the year. We generally expect small company and
emerging stocks to perform well as equity markets recover, and 2003 was no
exception. Even the riskier areas in fixed income -- US high yield and emerging
markets debt -- followed suit.
A nascent global economic recovery helped to make this appreciation in risky
assets possible. Increases in real gross domestic product (GDP) were accompanied
by high productivity growth and increased capital spending in both developed and
emerging markets.
OUTLOOK: In our view, expectations for global economic growth are reasonable,
and although we believe that developed-country equity markets are within a range
of fair value, opportunities exist in UK and emerging equities at the expense of
Japan and the United States. Security selection opportunities within markets
abound.
We believe Japan also poses risks in fixed income, with more favorable
opportunities available in Europe as well as global credit and mortgage-backed
instruments. Further, we believe neither high yield nor emerging market debt
offers an attractive risk/return relationship at present. We expect modest asset
returns across the board in 2004.
xlix
HIGH YIELD TRUST
INVESTMENT OBJECTIVE & To seek to achieve maximum current income by investing
POLICIES: primarily in high yield bonds issued by U.S. and foreign
corporations and foreign governments and their agencies and
instrumentalities. This portfolio invests, under normal
circumstances, at least 80% of its net assets in high yield
bonds and related investments.
SUBADVISER: Salomon Brothers Asset Management
PORTFOLIO MANAGER: Peter J. Wilby
INCEPTION DATE: January 1, 1997++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[HIGH YIELD TRUST PERFORMANCE GRAPH]
HIGH YIELD TRUST SERIES I CITIGROUP HIGH YIELD INDEX
------------------------- --------------------------
Dec. 1996 10000 10000
10058 10075
10144 10246
9904 10141
10144 10214
10392 10420
Jun. 1997 10576 10596
10944 10839
10912 10866
11136 11056
11032 11145
11138 11201
Dec. 1997 11268 11319
11443 11575
11575 11652
11725 11778
11780 11842
11722 11874
Jun. 1998 11747 11900
11864 11995
10922 11191
10981 11329
10831 11173
11589 11734
Dec. 1998 11581 11725
11698 11901
11654 11801
11869 11902
12326 12150
12012 11960
Jun. 1999 12056 11933
12083 11960
11993 11817
12047 11727
12074 11648
12370 11831
Dec. 1999 12508 11930
12449 11831
12556 11859
12411 11619
12373 11665
12080 11503
Jun. 2000 12343 11762
12266 11890
12393 11978
12119 11850
11641 11499
10967 11029
Dec. 2000 11387 11254
12150 12012
12188 12155
11680 11934
11363 11758
11460 11947
Jun. 2001 11112 11618
11112 11836
11210 11997
10404 11134
10491 11503
10818 11940
Dec. 2001 10763 11864
10763 11915
10546 11785
10546 12099
10673 12297
10566 12144
Jun. 2002 10070 11075
9585 10574
9692 10977
9633 10761
9538 10724
10058 11542
Dec. 2002 10023 11683
10259 12118
10411 12280
10648 12694
11106 13482
11268 13571
Jun. 2003 11493 13993
11268 13786
11442 13928
11755 14340
11943 14675
12105 14879
Dec. 2003 12473 15262
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception
Citigroup High Yield Index* 30.62% 5.41% 6.23% 30.14% 52.62%
High Yield Trust Series I 24.15% 1.49% 3.21% 7.70% 24.73%
High Yield Trust Series II+++ 23.91% 7.36% 14.71%
High Yield Trust Series III*** 8.03%
+++ Series II inception date: January 28, 2002
++ Current subadviser assignment became effective May 1, 2003.
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the High Yield Trust Series I returned +24.15%,
underperforming the +30.62% return of the Citigroup High Yield Market Index.
ENVIRONMENT: Declining default rates, signs of improving corporate earnings, the
end of major hostilities in Iraq and relatively favorable yields contributed to
the strong demand for high-yield bonds earlier this year. These factors, coupled
with expectations that the Fed would likely cut its short-term interest rate
targets, all helped buoy high-yield securities through mid-June.
In June, the Fed cut its target for the federal funds rate to a four-decade low
of 1%. Treasury bond prices (which move opposite to yields) subsequently fell,
particularly during July, amid stronger-than-anticipated economic data.
Likewise, the high-yield market lost ground from the end of June into the middle
of August as the yield on 10-year U.S. Treasuries soared from the low 3% range
in mid-June to almost 4.5% by the middle of August. These rising yields, the
subsequent outflows of cash from high-yield bond funds, and the abundant
quantity of new issues on the market (which created supply pressures) caused the
high-yield market to move lower. However, the market reversed course and rallied
through the end of the year, sparking the return of mutual fund inflows, due to
stronger-than-expected economic data and earnings that were in line with
expectations.
Airlines, Cable, Communications Towers, Energy, Technology, Telecommunications
and Utilities were top-performing high-yield bond sectors. Airlines recovered as
some companies avoided bankruptcy by renegotiating union contracts and
experiencing better-than-expected traffic volumes following the resolution of
the major hostilities in Iraq. The Cable sector outperformed many others. The
Communications Towers sector benefited from better-than-expected earnings
results, asset sales, new financing and increasing free cash flow. The Energy
and Utilities sectors benefited as companies added additional financing through
the use of senior debt and sold assets to reduce total debt. Technology moved
higher due to strong earnings and improved liquidity. Wireless
Telecommunications bonds outperformed due to better-than-expected operating
results, debt-for-equity swaps, and debt refinancing. Wireline
Telecommunications benefited as well. The most significant underperforming
sectors included Health Care and Textiles.
OUTLOOK: The yield on the Citigroup High Yield Market Index recently exceeded
7.7%. Based upon this rate, high-yield bonds categorically offer very
competitive yields relative to their higher-rated brethren (although they also
are subject to additional risks such as the increased risk of default because of
the lower credit quality of the issues.) Recent economic data indicate that the
economy is showing signs of improvement and the economy is expected to continue
its recovery, which should result in better corporate earnings and lower default
rates relative to last year. If equity markets continue to exhibit more
stability in contrast to 2002, we believe the high-yield market should perform
favorably over the long term.
l
STRATEGIC BOND TRUST
INVESTMENT OBJECTIVE & To achieve a high level of total return consistent with
POLICIES: preservation of capital by investing at least 80% of the
portfolio's net assets in fixed income securities. These
investments can be among five segments of the fixed income
market: (i) United States government obligations, (ii)
investment-grade domestic corporate fixed income securities,
(iii) high yield, high risk corporate fixed income
securities (commonly called "junk bonds"), (iv)
mortgage-backed securities and (v) investment-grade and high
yield international fixed income securities. SaBAM will
determine the amount of assets to be allocated to each type
of security based on its assessment of the maximum level of
total return that can be achieved from investment in these
securities without incurring undue risks to principal value.
In pursuing its objective, the portfolio may invest without
limitation in high yield, high risk securities.
SUBADVISER: Salomon Brothers Asset Management Inc.
PORTFOLIO MANAGERS: Roger M. Lavan, David J. Scott and Peter J. Wilby
INCEPTION DATE: February 19, 1993
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[STRATEGIC BOND TRUST PERFORMANCE GRAPH]
LEHMAN BROTHERS AGGREGATE BOND
STRATEGIC BOND TRUST INDEX
-------------------- ------------------------------
Dec-93 10000 10000
10156 10135
9945 9959
9596 9713
9533 9635
9552 9634
9543 9613
9562 9804
9571 9816
9600 9672
9581 9663
9543 9642
Dec-94 9401 9708
9382 9900
9457 10136
9467 10198
9844 10341
10252 10741
10371 10819
10441 10795
10511 10926
10680 11032
10760 11175
10949 11343
Dec-95 11207 11502
11655 11578
11456 11376
11466 11297
11617 11233
11714 11211
11843 11361
11929 11392
12091 11372
12478 11570
12586 11827
12811 12029
Dec-96 12854 11918
12984 11955
13145 11984
12919 11851
13056 12029
13355 12143
13540 12288
13897 12620
13862 12512
14128 12698
13943 12882
14104 12941
Dec-97 14266 13072
14416 13239
14519 13228
14623 13273
14662 13342
14662 13469
14638 13584
14687 13612
13737 13834
14157 14158
14120 14083
14465 14163
Dec-98 14453 14206
14440 14306
14329 14056
14539 14133
14760 14179
14495 14054
14508 14009
14469 13950
14336 13943
14482 14105
14522 14157
14641 14156
Dec-99 14774 14088
14707 14041
14906 14211
15052 14399
14906 14357
14776 14350
15095 14648
15255 14781
15443 14996
15400 15090
15327 15190
15516 15439
Dec-00 15864 15726
16082 15982
16213 16121
16227 16202
16149 16134
16243 16231
16258 16292
16557 16657
16761 16849
16682 17044
17012 17401
16855 17161
Dec-01 16855 17051
17059 17189
17231 17356
17200 17067
17522 17399
17539 17546
17269 17699
17066 17913
17572 18216
17623 18511
17673 18426
18028 18420
Dec-02 18365 18802
18500 18819
18837 19078
19039 19063
19675 19221
20136 19579
20171 19540
19480 18883
19746 19008
20277 19511
20331 19330
20437 19376
Dec-03 20773 19574
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year 5 Year 10 Year Inception 5 Year 10 Year Inception
Lehman Brothers Aggregate Bond Index* 4.11% 6.62% 6.95% 37.79% 95.74%
Strategic Bond Trust Series I 13.11% 7.53% 7.58% 43.73% 107.73%
Strategic Bond Trust Series II+++ 12.93% 10.54% 21.35%
Strategic Bond Trust Series III*** 5.01%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Strategic Bond Trust Series I returned
+13.11%, outperforming the +4.11% return of the Lehman Brothers Aggregate Bond
Index.
ENVIRONMENT: When the period began, concerns about a faltering economy and stock
market volatility, coupled with expectations that interest rates would drop,
triggered investor demand for fixed-income securities. Because bond prices
typically move opposite to interest rate movements, many longer-term
fixed-income securities appreciated over the first five months of the period.
The Federal Reserve reduced its interest rate targets in June to their lowest
levels in 45 years. Shortly after the rate reduction, signs suggesting the
economic growth was stronger than expected generated concerns about inflation.
This led investors to question whether the Fed's rate-cutting cycle had run its
course, which contributed to a decline in bond prices. This was exacerbated by
selling from investors holding mortgage-backed securities. Prices of Treasuries
bounced back to an extent in September, although rate concerns resurfaced after
third-quarter data indicated 8.2% annualized economic growth.
For the fourth quarter, U.S. Treasury bonds generated slightly negative total
returns. Shorter-term U.S. Treasuries and U.S. agency securities held up better.
In contrast, U.S. high-yield and emerging markets bonds rallied. (Their
performance tends to be more highly correlated to the credit strength of bond
issuers than interest rate movements.) U.S. high-yield bonds benefited from a
favorable reception to corporate earnings results from investors, continued
relatively low default rates, and strong infusion of cash into the market.
As of year-end, all markets represented by the J.P. Morgan Emerging Markets Bond
Index Plus had generated positive total returns for 2003. The sovereign debt
market benefited from strong cash inflows, signs of global economic growth and
stable commodity prices, including metals, gold and oil -- important drivers of
export revenues for many emerging market economies.
OUTLOOK: The portfolio's allocation to higher-yielding bonds has provided it
with favorable yields, which should benefit long-term returns if corporate
earnings continue to improve and interest rates remain within recent ranges.
li
GLOBAL BOND TRUST
INVESTMENT OBJECTIVE To achieve maximum total return consistent with preservation
& POLICIES: of capital and prudent investment management by investing,
under normal market conditions, at least 80% of the
portfolio's net assets in fixed income securities. These
fixed income securities include fixed income securities
denominated in major foreign currencies and in U.S. dollars.
The portfolio may also invest in baskets of foreign
currencies (such as the euro), and the U.S. dollar.
SUBADVISER: Pacific Investment Management Company
PORTFOLIO MANAGERS: Michael R. Asay & Sudi Mariappa
INCEPTION DATE: March 18, 1988++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[GLOBAL BOND TRUST PERFORMANCE GRAPH]
JP MORGAN GLOBAL UNHEDGED BOND
INDEX GLOBAL BOND TRUST SERIES I
------------------------------ --------------------------
Dec.1993 10000 10000
10094 10223
9983 9857
9937 9627
9929 9554
9847 9297
9964 9297
10058 9425
10031 9358
10081 9380
10232 9516
10103 9418
Dec.1994 10126 9426
10331 9501
10597 9720
11137 9970
11314 10216
11629 10486
11701 10486
11756 10678
11430 10726
11687 10910
11801 11069
11933 11340
Dec.1995 12081 11611
11957 11642
11888 11539
11870 11555
11826 11667
11838 11764
11941 11922
12160 12036
12211 12202
12279 12474
12522 12842
12701 13158
Dec.1996 12612 13123
12297 12808
12212 12799
12119 12694
12051 12780
12335 12886
12476 13087
12430 13125
12415 13020
12691 13347
12960 13338
12804 13367
Dec.1997 12790 13511
12918 13694
13014 13751
12916 13780
13115 13861
13171 13872
13208 13682
13244 13682
13609 13470
14320 14169
14640 14349
14475 14202
Dec.1998 14747 14541
14626 14415
14138 13937
14173 13843
14169 13958
13919 13630
13687 13336
13988 13594
14024 13617
14226 13770
14209 13793
14040 13571
Dec.1999 14000 13571
13724 13196
13655 13173
14052 13489
13625 13073
13725 13097
14058 13483
13838 13302
13738 13229
13710 13205
13547 13013
13828 13230
Dec.2000 14326 13798
14315 13858
14320 13858
13920 13375
13865 13399
13824 13338
13700 13169
14047 13580
14573 14123
14677 14245
14809 14438
14590 14209
Dec.2001 14210 13870
13983 13714
14057 13859
13995 13859
14492 14354
14886 14693
15581 15333
15753 15405
16041 15683
16230 15865
16162 15817
16167 15901
Dec.2002 16963 16662
17185 17001
17432 17278
17476 17290
17685 17535
18453 18275
18163 17987
17595 17447
17507 17360
18496 18301
18400 18213
18692 18552
Dec.2003 19427 19220
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since++ Since
Periods Ended December 31, 2003 1 Year 5 Year 10 Year Inception May 1, 1999 5 Year 10 Year Inception
JP Morgan Global Unhedged Bond Index* 14.53% 5.67% 6.87% 7.00% 31.73% 94.27%
Global Bond Trust Series I 15.40% 5.75% 6.75% 7.10% 32.23% 92.20%
Global Bond Trust Series II+++ 15.25% 18.90% 39.70%
Global Bond Trust Series III*** 11.81%
++ Current subadviser assignment became effective May 1, 1999.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Global Bond Trust Series I returned +15.40%,
outperforming the +14.53% return of the J.P. Morgan Global Unhedged Bond Index.
ENVIRONMENT: Global bond yields drifted higher as economic growth gathered
momentum, although terrorism fears remained in the foreground to temper any
sell-off. While factors driving this cyclical recovery -- U.S. fiscal stimulus,
accommodative monetary policy and the fading impact of SARS and the Iraqi
conflict -- may be temporary, their impact has been significant. Euroland bonds
outperformed Treasuries for the year. With China's economy booming, Japan
remains in a cyclical up trend, fueled by rising capital expenditures and strong
exports. The UK economy also continues to perform well, as global growth has
lifted its manufacturing sector while consumers remain resilient. Only Euroland
growth remains sluggish, although recent data indicates an improvement. The U.S.
dollar remained under pressure with most foreign currencies posting double-digit
gains.
OUTLOOK: Prospects for global economic growth remain strong. Monetary policy
across global economies will continue to support growth overall. Fiscal stimulus
will be less potent but its economic spark will continue to lift growth. In
2004, U.S. growth is expected to be near 4%, Euroland near 1.5% and Japan near
2.5%. Beyond our cyclical horizon, imbalances threaten the sustainability of
this recovery. In the U.S., fiscal stimulus could turn into fiscal drag in 2005
and the current account and fiscal deficits threaten growth. Structural reform
and low-cost competition from Asia will challenge Euroland while demographics
and banking sector woes loom over Japan.
In this environment we will: target U.S. duration below benchmark to guard
against higher long-term U.S. rates; position for a steeper UK yield curve;
invest in mortgage-backed securities when attractive spreads compensate for
duration extension risk; maintain an overweight to Euroland bonds, especially at
the short end of the yield curve; retain high quality emerging market bonds;
hold U.S. real return bonds, partly as a hedge against inflation risk; hold and
selectively add municipal bonds to exploit yields close to taxable bonds;
position portfolios with an underweight to the U.S. dollar to exploit dollar
weakness arising from U.S. trade and budget deficits.
lii
DIVERSIFIED BOND TRUST
INVESTMENT OBJECTIVE To achieve as high a total return as is consistent with the
& POLICIES: conservation of capital by investing, under normal market
conditions, at least 80% of the portfolio's net assets in
fixed income securities, including up to 20% in non
investment-grade fixed income securities.
SUBADVISER: Capital Guardian Trust Company
PORTFOLIO MANAGERS: James R. Mulally, Michael D. Locke & Christine C. Cronin
INCEPTION DATE: August 3, 1989++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[DIVERSIFIED BOND TRUST PERFORMANCE GRAPH]
DIVERSIFIED BOND TRUST CITIGROUP BROAD INVESTMENT
SERIES I GRADE BOND INDEX COMBINED INDEX
---------------------- -------------------------- --------------
Dec. 1993 10000 10000 10000
10178 10135 10179
10000 9967 10050
9751 9720 9821
9730 9647 9828
9759 9646 9853
9683 9625 9805
9872 9808 9974
9948 9819 10090
9815 9678 9971
9872 9668 10026
9749 9642 9928
Dec. 1994 9815 9715 10003
9919 9916 10138
10118 10148 10349
10242 10207 10480
10398 10347 10639
10688 10758 10924
10799 10833 11036
10928 10812 11163
11008 10936 11245
11148 11039 11409
11178 11187 11458
11378 11361 11670
Dec. 1995 11588 11518 11826
11709 11596 11945
11639 11399 11897
11628 11317 11906
11647 11233 11961
11690 11226 12016
11775 11371 12093
11680 11402 11974
11734 11386 12056
12000 11584 12319
12192 11845 12497
12502 12040 12808
Dec. 1996 12405 11934 12725
12544 11981 12873
12576 11994 12911
12405 11873 12742
12627 12043 12967
12897 12156 13269
13132 12301 13521
13531 12634 13937
13320 12525 13737
13637 12709 14054
13614 12892 14023
13731 12953 14155
Dec. 1997 13824 13085 14301
13976 13254 14456
14235 13245 14722
14469 13296 14934
14564 13365 15030
14577 13494 15035
14731 13604 15225
14731 13633 15198
14201 13841 14771
14537 14168 15130
14744 14104 15410
15015 14182 15701
Dec. 1998 15299 14226 15971
15493 14331 16158
15222 14080 15895
15455 14161 16109
15580 14207 16336
15367 14077 16186
15310 14029 16131
15238 13973 16066
15224 13963 16055
15395 14130 16248
15422 14173 16297
15450 14171 16295
Dec. 1999 15407 14106 16220
15307 14067 16175
15435 14231 16364
15577 14416 16577
15504 14373 16527
15472 14360 16512
15844 14660 16857
15990 14794 17011
16217 15005 17254
16347 15107 17371
16412 15204 17482
16639 15450 17765
Dec. 2000 16997 15742 18101
17304 16002 18400
17450 16144 18564
17483 16228 18660
17376 16152 18573
17461 16257 18693
17461 16311 18755
17840 16688 19188
17995 16871 19399
18168 17079 19638
18530 17424 20035
18357 17183 19758
Dec. 2001 18203 17082 19641
18289 17217 19797
18375 17382 19987
18134 17095 19657
18437 17420 20030
18546 17568 20201
18419 17698 20350
18456 17909 20592
18907 18222 20953
19069 18512 21286
19016 18429 21190
19177 18425 21186
Dec. 2002 19592 18808 21626
19627 18823 21644
19896 19090 21951
19932 19073 21931
20133 19241 22124
20491 19597 22534
20473 19562 22493
19793 18901 21733
19906 19031 21883
20433 19530 22456
20225 19350 22250
20300 19406 22314
Dec. 2003 20494 19597 22528
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since ++ Since
Periods Ending December 31, 2003 1 Year 5 Year 10 Year Inception May 1, 1999 5 Year 10 Year Inception
Citigroup Broad Investment Grade
Bond Index* 4.20% 6.62% 6.96% 7.14% 37.77% 95.97%
Combined Index*++++ 4.20% 7.13% 8.46% 7.14% 41.10% 125.28%
Diversified Bond Trust Series I 4.60% 6.02% 7.44% 6.05% 33.93% 104.94%
Diversified Bond Trust Series
II+++ 4.59% 6.11% 12.13%
Diversified Bond Trust Series
III*** 3.04%
++ Current subadviser assignment became effective May 1, 1999.
++++ The Combined Index represents 20% of the return of the Wilshire 5000
Index, 5% of the MSCI EAFE Index, 50% of the Lehman Brothers Aggregate
Bond Index, 25% of the 90 Day T-Bill through April 30, 1999, and 100% of
the return of the Citigroup Broad Investment Grade Bond Index from May 1,
1999 and thereafter.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Diversified Bond Trust Series I returned
+4.60%, outperforming the +4.20% return of the Citigroup Broad Investment Grade
Bond Index.
ENVIRONMENT: The portfolio benefited from an overweight allocation to BBB
credits and high yield bonds. These issues did particularly well during 2003 and
accounted for nearly half of the excess return for the year. Earlier in the
year, the Trust reduced its exposure to mortgage-backed securities in
anticipation of a possible interest rate hike. This move continues to aid
portfolio returns. Within corporate bonds, the portfolio's overweight allocation
to Wireless, Media, Health Care, and Hotels, Restaurants & Leisure were
beneficial.
OUTLOOK: Preserving capital is an important theme for the portfolio. Since we
think interest rates are likely to rise, we anticipate becoming more cautious on
duration. The portfolio is underweight sectors of the bond market that could
come under pressure in a rising interest rate environment, namely
mortgage-backed securities. Our second theme is that bond selection will be key.
Corporate bond spreads narrowed appreciably in 2003 and are narrow by historical
standards. We believe it will be imperative to own individual bonds that have
positive credit momentum and are undervalued relative to their peers.
liii
INVESTMENT QUALITY BOND TRUST
INVESTMENT OBJECTIVE & To achieve a high level of current income consistent with
POLICIES: the maintenance of principal and liquidity by investing,
under normal market conditions, at least 80% of the
portfolio's net assets in investment grade bonds. The
portfolio will invest primarily in corporate bonds and U.S.
government bonds with intermediate to longer-term
maturities.
SUBADVISER: Wellington Management Company, LLP
PORTFOLIO MANAGER: Thomas L. Pappas
INCEPTION DATE: June 18, 1985
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[INVESTMENT QUALITY BOND TRUST PERFORMANCE GRAPH]
INVESTMENT QUALITY BOND LEHMAN BROTHERS AGGREGATE
TRUST SERIES I BOND INDEX COMBINED INDEX
----------------------- ------------------------- --------------
Dec-93 10000.00 10000.00 10000.00
10132.00 10135.00 10165.00
9885.00 9959.00 9937.00
9596.00 9713.00 9673.00
9493.00 9635.00 9588.00
9484.00 9634.00 9564.00
9467.00 9613.00 9541.00
9640.00 9804.00 9750.00
9657.00 9816.00 9757.00
9511.00 9672.00 9598.00
9485.00 9663.00 9583.00
9459.00 9642.00 9567.00
Dec-94 9537.00 9708.00 9636.00
9711.00 9900.00 9828.00
9927.00 10136.00 10075.00
9997.00 10198.00 10149.00
10148.00 10341.00 10301.00
10564.00 10741.00 10751.00
10647.00 10819.00 10840.00
10610.00 10795.00 10796.00
10739.00 10926.00 10946.00
10850.00 11032.00 11063.00
11034.00 11175.00 11219.00
11210.00 11343.00 11413.00
Dec-95 11395.00 11502.00 11589.00
11451.00 11578.00 11662.00
11219.00 11376.00 11404.00
11127.00 11297.00 11309.00
11032.00 11233.00 11226.00
11002.00 11211.00 11207.00
11139.00 11361.00 11362.00
11168.00 11392.00 11387.00
11148.00 11372.00 11356.00
11354.00 11570.00 11570.00
11580.00 11827.00 11855.00
11806.00 12029.00 12085.00
Dec-96 11688.00 11918.00 11940.00
11717.00 11955.00 11954.00
11747.00 11984.00 11988.00
11599.00 11851.00 11831.00
11790.00 12029.00 12006.00
11896.00 12143.00 12126.00
12054.00 12288.00 12280.00
12435.00 12620.00 12679.00
12287.00 12512.00 12522.00
12489.00 12698.00 12725.00
12637.00 12882.00 12916.00
12701.00 12941.00 12985.00
Dec-97 12828.00 13072.00 13122.00
13049.00 13239.00 13297.00
13029.00 13228.00 13277.00
13070.00 13273.00 13321.00
13129.00 13342.00 13393.00
13263.00 13469.00 13542.00
13364.00 13584.00 13669.00
13397.00 13612.00 13673.00
13510.00 13834.00 13884.00
13902.00 14158.00 14296.00
13789.00 14083.00 14162.00
13890.00 14163.00 14298.00
Dec-98 13945.00 14206.00 14335.00
14046.00 14306.00 14448.00
13721.00 14056.00 14104.00
13834.00 14133.00 14182.00
13896.00 14179.00 14219.00
13719.00 14054.00 14061.00
13660.00 14009.00 14010.00
13602.00 13950.00 13961.00
13554.00 13943.00 13945.00
13684.00 14105.00 14077.00
13696.00 14157.00 14121.00
13732.00 14156.00 14119.00
Dec-99 13696.00 14088.00 14036.00
13673.00 14041.00 14021.00
13826.00 14211.00 14186.00
13992.00 14399.00 14370.00
13912.00 14357.00 14287.00
13836.00 14350.00 14266.00
14117.00 14648.00 14572.00
14244.00 14781.00 14731.00
14435.00 14996.00 14936.00
14498.00 15090.00 14996.00
14536.00 15190.00 15075.00
14702.00 15439.00 15322.00
Dec-00 14982.00 15726.00 15624.00
15276.00 15982.00 15918.00
15467.00 16121.00 16079.00
15518.00 16202.00 16156.00
15402.00 16134.00 16044.00
15509.00 16231.00 16144.00
15523.00 16292.00 16221.00
15918.00 16657.00 16627.00
16094.00 16849.00 16841.00
16094.00 17044.00 16974.00
16474.00 17401.00 17404.00
16216.00 17161.00 17134.00
Dec-01 16079.00 17051.00 17000.00
16214.00 17189.00 17128.00
16364.00 17356.00 17272.00
16146.00 17067.00 16925.00
16458.00 17399.00 17245.00
16573.00 17546.00 17410.00
16601.00 17699.00 17546.00
16659.00 17913.00 17734.00
17017.00 18216.00 18140.00
17332.00 18511.00 18524.00
17117.00 18426.00 18343.00
17245.00 18420.00 18383.00
Dec-02 17675.00 18802.00 18878.00
17762.00 18819.00 18885.00
18078.00 19078.00 19225.00
18063.00 19063.00 19204.00
18352.00 19221.00 19427.00
18850.00 19579.00 19986.00
18850.00 19540.00 19908.00
18096.00 18883.00 19072.00
18231.00 19008.00 19200.00
18804.00 19511.00 19814.00
18653.00 19330.00 19567.00
18728.00 19376.00 19623.00
Dec-03 18976.00 19574.00 19817.00
PERFORMANCE TABLE**
Cumulative Total Return
Average Annual Total Return Since
Periods Ended December 31, 2003 1 Year 5 Year 10 Year 5 Year 10 Year Inception
Lehman Brothers Aggregate Bond Index* 4.11% 6.62% 6.95% 37.79% 95.74%
Combined Index*+ 5.00% 6.69% 7.08% 38.25% 98.17%
Investment Quality Bond Trust Series I 7.32% 6.35% 6.62% 36.06% 89.76%
Investment Quality Bond Trust Series II+++ 7.24% 16.91%
Investment Quality Bond Trust Series III*** 4.14%
+ The Combined Index is comprised of 50% of the return of the Lehman Brothers
Government Bond Index and 50% of the return of the Lehman Brothers Credit
Bond Index.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Investment Quality Bond Trust Series I
returned +7.32%, outperforming the +5.00% return of the Combined Index (50%/50%
Lehman Brothers Government/Credit Index), and underperforming the +7.98% return
of the Morningstar Long Term Bond Peer Group.
ENVIRONMENT: Higher yielding sectors of the investment grade bond market, such
as corporate bonds and mortgage-backed securities, outperformed U.S. Treasuries.
The Federal Reserve maintained the federal funds rate at 1% since June and has
reiterated that rates would remain low for a "considerable period." Long
interest rates rose significantly in July as signs of a second-half recovery
grew. The yield curve steepened and Treasury bond prices declined. We shifted
our duration posture from slightly below neutral to neutral toward the end of
the year. The greatest contributors to performance were derived from our
overweight position in investment grade credits, individual security selection
within those credits, and exposure to non-investment grade issues. The greatest
detractor was duration and yield curve positioning.
OUTLOOK: We believe a broad based recovery is unfolding as evidenced by economic
data that has exceeded investor expectations. Monetary easing and a weaker
dollar are providing a level of fiscal stimulus that should support further
growth. The risks from a ballooning fiscal deficit and geopolitical activity
remain. Although the economic cycle points to higher rates ahead, investors may
defer their fears of higher rates and continue to purchase bonds in the near
term. We have adjusted our duration bias from slightly below neutral to neutral
and positioned the portfolio to seek a yield advantage by maintaining overweight
positions in corporate bonds and mortgages while being underweight Treasuries.
liv
TOTAL RETURN TRUST
INVESTMENT OBJECTIVE & To achieve maximum total return, consistent with
POLICIES: preservation of capital and prudent investment management by
investing, under normal market conditions, at least 65% of
the portfolio's assets in a diversified portfolio of fixed
income securities of varying maturities. The average
portfolio duration will normally vary within a 3- to 6-year
time frame based on PIMCO's forecast for interest rates.
SUBADVISER: Pacific Investment Management Company
PORTFOLIO MANAGERS: William H. Gross
INCEPTION DATE: May 1, 1999
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[TOTAL RETURN TRUST PERFORMANCE GRAPH]
LEHMAN BROTHERS AGGREGATE BOND
TOTAL RETURN TRUST SERIES I INDEX
--------------------------- ------------------------------
Apr. 1999 10000 10000
9928 9912
9896 9880
9840 9839
Aug. 1999 9824 9834
9928 9948
9936 9985
9968 9984
Dec. 1999 9896 9936
9776 9903
9849 10023
10049 10155
Apr. 2000 10032 10126
10024 10121
10213 10331
10303 10425
Aug. 2000 10467 10577
10475 10643
10565 10713
10778 10889
Dec. 2000 10934 11091
11049 11272
11147 11370
11196 11427
Apr. 2001 11107 11379
11123 11447
11140 11490
11506 11748
Aug. 2001 11634 11883
11856 12021
12078 12272
11908 12103
Dec. 2001 11884 12026
12012 12123
12149 12241
11961 12038
Apr. 2002 12167 12271
12239 12375
12284 12483
12338 12634
Aug. 2002 12564 12848
12681 13056
12726 12996
12771 12992
Dec. 2002 13015 13261
13087 13273
13276 13456
13286 13445
Apr. 2003 13428 13557
13649 13809
13640 13781
13111 13318
Aug. 2003 13235 13406
13582 13762
13485 13634
13525 13666
Dec. 2003 13668 13805
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Lehman Brothers Aggregate Bond Index* 4.11% 7.15% 38.05%
Total Return Trust Series I 5.02% 6.92% 36.68%
Total Return Trust Series II+++ 4.87% 6.92% 13.79%
Total Return Trust Series III*** 3.35%
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Total Return Trust Series I returned +5.02%,
outperforming the +4.11% return of the Lehman Brothers Aggregate Bond Index.
ENVIRONMENT: While Treasury yields rose only 0.2 to 0.5 percentage points for
the year, the markets were far from calm. For instance, yields moved lower
through the first half of the year as perceived deflation risks grew. The
Federal Reserve cut the federal funds rate to 1 percent in June and the 10-year
Treasury yield plunged to a 45-year low near 3 percent. Rates then reversed
course dramatically, jumping more than 1.3 percentage points in July, the worst
month in the U.S. government bond market in more than 23 years.
This reversal was partly prompted by investors' growing confidence that growth
would accelerate. Economic performance in the second half of the year met
investors' expectations, highlighted by 8.2 percent annualized growth in the
third quarter, the fastest pace in almost two decades. The 10-year Treasury
yield finished the year at 4.25 percent, up 0.43 percentage points for the full
period.
OUTLOOK: The recovery in the global economy should be sustained in 2004, with
China joining the U.S. as an engine of growth. U.S. interest rates could rise up
to 1.0 percentage points for short maturities but less for longer maturities as
markets anticipate tightening by the Fed by late in 2004 or early 2005.
The bond market in 2004 will be challenging, with upward pressure on rates and
full valuations in Treasuries, most corporates and mortgages. This environment
dictates an underweight to mortgages and corporates, below-index duration and
focus on intermediate maturities. Real return, municipal, short maturity
Eurozone and emerging market bonds remain compelling. TIPs hedge against secular
inflation risk. Munis provide yields near Treasuries and defensive
characteristics in a rising rate environment. Short-term Euroland exposure
offers yields that do not reflect the low probability of central bank tightening
in 2004. Modest exposure to the euro and yen can add value as concern about the
U.S. trade deficit keeps the dollar weak. Finally, high yielding emerging market
bonds are poised for another good year as fundamentals continue to improve.
lv
REAL RETURN BOND TRUST
INVESTMENT OBJECTIVE & To seek to achieve maximum real return, consistent with
POLICIES: preservation of real capital and prudent investment
management. The portfolio seeks to achieve its objective by
investing under normal circumstances, at least 80% of its
net assets in inflation-indexed bonds of varying maturities
issued by the U.S. and non-U.S. governments, their agencies
or instrumentalities, and corporations.
SUBADVISER: Pacific Investment Management Company
PORTFOLIO MANAGERS: John B. Brynjolfsson
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[REAL RETURN BOND TRUST PERFORMANCE GRAPH]
LEHMAN BROTHERS GLOBAL REAL U.S.
REAL RETURN BOND TRUST SERIES I TIPS INDEX
------------------------------- --------------------------------
Apr. 2003 10000 10000
May 2003 10424 10474
Jun. 2003 10336 10367
Jul. 2003 9817 9888
Aug. 2003 9984 10065
Sep. 2003 10417 10398
Oct. 2003 10393 10455
Nov. 2003 10449 10461
Dec. 2003 10488 10567
PERFORMANCE TABLE**
Cumulative Total Return
Since
Periods Ended December 31, 2003 Inception
Lehman Brothers Global Real U.S. TIPS Index* 5.67%
Real Return Bond Trust Series I 4.88%
Real Return Bond Trust Series II 4.80%
Real Return Bond Trust Series III*** 5.64%
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: Since inception, May 5, 2003, the Real Return Bond Trust Series I
returned +4.88%, underperforming the +5.67% return of the Lehman Global Real
U.S. TIPs Index.
ENVIRONMENT: Most bonds posted positive returns in the fourth quarter, capping a
year in which fixed income assets gained ground despite volatile interest rates.
Interest rates fell in the first half of the year, as markets were anxious about
deflation, but reversed course in the second half as the mood swung toward
expectations of faster growth. Inflation was modest even in the face of surging
commodity prices and a falling U.S. dollar; low inflation helped to ease the
rise in interest rates. Higher yielding corporate and emerging market assets
were the best performing, as demand for riskier, higher yielding assets surged.
Real return bonds outpaced Treasuries for the year, as these high quality assets
demonstrated their defensive characteristics as interest rates moved higher.
OUTLOOK: The recovery in the global economy will be sustained in 2004, with
China joining the U.S. as an engine of growth. U.S. interest rates could rise up
to 1.0 percentage points for short maturities but less for longer maturities as
markets anticipate tightening by the Federal Reserve by 2004 or early 2005.
The bond market in 2004 will be challenging, with upward pressure on rates and
full valuations in Treasuries, most corporates and mortgages. Duration from TIPS
will remain slightly longer than benchmark duration with a focus on shorter
maturity TIPS. Outside of the U.S. TIPS market, there are opportunities to add
value through global inflation-linked bonds. Additionally, municipal and
emerging market bonds remain compelling while a modest exposure to event-linked
bonds provides an opportunity to increase yield.
lvi
U.S. GOVERNMENT SECURITIES TRUST
INVESTMENT OBJECTIVE To achieve a high level of current income consistent with
& POLICIES: the preservation of capital and maintenance of liquidity by
investing at least 80% of the portfolio's net assets in debt
obligations and mortgage-backed securities issued or
guaranteed by the U.S. government, its agencies or
instrumentalities and derivative securities.
SUBADVISER: Salomon Brothers Asset Management Inc.
PORTFOLIO MANAGER: Roger M. Lavan
INCEPTION DATE: March 18, 1988++
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[U.S. GOVERNMENT SECURITIES TRUST PERFORMANCE GRAPH]
U.S GOVERNMENT SECURITIES TRUST
SERIES I CITIGROUP 1-10 YEAR TREASURY INDEX
------------------------------- ----------------------------------
Dec. 1993 10000.00 10000.00
10096.00 10100.00
9963.00 9963.00
9844.00 9813.00
9828.00 9752.00
9844.00 9762.00
9821.00 9766.00
9930.00 9887.00
9976.00 9916.00
9859.00 9834.00
9836.00 9837.00
9812.00 9788.00
Dec. 1994 9875.00 9824.00
10047.00 9990.00
10258.00 10176.00
10320.00 10231.00
10435.00 10347.00
10812.00 10639.00
10879.00 10708.00
10854.00 10714.00
10954.00 10798.00
11029.00 10865.00
11155.00 10986.00
11289.00 11126.00
Dec. 1995 11414.00 11235.00
11489.00 11332.00
11305.00 11217.00
11239.00 11160.00
11197.00 11119.00
11152.00 11122.00
11276.00 11231.00
11311.00 11264.00
11320.00 11279.00
11497.00 11423.00
11709.00 11612.00
11886.00 11747.00
Dec. 1996 11797.00 11685.00
11860.00 11733.00
11904.00 11744.00
11815.00 11684.00
11973.00 11809.00
12058.00 11902.00
12171.00 12004.00
12408.00 12228.00
12351.00 12179.00
12503.00 12313.00
12646.00 12456.00
12674.00 12486.00
Dec. 1997 12796.00 12591.00
12949.00 12761.00
12958.00 12741.00
12995.00 12783.00
13068.00 12843.00
13158.00 12930.00
13228.00 13018.00
13278.00 13070.00
13458.00 13326.00
13727.00 13645.00
13657.00 13672.00
13677.00 13623.00
Dec. 1998 13757.00 13676.00
13816.00 13739.00
13666.00 13540.00
13757.00 13630.00
13798.00 13668.00
13683.00 13581.00
13652.00 13605.00
13559.00 13619.00
13559.00 13645.00
13756.00 13753.00
13808.00 13771.00
13787.00 13779.00
Dec. 1999 13725.00 13743.00
13632.00 13705.00
13819.00 13810.00
13954.00 13984.00
13974.00 13979.00
13985.00 14036.00
14231.00 14239.00
14309.00 14333.00
14500.00 14482.00
14646.00 14592.00
14735.00 14687.00
14959.00 14900.00
Dec. 2000 15217.00 15146.00
15407.00 15320.00
15519.00 15463.00
15598.00 15586.00
15563.00 15524.00
15634.00 15591.00
15647.00 15647.00
15944.00 15927.00
16062.00 16062.00
16346.00 16392.00
16572.00 16631.00
16381.00 16451.00
Dec. 2001 16286.00 16374.00
16394.00 16430.00
16525.00 16560.00
16346.00 16303.00
16611.00 16587.00
16711.00 16704.00
16860.00 16906.00
17057.00 17241.00
17231.00 17417.00
17391.00 17748.00
17415.00 17711.00
17367.00 17553.00
Dec. 2002 17589.00 17874.00
17614.00 17821.00
17749.00 18013.00
17724.00 18010.00
17792.00 18046.00
17907.00 18329.00
17895.00 18298.00
17422.00 17901.00
17511.00 17928.00
17779.00 18297.00
17703.00 18119.00
17754.00 18118.00
Dec. 2003 17895.00 18258.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Return
Since Since
Periods Ending December 31, 2003 1 Year 5 Year 10 Year Inception 5 Year 10 Year Inception
Citigroup 1-10 year Treasury Index* 2.12% 5.95% 6.20% 33.49% 82.58%
U.S. Government Securities Trust Series I 1.73% 5.40% 5.99% 30.07% 78.95%
U.S. Government Securities Trust Series II+++ 1.59% 4.68% 9.24%
U.S. Government Securities Trust Series
III*** 2.26%
++ Current subadvisor assignment became effective December 13, 1991
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the U.S. Government Securities Trust Series I
returned +1.73%, underperforming the +2.12% return of the Citigroup 1-10 Year
Treasury Index.
ENVIRONMENT: When the period began, concerns about a faltering economy and stock
market volatility, coupled with expectations that interest rates would drop,
triggered investor demand for higher-rated fixed-income securities. Because bond
prices typically move opposite to interest rate movements, many longer-term
fixed-income securities appreciated over the first five months of the period.
The Federal Reserve proceeded to reduce its interest rate targets in June to
their lowest levels since the Eisenhower Administration. Shortly after the Fed's
rate reduction, signs suggesting that gross domestic product (GDP) growth was
stronger than expected renewed concerns over inflation. This led investors to
question whether the Fed's rate-cutting cycle had run its course, which
contributed to a decline in bond prices. The decline was exacerbated due to
selling from investors holding mortgage-backed securities. Many institutional
investors sold Treasuries as long-term rates rose to help lower their
portfolios' duration, to better preserve their value against a further rise in
long-term rates.
Prices of Treasuries bounced back to an extent in September. Rate concerns
resurfaced after the Commerce Department released preliminary third-quarter data
stating that the economy grew at its fastest pace in almost 20 years. Third
quarter economic growth was an annualized 8.2%. However, selling in the Treasury
markets was more contained than it was in July as some of this growth was
attributable to one-time factors, such as the tax cuts and the end of major
combat in Iraq, and many analysts and investors felt that the Fed appeared to be
in a holding pattern from adjusting its rate targets.
We continued to allocate investment capital primarily between mortgage-backed
fixed-income securities and U.S. Treasuries through the end of the period, while
maintaining the ability to add exposure to other sectors when opportunities
arise. Given that certain fixed-income sectors exhibited more volatility than
others for much of 2003, our diversified approach to fixed-income investing
reduced overall portfolio volatility yet enabled us to capture competitive
yields. Although interest rate fluctuations can be unpredictable, as of
year-end, we maintained a relatively defensive posture in terms of the
portfolio's exposure to interest rate risk.
lvii
SMALL CAP INDEX TRUST
INVESTMENT OBJECTIVE To achieve the approximate aggregate total return of a small
& POLICIES: cap U.S. domestic equity market index by attempting to track
the performance of the Russell 2000 Index. The portfolio
invests at least 80% of its net assets in (a) the common
stocks that are included in the Russell 2000 Index and (b)
securities (which may or may not be included in the Russell
2000 Index) that MFC believes as a group will behave in a
manner similar to the index.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Carson Jen and Narayan Ramani
INCEPTION DATE: May 1, 2000
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[SMALL CAP INDEX TRUST PERFORMANCE GRAPH]
SMALL CAP INDEX TRUST SERIES I RUSSELL 2000 INDEX
------------------------------ ------------------
Apr. 2000 10000.00 10000.00
9168.00 9186.00
Jun. 2000 10000.00 9987.00
9728.00 9665.00
10375.00 10403.00
Sep. 2000 10112.00 10097.00
9656.00 9647.00
8704.00 8656.00
Dec. 2000 9362.00 9400.00
9826.00 9889.00
9187.00 9241.00
Mar. 2001 8740.00 8789.00
9412.00 9476.00
9636.00 9709.00
Jun. 2001 9960.00 10044.00
9396.00 9501.00
9089.00 9194.00
Sep. 2001 7870.00 7956.00
8318.00 8422.00
8957.00 9074.00
Dec. 2001 9503.00 9633.00
9402.00 9532.00
9149.00 9271.00
Mar. 2002 9865.00 10016.00
9949.00 10107.00
9494.00 9659.00
Jun. 2002 9031.00 9180.00
7641.00 7793.00
7607.00 7773.00
Sep. 2002 7060.00 7215.00
7279.00 7446.00
7911.00 8111.00
Dec. 2002 7462.00 7659.00
7250.00 7447.00
7037.00 7222.00
Mar. 2003 7131.00 7315.00
7803.00 8009.00
8610.00 8868.00
Jun. 2003 8755.00 9028.00
9291.00 9594.00
9715.00 10033.00
Sep. 2003 9520.00 9847.00
10310.00 10675.00
10667.00 11053.00
Dec. 2003 10879.00 11278.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Russell 2000 Index 47.25% 4.04% 12.78%
Small Cap Index Trust Series I 45.79% 2.32% 8.79%
Small Cap Index Trust Series II+++ 45.33% 8.15% 16.34%
Small Cap Index Trust Series III*** 8.75%
+++ Series II inception date: January 28, 2002
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Small Cap Index Trust Series I returned
+45.79%, underperforming the +47.25% return of the Russell 2000 Index.
ENVIRONMENT: The U.S. economy started out strong in 2003. The Federal stimulus
package eliminated the double taxation of dividends. However, the continued
geopolitical risks, high unemployment rate and decreased consumer confidence
caused the market to continue to decline until mid-March.
After the decisive victory in the Iraq war, all of the major indexes rallied
strongly. But even with the rebound, consumer confidence and unemployment
numbers remained mixed and deflation risks prompted the Federal Reserve to
reduce rates from 1.25% to 1.0%.
In the third quarter, the economy expanded at an 8.2% annualized rate and
consumer spending increased at a 6.4% annualized rate. The labor market also
continued its recovery with three straight months of job growth and an average
of 82,000 new jobs created each month.
Information Technology and Producer Durables were the best performing sectors,
up 63.4% and 59.2% respectively; Consumer Staples and Utilities were the worst,
gaining 23.9% and 33.9%.
OUTLOOK: The economy is positioned to expand at a better pace than last year.
Geopolitical risks have subsided; economic growth and consumer confidence have
also increased. The major concerns in the near term are the size of the U.S.
Government deficit and the need for a pickup in employment for the economic
recovery to be sustainable.
lviii
INTERNATIONAL INDEX TRUST
INVESTMENT OBJECTIVE To achieve the approximate aggregate total return of a
& POLICIES: foreign equity market index by attempting to track the
performance of the Morgan Stanley Europe Australasia Far
East Free Index (the MSCI EAFE Index). The portfolio invests
at least 80% of its net assets in (a) the common stocks that
are included in the MSCI EAFE Index and (b) securities
(which may or may not be included in the MSCI EAFE Index)
that MFC believes as a group will behave in a manner similar
to the index.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Carson Jen and Narayan Ramani
INCEPTION DATE: May 1, 2000
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[INTERNATIONAL INDEX TRUST PERFORMANCE GRAPH]
INTERNATIONAL INDEX TRUST SERIES I MSCI EAFE INDEX
---------------------------------- ---------------
Apr. 2000 10000.00 10000.00
9784.00 9715.00
Jun. 2000 10112.00 10097.00
9704.00 9675.00
9776.00 9761.00
Sep. 2000 9320.00 9288.00
9080.00 9071.00
8712.00 8732.00
Dec. 2000 9016.00 9045.00
9000.00 9040.00
8318.00 8363.00
Mar. 2001 7726.00 7810.00
8294.00 8357.00
7994.00 8069.00
Jun. 2001 7686.00 7742.00
7531.00 7602.00
7345.00 7411.00
Sep. 2001 6598.00 6662.00
6752.00 6832.00
6963.00 7085.00
Dec. 2001 6996.00 7127.00
6610.00 6749.00
6667.00 6796.00
Mar. 2002 7037.00 7167.00
7053.00 7219.00
7136.00 7317.00
Jun. 2002 6848.00 7029.00
6175.00 6335.00
6142.00 6322.00
Sep. 2002 5477.00 5645.00
5756.00 5949.00
6011.00 6220.00
Dec. 2002 5796.00 6011.00
5546.00 5760.00
5396.00 5629.00
Mar. 2003 5280.00 5522.00
5780.00 6070.00
6097.00 6443.00
Jun. 2003 6238.00 6603.00
6355.00 6764.00
6497.00 6928.00
Sep. 2003 6671.00 7143.00
7038.00 7589.00
7180.00 7759.00
Dec. 2003 7662.00 8365.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
MSCI EAFE Index 39.17% -4.64% -16.35%
International Index Trust Series I 32.18% -7.00% -23.38%
International Index Trust Series II+++ 32.12% 7.25% 14.48%
International Index Trust Series III*** 15.57%
+++ Series II inception date: January 28, 2002
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the International Index Trust Series I returned
+32.18%, underperforming the +39.17% return of the MSCI EAFE Index.
ENVIRONMENT: All of the MSCI EAFE Index sectors were in the positive territory
for 2003. Information Technology was the best performer, followed by
Industrials, Materials and Financials, all of which returned high double-digit
gains. Energy, Consumer Staples and Utilities were the worst performing sectors.
Likewise, most countries in the Index had gains for 2003. Greece was the best
performing country, gaining about 67% in value. Sweden, Spain, Germany, New
Zealand and Denmark also had high double-digit gains. Finland was the worst
performer, followed by the Netherlands.
MSCI rebalanced its EAFE Index in May and again in November. The rebalancing
resulted in no significant country or sector weight changes.
OUTLOOK: In 2003, the European Central Bank cut its benchmark interest rate from
2.75% to 2.0% in June. Similarly, the Bank of England cut its rate from 4.0% to
3.5% in July. A corporate profit recovery is underway in Japan, driven in part
through sales growth but largely due to the effects of restructuring.
lix
MID CAP INDEX TRUST
INVESTMENT OBJECTIVE & To achieve the approximate aggregate total return of a mid
POLICIES: cap U.S. domestic equity market index by attempting to track
the performance of the S&P MidCap 400 Index. The portfolio
invests at least 80% of its net assets in (a) the common
stocks that are included in the S&P 400 Index and (b)
securities (which may or may not be included in the S&P
MidCap 400 Index) that MFC believes as a group will behave
in a manner similar to the index.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Carson Jen and Narayan Ramani
INCEPTION DATE: May 1, 2000
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[MID CAP INDEX TRUST PERFORMANCE GRAPH]
MID CAP INDEX TRUST SERIES I S&P MIDCAP 400 INDEX
---------------------------- --------------------
Apr. 2000 10000.00 10000.00
9752.00 9742.00
Jun. 2000 9920.00 9885.00
10056.00 10041.00
11160.00 11162.00
Sep. 2000 11088.00 11086.00
10696.00 10710.00
9920.00 9902.00
Dec. 2000 10715.00 10659.00
10878.00 10897.00
10250.00 10275.00
Mar. 2001 9491.00 9511.00
10528.00 10560.00
10765.00 10806.00
Jun. 2001 10716.00 10762.00
10553.00 10602.00
10210.00 10255.00
Sep. 2001 8945.00 8979.00
9337.00 9377.00
10022.00 10074.00
Dec. 2001 10529.00 10595.00
10472.00 10540.00
10480.00 10553.00
Mar. 2002 11219.00 11307.00
11146.00 11254.00
10957.00 11064.00
Jun. 2002 10152.00 10254.00
9158.00 9261.00
9199.00 9308.00
Sep. 2002 8452.00 8558.00
8813.00 8929.00
9322.00 9445.00
Dec. 2002 8933.00 9057.00
8669.00 8792.00
8462.00 8583.00
Mar. 2003 8520.00 8655.00
9139.00 9284.00
9890.00 10053.00
Jun.2003 10006.00 10181.00
10361.00 10542.00
10823.00 11020.00
Sep. 2003 10642.00 10852.00
11434.00 11672.00
11831.00 12079.00
Dec. 2003 12020.00 12283.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Periods Ended December 31, 2003 1 Year Since Inception Since Inception
S&P MidCap 400 Index 35.61% 6.16% 22.83%
Mid Cap Index Trust Series I 34.57% 5.14% 20.20%
Mid Cap Index Trust Series II+++ 34.32% 7.05% 14.07%
Mid Cap Index Trust Series III*** 9.39%
+++ Series II inception date: January 28, 2002
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Mid Cap Index Trust Series I returned
+34.57%, underperforming the +35.61% return of the S&P MidCap 400 Index.
ENVIRONMENT: The U.S. economy started out strong in 2003. The federal stimulus
package eliminated the double taxation of dividends. However, the continued
geopolitical risks, high unemployment rate and decreased consumer confidence
caused the market to continue to decline until mid-March.
After the decisive victory in the Iraq war, all of the major indexes rallied
strongly. But even with the rebound, consumer confidence and unemployment
numbers remained mixed and deflation risks prompted the Federal Reserve to
reduce rates from 1.25% to 1.0%.
In the third quarter, the economy expanded at an 8.2% annualized rate and
consumer spending increased at a 6.4% annualized rate. The labor market is also
continuing its recovery with three straight months of job growth and an average
of 82,000 new jobs created each month.
For the year, Information Technology and Health Care were the best performing
sectors, up 52.9% and 45.0% respectively; Materials and Energy were the worst,
gaining 20.0% and 17.2%.
OUTLOOK: The economy is positioned to expand at a better pace than last year.
Geopolitical risks have subsided; economic growth and consumer confidence have
also increased. The major concerns in the near term are the size of the U.S.
government deficit and the need for a pickup in employment for the economic
recovery to be sustainable.
lx
TOTAL STOCK MARKET INDEX TRUST
INVESTMENT OBJECTIVE & To achieve the approximate aggregate total return of a broad
POLICIES: U.S. domestic equity market index by attempting to track the
performance of the Wilshire 5000 Index. The portfolio
invests at least 80% of its net assets in (a) the common
stocks that are included in the Wilshire 5000 Index and (b)
securities (which may or may not be included in the Wilshire
5000 Index) that MFC believes as a group will behave in a
manner similar to the index.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Carson Jen and Narayan Ramani
INCEPTION DATE: May 1, 2000
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[TOTAL STOCK MARKET INDEX TRUST PERFORMANCE GRAPH]
TOTAL STOCK MARKET INDEX TRUST
WILSHIRE 5000 INDEX SERIES I
------------------- ------------------------------
Apr. 2000 10000.00 10000.00
9509.00 9480.00
Jun. 2000 9928.00 9960.00
9726.00 9744.00
10432.00 10432.00
Sep. 2000 9945.00 9952.00
9734.00 9768.00
8766.00 8840.00
Dec. 2000 8922.00 8996.00
9264.00 9327.00
8385.00 8439.00
Mar. 2001 7821.00 7873.00
8464.00 8519.00
8548.00 8600.00
Jun. 2001 8405.00 8447.00
8266.00 8309.00
7766.00 7801.00
Sep. 2001 7068.00 7106.00
7248.00 7284.00
7803.00 7833.00
Dec. 2001 7943.00 7969.00
7844.00 7855.00
7683.00 7701.00
Mar. 2002 8019.00 8026.00
7628.00 7636.00
7538.00 7538.00
Jun. 2002 7008.00 7001.00
6442.00 6439.00
6480.00 6480.00
Sep. 2002 5830.00 5828.00
6276.00 6276.00
6654.00 6651.00
Dec. 2002 6286.00 6273.00
6128.00 6117.00
6024.00 6010.00
Mar. 2003 6092.00 6067.00
6591.00 6569.00
6994.00 6955.00
Jun. 2003 7097.00 7054.00
7268.00 7218.00
7443.00 7383.00
Sep. 2003 7361.00 7301.00
7810.00 7736.00
7919.00 7843.00
Dec. 2003 8275.00 8188.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Wilshire 5000 Index 31.64% -4.65% -17.25%
Total Stock Market Index Trust Series I 30.54% -5.30% -18.12%
Total Stock Market Index Trust Series II+++ 30.31% 1.94% 3.79%
Total Stock Market Index Trust Series III*** 8.62%
+++ Series II inception date: January 28, 2002
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Total Stock Market Index Series I returned
+30.54%, underperforming the +31.64% return of the Wilshire 5000 Index.
ENVIRONMENT: The U.S. economy started out strong in 2003. The Federal stimulus
package eliminated the double taxation of dividends. However, the continued
geopolitical risks, high unemployment rate and decreased consumer confidence
caused the market to continue to decline until mid-March.
After the decisive victory in the Iraq war, all of the major indexes rallied
strongly. But even with the rebound, consumer confidence and unemployment
numbers remained mixed and deflation risks prompted the Federal Reserve to
reduce rates from 1.25% to 1.0%.
In the third quarter, the economy expanded at an 8.2% annualized rate and
consumer spending increased at a 6.4% annualized rate. The labor market also
continued its recovery with three straight months of job growth and an average
of 82,000 new jobs created each month.
Information Technology and Consumer Durables were the best performing sectors,
up 47.1% and 46.4% respectively; Transportation and Consumer Non-Durables were
the worst, gaining 25.1% and 22.4%.
OUTLOOK: The economy is positioned to expand at a better pace than last year.
Geopolitical risks have subsided; economic growth and consumer confidence have
also increased. The major concerns in the near term are the size of the U.S.
government deficit and the need for a pickup in employment for the economic
recovery to be sustainable.
lxi
500 INDEX TRUST
INVESTMENT OBJECTIVE & To achieve the approximate aggregate total return of a broad
POLICIES: U.S. domestic equity market index by attempting to track the
performance of the S&P 500 Index. The Trust invests, under
normal market conditions, at least 80% of its net assets in
(a) the common stocks that are included in the S&P 500 Index
and (b) securities (which may or may not be included in the
S&P 500 Index) that MFC believes as a group will behave in a
manner similar to the index.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Martin Ayow and Narayan Ramani
INCEPTION DATE: May 1, 2000
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[500 INDEX TRUST PERFORMANCE GRAPH]
500 INDEX TRUST SERIES I S&P 500 INDEX
------------------------ -------------
Apr. 2000 10000 10000
9680 9689
Jun. 2000 9896 9928
9744 9773
Aug. 2000 10344 10380
9800 9832
Oct. 2000 9768 9790
9000 9019
Dec. 2000 9043 9063
9356 9384
Feb. 2001 8498 8529
7961 7988
Apr. 2001 8570 8609
8626 8667
Jun. 2001 8410 8456
8322 8373
Aug. 2001 7801 7848
7167 7215
Oct. 2001 7304 7352
7857 7916
Dec. 2001 7924 7986
7803 7869
Feb. 2002 7650 7717
7932 8008
Apr. 2002 7448 7522
7391 7467
Jun. 2002 6858 6935
6317 6394
Aug. 2002 6357 6436
5663 5737
Oct. 2002 6164 6242
6527 6609
Dec. 2002 6139 6220
5978 6057
Feb.2003 5889 5967
5937 6024
Apr.2003 6422 6521
6765 6865
Jun.2003 6847 6952
6961 7075
Aug.2003 7092 7213
7018 7136
Oct.2003 7410 7540
7467 7607
Dec.2003 7859 8005
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
S&P 500 Index 28.70% -5.61% -19.95%
500 Index Trust Series I 28.01% -6.36% -21.41%
500 Index Trust Series II+++ 27.76% 0.09% 0.18%
500 Index Trust Series III*** 8.57%
+++ Series II inception date: January 28, 2002
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
*** Series III inception date: September 5, 2003. Total return would have been
lower had operating expenses not been reduced.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the 500 Index Trust Series I returned +28.01%,
underperforming the +28.70% return of the S&P 500 Index.
ENVIRONMENT: The U.S. economy started out strong in 2003. The federal stimulus
package eliminated the double taxation of dividends. However, the continued
geopolitical risks, high unemployment rate and decreased consumer confidence
caused the market to continue to decline until mid-March.
After the decisive victory in the Iraq war, all of the major indexes rallied
strongly. But even with the rebound, consumer confidence and unemployment
numbers remained mixed and deflation risks prompted the Federal Reserve to
reduce rates from 1.25% to 1.0%.
In the third quarter, the economy expanded at an 8.2% annualized rate and
consumer spending increased at a 6.4% annualized rate. The labor market is also
continuing its recovery with three straight months of job growth and an average
of 82,000 new jobs created each month.
For the year, Information Technology and Consumer Discretionary were the best
performing sectors, up 46.6% and 36.1% respectively; Consumer Staples and
Utilities were the worst, returning 9.2% and 6.9%.
OUTLOOK: The economy is positioned to expand at a better pace than last year.
Geopolitical risks have subsided; economic growth and consumer confidence have
also increased. The major concerns in the near term are the size of the U.S.
government deficit and the need for a pickup in employment for the economic
recovery to be sustainable.
lxii
LIFESTYLE AGGRESSIVE 1000 TRUST
INVESTMENT OBJECTIVE To achieve long-term growth of capital by investing 100% of
& POLICIES: the portfolio's assets in other portfolios of the Trust
(underlying portfolios) that invest primarily in equity
securities. Current income is not a consideration.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Management Team
INCEPTION DATE: January 7, 1997
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[LIFESTYLE AGGRESSIVE 1000 TRUST PERFORMANCE GRAPH]
LIFESTYLE AGGRESSIVE LIFESTYLE AGGRESSIVE
1000 TRUST SERIES I RUSSELL 2000 INDEX POLICY RUSSELL 3000 INDEX
-------------------- ------------------ -------------------- ------------------
Dec. 1996 10000.00 10000.00 10000.00 10000.00
10112.00 10200.00 10186.00 10553.00
9920.00 9952.00 10189.00 10565.00
9568.00 9482.00 9883.00 10087.00
9637.00 9509.00 10128.00 10584.00
10302.00 10566.00 10909.00 11307.00
Jun. 1997 10738.00 11020.00 11414.00 11778.00
11321.00 11532.00 12001.00 12701.00
10886.00 11796.00 11557.00 12185.00
11543.00 12660.00 12253.00 12876.00
10968.00 12104.00 11644.00 12444.00
10960.00 12025.00 11793.00 12920.00
Dec. 1997 11090.00 12236.00 11980.00 13179.00
10991.00 12042.00 12142.00 13247.00
11691.00 12932.00 12990.00 14194.00
12210.00 13465.00 13531.00 14898.00
12287.00 13539.00 13644.00 15044.00
11854.00 12809.00 13304.00 14673.00
Jun. 1998 12036.00 12836.00 13546.00 15169.00
11403.00 11798.00 13228.00 14893.00
9523.00 9507.00 11200.00 12611.00
9895.00 10251.00 11637.00 13471.00
10345.00 10669.00 12530.00 14494.00
10926.00 11228.00 13232.00 15381.00
Dec. 1998 11628.00 11923.00 13967.00 16359.00
11733.00 12082.00 14208.00 16915.00
11029.00 11103.00 13606.00 16316.00
11385.00 11277.00 14060.00 16915.00
11625.00 12287.00 14825.00 17678.00
11371.00 12466.00 14509.00 17342.00
Jun. 1999 11944.00 13030.00 15172.00 18218.00
11835.00 12673.00 15016.00 17666.00
11635.00 12204.00 14827.00 17464.00
11480.00 12206.00 14710.00 17017.00
11880.00 12255.00 15308.00 18084.00
12298.00 12987.00 15889.00 18591.00
Dec. 1999 13327.00 14457.00 17223.00 19777.00
12741.00 14224.00 16510.00 19002.00
13217.00 16573.00 17372.00 19178.00
13886.00 15480.00 17928.00 20680.00
13247.00 14548.00 17091.00 19952.00
12862.00 13700.00 16508.00 19391.00
Jun. 2000 13508.00 14895.00 17277.00 19965.00
13218.00 14415.00 16780.00 19612.00
14086.00 15515.00 17682.00 21067.00
13517.00 15059.00 16931.00 20113.00
13179.00 14387.00 16516.00 19827.00
11983.00 12910.00 15243.00 17999.00
Dec. 2000 12646.00 14022.00 15846.00 18302.00
13004.00 14753.00 16280.00 18927.00
11826.00 13785.00 14980.00 17197.00
10975.00 13111.00 14057.00 16076.00
11952.00 14136.00 15132.00 17366.00
11910.00 14484.00 15108.00 17504.00
Jun.2001 11637.00 14983.00 14913.00 17182.00
11341.00 14173.00 14525.00 16899.00
10802.00 13715.00 13918.00 15902.00
9630.00 11869.00 12478.00 14499.00
10011.00 12563.00 12883.00 14837.00
10697.00 13536.00 13712.00 15980.00
Dec. 2001 10917.00 14371.00 14026.00 16205.00
10611.00 14222.00 13675.00 16002.00
10505.00 13832.00 13493.00 15676.00
11065.00 14943.00 14249.00 16362.00
10762.00 15080.00 13982.00 15503.00
10655.00 14410.00 13824.00 15324.00
Jun. 2002 9932.00 13695.00 13046.00 14220.00
8943.00 11627.00 11706.00 13090.00
8932.00 11597.00 11715.00 13151.00
8060.00 10764.00 10571.00 11769.00
8603.00 11110.00 11204.00 12706.00
9145.00 12101.00 11907.00 13475.00
Dec. 2002 8656.00 11427.00 11326.00 12713.00
8390.00 11110.00 10978.00 12402.00
8199.00 10775.00 10739.00 12197.00
8199.00 10914.00 10757.00 12325.00
8911.00 11949.00 11730.00 13332.00
9487.00 13231.00 12574.00 14138.00
Jun.2003 9680.00 13470.00 12827.00 14328.00
9947.00 14313.00 13250.00 14657.00
10278.00 14969.00 13690.00 14982.00
10246.00 14692.00 13713.00 14819.00
10909.00 15926.00 14640.00 15715.00
11112.00 16491.00 14936.00 15932.00
Dec.2003 11642.00 16827.00 15731.00 16664.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception
Russell 2000 Index* 47.25% 7.13% 7.72% 41.11% 68.27%
Russell 3000 Index* 31.06% 0.37% 7.57% 1.86% 66.64%
Lifestyle Aggressive Policy*+ 38.89% 2.40% 6.69% 12.59% 57.31%
Lifestyle Aggressive 1000 Trust Series I 34.91% 0.04% 2.20% 0.19% 16.42%
Lifestyle Aggressive 1000 Trust Series II+++ 34.91% 4.87% 9.62%
Lifestyle Aggressive 1000 Trust Series III*** 11.53%
+ The Lifestyle Aggressive Policy is a blend of returns (41% Russell 1000
Index, 27% Russell 2000 Index, and 32% MSCI EAFE Index). The Lifestyle
Aggressive Policy was prepared by the advisor using Ibbotson Associates
Software and Data.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Lifestyle Aggressive 1000 Trust Series I
returned +34.91%, underperforming the +38.89% return of the Lifestyle Aggressive
Policy.
ENVIRONMENT: Real estate securities performed well as the NAREIT Index posted a
return of 38.47% for the year. On a market capitalization basis, small and mid
caps outperformed large cap stocks. On a style basis, value-oriented stocks
slightly outperformed their growth counterparts as the Russell 3000 Value Index
returned 31.13% versus the Russell 3000 Growth Index return of 30.97%. Foreign
equities generated positive returns as the MSCI EAFE Index returned 39.17%.
The Lifestyle Aggressive 1000 Trust underperformed its benchmark for the year.
The small and mid cap and foreign components detracted from performance. The
large cap component detracted from portfolio performance due to the
underperformance of the Equity Income Trust.
OUTLOOK: While the near term outlook for stocks continues to be encouraging, the
gains are most likely behind us. If a correction materializes, it is expected to
be short-lived, since the US and global economies continue to recover.
lxiii
LIFESTYLE GROWTH 820 TRUST
INVESTMENT OBJECTIVE To achieve long-term growth of capital by investing
& POLICIES: approximately 20% of the portfolio's assets in underlying
portfolios that invest primarily in fixed income securities
and approximately 80% of its assets in underlying portfolios
that invest primarily in equity securities. Current income
is also a consideration.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Management Team
INCEPTION DATE: January 7, 1997
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[LIFESTYLE GROWTH 820 TRUST PERFORMANCE GRAPH]
LEHMAN BROTHERS
LIFESTYLE GROWTH 820 GOVERNMENT/CREDIT LIFESTYLE GROWTH
TRUST SERIES I S&P 500 INDEX BOND INDEX POLICY
-------------------- ------------- ----------------- ----------------
Dec. 1996 10000 10000 10000 10000
10144 10621 10012 10220
10104 10707 10033 10253
9824 10262 9914 9965
9967 10874 10058 10227
10517 11542 10152 10868
Jun. 1997 10894 12057 10274 11294
11420 13014 10588 11864
11132 12290 10470 11486
11641 12964 10634 12066
11173 12531 10804 11642
11247 13111 10861 11829
Dec. 1997 11384 13336 10975 12011
11367 13484 11130 12176
11971 14457 11107 12868
12401 15197 11142 13335
12467 15350 11198 13442
12188 15086 11317 13199
Jun. 1998 12293 15699 11433 13443
11901 15532 11442 13234
10302 13286 11665 11535
10615 14137 11999 11980
11102 15287 11914 12700
11641 16214 11985 13362
Dec. 1998 12090 17148 12014 13973
12134 17865 12099 14238
11677 17309 11811 13747
12010 18002 11870 14146
12456 18698 11900 14769
12281 18257 11777 14477
Jun. 1999 12777 19270 11741 15011
12668 18669 11708 14846
12512 18576 11699 14686
12392 18067 11804 14545
12751 19210 11835 15071
12165 19600 11828 15526
Dec. 1999 14093 20757 11756 16522
13583 19715 11752 15957
14047 19342 11899 16496
14632 21234 12071 17054
14055 20595 12012 16457
13683 20173 12001 16004
Jun. 2000 14236 20669 12246 16611
14035 20347 12375 16293
14810 21610 12550 17072
14327 20469 12598 16464
14066 20383 12677 16125
13081 18777 12894 15038
Dec. 2000 13663 18867 13147 15505
14055 19537 13368 15999
13070 17755 13506 14977
12305 16631 13568 14200
13133 17923 13466 15046
13156 18043 13544 15079
Jun. 2001 12902 17605 13609 14851
12713 17432 13948 14632
12249 16341 14126 14137
11222 15021 14256 12900
11620 15308 14619 13284
12250 16482 14379 14039
Dec. 2001 12437 16624 14266 14250
12172 16382 14370 14004
12051 16066 14492 13832
12525 16670 14198 14444
12214 15660 14473 14189
12134 15544 14606 14057
Jun. 2002 11435 14437 14730 13248
10578 13311 14907 12163
10600 13399 15241 12253
9776 11943 15569 11264
10351 12994 15419 11835
10927 13759 15429 12527
Dec. 2002 10467 12950 15837 12059
10252 12611 15837 11827
10105 12422 16119 11665
10139 12542 16098 11741
10883 13576 16271 12669
11466 14291 16733 13400
Jun.2003 11650 14474 16666 13638
11809 14729 15967 13891
12129 15016 16073 14255
12163 14857 16582 14353
12758 15698 16372 15112
12975 15836 16416 15363
Dec.2003 13498 16666 16579 16084
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception
S&P 500 Index* 28.70% -0.57% 7.57% -2.81% 66.66%
Lehman Brothers Government/Credit Bond Index* 4.68% 6.65% 7.49% 37.99% 65.79%
Lifestyle Growth Policy*+ 33.38% 2.86% 7.02% 15.11% 60.84%
Lifestyle Growth 820 Trust Series I 29.55% 2.24% 4.39% 11.71% 34.98%
Lifestyle Growth 820 Trust Series II+++ 29.44% 5.45% 10.80%
Lifestyle Growth 820 Trust Series III*** 10.12%
+ The Lifestyle Growth Policy is a blend of returns (42% Russell 1000 Index,
17% Russell 2000 Index, 21% MSCI EAFE Index, 3% Lehman Brothers IT
Government/Credit Bond Index, 3% Lehman Brothers 1-3 Year Government Index,
2% Lehman Brothers LT Government/Credit Bond Index, 12% Salomon Brothers
High Yield Bond Index). The Lifestyle Growth Composite Index was prepared by
the adviser using Ibbotson Associates Software and Data.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Lifestyle Growth 820 Trust Series I returned
+29.55%, underperforming the +33.38% return of the Lifestyle Growth Policy.
ENVIRONMENT: Real estate securities performed well as the NAREIT Index posted a
return of 38.47% for the year. On a market capitalization basis, small and mid
caps outperformed large cap stocks. On a style basis, value-oriented stocks
slightly outperformed their growth counterparts as the Russell 3000 Value Index
returned 31.13% versus the Russell 3000 Growth Index return of 30.97%. Foreign
equities generated positive returns as the MSCI EAFE Index returned 39.17%.
Fixed income performance was poor with investment grade bonds performing
relatively worse as returns ranged between 2.01% for short-term issues (per
Lehman Brothers 1-3 year Gov't Index), and 5.88% for long-term issues (per
Lehman Brothers Gov't/Credit Long Term Index). In contrast, high yield bonds
experienced higher returns as the Citigroup High Yield Market Index rose 30.62%
over the year.
The Lifestyle Growth 820 Trust underperformed its benchmark for the year. The
large, mid and small cap components and the foreign component detracted from
portfolio performance. The fixed income component contributed negatively to
portfolio performance.
OUTLOOK: While the near term outlook for stocks continues to be encouraging, the
gains are most likely behind us. If a correction materializes, it is expected to
be short-lived, since the US and global economies continue to recover.
lxiv
LIFESTYLE BALANCED 640 TRUST
INVESTMENT OBJECTIVE To achieve long-term growth of capital by investing
& POLICIES: approximately 40% of the portfolio's assets in underlying
portfolios that invest primarily in fixed income securities
and approximately 60% of its assets in underlying portfolios
that invest primarily in equity securities. Current income
is also a consideration.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Management Team
INCEPTION DATE: January 7, 1997
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[LIFESTYLE BALANCED 640 TRUST PERFORMANCE GRAPH]
LEHMAN BROTHERS
LIFESTYLE BALANCED 640 GOVERNMENT/CREDIT LIFESTYLE BALANCED
TRUST SERIES I S&P 500 INDEX BOND INDEX POLICY
---------------------- ------------- ----------------- ------------------
Dec.1996 10000 10000 10000 10000
10147 10621 10012 10193
10151 10707 10033 10253
9907 10262 9914 10046
10099 10874 10058 10263
10528 11542 10152 10705
Jun.1997 10842 12057 10274 11050
11330 13014 10588 11529
11127 12290 10470 11220
11541 12964 10634 11685
11176 12531 10804 11430
11261 13111 10861 11624
Dec.1997 11411 13336 10975 11790
11397 13484 11130 11957
11887 14457 11107 12398
12235 15197 11142 12739
12282 15350 11198 12799
12069 15086 11317 12689
Jun.1998 12149 15699 11433 12890
11803 15532 11442 12779
10526 13286 11665 11611
10890 14137 11999 11992
11271 15287 11914 12474
11723 16214 11985 12984
Dec.1998 12064 17148 12014 13363
12100 17865 12099 13562
11725 17309 11811 13243
12002 18002 11870 13538
12422 18698 11900 14006
12224 18257 11777 13780
Jun.1999 12545 19270 11741 14107
12403 18669 11708 13976
12337 18576 11699 13882
12262 18067 11804 13738
12610 19210 11835 14107
12939 19600 11828 14360
Dec.1999 13562 20757 11756 14954
13266 19715 11752 14586
13609 19342 11899 14751
14085 21234 12071 15284
13776 20595 12012 15036
13624 20173 12001 14797
Jun.2000 14025 20669 12246 15192
13967 20347 12375 15145
14472 21610 12550 15615
14157 20469 12598 15262
13964 20383 12677 15024
13411 18777 12894 14363
Dec.2000 13859 18867 13147 14712
14226 19537 13368 15127
13590 17755 13506 14475
13068 16631 13568 13962
13622 17923 13466 14519
13656 18043 13544 14577
Jun.2001 13466 17605 13609 14410
13422 17432 13948 14352
13131 16341 14126 14075
12357 15021 14256 13212
12649 15308 14619 13483
13142 16482 14379 14064
Dec.2001 13242 16624 14266 14161
13086 16382 14370 14015
12985 16066 14492 13930
13321 16670 14198 14359
13092 15660 14473 14184
13057 15544 14606 14145
Jun.2002 12501 14437 14730 13526
11829 13311 14907 12791
11922 13399 15241 12927
11238 11943 15569 12176
11690 12994 15419 12578
12212 13759 15429 13155
Dec.2002 11924 12950 15837 12885
11762 12611 15837 12738
11716 12422 16119 12687
11773 12542 16098 12791
12428 13576 16271 13565
12975 14291 16733 14135
Jun.2003 13141 14474 16666 14333
13176 14729 15967 14353
13462 15016 16073 14641
13605 14857 16582 14871
14044 15698 16372 15393
14247 15836 16416 15613
Dec.2003 14776 16666 16579 16247
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception
S&P 500 Index* 28.70% -0.57% 7.57% -2.81% 66.66%
Lehman Brothers Government/Credit Bond Index* 4.68% 6.65% 7.49% 37.99% 65.79%
Lifestyle Balanced Policy*+ 26.09% 3.98% 7.18% 21.57% 62.47%
Lifestyle Balanced 640 Trust Series I 23.97% 4.15% 5.75% 22.54% 47.76%
Lifestyle Balanced 640 Trust Series II+++ 23.97% 6.33% 12.59%
Lifestyle Balanced 640 Trust Series III*** 8.56%
+ The Lifestyle Balanced Policy is a blend of returns (35% Russell 1000 Index,
4% Russell 2000 Index, 14% MSCI EAFE, 6% Lehman Brothers IT
Government/Credit Bond Index, 4% Lehman Brothers LT Government/Credit Bond
Index, 9% Lehman Brothers 1-3 Year Government Index, 16% Salomon Brothers
High Yield Index, 7% NAREIT Index, and 5% of the 3-month T-Bill). The
Lifestyle Balanced Composite Index was prepared by the adviser using
Ibbotson Associates Software and Data.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Lifestyle Balanced 640 Trust Series I
returned +23.97%, underperforming the +26.09% return of the Lifestyle Balanced
Policy.
ENVIRONMENT: Real estate securities performed well as the NAREIT Index posted a
return of 38.47% for the year. On a market capitalization basis, small and mid
caps outperformed large cap stocks. On a style basis, value-oriented stocks
slightly outperformed their growth counterparts as the Russell 3000 Value Index
returned 31.13% versus the Russell 3000 Growth Index return of 30.97%. Foreign
equities generated positive returns as the MSCI EAFE Index returned 39.17%.
Fixed income performance was poor with investment grade bonds performing
relatively worse as returns ranged between 2.01% for short-term issues (per
Lehman Brothers 1-3 year Gov't Index), and 5.88% for long-term issues (per
Lehman Brothers Gov't/Credit Long Term Index). In contrast, high yield bonds
experienced higher returns as the Citigroup High Yield Market Index rose 30.62%
over the year.
The Lifestyle Balanced 640 Trust underperformed its benchmark for the year. The
large and mid cap components and the foreign component detracted from portfolio
performance. The real estate component contributed slightly to portfolio
performance. The fixed income component contributed negatively to portfolio
performance.
OUTLOOK: While the near term outlook for stocks continues to be encouraging, the
gains are most likely behind us. If a correction materializes, it is expected to
be short-lived, since the US and global economies continue to recover.
lxv
LIFESTYLE MODERATE 460 TRUST
INVESTMENT OBJECTIVE & To achieve a balance between a high level of current income
POLICIES: and growth of capital with a greater emphasis on income by
investing approximately 60% of the portfolio's assets in
underlying portfolios that invest primarily in fixed income
securities and approximately 40% of its assets in underlying
portfolios that invest primarily in equity securities.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Management Team
INCEPTION DATE: January 7, 1997
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[LIFESTYLE MODERATE 460 TRUST PERFORMANCE GRAPH]
LEHMAN BROTHERS
LIFESTYLE MODERATE 460 GOVERNMENT/CREDIT LIFESTYLE MODERATE
TRUST SERIES I S&P 500 INDEX BOND INDEX POLICY
---------------------- ------------- ----------------- ------------------
Dec. 1996 10000.00 10000.00 10000.00 10000.00
10134.00 10621.00 10012.00 10130.00
10206.00 10707.00 10033.00 10189.00
10046.00 10262.00 9914.00 10047.00
10253.00 10874.00 10058.00 10212.00
10548.00 11542.00 10152.00 10520.00
Jun. 1997 10785.00 12057.00 10274.00 10783.00
11182.00 13014.00 10588.00 11152.00
10998.00 12290.00 10470.00 10938.00
11285.00 12964.00 10634.00 11288.00
11082.00 12531.00 10804.00 11163.00
11232.00 13111.00 10861.00 11303.00
Dec. 1997 11370.00 13336.00 10975.00 11442.00
11463.00 13484.00 11130.00 11601.00
11819.00 14457.00 11107.00 11865.00
12066.00 15197.00 11142.00 12091.00
12123.00 15350.00 11198.00 12137.00
12066.00 15086.00 11317.00 12107.00
Jun. 1998 12142.00 15699.00 11433.00 12252.00
12076.00 15532.00 11442.00 12198.00
11246.00 13286.00 11665.00 11496.00
11517.00 14137.00 11999.00 11803.00
11913.00 15287.00 11914.00 12094.00
12264.00 16214.00 11985.00 12446.00
Dec. 1998 12480.00 17148.00 12014.00 12673.00
12502.00 17865.00 12099.00 12810.00
12327.00 17309.00 11811.00 12576.00
12574.00 18002.00 11870.00 12780.00
12999.00 18698.00 11900.00 13103.00
12877.00 18257.00 11777.00 12941.00
Jun. 1999 13029.00 19270.00 11741.00 13126.00
12925.00 18669.00 11708.00 13053.00
12820.00 18576.00 11699.00 12999.00
12801.00 18067.00 11804.00 12926.00
12943.00 19210.00 11835.00 13149.00
13114.00 19600.00 11828.00 13300.00
Dec. 1999 13466.00 20757.00 11756.00 13647.00
13247.00 19715.00 11752.00 13426.00
13456.00 19342.00 11899.00 13524.00
13827.00 21234.00 12071.00 13886.00
13627.00 20595.00 12012.00 13774.00
13501.00 20173.00 12001.00 13646.00
Jun. 2000 13831.00 20669.00 12246.00 13945.00
13849.00 20347.00 12375.00 13989.00
14200.00 21610.00 12550.00 14279.00
14014.00 20469.00 12598.00 14103.00
13915.00 20383.00 12677.00 13958.00
13663.00 18777.00 12894.00 13614.00
Dec. 2000 14040.00 18867.00 13147.00 13909.00
14284.00 19537.00 13368.00 14251.00
13901.00 17755.00 13506.00 13902.00
13583.00 16631.00 13568.00 13608.00
13951.00 17923.00 13466.00 13938.00
14001.00 18043.00 13544.00 14004.00
Jun. 2001 13926.00 17605.00 13609.00 13908.00
13952.00 17432.00 13948.00 13955.00
13842.00 16341.00 14126.00 13848.00
13306.00 15021.00 14256.00 13308.00
13538.00 15308.00 14619.00 13546.00
13838.00 16482.00 14379.00 13914.00
Dec. 2001 13886.00 16624.00 14266.00 13955.00
13819.00 16382.00 14370.00 13881.00
13786.00 16066.00 14492.00 13858.00
13982.00 16670.00 14198.00 14111.00
13941.00 15660.00 14473.00 14074.00
13943.00 15544.00 14606.00 14084.00
Jun. 2002 13576.00 14437.00 14730.00 13680.00
13115.00 13311.00 14907.00 13221.00
13247.00 13399.00 15241.00 13381.00
12820.00 11943.00 15569.00 12916.00
13059.00 12994.00 15419.00 13155.00
13440.00 13759.00 15429.00 13587.00
Dec. 2002 13325.00 12950.00 15837.00 13495.00
13230.00 12611.00 15837.00 13413.00
13254.00 12422.00 16119.00 13437.00
13302.00 12542.00 16098.00 13531.00
13847.00 13576.00 16271.00 14122.00
14326.00 14291.00 16733.00 14573.00
Jun. 2003 14461.00 14474.00 16666.00 14710.00
14338.00 14729.00 15967.00 14610.00
14583.00 15016.00 16073.00 14807.00
14817.00 14857.00 16582.00 15088.00
15112.00 15698.00 16372.00 15411.00
15284.00 15836.00 16416.00 15584.00
Dec. 2003 15697.00 16666.00 16579.00 16028.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception
S&P 500 Index* 28.70% -0.57% 7.57% -2.81% 66.66%
Lehman Brothers Government/Credit Bond Index* 4.68% 6.65% 7.49% 37.99% 65.79%
Lifestyle Moderate Policy*+ 18.75% 4.81% 6.97% 26.47% 60.28%
Lifestyle Moderate 460 Trust Series I 17.83% 4.69% 6.67% 25.76% 56.97%
Lifestyle Moderate 460 Trust Series II+++ 17.83% 6.72% 13.38%
Lifestyle Moderate 460 Trust Series III*** 6.76%
+ The Lifestyle Moderate Policy is a blend of returns (22% Russell 1000 Index,
1% Russell 2000 Index, 10% MSCI EAFE Index, 14% Lehman Brothers IT
Government/Credit Bond Index, 6% Lehman Brothers LT Government/Credit Bond
Index, 17% Lehman Brothers 1-3 Year Government Index, 8% Salomon Brothers
3-month T-Bill, 15% Salomon Brothers High Yield Index, and 7% NAREIT Index).
The Lifestyle Moderate Composite Index was prepared by the adviser using
Ibbotson Associates Software and Data.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Lifestyle Moderate 460 Trust Series I
returned +17.83%, underperforming the +18.75% return of the Lifestyle Moderate
Policy.
ENVIRONMENT: Real estate securities performed well as the NAREIT Index posted a
return of 38.47% for the year. On a market capitalization basis, small and mid
caps outperformed large cap stocks. On a style basis, value-oriented stocks
slightly outperformed their growth counterparts as the Russell 3000 Value Index
returned 31.13% versus the Russell 3000 Growth Index return of 30.97%. Foreign
equities generated positive returns as the MSCI EAFE Index returned 39.17%.
Fixed income performance was poor with investment grade bonds performing
relatively worse as returns ranged between 2.01% for short-term issues (per
Lehman Brothers 1-3 year Gov't Index), and 5.88% for long-term issues (per
Lehman Brothers Gov't/Credit Long Term Index). In contrast, high yield bonds
experienced higher returns as the Citigroup High Yield Market Index rose 30.62%
over the year.
The Lifestyle Moderate 420 Trust underperformed its benchmark for the year. The
large cap component contributed to portfolio performance due to the
outperformance of the All Cap Value Trust. The real estate component contributed
slightly to performance. The foreign component detracted from portfolio
performance due to the underperformance of the International Stock Trust. The
fixed income component contributed negatively to portfolio performance.
OUTLOOK: While the near term outlook for stocks continues to be encouraging, the
gains are most likely behind us. If a correction materializes, it is expected to
be short-lived, since the US and global economies continue to recover.
lxvi
LIFESTYLE CONSERVATIVE 280 TRUST
INVESTMENT OBJECTIVE To achieve a high level of current income with some
& POLICIES: consideration given to growth of capital by investing
approximately 80% of the portfolio's assets in underlying
portfolios that invest primarily in fixed income securities
and approximately 20% of its assets in underlying portfolios
that invest primarily in equity securities.
SUBADVISER: MFC Global Investment Management (U.S.A.) Limited
PORTFOLIO MANAGERS: Management Team
INCEPTION DATE: January 7, 1997
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[LIFESTYLE CONSERVATIVE 280 TRUST PERFORMANCE GRAPH]
LEHMAN BROTHERS
LIFESTYLE CONSERVATIVE 280 GOVERNMENT/CREDIT BOND LIFESTYLE CONSERVATIVE
TRUST SERIES I INDEX POLICY
-------------------------- ---------------------- ----------------------
Dec.1996 10000.00 10000.00 10000.00
10115.00 10012.00 10083.00
10176.00 10033.00 10126.00
10071.00 9914.00 10055.00
10236.00 10058.00 10170.00
10422.00 10152.00 10351.00
Jun.1997 10591.00 10274.00 10518.00
10890.00 10588.00 10754.00
10787.00 10470.00 10655.00
10991.00 10634.00 10873.00
10983.00 10804.00 10855.00
11089.00 10861.00 10937.00
Dec.1997 11215.00 10975.00 11041.00
11299.00 11130.00 11170.00
11494.00 11107.00 11288.00
11665.00 11142.00 11413.00
11717.00 11198.00 11455.00
11718.00 11317.00 11477.00
Jun.1998 11828.00 11433.00 11568.00
11793.00 11442.00 11563.00
11429.00 11665.00 11304.00
11766.00 11999.00 11538.00
11948.00 11914.00 11682.00
12158.00 11985.00 11846.00
Dec.1998 12359.00 12014.00 11961.00
12460.00 12099.00 12044.00
12286.00 11811.00 11904.00
12469.00 11870.00 12034.00
12676.00 11900.00 12213.00
12569.00 11777.00 12130.00
Jun.1999 12617.00 11741.00 12220.00
12559.00 11708.00 12198.00
12530.00 11699.00 12188.00
12569.00 11804.00 12192.00
12666.00 11835.00 12302.00
12743.00 11828.00 12377.00
Dec.1999 12879.00 11756.00 12533.00
12723.00 11752.00 12434.00
12821.00 11899.00 12507.00
13078.00 12071.00 12716.00
13059.00 12012.00 12695.00
13041.00 12001.00 12666.00
Jun.2000 13242.00 12246.00 12875.00
13329.00 12375.00 12958.00
13532.00 12550.00 13124.00
13514.00 12598.00 13108.00
13517.00 12677.00 13067.00
13541.00 12894.00 12987.00
Dec.2000 13861.00 13147.00 13217.00
14074.00 13368.00 13461.00
13980.00 13506.00 13357.00
13896.00 13568.00 13277.00
14044.00 13466.00 13436.00
14086.00 13544.00 13506.00
Jun.2001 14039.00 13609.00 13494.00
14180.00 13948.00 13603.00
14198.00 14126.00 13614.00
14028.00 14256.00 13445.00
14199.00 14619.00 13621.00
14302.00 14379.00 13779.00
Dec.2001 14319.00 14266.00 13790.00
14300.00 14370.00 13776.00
14348.00 14492.00 13808.00
14395.00 14198.00 13884.00
14484.00 14473.00 13952.00
14533.00 14606.00 14001.00
Jun.2002 14376.00 14730.00 13864.00
14162.00 14907.00 13704.00
14314.00 15241.00 13835.00
14145.00 15569.00 13671.00
14251.00 15419.00 13778.00
14459.00 15429.00 13996.00
Dec.2002 14566.00 15837.00 14044.00
14534.00 15837.00 14005.00
14626.00 16119.00 14072.00
14672.00 16098.00 14137.00
15036.00 16271.00 14466.00
15429.00 16733.00 14752.00
Jun.2003 15500.00 16666.00 14841.00
15179.00 15967.00 14739.00
15358.00 16073.00 14827.00
15716.00 16582.00 15083.00
15799.00 16372.00 15192.00
15930.00 16416.00 15295.00
Dec.2003 16246.00 16579.00 15554.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year 5 Year Inception 5 Year Inception
Lehman Brothers Government/Credit Bond Index* 4.68% 6.65% 7.49% 37.99% 65.79%
Lifestyle Conservative Policy*+ 10.75% 5.39% 6.51% 30.02% 55.54%
Lifestyle Conservative 280 Trust Series I 11.47% 5.62% 7.20% 31.45% 62.46%
Lifestyle Conservative 280 Trust Series II+++ 11.46% 6.78% 13.50%
Lifestyle Conservative 280 Trust Series III*** 5.33%
+ The Lifestyle Conservative Policy is a blend of returns (10% Russell 1000
Index, 5% MSCI EAFE Index, Index, 2% Lehman Brothers LT Government/Credit
Bond Index, 30% Lehman Brothers 1-3 Year Government Index, 15% of the
3-month T-Bill, 8% Salomon Brothers High Yield Index and 5% NAREIT Index).
The Lifestyle Conservative Composite Index was prepared by the adviser using
Ibbotson Associates Software and Data.
+++ Series II inception date: January 28, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Lifestyle Conservative 280 Trust Series I
returned +11.47%, outperforming the +10.75% return of the Lifestyle Conservative
Policy.
ENVIRONMENT: Real estate securities performed well as the NAREIT Index posted a
return of 38.47 for the year. On a market capitalization basis, small and mid
caps outperformed large cap stocks. On a style basis, value-oriented stocks
slightly outperformed their growth counterparts as the Russell 3000 Value Index
returned 31.13% versus the Russell 3000 Growth Index return of 30.97%. Foreign
equities generated positive returns as the MSCI EAFE Index returned 39.17%.
Fixed income performance was poor with investment grade bonds performing
relatively worse as returns ranged between 2.01% for short-term issues (per
Lehman Brothers 1-3 year Gov't Index), and 5.88% for long-term issues (per
Lehman Brothers Gov't/Credit Long Term Index). In contrast, high yield bonds
experienced higher returns as the Citigroup High Yield Market Index rose 30.62%
over the year
The Lifestyle Conservative 280 Trust outperformed its benchmark for the year.
The large cap component detracted from portfolio performance. The foreign and
real estate components contributed to portfolio performance. The outperformance
of the Investment Quality Bond, Strategic Bond and Total Return Trusts was
offset by the underperformance of the High Grade and High Yield Trusts.
OUTLOOK: While the near term outlook for stocks continues to be encouraging, the
gains are most likely behind us. If a correction materializes, it is expected to
be short-lived, since the US and global economies continue to recover.
lxvii
SMALL-MID CAP TRUST
INVESTMENT OBJECTIVE To achieve long-term capital appreciation, with dividend
& POLICIES: income as a secondary consideration by investing at least
80% of the portfolio's assets in small and mid cap
companies. Small and mid cap companies are companies whose
market cap does not exceed the market cap of the largest
company included in the Russell 2500 Index at the time of
purchase by the portfolio that Kayne Anderson Rudnick
believes are of high quality.
SUBADVISER: Kayne Anderson Rudnick Investment Management, LLC
PORTFOLIO MANAGERS: Sandi Gleason and Robert Schwarzkopf
INCEPTION DATE: July 16, 2001
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[SMALL-MID CAP TRUST PERFORMANCE GRAPH]
SMALL-MID CAP TRUST SERIES I RUSSELL 2500 INDEX
---------------------------- ------------------
Jun. 2001 10000.00 10000.00
9968.00 9642.00
9752.00 9326.00
Sep. 2001 8600.00 8119.00
8568.00 8539.00
9144.00 9230.00
Dec. 2001 9560.00 9747.00
9632.00 9626.00
9656.00 9458.00
Mar. 2002 10240.00 10112.00
10096.00 10086.00
10032.00 9791.00
Jun. 2002 9176.00 9239.00
8328.00 8136.00
8617.00 8161.00
Sep. 2002 7864.00 7514.00
7761.00 7759.00
8241.00 8393.00
Dec. 2002 7881.00 8310.00
7625.00 8089.00
7457.00 7895.00
Mar. 2003 7425.00 7970.00
7825.00 8680.00
8297.00 9533.00
Jun. 2003 8433.00 9715.00
8601.00 10238.00
8889.00 10712.00
Sep. 2003 8777.00 10566.00
9353.00 11401.00
9472.00 11830.00
Dec. 2003 9704.00 12092.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ending December 31, 2003 1 Year Inception Inception
Russell 2500 Index* 45.51% 8.18% 20.92%
Small-Mid Cap Trust Series I 23.15% -1.21% -2.96%
Small-Mid Cap Trust Series II+++ 22.84% 15.95% 17.70%
Small-Mid Cap Trust Series III*** 7.25%
+++ Series II inception date: November 25, 2002.
* All since inception returns for the indices begin on the month-end closest to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges were reflected, performance would be lower.
Past performance does not predict future results. Total return would have been lower had operating expenses not been
reduced.
*** Series III inception date: September 5, 2003.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the Small-Mid Cap Trust Series I returned
+23.15%, underperforming the +45.51% return of the Russell 2500 Index.
ENVIRONMENT: Unlike the period from the end of first quarter of 2000 until the
fall of 2002, when investors sought refuge in high-quality companies, in 2003,
investors went on a buying frenzy, seeking out the most beaten-down
companies -- low-quality, speculative companies with low profitability and high
debt. Because of the Small-Mid Cap Trust's focus on high-quality businesses, the
Trust lagged the Index and its peer group despite generating attractive absolute
returns.
OUTLOOK: The year 2004 begins with the economy in its best shape since the
recession that began in 2001. The annualized economic growth rate is expected to
hold around 4% in 2004. Corporate earnings are projected to increase 10 to 15%
in 2004 and foreign demand for U.S. exports will provide further stimulus.
However, many also expect the Federal Reserve will raise interest rates.
In 2004, we expect investors will begin to favor high-quality stocks with strong
earnings growth and low debt -- such as the companies in the Trust -- and we
expect these companies will again outperform.
The Small-Mid Cap Trust continues to produce strong, consistent earnings growth
from underleveraged balance sheets with the stocks selling at discount
valuations. Lower quality companies can outperform the index in an accelerating
economy emerging from a recession, as occurred in 2003. However, we expect the
fusion of quality, growth and value to lead the market when the growth rate of
the economic recovery subsides, which economists believe occurred in the fourth
quarter of 2003.
lxviii
INTERNATIONAL EQUITY SELECT TRUST
INVESTMENT OBJECTIVE & To seek long-term capital appreciation by investing, under
POLICIES: normal market conditions, at least 80% of the portfolios net
assets in equity securities, principally American Depository
Receipts and common stocks of relatively large non-U.S.
companies. These companies will have market capitalizations
in the range of the Morgan Stanley Capital International
(MSCI) Europe, Australia and Far East Index. Lazard believes
these companies are undervalued based on their earnings,
cash flow or asset values.
SUBADVISER: Lazard Asset Management LLC
PORTFOLIO MANAGERS: John R. Reinsberg, Michael A. Bennett, Gabrielle Boyle,
Michael Powers
INCEPTION DATE: July 16, 2001
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[INTERNATIONAL EQUITY SELECT TRUST PERFORMANCE GRAPH]
INTERNATIONAL EQUITY SELECT TRUST
SERIES I MSCI EAFE INDEX
--------------------------------- ---------------
Jun. 2001 10000.00 10000.00
10072.00 9819.00
9800.00 9572.00
Sep. 2001 8888.00 8605.00
9008.00 8825.00
9424.00 9151.00
Dec. 2001 9616.00 9205.00
9168.00 8717.00
9376.00 8778.00
Mar. 2002 9816.00 9258.00
9968.00 9325.00
9936.00 9451.00
Jun. 2002 9744.00 9078.00
8712.00 8183.00
8760.00 8166.00
Sep. 2002 7848.00 7291.00
8449.00 7684.00
8665.00 8033.00
Dec. 2002 8496.00 7907.00
8048.00 7697.00
7888.00 7512.00
Mar. 2003 7872.00 7583.00
8664.00 8259.00
9056.00 9071.00
Jun. 2003 9096.00 9244.00
9088.00 9741.00
9119.00 10192.00
Sep. 2003 9383.00 10054.00
9775.00 10848.00
10183.00 11256.00
Dec. 2003 10872.00 11004.00
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
MSCI EAFE Index* 39.17% 4.04% 10.04%
International Equity Select Trust Series I 27.97% 3.46% 8.72%
International Equity Select Trust Series II+++ 27.68% 22.32% 24.98%
International Equity Select Trust Series III*** 16.95%
+++ Series II inception date: November 25, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the International Equity Select Trust Series I
returned +27.97%, underperforming the +39.17% return of the MSCI EAFE Index.
ENVIRONMENT: The first two-and-a-half months of 2003, which saw a continuation
of the previous year's bear market, proved an anomaly in an otherwise bull
market year. In mid-March, just before the start of the second Gulf War,
sentiment abruptly became very positive. Investors rotated into stocks that
stood to gain the most from an improving economy; the stocks that benefited from
this change in sentiment included highly leveraged and economically sensitive
companies. Many of the greatest beneficiaries were those same lower-quality
companies whose business models had been most questioned during the bear market.
All sectors in the MSCI EAFE Index rose in 2003 after across-the-board declines
in 2002. In addition, the Technology sector, which led 2002's decline, proved to
be 2003's strongest performer. However, late in the year there were signs that
the rebound in lower-quality stocks had begun to fade as investors began to
refocus once again on individual companies' fundamentals.
The portfolio generated strong gains in the Financial sector, as capital
markets-oriented companies benefited from rising markets and the fading of the
research scandals of 2002. The portfolio's Energy holdings also performed well,
as oil prices have remained at historically high levels. In addition, the
weakness in the U.S. dollar versus most major currencies bolstered returns for
the dollar-based investor. The portfolio's sole Industrial holding rose
strongly, but the relatively low weight in this economically-sensitive group
detracted from relative returns. In addition, our substantial allocation to the
Consumer Staples sector hurt returns, as investors sought out more
economically-sensitive companies amid expectations for a robust recovery.
In the past, market recoveries have frequently seen a period during which lower
quality, more cyclical stocks have outperformed. During these initial stages of
upswing, investors tend to seek out companies that stand to gain the most from
an economic improvement. Frequently, these companies are the most volatile,
debt-ridden, and cyclical stocks available. As we may already be seeing,
however, investors tend to turn their attention back to the fundamentals
underpinning stocks, including a company's ability to generate strong returns on
its capital. We remain confident in the long-term prospects of the portfolio's
holdings.
lxix
HIGH GRADE BOND TRUST
INVESTMENT OBJECTIVE & To seek to maximize total return, consistent with the
POLICIES: preservation of capital and prudent investment management by
investing under normal market conditions, at least 80% of
the portfolios net assets, in investment grade, fixed income
securities of varying maturities.
SUBADVISER: Allegiance Capital, Inc.
PORTFOLIO MANAGER: William Mawhorter
INCEPTION DATE: July 16, 2001
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[HIGH GRADE BOND TRUST PERFORMANCE GRAPH]
LEHMAN BROTHERS AGGREGATE BOND
HIGH GRADE BOND TRUST SERIES I INDEX
------------------------------ ------------------------------
Jun. 2001 10000 10000
10112 10224
10224 10342
Sep. 2001 10432 10462
10696 10680
10400 10533
Dec. 2001 10321 10465
10387 10550
10511 10652
Mar. 2002 10263 10476
10495 10679
10553 10770
Jun. 2002 10702 10863
10958 10995
11181 11181
Sep. 2002 11463 11362
11372 11309
11173 11306
Dec. 2002 11457 11287
11416 11297
11598 11453
Mar. 2003 11549 11444
11595 11539
11927 11754
Jun. 2003 11852 11730
11320 11336
11378 11411
Sep .2003 11686 11713
11503 11604
11495 11632
Dec. 2003 11595 11751
PERFORMANCE TABLE**
Average Annual Total Return Cumulative Total Return
Since Since
Periods Ended December 31, 2003 1 Year Inception Inception
Lehman Brothers Aggregate Bond Index* 4.11% 6.90% 17.51%
High Grade Bond Trust Series I 1.20% 6.20% 15.95%
High Grade Bond Trust Series II+++ 0.99% 2.51% 2.78%
High Grade Bond Trust Series III*** 2.20%
+++ Series II inception date: November 25, 2002
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results. Total return would have been lower had operating
expenses not been reduced.
*** Series III inception date: September 5, 2003
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: For the year 2003, the High Grade Bond Trust Series I returned
+1.20%, underperforming the +4.11% return of the Lehman Brothers Aggregate Bond
Index.
ENVIRONMENT: Depending on maturity, interest rates rose 0.3% to 0.6% during
2003. In order, Agency Mortgage-Backed Securities, U.S. Treasury and Agency
securities had the lowest performance, while corporate bonds, particularly the
Baa-rating category, had the best performance.
With corporate bonds being the best performing sector, but excluded from use,
and Government bonds underperforming, we made significant use of Aaa-rated
Asset-Backed securities to boost returns. With corporate bonds representing 43%
of the Lehman Government/Credit Index, but excluded from use in the portfolio,
yet outperforming Treasuries 8.25% to 2.24% for 2003, the portfolio wasn't able
to match the return of the Government/Credit Index. However, by employing
intermediate maturity issues from January through early June, then switching to
a combination of short and long maturity issues, coupled with the Aaa-rated ABS
area, we were able to outperform a sector-equivalent Index target and
Government-bond oriented managers.
OUTLOOK: We expect the economic recovery will be very slow, with little business
re-investment and job creation. Tied in with this expectation, interest rates
are expected to rise during 2004, but in a relatively gradual fashion, and
without the impetus of a Federal Reserve tightening action. We will maintain the
portfolio in a short/long maturity combination structure as the yield curve
flattens with rising interest rates. Corporate bond outperformance that took
place from 2001 through 2003 is now over and will not be a performance
impediment during 2004. We expect to heavily employ the Agency Mortgage-Backed
Securities area, which is currently providing yields exceeding 2% above the
level for comparable maturity Treasury issues.
lxx
AMERICAN GROWTH TRUST
INVESTMENT OBJECTIVE & The American Growth Trust invests all of its assets in the
POLICIES: master fund, Class 2 shares of the Growth Fund, a series of
American Funds Insurance Series. The Growth Fund invests
primarily in common stocks of companies that appear to offer
superior opportunities for growth of capital. The Growth
Fund may also invest up to 15% of its assets in equity
securities of issuers domiciled outside the U.S. and Canada
and not included in the S&P 500 Composite Index.
SUBADVISER: American Funds Insurance Series
PORTFOLIO MANAGERS: Gordon Crawford, James E. Drasdo & Donald D. O'Neal
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[AMERICAN GROWTH TRUST PERFORMANCE GRAPH]
AMERICAN GROWTH TRUST SERIES II RUSSELL 1000 GROWTH INDEX
------------------------------- -------------------------
Apr. 2003 10000.00 10000.00
May 2003 10592.00 10499.00
Jun. 2003 10688.00 10644.00
Jul. 2003 10929.00 10909.00
Aug. 2003 11393.00 11180.00
Sep. 2003 10985.00 11060.00
Oct. 2003 11778.00 11681.00
Nov. 2003 11913.00 11804.00
Dec. 2003 12328.00 12212.00
PERFORMANCE TABLE**
Cumulative Total Return
Since
Periods Ended December 31, 2003 Inception
Russell 1000 Growth Index* 22.12%
American Growth Trust Series II+ 23.28%
American Growth Trust Series I+++ 10.62%
+ Series II inception date: May 5, 2003
+++ Series I inception date: July 9, 2003
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: Since inception on May 5, 2003, the American Growth Trust Series II
returned +23.28%, outperforming the +22.12% return of the Russell 1000 Growth
Index.
***ENVIRONMENT: The Fund handily outpaced the S&P 500 Index, which rose 28.70%.
The year didn't begin with great hope. War with Iraq was on the horizon, and the
U.S. economy showed few signs of life. But when the initial phase of hostilities
in Iraq ended quickly and the economy began to recover, the stage was set for a
rebound.
Growth stocks, such as those that make up most of the portfolio, typically are
more volatile than the broader market, and when the market recovered, many
growth stocks led the rebound.
During 2003, the stocks of semiconductors and semiconductor equipment and media
companies, which made up 25% of the portfolio at yearend, rebounded after losing
ground in the long market slump. Both technology and media were major industry
concentrations during 2003, and the higher prices for their stocks helped the
portfolio. Our holdings in oil stocks and some basic industries, such as metals,
also helped.
*** The portfolio commentary described above is for the American Funds Insurance
Series Growth Fund Class 2 shares and is for the year ended December 31,
2003. The American Funds Insurance Series Growth Fund Class 2 is the
underlying investment for the Manufacturers Investment Trust American Growth
Trust.
lxxi
AMERICAN INTERNATIONAL TRUST
INVESTMENT OBJECTIVE & To seek to make the shareholders investment grow. The
POLICIES: American International Trust invests all of its assets in
the master fund, Class 2 shares of the International Fund, a
series of American Funds Insurance Series. The International
Fund invests primarily in common stocks of companies located
outside the United States.
SUBADVISER: American Funds Insurance Series
PORTFOLIO MANAGERS: Alwyn W. Heong, Darcy B. Kopcho and Robert W. Lovelace
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[AMERICAN INTERNATIONAL TRUST PERFORMANCE GRAPH]
AMERICAN INTERNATIONAL TRUST SERIES
II MSCI EAFE INDEX
----------------------------------- ---------------
Apr. 2003 10000.00 10000.00
May 2003 10336.00 10615.00
Jun. 2003 10560.00 10878.00
Jul. 2003 10889.00 11143.00
Aug. 2003 11424.00 11414.00
Sep. 2003 11648.00 11768.00
Oct. 2003 12401.00 12502.00
Nov .2003 12561.00 12782.00
Dec. 2003 13328.00 13781.00
PERFORMANCE TABLE**
Cumulative Total Return
Since
Periods Ended December 31, 2003 Inception
MSCI EAFE Index* 37.81%
American International Trust Series II+ 33.28%
American International Trust Series I+++ 21.04%
+ Series II inception date: May 5, 2003
+++ Series I inception date: July 9, 2003
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: Since inception on May 5, 2003, the American International Trust
Series II returned +33.28%, underperforming the +37.81% return of the MSCI EAFE
Index.
***ENVIRONMENT: Markets in Asia and Europe gained ground in 2003, as did the
Fund, although it trailed its benchmark. The portfolio benefited significantly
from the decline of the U.S. dollar. The Fund's holdings in Japan, accounting
for 18% of total assets at year-end, helped as that country's stock market
showed signs of ending its 13-year slump.
Europe remained the portfolio's largest area of concentration in 2003, and the
Fund benefited from the strength of the markets there. London's FTSE 100 Index
gained 13.6% and Germany's DAX Index rose 37.1% when measured in local
currencies.
While markets in Asia and Europe were strong, the U.S. dollar's weakness was one
of the biggest factors in the portfolio's rise. The U.S. dollar lost 20% against
the euro and 10% against the Japanese yen during 2003. The 24.5% gain of Japan's
Nikkei 225 Stock Average turned into a 37.7% return when translated into U.S.
dollars, and Germany's DAX Index's 37.1% gain translated into a 64.0% return in
dollars.
*** The portfolio commentary described above is for the American Funds Insurance
Series International Fund Class 2 shares and is for the year ended December
31, 2003. The American Funds Insurance Series International Fund Class 2 is
the underlying investment for the Manufacturers Investment Trust American
International Trust.
lxxii
AMERICAN GROWTH-INCOME TRUST
INVESTMENT OBJECTIVE & The American Growth-Income Trust invests all of its assets
POLICIES: in the master fund, Class 2 shares of the Growth -- Income
Fund, a series of American Funds Insurance Series. The
Growth -- Income Fund invests primarily in common stocks or
other securities which demonstrate the potential for
appreciation and/or dividends. The fund may invest a portion
of its assets in securities of issuers domiciled outside the
U.S. and not included in the Standard & Poor's 500 Composite
Index.
SUBADVISER: American Funds Insurance Series
PORTFOLIO MANAGERS: Alan N. Berro, James K. Dunton, Claudia P. Huntington,
Robert G. O'Donnell & Ross Sappenfield
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[AMERICAN GROWTH-INCOME TRUST PERFORMANCE GRAPH]
AMERICAN GROWTH-INCOME TRUST
SERIES II RUSSELL 1000 VALUE INDEX
---------------------------- ------------------------
Apr. 2003 10000.00 10000.00
May 2003 10568.00 10646.00
Jun. 2003 10680.00 10779.00
Jul. 2003 10896.00 10939.00
Aug. 2003 11255.00 11110.00
Sep. 2003 11080.00 11001.00
Oct. 2003 11680.00 11674.00
Nov. 2003 11865.00 11833.00
Dec. 2003 12424.00 12562.00
PERFORMANCE TABLE**
Cumulative Total Return
Since
Periods Ended December 31, 2003 Inception
Russell 1000 Value Index* 25.62%
American Growth-Income Trust Series II+ 24.24%
American Growth-Income Trust Series I+++ 12.84%
+ Series II inception date: May 5, 2003
+++ Series I inception date: July 9, 2003
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: Since inception on May 5, 2003, the American Growth-Income Trust
Series II returned +24.24%, underperforming the +25.62% return of the Russell
1000 Value Index.
***ENVIRONMENT: The groundwork for the strong return was laid much earlier.
During the long, severe market downturn, the prices of many stocks issued by
well-established companies fell to attractive levels. The portfolio invested in
many of these companies and was rewarded when their stock prices rebounded.
The portfolio's holdings are diversified among a variety of industry groups.
That diversity helped fuel our gain in 2003. Investments in diversified
Financial Services and Technology holdings were especially beneficial to the
Trust's results for the year just ended. At the end of 2003, the portfolio's
cash position was 12.8%, essentially unchanged from 12.3% of assets at the end
of 2002.
*** The portfolio commentary described above is for the American Funds Insurance
Series Growth-Income Fund Class 2 shares and is for the year ended December
31, 2003. The American Funds Insurance Series Growth-Income Fund Class 2 is
the underlying investment for the Manufacturers Investment Trust American
Growth-Income Trust.
lxxiii
AMERICAN BLUE CHIP INCOME AND GROWTH TRUST
INVESTMENT OBJECTIVE & To seek to produce income exceeding the average yield on
POLICIES: U.S. stock generally (as represented by the average yield on
the Standard & Poor's 500 Composite Index) and to provide an
opportunity for growth of principal consistent with sound
common stock investing. The American Blue Chip Income and
Growth Trust invests all of its assets in the master fund,
Class 2 shares of the Blue Chip Income and Growth Fund, a
series of American Funds Insurance Series. The Blue Chip
Income and Growth Fund invests primarily in common stocks of
larger, more established companies based in the U.S. with
market capitalizations of $4 billion and above. The fund may
also invest up to 10% of its asset in common stocks of
larger, non-U.S. companies, so long as they are listed or
traded in the U.S. The fund will invest, under normal market
conditions, at least 90% of its assets in equity securities.
SUBADVISER: American Funds Insurance Series
PORTFOLIO MANAGERS: Alan N. Berro, James K. Dunton & Ross Sappenfield
INCEPTION DATE: May 5, 2003
CHANGE IN VALUE OF $10,000 INVESTMENT AND COMPARATIVE INDICES
[AMERICAN BLUE CHIP INCOME AND GROWTH TRUST PERFORMANCE GRAPH]
AMERICAN BLUE CHIP INCOME AND
GROWTH TRUST SERIES II RUSSELL 1000 VALUE INDEX
----------------------------- ------------------------
Apr. 2003 10000.00 10000.00
May 2003 10472.00 10646.00
Jun. 2003 10617.00 10779.00
Jul. 2003 10865.00 10939.00
Aug. 2003 11177.00 11110.00
Sep. 2003 11073.00 11001.00
Oct. 2003 11641.00 11674.00
Nov. 2003 11689.00 11833.00
Dec. 2003 12352.00 12562.00
PERFORMANCE TABLE**
Cumulative Total Return
Since
Periods Ended December 31, 2003 Inception
Russell 1000 Value Index* 25.62%
American Blue Chip Income and Growth Trust Series II+ 23.52%
American Blue Chip Income and Growth Trust Series I+++ 13.18%
+ Series II inception date: May 5, 2003
+++ Series I inception date: July 9, 2003
* All since inception returns for the indices begin on the month-end closest
to the actual inception date of the Trust.
** Performance does not reflect any insurance related charges. If these charges
were reflected, performance would be lower. Past performance does not
predict future results.
PORTFOLIO MANAGER'S COMMENTARY
PERFORMANCE: Since inception on May 5, 2003, the American Blue Chip Income and
Growth Trust Series II returned +23.52%, underperforming the +25.62% return of
the Russell 1000 Value Index.
***ENVIRONMENT: The Fund was launched on July 5, 2001, about halfway through the
longest and most severe market downturn since the 1920s. The portfolio is
designed to have at least 90% of its assets invested in high-quality equities at
all times. Because it was launched in the midst of a market downturn, the
initial portfolio was assembled when equity prices were declining or already
low. When the market rallied this past year, many of the investments made over
the Fund's short lifetime rose in value.
Over the last year, the portfolio has experienced rapid growth. During 2003, the
portfolio's assets tripled to more than $1.6 billion, requiring us to pursue
investments in a rapidly rising stock market. We are meeting this challenge by
relying on fundamental research to find good opportunities. At the end of 2003,
the portfolio held 8.7% in cash, an increase from 7.1% a year earlier.
*** The portfolio commentary described above is for the American Funds Insurance
Series Blue Chip Income and Growth Fund Class 2 shares and is for the year
ended December 31, 2003. The American Funds Insurance Series Blue Chip
Income and Growth Fund Class 2 is the underlying investment for the
Manufacturers Investment Trust American Blue Chip Income and Growth Trust.
lxxiv
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees and Shareholders of Manufacturers Investment Trust: -
In our opinion, the accompanying statements of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of 72 of the portfolios (identified in
Note 1) comprising Manufacturers Investment Trust at December 31, 2003, the
results of each of their operations, the changes in each of their net assets and
the financial highlights for the periods indicated in conformity with accounting
principles generally accepted in the United States of America. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Manufacturers Investment Trust's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States of America, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2003 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
/s/ PRICEWATERHOUSECOOPERS LLP
Boston, Massachusetts
February 23, 2004
1
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
SCIENCE & PACIFIC RIM HEALTH EMERGING
TECHNOLOGY EMERGING MARKETS SCIENCES GROWTH
TRUST TRUST TRUST TRUST
--------------- ---------------- ------------- -----------
ASSETS
Investments in securities, at value $ 620,713,907 $ 86,780,270 $ 156,279,576 $ 9,151,073
Securities on loan, at value (Note 2) 31,806,166 17,931,267 - 2,283,513
Repurchase agreements, at value 283,000 553,000 432,000 429,000
--------------- ------------- ------------- -----------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See accompanying
portfolio of investment) 652,803,073 105,264,537 156,711,576 11,863,586
Cash 1,480 543 655 -
Foreign currency - 110,536 - -
Receivables:
Investments sold 5,379,133 - 932,114 590,030
Fund shares sold 268,362 181,987 58,617 8,255
Dividends and interest 158,782 62,996 7,529 2,377
Foreign tax withholding reclaims 2,691 - 1,475 -
Other assets 2,806 317 672 26
--------------- ------------- ------------- -----------
TOTAL ASSETS 658,616,327 105,620,916 157,712,638 12,464,274
--------------- ------------- ------------- -----------
LIABILITIES
Payables:
Investments purchased 1,462,256 - 877,258 812,740
Fund shares redeemed 1,170,281 216,338 310,429 25,265
Dividend and interest withholding tax 4,429 6,113 - -
Deferred tax liability - 210,766 - -
Due to adviser 779 906 147 964
Due to custodian - - - 1,442
Other payables and accrued expenses 86,448 35,940 29,562 20,368
Collateral for securities lending 32,649,759 18,941,969 - 2,345,485
Written options outstanding, at value (Note 3) - - 1,713,930 -
--------------- ------------- ------------- -----------
TOTAL LIABILITIES 35,373,952 19,412,032 2,931,326 3,206,264
--------------- ------------- ------------- -----------
NET ASSETS $ 623,242,375 $ 86,208,884 $ 154,781,312 $ 9,258,010
=============== ============= ============= ===========
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) - $ 386,136 - -
Accumulated undistributed net realized gain (loss) on
investments, options, foreign currency
and forward foreign currency contracts ($ 1,111,785,931) (14,144,590) ($ 6,507,820) $ 241,257
Unrealized appreciation (depreciation) on:
Investments 105,731,684 7,595,773 21,761,206 657,847
Written options contracts - - 623,368 -
Foreign currency and forward foreign currency contracts 795 511 100 -
Capital shares at par value of $.01 545,167 106,027 115,653 5,883
Additional paid-in capital 1,628,750,660 92,265,027 138,788,805 8,353,023
--------------- ------------- ------------- -----------
NET ASSETS $ 623,242,375 $ 86,208,884 $ 154,781,312 $ 9,258,010
=============== ============= ============= ===========
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 547,071,389 $ 97,457,998 $ 134,950,370 $11,205,739
=============== ============= ============= ===========
Investments in foreign currency, at identified cost - $ 110,185 - -
=============== ============= ============= ===========
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 557,622,950 $ 66,611,689 $ 100,828,608 $ 3,177,992
=============== ============= ============= ===========
Shares Outstanding 48,768,550 8,188,074 7,527,600 201,781
--------------- ------------- ------------- -----------
Net asset value, offering and redemption price per share $ 11.43 $ 8.14 $ 13.39 $ 15.75
=============== ============= ============= ===========
SERIES II SHARES:
Net Assets at value $ 65,613,150 $ 19,594,250 $ 53,915,902 $ 6,079,913
=============== ============= ============= ===========
Shares Outstanding 5,747,596 2,414,279 4,034,976 386,541
--------------- ------------- ------------- -----------
Net asset value, offering and redemption price per share $ 11.42 $ 8.12 $ 13.36 $ 15.73
=============== ============= ============= ===========
SERIES III SHARES+:
Net Assets at value $ 6,275 $ 2,945 $ 36,802 $ 105
=============== ============= ============= ===========
Shares Outstanding 549 362 2,748 7
--------------- ------------- ------------- -----------
Net asset value, offering and redemption price per share $ 11.43 $ 8.14 $ 13.39 $ 15.75
=============== ============= ============= ===========
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
2
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
AGGRESSIVE EMERGING SMALL COMPANY DYNAMIC
GROWTH SMALL COMPANY BLEND GROWTH
TRUST TRUST TRUST TRUST
------------- ------------- ------------- -------------
ASSETS
Investments in securities, at value $ 293,996,492 $ 449,900,665 $ 203,163,193 $ 177,549,071
Securities on loan, at value (Note 2) 54,032,953 63,709,985 47,565,046 21,333,311
Repurchase agreements, at value 9,116,000 34,689,000 7,399,000 4,990,000
------------- ------------- ------------- -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See accompanying
portfolio of investments) 357,145,445 548,299,650 258,127,239 203,872,382
Cash 486 907 363 260
Receivables:
Investments sold 1,447,218 1,732,628 1,355,856 -
Fund shares sold 99,588 423,617 192,014 -
Dividends and interest 40,468 90,470 193,566 130,702
Foreign tax withholding reclaims - - 534 -
Other assets 1,616 2,192 910 595
------------- ------------- ------------- -------------
TOTAL ASSETS 358,734,821 550,549,464 259,870,482 204,003,939
------------- ------------- ------------- -------------
LIABILITIES
Payables:
Investments purchased 1,939,038 92,716 254,557 8,913
Fund shares redeemed - 1,177,795 152,151 130,828
Dividend and interest withholding tax - 266 291 -
Due to adviser - 868 - -
Other payables and accrued expenses 43,861 53,667 31,990 37,482
Collateral for securities lending 55,327,831 64,954,221 48,906,716 21,844,442
Written options outstanding, at value (Note 3) 18,075 - - -
------------- ------------- ------------- -------------
TOTAL LIABILITIES 57,328,805 66,279,533 49,345,705 22,021,665
------------- ------------- ------------- -------------
NET ASSETS $ 301,406,016 $ 484,269,931 $ 210,524,777 $ 181,982,274
============= ============= ============= =============
NET ASSETS CONSIST OF:
Accumulated undistributed net realized gain (loss) on
investments, options, foreign currency
and forward foreign currency contracts ($ 158,003,438) ($ 82,991,980) ($ 45,687,924) ($ 178,683,431)
Unrealized appreciation (depreciation) on:
Investments 58,756,209 77,436,463 22,864,145 29,154,314
Written options contracts 11,497 - - -
Foreign currency and forward foreign currency contracts - 21 7 -
Capital shares at par value of $.01 226,984 187,927 184,694 413,642
Additional paid-in capital 400,414,764 489,637,500 233,163,855 331,097,749
------------- ------------- ------------- -------------
NET ASSETS $ 301,406,016 $ 484,269,931 $ 210,524,777 $ 181,982,274
============= ============= ============= =============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 298,389,236 $ 470,863,187 $ 235,263,094 $ 174,718,068
============= ============= ============= =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 261,138,368 $ 401,432,914 $ 150,800,819 $ 140,190,488
============= ============= ============= =============
Shares Outstanding 19,659,390 15,572,560 13,223,071 31,850,605
------------- ------------- ------------- -------------
Net asset value, offering and redemption price per share $ 13.28 $ 25.78 $ 11.40 $ 4.40
============= ============= ============= =============
SERIES II SHARES:
Net Assets at value $ 40,267,449 $ 82,836,360 $ 59,723,958 $ 41,791,786
============= ============= ============= =============
Shares Outstanding 3,038,975 3,220,129 5,246,355 9,513,546
------------- ------------- ------------- -------------
Net asset value, offering and redemption price per share $ 13.25 $ 25.72 $ 11.38 $ 4.39
============= ============= ============= =============
SERIES III SHARES+:
Net Assets at value $ 199 $ 657 - -
============= ============= ============= =============
Shares Outstanding 15 25 - -
------------- ------------- ------------- -------------
Net asset value, offering and redemption price per share $ 13.28 $ 25.78 - -
============= ============= ============= =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
3
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
MID CAP NATURAL ALL CAP STRATEGIC
STOCK RESOURCES GROWTH OPPORTUNITIES
TRUST TRUST TRUST TRUST
------------- ------------- ------------- ---------------
ASSETS
Investments in securities, at value $ 358,933,365 $ 159,019,561 $ 590,816,432 $ 554,169,420
Securities on loan, at value (Note 2) 52,774,717 14,960,183 30,462,631 73,812,128
Repurchase agreements, at value 19,099,000 8,556,000 15,066,000 5,150,000
------------- ------------- ------------- ---------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 430,807,082 182,535,744 636,345,063 633,131,548
Cash 263,107 280 573 938
Foreign currency - 70,797 - 1,283
Receivables:
Forward foreign currency contracts (Note 8) - 5,836 - -
Investments sold - - 1,860,524 1,848,131
Fund shares sold 527,405 376,457 306,131 13,672
Dividends and interest 33,492 137,342 271,420 528,979
Foreign tax withholding reclaims - 11,871 - -
Other assets 1,649 686 3,217 3,323
------------- ------------- ------------- ---------------
TOTAL ASSETS 431,632,735 183,139,013 638,786,928 635,527,874
------------- ------------- ------------- ---------------
LIABILITIES
Payables:
Forward foreign currency contracts (Note 8) - - - 2,011
Investments purchased 1,033,187 2,790,948 - 2,155,165
Fund shares redeemed - 12,129 91,137 846,464
Dividend and interest withholding tax - 16,901 3,702 8,371
Due to adviser 956 950 - -
Other payables and accrued expenses 40,327 28,995 66,813 75,106
Collateral for securities lending 54,062,633 15,306,937 31,142,453 75,581,538
------------- ------------- ------------- ---------------
TOTAL LIABILITIES 55,137,103 18,156,860 31,304,105 78,668,655
------------- ------------- ------------- ---------------
NET ASSETS $ 376,495,632 $ 164,982,153 $ 607,482,823 $ 556,859,219
============= ============= ============= ===============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) - $ 219,320 - $ 474,838
Accumulated undistributed net realized gain (loss) on
investments, options, foreign currency
and forward foreign currency contracts ($ 30,021,509) 4,834,228 ($ 298,058,961) (672,929,984)
Unrealized appreciation (depreciation) on:
Investments 66,542,160 39,255,276 102,955,792 73,545,556
Foreign currency and forward foreign currency contracts - (10) 1,476 435
Capital shares at par value of $.01 317,486 91,715 421,792 571,766
Additional paid-in capital 339,657,495 120,581,624 802,162,724 1,155,196,608
------------- ------------- ------------- ---------------
NET ASSETS $ 376,495,632 $ 164,982,153 $ 607,482,823 $ 556,859,219
============= ============= ============= ===============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 364,264,922 $ 143,280,468 $ 533,389,271 $ 559,585,992
------------- ------------- ------------- ---------------
Investments in foreign currency, at identified cost - $ 70,729 - $ 1,271
============= ============= ============= ===============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 260,190,551 $ 90,098,782 $ 520,180,870 $ 533,891,486
============= ============= ============= ===============
Shares Outstanding 21,923,395 5,005,717 36,105,874 54,811,707
------------- ------------- ------------- ---------------
Net asset value, offering and redemption price per share $ 11.87 $ 18.00 $ 14.41 $ 9.74
============= ============= ============= ===============
SERIES II SHARES:
Net Assets at value $ 116,299,197 $ 74,881,524 $ 87,300,120 $ 22,967,733
============= ============= ============= ===============
Shares Outstanding 9,824,682 4,165,686 6,073,195 2,364,924
------------- ------------- ------------- ---------------
Net asset value, offering and redemption price per share $ 11.84 $ 17.98 $ 14.37 $ 9.71
============= ============= ============= ===============
SERIES III SHARES+:
Net Assets at value $ 5,884 $ 1,847 $ 1,833 -
============= ============= ============= ===============
Shares Outstanding 496 103 127 -
------------- ------------- ------------- ---------------
Net asset value, offering and redemption price per share $ 11.87 $ 18.00 $ 14.41 -
============= ============= ============= ===============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
4
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
FINANCIAL INTERNATIONAL INTERNATIONAL
SERVICES STOCK OVERSEAS SMALL CAP
TRUST TRUST TRUST TRUST
------------ ------------- ------------- -------------
ASSETS
Investments in securities, at value $ 88,690,961 $ 367,330,706 $ 460,962,389 $ 298,978,824
Securities on loan, at value (Note 2) 1,251,049 87,983,460 48,723,721 25,552,353
Repurchase agreements, at value - 2,255,000 4,572,000 20,765,000
------------ ------------- ------------- -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 89,942,010 457,569,166 514,258,110 345,296,177
Cash 50 95 75,315 274
Foreign currency - 24,041,101 691,850 2,256,824
Receivables:
Forward foreign currency contracts (Note 8) - - 2,661 102
Investments sold - - 4,139,509 -
Fund shares sold 9,083 39,266 10,753 693
Dividends and interest 136,006 361,433 517,162 354,087
Foreign tax withholding reclaims 17,587 44,754 21,383 50,514
Other assets 383 1,934 1,694 900
------------ ------------- ------------- -------------
TOTAL ASSETS 90,105,119 482,057,749 519,718,437 347,959,571
------------ ------------- ------------- -------------
LIABILITIES
Payables:
Forward foreign currency contracts (Note 8) - - 17,011 53
Investments purchased - - 7,526,689 44,787
Fund shares redeemed 606 707,276 640,171 1,159,850
Dividend and interest withholding tax - 28,068 45,400 38,881
Deferred tax liability - - - 411,458
Due to adviser 965 - - 834
Other payables and accrued expenses 18,836 72,495 91,118 61,038
Collateral for securities lending 1,280,490 92,492,304 51,204,315 26,976,661
------------ ------------- ------------- -------------
TOTAL LIABILITIES 1,300,897 93,300,143 59,524,704 28,693,562
------------ ------------- ------------- -------------
NET ASSETS $ 88,804,222 $ 388,757,606 $ 460,193,733 $ 319,266,009
============ ============= ============= =============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) $ 327,050 $ 3,486,712 $ 1,840,993 $ 425,381
Accumulated undistributed net realized gain (loss) on
investments, futures, foreign currency
and forward foreign currency contracts (2,266,921) (117,176,878) (177,980,311) (124,298,138)
Unrealized appreciation (depreciation) on:
Investments 13,032,665 70,829,671 80,061,613 85,167,817
Foreign currency and forward foreign currency contracts 1,752 243,444 5,162 58,503
Capital shares at par value of $.01 69,855 401,314 481,064 219,330
Additional paid-in capital 77,639,821 430,973,343 555,785,212 357,693,116
------------ ------------- ------------- -------------
NET ASSETS $ 88,804,222 $ 388,757,606 $ 460,193,733 $ 319,266,009
============ ============= ============= =============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 76,909,345 $ 386,739,495 $ 434,196,497 $ 259,716,902
------------ ------------- ------------- -------------
Investments in foreign currency, at identified cost - $ 23,807,696 $ 857,522 $ 2,203,786
============ ============= ============= =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 52,467,074 $ 289,226,738 $ 364,178,643 $ 245,602,762
============ ============= ============= =============
Shares Outstanding 4,121,374 29,847,519 38,050,265 16,867,767
------------ ------------- ------------- -------------
Net asset value, offering and redemption price per share $ 12.73 $ 9.69 $ 9.57 $ 14.56
============ ============= ============= =============
SERIES II SHARES:
Net Assets at value $ 36,336,848 $ 99,528,531 $ 96,010,188 $ 73,654,714
============ ============= ============= =============
Shares Outstanding 2,864,098 10,283,689 10,055,664 5,064,671
------------ ------------- ------------- -------------
Net asset value, offering and redemption price per share $ 12.69 $ 9.68 $ 9.55 $ 14.54
============ ============= ============= =============
SERIES III SHARES+:
Net Assets at value $ 300 $ 2,337 $ 4,902 $ 8,533
============ ============= ============= =============
Shares Outstanding 24 241 512 586
------------ ------------- ------------- -------------
Net asset value, offering and redemption price per share $ 12.73 $ 9.69 $ 9.57 $ 14.56
============ ============= ============= =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
5
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
INTERNATIONAL QUANTITATIVE MID CAP GLOBAL
VALUE MID CAP CORE EQUITY
TRUST TRUST TRUST TRUST
------------- ------------- ----------- -------------
ASSETS
Investments in securities, at value $ 395,176,559 $ 119,408,373 $41,164,792 $ 343,745,520
Securities on loan, at value (Note 2) 44,130,352 8,195,262 1,916,983 6,449,879
Repurchase agreements, at value 15,384,000 3,415,000 10,080,000 70,947,000
------------- ------------- ----------- -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 454,690,911 131,018,635 53,161,775 421,142,399
Cash 883 154 38 18,629,371
Foreign currency 12 - - 1,398,227
Receivables:
Forward foreign currency contracts (Note 8) 1,011 - - 159,584
Investments sold 48,660 4,389,438 - 2,185,464
Fund shares sold 72,679 160,352 134,299 100
Dividends and interest 627,113 22,365 31,251 625,160
Interest on swap agreement - 3,563 - -
Foreign tax withholding reclaims 83,925 - - 5,950
Other assets 1,999 563 184 2,272
------------- ------------- ----------- -------------
TOTAL ASSETS 455,527,193 135,595,070 53,327,547 444,148,527
------------- ------------- ----------- -------------
LIABILITIES
Payables:
Forward foreign currency contracts (Note 8) 15 - - 136,019
Investments purchased 2,194,542 8,997,670 2,007,671 53,540,684
Fund shares redeemed 930,749 492,435 - 737,579
Dividend and interest withholding tax 79,260 - - 64,189
Due to adviser - - - 965
Other payables and accrued expenses 74,388 22,151 19,637 75,008
Collateral for securities lending 46,428,194 8,414,534 1,962,261 6,788,101
------------- ------------- ----------- -------------
TOTAL LIABILITIES 49,707,148 17,926,790 3,989,569 61,342,545
------------- ------------- ----------- -------------
NET ASSETS $ 405,820,045 $ 117,668,280 $49,337,978 $ 382,805,982
============= ============= =========== =============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) $ 5,842,037 - - $ 6,493,268
Accumulated undistributed net realized gain (loss) on
investments, foreign currency
and forward foreign currency contracts (31,672,232) ($ 38,760,192) $ 541,771 (97,109,917)
Unrealized appreciation (depreciation) on:
Investments 69,187,966 25,576,127 5,971,693 22,946,344
Foreign currency and forward foreign currency contracts 29,341 - - (31,319)
Capital shares at par value of $.01 329,539 107,655 32,229 291,992
Additional paid-in capital 362,103,394 130,744,690 42,792,285 450,215,614
------------- ------------- ----------- -------------
NET ASSETS $ 405,820,045 $ 117,668,280 $49,337,978 $ 382,805,982
============= ============= =========== =============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 385,502,945 $ 105,442,508 $47,190,082 $ 398,196,055
------------- ------------- ----------- -------------
Investments in foreign currency, at identified cost $ 12 - - $ 134,392
============= ============= =========== =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 267,453,737 $ 110,382,210 $19,539,449 $ 363,133,834
============= ============= =========== =============
Shares Outstanding 21,698,737 10,097,149 1,275,428 27,693,823
------------- ------------- ----------- -------------
Net asset value, offering and redemption price per share $ 12.33 $ 10.93 $ 15.32 $ 13.11
============= ============= =========== =============
SERIES II SHARES:
Net Assets at value $ 138,364,966 $ 7,286,070 $29,798,359 $ 19,672,039
============= ============= =========== =============
Shares Outstanding 11,255,029 668,405 1,947,461 1,505,352
------------- ------------- ----------- -------------
Net asset value, offering and redemption price per share $ 12.29 $ 10.90 $ 15.30 $ 13.07
============= ============= =========== =============
SERIES III SHARES+:
Net Assets at value $ 1,342 - $ 170 $ 109
============= ============= =========== =============
Shares Outstanding 109 - 11 8
------------- ------------- ----------- -------------
Net asset value, offering and redemption price per share $ 12.33 - $ 15.32 $ 13.11
============= ============= =========== =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
6
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
STRATEGIC CAPITAL QUANTITATIVE ALL CAP
GROWTH APPRECIATION ALL CAP CORE
TRUST TRUST TRUST TRUST
------------- ------------- ------------ -------------
ASSETS
Investments in securities, at value $ 261,155,311 $ 185,717,624 $4,661,457 $ 258,361,519
Securities on loan, at value (Note 2) 11,334,525 6,917,821 1,082,260 7,694,749
Repurchase agreements, at value - 8,872,000 157,000 16,421,000
-------------- -------------- ---------- -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 272,489,836 201,507,445 5,900,717 282,477,268
Cash 589 672 1,233 247
Receivables:
Investments sold 2,179,821 1,400,195 134,252 -
Fund shares sold 227,737 104,223 690 -
Dividends and interest 166,805 114,864 4,313 208,737
Foreign tax withholding reclaims 156 67 13 -
Other assets 1,193 926 22 1,560
-------------- -------------- ---------- -------------
TOTAL ASSETS 275,066,137 203,128,392 6,041,240 282,687,812
-------------- -------------- ---------- -------------
LIABILITIES
Payables:
Investments purchased 1,758,765 2,852,043 232,460 -
Fund shares redeemed - 103,586 1,245 166,510
Variation margin for open futures contracts - - - 162,750
Dividend and interest withholding tax 609 1,851 - -
Due to adviser 956 - 965 -
Other payables and accrued expenses 35,664 31,007 15,462 42,754
Collateral for securities lending 11,640,290 7,070,818 1,108,592 7,899,277
-------------- -------------- ---------- -------------
TOTAL LIABILITIES 13,436,284 10,059,305 1,358,724 8,271,291
-------------- -------------- ---------- -------------
NET ASSETS $ 261,629,853 $ 193,069,087 $4,682,516 $ 274,416,521
============== ============== ========== =============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) - - - $ 1,210,378
Accumulated undistributed net realized gain (loss) on
investments, futures, options, foreign currency
and forward foreign currency contracts ($ 21,527,708) ($ 19,781,028) $ 166,213 (335,424,736)
Unrealized appreciation (depreciation) on:
Investments 29,689,125 30,271,581 494,380 32,946,079
Futures contracts - - - 126,765
Capital shares at par value of $.01 260,268 240,410 3,111 200,087
Additional paid-in capital 253,208,168 182,338,124 4,018,812 575,357,948
-------------- -------------- ---------- -------------
NET ASSETS $ 261,629,853 $ 193,069,087 $4,682,516 $ 274,416,521
============== ============== ========== =============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 242,800,711 $ 171,235,864 $5,406,337 $ 249,531,189
============== ============== ========== =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 175,019,536 $ 120,859,429 $2,140,558 $ 264,170,155
============== ============== ========== =============
Shares Outstanding 17,399,927 15,035,997 142,192 19,259,981
-------------- -------------- ---------- -------------
Net asset value, offering and redemption price per share $ 10.06 $ 8.04 $ 15.05 $ 13.72
============== ============== ========== =============
SERIES II SHARES:
Net Assets at value $ 86,608,744 $ 72,208,098 $2,541,847 $ 10,246,366
============== ============== ========== =============
Shares Outstanding 8,626,695 9,004,783 168,921 748,698
-------------- -------------- ---------- -------------
Net asset value, offering and redemption price per share $ 10.04 $ 8.02 $ 15.05 $ 13.69
============== ============== ========== =============
SERIES III SHARES+:
Net Assets at value $ 1,573 $ 1,560 $ 111 -
============== ============== ========== =============
Shares Outstanding 156 194 7 -
-------------- -------------- ---------- -------------
Net asset value, offering and redemption price per share $ 10.06 $ 8.04 $ 15.05 -
============== ============== ========== =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
7
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
LARGE CAP QUANTITATIVE BLUE CHIP U.S. LARGE
GROWTH EQUITY GROWTH CAP
TRUST TRUST TRUST TRUST
------------- ------------- --------------- -------------
ASSETS
Investments in securities, at value $ 489,139,753 $ 272,050,935 $ 1,495,791,558 $ 544,269,544
Securities on loan, at value (Note 2) 19,510,316 14,342,499 98,061,165 64,631,229
Repurchase agreements, at value 11,646,000 3,465,000 679,000 15,849,000
------------- ------------- --------------- -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 520,296,069 289,858,434 1,594,531,723 624,749,773
Cash 433 443 3,653 896
Receivables:
Forward foreign currency contracts (Note 8) 7,136 - - -
Investments sold - 2,275,799 3,396,330 119,756
Fund shares sold 221,475 262 487,857 201,420
Dividends and interest 566,965 302,206 1,381,241 575,592
Foreign tax withholding reclaims 2,879 - - 2,107
Other assets 2,748 1,609 7,914 3,128
------------- ------------- --------------- -------------
TOTAL ASSETS 521,097,705 292,438,753 1,599,808,718 625,652,672
------------- ------------- --------------- -------------
LIABILITIES
Payables:
Investments purchased 433,283 2,102,283 2,663,460 2,011,036
Fund shares redeemed - 873,090 1,443,699 219,259
Dividend and interest withholding tax 1,493 2,014 21,879 -
Due to adviser - - 906 -
Other payables and accrued expenses 55,962 40,050 142,794 66,314
Collateral for securities lending 20,069,219 14,673,806 100,351,928 66,142,244
------------- ------------- --------------- -------------
TOTAL LIABILITIES 20,559,957 17,691,243 104,624,666 68,438,853
------------- ------------- --------------- -------------
NET ASSETS $ 500,537,748 $ 274,747,510 $ 1,495,184,052 $ 557,213,819
============= ============= =============== =============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) $ 1,282,179 $ 2,066,036 $ 1,620,528 $ 1,829,752
Accumulated undistributed net realized gain (loss) on
investments, futures, foreign currency
and forward foreign currency contracts (236,823,520) (238,995,497) (216,240,990) (89,980,315)
Unrealized appreciation (depreciation) on:
Investments 63,880,673 25,225,050 157,258,676 94,364,940
Foreign currency and forward foreign currency contracts 1,338 - - -
Capital shares at par value of $.01 526,577 180,773 966,207 434,278
Additional paid-in capital 671,670,501 486,271,148 1,551,579,631 550,565,164
------------- ------------- --------------- -------------
NET ASSETS $ 500,537,748 $ 274,747,510 $ 1,495,184,052 $ 557,213,819
============= ============= =============== =============
Investments in securities, including repurchase agreements
and securities on loan, at identified cost $ 456,415,396 $ 264,633,384 $ 1,437,273,047 $ 530,384,833
============= ============= =============== =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 414,672,233 $ 255,587,248 $ 1,290,525,036 $ 413,803,389
============= ============= =============== =============
Shares Outstanding 43,597,240 16,812,231 83,357,813 32,216,546
------------- ------------- --------------- -------------
Net asset value, offering and redemption price per share $ 9.51 $ 15.20 $ 15.48 $ 12.84
============= ============= =============== =============
SERIES II SHARES:
Net Assets at value $ 85,865,515 $ 19,159,889 $ 204,652,804 $ 143,409,231
============= ============= =============== =============
Shares Outstanding 9,060,416 1,265,030 13,262,527 11,211,122
------------- ------------- --------------- -------------
Net asset value, offering and redemption price per share $ 9.48 $ 15.15 $ 15.43 $ 12.79
============= ============= =============== =============
SERIES III SHARES+:
Net Assets at value - $ 373 $ 6,212 $ 1,199
============= ============= =============== =============
Shares Outstanding - 25 401 94
------------- ------------- --------------- -------------
Net asset value, offering and redemption price per share - $ 15.20 $ 15.48 $ 12.84
============= ============= =============== =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
8
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
STRATEGIC LARGE CAP REAL ESTATE
VALUE VALUE UTILITIES SECURITIES
TRUST TRUST TRUST TRUST
------------- ----------- ------------ -------------
ASSETS
Investments in securities, at value $ 143,064,589 $13,695,361 $ 54,345,536 $ 591,151,161
Securities on loan, at value (Note 2) 3,805,919 3,054,638 1,062,673 8,997,570
Repurchase agreements, at value - 1,134,000 - 19,630,000
------------- ----------- ------------ -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 146,870,508 17,883,999 55,408,209 619,778,731
Cash 219 20,980 282 401,460
Foreign currency - - 2,667 -
Receivables:
Forward foreign currency contracts (Note 8) - - 263 -
Investments sold - 228,024 883,679 3,519,095
Fund shares sold 63,794 558,450 120,374 1,086,008
Dividends and interest 277,821 7,629 165,983 2,553,425
Foreign tax withholding reclaims 82 - 589 -
Other assets 395 35 233 2,650
------------- ----------- ------------ -------------
TOTAL ASSETS 147,212,819 18,699,117 56,582,279 627,341,369
------------- ----------- ------------ -------------
LIABILITIES
Payables:
Forward foreign currency contracts (Note 8) - - 2,093 -
Investments purchased 131,042 1,364,546 523,810 1,799,084
Fund shares redeemed 41,104 - - -
Dividend and interest withholding tax - 73 5,697 -
Due to adviser - - 965 604
Other payables and accrued expenses 22,958 20,433 26,496 60,456
Collateral for securities lending 3,948,925 3,133,921 1,089,830 9,194,175
------------- ----------- ------------ -------------
TOTAL LIABILITIES 4,144,029 4,518,973 1,648,891 11,054,319
------------- ----------- ------------ -------------
NET ASSETS $ 143,068,790 $14,180,144 $ 54,933,388 $ 616,287,050
============= =========== ============ =============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) $ 583,696 - $ 611,834 $ 17,512,180
Accumulated undistributed net realized gain (loss) on
investments, foreign currency
and forward foreign currency contracts (7,312,560) $ 190,999 (4,361,819) (2,684,989)
Unrealized appreciation (depreciation) on:
Investments 17,384,758 1,293,298 6,237,787 127,234,662
Foreign currency and forward foreign currency contracts - - 1,147 -
Capital shares at par value of $.01 142,795 9,062 58,348 295,784
Additional paid-in capital 132,270,101 12,686,785 52,386,091 473,929,413
------------- ----------- ------------ -------------
NET ASSETS $ 143,068,790 $14,180,144 $ 54,933,388 $ 616,287,050
============= =========== ============ =============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 129,485,750 $16,590,701 $ 49,170,422 $ 492,544,069
------------- ----------- ------------ -------------
Investments in foreign currency, at identified cost - - $ 2,644 -
============= =========== ============ =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 95,601,934 $ 6,202,905 $ 34,439,679 $ 447,860,241
============= =========== ============ =============
Shares Outstanding 9,532,660 396,089 3,652,797 21,477,714
------------- ----------- ------------ -------------
Net asset value, offering and redemption price per share $ 10.03 $ 15.66 $ 9.43 $ 20.85
============= =========== ============ =============
SERIES II SHARES:
Net Assets at value $ 47,465,692 $ 7,977,239 $ 20,493,598 $ 168,405,313
============= =========== ============ =============
Shares Outstanding 4,746,685 510,093 2,181,993 8,099,642
------------- ----------- ------------ -------------
Net asset value, offering and redemption price per share $ 10.00 $ 15.64 $ 9.39 $ 20.79
============= =========== ============ =============
SERIES III SHARES+:
Net Assets at value $ 1,164 - $ 111 $ 21,496
============= =========== ============ =============
Shares Outstanding 116 - 12 1,031
------------- ----------- ------------ -------------
Net asset value, offering and redemption price per share $ 10.03 - $ 9.43 $ 20.85
============= =========== ============ =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
9
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
SMALL CAP SMALL COMPANY SPECIAL MID CAP
OPPORTUNITIES VALUE VALUE VALUE
TRUST TRUST TRUST TRUST
------------- ------------ ----------- -------------
ASSETS
Investments in securities, at value $67,191,571 $534,976,696 $15,336,743 $ 435,843,655
Securities on loan, at value (Note 2) 9,312,855 52,456,890 4,137,021 35,467,894
Repurchase agreements, at value 1,873,000 1,179,000 2,519,000 21,721,000
----------- ------------ ----------- -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 78,377,426 588,612,586 21,992,764 493,032,549
Cash 915 647,874 942 759
Foreign currency 967 - - -
Receivables:
Investments sold - 1,130,199 15,739 1,481,085
Fund shares sold 807,573 1,691,319 189,509 606,833
Dividends and interest 141,768 464,621 10,290 453,278
Other assets 249 2,497 66 2,350
----------- ------------ ----------- -------------
TOTAL ASSETS 79,328,898 592,549,096 22,209,310 495,576,854
----------- ------------ ----------- -------------
LIABILITIES
Payables:
Investments purchased 826,375 4,871,792 298,505 4,553,651
Dividend and interest withholding tax 438 - - -
Due to adviser - - 964 946
Other payables and accrued expenses 17,320 55,400 15,799 49,128
Collateral for securities lending 9,545,847 53,925,328 4,248,886 36,322,557
----------- ------------ ----------- -------------
TOTAL LIABILITIES 10,389,980 58,852,520 4,564,154 40,926,282
----------- ------------ ----------- -------------
NET ASSETS $68,938,918 $533,696,576 $17,645,156 $ 454,650,572
=========== ============ =========== =============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) $ 83,536 $ 894,470 - $ 2,523,735
Accumulated undistributed net realized gain (loss) on
investments, futures, foreign currency
and forward foreign currency contracts 1,322,778 5,511,788 $ 389,665 (7,218,492)
Unrealized appreciation (depreciation) on:
Investments 13,523,952 90,451,979 2,430,967 69,661,893
Foreign currency and forward foreign currency contracts 18 - - -
Capital shares at par value of $.01 39,409 311,633 11,158 310,531
Additional paid-in capital 53,969,225 436,526,706 14,813,366 389,372,905
----------- ------------ ----------- -------------
NET ASSETS $68,938,918 $533,696,576 $17,645,156 $ 454,650,572
=========== ============ =========== =============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $64,853,474 $498,160,607 $19,561,797 $ 423,370,656
----------- ------------ ----------- -------------
Investments in foreign currency, at identified cost $ 958 - - -
=========== ============ =========== =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $35,586,864 $385,926,058 $10,896,372 $ 283,431,790
=========== ============ =========== =============
Shares Outstanding 2,033,086 22,519,631 688,664 19,342,583
----------- ------------ ----------- -------------
Net asset value, offering and redemption price per share $ 17.50 $ 17.14 $ 15.82 $ 14.65
=========== ============ =========== =============
SERIES II SHARES:
Net Assets at value $33,351,534 $147,770,054 $ 6,748,538 $ 171,216,432
=========== ============ =========== =============
Shares Outstanding 1,907,764 8,643,611 427,087 11,710,362
----------- ------------ ----------- -------------
Net asset value, offering and redemption price per share $ 17.48 $ 17.10 $ 15.80 $ 14.62
=========== ============ =========== =============
SERIES III SHARES+:
Net Assets at value $ 520 $ 464 $ 246 $ 2,350
=========== ============ =========== =============
Shares Outstanding 30 27 16 160
----------- ------------ ----------- -------------
Net asset value, offering and redemption price per share $ 17.50 $ 17.14 $ 15.82 $ 14.65
=========== ============ =========== =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
10
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
ALL CAP EQUITY FUNDAMENTAL
VALUE VALUE INDEX VALUE
TRUST TRUST TRUST TRUST
------------- ------------- ------------ -------------
ASSETS
Investments in securities, at value $ 300,438,155 $ 277,221,401 $ 78,424,930 $ 557,686,445
Securities on loan, at value (Note 2) - 13,551,652 517,537 15,288,431
Repurchase agreements, at value - 12,314,000 2,982,000 -
------------- ------------- ------------ -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 300,438,155 303,087,053 81,924,467 572,974,876
Cash 1,547 436 654 572
Foreign currency - - - 24,878
Receivables:
Investments sold - 898,763 - -
Fund shares sold 102,817 240,321 53,315 734,551
Variation margin for open futures contracts - - 7,975 -
Dividends and interest 530,076 278,500 109,033 950,781
Other assets 1,537 584 465 2,527
------------- ------------- ------------ -------------
TOTAL ASSETS 301,074,132 304,505,657 82,095,909 574,688,185
------------- ------------- ------------ -------------
LIABILITIES
Payables:
Investments purchased - 5,413,697 - 504,193
Dividend and interest withholding tax - - - 18,853
Due to adviser - 912 - 848
Other payables and accrued expenses 38,048 29,710 26,712 56,308
Collateral for securities lending - 13,885,067 533,071 15,667,588
------------- ------------- ------------ -------------
TOTAL LIABILITIES 38,048 19,329,386 559,783 16,247,790
------------- ------------- ------------ -------------
NET ASSETS $ 301,036,084 $ 285,176,271 $ 81,536,126 $ 558,440,395
============= ============= ============ =============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) $ 1,751,830 $ 910,435 $ 1,026,275 $ 3,092,009
Accumulated undistributed net realized gain (loss) on
investments, futures, foreign currency
and forward foreign currency contracts (47,569,263) (3,355,592) (5,205,605) (6,765,496)
Unrealized appreciation (depreciation) on:
Investments 51,819,478 43,471,378 (7,829,543) 88,629,035
Futures contracts - - 64,812 -
Foreign currency and forward foreign currency contracts - - - 221
Capital shares at par value of $.01 176,231 226,937 59,943 439,769
Additional paid-in capital 294,857,808 243,923,113 93,420,244 473,044,857
------------- ------------- ------------ -------------
NET ASSETS $ 301,036,084 $ 285,176,271 $ 81,536,126 $ 558,440,395
============= ============= ============ =============
Investments in securities, including repurchase agreements
and securities on loan, at identified cost $ 248,618,677 $ 259,615,675 $ 89,754,010 $ 484,345,841
------------- ------------- ------------ -------------
Investments in foreign currency, at identified cost - - - $ 24,728
============= ============= ============ =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 272,292,477 $ 183,743,205 $ 81,536,126 $ 355,263,251
============= ============= ============ =============
Shares Outstanding 15,936,533 14,605,815 5,994,304 27,947,391
------------- ------------- ------------ -------------
Net asset value, offering and redemption price per share $ 17.09 $ 12.58 $ 13.60 $ 12.71
============= ============= ============ =============
SERIES II SHARES:
Net Assets at value $ 28,743,607 $ 101,428,623 - $ 203,168,369
============= ============= ============ =============
Shares Outstanding 1,686,522 8,087,549 - 16,028,770
------------- ------------- ------------ -------------
Net asset value, offering and redemption price per share $ 17.04 $ 12.54 - $ 12.68
============= ============= ============ =============
SERIES III SHARES+:
Net Assets at value - $ 4,443 - $ 8,775
============= ============= ============ =============
Shares Outstanding - 353 - 690
------------- ------------- ------------ -------------
Net asset value, offering and redemption price per share - $ 12.58 - $ 12.71
============= ============= ============ =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
11
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
GROWTH & GREAT COMPANIES- EQUITY- INCOME &
INCOME AMERICA INCOME VALUE
TRUST TRUST TRUST TRUST
--------------- ---------------- -------------- -------------
ASSETS
Investments in securities, at value $ 1,664,775,848 $2,679,960 $1,585,586,759 $ 594,689,414
Securities on loan, at value (Note 2) 31,921,690 290,731 49,650,250 97,989,138
Repurchase agreements, at value 3,210,000 131,000 3,675,000 35,318,000
--------------- ---------- -------------- -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 1,699,907,538 3,101,691 1,638,912,009 727,996,552
Cash 970 272 3,901 741
Receivables:
Investments sold - - 1,082,896 210,285
Fund shares sold 314,642 - 385,683 99,031
Dividends and interest 1,380,607 2,701 4,025,509 2,452,558
Other assets 9,472 19 7,640 3,282
--------------- ---------- -------------- -------------
TOTAL ASSETS 1,701,613,229 3,104,683 1,644,417,638 730,762,449
--------------- ---------- -------------- -------------
LIABILITIES
Payables:
Investments purchased - - 49,400 27,378,258
Fund shares redeemed 890,713 258 1,898,293 483,679
Dividend and interest withholding tax - - - 107
Due to adviser 955 - 833 -
Other payables and accrued expenses 165,201 11,572 141,037 70,079
Collateral for securities lending 32,650,450 297,150 50,949,353 100,105,153
--------------- ---------- -------------- -------------
TOTAL LIABILITIES 33,707,319 308,980 53,038,916 128,037,276
--------------- ---------- -------------- -------------
NET ASSETS $ 1,667,905,910 $2,795,703 $1,591,378,722 $ 602,725,173
=============== ========== ============== =============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) $ 13,682,519 - $ 21,683,658 $ 8,212,711
Accumulated undistributed net realized gain (loss) on
investments, foreign currency
and forward foreign currency contracts (124,902,425) $ 555 18,223,512 (62,878,034)
Unrealized appreciation (depreciation) on:
Investments 208,956,447 268,774 112,825,174 82,556,413
Capital shares at par value of $.01 765,626 1,996 1,046,450 582,566
Additional paid-in capital 1,569,403,743 2,524,378 1,437,599,928 574,251,517
--------------- ---------- -------------- -------------
NET ASSETS $ 1,667,905,910 $2,795,703 $1,591,378,722 $ 602,725,173
=============== ========== ============== =============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 1,490,951,091 $2,832,917 $1,526,086,835 $ 645,440,139
=============== ========== ============== =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 1,553,119,457 - $1,277,187,089 $ 521,948,858
=============== ========== ============== =============
Shares Outstanding 71,277,951 - 83,928,129 50,422,025
--------------- ---------- -------------- -------------
Net asset value, offering and redemption price per share $ 21.79 - $ 15.22 $ 10.35
=============== ========== ============== =============
SERIES II SHARES:
Net Assets at value $ 114,785,064 $2,795,703 $ 314,183,582 $ 80,776,315
=============== ========== ============== =============
Shares Outstanding 5,284,626 199,643 20,716,370 7,834,569
--------------- ---------- -------------- -------------
Net asset value, offering and redemption price per share $ 21.72 $ 14.00 $ 15.17 $ 10.31
=============== ========== ============== =============
SERIES III SHARES+:
Net Assets at value $ 1,389 - $ 8,051 -
=============== ========== ============== =============
Shares Outstanding 64 - 529 -
--------------- ---------- -------------- -------------
Net asset value, offering and redemption price per share $ 21.79 - $ 15.22 -
=============== ========== ============== =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
12
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
GLOBAL HIGH STRATEGIC
BALANCED ALLOCATION YIELD BOND
TRUST TRUST TRUST TRUST
------------- ------------ --------------- -------------
ASSETS
Investments in securities, at value $ 150,968,045 $ 79,886,134 $ 866,530,387 $ 734,042,561
Securities on loan, at value (Note 2) - 285,619 116,353,338 36,481,235
Repurchase agreements, at value 4,991,000 2,694,000 38,125,000 41,849,000
------------- ------------ --------------- -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 155,959,045 82,865,753 1,021,008,725 812,372,796
Cash 209 553 - 858
Foreign currency - 444,495 - -
Receivables:
Forward foreign currency contracts (Note 8) - 87,374 - 1,039,011
Investments sold 797,634 258,696 364,100 -
Fund shares sold 287,398 27,633 218,442 247,413
Dividends and interest 611,231 310,455 17,838,386 8,531,794
Foreign tax withholding reclaims - 5,462 - -
Other assets 919 398 3,590 3,328
------------- ------------ --------------- -------------
TOTAL ASSETS 157,656,436 84,000,819 1,039,433,243 822,195,200
------------- ------------ --------------- -------------
LIABILITIES
Payables:
Forward foreign currency contracts (Note 8) - 120,980 - 2,988,021
Investments purchased 856,761 585,854 2,192,875 174,076,760
Fund shares redeemed 921,360 - 856,247 95,772
Variation margin for open futures contracts - - - 61,719
Dividend and interest withholding tax 681 3,016 - 1,461
Due to adviser - - 688 717
Due to custodian - - 364,000 -
Other payables and accrued expenses 25,155 36,187 93,104 83,775
Collateral for securities lending - 292,050 118,768,354 37,464,550
------------- ------------ --------------- -------------
TOTAL LIABILITIES 1,803,957 1,038,087 122,275,268 214,772,775
------------- ------------ --------------- -------------
NET ASSETS $ 155,852,479 $ 82,962,732 $ 917,157,975 $ 607,422,425
============= ============ =============== =============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) $ 2,950,669 $ 965,193 $ 51,597,667 $ 27,056,882
Accumulated undistributed net realized gain (loss) on
investments, futures, foreign currency
and forward foreign currency contracts (66,227,284) (27,107,771) (107,082,769) (20,842,285)
Unrealized appreciation (depreciation) on:
Investments 10,100,434 9,786,058 31,782,980 21,602,430
Futures contracts - - - (575,940)
Foreign currency and forward foreign currency contracts - (17,366) 10,800 (1,799,008)
Capital shares at par value of $.01 123,251 85,574 923,165 518,439
Additional paid-in capital 208,905,409 99,251,044 939,926,132 581,461,907
------------- ------------ --------------- -------------
NET ASSETS $ 155,852,479 $ 82,962,732 $ 917,157,975 $ 607,422,425
============= ============ =============== =============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 145,858,611 $ 73,079,695 $ 989,225,745 $ 790,770,366
------------- ------------ --------------- -------------
Investments in foreign currency, at identified cost - $ 436,434 - -
============= ============ =============== =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 137,713,432 $ 64,142,978 $ 621,276,872 $ 456,191,614
============= ============ =============== =============
Shares Outstanding 10,886,439 6,612,339 62,463,752 38,903,952
------------- ------------ --------------- -------------
Net asset value, offering and redemption price per share $ 12.65 $ 9.70 $ 9.95 $ 11.73
============= ============ =============== =============
SERIES II SHARES:
Net Assets at value $ 18,139,047 $ 18,819,754 $ 295,864,648 $ 151,218,047
============= ============ =============== =============
Shares Outstanding 1,438,641 1,945,100 29,851,076 12,938,813
------------- ------------ --------------- -------------
Net asset value, offering and redemption price per share $ 12.61 $ 9.68 $ 9.91 $ 11.69
============= ============ =============== =============
SERIES III SHARES+:
Net Assets at value - - $ 16,455 $ 12,764
============= ============ =============== =============
Shares Outstanding - - 1,654 1,089
------------- ------------ --------------- -------------
Net asset value, offering and redemption price per share - - $ 9.95 $ 11.73
============= ============ =============== =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
13
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
GLOBAL DIVERSIFIED INVESTMENT TOTAL
BOND BOND QUALITY BOND RETURN
TRUST TRUST TRUST TRUST
------------- ------------- ------------- ---------------
ASSETS
Investments in securities, at value $ 283,783,083 $ 343,585,446 $ 470,350,733 $ 1,479,821,456
Securities on loan, at value (Note 2) 35,768,004 88,554,425 69,389,805 327,695,455
Repurchase agreements, at value 8,887,000 51,287,000 9,027,000 52,501,000
------------- ------------- ------------- ---------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 328,438,087 483,426,871 548,767,538 1,860,017,911
Cash - 35 915 39,888
Foreign currency 2,686,294 - - 3,013,511
Receivables:
Forward foreign currency contracts (Note 8) 1,637,732 - - 21,675
Investments sold 7,098,233 276,493 - 21,345,864
Fund shares sold 208,904 71,068 77,325 1,091,364
Variation margin for open futures contracts 48,127 - - 581,691
Dividends and interest 3,984,019 4,049,371 6,642,724 8,035,062
Interest on swap agreement 192,364 - - 3,433
Foreign tax withholding reclaims 1,305 - 14,656 -
Due from adviser - - - 3,446
Interest rate swap contracts (Note 3) - - - 71,334
Other assets 1,625 2,421 3,473 9,348
------------- ------------- ------------- ---------------
TOTAL ASSETS 344,296,690 487,826,259 555,506,631 1,894,234,527
------------- ------------- ------------- ---------------
LIABILITIES
Payables:
Forward foreign currency contracts (Note 8) 300,966 - - 117,776
Investments purchased 44,255,410 43,276,678 5,179 28,338,309
Fund shares redeemed 162,900 188,739 439,223 -
Interest on swap agreement 610,508 - - 412
Variation margin for open futures contracts - - 44,375 -
Dividend and interest withholding tax 1,863 - 422 -
Due to adviser 872 - 531 -
Due to custodian 4,388 - - -
Other payables and accrued expenses 65,121 59,154 83,659 191,263
Collateral for securities lending 36,584,365 90,346,566 70,793,540 334,433,933
Interest rate swap contracts (Note 3) 1,648,882 - - -
Written options outstanding, at value (Note 3) 1,091,176 - - 3,511,413
------------- ------------- ------------- ---------------
TOTAL LIABILITIES 84,726,451 133,871,137 71,366,929 366,593,106
------------- ------------- ------------- ---------------
NET ASSETS $ 259,570,239 $ 353,955,122 $ 484,139,702 $ 1,527,641,421
============= ============= ============= ===============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) $ 21,527,925 $ 15,410,098 $ 28,366,967 $ 45,816,010
Accumulated undistributed net realized gain (loss) on
investments, futures, options, swaps, foreign currency
and forward foreign currency contracts (1,026,667) (1,630,253) (18,769,003) 7,242,415
Unrealized appreciation (depreciation) on:
Investments 20,479,610 10,381,604 28,389,583 19,262,552
Futures contracts 852,439 - (192,504) 7,045,281
Written options contracts 90,549 - - 145,132
Interest rate swaps (1,648,882) - - 71,334
Foreign currency and forward foreign currency contracts 731,275 - - (5,954)
Capital shares at par value of $.01 169,362 325,963 385,098 1,075,761
Additional paid-in capital 218,394,628 329,467,710 445,959,561 1,446,988,890
------------- ------------- ------------- ---------------
NET ASSETS $ 259,570,239 $ 353,955,122 $ 484,139,702 $ 1,527,641,421
============= ============= ============= ===============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 307,958,477 $ 473,045,267 $ 520,377,955 $ 1,840,755,359
------------- ------------- ------------- ---------------
Investments in foreign currency, at identified cost $ 2,656,663 - - $ 2,923,781
============= ============= ============= ===============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 195,165,466 $ 296,040,952 $ 399,189,214 $ 1,036,128,097
============= ============= ============= ===============
Shares Outstanding 12,724,956 27,251,577 31,739,711 72,891,661
------------- ------------- ------------- ---------------
Net asset value, offering and redemption price per share $ 15.34 $ 10.86 $ 12.58 $ 14.21
============= ============= ============= ===============
SERIES II SHARES:
Net Assets at value $ 64,399,911 $ 57,909,091 $ 84,928,496 $ 491,176,281
============= ============= ============= ===============
Shares Outstanding 4,210,932 5,344,292 6,768,382 34,660,709
------------- ------------- ------------- ---------------
Net asset value, offering and redemption price per share $ 15.29 $ 10.84 $ 12.55 $ 14.17
============= ============= ============= ===============
SERIES III SHARES+:
Net Assets at value $ 4,862 $ 5,079 $ 21,992 $ 337,043
============= ============= ============= ===============
Shares Outstanding 317 468 1,749 23,715
------------- ------------- ------------- ---------------
Net asset value, offering and redemption price per share $ 15.34 $ 10.86 $ 12.58 $ 14.21
============= ============= ============= ===============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
14
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
REAL RETURN U.S GOVERNMENT MONEY SMALL CAP
BOND SECURITIES MARKET INDEX
TRUST TRUST TRUST TRUST
------------- --------------- -------------- -------------
ASSETS
Investments in securities, at value $ 552,134,930 $ 1,164,867,465 $1,222,565,321 $ 170,435,496
Securities on loan, at value (Note 2) 18,591,282 - - 28,752,474
Repurchase agreements, at value 12,785,000 98,641,000 660,000 5,769,000
------------- --------------- -------------- -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 583,511,212 1,263,508,465 1,223,225,321 204,956,970
Cash 791 900 281 4,997
Receivables:
Investments sold 2,551,868 - - 188,190
Fund shares sold 391,115 146,145 316,347 61,305
Dividends and interest 870,062 2,540,999 13 151,433
Interest rate swap contracts (Note 3) 28,974 - - -
Other assets 1,199 6,053 45,094 553
------------- --------------- -------------- -------------
TOTAL ASSETS 587,355,221 1,266,202,562 1,223,587,056 205,363,448
------------- --------------- -------------- -------------
LIABILITIES
Payables:
Forward foreign currency contracts (Note 8) 44,154 - - -
Investments purchased 288,102,235 532,223,885 - 7,494
Fund shares redeemed 93,306 1,123,439 694,609 438,305
Variation margin for open futures contracts - 7,969 - 229,671
Dividend and interest withholding tax - - - 66
Due to adviser 828 - - 853
Other payables and accrued expenses 35,872 117,559 200,488 19,885
Collateral for securities lending 18,972,000 - - 29,592,018
Written options outstanding, at value (Note 3) 413,233 - - -
------------- --------------- -------------- -------------
TOTAL LIABILITIES 307,661,628 533,472,852 895,097 30,288,292
------------- --------------- -------------- -------------
NET ASSETS $ 279,693,593 $ 732,729,710 $1,222,691,959 $ 175,075,156
============= =============== ============== =============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) $ 1,589,621 $ 13,405,020 - $ 608,272
Accumulated undistributed net realized gain (loss) on
investments, futures, options, swaps, foreign currency
and forward foreign currency contracts 4,621,766 8,228,637 - (4,427,556)
Unrealized appreciation (depreciation) on:
Investments 3,458,488 9,450,870 - 23,967,837
Futures contracts (1,100) (74,415) - 652,167
Written options contracts 112,919 - - -
Interest rate swaps 28,971 - - -
Foreign currency and forward foreign currency contracts (44,151) - - -
Capital shares at par value of $.01 213,417 523,514 $ 1,222,692 136,896
Additional paid-in capital 269,713,662 701,196,084 1,221,469,267 154,137,540
------------- --------------- -------------- -------------
NET ASSETS $ 279,693,593 $ 732,729,710 $1,222,691,959 $ 175,075,156
============= =============== ============== =============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 580,052,724 $ 1,254,057,595 $1,223,225,321 $ 180,989,133
============= =============== ============== =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 137,431,712 $ 524,845,402 $1,037,111,831 $ 136,719,187
============= =============== ============== =============
Shares Outstanding 10,479,347 37,475,192 103,711,175 10,684,236
------------- --------------- -------------- -------------
Net asset value, offering and redemption price per share $ 13.11 $ 14.01 $ 10.00 $ 12.80
============= =============== ============== =============
SERIES II SHARES:
Net Assets at value $ 142,253,766 $ 207,778,319 $ 183,428,200 $ 38,350,023
============= =============== ============== =============
Shares Outstanding 10,861,717 14,868,647 18,342,820 3,004,926
------------- --------------- -------------- -------------
Net asset value, offering and redemption price per share $ 13.10 $ 13.97 $ 10.00 $ 12.76
============= =============== ============== =============
SERIES III SHARES+:
Net Assets at value $ 8,115 $ 105,989 $ 2,151,928 $ 5,946
============= =============== ============== =============
Shares Outstanding 619 7,566 215,192 465
------------- --------------- -------------- -------------
Net asset value, offering and redemption price per share $ 13.11 $ 14.01 $ 10.00 $ 12.80
============= =============== ============== =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
15
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
INTERNATIONAL MID CAP TOTAL STOCK 500
INDEX INDEX MARKET INDEX INDEX
TRUST TRUST TRUST TRUST
--------------- --------------- --------------- ---------------
ASSETS
Investments in securities, at value $ 95,723,235 $ 185,641,733 $ 158,853,908 $ 1,082,487,434
Securities on loan, at value (Note 2) 9,227,722 14,747,247 5,296,027 16,325,678
Repurchase agreements, at value 3,931,000 2,696,000 5,418,000 18,032,000
--------------- --------------- --------------- ---------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 108,881,957 203,084,980 169,567,935 1,116,845,112
Cash 382 - - 112
Foreign currency 17,419 - - -
Receivables:
Investments sold 4,193 226,570 4,376 -
Fund shares sold 94,047 232,198 189,896 362,419
Variation margin for open futures contracts 5,052 - 3,293 54,063
Dividends and interest 95,898 109,965 187,740 1,451,814
Foreign tax withholding reclaims 22,204 - - -
Other assets 422 736 603 5,292
--------------- --------------- --------------- ---------------
TOTAL ASSETS 109,121,574 203,654,449 169,953,843 1,118,718,812
--------------- --------------- --------------- ---------------
LIABILITIES
Payables:
Fund shares redeemed - 339,187 542,480 5,624,982
Variation margin for open futures contracts - 28,800 - -
Dividend and interest withholding tax 8,368 - 49 -
Due to adviser 965 965 965 824
Due to custodian - 225,867 4,147 -
Other payables and accrued expenses 17,448 21,918 20,156 89,244
Collateral for securities lending 9,718,352 15,125,107 5,449,043 16,796,934
--------------- --------------- --------------- ---------------
TOTAL LIABILITIES 9,745,133 15,741,844 6,016,840 22,511,984
--------------- --------------- --------------- ---------------
NET ASSETS $ 99,376,441 $ 187,912,605 $ 163,937,003 $ 1,096,206,828
=============== =============== =============== ===============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) ($ 414,752) $ 758,800 $ 1,108,452 $ 10,528,836
Accumulated undistributed net realized gain (loss) on
investments, futures, foreign currency
and forward foreign currency contracts (4,585,684) 104,513 (2,916,168) (40,022,271)
Unrealized appreciation (depreciation) on:
Investments (1,267,612) 20,345,675 1,467,771 (73,767,446)
Futures contracts 194,640 68,192 239,462 517,075
Foreign currency and forward foreign currency contracts 5,744 - - -
Capital shares at par value of $.01 109,481 129,158 164,660 1,139,086
Additional paid-in capital 105,334,624 166,506,267 163,872,826 1,197,811,548
--------------- --------------- --------------- ---------------
NET ASSETS $ 99,376,441 $ 187,912,605 $ 163,937,003 $ 1,096,206,828
=============== =============== =============== ===============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 110,149,569 $ 182,739,305 $ 168,100,164 $ 1,190,612,558
--------------- --------------- --------------- ---------------
Investments in foreign currency, at identified cost $ 16,910 - - -
=============== =============== =============== ===============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 82,196,992 $ 145,255,448 $ 133,964,493 $ 980,365,544
=============== =============== =============== ===============
Shares Outstanding 9,056,146 9,978,272 13,448,317 101,828,895
--------------- --------------- --------------- ---------------
Net asset value, offering and redemption price per share $ 9.08 $ 14.56 $ 9.96 $ 9.63
=============== =============== =============== ===============
SERIES II SHARES:
Net Assets at value $ 17,176,053 $ 42,656,679 $ 29,971,825 $ 115,825,698
=============== =============== =============== ===============
Shares Outstanding 1,891,609 2,937,517 3,017,634 12,078,069
--------------- --------------- --------------- ---------------
Net asset value, offering and redemption price per share $ 9.08 $ 14.52 $ 9.93 $ 9.59
=============== =============== =============== ===============
SERIES III SHARES+:
Net Assets at value $ 3,396 $ 478 $ 685 $ 15,586
=============== =============== =============== ===============
Shares Outstanding 374 33 69 1,618
--------------- --------------- --------------- ---------------
Net asset value, offering and redemption price per share $ 9.07 $ 14.56 $ 9.96 $ 9.63
=============== =============== =============== ===============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
16
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE
AGGRESSIVE 1000 GROWTH 820 BALANCED 640 MODERATE 460
TRUST TRUST TRUST TRUST
--------------- --------------- --------------- ---------------
ASSETS
Investments in securities, at value $ 485,710,860 $ 1,875,727,180 $ 2,071,013,354 $ 747,429,463
---------------- ---------------- ---------------- ----------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 485,710,860 1,875,727,180 2,071,013,354 747,429,463
Receivables:
Investments sold 1,046,879 1,322,885 1,793,057 771,441
Fund shares sold 520,762 2,955,179 2,483,914 1,132,013
Due from adviser - 8,072 10,219 1,861
Other assets 1,570 2,063 2,411 949
---------------- ---------------- ---------------- ----------------
TOTAL ASSETS 487,280,071 1,880,015,379 2,075,302,955 749,335,727
---------------- ---------------- ---------------- ----------------
LIABILITIES
Payables:
Investments purchased 1,184,836 4,278,534 3,368,547 1,258,354
Fund shares redeemed 379,609 - 906,387 643,443
Due to adviser 17,651 - - -
Other payables and accrued expenses - 40,591 45,895 23,624
---------------- ---------------- ---------------- ----------------
TOTAL LIABILITIES 1,582,096 4,319,125 4,320,829 1,925,421
---------------- ---------------- ---------------- ----------------
NET ASSETS $ 485,697,975 $ 1,875,696,254 $ 2,070,982,126 $ 747,410,306
================ ================ ================ ================
NET ASSETS CONSIST OF:
Accumulated undistributed net realized gain (loss) on
investments ($ 65,893,970) ($ 202,416,229) ($ 143,938,979) ($ 23,301,711)
Unrealized appreciation (depreciation) on:
Investments 87,421,569 293,676,072 264,295,072 70,442,723
Capital shares at par value of $.01 444,312 1,582,182 1,666,244 584,465
Additional paid-in capital 463,726,064 1,782,854,229 1,948,959,789 699,684,829
---------------- ---------------- ---------------- ----------------
NET ASSETS $ 485,697,975 $ 1,875,696,254 $ 2,070,982,126 $ 747,410,306
================ ================ ================ ================
Investments in securities, including repurchase agreements
and securities on loan, at identified cost $ 398,289,291 $ 1,582,051,108 $ 1,806,718,282 $ 676,986,740
================ ================ ================ ================
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 327,926,648 $ 1,223,950,445 $ 1,330,925,209 $ 461,742,874
================ ================ ================ ================
Shares Outstanding 29,998,464 103,241,279 107,081,673 36,107,556
---------------- ---------------- ---------------- ----------------
Net asset value, offering and redemption price per share $ 10.93 $ 11.86 $ 12.43 $ 12.79
================ ================ ================ ================
SERIES II SHARES:
Net Assets at value $ 157,764,029 $ 651,730,326 $ 740,010,676 $ 285,664,594
================ ================ ================ ================
Shares Outstanding 14,432,040 54,975,638 59,539,043 22,338,719
---------------- ---------------- ---------------- ----------------
Net asset value, offering and redemption price per share $ 10.93 $ 11.85 $ 12.43 $ 12.79
================ ================ ================ ================
SERIES III SHARES+:
Net Assets at value $ 7,298 $ 15,483 $ 46,241 $ 2,838
================ ================ ================ ================
Shares Outstanding 668 1,306 3,721 222
---------------- ---------------- ---------------- ----------------
Net asset value, offering and redemption price per share $ 10.93 $ 11.86 $ 12.43 $ 12.79
================ ================ ================ ================
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
17
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
LIFESTYLE SMALL-MID INTERNATIONAL HIGH GRADE
CONSERVATIVE 280 CAP EQUITY SELECT BOND
TRUST TRUST TRUST TRUST
---------------- ------------- ------------- -------------
ASSETS
Investments in securities, at value $ 453,053,036 $ 154,042,124 $ 112,899,288 $ 175,812,256
Securities on loan, at value (Note 2) - 9,376,565 6,436,107 39,158,811
Repurchase agreements, at value - 5,033,000 6,449,000 34,880,000
-------------- ------------- ------------- -------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 453,053,036 168,451,689 125,784,395 249,851,067
Cash - 368 780 32,518
Foreign currency - - 34 -
Receivables:
Forward foreign currency contracts (Note 8) - - 4,561 -
Investments sold 597,380 - - 1,421,772
Fund shares sold 1,394 1,068,274 100 182,604
Dividends and interest - 143,272 128,816 1,566,431
Foreign tax withholding reclaims - - 12,963 -
Due from adviser 8,304 - - -
Other assets 717 599 475 738
-------------- ------------- ------------- -------------
TOTAL ASSETS 453,660,831 169,664,202 125,932,124 253,055,130
-------------- ------------- ------------- -------------
LIABILITIES
Payables:
Investments purchased 131,507 1,146,811 1,244,041 34,214,189
Fund shares redeemed 472,796 - 532,049 10,958
Dividend and interest withholding tax - - 12,235 -
Other payables and accrued expenses 22,399 16,937 24,577 16,458
Collateral for securities lending - 9,626,360 6,760,432 39,953,319
-------------- ------------- ------------- -------------
TOTAL LIABILITIES 626,702 10,790,108 8,573,334 74,194,924
-------------- ------------- ------------- -------------
NET ASSETS $ 453,034,129 $ 158,874,094 $ 117,358,790 $ 178,860,206
============== ============= ============= =============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) - - $ 866,223 $ 4,038,766
Accumulated undistributed net realized gain (loss) on
investments, foreign currency
and forward foreign currency contracts ($ 41,827) $ 99,188 252,651 (677,936)
Unrealized appreciation (depreciation) on:
Investments 28,462,959 22,112,855 21,204,242 (558,834)
Foreign currency and forward foreign currency contracts - - 2,276 -
Capital shares at par value of $.01 332,166 131,056 86,442 128,522
Additional paid-in capital 424,280,831 136,530,995 94,946,956 175,929,688
-------------- ------------- ------------- -------------
NET ASSETS $ 453,034,129 $ 158,874,094 $ 117,358,790 $ 178,860,206
============== ============= ============= =============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $ 424,590,077 $ 146,338,834 $ 104,580,153 $ 250,409,901
-------------- ------------- ------------- -------------
Investments in foreign currency, at identified cost - - $ 33 -
============== ============= ============= =============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 299,278,381 $ 103,406,120 $ 76,707,793 $ 115,165,126
============== ============= ============= =============
Shares Outstanding 21,943,109 8,523,317 5,646,403 8,269,334
-------------- ------------- ------------- -------------
Net asset value, offering and redemption price per share $ 13.64 $ 12.13 $ 13.59 $ 13.93
============== ============= ============= =============
SERIES II SHARES:
Net Assets at value $ 153,654,373 $ 55,465,699 $ 40,649,506 $ 63,688,328
============== ============= ============= =============
Shares Outstanding 11,266,023 4,582,056 2,997,666 4,582,411
-------------- ------------- ------------- -------------
Net asset value, offering and redemption price per share $ 13.64 $ 12.10 $ 13.56 $ 13.90
============== ============= ============= =============
SERIES III SHARES+:
Net Assets at value $ 101,375 $ 2,275 $ 1,491 $ 6,752
============== ============= ============= =============
Shares Outstanding 7,431 188 110 485
-------------- ------------- ------------- -------------
Net asset value, offering and redemption price per share $ 13.64 $ 12.13 $ 13.59 $ 13.93
============== ============= ============= =============
+ Net assets and shares outstanding have been rounded for presentation purposes.
The net asset value is as reported on December 31, 2003.
The accompanying notes are an integral part of the financial statements.
18
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES - DECEMBER 31, 2003
AMERICAN AMERICAN AMERICAN AMERICAN BLUE CHIP
GROWTH INTERNATIONAL GROWTH-INCOME INCOME AND GROWTH
TRUST TRUST TRUST TRUST
------------ ------------- ------------- ------------------
ASSETS
Investments in securities, at value $273,170,043 $180,669,413 $183,487,911 $182,083,760
------------ ------------ ------------ ------------
TOTAL INVESTMENTS IN SECURITIES, AT VALUE (See
accompanying portfolio of investments) 273,170,043 180,669,413 183,487,911 182,083,760
Receivables:
Investments sold - - 23 -
Fund shares sold 1,050,264 570,948 1,731,763 460,603
Other assets 337 631 171 558
------------ ------------ ------------ ------------
TOTAL ASSETS 274,220,644 181,240,992 185,219,868 182,544,921
------------ ------------ ------------ ------------
LIABILITIES
Payables:
Investments purchased 1,042,116 565,689 1,726,505 455,159
Due to custodian 721 346 312 479
Other payables and accrued expenses 14,481 15,667 11,476 15,186
------------ ------------ ------------ ------------
TOTAL LIABILITIES 1,057,318 581,702 1,738,293 470,824
------------ ------------ ------------ ------------
NET ASSETS $273,163,326 $180,659,290 $183,481,575 $182,074,097
============ ============ ============ ============
NET ASSETS CONSIST OF:
Undistributed net investment income (loss) - $ 1,510,366 $ 1,059,354 -
Accumulated undistributed net realized gain (loss) on
investments $ 135,259 4,268,613 378,046 -
Unrealized appreciation (depreciation) on:
Investments 23,779,663 27,474,298 15,391,112 $ 23,727,477
Capital shares at par value of $.01 177,267 108,406 118,111 117,905
Additional paid-in capital 249,071,137 147,297,607 166,534,952 158,228,715
------------ ------------ ------------ ------------
NET ASSETS $273,163,326 $180,659,290 $183,481,575 $182,074,097
============ ============ ============ ============
Investments in securities, including repurchase agreements and
securities on loan, at identified cost $249,390,380 $153,195,115 $168,096,799 $158,356,283
============ ============ ============ ============
NET ASSET VALUES:
SERIES I SHARES:
Net Assets at value $ 3,389,017 $ 2,590,436 $ 1,222,849 $ 1,281,642
============ ============ ============ ============
Shares Outstanding 219,743 155,287 78,653 82,923
------------ ------------ ------------ ------------
Net asset value, offering and redemption price per share $ 15.42 $ 16.68 $ 15.55 $ 15.46
============ ============ ============ ============
SERIES II SHARES:
Net Assets at value $269,774,309 $178,068,854 $182,258,726 $180,792,455
============ ============ ============ ============
Shares Outstanding 17,506,976 10,685,305 11,732,442 11,707,553
------------ ------------ ------------ ------------
Net asset value, offering and redemption price per share $ 15.41 $ 16.66 $ 15.53 $ 15.44
============ ============ ============ ============
The accompanying notes are an integral part of the financial statements.
19
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
SCIENCE & PACIFIC RIM HEALTH EMERGING
TECHNOLOGY EMERGING SCIENCES GROWTH
TRUST MARKETS TRUST TRUST TRUST *
------------- ------------- ------------- -------------
Investment Income:
Interest $ 265,934 $ 16,950 $ 45,657 $ 2,208
Dividends 1,557,493 1,342,487 382,512 13,485
Securities lending 37,614 36,943 14,959 1,252
Less: Foreign taxes withheld (44,141) (140,031) (3,732) (124)
------------- ------------- ------------- -------------
Total income 1,816,900 1,256,349 439,396 16,821
------------- ------------- ------------- -------------
Expenses:
Investment adviser fee (Note 5) 4,681,446 429,130 1,092,397 25,370
Distribution fee for Series I (Note 6) 688,402 79,023 122,225 1,996
Distribution fee for Series II (Note 6) 125,430 30,175 117,235 8,029
Distribution fee for Series III (Note 6) 11 4 51 - +
Custodian fee 170,090 216,444 108,072 44,762
Fund administration fees (Note 5) 56,663 6,923 12,818 330
Printing and postage fees 80,897 4,787 8,807 317
Audit and legal fees 106,900 21,943 16,215 15,298
Registration and filing fees 6,439 854 1,880 75
Trustees fees and expenses (Note 7) 8,158 1,007 1,919 54
Transfer agent fee for Series III (Note 5) 176 58 761 110
Blue sky fees for Series III (Note 5) 125 115 172 5
Miscellaneous 13,945 11,718 3,350 90
------------- ------------- ------------- -------------
Expenses before reductions by investment adviser 5,938,682 802,181 1,485,902 96,436
Less reductions of expenses by investment adviser (Note 5) (126,175) (173) (30,286) (42,921)
------------- ------------- ------------- -------------
Total expenses 5,812,507 802,008 1,455,616 53,515
------------- ------------- ------------- -------------
Net investment income (loss) (3,995,607) 454,341 (1,016,220) (36,694)
------------- ------------- ------------- -------------
Realized and unrealized gain (loss) on investments, options,
foreign currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions (54,186,358) (1,191,780) 1,451,554 625,248
Written options contracts - - 993,358 -
Foreign currency and forward foreign currency contracts (14,580) (99,877) (10,411) -
Change in unrealized appreciation (depreciation) on:
Investments (net of deferred tax liability) 259,087,159 23,850,264 32,000,602 657,847
Written options contracts - - 691,808 -
Translation of foreign currency and forward foreign
currency contracts 290 (2,783) (19) -
------------- ------------- ------------- -------------
Net gain (loss) on investments, options, foreign currency
and forward foreign currency contracts 204,886,511 22,555,824 35,126,892 1,283,095
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations $ 200,890,904 $ 23,010,165 $ 34,110,672 $ 1,246,401
============= ============= ============= =============
* For the period May 5, 2003 (commencement of operations) to December 31, 2003.
+ Rounds to less than $1.
The accompanying notes are an integral part of the financial statements.
20
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
AGGRESSIVE EMERGING SMALL COMPANY DYNAMIC
GROWTH SMALL COMPANY BLEND GROWTH
TRUST TRUST TRUST TRUST
--------------- --------------- --------------- ---------------
Investment Income:
Interest $ 162,315 $ 160,418 $ 49,233 $ 27,652
Dividends 465,239 1,665,208 1,592,202 507,047
Securities lending 77,183 160,196 65,786 13,995
Less: Foreign taxes withheld (1,946) (12,006) (5,883) -
--------------- --------------- --------------- ---------------
Total income 702,791 1,973,816 1,701,338 548,694
--------------- --------------- --------------- ---------------
Expenses:
Investment adviser fee (Note 5) 2,206,081 3,373,559 1,426,321 1,127,166
Distribution fee for Series I (Note 6) 347,061 496,693 186,006 160,981
Distribution fee for Series II (Note 6) 98,577 152,985 120,666 88,504
Distribution fee for Series III (Note 6) - + 6 - -
Custodian fee 132,879 114,829 108,999 58,915
Fund administration fees (Note 5) 32,735 43,955 17,619 12,259
Printing and postage fees 22,164 28,806 10,606 13,361
Audit and legal fees 21,557 24,853 16,973 31,111
Registration and filing fees 3,835 5,314 1,990 1,047
Trustees fees and expenses (Note 7) 4,876 6,337 2,342 1,480
Transfer agent fee for Series III (Note 5) - 94 - -
Blue sky fees for Series III (Note 5) - 118 - -
Miscellaneous 7,943 10,236 4,162 3,311
--------------- --------------- --------------- ---------------
Expenses before reductions by investment adviser 2,877,708 4,257,785 1,895,684 1,498,135
Less reductions of expenses by investment adviser (Note 5) - (212) - -
--------------- --------------- --------------- ---------------
Total expenses 2,877,708 4,257,573 1,895,684 1,498,135
--------------- --------------- --------------- ---------------
Net investment income (loss) (2,174,917) (2,283,757) (194,346) (949,441)
--------------- --------------- --------------- ---------------
Realized and unrealized gain (loss) on investments, options,
foreign currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions (3,581,642) (11,730,417) (8,444,140) 15,051,422
Written options contracts 27,218 - - -
Foreign currency and forward foreign currency contracts - 527 - 23
Change in unrealized appreciation (depreciation) on:
Investments 82,529,333 144,059,646 64,215,879 25,874,818
Written options contracts 11,497 - - -
Translation of foreign currency and forward foreign
currency contracts - 21 7 (14)
--------------- --------------- --------------- ---------------
Net gain (loss) on investments, options, foreign
currency and forward foreign currency contracts 78,986,406 132,329,777 55,771,746 40,926,249
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets resulting from operations $ 76,811,489 $ 130,046,020 $ 55,577,400 $ 39,976,808
=============== =============== =============== ===============
+ Rounds to less than $1.
The accompanying notes are an integral part of the financial statements.
21
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
MID CAP NATURAL ALL CAP STRATEGIC
STOCK RESOURCES GROWTH OPPORTUNITIES
TRUST TRUST * TRUST TRUST
------------- ------------- ------------- -------------
Investment Income:
Interest $ 227,313 $ 45,766 $ 214,645 $ 182,452
Dividends 916,665 1,295,187 3,053,531 5,122,289
Securities lending 46,494 10,968 31,587 84,273
Less: Foreign taxes withheld (13,350) (68,990) (13,320) (29,571)
------------- ------------- ------------- -------------
Total income 1,177,122 1,282,931 3,286,443 5,359,443
------------- ------------- ------------- -------------
Expenses:
Investment adviser fee (Note 5) 2,065,374 689,622 4,162,214 3,670,593
Distribution fee for Series I (Note 6) 309,384 72,573 706,034 763,520
Distribution fee for Series II (Note 6) 218,610 92,483 180,526 53,750
Distribution fee for Series III (Note 6) 2 2 2 -
Custodian fee 105,229 69,376 151,917 223,177
Fund administration fees (Note 5) 31,781 7,918 66,146 68,056
Printing and postage fees 20,050 7,460 45,622 48,954
Audit and legal fees 21,481 14,992 30,435 30,811
Registration and filing fees 3,989 1,701 7,964 6,813
Trustees fees and expenses (Note 7) 4,627 1,287 9,578 10,124
Transfer agent fee for Series III (Note 5) 13 18 - -
Blue sky fees for Series III (Note 5) 111 112 - -
Miscellaneous 6,599 2,482 14,897 17,664
------------- ------------- ------------- -------------
Expenses before reductions by investment adviser 2,787,250 960,026 5,375,335 4,893,462
Less reductions of expenses by investment adviser (Note 5) (124) (130) - -
------------- ------------- ------------- -------------
Total expenses 2,787,126 959,896 5,375,335 4,893,462
------------- ------------- ------------- -------------
Net investment income (loss) (1,610,004) 323,035 (2,088,892) 465,981
------------- ------------- ------------- -------------
Realized and unrealized gain (loss) on investments, options,
foreign currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions 20,391,397 4,834,228 (33,767,028) 17,835,740
Written options contracts - - 66,113 -
Foreign currency and forward foreign currency contracts (6,329) (103,715) 47,358 8,857
Change in unrealized appreciation (depreciation) on:
Investments 77,436,540 39,255,276 171,359,467 102,044,091
Translation of foreign currency and forward foreign currency
contracts - (10) 1,248 435
------------- ------------- ------------- -------------
Net gain (loss) on investments, options, foreign currency and
forward foreign currency contracts 97,821,608 43,985,779 137,707,158 119,889,123
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations $ 96,211,604 $ 44,308,814 $ 135,618,266 $ 120,355,104
============= ============= ============= =============
* For the period May 5, 2003 (commencement of operations) to December 31, 2003.
The accompanying notes are an integral part of the financial statements.
22
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
FINANCIAL INTERNATIONAL INTERNATIONAL
SERVICES STOCK OVERSEAS SMALL CAP
TRUST TRUST TRUST TRUST
------------ ------------- ------------- -------------
Investment Income:
Interest $ 52,953 $ 18,825 $ 210,714 $ 90,691
Dividends 1,024,850 7,321,183 6,385,640 4,515,950
Securities lending 11,610 202,615 148,068 53,815
Less: Foreign taxes withheld (25,701) (784,381) (787,865) (726,505)
------------ ------------ ------------- ------------
Total income 1,063,712 6,758,242 5,956,557 3,933,951
------------ ------------ ------------- ------------
Expenses:
Investment adviser fee (Note 5) 515,197 2,614,274 2,941,631 1,862,419
Distribution fee for Series I (Note 6) 63,339 371,979 466,309 252,280
Distribution fee for Series II (Note 6) 81,052 208,513 198,904 109,867
Distribution fee for Series III (Note 6) - + 2 6 9
Custodian fee 42,329 403,438 535,253 401,138
Fund administration fees (Note 5) 7,572 38,102 44,329 18,562
Printing and postage fees 5,095 22,351 22,679 13,894
Audit and legal fees 14,769 25,560 27,133 20,441
Registration and filing fees 1,071 4,223 4,702 2,732
Trustees fees and expenses (Note 7) 1,116 5,170 5,612 2,772
Transfer agent fee for Series III (Note 5) 5 - - 126
Blue sky fees for Series III (Note 5) 110 - - 120
Miscellaneous 1,548 15,384 11,819 4,713
------------ ------------ ------------- ------------
Expenses before reductions by investment adviser 733,203 3,708,996 4,258,377 2,689,073
Less reductions of expenses by investment adviser (Note 5) (115) - - (246)
------------ ------------ ------------- ------------
Total expenses 733,088 3,708,996 4,258,377 2,688,827
------------ ------------ ------------- ------------
Net investment income (loss) 330,624 3,049,246 1,698,180 1,245,124
------------ ------------ ------------- ------------
Realized and unrealized gain (loss) on investments, futures,
foreign currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions (1,645,293) 1,862,497 (7,817,201) 9,754,341
Futures contracts - - (81) -
Foreign currency and forward foreign currency contracts (3,574) 434,591 211,354 (840,137)
Change in unrealized appreciation (depreciation) on:
Investments 21,509,955 83,476,094 150,019,040 88,922,359
Translation of foreign currency and forward foreign
currency contracts 1,119 221,167 (2,665) 36,379
------------ ------------ ------------- ------------
Net gain (loss) on investments, futures, foreign
currency and forward foreign currency contracts 19,862,207 85,994,349 142,410,447 97,872,942
------------ ------------ ------------- ------------
Net increase (decrease) in net assets resulting from operations $ 20,192,831 $ 89,043,595 $ 144,108,627 $ 99,118,066
============ ============ ============= ============
+ Rounds to less than $1.
The accompanying notes are an integral part of the financial statements.
23
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
INTERNATIONAL QUANTITATIVE MID CAP GLOBAL
VALUE MID CAP CORE EQUITY
TRUST TRUST TRUST * TRUST
------------- ------------ ----------- ------------
Investment Income:
Interest $ 84,232 $ 40,539 $ 46,497 $ 19,859
Dividends 10,848,298 702,920 203,861 7,528,784
Securities lending 322,361 12,946 3,262 88,944
Less: Foreign taxes withheld (1,190,499) (1,189) (223) (494,656)
------------- ------------ ----------- ------------
Total income 10,064,392 755,216 253,397 7,142,931
------------- ------------ ----------- ------------
Expenses:
Investment adviser fee (Note 5) 2,527,140 614,214 180,602 2,708,494
Distribution fee for Series I (Note 6) 335,597 134,712 16,734 519,216
Distribution fee for Series II (Note 6) 302,938 16,403 38,535 52,459
Distribution fee for Series III (Note 6) 1 - - + - +
Custodian fee 404,002 53,907 37,724 411,123
Fund administration fees (Note 5) 38,379 11,451 2,206 47,288
Printing and postage fees 18,972 7,915 2,082 32,539
Audit and legal fees 25,195 15,361 12,829 25,322
Registration and filing fees 4,153 1,425 490 5,549
Trustees fees and expenses (Note 7) 5,005 1,736 360 6,867
Transfer agent fee for Series III (Note 5) - - - 5
Blue sky fees for Series III (Note 5) - - - 110
Miscellaneous 8,600 2,569 546 21,191
------------- ------------ ----------- ------------
Expenses before reductions by investment adviser 3,669,982 859,693 292,108 3,830,163
Less reductions of expenses by investment adviser (Note 5) (24,948) - - (11,998)
------------- ------------ ----------- ------------
Total expenses 3,645,034 859,693 292,108 3,818,165
------------- ------------ ----------- ------------
Net investment income (loss) 6,419,358 (104,477) (38,711) 3,324,766
------------- ------------ ----------- ------------
Realized and unrealized gain (loss) on investments, foreign
currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions (2,365,483) 6,379,227 580,482 23,780,580
Foreign currency and forward foreign currency contracts (577,316) - - 3,070,804
Change in unrealized appreciation (depreciation) on:
Investments 116,610,107 25,313,489 5,971,693 58,070,915
Translation of foreign currency and
forward foreign currency contracts 17,775 - - 51,590
------------- ------------ ----------- ------------
Net gain (loss) on investments, foreign currency and
forward foreign currency contracts 113,685,083 31,692,716 6,552,175 84,973,889
------------- ------------ ----------- ------------
Net increase (decrease) in net assets resulting from operations $ 120,104,441 $ 31,588,239 $ 6,513,464 $ 88,298,655
============= ============ =========== ============
* For the period May 5, 2003 (commencement of operations) to December 31, 2003.
+ Rounds to less than $1.
The accompanying notes are an integral part of the financial statements.
24
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
STRATEGIC CAPITAL QUANTITATIVE ALL CAP
GROWTH APPRECIATION ALL CAP CORE
TRUST TRUST TRUST * TRUST
------------ ------------ ------------ ------------
Investment Income:
Interest $ 102,359 $ 66,718 $ 1,332 $ 96,025
Dividends 1,683,344 1,218,544 34,015 3,431,788
Securities lending 4,930 9,045 429 14,920
Less: Foreign taxes withheld (3,543) (21,579) (191) (165)
------------ ------------ ------------ ------------
Total income 1,787,090 1,272,728 35,585 3,542,568
------------ ------------ ------------ ------------
Expenses:
Investment adviser fee (Note 5) 1,488,580 1,114,821 15,620 1,746,290
Distribution fee for Series I (Note 6) 220,240 156,574 1,690 364,181
Distribution fee for Series II (Note 6) 180,777 154,911 4,467 23,388
Distribution fee for Series III (Note 6) 1 1 - + -
Custodian fee 113,632 79,921 29,642 108,689
Fund administration fees (Note 5) 23,400 18,176 276 31,800
Printing and postage fees 13,623 11,391 259 21,972
Audit and legal fees 19,604 17,964 12,759 20,541
Registration and filing fees 2,965 2,433 57 3,339
Trustees fees and expenses (Note 7) 3,030 2,501 44 3,871
Transfer agent fee for Series III (Note 5) 13 - 5 -
Blue sky fees for Series III (Note 5) 111 - 110 -
Miscellaneous 5,170 3,531 71 8,119
------------ ------------ ------------ ------------
Expenses before reductions by investment adviser 2,071,146 1,562,224 65,000 2,332,190
Less reductions of expenses by investment adviser (Note 5) (124) - (31,211) -
------------ ------------ ------------ ------------
Total expenses 2,071,022 1,562,224 33,789 2,332,190
------------ ------------ ------------ ------------
Net investment income (loss) (283,932) (289,496) 1,796 1,210,378
------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments, futures,
options, foreign currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions 2,419,447 (2,362,073) 315,737 16,097,202
Futures contracts - - - 5,938,356
Written options contracts - 2,452 - -
Foreign currency and forward foreign currency contracts 164 - - -
Change in unrealized appreciation (depreciation) on:
Investments 46,489,374 42,108,116 494,380 45,332,054
Futures contracts - - - 404,634
Translation of foreign currency and
forward foreign currency contracts (202) - - -
------------ ------------ ------------ ------------
Net gain (loss) on investments, futures, options,
foreign currency and forward foreign currency contracts 48,908,783 39,748,495 810,117 67,772,246
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from operations $ 48,624,851 $ 39,458,999 $ 811,913 $ 68,982,624
============ ============ ============ ============
* For the period May 5, 2003 (commencement of operations) to December 31, 2003.
+ Rounds to less than $1.
The accompanying notes are an integral part of the financial statements.
25
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
U.S. LARGE
LARGE CAP QUANTITATIVE BLUE CHIP CAP TRUST
GROWTH EQUITY GROWTH (FORMERLY, U.S. LARGE
TRUST TRUST TRUST CAP VALUE TRUST)
------------- ------------- ------------- ---------------------
Investment Income:
Interest $ 65,618 $ 84,425 $ 94,245 $ 429,919
Dividends 5,602,879 4,067,440 13,231,162 6,097,992
Securities lending 34,331 8,092 66,824 45,078
Less: Foreign taxes withheld (14,150) (11,196) (62,007) (81,142)
------------- ------------- ------------- -------------
Total income 5,688,678 4,148,761 13,330,224 6,491,847
------------- ------------- ------------- -------------
Expenses:
Investment adviser fee (Note 5) 3,321,396 1,507,407 9,155,555 3,463,143
Distribution fee for Series I (Note 6) 574,908 359,251 1,722,924 568,153
Distribution fee for Series II (Note 6) 208,532 41,067 432,619 346,172
Distribution fee for Series III (Note 6) - - + 5 1
Custodian fee 161,147 83,954 256,521 129,619
Fund administration fees (Note 5) 56,445 32,861 159,487 60,601
Printing and postage fees 38,277 20,494 103,029 31,892
Audit and legal fees 27,483 21,397 55,598 29,303
Registration and filing fees 7,025 3,281 18,538 6,479
Trustees fees and expenses (Note 7) 8,201 4,812 23,068 8,459
Transfer agent fee for Series III (Note 5) - - 59 -
Blue sky fees for Series III (Note 5) - - 115 -
Miscellaneous 12,741 8,201 37,732 18,273
------------- ------------- ------------- -------------
Expenses before reductions by investment adviser 4,416,155 2,082,725 11,965,250 4,662,095
Less reductions of expenses by investment adviser (Note 5) - - (320,829) -
------------- ------------- ------------- -------------
Total expenses 4,416,155 2,082,725 11,644,421 4,662,095
------------- ------------- ------------- -------------
Net investment income (loss) 1,272,523 2,066,036 1,685,803 1,829,752
------------- ------------- ------------- -------------
Realized and unrealized gain (loss) on investments, futures,
foreign currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions (15,721,398) (26,617,264) (44,128,547) (33,864,011)
Futures contracts - 121,935 - -
Foreign currency and forward foreign currency contracts 9,656 - (65,275) -
Change in unrealized appreciation (depreciation) on:
Investments 116,432,026 77,836,476 373,187,550 185,849,158
Translation of foreign currency and
forward foreign currency contracts 490 - - -
------------- ------------- ------------- -------------
Net gain (loss) on investments, futures, foreign
currency and forward foreign currency contracts 100,720,774 51,341,147 328,993,728 151,985,147
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting from
operations $ 101,993,297 $ 53,407,183 $ 330,679,531 $ 153,814,899
============= ============= ============= =============
+ Rounds to less than $1.
The accompanying notes are an integral part of the financial statements.
26
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
STRATEGIC
VALUE TRUST LARGE CAP REAL ESTATE
(FORMERLY, CAPITAL VALUE UTILITIES SECURITIES
OPPORTUNITIES TRUST) TRUST * TRUST TRUST
-------------------- ------------- ------------- -------------
Investment Income:
Interest $ 38,228 $ 614 $ 243,090 $ 73,102
Dividends 1,512,744 62,931 950,608 21,358,006
Securities lending 6,930 891 3,023 35,825
Less: Foreign taxes withheld (2,389) (152) (29,668) (46,789)
------------- ------------- ------------- -------------
Total income 1,555,513 64,284 1,167,053 21,420,144
------------- ------------- ------------- -------------
Expenses:
Investment adviser fee (Note 5) 666,775 35,746 298,813 2,765,858
Distribution fee for Series I (Note 6) 98,157 2,792 40,492 541,247
Distribution fee for Series II (Note 6) 82,129 10,166 44,965 350,490
Distribution fee for Series III (Note 6) - + - - + 24
Custodian fee 91,043 80,545 139,591 110,690
Fund administration fees (Note 5) 8,016 408 4,539 52,883
Printing and postage fees 5,984 389 3,094 34,201
Audit and legal fees 15,301 12,302 14,898 27,222
Registration and filing fees 1,311 95 639 7,147
Trustees fees and expenses (Note 7) 1,236 67 673 7,355
Transfer agent fee for Series III (Note 5) - - 5 337
Blue sky fees for Series III (Note 5) - - 110 138
Miscellaneous 1,838 173 1,321 10,972
------------- ------------- ------------- -------------
Expenses before reductions by investment adviser 971,790 142,683 549,140 3,908,564
Less reductions of expenses by investment adviser (Note 5) - (70,148) (115) (475)
------------- ------------- ------------- -------------
Total expenses 971,790 72,535 549,025 3,908,089
------------- ------------- ------------- -------------
Net investment income (loss) 583,723 (8,251) 618,028 17,512,055
------------- ------------- ------------- -------------
Realized and unrealized gain (loss) on investments, foreign
currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions 4,372,341 432,453 4,288,999 15,030,159
Foreign currency and forward foreign currency contracts (27) - (5,696) 125
Change in unrealized appreciation (depreciation) on:
Investments 19,745,838 1,293,298 6,991,872 124,300,806
Translation of foreign currency and
forward foreign currency contracts - - 1,101 -
Net gain (loss) on investments, futures, options,
------------- ------------- ------------- -------------
foreign currency and forward foreign currency contracts 24,118,152 1,725,751 11,276,276 139,331,090
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations $ 24,701,875 $ 1,717,500 $ 11,894,304 $ 156,843,145
============= ============= ============= =============
* For the period May 5, 2003 (commencement of operations) to December 31, 2003.
+ Rounds to less than $1.
The accompanying notes are an integral part of the financial statements.
27
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
SMALL CAP SMALL COMPANY SPECIAL MID CAP
OPPORTUNITIES VALUE VALUE VALUE
TRUST * TRUST TRUST * TRUST
------------- ------------- ------------ ------------
Investment Income:
Interest $ 14,545 $ 132,362 $ 6,114 $ 96,980
Dividends 435,955 5,470,688 79,373 6,260,648
Securities lending 8,166 83,504 1,578 27,950
Less: Foreign taxes withheld (1,470) - - (23,135)
------------ ------------ ------------ ------------
Total income 457,196 5,686,554 87,065 6,362,443
------------ ------------ ------------ ------------
Expenses:
Investment adviser fee (Note 5) 258,418 3,737,802 71,496 2,831,730
Distribution fee for Series I (Note 6) 28,076 486,336 8,349 378,002
Distribution fee for Series II (Note 6) 34,985 318,807 8,322 392,802
Distribution fee for Series III (Note 6) - + - + - + 2
Custodian fee 31,077 117,121 31,685 110,103
Fund administration fees (Note 5) 2,930 50,252 825 47,580
Printing and postage fees 2,763 31,209 774 30,327
Audit and legal fees 13,037 26,297 12,921 25,617
Registration and filing fees 634 6,419 180 6,457
Trustees fees and expenses (Note 7) 476 7,240 134 6,779
Transfer agent fee for Series III (Note 5) - - 5 22
Blue sky fees for Series III (Note 5) - - 110 112
Miscellaneous 734 10,601 219 9,309
------------ ------------ ------------ ------------
Expenses before reductions by investment adviser 373,130 4,792,084 135,020 3,838,842
Less reductions of expenses by investment adviser (Note 5) - - (7,139) (134)
------------ ------------ ------------ ------------
Total expenses 373,130 4,792,084 127,881 3,838,708
------------ ------------ ------------ ------------
Net investment income (loss) 84,066 894,470 (40,816) 2,523,735
------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments, futures,
foreign currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions 388,900 6,095,623 430,481 (3,014,911)
Futures contracts 933,878 - - -
Foreign currency and forward foreign currency contracts (530) - - -
Change in unrealized appreciation (depreciation) on:
Investments 13,523,952 115,324,823 2,430,967 87,842,564
Translation of foreign currency and
forward foreign currency contracts 18 - - -
------------ ------------ ------------ ------------
Net gain (loss) on investments, futures, foreign
currency and forward foreign currency contracts 14,846,218 121,420,446 2,861,448 84,827,653
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from operations $ 14,930,284 $122,314,916 $ 2,820,632 $ 87,351,388
============ ============ ============ ============
* For the period May 5, 2003 (commencement of operations) to December 31, 2003.
+ Rounds to less than $1.
The accompanying notes are an integral part of the financial statements.
28
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
ALL CAP EQUITY FUNDAMENTAL
VALUE VALUE INDEX VALUE
TRUST TRUST TRUST TRUST
------------- ------------- ------------- -------------
Investment Income:
Interest $ 34,769 $ 49,223 $ 12,550 $ 319,461
Dividends 3,952,465 2,484,436 1,310,288 7,126,472
Securities lending 11,519 14,302 884 27,880
Less: Foreign taxes withheld (24,344) (13,383) - (121,952)
------------- ------------- ------------- -------------
Total income 3,974,409 2,534,578 1,323,722 7,351,861
------------- ------------- ------------- -------------
Expenses:
Investment adviser fee (Note 5) 1,628,789 1,175,734 185,625 3,165,632
Distribution fee for Series I (Note 6) 351,726 164,852 - 443,198
Distribution fee for Series II (Note 6) 63,429 161,274 - 432,379
Distribution fee for Series III (Note 6) - 4 - 8
Custodian fee 87,506 78,742 116,271 130,663
Fund administration fees (Note 5) 32,032 11,486 9,737 50,301
Printing and postage fees 20,592 9,183 6,669 32,729
Audit and legal fees 20,685 15,971 13,721 26,455
Registration and filing fees 3,443 2,211 33,461 6,968
Trustees fees and expenses (Note 7) 4,498 1,799 1,424 7,203
Transfer agent fee for Series III (Note 5) - 54 - 113
Blue sky fees for Series III (Note 5) - 114 - 119
Miscellaneous 9,879 2,887 3,822 10,138
------------- ------------- ------------- -------------
Expenses before reductions by investment adviser 2,222,579 1,624,311 370,730 4,305,906
Less reductions of expenses by investment adviser (Note 5) - (168) (73,283) (232)
------------- ------------- ------------- -------------
Total expenses 2,222,579 1,624,143 297,447 4,305,674
------------- ------------- ------------- -------------
Net investment income (loss) 1,751,830 910,435 1,026,275 3,046,187
------------- ------------- ------------- -------------
Realized and unrealized gain (loss) on investments, futures,
foreign currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions (19,847,634) (927,654) (354,253) (1,282,681)
Futures contracts - - 113,665 -
Foreign currency and forward foreign currency contracts - - - (62,076)
Change in unrealized appreciation (depreciation) on:
Investments 101,874,284 52,170,119 17,714,342 115,859,410
Futures contracts - - 101,076 -
Translation of foreign currency and
forward foreign currency contracts - - - 221
------------- ------------- ------------- -------------
Net gain (loss) on investments, futures, foreign
currency and forward foreign currency contracts 82,026,650 51,242,465 17,574,830 114,514,874
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations $ 83,778,480 $ 52,152,900 $ 18,601,105 $ 117,561,061
============= ============= ============= =============
The accompanying notes are an integral part of the financial statements.
29
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
GROWTH & GREAT COMPANIES- INCOME &
INCOME AMERICA EQUITY-INCOME VALUE
TRUST TRUST * TRUST TRUST
------------- ---------------- ------------- -------------
Investment Income:
Interest $ 121,361 $ 260 $ 529,778 $ 7,519,446
Dividends 25,051,850 14,740 33,083,308 4,717,642
Securities lending 16,512 88 71,143 66,448
Less: Foreign taxes withheld - - (170,979) (59,432)
------------- ------------- ------------- -------------
Total income 25,189,723 15,088 33,513,250 12,244,104
------------- ------------- ------------- -------------
Expenses:
Investment adviser fee (Note 5) 8,314,092 7,159 9,193,136 3,432,039
Distribution fee for Series I (Note 6) 2,157,552 - 1,638,202 716,503
Distribution fee for Series II (Note 6) 260,575 3,341 649,100 176,180
Distribution fee for Series III (Note 6) 1 - 9 -
Custodian fee 286,920 6,161 258,789 210,592
Fund administration fees (Note 5) 195,692 105 155,952 67,124
Printing and postage fees 130,800 108 101,602 45,697
Audit and legal fees 64,701 12,707 54,865 30,196
Registration and filing fees 21,627 355 19,658 8,452
Trustees fees and expenses (Note 7) 28,187 19 22,370 9,831
Transfer agent fee for Series III (Note 5) 13 - 126 -
Blue sky fees for Series III (Note 5) 111 - 120 -
Miscellaneous 47,057 37 34,654 14,979
------------- ------------- ------------- -------------
Expenses before reductions by investment adviser 11,507,328 29,992 12,128,583 4,711,593
Less reductions of expenses by investment adviser (Note 5) (124) (14,722) (323,437) -
------------- ------------- ------------- -------------
Total expenses 11,507,204 15,270 11,805,146 4,711,593
------------- ------------- ------------- -------------
Net investment income (loss) 13,682,519 (182) 21,708,104 7,532,511
------------- ------------- ------------- -------------
Realized and unrealized gain (loss) on investments, foreign
currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions (34,180,718) 2,538 19,636,616 (27,342,026)
Foreign currency and forward foreign currency contracts - - (24,446) 567
Change in unrealized appreciation (depreciation) on:
Investments 379,920,334 268,774 268,362,773 145,168,697
Translation of foreign currency and
forward foreign currency contracts - - - (224)
------------- ------------- ------------- -------------
Net gain (loss) on investments, foreign currency
and forward foreign currency contracts 345,739,616 271,312 287,974,943 117,827,014
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations $ 359,422,135 $ 271,130 $ 309,683,047 $ 125,359,525
============= ============= ============= =============
* For the period August 4, 2003 (commencement of operations) to December 31,
2003.
The accompanying notes are an integral part of the financial statements.
