<PAGE>
SEMIANNUAL REPORT
June 30, 2000
A step ahead
INSURANCE FOR THE UNEXPECTED.
INVESTMENTS FOR THE OPPORTUNITIES.(R)
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<PAGE>
SEMIANNUAL REPORT
June 30, 2000
A step ahead
INSURANCE FOR THE UNEXPECTED.
INVESTMENTS FOR THE OPPORTUNITIES.(R)
[LOGO OF JOHN HANCOCK ADVISERS]
[LOGO OF INDEPENDENCE INVESTMENT ASSOCIATES, INC.]
[LOGO OF ALLIANCE CAPITAL]
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Insurance products:
Are Not FDIC Insured . Are Not Bank Guaranteed . Are Not a Deposit .
May Lose Value
<PAGE>
Dear Shareholder,
[PHOTO OF THOMAS J. LEE]
President and Vice Chairman
Financial markets have been wild over the past few months, to say the least. The
changes going on in the economy and government actions have had a dramatic
effect on the stock market and the economy in general. The Federal Reserve's
stated goal of slowing the U.S. economy has dominated debate in financial
markets during the first half of 2000. Alan Greenspan and his colleagues are
fully convinced that inflation, driven by rising wages, will rebound if strong
job growth continues to drive unemployment down to new record lows. They have
raised short-term interest rates six times over the past year, and the impact of
those tightening moves is now appearing in signs of weaker home-building and
auto sales, slower retail sales, and job growth. Nonetheless, the overall level
of economic activity and corporate profits remains very healthy, and it may take
more rate hikes by the Fed to prevent the economic boom from speeding up once
again.
To better assist our Variable Series Trust shareholders through rapidly changing
and volatile economic time periods, we continually evaluate and implement ideas
to help add stability to our variable life and variable annuity products and
services. An important service offered to our shareholders for these products is
Dollar-Cost Averaging-depositing equal amounts of money at regular intervals
into your John Hancock Variable Life or Variable Annuity products. This ensures
that you buy fewer shares when prices are high and more shares when prices are
low.
We've also developed asset allocation tools which help you to diversify your
investment mix among various asset classes. An asset allocation strategy
attempts to lower your overall investment risk by increasing the number and
types of funds you're invested in. Contact your representative if you're
interested in learning more about how an asset allocation strategy can work for
you.
Change. Adaptability. These are the watchwords that we use in monitoring the
Variable Series Trust. Much of our time is devoted to ensure that we change and
adapt quickly enough to provide you with the best possible products and funds
available in the marketplace today. You've shown your trust in us by investing
more and more dollars in your variable life and variable annuity products. Thank
you, for your continued confidence in John Hancock and the Variable Series
Trust. We'll continue to work hard to maintain your trust.
[PHOTO OF MICHELE G. VAN LEER]
Chairman
Sincerely,
/s/Michele G. Van Leer /s/Thomas J. Lee
Michele G. Van Leer Thomas J. Lee
Chairman President and Vice Chairman
<PAGE>
Economic Overview
John Hancock Economic Research
The US economy continued to defy expectations in the first half of 2000. Growth
not only exceeded all estimates of a sustainable long-term pace, but actually
accelerated from the first quarter to the second. Despite this rapid growth,
unemployment remained in a narrow range around 4%, and inflation showed few
signs of life aside from the impact of higher oil prices.
In financial markets, Treasury bond rates have declined from their peaks early
this year, but this has been mainly the result of increasing budget surpluses
which reduce the government's borrowing needs. Corporate bond yields have not
declined, and short-term rates have continued to rise as the Federal Reserve
attempts to cool the economy. Home mortgage rates remain higher than last year,
and have contributed to a slowdown in housing markets.
Stock prices have been volatile throughout the year, reacting to every twist
and turn of data that might hint at an economic slowdown or a revival of
inflation. All the major indices are down from their peaks, but with corporate
profits still healthy, inflation still absent, and the Fed at least temporarily
on hold, there has been no ongoing slump in the markets.
Investors in both stock and bonds, as well as economic forecasters, have spent
much of 2000 studying--somewhat obsessively--Alan Greenspan's pronouncements
for hints of his intentions. So far, he has expressed guarded optimism about
the ability of the US economy to sustain rapid growth, and a consensus has
developed that, barring accidents, he has finished tightening. He appears to
believe that the last few years' rapid productivity growth represents a
structural improvement in the performance of the economy. The importance of
this is that it implies that we need only a mild economic slowdown to rein in
the boom and get the economy back to a sustainable pace of expansion.
The soft landing: it's not yet a sure thing
The outlook both for the economy and for financial markets is driven by the
quest for a "soft landing"--a slowdown to a sustainable pace of growth. We are
inclined to believe that the Fed has successfully steered us between the
opposing dangers of recession and inflation, but the data is still mixed.
Despite the acceleration of GDP in the second quarter of 2000, there are strong
signals of more moderate growth ahead. Inventories--a notoriously volatile
component--more than accounted for the second-quarter speed-up, while consumer
spending, the principal driver of the boom so far, slowed sharply. Since this
has been Alan Greenspan's chief worry, with stock market gains fuelling
unsustainable consumer spending, the restraint is reassuring.
Other data also suggest slower growth: housing and auto sales have cooled off,
at least to the extent of growing slower, retail sales have moderated, and the
trend in new job creation seems to have slowed.
But it's not a sure thing. There have been signs of a slowdown before--for
example, during the financial turmoil in 1998--and each time the economic boom
has bounced right back. Even now some numbers hint at a rebound. Business
equipment spending is still very strong, consumer confidence is high,
unemployment is low, and rising wages are driving incomes and consumer spending
in the latest monthly data.
Inflation: so far it's just oil prices
The Consumer Price Index (CPI) rose at a 4% annual pace in the first quarter,
and was still running at over 3% in the second. However, excluding the ups and
downs of food and energy prices, inflation remained under 3%, and there has
been remarkably little impact of oil prices on other goods and services.
The Fed's chief inflation worry is still the job market, where it fears that
30-year lows in unemployment will drive up wages and force companies to raise
prices. So far, despite signing bonuses, stock options and other forms of
increased compensation, there is no evidence in the national statistics that
wages are increasing much faster than productivity. It's true that firms face
intense competition to hire good workers, but they also face intense
competition for sales which discourages price hikes.
The danger of inflation has not disappeared despite the recent benign
experience. If productivity slows, or even if it stops accelerating, we could
have a period in which rising labor costs finally force firms to raise prices.
While this risk appears to be much smaller than we would have guessed a few
years ago, it can never wholly vanish. This is the reason why Alan Greenspan
has raised interest rates six times since June, 1999, and it is why he may do
so again if economic growth and inflation data raise danger signals during the
months ahead.
1
<PAGE>
Inception: March 29, 1986
Growth & Income Fund
Independence Investment Associates, Inc. Paul F. McManus
The Growth & Income Fund outperformed the S&P 500 in the second quarter and
is in line with the index through mid year. The fund had modest overweights in
the Health Care, and Financial groups and was modestly underweighted in
Consumer Products, Energy and Technology. Strong performance in the drug group
from names like Pfizer (which merged with Warner Lambert, also owned),
Schering Plough and Allergan Pharmaceutical positively impacted fund
performance. Banks were another area of successful stock selection as Mellon
Financial, Chase Manhattan and CitiGroup helped performance. Given the
increased interest rate environment, investors sold retail and cyclical names.
The fund had exposure to Target, Gap Stores and Federated Department Stores
during the quarter. We believe that they are attractive at current valuations,
particularly Gap Stores which is expected to accelerate its revenue growth as
the year progresses. In the technology area performance was helped by names
like Hewlett Packard, Cisco, ADC Telecomm and Teredyne. Earlier in the year
and in the fourth quarter of 1999, technology speculation reached a peak and
as interest rates rose, the group sold off beginning in March. Our strategy
all along has been to select high quality, reasonably valued technology stocks
and this has served the fund well amidst the volatility in the sector.
As we look out to the balance of 2000, we expect interest rates to peak as
the economy slows down from it's strong first half growth pace. Oil prices
should ease as OPEC countries increase production during a period of economic
deceleration and this will be beneficial to the inflation rate. If rates do
indeed decline in the coming months, the stock market should respond
favorably. In particular, value based strategies selecting stocks that have
attractive prices and improving fundamental trends should do well.
[GRAPH]
Historical Fund Return
Growth and Income S&P 500.
Index
6/30/90 10,000 10,000
6/30/91 11,140 10,739
6/30/92 12,590 12,185
6/30/93 14,446 13,840
6/30/94 14,813 14,026
6/30/95 18,028 17,677
6/30/96 22,479 22,281
6/30/97 28,763 30,003
6/30/98 38,170 39,067
6/30/99 46,448 47,955
6/30/00 48,199 51,432
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Pfizer, Inc. 4.9% 0.8%
Cisco Systmes, Inc. 3.9% 3.9%
Citigroup, Inc. 3.8% 3.6%
General Electric Co. 3.8% 5.1%
Intel Corp. 3.7% 2.7%
Microsoft Corp. 3.4% 6.2%
Exxon Mobil Corp. 2.2% 1.2%
Bristol-Myers Squibb Co. 2.2% 1.4%
Oracle Corp. 2.2% 1.7%
International Business Machines Corp. 1.7% 1.8%
Average Annual Total Returns*
Growth & Income S&P 500. MorningStar
Fund Index Peer Group+
YTD** -0.44% -0.42% 1.43%
1 Year 3.77 7.25 11.29
3 Years 18.78 19.68 19.64
5 Years 21.74 23.81 22.74
10 Years 17.03 17.79 17.03
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Technology 33.6% Consumer Cyclical 5.5%
Health Care 14.5% Utility 5.3%
Financial 13.3% Energy 4.7%
Capital Equipment 10.1% Consumer Staple 2.3%
Retail 5.6% Basic Material 2.2%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the Fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
** Year-to-date total returns are not annualized.
. "Standard & Poor's 500" is a trademark of the McGraw-Hill Companies, Inc.
and has been licensed for use by John Hancock Life Insurance Company. The
product is not sponsored, endorsed, fold or promoted by Standard & Poor's
and Standard & Poor's makes no representation regarding the advisability of
investing in the product.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and
life sub-accounts within the Morningstar variable universe having a
Large Blend investment style.
2
<PAGE>
Inception: May 1, 1996
Equity Index Fund
State Street Global Advisors Management Team
The S&P 500 rebounded with a positive return of 2.47% for the month of June,
partially offsetting negative returns from April and May. For the quarter, the
Index suffered a -2.66% return and is also in negative territory, -0.42%, for
the first six months of 2000.
For the first six months of the year the portfolio performed in line with
expectations, trailing the benchmark by 0.08%. Since the inception of the fund
in May of 1997, it has returned 22.73% on an annualized basis. The portfolio
team continues to attempt to track the performance of the Index by fully
replicating the weights of the securities held in the Index. This strategy is
consistent with our long-standing policy of managing S&P 500 portfolios.
General Electric is once again the largest security weight within the Index,
accounting for 4.19% of the S&P 500. Overall, the top ten names in the Index
total 26.65% of the benchmark weight.
[GRAPH]
Historical Fund Return
Equity Index Fund S&P 500. Index
5/1/96 10,000 10,000
6/30/96 10,231 10,300
6/30/97 13,727 13,870
6/30/98 17,850 18,060
6/30/99 21,904 22,168
6/30/00 23,475 23,776
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
General Electric Co. 4.1% 3.7%
Intel Corp. 3.5% 2.0%
Cisco Systems, Inc. 3.4% 2.6%
Microsoft Corp. 3.3% 4.4%
Pfizer, Inc. 2.3% 0.9%
Aim Stic Prime Fund 2.2% 2.2%
Exxon Mobil Corp. 2.1% 2.0%
Wal-Mart Stores, Inc. 2.0% 2.2%
Oracle Corp. 1.8% 1.2%
Citigroup, Inc. 1.6% 1.4%
Average Annual Total Returns*
Equity Index S&P 500. MorningStar
Fund(1) Index Peer Group+
YTD** -0.50% -0.42% 1.43%
1 Year 7.17 7.25 11.29
3 Years 19.58 19.68 19.64
Since Inception (5/1/96) 22.73 23.10 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Technology 33.6% Retail 5.5%
Financial 15.1% Energy 5.3%
Health Care 11.3% Consumer Staple 5.3%
Capital Equipment 8.8% Consumer Cyclical 5.3%
Utility 6.5% Basic Material 1.9%
(1) Returns reflect waiver of advisory fee, reimbursement of all non-advisory
fund expenses, and extra-ordinary capital contributions of $84,000 in 1996
and $250,000 in 1997.
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund does not
reflect expense and charges of the applicable separate accounts and
variable products, all of which vary to a considerable extent and are
described in your product prospectus.
. "Standard & Poor's 500" is a trademark of The McGraw-Hill Companies, Inc.
and has been licensed for use by John Hancock Life Insurance Company. The
product is not sponsored, endorsed, sold or promoted by Standard & Poor's
and Standard & Poor's makes no representation regarding the advisability of
investing in the product.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all the variable annuity and
life sub-accounts within the Morningstar variable universe having a Large
Blend investment style.
** Year-to-date total returns are not annualized.
3
<PAGE>
Inception: May 1, 1996
Large Cap Value Fund
T. Rowe Price Associates, Inc. Brian C. Rogers
Following a sharp advance during the first quarter of 2000, domestic stocks
stumbled badly in April, then spent the past two months trying to recover. The
Fed hiked short-term rates three times in the first half, for a total of six
times since June 1999, which eventually took its toll on most sectors of the
market. The equity income group rallied somewhat after a long period of
stagnation, but still finished in negative territory.
Fund performance reflected the overall weakness with a small loss in the face
of a major sell-off in the so-called New Economy sectors. The fund's
underweighting in technology spared it from further damage during the
challenging first six months of 2000.
<TABLE>
<CAPTION>
TOTAL RETURNS
FOR PERIODS
ENDED 6/30/00
---------------
6 MONTHS 1 YEAR
-----------------------------------------
<S> <C> <C>
Large Cap Value Fund -2.32% -9.99%
-----------------------------------------
Russell 1000 Value Index -4.23% -8.92%
-----------------------------------------
</TABLE>
As mentioned in previous reports, value stocks had been selling at the
greatest price/earnings discount to the general market in 25 years. The major
contributors to positive performance were Baker Hughes, up 53%; American Home
Products, up 50%; Pharmacia, up 46%; Starwood Hotels & Resorts, up 40%;
Reader's Digest, up 36%; and Disney, up 33%. There were laggards as well.
Among them were Unisys and BMC Software, each off 54% for the six-month
period; Armstrong World, down 51%; Hercules, down 48%; Proctor & Gamble, off
47%; and International Paper, down 46%. The fund remained well-diversified
among industries, with 21% of assets in consumer nondurables, 17% in financial
stocks, 14% in energy, 14% in utilities, and the rest scattered across other
industrial sectors. We made several purchases in the first half as their
valuations became more attractive, including Vodafone AirTouch, Rockwell
International, Motorola, Unisys, Microsoft, and BMC Software.
We believe further rate hikes may be possible in coming months. However,
there are signs of slowing in economic growth and the Fed could be nearing the
end of its tightening cycle. The purpose of the higher rates is to slow the
economy from its robust pace of the past few quarters and constrain inflation
within acceptable bounds. We think these efforts will succeed without pushing
the economy into a recession. As investors anticipate more favorable trends on
inflation and interest rates, we expect moderate returns through the rest of
the year for domestic stocks, including the equity income sector of the
market.
[GRAPH]
Historcal Fund Return
Russell 1000
Value Index Large Cap Value Fund
5/1/96 10,000 10,000
6/30/96 10,133 10,255
6/30/97 13,496 13,059
6/30/98 17,388 15,561
6/30/99 20,235 17,932
6/30/00 18,430 16,140
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
BP Amoco plc 3.1% 1.7%
Exxon Mobil Corp. 2.7% 3.2%
Mellon Financial Corp. 2.4% 1.7%
SBC Communications, Inc. 2.2% 1.8%
American Home Products Corp. 2.1% 1.6%
General Mills, Inc. 2.1% 1.4%
Chevron Corp. 1.7% 1.4%
Pharmacia Corp. 1.7% N/A
Texaco, Inc. 1.7% 1.2%
GTE Corp. 1.6% 1.6%
Average Annual Total Returns*
Large Cap Russell 1000 MorningStar
Value Fund Value Index Peer Group+
YTD** -2.32% -4.23% -1.58%
1 Year -9.99 -8.92 -5.24
3 Years 7.32 10.94 9.11
Since Inception (5/1/96) 12.17 15.80 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Financial 17.3% Capital Equipment 7.8%
Energy 14.2% Basic Material 7.0%
Utility 13.3% Health Care 6.5%
Consumer Staple 11.5% Technology 4.9%
Consumer Cyclical 8.8% Transportation 1.8%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and
life sub-accounts within the Morningstar variable universe having a Large
Value investment style.
** Year-to-date total returns are not annualized.
4
<PAGE>
Inception: August 31, 1999
Large Cap Value Core Fund
Goldman Sachs Asset Management Clark/Jones/Pinter
For the quarter ended June 30, 2000, the Large Cap Value CORE Fund returned -
4.14% at net asset value, outperforming its benchmark, the Russell 1000 Value
Index, which returned -4.69%.
When managing the Fund, we do not take size or sector bets. Our quantitative
process seeks out stocks with good momentum that also appear to be good values.
We prefer stocks favored by fundamental research analysts, and less volatile
stocks with lower-than-average probability of reporting disappointing earnings.
Over the long term, these four investment themes (Growth/Momentum, Value,
Stability and Research) have led to excess returns, although they typically do
not all work well simultaneously. During the second quarter, returns were
driven by different CORE themes each month. For instance, the Value theme fared
well among Russell 1000 Value stocks in April, but fared poorly in May and
June. Our Momentum and Stability themes fared poorly in both April and May,
then rallied to contribute positively in June. Finally, our Research theme
fared well in April, then detracted from returns in May and June.
The swings from record low to record high monthly returns for our CORE themes
reflects the high level of market volatility experienced during the quarter.
Return dispersion--the spread between the best- and worst-performing stocks--
reached at least a twenty-year high in June, after being near record levels
year to date.
Industry exposures also contributed positively to returns during the quarter,
largely driven by a small overweight in pharmaceuticals.
No significant changes to the Fund's investment strategy occurred in the
second quarter. However, we continually evaluate the effectiveness of the
process, and, as we find new features which we believe will add to the Fund's
performance, we may add these to the Fund's investment process and strategy. We
intend to maintain our disciplined, long-term approach to equity investing
despite possible continued volatility in the U.S. equity markets throughout the
remainder of 2000. In fact, we believe that careful risk management such as
that which defines the CORE process is of paramount importance in such a
volatile environment, when small bets can have much larger than expected
consequences. Through our combined qualitative and quantitative strategy for
selecting stocks, we believe we have the potential to generate solid long-term
returns for the shareholders of the Fund.
[GRAPH]
Historical Fund Return
Large Cap Value Russell 1000
Core Fund Value Index
8/31/99 10,001 10,000
9/30/99 9,711 9,650
10/31/99 10,332 10,206
11/30/99 10,222 10,126
12/31/99 10,358 10,175
1/31/00 9,967 9,843
2/29/00 9,306 9,112
3/31/00 10,354 10,223
4/30/00 10,236 10,104
5/31/00 10,315 10,211
6/30/00 9,925 9,744
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Citigroup, Inc. 4.7% 2.2%
Exxon Mobil Corp. 4.6% 3.5%
SBC Communications, Inc. 2.2% 1.7%
The Walt Disney Co. 2.0% 0.3%
BellSouth Corp. 2.0% 0.8%
American International
Group, Inc. 1.9% 1.4%
AT&T Corp. 1.9% 2.4%
Bell Atlantic Corp. 1.8% 0.9%
Bank of America Corp. 1.7% 1.4%
General Motors Corp. 1.6% 0.3%
Average Annual Total Returns*
Large Cap Russell 1000 MorningStar
Value CORE Fund Value Index Peer Group+
YTD** -4.18% -4.23% -1.58%
Since Inception (8/31/99) -0.89 -3.06% N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Financial 28.0% Capital Equipment 6.1%
Utility 13.8% Health Care 4.3%
Energy 11.7% Basic Material 4.1%
Consumer Cyclical 10.3% Consumer Staple 3.9%
Technology 7.8% Retail 1.8%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a Large Value
investment style.
** Year-to-date total returns are not annualized.
5
<PAGE>
Inception: June 30, 2000
American Leader's Large Cap Value Fund
Federated Investment Management Company M. Donnelly/K. McCloskey
The American Leaders Large Cap Value Fund commenced investment operations on
June 30, 2000, and the Fund was invested in short-term United States
Treasuries as of the market close on that date. The Fund was fully invested in
equities on July 3, 2000. The Fund seeks to identify large, leading companies
that are trading at significant discounts to their inherent franchise values.
To accomplish this goal, the Fund utilizes a proprietary valuation model and
conducts rigorous qualitative analysis of the fundamentals of each company
before a purchase decision is made. The Fund seeks to outperform the Russell
1000 Value Index and the S&P/Barra Value Index on an annual basis. The Fund
also seeks to outperform the S&P 500 Index over a full market cycle.
6
<PAGE>
Inception: March 29, 1986
Large Cap Growth Fund
Independence Investment Associates, Inc. Mark Lapman
The Large Cap Growth Fund returned -1.51% in the second quarter of 2000,
exceeding the Russell 1000 Growth index return of -2.70%. The market rotation
out of overpriced hyper-growth stocks into securities with an attractive
combination of cheapness and improving fundamentals continued into the second
quarter. Since the broadening began in March, your fund has outperformed its
benchmark by over 4%. Investors witnessed a rotation out of premium priced
technology, telecom and biotech stocks into undervalued securities in sectors
with solid earnings prospects, such as pharmaceuticals, energy and financials.
Investments that outperformed include Warner-Lambert, El Paso Energy and
American General. Previous winners in telecom and computer software were weak,
and retailers such as Gap and Circuit City were crushed as higher interest
rates caused investors to worry about a potential reduction in consumer
spending. Investors now need to be choosy in the technology companies that
they hold, focusing on those that are fundamentally sound, with innovative
products, earnings growth and strong management. We believe stocks such as
Veritas, Oracle, and Cisco meet all of these criteria, and thus we hold them
in your fund.
It is clear that after six interest rate hikes, U.S. economic growth will
moderate. With higher than expected initial jobless claims, weakening retails
sales and slowing housing starts, consumer confidence is beginning to erode,
albeit from a high level. Although we believe that the Fed will be successful
in achieving a soft landing, we expect the stock market to remain volatile as
investors struggle to assess the outcome. Stock selection will be especially
important during this period of uncertainty. With our stock selection skill,
valuation discipline and emphasis on diversification, we are extremely well
positioned to add value in this environment.
[GRAPH]
Historical Fund Return
Large Cap Growth Fund Large Cap Growth Benchmark(1)
6/30/90 10,000 10,000
6/30/91 11,658 10,739
6/30/92 12,897 12,185
6/30/93 14,940 13,840
6/30/94 15,417 14,026
6/30/95 18,386 17,677
6/30/96 22,617 22,418
6/30/97 28,869 29,441
6/30/98 39,523 38,678
6/30/99 49,748 49,227
6/30/00 58,852 61,861
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Cisco Systems, Inc. 7.1% 5.9%
Intel Corp. 6.2% 4.1%
General Electric Co. 6.1% 4.5%
Microsoft Corp. 3.8% 6.2%
Oracle Corp. 3.3% 2.8%
Pfizer, Inc. 3.2% 1.6%
EMC Corp. 2.5% 0.8%
Sun Microsystems, Inc. 2.4% 0.8%
Lucent Technologies, Inc. 2.1% 2.9%
International Business
Machines Corp. 2.1% 1.8%
Average Annual Total Returns*
Large Cap Large Cap Growth MorningStar
Growth Fund Benchmark (1) Peer Group+
YTD** 5.71% 4.24% 3.04%
1 Year 18.30 25.66 34.84
3 Years 26.80 28.08 31.54
5 Years 26.20 28.47 27.68
10 Years 19.39 19.99 19.48
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Technology 61.0% Financial 4.2%
Health Care 12.6% Consumer Cyclical 3.6%
Capital Equipment 9.7% Energy 0.2%
Retail 6.1%
(1) The benchmark is represented by the S&P 500 for the period April 1986 to
April 1996 and the Russell Large Cap Growth Index for the period May 1996
to present.
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a Large Cap
Growth investment style. Prior to May 1996 (concurrent with the Fund's
strategy change), the peer group represents the Large Blend investment
style.
** Year-to-date total returns are not annualized.
7
<PAGE>
Inception: August 31, 1999
Large Cap Aggressive Growth Fund
Alliance Capital Management L.P. J. Fogarty/A. Harrison
For the six months ending June 30, 2000, the Fund returned 2.22% compared to
the S&P 500 Index return of -0.4% and the Russell 1000 Growth Index return of
4.2%. The outperformance compared to the broad S&P 500 was due to solid stock
selection specifically in technology and healthcare. Within technology,
communications equipment, software and semiconductor makers continued to
report robust earnings growth. Healthcare experienced strong gains as
investors seeking protection from the market turbulence during April and May
were drawn to stable earnings growth, attractive relative valuations and a
perception that the political climate remains positive for the rest of the
year. The Series modestly underperformed the Russell 1000 Growth Index due to
its underweight in technology stocks, which comprised approximately 40% of the
portfolio, compared to almost 60% for the Index.
We maintain a positive view about the industry dominant, high growth
companies in the portfolio that are growing their earnings on average more
than 20% which compares favorably to the earnings growth rate for the average
S&P 500 company of 10-12%. The correction in technology stocks that saw the
NASDAQ fall over 20% from its record March high through the end of June has
had the beneficial effect of deflating the speculative bubble in the stock
market. However, there still exists a valuation gap between most technology
stocks and the rest of the market specifically financials and basic materials
stocks. This valuation gap coupled with an economic landscape that is unclear
is likely to lead to continued volatility in the market which we will take
advantage of by actively trading our core holdings to add incremental return.
Balancing our positive view of economic and earnings fundamentals with a
cautious view on valuations, the Fund remains broadly diversified with
technology, consumer services, financials and healthcare the areas of
emphasis.
[GRAPH]
Historical Fund Return
Large Cap Russell 1000
Aggressive Growth Fund Growth Index
8/31/99 10,000 10,000
9/30/99 9,948 9,790
10/31/99 10,811 10,529
11/30/99 11,047 11,098
12/31/99 12,018 12,252
1/31/00 11,465 11,677
2/29/00 11,569 12,248
3/31/00 12,833 13,125
4/30/00 12,364 12,501
5/31/00 11,692 11,871
6/30/00 12,284 12,771
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Nokia Oyj 6.2% 3.7%
Tyco International, Ltd. 6.0% 2.6%
Intel Corp. 5.4% 2.8%
Pfizer, Inc. 5.2% 0.9%
Cisco Systems, Inc. 4.5% 2.9%
Applied Materials, Inc. 4.4% 1.1%
Citigroup, Inc. 3.8% 1.9%
AT&T Corp. - Liberty Media
Group 3.7% 2.4%
Microsoft Corp. 3.3% 2.9%
Schering-Plough Corp. 3.1% 1.9%
Average Annual Total Returns*
Large Cap Aggressive Russell 1000 MorningStar
Growth Fund Growth Index Peer Group+
YTD** 2.22% 4.24% 3.04%
Since Inception (8/31/99) 28.02% 34.11 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Technology 45.7% Retail 6.8%
Financial 11.2% Utility 2.8%
Health Care 10.1% Consumer Staple 1.4%
Consumer Cyclical 9.8% Governmental 1.1%
Capital Equipment 9.6%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and
life sub-accounts within the Morningstar variable universe having a Large
Growth investment.
** Year-to-date total returns are not annualized.
8
<PAGE>
Inception: August 31, 1999
Large/Mid Cap Value Fund
Wellington Management Company, LLP D. Chu/L. Gabriel
During the second quarter, the Large/Mid Cap Value Fund decreased -5.65%,
underperforming the Fund's benchmark, the Russell 1000 Value Index, which fell
-4.7% for the quarter ended June 30, 2000. Since Inception, on September 1,
1999, the Fund has returned 2.2%, compared to a -2.6% return by the benchmark.
The second quarter of 2000 was characterized by weak results in global equity
markets. The modest second quarter returns of most US equity indices masked the
level of volatility present during the second quarter. The Russell 1000 Value
Index outperformed the Russell 1000 Growth Index (by roughly 350 basis points
in April and 350 basis points in May), but the momentum reversed in June and
the Value index underperformed the Growth index.
During the quarter, the Fund's sector weights were kept closely in line with
those of the Russell 1000 Value Index. The sectors in the Fund that added the
most value were information technology, health care, and industrial and
commercial. On the negative side, stock selection within information and
entertainment, utilities, and finance hurt performance.
Some of the Fund's largest contributors through stock selection during the
quarter include: Cigna which was the Fund's top performer, First Data, which
showed strong earnings growth during the quarter, and Convergys which was a
strong performer in the industrial and commercial sector.
As we begin the third quarter of 2000, we continue to believe that broad
diversification across economic sectors is a central tenet of the investment
strategy. We anticipate further rate hikes by the Federal Reserve in order to
slow the US economy. In a tightening interest rate environment, we remain
bullish on the outlook for the large-cap value sector going forward. We will
continue to look for opportunities in large cap stocks that represent value
through active fund management.
[GRAPH]
Historical Fund Return
Large/Mid Cap Russell 1000
Value Fund Value Index
8/31/99 10,000 10,000
9/30/99 9,787 9,650
10/31/99 10,352 10,206
11/30/99 10,295 10,126
12/31/99 10,472 10,175
1/31/00 10,031 9,843
2/29/00 9,614 9,112
3/31/00 10,829 10,223
4/30/00 10,445 10,104
5/31/00 10,607 10,211
6/30/00 10,218 9,744
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Citigroup, Inc. 4.1% 3.7%
Exxon Mobil Corp. 4.0% N/A
Bell Atlantic Corp. 3.4% 2.5%
Merrill Lynch & Co., Inc. 3.3% N/A
American International
Group, Inc. 2.7% 1.4%
Marsh & McLennan Cos., Inc. 2.3% 1.3%
Wachovia Corp. 2.2% 1.2%
SBC Communications, Inc. 1.8% 1.7%
Pharmacia Corp. 1.8% N/A
Cigna Corp. 1.7% 1.1%
Average Annual Total Returns*
Large/Mid Cap Russell 1000 MorningStar
Value Fund Value Index Peer Group+
YTD** -2.43% -4.23% -0.86%
Since Inception (8/31/99) 2.62 -3.06% N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Financial 28.2% Consumer Cyclical 7.2%
Utility 13.1% Consumer Staple 5.2%
Technology 9.3% Health Care 4.5%
Capital Equipment 8.6% Retail 4.4%
Energy 8.4% Basic Material 3.8%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Small-company investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a 50%
weighting of the Large Cap Value style and a 50% weighting of the Mid Cap
Value style.
** Year-to-date total returns are not annualized.
9
<PAGE>
Inception: May 1, 1996
Mid Cap Value Fund
Neuberger Berman, LLC Gendelman/Mullick
The Mid Cap Value Fund returned -2.48% during the second quarter of 2000,
falling just short of the Russell Midcap Value Index's return of -1.68%.
Although the fund had a difficult 2nd quarter, due in part to its poor
performing technology holdings and an uncertain economic environment, its Year
to Date total return continues to outpace the Russell Mid Cap Value Index by
over 600 basis points (5.64% vs. -0.69%).
Our Utility and Energy holdings performed well in the second quarter, spurred
on by high natural gas and crude oil prices. Top contributors from the two
sectors include the following: Anadarko Petroleum, an oil and gas exploration
and production company in the process of merging with Union Pacific Resources;
Coastal Corp., a natural gas company merging with El Paso Energy; and AES
Corp., a global independent power producer. The Financial Services sector
contributed positively to returns as a result of good stock selection and a
relatively heavy weighting in the fund. Property and casualty insurer ACE Ltd.
and student loan provider SLM Holdings both had a positive impact on returns.
Unfortunately, a few of our Technology holdings were hit hard by negative
sentiment within the sector. Comdisco was one drag on fund returns and
Parametric Technology, despite being disposed of early in the quarter, was
another. EchoStar Communications and Smurfit-Stone Container, both of which
were removed from the fund, detracted from returns.
Looking forward we remain positive about the future. We have had a strong
first half, and while technology stocks generally had a difficult second
quarter, they have recovered, and we are confident that companies with good
fundamentals will deliver long term superior performance. We feel comfortable
with the fund's overall structure and look forward to the challenges of the
second half of the year.
[GRAPH]
Historical Fund Return
Russell Mid Cap Mid Cap
Value Index Value Fund
5/1/96 10,000 10,000
6/30/96 10,107 10,095
6/30/97 12,933 13,423
6/30/98 16,261 15,464
6/30/99 17,177 15,114
6/30/00 15,820 15,190
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Metlife, Inc. 2.6% N/A
SLM Holding Corp. 2.2% 1.2%
Genzyme Corp.
(General Division) 2.1% 1.9%
AES Corp. 2.1% N/A
Tenet Healthcare Corp. 2.0% N/A
A.H. Belo Corp. 2.0% 1.8%
Starwood Hotels & Resorts
Worldwide, Inc. 1.9% 0.9%
General Dynamics Corp. 1.9% 2.1%
Ace, Ltd. 1.8% N/A
SPX Corp. 1.8% 2.1%
Average Annual Total Returns*
Mid Cap Russell Mid Cap MorningStar
Value Fund Value Index Peer Group+
YTD** 5.72% -0.69% -0.14%
1 Year 0.50 -7.90 -4.31
3 Years 4.21 6.95 7.84
Since Inception (5/1/96) 10.55 11.64 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Financial 29.2% Technology 9.2%
Capital Equipment 13.8% Transportation 4.0%
Energy 11.4% Basic Material 3.6%
Health Care 9.5% Retail 3.1%
Consumer Cyclical 9.4% Utility 2.6%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a Mid Cap
Value investment style.
** Year-to-date total returns are not annualized.
10
<PAGE>
Inception: August 31, 1999
Mid Cap Blend Fund
Independence Investment Associates, Inc. Coreen Kraysler
The Mid Cap Blend Fund had a strong second quarter, returning -.28%, well
ahead of the Frank Russell Mid Cap Index return of -4.51%. Excitement
continued to mount over the possibilities of major advancements in medicine as
the human genome is sequenced. As a result, holdings in biotech and medical
technology such as Waters, Medimmune, CV Therapeutics, QLT Phototherapeutics
and Cephalon were all strong. Oil stocks, such as El Paso Energy and Anadarko
Petroleum were also strong, as rising oil prices propelled earnings higher. As
investors perceived that interest rates were peaking, financial holdings such
as Lincoln National and Aon performed well. Although technology stocks rallied
in June, the group was weak overall during the quarter as investors rotated
out of premium priced stocks into sectors with solid earnings prospects, such
as pharmaceuticals and financials. However, select technology names performed
well, with holdings in Portal Software, Convergys and Vitesse Semiconductor
producing returns well ahead of the market. In general, software and
semiconductor names were weak, and holdings in Citrix Systems and Applied
Micro Circuits underperformed. Retailers such as Circuit City were also weak
due to investors fears regarding a potential slowdown in consumer spending.
Going forward, it is clear that after six interest rate hikes, U.S. economic
growth will moderate. In fact, we have already begun to see signs of a
slowdown in some of the recently reported economic statistics, including
retail sales, housing starts and the unemployment data. We believe that the
Fed will be successful in its attempt to engineer a soft landing, and that
this environment will be favorable for the stock market. The Mid Cap Blend
Fund is well positioned to benefit from these trends.
[GRAPH]
Historical Fund Return
Mid Cap Blend Fund Russell Mid Cap Index
8/31/99 10,000 10,000
9/30/99 9,729 9,648
10/29/99 10,182 10,105
11/30/99 10,633 10,396
12/31/99 11,153 11,311
1/31/00 10,739 10,937
2/29/00 11,484 11,778
3/31/00 12,645 12,453
4/28/00 12,620 11,863
5/31/00 12,361 11,549
6/30/00 12,610 11,891
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Allergan, Inc. 1.7% 0.4%
Intuit, Inc. 1.7% 0.4%
Comerica, Inc. 1.6% 0.5%
Noble Drilling Corp. 1.6% N/A
Portal Software, Inc. 1.6% N/A
QLT PhotoTherapeutics, Inc. 1.5% 0.6%
Fiserv, Inc. 1.5% 0.5%
Bausch & Lomb, Inc. 1.5% 0.4%
Lincoln National Corp. 1.4% N/A
Aon Corp. 1.4% N/A
Average Annual Total Returns*
Mid Cap Russell Mid MorningStar
Blend Fund Cap Index Peer Group+
YTD** 13.06% 5.12% 3.93%
Since Inception (8/31/99) 32.11 23.10 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Technology 27.8% Retail 6.3%
Health Care 11.9% Energy 6.1%
Financial 11.8% Utility 5.4%
Capital Equipment 9.5% Basic Material 4.9%
Consumer Cyclical 8.2% Transportation 4.1%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Small-company investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a Mid Cap
Blend investment style.
** Year-to-date total returns are not annualized.
11
<PAGE>
Inception: May 1, 1996
Mid Cap Growth Fund
Janus James Goff
Strength among a number of individual stocks wasn't enough to overcome losses
related to a difficult market environment during the second quarter, and the
Fund slipped 6.69%, slightly outperforming the 7.41% loss registered by its
benchmark, the Russell MidCap Growth Index. Outstanding fundamental
performances by many of our companies allowed them to overcome an increase in
volatility to post strong gains. For example, growth in demand for SDL's
optical networking gear has been so strong that the company announced its
second-quarter earnings would outpace last year's by nearly 140%. For its
part, payroll processor Paychex once again surprised Wall Street analysts by
logging a better-than-expected 36% increase in earnings. Both companies were
among our top performers.
There were setbacks, however, including lackluster performances by several of
our telecommunications and technology stocks. Internet advertising leader
DoubleClick was caught in a sharp sell-off of technology shares that began in
March. The company also suffered from concerns about the sustainability of
advertising spending as the economy decelerates, delivering a "one-two punch"
to the stock that forced DoubleClick into the red for the period.
Looking forward, the prospect of a more stable interest rate environment is
encouraging. The first-quarter earnings season was perhaps the best showing
for our companies I have ever witnessed. We believe second-quarter earnings,
due to be released by many our holdings over the next few weeks, will be just
as healthy. If the overhang related to interest rate uncertainty has indeed
finally been lifted, our performance should reflect that strength. Meanwhile,
we will continue to search for companies capable of producing stable, long-
term growth regardless of the market environment, always leveraging the
detailed, company-level research upon which the Janus reputation is built.
[GRAPH]
Historical Fund Return
Russell Mid Cap Growth Index Mid Cap Growth Fund
5/1/96 10,000 10,000
5/31/96 10,204 10,252
6/28/96 9,896 10,020
7/31/96 9,128 9,186
8/30/96 9,622 9,881
9/30/96 10,233 10,473
10/31/96 10,113 10,325
11/29/96 10,709 10,408
12/31/96 10,529 10,269
1/31/97 10,994 9,994
2/28/97 10,752 9,827
3/31/97 10,145 9,079
4/30/97 10,393 9,186
5/30/97 11,325 10,176
6/30/97 11,638 10,693
7/31/97 12,752 10,907
8/29/97 12,627 10,950
9/30/97 13,266 11,734
10/31/97 12,601 11,385
11/28/97 12,734 11,547
12/31/97 12,900 11,980
1/30/98 12,668 11,743
2/27/98 13,859 12,728
3/31/98 14,440 13,429
4/30/98 14,636 13,656
5/29/98 14,035 13,098
6/30/98 14,432 14,211
7/31/98 13,814 14,045
8/31/98 11,177 11,448
9/30/98 12,022 12,370
10/30/98 12,907 13,332
11/30/98 13,777 14,295
12/31/98 15,204 16,660
1/29/99 15,660 17,539
2/26/99 14,894 16,892
3/31/99 15,724 19,064
4/30/99 16,441 20,313
5/28/99 16,229 20,063
6/30/99 17,362 21,164
7/30/99 16,810 20,863
8/31/99 16,635 21,977
9/30/99 16,493 22,828
10/29/99 17,768 26,427
11/30/99 19,609 29,295
12/31/99 23,003 36,370
1/31/00 22,999 37,510
2/29/00 27,833 44,729
3/31/00 27,861 37,361
4/28/00 25,156 32,525
5/31/00 23,323 30,325
6/30/00 25,798 34,862
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Abgenix, Inc. 2.3% N/A
American Tower Corp. 2.5% 0.6%
Andrx Corp. 1.7% N/A
Apollo Group, Inc. 2.1% 1.6%
AT&T Canada, Inc. 1.9% 1.4%
Brocade Communications
Systems, Inc. 1.3% 0.6%
Citadel Communications Corp. 0.8% 1.0%
Clearnet Communications, Inc. 0.8% 1.1%
CNET Networks, Inc. 0.9% N/A
Cox Radio, Inc. 3.1% 0.3%
Average Annual Total Returns*
Mid Cap Russell Mid Cap MorningStar
Growth Fund Growth Index Peer Group+
YTD** -4.15% 12.15% 8.81%
1 Year 64.72 48.59 51.88
3 Years 48.28 30.39 30.83
Since Inception (5/1/96) 34.94 25.54 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Technology 44.6% Energy 1.9%
Health Care 21.6% Utility 1.1%
Consumer Cyclical 13.2% Retail 0.7%
Capital Equipment 8.6%
Financial 3.6%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a Mid Cap
Growth investment style.
** Year-to-date total returns are not annualized.
12
<PAGE>
Inception: August 31, 1999
Fundamental Mid Cap Growth Fund
OppenheimerFunds, Inc. Bruce Bartlett
During the past month, several economic indicators such as retail sales,
consumer confidence and new home sales appeared to point towards a moderation
of economic activity. In addition, inflation measures remained under control
despite very tight labor markets. Finally, a sharp correction in major stock
market averages during April and May let some of the air out of what may have
been a speculative bubble and reduced the stimulative impact of the "wealth
effect" on the real economy. Given these circumstances, the Fed, which had
raised short-term rates six times over the past year in an effort to slow the
expansion, decided to take no action at its June meeting, leaving the key
Federal Funds rate unchanged at 6.5%.
Inflationary pressures and rising interest rates continued to pressure stock
multiples in May 2000. The NASDAQ was hit hardest as it was down 11.9% for the
month, while the Dow was down 2.0% and the S&P 400 was down 1.25%. Overall,
despite market volatility, company fundamentals remain strong.
During May 2000, there were no material changes in asset weightings. Cash
remains high as a result of the continued difficulty in finding companies
outside of technology and telecommunications.
Going forward, we will continue to place increased scrutiny on company
revenue growth, since revenue growth is the most sustainable source of
earnings growth. Failure to meet exceedingly high expectations may lead to
future earning disappointments.