30
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
GLOBAL
ALLOCATION TRUST HIGH STRATEGIC
BALANCED (FORMERLY, TACTICAL YIELD BOND
TRUST ALLOCATION TRUST) TRUST TRUST
------------ ------------------- ------------- ------------
Investment Income:
Interest $ 2,580,834 $ 331,361 $ 52,379,136 $ 30,205,630
Dividends 1,363,178 991,416 1,523,450 53,235
Securities lending 2,556 618 139,372 65,408
Less: Foreign taxes withheld (3,736) (27,243) - -
------------ ------------ ------------- ------------
Total income 3,942,832 1,296,152 54,041,958 30,324,273
------------ ------------ ------------- ------------
Expenses:
Investment adviser fee (Note 5) 826,923 498,796 3,904,182 3,254,319
Distribution fee for Series I (Note 6) 201,015 84,189 724,321 647,377
Distribution fee for Series II (Note 6) 41,280 36,330 566,167 325,421
Distribution fee for Series III (Note 6) - - 19 16
Custodian fee 76,741 179,779 236,947 271,598
Fund administration fees (Note 5) 19,385 8,556 66,835 66,395
Printing and postage fees 13,040 5,820 38,064 41,848
Audit and legal fees 17,373 14,492 37,757 37,428
Registration and filing fees 2,268 973 8,966 8,688
Trustees fees and expenses (Note 7) 2,812 1,262 8,973 9,642
Transfer agent fee for Series III (Note 5) - - 261 234
Blue sky fees for Series III (Note 5) - - 131 129
Miscellaneous 4,541 2,697 16,723 17,380
------------ ------------ ------------- ------------
Expenses before reductions by investment adviser 1,205,378 832,894 5,609,346 4,680,475
Less reductions of expenses by investment adviser (Note 5) - - (392) (363)
------------ ------------ ------------- ------------
Total expenses 1,205,378 832,894 5,608,954 4,680,112
------------ ------------ ------------- ------------
Net investment income (loss) 2,737,454 463,258 48,433,004 25,644,161
------------ ------------ ------------- ------------
Realized and unrealized gain (loss) on investments, futures,
foreign currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions (6,147,456) (14,658,888) (17,561,268) 17,585,205
Futures contracts - - (2,013,218) (1,208,707)
Foreign currency and forward foreign currency contracts 804 192,691 815,221 347,304
Change in unrealized appreciation (depreciation) on:
Investments 23,054,596 30,077,301 99,672,955 23,582,492
Futures contracts - - 1,928,746 (575,940)
Translation of foreign currency and
forward foreign currency contracts (337) (17,366) 935,429 (1,799,008)
------------ ------------ ------------- ------------
Net gain (loss) on investments, futures, foreign
currency and forward foreign currency contracts 16,907,607 15,593,738 83,777,865 37,931,346
------------ ------------ ------------- ------------
Net increase (decrease) in net assets resulting from operations $ 19,645,061 $ 16,056,996 $ 132,210,869 $ 63,575,507
============ ============ ============= ============
The accompanying notes are an integral part of the financial statements.
31
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
GLOBAL DIVERSIFIED INVESTMENT TOTAL
BOND BOND QUALITY BOND RETURN
TRUST TRUST TRUST TRUST
------------ ------------ ------------ ------------
Investment Income:
Interest $ 8,828,809 $ 16,534,802 $ 29,300,452 $ 47,134,268
Dividends 102,296 - 17,650 -
Securities lending 15,710 32,545 65,404 81,372
Less: Foreign taxes withheld (16,321) - - -
------------ ------------ ------------ ------------
Total income 8,930,494 16,567,347 29,383,506 47,215,640
------------ ------------ ------------ ------------
Expenses:
Investment adviser fee (Note 5) 1,481,608 2,209,424 2,581,493 8,627,857
Distribution fee for Series I (Note 6) 298,940 483,683 675,698 1,606,875
Distribution fee for Series II (Note 6) 166,739 160,231 238,157 1,283,307
Distribution fee for Series III (Note 6) 6 8 28 335
Custodian fee 291,633 164,989 319,664 477,551
Fund administration fees (Note 5) 32,668 50,780 72,107 189,425
Printing and postage fees 20,963 31,304 44,390 105,915
Audit and legal fees 30,699 30,932 38,795 72,717
Registration and filing fees 4,678 6,631 9,326 24,542
Trustees fees and expenses (Note 7) 4,702 7,369 10,072 26,009
Transfer agent fee for Series III (Note 5) 90 - 405 4,081
Blue sky fees for Series III (Note 5) 117 - 143 445
Miscellaneous 10,177 10,761 15,386 46,393
------------ ------------ ------------ ------------
Expenses before reductions by investment adviser 2,343,020 3,156,112 4,005,664 12,465,452
Less reductions of expenses by investment adviser (Note 5) (207) - (548) (4,526)
------------ ------------ ------------ ------------
Total expenses 2,342,813 3,156,112 4,005,116 12,460,926
------------ ------------ ------------ ------------
Net investment income (loss) 6,587,681 13,411,235 25,378,390 34,754,714
------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments, futures,
options, swaps, foreign currency and forward foreign
currency contracts:
Net realized gain (loss) on:
Investment transactions 7,024,867 7,325,966 3,782,936 11,670,168
Futures contracts 990,848 - 74,259 7,584,806
Written options contracts (3,466,444) - - 5,297,083
Interest rate swaps (2,559,131) - - (4,925,543)
Foreign currency and forward foreign currency contracts 16,559,135 85 - 1,403,557
Change in unrealized appreciation (depreciation) on:
Investments 6,357,033 (4,274,207) 7,203,944 8,086,649
Futures contracts 357,486 - (192,504) (2,247,572)
Written options contracts (31,451) - - 1,893,091
Interest rate swaps 1,670,959 - - 2,405,668
Translation of foreign currency and
forward foreign currency contracts (183,127) (34) - 2,576,055
------------ ------------ ------------ ------------
Net gain (loss) on investments, futures, options, swaps,
foreign currency and forward foreign currency contracts 26,720,175 3,051,810 10,868,635 33,743,962
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from operations $ 33,307,856 $ 16,463,045 $ 36,247,025 $ 68,498,676
============ ============ ============ ============
The accompanying notes are an integral part of the financial statements.
32
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
REAL RETURN U.S. GOVERNMENT MONEY SMALL CAP
BOND SECURITIES MARKET INDEX
TRUST * TRUST TRUST TRUST
------------ --------------- ------------ ------------
Investment Income:
Interest $ 2,365,708 $ 18,555,874 $ 17,079,013 $ 188,209
Dividends - - - 1,048,609
Securities lending 1,057 - - 34,618
Less: Foreign taxes withheld - - - (452)
------------ ------------ ------------ ------------
Total income 2,366,765 18,555,874 17,079,013 1,270,984
------------ ------------ ------------ ------------
Expenses:
Investment adviser fee (Note 5) 801,605 4,213,924 5,235,724 402,004
Distribution fee for Series I (Note 6) 114,742 948,886 1,918,710 129,195
Distribution fee for Series II (Note 6) 199,865 674,467 756,973 73,744
Distribution fee for Series III (Note 6) 9 105 2,517 7
Custodian fee 45,503 336,927 284,069 18,000
Fund administration fees (Note 5) 13,888 118,038 218,467 10,964
Printing and postage fees 13,130 64,267 135,683 7,640
Audit and legal fees 21,269 44,844 70,708 15,694
Registration and filing fees 3,047 14,952 27,573 1,603
Trustees fees and expenses (Note 7) 2,259 15,652 31,552 1,618
Transfer agent fee for Series III (Note 5) 130 1,255 33,444 108
Blue sky fees for Series III (Note 5) 121 213 2,852 119
Miscellaneous 7,787 22,378 38,095 2,243
------------ ------------ ------------ ------------
Expenses before reductions by investment adviser 1,223,355 6,455,908 8,756,367 662,939
Less reductions of expenses by investment adviser (Note 5) (251) (1,468) (36,296) (227)
------------ ------------ ------------ ------------
Total expenses 1,223,104 6,454,440 8,720,071 662,712
------------ ------------ ------------ ------------
Net investment income (loss) 1,143,661 12,101,434 8,358,942 608,272
------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments, futures,
options, swaps, foreign currency and forward foreign
currency contracts:
Net realized gain (loss) on:
Investment transactions 5,137,877 18,335,985 - 570,622
Futures contracts 10 (69,845) - 6,690,256
Written options contracts (16,406) - - -
Interest rate swaps (27,915) - - -
Foreign currency and forward foreign currency contracts (25,840) - - -
Change in unrealized appreciation (depreciation) on:
Investments 3,458,488 (16,915,926) - 32,910,619
Futures contracts (1,100) (369,128) - 842,081
Written options contracts 112,919 - - -
Interest rate swaps 28,971 - - -
Translation of foreign currency and
forward foreign currency contracts (44,151) - - -
------------ ------------ ------------ ------------
Net gain (loss) on investments, futures, options, swaps,
foreign currency and forward foreign currency contracts 8,622,853 981,086 - 41,013,578
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from operations $ 9,766,514 $ 13,082,520 $ 8,358,942 $ 41,621,850
============ ============ ============ ============
* For the period May 5, 2003 (commencement of operations) to December 31, 2003.
The accompanying notes are an integral part of the financial statements.
33
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
INTERNATIONAL MID CAP TOTAL STOCK 500
INDEX INDEX MARKET INDEX INDEX
TRUST TRUST TRUST TRUST
------------- ------------ ------------ -------------
Investment Income:
Interest $ 100,566 $ 84,319 $ 125,909 $ 186,993
Dividends 1,738,747 1,462,186 1,636,933 15,427,150
Securities lending 40,689 15,421 7,173 27,367
Less: Foreign taxes withheld (181,628) - (217) -
------------ ------------ ------------ -------------
Total income 1,698,374 1,561,926 1,769,798 15,641,510
------------ ------------ ------------ -------------
Expenses:
Investment adviser fee (Note 5) 288,461 489,790 405,708 3,290,414
Distribution fee for Series I (Note 6) 91,075 158,827 138,452 1,205,928
Distribution fee for Series II (Note 6) 39,893 86,540 55,606 257,214
Distribution fee for Series III (Note 6) 1 - + - + 12
Custodian fee 18,000 18,000 18,000 85,592
Fund administration fees (Note 5) 8,514 14,958 11,392 106,414
Printing and postage fees 5,770 10,066 8,085 72,822
Audit and legal fees 14,996 16,754 15,822 41,230
Registration and filing fees 1,140 2,071 1,624 14,051
Trustees fees and expenses (Note 7) 1,244 2,188 1,712 15,637
Transfer agent fee for Series III (Note 5) 5 5 5 135
Blue sky fees for Series III (Note 5) 110 110 110 121
Miscellaneous 1,826 3,932 4,945 23,357
------------ ------------ ------------ -------------
Expenses before reductions by investment adviser 471,035 803,241 661,461 5,112,927
Less reductions of expenses by investment adviser (Note 5) (15,331) (115) (115) (256)
------------ ------------ ------------ -------------
Total expenses 455,704 803,126 661,346 5,112,671
------------ ------------ ------------ -------------
Net investment income (loss) 1,242,670 758,800 1,108,452 10,528,839
------------ ------------ ------------ -------------
Realized and unrealized gain (loss) on investments, futures,
foreign currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions (133,078) (538,515) (2,414,471) (2,966,130)
Futures contracts 1,405,755 2,015,469 2,705,866 1,626,950
Foreign currency and forward foreign currency contracts (276,496) - - -
Change in unrealized appreciation (depreciation) on:
Investments 21,167,085 38,733,113 29,822,622 216,497,982
Futures contracts 193,204 99,724 313,041 855,181
Translation of foreign currency and
forward foreign currency contracts (9,093) - - -
------------ ------------ ------------ -------------
Net gain (loss) on investments, futures, foreign
currency and forward foreign currency contracts 22,347,377 40,309,791 30,427,058 216,013,983
------------ ------------ ------------ -------------
Net increase (decrease) in net assets resulting from
operations $ 23,590,047 $ 41,068,591 $ 31,535,510 $ 226,542,822
============ ============ ============ =============
+ Rounds to less than $1.
The accompanying notes are an integral part of the financial statements.
34
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
LIFESTYLE LIFESTYLE LIFESTYLE LIFESTYLE
AGGRESSIVE 1000 GROWTH 820 BALANCED 640 MODERATE 460
TRUST TRUST TRUST TRUST
--------------- ------------- ------------- -------------
Investment Income:
Income distributions received $ 863,484 $ 10,435,511 $ 22,070,007 $ 11,356,725
------------- ------------- ------------- -------------
Total income 863,484 10,435,511 22,070,007 11,356,725
------------- ------------- ------------- -------------
Expenses:
Investment adviser fee (Note 5) 180,863 650,210 747,831 302,152
Distribution fee for Series III (Note 6) 1 - + 11 - +
Fund administration fees (Note 5) 33,797 139,626 163,326 64,398
Audit and legal fees 21,731 50,474 56,701 29,796
Registration and filing fees 2,042 8,877 10,750 4,349
Trustees fees and expenses (Note 7) 5,003 20,565 24,019 9,431
Transfer agent fee for Series III (Note 5) 50 31 450 18
Blue sky fees for Series III (Note 5) 114 113 147 112
Miscellaneous 3,130 12,615 13,962 5,120
------------- ------------- ------------- -------------
Expenses before reductions by investment adviser 246,731 882,511 1,017,197 415,376
Less reductions of expenses by investment adviser (Note 5) (12,934) (144) (597) (130)
------------- ------------- ------------- -------------
Total expenses 233,797 882,367 1,016,600 415,246
------------- ------------- ------------- -------------
Net investment income (loss) 629,687 9,553,144 21,053,407 10,941,479
------------- ------------- ------------- -------------
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment transactions (2,679,944) (1,255,485) 26,761,312 9,437,052
Capital gain distributions received 238,829 2,668,830 8,517,698 3,702,356
Change in unrealized appreciation (depreciation) on:
Investments 105,973,948 339,229,915 274,682,779 71,269,154
------------- ------------- ------------- -------------
Net gain (loss) on investments 103,532,833 340,643,260 309,961,789 84,408,562
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations $ 104,162,520 $ 350,196,404 $ 331,015,196 $ 95,350,041
============= ============= ============= =============
+ Rounds to less than $1.
The accompanying notes are an integral part of the financial statements.
35
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
LIFESTYLE SMALL-MID INTERNATIONAL HIGH GRADE
CONSERVATIVE 280 CAP EQUITY SELECT BOND
TRUST TRUST TRUST TRUST
---------------- ------------ ------------- ------------
Investment Income:
Interest - $ 52,926 $ 20,994 $ 4,240,320
Dividends - 928,121 2,326,860 -
Income distributions received $ 10,904,294 - - -
Securities lending - 23,118 52,413 16,339
Less: Foreign taxes withheld - - (272,596) -
------------ ------------ ------------- ------------
Total income 10,904,294 1,004,165 2,127,671 4,256,659
------------ ------------ ------------- ------------
Expenses:
Investment adviser fee (Note 5) 220,906 1,019,650 719,514 716,128
Distribution fee for Series I (Note 6) - 118,505 88,826 139,517
Distribution fee for Series II (Note 6) - 99,148 72,550 123,542
Distribution fee for Series III (Note 6) 46 2 1 9
Custodian fee - 52,484 129,709 53,863
Fund administration fees (Note 5) 48,505 11,825 8,982 14,606
Printing and postage fees - 9,607 7,349 11,610
Audit and legal fees 25,526 15,983 15,639 14,550
Registration and filing fees 3,248 1,863 1,319 2,135
Trustees fees and expenses (Note 7) 7,099 1,703 1,291 2,097
Transfer agent fee for Series III (Note 5) 2,281 - - -
Blue sky fees for Series III (Note 5) 297 - - -
Miscellaneous 3,672 2,227 1,628 9,663
------------ ------------ ------------- ------------
Expenses before reductions by investment adviser 311,580 1,332,997 1,046,808 1,087,720
Less reductions of expenses by investment adviser (Note 5) (17,675) - (46,008) -
------------ ------------ ------------- ------------
Total expenses 293,905 1,332,997 1,000,800 1,087,720
------------ ------------ ------------- ------------
Net investment income (loss) 10,610,389 (328,832) 1,126,871 3,168,939
------------ ------------ ------------- ------------
Realized and unrealized gain (loss) on investments, foreign
currency and forward foreign currency contracts:
Net realized gain (loss) on:
Investment transactions 6,385,834 585,006 453,260 198,012
Foreign currency and forward foreign currency contracts - - (22,158) -
Capital gain distributions received 2,904,221 - - -
Change in unrealized appreciation (depreciation) on:
Investments 23,769,758 25,597,132 21,997,217 (1,910,640)
Translation of foreign currency and forward foreign
currency contracts - - 2,049 -
------------ ------------ ------------- ------------
Net gain (loss) on investments, foreign currency
and forward foreign currency contracts 33,059,813 26,182,138 22,430,368 (1,712,628)
------------ ------------ ------------- ------------
Net increase (decrease) in net assets resulting from operations $ 43,670,202 $ 25,853,306 $ 23,557,239 $ 1,456,311
============ ============ ============= ============
The accompanying notes are an integral part of the financial statements.
36
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS - FOR THE YEAR ENDED DECEMBER 31, 2003
AMERICAN AMERICAN AMERICAN AMERICAN BLUE CHIP
GROWTH INTERNATIONAL GROWTH-INCOME INCOME AND GROWTH
TRUST * TRUST * TRUST * TRUST *
------------ ------------- ------------- ------------------
Investment Income:
Dividends $ 244,387 $ 1,912,377 $ 1,328,387 -
------------ ------------ ------------ ------------
Total income 244,387 1,912,377 1,328,387 -
------------ ------------ ------------ ------------
Expenses:
Distribution fee for Series I (Note 6) 2,607 2,550 751 $ 1,103
Distribution fee for Series II (Note 6) 400,988 369,681 251,628 358,954
Fund administration fees (Note 5) 4,507 7,321 2,573 6,505
Printing and postage fees 4,564 6,941 2,665 6,214
Audit and legal fees 10,438 11,152 9,831 10,936
Registration and filing fees 1,403 1,720 829 1,603
Trustees fees and expenses (Note 7) 772 1,192 443 1,068
Miscellaneous 584 1,454 313 1,224
------------ ------------ ------------ ------------
Total expenses 425,863 402,011 269,033 387,607
------------ ------------ ------------ ------------
Net investment income (loss) (181,476) 1,510,366 1,059,354 (387,607)
------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment transactions 316,735 4,268,613 378,046 24,745
Change in unrealized appreciation (depreciation) on:
Investments 23,779,663 27,474,298 15,391,112 23,727,477
------------ ------------ ------------ ------------
Net gain (loss) on investments 24,096,398 31,742,911 15,769,158 23,752,222
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from operations $ 23,914,922 $ 33,253,277 $ 16,828,512 $ 23,364,615
============ ============ ============ ============
* For the period May 5, 2003 (commencement of operations) to December 31, 2003.
The accompanying notes are an integral part of the financial statements.
37
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
SCIENCE & PACIFIC RIM
TECHNOLOGY EMERGING MARKETS
TRUST TRUST
----------------------------- -----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
-------------- -------------- ------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($3,995,607) ($4,286,470) $ 454,341 $ 133,370
Net realized gain (loss) on:
Investment transactions (54,186,358) (220,505,159) (1,191,780) (3,044,571)
Written options contracts - - - -
Foreign currency and forward foreign currency contracts (14,580) (72,462) (99,877) (37,189)
Change in unrealized appreciation (depreciation) on:
Investments 259,087,159 (59,515,606) 23,850,264 (3,962,255)
Written options contracts - - - -
Foreign currency and forward foreign currency contracts 290 9 (2,783) 5,972
-------------- -------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations 200,890,904 (284,379,688) 23,010,165 (6,904,673)
Distribution to shareholders from:
Net investment income
Series I - - (79,371) (67,906)
Series II - - (12,910) (43)
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I - - - -
Series II - - - -
-------------- -------------- ------------- -------------
Total distributions - - (92,281) (67,949)
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 89,527,697 62,081,562 137,958,252 165,878,887
Reinvestment of distributions - - 79,371 67,906
Cost of shares redeemed (118,224,502) (149,187,997) (136,713,813) (169,242,574)
Proceeds from shares issued in connection with
reorganization (Note 1) 41,314,229 - - -
-------------- -------------- ------------- -------------
Total Series I transactions 12,617,424 (87,106,435) 1,323,810 (3,295,781)
Series II
Net proceeds from sales of shares 38,341,623 13,571,630 56,984,927 32,640,217
Reinvestment of distributions - - 12,910 43
Cost of shares redeemed (6,151,399) (2,055,320) (45,257,098) (28,129,368)
Proceeds from shares issued in connection with
reorganization (Note 1) 7,920,788 - - -
-------------- -------------- ------------- -------------
Total Series II transactions 40,111,012 11,516,310 11,740,739 4,510,892
Series III
Net proceeds from sales of shares 12,594 - 6,009 -
Cost of shares redeemed (6,679) - (3,093) -
-------------- -------------- ------------- -------------
Total Series III transactions 5,915 - 2,916 -
Net increase (decrease) in net assets from capital
share transactions 52,734,351 (75,590,125) 13,067,465 1,215,111
-------------- -------------- ------------- -------------
Increase (decrease) in net assets 253,625,255 (359,969,813) 35,985,349 (5,757,511)
Net assets at beginning of period 369,617,120 729,586,933 50,223,535 55,981,046
-------------- -------------- ------------- -------------
Net assets at end of period $ 623,242,375 $ 369,617,120 $ 86,208,884 $ 50,223,535
============== ============== ============= =============
Undistributed net investment income (loss) - - $ 386,136 $ 96,181
============== ============== ============= =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 9,667,375 6,383,441 19,382,842 24,554,014
Reinvestment of distributions - - 14,671 9,591
Shares redeemed (12,829,869) (16,061,882) (19,114,680) (25,072,621)
Shares issued in connection with reorganization (Note 1) 4,759,704 - - -
-------------- -------------- ------------- -------------
Net increase (decrease) 1,597,210 (9,678,441) 282,833 (509,016)
============== ============== ============= =============
Series II
Shares sold 4,027,780 1,728,531 8,965,635 5,058,620
Reinvestment of distributions - - 2,386 6
Shares redeemed (650,029) (271,219) (7,291,408) (4,320,960)
Shares issued in connection with reorganization (Note 1) 912,533 - -
-------------- -------------- ------------- -------------
Net increase (decrease) 4,290,284 1,457,312 1,676,613 737,666
============== ============== ============= =============
Series III
Shares sold 1,186 - 755 -
Shares redeemed (637) - (393) -
-------------- -------------- ------------- -------------
Net increase (decrease) 549 - 362 -
============== ============== ============= =============
HEALTH
SCIENCES
TRUST
----------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
-------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($1,016,220) ($526,682)
Net realized gain (loss) on:
Investment transactions 1,451,554 (8,947,897)
Written options contracts 993,358 407,902
Foreign currency and forward foreign currency contracts (10,411) (2,436)
Change in unrealized appreciation (depreciation) on:
Investments 32,000,602 (12,943,681)
Written options contracts 691,808 (68,440)
Foreign currency and forward foreign currency contracts (19) 487
-------------- -------------
Net increase (decrease) in net assets resulting from operations 34,110,672 (22,080,747)
Distribution to shareholders from:
Net investment income
Series I - -
Series II - -
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I - (154,834)
Series II - (294)
-------------- -------------
Total distributions - (155,128)
Capital Shares Transactions ++ :
Series I
Net proceeds from sales of shares 28,537,648 46,197,297
Reinvestment of distributions - 154,834
Cost of shares redeemed (13,989,412) (14,213,777)
Proceeds from shares issued in connection with
reorganization (Note 1) - -
-------------- -------------
Total Series I transactions 14,548,236 32,138,354
Series II
Net proceeds from sales of shares 29,341,593 16,714,764
Reinvestment of distributions - 294
Cost of shares redeemed (1,253,548) (185,358)
Proceeds from shares issued in connection with
reorganization (Note 1) - -
-------------- -------------
Total Series II transactions 28,088,045 16,529,700
Series III
Net proceeds from sales of shares 42,919 -
Cost of shares redeemed (8,281) -
-------------- -------------
Total Series III transactions 34,638 -
Net increase (decrease) in net assets from capital
share transactions 42,670,919 48,668,054
-------------- -------------
Increase (decrease) in net assets 76,781,591 26,432,179
Net assets at beginning of period 77,999,721 51,567,542
-------------- -------------
Net assets at end of period $ 154,781,312 $ 77,999,721
============== =============
Undistributed net investment income (loss) - -
============== =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 2,422,196 3,875,954
Reinvestment of distributions - 12,839
Shares redeemed (1,206,935) (1,384,522)
Shares issued in connection with reorganization (Note 1) - -
-------------- -------------
Net increase (decrease) 1,215,261 2,504,271
============== =============
Series II
Shares sold 2,518,844 1,638,592
Reinvestment of distributions - 24
Shares redeemed (103,957) (18,527)
Shares issued in connection with reorganization (Note 1) -
-------------- -------------
Net increase (decrease) 2,414,887 1,620,089
============== =============
Series III
Shares sold 3,388 -
Shares redeemed (640) -
-------------- -------------
Net increase (decrease) 2,748 -
============== =============
The accompanying notes are an integral part of the financial statements.
38
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
EMERGING AGGRESSIVE
GROWTH GROWTH
TRUST TRUST
------------ ------------------------------
05/05/2003* YEAR YEAR
TO ENDED ENDED
12/31/2003 12/31/2003 12/31/2002
------------ -------------- --------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($36,694) ($2,174,917) ($2,151,875)
Net realized gain (loss) on:
Investment transactions 625,248 (3,581,642) (52,271,497)
Written options contracts - 27,218 -
Foreign currency and forward foreign currency contracts - - -
Change in unrealized appreciation (depreciation) on:
Investments 657,847 82,529,333 (24,456,023)
Written options contracts - 11,497 -
Foreign currency and forward foreign currency contracts - - -
------------ -------------- --------------
Net increase (decrease) in net assets resulting from operations 1,246,401 76,811,489 (78,879,395)
Distribution to shareholders from:
Net realized short term gains on investments, futures, and
foreign currency transactions
Series I (118,331) - -
Series II (228,962) - -
Series III (4) - -
------------ -------------- --------------
Total distributions (347,297) - -
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 2,736,305 46,648,776 90,256,267
Reinvestment of distributions 118,331 - -
Cost of shares redeemed (68,203) (79,138,654) (96,207,266)
------------ -------------- --------------
Total Series I transactions 2,786,433 (32,489,878) (5,950,999)
Series II
Net proceeds from sales of shares 6,397,588 28,116,335 19,065,993
Reinvestment of distributions 228,962 - -
Cost of shares redeemed (1,054,181) (14,152,388) (861,419)
------------ -------------- --------------
Total Series II transactions 5,572,369 13,963,947 18,204,574
Series III
Net proceeds from sales of shares 100 192 -
Reinvestment of distributions 4 - -
Cost of shares redeemed - (6) -
------------ -------------- --------------
Total Series III transactions 104 186 -
Net increase (decrease) in net assets from capital
share transactions 8,358,906 (18,525,745) 12,253,575
------------ -------------- --------------
Increase (decrease) in net assets 9,258,010 58,285,744 (66,625,820)
Net assets at beginning of period - 243,120,272 309,746,092
------------ -------------- --------------
Net assets at end of period $ 9,258,010 $ 301,406,016 $ 243,120,272
============ ============== ==============
Undistributed net investment income (loss) - - -
============ ============== ==============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 198,870 4,327,513 7,652,648
Reinvestment of distributions 7,423 - -
Shares redeemed (4,512) (7,422,269) (8,328,687)
------------ -------------- --------------
Net increase (decrease) 201,781 (3,094,756) (676,039)
============ ============== ==============
Series II
Shares sold 441,551 2,557,029 1,824,408
Reinvestment of distributions 14,382 - -
Shares redeemed (69,392) (1,264,397) (78,065)
------------ -------------- --------------
Net increase (decrease) 386,541 1,292,632 1,746,343
============ ============== ==============
Series III
Shares sold 7 15 -
Shares redeemed - + - + -
------------ -------------- --------------
Net increase (decrease) 7 15 -
============ ============== ==============
EMERGING
SMALL COMPANY
TRUST
------------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
--------------- ---------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($2,283,757) ($2,115,850)
Net realized gain (loss) on:
Investment transactions (11,730,417) (46,195,893)
Written options contracts - -
Foreign currency and forward foreign currency contracts 527 (31)
Change in unrealized appreciation (depreciation) on:
Investments 144,059,646 (83,535,512)
Written options contracts - -
Foreign currency and forward foreign currency contracts 21 -
-------------- --------------
Net increase (decrease) in net assets resulting from operations 130,046,020 (131,847,286)
Distribution to shareholders from:
Net realized short term gains on investments, futures, and
foreign currency transactions
Series I - -
Series II - -
Series III - -
-------------- --------------
Total distributions - -
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 69,413,573 75,144,206
Reinvestment of distributions - -
Cost of shares redeemed (75,236,064) (97,579,481)
-------------- --------------
Total Series I transactions (5,822,491) (22,435,275)
Series II
Net proceeds from sales of shares 53,969,432 21,591,400
Reinvestment of distributions - -
Cost of shares redeemed (5,309,310) (3,596,353)
-------------- --------------
Total Series II transactions 48,660,122 17,995,047
Series III
Net proceeds from sales of shares 12,311 -
Reinvestment of distributions - -
Cost of shares redeemed (11,777) -
-------------- --------------
Total Series III transactions 534 -
Net increase (decrease) in net assets from capital
share transactions 42,838,165 (4,440,228)
-------------- --------------
Increase (decrease) in net assets 172,884,185 (136,287,514)
Net assets at beginning of period 311,385,746 447,673,260
-------------- --------------
Net assets at end of period $ 484,269,931 $ 311,385,746
============== ==============
Undistributed net investment income (loss) - $ 89,642
============== ==============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 3,188,609 3,469,815
Reinvestment of distributions - -
Shares redeemed (3,528,616) (4,734,571)
-------------- --------------
Net increase (decrease) (340,007) (1,264,756)
============== ==============
Series II
Shares sold 2,495,921 1,148,348
Reinvestment of distributions - -
Shares redeemed (240,658) (183,482)
-------------- --------------
Net increase (decrease) 2,255,263 964,866
============== ==============
Series III
Shares sold 513 -
Shares redeemed (488) -
-------------- --------------
Net increase (decrease) 25 -
============== ==============
* Commencement of operations
+ Rounds to less than 1 share.
The accompanying notes are an integral part of the financial statements.
39
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
SMALL COMPANY DYNAMIC
BLEND GROWTH
TRUST TRUST
------------------------------- ------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
-------------- -------------- -------------- --------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($194,346) ($51,229) ($949,441) ($618,941)
Net realized gain (loss) on:
Investment transactions (8,444,140) (15,712,171) 15,051,422 (46,090,275)
Foreign currency and forward foreign currency contracts - (26) 23 -
Change in unrealized appreciation (depreciation) on:
Investments 64,215,879 (34,136,138) 25,874,818 8,004,166
Foreign currency and forward foreign currency contracts 7 - (14) -
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting from operations 55,577,400 (49,899,564) 39,976,808 (38,705,050)
Distribution to shareholders from:
Net investment income
Series I - (329,892) - -
Series II - (326) - -
-------------- -------------- -------------- --------------
Total distributions - (330,218) - -
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 54,915,053 93,368,317 24,233,424 47,280,410
Reinvestment of distributions - 329,892 - -
Cost of shares redeemed (53,205,995) (99,171,706) (27,389,832) (77,707,954)
Proceeds from shares issued in connection with
reorganization (Note 1) - - 47,815,177 -
-------------- -------------- -------------- --------------
Total Series I transactions 1,709,058 (5,473,497) 44,658,769 (30,427,544)
Series II
Net proceeds from sales of shares 35,867,061 21,964,043 12,532,103 8,996,081
Reinvestment of distributions - 326 - -
Cost of shares redeemed (4,999,947) (5,139,852) (4,140,776) (4,585,297)
Proceeds from shares issued in connection with
reorganization (Note 1) - - 20,967,893 -
-------------- -------------- -------------- --------------
Total Series II transactions 30,867,114 16,824,517 29,359,220 4,410,784
Series III
Net proceeds from sales of shares - - - -
Cost of shares redeemed - - - -
-------------- -------------- -------------- --------------
Total Series III transactions - - - -
Net increase (decrease) in net assets from capital
share transactions 32,576,172 11,351,020 74,017,989 (26,016,760)
-------------- -------------- -------------- --------------
Increase (decrease) in net assets 88,153,572 (38,878,762) 113,994,797 (64,721,810)
Net assets at beginning of period 122,371,205 161,249,967 67,987,477 132,709,287
-------------- -------------- -------------- --------------
Net assets at end of period $ 210,524,777 $ 122,371,205 $ 181,982,274 $ 67,987,477
============== ============== ============== ==============
Undistributed net investment income (loss) - $ 28,599 - -
============== ============== ============== ==============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 5,920,573 9,248,420 6,733,357 11,559,876
Reinvestment of distributions - 29,246 - -
Shares redeemed (5,728,663) (10,932,505) (7,338,074) (20,701,671)
Shares issued in connection with reorganization (Note 1) - - 13,739,993 -
-------------- -------------- -------------- --------------
Net increase (decrease) 191,910 (1,654,839) 13,135,276 (9,141,795)
============== ============== ============== ==============
Series II
Shares sold 3,807,670 2,555,734 3,306,519 2,526,899
Reinvestment of distributions - 29 - -
Shares redeemed (525,478) (591,600) (1,067,335) (1,277,793)
Shares issued in connection with reorganization (Note 1) - - 6,025,256 -
-------------- -------------- -------------- --------------
Net increase (decrease) 3,282,192 1,964,163 8,264,440 1,249,106
============== ============== ============== ==============
Series III
Shares sold - - - -
Shares redeemed - - - -
-------------- -------------- -------------- --------------
Net increase (decrease) - - - -
============== ============== ============== ==============
MID CAP
STOCK
TRUST
-----------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
-------------- --------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($1,610,004) ($879,339)
Net realized gain (loss) on:
Investment transactions 20,391,397 (21,013,424)
Foreign currency and forward foreign currency contracts (6,329) -
Change in unrealized appreciation (depreciation) on:
Investments 77,436,540 (24,713,683)
Foreign currency and forward foreign currency contracts - -
-------------- --------------
Net increase (decrease) in net assets resulting from operations 96,211,604 (46,606,446)
Distribution to shareholders from:
Net investment income
Series I - -
Series II - -
-------------- --------------
Total distributions - -
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 71,030,362 114,919,507
Reinvestment of distributions - -
Cost of shares redeemed (71,168,795) (36,311,014)
Proceeds from shares issued in connection with
reorganization (Note 1) - -
-------------- --------------
Total Series I transactions (138,433) 78,608,493
Series II
Net proceeds from sales of shares 75,232,911 32,848,496
Reinvestment of distributions - -
Cost of shares redeemed (13,377,891) (20,616)
Proceeds from shares issued in connection with
reorganization (Note 1) - -
-------------- --------------
Total Series II transactions 61,855,020 32,827,880
Series III
Net proceeds from sales of shares 5,679 -
Cost of shares redeemed (22) -
-------------- --------------
Total Series III transactions 5,657 -
Net increase (decrease) in net assets from capital
share transactions 61,722,244 111,436,373
-------------- --------------
Increase (decrease) in net assets 157,933,848 64,829,927
Net assets at beginning of period 218,561,784 153,731,857
-------------- --------------
Net assets at end of period $ 376,495,632 $ 218,561,784
============== ==============
Undistributed net investment income (loss) - -
============== ==============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 7,129,990 12,149,866
Reinvestment of distributions - -
Shares redeemed (7,620,903) (4,004,324)
Shares issued in connection with reorganization (Note 1) - -
-------------- --------------
Net increase (decrease) (490,913) 8,145,542
============== ==============
Series II
Shares sold 7,464,557 3,794,815
Reinvestment of distributions - -
Shares redeemed (1,432,245) (2,445)
Shares issued in connection with reorganization (Note 1) - -
-------------- --------------
Net increase (decrease) 6,032,312 3,792,370
============== ==============
Series III
Shares sold 498 -
Shares redeemed (2) -
-------------- --------------
Net increase (decrease) 496 -
============== ==============
The accompanying notes are an integral part of the financial statements.
40
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
NATURAL ALL CAP
RESOURCES GROWTH
TRUST TRUST
------------- -------------------------------
05/05/2003* YEAR YEAR
TO ENDED ENDED
12/31/2003 12/31/2003 12/31/2002
------------- -------------- --------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 323,035 ($2,088,892) ($2,205,652)
Net realized gain (loss) on:
Investment transactions 4,834,228 (33,767,028) (84,499,924)
Written options contracts - 66,113 -
Foreign currency and forward foreign currency contracts (103,715) 47,358 (2,841)
Change in unrealized appreciation (depreciation) on:
Investments 39,255,276 171,359,467 (66,276,952)
Foreign currency and forward foreign currency contracts (10) 1,248 228
------------- -------------- --------------
Net increase (decrease) in net assets resulting from operations 44,308,814 135,618,266 (152,985,141)
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 84,751,738 79,114,145 317,508,353
Cost of shares redeemed (22,547,243) (136,821,341) (347,133,744)
------------- -------------- --------------
Total Series I transactions 62,204,495 (57,707,196) (29,625,391)
Series II
Net proceeds from sales of shares 62,393,849 59,216,014 26,446,231
Cost of shares redeemed (3,926,609) (11,294,540) (65,835)
------------- -------------- --------------
Total Series II transactions 58,467,240 47,921,474 26,380,396
Series III
Net proceeds from sales of shares 2,106 2,184 -
Cost of shares redeemed (502) (444) -
------------- -------------- --------------
Total Series III transactions 1,604 1,740 -
Net increase (decrease) in net assets from capital
share transactions 120,673,339 (9,783,982) (3,244,995)
------------- -------------- --------------
Increase (decrease) in net assets 164,982,153 125,834,284 (156,230,136)
Net assets at beginning of period - 481,648,539 637,878,675
------------- -------------- --------------
Net assets at end of period $ 164,982,153 $ 607,482,823 $ 481,648,539
============= ============== ==============
Undistributed net investment income (loss) $ 219,320 - -
============= ============== ==============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 6,476,905 6,411,883 25,311,489
Shares redeemed (1,471,188) (11,275,832) (27,584,559)
------------- -------------- --------------
Net increase (decrease) 5,005,717 (4,863,949) (2,273,070)
============= ============== ==============
Series II
Shares sold 4,432,406 4,737,080 2,240,927
Shares redeemed (266,720) (899,248) (5,564)
------------- -------------- --------------
Net increase (decrease) 4,165,686 3,837,832 2,235,363
============= ============== ==============
Series III
Shares sold 135 159 -
Shares redeemed (32) (32) -
------------- -------------- --------------
Net increase (decrease) 103 127 -
============= ============== ==============
STRATEGIC
OPPORTUNITIES
TRUST
-------------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
------------- ----------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 465,981 ($2,127,017)
Net realized gain (loss) on:
Investment transactions 17,835,740 (319,907,029)
Written options contracts - -
Foreign currency and forward foreign currency contracts 8,857 2,293
Change in unrealized appreciation (depreciation) on:
Investments 102,044,091 (57,889,793)
Foreign currency and forward foreign currency contracts 435 -
------------- ----------------
Net increase (decrease) in net assets resulting from operations 120,355,104 (379,921,546)
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 45,395,850 95,768,060
Cost of shares redeemed (141,662,316) (260,712,860)
------------- ----------------
Total Series I transactions (96,266,466) (164,944,800)
Series II
Net proceeds from sales of shares 17,621,858 10,561,435
Cost of shares redeemed (7,598,716) (232,596)
------------- ----------------
Total Series II transactions 10,023,142 10,328,839
Series III
Net proceeds from sales of shares - -
Cost of shares redeemed - -
------------- ----------------
Total Series III transactions - -
Net increase (decrease) in net assets from capital
share transactions (86,243,324) (154,615,961)
------------- ----------------
Increase (decrease) in net assets 34,111,780 (534,537,507)
Net assets at beginning of period 522,747,439 1,057,284,946
------------- ----------------
Net assets at end of period $ 556,859,219 $ 522,747,439
============= ================
Undistributed net investment income (loss) $ 474,838 -
============= ================
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 5,341,203 9,137,968
Shares redeemed (16,873,818) (26,468,005)
------------- ----------------
Net increase (decrease) (11,532,615) (17,330,037)
============= ================
Series II
Shares sold 2,066,405 1,213,059
Shares redeemed (888,784) (25,756)
------------- ----------------
Net increase (decrease) 1,177,621 1,187,303
============= ================
Series III
Shares sold - -
Shares redeemed - -
------------- ----------------
Net increase (decrease) - -
============= ================
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
41
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
FINANCIAL INTERNATIONAL
SERVICES STOCK
TRUST TRUST
----------------------------- -----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
------------- ------------- ------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 330,624 $ 125,947 $ 3,049,246 $ 1,993,663
Net realized gain (loss) on:
Investment transactions (1,645,293) (247,226) 1,862,497 (96,303,225)
Futures contracts - - - -
Foreign currency and forward foreign currency contracts (3,574) (3,672) 434,591 (311,943)
Change in unrealized appreciation (depreciation) on:
Investments 21,509,955 (8,338,394) 83,476,094 33,456,169
Futures contracts - - - -
Foreign currency and forward foreign currency contracts 1,119 638 221,167 19,035
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations 20,192,831 (8,462,707) 89,043,595 (61,146,301)
Distribution to shareholders from:
Net investment income
Series I (75,872) (776) (1,347,480) (1,142,522)
Series II (45,474) (1) (290,493) (2,394)
------------- ------------- ------------- -------------
Total distributions (121,346) (777) (1,637,973) (1,144,916)
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 8,503,153 29,841,915 150,556,443 324,893,636
Reinvestment of distributions 75,872 776 1,347,480 1,142,522
Cost of shares redeemed (5,840,990) (9,472,101) (176,552,232) (283,668,418)
------------- ------------- ------------- -------------
Total Series I transactions 2,738,035 20,370,590 (24,648,309) 42,367,740
Series II
Net proceeds from sales of shares 18,066,043 12,682,318 158,500,527 132,492,980
Reinvestment of distributions 45,474 1 290,493 2,394
Cost of shares redeemed (1,386,472) (159,903) (112,260,897) (98,457,046)
------------- ------------- ------------- -------------
Total Series II transactions 16,725,045 12,522,416 46,530,123 34,038,328
Series III
Net proceeds from sales of shares 275 - 2,676 -
Cost of shares redeemed - - (523) -
------------- ------------- ------------- -------------
Total Series III transactions 275 - 2,153 -
Net increase (decrease) in net assets from capital
share transactions 19,463,355 32,893,006 21,883,967 76,406,068
------------- ------------- ------------- -------------
Increase (decrease) in net assets 39,534,840 24,429,522 109,289,589 14,114,851
Net assets at beginning of period 49,269,382 24,839,860 279,468,017 265,353,166
------------- ------------- ------------- -------------
Net assets at end of period $ 88,804,222 $ 49,269,382 $ 388,757,606 $ 279,468,017
============= ============= ============= =============
Undistributed net investment income (loss) $ 327,050 $ 121,346 $ 3,486,712 $ 1,640,848
============= ============= ============= =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 786,009 2,663,493 19,536,505 38,146,013
Reinvestment of distributions 8,054 66 192,773 120,519
Shares redeemed (561,012) (910,391) (22,865,372) (32,960,549)
------------- ------------- ------------- -------------
Net increase (decrease) 233,051 1,753,168 (3,136,094) 5,305,983
============= ============= ============= =============
Series II
Shares sold 1,705,986 1,288,107 20,770,735 16,617,226
Reinvestment of distributions 4,833 - + 41,618 253
Shares redeemed (119,149) (15,679) (14,895,185) (12,250,958)
------------- ------------- ------------- -------------
Net increase (decrease) 1,591,670 1,272,428 5,917,168 4,366,521
============= ============= ============= =============
Series III
Shares sold 24 - 298 -
Shares redeemed - - (58) -
------------- ------------- ------------- -------------
Net increase (decrease) 24 - 240 -
============= ============= ============= =============
OVERSEAS
TRUST
-----------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 1,698,180 $ 1,425,504
Net realized gain (loss) on:
Investment transactions (7,817,201) (68,751,502)
Futures contracts (81) (124,542)
Foreign currency and forward foreign currency contracts 211,354 409,427
Change in unrealized appreciation (depreciation) on:
Investments 150,019,040 (18,154,975)
Futures contracts - 141,107
Foreign currency and forward foreign currency contracts (2,665) 110,708
------------- -------------
Net increase (decrease) in net assets resulting from operations 144,108,627 (84,944,273)
Distribution to shareholders from:
Net investment income
Series I (1,565,434) (2,259,622)
Series II (267,380) (2,466)
------------- -------------
Total distributions (1,832,814) (2,262,088)
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 220,315,461 434,400,047
Reinvestment of distributions 1,565,434 2,259,622
Cost of shares redeemed (272,853,576) (480,880,475)
------------- -------------
Total Series I transactions (50,972,681) (44,220,806)
Series II
Net proceeds from sales of shares 146,312,780 110,872,742
Reinvestment of distributions 267,380 2,466
Cost of shares redeemed (104,216,939) (81,835,697)
------------- -------------
Total Series II transactions 42,363,221 29,039,511
Series III
Net proceeds from sales of shares 5,487 -
Cost of shares redeemed (1,197) -
------------- -------------
Total Series III transactions 4,290 -
Net increase (decrease) in net assets from capital
share transactions (8,605,170) (15,181,295)
------------- -------------
Increase (decrease) in net assets 133,670,643 (102,387,656)
Net assets at beginning of period 326,523,090 428,910,746
------------- -------------
Net assets at end of period $ 460,193,733 $ 326,523,090
============= =============
Undistributed net investment income (loss) $ 1,840,993 $ 1,832,814
============= =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 30,417,573 56,528,419
Reinvestment of distributions 251,678 266,465
Shares redeemed (37,294,195) (62,227,345)
------------- -------------
Net increase (decrease) (6,624,944) (5,432,461)
============= =============
Series II
Shares sold 20,630,608 14,707,951
Reinvestment of distributions 43,056 291
Shares redeemed (14,756,316) (10,569,926)
------------- -------------
Net increase (decrease) 5,917,348 4,138,316
============= =============
Series III
Shares sold 647 -
Shares redeemed (135) -
------------- -------------
Net increase (decrease) 512 -
============= =============
+ Rounds to less than 1 share.
The accompanying notes are an integral part of the financial statements.
42
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
INTERNATIONAL INTERNATIONAL
SMALL CAP VALUE
TRUST TRUST
----------------------------- -----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
------------- -------------- ------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 1,245,124 ($536,289) $ 6,419,358 $ 3,567,957
Net realized gain (loss) on:
Investment transactions 9,754,341 (15,996,477) (2,365,483) (20,349,911)
Foreign currency and forward foreign currency contracts (840,137) (1,495,318) (577,316) (439,667)
Change in unrealized appreciation (depreciation) on:
Investments 88,922,359 (3,243,133) 116,610,107 (31,587,996)
Foreign currency and forward foreign currency contracts 36,379 26,593 17,775 8,653
------------- -------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations 99,118,066 (21,244,624) 120,104,441 (48,800,964)
Distribution to shareholders from:
Net investment income
Series I - - (2,357,769) (1,845,865)
Series II - - (771,328) (10,182)
------------- -------------- ------------- -------------
Total distributions - - (3,129,097) (1,856,047)
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 177,300,618 123,339,058 130,822,974 241,687,921
Reinvestment of distributions - - 2,357,769 1,845,865
Cost of shares redeemed (114,139,167) (148,771,242) (174,928,138) (174,371,556)
------------- -------------- ------------- -------------
Total Series I transactions 63,161,451 (25,432,184) (41,747,395) 69,162,230
Series II
Net proceeds from sales of shares 65,541,936 53,923,666 111,270,964 111,996,689
Reinvestment of distributions - - 771,328 10,182
Cost of shares redeemed (13,417,387) (48,843,179) (60,686,594) (59,507,157)
------------- -------------- ------------- -------------
Total Series II transactions 52,124,549 5,080,487 51,355,698 52,499,714
Series III
Net proceeds from sales of shares 12,330 - 1,528 -
Cost of shares redeemed (4,605) - (306) -
------------- -------------- ------------- -------------
Total Series III transactions 7,725 - 1,222 -
Net increase (decrease) in net assets from capital
share transactions 115,293,725 (20,351,697) 9,609,525 121,661,944
------------- -------------- ------------- -------------
Increase (decrease) in net assets 214,411,791 (41,596,321) 126,584,869 71,004,933
Net assets at beginning of period 104,854,218 146,450,539 279,235,176 208,230,243
------------- -------------- ------------- -------------
Net assets at end of period $ 319,266,009 $ 104,854,218 $ 405,820,045 $ 279,235,176
============= ============== ============= =============
Undistributed net investment income (loss) $ 425,381 $ 20,394 $ 5,842,037 $ 3,129,092
============= ============== ============= =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 16,235,268 11,271,548 13,935,487 24,697,491
Reinvestment of distributions - - 290,366 172,350
Shares redeemed (9,993,284) (13,606,960) (19,128,138) (18,023,775)
------------- -------------- ------------- -------------
Net increase (decrease) 6,241,984 (2,335,412) (4,902,285) 6,846,066
============= ============== ============= =============
Series II
Shares sold 5,792,723 5,270,604 11,909,510 12,391,116
Reinvestment of distributions - - 95,108 952
Shares redeemed (1,243,123) (4,755,533) (6,603,284) (6,538,373)
------------- -------------- ------------- -------------
Net increase (decrease) 4,549,600 515,071 5,401,334 5,853,695
============= ============== ============= =============
Series III
Shares sold 935 - 136 -
Shares redeemed (349) - (27) -
------------- -------------- ------------- -------------
Net increase (decrease) 586 - 109 -
============= ============== ============= =============
QUANTITATIVE
MID CAP
TRUST
-------------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
-------------- --------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($104,477) ($62,332)
Net realized gain (loss) on:
Investment transactions 6,379,227 (20,817,229)
Foreign currency and forward foreign currency contracts - -
Change in unrealized appreciation (depreciation) on:
Investments 25,313,489 (2,930,155)
Foreign currency and forward foreign currency contracts - -
-------------- --------------
Net increase (decrease) in net assets resulting from operations 31,588,239 (23,809,716)
Distribution to shareholders from:
Net investment income
Series I - -
Series II - -
-------------- --------------
Total distributions - -
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 10,812,710 12,086,469
Reinvestment of distributions - -
Cost of shares redeemed (8,428,222) (9,894,067)
-------------- --------------
Total Series I transactions 2,384,488 2,192,402
Series II
Net proceeds from sales of shares 4,202,695 2,405,861
Reinvestment of distributions - -
Cost of shares redeemed (768,398) (73,029)
-------------- --------------
Total Series II transactions 3,434,297 2,332,832
Series III
Net proceeds from sales of shares - -
Cost of shares redeemed - -
-------------- --------------
Total Series III transactions - -
Net increase (decrease) in net assets from capital
share transactions 5,818,785 4,525,234
-------------- --------------
Increase (decrease) in net assets 37,407,024 (19,284,482)
Net assets at beginning of period 80,261,256 99,545,738
-------------- --------------
Net assets at end of period $ 117,668,280 $ 80,261,256
============== ==============
Undistributed net investment income (loss) - -
============== ==============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 1,133,815 1,288,548
Reinvestment of distributions - -
Shares redeemed (926,717) (1,160,826)
-------------- --------------
Net increase (decrease) 207,098 127,722
============== ==============
Series II
Shares sold 465,950 288,636
Reinvestment of distributions - -
Shares redeemed (77,624) (8,557)
-------------- --------------
Net increase (decrease) 388,326 280,079
============== ==============
Series III
Shares sold - -
Shares redeemed - -
-------------- --------------
Net increase (decrease) - -
============== ==============
The accompanying notes are an integral part of the financial statements.
43
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
MID CAP
CORE GLOBAL EQUITY
TRUST TRUST
-------------- -----------------------------
05/05/2003* YEAR YEAR
TO ENDED ENDED
12/31/2003 12/31/2003 12/31/2002
-------------- ------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($38,711) $ 3,324,766 $ 3,199,303
Net realized gain (loss) on:
Investment transactions 580,482 23,780,580 (78,658,784)
Written options contracts - - 37,675
Foreign currency and forward foreign currency contracts - 3,070,804 291,104
Change in unrealized appreciation (depreciation) on:
Investments 5,971,693 58,070,915 (20,577,620)
Foreign currency and forward foreign currency contracts - 51,590 (49,892)
-------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations 6,513,464 88,298,655 (95,758,214)
Distribution to shareholders from:
Net investment income
Series I - (3,244,249) (6,110,807)
Series II - (129,209) (771)
-------------- ------------- -------------
Total distributions - (3,373,458) (6,111,578)
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 24,540,343 109,754,844 205,957,908
Reinvestment of distributions - 3,244,249 6,110,807
Cost of shares redeemed (8,410,153) (178,484,978) (291,017,530)
-------------- ------------- -------------
Total Series I transactions 16,130,190 (65,485,885) (78,948,815)
Series II
Net proceeds from sales of shares 26,999,728 25,622,495 17,946,790
Reinvestment of distributions - 129,209 771
Cost of shares redeemed (305,561) (18,507,196) (9,033,747)
-------------- ------------- -------------
Total Series II transactions 26,694,167 7,244,508 8,913,814
Series III
Net proceeds from sales of shares 162 100 -
Cost of shares redeemed (5) - -
-------------- ------------- -------------
Total Series III transactions 157 100 -
Net increase (decrease) in net assets from capital
share transactions 42,824,514 (58,241,277) (70,035,001)
-------------- ------------- -------------
Increase (decrease) in net assets 49,337,978 26,683,920 (171,904,793)
Net assets at beginning of period - 356,122,062 528,026,855
-------------- ------------- -------------
Net assets at end of period $ 49,337,978 $ 382,805,982 $ 356,122,062
============== ============= =============
Undistributed net investment income (loss) - $ 6,493,268 $ 3,471,156
============== ============= =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 1,860,759 9,904,249 17,755,927
Reinvestment of distributions - 323,132 479,279
Shares redeemed (585,331) (15,977,294) (25,412,753)
-------------- ------------- -------------
Net increase (decrease) 1,275,428 (5,749,913) (7,177,547)
============== ============= =============
Series II
Shares sold 1,969,682 2,340,426 1,674,457
Reinvestment of distributions - 12,895 60
Shares redeemed (22,221) (1,666,468) (856,018)
-------------- ------------- -------------
Net increase (decrease) 1,947,461 686,853 818,499
============== ============= =============
Series III
Shares sold 11 8 -
Shares redeemed - + - -
-------------- ------------- -------------
Net increase (decrease) 11 8 -
============== ============= =============
STRATEGIC GROWTH
TRUST
-------------- --------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
-------------- --------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($283,932) ($240,731)
Net realized gain (loss) on:
Investment transactions 2,419,447 (18,319,336)
Written options contracts - -
Foreign currency and forward foreign currency contracts 164 1,385
Change in unrealized appreciation (depreciation) on:
Investments 46,489,374 (18,780,468)
Foreign currency and forward foreign currency contracts (202) 98
-------------- --------------
Net increase (decrease) in net assets resulting from operations 48,624,851 (37,339,052)
Distribution to shareholders from:
Net investment income
Series I - -
Series II - -
-------------- --------------
Total distributions - -
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 52,317,692 101,310,270
Reinvestment of distributions - -
Cost of shares redeemed (45,026,938) (24,014,298)
-------------- --------------
Total Series I transactions 7,290,754 77,295,972
Series II
Net proceeds from sales of shares 53,389,325 26,219,379
Reinvestment of distributions - -
Cost of shares redeemed (5,199,968) (45,598)
-------------- --------------
Total Series II transactions 48,189,357 26,173,781
Series III
Net proceeds from sales of shares 1,804 -
Cost of shares redeemed (300) -
-------------- --------------
Total Series III transactions 1,504 -
Net increase (decrease) in net assets from capital
share transactions 55,481,615 103,469,753
-------------- --------------
Increase (decrease) in net assets 104,106,466 66,130,701
Net assets at beginning of period 157,523,387 91,392,686
-------------- --------------
Net assets at end of period $ 261,629,853 $ 157,523,387
============== ==============
Undistributed net investment income (loss) - ($ 2)
============== ==============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 5,934,963 11,306,122
Reinvestment of distributions - -
Shares redeemed (5,183,817) (2,951,465)
-------------- --------------
Net increase (decrease) 751,146 8,354,657
============== ==============
Series II
Shares sold 6,005,651 3,212,934
Reinvestment of distributions - -
Shares redeemed (586,203) (5,687)
-------------- --------------
Net increase (decrease) 5,419,448 3,207,247
============== ==============
Series III
Shares sold 187 -
Shares redeemed (31) -
-------------- --------------
Net increase (decrease) 156 -
============== ==============
* Commencement of operations
+ Rounds to less than 1 share.
The accompanying notes are an integral part of the financial statements.
44
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
CAPITAL QUANTITATIVE
APPRECIATION ALL CAP
TRUST TRUST
--------------- --------------- -------------
YEAR YEAR 05/05/2003*
ENDED ENDED TO
12/31/2003 12/31/2002 12/31/2003
-------------- -------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($289,496) ($87,148) $ 1,796
Net realized gain (loss) on:
Investment transactions (2,362,073) (12,629,047) 315,737
Futures contracts - - -
Written options contracts 2,452 5,011 -
Foreign currency and forward foreign currency contracts - - -
Change in unrealized appreciation (depreciation) on:
Investments 42,108,116 (12,008,839) 494,380
Futures contracts - - -
Foreign currency and forward foreign currency contracts - - -
-------------- -------------- -------------
Net increase (decrease) in net assets resulting from operations 39,458,999 (24,720,023) 811,913
Distribution to shareholders from:
Net investment income
Series I - - (1,831)
Net realized short term gains on investments, futures, and
foreign currency transactions
Series I - - (68,073)
Series II - - (81,412)
Series III - - (4)
-------------- -------------- -------------
Total distributions - - (151,320)
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 36,495,352 89,461,624 2,400,588
Reinvestment of distributions - - 69,904
Cost of shares redeemed (43,309,494) (6,253,440) (640,706)
-------------- -------------- -------------
Total Series I transactions (6,814,142) 83,208,184 1,829,786
Series II
Net proceeds from sales of shares 44,733,129 24,851,653 2,133,704
Reinvestment of distributions - - 81,412
Cost of shares redeemed (7,423,714) (428,886) (23,083)
-------------- -------------- -------------
Total Series II transactions 37,309,415 24,422,767 2,192,033
Series III
Net proceeds from sales of shares 1,909 - 100
Reinvestment of distributions - - 4
Cost of shares redeemed (417) - -
-------------- -------------- -------------
Total Series III transactions 1,492 - 104
Net increase (decrease) in net assets from capital
share transactions 30,496,765 107,630,951 4,021,923
-------------- -------------- -------------
Increase (decrease) in net assets 69,955,764 82,910,928 4,682,516
Net assets at beginning of period 123,113,323 40,202,395 -
-------------- -------------- -------------
Net assets at end of period $ 193,069,087 $ 123,113,323 $ 4,682,516
============== ============== =============
Undistributed net investment income (loss) - - -
============== ============== =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 5,254,750 12,603,971 182,287
Reinvestment of distributions - - 4,642
Shares redeemed (6,384,809) (928,469) (44,737)
-------------- -------------- -------------
Net increase (decrease) (1,130,059) 11,675,502 142,192
============== ============== =============
Series II
Shares sold 6,441,331 3,725,904 165,130
Reinvestment of distributions - - 5,406
Shares redeemed (1,096,887) (65,565) (1,615)
-------------- -------------- -------------
Net increase (decrease) 5,344,444 3,660,339 168,921
============== ============== =============
Series III
Shares sold 248 - 7
Shares redeemed (54) - - +
-------------- -------------- -------------
Net increase (decrease) 194 - 7
============== ============== =============
ALL CAP
CORE
TRUST
-----------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
------------- --------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 1,210,378 ($784,074)
Net realized gain (loss) on:
Investment transactions 16,097,202 (149,517,568)
Futures contracts 5,938,356 916,882
Written options contracts - -
Foreign currency and forward foreign currency contracts - 4
Change in unrealized appreciation (depreciation) on:
Investments 45,332,054 30,157,672
Futures contracts 404,634 (277,869)
Foreign currency and forward foreign currency contracts - 18
------------- --------------
Net increase (decrease) in net assets resulting from operations 68,982,624 (119,504,935)
Distribution to shareholders from:
Net investment income
Series I - -
Net realized short term gains on investments, futures, and
foreign currency transactions
Series I - -
Series II - -
Series III - -
------------- --------------
Total distributions - -
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 53,627,524 85,681,279
Reinvestment of distributions - -
Cost of shares redeemed (99,983,013) (217,033,764)
------------- --------------
Total Series I transactions (46,355,489) (131,352,485)
Series II
Net proceeds from sales of shares 14,370,413 18,980,299
Reinvestment of distributions - -
Cost of shares redeemed (10,360,326) (14,866,776)
------------- --------------
Total Series II transactions 4,010,087 4,113,523
Series III
Net proceeds from sales of shares - -
Reinvestment of distributions - -
Cost of shares redeemed - -
------------- --------------
Total Series III transactions - -
Net increase (decrease) in net assets from capital
share transactions (42,345,402) (127,238,962)
------------- --------------
Increase (decrease) in net assets 26,637,222 (246,743,897)
Net assets at beginning of period 247,779,299 494,523,196
------------- --------------
Net assets at end of period $ 274,416,521 $ 247,779,299
============= ==============
Undistributed net investment income (loss) $ 1,210,378 $ 2,465
============= ==============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 4,738,173 7,440,732
Reinvestment of distributions - -
Shares redeemed (8,817,052) (19,545,109)
------------- --------------
Net increase (decrease) (4,078,879) (12,104,377)
============= ==============
Series II
Shares sold 1,237,543 1,787,749
Reinvestment of distributions - -
Shares redeemed (900,736) (1,375,858)
------------- --------------
Net increase (decrease) 336,807 411,891
============= ==============
Series III
Shares sold - -
Shares redeemed - -
------------- --------------
Net increase (decrease) - -
============= ==============
* Commencement of operations
+ Rounds to less than 1 share.
The accompanying notes are an integral part of the financial statements.
45
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
LARGE CAP QUANTITATIVE
GROWTH EQUITY
TRUST TRUST
-------------------------------- ----------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
--------------- --------------- --------------- ----------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 1,272,523 $ 1,195,877 $ 2,066,036 $ 1,699,756
Net realized gain (loss) on:
Investment transactions (15,721,398) (101,396,423) (26,617,264) (78,405,216)
Futures contracts - - 121,935 -
Foreign currency and forward foreign currency contracts 9,656 10,995 - -
Change in unrealized appreciation (depreciation) on:
Investments 116,432,026 (21,541,306) 77,836,476 (42,523,220)
Foreign currency and forward foreign currency contracts 490 1,355 - -
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets resulting from operations 101,993,297 (121,729,502) 53,407,183 (119,228,680)
Distribution to shareholders from:
Net investment income
Series I (1,026,829) (1,466,869) (1,621,111) (1,077,319)
Series II (179,918) (574) (78,645) (312)
--------------- --------------- --------------- ---------------
Total distributions (1,206,747) (1,467,443) (1,699,756) (1,077,631)
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 53,195,042 109,387,325 55,189,326 48,658,659
Reinvestment of distributions 1,026,829 1,466,869 1,621,111 1,077,319
Cost of shares redeemed (96,410,252) (114,678,857) (98,833,640) (128,922,344)
--------------- --------------- --------------- ---------------
Total Series I transactions (42,188,381) (3,824,663) (42,023,203) (79,186,366)
Series II
Net proceeds from sales of shares 46,459,522 34,290,234 19,140,800 10,977,852
Reinvestment of distributions 179,918 574 78,645 312
Cost of shares redeemed (6,961,271) (1,056,960) (9,675,736) (3,968,754)
--------------- --------------- --------------- ---------------
Total Series II transactions 39,678,169 33,233,848 9,543,709 7,009,410
Series III
Net proceeds from sales of shares - - 359 -
Cost of shares redeemed - - (3) -
--------------- --------------- --------------- ---------------
Total Series III transactions - - 356 -
Net increase (decrease) in net assets from capital
share transactions (2,510,212) 29,409,185 (32,479,138) (72,176,956)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets 98,276,338 (93,787,760) 19,228,289 (192,483,267)
Net assets at beginning of period 402,261,410 496,049,170 255,519,221 448,002,488
--------------- --------------- --------------- ---------------
Net assets at end of period $ 500,537,748 $ 402,261,410 $ 274,747,510 $ 255,519,221
=============== =============== =============== ===============
Undistributed net investment income (loss) $ 1,282,179 $ 1,206,747 $ 2,066,036 $ 1,699,756
=============== =============== =============== ===============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 6,577,969 12,013,359 4,201,855 3,412,190
Reinvestment of distributions 135,287 152,958 135,093 66,093
Shares redeemed (11,859,625) (13,584,739) (7,600,958) (9,452,519)
--------------- --------------- --------------- ---------------
Net increase (decrease) (5,146,369) (1,418,422) (3,264,010) (5,974,236)
=============== =============== =============== ===============
Series II
Shares sold 5,719,048 4,280,434 1,449,174 854,245
Reinvestment of distributions 23,767 60 6,570 19
Shares redeemed (828,981) (133,912) (739,100) (305,878)
--------------- --------------- --------------- ---------------
Net increase (decrease) 4,913,834 4,146,582 716,644 548,386
=============== =============== =============== ===============
Series III
Shares sold - - 25 -
Shares redeemed - - - + -
--------------- --------------- --------------- ---------------
Net increase (decrease) - - 25 -
=============== =============== =============== ===============
BLUE CHIP
GROWTH
TRUST
---------------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
--------------- ---------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 1,685,803 $ 679,264
Net realized gain (loss) on:
Investment transactions (44,128,547) (97,420,643)
Futures contracts - -
Foreign currency and forward foreign currency contracts (65,275) (21,033)
Change in unrealized appreciation (depreciation) on:
Investments 373,187,550 (299,335,543)
Foreign currency and forward foreign currency contracts - -
--------------- ---------------
Net increase (decrease) in net assets resulting from operations 330,679,531 (396,097,955)
Distribution to shareholders from:
Net investment income
Series I (509,443) -
Series II (148,788) -
--------------- ---------------
Total distributions (658,231) -
Capital Shares Transactions +++ :
Series I
Net proceeds from sales of shares 90,129,451 102,059,564
Reinvestment of distributions 509,443 -
Cost of shares redeemed (188,704,658) (248,553,822)
--------------- ---------------
Total Series I transactions (98,065,764) (146,494,258)
Series II
Net proceeds from sales of shares 124,289,590 63,952,070
Reinvestment of distributions 148,788 -
Cost of shares redeemed (15,366,112) (403,255)
--------------- ---------------
Total Series II transactions 109,072,266 63,548,815
Series III
Net proceeds from sales of shares 7,902 -
Cost of shares redeemed (2,041) -
--------------- ---------------
Total Series III transactions 5,861 -
Net increase (decrease) in net assets from capital
share transactions 11,012,363 (82,945,443)
--------------- ---------------
Increase (decrease) in net assets 341,033,663 (479,043,398)
Net assets at beginning of period 1,154,150,389 1,633,193,787
--------------- ---------------
Net assets at end of period $ 1,495,184,052 $ 1,154,150,389
=============== ===============
Undistributed net investment income (loss) $ 1,620,528 $ 658,231
=============== ===============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 6,693,442 7,368,083
Reinvestment of distributions 41,723 -
Shares redeemed (14,503,745) (19,403,977)
--------------- ---------------
Net increase (decrease) (7,768,580) (12,035,894)
=============== ===============
Series II
Shares sold 9,288,064 5,154,561
Reinvestment of distributions 12,206 -
Shares redeemed (1,159,528) (32,776)
--------------- ---------------
Net increase (decrease) 8,140,742 5,121,785
=============== ===============
Series III
Shares sold 541 -
Shares redeemed (140) -
--------------- ---------------
Net increase (decrease) 401 -
=============== ===============
+ Rounds to less than 1 share.
The accompanying notes are an integral part of the financial statements.
46
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
U.S. LARGE CAP TRUST STRATEGIC VALUE TRUST
(FORMERLY, U.S. LARGE CAP VALUE (FORMERLY, CAPITAL OPPORTUNITIES
TRUST) TRUST)
------------------------------- --------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
------------- ------------- ------------ ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 1,829,752 $ 2,176,699 $ 583,723 $ 15,689
Net realized gain (loss) on:
Investment transactions (33,864,011) (49,977,233) 4,372,341 (9,456,696)
Foreign currency and forward foreign currency contracts - (15) (27) (616)
Change in unrealized appreciation (depreciation) on:
Investments 185,849,158 (98,616,719) 19,745,838 (3,752,244)
Foreign currency and forward foreign currency contracts - - - 14
------------- ------------- ------------ ------------
Net increase (decrease) in net assets resulting from
operations 153,814,899 (146,417,268) 24,701,875 (13,193,853)
Distribution to shareholders from:
Net investment income
Series I (1,711,671) (1,470,095) (6,035) -
Series II (465,013) (2,214) (8,833) -
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I - - - -
Series II - - - -
------------- ------------- ------------ ------------
Total distributions (2,176,684) (1,472,309) (14,868) -
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 50,887,322 212,495,407 53,215,124 20,221,645
Reinvestment of distributions 1,711,671 1,470,095 6,035 -
Cost of shares redeemed (139,884,777) (202,591,933) (9,745,798) (6,563,912)
------------- ------------- ------------ ------------
Total Series I transactions (87,285,784) 11,373,569 43,475,361 13,657,733
Series II
Net proceeds from sales of shares 74,464,786 70,257,236 35,572,792 6,241,849
Reinvestment of distributions 465,013 2,214 8,833 -
Cost of shares redeemed (23,604,563) (10,829,841) (733,974) (75,645)
------------- ------------- ------------ ------------
Total Series II transactions 51,325,236 59,429,609 34,847,651 6,166,204
Series III
Net proceeds from sales of shares 1,397 - 1,348 -
Cost of shares redeemed (273) - (252) -
------------- ------------- ------------ ------------
Total Series III transactions 1,124 - 1,096 -
Net increase (decrease) in net assets from capital
share transactions (35,959,424) 70,803,178 78,324,108 19,823,937
------------- ------------- ------------ ------------
Increase (decrease) in net assets 115,678,791 (77,086,399) 103,011,115 6,630,084
Net assets at beginning of period 441,535,028 518,621,427 40,057,675 33,427,591
------------- ------------- ------------ ------------
Net assets at end of period $ 557,213,819 $ 441,535,028 $143,068,790 $ 40,057,675
============= ============= ============ ============
Undistributed net investment income (loss) $ 1,829,752 $ 2,176,684 $ 583,696 $ 14,868
============= ============= ============ ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 4,874,267 19,884,248 6,246,585 2,067,410
Reinvestment of distributions 178,671 118,748 779 -
Shares redeemed (13,440,044) (20,531,460) (1,099,861) (806,809)
------------- ------------- ------------ ------------
Net increase (decrease) (8,387,106) (528,464) 5,147,503 1,260,601
============= ============= ============ ============
Series II
Shares sold 7,114,758 7,373,376 4,069,575 768,574
Reinvestment of distributions 48,642 179 1,141 -
Shares redeemed (2,255,208) (1,070,625) (83,071) (9,534)
------------- ------------- ------------ ------------
Net increase (decrease) 4,908,192 6,302,930 3,987,645 759,040
============= ============= ============ ============
Series III
Shares sold 116 - 143 -
Shares redeemed (22) - (27) -
------------- ------------- ------------ ------------
Net increase (decrease) 94 - 116 -
============= ============= ============ ============
LARGE CAP
VALUE
TRUST
-------------
05/05/2003*
TO
12/31/2003
------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ (8,251)
Net realized gain (loss) on:
Investment transactions 432,453
Foreign currency and forward foreign currency contracts -
Change in unrealized appreciation (depreciation) on:
Investments 1,293,298
Foreign currency and forward foreign currency contracts -
-----------
Net increase (decrease) in net assets resulting from
operations 1,717,500
Distribution to shareholders from:
Net investment income
Series I -
Series II -
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I (85,667)
Series II (147,536)
-----------
Total distributions (233,203)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 6,104,722
Reinvestment of distributions 85,667
Cost of shares redeemed (571,699)
-----------
Total Series I transactions 5,618,690
Series II
Net proceeds from sales of shares 8,349,362
Reinvestment of distributions 147,536
Cost of shares redeemed (1,419,741)
-----------
Total Series II transactions 7,077,157
Series III
Net proceeds from sales of shares -
Cost of shares redeemed -
-----------
Total Series III transactions -
Net increase (decrease) in net assets from capital
share transactions 12,695,847
-----------
Increase (decrease) in net assets 14,180,144
Net assets at beginning of period -
-----------
Net assets at end of period $14,180,144
===========
Undistributed net investment income (loss) -
===========
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 428,503
Reinvestment of distributions 5,467
Shares redeemed (37,881)
-----------
Net increase (decrease) 396,089
===========
Series II
Shares sold 601,086
Reinvestment of distributions 9,427
Shares redeemed (100,420)
-----------
Net increase (decrease) 510,093
===========
Series III
Shares sold -
Shares redeemed -
-----------
Net increase (decrease) -
===========
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
47
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
REAL ESTATE SMALL CAP
UTILITIES SECURITIES OPPORTUNITIES
TRUST TRUST TRUST
------------------------ -------------------------- ------------
YEAR YEAR YEAR YEAR 05/05/2003*
ENDED ENDED ENDED ENDED TO
12/31/2003 12/31/2002 12/31/2003 12/31/2002 12/31/2003
----------- ----------- ------------ ------------ ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 618,028 $ 435,140 $ 17,512,055 $15,617,212 $ 84,066
Net realized gain (loss) on:
Investment transactions 4,288,999 (6,210,190) 15,030,159 (5,249,849) 388,900
Futures contracts - - - - 933,878
Foreign currency and forward foreign currency contracts (5,696) 77 125 - (530)
Change in unrealized appreciation (depreciation) on:
Investments 6,991,872 102,536 124,300,806 (9,128,919) 13,523,952
Foreign currency and forward foreign currency contracts 1,101 (1) - - 18
----------- ----------- ------------ ------------ ------------
Net increase (decrease) in net assets resulting from operations 11,894,304 (5,672,438) 156,843,145 1,238,444 14,930,284
Distribution to shareholders from:
Net investment income
Series I (302,041) (1,029) (9,155,261) (8,221,598) -
Series II (133,134) (4) (2,017,857) (16,358) -
----------- ----------- ------------ ------------ ------------
Total distributions (435,175) (1,033) (11,173,118) (8,237,956) -
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 14,618,583 13,402,339 88,403,839 132,094,233 37,212,037
Reinvestment of distributions 302,041 1,029 9,155,261 8,221,598 -
Cost of shares redeemed (8,731,938) (5,268,847) (65,287,689) (51,566,669) (11,368,704)
----------- ----------- ------------ ------------ ------------
Total Series I transactions 6,188,686 8,134,521 32,271,411 88,749,162 25,843,333
Series II
Net proceeds from sales of shares 11,652,752 6,527,895 91,134,766 52,666,454 29,384,067
Reinvestment of distributions 133,134 4 2,017,857 16,358 -
Cost of shares redeemed (1,647,472) (101,782) (6,645,457) (3,533,107) (1,219,242)
----------- ----------- ------------ ------------ ------------
Total Series II transactions 10,138,414 6,426,117 86,507,166 49,149,705 28,164,825
Series III
Net proceeds from sales of shares 100 - 29,790 - 494
Cost of shares redeemed - - (9,953) - (18)
----------- ----------- ------------ ------------ ------------
Total Series III transactions 100 - 19,837 - 476
Net increase (decrease) in net assets from capital
share transactions 16,327,200 14,560,638 118,798,414 137,898,867 54,008,634
----------- ----------- ------------ ------------ ------------
Increase (decrease) in net assets 27,786,329 8,887,167 264,468,441 130,899,355 68,938,918
Net assets at beginning of period 27,147,059 18,259,892 351,818,609 220,919,254 -
----------- ----------- ------------ ------------ ------------
Net assets at end of period $54,933,388 $27,147,059 $616,287,050 $351,818,609 $ 68,938,918
=========== =========== ============ ============ ============
Undistributed net investment income (loss) $ 611,834 $ 434,677 $ 17,512,180 $ 12,116,374 $ 83,536
=========== =========== ============ ============ ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 1,831,310 1,654,526 5,043,058 8,231,649 2,778,728
Reinvestment of distributions 41,546 119 581,656 487,639 -
Shares redeemed (1,117,020) (722,561) (3,774,880) (3,329,430) (745,642)
----------- ----------- ------------ ------------ ------------
Net increase (decrease) 755,836 932,084 1,849,834 5,389,858 2,033,086
=========== =========== ============ ============ ============
Series II
Shares sold 1,452,646 936,092 5,174,415 3,373,332 1,988,508
Reinvestment of distributions 18,363 - + 128,444 971 -
Shares redeemed (209,766) (15,342) (362,663) (214,857) (80,744)
----------- ----------- ------------ ------------ ------------
Net increase (decrease) 1,261,243 920,750 4,940,196 3,159,446 1,907,764
=========== =========== ============ ============ ============
Series III
Shares sold 12 - 1,544 - 31
Shares redeemed - - (513) - (1)
----------- ----------- ------------ ------------ ------------
Net increase (decrease) 12 - 1,031 - 30
=========== =========== ============ ============ ============
* Commencement of operations
+ Rounds to less than 1 share.
The accompanying notes are an integral part of the financial statements.
48
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
SMALL COMPANY SPECIAL
VALUE VALUE MID CAP VALUE
TRUST TRUST TRUST
---------------------------- ----------- ----------------------------
YEAR YEAR 05/05/2003* YEAR YEAR
ENDED ENDED TO ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2003 12/31/2002
------------- ------------- ----------- ------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 894,470 $ 2,073,409 $ (40,816) $ 2,523,735 $ 1,676,284
Net realized gain (loss) on:
Investment transactions 6,095,623 402,951 430,481 (3,014,911) (3,782,104)
Futures contracts - (321,749) - - -
Change in unrealized appreciation (depreciation) on:
Investments 115,324,823 (36,418,398) 2,430,967 87,842,564 (22,066,022)
------------- ------------- ----------- ------------- ------------
Net increase (decrease) in net assets resulting from
operations 122,314,916 (34,263,787) 2,820,632 87,351,388 (24,171,842)
Distribution to shareholders from:
Net investment income
Series I (1,371,571) (895,479) - (1,188,342) -
Series II (361,571) (1,618) - (442,985) -
Net realized long term gains on investments, futures and
foreign currency transactions
Series I (387,016) (1,225,938) - - -
Series II (87,261) (2,216) - - -
------------- ------------- ----------- ------------- ------------
Total distributions (2,207,419) (2,125,251) - (1,631,327) -
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 92,891,522 236,665,472 11,162,576 64,771,753 238,278,902
Reinvestment of distributions 1,758,587 2,121,417 - 1,188,342 -
Cost of shares redeemed (106,378,865) (110,920,391) (2,251,734) (106,958,130) (26,474,658)
------------- ------------- ----------- ------------- ------------
Total Series I transactions (11,728,756) 127,866,498 8,910,842 (40,998,035) 211,804,244
Series II
Net proceeds from sales of shares 80,687,442 59,076,702 6,282,618 88,270,247 72,381,671
Reinvestment of distributions 448,832 3,834 - 442,985 -
Cost of shares redeemed (11,999,819) (7,422,698) (369,163) (19,227,183) (310,974)
------------- ------------- ----------- ------------- ------------
Total Series II transactions 69,136,455 51,657,838 5,913,455 69,486,049 72,070,697
Series III
Net proceeds from sales of shares 458 - 233 2,219 -
Cost of shares redeemed (12) - (6) (9) -
------------- ------------- ----------- ------------- ------------
Total Series III transactions 446 - 227 2,210 -
Net increase (decrease) in net assets from capital
share transactions 57,408,145 179,524,336 14,824,524 28,490,224 283,874,941
------------- ------------- ----------- ------------- ------------
Increase (decrease) in net assets 177,515,642 143,135,298 17,645,156 114,210,285 259,703,099
Net assets at beginning of period 356,180,934 213,045,636 - 340,440,287 80,737,188
------------- ------------- ----------- ------------- ------------
Net assets at end of period $ 533,696,576 $ 356,180,934 $17,645,156 $ 454,650,572 $340,440,287
============= ============= =========== ============= ============
Undistributed net investment income (loss) $ 894,470 $ 2,030,665 - $ 2,523,735 $ 1,636,162
============= ============= =========== ============= ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 6,308,680 16,413,802 843,871 5,328,407 19,011,712
Reinvestment of distributions 136,962 139,201 - 108,425 -
Shares redeemed (7,588,407) (8,327,561) (155,207) (9,038,549) (2,250,066)
------------- ------------- ----------- ------------- ------------
Net increase (decrease) (1,142,765) 8,225,442 688,664 (3,601,717) 16,761,646
============= ============= =========== ============= ============
Series II
Shares sold 5,507,378 4,426,530 453,067 7,258,968 6,080,598
Reinvestment of distributions 35,010 252 - 40,455 -
Shares redeemed (842,014) (483,545) (25,980) (1,644,979) (24,680)
------------- ------------- ----------- ------------- ------------
Net increase (decrease) 4,700,374 3,943,237 427,087 5,654,444 6,055,918
============= ============= =========== ============= ============
Series III
Shares sold 28 - 16 161 -
Shares redeemed (1) - - + (1) -
------------- ------------- ----------- ------------- ------------
Net increase (decrease) 27 - 16 160 -
============= ============= =========== ============= ============
* Commencement of operations
+ Rounds to less than 1 share.
The accompanying notes are an integral part of the financial statements.
49
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
VALUE ALL CAP VALUE
TRUST TRUST
--------------------------- --------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
------------ ------------- ------------ ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 1,751,830 $ 3,123,000 $ 910,435 $ 46,097
Net realized gain (loss) on:
Investment transactions (19,847,634) (24,782,673) (927,654) (2,119,493)
Futures contracts - - - -
Change in unrealized appreciation (depreciation) on:
Investments 101,874,284 (66,761,363) 52,170,119 (9,560,507)
Futures contracts - - - -
------------ ------------- ------------ ------------
Net increase (decrease) in net assets resulting from
operations 83,778,480 (88,421,036) 52,152,900 (11,633,903)
Distribution to shareholders from:
Net investment income
Series I (2,927,627) (2,727,882) (29,395) (843)
Series II (195,373) (2,255) (16,728) (2)
Net realized long term gains on investments,
futures, and foreign currency transactions
Series I - (4,304,078) - -
Series II - (3,557) - -
------------ ------------- ------------ ------------
Total distributions (3,123,000) (7,037,772) (46,123) (845)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 25,816,402 72,117,043 133,074,931 34,760,402
Reinvestment of distributions 2,927,627 7,031,960 29,395 843
Cost of shares redeemed (69,054,536) (106,050,315) (17,904,267) (12,047,966)
------------ ------------- ------------ ------------
Total Series I transactions (40,310,507) (26,901,312) 115,200,059 22,713,279
Series II
Net proceeds from sales of shares 15,797,744 17,919,362 79,977,073 7,697,273
Reinvestment of distributions 195,373 5,812 16,728 2
Cost of shares redeemed (5,145,914) (5,748,212) (1,569,644) (211,180)
------------ ------------- ------------ ------------
Total Series II transactions 10,847,203 12,176,962 78,424,157 7,486,095
Series III
Net proceeds from sales of shares - - 7,175 -
Cost of shares redeemed - - (3,045) -
------------ ------------- ------------ ------------
Total Series III transactions - - 4,130 -
Net increase (decrease) in net assets from capital
share transactions (29,463,304) (14,724,350) 193,628,346 30,199,374
------------ ------------- ------------ ------------
Increase (decrease) in net assets 51,192,176 (110,183,158) 245,735,123 18,564,626
Net assets at beginning of period 249,843,908 360,027,066 39,441,148 20,876,522
------------ ------------- ------------ ------------
Net assets at end of period $301,036,084 $ 249,843,908 $285,176,271 $ 39,441,148
============ ============= ============ ============
Undistributed net investment income (loss) $ 1,751,830 $ 3,123,000 $ 910,435 $ 46,123
============ ============= ============ ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 1,795,594 4,796,755 12,734,562 3,141,243
Reinvestment of distributions 245,195 418,320 3,094 70
Shares redeemed (5,196,447) (7,977,468) (1,675,837) (1,252,298)
------------ ------------- ------------ ------------
Net increase (decrease) (3,155,658) (2,762,393) 11,061,819 1,889,015
============ ============= ============ ============
Series II
Shares sold 1,113,981 1,365,931 7,442,905 816,442
Reinvestment of distributions 16,377 346 1,762 - +
Shares redeemed (363,164) (446,949) (149,253) (24,307)
------------ ------------- ------------ ------------
Net increase (decrease) 767,194 919,328 7,295,414 792,135
============ ============= ============ ============
Series III
Shares sold - - 614 -
Shares redeemed - - (261) -
------------ ------------- ------------ ------------
Net increase (decrease) - - 353 -
============ ============= ============ ============
EQUITY INDEX
TRUST
--------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
------------ ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 1,026,275 $ 1,086,152
Net realized gain (loss) on:
Investment transactions (354,253) (3,590,476)
Futures contracts 113,665 (583,402)
Change in unrealized appreciation (depreciation) on:
Investments 17,714,342 (20,298,513)
Futures contracts 101,076 (38,098)
------------ ------------
Net increase (decrease) in net assets resulting from
operations 18,601,105 (23,424,337)
Distribution to shareholders from:
Net investment income
Series I (1,083,167) (1,019,444)
Series II - -
Net realized long term gains on investments,
futures, and foreign currency transactions
Series I - -
Series II - -
------------ ------------
Total distributions (1,083,167) (1,019,444)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 14,323,771 19,031,991
Reinvestment of distributions 1,083,167 1,019,444
Cost of shares redeemed (24,471,046) (25,532,822)
------------ ------------
Total Series I transactions (9,064,108) (5,481,387)
Series II
Net proceeds from sales of shares - -
Reinvestment of distributions - -
Cost of shares redeemed - -
------------ ------------
Total Series II transactions - -
Series III
Net proceeds from sales of shares - -
Cost of shares redeemed - -
------------ ------------
Total Series III transactions - -
Net increase (decrease) in net assets from capital
share transactions (9,064,108) (5,481,387)
------------ ------------
Increase (decrease) in net assets 8,453,830 (29,925,168)
Net assets at beginning of period 73,082,296 103,007,464
------------ ------------
Net assets at end of period $ 81,536,126 $ 73,082,296
============ ============
Undistributed net investment income (loss) $ 1,026,275 $ 1,083,805
============ ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 1,221,486 1,566,660
Reinvestment of distributions 101,897 75,291
Shares redeemed (2,116,634) (2,210,740)
------------ ------------
Net increase (decrease) (793,251) (568,789)
============ ============
Series II
Shares sold - -
Reinvestment of distributions - -
Shares redeemed - -
------------ ------------
Net increase (decrease) - -
============ ============
Series III
Shares sold - -
Shares redeemed - -
------------ ------------
Net increase (decrease) - -
============ ============
+ Rounds to less than 1 share.
The accompanying notes are an integral part of the financial statements.
50
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
FUNDAMENTAL
VALUE GROWTH & INCOME
TRUST TRUST
---------------------------- -------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
------------- ------------ -------------- --------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 3,046,187 $ 1,280,206 $ 13,682,519 $ 15,127,333
Net realized gain (loss) on:
Investment transactions (1,282,681) (5,226,518) (34,180,718) (90,048,302)
Foreign currency and forward foreign currency contracts (62,076) (435) - -
Change in unrealized appreciation (depreciation) on:
Investments 115,859,410 (28,159,328) 379,920,334 (490,938,527)
Foreign currency and forward foreign currency contracts 221 - - -
------------- ------------ -------------- --------------
Net increase (decrease) in net assets resulting from
operations 117,561,061 (32,106,075) 359,422,135 (565,859,496)
Distribution to shareholders from:
Net investment income
Series I (849,707) (152,224) (14,469,838) (12,303,552)
Series II (311,072) (556) (657,495) (3,670)
Net realized short term gains on investments, futures,
and foreign currency transactions
Series II - - - -
Net realized long term gains on investments, futures,
and foreign currency transactions
Series I - - - (74,913,696)
Series II - - - (22,349)
------------- ------------ -------------- --------------
Total distributions (1,160,779) (152,780) (15,127,333) (87,243,267)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 60,914,675 205,192,599 39,569,860 65,616,571
Reinvestment of distributions 849,707 152,224 14,469,838 87,217,248
Cost of shares redeemed (54,977,041) (16,778,417) (262,399,225) (452,578,077)
------------- ------------ -------------- --------------
Total Series I transactions 6,787,341 188,566,406 (208,359,527) (299,744,258)
Series II
Net proceeds from sales of shares 106,987,978 66,549,754 64,316,764 50,841,320
Reinvestment of distributions 311,072 556 657,495 26,019
Cost of shares redeemed (6,477,750) (24,366) (8,805,570) (9,937,921)
------------- ------------ -------------- --------------
Total Series II transactions 100,821,300 66,525,944 56,168,689 40,929,418
Series III
Net proceeds from sales of shares 9,364 - 1,581 -
Cost of shares redeemed (1,323) - (264) -
------------- ------------ -------------- --------------
Total Series III transactions 8,041 - 1,317 -
Net increase (decrease) in net assets from capital
share transactions 107,616,682 255,092,350 (152,189,521) (258,814,840)
------------- ------------ -------------- --------------
Increase (decrease) in net assets 224,016,964 222,833,495 192,105,281 (911,917,603)
Net assets at beginning of period 334,423,431 111,589,936 1,475,800,629 2,387,718,232
------------- ------------ -------------- --------------
Net assets at end of period $ 558,440,395 $334,423,431 $1,667,905,910 $1,475,800,629
============= ============ ============== ==============
Undistributed net investment income (loss) $ 3,092,009 $ 1,277,150 $ 13,682,519 $ 15,127,333
============= ============ ============== ==============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 5,766,248 19,560,519 2,067,632 3,082,011
Reinvestment of distributions 87,689 13,089 843,230 3,955,431
Shares redeemed (5,312,351) (1,685,008) (14,166,067) (24,351,134)
------------- ------------ -------------- --------------
Net increase (decrease) 541,586 17,888,600 (11,255,205) (17,313,692)
============= ============ ============== ==============
Series II
Shares sold 9,981,256 6,642,349 3,440,910 2,809,153
Reinvestment of distributions 32,136 48 38,383 1,181
Shares redeemed (624,668) (2,351) (465,524) (539,477)
------------- ------------ -------------- --------------
Net increase (decrease) 9,388,724 6,640,046 3,013,769 2,270,857
============= ============ ============== ==============
Series III
Shares sold 802 - 77 -
Shares redeemed (112) - (13) -
------------- ------------ -------------- --------------
Net increase (decrease) 690 - 64 -
============= ============ ============== ==============
GREAT COMPANIES -
AMERICA
TRUST
-----------------
08/04/2003*
TO
12/31/2003
-----------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($182)
Net realized gain (loss) on:
Investment transactions 2,538
Foreign currency and forward foreign currency contracts -
Change in unrealized appreciation (depreciation) on:
Investments 268,774
Foreign currency and forward foreign currency contracts -
------------
Net increase (decrease) in net assets resulting from
operations 271,130
Distribution to shareholders from:
Net investment income
Series I -
Series II -
Net realized short term gains on investments, futures,
and foreign currency transactions
Series II (1,801)
Net realized long term gains on investments, futures,
and foreign currency transactions
Series I -
Series II -
------------
Total distributions (1,801)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares -
Reinvestment of distributions -
Cost of shares redeemed -
------------
Total Series I transactions -
Series II
Net proceeds from sales of shares 2,525,628
Reinvestment of distributions 1,801
Cost of shares redeemed (1,055)
------------
Total Series II transactions 2,526,374
Series III
Net proceeds from sales of shares -
Cost of shares redeemed -
------------
Total Series III transactions -
Net increase (decrease) in net assets from capital
share transactions 2,526,374
------------
Increase (decrease) in net assets 2,795,703
Net assets at beginning of period -
------------
Net assets at end of period $ 2,795,703
============
Undistributed net investment income (loss) -
============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold -
Reinvestment of distributions -
Shares redeemed -
------------
Net increase (decrease) -
============
Series II
Shares sold 199,592
Reinvestment of distributions 129
Shares redeemed (78)
------------
Net increase (decrease) 199,643
============
Series III
Shares sold -
Shares redeemed -
------------
Net increase (decrease) -
============
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
51
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
EQUITY-INCOME INCOME & VALUE
TRUST TRUST
------------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
-------------- -------------- ------------ -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 21,708,104 $ 18,121,061 $ 7,532,511 $ 9,672,919
Net realized gain (loss) on:
Investment transactions 19,636,616 24,982,229 (27,342,026) (28,747,940)
Foreign currency and forward foreign currency contracts (24,446) - 567 (33)
Change in unrealized appreciation (depreciation) on:
Investments 268,362,773 (215,269,448) 145,168,697 (73,859,605)
Foreign currency and forward foreign currency contracts - - (224) 554
-------------- -------------- ------------ -------------
Net increase (decrease) in net assets resulting from
operations 309,683,047 (172,166,158) 125,359,525 (92,934,105)
Distribution to shareholders from:
Net investment income
Series I (15,766,776) (15,159,114) (9,409,101) (10,537,683)
Series II (2,094,524) (6,702) (783,920) (7,619)
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I (1,618,823) (2,853,930) - -
Series II (202,136) (1,262) - -
Net realized long term gains on investments, futures,
and foreign currency transactions
Series I (20,680,441) (29,738,500) - -
Series II (2,582,285) (13,148) - -
-------------- -------------- ------------ -------------
Total distributions (42,944,985) (47,772,656) (10,193,021) (10,545,302)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 145,018,059 215,279,170 37,066,702 83,863,512
Reinvestment of distributions 38,066,040 47,751,544 9,409,101 10,537,683
Cost of shares redeemed (141,449,920) (176,750,557) (76,578,349) (104,039,588)
-------------- -------------- ------------ -------------
Total Series I transactions 41,634,179 86,280,157 (30,102,546) (9,638,393)
Series II
Net proceeds from sales of shares 177,064,319 89,274,342 48,292,303 23,453,565
Reinvestment of distributions 4,878,945 21,112 783,920 7,619
Cost of shares redeemed (1,434,889) (220,948) (2,777,870) (603,841)
-------------- -------------- ------------ -------------
Total Series II transactions 180,508,375 89,074,506 46,298,353 22,857,343
Series III
Net proceeds from sales of shares 9,060 - - -
Cost of shares redeemed (1,693) - - -
-------------- -------------- ------------ -------------
Total Series III transactions 7,367 - - -
Net increase (decrease) in net assets from capital
share transactions 222,149,921 175,354,663 16,195,807 13,218,950
-------------- -------------- ------------ -------------
Increase (decrease) in net assets 488,887,983 (44,584,151) 131,362,311 (90,260,457)
Net assets at beginning of period 1,102,490,739 1,147,074,890 471,362,862 561,623,319
-------------- -------------- ------------ -------------
Net assets at end of period $1,591,378,722 $1,102,490,739 $602,725,173 $ 471,362,862
============== ============== ============ =============
Undistributed net investment income (loss) $ 21,683,658 $ 17,974,623 $ 8,212,711 $ 10,135,876
============== ============== ============ =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 11,124,624 14,903,160 4,087,334 9,247,394
Reinvestment of distributions 3,236,908 3,179,197 1,126,838 1,066,567
Shares redeemed (10,874,783) (13,444,146) (8,432,514) (12,109,259)
-------------- -------------- ------------ -------------
Net increase (decrease) 3,486,749 4,638,211 (3,218,342) (1,795,298)
============== ============== ============ =============
Series II
Shares sold 13,484,561 6,931,282 5,313,015 2,804,704
Reinvestment of distributions 415,584 1,407 94,108 772
Shares redeemed (101,767) (14,697) (306,126) (71,904)
-------------- -------------- ------------ -------------
Net increase (decrease) 13,798,378 6,917,992 5,100,997 2,733,572
============== ============== ============ =============
Series III
Shares sold 648 - - -
Shares redeemed (119) - - -
-------------- -------------- ------------ -------------
Net increase (decrease) 529 - - -
============== ============== ============ =============
BALANCED
TRUST
----------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
------------ -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 2,737,454 $ 3,282,527
Net realized gain (loss) on:
Investment transactions (6,147,456) (17,179,801)
Foreign currency and forward foreign currency contracts 804 -
Change in unrealized appreciation (depreciation) on:
Investments 23,054,596 (11,390,818)
Foreign currency and forward foreign currency contracts (337) 775
------------ -------------
Net increase (decrease) in net assets resulting from
operations 19,645,061 (25,287,317)
Distribution to shareholders from:
Net investment income
Series I (3,337,836) (3,955,306)
Series II (256,181) (11,519)
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I - -
Series II - -
Net realized long term gains on investments, futures,
and foreign currency transactions
Series I - -
Series II - -
------------ -------------
Total distributions (3,594,017) (3,966,825)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 10,250,722 15,018,828
Reinvestment of distributions 3,337,836 3,955,306
Cost of shares redeemed (27,000,899) (27,939,115)
------------ -------------
Total Series I transactions (13,412,341) (8,964,981)
Series II
Net proceeds from sales of shares 12,890,596 7,279,299
Reinvestment of distributions 256,181 11,519
Cost of shares redeemed (2,864,204) (879,984)
------------ -------------
Total Series II transactions 10,282,573 6,410,834
Series III
Net proceeds from sales of shares - -
Cost of shares redeemed - -
------------ -------------
Total Series III transactions - -
Net increase (decrease) in net assets from capital
share transactions (3,129,768) (2,554,147)
------------ -------------
Increase (decrease) in net assets 12,921,276 (31,808,289)
Net assets at beginning of period 142,931,203 174,739,492
------------ -------------
Net assets at end of period $155,852,479 $ 142,931,203
============ =============
Undistributed net investment income (loss) $ 2,950,669 $ 3,581,503
============ =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 868,046 1,203,973
Reinvestment of distributions 304,269 305,193
Shares redeemed (2,312,260) (2,349,574)
------------ -------------
Net increase (decrease) (1,139,945) (840,408)
============ =============
Series II
Shares sold 1,106,427 632,956
Reinvestment of distributions 23,396 889
Shares redeemed (246,454) (78,573)
------------ -------------
Net increase (decrease) 883,369 555,272
============ =============
Series III
Shares sold - -
Shares redeemed - -
------------ -------------
Net increase (decrease) - -
============ =============
The accompanying notes are an integral part of the financial statements.
52
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL ALLOCATION TRUST
(FORMERLY, TACTICAL ALLOCATION HIGH YIELD
TRUST) TRUST
------------------------------ ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
----------- ------------ ------------ -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 463,258 $ 317,752 $ 48,433,004 $ 30,211,984
Net realized gain (loss) on:
Investment transactions (14,658,888) (6,972,106) (17,561,268) (69,783,841)
Futures contracts - - (2,013,218) (1,862,811)
Foreign currency and forward foreign currency contracts 192,691 - 815,221 (1,713,384)
Change in unrealized appreciation (depreciation) on:
Investments 30,077,301 (13,323,547) 99,672,955 25,021,928
Futures contracts - - 1,928,746 (1,927,722)
Foreign currency and forward foreign currency contracts (17,366) - 935,429 (993,705)
----------- ------------ ------------ -------------
Net increase (decrease) in net assets resulting from
operations 16,056,996 $(19,977,901) 132,210,869 $ (21,047,551)
Distribution to shareholders from:
Net investment income
Series I (270,017) (1,617) (22,291,639) (29,046,140)
Series II (42,584) - (5,381,143) (192,839)
----------- ------------ ------------ -------------
Total distributions (312,601) (1,617) (27,672,782) (29,238,979)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 8,194,687 18,774,809 295,400,812 236,079,304
Reinvestment of distributions 270,017 1,617 22,291,639 29,046,140
Cost of shares redeemed (14,681,290) (15,245,615) (110,605,379) (200,565,193)
----------- ------------ ------------ -------------
Total Series I transactions (6,216,586) 3,530,811 207,087,072 64,560,251
Series II
Net proceeds from sales of shares 13,176,205 5,623,231 242,018,086 61,593,240
Reinvestment of distributions 42,584 - 5,381,143 192,839
Cost of shares redeemed (2,555,668) (117,085) (28,648,456) (12,602,459)
----------- ------------ ------------ -------------
Total Series II transactions 10,663,121 5,506,146 218,750,773 49,183,620
Series III
Net proceeds from sales of shares - - 17,500 -
Cost of shares redeemed - - (1,977) -
----------- ------------ ------------ -------------
Total Series III transactions - - 15,523 -
Net increase (decrease) in net assets from capital
share transactions 4,446,535 9,036,957 425,853,368 113,743,871
----------- ------------ ------------ -------------
Increase (decrease) in net assets 20,190,930 (10,942,561) 530,391,455 63,457,341
Net assets at beginning of period 62,771,802 73,714,363 386,766,520 323,309,179
----------- ------------ ------------ -------------
Net assets at end of period $82,962,732 $ 62,771,802 $917,157,975 $ 386,766,520
=========== ============ ============ =============
Undistributed net investment income (loss) $ 965,193 $ 313,559 $ 51,597,667 $ 28,640,889
=========== ============ ============ =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 942,817 1,997,917 32,478,361 27,060,333
Reinvestment of distributions 35,159 165 2,583,040 3,230,939
Shares redeemed (1,808,141) (1,897,581) (12,217,459) (23,383,667)
----------- ------------ ------------ -------------
Net increase (decrease) (830,165) 100,501 22,843,942 6,907,605
=========== ============ ============ =============
Series II
Shares sold 1,538,601 711,353 26,500,352 7,368,174
Reinvestment of distributions 5,552 - 624,263 21,450
Shares redeemed (295,327) (15,079) (3,180,167) (1,482,996)
----------- ------------ ------------ -------------
Net increase (decrease) 1,248,826 696,274 23,944,448 5,906,628
=========== ============ ============ =============
Series III
Shares sold - - 1,860 -
Shares redeemed - - (206) -
----------- ------------ ------------ -------------
Net increase (decrease) - - 1,654 -
=========== ============ ============ =============
STRATEGIC BOND
TRUST
-----------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 25,644,161 $ 22,655,657
Net realized gain (loss) on:
Investment transactions 17,585,205 (6,123,032)
Futures contracts (1,208,707) 2,850
Foreign currency and forward foreign currency contracts 347,304 (9,956)
Change in unrealized appreciation (depreciation) on:
Investments 23,582,492 13,377,766
Futures contracts (575,940) -
Foreign currency and forward foreign currency contracts (1,799,008) 10,029
------------- -------------
Net increase (decrease) in net assets resulting from
operations 63,575,507 $ 29,913,314
Distribution to shareholders from:
Net investment income
Series I (20,684,537) (22,228,870)
Series II (3,333,745) (19,384)
------------- -------------
Total distributions (24,018,282) (22,248,254)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 100,115,332 187,398,064
Reinvestment of distributions 20,684,537 22,228,870
Cost of shares redeemed (103,941,121) (111,608,073)
------------- -------------
Total Series I transactions 16,858,748 98,018,861
Series II
Net proceeds from sales of shares 107,256,056 42,121,144
Reinvestment of distributions 3,333,745 19,384
Cost of shares redeemed (9,105,505) (813,833)
------------- -------------
Total Series II transactions 101,484,296 41,326,695
Series III
Net proceeds from sales of shares 15,017 -
Cost of shares redeemed (2,687) -
------------- -------------
Total Series III transactions 12,330 -
Net increase (decrease) in net assets from capital
share transactions 118,355,374 139,345,556
------------- -------------
Increase (decrease) in net assets 157,912,599 147,010,616
Net assets at beginning of period 449,509,826 302,499,210
------------- -------------
Net assets at end of period $ 607,422,425 $ 449,509,826
============= =============
Undistributed net investment income (loss) $ 27,056,882 $ 22,364,633
============= =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 8,904,646 17,615,106
Reinvestment of distributions 1,906,409 2,160,240
Shares redeemed (9,279,701) (10,578,556)
------------- -------------
Net increase (decrease) 1,531,354 9,196,790
============= =============
Series II
Shares sold 9,535,817 3,986,957
Reinvestment of distributions 307,825 1,884
Shares redeemed (815,101) (78,569)
------------- -------------
Net increase (decrease) 9,028,541 3,910,272
============= =============
Series III
Shares sold 1,322 -
Shares redeemed (233) -
------------- -------------
Net increase (decrease) 1,089 -
============= =============
The accompanying notes are an integral part of the financial statements.
53
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
DIVERSIFIED
GLOBAL BOND BOND
TRUST TRUST
--------------------------- ---------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
------------ ------------ ------------ ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 6,587,681 $ 4,384,913 $ 13,411,235 $ 16,594,867
Net realized gain (loss) on:
Investment transactions 7,024,867 4,476,533 7,325,966 (5,153,643)
Futures contracts 990,848 3,176,734 - -
Written options contracts (3,466,444) (176,998) - -
Interest rate swaps (2,559,131) (2,587,860) - -
Foreign currency and forward foreign currency contracts 16,559,135 901,924 85 -
Change in unrealized appreciation (depreciation) on:
Investments 6,357,033 16,372,512 (4,274,207) 13,785,189
Futures contracts 357,486 306,084 - -
Written options contracts (31,451) 172,044 - -
Interest rate swaps 1,670,959 (3,518,448) - -
Foreign currency and forward foreign currency contracts (183,127) 1,506,361 (34) 83
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from operations 33,307,856 25,013,799 16,463,045 25,226,496
Distribution to shareholders from:
Net investment income
Series I (7,171,043) - (15,843,789) (13,613,998)
Series II (1,514,959) - (1,946,918) (16,434)
------------ ------------ ------------ ------------
Total distributions (8,686,002) - (17,790,707) (13,630,432)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 52,137,298 99,372,896 29,454,695 83,824,852
Reinvestment of distributions 7,171,043 - 15,843,789 13,613,998
Cost of shares redeemed (65,592,668) (38,129,695) (77,835,031) (64,989,038)
------------ ------------ ------------ ------------
Total Series I transactions (6,284,327) 61,243,201 (32,536,547) 32,449,812
Series II
Net proceeds from sales of shares 60,147,599 26,093,419 45,176,651 27,068,945
Reinvestment of distributions 1,514,959 - 1,946,918 16,434
Cost of shares redeemed (23,982,285) (5,532,090) (14,362,278) (2,820,398)
------------ ------------ ------------ ------------
Total Series II transactions 37,680,273 20,561,329 32,761,291 24,264,981
Series III
Net proceeds from sales of shares 7,867 - 5,154 -
Cost of shares redeemed (3,414) - (191) -
------------ ------------ ------------ ------------
Total Series III transactions 4,453 - 4,963 -
Net increase (decrease) in net assets from capital
share transactions 31,400,399 81,804,530 229,707 56,714,793
------------ ------------ ------------ ------------
Increase (decrease) in net assets 56,022,253 106,818,329 (1,097,955) 68,310,857
Net assets at beginning of period 203,547,986 96,729,657 355,053,077 286,742,220
------------ ------------ ------------ ------------
Net assets at end of period $259,570,239 $203,547,986 $353,955,122 $355,053,077
============ ============ ============ ============
Undistributed net investment income (loss) $ 21,527,925 $ 6,107,118 $ 15,410,098 $ 17,646,823
============ ============ ============ ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 3,646,318 7,798,089 2,727,030 8,014,709
Reinvestment of distributions 528,838 - 1,501,781 1,339,960
Shares redeemed (4,632,311) (3,038,995) (7,263,604) (6,147,320)
------------ ------------ ------------ ------------
Net increase (decrease) (457,155) 4,759,094 (3,034,793) 3,207,349
============ ============ ============ ============
Series II
Shares sold 4,220,985 2,007,058 4,185,268 2,583,629
Reinvestment of distributions 111,888 - 184,717 1,619
Shares redeemed (1,705,998) (423,001) (1,346,333) (264,608)
------------ ------------ ------------ ------------
Net increase (decrease) 2,626,875 1,584,057 3,023,652 2,320,640
============ ============ ============ ============
Series III
Shares sold 562 - 486 -
Shares redeemed (245) - (18) -
------------ ------------ ------------ ------------
Net increase (decrease) 317 - 468 -
============ ============ ============ ============
INVESTMENT
QUALITY BOND
TRUST
----------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
------------- ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 25,378,390 $ 25,757,134
Net realized gain (loss) on:
Investment transactions 3,782,936 (6,643,270)
Futures contracts 74,259 -
Written options contracts - -
Interest rate swaps - -
Foreign currency and forward foreign currency contracts - -
Change in unrealized appreciation (depreciation) on:
Investments 7,203,944 24,149,563
Futures contracts (192,504) -
Written options contracts - -
Interest rate swaps - -
Foreign currency and forward foreign currency contracts - -
------------- ------------
Net increase (decrease) in net assets resulting from operations 36,247,025 43,263,427
Distribution to shareholders from:
Net investment income
Series I (23,937,154) (22,893,403)
Series II (3,105,944) (35,345)
------------- ------------
Total distributions (27,043,098) (22,928,748)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 40,001,427 108,503,400
Reinvestment of distributions 23,937,154 22,893,403
Cost of shares redeemed (141,925,502) (88,657,139)
------------- ------------
Total Series I transactions (77,986,921) 42,739,664
Series II
Net proceeds from sales of shares 55,306,890 38,880,786
Reinvestment of distributions 3,105,944 35,345
Cost of shares redeemed (12,866,654) (2,286,984)
------------- ------------
Total Series II transactions 45,546,180 36,629,147
Series III
Net proceeds from sales of shares 26,661 -
Cost of shares redeemed (5,210) -
------------- ------------
Total Series III transactions 21,451 -
Net increase (decrease) in net assets from capital
share transactions (32,419,290) 79,368,811
------------- ------------
Increase (decrease) in net assets (23,215,363) 99,703,490
Net assets at beginning of period 507,355,065 407,651,575
------------- ------------
Net assets at end of period $ 484,139,702 $507,355,065
============= ============
Undistributed net investment income (loss) $ 28,366,967 $ 26,445,561
============= ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 3,224,145 9,182,468
Reinvestment of distributions 1,999,762 2,011,723
Shares redeemed (11,549,592) (7,531,879)
------------- ------------
Net increase (decrease) (6,325,685) 3,662,312
============= ============
Series II
Shares sold 4,472,535 3,276,307
Reinvestment of distributions 259,694 3,106
Shares redeemed (1,050,141) (193,119)
------------- ------------
Net increase (decrease) 3,682,088 3,086,294
============= ============
Series III
Shares sold 2,175 -
Shares redeemed (426) -
------------- ------------
Net increase (decrease) 1,749 -
============= ============
The accompanying notes are an integral part of the financial statements.
54
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
TOTAL REAL RETURN
RETURN BOND
TRUST TRUST
------------------------------- ------------
YEAR YEAR 05/05/2003*
ENDED ENDED TO
12/31/2003 12/31/2002 12/31/2003
-------------- -------------- ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 34,754,714 $ 35,484,703 $ 1,143,661
Net realized gain (loss) on:
Investment transactions 11,670,168 21,378,164 5,137,877
Futures contracts 7,584,806 26,733,511 10
Written options contracts 5,297,083 4,476,426 (16,406)
Interest rate swaps (4,925,543) (765,092) (27,915)
Foreign currency and forward foreign currency contracts 1,403,557 2,674,218 (25,840)
Change in unrealized appreciation (depreciation) on:
Investments 8,086,649 7,405,218 3,458,488
Futures contracts (2,247,572) 9,181,991 (1,100)
Written options contracts 1,893,091 (3,317,741) 112,919
Interest rate swaps 2,405,668 (2,358,930) 28,971
Foreign currency and forward foreign currency contracts 2,576,055 (3,585,555) (44,151)
-------------- -------------- ------------
Net increase (decrease) in net assets resulting from operations 68,498,676 97,306,913 9,766,514
Distribution to shareholders from:
Net investment income
Series I (30,281,914) (26,077,165) -
Series II (8,910,318) (68,518) -
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I (27,972,904) (15,984,739) -
Series II (8,034,413) (42,000) -
Net realized long term gains on investments, futures,
and foreign currency transactions
Series I (11,213,151) (2,526,236) -
Series II (3,220,655) (6,638) -
-------------- -------------- ------------
Total distributions (89,633,355) (44,705,296) -
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 175,860,397 480,464,147 152,354,902
Reinvestment of distributions 69,467,969 44,588,140 -
Cost of shares redeemed (264,856,612) (234,417,205) (20,648,559)
-------------- -------------- ------------
Total Series I transactions (19,528,246) 290,635,082 131,706,343
Series II
Net proceeds from sales of shares 305,370,730 211,527,563 141,395,281
Reinvestment of distributions 20,165,386 117,156 -
Cost of shares redeemed (48,545,666) (370,845) (3,182,422)
-------------- -------------- ------------
Total Series II transactions 276,990,450 211,273,874 138,212,859
Series III
Net proceeds from sales of shares 333,850 - 8,917
Cost of shares redeemed (2,420) - (1,040)
-------------- -------------- ------------
Total Series III transactions 331,430 - 7,877
Net increase (decrease) in net assets from capital
share transactions 257,793,634 501,908,956 269,927,079
-------------- -------------- ------------
Increase (decrease) in net assets 236,658,955 554,510,573 279,693,593
Net assets at beginning of period 1,290,982,466 736,471,893 -
-------------- -------------- ------------
Net assets at end of period $1,527,641,421 $1,290,982,466 $279,693,593
============== ============== ============
Undistributed net investment income (loss) $ 45,816,010 $ 39,240,174 $ 1,589,621
============== ============== ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 12,334,728 34,725,600 12,092,376
Reinvestment of distributions 5,037,561 3,334,939 -
Shares redeemed (18,793,530) (16,810,563) (1,613,029)
-------------- -------------- ------------
Net increase (decrease) (1,421,241) 21,249,976 10,479,347
============== ============== ============
Series II
Shares sold 21,534,658 15,156,455 11,109,289
Reinvestment of distributions 1,464,443 8,769 -
Shares redeemed (3,477,161) (26,455) (247,572)
-------------- -------------- ------------
Net increase (decrease) 19,521,940 15,138,769 10,861,717
============== ============== ============
Series III
Shares sold 23,888 - 699
Shares redeemed (173) - (80)
-------------- -------------- ------------
Net increase (decrease) 23,715 - 619
============== ============== ============
U.S. GOVERNMENT
SECURITIES
TRUST
------------- ---------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 12,101,434 $ 27,141,469
Net realized gain (loss) on:
Investment transactions 18,335,985 2,619,600
Futures contracts (69,845) 963,950
Written options contracts - -
Interest rate swaps - -
Foreign currency and forward foreign currency contracts - -
Change in unrealized appreciation (depreciation) on:
Investments (16,915,926) 22,436,598
Futures contracts (369,128) 237,500
Written options contracts - -
Interest rate swaps - -
Foreign currency and forward foreign currency contracts - -
------------- -------------
Net increase (decrease) in net assets resulting from operations 13,082,520 53,399,117
Distribution to shareholders from:
Net investment income
Series I (22,990,479) (23,862,923)
Series II (6,149,929) (37,399)
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I - -
Series II - -
Net realized long term gains on investments, futures,
and foreign currency transactions
Series I - -
Series II - -
------------- -------------
Total distributions (29,140,408) (23,900,322)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 69,291,494 282,136,935
Reinvestment of distributions 22,990,479 23,862,923
Cost of shares redeemed (262,557,350) (183,654,500)
------------- -------------
Total Series I transactions (170,275,377) 122,345,358
Series II
Net proceeds from sales of shares 156,970,256 142,632,614
Reinvestment of distributions 6,149,929 37,399
Cost of shares redeemed (80,070,830) (16,997,690)
------------- -------------
Total Series II transactions 83,049,355 125,672,323
Series III
Net proceeds from sales of shares 108,744 -
Cost of shares redeemed (4,096) -
------------- -------------
Total Series III transactions 104,648 -
Net increase (decrease) in net assets from capital
share transactions (87,121,374) 248,017,681
------------- -------------
Increase (decrease) in net assets (103,179,262) 277,516,476
Net assets at beginning of period 835,908,972 558,392,496
------------- -------------
Net assets at end of period $ 732,729,710 $ 835,908,972
============= =============
Undistributed net investment income (loss) $ 13,405,020 $ 28,548,159
============= =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 4,910,811 20,470,538
Reinvestment of distributions 1,658,765 1,794,205
Shares redeemed (18,873,893) (13,176,348)
------------- -------------
Net increase (decrease) (12,304,317) 9,088,395
============= =============
Series II
Shares sold 11,163,318 10,235,080
Reinvestment of distributions 444,038 2,814
Shares redeemed (5,763,038) (1,213,565)
------------- -------------
Net increase (decrease) 5,844,318 9,024,329
============= =============
Series III
Shares sold 7,861 -
Shares redeemed (295) -
------------- -------------
Net increase (decrease) 7,566 -
============= =============
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
55
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
MONEY SMALL CAP
MARKET INDEX
TRUST TRUST
-------------------------------- ---------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
------------- ---------------- ------------ ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 8,358,942 $ 18,431,766 $ 608,272 $ 631,382
Net realized gain (loss) on:
Investment transactions - - 570,622 (2,746,240)
Futures contracts - - 6,690,256 (3,429,672)
Foreign currency and forward foreign currency contracts - - - -
Change in unrealized appreciation (depreciation) on:
Investments - - 32,910,619 (10,382,393)
Futures contracts - - 842,081 (289,510)
Foreign currency and forward foreign currency contracts - - - -
-------------- --------------- ------------ ------------
Net increase (decrease) in net assets resulting from operations 8,358,942 18,431,766 41,621,850 (16,216,433)
Distribution to shareholders from:
Net investment income
Series I (7,537,419) (17,770,003) - (515,816)
Series II (820,828) (661,763) - (87,905)
Series III (695) - - -
-------------- --------------- ------------ ------------
Total distributions (8,358,942) (18,431,766) - (603,721)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 1,571,938,507 2,430,559,232 55,864,707 46,621,907
Reinvestment of distributions 7,537,419 17,770,003 - 515,816
Cost of shares redeemed (1,958,238,062) (2,517,148,825) (11,550,432) (21,891,507)
-------------- --------------- ------------ ------------
Total Series I transactions (378,762,136) (68,819,590) 44,314,275 25,246,216
Series II
Net proceeds from sales of shares 428,670,980 540,453,529 27,099,665 10,242,709
Reinvestment of distributions 820,828 661,763 - 87,905
Cost of shares redeemed (447,676,943) (339,501,956) (6,841,022) (161,720)
-------------- --------------- ------------ ------------
Total Series II transactions (18,185,135) 201,613,336 20,258,643 10,168,894
Series III
Net proceeds from sales of shares 2,163,249 - 11,197 -
Reinvestment of distributions 695 - - -
Cost of shares redeemed (12,015) - (5,585) -
-------------- --------------- ------------ ------------
Total Series III transactions 2,151,929 - 5,612 -
Net increase (decrease) in net assets from capital
share transactions (394,795,342) 132,793,746 64,578,530 35,415,110
-------------- --------------- ------------ ------------
Increase (decrease) in net assets (394,795,342) 132,793,746 106,200,380 18,594,956
Net assets at beginning of period 1,617,487,301 1,484,693,555 68,874,776 50,279,820
-------------- --------------- ------------ ------------
Net assets at end of period $1,222,691,959 $ 1,617,487,301 $175,075,156 $ 68,874,776
============== =============== ============ ============
Undistributed net investment income (loss) - - $ 608,272 $ 66,653
============== =============== ============ ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 157,193,851 243,055,924 5,094,681 4,370,521
Reinvestment of distributions 753,742 1,777,000 - 58,884
Shares redeemed (195,823,806) (251,714,882) (1,146,586) (2,152,576)
-------------- --------------- ------------ ------------
Net increase (decrease) (37,876,213) (6,881,958) 3,948,095 2,276,829
============== =============== ============ ============
Series II
Shares sold 42,867,098 54,045,353 2,499,259 1,113,434
Reinvestment of distributions 82,083 66,176 - 10,035
Shares redeemed (44,767,694) (33,950,196) (601,089) (16,713)
-------------- --------------- ------------ ------------
Net increase (decrease) (1,818,513) 20,161,333 1,898,170 1,106,756
============== =============== ============ ============
Series III
Shares sold 216,324 - 943 -
Reinvestment of distributions 69 - - -
Shares redeemed (1,201) - (478) -
-------------- --------------- ------------ ------------
Net increase (decrease) 215,192 - 465 -
============== =============== ============ ============
INTERNATIONAL
INDEX
TRUST
----------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
------------- ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 1,242,670 $ 826,163
Net realized gain (loss) on:
Investment transactions (133,078) (1,983,107)
Futures contracts 1,405,755 (239,982)
Foreign currency and forward foreign currency contracts (276,496) (113,669)
Change in unrealized appreciation (depreciation) on:
Investments 21,167,085 (8,120,544)
Futures contracts 193,204 (16,157)
Foreign currency and forward foreign currency contracts (9,093) 14,426
------------- ------------
Net increase (decrease) in net assets resulting from operations 23,590,047 (9,632,870)
Distribution to shareholders from:
Net investment income
Series I (1,061,444) (705,675)
Series II (206,244) (75,519)
Series III (45) -
------------- ------------
Total distributions (1,267,733) (781,194)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 141,487,853 49,928,809
Reinvestment of distributions 1,061,444 705,675
Cost of shares redeemed (129,324,388) (39,434,094)
------------- ------------
Total Series I transactions 13,224,909 11,200,390
Series II
Net proceeds from sales of shares 52,882,787 20,465,229
Reinvestment of distributions 206,244 75,519
Cost of shares redeemed (45,276,353) (14,986,641)
------------- ------------
Total Series II transactions 7,812,678 5,554,107
Series III
Net proceeds from sales of shares 3,260 -
Reinvestment of distributions 45 -
Cost of shares redeemed - -
------------- ------------
Total Series III transactions 3,305 -
Net increase (decrease) in net assets from capital
share transactions 21,040,892 16,754,497
------------- ------------
Increase (decrease) in net assets 43,363,206 6,340,433
Net assets at beginning of period 56,013,235 49,672,802
------------- ------------
Net assets at end of period $ 99,376,441 $56,013,235
============= ============
Undistributed net investment income (loss) ($414,752) ($113,818)
============= ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 18,503,819 6,569,236
Reinvestment of distributions 117,800 101,956
Shares redeemed (16,841,617) (5,222,615)
------------- ------------
Net increase (decrease) 1,780,002 1,448,577
============= ============
Series II
Shares sold 7,354,839 2,771,740
Reinvestment of distributions 23,081 10,929
Shares redeemed (6,253,249) (2,015,731)
------------- ------------
Net increase (decrease) 1,124,671 766,938
============= ============
Series III
Shares sold 369 -
Reinvestment of distributions 5 -
Shares redeemed - -
------------- ------------
Net increase (decrease) 374 -
============= ============
The accompanying notes are an integral part of the financial statements.
56
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
MID CAP TOTAL STOCK
INDEX MARKET INDEX
TRUST TRUST
----------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
------------- ------------- ------------- ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 758,800 $ 514,694 $ 1,108,452 $ 661,626
Net realized gain (loss) on:
Investment transactions (538,515) 124,569 (2,414,471) (1,567,504)
Futures contracts 2,015,469 (1,124,813) 2,705,866 (1,083,922)
Change in unrealized appreciation (depreciation) on:
Investments 38,733,113 (18,180,112) 29,822,622 (14,544,211)
Futures contracts 99,724 (73,042) 313,041 (99,885)
------------- ------------- ------------- ------------
Net increase (decrease) in net assets resulting from operations 41,068,591 (18,738,704) 31,535,510 (16,633,896)
Distribution to shareholders from:
Net investment income
Series I - (447,875) - (588,347)
Series II - (69,140) - (63,516)
------------- ------------- ------------- ------------
Total distributions - (517,015) - (651,863)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 36,211,453 69,200,941 51,771,674 31,050,881
Reinvestment of distributions - 447,875 - 588,347
Cost of shares redeemed (11,130,542) (21,778,079) (4,467,132) (28,316,936)
------------- ------------- ------------- ------------
Total Series I transactions 25,080,911 47,870,737 47,304,542 3,322,292
Series II
Net proceeds from sales of shares 22,905,338 13,295,081 19,542,467 6,585,604
Reinvestment of distributions - 69,140 - 63,516
Cost of shares redeemed (1,234,853) (84,388) (578,539) (210,466)
------------- ------------- ------------- ------------
Total Series II transactions 21,670,485 13,279,833 18,963,928 6,438,654
Series III
Net proceeds from sales of shares 451 - 655 -
------------- ------------- ------------- ------------
Total Series III transactions 451 - 655 -
Net increase (decrease) in net assets from capital
share transactions 46,751,847 61,150,570 66,269,125 9,760,946
------------- ------------- ------------- ------------
Increase (decrease) in net assets 87,820,438 41,894,851 97,804,635 (7,524,813)
Net assets at beginning of period 100,092,167 58,197,316 66,132,368 73,657,181
------------- ------------- ------------- ------------
Net assets at end of period $ 187,912,605 $ 100,092,167 $ 163,937,003 $ 66,132,368
============= ============= ============= ============
Undistributed net investment income (loss) $ 758,800 $ 10,612 $ 1,108,452 $ 19,763
============= ============= ============= ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 2,876,765 5,383,063 6,098,248 3,557,679
Reinvestment of distributions - 41,544 - 77,211
Shares redeemed (966,553) (1,896,454) (506,733) (3,305,169)
------------- ------------- ------------- ------------
Net increase (decrease) 1,910,212 3,528,153 5,591,515 329,721
============= ============= ============= ============
Series II
Shares sold 1,857,852 1,186,158 2,278,686 828,077
Reinvestment of distributions - 6,432 - 8,346
Shares redeemed (105,835) (7,090) (70,038) (27,437)
------------- ------------- ------------- ------------
Net increase (decrease) 1,752,017 1,185,500 2,208,648 808,986
============= ============= ============= ============
Series III
Shares sold 33 - 69 -
------------- ------------- ------------- ------------
Net increase (decrease) 33 - 69 -
============= ============= ============= ============
500
INDEX
TRUST
-------------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
--------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 10,528,839 $ 7,774,302
Net realized gain (loss) on:
Investment transactions (2,966,130) (21,614,857)
Futures contracts 1,626,950 (5,959,220)
Change in unrealized appreciation (depreciation) on:
Investments 216,497,982 (170,991,162)
Futures contracts 855,181 (382,534)
--------------- -------------
Net increase (decrease) in net assets resulting from operations 226,542,822 (191,173,471)
Distribution to shareholders from:
Net investment income
Series I (7,127,933) (16,488)
Series II (598,736) (7)
--------------- -------------
Total distributions (7,726,669) (16,495)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 151,051,446 160,628,263
Reinvestment of distributions 7,127,933 16,488
Cost of shares redeemed (55,546,250) (64,842,556)
--------------- -------------
Total Series I transactions 102,633,129 95,802,195
Series II
Net proceeds from sales of shares 61,850,734 42,734,245
Reinvestment of distributions 598,736 7
Cost of shares redeemed (4,386,889) (3,225,546)
--------------- -------------
Total Series II transactions 58,062,581 39,508,706
Series III
Net proceeds from sales of shares 14,668 -
--------------- -------------
Total Series III transactions 14,668 -
Net increase (decrease) in net assets from capital
share transactions 160,710,378 135,310,901
--------------- -------------
Increase (decrease) in net assets 379,526,531 (55,879,065)
Net assets at beginning of period 716,680,297 772,559,362
--------------- -------------
Net assets at end of period $ 1,096,206,828 $ 716,680,297
=============== =============
Undistributed net investment income (loss) $ 10,528,836 $ 7,736,698
=============== =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 18,339,618 18,529,081
Reinvestment of distributions 945,349 1,723
Shares redeemed (6,725,536) (8,044,441)
--------------- -------------
Net increase (decrease) 12,559,431 10,486,363
=============== =============
Series II
Shares sold 7,486,152 5,469,301
Reinvestment of distributions 79,619 1
Shares redeemed (528,756) (428,248)
--------------- -------------
Net increase (decrease) 7,037,015 5,041,054
=============== =============
Series III
Shares sold 1,618 -
--------------- -------------
Net increase (decrease) 1,618 -
=============== =============
The accompanying notes are an integral part of the financial statements.
57
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
LIFESTYLE LIFESTYLE
AGGRESSIVE 1000 GROWTH 820
TRUST TRUST
----------------------------- -------------------------------
YEAR YEAR YEAR YEAR
Ended Ended ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
------------- ------------- --------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 629,687 $ 638,986 $ 9,553,144 $ 9,577,690
Capital gain distributions received 238,829 720,320 2,668,830 6,323,688
Net realized (gain) loss on:
Investment transactions (2,679,944) (39,630,439) (1,255,485) (131,612,796)
Change in unrealized appreciation (depreciation) on:
Investments 105,973,948 (8,209,936) 339,229,915 (25,127,842)
------------- ------------- --------------- -------------
Net increase (decrease) in net assets resulting from operations 104,162,520 (46,481,069) 350,196,404 (140,839,260)
Distribution to shareholders from:
Net investment income
Series I (551,528) (695,241) (7,832,224) (10,160,087)
Series II (78,161) (1,406) (1,720,921) (21,800)
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I - - - -
Series II - - - -
Capital gain distributions received from mutual funds
Series I (13,346) - (1,059,990) (1,686,289)
Series II (2,430) - (243,237) (2,206)
Return of capital
Series I (386,477) (810,346) (1,828,407) (4,629,887)
Series II (70,371) (1,640) (419,563) (5,306)
------------- ------------- --------------- -------------
Total distributions (1,102,313) (1,508,633) (13,104,342) (16,505,575)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 72,057,601 55,693,550 218,054,480 212,549,319
Reinvestment of distributions 932,517 1,505,587 10,658,537 16,476,263
Cost of shares redeemed (7,272,433) (11,676,851) (11,287,307) (34,758,314)
------------- ------------- --------------- -------------
Total Series I transactions 65,717,685 45,522,286 217,425,710 194,267,268
Series II
Net proceeds from sales of shares 106,027,600 28,364,757 433,873,792 123,673,253
Reinvestment of distributions 169,796 3,046 2,445,804 29,312
Cost of shares redeemed (2,275,959) (381,585) (1,666,786) (662,415)
------------- ------------- --------------- -------------
Total Series II transactions 103,921,437 27,986,218 434,652,810 123,040,150
Series III
Net proceeds from sales of shares 6,978 - 15,138 -
Cost of shares redeemed - - - -
------------- ------------- --------------- -------------
Total Series III transactions 6,978 - 15,138 -
Net increase (decrease) in net assets from capital
share transactions 169,646,100 73,508,504 652,093,658 317,307,418
------------- ------------- --------------- -------------
Increase (decrease) in net assets 272,706,307 25,518,802 989,185,720 159,962,583
Net assets at beginning of period 212,991,668 187,472,866 886,510,534 726,547,951
------------- ------------- --------------- -------------
Net assets at end of period $ 485,697,975 $ 212,991,668 $ 1,875,696,254 $ 886,510,534
============= ============= =============== =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 7,866,276 5,934,544 20,804,878 20,120,218
Reinvestment of distributions 117,446 147,462 1,168,699 1,506,962
Shares redeemed (819,009) (1,371,440) (1,198,483) (3,727,067)
------------- ------------- --------------- -------------
Net increase (decrease) 7,164,713 4,710,566 20,775,094 17,900,113
============= ============= =============== =============
Series II
Shares sold 11,338,295 3,373,364 41,829,293 13,101,886
Reinvestment of distributions 21,385 298 268,180 3,025
Shares redeemed (256,324) (44,978) (150,519) (76,227)
------------- ------------- --------------- -------------
Net increase (decrease) 11,103,356 3,328,684 41,946,954 13,028,684
============= ============= =============== =============
Series III
Shares sold 668 - 1,306 -
Shares redeemed - - - -
------------- ------------- --------------- -------------
Net increase (decrease) 668 - 1,306 -
============= ============= =============== =============
LIFESTYLE
BALANCED 640
TRUST
---------------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
--------------- ---------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 21,053,407 $ 20,643,509
Capital gain distributions received 8,517,698 5,566,154
Net realized (gain) loss on:
Investment transactions 26,761,312 (119,654,241)
Change in unrealized appreciation (depreciation) on:
Investments 274,682,779 2,595,162
--------------- ---------------
Net increase (decrease) in net assets resulting from operations 331,015,196 (90,849,416)
Distribution to shareholders from:
Net investment income
Series I (16,640,017) (21,243,448)
Series II (4,413,406) (58,135)
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I - (1,155,339)
Series II - (1,948)
Capital gain distributions received from mutual funds
Series I (3,983,296) (2,409,198)
Series II (1,075,498) (6,548)
Return of capital
Series I (3,523,990) (3,141,869)
Series II (951,498) (8,539)
--------------- ---------------
Total distributions (30,587,705) (28,025,024)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 263,503,797 257,924,700
Reinvestment of distributions 24,084,698 27,949,854
Cost of shares redeemed (26,320,081) (52,362,698)
--------------- ---------------
Total Series I transactions 261,268,414 233,511,856
Series II
Net proceeds from sales of shares 482,549,328 164,204,185
Reinvestment of distributions 6,503,007 75,170
Cost of shares redeemed (3,939,916) (2,174)
--------------- ---------------
Total Series II transactions 485,112,419 164,277,181
Series III
Net proceeds from sales of shares 54,065 -
Cost of shares redeemed (10,150) -
--------------- ---------------
Total Series III transactions 43,915 -
Net increase (decrease) in net assets from capital
share transactions 746,424,748 397,789,037
--------------- ---------------
Increase (decrease) in net assets 1,046,852,239 278,914,597
Net assets at beginning of period 1,024,129,887 745,215,290
--------------- ---------------
Net assets at end of period $ 2,070,982,126 $ 1,024,129,887
=============== ===============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 23,609,910 23,095,999
Reinvestment of distributions 2,379,911 2,446,813
Shares redeemed (2,376,953) (5,096,039)
--------------- ---------------
Net increase (decrease) 23,612,868 20,446,773
=============== ===============
Series II
Shares sold 43,283,531 15,939,384
Reinvestment of distributions 642,589 6,854
Shares redeemed (333,127) (188)
--------------- ---------------
Net increase (decrease) 43,592,993 15,946,050
=============== ===============
Series III
Shares sold 4,579 -
Shares redeemed (858) -
--------------- ---------------
Net increase (decrease) 3,721 -
=============== ===============
The accompanying notes are an integral part of the financial statements.
58
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
LIFESTYLE LIFESTYLE
MODERATE 460 CONSERVATIVE 280
TRUST TRUST
----------------------------- -----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
------------- ------------- ------------- -------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 10,941,479 $ 9,461,826 $ 10,610,389 $ 5,751,454
Capital gain distributions received 3,702,356 364,686 2,904,221 837,528
Net realized gain (loss) on:
Investment transactions 9,437,052 (20,119,565) 6,385,834 (2,807,635)
Change in unrealized appreciation (depreciation) on:
Investments 71,269,154 (2,039,725) 23,769,758 1,453,414
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations 95,350,041 (12,332,778) 43,670,202 5,234,761
Distribution to shareholders from:
Net investment income
Series I (8,258,258) (9,596,133) (8,483,781) (5,883,437)
Series II (2,683,221) (48,041) (2,420,513) (41,469)
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I - - - (44,490)
Series II - - - (103)
Capital gain distributions received from mutual funds
Series I (1,784,174) - (2,258,825) (549,122)
Series II (586,713) - (645,396) (3,103)
Return of capital
Series I (1,314,474) (415,270) - (283,700)
Series II (432,241) (5,365) - (1,603)
------------- ------------- ------------- -------------
Total distributions (15,059,081) (10,064,809) (13,808,515) (6,807,027)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 88,745,429 114,980,569 60,150,500 90,159,106
Reinvestment of distributions 11,332,573 10,011,403 10,742,606 6,760,749
Cost of shares redeemed (17,416,898) (22,007,699) (42,927,524) (17,959,319)
------------- ------------- ------------- -------------
Total Series I transactions 82,661,104 102,984,273 27,965,582 78,960,536
Series II
Net proceeds from sales of shares 183,509,930 74,100,637 108,786,511 47,684,050
Reinvestment of distributions 3,726,508 53,406 3,065,909 46,278
Cost of shares redeemed (2,629,726) (391,213) (15,094,479) (806,771)
------------- ------------- ------------- -------------
Total Series II transactions 184,606,712 73,762,830 96,757,941 46,923,557
Series III
Net proceeds from sales of shares 2,774 - 96,332 -
Cost of shares redeemed - - - -
------------- ------------- ------------- -------------
Total Series III transactions 2,774 - 96,332 -
Net increase (decrease) in net assets from capital
share transactions 267,270,590 176,747,103 124,819,855 125,884,093
------------- ------------- ------------- -------------
Increase (decrease) in net assets 347,561,550 154,349,516 154,681,542 124,311,827
Net assets at beginning of period 399,848,756 245,499,240 298,352,587 174,040,760
------------- ------------- ------------- -------------
Net assets at end of period $ 747,410,306 $ 399,848,756 $ 453,034,129 $ 298,352,587
============= ============= ============= =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 7,543,316 9,884,731 4,676,381 7,148,766
Reinvestment of distributions 1,030,234 850,983 864,886 534,919
Shares redeemed (1,488,150) (1,986,744) (3,308,849) (1,426,503)
------------- ------------- ------------- -------------
Net increase (decrease) 7,085,400 8,748,970 2,232,418 6,257,182
============= ============= ============= =============
Series II
Shares sold 15,604,581 6,648,175 8,418,887 3,812,140
Reinvestment of distributions 338,773 4,694 246,842 3,677
Shares redeemed (221,652) (35,852) (1,150,413) (65,110)
------------- ------------- ------------- -------------
Net increase (decrease) 15,721,702 6,617,017 7,515,316 3,750,707
============= ============= ============= =============
Series III
Shares sold 222 - 7,431 -
Shares redeemed - - - -
------------- ------------- ------------- -------------
Net increase (decrease) 222 - 7,431 -
============= ============= ============= =============
SMALL-MID
CAP
TRUST
----------------------------
YEAR YEAR
ENDED ENDED
12/31/2003 12/31/2002
------------- ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($328,832) ($9,489)
Capital gain distributions received - -
Net realized gain (loss) on:
Investment transactions 585,006 (86,830)
Change in unrealized appreciation (depreciation) on:
Investments 25,597,132 (3,423,192)
------------- ------------
Net increase (decrease) in net assets resulting from operations 25,853,306 (3,519,511)
Distribution to shareholders from:
Net investment income
Series I - (4)
Series II - -
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I - -
Series II - -
Capital gain distributions received from mutual funds
Series I - -
Series II - -
Return of capital
Series I - -
Series II - -
------------- ------------
Total distributions - (4)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 44,020,869 69,191,701
Reinvestment of distributions - 4
Cost of shares redeemed (22,803,780) (5,006,913)
------------- ------------
Total Series I transactions 21,217,089 64,184,792
Series II
Net proceeds from sales of shares 39,443,325 11,268,974
Reinvestment of distributions - -
Cost of shares redeemed (2,436,274) (29,621)
------------- ------------
Total Series II transactions 37,007,051 11,239,353
Series III
Net proceeds from sales of shares 2,712 -
Cost of shares redeemed (556) -
------------- ------------
Total Series III transactions 2,156 -
Net increase (decrease) in net assets from capital
share transactions 58,226,296 75,424,145
------------- ------------
Increase (decrease) in net assets 84,079,602 71,904,630
Net assets at beginning of period 74,794,492 2,889,862
------------- ------------
Net assets at end of period $ 158,874,094 $ 74,794,492
============= ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 4,206,267 6,745,951
Reinvestment of distributions - -
Shares redeemed (2,174,547) (496,271)
------------- ------------
Net increase (decrease) 2,031,720 6,249,680
============= ============
Series II
Shares sold 3,702,249 1,104,516
Reinvestment of distributions - -
Shares redeemed (221,822) (2,887)
------------- ------------
Net increase (decrease) 3,480,427 1,101,629
============= ============
Series III
Shares sold 235 -
Shares redeemed (47) -
------------- ------------
Net increase (decrease) 188 -
============= ============
The accompanying notes are an integral part of the financial statements.
59
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
INTERNATIONAL HIGH
EQUITY SELECT GRADE BOND
TRUST TRUST
---------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2003 12/31/2002
------------- ------------ ------------- ------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 1,126,871 ($18,819) $ 3,168,939 $ 414,589
Net realized gain (loss) on:
Investment transactions 453,260 (185,009) 198,012 185,172
Foreign currency and forward foreign currency contracts (22,158) (240,210) - -
Change in unrealized appreciation (depreciation) on:
Investments 21,997,217 (717,522) (1,910,640) 1,349,499
Foreign currency and forward foreign currency contracts 2,049 219 - -
------------- ------------ ------------- ------------
Net increase (decrease) in net assets resulting from operations 23,557,239 (1,161,341) 1,456,311 1,949,260
Distribution to shareholders from:
Net investment income
Series I - - - (372,010)
Series II - - - (67,179)
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I - - (34,642) (83,763)
Series II - - (9,434) (15,439)
Net realized long term gains on investments, futures,
and foreign currency transactions
Series I - - - (9,753)
Series II - - - (1,798)
------------- ------------ ------------- ------------
Total distributions - - (44,076) (549,942)
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 39,873,937 52,830,578 66,583,399 82,486,925
Reinvestment of distributions - - 34,642 465,526
Cost of shares redeemed (29,143,924) (5,138,829) (30,554,720) (9,491,065)
------------- ------------ ------------- ------------
Total Series I transactions 10,730,013 47,691,749 36,063,321 73,461,386
Series II
Net proceeds from sales of shares 29,983,067 8,379,920 52,362,864 14,473,900
Reinvestment of distributions - - 9,434 84,416
Cost of shares redeemed (4,685,899) (34,310) (3,600,499) (66,644)
------------- ------------ ------------- ------------
Total Series II transactions 25,297,168 8,345,610 48,771,799 14,491,672
Series III
Net proceeds from sales of shares 1,676 - 7,260 -
Cost of shares redeemed (324) - (599) -
------------- ------------ ------------- ------------
Total Series III transactions 1,352 - 6,661 -
Net increase (decrease) in net assets from capital
share transactions 36,028,533 56,037,359 84,841,781 87,953,058
------------- ------------ ------------- ------------
Increase (decrease) in net assets 59,585,772 54,876,018 86,254,016 89,352,376
Net assets at beginning of period 57,773,018 2,897,000 92,606,190 3,253,814
------------- ------------ ------------- ------------
Net assets at end of period $ 117,358,790 $ 57,773,018 $ 178,860,206 $ 92,606,190
============= ============ ============= ============
Undistributed net investment income (loss) $ 866,223 ($ 238,490) $ 4,038,766 $ 1,065
============= ============ ============= ============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 3,617,643 4,907,682 4,815,446 6,061,733
Reinvestment of distributions - - 2,507 33,760
Shares redeemed (2,634,373) (485,518) (2,209,443) (695,472)
------------- ------------ ------------- ------------
Net increase (decrease) 983,270 4,422,164 2,608,510 5,400,021
============= ============ ============= ============
Series II
Shares sold 2,628,065 781,906 3,778,183 1,062,895
Reinvestment of distributions - - 683 6,122
Shares redeemed (409,095) (3,210) (260,641) (4,831)
------------- ------------ ------------- ------------
Net increase (decrease) 2,218,970 778,696 3,518,225 1,064,186
============= ============ ============= ============
Series III
Shares sold 136 - 528 -
Shares redeemed (26) - (43) -
------------- ------------ ------------- ------------
Net increase (decrease) 110 - 485 -
============= ============ ============= ============
AMERICAN
GROWTH
TRUST
-------------
05/05/2003*
TO
12/31/2003
-------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) ($181,476)
Net realized gain (loss) on:
Investment transactions 316,735
Foreign currency and forward foreign currency contracts -
Change in unrealized appreciation (depreciation) on:
Investments 23,779,663
Foreign currency and forward foreign currency contracts -
-------------
Net increase (decrease) in net assets resulting from operations 23,914,922
Distribution to shareholders from:
Net investment income
Series I -
Series II -
Net realized short term gains on investments, futures,
and foreign currency transactions
Series I -
Series II -
Net realized long term gains on investments, futures,
and foreign currency transactions
Series I -
Series II -
-------------
Total distributions -
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 3,223,702
Reinvestment of distributions -
Cost of shares redeemed (43,868)
-------------
Total Series I transactions 3,179,834
Series II
Net proceeds from sales of shares 247,826,858
Reinvestment of distributions -
Cost of shares redeemed (1,758,288)
-------------
Total Series II transactions 246,068,570
Series III
Net proceeds from sales of shares -
Cost of shares redeemed -
-------------
Total Series III transactions -
Net increase (decrease) in net assets from capital
share transactions 249,248,404
-------------
Increase (decrease) in net assets 273,163,326
Net assets at beginning of period -
-------------
Net assets at end of period $ 273,163,326
=============
Undistributed net investment income (loss) -
=============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 222,667
Reinvestment of distributions -
Shares redeemed (2,924)
-------------
Net increase (decrease) 219,743
=============
Series II
Shares sold 17,622,971
Reinvestment of distributions -
Shares redeemed (115,995)
-------------
Net increase (decrease) 17,506,976
=============
Series III
Shares sold -
Shares redeemed -
-------------
Net increase (decrease) -
=============
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
60
MANUFACTURERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
AMERICAN AMERICAN AMERICAN BLUE CHIP
INTERNATIONAL GROWTH-INCOME INCOME AND GROWTH
TRUST TRUST TRUST
------------- ------------- ------------------
05/05/2003* 05/05/2003* 05/05/2003*
TO TO TO
12/31/2003 12/31/2003 12/31/2003
------------- ------------- ------------------
Increase (decrease) in net assets:
Operations:
Net investment income (loss) $ 1,510,366 $ 1,059,354 ($387,607)
Net realized gain (loss) on:
Investment transactions 4,268,613 378,046 24,745
Change in unrealized appreciation (depreciation) on:
Investments 27,474,298 15,391,112 23,727,477
------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations 33,253,277 16,828,512 23,364,615
Capital Shares Transactions +++:
Series I
Net proceeds from sales of shares 18,395,157 1,150,406 1,186,088
Cost of shares redeemed (16,188,871) (5,035) (10,778)
------------- ------------- -------------
Total Series I transactions 2,206,286 1,145,371 1,175,310
Series II
Net proceeds from sales of shares 155,296,373 167,587,027 157,767,096
Cost of shares redeemed (10,096,646) (2,079,335) (232,924)
------------- ------------- -------------
Total Series II transactions 145,199,727 165,507,692 157,534,172
Net increase (decrease) in net assets from capital
share transactions 147,406,013 166,653,063 158,709,482
------------- ------------- -------------
Increase (decrease) in net assets 180,659,290 183,481,575 182,074,097
------------- ------------- -------------
Net assets at end of period $ 180,659,290 $ 183,481,575 $ 182,074,097
============= ============= =============
Undistributed net investment income (loss) $ 1,510,366 $ 1,059,354 -
============= ============= =============
+++ Capital Shares Issued and Redeemed:
Series I
Shares sold 1,198,502 79,000 83,660
Shares redeemed (1,043,215) (347) (737)
------------- ------------- -------------
Net increase (decrease) 155,287 78,653 82,923
============= ============= =============
Series II
Shares sold 11,406,117 11,868,872 11,724,406
Shares redeemed (720,812) (136,430) (16,853)
------------- ------------- -------------
Net increase (decrease) 10,685,305 11,732,442 11,707,553
============= ============= =============
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
61
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
SCIENCE & TECHNOLOGY TRUST
----------------------------------------------------------------------------------
SERIES I
----------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
----------------------------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
------------- ------------- ------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.60 $ 12.83 $ 23.24 $ 36.17 $ 19.52
Income from investment operations:
Net investment income (loss) (0.07) (0.08) (0.13) (0.24) (0.06)
Net realized and unrealized gain
(loss) on investments
and foreign currency transaction 3.90 (5.15) (9.36) (11.77) 19.43
------------- ------------- ------------- ------------- -------------
Total from investment operations 3.83 (5.23) (9.49) (12.01) 19.37
------------- ------------- ------------- ------------- -------------
Less distributions:
Distributions from capital gains - - (0.92) (0.92) (2.72)
------------- ------------- ------------- ------------- -------------
Total distributions - - (0.92) (0.92) (2.72)
------------- ------------- ------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 11.43 $ 7.60 $ 12.83 $ 23.24 $ 36.17
============= ============= ============= ============= =============
TOTAL RETURN (B) 50.39% (40.76%) (41.25%) (34.06%) 99.49%
Net assets, end of period (000's) $ 557,623 $ 358,553 $ 729,587 $ 1,262,181 $ 1,144,454
Ratio of expenses to average net assets 1.19% ** 1.17% 1.16% 1.15% 1.16%
Ratio of expenses to average net assets
after expense reductions 1.16% ** 1.15% 1.15% 1.14% 1.16%
Ratio of net investment income (loss) to
average net assets (0.79%) (0.87%) (0.80%) (0.73%) (0.40%)
Portfolio turnover rate 56% ++ 59% 144% 133% 113%
SCIENCE & TECHNOLOGY TRUST
----------------------------------------------------
SERIES II SERIES III
--------------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.59 $ 12.61 $ 10.61
Income from investment operations:
Net investment income (loss) (0.10) (0.08) (0.03)
Net realized and unrealized gain
(loss) on investments
and foreign currency transaction 3.93 (4.94) 0.85
------------- ------------- ------------
Total from investment operations 3.83 (5.02) 0.82
------------- ------------- ------------
Less distributions:
Distributions from capital gains - - -
------------- ------------- ------------
Total distributions - - -
------------- ------------- ------------
NET ASSET VALUE, END OF PERIOD $ 11.42 $ 7.59 $ 11.43
============= ============= ============
TOTAL RETURN (B) 50.46% (39.81%) + 7.73% +
Net assets, end of period (000's) $ 65,613 $ 11,064 $ 6
Ratio of expenses to average net assets 1.39% ** 1.37% (A) 15.13% (A)
Ratio of expenses to average net assets
after expense reductions 1.36% ** 1.35% (A) 1.51% (A)
Ratio of net investment income (loss) to
average net assets (0.99%) (1.07%)(A) (1.00%)(A)
Portfolio turnover rate 56% ++ 59% 56%
PACIFIC RIM EMERGING MARKETS TRUST
------------------------------------------------------------------
SERIES I
------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 5.81 $ 6.65 $ 8.20 $ 10.88 $ 6.83
Income from investment operations:
Net investment income (loss) 0.05 0.02 0.02 0.06 0.09
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions 2.29 (0.85) (1.54) (2.70) 4.17
---------- ---------- ---------- ---------- ----------
Total from investment operations 2.34 (0.83) (1.52) (2.64) 4.26
---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from net investment
income (0.01) (0.01) (0.03) (0.04) (0.21)
---------- ---------- ---------- ---------- ----------
Total distributions (0.01) (0.01) (0.03) (0.04) (0.21)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 8.14 $ 5.81 $ 6.65 $ 8.20 $ 10.88
========== ========== ========== ========== ==========
TOTAL RETURN (C) 40.37% (12.53%) (18.57%) (24.37%) 62.87%
Net assets, end of period (000's) $ 66,612 $ 45,937 $ 55,981 $ 83,370 $ 94,753
Ratio of expenses to average net assets 1.28% 1.23% 1.23% 1.03% 1.11%
Ratio of expenses to average net assets
after expense reductions 1.28% 1.23% 1.23% 1.03% 1.11%
Ratio of net investment income (loss)
to average net assets 0.80% 0.24% 0.32% 0.61% 0.90%
Portfolio turnover rate 57% 28% 76% 55% 42%
PACIFIC RIM EMERGING MARKETS TRUST
-------------------------------------------------
SERIES II SERIES III
------------------------------ -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 5.81 $ 6.63 $ 7.35
Income from investment operations:
Net investment income (loss) 0.03 (0.02) (0.02)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions 2.30 (0.79) 0.81
------------- ------------- -------------
Total from investment operations 2.33 (0.81) 0.79
------------- ------------- -------------
Less distributions:
Dividends from net investment
income (0.02) (0.01) -
------------- ------------- -------------
Total distributions (0.02) (0.01) -
------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 8.12 $ 5.81 $ 8.14
============= ============= =============
TOTAL RETURN (C) 40.17% (12.27%) + 10.75% +
Net assets, end of period (000's) $ 19,594 $ 4,287 $ 3
Ratio of expenses to average net assets 1.48% 1.43% (A) 22.22% (A)
Ratio of expenses to average net assets
after expense reductions 1.48% 1.43% (A) 1.63% (A)
Ratio of net investment income (loss)
to average net assets 0.38% (0.28%)(A) (0.74%)(A)
Portfolio turnover rate 57% 28% 57%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
+ Not Annualized
** The ratios of operating expenses excluding costs incurred in connection
with the reorganization before and after expense reductions were 1.18% and
1.15% for Series I and 1.38% and 1.35% for Series II, respectively.
++ The portfolio turnover rate does not include the assets acquired in the
merger.
(A) Annualized
(B) The total return for the years ended 2003, 2002, 2001 and 2000 for Series
I, for the year ended 2003 and the period ended December 31, 2002 for
Series II and for the period ended December 31, 2003 for Series III would
have been lower, had operating expenses not been reduced.
(C) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
62
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
HEALTH SCIENCES TRUST
-----------------------------------------
SERIES I
-----------------------------------------
YEARS ENDED
DECEMBER 31, 4/30/2001*
------------------------ TO
2003+++ 2002+++ 12/31/2001+++
---------- ---------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.83 $ 13.54 $ 12.50
Income from investment operations:
Net investment income (loss) (0.10) (0.08) (0.07)
Net realized and unrealized gain (loss)
on investments and foreign currency transactions 3.66 (3.60) 1.11
---------- ---------- -------------
Total from investment operations 3.56 (3.68) 1.04
---------- ---------- -------------
Less distributions:
Distributions from capital gains - (0.03) -
---------- ---------- -------------
Total distributions - (0.03) -
---------- ---------- -------------
NET ASSET VALUE, END OF PERIOD $ 13.39 $ 9.83 $ 13.54
========== ========== =============
TOTAL RETURN (B) 36.22% (27.24%) 8.32% +
Net assets, end of period (000's) $ 100,829 $ 62,075 $ 51,568
Ratio of expenses to average net assets 1.23% 1.25% 1.45% (A)
Ratio of expenses to average net assets after expense reductions 1.21% 1.23% 1.44% (A)
Ratio of net investment income (loss) to average net assets (0.82%) (0.74%) (0.76%) (A)
Portfolio turnover rate 44% 55% 81%
HEALTH SCIENCES TRUST
-------------------------------------------------
SERIES II SERIES III
------------------------------ -------------
YEAR END 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.83 $ 12.90 $ 12.64
Income from investment operations:
Net investment income (loss) (0.12) (0.09) (0.05)
Net realized and unrealized gain (loss)
on investments and foreign currency transactions 3.65 (2.95) 0.80
------------- ------------- -------------
Total from investment operations 3.53 (3.04) 0.75
------------- ------------- -------------
Less distributions:
Distributions from capital gains - (0.03) -
------------- ------------- -------------
Total distributions - (0.03) -
------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 13.36 $ 9.83 $ 13.39
============= ============= =============
TOTAL RETURN (B) 35.91% (23.63%) + 5.93% +
Net assets, end of period (000's) $ 53,916 $ 15,924 $ 37
Ratio of expenses to average net assets 1.43% 1.45% (A) 10.76% (A)
Ratio of expenses to average net assets after expense reductions 1.41% 1.43% (A) 1.56% (A)
Ratio of net investment income (loss) to average net assets (1.04%) (1.02%)(A) (1.31%)(A)
Portfolio turnover rate 44% 55% 44%
EMERGING GROWTH TRUST
---------------------------------------------------
SERIES I SERIES II SERIES III
------------- ------------- -------------
5/5/2003* 5/5/2003* 9/5/2003*
TO TO TO
12/31/2003+++ 12/31/2003+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50 $ 12.50 $ 15.61
Income from investment operations:
Net investment income (loss) (0.09) (0.11) 0.01
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 3.95 3.95 0.74
------------- ------------- -------------
Total from investment operations 3.86 3.84 0.75
------------- ------------- -------------
Less distributions:
Dividends from net investment income (0.61) (0.61) (0.61)
------------- ------------- -------------
Total distributions (0.61) (0.61) (0.61)
------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 15.75 $ 15.73 $ 15.75
============= ============= =============
TOTAL RETURN (C) 30.84% + 30.68% + 4.77% +
Net assets, end of period (000's) $ 3,178 $ 6,080 - ##
Ratio of expenses to average net assets 2.54% (A) 2.74% (A) 354.65% (A)
Ratio of expenses to average net assets after expense reductions 1.35% (A) 1.55% (A) 1.70% (A)
Ratio of net investment income (loss) to average net assets (0.89%)(A) (1.08%)(A) 0.19% (A)
Portfolio turnover rate 183% 183% 183%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
## Amount is less than $1,000
+ Not Annualized
(A) Annualized
(B) The total return for the years ended 2003, 2002 and the period ended
December 31, 2001 for Series I, for the year ended 2003 and the period
ended December 31, 2002 for Series II and for the period ended December 31,
2003 for Series III would have been lower, had operating expenses not been
reduced.
(C) The total return for the period ended December 31, 2003 for Series I,
Series II and Series III would have been lower, had operating expenses not
been reduced.
The accompanying notes are an integral part of the financial statements.
63
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
AGGRESSIVE GROWTH TRUST
-----------------------------------------------------------------------
SERIES I
-----------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
-------------------------------------------------------- -----------
2003+++ 2002+++ 2001+++ 2000+++ 1999
----------- ----------- ----------- ----------- -----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.92 $ 13.22 $ 17.86 $ 17.34 $ 13.04
Income from investment operations:
Net investment income (loss) (0.09) (0.09) (0.11) (0.12) (0.06)
Net realized and unrealized gain (loss)
on investments and foreign currency transactions 3.45 (3.21) (4.53) 0.64 4.36
----------- ----------- ----------- ----------- -----------
Total from investment operations 3.36 (3.30) (4.64) 0.52 4.30
----------- ----------- ----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 13.28 $ 9.92 $ 13.22 $ 17.86 $ 17.34
=========== =========== =========== =========== ===========
TOTAL RETURN 33.87% (24.96%) (25.98%) 3.00% 32.98%
Net assets, end of period (000's) $ 261,138 $ 225,798 $ 309,746 $ 416,643 $ 135,503
Ratio of expenses to average net assets 1.09% 1.09% 1.07% 1.07% 1.15%
Ratio of net investment income (loss) to average
net assets (0.81%) (0.80%) (0.73%) (0.61%) (0.59%)
Portfolio turnover rate 71% 104% 96% 70% 161%
AGGRESSIVE GROWTH TRUST
-------------------------------------------------
SERIES II SERIES III
------------------------------ -------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.92 $ 12.90 $ 12.46
Income from investment operations:
Net investment income (loss) (0.12) (0.12) (0.01)
Net realized and unrealized gain (loss)
on investments and foreign currency transactions 3.45 (2.86) 0.83
------------- ------------- ------------
Total from investment operations 3.33 (2.98) 0.82
------------- ------------- ------------
NET ASSET VALUE, END OF PERIOD $ 13.25 $ 9.92 $ 13.28
============= ============= ============
TOTAL RETURN 33.57% (23.1%)+ 6.58% +
Net assets, end of period (000's) $ 40,267 $ 17,322 - ##
Ratio of expenses to average net assets 1.29% 1.29%(A) 1.44%(A)
Ratio of net investment income (loss) to average
net assets (1.03%) (1.27%)(A) (0.25)%(A)
Portfolio turnover rate 71% 104% 71%
EMERGING SMALL COMPANY TRUST
-------------------------------------------------------------
SERIES I
-------------------------------------------------------------
YEARS ENDED DECEMBER 31,
-------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
------------ ---------- --------- --------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 18.45 $ 26.06 $ 35.02 $ 40.74 $ 23.82
Income from investment operations:
Net investment income (loss) (0.12) (0.12) (0.08) (0.02) (0.09)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 7.45 (7.49) (7.75) (1.33) 17.35
----------- ---------- ---------- --------- ----------
Total from investment operations 7.33 (7.61) (7.83) (1.35) 17.26
----------- ---------- --------- --------- ----------
Less distributions:
Distributions from capital gains - - (1.13) (4.37) (0.34)
----------- ---------- --------- --------- ----------
Total distributions - - (1.13) (4.37) (0.34)
----------- ---------- ---------- --------- ----------
NET ASSET VALUE, END OF PERIOD $ 25.78 $ 18.45 $ 26.06 $ 35.02 $ 40.74
=========== ========== ========= ========= ==========
TOTAL RETURN (B) 39.73% (29.20%) (22.24%) (4.30%) 73.53%
Net assets, end of period (000's) $ 401,433 $ 293,594 $ 447,673 $ 573,471 $ 453,152
Ratio of expenses to average net assets 1.11% 1.12% 1.12% 1.10% 1.12%
Ratio of expenses to average net assets after expense reductions 1.11% 1.12% 1.12% 1.10% 1.12%
Ratio of net investment income (loss) to average net assets (0.58%) (0.57%) (0.30%) (0.04%) (0.35%)
Portfolio turnover rate 51% 35% 48% 23% 136%
EMERGING SMALL COMPANY TRUST
-------------------------------------------
SERIES II SERIES III
--------------------------- ------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 18.44 $ 25.13 $ 23.96
Income from investment operations:
Net investment income (loss) (0.18) (0.11) (0.08)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 7.46 (6.58) 1.90
------------ ------------ ------------
Total from investment operations 7.28 (6.69) 1.82
------------ ------------ ------------
Less distributions:
Distributions from capital gains - - -
------------ ------------ ------------
Total distributions - - -
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $ 25.72 $ 18.44 $ 25.78
============ ============ ============
TOTAL RETURN (B) 39.48% (26.62%)+ 7.60%+
Net assets, end of period (000's) $ 82,836 $ 17,791 $ 1
Ratio of expenses to average net assets 1.31% 1.32%(A) 20.19%(A)
Ratio of expenses to average net assets after expense reductions 1.31% 1.32%(A) 1.46%(A)
Ratio of net investment income (loss) to average net assets (0.82%) (0.63%)(A) (0.98%)(A)
Portfolio turnover rate 51% 35% 51%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
+ Not Annualized
## Amount is less than $1,000
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
64
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
SMALL COMPANY BLEND TRUST
-------------------------------------------------------------
SERIES I
-------------------------------------------------------------
YEARS ENDED DECEMBER 31, 05/01/1999*
----------------------------------------------- TO
2003+++ 2002+++ 2001+++ 2000+++ 12/31/1999
---------- ---------- --------- --------- -----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.16 $ 10.98 $ 11.31 $ 15.76 $ 12.50
Income from investment operations:
Net investment income (loss) (0.01) - # 0.03 - # (0.01)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.25 (2.80) (0.30) (3.11) 3.58
---------- ---------- --------- --------- -----------
Total from investment operations 3.24 (2.80) (0.27) (3.11) 3.57
---------- ---------- --------- --------- -----------
Less distributions:
Dividends from net investment income - (0.02) - - -
Distributions from capital gains - - (0.06) (1.34) (0.31)
---------- ---------- --------- --------- -----------
Total distributions - (0.02) (0.06) (1.34) (0.31)
---------- ---------- --------- --------- -----------
NET ASSET VALUE, END OF PERIOD $ 11.40 $ 8.16 $ 10.98 $ 11.31 $ 15.76
========== ========== ========= ========= ===========
TOTAL RETURN 39.71% (25.55%) (2.31%) (19.74%) 28.56%+
Net assets, end of period (000's) $ 150,801 $ 106,357 $ 161,250 $ 95,123 $ 53,514
Ratio of expenses to average net assets 1.15% 1.15% 1.17% 1.19% 1.30%(A)
Ratio of net investment income (loss) to average net assets (0.08%) (0.04%) 0.29% (0.01%) (0.12%)(A)
Portfolio turnover rate 37% 48% 39% 49% 28%
SMALL COMPANY BLEND TRUST
-----------------------------
SERIES II
-----------------------------
YEAR ENDED 1/28/2002*
DECEMBER 31, TO
2003+++ 12/31/2002+++
------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.15 $ 10.69
Income from investment operations:
Net investment income (loss) (0.03) 0.01
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.26 (2.53)
------------- -----------
Total from investment operations 3.23 (2.52)
------------- ------------
Less distributions:
Dividends from net investment income - (0.02)
Distributions from capital gains - -
------------- ------------
Total distributions - (0.02)
------------- ------------
NET ASSET VALUE, END OF PERIOD $ 11.38 $ 8.15
============= ============
TOTAL RETURN 39.63% (23.63%)+
Net assets, end of period (000's) $ 59,724 $ 16,014
Ratio of expenses to average net assets 1.35% 1.35%(A)
Ratio of net investment income (loss) to average net assets (0.29%) 0.12%(A)
Portfolio turnover rate 37% 48%
DYNAMIC GROWTH TRUST
------------------------------------------------------
SERIES I
------------------------------------------------------
YEARS ENDED DECEMBER 31, 5/1/2000*
TO
2003+++ 2002+++ 2001+++ 12/31/2000+++
------------ ---------- --------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 3.41 $ 4.76 $ 7.98 $ 12.50
Income from investment operations:
Net investment income (loss) (0.03) (0.02) (0.02) 0.02
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.02 (1.33) (3.19) (4.54)
------------ ---------- --------- ------------
Total from investment operations 0.99 (1.35) (3.21) (4.52)
------------ ---------- --------- ------------
Less distributions:
Dividends from net investment income - - (0.01) -
------------ ---------- --------- ------------
Total distributions - - (0.01) -
------------ ---------- --------- ------------
NET ASSET VALUE, END OF PERIOD $ 4.40 $ 3.41 $ 4.76 $ 7.98
============ ========== ========= ============
TOTAL RETURN 29.03% (28.36%) (40.24%) (36.16%)+
Net assets, end of period (000's) $ 140,190 $ 63,745 $ 132,709 $ 135,758
Ratio of expenses to average net assets 1.09%** 1.10% 1.08% 1.07%(A)
Ratio of net investment income (loss) to average net assets (0.68%) (0.55%) (0.43%) 0.35%(A)
Portfolio turnover rate 133%++ 165% 180% 80%
DYNAMIC GROWTH TRUST
-----------------------------
SERIES II
---------- ------------------
YEAR ENDED 1/28/2002*
DECEMBER 31, TO
2003+++ 12/31/2002+++
------------ --------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 3.40 $ 4.40
Income from investment operations:
Net investment income (loss) (0.03) (0.03)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.02 (0.97)
----------- ------------
Total from investment operations 0.99 (1.00)
----------- ------------
Less distributions:
Dividends from net investment income - -
----------- ------------
Total distributions - -
----------- ------------
NET ASSET VALUE, END OF PERIOD $ 4.39 $ 3.40
=========== ============
TOTAL RETURN 29.12% (22.73%)+
Net assets, end of period (000's) $ 41,792 $ 4,242
Ratio of expenses to average net assets 1.29%** 1.30%(A)
Ratio of net investment income (loss) to average net assets (0.88%) (0.81%)(A)
Portfolio turnover rate 133%++ 165%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
** The ratios of operating expenses excluding costs incurred in connection
with the reorganization before and after expense reductions were 1.08% for
Series I and 1.28% for Series II.
++ The portfolio turnover rate does not include the assets acquired in the
merger.
The accompanying notes are an integral part of the financial statements.
65
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
MID CAP STOCK TRUST
-------------------------------------------------------------
SERIES I
-------------------------------------------------------------
YEARS ENDED DECEMBER 31, 05/01/1999*
----------------------------------------------- TO
2003+++ 2002+++ 2001+++ 2000+++ 12/31/1999
---------- ---------- --------- --------- -----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.34 $ 10.77 $ 12.10 $ 12.60 $ 12.50
Income from investment operations:
Net investment income (loss) (0.05) (0.05) (0.04) (0.01) (0.01)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.58 (2.38) (1.29) (0.49) 0.11
---------- ---------- --------- --------- -----------
Total from investment operations 3.53 (2.43) (1.33) (0.50) 0.10
---------- ---------- --------- --------- -----------
NET ASSET VALUE, END OF PERIOD $ 11.87 $ 8.34 $ 10.77 $ 12.10 $ 12.60
========== ========== ========= ========= ===========
TOTAL RETURN (B) 42.33% (22.56%) (10.99%) (3.97%) 0.80%+
Net assets, end of period (000's) $ 260,191 $ 186,950 $ 153,732 $ 122,350 $ 99,504
Ratio of expenses to average net assets 0.99% 1.00% 1.00% 1.00% 1.03%(A)
Ratio of expenses to average net assets after expense reductions 0.99% 1.00% 1.00% 1.00% 1.03%(A)
Ratio of net investment income (loss) to average net assets (0.55%) (0.53%) (0.36%) (0.11%) (0.15%)(A)
Portfolio turnover rate 132% 128% 170% 300% 36%
MID CAP STOCK TRUST
---------------------------------------------
SERIES II SERIES III
--------------------------- ------------
YEAR ENDED
DECEMBER 31, 1/28/2002* 9/05/2003*
------------ TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------ ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.34 $ 10.64 $ 10.75
Income from investment operations:
Net investment income (loss) (0.08) (0.05) (0.04)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.58 (2.25) 1.16
------------ ------------ ------------
Total from investment operations 3.50 (2.30) 1.12
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $ 11.84 $ 8.34 $ 11.87
============ ============ ============
TOTAL RETURN (B) 41.97% (21.62%)+ 10.42%+
Net assets, end of period (000's) $ 116,299 $ 31,611 $ 6
Ratio of expenses to average net assets 1.19% 1.20%(A) 39.49%(A)
Ratio of expenses to average net assets after expense reductions 1.19% 1.20%(A) 1.34%(A)
Ratio of net investment income (loss) to average net assets (0.75%) (0.70%)(A) (1.05%)(A)
Portfolio turnover rate 132% 128% 132%
NATURAL RESOURCES TRUST
-------------------------------------------------
SERIES I SERIES II SERIES III
------------ ------------ -------------
05/05/2003* 05/05/2003* 09/05/2003*
TO TO TO
12/31/2003+++ 12/31/2003+++ 12/31/2003+++
------------ ------------ -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50 $ 12.50 $ 14.72
Income from investment operations:
Net investment income (loss) 0.05 0.02 (0.01)
Net realized and unrealized gain (loss) on investments
and foreign currency transaction 5.45 5.46 3.29
------------ ------------ -------------
Total from investment operations 5.50 5.48 3.28
------------ ------------ -------------
NET ASSET VALUE, END OF PERIOD $ 18.00 $ 17.98 $ 18.00
============ ============ =============
TOTAL RETURN (B) 44.00%+ 43.84%+ 22.28%+
Net assets, end of period (000's) $ 90,099 $ 74,882 $ 2
Ratio of expenses to average net assets 1.21%(A) 1.41%(A) 45.65%(A)
Ratio of expenses to average net assets after expense reductions 1.21%(A) 1.41%(A) 1.56%(A)
Ratio of net investment income (loss) to average net assets 0.54%(A) 0.23%(A) (0.20%)(A)
Portfolio turnover rate 23% 23% 23%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
66
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
ALL CAP GROWTH TRUST
--------------------------------------------------------------------
SERIES I
--------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
----------- ----------- ----------- ----------- ---------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.15 $ 14.75 $ 20.65 $ 24.89 $ 19.77
Income from investment operations:
Net investment income (loss) (0.05) (0.06) (0.06) (0.09) (0.08)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.31 (3.54) (4.81) (2.32) 7.87
----------- ----------- ----------- ----------- ---------
Total from investment operations 3.26 (3.60) (4.87) (2.41) 7.79
----------- ----------- ----------- ----------- ---------
Less distributions:
Distributions from capital gains - - (1.03) (1.83) (2.67)
----------- ----------- ----------- ----------- ---------
Total distributions - - (1.03) (1.83) (2.67)
----------- ----------- ----------- ----------- ---------
NET ASSET VALUE, END OF PERIOD $ 14.41 $ 11.15 $ 14.75 $ 20.65 $ 24.89
=========== =========== =========== =========== =========
TOTAL RETURN 29.24% (24.41%) (23.77%) (10.79)% 44.69%
Net assets, end of period (000's) $ 520,181 $ 456,752 $ 637,879 $ 873,214 $ 662,674
Ratio of expenses to average net assets 1.01% 1.02% 1.01% 1.00% 1.03%
Ratio of net investment income (loss) to average net assets (0.38%) (0.43%) (0.39%) (0.37%) (0.46%)
Portfolio turnover rate 58% 80% 69% 103% 193%
ALL CAP GROWTH TRUST
----------------------------------------------
SERIES II SERIES III
---------------------------- -------------
YEAR ENDED 1/28/2002* 09/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
----------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.14 $ 14.49 $ 13.48
Income from investment operations:
Net investment income (loss) (0.07) (0.06) (0.03)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.30 (3.29) 0.96
----------- ----------- --------
Total from investment operations 3.23 (3.35) 0.93
----------- ----------- --------
Less distributions:
Distributions from capital gains - - -
----------- ----------- --------
Total distributions - - -
----------- ----------- --------
NET ASSET VALUE, END OF PERIOD $ 14.37 $ 11.14 $ 14.41
=========== =========== ========
TOTAL RETURN 28.99% (23.12%) + 6.90% +
Net assets, end of period (000's) $ 87,300 $ 24,896 $ 2
Ratio of expenses to average net assets 1.21% 1.22% (A) 1.36% (A)
Ratio of net investment income (loss) to average net assets (0.58%) (0.54%) (A) (0.61%) (A)
Portfolio turnover rate 58% 80% 58%
STRATEGIC OPPORTUNITIES TRUST
--------------------------------------------------------------------
SERIES I
--------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
----------- ---------- ---------- ---------- -----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.74 $ 12.64 $ 17.52 $ 21.90 $ 19.48
Income from investment operations:
Net investment income (loss) 0.01 (0.03) (0.02) 0.08 0.07
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.99 (4.87) (2.47) (1.20) 4.75
----------- ---------- ---------- ---------- ----------
Total from investment operations 2.00 (4.90) (2.49) (1.12) 4.82
----------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from net investment income - - (0.08) (0.07) (0.09)
Distributions from capital gains - - (2.31) (3.19) (2.31)
----------- ---------- ---------- ---------- ----------
Total distributions - - (2.39) (3.26) (2.40)
----------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 9.74 $ 7.74 $ 12.64 $ 17.52 $ 21.90
=========== ========== ========== ========== ==========
TOTAL RETURN 25.84% (38.77%) (15.25%) (6.37%) 27.75%
Net assets, end of period (000's) $ 533,891 $ 513,567 $1,057,285 $1,425,677 $1,673,228
Ratio of expenses to average net assets 0.93% 0.92% 0.91% 0.90% 0.88%
Ratio of net investment income (loss) to average net assets 0.10% (0.28%) (0.12%) 0.41% 0.34%
Portfolio turnover rate 185% 229% 260% 165% 129%
STRATEGIC OPPORTUNITIES TRUST
-----------------------------
SERIES II
-----------------------------
YEAR ENDED 1/28/2002*
DECEMBER 31, TO
2003+++ 12/31/2002+++
-------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.73 $ 11.99
Income from investment operations:
Net investment income (loss) (0.01) - #
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.99 (4.26)
---------- ----------
Total from investment operations 1.98 (4.26)
---------- ----------
Less distributions:
Dividends from net investment income - -
Distributions from capital gains - -
---------- ----------
Total distributions - -
---------- ----------
NET ASSET VALUE, END OF PERIOD $ 9.71 $ 7.73
========== ==========
TOTAL RETURN 25.61% (35.53%) +
Net assets, end of period (000's) $ 22,968 $ 9,181
Ratio of expenses to average net assets 1.13% 1.12% (A)
Ratio of net investment income (loss) to average net assets (0.13%) 0.02% (A)
Portfolio turnover rate 185% 229%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
67
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
FINANCIAL SERVICES TRUST
-------------------------------------------
SERIES I
-------------------------------------------
YEARS ENDED
DECEMBER 31, 4/30/2001*
------------------------- TO
2003+++ 2002+++ 12/31/2001+++
---------- ---------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.55 $ 11.63 $ 12.50
Income from investment operations:
Net investment income (loss) 0.06 0.03 0.01
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.14 (2.11) (0.88)
---------- ---------- ----------
Total from investment operations 3.20 (2.08) (0.87)
---------- ---------- ----------
Less distributions:
Dividends from net investment income (0.02) - # - #
---------- ---------- ----------
Total distributions (0.02) - # - #
---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 12.73 $ 9.55 $ 11.63
========== ========== ==========
TOTAL RETURN (B) 33.58% (17.88%) (6.93%) +
Net assets, end of period (000's) $ 52,467 $ 37,132 $ 24,840
Ratio of expenses to average net assets 1.05% 1.07% 1.21% (A)
Ratio of expenses to average net assets after expense reductions 1.05% 1.07% 1.21% (A)
Ratio of net investment income (loss) to average net assets 0.58% 0.31% 0.08% (A)
Portfolio turnover rate 25% 34% 53%
FINANCIAL SERVICES TRUST
-------------------------------------------------
SERIES II SERIES III
-------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.54 $ 11.48 $ 11.28
Income from investment operations:
Net investment income (loss) 0.04 0.03 0.04
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.14 (1.97) 1.41
---------- ---------- -----------
Total from investment operations 3.18 (1.94) 1.45
---------- ---------- -----------
Less distributions:
Dividends from net investment income (0.03) - # -
---------- ---------- -----------
Total distributions (0.03) - # -
---------- ---------- -----------
NET ASSET VALUE, END OF PERIOD $ 12.69 $ 9.54 $ 12.73
========== ========== ===========
TOTAL RETURN (B) 33.40% (16.90%) + 12.85% +
Net assets, end of period (000's) $ 36,337 $ 12,138 - ##
Ratio of expenses to average net assets 1.25% 1.27% (A) 186.33% (A)
Ratio of expenses to average net assets after expense reductions 1.25% 1.27% (A) 1.40% (A)
Ratio of net investment income (loss) to average net assets 0.37% 0.37% (A) 0.97% (A)
Portfolio turnover rate 25% 34% 25%
INTERNATIONAL STOCK TRUST
-----------------------------------------------------------
SERIES I
-----------------------------------------------------------
YEARS ENDED DECEMBER 31,
-----------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.48 $ 9.59 $ 12.81 $ 15.43 $ 12.98
Income from investment operations:
Net investment income (loss) 0.08 0.07 0.04 0.01 0.08
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.17 (2.14) (2.75) (2.56) 3.76
-------- -------- -------- -------- --------
Total from investment operations 2.25 (2.07) (2.71) (2.55) 3.84
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.04) (0.04) (0.02) - (0.07)
Distributions from capital gains - - (0.49) (0.07) (1.32)
-------- -------- -------- -------- --------
Total Distributions (0.04) (0.04) (0.51) (0.07) (1.39)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.69 $ 7.48 $ 9.59 $ 12.81 $ 15.43
======== ======== ======== ======== ========
TOTAL RETURN (C) 30.27% (21.69%) (21.54%) (16.57%) 29.71%
Net assets, end of period (000's) $289,227 $246,794 $265,353 $298,054 $231,729
Ratio of expenses to average net assets 1.17% 1.18% 1.22% 1.24% 1.25%
Ratio of expenses to average net assets after expense reductions 1.17% 1.17% 1.21% 1.23% 1.25%
Ratio of net investment income (loss) to average net assets 1.07% 0.77% 0.42% 0.10% 0.58%
Portfolio turnover rate 159% 78% 31% 39% 39%
INTERNATIONAL STOCK TRUST
----------------------------------------------
SERIES II SERIES III
----------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.48 $ 9.92 $ 8.42
Income from investment operations:
Net investment income (loss) 0.05 (0.01) (0.02)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.20 (2.39) 1.29
------- ------- ----------
Total from investment operations 2.25 (2.40) 1.27
------- ------- ----------
Less distributions:
Dividends from net investment income (0.05) (0.04) -
Distributions from capital gains - - -
------- ------- ----------
Total Distributions (0.05) (0.04) -
------- ------- ----------
NET ASSET VALUE, END OF PERIOD $ 9.68 $ 7.48 $ 9.69
======= ======= ==========
TOTAL RETURN (C) 30.26% (24.29%) + 15.08% +
Net assets, end of period (000's) $99,529 $32,674 $ 2
Ratio of expenses to average net assets 1.37% 1.38% (A) 1.52% (A)
Ratio of expenses to average net assets after expense reductions 1.37% 1.37% (A) 1.52% (A)
Ratio of net investment income (loss) to average net assets 0.65% (0.20%) (A) (0.58%) (A)
Portfolio turnover rate 159% 78% 159%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
# Amount is less than $.01 per share.
## Amount is less than $1,000
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
(C) The total return for the years ended 2002, 2001 and 2000 for Series I
and for the period ended December 31, 2002 for Series II would have
been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
68
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
OVERSEAS TRUST
-----------------------------------------------------------
SERIES I
-----------------------------------------------------------
YEARS ENDED DECEMBER 31,
-----------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $ 6.69 $ 8.56 $ 11.91 $ 15.92 $ 11.33
Income from investment operations:
Net investment income (loss) 0.04 0.03 0.07 0.05 0.08
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.87 (1.86) (2.47) (2.84) 4.51
-------- -------- -------- -------- --------
Total from investment operations 2.91 (1.83) (2.40) (2.79) 4.59
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.03) (0.04) (0.03) (0.13) -
Distributions from capital gains - - (0.92) (1.09) -
-------- -------- -------- -------- --------
Total distributions (0.03) (0.04) (0.95) (1.22) -
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.57 $ 6.69 $ 8.56 $ 11.91 $ 15.92
======== ======== ======== ======== ========
TOTAL RETURN 43.83% (21.44%) (21.10%) (18.72%) 40.51%
Net assets, end of period (000's) $364,179 $298,843 $428,911 $488,582 $404,223
Ratio of expenses to average net assets 1.13% 1.10% 1.10% 1.15% 1.21%
Ratio of net investment income (loss) to average net assets 0.51% 0.37% 0.76% 0.40% 0.73%
Portfolio turnover rate 103% 81% 100% 142% 147%
OVERSEAS TRUST
----------------------------------------------
SERIES II SERIES III
-------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 6.69 $ 8.25 $ 8.24
Income from investment operations:
Net investment income (loss) 0.01 (0.02) (0.02)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.89 (1.50) 1.35
------- --------- ----------
Total from investment operations 2.90 (1.52) 1.33
------- --------- ----------
Less distributions:
Dividends from net investment income (0.04) (0.04) -
Distributions from capital gains - - -
------- --------- ----------
Total distributions (0.04) (0.04) -
--------- --------- ----------
NET ASSET VALUE, END OF PERIOD $ 9.55 $ 6.69 $ 9.57
======= ========= ==========
TOTAL RETURN 43.71% (18.49%) + 16.14% +
Net assets, end of period (000's) $96,010 $ 27,680 $ 5
Ratio of expenses to average net assets 1.33% 1.30% (A) 1.48% (A)
Ratio of net investment income (loss) to average net assets 0.19% (0.24%) (A) (0.67%) (A)
Portfolio turnover rate 103% 81% 103%
INTERNATIONAL SMALL CAP TRUST
-----------------------------------------------------------
SERIES I
-----------------------------------------------------------
YEARS ENDED DECEMBER 31,
-----------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.41 $ 11.30 $ 16.40 $ 28.16 $ 15.28
Income from investment operations:
Net investment income (loss) 0.08 (0.04) - # (0.15) (0.07)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 5.07 (1.85) (5.10) (6.33) 13.00
-------- -------- -------- -------- --------
Total from investment operations 5.15 (1.89) (5.10) (6.48) 12.93
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income - - - - (0.05)
Distributions from capital gains - - - (5.28) -
-------- -------- -------- -------- --------
Total distributions - - - (5.28) (0.05)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 14.56 $ 9.41 $ 11.30 $ 16.40 $ 28.16
======== ======== ======== ======== ========
TOTAL RETURN (B) 54.73% (16.73%) (31.10%) (29.16%) 84.92%
Net assets, end of period (000's) $245,603 $100,006 $146,451 $257,406 $239,961
Ratio of expenses to average net assets 1.32% 1.57% 1.60% 1.54% 1.37%
Ratio of expenses to average net assets after expense reductions 1.32% 1.57% 1.60% 1.54% 1.37%
Ratio of net investment income (loss) to average net assets 0.66% (0.40%) (0.01%) (0.67%) (0.41%)
Portfolio turnover rate 140% 501% 721% 529% 309%
INTERNATIONAL SMALL CAP TRUST
--------------------------------------------------
SERIES II SERIES III
------------------------------ -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.41 $ 11.35 $ 12.69
Income from investment operations:
Net investment income (loss) 0.05 (0.07) (0.01)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 5.08 (1.87) 1.88
------- ------------ ------------
Total from investment operations 5.13 (1.94) 1.87
------- ------------ ------------
Less distributions:
Dividends from net investment income - - -
Distributions from capital gains - - -
------- ------------ ------------
Total distributions - - -
------- ------------ ------------
NET ASSET VALUE, END OF PERIOD $ 14.54 $ 9.41 $ 14.56
======= ============ ============
TOTAL RETURN (B) 54.52% (17.09%) + 14.74% +
Net assets, end of period (000's) $73,655 $ 4,848 $ 9
Ratio of expenses to average net assets 1.52% 1.77% (A) 15.64% (A)
Ratio of expenses to average net assets after expense reductions 1.52% 1.77% (A) 1.59% (A)
Ratio of net investment income (loss) to average net assets 0.41% (0.73%) (A) (0.19%) (A)
Portfolio turnover rate 140% 501% 140%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
69
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
INTERNATIONAL VALUE TRUST
------------------------------------------------------------
SERIES I
------------------------------------------------------------
YEARS ENDED DECEMBER 31, 05/01/1999*
------------------------------------------------ TO
2003+++ 2002+++ 2001+++ 2000+++ 12/31/1999
--------- ---------- ---------- --------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.60 $ 10.54 $ 12.06 $ 12.98 $ 12.50
Income from investment operations:
Net investment income (loss) 0.21 0.14 0.14 0.20 0.08
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.60 (2.01) (1.34) (1.04) 0.40
--------- ---------- ---------- --------- ---------
Total from investment operations 3.81 (1.87) (1.20) (0.84) 0.48
--------- ---------- ---------- --------- ---------
Less Distributions
Dividends from net investment income (0.08) (0.07) (0.12) (0.05) -
Distributions from capital gains - - (0.20) (0.03) -
---------- ---------- ---------- --------- ---------
Total Distributions (0.08) (0.07) (0.32) (0.08) -
--------- ---------- ---------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.33 $ 8.60 $ 10.54 $ 12.06 $ 12.98
========= ========== ========== ========= =========
TOTAL RETURN (B) 44.86% (17.84%) (9.97%) (6.46%) 3.84% +
Net assets, end of period (000's) $ 267,454 $ 228,882 $ 208,230 $ 158,511 $ 100,970
Ratio of expenses to average net assets 1.13% 1.12% 1.15% 1.18% 1.23% (A)
Ratio of expenses to average net assets after expense reductions 1.12% 1.12% 1.15% 1.18% 1.23% (A)
Ratio of net investment income (loss) to average net assets 2.18% 1.45% 1.32% 1.63% 1.27% (A)
Portfolio turnover rate 51% 26% 33% 41% 4%
INTERNATIONAL VALUE TRUST
---------------------------------------------------
SERIES II SERIES III
-------------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.60 $ 10.31 $ 10.79
Income from investment operations:
Net investment income (loss) 0.18 0.01 0.01
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.60 (1.65) 1.53
------------ ------------ ------------
Total from investment operations 3.78 (1.64) 1.54
------------ ------------ ------------
Less Distributions
Dividends from net investment income (0.09) (0.07) -
Distributions from capital gains - - -
------------ ------------ ------------
Total Distributions (0.09) (0.07) -
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $ 12.29 $ 8.60 $ 12.33
============ ============ ============
TOTAL RETURN (B) 44.52% (16.00%) + 14.27% +
Net assets, end of period (000's) $ 138,365 $ 50,353 $ 1
Ratio of expenses to average net assets 1.33% 1.32% (A) 1.48% (A)
Ratio of expenses to average net assets after expense reductions 1.32% 1.32% (A) 1.47% (A)
Ratio of net investment income (loss) to average net assets 1.78% 0.09% (A) 0.28% (A)
Portfolio turnover rate 51% 26% 51%
QUANTITATIVE MID CAP TRUST
----------------------------------------------------------------------
SERIES I SERIES II
----------------------------------------- ---------------------------
YEARS ENDED DECEMBER 31, 4/30/2001* YEAR ENDED 1/28/2002*
------------------------ TO DECEMBER 31, TO
2003+++ 2002+++ 12/31/2001+++ 2003+++ 12/31/2002+++
--------- -------- ------------- ------------ -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.89 $ 10.20 $ 12.50 $ 7.88 $ 10.03
Income from investment operations:
Net investment income (loss) (0.01) (0.01) - # (0.03) (0.02)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.05 (2.30) (2.30) 3.05 (2.13)
--------- -------- -------- ------- --------
Total from investment operations 3.04 (2.31) (2.30) 3.02 (2.15)
--------- -------- -------- ------- --------
NET ASSET VALUE, END OF PERIOD $ 10.93 $ 7.89 $ 10.20 $ 10.90 $ 7.88
========= ======== ======== ======= ========
TOTAL RETURN 38.53% (22.65%) (18.40%) + 38.32% (21.44%) +
Net assets, end of period (000's) $ 110,382 $ 78,053 $ 99,546 $ 7,286 $ 2,208
Ratio of expenses to average net assets 0.90% 0.90% 0.90% (A) 1.10% 1.10% (A)
Ratio of net investment Income (loss) to average net assets (0.10%) (0.07%) (0.07%) (A) (0.30%) (0.31%) (A)
Portfolio turnover rate 107% 273% 320% 107% 273%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
(B) The total return for the year ended 2003 for Series I and Series II and
for the period ended December 31, 2003 for Series III would have been
lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
70
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
MID CAP CORE TRUST
----------------------------------------------
SERIES I SERIES II SERIES III
------------- ------------- -------------
5/05/2003* 5/05/2003* 9/05/2003*
TO TO TO
12/31/2003+++ 12/31/2003+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50 $ 12.50 $ 14.47
Income from investment operations:
Net investment income (loss) (0.01) (0.03) 0.04
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.83 2.83 0.81
---------- ---------- ----------
Total from investment operations 2.82 2.80 0.85
---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 15.32 $ 15.30 $ 15.32
========== ========== ==========
TOTAL RETURN 22.56% + 22.40% + 5.87% +
Net assets, end of period (000's) $ 19,539 $ 29,798 - ##
Ratio of expenses to average net assets 1.21% (A) 1.41% (A) 1.56% (A)
Ratio of net investment income (loss) to average net assets (0.08%) (A) (0.27%) (A) 0.76% (A)
Portfolio turnover rate 22% 22% 22%
GLOBAL EQUITY TRUST
----------------------------------------------------------------
SERIES I
----------------------------------------------------------------
YEARS ENDED DECEMBER 31,
----------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 10.39 $ 13.00 $ 18.48 $ 18.79 $ 20.38
Income from investment operations:
Net investment income (loss) 0.10 0.08 0.12 0.25 0.23
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.72 (2.54) (2.78) 1.78 0.38
---------- ------- ---------- ---------- ----------
Total from investment operations 2.82 (2.46) (2.66) 2.03 0.61
---------- ------- ---------- ---------- ----------
Less distributions:
Dividends from net investment income (0.10) (0.15) (0.40) (0.35) (0.13)
Distributions from capital gains - - (2.42) (1.99) (2.07)
---------- -------- ---------- ---------- ----------
Total distributions (0.10) (0.15) (2.82) (2.34) (2.20)
---------- -------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 13.11 $ 10.39 $ 13.00 $ 18.48 $ 18.79
========== ========== ========== ========== ==========
TOTAL RETURN (B) 27.46% (19.11%) (16.09%) 12.19% 3.66%
Net assets, end of period (000's) $ 363,134 $ 347,619 $ 528,027 $ 725,419 $ 837,728
Ratio of expenses to average net assets 1.05% 1.04% 1.01% 1.02% 1.06%
Ratio of expenses to average net assets after expense reductions 1.05% 1.04% 1.01% 1.02% 1.06%
Ratio of net investment income (loss) to average net assets 0.93% 0.72% 0.81% 1.44% 1.14%
Portfolio turnover rate 149% 92% 156% 43% 43%
GLOBAL EQUITY TRUST
----------------------------------------------
SERIES II SERIES III
----------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
Net asset value, beginning of period $ 10.39 $ 12.72 $ 12.02
Income from investment operations:
Net investment income (loss) 0.08 0.05 0.06
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.71 (2.23) 1.03
------------ ---------- ----------
Total from investment operations 2.79 (2.18) 1.09
------------ ---------- ----------
Less distributions:
Dividends from net investment income (0.11) (0.15) -
Distributions from capital gains - - -
------------ ---------- ----------
Total distributions (0.11) (0.15) -
------------ ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 13.07 $ 10.39 $ 13.11
============ ========== ==========
TOTAL RETURN (B) 27.23% (17.33%) + 9.07% +
Net assets, end of period (000's) $ 19,672 $ 8,503 - ##
Ratio of expenses to average net assets 1.25% 1.24% (A) 345.59% (A)
Ratio of expenses to average net assets after expense reductions 1.25% 1.24% (A) 1.40% (A)
Ratio of net investment income (loss) to average net assets 0.68% 0.55% (A) 1.38% (A)
Portfolio turnover rate 149% 92% 149%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
# Amount is less than $.01 per share.
## Amount is less than $1,000
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
71
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
STRATEGIC GROWTH TRUST
--------------------------------------
SERIES I
--------------------------------------
YEARS ENDED DECEMBER 31, 4/30/2001*
------------------------ TO
2003+++ 2002+++ 12/31/2001+++
--------- --------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.93 $ 11.02 $ 12.50
Income from investment operations:
Net investment income (loss) (0.01) (0.02) (0.01)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.14 (3.07) (1.47)
-------- -------- ----------
Total from investment operations 2.13 (3.09) (1.48)
-------- -------- ----------
NET ASSET VALUE, END OF PERIOD $ 10.06 $ 7.93 $ 11.02
======== ======== ==========
TOTAL RETURN (B) 26.86% (28.04%) (11.84%) +
Net assets, end of period (000's) $175,020 $132,098 $ 91,393
Ratio of expenses to average net assets 0.99% 1.01% 1.10% (A)
Ratio of expenses to average net assets after expense reductions 0.99% 1.01% 1.10% (A)
Ratio of net investment income (loss) to average net assets (0.09%) (0.22%) (0.19%) (A)
Portfolio turnover rate 77% 91% 107%
STRATEGIC GROWTH TRUST
-------------------------------------------
SERIES II SERIES III
--------------------------- --------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.93 $ 10.58 $ 9.64
Income from investment operations:
Net investment income (loss) (0.03) (0.02) (0.01)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.14 (2.63) 0.43
------- --------- ----------
Total from investment operations 2.11 (2.65) 0.42
------- --------- ----------
NET ASSET VALUE, END OF PERIOD $ 10.04 $ 7.93 $ 10.06
======= ========= ==========
TOTAL RETURN (B) 26.61% (25.05%) + 4.36% +
Net assets, end of period (000's) $86,609 $ 25,425 $ 2
Ratio of expenses to average net assets 1.19% 1.21% (A) 52.48% (A)
Ratio of expenses to average net assets after expense reductions 1.19% 1.21% (A) 1.34% (A)
Ratio of net investment income (loss) to average net assets (0.29%) (0.23%) (A) (0.18%) (A)
Portfolio turnover rate 77% 91% 77%
CAPITAL APPRECIATION TRUST
---------------------------------------------------
SERIES I
---------------------------------------------------
YEARS ENDED DECEMBER 31, 11/1/2000*
----------------------------------- TO
2003+++ 2002+++ 2001+++ 12/31/2000+++
-------- -------- ---------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 6.21 $ 8.95 $ 10.97 $ 12.50
Income from investment operations:
Net investment income (loss) (0.01) (0.01) (0.02) - #
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.84 (2.73) (2.00) (1.53)
-------- -------- ---------- --------
Total from investment operations 1.83 (2.74) (2.02) (1.53)
-------- -------- ---------- --------
NET ASSET VALUE, END OF PERIOD $8.04 $ 6.21 $ 8.95 $ 10.97
======== ======== ========== ========
TOTAL RETURN (C) 29.47% (30.61%) (18.41%) (12.24%) +
Net assets, end of period (000's) $120,859 $100,415 $ 40,202 $ 5,280
Ratio of expenses to average net assets 0.99% 1.05% 1.20% 1.60% (A)
Ratio of expenses to average net assets after expense reductions 0.99% 1.05% 1.20% 1.40% (A)
Ratio of net investment income (loss) to average net assets (0.13%) (0.14%) (0.22%) (0.21%) (A)
Portfolio turnover rate 71% 67% 102% 143%
CAPITAL APPRECIATION TRUST
---------------------------------------------
SERIES II SERIES III
-------------------------- --------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ -------------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 6.20 $ 8.73 $ 7.62
Income from investment operations:
Net investment income (loss) (0.03) (0.02) (0.01)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.85 (2.51) 0.43
----------- ---------- ----------
Total from investment operations 1.82 (2.53) 0.42
----------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 8.02 $ 6.20 $ 8.04
=========== ========== ==========
TOTAL RETURN (C) 29.35% (28.98%) + 5.51% +
Net assets, end of period (000's) $ 72,208 $ 22,698 $ 2
Ratio of expenses to average net assets 1.19% 1.25% (A) 1.34% (A)
Ratio of expenses to average net assets after expense reductions 1.19% 1.25% (A) 1.34% (A)
Ratio of net investment income (loss) to average net assets (0.35%) (0.27%) (A) (0.38%) (A)
Portfolio turnover rate 71% 67% 71%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
(C) The total return for the period ended December 31, 2000 for Series I
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
72
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
QUANTITATIVE ALL CAP TRUST
----------------------------------------------
SERIES I SERIES II SERIES III
------------- ------------- -------------
5/05/2003* 5/05/2003* 9/05/2003*
TO TO TO
12/31/2003+++ 12/31/2003+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50 $ 12.50 $ 14.08
Income from investment operations:
Net investment income (loss) 0.02 - # 0.06
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.04 3.05 1.41
---------- ---------- ----------
Total from investment operations 3.06 3.05 1.47
---------- ---------- ----------
Less distributions:
Dividends from net investment income (0.51) (0.50) (0.50)
---------- ---------- ----------
Total distributions (0.51) (0.50) (0.50)
---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 15.05 $ 15.05 $ 15.05
========== ========== ==========
TOTAL RETURN (B) 24.49% + 24.38% + 10.42% +
Net assets, end of period (000's) $ 2,141 $ 2,542 - ##
Ratio of expenses to average net assets 2.59% (A) 2.81% (A) 347.32% (A)
Ratio of expenses to average net assets after expense reductions 1.30% (A) 1.50% (A) 1.65% (A)
Ratio of net investment income (loss) to average net assets 0.18% (A) (0.02%) (A) 1.30% (A)
Portfolio turnover rate 96% 96% 96%
ALL CAP CORE TRUST
(FORMERLY, GROWTH TRUST)
-----------------------------------------------------------------
SERIES I
-----------------------------------------------------------------
YEARS ENDED DECEMBER 31,
-----------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
---------- ---------- ---------- ---------- ---------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.43 $ 13.95 $ 17.74 $ 26.88 $ 20.50
Income from investment operations:
Net investment income (loss) 0.06 (0.02) (0.06) (0.06) (0.04)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.23 (3.50) (3.73) (6.47) 7.46
---------- ---------- ---------- ---------- ---------
Total from investment operations 3.29 (3.52) (3.79) (6.53) 7.42
---------- ---------- ---------- ---------- ---------
Less distributions:
Dividends from net investment income - - - - (0.05)
Distribution from capital gains - - - (2.61) (0.99)
---------- ---------- ---------- ---------- ---------
Total distributions - - - (2.61) (1.04)
---------- ---------- ---------- ---------- ---------
NET ASSET VALUE, END OF PERIOD $ 13.72 $ 10.43 $ 13.95 $ 17.74 $ 26.88
========== ========== ========== ========== =========
TOTAL RETURN 31.54% (25.23%) (21.36%) (27.29%) 37.20%
Net assets, end of period (000's) $ 264,170 $ 243,484 $ 494,523 $ 637,194 $ 642,948
Ratio of expenses to average net assets 0.93% 0.91% 0.91% 0.90% 0.90%
Ratio of net investment income (loss) to average net assets 0.49% (0.20%) (0.41%) (0.26%) (0.18%)
Portfolio turnover rate 183% 153% 121% 147% 156%
ALL CAP CORE TRUST
(FORMERLY, GROWTH TRUST)
----------------------------
SERIES II
----------------------------
YEAR ENDED 1/28/2002*
DECEMBER 31, TO
2003+++ 12/31/2002+++
------------ --------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.43 $ 13.64
Income from investment operations:
Net investment income (loss) 0.03 (0.02)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.23 (3.19)
----------- ----------
Total from investment operations 3.26 (3.21)
----------- ----------
Less distributions:
Dividends from net investment income - -
Distribution from capital gains - -
----------- ----------
Total distributions - -
----------- ----------
NET ASSET VALUE, END OF PERIOD $ 13.69 $ 10.43
=========== ==========
TOTAL RETURN 31.26% (23.53%)+
Net assets, end of period (000's) $ 10,246 $ 4,296
Ratio of expenses to average net assets 1.13% 1.11% (A)
Ratio of net investment income (loss) to average net assets 0.29% (0.19%) (A)
Portfolio turnover rate 183% 153%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
# Amount is less than $.01 per share.
## Amount is less than $1,000
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series I,
Series II and Series III would have been lower, had operating expenses
not been reduced.
The accompanying notes are an integral part of the financial statements.
73
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
LARGE CAP GROWTH TRUST
-----------------------------------------------------------------
SERIES I
-----------------------------------------------------------------
YEARS ENDED DECEMBER 31,
-----------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
---------- ---------- ---------- ---------- ---------
Net asset value, beginning of period $ 7.61 $ 9.89 $ 12.58 $ 17.23 $ 15.26
Income from investment operations:
Net investment income (loss) 0.03 0.02 0.03 (0.01) 0.06
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.89 (2.27) (2.25) (2.03) 3.52
---------- ---------- ---------- ---------- ---------
Total from investment operations 1.92 (2.25) (2.22) (2.04) 3.58
---------- ---------- ---------- ---------- ---------
Less distributions:
Dividends from net investment income (0.02) (0.03) - (0.04) (0.23)
Distributions from capital gains - - (0.47) (2.57) (1.38)
---------- ---------- ---------- ---------- ---------
Total distributions (0.02) (0.03) (0.47) (2.61) (1.61)
---------- ---------- ---------- ---------- ---------
NET ASSET VALUE, END OF PERIOD $ 9.51 $ 7.61 $ 9.89 $ 12.58 $ 17.23
========== ========== ========== ========== =========
TOTAL RETURN 25.33% (22.83%) (17.81%) (14.24%) 25.28%
Net assets, end of period (000's) $ 414,672 $ 370,765 $ 496,049 $ 541,693 $ 402,585
Ratio of expenses to average net assets 0.97% 0.98% 0.95% 0.94% 0.94%
Ratio of net investment income (loss) to average net assets 0.31% 0.26% 0.30% (0.01%) 0.45%
Portfolio turnover rate 62% 92% 123% 92% 164%
LARGE CAP GROWTH TRUST
---------------------------
SERIES II
---------------------------
YEAR ENDED 1/28/2002*
DECEMBER 31, TO
2003+++ 12/31/2002+++
------------ -------------
Net asset value, beginning of period $ 7.60 $ 9.79
Income from investment operations:
Net investment income (loss) 0.01 0.02
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.90 (2.18)
--------- ----------
Total from investment operations 1.91 (2.16)
--------- ----------
Less distributions:
Dividends from net investment income (0.03) (0.03)
Distributions from capital gains - -
--------- ----------
Total distributions (0.03) (0.03)
--------- ----------
NET ASSET VALUE, END OF PERIOD $ 9.48 $ 7.60
========= ==========
TOTAL RETURN 25.24% (22.15%)+
Net assets, end of period (000's) $85,866 $ 31,496
Ratio of expenses to average net assets 1.17% 1.18% (A)
Ratio of net investment income (loss) to average net assets 0.12% 0.27% (A)
Portfolio turnover rate 62% 92%
QUANTITATIVE EQUITY TRUST
-----------------------------------------------------------------
SERIES I
-----------------------------------------------------------------
YEARS ENDED DECEMBER 31, 2003
-----------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
---------- ---------- ---------- ---------- ---------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.39 $ 17.20 $ 26.26 $ 28.16 $ 25.22
Income from investment operations:
Net investment income (loss) 0.11 0.07 0.04 0.08 0.10
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.79 (4.84) (5.76) 1.81 5.26
---------- ---------- ---------- ---------- ---------
Total from investment operations 2.90 (4.77) (5.72) 1.89 5.36
---------- ---------- ---------- ---------- ---------
Less distributions:
Dividends from net investment income (0.09) (0.04) (0.06) (0.12) (0.18)
Distributions from capital gains - - (3.28) (3.67) (2.24)
---------- ---------- ---------- ---------- ---------
Total distributions (0.09) (0.04) (3.34) (3.79) (2.42)
---------- ---------- ---------- ---------- ---------
NET ASSET VALUE, END OF PERIOD $ 15.20 $ 12.39 $ 17.20 $ 26.26 $ 28.16
========== ========== ========== ========== =========
TOTAL RETURN 23.55% (27.78%) (22.95%) 6.30% 22.30%
Net assets, end of period (000's) $ 255,587 $ 248,729 $ 448,002 $ 612,813 $ 431,909
Ratio of expenses to average net assets 0.82% 0.82% 0.76% 0.75% 0.76%
Ratio of net investment income (loss) to average net assets 0.83% 0.49% 0.21% 0.28% 0.57%
Portfolio turnover rate 126% 152% 111% 120% 159%
QUANTITATIVE EQUITY TRUST
-------------------------------------------
SERIES II SERIES III
--------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.38 $ 16.85 $ 13.96
Income from investment operations:
Net investment income (loss) 0.09 0.07 0.07
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.78 (4.50) 1.17
---------- ---------- ----------
Total from investment operations 2.87 (4.43) 1.24
---------- ---------- ----------
Less distributions:
Dividends from net investment income (0.10) (0.04) -
Distributions from capital gains - - -
---------- ---------- ----------
Total distributions (0.10) (0.04) -
---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 15.15 $ 12.38 $ 15.20
========== ========== ==========
TOTAL RETURN 23.40% (26.34%) + 8.88% +
Net assets, end of period (000's) $ 19,160 $ 6,790 - ##
Ratio of expenses to average net assets 1.02% 1.02% (A) 1.17% (A)
Ratio of net investment income (loss) to average net assets 0.67% 0.57% (A) 1.53% (A)
Portfolio turnover rate 126% 152% 126%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
## Amount is less than $1,000
+ Not Annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
74
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
BLUE CHIP GROWTH TRUST
-----------------------------------------------------------------
SERIES I
-----------------------------------------------------------------
YEARS ENDED DECEMBER 31,
-----------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.99 $ 15.83 $ 20.13 $ 21.64 $ 18.92
Income from investment operations:
Net investment income (loss) 0.02 0.01 - # (0.02) 0.01
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.48 (3.85) (2.97) (0.50) 3.58
---------- ---------- ---------- ---------- ------------
Total from investment operations 3.50 (3.84) (2.97) (0.52) 3.59
---------- ---------- ---------- ---------- ------------
Less distributions:
Dividends from net investment income (0.01) - - (0.01) (0.05)
Distributions from capital gains - - (1.33) (0.98) (0.82)
---------- ---------- ---------- ---------- ------------
Total distributions (0.01) - (1.33) (0.99) (0.87)
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, END OF PERIOD $ 15.48 $ 11.99 $ 15.83 $ 20.13 $ 21.64
========== ========== ========== ========== ============
TOTAL RETURN (B) 29.17% (24.26%) (14.61%) (2.76%) 19.43%
Net assets, end of period (000's) $1,290,525 $1,092,775 $1,633,194 $1,999,039 $ 1,734,233
Ratio of expenses to average net assets 0.92% 0.93% 0.93% 0.92% 0.94%
Ratio of expenses to average net assets after expense reductions 0.90% 0.91% 0.92% 0.91% 0.94%
Ratio of net investment income (loss) to average net assets 0.15% 0.05% 0.00% (0.07%) 0.06%
Portfolio turnover rate 35% 39% 48% 48% 42%
BLUE CHIP GROWTH TRUST
------------------------------------------
SERIES II SERIES III
-------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.98 $ 15.53 $ 14.36
Income from investment operations:
Net investment income (loss) - # - # 0.01
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.47 (3.55) 1.11
---------- --------- ---------
Total from investment operations 3.47 (3.55) 1.12
---------- --------- ---------
Less distributions:
Dividends from net investment income (0.02) - -
Distributions from capital gains - - -
---------- --------- ---------
Total distributions (0.02) - -
---------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 15.43 $ 11.98 $ 15.48
========== ========= =========
TOTAL RETURN (B) 29.02% (22.86%) + 7.80% +
Net assets, end of period (000's) $ 204,653 $ 61,375 $ 6
Ratio of expenses to average net assets 1.12% 1.13% (A) 19.68% (A)
Ratio of expenses to average net assets after expense reductions 1.10% 1.11% (A) 1.25% (A)
Ratio of net investment income (loss) to average net assets (0.03%) (0.01%) (A) 0.12% (A)
Portfolio turnover rate 35% 39% 35%
U.S. LARGE CAP TRUST
(FORMERLY, U.S. LARGE CAP VALUE TRUST)
----------------------------------------------------------------
SERIES I
----------------------------------------------------------------
YEARS ENDED DECEMBER 31, 05/01/1999*
-------------------------------------------------- TO
2003+++ 2002+++ 2001+++ 2000+++ 12/31/1999
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.41 $ 12.61 $ 13.09 $ 12.84 $ 12.50
Income from investment operations:
Net investment income (loss) 0.05 0.05 0.04 0.07 0.04
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.42 (3.22) (0.38) 0.29 0.30
---------- ---------- ---------- ---------- ------------
Total from investment operations 3.47 (3.17) (0.34) 0.36 0.34
---------- ---------- ---------- ---------- ------------
Less distributions:
Dividends from net investment income (0.04) (0.03) (0.05) (0.03) -
Distributions from capital gains - - (0.09) (0.08) -
---------- ---------- ---------- ---------- ------------
Total distributions (0.04) (0.03) (0.14) (0.11) -
---------- ---------- ---------- ---------- ------------
NET ASSET VALUE, END OF PERIOD $ 12.84 $ 9.41 $ 12.61 $ 13.09 $ 12.84
========== ========== ========== ========== ============
TOTAL RETURN 37.06% (25.18%) (2.54%) 2.78% 2.72% +
Net assets, end of period (000's) $ 413,803 $ 382,248 $ 518,621 $ 435,395 $ 210,725
Ratio of expenses to average net assets 0.93% 0.94% 0.93% 0.93% 0.94% (A)
Ratio of net investment income (loss) to average net assets 0.43% 0.43% 0.32% 0.53% 0.64% (A)
Portfolio turnover rate 34% 42% 38% 31% 30%
U.S. LARGE CAP TRUST
(FORMERLY, U.S. LARGE CAP VALUE TRUST)
--------------------------------------------
SERIES II SERIES III
-------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.41 $ 12.35 $ 11.72
Income from investment operations:
Net investment income (loss) 0.02 0.03 0.01
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.41 (2.94) 1.11
---------- ----------- ----------
Total from investment operations 3.43 (2.91) 1.12
---------- ----------- ----------
Less distributions:
Dividends from net investment income (0.05) (0.03) -
Distributions from capital gains - - -
---------- ----------- ----------
Total distributions (0.05) (0.03) -
---------- ----------- ----------
NET ASSET VALUE, END OF PERIOD $ 12.79 $ 9.41 $ 12.84
========== =========== ==========
TOTAL RETURN 36.68% (23.61%) + 9.56% +
Net assets, end of period (000's) $ 143,409 $ 59,287 $ 1
Ratio of expenses to average net assets 1.13% 1.14% (A) 1.28% (A)
Ratio of net investment income (loss) to average net assets 0.21% 0.35% (A) 0.34% (A)
Portfolio turnover rate 34% 42% 34%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
(B) The total return for the years ended 2003, 2002, 2001, 2000 and 1999
for Series I, for the year ended 2003 and the period ended December 31,
2002 for Series II and for the period ended December 31, 2003 for
Series III would have been lower, had operating expenses not been
reduced.
The accompanying notes are an integral part of the financial statements.
75
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
STRATEGIC VALUE TRUST
(FORMERLY, CAPITAL OPPORTUNITIES TRUST)
----------------------------------------
SERIES I
----------------------------------------
4/31/2001*
YEARS ENDED DECEMBER 31, TO
2003+++ 2002+++ 12/31/2001+++
---------- ---------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.79 $ 10.70 $ 12.50
Income from investment operations:
Net investment income (loss) 0.06 - # (0.02)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.18 (2.91) (1.78)
---------- ---------- ----------
Total from investment operations 2.24 (2.91) (1.80)
---------- ---------- ----------
Less distributions:
Dividends from net investment income - # - -
---------- ---------- ----------
Total distributions - # - -
---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 10.03 $ 7.79 $ 10.70
========== ========== ==========
TOTAL RETURN (B) 28.78% (27.20%) (14.4%) +
Net assets, end of period (000's) $ 95,602 $ 34,153 $ 33,428
Ratio of expenses to average net assets 1.04% 1.14% 1.46% (A)
Ratio of expenses to average net assets after expense reductions 1.04% 1.14% 1.40% (A)
Ratio of net investment income (loss) to average net assets 0.69% 0.04% (0.27%) (A)
Portfolio turnover rate 62% 109% 86%
STRATEGIC VALUE TRUST
(FORMERLY, CAPITAL OPPORTUNITIES TRUST)
---------------------------------------
SERIES II SERIES III
-------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.78 $ 10.27 $ 9.42
Income from investment operations:
Net investment income (loss) 0.05 - # 0.03
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.18 (2.49) 0.58
---------- --------- ----------
Total from investment operations 2.23 (2.49) 0.61
---------- --------- ----------
Less distributions:
Dividends from net investment income (0.01) - -
---------- --------- ----------
Total distributions (0.01) - -
---------- --------- ----------
NET ASSET VALUE, END OF PERIOD $ 10.00 $ 7.78 $ 10.03
========== ========= ==========
TOTAL RETURN (B) 28.68% (24.25%) + 6.48% +
Net assets, end of period (000's) $ 47,466 $ 5,904 $ 1
Ratio of expenses to average net assets 1.24% 1.34% (A) 1.39% (A)
Ratio of expenses to average net assets after expense reductions 1.24% 1.34% (A) 1.39% (A)
Ratio of net investment income (loss) to average net assets 0.55% 0.04% (A) 0.93% (A)
Portfolio turnover rate 62% 109% 62%
LARGE CAP VALUE TRUST
------------------------------------
SERIES I SERIES II
------------- -------------
5/05/2003* 5/05/2003*
TO TO
12/31/2003+++ 12/31/2003+++
------------- -------------
Net asset value, beginning of period $ 12.50 $ 12.50
Income from investment operations:
Net investment income (loss) - # (0.03)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.46 3.47
---------- ----------
Total from investment operations 3.46 3.44
---------- ----------
Less distributions:
Dividends from net investment income (0.30) (0.30)
---------- ----------
Total distributions (0.30) (0.30)
---------- ----------
NET ASSET VALUE, END OF PERIOD $ 15.66 $ 15.64
========== ==========
TOTAL RETURN (C) 27.65% + 27.49% +
Net assets, end of period (000's) $ 6,203 $ 7,977
Ratio of expenses to average net assets 2.86% (A) 3.06% (A)
Ratio of expenses to average net assets after expense reductions 1.40% (A) 1.60% (A)
Ratio of net investment income (loss) to average net assets (0.02%) (A) (0.27%) (A)
Portfolio turnover rate 105% 105%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2001 for Series I
would have been lower, had operating expenses not been reduced.
(C) The total return for the period ended December 31, 2003 for Series I
and Series II would have been lower, had operating expenses not been
reduced.
The accompanying notes are an integral part of the financial statements.
76
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
UTILITIES TRUST
-----------------------------------------------------------------------------------
SERIES I SERIES II SERIES III
-------------------------------------- -------------------------- -------------
YEARS ENDED DECEMBER 31, 4/30/2001* YEAR ENDED 1/28/2002* 9/05/2003*
------------------------ TO DECEMBER 31, TO TO
2003+++ 2002+++ 12/31/2001+++ 2003+++ 12/31/2002+++ 12/31/2003+++
----------- ------------ ------------- ------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.11 $ 9.29 $ 12.50 $ 7.10 $ 8.77 $ 8.48
Income from investment operations:
Net investment income (loss) 0.13 0.15 0.07 0.11 0.12 0.07
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions 2.29 (2.33) (3.23) 2.29 (1.79) 0.88
------- ------- ------- -------- --------- --------
Total from investment operations 2.42 (2.18) (3.16) 2.40 (1.67) 0.95
------- ------- ------- -------- --------- --------
Less distributions:
Dividends from net investment income (0.10) - # (0.05) (0.11) - # -
------- ------- ------- -------- --------- --------
Total distributions (0.10) - # (0.05) (0.11) - # -
------- ------- ------- -------- --------- --------
NET ASSET VALUE, END OF PERIOD $ 9.43 $ 7.11 $ 9.29 $ 9.39 $ 7.10 $ 9.43
======= ======= ======= ======== ========= ========
TOTAL RETURN (B) 34.53% (23.46%) (25.3%) + 34.25% (19.04%) + 11.20% +
Net assets, end of period (000's) $34,440 $20,607 $18,260 $ 20,494 $ 6,540 - ##
Ratio of expenses to average net assets 1.31% 1.28% 1.51% (A) 1.51% 1.48% (A) 347.24% (A)
Ratio of expenses to average net assets after
expense reductions 1.31% 1.28% 1.40% (A) 1.51% 1.48% (A) 1.66% (A)
Ratio of net investment income (loss) to
average net assets 1.64% 1.99% 1.07% (A) 1.36% 1.83% (A) 2.39% (A)
Portfolio turnover rate 131% 89% 81% 131% 89% 131%
REAL ESTATE SECURITIES TRUST
--------------------------------------------------------------------
SERIES I
--------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
----------- ------------ ------------ ------------ ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.44 $ 15.52 $ 15.57 $ 12.89 $ 14.76
Income from investment operations:
Net investment income (loss) 0.69 0.83 0.75 0.67 0.78
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions 5.20 (0.38) (0.30) 2.53 (1.94)
-------- --------- --------- -------- --------
Total from investment operations 5.89 0.45 0.45 3.20 (1.16)
-------- --------- --------- -------- --------
Less distributions:
Dividends from net investment income (0.48) (0.53) (0.50) (0.52) (0.71)
-------- --------- --------- -------- --------
Total distributions (0.48) (0.53) (0.50) (0.52) (0.71)
-------- --------- --------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 20.85 $ 15.44 $ 15.52 $ 15.57 $ 12.89
======== ========= ========= ======== ========
TOTAL RETURN (C) 39.15% 2.58% 3.15% 25.71% (8.00%)
Net assets, end of period (000's) $447,860 $ 303,070 $ 220,919 $257,641 $196,756
Ratio of expenses to average net assets 0.80% 0.84% 0.83% 0.76% 0.77%
Ratio of expenses to average net assets after
expense reductions 0.80% 0.84% 0.83% 0.76% 0.77%
Ratio of net investment income (loss) to
average net assets 3.93% 5.28% 4.96% 4.89% 5.88%
Portfolio turnover rate 30% 74% 116% 147% 201%
REAL ESTATE SECURITIES TRUST
---------------------------------------------
SERIES II SERIES III
---------------------------- --------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.43 $ 15.44 $ 18.87
Income from investment operations:
Net investment income (loss) 0.60 0.85 0.12
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions 5.25 (0.33) 1.86
-------- -------- --------
Total from investment operations 5.85 0.52 1.98
-------- -------- --------
Less distributions:
Dividends from net investment income (0.49) (0.53) -
-------- -------- --------
Total distributions (0.49) (0.53) -
-------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 20.79 $ 15.43 $ 20.85
======== ======== ========
TOTAL RETURN (C) 38.93% 3.05% + 10.49% +
Net assets, end of period (000's) $168,405 $ 48,749 $ 21
Ratio of expenses to average net assets 1.00% 1.04% (A) 11.07% (A)
Ratio of expenses to average net assets after
expense reductions 1.00% 1.04% (A) 1.15% (A)
Ratio of net investment income (loss) to
average net assets 3.33% 6.03% (A) 1.94% (A)
Portfolio turnover rate 30% 74% 30%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
# Amount is less than $.01 per share.
## Amount is less than $1,000
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2001 for Series I and
for the period ended December 31, 2003 for Series III would have been
lower, had operating expenses not been reduced.
(C) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
77
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
SMALL CAP OPPORTUNITIES TRUST
---------------------------------------------
SERIES I SERIES II SERIES III
------------ ------------- -------------
5/05/2003* 5/05/2003* 9/5/2003*
TO TO TO
12/31/2003+++ 12/31/2003+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50 $ 12.50 $ 14.85
Income from investment operations:
Net investment income (loss) 0.10 0.02 0.08
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 4.90 4.96 2.57
--------- --------- --------
Total from investment operations 5.00 4.98 2.65
--------- --------- --------
NET ASSET VALUE, END OF PERIOD $ 17.50 $ 17.48 $ 17.50
========= ========= ========
TOTAL RETURN 40.00% + 39.84% + 17.85% +
Net assets, end of period (000's) $ 35,587 $ 33,352 $ 1
Ratio of expenses to average net assets 1.23% (A) 1.43% (A) 1.58% (A)
Ratio of net investment income (loss) to average net assets 0.33% (A) 0.23% (A) 1.49% (A)
Portfolio turnover rate 17% 17% 17%
SMALL COMPANY VALUE TRUST
------------------------------------------------------------------------------------------
SERIES I SERIES II SERIES III
----------------------------------------------- -------------------------- -------------
YEARS ENDED DECEMBER 31, YEAR ENDED 1/28/2002* 9/5/2003
----------------------------------------------- DECEMBER 31, TO TO
2003+++ 2002+++ 2001+++ 2000+++ 1999 2003+++ 12/31/2002+++ 12/31/2003+++
-------- -------- -------- -------- ------- ------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.90 $ 13.80 $ 12.98 $ 12.27 $ 11.37 $ 12.89 $ 13.83 $ 15.97
Income from investment operations:
Net investment income (loss) 0.04 0.08 0.09 0.04 0.02 0.01 0.13 0.02
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 4.28 (0.88) 0.76 0.69 0.89 4.29 (0.97) 1.15
-------- -------- -------- -------- ------- -------- ------- -------
Total from investment operations 4.32 (0.80) 0.85 0.73 0.91 4.30 (0.84) 1.17
-------- -------- -------- -------- ------- -------- ------- -------
Less distributions:
Dividends from net investment income (0.06) (0.04) (0.03) (0.02) (0.01) (0.07) (0.04) -
Distributions from capital gains (0.02) (0.06) - - - (0.02) (0.06) -
-------- -------- -------- -------- ------- -------- ------- -------
Total distributions (0.08) (0.10) (0.03) (0.02) (0.01) (0.09) (0.10) -
-------- -------- -------- -------- ------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 17.14 $ 12.90 $ 13.80 $ 12.98 $ 12.27 $ 17.10 $ 12.89 $ 17.14
======== ======== ======== ======== ======= ======== ======= =======
TOTAL RETURN (B) 33.66% (5.93%) 6.54% 5.93% 8.00% 33.56% (6.20%) + 7.33% +
Net assets, end of period (000's) $385,926 $305,338 $213,046 $115,982 $89,167 $147,770 $50,843 - ##
Ratio of expenses to average net assets 1.11% 1.12% 1.16% 1.24% 1.22% 1.31% 1.32% (A) 1.46% (A)
Ratio of expenses to average net assets
after expense reductions 1.11% 1.11% 1.15% 1.24% 1.22% 1.31% 1.31% (A) 1.46% (A)
Ratio of net investment income (loss)
to average net assets 0.26% 0.61% 0.72% 0.35% 0.15% 0.06% 1.12% (A) 0.39% (A)
Portfolio turnover rate 14% 19% 119% 178% 142% 14% 19% 14%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
+ Not Annualized
## Amount is less than $1,000
(A) Annualized
(B) The total return for the years ended 2002 and 2001 for Series I and for the
period ended December 31, 2002 for Series II would have been lower, had
operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
78
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
SPECIAL VALUE TRUST
-------------------------------------------------
SERIES I SERIES II SERIES III
------------- ------------- -------------
5/05/2003* 5/05/2003* 9/05/2003+++
TO TO TO
12/31/2003+++ 12/31/2003+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50 $ 12.50 $ 14.65
Income from investment operations:
Net investment income (loss) (0.04) (0.06) 0.01
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 3.36 3.36 1.16
--------- -------- --------
Total from investment operations 3.32 3.30 1.17
--------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 15.82 $ 15.80 $ 15.82
========= ======== ========
TOTAL RETURN (B) 26.56% + 26.40% + 7.99% +
Net assets, end of period (000's) $ 10,896 $ 6,749 - ##
Ratio of expenses to average net assets 1.64% (A) 1.84% (A) 208.58% (A)
Ratio of expenses to average net assets
after expense reductions 1.55% (A) 1.75% (A) 1.90% (A)
Ratio of net investment income (loss)
to average net assets (0.44%) (A) (0.68%) (A) 0.27% (A)
Portfolio turnover rate 26% 26% 26%
MID CAP VALUE TRUST
---------------------------------------------------------------------------------------
SERIES I SERIES II SERIES III
----------------------------------------- ---------------------------- --------------
YEARS ENDED DECEMBER 31, 4/30/2001* YEAR ENDED 1/28/2002* 9/05/2003*
TO DECEMBER 31, TO TO
2003+++ 2002+++ 12/31/2001+++ 2003+++ 12/31/2002+++ 12/31/2003+++
----------- ------------ -------------- ------------- ------------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.74 $ 13.06 $ 12.50 $ 11.74 $ 12.63 $ 13.38
Income from investment operations:
Net investment income (loss) 0.09 0.11 0.06 0.07 0.09 0.01
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 2.87 (1.43) 0.53 2.86 (0.98) 1.26
-------- -------- -------- -------- -------- --------
Total from investment operations 2.96 (1.32) 0.59 2.93 (0.89) 1.27
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.05) - (0.03) (0.05) - -
-------- -------- -------- -------- -------- --------
Total distributions (0.05) - (0.03) (0.05) - -
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 14.65 $ 11.74 $ 13.06 $ 14.62 $ 11.74 $ 14.65
======== ======== ======== ======== ======== ========
TOTAL RETURN (C) 25.36% (10.11%) 4.72% + 25.14% (7.05%) + 9.49% +
Net assets, end of period (000's) $283,432 $269,345 $ 80,737 $171,216 $ 71,096 $ 2
Ratio of expenses to average net assets 0.99% 1.02% 1.15% (A) 1.19% 1.22% (A) 42.62% (A)
Ratio of expenses to average net assets
after expense reductions 0.99% 1.02% 1.15% (A) 1.19% 1.22% (A) 1.34% (A)
Ratio of net investment income (loss)
to average net assets 0.76% 0.92% 0.75% (A) 0.54% 0.83% (A) 0.14% (A)
Portfolio turnover rate 34% 24% 23% 34% 24% 34%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
## Amount is less than $1,000
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series I,
Series II and Series III would have been lower, had operating expenses not
been reduced.
(C) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
79
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
VALUE TRUST
-------------------------------------------------------------------------------------
SERIES I SERIES II
------------------------------------------------------ ---------------------------
YEAR ENDED 1/28/2002*
YEARS ENDED DECEMBER 31, DECEMBER 31, TO
-------- -------- --------- -------- -------- ------------ -------------
2003+++ 2002+++ 2001+++ 2000+++ 1999 2003+++ 12/31/2002+++
-------- -------- --------- -------- -------- ------------ -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.49 $ 16.47 $ 16.48 $ 13.23 $ 14.06 $ 12.48 $ 16.26
Income from investment operations:
Net investment income (loss) 0.10 0.14 0.15 0.14 0.20 0.06 0.12
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 4.67 (3.82) 0.40 3.11 (0.59) 4.68 (3.60)
-------- -------- --------- -------- -------- -------- ---------
Total from investment operations 4.77 (3.68) 0.55 3.25 (0.39) 4.74 (3.48)
-------- -------- --------- -------- -------- -------- ---------
Less distributions:
Dividends from net investment income (0.17) (0.12) (0.11) - (0.20) (0.18) (0.12)
Distributions from capital gains - (0.18) (0.45) - (0.24) - (0.18)
-------- -------- --------- -------- -------- -------- ---------
Total distributions (0.17) (0.30) (0.56) - (0.44) (0.18) (0.30)
NET ASSET VALUE, END OF PERIOD $ 17.09 $ 12.49 $ 16.47 $ 16.48 $ 13.23 $ 17.04 $ 12.48
======== ======== ========= ======== ======== ======== =========
TOTAL RETURN 38.76% (22.80%) 3.42% 24.57% (2.79%) 38.60% (21.87%) +
Net assets, end of period (000's) $272,292 $238,370 $ 360,027 $189,245 $146,279 $ 28,744 $ 11,473
Ratio of expenses to average net assets 0.87% 0.86% 0.86% 0.86% 0.87% 1.07% 1.06% (A)
Ratio of net investment income (loss) to
average net assets 0.71% 0.94% 0.92% 1.05% 1.12% 0.44% 1.02% (A)
Portfolio turnover rate 186% 52% 27% 65% 54% 186% 52%
ALL CAP VALUE TRUST
----------------------------------------------------------------------------------------
SERIES I SERIES II SERIES III
----------------------------------------- ---------------------------- -------------
YEARS ENDED DECEMBER 31, 4/30/2001* YEAR ENDED 1/28/2002* 9/05/2003*
TO DECEMBER 31, TO TO
2003+++ 2002+++ 12/31/2001+++ 2003+++ 12/31/2002+++ 12/31/2003+++
----------- ------------ ------------- ------------ ------------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.10 $ 12.61 $ 12.50 $ 9.09 $ 12.56 $ 11.33
Income from investment operations:
Net investment income (loss) 0.07 0.02 - # 0.05 - # 0.01
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 3.42 (3.53) 0.11 3.41 (3.47) 1.24
-------- -------- -------- -------- -------- -------
Total from investment operations 3.49 (3.51) 0.11 3.46 (3.47) 1.25
-------- -------- -------- -------- -------- -------
Less distributions:
Dividends from net investment income (0.01) - # - # (0.01) - # -
-------- -------- -------- -------- -------- -------
Total distributions (0.01) - # - # (0.01) - # -
-------- -------- -------- -------- -------- -------
NET ASSET VALUE, END OF PERIOD $ 12.58 $ 9.10 $ 12.61 $ 12.54 $ 9.09 $ 12.58
======== ======== ======== ======== ======== =======
TOTAL RETURN (B) 38.36% (27.83%) 0.90% + 38.16% (27.63%)+ 11.03% +
Net assets, end of period (000's) $183,743 $ 32,237 $ 20,877 $101,429 $ 7,204 $ 4
Ratio of expenses to average net assets 0.98% 1.15% 1.42% (A) 1.18% 1.35% (A) 20.92% (A)
Ratio of expenses to average net assets
after expense reductions 0.98% 1.15% 1.42% (A) 1.18% 1.34% (A) 1.33% (A)
Ratio of net investment income (loss)
to average net assets 0.64% 0.15% 0.05% (A) 0.44% 0.04% (A) 0.32% (A)
Portfolio turnover rate 52% 31% 194% 52% 31% 52%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
80
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
EQUITY INDEX TRUST
-----------------------------------------------------
SERIES I
-----------------------------------------------------
YEARS ENDED DECEMBER 31,
---------------------------------------- ---------
2003+++ 2002+++ 2001+++ 2000+++ 1999
------- ------- -------- -------- ---------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.77 $ 14.00 $ 16.40 $ 18.13 $ 15.43
Income from investment operations:
Net investment income (loss) 0.16 0.15 0.14 0.16 0.17
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 2.84 (3.24) (2.14) (1.84) 3.00
------- ------- -------- -------- ---------
Total from investment operations 3.00 (3.09) (2.00) (1.68) 3.17
------- ------- -------- -------- ---------
Less distributions:
Dividends from net investment income (0.17) (0.14) (0.16) - (0.17)
Distributions from capital gains - - (0.24) (0.05) (0.30)
------- ------- -------- -------- ---------
Total distributions (0.17) (0.14) (0.40) (0.05) (0.47)
------- ------- -------- -------- ---------
NET ASSET VALUE, END OF PERIOD $ 13.60 $ 10.77 $ 14.00 $ 16.40 $ 18.13
======= ======= ======== ======== =========
TOTAL RETURN (B) 28.29% (22.30%) (12.26%) (9.29%) 20.58%
Net assets, end of period (000's) $81,536 $73,082 $103,007 $114,154 $ 114,775
Ratio of expenses to average net assets 0.50% 0.41% 0.41% 0.40% 0.41%
Ratio of expenses to average net assets
after expense reductions 0.40% 0.40% 0.40% 0.40% 0.40%
Ratio of net investment income (loss)
to average net assets 1.38% 1.21% 0.97% 0.91% 1.17%
Portfolio turnover rate 2% 4% 4% 8% 10%
FUNDAMENTAL VALUE TRUST
---------------------------------------------------------------------------------------
SERIES I SERIES II SERIES III
---------------------------------------- --------------------------- -------------
4/30/2001* YEAR ENDED 1/28/2002* 9/05/2003*
YEARS ENDED DECEMBER 31, TO DECEMBER 31, TO TO
2003+++ 2002+++ 12/31/2001+++ 2003+++ 12/31/2002+++ 12/31/2003+++
----------- ------------ ------------- ------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.82 $ 11.73 $ 12.50 $ 9.82 $ 11.48 $ 11.28
Income from investment operations:
Net investment income (loss) 0.08 0.07 0.03 0.06 0.07 0.02
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 2.84 (1.97) (0.80) 2.83 (1.72) 1.41
-------- -------- -------- -------- -------- --------
Total from investment operations 2.92 (1.90) (0.77) 2.89 (1.65) 1.43
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.03) (0.01) - (0.03) (0.01) -
-------- -------- -------- -------- -------- --------
Total distributions (0.03) (0.01) - (0.03) (0.01) -
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 12.71 $ 9.82 $ 11.73 $ 12.68 $ 9.82 $ 12.71
======== ======== ======== ======== ======== ========
TOTAL RETURN (C) 29.83% (16.20%) (6.16%) + 29.57% (14.46%) + 12.68% +
Net assets, end of period (000's) $355,263 $269,250 $111,590 $203,168 $ 65,174 $ 9
Ratio of expenses to average net assets 0.97% 0.98% 1.07% (A) 1.17% 1.18% (A) 15.43% (A)
Ratio of expenses to average net assets
after expense reductions 0.97% 0.98% 1.07% (A) 1.17% 1.18% (A) 1.32% (A)
Ratio of net investment income (loss)
to average net assets 0.78% 0.71% 0.45% (A) 0.59% 0.75% (A) 0.55% (A)
Portfolio turnover rate 12% 19% 16% 12% 19% 12%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
+ Not Annualized
(A) Annualized
(B) The total return for the years ended 2003, 2002, 2001, 2000 and 1999 for
Series I would have been lower, had operating expenses not been reduced.
(C) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
81
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
GROWTH & INCOME TRUST
--------------------------------------------------------------
SERIES I
--------------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 17.40 $ 23.91 $ 28.54 $ 32.67 $ 28.43
Income from investment operations:
Net investment income (loss) 0.17 0.16 0.12 0.10 0.17
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 4.41 (5.80) (3.32) (2.21) 5.12
---------- ---------- ---------- ---------- ----------
Total from investment operations 4.58 (5.64) (3.20) (2.11) 5.29
---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from net investment income (0.19) (0.12) (0.11) (0.18) (0.19)
Distributions from capital gains - (0.75) (1.32) (1.84) (0.86)
---------- ---------- ---------- ---------- ----------
Total distributions (0.19) (0.87) (1.43) (2.02) (1.05)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 21.79 $ 17.40 $ 23.91 $ 28.54 $ 32.67
========== ========== ========== ========== ==========
TOTAL RETURN (B) 26.45% (24.33%) (11.28%) (7.12%) 18.87%
Net assets, end of period (000's) $1,553,119 $1,436,309 $2,387,718 $2,914,338 $3,187,220
Ratio of expenses to average net assets 0.75% 0.75% 0.80% 0.79% 0.80%
Ratio of expenses to average net assets
after expense reductions 0.75% 0.75% 0.80% 0.79% 0.80%
Ratio of net investment income (loss) to
average net assets 0.92% 0.79% 0.48% 0.33% 0.63%
Portfolio turnover rate 39% 40% 24% 32% 19%
GROWTH & INCOME TRUST
----------------------------------------------
SERIES II SERIES III
---------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 17.39 $ 23.43 $ 20.21
Income from investment operations:
Net investment income (loss) 0.13 0.12 0.04
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 4.41 (5.29) 1.54
-------- --------- -------
Total from investment operations 4.54 (5.17) 1.58
-------- --------- -------
Less distributions:
Dividends from net investment income (0.21) (0.12) -
Distributions from capital gains - (0.75) -
-------- --------- -------
Total distributions (0.21) (0.87) -
-------- --------- -------
NET ASSET VALUE, END OF PERIOD $ 21.72 $ 17.39 $ 21.79
======== ========= =======
TOTAL RETURN (B) 26.41% (22.83%) + 7.82% +
Net assets, end of period (000's) $114,785 $ 39,491 $ 1
Ratio of expenses to average net assets 0.95% 0.95% (A) 57.22% (A)
Ratio of expenses to average net assets
after expense reductions 0.95% 0.95% (A) 1.10% (A)
Ratio of net investment income (loss) to
average net assets 0.69% 0.77% (A) 0.67% (A)
Portfolio turnover rate 39% 40% 39%
GREAT COMPANIES AMERICA
-----------------------
SERIES II
-----------------------
08/04/2003*
TO
12/31/2003+++
-----------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50
Income from investment operations:
Net investment income (loss) - #
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 1.51
----------
Total from investment operations 1.51
----------
Less distributions:
Dividends from net investment income (0.01)
----------
Total distributions (0.01)
----------
NET ASSET VALUE, END OF PERIOD $ 14.00
==========
TOTAL RETURN (C) 12.07% +
Net assets, end of period (000's) $ 2,796
Ratio of expenses to average net assets 3.14% (A)
Ratio of expenses to average net assets
after expense reductions 1.60% (A)
Ratio of net investment income (loss)
to average net assets (0.02%)(A)
Portfolio turnover rate 5%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
(C) The total return for the period ended December 31, 2003 for Series II would
have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
82
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
EQUITY-INCOME TRUST
---------------------------------------------------------
SERIES I
---------------------------------------------------------
YEARS ENDED DECEMBER 31,
---------- ---------- ---------- -------- ----------
2003+++ 2002+++ 2001+++ 2000+++ 1999
---------- ---------- ---------- -------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.62 $ 15.13 $ 16.83 $ 17.05 $ 17.78
Income from investment operations:
Net investment income (loss) 0.23 0.22 0.22 0.30 0.35
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 2.85 (2.13) (0.06) 1.63 0.25
---------- ---------- ---------- -------- ----------
Total from investment operations 3.08 (1.91) 0.16 1.93 0.60
---------- ---------- ---------- -------- ----------
Less distributions:
Dividends from net investment income (0.22) (0.19) (0.29) (0.34) (0.37)
Distributions from capital gains (0.26) (0.41) (1.57) (1.81) (0.96)
---------- ---------- ---------- -------- ----------
Total distributions (0.48) (0.60) (1.86) (2.15) (1.33)
---------- ---------- ---------- -------- ----------
NET ASSET VALUE, END OF PERIOD $ 15.22 $ 12.62 $ 15.13 $ 16.83 $ 17.05
========== ========== ========== ======== ==========
TOTAL RETURN (B) 25.57% (13.28%) 1.29% 12.99% 3.40%
Net assets, end of period (000's) $1,277,187 $1,015,246 $1,147,075 $965,675 $1,011,260
Ratio of expenses to average net assets 0.92% 0.93% 0.93% 0.92% 0.91%
Ratio of expenses to average net assets
after expense reductions 0.89% 0.91% 0.91% 0.91% 0.91%
Ratio of net investment income (loss)
to average net assets 1.73% 1.58% 1.45% 1.94% 1.83%
Portfolio turnover rate 15% 18% 19% 34% 30%
EQUITY-INCOME TRUST
---------------------------------------------
SERIES II SERIES III
---------------------------- -------------
YEAR ENDED 1/28/2002* 9/05/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.61 $ 15.05 $ 13.86
Income from investment operations:
Net investment income (loss) 0.21 0.21 0.07
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 2.84 (2.05) 1.29
-------- --------- --------
Total from investment operations 3.05 (1.84) 1.36
-------- --------- --------
Less distributions:
Dividends from net investment income (0.23) (0.19) -
Distributions from capital gains (0.26) (0.41) -
-------- --------- --------
Total distributions (0.49) (0.60) -
-------- --------- --------
NET ASSET VALUE, END OF PERIOD $ 15.17 $ 12.61 $ 15.22
======== ========= ========
TOTAL RETURN (B) 25.40% (12.89%) + 9.81% +
Net assets, end of period (000's) $314,184 $ 87,245 $ 8
Ratio of expenses to average net assets 1.12% 1.13% (A) 14.85% (A)
Ratio of expenses to average net assets
after expense reductions 1.09% 1.11% (A) 1.24% (A)
Ratio of net investment income (loss)
to average net assets 1.55% 1.83% (A) 1.57% (A)
Portfolio turnover rate 15% 18% 15%
INCOME & VALUE TRUST
---------------------------- ----------------------------------------------------------
SERI ES I SERIES II
---------------------------- ----------------------------- ---------------------------
YEAR ENDED 1/28/2002*
YEARS ENDED DECEMBER 31, DECEMBER 31, TO
2003+++ 2002+++ 2001+++ 2000+++ 1999 2003+++ 12/31/2002+++
-------- -------- --------- -------- -------- ------------ -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.36 $ 10.13 $ 10.56 $ 12.91 $ 13.36 $ 8.35 $ 10.01
Income from investment operations:
Net investment income (loss) 0.13 0.17 0.19 0.27 0.32 0.11 0.12
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 2.04 (1.76) (0.11) 0.33 0.77 2.04 (1.60)
-------- -------- --------- -------- -------- ------- -------
Total from investment operations 2.17 (1.59) 0.08 0.60 1.09 2.15 (1.48)
-------- -------- --------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income (0.18) (0.18) (0.28) (0.33) (0.40) (0.19) (0.18)
Distributions from capital gains - - (0.23) (2.62) (1.14) - -
-------- -------- --------- -------- -------- ------- -------
Total distributions (0.18) (0.18) (0.51) (2.95) (1.54) (0.19) (0.18)
-------- -------- --------- -------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 10.35 $ 8.36 $ 10.13 $ 10.56 $ 12.91 $ 10.31 $ 8.35
======== ======== ========= ======== ======== ======= =======
TOTAL RETURN 26.48% (15.93%) 0.98% 4.94% 8.52% 26.29% (15.02%)+
Net assets, end of period (000's) $521,949 $448,524 $ 561,623 $546,311 $639,824 $80,776 $22,839
Ratio of expenses to average net assets 0.87% 0.88% 0.87% 0.86% 0.86% 1.07% 1.08%(A)
Ratio of net investment income (loss) to
average net assets 1.45% 1.90% 1.90% 2.46% 2.39% 1.19% 1.55%(A)
Portfolio turnover rate 91% 61% 70% 51% 165% 91% 61%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
+ Not Annualized
(A) Annualized
(B) The total return for the years ended 2003, 2002, 2001 and 2000 for Series
I, for the year ended 2003 and the period ended December 31, 2002 for
Series II and for the period ended for December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
83
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
BALANCED TRUST
--------------------------------------------------------------------------------------
SERIES I SERIES II
--------------------------------------------------------- ---------------------------
YEAR ENDED 1/28/2002*
YEARS ENDED DECEMBER 31, DECEMBER 31, TO
--------------------------------------------------------- ------------ -------------
2003+++ 2002+++ 2001+++ 2000+++ 1999 2003+++ 12/31/2002+++
-------- -------- -------- -------- -------- ------------ -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.36 $ 13.58 $ 15.46 $ 17.82 $ 19.40 $ 11.35 $ 13.46
Income from investment operations:
Net investment income (loss) 0.22 0.26 0.30 0.30 0.55 0.19 0.19
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 1.36 (2.17) (1.87) (1.87) (0.85) 1.37 (1.99)
-------- -------- -------- -------- -------- ------- -------
Total from investment operations 1.58 (1.91) (1.57) (1.57) (0.30) 1.56 (1.80)
-------- -------- -------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income (0.29) (0.31) (0.31) (0.62) (0.37) (0.30) (0.31)
Distributions from capital gains - - - (0.17) (0.91) - -
-------- -------- -------- -------- -------- ------- -------
Total distributions (0.29) (0.31) (0.31) (0.79) (1.28) (0.30) (0.31)
-------- -------- -------- -------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 12.65 $ 11.36 $ 13.58 $ 15.46 $ 17.82 $ 12.61 $ 11.35
======== ======== ======== ======== ======== ======= =======
TOTAL RETURN 14.30% (14.36%) (10.19%) (9.33%) (1.65%) 14.18% (13.67%) +
Net assets, end of period (000's) $137,713 $136,628 $174,739 $201,965 $258,158 $18,139 $ 6,303
Ratio of expenses to average net assets 0.81% 0.81% 0.85% 0.86% 0.87% 1.01% 1.01% (A)
Ratio of net investment income (loss) to
average net assets 1.90% 2.12% 2.09% 1.76% 2.98% 1.65% 1.84% (A)
Portfolio turnover rate 128% 153% 236% 132% 215% 128% 153%
GLOBAL ALLOCATION TRUST
(FORMERLY, TACTICAL ALLOCATION TRUST)
---------------------------------------------------------------------------------
SERIES I SERIES II
------------------------------------------------- ----------------------------
YEARS ENDED DECEMBER 31, 5/1/2000* YEAR ENDED 1/28/2002*
--------------------------------- TO DECEMBER 31, TO
2003+++ 2002+++ 2001+++ 12/31/2000+++ 2003+++ 12/31/2002+++
-------- -------- -------- ------------- ------------ -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.71 $ 10.04 $ 11.67 $ 12.50 $ 7.70 $ 9.91
Income from investment operations:
Net investment income (loss) 0.06 0.04 0.01 0.15 0.04 0.04
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 1.97 (2.37) (1.57) (0.55) 1.99 (2.25)
-------- -------- -------- -------- ------- -------
Total from investment operations 2.03 (2.33) (1.56) (0.40) 2.03 (2.21)
-------- -------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income (0.04) - # (0.01) (0.15) (0.05) - #
Distributions from capital gains - - (0.06) (0.28) - -
-------- -------- -------- -------- ------- -------
Total distributions (0.04) - # (0.07) (0.43) (0.05) - #
-------- -------- -------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 9.70 $ 7.71 $ 10.04 $ 11.67 $ 9.68 $ 7.70
======== ======== ======== ======== ======= =======
TOTAL RETURN 26.43% (23.21%) (13.38%) (3.20%) + 26.47% (22.30%) +
Net assets, end of period (000's) $ 64,143 $ 57,408 $ 73,714 $ 43,263 $18,820 $ 5,364
Ratio of expenses to average net assets 1.22% 1.18% 1.30% 1.33% (A) 1.42% 1.38% (A)
Ratio of net investment income (loss) to
average net assets 0.74% 0.44% 0.11% 1.74% (A) 0.49% 0.51% (A)
Portfolio turnover rate 147% 18% 25% 133% 147% 18%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
+ Not Annualized
# Amount is less than $.01 per share.
(A) Annualized
The accompanying notes are an integral part of the financial statements.
84
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
HIGH YIELD TRUST
-----------------------------------------------------
SERIES I
-----------------------------------------------------
YEARS ENDED DECEMBER 31,
-----------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.50 $ 9.88 $ 11.65 $ 12.83 $ 12.92
Income from investment operations:
Net investment income (loss) 0.69 0.75 1.06 1.26 1.14
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 1.28 (1.37) (1.64) (2.40) (0.12)
-------- -------- -------- -------- --------
Total from investment operations 1.97 (0.62) (0.58) (1.14) 1.02
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.52) (0.76) (1.19) (0.04) (1.11)
-------- -------- -------- -------- --------
Total distributions (0.52) (0.76) (1.19) (0.04) (1.11)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.95 $ 8.50 $ 9.88 $ 11.65 $ 12.83
======== ======== ======== ======== ========
TOTAL RETURN (B) 24.15% (6.65%) (5.48%) (8.97%) 8.00%
Net assets, end of period (000's) $621,277 $336,640 $323,309 $238,207 $241,054
Ratio of expenses to average net assets 0.82% 0.84% 0.84% 0.84% 0.84%
Ratio of expenses to average net assets
after expense reductions 0.82% 0.84% 0.84% 0.84% 0.84%
Ratio of net investment income (loss)
to average net assets 7.56% 8.55% 10.10% 10.15% 8.59%
Portfolio turnover rate 75% 53% 64% 57% 62%
HIGH YIELD TRUST
----------------------------------------
SERIES II SERIES III
------------ ------------ ------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.49 $ 9.95 $ 9.21
Income from investment operations:
Net investment income (loss) 0.68 0.47 0.22
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 1.27 (1.17) 0.52
-------- ------- ------
Total from investment operations 1.95 (0.70) 0.74
-------- ------- ------
Less distributions:
Dividends from net investment income (0.53) (0.76) -
-------- ------- ------
Total distributions (0.53) (0.76) -
-------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 9.91 $ 8.49 $ 9.95
======== ======= ======
TOTAL RETURN (B) 23.91% (7.42%) + 8.03% +
Net assets, end of period (000's) $295,865 $50,127 $ 16
Ratio of expenses to average net assets 1.02% 1.04% (A) 11.65% (A)
Ratio of expenses to average net assets
after expense reductions 1.02% 1.04% (A) 1.17% (A)
Ratio of net investment income (loss)
to average net assets 7.38% 6.18% (A) 7.15% (A)
Portfolio turnover rate 75% 53% 75%
STRATEGIC BOND TRUST
--------------------------------------------------------
SERIES I
--------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.89 $ 10.74 $ 10.92 $ 11.14 $ 11.72
Income from investment operations:
Net investment income (loss) 0.56 0.71 0.73 0.87 1.00
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 0.82 0.21 (0.07) (0.11) (0.75)
-------- -------- -------- -------- --------
Total from investment operations 1.38 0.92 0.66 0.76 0.25
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.54) (0.77) (0.84) (0.98) (0.83)
-------- -------- -------- -------- --------
Total distributions (0.54) (0.77) (0.84) (0.98) (0.83)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 11.73 $ 10.89 $ 10.74 $ 10.92 $ 11.14
======== ======== ======== ======== ========
TOTAL RETURN (B) 13.11% 8.96% 6.24% 7.28% 2.22%
Net assets, end of period (000's) $456,192 $406,972 $302,499 $333,293 $368,380
Ratio of expenses to average net assets 0.86% 0.86% 0.86% 0.87% 0.87%
Ratio of expenses to average net assets
after expense reductions 0.86% 0.86% 0.86% 0.87% 0.87%
Ratio of net investment income (loss)
to average net assets 4.96% 6.78% 6.85% 8.15% 8.15%
Portfolio turnover rate 80% 86% 85% 175% 107%
STRATEGIC BOND TRUST
--------------------------------------------
SERIES II SERIES III
--------------------------- ------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.88 $ 10.88 $ 11.17
Income from investment operations:
Net investment income (loss) 0.51 0.60 0.15
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 0.85 0.17 0.41
-------- -------- ------
Total from investment operations 1.36 0.77 0.56
-------- -------- ------
Less distributions:
Dividends from net investment income (0.55) (0.77) -
-------- -------- ------
Total distributions (0.55) (0.77) -
-------- -------- ------
NET ASSET VALUE, END OF PERIOD $ 11.69 $ 10.88 $11.73
======== ======== ======
TOTAL RETURN (B) 12.93% 7.46% + 5.01% +
Net assets, end of period (000's) $151,218 $ 42,538 $ 13
Ratio of expenses to average net assets 1.06% 1.06% (A) 12.56% (A)
Ratio of expenses to average net assets
after expense reductions 1.06% 1.06% (A) 1.21% (A)
Ratio of net investment income (loss)
to average net assets 4.56% 6.18% (A) 4.11% (A)
Portfolio turnover rate 80% 86% 80%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
85
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
GLOBAL BOND TRUST
---------------------------------------------------
SERIES I
---------------------------------------------------
YEARS ENDED DECEMBER 31,
---------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
-------- -------- ------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.79 $ 11.48 $ 11.42 $ 11.60 $ 13.73
Income from investment operations:
Net investment income (loss) 0.39 0.40 0.38 0.51 0.67
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 1.67 1.91 (0.32) (0.33) (1.55)
-------- -------- ------- -------- --------
Total from investment operations 2.06 2.31 0.06 0.18 (0.88)
-------- -------- ------- -------- --------
Less distributions:
Dividends from net investment income (0.51) - - (0.36) (1.25)
-------- -------- ------- -------- --------
Total distributions (0.51) - - (0.36) (1.25)
-------- -------- ------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 15.34 $ 13.79 $ 11.48 $ 11.42 $ 11.60
======== ======== ======= ======== ========
TOTAL RETURN (B) 15.40% 20.12% 0.53% 1.68% (6.67%)
Net assets, end of period (000's) $195,165 $181,728 $96,534 $116,370 $145,992
Ratio of expenses to average net assets 0.91% 0.92% 1.02% 1.00% 0.98%
Ratio of expenses to average net assets after
expense reductions 0.91% 0.92% 1.02% 1.00% 0.98%
Ratio of net investment income (loss) to
average net assets 2.75% 3.20% 3.29% 4.61% 4.38%
Portfolio turnover rate 338% 439% 527% 644% 471%
GLOBAL BOND TRUST
-------------------------------------------
SERIES II SERIES III
--------------------------- -------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.77 $ 11.36 $13.72
Income from investment operations:
Net investment income (loss) 0.33 0.37 0.02
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 1.70 2.04 1.60
------- ------- ------
Total from investment operations 2.03 2.41 1.62
------- ------- ------
Less distributions:
Dividends from net investment income (0.51) - -
------- ------- ------
Total distributions (0.51) - -
------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 15.29 $ 13.77 $15.34
======= ======= ======
TOTAL RETURN (B) 15.25% 21.21% + 11.81% +
Net assets, end of period (000's) $64,400 $21,820 $ 5
Ratio of expenses to average net assets 1.11% 1.12% (A) 18.10% (A)
Ratio of expenses to average net assets after
expense reductions 1.11% 1.12% (A) 1.26% (A)
Ratio of net investment income (loss) to
average net assets 2.33% 3.07% (A) 0.53% (A)
Portfolio turnover rate 338% 439% 338%
DIVERSIFIED BOND TRUST
---------------------------------------------------
SERIES I
---------------------------------------------------
YEARS ENDED DECEMBER 31,
---------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.89 $ 10.59 $ 10.47 $ 10.82 $ 11.83
Income from investment operations:
Net investment income (loss) 0.40 0.53 0.57 0.66 0.56
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.09 0.24 0.14 0.34 (0.46)
-------- -------- -------- -------- --------
Total from investment operations 0.49 0.77 0.71 1.00 0.10
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.52) (0.47) (0.59) (0.58) (0.49)
Distributions from capital gains - - - (0.77) (0.62)
-------- -------- -------- -------- --------
Total distributions (0.52) (0.47) (0.59) (1.35) (1.11)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 10.86 $ 10.89 $ 10.59 $ 10.47 $ 10.82
======== ======== ======== ======== ========
TOTAL RETURN 4.60% 7.61% 7.09% 10.32% 0.72%
Net assets, end of period (000's) $296,041 $329,804 $286,742 $212,462 $218,868
Ratio of expenses to average net assets 0.83% 0.82% 0.82% 0.81% 0.84%
Ratio of net investment income (loss) to
average net assets 3.69% 5.03% 5.40% 6.50% 5.18%
Portfolio turnover rate 193% 83% 140% 76% 173%
DIVERSIFIED BOND TRUST
-------------------------------------------
SERIES II SERIES III
--------------------------- -------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.88 $ 10.62 $10.54
Income from investment operations:
Net investment income (loss) 0.35 0.44 0.08
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.13 0.29 0.24
------- ------- ------
Total from investment operations 0.48 0.73 0.32
------- ------- ------
Less distributions:
Dividends from net investment income (0.52) (0.47) -
Distributions from capital gains - - -
------- ------- ------
Total distributions (0.52) (0.47) -
------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 10.84 $ 10.88 $10.86
======= ======= ======
TOTAL RETURN 4.59% 7.21% + 3.04% +
Net assets, end of period (000's) $57,909 $25,249 $ 5
Ratio of expenses to average net assets 1.03% 1.02% (A) 1.18% (A)
Ratio of net investment income (loss) to
average net assets 3.31% 4.52% (A) 2.30% (A)
Portfolio turnover rate 193% 83% 193%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
86
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
INVESTMENT QUALITY BOND TRUST
---------------------------------------------------
SERIES I
---------------------------------------------------
YEARS ENDED DECEMBER 31,
---------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.33 $ 11.85 $ 11.74 $ 11.60 $ 12.46
Income from investment operations:
Net investment income (loss) 0.61 0.67 0.74 0.79 0.81
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.26 0.45 0.09 0.24 (1.02)
-------- -------- -------- -------- --------
Total from investment operations 0.87 1.12 0.83 1.03 (0.21)
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.62) (0.64) (0.72) (0.89) (0.65)
-------- -------- -------- -------- --------
Total distributions (0.62) (0.64) (0.72) (0.89) (0.65)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 12.58 $ 12.33 $ 11.85 $ 11.74 $ 11.60
======== ======== ======== ======== ========
TOTAL RETURN (B) 7.32% 9.94% 7.33% 9.40% (1.79%)
Net assets, end of period (000's) $399,189 $469,334 $407,652 $282,725 $288,594
Ratio of expenses to average net assets 0.75% 0.74% 0.74% 0.73% 0.77%
Ratio of expenses to average net assets after
expense reductions 0.75% 0.74% 0.74% 0.73% 0.77%
Ratio of net investment income (loss) to
average net assets 4.93% 5.71% 6.28% 6.95% 6.79%
Portfolio turnover rate 59% 46% 50% 35% 36%
INVESTMENT QUALITY BOND TRUST
-------------------------------------------
SERIES II SERIES III
--------------------------- -------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.32 $ 11.94 $12.08
Income from investment operations:
Net investment income (loss) 0.57 0.56 0.17
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.29 0.46 0.33
------- ------- ------
Total from investment operations 0.86 1.02 0.50
------- ------- ------
Less distributions:
Dividends from net investment income (0.63) (0.64) -
------- ------- ------
Total distributions (0.63) (0.64) -
------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 12.55 $ 12.32 $12.58
======= ======= ======
TOTAL RETURN (B) 7.24% 9.02% + 4.14% +
Net assets, end of period (000's) $84,928 $38,021 $ 22
Ratio of expenses to average net assets 0.95% 0.94% (A) 11.06% (A)
Ratio of expenses to average net assets after
expense reductions 0.95% 0.94% (A) 1.10% (A)
Ratio of net investment income (loss) to
average net assets 4.64% 5.07% (A) 4.31% (A)
Portfolio turnover rate 59% 46% 59%
TOTAL RETURN TRUST
------------------------------------------------------------
SERIES I
------------------------------------------------------------
YEARS ENDED DECEMBER 31, 05/01/1999*
-------------------------------------------- TO
2003+++ 2002+++ 2001+++ 2000+++ 12/31/1999
---------- ---------- -------- -------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 14.43 $ 13.88 $ 13.33 $ 12.37 $ 12.50
Income from investment operations:
Net investment income (loss) 0.35 0.49 0.61 0.79 0.35
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.35 0.78 0.51 0.48 (0.48)
---------- ---------- -------- -------- --------
Total from investment operations 0.70 1.27 1.12 1.27 (0.13)
---------- ---------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.77) (0.42) (0.57) (0.31) -
Distributions from capital gains (0.15) (0.30) - - -
---------- ---------- -------- -------- --------
Total distributions (0.92) (0.72) (0.57) (0.31) -
---------- ---------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 14.21 $ 14.43 $ 13.88 $ 13.33 $ 12.37
========== ========== ======== ======== ========
TOTAL RETURN (B) 5.02% 9.52% 8.28% 10.49% (1.04%) +
Net assets, end of period (000's) $1,036,128 $1,072,629 $736,472 $387,647 $240,016
Ratio of expenses to average net assets 0.82% 0.81% 0.83% 0.84% 0.84% (A)
Ratio of expenses to average net assets after
expense reductions 0.82% 0.81% 0.83% 0.84% 0.84% (A)
Ratio of net investment income (loss) to
average net assets 2.48% 3.53% 4.52% 6.23% 5.72% (A)
Portfolio turnover rate 285% 381% 439% 551% 95%
TOTAL RETURN TRUST
------------------------------------------
SERIES II SERIES III
--------------------------- -------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 14.42 $ 14.00 $13.75
Income from investment operations:
Net investment income (loss) 0.31 0.36 0.08
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.37 0.78 0.38
-------- -------- ------
Total from investment operations 0.68 1.14 0.46
-------- -------- ------
Less distributions:
Dividends from net investment income (0.78) (0.42) -
Distributions from capital gains (0.15) (0.30) -
-------- -------- ------
Total distributions (0.93) (0.72) -
-------- -------- ------
NET ASSET VALUE, END OF PERIOD $ 14.17 $ 14.42 $14.21
======== ======== ======
TOTAL RETURN (B) 4.87% 8.51% + 3.35% +
Net assets, end of period (000's) $491,176 $218,354 $ 337
Ratio of expenses to average net assets 1.02% 1.01% (A) 7.92% (A)
Ratio of expenses to average net assets after
expense reductions 1.02% 1.01% (A) 1.17% (A)
Ratio of net investment income (loss) to
average net assets 2.15% 2.78% (A) 1.74% (A)
Portfolio turnover rate 285% 381% 285%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
87
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
REAL RETURN BOND TRUST
----------------------------------------------
SERIES I SERIES II SERIES III
------------- ------------- -------------
5/05/2003* 5/05/2003* 9/5/2003*
TO TO TO
12/31/2003+++ 12/31/2003+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.50 $ 12.50 $12.41
Income from investment operations:
Net investment income (loss) 0.08 0.06 0.01
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.53 0.54 0.69
-------- -------- ------
Total from investment operations 0.61 0.60 0.70
-------- -------- ------
NET ASSET VALUE, END OF PERIOD $ 13.11 $ 13.10 $13.11
======== ======== ======
TOTAL RETURN (B) 4.88% + 4.80% + 5.64% +
Net assets, end of period (000's) $137,432 $142,254 $ 8
Ratio of expenses to average net assets 0.83% (A) 1.03% (A) 14.88% (A)
Ratio of expenses to average net assets after
expense reductions 0.83% (A) 1.03% (A) 1.18% (A)
Ratio of net investment income (loss) to average
net assets 1.00% (A) 0.67% (A) 0.20% (A)
Portfolio turnover rate 574% 574% 574%
U.S. GOVERNMENT SECURITIES TRUST
---------------------------------------------------
SERIES I
---------------------------------------------------
YEARS ENDED DECEMBER 31,
---------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $ 14.22 $ 13.72 $ 13.57 $ 13.24 $ 13.82
Income from investment operations:
Net investment income (loss) 0.21 0.54 0.69 0.85 0.74
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.03 0.52 0.23 0.50 (0.77)
-------- -------- -------- -------- --------
Total from investment operations 0.24 1.06 0.92 1.35 (0.03)
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.45) (0.56) (0.77) (1.02) (0.55)
-------- -------- -------- -------- --------
Total distributions (0.45) (0.56) (0.77) (1.02) (0.55)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 14.01 $ 14.22 $ 13.72 $ 13.57 $ 13.24
======== ======== ======== ======== ========
TOTAL RETURN (B) 1.73% 7.99% 7.03% 10.87% (0.23%)
Net assets, end of period (000's) $524,845 $707,709 $558,392 $333,163 $363,269
Ratio of expenses to average net assets 0.73% 0.74% 0.71% 0.72% 0.72%
Ratio of expenses to average net assets after
expense reductions 0.73% 0.74% 0.71% 0.72% 0.72%
Ratio of net investment income (loss) to
average net assets 1.52% 3.88% 5.10% 6.56% 6.03%
Portfolio turnover rate 97% 19% 41% 58% 40%
U.S. GOVERNMENT SECURITIES TRUST
-------------------------------------------
SERIES II SERIES III
--------------------------- -------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 14.21 $ 13.77 $13.70
Income from investment operations:
Net investment income (loss) 0.18 0.39 0.03
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.04 0.61 0.28
-------- -------- ------
Total from investment operations 0.22 1.00 0.31
-------- -------- ------
Less distributions:
Dividends from net investment income (0.46) (0.56) -
-------- -------- ------
Total distributions (0.46) (0.56) -
-------- -------- ------
NET ASSET VALUE, END OF PERIOD $ 13.97 $ 14.21 $14.01
======== ======== ======
TOTAL RETURN (B) 1.59% 7.53% + 2.26% +
Net assets, end of period (000's) $207,778 $128,200 $ 106
Ratio of expenses to average net assets 0.93% 0.94% (A) 8.13% (A)
Ratio of expenses to average net assets after
expense reductions 0.93% 0.94% (A) 1.08% (A)
Ratio of net investment income (loss) to
average net assets 1.28% 3.04% (A) 0.82% (A)
Portfolio turnover rate 97% 19% 97%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
88
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
MONEY MARKET TRUST
-------------------------------------------------------------------
SERIES I
-------------------------------------------------------------------
YEARS ENDED DECEMBER 31,
-------------------------------------------------------------------
2003+++ 2002+++ 2001+++ 2000+++ 1999
------------ ------------ ----------- ---------- ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
Income from investment operations:
Net investment income (loss) 0.06 0.12 0.34 0.57 0.45
------------ ------------ ----------- ---------- ------------
Total from investment operations 0.06 0.12 0.34 0.57 0.45
------------ ------------ ----------- ---------- ------------
Less distributions:
Dividends from net investment income (0.06) (0.12) (0.34) (0.57) (0.45)
------------ ------------ ----------- ---------- ------------
Total distributions (0.06) (0.12) (0.34) (0.57) (0.45)
------------ ------------ ----------- ---------- ------------
NET ASSET VALUE, END OF PERIOD $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
============ ============ =========== ========== ============
TOTAL RETURN (B) 0.58% 1.18% 3.59% 5.88% 4.60%
Net assets, end of period (000's) $ 1,037,112 $ 1,415,874 $ 1,484,694 $ 950,155 $ 1,084,859
Ratio of expenses to average net assets 0.55% 0.55% 0.55% 0.54% 0.55%
Ratio of expenses to average net assets after expense reductions 0.55% 0.55% 0.55% 0.54% 0.55%
Ratio of net investment income (loss) to average net assets 0.59% 1.17% 3.38% 5.71% 4.54%
MONEY MARKET TRUST
----------------------------------------------
SERIES II SERIES III
------------------------------ -------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00
Income from investment operations:
Net investment income (loss) 0.04 0.08 -#
------------ ------------ ------------
Total from investment operations 0.04 0.08 -#
------------ ------------ ------------
Less distributions:
Dividends from net investment income (0.04) (0.08) -#
------------ ------------ ------------
Total distributions (0.04) (0.08) -#
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $ 10.00 $ 10.00 $ 10.00
============ ============ ============
TOTAL RETURN (B) 0.38% 0.89%+ 0.04%+
Net assets, end of period (000's) $ 183,428 $ 201,613 $ 2,152
Ratio of expenses to average net assets 0.75% 0.75%(A) 8.15%(A)
Ratio of expenses to average net assets after expense reductions 0.75% 0.75%(A) 0.90%(A)
Ratio of net investment income (loss) to average net assets 0.38% 0.91%(A) 0.14%(A)
SMALL CAP INDEX TRUST
--------------------------------------------------------------
SERIES I
--------------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------- 5/1/2000*
TO
2003+++ 2002+++ 2001+++ 12/31/2000+++
------------- ------------- ------------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.78 $ 11.28 $ 11.29 $ 12.50
Income from investment operations:
Net investment income (loss) 0.06 0.10 0.20 0.46
Net realized and unrealized gain (loss) 3.96 (2.52) (0.03) (1.26)
on investments and foreign currency transactions ------------- ------------- ------------- -------------
Total from investment operations 4.02 (2.42) 0.17 (0.80)
------------- ------------- ------------- -------------
Less distributions:
Dividends from net investment income - (0.08) (0.18) (0.41)
------------- ------------- ------------- -------------
Total distributions - (0.08) (0.18) (0.41)
------------- ------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 12.80 $ 8.78 $ 11.28 $ 11.29
============= ============= ============= =============
TOTAL RETURN (B) 45.79% (21.47%) 1.50% (6.38%)+
Net assets, end of period (000's) $ 136,719 $ 59,161 $ 50,280 $ 34,825
Ratio of expenses to average net assets 0.58% 0.59% 0.60% 0.65%(A)
Ratio of expenses to average net assets after expense reductions 0.58% 0.59% 0.60% 0.60%(A)
Ratio of net investment income (loss) to average net assets 0.61% 1.05% 1.87% 5.63%(A)
Portfolio turnover rate 36% 57% 32% 1%
SMALL CAP INDEX TRUST
----------------------------------------------
SERIES II SERIES III
----------------------------- -------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.78 $ 11.07 $ 11.77
Income from investment operations:
Net investment income (loss) 0.04 0.07 0.01
Net realized and unrealized gain (loss) 3.94 (2.28) 1.02
on investments and foreign currency transactions ------------- ------------- -------------
Total from investment operations 3.98 (2.21) 1.03
------------- ------------- -------------
Less distributions:
Dividends from net investment income - (0.08) -
------------- ------------- -------------
Total distributions - (0.08) -
------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 12.76 $ 8.78 $ 12.80
============= ============= =============
TOTAL RETURN (B) 45.33% (19.95%)+ 8.75%+
Net assets, end of period (000's) $ 38,350 $ 9,714 $ 6
Ratio of expenses to average net assets 0.78% 0.79%(A) 16.49%(A)
Ratio of expenses to average net assets after expense reductions 0.78% 0.79%(A) 0.93%(A)
Ratio of net investment income (loss) to average net assets 0.39% 0.87%(A) 0.18%(A)
Portfolio turnover rate 36% 57% 36%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
89
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
INTERNATIONAL INDEX TRUST
-------------------------------------------------------------
SERIES I
-------------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------- 5/1/2000*
TO
2003+++ 2002+++ 2001+++ 12/31/2000+++
------------- ------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 6.96 $ 8.52 $ 11.11 $ 12.50
Income from investment operations:
Net investment income (loss) 0.13 0.12 0.12 0.09
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.11 (1.58) (2.61) (1.32)
------------- ------------- ------------- -------------
Total from investment operations 2.24 (1.46) (2.49) (1.23)
------------- ------------- ------------- -------------
Less distributions:
Dividends from net investment income (0.12) (0.10) (0.10) (0.16)
------------- ------------- ------------- -------------
Total distributions (0.12) (0.10) (0.10) (0.16)
------------- ------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 9.08 $ 6.96 $ 8.52 $ 11.11
============= ============= ============= =============
TOTAL RETURN (B) 32.18% (17.15%) (22.41%) (9.84%)+
Net assets, end of period (000's) $ 82,197 $ 50,675 $ 49,673 $ 49,180
Ratio of expenses to average net assets 0.62% 0.62% 0.62% 0.65%(A)
Ratio of expenses to average net assets after expense reductions 0.60% 0.60% 0.60% 0.60%(A)
Ratio of net investment income (loss) to average net assets 1.75% 1.57% 1.25% 1.17%(A)
Portfolio turnover rate 13% 7% 12% 8%
INTERNATIONAL INDEX TRUST
--------------------------------------------------
SERIES II SERIES III
------------------------------- -------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 6.96 $ 8.15 $ 7.96
Income from investment operations:
Net investment income (loss) 0.12 0.05 -#
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 2.11 (1.14) 1.24
------------- ------------- -------------
Total from investment operations 2.23 (1.09) 1.24
------------- ------------- -------------
Less distributions:
Dividends from net investment income (0.11) (0.10) (0.13)
------------- ------------- -------------
Total distributions (0.11) (0.10) (0.13)
------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 9.08 $ 6.96 $ 9.07
============= ============= =============
TOTAL RETURN (B) 32.12% (13.35%)+ 15.57%+
Net assets, end of period (000's) $ 17,176 $ 5,338 $ 3
Ratio of expenses to average net assets 0.82% 0.82%(A) 78.84%(A)
Ratio of expenses to average net assets after expense reductions 0.80% 0.80%(A) 0.95%(A)
Ratio of net investment income (loss) to average net assets 1.57% 0.81%(A) 0.17%(A)
Portfolio turnover rate 13% 7% 13%
MID CAP INDEX TRUST
--------------------------------------------------------------
SERIES I
--------------------------------------------------------------
YEARS ENDED DECEMBER 31,
---------------------------------------------- 5/1/2000*
TO
2003+++ 2002+++ 2001+++ 12/31/2000+++
------------- ------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.82 $ 12.82 $ 13.11 $ 12.50
Income from investment operations:
Net investment income (loss) 0.08 0.07 0.11 0.10
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.66 (2.01) (0.32) 0.77
------------- ------------- ------------- -------------
Total from investment operations 3.74 (1.94) (0.21) 0.87
------------- ------------- ------------- -------------
Less Distribution:
Dividends from net investment income - (0.06) (0.08) (0.08)
Distributions from capital gains - - - (0.18)
------------- ------------- ------------- -------------
Total distributions - (0.06) (0.08) (0.26)
------------- ------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 14.56 $ 10.82 $ 12.82 $ 13.11
============= ============= ============= =============
TOTAL RETURN (C) 34.57% (15.16%) (1.73%) 7.15%+
Net assets, end of period (000's) $ 145,255 $ 87,282 $ 58,197 $ 32,007
Ratio of expenses to average net assets 0.58% 0.58% 0.60% 0.69%(A)
Ratio of expenses to average net assets after expense reductions 0.58% 0.58% 0.60% 0.60%(A)
Ratio of net investment income (loss) to average net assets 0.62% 0.58% 0.85% 1.17%(A)
Portfolio turnover rate 8% 20% 19% 49%
MID CAP INDEX TRUST
------------------------------------------------
SERIES II SERIES III
------------------------------ -------------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.81 $ 12.80 $ 13.31
Income from investment operations:
Net investment income (loss) 0.05 0.05 0.04
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 3.66 (1.98) 1.21
------------- ------------- -------------
Total from investment operations 3.71 (1.93) 1.25
------------- ------------- -------------
Less distribution:
Dividends from net investment income - (0.06) -
Distributions from capital gains - - -
------------- ------------- -------------
Total distributions - (0.06) -
------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 14.52 $ 10.81 $ 14.56
============= ============= =============
TOTAL RETURN (C) 34.32% (15.07%)+ 9.39%+
Net assets, end of period (000's) $ 42,657 $ 12,810 -##
Ratio of expenses to average net assets 0.78% 0.78%(A) 128.76%(A)
Ratio of expenses to average net assets after expense reductions 0.78% 0.78%(A) 0.93%(A)
Ratio of net investment income (loss) to average net assets 0.42% 0.42%(A) 0.88%(A)
Portfolio turnover rate 8% 20% 8%
+++ Net investment income has been calculated using the average shares
method.
* Commencement of operations
# Amount is less than $.01 per share.
## Amount is less than $1,000
+ Not Annualized
(A) Annualized
(B) The total return for the years ended 2003, 2002, 2001 and the period
ended December 31, 2000 for Series I, for the year ended 2003 and the
period ended December 31, 2002 for Series II and for the period ended
December 31, 2003 for Series III would have been lower, had operating
expenses not been reduced.
(C) The total return for the period ended December 31, 2000 for Series I
and for the period ended December 31, 2003 for Series III would have
been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
90
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
TOTAL STOCK MARKET INDEX TRUST
----------------------------------------------------------------------------
SERIES I SERIES II
------------------------------------------------- ----------------------------
YEARS ENDED DECEMBER 31, 5/1/2000* YEAR ENDED 1/28/2002*
-------------------------------- TO DECEMBER 31, TO
2003+++ 2002+++ 2001+++ 12/31/2000+++ 2003+++ 12/31/2002+++
--------- ---------- --------- ------------- ------------ --------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.63 $ 9.79 $ 11.14 $ 12.50 $ 7.62 $ 9.67
Income from investment operations:
Net investment income (loss) 0.09 0.08 0.09 0.08 0.07 0.07
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 2.24 (2.16) (1.36) (1.33) 2.24 (2.04)
-------- -------- ------- --------- -------- --------
Total from investment operations 2.33 (2.08) (1.27) (1.25) 2.31 (1.97)
-------- -------- ------- --------- -------- --------
Less distributions:
Dividends from net investment income - (0.08) (0.08) (0.06) - (0.08)
Distributions from capital gains - - - (0.05) - -
-------- -------- ------- --------- -------- --------
Total distributions - (0.08) (0.08) (0.11) - (0.08)
-------- -------- ------- --------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.96 $ 7.63 $ 9.79 $ 11.14 $ 9.93 $ 7.62
======== ======== ======= ========= ======== ========
TOTAL RETURN (B) 30.54% (21.29%) (11.41%) (10.04%)+ 30.31% (20.36%)+
Net assets, end of period (000's) $133,964 $ 59,970 $73,657 $ 56,390 $ 29,972 $ 6,163
Ratio of expenses to average net assets 0.58% 0.59% 0.59% 0.62%(A) 0.78% 0.79%(A)
Ratio of expenses to average net assets after
expense reductions 0.58% 0.59% 0.59% 0.60%(A) 0.78% 0.79%(A)
Ratio of net investment income (loss) to average
net assets 1.05% 0.96% 0.93% 0.93%(A) 0.86% 0.98%(A)
Portfolio turnover rate 6% 4% 5% 16% 6% 4%
SERIES III
-------------
9/5/2003*
TO
12/31/2003+++
-------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.17
Income from investment operations:
Net investment income (loss) 0.03
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.76
---------
Total from investment operations 0.79
---------
Less distributions:
Dividends from net investment income -
Distributions from capital gains -
---------
Total distributions -
---------
NET ASSET VALUE, END OF PERIOD $ 9.96
=========
TOTAL RETURN (B) 8.62%+
Net assets, end of period (000's) $ 1
Ratio of expenses to average net assets 122.81%(A)
Ratio of expenses to average net assets after
expense reductions 0.93%(A)
Ratio of net investment income (loss) to average
net assets 0.96%(A)
Portfolio turnover rate 6%
500 INDEX TRUST
------------------------------------------------------------------------------
SERIES I SERIES II
------------------------------------------------- ---------------------------
YEARS ENDED DECEMBER 31, 5/1/2000* YEAR ENDED 1/28/2002*
---------------------------------- TO DECEMBER 31, TO
2003+++ 2002+++ 2001+++ 12/31/2000+++ 2003+++ 12/31/2002+++
---------- --------- ---------- ------------- ------------ -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.60 $ 9.81 $ 11.28 $ 12.50 $ 7.59 $ 9.68
Income from investment operations:
Net investment income (loss) 0.10 0.09 0.09 0.09 0.09 0.08
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 2.01 (2.30) (1.48) (1.29) 1.99 (2.17)
-------- -------- -------- --------- --------- ---------
Total from investment operations 2.11 (2.21) (1.39) (1.20) 2.08 (2.09)
-------- -------- -------- --------- --------- ---------
Less distributions:
Dividends from net investment income (0.08) -# (0.08) (0.02) (0.08) -#
-------- -------- -------- --------- --------- ---------
Total distributions (0.08) -# (0.08) (0.02) (0.08) -#
-------- -------- -------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 9.63 $ 7.60 $ 9.81 $ 11.28 $ 9.59 $ 7.59
======== ======== ======== ========= ========= =========
TOTAL RETURN (C) 28.01% (22.53%) (12.37%) (9.57%)+ 27.76% (21.59%)+
Net assets, end of period (000's) $980,366 $678,414 $772,559 $ 680,264 $ 115,826 $ 38,267
Ratio of expenses to average net assets 0.57% 0.57% 0.57% 0.55%(A) 0.77% 0.77%(A)
Ratio of expenses to average net assets after
expense reductions 0.57% 0.57% 0.57% 0.55%(A) 0.77% 0.77%(A)
Ratio of net investment income (loss) to average
net assets 1.22% 1.05% 0.84% 1.08%(A) 1.02% 1.12%(A)
Portfolio turnover rate 1% 6% 1% 6% 1% 6%
SERIES III
--------------
9/5/2003*
TO
12/31/2003+++
--------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.87
Income from investment operations:
Net investment income (loss) 0.03
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.73
---------
Total from investment operations 0.76
---------
Less distributions:
Dividends from net investment income -
---------
Total distributions -
---------
NET ASSET VALUE, END OF PERIOD $ 9.63
=========
TOTAL RETURN (C) 8.57%+
Net assets, end of period (000's) $ 16
Ratio of expenses to average net assets 11.12%(A)
Ratio of expenses to average net assets after
expense reductions 0.92%(A)
Ratio of net investment income (loss) to average
net assets 1.09%(A)
Portfolio turnover rate 1%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
(B) The total return for the period ended December 31, 2000 for Series I and
for the period ended December 31, 2003 for Series III would have been
lower, had operating expenses not been reduced.
(C) The total return for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
91
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
LIFESTYLE AGGRESSIVE 1000 TRUST
------------------------------------------------------------
SERIES I
------------------------------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------------------------------
2003 2002 2001 2000 1999
------------ ---------- --------- --------- ---------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.14 $ 10.34 $ 13.09 $ 14.54 $ 13.39
Income from investment operations:
Net investment income (loss) ** 0.02 0.04 0.04 0.05 0.08
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 2.81 (2.16) (1.84) (0.78) 1.77
------------ ---------- --------- --------- ---------
Total from investment operations 2.83 (2.12) (1.80) (0.73) 1.85
------------ ---------- --------- --------- ---------
Less distributions:
Dividends from net investment income (0.02) (0.04) (0.04) (0.05) (0.08)
Distributions from capital gains - - (0.53) (0.67) (0.62)
Return of capital (0.02) (0.04) (0.38) - -
------------ ---------- --------- --------- ---------
Total distributions (0.04) (0.08) (0.95) (0.72) (0.70)
------------ ---------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 10.93 $ 8.14 $ 10.34 $ 13.09 $ 14.54
============ ========== ========= ========= =========
TOTAL RETURN (B) 34.91% (20.71%) (13.67%) (5.11%) 14.61%
Net assets, end of period (000's) $ 327,927 $ 185,893 $ 187,473 $ 148,693 $ 93,073
Ratio of expenses to average net assets *** 0.079% 0.10% 0.10% 0.075% 0.03%
Ratio of expenses to average net assets after expense reductions *** 0.075% 0.075% 0.075% 0.05% 0.03%
Ratio of net investment income (loss) to average net assets ** 0.23% 0.33% 0.29% 0.33% 0.64%
Portfolio turnover rate 53% 90% 82% 104% 136%
LIFESTYLE AGGRESSIVE 1000 TRUST
----------------------------------------
SERIES II SERIES III
------------------------ ----------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003 12/31/2002 12/31/2003
------------ ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 8.14 $ 10.09 $ 9.80
Income from investment operations:
Net investment income (loss) ** 0.02 0.04 0.00
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 2.81 (1.91) 1.13
------------ ---------- ----------
Total from investment operations 2.83 (1.87) 1.13
------------ ---------- ----------
Less distributions:
Dividends from net investment income (0.02) (0.04) -
Distributions from capital gains - - -
Return of capital (0.02) (0.04) -
------------ ---------- ----------
Total distributions (0.04) (0.08) -
------------ ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 10.93 $ 8.14 $ 10.93
============ ========== ==========
TOTAL RETURN (B) 34.91% (18.74%)+ 11.53%+
Net assets, end of period (000's) $ 157,764 $ 27,099 $ 7
Ratio of expenses to average net assets *** 0.079% 0.10%(A) 21.50%(A)
Ratio of expenses to average net assets after expense reductions *** 0.075% 0.075%(A) 0.225%(A)
Ratio of net investment income (loss) to average net assets ** 0.11% (0.05%)(A) (0.13%)(A)
Portfolio turnover rate 53% 90% 53%
LIFESTYLE GROWTH 820 TRUST
------------------------------------------------------------
SERIES I
------------------------------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------------------------------
2003 2002 2001 2000 1999
------------ ---------- --------- --------- ---------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.28 $ 11.25 $ 13.59 $ 15.18 $ 13.78
Income from investment operations:
Net investment income (loss) ** 0.09 0.14 0.18 0.13 0.23
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 2.61 (1.89) (1.43) (0.57) 1.94
------------ ---------- --------- --------- ---------
Total from investment operations 2.70 (1.75) (1.25) (0.44) 2.17
------------ ---------- --------- --------- ---------
Less distributions:
Dividends from net investment income (0.09) (0.14) (0.18) (0.13) (0.23)
Distributions from capital gains (0.01) (0.02) (0.59) (1.02) (0.54)
Return of capital (0.02) (0.06) (0.32) - -
------------ ---------- --------- --------- ---------
Total distributions (0.12) (0.22) (1.09) (1.15) (0.77)
------------ ---------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 11.86 $ 9.28 $ 11.25 $ 13.59 $ 15.18
============ ========== ========= ========= =========
TOTAL RETURN (C) 29.55% (15.84%) (8.97%) (3.05%) 16.56%
Net assets, end of period (000's) $ 1,223,950 $ 765,561 $ 726,548 $ 545,106 $ 414,257
Ratio of expenses to average net assets *** 0.071% 0.09% 0.09% 0.06% 0.04%
Ratio of expenses to average net assets after expense reductions *** 0.071% 0.075% 0.075% 0.05% 0.04%
Ratio of net investment income (loss) to average net assets ** 0.84% 1.24% 1.33% 0.94% 1.73%
Portfolio turnover rate 55% 117% 84% 102% 127%
LIFESTYLE GROWTH 820 TRUST
----------------------------------------
SERIES II SERIES III
------------------------ ----------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003 12/31/2002 12/31/2003
------------ ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.28 $ 11.06 $ 10.77
Income from investment operations:
Net investment income (loss) ** 0.09 0.14 -
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 2.60 (1.70) 1.09
------------ ---------- ----------
Total from investment operations 2.69 (1.56) 1.09
------------ ---------- ----------
Less distributions:
Dividends from net investment income (0.09) (0.14) -
Distributions from capital gains (0.01) (0.02) -
Return of capital (0.02) (0.06) -
------------ ---------- ----------
Total distributions (0.12) (0.22) -
------------ ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 11.85 $ 9.28 $ 11.86
============ ========== ==========
TOTAL RETURN (C) 29.44% (14.4%)+ 10.12%+
Net assets, end of period (000's) $ 651,730 $ 120,949 $ 15
Ratio of expenses to average net assets *** 0.071% 0.09%(A) 19.95%(A)
Ratio of expenses to average net assets after expense reductions *** 0.071% 0.075%(A) 0.221%(A)
Ratio of net investment income (loss) to average net assets ** 0.53% (0.01%)(A) (0.14%)(A)
Portfolio turnover rate 55% 117% 55%
* Commencement of operations
** Recognition of net investment income by the Portfolio is affected by the
timing of the declaration of dividends by the underlying investment
companies in which the Portfolio invests.
*** Does not include expenses of the investment companies in which the
Portfolio invests.
+ Not Annualized
(A) Annualized
(B) The total return for the years ended 2003, 2002, 2001, 2000 and 1999 for
Series I, for the year ended 2003 and the period ended December 31, 2002
for Series II and for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
(C) The total return for the years ended 2002, 2001, 2000 and 1999 for Series
I, for the year ended 2003 and the period ended December 31, 2002
for Series II and for the period ended December 31, 2003 for Series
III would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
92
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
LIFESTYLE BALANCED 640 TRUST
-------------------------------------------------------------
SERIES I
-------------------------------------------------------------
YEARS ENDED DECEMBER 31,
-------------------------------------------------------------
2003 2002 2001 2000 1999
------------ ---------- ---------- ---------- ---------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.30 $ 11.82 $ 13.53 $ 14.24 $ 13.49
Income from investment operations:
Net investment income (loss) ** 0.19 0.29 0.35 0.26 0.39
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 2.22 (1.43) (1.02) 0.06 1.20
------------ ---------- ---------- ---------- ---------
Total from investment operations 2.41 (1.14) (0.67) 0.32 1.59
------------ ---------- ---------- ---------- ---------
Less distributions:
Dividends from net investment income (0.19) (0.29) (0.35) (0.26) (0.39)
Distributions from capital gains (0.05) (0.04) (0.69) (0.77) (0.45)
Return of capital (0.04) (0.05) - - -
------------ ---------- ---------- ---------- ---------
Total distributions (0.28) (0.38) (1.04) (1.03) (0.84)
------------ ---------- ---------- ---------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.43 $ 10.30 $ 11.82 $ 13.53 $ 14.24
============ ========== ========== ========== =========
TOTAL RETURN (B) 23.97% (9.95%) (4.71%) 2.45% 12.42%
Net assets, end of period (000's) $ 1,330,925 $ 859,857 $ 745,215 $ 545,718 $ 416,706
Ratio of expenses to average net assets *** 0.070% 0.09% 0.09% 0.06% 0.03%
Ratio of expenses to average net assets after expense reductions *** 0.070% 0.075% 0.075% 0.05% 0.03%
Ratio of net investment income (loss) to average net assets ** 1.59% 2.48% 2.47% 1.87% 2.93%
Portfolio turnover rate 55% 114% 71% 85% 126%
LIFESTYLE BALANCED 640 TRUST
----------------------------------------
SERIES II SERIES III
------------------------ ----------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003 12/31/2002 12/31/2003
------------ ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.30 $ 11.72 $ 11.45
Income from investment operations:
Net investment income (loss) ** 0.19 0.29 -
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 2.22 (1.33) 0.98
------------ ---------- ----------
Total from investment operations 2.41 (1.04) 0.98
------------ ---------- ----------
Less distributions:
Dividends from net investment income (0.19) (0.29) -
Distributions from capital gains (0.05) (0.04) -
Return of capital (0.04) (0.05) -
------------ ---------- ----------
Total distributions (0.28) (0.38) -
------------ ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 12.43 $ 10.30 $ 12.43
============ ========== ==========
TOTAL RETURN (B) 23.97% (9.18%)+ 8.56%+
Net assets, end of period (000's) $ 740,011 $ 164,273 $ 46
Ratio of expenses to average net assets *** 0.070% 0.09%(A) 8.35%(A)
Ratio of expenses to average net assets after expense reductions *** 0.070% 0.075%(A) 0.220%(A)
Ratio of net investment income (loss) to average net assets ** 1.11% 0.07%(A) (0.22%)(A)
Portfolio turnover rate 55% 114% 55%
LIFESTYLE MODERATE 460 TRUST
-------------------------------------------------------------
SERIES I
-------------------------------------------------------------
YEARS ENDED DECEMBER 31,
-------------------------------------------------------------
2003 2002 2001 2000 1999
------------ ---------- ---------- ---------- ---------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.22 $ 12.11 $ 13.01 $ 14.13 $ 13.91
Income from investment operations:
Net investment income (loss) ** 0.27 0.40 0.45 0.58 0.41
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 1.67 (0.88) (0.61) (0.07) 0.65
------------ ---------- ---------- ---------- ---------
Total from investment operations 1.94 (0.48) (0.16) 0.51 1.06
------------ ---------- ---------- ---------- ---------
Less distributions:
Dividends from net investment income (0.27) (0.40) (0.45) (0.58) (0.41)
Distributions from capital gains (0.06) - (0.10) (1.05) (0.43)
Return of capital (0.04) (0.01) (0.19) - -
------------ ---------- ---------- ---------- ---------
Total distributions (0.37) (0.41) (0.74) (1.63) (0.84)
------------ ---------- ---------- ---------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.79 $ 11.22 $ 12.11 $ 13.01 $ 14.13
============ ========== ========== ========== =========
TOTAL RETURN (C) 17.83% (4.07%) (1.09%) 4.26% 7.89%
Net assets, end of period (000's) $ 461,743 $ 325,608 $ 245,499 $ 182,038 $ 167,500
Ratio of expenses to average net assets *** 0.075% 0.09% 0.10% 0.075% 0.04%
Ratio of expenses to average net assets after expense reductions *** 0.075% 0.075% 0.075% 0.05% 0.04%
Ratio of net investment income (loss) to average net assets ** 2.15% 3.17% 3.23% 4.37% 2.92%
Portfolio turnover rate 46% 113% 84% 86% 109%
LIFESTYLE MODERATE 460 TRUST
----------------------------------------
SERIES II SERIES III
------------------------- -----------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003 12/31/2002 12/31/2003
------------ ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.22 $ 12.07 $ 11.98
Income from investment operations:
Net investment income (loss) ** 0.27 0.40 -
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 1.67 (0.84) 0.81
------------ ---------- ----------
Total from investment operations 1.94 (0.44) 0.81
------------ ---------- ----------
Less distributions:
Dividends from net investment income (0.27) (0.40) -
Distributions from capital gains (0.06) - -
Return of capital (0.04) (0.01) -
------------ ---------- ----------
Total distributions (0.37) (0.41) -
------------ ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 12.79 $ 11.22 $ 12.79
============ ========== ==========
TOTAL RETURN (C) 17.83% (3.77%)+ 6.76%+
Net assets, end of period (000's) $ 285,665 $ 74,241 $ 3
Ratio of expenses to average net assets *** 0.075% 0.09%(A) 44.71%(A)
Ratio of expenses to average net assets after expense reductions *** 0.075% 0.075%(A) 0.225%(A)
Ratio of net investment income (loss) to average net assets ** 1.58% 0.19%(A) (0.14%)(A)
Portfolio turnover rate 46% 113% 46%
* Commencement of operations
** Recognition of net investment income by the Portfolio is affected by the
timing of the declaration of dividends by the underlying investment
companies in which the Portfolio invests.
*** Does not include expenses of the investment companies in which the
Portfolio invests.
+ Not Annualized
(A) Annualized
(B) The total return for the years ended 2002, 2001, 2000 and 1999 for Series
I, for the year ended 2003 and the period ended December 31, 2002 for
Series II and for the period ended December 31, 2003 for Series III would
have been lower, had operating expenses not been reduced.
(C) The total return for the years ended 2002, 2001, 2000 and 1999 for Series
I, for the period ended December 31, 2002 for Series II and for the period
ended December 31, 2003 for Series III would have been lower, had operating
expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
93
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
LIFESTYLE CONSERVATIVE 280 TRUST
------------------------------------------------------------
SERIES I
------------------------------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------------------------------
2003 2002 2001 2000 1999
------------ ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.72 $ 12.94 $ 13.17 $ 13.15 $ 13.53
Income from investment operations:
Net investment income (loss) ** 0.38 0.39 0.55 0.51 0.60
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 1.03 (0.16) (0.14) 0.41 (0.05)
------------ ---------- ---------- ---------- ----------
Total from investment operations 1.41 0.23 0.41 0.92 0.55
------------ ---------- ---------- ---------- ----------
Less distributions:
Dividends from net investment income (0.39) (0.39) (0.55) (0.51) (0.60)
Distributions from capital gains (0.10) (0.04) (0.09) (0.39) (0.33)
Return of capital - (0.02) - - -
------------ ---------- ---------- ---------- ----------
Total distributions (0.49) (0.45) (0.64) (0.90) (0.93)
------------ ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 13.64 $ 12.72 $ 12.94 $ 13.17 $ 13.15
============ ========== ========== ========== ==========
TOTAL RETURN (B) 11.47% 1.80% 3.30% 7.62% 4.21%
Net assets, end of period (000's) $ 299,278 $ 250,656 $ 174,041 $ 105,627 $ 106,435
Ratio of expenses to average net assets *** 0.079% 0.09% 0.10% 0.08% 0.03%
Ratio of expenses to average net assets after expense reductions *** 0.075% 0.075% 0.075% 0.05% 0.03%
Ratio of net investment income (loss) to average net assets ** 2.89% 2.62% 3.82% 4.00% 4.40%
Portfolio turnover rate 40% 69% 38% 53% 93%
LIFESTYLE CONSERVATIVE 280 TRUST
----------------------------------------
SERIES II SERIES III
------------------------ ----------
YEAR ENDED 1/28/2002* 9/5/2003*
DECEMBER 31, TO TO
2003 12/31/2002 12/31/2003
------------ ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.72 $ 12.93 $ 12.95
Income from investment operations:
Net investment income (loss) ** 0.38 0.39 -
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 1.03 (0.15) 0.69
------------ ---------- ----------
Total from investment operations 1.41 0.24 0.69
------------ ---------- ----------
Less distributions:
Dividends from net investment income (0.39) (0.39) -
Distributions from capital gains (0.10) (0.04) -
Return of capital - (0.02) -
------------ ---------- ----------
Total distributions (0.49) (0.45) -
------------ ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 13.64 $ 12.72 $ 13.64
============ ========== ==========
TOTAL RETURN (B) 11.46% 1.83%+ 5.33%+
Net assets, end of period (000's) $ 153,654 $ 47,697 $ 101
Ratio of expenses to average net assets *** 0.079% 0.09%(A) 8.73%(A)
Ratio of expenses to average net assets after expense reductions *** 0.075% 0.075%(A) 0.225%(A)
Ratio of net investment income (loss) to average net assets ** 2.21% 0.25%(A) (0.22%)(A)
Portfolio turnover rate 40% 69% 40%
SMALL-MID CAP TRUST
------------------------------------------
SERIES I
------------------------------------------
YEARS ENDED DECEMBER 31, 07/16/2001*
-------------------------- TO
2003+++ 2002+++ 12/31/2001+++
------------ ----------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.85 $ 11.95 $ 12.50
Income from investment operations:
Net investment income (loss) (0.03) (0.01) - #
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 2.31 (2.09) (0.55)
------------ ----------- -------------
Total from investment operations 2.28 (2.10) (0.55)
------------ ----------- -------------
Less distributions:
Dividends from net investment income - - # - #
------------ ----------- -------------
Total distributions - - # - #
------------ ----------- -------------
NET ASSET VALUE, END OF PERIOD $ 12.13 $ 9.85 $ 11.95
============ =========== =============
TOTAL RETURN (C) 23.15% (17.57%) (4.40%)+
Net assets, end of period (000's) $ 103,406 $ 63,945 $ 2,890
Ratio of expenses to average net assets 1.19% 1.83% 3.09%(A)
Ratio of expenses to average net assets after expense reductions 1.19% 1.20% 1.20%(A)
Ratio of net investment income (loss) to average net assets (0.26%) (0.09%) 0.01%(A)
Portfolio turnover rate 18% 6% 33%
SMALL-MID CAP TRUST
-------------------------------------------------
SERIES II SERIES III
------------------------------ -------------
YEAR ENDED 11/25/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ -------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.85 $ 10.28 $ 11.31
Income from investment operations:
Net investment income (loss) (0.05) - # (0.02)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 2.30 (0.43) 0.84
------------ -------------- -------------
Total from investment operations 2.25 (0.43) 0.82
------------ -------------- -------------
Less distributions:
Dividends from net investment income - - -
------------ -------------- -------------
Total distributions - - -
------------ -------------- -------------
NET ASSET VALUE, END OF PERIOD $ 12.10 $ 9.85 $ 12.13
============ ============== =============
TOTAL RETURN (C) 22.84% (4.18%)+ 7.25%+
Net assets, end of period (000's) $ 55,466 $ 10,849 $ 2
Ratio of expenses to average net assets 1.39% 2.03%(A) 1.54%(A)
Ratio of expenses to average net assets after expense reductions 1.39% 1.40%(A) 1.54%(A)
Ratio of net investment income (loss) to average net assets (0.44%) (0.18%)(A) (0.40%)(A)
Portfolio turnover rate 18% 6% 18%
* Commencement of operations
** Recognition of net investment income by the Portfolio is affected by the
timing of the declaration of dividends by the underlying investment
companies in which the Portfolio invests.
*** Does not include expenses of the investment companies in which the
Portfolio invests.
+ Not Annualized
# Amount is less than $.01 per share.
(A) Annualized
(B) The total return for the years ended 2003, 2002, 2001, 2000 and 1999 for
Series I, for the year ended 2003 and the period ended December 31, 2002
for Series II and for the period ended December 31, 2003 for Series III
would have been lower, had operating expenses not been reduced.
(C) The total return for the year ended 2002 and the period ended December 31,
2001 for Series I and for the period ended December 31, 2002 for Series II
would have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
94
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
INTERNATIONAL EQUITY SELECT TRUST
----------------------------------------
SERIES I
----------------------------------------
YEARS ENDED DECEMBER 31, 07/16/2001*
------------------------ TO
2003+++ 2002+++ 12/31/2001+++
--------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.62 $ 12.02 $ 12.50
Income from investment operations:
Net investment income (loss) 0.18 (0.02) - #
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 2.79 (1.38) (0.48)
--------- ------------- -------------
Total from investment operations 2.97 (1.40) (0.48)
--------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 13.59 $ 10.62 $ 12.02
========= ============= =============
TOTAL RETURN (B) 27.97% (11.65%) (3.84%)+
Net assets, end of period (000's) $ 76,708 $ 49,507 $ 2,897
Ratio of expenses to average net assets 1.26% 1.95% 3.27%(A)
Ratio of expenses to average net assets after expense reductions 1.20% 1.20% 1.20%(A)
Ratio of net investment income (loss) to average net assets 1.56% (0.15%) 0.06%(A)
Portfolio turnover rate 9% 5% 7%
INTERNATIONAL EQUITY SELECT TRUST
---------------------------------------------
SERIES II SERIES III
--------------------------- -------------
YEAR ENDED 11/25/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.62 $ 10.85 $ 11.62
Income from investment operations:
Net investment income (loss) 0.11 (0.01) (0.01)
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 2.83 (0.22) 1.98
------------ ------------- -------------
Total from investment operations 2.94 (0.23) 1.97
------------ ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 13.56 $ 10.62 $ 13.59
============ ============= =============
TOTAL RETURN (B) 27.68% (2.12%)+ 16.95%+
Net assets, end of period (000's) $ 40,650 $ 8,266 $ 1
Ratio of expenses to average net assets 1.46% 2.15%(A) 1.61%(A)
Ratio of expenses to average net assets after expense reductions 1.40% 1.40%(A) 1.55%(A)
Ratio of net investment income (loss) to average net assets 0.99% (1.12%)(A) (0.31%)(A)
Portfolio turnover rate 9% 5% 9%
HIGH GRADE BOND TRUST
---------------------------------------
SERIES I
---------------------------------------
YEARS ENDED DECEMBER 31, 07/16/2001*
------------------------ TO
2003+++ 2002+++ 12/31/2001+++
--------- ------------ -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.77 $ 12.48 $ 12.50
Income from investment operations:
Net investment income (loss) 0.36 0.48 0.26
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.19) 0.90 0.14
--------- ------------ -------------
Total from investment operations 0.17 1.38 0.40
--------- ------------ -------------
Less distributions:
Dividends from net investment income (0.01) (0.07) (0.26)
Distributions from capital gains - (0.02) (0.16)
--------- ------------ -------------
Total distributions (0.01) (0.09) (0.42)
--------- ------------ -------------
NET ASSET VALUE, END OF PERIOD $ 13.93 $ 13.77 $ 12.48
========= ============ =============
TOTAL RETURN (C) 1.20% 11.01% 3.21%+
Net assets, end of period (000's) $ 115,165 $ 77,953 $ 3,254
Ratio of expenses to average net assets 0.80% 1.44% 2.72%(A)
Ratio of expenses to average net assets after expense reductions 0.80% 0.85% 0.85%(A)
Ratio of net investment income (loss) to average net assets 2.61% 3.65% 4.44%(A)
Portfolio turnover rate 661% 290% 353%
HIGH GRADE BOND TRUST
----------------------------------------------
SERIES II SERIES III
--------------------------- -------------
YEAR ENDED 11/25/2002* 9/5/2003*
DECEMBER 31, TO TO
2003+++ 12/31/2002+++ 12/31/2003+++
------------ ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.77 $ 13.61 $ 13.63
Income from investment operations:
Net investment income (loss) 0.29 0.04 0.04
Net realized and unrealized gain (loss) on
investments and foreign currency transactions (0.15) 0.20 0.26
------------ ------------- -------------
Total from investment operations 0.14 0.24 0.30
------------ ------------- -------------
Less distributions:
Dividends from net investment income (0.01) (0.06) -
Distributions from capital gains - (0.02) -
------------ ------------- -------------
Total distributions (0.01) (0.08) -
------------ ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 13.90 $ 13.77 $ 13.93
============ ============= =============
TOTAL RETURN (C) 0.99% 1.77%+ 2.20%+
Net assets, end of period (000's) $ 63,688 $ 14,653 $ 7
Ratio of expenses to average net assets 1.00% 1.64%(A) 1.15%(A)
Ratio of expenses to average net assets after expense reductions 1.00% 1.05%(A) 1.15%(A)
Ratio of net investment income (loss) to average net assets 2.11% 3.37%(A) 1.00%(A)
Portfolio turnover rate 661% 290% 661%
+++ Net investment income has been calculated using the average shares method.
* Commencement of operations
# Amount is less than $.01 per share.
+ Not Annualized
(A) Annualized
(B) The total return for the years ended 2003 and 2002 and the period ended
December 31, 2001 for Series I, for the year ended 2003 and the period
ended December 31, 2002 for Series II and for the period ended December 31,
2003 for Series III would have been lower, had operating expenses not been
reduced.
(C) The total return for year ended 2002 and the period ended December 31, 2001
for Series I and for the period ended December 31, 2002 for Series II would
have been lower, had operating expenses not been reduced.
The accompanying notes are an integral part of the financial statements.
95
MANUFACTURERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
AMERICAN GROWTH TRUST AMERICAN INTERNATIONAL TRUST
------------------------------- -------------------------------
SERIES I SERIES II SERIES I SERIES II
------------- ------------- ------------- -------------
07/09/2003* 05/05/2003* 07/09/2003* 05/05/2003*
TO TO TO TO
12/31/2003+++ 12/31/2003+++ 12/31/2003+++ 12/31/2003+++
------------- ------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.94 $ 12.50 $ 13.78 $ 12.50
Income from investment operations:
Net investment Income (loss) ** - # - # 0.16 0.14
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 1.48 2.91 2.74 4.02
------------ ------------- ------------- -------------
Total from investment operations 1.48 2.91 2.90 4.16
------------ ------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 15.42 $ 15.41 $ 16.68 $ 16.66
============ ============= ============= =============
TOTAL RETURN 10.62%+ 23.28%+ 21.04%+ 33.28%+
Net assets, end of period (000's) $ 3,389 $ 269,774 $ 2,590 $ 178,069
Ratio of expenses to average net assets *** 0.38%(A) 0.53%(A) 0.39%(A) 0.54%(A)
Ratio of net investment income (loss) to
average net assets ** 0.04%(A) (0.23%)(A) 3.34%(A) 2.01%(A)
Portfolio turnover rate 1% 1% 22% 22%
AMERICAN GROWTH-INCOME TRUST AMERICAN BLUE CHIP INCOME AND GROWTH TRUST
------------------------------- ------------------------------------------
SERIES I SERIES II SERIES I SERIES II
------------- ------------- ------------- -------------
07/09/2003* 05/05/2003* 07/09/2003* 05/05/2003*
TO TO TO TO
12/31/2003+++ 12/31/2003+++ 12/31/2003+++ 12/31/2003+++
------------- ------------- ------------- -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.78 $ 12.50 $ 13.66 $ 12.50
Income from investment operations:
Net investment income (loss) ** 0.10 0.09 - # - #
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 1.67 2.94 1.80 2.94
------------- ------------- ------------- -------------
Total from investment operations 1.77 3.03 1.80 2.94
------------- ------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 15.55 $ 15.53 $ 15.46 $ 15.44
============= ============= ============= =============
TOTAL RETURN 12.84%+ 24.24%+ 13.18%+ 23.52%+
Net assets, end of period (000's) $ 1,223 $ 182,259 $ 1,282 $ 180,792
Ratio of expenses to average net assets *** 0.38%(A) 0.53%(A) 0.39%(A) 0.54%(A)
Ratio of net investment income (loss) to
average net assets ** 3.66%(A) 2.08%(A) (0.39%)(A) (0.54%)(A)
Portfolio turnover rate 2% 2% - ## - ##
+++ Net investment income has been calculated using the SEC method.
* Commencement of operations
** Recognition of net investment income by the Portfolio is affected by the
timing of the declaration of dividends by the underlying investment
companies in which the Portfolio invests.
*** Does not include expenses of the investment companies in which the
Portfolio invests.
# Amount is less than $.01 per share.
## Amount is less than 1%.
+ Not Annualized
(A) Annualized
The accompanying notes are an integral part of the financial statements.
96
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SCIENCE & TECHNOLOGY TRUST
SHARES VALUE
------ -----
COMMON STOCK - 93.98%
BIOTECHNOLOGY - 1.49%
Biogen Idec, Inc. * 50,100 $ 1,842,678
Cephalon, Inc. * (a) 61,800 2,991,738
Genentech, Inc. * 18,300 1,712,331
MedImmune, Inc. * 124,100 3,152,140
------------
9,698,887
BROADCASTING - 2.50%
Clear Channel Communications, Inc. 148,710 6,964,089
Univision Communications, Inc., Class A * 24,920 989,075
Viacom, Inc., Class B 188,260 8,354,979
------------
16,308,143
BUSINESS SERVICES - 9.52%
Accenture, Ltd., Class A * 284,400 7,485,408
BMC Software, Inc. * 148,000 2,760,200
Cadence Design Systems, Inc. * 402,600 7,238,748
Certegy, Inc. 163,100 5,349,680
DST Systems, Inc. * 87,100 3,637,296
First Data Corp. 341,500 14,032,235
Fiserv, Inc. * 304,400 12,026,844
Paychex, Inc. 137,200 5,103,840
SunGuard Data Systems, Inc. * 162,100 4,491,791
------------
62,126,042
CABLE AND TELEVISION - 2.67%
Comcast Corp.-Special Class A * 185,100 5,789,928
EchoStar Communications Corp., Class A * 135,800 4,617,200
Time Warner, Inc. * 389,200 7,001,708
------------
17,408,836
CELLULAR COMMUNICATIONS - 0.71%
Vodafone Group PLC, ADR (a) 186,230 4,663,199
------------
CHEMICALS - 0.33%
Cabot Microelectronics Corp. * (a) 43,800 2,146,200
------------
COMPUTERS & BUSINESS EQUIPMENT - 9.48%
CDW Corp. 37,500 2,166,000
Dell, Inc. * 768,500 26,098,260
Hewlett-Packard Company 494,700 11,363,259
International Business Machines Corp. 96,800 8,971,424
Lexmark International, Inc. * 98,700 7,761,768
Network Appliance, Inc. * (a) 69,300 1,422,729
Seagate Technology, Inc. 216,800 4,097,520
------------
61,880,960
ELECTRONICS - 2.98%
Flextronics International, Ltd. * 252,100 3,741,164
Samsung Electronics Company 18,600 7,040,369
Sanmina-SCI Corp. * 184,200 2,322,762
Synopsys, Inc. * 187,400 6,326,624
------------
19,430,919
HEALTHCARE PRODUCTS - 0.74%
Johnson & Johnson 94,200 4,866,372
------------
INTERNET CONTENT - 1.30%
Yahoo!, Inc. * 187,950 8,489,702
------------
INTERNET RETAIL - 1.70%
eBay, Inc. * 93,500 6,039,165
InterActiveCorp * 149,142 5,060,388
------------
11,099,553
INTERNET SOFTWARE - 7.56%
Cisco Systems, Inc. * 1,207,830 29,338,191
Networks Associates, Inc. * (a) 417,200 6,274,688
Symantec Corp. * 161,900 5,609,835
VeriSign, Inc. * 499,600 8,143,480
------------
49,366,194
LEISURE TIME - 0.41%
International Game Technology 75,100 2,681,070
------------
PHARMACEUTICALS - 2.25%
Bristol-Myers Squibb Company 83,800 2,396,680
Eli Lilly & Company 25,000 1,758,250
Forest Laboratories, Inc. * 81,200 5,018,160
Gilead Sciences, Inc. * 37,300 2,168,622
Merck & Company, Inc. 31,300 1,446,060
Pfizer, Inc. 53,900 1,904,287
------------
14,692,059
SEMICONDUCTORS - 20.91%
Agere Systems, Inc., Class A * (a) 491,600 1,499,380
Altera Corp. * 111,700 2,535,590
Analog Devices, Inc. 395,400 18,050,010
Applied Materials, Inc. * 594,600 13,348,770
ASML Holding NV * (a) 125,200 2,510,260
Intel Corp. 210,200 6,768,440
Intersil Corp., Class A 147,800 3,672,830
KLA-Tencor Corp. * (a) 149,500 8,771,165
Linear Technology Corp. 94,600 3,979,822
Marvell Technology Group, Ltd. * 61,800 2,344,074
Maxim Integrated Products, Inc. 373,300 18,590,340
Microchip Technology, Inc. 310,500 10,358,280
Novellus Systems, Inc. * 234,800 9,873,340
QLogic Corp. * 155,800 8,039,280
Taiwan Semiconductor Manufacturing
Company, Ltd., ADR * 574,128 5,879,071
Texas Instruments, Inc. 372,100 10,932,298
Xilinx, Inc. * 241,800 9,367,332
------------
136,520,282
SOFTWARE - 24.32%
Adobe Systems, Inc. 382,700 15,040,110
Electronic Arts, Inc. * 37,000 1,767,860
Informatica Corp. * 275,500 2,837,650
Intuit, Inc. * 278,400 14,730,144
Mercury Interactive Corp. * (a) 368,200 17,909,248
Microsoft Corp. 2,104,900 57,968,946
Oracle Corp. * 995,200 13,136,640
Red Hat, Inc. * (a) 434,600 8,157,442
SAP AG * 37,500 6,291,090
SAP AG, ADR 62,600 2,601,656
Siebel Systems, Inc. * 525,300 7,285,911
VERITAS Software Corp. * 297,050 11,038,378
------------
158,765,075
TELECOMMUNICATIONS EQUIPMENT & SERVICES
- 5.11%
Advanced Fibre Communications, Inc. * 123,300 2,484,495
CIENA Corp. * 227,200 1,508,608
Corning, Inc. * 183,700 1,915,991
Crown Castle International Corp. * 170,400 1,879,512
Nokia Oyj, ADR 561,150 9,539,550
Nortel Networks Corp. * 1,062,900 4,496,067
NTL, Inc. * 31,400 2,190,150
QUALCOMM, Inc. 173,500 9,356,855
------------
33,371,228
TOTAL COMMON STOCK
(Cost: $507,783,037) $613,514,721
------------
The accompanying notes are an integral part of the financial statements.
97
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 5.98%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $32,649,759 $ 32,649,759
T. Rowe Price Reserve Investment Fund (c) 6,355,593 6,355,593
------------
$ 39,005,352
REPURCHASE AGREEMENTS - 0.04%
Repurchase Agreement with
State Street Corp., dated
12/31/2003 at 0.40%, to be
repurchased at $283,006 on
01/02/2004, collateralized
by $230,000 U.S Treasury
Bonds, 7.5% due 11/15/2016
(valued at $294,819,
including interest). $ 283,000 $ 283,000
------------
TOTAL INVESTMENTS (SCIENCE & TECHNOLOGY
TRUST) (Cost: $547,071,389) $652,803,073
============
PACIFIC RIM EMERGING MARKETS TRUST
SHARES VALUE
------ -----
COMMON STOCK - 81.48%
AUSTRALIA - 4.74%
Australia and New Zealand Bank Group Ltd. * 16,464 219,171
BHP Billiton, Ltd. * 66,652 611,763
BHP Steel, Ltd. * 59,690 251,684
Brambles Industries, Ltd. * 11,900 47,309
Coca-Cola Amatil, Ltd. * 18,420 86,406
Coles Myer, Ltd. * 16,850 95,915
Commonwealth Bank of Australia * 17,090 378,960
Foster's Group Ltd. * 28,080 95,143
General Property Trust * 78,770 177,337
Harvey Norman Holding, Ltd. * 22,990 51,585
Macquarie Airports * (a) 57,350 76,863
Macquarie Bank, Ltd. * 7,790 208,577
National Australia Bank, Ltd. * 27,710 624,884
Newcrest Mining, Ltd. * 4,660 45,438
News Corp., Ltd. * 48,930 441,734
NRMA Insurance Group, Ltd. * 41,130 131,618
Orica, Ltd. * 9,500 99,856
Origin Energy, Ltd. * 11,680 41,774
QBE Insurance Group, Ltd. * (a) 18,870 150,607
Rinker Group Ltd. * 22,320 110,078
Seven Network, Ltd. * 8,970 41,402
Telstra Corp. * 40,270 146,149
Wesfarmers, Ltd. * 5,280 105,313
Westfield Trust * 31,680 84,918
Westpac Banking Corp., Ltd. * 37,390 450,163
Woodside Petroleum, Ltd. * 8,760 97,619
Woolworths, Ltd. * 12,970 115,236
---------
4,987,502
BERMUDA - 0.01%
TPV Technology Ltd. * 14,000 7,348
---------
CAYMAN ISLANDS - 0.01%
Hopewell Highway Infrastructure Ltd. * 17,500 9,918
---------
CHINA - 1.64%
Beijing Datang Power Generation
Company, Ltd., Class H (a) 154,000 110,089
China Life Insurance Company, Ltd. * 142,000 116,142
China Petroleum & Chemical Corp., Class H * 294,000 131,592
China Pharmaceutical Group, Ltd. * (a) 46,000 14,664
China Shipping Development
Company, Ltd., Class H 92,000 67,545
China Telecom Corp., Ltd. * 350,000 143,133
Harbin Power Equipment Company Ltd. 68,000 19,926
Jiangsu Expressway 80,000 42,763
PetroChina Company, Ltd., Class H * (a) 1,328,000 761,179
Sinopec Shanghai Petrochemical
Company, Ltd., H Shares * (a) 140,000 62,212
Tong Ren Tang Technologies Company, Ltd. 16,000 28,131
Tsingtao Brewery Company, Ltd., Series H 38,000 44,540
Yanzhou Coal Mining Company, Ltd.,
Class H * (a) 112,000 113,244
Zhejiang Expressway Company, Ltd.,
Class H * (a) 106,000 74,410
---------
1,729,570
HONG KONG - 7.02%
Anhui Conch Cement Company,
Ltd., Series H (a) 22,000 28,478
Bank of East Asia * 57,800 177,188
BOC Hong Kong Holdings, Ltd. * (a) 126,000 236,947
Brilliance China Automotive Holdings,
Ltd. * (a) 24,000 13,215
Cathay Pacific Airways, Ltd. * 44,000 83,594
Cheung Kong Holdings, Ltd. * 79,000 625,793
Cheung Kong Infrastructure Holdings,
Ltd. * (a) 24,000 53,325
China Merchants Holdings International
Company, Ltd. * (a) 66,000 86,711
China Mobile (Hong Kong), Ltd. * 338,500 1,037,681
China Resources Enterprises, Ltd. * (a) 70,000 79,343
China Unicom, Ltd. * (a) 74,000 69,103
Citic Pacific, Ltd. * (a) 69,000 174,638
CLP Holdings, Ltd. * (a) 91,200 433,461
CNOOC, Ltd. * 118,500 232,764
Cosco Pacific, Ltd. * (a) 114,000 149,773
Esprit Holdings, Ltd. * 21,500 71,447
Hang Lung Development Company * 25,000 31,235
Hang Lung Properties, Ltd. * (a) 28,000 35,885
Hang Seng Bank, Ltd. * 35,200 462,457
Henderson Land Development * 32,000 141,375
Hong Kong & China Gas Company, Ltd. * 109,700 167,438
Hong Kong Electric Holdings, Ltd. * (a) 47,400 187,433
Hong Kong Exchange & Clearing, Ltd. * (a) 42,000 90,884
Huaneng Power International, Inc., Class H 173,000 299,707
Hutchison Whampoa, Ltd. * (a) 114,000 836,967
Hysan Development Company, Ltd. * (a) 18,000 27,822
Johnson Electronic Holdings, Ltd. * 64,500 81,832
Legend Group, Ltd. * (a) 210,000 89,937
Li & Fung, Ltd. * 69,000 118,203
Shanghai Industrial Holdings, Ltd. * (a) 51,000 115,943
Shun Tak Holdings, Ltd. * 198,000 73,959
Sun Hung Kai Properties, Ltd. * 70,000 577,041
Swire Pacific, Ltd., Class A * 41,000 252,430
Television Broadcast, Ltd. * 14,000 70,687
Wharf Holdings Ltd. * (a) 64,000 177,234
---------
7,391,930
JAPAN - 47.24%
Amada Company, Ltd. * (a) 165,000 859,383
Asahi Glass Company * (a) 93,000 763,896
Bridgestone Corp. * 56,000 753,218
Canon, Inc. * (a) 25,000 1,164,419
Credit Saison Company, Ltd. * (a) 28,000 632,473
Dainippon Ink & Chemicals, Inc. * (a) 318,000 605,516
Daiwa Securities Group, Inc. (a) 149,000 1,013,870
The accompanying notes are an integral part of the financial statements.
98
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
JAPAN - CONTINUED
Dentsu, Inc. * (a) 52 $ 262,099
Fanuc, Ltd. * 6,800 407,486
Gunze, Ltd. * 80,000 362,160
Hitachi, Ltd. * (a) 80,000 482,382
Honda Motor Company * (a) 29,600 1,315,126
Hosiden Corp. * (a) 66,000 752,807
Hoya Corp. * 13,900 1,276,670
Japan Medical Dynamic Marketing, Inc. * (a) 59,700 682,620
Japan Securities Finance Company, Ltd. * 149,000 783,003
JSR Corp. * (a) 93,000 2,079,012
Keyence Corp. * (a) 6,300 1,328,389
Komatsu * 94,000 596,630
Kuraray Company * (a) 122,000 1,029,430
Marui Company, Ltd. * 113,700 1,432,725
Matsushita Electric Industrial Company,
Ltd. * (a) 45,000 622,486
Mitsubishi Corp. * (a) 120,000 1,272,413
Mitsubishi Estate Company, Ltd. * (a) 139,000 1,318,187
Mitsui Sumitomo Insurance Company, Ltd. *(a) 231,000 1,897,419
Mizuho Financial Group, Inc. * (a) 265 803,892
Mori Seiki Company * (a) 53,000 363,607
NEC Corp. * (a) 58,000 427,143
Nikko Cordial Corp. * (a) 86,000 479,227
Nippon Sanso Corp. * (a) 357,000 1,509,507
Nippon Steel Corp. (a) 427,000 916,694
Nippon Telegraph & Telephone Corp. * 110 530,826
NTT DoCoMo, Inc. * 390 884,585
Obayashi Corp. * 97,000 433,686
Oji Paper Company * (a) 67,000 432,762
Orix Corp. * (a) 9,700 802,184
Promise Company, Ltd. * 16,900 736,669
Rengo Company, Ltd. * (a) 234,000 899,874
Sekisui House, Ltd. * (a) 127,000 1,312,260
SFCG Company, Ltd. * (a) 4,100 525,823
Sompo Japan Insurance * (a) 129,000 1,060,802
Sony Corp. * (a) 18,800 651,029
Sumitomo Bakelite Company, Ltd. * (a) 233,000 1,520,204
Sumitomo Heavy Industries, Ltd. * (a) 455,000 1,032,016
Sumitomo Mitsui Financial Group, Inc.* (a) 400 2,131,890
Sumitomo Trust & Banking Company * (a) 166,000 976,152
Suruga Bank * (a) 32,000 205,796
Taihei Dengyo Kaisha, Ltd. * 29,000 87,432
Takeda Chemical Industries, Ltd. * 24,442 969,604
The Bank of Yokohama, Ltd. * (a) 112,000 520,614
THK Company, Ltd. * (a) 60,000 1,220,890
Tokyo Electron, Ltd. * 17,100 1,299,239
Tokyo Seimitsu Company, Ltd. * (a) 15,800 491,100
TonenGeneral Sekiyu KK. * (a) 70,000 579,549
Toyota Industries Corp. * 49,000 1,040,510
TV Asahi Corp. * 430 654,221
UFJ Holdings, Inc. * (a) 110 528,772
-----------
49,722,378
SOUTH KOREA - 7.09%
Cheil Industries, Inc. * 10,000 145,195
Good Morning Securities Company * 62,750 289,656
Hyundai Mobis * 6,500 349,685
Hyundai Motor Company * 9,500 402,644
Kia Motors 15,500 141,796
Kookmin Bank * 12,454 466,698
Korea Electric Power Corp. 7,900 141,889
KT & G Corp. * 8,500 147,671
LG Chemical, Ltd. * 4,300 198,489
LG Electronics, Inc. 7,200 354,108
LG Petrochemical Company, Ltd. * 6,500 151,658
Posco, Ltd. * 2,100 287,285
Samsung Electronics Company * 8,450 3,198,447
Samsung Fire & Marine Insurance Company, Ltd. 4,000 229,962
Samsung SDI Company, Ltd. * 1,200 141,502
Shinhan Financial Group Company, Ltd. 14,500 231,830
Shinsegae Company, Ltd. * 900 219,052
SK Telecom Company, Ltd., ADR * 2,200 367,436
-----------
7,465,003
MALAYSIA - 0.69%
British American Tobacco Malaysia Berhad * 5,000 57,237
Gamuda Berhad * 50,000 83,553
Genting Berhad * 19,000 83,000
Kuala Lumpur Kepong Berhad * 23,000 40,553
Malayan Bank Berhad * 80,500 204,427
Petronas Gas Berhad * 4,000 7,947
Public Bank Berhad 115,000 93,816
Resorts World Berhad * 31,000 82,395
The New Straits Times Press Berhad 36,000 38,463
UMW Holdings Berhad * 25,333 40,333
-----------
731,724
SINGAPORE - 1.97%
CapitaLand, Ltd. (a) 41,000 37,420
City Developments, Ltd. 18,600 66,260
DBS Group Holdings, Ltd. * 36,000 311,606
Haw Par Corp., Ltd. * 2,297 6,032
Keppel Corp., Ltd. * 26,000 93,388
Overseas-Chinese Banking Corp., 41,000 292,116
Ltd. *
Singapore Airlines, Ltd. * 39,800 262,474
Singapore Exchange, Ltd. * (a) 95,000 94,536
Singapore Press Holdings, 13,600 151,351
Ltd. *
Singapore Technologies Engineering, 98,000 117,718
Ltd.
Singapore Telecommunications, Ltd. 95,000 109,639
United Overseas Bank * 56,208 436,875
Venture Corp., Ltd. 8,000 94,212
-----------
2,073,627
TAIWAN - 7.33%
Acer Sertek, Inc. 104,280 155,115
Advanced Semiconductor Engineering, Inc. * 154,440 158,762
Ambit Microsystems Corp. 7,700 20,299
Asia Optical Company Inc. 12,000 82,710
Asustek Computer, Inc. 88,593 195,713
Cathay Financial Holdings Company, Ltd. 77,051 115,747
China Development Financial Holdings Corp. 484,981 237,134
China Motor Company 38,950 66,542
China Steel Corp. 543,843 451,734
Chinatrust Finance Holding Company, Ltd. 570,202 572,721
Compal Electronics, Inc. 147,315 201,772
Compeq Manufacturing Company, Ltd. * 38,000 20,035
Cybertan Technology Inc. 72,000 103,069
Elan Microelectronics Corp. 43,005 38,635
EVA Airways Corp. 98,932 40,360
Evergreen Marine Corp. 103,756 90,462
Far Eastern Textile, Ltd. 167,167 82,229
Formosa Chemicals & Fibre Corp. 160,729 269,854
Formosa Plastic Corp. 441,676 728,538
Fubon Group Company, Ltd. 62,745 60,065
Greatek Electronic 19,000 20,035
Hon Hai Precision Industry Company, Ltd. 146,280 575,210
Lite-On Semiconductor Corp. 4,000 2,993
MediaTek, Inc. 24,624 231,371
Merry Electronics 20,400 36,053
Novatek Microelectronics Corp., Ltd. 25,000 70,692
Pacific Construction Company, Ltd. * 22,487 3,265
Pou Chen Corp. 76,202 80,803
President Chain Store Corp. 115,102 176,298
The accompanying notes are an integral part of the financial statements.
99
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
TAIWAN - CONTINUED
Procomp Informatics Company, Ltd. * 1,075 $ 461
Quanta Computer, Inc. 135,987 334,460
Realtek Semiconductor Corp. 12,480 21,321
SinoPac Holdings Company 202,958 102,824
Sunplus Technology Company, Ltd. 37,125 69,438
Taishin Financial Holdings Company, Ltd. 108,000 79,847
Taiwan Semiconductor Manufacturing
Company, Ltd. * 764,834 1,430,544
United Microelectronics Corp. * 576,108 493,807
Yageo Corp. * 88,452 39,341
Yuanta Core Pacific Securities Company 426,175 254,826
-----------
7,715,085
THAILAND - 3.11%
Advanced Info Service * 115,000 245,252
Electricity Generating Public Company, Ltd. * 80,000 193,829
Kasikornbank Public Company Ltd. * 280,000 494,668
PTT Exploration & Production 84,200 569,515
PTT PLC., Ltd. 138,000 644,331
Siam Cement Company * 57,000 397,047
Siam Commercial Bank PLC * 450,000 630,324
Tisco Finance PLC * 134,000 98,076
-----------
3,273,042
UNITED KINGDOM - 0.63%
HSBC Holdings PLC * (a) 36,400 574,336
Tanjong PLC * 31,000 88,105
-----------
662,441
TOTAL COMMON STOCK
(Cost: $77,963,029) $85,769,568
-----------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 17.99%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $18,941,969 $ 18,941,969
------------
REPURCHASE AGREEMENTS - 0.53%
Repurchase Agreement with
State Street Corp. dated
12/31/2003 at 0.70%, to be
repurchased at $553,022 on
01/02/2004, collateralized
by $395,000 U.S. Treasury
Bonds, 8.50% due 11/15/2020
(valued at $564,109,
including interest). $ 553,000 $ 553,000
------------
TOTAL INVESTMENTS (PACIFIC RIM EMERGING
MARKETS TRUST) (Cost: $97,457,998) $105,264,537
============
The Trust had the following five top industry concentrations at December 31,
2003 (as a percentage of total value of investments):
Banking 10.51%
Chemicals 7.85%
Electronics 6.96%
Financial Services 6.88%
Industrial Machinery 3.98%
HEALTH SCIENCES TRUST
SHARES VALUE
------ -----
COMMON STOCK - 98.01%
BIOTECHNOLOGY - 23.87%
Amgen, Inc. * 114,200 7,057,560
Bio-Rad Laboratories, Inc., Class A * 3,500 201,845
Biogen Idec, Inc. * 78,800 2,898,264
Biosphere Medical Inc. * 86,600 345,534
Cephalon, Inc. * 109,900 5,320,259
Discovery Laboratories, Inc. * 14,500 152,105
Exelixis, Inc. * 117,500 831,900
Genentech, Inc. * 37,400 3,499,518
Human Genome Sciences, Inc. * 56,000 742,000
ICOS Corp. * 10,600 437,568
Integra LifeSciences Holdings Corp. * 11,400 326,382
Invitrogen Corp. * 39,300 2,751,000
Martek Biosciences Corp. * 11,200 727,664
Medarex, Inc. * 22,800 142,044
MedImmune, Inc. * 67,000 1,701,800
MGI Pharma, Inc. * 29,300 1,205,695
Millennium Pharmaceuticals, Inc. * 37,500 700,125
Molecular Devices Corp. * 7,400 140,526
Myriad Genetics, Inc. * 19,600 252,056
Nektar Therapeutics * 61,400 835,654
NeoRx Corp. * 36,100 150,176
Neurocrine Biosciences, Inc. * 52,200 2,846,988
Protein Design Labs, Inc. * 56,800 1,016,720
Regeneration Technologies, Inc. * 30,200 330,992
Repligen Corp. * 1,900 8,303
Serologicals Corp. * 7,100 132,060
Transkaryotic Therapies, Inc. * 46,200 721,182
Trimeris, Inc. * 74,600 1,565,108
Tularik, Inc. * 18,600 300,390
Virologic, Inc. * 15,400 57,904
----------
37,399,322
DRUGS & HEALTH CARE - 3.55%
Biomarin Pharmaceutical, Inc. * 15,300 118,866
CV Therapeutics, Inc. * 30,000 439,800
Decode Genetics, Inc. * 66,700 546,273
Diversa Corp. * 44,900 415,325
ImClone Systems, Inc. * 79,700 3,160,902
Novo Nordisk AS * 3,200 130,215
Yamanouchi Pharmaceutical Company, Ltd. * 24,000 745,975
----------
5,557,356
ELECTRICAL EQUIPMENT - 0.15%
Wilson Greatbatch Technologies, Inc. * 5,700 240,939
----------
HEALTHCARE PRODUCTS - 13.56%
Advanced Neuromodulation Systems, Inc. * 19,350 889,713
Alcon, Inc. 8,800 532,752
Aspect Medical Systems, Inc. * 58,100 662,921
Biomet, Inc. 7,600 276,716
Boston Scientific Corp. * 98,800 3,631,888
C.R. Bard, Inc. 21,600 1,755,000
Encore Medical Corp. * 42,000 342,300
EPIX Medical, Inc. * 36,550 595,034
Esperion Therapeutics, Inc. * 10,800 373,788
Fischer Imaging Corp. * 58,000 258,100
Fisher Scientific International, Inc. * 25,800 1,067,346
Guidant Corp. 6,000 361,200
Henry Schein, Inc. * 15,100 1,020,458
Johnson & Johnson 39,500 2,040,570
Medtronic, Inc. 22,500 1,093,725
St. Jude Medical, Inc. * 23,200 1,423,320
Stryker Corp. 14,900 1,266,649
Synthes-Stratec, Inc. * 500 494,625
The Medicines Company * 82,600 2,433,396
Urologix, Inc. * 7,500 49,500
Zimmer Holdings, Inc. * 9,700 682,880
----------
21,251,881
The accompanying notes are an integral part of the financial statements.
100
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
HEALTHCARE SERVICES - 13.32%
AdvancePCS * 18,000 $ 947,880
Caremark Rx, Inc. * 22,100 559,793
HCA, Inc. * 36,700 1,576,632
LabOne, Inc. * 10,900 353,923
Laboratory Corp. of America Holdings * 55,800 2,061,810
Neighborcare, Inc. * 15,200 300,200
Omnicare, Inc. 100,800 4,071,312
Quest Diagnostics, Inc. 9,900 723,789
UnitedHealth Group, Inc. 154,900 9,012,082
Wellpoint Health Networks, Inc., Class A * 13,100 1,270,569
------------
20,877,990
INSURANCE - 5.15%
Anthem, Inc. * 107,500 8,062,500
------------
INTERNET CONTENT - 0.19%
WebMD Corp. * 33,500 301,165
------------
LIFE SCIENCES - 1.22%
Symyx Technologies, Inc. * 66,300 1,362,465
Waters Corp. * 16,700 553,772
------------
1,916,237
MEDICAL-HOSPITALS - 2.22%
Community Health Systems, Inc. * 21,800 579,444
Manor Care, Inc. 7,500 259,275
Psychiatric Solutions, Inc. * 4,200 87,780
STAAR Surgical Company * 55,000 619,300
Triad Hospitals, Inc. * 37,500 1,247,625
Universal Health Services, Inc., Class B 12,800 687,616
------------
3,481,040
PHARMACEUTICALS - 34.78%
Abbott Laboratories, 40,100 1,868,660
Abgenix, Inc. *, 98,900 1,232,294
Able Laboratories, Inc. * 48,700 880,009
Actelion Ltd. * 4,700 507,112
Alexion Pharmaceuticals, Inc. * 28,800 490,176
Alkermes, Inc. * 172,700 2,331,450
Allergan, Inc. 11,200 860,272
AmerisourceBergen Corp. 17,100 960,165
Amylin Pharmaceuticals, Inc. * 29,700 659,934
Angiotech Pharmaceuticals, Inc. * 7,400 340,400
AstraZeneca PLC, ADR 7,600 367,688
Barr Laboratories, Inc. * 13,100 1,008,045
Biocryst Pharmaceuticals, Inc. * 68,000 463,760
Biovail Corp. * 11,500 247,135
Cardinal Health, Inc. 18,900 1,155,924
Cubist Pharmaceuticals, Inc. * 102,800 1,250,048
Eli Lilly & Company 34,500 2,426,385
Forest Laboratories, Inc. * 53,700 3,318,660
Gilead Sciences, Inc. * 131,800 7,662,852
GlaxoSmithkline PLC, ADR 7,600 354,312
Indevus Pharmaceuticals, Inc. * 45,400 267,406
Inspire Pharmaceuticals, Inc. * 14,700 208,152
Ivax Corp. * 56,300 1,344,444
Ligand Pharmaceuticals, Inc., Class A * 8,700 117,450
Ligand Pharmaceuticals, Inc., Class B * 20,870 306,580
Merck & Company, Inc. 7,600 351,120
Novartis AG, ADR 3,600 165,204
Noven Pharmaceuticals, Inc. * 46,100 701,181
Novo Nordisk A/S 400 16,384
NPS Pharmaceuticals, Inc. * 56,300 1,730,662
Onyx Pharmaceuticals, Inc. * 40,700 1,148,961
OSI Pharmaceuticals, Inc. * 37,300 1,201,433
Penwest Pharmaceuticals Company * 14,700 254,016
Pfizer, Inc. 180,980 6,394,024
Regeneron Pharmaceuticals, Inc. * 23,000 338,330
Roche Holding AG-Genusschein * 3,800 383,133
Salix Pharmaceuticals, Ltd. * 19,000 430,730
Sanofi-Synthelabo SA * 19,500 1,466,771
Schering-Plough Corp. 37,900 659,081
Teva Pharmaceutical Industries, Ltd., ADR 42,300 2,398,833
Valeant Pharmaceuticals International * 44,700 1,124,205
Vertex Pharmaceuticals, Inc. * 51,804 529,955
Vicuron Phamaceuticals, Inc. * 7,600 141,740
ViroPharma, Inc. * 28,300 78,674
Watson Pharmaceuticals, Inc. * 3,900 179,400
Wyeth 89,700 3,807,765
XOMA, Ltd. * 57,300 378,180
------------
54,509,095
TOTAL COMMON STOCK
(Cost: $131,823,527) $153,597,525
------------
PREFERRED STOCK - 0.03%
BIOTECHNOLOGY - 0.03%
NeoRx Corp. * 6 $ 45,360
------------
TOTAL PREFERRED STOCK
(Cost: $60,000) $ 45,360
------------
WARRANTS - 0.00%
BIOTECHNOLOGY - 0.00%
NeoRx Corp. * 2,400 0
------------
TOTAL WARRANTS
(Cost: $0) $ 0
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 1.68%
T. Rowe Price Reserve Investment Fund (c) $2,631,336 $2,631,336
REPURCHASE AGREEMENTS - 0.28%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at 0.40%,
to be repurchased at $432,010 on
01/02/2004, collateralized by $390,000
U.S Treasury Bonds, 6.125% due
11/15/2027 (valued at $442,439,
including interest). $ 432,000 $ 432,000
----------
CALL OPTIONS - 0.00%
NUMBER OF EXPIRATION MONTH/
CONTRACTS STRIKE PRICE VALUE
--------- ------------ -----
63 Repligen Corp. January 2004 / $5.00 $ 5,355
------------
TOTAL OPTIONS
(Cost: $3,507) $ 5,355
============
TOTAL INVESTMENTS (HEALTH SCIENCES
TRUST) (Cost: $134,950,370)
$156,711,576
============
The accompanying notes are an integral part of the financial statements.
101
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
EMERGING GROWTH TRUST
SHARES VALUE
------ -----
COMMON STOCK - 76.61%
ADVERTISING - 1.07%
aQuantive, Inc. * (a) 3,247 $ 33,282
Getty Images, Inc. * 1,870 93,743
--------
127,025
AIR TRAVEL - 1.23%
Airtran Holdings, Inc. * (a) 3,970 47,243
Mesa Air Group, Inc. * (a) 7,870 98,532
--------
145,775
APPAREL & TEXTILES - 1.39%
Brown Shoe, Inc. * 1,790 67,895
Quiksilver, Inc. * 2,800 49,644
Wolverine World Wide, Inc. 2,320 47,281
--------
164,820
BANKING - 5.62%
Bankatlantic Bancorp, Inc., Class A 4,270 81,130
BankUnited Financial Corp., Class A * 2,160 55,707
BOK Financial Corp. * 960 37,171
Commercial Federal Corp. (a) 2,600 69,446
MAF Bancorp, Inc. (a) 2,050 85,895
R & G Financial Corp., Class B 2,730 108,654
Sky Financial Group, Inc. 1,300 33,722
W Holding Company, Inc. 6,257 116,439
Wintrust Financial Corp. (a) 1,740 78,474
--------
666,638
BIOTECHNOLOGY - 2.86%
Applera Corp. - Celera Genomics Group * 4,010 55,779
Exelixis, Inc. * (a) 2,960 20,957
Human Genome Sciences, Inc. * 4,380 58,035
Progress Software Corp. * 4,340 88,797
Protein Design Labs, Inc. * (a) 2,360 42,244
Repligen Corp. * (a) 10,290 44,967
Tanox, Inc. * (a) 1,900 28,215
--------
338,994
BUSINESS SERVICES - 5.46%
Alliance Data Systems Corp. * 3,390 93,835
FactSet Research Systems, Inc. (a) 1,850 70,689
FTI Consulting, Inc. * (a) 1,885 44,053
Labor Ready, Inc. * (a) 3,470 45,457
Navigant Consulting Company * 4,310 81,287
SM&A * 6,790 79,443
Syntel, Inc. (a) 4,040 99,828
Tyler Technologies, Inc. * 7,670 73,862
West Corp. * (a) 2,540 59,004
--------
647,458
CELLULAR COMMUNICATIONS - 0.35%
Western Wireless Corp., Class A * (a) 2,230 40,943
--------
CHEMICALS - 0.56%
Cabot Microelectronics Corp. * (a) 1,360 66,640
--------
COLLEGES & UNIVERSITIES - 0.55%
ITT Educational Services, Inc. * 1,400 65,758
--------
COMPUTERS & BUSINESS EQUIPMENT - 2.07%
Advanced Digital Information Corp. * 6,030 84,420
Electronics For Imaging, Inc. * (a) 3,250 84,565
Intergraph Corp. * (a) 3,200 76,544
--------
245,529
CRUDE PETROLEUM & NATURAL GAS - 0.64%
Patterson-UTI Energy, Inc. * 2,320 76,374
--------
DOMESTIC OIL - 0.97%
Denbury Resources, Inc. * (a) 4,780 66,490
Houston Exploration Company * 1,330 48,571
--------
115,061
DRUGS & HEALTH CARE - 2.89%
ALARIS Medical Systems, Inc. * (a) 6,940 105,557
Biomarin Pharmaceutical, Inc. * (a) 2,930 22,763
Bradley Pharmaceuticals, Inc., Class A * (a) 2,930 74,510
Curagen Corp. * (a) 4,990 36,577
ILEX Oncology, Inc. * 3,670 77,988
Praecis Pharmaceuticals, Inc. * 4,000 25,760
--------
343,155
ELECTRONICS - 1.62%
Daktronics, Inc. * 950 23,902
Engineered Support Systems, Inc. (a) 2,445 134,622
Verisity, Ltd. * (a) 2,640 33,660
--------
192,184
FINANCIAL SERVICES - 1.54%
Downey Financial Corp. 1,290 63,597
Jeffries Group, Inc. (a) 1,930 63,728
Nuveen Investments, Inc., Class A 2,060 54,920
--------
182,245
HEALTHCARE PRODUCTS - 4.15%
Advanced Medical Optics, Inc. * (a) 3,890 76,438
IDEXX Laboratories, Inc. * (a) 2,210 102,279
Kensey Nash Corp. * (a) 1,180 27,435
Merit Medical Systems, Inc. * (a) 4,135 92,053
Respironics, Inc. * 1,450 65,381
STERIS Corp. * 1,630 36,838
The Medicines Company * (a) 1,740 51,260
Thoratec Corp. * (a) 3,120 40,591
--------
492,275
HEALTHCARE SERVICES - 2.17%
AMERIGROUP Corp. * (a) 770 32,840
LabOne, Inc. * 3,010 97,735
Sierra Health Services, Inc. * (a) 3,340 91,683
The Advisory Board Company * 1,020 35,608
--------
257,866
HOTELS & RESTAURANTS - 1.22%
Ruby Tuesday, Inc. * (a) 1,920 54,701
Station Casinos, Inc. (a) 2,930 89,746
--------
144,447
INDUSTRIAL MACHINERY - 0.47%
Cummins, Inc. (a) 1,150 56,281
--------
INDUSTRIALS - 0.44%
GrafTech International, Ltd. * (a) 3,860 52,110
--------
INSURANCE - 1.40%
American Financial Group, Inc. * (a) 2,080 55,037
Protective Life Corp. 1,750 59,220
Stancorp Financial Group, Inc. 830 52,190
--------
166,447
INTERNET CONTENT - 0.71%
Ask Jeeves, Inc. * 4,670 84,620
--------
INTERNET SERVICE PROVIDER - 1.91%
Avocent Corp. * 2,150 78,518
Digitas, Inc. * 8,170 76,144
United Online, Inc. * (a) 4,300 72,197
--------
226,859
INTERNET SOFTWARE - 2.70%
Digital River, Inc. * (a) 5,260 116,246
eResearch Technology, Inc. * 1,850 47,027
The accompanying notes are an integral part of the financial statements.
102
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
INTERNET SOFTWARE - CONTINUED
F5 Networks, Inc. * 3,180 $ 79,818
Supportsoft Inc. * 5,850 76,928
----------
320,019
LEISURE TIME - 2.10%
Movie Gallery, Inc. (a) 2,280 42,591
Scientific Games Corp., Class A * (a) 8,430 143,394
Shuffle Master, Inc. * (a) 1,810 62,662
----------
248,647
MANUFACTURING - 1.50%
Kaydon Corp. * (a) 3,720 96,125
York International Corp. 2,220 81,696
----------
177,821
MEDICAL-HOSPITALS - 1.75%
Centene Corp. * 400 11,204
Davita, Inc. * 1,720 67,080
Select Medical Corp. 4,240 69,027
VCA Antech, Inc. * 1,960 60,721
----------
208,032
METAL & METAL PRODUCTS - 0.33%
Quanex Corp. (a) 850 39,185
----------
MINING - 1.04%
Hecla Mining Company * (a) 8,100 67,149
Joy Global, Inc. (a) 2,170 56,746
----------
123,895
PETROLEUM SERVICES - 0.82%
Grey Wolf, Inc. * (a) 14,360 53,706
Superior Energy Services, Inc. * 4,660 43,804
----------
97,510
PHARMACEUTICALS - 1.86%
Abgenix, Inc. * (a), 3,680 45,853
Adolor Corp. * 600 12,012
Genta, Inc. * (a) 2,460 25,608
Guilford Pharmaceuticals, Inc. * (a) 5,210 35,324
Indevus Pharmaceuticals, Inc. * (a) 7,690 45,294
XOMA, Ltd. * (a) 8,540 56,364
----------
220,455
POLLUTION CONTROL - 0.63%
Stericycle, Inc. * 1,590 74,253
----------
RETAIL TRADE - 4.73%
Bombay Company, Inc. * (a) 2,480 20,187
Cash America International, Inc. 4,750 100,605
Claire's Stores, Inc. (a) 4,980 93,823
Hot Topic, Inc. * 2,920 86,023
Pacific Sunwear of California, Inc. * 4,385 92,611
Petco Animal Supplies Inc. * 1,250 38,063
Tuesday Morning Corp. * 1,240 37,510
Urban Outfitters, Inc. * (a) 2,500 92,625
----------
561,447
SEMICONDUCTORS - 6.15%
02Micro International, Ltd. * (a) 2,020 45,248
Actel Corp. *, 3,420 82,422
Conexant Systems, Inc. * 6,100 30,317
Integrated Circuit Systems, Inc. * (a) 3,090 88,034
Kulicke & Soffa Industries, Inc. * 4,000 57,520
MEMC Electronic Materials, Inc. * (a) 8,970 86,292
Power Integrations, Inc. * 2,580 86,327
Semtech Corp. * (a) 4,300 97,739
Ultratech, Inc. * (a) 2,820 82,823
Vitesse Semiconductor Corp. * 12,400 72,788
----------
729,510
SOFTWARE - 5.76%
CIBER, Inc. * (a) 7,330 63,478
Embarcadero Tech, Inc. * (a) 3,660 58,377
Group 1 Software, Inc. * 1,692 29,813
Neoware Systems, Inc. * (a) 6,180 84,666
Packeteer, Inc. * (a) 4,830 82,013
Quality Systems * 2,020 90,072
Serena Software, Inc. * (a) 3,920 71,932
SS&C Technologies, Inc. 1,000 27,950
Verint Systems, Inc. * (a) 2,810 63,394
Websense, Inc. * 3,830 111,989
----------
683,684
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 3.63%
Aeroflex, Inc. * (a) 6,640 77,622
Arris Group, Inc. * (a) 11,550 83,622
Aspect Communications Corp. * 5,650 89,044
Comtech Telecommunications Corp. * (a) 2,450 70,731
Spectralink Corp. 1,150 22,046
Westell Technologies, Inc., Class A * (a) 13,880 87,583
----------
430,648
TELEPHONE - 0.61%
Primus Telecommunications Group, Inc. * (a) 7,090 72,176
----------
TRUCKING & FREIGHT - 1.71%
Forward Air Corp. * 1,600 44,000
Old Dominion Freight Lines, Inc. * 2,040 69,523
Oshkosh Truck Corp. 1,740 88,792
----------
202,315
TOTAL COMMON STOCK
(Cost: $8,431,254) $9,089,101
----------
PRINCIPAL
AMOUNT VALUE
SHORT TERM INVESTMENTS - 19.77%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $2,345,485 $ 2,345,485
-----------
REPURCHASE AGREEMENTS - 3.62%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at 0.70%,
to be repurchased at $429,017 on 01/02/2004,
collateralized by $310,000 U.S. Treasury Bonds,
8.500% due 02/15/2020 (valued at $442,719
including interest). $ 429,000 $ 429,000
-----------
TOTAL INVESTMENTS (EMERGING GROWTH TRUST) (Cost: $11,205,739) $11,863,586
===========
AGGRESSIVE GROWTH TRUST
SHARES VALUE
------ -----
COMMON STOCK - 81.96%
ADVERTISING - 1.36%
aQuantive, Inc. * (a) 48,000 $ 492,000
DoubleClick, Inc. * (a) 51,200 523,264
Getty Images, Inc. * 54,400 2,727,072
Lamar Advertising Company * 29,900 1,115,868
-----------
4,858,204
AIR TRAVEL - 0.14%
Frontier Airlines, Inc. * 35,500 506,230
-----------
The accompanying notes are an integral part of the financial statements.
103
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
APPAREL & TEXTILES - 0.40%
Bebe Stores, Inc. * (a) 16,800 $ 436,632
Jos. A. Bank Clothiers, Inc. * (a) 14,000 485,660
Quiksilver, Inc. * 28,200 499,986
-----------
1,422,278
AUTO PARTS - 0.93%
Gentex Corp. 56,500 2,495,040
Lear Corp. 13,200 809,556
-----------
3,304,596
BANKING - 3.22%
Digital Insight Corp. * 22,300 555,270
Doral Financial Corp. 33,600 1,084,608
East West Bancorp, Inc. 15,200 815,936
Greater Bay Bancorp (a) 16,300 464,224
Investors Financial Services Corp. (a) 89,800 3,449,218
New York Community Bancorp, Inc. 24,500 932,225
PrivateBankcorp, Inc. (a) 11,900 541,688
Prosperity Bancshares, Inc. (a) 23,000 517,960
Silicon Valley Bancshares * (a) 20,600 743,042
Southwest BanCorp of Texas, Inc. 33,400 1,297,590
TCF Financial Corp. 7,100 364,585
UCBH Holdings, Inc. 18,600 724,842
-----------
11,491,188
BIOTECHNOLOGY - 1.78%
Affymetrix, Inc. * (a) 19,300 474,973
Cephalon, Inc. * (a) 6,600 319,506
Charles River Laboratories International, Inc. * 19,400 666,002
Ciphergen Biosystems, Inc. * (a) 35,200 395,648
Digene Corp. * (a) 20,500 822,050
Harvard Bioscience, Inc. * 49,000 436,100
Integra LifeSciences Holdings Corp. * 20,500 586,915
Invitrogen Corp. * 26,700 1,869,000
Martek Biosciences Corp. * (a) 12,300 799,131
-----------
6,369,325
BROADCASTING - 1.83%
Belo Corp., Class A 34,800 986,232
Cox Radio, Inc., Class A * 19,200 484,416
Cumulus Media, Inc., Class A * 24,000 528,000
Entercom Communications Corp. * 12,500 662,000
Entravision Communications Corp., Class A * 44,000 488,400
Radio One, Inc., Class A * 22,600 441,830
Radio One, Inc., Class D * 33,500 646,550
Univision Communications, Inc., Class A * 31,155 1,236,542
Westwood One, Inc. * 31,000 1,060,510
-----------
6,534,480
BUILDING MATERIALS & CONSTRUCTION - 0.14%
Trex Company, Inc. * (a) 13,400 508,932
-----------
BUSINESS SERVICES - 8.46%
Administaff, Inc. * (a) 40,000 695,200
Affiliated Computer Services, Inc., Class A * 31,100 1,693,706
Alliance Data Systems Corp. * 93,200 2,579,776
Arbitron, Inc. * 12,200 508,984
Charles River Associates, Inc. * 17,500 559,825
Corporate Executive Board Company * 48,800 2,277,496
CoStar Group, Inc. * 38,700 1,613,016
DST Systems, Inc. * 12,900 538,704
Euronet Worldwide, Inc. * (a) 49,600 892,800
Fiserv, Inc. * 80,900 3,196,359
Forrester Research, Inc. * 25,100 448,537
Insight Enterprises, Inc. * 41,000 770,800
Iron Mountain, Inc. * 46,350 1,832,679
Jacobs Engineering Group, Inc. * 39,800 1,910,798
Kroll, Inc. * 17,800 462,800
Moody's Corp. 21,500 1,301,825
Moore Wallace, Inc. * 49,800 932,754
Paychex, Inc. 42,200 1,569,840
PDI, Inc. * 19,900 533,519
Robert Half International, Inc. * 75,000 1,750,500
Scansource, Inc. * (a) 14,200 647,804
Sirva, Inc. * 27,200 531,488
SunGuard Data Systems, Inc. * 63,100 1,748,501
TETRA Technologies, Inc. * 30,000 745,800
Wireless Facilities, Inc. * (a) 31,500 468,090
-----------
30,211,601
CABLE AND TELEVISION - 0.13%
TiVo, Inc. * (a) 63,000 466,200
-----------
CHEMICALS - 0.47%
Techne Corp. * 18,900 714,042
Valspar Corp. 19,700 973,574
-----------
1,687,616
COLLEGES & UNIVERSITIES - 1.02%
Apollo Group, Inc., Class A * 31,825 2,164,100
Corinthian Colleges, Inc. * 12,800 711,168
University of Phoenix Online * 10,900 751,337
-----------
3,626,605
COMPUTERS & BUSINESS EQUIPMENT - 4.16%
Anteon International Corp. * 18,800 677,740
Applied Films Corp. * 36,900 1,218,438
CACI International, Inc., Class A * 41,800 2,032,316
CDW Corp. 50,700 2,928,432
Cognizant Technology Solutions Corp., Class A * 16,200 739,368
Cray, Inc. * (a) 41,000 407,130
Electronics For Imaging, Inc. * 25,100 653,102
Fair Isaac Corp. 6,900 339,204
Kronos, Inc. * 9,600 380,256
Lexar Media, Inc. * 36,700 639,681
M-Systems Flash Disk Pioneers, Ltd. * (a) 26,400 456,192
National Instruments Corp. (a) 31,000 1,409,570
NetScreen Technologies, Inc. * 23,600 584,100
Pinnacle Systems, Inc. * 46,600 397,498
Sandisk Corp. * 6,500 397,410
Stratasys, Inc. * 15,500 422,530
Tech Data Corp. * 17,800 706,482
Tripath Technology, Inc. * (a) 66,000 455,400
-----------
14,844,849
CONSTRUCTION & MINING EQUIPMENT - 0.48%
National Oilwell, Inc. * 76,400 1,708,304
-----------
COSMETICS & TOILETRIES - 0.08%
Steiner Leisure, Ltd. * 20,300 290,290
-----------
CRUDE PETROLEUM & NATURAL GAS - 2.06%
Chesapeake Energy Corp. (a) 37,600 510,608
Newfield Exploration Company * 39,900 1,777,146
Patterson-UTI Energy, Inc. * 82,100 2,702,732
Quicksilver Resources, Inc. * (a) 16,500 532,950
Spinnaker Exploration Company * 24,100 777,707
XTO Energy, Inc. 36,800 1,041,440
-----------
7,342,583
DOMESTIC OIL - 0.30%
Evergreen Resources, Inc. * 19,200 624,192
TETRA Technologies, Inc. * 18,850 456,924
-----------
1,081,116
The accompanying notes are an integral part of the financial statements.
104
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
DRUGS & HEALTH CARE - 0.40%
Closure Medical Corp. * (a) 20,100 $ 681,993
Genencor International, Inc. * 23,000 362,250
OraSure Technologies, Inc. * (a) 50,000 398,000
-----------
1,442,243
EDUCATIONAL SERVICES - 0.65%
Education Management Corp. * 24,800 769,792
Leapfrog Enterprises, Inc., Class A * (a) 14,300 379,379
Strayer Education, Inc. * 5,400 587,682
Sylvan Learning Systems, Inc. * 20,100 578,679
-----------
2,315,532
ELECTRICAL EQUIPMENT - 0.43%
Tektronix, Inc. 25,500 805,800
Wilson Greatbatch Technologies, Inc. * (a) 17,600 743,952
-----------
1,549,752
ELECTRONICS - 2.70%
Daktronics, Inc. * (a) 22,200 558,552
Engineered Support Systems, Inc. 14,775 813,512
FEI Company * (a) 29,200 657,000
FLIR Systems, Inc. * 21,200 773,800
Harman International, Inc. 13,400 991,332
II-VI, Inc. * 23,000 593,400
Keithley Instruments, Inc. 31,100 569,130
L-3 Communications Holdings, Inc. * 8,300 426,288
Photon Dynamics, Inc. * (a) 25,000 1,006,000
Pixelworks, Inc. * 39,700 438,288
Trimble Navigation, Ltd. * (a) 29,500 1,098,580
TTM Technologies, Inc. * (a) 39,400 665,072
Varian, Inc. * 25,000 1,043,250
-----------
9,634,204
FINANCIAL SERVICES - 2.80%
Affiliated Managers Group, Inc. * (a), 9,200 640,228
Bear Stearns Companies, Inc. 9,600 767,520
Chicago Merchantile Exchange (a) 16,200 1,172,232
Jeffries Group, Inc. 18,600 614,172
Knight Trading Group, Inc. * 27,300 399,672
Legg Mason, Inc. 26,100 2,014,398
Lehman Brothers Holdings, Inc. 31,800 2,455,596
T. Rowe Price Group, Inc. (c) 40,900 1,939,069
-----------
10,002,887
FOOD & BEVERAGES - 0.60%
Performance Food Group Company * 20,000 723,400
Starbucks Corp. * 30,400 1,005,024
SunOpta, Inc. * (a) 45,000 415,350
-----------
2,143,774
GAS & PIPELINE UTILITIES - 0.11%
Ultra Petroleum Corp. * 15,600 384,072
-----------
HEALTHCARE PRODUCTS - 6.41%
Advanced Neuromodulation Systems, Inc. * (a) 15,050 691,999
American Medical Systems Holdings, Inc. * 17,100 372,780
Biomet, Inc. 44,100 1,605,681
Bruker BioSciences Corp. * (a) 88,300 401,765
Cyberonics, Inc. * (a) 20,000 640,200
Cytyc Corp. * 49,000 674,240
Diagnostic Products Corp. * 10,000 459,100
Fisher Scientific International, Inc. * 58,600 2,424,282
Gen-Probe, Inc. * (a) 22,000 802,340
ICU Medical, Inc. * (a) 13,300 455,924
Patterson Dental Company * 13,000 834,080
Priority Healthcare Corp., Class B * (a) 24,000 578,640
ResMed, Inc. * (a) 81,400 3,381,356
St. Jude Medical, Inc. * 24,800 1,521,480
STERIS Corp. * 25,700 580,820
The Cooper Companies, Inc. (a) 23,100 1,088,703
Therasense, Inc. * 35,300 716,590
Varian Medical Systems, Inc. * 18,700 1,292,170
VISX, Inc. * 28,500 659,775
Wright Medical Group, Inc. * 16,100 490,084
Zimmer Holdings, Inc. * 38,300 2,696,320
Zoll Medical Corp. * 14,500 514,460
-----------
22,882,789
HEALTHCARE SERVICES - 2.69%
Accredo Health, Inc. * 28,200 891,402
Caremark Rx, Inc. * 65,300 1,654,049
Covance, Inc. * 22,700 608,360
Express Scripts, Inc. * 16,300 1,082,809
ICON PLC, ADR * 19,900 867,640
Odyssey Healthcare, Inc. * 29,700 869,022
Omnicare, Inc. 58,800 2,374,932
Pediatrix Medical Group, Inc. * 11,800 650,062
The Advisory Board Company * 17,900 624,889
-----------
9,623,165
HOMEBUILDERS - 0.12%
Toll Brothers, Inc. * 11,200 445,312
-----------
HOTELS & RESTAURANTS - 2.10%
Alliance Gaming Corp. * 31,300 771,545
Kerzner International, Ltd. * 15,300 596,088
Krispy Kreme Doughnuts, Inc. * (a) 12,200 446,520
Mandalay Resort Group 13,300 594,776
P.F. Chang's China Bistro, Inc. * (a) 20,200 1,027,776
Panera Bread Company, Class A * (a) 17,800 703,634
RARE Hospitality International, Inc. * 32,250 788,190
Sonic Corp. * 42,350 1,296,757
Station Casinos, Inc. 22,900 701,427
The Cheesecake Factory, Inc. * (a) 13,400 590,002
-----------
7,516,715
HOUSEHOLD PRODUCTS - 0.19%
Select Comfort Corp. * 26,900 666,044
-----------
INDUSTRIAL MACHINERY - 0.91%
AGCO Corp. * 61,100 1,230,554
Cooper Cameron Corp. * 28,300 1,318,780
FMC Technologies, Inc. * 30,300 705,990
-----------
3,255,324
INDUSTRIALS - 1.30%
Fastenal Company (a) 71,200 3,555,728
Rockwell Automation, Inc 30,300 1,078,680
-----------
4,634,408
INSURANCE - 0.74%
HCC Insurance Holdings, Inc. 36,100 1,147,980
Navigators Group, Inc. * (a) 13,100 404,397
ProAssurance Corp. * (a) 13,900 446,885
Radian Group, Inc. 12,900 628,875
-----------
2,628,137
INTERNET CONTENT - 0.10%
CNET Networks, Inc. * 50,000 341,000
-----------
INTERNET RETAIL - 0.22%
eBay, Inc. * 12,450 804,146
-----------
INTERNET SERVICE PROVIDER - 1.05%
Avocent Corp. * 57,300 2,092,596
eSPEED, Inc., Class A * 28,000 655,480
Netease.Com, Inc., ADR * 8,300 306,270
United Online, Inc. * (a) 41,000 688,390
-----------
3,742,736
The accompanying notes are an integral part of the financial statements.
105
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
INTERNET SOFTWARE - 1.66%
Checkfree Corp. * (a) 32,500 $ 898,625
eResearch Technology, Inc. * (a) 19,500 495,690
Internet Security Systems, Inc. * 31,000 583,730
Interwoven, Inc. * 34,100 431,024
Macromedia, Inc. * 38,000 677,920
Netegrity, Inc. * 51,900 535,089
Networks Associates, Inc. * 32,162 483,716
Safenet Inc. * (a) 31,100 956,947
Symantec Corp. * 24,500 848,925
-----------
5,911,666
LEISURE TIME - 0.87%
Hollywood Entertainment Corp. * 30,900 424,875
Imax Corp. * (a) 63,800 504,658
Penn National Gaming, Inc. * (a) 25,200 581,616
Pixar, Inc. * 11,700 810,693
Shuffle Master, Inc. * (a) 23,100 799,722
-----------
3,121,564
LIFE SCIENCES - 0.35%
PerkinElmer, Inc. * 29,100 496,737
Waters Corp. * 23,200 769,312
-----------
1,266,049
MANUFACTURING - 1.24%
Danaher Corp. * 37,900 3,477,325
Eaton Corp. 8,700 939,426
-----------
4,416,751
MEDICAL-HOSPITALS - 1.34%
AmSurg Corp. * 11,600 439,524
Davita, Inc. * 17,000 663,000
Health Management Associates, Inc., Class A 63,100 1,514,400
Lifepoint Hospitals, Inc. * 27,700 815,765
Triad Hospitals, Inc. * 20,400 678,708
VCA Antech, Inc. * 21,600 669,168
-----------
4,780,565
MUTUAL FUNDS - 0.14%
iShares Nasdaq Biotechnology Index Fund * 7,200 518,040
-----------
OFFICE FURNISHINGS & SUPPLIES - 0.61%
Staples, Inc. * 79,400 2,167,620
-----------
PETROLEUM SERVICES - 2.42%
Cal Dive International, Inc. * 42,800 1,031,908
ENSCO International, Inc. 62,700 1,703,559
Grey Wolf, Inc. * 100,400 375,496
Gulfmark Offshore, Inc. * (a) 30,000 420,000
Key Energy Services, Inc. * 52,000 536,120
Nabors Industries, Ltd. * 43,500 1,805,250
Pride International, Inc. * 28,900 538,696
Smith International, Inc. * 27,800 1,154,256
Universal Compression Holdings, Inc. * 20,300 531,048
Varco International, Inc. * 26,200 540,506
-----------
8,636,839
PHARMACEUTICALS - 2.26%
aaiPharma, Inc. * (a) 40,199 1,009,799
American Pharmaceutical Partners, Inc. * (a) 20,300 682,080
Angiotech Pharmaceuticals, Inc. * 13,600 625,600
Connetics Corp. * 27,600 501,216
Medicis Pharmaceutical Corp., Class A (a) 43,900 3,130,070
Salix Pharmaceuticals, Ltd. * 18,000 408,060
Taro Pharmaceutical Industries, Ltd., Class A * 26,400 1,702,800
-----------
8,059,625
PLASTICS - 0.11%
Spartech Corp. 16,500 406,560
-----------
POLLUTION CONTROL - 0.27%
Stericycle, Inc. * 20,600 962,020
-----------
RETAIL GROCERY - 0.44%
United Natural Foods, Inc. * 26,400 948,024
Whole Foods Market, Inc. 9,200 617,596
-----------
1,565,620
RETAIL TRADE - 6.32%
99 Cents Only Stores * (a) 17,700 481,971
Aeropostale, Inc. * 18,500 507,270
Bed Bath & Beyond, Inc. * 46,600 2,020,110
Best Buy Company, Inc. 44,500 2,324,680
Bombay Company, Inc. * (a) 55,300 450,142
CarMax, Inc. * 44,900 1,388,757
Chico's FAS, Inc. * 42,200 1,559,290
Claire's Stores, Inc. 26,000 489,840
Fossil, Inc. * 20,400 571,404
Fred's, Inc., Class A 49,400 1,530,412
GameStop Corp. * (a) 32,700 503,907
Hot Topic, Inc. * (a) 29,599 871,987
MSC Industrial Direct Company, Inc., Class A * 29,100 800,250
NBTY, Inc. * 23,100 620,466
Pacific Sunwear of California, Inc. * 50,650 1,069,728
Pep Boys - Manny, Moe & Jack * (a) 13,300 304,171
Regis Corp. 19,800 782,496
The Men's Wearhouse, Inc. * 31,600 790,316
Tractor Supply Company * 66,700 2,593,963
Urban Outfitters, Inc. * (a) 27,028 1,001,387
Williams-Sonoma, Inc. * 54,600 1,898,442
-----------
22,560,989
SANITARY SERVICES - 0.19%
Waste Connections, Inc. * (a) 17,700 668,529
-----------
SEMICONDUCTORS - 6.34%
02Micro International, Ltd. * 39,500 884,800
Actel Corp. * 29,500 710,950
Altera Corp. * 56,200 1,275,740
Amis Holdings, Inc. * 41,800 764,104
ASE Test, Ltd. * 50,000 748,500
Asyst Technologies, Inc. * 41,000 711,350
Broadcom Corp., Class A * 22,900 780,661
ChipPAC, Inc., Class A * (a) 98,600 748,374
Cymer, Inc. * (a) 21,800 1,006,942
Entegris, Inc. * 43,700 561,545
Exar Corp. * 29,700 507,276
Integrated Circuit Systems, Inc. * 27,400 780,626
Intersil Corp., Class A 47,004 1,168,049
Linear Technology Corp. 37,600 1,581,832
Marvell Technology Group, Ltd. * 20,000 758,600
Micrel, Inc. * 34,000 529,720
Microchip Technology, Inc. 37,875 1,263,510
Microsemi Corp. * 17,000 417,860
Mykrolis Corp. * 61,100 982,488
NVIDIA Corp. * (a) 23,600 548,700
Omnivision Technologies, Inc. * (a) 12,500 690,625
Power Integrations, Inc. * 13,800 461,748
QLogic Corp. * 12,900 665,640
Semtech Corp. * 33,200 754,636
Skyworks Solutions, Inc. * (a) 50,900 442,830
Ultratech, Inc. * 17,400 511,038
Varian Semiconductor Equipment Associates, Inc. * (a) 23,000 1,004,870
Veeco Instruments, Inc. * 15,200 428,640
Xicor, Inc. * (a) 50,800 576,072
The accompanying notes are an integral part of the financial statements.
106
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
SEMICONDUCTORS - CONTINUED
Zoran Corp. * (a) 22,100 $ 384,319
------------
22,652,045
SOFTWARE - 3.27%
Activision, Inc. * 35,100 638,820
Adobe Systems, Inc. 19,700 774,210
Autodesk, Inc. * 25,500 626,790
Avid Technology, Inc. * 11,500 552,000
Business Objects SA, ADR * (a) 16,000 554,720
Cognos, Inc. * 51,700 1,583,054
Electronic Arts, Inc. * 15,900 759,702
Macrovision Corp. * 30,800 695,772
Magma Design Automation, Inc. * (a) 21,100 492,474
Mercury Interactive Corp. * 16,100 783,104
Micromuse, Inc. * 70,500 486,450
Neoware Systems, Inc. * (a) 25,000 342,500
PeopleSoft, Inc. * 35,600 811,680
Red Hat, Inc. * 81,600 1,531,632
Take-Two Interactive Software, Inc. * (a) 14,800 426,388
Websense, Inc. * (a) 21,400 625,736
------------
11,685,032
STEEL - 0.11%
Gibraltar Steel Corp. 16,000 402,400
------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 2.36%
ADTRAN, Inc. 12,000 372,000
Aeroflex, Inc. * 62,600 731,794
Comverse Technology, Inc. * 87,300 1,535,607
Intrado, Inc. * (a) 24,700 542,165
Plantronics, Inc. * 50,100 1,635,765
Polycom, Inc. * 36,300 708,576
REMEC, Inc. * (a) 49,100 412,931
UTStarcom, Inc. * (a) 67,300 2,494,811
------------
8,433,649
TOYS, AMUSEMENTS & SPORTING GOODS - 0.54%
Marval Enterprises, Inc. * 66,300 1,929,993
------------
TRANSPORTATION - 0.64%
C. H. Robinson Worldwide, Inc. 28,900 1,095,599
Expeditors International of Washington, Inc. 31,700 1,193,822
------------
2,289,421
TOTAL COMMON STOCK
(Cost: $233,945,405) $292,701,614
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 15.49%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $55,327,831 $ 55,327,831
------------
REPURCHASE AGREEMENTS - 2.55%
Repurchase Agreement with State Street Corp.,
dated 12/31/2003 at 0.85%, to be repurchased at
$9,116,430 on 01/02/2004, collateralized by $9,135,000
Federal Home Loan Mortgage Corp., 2.750% due
08/15/2006 (valued at $9,298,407, including interest). $ 9,116,000 $ 9,116,000
------------
TOTAL INVESTMENTS (AGGRESSIVE GROWTH
TRUST) (Cost: $298,389,236) $357,145,445
============
EMERGING SMALL COMPANY TRUST
SHARES VALUE
------ -----
COMMON STOCK - 81.83%
ADVERTISING - 0.61%
aQuantive, Inc. * 202,000 $ 2,070,500
DoubleClick, Inc. * 123,300 1,260,126
-----------
3,330,626
AGRICULTURE - 0.66%
Bunge, Ltd. 110,100 3,624,492
-----------
AIR FREIGHT - 0.00%
Abx Air, Inc. * 50 215
-----------
AIR TRAVEL - 0.71%
SkyWest, Inc. * 214,100 3,879,492
-----------
APPAREL & TEXTILES - 0.41%
The Gymboree Corp. * 128,900 2,220,947
-----------
AUTO PARTS - 1.85%
Gentex Corp. 121,100 5,347,776
Superior Industries International, Inc. 110,800 4,822,016
-----------
10,169,792
BANKING - 1.98%
East West Bancorp, Inc. 9,800 526,064
Franklin Bank Corp. * 9,000 171,000
Greater Bay Bancorp (a) 83,000 2,363,840
Silicon Valley Bancshares * 72,500 2,615,075
Texas Regional Bancshares, Inc., Class A 9,100 336,700
UCBH Holdings, Inc. 62,200 2,423,934
WFS Financial, Inc. 56,700 2,407,482
-----------
10,844,095
BIOTECHNOLOGY - 1.42%
Integra LifeSciences Holdings Corp. * 45,900 1,314,117
Intermune, Inc. * 228,200 5,285,112
Kosan Biosciences, Inc. * 123,000 1,212,780
-----------
7,812,009
BROADCASTING - 1.86%
Entercom Communications Corp. * 40,000 2,118,400
Entravision Communications Corp., Class A * 399,900 4,438,890
Mediacom Communications Corp., Class A * (a) 125,000 1,083,750
Radio One, Inc., Class A * 27,300 533,715
Radio One, Inc., Class D * 105,600 2,038,080
-----------
10,212,835
BUSINESS SERVICES - 4.38%
BearingPoint, Inc. * 186,300 1,879,767
Brinks Company 131,100 2,964,171
CDI Corp. 41,100 1,346,025
Corporate Executive Board Company * 68,000 3,173,560
Entrust Technologies, Inc. * 500,000 2,040,000
Global Payments, Inc. 40,100 1,889,512
LECG Corp. * 34,000 778,260
MAXIMUS, Inc. * (a) 125,000 4,891,250
NCO Group, Inc. * 100,300 2,283,831
Quest Software, Inc. * 120,000 1,704,000
Resources Connection, Inc. * 40,000 1,092,400
-----------
24,042,776
CELLULAR COMMUNICATIONS - 0.72%
NII Holdings, Inc., Class B * (a) 52,900 3,947,927
-----------
CHEMICALS - 3.53%
Cabot Corp. 153,300 4,881,072
FMC Corp. * 100,000 3,413,000
The accompanying notes are an integral part of the financial statements.
107
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
CHEMICALS - CONTINUED
Minerals Technologies, Inc. 45,000 $ 2,666,250
NOVA Chemicals Corp. 180,000 4,851,000
Olin Corp. 63,800 1,279,828
Valspar Corp. 46,100 2,278,262
-----------
19,369,412
COMPUTERS & BUSINESS EQUIPMENT - 4.09%
Drexler Technology Corp. * (a) 98,700 1,349,229
Extreme Networks, Inc. * 489,900 3,532,179
Fair Isaac Corp. 37,339 1,835,585
FileNET Corp. * 179,500 4,860,860
Logitech International SA * 65,700 2,794,221
MTS Systems Corp. * 64,100 1,232,643
National Instruments Corp. (a) 150,000 6,820,500
-----------
22,425,217
CONSTRUCTION & MINING EQUIPMENT - 0.51%
Rowan Companies, Inc. * (a) 120,000 2,780,400
-----------
COSMETICS & TOILETRIES - 0.22%
Nu Skin Enterprises, Inc., Class A 75,000 1,204,500
-----------
CRUDE PETROLEUM & NATURAL GAS - 1.44%
Chesapeake Energy Corp. (a) 189,500 2,573,410
Newfield Exploration Company * 56,900 2,534,326
Spinnaker Exploration Company * 86,600 2,794,582
-----------
7,902,318
DOMESTIC OIL - 1.62%
Oil States International, Inc. * 240,700 3,355,358
Tom Brown, Inc. * 170,600 5,501,850
-----------
8,857,208
DRUGS & HEALTH CARE - 0.98%
ALPHARMA, Inc., Class A * 67,400 1,354,740
Molina Healthcare, Inc. * (a) 96,000 2,422,080
Ventana Medical Systems, Inc. * 39,900 1,572,060
-----------
5,348,880
EDUCATIONAL SERVICES - 0.35%
Leapfrog Enterprises, Inc., Class A * (a) 42,400 1,124,872
Learning Tree International, Inc. * 45,000 782,550
-----------
1,907,422
ELECTRICAL EQUIPMENT - 2.18%
BEI Technologies, Inc. 4,600 92,000
Tektronix, Inc. 267,600 8,456,160
Wilson Greatbatch Technologies, Inc. * (a) 80,300 3,394,281
-----------
11,942,441
ELECTRONICS - 3.95%
Electro Scientific Industries, Inc. * 287,024 6,831,171
FLIR Systems, Inc. * (a) 90,200 3,292,300
Trimble Navigation, Ltd. * (a) 98,100 3,653,244
Varian, Inc. * 188,300 7,857,759
-----------
21,634,474
FINANCIAL SERVICES - 1.16%
Financial Federal Corp. * (a) 70,000 2,138,500
Nelnet, Inc., Class A * (a) 29,700 665,280
Waddell & Reed Financial, Inc., Class A 90,000 2,111,400
Westcorp, Inc. 40,000 1,462,000
-----------
6,377,180
FOOD & BEVERAGES - 0.28%
Performance Food Group Company * (a) 42,200 1,526,374
-----------
HEALTHCARE PRODUCTS - 2.47%
American Medical Systems Holdings, Inc. * 50,700 1,105,260
Coherent, Inc. * 106,700 2,539,460
Conceptus, Inc. * (a) 130,600 1,386,972
CTI Molecular Imaging, Inc. * 73,400 1,241,194
STERIS Corp. * 151,300 3,419,380
Thoratec Corp. * (a) 136,200 1,771,962
Varian Medical Systems, Inc. * 30,000 2,073,000
-----------
13,537,228
HEALTHCARE SERVICES - 1.21%
Coventry Health Care, Inc. * 41,400 2,669,886
Sierra Health Services, Inc. * (a) 145,400 3,991,230
-----------
6,661,116
HOTELS & RESTAURANTS - 1.72%
Argosy Gaming Corp. * 138,100 3,589,219
Four Seasons Hotels, Inc. (a) 42,200 2,158,530
Jack In the Box, Inc. * 64,000 1,367,040
Station Casinos, Inc. (a) 75,000 2,297,250
-----------
9,412,039
HOUSEHOLD APPLIANCES - 0.40%
The Toro Company 47,300 2,194,720
-----------
INDUSTRIAL MACHINERY - 1.41%
Briggs & Stratton Corp. 17,300 1,166,020
Flowserve Corp. * 164,000 3,424,320
Kennametal, Inc. 79,600 3,164,100
-----------
7,754,440
INSURANCE - 0.10%
Radian Group, Inc. 11,400 555,750
-----------
INTERNET CONTENT - 0.55%
Ask Jeeves, Inc. * 103,400 1,873,608
InfoSpace, Inc. * 50,100 1,154,805
-----------
3,028,413
INTERNET RETAIL - 0.47%
NetIQ Corp. * 192,800 2,554,600
-----------
INTERNET SERVICE PROVIDER - 1.37%
Avocent Corp. * 172,596 6,303,206
eSPEED, Inc., Class A * 52,100 1,219,661
-----------
7,522,867
INTERNET SOFTWARE - 2.58%
F5 Networks, Inc. * 163,900 4,113,890
Retek, Inc. * 115,000 1,067,200
RSA Security, Inc. * (a) 161,500 2,293,300
Sapient Corp. * 87,500 490,000
Verity, Inc. * 300,400 5,013,676
WebMethods, Inc. * (a) 125,600 1,149,240
-----------
14,127,306
INVESTMENT COMPANIES - 0.58%
American Capital Strategies, Ltd. (a) 107,800 3,204,894
-----------
LEISURE TIME - 0.50%
Polaris Industries, Inc. (a) 30,900 2,737,122
-----------
LIFE SCIENCES - 0.44%
Pharmaceutical Product Development, Inc. * 89,000 2,400,330
-----------
MANUFACTURING - 1.90%
Cuno, Inc. * 44,200 1,990,326
Mettler-Toledo International, Inc. * 180,000 7,597,800
Shaw Group, Inc. * 60,900 829,458
-----------
10,417,584
MEDICAL-HOSPITALS - 0.65%
Select Medical Corp. 218,000 3,549,040
-----------
MOBILE HOMES - 0.11%
Winnebago Industries, Inc. (a) 8,400 577,500
-----------
The accompanying notes are an integral part of the financial statements.
108
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
PETROLEUM SERVICES - 2.51%
Atwood Oceanics, Inc. * (a) 80,000 $ 2,555,200
Premcor, Inc. * 75,600 1,965,600
Pride International, Inc. * 160,000 2,982,400
Superior Energy Services, Inc. * 303,800 2,855,720
Varco International, Inc. * 165,100 3,406,013
------------
13,764,933
PHARMACEUTICALS - 4.14%
Adolor Corp. * 117,300 2,348,346
Alkermes, Inc. * (a) 50,000 675,000
Angiotech Pharmaceuticals, Inc. * 51,500 2,369,000
First Horizon Pharmaceutical Corp. * 226,400 2,535,680
Galen Holdings PLC 60,000 3,119,940
NPS Pharmaceuticals, Inc. * (a) 122,000 3,750,280
OSI Pharmaceuticals, Inc. * (a) 131,000 4,219,510
United Therapeutics Corp. * (a) 161,200 3,699,540
------------
22,717,296
REAL ESTATE - 1.32%
Glenborough Realty Trust, Inc., REIT 30,000 598,500
Jones Lang Lasalle, Inc. * 118,200 2,450,286
MeriStar Hospitality Corp., REIT 481,899 3,137,163
SL Green Realty Corp., REIT 25,000 1,026,250
------------
7,212,199
RETAIL TRADE - 3.33%
Casual Male Retail Group, Inc. * (a) 146,900 1,019,486
Charming Shoppes, Inc. * (a) 162,100 875,340
Cost Plus, Inc. * 51,000 2,091,000
Fred's, Inc., Class A (a) 93,600 2,899,728
Hot Topic, Inc. * (a) 83,850 2,470,221
J. Jill Group, Inc. * 125,000 1,588,750
NBTY, Inc. * 38,300 1,028,738
Regis Corp. 45,800 1,810,016
Tuesday Morning Corp. * 147,900 4,473,975
------------
18,257,254
SANITARY SERVICES - 0.34%
Waste Connections, Inc. * (a) 50,000 1,888,500
------------
SEMICONDUCTORS - 11.88%
Actel Corp. *, 83,300 2,007,530
Advanced Energy Industries, Inc. * (a) 220,000 5,731,000
Integrated Circuit Systems, Inc. * 202,200 5,760,678
Integrated Device Technology, Inc. * 343,400 5,896,178
Intersil Corp., Class A 39,600 984,060
Lam Research Corp. * 360,000 11,628,000
Lattice Semiconductor Corp. * 128,500 1,243,880
Micrel, Inc. * (a) 468,700 7,302,346
Pericom Semiconductor Corp. * 103,800 1,106,508
Semtech Corp. * 375,000 8,523,750
Sigmatel, Inc. * 35,900 886,012
Varian Semiconductor Equipment Associates, Inc. * 270,000 11,796,300
Vitesse Semiconductor Corp. * (a) 383,500 2,251,145
------------
65,117,387
SOFTWARE - 2.95%
Aspen Technology, Inc. * (a) 530,000 5,437,800
Borland Software Corp. * (a) 310,000 3,016,300
Concur Technologies, Inc. * (a) 14,600 141,328
Hyperion Solutions Corp. * 124,400 3,749,416
Informatica Corp. * 240,400 2,476,120
Micromuse, Inc. * 200,000 1,380,000
------------
16,200,964
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.16%
Advanced Fibre Communications, Inc. * 110,000 2,216,500
Commonwealth Telephone Enterprises, Inc., (CTE) * 54,700 2,064,925
Viasat, Inc. * 109,400 2,093,916
------------
6,375,341
TRANSPORTATION - 1.14%
C. H. Robinson Worldwide, Inc. 108,800 4,124,608
Expeditors International of Washington, Inc. 56,100 2,112,726
------------
6,237,334
TRAVEL SERVICES - 0.01%
Ctrip.com International Ltd., ADR * (a) 1,600 54,416
------------
TRUCKING & FREIGHT - 1.68%
Forward Air Corp. * 70,300 1,933,250
Landstar Systems, Inc. * 56,000 2,130,240
Oshkosh Truck Corp. 77,800 3,970,134
Overnite Corp. * 52,800 1,201,200
------------
9,234,824
TOTAL COMMON STOCK
(Cost: $371,219,966) $448,656,429
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 11.84%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $64,954,221 $ 64,954,221
------------
REPURCHASE AGREEMENTS - 6.33%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at 0.40%, to be
repurchased at $34,689,771 on 01/02/2004, collateralized
by $24,095,000 U.S. Treasury Bonds, 9.250% due 02/15/2006
(valued at $35,389,531, including interest). $34,689,000 $ 34,689,000
------------
TOTAL INVESTMENTS (EMERGING SMALL COMPANY TRUST) (Cost:
$470,863,187) $548,299,650
============
SMALL COMPANY BLEND TRUST
SHARES VALUE
------ -----
COMMON STOCK - 78.19%
AEROSPACE - 0.89%
Aviall Inc. * 2,200 $ 34,122
Moog, Inc., Class A * 14,200 701,480
Orbital Sciences Corp., Class A * (a) 129,300 1,554,186
-----------
2,289,788
AIR TRAVEL - 1.24%
Alaska Air Group, Inc. * (a) 62,100 1,694,709
Delta Air Lines, Inc. * (a) 51,200 604,672
Pinnacle Airline Corp. * (a) 64,000 888,960
-----------
3,188,341
APPAREL & TEXTILES - 0.42%
Warnaco Group, Inc. * 68,000 1,084,600
-----------
AUTO PARTS - 0.16%
BorgWarner, Inc. 5,000 425,350
-----------
AUTO SERVICES - 0.31%
ANC Rental Corp. * (a) 694,000 69
Lithia Motors, Inc., Class A (a) 31,900 804,199
-----------
804,268
The accompanying notes are an integral part of the financial statements.
109
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
BANKING - 4.98%
BOK Financial Corp. * 36,047 $ 1,395,740
Cathay Bancorp, Inc. * 6,800 378,624
Citizens Banking Corp. (a) 59,500 1,946,840
Community First Bankshares, Inc. (a) 20,500 593,270
Cullen Frost Bankers, Inc. 30,700 1,245,499
Digital Insight Corp. * (a) 29,600 737,040
First Community Bancorp 3,000 108,420
First Midwest Bancorp, Inc. 50,250 1,628,602
Franklin Bank Corp. * 7,000 133,000
Greater Bay Bancorp (a) 26,700 760,416
Netbank, Inc. (a) 30,000 400,500
Provident Bankshares Corp. (a) 32,000 942,080
South Financial Group, Inc. 12,400 345,464
Sterling Bancshares, Inc. (a) 42,500 566,525
Umpqua Holdings Corp. * (a) 49,600 1,031,184
Waypoint Financial Corp. 29,085 630,854
-----------
12,844,058
BIOTECHNOLOGY - 1.25%
Exelixis, Inc. * 24,300 172,044
Lexicon Genetics, Inc. * (a) 28,500 167,865
Protein Design Labs, Inc. * (a) 98,500 1,763,150
Tanox, Inc. * (a) 32,400 481,140
Trimeris, Inc. * (a) 30,100 631,498
-----------
3,215,697
BROADCASTING - 3.17%
Citadel Broadcasting Corp. * 15,900 355,683
Cox Radio, Inc., Class A * 10,100 254,823
Emmis Communications Corp., Class A * 32,100 868,305
Entercom Communications Corp. * 18,900 1,000,944
Entravision Communications Corp., Class A * 56,600 628,260
Mediacom Communications Corp., Class A * (a) 201,700 1,748,739
Radio One, Inc., Class A * 33,900 662,745
Radio One, Inc., Class D * 94,900 1,831,570
World Wrestling Entertainment, Inc., Class A 25,400 332,740
Young Broadcasting, Inc., Class A * 25,500 511,020
-----------
8,194,829
BUSINESS SERVICES - 3.21%
ADVO, Inc. 45,800 1,454,608
Arbitron, Inc. * 34,900 1,456,028
CoStar Group, Inc. * 34,700 1,446,296
Kendle International, Inc. * 34,400 218,096
Quest Software, Inc. * 25,700 364,940
Resources Connection, Inc. * (a) 17,800 486,118
StarTek, Inc. 25,000 1,019,750
Synnex Corp. * (a) 28,400 390,784
The BISYS Group, Inc. * 7,800 116,064
West Corp. * (a) 57,900 1,345,017
-----------
8,297,701
CABLE AND TELEVISION - 0.62%
Insight Communications Company, Inc., Class A * (a) 154,300 1,590,833
-----------
CHEMICALS - 4.13%
Ferro Corp. 95,300 2,593,113
Lubrizol Corp. * 22,500 731,700
Methanex Corp. 380,800 4,276,384
The Scotts Company, Class A * 51,900 3,070,404
-----------
10,671,601
COLLEGES & UNIVERSITIES - 0.16%
DeVry, Inc. * 16,600 417,158
-----------
COMPUTERS & BUSINESS EQUIPMENT - 2.86%
Gateway, Inc. * 363,400 1,671,640
Helix Technology Corp. 41,700 858,186
Ixia * 101,000 1,181,700
National Instruments Corp. (a) 9,600 436,512
NetScreen Technologies, Inc. * 64,500 1,596,375
Overland Storage, Inc. * (a) 49,100 923,080
Pinnacle Systems, Inc. * 84,700 722,491
-----------
7,389,984
CONSTRUCTION MATERIALS - 0.14%
Columbus McKinnon Corp. * 41,000 354,650
-----------
CONTAINERS & GLASS - 0.53%
Packaging Corp. of America 62,200 1,359,692
-----------
COSMETICS & TOILETRIES - 0.28%
Steiner Leisure, Ltd. * 51,100 730,730
-----------
CRUDE PETROLEUM & NATURAL GAS - 1.78%
Cabot Oil & Gas Corp., Class A 15,600 457,860
Helmerich & Payne, Inc. * 42,200 1,178,646
Hydril * 70,800 1,694,244
Patterson-UTI Energy, Inc. * 8,200 269,944
Spinnaker Exploration Company * 30,900 997,143
-----------
4,597,837
DOMESTIC OIL - 0.17%
Noble Energy, Inc. 9,700 430,971
-----------
DRUGS & HEALTH CARE - 1.94%
Aclara Biosciences, Inc. * 41,900 152,935
Antigenics, Inc. * (a) 2,100 23,772
Atherogenics, Inc. * (a) 87,900 1,314,105
Chromavision Medical Systems, Inc. * (a) 110,100 351,219
Diversa Corp. * (a) 20,100 185,925
Heska Corp. * 83,000 190,817
ILEX Oncology, Inc. * 34,700 737,375
Illumina, Inc. * 149,055 1,050,838
Qiagen NV * (a) 83,400 997,464
-----------
5,004,450
ELECTRICAL EQUIPMENT - 2.03%
Cable Design Technologies Corp. * (a) 50,000 449,500
Power-One, Inc. * 165,800 1,795,614
Wesco International, Inc. * 33,000 292,050
Wilson Greatbatch Technologies, Inc. * (a) 63,800 2,696,826
-----------
5,233,990
ELECTRIC UTILITIES - 1.07%
Allegheny Energy, Inc. * (a) 115,400 1,472,504
CMS Energy Corp. (a) 152,400 1,298,448
-----------
2,770,952
ELECTRONICS - 1.53%
Electro Scientific Industries, Inc. * (a) 77,700 1,849,260
FEI Company * (a) 82,700 1,860,750
LoJack Corp. * 25,000 201,500
Zygo Corp. * (a) 2,000 32,980
-----------
3,944,490
ENERGY - 0.51%
Energen Corp. 21,100 865,733
New Jersey Resources Corp. 12,000 462,120
-----------
1,327,853
FINANCIAL SERVICES - 2.45%
Americredit Corp. * (a) 205,600 3,275,208
Fulton Financial Corp. 30,892 676,844
Harbor Florida Bancshares, Inc. 12,600 374,346
National Financial Partners Corp. 15,100 416,005
San Juan Basin Royalty Trust (a) 72,600 1,574,694
-----------
6,317,097
The accompanying notes are an integral part of the financial statements.
110
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
FOOD & BEVERAGES - 2.63%
Corn Products International, Inc. 42,300 $ 1,457,235
Del Monte Foods Company * 208,500 2,168,400
International Multifoods Corp. * 57,400 1,033,200
Performance Food Group Company * 17,300 625,741
Robert Mondavi Corp., Class A * 7,400 287,416
Tootsie Roll Industries, Inc. * 33,586 1,209,096
-----------
6,781,088
FURNITURE & FIXTURES - 0.89%
Furniture Brands International, Inc. (a) 78,300 2,296,539
-----------
GAS & PIPELINE UTILITIES - 0.62%
South Jersey Industries, Inc. 10,100 409,050
Southwest Gas Corp. 52,500 1,178,625
-----------
1,587,675
HEALTHCARE PRODUCTS - 1.68%
Conceptus, Inc. * (a) 38,500 408,870
CTI Molecular Imaging, Inc. * 134,700 2,277,777
Wright Medical Group, Inc. * 54,400 1,655,936
-----------
4,342,583
HEALTHCARE SERVICES - 0.50%
AMN Healthcare Services, Inc. * (a) 47,294 811,565
The Advisory Board Company * (a) 13,500 471,285
-----------
1,282,850
HOMEBUILDERS - 0.51%
Beazer Homes USA, Inc. (a) 13,400 1,308,644
-----------
HOTELS & RESTAURANTS - 3.62%
California Pizza Kitchen, Inc. * (a) 87,800 1,767,414
CEC Entertainment, Inc. * 16,000 758,240
Fairmont Hotels Resorts, Inc. 33,300 903,762
Four Seasons Hotels, Inc. (a) 14,300 731,445
Landry's Restaurants, Inc. * 26,300 676,436
Orient Express Hotels, Ltd. 42,900 704,847
P.F. Chang's China Bistro, Inc. * (a) 27,200 1,383,936
Ruby Tuesday, Inc. * 65,600 1,868,944
Station Casinos, Inc. (a) 18,000 551,340
-----------
9,346,364
HOUSEHOLD APPLIANCES - 0.45%
Libbey, Inc. 40,900 1,164,832
-----------
INDUSTRIAL MACHINERY - 0.63%
Cummins, Inc. (a) 22,800 1,115,832
Donaldson Company, Inc. 8,800 520,608
-----------
1,636,440
INSURANCE - 2.40%
Endurance Specialty Holdings, Ltd. (a) 14,700 493,185
First American Corp. 58,000 1,726,660
Max Re Capital, Ltd. 13,000 291,720
Philadelphia Consolidated Holding Corp. * 13,700 668,971
W.R. Berkley Corp. 65,400 2,285,730
Zenith National Insurance Corp. * (a) 22,000 716,100
-----------
6,182,366
INTERNET CONTENT - 0.65%
Alloy, Inc. * (a) 75,500 393,355
CNET Networks, Inc. * (a) 30,800 210,056
InfoSpace, Inc. * (a) 14,200 327,310
ProQuest Company * (a) 25,100 739,195
-----------
1,669,916
INTERNET RETAIL - 0.18%
NetIQ Corp. * 34,900 462,425
-----------
INTERNET SERVICE PROVIDER - 0.23%
Earthlink, Inc. * (a) 35,100 351,000
United Online, Inc. * 13,800 231,702
-----------
582,702
INTERNET SOFTWARE - 0.77%
Ariba, Inc. * (a) 160,600 481,800
Matrixone, Inc. * 243,500 1,499,960
-----------
1,981,760
INVESTMENT COMPANIES - 0.75%
American Capital Strategies, Ltd. (a) 51,300 1,525,149
Medallion Financial Corp. 43,500 412,815
-----------
1,937,964
LEISURE TIME - 1.41%
International Speedway Corp., Class A 13,700 611,842
Pixar, Inc. * 5,064 350,885
Polaris Industries, Inc. (a) 14,600 1,293,268
Six Flags, Inc. * 41,900 315,088
Speedway Motorsports, Inc. (a) 37,100 1,072,932
-----------
3,644,015
LIQUOR - 0.23%
Adolph Coors Company, Class B 10,600 594,660
-----------
MANUFACTURING - 1.67%
Actuant Corp., Class A * (a) 38,400 1,390,080
AptarGroup, Inc. 65,300 2,546,700
York International Corp. 10,500 386,400
-----------
4,323,180
MEDICAL-HOSPITALS - 0.50%
Lifepoint Hospitals, Inc. * 43,700 1,286,965
-----------
PAPER - 0.91%
Boise Cascade Corp. * 35,507 1,166,760
P.H. Glatfelter Company 95,300 1,186,485
-----------
2,353,245
PETROLEUM SERVICES - 0.50%
Key Energy Services, Inc. * 27,800 286,618
Newpark Resources, Inc. * 75,100 359,729
Premcor, Inc. * 15,600 405,600
SEACOR SMIT, Inc. * 5,950 250,078
-----------
1,302,025
PHARMACEUTICALS - 1.80%
American Pharmaceutical Partners, Inc. * (a) 25,400 853,440
Amylin Pharmaceuticals, Inc. * (a) 90,900 2,019,798
NPS Pharmaceuticals, Inc. * (a) 12,700 390,398
Vicuron Phamaceuticals, Inc. * (a) 74,100 1,381,965
-----------
4,645,601
PUBLISHING - 0.75%
American Greetings Corp., Class A * 18,300 400,221
Readers Digest Association, Inc., Class A 105,200 1,542,232
-----------
1,942,453
RAILROADS & EQUIPMENT - 0.55%
Kansas City Southern * 99,400 1,423,408
-----------
REAL ESTATE - 3.78%
American Financial Realty Trust, REIT 22,900 390,445
Annaly Mortgage Management, Inc., REIT 116,500 2,143,600
Anthracite Capital, Inc., REIT 107,700 1,192,239
Luminent Mortgage Capital, Inc., REIT 14,900 210,090
MeriStar Hospitality Corp., REIT 116,200 756,462
MFA Mortgage Investments, Inc., REIT 79,000 770,250
Pan Pacific Retail Properties, Inc., REIT 15,500 738,575
SL Green Realty Corp., REIT 59,200 2,430,160
Trammell Crow Company * 84,300 1,116,975
-----------
9,748,796
The accompanying notes are an integral part of the financial statements.
111
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
RETAIL TRADE - 2.03%
American Eagle Outfitters, Inc. * (a) 17,500 $ 287,000
Borders Group, Inc. 30,600 670,752
Christopher & Banks Corp. 26,550 518,521
Gaiam, Inc., Class A * 37,700 224,315
Galyan's Trading, Inc. * (a) 6,100 73,444
Genesco, Inc. * (a) 12,300 186,099
J. Jill Group, Inc. * (a) 40,000 508,400
Petco Animal Supplies Inc. * 58,400 1,778,280
School Specialty, Inc. * (a) 23,000 782,230
Ultimate Electronics, Inc. * (a) 29,000 221,270
------------
5,250,311
SEMICONDUCTORS - 8.67%
Advanced Energy Industries, Inc. * 79,200 2,063,160
Amis Holdings, Inc. * 16,100 294,308
ASM International NV * (a) 82,600 1,671,824
Credence Systems Corp. * (a) 189,400 2,492,504
Cymer, Inc. * (a) 74,900 3,459,631
Emcore Corp. * 128,400 604,764
Exar Corp. * 34,800 594,384
FormFactor, Inc. * 20,200 399,960
Kulicke & Soffa Industries, Inc. * 145,900 2,098,042
LTX Corp. * 201,500 3,028,545
MKS Instruments, Inc. * (a) 27,800 806,200
Power Integrations, Inc. * 31,200 1,043,952
Rudolph Technologies, Inc. * (a) 26,200 642,948
Sigmatel, Inc. * 6,500 160,420
TranSwitch Corp. * (a) 349,400 803,620
Veeco Instruments, Inc. * (a) 78,100 2,202,420
------------
22,366,682
SOFTWARE - 1.05%
Callidus Software, Inc. * 4,300 76,067
iPass, Inc. * (a) 26,100 418,383
Moldflow Corp. * 5,300 60,155
Novell, Inc. * 137,800 1,449,656
Sco Group, Inc. * (a) 41,200 700,400
------------
2,704,661
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.18%
American Tower Corp., Class A * 54,300 587,526
Aspect Communications Corp. * 21,800 343,568
Commonwealth Telephone Enterprises, Inc., (CTE) * 8,700 328,425
Netgear, Inc. * (a) 31,900 510,081
Newport Corp. * (a) 32,000 528,960
Polycom, Inc. * 37,800 737,856
------------
3,036,416
TELEPHONE - 0.14%
Cincinnati Bell, Inc. * 72,200 364,610
------------
TIRES & RUBBER - 0.11%
Bandag, Inc. 7,000 288,400
------------
TRANSPORTATION - 0.24%
Kirby Corp. * 9,600 334,848
SCS Transportation, Inc. * 16,800 295,344
------------
630,192
TRAVEL SERVICES - 0.06%
Orbitz, Inc. * (a) 6,700 155,440
------------
TRUCKING & FREIGHT - 0.27%
Central Freight Lines, Inc. * 10,000 177,500
Oshkosh Truck Corp. 6,500 331,695
Overnite Corp. * 8,800 200,200
------------
709,395
TOTAL COMMON STOCK
(Cost: $178,957,378) $201,821,523
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 18.95%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $48,906,716 $ 48,906,716
------------
REPURCHASE AGREEMENTS - 2.86%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at 0.40%, to be
repurchased at $7,399,164 on 01/02/2004,
collateralized by $5,890,000 U.S. Treasury
Bonds, 7.50% due 11/15/2016 (valued at $7,549,926,
including interest) $ 7,399,000 $ 7,399,000
------------
TOTAL INVESTMENTS (SMALL COMPANY BLEND TRUST) (Cost: $235,263,094) $258,127,239
============
DYNAMIC GROWTH TRUST
SHARES VALUE
------ -----
COMMON STOCK - 86.84%
AEROSPACE - 1.76%
Alliant Techsystems, Inc. * 62,000 $ 3,581,120
-----------
AIR TRAVEL - 1.49%
Southwest Airlines Company * 187,800 3,031,092
-----------
APPAREL & TEXTILES - 2.09%
Columbia Sportswear Company * 78,100 4,256,450
-----------
AUTOMOBILES - 0.80%
Thor Industries, Inc. 29,000 1,630,380
-----------
BANKING - 1.91%
Investors Financial Services Corp. (a) 101,522 3,899,460
-----------
BIOTECHNOLOGY - 2.48%
Genzyme Corp. * 54,900 2,708,766
Protein Design Labs, Inc. * 130,900 2,343,110
-----------
5,051,876
BUSINESS SERVICES - 2.49%
Affiliated Computer Services, Inc., Class A * 51,200 2,788,352
Hewitt Associates, Inc. * 76,600 2,290,340
-----------
5,078,692
CELLULAR COMMUNICATIONS - 1.21%
Nextel Partners, Inc., Class A * (a) 183,900 2,473,455
-----------
COAL - 1.49%
Peabody Energy Corp. 72,900 3,040,659
-----------
COLLEGES & UNIVERSITIES - 3.18%
Corinthian Colleges, Inc. * 66,300 3,683,628
ITT Educational Services, Inc. * 59,500 2,794,715
-----------
6,478,343
The accompanying notes are an integral part of the financial statements.
112
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
COMPUTERS & BUSINESS EQUIPMENT - 5.44%
GTECH Holdings Corp. 131,400 $ 6,502,986
Maxtor Corp. * 414,100 4,596,510
------------
11,099,496
CONSTRUCTION & MINING EQUIPMENT - 2.09%
Rowan Companies, Inc. * 184,300 4,270,231
------------
CONTAINERS & GLASS - 2.51%
Packaging Corp. of America 233,900 5,113,054
------------
ELECTRONICS - 4.46%
Harman International, Inc. 56,600 4,187,268
Jabil Circuit, Inc. * 100,100 2,832,830
Mentor Graphics Corp. * 142,600 2,073,404
------------
9,093,502
FINANCIAL SERVICES - 7.82%
Capitalsource Inc. * (a) 95,000 2,059,600
Chicago Merchantile Exchange (a) 17,500 1,266,300
First Marblehead Corp. * 87,900 1,923,252
Friedman Billings Ramsey Group, Inc. 98,100 2,264,148
Investment Technology Group, Inc. * 105,800 1,708,670
LaBranche & Company, Inc. (a) 132,100 1,541,607
Legg Mason, Inc. 46,128 3,560,159
Providian Financial Corp. * 138,800 1,615,632
------------
15,939,368
FOOD & BEVERAGES - 3.85%
Constellation Brands, Inc., Class A * 59,700 1,965,921
Dean Foods Company * 79,800 2,623,026
Performance Food Group Company * (a) 90,200 3,262,534
------------
7,851,481
FURNITURE & FIXTURES - 1.31%
Leggett & Platt, Inc. 123,300 2,666,979
------------
HEALTHCARE PRODUCTS - 1.78%
DENTSPLY International, Inc. 80,400 3,631,668
------------
HEALTHCARE SERVICES - 1.59%
Coventry Health Care, Inc. * 50,300 3,243,847
------------
HOTELS & RESTAURANTS - 2.16%
The Cheesecake Factory, Inc. * (a) 99,800 4,394,194
------------
HOUSEHOLD PRODUCTS - 1.91%
Tempur-Pedic International Inc. * 251,000 3,890,500
------------
INSURANCE - 2.42%
Arthur J. Gallagher & Company 100,500 3,265,245
Axis Capital Holdings Ltd. (a) 57,000 1,668,960
------------
4,934,205
INTERNET SOFTWARE - 2.35%
Symantec Corp. * 138,000 4,781,700
------------
PETROLEUM SERVICES - 3.72%
BJ Services Company * 123,100 4,419,290
Smith International, Inc. * 76,300 3,167,976
------------
7,587,266
PHARMACEUTICALS - 5.79%
Barr Laboratories, Inc. * 36,600 2,816,370
Celgene Corp. * (a) 86,200 3,880,724
Gilead Sciences, Inc. * 44,900 2,610,486
Mylan Laboratories, Inc. 99,000 2,500,740
------------
11,808,320
RETAIL TRADE - 2.36%
Chico's FAS, Inc. * 73,400 2,712,130
Regis Corp. 53,100 2,098,512
------------
4,810,642
SEMICONDUCTORS - 9.50%
Fairchild Semiconductor International, Inc. * 170,900 4,267,373
Integrated Circuit Systems, Inc. * 80,600 2,296,294
Lam Research Corp. * 112,300 3,627,290
Linear Technology Corp. 43,200 1,817,424
Microchip Technology, Inc. 134,300 4,480,248
Novellus Systems, Inc. * 68,300 2,872,015
------------
19,360,644
SOFTWARE - 1.46%
Mercury Interactive Corp. * (a) 61,400 2,986,496
------------
STEEL - 0.97%
Nucor Corp. 35,200 1,971,200
------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 3.08%
Advanced Fibre Communications, Inc. * 195,000 3,929,250
Sonus Networks, Inc. * (a) 310,900 2,350,404
------------
6,279,654
TRUCKING & FREIGHT - 1.37%
Swift Transportation, Inc. * 133,300 2,801,966
------------
TOTAL COMMON STOCK
(Cost: $147,883,626) $177,037,940
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 10.71%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $21,844,442 $ 21,844,442
------------
REPURCHASE AGREEMENTS - 2.45%
Repurchase Agreement with State Street Corp.,
dated 12/31/2003 at 0.40%, to be repurchased
at $4,990,111 on 01/02/2004, collateralized by
$3,975,000 U.S. Treasury Bonds, 7.50% due 11/15/2016
(valued at $5,095,238, including interest). $ 4,990,000 $ 4,990,000
------------
TOTAL INVESTMENTS (DYNAMIC GROWTH
TRUST) (Cost: $174,718,068) $203,872,382
============
MID CAP STOCK TRUST
SHARES VALUE
------ -----
COMMON STOCK - 83.02%
AGRICULTURE - 0.95%
Bunge, Ltd. (a) 124,700 $ 4,105,124
-----------
AIR TRAVEL - 1.77%
JetBlue Airways Corp. * (a) 71,000 1,882,920
Ryanair Holdings PLC, ADR * (a) 113,500 5,747,640
-----------
7,630,560
APPAREL & TEXTILES - 1.11%
Burberry Group PLC * 731,412 4,771,997
-----------
AUTO PARTS - 2.41%
Advance Auto Parts, Inc. * 60,700 4,940,980
Gentex Corp. (a) 123,300 5,444,928
-----------
10,385,908
BIOTECHNOLOGY - 3.30%
Cephalon, Inc. * (a) 80,000 3,872,800
The accompanying notes are an integral part of the financial statements.
113
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
BIOTECHNOLOGY - CONTINUED
Genzyme Corp. * 77,600 $ 3,828,784
Human Genome Sciences, Inc. * (a) 224,400 2,973,300
Millennium Pharmaceuticals, Inc. * 190,500 3,556,635
-----------
14,231,519
BROADCASTING - 2.61%
Entercom Communications Corp. * 93,700 4,962,352
Sirius Satellite Radio, Inc. * (a) 1,006,800 3,181,488
XM Satellite Radio Holdings, Inc., Class A * (a) 117,300 3,092,028
-----------
11,235,868
BUSINESS SERVICES - 7.37%
Accenture, Ltd., Class A * 98,500 2,592,520
Alliance Data Systems Corp. * 105,700 2,925,776
Cendant Corp. * 454,600 10,123,942
Global Payments, Inc. 71,600 3,373,792
Moody's Corp. 83,600 5,061,980
Sirva, Inc. * 294,000 5,744,760
The BISYS Group, Inc. * 130,100 1,935,888
-----------
31,758,658
CELLULAR COMMUNICATIONS - 1.92%
Nextel Communications, Inc., Class A * 295,400 8,288,924
-----------
COAL - 0.93%
Arch Coal, Inc. 127,800 3,983,526
-----------
COLLEGES & UNIVERSITIES - 2.19%
Apollo Group, Inc., Class A * 57,100 3,882,800
Career Education Corp. * 138,900 5,565,723
-----------
9,448,523
COMPUTERS & BUSINESS EQUIPMENT - 2.65%
CDW Corp. 117,300 6,775,248
NetScreen Technologies, Inc. * (a) 159,800 3,955,050
Quanta Computer, Inc., GDR 57,300 704,790
-----------
11,435,088
CONSTRUCTION MATERIALS - 1.12%
Rinker Group Ltd. * 979,248 4,829,479
-----------
CONTAINERS & GLASS - 1.25%
Jarden Corp. * (a) 197,100 5,388,714
-----------
CRUDE PETROLEUM & NATURAL GAS - 2.12%
Chesapeake Energy Corp. (a) 270,000 3,666,600
EOG Resources, Inc. 54,800 2,530,116
XTO Energy, Inc. 103,400 2,926,220
-----------
9,122,936
DRUGS & HEALTH CARE - 1.63%
Edwards Lifesciences Corp. * (a) 233,600 7,026,688
-----------
EDUCATIONAL SERVICES - 1.30%
Education Management Corp. * 180,800 5,612,032
-----------
ELECTRICAL EQUIPMENT - 1.12%
American Power Conversion Corp. 198,000 4,841,100
-----------
ELECTRONICS - 1.31%
L-3 Communications Holdings, Inc. * 110,100 5,654,736
-----------
FINANCIAL SERVICES - 3.73%
Blackrock, Inc., Class A (a) 79,300 4,211,623
Countrywide Financial Corp. 82,800 6,280,380
Federated Investors, Inc., Class B 87,600 2,571,936
Legg Mason, Inc. 38,800 2,994,584
-----------
16,058,523
FOOD & BEVERAGES - 1.44%
Constellation Brands, Inc., Class A * 188,000 6,190,840
-----------
GOLD - 0.75%
Kinross Gold Corp. - USD * 405,000 3,235,950
-----------
HEALTHCARE PRODUCTS - 2.96%
DENTSPLY International, Inc. 66,100 2,985,737
Guidant Corp. 98,100 5,905,620
Respironics, Inc. * 19,100 861,219
Viasys Healthcare, Inc. * (a) 146,237 3,012,482
-----------
12,765,058
HEALTHCARE SERVICES - 1.42%
Medco Health Solutions, Inc. * 179,800 6,111,402
-----------
HOMEBUILDERS - 4.28%
D.R. Horton, Inc. 141,700 6,129,942
Lennar Corp., Class A (a) 54,900 5,270,400
Pulte Homes, Inc. * 75,000 7,021,500
-----------
18,421,842
INTERNET CONTENT - 0.94%
NetFlix, Inc. *(a) 73,900 4,041,591
-----------
METAL & METAL PRODUCTS - 0.89%
Precision Castparts Corp. 84,700 3,846,227
-----------
NEWSPAPERS - 0.65%
Knight-Ridder, Inc. 36,100 2,793,057
-----------
PHARMACEUTICALS - 5.32%
AmerisourceBergen Corp. 55,700 3,127,555
Forest Laboratories, Inc. * 132,300 8,176,140
Ivax Corp. * 263,100 6,282,828
Serono SA ADR 304,600 5,345,730
-----------
22,932,253
RAILROADS & EQUIPMENT - 0.44%
CSX Corp. 52,100 1,872,474
-----------
RETAIL TRADE - 5.52%
Aeropostale, Inc. * 53,200 1,458,744
Dicks Sporting Goods, Inc. * (a) 53,500 2,603,310
Michael's Stores, Inc. 172,300 7,615,660
PETsMART, Inc. 254,800 6,064,240
The Gap, Inc. * 260,000 6,034,600
-----------
23,776,554
SEMICONDUCTORS - 4.53%
Altera Corp. * 213,100 4,837,370
Analog Devices, Inc. 85,100 3,884,815
ChipPAC, Inc., Class A * (a) 462,200 3,508,098
MEMC Electronic Materials, Inc. * (a) 480,000 4,617,600
Taiwan Semiconductor Manufacturing Company, Ltd., ADR * 259,308 2,655,314
-----------
19,503,197
SOFTWARE - 5.30%
BEA Systems, Inc. * 293,300 3,607,590
Cognos, Inc. * 80,500 2,464,910
Intuit, Inc. * 101,500 5,370,365
Mercury Interactive Corp. * 96,100 4,674,304
Red Hat, Inc. * (a) 357,100 6,702,767
-----------
22,819,936
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 5.83%
Amdocs, Ltd. * 247,500 5,563,800
American Tower Corp., Class A * 369,800 4,001,236
Corning, Inc. * 622,300 6,490,589
NTL, Inc. * 130,000 9,067,500
-----------
25,123,125
TOYS, AMUSEMENTS & SPORTING GOODS - 0.58%
Mattel, Inc. 128,600 2,478,122
-----------
The accompanying notes are an integral part of the financial statements.
114
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
TRANSPORTATION - 1.38%
Expeditors International of Washington, Inc. 157,300 $ 5,923,918
------------
TOTAL COMMON STOCK
(Cost: $291,103,289) $357,645,449
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 12.55%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $54,062,633 $ 54,062,633
------------
REPURCHASE AGREEMENTS - 4.43%
Repurchase Agreement with Dillon Read,
dated 12/31/2003 at 0.84%, to be
repurchased at $19,099,891 on 01/02/2004,
collateralized by $17,409,000 U.S.
Treasury Bonds, 6.000% due 02/15/2026
(valued at $19,718,531, including interest). $19,099,000 $ 19,099,000
------------
TOTAL INVESTMENTS (MID CAP STOCK TRUST) (Cost: $364,264,922) $430,807,082
============
NATURAL RESOURCES TRUST
SHARES VALUE
------ -----
COMMON STOCK - 86.93%
ALUMINUM - 2.83%
Alcan Aluminum, Ltd. 39,400 $ 1,849,830
Alcoa, Inc. 87,300 3,317,400
------------
5,167,230
CHEMICALS - 2.29%
Ashland, Inc. 95,000 4,185,700
------------
COAL - 1.00%
CONSOL Energy, Inc. (a) 70,700 1,831,130
------------
CRUDE PETROLEUM & NATURAL GAS - 8.62%
Anadarko Petroleum Corp. 45,800 2,336,258
Burlington Resources, Inc. 23,000 1,273,740
Devon Energy Corp. 52,600 3,011,876
EOG Resources, Inc. 64,600 2,982,582
Newfield Exploration Company * 34,400 1,532,176
Sunoco, Inc. 29,600 1,514,040
XTO Energy, Inc. 108,800 3,079,040
------------
15,729,712
DOMESTIC OIL - 11.88%
Amerada Hess Corp. * 12,600 669,942
Canadian Natural Resources, Ltd. 81,700 4,132,572
China Petroleum and Chemical Corp. ADR (a) 54,100 2,402,581
Evergreen Resources, Inc. * (a) 61,000 1,983,110
Kerr-McGee Corp. * 28,200 1,311,018
Nexen, Inc. 94,400 3,427,282
Noble Energy, Inc. 68,300 3,034,569
Suncor Energy, Inc. 72,600 1,825,744
Surgutneftegaz ADR (a) 49,200 1,431,720
Western Oil Sands, Inc. * 64,100 1,463,187
------------
21,681,725
GAS & PIPELINE UTILITIES - 1.64%
Equitable Resources, Inc. 33,600 1,442,112
Western Gas Resources, Inc. * (a) 32,900 1,554,525
------------
2,996,637
GOLD - 5.07%
Barrick Gold Corp. 66,300 1,505,673
Gold Fields, Ltd. * 208,300 2,973,446
Placer Dome, Inc. 266,300 4,769,433
------------
9,248,552
INTERNATIONAL OIL - 14.15%
ConocoPhillips 34,200 2,242,494
EnCana Corp. - CAD 124,866 4,927,586
Lukoil, ADR 32,700 3,041,100
Norsk Hydro ASA ADR 45,100 2,787,180
Petroleo Brasileiro SA, ADR 85,500 2,500,020
Royal Dutch Petroleum Company 65,400 3,426,306
Shell Transport & Trading Company PLC, ADR (a) 58,300 2,625,249
Talisman Energy, Inc. - CAD 75,300 4,283,713
------------
25,833,648
METAL & METAL PRODUCTS - 4.22%
Companhia Vale Do Rio Doce, SADR 76,400 3,935,364
Companhia Vale Do Rio Doce, ADR 34,243 2,003,216
Vedanta Resources PLC * 266,700 1,751,949
------------
7,690,529
MINING - 13.38%
Aluminum Corp. China, Ltd. ADR (a) 48,300 3,719,100
Anglo American Platinum Corporation, Ltd. - GBP * 74,400 1,602,990
Anglo American Platinum Corporation, Ltd. - ZAR * 73,400 3,198,174
Compania de Minas Buenaventura SA, ADR 199,800 5,650,344
Freeport-McMoRan Copper & Gold, Inc., Class B * 117,000 4,929,210
Harmony Gold Mining Company, Ltd. (a) 82,000 1,330,860
Impala Platinum Holdings, Ltd. * 20,200 1,751,244
Newmont Mining Corp. 46,000 2,236,060
------------
24,417,982
PAPER - 3.14%
Abitibi Consolidated, Inc. * 536,400 4,350,204
International Paper Company 32,100 1,383,831
------------
5,734,035
PETROLEUM SERVICES - 16.12%
BP PLC, ADR 106,100 5,236,035
Exxon Mobil Corp. 141,500 5,801,500
GlobalSantaFe Corp. 50,800 1,261,364
Halliburton Company 61,100 1,588,600
Petro-Canada 52,100 2,576,477
Repsol SA ADR 79,900 1,562,045
Total SA, ADR 66,900 6,188,919
Transocean, Inc. * 99,100 2,379,391
Valero Energy Corp. 61,100 2,831,374
------------
29,425,705
STEEL - 2.59%
International Steel Group, Inc. * 1,116 43,469
Steel Dynamics, Inc. * (a) 97,100 2,280,879
United States Steel Corp. 68,700 2,405,874
------------
4,730,222
TOTAL COMMON STOCK
(Cost: $119,417,531) $158,672,807
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 8.38%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $15,306,937 $15,306,937
-----------
The accompanying notes are an integral part of the financial statements.
115
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
REPURCHASE AGREEMENTS - 4.69%
Repurchase Agreement with Dillon Read,
dated 12/31/2003 at 0.84%, to be
repurchased at $8,556,399 on 01/02/2004,
collateralized by $8,305,000 U.S. Treasury Bonds,
5.500% due 08/15/2028 (valued at $8,833,401,
including interest). $8,556,000 $ 8,556,000
------------
TOTAL INVESTMENTS (NATURAL RESOURCES
TRUST) (Cost: $143,280,468) $182,535,744
============
ALL CAP GROWTH TRUST
SHARES VALUE
------ -----
COMMON STOCK - 92.74%
ADVERTISING - 1.74%
Getty Images, Inc. * 4,600 $ 230,598
Lamar Advertising Company * 227,300 8,482,836
Omnicom Group, Inc. * 26,800 2,340,444
-----------
11,053,878
AEROSPACE - 0.60%
Lockheed Martin Corp. 74,400 3,824,160
-----------
AIR TRAVEL - 0.77%
Southwest Airlines Company * 303,100 4,892,034
-----------
APPAREL & TEXTILES - 0.23%
Coach, Inc. * 37,900 1,430,725
-----------
BANKING - 0.86%
Bank of America Corp. 36,600 2,943,738
Northern Trust Corp. 54,900 2,548,458
-----------
5,492,196
BIOTECHNOLOGY - 1.52%
Amgen, Inc. * 75,100 4,641,180
Genzyme Corp. * 102,400 5,052,416
-----------
9,693,596
BROADCASTING - 4.16%
Clear Channel Communications, Inc. 228,400 10,695,972
Univision Communications, Inc., Class A * (a) 162,000 6,429,780
Viacom, Inc., Class B 151,500 6,723,570
Westwood One, Inc. * 75,800 2,593,118
-----------
26,442,440
BUSINESS SERVICES - 4.05%
Accenture, Ltd., Class A * 76,700 2,018,744
Fiserv, Inc. * 303,125 11,976,469
Moody's Corp. 55,000 3,330,250
Robert Half International, Inc. * 205,100 4,787,034
SunGuard Data Systems, Inc. * 131,600 3,646,636
-----------
25,759,133
CELLULAR COMMUNICATIONS - 1.41%
Nextel Communications, Inc., Class A * 137,900 3,869,474
Vodafone Group PLC * 2,071,970 5,122,523
-----------
8,991,997
COLLEGES & UNIVERSITIES - 0.83%
Apollo Group, Inc., Class A * 51,600 3,508,800
Career Education Corp. * 44,000 1,763,080
-----------
5,271,880
COMPUTERS & BUSINESS EQUIPMENT - 4.03%
CDW Corp. (a) 169,200 9,772,992
Dell, Inc. * 284,100 9,648,036
EMC Corp. * 387,200 5,002,624
Western Digital Corp. * 103,800 1,223,802
-----------
25,647,454
COSMETICS & TOILETRIES - 1.27%
The Gillette Company * 94,700 3,478,331
The Procter & Gamble Company 46,100 4,604,468
-----------
8,082,799
CRUDE PETROLEUM & NATURAL GAS - 0.46%
Devon Energy Corp. 51,200 2,931,712
-----------
ELECTRICAL EQUIPMENT - 0.46%
Molex, Inc. * (a) 82,900 2,892,381
-----------
ELECTRONICS - 1.51%
Agilent Technologies, Inc. * 151,500 4,429,860
Foundry Networks, Inc. * 189,400 5,181,984
-----------
9,611,844
FINANCIAL SERVICES - 6.45%
American Express Company, 170,500 8,223,215
Citigroup, Inc. 151,500 7,353,810
MBNA Corp. 234,900 5,837,265
Merrill Lynch & Company, Inc. 113,700 6,668,505
SLM Corp. 113,700 4,284,216
State Street Corp. (b) 54,900 2,859,192
The Goldman Sachs Group, Inc. 58,800 5,805,324
-----------
41,031,527
HEALTHCARE PRODUCTS - 5.01%
Biomet, Inc. 285,675 10,401,427
Boston Scientific Corp. * 163,800 6,021,288
Guidant Corp. 62,900 3,786,580
Medtronic, Inc. 62,200 3,023,542
St. Jude Medical, Inc. * 36,600 2,245,410
Zimmer Holdings, Inc. * 90,900 6,399,360
-----------
31,877,607
HEALTHCARE SERVICES - 3.50%
AdvancePCS * 82,600 4,349,716
Caremark Rx, Inc. * 151,500 3,837,495
Medco Health Solutions, Inc. * 99,200 3,371,808
UnitedHealth Group, Inc. 82,700 4,811,486
Wellpoint Health Networks, Inc., Class A * 61,100 5,926,089
-----------
22,296,594
HOTELS & RESTAURANTS - 3.35%
Marriott International, Inc., Class A 36,600 1,690,920
McDonald's Corp. 151,500 3,761,745
MGM Mirage * 113,700 4,276,257
Outback Steakhouse, Inc. (a) 91,900 4,062,899
P.F. Chang's China Bistro, Inc. * (a) 51,200 2,605,056
Starwood Hotels & Resorts Worldwide, Inc. * 54,900 1,974,753
Wendy's International, Inc. 75,800 2,974,392
-----------
21,346,022
INDUSTRIAL MACHINERY - 2.31%
Caterpillar, Inc. 51,200 4,250,624
Deere & Company * 61,900 4,026,595
Ingersoll-Rand Company, Class A 94,700 6,428,236
-----------
14,705,455
INSURANCE - 0.97%
Aetna, Inc. 43,500 2,939,730
American International Group, Inc. 48,800 3,234,464
-----------
6,174,194
INTERNATIONAL OIL - 0.31%
Weatherford International, Ltd. * 54,900 1,976,400
-----------
The accompanying notes are an integral part of the financial statements.
116
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
INTERNET CONTENT - 0.67%
Yahoo!, Inc. * 93,900 $ 4,241,463
------------
INTERNET RETAIL - 2.03%
Amazon.com, Inc. * 95,500 5,027,120
eBay, Inc. * 75,800 4,895,922
InterActiveCorp * 87,900 2,982,447
------------
12,905,489
INTERNET SOFTWARE - 2.18%
Cisco Systems, Inc. * 454,600 11,042,234
Juniper Networks, Inc. * (a) 151,500 2,830,020
------------
13,872,254
LEISURE TIME - 1.33%
Carnival Corp. 75,800 3,011,534
Pixar, Inc. * (a) 31,400 2,175,706
Royal Caribbean Cruises, Ltd. (a) 94,700 3,294,613
------------
8,481,853
MANUFACTURING - 1.54%
3M Company 38,300 3,256,649
Danaher Corp. * 36,600 3,358,050
Eaton Corp. 29,300 3,163,814
------------
9,778,513
MEDICAL-HOSPITALS - 0.48%
Health Management Associates, Inc., Class A (a) 127,500 3,060,000
------------
OFFICE FURNISHINGS & SUPPLIES - 0.81%
Staples, Inc. * 189,400 5,170,620
------------
PETROLEUM SERVICES - 2.35%
BJ Services Company * 88,600 3,180,740
ENSCO International, Inc. 113,500 3,083,795
Nabors Industries, Ltd. * 75,800 3,145,700
Noble Corp. * 75,800 2,712,124
Smith International, Inc. * 68,200 2,831,664
------------
14,954,023
PHARMACEUTICALS - 6.46%
AmerisourceBergen Corp. 36,000 2,021,400
Cardinal Health, Inc. 60,650 3,709,354
Eli Lilly & Company 91,900 6,463,327
Forest Laboratories, Inc. * 36,600 2,261,880
Gilead Sciences, Inc. * 39,800 2,313,972
Medicis Pharmaceutical Corp., Class A (a) 64,000 4,563,200
Pfizer, Inc. 195,600 6,910,548
Teva Pharmaceutical Industries, Ltd., ADR 170,100 9,646,371
Wyeth 76,400 3,243,180
------------
41,133,232
PUBLISHING - 0.51%
Gannett Company, Inc. 36,600 3,263,256
------------
RETAIL GROCERY - 0.94%
Sysco Corp. 94,700 3,525,681
Whole Foods Market, Inc. 36,600 2,456,958
------------
5,982,639
RETAIL TRADE - 9.37%
Bed Bath & Beyond, Inc. * 220,600 9,563,010
Best Buy Company, Inc. 76,100 3,975,464
Chico's FAS, Inc. * 75,800 2,800,810
Dollar General Corp. 112,100 2,352,979
Family Dollar Stores, Inc. 81,600 2,927,808
Lowe's Companies, Inc. 89,600 4,962,944
Nordstrom, Inc. 75,800 2,599,940
The Gap, Inc. * 378,800 8,791,948
The TJX Companies, Inc. 151,500 3,340,575
Tiffany & Company 47,200 2,133,440
Wal-Mart Stores, Inc. 151,500 8,037,075
Walgreen Company 151,500 5,511,570
Williams-Sonoma, Inc. * 74,700 2,597,319
------------
59,594,882
SEMICONDUCTORS - 10.57%
Analog Devices, Inc. 227,300 10,376,245
Applied Materials, Inc. * 244,300 5,484,535
Broadcom Corp., Class A * 53,000 1,806,770
KLA-Tencor Corp. * 130,000 7,627,100
Lam Research Corp. * 303,100 9,790,130
Linear Technology Corp. 151,500 6,373,605
Marvell Technology Group, Ltd. * 45,700 1,733,401
Maxim Integrated Products, Inc. 130,800 6,513,840
Microchip Technology, Inc. 384,025 12,811,074
Taiwan Semiconductor Manufacturing Company, Ltd., ADR * 183,331 1,877,309
Teradyne, Inc. * 113,700 2,893,665
------------
67,287,674
SOFTWARE - 5.12%
Intuit, Inc. * 94,700 5,010,577
Mercury Interactive Corp. * 63,600 3,093,504
Microsoft Corp. 644,000 17,735,760
Oracle Corp. * 189,400 2,500,080
VERITAS Software Corp. * 113,700 4,225,092
------------
32,565,013
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.60%
Avaya, Inc. * 151,500 1,960,410
Corning, Inc. * 303,100 3,161,333
Nortel Networks Corp. * 947,100 4,006,233
UTStarcom, Inc. * (a) 28,300 1,049,081
------------
10,177,057
TRANSPORTATION - 0.65%
Expeditors International of Washington, Inc. (a) 36,600 1,378,356
Harley-Davidson, Inc. 58,600 2,785,258
------------
4,163,614
TRUCKING & FREIGHT - 0.33%
Fedex Corp. 30,800 2,079,000
------------
TOTAL COMMON STOCK
(Cost: $487,180,818) $590,136,610
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 4.89%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $31,142,453 $ 31,142,453
------------
REPURCHASE AGREEMENTS - 2.37%
Repurchase Agreement with State Street Corp.,
dated 12/31/2003 at 0.85%, to be repurchased
at $15,066,711 on 01/02/2004, collateralized
by $14,995,000 Federal Farm Credit Bank, 3.875%
due 12/15/2004 (valued at $15,369,920, including interest). $15,066,000 $ 15,066,000
------------
TOTAL INVESTMENTS (ALL CAP GROWTH
TRUST) (Cost: $533,389,271) $636,345,063
============
The accompanying notes are an integral part of the financial statements.
117
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
STRATEGIC OPPORTUNITIES TRUST
SHARES VALUE
------- -----------
COMMON STOCK - 87.25%
ADVERTISING - 1.01%
Lamar Advertising Company * 84,600 $ 3,157,272
Monster Worldwide, Inc. * 148,300 3,256,668
-----------
6,413,940
AEROSPACE - 0.43%
Empresa Brasileira de Aeronautica SA, ADR (a) 78,100 2,735,843
-----------
AIR FREIGHT - 0.21%
ExpressJet Holdings, Inc. * (a) 90,000 1,350,000
-----------
AIR TRAVEL - 2.16%
Ryanair Holdings PLC, ADR * (a) 141,800 7,180,752
Southwest Airlines Company * 400,500 6,464,070
-----------
13,644,822
BANKING - 4.62%
Bank of New York Company, Inc. * 248,900 8,243,568
Bank One Corp. 47,600 2,170,084
Fifth Third Bancorp (a) 96,300 5,691,330
Golden West Financial Corp. 74,700 7,708,293
Investors Financial Services Corp. (a) 37,400 1,436,534
Wells Fargo & Company 68,400 4,028,076
-----------
29,277,885
BIOTECHNOLOGY - 0.88%
Genentech, Inc. * 33,500 3,134,595
Integra LifeSciences Holdings Corp. * 17,900 512,477
Millennium Pharmaceuticals, Inc. * 29,400 548,898
Trimeris, Inc. * (a) 67,000 1,405,660
-----------
5,601,630
BROADCASTING - 5.95%
Clear Channel Communications, Inc. 374,900 17,556,567
Radio One, Inc., Class D * (a) 211,800 4,087,740
Viacom, Inc., Class B 361,100 16,025,618
-----------
37,669,925
BUSINESS SERVICES - 4.29%
Affiliated Computer Services, Inc., Class A * 84,800 4,618,208
Central Parking Corp. * (a) 76,800 1,146,624
DST Systems, Inc. * 21,800 910,368
Equifax, Inc. 16,900 414,050
First Data Corp. * (a) 241,800 9,935,562
Paychex, Inc. 96,500 3,589,800
Robert Half International, Inc. * 111,500 2,602,410
Roto Rooter, Inc. (a) 15,500 714,550
Sothebys Holdings, Inc., Class A * (a) 238,100 3,252,446
-----------
27,184,018
CABLE AND TELEVISION - 1.52%
EchoStar Communications Corp., Class A * 282,700 9,611,800
-----------
CELLULAR COMMUNICATIONS - 2.58%
Nextel Communications, Inc., Class A * 176,400 4,949,784
Vodafone Group PLC, ADR 454,600 11,383,184
-----------
16,332,968
CHEMICALS - 1.85%
Dow Chemical Company * 281,200 11,689,484
-----------
COLLEGES & UNIVERSITIES - 0.85%
Apollo Group, Inc., Class A * 56,000 3,808,000
Corinthian Colleges, Inc. * 28,600 1,589,016
-----------
5,397,016
COMPUTERS & BUSINESS EQUIPMENT - 2.19%
Anteon International Corp. * (a) 33,300 1,200,465
Ingram Micro, Inc., Class A * 366,600 5,828,940
Research In Motion, Ltd. - USD * (a) 69,000 4,611,270
Research In Motion, Ltd. - CAD * 33,600 2,254,646
-----------
13,895,321
CRUDE PETROLEUM & NATURAL GAS - 0.54%
Petrokazakhstan, Inc. - CAD * 83,500 1,891,163
Petrokazakhstan, Inc. - USD * (a) 68,200 1,535,182
-----------
3,426,345
EDUCATIONAL SERVICES - 0.70%
eCollege.com * (a) 18,600 343,356
Sylvan Learning Systems, Inc. * 99,900 2,876,121
Universal Technical Institute, Inc. * (a) 39,800 1,194,000
-----------
4,413,477
ELECTRIC UTILITIES - 1.25%
Sierra Pacific Resources * (a) 286,000 2,099,240
The AES Corp. * 618,400 5,837,696
-----------
7,936,936
ELECTRONICS - 1.98%
Garmin, Ltd. (a) 93,300 5,082,984
Synopsys, Inc. * 220,800 7,454,208
-----------
12,537,192
FINANCIAL SERVICES - 5.69%
American Express Company, 131,700 6,351,891
Capital One Financial Corp. 58,600 3,591,594
Countrywide Financial Corp. 111,067 8,424,407
Federal National Mortgage Association 84,800 6,365,088
MBNA Corp. 253,300 6,294,505
Merrill Lynch & Company, Inc. 60,000 3,519,000
Morgan Stanley 25,000 1,446,750
-----------
35,993,235
FOOD & BEVERAGES - 1.28%
The Coca-Cola Company 159,900 8,114,925
-----------
HEALTHCARE PRODUCTS - 6.60%
Alcon, Inc. 51,900 3,142,026
American Medical Systems Holdings, Inc. * 71,400 1,556,520
Baxter International, Inc. * 162,200 4,950,344
Becton Dickinson & Company 72,400 2,978,536
Henry Schein, Inc. * (a) 68,300 4,615,714
Johnson & Johnson 175,100 9,045,666
Medtronic, Inc. 138,100 6,713,041
ResMed, Inc. * (a) 39,200 1,628,368
Respironics, Inc. * 39,100 1,763,019
Sybron Dental Specialties, Inc. * 55,800 1,567,980
The Cooper Companies, Inc. (a) 80,500 3,793,965
-----------
41,755,179
HEALTHCARE SERVICES - 0.45%
Weight Watchers International, Inc. * 74,600 2,862,402
-----------
HOTELS & RESTAURANTS - 2.16%
Kerzner International, Ltd. * 104,400 4,067,424
Krispy Kreme Doughnuts, Inc. * (a) 49,500 1,811,700
McDonald's Corp. 171,700 4,263,311
Outback Steakhouse, Inc. 77,800 3,439,538
Red Robin Gourmet Burgers, Inc. * (a) 3,700 112,628
-----------
13,694,601
INDUSTRIAL MACHINERY - 1.17%
Cognex Corp. (a) 94,600 2,671,504
Cooper Cameron Corp. * 23,200 1,081,120
Ingersoll-Rand Company, Class A 54,100 3,672,308
-----------
7,424,932
INSURANCE - 4.49%
ACE, Ltd. 121,610 5,037,086
AFLAC, Inc. 120,100 4,345,218
The accompanying notes are an integral part of the financial statements.