[GRAPH]
Historical Fund Return
Fundamental Mid Cap Growth Index
8/31/99 $10,000 $10,000
9/30/99 10,000 9,915
10/31/99 10,836 10,681
11/30/99 14,468 11,788
12/31/99 15,457 13,829
1/31/00 15,972 13,826
2/29/00 22,030 16,732
3/31/00 18,801 16,749
4/30/00 16,532 15,123
5/31/00 14,461 14,021
6/30/00 18,224 15,508
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Newport Corp. 4.1% N/A
Micromuse, Inc. 3.6% 0.4%
Aether Systems, Inc. 3.2% N/A
Tiffany & Co. 2.9% 1.3%
Cooper Mountain Networks, Inc. 2.9% N/A
Rational Software Corp. 2.7% 0.3%
Bookman Technology plc 2.6% N/A
Sanmina Corp. 2.6% N/A
Mercury Interactive Corp. 2.5% 0.8%
SDL, Inc. 2.5% 1.8%
Average Annual Total Returns*
Fundamental Russell Mid-
Cap MorningStar
Mid Cap Growth Growth Index Peer Group+
YTD** 17.90% 12.15% 8.81%
Since Inception (8/31/99) 105.57 69.31 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Technology 61.3% Utility 2.4%
Retail 7.6% Energy 2.2%
Capital Equipment 5.9% Consumer Cyclical 2.0%
Health Care 4.3% Consumer Staple 0.5%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Small-company investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a Mid Cap
Growth investment style.
** Year-to-date total returns are not annualized.
13
<PAGE>
Inception: May 16, 1988
Real Estate Equity Fund
Independence Investment Associates, Inc. J. DeSantis/T. Spicer
MSDW Inv. Mgmt., Inc. T. Bigman/D. Funke
The market rotation out of overpriced New Economy stocks into securities with
an attractive combination of cheapness and improving fundamentals continued
into the second quarter with REIT indices experiencing double-digit returns.
The Real Estate Equity fund, with its concentration in the real estate sector,
was a beneficiary of this trend.
Even though the REIT asset class has come a long way in a relatively short
period of time, conditions are still favorable for the sector. Names continue
to trade at sizable discounts to Net Asset Value, dividend yields are still in
the 7.5% range, average earnings growth rates are a stable 10%, and a price
multiple of 8.6x is difficult to beat in this market. Investor sentiment is
definitely behind the sector with $338 million of net inflows since year-end.
Stock selection during the quarter contributed positively to performance,
while sector allocations had mixed results. Overweights in the Office,
Apartment and Diversified sectors helped performance as they outperformed the
overall index. An underweight in the Retail sector also helped performance as
it underperformed. Being underweight the Hotel sector, however, hurt
performance significantly as it outperformed the market by nearly 700 basis
points and was the main cause of the underperformance during the quarter.
Individual names that helped boost returns included Pacific Gulf Properties,
CarrAmerica, Reckson, CBL & Associates, Meristar and Boston Properties.
Going forward, we expect the stock market, including REITs, to remain volatile
as investors struggle to assess the state of the economy. Our strategy for the
near term is to be overweighted the Office and Apartment sectors and
underweighted the Hotel and Retail sectors. We will also maintain our large-
capitalization focus, as these names will be most attractive to new money
entering the sector. Stock-selection will however continue to be our main focus
and where we expect the majority of return to come from in the upcoming months.
[GRAPH]
Real Estate Equity Fund* Wihshire Real Estate Index
6/30/90 10,000 10,000
6/30/91 10,474 8,674
6/30/92 11,340 8,407
6/30/93 14,800 10,517
6/30/94 15,719 10,999
6/30/95 16,161 11,318
6/30/96 18,773 13,406
6/30/97 24,684 17,904
6/30/98 25,706 19,067
6/30/99 24,193 17,755
6/30/00 25,502 18,546
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Equity Office Properties Trust 5.9% 4.5%
Equity Residential Properties Trust 4.5% 4.7%
Avalonbay Communities, Inc. 4.3% 4.6%
Spieker Properties, Inc. 4.1% 4.3%
Post Properties, Inc. 3.5% 3.6%
Simon Property Group, Inc. 3.4% 2.5%
Duke Realty Investments, Inc. 3.4% 3.5%
Boston Properties, Inc. 3.3% N/A
Liberty Property Trust 3.2% 3.3%
Catellus Development Corp. 3.1% 2.9%
Average Annual Total Returns*
Real Estate Wilshire Real MorningStar
Equity Fund Estate Index Peer Group +
YTD*** 13.67% 15.21% 13.29%
1 Year 5.41 4.46 4.22
3 Years 1.09 1.18 2.02
5 Years 9.55 10.38 10.00
10 Years 9.81 6.37 9.92
Top Industries (as of June 30, 2000)
% of
investments
Real Estate Investment Trust 92.6%
Reat Estate Development 3.1%
Real Estate Operations 1.9%
* Effective June 30th, the Fund was modified to a multi-managed investment
approach.
** Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original costs. Sector investing entails special risks
as discussed in the prospectus. The performance of the fund on this page is
reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a Speciality
Real Estate investment.
** Year-to-date total returns are not annualized.
14
<PAGE>
Inception: August 31, 1999
Small/Mid Cap Value Fund
The Boston Company Asset Management, LLC Peter I. Higgins
After a very strong first quarter, the smaller capitalization market was down
slightly in the second quarter as measured by the Russell 2500 Value Index.
The Small/Mid Cap Value Fund had a positive quarter; up 4.37% while the
Russell 2500 Value Index was down 0.60%. Year-to-date the Fund is up 18.14%
while the Russell 2500 Value is up 4.05%. The Small/Mid Cap Value Fund was up
4.16% for the second quarter.
Our holdings in the energy, financial services and capital goods sectors were
up nicely and outperformed their respective sectors in the index. Our energy
holdings, with emphasis on natural gas exploration and production and energy
service companies, were again a successful strategy. In the financial services
area our focus is on diversified insurance and investment services
organizations. We have continued to underweight banks as higher interest rates
and loan loss concerns have negatively impacted the group. Our capital goods
holdings are broadly diversified with representation in industrial,
agricultural and defense equipment industries as well as environmental
services and related areas.
Our technology holdings were down slightly for the quarter but did better
than the technology sector of the index. Our investments here include holdings
in database and engineering software, computer component manufacturers,
electronics distribution companies as well as computer service companies. We
continue to emphasize the group as the stocks represent good value and growth
prospects appear favorable.
Sectors that did not do well include basic industries, consumer services, and
selected health care companies. In general these stocks underperformed due to
disappointing earnings and slowing growth expectations.
Going forward, global economic growth should continue to be positive. We
believe that the portfolio is well positioned and we do not anticipate a
significant change in our economic sector weighting for the coming quarter.
[GRAPH]
Historical Fund Return
Small/Mid Cap Value Fund Russell 2500 Value Index
Aug-31-99 10,001 10,000
Sep-30-99 9,560 9,685
Oct-31-99 9,443 9,695
Nov-30-99 9,942 9,748
Dec-31-99 10,508 10,080
Jan-31-00 9,756 9,661
Feb-29-00 9,775 9,828
Mar-31-00 11,918 10,552
Apr-30-00 12,266 10,548
May-31-00 12,275 10,528
Jun-30-00 12,414 10,489
Top Ten Holdings (as of June 30, 2000)
------------------------------------------------------------------------------
six months ago
% of % of
Investments Investments
Parametric Technology Corp. 2.6% N/A
Tidewater, Inc. 2.3% N/A
McKesson HBOC, Inc. 2.2% 0.8%
Avnet, Inc. 2.2% 0.6%
Informix Corp. 2.2% N/A
Fluor Corp. 2.0% 1.2%
Adaptec, Inc. 2.0% N/A
NCR Corp. 1.9% N/A
H & R Block, Inc. 1.9% N/A
Jones Apparel Group, Inc. 1.8% 1.1%
Average Annual Total Returns*
------------------------------------------------------------------------------
Small/Mid Cap Russell 2500 MorningStar
Value Fund Value Index Peer Group+
---------- ----------- -----------
YTD** 18.14% 4.05% 2.56%
Since Inception (8/31/99) 29.65 5.89 N/A
Top Ten Sector (as of June 30, 2000)
------------------------------------------------------------------------------
% of
Investments
Technology 28.0%
Financial 13.2%
Energy 12.7%
Basic Material 11.0%
Capital Equipment 8.8%
Retail 7.9%
Consumer Cyclical 7.4%
Health Care 3.9%
Transportation 2.2%
Consumer Staple 0.5%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestments of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Small-company investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary to
a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and
life sub-accounts within the MorningStar variable universe having a 50%
weighting of the Mid Cap Value style and a 50% weighting of the Small Cap
Value style.
** Year-to-date total returns are not annualized.
15
<PAGE>
Inception: May 1, 1998
Small/Mid Cap CORE Fund
Goldman Sachs Asset Management Jones/Clark/Pinter
For the quarter ended June 30, 2000, the Small/Mid Cap CORE Fund returned -
2.44% at net asset value, outperforming its benchmark, the Russell 2500 Index,
which returned -4.00%.
When managing the Fund, we do not take size or sector bets. Our quantitative
process seeks out stocks with good momentum that also appear to be good
values. We prefer stocks favored by fundamental research analysts, and less
volatile stocks with lower-than-average probability of reporting disappointing
earnings. Over the long term, these four investment themes (Growth/Momentum,
Value, Stability and Research) led to excess returns, although they typically
do not all work well simultaneously. For instance, during the second quarter,
both our Value and Momentum themes contributed positively to returns. Notably,
Value's strength was a result of strength in the first two months of the
quarter, whereas Momentum fared best April and June. Our Stability theme had
its worst month ever among small/mid capitalization stocks in April, but
rallied to one of its best months ever in June. Only our Research theme failed
to produce results in line with our expectations each month of the quarter.
No significant changes to the Fund's investment strategy occurred in the
second quarter. However, we continually evaluate the effectiveness of the
process, and, as we find new features which we believe will add to the Fund's
performance, we may add these to the Fund's investment process and strategy.
We intend to maintain our disciplined, long-term approach to equity investing
despite possible continued volatility in the U.S. equity markets throughout
the remainder of 2000. In fact, we believe that careful risk management such
as that which defines the CORE process is of paramount importance in such a
volatile environment, when small bets can have much larger than expected
consequences. We continue to believe that through our combined qualitative and
quantitative strategy for selecting stocks, we have the potential to generate
solid long-term returns for the shareholders of the Fund.
[GRAPH]
Small/Mid Cap Core Fund Russell 2500 Index
5/1/98 10,000 10,000
5/29/98 9,577 9,536
6/30/98 9,721 9,547
7/31/98 9,040 8,891
8/31/98 7,377 7,214
9/30/98 7,776 7,726
10/30/98 7,960 8,149
11/30/98 8,422 8,552
12/31/98 9,019 9,070
1/29/99 8,940 9,055
2/26/99 8,305 8,460
3/31/99 8,438 8,641
4/30/99 9,172 9,414
5/28/99 9,251 9,560
6/30/99 9,810 10,058
7/30/99 9,648 9,860
8/31/99 9,347 9,552
9/30/99 9,224 9,409
10/29/99 9,430 9,616
11/30/99 9,887 10,158
12/31/99 10,871 11,262
1/31/00 10,456 11,003
2/29/00 11,807 12,592
3/31/00 11,700 12,399
4/28/00 11,257 11,732
5/31/00 10,720 11,169
6/30/00 11,414 11,903
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
PMC-Sierra, Inc. 1.2% 0.2%
CIENA Corp. 1.1% 0.2%
Network Appliance, Inc. 1.1% 0.2%
VeriSign, Inc. 0.9% 0.5%
SDL, Inc. 0.9% 0.1%
Exodus Communications, Inc. 0.8% 0.5%
BEA Systems, Inc. 0.8% 0.4%
MedImmune, Inc. 0.7% 0.2%
Dynegy, Inc. 0.7% N/A
Advanced Micro Devices, Inc. 0.7% 0.1%
Average Annual Total Returns*
Small/Mid Cap Russell 2500 MorningStar
CORE Fund Index Peer Group+
YTD** 5.00% 5.69% 5.21%
1 Year 16.35 18.84 13.63%
Since Inception (5/1/98) 6.29 8.37 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Technology 35.0% Energy 6.6%
Financial 15.3% Utility 4.2%
Capital Equipment 10.6% Retail 3.3%
Health Care 10.2% Basic Material 3.2%
Consumer Cyclical 8.1% Consumer Staple 2.2%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Small-company investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for the sub-accounts of all
variable annuity and life products within the Morningstar variable
universe. The peer group represents a 50% weighting of the Mid-Cap Blend
style and a 50% weighting of the Small-Cap Blend style for periods since
May 1999.
** Year-to-date total returns are not annualized.
16
<PAGE>
Inception: May 1, 1994
Small/Mid Cap Growth Fund (Formerly Diversified Mid Cap Growth)
Wellington Management Company, LLP Frank V. Wisneski
For the quarter, Small/Mid-Cap Growth Fund showed modest positive returns,
rising 1.4% compared with the Russell 2500 Growth Index which fell by 4.5%.
Year-to-date, the Fund is up 8.6% versus 7.2% for the index.
We increased or added to positions in several Internet, software,
communications equipment, and semiconductor-related companies. Health care and
energy sectors also received attention with increased positions or new
holdings.
With the economy slowing and interest rate trends uncertain, the quarter
witnessed reductions in the consumer discretionary and finance sectors. Slow
growth and a volatile equity market (with an expected downward bias) leaves us
comfortable with a higher than normal cash positioning although we expect to
work these reserves back into the market as prices warrant.
While the Fund is now more represented in some of the faster growing areas of
technology, our long standing strategy is not designed to fully participate in
markets such as occurred during the second half of 1999 through the first
months of 2000. If the markets revert to valuation/profitability standards
that existed prior to twelve months ago, the Fund should continue to rapidly
make up the past relative performance shortfalls. Our reading now is that, at
least for the next several months, the markets will remain skeptical and
relatively sensitive to over-valuation concerns.
The extent of the economic slowdown and its impact on corporate profits will
displace the focus on inflation and interest rates that has consumed the
markets during the past year. While we don't expect recession worries to
surface, there will be increasing concern about the growth rate of corporate
profits. This environment, should it develop, would be beneficial to our
strategy, which remains focused on companies with relatively predictable, non
cyclical, growth dynamics.
[GRAPH]
Historical Fund Return
Small/Mid Cap Growth Fund Small/Mid Cap Growth Benchmark(1)
5/1/94 10,000 10,000
6/30/94 10,043 9,584
6/30/95 11,652 12,116
6/28/96 16,237 14,974
6/30/97 16,713 17,611
6/30/98 20,389 21,838
6/30/99 21,478 26,912
6/30/00 22,219 38,807
Top Ten Holdings (as of June 30, 2000)
--------------------------------------------------------------------------------
% of six months ago
Investments % of Investments
Littelfuse, Inc. 2.6% 2.0%
Reinsurance Group of America 2.5% 2.5%
Genzyme Corp. (General Division) 2.5% 2.4%
Dallas Semiconductor Corp. 2.4% 3.1%
Rational Software Corp. 2.3% N/A
Herman Miller, Inc. 2.2% 2.2%
United Rentals, Inc. 2.2% 2.4%
ALZA Corp. 2.0% 0.9%
Beringer Wine Estates Holdings 1.8% 3.0%
G & K Services, Inc. 1.8% 2.4%
Average Annual Total Returns*
Small/Mid Small/Mid Cap MorningStar
Cap Growth Fund Growth Benchmark (1) Peer Group+
YTD** 8.56% 7.18% 7.46%
1 Year 3.45% 44.20 6.50
3 Years 9.96 30.13 32.16
5 Years 13.78 26.22 25.47
Since Inception (5/1/94) 13.85 24.59 N/A
Top Ten Sectors (as of June 30, 2000)
--------------------------------------------------------------------------------
% of % of
Investments Investments
Technology 38.7% Retail 4.3%
Capital Equipment 15.1% Energy 3.8%
Health Care 10.0% Consumer Staple 3.3%
Consumer Cyclical 7.7% Utility 2.8%
Financial 7.5% Basic Material 2.4%
(1) The Small/Mid Cap Growth Fund benchmark is the Russell Mid Cap Growth Index
from May 1994 to April 1999 and the Russell 2500 Growth Index May
1999-present.
* Total returns are for the period ended June 30, 2000, returns represent
past performance, assume reinvestment of all distributions, and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate that shares, when redeemed, may be worth more or
less than their original cost. Sector investing entail special risks as
discussed in the prospectus. The performance of the fund on this page is
reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for the sub-accounts of all
variable annuity and life products within the Morningstar variable universe
having a Mid Cap Growth and a Small-Cap Growth investment style. The peer
group represents a 50% weighting of the Mid Cap Growth style and a 50%
weighting of the Small Cap Growth style. Prior to May 1999, the peer group
represents the Mid Cap Growth investment style.
** Year-to-date total returns are not annualized.
17
<PAGE>
Inception: May 1, 1996
Small Cap Value Fund
INVESCO Inc. J. Lefkowitz/D. Kostyk
For the 2nd Quarter of 2000 the Small Cap Value Fund had a return of 1.32%,
trailing the Russell 2000 Value Index's return of 1.95%. The Fund outperformed
the benchmark in April and May, primarily due to the strong results of our
stock selection model. During this period the emphasis of stocks with lower
price/earnings ratios, improving earnings estimates, good relative price action
and strong institutional interest all made significant contributions to the
Fund's positive excess return. In June, however, the market shifted back to
favoring more volatile, growth-oriented stocks, and our stock selection
disciplines were less effective. Only stocks with good relative price action
made a significant contribution, while the more value-oriented stock selection
tools detracted from performance.
Despite losses in April and May, Health Care stocks rebounded in June to
finish the quarter as the top performing small cap sector. Two of the biggest
contributors to the Fund's performance for the Quarter were in that sector--
Alpharma, Inc. and Bindley Western Industries. In the Technology sector,
Elantec Semiconductor, which has been strong throughout the year, and Three
Five Systems, contributed to the Fund's return. Underperformers for the quarter
included Imperial Bancorp, Hooper Holmes and Micros Systems.
Turnover in the Fund was higher than usual in June due to the unprecedented
turnover in the Russell 2000 Value Index that occurred at the end of the month.
A total of 510 stocks (40% of the 1,292 names that now make up the index) were
added to the index while 374 were removed. The most notable impact of these
changes were declines in the weightings of the Technology and Energy sectors by
7% and 4%, respectively. Consumer Cyclicals had the largest increase of
slightly more than 5%. These changes are reflected in the Fund's sector
allocation as of June 30th.
[GRAPH]
Small Cap Value Benchmark(1) Small Cap Value Fund
5/1/96 10,000 10,000
6/28/96 10,051 10,126
6/30/97 12,284 12,513
6/30/98 14,519 14,450
6/30/99 14,215 13,622
6/30/00 14,051 12,733
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Selective Insurance Group 1.0% 1.0%
Lear Corp. 1.0% N/A
East West Bancorp, Inc. 1.0% 0.6%
Idacorp, Inc. 1.0% 0.9%
Capital Automotive REIT 1.0% 0.9%
Silicon Valley Bancshares 1.0% 1.0%
Cummins Engine Company, Inc. 0.9% N/A
Universal Health Services, Inc. 0.9% N/A
Zale Corp. 0.9% 0.5%
FelCor Lodging Trust, Inc. 0.9% 0.9%
Average Annual Total Returns*
Small Cap Small Cap Value MorningStar
Value Fund Benchmark (1) Peer Group+
YTD** 1.19% 5.84% 5.26%
1 Year -6.53 -1.16 1.72
3 Years 0.58 4.58 2.32
Since Inception (5/1/96) 5.97 8.50 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Financial 30.2% Retail 5.8%
Capital Equipment 11.2% Utility 5.4%
Consumer Cyclical 11.1% Consumer Staple 4.7%
Basic Material 9.4% Health Care 4.3%
Technology 8.2% Energy 4.2%
(1) The Small Cap Value Benchmark is the Russell 2000 from May 1996 to
September 1999 and the Russell 2000 Value Index October 1999-present.
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Small-company investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for the sub-accounts of all
variable annuity and life products within the Morningstar variable universe
having a Small Value investment style.
** Year-to-date total returns are not annualized.
18
<PAGE>
Inception: May 1, 1996
Small Cap Growth Fund
John Hancock Advisers, Inc. Bernice Behar
During the volatile second quarter, the Fed raised rates 50 basis points,
while investors shifted to value stocks and then rotated back to growth
investments. The initial shift resulted from data suggesting the U.S. economy
was slowing and interest rates would continue to rise. Growth stocks had
enjoyed a sizable rally in the first quarter, causing their valuations to
reach excessive levels. Investors worried a slowdown would erode corporate
profits and questioned their expensive prices. After leading the market,
growth stocks sold off.
Investors revisited growth investments on indications the economy was growing
moderately and inflation was under control. Although equities surged in June,
net performance was negative. The S&P 500, Dow Jones Industrial Average,
Russell 2000, and Nasdaq each declined. The Fund and the Russell 2000 Growth
Index also fell, returning (8.43)% and (7.4)%, respectively.
Individual security disappointments contributed substantially to the
portfolio's underperformance. Triangle Pharamaceuticals declined sharply after
it ceased clinical trials of its leading product. Three technology stocks
Bindview, Official Payments, and Orckit Communications decreased on
disappointing earnings. After analyzing their fundamental outlook, we
concluded each setback would persist and eliminated these stocks. We made an
exception for Bindview. The company scheduled a new product launch for early
second quarter, an event we believed would support its stock price.
Fortunately, we were rewarded to our decision when the stock rebounded off its
low.
During the market volatility we restructured some of our holdings in the
Health Care sector. Our first action was to increase our allocations to the
rapidly growing biotechnology industry by augmenting positions in companies
with products in later stages of development. Companies with earlier stage
products and more distant earnings visibility were eliminated. We also
maintained positions in research and development companies and purchased those
supplying specialized products used in the discovery process.
[GRAPH]
Russell 2000 Growth Index Small Cap Growth Fund
5/1/96 10,000 10,000
6/28/96 9,830 10,294
6/30/97 10,281 10,514
6/30/98 11,639 12,366
6/30/99 12,606 14,903
6/30/00 16,185 23,398
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
CV Therapeutics, Inc. 1.4% 0.6%
Exar, Corp. 1.3% N/A
Tech Data Corp. 1.2% 0.2%
PLX Technology, Inc. 1.2% 0.5%
Virata, Corp. 1.2% 0.0%
Forrester Research, Inc. 1.2% 0.8%
COR Therapeutics, Inc. 1.2% N/A
Elantec Semiconductor, Inc. 1.1% N/A
NPS Pharmaceuticals, Inc. 1.1% N/A
SBA Communications Corp. 1.1% N/A
Average Annual Total Returns*
Small Cap Russell 2000 MorningStar
Growth Fund Growth Index Peer Group+
YTD** 5.50% 1.23% 6.11%
1 Year 57.00 28.39 54.46
3 Years 30.56 16.33 24.92
Since Inception (5/1/96) 22.63 12.25 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Technology 43.6% Financial 6.0%
Health Care 18.8% Capital Equipment 5.7%
Energy 7.2% Basic Material 1.8%
Consumer Cyclical 6.9% Transportation 1.1%
Retail 6.3%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Small-company investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for the sub-accounts of all
variable annuity and life products within the Morningstar variable universe
having a Small Growth investment style.
** Year-to-date total returns are not annualized.
19
<PAGE>
Inception: May 1, 1998
International Opportunities II Fund
(formerly Global Equity Fund)
Rowe Price--Fleming International, Inc. John Ford
Rowe Price-Fleming assumed management of the Fund as the new sub-adviser
effective June 13, 2000 and the Fund was renamed to International Opportunities
II Fund. The Fund will be managed in a similar fashion as the International
Opportunities Fund.
International markets declined in the second quarter, wiping out their year-
to-date gains. After leading for several quarters, telecom, media, and
technology stocks retreated. Consumer staples, health care, and energy stocks
led for most of the period. Tech and telecom stocks returned to favor in June,
and markets rallied broadly for the first time in many months. Concerns about
interest rates and U.S. market volatility hurt international markets,
particularly in the Pacific ex-Japan and Latin America. Heavy stock issuance
also depressed international returns. Economic growth was robust around the
world with the exception of Japan.
The fund performed .14% ahead of the 3.90% decline of the MSCI EAFE (Europe,
Australasia, Far East) Index for the period ended June 30, 2000. Stock
selection and sector weightings hurt performance, while country weightings were
broadly neutral. Overweighting the media and wireless telecommunications
sectors detracted from results versus EAFE, as NTT DoCoMo (the wireless unit of
Japan's NTT), Fuji TV, Telecom Italia Mobile and its parent, Telecom Italia,
fared poorly. Other key holdings such as wireless operator Vodafone of the U.K.
and handset maker Nokia of Finland declined. Underweighting weak markets such
as Japan and Germany aided performance. Our relative underweighting in
established telecom carriers British Telecom and Deutsche Telekom added value.
During the most recent quarter, we took advantage of sharp declines to increase
positions in telecom infrastructure industry leaders Ericsson of Sweden and
Nortel of Canada. In Hong Kong, we participated in the initial public offering
of China Unicom, a wireless service provider with vast potential.
For the first time in almost a year, market strength was fairly evenly
distributed across sectors in June. Investor selectivity has remained high, and
we expect that to continue. As valuations are still high--although well off
earlier peaks--we believe international markets will remain highly sensitive to
news. The broader distribution of gains in June hid the fact that volatility
within the period was high. With the Internet landscape still in a state of
flux, we expect more market volatility.
[GRAPH]
International Opportunities II Fund *** MSCI World Index
5/1/98 10,000 10,000
5/29/98 9,834 9,876
6/30/98 9,994 10,112
7/31/98 9,829 10,097
8/31/98 8,574 8,752
9/30/98 8,755 8,908
10/30/98 9,402 9,715
11/30/98 9,643 10,295
12/31/98 9,945 10,799
1/29/99 10,013 11,037
2/26/99 9,525 10,745
3/31/99 9,895 11,194
4/30/99 10,514 11,637
5/28/99 10,270 11,213
6/30/99 10,821 11,738
7/30/99 10,894 11,704
8/31/99 10,830 11,685
9/30/99 10,652 11,573
10/29/99 10,701 12,176
11/30/99 11,175 12,521
12/31/99 12,350 13,536
1/31/00 11,797 12,762
2/29/00 12,275 12,797
3/31/00 12,833 13,683
4/28/00 12,189 13,106
5/31/00 11,998 12,776
6/30/00 12,367 13,208
Top Ten Holdings (as of June 30, 2000)
% of Six Months Ago
Net Assets % of Net Assets
Vodafone AirTouch plc 2.5% N/A
Glaxo Wellcome plc 1.8% N/A
Yamanouchi Pharmaceutical Co., Ltd. 1.7% 0.7%
Canon, Inc. 1.5% N/A
Aventis SA 1.5% 1.1%
Koninklijke Philips Electronics NV 1.4% N/A
Nippon Telegraph & Telephone Corp. 1.4% 0.8%
Shell Transport & Trading Co. plc 1.4% 1.0%
Royal & Sun Alliance Insurance Group plc 1.4% N/A
Nestle SA 1.3% N/A
Average Annual Total Returns*
International MSCI MorningStar
Opportunities II Fund World Index Peer Group+
YTD** 0.14% -2.42% -0.43%
1 Year 14.28 12.52 25.84
Since Inception (5/1/98) 10.30 13.70 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Japan 21.3% Switzerland 3.6%
France 10.1% Canada 3.2%
Germany 6.6% Australia 2.4%
Netherlands 5.8% Spain 1.8%
Italy 4.8% Sweden 1.2%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. International investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for the sub-accounts of all
variable annuity and life products within the Morningstar variable universe
having a World Stock investment style.
** Year-to-date total returns are not annualized.
*** Effective June 13, 2000 the Global Equity Fund was renamed the
International Opportunities II Fund. The goal and investment strategy is
similar to that of the International Opportunties Fund.
20
<PAGE>
Inception: May 2, 1988
International Equity Index Fund
Independence International Associates, Inc. B. Greenleaf/D. Nolan
The Fund's under-performance versus its custom blended benchmark came mostly
from differences between the exchange rates that the Fund administrator uses
and the exchange rates that the Index uses. During April, tracking between the
Fund and the Custom Index was only 5 basis points. In May, the fund
outperformed the benchmark by 50 basis points and in June under performed the
benchmark by 74 basis points. The volatility in the performance is due mainly
to the difference in exchange rates used by the administrator to value the
securities and the exchange rates used by the benchmark. Over time these
differences tend to reverse. In May and June, this reversal did take place.
The portion of the performance difference between the fund and the benchmark
due to rates was approximately 30 basis points. In May and June the remaining
tracking error was due to slight differences in security and country
weightings. We manage the Fund to capture the overall characteristics of the
benchmark, without replicating the index. The Fund owns approximately 720
securities representing exposure to thirty-eight countries while the benchmark
owns over 1800 securities with exposure to those same markets. The Fund is
tracking its benchmark within expectations.
[GRAPH]
<TABLE>
<CAPTION>
International Equity Index Fund International Equity Index Benchmark (1)
<S> <C> <C>
6/29/90 10,000 10,000
6/28/91 9,495 8,877
6/30/92 10,560 8,849
6/30/93 11,778 10,682
6/30/94 13,618 12,529
6/30/95 13,962 12,773
6/28/96 15,532 14,512
6/30/97 17,672 16,419
6/30/98 17,694 17,832
6/30/99 19,310 19,648
6/30/00 22,665 23,395
</TABLE>
Top Ten Holdings (as of June 30, 2000)
--------------------------------------------------------------------------------
% of six months ago
Investments % of Investments
Deutsche Telekom AG 2.6% 3.3%
Nippon Telegraph & Telephone Corp. 2.0% 2.7%
Toyota Motor Corp. 2.0% 2.3%
Telecom Italia Mobile SpA 1.4% 1.6%
France Telecom 1.4% 1.3%
Siemens AG 1.4% 1.1%
Allianz AG 1.3% 1.3%
Total Fina SA 1.3% N/A
Nokia Oyj 1.3% 1.2%
Morgan Stanley Capital Llc 1.2% 1.1%
Average Annual Total Returns*
International International Equity MorningStar
Equity Index Fund Index Benchmark (1) Peer Group+
YTD** -5.04% -3.74% -4.53%
1 Year 17.38 19.07 25.87
3 Years 8.65 12.53 12.90
5 Years 10.17 12.87 14.95
10 Years 8.53 8.87 10.88
Top Ten Countries (as of June 30, 2000)
--------------------------------------------------------------------------------
% of % of
Investments Investments
Germany 12.5% Netherlands 2.6%
France 11.2% Sweden 2.0%
Italy 8.0% Australia 1.9%
United Kingdom 7.3% Switzerland 1.6%
Spain 3.1% South Korea 1.4%
(1) The International Equity Index Benchmark represents the MSCI EAFE from May
1998 to April 1998 and then MSCI EAFE GDP weighted from May 1998 to June
1999 and now 90% MSCI EAFE GDP - weighted/10% MSCI Emerging Markets Free
from July 1999 to present.
* Total returns are for the period ended June 30, 2000, returns represent
past performance, assume reinvestment of all distributions, and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus. There are
special risks associated with international investing, including currency
fluctuations, political and economic instability, foreign taxation and
different accounting standards, as outlined in the current prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for the sub-accounts of all
variable annuity and life products within the Morningstar variable universe
having a 90% weighting of the Foreign Stock, Large Cap style and a 10%
weighting of the Diversified Emerging Markets style. Prior to July 1999,
the peer group represents the Foreign Stock, Large Cap style.
** Year-to-date total returns are not annualized.
21
<PAGE>
Inception: August 31, 1999
International Equity Fund
Goldman Sachs Asset Management S. Maeda/I. Farman/S. Noble
For the quarter ended June 30, 2000, the International Equity Fund returned -
4.73% at net asset value, underperforming its benchmark, the MSCI EAFE Index
(the "Index"), which returned -3.90%.
No significant changes were made to the Fund's regional allocation during the
quarter. However, over the last few months we have tended to reduce the size of
our sector weightings, in response to high market volatility and intra-market
rotation. We have focused instead on our key strength, bottom-up stock
selection. Among the more defensive sectors, Consumer Staples stocks were among
the top performers, namely Diageo (0.8%) and British American Tobacco (0.3%).
The market favored these companies as perceived safe havens amid the volatility
in the Technology sector. In the Health Care sector, we added to performance
through the strong returns of Terumo Corp. (0.2%) and Aventis (1.1%). Several
of our holdings in the Financial Services sector also aided returns. Top
performing stocks included ING Groep (1.5%) and Takefuji Corp. (0.7%).
We remain optimistic about the long-term outlook for international equities,
despite the weakness in world equity markets this year and, most notably, the
recent correction in so-called new "economy' sectors. Our view is predicated on
the continuation of the current favorable mix around the world of positive
economic growth and relatively subdued inflation, which is providing a
supportive environment for corporate earnings growth and equity market
valuations. Furthermore, our confidence is bolstered by the significant
correction in some highly rated areas of the market, which we considered to be
vulnerable to changes in investor sentiment. The marked de-rating of
Technology, Media and Telecommunications stocks has provided the opportunity to
raise exposure to some new economy companies that we believe will be among the
long-term beneficiaries of the Internet and communication revolution.
No changes to the Fund's investment strategy have occurred during the second
quarter, or are slated to occur over the third quarter of 2000.
[GRAPH]
Intl Equity Fund MCSI EAFE Index
8/31/99 10,001 10,000
9/30/99 9,936 10,103
10/31/99 10,308 10,484
11/30/99 11,104 10,851
12/31/99 12,149 11,826
1/31/00 11,524 11,077
2/29/00 12,106 11,377
3/31/00 12,440 11,820
4/28/00 11,838 11,200
5/31/00 11,567 10,929
6/30/00 11,852 11,359
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Vodafone AirTouch plc 3.3% 1.6%
Nokia Oyj 2.7% 2.8%
Telefonaktiebolaget LM Ericsson AB 2.0% N/A
Koninklijke Philips Electronics NV 1.9% N/A
Nippon Telegraph & Telephone Corp. 1.7% 1.7%
Telefonica SA 1.6% 2.0%
Royal Dutch Petroleum Co. 1.5% N/A
BP Amoco plc 1.5% 1.2%
Glaxo Wellcome plc 1.5% 1.7%
Total Fina SA 1.4% 1.8%
Average Annual Total Returns*
International MSCI EAFE MorningStar
Equity Fund Index Peer Group+
YTD** -2.45% -3.95% -4.43%
Since Inception (8/31/99) 22.62 16.52 N/A
Top Ten Countries (as of June 30, 2000)
% of % of
investments investments
United Kingdom 16.8% Sweden 4.8%
France 10.6% Italy 3.3%
Netherlands 7.6% Finland 3.0%
Germany 6.2% Spain 2.6%
Switzerland 5.9% Australia 2.3%
* Total returns are for the period ended June 30, 2000, returns represent
past performance, assume reinvestment of all distributions, and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus. There are
special risks associated with international investing, including currency
fluctuations, political and economic instability, foreign taxation and
different accounting standards, as outlined in the current prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a Foreign
Stock with Large Cap investment style.
** Year-to-date total returns are not annualized.
22
<PAGE>
Inception: May 1, 1996
International Opportunities Fund
Rowe Price-Fleming International, Inc. John Ford
International markets declined in the second quarter, wiping out their year-
to-date gains. After leading for several quarters, telecom, media, and
technology stocks retreated. Consumer staples, health care, and energy stocks
led for most of the period. Tech and telecom stocks returned to favor in June,
and markets rallied broadly for the first time in many months. Concerns about
interest rates and U.S. market volatility hurt international markets,
particularly in the Pacific ex-Japan and Latin America. Heavy stock issuance
also depressed international returns. Economic growth was robust around the
world with the exception of Japan.
The Fund fell 3.84% slightly trailing the 3.90% decline of the MSCI EAFE
(Europe, Australasia, Far East) Index for the period ended June 30, 2000.
Stock selection and sector weightings hurt performance, while country
weightings were broadly neutral. Overweighting the media and wireless
telecommunications sectors detracted from results versus EAFE, as NTT DoCoMo
(the wireless unit of Japan's NTT), Fuji TV, Telecom Italia Mobile and its
parent, Telecom Italia, fared poorly. Other key holdings such as wireless
operator Vodafone of the U.K. and handset maker Nokia of Finland declined.
Underweighting weak markets such as Japan and Germany aided performance. Our
relative underweighting in established telecom carriers British Telecom and
Deutsche Telekom added value. During the most recent quarter, we took
advantage of sharp declines to increase positions in telecom infrastructure
industry leaders Ericsson of Sweden and Nortel of Canada. In Hong Kong, we
participated in the initial public offering of China Unicom, a wireless
service provider with vast potential.
For the first time in almost a year, market strength was fairly evenly
distributed across sectors in June. Investor selectivity has remained high,
and we expect that to continue. As valuations are still high--although well
off earlier peaks--we believe international markets will remain highly
sensitive to news. The broader distribution of gains in June hid the fact that
volatility within the period was high. With the Internet landscape still in a
state of flux, we expect more market volatility.
The painful process of winnowing out the New Economy winners from the losers
has started, but we see room for much more consolidation. Global growth is
presently robust. We do not expect a sharp slowdown, but we are aware that
moderating economic growth would accelerate the weeding out of weaker players.
The importance of stock selection and attention to fundamentals would then
rise further.
[GRAPH]
International Opportunities International
Benchmark (1) Opportunities Fund
5/1/96 10,000 10,000
6/30/96 9,876 10,129
6/30/97 11,174 11,796
6/30/98 11,887 12,416
6/30/99 13,300 13,113
6/30/00 15,740 16,250
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Nokia Oyj 2.9% 1.8%
Vodafone AirTouch plc 2.6% N/A
Glaxo Wellcome plc 1.9% 0.9%
Total Fina SA 1.6% N/A
Koninklijke Philips Electronics NV 1.5% N/A
News Corp., Ltd. 1.5% 0.4%
Vivendi 1.5% 0.9%
Societe Television Francaise1 11.5% 0.9%
Nippon Telegraph & Telephone Corp. 1.5% 1.5%
Royal Bank of Scotland Group 1.4% N/A
Average Annual Total Returns*
Intl. Opportunities Intl. Opportunities MorningStar
Fund Benchmark (1) Peer Group+
YTD** -3.84% -3.08% -4.43%
1 Year 23.93 18.34 25.08
3 Years 11.27 12.10 12.70
Since Inception (5/1/96) 12.36 11.50 N/A
Top Ten Countries (as of June 30, 2000)
% of % of
investments investments
United Kingdom 18.2% Switzerland 4.3%
France 12.2% Hong Kong 3.3%
Netherlands 6.4% Sweden 3.2%
Italy 5.6% Spain 3.0%
Germany 4.6% Finland 2.9%
(1) The International Opportunities Benchmark represents the MSCI EAFE from May
1996 to December 1998 and the MSCI All Country World Ex. US from January
1999 to present.
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, whenredeemed, may be worth more
or less than their original cost. There are special risks associated with
international investing including currency fluctuations, political and
economic instability, foreign taxation and different accounting standards,
as outlined in the current prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for the sub-accounts of all
variable annuity and life products within the Morningstar variable universe
having a Foreign Stock, Large Cap investment style.
** Year-to-date total returns are not annualized.
23
<PAGE>
Inception: May 1, 1998
Emerging Markets Equity Fund
Morgan Stanley Asset Management R. Meyer/A. Skov
The Fund declined 13.14% during the quarter versus a decline of 10.2% for the
MSCI EMF Index. The Fund's underperformance versus the benchmark was primarily
attributable to stock selection, while country allocation added to relative
performance. Stock selection in China, South Korea, Taiwan, Israel and Turkey
detracted from performance. On a positive note, equity selection in Brazil,
Mexico and India contributed to performance. Our overweight stance in China
(+26.3%), South Korea (-0.5%), and Israel (+9.4%) coupled with our allocation
in Malaysia (-14.8%) and our underweight stance in Mexico (-10.0%) also
contributed positively to performance. Our underweight positions in South
Africa (-5.8%) and our overweight position in Egypt (-21.9%) detracted from
performance.
Latin America remains underweighted, as we find limited investment
opportunities coupled with lagging economic growth in certain markets. Within
the region we are overweight in Brazil and Mexico; we believe equities in
these countries shall continue to fare well, supported by positive economic
trends coupled with attractive valuations and companies with great earnings
growth potential. We are maintaining and adding to our overweight stance in
Asia, as we are encouraged by trends in improving macroeconomic fundamentals,
coupled with strong earnings stories. We are market-weight Emerging Europe,
the Middle East and Africa (EEMEA), yet we have various overweight and
underweight positions within the region. Israel, where exports and foreign
direct investment have led the robust pick up in the economy, is our largest
overweight. We continue to overweight Russia, which continues to show signs of
strength, such as a stable Ruble, increasing foreign reserves, inflation
figures that are in-line with expectations and strong GDP growth.
[GRAPH]
Emerging Markets Equity Fund MSCI Emerging Markets Free Index
5/1/98 10,000 10,000
5/29/98 8,688 8,630
6/30/98 7,960 7,725
7/31/98 8,533 7,970
8/31/98 5,845 5,666
9/30/98 6,556 6,025
10/30/98 7,081 6,659
11/30/98 7,668 7,213
12/31/98 7,113 7,109
1/29/99 6,934 6,994
2/26/99 6,732 7,062
3/31/99 7,578 7,993
4/30/99 8,290 8,982
5/28/99 7,990 8,929
6/30/99 9,228 9,943
7/31/99 8,932 9,672
8/31/99 8,752 9,760
9/30/99 8,575 9,431
10/31/99 9,056 9,631
11/30/99 10,560 10,495
12/31/99 12,901 11,830
1/31/00 12,556 11,901
2/29/00 13,603 12,058
3/31/00 13,830 12,118
4/30/00 12,048 10,969
5/31/00 11,235 10,515
6/30/00 12,012 10,886
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Samsung Electronics 7.3% 5.2%
Korea Telecom Corp. 4.3% 1.4%
Telefonos de Mexico SA 4.0% 2.9%
Taiwan Semiconductor
Manufacturing Co., Ltd. 3.9% 2.1%
China Telecom (Hong Kong), Ltd. 3.0% 1.3%
SK Telecom Co., Ltd. 2.7% 3.5%
Hellenic Telecommmunications Organization SA 2.3% N/A
Hon Hai Precision Industry Co., Ltd. 2.2% 0.6%
ECI Telecommunications, Ltd. 2.2% 1.0%
Infosys Technologies, Ltd. 2.2% 1.8%
Average Annual Total Returns*
Emerging Markets MSCI Emerging MorningStar
Equity Fund(1) Markets Free Index Peer Group +
YTD** -6.89% -7.98% -8.05%
1 Year 30.17 9.48 19.27
Since Inception 8.83 4.00 N/A
(5/1/98)
Top Ten Countries (as of June 30, 2000)
% of % of
investments investments
Taiwan 13.6% Hong Kong 6.2%
Mexico 9.5% Turkey 4.2%
Brazil 8.8% South Africa 3.8%
Israel 7.1% Soviet Union 3.4%
India 6.7% Malaysia 2.1%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. International investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for the sub-accounts of all
variable annuity and life products within the Morningstar variable universe
having a Diversified Emerging Markets investment style.