118
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
--------- -------------
INSURANCE - CONTINUED
Ambac Financial Group, Inc. 94,700 $ 6,571,233
American International Group, Inc. 113,500 7,522,780
The Allstate Corp. 114,600 4,930,092
-------------
28,406,409
INTERNATIONAL OIL - 0.22%
EnCana Corp. - CAD 19,500 769,528
EnCana Corp. - USD 15,800 623,152
-------------
1,392,680
INTERNET CONTENT - 1.31%
Yahoo!, Inc. * 183,700 8,297,729
-------------
INTERNET RETAIL - 0.89%
InterActiveCorp * 165,700 5,622,201
-------------
INTERNET SERVICE PROVIDER - 0.49%
Avocent Corp. * 84,800 3,096,896
-------------
INTERNET SOFTWARE - 3.51%
Cisco Systems, Inc. * 674,100 16,373,889
VeriSign, Inc. * 359,700 5,863,110
-------------
22,236,999
LEISURE TIME - 1.53%
Carnival Corp. 196,800 7,818,864
Pixar, Inc. * (a) 26,600 1,843,114
-------------
9,661,978
MANUFACTURING - 2.53%
3M Company 90,000 7,652,700
Tyco International, Ltd. * 316,500 8,387,250
-------------
16,039,950
MEDICAL-HOSPITALS - 0.84%
Health Management Associates, Inc., Class A (a) 221,000 5,304,000
-------------
MINING - 0.98%
Joy Global, Inc. 237,900 6,221,085
-------------
MOBILE HOMES - 0.12%
Fleetwood Enterprises, Inc. * (a) 73,600 755,136
-------------
OFFICE FURNISHINGS & SUPPLIES - 0.31%
HON Industries, Inc. 44,900 1,945,068
-------------
PETROLEUM SERVICES - 1.65%
BJ Services Company * 102,200 3,668,980
Nabors Industries, Ltd. * 136,400 5,660,600
Varco International, Inc. * 53,200 1,097,516
-------------
10,427,096
PHARMACEUTICALS - 1.97%
Angiotech Pharmaceuticals, Inc. * (a) 56,600 2,603,600
Biovail Corp. - CAD * 29,200 630,613
Biovail Corp. - USD * (a) 240,000 5,157,600
Pfizer, Inc. 77,900 2,752,207
SciClone Pharmaceuticals, Inc. * (a) 200,000 1,356,000
-------------
12,500,020
RETAIL GROCERY - 0.99%
Sysco Corp. (a) 86,300 3,212,949
Whole Foods Market, Inc. (a) 45,300 3,040,989
-------------
6,253,938
RETAIL TRADE - 0.32%
Rite Aid Corp. * 130,000 785,200
Tuesday Morning Corp. * (a) 41,000 1,240,250
-------------
2,025,450
SEMICONDUCTORS - 3.35%
Altera Corp. * 72,100 1,636,670
Analog Devices, Inc. 193,600 8,837,840
Cymer, Inc. * (a) 102,300 4,725,237
FormFactor, Inc. * (a) 22,100 437,580
Linear Technology Corp. 28,500 1,198,995
Microchip Technology, Inc. 40,600 1,354,416
Sigmatel, Inc. * (a) 23,500 579,980
Taiwan Semiconductor Manufacturing Company,
Ltd., ADR * 235,500 2,411,520
-------------
21,182,238
SOFTWARE - 6.13%
Amdocs Ltd. * 124,800 2,805,504
Microsoft Corp. 872,200 24,020,388
SAP AG, ADR 119,700 4,974,732
Satyam Computer Services, Ltd., ADR (a) 31,100 912,163
Siebel Systems, Inc. * 438,700 6,084,769
-------------
38,797,556
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 5.17%
Advanced Fibre Communications, Inc. * 57,100 1,150,565
American Tower Corp., Class A * (a) 802,600 8,684,132
At Road, Inc. * (a) 63,900 849,870
Comverse Technology, Inc. * 78,700 1,384,333
Crown Castle International Corp. * 1,051,600 11,599,148
QUALCOMM, Inc. 59,400 3,203,442
Telefonaktiebolaget LM Ericsson, ADR * (a) 330,600 5,851,620
-------------
32,723,110
TRANSPORTATION - 0.09%
Harley-Davidson, Inc. 11,500 546,595
-------------
TOTAL COMMON STOCK
(Cost: $478,854,454) $ 552,400,010
-------------
PRINCIPAL
AMOUNT VALUE
----------- ------------
SHORT TERM INVESTMENTS - 11.94%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $75,581,538 $ 75,581,538
------------
REPURCHASE AGREEMENTS - 0.81%
Repurchase Agreement with State Street
Corp., dated 12/31/2003 at 0.50%, to
be repurchased at $5,150,143 on
01/02/2004, collateralized by
$5,240,000 U.S. Treasury Notes,
1.625% due 09/30/2005 (valued at
$5,256,490, including interest).
$ 5,150,000 $ 5,150,000
------------
TOTAL INVESTMENTS (STRATEGIC OPPORTUNITIES TRUST)
(Cost: $559,585,992) $633,131,548
============
FINANCIAL SERVICES TRUST
SHARES VALUE
------ ------------
COMMON STOCK - 91.80%
BANKING - 21.55%
Bank One Corp. 93,400 $ 4,258,106
Commerce Bancorp, Inc. (a) 54,000 2,844,720
Fifth Third Bancorp 69,300 4,095,630
Golden West Financial Corp. 39,400 4,065,686
Wells Fargo & Company 70,000 4,122,300
------------
19,386,442
The accompanying notes are an integral part of the financial statements.
119
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- ------------
BUSINESS SERVICES - 7.88%
Charles Schwab Corp. 51,000 $ 603,840
Dun & Bradstreet Corp. * 69,300 3,514,203
Moody's Corp. 49,000 2,966,950
------------
7,084,993
CONTAINERS & GLASS - 2.92%
Sealed Air Corp. * 48,500 2,625,790
------------
FINANCIAL SERVICES - 20.35%
American Express Company 184,300 8,888,789
Citigroup, Inc. 83,900 4,072,506
H & R Block, Inc. 41,200 2,281,244
Janus Capital Group, Inc. 169,100 2,774,931
Providian Financial Corp. * 24,600 286,344
------------
18,303,814
HOLDINGS COMPANIES/CONGLOMERATES - 7.36%
Berkshire Hathaway, Inc., Class A * 6 505,500
Berkshire Hathaway, Inc., Class B * 700 1,970,500
Julius Baer Holdings, Ltd. * 12,300 4,145,397
------------
6,621,397
INSURANCE - 22.01%
American International Group, Inc. 45,800 3,035,624
Aon Corp. 77,100 1,845,774
China Life Insurance Company, Ltd., ADR * 19,000 626,430
Cincinnati Financial Corp. 69,200 2,898,096
Everest Re Group, Ltd. 25,400 2,148,840
FPIC Insurance Group, Inc. * (a) 26,800 672,412
Loews Corp. 33,800 1,671,410
Markel Corp. * 6,400 1,622,464
Progressive Corp. 21,000 1,755,390
Transatlantic Holdings, Inc. 43,550 3,518,840
------------
19,795,280
MANUFACTURING - 5.40%
Tyco International, Ltd. * 183,400 4,860,100
------------
TOBACCO - 4.33%
Altria Group, Inc. 71,500 3,891,030
------------
TOTAL COMMON STOCK
(Cost: $69,536,181) $ 82,568,846
------------
PRINCIPAL
AMOUNT VALUE
----------- ------------
SHORT TERM INVESTMENTS - 8.20%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 1,280,490 $ 1,280,490
Federal Home Loan Bank Discount Note,
0.79% due 01/02/2004 3,993,000 3,992,917
San Paolo U.S. Finance Company, 1.04%
due 01/05/2004 2,100,000 2,099,757
------------
$ 7,373,164
TOTAL INVESTMENTS (FINANCIAL SERVICES TRUST)
(Cost: $76,909,345) $ 89,942,010
============
INTERNATIONAL STOCK TRUST
SHARES VALUE
--------- ------------
COMMON STOCK - 79.29%
AUSTRALIA - 1.64%
QBE Insurance Group, Ltd. * (a) 940,600 $ 7,507,185
------------
DENMARK - 1.37%
A P Moller- Maersk A/S * 867 6,249,230
------------
FRANCE - 6.63%
Caisse Nationale du Credit Agricole * 350,736 8,365,356
Total SA, B Shares * 77,413 14,376,887
Vivendi Universal SA * (a) 313,500 7,611,543
------------
30,353,786
GERMANY - 7.76%
Allianz AG * (a) 84,450 10,648,794
E.ON AG * 140,200 9,139,615
SAP AG * (a) 34,400 5,771,027
Siemens AG NPV * (a) 124,200 9,936,851
------------
35,496,287
HONG KONG - 3.55%
BOC Hong Kong Holdings, Ltd. * (a) 4,121,000 7,749,683
Wharf Holdings Ltd. * (a) 3,058,726 8,470,470
------------
16,220,153
IRELAND - 1.70%
CRH PLC - London * 380,807 7,796,717
------------
ITALY - 2.20%
Eni SPA * (a) 534,795 10,080,276
------------
JAPAN - 21.66%
Canon, Inc. * (a) 210,000 9,781,117
Dai Nippon Printing Company, Ltd. * 603 8,471
Daito Trust Construction Company * (a) 262,400 7,788,603
Hoya Corp. * 88,400 8,119,252
Kirin Brewery Company, Ltd. * (a) 979,000 8,352,135
Mitsubishi Corp. * (a) 856,000 9,076,548
Mizuho Financial Group, Inc. * (a) 3,120 9,464,694
Murata Manufacturing Company, Ltd. * 146,700 7,928,249
Nomura Securities Company, Ltd. * 534,800 9,110,095
NTT DoCoMo, Inc. * 4,080 9,254,119
Sony Corp. * 221,300 7,663,443
Toyota Motor Corp. * (a) 372,000 12,569,562
------------
99,116,288
SOUTH KOREA - 2.09%
Samsung Electronic * 41,450 7,792,600
Samsung Electronics Company, Ltd., GDR 9,500 1,786,000
------------
9,578,600
NETHERLANDS - 1.67%
TNT Post Group NV * 326,315 7,634,883
------------
SPAIN - 3.45%
Banco Popular Espanol SA * (a) 130,900 7,801,071
Telefonica SA * 544,776 7,989,589
------------
15,790,660
SWITZERLAND - 8.66%
Credit Suisse Group * 268,250 9,810,323
Nestle SA * 44,590 11,135,787
Roche Holding AG-Genusschein * 115,000 11,594,803
Syngenta AG * (a) 105,100 7,075,754
------------
39,616,667
UNITED KINGDOM - 16.91%
AstraZeneca Group PLC * 246,241 11,780,015
BHP Billiton PLC * 984,200 8,573,416
British Sky Broadcasting Group PLC * 459,800 5,769,989
HSBC Holdings PLC * 634,594 9,945,833
Kingfisher PLC * 1,511,900 7,516,211
Royal Bank of Scotland PLC * 323,973 9,518,956
Schroders PLC * 236,235 2,412,076
Smith & Nephew PLC * 898,700 7,527,829
Vodafone Group PLC * 5,798,984 14,336,805
------------
77,381,130
TOTAL COMMON STOCK
(Cost: $291,992,191) $362,821,862
------------
The accompanying notes are an integral part of the financial statements.
120
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
----------- ------------
SHORT TERM INVESTMENTS - 20.22%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $92,492,304 $ 92,492,304
------------
REPURCHASE AGREEMENTS - 0.49%
Repurchase Agreement with State Street
Corp. dated 12/31/2003 at 0.40%, to
be repurchased at $2,255,050 on
01/02/2004, collateralized by
$2,030,000 U.S. Treasury Bonds,
6.125% due 11/15/2027 (valued at
$2,302,952, including interest).
$ 2,255,000 $ 2,255,000
------------
TOTAL INVESTMENTS (INTERNATIONAL STOCK TRUST)
(Cost: $386,739,495) $457,569,166
============
The Trust had the following five top industry concentrations at December 31,
2003 (as a percentage of total value of investments):
Banking 9.45%
Electronics 5.50%
Cellular Communications 5.16%
Financial Services 4.59%
Food & Beverages 4.26%
OVERSEAS TRUST
SHARES VALUE
--------- -----------
COMMON STOCK - 87.15%
AUSTRALIA - 0.27%
CSL, Ltd. * 105,200 $ 1,413,905
-----------
BERMUDA - 0.50%
Nabors Industries, Ltd. * 15,100 626,650
Tyco International, Ltd. * 35,600 943,400
Weatherford International, Ltd. * 28,000 1,008,000
-----------
2,578,050
BRAZIL - 1.32%
Banco Bradesco SA - ADR 25,600 676,096
Banco Itau Holding Financeira SA * 7,410,000 735,872
Brasil Telecom Participacoes SA, ADR 14,800 559,440
Companhia Vale Do Rio Doce, ADR 30,600 1,790,100
Empresa Brasileira de Aeronautica SA, ADR 17,300 606,019
Petroleo Brasileiro SA, ADR 23,000 672,520
Tele Centro Oeste Celular Participacoes SA 9,700 95,545
Tele Norte Leste Participacoes SA, ADR 41,900 646,517
Telecomunicacoes Brasileiras SA, ADR 29,100 984,162
-----------
6,766,271
CANADA - 3.71%
Canadian Natural Resources, Ltd. (a) 33,800 1,709,681
EnCana Corp. - CAD (a) 63,000 2,486,169
EnCana Corp. - USD 18,700 737,528
Inmet Mining Corp * 49,300 665,675
Kinross Gold Corp. - 144A - CAD * 81,200 650,932
Kinross Gold Corp. - CAD * 175,900 1,404,641
Kinross Gold Corp. - USD * 118,000 942,820
Petro-Canada (a) 15,100 746,733
Precision Drilling Corp. - CAD * (a) 24,500 1,075,850
Precision Drilling Corp. - USD * 6,600 288,288
Talisman Energy, Inc. - CAD (a) 111,100 6,320,325
Talisman Energy, Inc. - USD 3,800 215,080
Telus Corp 64,900 1,215,290
Wheaton River Minerals, Ltd. - CAD * 116,800 349,763
Wheaton River Minerals, Ltd. - USD * 86,900 259,831
-----------
19,068,606
CAYMAN ISLANDS - 0.02%
Ctrip.com International Ltd., ADR * 3,000 102,030
-----------
CHINA - 0.58%
BYD Company, Ltd., H Shares * (a) 169,500 446,469
China Telecom Corp., Ltd. * 6,272,000 2,564,946
-----------
3,011,415
DENMARK - 1.12%
Coloplast AS, Class B * 10,600 905,722
Danske Bank A/S * 159,900 3,747,107
Novo Nordisk A/S * 27,200 1,106,832
-----------
5,759,661
FINLAND - 1.26%
Nokia AB Oyj * 374,100 6,462,174
-----------
FRANCE - 7.48%
Accor SA * (a) 21,400 967,970
Alcatel SA, ADR 213,300 2,740,905
AXA * 161,500 3,453,089
BNP Paribas SA * 87,347 5,493,840
Caisse Nationale du Credit Agricole * 29,400 701,215
European Aeronautic Defence & Space
Company * (a) 25,600 608,002
France Telecom SA * 66,100 1,887,187
L'Oreal SA * 14,800 1,212,072
Pernod-Ricard SA * (a) 22,100 2,454,528
Societe Television Francaise 1 * (a) 47,500 1,656,583
Suez SA * (a) 64,300 1,290,566
Total SA, B Shares * 69,828 12,968,226
Vivendi Universal, ADR 125,600 3,049,568
-----------
38,483,751
GERMANY - 6.70%
Allianz AG * (a) 91,450 11,531,465
Altana AG ADR 7,700 464,310
BASF AG * (a) 57,650 3,238,119
Deutsche Boerse AG * (a) 78,699 4,298,449
Deutsche Telekom AG 209,800 3,803,674
Fresenius Medical Care AG * (a) 41,800 2,970,358
Merck & Company, Inc. * 15,700 653,374
Muenchener Rueckversicherungs-Gesellschaft AG * 51,600 6,249,092
SAP AG, ADR 29,700 1,234,332
-----------
34,443,173
GREECE - 0.13%
Greek Organization of Football Prognostics * 45,530 658,556
-----------
HONG KONG - 1.29%
China Mobile (Hong Kong), Ltd. * 429,250 1,315,878
Hong Kong Exchange & Clearing, Ltd. * 488,000 1,055,985
Hutchison Whampoa, Ltd. * 218,200 1,601,984
Techtronic Industries Company, Ltd. * 954,000 2,641,893
-----------
6,615,740
INDIA - 2.14%
Cipla, Ltd. * 32,700 946,683
Dr Reddy's Laboratories, Ltd. * 39,000 1,224,043
Housing Development Finance Corp., Ltd. * 204,400 2,894,618
I-Flex Solutions Ltd. * 38,703 718,983
Infosys Technologies, Ltd * 26,008 3,180,235
Satyam Computer Services, Ltd. * 255,100 2,059,582
-----------
11,024,144
The accompanying notes are an integral part of the financial statements.
121
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
--------- -----------
ITALY - 1.29%
Banca Intesa SPA * (a) 290,587 $ 1,134,988
Eni SPA * 94,950 1,789,699
Telecom Italia SPA * (a) 637,756 1,888,322
UniCredito Italiano SPA * (a) 338,200 1,823,773
-----------
6,636,782
JAPAN - 20.37%
Advantest Corp. * 35,000 2,776,870
Aeon Credit Service Company, Ltd. * 27,500 1,173,053
Canon, Inc. * 58,000 2,701,451
Daikin Industries, Ltd. * 29,000 669,949
Daiwa Securities Group, Inc. 514,000 3,497,513
Familymart Company, Ltd. * 63,200 1,439,380
Ito-Yokado Company, Ltd. * 155,000 4,875,624
Jafco Company, Ltd. * (a) 56,100 4,409,035
KDDI Corp. * (a) 564 3,232,333
Konica Minolta Holdings, Inc. * 119,500 1,607,313
Kyocera Corp. * 31,600 2,105,978
Kyorin Pharmaceuticals Company, Ltd. * 10,300 115,849
Matsushita Electric Industrial Company,
Ltd. * (a) 172,000 2,379,278
Millea Holdings, Inc. * 135 1,764,129
Mitsubishi Tokyo Financial Group, Inc. * 517 4,034,275
Mizuho Financial Group, Inc. * (a) 1,281 3,885,985
Murata Manufacturing Company, Ltd. * (a) 48,400 2,615,728
Nikko Cordial Corp. * (a) 1,433,000 7,985,262
Nikon Corp. * (a) 150,000 2,262,566
Nitto Denko Corp. * 44,000 2,340,972
Nomura Securities Company, Ltd. * 574,000 9,777,850
Orix Corp. * (a) 24,200 2,001,325
Pioneer Electronic Corp. * 35,800 989,107
Rohm Company * 14,800 1,735,082
Seiyu, Ltd. * (a) 267,000 904,662
Shin-Etsu Chemical Company, Ltd. * 45,900 1,876,530
SMC Corp. * 8,600 1,070,836
Sumitomo Electric Industries, Ltd. * 120,000 1,073,039
Sumitomo Mitsui Financial Group, Inc. * (a) 1,136 6,054,567
TDK Corp. * 53,100 3,826,313
Tokyo Electron, Ltd. * (a) 105,400 8,008,177
Toyota Motor Corp. * 193,900 6,551,715
UFJ Holdings, Inc. * (a) 879 4,225,370
UNY Company, Ltd. * 78,000 800,859
-----------
104,767,975
SOUTH KOREA - 2.93%
Kookmin Bank * 40,900 1,532,677
LG Electronics, Inc. 44,500 2,188,586
Samsung Electronics Company * 29,970 11,344,079
-----------
15,065,342
NETHERLAND ANTILLES - 0.31%
Schlumberger, Ltd. * 29,200 1,597,824
-----------
NETHERLANDS - 5.80%
Aegon NV * 17,400 257,158
ASML Holding NV * (a) 572,941 11,347,911
ING Groep NV * 226,228 5,270,317
Koninklijke (Royal) KPN NV * 154,800 1,193,647
Koninklijke (Royal) Philips Electronics NV * 93,200 2,718,444
Koninklijke Ahold NV * (a) 114,000 867,552
Unilever NV 73,800 4,789,620
VNU NV * 107,100 3,380,264
-----------
29,824,913
NORWAY - 0.08%
Golar LNG, Inc. * 27,400 392,544
-----------
RUSSIA - 0.89%
JSC MMC Norilsk Nickel, ADR 28,100 1,868,650
Lukoil, ADR 7,000 651,000
OAO Gazprom, ADR 24,500 634,550
Yukos Corp., ADR 32,935 1,403,031
-----------
4,557,231
SOUTH AFRICA - 0.14%
Harmony Gold Mining Company, Ltd. 45,300 735,219
-----------
SPAIN - 2.27%
Altadis SA, Series A * 39,100 1,108,441
Banco Popular Espanol SA * (a) 40,100 2,389,786
Banco Santander Central, Hispano SA * 278,948 3,300,216
Telefonica SA * 331,230 4,857,761
-----------
11,656,204
SWEDEN - 1.30%
Securitas AB-B Shares * 39,700 535,383
Telefonaktiebolaget LM Ericsson, ADR * 348,600 6,170,220
-----------
6,705,603
SWITZERLAND - 6.34%
Actelion Ltd. * 4,428 477,765
Clariant AG * 35,090 517,573
Compagnie Financiere Richemont AG * 72,160 1,732,120
Credit Suisse Group * 145,150 5,308,363
Novartis AG-Reg Shares * 239,100 10,850,614
Roche Holding AG-Genusschein * 59,573 6,006,411
Syngenta AG * (a) 606 40,798
Synthes-Stratec, Inc. * 1,222 1,208,864
UBS AG-Registered * 76,440 5,232,739
Zurich Financial Services AG * 8,592 1,236,059
-----------
32,611,306
TAIWAN - 1.90%
Compal Electronics, Inc. * 449,000 614,978
High Tech Computer Corp. * 156,000 572,076
Hon Hai Precision Industry Company, Ltd. 333,600 1,311,800
Quanta Computer, Inc. 372,000 914,934
Taiwan Semiconductor Manufacturing
Company, Ltd. * 1,149,200 2,149,461
United Microelectronics Corp. * 4,905,000 4,204,286
-----------
9,767,535
TURKEY - 0.17%
Turkcell Iletisim Hizmetleri A.S., ADR * 33,500 889,425
-----------
UNITED KINGDOM - 13.80%
3i Group PLC * 219,700 2,421,685
Abbey National Benefit Consultants, Ltd. * 148,300 1,405,680
AstraZeneca Group PLC * 111,900 5,353,226
Aviva PLC * 65,800 575,830
BHP Billiton PLC * 254,900 2,220,447
BOC Group PLC * 63,600 968,972
BP PLC * 1,091,500 8,826,177
Carlton Communications PLC * 308,600 1,266,994
Centrica PLC * 310,700 1,170,239
Dixons Group PLC * 767,500 1,904,337
E D & F Manitoba Treasury Management * 105,000 2,738,358
Enterprise Inns PLC * 34,200 619,034
GlaxoSmithKline PLC * 96,618 2,207,591
Hilton Group PLC * 455,800 1,828,625
HSBC Holdings PLC * 347,088 5,439,824
Kesa Electricals PLC * 324,288 1,489,145
Lloyds TSB Group PLC * 69,700 557,393
Marks & Spencer Group, PLC * 301,900 1,557,441
mm02 PLC * 1,166,100 1,602,792
Prudential Corp. * 135,850 1,145,203
The accompanying notes are an integral part of the financial statements.
122
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
--------- -------------
UNITED KINGDOM - CONTINUED
Reckitt & Colman * 74,700 $1,685,460
Rio Tinto PLC * 117,400 3,233,588
Royal Bank of Scotland PLC * 55,100 1,618,945
Shire Pharmaceuticals Group PLC, ADR * 58,100 1,687,805
Smith & Nephew PLC * 148,700 1,245,564
Tesco PLC * 497,463 2,288,812
Unilever PLC, ADR 35,000 1,316,000
Vodafone Group PLC * 4,493,678 11,109,702
William Hill PLC * 48,700 371,200
Xstrata PLC * 37,500 421,718
Yell Group PLC * 122,600 667,484
-------------
70,945,271
UNITED STATES - 3.04%
Apropos Technology, Inc. * 100 348
Baker Hughes, Inc. 56,300 1,810,608
ENSCO International, Inc. 65,000 1,766,050
Fox Entertainment Group, Inc., Class A * 30,200 880,330
Grant Prideco, Inc. * 98,700 1,285,074
Merck & Company, Inc. 24,400 1,127,280
Microsoft Corp. 21,300 586,602
Noble Corp. * 52,500 1,878,450
NTL, Inc. * 62,600 4,366,350
Pride International, Inc. * 8,600 160,304
Smith International, Inc. * 6,000 249,120
Transocean, Inc. * 63,600 1,527,036
-------------
15,637,552
TOTAL COMMON STOCK
(Cost: $369,585,972) $ 448,178,202
-------------
SHARES VALUE
-------- -----------
PREFERRED STOCK - 1.45%
AUSTRALIA - 0.83%
The News Corp., Ltd., ADR 141,000 $ 4,265,250
-----------
GERMANY - 0.62%
Fresenius Medical Care AG * 29,831 1,501,544
Porsche AG * (a) 2,900 1,719,212
-----------
3,220,756
TOTAL PREFERRED STOCK
(Cost: $6,670,969) $ 7,486,006
-----------
PRINCIPAL
AMOUNT VALUE
--------- -----------
CORPORATE BONDS - 0.55%
UNITED KINGDOM - 0.55%
Telewest Communications PLC,
9.625% due 10/01/2006 755,000 477,537
9.875% due 02/01/2010 1,095,000 678,900
11.00% due 10/01/2007 2,095,000 1,361,750
zero coupon, Step up to 11.375% on
02/01/2005 due 02/01/2010 160,000 78,400
zero coupon, Step up to 9.25% on
04/15/2004 due 04/15/2009 425,000 221,000
-----------
2,817,587
TOTAL CORPORATE BONDS
(Cost: $2,163,241) $ 2,817,587
-----------
PRINCIPAL
AMOUNT VALUE
------------ --------------
SHORT TERM INVESTMENTS - 9.96%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 51,204,315 $ 51,204,315
-------------
REPURCHASE AGREEMENTS - 0.89%
Repurchase Agreement with State Street
Corp. dated 12/31/2003 at 0.50%, to be
repurchased at $4,572,127 on 01/02/2004,
collateralized by $4,320,000 U.S
Treasury Notes, 6.75% due 05/15/2005
(valued at $4,665,600, including
interest).
$ 4,572,000 $ 4,572,000
-------------
TOTAL INVESTMENTS (OVERSEAS TRUST)
(Cost: $434,196,497) $ 514,258,110
=============
The Trust has the following five top industry concentrations at December 31,
2003 (as a percentage of total value of investments):
Banking 9.96%
Financial Services 9.44%
Petroleum Services 8.97%
Electronics 6.79%
Insurance 6.12%
INTERNATIONAL SMALL CAP TRUST
SHARES VALUE
--------- -----------
COMMON STOCK - 86.18%
AUSTRALIA - 6.91%
APN News & Media * (a) 1,016,366 $ 3,061,092
Billabong International, Ltd. * (a) 425,400 2,283,775
Iluka Resources, Ltd. * (a) 2,017,075 6,879,970
John Fairfax Holdings, Ltd. * 1,488,600 3,945,363
Mayne Nickless, Ltd. * 412,175 1,011,732
Promina Group * (a) 1,165,000 2,877,174
Sons Of Gwalia, Ltd. * (a) 1,424,690 3,808,158
-----------
23,867,264
BELGIUM - 1.59%
Barco NV * 62,635 5,484,731
-----------
BERMUDA - 1.65%
Axis Capital Holdings Ltd. 62,600 1,832,928
Moulin International Holding * 5,804,000 3,850,021
-----------
5,682,949
CANADA - 8.76%
ATI Technologies, Inc. * 170,833 2,576,342
GSI Lumonics, Inc. * 236,100 2,776,895
Laurentian Bank of Canada * 165,500 3,566,507
Legacy Hotels Real Estate Investment, REIT 117,400 652,247
Linamar Corp. 281,275 2,511,637
National Bank Canada Montreal Quebec 86,875 2,899,979
North West Company 217,925 4,175,202
Precision Drilling Corp. - CAD * 99,125 4,352,802
Quebecor World Inc. 97,500 2,018,126
Sobeys, Inc. 31,700 816,814
Torstar Corp. 109,310 2,453,734
Transcontinental, Inc., Class A 56,200 1,043,680
Transcontinental, Inc., Class B 21,800 407,711
-----------
30,251,676
The accompanying notes are an integral part of the financial statements.
123
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
---------- -------------
DENMARK - 3.58%
ISS International A/S * 65,800 $3,239,789
Vestas Wind Systems AS * (a) 561,100 9,114,006
-------------
12,353,795
FINLAND - 4.53%
Amer Group, Ltd. * (a) 157,300 6,807,834
KCI Konecranes Oyj * 50,500 1,756,119
Metso Oyj * 266,500 3,250,319
Orion, Series B * (a) 178,210 3,821,599
-------------
15,635,871
FRANCE - 0.55%
Galeries Lafayette SA * 12,225 1,891,475
-------------
GERMANY - 2.45%
Hugo Boss AG * (a) 131,200 2,636,623
Jenoptik AG * (a) 530,087 5,810,585
-------------
8,447,208
HONG KONG - 10.02%
Asia Satellite Telecom Holdings * 413,000 784,640
China Resource Power Holdings * 11,476,000 5,321,346
Dah Sing Financial Group * 463,200 3,445,474
Fountain Set Holdings, Ltd. * (a) 2,622,000 1,789,934
Giordano International, Ltd. * (a) 15,534,000 7,152,993
Hung Hing Printing * 1,638,000 1,308,079
Lerado Group Holdings * (a) 17,418,000 3,365,255
Techtronic Industries Company, Ltd. * 1,048,000 2,902,206
Texwinca Holdings, Ltd. * (a) 1,256,000 914,043
Weiqiao Textile Company Ltd. * 1,621,000 2,046,151
Wing Hang Bank, Ltd. * 511,000 3,040,824
Wing Lung Bank, Ltd. * 382,900 2,515,267
-------------
34,586,212
INDIA - 0.68%
Satyam Computer Services, Ltd., ADR 80,500 2,361,065
-------------
ISRAEL - 1.32%
Orbotech, Ltd. * 190,210 4,549,823
-------------
JAPAN - 3.01%
Japan Airport Terminal Company, Ltd. * 595,000 4,376,348
Meitec Corp. * (a) 77,200 2,968,815
Ono Pharmaceutical Company, Ltd. * 54,000 2,031,269
Seiko Epson Corp. * 6,500 303,355
Tokyo Individualized Education * 89,700 720,045
-------------
10,399,832
SOUTH KOREA - 4.00%
Daeduck Electronics Company, Ltd. * 362,190 3,602,141
Daegu Bank * 460,480 2,229,937
Halla Climate Control Corp. * 47,330 4,270,227
Pusan Bank * 660,290 3,696,294
-------------
13,798,599
LUXEMBOURG - 1.48%
Thiel Logistik AG * 942,317 5,117,146
-------------
MEXICO - 1.95%
Corporacion GEO, SA, de C.V., Series B * 644,250 3,283,456
Grupo Aeroportuario, ADR 184,475 3,246,760
Grupo Continential SA * 110,800 187,346
-------------
6,717,562
NETHERLANDS - 9.15%
Aalberts Industries NV * 155,250 4,015,818
Arcadis NV * (a) 20,150 237,124
Draka Holdings * (a) 276,145 5,427,693
IHC Caland NV * 87,775 4,755,462
Internatio Muller * 162,180 4,205,292
OPG Groep NV * 141,884 6,444,543
Vedior NV * 417,430 6,521,670
-------------
31,607,602
NEW ZEALAND - 1.02%
Fisher & Paykel * 424,476 3,518,175
-------------
SINGAPORE - 1.67%
Want Want Holdings * 6,081,000 5,776,950
-------------
SPAIN - 3.19%
Sol Melia SA * (a) 874,580 6,292,006
Transportes Azkar * 721,435 4,726,656
-------------
11,018,662
SWEDEN - 4.24%
D Carnegie & Company AB * 187,400 1,849,822
Kungsleden * 240,400 6,450,506
Obsever AB * 1,331,190 6,347,989
-------------
14,648,317
SWITZERLAND - 3.57%
Gurit Heberlein * 6,643 4,611,927
Kuoni Reisen Holding AG * 5,540 1,853,681
Sig Holding AG * 20,750 2,863,543
Vontobel Holdings AG * 131,725 3,007,542
-------------
12,336,693
TAIWAN - 0.58%
Taiwan Fu Hsing * 2,295,000 2,007,703
-------------
THAILAND - 1.85%
Krung Thai Bank PLC * 10,153,600 3,151,979
PTT PLC., Ltd. 694,700 3,243,599
-------------
6,395,578
UNITED KINGDOM - 8.43%
Avis Europe PLC * 3,230,585 5,478,422
Brambles Industries, Ltd. * 1,324,100 4,809,898
Geest PLC * 650,608 5,269,710
Kidde PLC * 2,855,275 5,428,105
Novar PLC * 1,662,555 4,095,489
Smith WH Group * 817,030 4,018,004
-------------
29,099,628
TOTAL COMMON STOCK
(Cost: $211,975,241) $ 297,554,516
-------------
PRINCIPAL
AMOUNT VALUE
------------ -------------
SHORT TERM INVESTMENTS - 7.81%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 26,976,661 $ 26,976,661
-------------
REPURCHASE AGREEMENTS - 6.01%
Repurchase Agreement with State Street
Corp. dated 12/31/2003 at 0.40%, to
be repurchased at $20,765,461 on
01/02/2004, collateralized by
$14,425,000 U.S. Treasury Bonds,
9.25% due 11/15/2016 (valued at
$21,186,719, including interest).
$ 20,765,000 $ 20,765,000
-------------
TOTAL INVESTMENTS (INTERNATIONAL SMALL CAP TRUST)
(Cost: $259,716,902) $ 345,296,177
=============
The accompanying notes are an integral part of the financial statements.
124
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
The Trust had the following five top industry concentrations at December 31,
2003 (as a percentage of total value of investments):
Business Services 10.09%
Banking 6.11%
Electronics 5.61%
Electrical Equipment 5.05%
Apparel & Textiles 4.87%
INTERNATIONAL VALUE TRUST
SHARES VALUE
--------- ------------
COMMON STOCK - 85.62%
AUSTRALIA - 3.30%
Iluka Resources, Ltd. * (a) 2,099,310 $ 7,160,462
John Fairfax Holdings, Ltd. * 1,985,450 5,262,207
Qantas Airways, Ltd., ADR * 1,039,400 2,574,808
------------
14,997,477
BERMUDA - 0.75%
ACE, Ltd. 82,600 3,421,292
------------
CANADA - 4.52%
Abitibi Consolidated Inc. (a) 555,730 4,459,256
Barrick Gold Corp. (a) 309,500 7,019,341
BCE, Inc. (a) 178,000 3,980,501
Husky Energy, Inc. (a) 280,380 5,091,901
------------
20,550,999
CHINA - 0.12%
China Life Insurance Company, Ltd. * 682,000 557,810
------------
DENMARK - 4.23%
ISS International A/S * 82,270 4,050,721
Tele Danmark AS * 174,400 6,285,269
Vestas Wind Systems AS * (a) 547,450 8,892,288
------------
19,228,278
FINLAND - 3.36%
Metso Oyj * 392,600 4,788,276
Sampo Oyj, A Shares * 492,100 5,084,177
Stora Enso Oyj-R Shares * 402,890 5,421,397
------------
15,293,850
FRANCE - 5.99%
Aventis SA * 79,300 5,235,497
Aventis SA-DEM * 8,927 588,473
AXA * 365,100 7,806,334
Compagnie Generale des Etablissements
Michelin, Class B* 65,700 3,011,491
Suez SA * (a) 229,100 4,598,269
Total SA, B Shares * 32,164 5,973,392
------------
27,213,456
GERMANY - 5.20%
Adidas-Salomon AG * 58,140 6,614,793
Bayer AG * (a) 194,440 5,688,546
Deutsche Post AG * 351,700 7,245,087
E.ON AG * 62,700 4,087,403
------------
23,635,829
HONG KONG - 5.00%
Bank of East Asia * 1,006,000 3,083,922
Cheung Kong Holdings, Ltd. * 624,000 4,942,972
China Mobile Hong Kong, Ltd., ADR 289,000 4,488,170
CLP Holdings, Ltd. * 991,100 4,710,558
Hutchison Whampoa, Ltd. * 522,000 3,832,426
Swire Pacific * 1,584,500 1,673,534
------------
22,731,582
ISRAEL - 1.07%
Check Point Software Technologies, Ltd. * 289,000 4,860,980
------------
ITALY - 1.22%
Eni SPA * (a) 295,150 5,563,241
------------
JAPAN - 6.17%
Hitachi, Ltd. * 788,000 4,751,463
NEC Corp. * (a) 386,000 2,842,712
Nintendo Company, Ltd. * 71,700 6,692,491
Nippon Telegraph & Telephone Corp., ADR 187,710 4,610,158
Ono Pharmaceutical Company, Ltd. * 121,000 4,551,547
Sony Corp. * (a) 133,000 4,605,684
------------
28,054,055
SOUTH KOREA - 4.26%
Kookmin Bank ADR 93,250 3,528,580
Korea Electric Power Corp. 89,020 1,598,849
Korea Electric Power Corp., ADR 267,000 2,774,130
KT Corp., ADR 202,900 3,869,303
Samsung Electronics Company * 20,050 7,589,215
------------
19,360,077
MEXICO - 1.18%
Grupo Carso, Series A1 * 111,280 391,168
Telefonos de Mexico SA de CV, ADR, Class L 150,600 4,974,318
------------
5,365,486
NETHERLANDS - 5.78%
Akzo Nobel NV * 225,730 8,702,904
ING Groep NV * 349,260 8,136,530
Koninklijke (Royal) Philips Electronics NV * 214,508 6,256,738
Reed Elsevier NV * 254,700 3,160,957
------------
26,257,129
NEW ZEALAND - 0.47%
Telecom Corp. of New Zealand, Ltd. * (a) 608,600 2,141,312
------------
SINGAPORE - 0.62%
DBS Group Holdings, Ltd. * 327,000 2,830,419
------------
SPAIN - 2.92%
Antena 3 Television SA * (a) 593 26,105
Iberdrola SA * (a) 269,220 5,315,325
Repsol-YPF SA * 275,500 5,366,419
Telefonica SA * 175,400 2,572,385
------------
13,280,234
SWEDEN - 5.70%
Atlas Copco AB-A Shares * 93,500 3,347,271
Autoliv, Inc. 75,700 2,850,105
ForeningsSparbanken AB, Series A * (a) 191,450 3,766,290
Nordic Baltic Holding-DKK * 373,998 2,796,980
Nordic Baltic Holding-EUR * 685,420 5,112,484
Securitas AB-B Shares * 340,000 4,585,141
Volvo AB, B Shares * (a) 113,100 3,459,293
------------
25,917,564
SWITZERLAND - 3.12%
Nestle SA * 29,800 7,442,173
Swiss Reinsurance * 59,540 4,018,096
UBS AG-Registered * 40,000 2,738,220
------------
14,198,489
TAIWAN - 0.92%
Chunghwa Telecom Company Ltd., ADR 286,800 4,158,600
------------
UNITED KINGDOM - 19.72%
Abbey National Benefit Consultants, Ltd. * 525,400 4,980,068
BHP Billiton PLC * 544,963 4,747,200
BP PLC * 919,600 7,436,145
Brambles Industries, Ltd. * 1,220,374 4,433,105
Bristish Aerospace Systems PLC * 2,412,354 7,245,140
Cadbury Schweppes PLC * 619,200 4,534,509
The accompanying notes are an integral part of the financial statements.
125
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
--------- -------------
UNITED KINGDOM - CONTINUED
GlaxoSmithKline PLC * 196,100 $4,480,621
J. Sainsbury PLC * 809,200 4,517,560
Kidde PLC * 903,300 1,717,245
Lloyds TSB Group PLC * 851,200 6,807,072
Marks & Spencer Group, PLC * 728,761 3,759,531
National Grid Transco PLC * 594,700 4,248,934
Pearson PLC * 414,600 4,603,312
Rolls-Royce Group PLC * 1,094,500 3,463,002
Shell Transport & Trading Company PLC * 736,200 5,460,313
Shire Pharmaceuticals Group * 683,100 6,615,074
Smiths Group PLC * 418,700 4,940,320
Unilever PLC * 609,890 5,669,327
-------------
89,658,478
TOTAL COMMON STOCK
(Cost: $320,529,566) $ 389,276,637
-------------
SHARES VALUE
------ ------------
PREFERRED STOCK - 0.69%
GERMANY - 0.69%
Volkswagen AG - Non Voting Preferred * 86,750 $ 3,142,395
-----------
TOTAL PREFERRED STOCK
(Cost: $2,823,765) $ 3,142,395
-----------
PRINCIPAL
AMOUNT VALUE
--------- ---------
CORPORATE BONDS - 0.10%
FRANCE - 0.10%
AXA,
00.01% due 12/21/2004 22,817 $ 459,685
---------
TOTAL CORPORATE BONDS
(Cost: $337,420) $ 459,685
---------
PRINCIPAL
AMOUNT VALUE
------------ -------------
SHORT TERM INVESTMENTS - 10.21%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 46,428,194 $ 46,428,194
-------------
REPURCHASE AGREEMENTS - 3.38%
Repurchase Agreement with State Street
Corp. dated 12/31/2003 at 0.40%, to
be repurchased at $15,384,342 on
01/02/2004, collateralized by
$15,350,000 U.S. Treasury Notes,
4.75% due 02/15/2004 (valued at
$15,695,375, including interest).
$ 15,384,000 $ 15,384,000
-------------
TOTAL INVESTMENTS (INTERNATIONAL VALUE TRUST)
(Cost: $385,502,945) $ 454,690,911
=============
The Trust had the following five top industry concentrations at December 31,
2003 (as a percentage of total value of investments):
Banking 5.62%
Insurance 5.27%
Electric Utilities 5.00%
Pharmaceuticals 4.72%
Business Services 4.35%
QUANTITATIVE MID CAP TRUST
SHARES VALUE
------- -----------
COMMON STOCK - 88.07%
APPAREL & TEXTILES - 1.86%
Coach, Inc. * 64,600 $ 2,438,650
-----------
BANKING - 2.98%
New York Community Bancorp, Inc. (a) 46,500 1,769,325
Sovereign Bancorp, Inc. * 90,000 2,137,500
-----------
3,906,825
BIOTECHNOLOGY - 1.23%
Invitrogen Corp. * 23,000 1,610,000
-----------
BROADCASTING - 1.50%
Westwood One, Inc. * 57,600 1,970,496
-----------
BUSINESS SERVICES - 5.81%
Affiliated Computer Services, Inc., Class A * 51,800 2,821,028
Corporate Executive Board Company * 45,100 2,104,817
Jacobs Engineering Group, Inc. * 56,000 2,688,560
-----------
7,614,405
COLLEGES & UNIVERSITIES - 1.79%
Apollo Group, Inc., Class A * 34,500 2,346,000
-----------
COMPUTERS & BUSINESS EQUIPMENT - 5.26%
Cognizant Technology Solutions Corp., Class A * 30,200 1,378,328
Fair Isaac Corp. 42,800 2,104,048
NetScreen Technologies, Inc. * (a) 46,400 1,148,400
Network Appliance, Inc. * 49,000 1,005,970
Western Digital Corp. * 106,400 1,254,456
-----------
6,891,202
CONTAINERS & GLASS - 2.13%
Ball Corp. 26,300 1,566,691
Pactiv Corp. * 51,400 1,228,460
-----------
2,795,151
COSMETICS & TOILETRIES - 1.25%
Alberto Culver Company, Class B 25,900 1,633,772
-----------
CRUDE PETROLEUM & NATURAL GAS - 3.74%
Chesapeake Energy Corp. (a) 161,300 2,190,454
XTO Energy, Inc. 95,900 2,713,970
-----------
4,904,424
ELECTRICAL EQUIPMENT - 1.89%
AMETEK, Inc. 51,200 2,470,912
-----------
ELECTRIC UTILITIES - 1.26%
The Southern Company 54,500 1,648,625
-----------
ELECTRONICS - 3.98%
Foundry Networks, Inc. * 44,300 1,212,048
Harman International, Inc. 30,200 2,234,196
L-3 Communications Holdings, Inc. * (a) 34,400 1,766,784
-----------
5,213,028
FINANCIAL SERVICES - 6.00%
Bear Stearns Companies, Inc. 21,800 1,742,910
Capital One Financial Corp. 14,600 894,834
Charter One Financial, Inc. 31,500 1,088,325
Countrywide Financial Corp. 18,967 1,438,622
Eaton Vance Corp. 19,100 699,824
Legg Mason, Inc. 25,800 1,991,244
-----------
7,855,759
FOOD & BEVERAGES - 3.16%
Constellation Brands, Inc., Class A * 73,000 2,403,890
Dean Foods Company * 52,900 1,738,823
-----------
4,142,713
The accompanying notes are an integral part of the financial statements.
126
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- -------------
GAS & PIPELINE UTILITIES - 4.34%
Kinder Morgan, Inc. 41,900 $ 2,476,290
Philadelphia Suburban Corp. (a) 74,275 1,641,477
Questar Corp. 44,600 1,567,690
-------------
5,685,457
HEALTHCARE PRODUCTS - 3.95%
Henry Schein, Inc. * 23,000 1,554,340
Varian Medical Systems, Inc. * 29,600 2,045,360
Zimmer Holdings, Inc. * 22,400 1,576,960
-------------
5,176,660
HEALTHCARE SERVICES - 2.58%
Caremark Rx, Inc. * 51,200 1,296,896
Coventry Health Care, Inc. * 32,300 2,083,027
-------------
3,379,923
HOTELS & RESTAURANTS - 1.07%
Krispy Kreme Doughnuts, Inc. * (a) 38,300 1,401,780
-------------
HOUSEHOLD APPLIANCES - 1.25%
Black & Decker Corp. 33,300 1,642,356
-------------
HOUSEHOLD PRODUCTS - 1.24%
Fortune Brands, Inc. 22,700 1,622,823
-------------
INDUSTRIAL MACHINERY - 1.39%
Ingersoll-Rand Company, Class A 26,800 1,819,184
-------------
INSURANCE - 6.32%
Fidelity National Financial, Inc. 56,150 2,177,497
PartnerRe, Ltd. 36,300 2,107,215
Radian Group, Inc. 47,500 2,315,625
RenaissanceRe Holdings, Ltd. 34,100 1,672,605
-------------
8,272,942
INTERNET SOFTWARE - 1.16%
Symantec Corp. * 43,900 1,521,135
-------------
LEISURE TIME - 1.70%
International Game Technology 62,200 2,220,540
-------------
NEWSPAPERS - 0.79%
E.W. Scripps Company, Class A 11,000 1,035,540
-------------
PETROLEUM SERVICES - 2.76%
BJ Services Company * 58,400 2,096,560
Key Energy Services, Inc. * 147,600 1,521,756
-------------
3,618,316
PHARMACEUTICALS - 3.14%
Celgene Corp. * (a) 22,900 1,030,958
Pharmaceutical Resources, Inc. * 31,100 2,026,165
Teva Pharmaceutical Industries, Ltd., ADR 18,700 1,060,477
-------------
4,117,600
POLLUTION CONTROL - 2.03%
Stericycle, Inc. * 56,900 2,657,230
-------------
RAILROADS & EQUIPMENT - 0.94%
Norfolk Southern Corp. 52,300 1,236,895
-------------
RETAIL TRADE - 4.94%
Bed Bath & Beyond, Inc. * 51,400 2,228,190
Chico's FAS, Inc. * 73,500 2,715,825
Family Dollar Stores, Inc. 42,600 1,528,488
-------------
6,472,503
SEMICONDUCTORS - 3.75%
Broadcom Corp., Class A * 20,700 705,663
Integrated Circuit Systems, Inc. * 23,800 678,062
Marvell Technology Group, Ltd. * 34,900 1,323,757
QLogic Corp. * 17,100 882,360
Silicon Laboratories, Inc. * 30,600 1,322,532
-------------
4,912,374
SOFTWARE - 0.57%
BEA Systems, Inc. * 60,900 749,070
-------------
STEEL - 0.31%
International Steel Group, Inc. * 10,500 408,975
-------------
TOTAL COMMON STOCK
(Cost: $89,817,138) $ 115,393,265
-------------
PRINCIPAL
AMOUNT VALUE
----------- -------------
SHORT TERM INVESTMENTS - 9.32%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 8,414,534 $ 8,414,534
Federal Home Loan Bank Consolidated
Discount Notes, 1.02% due 02/11/2004 800,000 799,071
Federal National Mortgage Association
Discount Notes, 1.06% due 02/18/2004 2,000,000 1,997,173
Federal National Mortgage Association
Discount Notes, Series BB, 1.05% due
01/15/2004 1,000,000 999,592
-------------
$ 12,210,370
REPURCHASE AGREEMENTS - 2.61%
Repurchase Agreement with State Street
Corp., dated 12/31/2003 at 0.70%, to
be repurchased at $3,415,133 on
01/02/2004, collateralized by
$2,440,000 U.S. Treasury Bonds,
8.500% due 02/15/2020 (valued at
$3,484,625, including interest). $ 3,415,000 $ 3,415,000
-------------
TOTAL INVESTMENTS (QUANTITATIVE MID CAP TRUST)
(Cost: $105,442,508) $ 131,018,635
=============
MID CAP CORE TRUST
SHARES VALUE
------ ---------
COMMON STOCK - 77.35%
APPAREL & TEXTILES - 3.70%
Mohawk Industries, Inc. * 10,600 747,724
NIKE, Inc., Class B 8,300 568,218
V.F. Corp. (a) 15,000 648,600
---------
1,964,542
AUTO PARTS - 1.06%
Genuine Parts Company 17,000 564,400
---------
BANKING - 1.67%
Marshall & Ilsley Corp. 7,100 271,575
TCF Financial Corp. 12,000 616,200
---------
887,775
BIOTECHNOLOGY - 0.97%
Millipore Corp. * 12,000 516,600
---------
BUSINESS SERVICES - 7.31%
Affiliated Computer Services, Inc., Class A * (a), 9,200 501,032
The accompanying notes are an integral part of the financial statements.
127
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----------
BUSINESS SERVICES - CONTINUED
Cadence Design Systems, Inc. * 15,000 $ 269,700
Ceridian Corp. * 51,000 1,067,940
Certegy, Inc. 18,300 600,240
Pitney Bowes, Inc. 8,600 349,332
Valassis Communications, Inc. * 23,000 675,050
Viad Corp. * 16,900 422,500
-----------
3,885,794
CHEMICALS - 1.94%
Engelhard Corp. 14,000 419,300
The Scotts Company, Class A * (a) 10,300 609,348
-----------
1,028,648
COMPUTERS & BUSINESS EQUIPMENT - 0.91%
Diebold, Inc. 9,000 484,830
-----------
CONSTRUCTION MATERIALS - 0.58%
Martin Marietta Materials, Inc. 6,600 310,002
-----------
CONTAINERS & GLASS - 1.30%
Pactiv Corp. * 29,000 693,100
-----------
COSMETICS & TOILETRIES - 2.36%
International Flavors & Fragrances, Inc. 36,000 1,257,120
-----------
CRUDE PETROLEUM & NATURAL GAS - 2.72%
Devon Energy Corp. 6,000 343,560
Pioneer Natural Resources Company * 17,000 542,810
XTO Energy, Inc. 19,800 560,340
-----------
1,446,710
ELECTRIC UTILITIES - 3.09%
FPL Group, Inc. 4,700 307,474
TECO Energy, Inc. (a) 30,000 432,300
Wisconsin Energy Corp. 27,000 903,150
-----------
1,642,924
ELECTRONICS - 5.50%
Agilent Technologies, Inc. * 13,900 406,436
Amphenol Corp., Class A * 7,000 447,510
L-3 Communications Holdings, Inc. * (a) 12,900 662,544
Molex, Inc., Class A * 13,000 381,680
Roper Industries, Inc. 12,000 591,120
Vishay Intertechnology, Inc. * (a) 19,000 435,100
-----------
2,924,390
FOOD & BEVERAGES - 2.02%
Campbell Soup Company * 40,000 1,072,000
-----------
HEALTHCARE PRODUCTS - 2.61%
Apogent Technologies, Inc. * 44,000 1,013,760
C.R. Bard, Inc. 4,600 373,750
-----------
1,387,510
HEALTHCARE SERVICES - 1.71%
IMS Health, Inc. 36,600 909,876
-----------
HOTELS & RESTAURANTS - 0.75%
Outback Steakhouse, Inc. 9,000 397,890
-----------
HOUSEHOLD PRODUCTS - 1.22%
Newell Rubbermaid, Inc. 28,400 646,668
-----------
INDUSTRIAL MACHINERY - 4.93%
Cooper Cameron Corp. * 10,800 503,280
Dover Corp. 30,000 1,192,500
ITT Industries, Inc. 5,100 378,471
W.W. Grainger, Inc. 11,500 544,985
-----------
2,619,236
INDUSTRIALS - 0.92%
Rockwell Automation, Inc 13,700 487,720
-----------
INSURANCE - 3.02%
ACE, Ltd. 14,000 579,880
MGIC Investment Corp. 7,000 398,580
Principal Financial Group, Inc. 19,000 628,330
-----------
1,606,790
LEISURE TIME - 2.40%
Brunswick Corp. 40,000 1,273,200
-----------
LIFE SCIENCES - 1.87%
Waters Corp. * 30,000 994,800
-----------
MANUFACTURING - 3.85%
Mettler-Toledo International, Inc. * 15,300 645,813
Pentair, Inc. 15,000 685,500
SPX Corp. * 12,200 717,482
-----------
2,048,795
NEWSPAPERS - 0.44%
Lee Enterprises, Inc. 5,400 235,710
-----------
OFFICE FURNISHINGS & SUPPLIES - 1.00%
Herman Miller, Inc. * 21,900 531,513
-----------
PETROLEUM SERVICES - 4.04%
BJ Services Company * 14,000 502,600
Noble Corp. * 14,000 500,920
Smith International, Inc. * 12,200 506,544
Valero Energy Corp. 13,700 634,858
-----------
2,144,922
PHARMACEUTICALS - 1.57%
AmerisourceBergen Corp. 5,800 324,885
Teva Pharmaceutical Industries, Ltd., ADR (a) 9,000 510,390
-----------
835,275
POLLUTION CONTROL - 1.69%
Republic Services, Inc. 35,000 897,050
-----------
PUBLISHING - 0.96%
The New York Times Company, Class A 10,700 511,353
-----------
RETAIL GROCERY - 1.85%
Safeway, Inc. * (a) 18,500 405,335
The Kroger Company * 31,200 577,512
-----------
982,847
RETAIL TRADE - 1.01%
Family Dollar Stores, Inc. 15,000 538,200
-----------
SEMICONDUCTORS - 3.88%
ASML Holding NV * 29,400 589,470
Microchip Technology, Inc. 16,800 560,448
Novellus Systems, Inc. * 10,400 437,320
Xilinx, Inc. * 12,200 472,628
-----------
2,059,866
SOFTWARE - 2.50%
Computer Associates International, Inc. * 48,700 1,331,458
-----------
TOTAL COMMON STOCK
(Cost: $35,147,821) $41,119,514
-----------
The accompanying notes are an integral part of the financial statements.
128
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
----------- ------------
SHORT TERM INVESTMENTS - 3.69%
State Street Navigator
Securities Lending Prime
Portfolio, 1.06% (b) $ 1,962,261 $ 1,962,261
------------
REPURCHASE AGREEMENTS - 18.96%
Repurchase Agreement with
State Street Corp., dated
12/31/2003 at 0.85%, to be
repurchased at $10,080,476
on 01/02/2004,
collateralized by
$9,435,000 Federal National
Mortgage Association, 5.50%
due 02/15/2006 (valued at
$10,284,150, including interest). $10,080,000 $ 10,080,000
------------
TOTAL INVESTMENTS (MID CAP CORE TRUST)
(Cost: $47,190,082) $ 53,161,775
============
GLOBAL EQUITY TRUST
SHARES VALUE
--------- -----------
COMMON STOCK - 81.23%
AUSTRALIA - 1.83%
APN News & Media * 613,844 $ 1,848,776
Brambles Industries, Ltd. * 340,700 1,354,479
Lend Lease Corp. * 165,600 1,253,120
Qantas Airways, Ltd., ADR * 1,312,771 3,252,005
-----------
7,708,380
BERMUDA - 3.26%
Accenture, Ltd., Class A * 77,649 2,043,722
ACE, Ltd. 128,465 5,321,020
Willis Group Holdings, Ltd. 50,000 1,703,500
XL Capital, Ltd., Class A 60,150 4,664,632
-----------
13,732,874
BRAZIL - 1.96%
Aracruz Celulose SA, ADR 35,600 1,247,424
Companhia Vale Do Rio Doce, ADR 35,100 2,053,350
Empresa Brasileira de Aeronautica SA, ADR 40,700 1,425,721
Petroleo Brasileiro SA, ADR 66,000 1,929,840
Unibanco Uniao De Bancos Brasileiros, GDR * 64,426 1,607,429
-----------
8,263,764
CANADA - 2.04%
Abitibi Consolidated Inc. 489,639 3,928,933
Canadian National Railway Company * 23,100 1,461,768
Canadian Natural Resources, Ltd. (a) 63,270 3,200,340
-----------
8,591,041
FINLAND - 1.09%
Sampo Oyj, A Shares * 292,800 3,025,091
Stora Enso Oyj-R Shares * 116,423 1,566,619
-----------
4,591,710
FRANCE - 3.64%
Aventis SA * 60,400 3,987,693
Axa, ADR 61,700 1,324,699
Suez SA * 186,500 3,743,243
Total SA, B Shares * 33,679 6,254,753
-----------
15,310,388
GERMANY - 2.18%
Adidas-Salomon AG * 11,800 1,342,528
BASF AG * 14,860 834,665
Bayer AG * 45,200 1,322,373
Deutsche Post AG * 63,700 1,312,232
E.ON AG * 21,200 1,382,025
Muenchener
Rueckversicherungs-Gesellschaft AG *(a) 24,720 2,993,751
-----------
9,187,574
HONG KONG - 4.59%
Cheung Kong Holdings, Ltd. * 983,000 7,786,765
China Mobile (Hong Kong), Ltd. * 416,500 1,276,793
CNOOC, Ltd. * 1,491,500 2,929,689
Hutchison Whampoa, Ltd. * 535,000 3,927,870
Shangri-La Asia, Ltd. * (a) 1,336,000 1,238,989
Sun Hung Kai Properties, Ltd. * 110,000 906,778
Swire Pacific, Ltd., Class A * 203,500 1,252,913
-----------
19,319,797
INDIA - 0.10%
Gujarat Ambuja Cements, Ltd., GDR 61,700 408,454
-----------
IRELAND - 0.37%
Allied Irish Banks PLC - London * 96,592 1,539,519
-----------
ISRAEL - 0.69%
Check Point Software Technologies, Ltd. * 172,400 2,899,768
-----------
ITALY - 0.82%
Eni SPA * 183,000 3,449,341
-----------
JAPAN - 6.55%
Canon, Inc. * 54,000 2,515,145
Denso Corp. * 65,800 1,295,916
Hitachi, Ltd. * 566,000 3,412,853
Kyocera Corp. * 34,600 2,305,913
Nintendo Company, Ltd. * 14,200 1,325,431
Nippon Telegraph & Telephone Corp. * 800 3,860,550
Nippon Telegraph & Telephone Corp., ADR 118,593 2,912,644
Nomura Securities Company, Ltd. * 244,000 4,156,438
Ono Pharmaceutical Company, Ltd. * 32,500 1,222,523
Sompo Japan Insurance * 159,000 1,307,500
Sony Corp. * 37,600 1,302,058
Tokyo Gas Company * (a) 550,000 1,961,077
-----------
27,578,048
SOUTH KOREA - 5.77%
Hana Bank * 66,400 1,226,018
Kookmin Bank ADR 151,415 5,729,544
Koram Bank * 143,360 1,684,465
KT Corp. * 47,380 1,773,519
Posco, Ltd. * 9,900 1,354,343
Samsung Electronics Company * 13,530 5,121,301
Shinhan Financial Group Company, Ltd. 116,650 1,865,029
SK Telecom Company, Ltd., ADR 297,762 5,553,261
-----------
24,307,480
MEXICO - 1.81%
Cemex SA, ADR 49,200 1,289,040
Grupo Financiero Bancomer, SA de CV * 2,588,104 2,211,071
Telefonos de Mexico SA de CV, ADR, Class L 124,770 4,121,153
-----------
7,621,264
NETHERLANDS - 2.49%
Akzo Nobel NV * 63,900 2,463,632
Koninklijke (Royal) Philips Electronics NV * 43,100 1,257,134
Reed Elsevier NV * 186,182 2,310,614
Royal Dutch Petroleum Company * 84,629 4,457,065
-----------
10,488,445
The accompanying notes are an integral part of the financial statements.
129
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
---------- ------------
NEW ZEALAND - 0.81%
Telecom Corp. of New Zealand, Ltd. * 973,325 $ 3,424,569
------------
PHILIPPINES - 0.64%
Ayala Corp. * 13,913,600 1,303,147
Ayala Land, Inc. * 12,625,300 1,387,146
------------
2,690,293
PORTUGAL - 0.36%
Portugal Telecom * 151,499 1,523,232
------------
SINGAPORE - 0.96%
DBS Group Holdings, Ltd. * 466,000 4,033,563
------------
SPAIN - 1.23%
Iberdrola SA * 125,532 2,478,431
Repsol-YPF SA * 139,674 2,720,687
------------
5,199,118
SWEDEN - 0.36%
Securitas AB-B Shares * 96,400 1,300,022
SKF AB-B Shares * 5,340 206,390
------------
1,506,412
SWITZERLAND - 2.33%
Nestle SA * 24,961 6,233,694
Novartis AG-Reg Shares * 50,800 2,305,358
UBS AG-Registered * 18,700 1,280,118
------------
9,819,170
TAIWAN - 1.37%
Cathay Financial Holdings Company, Ltd. 1,653,000 2,483,152
Chunghwa Telecom Company Ltd., ADR 88,300 1,280,350
Compal Electronics, Inc. * 549,000 751,944
Taiwan Semiconductor
Manufacturing Company, Ltd. * 675,000 1,262,518
------------
5,777,964
UNITED KINGDOM - 10.54%
AstraZeneca Group PLC * 81,302 3,889,437
BHP Billiton PLC * 497,874 4,337,005
BP PLC * 290,700 2,350,682
Bristish Aerospace Systems PLC * 431,900 1,297,146
British Land Company PLC * 128,500 1,339,574
Cadbury Schweppes PLC * 331,500 2,427,632
Dixons Group PLC * 1,163,924 2,887,953
GlaxoSmithKline PLC * 201,491 4,603,799
HSBC Holdings PLC * 245,099 3,841,375
National Grid Transco PLC * 185,800 1,327,479
Pearson PLC * 53,000 588,460
Rio Tinto PLC * 150,373 4,141,775
Rolls-Royce Group PLC * 744,600 2,355,917
Royal Bank of Scotland PLC * 84,172 2,473,137
Shell Transport & Trading Company PLC * 181,800 1,348,390
Smiths Group PLC * 106,900 1,261,333
Vodafone Group PLC * 1,592,693 3,937,609
------------
44,408,703
UNITED STATES - 23.44%
Abbott Laboratories, 27,100 1,262,860
American International Group, Inc. 64,620 4,283,014
AmerisourceBergen Corp. 34,954 1,962,667
AT&T Wireless Services, Inc. * 471,500 3,767,285
Bank of New York Company, Inc. * 180,847 5,989,653
BMC Software, Inc. * 278,563 5,195,200
Bristol-Myers Squibb Company * 147,500 4,218,500
Cadence Design Systems, Inc. * 284,156 5,109,125
Cardinal Health, Inc. 40,370 2,469,029
CIGNA Corp. * 107,741 6,195,107
Dow Chemical Company * 45,329 1,884,326
DTE Energy Company * 96,371 3,797,017
Entergy Corp. 22,900 1,308,277
Federal Home Loan Mortgage Corp. 67,846 3,956,779
H & R Block, Inc. 52,207 2,890,702
Hubbell, Inc., Class B * 27,800 1,225,980
Invitrogen Corp. * 33,800 2,366,000
J.P. Morgan Chase & Company * 89,900 3,302,027
Johnson & Johnson 38,146 1,970,622
King Pharmaceuticals, Inc. * 140,700 2,147,082
Morgan Stanley 22,400 1,296,288
Noble Corp. * 50,300 1,799,734
Pactiv Corp. * 215,331 5,146,411
Pepco Holdings, Inc. 198,832 3,885,177
Pfizer, Inc. 110,472 3,902,976
R.R. Donnelley & Sons Company 95,900 2,891,385
Raytheon Company * 73,100 2,195,924
Tenet Healthcare Corp. * 239,474 3,843,558
The Boeing Company * 69,500 2,928,730
Time Warner, Inc. * 75,100 1,351,049
Toys R Us, Inc. * 329,828 4,169,027
------------
98,711,511
TOTAL COMMON STOCK
(Cost: $319,166,422) $342,092,382
------------
SHARES VALUE
---------- ------------
PREFERRED STOCK - 0.31%
GERMANY - 0.31%
Volkswagen AG - Non Voting Preferred * 36,300 $ 1,314,916
------------
TOTAL PREFERRED STOCK
(Cost: $1,294,532) $ 1,314,916
------------
PRINCIPAL
AMOUNT VALUE
----------- ------------
SHORT TERM INVESTMENTS - 1.61%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $ 6,788,101 $ 6,788,101
------------
REPURCHASE AGREEMENTS - 16.85%
Repurchase Agreement with State Street
Corp. dated 12/31/2003 at 0.40%, to
be repurchased at $70,948,577 on
01/02/2004, collateralized by
$69,090,000 U.S. Treasury Notes,
5.875% due 11/15/2004 (valued at
$72,898,777, including interest). $70,947,000 $ 70,947,000
------------
TOTAL INVESTMENTS (GLOBAL EQUITY TRUST)
(Cost: $398,196,055) $421,142,399
============
The Trust had the following five top industry concentrations at December 31,
2003 (as a percentage of total value of investments):
Insurance 7.19%
Banking 6.60%
Pharmaceuticals 6.12%
Financial Services 5.16%
Business Services 4.25%
The accompanying notes are an integral part of the financial statements.
130
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
STRATEGIC GROWTH TRUST
SHARES VALUE
------- ----------
COMMON STOCK - 91.33%
ADVERTISING - 1.72%
Getty Images, Inc. * 18,240 $ 914,371
Lamar Advertising Company * 70,860 2,644,495
Monster Worldwide, Inc. * 51,900 1,139,724
----------
4,698,590
AIR TRAVEL - 0.21%
Southwest Airlines Company * 34,700 560,058
----------
APPAREL & TEXTILES - 0.88%
Reebok International, Ltd. 60,950 2,396,554
----------
BANKING - 1.61%
Bank of New York Company, Inc. * 60,540 2,005,085
Northern Trust Corp. 51,190 2,376,240
----------
4,381,325
BIOTECHNOLOGY - 1.92%
Amgen, Inc. * 32,280 1,994,904
Applera Corp.-Applied Biosystems Group * 57,820 1,197,452
Genzyme Corp. * 41,270 2,036,262
----------
5,228,618
BROADCASTING - 5.59%
Clear Channel Communications, Inc. 78,320 3,667,726
Entercom Communications Corp. * (a) 16,140 854,775
Univision Communications, Inc., Class A * 52,280 2,074,993
Viacom, Inc., Class B 132,900 5,898,102
Westwood One, Inc. * 80,130 2,741,247
----------
15,236,843
BUSINESS SERVICES - 1.21%
DST Systems, Inc. * (a) 34,560 1,443,226
SunGuard Data Systems, Inc. * 19,200 532,032
The BISYS Group, Inc. * 88,090 1,310,779
----------
3,286,037
CABLE AND TELEVISION - 2.57%
Comcast Corp.-Special Class A * 112,520 3,519,625
Cox Communications, Inc., Class A * 29,840 1,027,988
EchoStar Communications Corp., Class A * 29,910 1,016,940
Time Warner, Inc. * 80,720 1,452,153
----------
7,016,706
CELLULAR COMMUNICATIONS - 1.41%
AT&T Wireless Services, Inc. * 257,740 2,059,343
Sprint Corp. (PCS Group) * 163,690 919,938
Vodafone Group PLC, ADR (a) 34,030 852,111
----------
3,831,392
COMPUTERS & BUSINESS EQUIPMENT - 3.19%
Dell, Inc. * 108,690 3,691,112
International Business Machines Corp. 53,970 5,001,940
----------
8,693,052
COSMETICS & TOILETRIES - 0.97%
Avon Products, Inc. 39,300 2,652,357
----------
ELECTRICAL EQUIPMENT - 3.22%
Cooper Industries, Ltd., Class A * 17,900 1,036,947
Emerson Electric Company 19,810 1,282,697
General Electric Company 156,590 4,851,158
Molex, Inc. * (a) 46,230 1,612,965
----------
8,783,767
ELECTRONICS - 2.47%
Amphenol Corp., Class A * (a) 10,200 652,086
Flextronics International, Ltd. * 113,580 1,685,527
Foundry Networks, Inc. * 48,170 1,317,931
Synopsys, Inc. * 32,560 1,099,226
Thermo Electron Corp. * 78,390 1,975,428
----------
6,730,198
FINANCIAL SERVICES - 7.59%
American Express Company, 89,450 4,314,173
Citigroup, Inc. 87,410 4,242,881
Federal National Mortgage Association 19,620 1,472,677
MBNA Corp. 91,740 2,279,739
Mellon Financial Corp. 38,360 1,231,740
Merrill Lynch & Company, Inc. 61,930 3,632,195
SLM Corp. 6,760 254,717
The Goldman Sachs Group, Inc. 32,930 3,251,179
----------
20,679,301
FOOD & BEVERAGES - 0.87%
PepsiCo, Inc. 50,760 2,366,431
----------
HEALTHCARE PRODUCTS - 2.79%
Baxter International, Inc. * 24,900 759,948
Johnson & Johnson 91,220 4,712,425
Medtronic, Inc. 43,780 2,128,146
----------
7,600,519
HOTELS & RESTAURANTS - 2.21%
Hilton Hotels Corp. 54,740 937,696
McDonald's Corp. 76,720 1,904,958
Outback Steakhouse, Inc. 54,840 2,424,476
Starwood Hotels & Resorts
Worldwide, Inc. * 21,360 768,319
----------
6,035,449
INDUSTRIAL MACHINERY - 0.33%
Parker-Hannifin Corp. 15,050 895,475
----------
INSURANCE - 4.66%
ACE, Ltd. 44,840 1,857,273
American International Group, Inc. 74,730 4,953,104
Hartford Financial Services Group, Inc. 44,830 2,646,315
Marsh & McLennan Companies, Inc. 29,210 1,398,867
UNUMProvident Corp. (a) 60,060 947,146
XL Capital, Ltd., Class A 11,730 909,662
----------
12,712,367
INTERNET RETAIL - 1.11%
InterActiveCorp * 89,240 3,027,913
----------
INTERNET SOFTWARE - 4.90%
Akamai Technologies, Inc. * (a) 124,670 1,340,202
Cisco Systems, Inc. * 360,190 8,749,015
Juniper Networks, Inc. * (a) 41,500 775,220
Networks Associates, Inc. * 165,120 2,483,405
----------
13,347,842
LEISURE TIME - 0.28%
Carnival Corp. 18,030 716,332
The Walt Disney Company * 2,000 46,660
----------
762,992
MANUFACTURING - 2.67%
Danaher Corp. * 11,680 1,071,640
Eaton Corp. 4,640 501,027
Illinois Tool Works, Inc. 16,310 1,368,572
Tyco International, Ltd. * 163,640 4,336,460
----------
7,277,699
OFFICE FURNISHINGS & SUPPLIES - 0.71%
Staples, Inc. * 70,600 1,927,380
----------
PHARMACEUTICALS - 6.56%
Abbott Laboratories, 57,440 2,676,704
Gilead Sciences, Inc. * 71,260 4,143,057
Pfizer, Inc. 158,794 5,610,192
Schering-Plough Corp. 162,660 2,828,657
Wyeth 61,760 2,621,712
----------
17,880,322
The accompanying notes are an integral part of the financial statements.
131
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- ------------
PUBLISHING - 0.77%
The New York Times Company, Class A 43,690 $ 2,087,945
------------
RETAIL TRADE - 7.78%
Chico's FAS, Inc. * 5,730 211,724
CVS Corp. 45,000 1,625,400
Home Depot, Inc. 27,560 978,104
Hot Topic, Inc. * 27,700 816,042
Kohl's Corp. * 79,320 3,564,641
Pier 1 Imports, Inc. 33,480 731,873
Rite Aid Corp. * (a) 173,570 1,048,363
Target Corp. 117,010 4,493,184
The TJX Companies, Inc. 57,590 1,269,859
Wal-Mart Stores, Inc. 75,470 4,003,683
Walgreen Company 34,670 1,261,295
Williams-Sonoma, Inc. * 34,270 1,191,568
------------
21,195,736
SEMICONDUCTORS - 7.82%
Analog Devices, Inc. 86,340 3,941,421
Linear Technology Corp. 48,960 2,059,747
Marvell Technology Group, Ltd. * 51,110 1,938,602
Maxim Integrated Products, Inc. 44,110 2,196,678
Microchip Technology, Inc. 63,710 2,125,366
Novellus Systems, Inc. * 47,240 1,986,442
PMC-Sierra, Inc. * (a) 70,040 1,411,306
Texas Instruments, Inc. 87,930 2,583,383
Xilinx, Inc. * 79,010 3,060,848
------------
21,303,793
SOFTWARE - 8.00%
Avid Technology, Inc. * (a) 16,520 792,960
BEA Systems, Inc. * (a) 83,950 1,032,585
Manhattan Associates, Inc. * (a) 15,110 417,640
Mercury Interactive Corp. * (a) 55,010 2,675,686
Microsoft Corp. 391,740 10,788,520
Oracle Corp. * 186,840 2,466,288
VERITAS Software Corp. * 97,540 3,624,587
------------
21,798,266
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 3.79%
ADTRAN, Inc. 102,780 3,186,180
Amdocs, Ltd. * 44,420 998,562
Corning, Inc. * 125,800 1,312,094
Nokia Oyj, ADR 141,000 2,397,000
Nortel Networks Corp. * 456,400 1,930,572
QUALCOMM, Inc. 9,550 515,031
------------
10,339,439
TRUCKING & FREIGHT - 1.52%
Fedex Corp. 36,070 2,434,725
United Parcel Service, Inc., Class B 22,880 1,705,704
------------
4,140,429
TOTAL COMMON STOCK
(Cost: $219,185,670) $248,874,795
------------
PRINCIPAL
AMOUNT VALUE
----------- ------------
SHORT TERM INVESTMENTS - 8.67%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $11,640,290 $ 11,640,290
Federal Home Loan Bank Discount
Note, 0.75% due 01/02/2004 11,975,000 11,974,751
------------
$ 23,615,041
TOTAL INVESTMENTS (STRATEGIC GROWTH
TRUST) (Cost: $242,800,711) $272,489,836
============
CAPITAL APPRECIATION TRUST
SHARES VALUE
------- -----------
COMMON STOCK - 92.09%
BIOTECHNOLOGY - 5.23%
Amgen, Inc. * 92,800 $ 5,735,040
Genentech, Inc. * 38,300 3,583,731
MedImmune, Inc. * 48,100 1,221,740
-----------
10,540,511
BROADCASTING - 5.56%
Univision Communications,
Inc., Class A * (a) 72,200 2,865,618
Clear Channel Communications, Inc. 40,300 1,887,249
Hughes Electronics Corp. * 75,735 1,253,414
Viacom, Inc., Class B 116,900 5,188,022
-----------
11,194,303
CELLULAR COMMUNICATIONS - 1.34%
Vodafone Group PLC, ADR 107,600 2,694,304
-----------
COLLEGES & UNIVERSITIES - 1.00%
Apollo Group, Inc., Class A * 29,700 2,019,600
-----------
COMPUTERS & BUSINESS EQUIPMENT - 6.17%
Dell, Inc. * 130,000 4,414,800
EMC Corp. * 207,800 2,684,776
Hewlett-Packard Company * 83,800 1,924,886
International Business Machines Corp. 36,800 3,410,624
-----------
12,435,086
COSMETICS & TOILETRIES - 1.79%
Avon Products, Inc. 30,200 2,038,198
The Procter & Gamble Company 15,800 1,578,104
-----------
3,616,302
ELECTRICAL EQUIPMENT - 2.44%
General Electric Company 159,000 4,925,820
-----------
ELECTRONICS - 2.06%
Agilent Technologies, Inc. * 126,800 3,707,632
Harman International, Inc. 6,000 443,880
-----------
4,151,512
FINANCIAL SERVICES - 9.56%
American Express Company, 101,200 4,880,876
Citigroup, Inc. 94,200 4,572,468
Merrill Lynch & Company, Inc. 55,400 3,249,210
State Street Corp. (b) 58,500 3,046,680
The Goldman Sachs Group, Inc. 35,600 3,514,788
-----------
19,264,022
FOOD & BEVERAGES - 2.59%
Anheuser-Busch Companies, Inc. 28,100 1,480,308
Starbucks Corp. * 113,200 3,742,392
-----------
5,222,700
HEALTHCARE PRODUCTS - 1.40%
Alcon, Inc. (a) 9,100 550,914
Medtronic, Inc. 46,800 2,274,948
-----------
2,825,862
HEALTHCARE SERVICES - 0.46%
Caremark Rx, Inc. * 36,900 934,677
-----------
HOTELS & RESTAURANTS - 1.61%
Marriott International, Inc., Class A 20,400 942,480
McDonald's Corp. 92,500 2,296,775
-----------
3,239,255
The accompanying notes are an integral part of the financial statements.
132
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- ------------
INSURANCE - 1.39%
American International Group, Inc. 42,400 $ 2,810,272
------------
INTERNET CONTENT - 1.46%
Yahoo!, Inc. * 65,100 2,940,567
------------
INTERNET RETAIL - 2.24%
eBay, Inc. * 40,400 2,609,436
InterActiveCorp * 56,000 1,900,080
------------
4,509,516
INTERNET SOFTWARE - 3.13%
Cisco Systems, Inc. * 259,500 6,303,255
------------
MANUFACTURING - 0.95%
139 Company 22,500 1,913,175
------------
PETROLEUM SERVICES - 4.48%
BJ Services Company * 51,600 1,852,440
Schlumberger, Ltd. * 66,100 3,616,992
Total SA, ADR 38,400 3,552,384
------------
9,021,816
PHARMACEUTICALS - 10.28%
Allergan, Inc. 26,800 2,058,508
AstraZeneca PLC, ADR (a) 46,700 2,259,346
Forest Laboratories, Inc. * 16,700 1,032,060
Gilead Sciences, Inc. * 46,400 2,697,696
Novartis AG, ADR (a) 51,300 2,354,157
Pfizer, Inc. 131,620 4,650,135
Roche Holdings, Ltd. (a) 28,200 2,844,511
Teva Pharmaceutical Industries, Ltd., ADR 49,700 2,818,487
------------
20,714,900
RETAIL GROCERY - 0.93%
Whole Foods Market, Inc. (a) 27,800 1,866,214
------------
RETAIL TRADE - 7.92%
Bed Bath & Beyond, Inc. * 99,700 4,321,995
CarMax, Inc. * 5,400 167,022
Costco Wholesale Corp. * 52,800 1,963,104
Lowe's Companies, Inc. 34,000 1,883,260
Tiffany & Company 84,900 3,837,480
Wal-Mart Stores, Inc. 71,500 3,793,075
------------
15,965,936
SEMICONDUCTORS - 10.15%
Altera Corp. * 98,500 2,235,950
Analog Devices, Inc. 34,500 1,574,925
Applied Materials, Inc. * 49,500 1,111,275
Intel Corp. 219,800 7,077,560
KLA-Tencor Corp. * 51,100 2,998,037
Marvell Technology Group, Ltd. * 12,300 466,539
Texas Instruments, Inc. 169,800 4,988,724
------------
20,453,010
SOFTWARE - 6.36%
Electronic Arts, Inc. * 41,400 1,978,092
Microsoft Corp. 211,400 5,821,956
PeopleSoft, Inc. * 68,000 1,550,400
SAP AG, ADR (a) 83,200 3,457,792
------------
12,808,240
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.78%
Motorola, Inc. * 30,400 427,728
Nokia Oyj, ADR 33,500 569,500
QUALCOMM, Inc. 10,500 566,265
------------
1,563,493
TRANSPORTATION - 0.81%
Harley-Davidson, Inc. 34,300 1,630,279
------------
TOTAL COMMON STOCK
(Cost: $155,293,046) $185,564,627
------------
PRINCIPAL
AMOUNT VALUE
---------- ------------
SHORT TERM INVESTMENTS - 3.51%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $7,070,818 $ 7,070,818
------------
REPURCHASE AGREEMENTS - 4.40%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at
0.40%, to be repurchased at
$8,872,197 on 01/02/2004,
collateralized by $6,165,000 U.S.
Treasury Bonds, 9.25% due
2/15/2016 (valued at $9,054,844,
including interest) $8,872,000 $ 8,872,000
------------
TOTAL INVESTMENTS (CAPITAL APPRECIATION
TRUST) (Cost: $171,235,864) $201,507,445
============
QUANTITATIVE ALL CAP TRUST
SHARES VALUE
------ --------
COMMON STOCK - 78.55%
AEROSPACE - 0.86%
United Defense Industries, Inc. * 700 $ 22,316
United Technologies Corp. 300 28,431
--------
50,747
AGRICULTURE - 0.31%
Agrium, Inc. * 1,100 18,106
--------
AIR FREIGHT - 0.30%
ExpressJet Holdings, Inc. * (a) 1,200 18,000
--------
APPAREL & TEXTILES - 0.58%
Coach, Inc. * (a) 900 33,975
--------
AUTOMOBILES - 1.00%
General Motors Corp. (a) 1,100 58,740
--------
BANKING - 6.14%
Bank of America Corp. 1,700 136,731
Doral Financial Corp. 400 12,912
Flagstar Bancorp, Inc. (a) 3,000 64,260
Hudson United Bancorp (a) 1,400 51,730
Unibanco Uniao De Bancos Brasileiros,
GDR * (a) 900 22,455
US Bancorp (a) 2,500 74,450
--------
362,538
BROADCASTING - 0.53%
Viacom, Inc., Class B 700 31,066
--------
The accompanying notes are an integral part of the financial statements.
133
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ --------
BUSINESS SERVICES - 2.80%
Affiliated Computer Services, Inc.,
Class A * (a), 300 $ 16,338
Computer Sciences Corp. * 400 17,692
First Data Corp. * (a) 1,200 49,308
FTI Consulting, Inc. * (a) 1,000 23,370
Memberworks, Inc. * (a) 800 21,736
Pitney Bowes, Inc. (a) 900 36,558
--------
165,002
CELLULAR COMMUNICATIONS - 1.02%
Vodafone Group PLC, ADR (a) 2,400 60,096
--------
CHEMICALS - 0.50%
Crompton Corp. (a) 2,200 15,774
E.I. Du Pont De Nemours & Company 300 13,767
--------
29,541
COMPUTERS & BUSINESS EQUIPMENT - 2.21%
Cognizant Technology Solutions Corp.,
Class A * (a) 500 22,820
Dell, Inc. * 2,400 81,504
Electronics For Imaging, Inc. * (a) 1,000 26,020
--------
130,344
CONSTRUCTION & MINING EQUIPMENT - 0.34%
Matrix Service Company * (a) 1,100 19,965
--------
CONTAINERS & GLASS - 0.36%
Owens-Illinois, Inc. * 1,800 21,402
--------
COSMETICS & TOILETRIES - 2.64%
Avon Products, Inc. (a) 1,500 101,235
Chattem, Inc. * (a) 800 14,320
The Procter & Gamble Company 400 39,952
--------
155,507
CRUDE PETROLEUM & NATURAL GAS - 1.97%
Anadarko Petroleum Corp. (a) 600 30,606
Devon Energy Corp. 1,500 85,890
--------
116,496
DOMESTIC OIL - 0.63%
Forest Oil Corp. * (a) 800 22,856
Houston Exploration Company * 400 14,608
--------
37,464
ELECTRICAL EQUIPMENT - 1.48%
General Electric Company 1,800 55,764
Rayovac Corp. * (a) 1,500 31,425
--------
87,189
ELECTRIC UTILITIES - 1.38%
Dominion Resources, Inc. 200 12,766
Entergy Corp. 500 28,565
Exelon Corp. 600 39,816
--------
81,147
ELECTRONICS - 0.87%
L-3 Communications Holdings, Inc. * (a) 1,000 51,360
--------
FINANCIAL SERVICES - 9.34%
Bear Stearns Companies, Inc. 1,100 87,945
Citigroup, Inc. 400 19,416
Countrywide Financial Corp. 400 30,340
Federal National Mortgage Association 500 37,530
H & R Block, Inc. (a) 1,100 60,907
J.P. Morgan Chase & Company * 2,400 88,152
Lehman Brothers Holdings, Inc. 700 54,054
Merrill Lynch & Company, Inc. 1,300 76,245
Washington Mutual, Inc. 2,400 96,288
--------
550,877
FOOD & BEVERAGES - 1.62%
PepsiCo, Inc. 1,800 83,916
Sensient Technologies Corp. (a) 600 11,862
--------
95,778
GAS & PIPELINE UTILITIES - 1.08%
ONEOK, Inc. 2,900 64,032
--------
HEALTHCARE PRODUCTS - 3.18%
Baxter International, Inc. * (a) 800 24,416
Johnson & Johnson 2,400 123,984
Kensey Nash Corp. * (a) 600 13,950
Stryker Corp. (a) 300 25,503
--------
187,853
HEALTHCARE SERVICES - 3.35%
Caremark Rx, Inc. * (a) 1,600 40,528
Covance, Inc. * (a) 1,900 50,920
Coventry Health Care, Inc. * (a) 200 12,898
The Advisory Board Company * (a) 500 17,455
UnitedHealth Group, Inc. 1,300 75,634
--------
197,435
HOTELS & RESTAURANTS - 1.12%
Applebee's International, Inc. (a) 700 27,489
Krispy Kreme Doughnuts, Inc. * (a) 500 18,300
Landry's Restaurants, Inc. * (a) 800 20,576
--------
66,365
HOUSEHOLD APPLIANCES - 1.18%
Black & Decker Corp. (a) 1,000 49,320
Jacuzzi Brands, Inc. * 2,900 20,561
--------
69,881
INSURANCE - 3.54%
PartnerRe, Ltd. (a) 1,700 98,685
The Allstate Corp. 1,700 73,134
UICI * (a) 2,800 37,184
--------
209,003
INTERNET CONTENT - 0.21%
Ask Jeeves, Inc. * 700 12,684
--------
INTERNET SERVICE PROVIDER - 0.27%
Digitas, Inc. * 1,700 15,844
--------
INTERNET SOFTWARE - 2.30%
Cisco Systems, Inc. * 4,600 111,734
Juniper Networks, Inc. * (a) 1,300 24,284
--------
136,018
MANUFACTURING - 0.47%
Danaher Corp. * (a) 300 27,525
--------
PAPER - 0.22%
International Paper Company (a) 300 12,933
--------
PETROLEUM SERVICES - 1.63%
ChevronTexaco Corp. 400 34,556
Exxon Mobil Corp. 1,500 61,500
--------
96,056
PHARMACEUTICALS - 3.57%
Abbott Laboratories, 600 27,960
Forest Laboratories, Inc. * 400 24,720
Merck & Company, Inc. 300 13,860
Pfizer, Inc. 3,600 127,188
Wyeth 400 16,980
--------
210,708
PUBLISHING - 1.06%
Gannett Company, Inc. 700 62,412
--------
The accompanying notes are an integral part of the financial statements.
134
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
REAL ESTATE - 0.66%
General Growth Properties, Inc., REIT 1,400 $ 38,850
----------
RETAIL TRADE - 7.30%
Bed Bath & Beyond, Inc. * 2,000 86,700
Chico's FAS, Inc. * 1,000 36,950
CVS Corp. 2,600 93,912
Home Depot, Inc. 1,300 46,137
The Neiman Marcus Group, Inc., Class A * (a) 700 37,569
Wal-Mart Stores, Inc. 800 42,440
Walgreen Company 2,400 87,312
----------
431,020
SEMICONDUCTORS - 3.80%
Altera Corp. * 1,500 34,050
Intel Corp. 2,200 70,840
Linear Technology Corp. 1,100 46,277
Microchip Technology, Inc. 500 16,680
Microsemi Corp. * (a) 1,000 24,580
PMC-Sierra, Inc. * (a) 900 18,135
Semtech Corp. * (a) 600 13,638
----------
224,200
SOFTWARE - 4.05%
Embarcadero Tech, Inc. * (a) 1,900 30,305
Microsoft Corp. 4,300 118,422
Oracle Corp. * 2,500 33,000
Serena Software, Inc. * (a) 900 16,515
VERITAS Software Corp. * 1,100 40,876
----------
239,118
TELEPHONE - 0.99%
BellSouth Corp. 1,600 45,280
CenturyTel, Inc. (a) 400 13,048
----------
58,328
TOBACCO - 0.83%
Altria Group, Inc. 900 48,978
----------
TRANSPORTATION - 0.86%
Alexander & Baldwin, Inc. 600 20,214
C. H. Robinson Worldwide, Inc. 800 30,328
----------
50,542
TOTAL COMMON STOCK
(Cost: $4,140,745) $4,635,125
----------
PRINCIPAL
AMOUNT VALUE
---------- ----------
SHORT TERM INVESTMENTS - 18.79%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $1,108,592 $1,108,592
----------
REPURCHASE AGREEMENTS - 2.66%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at
0.70%, to be repurchased at $157,006
on 01/02/2004, collateralized by
$115,000 U.S. Treasury Bonds,
8.50% due 2/15/2020 (valued at
$164,234, including interest) $ 157,000 $ 157,000
----------
TOTAL INVESTMENTS (QUANTITATIVE ALL CAP
TRUST) (Cost: $5,406,337) $5,900,717
==========
ALL CAP CORE TRUST
SHARES VALUE
------- -----------
COMMON STOCK - 90.81%
ADVERTISING - 0.27%
Omnicom Group, Inc. * 8,600 $ 751,038
-----------
AEROSPACE - 0.20%
Honeywell International, Inc. 3,600 120,348
Lockheed Martin Corp. 8,500 436,900
-----------
557,248
AGRICULTURE - 0.99%
Monsanto Company 97,100 2,794,538
-----------
AIR TRAVEL - 0.04%
Southwest Airlines Company * 6,900 111,366
-----------
ALUMINUM - 1.60%
Alcoa, Inc. 119,100 4,525,800
-----------
APPAREL & TEXTILES - 0.94%
Coach, Inc. * 29,600 1,117,400
NIKE, Inc., Class B 22,600 1,547,196
-----------
2,664,596
AUTO PARTS - 1.63%
American Axle & Manufacturing
Holdings, Inc. * 48,800 1,972,496
Autoliv, Inc. 9,400 353,910
Delphi Corp. * 222,400 2,270,704
-----------
4,597,110
BANKING - 5.91%
Bank of America Corp. 78,800 6,337,884
Flagstar Bancorp, Inc. (a) 38,000 813,960
Golden West Financial Corp. 38,600 3,983,134
National City Corp. 33,100 1,123,414
US Bancorp 81,800 2,436,004
Wachovia Corp. 43,100 2,008,029
-----------
16,702,425
BIOTECHNOLOGY - 2.67%
Amgen, Inc. * 71,400 4,412,520
-----------
Charles River Laboratories
International, Inc. * 46,100 1,582,613
Genentech, Inc. * 16,600 1,553,262
-----------
7,548,395
BROADCASTING - 0.85%
Hughes Electronics Corp. * 145,133 2,401,951
-----------
BUSINESS SERVICES - 0.78%
Acxiom Corp. * (a) 13,400 248,838
BMC Software, Inc. * 39,700 740,405
Coinstar, Inc. * (a) 11,000 198,660
R.R. Donnelley & Sons Company (a) 21,500 648,225
Total Systems Services, Inc. (a) 12,100 376,673
-----------
2,212,801
CABLE AND TELEVISION - 1.33%
Comcast Corp., Class A * 28,500 936,795
Cox Communications, Inc., Class A * 48,700 1,677,715
Time Warner, Inc. * 63,600 1,144,164
-----------
3,758,674
CELLULAR COMMUNICATIONS - 0.68%
AT&T Wireless Services, Inc. * 241,800 1,931,982
-----------
CHEMICALS - 0.52%
Dow Chemical Company * 35,100 1,459,107
-----------
The accompanying notes are an integral part of the financial statements.
135
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- -----------
COAL - 0.28%
CONSOL Energy, Inc. (a) 30,500 $ 789,950
-----------
COLLEGES & UNIVERSITIES - 0.30%
University of Phoenix Online * 12,200 840,946
-----------
COMPUTERS & BUSINESS EQUIPMENT - 3.92%
Benchmark Electronics, Inc. * 20,550 715,345
Diebold, Inc. 6,000 323,220
EMC Corp. * 155,000 2,002,600
Hewlett-Packard Company * 21,800 500,746
International Business Machines Corp. 59,900 5,551,532
Sandisk Corp. * 17,600 1,076,064
Xerox Corp. * 65,600 905,280
-----------
11,074,787
CONTAINERS & GLASS - 0.04%
Sealed Air Corp. * 1,900 102,866
-----------
COSMETICS & TOILETRIES - 2.05%
The Procter & Gamble Company 58,000 5,793,040
-----------
CRUDE PETROLEUM & NATURAL GAS - 2.61%
Apache Corp. 2,600 210,860
Occidental Petroleum Corp. * 99,300 4,194,432
Pogo Producing Company 61,400 2,965,620
-----------
7,370,912
ELECTRICAL EQUIPMENT - 1.49%
General Electric Company 135,500 4,197,790
-----------
ELECTRIC UTILITIES - 2.06%
Edison International 48,000 1,052,640
Entergy Corp. 50,000 2,856,500
Exelon Corp. 29,000 1,924,440
-----------
5,833,580
ELECTRONICS - 0.63%
InVision Technologies, Inc. * (a) 10,800 362,556
Sanmina-SCI Corp. * 112,600 1,419,886
-----------
1,782,442
ENERGY - 0.18%
Xcel Energy, Inc. * (a) 29,700 504,306
-----------
FINANCIAL SERVICES - 7.62%
American Express Company 18,400 887,432
Citigroup, Inc. 180,200 8,746,908
City Holding Company 6,000 210,000
Countrywide Financial Corp. 8,267 627,027
J.P. Morgan Chase & Company * 87,800 3,224,894
Lehman Brothers Holdings, Inc. 27,900 2,154,438
Morgan Stanley 34,100 1,973,367
SLM Corp. 31,500 1,186,920
Washington Mutual, Inc. 62,500 2,507,500
-----------
21,518,486
FOOD & BEVERAGES - 3.35%
Anheuser-Busch Companies, Inc. 52,500 2,765,700
PepsiCo, Inc. 82,300 3,836,826
Starbucks Corp. * 65,600 2,168,736
The Coca-Cola Company 13,600 690,200
-----------
9,461,462
HEALTHCARE PRODUCTS - 2.67%
Guidant Corp. 55,300 3,329,060
IDEXX Laboratories, Inc. * 54,300 2,513,004
Johnson & Johnson 26,100 1,348,326
Respironics, Inc. * 7,600 342,684
-----------
7,533,074
HEALTHCARE SERVICES - 2.65%
Coventry Health Care, Inc. * 6,700 432,083
First Health Group Corp. * 33,300 648,018
Humana, Inc. * 104,800 2,394,680
UnitedHealth Group, Inc. 68,900 4,008,602
-----------
7,483,383
HOMEBUILDERS - 0.41%
M.D.C. Holdings, Inc. 4,000 258,000
Ryland Group, Inc. 5,100 452,064
Toll Brothers, Inc. * (a) 11,400 453,264
-----------
1,163,328
HOTELS & RESTAURANTS - 0.94%
Brinker International, Inc. * 10,100 334,916
CBRL Group, Inc. 49,700 1,901,522
Yum! Brands, Inc. * 12,200 419,680
-----------
2,656,118
HOUSEHOLD APPLIANCES - 0.42%
Whirlpool Corp. 16,200 1,176,930
-----------
INDUSTRIAL MACHINERY - 1.66%
Caterpillar, Inc. 40,500 3,362,310
Deere & Company * 20,300 1,320,515
-----------
4,682,825
INSURANCE - 2.79%
American International Group, Inc. 18,000 1,193,040
Fidelity National Financial, Inc. 17,175 666,047
Progressive Corp. 21,300 1,780,467
Prudential Financial, Inc. 23,400 977,418
W.R. Berkley Corp. 93,150 3,255,592
-----------
7,872,564
INTERNATIONAL OIL - 0.17%
ConocoPhillips 7,400 485,218
-----------
INTERNET CONTENT - 0.38%
Yahoo!, Inc. * 24,000 1,084,080
-----------
INTERNET RETAIL - 0.12%
eBay, Inc. * 5,200 335,868
-----------
INTERNET SOFTWARE - 0.75%
Cisco Systems, Inc. * 87,200 2,118,088
-----------
LEISURE TIME - 0.73%
Blockbuster, Inc., Class A (a) 102,300 1,836,285
Regal Entertainment Group, Class A (a) 11,700 240,084
-----------
2,076,369
LIFE SCIENCES - 0.09%
PerkinElmer, Inc. * 14,300 244,101
-----------
MANUFACTURING - 3.15%
3M Company 62,100 5,280,363
Carlisle Companies, Inc. 13,100 797,266
Eaton Corp. 26,100 2,818,278
-----------
8,895,907
MEDICAL-HOSPITALS - 0.27%
AmSurg Corp. * (a) 12,800 484,992
Manor Care, Inc. 7,700 266,189
-----------
751,181
METAL & METAL PRODUCTS - 0.19%
Crown Holdings, Inc. * 60,600 549,036
-----------
OFFICE FURNISHINGS & SUPPLIES - 0.06%
HON Industries, Inc. 4,000 173,280
-----------
The accompanying notes are an integral part of the financial statements.
136
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- ------------
PETROLEUM SERVICES - 2.77%
ChevronTexaco Corp. 51,100 $ 4,414,529
Exxon Mobil Corp. 71,600 2,935,600
Veritas DGC, Inc. * (a) 45,300 474,744
------------
7,824,873
PHARMACEUTICALS - 5.90%
Abbott Laboratories 20,600 959,960
Adolor Corp. * 24,200 484,484
Allergan, Inc. 25,300 1,943,293
Endo Pharmaceutical Holdings, Inc. * 100,700 1,939,482
Gilead Sciences, Inc. * 35,400 2,058,156
Merck & Company, Inc. 93,300 4,310,460
Mylan Laboratories, Inc. 45,150 1,140,489
Pfizer, Inc. 96,800 3,419,944
Pharmaceutical Resources, Inc. * 100 6,515
Watson Pharmaceuticals, Inc. * 8,800 404,800
------------
16,667,583
PHOTOGRAPHY - 0.72%
Eastman Kodak Company 79,600 2,043,332
------------
PUBLISHING - 0.51%
McGraw-Hill Companies, Inc. 20,800 1,454,336
------------
REAL ESTATE - 0.78%
Annaly Mortgage Management, Inc., REIT 14,000 257,600
Anworth Mortgage Asset Corp., REIT (a) 26,800 373,324
Equity Office Properties Trust, REIT 29,600 848,040
Equity Residential, REIT * 8,200 241,982
Kimco Realty Corp., REIT 5,500 246,125
Simon Property Group, Inc., REIT 5,100 236,334
------------
2,203,405
RETAIL GROCERY - 1.38%
SUPERVALU, Inc. 14,000 400,260
Sysco Corp. 94,200 3,507,066
------------
3,907,326
RETAIL TRADE - 3.14%
Chico's FAS, Inc. * 53,600 1,980,520
Claire's Stores, Inc. 125,200 2,358,768
PETsMART, Inc. 45,600 1,085,280
RadioShack Corp. 13,500 414,180
The Gap, Inc. * 68,600 1,592,206
Wal-Mart Stores, Inc. 27,100 1,437,655
------------
8,868,609
SEMICONDUCTORS - 4.85%
Cree, Inc. * (a) 61,600 1,089,704
Intel Corp. 208,900 6,726,580
International Rectifier Corp. * 8,600 424,926
MEMC Electronic Materials, Inc. * (a) 82,800 796,536
Silicon Laboratories, Inc. * 16,100 695,842
Texas Instruments, Inc. 62,500 1,836,250
Xilinx, Inc. * 54,700 2,119,078
------------
13,688,916
SOFTWARE - 2.82%
CCC Information Services Group, Inc. * 19,500 329,550
Electronic Arts, Inc. * 54,200 2,589,676
Microsoft Corp. 149,300 4,111,722
Oracle Corp. * 70,900 935,880
------------
7,966,828
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.38%
Avaya, Inc. * 80,700 1,044,258
QUALCOMM, Inc. 52,800 2,847,504
------------
3,891,762
TELEPHONE - 2.97%
BellSouth Corp. 89,300 2,527,190
Sprint Corp. (FON Group) 130,600 2,144,452
Verizon Communications, Inc. * 106,100 3,721,988
------------
8,393,630
TOYS, AMUSEMENTS & SPORTING GOODS - 0.27%
Marval Enterprises, Inc. * (a) 25,800 751,038
------------
TRUCKING & FREIGHT - 2.93%
Hunt (JB) Transport Services, Inc. * 43,800 1,183,038
Ryder Systems, Inc. 96,300 3,288,645
Swift Transportation, Inc. * 100,900 2,120,918
Werner Enterprises, Inc. (a) 87,150 1,698,554
------------
8,291,155
TOTAL COMMON STOCK
(Cost: $223,594,349) $256,521,741
------------
PREFERRED STOCK - 0.18%
BROADCASTING - 0.18%
The News Corp., Ltd., ADR 16,232 491,018
------------
TOTAL PREFERRED STOCK
(Cost: $472,331) $ 491,018
------------
PRINCIPAL
AMOUNT VALUE
---------- ------------
SHORT TERM INVESTMENTS - 3.20%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $ 7,899,277 $ 7,899,277
United States Treasury Bills
0.89% due 01/29/2004 **** 1,145,000 1,144,232
------------
$ 9,043,509
REPURCHASE AGREEMENTS - 5.81%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at
0.40%, to be repurchased at
$16,421,365 on 01/02/2004,
collateralized by $13,070,000 U.S.
Treasury Bonds,7.500% due
11/15/2016 (valued at
$16,753,400, including interest). $16,421,000 $ 16,421,000
------------
TOTAL INVESTMENTS (ALL CAP CORE TRUST)
(Cost: $249,531,189) $282,477,268
============
LARGE CAP GROWTH TRUST
SHARES VALUE
------- ----------
COMMON STOCK - 93.90%
AEROSPACE - 0.46%
The Boeing Company * 57,500 $2,423,050
----------
AGRICULTURE - 0.81%
Monsanto Company 145,800 4,196,124
----------
AIR TRAVEL - 0.56%
Southwest Airlines Company * 181,800 2,934,252
----------
The accompanying notes are an integral part of the financial statements.
137
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- -----------
APPAREL & TEXTILES - 1.56%
Coach, Inc. * 66,700 $ 2,517,925
NIKE, Inc., Class B 53,800 3,683,148
Polo Ralph Lauren Corp., Class A 67,300 1,938,240
-----------
8,139,313
BANKING - 4.71%
Bank of America Corp. 91,200 7,335,216
Bank of New York Company, Inc. * 134,000 4,438,080
Bank One Corp. 165,400 7,540,586
Wachovia Corp. 46,600 2,171,094
Wells Fargo & Company 51,000 3,003,390
-----------
24,488,366
BIOTECHNOLOGY - 3.21%
Amgen, Inc. * 118,600 7,329,480
Cephalon, Inc. * (a) 55,200 2,672,232
Genzyme Corp. * 45,600 2,249,904
Millennium Pharmaceuticals, Inc. * 111,700 2,085,439
Neurocrine Biosciences, Inc. * 11,800 643,572
Protein Design Labs, Inc. * (a) 95,900 1,716,610
-----------
16,697,237
BROADCASTING - 2.80%
Belo Corp., Class A 114,900 3,256,266
Citadel Broadcasting Corp. * 60,000 1,342,200
Societe Television Francaise 1 * (a) 61,400 2,141,351
Univision Communications, Inc., Class A * 59,800 2,373,462
Viacom, Inc., Class B 123,351 5,474,318
-----------
14,587,597
BUILDING MATERIALS & CONSTRUCTION - 0.62%
American Standard Companies, Inc. * 31,900 3,212,330
-----------
BUSINESS SERVICES - 0.42%
Ceridian Corp. * 66,900 1,400,886
Charles Schwab Corp. 64,900 768,416
-----------
2,169,302
CABLE AND TELEVISION - 3.97%
British Sky Broadcasting Group
PLC-ADR * 76,475 3,895,636
Comcast Corp.-Special Class A * 170,900 5,345,752
Time Warner, Inc. * 633,700 11,400,263
-----------
20,641,651
CELLULAR COMMUNICATIONS - 1.00%
Nextel Communications, Inc., Class A * 112,600 3,159,556
Vodafone Group PLC, ADR (a) 82,900 2,075,816
-----------
5,235,372
CHEMICALS - 0.71%
Dow Chemical Company * 89,300 3,712,201
-----------
COMPUTERS & BUSINESS EQUIPMENT - 5.15%
Dell, Inc. * 295,800 10,045,368
EMC Corp. * 274,700 3,549,124
Hewlett-Packard Company * 172,600 3,964,622
International Business Machines Corp. 79,900 7,405,132
Storage Technology Corp. * 71,700 1,846,275
-----------
26,810,521
CONSTRUCTION MATERIALS - 0.29%
Sherwin-Williams Company 43,300 1,504,242
-----------
CONSTRUCTION & MINING EQUIPMENT - 0.27%
Rowan Companies, Inc. * 60,600 1,404,102
-----------
COSMETICS & TOILETRIES - 2.73%
Alberto Culver Company, Class B 72,200 4,554,376
The Gillette Company * 144,200 5,296,466
The Procter & Gamble Company 43,400 4,334,792
-----------
14,185,634
ELECTRICAL EQUIPMENT - 2.60%
General Electric Company 436,700 13,528,966
-----------
ELECTRIC UTILITIES - 0.30%
Allegheny Energy, Inc. * (a) 122,100 1,557,996
-----------
ELECTRONICS - 0.83%
Samsung Electronic * 7,300 1,372,400
Solectron Corp. * 316,000 1,867,560
Vishay Intertechnology, Inc. * (a) 47,100 1,078,590
-----------
4,318,550
FINANCIAL SERVICES - 7.70%
Aeon Credit Service Company, Ltd. * 30,300 1,292,491
American Express Company, 135,200 6,520,696
Ameritrade Holding Corp. * 70,400 990,528
Citigroup, Inc. 277,466 13,468,200
Credit Saison Company, Ltd. * 61,800 1,395,958
Deutsche Boerse AG * 13,555 740,358
Federal National Mortgage Association 23,700 1,778,922
Legg Mason, Inc. 32,800 2,531,504
MBNA Corp. 139,900 3,476,515
Morgan Stanley 136,200 7,881,894
-----------
40,077,066
FOOD & BEVERAGES - 2.10%
Dean Foods Company * 27,250 895,707
Kellogg Company 39,600 1,507,968
PepsiCo, Inc. 58,300 2,717,946
The Coca-Cola Company 114,000 5,785,500
-----------
10,907,121
HEALTHCARE PRODUCTS - 3.25%
Boston Scientific Corp. * 63,200 2,323,232
Johnson & Johnson 90,100 4,654,566
Medtronic, Inc. 101,400 4,929,054
St. Jude Medical, Inc. * 38,400 2,355,840
Stryker Corp. 31,000 2,635,310
-----------
16,898,002
HOTELS & RESTAURANTS - 0.66%
CBRL Group, Inc. 32,100 1,228,146
Hilton Group PLC * 547,247 2,195,502
-----------
3,423,648
INDUSTRIAL MACHINERY - 2.12%
Caterpillar, Inc. 96,700 8,028,034
Graco, Inc. 75,650 3,033,565
-----------
11,061,599
INSURANCE - 1.23%
AFLAC, Inc. 52,400 1,895,832
American International Group, Inc. 55,156 3,655,740
Principal Financial Group, Inc. 25,400 839,978
-----------
6,391,550
INTERNET CONTENT - 1.03%
CNET Networks, Inc. * (a) 154,612 1,054,454
Yahoo!, Inc. * 94,900 4,286,633
-----------
5,341,087
The accompanying notes are an integral part of the financial statements.
138
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
INTERNET RETAIL - 0.75%
Amazon.com, Inc. * 35,900 $ 1,889,776
eBay, Inc. * 30,900 1,995,831
------------
3,885,607
INTERNET SOFTWARE - 2.94%
Cisco Systems, Inc. * 543,680 13,205,987
Juniper Networks, Inc. * (a) 111,400 2,080,952
------------
15,286,939
LEISURE TIME - 2.74%
Carnival Corp. 55,419 2,201,797
Pixar, Inc. * (a) 18,800 1,302,652
The Walt Disney Company * 462,257 10,784,456
------------
14,288,905
MANUFACTURING - 2.10%
3M Company 56,900 4,838,207
Tyco International, Ltd. * 230,100 6,097,650
------------
10,935,857
METAL & METAL PRODUCTS - 0.32%
Precision Castparts Corp. 36,700 1,666,547
------------
NEWSPAPERS - 0.36%
Dow Jones & Company, Inc. 37,500 1,869,375
------------
PETROLEUM SERVICES - 3.74%
ChevronTexaco Corp. 52,900 4,570,031
Exxon Mobil Corp. 187,700 7,695,700
Schlumberger, Ltd. * 103,000 5,636,160
Tidewater, Inc. 52,600 1,571,688
------------
19,473,579
PHARMACEUTICALS - 8.70%
Allergan, Inc. 42,500 3,264,425
AstraZeneca PLC, ADR (a) 53,600 2,593,168
Bristol-Myers Squibb Company * 105,400 3,014,440
Eli Lilly & Company 65,300 4,592,549
Forest Laboratories, Inc. * 55,000 3,399,000
Medicis Pharmaceutical Corp., Class A (a) 28,500 2,032,050
Merck & Company, Inc. 170,400 7,872,480
Pfizer, Inc. 309,322 10,928,346
Roche Holding AG-Genusschein * 23,470 2,366,348
Schering-Plough Corp. 154,200 2,681,538
Wyeth 59,000 2,504,550
------------
45,248,894
PHOTOGRAPHY - 0.28%
Konica Minolta Holdings, Inc. * 107,000 1,439,184
------------
PUBLISHING - 1.13%
News Corp., Ltd., ADR (a) 41,400 1,494,540
Tribune Company 85,400 4,406,640
------------
5,901,180
RAILROADS & EQUIPMENT - 0.55%
Union Pacific Corp. 41,300 2,869,524
------------
RETAIL GROCERY - 0.32%
Safeway, Inc. * 76,800 1,682,688
------------
RETAIL TRADE - 3.80%
Home Depot, Inc. 93,100 3,304,119
Lowe's Companies, Inc. 71,100 3,938,229
The Gap, Inc. * 185,800 4,312,418
Wal-Mart Stores, Inc. 155,100 8,228,055
------------
19,782,821
SANITARY SERVICES - 0.26%
Waste Management, Inc. 45,200 1,337,920
------------
SEMICONDUCTORS - 6.52%
Altera Corp. * 74,700 1,695,690
Amkor Technology, Inc. * 35,600 648,276
Analog Devices, Inc. 74,900 3,419,185
Applied Materials, Inc. * 93,200 2,092,340
Intel Corp. 358,000 11,527,600
KLA-Tencor Corp. * 23,200 1,361,144
Marvell Technology Group, Ltd. * 47,100 1,786,503
Micrel, Inc. * (a) 83,800 1,305,604
Texas Instruments, Inc. 282,000 8,285,160
Tokyo Electron, Ltd. * 23,600 1,793,102
------------
33,914,604
SOFTWARE - 4.48%
Adobe Systems, Inc. 27,400 1,076,820
Ascential Software Corp. * 51,500 1,335,395
Microsoft Corp. 631,300 17,386,002
Oracle Corp. * 264,900 3,496,680
------------
23,294,897
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.58%
CIENA Corp. * 326,000 2,164,640
Motorola, Inc. * 201,600 2,836,512
SBC Communications, Inc. 86,500 2,255,055
UTStarcom, Inc. * (a) 25,500 945,285
------------
8,201,492
TELEPHONE - 1.08%
Verizon Communications, Inc. * 160,200 5,619,816
------------
TOBACCO - 0.76%
Altria Group, Inc. 72,430 3,941,642
------------
TRUCKING & FREIGHT - 0.40%
Fedex Corp. 31,000 2,092,500
------------
TOTAL COMMON STOCK
(Cost: $424,700,177) $488,580,850
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 3.86%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $ 20,069,219 $ 20,069,219
------------
REPURCHASE AGREEMENTS - 2.24%
Repurchase Agreement with State Street Corp.,
dated 12/31/2003 at 0.50%, to be
repurchased at $11,646,324 on 01/02/2004,
collateralized by $11,750,000 U.S.
Treasury Notes, 2.125% due 10/31/2004
(valued at $11,882,188, including
interest). $ 11,646,000 $ 11,646,000
------------
TOTAL INVESTMENTS (LARGE CAP GROWTH
TRUST) (Cost: $456,415,396) $520,296,069
============
The accompanying notes are an integral part of the financial statements.
139
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
QUANTITATIVE EQUITY TRUST
SHARES VALUE
------ -----
COMMON STOCK - 92.81%
AEROSPACE - 4.02%
Lockheed Martin Corp. 84,100 $ 4,322,740
Raytheon Company * 61,800 1,856,472
United Technologies Corp. 57,700 5,468,229
-----------
11,647,441
AUTOMOBILES - 1.15%
General Motors Corp. (a) 62,700 3,348,180
-----------
BANKING - 7.34%
Bank of America Corp. 86,900 6,989,367
Bank One Corp. 93,600 4,267,224
Doral Financial Corp. 77,000 2,485,560
National City Corp. 67,500 2,290,950
Wells Fargo & Company 88,800 5,229,432
-----------
21,262,533
BIOTECHNOLOGY - 1.73%
Amgen, Inc. * 81,200 5,018,160
-----------
BROADCASTING - 1.03%
Fox Entertainment Group, Inc., Class A * (a) 102,300 2,982,045
-----------
BUILDING MATERIALS & CONSTRUCTION - 0.82%
RPM International, Inc. 144,000 2,370,240
-----------
BUSINESS SERVICES - 1.77%
Cadence Design Systems, Inc. * 75,100 1,350,298
Cendant Corp. * 68,700 1,529,949
First Data Corp. * (a) 54,800 2,251,732
-----------
5,131,979
CELLULAR COMMUNICATIONS - 0.92%
Vodafone Group PLC, ADR 106,900 2,676,776
-----------
COMPUTERS & BUSINESS EQUIPMENT - 1.50%
Hewlett-Packard Company * 189,600 4,355,112
-----------
COSMETICS & TOILETRIES - 3.33%
Avon Products, Inc. 49,000 3,307,010
The Procter & Gamble Company 63,600 6,352,368
-----------
9,659,378
CRUDE PETROLEUM & NATURAL GAS - 1.17%
Anadarko Petroleum Corp. (a) 66,600 3,397,266
-----------
ELECTRICAL EQUIPMENT - 1.52%
General Electric Company 142,400 4,411,552
-----------
ELECTRIC UTILITIES - 2.60%
Dominion Resources, Inc. 59,300 3,785,119
Entergy Corp. 65,700 3,753,441
-----------
7,538,560
FINANCIAL SERVICES - 6.83%
American Express Company, 56,500 2,724,995
Bear Stearns Companies, Inc. (a) 34,400 2,750,280
Citigroup, Inc. 175,900 8,538,186
Federal National Mortgage Association 76,900 5,772,114
-----------
19,785,575
FOOD & BEVERAGES - 2.44%
General Mills, Inc. * 75,500 3,420,150
Kellogg Company 78,700 2,996,896
PepsiCo, Inc. 13,900 648,018
-----------
7,065,064
HEALTHCARE PRODUCTS - 2.80%
Guidant Corp. 49,200 2,961,840
Johnson & Johnson 37,000 1,911,420
Stryker Corp. 38,200 3,247,382
-----------
8,120,642
HEALTHCARE SERVICES - 1.26%
McKesson Corp. * 113,300 3,643,728
-----------
HOMEBUILDERS - 0.49%
KB HOME (a) 19,600 1,421,392
-----------
HOTELS & RESTAURANTS - 1.89%
Marriott International, Inc., Class A 74,200 3,428,040
McDonald's Corp. 82,500 2,048,475
-----------
5,476,515
HOUSEHOLD PRODUCTS - 0.65%
Newell Rubbermaid, Inc. 83,300 1,896,741
-----------
INSURANCE - 6.61%
Aetna, Inc. 40,700 2,750,506
AFLAC, Inc. 75,100 2,717,118
CIGNA Corp. * 61,600 3,542,000
RenaissanceRe Holdings, Ltd. 99,200 4,865,760
W.R. Berkley Corp. 151,200 5,284,440
-----------
19,159,824
INTERNATIONAL OIL - 1.69%
ConocoPhillips 74,800 4,904,636
-----------
INTERNET SOFTWARE - 2.77%
Cisco Systems, Inc. * 263,300 6,395,557
Symantec Corp. * 47,300 1,638,945
-----------
8,034,502
LEISURE TIME - 1.19%
The Walt Disney Company * 147,700 3,445,841
-----------
MANUFACTURING - 1.70%
Tyco International, Ltd. * 186,200 4,934,300
-----------
PAPER - 1.12%
Georgia-Pacific Corp. 105,500 3,235,685
-----------
PETROLEUM SERVICES - 4.12%
Baker Hughes, Inc. 92,600 2,978,016
Exxon Mobil Corp. 53,400 2,189,400
Halliburton Company 114,500 2,977,000
Valero Energy Corp. 81,900 3,795,246
-----------
11,939,662
PHARMACEUTICALS - 6.42%
Abbott Laboratories 96,000 4,473,600
Pfizer, Inc. 244,200 8,627,586
Wyeth 129,900 5,514,255
-----------
18,615,441
The accompanying notes are an integral part of the financial statements.
140
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
PUBLISHING - 1.20%
McGraw-Hill Companies, Inc. 49,700 $ 3,475,024
------------
RETAIL TRADE - 7.46%
Bed Bath & Beyond, Inc. * 145,700 6,316,095
Costco Wholesale Corp. * 101,000 3,755,180
CVS Corp. 61,400 2,217,768
Home Depot, Inc. 126,600 4,493,034
The Gap, Inc. * (a) 116,900 2,713,249
Wal-Mart Stores, Inc. 40,000 2,122,000
------------
21,617,326
SEMICONDUCTORS - 5.45%
Altera Corp. * 104,400 2,369,880
Applied Micro Circuits Corp. * 369,000 2,206,620
Intel Corp. 68,100 2,192,820
Linear Technology Corp. 96,600 4,063,962
Microchip Technology, Inc. 40,400 1,347,744
QLogic Corp. * 37,400 1,929,840
Xilinx, Inc. * 43,400 1,681,316
------------
15,792,182
SOFTWARE - 4.24%
BEA Systems, Inc. * (a) 117,400 1,444,020
Microsoft Corp. 393,400 10,834,236
------------
12,278,256
TELEPHONE - 0.91%
ALLTEL Corp. 56,500 2,631,770
------------
TOBACCO - 1.54%
Altria Group, Inc. 82,300 4,478,766
------------
TRUCKING & FREIGHT - 1.13%
CNF, Inc. 96,500 3,271,350
------------
TOTAL COMMON STOCK
(Cost: $243,798,394) $269,023,444
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 5.99%
State Street Navigator
Securities Lending Prime
Portfolio, 1.06% (b) $ 14,673,806 $ 14,673,806
Federal National Mortgage
Association Discount Notes,
1.06% due 02/18/2004 2,700,000 2,696,184
------------
$ 17,369,990
REPURCHASE AGREEMENTS - 1.20%
Repurchase Agreement with
State Street Corp., dated
12/31/2003 at 0.70%, to be
repurchased at $3,465,135
on 01/02/2004,
collateralized by
$2,475,000 U.S. Treasury
Bonds, 8.50% due 02/15/2020
(valued at $3,534,609,
including interest) $ 3,465,000 $ 3,465,000
------------
TOTAL INVESTMENTS (QUANTITATIVE EQUITY
TRUST) (Cost: $264,633,384) $289,858,434
============
BLUE CHIP GROWTH TRUST
SHARES VALUE
------ -----
COMMON STOCK - 92.96%
ADVERTISING - 0.59%
Omnicom Group, Inc. * 108,300 $ 9,457,839
-----------
AEROSPACE - 0.63%
General Dynamics Corp. 56,700 5,125,113
Honeywell International, Inc. 20,900 698,687
Lockheed Martin Corp. 83,100 4,271,340
-----------
10,095,140
ALUMINUM - 0.42%
Alcoa, Inc. 177,000 6,726,000
-----------
BANKING - 3.92%
Bank of America Corp. 189,500 15,241,485
Bank of New York Company, Inc. * 208,900 6,918,768
Northern Trust Corp. 233,400 10,834,428
US Bancorp 498,400 14,842,352
Wells Fargo & Company 249,400 14,687,166
-----------
62,524,199
BIOTECHNOLOGY - 1.77%
Amgen, Inc. * 325,400 20,109,720
Genentech, Inc. * 64,400 6,025,908
MedImmune, Inc. * 83,300 2,115,820
-----------
28,251,448
BROADCASTING - 3.72%
Clear Channel Communications, Inc. 458,100 21,452,823
Univision Communications, Inc., Class A * (a) 323,200 12,827,808
Viacom, Inc., Class B 565,884 25,113,932
-----------
59,394,563
BUSINESS SERVICES - 4.57%
Accenture, Ltd., Class A * 306,300 8,061,816
Affiliated Computer Services, Inc.,
Class A *, 207,700 11,311,342
ARAMARK Corp., Class B 10,400 285,168
Cendant Corp. * 317,800 7,077,406
Charles Schwab Corp. 543,400 6,433,856
ChoicePoint, Inc. * 72,400 2,757,716
First Data Corp. * (a) 520,100 21,370,909
Fiserv, Inc. * 226,300 8,941,113
Paychex, Inc. 83,500 3,106,200
SunGuard Data Systems, Inc. * 126,100 3,494,231
-----------
72,839,757
CABLE AND TELEVISION - 2.56%
Comcast Corp.-Special Class A * 537,900 16,825,512
EchoStar Communications Corp., Class A * 339,400 11,539,600
Time Warner, Inc. * 696,200 12,524,638
-----------
40,889,750
CELLULAR COMMUNICATIONS - 3.26%
Nextel Communications, Inc., Class A * 768,700 21,569,722
Vodafone Group PLC, ADR (a) 1,214,750 30,417,340
-----------
51,987,062
COLLEGES & UNIVERSITIES - 1.06%
Apollo Group, Inc., Class A * 248,100 16,870,800
-----------
The accompanying notes are an integral part of the financial statements.
141
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
COMPUTERS & BUSINESS EQUIPMENT - 1.93%
Dell, Inc. * 603,600 $ 20,498,256
EMC Corp. * 20,900 270,028
International Business Machines Corp. 20,800 1,927,744
Lexmark International, Inc. * 95,800 7,533,712
Research In Motion, Ltd.* 8,400 561,372
------------
30,791,112
COSMETICS & TOILETRIES - 0.71%
Estee Lauder Companies, Inc., Class A 84,000 3,297,840
The Gillette Company * 103,900 3,816,247
The Procter & Gamble Company 41,600 4,155,008
------------
11,269,095
ELECTRICAL EQUIPMENT - 1.64%
General Electric Company 845,100 26,181,198
------------
ELECTRONICS - 0.09%
Synopsys, Inc. * 41,500 1,401,040
------------
FINANCIAL SERVICES - 13.03%
American Express Company 226,600 10,928,918
Citigroup, Inc. 1,221,296 59,281,708
Federal Home Loan Mortgage Corp. 62,300 3,633,336
Federal National Mortgage Association 270,400 20,296,224
Franklin Resources, Inc. 179,000 9,318,740
Legg Mason, Inc. (a) 90,500 6,984,790
Mellon Financial Corp. 479,300 15,390,323
Merrill Lynch & Company, Inc. 323,100 18,949,815
Morgan Stanley 264,800 15,323,976
SLM Corp. 320,000 12,057,600
State Street Corp. (b) 417,100 21,722,568
The Goldman Sachs Group, Inc. 140,500 13,871,565
------------
207,759,563
FOOD & BEVERAGES - 2.19%
General Mills, Inc. * 20,800 942,240
PepsiCo, Inc. 239,270 11,154,768
Starbucks Corp. * 211,100 6,978,966
The Coca-Cola Company 311,400 15,803,550
------------
34,879,524
HEALTHCARE PRODUCTS - 2.71%
Boston Scientific Corp. * 229,600 8,440,096
Guidant Corp. 27,000 1,625,400
Johnson & Johnson 312,100 16,123,086
Medtronic, Inc. 258,300 12,555,963
Stryker Corp. 51,700 4,395,017
------------
43,139,562
HEALTHCARE SERVICES - 4.30%
Medco Health Solutions, Inc. * 83,200 2,827,968
UnitedHealth Group, Inc. 804,100 46,782,538
Wellpoint Health Networks, Inc., Class A * 195,600 18,971,244
------------
68,581,750
HOTELS & RESTAURANTS - 0.53%
McDonald's Corp. 226,600 5,626,478
MGM Mirage * 73,000 2,745,530
------------
8,372,008
INDUSTRIAL MACHINERY - 0.35%
Deere & Company * 86,700 5,639,835
------------
INSURANCE - 4.35%
Ambac Financial Group, Inc. 10,400 721,656
American International Group, Inc. 488,627 32,386,198
Anthem, Inc. * (a) 21,200 1,590,000
Hartford Financial Services Group, Inc. 201,500 11,894,545
Marsh & McLennan Companies, Inc. 270,400 12,949,456
Travelers Property Casualty Corp., Class A 587,857 9,864,240
------------
69,406,095
INTERNET CONTENT - 0.64%
Yahoo!, Inc. * 227,100 10,258,107
------------
INTERNET RETAIL - 1.24%
eBay, Inc. * 133,000 8,590,470
InterActiveCorp * 328,100 11,132,433
------------
19,722,903
INTERNET SOFTWARE - 2.48%
Cisco Systems, Inc. * 1,383,600 33,607,644
Symantec Corp. * (a) 170,900 5,921,685
------------
39,529,329
LEISURE TIME - 2.01%
Carnival Corp. 309,300 12,288,489
International Game Technology 419,200 14,965,440
The Walt Disney Company * 208,300 4,859,639
------------
32,113,568
MANUFACTURING - 3.42%
3M Company 46,000 3,911,380
Danaher Corp. * (a) 287,800 26,405,650
Illinois Tool Works, Inc. 23,300 1,955,103
Tyco International, Ltd. * 841,296 22,294,344
------------
54,566,477
MINING - 0.13%
BHP Billiton, Ltd. * 225,800 2,072,497
------------
NEWSPAPERS - 0.71%
E.W. Scripps Company, Class A 112,600 10,600,164
Washington Post Company, Class B 833 659,236
------------
11,259,400
PETROLEUM SERVICES - 2.63%
Baker Hughes, Inc. 380,200 12,227,232
BJ Services Company * 164,000 5,887,600
Schlumberger, Ltd. * 271,200 14,840,064
Smith International, Inc. * 214,600 8,910,192
------------
41,865,088
PHARMACEUTICALS - 7.17%
Abbott Laboratories 240,200 11,193,320
Cardinal Health, Inc. 62,300 3,810,268
Eli Lilly & Company 126,900 8,924,877
Forest Laboratories, Inc. * 245,700 15,184,260
Gilead Sciences, Inc. * 164,500 9,564,030
Pfizer, Inc. 1,563,391 55,234,604
Teva Pharmaceutical Industries, Ltd., ADR 27,000 1,531,170
Wyeth 207,700 8,816,865
------------
114,259,394
RETAIL GROCERY - 0.58%
Sysco Corp. 246,800 9,188,364
------------
The accompanying notes are an integral part of the financial statements.
142
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
----------- --------------
RETAIL TRADE - 4.47%
Best Buy Company, Inc. 182,900 $ 9,554,696
Family Dollar Stores, Inc. 10,400 373,152
Home Depot, Inc. 646,200 22,933,638
Target Corp. 459,400 17,640,960
The TJX Companies, Inc. 20,800 458,640
Wal-Mart Stores, Inc. 339,100 17,989,255
Walgreen Company 62,400 2,270,112
--------------
71,220,453
SANITARY SERVICES - 0.13%
Waste Management, Inc. 71,600 2,119,360
--------------
SEMICONDUCTORS - 5.49%
Analog Devices, Inc. 325,800 14,872,770
Applied Materials, Inc. * 457,900 10,279,855
ASML Holding NV * (a) 143,200 2,871,160
Intel Corp. 508,800 16,383,360
Maxim Integrated Products, Inc. 379,100 18,879,180
Microchip Technology, Inc. 127,800 4,263,408
QLogic Corp. * (a) 83,500 4,308,600
Texas Instruments, Inc. 308,000 9,049,040
Xilinx, Inc. * 170,700 6,612,918
--------------
87,520,291
SOFTWARE - 4.64%
Adobe Systems, Inc. (a) 176,800 6,948,240
Intuit, Inc. * 271,000 14,338,610
Microsoft Corp. 1,656,900 45,631,026
Oracle Corp. * 20,800 274,560
Siebel Systems, Inc. * 287,200 3,983,464
VERITAS Software Corp. * 77,025 2,862,249
--------------
74,038,149
STEEL - 0.12%
Nucor Corp. (a) 33,300 1,864,800
--------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.64%
Nokia Oyj, ADR 335,200 5,698,400
NTL, Inc. * 10,400 725,400
QUALCOMM, Inc. 70,600 3,807,458
--------------
10,231,258
TOBACCO - 0.55%
Altria Group, Inc. 159,900 8,701,758
--------------
TRANSPORTATION - 0.96%
Harley-Davidson, Inc. 321,500 15,280,894
--------------
TRUCKING & FREIGHT - 0.62%
United Parcel Service, Inc., Class B 133,100 9,922,605
--------------
TOTAL COMMON STOCK
(Cost: $1,324,933,359) $1,482,192,035
--------------
PRINCIPAL
AMOUNT VALUE
------------ --------------
SHORT TERM INVESTMENTS - 7.00%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $100,351,928 $ 100,351,928
T. Rowe Price Reserve Investment
Fund (c) 11,308,760 11,308,760
--------------
$ 111,660,688
REPURCHASE AGREEMENTS - 0.04%
Repurchase Agreement with State
Street Corp., dated 12/31/2003
at 0.40%, to be repurchased at
$679,015 on 01/02/2004,
collateralized by $475,000
U.S. Treasury Bonds, 9.250%
due 02/15/2016 (valued at
$697,656, including interest). $ 679,000 $ 679,000
--------------
TOTAL INVESTMENTS (BLUE CHIP GROWTH
TRUST) (Cost: $1,437,273,047) $1,594,531,723
==============
U.S. LARGE CAP TRUST
SHARES VALUE
---------- --------------
COMMON STOCK - 86.18%
ADVERTISING - 0.49%
Monster Worldwide, Inc. * (a) 78,900 $ 1,732,644
The Interpublic Group of
Companies, Inc. 85,000 1,326,000
--------------
3,058,644
AEROSPACE - 1.75%
Northrop Grumman Corp. 32,591 3,115,700
United Technologies Corp. 82,300 7,799,571
--------------
10,915,271
AUTO SERVICES - 0.37%
AutoNation, Inc. * 125,000 2,296,250
--------------
BANKING - 2.41%
Bank One Corp. 191,600 8,735,044
FleetBoston Financial Corp. * 25,900 1,130,535
Golden West Financial Corp. (a) 7,900 815,201
Wells Fargo & Company 74,100 4,363,749
--------------
15,044,529
BIOTECHNOLOGY - 2.25%
Amgen, Inc. * 117,400 7,255,320
Applera Corp.-Applied Biosystems 276,800 5,732,528
Group *
Biogen Idec, Inc. * 28,700 1,055,586
--------------
14,043,434
BROADCASTING - 0.74%
Entercom Communications Corp. * 7,700 407,792
Hughes Electronics Corp. * 120,436 1,993,216
Radio One, Inc., Class D * (a) 20,700 399,510
Viacom, Inc., Class B 41,500 1,841,770
--------------
4,642,288
BUILDING MATERIALS & CONSTRUCTION - 0.99%
American Standard Companies, Inc. * 61,300 6,172,910
--------------
The accompanying notes are an integral part of the financial statements.
143
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
----------- ---------------
BUSINESS SERVICES - 2.60%
Affiliated Computer Services, Inc., Class A *, 39,000 $ 2,123,940
Automatic Data Processing, Inc. 145,400 5,759,294
Cadence Design Systems, Inc. * 107,300 1,929,254
Fluor Corp. * (a) 128,800 5,105,632
Robert Half International, Inc. * 57,400 1,339,716
---------------
16,257,836
CABLE AND TELEVISION - 2.61%
Cablevision Systems New York Group,
Class A * (a) 175,947 4,115,400
Comcast Corp., Class A * 35,000 1,150,450
Cox Communications, Inc., Class A * 122,500 4,220,125
Time Warner, Inc. * 378,200 6,803,818
---------------
16,289,793
CELLULAR COMMUNICATIONS - 0.88%
Sprint Corp. (PCS Group) * 974,900 5,478,938
---------------
CHEMICALS - 1.45%
Air Products & Chemicals, Inc., 106,100 5,605,263
E.I. Du Pont De Nemours & Company 75,000 3,441,750
---------------
9,047,013
COMPUTERS & BUSINESS EQUIPMENT - 1.38%
International Business Machines Corp. 35,000 3,243,800
Lexmark International, Inc. * 21,900 1,722,216
Seagate Technology, Inc. 58,200 1,099,980
Sun Microsystems, Inc. * 574,900 2,581,301
---------------
8,647,297
COSMETICS & TOILETRIES - 0.91%
Estee Lauder Companies, Inc., Class A 63,000 2,473,380
Kimberly-Clark Corp. 14,000 827,260
The Procter & Gamble Company 23,900 2,387,132
---------------
5,687,772
CRUDE PETROLEUM & NATURAL GAS - 0.11%
Devon Energy Corp. 12,500 715,750
---------------
DOMESTIC OIL - 1.25%
Unocal Corp. * 212,100 7,811,643
---------------
ELECTRICAL EQUIPMENT - 1.99%
Emerson Electric Company 66,300 4,292,925
General Electric Company 262,700 8,138,446
---------------
12,431,371
ELECTRIC UTILITIES - 1.77%
Duke Energy Corp. * 172,900 3,535,805
Pinnacle West Capital Corp. 27,100 1,084,542
The AES Corp. * 679,300 6,412,592
---------------
11,032,939
ELECTRONICS - 1.19%
Agilent Technologies, Inc. * 202,804 5,929,989
Avnet, Inc. * 69,800 1,511,868
---------------
7,441,857
FINANCIAL SERVICES - 7.45%
Americredit Corp. * (a) 92,300 1,470,339
Federal Home Loan Mortgage Corp. 58,900 3,435,048
Federal National Mortgage Association 78,400 5,884,704
IndyMac Bancorp, Inc. 102,000 3,038,580
J.P. Morgan Chase & Company * 78,900 2,897,997
SLM Corp. 337,000 12,698,160
State Street Corp. (b) 72,900 3,796,632
The Goldman Sachs Group, Inc. 11,100 1,095,903
Washington Mutual, Inc. 304,800 12,228,576
---------------
46,545,939
FOOD & BEVERAGES - 3.38%
Anheuser-Busch Companies, Inc. 82,200 4,330,296
Campbell Soup Company * 166,100 4,451,480
H.J. Heinz Company 38,500 1,402,555
Kraft Foods, Inc., Class A (a) 66,100 2,129,742
PepsiCo, Inc. 72,300 3,370,626
The Pepsi Bottling Group, Inc. * 64,000 1,547,520
Unilever NV 60,000 3,894,000
---------------
21,126,219
GAS & PIPELINE UTILITIES - 1.26%
Kinder Morgan Management LLC * 108,489 4,660,687
NiSource, Inc. 87,100 1,910,974
Williams Companies, Inc. 133,500 1,310,970
---------------
7,882,631
HEALTHCARE PRODUCTS - 0.93%
Becton Dickinson & Company 47,800 1,966,492
Guidant Corp. 42,949 2,585,530
Medtronic, Inc. 26,400 1,283,304
---------------
5,835,326
HEALTHCARE SERVICES - 1.00%
Lincare Holdings, Inc. * 168,200 5,051,046
Pacificare Health Systems, Inc. * (a) 18,100 1,223,560
---------------
6,274,606
HOLDINGS COMPANIES/CONGLOMERATES - 1.27%
Berkshire Hathaway, Inc., Class A * 94 7,919,500
---------------
HOTELS & RESTAURANTS - 0.17%
Starwood Hotels & Resorts
Worldwide, Inc. * 30,400 1,093,488
---------------
INDUSTRIAL MACHINERY - 0.57%
Ingersoll-Rand Company, Class A 52,400 3,556,912
---------------
INSURANCE - 2.45%
American International Group, Inc. 35,987 2,385,218
Chubb Corp. 34,700 2,363,070
Hartford Financial Services Group, Inc. 42,900 2,532,387
The PMI Group, Inc. (a) 96,700 3,600,141
XL Capital, Ltd., Class A 56,800 4,404,840
---------------
15,285,656
INTERNATIONAL OIL - 1.59%
Royal Dutch Petroleum Company 122,300 6,407,297
Weatherford International, Ltd. * 97,500 3,510,000
---------------
9,917,297
INTERNET CONTENT - 0.27%
The Thomson Corp. 46,100 1,671,125
---------------
INTERNET RETAIL - 1.59%
eBay, Inc. * 78,000 5,038,020
InterActiveCorp * (a) 145,200 4,926,636
---------------
9,964,656
INTERNET SOFTWARE - 2.24%
Checkfree Corp. * (a) 101,400 2,803,710
Cisco Systems, Inc. * 363,500 8,829,415
VeriSign, Inc. * 143,600 2,340,680
---------------
13,973,805
The accompanying notes are an integral part of the financial statements.
144
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARE VALUE
----- -----
LEISURE TIME - 0.99%
Carnival Corp. 77,400 $ 3,075,102
The Walt Disney Company * 84,900 1,980,717
Vivendi Universal, ADR (a) 46,900 1,138,732
------------
6,194,551
MANUFACTURING - 0.67%
Illinois Tool Works, Inc. 27,000 2,265,570
Siemens AG, ADR * (a) 24,000 1,918,560
------------
4,184,130
MEDICAL-HOSPITALS - 0.26%
Triad Hospitals, Inc. * 48,000 1,596,960
------------
MINING - 0.24%
Newmont Mining Corp. 31,000 1,506,910
------------
NEWSPAPERS - 0.22%
Knight-Ridder, Inc. 17,600 1,361,712
------------
PAPER - 0.25%
Boise Cascade Corp. * (a) 11,500 377,890
International Paper Company 27,000 1,163,970
------------
1,541,860
PETROLEUM SERVICES - 4.06%
Baker Hughes, Inc. 86,900 2,794,704
BJ Services Company * 67,300 2,416,070
ChevronTexaco Corp. 20,100 1,736,439
Exxon Mobil Corp. 211,900 8,687,900
Schlumberger, Ltd. * 147,100 8,049,312
Transocean, Inc. * (a) 70,900 1,702,309
------------
25,386,734
PHARMACEUTICALS - 11.96%
Allergan, Inc. 183,900 14,125,359
AstraZeneca PLC, ADR (a) 557,600 26,976,688
Eli Lilly & Company 81,200 5,710,796
Forest Laboratories, Inc. * 333,300 20,597,940
Pfizer, Inc. 207,100 7,316,843
------------
74,727,626
RETAIL TRADE - 3.11%
Costco Wholesale Corp. * 134,500 5,000,710
Lowe's Companies, Inc. 166,700 9,233,513
RadioShack Corp. (a) 69,500 2,132,260
Williams-Sonoma, Inc. * 88,400 3,073,668
------------
19,440,151
SEMICONDUCTORS - 6.90%
Altera Corp. * 133,500 3,030,450
Applied Materials, Inc. * 459,600 10,318,020
Applied Micro Circuits Corp. * 197,300 1,179,854
ASML Holding NV * (a) 87,100 1,746,355
Credence Systems Corp. * 72,300 951,468
Intel Corp. 115,300 3,712,660
KLA-Tencor Corp. * 134,800 7,908,716
Lam Research Corp. * 72,000 2,325,600
Linear Technology Corp. 35,400 1,489,278
Novellus Systems, Inc. * 34,200 1,438,110
PMC-Sierra, Inc. * (a) 144,000 2,901,600
Teradyne, Inc. * 168,800 4,295,960
Xilinx, Inc. * 46,400 1,797,536
------------
43,095,607
SOFTWARE - 2.47%
Microsoft Corp. 277,300 7,636,842
PeopleSoft, Inc. * 207,900 4,740,120
SAP AG, ADR (a) 73,100 3,038,036
------------
15,414,998
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.71%
Polycom, Inc. * (a) 55,900 1,091,168
QUALCOMM, Inc. 177,400 9,567,182
------------
10,658,350
TELEPHONE - 2.23%
AT&T Corp. 145,740 2,958,522
Sprint Corp. (FON Group) 554,000 9,096,680
Verizon Communications, Inc. * 53,400 1,873,272
------------
13,928,474
TOBACCO - 1.04%
Altria Group, Inc. 119,200 6,486,864
------------
TRAVEL SERVICES - 0.28%
Sabre Holdings Corp. (a) 82,500 1,781,175
------------
TRUCKING & FREIGHT - 0.48%
Navistar International Corp. * 63,100 3,021,859
------------
TOTAL COMMON STOCK
(Cost: $445,409,947) $538,390,656
------------
PREFERRED STOCK - 0.27%
BROADCASTING - 0.06%
The News Corp., Ltd., ADR 13,470 407,468
------------
MINING - 0.21%
Phelps Dodge Corp. * (a) 7,700 1,302,840
------------
TOTAL PREFERRED STOCK
(Cost: $1,115,303) $ 1,710,308
------------
PRINCIPAL
AMOUNT VALUE
------ -----
CONVERTIBLE BONDS - 0.42%
INTERNET RETAIL - 0.42%
Amazon.com, Inc.,
4.75% due 02/01/2009 $ 2,628,000 $ 2,657,565
-----------
TOTAL CONVERTIBLE BONDS
(Cost: $1,868,339) $ 2,657,565
-----------
SHORT TERM INVESTMENTS - 10.59%
State Street Navigator Securities Lending Prime
Portfolio, 1.06% (b) $66,142,244 $66,142,244
-----------
The accompanying notes are an integral part of the financial statements.
145
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
REPURCHASE AGREEMENTS - 2.54%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at
0.40% to be repurchased at $15,849,352
on 01/02/2004, collateralized by
$11,010,000 U.S. Treasury Bonds, 9.25%
due 02/15/2016 (valued at $16,170,938,
including interest). $15,849,000 $ 15,849,000
------------
TOTAL INVESTMENTS (U.S. LARGE CAP
TRUST) (Cost: $530,384,833) $624,749,773
============
STRATEGIC VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCK - 95.59%
AEROSPACE - 1.61%
Lockheed Martin Corp. 45,940 $2,361,316
----------
ALUMINUM - 1.96%
Alcoa, Inc. 75,920 2,884,960
----------
BANKING - 1.06%
FleetBoston Financial Corp. * 35,670 1,556,996
----------
BROADCASTING - 3.63%
Viacom, Inc., Class B 120,080 5,329,150
----------
CABLE AND TELEVISION - 2.71%
Comcast Corp.-Special Class A * 127,240 3,980,067
----------
CELLULAR COMMUNICATIONS - 5.67%
AT&T Wireless Services, Inc. * 683,550 5,461,564
Telephone & Data Systems, Inc. 45,790 2,864,165
----------
8,325,729
CHEMICALS - 1.75%
Air Products & Chemicals, Inc., 27,740 1,465,504
Lyondell Chemical Company (a) 64,950 1,100,903
----------
2,566,407
CONTAINERS & GLASS - 2.45%
Owens-Illinois, Inc. * 192,990 2,294,651
Smurfit-Stone Container Corp. 70,050 1,300,829
----------
3,595,480
COSMETICS & TOILETRIES - 1.94%
Kimberly-Clark Corp. 48,200 2,848,138
----------
CRUDE PETROLEUM & NATURAL GAS - 2.75%
Devon Energy Corp. 40,470 2,317,312
Occidental Petroleum Corp. * 40,700 1,719,168
----------
4,036,480
ELECTRICAL EQUIPMENT - 1.48%
General Electric Company 70,070 2,170,769
----------
ELECTRIC UTILITIES - 2.01%
FirstEnergy Corp. 15,250 536,800
TXU Corp. * 102,100 2,421,812
----------
2,958,612
ENERGY - 1.94%
Calpine Corp. * (a) 591,510 2,845,163
----------
FINANCIAL SERVICES - 10.78%
Citigroup, Inc. 76,290 3,703,116
Federal Home Loan Mortgage Corp. 50,030 2,917,750
J.P. Morgan Chase & Company * 44,800 1,645,504
Mellon Financial Corp. 110,330 3,542,696
Merrill Lynch & Company, Inc. 51,800 3,038,070
PNC Financial Services Group 17,990 984,593
----------
15,831,729
GAS & PIPELINE UTILITIES - 1.28%
NiSource, Inc. 85,530 1,876,528
----------
HEALTHCARE PRODUCTS - 4.16%
Baxter International, Inc. * 68,803 2,099,867
Johnson & Johnson 77,530 4,005,200
----------
6,105,067
HOTELS & RESTAURANTS - 0.49%
Hilton Hotels Corp. 42,180 722,543
----------
HOUSEHOLD PRODUCTS - 2.18%
Newell Rubbermaid, Inc. 140,820 3,206,471
----------
INDUSTRIAL MACHINERY - 1.21%
Cooper Cameron Corp. * 38,220 1,781,052
----------
INSURANCE - 6.31%
Hartford Financial Services Group, Inc. 53,290 3,145,709
The Allstate Corp. 82,150 3,534,093
Travelers Property Casualty Corp., Class A 153,938 2,583,079
----------
9,262,881
INTERNET SOFTWARE - 0.87%
Networks Associates, Inc. * 84,600 1,272,384
----------
MANUFACTURING - 2.07%
Tyco International, Ltd. * 114,930 3,045,645
----------
MEDICAL-HOSPITALS - 1.12%
Tenet Healthcare Corp. * 102,870 1,651,064
----------
PAPER - 1.48%
Boise Cascade Corp. * 11,250 369,675
Bowater, Inc. * 38,880 1,800,533
----------
2,170,208
PETROLEUM SERVICES - 8.10%
BJ Services Company * 56,380 2,024,042
GlobalSantaFe Corp. 166,228 4,127,441
Noble Corp. * 107,950 3,862,451
Schlumberger, Ltd. * 34,470 1,886,199
----------
11,900,133
PHARMACEUTICALS - 8.54%
Eli Lilly & Company 18,810 1,322,907
Merck & Company, Inc. 73,040 3,374,448
Pfizer, Inc. 109,906 3,882,979
Schering-Plough Corp. 227,629 3,958,469
----------
12,538,803
RETAIL GROCERY - 2.11%
The Kroger Company * 167,440 3,099,314
----------
The accompanying notes are an integral part of the financial statements.
146
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
RETAIL TRADE - 4.30%
Home Depot, Inc. 60,280 $ 2,139,337
Rite Aid Corp. * 58,740 354,790
Sears, Roebuck & Company * 84,080 3,824,799
------------
6,318,926
SOFTWARE - 1.98%
Microsoft Corp. 105,410 2,902,991
------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.00%
Winstar Communications, Inc. * 2,170 2
------------
TELEPHONE - 7.65%
AT&T Corp. 205,490 4,171,447
Verizon Communications, Inc. * 201,630 7,073,181
------------
11,244,628
TOTAL COMMON STOCK
(Cost: $123,004,878) $140,389,636
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 4.41%
State Street Navigator Securities Lending Prime
Portfolio, 1.06% (b) $3,948,925 $ 3,948,925
Federal Home Loan Bank Discount Note, 0.75% due
01/02/2004 2,532,000 2,531,947
------------
$ 6,480,872
TOTAL INVESTMENTS (STRATEGIC VALUE TRUST) (Cost: $129,485,750) $146,870,508
============
LARGE CAP VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCK - 76.14%
ADVERTISING - 0.20%
Getty Images, Inc. * 700 $ 35,091
---------
AEROSPACE - 0.84%
Textron, Inc. * 2,625 149,782
---------
AGRICULTURE - 0.92%
Archer-Daniels-Midland Company 10,850 165,137
---------
AUTO PARTS - 1.22%
Autoliv, Inc. (a) 1,850 69,653
Lear Corp. 2,425 148,725
---------
218,378
AUTO SERVICES - 0.84%
AutoNation, Inc. * (a) 8,150 149,716
---------
AUTOMOBILES - 0.31%
Ford Motor Company * (a) 3,500 56,000
---------
BANKING - 5.23%
Bank of America Corp. 450 36,194
City National Corp. 1,650 102,498
Golden West Financial Corp. 550 56,755
Independence Community Bank Corp. (a) 3,900 140,283
New York Community Bancorp, Inc. (a) 4,050 154,102
Popular, Inc. 3,050 137,067
Southtrust Corp. 4,950 162,013
Wachovia Corp. 3,125 145,594
---------
934,506
BIOTECHNOLOGY - 0.82%
Invitrogen Corp. * 2,100 147,000
---------
BUSINESS SERVICES - 1.66%
Cendant Corp. * 8,750 194,862
Computer Sciences Corp. * 2,300 101,729
---------
296,591
CELLULAR COMMUNICATIONS - 0.75%
AT&T Wireless Services, Inc. * 16,800 134,232
---------
COMPUTERS & BUSINESS EQUIPMENT - 2.45%
GTECH Holdings Corp. 2,650 131,149
Ingram Micro, Inc., Class A * (a) 5,050 80,295
Storage Technology Corp. * 2,775 71,456
Xerox Corp. * (a) 11,275 155,595
---------
438,495
CRUDE PETROLEUM & NATURAL GAS - 0.52%
Sunoco, Inc. (a) 1,825 93,349
---------
DOMESTIC OIL - 0.88%
Marathon Oil Corp. 4,775 158,005
---------
ELECTRIC UTILITIES - 2.72%
Alliant Corp. (a) 5,900 146,910
Edison International (a) 7,375 161,733
Northeast Utilities 7,175 144,720
WPS Resources Corp. 700 32,361
---------
485,724
ELECTRONICS - 1.90%
Arrow Electronics, Inc. * (a) 5,925 137,105
Avnet, Inc. * 6,750 146,205
Sanmina-SCI Corp. * 4,525 57,060
---------
340,370
FINANCIAL SERVICES - 11.95%
Bear Stearns Companies, Inc. 1,000 79,950
Capital One Financial Corp. (a) 2,500 153,225
Citigroup, Inc. 16,550 803,337
Countrywide Financial Corp. 2,250 170,662
E*TRADE Financial Corp. * (a) 6,850 86,653
J.P. Morgan Chase & Company * 9,300 341,589
Lehman Brothers Holdings, Inc. 2,400 185,328
MBIA, Inc. 2,700 159,921
MBNA Corp. 6,275 155,934
---------
2,136,599
FOOD & BEVERAGES - 1.49%
Constellation Brands, Inc., Class A * (a) 3,925 129,250
Tyson Foods, Inc., Class A * 10,425 138,027
---------
267,277
GAS & PIPELINE UTILITIES - 2.29%
Dynegy, Inc., Class A (a) 34,450 147,446
UGI Corp. 3,750 127,125
Williams Companies, Inc. 13,800 135,516
---------
410,087
HEALTHCARE PRODUCTS - 0.84%
Bausch & Lomb, Inc. * 2,900 150,510
---------
HEALTHCARE SERVICES - 2.44%
Humana, Inc. * (a) 6,825 155,951
Omnicare, Inc. (a) 3,375 136,316
Pacificare Health Systems, Inc. * (a) 2,125 143,650
---------
435,917
The accompanying notes are an integral part of the financial statements.
147
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
HOMEBUILDERS - 5.44%
Centex Corp. * (a) 1,275 $ 137,254
D.R. Horton, Inc. (a) 3,300 142,758
KB HOME (a) 1,925 139,601
Lennar Corp., Class A (a) 1,450 139,200
M.D.C. Holdings, Inc. (a) 1,975 127,387
Pulte Homes, Inc. * 1,500 140,430
Ryland Group, Inc. 1,650 146,256
-----------
972,886
HOTELS & RESTAURANTS - 0.15%
McDonald's Corp. 1,100 27,313
-----------
HOUSEHOLD PRODUCTS - 0.89%
Fortune Brands, Inc. 2,225 159,065
-----------
INDUSTRIAL MACHINERY - 0.75%
Cummins, Inc. (a) 2,750 134,585
-----------
INDUSTRIALS - 0.87%
Rockwell Automation, Inc 4,375 155,750
-----------
INSURANCE - 2.68%
Anthem, Inc. * (a) 1,675 125,625
Chubb Corp. 375 25,537
Hartford Financial Services Group, Inc. 2,800 165,284
Lincoln National Corp. 3,675 148,360
W.R. Berkley Corp. 437 15,273
-----------
480,079
INTERNATIONAL OIL - 0.99%
ConocoPhillips 2,700 177,039
-----------
INTERNET SOFTWARE - 1.36%
Checkfree Corp. * (a) 4,675 129,264
Juniper Networks, Inc. * (a) 6,050 113,014
-----------
242,278
LEISURE TIME - 0.56%
Blockbuster, Inc., Class A (a) 5,525 99,174
-----------
LIFE SCIENCES - 0.69%
PerkinElmer, Inc. * (a) 7,275 124,184
-----------
MEDICAL-HOSPITALS - 0.73%
Davita, Inc. * 3,325 129,675
-----------
PAPER - 0.88%
Georgia-Pacific Corp. 5,125 157,184
-----------
PETROLEUM SERVICES - 2.46%
Exxon Mobil Corp. 10,725 439,725
-----------
RETAIL GROCERY - 0.16%
SUPERVALU, Inc. 975 27,875
-----------
RETAIL TRADE - 7.13%
Barnes & Noble, Inc. * (a) 4,300 141,255
Claire's Stores, Inc. 2,200 41,448
CVS Corp. 4,650 167,958
Federated Department Stores, Inc. (a) 3,225 151,994
Foot Locker, Inc. (a) 6,675 156,529
May Department Stores Company 5,325 154,798
Nordstrom, Inc. (a) 4,125 141,488
Rite Aid Corp. * 21,775 131,521
Saks, Inc. * 1,450 21,808
Sears, Roebuck & Company * 3,650 166,038
-----------
1,274,837
SEMICONDUCTORS - 3.44%
Amkor Technology, Inc. * (a) 6,275 114,268
Cypress Semiconductor Corp. * (a) 6,850 146,316
Emulex Corp. * (a) 4,500 120,060
Fairchild Semiconductor International, Inc. * 4,450 111,116
National Semiconductor Corp. * (a) 3,125 123,156
-----------
614,916
SOFTWARE - 0.70%
VERITAS Software Corp. * 3,375 125,415
-----------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 3.35%
American Tower Corp., Class A * (a) 13,125 142,013
Corning, Inc. * (a) 14,375 149,931
Crown Castle International Corp. * (a) 1,975 21,784
Motorola, Inc. * 13,625 191,704
Scientific-Atlanta, Inc. 3,400 92,820
-----------
598,252
TELEPHONE - 0.98%
Sprint Corp. (FON Group) 10,650 174,873
-----------
TOBACCO - 0.15%
Altria Group, Inc. 500 27,210
-----------
TOYS, AMUSEMENTS & SPORTING GOODS - 0.75%
Hasbro, Inc. * (a) 6,325 134,596
-----------
TRUCKING & FREIGHT - 0.76%
Hunt (JB) Transport Services, Inc. * (a) 5,050 136,401
-----------
TOTAL COMMON STOCK
(Cost: $12,322,780) $13,616,078
-----------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 17.52%
State Street Navigator Securities Lending Prime
Portfolio, 1.06% (b) $3,133,921 $ 3,133,921
-----------
REPURCHASE AGREEMENTS - 6.34%
Repurchase Agreement with State Street Corp., dated
12/31/2003 at 0.40%, to be repurchased at $1,134,025 on
01/02/2004, collateralized by $880,000 U.S. Treasury
Bonds, 7.625% due 11/15/2022 (valued at $1,160,500,
including interest). $1,134,000 $ 1,134,000
-----------
TOTAL INVESTMENTS (LARGE CAP VALUE TRUST) (Cost: $16,590,701) $17,883,999
===========
UTILITIES TRUST
SHARES VALUE
------ -----
COMMON STOCK - 82.20%
ADVERTISING - 0.93%
Lamar Advertising Company * 13,800 $ 515,016
---------
BROADCASTING - 3.65%
Clear Channel Communications, Inc. 7,300 341,859
Cox Radio, Inc., Class A * 10,500 264,915
Fox Entertainment Group, Inc., Class A * 12,500 364,375
Grupo Televisa SA, ADR 6,200 247,132
TV Azteca SA de CV, ADR (a) 36,300 330,330
Viacom, Inc., Class B 10,730 476,197
2,024,808
---------
The accompanying notes are an integral part of the financial statements.
148
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
CABLE AND TELEVISION - 6.48%
Cablevision Systems New York Group, Class A * (a) 14,100 $ 329,799
Comcast Corp., Class A * 2,300 75,601
Comcast Corp., Special Class A * 37,600 1,176,128
Cox Communications, Inc., Class A * 7,800 268,710
EchoStar Communications Corp., Class A * 31,060 1,056,040
Time Warner, Inc. * 37,910 682,001
-----------
3,588,279
CELLULAR COMMUNICATIONS - 8.07%
America Movil S.A. de C.V., ADR, Series L 35,800 978,772
AT&T Wireless Services, Inc. * 84,560 675,634
Cosmote Mobile Telecom * 24,600 333,504
MobileOne, Ltd. * 476,000 420,421
Nii Holdings, Inc., Class B * (a) 2,400 179,112
Sprint Corp. (PCS Group) * 143,700 807,594
Vodafone Group PLC * 435,470 1,076,611
-----------
4,471,648
ELECTRIC UTILITIES - 24.94%
Cinergy Corp. 9,900 384,219
Constellation Energy Group, Inc. 21,201 830,231
Dominion Resources, Inc. 14,210 907,024
DTE Energy Company * 1,300 51,220
E.ON AG * 6,900 449,810
Empresa Nacional De Electricidad 16,900 197,730
Endesa SA * 36,300 697,477
Enel SPA * 47,400 321,900
Enersis SA, ADR 3,400 25,024
Entergy Corp. 14,190 810,675
Exelon Corp. 33,400 2,216,424
FirstEnergy Corp. 30,970 1,090,144
FPL Group, Inc. 3,400 222,428
National Grid Transco PLC * 94,829 677,522
PG&E Corp. * 24,730 686,752
PPL Corp. 27,890 1,220,188
Public Service Enterprise Group, Inc. 7,400 324,120
Red Electrica De Espana * 18,000 294,828
Reliant Resources, Inc. * 115,300 848,608
Scottish Power * 7,500 49,836
The AES Corp. * 66,400 626,816
TXU Corp. * 37,460 888,551
-----------
13,821,527
ENERGY - 2.00%
CMS Energy Corp. * 1,000 55,152
MDU Resources Group, Inc. 8,810 209,766
Sempra Energy* 28,100 844,686
-----------
1,109,604
GAS & PIPELINE UTILITIES - 10.11%
AGL Resources, Inc. 9,300 270,630
Enagas * 90,200 977,369
Equitable Resources, Inc. 48,570 2,084,624
Kinder Morgan, Inc. 14,149 836,206
NiSource, Inc. 19,400 425,636
ONEOK, Inc. 13,000 287,040
Questar Corp. 10,020 352,203
SCANA Corp. 700 23,975
Severn Trent PLC * 7,500 100,275
Snam Rete Gas SPA * 57,750 244,481
-----------
5,602,439
INTERNATIONAL OIL - 1.01%
EnCana Corp. - CAD 4,900 193,369
Talisman Energy, Inc. - CAD 6,400 364,087
-----------
557,456
PETROLEUM SERVICES - 3.09%
GlobalSantaFe Corp. 16,500 409,695
Halliburton Company 23,600 613,600
Noble Corp. * 13,300 475,874
Transocean, Inc. * 8,800 211,288
-----------
1,710,457
POLLUTION CONTROL - 0.68%
Suez SA * 18,800 377,335
-----------
SANITARY SERVICES - 1.87%
AWG PLC * 7,900 75,727
AWG PLC, Redeemable Shares * 350,000 625
United Utilities PLC 13,600 120,291
United Utilities PLC, Class A * 23,100 125,560
Veolia Environnement * 26,503 711,259
-----------
1,033,462
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 9.92%
Citizens Communications Company * 28,100 349,002
Deutsche Telekom AG * 39,100 714,822
France Telecom SA * 36,400 1,039,238
Hanaro Telecom, Inc. * 136,700 374,591
Japan Telecom Company, Ltd., ADR 97,000 259,766
KT Corp., ADR (a) 23,290 444,140
NTL, Inc. * 700 48,825
SBC Communications, Inc. 61,200 1,595,484
SK Telecom Company, Ltd., ADR * 1,300 217,121
Telecom Corporation Of New Zealand 16,000 452,000
Winstar Communications, Inc. * 3,270 3
-----------
5,494,992
TELEPHONE - 9.45%
Brasil Telecom Participacoes SA, ADR 6,000 226,800
CenturyTel, Inc. 3,100 101,122
Cincinnati Bell, Inc. * 149,100 752,955
Koninklijke (Royal) KPN NV * 150,100 1,157,406
Telefonica SA * 30,600 448,774
Telefonos de Mexico SA de CV, ADR, Class L 33,340 1,101,220
Verizon Communications, Inc. * 41,310 1,449,155
-----------
5,237,432
TOTAL COMMON STOCK
(Cost: $39,633,401) $45,544,455
-----------
PREFERRED STOCK - 1.87%
ELECTRIC UTILITIES - 1.11%
AES Trust III (a) 5,110 221,007
AES Trust VII * 4,080 186,660
Dominion Resources, Inc. * (a) 3,800 208,810
-----------
616,477
ENERGY - 0.26%
Sempra Energy* 5,100 145,146
-----------
TELEPHONE - 0.50%
CenturyTel, Inc. * 10,300 278,100
-----------
TOTAL PREFERRED STOCK
(Cost: $906,369) $ 1,039,723
-----------
The accompanying notes are an integral part of the financial statements.
149
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
U.S. TREASURY OBLIGATIONS - 2.20%
U.S. TREASURY BONDS - 0.50%
5.25% due 11/15/2028 $277,000 $ 279,002
-----------
U.S. TREASURY NOTES - 1.63%
3.25% due 08/15/2007 810,000 826,232
3.375% due 01/15/2007 71,233 77,165
-----------
903,397
U.S. TREASURY STRIPS - 0.07%
PO, 5.38% due 02/15/2023 106,000 37,350
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $1,224,991) $ 1,219,749
-----------
FOREIGN GOVERNMENT OBLIGATIONS - 0.03%
GOVERNMENT OF MEXICO - 0.03%
11.50% due 05/15/2026 12,000 17,370
-----------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $15,180) $ 17,370
-----------
CORPORATE BONDS - 7.19%
AUTOMOBILES - 0.01%
Daimler Chrysler Holdings,
8.50% due 01/18/2031 6,000 7,169
-----------
BROADCASTING - 0.03%
Continental Cablevision, Inc.,
9.50% due 08/01/2013 8,000 9,241
CSC Holdings, Inc., Series B,
8.125% due 07/15/2009 5,000 5,375
-----------
14,616
CABLE AND TELEVISION - 0.10%
Rogers Cable Inc.,
6.25% due 06/15/2013 42,000 42,315
Tele-Communications, Inc.,
9.80% due 02/01/2012 11,000 14,349
-----------
56,664
CELLULAR COMMUNICATIONS - 0.35%
AT&T Wireless Services, Inc.,
8.125% due 05/01/2012 155,000 182,272
Verizon Wireless Capital LLC,
5.375% due 12/15/2006 9,000 9,604
-----------
191,876
DOMESTIC OIL - 0.05%
Devon Financing Corp., ULC,
6.875% due 09/30/2011 25,000 28,348
-----------
ELECTRIC UTILITIES - 5.24%
AES Corp.,
8.75% due 05/15/2013 175,000 195,563
9.00% due 05/15/2015 160,000 180,800
Beaver Valley Funding Corp.,
9.00% due 06/01/2017 102,000 117,241
Empresa Nacional De Electricidad, 8.35% due
08/01/2013 438,000 492,375
Enersis S A,
7.375% due 01/15/2014 351,000 361,378
FirstEnergy Corp.,
6.45% due 11/15/2011 253,000 262,221
Midamerican Energy Holdings Company, 5.875% due
10/01/2012 43,000 45,087
6.927% due 03/01/2029 25,000 27,129
Nisource Finance Corp.,
7.875% due 11/15/2010 154,000 183,166
PSEG Energy Holdings Llc,
7.75% due 04/16/2007 216,000 229,230
8.625% due 02/15/2008 176,000 192,060
Reliant Resources, Inc.,
5.00% due 08/15/2010 150,000 170,062
9.25% due 07/15/2010 395,000 418,700
9.50% due 07/15/2013 25,000 26,750
-----------
2,901,762
ENERGY - 1.01%
El Paso Corp.,
zero coupon due 02/28/2021 1,124,000 517,040
TXU Corp.,
6.375% due 06/15/2006 39,000 41,242
-----------
558,282
GAS & PIPELINE UTILITIES - 0.02%
Kinder Morgan Energy Partners, L.P., 7.30% due
08/15/2033 11,000 12,499
-----------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.18%
Deutsche Telekom International Finance BV, FRN 8.75% due
06/15/2030 10,000 12,774
5.25% due 07/22/2013 84,000 84,859
-----------
97,633
TELEPHONE - 0.20%
France Telecom SA,
FRN 10.00% due 03/01/2031 20,000 26,573
Telus Corp.,
8.00% due 06/01/2011 61,000 71,326
Verizon New York, Inc.,
6.875% due 04/01/2012 13,000 14,385
-----------
112,284
TOTAL CORPORATE BONDS
(Cost: $3,784,703) $ 3,981,133
-----------
SHORT TERM INVESTMENTS - 6.51%
State Street Navigator Securities Lending Prime
Portfolio, 1.06% (b) $1,089,830 $ 1,089,830
Federal Home Loan Bank Discount Note, 00.01% due
01/02/2004 2,516,000 2,515,948
-----------
$ 3,605,778
TOTAL INVESTMENTS (UTILITIES TRUST) (Cost: $49,170,422) $55,408,209
===========
REAL ESTATE SECURITIES TRUST
SHARES VALUE
------ -----
COMMON STOCK - 95.35%
HOTELS & RESTAURANTS - 5.04%
Hilton Hotels Corp. 1,069,600 $18,322,248
Starwood Hotels & Resorts Worldwide, Inc. * 358,500 12,895,245
-----------
31,217,493
The accompanying notes are an integral part of the financial statements.
150
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
REAL ESTATE - 90.31%
Apartment Investment & Management Company, Class A,
REIT 5,500 $ 189,750
Archstone-Smith Trust, REIT 1,061,367 29,697,049
Arden Realty, Inc., REIT * 598,900 18,170,626
Avalon Bay Communities, Inc., REIT * 283,100 13,532,180
Boardwalk Equities Inc 203,100 2,808,873
Boston Properties, Inc., REIT 400,900 19,319,371
BRE Properties, Inc., Class A, REIT 297,200 9,926,480
Brookfield Properties Corp. 717,000 20,577,900
CarrAmerica Realty Corp., REIT 222,500 6,626,050
Catellus Development Corp., REIT 940,378 22,681,917
CenterPoint Properties Corp., REIT 156,400 11,714,360
Chelsea Property Group, Inc., REIT 450,300 24,680,943
Developers Diversified Realty Corp., REIT 413,900 13,894,623
Equity Office Properties Trust, REIT 47,000 1,346,550
Equity Residential, REIT * 1,351,400 39,879,814
Essex Property Trust, REIT 65,200 4,187,144
General Growth Properties, Inc., REIT 1,167,400 32,395,350
Glenborough Realty Trust, Inc., REIT 148,500 2,962,575
Highwoods Properties, Inc., REIT 569,700 14,470,380
Home Properties Inc., REIT 321,800 12,997,502
Host Marriott Corp., REIT * 1,726,300 21,268,016
Liberty Property Trust, REIT (a) 231,300 8,997,570
Mack-California Realty Corp., REIT * 586,600 24,414,292
Pan Pacific Retail Properties, Inc., REIT 532,500 25,373,625
Pennsylvania Real Estate Investment Trust, REIT 344,585 12,508,434
ProLogis, REIT 1,368,300 43,908,747
Public Storage, Inc., REIT 266,000 11,541,740
Reckson Associates Realty Corp., REIT 158,300 3,846,690
Regency Centers Corp., REIT 369,200 14,712,620
Rouse Company, REIT 292,300 13,738,100
Simon Property Group, Inc., REIT 980,400 45,431,736
SL Green Realty Corp., REIT 156,200 6,412,010
Summit Properties, Inc., REIT * 240,300 5,772,006
Taubman Centers, Inc., REIT 284,600 5,862,760
United Dominion Realty Trust, Inc., REIT 723,400 13,889,280
------------
559,737,063
TOTAL COMMON STOCK
(Cost: $463,719,894) $590,954,556
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 1.48%
State Street Navigator Securities Lending Prime
Portfolio, 1.06% (b) $ 9,194,175 $ 9,194,175
------------
REPURCHASE AGREEMENTS - 3.17%
Repurchase Agreement with State Street Corp., dated
12/31/2003 at 0.40%, to be repurchased at
$19,630,436 on 01/02/2004, collateralized by
$15,625,000 U.S. Treasury Bonds, 7.50% due
11/15/2016 (valued at $20,028,453, including
interest). $19,630,000 $ 19,630,000
------------
TOTAL INVESTMENTS (REAL ESTATE SECURITIES TRUST)
(Cost: $492,544,069) $619,778,731
============
SMALL CAP OPPORTUNITIES TRUST
SHARES VALUE
------ -----
COMMON STOCK - 85.43%
AEROSPACE - 1.65%
Alliant Techsystems, Inc. * 17,000 $ 981,920
Triumph Group, Inc. * (a) 8,500 309,400
----------
1,291,320
AIR FREIGHT - 0.96%
ExpressJet Holdings, Inc. * 50,100 751,500
----------
AUTO PARTS - 5.05%
American Axle & Manufacturing Holdings, Inc. * 38,800 1,568,296
BorgWarner, Inc. 14,200 1,207,994
China Yuchai International, Ltd. (a) 5,900 180,540
Noble International, Ltd. (a) 44,000 1,003,200
----------
3,960,030
AUTO SERVICES - 0.35%
Spartan Motors, Inc. (a) 27,200 274,720
----------
AUTOMOBILES - 1.22%
Thor Industries, Inc. 8,800 494,736
United Auto Group, Inc. 14,700 460,110
----------
954,846
BANKING - 1.10%
IBERIABANK Corp. 3,775 222,725
Prosperity Bancshares, Inc. (a) 16,000 360,320
UCBH Holdings, Inc. 7,100 276,687
----------
859,732
BUILDING MATERIALS & CONSTRUCTION - 0.85%
WCI Communities, Inc. * 32,300 665,703
----------
BUSINESS SERVICES - 0.60%
Right Management Consultants, Inc. * 25,000 466,500
----------
CHEMICALS - 0.80%
Minerals Technologies, Inc. 10,600 628,050
----------
COAL - 0.92%
CONSOL Energy, Inc. (a) 27,900 722,610
----------
COMPUTERS & BUSINESS EQUIPMENT - 1.99%
CACI International, Inc., Class A * 16,300 792,506
Cray, Inc. * 30,000 297,900
Digi International, Inc. * 48,700 467,520
----------
1,557,926
CONSTRUCTION MATERIALS - 0.28%
Universal Forest Products, Inc. 6,940 223,329
----------
CONSTRUCTION & MINING EQUIPMENT - 1.30%
Pason Systems, Inc. 52,400 1,021,767
----------
CONTAINERS & GLASS - 0.48%
Jarden Corp. * (a) 13,900 380,026
----------
CRUDE PETROLEUM & NATURAL GAS - 0.71%
Cimarex Energy Company * 11,000 293,590
Unit Corp. * 11,200 263,760
----------
557,350
DOMESTIC OIL - 2.38%
Denbury Resources, Inc. * 48,000 667,680
Magnum Hunter Resources, Inc. * (a) 49,850 474,073
Oil States International, Inc. * 16,500 230,010
TETRA Technologies, Inc. * 20,350 493,284
----------
1,865,047
The accompanying notes are an integral part of the financial statements.
151
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
ELECTRICAL EQUIPMENT - 1.04%
AMETEK, Inc. 8,100 $ 390,906
Craftmade International, Inc. 16,225 425,744
----------
816,650
ELECTRIC UTILITIES - 0.83%
ALLETE, Inc. 21,300 651,780
----------
ELECTRONICS - 1.48%
Franklin Electric, Inc. 3,300 199,617
Itron, Inc. * (a) 18,900 347,004
Manufacturers Services, Ltd. * (a) 100,500 611,040
----------
1,157,661
ENERGY - 2.84%
Headwaters, Inc. * 52,700 1,033,974
New Jersey Resources Corp. 11,600 446,716
Southwestern Energy Company * (a) 31,100 743,290
----------
2,223,980
FINANCIAL SERVICES - 7.06%
Accredited Home Lenders Holding Company * (a)
47,000 1,438,200
Affiliated Managers Group, Inc. * 7,300 508,007
Federal Agricultural Mortgage Corp., Class C * (a)
6,875 219,725
Friedman Billings Ramsey Group, Inc. 75,100 1,733,308
New Century Financial Corp. (a) 41,150 1,632,420
----------
5,531,660
FOOD & BEVERAGES - 2.29%
American Italian Pasta Company, Class A * (a) 19,900 833,810
Constellation Brands, Inc., Class A * 29,300 964,849
----------
1,798,659
FURNITURE & FIXTURES - 0.71%
Furniture Brands International, Inc. (a) 19,100 560,203
----------
HEALTHCARE PRODUCTS - 5.13%
Merit Medical Systems, Inc. * (a) 56,177 1,250,507
Orthofix International N.V. * 16,900 827,762
Owens & Minor, Inc. 19,200 420,672
Polymedica Corp. (a) 21,400 563,034
Respironics, Inc. * 12,100 545,589
Young Innovations, Inc. 11,500 414,000
----------
4,021,564
HEALTHCARE SERVICES - 1.89%
AMERIGROUP Corp. * 10,100 430,765
ICON PLC, ADR * 16,950 739,020
LabOne, Inc. * 9,600 311,712
----------
1,481,497
HOMEBUILDERS - 3.58%
Dominion Homes, Inc. * (a) 18,700 567,171
Pulte Homes, Inc. * 9,800 917,476
Ryland Group, Inc. 14,900 1,320,736
----------
2,805,383
HOTELS & RESTAURANTS - 1.34%
RARE Hospitality International, Inc. * 14,600 356,824
Ruby Tuesday, Inc. * 24,400 695,156
----------
1,051,980
INDUSTRIAL MACHINERY - 1.46%
FMC Technologies, Inc. * 31,475 733,368
Graco, Inc. 10,200 409,020
----------
1,142,388
INSURANCE - 4.77%
Arthur J. Gallagher & Company 13,000 422,370
Hub International, Ltd. 25,000 419,000
Radian Group, Inc. (a) 16,800 819,000
RenaissanceRe Holdings, Ltd. 16,300 799,515
RLI Corp. 18,600 696,756
Scottish Re Group, Ltd. 27,875 579,242
----------
3,735,883
INTERNET SOFTWARE - 0.33%
WebMethods, Inc. * 27,900 255,285
----------
INVESTMENT COMPANIES - 1.54%
iShares Russell 2000 Value Index Fund 4,000 641,600
MCG Capital Corp. (a) 29,100 567,450
----------
1,209,050
LEISURE TIME - 1.35%
Multimedia Games, Inc. * (a) 10,100 415,110
Penn National Gaming, Inc. * 27,800 641,624
----------
1,056,734
MANUFACTURING - 1.09%
AptarGroup, Inc. 9,800 382,200
Carlisle Companies, Inc. 7,700 468,622
----------
850,822
MEDICAL-HOSPITALS - 0.39%
VCA Antech, Inc. * 9,900 306,702
----------
METAL & METAL PRODUCTS - 1.37%
Matthews International Corp., Class A 14,300 423,137
NN, Inc. 51,900 653,421
----------
1,076,558
PETROLEUM SERVICES - 1.24%
Key Energy Services, Inc. * 27,400 282,494
Oceaneering International, Inc. * 24,550 687,400
----------
969,894
PHARMACEUTICALS - 0.57%
Nabi Biopharmaceuticals * (a) 35,400 449,934
----------
PLASTICS - 0.28%
Spartech Corp. 9,000 221,760
----------
RAILROADS & EQUIPMENT - 1.71%
Genesee & Wyoming, Inc., Class A * 42,500 1,338,750
----------
REAL ESTATE - 10.58%
American Financial Realty Trust, REIT 18,705 318,920
American Home Mortgage Investment Corp., REIT 62,900 1,415,879
Anthracite Capital, Inc., REIT 14,400 159,408
Anworth Mortgage Asset Corp., REIT 56,800 791,224
Ashford Hospitality Trust, Inc., REIT * 50,200 471,378
Corporate Office Properties Trust, REIT 25,000 525,000
Correctional Properties Trust, REIT 33,850 974,880
Highland Hospitality Corp., REIT * (a) 64,100 698,690
Luminent Mortgage Capital, Inc., REIT 45,600 642,960
Newcastle Investment Corp., REIT 36,725 995,248
RAIT Investment Trust, REIT 22,600 578,560
The Mills Corp., REIT 16,400 721,600
----------
8,293,747
RETAIL GROCERY - 0.21%
United Natural Foods, Inc. * 4,600 165,186
----------
RETAIL TRADE - 3.77%
Guitar Center, Inc. * 13,500 439,830
Hancock Fabrics, Inc. (a) 28,700 415,576
Hibbett Sporting Goods, Inc. * 17,950 534,910
Party City Corp. * 23,600 299,484
Ritchie Brothers Auctioneers, Inc. 7,400 392,940
School Specialty, Inc. * (a) 13,400 455,734
The accompanying notes are an integral part of the financial statements.
152
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
RETAIL TRADE - CONTINUED
Sonic Automative, Inc. 18,200 $ 417,144
-----------
2,955,618
SEMICONDUCTORS - 0.67%
Sigmatel, Inc. * 12,400 306,032
White Electronic Designs Corp. * 24,500 215,600
-----------
521,632
SOFTWARE - 0.83%
Websense, Inc. * (a) 22,175 648,397
-----------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.27%
REMEC, Inc. * (a) 25,300 212,773
-----------
TRANSPORTATION - 1.06%
Golar LNG, Ltd. * (a) 57,950 828,106
-----------
TRUCKING & FREIGHT - 3.11%
Landstar Systems, Inc. * 21,800 829,272
Old Dominion Freight Lines, Inc. * 19,500 664,560
Oshkosh Truck Corp. 18,500 944,055
-----------
2,437,887
TOTAL COMMON STOCK
(Cost: $53,434,627) $66,958,579
-----------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 12.18%
State Street Navigator Securities Lending Prime
Portfolio, 1.06% (b) $9,545,847 $ 9,545,847
-----------
REPURCHASE AGREEMENTS - 2.39%
Repurchase Agreement with State Street Corp., dated
12/31/2003 at 0.40%, to be repurchased at $1,873,042
on 01/02/2004, collateralized by $1,925,000 U.S.
Treasury Bills, 0.890% due 06/24/2004 (valued at
$1,915,375, including interest). $1,873,000 $ 1,873,000
-----------
TOTAL INVESTMENTS (SMALL CAP OPPORTUNITIES TRUST) (Cost:
$64,853,474) $78,377,426
===========
SMALL COMPANY VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCK - 87.15%
AEROSPACE - 1.08%
EDO Corp. * 134,200 $ 3,308,030
Woodward Governor Company (a) 53,800 3,057,454
-----------
6,365,484
APPAREL & TEXTILES - 1.66%
Culp, Inc. * (a) 157,100 1,712,390
G & K Services, Class A * 138,700 5,097,225
Unifi, Inc. * 460,300 2,968,935
-----------
9,778,550
AUTO PARTS - 1.24%
TBC Corp. * 282,800 7,299,068
-----------
AUTO SERVICES - 0.54%
Dollar Thrifty Automotive Group, Inc. * 123,600 3,206,184
-----------
BANKING - 7.32%
Community First Bankshares, Inc. (a) 259,945 7,522,808
East West Bancorp, Inc. 156,200 8,384,816
First Republic Bank (a) 214,700 7,686,260
Silicon Valley Bancshares * 247,500 8,927,325
Texas Regional Bancshares, Inc., Class A 286,320 10,593,840
-----------
43,115,049
BIOTECHNOLOGY - 1.70%
Exelixis, Inc. * (a) 315,300 2,232,324
Lexicon Genetics, Inc. * (a) 455,800 2,684,662
Progress Software Corp. * 249,800 5,110,908
-----------
10,027,894
BROADCASTING - 1.19%
Saga Communications, Inc., Class A * 312,600 5,792,478
Sinclair Broadcast Group, Inc., Class A * (a) 82,100 1,224,932
-----------
7,017,410
BUSINESS SERVICES - 3.67%
Electro Rent Corp. * 307,800 4,106,052
FTI Consulting, Inc. * (a) 209,400 4,893,678
McGrath Rentcorp 135,102 3,681,530
MPS Group, Inc. * 581,100 5,433,285
Right Management Consultants, Inc. * 135,000 2,519,100
Systems & Computer Technology Corp. * 58,100 949,935
-----------
21,583,580
CHEMICALS - 2.27%
Airgas, Inc. 247,900 5,324,892
Arch Chemicals, Inc. (a) 181,000 4,644,460
MacDermid, Inc. (a) 98,900 3,386,336
-----------
13,355,688
CONSTRUCTION MATERIALS - 1.75%
Ameron International Corp. 90,500 3,139,445
Florida Rock Industries, Inc. 89,550 4,911,818
JLG Industries, Inc. * 147,700 2,249,471
-----------
10,300,734
CONSTRUCTION & MINING EQUIPMENT - 0.79%
Carbo Ceramics, Inc. 91,000 4,663,750
-----------
DOMESTIC OIL - 2.75%
Forest Oil Corp. * 214,500 6,128,265
Magnum Hunter Resources, Inc. * (a) 437,100 4,156,821
TETRA Technologies, Inc. * 242,400 5,875,776
-----------
16,160,862
DRUGS & HEALTH CARE - 2.02%
Arrow International, Inc. (a) 90,100 2,250,698
Bone Care International, Inc. * (a) 234,500 2,987,530
Diversa Corp. * (a) 360,600 3,335,550
Landauer, Inc. 80,700 3,290,946
-----------
11,864,724
ELECTRICAL EQUIPMENT - 2.58%
C & D Technologies, Inc. * 204,100 3,912,597
Cable Design Technologies Corp. * (a) 532,100 4,783,579
Littelfuse, Inc. * 169,544 4,886,258
Methode Electronics, Inc., Class A * 132,900 1,625,367
-----------
15,207,801
ELECTRIC UTILITIES - 2.15%
Black Hills Corp. 134,600 4,015,118
Cleco Corp. (a) 177,700 3,195,046
El Paso Electric Company * 208,400 2,782,140
Otter Tail Corp. (a) 98,900 2,643,597
-----------
12,635,901
ELECTRONICS - 1.57%
Analogic Corp. * 51,000 2,091,000
Franklin Electric, Inc. 118,000 7,137,820
-----------
9,228,820
The accompanying notes are an integral part of the financial statements.
153
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
FINANCIAL SERVICES - 1.33%
Triad Guaranty, Inc. * 155,399 $ 7,824,340
------------
FOOD & BEVERAGES - 0.55%
American Italian Pasta Company, Class A * (a) 76,800 3,217,920
------------
FOREST PRODUCTS - 0.70%
Deltic Timber Corp. 135,200 4,110,080
------------
FURNITURE & FIXTURES - 0.57%
Stanley Furniture Company, Inc. (a) 107,000 3,370,500
------------
GAS & PIPELINE UTILITIES - 0.57%
Vectren Corp. 135,200 3,332,680
------------
HEALTHCARE PRODUCTS - 1.17%
Owens & Minor, Inc. 314,900 6,899,459
------------
HOTELS & RESTAURANTS - 4.11%
LaSalle Hotel Properties 197,900 3,671,045
RARE Hospitality International, Inc. * 297,550 7,272,122
Ruby Tuesday, Inc. * 465,000 13,247,850
------------
24,191,017
INDUSTRIAL MACHINERY - 0.89%
IDEX Corp. * 126,700 5,269,453
------------
INSURANCE - 4.37%
Brown & Brown, Inc. 243,700 7,947,057
Markel Corp. * 21,900 5,551,869
ProAssurance Corp. * (a) 269,000 8,648,350
Scottish Re Group, Ltd. (a) 170,800 3,549,224
------------
25,696,500
INTERNET SOFTWARE - 0.45%
Netegrity, Inc. * 256,400 2,643,484
------------
INVESTMENT COMPANIES - 3.29%
Allied Capital Corp. 269,600 7,516,448
American Capital Strategies, Ltd. (a) 97,000 2,883,810
First Financial Fund, Inc. (a) 263,100 4,651,608
iShares Russell 2000 Value Index Fund 27,000 4,330,800
------------
19,382,666
LEISURE TIME - 1.05%
SCP Pool Corp. * 189,300 6,186,324
------------
LIFE SCIENCES - 0.48%
Symyx Technologies, Inc. * 137,200 2,819,460
------------
MANUFACTURING - 3.22%
AptarGroup, Inc. 157,900 6,158,100
Nordson Corp. 184,444 6,368,851
Thomas Industries, Inc. (a) 184,800 6,405,168
------------
18,932,119
METAL & METAL PRODUCTS - 1.47%
Matthews International Corp., Class A 292,900 8,666,911
------------
MINING - 1.03%
Penn Virginia Corp. 108,900 6,060,285
------------
MOBILE HOMES - 0.69%
Skyline Corp. * 117,200 4,086,764
------------
NEWSPAPERS - 0.64%
Journal Register Company * 180,700 3,740,490
------------
PAPER - 0.82%
Wausau-Mosinee Paper Corp. * 357,800 4,837,456
------------
PETROLEUM SERVICES - 1.21%
Atwood Oceanics, Inc. * (a) 86,400 2,759,616
Lone Star Technologies, Inc. * (a) 112,600 1,799,348
W-H Energy Services, Inc. * 157,300 2,548,260
------------
7,107,224
REAL ESTATE - 4.55%
Aaron Rents, Inc., Class A 14,700 271,803
Bedford Property Investments, Inc. 164,000 4,695,320
Glenborough Realty Trust, Inc., REIT 125,700 2,507,715
Innkeepers USA Trust, REIT 324,400 2,715,228
Kilroy Realty Corp., REIT * 202,700 6,638,425
Sun Communities, Inc., REIT 155,200 6,006,240
Washington REIT, REIT 135,200 3,947,840
------------
26,782,571
RETAIL GROCERY - 0.40%
Wild Oats Markets, Inc. * (a) 180,400 2,332,572
------------
RETAIL TRADE - 6.75%
Aaron Rents, Inc., Class B 354,800 7,142,124
Casey's General Stores, Inc. 310,500 5,483,430
CSS Industries, Inc. 155,650 4,826,706
Fred's, Inc., Class A 262,100 8,119,858
Hancock Fabrics, Inc. (a) 204,700 2,964,056
Haverty Furniture Companies, Inc. 359,600 7,141,656
Stein Mart, Inc. * 495,600 4,083,744
------------
39,761,574
SANITARY SERVICES - 2.15%
Casella Waste Systems, Inc., Class A * 380,300 5,206,307
Insituform Technologies, Inc., Class A * (a) 277,900 4,585,350
Waste Connections, Inc. * 75,500 2,851,635
------------
12,643,292
SEMICONDUCTORS - 2.23%
ATMI, Inc. * (a) 146,000 3,378,440
Exar Corp. * 252,800 4,317,824
Mykrolis Corp. * 337,200 5,422,176
------------
13,118,440
SOFTWARE - 2.46%
Packeteer, Inc. * (a) 346,200 5,878,476
SPSS, Inc. * 218,700 3,910,356
Websense, Inc. * (a) 160,400 4,690,096
------------
14,478,928
STEEL - 1.52%
Carpenter Technology Corp. 141,500 4,184,155
Gibraltar Steel Corp. 189,600 4,768,440
------------
8,952,595
TIRES & RUBBER - 0.38%
Myers Indiana, Inc. * 184,100 2,231,292
------------
TRANSPORTATION - 0.91%
Kirby Corp. * 153,600 5,357,568
------------
TRUCKING & FREIGHT - 2.91%
Landstar Systems, Inc. * 320,400 12,188,016
UTI Worldwide, Inc. 130,000 4,930,900
------------
17,118,916
TOTAL COMMON STOCK
(Cost: $422,512,400) $512,964,379
------------
The accompanying notes are an integral part of the financial statements.
154
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 12.65%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $53,925,328 $ 53,925,328
T. Rowe Price Reserve Investment Fund (c) 20,543,879 20,543,879
------------
$ 74,469,207
REPURCHASE AGREEMENTS - 0.20%
Repurchase Agreement with State Street
Corp., dated 12/31/2003 at 0.40%, to
be repurchased at $1,179,026 on 01/02/2004,
collateralized by $940,000 U.S Treasury
Bonds, 7.5% due 11/15/2016 (valued at
$1,204,912, including interest). $ 1,179,000 $ 1,179,000
------------
TOTAL INVESTMENTS (SMALL COMPANY
VALUE TRUST) (Cost: $498,160,607) $588,612,586
============
SPECIAL VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCK - 69.23%
AEROSPACE - 0.92%
Alliant Techsystems, Inc. * 900 $ 51,984
DRS Technologies, Inc. * (a) 2,900 80,562
Heico Corp., Class A * (a) 5,000 70,400
----------
202,946
AIR TRAVEL - 1.05%
SkyWest, Inc. * (a) 12,800 231,936
----------
APPAREL & TEXTILES - 1.47%
Oshkosh B'Gosh, Inc., Class A (a) 6,100 130,906
Timberland Company, Class A * 3,700 192,659
----------
323,565
BANKING - 5.25%
Amcore Financial, Inc. (a) 3,100 83,762
BancTrust Financial Group, Inc. 100 1,605
Corus Bankshares, Inc. 3,600 113,616
Cullen Frost Bankers, Inc. 4,000 162,280
First Charter Corp. * (a) 6,100 119,255
First Street Bancorporation 2,900 100,775
IBERIABANK Corp. 1,200 70,800
Pacific Capital Bancorp * 5,100 187,782
Sterling Bancorp (a) 2,950 84,075
Umpqua Holdings Corp. * (a) 4,900 101,871
Webster Financial Corp. 2,800 128,408
----------
1,154,229
BIOTECHNOLOGY - 0.59%
Millipore Corp. * (a) 3,000 129,150
----------
BUSINESS SERVICES - 2.83%
Black Box Corp. * (a) 2,900 133,603
John H. Harland Company (a) 4,800 131,040
Labor Ready, Inc. * (a) 12,300 161,130
Perot Systems Corp., Class A * (a) 3,500 47,180
Watson Wyatt & Company Holdings * 6,200 149,730
----------
622,683
CHEMICALS - 1.51%
A. Schulman, Inc. * 4,300 91,676
Cabot Corp. 3,300 105,072
Lubrizol Corp. * 3,700 120,324
Penford Corp. 1,100 14,738
----------
331,810
COMPUTERS & BUSINESS EQUIPMENT - 1.76%
3Com Corp. * 8,700 71,079
Electronics For Imaging, Inc. * (a) 4,800 124,896
Rimage Corp. * 5,600 88,653
Tech Data Corp. * 2,600 103,194
----------
387,822
CONSTRUCTION MATERIALS - 1.22%
EMCOR Group, Inc. * (a) 2,900 127,310
Granite Construction, Inc. 1,900 44,631
Patrick Industries, Inc. 11,700 96,642
----------
268,583
CONTAINERS & GLASS - 0.82%
Smurfit-Stone Container Corp. 9,700 180,129
----------
COSMETICS & TOILETRIES - 0.91%
Steiner Leisure, Ltd. * (a) 14,000 200,200
----------
CRUDE PETROLEUM & NATURAL GAS - 0.86%
Newfield Exploration Company * 900 40,086
XTO Energy, Inc. 5,300 149,990
----------
190,076
ELECTRICAL EQUIPMENT - 0.14%
Powell Industries, Inc. * 1,600 30,640
----------
ELECTRIC UTILITIES - 0.45%
El Paso Electric Company * (a) 4,600 61,410
MGE Energy, Inc. (a) 1,200 37,812
----------
99,222
ELECTRONICS - 2.14%
Bel Fuse, Inc., Class B * (a) 3,300 107,679
I.D. Systems, Inc. * (a) 6,000 41,100
Imation Corp. (a) 2,000 70,300
Mercury Computer Systems, Inc. * 3,800 94,620
Roper Industries, Inc. (a) 3,200 157,632
----------
471,331
ENERGY - 0.49%
New Jersey Resources Corp. 2,800 107,828
----------
FINANCIAL SERVICES - 1.13%
Downey Financial Corp. 3,200 157,760
Triad Guaranty, Inc. * 1,800 90,630
----------
248,390
FOOD & BEVERAGES - 1.48%
Hain Celestial Group, Inc. * (a) 4,900 113,729
Sensient Technologies Corp. (a) 10,700 211,539
----------
325,268
FURNITURE & FIXTURES - 1.04%
Furniture Brands International, Inc. (a) 7,800 228,774
----------
GAS & PIPELINE UTILITIES - 0.50%
Northwest Natural Gas Company 3,600 110,700
----------
HEALTHCARE PRODUCTS - 0.38%
VitalWorks, Inc. * 19,000 83,980
----------
HEALTHCARE SERVICES - 4.51%
AMERIGROUP Corp. * (a) 3,000 127,950
Apria Healthcare Group, Inc. * (a) 6,400 182,208
Cross Country Healthcare Inc. * (a) 12,000 179,040
Health Net, Inc. * 4,000 130,800
MedQuist, Inc. * 12,500 200,750
National Dentex Corp. * 7,100 170,400
----------
991,148
The accompanying notes are an integral part of the financial statements.
155
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
HOTELS & RESTAURANTS - 2.78%
Benihana Inc. Class A * 10,400 $ 133,640
Extended Stay America, Inc. 11,200 162,176
LaSalle Hotel Properties 6,300 116,865
O'Charley's, Inc. * (a) 11,100 199,245
-----------
611,926
INDUSTRIAL MACHINERY - 5.14%
AGCO Corp. * 11,500 231,610
Albany International Corp., Class A 5,100 172,890
Cognex Corp. 3,700 104,488
Cummins, Inc. (a) 3,000 146,820
IDEX Corp. * (a) 3,600 149,724
Lindsay Manufacturing Company (a) 3,700 93,425
Manitowoc, Inc. (a) 2,200 68,640
Sauer-Danfoss, Inc. * (a) 10,000 162,000
-----------
1,129,597
INDUSTRIALS - 1.47%
Crane Company 6,400 196,736
Harsco Corp. 2,900 127,078
-----------
323,814
INSURANCE - 3.47%
CNA Surety Corp. * (a) 8,700 82,737
Direct General Corp. 2,500 82,750
Midland Company (a) 5,700 134,634
Ohio Casualty Corp. * (a) 6,400 111,104
RLI Corp. (a) 4,600 172,316
Scottish Re Group, Ltd. (a) 8,600 178,708
-----------
762,249
INTERNET RETAIL - 0.41%
NetIQ Corp. * (a) 6,800 90,100
-----------
INVESTMENT COMPANIES - 2.70%
iShares Russell 2000 Value Index Fund 3,700 593,480
-----------
MANUFACTURING - 2.86%
AptarGroup, Inc. 4,400 171,600
Kaydon Corp. * (a) 7,100 183,464
Pentair, Inc. 4,500 205,650
Thomas Industries, Inc. 2,000 69,320
-----------
630,034
MEDICAL-HOSPITALS - 0.72%
Rehabcare Group, Inc. * (a) 7,400 157,324
-----------
METAL & METAL PRODUCTS - 1.56%
Mueller Industry, Inc. * 4,700 161,492
Timken Company 9,000 180,540
-----------
342,032
OFFICE FURNISHINGS & SUPPLIES - 1.53%
Ikon Office Solutions, Inc. 16,900 200,434
United Stationers, Inc. * 3,300 135,036
-----------
335,470
PAPER - 0.98%
P.H. Glatfelter Company 5,200 64,740
Pope & Talbot, Inc. (a) 8,500 149,685
-----------
214,425
PETROLEUM SERVICES - 0.35%
Superior Energy Services, Inc. * 4,200 39,480
Varco International, Inc. * 1,800 37,134
-----------
76,614
PHARMACEUTICALS - 0.25%
Bentley Pharmaceuticals, Inc. * 4,200 55,860
-----------
RAILROADS & EQUIPMENT - 0.55%
Wabtec Corp. (a) 7,100 120,984
-----------
REAL ESTATE - 3.28%
American Land Lease, Inc. 3,400 67,830
Cousins Properties, Inc. 3,300 100,980
Duke Realty Corp. 2,600 80,600
Equity One, Inc. 7,000 118,160
Host Marriott Corp., REIT * 8,200 101,024
Liberty Property Trust, REIT (a) 2,200 85,580
Mission West Properties, Inc. * 4,800 62,160
Pan Pacific Retail Properties, Inc., REIT 2,200 104,830
-----------
721,164
RETAIL TRADE - 3.71%
Deb Shops, Inc. * (a) 3,600 77,400
Dillard's, Inc., Class A * (a) 10,300 169,538
Linens'n Things, Inc. * 7,200 216,576
The Buckle, Inc. (a) 6,000 132,900
The Neiman Marcus Group, Inc., Class A * (a) 4,100 220,047
-----------
816,461
SEMICONDUCTORS - 0.98%
Exar Corp. * (a) 6,000 102,480
Lattice Semiconductor Corp. * (a) 5,400 52,272
Richardson Electronics, Ltd. (a) 5,000 61,450
-----------
216,202
SOFTWARE - 0.68%
EPIQ Systems, Inc. * (a) 7,900 135,327
Moldflow Corp. * 1,200 13,620
-----------
148,947
STEEL - 0.57%
Gibraltar Steel Corp. (a) 5,000 125,750
-----------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.68%
Citizens Communications Company * 2,700 33,534
Inet Technologies, Inc. * 9,700 116,400
-----------
149,934
TRANSPORTATION - 1.11%
Kirby Corp. * 3,700 129,056
Stonepath Group, Inc. * (a) 50,500 114,130
-----------
243,186
TRUCKING & FREIGHT - 2.00%
Arkansas Best Corp. (a) 4,300 134,977
Covenant Transport, Inc. * 4,400 83,644
Navistar International Corp. * 4,600 220,294
-----------
438,915
TOTAL COMMON STOCK
(Cost: $12,793,911) $15,224,878
-----------
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 19.32%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $4,248,886 $ 4,248,886
-----------
REPURCHASE AGREEMENTS - 11.45%
Repurchase Agreement with State Street
Corp., dated 12/31/2003 at 0.40%, to be
repurchased at $2,519,056 on 01/02/2004,
collateralized by $2,585,000 U.S. Treasury
Bills, 0.89% due 06/24/2004 (valued at
$2,572,075, including interest). $2,519,000 $ 2,519,000
-----------
TOTAL INVESTMENTS (SPECIAL VALUE TRUST)
(Cost: $19,561,797) $21,992,764
===========
The accompanying notes are an integral part of the financial statements.
156
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
MID CAP VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCK - 88.23%
ADVERTISING - 1.07%
The Interpublic Group of Companies, Inc. (a) 338,100 $ 5,274,360
------------
AGRICULTURE - 4.20%
Archer-Daniels-Midland Company 569,800 8,672,356
Monsanto Company 418,400 12,041,552
------------
20,713,908
APPAREL & TEXTILES - 1.61%
Tommy Hilfiger Corp. * 536,300 7,942,603
------------
AUTO PARTS - 4.19%
Dana Corp. 579,600 10,635,660
Genuine Parts Company 302,600 10,046,320
------------
20,681,980
BUSINESS SERVICES - 1.00%
Cadence Design Systems, Inc. * 273,100 4,910,338
------------
CHEMICALS - 4.93%
Crompton Corp. 694,300 4,978,131
Eastman Chemical Company * 315,200 12,459,856
IMC Global, Inc. (a) 690,700 6,858,651
------------
24,296,638
COMPUTERS & BUSINESS EQUIPMENT - 1.54%
Sybase, Inc. * 367,900 7,571,382
------------
CONTAINERS & GLASS - 3.80%
Ball Corp. 138,400 8,244,488
Pactiv Corp. * 438,200 10,472,980
------------
18,717,468
CRUDE PETROLEUM & NATURAL GAS - 1.81%
EOG Resources, Inc. 193,100 8,915,427
------------
ELECTRICAL EQUIPMENT - 1.93%
Hubbell, Inc., Class B * 216,100 9,530,010
------------
ELECTRIC UTILITIES - 4.89%
Ameren Corp. (a) 213,300 9,811,800
CMS Energy Corp. (a) 605,100 5,155,452
Northeast Utilities 351,200 7,083,704
Puget Energy, Inc. * 87,200 2,072,744
------------
24,123,700
FOOD & BEVERAGES - 1.11%
Dean Foods Company * 98,500 3,237,695
Smithfield Foods, Inc. * 107,700 2,229,390
------------
5,467,085
FURNITURE & FIXTURES - 1.15%
Leggett & Platt, Inc. 262,900 5,686,527
------------
GAS & PIPELINE UTILITIES - 1.88%
NiSource, Inc. 232,000 5,090,080
Southwest Gas Corp. 186,000 4,175,700
------------
9,265,780
HEALTHCARE PRODUCTS - 2.14%
Bausch & Lomb, Inc. * 203,000 10,535,700
------------
HEALTHCARE SERVICES - 3.41%
Caremark Rx, Inc. * 353,100 8,944,023
Health Net, Inc. * 240,600 7,867,620
------------
16,811,643
HOTELS & RESTAURANTS - 1.77%
Park Place Entertainment Corp. * 607,700 6,581,391
Yum! Brands, Inc. * 62,100 2,136,240
------------
8,717,631
HOUSEHOLD PRODUCTS - 1.29%
Newell Rubbermaid, Inc. 279,900 6,373,323
------------
INDUSTRIAL MACHINERY - 3.26%
CNH Global NV 195,562 3,246,329
Cummins, Inc. (a) 123,400 6,039,196
W.W. Grainger, Inc. 143,000 6,776,770
------------
16,062,295
INSURANCE - 12.60%
Aetna, Inc. 141,300 9,549,054
Arthur J. Gallagher & Company (a) 139,900 4,545,351
Everest Re Group, Ltd. 133,300 11,277,180
PartnerRe, Ltd. (a) 162,300 9,421,515
SAFECO Corp. * 280,800 10,931,544
The PMI Group, Inc. (a) 112,400 4,184,652
Transatlantic Holdings, Inc. 15,500 1,252,400
XL Capital, Ltd., Class A 141,300 10,957,815
------------
62,119,511
MANUFACTURING - 2.01%
Snap-on, Inc. 306,800 9,891,232
------------
METAL & METAL PRODUCTS - 1.54%
Timken Company 379,500 7,612,770
------------
MINING - 1.58%
Potash Corporation of Saskatchewan, Inc. * 90,400 7,817,792
------------
OFFICE FURNISHINGS & SUPPLIES - 1.89%
Office Depot, Inc. * 558,100 9,325,851
------------
PAPER - 4.14%
Georgia-Pacific Corp. 393,070 12,055,457
MeadWestvaco Corp. 280,400 8,341,900
------------
20,397,357
PETROLEUM SERVICES - 4.80%
GlobalSantaFe Corp. 203,200 5,045,456
Halliburton Company 415,500 10,803,000
Pride International, Inc. * 419,700 7,823,208
------------
23,671,664
PHARMACEUTICALS - 1.68%
King Pharmaceuticals, Inc. * 193,400 2,951,284
Mylan Laboratories, Inc. (a) 210,900 5,327,334
------------
8,278,618
PUBLISHING - 0.43%
American Greetings Corp., Class A * (a) 97,200 2,125,764
------------
REAL ESTATE - 3.21%
Health Care Property Investors, Inc., REIT 33,600 1,706,880
Healthcare Realty Trust 182,200 6,513,650
The accompanying notes are an integral part of the financial statements.
157
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
REAL ESTATE - 3.21%
Host Marriott Corp., REIT * 617,096 $ 7,602,623
------------
15,823,153
RETAIL GROCERY - 0.45%
Safeway, Inc. * 101,400 2,221,674
------------
RETAIL TRADE - 6.62%
Big Lots, Inc. * 448,360 6,371,195
Federated Department Stores, Inc. 42,900 2,021,877
Foot Locker, Inc. 384,800 9,023,560
J.C. Penney Company, Inc. * 344,900 9,063,972
May Department Stores Company 71,000 2,063,970
Payless ShoeSource, Inc. * (a) 305,800 4,097,720
------------
32,642,294
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.30%
Avaya, Inc. * (a) 113,100 1,463,514
------------
TOTAL COMMON STOCK
(Cost: $365,327,099) $434,988,992
------------
PRINCIPAL
AMOUNT VALUE
--------- -----
SHORT TERM INVESTMENTS - 7.37%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $36,322,557 $ 36,322,557
------------
REPURCHASE AGREEMENTS - 4.40%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at
0.40%, to be repurchased at $21,721,483
on 01/02/2004, collateralized by
$15,085,000 U.S. Treasury Bonds, 9.250%
due 02/15/2016 (valued at $22,156,094,
including interest). $21,721,000 $ 21,721,000
------------
TOTAL INVESTMENT (MID CAP VALUE
TRUST) (Cost: $423,370,656) $493,032,549
============
VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCK - 97.62%
ADVERTISING - 2.33%
The Interpublic Group of Companies, Inc. 448,910 $ 7,002,996
------------
AEROSPACE - 3.50%
Goodrich Corp. * 354,510 10,525,402
------------
BANKING - 5.60%
National Commerce Financial Corp. 233,760 6,376,973
Sovereign Bancorp, Inc. * 440,190 10,454,512
------------
16,831,485
BIOTECHNOLOGY - 2.07%
Applera Corp.-Applied Biosystems Group * 300,640 6,226,254
------------
BUSINESS SERVICES - 16.76%
BearingPoint, Inc. * 555,090 5,600,858
Cadence Design Systems, Inc. * 503,570 9,054,189
Convergys Corp. * 480,350 8,386,911
Equifax, Inc. 253,190 6,203,155
Manpower, Inc. 145,250 6,838,370
The BISYS Group, Inc. * 444,150 6,608,952
Valassis Communications, Inc. * 260,960 7,659,176
------------
50,351,611
CHEMICALS - 3.92%
Hercules, Inc. * 429,700 5,242,340
Lyondell Chemical Company 385,700 6,537,615
------------
11,779,955
COSMETICS & TOILETRIES - 2.99%
International Flavors & Fragrances, Inc. 257,450 8,990,154
------------
ELECTRICAL EQUIPMENT - 3.33%
Hubbell, Inc., Class B * 226,940 10,008,054
------------
ELECTRIC UTILITIES - 7.57%
Edison International 409,820 8,987,353
Pinnacle West Capital Corp. 148,600 5,946,972
Wisconsin Energy Corp. 233,670 7,816,261
------------
22,750,586
FINANCIAL SERVICES - 1.81%
A.G. Edwards, Inc. * 129,550 4,693,596
Nelnet, Inc., Class A * 33,600 752,640
------------
5,446,236
FOOD & BEVERAGES - 1.94%
Hormel Foods Corp. 225,090 5,809,573
------------
HEALTHCARE PRODUCTS - 3.31%
Bausch & Lomb, Inc. * 191,750 9,951,825
------------
HEALTHCARE SERVICES - 2.33%
IMS Health, Inc. 281,580 7,000,079
------------
HOTELS & RESTAURANTS - 3.80%
Starwood Hotels & Resorts Worldwide, Inc. * 111,030 3,993,749
Wendy's International, Inc. 189,170 7,423,031
------------
11,416,780
INSURANCE - 14.11%
ACE, Ltd. 273,630 11,333,755
Aon Corp. 370,100 8,860,194
Arthur J. Gallagher & Company 194,770 6,328,077
Chubb Corp. 113,660 7,740,246
Horace Mann Educators Corp. 142,200 1,986,534
UNUMProvident Corp. 389,300 6,139,261
------------
42,388,067
MEDICAL-HOSPITALS - 2.33%
Tenet Healthcare Corp. * 435,940 6,996,837
------------
OFFICE FURNISHINGS & SUPPLIES - 0.89%
Office Depot, Inc. * 160,150 2,676,107
------------
The accompanying notes are an integral part of the financial statements.
158
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
PAPER - 2.22%
Temple-Inland, Inc. 106,450 $ 6,671,221
------------
PETROLEUM SERVICES - 5.82%
GlobalSantaFe Corp. 253,290 6,289,191
Transocean, Inc. * 180,140 4,325,161
Valero Energy Corp. 148,080 6,862,027
------------
17,476,379
PHARMACEUTICALS - 3.52%
Watson Pharmaceuticals, Inc. * 229,720 10,567,120
------------
PUBLISHING - 3.34%
Reuters Group PLC - ADR 106,200 2,695,356
Scholastic Corp. * 215,440 7,333,578
------------
10,028,934
RETAIL TRADE - 1.99%
Borders Group, Inc. 273,030 5,984,818
------------
TRAVEL SERVICES - 2.14%
Sabre Holdings Corp. 297,120 6,414,821
------------
TOTAL COMMON STOCK
(Cost: $241,475,816) $293,295,294
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 2.38%
Federal National Mortgage
Association Discount Note, 0.70%
due 01/02/2004 $7,143,000 $ 7,142,861
------------
TOTAL INVESTMENTS (VALUE TRUST) (Cost:
$248,618,677) $300,438,155
============
ALL CAP VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCK - 91.36%
ADVERTISING - 0.57%
The Interpublic Group of Companies, Inc. 111,500 $ 1,739,400
------------
AEROSPACE - 0.29%
Woodward Governor Company (a) 15,700 892,231
------------
AGRICULTURE - 1.48%
Archer-Daniels-Midland Company 138,500 2,107,970
Delta & Pine Land Company 54,000 1,371,600
Monsanto Company 34,800 1,001,544
------------
4,481,114
AIR TRAVEL - 0.10%
Alaska Air Group, Inc. * (a) 10,800 294,732
------------
ALUMINUM - 1.75%
Alcoa, Inc. 140,000 5,320,000
------------
APPAREL & TEXTILES - 0.96%
NIKE, Inc., Class B 42,300 2,895,858
------------
AUTO PARTS - 2.09%
American Axle & Manufacturing Holdings, Inc. * 28,500 1,151,970
BorgWarner, Inc. 19,800 1,684,386
Dana Corp. 80,600 1,479,010
Genuine Parts Company 60,500 2,008,600
------------
6,323,966
BANKING - 6.61%
Bank of New York Company, Inc. * 30,000 993,600
Bank One Corp. 98,000 4,467,820
Cullen Frost Bankers, Inc. 74,300 3,014,351
Doral Financial Corp. 78,000 2,517,840
FleetBoston Financial Corp. * 16,800 733,320
Wachovia Corp. 92,400 4,304,916
Webster Financial Corp. 9,300 426,498
Wells Fargo & Company 60,500 3,562,845
------------
20,021,190
BROADCASTING - 2.66%
Clear Channel Communications, Inc. 64,200 3,006,486
Viacom, Inc., Class B 113,800 5,050,444
------------
8,056,930
BUILDING MATERIALS & CONSTRUCTION - 0.24%
Haemonetics Corp. * 30,100 719,089
------------
BUSINESS SERVICES - 0.96%
AMR Corp. * (a) 8,600 111,370
Cadence Design Systems, Inc. * 82,600 1,485,148
Reynolds & Reynolds Company, Class A * 45,000 1,307,250
------------
2,903,768
CABLE AND TELEVISION - 1.28%
Comcast Corp.-Special Class A * 124,100 3,881,848
------------
CHEMICALS - 2.96%
E.I. Du Pont De Nemours & Company 45,000 2,065,050
Eastman Chemical Company * 31,000 1,225,430
OM Group, Inc. * (a) 64,200 1,681,398
Praxair, Inc. 70,000 2,674,000
Rohm & Haas Company 31,300 1,336,823
------------
8,982,701
COMPUTERS & BUSINESS EQUIPMENT - 3.90%
Apple Computer, Inc. * 296,000 6,325,520
Electronics For Imaging, Inc. * (a) 39,500 1,027,790
EMC Corp. * 258,900 3,344,988
Xerox Corp. * 82,200 1,134,360
------------
11,832,658
CONSTRUCTION MATERIALS - 0.44%
JLG Industries, Inc. * (a) 28,100 427,963
Trinity Industries, Inc. * (a) 29,200 900,528
------------
1,328,491
CONTAINERS & GLASS - 0.69%
Pactiv Corp. * 87,600 2,093,640
------------
COSMETICS & TOILETRIES - 0.53%
The Gillette Company * 43,500 1,597,755
------------
CRUDE PETROLEUM & NATURAL GAS - 0.95%
Chesapeake Energy Corp. (a) 52,000 706,160
The accompanying notes are an integral part of the financial statements.
159
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
CRUDE PETROLEUM & NATURAL GAS - CONTINUED
EOG Resources, Inc. 28,100 $ 1,297,377
Helmerich & Payne, Inc. * 31,400 877,002
------------
2,880,539
DOMESTIC OIL - 0.45%
Westport Resources Corp. * 46,100 1,376,546
------------
ELECTRICAL EQUIPMENT - 1.42%
C-COR.net Corp. * (a) 54,900 611,037
Emerson Electric Company 22,800 1,476,300
Hubbell, Inc., Class B * 50,600 2,231,460
------------
4,318,797
ELECTRIC UTILITIES - 1.02%
Ameren Corp. 41,600 1,913,600
CMS Energy Corp. (a) 140,000 1,192,800
------------
3,106,400
ELECTRONICS - 2.18%
Intermagnetics General Corp. * (a) 19,900 440,984
Rogers Corp. * 15,200 670,624
Technitrol, Inc. 21,100 437,614
Varian, Inc. * 26,600 1,110,018
Vishay Intertechnology, Inc. * 87,800 2,010,620
Zebra Technologies Corp., Class A * 29,000 1,924,730
------------
6,594,590
ENERGY - 0.81%
Progress Energy, Inc. 54,000 2,444,040
------------
FINANCIAL SERVICES - 3.81%
Citigroup, Inc. 118,400 5,747,136
Mellon Financial Corp. 107,100 3,438,981
Merrill Lynch & Company, Inc. 40,300 2,363,595
------------
11,549,712
FOOD & BEVERAGES - 3.72%
General Mills, Inc. * 33,500 1,517,550
Kraft Foods, Inc., Class A 100,000 3,222,000
PepsiCo, Inc. 98,100 4,573,422
Smithfield Foods, Inc. * 94,400 1,954,080
------------
11,267,052
FOREST PRODUCTS - 0.14%
Weyerhaeuser Company * 6,500 416,000
------------
GAS & PIPELINE UTILITIES - 0.65%
Philadelphia Suburban Corp. 89,625 1,980,713
------------
HEALTHCARE PRODUCTS - 0.95%
Bausch & Lomb, Inc. * 47,900 2,486,010
ICU Medical, Inc. * (a) 11,800 404,504
------------
2,890,514
HEALTHCARE SERVICES - 0.63%
Covance, Inc. * 27,100 726,280
Sierra Health Services, Inc. * (a) 43,300 1,188,585
------------
1,914,865
HOTELS & RESTAURANTS - 0.35%
Yum! Brands, Inc. * 31,100 1,069,840
------------
INDUSTRIAL MACHINERY - 4.96%
Briggs & Stratton Corp. (a) 27,300 1,840,020
Cummins, Inc. (a) 25,100 1,228,394
Deere & Company * 113,900 7,409,195
Dionex Corp. * 22,900 1,053,858
Grant Prideco, Inc. * 69,700 907,494
IDEX Corp. * 18,400 765,256
W.W. Grainger, Inc. 38,400 1,819,776
------------
15,023,993
INDUSTRIALS - 0.52%
GrafTech International, Ltd. * 115,800 1,563,300
------------
INSURANCE - 3.69%
American International Group, Inc. 45,000 2,982,600
Markel Corp. * (a) 7,200 1,825,272
Odyssey Re Holdings Corp. (a) 80,000 1,804,000
SAFECO Corp. * 39,800 1,549,414
Travelers Property Casualty Corp., Class B 35,000 593,950
XL Capital, Ltd., Class A 31,200 2,419,560
------------
11,174,796
LEISURE TIME - 2.12%
The Walt Disney Company * 275,000 6,415,750
------------
LIFE SCIENCES - 0.11%
Pharmaceutical Product Development, Inc. *
12,100 326,337
------------
MANUFACTURING - 3.62%
3M Company 10,800 918,324
Eaton Corp. 34,500 3,725,310
Illinois Tool Works, Inc. 21,300 1,787,283
Tyco International, Ltd. * 171,600 4,547,400
------------
10,978,317
MEDICAL-HOSPITALS - 0.49%
Manor Care, Inc. 42,800 1,479,596
------------
METAL & METAL PRODUCTS - 1.77%
Mueller Industry, Inc. * (a) 18,000 618,480
Quanex Corp. 56,600 2,609,260
Timken Company 106,600 2,138,396
------------
5,366,136
MINING - 2.42%
Newmont Mining Corp. 106,200 5,162,382
Potash Corporation of Saskatchewan, Inc. * 25,200 2,179,296
------------
7,341,678
NEWSPAPERS - 0.25%
Journal Register Company * 37,200 770,040
------------
PAPER - 2.69%
Georgia-Pacific Corp. 100,000 3,067,000
International Paper Company 72,000 3,103,920
MeadWestvaco Corp. 66,600 1,981,350
------------
8,152,270
PETROLEUM SERVICES - 7.15%
Baker Hughes, Inc. 30,600 984,096
ChevronTexaco Corp. 14,762 1,275,289
Exxon Mobil Corp. 323,100 13,247,100
The accompanying notes are an integral part of the financial statements.
160
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
PETROLEUM SERVICES - CONTINUED
GlobalSantaFe Corp. 22,500 $ 558,675
Grey Wolf, Inc. * (a) 283,500 1,060,290
Halliburton Company 44,800 1,164,800
Pride International, Inc. * 83,500 1,556,440
Schlumberger, Ltd. * 33,100 1,811,232
------------
21,657,922
PHARMACEUTICALS - 4.98%
Abbott Laboratories 30,000 1,398,000
King Pharmaceuticals, Inc. * 17,100 260,946
Merck & Company, Inc. 51,200 2,365,440
Mylan Laboratories, Inc. 13,650 344,799
Novartis AG, ADR 74,200 3,405,038
Schering-Plough Corp. 220,000 3,825,800
Wyeth 82,600 3,506,370
------------
15,106,393
PUBLISHING - 1.33%
Tribune Company 78,400 4,045,440
------------
RAILROADS & EQUIPMENT - 1.02%
CSX Corp. 85,700 3,080,058
------------
REAL ESTATE - 0.42%
Host Marriott Corp., REIT * 103,000 1,268,960
------------
RETAIL TRADE - 3.40%
Barnes & Noble, Inc. * 45,600 1,497,960
Foot Locker, Inc. 5,500 128,975
J.C. Penney Company, Inc. * 49,800 1,308,744
Limited Brands, Inc. 140,000 2,524,200
Pier 1 Imports, Inc. 99,000 2,164,140
Target Corp. 35,000 1,344,000
The Yankee Candle, Inc. * 48,500 1,325,505
------------
10,293,524
SANITARY SERVICES - 0.41%
Waste Management, Inc. 42,300 1,252,080
------------
SOFTWARE - 0.18%
Take-Two Interactive Software, Inc. * (a) 19,100 550,271
------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 2.54%
Arris Group, Inc. * (a) 33,100 239,644
Motorola, Inc. * 380,000 5,346,600
SBC Communications, Inc. 80,600 2,101,242
------------
7,687,486
TELEPHONE - 2.23%
Verizon Communications, Inc. * 192,500 6,752,900
------------
TOYS, AMUSEMENTS & SPORTING GOODS - 0.47%
Hasbro, Inc. * 67,000 1,425,760
------------
TOTAL COMMON STOCK
(Cost: $233,416,608) $276,887,986
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 4.58%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $13,8815,067 $ 13,885,067
------------
REPURCHASE AGREEMENTS - 4.06%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at
0.40%, to be repurchased at $12,314,274 on
01/02/2004, collateralized by $9,800,000
U.S. Treasury Bonds, 7.500% due 11/15/2016
(valued at $12,561,846, including interest). $12,314,000 $ 12,314,000
------------
TOTAL INVESTMENTS (ALL CAP VALUE TRUST)
(Cost: $259,615,675) $303,087,053
============
EQUITY INDEX TRUST
SHARES VALUE
------ -----
COMMON STOCK - 95.47%
ADVERTISING - 0.24%
Monster Worldwide, Inc. * 857 $ 18,820
Omnicom Group, Inc. * 1,444 126,104
The Interpublic Group of Companies, Inc. 3,152 49,171
------------
194,095
AEROSPACE - 1.82%
General Dynamics Corp. 1,503 135,856
Goodrich Corp. * 894 26,543
Honeywell International, Inc. 6,554 219,100
Lockheed Martin Corp. 3,428 176,199
Northrop Grumman Corp. 1,392 133,075
Raytheon Company * 3,164 95,047
Rockwell Collins, Inc. 1,346 40,420
Textron, Inc. * 1,034 59,000
The Boeing Company * 6,396 269,528
United Technologies Corp. 3,577 338,992
------------
1,493,760
AGRICULTURE - 0.16%
Archer-Daniels-Midland Company 4,916 74,821
Monsanto Company 1,992 57,330
------------
132,151
AIR TRAVEL - 0.13%
Delta Air Lines, Inc. * 939 11,089
Southwest Airlines Company * 5,985 96,598
------------
107,687
ALUMINUM - 0.30%
Alcoa, Inc. 6,579 250,002
------------
APPAREL & TEXTILES - 0.39%
Cintas Corp. 1,298 65,069
Jones Apparel Group, Inc. 960 33,821
Liz Claiborne, Inc. 830 29,432
NIKE, Inc., Class B 1,995 136,578
Reebok International, Ltd. 448 17,615
V.F. Corp. 822 35,543
------------
318,058
The accompanying notes are an integral part of the financial statements.
161
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
AUTO PARTS - 0.21%
AutoZone, Inc. * 675 $ 57,517
Dana Corp. 1,130 20,735
Delphi Corp. * 4,260 43,495
Genuine Parts Company 1,323 43,924
Visteon Corp. 994 10,347
------------
176,018
AUTO SERVICES - 0.05%
AutoNation, Inc. * 2,091 38,412
------------
AUTOMOBILES - 0.64%
Ford Motor Company * 13,921 222,736
General Motors Corp. (a) 4,263 227,644
PACCAR, Inc. 887 75,502
------------
525,882
BANKING - 6.13%
AmSouth BanCorp 2,669 65,391
Bank of America Corp. 11,296 908,537
Bank of New York Company, Inc. * 5,881 194,779
Bank One Corp. 8,499 387,469
BB&T Corp. 4,156 160,588
Comerica, Inc. 1,333 74,728
Fifth Third Bancorp 4,326 255,667
First Tennessee National Corp. 954 42,071
FleetBoston Financial Corp. * 8,017 349,942
Golden West Financial Corp. 1,155 119,184
Huntington Bancshares, Inc. 1,740 39,150
KeyCorp 3,187 93,443
Marshall & Ilsley Corp. 1,721 65,828
National City Corp. 4,622 156,871
North Fork BanCorp, Inc. 1,153 46,662
Northern Trust Corp. 1,675 77,753
Southtrust Corp. 2,523 82,578
SunTrust Banks, Inc. 2,140 153,010
Union Planters Corp. 1,434 45,157
US Bancorp 14,663 436,664
Wachovia Corp. 10,064 468,882
Wells Fargo & Company 12,864 757,561
Zions BanCorp 683 41,888
------------
5,023,803
BIOTECHNOLOGY - 1.17%
Amgen, Inc. * 9,807 606,073
Applera Corp.-Applied Biosystems Group * 1,582 32,763
Biogen Idec, Inc. * 2,491 91,619
Chiron Corp. * 1,427 81,325
Genzyme Corp. * 1,704 84,075
MedImmune, Inc. * 1,882 47,803
Millipore Corp. * 371 15,971
------------
959,629
BROADCASTING - 1.11%
Clear Channel Communications, Inc. 4,680 219,164
Univision Communications, Inc., Class A * 2,452 97,320
Viacom, Inc., Class B 13,299 590,210
------------
906,694
BUILDING MATERIALS & CONSTRUCTION - 0.19%
American Standard Companies, Inc. * 554 55,788
Masco Corp. 3,521 96,510
------------
152,298
BUSINESS SERVICES - 1.84%
Automatic Data Processing, Inc. 4,519 178,998
BMC Software, Inc. * 1,720 32,078
Cendant Corp. * 7,703 171,546
Charles Schwab Corp. 10,314 122,118
Computer Sciences Corp. * 1,424 62,984
Concord EFS, Inc. * 3,536 52,474
Convergys Corp. * 1,088 18,996
Deluxe Corp. 384 15,871
Electronic Data Systems Corp. 3,652 89,620
Equifax, Inc. 1,057 25,896
First Data Corp. * 5,541 227,680
Fiserv, Inc. * 1,473 58,198
Fluor Corp. * 624 24,735
Moody's Corp. 1,131 68,482
NCR Corp. * 719 27,897
Paychex, Inc. 2,866 106,615
Pitney Bowes, Inc. 1,776 72,141
R.R. Donnelley & Sons Company 864 26,050
Robert Half International, Inc. * 1,302 30,389
SunGuard Data Systems, Inc. * 2,184 60,519
Unisys Corp. * 2,512 37,303
------------
1,510,590
CABLE AND TELEVISION - 1.44%
Comcast Corp., Class A * 17,113 562,505
Time Warner, Inc. * 34,377 618,442
------------
1,180,947
CELLULAR COMMUNICATIONS - 0.54%
AT&T Wireless Services, Inc. * 20,637 164,890
Nextel Communications, Inc., Class A * 8,359 234,553
Sprint Corp. (PCS Group) * 7,869 44,224
------------
443,667
CHEMICALS - 1.35%
Air Products & Chemicals, Inc. 1,728 91,290
Ashland, Inc. 522 22,999
Dow Chemical Company * 6,998 290,907
E.I. Du Pont De Nemours & Company 7,578 347,755
Eastman Chemical Company * 588 23,244
Engelhard Corp. 954 28,572
Great Lakes Chemical Corp. 385 10,468
Hercules, Inc. * 843 10,285
PPG Industries, Inc. 1,292 82,714
Praxair, Inc. 2,472 94,430
Rohm & Haas Company 1,693 72,308
Sigma-Aldrich Corp. 527 30,134
------------
1,105,106
COLLEGES & UNIVERSITIES - 0.11%
Apollo Group, Inc., Class A * 1,341 91,188
------------
COMPUTERS & BUSINESS EQUIPMENT - 3.71%
Apple Computer, Inc. * 2,756 58,896
Dell, Inc. * 19,466 661,065
EMC Corp. * 18,270 236,048
Gateway, Inc. * 2,466 11,344
Hewlett-Packard Company * 23,181 532,468
International Business Machines Corp. 13,080 1,212,254
Lexmark International, Inc. * 977 76,831
Network Appliance, Inc. * 2,623 53,850
Sun Microsystems, Inc. * 24,836 111,514
Xerox Corp. * 6,020 83,076
------------
3,037,346
The accompanying notes are an integral part of the financial statements.
162
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
CONSTRUCTION MATERIALS - 0.09%
Sherwin-Williams Company 1,108 $ 38,492
Vulcan Materials Company 773 36,772
------------
75,264
CONSTRUCTION & MINING EQUIPMENT - 0.02%
Rowan Companies, Inc. * 715 16,567
------------
CONTAINERS & GLASS - 0.13%
Ball Corp. 428 25,496
Bemis Company, Inc. 404 20,200
Pactiv Corp. * 1,195 28,561
Sealed Air Corp. * 646 34,974
------------
109,231
COSMETICS & TOILETRIES - 2.29%
Alberto Culver Company, Class B 447 28,197
Avon Products, Inc. 1,798 121,347
Colgate-Palmolive Company 4,084 204,404
International Flavors & Fragrances, Inc. 712 24,863
Kimberly-Clark Corp. 3,835 226,610
The Gillette Company * 7,692 282,527
The Procter & Gamble Company 9,858 984,617
------------
1,872,565
CRUDE PETROLEUM & NATURAL GAS - 0.70%
Anadarko Petroleum Corp. 1,907 97,276
Apache Corp. 1,232 99,915
Burlington Resources, Inc. 1,510 83,624
Devon Energy Corp. 1,768 101,235
EOG Resources, Inc. 875 40,399
Occidental Petroleum Corp. * 2,928 123,679
Sunoco, Inc. 587 30,025
------------
576,153
DOMESTIC OIL - 0.27%
Amerada Hess Corp. * 683 36,315
Kerr-McGee Corp. * 767 35,658
Marathon Oil Corp. 2,359 78,060
Unocal Corp. * 1,969 72,518
------------
222,551
ELECTRICAL EQUIPMENT - 3.46%
American Power Conversion Corp. 1,509 36,895
Cooper Industries, Ltd., Class A * 710 41,130
Emerson Electric Company 3,199 207,135
General Electric Company 76,336 2,364,889
Johnson Controls, Inc. * 687 79,775
Molex, Inc. * 1,447 50,486
Power-One, Inc. * 633 6,856
Symbol Technologies, Inc. 1,753 29,608
Tektronix, Inc. 643 20,319
------------
2,837,093
ELECTRIC UTILITIES - 2.15%
Allegheny Energy, Inc. * 965 12,313
Ameren Corp. 1,235 56,810
American Electric Power, Inc. 3,003 91,621
CenterPoint Energy, Inc. 2,327 22,549
Cinergy Corp. 1,354 52,549
CMS Energy Corp. 1,225 10,437
Consolidated Edison, Inc. 1,714 73,719
Constellation Energy Group, Inc. 1,272 49,811
Dominion Resources, Inc. 2,466 157,405
DTE Energy Company * 1,280 50,432
Duke Energy Corp. * 6,900 141,105
Edison International 2,477 54,321
Entergy Corp. 1,740 99,406
Exelon Corp. 2,486 164,971
FirstEnergy Corp. 2,508 88,282
FPL Group, Inc. 1,398 91,457
PG&E Corp. * 3,153 87,559
Pinnacle West Capital Corp. 694 27,774
PPL Corp. 1,348 58,975
Public Service Enterprise Group, Inc. 1,788 78,314
TECO Energy, Inc. (a) 1,428 20,577
The AES Corp. * 4,734 44,689
The Southern Company 5,567 168,402
TXU Corp. * 2,462 58,399
------------
1,761,877
ELECTRONICS - 0.34%
Agilent Technologies, Inc. * 3,615 105,702
Jabil Circuit, Inc. * 1,519 42,988
Sanmina-SCI Corp. * 3,933 49,595
Solectron Corp. * 6,356 37,564
Thermo Electron Corp. * 1,238 31,198
Thomas & Betts Corp. 444 10,163
------------
277,210
ENERGY - 0.25%
Calpine Corp. * (a) 3,141 15,108
Progress Energy, Inc. 1,863 84,320
Sempra Energy * 1,720 51,703
Xcel Energy, Inc. * 3,032 51,483
------------
202,614
FINANCIAL SERVICES - 8.63%
American Express Company 9,779 471,641
Bear Stearns Companies, Inc. 745 59,563
Capital One Financial Corp. 1,756 107,625
Charter One Financial, Inc. 1,693 58,493
Citigroup, Inc. 39,219 1,903,690
Countrywide Financial Corp. 1,764 133,774
Federal Home Loan Mortgage Corp. 5,289 308,455
Federal National Mortgage Association 7,387 554,468
Federated Investors, Inc., Class B 826 24,251
Franklin Resources, Inc. 1,908 99,331
H & R Block, Inc. 1,355 75,026
J.P. Morgan Chase & Company * 15,511 569,719
Janus Capital Group, Inc. 1,830 30,030
Lehman Brothers Holdings, Inc. 2,064 159,382
MBIA, Inc. 1,096 64,916
MBNA Corp. 9,714 241,393
Mellon Financial Corp. 3,271 105,032
Merrill Lynch & Company, Inc. 7,187 421,518
Morgan Stanley 8,234 476,502
PNC Financial Services Group 2,108 115,371
Providian Financial Corp. * 2,206 25,678
Regions Financial Corp. 1,689 62,831
SLM Corp. 3,427 129,129
State Street Corp. (b) 2,541 132,335
Synovus Financial Corp. 2,294 66,343
T. Rowe Price Group, Inc. (c) 947 44,897
The Goldman Sachs Group, Inc. 3,600 355,428
Washington Mutual, Inc. 6,837 274,300
------------
7,071,121
The accompanying notes are an integral part of the financial statements.
163
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
FOOD & BEVERAGES - 3.63%
Anheuser-Busch Companies, Inc. 6,194 $ 326,300
Campbell Soup Company * 3,120 83,616
Coca-Cola Enterprises, Inc. 3,458 75,626
ConAgra Foods, Inc. 4,082 107,724
General Mills, Inc. * 2,839 128,607
H.J. Heinz Company 2,675 97,450
Hershey Foods Corp. 989 76,143
Kellogg Company 3,103 118,162
McCormick & Company, Inc. 1,055 31,756
PepsiCo, Inc. 13,052 608,484
Sara Lee Corp. * 6,008 130,434
Starbucks Corp. * 2,973 98,287
The Coca-Cola Company 18,638 945,878
The Pepsi Bottling Group, Inc. * 1,998 48,312
William Wrigley Jr. Company 1,709 96,063
------------
2,972,842
FOREST PRODUCTS - 0.13%
Weyerhaeuser Company * 1,671 106,944
------------
FURNITURE & FIXTURES - 0.04%
Leggett & Platt, Inc. 1,459 31,558
------------
GAS & PIPELINE UTILITIES - 0.31%
Dynegy, Inc., Class A (a) 2,866 12,267
El Paso Corp. 4,624 37,871
KeySpan Corp. * 1,209 44,491
Kinder Morgan, Inc. 937 55,377
Nicor, Inc. 335 11,403
NiSource, Inc. 1,995 43,770
Peoples Energy Corp. 280 11,771
Williams Companies, Inc. 3,940 38,691
------------
255,641
HEALTHCARE PRODUCTS - 3.25%
Bausch & Lomb, Inc. * 399 20,708
Baxter International, Inc. * 4,640 141,613
Becton Dickinson & Company 1,931 79,442
Biomet, Inc. 1,944 70,781
Boston Scientific Corp. * 6,228 228,941
C.R. Bard, Inc. 394 32,013
Guidant Corp. 2,296 138,219
Johnson & Johnson 22,565 1,165,708
Medtronic, Inc. 9,215 447,941
St. Jude Medical, Inc. * 1,312 80,491
Stryker Corp. 1,517 128,960
Zimmer Holdings, Inc. * 1,838 129,395
------------
2,664,212
HEALTHCARE SERVICES - 1.03%
Express Scripts, Inc. * 597 39,659
HCA, Inc. * 3,767 161,830
Humana, Inc. * 1,225 27,991
IMS Health, Inc. 1,820 45,245
McKesson Corp. * 2,215 71,234
Medco Health Solutions, Inc. * 2,055 69,849
Quest Diagnostics, Inc. 790 57,757
UnitedHealth Group, Inc. 4,460 259,483
Wellpoint Health Networks, Inc., Class A * 1,155 112,024
------------
845,072
HOMEBUILDERS - 0.15%
Centex Corp. * 473 50,918
KB HOME 352 25,527
Pulte Homes, Inc. * 472 44,189
------------
120,634
HOTELS & RESTAURANTS - 0.74%
Darden Restaurants, Inc. 1,253 26,363
Harrah's Entertainment, Inc. 840 41,807
Hilton Hotels Corp. 2,884 49,403
Marriott International, Inc., Class A 1,758 81,219
McDonald's Corp. 9,649 239,585
Starwood Hotels & Resorts Worldwide, Inc. * 1,538 55,322
Wendy's International, Inc. 866 33,982
Yum! Brands, Inc. * 2,236 76,918
------------
604,599
HOUSEHOLD APPLIANCES - 0.13%
Black & Decker Corp. 591 29,148
Maytag Corp. 597 16,626
The Stanley Works 616 23,328
Whirlpool Corp. 530 38,505
------------
107,607
HOUSEHOLD PRODUCTS - 0.26%
Fortune Brands, Inc. 1,109 79,283
Newell Rubbermaid, Inc. 2,086 47,498
The Clorox Company 1,604 77,890
Tupperware Corp. * 444 7,699
------------
212,370
INDUSTRIAL MACHINERY - 0.82%
Caterpillar, Inc. 2,640 219,173
Cummins, Inc. 322 15,759
Deere & Company * 1,825 118,716
Dover Corp. 1,540 61,215
Ingersoll-Rand Company, Class A 1,319 89,534
ITT Industries, Inc. 701 52,021
Pall Corp. 950 25,488
Parker-Hannifin Corp. 901 53,609
W.W. Grainger, Inc. 694 32,889
------------
668,404
INDUSTRIALS - 0.08%
Crane Company 452 13,895
Rockwell Automation, Inc. 1,417 50,445
------------
64,340
INSURANCE - 4.71%
ACE, Ltd. 2,122 87,893
Aetna, Inc. 1,160 78,393
AFLAC, Inc. 3,899 141,066
Ambac Financial Group, Inc. 812 56,345
American International Group, Inc. 19,827 1,314,133
Anthem, Inc. * 1,051 78,825
Aon Corp. 2,384 57,073
Chubb Corp. 1,428 97,247
CIGNA Corp. * 1,068 61,410
Cincinnati Financial Corp. 1,220 51,094
Hartford Financial Services Group, Inc. 2,151 126,973
Jefferson-Pilot Corp. 1,072 54,297
John Hancock Financial Services, Inc. 2,199 82,462
Lincoln National Corp. 1,353 54,621
Loews Corp. 1,410 69,724
Marsh & McLennan Companies, Inc. 4,031 193,045
The accompanying notes are an integral part of the financial statements.
164
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
INSURANCE - CONTINUED
MetLife, Inc. 5,779 $ 194,579
MGIC Investment Corp. 748 42,591
Principal Financial Group, Inc. 2,455 81,187
Progressive Corp. 1,642 137,255
Prudential Financial, Inc. 4,109 171,633
SAFECO Corp. * 1,053 40,993
The Allstate Corp. 5,349 230,114
The St. Paul Companies, Inc. * 1,735 68,793
Torchmark, Inc. (a) 860 39,164
Travelers Property Casualty Corp., Class B 7,639 129,634
UNUMProvident Corp. 2,251 35,498
XL Capital, Ltd., Class A 1,044 80,962
------------
3,857,004
INTERNATIONAL OIL - 0.41%
ConocoPhillips 5,176 339,390
------------
INTERNET CONTENT - 0.28%
Yahoo!, Inc. * 4,997 225,714
------------
INTERNET RETAIL - 0.39%
eBay, Inc. * 4,911 317,201
------------
INTERNET SOFTWARE - 1.65%
Cisco Systems, Inc. * 52,483 1,274,812
Symantec Corp. * 2,342 81,150
------------
1,355,962
LEISURE TIME - 0.82%
Brunswick Corp. 696 22,154
Carnival Corp. 4,789 190,267
International Game Technology 2,632 93,962
The Walt Disney Company * 15,550 362,782
------------
669,165
LIFE SCIENCES - 0.06%
PerkinElmer, Inc. * 964 16,455
Waters Corp. * 923 30,607
------------
47,062
LIQUOR - 0.07%
Adolph Coors Company, Class B 277 15,540
Brown Forman Corp., Class B 461 43,080
------------
58,620
MANUFACTURING - 1.58%
3M Company 5,967 507,374
Danaher Corp. * 1,167 107,072
Eaton Corp. 578 62,413
Illinois Tool Works, Inc. 2,343 196,601
Snap-on, Inc. 443 14,282
Tyco International, Ltd. * 15,198 402,747
------------
1,290,489
MEDICAL-HOSPITALS - 0.15%
Health Management Associates, Inc., Class A 1,823 43,752
Manor Care, Inc. 678 23,438
Tenet Healthcare Corp. * 3,534 56,721
------------
123,911
MINING - 0.32%
Freeport-McMoRan Copper & Gold, Inc., Class B * 1,299 54,727
Newmont Mining Corp. 3,285 159,684
Phelps Dodge Corp. 679 51,665
------------
266,076
NEWSPAPERS - 0.09%
Dow Jones & Company, Inc. 620 30,907
Knight-Ridder, Inc. 607 46,964
------------
77,871
OFFICE FURNISHINGS & SUPPLIES - 0.23%
Avery Dennison Corp. 840 47,057
Office Depot, Inc. * 2,381 39,787
Staples, Inc. * 3,764 102,757
------------
189,601
PAPER - 0.45%
Boise Cascade Corp. * 657 21,589
Georgia-Pacific Corp. 1,932 59,254
International Paper Company 3,653 157,481
Louisiana-Pacific Corp. * 805 14,393
MeadWestvaco Corp. 1,525 45,369
Plum Creek Timber Company, Inc. 1,391 42,356
Temple-Inland, Inc. 413 25,883
------------
366,325
PETROLEUM SERVICES - 4.10%
Baker Hughes, Inc. 2,546 81,879
BJ Services Company * 1,203 43,188
ChevronTexaco Corp. 8,127 702,092
Exxon Mobil Corp. 50,251 2,060,291
Halliburton Company 3,330 86,580
Nabors Industries, Ltd. * 1,114 46,231
Noble Corp. * 1,017 36,388
Schlumberger, Ltd. * 4,451 243,559
Transocean, Inc. * 2,432 58,392
------------
3,358,600
PHARMACEUTICALS - 6.83%
Abbott Laboratories 11,885 553,841
Allergan, Inc. 992 76,195
AmerisourceBergen Corp. 851 47,784
Bristol-Myers Squibb Company * 14,743 421,650
Cardinal Health, Inc. 3,291 201,278
Eli Lilly & Company 8,537 600,407
Forest Laboratories, Inc. * 2,780 171,804
King Pharmaceuticals, Inc. * 1,833 27,972
Merck & Company, Inc. 16,916 781,519
Pfizer, Inc. 58,019 2,049,811
Schering-Plough Corp. 11,171 194,264
Watson Pharmaceuticals, Inc. * 821 37,766
Wyeth 10,125 429,806
------------
5,594,097
PHOTOGRAPHY - 0.07%
Eastman Kodak Company 2,179 55,935
------------
PUBLISHING - 0.60%
American Greetings Corp., Class A * 505 11,044
Gannett Company, Inc. 2,061 183,759
McGraw-Hill Companies, Inc. 1,457 101,874
Meredith Corp. 381 18,597
The New York Times Company, Class A 1,132 54,098
Tribune Company 2,374 122,498
------------
491,870
The accompanying notes are an integral part of the financial statements.
165
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
RAILROADS & EQUIPMENT - 0.43%
Burlington Northern Santa Fe Corp. 2,822 $ 91,292
CSX Corp. 1,627 58,474
Norfolk Southern Corp. 2,968 70,193
Union Pacific Corp. 1,940 134,791
------------
354,750
REAL ESTATE - 0.35%
Apartment Investment & Management Company, Class A,
REIT 716 24,702
Equity Office Properties Trust, REIT 3,039 87,067
Equity Residential, REIT * 2,094 61,794
ProLogis, REIT 1,368 43,899
Simon Property Group, Inc., REIT 1,454 67,379
------------
284,841
RETAIL GROCERY - 0.57%
Albertsons, Inc. * 2,790 63,194
Safeway, Inc. * 3,363 73,683
SUPERVALU, Inc. 1,019 29,133
Sysco Corp. 4,920 183,172
The Kroger Company * 5,665 104,859
Winn-Dixie Stores, Inc. (a) 1,077 10,716
------------
464,757
RETAIL TRADE - 5.70%
Bed Bath & Beyond, Inc. * 2,251 97,581
Best Buy Company, Inc. 2,460 128,510
Big Lots, Inc. * 889 12,633
Circuit City Stores-Circuit City Group * 1,592 16,127
Costco Wholesale Corp. * 3,480 129,386
CVS Corp. 3,003 108,468
Dillard's, Inc., Class A * 633 10,419
Dollar General Corp. 2,562 53,776
Family Dollar Stores, Inc. 1,311 47,039
Federated Department Stores, Inc. 1,374 64,757
Home Depot, Inc. 17,297 613,871
J.C. Penney Company, Inc. * 2,076 54,557
Kohl's Corp. * 2,585 116,170
Limited Brands, Inc. 3,928 70,822
Lowe's Companies, Inc. 5,978 331,121
May Department Stores Company 2,194 63,780
Nordstrom, Inc. 1,045 35,843
RadioShack Corp. 1,248 38,289
Sears, Roebuck & Company * 1,930 87,796
Target Corp. 6,929 266,074
The Gap, Inc. * 6,811 158,083
The TJX Companies, Inc. 3,826 84,363
Tiffany & Company 1,115 50,398
Wal-Mart Stores, Inc. 32,902 1,745,451
Walgreen Company 7,794 283,546
------------
4,668,860
SANITARY SERVICES - 0.25%
Allied Waste Industries, Inc. * 1,594 22,124
Ecolab, Inc. 1,959 53,618
Waste Management, Inc. 4,428 131,069
------------
206,811
SEMICONDUCTORS - 4.06%
Advanced Micro Devices, Inc. * 2,650 39,485
Altera Corp. * 2,879 65,353
Analog Devices, Inc. 2,792 127,455
Applied Materials, Inc. * 12,644 283,858
Applied Micro Circuits Corp. * 2,334 13,957
Broadcom Corp., Class A * 2,302 78,475
Intel Corp. 49,660 1,599,052
KLA-Tencor Corp. * 1,480 86,832
Linear Technology Corp. 2,375 99,916
LSI Logic Corp. * 2,882 25,563
Maxim Integrated Products, Inc. 2,498 124,400
Micron Technology, Inc. * 4,642 62,528
National Semiconductor Corp. * 1,409 55,529
Novellus Systems, Inc. * 1,158 48,694
NVIDIA Corp. * (a) 1,233 28,667
PMC-Sierra, Inc. * (a) 1,313 26,457
QLogic Corp. * 718 37,049
Teradyne, Inc. * 1,455 37,030
Texas Instruments, Inc. 13,157 386,553
Xilinx, Inc. * 2,603 100,840
------------
3,327,693
SOFTWARE - 4.32%
Adobe Systems, Inc. 1,779 69,915
Autodesk, Inc. * 848 20,844
Citrix Systems, Inc. * 1,248 26,470
Computer Associates International, Inc. * 4,402 120,351
Compuware Corp. * 2,920 17,637
Electronic Arts, Inc. * 2,265 108,222
Intuit, Inc. * 1,509 79,841
Mercury Interactive Corp. * 684 33,270
Microsoft Corp. 82,202 2,263,843
Novell, Inc. * 2,839 29,866
Oracle Corp. * 39,736 524,515
Parametric Technology Corp. * 2,024 7,974
PeopleSoft, Inc. * 2,850 64,980
Siebel Systems, Inc. * 3,770 52,290
VERITAS Software Corp. * 3,251 120,807
------------
3,540,825
STEEL - 0.10%
Allegheny Technologies, Inc. 613 8,104
Nucor Corp. 595 33,320
United States Steel Corp. 785 27,491
Worthington Industries, Inc. 655 11,809
------------
80,724
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 2.05%
ADC Telecommunications, Inc. * 6,119 18,173
Andrew Corp. * 1,167 13,432
Avaya, Inc. * 3,168 40,994
CIENA Corp. * 3,602 23,917
Citizens Communications Company * 2,162 26,852
Comverse Technology, Inc. * 1,466 25,787
Corning, Inc. * 10,109 105,437
JDS Uniphase Corp. * 10,909 39,818
Lucent Technologies, Inc. * (a) 31,882 90,545
Motorola, Inc. * 17,697 248,997
QUALCOMM, Inc. 6,083 328,056
SBC Communications, Inc. 25,169 656,156
Scientific-Atlanta, Inc. 1,154 31,504
Tellabs, Inc. * 3,172 26,740
------------
1,676,408
TELEPHONE - 1.92%
ALLTEL Corp. 2,373 110,534
AT&T Corp. 6,005 121,901
BellSouth Corp. 14,050 397,615
CenturyTel, Inc. 1,096 35,752
The accompanying notes are an integral part of the financial statements.
166
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
TELEPHONE - CONTINUED
Qwest Communications International, Inc. * 13,444 $ 58,078
Sprint Corp. (FON Group) 6,872 112,838
Verizon Communications, Inc. * 20,995 736,505
------------
1,573,223
TIRES & RUBBER - 0.03%
Cooper Tire & Rubber Company 561 11,994
Goodyear Tire & Rubber Company * (a) 1,333 10,478
------------
22,472
TOBACCO - 1.13%
Altria Group, Inc. 15,442 840,354
R.J. Reynolds Tobacco Holdings, Inc. * (a) 643 37,390
UST, Inc. 1,261 45,005
------------
922,749
TOYS, AMUSEMENTS & SPORTING GOODS - 0.14%
Hasbro, Inc. * 1,327 28,239
Mattel, Inc. 3,268 62,974
Toys R Us, Inc. * 1,623 20,515
------------
111,728
TRANSPORTATION - 0.13%
Harley-Davidson, Inc. 2,303 109,462
------------
TRAVEL SERVICES - 0.03%
Sabre Holdings Corp. 1,091 23,555
------------
TRUCKING & FREIGHT - 1.02%
Fedex Corp. 2,268 153,090
Navistar International Corp. * 522 24,999
Ryder Systems, Inc. 488 16,665
United Parcel Service, Inc., Class B 8,547 637,179
------------
831,933
TOTAL COMMON STOCK
(Cost: $86,039,029) $ 78,209,486
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 0.89%
State Street Navigator Securities Lending Prime
Portfolio, 1.06% (b) $ 533,071 $ 533,071
United States Treasury Bills
0.80% due 01/22/2004 **** 200,000 199,910
------------
$ 732,981
REPURCHASE AGREEMENTS - 3.64%
Repurchase Agreement with State Street Corp., dated
12/31/2003 at 0.70%, to be repurchased at
$2,982,116 on 01/02/2004, collateralized by
$2,130,000 U.S. Treasury Bonds, 8.50% due
02/15/2020 (valued at $3,041,906, including
interest). $2,982,000 $ 2,982,000
------------
TOTAL INVESTMENTS (EQUITY INDEX TRUST)
(Cost: $89,754,010) $ 81,924,467
============
FUNDAMENTAL VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCK - 89.41%
AUTO PARTS - 0.47%
AutoZone, Inc. * 31,900 $ 2,718,199
------------
BANKING - 12.20%
Bank One Corp. 423,500 19,307,365
Fifth Third Bancorp 121,400 7,174,740
Golden West Financial Corp. 168,900 17,428,791
Lloyds TSB Group PLC, ADR (a) 153,900 5,009,445
Wells Fargo & Company 356,000 20,964,840
------------
69,885,181
BUSINESS SERVICES - 2.40%
Dun & Bradstreet Corp. * 99,400 5,040,574
Moody's Corp. 109,400 6,624,170
WPP Group PLC, ADR (a) 42,000 2,064,300
------------
13,729,044
COMPUTERS & BUSINESS EQUIPMENT - 1.58%
Lexmark International, Inc. * 114,900 9,035,736
------------
CONSTRUCTION MATERIALS - 1.47%
Martin Marietta Materials, Inc. 88,900 4,175,633
Vulcan Materials Company (a) 89,200 4,243,244
------------
8,418,877
CONTAINERS & GLASS - 3.42%
Sealed Air Corp. * 362,100 19,604,094
------------
CRUDE PETROLEUM & NATURAL GAS - 3.74%
Devon Energy Corp. 179,500 10,278,170
EOG Resources, Inc. 127,400 5,882,058
Occidental Petroleum Corp. * 124,300 5,250,432
------------
21,410,660
DRUGS & HEALTH CARE - 0.50%
Novartis AG-Reg Shares * 63,600 2,886,236
------------
FINANCIAL SERVICES - 14.26%
American Express Company, 848,100 40,903,863
Citigroup, Inc. 450,600 21,872,124
H & R Block, Inc. 116,700 6,461,679
Janus Capital Group, Inc. 83,800 1,375,158
Morgan Stanley 106,600 6,168,942
Providian Financial Corp. * 22,800 265,392
State Street Corp. (b) 32,100 1,671,768
Takefuji Corp. * 63,300 2,960,125
------------
81,679,051
FOOD & BEVERAGES - 3.38%
Diageo PLC, ADR (a) 167,600 8,859,336
Heineken Holding NV * 73,100 2,498,737
Hershey Foods Corp. 63,300 4,873,467
Kraft Foods, Inc., Class A 96,500 3,109,230
------------
19,340,770
HEALTHCARE SERVICES - 0.96%
HCA, Inc. * 128,100 5,503,176
------------
HOLDINGS COMPANIES/CONGLOMERATES - 7.90%
Berkshire Hathaway, Inc., Class A * 285 24,011,250
HSBC Holdings PLC * 1,356,559 21,261,010
------------
45,272,260
The accompanying notes are an integral part of the financial statements.
167
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
HOTELS & RESTAURANTS - 0.77%
Marriott International, Inc., Class A 95,600 $ 4,416,720
------------
INSURANCE - 13.66%
American International Group, Inc. 478,500 31,714,980
Aon Corp. 201,600 4,826,304
Chubb Corp. 28,300 1,927,230
Loews Corp. 184,400 9,118,580
Markel Corp. * (a) 1,900 481,669
Principal Financial Group, Inc. 63,100 2,086,717
Progressive Corp. 216,100 18,063,799
Sun Life Financial, Inc. 38,800 970,776
Transatlantic Holdings, Inc. (a) 112,650 9,102,120
------------
78,292,175
INTERNATIONAL OIL - 2.26%
ConocoPhillips 197,663 12,960,763
------------
MANUFACTURING - 3.77%
Tyco International, Ltd. * 814,356 21,580,434
------------
PHARMACEUTICALS - 2.67%
Eli Lilly & Company 114,100 8,024,653
Merck & Company, Inc. 41,800 1,931,160
Pfizer, Inc. 151,580 5,355,322
------------
15,311,135
PUBLISHING - 1.93%
Gannett Company, Inc. 45,100 4,021,116
Lagardere S.C.A. * 122,300 7,052,788
------------
11,073,904
REAL ESTATE - 1.67%
CenterPoint Properties Corp., REIT 128,100 9,594,690
------------
RETAIL TRADE - 2.98%
Costco Wholesale Corp. * 459,300 17,076,774
------------
SEMICONDUCTORS - 0.20%
Agere Systems, Inc., Class A * (a) 376,800 1,149,240
------------
SOFTWARE - 0.87%
Microsoft Corp. 181,600 5,001,264
------------
TOBACCO - 5.47%
Altria Group, Inc. 576,000 31,345,920
------------
TRUCKING & FREIGHT - 0.88%
United Parcel Service, Inc., Class B 67,400 5,024,670
------------
TOTAL COMMON STOCK
(Cost: $423,681,938) $512,310,973
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 10.59%
State Street Navigator Securities Lending Prime
Portfolio, 1.06% (b) $15,667,588 $ 15,667,588
Federal Home Loan Bank Discount Note, 0.79% due
01/02/2004 19,000,000 18,999,604
Federal National Mortgage Association Discount
Notes, 1.01% due 01/07/2004 4,000,000 3,999,327
San Paolo U.S. Finance Company, 1.07% due
01/05/2004 $22,000,000 $ 21,997,384
------------
$ 60,663,903
TOTAL INVESTMENTS (FUNDAMENTAL VALUE
TRUST) (Cost: $484,345,841) $572,974,876
============
GROWTH & INCOME TRUST
SHARES VALUE
------ -----
COMMON STOCK - 97.89%
ADVERTISING - 0.94%
Omnicom Group, Inc. * 182,700 $ 15,955,191
------------
AEROSPACE - 2.69%
General Dynamics Corp. 131,100 11,850,129
Lockheed Martin Corp. 231,800 11,914,520
United Technologies Corp. 231,700 21,958,209
------------
45,722,858
ALUMINUM - 1.62%
Alcoa, Inc. 726,000 27,588,000
------------
APPAREL & TEXTILES - 1.19%
NIKE, Inc., Class B 295,000 20,195,700
------------
BANKING - 5.03%
Bank of America Corp. 437,700 35,204,211
Bank One Corp. 689,100 31,416,069
Wachovia Corp. 406,100 18,920,199
------------
85,540,479
BIOTECHNOLOGY - 1.98%
Amgen, Inc. * 329,400 20,356,920
Genzyme Corp. * 268,500 13,247,790
------------
33,604,710
BROADCASTING - 1.01%
Viacom, Inc., Class B 388,000 17,219,440
------------
BUILDING MATERIALS & CONSTRUCTION - 0.73%
Masco Corp. 455,300 12,479,773
------------
BUSINESS SERVICES - 2.09%
Accenture, Ltd., Class A * 691,000 18,187,120
First Data Corp. * (a) 421,600 17,323,544
------------
35,510,664
CABLE AND TELEVISION - 3.90%
Comcast Corp.-Special Class A * 632,000 19,768,960
EchoStar Communications Corp., Class A * 185,600 6,310,400
Time Warner, Inc. * 2,238,800 40,276,012
------------
66,355,372
CHEMICALS - 1.55%
Dow Chemical Company * 202,300 8,409,611
E.I. Du Pont De Nemours & Company 390,500 17,920,045
------------
26,329,656
COMPUTERS & BUSINESS EQUIPMENT - 4.96%
Dell, Inc. * 564,700 19,177,212
The accompanying notes are an integral part of the financial statements.
168
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
COMPUTERS & BUSINESS EQUIPMENT - CONTINUED
EMC Corp. * 466,700 $ 6,029,764
Hewlett-Packard Company * 1,079,425 24,794,392
International Business Machines Corp. 371,200 34,402,816
--------------
84,404,184
COSMETICS & TOILETRIES - 2.94%
The Gillette Company * 692,700 25,442,871
The Procter & Gamble Company 245,700 24,540,516
--------------
49,983,387
ELECTRICAL EQUIPMENT - 3.42%
General Electric Company 1,878,400 58,192,832
--------------
ELECTRIC UTILITIES - 0.48%
Exelon Corp. 122,487 8,128,237
--------------
FINANCIAL SERVICES - 10.47%
American Express Company, 303,100 14,618,513
Citigroup, Inc. 1,459,765 70,856,993
Federal National Mortgage Association 279,100 20,949,246
Franklin Resources, Inc. (a) 203,000 10,568,180
Merrill Lynch & Company, Inc. 502,300 29,459,895
State Street Corp. (b) 249,300 12,983,544
The Goldman Sachs Group, Inc. 187,700 18,531,621
--------------
177,967,992
FOOD & BEVERAGES - 3.29%
PepsiCo, Inc. 519,400 24,214,428
The Coca-Cola Company 624,800 31,708,600
--------------
55,923,028
HEALTHCARE PRODUCTS - 1.97%
Guidant Corp. 139,300 8,385,860
Johnson & Johnson 258,300 13,343,778
Medtronic, Inc. 243,300 11,826,813
--------------
33,556,451
INDUSTRIAL MACHINERY - 1.94%
Caterpillar, Inc. 220,200 18,281,004
ITT Industries, Inc. 197,900 14,686,159
--------------
32,967,163
INSURANCE - 4.50%
American International Group, Inc. 741,175 49,125,079
Marsh & McLennan Companies, Inc. 277,400 13,284,686
Travelers Property Casualty Corp., Class B 832,100 14,120,737
--------------
76,530,502
INTERNET SOFTWARE - 1.93%
Cisco Systems, Inc. * 1,348,800 32,762,352
--------------
MANUFACTURING - 2.11%
3M Company 220,200 18,723,606
Tyco International, Ltd. * 644,700 17,084,550
--------------
35,808,156
PAPER - 1.20%
International Paper Company 472,000 20,347,920
--------------
PETROLEUM SERVICES - 6.09%
ChevronTexaco Corp. 322,000 27,817,580
Exxon Mobil Corp. 1,234,300 50,606,300
Schlumberger, Ltd. * 458,900 25,111,008
--------------
103,534,888
PHARMACEUTICALS - 10.34%
Abbott Laboratories, 731,200 34,073,920
Cardinal Health, Inc. 288,800 17,663,008
Eli Lilly & Company 464,600 32,675,318
Pfizer, Inc. 1,858,675 65,666,988
Wyeth 606,700 25,754,415
--------------
175,833,649
PUBLISHING - 0.50%
Gannett Company, Inc. 94,900 8,461,284
--------------
RAILROADS & EQUIPMENT - 1.07%
CSX Corp. (a) 508,600 18,279,084
--------------
RETAIL TRADE - 5.85%
Lowe's Companies, Inc. 559,200 30,974,088
Target Corp. 413,300 15,870,720
The Gap, Inc. * (a) 774,200 17,969,182
Wal-Mart Stores, Inc. 651,600 34,567,380
--------------
99,381,370
SEMICONDUCTORS - 3.88%
Applied Materials, Inc. * 341,700 7,671,165
Intel Corp. 1,278,900 41,180,580
Texas Instruments, Inc. 579,700 17,031,586
--------------
65,883,331
SOFTWARE - 4.43%
Microsoft Corp. 2,732,200 75,244,788
--------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.59%
Corning, Inc. * 907,900 9,469,397
Motorola, Inc. * 1,243,200 17,491,824
--------------
26,961,221
TELEPHONE - 1.02%
Verizon Communications, Inc. * 493,698 17,318,926
--------------
TRUCKING & FREIGHT - 1.18%
Fedex Corp. 297,400 20,074,500
--------------
TOTAL COMMON STOCK
(Cost: $1,455,090,641) $1,664,047,088
--------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 1.92%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $32,650,450 $ 32,650,450
--------------
REPURCHASE AGREEMENTS - 0.19%
UBS Tri-Party Repurchase
Agreement, dated 12/31/2003
at 0.84%, to be repurchased
at $3,210,150 on 01/02/2004,
collateralized by $3,116,000
U.S. Treasury Bonds, 5.500% due
08/15/2028 (valued at $3,314,254,
including interest). $ 3,210,000 $ 3,210,000
--------------
TOTAL INVESTMENTS (GROWTH & INCOME
TRUST) (Cost: $1,490,951,091) $1,699,907,538
==============
The accompanying notes are an integral part of the financial statements.
169
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
GREAT COMPANIES-AMERICA TRUST
SHARES VALUE
------ -----
COMMON STOCK - 86.20%
ADVERTISING - 3.94%
Omnicom Group, Inc. * (a) 1,400 $ 122,262
------------
AEROSPACE - 7.03%
United Technologies Corp. 2,300 217,971
------------
BANKING - 3.74%
Bank of New York Company, Inc. * 3,500 115,920
------------
BUSINESS SERVICES - 6.23%
First Data Corp. * (a) 4,700 193,123
------------
COMPUTERS & BUSINESS EQUIPMENT - 3.88%
International Business Machines Corp. 1,300 120,484
------------
COSMETICS & TOILETRIES - 7.74%
Colgate-Palmolive Company 2,200 110,110
The Procter & Gamble Company 1,300 129,844
------------
239,954
ELECTRICAL EQUIPMENT - 5.99%
General Electric Company 6,000 185,880
------------
FINANCIAL SERVICES - 10.32%
Citigroup, Inc. 1,500 72,810
Lehman Brothers Holdings, Inc. 1,500 115,830
Merrill Lynch & Company, Inc. 1,400 82,110
The Goldman Sachs Group, Inc. 500 49,365
------------
320,115
FOOD & BEVERAGES - 3.14%
PepsiCo, Inc. 1,000 46,620
The Coca-Cola Company 1,000 50,750
------------
97,370
HEALTHCARE PRODUCTS - 6.78%
Johnson & Johnson 2,000 103,320
Medtronic, Inc. 2,200 106,942
------------
210,262
INSURANCE - 7.86%
American International Group, Inc. 1,800 119,304
Marsh & McLennan Companies, Inc. 2,600 124,514
------------
243,818
MANUFACTURING - 3.84%
3M Company 1,400 119,042
------------
PHARMACEUTICALS - 12.87%
Abbott Laboratories, 4,000 186,400
Pfizer, Inc. 3,500 123,655
Wyeth 2,100 89,145
------------
399,200
SEMICONDUCTORS - 2.84%
Texas Instruments, Inc. 3,000 88,140
------------
TOTAL COMMON STOCK
(Cost: $2,404,767) $ 2,673,541
------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 9.58%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $297,150 $ 297,150
------------
REPURCHASE AGREEMENTS - 4.22%
Repurchase Agreement with State
Street Corp., dated 12/31/2003
at 0.40% to be repurchased at
$131,003 on 01/02/2004, collateralized
by $95,000 U.S. Treasury Bonds, 8.50%
due 02/15/2020 (valued at $135,672,
including interest). $131,000 $ 131,000
------------
TOTAL INVESTMENTS (GREAT COMPANIES -
AMERICA TRUST) (Cost: $2,832,917) $ 3,101,691
============
EQUITY-INCOME TRUST
SHARES VALUE
------ -----
COMMON STOCK - 92.90%
AEROSPACE - 4.52%
Honeywell International, Inc. 834,400 $ 27,893,992
Lockheed Martin Corp. 143,500 7,375,900
Raytheon Company * 487,000 14,629,480
Rockwell Collins, Inc. 497,100 14,927,913
The Boeing Company * 218,700 9,216,018
------------
74,043,303
ALUMINUM - 0.53%
Alcoa, Inc. 229,300 8,713,400
------------
AUTO PARTS - 0.58%
Genuine Parts Company 287,050 9,530,060
------------
AUTOMOBILES - 0.38%
Ford Motor Company * 385,100 6,161,600
------------
BANKING - 6.08%
Bank of America Corp. 173,800 13,978,734
Bank One Corp. 485,000 22,111,150
FleetBoston Financial Corp. * 554,160 24,189,084
Mercantile Bankshares Corp. 215,750 9,833,885
National City Corp. 241,200 8,186,328
Northern Trust Corp. 173,100 8,035,302
Wells Fargo & Company 156,400 9,210,396
Wilmington Trust Corp. (a) 114,800 4,132,800
------------
99,677,679
BROADCASTING - 0.62%
Viacom, Inc., Class B 229,900 10,202,962
------------
BUSINESS SERVICES - 0.46%
Dun & Bradstreet Corp. * 148,750 7,543,113
------------
CABLE AND TELEVISION - 2.21%
Comcast Corp., Class A * 435,317 14,308,870
Time Warner, Inc. * 1,217,400 21,901,026
------------
36,209,896
The accompanying notes are an integral part of the financial statements.
170
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- ------------
CHEMICALS - 2.87%
Dow Chemical Company * 394,700 $ 16,407,679
E.I. Du Pont De Nemours & Company 347,000 15,923,830
Great Lakes Chemical Corp. (a) 296,000 8,048,240
Hercules, Inc. * 548,600 6,692,920
------------
47,072,669
COMPUTERS & BUSINESS EQUIPMENT - 1.14%
Hewlett-Packard Company * 814,411 18,707,021
------------
COSMETICS & TOILETRIES - 2.11%
International Flavors & Fragrances, Inc. 253,400 8,848,728
Kimberly-Clark Corp. 247,500 14,624,775
The Gillette Company * 300,900 11,052,057
------------
34,525,560
CRUDE PETROLEUM & NATURAL GAS - 0.71%
Anadarko Petroleum Corp. 229,000 11,681,290
------------
DOMESTIC OIL - 1.73%
Amerada Hess Corp. * 400,100 21,273,317
Marathon Oil Corp. 215,500 7,130,895
------------
28,404,212
ELECTRICAL EQUIPMENT - 3.81%
Cooper Industries, Ltd., Class A * 390,300 22,610,079
Emerson Electric Company 127,000 8,223,250
General Electric Company 812,800 25,180,544
Hubbell, Inc., Class B * 147,900 6,522,390
------------
62,536,263
ELECTRIC UTILITIES - 3.21%
Constellation Energy Group, Inc. 346,800 13,580,688
Duke Energy Corp. * 805,900 16,480,655
FirstEnergy Corp. 274,775 9,672,080
TECO Energy, Inc. (a) 114,600 1,651,386
TXU Corp. * 475,900 11,288,348
------------
52,673,157
FINANCIAL SERVICES - 5.23%
American Express Company 358,500 17,290,455
Citigroup, Inc. 256,264 12,439,055
Federal National Mortgage Association 161,400 12,114,684
J.P. Morgan Chase & Company * 394,100 14,475,293
Janus Capital Group, Inc. 172,600 2,832,366
Mellon Financial Corp. 465,600 14,950,416
Morgan Stanley 200,900 11,626,083
------------
85,728,352
FOOD & BEVERAGES - 2.75%
Campbell Soup Company * (a) 520,400 13,946,720
ConAgra Foods, Inc. 229,500 6,056,505
General Mills, Inc. * 199,100 9,019,230
McCormick & Company, Inc. 33,100 996,310
Unilever NV-CVA * 229,900 15,019,006
------------
45,037,771
GAS & PIPELINE UTILITIES - 0.95%
El Paso Corp. (a) 486,900 3,987,711
NiSource, Inc. 532,200 11,676,468
------------
15,664,179
HEALTHCARE PRODUCTS - 2.40%
Baxter International, Inc. * 515,300 15,726,956
Becton Dickinson & Company 141,700 5,829,538
Johnson & Johnson 345,200 17,833,032
------------
39,389,526
HOTELS & RESTAURANTS - 2.63%
Hilton Hotels Corp. 632,700 10,838,151
McDonald's Corp. 715,700 17,770,831
Starwood Hotels & Resorts
Worldwide, Inc. * 403,171 14,502,061
------------
43,111,043
HOUSEHOLD APPLIANCES - 0.33%
Black & Decker Corp. 108,500 5,351,220
------------
HOUSEHOLD PRODUCTS - 2.45%
Fortune Brands, Inc. 217,900 15,577,671
Newell Rubbermaid, Inc. 690,400 15,720,408
The Clorox Company 184,200 8,944,752
------------
40,242,831
INDUSTRIAL MACHINERY - 0.85%
Pall Corp. 517,300 13,879,159
------------
INDUSTRIALS - 0.68%
Rockwell Automation, Inc 311,800 11,100,080
------------
INSURANCE - 7.07%
American International Group, Inc. 123,761 8,202,879
Chubb Corp. 184,100 12,537,210
CIGNA Corp. * 239,100 13,748,250
John Hancock Financial Services, Inc. 114,104 4,278,900
Lincoln National Corp. 319,467 12,896,883
Marsh & McLennan Companies, Inc. 400,100 19,160,789
SAFECO Corp. * 397,400 15,470,782
The St. Paul Companies, Inc. * (a) 240,748 9,545,658
Travelers Property Casualty Corp., Class B 487,000 8,264,390
UNUMProvident Corp.(a) 744,400 11,739,188
------------
115,844,929
INTERNATIONAL OIL - 1.19%
Royal Dutch Petroleum Company 372,300 19,504,797
------------
LEISURE TIME - 1.15%
The Walt Disney Company * 806,600 18,817,978
------------
LIQUOR - 0.23%
Brown Forman Corp., Class B 40,100 3,747,345
------------
NEWSPAPERS - 2.03%
Dow Jones & Company, Inc. 350,500 17,472,425
Knight-Ridder, Inc. 204,300 15,806,691
------------
33,279,116
PAPER - 1.48%
International Paper Company 463,455 19,979,545
MeadWestvaco Corp. 142,200 4,230,450
-----------
24,209,995
PETROLEUM SERVICES - 5.71%
Baker Hughes, Inc. 142,500 4,582,800
BP PLC, ADR 351,960 17,369,226
ChevronTexaco Corp. 345,367 29,836,255
Exxon Mobil Corp. 799,290 32,770,890
Schlumberger, Ltd. * 164,400 8,995,968
-----------
93,555,139
PHARMACEUTICALS - 5.99%
Abbott Laboratories 258,700 12,055,420
Bristol-Myers Squibb Company * 916,700 26,217,620
The accompanying notes are an integral part of the financial statements.
171
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
PHARMACEUTICALS - CONTINUED
Merck & Company, Inc. 629,700 $ 29,092,140
Schering-Plough Corp. 723,800 12,586,882
Wyeth 430,600 18,278,970
--------------
98,231,032
PHOTOGRAPHY - 1.08%
Eastman Kodak Company (a) 688,500 17,673,795
--------------
PUBLISHING - 1.21%
Readers Digest Association, Inc., Class A (a) 116,200 1,703,492
The New York Times Company, Class A 378,800 18,102,852
--------------
19,806,344
RAILROADS & EQUIPMENT - 1.94%
Norfolk Southern Corp. 488,900 11,562,485
Union Pacific Corp. 290,300 20,170,044
--------------
31,732,529
REAL ESTATE - 0.52%
Simon Property Group, Inc., REIT 183,000 8,480,220
--------------
RETAIL GROCERY - 0.07%
Winn-Dixie Stores, Inc. (a) 116,000 1,154,200
--------------
RETAIL TRADE - 1.78%
Home Depot, Inc. 458,500 16,272,165
J.C. Penney Company, Inc. * 113,600 2,985,408
May Department Stores Company 338,950 9,853,276
--------------
29,110,849
SANITARY SERVICES - 0.94%
Waste Management, Inc. 518,932 15,360,387
--------------
SEMICONDUCTORS - 0.71%
Agere Systems, Inc., Class A * (a) 742,505 2,264,640
Texas Instruments, Inc. 316,700 9,304,646
--------------
11,569,286
SOFTWARE - 0.78%
Microsoft Corp. 466,500 12,847,410
--------------
STEEL - 0.59%
Nucor Corp. (a) 172,100 9,637,600
--------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 2.57%
Lucent Technologies, Inc. * (a) 1,142,500 3,244,700
Motorola, Inc. * 919,600 12,938,772
Nokia Oyj, ADR 510,700 8,681,900
SBC Communications, Inc. 661,664 17,249,580
--------------
42,114,952
TELEPHONE - 4.21%
ALLTEL Corp. 269,100 12,534,678
AT&T Corp. 460,870 9,355,661
Qwest Communications International, Inc. * 2,761,700 11,930,544
Sprint Corp. (FON Group) 674,200 11,070,364
Verizon Communications, Inc. * 688,836 24,164,367
--------------
69,055,614
TOBACCO - 1.36%
Altria Group, Inc. 201,800 10,981,956
UST, Inc. (a) 315,600 11,263,764
--------------
22,245,720
TOYS, AMUSEMENTS & SPORTING GOODS - 1.06%
Hasbro, Inc. * 480,700 $ 10,229,296
Toys R Us, Inc. * 570,300 7,208,592
--------------
17,437,888
TOTAL COMMON STOCK
(Cost: $1,410,057,897) $1,522,603,471
--------------
PREFERRED STOCK - 0.22%
FINANCIAL SERVICES - 0.22%
Ford Motor Company Capital Trust II * 63,500 $ 3,546,475
--------------
TOTAL PREFERRED STOCK
(Cost: $3,175,000) $ 3,546,475
--------------
PRINCIPAL
AMOUNT VALUE
--------- -----
CORPORATE BONDS - 0.48%
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.48%
Lucent Technologies, Inc., 8.00%,
8/1/2031 (a) 7,350,000 $ 7,873,688
--------------
TOTAL CORPORATE BONDS
(Cost: $7,965,563) $ 7,873,688
--------------
SHORT TERM INVESTMENTS - 6.18%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $50,949,353 $ 50,949,353
T. Rowe Price Reserve Investment Fund, (c) 50,264,022 50,264,022
--------------
$ 101,213,375
REPURCHASE AGREEMENTS - 0.22%
Repurchase Agreement with State Street
Corp., dated 12/31/2003 at 0.40%, to be
repurchased at $3,675,082 on 01/02/2004,
collateralized by $2,555,000 U.S.
Treasury Bonds, 9.250% due 02/15/2016
(valued at $3,752,656, including interest). $ 3,675,000 $ 3,675,000
--------------
TOTAL INVESTMENTS (EQUITY-INCOME
TRUST) (Cost: $1,526,086,835) $1,638,912,009
==============
INCOME & VALUE TRUST
SHARES VALUE
------ -----
COMMON STOCK - 56.26%
ADVERTISING - 0.32%
Monster Worldwide, Inc. * (a) 60,300 $ 1,324,188
The Interpublic Group of Companies, Inc. 65,000 1,014,000
-----------
2,338,188
AEROSPACE - 1.13%
Northrop Grumman Corp. 24,600 2,351,760
United Technologies Corp. 61,700 5,847,309
-----------
8,199,069
AUTO SERVICES - 0.21%
AutoNation, Inc. * 83,200 1,528,384
-----------
The accompanying notes are an integral part of the financial statements.
172
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
BANKING - 1.63%
Bank One Corp. 169,900 $ 7,745,741
FleetBoston Financial Corp. * 19,500 851,175
Wells Fargo & Company 55,600 3,274,284
-----------
11,871,200
BIOTECHNOLOGY - 1.45%
Amgen, Inc. * 87,800 5,426,040
Applera Corp.-Applied Biosystems Group * 207,900 4,305,609
Biogen Idec, Inc. * 22,000 809,160
-----------
10,540,809
BROADCASTING - 0.54%
Entercom Communications Corp. * 5,500 291,280
Fox Entertainment Group, Inc., Class A * 15,900 463,485
Hughes Electronics Corp. * 91,541 1,515,004
Radio One, Inc., Class D * (a) 14,500 279,850
Viacom, Inc., Class B 31,100 1,380,218
-----------
3,929,837
BUILDING MATERIALS & CONSTRUCTION - 0.64%
American Standard Companies, Inc. * 46,200 4,652,340
-----------
BUSINESS SERVICES - 1.70%
Affiliated Computer Services, Inc., Class A * 30,300 1,650,138
Automatic Data Processing, Inc. 109,200 4,325,412
Cadence Design Systems, Inc. * 83,300 1,497,734
Fluor Corp. * (a) 97,900 3,880,756
Robert Half International, Inc.* 42,800 998,952
-----------
12,352,992
CABLE AND TELEVISION - 1.68%
Cablevision Systems New York Group, Class A *
(a) 133,248 3,116,671
Comcast Corp., Class A * 28,500 936,795
Cox Communications, Inc., Class A * 88,400 3,045,380
Time Warner, Inc. * 285,000 5,127,150
-----------
12,225,996
CELLULAR COMMUNICATIONS - 0.48%
Sprint Corp. (PCS Group) * (a) 624,500 3,509,690
----------
CHEMICALS - 0.96%
Air Products & Chemicals, Inc. 82,800 4,374,324
E.I. Du Pont De Nemours & Company 57,000 2,615,730
-----------
6,990,054
COMPUTERS & BUSINESS EQUIPMENT - 0.91%
International Business Machines Corp. 26,400 2,446,752
Lexmark International, Inc. * 17,700 1,391,928
Seagate Technology, Inc. 44,200 835,380
Sun Microsystems, Inc. * 435,900 1,957,191
-----------
6,631,251
COSMETICS & TOILETRIES - 0.58%
Estee Lauder Companies, Inc., Class A 45,500 1,786,330
Kimberly-Clark Corp. 11,000 649,990
The Procter & Gamble Company 17,900 1,787,852
-----------
4,224,172
CRUDE PETROLEUM & NATURAL GAS - 0.07%
Devon Energy Corp. 9,200 $ 526,792
-----------
DOMESTIC OIL - 0.84%
Unocal Corp. * 165,500 6,095,365
-----------
ELECTRICAL EQUIPMENT - 1.24%
Emerson Electric Company 49,200 3,185,700
General Electric Company 188,400 5,836,632
-----------
9,022,332
ELECTRIC UTILITIES - 1.11%
Duke Energy Corp. * 125,500 2,566,475
Pinnacle West Capital Corp. 20,500 820,410
The AES Corp. * 498,800 4,708,672
-----------
8,095,557
ELECTRONICS - 0.78%
Agilent Technologies, Inc. * 153,226 4,480,328
Avnet, Inc. * 56,300 1,219,458
-----------
5,699,786
FINANCIAL SERVICES - 5.69%
Americredit Corp. * (a) 58,700 935,091
Federal Home Loan Mortgage Corp. 42,500 2,478,600
Federal National Mortgage Association 61,700 4,631,202
IndyMac Bancorp, Inc. (a) 236,300 7,039,377
J.P. Morgan Chase & Company * 58,900 2,163,397
SLM Corp. 247,900 9,340,872
State Street Corp. (b) 56,700 2,952,936
The Goldman Sachs Group, Inc. 8,300 819,459
Washington Mutual, Inc. 274,800 11,024,976
-----------
41,385,910
FOOD & BEVERAGES - 2.14%
Anheuser-Busch Companies, Inc. 58,600 3,087,048
Campbell Soup Company * 115,599 3,098,053
H.J. Heinz Company 28,800 1,049,184
Kraft Foods, Inc., Class A 49,800 1,604,556
PepsiCo, Inc. 54,500 2,540,790
The Pepsi Bottling Group, Inc. * 45,000 1,088,100
Unilever NV (a) 47,800 3,102,220
-----------
15,569,951
GAS & PIPELINE UTILITIES - 0.83%
Kinder Morgan Management LLC * 84,182 3,616,459
Kinder Morgan, Inc. 61 3,605
NiSource, Inc. 64,700 1,419,518
Williams Companies, Inc. 98,300 965,306
-----------
6,004,888
HEALTHCARE PRODUCTS - 0.57%
Becton Dickinson & Company 29,654 1,219,965
Guidant Corp. 31,963 1,924,173
Medtronic, Inc. 21,400 1,040,254
----------
4,184,392
HEALTHCARE SERVICES - 0.65%
Lincare Holdings, Inc. * 126,900 3,810,807
Pacificare Health Systems, Inc.* 13,500 912,600
-----------
4,723,407
HOLDINGS COMPANIES/CONGLOMERATES - 0.82%
Berkshire Hathaway, Inc., Class A * 71 5,981,750
-----------
The accompanying notes are an integral part of the financial statements.
173
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- ------------
HOTELS & RESTAURANTS - 0.03%
McDonald's Corp. 9,500 $ 235,885
------------
INDUSTRIAL MACHINERY - 0.35%
Ingersoll-Rand Company, Class A 37,500 2,545,500
------------
INSURANCE - 1.63%
American International Group, Inc. 23,875 1,582,435
Chubb Corp. 28,100 1,913,610
Hartford Financial Services Group, Inc. 33,000 1,947,990
The PMI Group, Inc. (a) 73,700 2,743,851
XL Capital, Ltd., Class A 47,500 3,683,625
------------
11,871,511
INTERNATIONAL OIL - 0.99%
Royal Dutch Petroleum Company 92,200 4,830,358
Weatherford International, Ltd.* 66,900 2,408,400
------------
7,238,758
INTERNET CONTENT - 0.16%
The Thomson Corp. 32,000 1,160,000
------------
INTERNET RETAIL - 1.02%
eBay, Inc. * 57,600 3,720,384
InterActiveCorp * 109,400 3,711,942
------------
7,432,326
INTERNET SOFTWARE - 1.45%
Checkfree Corp. * (a) 76,800 2,123,520
Cisco Systems, Inc. * 274,200 6,660,318
VeriSign, Inc. * 110,200 1,796,260
------------
10,580,098
LEISURE TIME - 0.52%
Carnival Corp. 58,300 2,316,259
The Walt Disney Company * 62,900 1,467,457
------------
3,783,716
MANUFACTURING - 0.44%
Illinois Tool Works, Inc. 20,800 1,745,328
Siemens AG, ADR * (a) 18,000 1,438,920
------------
3,184,248
MEDICAL-HOSPITALS - 0.17%
Triad Hospitals, Inc. * 36,200 1,204,374
------------
MINING - 0.16%
Newmont Mining Corp. 24,000 1,166,640
------------
NEWSPAPERS - 0.13%
Knight-Ridder, Inc. 12,400 959,388
------------
PAPER - 0.17%
Boise Cascade Corp. * 8,600 282,596
International Paper Company 22,000 948,420
------------
1,231,016
PETROLEUM SERVICES - 2.70%
Baker Hughes, Inc. 65,800 2,116,128
BJ Services Company * 50,900 1,827,310
ChevronTexaco Corp. 15,600 1,347,684
Exxon Mobil Corp. 171,100 7,015,100
Schlumberger, Ltd. * 111,400 6,095,808
Transocean, Inc. * 53,000 1,272,530
------------
19,674,560
PHARMACEUTICALS - 7.77%
Allergan, Inc. 140,100 10,761,081
AstraZeneca PLC, ADR (a) 429,500 20,779,210
Eli Lilly & Company 61,200 4,304,196
Forest Laboratories, Inc. * 252,300 15,592,140
Pfizer, Inc. 144,700 5,112,251
------------
56,548,878
RETAIL TRADE - 1.99%
Costco Wholesale Corp. * 96,800 3,599,024
Lowe's Companies, Inc. 126,100 6,984,679
RadioShack Corp. 49,300 1,512,524
Williams-Sonoma, Inc. * 68,200 2,371,314
------------
14,467,541
SEMICONDUCTORS - 4.29%
Altera Corp. * 100,400 2,279,080
Applied Materials, Inc. * 347,900 7,810,355
Applied Micro Circuits Corp. * 130,400 779,792
ASML Holding NV * (a) 48,500 972,425
Credence Systems Corp. * (a) 38,500 506,660
Intel Corp. 86,100 2,772,420
KLA-Tencor Corp. * 101,400 5,949,138
Lam Research Corp. * 39,000 1,259,700
Linear Technology Corp. 26,300 1,106,441
Novellus Systems, Inc. * 24,000 1,009,200
PMC-Sierra, Inc. * (a) 108,400 2,184,260
Teradyne, Inc. * 126,600 3,221,970
Xilinx, Inc. * 36,100 1,398,514
------------
31,249,955
SOFTWARE - 1.61%
Microsoft Corp. 205,800 5,667,732
PeopleSoft, Inc. * 158,600 3,616,080
SAP AG, ADR 59,300 2,464,508
------------
11,748,320
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.11%
Polycom, Inc. * (a) 42,200 823,744
QUALCOMM, Inc. 134,200 7,237,406
------------
8,061,150
TELEPHONE - 1.45%
AT&T Corp. 105,640 2,144,492
Sprint Corp. (FON Group) 426,800 7,008,056
Verizon Communications, Inc. * 40,000 1,403,200
------------
10,555,748
TOBACCO - 0.67%
Altria Group, Inc. 89,600 4,876,032
------------
TRAVEL SERVICES - 0.18%
Sabre Holdings Corp. (a) 62,100 1,340,739
------------
TRUCKING & FREIGHT - 0.30%
Navistar International Corp. * 45,400 2,174,206
------------
TOTAL COMMON STOCK
(Cost: $332,115,463) $409,574,701
------------
PREFERRED STOCK - 0.18%
BROADCASTING - 0.04%
The News Corp., Ltd., ADR 10,238 309,700
------------
The accompanying notes are an integral part of the financial statements.
174
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- ------------
MINING - 0.14%
Phelps Dodge Corp. * (a) 5,900 $ 998,280
------------
TOTAL PREFERRED STOCK
(Cost: $850,695) $ 1,307,980
------------
PRINCIPAL
AMOUNT VALUE
----------- -----------
U.S. TREASURY OBLIGATIONS - 6.37%
U.S. TREASURY BONDS - 2.02%
5.25% due 02/15/2029 (a) $ 7,005,000 $ 7,066,840
6.50% due 11/15/2026 (a) 565,000 664,669
7.875% due 02/15/2021 (a) 1,450,000 1,929,237
8.00% due 11/15/2021 (a) 280,000 378,153
8.875% due 08/15/2017 (a) 3,285,000 4,652,381
-----------
14,691,280
U.S. TREASURY NOTES - 4.35%
1.625% due 04/30/2005 (a) 1,715,000 1,720,159
1.875% due 09/30/2004 (a) 12,750,000 12,822,216
2.625% due 05/15/2008 (a) 1,850,000 1,822,178
3.25% due 08/15/2007 (a) 1,125,000 1,147,544
5.50% due 05/15/2009 (a) 1,745,000 1,940,562
5.625% due 05/15/2008 (a) 4,890,000 5,416,819
5.75% due 08/15/2010 (a) 4,800,000 5,382,000
6.50% due 02/15/2010 (a) 1,255,000 1,458,349
-----------
31,709,827
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $46,195,903) $46,401,107
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.18%
FEDERAL HOME LOAN BANK - 0.14%
5.25% due 02/13/2004 1,000,000 1,004,591
-----------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.36%
3.625% due 09/15/2008 (a) 7,145,000 7,192,279
5.50% TBA ** 1,500,000 1,517,812
5.50% due 07/15/2006 - 02/01/2018 (a) 1,357,601 1,455,198
6.00% TBA ** 3,800,000 3,925,875
6.00% due 04/01/2016 - 08/01/2017 1,771,772 1,859,119
6.875% due 09/15/2010 1,030,000 1,196,263
-----------
17,146,546
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.36%
FRN 3.817% due 09/01/2033 3,923,705 3,945,737
FRN 3.864% due 07/01/2033 397,925 399,918
5.00% TBA ** 1,500,000 1,529,532
5.00% due 05/01/2018 1,588,835 1,622,541
5.125% due 02/13/2004 (a) 1,500,000 1,506,813
5.50% TBA ** 5,845,000 5,919,886
6.00% due 05/15/2008 - 06/01/2016 1,437,817 1,551,142
6.25% due 05/15/2029 1,750,000 1,895,740
6.50% due 06/01/2031 - 07/01/2032 2,845,141 2,976,104
7.00% due 09/01/2031 - 06/01/2032 1,349,914 1,429,319
7.50% due 01/25/2028 - 10/01/2031 1,450,499 1,569,677
FRN 7.50% due 05/01/2031 100,606 107,513
-----------
24,453,922
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 2.32%
5.00% TBA ** 7,120,000 7,053,250
5.50% TBA ** 6,140,000 6,220,587
6.50% due 05/15/2029 - 04/15/2032 2,727,086 2,877,536
7.00% due 04/15/2029 504,316 537,845
8.00% due 10/15/2027 - 01/15/2029 207,495 225,935
-----------
16,915,153
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $58,700,751) 59,520,212
-----------
FOREIGN GOVERNMENT OBLIGATIONS - 0.11%
REPUBLIC OF CHILE - 0.02%
5.50% due 01/15/2013 130,000 133,705
-----------
GOVERNMENT OF MEXICO - 0.09%
4.625% due 10/08/2008 140,000 141,750
6.375% due 01/16/2013 100,000 103,750
8.375% due 01/14/2011 80,000 95,000
9.875% due 02/01/2010 195,000 246,509
11.375% due 09/15/2016 50,000 70,875
-----------
657,884
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $748,066) 791,589
-----------
CORPORATE BONDS - 8.15%
AEROSPACE - 0.19%
Raytheon Company,
6.00% due 12/15/2010 125,000 133,593
Systems 2001 Asset Trust LLC,
6.664% due 09/15/2013 501,865 554,661
Series 2001, Class B,
7.156% due 12/15/2011 631,637 689,458
-----------
1,377,712
ALUMINUM - 0.03%
Alcan Aluminum, Ltd.,
5.20% due 01/15/2014 190,000 192,048
-----------
AMUSEMENT & THEME PARKS - 0.14%
Six Flags, Inc.,
8.875% due 02/01/2010 1,000,000 1,026,250
-----------
AUTO PARTS - 0.05%
Delphi Corp.,
6.50% due 08/15/2013 140,000 147,022
Lear Corp., Series B,
8.11% due 05/15/2009 210,000 247,013
-----------
394,035
AUTO SERVICES - 0.03%
Hertz Corp.,
7.625% due 08/15/2007 200,000 219,708
-----------
AUTOMOBILES - 0.14%
DaimlerChrysler North America
Holding, 4.05% due 06/04/2008 1,000,000 993,192
-----------
BANKING - 0.65%
Bank of America Corp.,
7.125% due 09/15/2006 750,000 836,882
The accompanying notes are an integral part of the financial statements.
175
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
BANKING - CONTINUED
Bank One Corp.,
4.90% due 04/30/2015 $ 170,000 $ 166,427
Barclays Bank PLC, ADR,
FRN 6.86% due 09/29/2049 70,000 75,914
Bayerische Landesbank
Gironzentrale, Series MTN, 520,000 526,472
2.50% due 03/30/2006
BNP Paribas LLC,
5.125% due 01/15/2015 100,000 99,624
Capital One Bank,
5.75% due 09/15/2010 230,000 243,301
Kazkommerts International BV,
8.50% due 04/16/2013 200,000 210,100
MBNA America Bank,
5.375% due 01/15/2008 1,000,000 1,063,250
Union Bancal Corp.,
5.25% due 12/16/2013 190,000 191,895
Wells Fargo Company,
3.50% due 04/04/2008 625,000 626,995
Zions Bancorporation,
6.00% due 09/15/2015 625,000 655,314
----------
4,696,174
BROADCASTING - 0.49%
Chancellor Media Corp.,
8.00% due 11/01/2008 690,000 798,675
Clear Channel Communications, Inc.,
6.00% due 11/01/2006 250,000 270,225
7.65% due 09/15/2010 125,000 146,317
Cox Radio, Inc.,
6.375% due 05/15/2005 1,000,000 1,051,908
Liberty Media Corp.,
FRN 2.670% due 09/17/2006 320,000 323,479
5.70% due 05/15/2013 70,000 70,788
7.875% due 07/15/2009 350,000 405,433
News America Holdings, Inc.,
6.75% due 01/09/2038 50,000 55,832
Young Broadcasting, Inc.,
10.00% due 03/01/2011 221,000 238,127
Series B, 8.75% due 06/15/2007 170,000 174,250
----------
3,535,034
BUSINESS SERVICES - 0.09%
Electronic Data Systems Corp.,
6.00% due 08/01/2013 500,000 491,318
PHH Corp.,
7.125% due 03/01/2013 130,000 145,586
----------
636,904
CABLE AND TELEVISION - 0.32%
AOL Time Warner, Inc.,
7.625% due 04/15/2031 160,000 184,603
Comcast Corp., Class A,
7.05% due 03/15/2033 470,000 511,272
Cox Communications, Inc.,
7.75% due 11/01/2010 250,000 297,815
Time Warner Entertainment Company LP,
8.375% due 03/15/2023 40,000 49,565
8.875% due 10/01/2012 15,000 19,019
Univision Communications, Inc.,
3.875% due 10/15/2008 250,000 247,357
7.85% due 07/15/2011 835,000 992,681
----------
2,302,312
CELLULAR COMMUNICATIONS - 0.53%
American Tower Corp.,
9.375% due 02/01/2009 875,000 931,875
AT&T Wireless Services, Inc.,
7.875% due 03/01/2011 375,000 433,930
Crown Castle International Corp.,
7.50% due 12/01/2013 700,000 703,500
Motorola, Inc.,
7.50% due 05/15/2025 40,000 43,449
8.00% due 11/01/2011 60,000 70,958
Nextel Communications, Inc.,
7.375% due 08/01/2015 1,000,000 1,075,000
Verizon Wireless Capital LLC,
5.375% due 12/15/2006 375,000 400,163
Vodafone Group PLC,
5.375% due 01/30/2015 210,000 211,946
----------
3,870,821
CHEMICALS - 0.06%
ICI Wilmington, Inc.,
4.375% due 12/01/2008 460,000 458,271
----------
COMMERCIAL SERVICES - 0.07%
Cendant Corp.,
6.25% due 01/15/2008 250,000 272,707
6.875% due 08/15/2006 200,000 219,428
----------
492,135
CONTAINERS & GLASS - 0.05%
Packaging Corporation of America,
5.75% due 08/01/2013 360,000 363,674
----------
DOMESTIC OIL - 0.02%
Union Oil Company of California,
7.50% due 02/15/2029 140,000 164,353
----------
ELECTRICAL EQUIPMENT - 0.20%
General Electric Company,
5.00% due 02/01/2013 1,320,000 1,334,962
SP Powerassets, Ltd.,
5.00% due 10/22/2013 150,000 150,797
----------
1,485,759
ELECTRIC UTILITIES - 0.21%
CILCORP, Inc.,
8.70% due 10/15/2009 280,000 337,832
9.375% due 10/15/2029 25,000 33,605
Dominion Resources, Inc.,
5.70% due 09/17/2012 125,000 131,704
Duke Capital Corp.,
6.25% due 02/15/2013 240,000 253,159
Empresa Nacional De Electricidad,
8.50% due 04/01/2009 90,000 101,431
Oncor Electric Delivery Company,
7.00% due 05/01/2032 125,000 137,893
Tampa Electric Company,
6.375% due 08/15/2012 190,000 204,095
United Energy Distribution Property, Ltd.,
4.70% due 04/15/2011 170,000 172,405
Virginia Electric & Power Company,
4.75% due 03/01/2013 160,000 158,160
----------
1,530,284
The accompanying notes are an integral part of the financial statements.
176
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
ELECTRONICS - 0.17%
Koninklijke Philips Electronics NV,
7.20% due 06/01/2026 $ 500,000 $ 561,244
Solectron Corp.,
9.625% due 02/15/2009 625,000 696,875
-----------
1,258,119
ENERGY - 0.08%
Midamerican Energy Company,
Series MTN, 5.125% due
01/15/2013 45,000 45,862
Peco Energy Company,
5.95% due 11/01/2011 80,000 86,684
Progress Energy, Inc.,
5.85% due 10/30/2008 400,000 428,934
-----------
561,480
FINANCIAL SERVICES - 1.65%
Capital One Financial Corp.,
6.25% due 11/15/2013 110,000 113,187
Citigroup, Inc.,
5.625% due 08/27/2012 180,000 190,016
Corporacion Andina de Fomento,
6.875% due 03/15/2012 170,000 188,625
Credit Suisse First Boston USA,
Inc., 6.50% due 01/15/2012 125,000 139,128
Ford Motor Credit Company,
FRN 3.035% due 10/25/2004 150,000 151,416
5.80% due 01/12/2009 750,000 772,390
7.00% due 10/01/2013 170,000 179,295
7.375% due 10/28/2009 - 240,000 262,161
02/01/2011
7.875% due 06/15/2010 90,000 100,563
Fuji (Mizuho) JGB Investment, LLC,
FRN 9.87% due 12/31/2049 260,000 293,871
General Electric Capital Corp.,
MTN, Series A,
4.25% due 01/15/2008 310,000 320,596
6.00% due 06/15/2012 110,000 119,290
General Motors Acceptance Corp,
6.875% due 09/15/2011 1,090,000 1,174,068
7.00% due 02/01/2012 250,000 268,786
7.25% due 03/02/2011 80,000 87,769
7.75% due 01/19/2010 150,000 170,034
8.00% due 11/01/2031 275,000 308,816
HBOS PLC,
3.125% due 01/12/2007 500,000 504,018
FRN 5.375% due 11/01/2049 370,000 374,569
Household Finance Corp.,
6.375% due 11/27/2012 250,000 274,263
6.40% due 06/17/2008 475,000 526,638
HVB Funding Trust III,
9.00% due 10/22/2031 80,000 96,494
International Lease Finance Corp.,
4.55% due 10/15/2009 180,000 179,606
J.P. Morgan Chase & Company,
5.35% due 03/01/2007 250,000 267,574
MBNA Corp.,
6.125% due 03/01/2013 160,000 171,803
Nationwide Life Global Funding I,
5.35% due 02/15/2007 110,000 118,420
NiSource Finance, Corp.,
6.15% due 03/01/2013 160,000 172,031
PCCW - HKTC Capital, Ltd,
7.75% due 11/15/2011 160,000 188,674
Principal Life Global Funding I,
4.40% due 10/01/2010 310,000 312,080
Reliastar Financial Corp.,
6.50% due 11/15/2008 280,000 309,247
SLM Corp., Series MTNA,
5.00% due 04/15/2015 625,000 616,625
5.375% due 01/15/2013 405,000 415,583
The Goldman Sachs Group, Inc.,
5.25% due 04/01/2013 1,070,000 1,083,769
USAA Capital Corp., Series
MTNB, 4.00% due 12/10/2007 200,000 204,495
Washington Mutual, Inc.,
5.625% due 01/15/2007 1,250,000 1,347,205
-----------
12,003,105
FOOD & BEVERAGES - 0.23%
Cadbury Schweppes US Finance LLC,
5.125% due 10/01/2013 170,000 168,893
Delhaize America, Inc.,
8.125% due 04/15/2011 450,000 517,500
Kellogg Company, Series B,
6.60% due 04/01/2011 150,000 168,104
Kraft Foods, Inc.,
5.25% due 06/01/2007 180,000 191,502
Nabisco, Inc.,
7.05% due 07/15/2007 160,000 179,976
7.55% due 06/15/2015 375,000 448,825
-----------
1,674,800
FOREST PRODUCTS - 0.05%
Weyerhaeuser Company,
6.75% due 03/15/2012 335,000 365,465
-----------
GAS & PIPELINE UTILITIES - 0.01%
Centerpoint Energy Resources Corp.,
7.875% due 04/01/2013 80,000 90,568
-----------
HEALTHCARE SERVICES - 0.09%
Aetna, Inc.,
7.375% due 03/01/2006 100,000 110,020
Health Net, Inc.,
8.375% due 04/15/2011 150,000 180,236
Humana, Inc.,
7.25% due 08/01/2006 360,000 393,342
-----------
683,598
HOMEBUILDERS - 0.11%
Centex Corp.,
4.75% due 01/15/2008 70,000 72,222
Lennar Corp.,
5.95% due 03/01/2013 40,000 41,854
Series B, 9.95% due 05/01/2010 40,000 45,950
MDC Holdings, Inc.,
5.50% due 05/15/2013 160,000 160,336
Pulte Homes, Inc.,
6.25% due 02/15/2013 175,000 185,775
7.875% due 06/15/2032 150,000 174,218
8.125% due 03/01/2011 75,000 89,055
-----------
769,410
HOTELS & RESTAURANTS - 0.04%
Boyd Gaming Corp.,
9.25% due 08/01/2009 250,000 279,375
-----------
The accompanying notes are an integral part of the financial statements.
177
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
---------- ----------
INSURANCE - 0.31%
Jackson National Life Insurance
Company, 5.25% due 03/15/2007 $ 170,000 $ 182,328
Lincoln National Corp.,
6.20% due 12/15/2011 140,000 152,742
MetLife, Inc.,
3.911% due 05/15/2005 315,000 323,941
Monumental Global Funding,
5.20% due 01/30/2007 625,000 666,858
Monumental Global Funding II,
3.85% due 03/03/2008 620,000 625,543
Nationwide Mutual Insurance
Company, 7.875% due 04/01/2033 60,000 69,410
Prudential Financial,
6.375% due 07/23/2006 225,000 245,098
----------
2,265,920
INTERNATIONAL OIL - 0.04%
Pogo Producing Company, Series B,
10.375% due 02/15/2009 300,000 318,000
----------
MANUFACTURING - 0.15%
Tyco International Group SA,
6.00% due 11/15/2013 250,000 257,500
6.125% due 01/15/2009 260,000 278,200
6.75% due 02/15/2011 530,000 579,025
----------
1,114,725
MEDICAL-HOSPITALS - 0.35%
HCA, Inc.,
6.25% due 02/15/2013 1,950,000 1,996,034
6.95% due 05/01/2012 225,000 241,248
7.875% due 02/01/2011 145,000 165,374
8.75% due 09/01/2010 105,000 125,027
----------
2,527,683
METAL & METAL PRODUCTS - 0.04%
Inco, Ltd.,
7.20% due 09/15/2032 250,000 273,287
----------
MINING - 0.01%
Corporacion Nacional del Cobre,
5.50% due 10/15/2013 90,000 91,331
----------
PAPER - 0.05%
International Paper Company,
5.50% due 01/15/2014 140,000 140,335
Norske Skogindustrier ASA,
6.125% due 10/15/2015 230,000 232,900
----------
373,235
PHARMACEUTICALS - 0.07%
Schering Plough Corp.,
5.30% due 12/01/2013 490,000 498,550
----------
PUBLISHING - 0.12%
Time Warner Companies,
7.57% due 02/01/2024 750,000 848,148
----------
RAILROADS & EQUIPMENT - 0.01%
Union Pacific Railroad Company,
Series 2002-1, 6.061% due
01/17/2023 75,000 81,097
----------
REAL ESTATE - 0.35%
Developers Diversified Realty
Company, 4.625% due 08/01/2010 250,000 248,633
EOP Operating LP,
6.75% due 02/15/2012 210,000 231,952
Hospitality Properties Trust,
REIT,
6.75% due 02/15/2013 555,000 581,499
Kimco Realty Corp., REIT,
3.95% due 08/05/2008 500,000 500,878
Price REIT, Inc.,
7.50% due 11/05/2006 250,000 283,110
Rouse Company,
5.375% due 11/26/2013 270,000 268,302
7.20% due 09/15/2012 140,000 157,804
Socgen Real Estate Company LLC,
FRN 7.64% due 12/29/2049 260,000 293,740
----------
2,565,918
RETAIL GROCERY - 0.02%
Albertsons, Inc.,
7.50% due 02/15/2011 145,000 166,221
----------
SANITARY SERVICES - 0.05%
Waste Management, Inc.,
6.375% due 11/15/2012 220,000 238,796
7.75% due 05/15/2032 100,000 117,844
----------
356,640
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.36%
Deutsche Telekom International
Finance BV,
9.25% due 06/01/2032 190,000 260,706
Dobson Communications Corp.,
10.875% due 07/01/2010 600,000 654,000
France Telecom SA,
FRN 9.00% due 03/01/2011 480,000 576,519
Singapore Telecommunications,
Ltd.,
6.375% due 12/01/2011 125,000 138,161
Telstra Corp. Ltd.,
6.375% due 04/01/2012 125,000 138,136
Tritel PCS, Inc.,
10.375% due 01/15/2011 550,000 658,048
Verizon Global Funding Corp.,
7.25% due 12/01/2010 170,000 195,736
----------
2,621,306
TELEPHONE - 0.49%
AT&T Corp.,
FRN 7.25% due 11/15/2006 500,000 552,918
FRN 7.80% due 11/15/2011 160,000 184,157
FRN 8.75% due 11/15/2031 125,000 146,070
SBC Communications, Inc.,
5.875% due 02/01/2012 125,000 132,756
Sprint Capital Corp.,
8.375% due 03/15/2012 675,000 788,265
8.75% due 03/15/2032 300,000 354,417
Telecom Italia Capital,
4.00% due 11/15/2008 625,000 628,956
5.25% due 11/15/2013 380,000 380,757
Telefonos De Mexico SA,
4.50% due 11/19/2008 195,000 195,296
Telus Corp.,
8.00% due 06/01/2011 160,000 187,086
----------
3,550,678
The accompanying notes are an integral part of the financial statements.
178
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
----------- -----------
TOYS, AMUSEMENTS & SPORTING GOODS - 0.03%
Toys R Us, Inc.,
7.375% due 10/15/2018 $ 220,000 $ 219,845
-----------
TOTAL CORPORATE BONDS
(Cost: $56,659,116) $59,297,170
-----------
CONVERTIBLE BONDS - 0.28%
INTERNET RETAIL - 0.28%
Amazon.com, Inc.,
4.75% due 02/01/2009 1,996,000 2,018,455
-----------
TOTAL CONVERTIBLE BONDS
(Cost: $1,396,973) $ 2,018,455
-----------
MUNICIPAL BONDS - 0.03%
WISCONSIN - 0.03%
Badger Tobacco Asset Securitization Corp.,
6.125% due 06/01/2027 250,000 244,365
-----------
TOTAL MUNICIPAL BONDS
(Cost: $235,097) $ 244,365
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.25%
Ameriquest Mortgage Securities,
Inc., Series 2003-5, Class A2,
2.43% due 07/25/2033 250,000 250,561
Banc of America Mortgage
Securities, Inc., Series 2003
F, Class 2A1, FRN 3.734% due
07/25/2033 732,872 740,451
Bear Stearns ARM Trust, Series
2003-2, FRN 3.703% due
01/25/2033 243,700 244,492
Series 2003-3, Class 2A2, FRN
4.210% due 05/25/2033 177,256 177,108
Chase Commercial Mortgage
Securities Corp.,
Series 2000-2, Class C, FRN
7.928% due 07/15/2032 250,000 295,946
CS First Boston Mortgage Securities
Corp.,
Series 2001-CF2, Class A2,
FRN 5.935% due 02/15/2034 875,000 929,248
Series 2001-CF2, Class A3,
FRN 6.24% due 02/15/2034 440,000 483,074
Series 2003-AR12, Class 2A2,
FRN 4.377% due 04/25/2033 179,742 179,808
FHLMC Structured Pass Through
Securities, T-41, Class 3A,
7.50% due 07/25/2032 468,025 512,488
First Investors Auto Owner
Trust, Series 2002-A, Class
A, FRN 3.46% due 12/15/2008 35,591 36,014
First Union National Bank
Commercial Mortgage Trust,
Series 2002- C1, Class A1,
5.585% due 02/12/2034 565,283 604,311
GE Capital Commercial Mortgage
Corp., Series 2001-1, Class
A1, FRN 6.079% due 05/15/2033 100,860 108,881
GMAC Commercial Mortgage Security,
Inc., Series 1997-C1, Class A3,
FRN 6.869% due 07/15/2029 375,000 414,747
Merrill Lynch Mortgage
Investors, Inc.,
Series 1995-C2, Class A1, FRN 6.926%
due 06/15/2021 221,108 223,319
Series 1997-C1, Class A3,
7.12% due 06/18/2029 312,252 339,867
Morgan Stanley Capital I, Inc.,Class
A, FRN 1.78% due 07/14/2016 188,267 188,267
Residential Asset Security
Corp., Series 1999-KS4, Class
AI4, FRN 7.22% due 06/25/2028 309,378 325,011
Residential Funding Mortgage
Securities II, Series
2001-HS2, Class A4, 6.43% due
04/25/2016 210,966 213,406
Salomon Brothers Commercial
Mortgage Securities, Class
A3, Series 2001-C1, 6.428%
due 12/18/2035 750,000 833,296
Structured Asset Securities
Corp., Series 1998-RF2, Class
A, FRN 8.540% due 07/15/2027 435,358 480,746
Washington Mutual, Series
2003-AR1, Class A6, FRN
4.537% due 03/25/2033 109,720 109,787
Washington Mutual, Series
2003-AR6, Class A1, FRN 4.38%
due 06/25/2033 1,394,520 1,405,869
-----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost: $8,839,239) $ 9,096,697
-----------
ASSET BACKED SECURITIES - 0.59%
ACLC Business Loan Receivables
Trust, Series 2002-1A, Class
A1, FRN 5.408% due 12/15/2022 153,613 155,272
California Infrastructure
Development, Series 1997-1,
Class A7, FRN 6.42% due
09/25/2008 439,030 466,962
Chase Funding Mortgage Loan,
Series 2003-1, Class 1A3, FRN
3.14% due 07/25/2023 150,000 151,379
Chase Funding Mortgage
Loan,Series 2003-2, Class
1A3, FRN 2.864% due 12/25/2024 190,000 190,503
Conseco Finance
Securitizations, Series
2000-F, Class AF4, 7.67% due
09/15/2026 234,375 235,088
Government Lease Trust, Series
1999-GSA1, Class A2, 6.02%
due 05/18/2005 1,396,791 1,438,336
GRCT Consumer Loan Trust,
Series 2001-1A, Class 2BRV,
FRN 6.251% due 02/15/2020 331,776 340,257
Mangrove Bay Pass Through
Trust, FRN 6.102% due
07/15/2033 100,000 97,140
Onyx Acceptance Auto Trust,
Series 2002-C, Class A4,
4.07% due 04/15/2009 300,000 309,160
Peco Energy Transition Trust,
Series 1999-A, Class A7, FRN
6.13% due 03/01/2009 540,000 596,366
Sears Credit Account Master
Trust, Series 1998-2, Class
A, 5.25% due 10/16/2008 208,333 211,784
The accompanying notes are an integral part of the financial statements.
179
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------------ ------------
ASSET BACKED SECURITIES - CONTINUED
Vanderbilt Acquisition Loan
Trust, Class A3, Series
2002-1, 5.70% due 09/07/2023 $ 125,000 $ 128,876
------------
TOTAL ASSET BACKED SECURITIES
(Cost: $4,275,683) $ 4,321,123
------------
SHORT TERM INVESTMENTS - 13.75%
State Street Navigator
Securities Lending Prime
Portfolio, 1.06% (b) $100,105,153 $100,105,153
------------
REPURCHASE AGREEMENTS - 4.85% ***
Repurchase Agreement with State
Street Corp., dated
12/31/2003 at 0.40% to be
repurchased at $35,318,785 on
01/02/2004, collateralized by
$24,530,000 U.S. Treasury
Bonds, 9.25% due 02/15/2016
(valued at $36,028,438, $ 35,318,000 $ 35,318,000
including interest)
------------
TOTAL INVESTMENTS (INCOME & VALUE
TRUST)(Cost: $645,440,139) $727,996,552
============
BALANCED TRUST
SHARES VALUE
------ ----------
COMMON STOCK - 60.69%
AEROSPACE - 2.63%
Lockheed Martin Corp. 29,650 $1,524,010
Raytheon Company * 21,700 651,868
United Technologies Corp. 20,300 1,923,831
----------
4,099,709
AUTOMOBILES - 0.75%
General Motors Corp. 21,900 1,169,460
----------
BANKING - 4.85%
Bank of America Corp. 30,500 2,453,115
Bank One Corp. 33,200 1,513,588
Doral Financial Corp. 28,800 929,664
National City Corp. 24,500 831,530
Wells Fargo & Company 31,200 1,837,368
----------
7,565,265
BIOTECHNOLOGY - 1.13%
Amgen, Inc. * 28,400 1,755,120
----------
BROADCASTING - 0.67%
Fox Entertainment Group, Inc.,
Class A * 36,000 1,049,400
----------
BUILDING MATERIALS & CONSTRUCTION - 0.53%
RPM International, Inc. 50,600 832,876
----------
BUSINESS SERVICES - 1.16%
Cadence Design Systems, Inc. * 26,400 474,672
Cendant Corp. * 24,100 536,707
First Data Corp. * 19,400 797,146
----------
1,808,525
CELLULAR COMMUNICATIONS - 0.61%
Vodafone Group PLC, ADR 37,800 946,512
----------
COMPUTERS & BUSINESS EQUIPMENT - 0.98%
Hewlett-Packard Company * 66,600 1,529,802
----------
COSMETICS & TOILETRIES - 2.15%
Avon Products, Inc. 17,200 1,160,828
The Procter & Gamble Company 21,900 2,187,372
----------
3,348,200
CRUDE PETROLEUM & NATURAL GAS - 0.76%
Anadarko Petroleum Corp. 23,400 1,193,634
----------
ELECTRICAL EQUIPMENT - 0.99%
General Electric Company 50,000 1,549,000
----------
ELECTRIC UTILITIES - 1.70%
Dominion Resources, Inc. 20,800 1,327,664
Entergy Corp. 23,100 1,319,703
----------
2,647,367
FINANCIAL SERVICES - 4.47%
American Express Company, 19,800 954,954
Bear Stearns Companies, Inc. 12,400 991,380
Citigroup, Inc. 61,800 2,999,772
Federal National Mortgage Association 27,000 2,026,620
----------
6,972,726
FOOD & BEVERAGES - 1.60%
General Mills, Inc. * 26,500 1,200,450
Kellogg Company 27,900 1,062,432
PepsiCo, Inc. 4,900 228,438
----------
2,491,320
HEALTHCARE PRODUCTS - 1.83%
Guidant Corp. 17,300 1,041,460
Johnson & Johnson 13,000 671,580
Stryker Corp. 13,400 1,139,134
----------
2,852,174
HEALTHCARE SERVICES - 0.82%
McKesson Corp. * 39,800 1,279,968
----------
HOMEBUILDERS - 0.32%
KB HOME 6,900 500,388
----------
HOTELS & RESTAURANTS - 1.25%
Marriott International, Inc., Class A 26,100 1,205,820
McDonald's Corp. 30,200 749,866
----------
1,955,686
HOUSEHOLD PRODUCTS - 0.43%
Newell Rubbermaid, Inc. 29,300 667,161
----------
INSURANCE - 4.31%
Aetna, Inc. 14,300 966,394
AFLAC, Inc. 26,400 955,152
CIGNA Corp. * 21,600 1,242,000
RenaissanceRe Holdings, Ltd. 34,800 1,706,940
W.R. Berkley Corp. 53,100 1,855,845
----------
6,726,331
INTERNATIONAL OIL - 1.10%
ConocoPhillips 26,100 1,711,377
----------
The accompanying notes are an integral part of the financial statements.
180
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- -----------
INTERNET SOFTWARE - 1.81%
Cisco Systems, Inc. * 92,500 $ 2,246,825
Symantec Corp. * 16,600 575,190
-----------
2,822,015
LEISURE TIME - 0.78%
The Walt Disney Company * 51,900 1,210,827
-----------
MANUFACTURING - 1.11%
Tyco International, Ltd. * 65,400 1,733,100
-----------
PAPER - 0.73%
Georgia-Pacific Corp. 37,100 1,137,857
-----------
PETROLEUM SERVICES - 2.69%
Baker Hughes, Inc. 32,500 1,045,200
Exxon Mobil Corp. 18,800 770,800
Halliburton Company 40,050 1,041,300
Valero Energy Corp. 28,800 1,334,592
-----------
4,191,892
PHARMACEUTICALS - 4.20%
Abbott Laboratories 34,000 1,584,400
Pfizer, Inc. 85,800 3,031,314
Wyeth 45,600 1,935,720
-----------
6,551,434
PUBLISHING - 0.80%
McGraw-Hill Companies, Inc. 17,900 1,251,568
-----------
RETAIL TRADE - 4.87%
Bed Bath & Beyond, Inc. * 51,200 2,219,520
Costco Wholesale Corp. * 35,500 1,319,890
CVS Corp. 21,600 780,192
Home Depot, Inc. 44,350 1,573,981
The Gap, Inc. * 41,100 953,931
Wal-Mart Stores, Inc. 14,100 748,005
-----------
7,595,519
SEMICONDUCTORS - 3.56%
Altera Corp. * 36,700 833,090
Applied Micro Circuits Corp. * 129,600 775,008
Intel Corp. 23,900 769,580
Linear Technology Corp. 33,900 1,426,173
Microchip Technology, Inc. 14,200 473,712
QLogic Corp. * 13,200 681,120
Xilinx, Inc. * 15,200 588,848
-----------
5,547,531
SOFTWARE - 2.76%
BEA Systems, Inc. * 41,200 506,760
Microsoft Corp. 138,200 3,806,028
-----------
4,312,788
TELEPHONE - 0.59%
ALLTEL Corp. 19,800 922,284
-----------
TOBACCO - 1.01%
Altria Group, Inc. 28,900 1,572,738
-----------
TRUCKING & FREIGHT - 0.74%
CNF, Inc. 33,900 1,149,210
-----------
TOTAL COMMON STOCK
(Cost: $85,200,579) $94,650,764
-----------
PRINCIPAL
AMOUNT VALUE
----------- -----------
U.S. TREASURY OBLIGATIONS - 5.90%
U.S. TREASURY BONDS - 0.67%
5.375% due 02/15/2031 $ 1,000,000 1,042,852
-----------
U.S. TREASURY NOTES - 5.23%
1.625% due 04/30/2005 1,000,000 1,003,008
3.00% due 01/31/2004 3,900,000 3,906,092
5.00% due 08/15/2011 900,000 963,141
5.75% due 11/15/2005 700,000 751,570
7.25% due 05/15/2004 1,500,000 1,534,218
-----------
8,158,029
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $9,242,505) $ 9,200,881
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 13.89%
TENNESSEE VALLEY AUTHORITY - 0.55%
4.70% due 07/15/2033 1,000,000 860,346
-----------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 0.69%
5.875% due 03/21/2011 1,000,000 1,083,922
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 11.17%
4.625% due 05/01/2013 1,000,000 973,214
4.75% due 03/15/2004 2,500,000 2,518,332
5.00% due 05/01/2018 1,188,906 1,214,128
5.50% due 02/15/2006 - 03/01/2033 4,687,977 4,837,195
6.00% due 10/01/2013 - 11/01/2032 2,957,733 3,073,362
6.50% due 11/01/2028 - 01/01/2032 2,353,798 2,463,300
6.625% due 11/15/2030 1,250,000 1,421,108
7.00% due 12/01/2029 863,052 914,549
-----------
17,415,188
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.48%
6.00% due 11/15/2032 802,878 835,281
6.50% due 12/15/2028 248,147 262,019
7.00% due 02/15/2028 809,228 863,842
7.50% due 12/15/2030 328,115 352,162
-----------
2,313,304
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $21,397,233) $21,672,760
-----------
CORPORATE BONDS - 6.76%
CABLE AND TELEVISION - 1.37%
Comcast Corp., Class A,
5.30% due 01/15/2014 1,000,000 996,679
Cox Communications, Inc.,
6.75% due 03/15/2011 1,000,000 1,132,916
-----------
2,129,595
CELLULAR COMMUNICATIONS - 0.72%
Telus Corp.,
7.50% due 06/01/2007 1,000,000 1,119,144
-----------
DRUGS & HEALTH CARE - 0.70%
Merck & Company, Inc.,
6.40% due 03/01/2028 1,000,000 1,099,023
-----------
FINANCIAL SERVICES - 2.68%
General Electric Capital
Corp., 5.45% due 01/15/2013 1,000,000 1,040,327
The accompanying notes are an integral part of the financial statements.
181
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------------ ------------
Goldman Sachs Group, Inc.,
4.75% due 07/15/2013 $ 1,000,000 $ 974,571
Household Finance Corp.,
6.50% due 01/24/2006 1,000,000 1,081,476
National Rural Utilities
Cooperative Finance Corp.,
5.75% due 08/28/2009 1,000,000 1,083,550
------------
4,179,924
FOOD & BEVERAGES - 0.64%
Cadbury Schweppes US Finance
LLC, 5.125% due 10/01/2013 1,000,000 993,488
------------
RETAIL GROCERY - 0.65%
Kroger Company,
5.50% due 02/01/2013 1,000,000 1,017,093
------------
TOTAL CORPORATE BONDS
(Cost: $10,130,818) $ 10,538,267
------------
MUNICIPAL BONDS - 0.59%
ILLINOIS - 0.59%
Illinois State, Taxable Pension,
5.10% due 06/01/2033 1,000,000 914,680
------------
TOTAL MUNICIPAL BONDS
(Cost: $905,783) $ 914,680
------------
SHORT TERM INVESTMENTS - 8.97%
Federal National Mortgage
Association Discount Notes,
1.00% due 02/18/2004 $ 4,000,000 $ 3,994,776
Federal National Mortgage
Association Discount Notes,
Series BB, 1.05% due 01/15/2004 10,000,000 9,995,917
------------
$ 13,990,693
REPURCHASE AGREEMENTS - 3.20%
Repurchase Agreement with
State Street Corp., dated
12/31/2003 at 0.70%, to be
repurchased at $4,991,194
on 01/02/2004,
collateralized by
$3,565,000 U.S. Treasury
Bonds, 8.50% due 02/15/2020
(valued at $5,091,266,
including interest) $ 4,991,000 $ 4,991,000
------------
TOTAL INVESTMENTS (BALANCED TRUST)
(Cost: $145,858,611) $155,959,045
============
GLOBAL ALLOCATION TRUST
SHARES VALUE
------ ----------
COMMON STOCK - 74.03%
AUSTRALIA - 0.97%
Austrailia Gas Light Company, Ltd. * 7,839 $ 66,284
Australia and New Zealand Bank Group Ltd. * 10,370 138,047
QBE Insurance Group, Ltd. * 19,052 152,059
Rio Tinto, Ltd. * 2,086 58,428
Westpac Banking Corp., Ltd. * 26,935 324,289
Woolworths, Ltd. * 7,036 62,514
----------
801,621
BELGIUM - 0.30%
Fortis * 12,470 250,443
----------
BERMUDA - 1.40%
Ingersoll-Rand Company, Class A 10,400 705,952
Willis Group Holdings, Ltd. 6,900 235,083
XL Capital, Ltd., Class A 2,800 217,140
----------
1,158,175
CANADA - 1.05%
Alcan Aluminum, Ltd. - USD * 4,600 215,593
Bank Nova Scotia Halifax 3,000 152,745
BCE, Inc. 5,300 118,520
Canadian National Railway Company-CAD 2,000 126,901
Magna International, Inc. 800 64,404
Toronto Dominion Bank Ontario 5,800 194,283
----------
872,446
FINLAND - 0.62%
Nokia AB Oyj * 20,450 353,251
UPM-Kymmene Oyj * 8,200 156,214
----------
509,465
FRANCE - 2.50%
Aventis SA * 5,758 380,151
BNP Paribas SA * 5,203 327,252
Cap Gemini SA * 3,083 136,771
Compagnie De Sanit Gobain * 1,857 90,805
France Telecom SA * 7,100 202,708
Sanofi-Synthelabo SA * 911 68,524
Suez SA * 6,177 123,979
Total SA, B Shares * 3,357 623,451
Unibail * 1,254 117,471
----------
2,071,112
GERMANY - 0.16%
Allianz AG * 552 69,605
Bayer AG * 2,098 61,379
----------
130,984
HONG KONG - 0.12%
Cheung Kong Holdings, Ltd. * 13,000 102,979
----------
IRELAND - 0.75%
Bank of Ireland - London * 29,101 395,991
CRH PLC - London * 11,041 226,055
----------
622,046
ITALY - 0.93%
Assicurazioni Generali SPA * 4,172 110,387
Eni SPA * 18,498 348,666
UniCredito Italiano SPA * 57,115 307,998
----------
767,051
JAPAN - 4.42%
Aiful Corp. * 1,550 113,427
Canon, Inc. * 3,000 139,730
Fuji Photo Film Company, Ltd. 5,000 161,478
Funai Electric Company, Ltd. * 500 68,652
Honda Motor Company * 10,200 453,185
Hoya Corp. * 900 82,662
Kao Corp. * 9,000 183,133
Keyence Corp. * 200 42,171
Mitsubishi Corp. * 13,000 137,845
The accompanying notes are an integral part of the financial statements.
182
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
JAPAN - CONTINUED
Mitsubishi Tokyo Financial Group, Inc. * 12 $ 93,639
Mitsui Fudosan Company * 4,000 36,141
Murata Manufacturing Company, Ltd. * 1,200 64,853
Nintendo Company, Ltd. * 2,900 270,687
Nippon Telegraph & Telephone Corp. * 25 120,642
Nippon Unipac Holding * 6 30,970
NTT DoCoMo, Inc. * 65 147,431
Rohm Company * 1,300 152,406
Sekisui House, Ltd. * 11,000 113,660
Sompo Japan Insurance * 25,000 205,582
Sumitomo Chemical Company, Ltd. * 13,000 53,633
Sumitomo Mitsui Financial Group, Inc. * 22 117,254
Takeda Chemical Industries, Ltd. * 7,300 289,588
Takefuji Corp. * 770 36,008
Toppan Printing Company * 6,000 62,445
Toyota Industries Corp. * 4,900 104,051
Toyota Motor Corp. * 9,300 314,239
West Japan Railway * 18 70,733
----------
3,666,245
NETHERLANDS - 1.90%
ABN AMRO Holdings NV * 10,775 251,834
Koninklijke (Royal) Philips Electronics NV * 7,204 210,125
Reed Elsevier NV * 26,097 323,877
TNT Post Group NV * 12,759 298,526
VNU NV * 10,119 319,374
Wolters Kluwer NV * 10,719 167,467
----------
1,571,203
PORTUGAL - 0.21%
Electricidade De Portugal * 17,498 46,077
Portugal Telecom * 12,720 127,892
----------
173,969
SPAIN - 0.70%
Banco Bilbao Vizcaya Argentaria SA * 20,625 284,552
Banco Santander Central, Hispano SA * 11,764 139,179
Telefonica SA * 10,819 158,670
----------
582,401
SWEDEN - 1.14%
Electrolux AB, Series B * 5,200 114,225
Hennes & Mauritz AB, Series B * 5,200 123,624
Nordea AB * 28,000 210,210
Svenska Cellulosa * 5,500 224,808
Svenska Handelsbanken AB, A Shares * 5,400 110,361
Swedish Match AB * 16,000 163,497
----------
946,725
SWITZERLAND - 1.92%
Adecco SA * 2,517 161,724
Givaudan AG * 197 102,218
Holcim, Ltd. * 2,394 111,448
Nestle SA * 2,495 623,095
Novartis AG-Reg Shares * 2,993 135,825
Roche Holding AG-Genusschein * 3,722 375,268
Swiss Reinsurance * 1,143 77,136
----------
1,586,714
UNITED KINGDOM - 7.92%
AstraZeneca Group PLC * 5,035 240,871
Barclays PLC * 43,670 388,402
BICC PLC * 10,501 40,957
BOC Group PLC * 5,487 83,597
BP PLC * 76,923 622,021
BT Group PLC * 43,526 146,263
Carlton Communications PLC * 16,749 68,765
Centrica PLC * 40,647 153,095
Compass Group PLC * 17,394 117,987
Diageo PLC * 32,273 423,426
Electrocomponents PLC * 16,260 94,331
Gallaher Group * 31,350 335,768
GlaxoSmithKline PLC * 23,722 542,016
HSBC Holdings PLC * 11,214 175,754
Invensys PLC * 86,493 28,177
Kesa Electricals PLC * 18,595 85,389
Kingfisher PLC * 36,706 182,479
National Grid Transco PLC * 33,183 237,082
Rentokil Initial PLC * 47,585 161,389
Rio Tinto PLC * 6,640 182,888
Rolls-Royce Group PLC * 43,179 136,619
Royal Bank of Scotland PLC * 15,806 464,411
Scottish Hydro * 17,637 211,880
Shell Transport & Trading Company PLC * 61,372 455,189
Tesco PLC * 71,934 330,966
Vodafone Group PLC * 265,219 655,700
----------
6,565,422
UNITED STATES - 47.02%
AFLAC, Inc. 4,800 173,664
Allergan, Inc. 10,400 798,824
American Electric Power, Inc. 2,700 82,377
American International Group, Inc. 8,100 536,868
American Standard Companies, Inc. * 3,400 342,380
Anadarko Petroleum Corp. 2,800 142,828
Anthem, Inc. * 6,500 487,500
Baxter International, Inc. * 7,400 225,848
Biomet, Inc. 4,700 171,127
Bristol-Myers Squibb Company * 25,200 720,720
Burlington Northern Santa Fe Corp. 30,600 989,910
Cardinal Health, Inc. 4,900 299,684
Cephalon, Inc. * (a) 6,500 314,665
Citigroup, Inc. 28,900 1,402,806
CMS Energy Corp. 13,100 111,612
ConocoPhillips 8,000 524,560
Costco Wholesale Corp. * 15,500 576,290
Dell, Inc. * 6,200 210,552
Delta Air Lines, Inc. * 12,000 141,720
Dominion Resources, Inc. 3,500 223,405
Eastman Chemical Company * 5,100 201,603
Exelon Corp. 10,300 683,508
Exxon Mobil Corp. 21,000 861,000
Federal Home Loan Mortgage Corp. 14,300 833,976
First Data Corp. * 9,000 369,810
FirstEnergy Corp. 14,300 503,360
FleetBoston Financial Corp. * 3,900 170,235
Gannett Company, Inc. 3,100 276,396
Genzyme Corp. * 8,700 429,258
Greenpoint Financial Corp. 16,950 598,674
Hartford Financial Services Group, Inc. 5,600 330,568
Hewlett-Packard Company * 8,400 192,948
Illinois Tool Works, Inc. 9,900 830,709
J.P. Morgan Chase & Company * 22,700 833,771
Johnson & Johnson 8,300 428,778
Johnson Controls, Inc. * 2,800 325,136
Kerr-McGee Corp. * 2,700 125,523
Kimberly-Clark Corp. 8,400 496,356
The accompanying notes are an integral part of the financial statements.
183
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
UNITED STATES - CONTINUED
Kohl's Corp. * 6,600 $ 296,604
Linear Technology Corp. 11,500 483,805
Martin Marietta Materials, Inc. 10,800 507,276
Masco Corp. 28,500 781,185
McGraw-Hill Companies, Inc. 5,100 356,592
MeadWestvaco Corp. 7,800 232,050
Mellon Financial Corp. 19,400 622,934
Mettler-Toledo International, Inc. * 200 8,442
Microsoft Corp. 39,000 1,074,060
Morgan Stanley 15,000 868,050
Mylan Laboratories, Inc. 28,450 718,647
Newell Rubbermaid, Inc. 4,300 97,911
Nextel Communications, Inc., Class A * 56,000 1,571,360
Omnicom Group, Inc. * 9,000 785,970
Pentair, Inc. 7,900 361,030
PNC Financial Services Group 6,200 339,326
Progress Energy, Inc. 3,500 158,410
Quest Diagnostics, Inc. 2,600 190,086
SBC Communications, Inc. 12,200 318,054
Sempra Energy * 9,800 294,588
SICOR, Inc. * 13,300 361,760
The Boeing Company * 9,900 417,186
The Interpublic Group of Companies, Inc. 7,400 115,440
The TJX Companies, Inc. 11,300 249,165
Time Warner, Inc. * 26,600 478,534
TXU Corp. * 6,400 151,808
UBS Emerging Markets Debt Fund * (c) 16,340 709,011
UBS Emerging Markets Equities Fund * (c) 250,650 3,097,134
UBS High Yield Fund * (c) 145,312 2,413,116
United Technologies Corp. 2,400 227,448
UnitedHealth Group, Inc. 15,500 901,790
Viacom, Inc., Class B 5,900 261,842
Viad Corp. * 8,100 202,500
Wells Fargo & Company 19,500 1,148,355
Westwood One, Inc. * 6,000 205,260
Wyeth 23,300 989,085
------------
38,964,763
TOTAL COMMON STOCK
(Cost: $51,951,080) 61,343,764
------------
PREFERRED STOCK - 0.10%
AUSTRALIA - 0.10%
News Corp., Ltd. - Limited Voting Shares * 10,625 80,001
------------
TOTAL PREFERRED STOCK
(Cost: $63,110) $ 80,001
------------
PRINCIPAL
AMOUNT VALUE
------ -----
U.S. TREASURY OBLIGATIONS - 6.20%
U.S. TREASURY BONDS - 2.09%
6.25% due 05/15/2030 $ 955,000 $ 1,102,055
6.875% due 08/15/2025 285,000 348,646
8.00% due 11/15/2021 210,000 283,615
------------
1,734,316
U.S. TREASURY NOTES - 4.11%
1.50% due 07/31/2005 315,000 314,754
1.875% due 11/30/2005 1,370,000 1,372,569
2.00% due 08/31/2005 360,000 362,320
3.25% due 08/15/2008 910,000 915,545
4.25% due 08/15/2013 440,000 440,550
------------
3,405,738
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $5,127,997) 5,140,054
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.71%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.30%
5.00% due 11/01/2007 17,926 18,476
5.125% due 07/15/2012 490,000 511,821
5.50% due 04/01/2018 624,011 647,389
6.00% due 12/01/2017 - 01/01/2033 701,135 726,092
------------
1,903,778
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 4.02%
3.396% due 09/01/2033 37,992 38,343
4.60% due 11/01/2033 348,346 354,459
4.621% due 04/01/2033 46,188 47,423
5.027% due 02/01/2033 60,536 64,379
6.00% due 06/01/2014 - 10/01/2033 1,220,482 1,272,038
6.25% due 02/01/2011 65,000 71,855
6.50% due 04/01/2017 - 08/01/2032 1,127,837 1,182,381
7.00% due 05/01/2033 40,725 43,123
7.125% due 01/15/2030 215,000 258,969
------------
3,332,970
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.39%
5.00% due 12/20/2029 43,304 44,241
6.00% due 07/15/2029 270,326 281,379
------------
325,620
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $5,529,238) $ 5,562,368
------------
FOREIGN GOVERNMENT OBLIGATIONS - 5.04%
AUSTRIA - 0.42%
3.80% due 10/20/2013 110,000 132,829
5.875% due 07/15/2006 160,000 216,107
------------
348,936
BELGIUM - 0.13%
5.75% due 03/28/2008 80,000 109,908
------------
CANADA - 0.26%
5.50% due 06/01/2009 130,000 107,362
6.00% due 06/01/2008 - 06/01/2011 108,000 91,115
8.00% due 06/01/2023 12,000 12,511
------------
210,988
The accompanying notes are an integral part of the financial statements.
184
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
DENMARK - 0.19%
4.00% due 08/15/2008 $ 920,000 $ 158,123
------------
FINLAND - 0.29%
5.00% due 07/04/2007 50,000 66,652
5.75% due 02/23/2011 125,000 174,314
------------
240,966
FRANCE - 0.88%
5.50% due 04/25/2007 195,000 263,110
5.50% due 04/25/2010 181,000 248,279
5.50% due 04/25/2029 80,000 109,263
8.50% due 10/25/2019 61,000 110,290
------------
730,942
GERMANY - 1.32%
2.50% due 03/18/2005 72,000 90,938
4.50% due 07/04/2009 100,000 131,129
5.00% due 07/04/2012 218,000 290,655
6.00% due 01/05/2006 105,000 140,802
6.00% due 01/04/2007 77,000 105,136
6.50% due 07/04/2027 220,000 338,171
------------
1,096,831
ITALY - 0.43%
5.25% due 11/01/2029 54,000 69,800
5.50% due 11/01/2010 66,000 90,549
8.75% due 07/01/2006 138,000 197,242
------------
357,591
MEXICO - 0.04%
8.125% due 12/30/2019 25,000 27,937
------------
NETHERLANDS - 0.32%
3.00% due 07/15/2006 75,000 94,846
5.00% due 07/15/2011 125,000 167,447
------------
262,293
SWEDEN - 0.48%
6.00% due 02/09/2005 960,000 137,848
8.00% due 08/15/2007 1,630,000 258,197
------------
396,045
UNITED KINGDOM - 0.28%
8.00% due 09/27/2013 55,000 122,833
8.00% due 12/07/2015 48,000 110,016
------------
232,849
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $3,909,160) 4,173,409
------------
FOREIGN BONDS - 0.35%
AUSTRALIA - 0.35%
Australia Commonwealth,
6.50% due 05/15/2013 134,000 107,278
9.00% due 09/15/2004 240,000 185,282
------------
292,560
TOTAL FOREIGN BONDS
(Cost: $275,499) $ 292,560
------------
CORPORATE BONDS - 3.71%
ITALY - 0.02%
Telecom Italia Capital,
5.25% due 11/15/2013 15,000 15,030
------------
JAPAN - 0.06%
SMFG Finance,
2.25% due 07/11/2005 3,000,000 52,434
------------
UNITED STATES - 3.63%
Anheuser Busch Company, Inc.,
9.00% due 12/01/2009 25,000 31,699
AOL Time Warner, Inc.,
7.625% due 04/15/2031 30,000 34,613
Avon Products, Inc.,
7.15% due 11/15/2009 25,000 29,148
Bank of America Corp.,
7.40% due 01/15/2011 40,000 46,913
Bank One Corp.,
7.875% due 08/01/2010 35,000 42,042
Bombardier Capital, Inc., MTN,
6.125% due 06/29/2006 25,000 26,594
Burlington Northern Santa Fe Corp.,
7.082% due 05/13/2029 25,000 28,040
Cendant Corp.,
6.875% due 08/15/2006 25,000 27,429
Centex Corp.,
9.75% due 06/15/2005 25,000 27,703
Citigroup, Inc.,
7.25% due 10/01/2010 45,000 52,450
Citizens Communications Company,
9.25% due 05/15/2011 35,000 41,379
Comcast Cable Communications,
6.75% due 01/30/2011 25,000 27,823
Consolidated Edison Company of New York Inc.,
7.50% due 09/01/2010 40,000 47,299
Countrywide Funding Corp., MTN,
3.25% due 05/21/2008 25,000 24,588
Credit Suisse First Boston USA, Inc.,
6.50% due 01/15/2012 25,000 27,826
CS First Boston Mortgage Securities Corp.,
7.00% due 11/25/2033 122,999 129,879
DLJ Commercial Mortgage Corp.,
Series A1A, FRN 6.08% due 03/10/2032 153,932 164,815
Series A1B, 6.46% due 03/10/2032 150,000 166,738
Eop Operating, LP,
7.00% due 07/15/2011 25,000 28,210
Erac USA Finance Co.,
7.35% due 06/15/2008 55,000 62,838
European Investment Bank,
4.875% due 09/06/2006 25,000 26,547
First Union National Bank,
Series BNKT, 7.80% due 08/18/2010 35,000 42,226
Ford Motor Company,
7.45% due 07/16/2031 70,000 70,736
Ford Motor Credit Company,
5.80% due 01/12/2009 70,000 72,090
General Electric Capital Corp., MTN, Series A,
6.00% due 06/15/2012 95,000 103,023
General Motors Acceptance Corp.,
6.875% due 09/15/2011 30,000 32,314
8.00% due 11/01/2031 30,000 33,689
The accompanying notes are an integral part of the financial statements.
185
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
UNITED STATES - CONTINUED
Goldman Sachs Group, Inc.,
6.875% due 01/15/2011 $ 25,000 $ 28,390
Harley Davidson Funding Corp.,
Medium Term Note,
3.625% due 12/15/2008 25,000 24,937
Household Finance Corp.,
6.75% due 05/15/2011 30,000 33,772
ICI Wilmington, Inc.,
4.375% due 12/01/2008 25,000 24,906
Intermediate American Development Bank,
5.75% due 02/26/2008 25,000 27,452
International Bank For Reconstruction & Development,
4.375% due 09/28/2006 30,000 31,642
J P Morgan Commercial Mortgage Finance Corp.,
7.325% due 07/15/2031 101,595 108,238
7.40% due 07/15/2031 200,000 228,902
Kraft Foods, Inc.,
5.625% due 11/01/2011 25,000 26,341
LB Commercial Conduit Mortgage Trust,
6.41% due 06/15/2031 111,927 118,857
Merrill Lynch Mortgage Investors, Inc.,
1.00% due 08/25/2028 1,719,610 28,817
Morgan Stanley Dean Witter,
6.75% due 04/15/2011 40,000 45,257
Morgan Stanley Dean Witter Capital
Class A1, 7.42% due 11/15/2036 144,640 160,628
Class A2, 7.57% due 11/15/2036 150,000 175,471
Pemex Project Funding Master Trust,
8.00% due 11/15/2011 30,000 33,525
Philip Morris Companies, Inc.,
7.75% due 01/15/2027 25,000 26,974
Phillips Petroleum Company,
8.75% due 05/25/2010 25,000 31,230
Reliant Energy Transport Bond Company,
5.63% due 09/15/2015 125,000 133,060
Rio Tinto Finance USA, Ltd.,
2.625% due 09/30/2008 25,000 23,847
Safeway, Inc.,
3.80% due 08/15/2005 25,000 25,526
Sprint Capital Corp.,
8.375% due 03/15/2012 25,000 29,195
The Kroger Company,
7.50% due 04/01/2031 25,000 28,807
Unilever Capital,
7.125% due 11/01/2010 25,000 29,065
USA Education, Inc.,
5.625% due 04/10/2007 25,000 27,092
Verizon New England, Inc.,
6.50% due 09/15/2011 25,000 27,547
Wells Fargo Bank NA,
6.45% due 02/01/2011 35,000 39,299
Wyeth,
5.25% due 03/15/2013 35,000 35,629
------------
3,003,057
TOTAL CORPORATE BONDS
(Cost: $3,019,725) $ 3,070,521
------------
ASSET BACKED SECURITIES - 0.26%
California Infrastructure
Development, Series 1997-1, Class
A7, FRN 6.42% due 09/25/2008 $ 131,709 $ 140,088
RAFC Asset Backed Trust,
5.115% due 11/25/2029 74,905 76,938
------------
217,026
TOTAL ASSET BACKED SECURITIES
(Cost: $217,836) 217,026
------------
SHORT TERM INVESTMENTS - 0.35%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) 292,050 $ 292,050
------------
REPURCHASE AGREEMENTS - 3.25%
Repurchase Agreement with State
Street Corp. dated 12/31/2003 at
0.40%, to be repurchased at
$2,694,060 on 01/02/2004,
collateralized by $2,675,000 U.S.
Treasury Bonds, 5.250% due
02/15/2029 (valued at $2,749,397,
including interest) $ 2,694,000 $ 2,694,000
------------
TOTAL INVESTMENTS (GLOBAL ALLOCATION TRUST)
(Cost: $73,079,695) $ 82,865,753
============
The accompanying notes are an integral part of the financial statements.
186
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
HIGH YIELD TRUST
SHARES VALUE
------ -----
COMMON STOCK - 0.27%
INTERNET CONTENT - 0.03%
Globix Corp. * 83,945 $ 335,780
------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.24%
Maxcom Telecomunicaciones SA * MXN 170,850 1,709
Maxcom Telecomunicaciones SA, Series B * 10,531 105
Maxcom Telecomunicaciones SA * 220,347 2,203
Song Networks Holdings AB * 255,233 2,395,205
Viatel Holding, Ltd. * 10,147 22,323
------------
2,421,545
TELEPHONE - 0.00%
Ventelo * 35,092 0
XO Communications Inc. * (a) 4,585 26,364
------------
26,364
TOTAL COMMON STOCK
(Cost: $11,070,179) $ 2,783,689
------------
PREFERRED STOCK - 2.04%
BROADCASTING - 1.17%
CSC Holdings, Inc., Series M (a) 80,750 8,478,750
Paxson Communications Corp. JR
Exchangeable Preferred PIK * 347 3,201,075
Paxson Communications Corp. JR
Preferred Convertible PIK * 30 238,583
------------
11,918,408
CELLULAR COMMUNICATIONS - 0.13%
Alamosa Holdings, Inc. * 4,080 1,305,637
------------
ELECTRONICS - 0.42%
TNP Enterprises, Inc., Series D * 39,480 4,293,450
------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.32%
Dobson Communications Corp. * 2,894 3,118,285
Intermedia Communications, Inc, Series B * (a) 970 46,075
McLeodUSA, Inc., Class A * (a) 16,663 126,972
Song Networks Holdings AB * 27,635 0
------------
3,291,332
TOTAL PREFERRED STOCK
(Cost: $20,297,953) $ 20,808,827
------------
WARRANTS - 0.01%
BROADCASTING - 0.00%
XM Satellite Radio, Inc., (Expiration date
03/15/2010; strike price $49.50) * 1,295 27,519
------------
ELECTRONICS - 0.00%
SW Acquisition, (Expiration date
04/01/2011; strike price $0.01) * 1,975 20
------------
STEEL - 0.00%
Republic Technologies International
LLC, Class D, (Expiration date
07/15/2009; strike price $.01) * 1,315 13
------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.00%
Maxcom Telecomunicaciones,
(Expiration date
04/01/2007; strike price $0.01) * 1,675 167
McLeodUSA, Inc., (Expiration date
04/16/2007; strike price $1.354) * 36,926 18,648
------------
18,815
TELEPHONE - 0.01%
Occidente y Caribe Celular SA,
(Expiration date 03/15/2004; strike
price $1.00) * 15,400 154
XO Communications Inc.,
(Expiration date 01/16/2010; strike
price $6.25) * 9,172 17,885
(Expiration date 01/16/2010; strike
price $7.50) * 6,878 11,693
(Expiration date 01/16/2010; strike
price $10.00) * 6,878 7,566
------------
37,298
TOTAL WARRANTS
(Cost: $224,646) $ 83,665
------------
FOREIGN GOVERNMENT OBLIGATIONS - 16.42%
FEDERAL REPUBLIC OF BRAZIL - 3.92%
2.00% due 04/15/2009 1,438,462 1,347,838
FRN, 2.06% due 04/15/2012 2,400,000 2,031,600
FRN, 2.0625% due 04/15/2012 7,400,000 6,641,500
FRN 8.00% due 04/15/2014 (a) 18,434,208 18,148,478
10.125% due 05/15/2027 675,000 715,500
11.00% due 01/11/2012 - 08/17/2040 5,705,000 6,341,500
12.25% due 03/06/2030 3,900,000 4,855,500
------------
40,081,916
NATIONAL REPUBLIC OF BULGARIA - 0.34%
FRN 7.0625% due 07/28/2024 1,100,000 1,093,400
8.25% due 01/15/2015 2,000,000 2,375,600
------------
3,469,000
REPUBLIC OF COLOMBIA - 0.84%
9.75% due 04/23/2009 1,250,000 1,378,750
10.00% due 01/23/2012 4,000,000 4,380,000
11.75% due 02/25/2020 2,350,000 2,831,750
------------
8,590,500
GOVERNMENT OF COSTA RICA - 0.15%
9.00% due 03/01/2011 1,350,000 1,565,017
------------
REPUBLIC OF ECUADOR - 0.62%
FRN, 7.00% due 08/15/2030 1,875,000 1,443,750
12.00% due 11/15/2012 5,000,000 4,862,500
------------
6,306,250
GOVERNMENT OF MEXICO - 3.00%
6.375% due 01/16/2013 1,400,000 1,452,500
6.625% due 03/03/2015 3,100,000 3,208,500
7.50% due 04/08/2033 8,000,000 8,280,000
8.30% due 08/15/2031 160,000 180,400
8.375% due 01/14/2011 2,810,000 3,336,875
11.375% due 09/15/2016 1,500,000 2,126,250
11.50% due 05/15/2026 8,300,000 12,014,250
------------
30,598,775
GOVERNMENT OF MOROCCO - 0.72%
FRN 2.187% due 01/01/2009 7,500,000 7,350,000
------------
REPUBLIC OF PANAMA - 0.77%
4.75% VR due 07/17/2014 1,059,240 998,334
8.875% due 09/30/2027 2,500,000 2,625,000
9.375% due 01/16/2023 - 04/01/2029 3,800,000 4,260,125
------------
7,883,459
REPUBLIC OF PERU - 0.54%
FRN 5.000% due 03/07/2017 2,608,500 2,425,905
9.125% due 02/21/2012 2,733,000 3,047,295
------------
5,473,200
The accompanying notes are an integral part of the financial statements.
187
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
Principal
Amount VALUE
------ -----
REPUBLIC OF PHILIPPINES - 0.73%
10.625% due 03/16/2025 $ 6,700,000 $ 7,453,750
------------
GOVERNMENT OF RUSSIA - 3.23%
5.00%, Step up to 7.50% on
3/31/2007 due 03/31/2030 19,980,000 19,195,785
8.25% due 03/31/2010 11,700,000 13,129,740
10.00% due 06/26/2007 550,000 646,333
------------
32,971,858
REPUBLIC OF TURKEY - 0.82%
11.00% due 01/14/2013 5,200,000 6,513,000
11.875% due 01/15/2030 1,375,000 1,863,125
------------
8,376,125
REPUBLIC OF VENEZUELA - 0.53%
FRN, 2.125% due 12/18/2007 3,047,528 2,887,532
6.75% due 03/31/2020 300,000 277,500
FRN, 7.437% due 03/31/2007 499,980 473,881
9.25% due 09/15/2027 1,900,000 1,729,000
------------
5,367,913
REPUBLIC OF EL SALVADOR - 0.03%
7.75% due 01/24/2023 250,000 263,125
------------
NATIONAL GOVERNMENT OF MALAYSIA - 0.18%
7.50% due 07/15/2011 1,600,000 1,892,736
------------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $160,657,651) $167,643,624
------------
CORPORATE BONDS - 65.61%
ADVERTISING - 0.43%
RH Donnelley Finance Corp., Series I,
10.875% due 12/15/2012 1,425,000 1,690,406
Vertis, Inc.,
9.75% due 04/01/2009 2,500,000 2,715,625
------------
4,406,031
AEROSPACE - 0.99%
DRS Technologies Inc.,
6.875% due 11/01/2013 3,000,000 3,082,500
Sequa Corp., Series B,
8.875% due 04/01/2008 3,750,000 4,068,750
Transdigm Funding Corp.,
8.375% due 07/15/2011 2,750,000 2,925,313
------------
10,076,563
AGRICULTURE - 0.16%
Hines Nurseries Inc.,
10.25% due 10/01/2011 1,500,000 1,635,000
------------
AIR TRAVEL - 0.43%
Continental Airlines, Inc.,
6.541% due 09/15/2008 2,504,383 2,352,632
6.80% due 07/02/2007 2,157,128 2,062,240
------------
4,414,872
AMUSEMENT & THEME PARKS - 0.18%
Six Flags Inc.,
9.625% due 06/01/2014 1,725,000 1,802,625
------------
APPAREL & TEXTILES - 0.49%
Interface, Inc.,
10.375% due 02/01/2010 2,700,000 2,855,250
Levi Strauss & Company,
11.625% due 01/15/2008 (a) 1,300,000 848,250
12.25% due 12/15/2012 (a) 1,925,000 1,251,250
------------
4,954,750
AUTO PARTS - 1.16%
ArvinMeritor, Inc.,
8.75% due 03/01/2012 865,000 990,425
CSK Auto Inc.,
12.00% due 06/15/2006 1,000,000 1,147,500
Eaglepincher, Inc.,
9.75% due 09/01/2013 3,000,000 3,240,000
Keystone Automotive Operations,
9.75% due 11/01/2013 1,600,000 1,728,000
Tenneco Automotive, Inc.,
11.625% due 10/15/2009 (a) 1,700,000 1,836,000
TRW Automotive, Inc.,
9.375% due 02/15/2013 2,580,000 2,947,650
------------
11,889,575
AUTOMOBILES - 0.38%
General Motors Corp.,
7.125% due 07/15/2013 (a) 3,550,000 3,893,179
------------
BROADCASTING - 4.51%
Callahan Nordrhein Westfalen,
14.00% due 07/15/2010+++ 4,800,000 294,000
Charter Communications Holdings,
8.625% due 04/01/2009 (a) 1,500,000 1,308,750
10.00% due 04/01/2009 2,000,000 1,780,000
10.75% due 10/01/2009 1,850,000 1,697,375
zero coupon, Step up to 11.75% on
1/15/2005 due 01/15/2010 700,000 570,500
zero coupon, Step up to 11.75% on
05/15/2006 due 05/15/2011 4,525,000 3,031,750
zero coupon, Step up to 13.50% on
01/15/2006 due 01/15/2011 1,900,000 1,415,500
Charter Communications Holdings LLC,
8.25% due 04/01/2007 (a) 3,300,000 3,102,000
10.25% due 01/15/2010 1,400,000 1,253,000
CSC Holdings, Inc.,
7.25% due 07/15/2008 3,100,000 3,224,000
Series B, 8.125% due 07/15/2009 320,000 344,000
9.875% due 02/15/2013 855,000 893,475
10.50% due 05/15/2016 640,000 732,800
Granite Broadcasting Corp.,
9.75% due 12/01/2010 1,750,000 1,736,875
Nextmedia Operating, Inc.,
10.75% due 07/01/2011 2,560,000 2,905,600
Pegasus Communications Corp., Series B,
9.75% due 12/01/2006 (a) 395,000 356,488
12.50% due 08/01/2007 480,000 453,600
Pegasus Satellite Communications,
12.375% due 08/01/2006 530,000 498,863
zero coupon, Step up to 13.50%
on 03/01/2004 due 03/01/2007 (a) 600,000 507,750
Salem Communications Holding Corp.,
9.00% due 07/01/2011 3,020,000 3,284,250
Spanish Broadcasting Systems Inc.,
9.625% due 11/01/2009 3,300,000 3,522,750
Telewest Communications PLC,
9.875% due 02/01/2010 $ 650,000 403,000
zero coupon, Step up to 9.875% on
04/15/2004 due 04/15/2009 GBP 3,345,000 2,806,368
Vivendi Universal SA,
6.25% due 07/15/2008 3,350,000 3,546,812
9.25% due 04/15/2010 2,390,000 2,832,150
The accompanying notes are an integral part of the financial statements.
188
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
BROADCASTING - CONTINUED
Young Broadcasting, Inc.,
Series B, 8.75% due 06/15/2007 $ 2,500,000 $ 2,562,500
10.00% due 03/01/2011 (a) 900,000 969,750
------------
46,033,906
BUILDING MATERIALS & CONSTRUCTION - 0.29%
Atrium Comapnies Inc.,
10.50% due 05/01/2009 1,350,000 1,444,500
Brand Services, Inc.,
12.00% due 10/15/2012 1,005,000 1,162,031
Nortek, Inc., Series B,
8.875% due 08/01/2008 375,000 392,344
------------
2,998,875
BUSINESS SERVICES - 0.66%
Encompass Services Corp.,
10.50% due 05/01/2009+++ 1,300,000 16,250
Interep National Radio Sales, Inc., Series B,
Class A, 10.00% due 07/01/2008 2,878,000 2,547,030
Iron Mountain, Inc.,
7.75% due 01/15/2015 1,821,000 1,907,498
8.625% due 04/01/2013 2,135,000 2,305,800
------------
6,776,578
CABLE AND TELEVISION - 0.83%
Avalon Cable LLC,
11.875% due 12/01/2008 381,277 402,247
Directv Holdings LLC,
8.375% due 03/15/2013 3,145,000 3,648,200
Mediacom Broadband LLC,
11.00% due 07/15/2013 (a) 2,725,000 3,058,813
Mediacom LLC/Mediacom Capital Corp.,
9.50% due 01/15/2013 (a) 1,000,000 1,060,000
Renaissance Media Group, LLC,
10.00% due 04/15/2008 285,000 294,619
------------
8,463,879
CELLULAR COMMUNICATIONS - 3.78%
Alamosa Delaware Inc.,
zero coupon, Step up to 12.0% on
07/31/2005 due 07/31/2009 1,256,000 1,130,400
Alamosa Delaware, Inc.,
11.00% due 07/31/2010 (a) 1,625,000 1,763,125
American Tower Corp.,
Class A, 6.25% due 10/15/2009 (a) 4,140,000 4,160,700
9.375% due 02/01/2009 (a) 1,750,000 1,863,750
Crown Castle International Corp.,
7.50% due 12/01/2013 1,150,000 1,155,750
9.375% due 08/01/2011 (a) 5,075,000 5,633,250
Nextel Communications, Inc.,
7.375% due 08/01/2015 12,600,000 13,545,000
SBA Communications Corp.,
zero coupon, Step up to 9.75% on
12/15/2007 due 12/15/2011 2,550,000 1,797,750
10.25% due 02/01/2009 4,695,000 4,612,837
Spectrasite Inc.,
8.25% due 05/15/2010 1,100,000 1,174,250
Ubquitel Operating Company,
zero coupon, step up to 14.00% on
04/15/2005 due 04/15/2010 2,450,000 1,715,000
------------
38,551,812
CHEMICALS - 4.58%
Acetex Corp.,
10.875% due 08/01/2009 4,840,000 5,372,400
Avecia Group PLC,
11.00% due 07/01/2009 (a) 1,655,000 1,489,500
Equistar Chemicals LP,
10.125% due 09/01/2008 2,800,000 3,066,000
10.625% due 05/01/2011 1,335,000 1,475,175
Ethyl Corp.,
8.875% due 05/01/2010 2,300,000 2,461,000
FMC Corp.,
7.75% due 07/01/2011 500,000 520,000
10.25% due 11/01/2009 2,150,000 2,515,500
Huntsman Advanced Materials LLC,
11.00% due 07/15/2010 2,425,000 2,679,625
Huntsman ICI Chemicals,
10.125% due 07/01/2009 EUR 1,200,000 1,483,970
10.125% due 07/01/2009 (a) 4,220,000 4,346,600
Huntsman International LLC,
9.875% due 03/01/2009 415,000 454,425
ISP Chemco, Inc., Series B,
10.25% due 07/01/2011 1,235,000 1,389,375
10.625% due 12/15/2009 3,195,000 3,514,500
Lyondell Chemical Company,
9.50% due 12/15/2008 1,600,000 1,672,000
Series A, 9.625% due 05/01/2007 (a) 1,700,000 1,802,000
Series B, 9.875% due 05/01/2007 (a) 1,400,000 1,477,000
Methanex Corp.,
8.75% due 08/15/2012 2,250,000 2,508,750
Millennium America, Inc.,
9.25% due 06/15/2008 1,695,000 1,847,550
7.00% due 11/15/2006 (a) 890,000 912,250
Rhodia SA,
7.625% due 06/01/2010 (a) 1,250,000 1,200,000
8.875% due 06/01/2011 2,100,000 1,932,000
Westlake Chemical Corp.,
8.75% due 07/15/2011 2,375,000 2,600,625
------------
46,720,245
CONSTRUCTION MATERIALS - 0.05%
Nortek Holdings, Inc., Series B,
9.25% due 03/15/2007 530,000 544,575
------------
CONTAINERS & GLASS - 2.01%
Anchor Glass Container Corp.,
11.00% due 02/15/2013 750,000 870,000
Owens Brockway Glass Container,
8.75% due 11/15/2012 935,000 1,041,356
Owens-Illinois, Inc., Series 2008,
7.35% due 05/15/2008 (a) 1,025,000 1,051,906
Owens-Illinois, Inc., Series 2010,
7.50% due 05/15/2010 (a) 3,910,000 4,012,638
Plastipak Holdings, Inc.,
10.75% due 09/01/2011 5,045,000 5,612,563
Pliant Corp.,
13.00% due 06/01/2010 2,545,000 2,328,675
Radnor Holdings, Inc.,
11.00% due 03/15/2010 (a) 2,750,000 2,509,375
Stone Container Corp.,
9.75% due 02/01/2011 2,825,000 3,121,625
------------
20,548,138
COSMETICS & TOILETRIES - 0.58%
Jafra Cosmetics International, Inc.,
10.75% due 05/15/2011 2,680,000 2,941,300
Playtex Products, Inc.,
9.375% due 06/01/2011 3,000,000 3,030,000
------------
5,971,300
The accompanying notes are an integral part of the financial statements.
189
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
CRUDE PETROLEUM & NATURAL GAS - 0.63%
Chesapeake Energy Corp.,
8.125% due 04/01/2011 $ 5,833,571 $ 6,475,264
------------
DOMESTIC OIL - 1.36%
Houston Exploration Company,
7.00% due 06/15/2013 5,000,000 5,162,500
Magnum Hunter Resources, Inc.,
9.60% due 03/15/2012 (a) 2,525,000 2,865,875
Stone Energy Corp.,
8.25% due 12/15/2011 2,050,000 2,234,500
Swift Energy Company,
9.375% due 05/01/2012 2,800,000 3,080,000
Westport Resources Corp.,
8.25% due 11/01/2011 535,000 588,500
------------
13,931,375
DRUGS & HEALTH CARE - 0.41%
Aaipharma Inc.,
11.00% due 04/01/2010 2,000,000 2,270,000
Columbia/HCA Healthcare Corp.,
6.91% due 06/15/2005 780,000 821,629
7.69% due 06/15/2025 1,000,000 1,055,309
------------
4,146,938
ELECTRICAL EQUIPMENT - 0.86%
BRL Universal Equipment,
8.875% due 02/15/2008 3,660,000 3,925,350
General Cable Corp.,
9.50% due 11/15/2010 1,775,000 1,899,250
Wesco Distribution, Inc.,
9.125% due 06/01/2008 (a) 2,850,000 2,949,750
------------
8,774,350
ELECTRIC UTILITIES - 3.38%
AES Corp.,
8.375% due 08/15/2007 (a) 375,000 379,688
8.50% due 11/01/2007 (a) 1,350,000 1,370,250
8.875% due 02/15/2011 (a) 340,000 370,600
9.375% due 09/15/2010 (a) 1,370,000 1,518,987
Allegheny Energy Supply Company,
10.25% due 11/15/2007 3,375,000 3,510,000
Avon Energy Partners Holdings,
7.05% due 12/11/2007 1,350,000 1,285,875
Calpine Corp.,
8.50% due 05/01/2008 6,505,000 5,187,737
8.50% due 07/15/2010 - 02/15/2011 (a) 5,210,000 4,554,225
Edison Mission Energy,
7.73% due 06/15/2009 (a) 1,200,000 1,143,000
9.875% due 04/15/2011 (a) 1,000,000 1,040,000
10.00% due 08/15/2008 (a) 4,600,000 4,772,500
Mirant Americas Generation LLC,
8.50% due 10/01/2021+++ 2,275,000 1,922,375
Reliant Resources, Inc.,
9.25% due 07/15/2010 3,750,000 3,975,000
9.50% due 07/15/2013 3,200,000 3,424,000
------------
34,454,237
ELECTRONICS - 0.30%
Muzak LLC/Muzak Finance Corp.,
9.875% due 03/15/2009 (a) 3,120,000 3,014,700
------------
ENERGY - 0.28%
NRG Energy, Inc.,
8.00% due 12/15/2013 2,700,000 2,838,375
------------
FINANCIAL SERVICES - 2.91%
Ford Motor Credit Company,
7.25% due 10/25/2011 2,800,000 3,036,779
Istar Financial, Inc.,
8.75% due 08/15/2008 2,195,000 2,535,225
Nexstar Finance Holdings LLC,
zero coupon, step up to 11.375%
on 04/01/2008 due 04/01/2013 2,525,000 1,846,406
Nexstar Finance Inc.,
7.00% due 01/15/2014 1,700,000 1,708,500
Pemex Project Funding Master Trust,
9.125% due 10/13/2010 (a) 1,400,000 1,662,500
Targeted Return Index Securities Trust,
8.685% due 05/15/2013 13,765,714 15,228,322
Ucar Finance, Inc.,
10.25% due 02/15/2012 (a) 3,180,000 3,657,000
------------
29,674,732
FOOD & BEVERAGES - 1.44%
Ahold Finance USA, Inc.,
8.25% due 07/15/2010 4,300,000 4,687,000
Del Monte Corp.,
8.625% due 12/15/2012 600,000 657,000
Series B, 9.25% due 05/15/2011 1,500,000 1,657,500
Nash Finch Company, Series 2008,
8.50% due 05/01/2008 3,900,000 3,900,000
Pinnacle Foods Holding Corp.,
8.25% due 12/01/2013 1,650,000 1,707,750
Swift & Company,
10.125% due 10/01/2009 2,000,000 2,120,000
------------
14,729,250
FOREST PRODUCTS - 0.40%
Tembec Industries, Inc.,
7.75% due 03/15/2012 1,270,000 1,263,650
8.50% due 02/01/2011 2,045,000 2,116,575
8.625% due 06/30/2009 650,000 669,500
------------
4,049,725
FURNITURE & FIXTURES - 0.39%
Norcraft Company LP,
9.00% due 11/01/2011 3,650,000 3,942,000
------------
GAS & PIPELINE UTILITIES - 2.60%
Dynegy Holdings, Inc.,
7.625% due 10/15/2026 600,000 518,250
9.875% due 07/15/2010 1,925,000 2,165,625
6.875% due 04/01/2011 (a) 3,260,000 3,003,275
El Paso Corp., MTN,
7.75% due 01/15/2032 (a) 1,500,000 1,278,750
7.80% due 08/01/2031 (a) 4,950,000 4,213,687
Gulfterra Energy Partners LP,
8.50% due 06/01/2010 663,000 752,505
10.625% due 12/01/2012 2,147,000 2,662,280
Northwest Pipeline Corp.,
8.125% due 03/01/2010 535,000 593,850
Southern Natural Gas Company,
8.875% due 03/15/2010 1,180,000 1,327,500
Transcontinental Gas Pipe Line Corp.,
8.875% due 07/15/2012 935,000 1,105,638
Williams Companies, Inc.,
7.625% due 07/15/2019 700,000 732,375
7.875% due 09/01/2021 2,750,000 2,901,250
8.625% due 06/01/2010 600,000 673,500
8.75% due 03/15/2032 3,000,000 3,390,000
9.25% due 03/15/2004 1,210,000 1,225,125
------------
26,543,610
The accompanying notes are an integral part of the financial statements.
190
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
HEALTHCARE PRODUCTS - 0.44%
Dade Behring Holdings, Inc.,
11.91% due 10/03/2010 $ 2,050,000 $ 2,357,500
Medex, Inc.,
8.875% due 05/15/2013 2,000,000 2,150,000
------------
4,507,500
HEALTHCARE SERVICES - 0.91%
Ameripath, Inc.,
10.50% due 04/01/2013 (a) 3,275,000 3,487,875
Extendicare Health Services Inc.,
9.50% due 07/01/2010 2,000,000 2,220,000
Genesis Healthcare Corp.,
8.00% due 10/15/2013 1,600,000 1,668,000
Team Health Inc.,
12.00% due 03/15/2009 1,775,000 1,917,000
------------
9,292,875
HOMEBUILDERS - 1.06%
KB HOME,
7.75% due 02/01/2010 2,130,000 2,257,800
Schuler Homes, Inc.,
9.375% due 07/15/2009 2,850,000 3,206,250
10.50% due 07/15/2011 150,000 174,000
Toll Brothers, Inc.,
8.25% due 02/01/2011 (a) 4,730,000 5,203,000
------------
10,841,050
HOTELS & RESTAURANTS - 3.81%
Buffets Inc.,
11.25% due 07/15/2010 1,300,000 1,394,250
Coast Hotels and Casinos, Inc.,
9.50% due 04/01/2009 1,000,000 1,057,500
Felcor Lodging, LP,
FRN 9.500% due 09/15/2008 2,550,000 2,754,000
Hilton Hotels Corp.,
7.625% due 12/01/2012 515,000 578,731
7.95% due 04/15/2007 2,910,000 3,226,463
HMH Properties Inc., Series B,
7.875% due 08/01/2008 10,000 10,400
Series C, 8.45% due 12/01/2008 414,000 431,595
Host Marriott LP, REIT,
9.50% due 01/15/2007 1,050,000 1,168,125
Kerzner International,
8.875% due 08/15/2011 750,000 819,375
Meristar Hospitality Operating
Partnership LP, REIT, 10.50% due 06/15/2009 2,500,000 2,712,500
MGM Mirage, Inc.,
8.375% due 02/01/2011 (a) 2,700,000 3,057,750
Park Place Entertainment Corp.,
7.875% due 03/15/2010 (a) 3,035,000 3,361,262
9.375% due 02/15/2007 2,175,000 2,463,187
Prime Hospitality Corp., Series B,
8.375% due 05/01/2012 2,190,000 2,261,175
Starwood Hotels & Resorts Worldwide, Inc.,
7.375% due 05/01/2007 1,010,000 1,090,800
7.875% due 05/01/2012 4,675,000 5,259,375
Station Casinos, Inc.,
8.375% due 02/15/2008 1,375,000 1,472,969
8.875% due 12/01/2008 2,985,000 3,089,475
Venetian Casino Resort LLC,
11.00% due 06/15/2010 2,355,000 2,731,800
------------
38,940,732
HOUSEHOLD PRODUCTS - 0.44%
Sealy Mattress Company,
9.875% due 12/15/2007 (a) 4,375,000 4,528,125
------------
INDUSTRIAL MACHINERY - 0.69%
Case New Holland, Inc.,
9.25% due 08/01/2011 2,825,000 3,164,000
Flowserve Corp.,
12.25% due 08/15/2010 (a) 1,944,000 2,255,040
NMHG Holding Company,
10.00% due 05/15/2009 1,425,000 1,574,625
------------
6,993,665
INDUSTRIALS - 1.15%
Blount International, Inc.,
7.00% due 06/15/2005 1,475,000 1,482,375
Blount, Inc.,
13.00% due 08/01/2009 1,750,000 1,885,625
Louisiana Pacific Corp.,
8.875% due 08/15/2010 265,000 312,700
10.875% due 11/15/2008 1,520,000 1,808,800
Meritage Corp.,
9.75% due 06/01/2011 990,000 1,106,325
NGC Corp.,
7.125% due 05/15/2018 (a) 6,050,000 5,187,875
------------
11,783,700
INTERNATIONAL OIL - 0.43%
Petronas Capital Ltd.,
7.875% due 05/22/2022 1,075,000 1,266,935
Vintage Petroleum, Inc.,
7.875% due 05/15/2011 (a) 1,290,000 1,360,950
9.75% due 06/30/2009 1,695,000 1,783,987
------------
4,411,872
INTERNET CONTENT - 0.09%
Globix Corp.,
11.00% due 05/01/2008 800,512 704,451
PSINet, Inc.,
11.00% due 08/01/2009+++ 1,172,026 61,531
Series B, 10.00% due 02/15/2005+++ 2,995,550 157,266
------------
923,248
INVESTMENT COMPANIES - 0.37%
JSG Funding PLC,
10.125% due 10/01/2012 2,675,000 3,759,645
------------
LEISURE TIME - 2.04%
Alliance Atlantis Communicatons, Inc.,
13.00% due 12/15/2009 3,320,000 3,784,800
Doane Pet Care Company,
9.75% due 05/15/2007 (a) 3,550,000 3,177,250
Horseshoe Gaming LLC, Series B,
8.625% due 05/15/2009 5,350,000 5,650,937
International Game Technology,
8.375% due 05/15/2009 (a) 3,945,000 4,722,394
Pinnacle Entertainment Inc.,
8.75% due 10/01/2013 (a) 3,400,000 3,459,500
------------
20,794,881
MANUFACTURING - 0.49%
Park-Ohio Industries, Inc.,
9.25% due 12/01/2007 1,650,000 1,641,750
Tekni Plex, Inc., Series B,
12.75% due 06/15/2010 (a) 3,116,000 3,396,440
------------
5,038,190
MEDICAL-HOSPITALS - 1.31%
HCA, Inc.,
8.75% due 09/01/2010 3,440,000 4,096,128
Psychiatric Solutions Inc.,
10.625% due 06/15/2013 1,750,000 1,964,375
The accompanying notes are an integral part of the financial statements.
191
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
MEDICAL-HOSPITALS - CONTINUED
Tenet Healthcare Corp.,
6.50% due 06/01/2012 $ 3,065,000 $ 2,938,569
7.375% due 02/01/2013 325,000 326,625
Triad Hospitals, Inc., Series B,
8.75% due 05/01/2009 1,525,000 1,652,719
Vanguard Health Systems, Inc.,
9.75% due 08/01/2011 2,225,000 2,414,125
------------
13,392,541
METAL & METAL PRODUCTS - 0.41%
IMCO Recycling, Inc.,
10.375% due 10/15/2010 2,300,000 2,363,250
Phelps Dodge Corp.,
8.75% due 06/01/2011 1,525,000 1,861,790
------------
4,225,040
MINING - 0.19%
Compass Minerals Group Inc.,
10.00% due 08/15/2011 1,750,000 1,960,000
------------
PAPER - 2.18%
Appleton Papers, Inc.,
12.50% due 12/15/2008 3,000,000 3,390,000
Bowater Inc.,
6.50% due 06/15/2013 2,700,000 2,620,369
9.50% due 10/15/2012 1,275,000 1,444,431
Buckeye Technologies Inc.,
9.25% due 09/15/2008 (a) 2,750,000 2,784,375
Georgia Pacific Corp.,
8.875% due 02/01/2010 6,200,000 7,068,000
Pacifica Papers, Inc.,
10.00% due 03/15/2009 3,175,000 3,365,500
Smurfit-Stone Container,
8.25% due 10/01/2012 1,425,000 1,546,125
------------
22,218,800
PETROLEUM SERVICES - 0.18%
Hanover Compressor Company,
00.01% due 03/31/2007 2,500,000 1,837,500
------------
PHARMACEUTICALS - 0.69%
Athena Neurosciences, Inc.,
7.25% due 02/21/2008 3,875,000 3,479,750
Valeant Pharmaceuticals,
7.00% due 12/15/2011 3,500,000 3,605,000
------------
7,084,750
PLASTICS - 0.67%
Berry Plastics Corp.,
10.75% due 07/15/2012 3,000,000 3,453,750
Resolution Performance Products, Inc.,
13.50% due 11/15/2010 (a) 3,900,000 3,393,000
------------
6,846,750
PUBLISHING - 1.70%
Dex Media,
zero coupon, step up to 9.00% on
11/15/2008 due 11/15/2013 5,250,000 3,701,250
Dex Media East LLC,
12.125% due 11/15/2012 1,000,000 1,230,000
Dex Media West LLC,
8.50% due 08/15/2010 1,500,000 1,670,625
Hollinger Participation Trust, FRN
12.125% due 11/15/2010 3,558,442 4,225,650
Houghton Mifflin Company,
zero coupon, Step up to 11.50% on
10/15/2008 due 10/15/2013 2,250,000 1,423,125
Mail-Well I Corp., Series B,
8.75% due 12/15/2008 (a) 3,225,000 3,216,937
Pei Holdings Inc.,
11.00% due 03/15/2010 1,105,000 1,281,800
Yell Finance BV,
10.75% due 08/01/2011 (a) 488,000 570,960
------------
17,320,347
REAL ESTATE - 0.32%
CB Richard Ellis Services, Inc.,
11.25% due 06/15/2011 (a) 2,875,000 3,248,750
------------
RETAIL TRADE - 2.64%
Cole National Group, Inc.,
8.625% due 08/15/2007 1,625,000 1,657,500
Eye Care Centers of America, Inc.,
9.125% due 05/01/2008 3,525,000 3,525,000
Finlay Fine Jewelry Corp.,
8.375% due 05/01/2008 1,500,000 1,552,500
Gap, Inc.,
6.90% due 09/15/2007 625,000 689,844
FRN 8.800% due 12/15/2008 2,115,000 2,606,737
General Nutrition Companies, Inc.,
8.50% due 12/01/2010 3,500,000 3,587,500
Home Interiors & Gifts, Inc.,
10.125% due 06/01/2008 2,625,000 2,654,531
J.C. Penney Company, Inc.,
6.875% due 10/15/2015 350,000 367,938
7.60% due 04/01/2007 385,000 424,944
7.95% due 04/01/2017 445,000 505,631
8.00% due 03/01/2010 1,160,000 1,329,650
9.00% due 08/01/2012 (a) 970,000 1,160,363
Rite Aid Corp.,
6.875% due 08/15/2013 2,780,000 2,668,800
11.25% due 07/01/2008 2,500,000 2,787,500
Saks Inc.,
7.00% due 12/01/2013 166,000 169,320
9.875% due 10/01/2011 (a) 1,050,000 1,249,500
------------
26,937,258
SANITARY SERVICES - 1.38%
Allied Waste North America, Inc.,
7.875% due 04/15/2013 (a) 1,870,000 2,024,275
Series B, 8.875% due 04/01/2008 4,925,000 5,516,000
Waste Management, Inc.,
6.875% due 05/15/2009 1,280,000 1,430,761
7.125% due 10/01/2007 - 12/15/2017 2,675,000 3,003,701
7.375% due 08/01/2010 1,010,000 1,167,086
7.65% due 03/15/2011 805,000 937,741
------------
14,079,564
STEEL - 0.34%
AK Steel Corp.,
7.875% due 02/15/2009 3,875,000 3,400,312
National Steel Corp., Series D,
9.875% due 03/01/2009+++ 1,492,232 89,534
Republic Technologies International
LLC/RTI Capital Corp.,
13.75% due 07/15/2009+++ 1,315,000 13,150
------------
3,502,996
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.88%
Centennial Cellular Operating Company, LLC,
10.75% due 12/15/2008 (a) 840,000 886,200
Dobson Communications Corp.,
10.875% due 07/01/2010 2,498,000 2,722,820
The accompanying notes are an integral part of the financial statements.
192
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
TELECOMMUNICATIONS EQUIPMENT & SERVICES - CONTINUED
EchoStar DBS Corp.,
9.375% due 02/01/2009 $ 6,035,000 $ 6,344,294
Insight Midwest LP,
9.75% due 10/01/2009 1,825,000 1,929,937
Insight Midwest LP/ Insight Capital,
10.50% due 11/01/2010 525,000 570,938
Insight Midwest LP/ Insight Capital, Inc.,
10.50% due 11/01/2010 (a) 900,000 978,750
Lucent Technologies, Inc.,
6.45% due 03/15/2029 (a) 7,350,000 5,778,937
--------------
19,211,876
TELEPHONE - 3.33%
Accident Escrow Corp.,
10.00% due 08/01/2011 2,750,000 3,066,250
AT&T Corp.,
FRN 8.75% due 11/15/2031 5,150,000 6,018,099
Cincinnati Bell, Inc.,
8.375% due 01/15/2014 3,250,000 3,493,750
Primus Telecommunications Group, Inc., Series B,
9.875% due 05/15/2008 940,000 972,900
11.25% due 01/15/2009 1,070,000 1,134,200
Qwest Services Corp.,
13.50% due 12/15/2010 1,400,000 1,701,000
14.00% due 12/15/2014 9,250,000 11,770,625
Rhythms NetConnections, Inc., Series B,
13.50% due 05/15/2008+++ 4,530,537 453
14.00% due 02/15/2010+++ 2,226,610 223
Sprint Capital Corp.,
8.75% due 03/15/2032 4,900,000 5,788,811
--------------
33,946,311
TOTAL CORPORATE BONDS
(Cost: $637,126,233) $ 669,884,425
--------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.29%
CA FM Lease Trust,
8.50% due 07/15/2017 2,585,245 2,911,141
--------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $2,955,729) $ 2,911,141
--------------
SHORT TERM INVESTMENTS - 11.63%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 118,768,354 $ 118,768,354
--------------
REPURCHASE AGREEMENTS - 3.73%
UBS Tri-Party Repurchase
Agreement, dated 12/31/2003 at
0.83%, to be repurchased at
$38,126,758 on 01/02/2004,
collateralized by $28,621,000 U.S.
Treasury Bonds, 7.875% due
02/15/2021 (valued at
$39,738,691, including interest). $ 38,125,000 $ 38,125,000
--------------
TOTAL INVESTMENTS (HIGH YIELD TRUST)
(Cost: $989,225,745)
$1,021,008,725
==============
STRATEGIC BOND TRUST
SHARES VALUE
------ -----
COMMON STOCK - 0.40%
BROADCASTING - 0.14%
UnitedGlobalCom, Inc., Class A * (a) 130,995 $ 1,110,838
------------
BUSINESS SERVICES - 0.00%
ContinentalAFA Dispensing Company * 25,862 37,500
------------
COMPUTERS & BUSINESS EQUIPMENT - 0.00%
Axiohm Transaction Solutions * 8,111 81
------------
FINANCIAL SERVICES - 0.00%
Contifinancial Corp. Liquidating Trust * (a) 1,451,718 14,517
------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.26%
NTL, Inc. * (a) 21,970 1,532,407
Spectrasite Inc. * 16,758 582,341
------------
2,114,748
TOTAL COMMON STOCK
(Cost: $4,472,298) $ 3,277,684
------------
PREFERRED STOCK - 0.23%
BROADCASTING - 0.19%
CSC Holdings, Inc., Series H * 2,000 208,500
CSC Holdings, Inc., Series M 12,750 1,341,937
------------
1,550,437
CELLULAR COMMUNICATIONS - 0.04%
Alamosa Holdings, Inc. * 975 312,009
------------
ELECTRIC UTILITIES - 0.00%
TCR Holdings, Class B * 3,003 3
TCR Holdings, Class C * 1,652 2
TCR Holdings, Class D * 4,355 4
TCR Holdings, Class E * 9,009 9
------------
18
TOTAL PREFERRED STOCK
(Cost: $1,442,360) $ 1,862,464
------------
WARRANTS - 0.01%
CELLULAR COMMUNICATIONS - 0.01%
American Tower Escrow Corp. * 650 81,575
------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.00%
Leap Wireless International, Inc. *,
(Expiration date 04/15/2010; strike
price $96.80) 370 4
------------
GOVERNMENT OF MEXICO - 0.00%
Mexican Value Recovery Right, Series B * 1,000,000 3,500
Mexican Value Recovery Right, Series C * 1,000,000 800
Mexican Value Recovery Right, Series D * 1,000,000 800
Mexican Value Recovery Right, Series E * 1,000,000 600
------------
5,700
REPUBLIC OF VENEZUELA - 0.00%
Republic of Venezuela, (Expiration date
04/15/2020; strike price $26.00) * 10,000 600
------------
TOTAL WARRANTS
(Cost: $47,311) $ 87,879
------------
The accompanying notes are an integral part of the financial statements.
193
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
U.S. TREASURY OBLIGATIONS - 2.44%
U.S. TREASURY BONDS - 1.75%
5.25% due 11/15/2028 - 02/15/2029 *** $ 8,250,000 $ 8,314,826
5.50% due 08/15/2028 *** 3,500,000 3,645,607
6.125% due 08/15/2029 *** 2,000,000 2,266,406
------------
14,226,839
U.S. TREASURY NOTES - 0.69%
4.25% due 08/15/2013 (a) 3,000,000 3,003,750
5.875% due 11/15/2004 *** 2,500,000 2,600,195
------------
5,603,945
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $19,120,037) 19,830,784
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 23.30%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 3.20%
5.00% TBA ** 26,000,000 25,658,750
REMIC, IO, 7.595% due 07/15/2006 37,991 375
8.00% due 05/01/2010 69,688 75,152
8.50% due 05/01/2008 69,342 74,472
10.00% due 05/15/2020 188,661 188,933
------------
25,997,682
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 20.06%
5.00% TBA ** 40,500,000 40,069,688
5.50% TBA ** 60,000,000 60,768,720
6.00% TBA ** 12,000,000 12,401,256
6.00% TBA ** 20,000,000 20,600,000
6.50% due 10/01/2032 6,797,695 7,110,314
7.00% TBA ** 14,000,000 14,822,500
FRN 7.376% due 01/17/2013 4,933,492 5,228,683
7.50% due 07/01/2030 - 02/01/2031 534,683 571,361
8.00% due 07/01/2027 - 08/01/2027 769,511 837,850
REMIC, 8.8% due 01/25/2019 350,191 385,477
REMIC, 10.40% due 04/25/2019 124,022 136,451
------------
162,932,300
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.04%
7.50% due 04/15/2022 - 02/15/2028 299,476 321,921
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $188,610,668) $189,251,903
------------
FOREIGN GOVERNMENT OBLIGATIONS - 15.02%
REPUBLIC OF ARGENTINA - 0.15%
FRN 2.0625% due 03/31/2023 2,000,000 1,005,000
FRN 6.00% due 03/31/2023 500,000 240,000
------------
1,245,000
FEDERAL REPUBLIC OF BRAZIL - 2.34%
FRN, 2.0625% due 04/15/2012 6,950,000 6,237,625
FRN 8.00% due 04/15/2014 3,675,759 3,618,785
9.25% due 10/22/2010 545,000 585,875
11.00% due 08/17/2040 850,000 935,000
12.00% due 04/15/2010 5,075,000 6,090,000
12.25% due 03/06/2030 1,250,000 1,556,250
------------
19,023,535
NATIONAL REPUBLIC OF BULGARIA - 0.29%
FRN, 1.9375% due 07/28/2012 244,286 241,232
8.25% due 01/15/2015 1,750,000 2,078,650
------------
2,319,882
REPUBLIC OF COLOMBIA - 0.48%
8.375% due 02/15/2027 65,000 60,353
10.00% due 01/23/2012 400,000 438,000
10.375% due 01/28/2033 450,000 482,625
10.75% due 01/15/2013 1,475,000 1,677,812
11.75% due 02/25/2020 1,025,000 1,235,125
------------
3,893,915
REPUBLIC OF ECUADOR - 0.34%
FRN, 7.00% due 08/15/2030 3,550,000 2,733,500
------------
GOVERNMENT OF FRANCE - 1.89%
3.50% due 01/12/2008 12,100,000 15,369,650
------------
FEDERAL REPUBLIC OF GERMANY - 3.47%
4.25% due 02/15/2008 10,700,000 13,924,336
4.75% due 07/04/2008 10,750,000 14,254,198
------------
28,178,534
REPUBLIC OF ITALY - 0.25%
5.804% due 10/25/2032 2,000,000 2,048,552
------------
REPUBLIC OF KOREA - 0.11%
4.25% due 06/01/2013 900,000 869,067
------------
GOVERNMENT OF MEXICO - 1.52%
7.50% due 04/08/2033 425,000 439,875
8.30% due 08/15/2031 9,075,000 10,232,062
8.375% due 01/14/2011 1,400,000 1,662,500
------------
12,334,437
GOVERNMENT OF MOROCCO - 0.30%
FRN 2.187% due 01/01/2009 2,452,705 2,403,651
------------
REPUBLIC OF PANAMA - 0.30%
8.875% due 09/30/2027 2,025,000 2,126,250
9.625% due 02/08/2011 300,000 346,500
------------
2,472,750
REPUBLIC OF PERU - 0.23%
FRN, 4.50% due 03/07/2017 1,425,000 1,268,250
9.875% due 02/06/2015 550,000 638,000
------------
1,906,250
REPUBLIC OF PHILIPPINES - 0.54%
8.375% due 03/12/2009 3,300,000 3,477,375
10.625% due 03/16/2025 850,000 945,625
------------
4,423,000
GOVERNMENT OF RUSSIA - 1.77%
5.00%, Step up to 7.50% on
3/31/2007 due 03/31/2030 8,275,500 7,934,136
11.00% due 07/24/2018 450,000 610,875
8.25% due 03/31/2010 5,238,000 5,853,465
------------
14,398,476
REPUBLIC OF TURKEY - 0.67%
11.00% due 01/14/2013 2,825,000 3,538,312
11.50% due 01/23/2012 825,000 1,049,813
12.375% due 06/15/2009 650,000 832,000
------------
5,420,125
REPUBLIC OF VENEZUELA - 0.25%
FRN, 2.125% due 12/18/2007 571,411 542,841
FRN, 7.437% due 03/31/2007 1,583,270 1,500,623
------------
2,043,464
NATIONAL GOVERNMENT OF MALAYSIA - 0.12%
7.50% due 07/15/2011 800,000 946,368
------------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $109,447,076) $122,030,156
------------
The accompanying notes are an integral part of the financial statements.
194
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
---------- ---------
CORPORATE BONDS - 24.47%
ADVERTISING - 0.20%
RH Donnelley Finance Corp., Series
I, 10.875% due $ 750,000 $ 889,687
12/15/2012
Vertis, Inc.,
9.75% due 04/01/2009 650,000 706,063
----------
1,595,750
AEROSPACE - 0.24%
Alliant Techsystems Inc.,
8.50% due 05/15/2011 800,000 880,000
Sequa Corp.,
9.00% due 08/01/2009 975,000 1,074,938
----------
1,954,938
AIR TRAVEL - 0.09%
Continental Airlines, Inc.,
6.541% due 09/15/2008 524,478 492,698
7.25% due 11/01/2005 275,000 262,276
----------
754,974
APPAREL & Textiles - 0.12%
Levi Strauss & Company,
7.00% due 11/01/2006 (a) 275,000 176,688
Levi Strauss & Company,
11.625% due 01/15/2008 (a) 200,000 130,500
12.25% due 12/15/2012 (a) 625,000 406,250
Tropical Sportswear International
Corp., Series A, 11.00% due 350,000 283,500
06/15/2008 (a)
----------
996,938
AUTO PARTS - 0.40%
CSK Auto Inc.,
12.00% due 06/15/2006 1,000,000 1,147,500
Eaglepincher, Inc.,
9.75% due 09/01/2013 600,000 648,000
Tenneco Automotive, Inc.,
11.625% due 10/15/2009 (a) 700,000 756,000
TRW Automotive, Inc.,
9.375% due 02/15/2013 600,000 685,500
----------
3,237,000
BANKING - 0.83%
Bank of America Corp.,
4.875% due 09/15/2012 (a) 1,775,000 1,784,090
Capital One Financial Corp.,
7.25% due 05/01/2006 1,250,000 1,352,630
Independence Community Bank Corp.,
FRN 3.500% due 1,575,000 1,519,732
06/20/2013
Standard Chartered Bank,
8.00% due 05/30/2031 *** 1,750,000 2,114,677
----------
6,771,129
BROADCASTING - 1.00%
Charter Communications Holdings,
8.625% due 04/01/2009 (a) 100,000 87,250
10.00% due 05/15/2011 610,000 530,700
10.75% due 10/01/2009 350,000 321,125
zero coupon, Step up to 11.75% on
05/15/2006 due 05/15/2011 1,575,000 1,055,250
zero coupon, Step up to 11.75%
on 1/15/2005 due 01/15/2010 700,000 570,500
zero coupon, Step up to 12.125% on
01/15/2007 due 01/15/2012 250,000 153,750
zero coupon, Step up to 13.50% on
01/15/2006 due 01/15/2011 (a) 300,000 223,500
Charter Communications Holdings LLC,
8.25% due 04/01/2007 (a) 425,000 399,500
CSC Holdings, Inc,
9.875% due 02/15/2013 (a) 550,000 574,750
9.875% due 04/01/2023 550,000 575,437
10.50% due 05/15/2016 175,000 200,375
Nextmedia Operating, Inc.,
10.75% due 07/01/2011 450,000 510,750
Radio One, Inc.,
8.875% due 07/01/2011 600,000 661,500
Telewest Communication PLC,
zero coupon, Step up to 11.375% on
02/01/2005 due 02/01/2010 (a) 825,000 404,250
Viacom, Inc.,
6.625% due 05/15/2011 *** 500,000 567,622
Vivendi Universal, SA,
9.25% due 04/15/2010 725,000 859,125
Young Broadcasting, Inc.,
8.75% due 01/15/2014 400,000 405,000
----------
8,100,384
BUILDING MATERIALS & Construction - 0.04%
Brand Services, Inc.,
12.00% due 10/15/2012 300,000 346,875
----------
BUSINESS SERVICES - 0.34%
Interep National Radio Sales, Inc.,
Series B, Class A,
10.00% due 07/01/2008 350,000 309,750
Iron Mountain, Inc.,
6.625% due 01/01/2016 675,000 656,438
8.125% due 05/15/2008 32,000 33,240
8.625% due 04/01/2013 550,000 594,000
Sitel Corp.,
9.25% due 03/15/2006 450,000 441,000
Tempur Pedic, Inc.,
10.25% due 08/15/2010 650,000 724,750
----------
2,759,178
CABLE AND TELEVISION - 0.61%
AOL Time Warner, Inc.,
7.625% due 04/15/2031 1,125,000 1,297,989
Cox Communications, Inc.,
7.75% due 11/01/2010 1,000,000 1,191,260
Directv Holdings LLC,
8.375% due 03/15/2013 725,000 841,000
Lodgenet Entertainment Corp.,
9.50% due 06/15/2013 (a) 600,000 657,000
Mediacom Broadband LLC,
11.00% due 07/15/2013 (a) 625,000 701,562
Mediacom LLC/Mediacom Capital
Corp., 9.50% due 01/15/2013 (a) 225,000 238,500
----------
4,927,311
CELLULAR COMMUNICATIONS - 1.26%
Alamosa Delaware, Inc.,
11.00% due 07/31/2010 633,000 686,805
American Tower Corp.,
9.375% due 02/01/2009 (a) 925,000 985,125
American Tower Escrow Corp.,
zero coupon due 08/01/2008 650,000 448,500
AT&T Broadband Corp.,
8.375% due 03/15/2013 1,150,000 1,407,081
AT&T Wireless Services, Inc.,
8.75% due 03/01/2031 1,150,000 1,418,903
Crown Castle International Corp.,
7.50% due 12/01/2013 125,000 125,625
The accompanying notes are an integral part of the financial statements.
195
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
CELLULAR COMMUNICATIONS - CONTINUED
Crown Castle International Corp.,
9.00% due 05/15/2011 $ 400,000 $ 427,000
10.75% due 08/01/2011 (a) 790,000 888,750
Nextel Communications, Inc.,
7.375% due 08/01/2015 1,425,000 1,531,875
9.375% due 11/15/2009 275,000 299,750
SBA Communications Corp.,
zero coupon, Step up to 9.75% on
12/15/2007 due 12/15/2011 600,000 423,000
10.25% due 02/01/2009 975,000 957,938
Western Wireless Corp.,
9.25% due 07/15/2013 625,000 659,375
------------
10,259,727
CHEMICALS - 1.72%
Acetex Corp.,
10.875% due 08/01/2009 1,075,000 1,193,250
Airgas, Inc.,
7.75% due 09/15/2006 625,000 656,250
Borden Chemicals & Plastics Operating,
9.50% due 05/01/2005+++ 525,000 5,250
Equistar Chemicals LP,
10.625% due 05/01/2011 650,000 718,250
FMC Corp.,
MTN, 7.00% due 05/15/2008 500,000 510,000
10.25% due 11/01/2009 500,000 585,000
Huntsman Advanced Materials LLC,
11.00% due 07/15/2010 575,000 635,375
Huntsman ICI Chemicals,
10.125% due 07/01/2009 (a) 150,000 154,500
Huntsman International LLC,
9.875% due 03/01/2009 (a) 550,000 602,250
ISP Chemco, Inc., Series B,
10.25% due 07/01/2011 875,000 984,375
Lyondell Chemical Company,
11.125% due 07/15/2012 (a) 575,000 638,250
Series B, 9.875% due 05/01/2007 (a) 75,000 79,125
Methanex Corp.,
8.75% due 08/15/2012 700,000 780,500
Millennium America Inc.,
9.25% due 06/15/2008 125,000 136,250
9.25% due 06/15/2008 (a) 875,000 953,750
Noveon, Inc., Series B,
11.00% due 02/28/2011 1,000,000 1,160,000
Potash Corp.,
4.875% due 03/01/2013 1,525,000 1,489,923
Rhodia SA,
7.625% due 06/01/2010 (a) 725,000 696,000
United Industries Corp.,
9.875% due 04/01/2009 1,250,000 1,309,375
Westlake Chemical Corp.,
8.75% due 07/15/2011 650,000 711,750
------------
13,999,423
COAL - 0.09%
Luscar Coal Ltd.,
9.75% due 10/15/2011 625,000 707,813
------------
COMPUTERS & BUSINESS EQUIPMENT - 0.18%
Seagate Technology Holdings,
8.00% due 05/15/2009 475,000 511,813
Unisys Corp.,
7.875% due 04/01/2008 825,000 854,906
8.125% due 06/01/2006 50,000 54,000
------------
1,420,719
CONTAINERS & GLASS - 0.50%
Anchor Glass Container Corp.,
11.00% due 02/15/2013 (a) 600,000 696,000
Berry Plastics Corp.,
10.75% due 07/15/2012 775,000 892,219
Plastipak Holdings, Inc.,
10.75% due 09/01/2011 1,000,000 1,112,500
Pliant Corp.,
11.125% due 09/01/2009 75,000 81,000
13.00% due 06/01/2010 275,000 251,625
Radnor Holdings, Inc.,
11.00% due 03/15/2010 (a) 300,000 273,750
Tekni-Plex, Inc.,
8.75% due 11/15/2013 725,000 755,812
------------
4,062,906
COSMETICS & TOILETRIES - 0.17%
Jafra Cosmetics International, Inc.,
10.75% due 05/15/2011 (a) 600,000 658,500
Playtex Products, Inc.,
9.375% due 06/01/2011 (a) 725,000 732,250
------------
1,390,750
DOMESTIC OIL - 0.89%
Devon Financing Corp., ULC,
6.875% due 09/30/2011 1,200,000 1,360,710
Forest Oil Corp.,
8.00% due 12/15/2011 (a) 850,000 928,625
Magnum Hunter Resources, Inc.,
9.60% due 03/15/2012 1,150,000 1,305,250
Pride International, Inc., 10.00% due
06/01/2009 (a) 150,000 160,875
Stone Energy Corp.,
8.25% due 12/15/2011 750,000 817,500
Valero Energy Corp.,
4.75% due 06/15/2013 *** 1,425,000 1,350,334
Westport Resources Corp.,
8.25% due 11/01/2011 1,200,000 1,320,000
------------
7,243,294
DRUGS & HEALTH CARE - 0.30%
Aaipharma Inc.,
11.00% due 04/01/2010 575,000 652,625
Humana, Inc.,
6.30% due 08/01/2018 (a) 600,000 631,626
Iasis Healthcare Corp.,
13.00% due 10/15/2009 1,000,000 1,125,000
------------
2,409,251
ELECTRICAL EQUIPMENT - 0.31%
BRL Universal Equipment,
8.875% due 02/15/2008 500,000 536,250
Fedders North America, Inc.,
9.375% due 08/15/2007 (a) 975,000 979,875
Sanmina Corp.,
zero coupon due 09/12/2020 600,000 304,500
Wesco Distribution, Inc.,
9.125% due 06/01/2008 (a) 650,000 672,750
------------
2,493,375
ELECTRIC UTILITIES - 1.29%
AES Corp.,
8.375% due 08/15/2007 (a) 50,000 50,625
9.375% due 09/15/2010 (a) 600,000 665,250
Allegheny Energy Supply Company,
10.25% due 11/15/2007 550,000 572,000
Avon Energy Partners Holdings,
6.46% due 03/04/2008 850,000 809,625
The accompanying notes are an integral part of the financial statements.
196
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
ELECTRIC UTILITIES - CONTINUED
Avon Energy Partners Holdings,
7.05% due 12/11/2007 $ 975,000 $ 928,687
Calpine Corp.,
8.50% due 05/01/2008 - 07/15/2010 2,025,000 1,694,813
8.75% due 07/15/2007 (a) 500,000 410,000
Edison Mission Energy,
9.875% due 04/15/2011 1,525,000 1,586,000
Mirant Americas Generation LLC,
9.125% due 05/01/2031+++ 650,000 549,250
NiSource Finance Corp.,
7.625% due 11/15/2005 1,425,000 1,556,808
Reliant Resources, Inc.,
9.25% due 07/15/2010 900,000 954,000
9.50% due 07/15/2013 650,000 695,500
------------
10,472,558
ELECTRONICS - 0.52%
Entergy Gulf States, Inc.,
6.20% due 07/01/2033 1,600,000 1,521,503
L 3 Communications Corp.,
7.625% due 06/15/2012 1,175,000 1,273,406
Motors & Gears, Inc.,
Series D, 10.75% due 11/15/2006 1,000,000 850,000
Muzak LLC/Muzak Finance Corp.,
9.875% due 03/15/2009 (a) 625,000 603,906
------------
4,248,815
ENERGY - 0.48%
Duke Energy Company,
4.20% due 10/01/2008 1,500,000 1,506,639
El Paso Energy,
7.375% due 12/15/2012 (a) 1,200,000 1,104,000
NRG Energy, Inc.,
8.00% due 12/15/2013 600,000 630,750
Swift Energy Company,
10.25% due 08/01/2009 575,000 623,875
------------
3,865,264
FINANCIAL SERVICES - 2.50%
CIT Group, Inc.,
7.75% due 04/02/2012 1,800,000 2,126,592
Corporacion Andina de Fomento,
6.875% due 03/15/2012 2,000,000 2,219,124
Ford Motor Credit Company,
7.25% due 10/25/2011 325,000 352,483
7.875% due 06/15/2010 1,000,000 1,117,365
General Electric Capital Corp.,
3.50% due 05/01/2008 2,500,000 2,502,540
General Motors Acceptance Corp.,
6.875% due 09/15/2011 1,400,000 1,507,978
Household Finance Corp.,
8.00% due 07/15/2010 1,500,000 1,796,374
International Lease Finance Corp.,
6.375% due 03/15/2009 1,750,000 1,927,844
Lehman Brothers Holdings Inc.,
3.50% due 08/07/2008 2,375,000 2,360,154
Morgan Stanley Dean Witter,
6.60% due 04/01/2012 (a) 1,850,000 2,066,152
Washington Mutual Finance Corp.,
6.875% due 05/15/2011 *** 1,900,000 2,181,350
Yell Finance BV,
zero coupon, Step up to
13.50% on 08/01/2006 due
08/01/2011 (a) 176,000 161,920
------------
20,319,876
FOOD & BEVERAGES - 0.81%
Ahold Finance USA, Inc.,
6.875% due 05/01/2029 125,000 111,563
7.82% due 01/02/2020 141,859 143,278
8.25% due 07/15/2010 700,000 763,000
Constellation Brands Inc.,
8.125% due 01/15/2012 600,000 657,000
Del Monte Corp.,
8.625% due 12/15/2012 525,000 574,875
Dole Food, Inc.,
8.875% due 03/15/2011 975,000 1,070,062
Kellogg Company, Series B,
6.60% due 04/01/2011 1,350,000 1,512,934
Kraft Foods, Inc.,
5.625% due 11/01/2011 750,000 790,235
Premier International Foods Plc,
12.00% due 09/01/2009 875,000 958,125
------------
6,581,072
FOREST PRODUCTS - 0.10%
Tembec Industries, Inc.,
8.625% due 06/30/2009 (a) 825,000 849,750
------------
GAS & PIPELINE UTILITIES - 0.95%
Dynegy Holdings, Inc.,
9.875% due 07/15/2010 2,000,000 2,250,000
El Paso, Corp.,
7.875% due 06/15/2012 (a) 375,000 354,375
United Utilities PLC,
4.55% due 06/19/2018 *** 2,400,000 2,139,343
Western Gas Resources, Inc.,
10.00% due 06/15/2009 745,000 800,875
Williams Companies, Inc.,
7.625% due 07/15/2019 100,000 104,625
7.875% due 09/01/2021 950,000 1,002,250
8.625% due 06/01/2010 300,000 336,750
8.75% due 03/15/2032 650,000 734,500
------------
7,722,718
HEALTHCARE PRODUCTS - 0.18%
Advanced Medical Optics, Inc.,
9.25% due 07/15/2010 889,000 973,455
Icon Health & Fitness,
11.25% due 04/01/2012 450,000 490,500
------------
1,463,955
HEALTHCARE SERVICES - 0.26%
Ameripath, Inc.,
10.50% due 04/01/2013 (a) 700,000 745,500
Extendicare Health Services Inc.,
9.50% due 07/01/2010 (a) 650,000 721,500
Insight Health Services Corp.,
9.875% due 11/01/2011 625,000 662,500
------------
2,129,500
HOMEBUILDERS - 0.07%
Interface Inc.,
9.50% due 11/15/2005 (a) 625,000 606,250
------------
HOTELS & RESTAURANTS - 1.47%
Ameristar Casinos Inc.,
10.75% due 02/15/2009 650,000 747,500
Coast Hotels and Casinos, Inc.,
9.50% due 04/01/2009 1,120,000 1,184,400
Courtyard By Marriott II, LP,
10.75% due 02/01/2008 600,000 602,250
The accompanying notes are an integral part of the financial statements.
197
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
HOTELS & RESTAURANTS - CONTINUED
Felcor Lodging, LP,
FRN 9.500% due 09/15/2008 $ 425,000 $ 459,000
Felcor Lodging, LP,
8.50% due 06/01/2011 (a) 375,000 406,875
HMH Properties Inc.,
Series B, 7.875% due 08/01/2008 775,000 806,000
Series C, 8.45% due 12/01/2008 153,000 159,503
Host Marriot LP,
8.375% due 02/15/2006 100,000 106,625
John Q Hammons Hotels LP,
8.875% due 05/15/2012 600,000 661,500
Kerzner International,
8.875% due 08/15/2011 250,000 273,125
Meristar Hospitality Corp., REIT,
9.125% due 01/15/2011 (a) 250,000 265,000
Meristar Hospitality Operating
Partnership LP, REIT, 10.50%
due 06/15/2009 275,000 298,375
MGM Grand, Inc.,
8.375% due 02/01/2011 (a) 175,000 198,187
9.75% due 06/01/2007 760,000 866,400
Park Place Entertainment Corp.,
8.125% due 05/15/2011 475,000 532,594
8.875% due 09/15/2008 (a) 50,000 56,625
9.375% due 02/15/2007 875,000 990,937
Sbarro, Inc.,
11.00% due 09/15/2009 (a) 950,000 750,500
Starwood Hotels & Resorts Worldwide, Inc,
7.875% due 05/01/2012 625,000 703,125
Station Casinos, Inc.,
8.375% due 02/15/2008 525,000 562,406
8.875% due 12/01/2008 250,000 258,750
Turning Stone Casino Resort,
9.125% due 12/15/2010 250,000 271,875
Venetian Casino Resort LLC,
11.00% due 06/15/2010 700,000 812,000
------------
11,973,552
HOUSEHOLD APPLIANCES - 0.02%
Flooring America, Inc. Series B,
9.25% due 10/15/2007- 369,000 37
Windmere Durable Holdings, Inc.,
10.00% due 07/31/2008 184,000 184,000
------------
184,037
HOUSEHOLD PRODUCTS - 0.18%
Holmes Products Corp.,
9.875% due 11/15/2007 725,000 748,563
Sealy Mattress Company,
9.875% due 12/15/2007 725,000 750,375
------------
1,498,938
INDUSTRIAL MACHINERY - 0.26%
Case New Holland, Inc.,
9.25% due 08/01/2011 75,000 84,000
Flowserve Corp.,
12.25% due 08/15/2010 (a) 775,000 899,000
NMHG Holding Company,
10.00% due 05/15/2009 1,000,000 1,105,000
------------
2,088,000
INDUSTRIALS - 0.09%
Blount, Inc.,
13.00% due 08/01/2009 700,000 754,250
------------
INTERNATIONAL OIL - 0.36%
Petronas Capital, Ltd.,
7.00% due 05/22/2012 500,000 569,561
Pogo Producing Company,
8.25% due 04/15/2011 1,100,000 1,226,500
Vintage Petroleum, Inc.,
7.875% due 05/15/2011 (a) 425,000 448,375
9.75% due 06/30/2009 625,000 657,813
------------
2,902,249
LEISURE TIME - 0.20%
Doane Pet Care Company,
9.75% due 05/15/2007 (a) 700,000 626,500
Herbst Gaming, Inc.,
10.75% due 09/01/2008 300,000 337,500
Horseshoe Gaming LLC, Series B,
8.625% due 05/15/2009 625,000 660,156
------------
1,624,156
MANUFACTURING - 0.05%
Park-Ohio Industries, Inc.,
9.25% due 12/01/2007 375,000 373,125
------------
MEDICAL-HOSPITALS - 0.33%
Tenet Healthcare Corp.,
6.875% due 11/15/2031 350,000 313,250
7.375% due 02/01/2013 375,000 376,875
Triad Hospitals, Inc., Series B,
8.75% due 05/01/2009 400,000 433,500
Vanguard Health Systems, Inc.,
9.75% due 08/01/2011 1,037,000 1,125,145
Vicar Operating, Inc.,
9.875% due 12/01/2009 375,000 416,250
------------
2,665,020
METAL & METAL PRODUCTS - 0.30%
IMCO Recycling, Inc.,
10.375% due 10/15/2010 325,000 333,937
WMC Finance USA, Ltd.,
5.125% due 05/15/2013 1,425,000 1,404,318
Wolverine Tube, Inc.,
7.375% due 08/01/2008 725,000 670,625
------------
2,408,880
MINING - 0.10%
Compass Minerals Group Inc.,
10.00% due 08/15/2011 750,000 840,000
------------
PAPER - 0.75%
Appleton Papers, Inc.,
12.50% due 12/15/2008 250,000 282,500
Bowater Canada Finance Corp.,
7.95% due 11/15/2011 450,000 477,870
Bowater Inc.,
6.50% due 06/15/2013 1,125,000 1,091,821
Buckeye Technologies Inc.,
8.00% due 10/15/2010 500,000 490,000
Buckeye Technologies Inc.,
9.25% due 09/15/2008 (a) 250,000 253,125
Domtar, Inc.,
5.375% due 12/01/2013 1,550,000 1,533,756
Norske Skog Canada,
8.625% due 06/15/2011 725,000 761,250
Smurfit-Stone Container,
8.25% due 10/01/2012 1,125,000 1,220,625
------------
6,110,947
The accompanying notes are an integral part of the financial statements.
198
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
PETROLEUM SERVICES - 0.15%
Hanover Compressor Company,
11.00% due 03/31/2007 $ 575,000 $ 422,625
Pride Petroleum Services, Inc.,
9.375% due 05/01/2007 (a) 340,000 350,200
United Refining Company, Series B,
10.75% due 06/15/2007 500,000 405,000
------------
1,177,825
PHARMACEUTICALS - 0.09%
Athena Neurosciences, Inc.,
7.25% due 02/21/2008 850,000 763,300
------------
PLASTICS - 0.10%
Applied Extrusion Technologies, Inc.,
010.75% due 07/01/2011 (a) 325,000 269,750
Resolution Performance Products, Inc.,
13.50% due 11/15/2010 (a) 650,000 565,500
------------
835,250
POLLUTION CONTROL - 0.00%
Safety-Kleen Services, Inc.,
9.25% due 06/01/2008+++ 1,000,000 2,500
------------
PUBLISHING - 0.33%
Dex Media East LLC,
12.125% due 11/15/2012 500,000 615,000
Dex Media West LLC,
8.50% due 08/15/2010 375,000 417,656
9.875% due 08/15/2013 225,000 261,563
Houghton Mifflin Company,
zero coupon, Step up to 11.50%
on 10/15/2008 due
10/15/2013 375,000 237,187
Mail-Well I Corp.,
Series B, 8.75% due 12/15/2008 (a) 500,000 498,750
9.625% due 03/15/2012 175,000 194,250
Yell Finance BV,
10.75% due 08/01/2011 (a) 408,000 477,360
------------
2,701,766
REAL ESTATE - 0.19%
Boston Properties, Ltd. REIT,
6.25% due 01/15/2013 1,450,000 1,555,912
------------
RETAIL GROCERY - 0.16%
Fleming Companies, Inc.,
10.125% due 04/01/2008+++ 200,000 44,000
Safeway, Inc.,
7.25% due 02/01/2031 1,150,000 1,262,255
------------
1,306,255
RETAIL TRADE - 1.12%
Cole National Group Inc.,
8.875% due 05/15/2012 650,000 695,500
Cole National Group, Inc.,
8.625% due 08/15/2007 275,000 280,500
Eye Care Centers of America, Inc.,
9.125% due 05/01/2008 700,000 700,000
Finlay Enterprises, Inc.,
9.00% due 05/01/2008 450,000 460,687
Finlay Fine Jewelry Corp.,
8.375% due 05/01/2008 825,000 853,875
Gap, Inc.,
6.90% due 09/15/2007 25,000 27,594
FRN 8.800% due 12/15/2008 410,000 505,325
Home Interiors & Gifts, Inc.,
10.125% due 06/01/2008 1,125,000 1,137,656
Limited Brands, Inc.,
6.95% due 03/01/2033 1,450,000 1,576,968
Petco Animal Supplies Inc.,
10.75% due 11/01/2011 450,000 526,500
Petro Stopping Centers LP,
10.50% due 02/01/2007 125,000 126,875
Rite Aid Corp.,
6.875% due 08/15/2013 (a) 625,000 600,000
7.125% due 01/15/2007 (a) 50,000 51,000
11.25% due 07/01/2008 425,000 473,875
Saks, Inc.,
7.50% due 12/01/2010 125,000 135,625
9.875% due 10/01/2011 450,000 535,500
Winsloew Furniture Inc.,
12.75% due 08/15/2007 455,000 373,100
------------
9,060,580
SANITARY SERVICES - 0.16%
Allied Waste North America, Inc.,
7.875% due 01/01/2009 175,000 182,438
10.00% due 08/01/2009 (a) 325,000 351,000
Allied Waste North America, Inc., Series B,
8.875% due 04/01/2008 325,000 364,000
9.25% due 09/01/2012 325,000 368,875
------------
1,266,313
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.42%
Dobson Communications Corp.,
10.875% due 07/01/2010 550,000 599,500
EchoStar DBS Corp.,
9.125% due 01/15/2009 423,000 473,231
10.375% due 10/01/2007 475,000 520,719
Insight Midwest LP/ Insight Capital, Inc.,
9.75% due 10/01/2009 (a) 50,000 52,875
10.50% due 11/01/2010 625,000 679,687
Lucent Technologies, Inc.,
6.45% due 03/15/2029 (a) 1,400,000 1,100,750
------------
3,426,762
TELEPHONE - 1.06%
Accident Escrow Corp.,
10.00% due 08/01/2011 650,000 724,750
AT&T Corp.,
FRN 8.75% due 11/15/2031 650,000 759,566
Cincinnati Bell, Inc.,
8.375% due 01/15/2014 750,000 806,250
Qwest Corp.,
8.875% due 03/15/2012 1,050,000 1,204,875
13.50% due 12/15/2010 1,525,000 1,852,875
Sprint Capital Corp.,
8.375% due 03/15/2012 *** 2,000,000 2,335,600
8.75% due 03/15/2032 750,000 886,042
------------
8,569,958
TRANSPORTATION - 0.05%
General Maritime Corp.,
10.00% due 03/15/2013 300,000 338,625
Holt Group, Inc.,
9.75% due 01/15/2006+++ 1,000,000 28,750
------------
367,375
TRUCKING & FREIGHT - 0.08%
Terex Corp.,
10.375% due 04/01/2011 (a) 575,000 644,000
TOTAL CORPORATE BONDS
(Cost: $188,852,651) $198,792,443
------------
The accompanying notes are an integral part of the financial statements.
199
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.38%
Commerce 2003-Fl9 E,
FRN 2.162% due 11/15/2015 $ 1,510,000 $ 1,510,000
Commercial Mortgage Asset Trust,
Series 1999-C1, FRN 7.35% due 01/17/2032 1,325,000 1,546,317
Commercial Mortgage, Series 2001-J2A,
5.447% due 07/16/2034 1,760,403 1,815,895
First Boston Mortgage Securities Corp. Strip,
Series D, Class I-O,
IO, 10.965% due 05/25/2017 149,142 39,889
First Union National Bank
Commercial Mortgage, FRN 0.536%
due 05/17/2032 65,869,962 2,152,821
GMAC Commercial Mortgage Security, Inc.,
FRN 3.918% due 01/11/2014 1,491,282 1,483,825
Green Tree Financial Corp.,
Series 1997-6, Class A8, FRN
7.07% due 01/15/2029 5,659,593 5,891,791
Merit Securities Corp.,
FRN 2.618% due 09/28/2032 2,525,000 2,237,781
Structured Asset Security Corp.,
FRN 2.341% due 08/25/2032 *** 2,700,000 2,683,559
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $19,040,562) $ 19,361,878
------------
ASSET BACKED SECURITIES - 2.42%
Airplane Pass Through Trust,
Series 1, Class D, 10.875% due
03/15/2019 1,481,550 29,631
Asset Backed Securities Corp., FRN
3.062% due 04/15/2033 2,000,000 2,017,634
Bayview Financial Acquisition Trust,
Series 2001-CA, Class
M3, FRN 2.391% due 08/25/2036 3,000,000 3,044,062
First Consumer Credit Card Master,
FRN 1.472% due 09/15/2008 1,870,167 1,779,310
First Consumers Master Trust,
5.80% due 12/15/2005 634,549 616,210
Independence II Cdo Ltd,
FRN 3.670% due 08/07/2036 857,147 300,001
Metris Master Trust,
FRN 2.048% due 07/21/2008 1,575,000 1,545,552
FRN 2.228% due 11/20/2009 2,305,000 2,070,402
FRN 2.548% due 08/20/2008 630,000 616,936
Mid State Trust VI, Class A,
7.34% due 07/01/2035 4,555,218 4,828,007
Residential Asset Security Mortgage
Pass, FRN 2.241% due
04/25/2032 1,500,000 1,500,020
SAIL Net Interest Margin Notes,
6.75% due 11/27/2033 562,442 580,476
Varick Structured Asset Fund, Ltd.,
FRN 2.542 % due 11/01/2035 *** 2,000,000 700,000
------------
TOTAL ASSET BACKED SECURITIES
(Cost: $21,488,039) $ 19,628,241
------------
SHORT TERM INVESTMENTS - 24.18%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) 37,464,550 37,464,550
Bryant Park Funding LLC
1.10% due 01/13/2004 *** 11,300,000 11,295,857
Four Winds Funding Corp.
1.22% due 01/14/2004 *** 5,650,000 5,647,511
General Motors Acceptance Corp.,
1.37% due 01/14/2004 *** 5,650,000 5,647,205
Jupiter Section
1.09% due 01/13/2004 *** 16,975,000 16,968,832
Market Street Funding Corp.
1.10% due 01/14/2004 16,793,000 16,786,329
Polonius Inc.
1.10% due 01/12/2004 11,000,000 10,996,303
Variable Funding Capital Corp.,
1.08% due 01/14/2004 *** 11,300,000 11,295,593
Victory Receivable Corp.
1.11% due 01/13/2004 *** 11,300,000 11,295,819
Amsterdam Funding Corp.
1.09% due 01/13/2004 *** 4,090,000 4,088,514
Clipper Receivables Corp.
1.08% due 01/14/2004 *** 11,300,000 11,295,593
Daimler Chrysler NA America Holding Corp.,
1.35% due 01/14/2004 *** 5,650,000 5,647,246
Edison Asset Security
1.08% due 01/14/2004 *** 6,818,000 6,815,341
Falcon Asset Securitization
1.08% due 01/13/2004 *** 11,300,000 11,295,932
Scaldis Capital Ltd & Scaldis LLC,
1.09% due 01/12/2004 1,596,000 1,595,468
Tasman Funding, Inc.
1.11% due 01/13/2004 *** 16,975,000 16,968,719
Three Pillars Funding Corp.
1.09% due 01/14/2004 *** 11,300,000 11,295,552
------------
$196,400,364
REPURCHASE AGREEMENTS - 5.15%
Repurchase Agreement with State Street Corp., dated 12/31/2003 at 0.80%, to be
repurchased at $41,850,860 on 01/02/2004, collateralized by $29,190,000 U.S
Treasury Bonds, 8.875% due 02/15/2019 (valued at $42,690,375, including
interest). *** $41,849,000 $ 41,849,000
TOTAL INVESTMENTS (STRATEGIC BOND
TRUST) (Cost: $790,770,366) $812,372,796
============
GLOBAL BOND TRUST
SHARES VALUE
------ -----
PREFERRED STOCK - 0.76%
UNITED STATES - 0.76%
DG Funding Trust * 236 $ 2,501,600
TOTAL PREFERRED STOCK
(Cost: $2,501,600) $ 2,501,600
------------
The accompanying notes are an integral part of the financial statements.
200
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
U.S. TREASURY OBLIGATIONS - 9.82%
U.S. TREASURY BONDS - 5.64%
6.25% due 08/15/2023 *** (a) $ 1,500,000 $ 1,709,707
7.50% due 11/15/2016 *** (a) 6,410,000 8,160,731
8.125% due 08/15/2019 *** (a) 6,400,000 8,644,999
-----------
18,515,437
U.S. TREASURY NOTES - 1.44%
3.125% due 10/15/2008 *** (a) 290,000 289,445
4.25% due 11/15/2013 *** (a) 2,200,000 2,197,593
5.00% due 02/15/2011 *** (a) 2,100,000 2,255,285
-----------
4,742,323
U.S. TREASURY STRIPS - 2.74%
zero coupon P.O. due 02/15/2019 -
08/15/2020 (a) 19,600,000 9,001,233
---------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $32,348,275) $32,258,993
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.96%
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 0.05%
5.50% due 07/15/2031 *** 108,600 110,562
FRN 5.625% due 07/15/2028 *** 66,616 66,936
-----------
177,498
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 1.56%
FRN 1.541% due 09/25/2032 *** 459,406 457,436
4.64% due 01/30/2008 *** 2,600,000 2,655,705
6.25% due 02/17/2011 *** 2,000,000 2,011,086
-----------
5,124,227
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.48%
FRN 3.25% due 06/20/2030 *** 473,558 472,483
FRN 4.00% due 05/20/2030 *** 161,244 164,204
FRN 4.25% due 01/20/2030 *** 257,668 260,842
FRN 4.375% due 02/20/2024 - 03/20/2028 *** 192,817 196,077
FRN 5.00% due 04/20/2030 *** 47,592 48,464
FRN 5.625% due 11/20/2023 - 11/20/2024 *** 263,531 271,137
FRN 6.625% due 10/20/2026 *** 139,925 143,823
-----------
1,557,030
SMALL BUSINESS ADMINISTRATION - 0.35%
6.64% due 02/10/2011 646,877 686,326
FRN 7.22% due 11/01/2020 400,673 450,376
-----------
1,136,702
TENNESSEE VALLEY AUTHORITY - 0.52%
4.875% due 12/15/2016 *** 1,600,000 1,712,981
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $9,634,898) $ 9,708,438
-----------
FOREIGN GOVERNMENT OBLIGATIONS - 40.56%
COMMONWEALTH OF AUSTRALIA - 1.69%
4.00% due 08/20/2010 AUD 700,000 721,519
6.50% due 06/14/2005 *** 6,300,000 4,819,010
-----------
5,540,529
GOVERNMENT OF AUSTRIA - 1.70%
5.25% due 01/04/2011 *** EUR 2,900,000 3,934,348
5.50% due 01/15/2010 *** 1,200,000 1,645,748
-----------
5,580,096
KINGDOM OF BELGIUM - 0.40%
6.25% due 03/28/2007 *** 100,000 137,776
7.50% due 07/29/2008 *** 800,000 1,175,382
-----------
1,313,158
FEDERAL REPUBLIC OF BRAZIL - 0.41%
FRN 2.00% due 04/15/2006 *** $ 164,800 163,103
FRN 8.00% due 04/15/2014 *** 369,423 363,697
11.00% due 01/11/2012 *** 200,000 232,000
11.50% due 03/12/2008 *** 500,000 580,000
-----------
1,338,800
GOVERNMENT OF CANADA - 1.91%
5.50% due 06/01/2009 - 06/01/2010 *** CAD 4,100,000 3,382,605
6.00% due 06/01/2011 *** (a) 3,400,000 2,881,851
-----------
6,264,456
REPUBLIC OF CHILE - 0.06%
5.50% due 01/15/2013 *** $ 200,000 205,700
-----------
GOVERNMENT OF FRANCE - 7.24%
3.00% due 07/12/2008 EUR 4,000,000 4,939,903
4.00% due 04/25/2009 *** 140,000 179,021
4.50% due 07/12/2006 *** 5,200,000 6,813,812
5.00% due 01/12/2006 *** 3,600,000 4,743,109
5.50% due 04/25/2010 *** 5,190,000 7,119,165
-----------
23,795,010
FEDERAL REPUBLIC OF GERMANY - 18.07%
4.50% due07/04/2003 - 01/04/2013 *** 3,540,000 4,615,969
5.00% due 01/04/2012 *** 2,600,000 3,470,785
5.25% due 01/04/2008 - 01/04/2011 *** 6,700,000 9,082,888
5.625% due 01/04/2028 *** 1,500,000 2,072,115
6.00% due 01/05/2006 2,100,000 2,816,027
6.25% due 04/26/2006 - 01/04/2030 *** 5,950,000 8,655,097
6.50% due 10/14/2005 - 07/04/2027 *** 19,860,000 28,623,386
-----------
59,336,267
REPUBLIC OF ITALY - 1.05%
4.25% due 11/01/2009 140,000 180,679
4.75% due 07/01/2005 1,050,000 1,365,679
5.50% due 11/01/2010 360,000 493,906
7.75% due 11/01/2006 1,000,000 1,413,413
-----------
3,453,677
GOVERNMENT OF JAPAN - 2.71%
00.30% due 12/20/2007 *** JPY 720,000,000 6,690,896
1.50% due 12/20/2011 *** 230,000,000 2,207,729
-----------
8,898,625
GOVERNMENT OF MEXICO - 0.68%
4.00% due 03/11/2004 *** 34,000,000 319,419
6.375% due 01/16/2013 *** $ 600,000 622,500
8.00% due 09/24/2022 *** 770,000 842,380
8.30% due 08/15/2031 *** 400,000 451,000
-----------
2,235,299
GOVERNMENT OF NETHERLANDS - 0.12%
6.00% due 01/15/2006 *** EUR 300,000 402,176
-----------
REPUBLIC OF PANAMA - 0.08%
8.875% due 09/30/2027 *** $ 250,000 262,500
-----------
REPUBLIC OF PERU - 0.34%
FRN 5.000% due 03/07/2017 *** 940,000 869,218
9.125% due 02/21/2012 *** 240,000 267,600
-----------
1,136,818
GOVERNMENT OF SPAIN - 1.20%
5.15% due 07/30/2009 *** EUR 2,910,000 3,934,334
-----------
GOVERNMENT OF UNITED KINGDOM - 2.90%
4.00% due 03/07/2009 *** GBP 3,300,000 5,723,027
8.00% due 09/27/2013 *** 1,700,000 3,796,645
-----------
9,519,672
The accompanying notes are an integral part of the financial statements.
201
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $118,881,224) $133,217,117
------------
CORPORATE BONDS - 6.61%
CAYMAN ISLANDS - 0.41%
Pylon Ltd., Class B Catastrophe
Bond, 1.00% due 12/29/2008 EUR 600,000 755,970
Vita Capital, Ltd. 2003-1,
FRN 2.56% due 01/01/2007 $ 600,000 601,200
------------
1,357,170
DENMARK - 0.17%
Nykredit,
6.00% due 10/01/2029 *** DKK 2,604,435 455,518
Unikredit Realkredit,
6.00% due 07/01/2029 *** 502,485 87,826
------------
543,344
FRANCE - 0.10%
Axa, SA,
3.75% due 01/01/2017 *** EUR 231,700 339,778
------------
GERMANY - 0.21%
Landesbank Baden Wuerttemberg,
5.50% due 04/02/2007 *** 200,000 268,848
Landesbank Rheinland Pfalz,
4.75% due 04/04/2008 *** 330,000 435,118
------------
703,966
SWEDEN - 0.28%
Swedbank ForeningsSparbanken,
FRN 1.770% due 12/11/2011 *** $ 900,000 905,445
------------
UNITED KINGDOM - 0.72%
Holmes Financing Number 6, Series
4A2, FRN 2.376% due
10/15/2009 *** EUR 800,000 1,007,960
Lloyds TSB Bank PLC,
FRN 5.625% due 07/15/2049 *** 1,020,000 1,361,745
------------
2,369,705
UNITED STATES - 4.72%
CIT Group, Inc.,
FRN 2.660% due 01/31/2005 *** $ 700,000 710,390
Entergy Gulf States,
FRN 2.070% due 06/18/2007 *** 500,000 501,127
Ford Motor Credit Company,
MTN, FRN 1.51% due 07/19/2004 *** 400,000 399,262
FRN 3.035% due 10/25/2004 *** 700,000 706,608
5.75% due 02/23/2004 *** 250,000 251,498
General Motors Acceptance Corp.,
MTN, FRN 1.520% due
07/21/2004 *** 1,000,000 1,000,138
J.P. Morgan & Company, Inc.,
Series MTNA, FRN 6.772% due 02/15/2012 *** 360,000 379,364
KFW International Finance, Inc.,
5.75% due 01/15/2008 *** 5,500,000 6,027,725
Kraft Foods, Inc.,
FRN 1.370% due 11/26/2004 *** 300,000 299,601
MetLife, Inc.,
3.911% due 05/15/2005 *** 200,000 205,677
Mihuzo (Fuji) JGB Investment, LLC,
FRN 9.87% due 12/31/2049 *** 260,000 293,871
Mizuho Preferred Capital Company,
LLC, 114A, 8.79% due
12/29/2049 *** 100,000 109,000
UNITED STATES - CONTINUED
Morgan Stanley Dean Witter,
FRN 1.420% due 04/22/2004 *** 500,000 500,302
National Rural Utilities Cooperative,
MTN, FRN 2.160% due
04/26/2004 *** 1,500,000 1,504,450
Pemex Project Funding Master Trust,
8.625% due 02/01/2022 *** 600,000 664,500
Premium Asset Trust,
Series 2000-10, FRN 1.605% due 11/27/2004 1,000,000 1,002,261
Sprint Capital Corp.,
7.90% due 03/15/2005 *** 660,000 703,077
UFJ Bank (Tokai) Preferred Capital
Company LLC, FRN 9.980%
due 12/29/2049 *** 100,000 114,074
UFJ Finance Aruba AEC,
6.75% due 07/15/2013 *** 120,000 127,980
------------
15,500,905
TOTAL CORPORATE BONDS
(Cost: $19,849,466) $ 21,720,313
------------
MUNICIPAL BONDS - 2.38%
ARIZONA - 0.40%
Arizona Educational Loan
Marketing Corp., Series A2, FRN
1.200% due 09/01/2033 *** 1,300,000 1,300,000
------------
CALIFORNIA - 0.78%
California Infrastructure & Economic
Development Bank Revenue,
5.00% due 07/01/2036 *** 535,000 548,011
Chela Financial USA Inc.,
Series 2002E-6, FRN 1.700% due
12/01/2037 *** 500,000 500,000
Golden State Tobacco Securitization Corp.