(1) Returns reflect extra-ordinary capital contribution of $445,000 in June
1999.
** Year-to-date total returns are not annualized.
24
<PAGE>
Inception: March 29, 1986
Money Market Fund
John Hancock Life Insurance Co. Peter Mitsopoulos
As a result of the Fed's continued monetary tightening bias entering 2000, we
continued to shorten the fund's weighted average maturity in order to capture
higher yields when available. The weighted average maturity (WAM) of the fund
was approximately 45 days at year-end 1999 and had reached a low of 21 days in
late April. A number of certificates of deposit we had purchased over one year
ago matured out of the fund during the second quarter pulling down the WAM.
This level was lower than we would normally prefer, and accordingly, we have
been making efforts to push the level into the 30 day to 40 day range. The WAM
stood at 29 days at the end of June and we continue to move marginally longer.
The fund performed in-line with expectations during the first half of the
year. We have continued to add new floating rate securities as others mature
in an effort to maintain approximately 30% of the fund in this asset class.
These securities continue to provide attractive LIBOR based rates versus
traditional commercial paper levels. However, supply in this sector continues
to be light. Current market sentiment is leaning towards the possibility that
the Fed may not raise rates again at its August meeting. The market continues
to make it difficult to pick up any appreciable yield differential by going
out three to five months. However, when we see value in this maturity range,
we will acquire securities in an effort to pick up additional yield and
increase the fund's weighted average maturity.
The fund is invested primarily in commercial paper (68%) and adjustable rate
notes (29%) with other money market securities making up the balance. The fund
is diversified among many industry sectors and companies.
[GRAPH]
Money Market Fund
6/30/90 10,000
6/30/91 10,733
6/30/92 11,241
6/30/93 11,598
6/30/94 11,970
6/30/95 12,600
6/30/96 13,290
6/30/97 14,005
6/30/98 14,774
6/30/99 15,527
6/30/00 16,403
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Merrill Lynch % Co., Inc. 4.7% 0.6%
British Aerospace 4.7% N/A
American Honda Finance Corp. 4.3% N/A
Asset Securitization Cooperative Corp. 4.3% N/A
Corporate Asset Funding Co. 4.2% 3.0%
Ciesco L.P. 3.6% 1.2%
Old Line Funding, Corp. 3.6% N/A
Monte Rosa Capital Corp. 3.3% 1.2%
Sigma Finance, Inc. 3.3% 4.8%
Lexington Parker Capital Corp. 3.1% N/A
Average Annual Total Returns*
Money Market
Fund
YTD** 2.94%
1 Year 5.64
3 Years 5.41
5 Years 5.42
10 Years 5.07
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Financial 73.3% Consumer Cyclical 3.1%
Capital Equipment 11.4% Basic Material 1.7%
Consumer Staple 5.6% Utility 1.2%
Technology 3.7%
The Money Market Fund is neither insured nor guaranteed by the U.S.
Government and there is no guarantee the fund will be able to maintain a
stable net asset value of $10.00/share.
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
** Year-to-date total returns are not annualized.
25
<PAGE>
Inception: May 1, 1994
Short-Term Bond Fund
Independence Investment Associates, Inc. Jay Leu
There was a dramatic shift in tone in the bond market over the quarter. U.S.
Treasury rates rose sharply during the first half and fell sharply thereafter.
Economic data released in May showed signs of a slowing economy and easing of
inflationary pressures mitigating the trend of worrisome numbers released in
April. Investment grade corporate bonds underperformed Treasury securities in
the second quarter. April and May marked the fourth and fifth straight months
of underperformance for investment grade corporates, however sentiment seems
to have shifted in the corporate bond sector in June as investors anticipated
less aggressive tightening by the Federal Reserve and looked for alternatives
to Agency bonds. Lower quality bonds, which have lagged higher quality bonds
throughout the year and the second quarter, outperformed as well in June.
The Short Term Bond Fund outperformed its benchmark for the quarter despite
the difficult environment for corporate bonds. This is the fourth consecutive
quarter that the fund has outperformed its benchmark. The fund continues to
benefit from a yield advantage provided by an overweight in corporate
securities relative to the benchmark. The yield spread of one to three year
maturity corporate bonds widened by 20 basis points during the quarter,
hurting the fund's performance relative to the benchmark. Our individual
securities held in the fund outperformed relative to the average corporate
bond in the benchmark. Strong performers included: Tenet Healthcare, Beckman
Instruments, Cox Communications, MCI Worldcom Inc., and Tyco International.
Going forward, we believe short maturity corporate bonds are attractively
priced relative to corporates and we will continue to overweight them.
Furthermore, corporate bonds should benefit from a less aggressive Federal
Reserve policy. Issue selection will, however, continue to be an important
contributing factor to the Fund's performance as well.
[GRAPH]
Short-Term Bond Fund Short-Term Bond Benchmark (1)
5/1/94 10,000 10,000
6/30/94 10,010 10,032
6/30/95 10,769 10,908
6/28/96 11,211 11,476
6/30/97 11,894 12,248
6/30/98 12,679 13,155
6/30/99 13,165 13,867
6/30/00 13,841 14,537
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
U.S. Treasury 15.3% N/A
Banponce Corp. 2.8% 3.2%
MBNA America Bank N.A 2.7% 3.0%
First Hawaiian, Inc. 2.7% 3.0%
Norfolk Southern Corp. 2.7% 3.0%
Dial Corp. 2.7% 3.0%
BankBoston Corp. 2.5% 2.8%
Federal National Mortgage Assoc 2.5% 4.4%
Donaldson, Lufkin & Jenrette, Inc. 2.5% 2.8%
Gatx Capital Corp. 2.4% 2.6%
Average Annual Total Returns*
Short-Term Short-Term MorningStar
Bond Fund Bond Benchmark (1) Peer Group+
YTD** 3.00% 2.82% 2.53%
1 Year 5.14% 4.84 4.09
3 Years 5.18 5.88 5.52
5 Years 5.15 5.91 5.57
Since Inception (5/1/94) 5.91 6.26 N/A
Fund Composition (as of June 30, 2000)
Credit Quality Duration
-------------- --------
Short Term 5.80% Less than 1 Year 32.10%
AAA 24.00% 1-3 Years 50.70%
AA 2.00% 3-5 Years 17.20%
A 33.00% 5-10 Years 0.00%
BBB 32.00% Greater than 10 Years 0.00%
BB 32.00%
Below B 0%
NR/NA 0%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a Short Term
Bond investment style. Prior to May 1998 (concurrent with the Fund's
strategy change), the peer group represents the Short Term Government Bond
style.
(1) Short-Term Bond Index represents the Merrill Lynch 1-5 year Government Bond
from May 1994 to April 1998 and 65% Lehman Brothers 1-3 year Corporate
Index. 35% Lehman Brothers 1-3 year Government Index, May 1998 to present.
** Year-to-date total returns are not annualized. *
26
<PAGE>
Inception: May 1, 1998
Bond Index Fund
Mellon Bond Associates, LLP Gregory Curran
The fund continues to meet its investment objective: to match the performance
of the Lehman Brothers Government Credit Index, which includes U.S. dollar-
based, fixed-coupon debt from the U.S. Government and investment-grade
corporations. Performance net of fees for the fund was 2.02% for June, 1.32%
for the second quarter and 9.38% (unannualized) from inception. Corresponding
returns for the benchmark were 2.04%, 1.45% and 9.38%. The fund uses a
representative sample of issues selected through proprietary quantitative
techniques. Selected issues have the best risk-adjusted expected return and,
as a group, match the characteristics of the 4,800 issues in the Index
including price sensitivity, industry, and quality exposures. An indexed fund
typically eliminates many risks associated with active management and has
lower fees and expenses.
Lehman Brothers made numerous classification and rules changes to the Index
effective July 1st. The name was changed to the Lehman Brothers Government
Credit Index to reflect that there are credit characteristics inherent in
issuers that are not corporations, namely sovereigns. The changes were
substantially market neutral, but they are worth noting. Yankee Corporates
will now be classified along side their domestic counterparts instead of as a
separate subsector. The foreign sector will include only Supranationals,
Sovereigns, foreign local governments and foreign agencies. Telecommunications
were unbundled into wireless, wirelines and Internet & data. Bank notes and
ERISA-eligible144As with registration rights will now be included in the
Index. There were additional adjustments that will not effect this fund or its
benchmark at this time. We successfully incorporated these changes to the fund
by the end of June.
[GRAPH]
Bond Index Fund Lehman Brothers Gov't/Corp. Bond Index
5/1/98 10,000 10,000
5/29/98 10,102 10,107
6/30/98 10,211 10,210
7/31/98 10,220 10,218
8/31/98 10,461 10,418
9/30/98 10,757 10,715
10/30/98 10,689 10,639
11/30/98 10,703 10,703
12/31/98 10,720 10,729
1/29/99 10,795 10,805
2/26/99 10,521 10,548
3/31/99 10,584 10,601
4/30/99 10,609 10,627
5/28/99 10,485 10,518
6/30/99 10,450 10,485
7/30/99 10,420 10,456
8/31/99 10,414 10,447
9/30/99 10,497 10,541
10/29/99 10,514 10,569
11/30/99 10,513 10,562
12/31/99 10,445 10,498
1/31/00 10,425 10,495
2/29/00 10,551 10,626
3/31/00 10,713 10,779
4/28/00 10,666 10,726
5/31/00 10,640 10,717
6/30/00 10,855 10,935
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
U.S. Treasury 48.8% 48.3%
Federal National Mortgage Assoc. 8.2% 5.1%
Federal Home Loan Mortgage Corp. 4.6% 6.4%
Federal Home Loan Bank 1.9% 0.7%
Ford Motor Credit Co. 1.0% N/A
General Motors Acceptance Corp. 1.0% 0.9%
KFW International Finance 0.7% 0.7%
ICI Wilmington, Inc. 0.7% 0.7%
Morgan Stanley, Dean Witter, Discover & Co. 0.6% 0.7%
Lockheed Martin Corp. 0.6% N/A
Average Annual Total Returns*
Bond Index L/B Govt./Corp. MorningStar
Fund Bond Index Peer Group+
YTD** 3.93% 4.16% 3.81%
1 Year 3.88 4.29 4.00
Since Inception (5/1/98) 3.86 4.21 N/A
Fund Composition (as of June 30, 2000)
Credit Quality Duration
Short Term .8% Less than 1 Year 5.33%
AAA 67.4% 1-3 Years 17.35%
AA 7.1% 3-5 Years 21.68%
A 14.9% 5-10 Years 27.62%
BBB 9.8% Greater than 10 Years 28.02%
Below BB 0.0%
NR/NA 0.0%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Small-company investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data are as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a General
Bond Intermediate High Quality investment style.
** Year-to-date total returns are not annualized.
27
<PAGE>
Inception: March 29, 1986
Active Bond Fund (Formerly Sovereign Bond Fund)
John Hancock Advisers, Inc. James Ho
During the quarter overall, the Fund gained 1.78%, compared to the Lehman
Aggregate index at 1.74%. Year-to-date the Fund's return of 3.36%
underperformed the index return of 3.98%. Underperformance can primarily be
attributed to spreads widening across most sectors of the bond market through
May.
At quarter-end, the portfolio held a 17.8% position in Treasuries versus the
index weighting of 39.5%, and a 32.1% in corporate bonds versus 19.9% held by
the index. Given the strong relative performance of Treasuries during the
quarter, our underweight position in this sector relative to the benchmark
detracted from performance results.
The next FOMC meeting is scheduled for August 22. The Federal funds futures
rate suggests that investors anticipate a quarter-point rate increase. Bonds
currently offer good value and they should rally strongly when the Fed's
policy moves show more evidence of restraining inflation. We remain optimistic
that investment grade corporate bonds will provide excellent performance over
the next few months, as the Fed tightening cycle winds down. While the
emerging markets have had exceptionally good performance year-to-date, the
limited liquidity and the continued volatility presently keep us from
committing additional funds to this market sector.
[GRAPH]
Active Bond Fund Active Bond Benchmark (1)
6/30/90 10,000 10,000
6/30/91 11,089 11,022
6/30/92 12,607 12,585
6/30/93 14,175 14,240
6/30/94 14,109 14,032
6/30/95 16,011 15,823
6/28/96 16,804 16,560
6/30/97 18,399 17,843
6/30/98 20,383 19,857
6/30/99 20,852 20,392
6/30/00 21,666 21,291
Top Ten Holdings (as of June 30, 2000)
--------------------------------------------------------------------------------
% of six months ago
Investments % of Investments
Government National Mortgage Assoc. 21.6% 22.1%
U.S. Treasury 13.1% 18.4%
Federal National Mortgage Assoc. 10.6% 10.4%
GMAC Commercial Mortgage Securities, Inc. 1.2% 1.4%
Peco Energy Transition Trust 1.2% 0.3%
Federal Home Loan Mortgage Corp. 1.1% 1.3%
Hydro-Quebec 1.0% 1.1%
UCFC Home Equity Loan 0.9% 1.5%
Amresco Residential Securities 0.9% 1.0%
Morgan Stanley Capital 0.9% N/A
Average Annual Total Returns*
--------------------------------------------------------------------------------
Active Bond Active Bond MorningStar
Fund Benchmark (1) Peer Group+
YTD** 3.36% 3.98% 2.81%
1 Year 3.91 4.41 3.58
3 Years 5.60 6.07 5.05
5 Years 6.24 6.12 5.88
10 Years 7.83 7.85 7.60
Fund Composition (as of June 30, 2000)
--------------------------------------------------------------------------------
Credit Quality Duration
Short Term 4.00% Less than 1 Year 4.00%
AAA 42.60% 1-3 Years 11.70%
AA 6.70% 3-5 Years 17.30%
A 12.70% 5-10 Years 36.50%
BBB 14.40% Greater than 10 Years 30.50%
BB 9.70%
B 8.20%
Below B .10%
NR/NA 1.60%
(1) The Active Bond Benchmark represents the Lehman Brothers
Government/Corporate Bond Index from April 1986 to September 1999 and
Lehman Brothers Aggregate Bond Index from October 1999 to present.
* Total returns are for the period ended June 30, 2000, returns represent
past performance, assume reinvestment of all distributions, and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having an
Intermediate Term Bond investment style.
** Year-to-date total returns are not annualized.
28
<PAGE>
Inception: June 30, 2000
Core Bond Fund
Federated Investment Management Company Balestrino/Ellenberger/Durbiano
The Fund commenced investment operations on June 30, 2000, and seven Treasury
securities were purchased to match yield curve exposure of the benchmark
(Lehman Aggregate Bond Index) . The duration position was slightly longer than
the benchmark at quarter's end. Looking ahead, transactions will focus on
adding spread product such as agencies, corporates, mortgage-backed and asset-
backed securities to more clearly reflect both the focus of the portfolio as a
core bond portfolio and the portfolio's comparison to the benchmark. We expect
to transition to a portfolio overweighted in spread product and slightly
longer in duration compared to the benchmark. Our yield curve stance for now
will remain roughly laddered.
29
<PAGE>
Inception: May 1, 1996
Global Bond Fund
J.P. Morgan Investment Management, Inc. David Gibbon
The Global Bond Fund returned 1.21% for the quarter ending June 30, 2000
versus the J.P. Morgan GBI Hedged Index return of 1.72%.
Although the long duration position of the fund within the U.S. and Europe
were positives contributors to the fund's performance during the first half of
the year, it dragged down performance during the second half. Later in the
year returns to our curve flattening positions were mixed; European curves
flattened sharply on repricing of monetary policy expectations, while Japanese
rates were stable but the curve remained steep. In addition, the fund's
underexposure to Japan caused us to miss some positive carry in that market.
Yield spreads on non-government sectors widened in the second half, causing
these securities to underperform similar-maturity governments. Heavy supply
imbalances and credit concerns in all markets drove this underperformance. The
fund's non-government bonds were reduced throughout the first half of the
year, but detracted from total excess returns.
Marked weakening in non-Japan Asian industrial activity and deteriorating US
industrial confidence underpin our continued bullish outlook for government
bonds. We also expect the current spate of strong European indicators to give
way to moderation in the second half, falling from their peak. As global
industrial activity dampens, we expect the marked deterioration in inflation
expectations to reverse and support lower government yields. We anticipate
modest further tightening in Europe and the US, together with an end to the
zero-rate policy in Japan, in coming months, but regard the end to the global
policy tightening cycle to be close.
[GRAPH]
Global Bond Fund Global Bond Benchmark (1)
5/1/96 10,000 10,000
5/31/96 9,983 10,002
6/30/96 10,068 10,123
7/31/96 10,103 10,163
8/30/96 10,112 10,184
9/30/96 10,297 10,371
10/31/96 10,490 10,587
11/29/96 10,674 10,775
12/31/96 10,671 10,704
1/31/97 10,723 10,763
2/28/97 10,755 10,801
3/31/97 10,634 10,697
4/30/97 10,761 10,847
5/30/97 10,871 10,938
6/30/97 11,021 11,082
7/31/97 11,262 11,351
8/29/97 11,194 11,281
9/30/97 11,396 11,456
10/31/97 11,459 11,599
11/28/97 11,518 11,661
12/31/97 11,637 11,787
1/30/98 11,774 11,939
2/27/98 11,795 11,958
3/31/98 11,844 12,015
4/30/98 11,899 12,078
5/29/98 12,012 12,206
6/30/98 12,101 12,296
7/31/98 12,133 12,344
8/31/98 12,315 12,556
9/30/98 12,624 12,852
10/30/98 12,538 12,796
11/30/98 12,639 12,886
12/31/98 12,702 12,910
1/29/99 12,811 13,019
2/26/99 12,564 12,826
3/31/99 12,667 12,917
4/30/99 12,704 12,990
5/28/99 12,577 12,912
6/30/99 12,446 12,766
7/30/99 12,562 12,739
8/31/99 12,512 12,753
9/30/99 12,435 12,818
10/29/99 12,430 12,844
11/30/99 12,454 12,887
12/31/99 12,428 12,889
1/31/00 12,395 12,899
2/29/00 12,496 13,029
3/31/00 12,673 13,245
4/28/00 12,670 13,279
5/31/00 12,739 13,357
6/30/00 12,827 13,474
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
U.S. Treasury 14.9% N/A
Government of Japan 4.9% 5.4%
Government of France 3.8% 6.4%
Republic of Italy 2.9% 1.8%
Government of Canada 2.5% 4.7%
CADES 2.1% N/A
Government of Spain 1.8% 2.3%
Kingdom of Denmark 1.5% 2.8%
DePfa Deutsche Pfandbriefbank AG 1.2% 1.8%
Treuhandanstalt 1.2% 2.0%
Average Annual Total Returns*
Global Bond Global Bond MorningStar
Fund Benchmark (1) Peer Group+
YTD** 3.21% 4.54% 2.84%
1 Year 3.06 5.55 3.14
3 Years 5.19 6.73 4.83
Since Inception (5/1/96) 6.16 7.42 N/A
Fund Composition (as of June 30, 2000)
Credit Quality Duration
Short Term 7.83% Less than 1 Year 7.83%
AAA 40.31% 1-3 Years 0%
AA 0% 3-5 Years 13.40%
A 0% 5-10 Years 25.60%
BBB 0% Greater than 10 Years 14.89%
BB 0%
B 0%
Below B 0%
Foreign Currency 51.86%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. There are special risks associated with
international investing including currency fluctuations, political and
economic instability, foreign taxation and different accounting standards,
as outlined in the current prospectus. The performance of the fund on this
page is reported net of Trust level changes (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
(1) Global Bond Benchmark: 75% Lehman Brothers Aggregate Bond and 25% J.P.
Morgan Non-US Government Bond Index, Hedged, from May 1996 to April 1999
and the J.P. Morgan Global Bond Index (Hedged) thereafter.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a General Bond
Intermediate High Quality investment style and an International Bond
investment style. The peer group represents a 35% weighting of the General
Bond intermediate High Quality style and a 65% weighting of the
International Bond style. Prior to May 1999 (concurrent with the Fund's
strategy change), the peer group represents a 75% weighting of the General
Bond Intermediate High Quality style and a 25% weighting of the
International Bond style.
** Year-to-date total returns are not annualized
30
<PAGE>
Inception: May 1, 1998
High Yield Bond Fund
Wellington Management Company, LLP Crawford/Smith/McEvoy
During the quarter, the Fund gained 1.32% compared to a 1.2% return of the
Lehman High Yield Index. Since inception, on April 30, 1998, the return on the
Fund has been .03%, compared to the -0.3% return of the Lehman HY Index.
In the first quarter of 2000, the US high yield market, as measured by the
Lehman HY Index, had a return of 1.2%. This performance lagged the 1.7% return
of investment grade bonds, as measured by the Lehman Brothers Aggregate Index.
This underperformance of the high yield market versus higher quality bonds came
from the widening of the spread of high yield versus the 10-year treasury from
648 basis points on March 31st to 661 basis points on June 30, 2000. This
spread widening was significantly less than 137 basis points of widening that
occurred in the first quarter. Within high yield, lower quality ("B-rated")
bonds continued to lag higher quality bonds ("BB-rated") in the second quarter.
The high yield market started to benefit in June from lower volatility in the
financial markets. Given the very attractive yield, a higher tolerance for
risk, and the belief that the Fed may be near the end of its tightening policy,
retail investors poured money back into high yield mutual funds.
During the quarter, we continued to adhere to our long-running preference for
issuers that have recurring revenue from repeat customers. To that end,
telecommunications, media/entertainment, and cable continue to be the three
largest industry weightings in the Fund.
[GRAPH]
High-Yield Bond Fund L/B High Yield Bond Index
5/1/98 10,000 10,000
5/31/98 9,987 10,035
6/30/98 10,028 10,071
7/31/98 10,075 10,129
8/31/98 9,309 9,569
9/30/98 9,280 9,613
10/31/98 9,120 9,415
11/30/98 9,802 9,806
12/31/98 9,702 9,817
1/31/99 9,819 9,962
2/28/99 9,884 9,903
3/31/99 10,062 9,998
4/30/99 10,214 10,192
5/31/99 9,992 10,054
6/30/99 9,989 10,033
7/31/99 9,993 10,073
8/31/99 9,925 9,961
9/30/99 9,874 9,889
10/31/99 9,806 9,824
11/30/99 10,090 9,940
12/17/99 10,200 10,051
1/31/00 10,132 10,008
2/29/00 10,123 10,027
3/31/00 9,876 9,817
4/30/00 9,945 9,832
5/31/00 9,777 9,731
6/30/00 10,007 9,930
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Nextel Communications, Inc. 2.3% 2.2%
Lyondell Chemical Co. 2.1% 1.5%
Federal-Mogul Corp. 2.1% N/A
EchoStar DBS Corp. 2.0% 1.7%
Charter Communications Holdings, LLC 2.0% 1.3%
NTL Communications Corp. 1.6% 1.5%
McLeodUSA, Inc. 1.6% 0.9%
Lin Holdings Corp. 1.6% 1.5%
GCI, Inc. 1.4% 1.8%
PSINET, Inc. 1.4% 1.3%
Average Annual Total Returns*
High-Yield L/B High-Yield MorningStar
Bond Fund Bond Index Peer Group+
YTD** -1.89% -1.21% -1.16%
1 Year 0.17 -1.03 -0.50
Since Inception (5/1/98) 0.03 -0.33 N/A
Fund Composition (as of June 30, 2000)
Credit Quality Duration
3.30% Less than 1 Year 3.30%
AAA 0% 1-3 Years .50%
AA 0% 3-5 Years 7.60%
A 0% 5-10 Years 86.10%
BBB .70% Greater than 10 Years 2.50%
BB 21.80%
B 69.40%
Below B 4.00%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Small-company investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a High Yield
investment style.
** Year-to-date total returns are not annualized.
31
<PAGE>
Inception: March 29, 1986
Managed Fund
Independence Investment Associates, Inc. J. Forelli/J. Leu
Your balanced fund returned -0.57% during the second quarter of 2000,
exceeding the -0.91% return of the benchmark (60% S&P 500, 40% Lehman Brothers
Aggregate). Asset Allocation remained at an approximate 60% Equity/40% Fixed
Income mix throughout the quarter.
The equity portion of the fund returned -1.88% in the second quarter of 2000,
well ahead of the S&P 500 index return of -2.66%. Since the broadening of the
equity market began in March, the equity portion has outperformed its benchmark
by over 2.5%. Investments in health care, beverages and financials did well
while previous winners in telecom, retail and computer software were weak.
The domestic fixed income portion of your fund underperformed the Lehman
Aggregate Index during the quarter due to its underweight in U.S. Treasury
securities and overweight in long maturity corporate bonds relative to the
benchmark. Finance and lower-rated corporates bonds underperformed. Your bond
fund's international bond exposure was maintained at 17% during the quarter.
The exposure to international bonds had a slight negative impact on your fund's
performance.
It is clear that after six interest rate hikes, U.S. economic growth will
moderate. With higher than expected initial jobless claims, weakening retails
sales and slowing housing starts, consumer confidence is beginning to erode,
albeit from a high level. Although we believe that the Fed will be successful
in its attempt to achieve a soft landing, we expect the stock and bond markets
to remain volatile as investors struggle to assess the outcome. Stock and bond
selection will be especially important during this period of uncertainty. With
our stock and bond selection skill, valuation discipline and emphasis on
diversification, we are extremely well positioned to add value in this
environment.
[GRAPH]
Managed Fund Managed Benchmark (1)
6/29/90 10,000 10,000
6/28/91 11,074 10,910
6/30/92 12,627 12,434
6/30/93 14,211 14,109
6/30/94 14,371 14,103
6/30/95 16,711 16,826
6/28/96 19,226 19,343
6/30/97 22,369 23,350
6/30/98 27,575 28,486
6/30/99 31,052 32,815
6/30/00 32,425 34,924
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
Federal National Mortgage Assoc. 9.5% 10.3%
U.S. Treasury 4.1% 2.9%
Government National Mortgage Assoc. 3.0% 3.2%
Pfizer, Inc. 2.7% 0.5%
General Electric Co. 2.3% 2.9%
Cisco Systems, Inc. 2.0% 2.4%
Intel Corp. 2.0% 1.6%
Microsoft Corp. 1.8% 3.2%
Citigroup, Inc. 1.6% 2.1%
Wal-Mart Stores, Inc. 1.3% 1.4%
Average Annual Total Returns*
Managed Managed MorningStar
Fund Benchmark (1) Peer Group+
YTD** 1.21% 1.45% 1.71%
1 Year 4.42 6.43 5.76
3 Years 13.17 14.36 10.97
5 Years 14.18 15.73 13.50
10 Years 12.48 13.32 12.01
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Governmental 21.3% Utility 3.8%
Technology 19.1% Retail 3.7%
Financial 16.6% Consumer Cyclical 3.3%
Health Care 8.5% Energy 2.8%
Capital Equipment 7.0% Consumer Staple 1.6%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. The performance of the fund on this page
is reported net of Trust level charges (i.e. investment management fees and
operating expenses). It does not reflect expense and charges of the
applicable separate accounts and variable products, all of which vary to a
considerable extent and are described in your product prospectus.
(1) The Managed Benchmark represents 50% S&P 500/50% Lehman Brothers
Government/Corporate Bond from April 1986 to December 1997 then 60% S&P
500/40% Lehman Brothers Government/Corporate Bond from 1998 to April 1998
and now 60% S&P 500/40% Lehman Brothers Aggregate Bond from May 1998 to
present.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a Domestic
Hybrid investment style.
** Year-to-date total returns are not annualized.
32
<PAGE>
Inception: August 31, 1999
Aggressive Balanced Fund
Independence Investment Associates, Inc. J. Forelli/J. Leu
Your balanced fund returned -0.86% during the second quarter of 2000,
exceeding the -1.56% return of the benchmark (75% S&P 500, 25% Lehman Brothers
Aggregate). Asset Allocation remained at an approximate 75% Equity/25% Fixed
Income mix throughout the quarter.
The equity portion of the fund returned -1.53% in the second quarter of 2000,
well ahead of the S&P 500 index return of -2.66%. Since the broadening of the
equity market began in March, the equity portion has outperformed its benchmark
by almost 3%. Investments in health care, energy and insurance did well while
previous winners in telecom, chemicals and computer software were weak.
The domestic fixed income portion of your fund underperformed the Lehman
Aggregate Index during the quarter due to its underweight in U.S. Treasury
securities and overweight in long maturity corporate bonds relative to the
benchmark. In June we witnessed a change in market sentiment as investors
anticipated the end of Fed rate increases and corporates and lower quality
bonds outperformed.
It is clear that after six interest rate hikes, U.S. economic growth will
moderate. With higher than expected initial jobless claims, weakening retails
sales and slowing housing starts, consumer confidence is beginning to erode,
albeit from a high level. Although we believe that the Fed will be successful
in its attempt to achieve a soft landing, we expect the stock and bond markets
to remain volatile as investors struggle to assess the outcome. Stock and bond
selection will be especially important during this period of uncertainty. With
our stock and bond selection skill, valuation discipline and emphasis on
diversification, we are extremely well positioned to add value in this
environment.
[GRAPH]
Aggressive Balanced Fund Aggressive Balanced Benchmark (1)
8/31/99 10,001 10,000
9/30/99 9,830 9,823
10/31/99 10,274 10,298
11/30/99 10,383 10,455
12/31/99 10,709 10,905
1/31/00 10,222 10,485
2/29/00 10,011 10,367
3/31/00 10,876 11,162
4/30/00 10,679 10,902
5/31/00 10,611 10,733
6/30/00 10,782 10,988
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
U.S. Treasury 8.4% 5.3%
Federal National Mortgage Assoc. 7.6% 7.2%
Pfizer, Inc. 3.4% 0.5%
General Electric Co. 3.0% 2.1%
Cisco Systems, Inc. 2.7% 2.4%
Citigroup, Inc. 2.5% 2.4%
Intel Corp. 2.5% 1.6%
Microsoft Corp. 2.2% 3.5%
Oracle Corp. 1.5% 0.8%
Exxon Mobil Corp. 1.5% 0.8%
Average Annual Total Returns*
Aggressive Aggressive MorningStar
Balanced Balanced Peer
Fund Benchmark(1) Group+
YTD** 0.68% 0.76% 1.71%
Since Inception (8/31/99) 9.46 11.96 N/A
Top Ten Sectors (as of June 30, 2000)
% of % of
investments investments
Technology 24.5% Retail 5.0%
Governmental 16.1% Utility 4.2%
Financial 12.5% Consumer Cyclical 4.1%
Health Care 9.7% Energy 3.3%
Capital Equipment 7.8% Basic Material 1.7%
(1) The benchmark represents 75% S&P 500 and 25% Lehman Brothers Aggregate Bond
Index.
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Small-company investing entails special
risks as outlined in the prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for all variable annuity and life
sub-accounts within the Morningstar variable universe having a Domestic
Hybrid investment style.
** Year-to-date total returns are not annualized.
33
<PAGE>
Inception: May 1, 1996
Global Balanced Fund (Formerly International Balanced Fund)
Brinson Partners, Inc. Management Team
The Global Balanced Fund provided a -1.54% return for the second quarter,
which outperformed the benchmark return of -3.5%. Peer comparisons are not
available at this time.
The Fund performed well versus the index, although absolute returns were
negative for the quarter. Market turbulence, particularly in equities,
continued in the 2nd quarter, as aggregate equity indices generally fell across
the board. The Fund was weighted in favor of bonds over equities; therefore the
weak equity returns added value relative to the passive index. In addition,
industry and stock selection were critical during the quarter. The "old
economy" value-oriented securities significantly outperformed the "new era"
sectors of telecommunication and technology. This was a major contributor to
the Fund, as the stock selection was very positive in most of the global
markets. In the U.S. market, for example, the predominance of value oriented
equity securities, added significant value over the benchmark, and returned
positive results relative to a negative index.
Currency management during the quarter was also a positive contributor as the
portfolio was well positioned for the devaluation in the Japanese yen and the
U.K. pound.
Looking forward, our assessment of the aggregate U.S. equity market is that it
appears very overvalued, but the distortion is exaggerated due to several
industries: technology, media and telecommunications. On the other hand, we
find value in the portfolio's overweights in materials, energy and healthcare.
From an asset class perspective, we continue to favor bonds over equities, as
corporate earnings on a global basis continue to come under tremendous pressure
to meet the bold expectations in the face of a slowing economy. In addition,
macroeconomic imbalances are also of concern, particularly the current account
deficit in America and the budget deficit in Japan.
[GRAPH]
Global Balanced Fund Global Balanced Composite Benchmark (1)
5/1/96 10,000 10,000
6/30/96 10,055 9,941
6/30/97 11,433 10,910
6/30/98 11,915 11,442
6/30/99 12,412 12,280
6/30/00 12,991 13,779
Top Ten Holdings (as of June 30, 2000)
% of six months ago
investments % of investments
U.S. Treasury 14.9% N/A
Government of Japan 4.9% 5.4%
Government of France 3.8% 6.4%
Republic of Italy 2.9% 1.8%
Government of Canada 2.5% 4.7%
CADES 2.1% N/A
Government of Spain 1.8% 2.3%
Kingdom of Denmark 1.5% 2.8%
DePfa Deutsche Pfandbriefbank AG 1.2% 1.8%
Treuhandanstalt 1.2% 2.0%
Average Annual Total Returns*
Global Balanced Global Balanced MorningStar
Fund Composite Benchmark (1) Peer Group+
YTD** -4.38% -3.31% -0.14%
1 Year 4.66 12.21 7.55
3 Years 4.35 8.09 7.34
Since Inception (5/1/96) 6.48 8.00 N/A
Top Ten Countries (as of June 30, 2000)
% of % of
investments investments
Japan 14.3% Canada 3.3%
France 8.6% Australia 2.7%
United Kingdom 7.0% Spain 2.7%
Germany 4.4% Netherlands 2.6%
Italy 3.8% Sweden 1.9%
* Total returns are for the period ended June 30, 2000. Returns represent
past performance, assume reinvestment of all distributions and are not
indicative of future performance. Investment returns and principal value of
fund shares will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. There are special risks associated with
international investing including currency fluctuations, political and
economic instability, foreign taxation and different accounting standards,
as outlined in the current prospectus. The performance of the fund on this
page is reported net of Trust level charges (i.e. investment management
fees and operating expenses). It does not reflect expense and charges of
the applicable separate accounts and variable products, all of which vary
to a considerable extent and are described in your product prospectus.
(1) International Balanced Composite Index: 65% Morgan Stanley Capital
International World Index Excluding US, and 35% Salomon Brothers Non-US
Govt. Bond Index excluding US Taxes. There are special risks associated
with international investing, including currency fluctuations, political
and economic instability, foreign taxation and different accounting
standards, as outlined in the current prospectus.
+ Source: MorningStar, Inc. Data as of 6/30/00. Although gathered from
reliable sources, data completeness and accuracy cannot be guaranteed.
Represents an average annual total return for the sub-accounts of all
variable annuity and life products within the Morningstar variable universe
having a 65% weighting of the World Stock, Large Cap style, a 12% weighting
of the General Bond Intermediate style and a 23% weighting of the
International Bond style. Prior to May 2000 (concurrent with the Fund's
strategy change), the peer group represents the International Hybrid
investment style.
** Year-to-date total returns are not annualized.
34
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Large Fundamental Emerging
Cap Mid Cap Aggressive Active Core Markets International International
Growth Growth Balanced Bond Bond Equity Equity Index Opportunities II
---------- ----------- ---------- -------- ------ -------- ------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Long Term Investments at
cost........................ $1,154,089 $22,174 $13,569 $776,879 $4,847 $46,720 $184,598 $23,392
Net unrealized appreciation
(depreciation) of
investments................. 330,379 5,145 693 (11,759) (6) 130 39,711 1,064
Short-Term Investments at
market...................... 38,005 4,374 1,536 70,698 1,422 5,445 1,862
---------- ------- ------- -------- ------ ------- -------- -------
Total Investments.......... 1,522,473 31,693 15,798 835,818 4,841 48,272 229,754 26,318
Cash........................ 1,972 103 103 1,587
Receivable for:
Investments sold........... 117,860 1,372
Fund shares sold........... 453 5,304 307 423 494
Interest................... 7 1 39 11,559 51
Dividends.................. 538 3 10 58 417 44
Futures contracts daily
variation.................. 36
Foreign currency sold......
Unrealized appreciation in
forward foreign currency
contracts.................. 14
Other assets...............
---------- ------- ------- -------- ------ ------- -------- -------
TOTAL ASSETS............... 1,640,878 33,069 16,300 854,653 4,995 48,740 230,630 28,457
LIABILITIES
Payables for:
Investments purchased...... 145,872 1,230 1,547 32,843 239 2,340
Fund shares purchased......
Foreign currency purchased.
Future contracts daily
variation..................
Unrealized depreciation in
forward foreign currency
contracts.................. 3 31
Other liabilities.......... 121 10 9 187 26 186 15
---------- ------- ------- -------- ------ ------- -------- -------
TOTAL LIABILITIES.......... 145,993 1,240 1,556 33,030 268 217 2,355
---------- ------- ------- -------- ------ ------- -------- -------
NET ASSETS.................. $1,494,885 $31,829 $14,744 $821,623 $4,995 $48,472 $230,413 $26,102
========== ======= ======= ======== ====== ======= ======== =======
Shares of beneficial
interest outstanding........ 51,798 1,872 1,392 89,883 500 4,245 12,459 2,174
---------- ------- ------- -------- ------ ------- -------- -------
Net asset value per share... $ 28.86 $ 17.00 $ 10.59 $ 9.14 $ 9.99 $ 11.42 $ 18.49 $ 12.00
========== ======= ======= ======== ====== ======= ======== =======
Composition of net assets:
Capital Paid in............ 1,009,610 26,239 14,073 869,091 5,000 44,915 188,849 22,556
Accumulated net realized
gain (loss) on investments. 154,896 489 (22) (40,869) 3,494 1,992 2,453
Undistributed (distribution
in excess of) net
investment income.......... (44) 5,160 1 (64) (29) 15
Net unrealized
appreciation/(depreciation)
of:
Investments................ 330,379 5,145 693 (11,759) (6) 130 39,711 1,064
Foreign currency
translation................ (3) (31) 14
Futures contracts.......... (79)
---------- ------- ------- -------- ------ ------- -------- -------
Net Assets.................. $1,494,885 $31,829 $14,744 $821,623 $4,995 $48,472 $230,413 $26,102
========== ======= ======= ======== ====== ======= ======== =======
</TABLE>
See notes to financial statements.
35
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
International Small Cap Global Mid Cap Mid Cap Large Cap Large Cap American Leaders
Equity Growth Balanced Growth Blend Value Value CORE Large Cap Value
------------- --------- -------- -------- ------- --------- ---------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Long Term Investments at
cost........................ $12,975 $238,508 $29,017 $473,175 $8,955 $156,822 $ 9,868
Net unrealized appreciation
(depreciation) of
investments................. 981 45,192 155 52,732 745 (5,267) (393)
Short-Term Investments at
market...................... 1,200 7,215 894 25,391 250 6,255 600 $4,930
------- -------- ------- -------- ------ -------- ------- ------
Total Investments.......... 15,156 290,915 30,066 551,298 9,950 157,810 10,075 4,930
Cash........................ 298 1 294 29 15 185 176 71
Receivable for:
Investments sold........... 2,252 45,364 89 900 56
Fund shares sold........... 202 78
Interest................... 1 223
Dividends.................. 25 43 8 332 15
Futures contracts daily
variation.................. 5
Foreign currency sold......
Unrealized appreciation in
forward foreign currency
contracts.................. 3 101 2
Other assets...............
------- -------- ------- -------- ------ -------- ------- ------
TOTAL ASSETS............... 15,684 293,169 $30,805 596,691 10,062 159,229 10,327 5,001
LIABILITIES
Payables for:
Investments purchased...... 1,535 2,235 272 28,822 309 285
Fund shares purchased......
Foreign currency purchased.
Future contracts daily
variation..................
Unrealized depreciation in
forward foreign currency
contracts..................
Other liabilities.......... 9 2 19 81 5 57 6
------- -------- ------- -------- ------ -------- ------- ------
TOTAL LIABILITIES.......... 1,544 2,237 291 28,903 314 342 6
------- -------- ------- -------- ------ -------- ------- ------
NET ASSETS.................. $14,140 $290,932 $30,514 $567,788 $9,748 $158,887 $10,321 $5,001
======= ======== ======= ======== ====== ======== ======= ======
Shares of beneficial
interest outstanding........ 1,215 14,427 3,023 20,266 807 12,192 1,070 500
------- -------- ------- -------- ------ -------- ------- ------
Net asset value per share... $ 11.64 $ 20.17 $ 10.09 $ 28.02 $12.08 $ 13.03 $ 9.64 $10.00
======= ======== ======= ======== ====== ======== ======= ======
Composition of net assets:
Capital Paid in............ 12,513 232,945 30,429 434,538 8,529 160,372 10,676 5,000
Accumulated net realized
gain (loss) on investments. 617 13,441 70 81,808 474 3,747 45
Undistributed (distribution
in excess of) net
investment income.......... 26 (646) (241) (1,290) 35 1
Net unrealized
appreciation/(depreciation)
of:
Investments................ 981 45,192 155 52,732 745 (5,267) (393)
Foreign currency
translation................ 3 101
Futures contracts.......... (7)
------- -------- ------- -------- ------ -------- ------- ------
Net Assets.................. $14,140 $290,932 $30,514 $567,788 $9,748 $158,887 $10,321 $5,001
======= ======== ======= ======== ====== ======== ======= ======
</TABLE>
See notes to financial statements.
36
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Large/Mid Money Mid Cap Small/Mid Bond Large Cap Small/Mid Small/Mid
Cap Value Market Value Cap Growth Index Aggressive Growth Cap CORE Cap Value
--------- -------- ------- ---------- ------- ----------------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Long Term Investments at
cost........................ $8,258 $90,206 $162,267 $46,923 $22,281 $14,900 $ 9,633
Net unrealized appreciation
(depreciation) of
investments................. (78) 5,736 16,477 (1,649) 2,422 1,477 377
Short-Term Investments at
market...................... 455 $416,264 1,715 7,413 1,185 342 454
------ -------- ------- -------- ------- ------- ------- -------
Total Investments.......... 8,635 416,264 97,657 186,157 46,459 25,045 16,377 10,464
Cash........................ 1 146 137
Receivable for:
Investments sold........... 249 1,257 91
Fund shares sold........... 9,119 208
Interest................... 1,617 2 792
Dividends.................. 12 105 30 4 15 11
Futures contracts daily
variation..................
Foreign currency sold......
Unrealized appreciation in
forward foreign currency
contracts..................
Other assets...............
------ -------- ------- -------- ------- ------- ------- -------
TOTAL ASSETS............... 8,896 417,882 99,165 $195,308 47,251 25,140 16,529 10,683
LIABILITIES
Payables for:
Investments purchased...... 430 2,316 8,748 99 201 439
Fund shares purchased......
Foreign currency purchased.
Future contracts daily
variation..................
Unrealized depreciation in
forward foreign currency
contracts..................
Other liabilities.......... 5 133 36 413 30 12 7 5
------ -------- ------- -------- ------- ------- ------- -------
TOTAL LIABILITIES.......... 435 133 2,352 9,161 129 213 7 444
------ -------- ------- -------- ------- ------- ------- -------
NET ASSETS.................. $8,461 $417,749 $96,813 $186,147 $47,122 $24,927 $16,522 $10,239
====== ======== ======= ======== ======= ======= ======= =======
Shares of beneficial
interest outstanding........ 837 41,774 7,183 12,218 5,040 2,043 1,606 856
------ -------- ------- -------- ------- ------- ------- -------
Net asset value per share... $10.11 $ 10.00 $ 13.48 $ 15.24 $ 9.35 $ 12.20 $ 10.29 $ 11.97
====== ======== ======= ======== ======= ======= ======= =======
Composition of net assets:
Capital Paid in............ 8,453 417,749 98,166 166,095 49,343 22,163 15,351 8,936
Accumulated net realized
gain (loss) on investments. 84 (7,085) 3,751 (578) 385 (307) 921
Undistributed (distribution
in excess of) net
investment income.......... 2 (4) (176) 6 (43) 1 5
Net unrealized
appreciation/(depreciation)
of:
Investments................ (78) 5,736 16,477 (1,649) 2,422 1,477 377
Foreign currency
translation................
Futures contracts..........
------ -------- ------- -------- ------- ------- ------- -------
Net Assets.................. $8,461 $417,749 $96,813 $186,147 $47,122 $24,927 $16,522 $10,239
====== ======== ======= ======== ======= ======= ======= =======
</TABLE>
See notes to financial statements.
37
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Real Short- Small High
Estate Growth & Term Cap International Equity Yield Global
Equity Income Managed Bond Value Opportunities Index Bond Bond
-------- ---------- ---------- ------- ------- ------------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Long Term Investments at
cost........................ $129,027 $3,183,516 $2,810,271 $69,580 $71,814 $ 83,210 $421,836 $25,506 $60,195
Net unrealized appreciation
(depreciation) of
investments................. 11,195 753,365 381,124 (1,144) (1,681) 15,128 84,206 (1,719) (1,510)
Short-Term Investments at
market...................... 3,369 56,430 376,055 5,035 1,737 3,349 934 1,526 5,245
-------- ---------- ---------- ------- ------- -------- -------- ------- -------
Total Investments.......... 143,591 3,993,311 3,567,450 73,471 71,870 101,687 506,976 25,313 63,930
Cash........................ 7,126 649 68 499
Receivable for:
Investments sold...........
Fund shares sold........... 107,134 141 261 112
Securities lending
interest...................
Interest................... 11 13,877 1,145 610 833
Dividends.................. 44 3,325 1,584 99 154 457
Futures contracts daily
variation.................. 36 106
Foreign currency sold......
Unrealized appreciation in
forward foreign currency
contracts..................
Other assets...............
-------- ---------- ---------- ------- ------- -------- -------- ------- -------
TOTAL ASSETS............... 143,635 3,996,647 3,697,207 74,616 71,969 102,631 507,868 26,035 65,262
LIABILITIES
Payables for:
Investments purchased...... 469,797 751 123 1,216 713
Fund shares purchased......
Foreign currency purchased.
Future contracts daily
variation.................. 37
Unrealized depreciation in
forward foreign currency
contracts.................. 7,961 2 1,441
Other liabilities.......... 63 389 277 58 16 64 226 20 20
-------- ---------- ---------- ------- ------- -------- -------- ------- -------
TOTAL LIABILITIES.......... 63 389 478,035 809 16 189 1,442 733 1,498
-------- ---------- ---------- ------- ------- -------- -------- ------- -------
NET ASSETS.................. $143,572 $3,996,258 $3,219,172 $73,807 $71,953 $102,442 $506,426 $25,302 $63,764
======== ========== ========== ======= ======= ======== ======== ======= =======
Shares of beneficial
interest outstanding........ 11,324 201,605 209,089 7,608 6,571 7,048 25,019 2,995 6,396
-------- ---------- ---------- ------- ------- -------- -------- ------- -------
Net asset value per share... $ 12.68 $ 19.82 $ 15.40 $ 9.70 $ 10.95 $ 14.53 $ 20.24 $ 8.45 $ 9.97
======== ========== ========== ======= ======= ======== ======== ======= =======
Composition of net assets:
Capital Paid in............ 139,010 2,809,455 2,664,588 76,781 76,714 85,224 418,053 27,622 65,657
Accumulated net realized
gain (loss) on investments. (7,512) 431,954 170,864 (1,918) (3,031) 2,111 3,338 (604) 170
Undistributed
(distributions in excess
of) net investment income.. 879 1,484 10,269 88 (49) (18) 1,119 3 966
Net unrealized
appreciation/(depreciation)
of:
Investments................ 11,195 753,365 381,124 (1,144) (1,681) 15,128 84,206 (1,719) (1,510)
Foreign currency
translation................ (7,961) (3) (1,441)
Futures contracts.......... 288 (290) (78)
-------- ---------- ---------- ------- ------- -------- -------- ------- -------
Net Assets.................. $143,572 $3,996,258 $3,219,172 $73,807 $71,953 $102,442 $506,426 $25,302 $63,764
======== ========== ========== ======= ======= ======== ======== ======= =======
</TABLE>
See notes to financial statements.
38
<PAGE>
STATEMENT OF OPERATIONS
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
For the period ended June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Large Cap Fundmental Mid Aggressive Active Core Bond Emerging International
Growth Cap Growth Balanced Bond Portfolio(*) Markets Equity Equity Index
--------- -------------- ---------- -------- ------------ -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income
Interest........ $ 516 $ 30 $107 $ 30,458 $ 1 $ 75 $ 187
Dividends (Note
B).............. 3,728 8 60 194 2,011
Securities
lending......... 70 117 77
-------- ------ ---- -------- --- ------- --------
4,314 38 167 30,575 1 269 2,275
Expenses
Investment
advisory fee
(Note C)........ 2,475 73 43 1,026 277 184
Auditors fees... 31 1 1 18 2 8
Custodian fees.. 118 9 14 116 267 165
Fidelity bond
fees............
Legal fees...... 7 4 2
Printing &
mailing fees.... 137 1 1 144 3 42
Trustees fees... 6 4 2
Other fees...... 3 2 3
-------- ------ ---- -------- --- ------- --------
2,777 84 59 1,314 549 406
Less expenses
reimbursed
(Note C)........ 2 9 249 105
-------- ------ ---- -------- --- ------- --------
2,777 82 50 1,314 300 301
-------- ------ ---- -------- --- ------- --------
Net Investment
Income/(Loss).... 1,537 (44) 117 29,261 1 (31) 1,974
REALIZED AND
UNREALIZED
GAIN/(LOSS) ON
INVESTMENTS
Net realized
gain/(loss) on
sales of
investments..... 118,236 230 (56) (14,036) 3,706 2,495
Increase in
unrealized
appreciation/(depreciation)
of:
Investments..... (40,230) 2,966 78 12,079 (6) (8,156) (16,153)
Foreign
currency
translation..... 145 (8)
Futures......... (177) (468)
-------- ------ ---- -------- --- ------- --------
Net realized and
unrealized
gain/(loss) on
investments..... 78,006 3,196 22 (2,134) (6) (4,305) (14,134)
-------- ------ ---- -------- --- ------- --------
Net
increase/(decrease)
in net assets
resulting from
operations...... $ 79,543 $3,152 $139 $ 27,127 $(5) $(4,336) $(12,160)
======== ====== ==== ======== === ======= ========
<CAPTION>
International
Opportunities II
----------------
<S> <C>
INVESTMENT INCOME
Income
Interest........ $ 45
Dividends (Note
B).............. 392
Securities
lending.........
----------------
437
Expenses
Investment
advisory fee
(Note C)........ 109
Auditors fees... 1
Custodian fees.. 33
Fidelity bond
fees............
Legal fees......
Printing &
mailing fees.... 1
Trustees fees...
Other fees......
----------------
144
Less expenses
reimbursed
(Note C)........ 23
----------------
121
----------------
Net Investment
Income/(Loss).... 316
REALIZED AND
UNREALIZED
GAIN/(LOSS) ON
INVESTMENTS
Net realized
gain/(loss) on
sales of
investments..... 2,798
Increase in
unrealized
appreciation/(depreciation)
of:
Investments..... (3,120)
Foreign
currency
translation..... 14
Futures.........
----------------
Net realized and
unrealized
gain/(loss) on
investments..... (308)
----------------
Net
increase/(decrease)
in net assets
resulting from
operations...... $ 8
================
</TABLE>
(*) Commenced investment operations on June 30, 2000.
See notes to financial statements.
39
<PAGE>
STATEMENT OF OPERATIONS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
For the period ended June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
International Small Cap Global Mid Cap Mid Cap Large Cap Large Cap American Leaders
Equity Growth Balanced Growth Blend Value Value CORE Large Cap (*)
------------- --------- -------- --------- ------- --------- ---------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income
Interest................... $ 21 $ 138 $ 374 $ 668 $ 7 $ 177 $ 12 $ 1
Dividends (Note B)......... 107 40 168 71 37 2,136 109
Securities lending......... 194 281 19
----- -------- ------- --------- ---- ------- ----- ---
128 372 542 1,020 44 2,332 121 1
Expenses
Investment advisory fee
(Note C)................... 65 947 126 2,216 27 567 30
Auditors fees.............. 6 1 17 10
Custodian fees............. 31 53 39 61 11 58 20
Fidelity bond fees.........
Legal fees................. 2 4 2
Printing & mailing fees.... 1 8 13 6 12 12
Trustees fees.............. 1 4 2
Other fees................. 1 2 1
----- -------- ------- --------- ---- ------- ----- ---
97 1,018 179 2,310 50 640 62
Less expenses reimbursed
(Note C)................... 25 38 19 28
----- -------- ------- --------- ---- ------- ----- ---
72 1,018 141 2,310 31 640 34
----- -------- ------- --------- ---- ------- ----- ---
Net Investment
Income/(Loss)............... 56 (646) 401 (1,290) 13 1,692 87 1
REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS
Net realized gain on sales
of investments............. 607 14,370 219 73,569 410 3,869 54
Increase in unrealized
appreciation/(depreciation)
of:
Investments................ (972) (13,491) (2,117) (117,620) 439 (9,376) (462)
Foreign currency
translation................ 3 169 (15)
Futures.................... (20)
----- -------- ------- --------- ---- ------- ----- ---
Net realized and unrealized
gain/(loss) on investments. (382) 879 (1,729) (44,051) 849 (5,507) (423)
----- -------- ------- --------- ---- ------- ----- ---
Net increase/(decrease) in
net assets resulting from
operations................. $(326) $ 233 $(1,328) $ (45,341) $862 $(3,815) $(336) $ 1
===== ======== ======= ========= ==== ======= ===== ===
</TABLE>
(*) Commenced investment operations on June 30, 2000.
See notes to financial statements.
40
<PAGE>
STATEMENT OF OPERATIONS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
For the period ended June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Large/Mid Cap Money Mid Cap Small/Mid Bond Large Cap Small/Mid Cap Small/Mid Cap
Value Market Value Cap Growth Index Aggressive Growth CORE Value
------------- ------- ------- ---------- ------ ----------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income
Interest.................. $ 6 $12,570 $ 104 $ 198 $1,484 $ 16 $ 21 $ 6
Dividends (Note B)........ 68 497 335 41 66 37
Securities lending........ 22 43
----- ------- ------ ------- ------ ---- ----- ------
74 12,570 623 576 1,484 57 87 43
Expenses
Investment advisory fee
(Note C).................. 34 510 371 664 31 90 53 34
Auditors fees............. 21 3 6 2 1
Custodian fees............ 13 56 22 39 24 13 42 16
Fidelity bond fees........
Legal fees................ 5 1 1
Printing & mailing fees... 1 20 20 57 31 2 1 1
Trustees fees............. 4 1
Other fees................ 1 1
----- ------- ------ ------- ------ ---- ----- ------
48 617 417 769 88 106 96 51
Less expenses reimbursed
(Note C).................. 11 17 36 6 36 13
----- ------- ------ ------- ------ ---- ----- ------
37 617 417 752 52 100 60 38
----- ------- ------ ------- ------ ---- ----- ------
Net Investment
Income/(Loss).............. 37 11,953 206 (176) 1,432 (43) 27 5
REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS
Net realized gain/(loss)
on sales of investments... 88 4,175 4,031 (387) 360 (272) 918
Increase in unrealized
appreciation/(depreciation)
of:
Investments............... (298) 730 10,711 618 302 635 297
Foreign currency
translation...............
Futures................... (7)
----- ------- ------ ------- ------ ---- ----- ------
Net realized and
unrealized gain/(loss) on
investments............... (210) 4,905 14,742 231 662 356 1,215
----- ------- ------ ------- ------ ---- ----- ------
Net increase/(decrease) in
net assets resulting from
operations................ $(173) $11,953 $5,111 $14,566 $1,663 $619 $ 383 $1,220
===== ======= ====== ======= ====== ==== ===== ======
</TABLE>
See notes to financial statements.
41
<PAGE>
STATEMENT OF OPERATIONS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
For the period ended June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Real Estate Growth & Short-Term Small Cap International Equity High Yield Global
Equity Income Managed Bond Value Opportunities Index Bond Bond
----------- --------- --------- ---------- --------- ------------- ------- ---------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income
Interest............ $ 80 $ 1,595 $ 41,712 $2,351 $ 43 $ 157 $ 26 $ 982 $ 1,826
Dividends (Note B).. 3,228 23,833 11,766 794 690 3,047 3
Securities lending.. 170 275 2 22 14
------- --------- --------- ------ ---- ------- ------- ------- -------
3,308 25,598 53,753 2,353 837 869 3,073 985 1,840
Expenses
Investment advisory
fee (Note C)........ 388 4,969 5,229 105 275 397 315 70 227
Auditors fees....... 9 115 79 1 2 3 27 1 2
Custodian fees...... 38 404 338 5 27 105 134 24 29
Fidelity bond fees.. 2 1
Legal fees.......... 2 26 18 1 1 6
Printing & mailing
fees................ 14 341 351 29 8 15 55 15 4
Trustees fees....... 1 23 15 1 1 5
Other fees.......... 10 7 8
------- --------- --------- ------ ---- ------- ------- ------- -------
452 5,890 6,038 140 314 522 550 110 262
Less expenses
reimbursed (Note
C).................. 4 78 29 4
------- --------- --------- ------ ---- ------- ------- ------- -------
452 5,890 6,038 140 310 444 550 81 258
------- --------- --------- ------ ---- ------- ------- ------- -------
Net Investment
Income............... 2,856 19,708 47,715 2,213 527 425 2,523 904 1,582
REALIZED AND
UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Net realized
gain/(loss) on sales
of investments...... (2,036) 359,891 128,528 (358) 605 2,219 4,203 (326) 1,493
Increase in
unrealized
appreciation/(depreciation)
of:
Investments......... 15,745 (404,282) (127,641) 249 (254) (6,402) (7,451) (930) 1,848
Foreign currency
translation......... (14,327) 2 (2,715)
Futures............. 287 (645) (167)
------- --------- --------- ------ ---- ------- ------- ------- -------
Net realized and
unrealized
gain/(loss) on
investments......... 13,709 (44,391) (13,153) (109) 351 (4,181) (3,893) (1,256) 459
------- --------- --------- ------ ---- ------- ------- ------- -------
Net
increase/(decrease)
in net assets
resulting from
operations.......... $16,565 $ (24,683) $ 34,562 $2,104 $878 $(3,756) $(1,370) $ (352) $ 2,041
======= ========= ========= ====== ==== ======= ======= ======= =======
</TABLE>
See notes to financial statements.
42
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Large Cap Growth Fundamental Mid Cap Growth Aggressive Balanced
------------------------- -------------------------------- --------------------------------
Unaudited Unaudited Unaudited
Six-Month Six-Month Period from Six-Month Period from
Period Ended Year Ended Period Ended August 31, 1999 (*) Period Ended August 31, 1999 (*)
June 30, December 31, June 30, to December 31, June 30, to December 31,
2000 1999 2000 1999 2000 1999
------------ ------------ ------------ ------------------- ------------ -------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income/(loss)... $ 1,537 $ 4,048 $ (44) $ (11) $ 117 $ 60
Net realized
gain/(loss) on
sales of
investments..... 118,236 246,459 230 786 (56) 73
Change in net
unrealized
appreciation/(depreciation)
of:
Investments.... (40,230) 20,524 2,966 2,179 78 615
Foreign
currency
translation....
Futures........
---------- ---------- ------- ------ ------- -------
Net
increase/(decrease)
in net assets
resulting from
operations..... 79,543 271,031 3,152 2,954 139 748
Distributions to
Shareholders
From:
Net investment
income.......... (1,660) (3,925) (121) (56)
In excess of net
investment
income..........
Realized gain on
investments..... (208,789) (516) (39)
In excess of
realized gain...
Capital paid in.
---------- ---------- ------- ------ ------- -------
Decrease in net
assets
resulting from
distributions... (1,660) (212,714) (516) (121) (95)
Capital
Contribution
Trust Share
Transactions
Proceeds from
shares sold..... 125,330 154,558 20,541 6,365 2,842 11,694
Distributions
reinvested...... 1,660 212,714 516 121 95
Payment for
shares redeemed. (92,461) (169,880) (1,039) (144) (120) (559)
---------- ---------- ------- ------ ------- -------
Increase/(decrease)
from trust
share
transactions.... 34,529 197,392 19,502 6,737 2,843 11,230
---------- ---------- ------- ------ ------- -------
NET
INCREASE/(DECREASE)
IN NET ASSETS.... 112,412 255,709 22,654 9,175 2,861 11,883
NET ASSETS
Beginning of
Period.......... 1,382,473 1,126,764 9,175 11,883
---------- ---------- ------- ------ ------- -------
End of Period... $1,494,885 $1,382,473 $31,829 $9,175 $14,744 $11,883
========== ========== ======= ====== ======= =======
Analysis of Trust
Share
Transactions:
Sold............ 4,559 5,540 1,296 608 273 1,164
Reinvested...... 60 8,043 41 12 9
Redeemed........ (3,401) (6,019) (60) (13) (12) (54)
---------- ---------- ------- ------ ------- -------
Net
increase/(decrease)
in shares
outstanding...... 1,218 7,564 1,236 636 273 1,119
========== ========== ======= ====== ======= =======
<CAPTION>
Active Bond
------------------------
Unaudited
Six-Month
Period Ended Year Ended
June 30, December
2000 31, 1999
------------ -----------
<S> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income/(loss)... $ 29,261 $ 61,745
Net realized
gain/(loss) on
sales of
investments..... (14,036) (25,838)
Change in net
unrealized
appreciation/(depreciation)
of:
Investments.... 12,079 (44,681)
Foreign
currency
translation....
Futures........ (177) 177
------------ -----------
Net
increase/(decrease)
in net assets
resulting from
operations..... 27,127 (8,597)
Distributions to
Shareholders
From:
Net investment
income.......... (25,528) (65,478)
In excess of net
investment
income..........
Realized gain on
investments.....
In excess of
realized gain...
Capital paid in.
------------ -----------
Decrease in net
assets
resulting from
distributions... (25,528) (65,478)
Capital
Contribution
Trust Share
Transactions
Proceeds from
shares sold..... 44,779 86,852
Distributions
reinvested...... 25,528 65,478
Payment for
shares redeemed. (100,569) (135,090)
------------ -----------
Increase/(decrease)
from trust
share
transactions.... (30,262) 17,240
------------ -----------
NET
INCREASE/(DECREASE)
IN NET ASSETS.... (28,663) (56,835)
NET ASSETS
Beginning of
Period.......... 850,286 907,121
------------ -----------
End of Period... $ 821,623 $ 850,286
============ ===========
Analysis of Trust
Share
Transactions:
Sold............ 4,913 9,038
Reinvested...... 2,806 6,931
Redeemed........ (11,036) (14,198)
------------ -----------
Net
increase/(decrease)
in shares
outstanding...... (3,317) 1,771
============ ===========
</TABLE>
(*) Commencement of Operations.
See notes to financial statements.
43
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Core Bond Emerging Markets Equity International Equity Index
----------------- ----------------------------- -----------------------------
Unaudited
Period from Unaudited Unaudited
June 30, 2000 (*) Six-Month Period Year Ended Six-Month Period Year Ended
to June 30, Ended June 30, December 31, Ended June 30, December 31,
2000 2000 1999 2000 1999
----------------- ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income/(loss)... $ 1 $ (31) $ 27 $ 1,974 $ 2,404
Net realized
gain/(loss) on
sales of
investments..... 3,706 1,607 2,495 4,750
Change in net
unrealized
appreciation/(depreciation)
of
Investments.... (6) (8,156) 9,598 (16,153) 48,346
Foreign
currency
translation.... 145 (142) (8) (133)
Futures........ (468) 517
------ -------- -------- -------- --------
Net
increase/(decrease)
in net assets
resulting from
operations..... (5) (4,336) 11,090 (12,160) 55,884
Distributions to
Shareholders
From:
Net investment
income.......... (17) (1,997) (2,382)
In excess of net
investment
income.......... (44)
Realized gain on
investments..... (250) (4,633)
In excess of
realized gain... (936) (583)
Capital paid in.
------ -------- -------- -------- --------
Decrease in net
assets
resulting from
distributions... (1,247) (1,997) (7,598)
Capital
Contribution 445
Trust Share
Transactions
Proceeds from
shares sold..... 5,000 43,546 29,538 34,827 62,080
Distributions
reinvested...... 1,247 1,997 7,598
Payment for
shares redeemed. (23,334) (15,787) (36,271) (47,084)
------ -------- -------- -------- --------
Increase from
trust share
transactions.... 5,000 20,212 14,998 553 22,594
------ -------- -------- -------- --------
NET
INCREASE/(DECREASE)
IN NET ASSETS.... 4,995 15,876 25,286 (13,604) 70,880
NET ASSETS
Beginning of
Period.......... 0 32,596 7,310 244,017 173,137
------ -------- -------- -------- --------
End of Period... $4,995 $ 48,472 $ 32,596 $230,413 $244,017
====== ======== ======== ======== ========
Analysis of Trust
Share
Transactions:
Sold............ 500 3,522 3,232 1,871 3,668
Reinvested...... 113 108 428
Redeemed........ (1,935) (1,719) (1,941) (2,802)
------ -------- -------- -------- --------
Net
increase/(decrease)
in shares
outstanding...... 500 1,587 1,626 38 1,294
====== ======== ======== ======== ========
<CAPTION>
International Opportunities
II
-----------------------------
Unaudited
Six-Month Period Year Ended
Ended June 30, December 31,
2000 1999
---------------- ------------
<S> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income/(loss)... $ 316 $ 168
Net realized
gain/(loss) on
sales of
investments..... 2,798 (24)
Change in net
unrealized
appreciation/(depreciation)
of
Investments.... (3,120) 4,008
Foreign
currency
translation.... 14
Futures........
---------------- ------------
Net
increase/(decrease)
in net assets
resulting from
operations..... 8 4,152
Distributions to
Shareholders
From:
Net investment
income.......... (298) (122)
In excess of net
investment
income.......... (65)
Realized gain on
investments.....
In excess of
realized gain...
Capital paid in.
---------------- ------------
Decrease in net
assets
resulting from
distributions... (298) (187)
Capital
Contribution
Trust Share
Transactions
Proceeds from
shares sold..... 6,306 4,747
Distributions
reinvested...... 298 187
Payment for
shares redeemed. (2,523) (1,869)
---------------- ------------
Increase from
trust share
transactions.... 4,081 3,065
---------------- ------------
NET
INCREASE/(DECREASE)
IN NET ASSETS.... 3,791 7,030
NET ASSETS
Beginning of
Period.......... 22,311 15,281
---------------- ------------
End of Period... $26,102 $22,311
================ ============
Analysis of Trust
Share
Transactions:
Sold............ 521 447
Reinvested...... 25 18
Redeemed........ (211) (174)
---------------- ------------
Net
increase/(decrease)
in shares
outstanding...... 335 291
================ ============
</TABLE>
(*) Commencement of Operations.
See notes to financial statements.
44
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
International Equity Small Cap Growth Global Balanced
----------------------------------- ----------------------------- -----------------------------
Unaudited Period from Unaudited Unaudited
Six-Month Period August 31, 1999(*) Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, to December 31, Ended June 30, December 31, Ended June 30, December 31,
2000 1999 2000 1999 2000 1999
---------------- ------------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income/(loss)... $ 56 $ 7 $ (646) $ (679) $ 401 $ 813
Net realized
gain on sales of
investments..... 607 190 14,370 24,283 219 1,839
Change in net
unrealized
appreciation/(depreciation)
of:
Investments.... (972) 1,953 (13,491) 41,804 (2,117) (519)
Foreign
currency
translation.... 3 169 (606)
Futures........ (20) 20
------- ------- -------- -------- ------- -------
Net
increase/(decrease)
in net assets
resulting from
operations..... (326) 2,170 233 65,408 (1,328) 1,527
Distributions to
Shareholders
From:
Net investment
income.......... (30) (12) (419) (565)
In excess of net
investment
income..........
Realized gain on
investments..... (175) (21,491) (1,836)
In excess of
realized gain...
Capital paid in. (230)
------- ------- -------- -------- ------- -------
Decrease in
net assets
resulting from
distributions.. (30) (187) (21,491) (419) (2,631)
Capital
Contribution
Trust Share
Transactions
Proceeds from
shares sold..... 2,306 10,447 163,193 66,717 5,133 6,406
Distributions
reinvested...... 30 187 21,491 419 2,631
Payment for
shares redeemed. (270) (11) (52,064) (27,404) (4,868) (6,772)
------- ------- -------- -------- ------- -------
Increase from
trust share
transactions.... 2,066 10,447 111,129 60,804 684 2,265
------- ------- -------- -------- ------- -------
NET
INCREASE/(DECREASE)
IN NET ASSETS.... 1,710 12,430 111,362 104,721 (1,063) 1,161
NET ASSETS
Beginning of
Period.......... 12,430 0 179,570 74,849 31,577 30,416
------- ------- -------- -------- ------- -------
End of Period... $14,140 $12,430 $290,932 $179,570 $30,514 $31,577
======= ======= ======== ======== ======= =======
Analysis of Trust
Share
Transactions:
Sold............ 195 1,024 7,726 4,233 510 590
Reinvested...... 3 17 1,245 42 251
Redeemed........ (23) (1) (2,693) (1,847) (479) (625)
------- ------- -------- -------- ------- -------
Net increase in
shares
outstanding...... 175 1,040 5,033 3,631 73 216
======= ======= ======== ======== ======= =======
<CAPTION>
Mid Cap Growth
-----------------------------
Unaudited
Six-Month Period Year Ended
Ended June 30, December 31,
2000 1999
---------------- ------------
<S> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income/(loss)... $ (1,290) $ (1,351)
Net realized
gain on sales of
investments..... 73,569 55,989
Change in net
unrealized
appreciation/(depreciation)
of:
Investments.... (117,620) 148,557
Foreign
currency
translation.... (33)
Futures........
---------------- ------------
Net
increase/(decrease)
in net assets
resulting from
operations..... (45,341) 203,162
Distributions to
Shareholders
From:
Net investment
income..........
In excess of net
investment
income..........
Realized gain on
investments..... (46,186)
In excess of
realized gain...
Capital paid in.
---------------- ------------
Decrease in
net assets
resulting from
distributions.. (46,186)
Capital
Contribution
Trust Share
Transactions
Proceeds from
shares sold..... 221,650 192,846
Distributions
reinvested...... 46,186
Payment for
shares redeemed. (61,458) (37,156)
---------------- ------------
Increase from
trust share
transactions.... 160,192 201,876
---------------- ------------
NET
INCREASE/(DECREASE)
IN NET ASSETS.... 114,851 358,852
NET ASSETS
Beginning of
Period.......... 452,937 94,085
---------------- ------------
End of Period... $567,788 $452,937
================ ============
Analysis of Trust
Share
Transactions:
Sold............ 7,143 9,353
Reinvested...... 1,749
Redeemed........ (2,373) (1,830)
---------------- ------------
Net increase in
shares
outstanding...... 4,770 9,272
================ ============
</TABLE>
(*) Commencement of Operations.
See notes to financial statements.
45
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Mid Cap Large Cap
Blend Value
------------------------------------ -----------------------------
Unaudited Period from Unaudited
Six-Month Period August 31, 1999 (*) Six-Month Period Year Ended
Ended June 30, to December 31, Ended June 30, December 31,
2000 1999 2000 1999
---------------- ------------------- ---------------- ------------
<S> <C> <C> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations:
Net investment
income.......... $ 13 $ 14 $ 1,692 $ 2,774
Net realized
gain on sales of
investments..... 410 268 3,869 7,671
Change in net
unrealized
appreciation/(depreciation)
of:
Investments.... 439 306 (9,376) (7,556)
Foreign
currency
translation....
Futures........
------ ------ -------- --------
Net
increase/(decrease)
in net assets
resulting from
operations..... 862 588 (3,815) 2,889
Distributions to
Shareholders
From:
Net investment
income.......... (14) (13) (1,733) (2,733)
In excess of net
investment
income..........
Realized gain on
investments..... (204) (7,756)
In excess of
realized gain... (28)
Capital paid in..
------ ------ -------- --------
Decrease in net
assets
resulting from
distributions... (14) (217) (1,733) (10,517)
Capital
Contribution.....
Trust Share
Transactions
Proceeds from
shares sold..... 3,331 5,275 30,738 64,676
Distributions
reinvested...... 14 217 1,733 10,517
Payment for
shares redeemed. (255) (53) (23,885) (35,081)
------ ------ -------- --------
Increase from
trust share
transactions.... 3,090 5,439 8,586 40,112
------ ------ -------- --------
NET INCREASE IN
NET ASSETS....... 3,938 5,810 3,038 32,484
NET ASSETS:
Beginning of
Period.......... 5,810 0 155,849 123,365
------ ------ -------- --------
End of Period... $9,748 $5,810 $158,887 $155,849
====== ====== ======== ========
Analysis of Trust
Share
Transactions:
Sold............ 285 526 2,357 4,383
Reinvested...... 1 22 135 774
Redeemed........ (22) (5) (1,852) (2,404)
------ ------ -------- --------
Net increase in
shares
outstanding...... 264 543 640 2,753
====== ====== ======== ========
<CAPTION>
Large Cap American Leaders
Value CORE Large Cap
------------------------------------ -----------------
Unaudited Period from Unaudited
Six-Month Period August 31, 1999 (*) Period from
Ended June 30, to December 31, June 30, 2000 (*)
2000 1999 to June 30, 2000
---------------- ------------------- -----------------
<S> <C> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations:
Net investment
income.......... $ 87 $ 21 $ 1
Net realized
gain on sales of
investments..... 54 100
Change in net
unrealized
appreciation/(depreciation)
of:
Investments.... (462) 70
Foreign
currency
translation....
Futures........ (15) 8
---------------- ------------------- -----------------
Net
increase/(decrease)
in net assets
resulting from
operations..... (336) 199 1
Distributions to
Shareholders
From:
Net investment
income.......... (88) (19)
In excess of net
investment
income..........
Realized gain on
investments..... (82)
In excess of
realized gain... (4)
Capital paid in.. (9)
---------------- ------------------- -----------------
Decrease in net
assets
resulting from
distributions... (88) (114)
Capital
Contribution.....
Trust Share
Transactions
Proceeds from
shares sold..... 4,426 6,323 5,000
Distributions
reinvested...... 88 114
Payment for
shares redeemed. (140) (151)
---------------- ------------------- -----------------
Increase from
trust share
transactions.... 4,374 6,286 5,000
---------------- ------------------- -----------------
NET INCREASE IN
NET ASSETS....... 3,950 6,371 5,001
NET ASSETS:
Beginning of
Period.......... 6,371 0 0
---------------- ------------------- -----------------
End of Period... $10,321 $6,371 $5,001
================ =================== =================
Analysis of Trust
Share
Transactions:
Sold............ 448 630 500
Reinvested...... 9 12
Redeemed........ (14) (15)
---------------- ------------------- -----------------
Net increase in
shares
outstanding...... 443 627 500
================ =================== =================
</TABLE>
(*) Commencement of Operations.
See notes to financial statements.
46
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Large/Mid Cap Value Money Market Mid Cap Value
------------------------------------ ----------------------------- -----------------------------
Unaudited Period from Unaudited Unaudited
Six-Month Period August 31, 1999 (*) Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, to December 31, Ended June 30, December 31, Ended June 30, December 31,
2000 1999 2000 1999 2000 1999
---------------- ------------------- ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income/(loss).... $ 37 $ 17 $ 11,953 $ 19,133 $ 206 $ 584
Net realized
gain/(loss) on
sales of
investments...... 88 11 4,175 (2,104)
Change in net unrealized
appreciation/(depreciation) of:
Investments..... (298) 221 730 5,960
Foreign currency
translation.....
Futures.........
------ ------ --------- --------- -------- --------
Net
increase/(decrease)
in net assets
resulting from
operations...... (173) 249 11,953 19,133 5,111 4,440
Distributions to
Shareholders From:
Net investment
income........... (38) (15) (11,953) (19,133) (210) (580)
In excess of net
investment
income...........
Realized gain on
investments...... (11)
In excess of
realized gain.... (4)
Capital paid in..
------ ------ --------- --------- -------- --------
Decrease in net
assets resulting
from
distributions.... (38) (30) (11,953) (19,133) (210) (580)
Capital
Contribution
Trust Share
Transactions
Proceeds from
shares sold...... 2,832 5,905 239,805 557,157 14,918 29,586
Distributions
reinvested....... 38 30 11,953 19,133 210 580
Payment for
shares redeemed.. (299) (53) (285,244) (520,250) (15,366) (36,696)
------ ------ --------- --------- -------- --------
Increase/(decrease)
from trust share
transactions..... 2571 5,882 (33,486) 56,040 (238) (6,530)
------ ------ --------- --------- -------- --------
NET
INCREASE/(DECREASE)
IN NET ASSETS..... 2,360 6,101 (33,486) 56,040 4,663 (2,670)
NET ASSETS
Beginning of
Period........... 6,101 0 451,235 395,195 92,150 94,820
------ ------ --------- --------- -------- --------
End of Period.... $8,461 $6,101 $ 417,749 $ 451,235 $ 96,813 $ 92,150
====== ====== ========= ========= ======== ========
Analysis of Trust
Share
Transactions:
Sold............. 277 588 23,979 55,717 1,131 2,380
Reinvested....... 4 3 1,196 1,913 16 48
Redeemed......... (30) (5) (28,525) (52,025) (1,176) (2,997)
------ ------ --------- --------- -------- --------
Net
increase/(decrease)
in shares
outstanding....... 251 586 (3,350) 5,605 (29) (569)
====== ====== ========= ========= ======== ========
<CAPTION>
Small/Mid Cap Growth
-----------------------------
Unaudited
Six-Month Period Year Ended
Ended June 30, December 31,
2000 1999
---------------- ------------
<S> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income/(loss).... $ (176) $ (497)
Net realized
gain/(loss) on
sales of
investments...... 4,031 26,575
Change in net unrealized
appreciation/(depreciation) of:
Investments..... 10,711 (17,156)
Foreign currency
translation.....
Futures.........
---------------- ------------
Net
increase/(decrease)
in net assets
resulting from
operations...... 14,566 8,922
Distributions to
Shareholders From:
Net investment
income........... (26,069)
In excess of net
investment
income...........
Realized gain on
investments...... (1,884)
In excess of
realized gain....
Capital paid in..
---------------- ------------
Decrease in net
assets resulting
from
distributions.... (27,953)
Capital
Contribution
Trust Share
Transactions
Proceeds from
shares sold...... 13,128 22,355
Distributions
reinvested....... 27,953
Payment for
shares redeemed.. (23,478) (42,678)
---------------- ------------
Increase/(decrease)
from trust share
transactions..... (10,350) 7,630
---------------- ------------
NET
INCREASE/(DECREASE)
IN NET ASSETS..... 4,216 (11,401)
NET ASSETS
Beginning of
Period........... 181,931 193,332
---------------- ------------
End of Period.... $186,147 $181,931
================ ============
Analysis of Trust
Share
Transactions:
Sold............. 906 1,389
Reinvested....... 2,105
Redeemed......... (1,651) (2,669)
---------------- ------------
Net
increase/(decrease)
in shares
outstanding....... (745) 834
================ ============
</TABLE>
(*) Commencement of Operations.
See notes to financial statements.
47
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Bond Index Large Cap Aggressive Growth Small/Mid Cap CORE
----------------------------- ------------------------------------ -----------------------------
Unaudited Unaudited Period from Unaudited
Six-Month Period Year Ended Six-Month Period August 31, 1999 (*) Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, to December 31, Ended June 30, December 31,
2000 1999 2000 1999 2000 1999
---------------- ------------ ---------------- ------------------- ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income/(loss)... $ 1,432 $ 2,119 $ (43) $ (15) $ 27 $ 18
Net realized
gain/(loss) on
sales of
investments..... (387) (186) 360 133 (272) 714
Change in net
unrealized
appreciation/(depreciation)
of:
Investments.... 618 (2,724) 302 2,120 635 578
Foreign
currency
translation....
Futures........ (7) 7
------- ------- ------- ------- ------- -------
Net
increase/(decrease)
in net assets
resulting from
operations..... 1,663 (791) 619 2,238 383 1,317
Distributions to
Shareholders
From:
Net investment
income.......... (1,494) (2,057) (26) (18)
In excess of net
investment
income..........
Realized gain on
investments..... (93) (715)
In excess of
realized gain...
Capital paid in.
------- ------- ------- ------- ------- -------
Decrease in net
assets
resulting from
distributions... (1,494) (2,057) (93) (26) (733)
Capital
Contribution
Trust Share
Transactions
Proceeds from
shares sold..... 13,191 14,617 9,683 12,920 11,562 5,301
Distributions
reinvested...... 1,494 2,057 93 26 733
Payment for
shares redeemed. (6,168) (3,391) (449) (84) (3,671) (3,385)
------- ------- ------- ------- ------- -------
Increase from
trust share
transactions.... 8,517 13,283 9,234 12,929 7,917 2,649
------- ------- ------- ------- ------- -------
NET INCREASE IN
NET ASSETS....... 8,686 10,435 9,853 15,074 8,274 3,233
NET ASSETS
Beginning of
Period.......... 38,436 28,001 15,074 0 8,248 5,015
------- ------- ------- ------- ------- -------
End of Period... $47,122 $38,436 $24,927 $15,074 $16,522 $ 8,248
======= ======= ======= ======= ======= =======
Analysis of Trust
Share
Transactions:
Sold............ 1,413 1,516 817 1,262 1,116 557
Reinvested...... 161 213 8 3 80
Redeemed........ (659) (352) (37) (7) (353) (353)
------- ------- ------- ------- ------- -------
Net increase in
shares
outstanding...... 915 1,377 780 1,263 766 284
======= ======= ======= ======= ======= =======
<CAPTION>
Small/Mid Cap Value
------------------------------------
Unaudited Period from
Six-Month Period August 31, 1999 (*)
Ended June 30, to December 31,
2000 1999
---------------- -------------------
<S> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income/(loss)... $ 5 $ (2)
Net realized
gain/(loss) on
sales of
investments..... 918 190
Change in net
unrealized
appreciation/(depreciation)
of:
Investments.... 297 80
Foreign
currency
translation....
Futures........
---------------- -------------------
Net
increase/(decrease)
in net assets
resulting from
operations..... 1,220 268
Distributions to
Shareholders
From:
Net investment
income..........
In excess of net
investment
income..........
Realized gain on
investments..... (185)
In excess of
realized gain...
Capital paid in.
---------------- -------------------
Decrease in net
assets
resulting from
distributions... (185)
Capital
Contribution
Trust Share
Transactions
Proceeds from
shares sold..... 3,675 5,326
Distributions
reinvested...... 185
Payment for
shares redeemed. (226) (24)
---------------- -------------------
Increase from
trust share
transactions.... 3,449 5,487
---------------- -------------------
NET INCREASE IN
NET ASSETS....... 4,669 5,570
NET ASSETS
Beginning of
Period.......... 5,570 0
---------------- -------------------
End of Period... $10,239 $5,570
================ ===================
Analysis of Trust
Share
Transactions:
Sold............ 327 533
Reinvested...... 19
Redeemed........ (21) (2)
---------------- -------------------
Net increase in
shares
outstanding...... 306 550
================ ===================
</TABLE>
(*) Commencement of Operations.
See notes to financial statements.
48
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Real Estate Equity Growth & Income Managed
----------------------------- ----------------------------- -----------------------------
Unaudited Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31, Ended June 30, December 31,
2000 1999 2000 1999 2000 1999
---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income.......... $ 2,856 $ 8,880 $ 19,708 $ 38,514 $ 47,715 $ 92,042
Net realized
gain/(loss) on
sales of
investments..... (2,036) (5,679) 359,891 516,452 128,528 287,125
Change in net
unrealized
appreciation/(depreciation)
of:
Investments.... 15,745 (5,829) (404,282) 38,349 (127,641) (97,986)
Foreign
currency
translation.... (14,327) 11,252
Futures........ 287 (316)
-------- -------- ---------- ---------- ---------- ----------
Net
increase/(decrease)
in net assets
resulting from
operations..... 16,565 (2,628) (24,683) 593,315 34,562 292,117
Distributions to
Shareholders
From:
Net investment
income.......... (3,566) (8,957) (20,326) (37,895) (49,991) (89,766)
In excess of net
investment
income..........
Realized gain on
investments..... (444,028) (236,198)
In excess of
realized gain...
Capital Paid in.