California, Series 2003-A-1, 6.25% due 06/01/2033 *** 400,000 382,400
Long Beach California Community
College District, Series A, 5.00% due 05/01/2028 *** 100,000 102,696
Los Angeles California Wastewater
Systems Revenue, Series A,
5.00% due 06/01/2027 - 06/01/2032 *** 800,000 820,484
Los Angeles County California Sanitation District, 5.00% due
10/01/2011 *** 100,000 113,106
Metropolitan Water District Southern
California Waterworks Revenue, 5.00% due 10/01/2036 *** 45,000 46,148
Sacramento County California
Public Financing Authority Tax
Allocation Revenue, 4.75% due 12/01/2033 *** 55,000 54,737
------------
2,567,582
CONNECTICUT - 0.04%
Connecticut State,
5.50% due 12/15/2013 *** 100,000 116,890
------------
FLORIDA - 0.06%
Educational Funding South, Inc.,
Series FL-A-1, 1.14% due 06/01/2038 *** 100,000 100,000
Lee County Florida Transportation Facilities,
Series A, 5.00% due 10/01/2034 80,000 82,106
------------
182,106
The accompanying notes are an integral part of the financial statements.
202
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
GEORGIA - 0.09%
De Kalb County Georgia Water &
Sewage Revenue, Series A, 5.00% due 10/01/2035 *** 300,000 307,986
------------
ILLINOIS - 0.06%
Chicago Illinois Board Of
Education, 5.00% due 12/01/2031 *** $ 100,000 $ 101,696
Chicago Illinois Water Revenue, 5.00% due 11/01/2026 *** 100,000 102,006
------------
203,702
KENTUCKY - 0.03%
Louisville & Jefferson Kentucky
Sewer, Series A, 5.00% due 05/15/2036 *** 100,000 102,454
------------
LOUISIANA - 0.14%
Louisiana State, Series 2003A,
5.00% due 05/01/2014 *** 400,000 443,036
------------
MARYLAND - 0.03%
Maryland State Health & Higher Education,
Series B, 5.00% due 07/01/2041 *** 100,000 102,005
------------
MICHIGAN - 0.03%
Michigan State Building Authority Revenue.,
Series 1, 5.25% due 10/15/2013 *** 100,000 114,108
------------
NEW JERSEY - 0.03%
New Jersey State Transportation Trust
Fund Authority, Series C, 5.00% due
06/15/2010 *** 100,000 111,378
------------
NEW YORK - 0.40%
New York New York City Transitional,
5.25% due 08/01/2011 *** 400,000 455,364
New York New York Series J,
5.25% due 06/01/2028 *** 100,000 103,037
Tobacco Settlement Financing Corp.,
5.25% due 06/01/2013 *** 700,000 740,887
------------
1,299,288
TEXAS - 0.07%
Harris County Texas,
5.00% due 08/01/2033 *** 200,000 201,866
Lower Colorado River Authority,
5.00% due 05/15/2028 *** 30,000 30,757
------------
232,623
WASHINGTON - 0.10%
Seattle Washington Water Systems Revenue,
5.00% due 09/01/2033 *** 100,000 102,303
Washington Suburban San District
Maryland, 5.25% due 06/01/2010 *** 200,000 228,138
------------
330,441
WISCONSIN - 0.12%
Wisconsin State General Revenue,
Series B-1, FRN 1.200 due 05/01/2032 *** 400,000 400,000
------------
TOTAL MUNICIPAL BONDS
(Cost: $7,807,332) $ 7,813,599
------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 6.800%
GERMANY - 0.54%
Bauhaus Securities Ltd.,
Series 1, Class A2, FRN 2.474% due
10/30/2052 *** EUR 1,397,943 1,760,106
------------
IRELAND - 0.59%
Emerald Mortgages PLC.
Series 2, Class A, FRN 2.395% due 04/15/2028 *** 708,215 892,539
Lusitano Motgages,
FRN 2.432% due 12/15/2035 *** 831,071 1,049,411
------------
1,941,950
ITALY - 0.46%
Seashell Securities PLC,
FRN 3.123% due 10/25/2028 *** 1,195,950 1,502,129
------------
JAPAN - 0.04%
SHL Corp., Ltd., Series 1999-1A,
Class A2, FRN 0.756% due
12/25/2024 *** JPY 13,049,700 121,350
------------
NETHERLANDS - 1.21%
Delphinus BV, Series 2001-II,
Class A1, FRN 3.344% due 11/28/2031 *** EUR 1,000,000 1,265,242
Delphinus BV, Series 2002-I, Class A1,
FRN 3.50% due 04/25/2092 *** 500,000 631,235
Dutch MBS X Bv, Series A,
FRN 2.427 due 10/02/2079 *** 1,000,000 1,260,833
Holland Euro-Denominated Mortgage
Backed Seies, FRN 3.098% due 04/18/2012 *** 659,517 831,789
------------
3,989,099
SPAIN - 0.22%
Hipotebansa V Hipotecaria,
Series A, FRN 2.2715% due 01/18/2018 *** 605,856 737,853
------------
UNITED KINGDOM - 1.41%
Dolerite Funding PLC,
FRN 1.45% due 08/20/2032 *** $ 690,874 690,460
Haus, Ltd.,Series 2000-1A,
Class A2,, FRN 2.442% due 12/10/2037 *** 1,573,800 1,574,901
Holmes Financing, Series 1, Class 3A2,
FRN 2.396% due 07/15/2010 *** EUR 1,400,000 1,765,871
Ocwen Mortgage Loans, Series 4, Class A,
FRN 2.685% due 12/15/2031 *** 87,470 110,483
RMAC, Series 1999-NS2,
Class A, FRN 4.576% due 09/12/2041 *** GBP 69,138 123,415
SRM Investment Limited, Series 3,
Class A, 2.338% due 08/26/2034 *** EUR 293,204 370,236
------------
4,635,366
UNITED STATES - 2.33%
Bear Stearns ARM Trust,
Series 2002-5, Class 6 A,
FRN 5.980% due 06/25/2032 *** $ 66,153 68,530
Countrywide Home Loans,
Series 2002-HYB2, Class 6A1, FRN
4.828% due 09/19/2032 *** 187,799 190,064
Credit Suisse First Boston
Mortgage Securities Corp.,
FRN 1.365% due 05/25/2032 *** 94,133 97,074
Credit Suisse First Boston Mortgage Securities Corp.,
FRN 2.17% due 03/25/2032 263,515 262,067
Crusade Global Trust, Series 1999-1, Class A2, FRN 1.510%
due 02/15/2030 818,650 821,277
The accompanying notes are an integral part of the financial statements.
203
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
UNITED STATES - CONTINUED
First Alliance Mortgage Loan, Series
1997-4, Class A3, FRN 1.378% due 12/20/2027 *** $ 141,725 $ 141,744
Government Lease Trust, Series 1999-C1A,
Class B1,, FXD 4.00% due 05/18/2011 500,000 474,925
GS Mortgage Securities Corp.,
2001-1285-A2 SEQ 144A, 6.526% due 08/15/2018 *** 200,000 216,890
2003-FL6A A1 MLIB, FRN
1.320% due 11/15/2015 *** 1,300,000 1,295,593
Homeside Mortgage Securities,
Series 2001-1, Class A, FRN 1.350% due 01/20/2027 *** 148,095 146,792
Merrill Lynch Credit Corp. Mortgage
Investors, Inc., Series 1999-A, Class A,
FRN 1.542% due 03/15/2025 *** 286,443 286,580
Residential Funding Mortgage Securities I,
Series 2002-SA2, Class A1,
FRN 5.64% due 09/25/2032 *** 116,244 119,180
Sequoia Mortgage Trust, Series 2003-4,
Class 2A1, FRN 1.520% due 07/20/2033 *** 1,349,674 1,351,985
Series 8, Class 2A, FRN 1.72% due 08/20/2032 *** 989,019 989,115
Structured Asset Securities Corp.,
FRN 1.43% due 07/25/2032 240,336 239,902
Series 2001-12, Class 1A4, 5.80% due 09/25/2031 *** 17,730 17,714
Torrens Trust, Series 2000-1GA, Class A, FRN 1.68% due
07/15/2031 *** 175,864 176,110
Washington Mutual Mortgage
Securities Corp., FRN 6.01% due
01/25/2031 *** 20,276 20,256
Series 2002-S5, Class 1A1, FRN
5.207% due 10/25/2032 *** 289,058 295,962
Series 2002-AR2, Class A, FRN
3.159 % due 02/27/2034 *** 420,957 427,643
------------
7,639,403
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost: $19,815,729) $ 22,327,256
------------
ASSET BACKED SECURITIES - 2.75%
CAYMAN ISLANDS - 0.18%
Redwood Capital Ltd.,
FRN 4.38% due 01/01/2004 300,000 300,000
Redwood Capital Ltd., Series 2003-3,
Class NOTE, 1.00% due 01/01/2006 300,000 300,000
------------
600,000
ITALY - 1.07%
Findomestic Securitisation Vehicle
S.R.L., Series 1, Class A, FRN
2.441% due 12/20/2008 *** $ 2,100,000 2,652,643
First Italian Auto Trans, Class A,
FRN 2.413% due 07/01/2008 *** EUR 686,763 864,162
------------
3,516,805
UNITED STATES - 1.50%
Ameriquest Mortgage Securities, Inc., Series 2003-1, Class A2,
FRN 1.551% due 02/25/2033 *** $ 211,504 211,771
Series 2003-2, Class A, FRN
1.551% due 03/25/2033 *** 761,935 762,882
Amresco Residential Securities,
Series 1999-1, Class A, FRN
1.611% due 06/25/2029 *** 196,462 196,577
CDC Mortgage Capital Trust,
Series 2003-HE2, Class A,
FRN 1.491% due 10/25/2033 *** 887,456 887,238
Core, Inc., Series 1999-1A,
Class A3B,, FRN 1.365% due 03/17/2009 39,002 39,008
Countrywide Asset-Backed
Certificates, Series 2003-BC3, Class A1,
FRN 1.241% due 05/25/2021 *** 449,856 449,708
Credit Suisse First Boston Mortgage
Securities Corp., Series 2002-P3A, Class A1,
FRN 2.202% due 08/25/2033 646,650 646,650
Home Equity Asset Trust,
Series 2002-1, Class A4,
FRN 1.441% due 11/25/2032 *** 239,688 239,398
Irwin Home Equity, Series 2002-1,
Class 2A1, FRN 1.431% due 06/25/2029 *** 222,073 221,697
Residential Asset Securities Corp.,
Series 2002-KS4, Class AIIB,
FRN 1.63% due 07/25/2032 *** 1,141,045 1,141,339
Saxon Asset Securities Trust, Series 2002-3,
Class AV, FRN 1.541% due 12/25/2032 *** 132,894 133,082
------------
4,929,350
TOTAL ASSET BACKED SECURITIES
(Cost: $8,054,714) $ 9,046,155
------------
SUPRANATIONAL OBLIGATIONS - 1.34%
BELGIUM(EUROCLEAR) - 0.55%
European Investment Bank,
FRN 1.280% due 04/15/2008 *** 1,813,375 1,815,976
------------
SWITZERLAND - 0.79%
Eurofima, 4.75% due 07/07/2004 *** SEK 18,500,000 2,592,078
------------
TOTAL SUPRANATIONAL OBLIGATIONS (Cost: $3,609,599)
$ 4,408,054
------------
SHORT TERM INVESTMENTS - 22.96%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $36,584,365 $ 36,584,365
CBA (Delaware) Finance, Inc.
1.08% due 02/09/2004 *** 1,500,000 1,498,245
Danske Corp., Series A,
1.075% due 02/09/2004 -
02/24/2004 *** 2,000,000 1,997,402
European Investment Bank
1.06% due 02/05/2004 *** 1,500,000 1,498,454
Federal Home Loan Bank Discount
Note, 1.04% due 03/12/2004 *** 200,000 199,590
The accompanying notes are an integral part of the financial statements.
204
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - CONTINUED
Federal National Mortgage
Association Discount Notes,
1.00% due 02/04/2004 *** $14,000,000 $ 13,986,778
General Electric Capital Corp.,
1.09% due 01/15/2004 *** 5,500,000 5,497,669
HBOS Treasury Services PLC,
1.09% due 01/29/2004 *** 5,000,000 4,995,761
1.10% due 03/16/2004 *** 1,000,000 997,708
Kraft Foods, Inc.
FRN 1.970% due 12/29/2003 *** 500,000 500,000
Royal Bank of Scotland PLC
1.085% due 01/20/2004 *** 4,000,000 3,997,709
United States Treasury Bills,
0.58% due 03/04/2004 - 60,000 59,912
03/18/2004 ***
0.84% due 03/11/2004 - 3,350,000 3,344,138
03/18/2004 ***
0.90% due 04/22/2004(a) *** 250,000 249,292
------------
$ 75,407,023
REPURCHASE AGREEMENTS - 2.71%
Repurchase Agreement with State Street Corp. dated
12/31/2003 at 0.40%, to be repurchased at $8,887,197 on
01/02/2004, collateralized by $9,020,000 U.S. Treasury
Notes, 1.75% due 12/31/2004 (valued at $9,065,100,
including interest). *** $ 8,887,000 $ 8,887,000
------------
PUT OPTIONS - 0.35%
NUMBER OF EXPIRATION MONTH/
CONTRACTS STRIKE PRICE VALUE
- ---------- ------------ -----
30,000,000 Interest Rate Swaps June 2004 / $2.00 38,940
3,700,000 United States Treasury January 2004 /
Notes 10Yr Futures $130.00 1,103,599
------------
1,142,539
TOTAL OPTIONS
(Cost: $1,161,617) $ 1,142,539
------------
TOTAL INVESTMENTS (GLOBAL BOND TRUST)
(Cost: $307,958,477) $328,438,087
============
DIVERSIFIED BOND TRUST
PRINCIPAL
AMOUNT VALUE
------ -----
U.S. TREASURY OBLIGATIONS - 17.36%
U.S. TREASURY BONDS - 5.15%
5.25% due 02/15/2029 (a) $10,810,000 $ 10,905,431
5.375% due 02/15/2031 (a) 1,580,000 1,647,706
6.50% due 11/15/2026 (a) 1,279,000 1,504,623
8.00% due 11/15/2021 (a) 587,000 792,771
8.875% due 08/15/2017 (a) 7,105,000 10,062,456
------------
24,912,987
U.S. TREASURY NOTES - 12.21%
1.625% due 04/30/2005 (a) 3,130,000 3,139,415
1.875% due 09/30/2004 (a) 20,500,000 20,616,112
3.25% due 08/15/2007 (a) 3,000,000 3,060,117
3.875% due 02/15/2013 (a) 2,280,000 2,231,906
5.625% due 02/15/2006 (a) 5,865,000 6,320,681
5.75% due 08/15/2010 (a) 14,275,000 16,005,844
6.25% due 02/15/2007 (a) 6,875,000 7,663,480
------------
59,037,555
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $83,085,889) $ 83,950,542
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 22.66%
FEDERAL HOME LOAN BANK - 1.44%
3.75% due 08/15/2007 (a) 3,880,000 3,970,497
5.25% due 02/13/2004 3,000,000 3,013,773
------------
6,984,270
FEDERAL HOME LOAN MORTGAGE CORPORATION - 5.24%
3.625% due 09/15/2008 (a) 9,300,000 9,361,538
5.50% due 07/15/2006 540,000 581,822
6.00% TBA ** 9,500,000 9,806,095
6.00% due 04/01/2016 - 08/01/2017 5,318,095 5,580,293
------------
25,329,748
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 9.90%
FRN 3.817% due 09/01/2033 6,865,797 6,904,348
FRN 3.864% due 07/01/2033 939,411 944,116
5.125% due 02/13/2004 (a) 1,500,000 1,506,813
5.50% TBA ** 7,660,000 7,758,140
5.50% due 09/01/2017 - 03/01/2018 3,227,663 3,348,360
6.00% due 05/15/2008 - 06/01/2016 3,928,407 4,270,567
6.25% due 05/15/2029 3,000,000 3,249,840
6.50% due 05/01/2031 - 07/01/2032 6,423,482 6,733,034
FRN 6.50% due 06/01/2031 2,814,144 2,943,275
7.00% due 09/01/2031 - 10/25/2041 6,363,611 6,743,396
7.50% due 01/25/2028 - 08/01/2031 2,693,558 2,914,287
FRN 7.50% due 05/01/2031 503,029 537,565
------------
47,853,741
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 6.08%
5.00% TBA ** 25,805,000 25,881,340
6.50% due 05/15/2029 - 04/15/2032 2,147,088 2,265,713
7.00% due 04/15/2029 476,808 508,507
8.00% due 10/15/2026 - 04/15/2030 660,303 719,862
------------
29,375,422
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS (Cost: $107,724,006) $109,543,181
------------
FOREIGN GOVERNMENT OBLIGATIONS - 0.36%
REPUBLIC OF CHILE - 0.06%
5.50% due 01/15/2013 280,000 287,980
------------
GOVERNMENT OF MEXICO - 0.30%
4.625% due 10/08/2008 360,000 364,500
6.375% due 01/16/2013 275,000 285,313
8.375% due 01/14/2011 160,000 190,000
9.875% due 02/01/2010 295,000 372,924
11.375% due 09/15/2016 160,000 226,800
------------
1,439,537
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $1,657,870) $ 1,727,517
------------
CORPORATE BONDS - 24.04%
AEROSPACE - 0.62%
Raytheon Company,
6.00% due 12/15/2010 250,000 267,186
Systems 2001 Asset Trust LLC,
6.664% due 09/15/2013 1,034,146 1,142,938
The accompanying notes are an integral part of the financial statements.
205
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
AEROSPACE - CONTINUED
Systems 2001 Asset Trust, Series 2001,
Class B, 7.156% due 12/15/2011 $ 1,458,339 $ 1,591,837
------------
3,001,961
AIR TRAVEL - 0.04%
Delta Air Lines, Inc.,
FRN 1.91% due 01/25/2008 181,307 182,326
------------
ALUMINUM - 0.08%
Alcan Aluminum, Ltd.,
5.20% due 01/15/2014 390,000 394,205
------------
AMUSEMENT & THEME PARKS - 0.37%
Six Flags, Inc.,
8.875% due 02/01/2010 1,750,000 1,795,937
------------
AUTO PARTS - 0.13%
Delphi Corp.,
6.50% due 08/15/2013 300,000 315,048
Lear Corp., Series B,
8.11% due 05/15/2009 260,000 305,825
------------
620,873
AUTOMOBILES - 0.20%
DaimlerChrysler North America
Holding, 4.05% due 06/04/2008 750,000 744,894
Ford Motor Company,
7.45% due 07/16/2031 215,000 217,262
------------
962,156
BANKING - 1.33%
Bank of America Corp.,
7.125% due 09/15/2006 1,500,000 1,673,763
Bank One Corp.,
4.90% due 04/30/2015 430,000 420,964
Barclays Bank PLC, ADR,
FRN 6.86% due 09/29/2049 160,000 173,517
BNP Paribas LLC,
5.125% due 01/15/2015 200,000 199,248
Capital One Bank,
5.75% due 09/15/2010 540,000 571,228
ING Bank, NV,
5.125% due 05/01/2015 210,000 209,301
Kazkommerts International BV,
8.50% due 04/16/2013 425,000 446,462
Union Bancal Corp.,
5.25% due 12/16/2013 390,000 393,890
Wells Fargo Company,
3.50% due 04/04/2008 1,000,000 1,003,192
Zions Bancorporation,
6.00% due 09/15/2015 1,290,000 1,352,569
------------
6,444,134
BROADCASTING - 1.42%
Chancellor Media Corp.,
8.00% due 11/01/2008 1,250,000 1,446,875
Clear Channel Communications, Inc.,
6.00% due 11/01/2006 500,000 540,449
7.65% due 09/15/2010 750,000 877,906
Cox Radio, Inc.,
6.375% due 05/15/2005 1,000,000 1,051,908
Liberty Media Corp.,
FRN 2.670% due 09/17/2006 1,420,000 1,435,435
5.70% due 05/15/2013 140,000 141,577
7.875% due 07/15/2009 500,000 579,190
News America Holdings, Inc.,
6.75% due 01/09/2038 110,000 122,830
Young Broadcasting, Inc.,
Series B, 8.75% due 06/15/2007 170,000 174,250
10.00% due 03/01/2011 441,000 475,177
------------
6,845,597
BUSINESS SERVICES - 0.18%
Electronic Data Systems Corp.,
6.00% due 08/01/2013 500,000 491,318
PHH Corp.,
7.125% due 03/01/2013 320,000 358,366
------------
849,684
CABLE AND TELEVISION - 1.13%
AOL Time Warner, Inc.,
6.875% due 05/01/2012 320,000 360,098
Comcast Corp., Class A,
7.05% due 03/15/2033 1,080,000 1,174,838
Cox Communications, Inc.,
7.75% due 11/01/2010 750,000 893,445
Time Warner Entertainment Company LP,
8.375% due 03/15/2023 80,000 99,129
8.875% due 10/01/2012 460,000 583,253
Univision Communications, Inc.,
3.875% due 10/15/2008 500,000 494,715
7.85% due 07/15/2011 1,570,000 1,866,477
------------
5,471,955
CELLULAR COMMUNICATIONS - 1.58%
American Tower Corp.,
9.375% due 02/01/2009 1,525,000 1,624,125
AT&T Wireless Services, Inc.,
7.875% due 03/01/2011 705,000 815,788
Crown Castle International Corp.,
7.50% due 12/01/2013 1,500,000 1,507,500
Motorola, Inc.,
7.50% due 05/15/2025 100,000 108,622
8.00% due 11/01/2011 130,000 153,743
Nextel Communications, Inc.,
7.375% due 08/01/2015 1,000,000 1,075,000
Nextel Partners, Inc.,
11.00% due 03/15/2010 625,000 690,625
Verizon Wireless Capital LLC,
5.375% due 12/15/2006 1,125,000 1,200,490
Vodafone Group PLC,
5.375% due 01/30/2015 440,000 444,076
------------
7,619,969
CHEMICALS - 0.19%
ICI Wilmington, Inc.,
4.375% due 12/01/2008 930,000 926,504
------------
COMMERCIAL SERVICES - 0.25%
Cendant Corp.,
6.25% due 01/15/2008 500,000 545,414
6.875% due 08/15/2006 600,000 658,285
------------
1,203,699
CONTAINERS & GLASS - 0.39%
Packaging Corporation of America,
5.75% due 08/01/2013 750,000 757,654
Stone Container Corp.,
9.75% due 02/01/2011 1,000,000 1,105,000
------------
1,862,654
The accompanying notes are an integral part of the financial statements.
206
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------------ ------------
DOMESTIC OIL - 0.09%
Union Oil Company of California,
7.50% due 02/15/2029 $ 360,000 $ 422,623
------------
ELECTRICAL EQUIPMENT - 0.27%
General Electric Company,
5.00% due 02/01/2013 820,000 829,295
SP Powerassets, Ltd.,
5.00% due 10/22/2013 450,000 452,391
------------
1,281,686
ELECTRIC UTILITIES - 0.71%
CILCORP, Inc.,
8.70% due 10/15/2009 575,000 693,762
9.375% due 10/15/2029 50,000 67,210
Dominion Resources, Inc.,
5.70% due 09/17/2012 375,000 395,112
Duke Capital Corp.,
6.25% due 02/15/2013 575,000 606,528
Empresa Nacional De Electricidad,
8.50% due 04/01/2009 170,000 191,591
Oncor Electric Delivery Company,
7.00% due 05/01/2032 250,000 275,787
Tampa Electric Company,
6.375% due 08/15/2012 400,000 429,673
United Energy Distribution Property,
Ltd., 4.70% due 04/15/2011 350,000 354,952
Virginia Electric & Power Company,
4.75% due 03/01/2013 420,000 415,170
------------
3,429,785
ELECTRONICS - 0.37%
Koninklijke Philips Electronics NV,
7.20% due 06/01/2026 500,000 561,245
Solectron Corp.,
9.625% due 02/15/2009 1,100,000 1,226,500
------------
1,787,745
ENERGY - 0.29%
Midamerican Energy Company, Series MTN,
5.125% due 01/15/2013 120,000 122,299
Peco Energy Company,
5.95% due 11/01/2011 210,000 227,546
Progress Energy, Inc.,
5.85% due 10/30/2008 1,000,000 1,072,335
------------
1,422,180
FINANCIAL SERVICES - 4.96%
Capital One Financial Corp.,
6.25% due 11/15/2013 220,000 226,373
Citigroup, Inc.,
5.625% due 08/27/2012 150,000 158,346
Corporacion Andina de Fomento, 6.875%
due 03/15/2012 375,000 416,086
Credit Suisse First Boston USA, Inc.,
6.50% due 01/15/2012 500,000 556,511
Ford Motor Credit Company,
5.80% due 01/12/2009 2,000,000 2,059,706
7.375% due 10/28/2009 - 02/01/2011 965,000 1,055,903
7.875% due 06/15/2010 190,000 212,299
Fuji (Mizuho) JGB Investment, LLC, FRN
9.87% due 12/31/2049 520,000 587,742
General Electric Capital Corp., MTN, Series
A, 6.00% due 06/15/2012 250,000 271,113
General Motors Acceptance Corp.,
6.875% due 09/15/2011 1,945,000 2,095,012
General Motors Acceptance Corp,
7.00% due 02/01/2012 375,000 403,179
7.25% due 03/02/2011 110,000 120,682
8.00% due 11/01/2031 800,000 898,374
HBOS PLC,
3.125% due 01/12/2007 875,000 882,031
FRN 5.375% due 11/01/2049 810,000 820,004
Household Finance Corp.,
5.75% due 01/30/2007 750,000 810,827
6.375% due 11/27/2012 340,000 372,999
6.40% due 06/17/2008 2,875,000 3,187,544
HVB Funding Trust III,
9.00% due 10/22/2031 190,000 229,174
International Lease Finance Corp., 4.55%
due 10/15/2009 400,000 399,124
J.P. Morgan Chase & Company,
5.35% due 03/01/2007 750,000 802,721
MBNA Corp.,
6.125% due 03/01/2013 420,000 450,982
Nationwide Life Global Funding I, 5.35%
due 02/15/2007 180,000 193,778
NiSource Finance, Corp.,
6.15% due 03/01/2013 400,000 430,078
PCCW - HKTC Capital, Ltd,
7.75% due 11/15/2011 340,000 400,932
Principal Life Global Funding I, 4.40%
due 10/01/2010 820,000 825,501
Reliastar Financial Corp.,
6.50% due 11/15/2008 730,000 806,251
SLM Corp., Series MTNA,
5.00% due 04/15/2015 1,375,000 1,356,575
5.375% due 01/15/2013 410,000 420,714
The Goldman Sachs Group, Inc., 5.25% due
04/01/2013 840,000 850,809
USA Education, Inc.,
5.625% due 04/10/2007 435,000 471,392
USAA Capital Corp., Series MTNB, 4.00%
due 12/10/2007 410,000 419,216
Washington Mutual, Inc.,
5.625% due 01/15/2007 750,000 808,323
------------
24,000,301
FOOD & BEVERAGES - 0.91%
Cadbury Schweppes US Finance LLC, 5.125%
due 10/01/2013 400,000 397,395
Delhaize America, Inc.,
8.125% due 04/15/2011 900,000 1,035,000
Kellogg Company, Series B,
6.60% due 04/01/2011 490,000 549,139
Kraft Foods, Inc.,
5.25% due 06/01/2007 150,000 159,585
Nabisco, Inc.,
7.05% due 07/15/2007 420,000 472,438
7.55% due 06/15/2015 1,500,000 1,795,298
------------
4,408,855
FOREST PRODUCTS - 0.15%
Weyerhaeuser Company,
6.75% due 03/15/2012 685,000 747,294
------------
GAS & PIPELINE UTILITIES - 0.04%
Centerpoint Energy Resources Corp.,
7.875% due 04/01/2013 170,000 192,456
------------
The accompanying notes are an integral part of the financial statements.
207
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------------ ------------
HEALTHCARE SERVICES - 0.37%
Aetna, Inc.,
7.375% due 03/01/2006 $ 250,000 $ 275,050
Health Net, Inc.,
8.375% due 04/15/2011 350,000 420,550
Humana, Inc.,
7.25% due 08/01/2006 1,000,000 1,092,618
------------
1,788,218
HOMEBUILDERS - 0.50%
Centex Corp.,
4.75% due 01/15/2008 180,000 185,714
Lennar Corp.,
5.95% due 03/01/2013 120,000 125,563
Series B, 9.95% due 05/01/2010 130,000 149,337
MDC Holdings, Inc.,
5.50% due 05/15/2013 400,000 400,840
Pulte Homes, Inc.,
6.25% due 02/15/2013 525,000 557,324
7.875% due 08/01/2011 380,000 447,879
8.125% due 03/01/2011 225,000 267,164
Toll Brothers, Inc.,
6.875% due 11/15/2012 250,000 275,670
------------
2,409,491
HOTELS & RESTAURANTS - 0.33%
Boyd Gaming Corp.,
9.25% due 08/01/2009 1,000,000 1,117,500
Harrahs Operating Company, Inc., 7.125%
due 06/01/2007 420,000 467,708
------------
1,585,208
INSURANCE - 1.20%
Jackson National Life Insurance Company,
5.25% due 03/15/2007 425,000 455,819
Lincoln National Corp.,
6.20% due 12/15/2011 380,000 414,585
MetLife, Inc.,
3.911% due 05/15/2005 755,000 776,430
Monumental Global Funding,
5.20% due 01/30/2007 1,125,000 1,200,345
Monumental Global Funding II,
3.85% due 03/03/2008 1,610,000 1,624,393
Nationwide Mutual Insurance Company,
7.875% due 04/01/2033 170,000 196,663
Prudential Financial,
6.375% due 07/23/2006 1,050,000 1,143,791
------------
5,812,026
INTERNATIONAL OIL - 0.16%
Pogo Producing Company, Series B,
10.375% due 02/15/2009 750,000 795,000
------------
MANUFACTURING - 0.49%
Tyco International Group SA,
6.00% due 11/15/2013 375,000 386,250
6.75% due 02/15/2011 1,200,000 1,311,000
6.125% due 01/15/2009 620,000 663,400
------------
2,360,650
MEDICAL-HOSPITALS - 0.58%
HCA, Inc.,
6.25% due 02/15/2013 1,375,000 1,407,460
6.95% due 05/01/2012 600,000 643,327
7.875% due 02/01/2011 385,000 439,097
8.75% due 09/01/2010 275,000 327,452
------------
2,817,336
METAL & METAL PRODUCTS - 0.09%
Inco, Ltd.,
7.20% due 09/15/2032 400,000 437,259
------------
MINING - 0.04%
Corporacion Nacional del Cobre, 5.50%
due 10/15/2013 200,000 202,958
------------
PAPER - 0.17%
International Paper Company,
5.50% due 01/15/2014 280,000 280,669
Norske Skogindustrier ASA,
6.125% due 10/15/2015 540,000 546,810
------------
827,479
PHARMACEUTICALS - 0.20%
Schering Plough Corp.,
5.30% due 12/01/2013 955,000 971,664
------------
PUBLISHING - 0.41%
Time Warner Companies,
7.57% due 02/01/2024 1,750,000 1,979,012
------------
RAILROADS & EQUIPMENT - 0.04%
Union Pacific Railroad Company, Series
2002-1, 6.061% due 01/17/2023
175,000 189,226
------------
REAL ESTATE - 0.93%
Developers Diversified Realty Company,
4.625% due 08/01/2010 125,000 124,316
EOP Operating LP,
6.75% due 02/15/2012 490,000 541,222
Hospitality Properties Trust, REIT,
6.75% due 02/15/2013 640,000 670,558
Kimco Realty Corp., REIT,
3.95% due 08/05/2008 1,150,000 1,152,020
Price REIT, Inc.,
7.50% due 11/05/2006 500,000 566,220
Rouse Company,
5.375% due 11/26/2013 520,000 516,729
7.20% due 09/15/2012 320,000 360,696
Socgen Real Estate Company LLC, FRN
7.64% due 12/29/2049 490,000 553,586
------------
4,485,347
RETAIL GROCERY - 0.09%
Albertsons, Inc.,
7.50% due 02/15/2011 370,000 424,151
------------
SANITARY SERVICES - 0.28%
Waste Management, Inc.,
6.375% due 11/15/2012 585,000 634,981
Waste Management, Inc.,
7.75% due 05/15/2032 625,000 736,521
------------
1,371,502
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.17%
Deutsche Telekom International Finance
BV, 9.25% due 06/01/2032 370,000 507,691
Dobson Communications Corp.,
10.875% due 07/01/2010 1,100,000 1,199,000
France Telecom SA,
FRN 9.00% due 03/01/2011 960,000 1,153,039
The accompanying notes are an integral part of the financial statements.
208
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------------ ------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - CONTINUED
Singapore Telecommunications, Ltd.,
6.375% due 12/01/2011 $ 75,000 $ 82,896
Telstra Corp. Ltd.,
6.375% due 04/01/2012 750,000 828,816
Tritel PCS, Inc.,
10.375% due 01/15/2011 1,250,000 1,495,563
Verizon Global Funding Corp.,
7.25% due 12/01/2010 340,000 391,472
------------
5,658,477
TELEPHONE - 1.29%
AT&T Corp.,
FRN 7.80% due 11/15/2011 360,000 414,353
FRN 8.75% due 11/15/2031 250,000 292,140
SBC Communications, Inc.,
5.875% due 02/01/2012 625,000 663,777
Sprint Capital Corp.,
8.375% due 03/15/2012 1,640,000 1,915,192
8.75% due 03/15/2032 250,000 295,347
Telecom Italia Capital,
4.00% due 11/15/2008 1,000,000 1,006,330
5.25% due 11/15/2013 825,000 826,643
Telefonos De Mexico SA,
4.50% due 11/19/2008 405,000 405,616
Telus Corp.,
8.00% due 06/01/2011 340,000 397,558
------------
6,216,956
TOTAL CORPORATE BONDS
(Cost: $109,197,973) $116,206,539
------------
MUNICIPAL BONDS - 0.11%
WISCONSIN - 0.11%
Badger Tobacco Asset Securitization
Corp., 6.125% due 06/01/2027 530,000 518,054
------------
TOTAL MUNICIPAL BONDS
(Cost: $498,883) $ 518,054
------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 4.36%
Ameriquest Mortgage Securities, Inc.,
Series 2003-5, Class A2, 2.43% due
07/25/2033 500,000 501,121
Banc of America Mortgage Securities,
Inc., Series 2003 F, Class 2A1, FRN
3.734% due 07/25/2033 1,675,137 1,692,459
Bear Stearns ARM Trust, Series 2003-2,
FRN 3.703% due 01/25/2033 670,176 672,354
Series 2003-3, Class 2A2, FRN 4.210%
due 05/25/2033 460,866 460,481
Chase Commercial Mortgage Securities
Corp., Series 2000-2, Class C, FRN
7.928% due 07/15/2032 1,500,000 1,775,674
CS First Boston Mortgage Securities
Corp., Series 2001-CF2, Class A2, FRN
5.935% due 02/15/2034 3,175,000 3,371,842
Series 2001-CF2, Class A3, FRN 6.24%
due 02/15/2034 1,185,000 1,301,007
Series 2003-AR12, Class 2A2, FRN
4.377% due 04/25/2033 468,893 469,063
FHLMC Structured Pass Through
Securities, T-41, Class 3A, 7.50% due
07/25/2032 780,042 854,146
First Investors Auto Owner Trust, Series
2002-A, Class A, FRN 3.46% due
12/15/2008 35,591 36,014
First Union National Bank Commercial
Mortgage Trust, Series 2002- C1,
Class A1, 5.585% due 02/12/2034 994,898 1,063,587
GE Capital Commercial Mortgage Corp.,
Series 2001-1, Class A1, FRN 6.079%
due 05/15/2033 176,505 190,542
GMAC Commercial Mortgage Security, Inc.,
Series 1997-C1, Class A3, FRN 6.869%
due 07/15/2029 375,000 414,747
Merrill Lynch Mortgage Investors, Inc.,
Series 1995-C2, Class A1, FRN 6.926%
due 06/15/2021 221,108 223,319
Series 1997-C1, Class A3, 7.12% due
06/18/2029 312,252 339,867
Morgan Stanley Capital I, Inc., Class A,
FRN 1.78% due 07/14/2016 445,896 445,896
Residential Asset Security Corp., Series
1999-KS4, Class AI4, FRN 7.22% due
06/25/2028 618,757 650,021
Residential Funding Mortgage Securities
II, Series 2001-HS2, Class A4, 6.43%
due 04/25/2016 281,288 284,542
Salomon Brothers Commercial Mortgage
Securities, Class A3, Series 2001-C1,
6.428% due 12/18/2035 1,250,000 1,388,827
Structured Asset Securities Corp.,
Series 1998-RF2, Class A, FRN 8.540%
due 07/15/2027 1,142,816 1,261,958
Washington Mutual, Series 2003-AR1,
Class A6, FRN 4.537% due 03/25/2033 274,301 274,468
Series 2003-AR6, Class A1, FRN 4.38%
due 06/25/2033 3,384,955 3,412,502
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $20,551,387) $ 21,084,437
------------
ASSET BACKED SECURITIES - 1.81%
ACLC Business Loan Receivables Trust,
Series 2002-1A, Class A1, FRN 5.408%
due 12/15/2022 307,225 310,543
California Infrastructure Development,
Series 1997-1, Class A7, FRN 6.42%
due 09/25/2008 1,097,575 1,167,405
Chase Funding Mortgage Loan, Series
2003-1, Class 1A3, FRN 3.14% due
07/25/2023 450,000 454,138
Chase Funding Mortgage Loan, Series
2003-2, Class 1A3, FRN 2.864% due
12/25/2024 470,000 471,245
Conseco Finance Securitizations, Series
2000-F, Class AF4, 7.67% due
09/15/2026 498,853 500,371
The accompanying notes are an integral part of the financial statements.
209
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------------ ------------
ASSET BACKED SECURITIES - CONTINUED
Government Lease Trust, Series
1999-GSA1, Class A2, 6.18% due
05/18/2005 $ 1,396,791 $ 1,438,336
GRCT Consumer Loan Trust, Series
2001-1A, Class 2BRV, FRN 6.251% due
02/15/2020 331,776 340,256
Mangrove Bay Pass Through Trust, FRN
6.102% due 07/15/2033 100,000 97,140
Onyx Acceptance Auto Trust, Series
2002-C, Class A4, 4.07% due 04/15/2009 750,000 772,900
Peco Energy Transition Trust, Series
1999-A, Class A7, FRN 6.13% due
03/01/2009 1,440,000 1,590,309
Sears Credit Account Master Trust,
Series 1998-2, Class A, 5.25% due
10/16/2008 833,333 847,137
Vanderbilt Acquisition Loan Trust, Class
A3, Series 2002-1, 5.70% due
09/07/2023 750,000 773,255
------------
TOTAL ASSET BACKED SECURITIES
(Cost: $8,695,693) $ 8,763,035
------------
SHORT TERM INVESTMENTS - 18.69%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 90,346,566 $ 90,346,566
------------
REPURCHASE AGREEMENTS - 10.61% ***
Repurchase Agreement with State Street
Corp., dated 12/31/2003 at 0.40% to be
repurchased at $51,288,140 on
01/02/2004, collateralized by
$31,255,000 U.S. Treasury Bonds, 9.25%
due 02/15/2016 (valued at $45,905,781,
including interest) and $5,005,000 U.S.
Treasury Bonds, 7.50% due 11/15/2016
(valued at $6,415,514, including
interest) $ 51,287,000 $ 51,287,000
------------
TOTAL INVESTMENTS
(DIVERSIFIED BOND TRUST) (Cost: $473,045,267) $483,426,871
============
SHARES VALUE
------------ ------------
INVESTMENT QUALITY BOND TRUST
COMMON STOCK - 0.01%
CABLE AND TELEVISION - 0.01%
Classic Holdco LLC * 1,137 $ 70,039
------------
CHEMICALS - 0.00%
Pioneer Companies, Inc. * 777 6,333
------------
TOTAL COMMON STOCK
(Cost: $282,300) $ 76,372
------------
PREFERRED STOCK - 0.03%
MINING - 0.00%
Fairfield Manufacturing, Inc. * 317 $ 3,963
------------
PUBLISHING - 0.03%
Primedia, Inc., Series H 1,525 139,156
------------
STEEL - 0.00%
Weirton Steel Corp., Series C * 2,700 999
------------
TOTAL PREFERRED STOCK
(Cost: $428,877) $ 144,118
------------
WARRANTS - 0.00%
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.00%
KMC Telecom Holdings, Inc., (Expiration
date 04/15/2008; strike price $ .01) *
425 4
------------
TOTAL WARRANTS
(Cost: $0) $ 4
------------
PRINCIPAL
AMOUNT VALUE
------------ ------------
U.S. TREASURY OBLIGATIONS - 9.06% U.S. TREASURY
BONDS - 8.05%
6.25% due 08/15/2023 (a) $ 1,760,000 $ 2,006,057
7.50% due 11/15/2016 (a) 3,600,000 4,583,250
8.125% due 08/15/2019 - 08/15/2021 **** (a) 21,470,000 29,195,347
8.75% due 05/15/2017 (a) 1,000,000 1,401,406
8.875% due 02/15/2019 (a) 4,900,000 7,005,471
------------
44,191,531
U.S. TREASURY NOTES - 0.57%
5.875% due 11/15/2004 3,000,000 3,120,234
------------
U.S. TREASURY STRIPS - 0.44%
6.875% PO due 08/15/2025 8,000,000 2,433,784
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $49,123,726) $ 49,745,549
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.54%
FEDERAL HOME LOAN BANK - 0.60%
5.80% due 09/02/2008 3,000,000 3,303,708
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.07%
5.25% due 01/15/2006 (a) 6,000,000 6,382,302
6.30% due 03/15/2023 251,989 264,236
6.50% due 04/01/2029 - 08/01/2032 881,799 923,873
6.625% due 09/15/2009 (a) 3,000,000 3,430,713
7.50% due 06/01/2010 - 05/01/2028 320,437 344,237
------------
11,345,361
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 5.72%
FRN 4.685% due 05/01/2013 1,687,566 1,709,820
FRN 5.636% due 12/01/2011 1,733,992 1,864,245
5.77% due 03/01/2009 2,727,543 2,945,288
FRN 6.009% due 11/01/2011 2,934,054 3,215,910
FRN 6.048% due 03/01/2012 1,203,800 1,321,759
6.085% due 10/01/2011 1,259,259 1,378,753
6.18% due 07/01/2008 340,627 371,673
6.27% due 11/01/2007 1,549,962 1,688,424
6.28% due 04/01/2011 1,000,000 1,093,476
6.30% due 01/01/2008 292,742 319,689
The accompanying notes are an integral part of the financial statements.
210
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------------ ------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - CONTINUED
6.34% due 01/01/2008 $ 263,646 $ 288,071
6.43% due 01/01/2008 297,314 325,941
FRN 6.44% due 02/01/2011 3,600,909 3,967,733
6.447% due 01/01/2008 1,403,252 1,539,149
6.46% due 06/01/2009 1,426,330 1,575,554
6.50% due 09/01/2031 4,668 4,882
6.625% due 09/15/2009 5,000,000 5,717,395
6.63% due 11/15/2030 1,000,000 1,136,886
FRN 6.837% due 10/01/2007 176,921 191,508
7.00% due 06/01/2029 58,817 62,326
7.04% due 03/01/2007 629,309 692,340
------------
31,410,822
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 7.02%
6.00% due 08/15/2008 - 07/15/2033 25,457,025 26,500,840
FRN 6.50% due 06/15/2028 - 10/15/2028 633,031 668,386
6.50% due 07/15/2008 - 07/15/2032 1,830,577 1,930,873
FRN 7.00% due 01/15/2028 - 11/15/2028 2,766,893 2,953,631
7.00% due 04/15/2023 - 03/15/2029 3,671,858 3,926,754
7.50% due 06/15/2022 - 10/15/2029 2,265,123 2,439,424
8.00% due 07/15/2030 - 10/15/2030 78,075 84,938
------------
38,504,846
HOUSING & URBAN DEVELOPMENT - 0.13%
7.498% due 08/01/2011 600,000 698,531
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $ 84,247,793) $ 85,263,268
------------
FOREIGN GOVERNMENT OBLIGATIONS - 1.00%
GOVERNMENT OF CANADA - 0.39%
8.625% due 01/19/2005 2,000,000 2,140,742
------------
REPUBLIC OF CHILE - 0.30%
6.95% due 07/01/2012 1,499,352 1,627,652
------------
GOVERNMENT OF RUSSIA - 0.09%
5.00%, Step up to 7.50% on 3/31/2007 due
03/31/2030 500,000 479,375
------------
REPUBLIC OF SOUTH AFRICA - 0.10%
7.375% due 04/25/2012 510,000 572,475
------------
REPUBLIC OF TRINIDAD & TOBAGO - 0.12%
9.75% due 07/01/2020 500,000 657,500
------------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $ 5,140,026) $ 5,477,744
------------
CORPORATE BONDS - 50.86%
ADVERTISING - 0.06%
Advanstar Communications Inc., 10.75%
due 08/15/2010 85,000 92,012
Lamar Media Corp.,
7.25% due 01/01/2013 40,000 43,000
RH Donnelley Finance Corp., Series I,
10.875% due 12/15/2012 180,000 213,525
------------
348,537
AEROSPACE - 0.21%
Northrop Grumman Corp.,
7.875% due 03/01/2026 115,000 138,985
Raytheon Company,
4.85% due 01/15/2011 800,000 806,376
Sequa Corp.,
Series B, 8.875% due 04/01/2008 70,000 75,950
9.00% due 08/01/2009 130,000 143,325
------------
1,164,636
AGRICULTURE - 0.21%
Monsanto Company,
7.375% due 08/15/2012 1,000,000 1,141,123
------------
AIR TRAVEL - 0.97%
American Airlines,
3.857% due 07/09/2010 250,000 247,077
Argo-Tech Corp.,
8.625% due 10/01/2007 195,000 190,125
Continental Airlines, Series 981A,
6.648% due 03/15/2019 823,496 804,551
Series 1997-4, Class 4A, 6.90% due
01/02/2018 1,095,488 1,081,319
Delta Air Lines Inc.,
Class G, 6.718% due 07/02/2024 1,414,830 1,514,006
7.90% due 12/15/2009 (a) 215,000 173,881
Series 2000 1 Class B, 7.92% due
05/18/2012 330,000 298,791
Northwest Airlines, Inc.,
Class G, FRN 8.072% due 04/01/2021 772,846 849,384
8.875% due 06/01/2006 * 35,000 31,762
9.875% due 03/15/2007 (a) 125,000 113,750
------------
5,304,646
ALUMINUM - 0.30%
Alcan Aluminum, Ltd.,
6.125% due 12/15/2033 200,000 201,219
6.45% due 03/15/2011 440,000 491,325
Alcoa, Inc.,
6.75% due 01/15/2028 (a) 800,000 888,934
Century Aluminum Company,
11.75% due 04/15/2008 75,000 83,625
------------
1,665,103
APPAREL & TEXTILES - 0.03%
Interface, Inc.,
10.375% due 02/01/2010 100,000 105,750
Oxford Industrial, Inc.,
8.875% due 06/01/2011 55,000 60,156
------------
165,906
AUTO PARTS - 0.45%
Accuride Corp.,
9.25% due 02/01/2008 (a) 265,000 272,287
CSK Auto Inc.,
12.00% due 06/15/2006 225,000 258,188
Dana Corp.,
7.00% due 03/01/2029 300,000 298,125
9.00% due 08/15/2011 255,000 307,275
10.125% due 03/15/2010 (a) 20,000 23,300
Dura Operating Corp., Series B, 8.625%
due 04/15/2012 75,000 79,875
Series D, 9.00% due 05/01/2009 (a) 60,000 60,000
LDM Technologies, Inc., Series B, 10.75%
due 01/15/2007 215,000 217,150
Lear Corp., Series B,
8.11% due 05/15/2009 145,000 170,556
The accompanying notes are an integral part of the financial statements.
211
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
---------- -----------
AUTO PARTS - CONTINUED
Metaldyne Corp.,
10.00% due 11/01/2013 $ 90,000 $ 90,900
Tenneco Automotive, Inc.,
10.25% due 07/15/2013 50,000 56,875
TRW Automotive, Inc.,
11.00% due 02/15/2013 85,000 100,088
Visteon Corp.,
7.95% due 08/01/2005 500,000 531,829
-----------
2,466,448
AUTO SERVICES - 0.07%
Delco Remy International, Inc.,
8.625% due 12/15/2007 70,000 71,575
10.625% due 08/01/2006 40,000 40,200
United Rentals North America, Inc.,
7.75% due 11/15/2013 175,000 180,250
Series B, 10.75% due 04/15/2008 80,000 90,000
-----------
382,025
AUTOMOBILES - 0.59%
Chrysler Corp.,
7.45% due 02/01/2097 (a) 1,000,000 1,017,657
General Motors Corp.,
8.25% due 07/15/2023 1,975,000 2,242,433
-----------
3,260,090
BANKING - 5.51%
Bank America Corp.,
4.375% due 12/01/2010 1,750,000 1,754,414
7.40% due 01/15/2011 1,500,000 1,759,245
Bayerische Landesbank Girozentrale, 5.65%
due 02/01/2009 200,000 217,194
Chase Manhattan Corp.,
7.00% due 11/15/2009 (a) 1,000,000 1,152,543
Chevy Chase Bank FSB,
6.875% due 12/01/2013 65,000 66,625
Citicorp,
6.375% due 11/15/2008 600,000 663,638
Credit National,
7.00% due 11/14/2005 1,300,000 1,415,700
First Financial Caribbean Corp., 7.84%
due 10/10/2006 810,000 886,293
First Massachusetts Bank NA,
7.625% due 06/15/2011 1,000,000 1,170,498
First Republic Bank of San Francisco,
7.75% due 09/15/2012 825,000 894,094
First Union National Bank Chase, FRN
6.645% due 06/15/2031 3,000,000 3,350,205
First Union National Bank, Series bnkt,
6.919% due 12/15/2036 500,000 551,298
Series BNKT, 7.80% due 08/18/2010 1,500,000 1,809,706
Frost National Bank,
6.875% due 08/01/2011 1,000,000 1,118,666
HBOS PLC MTN,
6.00% due 11/01/2033 820,000 815,182
Huntington National Bank,
4.90% due 01/15/2014 500,000 493,602
National Australia Bank Ltd.,
8.60% due 05/19/2010 175,000 216,714
National City Corp.,
6.875% due 05/15/2019 1,000,000 1,154,331
NBD Bancorp,
8.25% due 11/01/2024 2,000,000 2,518,944
People's Bank/ Bridgeport CT,
9.875% due 11/15/2010 1,000,000 1,207,581
Popular North America, Inc.,
6.625% due 01/15/2004 1,350,000 1,351,783
Regions Financial Corp.,
7.00% due 03/01/2011 95,000 107,096
Republic New York Corp.,
9.50% due 04/15/2014 1,000,000 1,306,273
Royal Bank Scotland Group PLC, 6.40% due
04/01/2009 2,750,000 3,082,197
Wells Fargo Bank NA,
7.55% due 06/21/2010 1,000,000 1,185,250
-----------
30,249,072
BIOTECHNOLOGY - 0.01%
Bio Rad Laboratories, Inc.,
7.50% due 08/15/2013 35,000 38,500
-----------
BROADCASTING - 1.91%
British Sky Broadcasting Group, PLC,
6.875% due 02/23/2009 2,000,000 2,244,984
Canwest Media, Inc.,
10.625% due 05/15/2011 190,000 217,075
CBS, Inc.,
7.125% due 11/01/2023 250,000 278,285
Chancellor Media Corp.,
8.00% due 11/01/2008 400,000 463,000
Charter Communications Holdings,
8.625% due 04/01/2009 225,000 196,313
zero coupon, Step up to 9.92% on
04/01/2004 due 04/01/2011 55,000 47,025
zero coupon, Step up to 13.50% on
01/15/2006 due 01/15/2011 795,000 592,275
Clear Channel Communications, Inc.,
7.65% due 09/15/2010 675,000 790,115
Comcast Cable Communications,
8.50% due 05/01/2027 1,400,000 1,793,679
Corus Entertainment, Inc.,
8.75% due 03/01/2012 160,000 176,000
CSC Holdings, Inc.,
Series B, 7.625% due 04/01/2011 305,000 321,013
9.875% due 02/15/2013 (a) 100,000 104,500
Grupo Televisa S.A.,
8.50% due 03/11/2032 300,000 315,000
LBI Media, Inc.,
zero coupon, Step up to 11.00% on
10/15/2008 due 10/15/2013 155,000 100,363
Liberty Media Group,
7.75% due 07/15/2009 700,000 802,598
Quebecor Media, Inc.,
11.125% due 07/15/2011 380,000 439,850
zero coupon, Step up to 13.75% on
07/15/2006 due 07/15/2011 85,000 74,906
Viacom, Inc.,
7.75% due 06/01/2005 1,035,000 1,119,113
7.875% due 07/30/2030 (a) 165,000 205,248
Vivendi Universal, SA,
9.25% due 04/15/2010 160,000 189,600
-----------
10,470,942
BUILDING MATERIALS & CONSTRUCTION - 0.49%
American Standard, Inc.,
7.625% due 02/15/2010 70,000 79,450
Koppers Inc.,,
9.875% due 10/15/2013 155,000 170,888
Lowe's Companies, Inc.,
6.50% due 03/15/2029 1,100,000 1,190,136
The accompanying notes are an integral part of the financial statements.
212
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
---------- -----------
BUILDING MATERIALS & CONSTRUCTION - CONTINUED
Lowe's Companies, Inc.,
7.50% due 12/15/2005 $ 350,000 $ 386,335
Masco Corp.,
5.75% due 10/15/2008 700,000 753,864
Nortek Holdings, Inc.,
zero coupon, Step up to 10.00% on
11/15/2007 due 05/15/2011 130,000 94,250
-----------
2,674,923
BUSINESS SERVICES - 0.52%
EOP Operating LP,
6.50% due 01/15/2004 795,000 795,970
Federal Express Corp., Series 1998 1A,
6.72% due 01/15/2022 1,310,243 1,462,100
Iron Mountain, Inc.,
8.25% due 07/01/2011 250,000 262,500
Sensus Metering Systems, Inc., 8.625%
due 12/15/2013 55,000 56,444
True Temper Sports, Inc.,
10.875% due 12/01/2008 115,000 121,900
Xerox Corp.,
9.75% due 01/15/2009 135,000 157,950
-----------
2,856,864
CABLE AND TELEVISION - 0.69%
AOL Time Warner, Inc.,
7.625% due 04/15/2031 210,000 242,291
Cox Communications Inc.,
5.50% due 10/01/2015 250,000 251,477
7.125% due 10/01/2012 615,000 709,349
Cox Enterprises, Inc.,,
4.375% due 05/01/2008 475,000 482,544
EchoStar DBS Corp.,
6.375% due 10/01/2011 200,000 205,000
Lin Television Corp.,
6.50% due 05/15/2013 (a) 160,000 160,200
Lodgenet Entertainment Corp.,
9.50% due 06/15/2013 80,000 87,600
Mediacom Broadband LLC,
11.00% due 07/15/2013 (a) 150,000 168,375
Mediacom LLC/Mediacom Capital Corp.,
9.50% due 01/15/2013 (a) 260,000 275,600
Rogers Cable, Inc.,
6.25% due 06/15/2013 55,000 55,412
Shaw Communications, Inc.,
7.25% due 04/06/2011 10,000 10,813
8.25% due 04/11/2010 85,000 96,262
TCI Communications Inc.,
8.75% due 08/01/2015 800,000 1,012,419
Videotron Ltee,
6.875% due 01/15/2014 15,000 15,488
-----------
3,772,830
CELLULAR COMMUNICATIONS - 1.15%
American Tower Corp.,
9.375% due 02/01/2009 (a) 130,000 138,450
AT&T Wireless Services, Inc.,
7.875% due 03/01/2011 700,000 810,002
8.125% due 05/01/2012 420,000 493,899
8.75% due 03/01/2031 500,000 616,915
Cingular Wireless LLC,
7.125% due 12/15/2031 1,000,000 1,078,639
Crown Castle International Corp.,
7.50% due 12/01/2013 185,000 185,925
Nextel Communications, Inc.,
9.50% due 02/01/2011 550,000 621,500
Nextel Partners, Inc.,
8.125% due 07/01/2011 175,000 186,375
Rogers Cantel, Inc.,
9.75% due 06/01/2016 50,000 60,250
Rogers Wireless Inc.,
9.625% due 05/01/2011 515,000 615,425
SBA Communications Corp.,
zero coupon, Step up to 9.75% on
12/15/2007 due 12/15/2011 135,000 95,175
Triton PCS, Inc.,
8.75% due 11/15/2011 (a) 330,000 325,050
Vodafone Group PLC,
7.75% due 02/15/2010 825,000 977,786
Western Wireless Corp.,
9.25% due 07/15/2013 90,000 94,950
-----------
6,300,341
CHEMICALS - 0.61%
Acetex Corp.,
10.875% due 08/01/2009 75,000 83,250
Airgas, Inc.,
9.125% due 10/01/2011 30,000 33,675
Arco Chemical Company,
9.80% due 02/01/2020 120,000 120,600
Dow Chemical Company,
5.75% due 12/15/2008 400,000 428,872
6.00% due 10/01/2012 400,000 421,054
ICI Wilmington, Inc.,
6.95% due 09/15/2004 (a) 720,000 742,454
IMC Global, Inc., Series B,
10.875% due 06/01/2008 275,000 302,500
11.25% due 06/01/2011 30,000 33,000
Kraton Polymers LLC,
8.125% due 01/15/2014 25,000 26,000
Lyondell Chemical Company, Series A,
9.625% due 05/01/2007 70,000 74,200
Series B, 9.875% due 05/01/2007 370,000 390,350
Methanex Corp.,
8.75% due 08/15/2012 70,000 78,050
Millennium America, Inc.,
9.25% due 06/15/2008 85,000 92,650
Nalco Company,
7.75% due 11/15/2011 50,000 53,500
8.875% due 11/15/2013 90,000 95,400
Noveon, Inc., Series B,
11.00% due 02/28/2011 20,000 23,200
Omnova Solutions, Inc.,
11.25% due 06/01/2010 80,000 88,800
Pioneer Companies, Inc.,
FRN 4.640% due 12/31/2006 3,810 3,448
Texas Petrochemicals Corp., Series B,
11.125% due 07/01/2006 250,000 75,000
Union Carbide Chemicals & Plastics,
7.875% due 04/01/2023 20,000 18,000
Union Carbide Corp.,
6.79% due 06/01/2025 (a) 75,000 73,875
United Industries Corp.,
9.875% due 04/01/2009 75,000 78,562
-----------
3,336,440
COAL - 0.05%
Massey Energy Company,
6.625% due 11/15/2010 55,000 56,650
6.95% due 03/01/2007 205,000 210,125
-----------
266,775
The accompanying notes are an integral part of the financial statements.
213
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
---------- -----------
COMPUTERS & BUSINESS EQUIPMENT - 0.21%
Computer Sciences Corp.,
7.375% due 06/15/2011 $ 145,000 $ 170,523
Hewlett Packard Company,
6.50% due 07/01/2012 (a) 700,000 777,508
Xerox Capital Europe PLC,
5.875% due 05/15/2004 200,000 202,000
-----------
1,150,031
CONSTRUCTION & MINING EQUIPMENT - 0.03%
Webb Delaware Corp.,
10.25% due 02/15/2010 150,000 159,563
-----------
CONTAINERS & GLASS - 0.22%
Anchor Glass Container Corp.,
11.00% due 02/15/2013 115,000 133,400
Crown European Holdings SA,
10.875% due 03/01/2013 155,000 182,319
Four M Corp.,
12.00% due 06/01/2006 15,000 14,925
Graphic Packaging International, Inc.,
8.50% due 08/15/2011 30,000 32,850
Owens Brockway Glass Container, 8.25%
due 05/15/2013 310,000 332,862
Owens-Illinois, Inc., Series 2008, 7.35%
due 05/15/2008 (a) 40,000 41,050
Stone Container Corp.,
8.375% due 07/01/2012 80,000 86,800
9.25% due 02/01/2008 185,000 204,425
9.75% due 02/01/2011 120,000 132,600
Tekni-Plex, Inc.,
8.75% due 11/15/2013 50,000 52,125
-----------
1,213,356
COSMETICS & TOILETRIES - 0.08%
Johnsondiversey Holdings Inc., zero
coupon, Step up to 10.67% on
05/15/2007 due 05/15/2013 145,000 110,925
Johnsondiversey, Inc.,
9.625% due 05/15/2012 35,000 39,025
Playtex Products, Inc.,
9.375% due 06/01/2011 (a) 200,000 202,000
Revlon Consumer Products Corp., 12.00%
due 12/01/2005 (a) 100,000 100,000
-----------
451,950
CRUDE PETROLEUM & NATURAL GAS - 0.29%
Burlington Resources Finance Company,
7.40% due 12/01/2031 625,000 739,882
KN Energy, Inc.,
6.65% due 03/01/2005 795,000 839,623
-----------
1,579,505
DOMESTIC OIL - 0.73%
Chesapeake Energy Corp.,
6.875% due 01/15/2016 90,000 92,700
Devon Financing Corp., ULC,
6.875% due 09/30/2011 1,150,000 1,304,014
Motiva Enterprises LLC,
5.20% due 09/15/2012 1,100,000 1,119,831
Parker Drilling Company,
9.625% due 10/01/2013 90,000 93,600
Pioneer Natural Resources Company,
9.625% due 04/01/2010 190,000 236,440
Premcor Refining Group, Inc.,
7.75% due 02/01/2012 270,000 278,100
Pride International, Inc.,
10.00% due 06/01/2009 255,000 273,487
Valero Energy Corp.,
8.75% due 06/15/2030 465,000 580,287
-----------
3,978,459
DRUGS & HEALTH CARE - 1.17%
Alaris Medical, Inc.,
7.25% due 07/01/2011 95,000 98,325
Allegiance Corp.,
7.00% due 10/15/2026 4,000,000 4,514,268
Beckman Instruments, Inc.,
7.45% due 03/04/2008 1,065,000 1,205,351
Biovail Corp,
7.875% due 04/01/2010 85,000 86,700
Neighborcare, Inc.,
6.875% due 11/15/2013 90,000 91,125
Omnicare, Inc.,
6.125% due 06/01/2013 35,000 35,088
Series B, 8.125% due 03/15/2011 35,000 38,237
Rite Aid Corp.,
8.125% due 05/01/2010 335,000 360,125
-----------
6,429,219
ELECTRICAL EQUIPMENT - 0.22%
Energy Corp. of America, Inc. Series A,
9.50% due 05/15/2007 535,000 428,000
General Cable Corp.,
9.50% due 11/15/2010 15,000 16,050
Nisource Finance Corp.,
3.20% due 11/01/2006 600,000 603,180
Wesco Distribution, Inc.,
9.125% due 06/01/2008 145,000 150,075
-----------
1,197,305
ELECTRIC UTILITIES - 3.73%
AES Corp.,
9.00% due 05/15/2015 55,000 62,150
AES Corp.,
8.875% due 02/15/2011 (a) 175,000 190,750
Alabama Power Company,
5.875% due 12/01/2022 470,000 479,145
American Electric Power Inc., Series A,
6.125% due 05/15/2006 2,000,000 2,155,174
Arizona Public Service Company, 6.375%
due 10/15/2011 1,000,000 1,106,481
Avista Corp.,
9.75% due 06/01/2008 320,000 380,800
Calpine Corp.,
8.50% due 07/15/2010 190,000 185,250
8.50% due 02/15/2011 (a) 250,000 197,813
Carolina Power & Light Company (a),
6.50% due 07/15/2012 1,450,000 1,604,816
Cinergy Corp.,
6.125% due 04/15/2004 2,000,000 2,023,904
CMS Energy Corp.,
8.50% due 04/15/2011 80,000 86,400
8.90% due 07/15/2008 (a) 260,000 282,100
Commonwealth Edison Company,
6.15% due 03/15/2012 315,000 343,674
Duke Energy Corp.,
5.375% due 01/01/2009 1,000,000 1,054,428
Exelon Generation Company LLC, 5.35% due
01/15/2014 650,000 647,349
Florida Power & Light Company, 5.85% due
02/01/2033 230,000 232,213
L-3 Communications Corp., Series B,
8.00% due 08/01/2008 160,000 166,600
The accompanying notes are an integral part of the financial statements.
214
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
---------- -----------
ELECTRIC UTILITIES - CONTINUED
Nevada Power Company,
9.00% due 08/15/2013 $ 80,000 $ 88,500
10.875% due 10/15/2009 80,000 92,900
New York State Electric & Gas Corp.,
5.75% due 05/01/2023 550,000 523,286
NSTAR,
8.00% due 02/15/2010 2,000,000 2,408,206
Ohio Edison Company,
4.00% due 05/01/2008 550,000 537,879
Old Dominion Electric Coop.,
6.25% due 06/01/2011 1,045,000 1,150,994
Oncor Electric Delivery Company, 6.375%
due 05/01/2012 615,000 675,877
Pacificorp Secured, MTN,
6.375% due 05/15/2008 1,000,000 1,100,001
PSEG Power LLC,
8.625% due 04/15/2031 590,000 759,888
United Energy Distribution Property
Ltd., 5.45% due 04/15/2016 450,000 460,362
Western Resources, Inc.,
7.125% due 08/01/2009 280,000 293,325
9.75% due 05/01/2007 150,000 170,438
Wisconsin Electric Power Company, 6.50%
due 06/01/2028 700,000 761,163
Wisconsin Energy Corp.,
6.20% due 04/01/2033 250,000 248,900
-----------
20,470,766
ELECTRONICS - 0.11%
Imax Corp.,
9.625% due 12/01/2010 60,000 63,075
Sanmina-SCI Corp.,
10.375% due 01/15/2010 310,000 362,700
Solectron Corp.,
9.625% due 02/15/2009 (a) 155,000 172,825
Thomas & Betts Corp.,
7.25% due 06/01/2013 25,000 25,750
-----------
624,350
ENERGY - 0.40%
Alliant Energy Resources, Inc., 9.75%
due 01/15/2013 450,000 580,145
Midamerican Funding LLC,
6.75% due 03/01/2011 1,000,000 1,122,885
Norsk Hydro ASA,
7.15% due 11/15/2025 300,000 345,210
NRG Energy, Inc.,
8.00% due 12/15/2013 130,000 136,663
-----------
2,184,903
FINANCIAL SERVICES - 11.09%
American Financial Group, Inc., 7.125%
due 04/15/2009 340,000 365,439
Amerus Capital I,
8.85% due 02/01/2027 750,000 793,445
Arch Western Finance LLC,
6.75% due 07/01/2013 130,000 133,575
Asat Finance LLC,
12.50% due 11/01/2006 85,000 90,206
Associates Corp. of North America, 8.55%
due 07/15/2009 600,000 729,608
BanPonce Financial Corp.,
6.80% due 12/21/2005 260,000 283,150
Bear Stearns Commercial Mortgage Secs, Inc.,
FRN 4.680% due 08/13/2039 3,000,000 2,971,165
Beneficial Corp.,
8.40% due 05/15/2008 350,000 405,320
Capital One Multi Asset Execut, 3.65%
due 07/15/2011 3,075,000 3,069,624
CIT Group, Inc.,
6.50% due 02/07/2006 1,000,000 1,082,990
7.625% due 08/16/2005 250,000 271,571
Commercial Credit Group, Inc., 7.375%
due 04/15/2005 1,000,000 1,071,553
Credit Suisse First Boston USA, Inc.,
6.125% due 11/15/2011 1,300,000 1,415,352
Dime Capital Trust, Class A,
9.33% due 05/06/2027 1,350,000 1,649,079
Equitable Companies, Inc.,
7.00% due 04/01/2028 1,000,000 1,118,141
Erac USA Finance Company,
8.00% due 01/15/2011 2,100,000 2,497,664
Ford Motor Credit Company,
7.375% due 10/28/2009 3,700,000 4,063,196
7.875% due 06/15/2010 2,050,000 2,290,598
General Electric Capital Assurance
Company, Series 2003-1 Class A5, 5.742%
due 05/12/2035 660,000 667,691
General Electric Capital Corp., 6.125%
due 02/22/2011 500,000 550,058
MTN, 6.75% due 03/15/2032 2,475,000 2,740,124
General Motors Acceptance Corp.,
6.875% due 09/15/2011 1,000,000 1,077,127
7.25% due 03/02/2011 1,000,000 1,097,108
Goldman Sachs Group, Inc.,
6.125% due 02/15/2033 955,000 961,727
6.875% due 01/15/2011 800,000 908,486
H.F. Ahmanson & Company,
7.875% due 09/01/2004 525,000 544,630
Hartford Financial Services Group, Inc.,
7.90% due 06/15/2010 200,000 236,744
Household Finance Corp.,
6.375% due 10/15/2011 - 11/27/2012 1,715,000 1,885,165
7.00% due 05/15/2012 985,000 1,123,262
International Lease Finance Corp., 5.75%
due 10/15/2006 700,000 753,124
John Deere Capital Corp.,
7.00% due 03/15/2012 400,000 460,796
Lehman Brothers Holdings, Inc., 4.375%
due 11/30/2010 500,000 491,255
Manufacturers & Traders Trust Company,
8.00% due 10/01/2010 1,250,000 1,502,630
Marsh & McLennan Companies, Inc.,
5.875% due 08/01/2033 500,000 487,485
7.125% due 06/15/2009 1,145,000 1,319,543
MDP Acquisitions PLC,
9.625% due 10/01/2012 60,000 67,200
Morgan Stanley Capital I, Inc., FRN
6.21% due 11/15/2031 3,000,000 3,309,074
Morgan Stanley Dean Witter,
6.60% due 04/01/2012 1,000,000 1,116,839
Morgan Stanley Dean Witter,
6.75% due 04/15/2011 790,000 893,822
Nationwide Financial Services, Inc.,
6.25% due 11/15/2011 710,000 758,741
Pemex Finance, Ltd.,
8.875% due 11/15/2010 650,000 779,857
The accompanying notes are an integral part of the financial statements.
215
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
FINANCIAL SERVICES - CONTINUED
Pemex Project Funding Master Trust,
8.625% due 02/01/2022 $1,000,000 $ 1,107,500
9.125% due 10/13/2010 1,000,000 1,187,500
Private Export Funding Corp.,
Series WW, 6.62% due
10/01/2005 2,000,000 2,163,330
Qwest Capital Funding, Inc.,
7.25% due 02/15/2011 (a) 50,000 49,250
Sun Canada Financial Company,
7.25% due 12/15/2015 1,700,000 1,916,942
Sunamerica, Inc.,
8.125% due 04/28/2023 1,000,000 1,258,369
TIAA Global Markets,
4.125% due 11/15/2007 740,000 761,743
Ucar Finance, Inc.,
10.25% due 02/15/2012 80,000 92,000
UFJ Finance Aruba AEC,
6.75% due 07/15/2013 500,000 533,250
United States Bancorp Oregon,
7.50% due 06/01/2026 2,774,000 3,270,557
United States West Capital
Funding, Inc., 6.25% due
07/15/2005 440,000 444,400
Western Financial Bank,
9.625% due 05/15/2012 35,000 39,025
-----------
60,858,030
FOOD & BEVERAGES - 0.95%
Companhia Brasileira De,
8.75% due 09/15/2013 1,050,000 1,113,000
Delhaize America, Inc.,
8.125% due 04/15/2011 70,000 80,500
Great Atlantic & Pacific Tea
Company, Inc., 9.125% due
12/15/2011 (a) 285,000 260,775
Kraft Foods, Inc.,
5.625% due 11/01/2011 450,000 474,141
6.50% due 11/01/2031 1,230,000 1,285,195
Pepsi Bottling Group, Inc.,
Series B, 7.00% due
03/01/2029 500,000 573,014
Tyson Foods, Inc.,
8.25% due 10/01/2011 1,200,000 1,391,477
United Agri Products, Inc.,
8.25% due 12/15/2011 35,000 35,963
-----------
5,214,065
FOREST PRODUCTS - 0.05%
Tembec Industries, Inc.,
8.625% due 06/30/2009 240,000 247,200
-----------
FUNERAL SERVICES - 0.00%
Service Corp. International,
7.70% due 04/15/2009 10,000 10,675
-----------
GAS & PIPELINE UTILITIES - 1.16%
Duke Energy Field Services,
5.75% due 11/15/2006 250,000 267,588
Dynegy Holdings Inc.,
10.125% due 07/15/2013 240,000 276,000
El Paso Corp.,
7.00% due 05/15/2011 (a) 885,000 816,413
Kinder Morgan Energy
Partners, 7.125% due
03/15/2012 800,000 916,514
Northern Border Partners, LP,
7.10% due 03/15/2011 1,000,000 1,111,425
Praxair, Inc.,
6.50% due 03/01/2008 605,000 672,245
Schlumberger Technology
Corp., 6.50% due 04/15/2012 1,500,000 1,671,238
Semco Energy, Inc.,
7.125% due 05/15/2008 15,000 15,619
7.75% due 05/15/2013 20,000 21,025
Suburban Propane Partners LP,
6.875% due 12/15/2013 10,000 10,100
Williams Companies, Inc.,
7.125% due 09/01/2011 530,000 560,475
8.625% due 06/01/2010 30,000 33,675
-----------
6,372,317
HEALTHCARE PRODUCTS - 0.17%
Bristol-Myers Squibb Company,
5.75% due 10/01/2011 800,000 864,498
Icon Health & Fitness,
11.25% due 04/01/2012 45,000 49,050
Kinetic Concepts, Inc.,
7.375% due 05/15/2013 35,000 36,050
-----------
949,598
HEALTHCARE SERVICES - 0.28%
Extendicare Health Services,
Inc., 9.35% due 12/15/2007 60,000 61,800
9.50% due 07/01/2010 25,000 27,750
Genesis Healthcare Corp.,
8.00% due 10/15/2013 85,000 88,613
Health Net, Inc.,
8.375% due 04/15/2011 775,000 931,218
Healthsouth Corp.,
7.375% due 10/01/2006 (a)+++ 215,000 204,787
Radiologix, Inc.,
10.50% due 12/15/2008 205,000 205,000
-----------
1,519,168
HOMEBUILDERS - 0.67%
Beazer Homes USA, Inc.,
8.625% due 05/15/2011 240,000 264,000
Centex Corp.,
7.875% due 02/01/2011 1,000,000 1,175,764
Champion Enterprises Inc.,
7.625% due 05/15/2009 65,000 59,231
D. R. Horton, Inc.,
9.75% due 09/15/2010 265,000 315,350
KB Home,
9.50% due 02/15/2011 195,000 217,425
Lennar Corp.,
5.95% due 03/01/2013 265,000 277,285
Pulte Homes, Inc.,
8.125% due 03/01/2011 930,000 1,104,278
Standard Pacific Corp.,
8.00% due 02/15/2008 50,000 51,125
8.50% due 04/01/2009 45,000 46,800
9.50% due 09/15/2010 145,000 161,675
-----------
3,672,933
HOTELS & RESTAURANTS - 0.37%
Aztar Corp.,
9.00% due 08/15/2011 80,000 87,800
Host Marriott LP,
9.25% due 10/01/2007 35,000 39,113
REIT, 9.50% due 01/15/2007 295,000 328,187
Mandalay Resort Group,
9.375% due 02/15/2010 175,000 203,875
10.25% due 08/01/2007 135,000 155,925
MGM Mirage, Inc.,
8.375% due 02/01/2011 (a) 385,000 436,012
8.50% due 09/15/2010 50,000 57,375
The accompanying notes are an integral part of the financial statements.
216
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
HOTELS & RESTAURANTS - CONTINUED
Park Place Entertainment
Corp., 8.125% due 05/15/2011 $ 285,000 $ 319,556
Riviera Holdings Corp.,
11.00% due 06/15/2010 185,000 191,938
Station Casinos, Inc.,
8.875% due 12/01/2008 200,000 207,000
-----------
2,026,781
HOUSEHOLD PRODUCTS - 0.25%
Procter & Gamble, Series A,
9.36% due 01/01/2021 1,000,000 1,341,330
Resolution Performance
Products, Inc. (a), 9.50%
due 04/15/2010 35,000 35,525
-----------
1,376,855
INDUSTRIAL MACHINERY - 0.07%
Case New Holland, Inc.,
9.25% due 08/01/2011 235,000 263,200
Cummins, Inc.,
9.50% due 12/01/2010 35,000 40,250
Numatics, Inc.,
9.625% due 04/01/2008 85,000 68,106
-----------
371,556
INDUSTRIALS - 0.25%
Archer Daniels Midland
Company, 6.75% due 12/15/2027 1,000,000 1,106,837
Champion Home Builders
Company, 11.25% due 04/15/2007 25,000 27,031
Meritage Corp.,
9.75% due 06/01/2011 10,000 11,175
Peabody Energy Corp.,
6.875% due 03/15/2013 65,000 68,575
Tesoro Petroleum Corp.,
8.00% due 04/15/2008 80,000 85,000
The Manitowoc Company, Inc.,
10.50% due 08/01/2012 80,000 91,100
Williams Companies, Inc.,
1.00% due 03/15/2012 5,000 5,550
-----------
1,395,268
INSURANCE - 4.82%
AAG Holding Company, Inc.,
6.875% due 06/01/2008 1,710,000 1,742,835
ACE Capital Trust II,
9.70% due 04/01/2030 400,000 521,620
Amerus Group Company,
6.95% due 06/15/2005 715,000 751,002
Anthem Insurance Companies,
Inc., 9.125% due 04/01/2010 700,000 879,995
Equitable Life Assurance
Society, 7.70% due
12/01/2015 680,000 808,497
Fidelity National Financial,
Inc., 7.30% due 08/15/2011 1,000,000 1,135,924
Florida Windstorm
Underwriting Association,
Series 1999, 7.125% due 02/25/2019 3,720,000 4,352,080
Jackson National Life Insurance
Company, 8.15% due 03/15/2027 1,500,000 1,757,542
Liberty Mutual Insurance
Company, 7.697% due 10/15/2097 1,870,000 1,681,171
Mony Group, Inc.,
7.45% due 12/15/2005 650,000 710,776
Nationwide Mutual Insurance
Company, 8.25% due 12/01/2031 1,000,000 1,201,721
New York Life Insurance
Company, 5.875% due 05/15/2033 265,000 263,378
Ohio National Life Insurance
Company, 8.50% due 05/15/2026 1,150,000 1,331,509
Principal Life Global Funding
I, 6.125% due 10/15/2033 805,000 805,687
Provident Companies, Inc.,
7.00% due 07/15/2018 500,000 502,567
7.25% due 03/15/2028 500,000 499,245
Prudential Commercial
Mortgage Trust, FRN 4.493%
due 02/11/2036 3,000,000 2,943,475
Prudential Financial,
7.65% due 07/01/2007 650,000 727,044
Reinsurance Group of America,
Inc., 6.75% due 12/15/2011 1,000,000 1,096,276
Safeco Corp.,
7.25% due 09/01/2012 (a) 270,000 310,179
The St. Paul Companies, Inc.,
5.75% due 03/15/2007 575,000 621,189
XL Capital Finance PLC,
6.50% due 01/15/2012 765,000 837,326
Zurich Reinsurance Centre
Holdings, Inc., 7.125%
due 10/15/2023 1,000,000 968,289
-----------
26,449,327
INTERNATIONAL OIL - 0.20%
Canadian Natural Resources
Ltd., 6.45% due 06/30/2033 275,000 290,748
El Paso Production Holding
Company,, 7.75% due 06/01/2013 95,000 93,575
Halliburton Company,
5.50% due 10/15/2010 685,000 716,385
-----------
1,100,708
INTERNET RETAIL - 0.20%
InterActiveCorp,
7.00% due 01/15/2013 1,000,000 1,102,578
-----------
INVESTMENT COMPANIES - 0.51%
Canadian Oil Sands,
7.90% due 09/01/2021 1,000,000 1,119,449
John Hancock Global Funding,
7.90% due 07/02/2010 1,400,000 1,668,262
-----------
2,787,711
LEISURE TIME - 0.54%
AOL Time Warner, Inc.,
7.70% due 05/01/2032 1,500,000 1,750,659
Equinox Holdings, Inc.,
9.00% due 12/15/2009 15,000 15,488
International Game
Technology, 8.375% due 05/15/2009 780,000 933,705
River Rock Entertainment
Authority, 9.75% due 11/01/2011 50,000 53,687
Six Flags, Inc.,
9.75% due 04/15/2013 210,000 221,025
-----------
2,974,564
MANUFACTURING - 0.11%
Tyco International Group SA,
6.125% due 01/15/2009 40,000 42,800
6.375% due 10/15/2011 305,000 325,969
6.75% due 02/15/2011 230,000 251,275
-----------
620,044
MEDICAL-HOSPITALS - 0.09%
Beverly Enterprises, Inc.,
9.625% due 04/15/2009 (a) 270,000 297,675
The accompanying notes are an integral part of the financial statements.
217
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
MEDICAL-HOSPITALS - CONTINUED
NDCHealth Corp.,
10.50% due 12/01/2012 $ 175,000 $ 196,875
-----------
494,550
METAL & METAL PRODUCTS - 0.06%
Fasten Tech, Inc.,
11.50% due 05/01/2011 85,000 91,906
Inco, Ltd.,
5.70% due 10/15/2015 250,000 252,529
-----------
344,435
MINING - 0.12%
Corporacion Nacional Del Cobre de
Chile - CODELCO, 6.375% due
11/30/2012 615,000 665,333
-----------
NEWSPAPERS - 0.19%
News America Holdings, Inc.,
9.25% due 02/01/2013 810,000 1,044,902
-----------
OFFICE FURNISHINGS & SUPPLIES - 0.01%
Xerox Corp.,
7.625% due 06/15/2013 45,000 48,600
-----------
PAPER - 1.16%
Abitibi Consolidated, Inc.,
7.875% due 08/01/2009 700,000 756,993
8.55% due 08/01/2010 320,000 356,352
Blue Ridge Paper Product,
Inc., 9.50% due 12/15/2008 35,000 35,000
Boise Cascade Corp.,
6.50% due 11/01/2010 85,000 88,669
Boise Cascade Office Products
Company, 7.05% due 05/15/2005 1,935,000 2,015,720
Caraustar Industries, Inc.,
9.875% due 04/01/2011 (a) 125,000 135,000
Georgia Pacific Corp.,
8.875% due 02/01/2010 605,000 689,700
Longview Fibre Company,
10.00% due 01/15/2009 55,000 60,362
Norske Skog Canada,
8.625% due 06/15/2011 100,000 105,000
Pacifica Papers, Inc.,
10.00% due 03/15/2009 225,000 238,500
Temple-Inland, Inc.,
7.875% due 05/01/2012 800,000 927,709
Westvaco Corp.,
7.95% due 02/15/2031 550,000 633,829
Willamette Industries, Inc.,
7.00% due 02/01/2018 300,000 322,776
-----------
6,365,610
PETROLEUM SERVICES - 0.31%
Baker Hughes, Inc.,
6.875% due 01/15/2029 (a) 200,000 226,473
Giant Industries, Inc.,
11.00% due 05/15/2012 120,000 129,600
Murphy Oil Corp.,
7.05% due 05/01/2029 450,000 499,727
Tesoro Petroleum Corp.,
Series B, 9.00% due
07/01/2008 95,000 98,562
Tom Brown, Inc.,
7.25% due 09/15/2013 85,000 89,888
Transocean Sedco Forex,
6.625% due 04/15/2011 600,000 669,741
-----------
1,713,991
PHARMACEUTICALS - 0.33%
AmerisourceBergen Corp.,
8.125% due 09/01/2008 20,000 22,550
Schering Plough Corp.,
6.50% due 12/01/2033 1,070,000 1,113,052
Schering Plough Corp.,
5.30% due 12/01/2013 (a) 630,000 640,993
Valeant Pharmaceuticals,
7.00% due 12/15/2011 20,000 20,600
-----------
1,797,195
PLASTICS - 0.04%
AEP Industry, Inc.,
9.875% due 11/15/2007 (a) 130,000 130,650
Resolution Performance Products,
Inc. (a), 13.50% due 11/15/2010 90,000 78,300
-----------
208,950
PUBLISHING - 0.52%
American Media Operations,
Inc., 8.875% due 01/15/2011 5,000 5,425
Dex Media West LLC,
9.875% due 08/15/2013 245,000 284,813
E.W. Scripps Company,
6.625% due 10/15/2007 500,000 560,914
Liberty Group Operating,
Inc., 9.375% due 02/01/2008 60,000 60,600
Medianews Group, Inc.,
6.875% due 10/01/2013 90,000 91,350
Primedia, Inc.,
8.875% due 05/15/2011 40,000 42,200
Scholastic Corp.,
5.00% due 04/15/2013 265,000 261,693
5.75% due 01/15/2007 355,000 380,369
Time Warner, Inc.,
7.25% due 10/15/2017 1,025,000 1,166,323
-----------
2,853,687
RAILROADS & EQUIPMENT - 0.18%
Canadian National Railway Company,
FRN 7.375% due 10/15/2031 500,000 589,889
Kansas City Southern Railway,
9.50% due 10/01/2008 370,000 410,700
-----------
1,000,589
REAL ESTATE - 1.21%
AMB Property LP,
7.50% due 06/30/2018 420,000 482,167
CBRE Escrow, Inc.,
9.75% due 05/15/2010 35,000 38,850
Duke Realty Corp. LP,
5.25% due 01/15/2010 555,000 580,163
Health Care Property Investors,
Inc., 6.00% due 03/01/2015 500,000 516,109
Healthcare Realty Trust,
Inc., 8.125% due 05/01/2011 1,500,000 1,717,712
Lennar Corp.,
7.625% due 03/01/2009 235,000 271,103
Liberty Property LP,
7.25% due 03/15/2011 1,500,000 1,710,908
Regency Centers LP,
7.95% due 01/15/2011 700,000 824,149
Spieker Properties LP,
7.25% due 05/01/2009 450,000 516,323
-----------
6,657,484
RETAIL GROCERY - 0.13%
Couche Tard United States
LP,, 7.50% due 12/15/2013 20,000 20,950
The accompanying notes are an integral part of the financial statements.
218
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
RETAIL GROCERY - CONTINUED
General Mills Inc.,
6.00% due 02/15/2012 $ 425,000 $ 454,481
Winn-Dixie Stores, Inc.,
8.875% due 04/01/2008 (a) 230,000 233,450
-----------
708,881
RETAIL TRADE - 0.17%
El Pollo Loco, Inc.,
9.25% due 12/15/2009 125,000 126,562
Gap, Inc.,
FRN 8.800% due 12/15/2008 100,000 123,250
Jostens Holding Corp.,
zero coupon, Step up to
10.25% on 12/01/2008
due 12/01/2013 165,000 103,537
Scotts Company,
6.625% due 11/15/2013 15,000 15,413
Target Corp.,
6.35% due 01/15/2011 500,000 557,937
-----------
926,699
SANITARY SERVICES - 0.12%
Allied Waste North America, Inc.,
7.875% due 04/15/2013 100,000 108,250
8.50% due 12/01/2008 510,000 567,375
-----------
675,625
SEMICONDUCTORS - 0.13%
Amkor Technology, Inc.,
9.25% due 02/15/2008 240,000 272,400
10.50% due 05/01/2009 (a) 105,000 112,087
SCG Holding Corp., Series B,
12.00% due 08/01/2009 (a) 278,000 298,850
-----------
683,337
STEEL - 0.13%
AK Steel Corp.,
7.875% due 02/15/2009 (a) 320,000 280,800
Oregon Steel Mills, Inc.,
10.00% due 07/15/2009 (a) 50,000 43,875
Steel Dynamics, Inc.,
9.50% due 03/15/2009 45,000 49,950
9.50% due 03/15/2009 (a) 35,000 38,850
United States Steel LLC,
10.75% due 08/01/2008 270,000 315,900
-----------
729,375
TELECOMMUNICATIONS EQUIPMENT &
SERVICES - 0.85%
Avaya, Inc.,
11.125% due 04/01/2009 205,000 239,850
Deutsche Telekom International
Finance BV, FRN 8.25%
due 06/15/2005 500,000 542,377
EchoStar DBS Corp.,
9.375% due 02/01/2009 175,000 183,969
France Telecom SA,
FRN 9.00% due 03/01/2011 1,050,000 1,261,136
GCI, Inc.,
9.75% due 08/01/2007 380,000 391,400
Insight Midwest LP/ Insight
Capital, Inc.,
9.75% due 10/01/2009 85,000 89,888
10.50% due 11/01/2010 235,000 255,562
Level 3 Communications, Inc.,
zero coupon, Step up to
12.875% on 03/15/2005
due 03/15/2010 110,000 92,125
Nortel Networks, Ltd.,
6.125% due 02/15/2006 110,000 111,375
Panamsat Corp.,
8.50% due 02/01/2012 85,000 94,350
Singapore Telecommunications,
Ltd., 7.375% due 12/01/2031 800,000 944,365
Telenet Group Hldg Nv,
zero coupon, Step up to
11.50% on 12/15/2008 due
06/15/2014 155,000 97,650
Time Warner Telecom, Inc.,
10.125% due 02/01/2011 55,000 58,575
United States West
Communications, Inc.,
6.875% due 09/15/2033 300,000 285,000
-----------
4,647,622
TELEPHONE - 2.10%
Accident Escrow Corp.,
10.00% due 08/01/2011 80,000 89,200
Alaska Communications
Systems, 9.875% due 08/15/2011 115,000 120,750
Alltel Corp.,
7.875% due 07/01/2032 1,300,000 1,583,445
Ameritech Capital Funding
Corp., 6.45% due 01/15/2018 1,100,000 1,189,612
AT&T Corp.,
FRN 7.25% due 11/15/2006 450,000 497,626
FRN 8.75% due 11/15/2031 1,025,000 1,197,777
British Telecommunications
PLC, 8.625% due 12/15/2030 1,100,000 1,438,364
CenturyTel, Inc.,
7.875% due 08/15/2012 225,000 266,496
Cincinnati Bell, Inc.,
8.375% due 01/15/2014 180,000 193,500
Compania De
Telecomunicaciones (a),
8.375% due 01/01/2006 1,000,000 1,100,233
GTE California, Inc., Series
G, 5.50% due 01/15/2009 1,000,000 1,063,474
GTE Corp.,
8.75% due 11/01/2021 1,000,000 1,231,380
Lucent Technologies, Inc.,
7.25% due 07/15/2006 (a) 105,000 106,575
Sprint Capital Corp.,
6.875% due 11/15/2028 1,500,000 1,463,748
Telecommunications Techniques
Company, 9.75% due 05/15/2008+++ 290,000 3,263
-----------
11,545,443
TIRES & RUBBER - 0.03%
Goodyear Tire & Rubber
Company,
7.857% due 08/15/2011 (a) 145,000 126,513
8.50% due 03/15/2007 (a) 50,000 49,125
-----------
175,638
TOBACCO - 0.21%
Altria Group, Inc.,
7.00% due 11/04/2013 1,070,000 1,141,471
-----------
TOYS, AMUSEMENTS & SPORTING
GOODS - 0.02%
Bombardier Recreational
Products, 8.375% due 12/15/2013 10,000 10,450
Remington Arms, Inc.,
10.50% due 02/01/2011 95,000 101,175
-----------
111,625
TRANSPORTATION - 0.04%
K & F Industry, Inc. Series
B, 9.25% due 10/15/2007 98,000 101,062
Navistar International Corp.,
8.00% due 02/01/2008 60,000 61,650
Series B, 9.375% due 06/01/2006 20,000 22,075
The accompanying notes are an integral part of the financial statements.
219
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
TRANSPORTATION - CONTINUED
Westinghouse Air Brake,
6.875% due 07/31/2013 $ 40,000 $ 41,450
------------
226,237
TOTAL CORPORATE BONDS
(Cost: $254,694,254) $279,121,265
------------
MUNICIPAL BONDS - 2.18%
ARIZONA - 0.20%
Phoenix Arizona Civic
Improvement Corp., 6.30%
due 07/01/2008 1,010,000 1,122,100
------------
CALIFORNIA - 0.68%
Los Angeles County California
Pension, 8.62% due 06/30/2006 1,500,000 1,719,255
Series A, 8.49% due 06/30/2004 500,000 517,600
Southern California Public Power
Authority Project, Series B, 6.93%
due 05/15/2017 1,300,000 1,506,492
------------
3,743,347
FLORIDA - 0.22%
Miami Beach Florida Redevelopment
Agency Tax, 8.95% due 12/01/2022 1,000,000 1,193,420
------------
ILLINOIS - 0.06%
Illinois State Taxable
Pension, 4.95% due 06/01/2023 335,000 312,438
------------
MARYLAND - 0.06%
Maryland State Transportation
Authority, Ltd., 5.84% due
07/01/2011 300,000 326,346
------------
MICHIGAN - 0.27%
Detroit Michigan Downtown
Development Authority, 6.20% due
07/01/2008 1,335,000 1,477,671
------------
NEW JERSEY - 0.03%
Jersey City New Jersey Municipal
Utilities Authority, 4.55% due
05/15/2012 150,000 149,066
------------
PENNSYLVANIA - 0.57%
Philidelphia Pennsylvania
Authority, Series A, 5.59%
due 04/15/2005 2,000,000 2,091,020
Pittsburgh Pennsylvania Urban
Redevelopment Authority, 8.55%
due 09/01/2004 1,000,000 1,047,270
------------
3,138,290
SOUTH CAROLINA - 0.09%
South Carolina Public Service
Authority, Series B, 6.97% due
01/01/2005 475,000 499,814
------------
TOTAL MUNICIPAL BONDS
(Cost: $11,552,165) $ 11,962,492
------------
COLLATERALIZED MORTGAGE OBLIGATIONS
- - 5.27%
Asset Securitization Corp., Series
1997, Class A 1B, 6.66% due
02/14/2043 2,520,887 2,621,065
Banc of America Commercial Mortgage
Inc., Class A, 6.186% due
06/11/2035 3,000,000 3,300,371
Chase Commercial Mortgage
Securities Corp., Series 1998 1
Class A2, 6.56% due 05/18/2030 3,000,000 3,333,010
Series 1998 2 Class A2, 6.39%
due 11/18/2030 2,500,000 2,777,843
Commercial Mortgage Asset Trust,
Series 1999-C1, Class A3, FRN
6.640% due 01/17/2032 3,000,000 3,381,678
First Union-Lehman Brothers
Commercial Mortgage, Series 97
Class A2, FRN 6.60% due 11/18/2029 429,931 437,687
LB-UBS Commercial Mortgage Trust,
Class A, 5.642% due 12/15/2025 2,825,843 3,032,061
6.462% due 03/15/2031 1,500,000 1,674,283
Morgan Stanley Dean Witter Capital I,
Class A, 6.39% due 10/15/2035 2,000,000 2,232,687
Class A, 6.54% due 07/15/2030 1,500,000 1,672,305
Class A2, 5.98% due 01/15/2039 300,000 326,288
Series 2001, Class A4, 6.39% due
07/15/2033 840,000 935,777
Nomura Asset Securities Corp.,
Series 1998 D6 Class A 1B, 6.59%
due 03/15/2030 2,850,000 3,189,290
------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost: $27,083,060) $ 28,914,345
------------
ASSET BACKED SECURITIES - 1.50%
AESOP Funding II LLC, Series 1998-1,
Class A, 6.14% due 05/20/2006 600,000 630,026
Series 2003-4, Class A, 2.86% due
08/20/2009 1,740,000 1,686,974
Chase Manhattan Auto Owner Trust,
Class A, FRN 4.21% due 01/15/2009 2,000,000 2,069,072
Massachusetts RRB Special
Purpose Trust, 6.53% due
06/01/2015 857,804 954,039
MBNA Credit Card Master Note Trust,
Series 2001-A1, Class A, 5.75% due
10/15/2008 2,000,000 2,150,964
Onyx Acceptance Auto Trust, Series
2001-B, Class A4, 5.49% due
11/15/2007 457,048 467,821
Peco Energy Transition Trust, Series
2001 A, FRN 6.52% due 12/31/2010 250,000 282,945
------------
TOTAL ASSET BACKED SECURITIES
(Cost: $8,005,214) $ 8,241,841
------------
SHORT TERM INVESTMENTS - 12.90%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $70,793,540 $ 70,793,540
------------
REPURCHASE AGREEMENTS - 1.65%
UBS Tri-Party Repurchase
Agreement, dated 12/31/2003 at
0.84%, to be repurchased at
$9,027,421 on 01/02/2004,
collateralized by $8,051,000
U.S. Treasury Bonds, 6.125%
due 08/15/2029 (valued at
$9,321,973, including interest). $ 9,027,000 $ 9,027,000
------------
TOTAL INVESTMENTS (INVESTMENT QUALITY
BOND TRUST) (Cost: $520,377,955) $548,767,538
============
The accompanying notes are an integral part of the financial statements.
220
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
TOTAL RETURN TRUST
SHARES VALUE
------ -----
PREFERRED STOCK - 0.56%
BANKING - 0.56%
DG Funding Trust * 981 $ 10,398,600
-----------------
TOTAL PREFERRED STOCK
(Cost: $10,336,921) $ 10,398,600
-----------------
PRINCIPAL
AMOUNT VALUE
------ -----
U.S. TREASURY OBLIGATIONS - 8.64%
U.S. TREASURY BONDS - 0.52%
3.875% due 04/15/2029 (a) *** $ 7,427,838 $ 9,623,692
-----------------
U.S. TREASURY NOTES - 8.12%
1.875% due 07/15/2013 (a) *** 1,712,478 1,700,169
3.00% due 07/15/2012 *** 29,737,811 32,418,853
3.375% due 01/15/2007 - 01/15/2012 (a) *** 11,709,495 12,986,000
3.50% due 01/15/2011 (a) *** 28,914,144 32,492,269
3.875% due 01/15/2009 (a) *** 63,288,093 71,466,117
-----------------
151,063,408
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $156,879,881) $ 160,687,100
-----------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 14.12%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 1.77%
FRN 4.736% due 01/01/2029 *** 1,640,923 1,697,674
5.00% due 09/15/2016 - 12/01/2018 *** 6,813,450 6,957,626
5.50% due 03/15/2015 *** 296,718 301,176
FRN 5.625% due 07/15/2028 *** 786,064 789,848
6.00% due 03/01/2016 - 04/01/2033 *** 9,856,226 10,141,081
FRN 6.50% due 08/01/2032 *** 2,975,961 3,117,127
FRN 7.50% due 08/15/2030 *** 3,283,121 3,415,546
7.50% due 12/20/2029 *** 6,089,105 6,468,737
-----------------
32,888,815
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 11.52 %
FRN 3.138% due 10/01/2040 *** 2,117,099 2,148,905
FRN 4.031% due 07/01/2009 *** 1,757,398 1,786,490
FRN 4.299% due 05/01/2036 *** 11,259,419 11,447,362
5.00% due 11/01/2017 - 11/01/2018 *** 41,141,610 42,014,035
5.50% due 11/01/2016 - 05/01/2018 *** 44,664,827 46,335,803
6.00% TBA ** 7,000,000 7,177,818
6.00% due 03/01/2013 - 12/01/2033 *** 93,311,660 96,454,461
FRN 6.00% due 11/01/2016 - 06/01/2017 *** 2,156,571 2,264,664
6.50% due 05/01/2032 - 12/25/2042 *** 4,456,615 4,698,467
-----------------
214,328,005
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.83%
FRN 3.50% due 01/20/2032 - 02/20/2032 *** 7,427,827 7,362,361
FRN 4.375% due 02/20/2024 *** 692,304 703,971
FRN 4.50% due 05/20/2030 *** 1,510,877 1,514,493
FRN 5.00% due 10/20/2029 - 11/20/2029 *** 3,663,487 3,743,038
FRN 5.375% due 05/20/2023 *** 1,839,549 1,880,477
FRN 5.75% due 09/20/2021 *** 259,029 264,696
-----------------
15,469,036
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $260,232,956) $ 262,685,856
-----------------
FOREIGN GOVERNMENT OBLIGATIONS - 2.91%
FEDERAL REPUBLIC OF BRAZIL - 0.96%
FRN 2.00% due 04/15/2006 (a) *** 2,096,000 2,074,411
Series 15 yrs, FRN 2.0625% due 04/15/2009 537,076 509,551
Series RG, FRN 2.0625% due 04/15/2009 *** 129,416 122,557
FRN 8.00% due 04/15/2014 (a) *** 2,647,532 2,606,495
11.00% due 01/11/2012 - 08/17/2040 *** 10,320,000 11,659,200
11.50% due 03/12/2008 *** 800,000 928,000
-----------------
17,900,214
GOVERNMENT OF MEXICO - 1.01%
6.375% due 01/16/2013 *** 2,420,000 2,510,750
8.00% due 09/24/2022 *** 1,800,000 1,969,200
8.30% due 08/15/2031 *** 12,300,000 13,868,250
9.875% due 02/01/2010 *** 200,000 252,830
11.375% due 09/15/2016 *** 100,000 141,750
-----------------
18,742,780
REPUBLIC OF PANAMA - 0.25%
8.25% due 04/22/2008 *** 700,000 770,000
8.875% due 09/30/2027 *** 2,200,000 2,310,000
9.375% due 07/23/2012 *** 1,400,000 1,583,050
-----------------
4,663,050
REPUBLIC OF PERU - 0.64%
9.125% due 02/21/2012 (a)*** 10,600,000 11,819,000
-----------------
REPUBLIC OF POLAND - 0.02%
FRN 4.50% due 10/27/2024 *** 500,000 461,250
-----------------
REPUBLIC OF SOUTH AFRICA - 0.03%
9.125% due 05/19/2009 *** 500,000 601,250
-----------------
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $47,169,247) $ 54,187,544
-----------------
CORPORATE BONDS - 7.03%
AIR TRAVEL - 0.02%
American Airlines, Series 2001-2, Class A-1, 6.978% due
04/01/2011 *** 361,938 365,828
-----------------
AUTOMOBILES - 0.72%
DaimlerChrysler North America Holding,
4.75% due 01/15/2008 (a) *** 11,500,000 11,766,075
General Motors Corp.,
7.125% due 07/15/2013 (a) *** 1,300,000 1,425,671
8.375% due 07/05/2033 *** 100,000 147,717
-----------------
13,339,463
BANKING - 0.32%
Royal Bank of Scotland Group PLC, FRN
7.648% due 08/31/2049 (a) *** 5,000,000 5,966,035
-----------------
DOMESTIC OIL - 0.20%
Kerr Mcgee Corp.,
FRN 1.85% due 06/28/2004 *** $ 450,000 $ 449,224
Pemex Project Funding Master Trust,
FRN 2.779% due 01/07/2005 *** 2,100,000 2,110,137
7.375% due 12/15/2014 *** 600,000 640,500
8.625% due 02/01/2022 *** 500,000 553,750
-----------------
3,753,611
The accompanying notes are an integral part of the financial statements.
221
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
ELECTRIC UTILITIES - 0.87%
AEP Texas Central Company, Series A,
FRN 2.38% due 02/15/2005 *** $ 900,000 $ 900,893
Gulf States Utilities Company,
8.25% due 04/01/2004 *** 6,850,000 6,957,572
LG&E Capital Corp.,
6.205% due 05/01/2004 6,000,000 6,072,828
Pacific Gas & Electric Company,
FRN 7.958% due 10/31/2049 300,000 301,875
TXU Energy Company LLC,
7.00% due 03/15/2013 *** 1,700,000 1,880,193
-----------------
16,113,361
FINANCIAL SERVICES - 1.57%
Atlas Reinsurance PLC, Series A,
FRN 4.877% due 01/07/2005 1,250,000 1,258,288
CIT Group, Inc.,
5.50% due 02/15/2004 *** 1,460,000 1,466,840
Gemstone Investors, Ltd.,
7.71% due 10/31/2004 *** 1,300,000 1,313,000
General Motors Acceptance Corp.,
MTN, FRN 1.520% due 07/21/2004 *** 4,700,000 4,700,649
FRN 1.529% due 04/05/2004 *** 2,000,000 2,000,118
MTN, FRN 1.969% due 05/04/2004 *** 3,500,000 3,505,855
FRN 1.981% due 05/10/2004 *** 1,600,000 1,602,254
MTN, FRN 1.99% due 05/17/2004 *** 3,000,000 3,004,563
FRN 2.049% due 01/20/2004 *** 2,700,000 2,700,678
8.00% due 11/01/2031 *** 1,000,000 1,122,967
National Rural Utilities Cooperative,
MTN, FRN 2.160% due
04/26/2004 *** 1,000,000 1,002,967
Phoenix Quake Wind, Ltd.,
FRN 3.600% due 07/03/2008 800,000 808,272
Phoenix Quake, Ltd.,
FRN 3.466% due 07/03/2008 800,000 809,944
Premium Asset Trust, Series 2000-10,
FRN 1.605% due 11/27/2004 500,000 501,131
Qwest Capital Funding, Inc., 7.25%
due 02/15/2011 (a) *** 113,000 111,305
Trinom, Ltd., Series A2,
FRN 5.06% due 12/18/2004 1,000,000 1,006,210
UFJ Finance Aruba AEC,
6.75% due 07/15/2013 *** 1,800,000 1,919,698
Vita Capital, Ltd. 2003-1,
FRN 2.56% due 01/01/2007 400,000 400,800
-----------------
29,235,539
GAS & PIPELINE UTILITIES - 0.77%
El Paso Corp., MTN,
7.75% due 01/15/2032 (a) *** 16,500,000 14,066,250
Williams Companies, Inc.,
7.625% due 07/15/2019 *** 200,000 209,250
-----------------
14,275,500
INSURANCE - 0.40%
Residential Reinsurance Ltd., Series
2003, FRN 6.23% due 12/08/2007 7,300,000 7,461,330
-----------------
SANITARY SERVICES - 0.22%
Waste Management, Inc.,
6.50% due 05/15/2004 *** 4,000,000 4,067,292
-----------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.59%
Deutsche Telekom International
Finance BV, FRN 8.75% due 06/15/2030 *** 3,300,000 4,215,512
Qwest Corp.,
7.125% due 11/15/2043 *** 2,111,000 2,047,670
7.25% due 09/15/2025 *** 2,700,000 2,700,000
US West Communications, Inc.,
7.20% due 11/01/2004 (a) *** 2,000,000 2,045,000
-----------------
11,008,182
TELEPHONE - 1.14%
AT&T Corp.,
FRN 7.80% due 11/15/2011 *** 3,900,000 4,488,822
France Telecom SA,
FRN 10.00% due 03/01/2031 (a) *** 900,000 1,195,807
Sprint Capital Corp.,
6.00% due 01/15/2007 (a) *** 100,000 106,805
6.125% due 11/15/2008 *** 1,600,000 1,705,402
6.90% due 05/01/2019 *** 1,100,000 1,123,693
7.625% due 01/30/2011 *** 10,900,000 12,218,213
8.375% due 03/15/2012 (a) *** 300,000 350,340
-----------------
21,189,082
TOBACCO - 0.21%
Philip Morris Companies, Inc.,
7.75% due 01/15/2027 *** 3,600,000 3,884,285
-----------------
TOTAL CORPORATE BONDS
(Cost: $127,282,937) $ 130,659,508
-----------------
MUNICIPAL BONDS - 2.84%
CALIFORNIA - 0.46%
California State Revenue
Anticipartion Warrants, Series A,
2.00% due 06/16/2004 *** 1,100,000 1,102,233
Golden State Tobacco Securitization
Corp. California, Series 2003-A-1,
6.25% due 06/01/2033 *** 3,100,000 2,963,600
Golden State Tobacco Securitization
Corp., California, Series 2003-A-1,
6.75% due 06/01/2039 *** 3,635,000 3,581,965
Orange County California Sanitation
District, Certificate Participation,
5.00% due 02/01/2033 *** 900,000 920,601
-----------------
8,568,399
MICHIGAN - 0.06%
Michigan State Building Authority
Revenue, Series I, 5.25% due
10/15/2012 *** 900,000 1,026,198
-----------------
MINNESOTA - 0.11%
Northstar Guarantee, Inc., Division B,
Minnesota Student Loan Revenue,
Auction Rate Certificate, Series A-3,
1.21% due 04/01/2042 *** 2,000,000 2,000,000
-----------------
MISSOURI - 0.18%
Missouri Higher Education Loan Authority,
Student Loan Revenue, Auction Rate
Certificates Taxable, Series BB, 1.21%
due 02/15/2028 *** 3,400,000 3,400,000
-----------------
NEW YORK - 0.53%
Metropolitan Transportation
Authority New York, Series A,
5.00% due 11/15/2031 *** 1,400,000 1,432,844
The accompanying notes are an integral part of the financial statements.
222
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
NEW YORK - CONTINUED
New York City Municipal Water
Finance Authority, Series E,
5.00% due 06/15/2034 *** $ 7,300,000 $ 7,445,927
New York State Environmental Facilities
Corp., Residuals-Series 658, FRN
8.97% due 06/15/2023 *** 850,000 945,030
-----------------
9,823,801
NORTH CAROLINA - 0.13%
North Carolina State Educations
Assistance Authority Revenue,
FRN 1.28% due 06/01/2009 *** 715,504 715,776
North Carolina State Residuals-
Series 653, FRN 8.74% due
03/01/2018 *** 1,400,000 1,797,768
-----------------
2,513,544
TEXAS - 0.21%
Brazos Texas Higher Education
Authority, Inc. Student Loan Revenue,
Taxable Senior Series A-13,
1.23% due 12/01/2039 *** 1,300,000 1,300,000
Midland Texas Independent School
District, 5.00% due 02/15/2028 *** 2,300,000 2,357,270
University of Texas University
Revenues, Series B, 5.00% due
08/15/2033 *** 300,000 306,039
-----------------
3,963,309
WASHINGTON - 0.40%
Energy Northwest Washington
Electric Revenue, Series A, 5.50%
due 07/01/2015 *** 1,100,000 1,248,302
King County Washington Sewer
Revenue, Series A, 5.00%
due 01/01/2035 *** 6,000,000 6,133,440
-----------------
7,381,742
WISCONSIN - 0.76%
Badger Tobacco Asset Securitization
Corp., 6.00% due 06/01/2017 *** 2,900,000 2,763,091
Wisconsin State General Fund Annual
Appropriation Revenue, Auction Rate
Certificaticates Series B-5, 1.20% due
05/01/2032 *** 4,800,000 4,800,000
Wisconsin State Clean Water
Revenue, Residual-Series 645,
FRN 8.93% due 06/01/2023 *** 5,910,000 6,655,192
-----------------
14,218,283
TOTAL MUNICIPAL BONDS
(Cost: $51,136,008) $ 52,895,276
-----------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 4.05%
ABN AMRO Mortgage Corp., Series
1999-4, Class IA4, 6.50% due
06/25/2029 *** 1,455,829 1,463,892
Aurora Loan Services, Series 2000-2,
Class 2A1, FRN 1.735% due
05/25/2030 *** 245,819 245,673
Bank of America Mortgage Securities, Series
2002-K, Class 2A1, FRN 5.768% due
10/20/2032 *** 1,646,884 1,703,777
Bear Stearns Arm Trust, Series
2002-11, Class 1A2, FRN 5.368%
due 02/25/2033 *** 6,346,823 6,438,119
Bear Stearns Arm Trust,
Series 2002-8, Class 3A, FRN
6.132% due 08/25/2032 *** 174,822 176,015
Series 2002-9, Class 2A, FRN 5.372% due 10/25/2032 *** 472,688 480,197
Series 2003-8, Class 2A1, 4.948% due 01/25/2034 *** 9,190,447 9,352,646
Cendant Mortgage Corp., Series
1999-A, Class A2, FRN 1.685%
due 08/25/2030 *** 177,460 177,555
Countrywide Home Loans, Series
2002-7, Class 1A1, FRN 5.460%
due 05/19/2032 *** 1,652,827 1,700,545
First Nationwide Trust, Series 2001-
3, Class 1A1, 6.75% due
08/21/2031 *** 330,775 340,412
GMAC Commercial Mortgage Security,
Inc., Series 99 C2, Class A, FRN 6.57%
due 09/15/2033 *** 2,980,197 3,195,040
GSR Mortgage Loan Trust, Series
2002-5, Class A2, FRN 5.358%
due 01/25/2032 *** 1,566,229 1,569,379
Indymac Arm Trust, Series 2001-H2,
Class A2, FRN 6.527% due
01/25/2032 *** 229,664 237,296
Residential Funding Mortgage
Securities I, Series 2002-SA2,
Class A1, FRN 5.64% due
09/25/2032 *** 774,960 794,532
Small Business Administration,
Series 2000-P10B, Class 1, FRN
7.45% due 08/01/2010 *** 691,289 751,193
Series 2001-P10B, Class 1, FRN
6.34% due 08/01/2011 *** 5,395,994 5,665,131
Series 2003-20I, Class 1, 5.13%
due 09/01/2023 *** 400,000 404,692
Structured Asset Securities Corp.,
Series 2001-15A, Class 2A1,
6.50% due 10/25/2031 *** 305,504 317,194
Series 2001-21A, Class 1A1, FRN
6.25% due 01/25/2032 *** 875,236 904,181
Series 2002-1A, Class 4A, FRN
6.14% due 02/25/2032 *** 306,473 315,758
Washington Mutual Mortgage
Securities Corp.,
Series 2002-AR9, Class 1A,
2.702% due 08/25/2042 *** 19,487,834 19,561,593
Series 2002-S5, Class 1A1, FRN
5.207% due 10/25/2032 *** 2,408,813 2,466,353
Series 2003-AR1, Class 2A, FRN
5.459% due 02/25/2033 *** 15,725,178 16,016,292
Wells Fargo Mortgage Backed
Securities Trust,
Series 2001-34, Class 2A, FRN
6.03% due 01/25/2032 *** 504,447 511,141
Series 2002-E, Class 2A1, FRN
5.108% due 09/25/2032 *** 501,491 509,915
-----------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost: $74,598,081) $ 75,298,521
-----------------
The accompanying notes are an integral part of the financial statements.
223
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
ASSET BACKED SECURITIES - 1.30%
Ameriquest Mortgage Securities,
Inc., Series 2000-1, Class A, FRN
1.63% due 05/15/2030 *** $ 76,334 $ 76,404
Bayview Financial Acquisition Trust,
Series 2001-AA, Class A, FRN
1.435% due 04/25/2031 *** 436,374 436,752
Series 2001-BA, Class A, FRN
1.315% due 07/25/2031 *** 710,170 708,472
Brazos Student Finance Corp., Series
1998-A, Class A2, FRN 2.08% due
06/01/2023 *** 2,618,367 2,643,645
Credit Suisse First Boston Mortgage
Securities Corp., Series 2002-P3A,
Class A1, FRN 2.202% due
08/25/2033 6,825,752 6,825,752
EMC Mortgage Loan Trust, Series
2001-A Class A, FRN 1.405% due
05/25/2040 7,156,721 7,154,364
FHA 220 NP Reilly 60,
7.43% due 12/01/2023 *** 4,995,289 5,068,754
Green Tree Financial Corp., Series
1999-5, Class A3, FRN 6.97% due
04/01/2031 *** 788,445 793,724
Irwin Low Balance Home Loan
Trust, Series 2000-LB1, Class A,
FRN 1.41% due 06/25/2021 *** 450,689 450,927
-----------------
TOTAL ASSET BACKED SECURITIES
(Cost: $24,072,616) $ 24,158,794
-----------------
SHORT TERM INVESTMENTS - 55.73%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 334,433,933 $ 334,433,933
Citibank New York N.A.,
1.085% due 03/18/2004 *** 23,600,000 23,600,000
1.095% due 02/19/2004 *** 6,300,000 6,300,000
European Investment Bank
1.06% due 02/05/2004 *** 4,600,000 4,595,259
Royal Bank of Scotland PLC
1.075% due 02/03/2004 *** 20,000,000 19,980,292
Federal Home Loan Bank Discount Note,
1.04% due 03/12/2004 *** 1,600,000 1,596,718
1.05% due 01/14/2004 *** 146,000,000 145,959,120
1.075% due 03/12/2004 *** 1,500,000 1,496,820
Federal Home Loan Mortgage
Discount Notes, Series RB,
1.07% due 01/29/2004 *** 36,400,000 36,372,991
1.08% due 01/22/2004 *** 42,400,000 42,376,680
Federal National Mortgage
Association Discount Notes,
1.06% due 03/10/2004 (a) *** 14,600,000 14,570,337
1.078% due 02/25/2004 *** 50,000,000 49,917,691
1.08% due 02/19/2004 -
03/17/2004 (a) *** 71,500,000 71,377,156
Danske Corp., Series A,
1.08% due 02/13/2004 *** 4,600,000 4,594,066
1.09% due 03/03/2004 *** 25,400,000 25,352,318
General Electric Capital Corp.,
1.09% due 04/12/2004 *** 10,300,000 10,268,190
1.12% due 03/04/2004 *** 13,100,000 13,074,324
HBOS Treasury Services PLC,
1.10% due 02/25/2004 *** 20,000,000 19,966,389
1.105% due 01/23/2004 *** 900,000 899,392
Westpac Trust Securities NZ, Ltd.,
1.075% due 02/05/2004 *** 2,000,000 1,997,910
United States Treasury Bills,
0.83% due 03/04/2004 -
03/11/2004 ***, **** 3,770,000 3,763,986
0.84% due 03/18/2004 ***, **** 9,040,000 9,023,529
0.87% due 04/29/2004 (a) *** 47,700,000 47,556,471
0.88% due 06/03/2004 (a) *** 73,900,000 73,602,553
0.89% due 06/17/2004 (a) *** 74,200,000 73,869,587
-----------------
$ 1,036,545,712
REPURCHASE AGREEMENTS - 2.82% ***
Repurchase Agreement with State Street Corp.,
dated 12/31/2003 at 0.40%, to be repurchased at $52,501,000
on 01/02/2004, collateralized by $6,450,000 U.S. Treasury
Bonds, 6.50% due 11/15/2026 (valued at $7,651,313, including
interest), $21,890,000 U.S. Treasury Bonds, 6.25% due
08/15/2023 (valued at $25,501,850, including interest), and
$18,610,000 U.S. Treasury Notes, 7.50% due 11/15/2016
(valued at $5,095,238, including interest). $ 52,501,000 $ 52,501,000
-----------------
TOTAL INVESTMENTS (TOTAL RETURN TRUST)
(Cost: $1,840,755,359) $ 1,860,017,911
=================
REAL RETURN BOND TRUST
U.S. TREASURY OBLIGATIONS - 49.41%
U.S. TREASURY BONDS - 13.05%
3.375% due 04/15/2032 ** 14,563,500 17,997,864
3.625% due 04/15/2028 ** 5,708,100 7,072,690
3.875% due 04/15/2029 ** 39,424,589 51,078,680
-----------------
76,149,234
U.S. TREASURY NOTES - 36.36%
3.00% due 07/15/2012 ** 12,323,400 13,434,429
3.375% due 01/15/2007 - 01/15/2012 ** 59,385,740 65,036,854
3.50% due 01/15/2011 ** 62,593,100 70,338,996
3.625% due 01/15/2008 ** 37,719,990 41,715,970
3.875% due 01/15/2009 ** 14,637,740 16,529,214
4.25% due 01/15/2010 ** 4,390,440 5,104,043
-----------------
212,159,506
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $284,982,889) $ 288,308,740
-----------------
The accompanying notes are an integral part of the financial statements.
224
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
CORPORATE BONDS - 1.57%
ELECTRIC UTILITIES - 0.21%
Entergy Gulf States,
FRN 2.070% due 06/18/2007 *** $ 1,200,000 $ 1,202,703
-----------------
FINANCIAL SERVICES - 1.14%
Phoenix Quake Wind, Ltd.,
FRN 3.600% due 07/03/2008 1,500,000 1,515,510
Pylon Ltd., Class A Catastrophe
Bond, 3.65% due 12/29/2008 600,000 755,970
Pylon Ltd., Class B Catastrophe
Bond, 6.05% due 12/29/2008 1,000,000 1,259,951
Verizon Wireless Capital LLC,
FRN 1.240% due 05/23/2005 *** 2,500,000 2,497,000
Vita Capital, Ltd. 2003-1,
FRN 2.56% due 01/01/2007 600,000 601,200
-----------------
6,629,631
INSURANCE - 0.05%
Residential Reinsurance Ltd., Series
2003, FRN 6.12% due 12/08/2007 300,000 306,630
-----------------
METAL & METAL PRODUCTS - 0.17%
Alcan Aluminum Corp.,
FRN 1.430% due 12/08/2004 *** 1,000,000 997,384
-----------------
TOTAL CORPORATE BONDS
(Cost: $9,039,813) $ 9,136,348
-----------------
MUNICIPAL BONDS - 1.64%
ARIZONA - 0.20%
Arizona Educational Loan Marketing
Corp., Series E-2, 1.15% due
12/01/2037 *** 1,200,000 1,200,000
MISSOURI - 0.86%
Missouri High Education Student
Loan, FRN 1.190% due
06/01/2031 *** 5,000,000 5,000,000
-----------------
PENNSYLVANIA - 0.12%
Pennsylvania State High Education, Series
J-3, 1.19% due 12/01/2040 *** 700,000 700,000
-----------------
TEXAS - 0.46%
Brazos Texas Higher Education
Authority Inc., Series A-12, 1.24%
due 12/01/2039 *** 2,000,000 2,000,000
Panhandle Plains Texas High
Education Loan, Series A-3, FRN
1.180% due 04/01/2031 *** 700,000 700,000
-----------------
2,700,000
TOTAL MUNICIPAL BONDS
(Cost: $9,599,964) $ 9,600,000
-----------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.75%
Bear Stearns Adjustable Rate
Mortgage Trust, Series 2003-8,
Class 1A1, FRN 4.391% due
01/25/2034 *** 9,997,220 10,184,273
-----------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost: $10,147,178) $ 10,184,273
-----------------
ASSET BACKED SECURITIES - 0.99%
Asset Backed Securities Corp Home
Equity, Series 2003-HE1, Class A2,
FRN 1.662% due 01/15/2033 *** 3,389,003 3,399,744
Federated Student Finance Corp.,
Series 2002-A, Class A1, 1.13%
due 06/01/2038 *** 600,000 599,672
Redwood Capital III Ltd., Series
2003, Class NOTE, FRN due
01/01/2006 900,000 900,000
Redwood Capital IV Ltd, Series
2003, Class NOTE, FRN due
01/01/2006 900,000 900,000
-----------------
5,799,416
TOTAL ASSET BACKED SECURITIES
(Cost: $5,793,769) $ 5,799,416
-----------------
SHORT TERM INVESTMENTS - 42.45%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 18,972,000 $ 18,972,000
ANZ (Delaware) Inc.
1.08% due 02/26/2004 *** 7,000,000 6,988,240
Bank Of America NA
1.10% due 03/15/2004 *** 4,900,000 4,900,000
Citibank NA,
1.085% due 03/18/2004 *** 300,000 300,000
1.09% due 01/30/2004 -
02/19/2004 *** 4,900,000 4,900,000
Federal Home Loan Bank Discount Note,
0.75% due 01/02/2004 *** 48,000,000 47,999,000
1.04% due 03/12/2004 *** 1,200,000 1,197,539
Federal Home Loan Mortgage
Discount Notes, Series RB,
1.06% due 01/15/2004 *** 2,800,000 2,798,998
1.07% due 01/29/2004 *** 17,000,000 16,987,386
1.08% due 01/22/2004 (a) *** 18,600,000 18,589,770
Federal National Mortgage
Association Discount Notes,
zero coupon due 02/04/2004 *** 20,000,000 19,981,111
1.05% due 03/24/2004 *** 25,700,000 25,641,456
1.07% due 02/11/2004 *** 9,700,000 9,689,223
1.075% due 04/05/2004 *** 6,400,000 6,381,844
BP Capital Markets PLC Yrs 1&2,
1.04% due 03/23/2004 *** 8,000,000 7,981,049
CBA (Delaware) Finance, Inc.
1.08% due 03/09/2004 *** 4,000,000 3,991,840
Danske Corp., Series A
1.08% due 03/03/2004 *** 6,300,000 6,288,282
General Electric Capital Corp.,
1.09% due 04/12/2004 *** 6,100,000 6,081,161
The accompanying notes are an integral part of the financial statements.
225
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - CONTINUED
HBOS Treasury Services PLC
1.11% due 04/07/2004 *** $ 7,000,000 $ 6,979,064
KFW International Finance 4/2, Inc.,
1.07% due 02/24/2004 *** 7,100,000 7,088,702
National Australia Funding
Delaware Inc.,
1.06% due 01/15/2004 *** 2,500,000 2,498,969
1.075% due 02/10/2004 *** 5,000,000 4,994,028
Shell Finance (UK) PLC
1.06% due 03/18/2004 *** 8,000,000 7,981,863
Westpac Capital Corp.
1.07% due 03/18/2004 *** 8,000,000 7,981,691
United States Treasury Bills,
0.83% due 03/11/2004 **** 500,000 499,185
0.84% due 03/18/2004 **** 5,000 4,991
-----------------
$ 247,697,392
REPURCHASE AGREEMENTS - 2.19% ***
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at
0.40%, to be repurchased at
$12,785,284 on 01/02/2004,
collateralized by $12,250,000 U.S.
Treasury Notes, 4.625% due
05/15/2006 (valued at
$13,045,111, including interest). $ 12,785,000 $ 12,785,000
-----------------
PUT OPTIONS - 0.00%
NUMBER OF EXPIRATION MONTH/
CONTRACTS STRIKE PRICE VALUE
- --------- ------------ -----
23,000,000 U.S. Treasury Inflation February 2004/
Protected $100.00 $ 23
20,000,000 U.S. Treasury Inflation February 2004/
Protected $ 90.00 20
-------------
TOTAL OPTIONS
(Cost: $6,719) $ 43
-------------
TOTAL INVESTMENTS (REAL RETURN BOND
TRUST) (Cost: $580,052,724) $ 583,511,212
=============
U.S. GOVERNMENT SECURITIES TRUST
PRINCIPAL
AMOUNT VALUE
------ -----
U.S. TREASURY OBLIGATIONS - 5.94%
U.S. TREASURY BONDS - 0.05%
6.625% due 02/15/2027 **** $ 500,000 $ 597,207
-----------------
U.S. TREASURY NOTES - 5.89%
3.25% due 08/15/2007 *** 6,000,000 6,120,234
3.375% due 11/15/2008 *** 19,600,000 19,755,428
4.25% due 08/15/2013 *** 10,000,000 10,012,500
4.375% due 05/15/2007 *** **** 9,500,000 10,059,977
5.875% due 11/15/2004 *** 16,000,000 16,641,248
6.50% due 02/15/2010 *** 500,000 581,016
6.75% due 05/15/2005 *** 10,500,000 11,256,325
-----------------
74,426,728
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $73,672,164) $ 75,023,935
-----------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 49.61%
FEDERAL HOME LOAN BANK - 0.73%
5.80% due 09/02/2008 *** 8,350,000 9,195,321
-----------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 12.97%
4.50% due 04/15/2032 *** 10,342,637 10,217,299
5.00% TBA ** 50,000,000 49,343,750
5.50% TBA ** 5,000,000 5,059,375
5.50% due 01/15/2023 *** 31,000,000 3,424,998
6.00% TBA ** 56,800,000 58,681,500
6.00% due 10/01/2010 - 12/01/2028 *** 5,061,075 5,243,853
6.50% TBA ** 15,000,000 15,707,820
6.50% due 07/01/2006 - 12/01/2010 559,818 594,733
7.00% due 12/01/2004 - 06/01/2032 10,415,856 11,053,504
7.50% due 05/01/2007 230,904 245,102
8.00% due 09/01/2031 *** 3,533,648 3,809,856
8.25% due 07/01/2006 8,873 9,209
9.00% due 10/01/2017 122,523 132,937
9.50% due 08/01/2020 246,936 268,884
10.00% due 05/01/2005 3,924 4,008
11.75% due 10/01/2009 - 12/01/2013 35,233 39,592
12.00% due 07/01/2020 94,486 106,967
-----------------
163,943,387
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 35.49%
5.00% TBA ** 20,000,000 19,787,500
5.50% TBA ** 72,000,000 73,315,606
5.50% due 04/01/2018 - 05/01/2018 *** 13,999,791 14,524,283
6.00% TBA ** 138,000,000 142,914,444
6.50% TBA ** 79,000,000 82,604,375
6.50% due 10/01/2005 - 06/01/2029 3,486,053 3,653,570
FRN 6.527% due 05/25/2030 *** 9,500,000 10,343,915
7.00% TBA ** 76,000,000 80,465,000
7.00% due 07/01/2022 - 01/01/2030 3,787,051 4,015,615
REMIC FRN 7.2456% due 12/28/2028 925,326 1,028,427
FRN 7.376% due 01/17/2013 *** 1,539,250 1,631,349
7.50% due 09/01/2029 - 02/01/2031 2,029,335 2,168,793
8.00% TBA ** 6,000,000 6,470,628
8.00% due 10/01/2024 - 02/01/2031 707,118 764,708
8.25% due 09/01/2008 27,092 29,031
8.50% due 02/01/2009 - 08/01/2019 2,055,945 2,256,780
8.75% due 08/01/2009 - 10/01/2011 333,992 361,249
9.00% due 05/01/2021 93,840 104,733
10.00% due 04/01/2016 590 659
11.50% due 09/15/2013 - 09/01/2019 269,564 306,711
11.75% due 12/01/2015 50,642 57,868
12.00% due 01/01/2013 - 04/01/2016 791,088 905,154
12.50% due 01/01/2013 - 09/01/2015 474,225 542,886
13.50% due 11/01/2014 169,196 196,312
-----------------
448,449,596
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 0.42%
7.50% due 02/15/2007 - 12/15/2027 2,602,031 2,796,760
8.00% due 10/15/2005 1,061 1,105
8.50% due 06/15/2025 *** 1,703,893 1,876,765
FRN 9.00% due 12/20/2019 489,384 543,889
9.50% due 09/15/2020 24,589 27,521
11.00% due 09/15/2015 4,854 5,501
-----------------
5,251,541
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost: $618,707,872) $ 626,839,845
-----------------
The accompanying notes are an integral part of the financial statements.
226
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
ASSET BACKED SECURITIES - 1.42%
Commodore CDO I Ltd.,
1.70% due 02/24/2034 *** $ 6,000,000 $ 5,910,000
Wings 2003 1 Ltd,
1.68% due 11/15/2035 *** 12,353,868 12,106,791
-----------------
TOTAL ASSET BACKED SECURITIES
(Cost: $18,049,665) $ 18,016,791
-----------------
SHORT TERM INVESTMENTS - 35.22%
DaimlerChrysler AG,
1.35% due 01/14/2004 $ 12,400,000 $ 12,393,955
Federal Farm Credit Bank Discount Notes,
zero coupon, due 01/05/2004 -
01/06/2004 40,000,000 39,995,178
Federal Home Loan Bank
Consolidated Discount Note,
1.01% due 01/13/2004 *** 150,000,000 149,949,500
Amsterdam Funding Corp.,
1.09% due 01/13/2004 *** 37,000,000 36,986,557
Bryant Park Funding LLC,
1.10% due 01/13/2004 23,985,000 23,976,205
Clipper Receivables Discount,
1.08% due 01/14/2004 24,800,000 24,790,328
Four Winds Funding Corp.,
1.22% due 01/14/2004 *** 12,400,000 12,394,537
General Motors Acceptance Corp.,
1.37% due 01/14/2004 *** 12,400,000 12,393,865
Jupiter Section,
1.09% due 01/13/2004 *** 37,000,000 36,986,557
Market Street Funding Corp.,
1.09% due 01/14/2004 *** 25,031,000 25,021,148
Variable Funding Capital Corp.,
1.08% due 01/14/2004 *** 24,800,000 24,790,328
Victory Receivable Corp., ***
1.11% due 01/13/2004 3,311,000 3,309,775
United States Treasury Bills,
0.89% due 01/02/2004 42,000,000 41,998,961
-----------------
$ 444,986,894
REPURCHASE AGREEMENTS - 7.81%
UBS Tri-Party Repurchase
Agreement, dated 12/31/2003 at
0.83%, to be repurchased at
$98,645,548 on 01/02/2004,
collateralized by $27,294,000 U.S.
Treasury Bonds, 8.50% due
02/15/2020 (valued at
$38,927,522, including interest)
and $50,000,000 U.S. Treasury
Bonds, 6.75% due 08/15/2026
(valued at $61,686,500, including
interest). *** $ 98,641,000 $ 98,641,000
-----------------
TOTAL INVESTMENTS (U.S. GOVERNMENT
SECURITIES TRUST) (Cost: $1,254,057,595) $ 1,263,508,465
=================
MONEY MARKET TRUST
PRINCIPAL
AMOUNT VALUE
------ -----
U.S. TREASURY OBLIGATIONS - 12.18%
U.S. TREASURY BILLS - 12.18%
0.895% due 04/01/2004 $ 30,000,000 $ 29,932,129
0.90% due 01/02/2004 - 02/19/2004 75,400,000 75,317,214
0.95% due 01/22/2004 4,075,000 4,072,742
0.96% due 03/04/2004 30,000,000 29,949,600
1.005% due 04/29/2004 9,700,000 9,667,776
-----------------
148,939,461
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $148,939,461) $ 148,939,461
-----------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 50.14%
FEDERAL HOME LOAN BANK - 38.26%
0.98% due 03/17/2004 50,000,000 49,896,556
1.02% due 02/20/2004 41,750,000 41,690,854
1.03% due 01/07/2004 - 03/12/2004 116,100,000 116,012,152
1.04% due 01/09/2004 26,000,000 25,993,991
1.05% due 01/23/2004 - 01/28/2004 72,600,000 72,547,349
1.06% due 01/09/2004 - 01/21/2004 98,500,000 98,458,189
1.07% due 03/03/2004 26,474,000 26,425,214
1.075% due 01/14/2004 37,000,000 36,985,637
-----------------
468,009,942
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 11.88%
1.02% due 02/02/2004 50,000,000 49,954,667
1.05% due 01/07/2004 - 03/24/2004 80,500,000 80,437,102
1.06% due 02/11/2004 15,000,000 14,981,891
-----------------
145,373,660
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $613,383,602) $ 613,383,602
-----------------
FOREIGN GOVERNMENT OBLIGATIONS - 6.01%
GOVERNMENT OF CANADA - 6.01%
1.02% due 02/11/2004 $ 43,600,000 $ 43,549,351
1.04% due 02/23/2004 30,000,000 29,954,067
-----------------
73,503,418
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $73,503,418) $ 73,503,418
-----------------
SUPRANATIONAL OBLIGATIONS - 2.21%
BANKING - 2.21%
International Bank For
Reconstruction & Development,
1.02% due 01/15/2004 27,000,000 26,989,290
-----------------
TOTAL SUPRANATIONAL OBLIGATIONS $ 26,989,290
(Cost: $26,989,290)
COMMERCIAL PAPER - 29.41%
AGRICULTURE - 2.45%
Cargill, Inc.,
1.04% due 01/27/2004 30,000,000 29,977,467
-----------------
AUTOMOBILES - 3.64%
Toyota Motor Credit Corp.,
1.05% due 01/23/2004 14,600,000 14,590,632
The accompanying notes are an integral part of the financial statements.
227
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------ -----
AUTOMOBILES - CONTINUED
Volkswagen Of America,
1.05% due 01/09/2004 $ 30,000,000 $ 29,993,000
-----------------
44,583,632
FINANCIAL SERVICES - 17.49%
Clipper Receivables Corp.,
1.09% due 01/12/2004 $ 30,000,000 $ 29,990,008
1.10% due 01/14/2004 15,000,000 14,994,042
Galleon Capital Corp.,
1.09% due 01/21/2004 20,000,000 19,987,889
1.10% due 01/21/2004 20,000,000 19,987,777
General Electric Capital Corp.,
1.06% due 01/28/2004 35,000,000 34,972,175
Royal Bank of Scotland PLC,
1.06% due 01/14/2004 30,000,000 29,988,517
State Street Corp.,
1.05% due 01/21/2004 24,000,000 23,986,000
UBS Finance, Inc.,
1.055% due 01/09/2004 40,000,000 39,990,622
-----------------
213,897,030
PHARMACEUTICALS - 2.07%
Pfizer Inc., Discount Commercial
Paper, 1.02% due 01/20/2004 25,300,000 25,286,380
-----------------
STEEL - 3.76%
Unilever Capital Corporation Discount
Commercial Pennsylvania, 0.97% due
01/05/2004 46,010,000 46,005,041
-----------------
TOTAL COMMERCIAL PAPER
(Cost: $359,749,550) $ 359,749,550
-----------------
REPURCHASE AGREEMENTS - 0.05%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at
0.70%, to be repurchased at
$660,026 on 01/02/2004,
collateralized by $475,000 U.S.
Treasury Bonds, 8.50% due
2/15/2020 (valued at $678,359,
including interest). $ 660,000 $ 660,000
-----------------
TOTAL INVESTMENTS (MONEY MARKET
TRUST) (Cost: $1,223,225,321) $ 1,223,225,321
=================
SMALL CAP INDEX TRUST
SHARES VALUE
------ -----
COMMON STOCK - 76.07%
ADVERTISING - 0.17%
aQuantive, Inc. * 7,593 $ 77,829
FindWhat.com * (a) 2,371 44,456
Grey Global Group, Inc. 162 110,654
ValueClick, Inc. * 12,465 113,182
-----------------
346,121
AEROSPACE - 0.70%
AAR Corp. * 5,989 89,536
Aviall Inc. * 5,789 89,787
Curtiss Wright Corp. 2,746 123,597
DRS Technologies, Inc. * 4,242 117,843
EDO Corp. * 2,844 70,105
Esterline Technologies Corp. * 3,650 97,345
GenCorp, Inc. 6,015 64,782
Heico Corp. * (a) 2,793 50,833
Herley Industries, Inc. * 2,137 44,236
Integral Systems, Inc. * 2,292 49,324
Moog, Inc., Class A * 2,629 129,873
Mtc Technologies, Inc. * 1,196 38,535
Orbital Sciences Corp., Class A * (a) 8,387 100,812
Sequa Corp., Class A * 727 35,623
Teledyne Technologies, Inc. * 5,830 109,895
Triumph Group, Inc. * 2,583 94,021
United Industrial Corp. 2,228 40,215
Woodward Governor Company 1,570 89,223
-----------------
1,435,585
AGRICULTURE - 0.11%
Delta & Pine Land Company 6,685 169,799
Tejon Ranch Company * 1,339 54,912
-----------------
224,711
AIR FREIGHT - 0.04%
ExpressJet Holdings, Inc. * 5,325 79,875
-----------------
AIR TRAVEL - 0.53%
Airtran Holdings, Inc. * (a) 13,482 160,436
Alaska Air Group, Inc. * 4,179 114,045
America West Holding Corp., Class B * (a) 5,476 67,902
Atlantic Coast Airlines Holdings, Inc. * 7,697 76,200
Continental Airlines, Inc., Class B * (a) 11,810 192,149
Frontier Airlines, Inc. * 6,385 91,050
Mesa Air Group, Inc. * (a) 5,100 63,852
Northwest Airlines Corp., Class A * (a) 11,156 140,789
SkyWest, Inc. * 10,292 186,491
-----------------
1,092,914
ALUMINUM - 0.02%
Century Aluminum Company 2,447 46,517
-----------------
APPAREL & TEXTILES - 0.98%
Angelica Corp. 2,258 49,676
Brown Shoe, Inc. * 3,206 121,604
Cherokee Inc. 1,620 36,839
G & K Services, Class A * 3,096 113,778
Goodys Family Clothing, Inc. 3,926 36,747
Interface, Inc., Class A * 9,587 53,016
K-Swiss, Inc., Class A 4,356 104,805
Kellwood Company 4,569 187,329
Maxwell Shoe, Inc. * 3,018 51,216
Movado Group, Inc. 1,614 45,563
Oakley, Inc. (a) 4,868 67,373
Oshkosh B'Gosh, Inc., Class A 1,877 40,281
Oxford Industries, Inc. * (a) 1,146 38,827
Phillips Van Heusen Corp. 4,805 85,241
Quiksilver, Inc. * 9,632 170,775
Russell Corp. * 4,931 86,588
Stage Stores, Inc. * (a) 2,848 79,459
Stride Rite Corp. 7,218 82,141
The Gymboree Corp. * 5,509 94,920
Unifi, Inc. * 9,096 58,669
Unifirst Corp. * 1,891 44,836
Vans, Inc. * (a) 3,815 43,529
Warnaco Group, Inc. * 6,459 103,021
Wellman, Inc. 6,297 64,292
Wolverine World Wide, Inc. 7,140 145,513
-----------------
2,006,038
The accompanying notes are an integral part of the financial statements.
228
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
AUTO PARTS - 0.52%
Aftermarket Technology Corp. * 2,845 $ 39,033
CSK Auto Corp. * 6,199 116,355
Federal Signal Corp. 8,406 147,273
Keystone Automotive Industries, Inc. * 2,161 54,803
Modine Manufacturing Company 4,121 111,185
Strattec Security Corp. * 682 41,541
Superior Industries International, Inc. 3,681 160,197
TBC Corp. * 2,992 77,224
Tower Automotive, Inc. * (a) 11,151 76,161
Visteon Corp. 23,522 244,864
-----------------
1,068,636
AUTO SERVICES - 0.20%
Copart, Inc. * 12,264 202,356
Dollar Thrifty Automotive Group, Inc. * 4,077 105,757
Lithia Motors, Inc., Class A 2,365 59,622
Midas, Inc. * (a) 2,882 41,213
-----------------
408,948
AUTOMOBILES - 0.25%
Dura Automotive Systems, Inc. * 3,520 44,950
Monaco Coach Corp. * 4,590 109,242
Monro Muffler Brake, Inc. * 2,039 40,800
Tenneco Automotive, Inc. * 8,181 54,731
Thor Industries, Inc. 3,116 175,182
United Auto Group, Inc. 2,980 93,274
-----------------
518,179
BANKING - 8.27%
1St Source Corp. 2,405 51,732
ABC Bancorp 2,767 44,189
Alabama National BanCorp 1,540 80,927
Allegiant Bancorp, Inc. 2,305 64,655
Amcore Financial, Inc. 3,880 104,838
American National Bankshares, Inc. (a) 1,568 41,521
Americanwest BanCorp * 2,116 48,245
Anchor BanCorp Wisconsin, Inc. 3,423 85,233
Arrow Financial Corp. 1,741 48,348
BancTrust Financial Group, Inc. 2,442 39,121
Bank Granite Corp. 2,590 56,410
Bank Mutual Corp. 6,295 71,700
Bank Of The Ozarks, Inc. (a) 1,822 41,013
Bankatlantic Bancorp, Inc., Class A 7,234 137,446
BankUnited Financial Corp., Class A * 4,895 126,242
Banner Corp. 2,065 51,935
Bay View Capital Corp. 11,819 25,293
Berkshire Hill Bancorp, Inc. 1,152 41,702
Boston Private Financial Holdings, Inc. (a) 3,465 86,071
Brookline Bancorp, Inc. 9,299 142,647
Bryn Mawr Bank Corp. (a) 1,878 45,992
BSB Bancorp Inc. 1,592 62,884
C + F Financial Corp. 886 35,174
Camco Financial Corp. 2,671 46,288
Camden National Corp. 1,675 50,853
Capital City Bank Group, Inc. (a) 1,460 67,145
Capital Corporation of The West * 1,071 42,454
Capitol Bancorp, Ltd. 1,776 50,438
Cascade Bancorp (a) 2,587 49,826
Cathay Bancorp, Inc. * 3,262 181,628
Cavalry BanCorp, Inc. (a) 2,155 37,863
CB Bancshares, Inc. 800 50,080
CCBT Financial Companies, Inc. * 2,037 71,193
Center Bancorp, Inc. (a) 2,048 40,264
Central Coast Bancorp * 2,387 43,300
Central Pacific Financial Corp. 2,361 70,924
Century Bancorp, Inc. 1,037 36,772
CFS Bancorp, Inc. 2,933 43,526
Chemical Financial Corp. 4,087 148,726
Chittenden Corp. 5,150 173,246
Citizens Banking Corp. 7,175 234,766
Citizens First Bancorp, Inc. 2,075 47,310
CityBank 1,609 52,293
CNB Financial Corp./PA 1,051 44,226
Coastal Bancorp, Inc. 1,129 46,413
Coastal Financial Corp. 2,546 44,911
CoBiz, Inc. 1,958 36,066
Columbia Bancorp 1,309 41,823
Columbia Bankcorp Oregon 2,308 39,813
Columbia Banking System, Inc. 2,749 59,543
Commercial Bankshares, Inc. * 1,078 36,178
Commercial Federal Corp. 7,272 194,235
Community Bank Systems, Inc. 1,608 78,792
Community Banks, Inc. * 1,491 58,611
Community First Bankshares, Inc. 5,796 167,736
Community Trust Bancorp, Inc. 2,392 72,244
Connecticut Bancshares, Inc. 1,690 87,103
Corus Bankshares, Inc. 1,808 57,060
CVB Financial Corp. 5,904 113,882
Digital Insight Corp. * 5,344 133,066
Dime Community Bancorp, Inc. 3,424 105,322
East West Bancorp, Inc. 3,600 193,248
Eastern Virginia Bankshares, Inc. (a) 1,318 37,999
ESB Financial Corp. (a) 2,328 38,156
Evertrust Financial Group, Inc. 1,283 40,851
Exchange National Bancshares, Inc. (a) 1,107 40,018
Farmers Capital Bank Corp. 1,445 49,144
FFLC Bancorp, Inc. 1,305 37,519
Fidelity Bankshares, Inc. * 2,336 73,350
Financial Institutions, Inc. * 1,790 50,532
First Bancorp 1,476 46,361
First Busey Corp. * 1,600 43,200
First Charter Corp. * 5,234 102,325
First Citizens Bancshares, Inc. 966 117,398
First Commonwealth Financial Corp. 9,451 134,771
First Community Bancorp 1,973 71,304
First Community Bancshares, Inc. 1,622 53,786
First Defiance Financial Corp. 1,377 36,697
First Essex Bancorp, Inc. * 1,130 65,698
First Federal Capital Corp. 3,079 69,339
First Financial BanCorp * 5,567 88,794
First Financial Bankshares, Inc. 2,126 88,654
First Financial Corp. 2,344 70,343
First Financial Holdings, Inc. 2,238 69,960
First Indiana Corp. 2,315 43,406
First M&F Corp. 1,052 39,871
First Merchants Corp. 3,076 78,500
First National Corp. 1,724 51,737
First Niagara Financial Group, Inc. 12,206 181,991
First Oak Brook Bancshares, Inc., Class A 1,304 39,133
First of Long Island Corp. 928 39,904
First Place Financial Corp. (a) 2,728 53,278
First Republic Bank 1,682 60,216
First Sentinel Bancorp, Inc. (a) 3,526 74,258
First South Bancorp, Inc. (a) 1,077 39,311
First Street Bancorporation 1,506 52,333
First United Corp. 1,804 43,963
Firstbank Corp. 1,375 42,845
The accompanying notes are an integral part of the financial statements.
229
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
BANKING - CONTINUED
Firstfed America Bancorp, Inc. 2,621 $ 68,225
Flagstar Bancorp, Inc. 4,899 104,937
Floridafirst Bancorp, Inc. 1,656 54,814
Flushing Financial Corp. 2,634 48,150
FNB Corp. of North Carolina * 1,633 34,587
FNB Corp. of Virginia 1,705 50,639
Foothill Independent Bancorp 1,506 35,632
Frontier Financial Corp. 2,275 75,439
Georgia Financial, Inc. 1,508 52,373
German American Bancorp (a) 2,430 42,520
Glacier Bancorp, Inc. 3,055 98,982
Gold Banc Corporation, Inc. (a) 6,284 88,353
Great Southern Bancorp, Inc. 1,119 51,888
Greater Bay Bancorp (a) 9,055 257,886
Greene County Bancshares, Inc. 1,548 36,037
Hancock Holding Company 2,033 110,941
Hanmi Financial Corp. 1,872 37,009
Harleysville National Corp. 4,001 120,430
Hawthorne Financial Corp. * 2,159 60,409
Heartland Financial USA, Inc. 1,799 33,452
Heritage Commerce Corp. * 3,497 42,838
Heritage Financial Corp. 1,869 40,894
Horizon Financial Corp. 2,730 47,802
Hudson River Bancorp, Inc. 2,646 103,273
Humboldt Bancorp (a) 2,806 49,161
IBERIABANK Corp. 1,111 65,549
IBT Bancorp, Inc. (a) 718 42,527
Independent Bank Corp. - MA 2,144 61,790
Independent Bank Corp. - MI 3,277 92,936
Integra Bank Corp. * (a) 2,824 62,063
Interchange Financial Services Corp. 2,193 55,483
Irwin Financial Corp. (a) 2,614 82,080
Klamath First Bancorp, Inc. 1,600 42,464
Lakeland Bancorp, Inc. (a) 3,008 48,308
Lakeland Financial Corp. 1,234 43,585
LNB Bancorp, Inc. 1,900 38,570
Local Financial Corp. * 3,161 65,875
LSB Bancshares, Inc. 2,659 46,267
Macatawa Bank Corp. 1,876 53,110
MAF Bancorp, Inc. 3,173 132,949
Main Street Banks, Inc. (a) 2,377 62,990
MainSource Financial Group, Inc. 1,615 49,529
MassBank Corp. 871 37,105
MB Financial, Inc. 2,817 102,539
MBT Financial Corp. 3,033 50,075
Mercantile Bankcorp * 1,251 45,662
Merchants Bancshares, Inc. 1,300 39,715
Mid-State Bancshares 3,930 99,979
Midwest Banc Holdings, Inc. (a) 1,866 41,519
Mutualfirst Financial, Inc. 1,528 38,720
Nara Bancorp Inc. 1,838 50,177
National Penn Bancshares, Inc. (a) 3,607 115,857
NBC Capital Corp. 1,563 41,685
Netbank, Inc. 8,762 116,973
Northern States Financial Corp. 1,217 35,183
Northwest Bancorp, Inc. 1,616 34,518
Old Second Bancorp, Inc. * 1,215 60,142
Omega Financial Corp. 1,594 61,353
Oriental Financial Group, Inc. 2,318 59,565
PAB Bankshares, Inc. (a) 2,645 41,103
Pacific Capital Bancorp * 5,551 204,388
Parkvale Financial Corp. * 1,538 41,295
Partners Trust Financial Group 1,331 45,254
Patriot Bank Corp. 1,832 52,414
Peapack Gladstone Financial, Corp. (a) 1,588 49,228
Pennrock Financial Services, Corp. 1,604 49,852
Peoples Bancorp, Inc. (a) 1,983 58,518
Peoples Holding Company 1,087 35,871
PFF Bancorp, Inc. 1,933 70,129
PrivateBankcorp, Inc. (a) 1,232 56,081
Prosperity Bancshares, Inc. (a) 2,432 54,769
Provident Bankshares Corp. 3,724 109,635
Provident Financial Services 7,689 145,322
Quaker City Bancorp, Inc. 964 44,874
R & G Financial Corp., Class B 3,035 120,793
Republic Bancorp, Inc. 9,553 128,870
Republic Bancshares, Inc. 1,561 49,125
Riggs National Corp. 2,738 45,259
S & T Bancorp, Inc. 4,246 126,955
S Y Bancorp, Inc. (a) 2,086 42,888
Sandy Spring Bancorp, Inc. (a) 2,329 87,105
Seacoast Banking Corp. (a) 2,366 41,074
Second Bancorp, Inc. (a) 1,683 44,431
Security Bank Corp. 1,101 34,682
Shore Bancshares, Inc. (a) 1,235 47,041
Silicon Valley Bancshares * (a) 5,105 184,137
Simmons First National Corp., Class A 2,682 74,828
Sound Federal Bancorp, Inc. (a) 3,211 50,059
South Financial Group, Inc. 9,670 269,406
Southern Financial Bancorp Inc. 1,171 50,435
Southside Bancshares, Inc. 2,475 45,788
Southwest BanCorp of Texas, Inc. 4,563 177,273
Southwest Bancorp, Inc. 2,521 45,075
State Bancorp, Inc. * 1,926 46,725
Staten Islands Bancorp, Inc. 9,064 203,940
Sterling Bancorp 2,208 62,928
Sterling Bancshares, Inc. 7,176 95,656
Sterling Financial Corp. 3,052 84,693
Sterling Financial Corp. * 2,505 85,746
Suffolk Bancorp (a) 1,981 68,404
Summit Bankshares, Inc. 1,493 41,595
Sun Bancorp, Inc. (a) 1,948 36,934
Susquehanna Bancshares, Inc. 6,213 155,387
Texas Regional Bancshares, Inc., Class A 3,740 138,380
The Trust Company of New Jersey 3,073 121,937
Tierone Corp. * 3,866 88,763
Tompkins Trustco, Inc. 1,433 65,990
Trico Bancshares 1,097 34,621
Troy Financial Corp. 1,071 37,485
TrustCo Bank Corp. * (a) 12,420 163,323
U.S.B. Holding Company, Inc. * (a) 2,305 44,694
UCBH Holdings, Inc. 7,024 273,725
Umpqua Holdings Corp. * (a) 5,005 104,054
Union Bankshares Corp. 1,650 50,325
United Community Banks, Inc. * (a) 3,169 104,260
United National Bancorp 2,936 104,903
United Security Bancshares, Inc. (a) 1,536 44,467
Unizan Financial Corp. 3,724 75,411
Virginia Financial Group, Inc. (a) 1,544 54,843
W Holding Company, Inc. 11,968 222,719
Washington Trust Bancorp, Inc. 2,502 65,552
Wayne Bancorp, Inc. 1,553 41,821
Waypoint Financial Corp. 4,938 107,105
Wesbanco, Inc. 2,960 81,962
The accompanying notes are an integral part of the financial statements.
230
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
BANKING - CONTINUED
West Bancorp. , Inc. (a) 3,299 $ 57,073
West Coast Bancorp 2,949 62,932
Western Sierra Bancorp * (a) 928 43,616
WFS Financial, Inc. 2,209 93,794
Willow Grove Bancorp, Inc. 2,725 48,396
Wintrust Financial Corp. (a) 3,354 151,265
Yadkin Valley Bank & Trust Company * (a) 2,397 40,989
Yardville National Bancorp 1,750 45,045
-----------------
16,948,358
BIOTECHNOLOGY - 1.20%
Applera Corp. - Celera Genomics Group * 12,955 180,204
Cell Therapeutics, Inc. * (a) 5,981 52,035
Ciphergen Biosystems, Inc. * (a) 4,391 49,355
Digene Corp. * 2,223 89,142
Discovery Laboratories, Inc. * (a) 6,808 71,416
Exelixis, Inc. * 9,665 68,428
Geron Corp. * (a) 7,162 71,405
Integra LifeSciences Holdings Corp. * 3,237 92,675
Intermune, Inc. * 4,634 107,323
Kosan Biosciences, Inc. * 3,845 37,912
Lexicon Genetics, Inc. * (a) 7,732 45,542
Martek Biosciences Corp. * (a) 4,076 264,818
Medarex, Inc. * (a) 13,740 85,600
MGI Pharma, Inc. * (a) 5,612 230,934
Molecular Devices Corp. * 2,818 53,514
Myriad Genetics, Inc. * (a) 5,192 66,769
Nektar Therapeutics * (a) 8,696 118,353
Progenics Pharmaceuticals, Inc. * 2,198 41,454
Progress Software Corp. * 4,930 100,868
Regeneration Technologies, Inc. * (a) 4,566 50,043
Serologicals Corp. * (a) 4,145 77,097
Tanox, Inc. * (a) 4,479 66,513
Telik, Inc. * (a) 6,931 159,482
Transkaryotic Therapies, Inc. * (a) 5,516 86,105
Trimeris, Inc. * (a) 2,628 55,135
Tularik, Inc. * (a) 8,974 144,930
-----------------
2,467,052
BROADCASTING - 0.49%
Cumulus Media, Inc., Class A * 7,754 170,588
Emmis Communications Corp., Class A * 7,946 214,939
Gray Television, Inc., Common 7,459 112,780
Mediacom Communications Corp., Class A * 9,752 84,550
Regent Communications, Inc. * 7,582 48,146
Saga Communications, Inc., Class A * 2,733 50,643
Salem Communications Corp., Class A * 1,744 47,297
Sinclair Broadcast Group, Inc., Class A * (a) 7,263 108,364
Spanish Broadcasting Systems, Inc., Class A * 6,227 65,384
World Wrestling Entertainment, Inc., Class A 3,524 46,164
Young Broadcasting, Inc., Class A * 2,657 53,246
-----------------
1,002,101
BUILDING MATERIALS & CONSTRUCTION - 0.67%
Apogee Enterprises, Inc. 4,433 50,315
Dycom Industries, Inc. * 8,543 229,123
ElkCorp 3,508 93,664
Griffon Corp. * 4,196 85,011
Haemonetics Corp. * 3,001 71,694
Hughes Supply, Inc. 4,117 204,285
Lennox International, Inc. * 7,767 129,709
LSI Industries, Inc. 3,878 52,353
NCI Building Systems, Inc. * 3,438 82,168
Standard-Pacific Corp. 5,510 267,510
Trex Company, Inc. * (a) 1,315 49,944
WCI Communities, Inc. * 3,010 62,036
-----------------
1,377,812
BUSINESS SERVICES - 4.13%
ABM Industries, Inc. 6,711 116,838
Activcard Corp. * 7,554 59,525
Administaff, Inc. * (a) 3,715 64,567
Advanced Marketing Services, Inc. (a) 3,392 38,669
ADVO, Inc. 5,337 169,503
American Management Systems, Inc. * 7,992 120,439
AMR Corp. * 27,944 361,875
Arbitron, Inc. * 5,257 219,322
Banta Corp. 3,888 157,464
Black Box Corp. * (a) 2,884 132,866
Bowne & Company, Inc. 6,301 85,442
Bright Horizons Family Solutions, Inc. * 2,169 91,098
Brinks Company 9,662 218,458
Catalina Marketing Corp. * 6,811 137,310
CDI Corp. 2,150 70,412
Central Parking Corp. * (a) 3,755 56,062
Charles River Associates, Inc. * 1,545 49,425
Clark, Inc. * 3,161 60,818
Coinstar, Inc. * (a) 4,108 74,190
Compucredit Corp. * 2,602 55,371
Cornell Corrections, Inc. * 2,731 37,278
CoStar Group, Inc. * 2,703 112,661
CSG Systems International, Inc. * 9,846 122,976
eFunds Corp. * 8,568 148,655
Electro Rent Corp. * 3,426 45,703
Ennis Business Forms, Inc. * 3,574 54,682
Entrust Technologies, Inc. * 10,177 41,522
Euronet Worldwide, Inc. * 3,076 55,368
Forrester Research, Inc. * 2,847 50,876
FTI Consulting, Inc. * (a) 7,369 172,213
Gartner Group, Inc., Class A * 14,100 159,471
Gevity HR, Inc. * (a) 2,310 51,374
Healthcare Services Group Inc. 2,204 42,515
Heidrick & Struggles International, Inc. * 3,069 66,904
Hudson Highland Group, Inc. * (a) 1,695 40,426
Information Holdings, Inc. * 2,407 53,195
Insight Enterprises, Inc. * 8,456 158,973
InterCept, Inc. * (a) 3,747 42,304
Intervoice Brite, Inc. * 6,323 75,054
John H. Harland Company 4,846 132,296
Kelly Services, Inc., Class A 3,096 88,360
Korn/Ferry International * 6,237 83,202
Kroll, Inc. * 6,421 166,946
Labor Ready, Inc. * (a) 7,409 97,058
Lightbridge, Inc. * 5,865 53,371
MAXIMUS, Inc. * (a) 2,829 110,699
McGrath Rentcorp 1,548 42,183
MPS Group, Inc. * 17,004 158,987
National Processing, Inc. * 1,491 35,113
Navigant Consulting Company * 8,058 151,974
NCO Group, Inc. * 3,369 76,712
New England Business Service, Inc. 1,902 56,109
Paxar Corp. * 5,292 70,913
PDI, Inc. * 1,348 36,140
Perot Systems Corp., Class A * 13,293 179,190
Pre-Paid Legal Services, Inc. * (a) 2,901 75,774
PRG-Schultz International, Inc. * (a) 8,572 42,003
Quest Software, Inc. * 7,280 103,376
The accompanying notes are an integral part of the financial statements.
231
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
BUSINESS SERVICES - CONTINUED
R.H. Donnelley Corp. * 3,526 $ 140,476
Rent-Way, Inc. * (a) 4,930 40,377
Resource America, Inc. 3,550 53,250
Resources Connection, Inc. * 3,654 99,791
Rewards Network, Inc. * (a) 4,729 50,411
Right Management Consultants, Inc. * 2,898 54,077
Rollins, Inc. 3,410 76,895
Roto Rooter, Inc. 1,912 88,143
Scansource, Inc. * (a) 1,956 89,233
Seachange International, Inc. * 4,514 69,516
Sfbc International, Inc. * (a) 1,415 37,582
Sonicwall, Inc. * 9,950 77,610
Sothebys Holdings, Inc., Class A * 8,355 114,129
SOURCECORP, Inc. * 2,973 76,198
Spherion Corp. * 11,212 109,765
SRA International, Inc., Class A * 1,532 66,029
StarTek, Inc. 1,955 79,744
Surmodics, Inc. * (a) 2,671 63,837
Systems & Computer Technology Corp. * 6,279 102,662
TALX Corp. (a) 2,557 58,888
Teletech Holdings, Inc. * 6,600 74,580
TETRA Technologies, Inc. * 8,967 222,920
The Titan Corp. * 14,151 308,633
TRC Companies, Inc. * (a) 2,257 47,532
Tyler Technologies, Inc. * 7,870 75,788
URS Corp. * 3,030 75,780
Volt Information Sciences, Inc. * 1,754 39,640
Wackenhut Corrections Corp. * 1,996 45,509
Watson Wyatt & Company Holdings * 5,978 144,369
Wind River Systems, Inc. * 13,885 121,633
Wireless Facilities, Inc. * 6,108 90,765
Zhone Technologies, Inc. * (a) 7,538 37,238
-----------------
8,465,210
CABLE AND TELEVISION - 0.28%
Charter Communications, Inc., Class A * (a) 46,961 188,783
Insight Communications Company,
Inc., Class A * (a) 8,681 89,501
Lin TV Corp. * 4,845 125,050
LodgeNet Entertainment Corp. * 2,376 43,433
Time Warner Telecom, Inc., Class A * (a) 7,448 75,448
TiVo, Inc. * (a) 6,721 49,736
-----------------
571,951
CELLULAR COMMUNICATIONS - 0.35%
Dobson Communications Corp.,
Class A * (a) 5,513 36,220
NII Holdings, Inc., Class B * (a) 2,255 168,291
RF Micro Devices, Inc. * (a) 30,672 308,253
Western Wireless Corp., Class A * (a) 10,991 201,795
-----------------
714,559
CHEMICALS - 1.86%
A. Schulman, Inc. * 5,200 110,864
Aceto Corp. * 1,982 50,620
Albany Molecular Research, Inc. * 4,974 74,710
Albemarle Corp. 5,360 160,639
AmCol International Corp. 3,508 71,212
Arch Chemicals, Inc. 3,481 89,322
Cabot Microelectronics Corp. * (a) 3,250 159,250
Calgon Carbon Corp. 7,433 46,159
Cambrex Corp. 3,545 89,547
Crompton Corp. 21,159 151,710
Ethyl Corp. * 2,805 61,345
Ferro Corp. 6,126 166,689
FMC Corp. * 6,138 209,490
Georgia Gulf Corp. * 4,765 137,613
Great Lakes Chemical Corp. 6,203 168,660
H.B. Fuller Company 4,870 144,834
Hercules, Inc. * 15,899 193,968
IMC Global, Inc. 19,773 196,346
MacDermid, Inc. 4,460 152,710
Millennium Chemicals, Inc. 11,440 145,059
Minerals Technologies, Inc. 2,867 169,870
Octel Corp. 2,081 40,975
Olin Corp. 9,298 186,518
OM Group, Inc. * 5,088 133,255
Polyone Corp. 17,331 110,745
Quaker Chemical Corp. * 1,606 49,385
Solutia, Inc. 20,433 7,458
Techne Corp. * 7,189 271,600
Valence Technology, Inc. * (a) 9,985 38,442
Valhi, Inc. 4,697 70,267
W. R. Grace & Company * 13,633 35,037
WD-40 Company * 3,153 111,490
-----------------
3,805,789
COAL - 0.23%
Arch Coal, Inc. 7,932 247,241
Massey Energy Corp. * 10,918 227,094
-----------------
474,335
COMPUTERS & BUSINESS EQUIPMENT - 2.66%
Advanced Digital Information Corp. * 11,194 156,716
Aether Systems, Inc. *, 8,728 41,458
Agilysys, Inc. * (a) 5,332 59,452
Anteon International Corp. * 3,278 118,172
Applied Films Corp. * 2,704 89,286
Avanex Corp. * (a) 11,103 55,404
Benchmark Electronics, Inc. * 6,486 225,778
Brooks Automation, Inc. * 6,646 160,634
CACI International, Inc., Class A * 5,053 245,677
Computer Network Technology Corp. * (a) 5,331 50,858
Concurrent Computer Corp. * 12,216 53,384
Cray, Inc. * 12,612 125,237
Dot Hill Systems Corp. * 6,404 97,021
Echelon Corp. * (a) 5,453 60,746
Electronics For Imaging, Inc. * 7,799 202,930
EMC Corp. * 17,156 221,655
EMS Technologies, Inc. * 2,221 45,619
Enterasys Networks, Inc. * 36,699 137,621
Extreme Networks, Inc. * 17,418 125,584
Falconstor Software, Inc. * (a) 6,646 58,086
FileNET Corp. * 6,182 167,409
Gateway, Inc. * 39,380 181,148
Gerber Scientific, Inc. * 4,532 36,075
Helix Technology Corp. 4,776 98,290
Infocus Corp. * 7,273 70,403
Intergraph Corp. * 8,233 196,933
Iomega Corp. * (a) 10,191 60,942
Ixia * 4,332 50,684
Komag Inc. * (a) 4,264 62,382
Kronos, Inc. * 5,260 208,349
Lexar Media, Inc. * 10,863 189,342
Micros Systems, Inc. * (a) 2,975 128,996
Mindspeed Technologies, Inc. * 16,379 112,196
MTS Systems Corp. * 3,802 73,112
Netscout Systems, Inc. * 4,226 32,118
Oplink Communications, Inc. * 20,388 48,727
The accompanying notes are an integral part of the financial statements.
232
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
COMPUTERS & BUSINESS EQUIPMENT - CONTINUED
Overland Storage, Inc. * 1,848 $ 34,742
Palmone, Inc. * (a) 6,930 81,427
Pinnacle Systems, Inc. * 11,494 98,044
Plexus Corp. * 7,310 125,513
Pomeroy Computer Resources, Inc. * 2,464 36,319
Quantum Corp. * 26,755 83,476
RadiSys Corp. * 3,408 57,459
Rainbow Technologies, Inc. * 4,519 50,884
Silicon Graphics, Inc. * (a) 40,866 55,986
Silicon Storage Technology, Inc. * 14,253 156,783
Sonic Solutions * (a) 2,913 44,569
Standard Microsystems Corp. * 2,220 56,166
Stratasys, Inc. * (a) 1,574 42,894
Sybase, Inc. * 15,584 320,719
Sykes Enterprises, Inc. * 4,763 40,771
Synaptics, Inc. * 3,249 48,670
Transmeta Corp. * (a) 21,267 72,308
-----------------
5,455,154
CONSTRUCTION MATERIALS - 0.69%
Ameron International Corp. 1,310 45,444
Applied Industrial Technologies, Inc. 3,027 72,224
Centex Construction Products, Inc. * 1,118 67,382
Clarcor, Inc. 4,289 189,145
EMCOR Group, Inc. * 2,336 102,550
Granite Construction, Inc. 5,760 135,303
JLG Industries, Inc. * 7,857 119,662
Regal Beloit Corp. * 4,318 94,996
Simpson Manufacturing, Inc. * 2,579 131,168
Standex International Corp. 2,241 62,748
Trinity Industries, Inc. * (a) 6,222 191,887
Universal Forest Products, Inc. 2,841 91,423
USG Corp. * (a) 6,634 109,925
-----------------
1,413,857
CONSTRUCTION & MINING EQUIPMENT - 0.26%
A S V, Inc. * 1,391 51,968
Astec Industries, Inc. * 3,324 40,785
Carbo Ceramics, Inc. 1,602 82,102
Gulf Islands Fabrication, Inc. * 2,092 35,627
Kaman Corp., Class A * 4,582 58,329
Matrix Service Company * 3,070 55,721
Parker Drilling Company * 19,213 48,993
Washington Group International, Inc. * 4,522 153,612
-----------------
527,137
CONTAINERS & GLASS - 0.26%
Greif Brothers Corp., Class A * 2,337 82,987
Jarden Corp. * (a) 4,636 126,748
Longview Fibre Company 9,511 117,461
Mobile Mini, Inc. * (a) 2,598 51,233
Silgan Holdings, Inc. * 1,941 82,667
West Pharmaceutical Services, Inc. 2,006 68,003
-----------------
529,099
COSMETICS & TOILETRIES - 0.12%
Chattem, Inc. * 2,931 52,465
Elizabeth Arden, Inc. * 3,002 59,800
Nu Skin Enterprises, Inc., Class A 4,880 83,399
Playtex Products, Inc. * 6,549 50,624
-----------------
246,288
CRUDE PETROLEUM & NATURAL GAS - 0.58%
Cabot Oil & Gas Corp., Class A 4,366 128,142
Cascade Natural Gas Corp. * 2,755 58,103
Cimarex Energy Company * 7,133 190,380
Harvest Natural Resources, Inc. * 7,123 70,874
Hydril * 2,444 58,485
Nuevo Energy Company * 3,289 79,495
Patina Oil & Gas Corp. 5,036 246,714
Quicksilver Resources, Inc. * (a) 2,332 75,323
Spinnaker Exploration Company * 4,373 141,117
Unit Corp. * 6,264 147,517
-----------------
1,196,150
DOMESTIC OIL - 1.36%
Berry Petroleum Company, Class A 2,994 60,629
Comstock Resources, Inc. * 5,283 101,962
Denbury Resources, Inc. * 6,407 89,121
Encore Aquisition Company * 1,646 40,574
Energy Partners, Ltd. * 4,282 59,520
EnergySouth, Inc. 1,207 42,245
Evergreen Resources, Inc. * 6,516 211,835
Forest Oil Corp. * 7,893 225,503
Frontier Oil Corp. * (a) 4,937 85,015
Holly Corp. * (a) 1,981 54,478
Houston Exploration Company * 2,340 85,457
KCS Energy, Inc. * 6,742 71,128
Magnum Hunter Resources, Inc. * 12,338 117,334
Maverick Tube Corp. * 7,522 144,798
McMoran Exploration Company * (a) 2,376 44,550
Meridian Resource Corp. * (a) 7,221 42,893
Oil States International, Inc. * 4,360 60,778
Plains Exploration & Production Company * 6,792 104,529
Plains Resources, Inc. * 4,309 69,159
Prima Energy Corp. * 1,725 60,651
Range Resources Corp. (a) 9,786 92,478
Remington Oil Gas Corp. * 3,746 73,759
St. Mary Land & Exploration Company (a) 5,007 142,700
Stone Energy Corp. * 3,906 165,810
Swift Energy Company * 4,827 81,335
TETRA Technologies, Inc. * 3,384 82,028
Tom Brown, Inc. * 6,225 200,756
Vintage Petroleum, Inc. 9,045 108,811
World Fuel Services Corp. * 2,022 68,647
-----------------
2,788,483
DRUGS & HEALTH CARE - 2.88%
Advanced Tissue Sciences, Inc. 4,749 703
Aksys, Ltd. * (a) 5,989 52,883
ALARIS Medical Systems, Inc. * 3,395 51,638
ALPHARMA, Inc., Class A * 7,059 141,886
Antigenics, Inc. * (a) 3,989 45,155
Aphton Corp. * (a) 5,327 31,962
Ariad Pharmaceuticals, Inc. * 7,620 56,769
Arrow International, Inc. 4,107 102,593
Atherogenics, Inc. * (a) 6,692 100,045
Atrix Labatories, Inc. * 3,889 93,492
Avant Immunotherapeutics, Inc. * (a) 13,873 38,012
Beverly Enterprises, Inc. * (a) 16,622 142,783
Biomarin Pharmaceutical, Inc. * (a) 11,974 93,026
Bradley Pharmaceuticals, Inc., Class A * (a) 1,627 41,375
Cardiodynamics International Corp. * (a) 7,364 43,963
Cell Genesys, Inc. * (a) 6,450 83,463
Closure Medical Corp. * 1,346 45,670
Columbia Laboratories, Inc. * (a) 6,694 42,172
Conmed Corp. * 5,325 126,735
Corixa Corp. * (a) 9,140 55,206
Curagen Corp. * 8,492 62,246
CV Therapeutics, Inc. * (a) 5,249 76,950
D & K Wholesale Drug, Inc. 2,932 39,758
Dade Behring Holdings, Inc. * 7,022 250,966
The accompanying notes are an integral part of the financial statements.
233
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
DRUGS & HEALTH CARE - CONTINUED
Datascope Corp. * 1,957 $ 70,158
Decode Genetics, Inc. * (a) 8,598 70,418
Diversa Corp. * 4,276 39,553
Drugstore.com, Inc. * (a) 6,478 35,694
Duane Reade, Inc. * 4,367 73,890
Encysive Pharmaceuticals, Inc. * 8,451 75,636
Enzo Biochem, Inc. * (a) 4,150 74,326
Enzon Pharmaceuticals, Inc. * (a) 8,031 96,372
Gene Logic, Inc. * (a) 6,825 35,422
Gentiva Health Services, Inc. * (a) 4,720 59,661
Healthextras, Inc. * 3,222 43,175
I-STAT Corp. * 3,343 51,148
IDX Systems Corp. * (a) 3,270 87,701
ILEX Oncology, Inc. * 6,987 148,474
Immucor Corp. * (a) 3,406 69,448
Immunogen, Inc. * 8,702 43,945
Immunomedics, Inc. * (a) 8,281 37,761
Impax Laboratories, Inc. * (a) 5,755 82,814
Intuitive Surgical, Inc. * (a) 5,246 89,654
Invacare Corp. * 4,609 186,065
K-V Pharmaceutical Company, Class A * 5,954 151,827
Kos Pharmaceuticals, Inc. * (a) 2,381 102,478
Kyphon, Inc. * 3,269 81,169
Landauer, Inc. 1,399 57,051
Louisiana Jolla Pharmaceutical Company * 10,868 46,624
Luminex Corp. * (a) 4,268 40,034
Magellan Health Services, Inc. * 2,294 184
Matria Healthcare, Inc. * 1,986 41,964
Maxygen, Inc. * 4,563 48,505
Mentor Corp. (a) 7,264 174,772
NDCHealth Corp. 6,252 160,176
NeoPharm, Inc. * (a) 2,695 49,372
Ocular Sciences, Inc. * 3,458 99,279
OraSure Technologies, Inc. * (a) 7,549 60,090
Orthodontic Centers America, Inc. * (a) 9,645 77,642
OrthoLogic Corp. * 7,039 43,149
Parexel International Corp. * 4,860 79,024
Perrigo Company 11,216 176,316
Pharmacopeia, Inc. * 4,716 67,014
Praecis Pharmaceuticals, Inc. * 8,664 55,796
Prime Hospitality Corp. * 7,102 72,440
Quidel Corp. * 5,606 60,657
Savient Pharmaceuticals, Inc. * 10,942 50,443
Sola International, Inc. * 5,257 98,832
Sunrise Senior Living, Inc. * (a) 2,734 105,915
Supergen, Inc. * (a) 6,001 66,011
Synovis Life Technologies, Inc. * (a) 1,935 39,358
Theragenics Corp. * 7,008 38,334
United Surgical Partners International, Inc. * 3,161 105,830
US Oncology, Inc. * (a) 11,772 126,667
Ventana Medical Systems, Inc. * 2,259 89,005
Vital Images, Inc. * 1,953 34,842
Vital Signs, Inc. 1,189 38,880
Vivus, Inc. * (a) 9,449 35,812
Zymogenetics, Inc. * (a) 3,017 46,764
-----------------
5,913,022
EDUCATIONAL SERVICES - 0.25%
eCollege.com * 2,728 50,359
Learning Tree International, Inc. * (a) 2,023 35,180
Renaissance Learning, Inc. * (a) 1,610 38,769
Strayer Education, Inc. * 1,868 203,294
Sylvan Learning Systems, Inc. * 6,287 181,003
-----------------
508,605
ELECTRICAL EQUIPMENT - 1.15%
A.O. Smith Corp. 2,787 97,684
Aaon, Inc. * 2,136 41,460
Anaren, Inc. * 4,339 61,267
Anixter International, Inc. * 5,395 139,623
Artesyn Technologies, Inc. * 6,212 52,926
Audiovox Corp., Class A * 3,257 41,820
Baldor Electric Company 4,972 113,610
BEI Technologies, Inc. 2,278 45,560
Belden, Inc. * 4,075 85,942
C & D Technologies, Inc. * 3,764 72,156
C-COR.net Corp. * 5,915 65,834
Cable Design Technologies Corp. * (a) 7,336 65,951
Cohu, Inc. * 3,814 73,038
Dupont Photomasks, Inc. * (a) 2,293 55,353
Encore Wire Corp. * 2,262 40,060
Excel Technology, Inc. * 1,715 56,355
General Cable Corp. * (a) 7,025 57,254
Genlyte Group, Inc. * 2,097 122,423
Global Power Equipment Group, Inc. * (a) 5,915 39,512
Littelfuse, Inc. * 3,427 98,766
Methode Electronics, Inc., Class A * 6,080 74,358
Metrologic Instruments, Inc. * (a) 1,368 36,936
Penn Engineering & Manufacturing Corp. * 2,331 44,359
Plug Power, Inc. * (a) 5,789 41,970
Power-One, Inc. * 11,621 125,855
Rayovac Corp. * (a) 5,838 122,306
Universal Electronics, Inc. * 3,346 42,628
Vicor Corp. * 3,733 42,593
W.H. Brady Company, Class A 3,216 131,052
Watsco, Inc. 3,316 75,373
Wilson Greatbatch Technologies, Inc. * (a) 3,525 149,002
Woodhead Industries, Inc. 2,213 37,400
-----------------
2,350,426
ELECTRIC UTILITIES - 1.35%
Allegheny Energy, Inc. * 22,489 286,960
Avista Corp. 8,625 156,285
Black Hills Corp. 5,658 168,778
Central Vermont Public Service Corp. * 2,620 61,570
CH Energy Group, Inc. * (a) 2,538 119,032
Cleco Corp. 7,989 143,642
CMS Energy Corp. (a) 27,521 234,479
Connecticut Water Service, Inc. 1,823 50,406
El Paso Electric Company * 9,132 121,912
Empire District Electric Company 4,119 90,330
IDACORP, Inc. (a) 6,560 196,275
MGE Energy, Inc. 3,154 99,383
Otter Tail Corp. (a) 4,682 125,150
PNM Resources, Inc. 6,692 188,045
Quanta Services, Inc. * (a) 13,393 97,769
Sierra Pacific Resources * (a) 21,528 158,016
UIL Holding Corp. * (a) 2,093 94,394
Unisource Energy Corp. 5,238 129,169
Westar Energy, Inc. 11,660 236,115
-----------------
2,757,710
ELECTRONICS - 2.17%
Adaptec, Inc. *, 19,564 172,750
Analogic Corp. * 1,381 56,621
Artisan Components, Inc. * (a) 3,194 65,477
Bel Fuse, Inc., Class B * 1,899 61,964
Checkpoint Systems, Inc. * 6,004 113,536
CTS Corp. * 6,328 72,772
Cubic Corp. (a) 2,650 60,950
Daktronics, Inc. * 2,924 73,568
Electro Scientific Industries, Inc. * 5,150 122,570
The accompanying notes are an integral part of the financial statements.
234
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
ELECTRONICS - CONTINUED
Engineered Support Systems, Inc. 2,995 $ 164,905
Fargo Electronics Inc. * (a) 2,541 32,321
FEI Company * 4,414 99,315
FLIR Systems, Inc. * 5,759 210,203
Franklin Electric, Inc. 1,100 66,539
Hutchinson Technology, Inc. * 4,087 125,634
Identix, Inc. * (a) 16,558 73,683
II-VI, Inc. * 2,079 53,638
Integrated Silicon Solution, Inc. * 5,034 78,883
Intermagnetics General Corp. * 3,035 67,256
InVision Technologies, Inc. * (a) 3,091 103,765
Itron, Inc. * (a) 3,746 68,777
Keithley Instruments, Inc. 2,426 44,396
Kemet Corp. * 15,337 209,964
Mentor Graphics Corp. * 12,177 177,054
Mercury Computer Systems, Inc. * 3,971 98,878
OSI Systems, Inc. * 2,418 46,450
Park Electrochemical Corp. * 3,097 82,040
Photon Dynamics, Inc. * 2,910 117,098
Pixelworks, Inc. * 6,293 69,475
Planar Systems Inc. * 2,642 64,253
Rogers Corp. * 2,769 122,168
Roper Industries, Inc. 4,728 232,901
SBS Technologies, Inc. * 3,172 46,660
Stoneridge, Inc. * 2,483 37,369
Superconductor Technologies * 9,969 55,627
Sycamore Networks, Inc. * 30,074 157,588
Technitrol, Inc. 7,080 146,839
Thomas & Betts Corp. 7,416 169,752
Trimble Navigation, Ltd. * 5,654 210,555
TTM Technologies, Inc. * 3,497 59,029
Universal Display Corp. * (a) 3,175 43,402
Varian, Inc. * 5,118 213,574
X-Rite, Inc. * 4,146 46,933
Zygo Corp. * 3,030 49,965
-----------------
4,447,097
ENERGY - 0.42%
Energen Corp. 5,555 227,922
Fuelcell Energy, Inc. * (a) 6,209 80,717
Hanover Compressor Company * (a) 9,586 106,884
Headwaters, Inc. * (a) 4,834 94,843
KFx, Inc. * (a) 6,068 45,813
New Jersey Resources Corp. 4,293 165,324
Southwestern Energy Company * 6,069 145,049
-----------------
866,552
FINANCIAL SERVICES - 1.72%
Accredited Home Lenders Holding Company * (a) 1,751 53,581
Actrade Financial Technologies, Ltd. * 722 921
Advanta Corp., Class B 4,516 57,444
Affiliated Managers Group, Inc. *, 3,673 255,604
Charter Municipal Mortgage Acceptance Company, SBI 7,245 153,087
Citizens South Banking Corp. 3,029 42,255
City Holding Company 2,717 95,095
Credit Acceptance Corp. * 2,810 42,993
Delphi Financial Group, Inc. 4,210 151,560
Federal Agricultural Mortgage Corp., Class C * (a) 1,551 49,570
Financial Federal Corp. * 2,701 82,516
First Citizens Banc Corp. * 1,476 41,918
Firstfed Financial Corp. * 2,702 117,537
Harbor Florida Bancshares, Inc. 3,592 106,718
Impac Mortgage Holdings, Inc. 9,303 169,408
Inveresk Research Group Inc. * 5,430 134,284
Investment Technology Group, Inc. * 8,620 139,213
Investors Real Estate Trust, SBI * 8,042 79,616
Ipayment, Inc. * 1,230 41,820
ITLA Capital Corp. * 963 48,246
Keystone Property Trust Corp., REIT 3,923 86,659
Knight Trading Group, Inc. * (a) 13,102 191,813
National Bankshares, Inc. 952 47,828
National Health Realty, Inc., REIT * 3,102 61,109
NBT Bancorp, Inc. (a) 5,690 121,994
New Century Financial Corp. (a) 4,961 196,803
Ocwen Financial Corp. * 7,897 69,967
Penns Woods Bancorp, Inc. (a) 1,096 51,183
Portfolio Recovery Associates, Inc. * (a) 2,387 63,375
Saxon Capital, Inc. * 5,027 105,316
Seacoast Financial Services Corp. 4,501 123,372
State Financial Services Corp., Class A 1,415 37,582
SWS Group, Inc. * 2,814 50,089
Triad Guaranty, Inc. * 1,403 70,641
UMB Financial Corp. 2,483 118,042
United Community Financial Corp. (a) 5,681 64,820
Westcorp, Inc. 2,446 89,401
World Acceptance Corp. * 3,024 60,208
WSFS Financial Corp. 997 44,715
-----------------
3,518,303
FOOD & BEVERAGES - 1.00%
American Italian Pasta Company, Class A * (a) 2,600 108,940
Bob Evans Farms, Inc. 5,906 191,709
Chiquita Brands International, Inc. * (a) 6,320 142,389
Coca-Cola Bottling Company 881 47,125
Corn Products International, Inc. 6,198 213,521
Farmer Brothers Company 142 44,197
Fisher Communications, Inc. * 1,036 52,836
Fleming Companies, Inc. (a) 5,111 13
Flowers Foods, Inc. 5,555 143,319
Hain Celestial Group, Inc. * 4,146 96,228
International Multifoods Corp. * 3,393 61,074
Interstate Bakeries Corp. * 8,212 116,857
J & J Snack Foods Corp. * 1,343 50,712
John B. Sanfilippo & Son, Inc. * (a) 1,055 53,847
Lance, Inc. 4,866 73,136
Peets Coffee & Tea, Inc. * (a) 2,409 41,941
Pilgrims Pride Corp. 2,916 47,618
Ralcorp Holdings, Inc. * 5,105 160,093
Riviana Foods, Inc. 1,318 36,100
Robert Mondavi Corp., Class A * 1,776 68,980
Sanderson Farms, Inc. (a) 1,023 41,227
Sensient Technologies Corp. 6,924 136,887
The Steak & Shake Company * 4,188 74,756
Usana Health Sciences * (a) 1,630 49,878
-----------------
2,053,383
FOREST PRODUCTS - 0.06%
Caraustar Industries, Inc. * 5,211 71,912
Deltic Timber Corp. 1,885 57,304
-----------------
129,216
FUNERAL SERVICES - 0.08%
Alderwoods Group, Inc. * 7,291 68,681
Stewart Enterprises, Inc., Class A * 18,616 105,739
-----------------
174,420
The accompanying notes are an integral part of the financial statements.
235
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
FURNITURE & FIXTURES - 0.08%
American Woodmark Corp. 1,086 $ 59,784
Kimball International, Inc., Class B 4,265 66,321
Stanley Furniture Company, Inc. 1,234 38,871
-----------------
164,976
GAS & PIPELINE UTILITIES - 0.68%
American States Water Company 2,812 70,300
Aquila, Inc. * 33,568 113,795
Atmos Energy Corp. 7,743 188,155
California Water Service Group (a) 2,771 75,925
Chesapeake Utilities Corp. * 2,033 52,960
Global Industries, Ltd. * 14,385 74,083
Middlesex Water Company 2,769 56,211
Northwest Natural Gas Company 3,824 117,588
NUI Corp. (a) 3,059 49,311
Semco Energy, Inc. 7,920 38,808
SJW Corp. 495 44,179
South Jersey Industries, Inc. 1,820 73,710
Southern Union Company * 9,903 182,215
Southwest Gas Corp. 5,115 114,832
Southwest Water Company (a) 3,264 52,387
The Laclede Group, Inc. * (a) 3,054 87,192
-----------------
1,391,651
GOLD - 0.03%
Royal Gold, Inc. (a) 2,822 59,064
-----------------
HEALTHCARE PRODUCTS - 2.31%
Advanced Medical Optics, Inc. * 5,129 100,785
Advanced Neuromodulation Systems, Inc. * (a) 3,265 150,125
Align Technology, Inc. * (a) 8,092 133,680
American Medical Systems Holdings, Inc. * 3,798 82,796
Arthrocare Corp. * (a) 3,379 82,785
Biolase Technology, Inc. * (a) 3,658 60,723
Biosite, Inc. * (a) 2,020 58,479
Cardia Science Inc. * (a) 10,954 43,706
Coherent, Inc. * 5,305 126,259
Conceptus, Inc. * (a) 3,640 38,657
CTI Molecular Imaging, Inc. * 4,680 79,139
Cyberonics, Inc. * (a) 3,558 113,892
Cytyc Corp. * 19,923 274,140
Diagnostic Products Corp. * 3,635 166,883
EPIX Medical, Inc. * 3,186 51,868
Esperion Therapeutics, Inc. * (a) 6,144 212,644
Gen-Probe, Inc. * 8,412 306,786
Hanger Orthopedic Group, Inc. * (a) 3,947 61,455
Hologic, Inc. * (a) 3,959 68,609
ICU Medical, Inc. * (a) 2,018 69,177
IGEN International, Inc. * 3,186 187,687
INAMED Corp. * 4,725 227,083
Interpore International, Inc. * (a) 3,532 45,916
Inverness Medical Innovations, Inc. * (a) 2,449 53,339
Kensey Nash Corp. * 1,644 38,223
Lifeline Systems, Inc. * 2,256 42,864
Merit Medical Systems, Inc. * 3,012 67,040
Owens & Minor, Inc. 6,512 142,678
Polymedica Corp. (a) 3,219 84,692
Priority Healthcare Corp., Class B * (a) 6,248 150,639
SonoSite, Inc. * (a) 2,880 61,747
Sybron Dental Specialties, Inc. * 6,797 190,996
The Cooper Companies, Inc. 5,367 252,947
The Medicines Company * 7,446 219,359
Therasense, Inc. * (a) 4,507 91,492
Thoratec Corp. * (a) 8,760 113,968
Tripath Imaging, Inc. * 4,338 33,836
Viasys Healthcare, Inc. * 5,421 111,673
VISX, Inc. * 6,771 156,749
VitalWorks, Inc. * 8,477 37,468
Wright Medical Group, Inc. * 2,861 87,089
Zoll Medical Corp. * (a) 1,670 59,252
-----------------
4,739,325
HEALTHCARE SERVICES - 1.15%
Accredo Health, Inc. * 8,565 270,740
American Healthways, Inc. * (a) 4,700 112,189
AMERIGROUP Corp. * (a) 4,141 176,614
AMN Healthcare Services, Inc. * (a) 2,745 47,104
Cerner Corp. * (a) 5,056 191,370
CorVel Corp. * 1,390 52,264
Covance, Inc. * 10,868 291,262
Cross Country Healthcare Inc. * (a) 3,935 58,710
Eclipsys Corp. * (a) 6,559 76,347
Hooper Holmes, Inc. 11,258 69,574
IMPAC Medical Systems, Inc. * 1,350 34,506
Kindred Healthcare, Inc. * (a) 2,113 109,834
LabOne, Inc. * 1,705 55,361
MedQuist, Inc. * 2,232 35,846
Neighborcare, Inc. * 4,392 86,742
Odyssey Healthcare, Inc. * 5,739 167,923
Pediatrix Medical Group, Inc. * 4,155 228,899
Sierra Health Services, Inc. * (a) 4,117 113,012
The Advisory Board Company * 1,842 64,304
US Physical Therapy, Inc. * (a) 2,647 41,637
Vistacare, Inc. * 2,130 74,870
-----------------
2,359,108
HOMEBUILDERS - 0.31%
Beazer Homes USA, Inc. (a) 2,221 216,903
Champion Enterprises, Inc. * (a) 10,030 70,210
Lyon William Homes * (a) 712 44,692
Meritage Corp. * 1,474 97,741
Palm Harbor Homes, Inc. * (a) 3,504 62,616
Schottenstein Homes, Inc. * 1,755 68,533
Walter Industries, Inc. 5,540 73,959
-----------------
634,654
HOTELS & RESTAURANTS - 1.59%
Alliance Gaming Corp. * 8,647 213,149
Ameristar Casinos, Inc. * (a) 2,088 51,093
Argosy Gaming Corp. * 3,870 100,581
Aztar Corp. * 4,906 110,385
Boca Resorts, Inc., Class A * 4,762 71,240
Boyd Gaming Corp. 5,515 89,012
California Pizza Kitchen, Inc. * 3,152 63,450
CEC Entertainment, Inc. * 4,005 189,797
Chicago Pizza & Brewery, Inc. * 2,563 38,240
Choice Hotels, Inc. 3,405 120,026
CKE Restaurants, Inc. * (a) 9,035 57,734
Dave & Buster's, Inc. * 2,548 32,309
Extended Stay America, Inc. 12,510 181,145
IHOP Corp. 3,394 130,601
Jack In the Box, Inc. * 5,949 127,071
La Quinta Corp. * 25,808 165,429
Landry's Restaurants, Inc. * 3,819 98,225
LaSalle Hotel Properties 4,113 76,296
Lone Star Steakhouse & Saloon, Inc. * 2,516 58,321
Magna Entertainment Corp., Class A * (a) 8,925 45,250
The accompanying notes are an integral part of the financial statements.
236
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
HOTELS & RESTAURANTS - CONTINUED
Marcus Corp. * 3,708 $ 60,811
MTR Gaming Group, Inc. * (a) 4,857 50,027
O'Charley's, Inc. * (a) 3,795 68,120
P.F. Chang's China Bistro, Inc. * (a) 4,382 222,956
Panera Bread Company, Class A * (a) 4,916 194,329
Papa Johns International, Inc. * (a) 2,125 70,933
RARE Hospitality International, Inc. * 5,201 127,112
Red Robin Gourmet Burgers, Inc. * 1,747 53,179
Ryan's Family Steak Houses, Inc. * 7,823 118,440
Sonic Corp. * 6,729 206,042
Triarc Companies, Inc., Class B (a) 6,308 68,000
-----------------
3,259,303
HOUSEHOLD APPLIANCES - 0.26%
Bassett Furniture Industries, Inc. * 2,924 48,246
Consolidated Tomoka Land Company 1,427 46,663
Drew Industries, Inc. * 1,327 36,891
Jacuzzi Brands, Inc. * 13,837 98,104
Libbey, Inc. 2,401 68,381
National Presto Industries, Inc. 1,234 44,609
The Toro Company 4,095 190,008
Vialta, Inc. * 19 10
Westpoint Stevens, Inc. * 13,797 248
-----------------
533,160
HOUSEHOLD PRODUCTS - 0.23%
Central Garden & Pet Company * 2,960 82,969
Department 56, Inc. * 2,863 37,505
Kirklands, Inc. * 2,162 38,181
Select Comfort Corp. * 3,695 91,488
Topps, Inc. 6,110 62,689
Tupperware Corp. * 9,192 159,389
-----------------
472,221
INDUSTRIAL MACHINERY - 1.42%
Albany International Corp., Class A 4,694 159,127
Briggs & Stratton Corp. 3,643 245,538
Cascade Corp. 2,017 44,979
Ceradyne Inc. California * (a) 1,494 50,886
Circor International, Inc. 2,534 61,069
Cognex Corp. 6,012 169,779
Dionex Corp. * 2,906 133,734
EnPro Industries, Inc. * 4,219 58,855
Flowserve Corp. * 8,385 175,079
Gardner Denver, Inc. * 3,010 71,849
Gorman Rupp Company 1,980 52,272
IDEX Corp. * 4,726 196,554
Kadant, Inc. * 2,570 55,641
Kennametal, Inc. 5,712 227,052
Lindsay Manufacturing Company 2,390 60,347
Lufkin Industries, Inc. 1,668 48,022
Manitowoc, Inc. 4,770 148,824
NACCO Industries, Inc., Class A 848 75,879
Presstek, Inc. * (a) 6,429 46,739
Quixote Corp. 1,515 36,981
Robbins & Myers, Inc. * 2,240 42,538
Rofin Sinar Technologies, Inc. * 2,120 73,267
Stewart & Stevenson Services, Inc. * 5,364 75,364
Tecumseh Products Company, Class A 2,776 134,442
Tennant Company 1,638 70,925
Tredegar Industries, Inc. * 5,694 88,428
UNOVA, Inc. * 8,218 188,603
Valmont Industries, Inc. 2,856 66,116
Watts Industries, Inc., Class A 1,969 43,712
-----------------
2,902,601
INDUSTRIALS - 0.12%
GrafTech International, Ltd. * 14,992 202,392
Lawson Products, Inc. 1,132 37,560
-----------------
239,952
INSURANCE - 1.86%
21St Century Insurance Group * 4,415 60,706
Alfa Corp. 6,134 78,883
Allmerica Financial Corp. 9,353 287,792
American Medical Security Group, Inc. * 2,296 51,476
American Physicians Capital, Inc. * 2,107 38,769
Amerus Group Company (a) 6,722 235,068
Argonaut Group, Inc. * 4,908 76,270
Baldwin & Lyons, Inc., Class B 1,850 51,911
CenturyBusiness Services, Inc. * 14,441 64,551
Ceva, Inc. * (a) 3,581 37,242
Citizens, Inc. Class A * 5,874 55,392
CNA Surety Corp. * 3,657 34,778
Commerce Group, Inc. 3,777 149,192
FBL Financial Group, Inc., Class A 2,214 57,121
Financial Industries Corp. 2,586 36,463
Fremont General Corp. (a) 10,766 182,053
Harleysville Group, Inc. 5,646 112,299
Hilb, Rogal and Hamilton Company 5,531 177,379
Horace Mann Educators Corp. 7,277 101,660
Infinity Property & Casualty Corp. (a) 2,248 74,296
Landamerica Financial Group, Inc. 3,063 160,072
Liberty Corp. 2,699 121,968
National Western Life Insurance Company, Class A * 376 58,224
Navigators Group, Inc. * 1,161 35,840
Ohio Casualty Corp. * 9,858 171,135
Philadelphia Consolidated Holding Corp. * 2,749 134,234
Phoenix Companies, Inc. (a) 17,049 205,270
Presidential Life Corp. * 4,312 56,746
ProAssurance Corp. * 4,204 135,159
RLI Corp. 3,105 116,313
Safety Insurance Group Inc. 2,243 38,378
Selective Insurance Group, Inc. 4,720 152,739
State Auto Financial Corp. 2,381 55,692
Stewart Information Services Corp. 2,866 116,216
UICI * 6,910 91,765
United Fire & Casualty Company 1,366 55,132
United States I Holdings Corp. * 4,370 57,029
Universal American Financial Corp. * 4,618 45,764
Zenith National Insurance Corp. * (a) 1,466 47,718
-----------------
3,818,695
INTERNET CONTENT - 0.47%
Alloy, Inc. * (a) 7,657 39,893
Ask Jeeves, Inc. * (a) 6,791 123,053
Autobytel, Inc. * 6,531 59,301
CMGI, Inc. * 68,374 121,706
CNET Networks, Inc. * 18,646 127,166
Harris Interactive, Inc. * 8,569 71,123
InfoSpace, Inc. * 4,670 107,643
NetFlix, Inc. * (a) 1,930 105,552
ProQuest Company * (a) 4,304 126,753
Safeguard Scientifics, Inc. * 22,603 91,316
-----------------
973,506
INTERNET RETAIL - 0.17%
1-800-Flowers.com, Inc. * 4,013 44,384
FreeMarkets, Inc. * 7,850 52,517
NetIQ Corp. * 9,930 131,572
Priceline.com, Inc. * (a) 3,855 69,004
Stamps.com, Inc. * 8,264 51,237
-----------------
348,714
The accompanying notes are an integral part of the financial statements.
237
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
INTERNET SERVICE PROVIDER - 0.32%
Earthlink, Inc. * 21,413 $ 214,130
eSPEED, Inc., Class A * 4,341 101,623
HomeStore.com, Inc. * (a) 16,972 80,278
Net2Phone, Inc. * 6,382 43,398
Register.com, Inc. * 7,833 41,123
TriZetto Group, Inc. * 6,658 42,944
United Online, Inc. * (a) 7,779 130,609
-----------------
654,105
INTERNET SOFTWARE - 1.29%
Agile Software Corp. * 8,280 81,972
Akamai Technologies, Inc. * 18,538 199,284
Ariba, Inc. * 49,294 147,882
Digital River, Inc. * 4,988 110,235
E.piphany, Inc. * 10,726 77,334
eResearch Technology, Inc. * (a) 4,827 122,702
F5 Networks, Inc. * 5,007 125,676
Internet Security Systems, Inc. * 6,858 129,136
Interwoven, Inc. * 4,997 63,162
Keynote Systems, Inc. * (a) 3,492 41,555
Lionbridge Technologies, Inc. * 5,960 57,276
Matrixone, Inc. * 9,036 55,662
Netegrity, Inc. * 5,008 51,633
NIC, Inc. * 5,841 46,903
Openwave Systems, Inc. * 11,013 121,143
PC-Tel, Inc. * 4,438 47,087
Portal Software, Inc. * 5,901 39,714
Retek, Inc. * 10,197 94,628
RSA Security, Inc. * (a) 8,647 122,787
S1 Corp. * 13,602 109,496
Safenet Inc. * 2,035 62,617
Sapient Corp. * 14,515 81,284
Sonicblue, Inc. * 19,813 16
Stellent, Inc. * 3,904 38,415
Supportsoft Inc. * 5,502 72,351
TIBCO Software, Inc. * 15,877 107,487
Verity, Inc. * 4,036 67,361
Verso Technologies, Inc. * (a) 21,405 68,496
Vignette Corp. * 39,209 89,004
Watchguard Technologies, Inc. * 7,230 42,079
WebEx Communications, Inc. * (a) 4,543 91,314
WebMethods, Inc. * 8,817 80,676
-----------------
2,646,367
INVESTMENT COMPANIES - 0.12%
Gabelli Asset Management, Inc., Class A (a) 1,281 50,984
Gladstone Capital Corp. 2,169 48,477
MCG Capital Corp. 4,845 94,478
Soundview Technology Group, Inc. * 3,382 52,387
-----------------
246,326
LEISURE TIME - 1.15%
4Kids Entertainment, Inc. * (a) 2,337 60,809
Action Performance Companies, Inc. (a) 2,943 57,683
AMC Entertainment, Inc. * 5,787 88,020
Arctic Cat, Inc. (a) 2,827 69,827
Bally Total Fitness Holding Corp. * (a) 6,755 47,285
Callaway Golf Company 11,698 197,111
Churchill Downs, Inc. * 1,301 47,098
Gaylord Entertainment Company * 2,274 67,879
Handleman Company (a) 4,303 88,341
Hollywood Entertainment Corp. * 9,567 131,546
Isle of Capri Casinos, Inc. * (a) 2,830 60,760
K2, Inc. * (a) 4,624 70,331
Movie Gallery, Inc. (a) 4,563 85,237
Multimedia Games, Inc. * (a) 1,937 79,611
Penn National Gaming, Inc. * 5,425 125,209
Pinnacle Entertainment, Inc. * 4,539 42,304
Rc2 Corp. * (a) 2,628 54,531
Scientific Games Corp., Class A * 8,914 151,627
SCP Pool Corp. * 5,334 174,315
Shuffle Master, Inc. * (a) 2,994 103,652
Six Flags, Inc. * 17,125 128,780
Speedway Motorsports, Inc. 2,521 72,907
Sturm Ruger & Company, Inc. 4,609 52,404
The Nautilus Group, Inc. 5,307 74,563
Vail Resorts, Inc. * (a) 3,732 63,444
West Marine, Inc. * (a) 2,320 64,519
WMS Industries, Inc. * (a) 4,034 105,691
-----------------
2,365,484
LIFE SCIENCES - 0.09%
Incyte Corp. * 13,389 91,581
Symyx Technologies, Inc. * 4,344 89,269
-----------------
180,850
LIQUOR - 0.02%
Central European Distribution Corp. * (a) 1,329 41,996
-----------------
MANUFACTURING - 0.79%
Actuant Corp., Class A * 3,753 135,859
Acuity Brands, Inc. * 7,250 187,050
Armor Holdings, Inc. * 3,739 98,373
Barnes Group, Inc. 1,986 64,168
Cuno, Inc. * 2,668 120,140
Esco Technologies, Inc. * 2,062 90,006
Hexcel Corp. * 5,079 37,635
Kaydon Corp. * 4,593 118,683
Lydall, Inc. * 3,414 34,789
Mine Safety Appliances Company 1,144 90,959
Nordson Corp. 4,622 159,598
Raven Industries, Inc. 1,347 39,736
Shaw Group, Inc. * (a) 10,387 141,471
Thomas Industries, Inc. 1,671 57,917
York International Corp. 6,856 252,301
-----------------
1,628,685
MEDICAL-HOSPITALS - 0.68%
AmSurg Corp. * (a) 3,207 121,513
Bioreliance Corp. * 1,007 48,155
Centene Corp. * (a) 3,139 87,923
Cepheid, Inc. * 6,053 57,988
Laserscope * (a) 2,665 41,547
Lifepoint Hospitals, Inc. * 6,679 196,697
Per-Se Technologies, Inc. * 5,166 78,833
Possis Medical, Inc. * 3,102 61,265
Province Healthcare Company * (a) 8,399 134,384
PSS World Medical, Inc. * 12,446 150,223
Rehabcare Group, Inc. * (a) 3,061 65,077
Select Medical Corp. 8,138 132,487
STAAR Surgical Company * (a) 3,890 43,801
VCA Antech, Inc. * 5,444 168,655
-----------------
1,388,548
METAL & METAL PRODUCTS - 0.45%
Commercial Metals Company * 4,432 134,733
Crown Holdings, Inc. * 29,632 268,466
Matthews International Corp., Class A 5,025 148,690
Mueller Industry, Inc. * 6,021 206,881
The accompanying notes are an integral part of the financial statements.
238
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
METAL & METAL PRODUCTS - CONTINUED
Precision Castparts Corp. 504 $ 22,887
Quanex Corp. 2,849 131,339
-----------------
912,996
MINING - 0.69%
Brush Wellman, Inc. * 2,939 44,996
Cleveland-Cliffs, Inc. * 1,705 86,870
Coeur d'Alene Mines Corp. * 36,818 212,808
Hecla Mining Company * (a) 19,493 161,597
Joy Global, Inc. 8,504 222,380
Lincoln Electric Holding, Inc. * 5,496 135,971
Penn Virginia Corp. 1,283 71,399
RTI International Metals, Inc. * 3,843 64,831
Stillwater Mining Company * 8,405 80,436
Terex Corp. * 7,678 218,669
USEC, Inc. 14,758 123,967
-----------------
1,423,924
MOBILE HOMES - 0.15%
Coachmen Industries, Inc. 2,814 50,961
Fleetwood Enterprises, Inc. * (a) 7,268 74,570
Skyline Corp. * 1,282 44,703
Winnebago Industries, Inc. (a) 2,029 139,494
-----------------
309,728
NEWSPAPERS - 0.06%
Journal Register Company * 5,595 115,816
-----------------
OFFICE FURNISHINGS & SUPPLIES - 0.22%
Global Imaging Systems, Inc. * 2,553 81,058
Imagistics International, Inc. * 2,649 99,337
Office Max, Inc. * 695 6,477
The Standard Register Company * (a) 2,607 43,876
United Stationers, Inc. * 5,287 216,344
-----------------
447,092
PAPER - 0.43%
Buckeye Technologies, Inc. * 5,226 52,521
Chesapeake Corp. * 2,533 67,074
Louisiana-Pacific Corp. * 18,380 328,634
P.H. Glatfelter Company 5,042 62,773
Pope & Talbot, Inc. (a) 3,292 57,972
Potlatch Corp. (a) 4,451 154,761
Rock-Tenn Company, Class A 4,353 75,133
Wausau-Mosinee Paper Corp. * 6,569 88,813
-----------------
887,681
PETROLEUM SERVICES - 0.61%
Atwood Oceanics, Inc. * 1,371 43,790
Cal Dive International, Inc. * 6,273 151,242
Grey Wolf, Inc. * 30,800 115,192
Gulfmark Offshore, Inc. * (a) 3,106 43,484
Lone Star Technologies, Inc. * 4,829 77,167
Newpark Resources, Inc. * (a) 13,889 66,528
Oceaneering International, Inc. * 3,989 111,692
Petroleum Development Corp. * 3,110 73,707
SEACOR SMIT, Inc. * 2,967 124,703
Superior Energy Services, Inc. * 8,757 82,316
Tesoro Petroleum Corp. * 10,450 152,257
Universal Compression Holdings, Inc. * 2,889 75,576
Veritas DGC, Inc. * 5,854 61,350
W-H Energy Services, Inc. * 3,867 62,645
-----------------
1,241,649
PHARMACEUTICALS - 1.44%
aaiPharma, Inc. * (a) 2,664 66,920
Abgenix, Inc. *, 15,869 197,728
Able Laboratories, Inc. * (a) 3,021 54,589
Adolor Corp. * 6,852 137,177
Alexion Pharmaceuticals, Inc. * (a) 3,683 62,685
Alkermes, Inc. * (a) 11,546 155,871
Bentley Pharmaceuticals, Inc. * 2,968 39,474
CIMA Laboratories, Inc. * (a) 2,617 85,367
Connetics Corp. * 5,180 94,069
Cubist Pharmaceuticals, Inc. * (a) 7,254 88,209
First Horizon Pharmaceutical Corp. * 4,101 45,931
Genta, Inc. * (a) 8,669 90,244
Indevus Pharmaceuticals, Inc. * (a) 7,636 44,976
Inspire Pharmaceuticals, Inc. * 5,103 72,258
Isis Pharmaceuticals, Inc. * (a) 8,863 57,609
Ligand Pharmaceuticals, Inc., Class B * (a) 10,878 159,798
Nabi Biopharmaceuticals * (a) 8,039 102,176
Noven Pharmaceuticals, Inc. * 4,151 63,137
NPS Pharmaceuticals, Inc. * (a) 5,305 163,076
Nuvelo, Inc. * (a) 9,589 33,274
Onyx Pharmaceuticals, Inc. * (a) 5,242 147,982
OSI Pharmaceuticals, Inc. * (a) 6,940 223,537
Penwest Pharmaceuticals Company * (a) 3,279 56,661
Peregrine Pharmaceuticals, Inc. * (a) 22,448 49,610
Pozen, Inc. * 4,372 44,594
Regeneron Pharmaceuticals, Inc. * (a) 6,374 93,761
Salix Pharmaceuticals, Ltd. * 3,398 77,033
SciClone Pharmaceuticals, Inc. * (a) 8,753 59,345
United Therapeutics Corp. * (a) 3,224 73,991
Vertex Pharmaceuticals, Inc. * 14,172 144,980
Vicuron Phamaceuticals, Inc. * 8,410 156,846
-----------------
2,942,908
PHOTOGRAPHY - 0.04%
Concord Camera Corp. * 5,052 46,731
CPI Corp. 1,969 39,793
-----------------
86,524
PLASTICS - 0.05%
Spartech Corp. 4,139 101,985
-----------------
PUBLISHING - 0.33%
American Greetings Corp., Class A * 10,805 236,305
Consolidated Graphics, Inc. * 2,159 68,181
Courier Corp. 1,177 45,281
Hollinger International, Inc., Class A * 7,822 122,180
Nelson Thomas, Inc. 1,885 36,437
Playboy Enterprises, Inc., Class B * 3,069 49,595
PRIMEDIA, Inc. * 28,745 81,348
Pulitzer, Inc. * 721 38,934
-----------------
678,261
RAILROADS & EQUIPMENT - 0.30%
Florida East Coast Indiana, Inc. 2,588 85,663
GATX Corp. (a) 7,226 202,183
Genesee & Wyoming, Inc., Class A * 2,413 76,010
Kansas City Southern * 10,888 155,916
Wabtec Corp. 5,702 97,162
-----------------
616,934
REAL ESTATE - 4.21%
Acadia Realty Trust, REIT 4,195 52,437
Alexander's, Inc., REIT * 410 51,111
Alexandria Real Estate Equities, Inc. 3,174 183,775
American Home Mortgage Investment Corp., REIT (a) 2,167 48,779
American Land Lease, Inc. 2,542 50,713
The accompanying notes are an integral part of the financial statements.
239
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
REAL ESTATE - CONTINUED
American Mortgage Acceptance Company * 2,769 $ 45,135
Amli Residential Properties Trust, REIT 2,719 72,869
Anthracite Capital, Inc., REIT 9,060 100,294
Anworth Mortgage Asset Corp., REIT 6,533 91,005
Associated Estates Realty Corp., REIT * 7,336 53,626
Avatar Holdings, Inc. * 1,200 44,328
Bedford Property Investments, Inc. 2,215 63,415
Boykin Lodging Company, REIT * 5,597 51,213
Brandywine Realty Trust, REIT * 4,530 121,268
Brookfield Homes Corp. (a) 2,720 70,094
BRT Realty Trust, REIT 1,739 50,170
Capital Automotive, REIT 4,190 134,080
Capstead Mortage Corp., REIT (a) 2,168 36,379
Colonial Properties Trust SBI 2,688 106,445
Commercial Net Lease Realty, REIT 7,032 125,170
Cornerstone Realty Income Trust, Inc., REIT 11,797 103,342
Corporate Office Properties Trust, REIT 5,063 106,323
Correctional Properties Trust, REIT 2,067 59,530
Corrections Corp. of America * 6,199 178,717
EastGroup Properties, Inc., REIT 2,890 93,578
Entertainment Properties Trust, REIT 3,236 112,322
Equity Inns, Inc., REIT * 7,990 72,309
Equity One, Inc. 5,083 85,801
Essex Property Trust, REIT 2,783 178,724
Felcor Lodging Trust, Inc., REIT 9,720 107,698
First Industrial Realty Trust, Inc., REIT * 6,086 205,402
Gables Residential Trust, REIT * 4,481 155,670
Getty Realty Corp., REIT 2,697 70,526
Glenborough Realty Trust, Inc., REIT 3,265 65,137
Glimcher Realty Trust * 5,313 118,905
Great Lakes REIT, Inc., REIT * 3,820 59,974
Health Care REIT, Inc. 7,894 284,184
Heritage Property Investment Trust, Inc., REIT * 2,883 82,021
Highwoods Properties, Inc., REIT 8,409 213,589
Home Properties Inc., REIT 4,868 196,618
Innkeepers USA Trust, REIT 5,834 48,831
Jones Lang Lasalle, Inc. * 5,835 120,959
Kilroy Realty Corp., REIT * 4,369 143,085
Koger Equity, Inc. * 3,531 73,904
Kramont Realty Trust, REIT * 4,409 79,803
Lexington Corporate Property Trust, REIT 6,109 123,341
LTC Properties, Inc., REIT 3,408 50,234
Manufactured Home Communities, Inc. 2,343 88,214
MeriStar Hospitality Corp., REIT 11,307 73,609
MFA Mortgage Investments, Inc., REIT 10,066 98,143
Mid-America Apartment Communities, Inc. * 2,562 86,032
Mission West Properties, Inc. * 4,866 63,015
National Health Investments, Inc., REIT 3,816 94,942
Nationwide Health Properties, Inc., REIT 9,969 194,894
Newcastle Investment Corp., REIT 3,758 101,842
Novastar Financial, Inc. (a) 1,762 75,695
Parkway Properties, Inc. 1,712 71,219
Pennsylvania Real Estate Investment Trust, REIT 4,871 176,817
Post Properties, Inc., REIT 5,276 147,306
Prentiss Properties Trust, REIT * 5,159 170,195
PS Business Parks, Inc., REIT 2,233 92,134
RAIT Investment Trust, REIT 3,138 80,333
Ramco Gershenson Properties Trust, REIT * 2,189 61,949
Reckson Associates Realty Corp., REIT 7,951 193,209
Redwood Trust, Inc., REIT 2,187 111,209
Saul Centers, Inc. * 2,202 63,131
Senior Housing Properties Trust, SBI * 7,975 137,409
Sizeler Property Investors, Inc., REIT 6,232 66,745
SL Green Realty Corp., REIT 5,036 206,728
Sovran Self Storage, Inc. 2,289 85,036
Summit Properties, Inc., REIT * 4,584 110,108
Sun Communities, Inc., REIT 2,385 92,299
Tanger Factory Outlet Centers, Inc., REIT 1,339 54,497
Taubman Centers, Inc., REIT 7,523 154,974
Town & Country Trust SBI 2,835 71,867
Trammell Crow Company * 5,930 78,572
United Mobile Homes, Inc. 2,691 45,774
United States Restaurant Properties, Inc. * 4,715 80,344
Universal Health Realty Income Trust 2,176 65,498
Urstadt Biddle Properties, Inc. 5,546 78,476
Ventas, Inc., REIT 12,910 284,020
Washington REIT, REIT 6,168 180,106
Winston Hotels, Inc., REIT * 5,194 52,979
-----------
8,632,153
RETAIL GROCERY - 0.30%
7 Eleven, Inc. * 4,398 70,588
Arden Group, Inc. 515 39,913
Ingles Markets, Inc. * 4,101 42,117
Nash-Finch Company 2,348 52,454
Pathmark Stores, Inc. * 6,222 47,287
Ruddick Corp. 5,870 105,073
United Natural Foods, Inc. * 3,495 125,505
Weis Markets, Inc. 1,916 69,551
Wild Oats Markets, Inc. * 5,162 66,745
-----------
619,233
RETAIL TRADE - 3.67%
A.C. Moore Arts & Crafts, Inc. * 2,481 47,784
Aaron Rents, Inc., Class B 4,220 84,949
Aeropostale, Inc. * 3,686 101,070
American Eagle Outfitters, Inc. * 9,473 155,357
AnnTaylor Stores Corp. * 7,898 308,022
Asbury Automotive Group, Inc. * 2,277 40,781
Big 5 Sporting Goods Corp. * 2,574 53,925
BJ's Wholesale Club, Inc. * 12,368 283,969
Blair Corp. 1,655 40,283
Bombay Company, Inc. * (a) 6,412 52,194
Brookstone, Inc. * 2,473 52,700
Building Materials Holding Corp. 2,866 44,509
Burlington Coat Factory Warehouse Corp. 3,551 75,139
Casey's General Stores, Inc. 8,053 142,216
Cash America International, Inc. 5,114 108,314
Casual Male Retail Group, Inc. * (a) 6,235 43,271
Cato Corp., Class A 3,334 68,347
Charlotte Russe Holding, Inc. * (a) 2,618 36,285
Charming Shoppes, Inc. * 19,456 105,062
Childrens Place Retail Stores, Inc. * (a) 2,394 63,992
Christopher & Banks Corp. 6,382 124,640
Coldwater Creek, Inc. * 2,674 29,414
Cole National Corp., Class A * 2,309 46,180
Cost Plus, Inc. * 3,893 159,613
Daisytek International Corp. * 2,169 35
Dicks Sporting Goods, Inc. * (a) 2,278 110,847
Dillard's, Inc., Class A * 11,076 182,311
Electronics Boutique Holdings Corp. * (a) 2,621 59,995
Finish Line, Inc. * 3,164 94,825
Fossil, Inc. * 4,391 122,992
Fred's, Inc., Class A 6,924 214,505
GameStop Corp. * (a) 4,156 64,044
The accompanying notes are an integral part of the financial statements.