-------- -------- ---------- ---------- ---------- ----------
Decrease in net
assets
resulting from
distributions... (3,566) (8,957) (20,326) (481,923) (49,991) (325,964)
Capital
Contribution
Trust Share
Transactions
Proceeds from
shares sold..... 25,887 19,688 55,836 271,718 37,903 229,925
Distributions
reinvested...... 3,566 8,957 20,326 481,923 49,991 325,964
Payment for
shares redeemed. (25,094) (43,635) (253,736) (316,977) (284,212) (393,033)
-------- -------- ---------- ---------- ---------- ----------
Increase/(decrease)
from trust
share
transactions.... 4,359 (14,990) (177,574) 436,664 (196,318) 162,856
-------- -------- ---------- ---------- ---------- ----------
NET
INCREASE/(DECREASE)
IN NET ASSETS.... 17,358 (26,575) (222,583) 548,056 (211,747) 129,009
NET ASSETS
Beginning of
Period.......... 126,214 152,789 4,218,841 3,670,785 3,430,919 3,301,910
-------- -------- ---------- ---------- ---------- ----------
End of Period... $143,572 $126,214 $3,996,258 $4,218,841 $3,219,172 $3,430,919
======== ======== ========== ========== ========== ==========
Analysis of Trust
Share
Transactions:
Sold............ 2,114 1,643 2,868 13,198 2,489 14,370
Reinvested...... 306 756 1,048 24,670 3,305 21,188
Redeemed........ (2,096) (3,662) (13,134) (15,364) (18,796) (24,638)
-------- -------- ---------- ---------- ---------- ----------
Net
increase/(decrease)
in shares
outstanding...... 324 (1,263) (9,218) 22,504 (13,002) 10,920
======== ======== ========== ========== ========== ==========
<CAPTION>
Short-Term Bond
-----------------------------
Unaudited
Six-Month Period Year Ended
Ended June 30, December 31,
2000 1999
---------------- ------------
<S> <C> <C>
INCREASE/(DECREASE)
IN NET ASSETS
From Operations
Net investment
income.......... $ 2,213 $ 4,503
Net realized
gain/(loss) on
sales of
investments..... (358) (1,350)
Change in net
unrealized
appreciation/(depreciation)
of:
Investments.... 249 (1,085)
Foreign
currency
translation....
Futures........
---------------- ------------
Net
increase/(decrease)
in net assets
resulting from
operations..... 2,104 2,068
Distributions to
Shareholders
From:
Net investment
income.......... (2,232) (4,483)
In excess of net
investment
income..........
Realized gain on
investments.....
In excess of
realized gain...
Capital Paid in.
---------------- ------------
Decrease in net
assets
resulting from
distributions... (2,232) (4,483)
Capital
Contribution
Trust Share
Transactions
Proceeds from
shares sold..... 17,431 33,554
Distributions
reinvested...... 2,232 4,483
Payment for
shares redeemed. (14,572) (43,972)
---------------- ------------
Increase/(decrease)
from trust
share
transactions.... 5,091 (5,935)
---------------- ------------
NET
INCREASE/(DECREASE)
IN NET ASSETS.... 4,963 (8,350)
NET ASSETS
Beginning of
Period.......... 68,844 77,194
---------------- ------------
End of Period... $ 73,807 $ 68,844
================ ============
Analysis of Trust
Share
Transactions:
Sold............ 1,798 3,382
Reinvested...... 231 455
Redeemed........ (1,502) (4,438)
---------------- ------------
Net
increase/(decrease)
in shares
outstanding...... 527 (601)
================ ============
</TABLE>
See notes to financial statements.
49
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
Small Cap Value International Opportunities Equity Index
----------------------------- ----------------------------- -----------------------------
Unaudited Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31, Ended June 30, December 31,
2000 1999 2000 1999 2000 1999
---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET
ASSETS
From Operations
Net investment income...... $ 527 $ 501 $ 425 $ 518 $ 2,523 $ 4,679
Net realized gain on sales
of investments............. 605 950 2,219 4,853 4,203 14,409
Change in net unrealized
appreciation/(depreciation)
of:
Investments............... (254) (3,703) (6,402) 15,077 (7,451) 45,659
Foreign currency
translation............... 2 (7)
Futures................... (645) 99
-------- -------- -------- -------- -------- --------
Net increase/(decrease)
in net assets resulting
from operations........... 878 (2,252) (3,756) 20,441 (1,370) 64,846
Distributions to
Shareholders From:
Net investment income...... (609) (419) (376) (565) (2,666) (4,536)
In excess of net investment
income..................... (2)
Realized gain on
investments................ (92) (4,643) (13,884)
In excess of realized gain. (1,087) (180)
Capital paid in............
-------- -------- -------- -------- -------- --------
Decrease in net assets
resulting from
distributions.............. (609) (1,598) (376) (5,389) (2,666) (18,420)
Capital Contribution
Trust Share Transactions
Proceeds from shares sold.. 13,127 26,942 50,541 34,115 94,122 220,255
Distributions reinvested... 609 1,598 376 5,389 2,666 18,420
Payment for shares
redeemed................... (10,952) (19,885) (24,137) (39,012) (37,622) (66,383)
-------- -------- -------- -------- -------- --------
Increase/(decrease) from
trust share transactions... 2,784 8,655 26,780 492 59,166 172,292
-------- -------- -------- -------- -------- --------
NET INCREASE/(DECREASE) IN
NET ASSETS.................. 3,053 4,805 22,648 15,544 55,130 218,718
NET ASSETS
Beginning of Period........ 68,900 64,095 79,794 64,250 451,296 232,578
-------- -------- -------- -------- -------- --------
End of Period.............. $ 71,953 $ 68,900 $102,442 $ 79,794 $506,426 $451,296
======== ======== ======== ======== ======== ========
Analysis of Trust Share
Transactions:
Sold....................... 1,222 2,410 3,447 2,657 4,732 11,477
Reinvested................. 57 152 27 388 134 939
Redeemed................... (1,019) (1,782) (1,685) (3,046) (1,907) (3,495)
-------- -------- -------- -------- -------- --------
Net increase/(decrease) in
shares outstanding.......... 260 780 1,789 (1) 2,959 8,921
======== ======== ======== ======== ======== ========
</TABLE>
See notes to financial statements.
50
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
(000's Omitted)
<TABLE>
<CAPTION>
High Yield Bond Global Bond
----------------------------- -----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2000 1999 2000 1999
---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET
ASSETS
From Operations
Net investment income...... $ 904 $ 1,357 $ 1,582 $ 3,346
Net realized gain/(loss) on
sales of investments....... (326) (275) 1,493 (178)
Change in net unrealized
appreciation/(depreciation)
of:
Investments............... (930) (223) 1,848 (5,951)
Foreign currency
translation............... (2,715) 1,134
Futures................... (167) 75
------- -------- -------- --------
Net increase/(decrease)
in net assets resulting
from operations........... (352) 859 2,041 (1,574)
Distributions to
Shareholders From:
Net investment income...... (938) (1,323) (1,057) (3,871)
In excess of net investment
income.....................
Realized gain on
investments................
In excess of realized gain.
Capital paid in............
------- -------- -------- --------
Decrease in net assets
resulting from
distributions.............. (938) (1,323) (1,057) (3,871)
Capital Contribution
Trust Share Transactions
Proceeds from shares sold.. 11,710 18,264 6,027 29,103
Distributions reinvested... 938 1,323 1,057 3,871
Payment for shares
redeemed................... (5,977) (13,991) (15,295) (23,329)
------- -------- -------- --------
Increase/(decrease) from
trust share transactions... 6,671 5,596 (8,211) 9,645
------- -------- -------- --------
NET INCREASE/(DECREASE) IN
NET ASSETS.................. 5,381 5,132 (7,227) 4,200
NET ASSETS
Beginning of Period........ 19,921 14,789 70,991 66,791
------- -------- -------- --------
End of Period.............. $25,302 $ 19,921 $ 63,764 $ 70,991
======= ======== ======== ========
Analysis of Trust Share
Transactions:
Sold....................... 1,361 2,003 608 2,816
Reinvested................. 110 146 106 382
Redeemed................... (693) (1,534) (1,548) (2,269)
------- -------- -------- --------
Net increase/(decrease) in
shares outstanding.......... 778 615 (834) 929
======= ======== ======== ========
</TABLE>
See notes to financial statements.
51
<PAGE>
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
Selected data for each share of beneficial interest outstanding throughout the
year end indicated:
<TABLE>
<CAPTION>
Income from Investment Operations Less Distributions
--------------------------------------- ------------ ----------------------------------------
Net Realized
Net Asset and Distribution Distribution Distribution
Value at Net Unrealized Total From From Net From Net in Excess of Distribution
Beginning Investment Gain/(Loss) on Investment Investment Gains on Net Investment From Capital
of Period Income/(Loss) Investments(a) Operations Income Investments Income/Gains Paid in
--------- ------------- -------------- ---------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Large Cap Growth
Unaudited Period
Ended June 30,
2000............ $27.33 $0.03 $1.53 $1.56 $(0.03) $ -- $-- $--
Year Ended
December 31,
1999............ 26.19 0.09 6.03 6.12 (0.09) (4.89) -- --
1998............ 20.82 0.14 8.05 8.19 (0.14) (2.68) -- --
1997............ 17.49 0.17 5.21 5.38 (0.17) (1.88) -- --
1996............ 17.37 0.25 2.89 3.14 (0.25) (2.77) -- --
-----------------------------------------------------------------------------------------------------------------------------
Fundmental Mid
Cap Growth
Unaudited Period
Ended June 30,
2000............ 14.42 (0.03) 2.61 2.58 -- -- -- --
Period from
August 31, to
December 31,
1999 (c)........ 10.00 (0.02) 5.34 5.32 -- (0.90) -- --
-----------------------------------------------------------------------------------------------------------------------------
Aggressive
Balanced
Unaudited Period
Ended June 30,
2000............ 10.62 0.10 (0.03) 0.07 (0.10) -- -- --
Period from
August 31, to
December 31,
1999 (c)........ 10.00 0.06 0.64 0.70 (0.05) (0.03) -- --
-----------------------------------------------------------------------------------------------------------------------------
Active Bond
Unaudited Period
Ended June 30,
2000............ 9.12 0.32 (0.01) 0.30 (0.28) -- -- --
Year Ended
December 31,
1999............ 9.92 0.67 (0.76) (0.09) (0.71) -- -- --
1998............ 9.95 0.69 0.11 0.80 (0.69) (0.14) -- --
1997............ 9.77 0.71 0.24 0.95 (0.71) (0.06) -- --
1996............ 10.13 0.69 (0.31) 0.38 (0.69) (0.05) -- --
-----------------------------------------------------------------------------------------------------------------------------
Core Bond
Unaudited Period
from June30, to
June 30,
2000(c)......... 10.00 0.00 (0.01) (0.01) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Less
Distributions Ratios/Supplemental Data
------------- --------------------------------------------------------
Number of Net
Net Asset Shares Net Assets Operating Investment
Value at Outstanding Total End of Period Expenses to Income to Portfolio
Total End (000's Investment (000's Average Average Turnover
Distributions of Period Omitted) Return(b) Omitted) Net Assets Net Assets Rate
------------- --------- ----------- ------------- ------------- --------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Large Cap Growth
Unaudited Period
Ended June 30,
2000............ $(0.03) $28.86 51,798 5.71%(d) $1,494,885 0.39%(d) 0.22%(d) 53.61%(e)
Year Ended
December 31,
1999............ (4.98) 27.33 50,580 24.07% 1,382,473 0.39% 0.33% 37.42%
1998............ (2.82) 26.19 43,016 39.51% 1,126,764 0.41% 0.59% 56.41%
1997............ (2.05) 20.82 36,236 30.89% 754,398 0.44% 0.86% 83.82%
1996............ (3.02) 17.49 29,965 18.27% 524,145 0.44% 1.35% 135.98%
-----------------------------------------------------------------------------------------------------------------------------
Fundmental Mid
Cap Growth
Unaudited Period
Ended June 30,
2000............ -- 17.00 1,872 17.90%(e) 31,829 0.94%(d)(1) (0.51)%(d) 86.25%(e)
Period from
August 31, to
December 31,
1999 (c)........ (0.90) 14.42 636 54.57%(e) 9,175 0.95%(d)(1) (0.55)%(d) 61.66%(e)
-----------------------------------------------------------------------------------------------------------------------------
Aggressive
Balanced
Unaudited Period
Ended June 30,
2000............ (0.10) $10.59 1,392 0.68%(e) 14,744 0.77%(d)(2) 1.83%(d) 98.56%(e)
Period from
August 31, to
December 31,
1999 (c)........ (0.08) 10.62 1,119 7.09%(e) 11,883 0.78%(d)(2) 1.68%(d) 70.28%(e)
-----------------------------------------------------------------------------------------------------------------------------
Active Bond
Unaudited Period
Ended June 30,
2000............ (0.28) 9.15 89,883 3.36%(e) 821,623 0.32%(d) 7.09%(d) 118.15%(e)
Year Ended
December 31,
1999............ (0.71) 9.12 93,200 (0.94)% 850,286 0.28% 6.97% 182.90%
1998............ (0.83) 9.92 91,429 8.23% 907,121 0.29% 6.84% 228.74%
1997............ (0.77) 9.95 80,789 10.11% 803,770 0.31% 7.18% 138.29%
1996............ (0.74) 9.77 74,315 4.10% 726,111 0.29% 7.07% 119.12%
-----------------------------------------------------------------------------------------------------------------------------
Core Bond
Unaudited Period
from June30, to
June 30,
2000(c)......... -- 9.99 500 (0.10)%(e) 4,995 0.80%(d)(a) 5.80%(d) -- (e)
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
52
<PAGE>
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
Selected data for each share of beneficial interest outstanding throughout the
year end indicated:
<TABLE>
<CAPTION>
Income from Investment Operations Less Distributions
------------------------------------ ------------ ----------------------------------------
Net Realized
Net Asset and Distribution Distribution Distribution
Value at Net Unrealized Total From From Net From Net in Excess of Distribution
Beginning Investment Gain/(Loss) on Investment Investment Gains on Net Investment From Capital
of Period Income Investments(a) Operations Income Investments Income/Gains Paid in
--------- ---------- -------------- ---------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Emerging Markets
Unaudited Period
Ended June 30,
2000............ $12.26 $0.02 $(0.82) $(0.80) $ -- $ -- $ -- $ --
Year Ended
December 31,
1999............ 7.09 0.03 5.67 5.70 (0.01) (0.10) (0.42) --
Period from May
1, to December
31, 1998 (c).... 10.00 0.03 (2.91) (2.88) (0.02) -- -- (0.01)
-----------------------------------------------------------------------------------------------------------------------------
International
Equity Index
Unaudited Period
Ended June 30,
2000............ 19.64 0.16 (1.15) (0.99) (0.16) -- -- --
Year Ended
December 31,
1999............ 15.56 0.21 4.51 4.72 (0.21) (0.43) (0.05) --
1998............ 15.20 0.24 2.91 3.14 (0.23) (2.55) -- --
1997............ 16.83 0.13 (0.97) (0.84) (0.13) (0.66) -- --
1996............ 15.61 0.21 1.22 1.43 (0.21) -- -- --
-----------------------------------------------------------------------------------------------------------------------------
International
Opportunities II
Unaudited Period
Ended June 30,
2000............ 12.13 0.14 (0.12) 0.02 (0.14) -- -- --
Year ended
Deccember 31,
1999............ 9.87 0.10 2.27 2.37 (0.07) -- (0.04) --
Period from May
1, to December
31, 1998 (c).... 10.00 0.07 (0.13) (0.06) (0.07) -- -- --
-----------------------------------------------------------------------------------------------------------------------------
International
Equity
Unaudited Period
Ended June 30,
2000............ 11.95 0.02 (0.32) (0.29) (0.02) -- -- --
Period from
August 31, to
December 31,
1999 (c)........ 10.00 0.01 2.12 2.13 (0.01) (0.17) -- --
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Less
Distributions Ratios/Supplemental Data
------------- --------------------------------------------------------
Number of Net
Net Asset Shares Net Assets Operating Investment
Value at Outstanding Total End of Period Expenses to Income to Portfolio
Total End (000's Investment (000's Average Average Turnover
Distributions of Period Omitted) Return(b) Omitted) Net Assets Net Assets Rate
------------- --------- ----------- ------------- ------------- --------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Emerging Markets
Unaudited Period
Ended June 30,
2000............ $ -- $11.46 4,245 (6.89)%(e) $48,472 1.31%(d)(i) (0.14)%(d) 55.81%(e)
Year Ended
December 31,
1999............ (0.53) 12.26 2,658 81.37%(t) 32,596 1.39%(i) 0.19% 196.32%
Period from May
1, to December
31, 1998 (c).... (0.03) 7.09 1,032 (28.87)%(e) 7,310 1.55%(d)(i) 0.51%(d) 53.95%(e)
-----------------------------------------------------------------------------------------------------------------------------
International
Equity Index
Unaudited Period
Ended June 30,
2000............ (0.16) 18.49 12,459 (5.04)%(e) 230,413 0.30%(d)(a) 1.97%(d) 4.89%(e)
Year Ended
December 31,
1999............ (0.64) 19.64 12,421 30.87% 244,017 0.31%(g) 1.26% 19.01%
1998............ (2.78) 15.56 11,127 20.82% 173,137 0.56%(g) 1.45% 158.63%
1997............ (0.79) 15.20 10,024 (5.03)% 152,359 0.79% 0.78% 83.13%
1996............ (0.21) 16.83 9,254 9.19% 155,753 0.76% 1.30% 92.03%
-----------------------------------------------------------------------------------------------------------------------------
International
Opportunities II
Unaudited Period
Ended June 30,
2000............ (0.14) 12.01 2,174 0.14%(e) 26,102 0.99%(d)(w) 2.59%(d) 83.11%(e)
Year ended
Deccember 31,
1999............ (0.11) 12.13 1,839 24.19% 22,311 1.04%(w) 0.96% 49.51%
Period from May
1, to December
31, 1998 (c).... (0.07) 9.87 1,548 (0.55)%(e) 15,281 1.15%(d)(w) 1.11%(d) 33.17%(e)
-----------------------------------------------------------------------------------------------------------------------------
International
Equity
Unaudited Period
Ended June 30,
2000............ (0.02) 11.63 1,215 (2.45)%(e) 14,140 1.09%(d)(3) 0.85%(d) 51.28%(e)
Period from
August 31, to
December 31,
1999 (c)........ (0.18) 11.95 1,040 21.49%(e) 12,430 1.10%(d)(3) 0.21%(d) 26.76%(e)
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
53
<PAGE>
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
Selected data for each share of beneficial interest outstanding throughout the
year end indicated:
<TABLE>
<CAPTION>
Income from Investment Operations Less Distributions
--------------------------------------- ------------ ----------------------------------------
Net Realized
Net Asset and Distribution Distribution Distribution
Value at Net Unrealized Total From From Net From Net in Excess of Distribution
Beginning Investment Gain/(Loss) on Investment Investment Gains on Net Investment From Capital
of Period Income/(Loss) Investments(a) Operations Income Investments Income/Gains Paid in
--------- ------------- -------------- ---------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Small Cap Growth
Unaudited Period
Ended June 30,
2000............ $19.12 $(0.25) $ 1.30 $ 1.05 $ -- $ -- $ -- $ --
Year ended
Deccember 31,
1999............ 12.99 (0.21) 9.06 8.85 -- (2.72) -- --
1998............ 11.34 (0.05) 1.70 1.65 -- -- -- --
1997............ 9.93 (0.02) 1.44 1.42 -- -- -- (0.01)
Period from May
1, to December
31, 1996 (c).... 10.00 0.01 (0.06) (0.05) (0.02) -- -- --
-----------------------------------------------------------------------------------------------------------------------------
Global Balanced
Unaudited Period
Ended June 30,
2000............ 10.71 0.14 (0.61) (0.46) (0.14) -- -- --
Year ended
Deccember 31,
1999............ 11.12 0.29 0.25 0.54 (0.29) (0.44) (0.16) (0.06)
1998............ 10.11 0.34 1.44 1.78 (0.34) (0.42) -- (0.01)
1997............ 10.39 0.33 (0.05) 0.28 (0.33) (0.22) -- (0.01)
Period from May
1, to December
31, 1996 (c).... 10.00 0.24 0.41 0.65 (0.24) (0.02) -- --
-----------------------------------------------------------------------------------------------------------------------------
Mid Cap Growth
Unaudited Period
Ended June 30,
2000............ 29.22 (0.27) (0.94) (1.21) -- -- -- --
Year ended
Deccember 31,
1999............ 15.12 (0.19) 17.70 17.51 -- (3.41) -- --
1998............ 11.93 (0.09) 4.75 4.66 -- (1.32) -- (0.15)
1997............ 10.22 (0.02) 1.73 1.71 -- -- -- --
Period from May
1, to December
31, 1996 (c).... 10.00 0.05 0.22 0.27 (0.05) -- -- --
-----------------------------------------------------------------------------------------------------------------------------
Mid Cap Blend
Unaudited Period
Ended June 30,
2000............ 10.70 0.02 1.38 1.40 (0.02) -- -- --
Period from
August 31, to
December 31,
1999 (c)........ 10.00 0.03 1.10 1.13 (0.03) (0.40) -- --
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Less
Distributions Ratios/Supplemental Data
------------- --------------------------------------------------------
Number of Net
Net Asset Shares Net Assets Operating Investment
Value at Outstanding Total End of Period Expenses to Income to Portfolio
Total End (000's Investment (000's Average Average Turnover
Distributions of Period Omitted) Return(b) Omitted) Net Assets Net Assets Rate
------------- --------- ----------- ------------- ------------- --------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Small Cap Growth
Unaudited Period
Ended June 30,
2000............ $ -- $20.17 14,427 5.50%(e) 290,932 0.94%(d) (0.60)%(d) 57.09%(e)
Year ended
Deccember 31,
1999............ (2.72) 19.12 9,394 70.38% 179,570 0.89% (0.70)% 113.11%
1998............ -- 12.99 5,763 14.49% 74,849 1.00%(k) (0.65)% 101.16%
1997............ (0.01) 11.34 4,298 14.26% 48,761 1.00%(k) (0.28)% 86.23%
Period from May
1, to December
31, 1996 (c).... (0.02) 9.93 2,077 (0.50)%(e) 20,633 1.00%(d)(k) 0.12%(d) 50.93%(e)
-----------------------------------------------------------------------------------------------------------------------------
Global Balanced
Unaudited Period
Ended June 30,
2000............ (0.14) 10.10 3,023 (4.38)%(e) 30,515 1.10%(d)(l) 3.19%(d) 30.33%(e)
Year ended
Deccember 31,
1999............ (0.95) 10.71 2,950 5.11% 31,577 1.00%(l) 2.73% 131.21%
1998............ (0.77) 11.12 2,734 17.99% 30,416 1.10%(l) 3.20% 103.55%
1997............ (0.56) 10.11 2,514 2.65% 25,420 1.10%(l) 3.18% 81.04%
Period from May
1, to December
31, 1996 (c).... (0.26) 10.39 2,319 6.73%(e) 24,098 1.10%(d)(l) 3.59%(d) 2.21%(e)
-----------------------------------------------------------------------------------------------------------------------------
Mid Cap Growth
Unaudited Period
Ended June 30,
2000............ -- 28.01 20,266 (4.15)%(e) 567,788 0.84%(d) (0.47)%(d) 89.18%(e)
Year ended
Deccember 31,
1999............ (3.41) 29.22 15,496 118.31% 452,937 0.93% (0.68)% 106.06%
1998............ (1.47) 15.12 6,224 39.07% 94,085 1.10%(m) (0.64)% 137.01%
1997............ -- 11.93 3,374 16.66% 40,235 1.10%(m) (0.26)% 124.04%
Period from May
1, to December
31, 1996 (c).... (0.05) 10.22 1,613 2.69%(e) 16,492 1.10%(d)(m) 0.92%(d) 71.25%(e)
-----------------------------------------------------------------------------------------------------------------------------
Mid Cap Blend
Unaudited Period
Ended June 30,
2000............ (0.02) 12.08 807 13.06%(e) 9,748 0.85%(d)(4) 0.36%(d) 82.58%(e)
Period from
August 31, to
December 31,
1999 (c)........ (0.43) 10.70 543 11.53%(e) 5,810 0.85%(d)(4) 0.82%(d) 55.68%(e)
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
54
<PAGE>
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
Selected data for each share of beneficial interest outstanding throughout the
year end indicated:
<TABLE>
<CAPTION>
Income from Investment Operations Less Distributions
------------------------------------ ------------ ----------------------------------------
Net Realized
Net Asset and Distribution Distribution Distribution
Value at Net Unrealized Total From From Net From Net in Excess of Distribution
Beginning Investment Gain/(Loss) on Investment Investment Gains on Net Investment From Capital
of Period Income Investments(a) Operations Income Investments Income/Gains Paid in
--------- ---------- -------------- ---------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Large Cap Value
Unaudited Period
Ended June 30,
2000............ $13.49 $0.14 $(0.46) $(0.31) $(0.14) $ -- $ -- $ --
Year ended
Deccember 31,
1999............ 14.02 0.27 0.18 0.45 (0.27) (0.71) -- --
1998............ 13.57 0.28 0.96 1.24 (0.28) (0.51) -- --
1997............ 11.09 0.29 2.84 3.13 (0.29) (0.36) -- --
Period from May
1, to December
31, 1996 (c).... 10.00 0.16 1.22 1.38 (0.16) (0.13) -- --
---------------------------------------------------------------------------------------------------------------------------
Large Cap Value
CORE
Unaudited Period
Ended June 30,
2000............ 10.16 0.09 (0.51) (0.42) (0.09) -- -- --
Period from
August 31, to
December 31,
1999 (c)........ 10.00 0.04 0.31 0.35 (0.03) (0.14) (0.01) (0.01)
---------------------------------------------------------------------------------------------------------------------------
American Leaders
Large Cap Value
Unaudited Period
from June 29, to
June 30,
2000(c)......... 10.00 -- -- -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
Large/Mid Cap
Value
Unaudited Period
Ended June 30,
2000............ 10.42 0.05 (0.30) (0.25) (0.05) -- -- --
Period from
August 31, to
December 31,
1999 (c)........ 10.00 0.03 0.45 0.48 (0.03) (0.02) (0.01) --
---------------------------------------------------------------------------------------------------------------------------
Money Market
Unaudited Period
Ended June 30,
2000............ 10.00 0.29 -- 0.29 (0.29) -- -- --
Year ended
Deccember 31,
1999............ 10.00 0.45 -- 0.45 (0.45) -- -- --
1998............ 10.00 0.53 -- 0.53 (0.53) -- -- --
1997............ 10.00 0.53 -- 0.53 (0.53) -- -- --
1996............ 10.00 0.52 -- 0.52 (0.52) -- -- --
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Less
Distributions Ratios/Supplemental Data
------------- ------------------------------------------------------
Number of Net
Net Asset Shares Net Assets Operating Investment
Value at Outstanding Total End of Period Expenses to Income to Portfolio
Total End (000's Investment (000's Average Average Turnover
Distributions of Period Omitted) Return(b) Omitted) Net Assets Net Assets Rate
------------- --------- ----------- ------------- ------------- ---------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Large Cap Value
Unaudited Period
Ended June 30,
2000............ $(0.14) $13.03 12,192 (2.32)%(e) $158,887 0.82%(d) 2.17%(d) 26.22%(e)
Year ended
Deccember 31,
1999............ (0.98) 13.49 11,552 3.28% 155,849 0.85% 1.88% 32.62%
1998............ (0.79) 14.02 8,799 9.26% 123,365 0.92% 2.08% 18.46%
1997............ (0.65) 13.57 5,399 28.56% 73,269 1.00%(n) 2.42% 19.21%
Period from May
1, to December
31, 1996 (c).... (0.29) 11.09 1,784 13.90% 19,781 1.00%(n) 2.74% 19.95%(e)
---------------------------------------------------------------------------------------------------------------------------
Large Cap Value
CORE
Unaudited Period
Ended June 30,
2000............ (0.09) 9.64 1,070 (4.18)%(e) 10,321 0.85%(d)(5) 2.16%(d) 43.09%(e)
Period from
August 31, to
December 31,
1999 (c)........ (0.19) 10.16 627 3.58%(e) 6,371 0.85%(d)(5) 1.13%(d) 30.90%(e)
---------------------------------------------------------------------------------------------------------------------------
American Leaders
Large Cap Value
Unaudited Period
from June 29, to
June 30,
2000(c)......... -- 10.00 500 0.02%(e) 5,001 0.90%(d)(10) 4.87%(d) %(e)
---------------------------------------------------------------------------------------------------------------------------
Large/Mid Cap
Value
Unaudited Period
Ended June 30,
2000............ (0.05) 10.11 837 (2.43)%(e) 8,461 1.04%(d)(6) 1.03%(d) 46.12%(e)
Period from
August 31, to
December 31,
1999 (c)........ (0.06) 10.42 586 4.72%(e) 6,101 1.05%(d)(6) 0.94%(d) 23.03%(e)
---------------------------------------------------------------------------------------------------------------------------
Money Market
Unaudited Period
Ended June 30,
2000............ (0.29) 10.00 41,775 2.94%(e) 417,749 0.32%(d) 2.94%(d) --
Year ended
Deccember 31,
1999............ (0.45) 10.00 45,124 5.05% 451,235 0.31% 4.95% --
1998............ (0.53) 10.00 39,519 5.40% 395,195 0.31% 5.29% --
1997............ (0.53) 10.00 22,944 5.38% 229,443 0.33% 5.32% --
1996............ (0.52) 10.00 21,324 5.32% 213,235 0.30% 5.20% --
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
55
<PAGE>
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
Selected data for each share of beneficial interest outstanding throughout the
year end indicated:
<TABLE>
<CAPTION>
Income from Investment Operations Less Distributions
--------------------------------------- ------------ ----------------------------------------
Net Realized
Net Asset and Distribution Distribution Distribution
Value at Net Unrealized Total From From Net From Net in Excess of Distribution
Beginning Investment Gain/(Loss) on Investment Investment Gains on Net Investment From Capital
of Period Income/(Loss) Investments(a) Operations Income Investments Income/Gains Paid in
--------- ------------- -------------- ---------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Mid Cap Value
Unaudited Period
Ended June 30,
2000............ $12.78 $ 0.03 $ 0.70 $ 0.73 $(0.03) $ -- $-- $ --
Year ended
Deccember 31,
1999............ 12.19 0.08 0.59 0.67 (0.08) -- -- --
1998............ 13.87 0.11 (1.68) (1.57) (0.11) -- -- --
1997............ 11.35 0.05 3.59 3.64 (0.05) (1.07) -- --
Period from May
1, to December
31, 1996 (c).... 10.00 0.04 1.57 1.61 (0.04) (0.22) -- --
----------------------------------------------------------------------------------------------------------------------------
Small/Mid Cap
Growth
Unaudited Period
Ended June 30,
2000............ 14.03 (0.02) 1.22 1.20 -- -- -- --
Year ended
Deccember 31,
1999............ 15.94 (0.07) 0.74 0.67 -- (2.41) -- (0.17)
1998............ 15.39 (0.02) 0.88 0.86 -- (0.31) -- --
1997............ 16.52 0.01 0.56 0.57 (0.01) (1.69) -- --
1996............ 13.18 0.02 3.99 4.01 (0.02) (0.65) -- --
----------------------------------------------------------------------------------------------------------------------------
Bond Index
Unaudited Period
Ended June 30,
2000............ 9.32 (0.33) 0.03 (0.29) (0.33) -- -- --
Year ended
Deccember 31,
1999............ 10.19 0.63 (0.89) (0.26) (0.61) -- -- --
Period from May
1, to December
31, 1998 (c).... 10.00 0.42 0.29 0.71 (0.42) (0.10) -- --
----------------------------------------------------------------------------------------------------------------------------
Large Cap
Aggressive Growth
Unaudited Period
Ended June 30,
2000............ 11.94 (0.03) 0.29 0.26 -- -- -- --
Period from
August 31, to
December 31,
1999 (c)........ 10.00 (0.01) 2.03 2.02 -- (0.08) -- --
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Less
Distributions Ratios/Supplemental Data
------------- --------------------------------------------------------
Number of Net
Net Asset Shares Net Assets Operating Investment
Value at Outstanding Total End of Period Expenses to Income to Portfolio
Total End (000's Investment (000's Average Average Turnover
Distributions of Period Omitted) Return(b) Omitted) Net Assets Net Assets Rate
------------- --------- ----------- ------------ ------------- --------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Mid Cap Value
Unaudited Period
Ended June 30,
2000............ $(0.03) $13.48 7,183 5.72%(e) $96,813 0.90%(d) 0.44%(d) 96.07%(e)
Year ended
Deccember 31,
1999............ (0.08) 12.78 7,212 5.52% 92,150 0.92% 0.64% 137.06%
1998............ (0.11) 12.19 7,781 (11.33)% 94,820 0.96% 0.93% 173.33%
1997............ (1.12) 13.87 4,686 32.17% 64,973 1.05%(o) 0.53% 93.78%
Period from May
1, to December
31, 1996 (c).... (0.26) 11.35 963 16.18%(e) 10,926 1.05%(d)(o) 0.69%(d) 62.99%(e)
----------------------------------------------------------------------------------------------------------------------------
Small/Mid Cap
Growth
Unaudited Period
Ended June 30,
2000............ -- 15.23 12,218 8.56%(e) 186,147 0.85%(h) (0.20)%(d) 48.80%(e)
Year ended
Deccember 31,
1999............ (2.58) 14.03 181,931 5.15% 12,963 0.85% (0.27)% 172.58%
1998............ (0.31) 15.94 193,332 5.61% 12,129 0.89% (0.11)% 162.21%
1997............ (1.70) 15.39 213,612 3.44% 13,884 0.85% 0.09% 331.19%
1996............ (0.67) 16.52 194,108 30.33% 11,749 0.84% 0.18% 217.84%
----------------------------------------------------------------------------------------------------------------------------
Bond Index
Unaudited Period
Ended June 30,
2000............ (0.33) 8.70 5,039 3.93%(e) 47,122 0.25%(d)(x) 6.81%(d) 12.27%(e)
Year ended
Deccember 31,
1999............ (0.61) 9.32 38,436 (2.57)% 4,125 0.29%(x) 6.56% 17.06%
Period from May
1, to December
31, 1998 (c).... (0.52) 10.19 28,001 7.20%(e) 2,748 0.40%(d)(x) 6.17%(d) 21.09%(e)
----------------------------------------------------------------------------------------------------------------------------
Large Cap
Aggressive Growth
Unaudited Period
Ended June 30,
2000............ -- 12.20 2,043 2.22%(e) 24,927 1.03%(d)(7) (0.44)%(d) 35.49%(e)
Period from
August 31, to
December 31,
1999 (c)........ (0.08) 11.94 15,074 20.18%(e) 1,263 1.08%(d)(7) (0.39)%(d) 18.97%(e)
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
56
<PAGE>
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
Selected data for each share of beneficial interest outstanding throughout the
year end indicated:
<TABLE>
<CAPTION>
Income from Investment Operations Less Distributions
------------------------------------ ------------ ----------------------------------------
Net Realized
Net Asset and Distribution Distribution Distribution
Value at Net Unrealized Total From From Net From Net in Excess of Distribution
Beginning Investment Gain/(Loss) on Investment Investment Gains on Net Investment From Capital
of Period Income Investments(a) Operations Income Investments Income/Gains Paid in
--------- ---------- -------------- ---------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Small/Mid Cap
CORE
Unaudited Period
Ended June 30,
2000............ $ 9.82 $0.02 $ 0.47 $ 0.49 $(0.02) $ -- $-- $ --
Year ended
Deccember 31,
1999............ 9.02 0.02 1.77 1.79 (0.03) (0.96) -- --
Period from May
1, to December
31, 1998 (c).... 10.00 -- (0.98) (0.98) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------
Small/Mid Cap
Value
Unaudited Period
Ended June 30,
2000............ 10.13 -- 1.83 1.84 -- -- -- --
Period from
August 31, to
December 31,
1999 (c)........ 10.00 -- 0.49 0.49 -- (0.36) -- --
-----------------------------------------------------------------------------------------------------------------------------
Real Estate
Equity
Unaudited Period
Ended June 30,
2000............ 11.47 0.27 1.27 1.54 (0.33) -- -- --
Year ended
Deccember 31,
1999............ 12.46 0.78 (0.99) (0.21) (0.78) -- -- --
1998............ 15.91 0.77 (3.38) (2.61) (0.70) (0.14) -- --
1997............ 14.64 0.77 1.68 2.45 (0.71) (0.41) -- (0.06)
1996............ 11.70 0.76 2.97 3.73 (0.76) (0.03) -- --
-----------------------------------------------------------------------------------------------------------------------------
Growth & Income
Unaudited Period
Ended June 30,
2000............ 20.01 0.10 (0.09) 0.01 (0.10) -- -- --
Year ended
Deccember 31,
1999............ 19.49 0.20 2.88 3.08 (0.20) (2.36) -- --
1998............ 16.61 0.23 4.75 4.98 (0.23) (1.87) -- --
1997............ 14.65 0.27 4.07 4.34 (0.27) (2.11) -- --
1996............ 13.94 0.34 2.43 2.77 (0.34) (1.72) -- --
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Less
Distributions Ratios/Supplemental Data
------------- --------------------------------------------------------
Number of Net
Net Asset Shares Net Assets Operating Investment
Value at Outstanding Total End of Period Expenses to Income to Portfolio
Total End (000's Investment (000's Average Average Turnover
Distributions of Period Omitted) Return(b) Omitted) Net Assets Net Assets Rate
------------- --------- ----------- ------------- ------------- --------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Small/Mid Cap
CORE
Unaudited Period
Ended June 30,
2000............ $(0.02) $10.29 1,606 5.00%(e) $16,522 0.90%(d)(y) 0.40%(d) 31.41%(e)
Year ended
Deccember 31,
1999............ (0.99) 9.82 8,248 20.54% 840 0.94%(y) 0.30% 109.12%
Period from May
1, to December
31, 1998 (c).... -- 9.02 5,015 (9.81)%(e) 556 1.05%(d)(y) (0.01)%(d) 60.51%(e)
-----------------------------------------------------------------------------------------------------------------------------
Small/Mid Cap
Value
Unaudited Period
Ended June 30,
2000............ -- 11.97 856 18.14%(e) 10,239 1.05%(8)(d) 0.13%(d) 105.74%(e)
Period from
August 31, to
December 31,
1999 (c)........ (0.36) 10.13 5,570 5.08%(e) 550 1.05%(8)(d) (0.12)%(d) 51.97%(e)
-----------------------------------------------------------------------------------------------------------------------------
Real Estate
Equity
Unaudited Period
Ended June 30,
2000............ (0.33) 12.68 11,324 13.67%(e) 143,572 0.70%(d) 4.40%(d) 16.26%(e)
Year ended
Deccember 31,
1999............ (0.78) 11.47 126,214 (1.69)% 11,000 0.70% 6.38% 12.95%
1998............ (0.84) 12.46 152,789 (16.71)% 12,263 0.69% 5.48% 22.69%
1997............ (1.18) 15.91 204,131 17.22% 12,830 0.69% 5.12% 20.04%
1996............ (0.79) 14.64 151,105 33.07% 10,325 0.69% 6.14% 18.37%
-----------------------------------------------------------------------------------------------------------------------------
Growth & Income
Unaudited Period
Ended June 30,
2000............ (0.10) 19.92 201,605 (0.44)%(e) 3,996,258 0.29%(d) 0.99%(d) 46.78%(e)
Year ended
Deccember 31,
1999............ (2.56) 20.01 210,823 16.23% 4,218,841 0.28% 0.98% 70.16%
1998............ (2.10) 19.49 188,319 30.25% 3,670,785 0.27% 1.24% 48.45%
1997............ (2.38) 16.61 167,773 29.79% 2,785,964 0.28% 1.61% 74.56%
1996............ (2.06) 14.65 139,748 20.10% 2,047,927 0.27% 2.24% 81.02%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
57
<PAGE>
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
--------------------------------------------------------------------------------
Selected data for each share of beneficial interest outstanding throughout the
year end indicated:
<TABLE>
<CAPTION>
Income from Investment Operations Less Distributions
--------------------------------------- ------------ ----------------------------------------
Net Realized
Net Asset and Distribution Distribution Distribution
Value at Net Unrealized Total From From Net From Net in Excess of Distribution
Beginning Investment Gain/(Loss) on Investment Investment Gains on Net Investment From Capital
of Period Income/(Loss) Investments(a) Operations Income Investments Income/Gains Paid in
--------- ------------- -------------- ---------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Managed
Unaudited Period
Ended June 30,
2000............ $15.45 $(0.22) $(0.04) $(0.27) $(0.23) $ -- $ -- $ --
Year ended
Deccember 31,
1999............ 15.64 (0.44) 0.94 1.38 (0.43) (1.14) -- --
1998............ 14.35 0.46 2.43 2.89 (0.46) (1.09) -- (0.05)
1997............ 13.35 0.59 1.86 2.45 (0.59) (0.78) -- (0.08)
1996............ 13.73 0.61 0.81 1.42 (0.61) (1.19) -- --
---------------------------------------------------------------------------------------------------------------------------
Short-Term Bond
Unaudited Period
Ended June 30,
2000............ 9.72 (0.30) (0.02) (0.32) (0.31) -- -- --
Year ended
Deccember 31,
1999............ 10.05 0.61 (0.33) 0.28 (0.61) -- -- --
1998............ 10.08 0.61 (0.03) 0.58 (0.61) -- -- --
1997............ 10.05 0.59 0.03 0.62 (0.59) -- -- --
1996............ 10.23 0.54 (0.18) 0.36 (0.54) -- -- --
---------------------------------------------------------------------------------------------------------------------------
Small Cap Value
Unaudited Period
Ended June 30,
2000............ 10.92 0.08 0.05 0.13 (0.09) -- -- --
Year ended
Deccember 31,
1999............ 11.59 0.09 (0.50) (0.41) (0.07) (0.01) (0.18) --
1998............ 12.40 0.07 (0.81) (0.74) (0.07) -- -- --
1997............ 10.73 0.08 2.66 2.74 (0.08) (0.99) -- --
Period from May
1, to December
31, 1996 (c).... 10.00 0.07 0.96 1.03 (0.07) (0.23) -- --
---------------------------------------------------------------------------------------------------------------------------
International
Opportunities
Unaudited Period
Ended June 30,
2000............ 15.17 0.06 (0.65) (0.58) (0.05) -- -- --
Year ended
Deccember 31,
1999............ 12.21 0.10 3.95 4.05 (0.11) (0.94) (0.04) --
1998............ 10.63 0.11 1.57 1.68 (0.10) -- -- --
1997............ 10.60 0.10 0.11 0.21 (0.10) (0.08) -- --
Period from May
1, to December
31, 1996 (c).... 10.00 0.07 0.60 0.67 (0.07) -- -- --
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Less
Distributions Ratios/Supplemental Data
------------- ------------------------------------------------------
Number of Net
Net Asset Shares Net Assets Operating Investment
Value at Outstanding Total End of Period Expenses to Income to Portfolio
Total End (000's Investment (000's Average Average Turnover
Distributions of Period Omitted) Return(b) Omitted) Net Assets Net Assets Rate
------------- --------- ----------- ------------- ------------- --------------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Managed
Unaudited Period
Ended June 30,
2000............ $(0.23) $14.95 209,089 1.21%(e) $3,219,172 0.37%(d) 2.93%(d) 102.37%(e)
Year ended
Deccember 31,
1999............ (1.57) 15.45 222,091 9.10% 3,430,919 0.36% 2.75% 203.86%
1998............ (1.60) 15.64 211,171 20.42% 3,301,910 0.36% 2.99% 160.57%
1997............ (1.45) 14.35 195,139 18.72% 2,800,127 0.37% 4.18% 200.41%
1996............ (1.80) 13.35 178,745 10.72% 2,386,660 0.36% 4.41% 113.61%
---------------------------------------------------------------------------------------------------------------------------
Short-Term Bond
Unaudited Period
Ended June 30,
2000............ (0.31) 9.09 7,608 3.00%(e) 73,807 0.40%(d) 6.27%(d) 21.81%(e)
Year ended
Deccember 31,
1999............ (0.61) 9.72 7,081 2.96% 68,844 0.43% 6.25% 100.04%
1998............ (0.61) 10.05 7,682 5.82% 77,194 0.53% 6.17% 184.50%
1997............ (0.59) 10.08 5,070 6.41% 51,120 0.57% 5.67% 108.29%
1996............ (0.54) 10.05 5,840 3.61% 58,676 0.75%(j) 5.66% 20.68%
---------------------------------------------------------------------------------------------------------------------------
Small Cap Value
Unaudited Period
Ended June 30,
2000............ (0.09) 10.95 6,571 1.19%(e) 71,953 0.90%(d)(p) 1.52%(d) 58.65%(e)
Year ended
Deccember 31,
1999............ (0.26) 10.92 6,311 (3.43)% 68,900 0.95%(p) 0.78% 117.33%
1998............ (0.07) 11.59 5,531 5.96% 64,095 1.05%(p) 0.63% 100.83%
1997............ (1.07) 12.40 3,488 25.57% 43,261 1.05%(p) 0.68% 126.10%
Period from May
1, to December
31, 1996 (c).... (0.30) 10.73 982 10.33%(e) 10,541 1.05%(d)(p) 1.15%(d) 66.31%(e)
---------------------------------------------------------------------------------------------------------------------------
International
Opportunities
Unaudited Period
Ended June 30,
2000............ (0.05) 14.53 7,048 (3.84)%(e) 102,442 0.93%(d)(q) 0.89%(d) 22.77%(e)
Year ended
Deccember 31,
1999............ (1.09) 15.17 5,259 34.01% 79,794 1.02%(q) 0.77% 34.02%
1998............ (0.10) 12.21 5,260 15.92% 64,250 1.16%(q) 0.89% 18.67%
1997............ (0.18) 10.63 2,882 1.95% 30,631 1.22%(q) 0.65% 21.09%
Period from May
1, to December
31, 1996 (c).... (0.07) 10.60 1,689 6.72%(e) 17,898 1.25%(d)(q) 0.87%(d) 5.46%(e)
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
58
<PAGE>
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
-------------------------------------------------------------------------------
Selected data for each share of beneficial interest outstanding throughout the
year end indicated:
<TABLE>
<CAPTION>
Income from Investment Operations Less Distributions
------------------------------------ ------------ ----------------------------------------
Net Realized
Net Asset and Distribution Distribution Distribution
Value at Net Unrealized Total From From Net From Net in Excess of Distribution
Beginning Investment Gain/(Loss) on Investment Investment Gains on Net Investment From Capital
of Period Income Investments(a) Operations Income Investments Income/Gains Paid in
--------- ---------- -------------- ---------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Equity Index
Unaudited Period
Ended June 30,
2000............ $20.46 $0.11 $(0.21) $(0.10) $(0.11) $ -- $-- $ --
Year ended
Deccember 31,
1999............ 17.70 0.27 3.41 3.68 (0.26) (0.66) -- --
1998............ 14.21 0.25 3.76 4.01 (0.24) (0.28) -- --
1997............ 11.10 0.24 3.41 3.65 (0.24) (0.25) -- (0.05)
Period from May
1, to December
31, 1996 (c).... 10.00 0.15 1.26 1.41 (0.15) (0.10) -- (0.06)
-----------------------------------------------------------------------------------------------------------------------------
High Yield Bond
Unaudited Period
Ended June 30,
2000............ 8.99 0.37 (0.54) (0.17) (0.37) -- -- --
Year ended
Deccember 31,
1999............ 9.23 0.72 (0.26) 0.46 (0.70) -- -- --
Period from May
1, to December
31, 1998 (c).... 10.00 0.46 (0.76) (0.30) (0.46) (0.01) -- --
-----------------------------------------------------------------------------------------------------------------------------
Global Bond
Unaudited Period
Ended June 30,
2000............ 9.82 0.24 0.08 0.31 (0.16) -- -- --
Year ended
Deccember 31,
1999............ 10.60 0.48 (0.70) (0.22) (0.56) -- -- --
1998............ 10.24 0.54 0.38 0.92 (0.29) (0.09) -- (0.18)
1997............ 10.16 0.59 0.30 0.89 (0.61) (0.15) -- (0.05)
Period from May
1, to December
31, 1996 (c).... 10.00 0.38 0.28 0.66 (0.38) (0.12) -- --
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Less
Distributions Ratios/Supplemental Data
------------- ------------------------------------------------------
Number of Net
Net Asset Shares Net Assets Operating Investment
Value at Outstanding Total End of Period Expenses to Income to Portfolio
Total End (000's Investment (000's Average Average Turnover
Distributions of Period Omitted) Return(b) Omitted) Net Assets Net Assets Rate
------------- --------- ----------- --------------- ------------- --------------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Equity Index
Unaudited Period
Ended June 30,
2000............ $(0.11) $20.24 25,019 (0.50)%(e) $506,426 0.23%(d) 1.07%(d) 15.03%(e)
Year ended
Deccember 31,
1999............ (0.92) 20.46 22,060 21.08% 451,296 0.00%(r) 1.42% 55.24%
1998............ (0.52) 17.70 13,139 28.45% 232,578 0.00%(r) 1.59% 43.31%
1997............ (0.54) 14.21 7,134 32.79%(v) 101,390 0.00%(r) 1.97% 64.56%
Period from May
1, to December
31, 1996 (c).... (0.31) 11.10 1,320 14.23%(e)(u) 14,650 0.00%(d)(r) 2.47%(d) 15.72%(e)
-----------------------------------------------------------------------------------------------------------------------------
High Yield Bond
Unaudited Period
Ended June 30,
2000............ (0.37) 8.45 2,995 (1.89)%(e) 25,302 0.75%(d)(z) 8.30%(d) 13.11%(e)
Year ended
Deccember 31,
1999............ (0.70) 8.99 2,217 5.13% 19,921 0.80%(z) 7.94% 38.62%
Period from May
1, to December
31, 1998 (c).... (0.47) 9.23 1,602 (2.98)%(e) 14,789 0.90%(d)(z) 7.43%(d) 17.67%(e)
-----------------------------------------------------------------------------------------------------------------------------
Global Bond
Unaudited Period
Ended June 30,
2000............ (0.16) 9.97 6,396 3.21%(e) 63,764 0.78%(d)(s) 4.76%(d) 113.22%(e)
Year ended
Deccember 31,
1999............ (0.56) 9.82 7,230 (2.16)% 70,991 0.83%(s) 4.70% 332.06%
1998............ (0.56) 10.60 6,301 9.15% 66,791 0.95%(s) 5.27% 186.70%
1997............ (0.81) 10.24 2,797 9.05% 28,647 1.00%(s) 5.80% 69.38%
Period from May
1, to December
31, 1996 (c).... (0.50) 10.16 1,271 6.71%(e) 12,907 1.00%(d)(s) 6.05%(d) 171.39%(e)
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The amount shown at this caption for each share outstanding throughout the
year may not accord with the change in the aggregate gains and losses in
the portfolio securities for the year because of the timing of the
purchases and withdrawals of the shares in relation to the fluctuation
market values of the portfolio.
(b) The performance of the portfolios shown on this page does not reflect
expenses and charges of the applicable separate accounts and variable
products, all of which vary to a considerable extent and are described in
your product's prospectus.
(c) Commencement of investment operations.
(d) Annualized.
(e) Not annualized.
(f) Amount is less than a penny per share.
(g) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been .40% for the period ending
June 30, 2000 and .38% and .63% for the years ended December 31, 1999
and1998, respectively.
(h) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 0.98% for the period ending
June 30, 2000.
59
<PAGE>
(i) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 2.41% for the period ending
June 30, 2000 and 3.44%, and 3.69% for the years ended December 31, 1999
and 1998, respectively.
(j) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been .79% for the year ended
December 31, 1996 respectively.
(k) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.05%, 1.12%, and 1.55%, for
the years ended December 31, 1998, 1997, and 1996, respectively.
(l) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.86% for the period ending
June 30, 2000, and 1.31%, 1.82, 1.56%, and 1.44% for the years ended
December 31, 1999, 1998, 1997, and 1996, respectively.
(m) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.13%, 1.42%, and 2.34%, for
the years ended December 31, 1998, 1997, and 1996, respectively.
(n) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.06%, and 2.74%, for the
years ended December 31, 1997, and 1996, respectively.
(o) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.14%, and 2.15%, for the
years ended December 31, 1997, and 1996, respectively.
(p) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been .91% for the period ending
June 30, 2000 and .96%, 1.08%, 1.30%, and 2.06%, for the years ended
December 31, 1999, 1998, 1997 and 1996, respectively.
(q) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.09% for the period ending
June 30, 2000 and 1.15%, 1.46%, 1.57%, and 2.76%, for the years ended
December 31, 1999, 1998, 1997, and 1996, respectively.
(r) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been .22%, .34%, .65%, and 1.61%,
for the years ended December 31, 1999, 1998, 1997, and 1996, respectively.
(s) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 0.80% for the period ending
June 30, 2000 and 1.32%, and 1.57%, for the years ended December 31, 1997,
and 1996, respectively.
(t) Average Commission rate is calculated for funds with fiscal year beginning
on or after September 1, 1995.
(u) The Total Return includes the effect of the capital contribution of $.06
per share. The total Investment Return without the capital contribution
would have been 13.59%.
(v) The Total Return includes the effect of the capital contribution of $.04
per share. The total Investment Return without the capital contribution
would have been 32.47%.
(w) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.47% for the period ending
June 30, 2000 and 1.26%, and 2.47%, for the years ended December 31, 1999,
and 1998, respectively.
(x) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been .42% for the period ending
June 30, 2000, and .35%, and .71%, for the years ended December 31, 1999,
and 1998, repectively.
(y) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.44% for the period ending
June 30, 2000 and 2.24%, and 4.55%, for the years ended December 31, 1999,
and 1998, respectively.
(z) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.01% for the period ending
June 30, 2000 and 1.04% , and 2.03%, for the years ended December 31,
1999, and 1998, respectively.
(1) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been .97% for the period ending
June 30, 2000, and 1.09% for the year ended December 31, 1999.
(2) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been .92% for the period endig June
30, 2000, and .96% for the year ended December 31, 1999.
(3) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.49% for the period ending
June 30, 2000 and 1.71% for the year ended December 31, 1999.
(4) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.37% for the period ending
June 30, 2000, and 1.20% for the year ended December 31, 1999.
(5) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.55% for the period ending
June 30, 2000, and 1.17% for the year ended December 31, 1999.
(6) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.35% for the period ending
June 30, 2000 and 1.42% for the year ended December 31, 1999.
(7) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.09% for the period ending
June 30, 2000 and 1.17% for the year ended December 31, 1999.
(8) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 1.41% for the period ending
June 30, 2000 and 1.61% for the year ended December 31, 1999.
(9) Expense ratio is net of expense reimbursement. Had such reimbursement not
been made the expense ratio would have been 2.37% for the period ending
June 30, 2000.
(10) Expense ratio is net of expense reimbursement. Had such reimbursementnot
been made the expense ratio would have been 2.47% for the period ending
June 30, 2000.
60
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE CAP GROWTH PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Auto and Truck Parts - 0.2%
Lear Corp. * ................................. 138,400 $ 2,768
Automobile - 0.3%
General Motors Corp. - Cl. H ................. 45,000 3,949
Banks - 0.3%
Comerica, Inc. ............................... 100,000 4,487
Business Services - 0.6%
Automatic Data Processing, Inc. .............. 47,100 2,523
Electronic Data Systems Corp. ................ 150,000 6,187
--------
8,710
Commercial Services - 1.6%
Convergys Corp. * ............................ 102,500 5,317
Interpublic Group Cos., Inc. ................. 108,300 4,657
Lamar Advertising Co. * ...................... 119,100 5,158
Omnicom Group, Inc. .......................... 96,000 8,550
--------
23,682
Computer Equipment - 14.4%
Compaq Computer Corp. ........................ 263,600 6,738
Comverse Technology, Inc. * .................. 89,400 8,314
Dell Computer Corp. * ........................ 533,600 26,313
Hewlett-Packard Co. .......................... 127,200 15,884
Intel Corp. .................................. 704,900 94,237
International Business Machines Corp. ........ 286,100 31,346
Network Appliance, Inc. * .................... 140,100 11,278
VERITAS Software Corp. * ..................... 181,000 20,456
--------
214,566
Computer Software and Services - 19.3%
Adobe Systems, Inc. .......................... 55,600 7,228
America Online, Inc. * ....................... 507,000 26,744
DST Systems, Inc. * .......................... 66,300 5,047
EMC Corp. * .................................. 496,300 38,184
First Data Corp. ............................. 145,200 7,206
Fiserv, Inc. ................................. 168,200 7,275
Intuit, Inc. * ............................... 201,300 8,329
Microsoft Corp. .............................. 716,200 57,296
Oracle Corp. *................................ 600,300 50,463
Portal Software, Inc. * ...................... 173,800 11,101
Siebel Systems, Inc. * ....................... 80,000 13,085
Sun Microsystems, Inc. * ..................... 402,700 36,620
Yahoo!, Inc. * ............................... 158,200 19,597
---------
288,175
Consumer - Miscellaneous - 0.5%
Black & Decker Corp. ......................... 187,400 7,367
Diversified Operations - 7.9%
Corning, Inc. ................................ 67,200 18,136
El Paso Energy Corp. ......................... 147,800 7,528
General Electric Co. ......................... 1,750,000 92,750
---------
118,414
Electronic Products and Services - 19.3%
Agilent Technologies, Inc. * ................. 149,900 11,055
Altera Corp. * ............................... 85,200 8,685
Anadigics, Inc. * ............................ 130,000 4,428
Analog Devices, Inc. * ....................... 130,900 9,948
Applied Materials, Inc. * .................... 169,400 15,352
Applied Micro Circuits Corp. * ............... 95,400 9,421
Atmel Corp. * ................................ 168,600 6,217
Cisco Systems, Inc. * ........................ 1,690,700 107,465
Jabil Circuit, Inc. * ........................ 82,800 4,109
Lam Research Corp. * ......................... 154,800 5,805
Linear Technology Corp. ...................... 136,800 8,747
LSI Logic Corp. * ............................ 114,300 6,187
Maxim Integrated Products, Inc. * ............ 149,600 10,163
Motorola, Inc. ............................... 156,000 4,534
Novellus Systems, Inc. * ..................... 80,700 4,565
PE Corp-BE Biosystems Group .................. 85,600 5,639
Sanmina Corp. * .............................. 50,000 4,275
SCI Systems, Inc. * .......................... 159,700 6,258
Solectron Corp. * ............................ 163,600 6,851
Teradyne, Inc. * ............................. 65,800 4,836
Texas Instruments, Inc. ...................... 372,900 25,614
Vitesse Semiconductor Corp. * ................ 60,400 4,443
Waters Corp. * ............................... 47,000 5,866
Xilinx, Inc. * ............................... 101,500 8,380
--------
288,843
Financial Services - 1.2%
Citigroup, Inc. .............................. 300,000 18,075
Health Care Products - 12.6%
Allergan, Inc. ............................... 158,700 11,823
American Home Products Corp. ................. 123,300 7,244
Bristol-Myers Squibb Co. ..................... 195,900 11,411
Cardinal Health, Inc. ........................ 97,800 7,237
Cephalon, Inc. * ............................. 69,300 4,149
CV Therapeutics, Inc. * ...................... 48,400 3,355
Eli Lilly & Co. .............................. 163,900 16,369
Merck & Co., Inc. ............................ 351,200 26,911
Pfizer, Inc. ................................. 1,003,100 48,149
Pharmacia Corp. .............................. 290,400 15,010
QLT PhotoTherapeutics, Inc. * ................ 114,700 8,868
Schering-Plough Corp. ........................ 543,200 27,432
--------
187,958
Health Care Services - 0.3%
Wellpoint Health Networks, Inc. * ............ 61,600 4,462
Insurance - 2.2%
Aon Corp. .................................... 200,200 6,219
AXA Financial, Inc. .......................... 265,300 9,020
Hartford Financial Services Group, Inc. ...... 98,200 5,493
Lincoln National Corp. ....................... 179,500 6,485
PartnerRe, Ltd. .............................. 156,000 5,528
---------
32,745
61
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE CAP GROWTH PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Machinery - 0.4%
Ingersoll-Rand Co. ........................... 151,700 $ 6,106
Media - Publishing - 0.6%
AT&T Corp. - Liberty Media Group - Cl. A * ... 386,800 9,380
Media - TV / Radio - 2.1%
Infinity Broadcasting Corp. - Cl. A * ........ 148,200 5,400
Time Warner, Inc. ............................ 182,400 13,863
Viacom, Inc. - Cl. B * ....................... 173,600 11,837
---------
31,100
Oil and Natural Gas Exploration and Production -
0.2%
Noble Drilling Corp. * ......................... 80,000 3,295
Retail - Department Stores - 5.9%
Circuit City Stores, Inc. .................... 80,100 2,658
Gap, Inc. .................................... 362,500 11,328
Home Depot, Inc. ............................. 487,300 24,335
Lowe's Cos., Inc. ............................ 186,100 7,642
RadioShack Corp. ............................. 91,900 4,354
Tiffany & Co. ................................ 70,000 4,725
TJX Cos., Inc. ............................... 456,600 8,561
Wal-Mart Stores, Inc. ........................ 438,100 25,245
---------
88,848
Retail - Food - 0.2%
Outback Steakhouse, Inc. * ................... 128,200 3,750
Telecommunication Equipment - 6.4%
ADC Telecommunications, Inc. * ............... 119,400 10,015
CIENA Corp. * ................................ 49,200 8,201
JDS Uniphase Corp. * ......................... 200,100 23,987
Lucent Technologies, Inc. .................... 550,000 32,587
Nortel Networks Corp. ........................ 175,000 11,944
RF Micro Devices, Inc. * ..................... 48,100 4,215
Scientific-Atlanta, Inc. ..................... 63,000 4,693
---------
95,642
Telecommunication Services - 2.8%
Clear Channel Communications, Inc. * ......... 104,100 7,808
Sprint PCS (PCS Group) * ..................... 295,000 17,552
WorldCom, Inc. * ............................. 365,900 16,786
---------
42,146
---------
TOTAL COMMON STOCK- 99.3% 1,484,468
Par Market
Value Value
(000's) (000's)
SHORT-TERM INVESTMENTS - 2.5%
Investment in joint trading account
(Note B)
6.853% due 07/03/00 .......................... $ 38,005 38,005
TOTAL INVESTMENTS- 101.8% 1,522,473
Payables, less Cash and receivables- (1.8)% (27,588)
--------- ---------
NET ASSETS- 100.0% 1,494,885
========= =========
* Non-income producing security.
See notes to financial statements.
62
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
FUNDAMENTAL MID CAP GROWTH PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Commercial Services - 4.0%
Celestica, Inc. * ............................ 16,000 $ 794
True North Communications .................... 5,800 255
Young & Rubicam, Inc. ........................ 4,000 229
-------
1,278
Computer Equipment - 2.6%
Foundry Networks, Inc. * ..................... 4,787 529
SanDisk Corp. * .............................. 3,000 184
Silicon Storage Technology, Inc. * ........... 1,500 132
-------
845
Computer Software and Services - 18.4%
Agile Software Corp. * ....................... 1,000 71
Alteon Websystems, Inc. * .................... 5,400 540
Citrix Systems, Inc. * ....................... 500 10
Clarent Corp. * .............................. 1,500 107
E.piphany, Inc. * ............................ 100 11
Exodus Communications, Inc. * ................ 1,300 60
Intertrust Technologies Corp. * .............. 7,500 154
Kana Communications, Inc. * .................. 8,500 526
Mercury Interactive Corp. * .................. 8,300 803
Micromuse, Inc. * ............................ 6,900 1,142
Portal Software, Inc. * ...................... 5,000 319
Rational Software Corp. * .................... 9,300 864
RealNetworks, Inc. * ......................... 6,000 303
Redback Networks, Inc. * ..................... 1,200 214
Research in Motion, Ltd. * ................... 4,000 181
Utstarcom, Inc. .............................. 12,200 371
Vitria Technology, Inc. * .................... 3,000 183
-------
5,859
Electric Power - 2.4%
Calpine Corp. * .............................. 11,800 776
Electronic Products and Services - 24.9%
Amkor Technology, Inc. * ..................... 200 7
Applied Micro Circuits Corp. * ............... 3,500 346
Bookham Technolgy plc ........................ 14,000 830
Flextronics International Ltd. ............... 4,000 275
GlobeSpan, Inc. * ............................ 100 12
Jabil Circuit, Inc. * ........................ 11,000 546
Millipore Corp. .............................. 10,000 754
Newport Corp. ................................ 12,100 1,299
QLogic Corp. * ............................... 7,500 495
Sanmina Corp. * .............................. 9,600 821
SDL, Inc. * .................................. 2,800 799
TranSwitch Corp. * ........................... 7,000 540
Virata, Corp. * .............................. 5,500 328
Vishay Intertechnology, Inc. * ............... 3,750 142
Vitesse Semiconductor Corp. * ................ 3,350 246
Waters Corp. * ............................... 4,000 499
-------
7,939
Food, Beverage and Tobacco - 0.5%
Adolph Coors Co. - Cl. B ..................... 2,500 151
Health Care Products - 4.3%
Abgenix, Inc. * .............................. 5,000 599
Affymetrix, Inc. * ........................... 1,800 297
ImClone Systems, Inc. * ...................... 3,000 230
QLT PhotoTherapeutics, Inc. * ................ 3,000 232
-------
1,358
Machinery - 1.9%
SPX Corp. .................................... 5,000 605
Media - TV / Radio - 2.0%
Hispanic Broadcasting Corp. *................. 12,400 411
TV Guide, Inc. - Cl. A * ..................... 2,000 69
Univision Communications, Inc. - Cl. A * ..... 1,500 155
-------
635
Oil and Natural Gas Exploration and Production -
2.2%
Kinder Morgan, Inc. .......................... 20,000 691
Retail - Department Stores - 7.5%
BJ's Wholesale Club, Inc. .................... 17,000 561
Copper Mountain Networks, Inc. * ............. 10,400 916
Tiffany & Co. ................................ 13,600 918
-------
2,395
Telecommunication Equipment - 11.5%
E-Tek Dynamics, Inc. * ....................... 2,400 633
Efficient Networks, Inc. * ................... 10,750 791
Finisar Corp. * .............................. 17,000 445
Harmonic, Inc. * ............................. 2,256 56
JDS Uniphase Corp. * ......................... 4,454 534
Next Level Communications, Inc. * ............ 1,500 128
RF Micro Devices, Inc. * ..................... 6,400 561
Scientific-Atlanta, Inc. ..................... 6,750 503
-------
3,651
Telecommunication Services - 3.6%
Aether Systems, Inc. * ....................... 5,000 1,025
Aspect Communications Corp. * ................ 100 4
Nextel Partners, Inc. - Cl. A * .............. 3,300 107
-------
1,136
-------
TOTAL COMMON STOCK- 85.8% 27,319
Par
Value
(000's)
SHORT-TERM INVESTMENTS - 13.8%
Investment in joint trading account (Note B)
6.853% due 07/03/00 ....................... $4,374 4,374
TOTAL INVESTMENTS- 99.6% 31,693
Receivables, less Cash and payables- 0.4% 136
------ -------
NET ASSETS- 100.0% 31,829
====== =======
* Non-income producing security.
See notes to financial statements.
63
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
AGGRESSIVE BALANCED PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Aerospace and Defense - 1.4%
General Dynamics Corp. ....................... 1,200 $ 63
Honeywell International, Inc. ................ 1,400 47
United Technologies Corp. .................... 1,600 94
--------
204
Auto and Truck Parts - 0.0%
Visteon Corp. ................................ 223 3
Automobile - 0.5%
Ford Motor Co. ............................... 1,700 73
Banks - 2.1%
AmSouth Bancorporation ....................... 1,400 22
Bank of America Corp. ........................ 400 17
Comerica, Inc. ............................... 900 40
FleetBoston Financial Corp. .................. 4,500 153
J.P. Morgan & Co., Inc. ...................... 500 55
Suntrust Banks, Inc. ......................... 600 28
---------
315
Business Services - 0.4%
Automatic Data Processing, Inc. .............. 1,100 59
Chemicals - 1.3%
Air Products & Chemicals, Inc. ............... 1,200 37
Dow Chemical Co. ............................. 3,600 109
Praxair, Inc. ................................ 1,200 45
---------
191
Commercial Services - 0.9%
Interpublic Group Cos., Inc. ................. 1,200 52
Omnicom Group, Inc. .......................... 700 62
R.R. Donnelley & Sons Co. .................... 900 20
---------
134
Computer Equipment - 6.5%
Compaq Computer Corp. ....................... 1,700 44
Comverse Technology, Inc. .................... 400 37
Dell Computer Corp. .......................... 2,300 114
Hewlett-Packard Co. .......................... 900 112
Intel Corp. .................................. 2,900 388
International Business Machines Corp. ........ 1,500 164
Network Appliance, Inc. ...................... 300 24
VERITAS Software Corp. ....................... 700 79
---------
962
Computer Software and Services - 8.3%
America Online, Inc. ......................... 1,600 84
Electronic Data Systems Corp. ................ 1,200 50
EMC Corp. .................................... 1,600 123
First Data Corp. ............................. 2,400 119
Intuit, Inc. ................................. 800 33
Microsoft Corp. .............................. 4,400 352
Oracle Corp. ................................. 2,900 244
Siebel Systems, Inc. ......................... 200 33
Sun Microsystems, Inc. ....................... 1,300 118
Yahoo!, Inc. ................................. 600 74
---------
1,230
Consumer - Miscellaneous - 0.8%
Avery Dennison Corp. ......................... 700 47
Black & Decker Corp. ......................... 1,400 55
Sherwin-Williams Co. ......................... 1,100 23
---------
125
Cosmetics and Personal Care Products - 0.2%
Procter & Gamble Co. .......................... 500 29
Diversified Operations - 5.2%
El Paso Energy Corp. .......................... 1,100 56
General Electric Co. .......................... 9,000 477
Illinois Tool Works, Inc. ..................... 500 28
Minnesota Mining & Manufacturing Co. .......... 700 58
Textron, Inc. ................................. 1,000 54
Tyco International, Ltd. ...................... 2,000 95
---------
768
Electric Power - 2.3%
Ameren Corp. .................................. 800 27
Constellation Energy Group. ................... 800 26
Dominion Resources, Inc. ...................... 1,600 69
Duke Energy Co. ............................... 1,800 101
PG & E Corp. .................................. 1,600 39
Pinnacle West Capital Corp. ................... 700 24
Reliant Energy, Inc. .......................... 2,000 59
---------
345
Electronic Products and Services - 6.6%
Agilent Technologies, Inc. .................... 343 25
Altera Corp. .................................. 400 41
Analog Devices, Inc. .......................... 500 38
Applied Materials, Inc. ....................... 700 64
Cisco Systems, Inc. ........................... 6,800 432
Linear Technology Corp. ....................... 600 38
Maxim Integrated Products, Inc. ............... 600 41
Motorola, Inc. ................................ 1,900 55
SCI Systems, Inc. ............................. 1,000 39
Solectron Corp. ............................... 600 25
Texas Instruments, Inc. ....................... 1,500 103
Waters Corp. .................................. 300 38
Xilinx, Inc. .................................. 400 33
---------
972
Financial Services - 3.1%
Associates First Capital Corp. - Cl. A ........ 1,300 29
Citigroup, Inc. .............................. 6,500 391
Mellon Financial Corp. ........................ 900 33
---------
453
Food, Beverage and Tobacco - 1.2%
Anheuser-Busch Cos., Inc. ..................... 500 37
64
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
AGGRESSIVE BALANCED PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Food, Beverage and Tobacco - Continued
ConAgra, Inc. ................................. 1,100 $ 21
PepsiCo, Inc. ................................. 600 27
Philip Morris Cos., Inc. ...................... 2,100 56
Sysco Corp. ................................... 700 29
---------
170
Health Care Products - 10.3%
Allergan, Inc. ................................ 1,000 75
American Home Products Corp. .................. 1,100 65
Bausch & Lomb, Inc. ........................... 400 31
Bristol-Myers Squibb Co. ...................... 2,700 157
Cardinal Health, Inc. ......................... 400 30
Eli Lilly & Co. ............................... 700 70
Johnson & Johnson ............................. 600 61
Merck & Co., Inc. ............................. 2,300 176
Pfizer, Inc. .................................. 11,075 532
Pharmacia Corp. ............................... 3,000 155
Schering-Plough Corp. ......................... 2,600 131
UnitedHealth Group, Inc. ...................... 400 34
---------
1,517
Health Care Services - 0.2%
Wellpoint Health Networks, Inc. ............... 300 22
Household Appliances/Furnishings - 0.1%
Leggett & Platt, Inc. ......................... 1,300 21
Insurance - 4.9%
American General Corp. ........................ 1,800 110
Aon Corp. ..................................... 1,600 50
AXA Financial, Inc. ........................... 3,200 109
Cigna Corp. ................................... 1,200 112
Hartford Financial Services Group, Inc. ....... 1,300 73
Lincoln National Corp. ........................ 1,700 61
Marsh & McLennan Cos., Inc. ................... 800 84
St. Paul Cos., Inc. ........................... 1,100 37
XL Capital, Ltd. - Cl. A ...................... 1,500 81
---------
717
Machinery - 0.4%
Ingersoll-Rand Co. ............................ 1,400 56
Media - Publishing - 0.4%
AT&T Corp. - Liberty Media Group -
Cl. A .................................... 2,600 63
Media - TV/Radio - 1.7%
Infinity Broadcasting Corp. - Cl. A ........... 1,500 55
Time Warner, Inc. ............................. 1,000 76
Viacom, Inc. - Cl. B .......................... 1,793 122
---------
253
Oil - 0.7%
Royal Dutch Petroleum Co. - NY Shares ......... 1,700 105
Oil and Natural Gas Exploration and
Production - 2.5%
Chevron Corp. ................................. 600 51
Exxon Mobil Corp. ............................. 3,100 244
Kerr-McGee Corp. .............................. 700 41
USX-Marathon Group ............................ 1,200 30
---------
366
Paper and Forest Products - 0.3%
Kimberly-Clark Corp. .......................... 700 40
Personal and Commercial Lending - 0.3%
MBNA Corp. .................................... 1,800 49
Retail - Department Stores - 4.6%
Federated Department Stores, Inc. ............. 1,500 51
Gap, Inc. ..................................... 3,600 112
Home Depot, Inc. .............................. 2,600 130
Limited, Inc. ................................. 1,600 35
Lowe's Cos., Inc. ............................. 1,200 49
Target Corp. .................................. 900 52
TJX Cos., Inc. ................................ 2,800 53
Wal-Mart Stores, Inc. ......................... 3,300 190
---------
672
Retail - Food - 0.2%
Brinker International, Inc. ................... 800 23
Steel - 0.2%
USX-U.S. Steel Group, Inc. .................... 1,900 35
Telecommunication Equipment - 2.9%
ADC Telecommunications, Inc. .................. 500 42
JDS Uniphase Corp. ............................ 400 48
Lucent Technologies, Inc. ..................... 2,300 136
Nortel Networks Corp. ......................... 2,900 198
---------
424
Telecommunication Services - 1.7%
Clear Channel Communications, Inc. ............ 500 38
Sprint PCS (PCS Group) ........................ 1,400 83
WorldCom, Inc. ................................ 2,900 133
---------
254
Telephone - 1.9%
Bell Atlantic Corp. ........................... 1,000 51
BellSouth Corp. ............................... 600 26
SBC Communications, Inc. ...................... 3,000 130
Sprint Corp. .................................. 1,400 71
---------
278
Transportation Services - 0.2%
Union Pacific Corp. ........................... 600 22
U.S. Government Agencies - 0.6%
Federal National Mortgage Assoc. .............. 1,700 89
---------
TOTAL COMMON STOCK- 74.9% 11,039
65
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
AGGRESSIVE BALANCED PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS
Aerospace and Defense - 0.1%
Lockheed Martin Corp. - Bonds
8.5% due 12/01/29 ............................. $ 15 $ 15
Automobile - 0.3%
Ford Motor Co. - Bonds
6.625% due 10/01/28 ........................... 60 51
Banks - 1.0%
BankBoston Corp. - Sr. Notes
6.125% due 03/15/02 ........................... 50 48
Capital One Bank - Notes
7.08% due 10/30/01 ............................ 50 50
Korea Development Bank - Bonds
7.125% due 09/17/01 ........................... 50 50
---------
148
Brokerage and Investment Management - 0.3%
Lehman Brothers Holdings, Inc. - Notes
6.5% due 10/01/02 ............................. 50 49
Computer Equipment - 0.2%
International Business Machines Corp. - Notes
5.625% due 04/12/04 ........................... 30 29
Diversified Operations - 0.4%
El Paso Energy Corp. - Sr. Notes
6.625% due 07/15/01 ........................... 30 30
General Electric Capital Corp.
7.5% due 05/15/05 ............................. 30 30
---------
60
Financial Services - 1.0%
Finova Capital Corp. - Notes
5.875% due 10/15/01 ........................... 50 45
Green Tree Financial Corp. - Ser. 1996-8
Cl. A6
7.6% due 10/15/27 ............................. 50 50
PNC Funding Corp.
7.0% due 09/01/04 ............................. 50 49
---------
144
Media - TV / Radio - 0.3%
Cox Communications, Inc. - Debs.
6.8% due 08/01/28 ............................. 50 43
News America, Inc. - Debs.
7.125% due 04/08/28 ........................... 10 8
---------
51
Natural Gas Distribution - 0.2%
Enron Corp. - Debs.
9.125% due 04/01/03 ........................... 30 31
Oil - Equipment and Services - 0.1%
Petroleum Geo-Services ASA - Sr. Notes
7.125% due 03/30/28 ........................... 20 17
Oil and Natural Gas Exploration and
Production - 0.2%
Amerada Hess Corp. - Bonds
7.875% due 10/01/29 ........................... 30 29
Personal and Commercial Lending - 0.3%
Household Finance Corp. - Notes
6.0% due 05/01/04 ............................. 30 28
U.S. West Capital Funding, Inc.
6.875% due 07/15/28 ........................... 10 9
---------
37
Retail - Department Stores - 0.1%
Wal Mart Stores, Inc.
7.55% due 02/15/30 ............................ 20 20
Retail - Food - 0.5%
Safeway, Inc. - Notes
5.875% due 11/15/01 ........................... 50 49
The Kroger Co
8.05% due 02/01/10 ............................ 20 20
---------
69
Telephone - 0.1%
Sprint Capital Corp.
6.875% due 11/15/28 ........................... 10 9
Transportation Services - 0.1%
Delta Air Lines, Inc.
8.3% due 12/15/29 ............................. 20 17
U.S. Government Agencies - 7.6%
Federal National Mortgage Assoc.
6.0% due 07/25/15 ............................. 345 326
6.5% due 08/25/30 ............................. 150 141
7.0% due 08/25/30 ............................. 310 299
7.25% due 05/15/30 ............................ 70 72
7.5% due 07/25/30 ............................. 279 275
---------
1,113
U.S. Governmental - 9.0%
U.S. Treasury - Bonds
5.25% due 02/15/29 ............................ 250 222
5.875% due 11/15/04 ........................... 170 168
6.25% due 05/15/30 ............................ 150 157
U.S. Treasury - Notes
6.25% due 10/31/01 ............................ 265 264
6.25% due 08/31/02 ............................ 260 259
6.5% due 02/15/10 ............................. 255 264
---------
1,334
---------
TOTAL PUBLICLY-TRADED BONDS- 21.8% 3,223
66
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
AGGRESSIVE BALANCED PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
Investment in joint trading account
(Note B)
6.853% due 07/03/00............................ $ 1,535 $ 1,535
--------- ---------
TOTAL INVESTMENTS- 107.1% 15,798
Payables, less cash and receivables- (7.1)% (1,054)
--------- ---------
NET ASSETS- 100.0% 14,744
See notes to financial statements.
67
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
ACTIVE BOND
Par Par
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS
Aerospace and Defense - 1.0%
Jet Equipment Trust
10.91% due 08/15/14 ........................... $ 2,100 $ 2,129
Lockheed Martin Corp. - Notes
7.95% due 12/01/05 ............................ 1,860 1,873
Lockheed Martin Corp. - Bonds
8.5% due 12/01/29 ............................. 1,815 1,848
Raytheon Co.
7.9% due 03/01/03 ............................. 2,605 2,617
---------
8,467
Agricultural Operations - 0.3%
Marlin Water Trust - Sr. Notes 144A (a)
7.09% due 12/15/01 ............................ 2,553 2,526
Automobile - 0.9%
DaimlerChrysler NA Holding Co. - Notes
7.4% due 01/20/05 ............................. 2,520 2,514
DaimlerChysler AG - Debs.
7.45% due 03/01/27 ............................ 1,800 1,724
Ford Motor Co. - Debs.
9.0% due 09/15/01 ............................. 2,000 2,039
United Rentals, Inc.
9.0% due 04/01/09 ............................. 1,230 1,089
---------
7,366
Banks - 2.8%
Abbey National First Capital - Sr. Sub
Notes
8.2% due 10/15/04 ............................. 4,000 4,101
BankBoston Corp. - Sub. Notes
6.625% due 12/01/05 ........................... 2,385 2,279
International Bank of Reconstruction &
Development - Debs.
8.25% due 09/01/16 ............................ 2,150 2,364
National Westminister Bank, NY - Sub Notes
9.45% due 05/01/01 ............................ 5,000 5,085
NB Capital Trust IV
8.25% due 04/15/27 ............................ 1,680 1,570
RBSG Capital Corp. - Notes
10.125% due 03/01/04 .......................... 5,000 5,376
Royal Bank of Scotland Group plc
8.817% due 03/31/05 ........................... 1,870 1,926
---------
22,701
Brokerage and Investment Management - 1.0%
Bear Stearns Co., Inc.
7.625% due 02/01/05 ........................... 1,705 1,679
Goldman Sachs Group, Inc. - Notes
7.35% due 10/01/09 ............................ 1,700 1,629
Morgan Stanley Group, Inc. - Notes
8.875% due 10/15/01 ........................... 3,000 3,055
Salomon Brothers Mortgage Securities VII
6.75% due 07/25/24 ............................ 1,890 1,888
---------
8,251
Chemicals - 0.2%
Akzo Nobel, Inc. - Bonds 144A (a)
6.0% due 11/15/03 ............................. 1,630 1,546
Equistar Chemical - Notes
8.5% due 02/15/04 ............................. 145 143
---------
1,689
Computer Software and Services - 0.4%
Exodus Communications, Inc.
10.75% due 12/15/09 ........................... 1,550 1,496
PSINet, Inc. - Sr. Notes
11.5% due 11/01/08 ............................ 950 902
Verio, Inc. - Sr. Notes
10.375% due 04/01/05 .......................... 1,135 1,192
---------
3,590
Diversified Operations - 0.2%
Harrahs Operating Co., Inc.
7.5% due 01/15/09 ............................. 1,495 1,387
Electric Power - 7.6%
AES Corp. - Sr. Notes
9.5% due 06/01/09 ............................. 935 916
AES Corp. - Sr. Sub. Notes
10.25% due 07/15/06 ........................... 3,113 3,105
AES Eastern Energy
9.0% due 01/02/17 ............................. 2,130 2,074
Beaver Valley Funding Corp. - Debs.
9.0% due 06/01/17 ............................. 2,365 2,327
BVPS II Funding Corp. - Coll. Lease Bonds
8.89% due 06/01/17 ............................ 2,464 2,366
CalEnergy Co., Inc. - Bonds
8.48% due 09/15/28 ............................ 2,100 2,143
Calpine Corp. - Sr. Notes
10.5% due 05/15/06 ............................ 1,920 1,987
Cleveland Electric Illuminating Co.
7.88% due 11/01/17 ............................ 480 459
Cleveland Electric Illuminating Co. - 1st
Mtge.
9.5% due 05/15/05 ............................. 5,775 5,791
CMS Energy Corp. - Sr. Notes
6.75% due 01/15/04 ............................ 2,040 1,896
8.125% due 05/15/02 ........................... 2,650 2,628
Connecticut Light & Power Co.
7.75% due 06/01/02 ............................ 1,090 1,094
Connecticut Light & Power Co. - Notes 144A (a)
8.59% due 06/04/03 ............................ 1,310 1,275
68
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
ACTIVE BOND
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
Electric Power - Continued
East Coast Power LLC - Secd. Notes
7.066% due 03/31/12 ........................... $ 1,855 $ 1,706
Long Island Lighting Co. - Debs.
8.2% due 03/15/23 ............................. 3,235 3,177
Midland Cogeneration Venture - Debs.
10.33% due 07/23/02 ........................... 496 508
10.33% due 07/23/02 ........................... 2,046 2,094
Monterrey Power SA de CV - Sec. Bonds 144A (a)
9.625% due 11/15/09 ........................... 720 662
Niagara Mohawk Power Corp. - Debs.
8.77% due 01/01/18 ............................ 3,965 4,008
North Atlantic Energy Corp. - 1st Mtge.
9.05% due 06/01/02 ............................ 1,230 1,244
Peco Energy Transition Trust
0.99% due 03/01/10 ............................ 7,630 7,710
PNPP II Funding Corp. - Debs.
9.12% due 05/30/16 ............................ 2,455 2,445
Quest Diagnostic, Inc.
10.75% due 12/15/06 ........................... 1,847 1,912
Sierra Pacific Resources - Notes
8.75% due 05/15/05 ............................ 2,535 2,574
System Energy Resources, Inc. - 1st Mtge.
7.71% due 08/01/01 ............................ 2,590 2,591
Waterford 3 Funding - Entergy - Bonds
8.09% due 01/02/17 ............................ 4,488 4,201
---------
62,893
Electronic Products and Services - 0.0%
Amkor Technologies, Inc. - Sr. Sub Notes
10.5% due 05/01/09 ............................ 370 373
Energy - Alternative Source - 0.4%
CALENERGY , Inc.
7.23% due 09/15/05 ............................ 1,425 1,385
Panhandle East Pipe Line - Sr. Notes 144A (a)
8.25% due 04/01/10 ............................ 1,870 1,868
---------
3,253
Financial Services - 2.3%
Associates Corp. of North America - Debs.
6.95% due 11/01/18 ............................ 1,465 1,289
Bank of New York Institution Capital - 144A (a)
7.78% due 12/01/26 ............................ 3,350 2,926
Barclays North America Capital Corp. - Debs.