240
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
RETAIL TRADE - CONTINUED
Genesco, Inc. * (a) 4,135 $ 62,563
Group 1 Automotive, Inc. * (a) 2,988 108,136
Guitar Center, Inc. * 2,515 81,939
Hancock Fabrics, Inc. 3,063 44,352
Haverty Furniture Companies, Inc. 3,034 60,255
Hibbett Sporting Goods, Inc. * 2,153 64,159
Hot Topic, Inc. * 8,419 248,024
Intertan, Inc. * 4,553 46,076
J. Jill Group, Inc. * 3,678 46,747
Jo Ann Stores, Inc. * 3,154 64,342
Kenneth Cole Productions, Inc., Class A 1,215 35,721
Linens'n Things, Inc. * 7,891 237,361
Longs Drug Stores Corp. * (a) 5,432 134,388
NBTY, Inc. * 9,205 247,246
Pacific Sunwear of California, Inc. * 12,572 265,521
Party City Corp. * 2,527 32,068
Payless ShoeSource, Inc. * 12,317 165,048
Pep Boys - Manny, Moe & Jack * 8,609 196,888
Petco Animal Supplies Inc. * 6,437 196,007
School Specialty, Inc. * (a) 2,952 100,397
Sharper Image Corp. * (a) 1,783 58,215
Shopko Stores, Inc. * (a) 5,206 79,391
Sonic Automative, Inc. 4,956 113,591
Sports Authority, Inc. * 3,660 140,544
Stein Mart, Inc. * 4,575 37,698
Steven Madden, Ltd. * 2,145 43,758
The Dress Barn, Inc. * 3,937 59,016
The Men's Wearhouse, Inc. * 6,274 156,913
The Wet Seal, Inc., Class A * 4,766 47,136
The Yankee Candle, Inc. * 5,127 140,121
Too, Inc. * 6,391 107,880
Tractor Supply Company * 5,225 203,200
Tuesday Morning Corp. * 2,576 77,924
Tweeter Home Entertainment Group, Inc. * (a) 4,806 45,417
United Rentals, Inc. * 9,461 182,219
Urban Outfitters, Inc. * 4,414 163,539
ValueVision Media, Inc., Class A * (a) 3,437 57,398
Zale Corp. * 4,579 243,603
-----------
7,512,371
SANITARY SERVICES - 0.21%
Casella Waste Systems, Inc., Class A * 2,706 37,045
Darling International, Inc. * 13,006 35,897
Insituform Technologies, Inc., Class A * 4,385 72,352
Ionics, Inc. * (a) 3,099 98,703
Waste Connections, Inc. * 4,693 177,255
-----------
421,252
SEMICONDUCTORS - 2.81%
Actel Corp. *, 3,906 94,135
Advanced Energy Industries, Inc. * 3,119 81,250
Alliance Semiconductor Corp. * 4,679 33,268
Asyst Technologies, Inc. * 8,290 143,832
ATMI, Inc. * (a) 4,852 112,275
Axcelis Technologies, Inc. * 17,808 181,998
ChiPAC, Inc., Class A * (a) 8,811 66,875
Cirrus Logic, Inc. * 12,777 98,000
Conexant Systems, Inc. * (a) 47,677 236,955
Credence Systems Corp. * 11,414 150,208
Cymer, Inc. * 6,115 282,452
DSP Group, Inc. * 4,913 122,383
Entegris, Inc. * 9,496 122,024
ESS Technology, Inc. * 5,549 94,388
Exar Corp. * 7,152 122,156
Genesis Microchip, Inc. * 5,697 102,774
GlobespanVirata, Inc. * 21,751 127,896
Intergrated Electrical Services, Inc. * 6,431 59,487
Kopin Corp. * 12,845 86,190
Kulicke & Soffa Industries, Inc. * 8,954 128,759
Lattice Semiconductor Corp. * (a) 18,239 176,553
LTX Corp. * 9,446 141,973
Mattson Technology, Inc. * 5,137 62,774
Micrel, Inc. * 10,055 156,657
Microsemi Corp. * 5,121 125,874
MKS Instruments, Inc. * 4,737 137,373
Monolithic System Technology, Inc. * (a) 4,822 41,228
Mykrolis Corp. * 6,101 98,104
Omnivision Technologies, Inc. * (a) 4,206 232,381
ON Semiconductor Corp. * 6,743 43,492
Pericom Semiconductor Corp. * 4,264 45,454
Photronics, Inc. * 5,160 102,787
Power Integrations, Inc. * 4,545 152,076
Rudolph Technologies, Inc. * 2,203 54,062
Semitool, Inc. * 3,479 37,298
Semtech Corp. * 10,321 234,596
Silicon Image, Inc. * (a) 12,870 93,050
Siliconix, Inc. * 1,041 47,574
Sipex Corp. * 5,139 39,622
Skyworks Solutions, Inc. * (a) 26,576 231,211
Triquint Semiconductor, Inc. * 24,137 170,649
Ultratech, Inc. * 3,583 105,233
Varian Semiconductor Equipment Associates, Inc. * 5,018 219,236
Veeco Instruments, Inc. * 4,121 116,212
Vitesse Semiconductor Corp. * (a) 36,786 215,934
White Electronic Designs Corp. * 4,255 37,444
Xicor, Inc. * 5,028 57,018
Zoran Corp. * 7,317 127,243
-----------
5,750,413
SHIPBUILDING - 0.02%
Maritrans, Inc. 2,350 39,268
-----------
SOFTWARE - 2.56%
Activision, Inc. * 15,756 286,759
Advent Software, Inc. * 6,023 104,981
Altiris, Inc. * (a) 1,799 65,628
ANSYS, Inc. * 2,740 108,778
Ascential Software Corp. * 10,496 272,161
AsiaInfo Holdings, Inc. * (a) 6,224 41,576
Aspen Technology, Inc. * (a) 6,780 69,563
Avid Technology, Inc. * 5,301 254,448
BARRA, Inc. * 2,767 98,201
Borland Software Corp. * 13,232 128,747
CCC Information Services Group, Inc. * 2,626 44,379
CIBER, Inc. * 9,341 80,893
Concord Communications, Inc. * (a) 3,178 63,465
Concur Technologies, Inc. * (a) 4,468 43,250
Dendrite International, Inc. * 5,548 86,937
Embarcadero Tech, Inc. * 2,849 45,442
Epicor Software Corp. * (a) 7,075 90,277
EPIQ Systems, Inc. * (a) 2,751 47,125
Exult, Inc. * (a) 6,592 46,935
HPL Technologies, Inc. * (a) 689 165
Hyperion Solutions Corp. * 7,207 217,219
Informatica Corp. * 11,774 121,272
The accompanying notes are an integral part of the financial statements.
241
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
SOFTWARE - CONTINUED
InfoUSA, Inc. * 5,907 $ 43,830
Intermediate Telephone, Inc. 3,410 85,182
JDA Software Group, Inc. * 5,275 87,090
Keane, Inc. * 9,513 139,270
Lawson Software Inc. * 8,101 66,671
Macrovision Corp. * 7,452 168,341
Magma Design Automation, Inc. * (a) 4,154 96,954
Manhattan Associates, Inc. * (a) 4,027 111,306
Mantech International Corp. * 2,520 62,874
Manugistics Group, Inc. * (a) 11,556 72,225
MAPICS, Inc. * (a) 3,934 51,496
Micromuse, Inc. * 10,366 71,526
MicroStrategy, Inc. * 1,943 101,969
MRO Software, Inc. * 3,878 52,198
MSC Software Corp. * (a) 4,823 45,577
Neoware Systems, Inc. * (a) 3,052 41,812
NYFIX, Inc. * (a) 5,560 44,202
Omnicell, Inc. * 2,779 45,020
Opnet Technologies, Inc. * 2,409 39,652
Opsware, Inc. * (a) 9,131 67,569
Packeteer, Inc. * 4,258 72,301
Palmsource, Inc. * (a) 1,865 40,638
Parametric Technology Corp. * 40,060 157,837
PDF Solutions, Inc. * (a) 3,251 48,440
Puma Technology, Inc. * (a) 7,667 30,515
Scansoft, Inc. * (a) 14,016 74,565
Secure Computing Corp. * (a) 6,419 114,964
Seebeyond Technology Corp. * 10,178 43,664
Serena Software, Inc. * (a) 4,327 79,401
Softbrands, Inc. * (a) 303 242
Sohu Common, Inc. * 3,089 92,701
SPSS, Inc. * 2,719 48,616
SS&C Technologies, Inc. 1,596 44,608
Take-Two Interactive Software, Inc. * 7,379 212,589
THQ, Inc. * (a) 6,959 117,677
Transaction Systems Architects, Inc., Class A * 6,145 139,061
Websense, Inc. * 3,694 108,013
------------
5,238,797
STEEL - 0.51%
Alaska Steel Holding Corp. * 18,982 96,808
Allegheny Technologies, Inc. 15,300 202,266
Carpenter Technology Corp. 3,627 107,250
Gibraltar Steel Corp. 1,896 47,684
Reliance Steel & Aluminum Company * 4,318 143,401
Ryerson Tull, Inc. * (a) 4,759 54,491
Schnitzer Steel Industries, Inc. (a) 1,613 97,586
Steel Dynamics, Inc. * (a) 6,738 158,276
Texas Industries, Inc. 3,868 143,116
------------
1,050,878
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.87%
Aeroflex, Inc. * 10,421 121,822
Andrew Corp. * (a) 26,320 302,943
Applied Signal Technology, Inc. 1,806 41,556
Arris Group, Inc. * (a) 9,902 71,690
Aspect Communications Corp. * 5,582 87,972
At Road, Inc. * (a) 5,493 73,057
Commonwealth Telephone Enterprises, Inc., (CTE) * 3,840 144,960
Commscope, Inc. * 9,203 150,285
Comtech Telecommunications Corp. * (a) 2,449 70,703
Corvis Corp. * 65,360 111,112
CT Communications, Inc. 3,709 50,072
Ditech Communications Corp. * 4,721 90,171
Finisar Corp. * (a) 25,760 80,629
General Communication, Inc. * 8,318 72,367
Golden Telecom, Inc. * (a) 2,344 65,046
Harmonic, Inc. * 12,760 92,510
Inet Technologies, Inc. * 2,931 35,172
Intrado, Inc. * 2,781 61,043
J2 Global Communications, Inc. * (a) 3,068 75,994
KVH Industries, Inc. * (a) 1,829 50,243
Mastec, Inc. * (a) 3,804 56,337
MRV Communications, Inc. * (a) 19,569 73,579
Network Equipment Technologies, Inc. * (a) 4,625 50,875
New Focus, Inc. * 11,049 55,466
Newport Corp. * 6,981 115,396
Plantronics, Inc. * 7,002 228,615
Powerwave Technologies, Inc. * (a) 12,199 93,322
Price Communications Corp. * 7,806 107,176
Proxim Corp., Class A * 25,408 42,431
PTEK Holdings, Inc. * (a) 7,901 69,608
REMEC, Inc. * 10,348 87,027
Shenandoah Telecommunications Company 927 47,518
Sonus Networks, Inc. * 38,522 291,226
Spectralink Corp. 2,898 55,555
Stratex Networks, Inc. * 16,414 69,760
SureWest Communications (a) 2,724 110,104
Symmetricom, Inc. * 7,378 53,712
Tekelec * 9,115 141,738
Terayon Communication Systems, Inc. * 12,275 55,238
Tollgrade Communications, Inc. * (a) 2,633 46,157
Touch America Holdings, Inc. * 24,207 290
Viasat, Inc. * 3,806 72,847
Westell Technologies, Inc., Class A * 8,230 51,931
Wiltel Communications Group * 4,264 0
------------
3,825,255
TELEPHONE - 0.25%
Cincinnati Bell, Inc. * 34,421 173,826
D&E Communications, Inc. 3,158 45,823
Hickory Tech Corp. * 3,761 43,063
North Pittsburgh Systems, Inc. * 3,093 58,489
Primus Telecommunications Group, Inc. * (a) 8,897 90,571
TALK America Holdings, Inc. * (a) 5,015 57,773
Warwick Valley Telephone Company 1,437 42,521
------------
512,066
TIRES & RUBBER - 0.28%
Bandag, Inc. 2,048 84,378
Cooper Tire & Rubber Company 11,311 241,829
Goodyear Tire & Rubber Company * (a) 27,149 213,391
Myers Indiana, Inc. * 3,615 43,814
------------
583,412
TOBACCO - 0.20%
Dimon, Inc. 7,985 53,899
Schweitzer Mauduit International, Inc. 2,428 72,306
Standard Commercial Corp. 1,968 39,498
Universal Corp. 4,026 177,828
Vector Group, Ltd. (a) 4,189 68,364
------------
411,895
The accompanying notes are an integral part of the financial statements.
242
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
TOYS, AMUSEMENTS & SPORTING GOODS - 0.06%
Jakks Pacific, Inc. * (a) 4,820 $ 63,431
Russ Berrie & Company, Inc. 1,674 56,749
-----------------
120,180
TRANSPORTATION - 0.54%
Alexander & Baldwin, Inc. 6,943 233,910
Heartland Express, Inc. 5,356 129,562
Kirby Corp. * 3,314 115,592
Offshore Logistics, Inc. * 3,287 80,597
Overseas Shipholding Group, Inc. 2,685 91,424
Pacer International, Inc. * 4,152 83,953
RailAmerica, Inc. * (a) 5,857 69,113
SCS Transportation, Inc. * 2,872 50,490
Yellow Roadway Corp. * (a) 7,171 259,384
-----------------
1,114,025
TRAVEL SERVICES - 0.05%
Navigant International Inc. * (a) 2,884 39,943
Pegasus Solutions, Inc. * (a) 5,116 53,565
-----------------
93,508
TRUCKING & FREIGHT - 0.61%
Arkansas Best Corp. 3,849 120,820
Covenant Transport, Inc. * 1,805 34,312
EGL, Inc. * 5,859 102,884
Forward Air Corp. * 2,102 57,805
Knight Transportation, Inc. * 4,430 113,629
Landstar Systems, Inc. * 4,814 183,125
Old Dominion Freight Lines, Inc. * 1,953 66,558
Oshkosh Truck Corp. 5,160 263,315
USF Corp. * 4,805 164,283
Wabash National Corp. * (a) 4,557 133,520
-----------------
1,240,251
TOTAL COMMON STOCK
(Cost: $131,941,502) $ 155,909,339
-----------------
PRINCIPAL
AMOUNT VALUE
------ -----
SHORT TERM INVESTMENTS - 21.12%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 29,592,018 $ 29,592,018
Federal National Mortgage
Association Discount Notes,
1.055% due 01/07/2004 1,800,000 1,799,683
1.06% due 02/18/2004 8,500,000 8,487,987
Series BB, 1.05% due 01/15/2004 2,000,000 1,999,183
United States Treasury Bills,
0.88% due 01/08/2004 **** 1,100,000 1,099,812
0.89% due 01/08/2004 **** 300,000 299,948
-----------------
$ 43,278,631
REPURCHASE AGREEMENTS - 2.81%
Repurchase Agreement with State
Street Corp., dated 12/31/2003 at
0.70%, to be repurchased at
$5,769,224 on 01/02/2004,
collateralized by $4,125,000 U.S.
Treasury Bonds, 8.500% due
02/15/2020 (valued at $5,891,016,
including interest). $ 5,769,000 $ 5,769,000
-----------------
TOTAL INVESTMENTS (SMALL CAP INDEX
TRUST) (Cost: $180,989,133) $ 204,956,970
=================
INTERNATIONAL INDEX TRUST
SHARES VALUE
------ -----
COMMON STOCK - 78.46%
AUSTRALIA - 3.80%
Alumina, Ltd. * 13,123 $ 64,918
Amcor, Ltd. * 10,060 62,567
AMP, Ltd. * (a) 17,632 66,513
Ansell, Ltd. * 2,243 10,893
Aristocrat Leisure, Ltd. * (a) 2,388 3,093
Austrailia Gas Light Company, Ltd. * 5,101 43,132
Australia and New Zealand Bank Group Ltd. * 20,981 279,302
Australian Stock Exchange, Ltd. * (a) 1,311 16,860
BHP Billiton, Ltd. * 43,744 401,503
BHP Steel, Ltd. * 9,229 38,914
Boral, Ltd. * 6,916 26,454
Brambles Industries, Ltd. * (a) 11,480 45,640
Centro Props Group * 6,710 20,108
CFS Gandel Retail Trust * 13,880 14,004
Coca-Cola Amatil, Ltd. * 5,717 26,818
Cochlear, Ltd. * 563 9,097
Coles Myer, Ltd. * (a) 12,639 71,945
Commonwealth Bank of Australia * (a) 14,641 324,655
Commonwealth Property Office Fund * 16,430 14,227
Computershare, Ltd. * 4,926 12,277
CSL, Ltd. * 1,843 24,770
CSR, Ltd. * 9,889 13,775
David Jones, Ltd. * 2,251 2,356
Deutsche Office Trust * 14,906 12,346
Foster's Group Ltd. * 25,387 86,018
Futuris Corp., Ltd. * 6,834 7,667
General Property Trust * 22,880 51,510
Harvey Norman Holding, Ltd. * 5,707 12,805
Iluka Resources, Ltd. * 2,500 8,527
Investa Property Group * 15,352 22,656
James Hardie Industries NV * 5,490 28,440
John Fairfax Holdings, Ltd. * 10,236 27,129
Leighton Holdings * 1,493 13,276
Lend Lease Corp. * 4,246 32,130
Lion Nathan, Ltd. * 3,000 13,644
Macquarie Bank, Ltd. * (a) 2,499 66,911
Macquarie Goodman * 15,874 20,199
Macquarie Infrastructure Group * 21,866 55,978
Mayne Nickless, Ltd. * 8,985 22,055
Mirvac Group * (a) 7,935 25,811
National Australia Bank, Ltd. * 17,545 395,655
Newcrest Mining, Ltd. * 3,890 37,930
News Corp., Ltd. * 17,031 153,754
NRMA Insurance Group, Ltd. * 20,058 64,186
OneSteel, Ltd. * 5,172 7,866
Orica, Ltd. * 3,066 32,227
Origin Energy, Ltd. * 8,130 29,077
PaperlinkX, Ltd. * 4,733 17,747
Patrick Corp., Ltd. * 1,769 19,487
Publishing & Broadcasting, Ltd. * 1,585 14,942
QBE Insurance Group, Ltd. * 7,711 61,544
Rinker Group Ltd. * 10,937 53,939
Rio Tinto, Ltd. * (a) 3,619 101,367
Santos, Ltd. * 6,535 33,804
Sonic Healthcare, Ltd. * 2,854 15,042
Sons Of Gwalia, Ltd. * 670 1,791
Southcorp, Ltd. * (a) 6,901 14,030
Stockland * (a) 13,903 54,644
Suncorp-Metway, Ltd. * 6,181 57,663
The accompanying notes are an integral part of the financial statements.
243
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
AUSTRALIA - CONTINUED
Tab, Ltd. * 5,702 $ 19,835
TABCORP Holdings, Ltd. * (a) 4,739 40,071
Telstra Corp. * (a) 25,507 92,571
Toll Holdings, Ltd. * (a) 2,546 15,815
Transurban Group * 5,224 17,543
Wesfarmers, Ltd. * 4,374 87,242
Westfield Holdings, Ltd. * (a) 5,050 53,120
Westfield Trust * 25,433 68,173
Westpac Banking Corp., Ltd. * 20,984 252,641
WMC Resorces, Ltd. * 13,039 55,274
Woodside Petroleum, Ltd. * 5,389 60,053
Woolworths, Ltd. * 11,903 105,756
-----------------
4,135,712
AUSTRIA - 0.18%
Bank Austria Creditanstalt * 469 23,932
Bohler Uddeholm AG * 43 2,901
Erste Bank AG * 359 44,314
Flughafen Wien AG * 119 5,578
Immofinanz Immobiien Anlage AG * 3,481 27,631
Mayr-Melnhof Karton AG * 68 8,165
Oesterreichische Elektrizitaets AG, Class A * 70 8,167
OMV AG * 154 22,911
RHI AG * (a) 94 1,788
Telekom Austria AG * 2,323 28,683
VA Technologie AG * 71 2,291
Voestalpine AG * 284 11,558
Wienerberger Baustoffindustrie AG * 300 8,006
-----------------
195,925
BELGIUM - 0.83%
Agfa Gevaert NV * 1,360 38,726
Barco NV * 120 10,508
Bekaert SA * 198 12,598
Cofinimmo SA * 40 5,554
Colruyt SA * 190 18,289
Compagnie Maritime Belge SA * 42 3,387
Delhaize Group * 828 42,543
Dexia * 7,439 128,032
Electrabel SA * 348 109,265
Fortis * 11,983 240,662
Goupe Bruxelles Lam * 795 44,744
Interbrew * 1,734 46,229
KBC Bancassurance Holding NV * (a) 1,091 50,888
Mobistar SA * 249 13,961
Omega Pharma SA * 277 8,795
SA D'Ieteren Trading NV * 31 6,351
Solvay SA * (a) 744 64,447
UCB SA * 1,078 40,597
Union Miniere SA * 204 14,304
-----------------
899,880
DENMARK - 0.59%
A P Moller- Maersk A/S * 13 93,702
AS Det Ostasiatiske Kompagni * (a) 213 9,298
Bang & Olufsen AS - B Series * 100 4,179
Carlsberg AS, B Shares * (a) 300 13,807
Coloplast AS, Class B * (a) 125 10,681
Danisco AS * 550 24,428
Danske Bank A/S * 5,900 138,261
DSV * 200 8,832
FLS Industries AS, B Shares * 200 2,301
GN Store Nord AS * 2,323 15,054
Group 4 Falck * 800 16,378
H. Lundbeck AS * (a) 938 15,553
ISS International A/S * 500 24,619
Kobenhavn Lufthavne * 70 8,196
NEG Micon AS * (a) 200 3,249
NKT Holding * 100 1,815
Novo Nordisk AS * 2,977 121,141
Novozymes AS, B Shares * 626 22,825
Tele Danmark AS * 1,650 59,465
Topdanmark AS * 300 16,040
Vestas Wind Systems AS * (a) 1,268 20,596
William Demant Holdings * 300 10,127
-----------------
640,547
FINLAND - 1.32%
Amer Group, Ltd. * 300 12,984
Asko Oyj * 300 9,450
Elisa Corporation * 1,650 22,036
Fortum Corp. * 4,000 41,226
KCI Konecranes Oyj * 200 6,955
Kesko Oyj * 700 12,242
Kone Corp. * 420 24,078
Metra Oyj, B Shares * 400 7,660
Metso Oyj * 1,300 15,855
Nokia AB Oyj * 55,955 966,562
Nokian Renkaat Oyj * 100 7,547
Orion, Series B * (a) 500 10,722
Outokumpu Oyj * 1,100 14,927
Pohjola Group PLC * 200 5,342
Rautaruukki Oyj * 800 5,886
Sampo Oyj, A Shares * 3,200 33,061
Stora Enso Oyj-R Shares * 7,259 97,679
TietoEnator Oyj * 901 24,634
UPM-Kymmene Oyj * 6,100 116,208
-----------------
1,435,054
FRANCE - 7.86%
Accor SA * 2,180 98,606
Air France * (a) 917 14,038
Air Liquide SA * 580 102,308
Alcatel SA * (a) 14,207 182,760
Alstom * 2,424 92
Alstom * (a) 3,692 5,815
Alstom Subscription * 122 5
Atos Origin SA * (a) 273 17,439
Autoroutes du Sud de la France * 841 28,186
Aventis SA * 7,916 522,625
AXA * 16,448 351,681
BNP Paribas SA * 9,484 596,513
Bouygues SA * 2,331 81,412
Business Objects SA * (a) 803 27,975
Caisse Nationale du Credit Agricole * 4,214 100,507
Cap Gemini SA * (a) 1,247 55,320
Carrefour * (a) 6,676 366,065
Casino Guich Perrachon SA * (a) 432 41,965
Club Mediterranee SA * 101 3,776
Cnp Assurances * (a) 400 20,804
Compagnie De Sanit Gobain * 3,652 178,578
Compagnie Generale des Etablissements Michelin, Class B* 1,624 74,439
Dassault Systemes SA * (a) 649 29,568
Essilor International * 1,106 57,134
European Aeronautic Defence & Space Company * (a) 3,288 78,090
France Telecom SA * (a) 12,603 359,822
Gecina * 179 26,297
Groupe Danone * 1,435 233,959
Hermes International * 100 19,328
Imerys SA * (a) 94 19,767
The accompanying notes are an integral part of the financial statements.
244
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
FRANCE - CONTINUED
Klepierre * 250 $ 15,025
L'Air Liquide SA * 1,168 206,027
L'Oreal SA * 3,948 323,328
Lafarge * 494 43,942
Lafarge SA * (a) 1,944 172,924
Lagardere S.C.A. * 1,433 82,638
LVMH Moet Hennessy * (a) 2,853 207,411
Pechiney SA, Class A * 729 44,547
Pernod-Ricard SA * (a) 611 67,860
Peugeot SA * (a) 2,099 106,843
Pinault-Printemps-Redoute * (a) 794 76,681
Publicis Groupe SA * (a) 1,161 37,594
Renault Regie Nationale SA * 1,992 137,287
Sagem SA * 239 25,581
Sanofi-Synthelabo SA * (a) 4,269 321,110
Schneider Electric SA * 2,406 157,332
Societe BIC SA * (a) 357 16,481
Societe Generale * (a) 3,829 337,704
Societe Television Francaise 1 * (a) 1,417 49,418
Sodexho Alliance * (a) 1,097 33,048
STMicroelectronics NV * 6,821 184,774
Suez SA * (a) 9,349 187,644
Technip SA * 207 22,377
Thales SA * (a) 839 28,172
Thomson SA * (a) 2,761 58,686
Total SA, B Shares * 7,509 1,394,547
Unibail * 458 42,904
Valeo * 867 34,683
Veolia Environnement * (a) 2,814 75,519
Vinci SA * (a) 803 66,421
Vivendi Universal SA * 10,617 257,773
Wanadoo * 4,344 35,576
Zodiac SA * (a) 463 13,569
-----------------
8,560,300
GERMANY - 5.53%
Adidas-Salomon AG * 539 61,324
Aixtron AG * 607 3,633
Allianz AG * 3,353 422,799
Altana AG * 842 50,551
BASF AG * (a) 6,322 355,098
Bayer AG * 7,649 223,780
Bayerische Hypo-Und Vereinsbank AG * 4,240 97,976
Beiersdorf AG * (a) 302 36,605
Celesio AG * (a) 374 18,118
Commerzbank AG * 5,044 98,823
Continental AG * 1,361 51,564
DaimlerChrysler AG * 10,026 467,394
Deutsche Bank AG * (a) 6,108 505,613
Deutsche Boerse AG * 1,233 67,345
Deutsche Lufthansa AG * (a) 2,285 38,147
Deutsche Post AG * 4,561 93,957
Deutsche Telekom AG * 29,354 536,646
Douglas Holding AG * 330 9,164
E.ON AG * 7,257 473,083
Epcos AG * 574 12,945
Fresenius Medical Care AG * (a) 396 28,140
Heidelbergcement AG * 499 21,068
Henkel Kgaa-Vorzug * (a) 685 53,510
Hypo Real Estate * (a) 1,492 37,202
Infineon Technologies AG * (a) 5,447 75,630
Karstadt Quelle AG * 510 12,594
Linde AG * (a) 981 52,778
MAN AG * 1,194 36,180
Merck & Company, Inc. * 544 22,639
Metro AG * (a) 1,690 74,420
MLP AG * (a) 659 12,870
Muenchener Rueckversicherungs-Gesellschaft AG * 1,737 210,362
ProSieben Sat.1 Media AG * 832 13,890
Puma AG * 184 32,456
RWE AG * (a) 4,879 192,841
SAP AG * 2,387 400,449
Schering AG * 1,929 97,582
Siemens AG NPV * (a) 9,338 747,104
Suedzucker AG * 550 10,464
Thyssen Krupp AG * 3,702 73,090
Tui AG * 1,512 31,490
Volkswagen AG * 2,610 145,186
WCM Beteilgungs & Grundbesitz AG * 1,700 2,249
Wella AG * 163 14,427
-----------------
6,023,186
GREECE - 0.35%
Alpha Bank * 1,900 57,358
Attica Enterprises Holding SA * 700 3,546
Bank of Piraeus * 1,600 19,232
Coca Cola Hell Bot * 810 16,880
Commercial Bank of Greece * 700 17,533
Duty Free Shops * 270 5,293
EFG Eurobank Ergas * 2,210 42,770
Folli-Follie SA * 100 2,898
Greek Organization of Football Prognostics * 1,790 25,891
Hellenic Petroleum SA * 1,200 10,523
Hellenic Technodomiki Tev SA * 500 3,150
Hellenic Telecommunications Organization SA * 3,040 40,218
Intracom * 1,100 7,456
National Bank Of Greece * 2,162 56,387
Public Power Corp. * 1,180 29,140
Techniki Olympiaki SA * 600 3,205
Titan Cement Company * 340 13,922
Viohalco * 1,130 7,347
Vodafone Panafon SA * 2,000 15,573
-----------------
378,322
HONG KONG - 1.25%
ASM Pacific Technology, Ltd. * 2,000 8,733
Bank of East Asia * 16,000 49,048
BOC Hong Kong Holdings, Ltd. * (a) 30,000 56,416
Cathay Pacific Airways, Ltd. * (a) 12,000 22,798
Cheung Kong Holdings, Ltd. * (a) 18,000 142,586
Cheung Kong Infrastructure Holdings, Ltd. * 6,000 13,331
CLP Holdings, Ltd. * 20,900 99,335
Esprit Holdings, Ltd. * 7,500 24,923
Giordano International, Ltd. * 20,000 9,209
Hang Lung Properties, Ltd. * (a) 13,000 16,661
Hang Seng Bank, Ltd. * 9,000 118,242
Henderson Land Development * 8,000 35,344
Hong Kong & China Gas Company, Ltd. * 42,490 64,853
Hong Kong Electric Holdings, Ltd. * 16,500 65,245
Hong Kong Exchange & Clearing, Ltd. * 12,000 25,967
Hopewell Highway * 700 136
Hopewell Holdings, Ltd. * 7,000 10,684
Hutchison Whampoa, Ltd. * 24,800 182,077
Hysan Development Company, Ltd. * 6,000 9,274
i-CABLE Communications, Ltd. * 1,200 308
The accompanying notes are an integral part of the financial statements.
245
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
HONG KONG - CONTINUED
Johnson Electronic Holdings, Ltd. * 18,000 $ 22,837
Li & Fung, Ltd. * 18,000 30,836
MTR Corp. * (a) 15,500 20,464
New World Development Company * (a) 19,000 15,295
PCCW Ltd. * (a) 36,984 24,057
Shangri-La Asia, Ltd. * (a) 12,000 11,129
Sino Land Company, Ltd. * (a) 16,000 9,119
Smartone Telecommunications Holdings, Ltd. * 5,000 5,120
South China Morning Post, Ltd. * 10,000 4,412
Sun Hung Kai Properties, Ltd. * 15,000 123,652
Swire Pacific, Ltd., Class A * 11,000 67,725
Techtronic Industries Company, Ltd. * 5,500 15,231
Television Broadcast, Ltd. * 3,000 15,147
Texwinca Holdings, Ltd. * (a) 8,000 5,822
Wharf Holdings Ltd. * 14,000 38,770
----------
1,364,786
IRELAND - 0.58%
Allied Irish Banks PLC * 3,649 58,389
Allied Irish Banks PLC - London * 6,345 101,129
Bank of Ireland * 10,930 149,005
Bank of Ireland - London * 405 5,511
CRH PLC * 1,944 39,875
CRH PLC - London * 4,171 85,398
DCC PLC * 627 8,548
DCC PLC-GBP * 400 5,443
Elan Corp. * 4,143 28,501
Fyffes * 4,000 8,316
Grafton Group * 2,000 13,784
Greencore Group * 1,069 4,704
Greencore Group PLC * 1,300 5,815
Independent News & Media * 6,463 14,983
Independent News & Media PLC * 520 1,232
Irish Life & Permanent PLC * 3,142 50,672
Kerry Group * 815 15,300
Kerry Group PLC * 800 14,817
Ryanair Holdings PLC * 1,939 16,124
Waterford Wedgewood * 700 194
Waterford Wedgewood PLC * 8,769 2,465
----------
630,205
ITALY - 2.90%
Alleanza Assicuraz * (a) 5,390 58,947
Assicurazioni Generali SPA * (a) 11,175 295,679
Autogrill SPA * 1,307 18,674
Banca Fideuram SPA * (a) 3,445 20,444
Banca Intesa SPA * (a) 41,262 161,163
Banca Intesa SPA - Non convertible * 11,151 31,893
Banca Monte dei Paschi Siena SPA * (a) 12,639 39,891
Banca Naz Del Lavoro * (a) 17,775 42,440
Banca Popolare di Milano * 4,533 29,642
Banco Popolare Di Verona e Novara * 4,267 72,149
Benetton Group SPA * (a) 631 7,243
Bulgari SPA * (a) 1,750 16,206
Capitalia SPA * 14,103 41,224
Enel SPA * (a) 28,367 192,644
Eni SPA * (a) 30,411 573,213
Fiat SPA - DI RISP (Non Convertible) * 680 3,436
Fiat SPA - EUR * (a) 4,217 32,304
Finecogroup SPA * (a) 17,785 12,526
Finmeccanica SPA * 68,235 53,389
Gruppo Editoriale L'Espresso SPA * (a) 1,900 11,826
Italcementi SPA * (a) 854 10,642
Luxottica Group SPA * 1,621 27,981
Mediaset SPA * (a) 6,979 82,832
Mediobanca SPA * (a) 5,396 58,469
Mediolanum SPA * (a) 2,775 21,852
Mondadori (Arnoldo) Editore SPA * 1,400 12,541
Parmalat Finanziaria SPA * (a) 4,047 561
Pirelli & Co SPA * (a) 20,319 20,660
RAS SPA * (a) 3,513 59,754
San Paolo-IMI SPA * (a) 11,816 153,937
Seat Pagine Gialle * (a) 38,084 36,228
Snam Rete Gas SPA * 10,081 42,677
Snia SPA * 3,000 7,446
Telecom Italia * 74,975 152,561
Telecom Italia Media * (a) 14,446 7,171
Telecom Italia Mobile SPA * 44,093 239,442
Telecom Italia SPA * (a) 84,977 251,607
Tiscali SPA * (a) 2,417 16,871
UniCredito Italiano SPA * (a) 44,136 238,007
----------
3,156,172
JAPAN - 16.78%
Acom Company * 840 38,105
Aderans Company, Ltd. * 400 6,455
Advantest Corp. * 800 63,471
Aeon Credit Service Company, Ltd. * (a) 300 12,797
Aiful Corp. * 500 36,589
Ajinomoto Company, Inc. * (a) 6,000 69,053
All Nippon Airways Company, Ltd. * 5,000 12,368
Alps Electric Company * 2,000 29,271
Amada Company, Ltd. * 3,000 15,625
Anritsu Corp. * 1,000 6,674
Aoyama Trading Company * 600 11,873
Ariake Japan Company, Ltd. * 200 6,366
Asahi Breweries, Ltd. * (a) 4,500 41,037
Asahi Glass Company * (a) 9,000 73,925
Asahi Kasei Corp. * 14,000 76,054
ASATSU-DK, Inc. * (a) 300 7,729
Ashikaga Financial Group, Inc. * 9,000 252
Autobacs Seven Company * (a) 400 9,203
Bandai Company * (a) 800 20,161
Bellsystem24, Inc. * 30 6,132
Benesse Corp. * 800 19,527
Bridgestone Corp. * (a) 8,000 107,603
Canon, Inc. * 10,000 465,768
Capcom Company, Ltd. * (a) 300 3,696
Casio Computer Company, Ltd. * (a) 2,000 21,170
Central Glass Company * 2,000 12,620
Central Japan Railway Company * 11 95,076
Chichibu Onoda Cement * 10,000 28,282
Chubu Electric Power Company, Inc. * 7,300 152,289
Chugai Pharmaceutical Company, Ltd. * 3,200 46,028
Citizen Watch Company, Ltd. * (a) 3,000 27,582
Coca-Cola West Japan Company, Ltd. * (a) 400 7,841
Comsys Holdings * 1,000 6,403
Credit Saison Company, Ltd. * 1,600 36,141
CSK Corp. * 700 25,286
Dai Nippon Printing Company, Ltd. * 7,000 98,334
Daicel Chemical Industries, Ltd. * 3,000 12,377
Daido Life Insurance Company, Ltd. * 14 41,686
Daiei, Inc. * 2,000 3,566
Daiichi Pharmaceutical Company, Ltd. * 2,800 50,467
Daikin Industries, Ltd. * 2,000 46,203
Daimaru, Inc. * 3,000 16,661
Dainippon Ink & Chemicals, Inc. * 8,000 15,233
The accompanying notes are an integral part of the financial statements.
246
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ---------
JAPAN - CONTINUED
Dainippon Screen Manufacturing
Company, Ltd. * (a) 2,000 $ 13,684
Daito Trust Construction Company * 1,100 32,650
Daiwa House Industry Company, Ltd. * 5,000 53,204
Daiwa Securities Group, Inc. * 14,000 95,263
Denki Kagaku Kogyo Kabushiki Kaisha * 5,000 16,101
Denso Corp. * 5,700 112,260
Dentsu, Inc. * 3 15,121
Dowa Mining Company, Ltd. * 3,000 16,129
East Japan Railway * 40 188,547
Ebara Corp. * 3,000 13,049
Eisai Company * 2,600 70,136
Familymart Company, Ltd. * 800 18,220
Fanuc, Ltd. * 1,400 83,894
Fast Retailing Company * 600 36,459
Fuji Electric Holdings * 7,000 15,354
Fuji Photo Film Company, Ltd. * (a) 5,000 161,479
Fuji Television Network, Inc. * 3 16,241
Fujikura, Ltd. * 4,000 23,596
Fujisawa Pharmaceutical Company, Ltd. * (a) 3,000 63,985
Fujitsu, Ltd. * 19,000 112,083
Furukawa Electric Company, Ltd. * (a) 7,000 23,260
Gunma Bank * (a) 4,000 17,884
Gunze, Ltd. * 2,000 9,054
Hankyu Department Stores * 2,000 13,404
Hino Motors, Ltd. * 3,000 21,394
Hirose Electric Company, Ltd. * 300 34,443
Hitachi Cable, Ltd. * 2,000 7,505
Hitachi Chemical * 1,300 21,842
Hitachi Software Engineering
Company, Ltd. * 300 7,743
Hitachi, Ltd. * 33,000 198,983
Hokugin Financial * (a) 10,000 13,534
Honda Motor Company * 9,100 404,312
House Food Corp. * 800 9,058
Hoya Corp. * 1,300 119,401
Isetan Company, Ltd. * 1,800 19,825
Ishihara Sangyo * (a) 4,000 7,990
Ishikawajima Harima Heavy Industries
Company, Ltd. * 12,000 17,137
Ito-Yokado Company, Ltd. * 4,000 125,823
Itochu Corp. * 16,000 52,868
Itochu Techno-Science Corp. * (a) 300 9,353
ITOEN, Ltd. * 300 12,909
Jafco Company, Ltd. * 300 23,578
Japan Airlines System Corp. * 8,000 21,132
Japan Real Estate Investment * 3 18,985
Japan Tobacco, Inc. * 8 58,618
JFE Holdings, Inc * 5,400 147,431
JGC Corp. * 2,000 20,871
JSR Corp. * 2,000 44,710
Jusco Company * 2,700 90,475
Kajima Corp. * (a) 10,000 32,482
Kaken Pharmaceutical Company, Ltd. * 1,000 5,022
Kamigumi Company * 3,000 21,226
Kanebo * 3,000 3,024
Kaneka Corp. * 3,000 22,402
Kansai Electric Power Company * 7,900 138,481
Kao Corp. * 6,000 122,089
Katokichi Company * 500 8,181
Kawasaki Heavy Industries, Ltd. * (a) 13,000 16,017
Kawasaki Kisen * 5,000 24,875
Keihin Electric Express Railway
Company, Ltd. * (a) 5,000 29,356
Keio Electric Railway Company, Ltd. * 6,000 31,194
Keyence Corp. * 400 84,342
Kikkoman Corp. * 1,000 7,113
Kinden Corp. * 2,000 9,427
Kinki Nippon Railway * 17,000 51,094
Kirin Brewery Company, Ltd. * (a) 8,000 68,250
Kokuyo Company, Ltd. * 600 6,524
Komatsu * 11,000 69,818
Komori Corp. * 1,000 14,813
Konami Corp. * 1,000 29,122
Konica Minolta Holdings, Inc. * 4,500 60,526
Koyo Seiko Company * 1,000 10,277
Kubota Corp. * (a) 11,000 45,382
Kuraray Company * 4,000 33,752
Kurita Water Industries, Ltd. * 1,000 12,069
Kyocera Corp. * 1,900 126,625
Kyowa Hakko Kogyo * (a) 4,000 25,463
Kyushu Electric Power * 4,700 80,852
Lawson, Inc. * 700 23,914
Mabuchi Motor Company, Ltd. * (a) 300 23,102
Makita Corp. * 1,000 10,015
Marubeni Corp. * (a) 15,000 28,702
Marui Company, Ltd. * 4,000 50,404
Matsumotokiyoshi Co * 200 4,490
Matsumotokiyoshi Company, Ltd. * 200 4,490
Matsushita Electric Industrial Company, Ltd. * 24,000 331,992
Matsushita Electric Works, Ltd. * (a) 5,000 44,943
Meiji Milk Product * 2,000 8,587
Meiji Seika Kaisha, Ltd. * 3,000 12,097
Meitec Corp. * 400 15,382
Millea Holdings, Inc. * 17 222,150
Minebea Company * 4,000 20,311
Mitsubishi Chemical Corp. * 19,000 49,480
Mitsubishi Corp. * 12,000 127,241
Mitsubishi Electric Corp. * 20,000 83,073
Mitsubishi Estate Company, Ltd. * 11,000 104,317
Mitsubishi Gas Chemical Company, Inc. * 4,000 13,628
Mitsubishi Heavy Industries, Ltd. * 33,000 91,791
Mitsubishi Logistc Corp. * 1,000 8,317
Mitsubishi Materials Corp. * 11,000 16,941
Mitsubishi Paper Company * 2,000 3,024
Mitsubishi Rayon Company, Ltd. * 6,000 22,514
Mitsubishi Tokyo Financial Group, Inc. * 47 366,752
Mitsui & Company, Ltd. * 14,000 112,774
Mitsui Chemicals, Inc. * 6,000 35,003
Mitsui Engineering & Shipbuilding
Company, Ltd. * (a) 8,000 13,217
Mitsui Fudosan Company * 8,000 72,283
Mitsui Mining & Smelting Company, Ltd. * 6,000 24,922
Mitsui O.S.K. Lines, Ltd. * 9,000 43,935
Mitsui Sumitomo Insurance Company, Ltd. * 15,000 123,209
Mitsui Trust Holdings, Inc. * 6,000 33,546
Mitsukoshi, Ltd. * 3,000 12,209
Mitsumi Electric Company, Ltd. * (a) 900 9,913
Mizuho Financial Group, Inc. * (a) 56 169,879
Murata Manufacturing Company, Ltd. * 2,600 140,514
The accompanying notes are an integral part of the financial statements.
247
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ---------
JAPAN - CONTINUED
Namco, Ltd. * 400 $ 11,089
NEC Corp. * 17,000 125,197
Net One Systems Company, Ltd. * 2 15,401
NGK Insulators, Ltd. * 3,000 22,402
NGK Spark Plug Company * 2,000 16,223
Nichii Gakkan Company * 200 11,350
Nichirei Corp. * 3,000 9,717
Nidec Corp. * (a) 400 38,195
Nikko Cordial Corp. * 15,000 83,586
Nikon Corp. * 3,000 45,251
Nintendo Company, Ltd. * (a) 1,200 112,008
Nippon Building Fund, Inc. * (a) 2 12,844
Nippon Express Company * 9,000 42,507
Nippon Kayaku Company, Ltd. * 2,000 9,913
Nippon Meat Packer * 2,000 19,564
Nippon Mining Holdings, Inc. * 6,000 20,946
Nippon Oil Corp. * 15,000 76,446
Nippon Sanso Corp. * 2,000 8,457
Nippon Sheet Glass * 5,000 14,608
Nippon Shokubai Company, Ltd. * 2,000 15,177
Nippon Steel Corp. * 63,000 135,250
Nippon Telegraph & Telephone Corp. * 61 294,367
Nippon Unipac Holding * 10 51,617
Nippon Yusen KK * 11,000 49,797
Nishimatsu Construction Company, Ltd. * (a) 3,000 9,941
Nissan Chemical Industries, Ltd. * 2,000 17,828
Nissan Motor Company * 29,000 331,320
Nisshin Flour Mill * 2,000 17,809
Nisshinbo Industries, Inc. * 2,000 11,145
Nissin Food Products * 1,000 24,922
Nitto Denko Corp. * 1,800 95,767
Nomura Research Institute, Ltd. * 300 29,262
Nomura Securities Company, Ltd. * 21,000 357,726
Noritake Company * 1,000 3,556
NSK, Ltd. * 5,000 18,248
NTN Corp. * 5,000 23,848
NTT Data Corp. * (a) 15 56,704
NTT DoCoMo, Inc. * 205 464,974
Obayashi Corp. * 7,000 31,297
OBIC Co., Ltd. * 100 20,124
Oji Paper Company * 9,000 58,132
Oki Electric Industry Company, Ltd. * 6,000 23,466
Okumura Corp. * 2,000 8,513
Olympus Optical Company * 2,000 43,403
Omron Corp. * 2,400 48,724
Onward Kashiyama Company, Ltd. * 1,000 12,134
Oracle Corp. * 400 20,722
Oriental Land Company, Ltd. * (a) 600 37,019
Orix Corp. * 1,000 82,699
Osaka Gas Company * 24,000 64,965
Pioneer Electronic Corp. * 1,800 49,732
Promise Company, Ltd. * 1,050 45,769
Q.P. Corp. * (a) 1,500 12,461
Resona Holdings, Inc. * (a) 53,000 66,785
Ricoh Company, Ltd. * 7,000 138,190
Rohm Company * 1,200 140,682
Saizeriya Company, Ltd. * 200 1,990
Sanden Corp. * 1,000 6,160
Sankyo Company * 4,200 78,994
Sankyo Company * 500 15,868
Sanyo Electric Company * (a) 18,000 94,087
Sapporo Holdings * (a) 4,000 11,014
Secom Company, Ltd. * 2,500 93,340
SEGA Enterprises * (a) 1,300 12,377
Seiko Epson Corp. * 700 32,669
Seino Transportation * (a) 2,000 16,540
Sekisui Chemical Company, Ltd. * 5,000 25,482
Sekisui House, Ltd. * 6,000 61,997
Seven Eleven Japan Company, Ltd. * 5,000 151,678
Sharp Corp. * 10,000 157,838
Shimachu Company, Ltd. * 600 11,901
Shimamura Company * 300 20,385
Shimano, Inc. * (a) 800 16,577
Shimizu Corp. * 6,000 22,850
Shin-Etsu Chemical Company, Ltd. * 4,200 171,709
Shionogi & Company * 3,000 55,892
Shiseido Company * 4,000 48,649
Shizuoka Bank * (a) 7,000 51,748
Showa Denko KK * (a) 11,000 24,744
Showa Shell Sekiyu * (a) 1,400 11,382
Skylark Company * (a) 1,000 16,521
SMC Corp. * 600 74,709
Snow Brand Milk * (a) 1,000 2,884
SOFTBANK Corp. * 2,400 73,477
Sompo Japan Insurance * 9,000 74,009
Sony Corp. * 10,200 353,218
Stanley Electric * 1,700 32,926
Sumitomo Bakelite Company, Ltd. * 2,000 13,049
Sumitomo Chemical Company, Ltd. * 13,000 53,633
Sumitomo Corp. * (a) 8,000 59,663
Sumitomo Electric Industries, Ltd. * 7,000 62,594
Sumitomo Heavy Industries, Ltd. * 6,000 13,609
Sumitomo Metal Industry * 39,000 38,587
Sumitomo Metal Mining * 6,000 44,523
Sumitomo Mitsui Financial Group, Inc. * (a) 44 234,508
Sumitomo Osaka Cement Company, Ltd. * 4,000 7,841
Sumitomo Realty & Development Company, Ltd. * 4,000 35,245
Sumitomo Trust & Banking Company * (a) 11,000 64,685
Suruga Bank * 2,000 12,862
Suzuken Company, Ltd. * 500 16,241
Taisei Corp. * (a) 9,000 32,930
Taisho Pharm Company * 2,000 35,768
Taiyo Yuden Company * 1,000 13,077
Takara Holdings * 2,000 18,743
Takashimaya Company * (a) 3,000 21,422
Takeda Chemical Industries, Ltd. * 9,800 388,762
Takefuji Corp. * (a) 740 34,605
Takuma Company * 1,000 5,460
TDK Corp. * 1,300 93,676
Teijin, Ltd. * 9,000 26,462
Teikoku Oil Company * (a) 2,000 10,062
Terumo Corp. * 1,900 36,090
The 77th Bank, Ltd. * 4,000 22,551
The Bank of Fukuoka, Ltd. * (a) 6,000 25,202
The Bank of Yokohama, Ltd. * (a) 11,000 51,132
The Chiba Bank, Ltd. * 7,000 28,683
The Joyo Bank, Ltd. * (a) 8,000 26,135
The accompanying notes are an integral part of the financial statements.
248
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
JAPAN - CONTINUED
THK Company, Ltd. * (a) 1,100 $ 22,383
TIS, Inc. * (a) 400 13,516
Tobu Railway Company * 9,000 32,174
Toda Corp. * 2,000 5,656
Toho Company * 1,500 19,097
Tohoku Electric Power * 5,000 82,933
Tokyo Broadcasting Company * 400 6,373
Tokyo Electric Power Company * 13,400 293,928
Tokyo Electron, Ltd. * 1,700 129,164
Tokyo Gas Company * (a) 29,000 103,402
Tokyo Style Company, Ltd. * 1,000 10,809
Tokyu Corp. * 11,000 56,471
TonenGeneral Sekiyu KK. * (a) 3,000 24,838
Toppan Printing Company * 6,000 62,445
Toray Industries, Inc. * 14,000 58,543
Toshiba Corp. * 32,000 121,268
Tosoh Corp. * 5,000 16,708
Tostem Corp. * 3,000 57,964
Toto, Ltd. * 4,000 33,901
Toyo Seikan Kaisha * 2,000 27,965
Toyo Suisan Kaisha * 1,000 11,117
Toyobo Company * 7,000 15,289
Toyoda Gosei * (a) 600 17,305
Toyota Industries Corp. * 1,900 40,346
Toyota Motor Corp. * 31,600 1,067,737
Trend Micro, Inc. * 1,000 26,835
UBE Industries * 9,000 18,061
UFJ Holdings, Inc. * (a) 41 197,088
UNI Charm Corp. * 500 24,595
UNY Company, Ltd. * 2,000 20,535
Ushio, Inc. * 1,000 16,605
Uss Co., Ltd. * 220 15,565
Wacoal Corp. * 1,000 8,242
West Japan Railway * 13 51,085
World Company * 400 12,732
Yakult Honsha Company * 1,000 15,634
Yamada Denki Company * (a) 900 30,242
Yamaha Corp. * 1,800 35,367
Yamaha Motor Company, Ltd. * 1,000 10,911
Yamanouchi Pharmaceutical Company, Ltd. * 3,600 111,896
Yamato Transport Company, Ltd. * (a) 5,000 58,898
Yamazaki Baking Company * (a) 2,000 16,596
Yokogawa Electric Corp. * (a) 2,000 28,898
----------
18,275,126
LUXEMBOURG - 0.06%
Arcelor * (a) 3,986 69,406
----------
NETHERLANDS - 4.08%
ABN AMRO Holdings NV * 17,885 418,010
Aegon NV * 15,715 232,255
Akzo Nobel NV * 3,156 121,678
ASML Holding NV * 5,335 105,667
Corio NV * 500 19,340
Dsm NV * 900 44,258
Euronext * 1,117 28,246
Getronics NV * (a) 1,907 3,989
Hagemeyer NV * (a) 849 1,915
Heineken NV * 2,273 86,460
IHC Caland NV * 371 20,100
ING Groep NV * 20,437 476,110
Koninklijke (Royal) KPN NV * 24,664 190,182
Koninklijke (Royal) Philips Electronics NV * 15,348 447,668
Koninklijke Ahold NV * 7,596 57,806
Numico Kon NV * 1,731 47,785
Oce-Van Der Grinten * 972 14,880
Qiagen NV * 1,475 18,083
Reed Elsevier NV * 7,276 90,299
Rodamco Europe NV * 500 29,086
Royal Dutch Petroleum Company * 24,306 1,280,098
Royal Vendex KBB NV * 933 12,990
TNT Post Group NV * 3,914 91,577
Unilever NV-CVA * (a) 6,663 435,283
Vedior NV * 992 15,498
VNU NV * 2,606 82,250
Wereldhave NV * 257 19,218
Wolters Kluwer NV * 3,127 48,854
----------
4,439,585
NEW ZEALAND - 0.17%
Auckland International Airport, Ltd. * 2,732 12,548
Carter Holt Harvey * 9,831 12,110
Contact Energy * 3,264 11,505
Fisher & Paykel * 863 7,153
Fisher & Paykel Appliances Holdings, Ltd. * 3,080 7,749
Fletcher Building * 5,215 14,487
Fletcher Challenge Forests * 967 862
Independent Newspapers, Ltd. * 2,005 6,765
NGC Holdings Ltd. * 1,971 2,893
Sky City Entertainment Group, Ltd. * 4,544 13,725
Sky Network Television, Ltd. * 1,125 4,128
Telecom Corp. of New Zealand, Ltd. * 22,717 79,928
The Warehouse Group, Ltd. * 1,694 5,683
Tower Ltd. * 4,813 3,942
----------
183,478
NORWAY - 0.38%
Aker Kvaerner ASA * 230 3,925
Den Norske Bank ASA * 8,929 59,473
Frontline, Ltd. * (a) 400 10,351
Nera ASA * 700 1,449
Norsk Hydro AS * 1,700 104,688
Norske Skogindustrier ASA * (a) 1,350 25,720
Orkla SA * 2,300 51,410
Schibsted ASA * (a) 600 10,306
Smedvig * 200 1,275
Smedvig ASA, A shares * 100 758
Statoil ASA * 5,000 56,068
Storebrand ASA * 2,200 14,290
Tandberg ASA * 1,400 10,291
Telenor AS * (a) 8,300 54,163
Tomra Systems ASA * 2,300 13,836
----------
418,003
PORTUGAL - 0.29%
Banco BPI SA * 4,613 16,971
Banco Comercial dos Acores, SA * 22,491 50,157
Banco Espirito Santo SA * 1,272 20,835
Brisa Auto Estrada * 3,395 22,671
Cimpor-Cimentos De Portugal, SA * 2,540 13,121
Electricidade De Portugal * 20,775 54,707
Jeronimo Martins, SGPS * 185 2,438
Portugal Telecom * 10,896 109,553
PT Multimedia.com, SGPS, SA * 522 10,128
Sonae, SGPS, SA * 13,165 10,948
----------
311,529
The accompanying notes are an integral part of the financial statements.
249
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- ----------
SINGAPORE - 0.66%
Allgreen Properties, Ltd. * 7,000 $ 4,616
CapitaLand, Ltd. * (a) 12,000 10,952
Chartered Semiconductor Manufacturing, Ltd. * (a) 12,000 12,224
City Developments, Ltd. * 5,000 17,812
Comfortdelgro Corp * 16,000 7,678
Creative Technology, Ltd. * 450 4,743
Cycle & Carriage, Ltd. * 1,000 3,415
Datacraft Asia, Ltd. * 4,000 5,040
DBS Group Holdings, Ltd. * 13,000 112,524
Fraser & Neave, Ltd. * 1,620 12,019
Guocoland, Ltd. * 2,000 1,390
Haw Par Corp., Ltd. * 1,490 3,913
Hotel Properties, Ltd. * 3,000 1,802
Keppel Corp., Ltd. * 6,000 21,551
Keppel Land, Ltd. * 3,000 2,791
NatSteel, Ltd. * 1,000 1,295
Neptune Orient Lines, Ltd. * 12,000 15,262
OverSeas Union Enterprises, Ltd. * 1,000 4,092
Overseas-Chinese Banking Corp., Ltd. * 12,000 85,497
Parkway Holdings, Ltd. * (a) 6,000 3,445
SembCorp Industries, Ltd. * 9,000 6,677
SembCorp Logistics, Ltd. * 5,000 5,888
SembCorp Marine, Ltd. * 2,000 1,166
Singapore Airlines, Ltd. * 7,000 46,164
Singapore Exchange, Ltd. * (a) 8,000 7,961
Singapore Land, Ltd. * 1,000 2,344
Singapore Post Ltd. * 14,000 5,729
Singapore Press Holdings, Ltd. * 4,000 44,515
Singapore Technologies Engineering, Ltd. * 15,000 18,018
Singapore Telecommunications, Ltd. * 73,000 84,249
SMRT Corporation Ltd. * 12,000 4,240
ST Assembly Test Services, Ltd. * 4,000 4,993
United Overseas Bank * 14,000 108,815
United Overseas Land, Ltd. * 3,000 3,392
Venture Corp., Ltd. * 3,000 35,330
Wing Tai Holdings * 4,000 1,955
----------
713,497
SPAIN - 2.90%
Abertis Infrastructuras SA * (a) 2,536 38,311
Acciona SA * 363 22,068
Acerinox SA * (a) 559 26,327
ACS, Actividades de Construcciony
Servicios, SA * (a) 1,127 54,953
Aguas De Barcelona * (a) 695 10,359
Altadis SA, Series A * 3,147 89,214
Amadeus Global Travel Distribution SA, Series A * 3,055 19,823
Antena 3 Television SA * (a) 177 7,792
Banco Bilbao Vizcaya Argentaria, SA * (a) 35,328 487,401
Banco Popular Espanol SA * (a) 1,846 110,014
Banco Santander Central, Hispano SA * 50,119 592,955
Corporacion Mapfre SA * 1,026 14,517
Endesa SA * (a) 10,443 200,654
Fomento de Construcciones SA * (a) 578 21,294
Gas Natural SDG SA * (a) 2,413 56,397
Grupo Ferrovial SA * 752 26,321
Iberdrola SA * (a) 8,906 175,835
Iberia Lineas Aereas de Espana SA * 5,566 15,989
Indra Sistemas SA * 1,300 16,658
Industria de Diseno Textil, SA * 2,499 50,693
NH Hoteles SA * 768 8,815
Promotora de Informaciones SA * (a) 897 12,997
Repsol-YPF SA * (a) 10,683 208,092
Sacyr Vallehermoso SA * (a) 1,116 16,873
Telefonica Publicidad e Informacion SA * 1,733 9,498
Telefonica SA * 54,865 804,640
TelePizza SA * 1,211 1,877
Union Fenosa SA * (a) 2,249 42,193
Zeltia SA * (a) 1,784 12,588
----------
3,155,148
SWEDEN - 1.79%
Alfa Laval AB * 900 13,701
Assa Abloy AB * 3,400 40,415
Atlas Copco AB-A Shares * 1,300 46,540
Atlas Copco AB-B Shares * 800 26,082
Axfood AB * 300 6,944
Billerud Aktibolag * 600 9,051
Castellum AB * 400 9,454
Drott AB * 900 17,080
Electrolux AB, Series B * 3,500 76,882
Eniro AB * 2,200 21,104
Ericsson LM, Series B * 172,700 309,731
Gambro AB, B Shares * 1,100 9,099
Getinge Ab * 1,600 15,349
Hennes & Mauritz AB, Series B * 5,525 131,350
Hoganas AB, B Shares * 300 6,423
Holmen AB * 600 21,313
Incentive AB, Series A * 1,900 15,717
Modern Time Group AB, B Shares * (a) 550 11,584
Nobel Biocare Holding AG * 100 9,760
Nordea AB * 27,500 206,456
OM Hex AB * 750 9,332
Sandvik AB * 2,600 89,645
SAS AB * (a) 1,200 11,345
Securitas AB-B Shares * 3,400 45,851
Skandia Foersaekrings AB * 10,100 36,790
Skandinaviska Enskilda Baken, Series A * 5,600 82,527
Skanska AB * 4,300 37,962
SKF AB-A Shares * 200 7,758
SKF AB-B Shares * 1,000 38,650
SSAB Svenskt Stal AB, Series A * 600 10,719
SSAB Svenskt Stal AB, Series B * 200 3,434
Svenska Cellulosa * 2,300 94,011
Svenska Handelsbanken AB, A Shares * 6,400 130,797
Svenska Handelsbanken AB, B Shares * 600 11,887
Swedish Match AB * 4,000 40,874
Tele2 AB * (a) 1,150 61,395
Teliasonera AB * 18,900 98,799
Trelleborg AB * 800 13,013
Volvo AB, A Shares * 1,100 32,268
Volvo AB, B Shares * 2,700 82,583
WM Data AB, B shares * (a) 2,000 4,310
----------
1,947,985
The accompanying notes are an integral part of the financial statements.
250
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- ---------
SWITZERLAND - 5.83%
ABB, Ltd. * 20,155 $ 102,135
Adecco SA * 1,537 98,757
Ciba Specialty Chemicals Holding, Inc. * 805 62,263
Clariant AG * 1,531 22,582
Compagnie Financiere Richemont AG * 6,071 145,728
Credit Suisse Group * 13,867 507,138
Geberit AG * 40 19,656
Givaudan AG * 88 45,661
Holcim, Ltd. * 1,590 74,019
Kudelski SA * 405 13,371
Kuoni Reisen Holding AG * 34 11,376
Logitech International SA * 513 22,182
Lonza Group AG * 520 29,881
Nestle SA * 4,709 1,176,013
Novartis AG-Reg Shares * 27,769 1,260,187
Roche Holding AG-Genusschein * 8,195 826,256
Roche Holdings AG * 367 50,869
Schindler Holding AG * 63 15,377
Serono SA * 81 57,740
Societe Generale de Surveillance Holding SA * 50 31,359
Sulzer AG * 38 10,227
Swatch Group AG * 573 13,662
Swatch Group AG, B shares * 394 47,288
Swiss Reinsurance * 3,738 252,261
Swisscom AG * 306 100,904
Syngenta AG * (a) 1,226 82,539
Synthes-Stratec, Inc. * 50 49,462
Tecan Group AG * 79 3,818
UBS AG-Registered * 13,770 942,632
Unaxis Holding AG * 130 18,413
Valora Holding AG * 46 11,451
Zurich Financial Services AG * 1,671 240,393
----------
6,345,600
UNITED KINGDOM - 20.33%
3i Group PLC * 7,072 77,952
Aegis Group PLC * 13,367 23,563
Aggreko PLC * 3,035 8,370
Alliance Unichem * 2,952 27,349
AMEC PLC * 3,798 17,627
Amvescap PLC * 7,939 57,501
ARM Holdings PLC * 11,849 27,179
Associated British Ports Holdings PLC * 3,613 28,958
AstraZeneca Group PLC * 19,917 952,817
Aviva PLC * 26,273 229,921
BAA PLC * 12,429 110,100
Barclays PLC * 76,452 679,965
Barratt Developments * 3,002 29,098
BBA Group PLC * 5,542 24,682
BG Group PLC * 41,085 210,299
BHP Billiton PLC * 28,788 250,774
BICC PLC * 5,099 19,888
BOC Group PLC * 5,760 87,756
Boots Group PLC * 9,129 112,604
BP PLC * 257,874 2,085,242
BPB PLC * 6,111 37,852
Brambles Industries, Ltd. * 8,380 30,441
Bristish Aerospace Systems PLC * 35,757 107,391
British Airways * 6,466 26,835
British American Tobacco Australasia, Ltd. * 18,433 253,360
British Land Company PLC * 5,721 59,640
British Sky Broadcasting Group PLC * 14,667 184,055
BT Group PLC * 100,873 338,969
Bunzl PLC * 5,477 41,722
Cable & Wireless PLC * 27,996 66,716
Cadbury Schweppes PLC * 23,980 175,610
Canary Wharf Group PLC * 5,703 27,257
Capita Group * 8,112 35,187
Carlton Communications PLC * 7,353 30,189
Carnival Plc * 1,813 72,849
Cattles PLC * 3,600 21,480
Celltech Group PLC * 3,348 22,591
Centrica PLC * 49,380 185,988
Close Brothers Group PLC * 1,520 19,915
Cobham PLC * 1,279 26,644
Compass Group PLC * 25,420 172,429
Daily Mail and General Trust * 3,372 39,666
De Lousiana Rue PLC * 1,732 8,572
Diageo PLC * 36,167 474,516
Dixons Group PLC * 22,056 54,726
E D & F Manitoba Treasury Management * 3,213 83,794
Electrocomponents PLC * 5,197 30,150
EMAP PLC * 3,071 46,980
EMI Group PLC * 8,998 25,498
Enterprise Inns PLC * 2,048 37,070
FirstGroup PLC * 5,028 24,547
FKI PLC * 7,192 13,737
Friends Provident Ethical Investment Trust * 19,556 46,079
George Wimpey PLC * 4,233 28,203
GKN PLC * 8,575 40,869
GlaxoSmithKline PLC * 69,551 1,589,147
Granada Compass PLC * 32,121 69,952
Great Portland Estates PLC * 2,022 8,464
Great University Stores * 11,775 162,582
Hammerson PLC * 3,372 38,974
Hanson Plc * 7,856 57,531
Hanson PLC * 387 2,512
Hays PLC * 19,215 41,160
HBOS PLC * 44,752 577,965
HHG Plc * 17,632 12,745
Hilton Group PLC * 18,792 75,392
HSBC Holdings PLC * 126,924 1,989,248
IMI PLC * 3,852 23,189
Imperial Chemical Industries PLC * 13,726 48,758
Imperial Tobacco * 8,486 166,627
Intercontinental Hotels Group PLC * 7,279 68,735
International Power PLC * 13,485 29,728
Invensys PLC * 37,344 12,166
J. Sainsbury PLC * 16,844 94,036
Johnson Matthey PLC * 2,543 44,531
Kesa Electricals PLC * 6,582 30,225
Kidde PLC * 10,723 20,385
Kingfisher PLC * 24,891 123,742
Land Securities Group PLC * 5,449 96,489
Legal & General Group PLC * 75,519 135,142
Liberty International * 2,800 34,112
The accompanying notes are an integral part of the financial statements.
251
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- -----------
UNITED KINGDOM - CONTINUED
Lloyds TSB Group PLC * 65,085 $ 520,487
Logicacmg PLC * 8,713 39,855
Marks & Spencer Group, PLC * 26,272 135,532
MFI Furniture Group * 6,400 17,251
Misys PLC * 6,675 25,230
Mitchells & Butler PLC * 5,962 23,946
National Grid Transco PLC * 35,753 255,443
Next Group * 3,228 64,709
Novar PLC * 4,484 11,046
Nycomed Amersham PLC * 8,148 111,339
Ocean Group * 3,413 44,992
Pearson PLC * 9,283 103,069
Persimmon PLC * 3,308 31,710
Pilkington PLC * 11,203 19,148
Provident Financial PLC * 2,957 34,336
Prudential Corp. * 23,352 196,855
Rank Group PLC * 6,786 33,827
Reckitt & Colman * 7,008 158,122
Reed Elsevier PLC * 14,719 122,766
Rentokil Initial PLC * 21,573 73,167
Reuters Group PLC * 16,417 68,867
Rexam PLC * 6,280 47,951
Rio Tinto PLC * 12,426 342,254
RMC Group PLC * 2,981 37,116
Rolls-Royce Group PLC * 15,792 49,966
Royal & Sun Alliance * 33,221 52,333
Royal Bank of Scotland PLC * 32,593 957,646
SAB Miller PLC * 9,259 95,696
Safeway, Inc. * 12,614 63,947
Schroders PLC * 1,626 18,344
Scottish & Newcastle PLC * 9,340 63,063
Scottish Hydro * 9,965 119,713
Scottish Power * 21,568 143,316
Securicor * 5,150 8,756
Serco Group PLC * 4,450 13,663
Severn Trent PLC * 4,138 55,325
Shell Transport & Trading Company PLC * 112,828 836,833
Signet Group PLC * 19,627 36,086
Slough Estates PLC * 4,788 37,542
Smith & Nephew PLC * 10,791 90,389
Smiths Group PLC * 6,513 76,848
SSL International PLC * 2,478 14,597
Stagecoach Holdings PLC * 11,469 16,071
Tate & Lyle PLC * 4,898 27,235
Taylor Woodrow PLC * 6,527 31,108
Tesco PLC * 85,336 392,628
The Berkeley Group PLC * 1,243 19,526
The Davis Service Group PLC * 2,454 16,339
The Peninsular & Oriental Steam Navigation
Company * 8,260 33,912
The Sage Group PLC * 14,258 44,731
Tomkins PLC * 9,260 44,217
Unilever PLC * 32,221 299,515
United Business Media PLC * 3,864 33,797
United Utilities PLC 6,616 58,518
United Utilities PLC, Class A * 3,432 18,655
Vodafone Group PLC * 795,070 1,965,648
Whitbread & Company PLC * 3,452 44,305
William Hill PLC * 4,885 37,234
Wolseley PLC * 6,819 96,161
WPP Group PLC * 13,730 134,430
Yell Group PLC * 5,218 28,409
Yorkshire Water PLC * 4,576 38,313
-----------
22,140,542
UNITED STATES - 0.01%
Gen-Probe, Inc. * 344 12,546
-----------
TOTAL COMMON STOCK
(Cost: $86,696,081) 85,432,534
-----------
PREFERRED STOCK - 0.29%
AUSTRALIA - 0.16%
News Corp., Ltd. - Limited Voting Shares * 23,372 175,979
-----------
GERMANY - 0.12%
Fresenius Medical Care AG * 325 16,359
Porsche AG * 90 53,355
RWE AG * 408 14,368
Volkswagen AG - Non Voting Preferred * 1,226 44,410
-----------
128,492
ITALY - 0.00%
Fiat SPA - PRIV EUR * 849 3,968
-----------
NEW ZEALAND - 0.00%
Fletcher Challenge * 1,940 1,729
-----------
TOTAL PREFERRED STOCK
(Cost: $314,233) 310,168
-----------
PRINCIPAL
AMOUNT VALUE
---------- -----------
SHORT TERM INVESTMENTS - 17.64%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $9,718,352 $ 9,718,352
Federal National Mortgage
Association Discount Notes,
1.05% due 01/07/2004 2,300,000 2,299,597
1.06% due 02/18/2004 6,700,000 6,690,531
United States Treasury Bills,
zero coupon due 01/22/2004 **** 500,000 499,775
------------
$ 19,208,255
REPURCHASE AGREEMENTS - 3.61%
Repurchase Agreement with State
Street Corp. dated 12/31/2003
at 0.70%, to be repurchased at
$3,931,153 on 01/02/2004, collateralized
by $2,810,000 U.S. Treasury Bonds, 8.50%
due 2/15/2020 (valued at $4,013,031,
including interest) $3,931,000 $ 3,931,000
------------
TOTAL INVESTMENTS (INTERNATIONAL INDEX
TRUST) (Cost: $110,149,569) $108,881,957
============
The Trust had the following five top industry concentrations as of December 31,
2003 (as a percentage of total value of investments):
Banking 11.12%
Insurance 3.77%
Pharmaceuticals 3.55%
Telecommunications Equipment & Services 3.54%
Petroleum Services 3.34%
The accompanying notes are an integral part of the financial statements.
252
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
MID CAP INDEX TRUST
SHARES VALUE
------ -----------
COMMON STOCK - 90.04%
AEROSPACE - 0.05%
Sequa Corp., Class A * 1,973 $ 96,677
-----------
AIR TRAVEL - 0.32%
Alaska Air Group, Inc. * (a) 5,047 137,733
JetBlue Airways Corp. * (a) 19,168 508,335
-----------
646,068
APPAREL & TEXTILES - 1.29%
Coach, Inc. * 35,068 1,323,817
Mohawk Industries, Inc. * 12,563 886,194
Timberland Company, Class A * 6,616 344,495
Unifi, Inc. * 9,849 63,526
-----------
2,618,032
AUTO PARTS - 1.54%
Arvinmeritor, Inc. 12,943 312,185
BorgWarner, Inc. 5,183 440,918
Federal Signal Corp. (a) 9,067 158,854
Gentex Corp. 14,497 640,187
Lear Corp. 12,788 784,288
Modine Manufacturing Company 6,463 174,372
O'Reilly Automotive, Inc. * (a) 10,257 393,458
Superior Industries International, Inc. 5,055 219,994
-----------
3,124,256
AUTO SERVICES - 0.14%
Copart, Inc. * 16,802 277,233
-----------
BANKING - 8.51%
Associated Banc-Corp. 13,850 590,703
Astoria Financial Corp. 15,004 558,149
Bank of Hawaii Corp. 10,568 445,970
Banknorth Group, Inc. 30,548 993,726
City National Corp. 9,251 574,672
Colonial Bancgroup, Inc. 23,512 407,228
Commerce Bancorp, Inc. (a) 14,331 754,957
Cullen Frost Bankers, Inc. 9,799 397,545
FirstMerit Corp. 15,982 431,035
Greater Bay Bancorp (a) 9,892 281,724
Greenpoint Financial Corp. 25,199 890,029
Hibernia Corp., Class A 29,329 689,525
Independence Community Bank Corp. 10,281 369,808
Investors Financial Services Corp. (a) 12,339 473,941
M&T Bank Corp. 22,682 2,229,641
Mercantile Bankshares Corp. 15,045 685,751
National Commerce Financial Corp. 38,737 1,056,745
New York Community Bancorp, Inc. 36,381 1,384,297
Provident Financial Group, Inc. (a) 9,240 295,218
Silicon Valley Bancshares * (a) 6,563 236,727
Sovereign Bancorp, Inc. * 55,279 1,312,876
TCF Financial Corp. 13,406 688,398
Washington Federal, Inc. 13,173 374,113
Webster Financial Corp. 8,620 395,313
Westamerica BanCorp 6,170 306,649
Wilmington Trust Corp. 12,471 448,956
-----------
17,273,696
BIOTECHNOLOGY - 0.83%
Charles River Laboratories International, Inc. * 8,649 296,920
Millennium Pharmaceuticals, Inc. * 56,935 1,062,977
Protein Design Labs, Inc. * (a) 17,711 317,027
-----------
1,676,924
BROADCASTING - 1.01%
Belo Corp., Class A 21,623 612,796
Emmis Communications Corp., Class A * (a) 10,340 279,697
Entercom Communications Corp. * 9,709 514,188
Westwood One, Inc. * 18,894 646,364
-----------
2,053,045
BUILDING MATERIALS & CONSTRUCTION - 0.30%
Dycom Industries, Inc. * 9,119 244,571
RPM International, Inc. 21,854 359,717
-----------
604,288
BUSINESS SERVICES - 5.32%
Acxiom Corp. * 16,039 297,844
Affiliated Computer Services, Inc., Class A *, 24,805 1,350,880
Banta Corp. 4,828 195,534
Brinks Company 10,252 231,798
Cadence Design Systems, Inc. * 49,708 893,750
Catalina Marketing Corp. * 10,096 203,535
Ceridian Corp. * 28,231 591,157
Certegy, Inc. 12,254 401,931
ChoicePoint, Inc. * 16,519 629,209
CSG Systems International, Inc. * 9,891 123,539
DST Systems, Inc. * 15,767 658,430
Dun & Bradstreet Corp. * 13,739 696,705
Gartner Group, Inc., Class A * (a) 24,427 276,269
Harte-Hanks, Inc. 16,516 359,223
Jacobs Engineering Group, Inc. * 10,478 503,049
Kelly Services, Inc., Class A 6,551 186,966
Korn/Ferry International * (a) 7,107 94,807
Manpower, Inc. 14,724 693,206
MPS Group, Inc. * 19,734 184,513
Reynolds & Reynolds Company, Class A * 12,666 367,947
Rollins, Inc. (a) 8,525 192,239
Sothebys Holdings, Inc., Class A * (a) 11,658 159,248
The BISYS Group, Inc. * 22,336 332,360
The Titan Corp. * 15,394 335,743
Valassis Communications, Inc. * 9,837 288,716
Viad Corp. * 16,697 417,425
Wind River Systems, Inc. * 15,904 139,319
-----------
10,805,342
CELLULAR COMMUNICATIONS - 0.51%
RF Micro Devices, Inc. * (a) 35,048 352,232
Telephone & Data Systems, Inc. 10,854 678,918
-----------
1,031,150
CHEMICALS - 2.16%
Airgas, Inc. 13,967 300,011
Albemarle Corp. 7,774 232,987
Cabot Corp. 11,662 371,318
Cabot Microelectronics Corp. * (a) 4,676 229,124
Crompton Corp. 21,025 150,749
Cytec Industries, Inc. * 7,376 283,165
Ferro Corp. 7,800 212,238
FMC Corp. * 6,669 227,613
IMC Global, Inc. 21,750 215,978
Lubrizol Corp. * 9,743 316,842
Lyondell Chemical Company 33,418 566,435
Minerals Technologies, Inc. 3,850 228,112
Olin Corp. (a) 11,082 222,305
The Scotts Company, Class A * (a) 6,094 360,521
Valspar Corp. 9,568 472,851
-----------
4,390,249
COAL - 0.36%
Arch Coal, Inc. 9,950 310,142
Peabody Energy Corp. 10,250 427,527
-----------
737,669
COLLEGES & UNIVERSITIES - 0.77%
Career Education Corp. * 18,925 758,325
Corinthian Colleges, Inc. * 8,375 465,315
The accompanying notes are an integral part of the financial statements.
253
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
COLLEGES & UNIVERSITIES - CONTINUED
DeVry, Inc. * 13,236 $ 332,620
----------
1,556,260
COMPUTERS & BUSINESS EQUIPMENT - 3.21%
3Com Corp. * 70,486 575,871
CDW Corp. 15,729 908,507
Diebold, Inc. 13,724 739,312
Fair Isaac Corp. 9,108 447,749
GTECH Holdings Corp. 11,140 551,319
Henry, Jack & Associates, Inc. 16,853 346,835
National Instruments Corp. (a) 9,825 446,743
Plexus Corp. * 8,031 137,892
Quantum Corp. * (a) 33,637 104,947
Sandisk Corp. * (a) 14,986 916,244
Storage Technology Corp. * 20,905 538,304
Sybase, Inc. * 18,273 376,058
Tech Data Corp. * 10,735 426,072
----------
6,515,853
CONSTRUCTION MATERIALS - 0.44%
Granite Construction, Inc. (a) 7,848 184,349
Martin Marietta Materials, Inc. 9,246 434,285
Trinity Industries, Inc. * (a) 8,759 270,128
----------
888,762
CONSTRUCTION & MINING EQUIPMENT - 0.18%
National Oilwell, Inc. * 16,074 359,415
----------
CONTAINERS & GLASS - 0.50%
Longview Fibre Company 9,652 119,202
Packaging Corp. of America 19,924 435,539
Sonoco Products Company 18,336 451,432
----------
1,006,173
CRUDE PETROLEUM & NATURAL GAS - 1.50%
Helmerich & Payne, Inc. * 9,466 264,385
Patterson-UTI Energy, Inc. * 15,292 503,413
Pioneer Natural Resources Company * 22,304 712,167
Pogo Producing Company 12,046 581,822
XTO Energy, Inc. 34,824 985,519
----------
3,047,306
DOMESTIC OIL - 0.93%
Forest Oil Corp. * 10,089 288,243
Murphy Oil Corp. 17,358 1,133,651
Noble Energy, Inc. 10,724 476,467
----------
1,898,361
DRUGS & HEALTH CARE - 0.62%
Edwards Lifesciences Corp. * 11,199 336,866
Hillenbrand Industries, Inc. 11,678 724,736
Perrigo Company 13,204 207,567
----------
1,269,169
EDUCATIONAL SERVICES - 0.33%
Education Management Corp. * 13,672 424,379
Sylvan Learning Systems, Inc. * 8,234 237,057
----------
661,436
ELECTRICAL EQUIPMENT - 0.69%
AMETEK, Inc. 6,308 304,424
Energizer Holdings, Inc. * 15,975 600,021
Hubbell, Inc., Class B * 11,288 497,801
----------
1,402,246
ELECTRIC UTILITIES - 3.57%
ALLETE, Inc. 16,427 502,666
Alliant Corp. 20,922 520,958
Black Hills Corp. 6,078 181,307
DPL, Inc. 23,905 499,136
Duquesne Light Holdings, Inc. * (a) 14,230 260,978
Great Plains Energy, Inc. 13,087 416,428
Hawaiian Electric Industries, Inc. (a) 7,132 337,843
IDACORP, Inc. (a) 7,220 216,022
Northeast Utilities 25,292 510,140
NSTAR 10,022 486,067
OGE Energy Corp. * 16,425 397,321
Pepco Holdings, Inc. 32,386 632,822
PNM Resources, Inc. 7,606 213,729
Puget Energy, Inc. * 17,805 423,225
Quanta Services, Inc. * (a) 22,030 160,819
Sierra Pacific Resources * (a) 22,144 162,537
Westar Energy, Inc. 13,694 277,303
Wisconsin Energy Corp. 22,235 743,761
WPS Resources Corp. 6,838 316,121
----------
7,259,183
ELECTRONICS - 2.68%
Arrow Electronics, Inc. * 19,064 441,141
Avnet, Inc. * 22,644 490,469
Imation Corp. 6,727 236,454
Kemet Corp. * 16,333 223,599
L-3 Communications Holdings, Inc. * 18,289 939,323
Mentor Graphics Corp. * 12,886 187,362
Synopsys, Inc. * 29,351 990,890
Teleflex, Inc. (a) 7,500 362,475
Varian, Inc. * 6,548 273,248
Vishay Intertechnology, Inc. * (a) 30,320 694,328
Zebra Technologies Corp., Class A * 8,938 593,215
----------
5,432,504
ENERGY - 0.63%
Energy East Corp. * 27,598 618,195
Hanover Compressor Company * (a) 13,906 155,052
MDU Resources Group, Inc. 21,398 509,486
----------
1,282,733
FINANCIAL SERVICES - 3.15%
A.G. Edwards, Inc. * 14,867 538,631
Americredit Corp. * (a) 29,573 471,098
Compass Bancshares, Inc. 23,003 904,248
E*TRADE Financial Corp. * 69,173 875,039
Eaton Vance Corp. 13,033 477,529
IndyMac Bancorp, Inc. 10,509 313,063
Investment Technology Group, Inc. * 8,831 142,621
LaBranche & Company, Inc. (a) 11,299 131,859
Legg Mason, Inc. 12,510 965,522
Leucadia National Corp. 13,161 606,722
SEI Investment Company 19,922 607,023
Waddell & Reed Financial, Inc., Class A 15,566 365,178
----------
6,398,533
FOOD & BEVERAGES - 2.64%
Bob Evans Farms, Inc. 6,607 214,463
Constellation Brands, Inc., Class A * 19,869 654,286
Dean Foods Company * 29,484 969,139
Hormel Foods Corp. 26,180 675,706
Interstate Bakeries Corp. * 8,467 120,485
PepsiAmericas, Inc. 27,274 466,931
Sensient Technologies Corp. 8,821 174,391
Smithfield Foods, Inc. * 20,919 433,023
The J.M. Smucker Company 9,458 428,353
Tootsie Roll Industries, Inc. * 9,746 350,856
Tyson Foods, Inc., Class A * 66,223 876,793
----------
5,364,426
FOREST PRODUCTS - 0.18%
Rayonier, Inc. 8,774 364,209
----------
The accompanying notes are an integral part of the financial statements.
254
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
FURNITURE & FIXTURES - 0.15%
Furniture Brands International, Inc. 10,544 $ 309,256
----------
GAS & PIPELINE UTILITIES - 2.12%
AGL Resources, Inc. 12,144 353,391
Aquila, Inc. * 36,881 125,027
Equitable Resources, Inc. 11,764 504,911
National Fuel Gas Company 15,369 375,618
ONEOK, Inc. (a) 17,890 395,011
Philadelphia Suburban Corp. 17,466 385,993
Questar Corp. 15,693 551,609
SCANA Corp. 20,928 716,784
Vectren Corp. 14,289 352,224
Western Gas Resources, Inc. * (a) 6,281 296,777
WGL Holdings, Inc. 9,184 255,223
----------
4,312,568
HEALTHCARE PRODUCTS - 2.33%
Apogent Technologies, Inc. * (a) 17,094 393,846
Beckman Coulter, Inc. 11,653 592,322
Cytyc Corp. * 20,730 285,245
DENTSPLY International, Inc. 14,956 675,563
Henry Schein, Inc. * 8,248 557,400
Patterson Dental Company * 12,895 827,343
STERIS Corp. * 13,119 296,489
Varian Medical Systems, Inc. * 12,854 888,211
VISX, Inc. * (a) 9,133 211,429
----------
4,727,848
HEALTHCARE SERVICES - 2.87%
AdvancePCS * 17,549 924,130
Apria Healthcare Group, Inc. * 9,644 274,565
Covance, Inc. * 11,715 313,962
Coventry Health Care, Inc. * 11,352 732,090
First Health Group Corp. * 17,832 347,011
Health Net, Inc. * 21,479 702,363
Lincare Holdings, Inc. * 18,586 558,138
Omnicare, Inc. 19,358 781,870
Oxford Health Plans, Inc. 15,304 665,724
Pacificare Health Systems, Inc. * 7,894 533,634
----------
5,833,487
HOMEBUILDERS - 1.85%
D.R. Horton, Inc. 29,705 1,285,038
Hovnanian Enterprises, Inc., Class A * 5,673 493,891
Lennar Corp., Class A 14,895 1,429,920
Toll Brothers, Inc. * (a) 13,806 548,927
----------
3,757,776
HOTELS & RESTAURANTS - 2.36%
Applebee's International, Inc. 10,389 407,976
Boyd Gaming Corp. 12,185 196,666
Brinker International, Inc. * 18,271 605,866
CBRL Group, Inc. 9,351 357,769
Extended Stay America, Inc. 18,348 265,679
Krispy Kreme Doughnuts, Inc. * (a) 11,391 416,911
Mandalay Resort Group 11,620 519,646
Outback Steakhouse, Inc. 14,138 625,041
Park Place Entertainment Corp. * 57,272 620,256
Ruby Tuesday, Inc. * 12,292 350,199
The Cheesecake Factory, Inc. * (a) 9,768 430,085
----------
4,796,094
HOUSEHOLD PRODUCTS - 0.54%
Blyth Industries, Inc. 8,602 277,156
Church & Dwight, Inc. 7,643 302,663
Dial Corp. 18,214 518,553
----------
1,098,372
INDUSTRIAL MACHINERY - 1.40%
AGCO Corp. * 14,248 286,955
Cooper Cameron Corp. * 10,203 475,460
Donaldson Company, Inc. 8,196 484,875
Flowserve Corp. * 10,442 218,029
FMC Technologies, Inc. * 12,517 291,646
Graco, Inc. 8,691 348,509
Grant Prideco, Inc. * 22,944 298,731
Kennametal, Inc. 6,812 270,777
Tecumseh Products Company, Class A 3,492 169,117
----------
2,844,099
INDUSTRIALS - 0.52%
Fastenal Company 14,338 716,040
Harsco Corp. 7,720 338,290
----------
1,054,330
INSURANCE - 4.71%
Allmerica Financial Corp. 10,022 308,377
American Financial Group, Inc. * (a) 13,795 365,016
Amerus Group Company (a) 7,403 258,883
Arthur J. Gallagher & Company 17,021 553,012
Brown & Brown, Inc. (a) 12,972 423,017
Everest Re Group, Ltd. 10,518 889,823
Fidelity National Financial, Inc. 28,015 1,086,422
First American Corp. 14,784 440,120
HCC Insurance Holdings, Inc. 12,056 383,381
Horace Mann Educators Corp. 8,073 112,780
Mony Group, Inc. (a) 8,916 278,982
Ohio Casualty Corp. * (a) 11,515 199,900
Old Republic International Corp. 34,260 868,833
Protective Life Corp. 13,023 440,698
Radian Group, Inc. 17,744 865,020
Stancorp Financial Group, Inc. 5,517 346,909
The PMI Group, Inc. 17,944 668,055
Unitrin, Inc. (a) 12,769 528,764
W.R. Berkley Corp. 15,757 550,707
----------
9,568,699
INTERNATIONAL OIL - 0.44%
Weatherford International, Ltd. * 24,590 885,240
----------
INTERNET SERVICE PROVIDER - 0.16%
Avocent Corp. * 8,863 323,677
----------
INTERNET SOFTWARE - 0.75%
Checkfree Corp. * (a) 15,047 416,050
Internet Security Systems, Inc. * 9,408 177,153
Macromedia, Inc. * 11,830 211,047
Networks Associates, Inc. * 30,507 458,825
Retek, Inc. * 10,326 95,825
RSA Security, Inc. * (a) 11,373 161,497
----------
1,520,397
INVESTMENT COMPANIES - 0.17%
Raymond James Financial, Inc. * 9,189 346,425
----------
LEISURE TIME - 0.40%
Callaway Golf Company (a) 14,278 240,584
International Speedway Corp., Class A 10,057 449,146
Six Flags, Inc. * (a) 17,502 131,615
----------
821,345
MANUFACTURING - 1.20%
Carlisle Companies, Inc. 5,832 354,935
Lancaster Colony Corp. 6,758 305,191
Nordson Corp. 6,405 221,165
Pentair, Inc. 9,331 426,427
SPX Corp. * 14,394 846,511
The accompanying notes are an integral part of the financial statements.
255
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
MANUFACTURING - CONTINUED
York International Corp. 7,572 $ 278,650
----------
2,432,879
MEDICAL-HOSPITALS - 0.87%
Community Health Systems, Inc. * 18,612 494,707
Lifepoint Hospitals, Inc. * (a) 7,122 209,743
Triad Hospitals, Inc. * 14,234 473,565
Universal Health Services, Inc., Class B 10,956 588,556
----------
1,766,571
METAL & METAL PRODUCTS - 0.26%
Precision Castparts Corp. 11,717 532,069
----------
NEWSPAPERS - 0.88%
Lee Enterprises, Inc. 8,425 367,751
Washington Post Company, Class B 1,801 1,425,312
----------
1,793,063
OFFICE FURNISHINGS & SUPPLIES - 0.40%
Herman Miller, Inc. * 13,779 334,416
HON Industries, Inc. 11,002 476,607
----------
811,023
PAPER - 0.45%
Bowater, Inc. * 10,469 484,819
P.H. Glatfelter Company 8,271 102,974
Potlatch Corp. (a) 5,433 188,906
Wausau-Mosinee Paper Corp. * 9,742 131,712
----------
908,411
PETROLEUM SERVICES - 1.88%
ENSCO International, Inc. 28,322 769,509
Pride International, Inc. * 25,632 477,781
Smith International, Inc. * 18,919 785,517
Tidewater, Inc. 11,447 342,036
Valero Energy Corp. 22,727 1,053,169
Varco International, Inc. * 18,443 380,479
----------
3,808,491
PHARMACEUTICALS - 3.61%
Barr Laboratories, Inc. * 12,701 977,342
Gilead Sciences, Inc. * 38,267 2,224,843
Ivax Corp. * 37,120 886,426
Mylan Laboratories, Inc. 50,804 1,283,309
Pharmaceutical Resources, Inc. * 6,429 418,849
Sepracor, Inc. * 16,042 383,885
SICOR, Inc. * 22,493 611,810
Valeant Pharmaceuticals International * 15,701 394,880
Vertex Pharmaceuticals, Inc. * (a) 14,683 150,207
----------
7,331,551
POLLUTION CONTROL - 0.56%
Republic Services, Inc. 29,935 767,234
Stericycle, Inc. * 7,951 371,312
----------
1,138,546
PUBLISHING - 0.40%
Media General, Inc., Class A 4,446 289,435
Readers Digest Association, Inc., Class A 18,694 274,054
Scholastic Corp. * 7,432 252,985
----------
816,474
RAILROADS & EQUIPMENT - 0.13%
GATX Corp. (a) 9,290 259,934
----------
REAL ESTATE - 1.58%
AMB Property Corp., REIT 15,448 507,930
Highwoods Properties, Inc., REIT 10,040 255,016
Hospitality Properties Trust, SBI * 11,827 488,219
Liberty Property Trust, REIT (a) 15,140 588,946
Mack-California Realty Corp., REIT * 11,015 458,444
New Plan Realty Trust, Inc. * 18,466 455,556
United Dominion Realty Trust, Inc., REIT 23,988 460,570
----------
3,214,681
RETAIL GROCERY - 0.45%
Ruddick Corp. 8,746 156,553
Whole Foods Market, Inc. 11,319 759,845
----------
916,398
RETAIL TRADE - 4.59%
99 Cents Only Stores * (a) 13,622 370,927
Abercrombie & Fitch Company, Class A * 18,273 451,526
American Eagle Outfitters, Inc. * 13,452 220,613
Barnes & Noble, Inc. * 12,588 413,516
BJ's Wholesale Club, Inc. * 13,182 302,659
Borders Group, Inc. 14,628 320,646
CarMax, Inc. * 19,583 605,702
Chico's FAS, Inc. * 16,463 608,308
Claire's Stores, Inc. 18,490 348,352
Dollar Tree Stores, Inc. * 21,750 653,805
Longs Drug Stores Corp. * 7,078 175,110
Michael's Stores, Inc. 12,662 559,660
Payless ShoeSource, Inc. * 12,860 172,324
PETsMART, Inc. 27,029 643,290
Pier 1 Imports, Inc. 16,806 367,379
Rent-A-Center, Inc. * 15,287 456,775
Ross Stores, Inc. 27,254 720,323
Saks, Inc. * 25,911 389,701
The Neiman Marcus Group, Inc., Class A * 9,245 496,179
United Rentals, Inc. * 14,560 280,426
Williams-Sonoma, Inc. * 22,065 767,200
----------
9,324,421
SEMICONDUCTORS - 3.74%
Atmel Corp. * 89,089 535,425
Credence Systems Corp. * (a) 11,996 157,867
Cree, Inc. * (a) 14,023 248,067
Cypress Semiconductor Corp. * (a) 22,725 485,406
Fairchild Semiconductor International, Inc. * 22,250 555,582
Integrated Circuit Systems, Inc. * 13,632 388,376
Integrated Device Technology, Inc. * 19,810 340,138
International Rectifier Corp. * 12,150 600,331
Intersil Corp., Class A 26,255 652,437
Lam Research Corp. * 24,659 796,486
Lattice Semiconductor Corp. * (a) 21,311 206,290
LTX Corp. * 9,903 148,842
Micrel, Inc. * 17,413 271,295
Microchip Technology, Inc. 39,199 1,307,679
Semtech Corp. * 13,948 317,038
Silicon Laboratories, Inc. * 9,402 406,354
Triquint Semiconductor, Inc. * 25,367 179,345
----------
7,596,958
SOFTWARE - 0.71%
Activision, Inc. * 16,757 304,977
Advent Software, Inc. * (a) 6,194 107,962
Ascential Software Corp. * 11,225 291,064
Keane, Inc. * 12,105 177,217
Macrovision Corp. * 9,246 208,867
McDATA Corp., Class A * (a) 21,808 207,830
Transaction Systems Architects, Inc., Class A * 6,734 152,391
----------
1,450,308
STEEL - 0.06%
Carpenter Technology Corp. 4,223 124,874
----------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 0.97%
ADTRAN, Inc. 14,952 463,512
Advanced Fibre Communications, Inc. * 16,426 330,984
The accompanying notes are an integral part of the financial statements.
256
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - CONTINUED
Commscope, Inc. * 11,200 $ 182,896
Newport Corp. * 7,369 121,809
Plantronics, Inc. * 8,394 274,064
Polycom, Inc. * 18,743 365,863
Powerwave Technologies, Inc. * (a) 11,929 91,257
Price Communications Corp. * 10,220 140,321
------------
1,970,706
TELEPHONE - 0.35%
Cincinnati Bell, Inc. * (a) 46,152 233,067
Harris Corp. 12,584 477,563
------------
710,630
TIRES & RUBBER - 0.07%
Bandag, Inc. 3,638 149,886
------------
TOBACCO - 0.10%
Universal Corp. 4,723 208,615
------------
TRANSPORTATION - 0.91%
Alexander & Baldwin, Inc. 7,902 266,218
C. H. Robinson Worldwide, Inc. 15,958 604,968
Expeditors International of Washington, Inc. 19,839 747,137
Overseas Shipholding Group, Inc. (a) 6,738 229,429
------------
1,847,752
TRUCKING & FREIGHT - 0.74%
CNF, Inc. 9,396 318,525
EGL, Inc. * (a) 8,947 157,109
Hunt (JB) Transport Services, Inc. * 15,123 408,472
Swift Transportation, Inc. * 15,800 332,116
Werner Enterprises, Inc. 15,071 293,734
------------
1,509,956
TOTAL COMMON STOCK
(Cost: $162,519,333) $182,865,008
------------
PRINCIPAL
AMOUNT VALUE
----------- ------------
SHORT TERM INVESTMENTS - 8.63%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $15,125,107 $ 15,125,107
Federal National Mortgage
Association Discount Notes, Series
BB, 1.05% due 01/15/2004 1,000,000 999,592
United States Treasury Bills,
0.83% due 01/22/2004 **** 300,000 299,855
United States Treasury Bills,
0.87% due 01/22/2004 **** 200,000 199,898
United States Treasury Bills,
0.89% due 01/22/2004 **** 100,000 99,948
United States Treasury Bills,
0.90% due 01/22/2004 **** 400,000 399,790
United States Treasury Bills,
0.93% due 01/22/2004 **** 100,000 99,946
United States Treasury Bills,
0.935% due 01/22/2004 **** 300,000 299,836
------------
$ 17,523,972
REPURCHASE AGREEMENTS - 1.33%
Repurchase Agreement with State Street
Corp., dated 12/31/2003 at
0.70%, to be repurchased at
2,696,105 on 01/02/2004,
collateralized by $1,930,000
U.S. Treasury Bonds, 8.50% due
2/15/2020 (valued at
$2,756,281 including interest) $2,696,000 $ 2,696,000
------------
TOTAL INVESTMENTS (MID CAP INDEX
TRUST) (Cost: $182,739,305)
$203,084,980
============
TOTAL STOCK MARKET INDEX TRUST
SHARES VALUE
------ ----------
COMMON STOCK - 91.15%
ADVERTISING - 0.25%
aQuantive, Inc. * 786 $ 8,056
DoubleClick, Inc. * 1,664 17,006
FindWhat.com * (a) 233 4,369
Getty Images, Inc. * 622 31,181
Grey Global Group, Inc. (a) 15 10,246
Lamar Advertising Company * 1,061 39,596
Monster Worldwide, Inc. * 1,345 29,536
Omnicom Group, Inc. * 2,279 199,025
The Interpublic Group of Companies, Inc. 4,621 72,088
ValueClick, Inc. * 964 8,753
Ventiv Health, Inc. * 406 3,715
----------
423,571
AEROSPACE - 1.45%
AAR Corp. * 419 6,264
Alliant Techsystems, Inc. * 400 23,104
Aviall Inc. * 369 5,723
BE Aerospace, Inc. * 640 3,456
Curtiss Wright Corp. 208 9,362
DRS Technologies, Inc. * 326 9,056
Ducommun, Inc. * 200 4,470
EDO Corp. * 214 5,275
Esterline Technologies Corp. * 262 6,987
Fairchild Corp. * 698 3,518
GenCorp, Inc. 669 7,205
General Dynamics Corp. 2,348 212,236
Goodrich Corp. * 1,389 41,239
Heico Corp., Class A * 314 4,421
Honeywell International, Inc. 10,125 338,479
Innovative Solutions & Support, Inc. * 200 3,248
Integral Systems, Inc. * 200 4,304
Lockheed Martin Corp. 5,322 273,551
Moog, Inc., Class A * 136 6,718
Mtc Technologies, Inc. * 167 5,381
Northrop Grumman Corp. 2,084 199,230
Orbital Sciences Corp., Class A * (a) 629 7,561
Raytheon Company * 4,813 144,582
Rockwell Collins, Inc. 2,047 61,471
Sequa Corp., Class A * 142 6,958
Teledyne Technologies, Inc. * 462 8,709
Textron, Inc. * 1,580 90,155
The Boeing Company * 9,905 417,397
Triumph Group, Inc. * 169 6,152
United Defense Industries, Inc. * 280 8,926
United Industrial Corp. 211 3,809
United Technologies Corp. 5,519 523,036
Woodward Governor Company 125 7,104
----------
2,459,087
The accompanying notes are an integral part of the financial statements.
257
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ --------
AGRICULTURE - 0.17%
Alico, Inc. 140 $ 4,866
Archer-Daniels-Midland Company 7,549 114,896
Bunge, Ltd. 1,117 36,772
Delta & Pine Land Company 434 11,023
Fresh Del Monte Produce, Inc. * (a) 599 14,274
Maui Land & Pineapple, Inc. * 124 4,288
Monsanto Company 3,056 87,952
Omega Protein Corp. * 470 3,628
Tejon Ranch Company * 168 6,890
--------
284,589
AIR FREIGHT - 0.01%
ExpressJet Holdings, Inc. * 634 9,510
--------
AIR TRAVEL - 0.17%
Airtran Holdings, Inc. * (a) 1,021 12,150
Alaska Air Group, Inc. * 307 8,378
America West Holding Corp., Class B * (a) 434 5,382
Atlantic Coast Airlines Holdings, Inc. * 565 5,593
Continental Airlines, Inc., Class B * (a) 789 12,837
Delta Air Lines, Inc. * (a) 1,516 17,904
Frontier Airlines, Inc. * 412 5,875
JetBlue Airways Corp. * (a) 1,127 29,888
Mair Holdings, Inc. * 500 3,640
Mesa Air Group, Inc. * (a) 426 5,334
Northwest Airlines Corp., Class A * (a) 1,094 13,806
SkyWest, Inc. * 653 11,832
Southwest Airlines Company * 9,204 148,553
--------
281,172
ALUMINUM - 0.23%
Alcoa, Inc. 9,964 378,632
Century Aluminum Company 318 6,045
MAXXAM, Inc. * (a) 193 3,658
--------
388,335
APPAREL & TEXTILES - 0.53%
Bebe Stores, Inc. * (a) 317 8,239
Brown Shoe, Inc. * 196 7,434
Cherokee Inc. (a) 185 4,207
Cintas Corp. 1,962 98,355
Coach, Inc. * 2,183 82,408
Columbia Sportswear Company * 439 23,926
Culp, Inc. * 300 3,270
Deckers Outdoor Corp. * (a) 200 4,100
DHB Industries, Inc. * (a) 600 4,200
Ellis Perry International, Inc. * 123 3,171
G & K Services, Class A * 254 9,335
Goodys Family Clothing, Inc. 451 4,221
Guess, Inc. * 592 7,145
Hartmarx Corp. * 814 3,394
Interface, Inc., Class A * 892 4,933
Jones Apparel Group, Inc. 1,468 51,718
Jos. A. Bank Clothiers, Inc. * (a) 70 2,428
K-Swiss, Inc., Class A 458 11,019
Kellwood Company 300 12,300
Liz Claiborne, Inc. 1,263 44,786
Maxwell Shoe, Inc. * (a) 263 4,463
Mohawk Industries, Inc. * 815 57,490
Movado Group, Inc. 178 5,025
NIKE, Inc., Class B 3,084 211,131
Oakley, Inc. (a) 858 11,875
Oshkosh B'Gosh, Inc., Class A 200 4,292
Oxford Industries, Inc. * (a) 100 3,388
Phillips Van Heusen Corp. 449 7,965
Polo Ralph Lauren Corp., Class A 539 15,523
Quaker Fabric Corp. 407 3,867
Quiksilver, Inc. * 640 11,347
Reebok International, Ltd. 726 28,546
Russell Corp. * 426 7,481
Stage Stores, Inc. * (a) 205 5,720
Stride Rite Corp. 615 6,999
The Gymboree Corp. * 422 7,271
Timberland Company, Class A * 391 20,359
Unifi, Inc. * 854 5,508
Unifirst Corp. * 110 2,608
V.F. Corp. 1,248 53,964
Vans, Inc. * (a) 281 3,206
Warnaco Group, Inc. * 578 9,219
Wellman, Inc. 481 4,911
Weyco Group, Inc. 100 3,365
Wolverine World Wide, Inc. 474 9,660
--------
895,772
AUTO PARTS - 0.35%
Advance Auto Parts, Inc. * 390 31,746
Aftermarket Technology Corp. * 311 4,267
American Axle & Manufacturing Holdings, Inc. * 643 25,990
Arvinmeritor, Inc. 850 20,502
AutoZone, Inc. * 1,070 91,175
BorgWarner, Inc. 279 23,735
Collins & Aikman Corp. * (a) 1,175 5,088
CSK Auto Corp. * 564 10,586
Dana Corp. 1,750 32,112
Delphi Corp. * 6,633 67,723
Federal Signal Corp. 577 10,109
Gentex Corp. 942 41,599
Genuine Parts Company 2,041 67,761
Keystone Automotive Industries, Inc. * 184 4,666
Lear Corp. 818 50,168
LKQ Corp. * 300 5,385
Modine Manufacturing Company 407 10,981
Noble International, Ltd. 200 4,560
O'Reilly Automotive, Inc. * 589 22,594
R & B, Inc. * 317 4,913
Raytech Corp. * 900 2,988
Sports Resorts International, Inc. * (a) 763 3,861
Standard Motor Products, Inc., Class A * 398 4,836
Superior Industries International, Inc. 279 12,142
TBC Corp. * 288 7,433
Tower Automotive, Inc. * 801 5,471
Visteon Corp. 1,670 17,385
--------
589,776
AUTO SERVICES - 0.05%
AutoNation, Inc. * 3,191 58,619
Copart, Inc. * 1,074 17,721
Dollar Thrifty Automotive Group, Inc. * 249 6,459
Lithia Motors, Inc., Class A 178 4,487
Midas, Inc. * (a) 234 3,346
--------
90,632
AUTOMOBILES - 0.52%
Dura Automotive Systems, Inc. * 300 3,831
Ford Motor Company * 21,597 345,552
General Motors Corp. 6,603 352,600
Marine Products Corp. 271 5,095
Monaco Coach Corp. * 352 8,378
Monro Muffler Brake, Inc. * 250 5,002
PACCAR, Inc. 1,372 116,785
Tenneco Automotive, Inc. * 655 4,382
Thor Industries, Inc. 315 17,709
The accompanying notes are an integral part of the financial statements.
258
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
AUTOMOBILES - CONTINUED
United Auto Group, Inc. 456 $ 14,273
----------
873,607
BANKING - 6.44%
1St Source Corp. (a) 300 6,453
ABC Bancorp 357 5,701
Abington Bancorp, Inc. * 139 5,364
Alabama National BanCorp 123 6,464
Allegiant Bancorp, Inc. 186 5,217
Amcore Financial, Inc. 345 9,322
American National Bankshares, Inc. (a) 246 6,514
AmSouth BanCorp 3,997 97,926
Anchor BanCorp Wisconsin, Inc. 359 8,939
Associated Banc-Corp. 788 33,608
Astoria Financial Corp. 933 34,708
Banc Corp. (a) 593 5,041
Bancorpsouth, Inc. 842 19,972
BancTrust Financial Group, Inc. (a) 401 6,424
Bank Granite Corp. 218 4,748
Bank Mutual Corp. 1,002 11,413
Bank of America Corp. 17,621 1,417,257
Bank of Hawaii Corp. 644 27,177
Bank of New York Company, Inc. * 9,057 299,968
Bank One Corp. 13,331 607,760
Bankatlantic Bancorp, Inc., Class A 628 11,932
Banknorth Group, Inc. 1,851 60,213
BankUnited Financial Corp., Class A * 400 10,316
Banner Corp. 271 6,816
Bay View Capital Corp. 1,031 2,206
BB&T Corp. 6,335 244,784
Bcsb Bankcorp, Inc. * 321 5,955
BOK Financial Corp. * 676 26,175
Boston Private Financial Holdings, Inc. (a) 239 5,937
Bostonfed Bancorp Inc. 100 3,490
Brookline Bancorp, Inc. 791 12,134
Bryn Mawr Bank Corp. 300 7,347
BSB Bancorp Inc. 221 8,730
Camco Financial Corp. 309 5,355
Capital City Bank Group, Inc. (a) 206 9,474
Capital Corporation of The West * 85 3,369
Capitol Bancorp, Ltd. 247 7,015
Capitol Federal Financial (a) 852 30,723
Cardinal Financial Corp. * (a) 468 3,875
Cascade Financial Corp. 289 5,596
Cathay Bancorp, Inc. * 218 12,138
Cavalry BanCorp, Inc. (a) 363 6,378
CCBT Financial Companies, Inc. * 148 5,173
Center Bancorp, Inc. (a) 237 4,659
Central Coast Bancorp * 334 6,059
Central Pacific Financial Corp. 190 5,708
Century Bancorp, Inc. (a) 101 3,581
CFS Bancorp, Inc. 387 5,743
Charter Financial Corp. (a) 308 11,479
Chemical Financial Corp. 266 9,680
Chittenden Corp. 460 15,474
Citizens Banking Corp. (a) 554 18,127
City National Corp. 578 35,905
CityBank 127 4,128
CNB Florida Bancshares, Inc. 200 4,600
Coastal Bancorp, Inc. 200 8,222
Coastal Financial Corp. 265 4,675
CoBiz, Inc. (a) 320 5,894
Colonial Bancgroup, Inc. 1,418 24,560
Columbia Banking System, Inc. 300 6,498
Comerica, Inc. 2,047 114,755
Commerce Bancorp, Inc. (a) 895 47,149
Commerce Bancshares, Inc. 743 36,402
Commercial Bankshares, Inc. * 209 7,014
Commercial Federal Corp. 551 14,717
Community Banks, Inc. * 125 4,914
Community First Bankshares, Inc. 486 14,065
Community Trust Bancorp, Inc. 161 4,850
Connecticut Bancshares, Inc. 96 4,948
Corus Bankshares, Inc. 284 8,963
Cullen Frost Bankers, Inc. 598 24,261
CVB Financial Corp. 655 12,625
Digital Insight Corp. * (a) 418 10,408
Dime Community Bancorp, Inc. 371 11,412
Doral Financial Corp. 866 27,938
East West Bancorp, Inc. 246 13,205
Eastern Virginia Bankshares, Inc. (a) 106 3,056
ESB Financial Corp. (a) 299 4,901
Exchange National Bancshares, Inc. (a) 109 3,940
F.N.B. Corp. 511 18,115
Farmers Capital Bank Corp. 224 7,618
FFLC Bancorp, Inc. 244 7,015
Fidelity Bankshares, Inc. * 176 5,526
Fidelity Southern Corp. 427 5,658
Fifth Third Bancorp 6,722 397,270
Financial Institutions, Inc. * 201 5,674
First Albany Cos, Inc. 316 4,437
First Bancorp Puerto Rico 515 20,368
First Charter Corp. * (a) 379 7,409
First Citizens Bancshares, Inc. 100 12,153
First Commonwealth Financial Corp. 750 10,695
First Community Bancorp 225 8,132
First Defiance Financial Corp. 166 4,424
First Essex Bancorp, Inc. * 68 3,954
First Financial BanCorp * 647 10,320
First Financial Bankshares, Inc. 150 6,255
First Financial Holdings, Inc. 142 4,439
First Indiana Corp. 305 5,719
First M&F Corp. 196 7,428
First Merchants Corp. 277 7,069
First Midwest Bancorp, Inc. 517 16,756
First Niagara Financial Group, Inc. 887 13,225
First Oak Brook Bancshares, Inc., Class A 211 6,332
First of Long Island Corp. 102 4,386
First Place Financial Corp. (a) 242 4,726
First Republic Bank (a) 140 5,012
First Sentinel Bancorp, Inc. (a) 400 8,424
First South Bancorp, Inc. (a) 197 7,191
First Tennessee National Corp. 1,425 62,842
First United Corp. 250 6,093
Firstfed America Bancorp, Inc. 213 5,544
FirstMerit Corp. 953 25,702
Flag Financial Corp. * (a) 327 4,218
Flagstar Bancorp, Inc. (a) 748 16,022
FleetBoston Financial Corp. * 12,395 541,042
Florida Banks, Inc. * 246 3,444
Floridafirst Bancorp, Inc. 239 7,911
Flushing Financial Corp. 276 5,045
FMS Financial Corp. * 200 3,600
FNB Corp. of North Carolina * 235 4,977
Foothill Independent Bancorp 200 4,732
Frontier Financial Corp. 204 6,765
Georgia Financial, Inc. 244 8,474
German American Bancorp (a) 340 5,958
Glacier Bancorp, Inc. 209 6,772
The accompanying notes are an integral part of the financial statements.
259
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -------
BANKING - CONTINUED
Gold Banc Corporation, Inc. 495 $ 6,960
Golden West Financial Corp. 1,717 177,177
Greater Bay Bancorp (a) 653 18,597
Greater Community Bancorp 299 5,074
Greenpoint Financial Corp. 1,539 54,357
Hancock Holding Company 219 11,951
Hanmi Financial Corp. 199 3,934
Harleysville National Corp. (a) 331 9,963
Heritage Commerce Corp. * 395 4,839
Heritage Financial Corp. 252 5,514
Hibernia Corp., Class A 1,785 41,965
HMN Financial Inc. 169 4,105
Home Federal Bancorp (a) 243 6,848
Hudson City Bancorp, Inc. 2,238 85,447
Hudson River Bancorp, Inc. 155 6,050
Hudson United Bancorp 453 16,738
Huntington Bancshares, Inc. 2,628 59,130
Independence Community Bank Corp. 632 22,733
Independent Bank Corp. - MA 189 5,447
Independent Bank Corp. - MI 289 8,196
Integra Bank Corp. * (a) 296 6,505
Interchange Financial Services Corp. 188 4,756
Investors Financial Services Corp. (a) 820 31,496
Irwin Financial Corp. (a) 340 10,676
Jefferson Bancshares, Inc. (a) 313 4,316
KeyCorp 4,876 142,964
Klamath First Bancorp, Inc. 230 6,104
KNBT Bancorp, Inc. * 403 7,085
Local Financial Corp. * 225 4,689
LSB Bancshares, Inc. 347 6,038
M&T Bank Corp. 1,359 133,590
MAF Bancorp, Inc. 273 11,439
Main Street Banks, Inc. (a) 286 7,579
Marshall & Ilsley Corp. 2,624 100,368
MB Financial, Inc. 271 9,864
Mercantile Bankshares Corp. 873 39,791
Merchants Bancshares, Inc. 254 7,760
Mid-State Bancshares 281 7,149
Midwest Banc Holdings, Inc. (a) 258 5,741
Mutualfirst Financial, Inc. 252 6,386
Nara Bancorp Inc. 198 5,405
NASB Financial, Inc. 129 5,406
National City Corp. 7,153 242,773
National Commerce Financial Corp. 2,370 64,654
National Penn Bancshares, Inc. (a) 356 11,435
Netbank, Inc. 634 8,464
New York Community Bancorp, Inc. 2,251 85,651
Newmil Bancorp Inc. (a) 186 5,403
North Fork BanCorp, Inc. 1,754 70,984
Northern States Financial Corp. 234 6,765
Northern Trust Corp. 2,600 120,692
Northrim Bancorp, Inc. 222 5,095
Northwest Bancorp, Inc. (a) 554 11,833
Ohio Valley Banc Corp. 259 6,864
Old National Bancorp 715 16,338
Oriental Financial Group, Inc. 309 7,944
PAB Bankshares, Inc. (a) 361 5,610
Pacific Capital Bancorp * 359 13,218
Pacific Union Bank 162 4,136
Pamrapo Bancorp, Inc. 275 6,971
Park National Corp. (a) 106 11,994
Parkvale Financial Corp. * 233 6,256
Partners Trust Financial Group 178 6,052
Patriot Bank Corp. 175 5,007
Peapack Gladstone Financial, Corp. (a) 152 4,712
Pennrock Financial Services, Corp. 124 3,854
People's Bank Corp. 720 23,472
Peoples Bancorp 242 5,808
Peoples Financial Corp. 317 5,294
PFF Bancorp, Inc. 168 6,095
Popular, Inc. 1,544 69,387
Princeton National Bancorp, Inc. (a) 241 6,881
PrivateBankcorp, Inc. (a) 122 5,553
Progress Financial Corp. 123 3,793
Prosperity Bancshares, Inc. (a) 300 6,756
Provident Bancorp, Inc. (a) 100 4,700
Provident Bankshares Corp. 287 8,449
Provident Financial Group, Inc. (a) 600 19,170
R & G Financial Corp., Class B 205 8,159
Rainier Pacific Financial Group, Inc. * 300 4,776
Redwood Empire Bancorp * (a) 264 6,904
Republic Bancorp, Inc. 829 11,183
Republic Bancorp, Inc., Class A 300 5,862
Republic Bancshares, Inc. 191 6,011
Riggs National Corp. 388 6,414
Riverview Bancorp, Inc. (a) 394 8,377
S & T Bancorp, Inc. (a) 355 10,615
S Y Bancorp, Inc. 245 5,037
Sandy Spring Bancorp, Inc. (a) 143 5,348
Santander Bancorp 493 12,005
Savannah Bancorp, Inc. 221 6,409
Security Bank Corp. (a) 100 3,150
Shore Bancshares, Inc. 94 3,580
Silicon Valley Bancshares * 390 14,067
Simmons First National Corp., Class A 227 6,333
Sky Financial Group, Inc. 997 25,862
South Financial Group, Inc. 683 19,028
Southtrust Corp. 3,889 127,287
Southwest BanCorp of Texas, Inc. 357 13,869
Southwest Bancorp, Inc. 276 4,935
Sovereign Bancorp, Inc. * 3,467 82,341
State Bancorp, Inc. * 277 6,720
Staten Islands Bancorp, Inc. 744 16,740
Sterling Bancorp 168 4,788
Sterling Bancshares, Inc. 596 7,945
Sterling Financial Corp. - USD 212 5,883
Sterling Financial Corp. - CAD * 222 7,599
Summit Bankshares, Inc. 243 6,770
Summit Financial Corp. (a) 0 3
Sun Bancorp, Inc. (a) 252 4,778
Sun Bancorp, Inc. of New Jersey * 179 4,726
SunTrust Banks, Inc. 3,320 237,380
Susquehanna Bancshares, Inc. 494 12,355
TCF Financial Corp. 811 41,645
Texas Regional Bancshares, Inc., Class A 321 11,877
The Trust Company of New Jersey 283 11,229
Thistle Group Holdings Company 113 2,931
Troy Financial Corp. 105 3,675
TrustCo Bank Corp. * (a) 1,017 13,374
Trustmark Corp. 662 19,377
UCBH Holdings, Inc. 472 18,394
Umpqua Holdings Corp. * (a) 406 8,441
Union Planters Corp. 2,202 69,341
UnionBanCal Corp. 1,682 96,782
United Bankshares, Inc. * 490 15,288
United Community Banks, Inc. * (a) 273 8,982
United National Bancorp 172 6,146
US Bancorp 22,667 675,023
The accompanying notes are an integral part of the financial statements.
260
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
BANKING - CONTINUED
Valley National Bancorp * 1,009 29,463
Virginia Commerce Bancorp, Inc. * (a) 114 3,651
W Holding Company, Inc. 853 15,868
Wachovia Corp. 15,658 729,506
Washington Federal, Inc. 726 20,618
Washington Trust Bancorp, Inc. (a) 194 5,083
Waypoint Financial Corp. 451 9,782
Webster Financial Corp. 445 20,408
Wells Fargo & Company 19,800 1,166,022
Wesbanco, Inc. 219 6,064
West Coast Bancorp 311 6,637
Westamerica BanCorp 355 17,644
Westfield Financial, Inc. 178 4,229
WFS Financial, Inc. 452 19,192
Whitney Holding Corp. 430 17,626
Willow Grove Bancorp, Inc. (a) 341 6,056
Wilmington Trust Corp. 717 25,812
Wintrust Financial Corp. (a) 224 10,102
Yardville National Bancorp 161 4,144
Zions BanCorp 1,031 63,231
----------
10,919,570
BIOTECHNOLOGY - 1.32%
Affymetrix, Inc. * (a) 660 16,243
Amgen, Inc. * 15,214 940,225
Applera Corp. - Celera Genomics Group * 849 11,809
Applera Corp.-Applied Biosystems Group * 2,481 51,381
Arena Pharmaceuticals, Inc. * (a) 533 3,305
Bio-Rad Laboratories, Inc., Class A * 277 15,974
Biogen Idec, Inc. * 3,882 142,780
Cell Therapeutics, Inc. * (a) 451 3,924
Cephalon, Inc. * (a) 602 29,143
Charles River Laboratories International, Inc. * 503 17,268
Chiron Corp. * 2,240 127,658
Ciphergen Biosystems, Inc. * (a) 407 4,575
Digene Corp. * 220 8,822
Discovery Laboratories, Inc. * (a) 593 6,220
Exelixis, Inc. * 946 6,698
Genentech, Inc. * 2,618 244,966
Genvec, Inc. * 900 2,970
Genzyme Corp. * 2,629 129,715
Geron Corp. * (a) 512 5,105
Harvard Bioscience, Inc. * 444 3,952
Human Genome Sciences, Inc. * 1,575 20,869
ICOS Corp. * (a) 798 32,941
Integra LifeSciences Holdings Corp. * 288 8,245
Intermune, Inc. * 377 8,731
Invitrogen Corp. * 549 38,430
Kosan Biosciences, Inc. * 365 3,599
Lexicon Genetics, Inc. * (a) 915 5,389
Martek Biosciences Corp. * (a) 310 20,141
Medarex, Inc. * (a) 1,090 6,791
MedImmune, Inc. * 2,939 74,651
MGI Pharma, Inc. * (a) 342 14,073
Millennium Pharmaceuticals, Inc. * 3,497 65,289
Millipore Corp. * 624 26,863
Molecular Devices Corp. * 217 4,121
Myriad Genetics, Inc. * (a) 337 4,334
Nektar Therapeutics * (a) 709 9,649
Neose Technologies, Inc. * (a) 388 3,570
Neurocrine Biosciences, Inc. * 392 21,380
Progenics Pharmaceuticals, Inc. * 275 5,186
Progress Software Corp. * 424 8,675
Protein Design Labs, Inc. * 1,161 20,782
Regeneration Technologies, Inc. * (a) 368 4,033
Serologicals Corp. * (a) 300 5,580
Sirna Therapeutics, Inc. * (a) 527 2,740
Tanox, Inc. * (a) 542 8,049
Telik, Inc. * (a) 566 13,024
Transkaryotic Therapies, Inc. * 424 6,619
Trimeris, Inc. * (a) 273 5,727
Tularik, Inc. * (a) 847 13,679
-----------
2,235,893
BROADCASTING - 1.46%
Acme Communications, Inc. * 407 3,577
Belo Corp., Class A 1,313 37,210
Citadel Broadcasting Corp. * 264 5,906
Clear Channel Communications, Inc. 7,218 338,019
Cox Radio, Inc., Class A * 450 11,353
Crown Media Holdings, Inc., Class A * 982 8,121
Cumulus Media, Inc., Class A * 576 12,672
Emmis Communications Corp., Class A * 611 16,528
Entercom Communications Corp. * 550 29,128
Entravision Communications Corp., Class A * 943 10,467
Fox Entertainment Group, Inc., Class A * 4,137 120,594
Gray Television, Inc., Common 555 8,392
Hearst Argyle Television, Inc. 626 17,253
Hughes Electronics Corp. * 10,732 177,615
Journal Communications, Inc. 223 4,132
Liberty Media Corp., Series A * 31,713 377,068
Mediacom Communications Corp., Class A * 1,180 10,231
New Frontier Media, Inc. * (a) 300 2,775
NTN Communications, Inc. * 800 2,960
Paxson Communications Corp. * 1,007 3,877
Radio One, Inc., Class A * 1,266 24,750
Regent Communications, Inc. * 706 4,483
Saga Communications, Inc., Class A * 206 3,817
Salem Communications Corp., Class A * 200 5,424
Sinclair Broadcast Group, Inc., Class A * (a) 605 9,027
Sirius Satellite Radio, Inc. * (a) 12,873 40,679
Spanish Broadcasting Systems, Inc., Class A * 478 5,019
UnitedGlobalCom, Inc., Class A * 1,300 11,024
Univision Communications, Inc., Class A * (a) 3,821 151,655
Viacom, Inc., Class B 20,685 918,000
Westwood One, Inc. * 1,185 40,539
World Wrestling Entertainment, Inc., Class A 324 4,244
XM Satellite Radio Holdings, Inc., Class A * (a) 1,831 48,265
Young Broadcasting, Inc., Class A * 200 4,008
----------
2,468,812
BUILDING MATERIALS & CONSTRUCTION - 0.22%
American Standard Companies, Inc. * 867 87,307
Apogee Enterprises, Inc. 372 4,222
Butler Manufacturing Company 200 4,400
Dycom Industries, Inc. * 555 14,885
ElkCorp 229 6,114
Griffon Corp. * 355 7,192
Haemonetics Corp. * 278 6,641
Hughes Supply, Inc. 267 13,249
Lennox International, Inc. * 686 11,456
LSI Industries, Inc. 365 4,928
Masco Corp. 5,531 151,605
NCI Building Systems, Inc. * 267 6,381
Perini Corp. * 400 3,660
RPM International, Inc. 1,360 22,386
Standard-Pacific Corp. 336 16,313
Trex Company, Inc. * (a) 157 5,963
U.S. Concrete, Inc. * 600 3,870
The accompanying notes are an integral part of the financial statements.
261
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ --------
BUILDING MATERIALS & CONSTRUCTION - CONTINUED
WCI Commmunities, Inc. * 531 $ 10,944
--------
381,516
BUSINESS SERVICES - 2.36%
ABM Industries, Inc. 583 10,150
Activcard Corp. * 586 4,618
Acxiom Corp. * 975 18,106
Administaff, Inc. * (a) 330 5,735
Advanced Marketing Services, Inc. 300 3,420
ADVO, Inc. 339 10,767
Affiliated Computer Services, Inc., Class A *, 1,547 84,250
Alliance Data Systems Corp. * 149 4,124
Amerco * 300 6,450
American Management Systems, Inc. * 582 8,771
AMR Corp. * 1,902 24,631
Answerthink Consulting Group * 700 3,885
APAC Customer Services, Inc. * 1,100 2,860
ARAMARK Corp., Class B 1,065 29,202
Arbitron, Inc. * 327 13,642
Automatic Data Processing, Inc. 7,050 279,250
Banta Corp. 275 11,138
BearingPoint, Inc. * 2,285 23,056
Black Box Corp. * (a) 196 9,030
BMC Software, Inc. * 2,708 50,504
Bowne & Company, Inc. 488 6,617
Bright Horizons Family Solutions, Inc. * 161 6,762
Brinks Company 639 14,448
Cadence Design Systems, Inc. * 3,177 57,122
Catalina Marketing Corp. * 640 12,902
CDI Corp. 211 6,910
Cendant Corp. * 11,915 265,347
Central Parking Corp. * (a) 482 7,196
Ceridian Corp. * 1,725 36,121
Certegy, Inc. 828 27,158
Charles River Associates, Inc. * 147 4,703
Charles Schwab Corp. 16,044 189,961
ChoicePoint, Inc. * 1,044 39,766
Clark, Inc. * (a) 296 5,695
Coinstar, Inc. * (a) 270 4,876
Comdisco Holding Company, Inc. 829 448
Compucom Systems, Inc. * 737 3,862
Compucredit Corp. * 578 12,300
Computer Sciences Corp. * 2,248 99,429
Concord EFS, Inc. * 5,761 85,493
Convergys Corp. * 1,677 29,280
Corillian Corp. * 500 3,155
Cornell Corrections, Inc. * 251 3,426
Corporate Executive Board Company * 416 19,415
CoStar Group, Inc. * 222 9,253
CSG Systems International, Inc. * 642 8,019
Deluxe Corp. 547 22,608
DiamondCluster International, Inc., Class A * 453 4,621
Digimarc Corp. * (a) 237 3,152
DST Systems, Inc. * 1,360 56,794
Dun & Bradstreet Corp. * 885 44,878
eFunds Corp. * 620 10,757
Electro Rent Corp. * 374 4,989
Electronic Data Systems Corp. 5,674 139,240
Ennis Business Forms, Inc. * 366 5,600
Entrust Technologies, Inc. * 912 3,721
Equifax, Inc. 1,629 39,910
Euronet Worldwide, Inc. * 368 6,624
FactSet Research Systems, Inc. (a) 377 14,405
First Consulting Group * 600 3,378
First Data Corp. * 8,699 357,442
Fiserv, Inc. * 2,316 91,505
Fluor Corp. * 984 39,006
Forrester Research, Inc. * 285 5,093
FTI Consulting, Inc. * (a) 480 11,218
Gartner Group, Inc., Class A * 1,500 16,965
Gevity HR, Inc. * (a) 275 6,116
Global Payments, Inc. 402 18,942
GP Strategies Corp. * 496 3,968
GSI Commerce, Inc. * 540 5,271
Harte-Hanks, Inc. 1,044 22,707
Healthcare Services Group Inc. 265 5,112
Heidrick & Struggles International, Inc. * (a) 228 4,970
Hewitt Associates, Inc. * 415 12,408
Hudson Highland Group, Inc. * (a) 200 4,770
ICT Group, Inc. * 200 2,350
Information Holdings, Inc. * 264 5,834
Insight Enterprises, Inc. * 538 10,114
Integrated Alarm Services Group * (a) 475 4,038
InterCept, Inc. * (a) 354 3,997
Intervoice Brite, Inc. * (a) 441 5,235
Iron Mountain, Inc. * 1,027 40,608
Jacobs Engineering Group, Inc. * 598 28,710
John H. Harland Company 336 9,173
Kelly Services, Inc., Class A 421 12,015
Kforce.com, Inc. * 423 3,951
Korn/Ferry International * 556 7,417
Kroll, Inc. * 475 12,350
Labor Ready, Inc. * (a) 520 6,812
Lightbridge, Inc. * 492 4,477
Manpower, Inc. 935 44,020
MAXIMUS, Inc. * (a) 253 9,900
McGrath Rentcorp 142 3,870
Memberworks, Inc. * (a) 149 4,048
Mobius Management Systems, Inc. * (a) 300 3,795
Moody's Corp. 1,723 104,328
MPS Group, Inc. * 1,294 12,099
National Processing, Inc. * 608 14,318
Navigant Consulting Company * 540 10,184
NCO Group, Inc. * 323 7,355
NCR Corp. * 1,138 44,154
New England Business Service, Inc. 185 5,458
Paxar Corp. * 554 7,424
Paychex, Inc. 4,426 164,647
PDI, Inc. * 167 4,477
Perot Systems Corp., Class A * 1,356 18,279
Pitney Bowes, Inc. 2,712 110,161
Pre-Paid Legal Services, Inc. * (a) 227 5,929
PRG-Schultz International, Inc. * (a) 902 4,420
Quest Software, Inc. * 1,110 15,762
R.H. Donnelley Corp. * 337 13,426
R.R. Donnelley & Sons Company 1,348 40,642
Rent-Way, Inc. * 500 4,095
Resource America, Inc. 304 4,560
Resources Connection, Inc. * 296 8,084
Rewards Network, Inc. * (a) 287 3,059
Reynolds & Reynolds Company, Class A * 816 23,705
Right Management Consultants, Inc. * 275 5,132
Robert Half International, Inc. * 1,983 46,283
Rollins, Inc. 540 12,177
Roto Rooter, Inc. 107 4,933
Scansource, Inc. * (a) 144 6,569
Seachange International, Inc. * 315 4,851
Service Master Company * 3,475 40,484
Sfbc International, Inc. * 107 2,842
The accompanying notes are an integral part of the financial statements.
262
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
BUSINESS SERVICES - CONTINUED
SITEL Corp. * 1,300 $ 3,029
SM&A * 294 3,440
Sonicwall, Inc. * 875 6,825
Sothebys Holdings, Inc., Class A * 828 11,310
Source Interlink Companies * 348 3,696
SOURCECORP, Inc. * 188 4,818
Spherion Corp. * 752 7,362
SRA International, Inc., Class A * 189 8,146
StarTek, Inc. 158 6,445
SunGuard Data Systems, Inc. * 3,324 92,108
Surmodics, Inc. * (a) 231 5,521
Syntel, Inc. (a) 470 11,614
Sypris Solutions, Inc. * 331 5,564
Systems & Computer Technology Corp. * 391 6,393
TALX Corp. (a) 175 4,030
Teletech Holdings, Inc. * 889 10,046
TETRA Technologies, Inc. * 611 15,189
The BISYS Group, Inc. * 1,452 21,606
The Titan Corp. * 998 21,766
Total Systems Services, Inc. (a) 2,272 70,727
TRC Companies, Inc. * (a) 162 3,412
Tyler Technologies, Inc. * 556 5,354
Unisys Corp. * 3,902 57,945
URS Corp. * 421 10,529
Valassis Communications, Inc. * 573 16,818
Viad Corp. * 1,047 26,175
Volt Information Sciences, Inc. * 197 4,452
Wackenhut Corrections Corp. * 146 3,329
Waste Industries USA 379 4,359
Watson Wyatt & Company Holdings * 375 9,056
West Corp. * 845 19,629
Wind River Systems, Inc. * 1,090 9,548
Wireless Facilities, Inc. * 739 10,982
Zomax Optical Media, Inc. * 538 2,685
----------
4,005,882
CABLE AND TELEVISION - 1.34%
Cablevision Systems New York Group, Class A * (a) 2,627 61,445
Charter Communications, Inc., Class A * (a) 3,583 14,404
Comcast Corp., Class A * 26,500 871,055
Cox Communications, Inc., Class A * 6,947 239,324
EchoStar Communications Corp., Class A * 2,892 98,328
Insight Communications Company, Inc., Class A * 674 6,949
Lin TV Corp. * 259 6,685
LodgeNet Entertainment Corp. * 264 4,826
Time Warner Telecom, Inc., Class A * (a) 604 6,118
Time Warner, Inc. * 53,199 957,050
TiVo, Inc. * (a) 897 6,638
----------
2,272,822
CELLULAR COMMUNICATIONS - 0.48%
Alamosa Holdings, Inc. * (a) 1,308 5,245
AT&T Wireless Services, Inc. * 32,081 256,327
Dobson Communications Corp., Class A * (a) 1,494 9,816
Nextel Communications, Inc., Class A * 12,941 363,124
Nextel Partners, Inc., Class A * (a) 2,173 29,227
RF Micro Devices, Inc. * (a) 2,258 22,693
Spectrasite, Inc. * (a) 4 168
Sprint Corp. (PCS Group) * 12,342 69,362
Telephone & Data Systems, Inc. 711 44,473
Western Wireless Corp., Class A * (a) 1,023 18,782
----------
819,217
CHEMICALS - 1.29%
A. Schulman, Inc. * 377 8,038
Aceto Corp. * 200 5,108
Air Products & Chemicals, Inc., 2,666 140,845
Airgas, Inc. 892 19,160
Albany Molecular Research, Inc. * 398 5,978
Albemarle Corp. 449 13,457
AmCol International Corp. 397 8,059
American Vanguard Corp. (a) 100 3,727
Arch Chemicals, Inc. 299 7,672
Ashland, Inc. 771 33,970
Cabot Corp. 762 24,262
Cabot Microelectronics Corp. * (a) 275 13,475
Calgon Carbon Corp. 729 4,527
Cambrex Corp. 343 8,664
Crompton Corp. 1,482 10,626
Cytec Industries, Inc. * 406 15,586
Dow Chemical Company * 10,860 451,450
E.I. Du Pont De Nemours & Company 11,713 537,510
Eastman Chemical Company * 918 36,289
Engelhard Corp. 1,447 43,338
Ethyl Corp. * 225 4,921
Ferro Corp. 464 12,625
FMC Corp. * 408 13,925
Georgia Gulf Corp. * 433 12,505
Glenayre Technologies, Inc. * (a) 1,156 3,110
Great Lakes Chemical Corp. 581 15,797
H.B. Fuller Company 331 9,844
Hawkins, Inc. 395 5,514
Hercules, Inc. * 1,364 16,641
IMC Global, Inc. 1,428 14,180
Landec Corp. * 500 3,305
Lubrizol Corp. * 617 20,065
Lyondell Chemical Company 2,108 35,731
MacDermid, Inc. 380 13,011
Material Sciences Corp. * 400 4,044
Millennium Chemicals, Inc. 783 9,928
Minerals Technologies, Inc. 210 12,443
Nl Industries, Inc. (a) 652 7,628
Olin Corp. 666 13,360
OM Group, Inc. * 402 10,528
Omnova Solutions, Inc. * 859 4,123
Penford Corp. 300 4,119
Polyone Corp. 1,195 7,636
PPG Industries, Inc. 1,931 123,623
Praxair, Inc. 3,628 138,590
Quaker Chemical Corp. * 155 4,766
Rohm & Haas Company 2,620 111,900
Sigma-Aldrich Corp. 846 48,374
Solutia, Inc. 1,525 557
Techne Corp. * 458 17,303
Terra Industries, Inc. * 1,200 3,972
The Scotts Company, Class A * 327 19,345
Valence Technology, Inc. * (a) 1,092 4,204
Valhi, Inc. (a) 1,454 21,752
Valspar Corp. 613 30,294
W. R. Grace & Company * 1,124 2,889
WD-40 Company * 205 7,249
----------
2,181,542
COAL - 0.06%
Arch Coal, Inc. 582 18,141
CONSOL Energy, Inc. (a) 1,059 27,428
Massey Energy Corp. * 937 19,490
Peabody Energy Corp. 673 28,071
The accompanying notes are an integral part of the financial statements.
263
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
COAL - CONTINUED
Penn Virginia Resource Partners LP (a) 158 $ 5,416
----------
98,546
COLLEGES & UNIVERSITIES - 0.15%
Apollo Group, Inc., Class A * 2,018 137,224
Career Education Corp. * 1,184 47,443
Corinthian Colleges, Inc. * 473 26,280
DeVry, Inc. * 880 22,114
ITT Educational Services, Inc. * 491 23,062
----------
256,123
COMMERCIAL SERVICES - 0.00%
Providence Service Corp. * 200 3,236
Proxymed, Inc. * (a) 200 3,498
----------
6,734
COMPUTERS & BUSINESS EQUIPMENT - 3.36%
3Com Corp. * 4,454 36,389
ADE Corp. * 207 3,834
Advanced Digital Information Corp. * 768 10,752
Aether Systems, Inc. *, 748 3,553
Agilysys, Inc. * (a) 471 5,252
Anteon International Corp. * 378 13,627
Apple Computer, Inc. * 4,280 91,464
Applied Films Corp. * 137 4,524
Avanex Corp. * (a) 1,660 8,283
Benchmark Electronics, Inc. * 423 14,725
Brooks Automation, Inc. * 454 10,973
CACI International, Inc., Class A * 317 15,413
CDW Corp. 1,008 58,222
Cognizant Technology Solutions Corp., Class A * 686 31,309
Computer Network Technology Corp. * (a) 462 4,407
Concurrent Computer Corp. * 930 4,064
Cray, Inc. * 908 9,016
Datastream Systems, Inc. * 400 3,140
Dell, Inc. * 30,294 1,028,784
Diebold, Inc. 879 47,352
Digi International, Inc. * 384 3,686
Dot Hill Systems Corp. * 486 7,363
Echelon Corp. * (a) 548 6,105
Electronics For Imaging, Inc. * 622 16,184
EMC Corp. * (a) 27,135 350,584
EMS Technologies, Inc. * 200 4,108
Enterasys Networks, Inc. * 2,544 9,540
Extreme Networks, Inc. * 1,451 10,462
Fair Isaac Corp. 524 25,760
Falconstor Software, Inc. * (a) 648 5,663
FileNET Corp. * 450 12,186
FSI International, Inc. * (a) 500 3,690
Gateway, Inc. * 3,995 18,377
General Binding, Corp. * 225 4,050
Gerber Scientific, Inc. * 400 3,184
GTECH Holdings Corp. 706 34,940
Helix Technology Corp. 329 6,771
Henry, Jack & Associates, Inc. 1,083 22,288
Hewlett-Packard Company * 35,992 826,736
Hypercom Corp. * 809 3,851
Infocus Corp. * 535 5,179
Ingram Micro, Inc., Class A * 1,763 28,032
Intergraph Corp. * 510 12,199
International Business Machines Corp. 20,412 1,891,784
Iomega Corp. * (a) 883 5,280
Ixia * 790 9,243
Kronos, Inc. * 336 13,309
Lexar Media, Inc. * 961 16,750
Lexmark International, Inc. * 1,499 117,881
Liveperson, Inc. * 500 2,539
Maxtor Corp. * 2,953 32,778
Merge Technologies, Inc. * (a) 181 3,193
Micros Systems, Inc. * 214 9,279
Mindspeed Technologies, Inc. * 1,181 8,090
Mobility Electronics, Inc. * 354 3,165
MTS Systems Corp. * 251 4,827
National Instruments Corp. (a) 563 25,600
Netscout Systems, Inc. * 400 3,040
NetScreen Technologies, Inc. * 133 3,292
Network Appliance, Inc. * 4,059 83,331
Nuance Communications, Inc. * 505 3,858
Oplink Communications, Inc. * 2,068 4,943
Overland Storage, Inc. * 156 2,933
Palmone, Inc. * (a) 615 7,226
PEC Solutions, Inc. * (a) 401 6,797
Phoenix Technology, Ltd. * 407 3,289
Pinnacle Systems, Inc. * 877 7,481
Plexus Corp. * 556 9,546
Pomeroy Computer Resources, Inc. * 200 2,948
Quantum Corp. * 2,332 7,276
Radiant Systems, Inc. * 500 4,205
RadiSys Corp. * 302 5,092
Rainbow Technologies, Inc. * 330 3,716
Rimage Corp. * 280 4,433
Sandisk Corp. * 951 58,144
SCM Microsystems, Inc. * 400 3,088
Seagate Technology, Inc. 898 16,972
SI International, Inc. * (a) 200 3,910
Silicon Graphics, Inc. * (a) 3,180 4,357
Silicon Storage Technology, Inc. * 1,134 12,474
Simpletech, Inc. * 704 4,231
Sonic Solutions * (a) 245 3,748
Standard Microsystems Corp. * 218 5,515
Storage Technology Corp. * 1,304 33,578
Stratasys, Inc. * (a) 129 3,517
Sun Microsystems, Inc. * 38,217 171,594
Sybase, Inc. * 1,138 23,420
Sykes Enterprises, Inc. * 522 4,468
Synaptics, Inc. * 349 5,228
Tech Data Corp. * 720 28,577
Transact Technologies, Inc. * (a) 100 2,420
Transmeta Corp. * (a) 1,828 6,215
Trident Microsystems, Inc. * (a) 200 3,484
Tripath Technology, Inc. * (a) 600 4,140
Virage Logic Corp. * 300 3,051
Western Digital Corp. * 2,492 29,381
Witness Systems, Inc. * (a) 300 2,799
Xerox Corp. * 9,386 129,527
----------
5,696,983
CONSTRUCTION MATERIALS - 0.20%
Ameron International Corp. 103 3,573
Applied Industrial Technologies, Inc. 200 4,772
Centex Construction Products, Inc. * 216 13,018
Clarcor, Inc. 277 12,216
Comfort Systems USA, Inc. * 700 3,836
EMCOR Group, Inc. * 155 6,805
Florida Rock Industries, Inc. 311 17,058
Forest City Enterprises, Inc. 614 29,171
Granite Construction, Inc. 498 11,698
JLG Industries, Inc. * 577 8,788
Lafarge Corp. 818 33,145
Martin Marietta Materials, Inc. 536 25,176
Regal Beloit Corp. * 316 6,952
The accompanying notes are an integral part of the financial statements.
264
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
CONSTRUCTION MATERIALS - CONTINUED
Sherwin-Williams Company 1,633 $ 56,730
Simpson Manufacturing, Inc. * 280 14,241
Standex International Corp. 254 7,112
Trinity Industries, Inc. * (a) 506 15,605
Universal Forest Products, Inc. 199 6,404
USG Corp. * (a) 536 8,882
Vulcan Materials Company 1,199 57,036
----------
342,218
CONSTRUCTION & MINING EQUIPMENT - 0.06%
A S V, Inc. * 155 5,791
Astec Industries, Inc. * 282 3,460
Buckeye Partners, LP (a) 311 14,104
Carbo Ceramics, Inc. 184 9,430
Dril-Quip, Inc. * 281 4,580
Kaman Corp., Class A * 364 4,634
Layne Christensen Company * 393 4,618
Matrix Service Company * 200 3,630
National Oilwell, Inc. * 1,001 22,382
Parker Drilling Company * 1,768 4,508
Rowan Companies, Inc. * 1,094 25,348
RPC, Inc. 496 5,451
----------
107,936
CONTAINERS & GLASS - 0.20%
Ball Corp. 602 35,861
Bemis Company, Inc. 622 31,100
Greif Brothers Corp., Class A * 245 8,700
Interpool, Inc. 367 5,321
Jarden Corp. * 338 9,241
Longview Fibre Company 754 9,312
Mobile Mini, Inc. * (a) 186 3,668
Owens-Illinois, Inc. * 1,748 20,784
Packaging Corp. of America 1,165 25,467
Pactiv Corp. * 1,774 42,399
Sealed Air Corp. * 1,038 56,197
Silgan Holdings, Inc. * 201 8,560
Smurfit-Stone Container Corp. 2,888 53,630
Sonoco Products Company 1,103 27,156
West Pharmaceutical Services, Inc. 173 5,865
----------
343,261
COSMETICS & TOILETRIES - 1.78%
Alberto Culver Company, Class B 703 44,345
Avon Products, Inc. 2,772 187,082
Chattem, Inc. * 247 4,421
Colgate-Palmolive Company 6,376 319,119
Del Labs, Inc. * 152 3,800
Elizabeth Arden, Inc. * 358 7,131
Estee Lauder Companies, Inc., Class A 1,408 55,278
Helen Troy, Ltd. * (a) 346 8,010
Intermediate Parfums, Inc. (a) 277 6,257
International Flavors & Fragrances, Inc. 1,091 38,098
Kimberly-Clark Corp. 5,907 349,045
Natures Sunshine Products, Inc. 431 3,642
Nu Skin Enterprises, Inc., Class A 858 14,663
Playtex Products, Inc. * 841 6,501
Revlon, Inc., Class A * (a) 1,203 2,695
The Gillette Company * 12,053 442,707
The Procter & Gamble Company 15,262 1,524,369
----------
3,017,163
CRUDE PETROLEUM & NATURAL GAS - 0.74%
Anadarko Petroleum Corp. 2,898 147,827
Apache Corp. 1,840 149,224
Burlington Resources, Inc. 2,369 131,195
Cabot Oil & Gas Corp., Class A 377 11,065
Chesapeake Energy Corp. (a) 2,498 33,923
Cimarex Energy Company * 488 13,025
Devon Energy Corp. 2,711 155,232
EOG Resources, Inc. 1,317 60,806
Fx Energy, Inc. * (a) 750 3,750
Harvest Natural Resources, Inc. * 541 5,383
Helmerich & Payne, Inc. * 627 17,512
Hydril * 336 8,040
Newfield Exploration Company * 566 25,210
Nuevo Energy Company * 291 7,033
Occidental Petroleum Corp. * 4,403 185,983
Patina Oil & Gas Corp. 362 17,734
Patterson-UTI Energy, Inc. * 967 31,834
Pioneer Natural Resources Company * 1,367 43,648
Pogo Producing Company 767 37,046
Quicksilver Resources, Inc. * (a) 327 10,562
Spinnaker Exploration Company * 387 12,488
Sunoco, Inc. 899 45,984
TEPPCO Partners, LP (a) 765 30,830
Unit Corp. * 496 11,681
XTO Energy, Inc. 2,167 61,326
----------
1,258,341
DOMESTIC OIL - 0.48%
Amerada Hess Corp. * 1,051 55,882
Brigham Exploration Company * 507 4,071
Comstock Resources, Inc. * 441 8,511
Delta Petroleum Corp. * (a) 638 3,873
Denbury Resources, Inc. * 679 9,445
Dorchester Minerals LP 380 7,391
Double Eagle Petroleum & Mining Company * (a) 200 3,004
Encore Aquisition Company * 351 8,652
Energy Partners, Ltd. * 395 5,491
EnergySouth, Inc. 139 4,865
Enterprise Products Partners LP (a) 2,499 61,350
Evergreen Resources, Inc. * (a) 476 15,475
Exploration Company * 500 3,050
Forest Oil Corp. * 667 19,056
Frontier Oil Corp. * (a) 292 5,028
Holly Corp. * (a) 193 5,308
Houston Exploration Company * 405 14,791
KCS Energy, Inc. * 588 6,203
Kerr-McGee Corp. * 1,159 53,882
Magnum Hunter Resources, Inc. * 860 8,179
Marathon Oil Corp. 3,558 117,734
Maverick Tube Corp. * 518 9,971
McMoran Exploration Company * (a) 255 4,781
Meridian Resource Corp. * (a) 717 4,259
Murphy Oil Corp. 1,101 71,906
Noble Energy, Inc. 692 30,746
North Coast Energy, Inc. * 349 3,731
Oil States International, Inc. * 616 8,587
Plains Exploration & Production Company * 517 7,957
Plains Resources, Inc. * 324 5,200
Prima Energy Corp. * 172 6,048
Range Resources Corp. 820 7,749
Remington Oil Gas Corp. * 361 7,108
St. Mary Land & Exploration Company 345 9,832
Stone Energy Corp. * 292 12,395
Sunoco Logistics Partners LP 147 5,424
Swift Energy Company * 392 6,605
Syntroleum Corp. * 700 3,024
TETRA Technologies, Inc. * 261 6,327
Tom Brown, Inc. * 568 18,318
Unocal Corp. * 2,969 109,348
The accompanying notes are an integral part of the financial statements.
265
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
DOMESTIC OIL - CONTINUED
Vintage Petroleum, Inc. 816 $ 9,816
Westport Resources Corp. * 832 24,844
Whiting Petroleum Corp. * 200 3,680
Williams Clayton Energy, Inc. * 200 5,814
Wiser Oil Co. * 400 3,380
World Fuel Services Corp. * 140 4,753
--------
812,844
DRUGS & HEALTH CARE - 0.47%
1 800 Contacts * 176 3,696
Abaxis, Inc. * 228 4,131
Abiomed, Inc. * (a) 388 2,681
Aksys, Ltd. * (a) 426 3,762
ALARIS Medical Systems,Inc. * 915 13,917
Alliance Imaging, Inc. * 800 2,960
ALPHARMA, Inc., Class A * 599 12,040
Andrx Corp. * 811 19,496
Antigenics, Inc. * (a) 547 6,192
Applied Molecular Evolution, Inc. * (a) 241 4,290
Ariad Pharmaceuticals, Inc. * 643 4,790
Arrow International, Inc. 493 12,315
Atherogenics, Inc. * (a) 434 6,488
Atrix Labatories, Inc. * (a) 275 6,611
Beverly Enterprises, Inc. * (a) 1,334 11,459
Biomarin Pharmaceutical, Inc. * (a) 929 7,217
Bone Care International, Inc. * 301 3,835
Bradley Pharmaceuticals, Inc., Class A * (a) 129 3,281
Candela Corp. * 200 3,636
Cardiodynamics International Corp. * (a) 768 4,585
Cell Genesys, Inc. * 489 6,328
Closure Medical Corp. * (a) 157 5,327
CNS, Inc. 362 4,959
Columbia Laboratories, Inc. * (a) 607 3,824
Conmed Corp. * 380 9,044
Corixa Corp. * (a) 846 5,110
Curagen Corp. * 758 5,556
Curis, Inc. * (a) 700 3,150
CV Therapeutics, Inc. * 369 5,410
D & K Wholesale Drug, Inc. 288 3,905
Dade Behring Holdings, Inc. * 440 15,726
Datascope Corp. * 204 7,313
Dendreon Corp. * 586 4,723
Depome, Inc. * (a) 600 4,254
Diversa Corp. * 658 6,087
Dov Pharmaceutical, Inc. * (a) 222 2,990
Drugstore.com, Inc. * (a) 980 5,400
Duane Reade, Inc. * 396 6,700
Dyax Corp. * (a) 400 3,288
Edwards Lifesciences Corp. * 775 23,312
Encysive Pharmaceuticals, Inc. * 603 5,397
Enzo Biochem, Inc. * (a) 384 6,877
Enzon Pharmaceuticals, Inc. * (a) 588 7,056
Eon Labs, Inc. * (a) 493 25,118
Genencor International, Inc. * 710 11,183
Gentiva Health Services, Inc. * (a) 362 4,576
Healthextras, Inc. * 497 6,660
Hillenbrand Industries, Inc. 749 46,483
Hollis Eden Pharmaceuticals * (a) 247 2,719
I-Flow Corp. * (a) 300 4,173
I-STAT Corp. * (a) 352 5,386
IDX Systems Corp. * 361 9,682
ILEX Oncology, Inc. * 451 9,584
Illumina, Inc. * 500 3,525
ImClone Systems, Inc. * (a) 927 36,765
Immucor Corp. * (a) 231 4,710
Immunogen, Inc. * (a) 724 3,656
Immunomedics, Inc. * (a) 718 3,274
Impax Laboratories, Inc. * (a) 650 9,354
Intuitive Surgical, Inc. * 464 7,930
Invacare Corp. * 331 13,363
K-V Pharmaceutical Company, Class A * 631 16,091
Kos Pharmaceuticals, Inc. * (a) 362 15,581
Kyphon, Inc. * 459 11,397
Landauer, Inc. 100 4,078
Luminex Corp. * (a) 431 4,043
Matria Healthcare, Inc. * 200 4,226
Maxim Pharmaceuticals, Inc. * (a) 400 3,560
Maxygen, Inc. * 530 5,634
Medical Action Inc. * 200 3,742
Mentor Corp. (a) 545 13,113
Meridian Bioscience, Inc. 380 3,963
Micro Therapeutics, Inc. * 885 2,859
Nanogen, Inc. * (a) 500 4,505
NDCHealth Corp. 407 10,427
NeoPharm, Inc. * (a) 256 4,690
Neurogen Corp. * 400 3,364
Nutraceutical International Corp. * (a) 267 2,942
Ocular Sciences, Inc. * 286 8,211
Option Care, Inc. * (a) 362 3,866
OraSure Technologies, Inc. * (a) 670 5,333
Orthodontic Centers America, Inc. * (a) 657 5,289
OrthoLogic Corp. * 600 3,678
Parexel International Corp. * 303 4,927
Perrigo Company 906 14,242
Pharmacopeia, Inc. * 366 5,201
Pharmos Corp. * (a) 1,100 3,850
Praecis Pharmaceuticals, Inc. * 726 4,675
Prime Hospitality Corp. * 681 6,946
Quidel Corp. * 460 4,977
Renal Care Group, Inc. * 535 22,042
Resources Care, Inc. * 420 3,402
Rigel Pharmaceuticals, Inc. * (a) 234 4,469
Savient Pharmaceuticals, Inc. * 845 3,895
Seattle Genetics, Inc. * (a) 600 5,148
Sola International, Inc. * 379 7,125
Sunrise Senior Living, Inc. * (a) 230 8,910
Supergen, Inc. * (a) 494 5,434
Synovis Life Technologies, Inc. * (a) 178 3,621
Theragenics Corp. * 608 3,326
Third Wave Technologies, Inc. * 700 3,185
United Surgical Partners International, Inc. * 336 11,249
US Oncology, Inc. * (a) 1,080 11,621
Ventana Medical Systems, Inc. * 200 7,880
Vital Signs, Inc. 141 4,611
Vivus, Inc. * (a) 834 3,161
Zila, Inc. * 800 3,272
Zymogenetics, Inc. * (a) 674 10,447
--------
805,467
EDUCATIONAL SERVICES - 0.05%
eCollege.com * 324 5,981
Education Management Corp. * 770 23,901
Leapfrog Enterprises, Inc., Class A * (a) 394 10,453
Learning Tree International, Inc. * (a) 285 4,956
Princeton Review, Inc. * 492 4,797
Renaissance Learning, Inc. * (a) 392 9,439
Strayer Education, Inc. * 116 12,624
Sylvan Learning Systems, Inc. * 484 13,935
--------
86,086
The accompanying notes are an integral part of the financial statements.
266
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- ---------
ELECTRICAL EQUIPMENT - 2.80%
A.O. Smith Corp. 331 $ 11,601
Aaon, Inc. * 216 4,192
American Power Conversion Corp. 2,354 57,555
AMETEK, Inc. 345 16,650
Anaren, Inc. * 315 4,448
Anixter International, Inc. * 427 11,051
Artesyn Technologies, Inc. * 591 5,035
Audiovox Corp., Class A * 329 4,224
AVX Corp. 2,040 33,905
Baldor Electric Company 393 8,980
BEI Technologies, Inc. 223 4,460
Bel Fuse, Inc., Class A 200 5,980
Belden, Inc. * 307 6,475
C & D Technologies, Inc. * 292 5,598
C-COR.net Corp. * 536 5,966
Cable Design Technologies Corp. * (a) 542 4,873
Cohu, Inc. * 258 4,941
Cooper Industries, Ltd., Class A * 1,068 61,869
Craftmade International, Inc. 122 3,201
Diodes, Inc. * 200 3,800
Dupont Photomasks, Inc. * (a) 228 5,504
Emerson Electric Company 4,965 321,484
Encore Wire Corp. * 278 4,923
Energizer Holdings, Inc. * 1,004 37,710
Excel Technology, Inc. * 153 5,028
General Cable Corp. * (a) 531 4,328
General Electric Company 118,057 3,657,406
Genlyte Group, Inc. * 130 7,589
Hubbell, Inc., Class B * 715 31,531
Johnson Controls, Inc. * 1,059 122,971
Lecroy Corp. * 200 3,602
Littelfuse, Inc. * 292 8,415
Magnetek, Inc. * (a) 500 3,295
Methode Electronics, Inc., Class A * 499 6,103
Metrologic Instruments, Inc. * (a) 300 8,100
Molex, Inc. * 2,299 80,212
Optical Cable Corp. * 24 0
Penn Engineering & Manufacturing Corp. * 248 4,719
Plug Power, Inc. * (a) 995 7,214
Powell Industries, Inc. * 160 3,064
Power-One, Inc. * 1,011 10,949
Preformed Line Products Company * (a) 94 2,704
Rayovac Corp. * (a) 447 9,365
Symbol Technologies, Inc. 2,754 46,515
Tektronix, Inc. 1,037 32,769
Ultralife Batteries, Inc. * (a) 212 2,625
Universal Electronics, Inc. * 366 4,663
Vicor Corp. * 590 6,732
W.H. Brady Company, Class A 276 11,247
Watsco, Inc. 271 6,160
Wesco International, Inc. * 541 4,788
Wilson Greatbatch Technologies, Inc. * (a) 245 10,356
Woodhead Industries, Inc. 222 3,752
---------
4,740,627
ELECTRIC UTILITIES - 1.94%
Allegheny Energy, Inc. * 1,556 19,855
ALLETE, Inc. 994 30,416
Alliant Corp. 1,293 32,196
Ameren Corp. 1,833 84,318
American Electric Power, Inc. 4,650 141,871
Avista Corp. 620 11,234
Black Hills Corp. 371 11,067
CenterPoint Energy, Inc. (a) 3,658 35,446
Central Vermont Public Service Corp. * 200 4,700
CH Energy Group, Inc. * (a) 201 9,427
Cinergy Corp. 2,086 80,958
Cleco Corp. 702 12,622
CMS Energy Corp. (a) 2,035 17,338
Consolidated Edison, Inc. 2,608 112,170
Constellation Energy Group, Inc. 1,903 74,521
Dominion Resources, Inc. 3,817 243,639
DPL, Inc. 1,516 31,654
DTE Energy Company * 1,970 77,618
Duke Energy Corp. * 10,657 217,936
Duquesne Light Holdings, Inc. * (a) 970 17,790
Edison International 3,771 82,698
El Paso Electric Company * 688 9,185
Empire District Electric Company 342 7,500
Entergy Corp. 2,657 151,794
Exelon Corp. 3,845 255,154
FirstEnergy Corp. 3,862 135,942
FPL Group, Inc. 2,174 142,223
Great Plains Energy, Inc. 848 26,983
Green Mountain Power Corp. 191 4,508
Hawaiian Electric Industries, Inc. (a) 433 20,511
IDACORP, Inc. 436 13,045
MGE Energy, Inc. 296 9,327
Northeast Utilities 1,565 31,566
NSTAR 633 30,701
OGE Energy Corp. * 1,046 25,303
Otter Tail Corp. 327 8,741
Pepco Holdings, Inc. 1,993 38,943
PG&E Corp. * 4,855 134,823
Pinnacle West Capital Corp. 1,060 42,421
PNM Resources, Inc. 527 14,809
PPL Corp. 2,014 88,113
Public Service Enterprise Group, Inc. 2,651 116,114
Puget Energy, Inc. * 1,068 25,386
Quanta Services, Inc. * (a) 1,437 10,490
Reliant Resources, Inc. * 3,582 26,364
Sierra Pacific Resources * (a) 1,469 10,782
TECO Energy, Inc. (a) 2,185 31,486
Texas Genco Holdings, Inc. 137 4,453
The AES Corp. * 7,427 70,111
The Southern Company 8,585 259,696
TXU Corp. * 3,811 90,397
UIL Holding Corp. * 174 7,847
Unisource Energy Corp. 446 10,998
Unitil Corp. 294 7,585
Westar Energy, Inc. 935 18,934
Wisconsin Energy Corp. 1,319 44,121
WPS Resources Corp. 429 19,833
---------
3,295,663
ELECTRONICS - 0.71%
Adaptec, Inc. *, 1,393 12,300
Agilent Technologies, Inc. * 5,580 163,159
Amphenol Corp., Class A * 562 35,929
Anadigics, Inc. * (a) 500 2,980
Analogic Corp. * 132 5,412
Ansoft Corp. * 300 3,849
Arrow Electronics, Inc. * 1,200 27,768
Artisan Components, Inc. * (a) 240 4,920
August Technology Corp. * 200 3,710
Avnet, Inc. * 1,404 30,411
Bell Microproducts, Inc. * 400 3,624
Checkpoint Systems, Inc. * 377 7,129
CTS Corp. * 529 6,084
The accompanying notes are an integral part of the financial statements.
267
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ---------
ELECTRONICS - CONTINUED
Cubic Corp. (a) 325 $ 7,475
Daktronics, Inc. * 246 6,189
Digital Theater Systems, Inc. * 257 6,345
Electro Scientific Industries, Inc. * 371 8,830
Engineered Support Systems, Inc. 267 14,701
FEI Company * 399 8,978
FLIR Systems, Inc. * 358 13,067
Foundry Networks, Inc. * 1,510 41,314
Franklin Electric, Inc. 132 7,985
Harman International, Inc. 392 29,000
Hutchinson Technology, Inc. * 312 9,591
Identix, Inc. * (a) 1,223 5,442
II-VI, Inc. * 184 4,747
Imation Corp. 386 13,568
Integrated Silicon Solution, Inc. * 352 5,516
Intermagnetics General Corp. * 217 4,809
InVision Technologies, Inc. * (a) 234 7,855
Itron, Inc. * 269 4,939
Jabil Circuit, Inc. * 2,391 67,665
Keithley Instruments, Inc. 229 4,191
Kemet Corp. * 1,077 14,744
L-3 Communications Holdings, Inc. * (a) 1,144 58,756
Manufacturers Services, Ltd. * 607 3,691
Medis Technologies, Ltd. * (a) 359 3,841
Mentor Graphics Corp. * 871 12,664
Mercury Computer Systems, Inc. * 246 6,125
Merix Corp. * (a) 206 5,053
NVE Corp. * 100 5,130
OSI Systems, Inc. * 173 3,323
Park Electrochemical Corp. * 223 5,907
Pemstar, Inc. * 864 2,843
Photon Dynamics, Inc. * (a) 223 8,974
Pixelworks, Inc. * 556 6,138
Planar Systems Inc. * 176 4,280
Rogers Corp. * 204 9,000
Roper Industries, Inc. 347 17,093
Sanmina-SCI Corp. * 6,073 76,581
SBS Technologies, Inc. * 242 3,560
Solectron Corp. * 9,924 58,651
Stoneridge, Inc. * 361 5,433
Superconductor Technologies * 869 4,849
Supertex, Inc. * 200 3,820
Sycamore Networks, Inc. * 3,404 17,837
Synopsys, Inc. * 1,800 60,768
Technitrol, Inc. 501 10,391
Teleflex, Inc. 410 19,815
Thermo Electron Corp. * 1,867 47,048
Thomas & Betts Corp. 724 16,572
Trimble Navigation, Ltd. * 371 13,816
TTM Technologies, Inc. * 485 8,187
Universal Display Corp. * (a) 304 4,156
Varian, Inc. * 379 15,816
Verisity, Ltd. * (a) 276 3,519
Vishay Intertechnology, Inc. * 1,842 42,182
X-Rite, Inc. * 416 4,709
Zebra Technologies Corp., Class A * 506 33,583
Zygo Corp. * 234 3,859
---------
1,202,196
ENERGY - 0.26%
Calpine Corp. * (a) 4,987 23,988
Energen Corp. 346 14,196
Energy East Corp. * 1,651 36,982
Fuelcell Energy, Inc. * (a) 543 7,059
Hanover Compressor Company * (a) 951 10,604
Headwaters, Inc. * (a) 310 6,082
KFx, Inc. * (a) 789 5,957
MDU Resources Group, Inc. 1,262 30,048
New Jersey Resources Corp. 334 12,862
Progress Energy, Inc. 2,839 128,493
Quantum Fuel Systems Technologies
Worldwide, Inc. * 500 4,020
Sempra Energy * 2,610 78,457
Southwestern Energy Company * 449 10,731
Xcel Energy, Inc. * 4,669 79,280
---------
448,759
FINANCIAL SERVICES - 7.20%
A.G. Edwards, Inc. * 964 34,926
Accredited Home Lenders Holding
Company * (a) 230 7,038
Ace Cash Express, Inc. * (a) 207 4,400
Advanta Corp., Class A 500 6,495
Affiliated Managers Group, Inc. *, 229 15,936
Alliance Capital Management Holding, LP(a) 920 31,050
American Express Company, 15,193 732,758
Americredit Corp. * (a) 1,848 29,439
Ameritrade Holding Corp. * 5,018 70,603
Asta Funding Inc. 100 3,425
Bear Stearns Companies, Inc. 1,175 93,941
Blackrock, Inc., Class A 195 10,356
BNP Residential Properties, Inc. 723 8,394
BP Prudhoe Bay Royalty Trust * (a) 271 7,721
Capital One Financial Corp. 2,687 164,686
Capitalsource Inc. * (a) 270 5,854
Charter Municipal Mortgage
Acceptance Company, SBI 572 12,086
Charter One Financial, Inc. 2,546 87,964
Chicago Merchantile Exchange (a) 357 25,833
CIT Group, Inc. 2,517 90,486
Citigroup, Inc. 60,637 2,943,320
Citizens South Banking Corp. 357 4,980
City Holding Company (a) 262 9,170
Commercial Capital Bancorp, Inc. * (a) 307 6,562
Compass Bancshares, Inc. 1,352 53,147
Countrywide Financial Corp. 2,097 159,083
Credit Acceptance Corp. * (a) 538 8,231
Cross Timbers Royalty Trust (a) 220 6,274
Delphi Financial Group, Inc. 334 12,024
Downey Financial Corp. 252 12,424
E*TRADE Financial Corp. * 4,320 54,648
Eaton Vance Corp. 831 30,448
Encore Capital Group, Inc. * 300 4,455
Federal Agricultural Mortgage Corp.,
Class A * 189 4,228
Federal Home Loan Mortgage Corp. 8,188 477,524
Federal National Mortgage Association 11,440 858,686
Federated Investors, Inc., Class B 1,245 36,553
Financial Federal Corp. * 213 6,507
First Marblehead Corp. * 200 4,376
Firstfed Financial Corp. * 221 9,614
Franklin Resources, Inc. 2,941 153,108
Friedman Billings Ramsey Group, Inc. 1,868 43,113
Fulton Financial Corp. 1,236 27,081
H & R Block, Inc. 2,139 118,436
Harbor Florida Bancshares, Inc. 350 10,399
Hugoton Royalty Trust SBI (a) 450 9,846
Impac Mortgage Holdings, Inc. 624 11,363
IndyMac Bancorp, Inc. 636 18,946
Instinet Group, Inc. * 517 2,663
The accompanying notes are an integral part of the financial statements.
268
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----------
FINANCIAL SERVICES - CONTINUED
Interactive Data Corp. * 1,156 $ 19,143
International Bancshares Corp. 394 18,577
Inveresk Research Group Inc. * 452 11,178
Investment Technology Group, Inc. * 565 9,125
Investors Real Estate Trust, SBI * 700 6,930
Ipayment, Inc. * 246 8,364
iStar Financial, Inc. 1,152 44,813
J.P. Morgan Chase & Company * 24,011 881,924
Janus Capital Group, Inc. 2,855 46,851
Jeffries Group, Inc. 601 19,845
Knight Trading Group, Inc. * (a) 1,413 20,686
LaBranche & Company, Inc. (a) 714 8,332
Legg Mason, Inc. 804 62,053
Lehman Brothers Holdings, Inc. 3,194 246,641
Leucadia National Corp. 833 38,401
Liberte Investors, Inc. * 607 4,285
MBIA, Inc. 1,672 99,033
MBNA Corp. 15,105 375,359
Mellon Financial Corp. 5,105 163,922
Merrill Lynch & Company, Inc. 11,032 647,027
Metris Companies, Inc. (a) 894 3,969
Morgan Stanley 12,807 741,141
National Financial Partners Corp. 366 10,083
National Health Realty, Inc., REIT * 460 9,062
NBT Bancorp, Inc. 449 9,627
New Century Financial Corp. (a) 365 14,480
Nuveen Investments, Inc., Class A 1,126 30,019
Ocwen Financial Corp. * 935 8,284
PNC Financial Services Group 3,283 179,679
Portfolio Recovery Associates, Inc. * (a) 212 5,629
Providian Financial Corp. * 3,427 39,890
Regions Financial Corp. 2,508 93,298
Sanders Morris Haris Group, Inc. (a) 462 5,729
Saxon Capital, Inc. * 329 6,893
Seacoast Financial Services Corp. 337 9,237
SEI Investment Company 1,252 38,148
SLM Corp. 5,329 200,797
State Street Corp. (b) 3,933 204,831
Student Loan Corp. 211 30,806
SWS Group, Inc. * 299 5,322
Synovus Financial Corp. 3,580 103,534
T. Rowe Price Group, Inc. (c) 1,452 68,839
Tarragon Realty Investments, Inc. * 281 4,639
The Goldman Sachs Group, Inc. 5,588 551,703
Thornburg Mortgage Asset Corp. 691 18,795
Triad Guaranty, Inc. * 168 8,459
UMB Financial Corp. 273 12,978
United Community Financial Corp. (a) 610 6,960
United Panam Financial Corp. * 193 3,225
Waddell & Reed Financial, Inc., Class A 1,019 23,906
Washington Mutual, Inc. 10,838 434,821
Wesco Financial Corp. 74 26,048
Westcorp, Inc. 590 21,565
World Acceptance Corp. * 271 5,396
-----------
12,210,881
FOOD & BEVERAGES - 3.10%
American Italian Pasta Company, Class A * (a) 176 7,374
Anheuser-Busch Companies, Inc. 9,687 510,311
Bob Evans Farms, Inc. 431 13,990
Bridgford Foods Corp. 500 3,925
Calavo Growers, Inc. (a) 435 4,781
Campbell Soup Company * 4,807 128,828
Chalone Wine Group, Ltd. * (a) 603 5,306
Chiquita Brands International, Inc. * (a) 519 11,693
Coca-Cola Bottling Company 101 5,402
Coca-Cola Enterprises, Inc. 5,262 115,080
ConAgra Foods, Inc. 6,247 164,858
Constellation Brands, Inc., Class A * 1,198 39,450
Corn Products International, Inc. 384 13,229
Dean Foods Company * 1,763 57,950
Del Monte Foods Company * 2,416 25,126
Farmer Brothers Company (a) 19 5,914
Fisher Communications, Inc. * 94 4,794
Flowers Foods, Inc. 525 13,545
General Mills, Inc. * 4,322 195,787
Green Medium Term Note Coffee, Inc. * 200 4,604
H.J. Heinz Company 4,108 149,654
Hain Celestial Group, Inc. * 439 10,189
Hershey Foods Corp. 1,486 114,407
Horizon Organic Holding Corp. * 180 4,311
Hormel Foods Corp. 1,559 40,238
International Multifoods Corp. * 243 4,374
Interstate Bakeries Corp. * 610 8,680
J & J Snack Foods Corp. * 114 4,305
John B. Sanfilippo & Son, Inc. * (a) 100 5,104
Kellogg Company 4,817 183,431
Kraft Foods, Inc., Class A 3,223 103,845
Lance, Inc. 399 5,997
M & F Worldwide Corp. * 300 4,008
McCormick & Company, Inc. 1,566 47,137
National Beverage Corp. * 348 5,672
Nuco2, Inc. * (a) 300 3,801
Peets Coffee & Tea, Inc. * (a) 185 3,221
PepsiAmericas, Inc. 1,674 28,659
PepsiCo, Inc. 20,293 946,060
Performance Food Group Company * 474 17,145
Pilgrims Pride Corp. 389 6,352
Ralcorp Holdings, Inc. * 331 10,380
Riviana Foods, Inc. 172 4,711
Robert Mondavi Corp., Class A * 168 6,525
Sanderson Farms, Inc. 148 5,964
Sara Lee Corp. * 9,198 199,689
Seabord Corp. 15 4,230
Sensient Technologies Corp. 524 10,359
Smithfield Foods, Inc. * 1,290 26,703
Starbucks Corp. * 4,580 151,415
The Coca-Cola Company 29,004 1,471,953
The J.M. Smucker Company 609 27,582
The Pepsi Bottling Group, Inc. * 3,133 75,756
The Steak & Shake Company * 387 6,908
Tootsie Roll Industries, Inc. * 652 23,472
Tyson Foods, Inc., Class A * 4,169 55,198
Usana Health Sciences * (a) 246 7,528
William Wrigley Jr. Company 2,628 147,720
-----------
5,264,630
FOREST PRODUCTS - 0.12%
Caraustar Industries, Inc. * 465 6,417
Deltic Timber Corp. 180 5,472
Rayonier, Inc. 476 19,759
Weyerhaeuser Company * 2,578 164,992
-----------
196,640
FUNERAL SERVICES - 0.02%
Alderwoods Group, Inc. * 600 5,652
Service Corp. International * 3,679 19,830
Stewart Enterprises, Inc., Class A * 1,400 7,952
-----------
33,434
The accompanying notes are an integral part of the financial statements.
269
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----------
FURNITURE & FIXTURES - 0.07%
American Woodmark Corp. 120 $ 6,606
Ethan Allen Interiors, Inc. 390 16,333
Furniture Brands International, Inc. 613 17,979
Kimball International, Inc., Class B 609 9,470
La-Z-Boy, Inc. 658 13,805
Leggett & Platt, Inc. 2,280 49,316
Stanley Furniture Company, Inc. 114 3,591
Steelcase, Inc. * 610 8,760
-----------
125,860
GAS & PIPELINE UTILITIES - 0.53%
AGL Resources, Inc. 717 20,865
American States Water Company 264 6,600
Aquila, Inc. * 2,434 8,251
Atmos Energy Corp. 594 14,434
California Water Service Group 300 8,220
Chesapeake Utilities Corp. * 325 8,466
Dynegy, Inc., Class A (a) 4,598 19,679
El Paso Corp. 7,227 59,189
Equitable Resources, Inc. 710 30,473
Global Industries, Ltd. * 1,499 7,720
Inergy LP (a) 117 5,792
KeySpan Corp. * 1,850 68,080
Kinder Morgan Management LLC * 614 26,378
Kinder Morgan, Inc. 1,414 83,567
Magellan Midstream Partners LP (a) 176 8,800
Markwest Energy Partners LP 146 5,942
Markwest Hydrocarbon, Inc. * 300 3,384
Middlesex Water Company 334 6,780
National Fuel Gas Company 951 23,243
Nicor, Inc. 529 18,007
NiSource, Inc. 3,015 66,149
Northwest Natural Gas Company 373 11,470
NUI Corp. (a) 325 5,239
ONEOK, Inc. 1,062 23,449
Pacific Energy Partners LP (a) 303 8,887
Peoples Energy Corp. (a) 399 16,774
Philadelphia Suburban Corp. 866 19,144
Piedmont Natural Gas, Inc. (a) 370 16,080
Questar Corp. 977 34,342
SCANA Corp. 1,256 43,018
Semco Energy, Inc. 809 3,964
Southern Union Company * 901 16,578
Southwest Gas Corp. 454 10,192
Southwest Water Company (a) 345 5,537
TC Pipelines, LP (a) 272 8,921
Transmontaigne, Inc. * 697 4,496
UGI Corp. 542 18,374
Ultra Petroleum Corp. * 919 22,626
Valero, LP (a) 217 10,800
Vectren Corp. 864 21,298
Western Gas Resources, Inc. * (a) 355 16,774
WGL Holdings, Inc. 538 14,951
Williams Companies, Inc. 6,154 60,432
-----------
893,365
GOLD - 0.01%
Meridian Gold, Inc. * 1,239 18,102
Royal Gold, Inc. (a) 274 5,735
-----------
23,837
HEALTHCARE PRODUCTS - 2.89%
Advanced Medical Optics, Inc. * 393 7,722
Advanced Neuromodulation Systems, Inc. * (a) 230 10,575
Align Technology, Inc. * 715 11,812
American Medical Systems Holdings, Inc. * 426 9,287
Apogent Technologies, Inc. * 1,081 24,906
Arthrocare Corp. * (a) 267 6,541
Aspect Medical Systems, Inc. * 383 4,370
Bausch & Lomb, Inc. * 573 29,739
Baxter International, Inc. * 7,171 218,859
Beckman Coulter, Inc. 751 38,173
Becton Dickinson & Company 2,954 121,528
Biolase Technology, Inc. * (a) 292 4,847
Biomet, Inc. 3,005 109,412
Biosite, Inc. * (a) 208 6,022
Boston Scientific Corp. * 9,712 357,013
Bruker BioSciences Corp. * (a) 1,137 5,173
C.R. Bard, Inc. 649 52,731
Cardia Science Inc. * (a) 1,192 4,756
Coherent, Inc. * 358 8,520
Computer Programs & Systems, Inc. (a) 174 3,501
Conceptus, Inc. * (a) 370 3,929
CTI Molecular Imaging, Inc. * 572 9,672
Cyberonics, Inc. * 282 9,027
Cypress Biosciences, Inc. * (a) 300 4,545
Cytyc Corp. * 1,317 18,122
DENTSPLY International, Inc. 948 42,821
Diagnostic Products Corp. * 315 14,462
DJ Orthopedics, Inc. * 256 6,861
Encore Medical Corp. * 597 4,865
Endocardial Solutions, Inc. * 400 2,880
EPIX Medical, Inc. * 274 4,461
Esperion Therapeutics, Inc. * (a) 401 13,879
Fisher Scientific International, Inc. * 778 32,186
Gen-Probe, Inc. * 577 21,043
Guidant Corp. 3,673 221,115
Hanger Orthopedic Group, Inc. * (a) 283 4,406
Henry Schein, Inc. * 462 31,222
Hologic, Inc. * (a) 265 4,592
ICU Medical, Inc. * (a) 171 5,862
IDEXX Laboratories, Inc. * 374 17,309
IGEN International, Inc. * 271 15,965
INAMED Corp. * 384 18,455
Interpore International, Inc. * (a) 285 3,705
Inverness Medical Innovations, Inc. * (a) 197 4,291
Ivax Diagnostics, Inc. * (a) 600 2,910
Johnson & Johnson 34,945 1,805,259
Kensey Nash Corp. * 156 3,627
LCA-Vision, Inc. * 200 4,234
Lifeline Systems, Inc. * 248 4,712
Medtronic, Inc. 14,307 695,463
Merit Medical Systems, Inc. * 217 4,838
Owens & Minor, Inc. 402 8,808
Patterson Dental Company * 839 53,830
Polymedica Corp. (a) 282 7,419
Priority Healthcare Corp., Class B * 500 12,055
ResMed, Inc. * (a) 364 15,121
Respironics, Inc. * 373 16,819
SonoSite, Inc. * (a) 208 4,459
St. Jude Medical, Inc. * 1,973 121,043
STERIS Corp. * 843 19,052
Stryker Corp. 2,372 201,644
Sybron Dental Specialties, Inc. * 456 12,814
The Cooper Companies, Inc. 343 16,166
The Medicines Company * 542 15,967
Therasense, Inc. * 481 9,764
Thermogenesis Corp. * 800 4,144
Thoratec Corp. * (a) 667 8,678
Tripath Imaging, Inc. * 557 4,345
The accompanying notes are an integral part of the financial statements.
270
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----------
HEALTHCARE PRODUCTS - CONTINUED
Varian Medical Systems, Inc. * 834 $ 57,629
Viasys Healthcare, Inc. * 354 7,292
VISX, Inc. * 631 14,608
VitalWorks, Inc. * 745 3,293
Wright Medical Group, Inc. * 409 12,450
Young Innovations, Inc. 117 4,212
Zimmer Holdings, Inc. * 2,669 187,898
Zoll Medical Corp. * (a) 121 4,293
-----------
4,896,008
HEALTHCARE SERVICES - 1.24%
Accredo Health, Inc. * 540 17,069
AdvancePCS * 1,105 58,189
Amedisys, Inc. * 200 3,000
America Service Group, Inc. * 100 3,091
American Healthways, Inc. * (a) 342 8,164
AMERIGROUP Corp. * 320 13,648
AMN Healthcare Services, Inc. * (a) 330 5,663
Apria Healthcare Group, Inc. * 592 16,854
Caremark Rx, Inc. * 3,114 78,878
Cerner Corp. * (a) 405 15,329
CorVel Corp. * 140 5,264
Covance, Inc. * 780 20,904
Coventry Health Care, Inc. * 646 41,661
Cross Country Healthcare Inc. * (a) 477 7,117
Eclipsys Corp. * (a) 592 6,891
Express Scripts, Inc. * 952 63,241
First Health Group Corp. * 1,109 21,581
HCA, Inc. * 5,862 251,832
Health Net, Inc. * 1,359 44,439
Hooper Holmes, Inc. 893 5,519
Humana, Inc. * 1,877 42,889
IMPAC Medical Systems, Inc. * 200 5,112
IMS Health, Inc. 2,819 70,080
Kindred Healthcare, Inc. * 203 10,552
LabOne, Inc. * 203 6,591
Laboratory Corp. of America Holdings * 1,664 61,485
Lincare Holdings, Inc. * 1,168 35,075
Mannatech, Inc. * (a) 400 4,344
McKesson Corp. * 3,458 111,209
Medco Health Solutions, Inc. * 3,170 107,748
Medical Staffing Network Holdings, Inc. * (a) 514 5,628
MedQuist, Inc. * 459 7,372
Mid-Atlantic Medical Services, Inc. * 519 33,631
National Healthcare Corp. * (a) 217 4,318
National Medical Health Card Systems,
Inc. * (a) 100 1,770
Neighborcare, Inc. * 452 8,927
Odyssey Healthcare, Inc. * 407 11,909
Omnicare, Inc. 1,207 48,751
Oxford Health Plans, Inc. 998 43,413
Pacificare Health Systems, Inc. * 510 34,476
Pediatrix Medical Group, Inc. * 261 14,378
Quest Diagnostics, Inc. 1,236 90,364
Sierra Health Services, Inc. * (a) 360 9,882
Specialty Laboratories, Inc. * (a) 306 5,138
The Advisory Board Company * 177 6,179
UnitedHealth Group, Inc. 7,018 408,307
US Physical Therapy, Inc. * (a) 197 3,099
Virbac Corp. * 531 3,452
Vistacare, Inc. * 172 6,046
Weight Watchers International, Inc. * 1,247 47,847
Wellchoice, Inc. * (a) 183 6,314
Wellpoint Health Networks, Inc., Class A * 1,694 164,301
-----------
2,108,921
HOLDINGS COMPANIES/CONGLOMERATES - 0.65%
Berkshire Hathaway, Inc., Class A * 13 1,095,250
-----------
HOMEBUILDERS - 0.33%
Beazer Homes USA, Inc. (a) 136 13,282
Centex Corp. * 761 81,922
Champion Enterprises, Inc. * (a) 766 5,362
D.R. Horton, Inc. 1,786 77,262
Dominion Homes, Inc. * 110 3,336
Hovnanian Enterprises, Inc., Class A * 322 28,033
KB HOME 495 35,897
Lennar Corp., Class A 894 85,824
Lyon William Homes * (a) 126 7,909
M.D.C. Holdings, Inc. 296 19,092
Meritage Corp. * 114 7,559
NVR, Inc. * 74 34,484
Orleans Homebuilders, Inc. * (a) 194 5,496
Palm Harbor Homes, Inc. * (a) 334 5,969
Pulte Homes, Inc. * 746 69,841
Ryland Group, Inc. 263 23,312
Schottenstein Homes, Inc. * 155 6,053
Toll Brothers, Inc. * 873 34,711
Walter Industries, Inc. 600 8,010
-----------
553,354
HOTELS & RESTAURANTS - 0.92%
Alliance Gaming Corp. * 546 13,459
Ameristar Casinos, Inc. * (a) 334 8,173
Applebee's International, Inc. 653 25,643
Argosy Gaming Corp. * 295 7,667
Aztar Corp. * 370 8,325
Boca Resorts, Inc., Class A * 520 7,779
Boyd Gaming Corp. 810 13,073
Brinker International, Inc. * 1,130 37,471
California Pizza Kitchen, Inc. * 237 4,771
CBRL Group, Inc. 515 19,704
CEC Entertainment, Inc. * 262 12,416
Chicago Pizza & Brewery, Inc. * 359 5,356
Choice Hotels, Inc. 392 13,818
CKE Restaurants, Inc. * (a) 843 5,387
Darden Restaurants, Inc. 1,886 39,682
Extended Stay America, Inc. 1,149 16,638
Frischs Restaurants, Inc. 173 4,982
Harrah's Entertainment, Inc. 1,257 62,561
Hilton Hotels Corp. 4,402 75,406
IHOP Corp. 247 9,505
Jack In the Box, Inc. * 442 9,441
Krispy Kreme Doughnuts, Inc. * (a) 638 23,351
La Quinta Corp. * 2,044 13,102
Landry's Restaurants, Inc. * 346 8,899
Lone Star Steakhouse & Saloon, Inc. * 241 5,586
Luby's Cafeterias, Inc. * 900 3,321
Mandalay Resort Group 728 32,556
Marcus Corp. * 454 7,446
Marriott International, Inc., Class A 2,717 125,525
McDonald's Corp. 15,058 373,890
MGM Mirage * 1,715 64,501
MTR Gaming Group, Inc. * 469 4,831
O'Charley's, Inc. * (a) 270 4,847
Outback Steakhouse, Inc. 859 37,976
P.F. Chang's China Bistro, Inc. * (a) 272 13,839
Panera Bread Company, Class A * (a) 328 12,966
Papa Johns International, Inc. * (a) 213 7,110
The accompanying notes are an integral part of the financial statements.
271
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----------
HOTELS & RESTAURANTS - CONTINUED
Park Place Entertainment Corp. * 3,546 $ 38,403
RARE Hospitality International, Inc. * 386 9,434
Red Robin Gourmet Burgers, Inc. * 192 5,845
Ruby Tuesday, Inc. * 774 22,051
Ryan's Family Steak Houses, Inc. * 566 8,569
Sonic Corp. * 430 13,167
Starwood Hotels & Resorts Worldwide, Inc. * 2,363 84,997
Station Casinos, Inc. (a) 621 19,021
The Cheesecake Factory, Inc. * 653 28,752
Triarc Companies, Inc., Class B (a) 764 8,236
Wendy's International, Inc. 1,287 50,502
Wynn Resorts, Ltd. * (a) 431 12,072
Yum! Brands, Inc. * 3,479 119,678
-----------
1,561,730
HOUSEHOLD APPLIANCES - 0.14%
American Real Estate Partners, LP * 589 10,013
Applica, Inc. 400 3,040
Bassett Furniture Industries, Inc. * 345 5,692
Black & Decker Corp. 928 45,769
Consolidated Tomoka Land Company 145 4,742
Drew Industries, Inc. * 168 4,670
International Aluminum Corp. * 180 4,925
Jacuzzi Brands, Inc. * 1,016 7,203
Libbey, Inc. 163 4,642
Lifetime Hoan Corp. (a) 242 4,090
Maytag Corp. 953 26,541
Mestek, Inc. * 191 3,679
Technical Olympic USA, Inc. * 329 9,057
The Stanley Works 1,006 38,097
The Toro Company 249 11,554
Whirlpool Corp. 826 60,009
-----------
243,723
HOUSEHOLD PRODUCTS - 0.26%
Blyth Industries, Inc. 486 15,659
Boyds Collection, Ltd. * 879 3,736
Central Garden & Pet Company * 203 5,690
Church & Dwight, Inc. 422 16,711
Department 56, Inc. * 300 3,930
Dial Corp. 1,106 31,488
Fortune Brands, Inc. 1,656 118,388
Kirklands, Inc. * 249 4,397
Martha Stewart Living Omnimedia, Inc.,
Class A * 331 3,260
Newell Rubbermaid, Inc. 3,203 72,932
Salton, Inc. * (a) 300 3,915
Select Comfort Corp. * 399 9,879
The Clorox Company 2,538 123,245
Topps, Inc. 611 6,269
Tupperware Corp. * 775 13,439
Water Pik Technology, Inc. * 328 4,025
-----------
436,963
INDUSTRIAL MACHINERY - 0.83%
AGCO Corp. * 907 18,267
Alamo Group, Inc. * 341 5,204
Albany International Corp., Class A 379 12,848
Badger Meter, Inc. 89 3,395
BHA Group Holdings Inc., Class A 170 4,275
Briggs & Stratton Corp. 222 14,963
Caterpillar, Inc. 4,059 336,978
Ceradyne Inc. California * (a) 134 4,564
Circor International, Inc. 238 5,736
Cognex Corp. 490 13,838
Cooper Cameron Corp. * 653 30,430
Cummins, Inc. 452 22,121
Deere & Company * 2,788 181,359
Dionex Corp. * 252 11,597
Donaldson Company, Inc. 465 27,509
Dover Corp. 2,410 95,797
EnPro Industries, Inc. * 284 3,962
Flowserve Corp. * 627 13,092
FMC Technologies, Inc. * 777 18,104
Gardner Denver, Inc. * 183 4,368
Gorman Rupp Company 250 6,600
Graco, Inc. 478 19,168
Grant Prideco, Inc. * 1,504 19,582
IDEX Corp. * 344 14,307
Ingersoll-Rand Company, Class A 1,962 133,181
ITT Industries, Inc. 1,093 81,112
Kadant, Inc. * 285 6,170
Kennametal, Inc. 379 15,065
Lindsay Manufacturing Company 153 3,863
Manitowoc, Inc. 335 10,452
Metropolitan Pro Corp. 347 5,604
Middleby Corp. (a) 100 4,047
NACCO Industries, Inc., Class A 83 7,427
Pall Corp. 1,472 39,494
Parker-Hannifin Corp. 1,379 82,050
Presstek, Inc. * (a) 585 4,253
Quixote Corp. 143 3,491
Robbins & Myers, Inc. * 180 3,418
Rofin Sinar Technologies, Inc. * 150 5,184
Sauer-Danfoss, Inc. * 552 8,942
Stewart & Stevenson Services, Inc. * 394 5,536
Tecumseh Products Company, Class A 185 8,960
Tennant Company 132 5,716
Tredegar Industries, Inc. * 527 8,184
UNOVA, Inc. * 733 16,822
Valmont Industries, Inc. 301 6,968
W.W. Grainger, Inc. 1,063 50,376
Watts Industries, Inc., Class A 336 7,459
-----------
1,411,838
INDUSTRIALS - 0.11%
Crane Company 656 20,165
Fastenal Company (a) 930 46,444
GrafTech International, Ltd. * 1,123 15,161
Harsco Corp. 432 18,930
Intevac, Inc. * 200 2,822
Lawson Products, Inc. 131 4,347
Rockwell Automation, Inc 2,100 74,760
-----------
182,629
INSURANCE - 4.11%
21St Century Insurance Group * 1,124 15,455
Aetna, Inc. 1,777 120,090
AFLAC, Inc. 6,032 218,238
Alfa Corp. 1,031 13,259
Alleghany Corp. * 73 16,242
Allmerica Financial Corp. 605 18,616
Ambac Financial Group, Inc. 1,253 86,946
American Financial Group, Inc. * (a) 840 22,226
American International Group, Inc. 30,724 2,036,387
American Medical Security Group, Inc. * 179 4,013
American National Insurance Company 264 22,274
American Physicians Capital, Inc. * 234 4,306
Amerus Group Company (a) 494 17,275
Anthem, Inc. * 1,598 119,850
Aon Corp. 3,620 86,663
Arch Cap Group, Ltd. * 304 12,117
Argonaut Group, Inc. * 345 5,361
The accompanying notes are an integral part of the financial statements.
272
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----------
INSURANCE - CONTINUED
Arthur J. Gallagher & Company 1,061 $ 34,472
Baldwin & Lyons, Inc., Class B 258 7,239
Brown & Brown, Inc. 838 27,327
CenturyBusiness Services, Inc. * 1,190 5,319
Ceres Group, Inc. * 721 4,211
Ceva, Inc. * (a) 331 3,442
Chubb Corp. 2,246 152,953
CIGNA Corp. * 1,638 94,185
Cincinnati Financial Corp. 1,829 76,598
Citizens, Inc. Class A * 464 4,376
CNA Financial Corp. * 2,629 63,359
CNA Surety Corp. * 665 6,324
Commerce Group, Inc. 354 13,983
Conseco, Inc. * 1,200 26,160
Cotton States Life Insurance Company * (a) 200 3,944
Crawford & Company, Class B 775 5,471
Donegal Group, Inc., Class B (a) 200 3,850
EMC Insurance Group, Inc. 224 4,735
Erie Indemnity Company, Class A 785 33,268
FBL Financial Group, Inc., Class A 339 8,746
Fidelity National Financial, Inc. 1,720 66,702
First American Corp. 883 26,287
FPIC Insurance Group, Inc. * (a) 188 4,717
Fremont General Corp. (a) 882 14,915
Great American Financial Resources, Inc. 561 9,099
Harleysville Group, Inc. 378 7,518
Hartford Financial Services Group, Inc. 3,299 194,740
HCC Insurance Holdings, Inc. 733 23,309
Hilb, Rogal and Hamilton Company (a) 369 11,834
Horace Mann Educators Corp. 548 7,656
Independence Holding Company * 160 3,800
Infinity Property & Casualty Corp. (a) 249 8,229
Jefferson-Pilot Corp. 1,575 79,774
John Hancock Financial Services, Inc. 3,412 127,950
Kansas City Life Insurance Company 156 7,207
Landamerica Financial Group, Inc. 172 8,989
Liberty Corp. 194 8,767
Lincoln National Corp. 2,125 85,786
Loews Corp. 2,163 106,960
Markel Corp. * 100 25,351
Marsh & McLennan Companies, Inc. 6,230 298,355
Mercury General Corp. (a) 581 27,046
MetLife, Inc. 8,885 299,158
MGIC Investment Corp. 1,172 66,734
Midland Company 202 4,771
Mony Group, Inc. (a) 518 16,208
National Western Life Insurance Company,
Class A * 35 5,420
Nationwide Financial Services, Inc., Class A * 693 22,911
Navigators Group, Inc. * 144 4,445
Nymagic, Inc. 149 4,086
Odyssey Re Holdings Corp. (a) 708 15,965
Ohio Casualty Corp. * 722 12,534
Old Republic International Corp. 2,034 51,582
Penn America Group, Inc. 324 4,299
Philadelphia Consolidated Holding Corp. * 245 11,963
Phoenix Companies, Inc. (a) 1,168 14,063
PICO Holdings, Inc. * 315 4,936
PMA Capital Corp., Class A * (a) 700 3,584
Presidential Life Corp. * 432 5,685
Principal Financial Group, Inc. 3,821 126,360
ProAssurance Corp. * 347 11,156
Progressive Corp. 2,580 215,662
Protective Life Corp. 809 27,377
Prudential Financial, Inc. 6,358 265,574
Radian Group, Inc. 1,112 54,210
Reinsurance Group of America, Inc. 736 28,446
RLI Corp. 292 10,938
SAFECO Corp. * 1,573 61,237
Safety Insurance Group Inc. 228 3,901
Selective Insurance Group, Inc. 302 9,773
Stancorp Financial Group, Inc. 279 17,544
State Auto Financial Corp. 463 10,830
Stewart Information Services Corp. 161 6,529
The Allstate Corp. 8,279 356,163
The PMI Group, Inc. 1,057 39,352
The St. Paul Companies, Inc. * 2,670 105,865
Torchmark, Inc. 1,303 59,339
Transatlantic Holdings, Inc. 637 51,470
Travelers Property Casualty Corp., Class B 11,861 201,281
UICI * 611 8,114
United Fire & Casualty Company 121 4,884
United States I Holdings Corp. * 584 7,621
Unitrin, Inc. 843 34,909
Universal American Financial Corp. * 734 7,274
UNUMProvident Corp. 3,471 54,738
Vesta Insurance Group, Inc. (a) 900 3,465
W.R. Berkley Corp. 972 33,971
White Mountains Insurance Group, Ltd. 95 43,695
Zenith National Insurance Corp. * (a) 195 6,347
-----------
6,970,640
INTERNATIONAL OIL - 0.35%
APCO Argentina, Inc. 152 4,046
ATP Oil & Gas Corp. * (a) 500 3,140
Callon Petroleum Company * (a) 400 4,148
ConocoPhillips 8,002 524,691
Weatherford International, Ltd. * 1,505 54,180
-----------
590,205
INTERNET CONTENT - 0.29%
Alloy, Inc. * (a) 658 3,428
Ask Jeeves, Inc. * (a) 645 11,687
Autobytel, Inc. * 543 4,930
CMGI, Inc. * 5,221 9,293
CNET Networks, Inc. * 1,795 12,242
Harris Interactive, Inc. * 776 6,441
InfoSpace, Inc. * 371 8,552
ITXC Corp. * (a) 700 3,024
Marketwatch Common, Inc. * (a) 440 3,788
Navisite, Inc. * (a) 400 2,628
NetFlix, Inc. * (a) 259 14,165
Netratings, Inc. * 537 6,138
ProQuest Company * (a) 341 10,042
Safeguard Scientifics, Inc. * 1,669 6,743
Schawk, Incorporated, Class A 336 4,580
WebMD Corp. * (a) 3,713 33,380
Yahoo!, Inc. * 7,717 348,577
-----------
489,638
INTERNET RETAIL - 0.62%
1-800-Flowers.com, Inc. * 408 4,513
Amazon.com, Inc. * 4,771 251,145
eBay, Inc. * 7,631 492,886
FreeMarkets, Inc. * 676 4,522
FTD, Inc. * (a) 177 4,361
InterActiveCorp * (a) 7,644 259,361
NetIQ Corp. * 759 10,057
Overstock.com Inc. * (a) 203 4,032
Priceline.com, Inc. * (a) 532 9,523
The accompanying notes are an integral part of the financial statements.
273
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
INTERNET RETAIL - CONTINUED
Stamps.com, Inc. * 755 $ 4,681
----------
1,045,081
INTERNET SERVICE PROVIDER - 0.06%
Avocent Corp. * 512 18,698
Digitas, Inc. * 777 7,242
Earthlink, Inc. * 2,020 20,200
eSPEED, Inc., Class A * 436 10,207
HomeStore.com, Inc. * (a) 1,647 7,790
Internap Network Services Corp. * 2,218 5,434
Neoforma, Inc. * (a) 349 3,714
Net2Phone, Inc. * 690 4,692
Register.com, Inc. * 780 4,095
TriZetto Group, Inc. * 729 4,702
United Online, Inc. * (a) 818 13,734
----------
100,508
INTERNET SOFTWARE - 1.54%
Agile Software Corp. * 701 6,940
Akamai Technologies, Inc. * (a) 1,437 15,448
Ariba, Inc. * (a) 3,472 10,416
Centillium Communications, Inc. * 541 3,046
Checkfree Corp. * (a) 977 27,014
Chordiant Software, Inc. * (a) 943 5,139
Cisco Systems, Inc. * 82,637 2,007,253
Covad Communications Group, Inc. * 2,800 10,080
Digital River, Inc. * 368 8,133
E.piphany, Inc. * 1,056 7,614
eResearch Technology, Inc. * (a) 404 10,257
F5 Networks, Inc. * 472 11,847
Internet Security Systems, Inc. * 637 11,995
Interwoven, Inc. * 544 6,870
Juniper Networks, Inc. * (a) 4,523 84,490
Keynote Systems, Inc. * (a) 275 3,273
Lionbridge Technologies, Inc. * 592 5,689
Macromedia, Inc. * 800 14,272
Matrixone, Inc. * 705 4,343
Netegrity, Inc. * (a) 518 5,341
Netopia, Inc. * (a) 300 4,374
Networks Associates, Inc. * 1,957 29,433
NIC, Inc. * 779 6,255
Openwave Systems, Inc. * 751 8,261
PC-Tel, Inc. * 364 3,862
Portal Software, Inc. * 600 4,038
RealNetworks, Inc. * 2,083 11,894
Retek, Inc. * 782 7,257
RSA Security, Inc. * (a) 717 10,181
S1 Corp. * 945 7,607
Safenet Inc. * 173 5,323
Sapient Corp. * 1,594 8,926
Stellent, Inc. * 444 4,369
Supportsoft Inc. * 511 6,720
Symantec Corp. * 3,618 125,364
TIBCO Software, Inc. * 2,586 17,507
Tumbleweed Communications Corp. * 611 5,120
VeriSign, Inc. * 2,877 46,895
Verity, Inc. * 469 7,828
Verso Technologies, Inc. * 1,567 5,014
Vignette Corp. * 3,270 7,423
Vitria Technology, Inc. * (a) 563 3,997
Watchguard Technologies, Inc. * 500 2,910
WebEx Communications, Inc. * (a) 504 10,130
WebMethods, Inc. * 743 6,798
----------
2,616,946
INVESTMENT COMPANIES - 0.07%
Allied Capital Corp. (a) 1,471 41,012
American Capital Strategies, Ltd. (a) 784 23,308
Gabelli Asset Management, Inc., Class A (a) 100 3,980
MCG Capital Corp. (a) 528 10,296
Medallion Financial Corp. 447 4,242
Raymond James Financial, Inc. * 620 23,374
Soundview Technology Group, Inc. * 361 5,592
Stifel Financial Corp. 238 4,641
----------
116,445
LEASE RENTAL OBLIGATIONS - 0.00%
California First National Bancorp 400 5,720
----------
LEISURE TIME - 0.91%
4Kids Entertainment, Inc. * (a) 182 4,736
Action Performance Companies, Inc. 246 4,822
Ambassadors International, Inc. 400 5,000
AMC Entertainment, Inc. * 472 7,179
Arctic Cat, Inc. (a) 249 6,150
Atari, Inc. * (a) 1,608 6,754
Bally Total Fitness Holding Corp. * 557 3,899
Blockbuster, Inc., Class A (a) 427 7,665
Brunswick Corp. 1,087 34,599
Callaway Golf Company 861 14,508
Carmike Cinemas, Inc. * (a) 140 4,879
Carnival Corp. 7,370 292,810
Cedar Fair, LP (a) 531 16,328
Churchill Downs, Inc. * 187 6,770
Dover Motorsports, Inc. 900 3,150
Escalade, Inc. * 136 4,623
Gaylord Entertainment Company * 508 15,164
Handleman Company 308 6,323
Hollywood Entertainment Corp. * 700 9,625
International Game Technology 4,069 145,263
International Speedway Corp., Class A 567 25,322
Isle of Capri Casinos, Inc. * 355 7,622
K2, Inc. * (a) 314 4,776
Lakes Gaming, Inc. * 300 4,845
Metro-Goldwyn-Mayer, Inc. * 2,892 49,424
Movie Gallery, Inc. (a) 408 7,621
Multimedia Games, Inc. * (a) 160 6,576
Parkervision, Inc. * 300 2,937
Penn National Gaming, Inc. * 450 10,386
Pinnacle Entertainment, Inc. * 469 4,371
Pixar, Inc. * (a) 588 40,743
Polaris Industries, Inc. (a) 235 20,816
Rc2 Corp. * 220 4,565
Regal Entertainment Group, Class A (a) 609 12,497
Royal Caribbean Cruises, Ltd. (a) 2,292 79,739
Scientific Games Corp., Class A * (a) 742 12,621
SCP Pool Corp. * 399 13,039
Shuffle Master, Inc. * (a) 184 6,370
Six Flags, Inc. * 1,256 9,445
Speedway Motorsports, Inc. 484 13,997
Steinway Musical Instruments, Inc. * 163 4,026
Sturm Ruger & Company, Inc. 471 5,355
The Nautilus Group, Inc. 414 5,817
The Walt Disney Company * 24,040 560,853
Vail Resorts, Inc. * (a) 419 7,123
West Marine, Inc. * (a) 210 5,840
WMS Industries, Inc. * 384 10,061
----------
1,537,034
The accompanying notes are an integral part of the financial statements.
274
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
LIFE SCIENCES - 0.06%
Incyte Corp. * 961 $ 6,573
PerkinElmer, Inc. * 1,501 25,622
Pharmaceutical Product Development, Inc. * 606 16,344
Symyx Technologies, Inc. * 395 8,118
Waters Corp. * 1,445 47,916
----------
104,573
LIQUOR - 0.06%
Adolph Coors Company, Class B 354 19,860
Boston Beer Company, Inc. * (a) 322 5,841
Brown Forman Corp., Class B 700 65,415
Central European Distribution Corp. * (a) 145 4,582
----------
95,698
MANUFACTURING - 0.96%
3M Company 9,247 786,272
Actuant Corp., Class A * 338 12,236
Acuity Brands, Inc. * 499 12,874
AptarGroup, Inc. 385 15,015
Armor Holdings, Inc. * 370 9,735
Barnes Group, Inc. 309 9,984
Blout International, Inc. * 600 4,722
Carlisle Companies, Inc. 309 18,806
Cuno, Inc. * 179 8,060
Danaher Corp. * 1,765 161,939
Eaton Corp. 903 97,506
Esco Technologies, Inc. * 128 5,587
Fedders Corp. 569 4,097
Hexcel Corp. * 613 4,542
Illinois Tool Works, Inc. 3,559 298,636
Kaydon Corp. * 312 8,062
Lancaster Colony Corp. 356 16,077
Lydall, Inc. * 347 3,536
Mine Safety Appliances Company 125 9,939
Nordson Corp. 393 13,570
Pentair, Inc. 514 23,490
Raven Industries, Inc. 117 3,451
Shaw Group, Inc. * (a) 671 9,139
Snap-on, Inc. 708 22,826
SPX Corp. * 932 54,811
Thomas Industries, Inc. 161 5,580
York International Corp. 434 15,971
----------
1,636,463
MEDICAL-HOSPITALS - 0.27%
AmSurg Corp. * 259 9,813
Bioreliance Corp. * 117 5,595
Centene Corp. * (a) 212 5,938
Cepheid, Inc. * 489 4,685
Community Health Systems, Inc. * (a) 1,159 30,806
Davita, Inc. * 724 28,236
Dynacq Healthcare, Inc. * (a) 174 1,336
Exactech, Inc. * 274 4,041
Health Management Associates, Inc., Class A 2,816 67,584
Laserscope * (a) 264 4,116
Lifepoint Hospitals, Inc. * 453 13,341
Manor Care, Inc. 1,082 37,405
Medcath Corp. * (a) 299 3,128
Microtek Med Holdings, Inc. * 700 3,500
Microvision, Inc. * (a) 448 3,414
Neogen Corp. * (a) 148 3,666
Novavax, Inc. * 540 3,240
Per-Se Technologies, Inc. * 427 6,516
Possis Medical, Inc. * 223 4,404
Province Healthcare Company * 616 9,856
PSS World Medical, Inc. * 875 10,561
Psychiatric Solutions, Inc. * 219 4,577
Rehabcare Group, Inc. * (a) 188 3,997
Select Medical Corp. 1,088 17,713
STAAR Surgical Company * (a) 278 3,130
Tenet Healthcare Corp. * 5,471 87,810
Triad Hospitals, Inc. * 920 30,608
Universal Health Services, Inc., Class B 622 33,414
VCA Antech, Inc. * 483 14,963
----------
457,393
METAL & METAL PRODUCTS - 0.07%
Commercial Metals Company * 302 9,181
Crown Holdings, Inc. * 1,992 18,048
Matthews International Corp., Class A 346 10,238
Mueller Industry, Inc. * 377 12,954
NN, Inc. 314 3,953
Precision Castparts Corp. 617 28,026
Quanex Corp. 194 8,943
Southern Peru Copper Corp. (a) 164 7,734
Timken Company 1,061 21,284
Titanium Metals Corp. * (a) 100 5,251
----------
125,612
MINING - 0.33%
Alliance Resource Partners, LP (a) 145 4,985
Brush Wellman, Inc. * 292 4,471
Cleveland-Cliffs, Inc. * 144 7,337
Coeur d'Alene Mines Corp. * 2,605 15,057
Freeport-McMoRan Copper &
Gold, Inc., Class B * 2,029 85,482
Glamis Gold, Ltd. * 1,502 25,714
Hecla Mining Company * (a) 1,415 11,730
Joy Global, Inc. 589 15,402
Lincoln Electric Holding, Inc. * 471 11,653
Natural Resource Partners LP 165 6,831
Newmont Mining Corp. 5,107 248,251
Penn Virginia Corp. 99 5,509
Phelps Dodge Corp. 1,066 81,112
RTI International Metals, Inc. * 385 6,495
Stillwater Mining Company * 1,089 10,422
Terex Corp. * 535 15,237
USEC, Inc. 1,125 9,450
----------
565,138
MOBILE HOMES - 0.02%
Coachmen Industries, Inc. 233 4,220
Fleetwood Enterprises, Inc. * (a) 555 5,694
Skyline Corp. * 112 3,906
Winnebago Industries, Inc. (a) 207 14,231
----------
28,051
NEWSPAPERS - 0.19%
Dow Jones & Company, Inc. 990 49,351
E.W. Scripps Company, Class A 939 88,397
Journal Register Company * 488 10,102
Knight-Ridder, Inc. 942 72,883
Lee Enterprises, Inc. 464 20,254
Washington Post Company, Class B 100 79,140
----------
320,127
OFFICE FURNISHINGS & SUPPLIES - 0.24%
Avery Dennison Corp. 1,291 72,322
Global Imaging Systems, Inc. * (a) 249 7,906
Herman Miller, Inc. * 900 21,843
HON Industries, Inc. 710 30,757
Ikon Office Solutions, Inc. 1,764 20,921
Imagistics International, Inc. * 180 6,750
Office Depot, Inc. * 3,614 60,390
Staples, Inc. * 5,772 157,575
The Standard Register Company * (a) 436 7,338
The accompanying notes are an integral part of the financial statements.
275
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
OFFICE FURNISHINGS & SUPPLIES - CONTINUED
United Stationers, Inc. * 360 $ 14,731
----------
400,533
PAPER - 0.38%
Boise Cascade Corp. * 622 20,439
Bowater, Inc. * 684 31,676
Buckeye Technologies, Inc. * 475 4,774
Chesapeake Corp. * 193 5,111
Georgia-Pacific Corp. 2,973 91,182
International Paper Company 5,628 242,623
Louisiana-Pacific Corp. * 1,260 22,529
MeadWestvaco Corp. 2,349 69,883
P.H. Glatfelter Company 587 7,308
Plum Creek Timber Company, Inc. 2,178 66,320
Pope & Talbot, Inc. 253 4,455
Potlatch Corp. (a) 326 11,335
Rock-Tenn Company, Class A 469 8,095
Temple-Inland, Inc. 669 41,926
Wausau-Mosinee Paper Corp. * 705 9,531
----------
637,187
PETROLEUM SERVICES - 3.36%
Atwood Oceanics, Inc. * 251 8,017
Baker Hughes, Inc. 3,899 125,392
BJ Services Company * 1,808 64,907
Cal Dive International, Inc. * 461 11,115
ChevronTexaco Corp. 12,586 1,087,305
Diamond Offshore Drilling, Inc. (a) 1,586 32,529
ENSCO International, Inc. 1,699 46,162
Exxon Mobil Corp. 78,173 3,205,093
GlobalSantaFe Corp. 2,652 65,849
Grey Wolf, Inc. * 2,413 9,025
Gulfmark Offshore, Inc. * (a) 375 5,250
Halliburton Company 5,178 134,628
Horizon Offshore, Inc. * 700 3,080
Input/Output, Inc. * (a) 897 4,046
Key Energy Services, Inc. * 1,561 16,094
Lone Star Technologies, Inc. * 406 6,488
McDermott International, Inc. * 883 10,552
Nabors Industries, Ltd. * 1,665 69,098
Newpark Resources, Inc. * 1,077 5,159
Noble Corp. * 1,500 53,670
Oceaneering International, Inc. * 306 8,568
Petroleum Development Corp. * 326 7,726
Premcor, Inc. * 596 15,496
Pride International, Inc. * 1,563 29,134
Schlumberger, Ltd. * 6,871 375,981
SEACOR SMIT, Inc. * 191 8,028
Smith International, Inc. * 1,166 48,412
Superior Energy Services, Inc. * 925 8,695
Tesoro Petroleum Corp. * 785 11,437
Tidewater, Inc. 663 19,810
Transocean, Inc. * 3,818 91,670
Universal Compression Holdings, Inc. * 371 9,705
Valero Energy Corp. 1,320 61,169
Varco International, Inc. * 1,124 23,188
Veritas DGC, Inc. * 519 5,439
W-H Energy Services, Inc. * 392 6,350
----------
5,694,267
PHARMACEUTICALS - 5.66%
aaiPharma, Inc. * (a) 319 8,013
Abbott Laboratories, 18,387 856,834
Abgenix, Inc. *, 1,117 13,918
Able Laboratories, Inc. * (a) 272 4,915
Adolor Corp. * 461 9,229
Alexion Pharmaceuticals, Inc. * (a) 274 4,663
Alkermes, Inc. * (a) 1,122 15,147
Allergan, Inc. 1,515 116,367
American Pharmaceutical Partners, Inc. * (a) 157 5,275
AmerisourceBergen Corp. 1,307 73,388
Amylin Pharmaceuticals, Inc. * (a) 1,132 25,153
Array BioPharma, Inc. * 500 2,845
Barr Laboratories, Inc. * 826 63,561
Bentley Pharmaceuticals, Inc. * 266 3,538
Bristol-Myers Squibb Company * 22,922 655,569
Cardinal Health, Inc. 5,271 322,374
Celgene Corp. * (a) 994 44,750
CIMA Laboratories, Inc. * (a) 169 5,513
Connetics Corp. * 429 7,791
Cubist Pharmaceuticals, Inc. * (a) 563 6,846
Eli Lilly & Company 13,273 933,490
Endo Pharmaceutical Holdings, Inc. * 1,557 29,988
First Horizon Pharmaceutical Corp. * 519 5,813
Forest Laboratories, Inc. * 4,287 264,937
Genta, Inc. * (a) 969 10,087
Gilead Sciences, Inc. * 2,406 139,885
Guilford Pharmaceuticals, Inc. * (a) 490 3,322
Hi-Tech Pharmacal Company, Inc. * 100 2,350
Indevus Pharmaceuticals, Inc. * 728 4,288
Inkine Pharmaceutical, Inc. * 760 3,671
Inspire Pharmaceuticals, Inc. * 354 5,013
Introgen Therapeutics, Inc. * 383 3,240
Isis Pharmaceuticals, Inc. * (a) 870 5,655
Ivax Corp. * 2,345 55,999
King Pharmaceuticals, Inc. * 2,841 43,354
Ligand Pharmaceuticals, Inc., Class B * (a) 889 13,059
Medicis Pharmaceutical Corp., Class A 291 20,748
Merck & Company, Inc. 26,378 1,218,664
Mylan Laboratories, Inc. 3,134 79,165
Nabi Biopharmaceuticals * 606 7,702
Noven Pharmaceuticals, Inc. * 285 4,335
NPS Pharmaceuticals, Inc. * (a) 435 13,372
Nuvelo, Inc. * (a) 1,073 3,723
OSI Pharmaceuticals 458 14,752
Onyx Pharmaceuticals, Inc. * (a) 347 9,796
Pain Therapeutics, Inc. * (a) 589 4,094
Penwest Pharmaceuticals Company * (a) 252 4,355
Peregrine Pharmaceuticals, Inc. * (a) 1,877 4,148
Pfizer, Inc. 91,711 3,240,150
Pharmaceutical Resources, Inc. * 373 24,301
Pozen, Inc. * 366 3,733
Regeneron Pharmaceuticals, Inc. * (a) 707 10,400
Salix Pharmaceuticals, Ltd. * 292 6,620
Schering-Plough Corp. 17,303 300,899
SciClone Pharmaceuticals, Inc. * (a) 689 4,671
Sepracor, Inc. * 1,044 24,983
SICOR, Inc. * 1,391 37,835
United Therapeutics Corp. * (a) 255 5,852
Valeant Pharmaceuticals International * 1,027 25,829
Vertex Pharmaceuticals, Inc. * 1,025 10,486
Vicuron Phamaceuticals, Inc. * 648 12,085
Watson Pharmaceuticals, Inc. * 1,269 58,374
Wyeth 15,660 664,767
XOMA, Ltd. * 1,089 7,187
----------
9,592,866
PHOTOGRAPHY - 0.05%
Concord Camera Corp. * 407 3,765
CPI Corp. (a) 154 3,112
Eastman Kodak Company 3,350 85,995
----------
92,872
The accompanying notes are an integral part of the financial statements.