9.75% due 05/15/21 ............................ 4,650 4,924
CIT Group, Inc. - Notes
5.5% due 10/15/01 .............................
General Motors Acceptance Corp. - Notes
7.75% due 01/19/10 ............................ 2,175 2,162
Peco Energy Transition Trust
6.05% due 03/01/09 ............................ 2,600 2,428
Sun Canada Financial Co. - Bonds 144A (a)
6.625% due 12/15/07 ........................... 3,345 3,184
URC Holdings Corp. - Sr. Notes 144A (a)
7.875% due 06/30/06 ........................... 1,840 1,876
---------
18,789
Food, Beverage and Tobacco - 0.3%
Canandaigua Brands, Inc. - Sr. Sub. Notes
8.75% due 12/15/03 ............................ 2,365 2,270
Foreign Governmental - 2.3%
Hydro-Quebec - Debs.
9.4% due 02/01/21 ............................. 610 709
Hydro-Quebec - Debs. Ser. FU
11.75% due 02/01/12 ........................... 5,000 6,565
Hydro-Quebec - Debs. Ser. IF
7.375% due 02/01/03 ........................... 1,000 1,001
Nova Scotia
8.75% due 04/01/22 ............................ 3,000 3,321
Province of Manitoba
9.0% due 12/15/00 ............................. 3,000 3,027
9.25% due 04/01/20 ............................ 2,000 2,301
Province of Saskatchewan
9.375% due 12/15/20 ........................... 1,500 1,732
Republic of Brazil
4.5% due 04/15/14 .............................
Republic of Venezuela - Debs.
6.812% due 12/18/07 ...........................
---------
18,656
Health Care Products - 0.2%
Fresenius Medical Capital Trust II
7.875% due 02/01/08 ........................... 1,740 1,583
Health Care Services - 0.6%
Dynacare, Inc. - Sr. Notes
10.75% due 01/15/06 ........................... 2,660 2,407
Iasis Healthcare Corp.
13.0% due 10/15/09 ............................ 1,225 1,222
Tenet Healthcare Corp. - Sr. Notes
8.0% due 01/15/05 ............................. 1,295 1,247
---------
4,876
Insurance - 1.3%
Conseco, Inc. - Notes
9.0% due 10/15/06 .............................
69
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SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
ACTIVE BOND
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
Insurance - Continued
Equitable Life Assurance Society USA -
Notes 144A (a)
6.95% due 12/01/05 ............................ $ 2,750 $ 2,657
Mass. Mutual Life Insurance Co. - Notes
144A (a)
7.625% due 11/15/23 ........................... 2,640 2,510
New York Life Insurance Co. - Sr. Notes
144A (a)
7.5% due 12/15/23 ............................. 5,970 5,250
---------
10,417
Leisure and Recreation - 0.3%
SFX Entertainment, Inc.
9.125% due 12/01/08 ........................... 2,570 2,596
Media - TV / Radio - 2.6%
Adelphia Communications Corp. - Sr. Notes
8.125% due 07/15/03 ........................... 1,270 1,203
9.25% due 10/01/02 ............................ 2,460 2,417
Adelphia Communications Corp.
9.375% due 11/15/09 ........................... 735 676
Clear Channel Communications - Sr. Notes
7.875% due 06/15/05 ........................... 2,545 2,557
Continental Cablevision - Sr. Notes
8.3% due 05/15/06 ............................. 2,165 2,237
EchoStar DBS Corp. - Sr. Notes
9.375% due 02/01/09 ........................... 1,845 1,790
News America Holdings, Inc. - Debs.
8.25% due 08/10/18 ............................ 1,275 1,238
Rogers Cablesystems - Sr. Notes
10.0% due 03/15/05 ............................ 1,205 1,235
TCI Communications, Inc. - Debs.
7.875% due 02/15/26 ........................... 2,745 2,727
Time Warner, Inc. - Debs.
9.125% due 01/15/13 ........................... 4,003 4,344
United Pan Europe Communications Sr. Notes
Ser.B
11.25% due 11/01/09 ........................... 1,045 920
---------
21,344
Metal Product and Fabrication - 0.2%
Yanacocha Receivables - Pass thru Certs.
144A (a)
8.4% due 06/15/05 ............................. 1,560 1,420
Metals and Mining - 0.2%
Golden Northwest Aluminum
12.0% due 12/15/06 ............................ 1,420 1,420
Municipals - 0.4%
New Hampshire State - Taxable Pease Dev. Auth.
7.7% due 07/01/12 ............................. 3,000 3,124
Oil - 0.8%
Occidental Petroleum Corp.
8.45% due 02/15/29 ............................ 2,725 2,806
Phillips Petroleum Co.
8.75% due 05/25/10 ............................ 1,815 1,922
Valero Energy - Bonds
8.75% due 06/15/30 ............................ 1,815 1,880
---------
6,608
Oil - Equipment and Services - 0.6%
Humpuss Funding Corp. - 144A (a)
7.72% due 12/15/09 ............................ 1,078 791
Petroleum-Geo Services ASA - Sr. Notes
6.625% due 03/30/08 ........................... 2,410 2,131
TOSCO Corp.
8.125% due 02/15/30 ........................... 2,415 2,435
---------
5,357
Oil and Natural Gas Exploration and
Production - 1.1%
Apache Finance of Canada
7.75% due 12/15/29 ............................ 1,830 1,786
Coastal Corp.
7.75% due 06/15/10 ............................ 1,805 1,793
Occidental Petroleum Corp. - Sr. Debs.
10.125% due 09/15/09 .......................... 3,000 3,363
Ocean Energy, Inc.
8.875% due 07/15/07 ........................... 1,325 1,315
Snyder Oil Corp.
8.75% due 06/15/07 ............................ 805 809
Triton Energy Corp., Ltd. - Sr. Notes
8.75% due 04/15/02 ............................ 450 445
---------
9,511
Paper and Forest Products - 0.7%
Abitibi-Consolidated, Inc. - Debs.
8.5% due 08/01/29 ............................. 915 861
Fort James Corp. - Sr. Notes
6.5% due 09/15/02 ............................. 2,120 2,069
International Paper Co. Notes 144A (a)
8.125% due 07/08/05 ........................... 2,540 2,563
---------
5,493
Personal and Commercial Lending - 6.9%
Commercial Mortgage Acceptance Corp. -
Ser. 1991-C1 A1
6.79% due 06/15/31 ............................ 3,390 3,312
CS First Boston Mortgage Securities Corp. -
Ser. 1998-C1 A1A
6.26% due 04/11/30 ............................ 2,697 2,591
Deutsche Mortgage & Asset Receiving Corp. -
Ser. 1998-C1 Cl. C
6.861% due 03/15/08 ........................... 2,170 2,043
EQCC Home Equity Loan Trust
6.57% due 02/15/29 ............................ 2,120 2,003
70
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SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
ACTIVE BOND
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
Personal and Commercial Lending - Continued
Ford Motor Credit Co. - Notes
6.125% due 04/28/03 ........................... $ 3,185 $ 3,066
Ford Motor Credit Co.
7.375% due 10/28/09 ........................... 2,190 2,119
GMAC Commercial Mortgage Securities, Inc.
6.566% due 11/15/07 ........................... 3,385 3,207
GMAC Commercial Mortgage Securities, Inc.
- 1997-C1 A2
6.853% due 09/15/06 ........................... 7,325 7,189
Household Finance Corp. - Notes
5.875% due 11/01/02 ........................... 3,955 3,819
Household Finance Corp. - Sr. Unsub.
5.875% due 02/01/09 ........................... 1,820 1,581
LB Commercial Conduit Mortgage Trust -
Ser. 1999-C1
6.41% due 08/15/07 ............................ 3,427 3,304
Midland Funding Corp. II - Debs.
11.75% due 07/23/05 ........................... 1,150 1,216
Money Store Home Equity Trust - Ser.
1997-C1 DAF7
6.485% due 12/15/28 ........................... 4,060 3,881
Morgan Stanley Capital Ser. 1999-CAM1 Cl. A3
6.92% due 11/15/18 ............................ 7,605 7,426
U.S. West Capital Funding, Inc.
6.875% due 07/15/28 ........................... 2,695 2,316
UCFC Home Equity Loan - Ser. 1996-A1 A5
6.5% due 04/15/16 ............................. 166 165
UCFC Home Equity Loan
7.18% due 02/15/25 ............................ 1,115 1,101
UCFC Home Equity Loan - Ser. 1997-A1 A8
7.22% due 06/15/28 ............................ 6,648 6,563
---------
56,902
Real Estate Investment Trust - 2.4%
American Health Properties, Inc. - Notes
7.5% due 01/15/07 ............................. 1,350 1,202
Amresco Residential Securities - Mtge.
Loan
6.51% due 08/25/27 ............................ 7,885 7,539
Cabot Industrial Properties LP - Notes
7.125% due 05/01/04 ........................... 1,975 1,900
Camden Property Trust - Sr. Notes
7.0% due 04/15/04 ............................. 2,170 2,081
IMC Home Equity Loan Trust - Ser. 1998-1 A4
6.6% due 03/20/25 ............................. 3,280 3,191
Liberty Property LP - Notes
6.6% due 06/05/02 ............................. 1,675 1,631
TriNet Corp. Realty Trust, Inc. - Notes
7.3% due 05/15/01 ............................. 2,070 2,004
---------
19,548
Real Estate Operations - 0.2%
HMH Properties, Inc. - Ser. A
7.875% due 08/01/05 ........................... 2,075 1,909
Telecommunication Equipment - 1.0%
Axia, Inc.
10.75% due 07/15/08 ........................... 915 714
Crown Castle International Corp. - Sr.
Notes
9.0% due 05/15/11 ............................. 1,665 1,532
Deutsche Telekom International Finance
8.25% due 06/15/30 ............................ 2,190 2,224
Nextel Communications - Sr. Notes
9.375% due 11/15/09 ........................... 2,040 1,958
Williams Communications Group, Inc. -
Senior Notes
10.875% due 10/01/09 .......................... 1,860 1,813
---------
8,241
Telecommunication Services - 2.6%
Clearnet Communications, Inc. - Sr. Disc.
Notes
0.0% due 12/15/05 ............................. 900 927
CSC Holdings, Inc. - Sr. Notes
8.125% due 07/15/09 ........................... 2,830 2,754
DOMINION Resources , Inc. Virginia
8.125% due 06/15/10 ........................... 1,455 1,468
Focal Communications Corp. - Sr. Notes
144A (a)
11.875% due 01/15/10 .......................... 765 761
Global Crossing Holdings, Ltd.
9.5% due 11/15/09 ............................. 2,225 2,136
GT Group Telecom
13.25% due 02/01/10
Level 3 Communications, Inc. - Sr. Notes
144A (a)
11.0% due 03/15/08 ............................ 1,115 1,104
MCI Worldcom, Inc. - Sr. Notes
6.95% due 08/15/28
McLeodUSA, Inc. - Sr. Notes
9.5% due 11/01/08 ............................. 1,520 1,475
Nextel Communications, Inc. - Sr. Disc.
Notes
1.0% due 02/15/08
NTL Communications Corp. - Sr. Notes
11.5% due 10/01/08 ............................ 1,980 1,980
Telecorp PCS, Inc.
11.625% due 04/15/09 .......................... 1,715 1,128
Triton PCS, Inc.
1.0% due 05/01/08 ............................. 660 482
71
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SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
ACTIVE BOND
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
Telecommunication Services - Continued
Vodafone Airtouch plc - Ser. 144A (a)
7.75% due 02/15/10 ............................ $ 1,830 $ 1,814
Voicestream Wireless Corp. Sr. Notes
10.375% due 11/15/09 .......................... 920 952
Voicestream Wireless Corp.
11.5% due 09/15/09 ............................ 1,540 1,671
Worldcom, Inc.
8.0% due 05/15/06 ............................. 2,350 2,376
---------
21,028
Telephone - 2.0%
Comcast Cable Communications - Notes
6.2% due 11/15/08 ............................. 1,685 1,518
GTE Corp. - Debs.
8.75% due 11/01/21 ............................ 3,000 3,248
GTE North, Inc. - Debs.
5.65% due 11/15/08 ............................ 2,595 2,254
LCI International, Inc. - Sr. Notes
7.25% due 06/15/07 ............................ 2,205 2,126
Metromedia Fiber Network, Inc. - Sr. Notes
10.0% due 11/15/08 ............................ 1,920 1,901
MetroNet Communications Corp. - Sr. Notes
12.0% due 08/15/07 ............................ 1,770 2,005
NEXTLINK Communications, Inc. - Sr. Notes
10.75% due 11/15/08 ........................... 1,115 1,098
Sprint Capital Corp.
6.9% due 05/01/19 ............................. 2,760 2,450
---------
16,600
Transportation Services - 2.1%
America West Airlines, Inc. - Pass thru
Certs.
6.93% due 01/02/08 ............................ 1,546 1,504
Continental Airlines, Inc. - Pass thru
Certs.
7.206% due 06/30/04 ........................... 2,634 2,558
Erac USA Finance Co. - Notes 144A (a)
6.625% due 02/15/05 ........................... 3,345 3,156
Fine Air Services, Inc.
9.875% due 06/01/08 ........................... 2,090 1,630
Northwest Airlines Corp.
8.375% due 03/15/04 ........................... 1,475 1,365
Northwest Airlines Corp. - Ser. 1996-1
8.97% due 01/02/15 ............................ 212 211
NWA Trust - Sr. Notes
9.25% due 06/21/14 ............................ 2,297 2,452
Railcar Trust - Pass thru Notes Ser.
1992-1
7.75% due 06/01/04 ............................ 1,605 1,607
U.S. Air, Inc. - Pass thru Certs. Ser.
1990-A1
11.2% due 03/19/05 ............................ 1,200 1,212
Wisconsin Central Transportation Corp. -
Notes
6.625% due 04/15/08 ........................... 1,360 1,281
---------
16,976
U.S. Government Agencies - 31.1%
Federal Home Loan Mortgage Corp.
6.0% due 06/15/11 ............................. 10,000 9,478
Federal National Mortgage Assoc.
6.0% due 09/01/14 ............................. 9,721 9,193
6.5% due 09/01/13 ............................. 134 129
6.5% due 07/01/14 ............................. 8,854 8,533
6.5% due 11/01/14 ............................. 132 128
6.5% due 01/01/15 ............................. 61 59
6.5% due 02/01/15 ............................. 102 98
6.5% due 06/01/15 ............................. 448 432
6.5% due 11/01/28 ............................. 10,775 10,169
6.625% due 09/15/09 ........................... 17,475 16,882
6.94% due 01/25/22 ............................ 1,455 1,435
7.0% due 12/31/99 ............................. 6,055 5,940
7.0% due 09/01/10 ............................. 4,418 4,362
7.125% due 02/15/05 ........................... 9,825 9,865
7.125% due 01/15/30 ........................... 11,595 11,680
7.385% due 03/25/21 ........................... 1,172 1,174
7.5% due 04/01/15 ............................. 4,000 3,986
7.5% due 05/01/15 ............................. 4,465 4,450
Government National Mortgage Assoc.
6.0% due 01/15/29 ............................. 9,793 9,019
6.5% due 07/15/28 ............................. 15,291 14,517
6.5% due 01/15/29 ............................. 4,540 4,309
6.5% due 02/15/29 ............................. 3,995 3,791
6.5% due 04/15/29 ............................. 8,374 7,948
6.5% due 06/15/29 ............................. 27,735 26,322
6.5% due 08/15/29 ............................. 7,229 6,861
6.5% due 12/15/99 ............................. 12,435 11,802
7.0% due 09/15/25 ............................. 2,290 2,230
7.0% due 08/15/28 ............................. 6,831 6,641
7.0% due 03/15/29 ............................. 8,996 8,743
7.0% due 04/15/29 ............................. 4,205 4,087
7.0% due 08/15/29 ............................. 3,195 3,105
7.0% due 09/15/29 ............................. 32,333 31,423
7.5% due 09/15/28 ............................. 19 19
7.5% due 09/15/29 ............................. 6,653 6,605
7.5% due 09/15/29 ............................. 11,991 11,905
7.5% due 12/15/29 ............................. 9,064 8,999
7.5% due 01/15/30 ............................. 341 338
8.0% due 05/15/25 ............................. 330 334
8.0% due 06/15/25 ............................. 308 311
8.0% due 12/31/99 ............................. 6,675 6,746
8.0% due 09/15/25 ............................. 600 607
8.0% due 01/15/26 ............................. 290 293
72
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SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
ACTIVE BOND
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
U.S. Government Agencies - Continued
8.0% due 08/15/27 ............................. $ 1,580 $ 1,597
8.5% due 09/15/21 ............................. 612 628
9.0% due 05/15/21 ............................. 420 436
9.0% due 08/15/21 ............................. 547 568
9.5% due 06/15/16 ............................. 370 390
---------
255,710
U.S. Governmental - 16.1%
U.S. Treasury - Notes
5.625% due 05/15/08 ........................... 13,855 13,366
5.75% due 08/15/03 ............................ 10,040 9,869
7.0% due 07/15/06 ............................. 11,434 11,848
7.5% due 05/15/02 ............................. 10,950 11,152
7.5% due 02/15/05 ............................. 18,976 19,889
U.S. Treasury - Bonds
7.125% due 02/15/23 ........................... 25,047 27,837
8.875% due 08/15/17 ........................... 11,899 15,167
---------
131,985
---------
TOTAL PUBLICLY-TRADEDBONDS- 93.1% 764,859
WARRANTS
Telephone - 0.0%
MetroNet Communications Corp. - CW07 144A (a)
expires 08/15/07 (Cost $58).................... 2 261
SHORT-TERM INVESTMENTS - 8.6%
Investment in joint trading account
(Note B)
6.853% due 07/03/00............................. 70,698 70,698
---------- -----------
TOTAL INVESTMENTS- 101.7% 835,818
Payables, less cash and receivables- (1.7)% (14,195)
---------- -----------
NET ASSETS- 100.0% 821,623
(a) Pursuant to Rule 144A (a) under the Securities Act of 1993, these securities
may be resold in transactions exempt from registration, normally to
qualified institutional buyers. At June 30, 2000, securities aggregated
$37,438 or 4.56% of net assets of the Portfolio.
See notes to financial statements.
73
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SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
CORE BOND
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS
U.S. Governmental - 96.9%
U.S. Treasury - Notes
5.25% due 05/15/04 ............................ $ 200 $ 193
6.25% due 05/15/30 ............................ 200 210
6.375% due 06/30/02 ........................... 850 850
6.5% due 02/15/10 ............................. 900 931
6.75% due 05/15/05 ............................ 2,000 2,046
7.25% due 05/15/16 ............................ 350 386
7.25% due 08/15/22 ............................ 200 225
-------
4,841
-------
TOTAL PUBLICLY-TRADED BONDS- 96.9% 4,841
Receivables, less Cash and payables- 3.1% 154
------- -------
NET ASSETS- 100.0% 4,995
See notes to financial statements.
74
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SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST
June 30, 2000
--------------------------------------------------------------------------------
EMERGING MARKETS EQUITY PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Brazil - 4.5%
Companhia Energetica de Minas Gerias -
ADR (UTIE) .................................. 3,540 $ 61
Companhia Vale do Rio Doce - ADR
(META) ...................................... 1,605 45
Embratel Participacoes SA - ADR (UTIT) ........ 11,150 264
Petroleo Brasileiro SA - ADR (OILX) ........... 3,545 107
Tele Celular Sul Participacoes SA - ADR
(TELS) ...................................... 3,798 172
Tele Centro Sul Participacoes SA - ADR
(UTIT) ...................................... 4,055 296
Tele Norte Leste Participacoes SA - ADR
(TELS) ...................................... 12,532 296
Telemig Celular Participacoes SA - ADR
(TELS) ...................................... 997 72
Telesp Celular Participacoes SA - ADR
(TELS) ...................................... 9,248 415
Unibanco - Uniao de Bancos Brasileiros
SA - GDR (BANK) ............................. 12,601 362
Votorantim Celulose e Papel SA - ADR
(PAPR) ...................................... 4,400 81
-------
2,171
Cayman Islands - 0.1%
Phoenix Satellite TV * (MEDI).................. 169,000 24
SINA.com * (SOFT) ............................. 400 10
-------
34
Chile - 0.2%
Chilectra SA - ADR (UTIE) ..................... 1,400 22
Compania de Telecomunicaciones de
Chile SA (UTIT) ............................. 4,700 85
-------
107
China - 2.0%
China Unicom, Ltd. * (TELS) ................... 1,900 40
Great Wall Technology Co. * (ETRN) ............ 461,000 319
Guandong Kelon Electrical Holdings Co.,
Ltd. - H Shares (APPL) ...................... 34,000 18
Nanjing Panda Electric (UTIE) ................. 212,000 76
PetroChina Co., Ltd. - ADR * (OILS) ........... 600 13
PetroChina Company, Ltd. * (OILX) ............. 2,096,000 436
Yanzhou Coal Mining Co., Ltd. ADR -
ADR (META) .................................. 3,960 40
Zhenhai Refining and Chemical Co., Ltd.
(OILS) ...................................... 164,000 26
-------
968
Czech Republic - 0.4%
Cesky Telecom a.s. - GDR * (TELS) ............. 4,270 71
SPT Telecom AS (TELS) ......................... 6,510 110
-------
181
Egypt - 0.9%
Al-Ahram Beverages Co. SAE - GDR
(FOOD) ...................................... 2,171 37
Eastern Co. for Tobacco & Cigarettes
(FOOD) ...................................... 1,069 23
Egypt Gas Co. (OILX) .......................... 500 23
Egypt Mobile Phone * (TELS) ................... 11,677 380
-------
463
Greece - 2.3%
Hellenic Telecommunication
Organization SA (UTIT) ...................... 26,088 639
Hellenic Telecommunications
Organization SA - ADR (UTIT) ................ 38,057 464
-------
1,103
Hong Kong - 6.1%
Asia Satellite Telecommunications
Holdings, Ltd. (TELS) ....................... 16,000 55
China Merchants Holdings International
Co., Ltd. (CNSU) ............................ 129,000 89
China Telecom (Hong Kong), Ltd.
(TELS) ...................................... 104,000 917
China Telecom (Hong Kong), Ltd. - ADR
(TELS) ...................................... 3,100 551
China Unicom, Ltd. * (TELS) ................... 244,000 515
Citic Pacific, Ltd. (DIOP) .................... 33,000 173
Cosco Pacific, Ltd. (COMM) .................... 145,000 114
Founder Holdings , Ltd. (META) ................ 138,000 61
Legend Holdings (COMP) ........................ 205,000 199
TCL International Holdings, Ltd. *
(ETRN) ...................................... 500,000 183
Timeless Software, Ltd. * (SOFT) .............. 98,000 44
Yue Yuen Industrial Holdings (APPA) ........... 34,000 75
-------
2,976
Hungary - 0.7%
Magyar Tavkozlesi Rt. - ADR (UTIT) ............ 7,347 253
Magyar Tavkozlesi Rt. (UTIT) .................. 12,354 86
-------
339
India - 6.7%
Aptech, Ltd. * (SOFT) ......................... 3,100 59
Bharat Heavy Electricals, Ltd. (ELEQ) ......... 30,200 90
BSES, Ltd. * (UTIE) ........................... 12,500 69
Container Corp. of India, Ltd. (TRAN) ......... 24,092 93
Dabur India, Ltd. (HEAL) ...................... 2,200 32
Gujarat Ambuja Cements, Ltd. - GDR
(CONS) ...................................... 20,400 84
HCL TECHNOLOGIES (CNSU) ....................... 3,100 97
Hero Honda Motors, Ltd. * (AUTO) .............. 3,050 67
Hindustan Lever, Ltd. (HNBA) .................. 2,200 140
75
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
EMERGING MARKETS EQUITY PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
India - Continued
Housing Development Financing Corp.,
Ltd. (LEND) ................................... 11,880 149
Indialnfo, Ltd. (SOFT) .......................... 10,639 46
Indo Gulf Corp., Ltd. (CHEM) .................... 20,500 20
Infosys Technologies, Ltd. * (SOFT) ............. 5,665 1,055
Larsen & Toubro, Ltd. - GDR (DIOP) .............. 1,700 18
Lupin Laboratories, Ltd. (HEAL) ................. 4,600 20
Mahanagar Telephone Nigam, Ltd.
(TELS) ........................................ 38,250 218
NIIT, Ltd. (SOFT) ............................... 2,400 119
Reliance Industries, Ltd. - GDR *
(CHEM) ........................................ 7,950 165
Satyam Computer Services, Ltd. (SOFT) ........... 5,167 345
Sterlite Industries of India, Ltd. * (DIOP) ..... 1,950 36
Strides Arcolab, Ltd. (CNSU) .................... 2,500 14
Tata Engineering and Locomotive Co.,
Ltd. - GDR (AUTO) ............................. 11,000 29
Tata Tea Ltd. (FOOD) ............................ 10,800 80
Videsh Sanchar Nigam, Ltd. (TELE) ............... 2,150 58
Zee Telefilms Ltd. (MEDI) ....................... 14,800 149
-------
3,252
Indonesia - 0.6%
PT Gudang Garam Tbk (FOOD) ...................... 99,500 161
PT Indah Kiat Pulp & Paper Corp. Tbk
(PAPR) ........................................ 159,000 32
PT Indofood Sukses Makmur Tbk
(FOOD) ........................................ 8,500 5
PT Semen Gresik (Persero) Tbk (CONS) ............ 49,500 45
PT Telekomunikasi Indonesia - ADR
(UTIT) ........................................ 7,510 52
-------
295
Israel - 7.1%
Aladdin Knowledge Systems (SOFT) ................ 4,147 66
BATM Advanced Communications, Ltd.
(ETRN) ........................................ 1,372 119
Breezecom, Ltd. * (TELE) ........................ 1,900 83
Check Point Software technologies, Ltd.
* (SOFT) ...................................... 2,924 619
ECI Telecommunications, Ltd. (MEDI) ............. 29,663 1,061
Galileo Technology, Ltd. * (ETRN) ............... 14,852 319
Gilat Satellite Networks, Ltd. * (TELE) ......... 4,255 295
M-Systems Flash Disk Pioneers, Ltd. *
(COMP) ........................................ 1,460 114
Nice Systems, Ltd. (TELE) ....................... 813 63
Nice Systems, Ltd. - ADR * (TELE) ............... 1,144 88
Optibase, Ltd. * (COMP) ......................... 5,826 102
Orckit Communications, Ltd. * (TELS) ............ 3,445 104
Radware, Ltd. * (SOFT) .......................... 2,178 58
Tecnomatix Technologies, Ltd. * (SOFT) .......... 4,162 57
TTI Team Telecom International, Ltd. *
(TELS) ........................................ 7,423 267
VCon Telecommunications, Ltd. *
(TELE) ........................................ 1,610 17
-------
3,432
Malaysia - 2.1%
British American Tobacco (Malaysia)
Berhad (FOOD) ................................. 22,000 179
Commerce Asset Holding Bhd (BANK) ............... 16,000 46
Digi Swisscom * (TELS) .......................... 32,000 59
Malayan Banking Berhad (BANK) ................... 43,000 174
Malaysian Pacific Industries (ETRN) ............. 10,000 103
Public Bank Berhad (BANK) ....................... 86,000 79
Resorts World Berhad (DIOP) ..................... 24,000 66
Telekom Malaysia Berhad (TELS) .................. 52,000 179
Tenaga Nasional Berhad (UTIE) ................... 38,000 124
-------
1,009
Mexico - 9.4%
Alfa, SA * (DIOP) ............................... 38,090 87
Cemex SA de CV - ADR Participation
Certificates * (CONS) ......................... 5,578 130
Cemex SA de CV - CPO * (CONS) ................... 52,339 245
Cifra SA de CV - Ser. V (RETS) .................. 49,700 117
Fomento Economico Mexicano SA de CV
(FOOD) ........................................ 17,499 75
Fomento Economico Mexicano SA de CV
- ADR (FOOD) .................................. 8,050 347
Grupo Carso SA de CV - Ser. A1 (DIOP) ........... 44,400 157
Grupo Financiero Banamex Accival SA
de CV (Banacci) (FINL) ........................ 63,400 267
Grupo Financiero Bancomer SA de CV -
ADR (FINL) .................................... 2,100 21
Grupo Financiero Bancomer SA de CV -
Cl. O (FINL) .................................. 296,850 151
Grupo Modelo SA de CV - Ser. C
(FOOD) ........................................ 8,200 19
Grupo Sanborns SA - Ser. B1 * (RETS) ............ 2,025 3
Grupo Televisa SA - GDR * (MEDI) ................ 11,550 796
Kimberly-Clark de Mexico SA de CV
(PAPR) ........................................ 31,030 88
Telefonos de Mexico SA - ADR (UTIT) ............. 34,000 1,942
Wal-Mart de Mexico SA de CV - ADR *
(RETS) ........................................ 3,216 76
Wal-Mart de Mexico SA de CV - Ser. C
(RETS) ........................................ 18,300 42
-------
4,563
Poland - 0.9%
Elektrim Spolka Akcyjna SA (ETRN) ............... 4,518 52
Telekomunikacja Polska - GDR * (TELS) ........... 58,488 401
-------
453
76
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
EMERGING MARKETS EQUITY PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
South Africa - 3.7%
Anglo American Platinum Corp., Ltd.
(PMET) ......................................... 6,408 $ 185
B.O.E. Corp., Ltd. (FUND) ........................ 19,931
Bidvest Group, Ltd. (DIOP) ....................... 18,373 127
BOE, Ltd. (FINL) ................................. 40,403 23
De Beers - ADR (PMET) ............................ 321 8
De Beers Centenary AG (UTIE) ..................... 3,635 88
Dimension Data Holdings, Ltd. (COMP) ............. 22,587 187
Ellerine Holdings, Ltd. (RETS) ................... 13,200 57
Impala Platinum Holdings, Ltd. (META) ............ 1,109 41
Liberty Life Association of Africa, Ltd.
(INSU) ......................................... 3,280 31
M-Cell, Ltd. (TELS) .............................. 63,830 309
Naspers, Ltd. - N Shares (MEDP) .................. 5,335 44
Nedcor, Ltd. (BANK) .............................. 7,540 158
New Africa Investments, Ltd. - N Shares *
(FINL) ......................................... 98,800 25
Rembrandt Group, Ltd. (DIOP) ..................... 25,262 244
RMB Holdings, Ltd. (FINL) ........................ 1,025 1
Sappi, Ltd. (READ) ............................... 7,270 55
Sasol, Ltd. (OILX) ............................... 34,813 233
--------
1,816
South Korea - 20.9%
39SHOPPING Corp. (RETS) .......................... 2,000 66
Cheil Communications, Inc. (MEDP) ................ 2,120 277
Communication Network Interface, Inc. *
(TELE) ......................................... 9,530 53
Daou Technology, Inc. (SOFT) ..................... 58 1
Dreamline Corp. * (TELE) ......................... 289 8
Hana Bank (BANK) ................................. 3,570 22
Hanvit Bank (BANK) ............................... 28,700 73
Hanvit Bank - GDR * (BANK) ....................... 14,420 71
Housing & Commercial Bank, Korea
(BANK) ......................................... 6,354 149
Humax Co., Ltd. * (APPL) ......................... 11,475 159
Hyundai Electronics Industries Co.
(ETRN) ......................................... 13,020 257
Hyundai Securities Co. (FINL) .................... 88 1
Kookmin Bank (BANK) .............................. 11,383 145
Korea Electric Power Corp. (UTIE) ................ 8,130 252
Korea Electric Power Corp. - ADR
(UTIE) ......................................... 8,250 152
Korea Technology Banking Co. (BANK) .............. 6,120 66
Korea Telecom Corp. * (TELS) ..................... 16,840 1,483
Korea Telecom Corp. - ADR * (TELS) ............... 12,690 614
Korea Telecom Freetel * (TELS) ................... 1,610 107
LG Electronics (ETRN) ............................ 3,590 101
LG Home Shopping, Inc. (RETS) .................... 1,330 126
LG Information & Communication, Ltd.
(TELE) ......................................... 1,660 93
LG Investment & Securities Co., Ltd.
(FINL) ......................................... 7,760 101
Locus Corp. * (SOFT) ............................. 420 34
Pantech Co., Ltd. (TELE) ......................... 3,663 28
Pohang Iron & Steel Co., Ltd. (STEE) ............. 530 45
Samsung Electro-Mechanics Co. (ETRN) ............. 7,090 445
Samsung Electronics (ETRN) ....................... 10,590 3,505
Samsung Securities Co., Ltd. (FUND) .............. 6,210 136
Shinhan Bank (BANK) .............................. 10,370 98
SK Telecom Co., Ltd. (TELS) ...................... 3,600 1,178
SK Telecom Co., Ltd. - ADR (TELS) ................ 4,040 147
Telson Electronics Co., Ltd. (TELE) .............. 11,144 118
Tongyang Cement Co. (CONS) ....................... 1,940 42
--------
10,153
Soviet Union - 3.4%
LUKoil Holding - ADR (OILS) ...................... 10,323 528
LUKoil Holding - ADR * (OILS) .................... 2,300 46
RAO Unified Energy Systems - GDR
(UTIE) ......................................... 29,796 343
Rostelecom - ADR * (TELS) ........................ 4,940 67
Surgutneftegaz - ADR (OILS) ...................... 47,160 628
SURGUTNEFTEGAZ JSC (OILS) ........................ 800 10
Vimpel-Communications - ADR *
(TELS) ......................................... 350 8
--------
1,630
Taiwan - 13.5%
Accton Technology Corp. - GDR *
(ETRN) ......................................... 58,902 253
Acer Peripherals, Inc. - GDR * (COMP) ............ 11,400 322
Acer, Inc. - GDR * (COMP) ........................ 14,600 134
Advanced Semiconductor Engineering,
Inc. * (ETRN) .................................. 17,700 296
Ase Test, Ltd. * (ETRN) .......................... 3,700 109
Asustek Computer, Inc. - GDR (COMP) .............. 72,624 661
China Steel Corp. (STEE) ......................... 27,200 362
D-Link Corp. - GDR (SOFT) ........................ 25,300 296
Far Eastern Textile, Ltd. - GDR * (APPA) ......... 12,400 153
Far Eastern Textile, Ltd. - GDR 144A (a)
* (APPA) ....................................... 23,800 301
GigaMedia, Ltd. * (SOFT) ......................... 1,100 13
Hon Hai Precision Industry Co., Ltd. -
GDR * (ETRN) ................................... 6,100 151
Hon Hai Precision Industry Co., Ltd. -
GDR 144A (a) * (ETRN) .......................... 36,200 914
Ritek, Inc. - GDR 144A (a) * (ETRN) .............. 19,537 152
Siliconware Precision - ADR * (ETRN) ............. 16,800 188
Taiwan Semiconductor Manufacturing
Co., Ltd. ADR - ADR (ETRN) ..................... 49,004 1,899
Winbond Electronics Corp. - GDR *
(ETRN) ......................................... 12,876 367
--------
6,571
77
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
EMERGING MARKETS EQUITY PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Thailand - 1.2%
Advanced Info Service Public Co., Ltd.
(TELS) ......................................... 18,700 $ 233
BEC World Public Co., Ltd. (MEDI) ................ 12,700 73
Delta Electronics (Thailand) Public Co.,
Ltd. (ETRN) .................................... 17,020 111
Shin Corp. Public Co., Ltd. (COMP) ............... 14,700 77
Thai Farmers Bank Public Co., Ltd.