276
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ --------
PLASTICS - 0.01%
Spartech Corp. 370 $ 9,117
--------
POLLUTION CONTROL - 0.04%
Duratek, Inc. * 300 3,912
Gundle/SLT Environmental, Inc. * 200 4,152
Republic Services, Inc. 1,779 45,596
Stericycle, Inc. * 423 19,754
--------
73,414
PUBLISHING - 0.56%
American Greetings Corp., Class A * 830 18,152
Cadmus Communications Corp. 392 5,096
Consolidated Graphics, Inc. * 162 5,116
Courier Corp. 1 19
Gannett Company, Inc. 3,119 278,090
Gemstar-TV Guide International, Inc. * 4,946 24,977
Hollinger International, Inc., Class A * 1,076 16,807
John Wiley & Son, Class A 679 17,674
Mail-Well Holdings, Inc. * 897 4,135
Mcclatchy Company, Class A 574 39,491
McGraw-Hill Companies, Inc. 2,271 158,788
Media General, Inc., Class A 232 15,103
Meredith Corp. 503 24,552
Nelson Thomas, Inc. 291 5,625
Playboy Enterprises, Inc., Class B * 275 4,444
PRIMEDIA, Inc. * 3,442 9,741
Pulitzer, Inc. * 83 4,482
Readers Digest Association, Inc., Class A 1,237 18,135
Scholastic Corp. * 448 15,250
The New York Times Company, Class A 1,706 81,530
Tribune Company 3,693 190,559
Value Line, Inc. 101 5,040
--------
942,806
RAILROADS & EQUIPMENT - 0.35%
Burlington Northern Santa Fe Corp. 4,268 138,070
CSX Corp. 2,481 89,167
Florida East Coast Indiana, Inc. 428 14,167
GATX Corp. 566 15,837
Genesee & Wyoming, Inc., Class A * 187 5,890
Greenbrier Company, Inc. * 285 4,774
Kansas City Southern * 755 10,811
Norfolk Southern Corp. 4,506 106,567
PAM Transportation Services, Inc. * (a) 152 3,242
Union Pacific Corp. 2,900 201,492
Wabtec Corp. 551 9,389
--------
599,406
REAL ESTATE - 1.52%
Acadia Realty Trust, REIT 659 8,238
Agree Realty Corp. 299 8,456
Alexander's, Inc., REIT * 56 6,981
Alexandria Real Estate Equities, Inc. 186 10,769
AMB Property Corp., REIT 892 29,329
American Financial Realty Trust, REIT 759 12,941
American Home Mortgage Investment Corp.,
REIT (a) 218 4,907
American Land Lease, Inc. 382 7,621
American Mortgage Acceptance Company * 369 6,015
AmeriVest Properties, Inc. * 879 6,311
Annaly Mortgage Management, Inc., REIT 1,096 20,166
Anthracite Capital, Inc., REIT 792 8,767
Anworth Mortgage Asset Corp., REIT 418 5,823
Apartment Investment & Management Company, Class
A, REIT 1,052 36,294
Archstone-Smith Trust, REIT 2,152 60,213
Arden Realty, Inc., REIT * 756 22,937
Ashford Hospitality Trust, Inc., REIT * 690 6,479
Associated Estates Realty Corp., REIT * 1,047 7,654
Atlantic Realty Trust, REIT 416 6,282
Avalon Bay Communities, Inc., REIT * 821 39,244
Bluegreen Corp. * 508 3,170
Boston Properties, Inc., REIT 1,091 52,575
Brandywine Realty Trust, REIT * 491 13,144
BRE Properties, Inc., Class A, REIT 586 19,572
Brookfield Homes Corp. 319 8,221
BRT Realty Trust, REIT 252 7,270
Camden Property Trust, REIT * 501 22,194
Capital Automotive, REIT 352 11,264
Capital Trust Inc. Maryland 209 4,744
Capstead Mortage Corp., REIT (a) 350 5,873
CarrAmerica Realty Corp., REIT 655 19,506
Catellus Development Corp., REIT 1,120 27,014
CBL & Associates Properties, Inc., REIT 359 20,283
Cedar Shopping Centers, Inc. * 300 3,726
CenterPoint Properties Corp., REIT 225 16,852
Chelsea Property Group, Inc., REIT 538 29,488
Colonial Properties Trust SBI 354 14,018
Commercial Net Lease Realty, REIT 606 10,787
Cornerstone Realty Income Trust, Inc., REIT 1,035 9,067
Corporate Office Properties Trust, REIT 363 7,623
Corrections Corp. of America * 402 11,590
Cousins Properties, Inc. 591 18,085
Crescent Real Estate Equities Company,
REIT 1,217 20,847
Criimi Mae, Inc. * 300 3,129
Developers Diversified Realty Corp., REIT 1,026 34,443
Duke Realty Corp. 1,542 47,802
EastGroup Properties, Inc., REIT 290 9,390
Eldertrust 372 4,661
Entertainment Properties Trust, REIT 266 9,233
Equity Inns, Inc., REIT * 713 6,453
Equity Office Properties Trust, REIT 4,618 132,306
Equity One, Inc. 810 13,673
Equity Residential, REIT * 3,184 93,960
Essex Property Trust, REIT 298 19,138
Federal Realty Investment Trust, REIT 514 19,732
Felcor Lodging Trust, Inc., REIT 831 9,207
First Industrial Realty Trust, Inc., REIT * 474 15,998
First Potomac Realty Trust * 400 7,496
First Union Real Estate Equity &
Mortgage Investments * 1,810 3,910
Gables Residential Trust, REIT * 316 10,978
General Growth Properties, Inc., REIT 717 19,897
Gladstone Commercial Corp. (a) 299 5,038
Glenborough Realty Trust, Inc., REIT 437 8,718
Glimcher Realty Trust * 461 10,317
Great Lakes REIT, Inc., REIT * 466 7,316
Health Care Property Investors, Inc., REIT 759 38,557
Health Care REIT, Inc. 552 19,872
Healthcare Realty Trust 538 19,233
Heritage Property Investment Trust, Inc., REIT * 542 15,420
Hersha Hospitality Trust * 788 7,959
Highwoods Properties, Inc., REIT 545 13,843
Home Properties Inc., REIT 383 15,469
Hospitality Properties Trust, SBI * 694 28,648
Host Marriott Corp., REIT * 3,846 47,383
HRPT Properties Trust, REIT * 1,565 15,791
Innkeepers USA Trust, REIT 619 5,181
Jones Lang Lasalle, Inc. * 426 8,831
Kilroy Realty Corp., REIT * 413 13,526
The accompanying notes are an integral part of the financial statements.
277
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ----------
REAL ESTATE - CONTINUED
Kimco Realty Corp., REIT 1,256 $ 56,206
Lexington Corporate Property Trust, REIT 531 10,721
Liberty Property Trust, REIT (a) 910 35,399
LNR Property Corp. 254 12,576
LTC Properties, Inc., REIT 417 6,147
Mack-California Realty Corp., REIT * 655 27,261
Maguire Properties, Inc. 615 14,945
Manufactured Home Communities, Inc. 349 13,140
MeriStar Hospitality Corp., REIT 993 6,464
MFA Mortgage Investments, Inc., REIT 643 6,269
Mission West Properties, Inc. * 602 7,796
Monmouth Real Estate Investment Corp. 800 6,952
National Health Investments, Inc., REIT 387 9,629
Nationwide Health Properties, Inc., REIT 720 14,076
New Plan Realty Trust, Inc. * 1,065 26,274
Newhall Land & Farming Company, ADR 246 9,933
Novastar Financial, Inc. (a) 168 7,217
Omega Healthcare Investors, REIT 650 6,065
Pan Pacific Retail Properties, Inc., REIT 474 22,586
Pennsylvania Real Estate Investment Trust, REIT 415 15,065
Post Properties, Inc., REIT 508 14,183
Prentiss Properties Trust, REIT * 494 16,297
Price Legacy Corp., REIT * 1,057 4,027
Prime Group Realty Trust, REIT * 727 4,558
ProLogis, REIT 2,115 67,870
PS Business Parks, Inc., REIT 230 9,490
Public Storage, Inc., REIT 1,449 62,872
Reading International, Inc. * 671 3,972
Realty Income Corp., REIT 427 17,080
Reckson Associates Realty Corp., REIT 501 12,174
Redwood Trust, Inc., REIT 195 9,916
Regency Centers Corp., REIT 672 26,779
Rouse Company, REIT 1,022 48,034
Senior Housing Properties Trust, SBI * 809 13,939
Shurgard Storage Centers, Inc., Class A 541 20,369
Simon Property Group, Inc., REIT 2,271 105,238
Sizeler Property Investors, Inc., REIT 1,002 10,731
SL Green Realty Corp., REIT 403 16,543
Summit Properties, Inc., REIT * 468 11,241
Sun Communities, Inc., REIT 272 10,526
Taubman Centers, Inc., REIT 661 13,617
The Macerich Company, REIT 612 27,234
The Mills Corp., REIT 537 23,628
The St. Joe Company 926 34,531
Trammell Crow Company * 480 6,360
Transcontinental Realty Investors, Inc., REIT * 200 3,346
Trizec Properties, Inc., REIT 1,779 27,397
United Capital Corp. 178 3,688
United Dominion Realty Trust, Inc., REIT 1,431 27,475
United Mobile Homes, Inc. 400 6,804
United States Restaurant Properties, Inc. * 545 9,287
Urstadt Biddle Properties, Inc. 582 8,235
Ventas, Inc., REIT 1,019 22,418
Vornado Realty Trust, REIT 1,272 69,642
W. P. Carey & Company LLC 388 11,842
Washington REIT, REIT 512 14,950
Weingarten Realty Investors, REIT 627 27,807
Wellsford Real Properties, Inc. * 286 5,320
Windrose Medical Properties Trust 502 6,230
Winston Hotels, Inc., REIT * 609 6,212
----------
2,571,431
RETAIL GROCERY - 0.50%
7 Eleven, Inc. * 1,265 20,303
Albertsons, Inc. * 4,245 96,149
Arden Group, Inc. 67 5,192
Ingles Markets, Inc. * 484 4,971
Nash-Finch Company 200 4,468
Pathmark Stores, Inc. * 577 4,385
Ruddick Corp. 544 9,738
Safeway, Inc. * 5,090 111,522
Smart & Final, Inc. * 485 4,889
SUPERVALU, Inc. 1,527 43,657
Sysco Corp. 7,608 283,246
The Great Atlantic & Pacific Tea
Company, Inc. * (a) 657 5,519
The Kroger Company * 8,763 162,203
United Natural Foods, Inc. * 238 8,547
Weis Markets, Inc. 256 9,293
Whole Foods Market, Inc. 728 48,871
Wild Oats Markets, Inc. * 479 6,193
Winn-Dixie Stores, Inc. (a) 1,617 16,089
----------
845,235
RETAIL TRADE - 5.06%
99 Cents Only Stores * (a) 882 24,017
A.C. Moore Arts & Crafts, Inc. * 213 4,102
Aaron Rents, Inc., Class B 367 7,388
Abercrombie & Fitch Company, Class A * 1,166 28,812
Aeropostale, Inc. * 423 11,599
American Eagle Outfitters, Inc. * 806 13,218
AnnTaylor Stores Corp. * 486 18,954
Asbury Automotive Group, Inc. * 458 8,203
Barnes & Noble, Inc. * 797 26,181
Bed Bath & Beyond, Inc. * 3,432 148,777
Best Buy Company, Inc. 3,832 200,184
Big 5 Sporting Goods Corp. * 287 6,013
Big Lots, Inc. * 1,393 19,794
BJ's Wholesale Club, Inc. * 872 20,021
Blue Rhino Corp. * (a) 263 3,653
Bombay Company, Inc. * (a) 520 4,233
Borders Group, Inc. 933 20,451
Brookstone, Inc. * 181 3,857
Burlington Coat Factory Warehouse Corp. 504 10,665
Cache, Inc. * 123 2,562
CarMax, Inc. * 1,242 38,415
Casey's General Stores, Inc. 577 10,190
Cash America International, Inc. 313 6,629
Casual Male Retail Group, Inc. * (a) 572 3,970
Cato Corp., Class A 269 5,514
Charlotte Russe Holding, Inc. * 270 3,742
Charming Shoppes, Inc. * 1,465 7,911
Chico's FAS, Inc. * 1,048 38,724
Childrens Place Retail Stores, Inc. * 293 7,832
Christopher & Banks Corp. 429 8,378
Circuit City Stores-Circuit City Group * 2,473 25,051
Claire's Stores, Inc. 1,252 23,588
Coldwater Creek, Inc. * 358 3,938
Cole National Corp., Class A * 200 4,000
Cost Plus, Inc. * 253 10,373
Costco Wholesale Corp. * 5,396 200,623
CVS Corp. 4,606 166,369
Deb Shops, Inc. * (a) 184 3,956
Dicks Sporting Goods, Inc. * (a) 180 8,759
Dillard's, Inc., Class A * 1,032 16,987
Dollar General Corp. 3,960 83,120
The accompanying notes are an integral part of the financial statements.
278
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
RETAIL TRADE - CONTINUED
Dollar Tree Stores, Inc. * 1,356 $ 40,761
Electronics Boutique Holdings Corp.* (a) 317 7,256
Family Dollar Stores, Inc. 2,047 73,446
Federated Department Stores, Inc. 2,199 103,639
Finish Line, Inc. * 204 6,114
First Cash Financial Services * 157 4,026
Foot Locker, Inc. 1,629 38,200
Fossil, Inc. * 532 14,901
Fred's, Inc., Class A 437 13,538
Galyan's Trading, Inc. * 300 3,612
GameStop Corp. * (a) 272 4,191
Genesco, Inc. * (a) 314 4,751
Group 1 Automotive, Inc. * 264 9,554
Guitar Center, Inc. * 279 9,090
Hancock Fabrics, Inc. 250 3,620
Haverty Furniture Companies, Inc. 331 6,574
Hibbett Sporting Goods, Inc. * 201 5,990
Home Depot, Inc. 27,037 959,543
Hot Topic, Inc. * 523 15,408
J. Jill Group, Inc. * 256 3,254
J.C. Penney Company, Inc. * 3,152 82,835
Jo Ann Stores, Inc. * 241 4,916
Kenneth Cole Productions, Inc., Class A (a) 276 8,114
Kmart Holding Corp. * (a) 1,097 26,273
Kohl's Corp. * 4,011 180,254
Limited Brands, Inc. 6,085 109,713
Linens'n Things, Inc. * 499 15,010
Longs Drug Stores Corp. * (a) 451 11,158
Lowe's Companies, Inc. 9,273 513,631
Manning Greg Auctions, Inc. * 400 4,736
Marinemax, Inc. * 197 3,828
May Department Stores Company 3,330 96,803
Michael's Stores, Inc. 834 36,863
MSC Industrial Direct Company, Inc., Class A * 432 11,880
NBTY, Inc. * 830 22,294
Nordstrom, Inc. 1,567 53,748
Pacific Sunwear of California, Inc. * 949 20,043
Pantry, Inc. * (a) 263 5,970
Party City Corp. * 300 3,807
Payless ShoeSource, Inc. * 762 10,211
PC Connection, Inc. * (a) 422 3,532
Pep Boys - Manny, Moe & Jack * 644 14,728
Petco Animal Supplies Inc. * 166 5,055
PETsMART, Inc. 1,664 39,603
Pier 1 Imports, Inc. 1,067 23,325
RadioShack Corp. 1,912 58,660
Regis Corp. 454 17,942
Rent-A-Center, Inc. * 987 29,492
Retail Ventures, Inc. * 600 2,850
Rite Aid Corp. * 6,163 37,224
Ross Stores, Inc. 1,848 48,843
Saks, Inc. * 1,689 25,403
School Specialty, Inc. * (a) 192 6,530
Sears, Roebuck & Company * 2,978 135,469
Sharper Image Corp. * (a) 166 5,420
Shoe Carnival, Inc. * 200 3,560
Shopko Stores, Inc. * (a) 335 5,109
Sonic Automative, Inc. 341 7,816
Sports Authority, Inc. * (a) 270 10,368
Stein Mart, Inc. * 545 4,491
Steven Madden, Ltd. * 180 3,672
Summit America Television, Inc. * 900 3,528
Systemax, Inc. * 579 3,856
Talbots, Inc. 616 18,960
Target Corp. 10,754 412,954
The Buckle, Inc. 291 6,446
The Dress Barn, Inc. * 411 6,161
The Gap, Inc. * 10,482 243,287
The Men's Wearhouse, Inc. * 454 11,355
The Neiman Marcus Group, Inc., Class A * 596 31,987
The TJX Companies, Inc. 5,974 131,727
The Wet Seal, Inc., Class A *(a) 403 3,986
The Yankee Candle, Inc. * 600 16,398
Tiffany & Company 1,686 76,207
Too, Inc. * 440 7,427
Tractor Supply Company * 419 16,295
Transport World Entertainment Corp. * (a) 538 3,831
Tuesday Morning Corp. * 464 14,036
Tweeter Home Entertainment Group, Inc. * 403 3,808
United Rentals, Inc. * 890 17,141
Urban Outfitters, Inc. * 438 16,228
ValueVision Media, Inc., Class A * 515 8,600
Wal-Mart Stores, Inc. 51,464 2,730,165
Walgreen Company 12,104 440,343
Williams-Sonoma, Inc. * 1,379 47,948
Zale Corp. * 299 15,907
---------
8,587,981
SANITARY SERVICES - 0.21%
Allied Waste Industries, Inc. * 2,467 34,242
Artesian Resources Corp., Class A 202 5,628
Casella Waste Systems, Inc., Class A * 323 4,422
Darling International, Inc. * 1,215 3,353
Ecolab, Inc. 3,005 82,247
Flanders Corp. * 500 3,290
Insituform Technologies, Inc., Class A * (a) 395 6,517
Ionics, Inc. * (a) 229 7,294
Waste Connections, Inc. * 261 9,858
Waste Management, Inc. 6,914 204,654
---------
361,505
SEMICONDUCTORS - 3.66%
Actel Corp. *, 299 7,206
Advanced Energy Industries, Inc. * 381 9,925
Advanced Micro Devices, Inc. * 4,135 61,612
Agere Systems, Inc., Class A * 19,868 60,597
Alliance Semiconductor Corp. * 536 3,811
Altera Corp. * 4,485 101,809
American Superconductor Corp. * (a) 412 5,710
Amis Holdings, Inc. * 326 5,959
Amkor Technology, Inc. * 2,050 37,331
Analog Devices, Inc. 4,287 195,702
Applied Materials, Inc. * 19,530 438,448
Applied Micro Circuits Corp. * 3,634 21,731
Asyst Technologies, Inc. * 465 8,068
Atmel Corp. * 5,538 33,283
ATMI, Inc. * (a) 366 8,469
Axcelis Technologies, Inc. * 1,226 12,530
Broadcom Corp., Class A * 3,452 117,679
Caliper Technologies Corp. * 500 3,290
ChiPAC, Inc., Class A * (a) 1,190 9,032
Cirrus Logic, Inc. * 1,026 7,869
Conexant Systems, Inc. * (a) 3,270 16,252
Credence Systems Corp. * 834 10,975
Cree, Inc. * (a) 825 14,594
Cymer, Inc. * 387 17,876
Cypress Semiconductor Corp. * (a) 1,390 29,690
DSP Group, Inc. * 346 8,619
Emcore Corp. * 600 2,826
The accompanying notes are an integral part of the financial statements.
279
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
SEMICONDUCTORS - CONTINUED
Emulex Corp. * 1,013 $ 27,027
Entegris, Inc. * 815 10,473
ESS Technology, Inc. * 530 9,015
Exar Corp. * 515 8,796
Fairchild Semiconductor International, Inc. * 1,378 34,409
FormFactor, Inc. * 398 7,880
Genesis Microchip, Inc. * 400 7,216
Genus, Inc. * (a) 500 3,000
GlobespanVirata, Inc. * 1,854 10,902
Integrated Circuit Systems, Inc. * 858 24,444
Integrated Device Technology, Inc. * 1,278 21,943
Intel Corp. 76,640 2,467,808
Intergrated Electrical Services, Inc. * 589 5,448
International Rectifier Corp. * 703 34,735
Intersil Corp., Class A 1,614 40,108
IXYS Corp. * (a) 482 4,507
KLA-Tencor Corp. * 2,277 133,592
Kopin Corp. * 906 6,079
Kulicke & Soffa Industries, Inc. * 658 9,462
Lam Research Corp. * 1,497 48,353
Lattice Semiconductor Corp. * 1,340 12,971
Linear Technology Corp. 3,713 156,206
LSI Logic Corp. * 4,487 39,800
LTX Corp. * 589 8,853
Mattson Technology, Inc. * 550 6,721
Maxim Integrated Products, Inc. 3,839 191,182
MEMC Electronic Materials, Inc. * 2,513 24,175
Micrel, Inc. * 1,057 16,468
Microchip Technology, Inc. 2,430 81,065
Micron Technology, Inc. * 7,193 96,890
Microsemi Corp. * 323 7,939
MIPS Technologies, Inc., Class A * 700 3,812
MKS Instruments, Inc. * 604 17,516
Monolithic System Technology, Inc. * (a) 479 4,095
Mykrolis Corp. * 509 8,185
Nanometrics, Inc. * (a) 215 3,163
National Semiconductor Corp. * 2,113 83,273
Novellus Systems, Inc. * 1,753 73,714
NVIDIA Corp. * (a) 1,850 43,013
Omnivision Technologies, Inc. * (a) 300 16,575
ON Semiconductor Corp. * 2,678 17,273
Pericom Semiconductor Corp. * 345 3,678
Photronics, Inc. * 400 7,968
PLX Technology, Inc. * 400 3,540
Power Integrations, Inc. * 335 11,209
QLogic Corp. * 1,126 58,102
Rambus, Inc. * 1,191 36,564
Rudolph Technologies, Inc. * 211 5,178
Semitool, Inc. * 458 4,910
Semtech Corp. * 908 20,639
Sigmatel, Inc. * 100 2,468
Silicon Image, Inc. * (a) 883 6,384
Silicon Laboratories, Inc. * 543 23,468
Siliconix, Inc. * 327 14,944
Sipex Corp. * 426 3,284
Skyworks Solutions, Inc. * (a) 1,731 15,060
Teradyne, Inc. * 2,182 55,532
Tessera Technologies, Inc. * 500 9,405
Texas Instruments, Inc. 20,429 600,204
TranSwitch Corp. * (a) 1,307 3,006
Triquint Semiconductor, Inc. * 1,674 11,835
Ultratech, Inc. * 273 8,018
Varian Semiconductor Equipment
Associates, Inc. * 376 16,427
Veeco Instruments, Inc. * (a) 381 10,744
Vitesse Semiconductor Corp. * (a) 2,579 15,139
White Electronic Designs Corp. * 387 3,406
Xicor, Inc. * 339 3,844
Xilinx, Inc. * 4,017 155,619
Zoran Corp. * 484 8,417
---------
6,197,971
SHIPBUILDING - 0.00%
Todd Shipyards Corp. 203 3,605
---------
SOFTWARE - 3.63%
Activision, Inc. * 1,046 19,037
Actuate Corp. * 954 2,967
Adobe Systems, Inc. 2,750 108,075
Advent Software, Inc. * 432 7,530
Allscripts Heathcare Solution, Inc. * 600 3,192
Altiris, Inc. * (a) 281 10,251
ANSYS, Inc. * 168 6,670
Ascential Software Corp. * 691 17,918
Aspen Technology, Inc. * (a) 600 6,156
Authentidate Holding Corp. * (a) 400 4,760
Autodesk, Inc. * 1,330 32,691
Avid Technology, Inc. * 332 15,936
BARRA, Inc. * 215 7,630
BEA Systems, Inc. * 4,731 58,191
Bindview Development Corp. * 800 3,016
Borland Software Corp. * 1,025 9,973
Brocade Communications Systems, Inc. * 3,121 18,039
Captaris, Inc. * 536 3,012
Carreker Corp. * 353 4,946
Catapult Communications Corp. * 200 2,900
CCC Information Services Group, Inc. * 315 5,324
CIBER, Inc. * 768 6,651
Citrix Systems, Inc. * 1,919 40,702
Computer Associates International, Inc. * 6,842 187,060
Compuware Corp. * 4,590 27,724
Concord Communications, Inc. * (a) 253 5,052
Concur Technologies, Inc. * 434 4,201
Covansys Corp. * 400 4,400
Dendrite International, Inc. * 502 7,866
Electronic Arts, Inc. * 3,516 167,994
Embarcadero Tech, Inc. * 355 5,662
Epicor Software Corp. * (a) 529 6,750
EPIQ Systems, Inc. * (a) 215 3,683
Equinix, Inc. * 200 5,640
Evolving Systems, Inc. * (a) 200 2,660
Exult, Inc. * (a) 1,393 9,918
Faro Technologies, Inc. * (a) 200 4,996
Group 1 Software, Inc. * 203 3,577
Hyperion Solutions Corp. * 519 15,643
Igate Corp. * 702 5,511
Industries International, Inc. * 1,100 3,300
Informatica Corp. * 1,010 10,403
InfoUSA, Inc. * 732 5,431
Intermediate Telephone, Inc. 328 8,193
Intuit, Inc. * 2,446 129,418
JDA Software Group, Inc. * 334 5,514
Keane, Inc. * 806 11,800
Macrovision Corp. * 568 12,831
Magma Design Automation, Inc. * (a) 405 9,453
Manhattan Associates, Inc. * (a) 353 9,757
Mantech International Corp. * 434 10,828
Manugistics Group, Inc. * (a) 999 6,244
MAPICS, Inc. * 314 4,110
The accompanying notes are an integral part of the financial statements.
280
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ -----
SOFTWARE - CONTINUED
McDATA Corp., Class A * 1,400 $ 13,342
Mercury Interactive Corp. * 1,047 50,926
Micromuse, Inc. * 1,015 7,004
Microsoft Corp. 127,386 3,508,210
MicroStrategy, Inc. * 144 7,557
Midway Games, Inc. * (a) 1,000 3,880
MRO Software, Inc. * 295 3,971
MSC Software Corp. * (a) 390 3,686
Nassda Corp. * 454 3,292
Neoware Systems, Inc. * (a) 191 2,617
NMS Communications Corp. * 600 3,744
Novell, Inc. * 4,470 47,024
NYFIX, Inc. * (a) 440 3,498
Omnicell, Inc. * 281 4,552
OpenTV Corp., Class A * 1,118 3,745
Opnet Technologies, Inc. * 318 5,234
Opsware, Inc. * (a) 1,124 8,318
Oracle Corp. * 61,656 813,859
Packeteer, Inc. * 455 7,726
Palmsource, Inc. * (a) 128 2,789
Parametric Technology Corp. * 3,390 13,357
PDF Solutions, Inc. * (a) 310 4,619
Pegasystems, Inc. * 531 4,577
PeopleSoft, Inc. * 4,277 97,516
Plato Learning, Inc. * 400 4,220
Puma Technology, Inc. * (a) 691 2,750
Qad Inc. * 479 5,873
Quality Systems * 84 3,746
Red Hat, Inc. * 2,058 38,629
Scansoft, Inc. * (a) 1,295 6,889
Sco Group, Inc. * (a) 202 3,434
Secure Computing Corp. * (a) 478 8,561
Seebeyond Technology Corp. * 1,117 4,792
Serena Software, Inc. * (a) 501 9,193
Siebel Systems, Inc. * 5,831 80,876
SPSS, Inc. * 232 4,148
SS&C Technologies, Inc. 193 5,394
Synplicity, Inc. * 500 3,915
Take-Two Interactive Software, Inc. * 464 13,368
THQ, Inc. * (a) 491 8,303
Tradestation Group, Inc. * 581 5,148
Transaction Systems Architects, Inc.,
Class A * 444 10,048
Ulticom, Inc. * 528 5,095
Ultimate Software Group, Inc. * (a) 348 3,052
VA Software Corp. * (a) 854 3,339
Verint Systems, Inc. * 361 8,144
VERITAS Software Corp. * 5,066 188,253
Websense, Inc. * (a) 261 7,632
Zixit Corp. * (a) 400 3,476
---------
6,154,507
STEEL - 0.12%
Alaska Steel Holding Corp. * 1,492 7,609
Allegheny Technologies, Inc. 1,114 14,727
Carpenter Technology Corp. 289 8,546
Gibraltar Steel Corp. 194 4,879
NS Group, Inc. * 400 3,880
Nucor Corp. 944 52,864
Reliance Steel & Aluminum Company * 401 13,317
Ryerson Tull, Inc. * (a) 390 4,466
Schnitzer Steel Industries, Inc. (a) 124 7,502
Steel Dynamics, Inc. * (a) 578 13,577
Steel Technologies, Inc. 200 3,538
Texas Industries, Inc. 297 10,989
United States Steel Corp. 1,219 42,689
Worthington Industries, Inc. (a) 984 17,742
---------
206,325
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 1.91%
ADC Telecommunications, Inc. * 9,706 28,827
ADTRAN, Inc. 854 26,474
Advanced Fibre Communications, Inc. * 1,053 21,218
Aeroflex, Inc. * 864 10,100
Alaska Communications Systems, Inc. * 704 3,337
American Tower Corp., Class A * 2,531 27,385
Andrew Corp. * 1,819 20,937
Applied Signal Technology, Inc. 220 5,062
Arris Group, Inc. * (a) 1,007 7,291
Aspect Communications Corp. * 695 10,953
At Road, Inc. * (a) 735 9,776
Avaya, Inc. * 4,921 63,678
Brightpoint, Inc. * 234 4,037
Carrier Access Corp. * 300 3,756
CellStar Corp. * 300 3,789
CIENA Corp. * 5,676 37,689
Citizens Communications Company * 3,350 41,607
Commonwealth Telephone
Enterprises, Inc., (CTE) * 270 10,192
Commscope, Inc. * 709 11,578
Comtech Telecommunications Corp. * 169 4,879
Comverse Technology, Inc. * 2,197 38,645
Corning, Inc. * 15,743 164,199
Corvis Corp. * 4,629 7,869
Crown Castle International Corp. * 2,662 29,362
CT Communications, Inc. 277 3,740
Ditech Communications Corp. * 415 7,927
Finisar Corp. * (a) 2,725 8,529
General Communication, Inc. * 677 5,890
Harmonic, Inc. * 904 6,554
Hungarian Telephone & Cable Corp. * 400 3,944
IDT Corp. * 283 6,268
Inet Technologies, Inc. * 534 6,408
Infonet Services Corp., Class B * 3,834 6,518
InterDigital Communication Corp. * (a) 658 13,581
Intrado, Inc. * 213 4,675
J2 Global Communications, Inc. * (a) 265 6,564
JDS Uniphase Corp. * 17,024 62,138
KVH Industries, Inc. * (a) 164 4,505
Level 3 Communications, Inc.* (a) 8,176 46,603
Lucent Technologies, Inc. * (a) 49,230 139,813
Mastec, Inc. * 588 8,708
Motorola, Inc. * 27,483 386,686
MRV Communications, Inc. * 1,431 5,381
Netgear, Inc. * (a) 335 5,357
Network Equipment Technologies, Inc. * (a) 437 4,807
New Focus, Inc. * 963 4,834
Newport Corp. * 510 8,430
NTL, Inc. * (a) 1,062 74,074
PanAmSat Corp. * 1,724 37,169
Performance Technologies, Inc. * (a) 200 2,850
Plantronics, Inc. * 505 16,488
Polycom, Inc. * 1,203 23,483
Powerwave Technologies, Inc. * (a) 792 6,059
Price Communications Corp. * 602 8,265
PTEK Holdings, Inc. * (a) 767 6,757
QUALCOMM, Inc. 9,377 505,702
REMEC, Inc. * 786 6,610
SBC Communications, Inc. 39,142 1,020,432
The accompanying notes are an integral part of the financial statements.
281
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES - CONTINUED
Scientific-Atlanta, Inc. 1,744 $ 47,611
Shenandoah Telecommunications Company 100 5,126
Sonus Networks, Inc. * (a) 2,967 22,431
Spectralink Corp. 248 4,754
Stratex Networks, Inc. * 1,216 5,168
SureWest Communications (a) 202 8,165
Symmetricom, Inc. * 678 4,936
Tekelec * 718 11,165
Tellabs, Inc. * 4,909 41,383
Terayon Communication Systems, Inc. * 974 4,383
Tollgrade Communications, Inc. * 180 3,155
Triton PCS Holdings, Inc., Class A * 905 5,050
US LEC Corp., Class A * 500 3,940
UTStarcom, Inc. * (a) 113 4,189
Viasat, Inc. * 349 6,680
Westell Technologies, Inc., Class A * 677 4,272
Wiltel Communications Group * 614 0
WJ Communication, Inc. * (a) 805 4,121
------------
3,244,918
TELEPHONE - 1.50%
ALLTEL Corp. 3,674 171,135
AT&T Corp. 9,314 189,074
Atlantic Tele-Network, Inc. (a) 147 4,123
BellSouth Corp. 21,788 616,600
Centennial Communications Corp., Class A * 1,317 6,927
CenturyTel, Inc. 1,637 53,399
Cincinnati Bell, Inc. * 2,981 15,054
D&E Communications, Inc. 325 4,716
Harris Corp. 808 30,664
Hickory Tech Corp. * 376 4,305
North Pittsburgh Systems, Inc. * 317 5,994
Primus Telecommunications Group, Inc. * (a) 873 8,887
Qwest Communications International, Inc. * 20,124 86,936
Sprint Corp. (FON Group) 10,538 173,034
TALK America Holdings, Inc. * (a) 365 4,205
U.S. Cellular Corp. * 1,031 36,601
Verizon Communications, Inc. * 32,420 1,137,294
------------
2,548,948
TIRES & RUBBER - 0.03%
Bandag, Inc. 238 9,806
Cooper Tire & Rubber Company 925 19,776
Goodyear Tire & Rubber Company * (a) 2,162 16,993
Myers Indiana, Inc. * 417 5,054
------------
51,629
TOBACCO - 0.86%
Altria Group, Inc. 23,885 1,299,822
Dimon, Inc. 691 4,664
R.J. Reynolds Tobacco Holdings, Inc. * 993 57,743
Standard Commercial Corp. 172 3,452
Universal Corp. 308 13,604
UST, Inc. 1,888 67,383
Vector Group, Ltd. (a) 538 8,780
------------
1,455,448
TOYS, AMUSEMENTS & SPORTING GOODS - 0.12%
Hasbro, Inc. * 2,006 42,688
Jakks Pacific, Inc. * (a) 341 4,487
Marval Enterprises, Inc. * 842 24,511
Mattel, Inc. 5,162 99,472
Russ Berrie & Company, Inc. 251 8,509
Toys R Us, Inc. * 2,543 32,143
------------
211,810
TRANSPORTATION - 0.22%
Alexander & Baldwin, Inc. 526 17,721
C. H. Robinson Worldwide, Inc. 988 37,455
Expeditors International of Washington, Inc. 1,233 46,435
General Maritime Corp. * (a) 500 8,800
Harley-Davidson, Inc. 3,506 166,640
Heartland Express, Inc. 632 15,288
Kirby Corp. * 289 10,081
Offshore Logistics, Inc. * 252 6,179
Overseas Shipholding Group, Inc. 397 13,518
Pacer International, Inc. * 456 9,220
RailAmerica, Inc. * (a) 474 5,593
SCS Transportation, Inc. * 277 4,870
Seabulk International, Inc. * 410 3,329
U. S. Xpress Enterprises, Inc., Class A * 300 3,675
Yellow Roadway Corp. * (a) 572 20,692
------------
369,496
TRAVEL SERVICES - 0.03%
Ambassadors Group, Inc. 200 4,698
Navigant International Inc. * (a) 295 4,086
Pegasus Solutions, Inc. * (a) 421 4,408
Sabre Holdings Corp. 1,677 36,206
------------
49,398
TRUCKING & FREIGHT - 0.90%
Arkansas Best Corp. 299 9,386
CNF, Inc. 623 21,120
Covenant Transport, Inc. * 191 3,631
EGL, Inc. * 575 10,097
Fedex Corp. 3,542 239,085
Forward Air Corp. * 280 7,700
Hub Group, Inc., Class A * 200 4,308
Hunt (JB) Transport Services, Inc. * 962 25,984
Knight Transportation, Inc. * 437 11,209
Landstar Systems, Inc. * 404 15,368
Navistar International Corp. * 858 41,090
Old Dominion Freight Lines, Inc. * 198 6,748
OMI Corp. * 917 8,189
Oshkosh Truck Corp. 367 18,728
Overnite Corp. * 300 6,825
Plains All American Pipeline, LP 514 16,684
Ryder Systems, Inc. 763 26,056
Swift Transportation, Inc. * 1,006 21,146
United Parcel Service, Inc., Class B 13,252 987,937
USF Corp. * 323 11,043
Wabash National Corp. * (a) 294 8,614
Werner Enterprises, Inc. 986 19,217
------------
1,520,165
TOTAL COMMON STOCK
(Cost: $153,101,027) $154,567,427
------------
PREFERRED STOCK - 0.02%
BROADCASTING - 0.02%
The News Corp., Ltd., ADR 1,200 36,300
TOTAL PREFERRED STOCK
(Cost: $34,909) $ 36,300
------------
The accompanying notes are an integral part of the financial statements.
282
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ------------
WARRANTS - 0.00%
BANKING - 0.00%
Dime Bancorp, Inc. *, (Expiration date
11/22/2005; strike price $0.16) 300 $ 51
------------
ELECTRICAL EQUIPMENT - 0.00%
Optical Cable Corp. 24 0
------------
TOTAL WARRANTS
(Cost: $105) $ 51
------------
PRINCIPAL
AMOUNT VALUE
---------- ------------
RIGHTS - 0.00%
MANUFACTURING - 0.00%
Fedders Corp. * $ 569 $ 34
------------
PHARMACEUTICALS - 0.00%
OSI Pharmaceuticals, Inc. * (a) 1,164 0
------------
TOTAL RIGHTS
(Cost: $0) $ 34
------------
SHORT TERM INVESTMENTS - 5.63%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $5,449,043 $ 5,449,043
Federal Home Loan Bank Consolidated
Discount Notes, 1.02% due 02/11/2004 2,000,000 1,997,676
Federal National Mortgage Association
Discount Notes, Series BB, 1.05% due
01/15/2004 1,000,000 999,592
United States Treasury Bills,
0.86% due 01/08/2004 **** 200,000 199,967
United States Treasury Bills,
0.88% due 01/08/2004 **** 500,000 499,914
United States Treasury Bills,
0.89% due 01/08/2004 **** 400,000 399,931
------------
$ 9,546,123
REPURCHASE AGREEMENTS - 3.20%
Repurchase Agreement with State Street
Corp., dated 12/31/2003 at 0.70%, to
be repurchased at $5,418,211 on
01/02/2004, collateralized by
$3,870,000 U.S. Treasury Bonds,
8.500% due 02/15/2020 (valued at
$5,526,844, including interest).
$5,418,000 $ 5,418,000
------------
TOTAL INVESTMENTS (TOTAL STOCK MARKET INDEX TRUST)
(Cost: $168,100,164) $169,567,935
============
500 INDEX TRUST
SHARES VALUE
------- ----------
COMMON STOCK - 96.72%
ADVERTISING - 0.24%
Monster Worldwide, Inc. * (a) 11,836 $ 259,918
Omnicom Group, Inc. * 19,942 1,741,535
The Interpublic Group of Companies, Inc.
43,520 678,912
----------
2,680,365
AEROSPACE - 1.85%
General Dynamics Corp. 20,754 1,875,954
Goodrich Corp. * 12,344 366,493
Honeywell International, Inc. 90,480 3,024,746
Lockheed Martin Corp. 47,324 2,432,454
Northrop Grumman Corp. 19,221 1,837,528
Raytheon Company * 43,687 1,312,358
Rockwell Collins, Inc. 18,579 557,927
Textron, Inc. * 14,276 814,589
The Boeing Company * 88,296 3,720,793
United Technologies Corp. 49,390 4,680,690
----------
20,623,532
AGRICULTURE - 0.16%
Archer-Daniels-Midland Company 67,873 1,033,027
Monsanto Company 27,499 791,421
----------
1,824,448
AIR TRAVEL - 0.13%
Delta Air Lines, Inc. * (a) 12,958 153,034
Southwest Airlines Company * 82,623 1,333,535
----------
1,486,569
ALUMINUM - 0.31%
Alcoa, Inc. 90,827 3,451,426
----------
APPAREL & TEXTILES - 0.39%
Cintas Corp. 17,924 898,530
Jones Apparel Group, Inc. 13,260 467,150
Liz Claiborne, Inc. 11,454 406,159
NIKE, Inc., Class B 27,543 1,885,594
Reebok International, Ltd. 6,181 243,037
V.F. Corp. 11,342 490,428
----------
4,390,898
AUTO PARTS - 0.22%
AutoZone, Inc. * 9,316 793,816
Dana Corp. 15,599 286,242
Delphi Corp. * 58,808 600,430
Genuine Parts Company 18,260 606,232
Visteon Corp. (a) 13,722 142,846
----------
2,429,566
AUTO SERVICES - 0.05%
AutoNation, Inc. * 28,872 530,379
----------
AUTOMOBILES - 0.65%
Ford Motor Company * 192,185 3,074,960
General Motors Corp. 58,856 3,142,910
PACCAR, Inc. 12,247 1,042,465
----------
7,260,335
BANKING - 6.21%
AmSouth BanCorp 36,848 902,776
Bank of America Corp. 155,949 12,542,978
Bank of New York Company, Inc. * 81,195 2,689,178
Bank One Corp. 117,337 5,349,394
BB&T Corp. 57,371 2,216,815
Comerica, Inc. 18,405 1,031,784
Fifth Third Bancorp 59,724 3,529,688
First Tennessee National Corp. 13,173 580,929
FleetBoston Financial Corp. * 110,686 4,831,444
Golden West Financial Corp. 15,946 1,645,468
Huntington Bancshares, Inc. 24,024 540,540
KeyCorp 43,993 1,289,875
Marshall & Ilsley Corp. 23,767 909,088
National City Corp. 63,806 2,165,576
North Fork BanCorp, Inc. 15,919 644,242
Northern Trust Corp. 23,128 1,073,602
Southtrust Corp. 34,827 1,139,888
SunTrust Banks, Inc. 29,549 2,112,753
Union Planters Corp. 19,791 623,219
The accompanying notes are an integral part of the financial statements.
283
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- ------------
BANKING - CONTINUED
US Bancorp 202,440 $ 6,028,663
Wachovia Corp. 138,941 6,473,261
Wells Fargo & Company 177,594 10,458,511
Zions BanCorp 9,432 578,465
------------
69,358,137
BIOTECHNOLOGY - 1.19%
Amgen, Inc. * 135,392 8,367,226
Applera Corp.-Applied Biosystems Group * 21,834 452,182
Biogen Idec, Inc. * 34,384 1,264,644
Chiron Corp. * 19,703 1,122,874
Genzyme Corp. * 23,526 1,160,773
MedImmune, Inc. * 25,981 659,917
Millipore Corp. * 5,123 220,545
------------
13,248,161
BROADCASTING - 1.12%
Clear Channel Communications, Inc. 64,611 3,025,733
Univision Communications, Inc., Class A * (a) 33,849 1,343,467
Viacom, Inc., Class B 183,599 8,148,124
------------
12,517,324
BUILDING MATERIALS & CONSTRUCTION - 0.19%
American Standard Companies, Inc. * 7,642 769,549
Masco Corp. 48,612 1,332,455
------------
2,102,004
BUSINESS SERVICES - 1.87%
Automatic Data Processing, Inc. 62,392 2,471,347
BMC Software, Inc. * 23,747 442,882
Cendant Corp. * 106,346 2,368,325
Charles Schwab Corp. 142,387 1,685,862
Computer Sciences Corp. * 19,661 869,606
Concord EFS, Inc. * 48,819 724,474
Convergys Corp. * 15,014 262,144
Deluxe Corp. 5,305 219,256
Electronic Data Systems Corp. 50,419 1,237,282
Equifax, Inc. 14,597 357,627
First Data Corp. * 76,496 3,143,221
Fiserv, Inc. * 20,343 803,752
Fluor Corp. * 8,611 341,340
Moody's Corp. 15,618 945,670
NCR Corp. * 9,929 385,245
Paychex, Inc. 39,573 1,472,116
Pitney Bowes, Inc. 24,518 995,921
R.R. Donnelley & Sons Company (a) 11,926 359,569
Robert Half International, Inc. * 17,971 419,443
SunGuard Data Systems, Inc. * 30,154 835,567
Unisys Corp. * 34,680 514,998
------------
20,855,647
CABLE AND TELEVISION - 1.46%
Comcast Corp., Class A * 236,256 7,765,735
Time Warner, Inc. * 474,599 8,538,036
------------
16,303,771
CELLULAR COMMUNICATIONS - 0.55%
AT&T Wireless Services, Inc. * 284,910 2,276,431
Nextel Communications, Inc., Class A * 115,406 3,238,292
Sprint Corp. (PCS Group) * 108,641 610,563
------------
6,125,286
CHEMICALS - 1.37%
Air Products & Chemicals, Inc., 23,853 1,260,154
Ashland, Inc. 7,201 317,276
Dow Chemical Company * 96,619 4,016,452
E.I. Du Pont De Nemours & Company 104,621 4,801,058
Eastman Chemical Company * (a) 8,120 320,984
Engelhard Corp. 13,168 394,381
Great Lakes Chemical Corp. (a) 5,311 144,406
Hercules, Inc. * 11,641 142,020
PPG Industries, Inc. 17,835 1,141,797
Praxair, Inc. 34,130 1,303,766
Rohm & Haas Company 23,370 998,133
Sigma-Aldrich Corp. 7,278 416,156
------------
15,256,583
COLLEGES & UNIVERSITIES - 0.11%
Apollo Group, Inc., Class A * 18,511 1,258,748
------------
COMPUTERS & BUSINESS EQUIPMENT - 3.75%
Apple Computer, Inc. * 38,048 813,086
Dell, Inc. * 268,741 9,126,444
EMC Corp. * 252,238 3,258,915
Gateway, Inc. * 34,048 156,621
Hewlett-Packard Company * 320,036 7,351,227
International Business Machines Corp. 180,574 16,735,598
Lexmark International, Inc. * 13,485 1,060,460
Network Appliance, Inc. * 36,214 743,474
Sun Microsystems, Inc. * 342,877 1,539,518
Xerox Corp. * (a) 83,113 1,146,959
------------
41,932,302
CONSTRUCTION MATERIALS - 0.09%
Sherwin-Williams Company 15,301 531,557
Vulcan Materials Company 10,674 507,762
------------
1,039,319
CONSTRUCTION & MINING EQUIPMENT - 0.02%
Rowan Companies, Inc. * 9,873 228,757
------------
CONTAINERS & GLASS - 0.14%
Ball Corp. 5,915 352,356
Bemis Company, Inc. 5,575 278,750
Pactiv Corp. * 16,504 394,446
Sealed Air Corp. * 8,919 482,875
------------
1,508,427
COSMETICS & TOILETRIES - 2.31%
Alberto Culver Company, Class B 6,169 389,141
Avon Products, Inc. 24,824 1,675,372
Colgate-Palmolive Company 56,388 2,822,219
International Flavors & Fragrances, Inc. 9,830 343,264
Kimberly-Clark Corp. 52,948 3,128,697
The Gillette Company * 106,190 3,900,359
The Procter & Gamble Company 136,104 13,594,067
------------
25,853,119
CRUDE PETROLEUM & NATURAL GAS - 0.71%
Anadarko Petroleum Corp. 26,334 1,343,297
Apache Corp. (a) 17,007 1,379,268
Burlington Resources, Inc. 20,849 1,154,618
Devon Energy Corp. 24,409 1,397,659
EOG Resources, Inc. 12,079 557,688
Occidental Petroleum Corp. * 40,422 1,707,425
Sunoco, Inc. 8,107 414,673
------------
7,954,628
DOMESTIC OIL - 0.28%
Amerada Hess Corp. * 9,433 501,553
Kerr-McGee Corp. * 10,585 492,097
Marathon Oil Corp. 32,563 1,077,510
Unocal Corp. * 27,179 1,001,002
------------
3,072,162
ELECTRICAL EQUIPMENT - 3.51%
American Power Conversion Corp. 20,840 509,538
Cooper Industries, Ltd., Class A * 9,798 567,598
Emerson Electric Company 44,167 2,859,813
The accompanying notes are an integral part of the financial statements.
284
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ------------
ELECTRICAL EQUIPMENT - CONTINUED
General Electric Company 1,053,882 $ 32,649,264
Johnson Controls, Inc. * 9,480 1,100,818
Molex, Inc. * (a) 19,980 697,102
Power-One, Inc. * (a) 8,740 94,654
Symbol Technologies, Inc. 24,200 408,738
Tektronix, Inc. 8,874 280,419
------------
39,167,944
ELECTRIC UTILITIES - 2.18%
Allegheny Energy, Inc. * 13,327 170,052
Ameren Corp. 17,045 784,070
American Electric Power, Inc. 41,460 1,264,945
CenterPoint Energy, Inc. (a) 32,126 311,301
Cinergy Corp. 18,690 725,359
CMS Energy Corp. (a) 16,912 144,090
Consolidated Edison, Inc. 23,664 1,017,789
Constellation Energy Group, Inc. 17,557 687,532
Dominion Resources, Inc. 34,050 2,173,411
DTE Energy Company * 17,665 696,001
Duke Energy Corp. * 95,254 1,947,944
Edison International 34,197 749,940
Entergy Corp. 24,015 1,371,977
Exelon Corp. 34,324 2,277,741
FirstEnergy Corp. 34,619 1,218,589
FPL Group, Inc. 19,307 1,263,064
PG&E Corp. * 43,533 1,208,911
Pinnacle West Capital Corp. 9,580 383,392
PPL Corp. 18,612 814,275
Public Service Enterprise Group, Inc. 24,682 1,081,072
TECO Energy, Inc. (a) 19,713 284,064
The AES Corp. * 65,357 616,970
The Southern Company 76,851 2,324,743
TXU Corp. * 33,995 806,361
------------
24,323,593
ELECTRONICS - 0.34%
Agilent Technologies, Inc. * 49,909 1,459,339
Jabil Circuit, Inc. * 20,965 593,309
Sanmina-SCI Corp. * 54,298 684,698
Solectron Corp. * 87,746 518,579
Thermo Electron Corp. * 17,090 430,668
Thomas & Betts Corp. 6,137 140,476
------------
3,827,069
ENERGY - 0.25%
Calpine Corp. * (a) 43,362 208,571
Progress Energy, Inc. 25,722 1,164,178
Sempra Energy * 23,746 713,805
Xcel Energy, Inc. * (a) 41,860 710,783
------------
2,797,337
FINANCIAL SERVICES - 8.78%
American Express Company, 135,007 6,511,388
Bear Stearns Companies, Inc. 10,288 822,526
Capital One Financial Corp. (a) 24,237 1,485,486
Charter One Financial, Inc. 23,367 807,330
Citigroup, Inc. 541,451 26,282,031
Countrywide Financial Corp. 30,510 2,314,209
Federal Home Loan Mortgage Corp. 73,021 4,258,585
Federal National Mortgage Association 101,985 7,654,994
Federated Investors, Inc., Class B 11,405 334,851
Franklin Resources, Inc. 26,343 1,371,416
H & R Block, Inc. 18,712 1,036,083
J.P. Morgan Chase & Company * 214,145 7,865,546
Janus Capital Group, Inc. (a) 25,261 414,533
Lehman Brothers Holdings, Inc. 28,499 2,200,693
MBIA, Inc. 15,128 896,031
MBNA Corp. 134,104 3,332,484
Mellon Financial Corp. 45,157 1,449,991
Merrill Lynch & Company, Inc. 99,218 5,819,136
Morgan Stanley 113,675 6,578,372
PNC Financial Services Group 29,101 1,592,698
Providian Financial Corp. * 30,462 354,578
Regions Financial Corp. 23,318 867,430
SLM Corp. 47,318 1,782,942
State Street Corp. (b) 35,079 1,826,914
Synovus Financial Corp. (a) 31,673 915,983
T. Rowe Price Group, Inc. 13,070 619,649
The Goldman Sachs Group, Inc. 49,695 4,906,387
Washington Mutual, Inc. 94,394 3,787,087
------------
98,089,353
FOOD & BEVERAGES - 3.67%
Anheuser-Busch Companies, Inc. 85,517 4,505,036
Campbell Soup Company * 43,070 1,154,276
Coca-Cola Enterprises, Inc. 47,746 1,044,205
ConAgra Foods, Inc. 56,355 1,487,208
General Mills, Inc. * 39,189 1,775,262
H.J. Heinz Company 36,932 1,345,433
Hershey Foods Corp. 13,657 1,051,452
Kellogg Company 42,838 1,631,271
McCormick & Company, Inc. 14,571 438,587
PepsiCo, Inc. 180,189 8,400,411
Sara Lee Corp. * 82,950 1,800,844
Starbucks Corp. * 41,048 1,357,047
The Coca-Cola Company 257,309 13,058,432
The Pepsi Bottling Group, Inc. * 27,581 666,909
William Wrigley Jr. Company 23,590 1,325,994
------------
41,042,367
FOREST PRODUCTS - 0.13%
Weyerhaeuser Company * 23,072 1,476,608
------------
FURNITURE & FIXTURES - 0.04%
Leggett & Platt, Inc. 20,146 435,758
------------
GAS & PIPELINE UTILITIES - 0.32%
Dynegy, Inc., Class A (a) 39,569 169,355
El Paso Corp. (a) 63,838 522,833
KeySpan Corp. * (a) 16,695 614,376
Kinder Morgan, Inc. 12,934 764,400
Nicor, Inc. (a) 4,622 157,333
NiSource, Inc. 27,548 604,403
Peoples Energy Corp. (a) 3,863 162,401
Williams Companies, Inc. 54,388 534,090
------------
3,529,191
HEALTHCARE PRODUCTS - 3.29%
Bausch & Lomb, Inc. * 5,503 285,606
Baxter International, Inc. * 64,057 1,955,020
Becton Dickinson & Company 26,653 1,096,504
Biomet, Inc. 26,835 977,062
Boston Scientific Corp. * 85,978 3,160,551
C.R. Bard, Inc. 5,443 442,244
Guidant Corp. 31,698 1,908,220
Johnson & Johnson 311,534 16,093,846
Medtronic, Inc. 127,218 6,184,067
St. Jude Medical, Inc. * 18,108 1,110,926
Stryker Corp. 20,938 1,779,939
Zimmer Holdings, Inc. * 25,382 1,786,893
------------
36,780,878
HEALTHCARE SERVICES - 1.04%
Express Scripts, Inc. * (a) 8,244 547,649
HCA, Inc. * 52,008 2,234,264
The accompanying notes are an integral part of the financial statements.
285
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ------------
HEALTHCARE SERVICES - CONTINUED
Humana, Inc. * 16,908 $ 386,348
IMS Health, Inc. 25,134 624,831
McKesson Corp. * 30,587 983,678
Medco Health Solutions, Inc. * 28,371 964,330
Quest Diagnostics, Inc. 10,911 797,703
UnitedHealth Group, Inc. 61,574 3,582,375
Wellpoint Health Networks, Inc., Class A * 15,948 1,546,797
------------
11,667,975
HOMEBUILDERS - 0.15%
Centex Corp. * (a) 6,524 702,308
KB HOME 4,865 352,810
Pulte Homes, Inc. * 6,513 609,747
------------
1,664,865
HOTELS & RESTAURANTS - 0.75%
Darden Restaurants, Inc. 17,304 364,076
Harrah's Entertainment, Inc. (a) 11,594 577,033
Hilton Hotels Corp. 39,821 682,134
Marriott International, Inc., Class A 24,270 1,121,274
McDonald's Corp. 133,211 3,307,629
Starwood Hotels & Resorts Worldwide, Inc. * 21,228 763,571
Wendy's International, Inc. 11,959 469,271
Yum! Brands, Inc. * 30,874 1,062,066
------------
8,347,054
HOUSEHOLD APPLIANCES - 0.13%
Black & Decker Corp. 8,159 402,402
Maytag Corp. 8,245 229,623
The Stanley Works (a) 8,507 322,160
Whirlpool Corp. (a) 7,311 531,144
------------
1,485,329
HOUSEHOLD PRODUCTS - 0.26%
Fortune Brands, Inc. 15,310 1,094,512
Newell Rubbermaid, Inc. 28,801 655,799
The Clorox Company 22,149 1,075,555
Tupperware Corp. * 6,134 106,364
------------
2,932,230
INDUSTRIAL MACHINERY - 0.83%
Caterpillar, Inc. 36,446 3,025,747
Cummins, Inc. (a) 4,440 217,294
Deere & Company * 25,190 1,638,609
Dover Corp. 21,256 844,926
Ingersoll-Rand Company, Class A 18,208 1,235,959
ITT Industries, Inc. 9,685 718,724
Pall Corp. 13,117 351,929
Parker-Hannifin Corp. 12,445 740,478
W.W. Grainger, Inc. 9,578 453,901
------------
9,227,567
INDUSTRIALS - 0.08%
Crane Company 6,237 191,725
Rockwell Automation, Inc 19,568 696,621
------------
888,346
INSURANCE - 4.77%
ACE, Ltd. 29,292 1,213,275
Aetna, Inc. 16,014 1,082,226
AFLAC, Inc. 53,826 1,947,425
Ambac Financial Group, Inc. 11,215 778,209
American International Group, Inc. 273,728 18,142,692
Anthem, Inc. * 14,514 1,088,550
Aon Corp. 32,916 788,009
Chubb Corp. 19,709 1,342,183
CIGNA Corp. * 14,746 847,895
Cincinnati Financial Corp. 16,838 705,175
Hartford Financial Services Group, Inc. 29,693 1,752,778
Jefferson-Pilot Corp. 14,805 749,873
John Hancock Financial Services, Inc. 30,366 1,138,725
Lincoln National Corp. 18,681 754,152
Loews Corp. 19,464 962,495
Marsh & McLennan Companies, Inc. 55,654 2,665,270
MetLife, Inc. 79,786 2,686,394
MGIC Investment Corp. (a) 10,333 588,361
Principal Financial Group, Inc. 33,898 1,121,007
Progressive Corp. 22,671 1,895,069
Prudential Financial, Inc. 56,731 2,369,654
SAFECO Corp. * 14,543 566,159
The Allstate Corp. 73,847 3,176,898
The St. Paul Companies, Inc. * 23,947 949,498
Torchmark, Inc. 11,879 540,970
Travelers Property Casualty Corp., Class B 105,466 1,789,758
UNUMProvident Corp. 31,074 490,037
XL Capital, Ltd., Class A 14,408 1,117,340
------------
53,250,077
INTERNATIONAL OIL - 0.42%
ConocoPhillips 71,454 4,685,239
------------
INTERNET CONTENT - 0.28%
Yahoo!, Inc. * 68,993 3,116,414
------------
INTERNET RETAIL - 0.39%
eBay, Inc. * 67,802 4,379,331
------------
INTERNET SOFTWARE - 1.68%
Cisco Systems, Inc. * 724,569 17,599,781
Symantec Corp. * 32,334 1,120,373
------------
18,720,154
LEISURE TIME - 0.83%
Brunswick Corp. 9,606 305,759
Carnival Corp. 66,115 2,626,749
International Game Technology 36,339 1,297,302
The Walt Disney Company * 214,680 5,008,485
------------
9,238,295
LIFE SCIENCES - 0.06%
PerkinElmer, Inc. * 13,314 227,270
Waters Corp. * 12,744 422,591
------------
649,861
LIQUOR - 0.07%
Adolph Coors Company, Class B 3,821 214,358
Brown Forman Corp., Class B 6,369 595,183
------------
809,541
MANUFACTURING - 1.60%
3M Company 82,381 7,004,856
Danaher Corp. * 16,117 1,478,735
Eaton Corp. 7,977 861,356
Illinois Tool Works, Inc. 32,340 2,713,649
Snap-on, Inc. 6,115 197,148
Tyco International, Ltd. * 209,823 5,560,310
------------
17,816,054
MEDICAL-HOSPITALS - 0.15%
Health Management Associates, Inc.,
Class A 25,171 604,104
Manor Care, Inc. 9,356 323,437
Tenet Healthcare Corp. * 48,783 782,967
------------
1,710,508
The accompanying notes are an integral part of the financial statements.
286
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------ ------------
MINING - 0.33%
Freeport-McMoRan Copper & Gold, Inc.,
Class B * (a) 17,939 $ 755,770
Newmont Mining Corp. 45,349 2,204,415
Phelps Dodge Corp. 9,378 713,572
------------
3,673,757
NEWSPAPERS - 0.10%
Dow Jones & Company, Inc. 8,561 426,766
Knight-Ridder, Inc. 8,386 648,825
------------
1,075,591
OFFICE FURNISHINGS & SUPPLIES - 0.23%
Avery Dennison Corp. 11,595 649,552
Office Depot, Inc. * 32,867 549,207
Staples, Inc. * 51,970 1,418,781
------------
2,617,540
PAPER - 0.45%
Boise Cascade Corp. * 9,076 298,238
Georgia-Pacific Corp. 26,673 818,061
International Paper Company 50,429 2,173,994
Louisiana-Pacific Corp. * 11,114 198,718
MeadWestvaco Corp. 21,051 626,267
Plum Creek Timber Company, Inc. 19,207 584,853
Temple-Inland, Inc. 5,696 356,969
------------
5,057,100
PETROLEUM SERVICES - 4.15%
Baker Hughes, Inc. 35,145 1,130,263
BJ Services Company * 16,613 596,407
ChevronTexaco Corp. 112,197 9,692,699
Exxon Mobil Corp. 693,760 28,444,160
Halliburton Company 45,979 1,195,454
Nabors Industries, Ltd. * 15,386 638,519
Noble Corp. * 14,042 502,423
Schlumberger, Ltd. * 61,448 3,362,434
Transocean, Inc. * 33,576 806,160
------------
46,368,519
PHARMACEUTICALS - 6.92%
Abbott Laboratories, 164,088 7,646,501
Allergan, Inc. 13,691 1,051,606
AmerisourceBergen Corp. 11,745 659,482
Bristol-Myers Squibb Company * 203,546 5,821,415
Cardinal Health, Inc. 45,441 2,779,171
Eli Lilly & Company 117,859 8,289,023
Forest Laboratories, Inc. * 38,376 2,371,637
King Pharmaceuticals, Inc. * 25,310 386,231
Merck & Company, Inc. 233,534 10,789,271
Pfizer, Inc. 800,999 28,299,295
Schering-Plough Corp. 154,229 2,682,042
Watson Pharmaceuticals, Inc. * 11,331 521,226
Wyeth 139,785 5,933,873
------------
77,230,773
PHOTOGRAPHY - 0.07%
Eastman Kodak Company 30,079 772,128
------------
PUBLISHING - 0.61%
American Greetings Corp., Class A * (a) 6,976 152,565
Gannett Company, Inc. 28,450 2,536,602
McGraw-Hill Companies, Inc. 20,110 1,406,091
Meredith Corp. 5,265 256,985
The New York Times Company, Class A 15,634 747,149
Tribune Company 32,774 1,691,138
------------
6,790,530
RAILROADS & EQUIPMENT - 0.44%
Burlington Northern Santa Fe Corp. 38,963 $1,260,453
CSX Corp. 22,463 807,320
Norfolk Southern Corp. 40,978 969,130
Union Pacific Corp. 26,784 1,860,952
------------
4,897,855
REAL ESTATE - 0.35%
Apartment Investment & Management Company,
Class A, REIT 9,888 341,136
Equity Office Properties Trust, REIT 41,959 1,202,125
Equity Residential, REIT * 28,912 853,193
ProLogis, REIT 18,884 605,988
Simon Property Group, Inc., REIT 20,079 930,461
------------
3,932,903
RETAIL GROCERY - 0.57%
Albertsons, Inc. * 38,512 872,297
Safeway, Inc. * 46,423 1,017,128
SUPERVALU, Inc. 14,074 402,375
Sysco Corp. 67,925 2,528,848
The Kroger Company * 78,205 1,447,574
Winn-Dixie Stores, Inc. (a) 14,865 147,907
------------
6,416,129
RETAIL TRADE - 5.77%
Bed Bath & Beyond, Inc. * 31,080 1,347,318
Best Buy Company, Inc. 33,968 1,774,488
Big Lots, Inc. * 12,269 174,343
Circuit City Stores-Circuit City Group * 21,985 222,708
Costco Wholesale Corp. * 48,045 1,786,313
CVS Corp. 41,452 1,497,246
Dillard's, Inc., Class A * (a) 8,742 143,893
Dollar General Corp. 35,372 742,458
Family Dollar Stores, Inc. 18,097 649,320
Federated Department Stores, Inc. 18,976 894,339
Home Depot, Inc. 238,805 8,475,189
J.C. Penney Company, Inc. * 28,657 753,106
Kohl's Corp. * 35,687 1,603,774
Limited Brands, Inc. 54,231 977,785
Lowe's Companies, Inc. 82,535 4,571,614
May Department Stores Company 30,289 880,501
Nordstrom, Inc. 14,425 494,778
RadioShack Corp. 17,225 528,463
Sears, Roebuck & Company * 26,641 1,211,899
Target Corp. 95,666 3,673,574
The Gap, Inc. * 94,026 2,182,344
The TJX Companies, Inc. 52,823 1,164,747
Tiffany & Company 15,391 695,673
Wal-Mart Stores, Inc. 454,241 24,097,485
Walgreen Company 107,604 3,914,634
------------
64,457,992
SANITARY SERVICES - 0.26%
Allied Waste Industries, Inc. * 22,012 305,526
Ecolab, Inc. 27,043 740,167
Waste Management, Inc. 61,135 1,809,596
------------
2,855,289
SEMICONDUCTORS - 4.11%
Advanced Micro Devices, Inc. * 36,588 545,161
Altera Corp. * 39,753 902,393
Analog Devices, Inc. 38,552 1,759,899
Applied Materials, Inc. * 174,562 3,918,917
Applied Micro Circuits Corp. * 32,222 192,688
Broadcom Corp., Class A * 31,785 1,083,551
Intel Corp. 685,594 22,076,127
KLA-Tencor Corp. * 20,437 1,199,039
Linear Technology Corp. 32,790 1,379,475
LSI Logic Corp. * (a) 39,785 352,893
The accompanying notes are an integral part of the financial statements.
287
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- --------------
SEMICONDUCTORS - CONTINUED
Maxim Integrated Products, Inc. 34,490 $ 1,717,602
Micron Technology, Inc. * 64,089 863,279
National Semiconductor Corp. * 19,458 766,840
Novellus Systems, Inc. * 15,989 672,337
NVIDIA Corp. * (a) 17,022 395,761
PMC-Sierra, Inc. * 18,134 365,400
QLogic Corp. * 9,915 511,614
Teradyne, Inc. * 20,083 511,112
Texas Instruments, Inc. 181,645 5,336,730
Xilinx, Inc. * 35,932 1,392,006
--------------
45,942,824
SOFTWARE - 4.38%
Adobe Systems, Inc. 24,562 965,287
Autodesk, Inc. * 11,713 287,906
Citrix Systems, Inc. * 17,226 365,363
Computer Associates International, Inc. * 60,780 1,661,725
Compuware Corp. * (a) 40,313 243,491
Electronic Arts, Inc. * 31,264 1,493,794
Intuit, Inc. * 20,834 1,102,327
Mercury Interactive Corp. * 9,450 459,648
Microsoft Corp. 1,134,869 31,254,292
Novell, Inc. * 39,195 412,331
Oracle Corp. * 548,585 7,241,322
Parametric Technology Corp. * 27,947 110,111
PeopleSoft, Inc. * 39,353 897,248
Siebel Systems, Inc. * 52,047 721,892
VERITAS Software Corp. * 44,878 1,667,667
--------------
48,884,404
STEEL - 0.10%
Allegheny Technologies, Inc. (a) 8,464 111,894
Nucor Corp. 8,217 460,152
United States Steel Corp. (a) 10,840 379,617
Worthington Industries, Inc. (a) 9,037 162,937
--------------
1,114,600
TELECOMMUNICATIONS EQUIPMENT & SERVICES - 2.07%
ADC Telecommunications, Inc. * 84,477 250,897
Andrew Corp. * (a) 16,117 185,507
Avaya, Inc. * 43,735 565,931
CIENA Corp. * 49,729 330,200
Citizens Communications Company * 29,854 370,787
Comverse Technology, Inc. * 20,239 356,004
Corning, Inc. * 139,569 1,455,705
JDS Uniphase Corp. * 150,609 549,723
Lucent Technologies, Inc. * (a) 440,152 1,250,032
Motorola, Inc. * 244,321 3,437,596
QUALCOMM, Inc. 83,975 4,528,772
SBC Communications, Inc. 347,486 9,058,960
Scientific-Atlanta, Inc. 15,938 435,107
Tellabs, Inc. * 43,792 369,166
--------------
23,144,387
TELEPHONE - 1.94%
ALLTEL Corp. 32,755 1,525,728
AT&T Corp. 82,905 1,682,972
BellSouth Corp. 193,977 5,489,549
CenturyTel, Inc. 15,136 493,736
Qwest Communications International, Inc. * 185,600 801,792
Sprint Corp. (FON Group) 94,878 1,557,897
Verizon Communications, Inc. * 289,850 10,167,938
--------------
21,719,612
TIRES & RUBBER - 0.03%
Cooper Tire & Rubber Company 7,751 165,716
Goodyear Tire & Rubber Company * (a) 18,402 144,640
--------------
310,356
TOBACCO - 1.14%
Altria Group, Inc. 213,190 11,601,800
R.J. Reynolds Tobacco Holdings, Inc. * (a) 8,883 516,546
UST, Inc. 17,407 621,256
--------------
12,739,602
TOYS, AMUSEMENTS & SPORTING GOODS - 0.14%
Hasbro, Inc. * 18,314 389,722
Mattel, Inc. 45,121 869,482
Toys `R' Us, Inc. * 22,407 283,224
--------------
1,542,428
TRANSPORTATION - 0.14%
Harley-Davidson, Inc. 31,800 1,511,454
--------------
TRAVEL SERVICES - 0.03%
Sabre Holdings Corp. 15,058 325,102
--------------
TRUCKING & FREIGHT - 1.03%
Fedex Corp. 31,309 2,113,357
Navistar International Corp. * 7,210 345,287
Ryder Systems, Inc. 6,732 229,898
United Parcel Service, Inc., Class B 118,000 8,796,900
--------------
11,485,442
TOTAL COMMON STOCK
(Cost: $1,153,984,594) $1,080,217,148
--------------
PRINCIPAL
AMOUNT VALUE
----------- --------------
SHORT TERM INVESTMENTS - 1.67%
State Street Navigator Securities
Lending Prime Portfolio, 1.06% (b) $16,796,934 $ 16,796,934
United States Treasury Bills,
0.80% due 01/22/2004 **** 1,800,000 1,799,030
--------------
$ 18,595,964
REPURCHASE AGREEMENTS - 1.61%
Repurchase Agreement with State Street
Corp., dated 12/31/2003 at 0.70%, to
be repurchased at $18,032,701 on
01/02/2004, collateralized by
$12,880,000 U.S. Treasury Bonds,
8.500% due 02/15/2020 (valued at
$18,394,250, including interest).
$18,032,000 $ 18,032,000
--------------
TOTAL INVESTMENTS (500 INDEX TRUST) (Cost:
$1,190,612,558) $1,116,845,112
==============
The accompanying notes are an integral part of the financial statements.
288
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
LIFESTYLE AGGRESSIVE 1000 TRUST
SHARES VALUE
--------- --------------
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
Aggressive Growth Trust Series I 493,958 $ 6,559,757
Aggressive Growth Trust Series II 238,066 3,154,369
Aggressive Growth Trust Series III 7 92
All Cap Growth Trust Series I 455,222 6,559,753
All Cap Growth Trust Series II 219,511 3,154,369
All Cap Growth Trust Series III 6 92
All Cap Value Trust Series I 521,443 6,559,755
All Cap Value Trust Series II 251,545 3,154,369
All Cap Value Trust Series III 7 92
American Blue Chip Income and Growth
Trust Series II 629,159 9,714,218
American International Trust Series II 583,086 9,714,217
Blue Chip Growth Trust Series I 1,906,906 29,518,906
Blue Chip Growth Trust Series II 919,939 14,194,659
Blue Chip Growth Trust Series III 27 414
Emerging Small Company Trust Series I 763,354 19,679,271
Emerging Small Company Trust Series II 367,928 9,463,106
Emerging Small Company Trust Series III 11 276
Equity-Income Trust Series I 2,154,979 32,798,785
Equity-Income Trust Series II 1,039,673 15,771,843
Equity-Income Trust Series III 30 461
Fundamental Value Trust Series I 2,064,440 26,239,028
Fundamental Value Trust Series II 995,069 12,617,474
Fundamental Value Trust Series III 29 368
International Equity Select Trust Series I 965,380 13,119,512
International Equity Select Trust Series II 465,246 6,308,737
International Equity Select Trust Series III 14 184
International Small Cap Trust Series I 1,349,744 19,679,270
International Small Cap Trust Series II 649,939 9,463,106
International Small Cap Trust Series III 19 276
International Stock Trust Series I 2,369,365 22,959,149
International Stock Trust Series II 1,140,526 11,040,290
International Stock Trust Series III 33 322
International Value Trust Series I 798,024 9,839,635
International Value Trust Series II 384,992 4,731,553
International Value Trust Series III 11 138
Mid Cap Stock Trust Series I 1,105,267 13,119,514
Mid Cap Stock Trust Series II 532,833 6,308,737
Mid Cap Stock Trust Series III 16 184
Mid Cap Value Trust Series I 895,530 13,119,514
Mid Cap Value Trust Series II 431,514 6,308,737
Mid Cap Value Trust Series III 13 184
Natural Resources Trust Series I 546,646 9,839,635
Natural Resources Trust Series II 263,156 4,731,553
Natural Resources Trust Series III 8 138
Overseas Trust Series I 3,084,525 29,518,906
Overseas Trust Series II 1,486,352 14,194,659
Overseas Trust Series III 43 414
Small Cap Opportunities Trust Series I 562,265 9,839,635
Small Cap Opportunities Trust Series II 270,684 4,731,553
Small Cap Opportunities Trust Series III 8 135
Small Company Value Trust Series I 382,716 6,559,755
Small Company Value Trust Series II 184,466 3,154,369
Small Company Value Trust Series III 5 92
Small-Mid Cap Trust Series I 1,081,575 13,119,509
Small-Mid Cap Trust Series II 521,383 6,308,737
Small-Mid Cap Trust Series III 15 184
Special Value Trust Series I 621,974 9,839,636
Special Value Trust Series II 299,465 4,731,553
Special Value Trust Series III 9 138
Strategic Growth Trust Series I 1,630,158 16,399,392
Strategic Growth Trust Series II 785,450 7,885,921
Strategic Growth Trust Series III 23 230
--------------
TOTAL INVESTMENTS (LIFESTYLE AGGRESSIVE 1000 TRUST)
(Cost: $398,289,291) $ 485,710,860
==============
LIFESTYLE GROWTH 820 TRUST
SHARES VALUE
--------- --------------
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
All Cap Growth Trust Series I 2,548,669 $ 36,726,315
All Cap Growth Trust Series II 1,360,132 19,545,103
All Cap Growth Trust Series III 28 397
All Cap Value Trust Series I 3,892,561 48,968,421
All Cap Value Trust Series II 2,078,161 26,060,138
All Cap Value Trust Series III 42 529
American Blue Chip Income and Growth
Trust Series II 2,429,698 37,514,543
American International Trust Series II 2,251,773 37,514,543
Blue Chip Growth Trust Series I 5,535,836 85,694,735
Blue Chip Growth Trust Series II 2,955,622 45,605,241
Blue Chip Growth Trust Series III 60 926
Capital Appreciation Trust Series I 3,045,300 24,484,210
Capital Appreciation Trust Series II 1,624,697 13,030,069
Capital Appreciation Trust Series III 33 265
Emerging Small Company Trust Series I 949,737 24,484,210
Emerging Small Company Trust Series II 506,612 13,030,069
Emerging Small Company Trust Series III 10 265
Equity-Income Trust Series I 6,434,746 97,936,840
Equity-Income Trust Series II 3,435,747 52,120,276
Equity-Income Trust Series III 70 1,058
Fundamental Value Trust Series I 4,815,935 61,210,528
Fundamental Value Trust Series II 2,569,020 32,575,172
Fundamental Value Trust Series III 52 661
High Grade Bond Trust Series I 2,636,491 36,726,315
High Grade Bond Trust Series II 1,406,123 19,545,103
High Grade Bond Trust Series III 28 397
High Yield Trust Series I 9,842,898 97,936,840
High Yield Trust Series II 5,259,362 52,120,276
High Yield Trust Series III 106 1,058
International Equity Select Trust Series I 2,702,452 36,726,316
International Equity Select Trust Series II 1,441,379 19,545,103
International Equity Select Trust Series III 29 397
International Small Cap Trust Series I 3,358,602 48,968,420
International Small Cap Trust Series II 1,789,845 26,060,138
International Small Cap Trust Series III 36 529
International Stock Trust Series I 6,316,876 61,210,525
International Stock Trust Series II 3,365,204 32,575,172
International Stock Trust Series III 68 661
International Value Trust Series I 1,985,743 24,484,210
International Value Trust Series II 1,060,217 13,030,069
International Value Trust Series III 21 264
Mid Cap Stock Trust Series I 4,125,393 48,968,420
Mid Cap Stock Trust Series II 2,201,025 26,060,138
Mid Cap Stock Trust Series III 45 529
Mid Cap Value Trust Series I 1,671,277 24,484,210
Mid Cap Value Trust Series II 891,250 13,030,069
Mid Cap Value Trust Series III 18 264
Natural Resources Trust Series I 2,040,351 36,726,315
Natural Resources Trust Series II 1,087,047 19,545,103
Natural Resources Trust Series III 22 397
Overseas Trust Series I 5,116,868 48,968,423
Overseas Trust Series II 2,728,810 26,060,138
Overseas Trust Series III 55 529
Quantitative Equity Trust Series I 1,610,803 24,484,210
The accompanying notes are an integral part of the financial statements.
289
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
--------- --------------
INVESTMENT COMPANIES - CONTINUED
Quantitative Equity Trust Series II 860,071 $ 13,030,069
Quantitative Equity Trust Series III 17 265
Real Estate Securities Trust Series I 1,174,303 24,484,210
Real Estate Securities Trust Series II 626,747 13,030,069
Real Estate Securities Trust Series III 13 264
Real Return Bond Trust Series I 2,801,397 36,726,315
Real Return Bond Trust Series II 1,491,993 19,545,103
Real Return Bond Trust Series III 30 397
Small Cap Opportunities Trust Series I 1,399,098 24,484,210
Small Cap Opportunities Trust Series II 745,427 13,030,069
Small Cap Opportunities Trust Series III 15 262
Small Company Value Trust Series I 1,428,484 24,484,212
Small Company Value Trust Series II 761,992 13,030,069
Small Company Value Trust Series III 15 265
Small-Mid Cap Trust Series I 3,027,726 36,726,317
Small-Mid Cap Trust Series II 1,615,298 19,545,103
Small-Mid Cap Trust Series III 33 397
Strategic Bond Trust Series I 4,174,631 48,968,420
Strategic Bond Trust Series II 2,229,268 26,060,138
Strategic Bond Trust Series III 45 529
Strategic Growth Trust Series I 3,650,727 36,726,315
Strategic Growth Trust Series II 1,946,723 19,545,103
Strategic Growth Trust Series III 39 397
Strategic Value Trust Series I 2,441,098 24,484,210
Strategic Value Trust Series II 1,303,007 13,030,069
Strategic Value Trust Series III 26 264
Total Return Trust Series I 1,723,027 24,484,210
Total Return Trust Series II 919,553 13,030,069
Total Return Trust Series III 19 264
U.S. Large Cap Trust Series I 1,906,870 24,484,210
U.S. Large Cap Trust Series II 1,018,770 13,030,069
U.S. Large Cap Trust Series III 21 265
--------------
TOTAL INVESTMENTS (LIFESTYLE GROWTH 820 TRUST)
(Cost: $1,582,051,108) $1,875,727,180
==============
LIFESTYLE BALANCED 640 TRUST
SHARES VALUE
--------- --------------
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
All Cap Growth Trust Series I 2,771,508 $ 39,937,436
All Cap Growth Trust Series II 1,544,313 22,191,773
All Cap Growth Trust Series III 83 1,190
All Cap Value Trust Series I 3,174,677 39,937,438
All Cap Value Trust Series II 1,769,679 22,191,774
All Cap Value Trust Series III 95 1,190
American Blue Chip Income and Growth
Trust Series II 2,682,660 41,420,267
American International Trust Series II 2,486,210 41,420,267
Blue Chip Growth Trust Series I 4,299,897 66,562,404
Blue Chip Growth Trust Series II 2,397,038 36,986,289
Blue Chip Growth Trust Series III 128 1,983
Capital Appreciation Trust Series I 4,967,343 39,937,437
Capital Appreciation Trust Series II 2,767,054 22,191,773
Capital Appreciation Trust Series III 148 1,190
Equity-Income Trust Series I 5,248,021 79,874,874
Equity-Income Trust Series II 2,925,745 44,383,547
Equity-Income Trust Series III 156 2,380
Fundamental Value Trust Series I 3,142,206 39,937,440
Fundamental Value Trust Series II 1,750,140 22,191,773
Fundamental Value Trust Series III 94 1,190
Growth & Income Trust Series I 1,221,889 26,624,957
Growth & Income Trust Series II 681,147 14,794,516
INVESTMENT COMPANIES - CONTINUED
Growth & Income Trust Series III 36 793
High Grade Bond Trust Series I 2,867,009 39,937,437
High Grade Bond Trust Series II 1,596,530 22,191,774
High Grade Bond Trust Series III 85 1,190
High Yield Trust Series I 16,055,251 159,749,746
High Yield Trust Series II 8,957,325 88,767,094
High Yield Trust Series III 478 4,759
International Equity Select Trust Series I 1,959,158 26,624,959
International Equity Select Trust Series II 1,091,041 14,794,516
International Equity Select Trust Series III 58 793
International Small Cap Trust Series I 1,826,129 26,624,958
International Small Cap Trust Series II 1,016,107 14,794,516
International Small Cap Trust Series III 54 793
International Stock Trust Series I 4,121,510 39,937,436
International Stock Trust Series II 2,292,539 22,191,773
International Stock Trust Series III 123 1,190
International Value Trust Series I 2,159,364 26,624,957
International Value Trust Series II 1,203,785 14,794,516
International Value Trust Series III 64 793
Natural Resources Trust Series I 2,218,746 39,937,437
Natural Resources Trust Series II 1,234,248 22,191,774
Natural Resources Trust Series III 66 1,190
Overseas Trust Series I 2,782,128 26,624,961
Overseas Trust Series II 1,549,164 14,794,516
Overseas Trust Series III 83 793
Real Estate Securities Trust Series I 4,469,417 93,187,351
Real Estate Securities Trust Series II 2,490,659 51,780,805
Real Estate Securities Trust Series III 133 2,776
Real Return Bond Trust Series I 5,077,223 66,562,395
Real Return Bond Trust Series II 2,823,381 36,986,289
Real Return Bond Trust Series III 151 1,983
Small-Mid Cap Trust Series I 4,389,936 53,249,918
Small-Mid Cap Trust Series II 2,445,374 29,589,031
Small-Mid Cap Trust Series III 131 1,586
Strategic Bond Trust Series I 7,944,361 93,187,353
Strategic Bond Trust Series II 4,429,496 51,780,805
Strategic Bond Trust Series III 237 2,776
Strategic Growth Trust Series I 2,646,616 26,624,958
Strategic Growth Trust Series II 1,473,557 14,794,516
Strategic Growth Trust Series III 79 793
Strategic Value Trust Series I 2,654,532 26,624,958
Strategic Value Trust Series II 1,479,452 14,794,516
Strategic Value Trust Series III 79 793
Total Return Trust Series I 12,178,904 173,062,226
Total Return Trust Series II 6,786,475 96,164,352
Total Return Trust Series III 363 5,156
U.S. Large Cap Trust Series I 2,073,595 26,624,957
U.S. Large Cap Trust Series II 1,156,725 14,794,516
U.S. Large Cap Trust Series III 62 793
--------------
TOTAL INVESTMENTS (LIFESTYLE BALANCED 640 TRUST)
(Cost: $1,806,718,282) $2,071,013,354
==============
LIFESTYLE MODERATE 460 TRUST
SHARES VALUE
--------- --------------
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
All Cap Growth Trust Series I 961,541 $ 13,855,801
All Cap Growth Trust Series II 596,175 8,567,035
All Cap Growth Trust Series III 3 48
All Cap Value Trust Series I 1,468,553 18,474,401
All Cap Value Trust Series II 910,902 11,422,713
All Cap Value Trust Series III 5 64
The accompanying notes are an integral part of the financial statements.
290
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
--------- --------------
INVESTMENT COMPANIES - CONTINUED
American International Trust Series II 897,274 $ 14,948,589
Blue Chip Growth Trust Series I 596,719 9,237,204
Blue Chip Growth Trust Series II 370,146 5,711,357
Blue Chip Growth Trust Series III 2 32
Equity-Income Trust Series I 1,213,824 18,474,404
Equity-Income Trust Series II 752,980 11,422,713
Equity-Income Trust Series III 4 64
Fundamental Value Trust Series I 726,766 9,237,202
Fundamental Value Trust Series II 450,422 5,711,357
Fundamental Value Trust Series III 3 32
High Grade Bond Trust Series I 1,657,789 23,093,001
High Grade Bond Trust Series II 1,027,222 14,278,392
High Grade Bond Trust Series III 6 80
High Yield Trust Series I 5,105,990 50,804,601
High Yield Trust Series II 3,169,774 31,412,462
High Yield Trust Series III 18 176
International Stock Trust Series I 1,429,907 13,855,800
International Stock Trust Series II 885,024 8,567,035
International Stock Trust Series III 5 48
International Value Trust Series I 749,165 9,237,200
International Value Trust Series II 464,716 5,711,357
International Value Trust Series III 3 32
Investment Quality Bond Trust Series I 1,101,415 13,855,800
Investment Quality Bond Trust Series II 682,632 8,567,035
Investment Quality Bond Trust Series III 4 48
Mid Cap Core Trust Series I 1,205,901 18,474,401
Mid Cap Core Trust Series II 746,583 11,422,713
Mid Cap Core Trust Series III 4 60
Overseas Trust Series I 1,930,450 18,474,402
Overseas Trust Series II 1,196,096 11,422,713
Overseas Trust Series III 7 64
Real Estate Securities Trust Series I 1,107,578 23,093,001
Real Estate Securities Trust Series II 686,791 14,278,392
Real Estate Securities Trust Series III 4 80
Real Return Bond Trust Series I 1,409,184 18,474,407
Real Return Bond Trust Series II 871,963 11,422,713
Real Return Bond Trust Series III 5 64
Strategic Bond Trust Series I 2,756,198 32,330,201
Strategic Bond Trust Series II 1,709,987 19,989,748
Strategic Bond Trust Series III 10 112
Strategic Growth Trust Series I 1,377,317 13,855,805
Strategic Growth Trust Series II 853,290 8,567,035
Strategic Growth Trust Series III 5 48
Total Return Trust Series I 6,500,493 92,372,002
Total Return Trust Series II 4,030,597 57,113,566
Total Return Trust Series III 23 320
U.S. Government Securities Trust Series I 3,296,645 46,186,001
U.S. Government Securities Trust Series II 2,044,151 28,556,783
U.S. Government Securities Trust Series III 11 160
U.S. Large Cap Trust Series I 719,408 9,237,200
U.S. Large Cap Trust Series II 446,549 5,711,357
U.S. Large Cap Trust Series III 2 32
--------------
TOTAL INVESTMENTS (LIFESTYLE MODERATE 460 TRUST)
(Cost: $676,986,740) $ 747,429,463
==============
LIFESTYLE CONSERVATIVE 280 TRUST
SHARES VALUE
--------- --------------
INVESTMENT COMPANIES - 100.00%
MANUFACTURERS INVESTMENT TRUST
American International Trust Series II 543,881 $ 9,061,061
Diversified Bond Trust Series I 1,378,217 14,967,436
Diversified Bond Trust Series II 708,509 7,680,241
Diversified Bond Trust Series III 458 4,975
Equity-Income Trust Series I 786,725 11,973,951
Equity-Income Trust Series II 405,023 6,144,192
Equity-Income Trust Series III 262 3,980
Fundamental Value Trust Series I 942,089 11,973,949
Fundamental Value Trust Series II 484,558 6,144,192
Fundamental Value Trust Series III 313 3,980
High Grade Bond Trust Series I 1,074,475 14,967,436
High Grade Bond Trust Series II 552,535 7,680,241
High Grade Bond Trust Series III 357 4,975
High Yield Trust Series I 2,406,824 23,947,897
High Yield Trust Series II 1,239,998 12,288,385
High Yield Trust Series III 800 7,960
Investment Quality Bond Trust Series I 2,379,561 29,934,873
Investment Quality Bond Trust Series II 1,223,943 15,360,481
Investment Quality Bond Trust Series III 791 9,950
Overseas Trust Series I 938,397 8,980,463
Overseas Trust Series II 482,528 4,608,144
Overseas Trust Series III 312 2,985
Real Estate Securities Trust Series I 1,005,008 20,954,409
Real Estate Securities Trust Series II 517,188 10,752,337
Real Estate Securities Trust Series III 334 6,965
Real Return Bond Trust Series I 913,345 11,973,949
Real Return Bond Trust Series II 469,022 6,144,193
Real Return Bond Trust Series III 304 3,980
Strategic Bond Trust Series I 1,275,996 14,967,436
Strategic Bond Trust Series II 656,992 7,680,241
Strategic Bond Trust Series III 424 4,975
Total Return Trust Series I 4,213,212 59,869,745
Total Return Trust Series II 2,168,028 30,720,962
Total Return Trust Series III 1,400 19,901
U.S. Government Securities Trust Series I 4,914,361 68,850,204
U.S. Government Securities Trust Series II 2,528,927 35,329,106
U.S. Government Securities Trust Series III 1,634 22,886
--------------
TOTAL INVESTMENTS (LIFESTYLE CONSERVATIVE 280 TRUST)
(Cost: $424,590,077) $ 453,053,036
==============
SMALL-MID CAP TRUST
SHARES VALUE
--------- --------------
COMMON STOCK - 90.22%
APPAREL & TEXTILES - 3.16%
Cintas Corp. 106,050 $ 5,316,286
--------------
AUTO SERVICES - 2.83%
Copart, Inc. * 289,085 4,769,902
--------------
BANKING - 3.50%
National Commerce Financial Corp. 216,370 5,902,574
--------------
BUSINESS SERVICES - 7.40%
Catalina Marketing Corp. * (a) 193,335 3,897,634
Certegy, Inc. 151,205 4,959,524
Equifax, Inc. 147,545 3,614,852
--------------
12,472,010
CHEMICALS - 4.19%
Valspar Corp. 142,885 7,061,377
--------------
COMPUTERS & BUSINESS EQUIPMENT - 7.12%
Fair Isaac Corp. 133,232 6,549,685
Henry, Jack & Associates, Inc. 264,825 5,450,099
--------------
11,999,784
CONTAINERS & GLASS - 3.40%
Bemis Company, Inc. 114,630 5,731,500
--------------
The accompanying notes are an integral part of the financial statements.
291
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
SHARES VALUE
------- -----------
CRUDE PETROLEUM & NATURAL GAS - 3.09%
Patina Oil & Gas Corp. 106,300 $ 5,207,637
------------
ELECTRONICS - 7.79%
Teleflex, Inc. (a) 107,520 5,196,442
Zebra Technologies Corp., Class A * 119,290 7,917,277
------------
13,113,719
FINANCIAL SERVICES - 3.18%
Eaton Vance Corp. 145,940 5,347,242
------------
FOOD & BEVERAGES - 0.96%
Tootsie Roll Industries, Inc. * 44,892 1,616,112
------------
HEALTHCARE PRODUCTS - 3.32%
Diagnostic Products Corp. * 121,740 5,589,083
------------
HEALTHCARE SERVICES - 6.86%
First Health Group Corp. * 204,485 3,979,278
IMS Health, Inc. 304,775 7,576,707
------------
11,555,985
INDUSTRIAL MACHINERY - 1.82%
Donaldson Company, Inc. 51,800 3,064,488
------------
INSURANCE - 9.76%
Brown & Brown, Inc. (a) 105,600 3,443,616
Cincinnati Financial Corp. 112,040 4,692,235
Reinsurance Group of America, Inc. (a) 133,845 5,173,109
Stancorp Financial Group, Inc. 49,800 3,131,424
------------
16,440,384
PHARMACEUTICALS - 2.57%
King Pharmaceuticals, Inc. * 283,450 4,325,447
------------
RETAIL TRADE - 10.45%
99 Cents Only Stores * (a) 176,600 4,808,818
Regis Corp. 143,650 5,677,048
Rent-A-Center, Inc. * 238,425 7,124,139
------------
17,610,005
SEMICONDUCTORS - 4.38%
Microchip Technology, Inc. 221,300 7,382,568
------------
TRANSPORTATION - 4.44%
C. H. Robinson Worldwide, Inc. 197,290 7,479,264
------------
TOTAL COMMON STOCK
(Cost: $129,872,512) $151,985,367
------------
PRINCIPAL
AMOUNT VALUE
------------ ------------
SHORT TERM INVESTMENTS - 6.79%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 9,626,360 $ 9,626,360
Federal Home Loan Bank Discount Note,
0.75% due 01/02/2004 1,807,000 1,806,962
------------
$ 11,433,322
REPURCHASE AGREEMENTS - 2.99%
Repurchase Agreement with State Street
Corp., dated 12/31/2003 at 0.40%, to
be repurchased at $5,033,112 on
01/02/2004,collateralized by
$3,505,000 U.S.Treasury
Inflation-Indexed Bonds,
due 04/15/2029 (valued at 3.875%
$5,139,206, including interest). $ 5,033,000 $ 5,033,000
------------
TOTAL INVESTMENTS (SMALL-MID CAP TRUST)
(Cost: $146,338,834) $168,451,689
============
INTERNATIONAL EQUITY SELECT TRUST
SHARES VALUE
--------- ------------
COMMON STOCK - 89.50%
DENMARK - 1.87%
Danske Bank A/S * 100,500 $ 2,355,124
------------
FINLAND - 3.43%
Nokia AB Oyj * 250,000 4,318,480
------------
FRANCE - 11.17%
Aventis SA * 36,900 2,436,190
AXA * 148,600 3,177,270
Societe Generale * (a) 41,400 3,651,337
Total SA, B Shares * 25,800 4,791,491
------------
14,056,288
GERMANY - 2.02%
Siemens AG NPV * (a) 31,700 2,536,217
------------
IRELAND - 2.77%
Allied Irish Banks PLC * 217,500 3,480,298
------------
ITALY - 4.70%
Eni SPA * (a) 187,700 3,537,931
San Paolo-IMI SPA * (a) 182,500 2,377,589
------------
5,915,520
JAPAN - 4.95%
Canon, Inc. * 65,200 3,036,804
Kao Corp. * 156,500 3,184,487
------------
6,221,291
NETHERLANDS - 8.35%
ABN AMRO Holdings NV * 98,800 2,309,162
Heineken NV * (a) 118,900 4,522,707
Royal Dutch Petroleum Company * 69,700 3,670,815
------------
10,502,684
SPAIN - 2.93%
Endesa SA * (a) 191,500 3,679,528
------------
SWITZERLAND - 16.67%
Compagnie Financiere Richemont AG * 95,900 2,301,972
Credit Suisse Group * 64,400 2,355,209
Nestle SA * 13,900 3,471,349
Novartis AG-Reg Shares * 77,200 3,503,419
Roche Holding AG-Genusschein * 24,100 2,429,867
Swiss Reinsurance * 34,600 2,335,004
UBS AG-Registered * 66,700 4,565,982
------------
20,962,802
UNITED KINGDOM - 30.64%
Barclays PLC * 507,500 $ 4,513,714
BP PLC * 435,900 3,524,810
Cadbury Schweppes PLC * 655,000 4,796,678
Diageo PLC * 354,400 4,649,773
GlaxoSmithKline PLC * 199,700 4,562,877
HSBC Holdings PLC * 293,800 4,604,654
Tesco PLC * 514,000 2,364,898
Unilever PLC * 498,000 4,629,236
Vodafone Group PLC * 1,982,000 4,900,091
------------
38,546,731
TOTAL COMMON STOCK
(Cost: $91,370,721) $112,574,963
------------
PRINCIPAL
AMOUNT VALUE
----------- ----------
SHORT TERM INVESTMENTS - 5.37%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $6,760,432 $6,760,432
----------
The accompanying notes are an integral part of the financial statements.
292
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
PRINCIPAL
AMOUNT VALUE
------------ ------------
REPURCHASE AGREEMENTS - 5.13%
Repurchase Agreement with State Street
Corp. dated 12/31/2003 at 0.40%, to
be repurchased at $6,449,143 on
01/02/2004, collateralized by
$6,560,000 U.S. Treasury Notes,
1.625% due 09/30/2005 (valued at
$6,580,644, including interest). $ 6,449,000 $ 6,449,000
------------
TOTAL INVESTMENTS (INTERNATIONAL EQUITY
SELECT TRUST) (Cost: $104,580,153) $125,784,395
============
The Trust has the following five top industry concentrations at December 31,
2003 (as a percentage of total value of investments):
Banking 18.47%
Food & Beverages 10.25%
Pharmaceuticals 7.50%
Liquor 7.29%
Petroleum Services 6.61%
HIGH GRADE BOND TRUST
PRINCIPAL
AMOUNT VALUE
----------- ------------
U.S. TREASURY OBLIGATIONS - 23.69%
U.S. TREASURY BONDS - 17.89%
5.375% due 02/15/2031 (a) $ 2,921,000 $ 3,046,171
6.00% due 02/15/2026 (a) 3,306,000 3,666,172
7.25% due 08/15/2022 (a) 19,990,000 25,228,779
7.50% due 11/15/2016 (a) 10,024,000 12,761,805
------------
44,702,927
U.S. TREASURY NOTES - 5.80%
3.00% due 01/31/2004 6,632,000 6,642,359
4.25% due 08/15/2013 - 11/15/2013 (a) 7,854,000 7,859,357
------------
14,501,716
TOTAL U.S. TREASURY OBLIGATIONS
(Cost: $59,873,519) $ 59,204,643
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 32.54%
FEDERAL HOME LOAN BANK - 5.99%
3.25% due 08/15/2005 (a) 14,600,000 14,959,423
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 1.78%
5.50% due 07/15/2006 (a) 4,122,000 4,441,241
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 24.77%
FRN 4.500% due 07/01/2033 - 11/01/2033 22,345,666 21,393,715
FRN 5.095% due 12/01/2011 1,644,531 1,710,095
FRN 7.000% due 07/15/2005 5,592,000 6,041,144
5.50% TBA ** 31,876,000 32,744,880
------------
61,889,834
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $81,021,479) $ 81,290,498
------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.44%
SSB Auto Loan Trust, Series 2002-1, Class A4,
FRN 2.890% due 02/15/2009 1,071,000 1,083,860
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $1,084,416) $ 1,083,860
------------
ASSET BACKED SECURITIES - 13.38%
Bank One Issuance Trust, Series 2002-A4,
Class A4, FRN 2.940% due 06/16/2008 $ 958,000 $ 972,197
Capital Auto Receivables Asset Trust,
Series 2002-5, Class A4, FRN 2.920%
due 04/15/2008 3,895,000 3,941,156
Carmax Auto Owner Trust, Series 2003-1, Class
A4, FRN 2.16% due 11/16/2009 2,354,000 2,319,560
Carmax Auto Owner Trust, Series 2003-2,
Class A4, FRN 3.070% due 10/15/2010 2,387,000 2,394,459
Chase Manhattan Auto Owner Trust, Series
2003-A, Class A4, FRN 2.060% due
12/15/2009 2,330,000 2,282,945
Citibank Omni-S Master Trust, Series
2000-2, Class A, FRN 6.75% due
09/16/2009 893,000 960,034
CNH Equipment Trust, Series 2003-A, Class A4B,
FRN 2.570% due 09/15/2009 1,039,000 1,019,607
CNH Equipment Trust, Series 2003-B, Class A4B,
FRN 3.380% due 02/15/2011 526,000 524,356
John Deere Owner Trust, Series 2003-A,
Class A4, FRN 2.440% due 06/15/2010 4,098,000 4,010,278
National City Auto Receivables Trust,
Series 2002-A, Class A4, FRN 4.83%
due 08/15/2009 2,267,000 2,357,385
Onyx Acceptance Auto Trust, Series
2002-D, Class A4, FRN 3.100% due
07/15/2009 1,162,000 1,178,132
Onyx Acceptance Auto Trust, Series
2003-B, ClassA4, FRN 2.450% due
03/15/2010 2,117,000 2,097,664
Onyx Acceptance Auto Trust, Series
2003-C, Class A4, FRN 2.660% due
05/17/2010 2,692,000 2,677,720
WFS Financial 2002 1 Owner Trust, Series
2002-1, Class A4A, FRN 4.87% due
09/20/2009 2,122,000 2,214,613
WFS Financial Owner Trust, Series 2003-1, Class
A4, FRN 2.74% due 09/20/2010 3,192,000 3,188,399
WFS Financial Owner Trust, Series 2003-4, Class
A3, FRN 2.390% due 01/22/2008 1,297,000 1,300,242
------------
TOTAL ASSET BACKED SECURITIES
(Cost: $33,597,168) $ 33,438,747
------------
SHORT TERM INVESTMENTS - 15.99%
State Street Navigator Securities Lending
Prime Portfolio, 1.06% (b) $ 39,953,319 $ 39,953,319
------------
REPURCHASE AGREEMENTS - 13.96% ***
Repurchase Agreement with State Street
Corp., dated 12/31/2003 at 0.40%, to
be repurchased at $34,880,775 on
01/02/2004, collateralized by
$33,330,000 U.S. Treasury Notes,
7.875% due 11/15/2004 (valued at
$35,579,775, including interest). $ 34,880,000 $ 34,880,000
------------
TOTAL INVESTMENTS (HIGH GRADE BOND TRUST)
(Cost: $250,409,901) $249,851,067
============
The accompanying notes are an integral part of the financial statements.
293
MANUFACTURERS INVESTMENT TRUST
PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2003 - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
AMERICAN GROWTH TRUST
PRINCIPAL AMOUNT VALUE
---------------- ------------
INVESTMENT COMPANIES - 100.00%
American Growth Trust - Class 2 * $6,003,737 $273,170,043
TOTAL INVESTMENT COMPANIES
(Cost: $249,390,380) $273,170,043
------------
TOTAL INVESTMENTS (AMERICAN GROWTH TRUST)
(Cost: $249,390,380) $273,170,043
============
AMERICAN INTERNATIONAL TRUST
PRINCIPAL AMOUNT VALUE
---------------- ------------
INVESTMENT COMPANIES - 100.00%
American International Trust - Class 2 * $13,482,792 $180,669,413
------------
TOTAL INVESTMENT COMPANIES
(Cost: $153,195,115) $180,669,413
------------
TOTAL INVESTMENTS (AMERICAN INTERNATIONAL TRUST)
(Cost: $153,195,115) $180,669,413
============
AMERICAN GROWTH-INCOME TRUST
PRINCIPAL AMOUNT VALUE
---------------- ------------
INVESTMENT COMPANIES - 100.00%
American Growth-Income Trust - Class 2 $5,480,523 $183,487,911
------------
TOTAL INVESTMENT COMPANIES
(Cost: $168,096,799) $183,487,911
------------
TOTAL INVESTMENTS (AMERICAN GROWTH-INCOME TRUST)
(Cost: $168,096,799) $183,487,911
============
AMERICAN BLUE CHIP INCOME AND GROWTH TRUST
PRINCIPAL AMOUNT VALUE
---------------- ------------
INVESTMENT COMPANIES - 100.00%
American Blue Chip Income & Growth Trust
- Class 2 $19,453,393 $182,083,760
------------
TOTAL INVESTMENT COMPANIES
(Cost: $158,356,283) $182,083,760
------------
TOTAL INVESTMENTS (AMERICAN BLUE CHIP INCOME AND GROWTH
TRUST) (Cost: $158,356,283) $182,083,760
============
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
IEP - Irish Punt
JPY - Japanese Yen
MXN - Mexican Peso
NLG - Netherlands Guilder
NZD - New Zealand Dollar
NOK - Norwegian Krone
PLZ - Polish Zloty
SEK - Swedish Krona
SGD - Singapore Dollar
ZAR - South African Rand
Key to Security Abbreviations and Legend
ADR - American Depositary Receipts
ADS - American Depositary Shares
CDO - Collateralized Debt Obligation
ESOP - Employee Stock Ownership Plan
EWCO - European Written Call Option
FRN - Floating Rate Note (Rate effective as of December 31, 2003).
GDR - Global Depositary Receipts
GTD - Guaranteed
MTN - Medium Term Note
IO - Interest Only (Carries notional principal amount)
OTC - Over The Counter
PCL - Public Company Limited
PIK - Paid In Kind
PO - Principal Only
REIT - Real Estate Investment Trust
REMIC - Real Estate Mortgage Investment Conduit
SBI - Shares Beneficial Interest
SADR - Sponsored American Depository Receipts
SPDR - Standard & Poor's Depositary Receipts
TBA - To Be Announced
+++ - 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 December 31, 2003 a portion of this security was pledged to
cover forward commitments purchased.
**** - At December 31, 2003 a portion of this security was pledged to
cover margin requirements for open futures contracts.
(a) - At December 31, 2003 all or a portion of this security was out on
loan.
(b) - Investment in an affiliate of the Trust's custodian bank.
(c) - Investment in an affiliate of the Trust's subadviser.
The accompanying notes are an integral part of the financial statements.
294
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 seventy-six
separate investment portfolios, seventy-two of which are described here as
follows: the Science & Technology Trust ("Science & Technology"), Pacific Rim
Emerging Markets Trust ("Pacific Rim Emerging Markets"), the Health Sciences
Trust ("Health Sciences"), the Emerging Growth Trust ("Emerging Growth"), 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 Natural Resources Trust ("Natural Resources"), the All
Cap Growth Trust ("All Cap Growth"), the Strategic Opportunities Trust
("Strategic Opportunities"), the Financial Services Trust ("Financial
Services"), the International Stock Trust ("International Stock"), the Overseas
Trust ("Overseas"), the International Small Cap Trust ("International Small
Cap"), the International Value Trust ("International Value"), the Quantitative
Mid Cap Trust ("Quantitative Mid Cap"), the Mid Cap Core Trust ("Mid Cap Core"),
the Global Equity Trust ("Global Equity"), the Strategic Growth Trust
("Strategic Growth"), the Capital Appreciation Trust ("Capital Appreciation"),
the Quantitative All Cap Trust ("Quantitative All Cap"), the All Cap Core Trust
("All Cap Core"), the Large Cap Growth Trust ("Large Cap Growth"), the
Quantitative Equity Trust ("Quantitative Equity"), the Blue Chip Growth Trust
("Blue Chip Growth"), the U.S. Large Cap Trust ("U.S. Large Cap", formerly U.S.
Large Cap Value"), Strategic Value Trust ("Strategic Value", formerly "Capital
Opportunities"), the Large Cap Value Trust ("Large Cap Value"), the Utilities
Trust ("Utilities"), the Real Estate Securities Trust ("Real Estate
Securities"), the Small Cap Opportunities Trust ("Small Cap Opportunities"), the
Small Company Value Trust ("Small Company Value"), the Special Value Trust
("Special Value"), the Mid Cap Value Trust ("Mid Cap Value"), the Value Trust
("Value"), the All Cap Value Trust ("All Cap Value"), the Equity Index Trust
("Equity Index"), the Fundamental Value Trust ("Fundamental Value"), the Growth
& Income Trust ("Growth & Income"), the Great Companies-America Trust ("Great
Companies-America"), the Equity-Income Trust ("Equity-Income"), the Income &
Value Trust ("Income & Value"), the Balanced Trust ("Balanced"), the Global
Allocation Trust ("Global Allocation", formerly "Tactical Allocation"), the High
Yield Trust ("High Yield"), the Strategic Bond Trust ("Strategic Bond"), the
Global Bond Trust ("Global Bond"), the Diversified Bond Trust ("Diversified
Bond"), the Investment Quality Bond Trust ("Investment Quality Bond"), the Total
Return Trust ("Total Return"), the Real Return Bond Trust ("Real Return 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
Index"), 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"), the Lifestyle
Conservative 280 Trust ("Lifestyle Conservative 280"), the Small-Mid Cap Trust
("Small-Mid Cap"), the International Equity Select Trust ("International Equity
Select"), the High Grade Bond Trust ("High Grade Bond"), the American Growth
Trust ("American Growth"), the American International Trust ("American
International"), the American Growth-Income Trust ("American Growth-Income") and
the American Blue Chip Income and Growth Trust ("American Blue Chip Income and
Growth"). Each of the Portfolios with the exception of Health Sciences, Dynamic
Growth, Natural Resources, Utilities, Real Estate Securities, Great
Companies-America, Global Bond, Real Return Bond, Lifestyle Aggressive 1000,
Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460, Lifestyle
Conservative 280, American Growth, American International, American
Growth-Income and American Blue Chip Income and Growth 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, H,
I, L, M, N and in the case of certain Portfolios, to unregistered separate
accounts issued by The Manufacturers Life Insurance Company (U.S.A.) ("Manulife
USA") and to Separate Accounts A and B and in the case of certain Portfolios, to
unregistered separate accounts issued by The Manufacturers Life Insurance
Company of New York ("Manulife New York") and in the case of Series III shares,
to certain qualified pension and retirement plans. Manulife USA and Manulife New
York 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". Manulife
New York is a wholly owned subsidiary of Manulife USA.
At December 31, 2003, of the Trust portfolios noted above, Manulife USA owned
seed money shares of 249,221, 248,043, 244,537, 160,104, and 3,797,076 in
Emerging Growth, Quantitative All Cap, Large Cap Value, Great Companies-America
and International Index, respectively.
Manufacturers Securities Services, LLC ("MSS"), a Delaware limited liability
company controlled by Manulife USA, serves as investment adviser for the Trust
(See Note 5) and Manulife Financial Securities, LLC ("MFS") a Delaware limited
liability company controlled by Manulife USA, serves as principal underwriter of
the variable contracts issued by Manulife USA and Manulife New York (See Note
6).
The Trust offers three classes of shares. Series I shares are offered for all
portfolios with the exception of Great Companies-America. Effective July 9, 2003
Series I shares were offered for the first time on American Growth, American
International, American Growth-Income, and American Blue Chip Income and Growth.
Series II shares are offered for all portfolios with the exception of Equity
Index, Small-Mid Cap, International Equity Select and High Grade Bond. Effective
September 5, 2003, Series III shares were offered for all portfolios with the
exception of Aggressive Growth, Small Company Blend, Dynamic Growth, All Cap
Growth, Strategic Opportunities, International Stock, Overseas, International
Value, Quantitative Mid Cap, Mid Cap Core, Capital Appreciation, All Cap Core,
Large Cap Growth, Quantitative Equity, U.S. Large Cap, Strategic Value, Large
Cap Value, Small Cap Opportunities, Small Company Value, Value, Equity Index,
Great Companies-America, Income & Value, Balanced, Global Allocation,
Diversified Bond, Small-Mid Cap, International Equity Select, High Grade Bond,
American Growth, and American International, American Growth-Income, and
American Blue Chip Income and Growth. In addition, the following portfolios are
available under Series III, only as an underlying investment in the Lifestyle
Trusts: Aggressive Growth, All Cap Growth, International Stock, Overseas,
International Value, Mid Cap Core, Capital Appreciation, Quantitative Equity,
US Large Cap, Strategic Value, Small Cap Opportunities, Small Company Value,
Diversified Bond, Small-Mid Cap, International Equity Select, and High Grade
Bond. Series I, Series II, and Series III shares are the same, except for
differences in class expenses and voting rights with respect to its distribution
plan (see Note 6).
CHANGE IN PORTFOLIO NAME. Effective May 1, 2003, the name of U.S. Large Cap
Value was changed to U.S. Large Cap, the name of Tactical Allocation was changed
to Global Allocation, and the name of Capital Opportunities was changed to
Strategic Value.
CHANGE IN SUBADVISERS. Effective May 1, 2003, Miller Anderson & Sherrerd, LLP
resigned as subadviser to Value and High Yield, The Dreyfus Corporation resigned
as subadviser to All Cap Value, Founders Asset Management resigned as subadviser
to International Small Cap and effective December 9, 2003, Putnam Investment
Management, LLC resigned as subadviser to Global Equity. The Trustees, including
a majority of Trustees who are not interested persons of the Trust, voted to
approve Van Kampen Investments as subadviser to Value, Salomon Brothers Asset
Management as subadviser to High Yield, Lord, Abbett & Company as subadviser to
All Cap Value and Templeton Investment Counsel, Inc. as subadviser to
International Small Cap and Global Equity.
NEW PORTFOLIOS. Effective May 5, 2003 Emerging Growth, Natural Resources, Mid
Cap Core, Quantitative All Cap, Large Cap Value, Small Cap Opportunities,
Special Value and Real Return Bond commenced operations. MFC Global Investment
Management is the subadviser to Emerging Growth and Quantitative All Cap,
Wellington Management Company, LLP is the subadviser to Natural Resources, AIM
Capital Management is the subadviser to Mid Cap Core, Fund Asset Management,
L.P. (doing business as "Mercury Advisers") is the subadviser to Large Cap
Value, Munder Capital Management is the subadviser to Small Cap Opportunities,
Salomon Brothers Asset Management, Inc. is the subadviser to Special Value, and
Pacific Investment Management Company is the subadviser to Real Return Bond.
Also effective May 5, 2003, American Growth, American International, American
Growth-Income and American Blue Chip Income and Growth commenced operations.
American Growth, American International, American Growth-Income and American
Blue Chip Income and Growth each operate as a "feeder fund" which means that the
portfolio does not buy investment securities directly. Instead, each invests in
a "master fund" which in turn purchases investment securities.
295
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
ORGANIZATION OF THE TRUST, CONTINUED
Each portfolio has the same investment objective and limitations as its master
fund. Each master fund is a series of American Funds Insurance Series ("American
Funds"). Each portfolio's master fund is listed below:
TRUST FEEDER FUND AMERICAN FUND MASTER FUND
----------------- -------------------------
American Growth Trust Growth Fund (Class 2 shares)
American International Trust International Fund (Class 2 shares)
American Growth-Income Trust Growth-Income Fund (Class 2 shares)
American Blue Chip Income and Growth Trust Blue Chip Income and Growth Fund (Class 2 shares)
Effective August 4, 2003 Great Companies-America commenced operations. Great
Companies-America, LLC is the subadviser to Great Companies-America. Great
Companies-America is offered under Series II only.
REORGANIZATION. On May 1, 2003 the shareholders of the Trust voted to approve an
Agreement and Plan of Reorganization (the "Agreement") of the Trust on behalf of
the Internet Technologies Trust ("Internet Technologies"), the
Telecommunications Trust ("Telecommunications"), the Mid Cap Growth Trust ("Mid
Cap Growth"), and the Mid Cap Opportunities Trust ("Mid Cap Opportunities")
portfolios (collectively, the "Transferor Portfolios") and the Science &
Technology Trust (Science & Technology"), and the Dynamic Growth Trust ("Dynamic
Growth") 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 tax 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 immediately after the close of
regularly scheduled trading on the New York Stock Exchange on May 2, 2003. 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 Portfolios (including $782,073, $3,378,920, and
$783,351 of unrealized appreciation from Telecommunications, Mid Cap Growth, and
Mid Cap Opportunities, respectively and $3,139,619 of unrealized depreciation
from Internet Technologies) acquired by such Acquiring Portfolios. The resulting
activity was as follows:
SHARES TOTAL NET ASSETS NET ASSET VALUE
------ ---------------- ---------------
Internet Technologies Series I at May 2, 2003 10,510,373 $ 30,853,020 $ 2.94
Internet Technologies Series II at May 2, 2003 1,551,227 4,544,006 2.93
Telecommunications Series I at May 2, 2003 2,336,257 10,461,209 4.48
Telecommunications Series II at May 2, 2003 754,783 3,376,782 4.47
Science & Technology Series I at May 2, 2003 46,347,714 402,450,266 8.68
Science & Technology Series II at May 2, 2003 2,350,136 20,394,835 8.68
Science & Technology Series I after 51,107,417 443,764,495 8.68
reorganization on May 2, 2003
Science & Technology Series II after 3,262,669 28,315,623 8.68
reorganization on May 2, 2003
Mid Cap Growth Series I at May 2, 2003 3,841,162 30,416,167 7.92
Mid Cap Growth Series II at May 2, 2003 1,731,994 13,699,952 7.91
Mid Cap Opportunities Series I at May 2, 2003 2,199,418 17,399,010 7.91
Mid Cap Opportunities Series II at May 2, 2003 920,279 7,267,941 7.90
Dynamic Growth Series I at May 2, 2003 19,808,320 68,921,850 3.48
Dynamic Growth Series II at May 2, 2003 1,665,758 5,792,256 3.48
Dynamic Growth Series I after
reorganization on May 2, 2003: 33,548,314 116,737,027 3.48
Dynamic Growth Series II after
reorganization on May 2, 2003: 7,691,014 26,760,149 3.48
2. SIGNIFICANT ACCOUNTING POLICIES. The policies described below are followed by
the Trust in the preparation of the financial statements. The preparation of
financial statements in conformity with generally accepted accounting principles
in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and expenses
during the reporting period. Actual results may differ from these estimates.
SECURITY VALUATION. The net asset value of the shares of each portfolio is
determined once daily as of the close of day-time trading of the New York Stock
Exchange. 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 or official
closing price (closing bid price or last evaluated quote if no sale has
occurred) 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. Investments in other mutual funds including underlying Portfolio shares
held by the Lifestyle Trusts, American Growth, American International, American
Growth-Income, and American Blue Chip Income and Growth are valued at their net
asset value. 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.
296
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
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. Generally, trading in non-U.S. securities is substantially
completed each day at various times prior to the close of trading on the New
York Stock Exchange. The values of such securities used in computing the net
asset value of a portfolio's shares are generally determined as of such times.
Occasionally, events that affect the values of such securities may occur between
the times at which they are generally determined and the close of the New York
Stock Exchange. In such event, these securities will then be 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.
SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME. 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.
All discounts/premiums are accreted/amortized for financial reporting purposes.
Non-cash dividends are recorded at the fair market value of the securities
received. Debt obligations may be placed in a non-accrual status and related
interest income may be reduced by ceasing current accruals and writing off
interest receivables when the collection of all or a portion of interest has
become doubtful based upon consistently applied procedures. Inflation indexed
securities are fixed-income securities whose principal value is periodically
adjusted according to the rate of inflation. Interest is accrued based upon the
principal value, which is adjusted for inflation. Any increase in the principal
amount of an inflation-indexed security is recorded as interest income, even
though the principal is not received until maturity.
From time to time, certain of the Portfolios may invest in Real Estate
Investment Trusts (REIT's) and as a result, will estimate the components of
distributions from these securities. For the year ended December 31, 2003,
distributions from REIT's received in excess of income are recorded as a
reduction of cost of investments. Prior to January 1, 2003, had the Trust
recorded distributions received from REIT's in excess of income as a reduction
of the cost of investments, there would have been no impact on the total net
assets but would have resulted in a decrease to dividend income of $2,668,881
and an increase to realized gain(loss) and unrealized gain(loss) of $1,847,569
and $821,285, respectively. The statements of changes in net assets and
financial highlights for prior periods have not been reclassified to reflect
this change in presentation.
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.
MULTI-CLASS OPERATIONS. All income, expenses (except class specific expenses)
and realized and unrealized gains (losses) are allocated to each class based
upon the relative net assets of each class. Dividends from net investment income
are determined at a class level and distributions from capital gains are
determined at a Portfolio level.
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.
Certain Portfolios may be subject to capital gains and repatriation taxes
imposed by certain countries in which they invest. Such taxes are generally
based upon income and/or capital gains earned or repatriated. Taxes are accrued
based upon net investment income, net realized gains and net unrealized
appreciation as income and/or capital gains.
FORWARD FOREIGN CURRENCY CONTRACTS. All portfolios with the exception of Equity
Index, U.S. Government Securities, Money Market, Lifestyle Aggressive 1000,
Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460, Lifestyle
Conservative 280, American Growth, American International, American
Growth-Income and American Blue Chip Income and Growth may purchase and sell
forward foreign currency contracts in order to hedge a specific transaction or
portfolio position. Forward foreign currency contracts are valued at forward
foreign currency exchange rates and marked to market daily.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held at the end of the period, the resulting net unrealized
appreciation (depreciation) and related net receivable or payable amount are
determined using forward foreign currency exchange rates supplied by a quotation
service. The Portfolios could be exposed to risks in excess of amounts
recognized on the Statements of Assets and Liabilities if the counterparties to
the contracts are unable to meet the terms of their contracts or if the value of
the forward foreign currency contract changes unfavorably.
Net realized gains (losses) on foreign currency and forward foreign currency
contracts shown in the Statements of Operations, include net gains or losses
realized by a Portfolio on contracts which have matured.
FUTURES. All Portfolios with the exception of Money Market, Lifestyle Aggressive
1000, Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460 and
Lifestyle Conservative 280, American Growth, American International, American
Growth-Income and American Blue Chip Income and Growth may purchase and sell
financial futures contracts and options on those contracts. The Portfolios
invest in contracts based on financial instruments such as U.S. Treasury Bonds
or Notes or on securities indices such as the S&P 500 Index, in order to hedge
against a decline in the value of securities owned by the Portfolios.
Upon entering into futures contracts, the Portfolio is required to deposit with
a broker an amount, termed the initial margin, which typically represents a
certain percentage 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.
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.
297
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
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.
Futures contracts are valued at the quoted daily settlement prices established
by the exchange on which they trade.
The following is a summary of open futures contracts at December 31, 2003:
SALE OF FUTURES CONTRACTS PURCHASE OF FUTURE CONTRACTS
------------------------- ----------------------------
NUMBER NUMBER
EXPIRATION OF OPEN NOTIONAL UNREALIZED OF OPEN NOTIONAL UNREALIZED
DATE CONTRACTS AMOUNT GAIN/(LOSS) CONTRACTS AMOUNT GAIN/(LOSS)
---------- --------- ----------- ----------- --------- ----------- -------------
ALL CAP CORE
Russell 2000 Index Mar-2004 50 $13,930,000 $ 59,700
S&P 500 Index Mar-2004 10 $ 2,776,500 67,065
-------------
$ 126,765
=============
EQUITY INDEX
S&P 500 Index Mar-2004 11 $ 3,054,150 $ 64,812
=============
STRATEGIC BOND
US 20 yr Treasury Bond Future Mar-2004 40 $ 4,372,500 $ 68,822
=============
US 5 yr Treasury Note Future Mar-2004 (225) ($25,115,625) ($ 284,358)
US 10 yr Treasury Note Future Mar-2004 (247) ($27,729,609) (360,404)
-----------
($ 644,762)
===========
GLOBAL BOND
U.S. 10 yr Treasury Mar-2004 297 $33,342,891 $ 296,000
10 yr German Euro - BUND Mar-2004 233 33,208,464 480,121
5 yr German Euro - BOBL Mar-2004 72 10,026,887 74
Japan 10 yr Govt. Bonds Mar-2004 28 36,027,442 79,432
-------------
$ 855,627
=============
US 30 yr Treasury Bond Future Mar-2004 (9) ($ 983,813) ($ 3,188)
===========
INVESTMENT QUALITY BOND
US 5 yr Treasury Mar-2004 (280) ($31,255,000) ($ 185,700)
US 10 yr Treasury Mar-2004 (60) ($ 6,735,938) (6,804)
-----------
($ 192,504)
===========
TOTAL RETURN
5 yr German Euro - BOBL Mar-2004 335 $46,652,879 $ 41,135
Eurodollar Mar-2005 131 31,908,325 50,075
Eurodollar Mar-2008 38 8,992,700 (15,200)
Eurodollar Jun-2004 9 2,217,825 14,850
Eurodollar Jun-2005 117 28,375,425 33,888
Eurodollar Jun-2008 38 8,982,250 (15,200)
Eurodollar Sep-2004 196 48,140,050 326,156
Eurodollar Sep-2005 51 12,322,238 3,188
Eurodollar Sep-2008 38 8,972,275 (14,963)
Eurodollar Dec-2004 182 44,517,200 100,338
Eurodollar Dec-2005 64 15,414,400 4,800
Eurodollar Dec-2008 38 8,963,250 (13,538)
U.S. 5 yr Treasury Mar-2004 1,101 122,899,125 1,788,761
U.S. 10 yr Treasury Mar-2004 2,766 310,526,719 4,669,409
Euribor Mar-2005 132 40,353,882 123,914
Euribor Jun-2005 24 7,318,170 6,578
298
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
SALE OF FUTURES CONTRACTS PURCHASE OF FUTURE CONTRACTS
------------------------- ----------------------------
NUMBER NUMBER
EXPIRATION OF OPEN NOTIONAL UNREALIZED OF OPEN NOTIONAL UNREALIZED
DATE CONTRACTS AMOUNT GAIN/(LOSS) CONTRACTS AMOUNT GAIN/(LOSS)
---------- --------- ------------- ----------- --------- ----------- -----------
TOTAL RETURN, CONTINUED
Euribor Sep-2005 24 7,301,539 5,216
Euribor Dec-2004 269 82,443,913 318,276
Euribor Dec-2005 24 7,287,175 4,988
-----------
$ 7,432,671
===========
U.S. 30 yr Treasury Mar-2004 (439) ($ 47,988,188) ($ 387,390)
==========
REAL RETURN BOND
Eurodollar Mar-2004 (4) ($ 987,750) $ 1,100)
==========
U.S. GOVERNMENT SECURITIES
U.S. 10 yr Treasury Mar-2004 (51) ($ 5,725,547) ($ 74,415)
==========
SMALL CAP INDEX
Russell 2000 Index Mar-2004 69 $19,223,400 $ 652,167
===========
INTERNATIONAL INDEX
British Pound Mar-2004 14 $ 1,552,163 $ 27,916
Australian Dollar Mar-2004 5 372,750 5,770
Share Price Index Mar-2004 6 373,275 5,131
Euro Currency Mar-2004 17 2,663,475 59,161
Hang Seng Index Jan-2004 1 81,378 539
Topix Index Mar-2004 12 1,170,486 53,913
Japanese Yen Mar-2004 10 1,164,750 4,278
MSCI Pan Euro Mar-2004 210 4,222,850 37,932
-----------
$ 194,640
===========
MID CAP INDEX
S&P Midcap 400 Index Mar-2004 18 $ 5,184,450 $ 68,192
===========
TOTAL STOCK MARKET INDEX
S&P Midcap 400 Index Mar-2004 2 $ 576,050 $ 5,786
Russell 2000 Index Mar-2004 4 1,114,400 27,522
S&P 500 Index Mar-2004 28 7,774,200 206,154
-----------
$ 239,462
===========
500 INDEX
S&P 500 Index Mar-2004 75 $20,823,750 $ 517,075
===========
PURCHASED AND WRITTEN OPTIONS. All Portfolios with the exception of Money
Market, Lifestyle Aggressive 1000, Lifestyle Growth 820, Lifestyle Balanced 640,
Lifestyle Moderate 460, Lifestyle Conservative 280, American Growth, American
International, American Growth-Income and American Blue Chip Income and Growth
may purchase and sell put and call options on securities, (whether or not it
holds the securities in its portfolio) securities indices, currencies and
futures contracts.
When a Portfolio writes a put or call option, an amount equal to the premium
received by the Portfolio is recorded as a liability and is subsequently
"marked-to-market" to reflect the current market value of the option written. If
an option expires or if the Portfolio enters into an offsetting purchase option,
the Portfolio realizes a gain (or loss if the cost of an 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.
299
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
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. All Portfolios with the exception of Money Market,
Lifestyle Aggressive 1000, Lifestyle Growth 820, Lifestyle Balanced 640,
Lifestyle Moderate 460, Lifestyle Conservative 280, American Growth, American
International, American Growth-Income and American Blue Chip Income and Growth
may enter into interest rate swaps. Interest rate swaps involve the exchange of
commitments to pay or receive interest of one instrument for that of another
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 with the exception of Lifestyle Aggressive
1000, Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460,
Lifestyle Conservative 280, American Growth, American International, American
Growth-Income and American Blue Chip Income and Growth may 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.
SECURITIES LENDING. All Portfolios with the exception of Lifestyle Aggressive
1000, Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460,
Lifestyle Conservative 280, American Growth, American International, American
Growth-Income and American Blue Chip Income and Growth may lend securities in
amounts up to 33 1/3% of their 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. Cash collateral
is invested in the State Street Navigator Securities Lending Prime Portfolio.
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 December 31, 2003,
the values of securities loaned and of cash collateral were as follows:
MARKET VALUE OF VALUE OF CASH
SECURITIES LOANED COLLATERAL
----------------- ---------------
Science & Technology $ 31,806,166 $ 32,649,759
Pacific Rim Emerging Markets 17,931,267 18,941,969
Emerging Growth 2,283,513 2,345,485
Aggressive Growth 54,032,953 55,361,435(1)
Emerging Small Company 63,709,985 65,321,333(2)
Small Company Blend 47,565,046 48,917,188(3)
Dynamic Growth 21,333,311 21,844,442
Mid Cap Stock 52,774,717 54,062,633
Natural Resources 14,960,183 15,306,937
All Cap Growth 30,462,631 31,142,453
Strategic Opportunities 73,812,128 75,581,538
Financial Services 1,251,049 1,280,490
International Stock 87,983,460 92,492,304
Overseas 48,723,721 51,225,587(4)
International Small Cap 25,552,353 26,976,661
International Value 44,130,352 46,428,194
Quantitative Mid Cap 8,195,262 8,414,534
Mid Cap Core 1,916,983 1,962,261
Utilities 1,062,673 1,089,830
Real Estate Securities 8,997,570 9,194,175
Small Cap Opportunities 9,312,855 9,545,847
Small Company Value 52,465,890 53,925,328
Special Value 4,137,021 4,248,886
Mid Cap Value 35,467,894 36,322,557
All Cap Value 13,551,652 13,885,067
Equity Index 517,537 533,071
Fundamental Value 15,288,431 15,667,588
Growth & Income 31,921,690 32,650,450
Great Companies America 290,731 297,150
Equity-Income 49,650,250 50,949,353
Income and Value 97,989,138 100,105,153
Global Allocation 285,619 292,050
High Yield 116,353,338 118,768,354
Strategic Bond 36,481,235 37,464,550
Global Bond 35,768,004 36,584,365
Diversified Bond 88,554,425 90,346,566
300
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
MARKET VALUE OF VALUE OF CASH
SECURITIES LOANED COLLATERAL
----------------- ---------------
Global Equity $ 6,449,879 $ 6,788,101
Strategic Growth 11,334,525 11,640,290
Capital Appreciation 6,917,821 7,070,818
Quantitative All Cap 1,082,260 1,108,592
All Cap Core 7,694,749 7,899,277
Large Cap Growth 19,510,316 20,069,219
Quantitative Equity 14,342,499 14,673,806
Blue Chip Growth 98,061,165 100,351,928
U.S Large Cap 64,631,229 66,142,244
Strategic Value 3,805,919 3,948,925
Large Cap Value 3,054,638 3,133,921
Investment Quality Bond 69,389,805 70,793,540
Total Return 327,695,455 334,433,933
Real Return Bond 18,591,282 18,972,000
Small Cap Index 28,752,474 29,602,122(5)
International Index 9,227,722 9,732,443(6)
Mid Cap Index 14,747,247 15,125,107
Total Stock Market Index 5,296,027 5,450,409(7)
500 Index 16,325,678 16,796,934
Small-Mid Cap 9,376,565 9,626,360
International Equity Select 6,436,107 6,760,432
High Grade Bond 39,158,811 39,953,319
(1) Comprised of $55,327,831 and $33,604 of cash collateral and securities
collateral, respectively.
(2) Comprised of $64,954,221 and $367,112 of cash collateral and securities
collateral, respectively.
(3) Comprised of $48,906,716 and $10,472 of cash collateral and securities
collateral, respectively.
(4) Comprised of $51,204,315 and $21,272 of cash collateral and securities
collateral, respectively.
(5) Comprised of $29,592,018 and $10,104 of cash collateral and securities
collateral, respectively.
(6) Comprised of $9,718,352 and $14,091 of cash collateral and securities
collateral, respectively.
(7) Comprised of $5,449,043 and $1,366 of cash collateral and securities
collateral, respectively.
MORTGAGE DOLLAR ROLLS. All Portfolios, with the exception of Money Market,
Lifestyle Aggressive 1000, Lifestyle Growth 820, Lifestyle Balanced 640,
Lifestyle Moderate 460, Lifestyle Conservative 280, American Growth, American
International, American Growth-Income and American Blue Chip Income and Growth
may enter into mortgage dollar rolls in which they sell mortgage securities for
delivery currently and simultaneously contract to repurchase similar, but not
identical, securities at the same price or a lower price on an agreed upon date.
The Portfolios receive compensation as consideration for entering into the
commitment to repurchase. The compensation is the difference between the current
sale price and the lower forward price for the future purchase (often referred
to as the "drop") as well as by the interest earned on the cash proceeds of the
initial sale. A Portfolio may also be compensated by the receipt of a commitment
fee. 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 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 carry-forwards 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
or class of shares are allocated based on the relative share of net assets of
each Portfolio at the time the expense was incurred. Class specific expenses,
such as Transfer Agent and Blue Sky fees, are accrued daily and charged directly
to the respective share class.
REPURCHASE AGREEMENTS. Each Portfolio of the Trust may enter into repurchase
agreements. When a Portfolio enters into a repurchase agreement through its
custodian, it receives delivery of securities, the amount of which at the time
of purchase and each subsequent business day is required to be maintained at
such a level that the market value is generally at least 102% of the repurchase
amount. Each Portfolio will take constructive receipt of all securities
underlying the repurchase agreements it has entered into until such agreements
expire. If the seller defaults, a Portfolio would suffer a loss to the extent
that proceeds from the sale of underlying securities were less than the
repurchase amount. Each Portfolio of the Trust may enter into repurchase
agreements maturing within seven days with domestic dealers, banks or other
financial institutions deemed to be creditworthy by the Adviser. Collateral for
certain tri-party repurchase agreements is held at the custodian bank in a
segregated account for the benefit of the Portfolio and the counterparty.
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 carry-forward is available).
Accordingly, each Portfolio of the Trust may periodically make reclassifications
among certain capital accounts without impacting its net asset value.
301
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
3. WRITTEN OPTIONS AND INTEREST RATE SWAPS.
The following is a summary of open written options outstanding at December 31,
2003:
HEALTH SCIENCES AGGRESSIVE GROWTH ALL CAP GROWTH
------------------------- ---------------------- ------------------------
NUMBER OF PREMIUMS NUMBER OF PREMIUMS NUMBER OF PREMIUMS
CONTRACTS RECEIVED CONTRACTS RECEIVED CONTRACTS RECEIVED
--------- ------------ --------- ---------- ---------- ----------
Options outstanding 12/31/2002 2,906 $ 509,885 - - - -
Options written 30,514 7,464,586 597 $ 76,669 197 $ 66,113
Options closed & expired (25,679) (5,637,173) (329) (47,097) (197) (66,113)
------ ----------- --- --------- --- ---------
Options outstanding at 12/31/2003 7,741 $ 2,337,298 268 $ 29,572 - -
====== =========== === ========= === =========
CAPITAL APPRECIATION GLOBAL BOND TOTAL RETURN
NUMBER OF PREMIUMS NUMBER OF PREMIUMS NUMBER OF PREMIUMS
CONTRACTS RECEIVED CONTRACTS RECEIVED CONTRACTS RECEIVED
--------- -------- ----------- ----------- ------------- ------------
Options outstanding 12/31/2002 - - 33,675,204 $ 1,001,725 182,001,495 $ 4,194,771
Options written 92 $ 920 54,800,610 1,635,309 54,207,207 5,111,752
Options closed & expired (92) (920) (42,205,675) (1,455,309) (133,706,842) (5,649,978)
-- ------- ---------- ----------- ----------- -----------
Options outstanding at 12/31/2003 - - 46,270,139 $ 1,181,725 102,501,860 $ 3,656,545
== ======= ========== =========== =========== ===========
REAL RETURN
-----------
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
------------ ---------
Options outstanding 12/31/2002 - -
Options written 60,400,000 $ 526,152
Options closed & expired - -
---------- ---------
Options outstanding at 12/31/2003 60,400,000 $ 526,152
========== =========
Written options outstanding at December 31, 2003:
NUMBER OF
PORTFOLIO DESCRIPTION TYPE CONTRACTS EXPIRATION DATE VALUE
- --------- ----------- ---- --------- --------------- -----
HEALTH SCIENCES
Merck & Co (Strike price of $55.00) Put 15 Jan-04 $( 6,900)
Merck & Co (Strike price of $60.00) Put 41 Jan-04 (40,180)
Merck & Co (Strike price of $65.00) Put 32 Jan-04 (60,160)
Genentech, Inc. (Strike price of $95.00) Put 43 Jan-04 (13,330)
MGI Pharma, Inc. (Strike price of $45.00) Put 44 Jan-04 (22,000)
Cephalon, Inc. (Strike price of $45.00) Put 35 Jan-04 (875)
Trimeris, Inc. (Strike price of $30.00) Call 7 Jan-04 (70)
Molecular Devices (Strike price of $22.50) Put 72 Jan-04 (23,040)
Imclone System, Inc. (Strike price of $50.00) Call 110 Jan-04 (2,200)
Gilead Sciences, Inc. (Strike price of $60.00) Call 28 Jan-04 (2,380)
Amgen, Inc. (Strike price of $65.00) Call 73 Jan-04 (1,095)
Imclone System, Inc. (Strike price of $40.00) Put 38 Jan-04 (7,220)
Imclone System, Inc. (Strike price of $45.00) Put 38 Jan-04 (22,040)
Genentech, Inc. (Strike price of $95.00) Call 77 Jan-04 (13,860)
Amerisourcebergen Corp. (Strike price of $60.00) Call 112 Feb-04 (12,006)
Protein Design Labs (Strike price of $12.50) Put 70 Feb-04 (700)
Imclone System, Inc. (Strike price of $40.00) Put 51 Feb-04 (20,910)
Imclone System, Inc. (Strike price of $45.00) Put 73 Feb-04 (54,020)
Gilead Sciences, Inc. (Strike price of $60.00) Call 364 Feb-04 (78,260)
Gilead Sciences, Inc. (Strike price of $50.00) Put 15 Feb-04 (825)
Neurocrine Biosciences (Strike price of $55.00) Call 72 Feb-04 (14,040)
Gilead Sciences, Inc. (Strike price of $55.00) Put 75 Feb-04 (11,625)
302
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
WRITTEN OPTIONS AND INTEREST RATE SWAPS, CONTINUED
NUMBER OF
PORTFOLIO DESCRIPTION TYPE CONTRACTS EXPIRATION DATE VALUE
- --------- ----------- ---- --------- --------------- --------
HEALTH SCIENCES, CONTINUED
Triad Hospitals, Inc. (Strike price of $35.00) Call 75 Feb-04 ($ 5,250)
Anthem, Inc. (Strike price of $75.00) Put 59 Mar-04 (16,225)
Pfizer, Inc. (Strike price of $32.50) Put 74 Mar-04 (2,960)
Medimmune, Inc. (Strike price of $30.00) Call 95 Mar-04 (4,275)
Cardinal Health, Inc. (Strike price of $65.00) Call 157 Mar-04 (18,840)
Omnicare, Inc. (Strike price of $40.00) Call 74 Mar-04 (14,800)
Medimmune, Inc. (Strike price of $27.50) Call 74 Mar-04 (7,400)
Angiotech Pharmaceuticals (Strike price of $50.00) Put 52 Mar-04 (29,120)
Martek Biosciences Corp. (Strike price of $65.00) Call 37 Mar-04 (17,760)
Lilly Eli & Co (Strike price of $75.00) Call 73 Apr-04 (13,285)
Chiron Corp. (Strike price of $50.00) Put 68 Apr-04 (7,140)
Intermune, Inc. (Strike price of $20.00) Put 34 Apr-04 (3,740)
Lilli Eli & Co (Strike price of $60.00) Put 34 Apr-04 (3,400)
Intermune, Inc. (Strike price of $25.00) Put 34 Apr-04 (10,540)
C.R. Bard, Inc. (Strike price of $70.00) Put 34 Apr-04 (1,700)
C.R. Bard, Inc. (Strike price of $75.00) Put 34 Apr-04 (4,420)
Adolor Corp.(Strike price of $17.50) Put 68 Apr-04 (5,440)
Trimeris, Inc. (Strike price of $30.00) Call 400 Apr-04 (12,000)
Guidant Corp. (Strike price of $55.00) Put 54 Apr-04 (7,020)
Lilli Eli & Co (Strike price of $70.00) Call 71 Apr-04 (27,690)
St. Jude Medical, Inc. (Strike price of $60.00) Put 36 Apr-04 (10,800)
Amgen, Inc. (Strike price of $65.00) Put 60 Apr-04 (30,000)
CV Therapeutics, Inc. (Strike price of $20.00) Call 75 Apr-04 (3,375)
Allergan, Inc. (Strike price of $85.00) Call 39 Apr-04 (2,730)
Wyeth (Strike price of $45.00) Call 149 Apr-04 (16,390)
Vertex Pharmaceuticals, Inc. (Strike price of $10.00) Call 80 Apr-04 (9,200)
Amylin Pharmaceuticals, Inc. (Strike price of $30.00) Call 217 Apr-04 (5,425)
Universal Health (Strike price of $50.00) Call 73 Apr-04 (35,770)
St. Jude Medical, Inc. (Strike price of $60.00) Call 36 Apr-04 (15,480)
Biogen Idec, Inc. (Strike price of $40.00) Call 194 Apr-04 (25,220)
Amgen, Inc. (Strike price of $65.00) Call 149 Apr-04 (26,820)
Wyeth (Strike price of $40.00) Put 74 Apr-04 (10,360)
Wyeth (Strike price of $35.00) Put 37 Apr-04 (1,295)
ICOS Corp. (Strike price of $50.00) Put 104 Apr-04 (98,800)
Imclone System, Inc. (Strike price of $45.00) Put 36 May-04 (33,120)
Alcon, Inc. (Strike price of $60.00) Call 88 May-04 (32,560)
Laboratory Corp. of America (Strike price of $35.00) Put 19 May-04 (2,565)
Neurocrine Biosciences (Strike price of $60.00) Call 108 May-04 (21,060)
Quest Diagnostics (Strike price of $80.00) Put 37 May-04 (30,340)
HCA, Inc. (Strike price of $45.00) Put 73 May-04 (24,090)
Barr Labs, Inc. (Strike price of $70.00) Put 45 May-04 (11,250)
HCA, Inc. (Strike price of $45.00) Call 147 May-04 (20,580)
Boston Scientific (Strike price of $37.50) Call 228 May-04 (52,440)
Millenium Pharmaceuticals (Strike price of $20.00) Call 169 May-04 (26,195)
Wilson Great Batch (Strike price of $45.00) Put 35 May-04 (14,700)
Invitrogen Corp. (Strike price of $70.00) Put 45 May-04 (28,350)
Forest Labs, Inc. (Strike price of $70.00) Call 74 May-04 (11,100)
Gilead Sciences, Inc. (Strike price of $70.00) Call 113 May-04 (14,690)
Cardinal Health, Inc. (Strike price of $65.00) Call 32 Jun-04 (7,570)
Pfizer, Inc. (Strike price of $37.50) Put 113 Jun-04 (36,949)
303
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
WRITTEN OPTIONS AND INTEREST RATE SWAPS, CONTINUED
NUMBER OF
PORTFOLIO DESCRIPTION TYPE CONTRACTS EXPIRATION DATE VALUE
- --------- ----------- ---------- ---------- --------------- -------------
HEALTH SCIENCES, CONTINUED
Pfizer, Inc. (Strike price of $32.50) Put 146 Jun-04 ($ 11,680)
Medimmune, Inc. (Strike price of $32.50) Call 109 Jun-04 (5,994)
Medimmune, Inc. (Strike price of $30.00) Call 269 Jun-04 (26,900)
Caremark Rx, Inc. (Strike price of $25.00) Put 37 Jun-04 (7,770)
Martek Biosciences Corp. (Strike price of $60.00) Put 75 Jun-04 (32,250)
Pfizer, Inc. (Strike price of $37.50) Call 223 Jun-04 (17,840)
Medimmune, Inc. (Strike price of $27.50) Call 108 Jun-04 (18,900)
Ivax Corp. (Strike price of $25.00) Put 74 Jun-04 (21,830)
Johnson & Johnson (Strike price of $55.00) Call 316 Jul-04 (39,500)
Amylin Pharmaceuticals, Inc. (Strike price of $30.00) Call 73 Jul-04 (5,840)
Universal Health (Strike price of $55.00) Put 40 Jul-04 (18,000)
CV Therapeutics, Inc. (Strike price of $17.50) Call 150 Jul-04 (26,250)
Bard C.R., Inc. (Strike price of $85.00) Put 39 Jul-04 (25,350)
Universal Health Services (Strike price of $50.00) Call 38 Jul-04 (23,560)
MGI Pharma, Inc. (Strike price of $45.00) Put 22 Jul-04 (16,500)
Invitrogen Corp. (Strike price of $70.00) Put 60 Aug-04 (46,800)
Anthem, Inc. (Strike price of $80.00) Put 38 Jan-05 (18,620)
Merck & Co (Strike price of $50.00) Put 153 Jan-05 (70,380)
------------
($ 1,713,930)
============
AGGRESSIVE GROWTH TRUST
Pixar (Strike price $75.00) Call 18 Jan-04 ($ 450)
Sandisk Corp. (Strike price $75.00) Call 55 Jan-04 (825)
Nvidia Corp (Strike price $22.50) Call 85 Jan-04 (11,050)
Sandisk Corp. (Strike price $65.00) Call 10 Jan-04 (1,250)
Red Hat, Inc. (Strike price $20.00) Call 100 Jan-04 (4,500)
------------
($ 18,075)
============
GLOBAL BOND
U.S. Treasury Bonds 30 Yr Futures (Strike price of
$111.00) Call 14 Feb-04 ($ 31,719)
U.S. Treasury Notes 10 Yr Futures (Strike price of
$115.00) Call 125 Feb-04 (50,578)
Swap Option 3 Month LIBOR (Strike price of $4.00) Call 1,600,000 Mar-04 (2)
Swap Option 3 Month LIBOR (Strike price of $6.00) Put 5,100,000 Mar-04 (1,530)
Swap Option 3 Month LIBOR (Strike price of $4.25) Call 3,700,000 Jun-04 (31,850)
Swap Option 3 Month LIBOR (Strike price of $6.00) Put 7,100,000 Oct-04 (55,038)
Swap Option 3 Month LIBOR (Strike price of $3.80) Call 7,100,000 Oct-04 (57,212)
Swap Option 3 Month LIBOR (Strike price of $5.75) Put 700,000 Aug-05 (42,824)
Swap Option 3 Month LIBOR (Strike price of $5.75) Call 700,000 Aug-05 (42,824)
Swap Option 3 Month LIBOR (Strike price of $5.75) Call 6,900,000 Aug-05 (344,972)
Swap Option 3 Month LIBOR (Strike price of $5.75) Put 6,900,000 Aug-05 (344,972)
Swap Option 3 Month LIBOR (Strike price of $6.00) Put 2,500,000 Sep-05 (62,853)
Swap Option 3 Month LIBOR (Strike price of $4.00) Call 2,500,000 Sep-05 (28,473)
Swap Option 3 Month LIBOR (Strike price of $4.375) Call 1,000,000 Dec-06 (15,000)
OTC % U.S. Dollar Forward Delta/Neutral Straddle vs.
Japanese Yen Strike and premium determined on
12/18/2007, based upon implied volatility parameter
of 18.500%. Counterparty: AIG International Inc. Call & Put 470,000 Dec-12 18,671
------------
($ 1,091,176)
============
TOTAL RETURN
U. S. Treasury Notes 10 Yr Futures (Strike price of
$108.00) Call 189 Feb-04 ($ 218,531)
U. S. Treasury Notes 10 Yr Futures (Strike price of
$113.00) Put 115 Feb-04 (35,938)
Swap Option 3 Month LIBOR (Strike price of $4.00) Call 19,000,000 Mar-04 (19,741)
304
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
WRITTEN OPTIONS AND INTEREST RATE SWAPS, CONTINUED
NUMBER OF
PORTFOLIO DESCRIPTION TYPE CONTRACTS EXPIRATION DATE VALUE
- --------- ----------- ---- --------- --------------- -----
TOTAL RETURN, CONTINUED
Swap Option 3 Month LIBOR (Strike price of $3.25) Call 3,000,000 Mar-04 ($5,535)
Swap Option 3 Month LIBOR (Strike price of $4.00) Call 7,800,000 Mar-04 (8,728)
Swap Option 3 Month LIBOR (Strike price of $4.00) Call 7,900,000 Mar-04 (8,840)
Eurodollar (Strike price of $97.25) Put 11 Mar-04 (69)
Eurodollar (Strike price of $98.50) Call 22 Mar-04 (15,813)
Eurodollar (Strike price of $97.75) Put 71 Mar-04 (887)
EURIBOR Futures (Strike price $95.00) Put 800 Mar-04 (76)
EURIBOR Futures (Strike price $97.50) Put 76 Mar-04 390
Eurodollar (Strike price of $98.00) Put 365 Jun-04 (41,063)
Swap Option 3 Month LIBOR (Strike price of $5.97) Call 13,200,000 Oct-04 (1,124,231)
Swap Option 3 Month LIBOR (Strike price of $5.97) Put 13,200,000 Oct-04 (102,920)
Swap Option 3 Month LIBOR (Strike price of $6.00) Put 3,400,000 Oct-04 (28,128)
Swap Option 3 Month LIBOR (Strike price of $6.00) Call 3,400,000 Oct-04 (291,414)
EURIBOR Futures (Strike price $97.00) Put 60 Dec-04 2,021
EURIBOR Futures (Strike price $94.25 Put 151 Dec-04 -
Swap Option 3 Month LIBOR (Strike price of $6.70) Put 11,600,000 Jun-05 (140,650)
Swap Option 3 Month LIBOR (Strike price of $6.00) Call 20,000,000 Jun-05 (1,471,260)
-----------
($3,511,413)
==========
REAL RETURN BOND
Swap Option 3 Month LIBOR (Strike price of $6.50) Put 6,800,000 Oct-04 ($ 30,172)
Swap Option 3 Month LIBOR (Strike price of $4.00) Call 6,800,000 Oct-04 (78,098)
Swap Option 3 Month LIBOR (Strike price of $6.00) Put 8,300,000 Oct-04 (64,342)
Swap Option 3 Month LIBOR (Strike price of $3.80) Call 8,300,000 Oct-04 (66,881)
Swap Option 3 Month LIBOR (Strike price of $4.00) Call 15,100,000 Nov-04 (102,770)
Swap Option 3 Month LIBOR (Strike price of $7.00) Put 15,100,000 Nov-04 (70,970)
-----------
($ 413,233)
===========
The following is a summary of open interest rate swap contracts outstanding in
Global Bond, Total Return and Real Return Bond as of December 31, 2003:
UNREALIZED
EFFECTIVE TERMINATION APPRECIATION
NOTIONAL AMOUNT COUNTER PARTY DATE DATE PAYMENT RECEIPT FREQUENCY (DEPRECIATION)
--------------- ------------- ---- ---- ------- ------- ------------- --------------
GLOBAL BOND
3,100,000 USD Bank of America 6/16/2004 6/16/2014 Fixed 5.00% 3 Month LIBOR semi-annually ($25,932)
700,000 USD Bank of America 6/16/2004 6/16/2024 Fixed 5.00% 3 Month LIBOR semi-annually 39,944
12,300,000 EUR Citibank 6/17/2002 6/18/2012 Fixed 5.00% 6 Month EURIBOR annually (832,752)
43,000,000 HKD Goldman Sachs 2/8/2001 2/8/2006 Fixed 5.753% 3 Month HIBOR quarterly (455,370)
58,600,000 HKD Goldman Sachs 12/17/2003 12/17/2008 Fixed 4.235% 3 Month HIBOR quarterly (235,185)
310,000,000 JPY Goldman Sachs 3/21/2002 9/21/2011 Fixed 1.30% 6 Month LIBOR semi-annually (30,831)
200,000 EUR Goldman Sachs 6/17/2002 6/17/2012 Fixed 5.00% 6 Month EURIBOR Annually (13,541)
500,000 GBP Goldman Sachs 3/15/2011 3/15/2016 Fixed 5.50% 6 Month LIBOR semi-annually (11,253)
4,800,000 EUR Goldman Sachs 3/20/2013 3/20/2018 6 Month EURIBOR Fixed 6.00% annually 58,530
3,600,000 GBP Goldman Sachs 3/20/2013 3/20/2018 Fixed 5.00% 6 Month LIBOR semi-annually 2,423
7,400,000 CHF JP Morgan 3/29/2004 3/29/2005 3 Month LIBOR BBA+ Fixed 1.50% annually 34,832
12,200,000 EUR JP Morgan 3/15/2012 3/15/2017 6 Month EURIBOR Fixed 6.00% annually 189,422
9,100,000 EUR JP Morgan 3/20/2013 3/20/2018 6 Month EURIBOR Fixed 6.00% annually 110,964
500,000 USD Merrill Lynch 12/31/2003 3/31/2004 1 Month - 65 BP LIBOR Lehman CMBS++ monthly -
3,800,000 EUR Merrill Lynch 3/15/2005 3/15/2007 6 Month EURIBOR Fixed 4.00% annually 22,158
8,000,000 GBP Merrill Lynch 3/20/2013 3/20/2018 Fixed 5.00% 6 Month LIBOR semi-annually 4,741
12,400,000 USD Merrill Lynch 6/16/2004 6/16/2024 Fixed 5.00% 3 Month LIBOR semi-annually 707,581
305
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
WRITTEN OPTIONS AND INTEREST RATE SWAPS, CONTINUED
UNREALIZED
EFFECTIVE TERMINATION APPRECIATION
NOTIONAL AMOUNT COUNTER PARTY DATE DATE PAYMENT RECEIPT FREQUENCY (DEPRECIATION)
--------------- ------------- --------- ----------- ------- ------- ------------- ------------
GLOBAL BOND,
CONTINUED
800,000 GBP Morgan Stanley 6/17/2006 6/17/2013 Fixed 5.00% 6 Month LIBOR semi-annually $ 10,775
1,100,000 EUR Morgan Stanley 6/16/2004 6/16/2014 Fixed 5.00% 6 Month EURIBOR annually (48,864)
1,700,000 USD Morgan Stanley 6/16/2004 6/16/2014 Fixed 5.00% 3 Month LIBOR semi-annually (14,221)
9,070,000 GBP Morgan Stanley 3/15/2011 3/15/2016 Fixed 5.50% 6 Month LIBOR semi-annually (204,129)
4,100,000 GBP Morgan Stanley 3/15/2012 3/15/2017 Fixed 5.00% 6 Month LIBOR semi-annually 12,281
6,500,000 EUR Morgan Stanley 3/15/2012 3/15/2017 6 Month EURIBOR Fixed 6.00% annually 100,266
400,000 GBP Morgan Stanley 3/20/2013 3/20/2018 Fixed 5.00% 6 Month LIBOR semi-annually 237
2,000,000 EUR Morgan Stanley 9/17/2001 3/15/2031 Fixed 6.00% 6 Month EURIBOR semi-annually (378,272)
3,900,000 EUR Morgan Stanley 6/17/2002 12/15/2031 Fixed 5.50% 6 Month LIBOR annually (368,015)
9,800,000 USD UBS Warburg 6/18/2003 6/18/2010 Fixed 5.00% 3 Month LIBOR semi-annually (538,304)
330,000,000 JPY UBS Warburg 3/22/2004 3/20/2012 Fixed 0.80% 6 Month LIBOR semi-annually 106,308
320,000,000 JPY UBS Warburg 6/18/2003 6/18/2013 Fixed 0.695% 6 Month LIBOR semi-annually 176,098
19,700,000 USD UBS Warburg 6/16/2004 6/16/2014 Fixed 5.00% 3 Month LIBOR semi-annually (164,791)
2,100,000 EUR UBS Warburg 3/15/2012 3/15/2017 6 Month EURIBOR Fixed 6.00% annually 32,394
1,400,000 GBP UBS Warburg 6/15/2012 6/15/2017 Fixed 5.00% 6 Month LIBOR semi-annually 3,731
700,000 EUR UBS Warburg 3/20/2013 3/20/2018 6 Month EURIBOR Fixed 6.00% annually 8,536
900,000 USD UBS Warburg 6/16/2004 6/16/2024 Fixed 5.00% 3 Month LIBOR semi-annually 51,357
------------
($1,648,882)
============
TOTAL RETURN
54,900,000 USD Bank of America 6/16/2004 6/16/2009 3 Month LIBOR Fixed 4.00% semi-annually ($133,407)
1,300,000 USD Bear Stearns 12/10/2003 7/1/2004 1 Month - 65 BP LIBOR Lehman CMBS++ monthly 11,515
38,400,000 USD Goldman Sachs 6/16/2004 6/16/2009 3 Month LIBOR Fixed 4.00% semi-annually (93,312)
3,200,000 GBP Goldman Sachs 3/15/2012 3/15/2017 Fixed 5.00% 6 Month LIBOR semi-annually 8,528
7,100,000 EUR Goldman Sachs 3/15/2012 3/15/2017 6 Month EURIBOR Fixed 6.00% annually 109,522
36,100,000 EUR JP Morgan 12/21/2005 12/21/2007 6 Month EURIBOR Fixed 4.00% annually (89,376)
1,000,000 EUR JP Morgan 3/15/2012 3/15/2017 6 Month EURIBOR Fixed 6.00% annually 15,426
600,000 GBP JP Morgan 3/15/2012 3/15/2017 Fixed 5.00% 6 Month LIBOR semi-annually 1,599
3,300,000 EUR JP Morgan 3/15/2017 3/15/2032 6 Month EURIBOR Fixed 6.00% annually 60,975
1,800,000 GBP JP Morgan 3/15/2017 3/15/2032 Fixed 5.00% 6 Month LIBOR semi-annually (57,206)
34,400,000 EUR Merrill Lynch 3/15/2005 3/15/2007 6 Month EURIBOR Fixed 4.00% annually 200,587
150,000,000 JPY Morgan Stanley 6/2/2005 6/2/2012 Fixed 1.07% 6 Month LIBOR semi-annually 37,516
1,200,000 GBP UBS Warburg 3/15/2012 3/15/2017 Fixed 5.00% 6 Month LIBOR semi-annually 3,198
2,700,000 EUR UBS Warburg 3/15/2017 3/15/2032 6 Month EURIBOR Fixed 6.00% annually 49,888
1,700,000 GBP UBS Warburg 3/15/2017 3/15/2032 Fixed 5.00% 6 Month LIBOR semi-annually (54,119)
------------
$ 71,334
============
REAL RETURN BOND
3,300,000 USD Morgan Stanley 6/16/2004 6/16/2014 3 Month LIBOR Fixed 5.0% semi-annually $ 28,974
============
+ British Banker Association
++ Commercial Mortgage-Backed Securities
4. PURCHASES AND SALES OF SECURITIES. The following summarizes the securities
transactions (except for short-term investments) for the Portfolios (with the
exception of Money Market) for the year ended December 31, 2003:
PURCHASES SALES
--------------------------------- ------------------------------
PORTFOLIO U.S. GOVERNMENT OTHER ISSUES U.S GOVERNMENT OTHER ISSUES
- --------- --------------- ------------ -------------- ------------
Science & Technology -- $268,545,387 -- $261,727,504
Pacific Rim Emerging Markets -- 47,492,644 -- 34,565,359
Health Sciences -- 92,626,233 -- 49,383,611
Emerging Growth * -- 18,031,544 -- 10,225,561
306
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
PURCHASES AND SALES OF SECURITIES, CONTINUED
PURCHASES SALES
--------------------------------- ---------------------------------
PORTFOLIO U.S. GOVERNMENT OTHER ISSUES U.S GOVERNMENT OTHER ISSUES
- --------- --------------- --------------- --------------- ---------------
Aggressive Growth -- $ 173,443,272 -- $ 177,091,495
Emerging Small Company -- 189,698,312 -- 176,825,843
Small Company Blend -- 83,004,711 -- 55,605,099
Dynamic Growth -- 166,513,220 -- 163,690,317
Mid Cap Stock -- 393,059,587 -- 332,850,511
Natural Resources * -- 141,019,126 -- 26,435,824
All Cap Growth -- 293,998,902 -- 303,696,067
Strategic Opportunities -- 919,946,595 -- 986,343,858
Financial Services -- 33,804,557 -- 15,050,160
International Stock -- 475,088,718 -- 476,783,825
Overseas -- 368,595,422 -- 349,239,675
International Small Cap -- 353,260,495 -- 249,544,220
International Value -- 164,206,023 -- 149,816,705
Quantitative Mid Cap -- 103,560,826 -- 96,817,710
Mid Cap Core * -- 40,890,126 -- 6,322,787
Global Equity -- 525,468,283 -- 617,563,080
Strategic Growth -- 194,746,047 -- 146,665,540
Capital Appreciation -- 134,006,042 -- 102,091,953
Quantitative All Cap * -- 7,265,674 -- 3,440,693
All Cap Core -- 423,741,360 -- 459,282,261
Large Cap Growth -- 264,416,066 -- 267,958,630
Quantitative Equity -- 307,807,945 -- 338,596,366
Blue Chip Growth -- 449,701,578 -- 434,465,409
U.S. Large Cap (formerly, U.S. Large Cap
Value) -- 156,016,073 -- 191,047,953
Strategic Value (formerly, Capital
Opportunities) -- 129,807,187 -- 52,848,363
Large Cap Value * -- 20,113,169 -- 8,222,842
Utilities $ 2,185,212 63,197,051 $ 3,015,495 46,601,521
Real Estate Securities -- 262,285,659 -- 135,265,177
Small Cap Opportunities * -- 60,397,449 -- 7,310,167
Small Company Value -- 102,929,938 -- 55,795,402
Special Value * -- 15,127,562 -- 2,753,680
Mid Cap Value -- 150,674,890 -- 119,553,458
Value -- 464,918,331 -- 501,368,139
All Cap Value -- 263,341,846 -- 76,704,242
Equity Index -- 1,220,013 -- 11,142,025
Fundamental Value -- 151,036,828 -- 46,005,895
Growth & Income -- 589,276,899 -- 716,097,884
Great Companies-America ** -- 2,523,973 -- 121,744
Equity-Income -- 356,855,368 -- 178,955,876
Income and Value 320,424,206 159,101,819 293,381,913 175,097,780
Balanced 42,937,831 121,948,468 48,895,385 119,857,117
Global Allocation (formerly, Tactical
Allocation) 27,788,196 69,694,847 18,344,403 77,225,430
High Yield -- 867,202,717 1,773,059 446,822,933
Strategic Bond 168,902,968 225,529,878 55,693,797 348,137,908
Global Bond 333,157,980 573,257,671 378,060,609 598,060,540
Diversified Bond 571,270,999 114,818,782 587,704,910 99,498,324
Investment Quality Bond -- 292,235,723 42,315,272 282,839,550
Total Return 2,597,362,936 963,152,692 2,553,404,096 1,345,461,182
Real Return Bond * 2,018,845,209 34,435,686 1,738,724,583 455,509
U.S. Government Securities 760,910,987 -- 707,240,432 107,632,348
Small Cap Index -- 93,526,872 -- 33,052,724
International Index -- 20,966,002 -- 8,093,540
Mid Cap Index -- 58,474,480 -- 10,144,841
307
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
PURCHASES AND SALES OF SECURITIES, CONTINUED
PURCHASES SALES
-------------------------------- -------------------------------
PORTFOLIO U.S. GOVERNMENT OTHER ISSUES U.S GOVERNMENT OTHER ISSUES
- ------------ --------------- -------------- -------------- ------------
Total Stock Market Index -- $ 71,314,220 -- $ 5,472,529
500 Index -- 170,704,611 -- 6,084,055
Lifestyle Aggressive 1000 -- 335,223,754 -- 165,814,608
Lifestyle Growth 820 -- 1,339,815,800 -- 688,646,559
Lifestyle Balanced 640 -- 1,549,003,888 -- 803,640,312
Lifestyle Moderate 460 -- 523,801,404 -- 256,953,579
Lifestyle Conservative 280 -- 293,723,673 -- 154,282,211
Small-Mid Cap -- 73,759,985 -- 19,026,369
International Equity Select -- 41,949,806 -- 6,459,058
High Grade Bond $ 848,601,319 48,793,845 $ 776,895,882 33,371,703
American Growth * -- 250,881,566 -- 1,807,921
American International * -- 175,200,589 -- 26,274,087
American Growth-Income * -- 169,817,844 -- 2,099,092
American Blue Chip Income and Growth * -- 158,580,053 -- 248,516
*For the period May 5, 2003 (commencement of operations) to December 31, 2003.
**For the period August 4, 2003 (commencement of operations) to December 31,
2003.
At December 31, 2003, 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:
TAX BASIS
NET UNREALIZED TAX BASIS TAX BASIS
APPRECIATION UNREALIZED UNREALIZED
PORTFOLIO TAX BASIS COST (DEPRECIATION) APPRECIATION DEPRECIATION
--------- -------------- -------------- -------------- --------------
Science and Technology $ 612,897,259 $ 39,905,814 $ 116,756,279 $ 76,850,465
Pacific Rim Emerging Markets 98,328,593 6,935,944 15,001,823 8,065,879
Health Sciences 138,272,590 18,438,986 27,218,367 8,779,381
Emerging Growth 11,223,177 640,409 821,991 181,582
Aggressive Growth 300,129,916 57,015,529 63,434,761 6,419,232
Emerging Small Company 470,874,563 77,425,087 98,240,749 20,815,662
Small Company Blend 235,449,286 22,677,953 36,392,486 13,714,533
Dynamic Growth 174,844,283 29,028,099 32,121,066 3,092,967
Mid Cap Stock 364,480,893 66,326,189 68,923,383 2,597,194
Natural Resources 143,280,468 39,255,276 39,299,944 44,668
All Cap Growth 538,754,765 97,590,298 107,897,730 10,307,432
Strategic Opportunities 560,467,623 72,663,925 83,846,109 11,182,184
Financial Services 77,210,767 12,731,243 14,676,934 1,945,691
International Stock 388,060,888 69,508,278 71,559,591 2,051,313
Overseas 447,181,808 67,076,302 86,736,333 19,660,031
International Small Cap 259,776,842 85,107,877 87,763,589 2,655,712
International Value 387,683,902 67,007,009 76,357,868 9,350,859
Quantitative Mid Cap 105,864,851 25,153,784 26,215,577 1,061,793
Mid Cap Core 47,201,966 5,959,809 6,078,875 119,066
Global Equity 402,116,379 19,026,020 24,889,532 5,863,512
Strategic Growth 247,266,939 25,222,897 31,506,614 6,283,717
Capital Appreciation 173,466,809 28,040,636 30,864,688 2,824,052
Quantitative All Cap 5,408,304 492,413 509,260 16,847
All Cap Core 255,782,475 26,694,793 35,741,907 9,047,114
Large Cap Growth 474,892,836 45,403,233 71,723,709 26,320,476
Quantitative Equity 269,142,937 20,715,497 29,108,094 8,392,597
Blue Chip Growth 1,456,290,079 138,241,644 234,194,779 95,953,135
U.S. Large Cap (formerly, U.S. Large Cap
Value) 533,773,117 90,976,656 105,047,028 14,070,372
Strategic Value (formerly, Capital
Opportunities) 130,565,230 16,305,278 17,731,731 1,426,453
Large Cap Value 16,608,551 1,275,448 1,315,295 39,847
308
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
PURCHASES AND SALES OF SECURITIES, CONTINUED
TAX BASIS
NET UNREALIZED TAX BASIS TAX BASIS
APPRECIATION UNREALIZED UNREALIZED
PORTFOLIO TAX BASIS COST (DEPRECIATION) APPRECIATION DEPRECIATION
--------- -------------- -------------- -------------- --------------
Utilities $ 49,864,184 $ 5,544,025 $ 6,614,103 $ 1,070,078
Real Estate Securities 494,002,269 125,776,462 125,776,603 141
Small Cap Opportunities 64,853,474 13,523,952 13,688,349 164,397
Small Company Value 499,842,484 88,770,102 101,306,756 12,536,654
Special Value 19,561,797 2,430,967 2,493,034 62,067
Mid Cap Value 424,996,903 68,035,646 77,553,563 9,517,917
Value 248,666,755 51,771,400 52,732,081 960,681
All Cap Value 259,823,419 43,263,634 44,259,504 995,870
Equity Index 90,309,998 (8,385,531) 10,095,639 18,481,170
Fundamental Value 484,517,764 88,457,112 92,336,897 3,879,785
Growth & Income 1,492,784,843 207,122,695 282,924,007 75,801,312
Great Companies-America 2,832,917 268,774 289,720 20,946
Equity-Income 1,527,907,081 111,004,928 212,765,237 101,760,309
Income and Value 648,092,224 79,904,328 92,971,247 13,066,919
Balanced 146,920,606 9,038,439 11,278,388 2,239,949
Global Allocation (formerly, Tactical
Allocation) 74,463,543 8,402,210 10,387,046 1,984,836
High Yield 989,644,830 31,363,895 62,176,069 30,812,174
Strategic Bond 790,891,454 21,481,342 31,392,133 9,910,791
Global Bond 308,226,628 20,211,459 21,043,932 832,473
Diversified Bond 473,237,850 10,189,021 11,204,597 1,015,576
Investment Quality Bond 520,390,342 28,377,196 31,477,274 3,100,078
Total Return 1,841,081,801 18,936,110 23,348,390 4,412,280
Real Return Bond 581,070,088 2,441,124 3,571,483 1,130,359
U.S. Government Securities 1,255,186,110 8,322,355 8,839,287 516,932
Small Cap Index 181,812,176 23,144,794 27,840,960 4,696,166
International Index 110,233,934 (1,351,977) 11,179,527 12,531,504
Mid Cap Index 182,832,212 20,252,768 29,631,140 9,378,372
Total Stock Market Index 168,101,335 1,466,600 17,999,991 16,533,391
500 Index 1,192,879,728 (76,034,616) 115,543,260 191,577,876
Lifestyle Aggressive 1000 418,262,864 67,447,996 87,421,569 19,973,573
Lifestyle Growth 820 1,637,859,671 237,867,509 293,676,072 55,808,563
Lifestyle Balanced 640 1,842,338,085 228,675,269 264,295,072 35,619,803
Lifestyle Moderate 460 685,659,203 61,770,260 70,475,416 8,705,156
Lifestyle Conservative 280 427,197,846 25,855,190 28,483,497 2,628,307
Small-Mid Cap 146,338,836 22,112,853 23,735,039 1,622,186
International Equity Select 104,624,019 21,160,376 21,314,603 154,227
High Grade Bond 250,865,103 (1,014,036) 476,038 1,490,074
American Growth 249,390,380 23,779,663 23,779,663 -
American International 153,195,115 27,474,298 27,474,298 -
American Growth-Income 168,096,799 15,391,112 15,391,112 -
American Blue Chip Income and Growth 158,356,283 23,727,477 23,727,477 -
5. 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.
Advisory fees charged to each Portfolio were as follows:
BETWEEN BETWEEN BETWEEN
$50 MILLION AND $200 MILLION AND $500 MILLION AND EXCESS OVER
PORTFOLIO FIRST $50 MILLION $200 MILLION $500 MILLION $1 BILLION $1 BILLION
--------- ----------------- --------------- ---------------- ---------------- -----------
Science & Technology 0.950% 0.950% 0.950% 0.900% 0.900%
Pacific Rim Emerging Markets 0.700% 0.700% 0.700% 0.600% 0.600%
Health Sciences 0.950% 0.950% 0.950% 0.900% 0.900%
309
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
INVESTMENT ADVISORY AGREEMENTS, CONTINUED
BETWEEN BETWEEN BETWEEN
$50 MILLION AND $200 MILLION AND $500 MILLION AND EXCESS OVER
PORTFOLIO FIRST $50 MILLION $200 MILLION $500 MILLION $1 BILLION $1 BILLION
--------- ----------------- --------------- ---------------- ---------------- -----------
Emerging Growth 0.700% 0.700% 0.700% 0.700% 0.700%
Aggressive Growth 0.850% 0.850% 0.850% 0.800% 0.800%
Emerging Small Company 0.900% 0.900% 0.900% 0.870% 0.850%
Small Company Blend 0.900% 0.900% 0.900% 0.900% 0.900%
Dynamic Growth 0.850% 0.850% 0.850% 0.800% 0.800%
Mid Cap Stock 0.775% 0.775% 0.750% 0.725% 0.725%
Natural Resources 0.950% 0.900% 0.900% 0.900% 0.900%
All Cap Growth 0.800% 0.800% 0.800% 0.750% 0.750%
Strategic Opportunities 0.700% 0.700% 0.700% 0.700% 0.700%
International Stock 0.850% 0.850% 0.850% 0.800% 0.800%
Overseas 0.800% 0.800% 0.800% 0.800% 0.800%
International Small Cap 0.950% 0.950% 0.850% 0.750% 0.750%
International Value 0.850% 0.850% 0.750% 0.700% 0.700%
Quantitative Mid Cap 0.650% 0.650% 0.550% 0.550% 0.550%
Global Equity 0.750% 0.750% 0.750% 0.750% 0.700%
Quantitative All Cap 0.650% 0.600% 0.600% 0.600% 0.600%
All Cap Core 0.700% 0.700% 0.700% 0.650% 0.650%
Quantitative Equity 0.600% 0.600% 0.600% 0.550% 0.500%
Blue Chip Growth 0.725% 0.725% 0.725% 0.725% 0.700%
U.S. Large Cap 0.725% 0.725% 0.725% 0.725% 0.700%
Special Value 0.900% 0.900% 0.900% 0.850% 0.850%
Real Estate Securities 0.600% 0.600% 0.600% 0.600% 0.600%
Small Cap Opportunities 0.900% 0.900% 0.900% 0.850% 0.850%
Emerging Growth 0.700% 0.700% 0.700% 0.700% 0.700%
Small Company Value 0.900% 0.900% 0.900% 0.900% 0.900%
Quantitative All Cap 0.650% 0.600% 0.600% 0.600% 0.600%
Mid Cap Value 0.800% 0.800% 0.750% 0.725% 0.725%
Value 0.650% 0.650% 0.625% 0.550% 0.550%
Equity Index 0.250% 0.250% 0.250% 0.250% 0.250%
Growth & Income 0.600% 0.600% 0.600% 0.550% 0.500%
Great Companies-America 0.750% 0.750% 0.750% 0.700% 0.700%
Equity-Income 0.725% 0.725% 0.725% 0.725% 0.700%
Income & Value 0.650% 0.650% 0.650% 0.650% 0.650%
Balanced 0.600% 0.550% 0.500% 0.500% 0.500%
Global Allocation 0.750% 0.750% 0.750% 0.700% 0.700%
High Yield 0.625% 0.625% 0.625% 0.550% 0.550%
Strategic Bond 0.625% 0.625% 0.625% 0.550% 0.550%
Global Bond 0.600% 0.600% 0.600% 0.600% 0.600%
Diversified Bond 0.600% 0.600% 0.600% 0.600% 0.600%
Investment Quality Bond 0.500% 0.500% 0.500% 0.450% 0.450%
Total Return 0.600% 0.600% 0.600% 0.600% 0.600%
Real Return Bond 0.600% 0.600% 0.600% 0.600% 0.600%
U.S. Government Securities 0.550% 0.550% 0.550% 0.450% 0.450%
Money Market 0.350% 0.350% 0.350% 0.350% 0.350%
Small Cap Index 0.375% 0.375% 0.375% 0.375% 0.375%
International Index 0.400% 0.400% 0.400% 0.400% 0.400%
Mid Cap Index 0.375% 0.375% 0.375% 0.375% 0.375%
Total Stock Market 0.375% 0.375% 0.375% 0.375% 0.375%
500 Index 0.375% 0.375% 0.375% 0.375% 0.375%
Small-Mid Cap 0.950% 0.950% 0.950% 0.950% 0.950%
Financial Services 0.800% 0.750% 0.750% 0.700% 0.700%
Fundamental Value 0.800% 0.750% 0.750% 0.700% 0.700%
International Equity Select 0.900% 0.900% 0.850% 0.800% 0.800%
310
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
INVESTMENT ADVISORY AGREEMENTS, CONTINUED
BETWEEN BETWEEN BETWEEN
$300 MILLION AND $600 MILLION AND $900 MILLION AND EXCESS OVER
PORTFOLIO FIRST $300 MILLION $600 MILLION $900 MILLION $1.5 BILLION $1.5 BILLION
- -------------------- ------------------ ---------------- ---------------- ---------------- ------------
Strategic Growth 0.750% 0.725% 0.700% 0.675% 0.600%
Capital Appreciation 0.750% 0.700% 0.700% 0.700% 0.700%
Strategic Value 0.750% 0.725% 0.700% 0.675% 0.600%
Utilities 0.750% 0.725% 0.700% 0.675% 0.600%
BETWEEN BETWEEN BETWEEN
$10 MILLION AND $50 MILLION AND $200 MILLION AND EXCESS OVER
PORTFOLIO FIRST $10 MILLION $50 MILLION $200 MILLION $500 MILLION $500 MILLION
- -------------------- ----------------- --------------- --------------- ---------------- ------------
Mid Cap Core 0.850% 0.800% 0.775% 0.750% 0.725%
BETWEEN BETWEEN
$100 MILLION AND $300 MILLION AND EXCESS OVER
PORTFOLIO FIRST $100 MILLION $300 MILLION $500 MILLION $500 MILLION
- -------------------------- ------------------ ---------------- ---------------- ------------
Large Cap Value 0.750% 0.750% 0.725% 0.700%
Lifestyle Aggressive 1000 0.075% 0.050% 0.050% 0.050%
Lifestyle Growth 820 0.075% 0.050% 0.050% 0.050%
Lifestyle Balanced 640 0.075% 0.050% 0.050% 0.050%
Lifestyle Moderate 460 0.075% 0.050% 0.050% 0.050%
Lifestyle Conservative 280 0.075% 0.050% 0.050% 0.050%
BETWEEN BETWEEN
$50 MILLION AND $100 MILLION AND EXCESS OVER
PORTFOLIO FIRST $50 MILLION $100 MILLION $250 MILLION $250 MILLION
- --------------- ----------------- --------------- ---------------- ------------
High Grade Bond 0.600% 0.550% 0.500% 0.450%
BETWEEN
$250 MILLION AND EXCESS OVER
PORTFOLIO FIRST $250 MILLION $500 MILLION $500 MILLION
- --------------- ------------------ ---------------- ------------
All Cap Value 0.750% 0.700% 0.650%
EXCESS OVER
PORTFOLIO FIRST $750 MILLION $750 MILLION
- ---------------- ------------------ ------------
Large Cap Growth 0.750% 0.700%
In the case of the American Growth, American International, American
Growth-Income and American Blue Chip Income and Growth, no advisory fees are
charged. In the case of the Lifestyle Trusts and American Growth, American
International, American Growth-Income and American Blue Chip Income and Growth,
because the underlying portfolios have varied expense levels and the Lifestyle
Trusts and American Growth, American International, American Growth-Income and
American Blue Chip Income and Growth Trusts may own different proportions of the
underlying portfolios at different times, the amount of fees and expenses
incurred indirectly by the Portfolios will vary.
EXPENSE REIMBURSEMENT. Pursuant to the Advisory Agreement, the Adviser
reimburses the Trust for expenses (excluding advisory fees, Rule 12b-1 fees,
taxes, portfolio brokerage commissions, interest, litigation and indemnification
expenses and other extraordinary expenses not incurred in the ordinary course of
the Trust's business) incurred in excess, on an annualized basis, of 0.050% of
the average annual 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, 0.10% of the average daily net assets of Small-Mid Cap and High
Grade Bond, 0.15% of the average daily net assets of Equity Index and
International Equity Select, 0.50% of the average daily net assets of Science &
Technology, Health Sciences, Emerging Growth, Aggressive Growth, Emerging Small
Company, Small Company Blend, Dynamic Growth, Mid Cap Stock, Natural Resources,
All Cap Growth, Strategic Opportunities, Financial Services, Quantitative Mid
Cap, Mid Cap Core, Strategic Growth, Capital Appreciation, Quantitative All Cap,
All Cap Core, Large Cap Growth, Quantitative Equity, Blue Chip Growth, U.S.
Large Cap, Strategic Value, Large Cap Value, Utilities, Real Estate Securities,
Small Cap Opportunities, Small Company Value, Special Value, Mid Cap Value,
Value, All Cap Value, Fundamental Value, Growth & Income, Great
Companies-America, Equity Income, Income & Value, Balanced, Global Allocation,
High Yield, Strategic Bond, Diversified Bond, Investment Quality Bond, Total
Return, Real Return Bond, U.S. Government Securities, Money Market, and 0.75% of
the average daily net assets of Pacific Rim Emerging Markets, International
Stock, Overseas, International Small Cap, International Value, Global Equity and
Global Bond.
In the case of the Lifestyle Trusts if total expenses of a Lifestyle Trust
(absent reimbursement) exceed 0.075%, the Adviser will reduce the advisory fee
or reimburse expenses of that 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 (absent reimbursement) are equal to or less than 0.075%, then no
expenses will be reimbursed by the Adviser. (For purposes of the expense
reimbursement, total expenses of a Lifestyle Trust include the advisory fee but
exclude the expenses of the Underlying Portfolios, taxes, portfolio brokerage,
interest, litigation, Rule 12b-1 fees and indemnification expenses and other
extraordinary expenses not incurred in the ordinary course of the Trust's
business). In the case of the Series III shares, the Adviser voluntarily agreed
to reimburse 100% of the class specific Blue Sky and Transfer Agent fees.
In addition, the Adviser voluntarily agreed to waive a portion of its advisory
fee for Science & Technology, Health Sciences, International Value, Global
Equity, Blue Chip Growth, and Equity-Income. Advisory fees waived for the year
ended December 31, 2003, were $125,874, $29,353, $24,948, $11,883, $320,655, and
$323,191 for Science & Technology, Health Sciences, International Value, Global
Equity, Blue Chip Growth, and Equity-Income, respectively.
311
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
INVESTMENT ADVISORY AGREEMENTS, CONTINUED
These voluntary expense reimbursements may be terminated by the Adviser at any
time upon notice to the Trust.
FUND ADMINISTRATION FEES. The 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, semi-annual and periodic reports to
shareholders and the preparation of all regulatory reports. Total expense
incurred for the year ended December 31, 2003 was $3,152,757, of which $248,220
remains payable to the Adviser at December 31, 2003.
6. DISTRIBUTION PLANS. In accordance with Rule 12b-1 of the Investment Company
Act of 1940, the Board of Trustees have approved Distribution Plans (the
"Plans") for Series I, Series II and Series III. Series I shares of each
portfolio (except Equity Index, Lifestyle Aggressive 1000, Lifestyle Growth 820,
Lifestyle Balanced 640, Lifestyle Moderate 460 and Lifestyle Conservative 280)
are subject to a Rule 12b-1 fee of up to 0.15% of Series I shares' average daily
net assets. American Growth, American International, American Growth-Income, and
American Blue Chip Income and Growth are subject to a 12b-1 fee of up to 0.35%
of Series I shares' average daily net assets. Series II shares of each portfolio
(except Equity Index, Lifestyle Aggressive 1000, Lifestyle Growth 820, Lifestyle
Balanced 640, Lifestyle Moderate 460, Lifestyle Conservative 280, American
Growth, American International, American Growth-Income, and American Blue Chip
Income and Growth are subject to a Rule 12b-1 fee of up to 0.35% of Series II
shares' average daily net assets. Series II shares of American Growth, American
International, American Growth-Income, American Blue Chip Income and Growth are
subject to a Rule 12b-1 fee of up to 0.50% of Series II shares' average daily
net assets. Series III shares of each portfolio (except Lifestyle Aggressive
1000, Lifestyle Growth 820, Lifestyle Balanced 640, Lifestyle Moderate 460 and
Lifestyle Conservative 280) are subject to rule 12b-1 fee of up to .50% basis
points of Series III shares' average daily net assets. Series III shares of
Lifestyle Aggressive 1000, Lifestyle Growth 820, Lifestyle Balanced 640,
Lifestyle Moderate 460 and Lifestyle Conservative 280 are subject to Rule 12b-1
fee of up to .15% of Series III shares' average daily net assets. Rule 12b-1
fees are paid to the Trust's Distributor, MFS, for distribution services
pursuant to the Plans. The distributor may use Rule 12b-1 fees for any expenses
relating to the distribution of the shares of the class, for any expenses
relating to shareholder or administrative services for holders of the shares of
the class (or owners of contracts funded in insurance company separate accounts
that invest in the shares of the class) and for the payment of service fees.
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 $97,000. Total
expense incurred for the year ended December 31, 2003 was $451,094 of which
$100,393 remains payable at December 31, 2003.
8. COMMITMENTS. At December 31, 2003, Natural Resources, Strategic
Opportunities, Overseas, International Small Cap, International Value, Global
Equity, Large Cap Growth, Utilities, Global Allocation, Strategic Bond, Global
Bond, Total Return, Real Return Bond and International Equity Select had entered
into forward foreign currency contracts which contractually obligate the
Portfolio to deliver currencies at future dates. Open purchases and sales
contracts at December 31, 2003 were as follows:
NET UNREALIZED
CONTRACTS TO SETTLEMENT APPRECIATION/
DELIVER IN EXCHANGE FOR DATE VALUE (DEPRECIATION)
------------ --------------- ---------- ----------- ---------------
NATURAL RESOURCES TRUST
PURCHASES
Canadian Dollar $ 382,908 501,105 1/2/2004 $ 387,747 $ 4,839
British Pound 28,027 15,809 1/2/2004 28,220 193
South African Rand 141,976 955,213 1/6/2004 142,780 804
------------ ----------- ---------------
$ 552,911 $ 558,747 $ 5,836
===============
STRATEGIC OPPORTUNITIES
SALES
Pound Sterling 167,590 $ 297,146 1/2/2004 $ 299,157 ($ 2,011)
--------------- ----------- ===============
OVERSEAS
PURCHASES
Euro $ 1,295 1,037 1/2/2004 $ 1,307 $ 12
Pound Sterling 115,814 65,319 1/2/2004 116,598 784
Hong Kong Dollar 22,833 177,255 1/2/2004 22,831 (2)
Swiss Franc 15,054 18,802 1/5/2004 15,196 142
Pound Sterling 257,788 144,894 1/5/2004 258,643 855
Hong Kong Dollar 53,656 416,506 1/5/2004 53,648 (8)
Swiss Franc 173,125 215,276 1/6/2004 173,988 863
Pound Sterling 46,327 25,956 1/6/2004 46,332 5
Japanese Yen 5,700,206 609,716,850 1/7/2004 5,691,108 (9,098)
------------ ----------- ---------------
$ 6,386,098 $ 6,379,651 ($ 6,447)
---------------
SALES
Euro 164,077 $ 206,212 1/5/2004 $ 206,729 ($ 517)
Pound Sterling 386,437 687,530 1/5/2004 689,811 (2,281)
Swiss Franc 888,758 715,298 1/6/2004 718,304 (3,006)
312
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
COMMITMENTS, CONTINUED
NET UNREALIZED
CONTRACTS TO SETTLEMENT APPRECIATION/
DELIVER IN EXCHANGE FOR DATE VALUE (DEPRECIATION)
------------- --------------- ---------- ----------- --------------
OVERSEAS, CONTINUED
Euro 644,561 $ 810,058 1/6/2004 $ 812,114 $ (2,056)
Pound Sterling 238,600 425,870 1/6/2004 425,913 (43)
-------------- ----------- -------------
$ 2,844,968 $ 2,852,871 $ (7,903)
-------------
$ (14,350)
=============
INTERNATIONAL SMALL CAP
PURCHASES
Canadian Dollar $ 16,705 21,720 1/2/2004 $ 16,807 $ 102
Canadian Dollar 16,842 21,697 1/5/2004 16,789 (53)
------------- ----------- -------------
$ 33,547 $ 33,596 $ 49
=============
INTERNATIONAL VALUE
PURCHASES
Danish Krone $ 62,559 373,791 1/2/2004 $ 63,245 $ 686
Euro 12,006 9,605 1/2/2004 12,101 95
Danish Krone 21,617 128,622 1/5/2004 21,763 146
Euro 8,456 6,735 1/5/2004 8,486 30
Danish Krone 21,728 128,737 1/6/2004 21,782 54
------------- ----------- -------------
$ 126,366 $ 127,377 $ 1,011
-------------
SALES
Mexican Peso 233,465 $ 20,762 1/2/2004 $ 20,777 $ (15)
-------------- ----------- -------------
$ 996
=============
GLOBAL EQUITY
PURCHASES
Euro $ 7,701,794 6,134,444 1/5/2004 $ 7,729,095 $ 27,301
British Pound 470,550 264,354 1/5/2004 471,885 1,335
Hong Kong Dollar 1,848,416 14,349,257 1/5/2004 1,848,238 (178)
Euro 2,218,020 1,761,562 1/6/2004 2,219,481 1,461
British Pound 117,575 65,648 1/6/2004 117,185 (390)
Singapore Dollar 1,759,200 2,987,650 1/6/2004 1,759,200 -
Euro 331,417 263,972 1/7/2004 332,591 1,174
Australian Dollar 2,527,600 3,560,000 3/17/2004 2,655,913 128,313
------------- ----------- -------------
$ 16,974,572 $17,133,588 $ 159,016
SALES
Australian Dollar 3,560,000 $ 2,520,462 3/17/2004 $ 2,655,913 $ (135,451)
-------------- ----------- -------------
$ 23,565
=============
LARGE CAP GROWTH
PURCHASES
Euro $ 426,147 343,889 1/2/2004 $ 433,283 $ 7,136
------------- ----------- =============
UTILITIES
PURCHASES
Euro $ 34,499 27,501 1/5/2004 $ 34,651 $ 152
Pound Sterling 16,268 9,149 1/5/2004 16,331 63
Euro 27,273 21,677 1/6/2004 27,312 39
Pound Sterling 9,621 5,395 1/6/2004 9,630 9
------------- ----------- -------------
$ 87,661 $ 87,924 $ 263
=============
313
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
COMMITMENTS, CONTINUED
NET UNREALIZED
CONTRACTS TO SETTLEMENT APPRECIATION/
DELIVER IN EXCHANGE FOR DATE VALUE (DEPRECIATION)
------------- --------------- ---------- ----------- --------------
UTILITIES, CONTINUED
SALES
Euro 107,862 $ 134,202 1/2/2004 $ 135,900 ($1,698)
Euro 35,386 44,190 1/5/2004 44,585 (395)
--------------- ----------- -------------
$ 178,392 $ 180,485 ($2,093)
-------------
($1,830)
=============
GLOBAL ALLOCATION
PURCHASES
Swedish Krona $ 17,241 125,000 1/2/2004 $ 17,378 $ 137
Japanese Yen 20,580 2,200,000 1/6/2004 20,535 (45)
Euro 1,628,703 1,340,000 6/17/2004 1,680,806 52,103
Japanese Yen 2,479,109 267,000,000 6/17/2004 2,505,854 26,745
Singapore Dollar 905,850 1,550,000 6/17/2004 914,239 8,389
------------- ----------- -------------
$ 5,051,483 $ 5,138,812 $ 87,329
-------------
SALES
British Pound 2,450,000 $ 4,210,962 6/17/2004 $ 4,314,647 ($103,685)
Swedish Krona 5,900,000 796,910 6/17/2004 814,160 (17,250)
--------------- ----------- -------------
$ 5,007,872 $ 5,128,807 ($120,935)
-------------
($33,606)
=============
STRATEGIC BOND
PURCHASES
Euro $ 21,215,617 17,690,000 2/25/2004 $22,254,628 $ 1,039,011
------------- ----------- -------------
SALES
Euro 53,273,510 $ 64,031,88 2/25/2004 $67,019,906 ($2,988,021)
--------------- ----------- -------------
($1,949,010)
=============
GLOBAL BOND
PURCHASES
Euro Currency $ 22,288,233 18,475,000 1/7/2004 $23,272,921 $ 984,688
Hong Kong Dollar 619,762 4,810,000 1/8/2004 619,690 (72)
Japanese Yen 65,158,732 7,022,014,000 1/15/2004 65,575,126 416,394
Canadian Dollar 2,267,379 2,966,000 1/23/2004 2,292,562 25,183
Pound Sterling 3,575,335 2,070,000 1/23/2004 3,688,379 113,044
Danish Krone 2,663,290 16,355,000 3/9/2004 2,761,713 98,423
------------- ----------- -------------
$ 96,572,731 $98,210,391 $ 1,637,660
-------------
SALES
Euro 2,725,000 $ 3,331,095 1/7/2004 $ 3,432,677 ($101,582)
Australian Dollar 2,084,000 1,484,068 2/5/2004 1,562,491 (78,423)
Swedish Krona 3,671,000 495,645 3/9/2004 508,694 (13,049)
Australian Dollar 2,956,000 2,096,100 3/22/2004 2,203,940 (107,840)
--------------- ----------- -------------
$ 7,406,908 $ 7,707,802 ($300,894)
-------------
$ 1,336,766
=============
TOTAL RETURN
PURCHASES
Japanese Yen $ 3,375,992 363,834,000 1/15/2004 $ 3,397,667 $ 21,675
------------- ----------- -------------
SALES
Euro 2,156,000 $ 2,598,133 1/7/2004 $ 2,715,909 ($117,776)
--------------- ----------- -------------
($96,101)
=============
REAL RETURN BOND
SALES
Euro 1,600,000 $1,971,376 1/7/2004 $ 2,015,530 ($44,154)
---------------- ----------- =============
314
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
COMMITMENTS, CONTINUED
NET UNREALIZED
CONTRACTS TO SETTLEMENT APPRECIATION/
DELIVER IN EXCHANGE FOR DATE VALUE (DEPRECIATION)
------------- --------------- ---------- ----------- --------------
INTERNATIONAL EQUITY SELECT
PURCHASES
Euro $ 279,524 223,261 1/5/2004 $ 281,299 $ 1,775
Pound Sterling 552,210 310,230 1/5/2004 553,776 1,566
Swiss Franc 407,746 506,014 1/6/2004 408,966 1,220
------------- ----------- -------------
$ 1,239,480 1,244,041 $ 4,561
=============
9. FOREIGN SECURITIES. Investing in securities of foreign companies and foreign
governments involves special risks and consideration not typically associated
with investing in securities of domestic companies and the United States
Government. These risks include revaluation of currencies and future adverse
political and economic developments. Moreover, securities of foreign companies
and foreign governments and their markets may be less liquid and their prices
more volatile than those of the United States.
10. LINE OF CREDIT. All Portfolios with the exception of US Government, Money
Market, Lifestyle Aggressive 1000, Lifestyle Growth 820, Lifestyle Balanced 640,
Lifestyle Moderate 460, Lifestyle Conservative 280, American Growth, American
International, American Growth-Income, and American Blue Chip Income and Growth
have entered into an agreement which enables them to participate in a $100
million unsecured committed line of credit with State Street Corporation.
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 prorated basis based on
average net assets. For the year ended December 31, 2003, there were no
borrowings on the line of credit.
11. GUARANTEES AND IMDEMNIFICATIONS. Under the Trust's organizational documents,
its officers and trustees are indemnified against certain liability arising out
of the performance of their duties to the Trust. Additionally, in the normal
course of business, the Trust enters into contracts with service providers that
contain general indemnification clauses. The Trust's maximum exposure under
these arrangements is unknown as this would involve future claims that may be
made against the Trust that have not yet occurred. However, based on experience,
the Trust expects the risk of loss to be remote.
12. FEDERAL INCOME TAX INFORMATION. Because federal income tax regulations may
differ from generally accepted accounting principles, income and capital gain
distributions determined in accordance with tax regulations may differ from net
investment income and realized gains recognized for financial reporting
purposes. Accordingly, the composition of net assets for tax purposes differs
from amounts reflected in the accompanying financial statements. These
differences are primarily due to differing treatment for futures and options
transactions, foreign currency transactions, paydowns, market discount on debt
securities, losses deferred with respect to wash sales, investments in passive
foreign investment companies and excise tax regulations.
The tax character of distributions paid (with the exception of Money Market)
during 2003 was as follows:
LONG TERM TAX
CAPITAL RETURN OF TOTAL
PORTFOLIO ORDINARY INCOME GAINS CAPITAL DISTRIBUTIONS
- ------------------------------------------------- --------------- --------- --------- -------------
Pacific Rim Emerging Markets $ 92,281 -- -- $ 92,281
Emerging Growth 347,297 -- -- 347,297
Financial Services 121,346 -- -- 121,346
International Stock 1,637,973 -- -- 1,637,973
Overseas 1,832,814 -- -- 1,832,814
International Value 3,129,097 -- -- 3,129,097
Global Equity 3,373,458 -- -- 3,373,458
Quantitative All Cap 151,320 -- -- 151,320
Large Cap Growth 1,206,747 -- -- 1,206,747
Quantitative Equity 1,699,756 -- -- 1,699,756
Blue Chip Growth 658,231 -- -- 658,231
U.S. Large Cap (formerly, U.S. Large Cap Value) 2,176,684 -- -- 2,176,684
Strategic Value (formerly, Capital Opportunities) 14,868 -- -- 14,868
Large Cap Value 233,203 -- -- 233,203
Utilities 435,175 -- -- 435,175
Real Estate Securities 11,173,118 -- -- 11,173,118
Small Company Value 1,733,142 $ 474,277 -- 2,207,419
Mid Cap Value 1,631,327 -- -- 1,631,327
Value 3,123,000 -- -- 3,123,000
All Cap Value 46,123 -- -- 46,123
Equity Index 1,083,167 -- -- 1,083,167
Fundamental Value 1,160,779 -- -- 1,160,779
315
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
FEDERAL INCOME TAX INFORMATION, CONTINUED
LONG TERM TAX
CAPITAL RETURN OF TOTAL
PORTFOLIO ORDINARY INCOME GAINS CAPITAL DISTRIBUTIONS
- ------------------------------------------------- --------------- ----------- ----------- -------------
Growth & Income $ 15,127,333 -- -- $ 15,127,333
Great Companies-America 1,801 -- -- 1,801
Equity-Income 19,682,259 $23,262,726 -- 42,944,985
Income & Value 10,193,021 -- -- 10,193,021
Balanced 3,594,017 -- -- 3,594,017
Global Allocation (formerly, Tactical Allocation) 312,601 -- -- 312,601
High Yield 27,672,782 -- -- 27,672,782
Strategic Bond 24,018,282 -- -- 24,018,282
Global Bond 8,686,002 -- -- 8,686,002
Diversified Bond 17,790,707 -- -- 17,790,707
Investment Quality Bond 27,043,098 -- -- 27,043,098
Total Return 75,199,549 14,433,806 -- 89,633,355
U.S. Government Securities 29,140,408 -- -- 29,140,408
International Index 1,267,733 -- -- 1,267,733
500 Index 7,726,669 -- -- 7,726,669
Lifestyle Aggressive 1000 645,465 -- $ 456,848 1,102,313
Lifestyle Growth 820 10,856,371 -- 2,247,970 13,104,341
Lifestyle Balanced 640 26,112,217 -- 4,475,488 30,587,705
Lifestyle Moderate 460 13,312,366 -- 1,746,715 15,059,081
Lifestyle Conservative 280 13,808,515 -- -- 13,808,515
High Grade Bond 44,076 -- -- 44,076
The tax character of distributions paid (with the exception of Money Market)
during 2002 was as follows:
LONG TERM TAX
CAPITAL RETURN OF TOTAL
PORTFOLIO ORDINARY INCOME GAINS CAPITAL DISTRIBUTIONS
- ------------------------------------------------- --------------- ----------- ----------- -------------
Pacific Rim Emerging Markets $ 67,949 -- -- $ 67,949
Health Sciences 155,128 -- -- 155,128
Small Company Blend 330,218 -- -- 330,218
Financial Services 777 -- -- 777
International Stock 1,144,916 -- -- 1,144,916
Overseas 2,262,088 -- -- 2,262,088
International Value 1,856,047 -- -- 1,856,047
Global Equity 6,111,578 -- -- 6,111,578
Large Cap Growth 1,467,443 -- -- 1,467,443
Quantitative Equity 1,077,631 -- -- 1,077,631
U.S. Large Cap Value 1,472,309 -- -- 1,472,309
Utilities 1,033 -- -- 1,033
Real Estate Securities 8,237,956 -- -- 8,237,956
Small Company Value 897,097 $ 1,228,154 -- 2,125,251
Value 2,730,137 4,307,635 -- 7,037,772
All Cap Value 845 -- -- 845
Equity Index 1,019,444 -- -- 1,019,444
Fundamental Value 152,780 -- -- 152,780
Growth & Income 12,307,222 74,936,045 -- 87,243,267
Equity-Income 18,021,008 29,751,648 -- 47,772,656
Income & Value 10,545,302 -- -- 10,545,302
Balanced 3,966,825 -- -- 3,966,825
Tactical Allocation 1,617 -- -- 1,617
High Yield 29,238,979 -- -- 29,238,979
Strategic Bond 22,248,254 -- -- 22,248,254
Diversified Bond 13,630,432 -- -- 13,630,432
316
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
FEDERAL INCOME TAX INFORMATION, CONTINUED
LONG TERM TAX RETURN
PORTFOLIO ORDINARY INCOME CAPITAL GAINS OF CAPITAL TOTAL DISTRIBUTIONS
- --------- --------------- ------------- ---------- -------------------
Investment Quality Bond $22,928,748 -- -- $22,928,748
Total Return 42,172,422 $2,532,874 -- 44,705,296
U.S. Government Securities 23,900,322 -- -- 23,900,322
Small Cap Index 603,721 -- -- 603,721
International Index 781,194 -- -- 781,194
Mid Cap Index 517,015 -- -- 517,015
Total Stock Market Index 651,863 -- -- 651,863
500 Index 16,495 -- -- 16,495
Lifestyle Aggressive 1000 696,647 -- $ 811,986 1,508,633
Lifestyle Growth 820 11,870,382 -- 4,635,393 16,505,775
Lifestyle Balanced 640 24,874,616 -- 3,150,408 28,025,024
Lifestyle Moderate 460 9,644,174 -- 420,635 10,064,809
Lifestyle Conservative 280 6,521,724 -- 285,303 6,807,027
Small-Mid Cap 4 -- -- 4
High Grade Bond 538,391 11,551 -- 549,942
The tax-basis components of distributable earnings at December 31, 2003 were as
follows:
UNREALIZED
UNDISTRIBUTED UNDISTRIBUTED APPRECIATION CAPITAL LOSS
PORTFOLIO ORDINARY INCOME REALIZED GAIN (DEPRECIATION) CARRYFORWARDS
- --------- --------------- ------------- -------------- -------------
Science & Technology -- -- $33,039,383 ($1,039,092,835)
Pacific Rim Emerging Markets $445,965 -- 6,729,590 (13,337,724)
Health Sciences -- -- 19,055,143 (3,178,289)
Emerging Growth 258,695 -- 640,409 --
Aggressive Growth -- -- 57,025,226 (156,260,958)
Emerging Small Company -- -- 77,425,108 (82,980,604)
Small Company Blend -- -- 22,677,960 (45,501,732)
Dynamic Growth -- -- 29,028,099 (178,557,216)
Mid Cap Stock -- -- 66,326,189 (29,805,538)
Natural Resources 5,059,384 -- 39,249,430 --
All Cap Growth -- -- 97,591,774 (292,693,467)
Strategic Opportunities 472,827 -- 72,666,371 (672,048,353)
Financial Services 327,050 -- 12,732,995 (1,965,499)
International Stock 3,486,712 -- 69,751,722 (115,855,485)
Overseas 1,826,653 -- 67,076,302 (164,995,000)
International Small Cap 437,810 -- 85,166,331 (124,250,578)
International Value 5,842,163 -- 67,036,224 (29,491,275)
Quantitative Mid Cap -- -- 25,153,784 (38,337,849)
Mid Cap Core 553,655 -- 5,959,809 --
Global Equity 6,517,012 -- 18,970,957 (93,189,593)
Strategic Growth -- -- 25,222,897 (17,061,480)
Capital Appreciation -- -- 28,040,636 (17,550,083)
Quantitative All Cap 168,177 $ 3 492,413 --
All Cap Core (formerly Growth) 1,210,378 -- 26,694,793 (329,046,685)
Large Cap Growth 1,289,315 -- 45,397,435 (218,346,080)
Quantitative Equity 2,066,036 -- 20,715,497 (234,485,944)
Blue Chip Growth 1,620,528 -- 138,241,644 (197,223,958)
U.S. Large Cap (formerly, U.S. Large Cap Value) 1,829,753 -- 90,969,891 (86,585,268)
Strategic Value (formerly, Capital Opportunities) 583,696 -- 16,305,278 (6,233,080)
Large Cap Value 208,849 -- 1,275,448 --
Utilities 610,003 -- 5,547,003 (3,668,057)
Real Estate Securities 17,512,180 -- 125,776.462 (1,226,789)
317
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
FEDERAL INCOME TAX INFORMATION, CONTINUED
UNREALIZED
UNDISTRIBUTED UNDISTRIBUTED APPRECIATION CAPITAL LOSS
PORTFOLIO ORDINARY INCOME REALIZED GAIN (DEPRECIATION) CARRYFORWARDS
- --------- --------------- ------------- -------------- -------------
Small Cap Opportunities $ 832,206 $ 574,108 $ 13,523,970 --
Small Company Value 894,470 7,193,665 88,770,102 --
Special Value 383,853 5,812 2,430,967 --
Mid Cap Value 2,523,735 -- 68,035,646 ($5,592,245)
Value 1,751,830 -- 51,771,400 (47,521,185)
All Cap Value 910,435 -- 43,263,634 (3,147,848)
Equity Index 1,026,275 -- (8,385,531) (4,584,805)
Fundamental Value 2,975,638 -- 88,457,333 (6,477,202)
Growth & Income 13,682,519 -- 207,122,695 (123,068,673)
Great Companies-America 555 -- 268,774 --
Equity-Income 29,698,612 12,028,804 110,808,159 --
Income & Value 8,256,938 -- 79,711,537 (60,099,871)
Balanced 2,950,669 -- 9,038,439 (65,165,289)
Global Allocation (formerly, Tactical Allocation) 926,293 -- 8,383,053 (25,683,232)
High Yield 51,597,667 -- 31,074,518 (106,363,507)
Strategic Bond 25,363,709 -- 21,052,640 (20,974,270)
Global Bond 22,853,383 -- 18,356,509 (203,643)
Diversified Bond 15,484,128 -- 9,409,706 (732,385)
Investment Quality Bond 28,339,779 -- 26,698,772 (17,243,508)
Total Return 58,630,721 3,445,706 17,500,343 --
Real Return Bond 7,190,733 -- 2,575,781 --
U.S. Government Securities 21,422,575 2,079,697 7,507,840 --
Small Cap Index 608,272 -- 23,144,187 (2,952,346)
International Index 35,854 -- (1,248,155) (4,855,363)
Mid Cap Index 758,800 265,612 20,252,768 --
Total Stock Market Index 1,108,452 -- 1,464,948 (2,675,535)
500 Index 10,528,836 -- (76,034,580) (37,238,026)
Lifestyle Aggressive 1000 -- -- 67,447,996 (45,920,397)
Lifestyle Growth 820 -- -- 237,867,509 (146,607,666)
Lifestyle Balanced 640 -- -- 228,675,269 (108,319,176)
Lifestyle Moderate 460 -- -- 61,770,260 (14,629,248)
Lifestyle Conservative 280 2,010,344 555,598 25,855,190 --
Small-Mid Cap 99,190 -- 22,112,853 --
International Equity Select 1,163,097 4,204 21,158,091 --
High Grade Bond 4,038,766 -- (1,027,194) (209,576)
American Growth 135,259 -- 23,779,663 --
American International 5,778,979 -- 27,474,298 --
American Growth-Income 1,437,400 -- 15,391,112 --
American Blue Chip Income and Growth -- -- 23,727,477 --
13. CAPITAL LOSS CARRYFORWARDS. At December 31, 2003, capital loss
carryforwards available to offset future realized gains were approximately:
EXPIRATION YEAR
PORTFOLIO 2006 2007 2008 2009 2010 2011
- --------- ------------ ---------- ------------ ------------ ------------ -----------
Science & Technology - - $ 1,220,000 $696,724,000 $246,102,000 $95,047,000
Pacific Rim Emerging Markets $ 599,000 - - 7,852,000 3,319,000 1,568,000
Health Sciences - - - - 3,178,000 -
Aggressive Growth 572,000 - 4,331,000 93,743,000 53,458,000 4,157,000
Emerging Small Company - - - 24,979,000 46,305,000 11,697,000
Small Company Blend - - - 19,321,000 17,910,000 8,271,000
Dynamic Growth - - 507,000 107,100,00 67380,000 3,570,000
318
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
FEDERAL INCOME TAX INFORMATION, CONTINUED
EXPIRATION YEAR
PORTFOLIO 2006 2007 2008 2009 2010 2011
- --------- -------- ------------ ------------ ------------ ------------ ------------
Mid Cap Stock - - - $ 8,404,000 $ 21,402,000 -
All Cap Growth - - - 178,151,000 80,357,000 $ 34,185,000
Strategic Opportunities - - - 331,753,000 340,295,000 -
Financial Services - - - 135,000 168,000 1,662,000
International Stock - - - 19,465,000 96,033,000 357,000
Overseas - - - 88,227,000 64,288,000 12,480,000
International Small Cap - - $ 39,940,000 67,800,000 16,510,000 -
International Value - - - 8,907,000 20,274,000 310,000
Quantitative Mid Cap - - - 17,005,000 21,333,000 -
Global Equity - - - 22,593,000 70,597,000 -
Strategic Growth - - - 1,510,000 15,551,000 -
Capital Appreciation - - - 3,270,000 11,304,000 2,976,000
All Cap Core - - 2,584,000 189,385,000 137,078,000 -
Large Cap Growth - - - 86,225,000 115,233,000 16,888,000
Quantitative Equity - - - 128,938,000 77,934,000 27,614,000
Blue Chip Growth - - - 65,883,000 89,012,000 42,329,000
U.S. Large Cap (formerly, U.S. Large Cap Value) - - - 2,397,000 50,498,000 33,690,000
Strategic Value (formerly, Capital Opportunities) - - - - 6,233,000 -
Utilities - - - - 3,668,000 -
Real Estate Securities - - 1,227,000 - - -
Mid Cap Value - - - 471,000 3,526,000 1,595,000
Value - - - - 25,115,000 22,406,000
All Cap Value - - - 277,000 671,000 2,200,000
Equity Index - - - 424,000 4,082,000 79,000
Fundamental Value - - - 265,000 5,001,000 1,211,000
Growth & Income - - - - 80,781,000 42,288,000
Income & Value - - - 2,211,000 28,324,000 29,565,000
Balanced - - 5,432,000 35,067,000 17,568,000 7,098,000
Global Allocation (formerly, Tactical Allocation) - - - - 4,894,000 20,789,000
High Yield - $ 2,607,000 5,017,000 6,052,000 73,499,000 19,189,000
Strategic Bond - 10,735,000 3,587,000 1,478,000 5,174,000 -
Global Bond - 204,000 - - - -
Diversified Bond - - - - 732,000 -
Investment Quality Bond - 1,148,000 6,097,000 2,482,000 7,517,000 -
Small Cap Index - - - - 2,952,000 -
International Index - - - 50,000 4,805,000 -
Total Stock Market Index - - - - 2,676,000 -
500 Index - - 374,000 5,746,000 31,116,000 2,000
Lifestyle Aggressive 1000 - - - 6,453,000 29,278,000 10,189,000
Lifestyle Growth 820 - - - 15,153,000 110,546,000 20,909,000
Lifestyle Balanced 640 - - - - 101,809,000 6,510,000
Lifestyle Moderate 460 - - - - 14,629,000 -
High Grade Bond - - - - - 210,000
319
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
TRUSTEES AND OFFICERS INFORMATION. The Trustees of the Trust, together with
information as to their principal occupations during the past five years, are
listed below. Each Trustee oversees all Trust portfolios. (Currently, there are
76 portfolios).
DISINTERESTED TRUSTEES
POSITION WITH PRINCIPAL OCCUPATION
NAME, ADDRESS AND AGE THE TRUST DURING PAST FIVE YEARS
- --------------------- ------------- ----------------------
Don B. Allen Trustee Senior Lecturer, William E. Simon Graduate School of
73 Tremont Street Business Administration, University of Rochester (Retired 2000).
Boston, MA 02108 (since 1985)
Age: 75
Charles L. Bardelis Trustee President and Executive Officer, Island Commuter Corp.
73 Tremont Street (Marine Transport).
Boston, MA 02108 (since 1988)
Age: 62
Samuel Hoar Trustee Senior Mediator, Arbitrator, Regional Manager, JAMS, LLC,
73 Tremont Street August 1999 to date; Senior Mediator, Arbitrator, Regional
Boston, MA 02108 (since 1989) Director of Professional Services, J.A.M.S./Endispute,
Age: 76 Inc., June 1994 to August 1999.
F. David Rolwing Trustee Former Chairman, President and CEO, Montgomery Mutual
73 Tremont Street Insurance Company, 1991 to 1999.(Retired 1999).
Boston, MA 02108 (since 1997*)
Age: 69
* Prior to 1997, Mr. Rolwing was a Trustee of Manulife Series Fund, Inc., which
merged into the Trust on December 31, 1996.
TRUSTEES AFFILIATED WITH THE TRUST AND OFFICERS OF THE TRUST
POSITION WITH PRINCIPAL OCCUPATION
NAME, ADDRESS AND AGE THE TRUST DURING PAST FIVE YEARS
- --------------------- ------------- ------------------------
John D. Richardson # Chairman of the Retired; Former Senior Executive Vice President, Office of the
200 Bloor Street East Board of Trustees President, Manulife Financial, February 2000 to March 2002
Toronto, Ontario, Canada (Retired, March 2002); Executive Vice President and General
M4W 1E5 (since 1997**) Manager, U.S. Operations, Manulife Financial, January 1995 to
January 2000. Director of BNS Split Corp, a publicly traded
Age: 66 company on the Toronto Stock Exchange.
John D. DesPrez III # Trustee Chairman and President, The Manufacturers Life Insurance
73 Tremont Street Company (U.S.A.), Executive Vice President, U.S. Operations,
Boston, MA 02108 (since 2000) Manulife Financial
Age: 47
James D. Gallagher President Executive Vice President, The Manufacturers Life Insurance
73 Tremont Street Company (U.S.A.), January 1996 to present; President, The
Boston, MA 02108 (since 2001) Manufacturers Life Insurance Company of New York, August
Age: 49 1999 to present; Vice President, Secretary and General
Counsel, The Manufacturers Life Insurance Company of North America,
June 1994 to date.
Gordon M. Shone Vice President and Senior Vice President, The Manufacturers Life Insurance
73 Tremont Street Chief Financial Company (U.S.A.), January 2001 to present. Vice President,
Boston, MA 02108 Officer The Manufacturers Life Insurance Company (U.S.A.), August
Age: 47 1998 to December 2000.
(since 2003)
** Prior to 1997, Mr. Richardson was a Trustee of Manulife Series Fund, Inc.,
which merged into the Trust on December 31, 1996.
320
MANUFACTURERS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
TRUSTEES AFFILIATED WITH THE TRUST AND OFFICERS OF THE TRUST, CONTINUED
POSITION WITH PRINCIPAL OCCUPATION
NAME, ADDRESS AND AGE THE TRUST DURING PAST FIVE YEARS
- --------------------- ------------- ----------------------
John R. Ostler Treasurer Senior Vice President and Chief Financial Officer, U.S. Operations, The
200 Bloor Street East Manufacturers Life Insurance Company, October 1, 2000 to present; Vice President
Toronto, Ontario, Canada (since 2000) and Corporate Actuary, The Manufacturers Life Insurance Company, March 1998 to
M4W 1E5 September 2000; Vice President & CFO U.S. Individual Insurance, The
Age: 51 Manufacturers Life Insurance Company, 1992 to March 1998; Vice President, U.S.
Insurance Products, The Manufacturers Life Insurance Company, 1990 - 1992;
Assistant Vice President & Pricing Actuary, U.S. Insurance, The Manufactures
Life Insurance Company, 1988-1990.
Andrew Corselli Secretary Vice President and Senior Counsel, U.S. Operations Law
73 Tremont Street Department, Manulife Financial, March 2001 to present; The
Boston, MA 02108 (since 2002) Prudential Insurance Company of America, Assistant General
Age: 57 Counsel & Chief of Litigation, June 1988 to June 2000.
# Trustee who is an "interested person," as defined in the 1940 Act, due to his
position with Manulife Financial Corporation (or its affiliates), the ultimate
controlling parent of the investment adviser.
Because the Trust does not hold regular annual shareholders meetings, each
Trustee holds office for an indefinite term until his successor is duly elected
and qualified or until he dies, retires, resigns, is removed or becomes
disqualified. None of the Trustees is a director of other complexes except as
noted above.
The Statement of Additional Information, a separate document with supplemental
information not contained in the Prospectus, includes additional information on
the Board of Trustees and can be obtained without charge by calling
1-800-344-1029 or on the Securities and Exchange Commission ("SEC") Internet
site at http://www.sec.gov.
PROXY VOTING POLICY. From time to time, mutual funds are required to vote
proxies related to the securities held by the Portfolios. Each of the
Manufacturers Investment Trust Portfolios vote proxies according to the Trust's
proxy voting policies and procedures approved by the Board of Trustees. A
description of the Trust's proxy voting policies and procedures are available
without charge, upon request, by calling 1-800-344-1029 or on the SEC Internet
website at http://www.sec.gov.
321