(BANK) ......................................... 53,800 45
Total Access Communication Public Co.,
Ltd (TELS) ..................................... 6,000 24
--------
563
Turkey - 4.2%
Alcatel Teletas Telekomunikasyon
Endustri ve Ticaret AS (TELE) .................. 252,000 55
Dogan Sirketler Grubu Holding AS
(MEDI) ......................................... 8,802,800 213
Dogan Yayin Holding Corp. * (FUND) ............... 5,259,000 89
Ege Biracilik ve Malt Sanayi AS
(FOOD) ......................................... 2,862,200 187
Erciyas Biracilik ve Malt Sanayi AS
(FOOD) ......................................... 450,000 21
Netas Northern Electric
Telekomunikasyon AS (TELE) ...................... 614,000 68
Turkiye Garanti Bankasi AS (BANK) ................ 16,399,000 198
Vestel Elektronik Sanayi ve Ticaret AS
(ETRN) ......................................... 1,228,723 371
Yapi ve Kredi Bankasi AS - GDR *
(BANK) ......................................... 1,045 12
Yapi ve Kredi Bankasi AS (BANK) .................. 72,029,716 801
--------
2,015
United States - 1.5%
Amdocs, Ltd. * (TELS) ............................ 1,798 138
AsiaInfo Holdings, Inc. * (SOFT) ................. 30 1
Comverse Technology, Inc. * (COMP) ............... 1,518 141
DSP Group, Inc. * (ETRN) ......................... 3,743 210
MIH Holdings, Ltd. * (MEDI) ...................... 1,100 33
Polski Koncern Naftowy SA - GDR *
(OILS) ......................................... 713 7
Zoran Corp. * (ETRN) ............................. 2,475 163
--------
693
--------
TOTAL COMMON STOCK- 92.4% 44,787
PREFERRED STOCK
Brazil - 4.3%
Banco Bradesco SA (BANK) ......................... 5,393,000 47
Celular CRT Participacoes * (TELS) ............... 1,046,100 458
Companhia Energetica de Minas Gerais -
CEMIG (UTIE) ................................... 2,243,400 39
Companhia Riograndense de
Telecomunicacoes * (TELS) ....................... 857,100 290
Companhia Vale do Rio Doce - Cl. A *
(META) ......................................... 10,939 309
Embratel Participacoes SA (UTIT) ................. 9,059,000 216
Petroleo Brasileiro SA - Petrobras (OILS) ........ 7,536 228
Tele Celular Sul Participacoes SA
(TELS) ......................................... 8,034,000 39
Tele Centro Sul Participacoes SA
(UTIT) ......................................... 6,041,000 87
Tele Nordeste Celular Participacoes SA
(TELS) ......................................... 12,797,600 48
Tele Norte Leste Participacoes SA
(UTIT) ......................................... 4,144,062 97
Telemig Celular Participacoes SA
(TELS) ......................................... 13,849,850 50
Telesp Celular Participacoes SA *
(TELS) ......................................... 8,586,286 155
--------
2,063
--------
TOTAL PREFERRED STOCK- 4.3% 2,063
Par
Value
(000's)
SHORT-TERM INVESTMENTS - 2.9%
Investment in joint trading account
(Note B)
6.853% due 07/03/00............................. $ 1,422 1,422
------------ --------
TOTAL INVESTMENTS- 99.6% 48,272
Cash and Receivables, less payables- 0.4% 200
------------ --------
NET ASSETS- 100.0% 48,472
============ ========
78
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
EMERGING MARKETS EQUITY PORTFOLIO
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
Market % of
Industry Value Long-Term
Industry Abbreviation (000's) Investments
Electronic Products and Services ............... ETRN 10,586 17.7%
Telecommunication Services ..................... TELS 10,195 17.1%
Telephone ...................................... UTIT 4,482 7.6%
Computer Software and Services ................. SOFT 2,823 5.0%
Banks .......................................... BANK 2,548 9.2%
Media - TV / Radio ............................. MEDI 2,348 6.0%
Computer Equipment ............................. COMP 1,936 6.4%
Oil ............................................ OILS 1,458 3.0%
Electric Power ................................. UTIE 1,227 2.4%
Food, Beverage and Tobacco ..................... FOOD 1,134 3.5%
Telecommunication Equipment .................... TELE 1,028 2.8%
Diversified Operations ......................... DIOP 909 1.9%
Oil and Natural Gas Exploration and Production.. OILX 799 0.8%
Financial Services ............................. FINL 590 1.9%
Construction ................................... CONS 547 2.8%
Shoe and Apparel Manufacturing ................. APPA 529 1.9%
Metals and Mining .............................. META 497 1.5%
Retail - Department Stores ..................... RETS 486 0.4%
Steel .......................................... STEE 407 1.3%
Media - Publishing ............................. MEDP 321 0.1%
Brokerage and Investment Management ............ FUND 226 1.7%
Paper and Forest Products ...................... PAPR 201 0.4%
Consumer - Miscellaneous ....................... CNSU 199 0.5%
Precious Metals/Gems/Stones .................... PMET 192 0.4%
Chemicals ...................................... CHEM 184 0.4%
Household Appliances / Furnishings ............. APPL 177 0.0%
Personal and Commercial Lending ................ LEND 149 0.2%
Cosmetics and Personal Care Products ........... HNBA 140 0.5%
Commercial Sevices ............................. COMM 114 0.5%
Automobile ..................................... AUTO 97 1.0%
Transportation Services ........................ TRAN 93 0.6%
Electrical Equipment ........................... ELEQ 90 0.4%
Real Estate Development ........................ READ 55 0.2%
Health Care Products ........................... HEAL 52 0.2%
Insurance ...................................... INSU 31 0.1%
-------- -------
$46,850 100.0%
======== =======
79
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Argentina - 0.2%
Banco de Galicia y Buenos Aires SA de
CV - Cl. B (BANK) ............................... 16,184 $ 61
Banco Frances SA (BANK) .......................... 10,000 73
IRSA Inversiones y Representaciones SA
(READ) .......................................... 16,185 37
PC Holdings SA - Cl. B (FINL) .................... 89,133 163
Siderca S.A.I.C. (STEE) .......................... 35,000 81
---------
415
Australia - 1.7%
Amcor, Ltd. (CONT) ............................... 14,400 50
Brambles Industries, Ltd. (DIOP) ................. 7,200 221
Broken Hill Proprietary Co., Ltd. (DIOP) ......... 35,100 415
Coca Cola Amatil (FOOD) .......................... 23,200 45
Coles Myer, Ltd. (RETS) .......................... 27,200 104
CSR, Ltd. (CONS) ................................. 37,900 105
Foster's Brewing Group, Ltd. (FOOD) .............. 70,100 197
Hanson plc * (CONS) .............................. 4,190 29
Lend Lease Corp. (FINL) .......................... 13,200 168
National Australia Bank, Ltd. (BANK) ............. 30,600 511
News Corp., Ltd. (MEDI) .......................... 38,800 534
Normandy Mining, Ltd. (PMET) ..................... 94,800 51
North, Ltd. (META) ............................... 34,600 82
Orica, Ltd. (DIOP) ............................... 15,500 70
Pacific Dunlop, Ltd. (DIOP) ...................... 59,000 53
Paperlinx (PAPR) ................................. 4,800 9
Rio Tinto, Ltd. (PMET) ........................... 7,900 130
Santos, Ltd. (OILX) .............................. 38,000 116
Telstra Corp., Ltd. (TELS) ....................... 144,100 584
Westpac Banking Corp., Ltd. (BANK) ............... 46,600 336
WMC, Ltd. (DIOP) ................................. 29,500 132
---------
3,942
Austria - 1.0%
Austria Tabak AG (FOOD) .......................... 3,700 137
Austrian Airlines (TRAN) ......................... 3,150 46
Bank Austria AG (BANK) ........................... 13,000 633
BBAG Oesterreichische Brau Beteiligungs
AG (FOOD) ....................................... 2,150 97
Bohler-Uddeholm AG (STEE) ........................ 1,500 52
EA-Generali AG (INSU) ............................ 1,050 169
Flughafen Wien AG (TRAN) ......................... 4,000 142
Mayr-Melnhof Karton Ag (PAPR) .................... 1,800 85
Oesterreichische
Elektrizitaetswirtschafts AG (UTIE) ............. 3,200 328
OMV AG (OILX) .................................... 3,000 261
RHI AG (DIOP) .................................... 2,050 50
VA Technologie AG (ENGI) ......................... 1,400 74
Wienerberger Baustoffindustrie AG
(CONS) .......................................... 7,200 164
---------
2,238
Belgium - 1.1%
Barco NV (DIOP) .................................. 559 63
Bekaert NV (METP) ................................ 1,390 72
Colruyt, NV (RETF) ............................... 1,870 79
Compagnie Maritime Belge SA (TRAN) ............... 1,921 101
D' Ieteren SA (AUTO) ............................. 290 73
Delhaize "Le Lion" SA (RETF) ..................... 1,955 117
Dolmen Computer Applications NV *
(COMP) .......................................... 187 4
Electrabel SA (UTIE) ............................. 1,236 306
Fortis (B) (INSU) ................................ 20,892 608
Groupe Bruxelles Lambert SA (FUND) ............... 1,094 273
KBC Bancassurance Holding NV (BANK) .............. 10,840 477
N.V. Union Miniere SA * (META) ................... 1,461 53
Solvay SA (FINL) ................................. 2,115 142
Suez Lyonnaise des Eaux SA - Strip VVPR
* (DIOP) ........................................ 2,341
Total Fina SA - Strip VVPR * (DIOP) .............. 3,609
UCB SA (HEAL) .................................... 4,800 176
---------
2,544
Bermuda - 0.0%
Brierly Investments, Ltd. (FUND) ................. 295,300 46
Brazil - 0.1%
Centrais Electricas Brasileiras SA
(UTIE) .......................................... 10,577,000 217
Companhia Siderurgica Nacional * (STEE) .......... 1,655,000 52
Tele Norte Leste Participacoes SA
(UTIT) .......................................... 4,096,000 79
---------
348
Chile - 0.3%
Banco Santiago SA - ADR (BANK) ................... 2,900 52
Compania Cervecerias Unidas SA - ADR
(FOOD) .......................................... 2,900 66
Compania de Telecomunicaciones de Chile
SA (UTIT) ....................................... 8,000 145
Embotelladora Andina SA - ADR (FOOD) ............. 6,100 72
Empresa Nacional de Electricidad SA -
ADR (UTIE) ...................................... 10,100 112
Enersis SA - ADR (UTIE) .......................... 3,700 74
Gener SA - ADR (UTIE) ............................ 3,500 51
Laboratorio Chile SA - ADR (HEAL) ................ 5,700 109
Madeco SA - ADR (META) ........................... 8,700 66
Sociedad Quimica y Minera de Chile SA -
ADR (CHEM) ...................................... 1,100 24
---------
771
80
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
China - 0.0%
Harbin Power Equipment Co., Ltd. - H
Shares (UTIE) ................................... 1,148,000 $ 55
Jinan Qingqi Motorcycle Co., Ltd. - B
Shares * (AUTO) ................................. 208,000 38
---------
93
Czech Republic - 0.1%
Ceska Sporitelna AS (BANK) ....................... 9,500 51
Ceske Energeticke Zavody AS (UTIE) ............... 20,000 53
Komercni Banka AS (BANK) ......................... 3,000 61
SPT Telecom AS (TELS) ............................ 6,300 106
---------
271
Denmark - 0.9%
A/S Dampskibsselskabet Svendborg - Cl. B (TRAN) .. 27 399
D/S 1912 - Cl. B (TRAN) .......................... 40 425
Danisco A/S (FOOD) ............................... 2,450 82
Den Danske Bank (BANK) ........................... 1,150 138
ISS A/S (COMM) ................................... 1,650 125
Navision Software AS * (SOFT) .................... 700 29
Novo-Nordisk A/S - Cl. B (HEAL) .................. 2,450 417
Tele Danmark A/S (TELS) .......................... 6,850 461
Vestas Wind Systems AS (ENER) .................... 2,500 92
---------
2,168
Finland - 1.5%
Nokia Oyj (HEAL) ................................. 56,800 2,899
Outokumpu Oyj (META) ............................. 3,500 33
Sampo Insurance Co. plc (INSU) ................... 2,500 102
Sonera Oyj (TELS) ................................ 6,935 316
UPM-Kymmene Corp. * (PAPR) ....................... 4,400 109
---------
3,459
France - 11.2%
Accor SA (LEIS) .................................. 5,285 217
Air Liquide (CHEM) ............................... 1,908 249
Alcatel (TELE) ................................... 20,950 1,374
AXA SA (INSU) .................................... 8,216 1,294
Banque Nationale de Paris (BANK) ................. 10,345 996
Bouygues SA (CONS) ............................... 903 603
Canal Plus (MEDI) ................................ 3,080 518
Cap Gemini SA (COMM) ............................. 1,622 286
Carrefour SA (RETF) .............................. 16,478 1,126
Casino Guichard-Perrachon SA (RETF) .............. 2,053 190
Club Mediterranee SA (LEIS) ...................... 1,000 135
Compagnie de St. Gobain (CONS) ................... 2,112 286
Dassault Systemes SA (SOFT) ...................... 3,022 282
Eridania Beghin-Say SA (FOOD) .................... 758 74
Essilor International SA (HEAL) .................. 358 103
France Telecom (TELS) ............................ 23,029 3,219
Groupe Danone (FOOD) ............................. 3,602 478
Imercys (CONS) ................................... 794 92
L'Oreal (HNBA) ................................... 1,349 1,168
Lafarge SA (CONS) ................................ 2,526 196
Lagardere S.C.A. (DIOP) .......................... 4,108 314
Michelin (PART) .................................. 3,987 128
Moet Hennessy-Louis Vuitton (FOOD) ............... 2,323 958
Pernod Ricard (FOOD) ............................. 1,763 96
Pinault-Printemps-Redoute SA (RETS) .............. 2,671 593
PSA Peugeot Citroen (AUTO) ....................... 1,457 292
Rhone-Poulenc SA (BANK) .......................... 18,550 1,354
Sagem SA * (ETRN) ................................ 420 492
Sanofi-Synthelabo SA * (HEAL) .................... 12,996 619
Schneider SA (MACH) .............................. 3,911 273
Sidel SA (MACH) .................................. 1,162 94
Societe BIC SA (COMM) ............................ 1,789 88
Societe Eurafrance SA (FINL) ..................... 170 81
Societe Generale - Cl. A (BANK) .................. 10,336 622
STMICROELECTRONICS (ETRN) ........................ 22,182 1,398
Suez Lyonnaise des Eaux (DIOP) ................... 5,754 1,008
Thomson CFS (ETRN) ............................... 3,440 135
Total Fina SA - Cl. B (OILX) ..................... 19,030 2,918
Unibail (REAL) ................................... 700 97
Usinor SA (STEE) ................................. 8,601 105
Valeo SA (PART) .................................. 2,282 122
Vivendi (DIOP) ................................... 12,592 1,111
---------
25,784
Germany - 12.0%
Adidas-Salomon AG (APPA) ......................... 1,920 106
Allianz AG - Reg. (INSU) ......................... 8,380 3,011
BASF AG (CHEM) ................................... 21,860 879
Bayer AG (CHEM) .................................. 24,980 975
Bayerische Vereinsbank AG (BANK) ................. 13,272 857
Beiersdorf AG (HNBA) ............................. 2,220 191
Bilfinger & Berger Bau AG (CONS) ................. 2,960 39
Buderus AG (DIOP) ................................ 2,860 46
Continental AG (PART) ............................ 5,950 100
DaimlerChrysler AG (AUTO) ........................ 33,114 1,727
Deutsche Bank AG (BANK) .......................... 19,450 1,601
Deutsche Telekom AG (UTIT) ....................... 105,640 6,031
Douglas Holding AG (HNBA) ........................ 1,890 55
Dresdner Bank AG (BANK) .......................... 18,460 760
E.On AG (DIOP) ................................... 26,298 1,268
EM.TV & Merchandising AG (MEDI) .................. 4,391 259
Fresenius Medical Care AG (HEAL) ................. 2,350 187
Heidelberg Zement (CONS) ......................... 2,530 156
Heidelberger Zement AG * (CONS) .................. 2,096 64
Hochtief AG (CONS) ............................... 3,810 116
Kamps AG (FOOD) .................................. 2,666 85
Karstadt AG (RETS) ............................... 6,800 177
Linde AG (ENGI) .................................. 3,300 133
Lufthansa AG (TRAN) .............................. 14,730 340
MAN AG (DIOP) .................................... 4,400 133
Merck KGaA (HEAL) ................................ 7,360 235
Metro AG * (RETS) ................................ 9,200 325
81
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Germany - Continued
Muenchener
Rueckversicherungs-Gesellschaft AG -
Reg. (INSU) ..................................... 5,760 $ 1,809
Preussag AG (DIOP) ............................... 6,400 207
RWE AG (OILX) .................................... 14,500 491
SAP AG (SOFT) .................................... 6,360 950
Schering AG (HEAL) ............................... 4,890 268
SGL Carbon AG (CHEM) ............................. 1,190 79
Siemens AG (DIOP) ................................ 21,110 3,184
Thyssen Krupp AG (CONS) .......................... 16,413 267
Volkswagen AG (AUTO) ............................. 11,100 421
WCM Beteiligungs-und Grundbesitz AG
(DIOP) .......................................... 8,537 200
---------
27,732
Greece - 0.5%
Alpha Credit Bank (BANK) ......................... 4,410 174
Commercial Bank of Greece (BANK) ................. 1,780 77
EFG Eurobank * (BANK) ............................ 1,680 44
Ergo bank SA (BANK) .............................. 2,280 44
Hellenic Bottling Co. SA (FOOD) .................. 3,500 56
Hellenic Telecommunication Organization
SA (UTIT) ....................................... 13,420 329
Intracom SA (TELE) ............................... 2,240 82
National Bank of Greece SA (BANK) ................ 6,440 254
Titan Cement Co. SA (CONS) ....................... 1,400 53
---------
1,113
Hong Kong - 0.9%
Cable & Wireless HKT, Ltd. (TELS) ................ 135,800 300
Cheung Kong (Holdings), Ltd. (READ) .............. 23,000 253
CLP Holdings, Ltd. (UTIE) ........................ 31,500 147
Hang Seng Bank, Ltd. (BANK) ...................... 22,700 215
Hutchison Whampoa, Ltd. (COMM) ................... 60,500 760
New World Development Co., Ltd. (READ) ........... 27,000 30
Sun Hung Kai Properties, Ltd. (REIT) ............. 25,000 179
Swire Pacific, Ltd. - Cl. A (DIOP) ............... 23,500 138
Wharf (Holdings), Ltd. (DIOP) .................... 44,000 79
---------
2,101
Hungary - 0.3%
Fotex Rt. (RETS) ................................. 40,400 47
Gedeon Richter Rt. (HEAL) ........................ 2,600 140
Magyar Tavkozlesi Rt. (UTIT) ..................... 36,200 252
MOL Magyar Olaj-es Gazipari Rt. (OILX) ........... 6,000 82
OTP Bank Rt. (BANK) .............................. 2,300 120
---------
641
India - 0.8%
Arvind Mills, Ltd. - GDR (APPA) .................. 378,700 114
Bajaj Auto, Ltd. - GDR (AUTO) .................... 14,300 127
Century Textiles & Industries, Ltd. - GDR (DIOP) . 33,200 35
EIH, Ltd. - GDR (REAL) ........................... 7,800 19
Grasim Industries, Ltd. - GDR (DIOP) ............. 24,760 193
Gujarat Ambuja Cements, Ltd. - GDR (CONS) ........ 23,800 98
Hindalco Industries, Ltd. - GDR (META) ........... 5,500 106
India Cements, Ltd. - GDR (CONS) ................. 39,800 38
Indian Hotels Co., Ltd. - GDR (REAL) ............. 8,500 45
Indian Rayon and Industries, Ltd. - GDR
(DIOP) .......................................... 15,200 24
ITC, Ltd. - GDR * (FOOD) ......................... 13,600 255
Larsen & Toubro, Ltd. - GDR (DIOP) ............... 13,500 146
Mahindra & Mahindra, Ltd. - GDR *
(AUTO) .......................................... 8,600 39
Ranbaxy Laboratories, Ltd. - GDR (HEAL) .......... 5,700 91
Reliance Industries, Ltd. - GDR *
(CHEM) .......................................... 27,000 560
Tata Engineering and Locomotive Co.,
Ltd. - GDR (AUTO) ............................... 26,700 71
---------
1,961
Ireland - 0.4%
Allied Irish Banks plc (BANK) .................... 26,800 240
CRH plc (CONS) ................................... 13,300 240
Eircom plc * (TELS) .............................. 60,667 162
Greencore Group plc (FOOD) ....................... 26,000 69
Irish Life & Permanent plc (FINL) ................ 9,553 81
Jefferson Smurfit Group plc (CONT) ............... 30,400 52
Kerry Group plc (FOOD) ........................... 8,400 110
---------
954
Israel - 0.5%
Bank Hapoalim (BANK) ............................. 43,700 127
Bezeq Israeli Telecommunication Corp.,
Ltd. (UTIT) ..................................... 28,300 158
First International Bank of Israel,
Ltd. (1) (BANK) ................................. 33,700 49
First International Bank of Israel,
Ltd. (5) (BANK) ................................. 6,500 47
IDB Holding Corp., Ltd. (FUND) ................... 10,400 400
Industrial Building Corp. (CONS) ................. 45,100 66
Makteshim-Agan Industries, Ltd. *
(CHEM) .......................................... 26,900 60
Supersol, Ltd. * (RETF) .......................... 40,900 148
Teva pharmaceutical Industries, Ltd.
(HEAL) .......................................... 3,200 174
---------
1,229
Italy - 8.0%
Alitalia SpA (TRAN) .............................. 60,000 124
Assicurazioni Generali (INSU) .................... 60,382 2,070
Autogrill SpA (RETF) ............................. 10,001 107
82
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Italy - Continued
Banca Intesa SpA (BANK) .......................... 183,800 $ 823
Banca Intesa SpA - RNC (BANK) .................... 37,400 89
Banca Popolare di Milano (BANK) .................. 18,100 130
Benetton Group SpA (APPA) ........................ 103,979 217
Beni Stabili SpA * (REAL) ........................ 62,154 33
Bulgari SpA (RETS) ............................... 18,900 253
Enel SpA * (UTIE) ................................ 248,583 1,101
ENI SpA (OILS) ................................... 328,800 1,899
Fiat SpA (AUTO) .................................. 22,350 528
Fiat SpA - RNC (AUTO) ............................ 3,720 51
Immsi SpA * (REAL) ............................... 11,100 16
Italcementi SpA (CONS) ........................... 10,920 103
Italgas SpA (UTIG) ............................... 40,300 178
La Rinascente SpA (CONS) ......................... 10,500 60
Marzotto & Figli SpA (APPA) ...................... 7,500 61
Mediaset SpA (MEDI) .............................. 51,200 782
Mediobanca SpA (FUND) ............................ 24,000 247
Mondadori (Arnoldo) Editore SpA (MEDP) ........... 8,400 192
Olivetti SpA (COMM) .............................. 198,400 722
Parmalat Finanziaria SpA (FOOD) .................. 77,600 110
Pirelli SpA (DIOP) ............................... 81,100 213
Riunione Adriatica di Sicorta SpA (INSU) ......... 25,379 279
Riunione Adriatica di Sicorta SpA - RNC (INSU) ... 13,920 110
SAI spa (INSU) ................................... 4,300 76
San Paolo-IMI SpA (BANK) ......................... 62,154 1,103
Sirti SpA (TELE) ................................. 11,100 18
Telecom Italia Mobile SpA (TELS) ................. 280,100 2,861
Telecom Italia Mobile SpA - RNC (TELS) ........... 80,700 406
Telecom Italia SpA (TELS) ........................ 161,500 2,220
Telecom Italia SpA - RNC (TELS) .................. 47,300 314
UniCredito Italiano SpA (BANK) ................... 201,600 964
---------
18,460
Japan - 30.6%
77 Bank, Ltd. (BANK) ............................. 18,000 144
Acom Co., Ltd. (LEND) ............................ 4,200 353
Advantest (ETRN) ................................. 2,900 646
Ajinomoto Co., Inc. (FOOD) ....................... 20,000 256
Alps Electric Co. (ETRN) ......................... 7,000 130
Amada Co., Ltd (MACH) ............................ 13,000 110
Aoyama Trading Co. (RETS) ........................ 2,600 37
Arabian Oil Co., Ltd. (OILS) ..................... 4,200 14
Asahi Bank, Ltd. (BANK) .......................... 73,000 307
Asahi Breweries, Ltd. (FOOD) ..................... 13,000 155
Asahi Chemical Industry Co., Ltd. (CHEM) ......... 42,000 297
Asahi Glass Co., Ltd. (APPL) ..................... 39,000 436
Bank of Tokyo-Mitsubishi (BANK) .................. 127,000 1,533
Bank of Yokohama, Ltd. (BANK) .................... 22,000 98
Benesse Corp. (COMM) ............................. 2,600 180
Bridgestone Corp. (PART) ......................... 21,000 444
Canon, Inc. (COMM) ............................... 22,000 1,095
Casio Computer Co. (ETRN) ........................ 9,000 101
Central Japan Railway Co. (TRAN) ................. 81 458
Chiyoda Corp. * (ENGI) ........................... 16,000 17
Citizen Watch Co., Ltd. (RETS) ................... 10,000 96
Cosmo Oil Co., Ltd. (OILX) ....................... 33,000 61
Credit Saison Co., Ltd. (FINL) ................... 5,600 130
CSK Corp. (SOFT) ................................. 3,200 99
Dai Nippon Printng Co., Ltd. (COMM) .............. 19,000 335
Daicel Chemical Industries, Ltd. (CHEM) .......... 16,000 52
Daiichi Pharmaceutical Co., Ltd. (HEAL) .......... 10,000 254
Daikin Industries, Ltd. (CONS) ................... 10,000 232
Dainippon Ink & Chemicals, Inc. (CHEM) ........... 28,000 132
Dainippon Screen Manufacturing Co., Ltd. (ELEQ) .. 9,000 86
Daito Trust Construction Co., Ltd. (REAL) ........ 2,200 36
Daiwa House Industry Co., Ltd. (HOUS) ............ 17,000 124
Daiwa Securities Group, Inc. (FUND) .............. 37,000 488
Denso Corp. (ETRN) ............................... 18,000 438
East Japan Railway Co. (TRAN) .................... 107 621
Ebara Corp. (MACH) ............................... 9,000 122
Eisai Co. Ltd. (HEAL) ............................ 10,000 320
Fanuc, Ltd. (ELEQ) ............................... 6,800 691
Fuji Bank, Ltd. (BANK) ........................... 95,000 722
Fuji Photo Film (LEIS) ........................... 14,000 573
Fuji Soft ABC, Inc. (SOFT) ....................... 1,000 59
Fujikura (ELEQ) .................................. 11,000 73
Fujitsu, Ltd. (ELEQ) ............................. 51,000 1,764
Furukawa Electric Co. (TELE) ..................... 10,000 209
Hankyu Corp. (TRAN) .............................. 23,000 76
Hirose Electric Co., Ltd. (ETRN) ................. 1,500 233
Hitachi Zosen Corp. (CONS) ....................... 52,000 47
Hitachi, Ltd. (ETRN) ............................. 88,000 1,269
Honda Motor Co. (AUTO) ........................... 26,000 885
Hoya Corp. (ETRN) ................................ 4,000 358
Industrial Bank of Japan (BANK) .................. 65,000 493
Isetan Co., Ltd. (RETS) .......................... 14,000 172
Ito-Yokado Co., Ltd. (RETS) ...................... 12,000 722
Itochu Corp. (DIOP) .............................. 48,000 242
Japan Airlines Co., Ltd. (TRAN) .................. 63,000 239
Japan Energy Corp. (OILX) ........................ 86,000 92
Japan Tobacco, Inc. (FOOD) ....................... 38 333
Joyo Bank, Ltd. (BANK) ........................... 29,000 112
JUSCO Co., Ltd. * (RETS) ......................... 11,000 208
Kajima Corp. (CONS) .............................. 35,000 111
Kaneka Corp. (CHEM) .............................. 5,000 55
Kansai Electric Power Co., Inc. (UTIE) ........... 22,800 408
83
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Japan - Continued
KAO Corp. (HNBA) ................................. 16,000 $ 489
Kawasaki Heavy Industry, Ltd. (DIOP) ............. 46,000 70
Kawasaki Steel Corp. (STEE) ...................... 100,000 143
Keihin Electric Express Railway Co., Ltd. (TRAN) . 35,000 132
Kinden Corp. (ENGI) .............................. 12,000 75
Kinki Nippon Railway (TRAN) ...................... 35,000 142
Kirin Brewery Co. (FOOD) ......................... 21,000 262
Kokuyo Co. (COMM) ................................ 6,000 98
Komatsu, Ltd. (MACH) ............................. 30,000 211
Komori Corp. (MACH) .............................. 4,000 70
Konami Co., Ltd. (COMP) .......................... 2,600 164
Konica Corp. (LEIS) .............................. 17,000 144
Kubota Corp. (MACH) .............................. 48,000 174
Kuraray Co., Ltd. (APPA) ......................... 10,000 115
Kurita Water Industries, Ltd. (POLL) ............. 5,000 110
Kyocera Corp. (ETRN) ............................. 5,600 949
Makita Corp. (CNSU) .............................. 8,000 76
Marubeni Corp. (DIOP) ............................ 23,000 79
Marui Co., Ltd. (RETS) ........................... 13,000 249
Matsushita Electric Industrial Co. (ETRN) ........ 61,000 1,581
Minebea Co., Ltd. (CHEM) ......................... 4,000 50
Mitsubishi Chemical Corp. (CHEM) ................. 61,000 250
Mitsubishi Corp. (DIOP) .......................... 44,000 398
Mitsubishi Electric Corp. (ETRN) ................. 52,000 563
Mitsubishi Estate Co., Ltd. (REAL) ............... 37,000 435
Mitsubishi Heavy Industries, Ltd. (MACH) ......... 90,000 399
Mitsubishi Logistcs Corp. (TRAN) ................. 7,000 63
Mitsubishi Materials Corp. (PMET) ................ 39,000 160
Mitsubishi Rayon Co., Ltd. (APPA) ................ 27,000 82
Mitsubishi Trust & Banking Corp. (BANK) .......... 37,000 287
Mitsui & Co., Ltd. (DIOP) ........................ 31,000 237
Mitsui Engineering & Shipbuilding Co.,
Ltd. * (CONS) ................................... 48,000 46
Mitsui Fudosan Co., Ltd. (REAL) .................. 24,000 260
Mitsui Marine & Fire Insurance Co.,
Ltd. (INSU) ..................................... 25,000 120
Mitsui Mining & Smelting Co., Ltd.
(META) .......................................... 17,000 129
Mitsukoshi, Ltd. (RETS) .......................... 14,000 62
Mori Seiki Co., Ltd. (MACH) ...................... 5,000 77
Murata Manufacturing Co., Ltd. (ETRN) ............ 7,000 1,004
Mycal Corp. (RETS) ............................... 20,000 68
NAMCO, Ltd. (LEIS) ............................... 3,800 137
NEC Corp. (COMP) ................................. 43,000 1,350
NGK Insulators (PART) ............................ 13,000 161
NGK Spark Plug Co. (PART) ........................ 11,000 170
Nichiei Co., Ltd. (LEND) ......................... 1,500 25
Nidec Corp. (MACH) ............................... 2,000 173
Nikon Corp. (LEIS) ............................... 11,000 407
Nintendo Corp., Ltd. (LEIS) ...................... 3,800 663
Nippon Comsys Corp. (ENGI) ....................... 6,000 128
Nippon Express Co., Ltd. (TRAN) .................. 31,000 190
Nippon Mitsubishi Oil Co., Ltd. (OILX) ........... 27,000 124
Nippon Paper Industries Co. (PAPR) ............... 25,000 171
Nippon Steel Co. (STEE) .......................... 133,000 280
Nippon Telegraph & Telephone Corp. (UTIT) ........ 346 4,598
Nippon Yusen Kabushiki Kaisha (TRAN) ............ 54,000 260
Nissan Motor Acceptance Corp. (FINL) ............. 64,000 377
Nitto Denko Corp. (ETRN) ......................... 4,000 154
Nomura Securities Co., Ltd. (FUND) ............... 58,000 1,418
NSK, Ltd. (META) ................................. 20,000 175
NTN Corp. (METP) ................................. 23,000 98
Obayashi Corp. (CONS) ............................ 22,000 97
Oji Paper Co. (PAPR) ............................. 27,000 186
Okuma Corp. (MACH) ............................... 11,000 48
Olympus Optical Co. (LEIS) ....................... 11,000 197
Omron Corp. (ETRN) ............................... 8,000 217
Onward Kashiyama Co., Ltd. (APPA) ................ 9,000 122
Oriental Land Co., Ltd. (LEIS) ................... 2,000 204
Orix Corp. (FINL) ................................ 2,400 354
Osaka Gas Co. (UTIG) ............................. 81,000 233
Pioneer Corp. (ETRN) ............................. 6,000 234
Promise Co., Ltd. (LEND) ......................... 2,600 205
RENOWN, Inc. (APPA) .............................. 23,000 34
Rohm Co., Ltd. (ETRN) ............................ 4,000 1,169
Sakura Bank, Ltd. (BANK) ......................... 116,000 801
Sankyo Co., Ltd. (HEAL) .......................... 13,000 293
Sanrio Co., Ltd. * (CNSU) ........................ 3,000 80
Sanyo Electric Co. (ETRN) ........................ 56,000 503
Secom Co. (ETRN) ................................. 8,000 584
Sega Enterprises (CNSU) .......................... 4,300 66
Sekisui Chemical Co. (CHEM) ...................... 20,000 77
Sekisui House, Ltd. (CONS) ....................... 25,000 231
Sharp Corp. (ETRN) ............................... 31,000 548
Shimamura Co., Ltd. (RETS) ....................... 1,000 117
SHIMANO, Inc. (LEIS) ............................. 5,000 120
Shimizu Corp. (CONS) ............................. 29,000 83
Shin-Etsu Chemical Co. (CHEM) .................... 9,000 456
Shionogi & Co., Ltd. (HEAL) ...................... 14,000 266
Shiseido Co., Ltd. (CHEM) ........................ 14,000 216
Shizuoka Bank, Ltd. (BANK) ....................... 19,000 161
Showa Shell Sekiyu K.K. (OILX) ................... 21,000 104
SMC Corp. (MACH) ................................. 2,000 376
Softbank Corp. (BANK) ............................ 9,000 1,221
Sony Corp. (ETRN) ................................ 26,000 2,426
Sumitomo Bank (BANK) ............................. 86,000 1,054
Sumitomo Chemical Co. (CHEM) ..................... 48,000 289
Sumitomo Corp. (DIOP) ............................ 22,000 247
Sumitomo Electric Industries (DIOP) .............. 19,000 326
Sumitomo Heavy Industry (MACH) ................... 31,000 104
84
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Japan - Continued
Sumitomo Marine & Fire Insurance Co.,
Ltd. (INSU) ..................................... 24,000 $ 140
Sumitomo Metal Industries (STEE) ................. 102,000 70
Sumitomo Metal Mining Co. (PMET) ................. 17,000 80
Taisho Pharmaceutical Co., Ltd. (HEAL) ........... 10,000 358
Taiyo Yuden Co., Ltd. (ELEQ) ..................... 4,000 250
Takashimaya Co. (RETS) ........................... 12,000 112
Takeda Chemical Industries (CHEM) ................ 24,000 1,574
Takefuji Corp. (LEND) ............................ 5,000 604
Teijin, Ltd. (APPA) .............................. 30,000 146
Teikoku Oil Co., Ltd. (OILX) ..................... 19,000 62
Terumo Corp. (HEAL) .............................. 4,000 135
The Chuo Mitsui Trust and Banking Co.,
Ltd. (BANK) ..................................... 8,000 35
The Daiwa Bank, Ltd. (BANK) ...................... 39,000 101
Tobu Railway Co., Ltd. (TRAN) .................... 36,000 103
Toho Co., Ltd. (MEDI) ............................ 1,200 204
Tohoku Electric Power (UTIE) ..................... 13,000 175
Tokai Bank Ltd. (BANK) ........................... 53,000 261
Tokio Marine & Fire Insurance Co. (INSU) ......... 42,000 484
Tokyo Broadcasting (MEDI) ........................ 7,000 302
Tokyo Dome Corp. (LEIS) .......................... 7,000 32
Tokyo Electric Power (UTIE) ...................... 35,700 870
Tokyo Electron, Ltd. (ETRN) ...................... 5,000 684
Tokyo Gas Co. (UTIG) ............................. 27,000 76
Tokyu Corp. (TRAN) ............................... 26,000 128
Toppan Printing Co. (CNSU) ....................... 20,000 211
Toray Industries, Inc. (APPA) .................... 33,000 134
Toshiba Corp. (ETRN) ............................. 78,000 880
Tostem Corp. (CONS) .............................. 8,000 130
Toto, Ltd. (APPL) ................................ 13,000 100
Toyo Seikan Kaisha, Ltd. (CONT) .................. 8,000 149
Toyota Motor Corp. (AUTO) ........................ 99,000 4,507
Trans Cosmos, Inc. (SOFT) ........................ 700 105
Uni-Charm Corp. (PAPR) ........................... 3,000 182
UNY Co., Ltd. (RETS) ............................. 11,000 152
Wacoal Corp. (APPA) .............................. 11,000 112
Yamaha Corp. (LEIS) .............................. 6,000 66
Yamanouchi Pharmaceutical Co., Ltd. (HEAL) ....... 10,000 546
Yamato Transport Co., Ltd. (TRAN) ................ 14,000 348
Yokogawa Electric (ETRN) ......................... 11,000 110
---------
70,432
Mexico - 1.1%
Alfa, SA * (DIOP) ................................ 16,000 37
Apasco SA de CV (CONS) ........................... 6,000 34
Cemex SA de CV - CPO * (CONS) .................... 34,000 159
Cifra SA de CV - Ser. V (RETS) ................... 96,000 225
Desc SA de CV - Ser. B (DIOP) .................... 39,000 25
Fomento Economico Mexicano SA de CV (FOOD) ....... 20,000 85
Grupo Carso SA de CV - Ser. A1 (DIOP) ............ 24,000 85
Grupo Financiero Banamex Accival SA de
CV (Banacci) (FINL) ............................. 35,000 147
Grupo Financiero Bancomer SA de CV -
Cl. O (FINL) .................................... 157,000 80
Grupo Mexico SA - Ser. B (META) .................. 18,000 51
Grupo Modelo SA de CV - Ser. C (FOOD) 62,000 144
Grupo SA de CV - Ser. A (FOOD) ................... 24,000 38
Grupo Televisa SA * (MEDI) ....................... 60,000 206
Industrias Penoles SA * (META) ................... 20,000 32
Kimberly-Clark de Mexico SA de CV (PAPR) ......... 47,000 134
Telephonos de Mexico SA - Ser. L (UTIT) 326,000 930
Wal-Mart de Mexico SA de CV - Ser. C (RETS) ...... 25,000 58
--------
2,470
Netherlands - 2.6%
ABN Amro Holding NV (BANK) ....................... 18,400 451
Aegon NV (INSU) .................................. 19,000 676
Akzo Nobel NV (CHEM) ............................. 3,850 164
ASM Lithography Holding NV (COMP) ................ 3,000 129
Elsevier NV (MEDP) ............................... 10,500 127
Heineken NV (FOOD) ............................... 4,375 266
ING Groep NV (BANK) .............................. 9,800 662
Koninklije KPN NV (TELS) ......................... 13,112 587
Koninklijke Ahold NV (RETF) ...................... 7,000 206
Koninklijke Philips Electronics NV (ETRN) ........ 15,728 742
Royal Dutch Petroleum Co. (OILE) ................. 22,650 1,408
TNT Post Group NV (TRAN) ......................... 5,610 151
Unilever NV - CVA (CNSU) ......................... 5,819 267
Wolters Kluwer NV - CVA (MEDP) ................... 4,400 117
--------
5,953
New Zealand - 0.2%
Carter Holt Harvey, Ltd. (PAPR) .................. 88,200 76
Telecom Corp. of New Zealand, Ltd.
(TELS) .......................................... 98,600 345
--------
421
Norway - 0.7%
ASK Proxima ASA * (COMP) ......................... 3,520 40
Den Norske Bank (BANK) ........................... 28,960 120
Kvaerner ASA - B Shares (CONS) ................... 1,900 17
Kvaerner plc (CONS) .............................. 3,140 33
Leif Hoegh & Co. ASA (TRAN) ...................... 8,340 73
Merkantildata ASA (SOFT) ......................... 4,300 22
Norsk Hydro ASA (DIOP) ........................... 9,340 392
85
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Norway - Continued
Norske Skogsindustrier ASA - Cl. A
(PAPR) .......................................... 2,500 $ 71
Orkla ASA (DIOP) ................................. 23,420 445
Petroleum Geo-Services ASA (OILE) ................ 6,240 106
Smedvig ASA - A Shares (OILS) .................... 4,800 87
Smedvig ASA - B Shares (OILS) .................... 5,200 85
Storebrand ASA (INSU) ............................ 13,040 94
Tomra Systems ASA (COMM) ......................... 1,600 42
---------
1,627
Peru - 0.0%
Credicorp, Ltd. (BANK) ........................... 3,600 33
Philippines - 0.1%
Ayala Land, Inc. (READ) .......................... 218,760 28
Metropolitan Bank & Trust Co. (BANK) ............. 13,090 61
Petron Corp. (OILS) .............................. 468,400 15
Philippine Long Distance Telephone Co.
(UTIT) .......................................... 3,200 57
SM Prime Holdings, Inc. (READ) ................... 545,000 66
---------
227
Portugal - 0.6%
Banco Comercial Portgues, SA (BANK) .............. 33,000 172
Banco Espirito Santo SA (BANK) ................... 1,100 27
BPI-SGPS, SA - Registered Shares (FUND) 32,490 115
Brisa-Auto Estradas de Portugal, SA
(CONS) .......................................... 8,375 72
EDP-Electricidade de Portugal SA (UTIE) .......... 13,500 245
Jeronimo Martins, SGPS, SA (FOOD) ................ 3,600 59
Portugal Telecom, SA (TELS) ...................... 46,000 516
Sonae SGPS, SA (RETS) ............................ 30,000 53
Sonae, SGPS, SA (RETS) ........................... 10,000 18
---------
1,277
Singapore - 0.3%
City Developments, Ltd. (READ) ................... 41,000 159
Cycle & Carriage, Ltd. (AUTO) .................... 4,000 9
DBS Group Holdings, Ltd. (BANK) .................. 9,000 116
First Capital Corp., Ltd. (READ) ................. 31,000 30
Hotel Properties, Ltd. (REAL) .................... 50,000 45
Singapore Telecommunications, Ltd.
(TELS) .......................................... 114,000 167
United Overseas Bank, Ltd. (BANK) ................ 8,448 55
---------
581
South Africa - 1.0%
ABSA Group, Ltd. (BANK) .......................... 24,600 93
Anglo American Platinum Corp., Ltd.
(PMET) .......................................... 5,400 155
Barlow, Ltd. (DIOP) .............................. 11,700 70
De Beers Centenary AG (UTIE) ..................... 9,100 221
Dimension Data Holdings, Ltd. (COMP) ............. 16,983 140
FirstRand, Ltd. (FINL) ........................... 164,400 169
Foschini, Ltd. * (RETS) .......................... 37,100 63
Impala Platinum Holdings, Ltd. (META) ............ 2,600 97
Imperial Holdings, Ltd. (DIOP) ................... 9,815 80
Investec Group, Ltd. (FUND) ...................... 2,300 77
JD Group, Ltd. (APPL) ............................ 6,400 42
Liberty Life Association of Africa,
Ltd. (INSU) ..................................... 12,400 118
M-Cell, Ltd. (TELS) .............................. 40,200 195
Metropolitan Life, Ltd. (INSU) ................... 30,200 39
Nampak, Ltd. (CONT) .............................. 25,500 55
Nedcor, Ltd. (BANK) .............................. 6,600 139
Pepkor, Ltd. * (RETS) ............................ 9,700 35
Rembrandt Group, Ltd. (DIOP) ..................... 15,300 148
Sappi, Ltd. (READ) ............................... 10,900 82
Sasol, Ltd. (OILX) ............................... 12,800 86
South African Breweries plc (FOOD) ............... 19,300 144
---------
2,248
South Korea - 1.4%
Cheil Jedang Corp. (FOOD) ........................ 2,136 98
Hankook Tire Co., Ltd. (PART) .................... 18,570 38
Housing & Commercial Bank, Korea (BANK) .......... 1,672 39
Hyundai Motor Co., Ltd. (AUTO) ................... 7,570 97
Kookmin Bank (BANK) .............................. 8,310 106
Korea Electric Power Corp. (UTIE) ................ 14,790 459
L.G. Chemicals, Ltd. (CHEM) ...................... 4,630 92
LG Electronics (ETRN) ............................ 3,990 112
LG Investment & Securities Co., Ltd.
(FINL) .......................................... 1,800 23
Pohang Iron & Steel Co., Ltd. (STEE) ............. 1,570 133
Samsung Corp. (ETRN) ............................. 6,120 53
Samsung Display Devices Co. (ETRN) ............... 2,610 125
Samsung Electro-Mechanics Co. (ETRN) ............. 2,690 169
Samsung Electronics (ETRN) ....................... 3,840 1,271
Samsung Fire & Marine Insurance (INSU) ........... 2,272 63
Shinhan Bank (BANK) .............................. 7,310 69
SK Corp. (OILS) .................................. 4,651 85
SK Telecom Co., Ltd. (TELS) ...................... 800 262
---------
3,294
Spain - 3.1%
Altadis * (FOOD) ................................. 7,714 118
Autopistas Concesionaria Espanola SA
(TRAN) .......................................... 13,503 117
Banco Bilbao Vizcaya SA (BANK) ................... 86,800 1,297
86
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Spain - Continued
Banco Santander Central Hispano SA
(BANK) .......................................... 90,100 $ 951
Corporacion Financiera Alba SA (FUND) 6,000 158
Corporacion Mapfre SA (INSU) ..................... 2,100 27
Endesa SA (UTIE) ................................. 28,100 544
Fomento de Construcciones y Contratas
S.A. (CONS) ..................................... 4,600 87
Gas Natural SDG SA - E Shares (UTIG) ............. 13,800 248
Grupo Dragados SA (CONS) ......................... 8,400 60
Iberdrola SA (UTIE) .............................. 27,500 354
Repsol SA (OILX) ................................. 30,000 597
Sociedad General de Aguas de Barcelona
SA (FOOD) ....................................... 8,484 113
Sol Melia SA (LEIS) .............................. 5,700 64
Telefonica SA (UTIT) ............................. 96,145 2,065
TelePizza, SA * (RETF) ........................... 3,078 17
Union Electrica Fenosa SA (UTIE) ................. 12,200 221
Vallehermoso SA (READ) ........................... 8,700 52
Zardoya Otis SA (MACH) ........................... 8,866 79
---------
7,169
Sweden - 2.0%
Drott AB - B Shares (REAL) ....................... 10,200 110
ForeningsSparbanken AB (BANK) .................... 8,700 127
Hennes & Mauritz AB - B Shares (RETS) ............ 13,800 288
NetCom Systems, Inc. - Cl. B (TELS) .............. 2,032 150
NORDIC BALTIC Holding (BANK) ..................... 29,219 213
Nordic Baltic Holdings (BANK) .................... 20,910 156
SANDVIK AB (MACH) ................................ 4,950 104
Securitas AB - B Shares (COMM) ................... 9,200 195
Skand Enskilda Banken - Cl. A (BANK) ............. 10,200 121
Skandia Forsakrings AB (INSU) .................... 19,000 502
Skanska AB (CONS) ................................ 3,100 110
Svenska Cellulosa AB - Cl. B (PAPR) .............. 4,500 85
Svenska Handelsbanken, Inc. - A Shares
(BANK) .......................................... 6,350 92
Telefonaktiebolaget LM Ericsson AB *
(TELS) .......................................... 112,000 2,216
Volvo AB (AUTO) .................................. 5,750 125
---------
4,594
Switzerland - 1.6%
ABB, Ltd. * (ENGI) ............................... 2,168 259
ABB, Ltd. * (ENGI) ............................... 1,879 218
Adecco SA - Reg. (COMM) .......................... 60 51
Credit Suisse Group - Reg. (BANK) ................ 1,970 392
Givaudan * (TELS) ................................ 55 17
Nestle SA (FOOD) ................................. 260 520
Novartis AG - Reg. (HEAL) ........................ 380 602
Roche Holding AG (HEAL) .......................... 10 106
Roche Holding AG (HEAL) .......................... 45 438
Schweizerische
Rueckversicherungs-Gesellschaft (INSU) .......... 110 224
Swisscom AG - Reg. (UTIT) ........................ 340 118
UBS AG (BANK) .................................... 3,226 472
Zurich Allied AG (INSU) .......................... 340 168
---------
3,585
Thailand - 0.2%
ABN Amro Asia Secuities Public Co.,
Ltd. (FINL) ..................................... 23,000 18
ADVANCE AGRO (PAPR) .............................. 69,000 31
Bangkok Insurance Public Co., Ltd.
(INSU) .......................................... 12,200 32
Electricity Generating Public, Co.,
Ltd. - Foreign R Shares (UTIE) .................. 42,200 45
Italian-Thai Development Public Co.,
Ltd. (CONS) ..................................... 37,400 55
National Petrochemical Public Co., Ltd.
(CHEM) .......................................... 42,100 33
PTT Exploration and Production Public
Co., Ltd. (OILX) ................................ 11,100 54
Saha-Union Public Co., Ltd. (APPA) ............... 102,700 28
Sermsuk Public Co., Ltd. (FOOD) .................. 7,300 18
Siam Cement Public Co., Ltd. (CONS) .............. 4,000 75
TelecomAsia Corp. Public Co., Ltd. *
(UTIT) .......................................... 113,200 126
Thai Reinsurance Public Co., Ltd.
(INSU) .......................................... 36,200 31
---------
546
Turkey - 0.4%
Arcelik AS (APPL) ................................ 3,276,000 161
Kartonsan Karton Sanayi Ve Ticaret AS
(PAPR) .......................................... 1,083,000 64
Migros Turk T.A.S. (RETF) ........................ 387,000 72
Turkiye Garanti Bankasi AS (BANK)................. 12,113,000 146
Turkiye Is Bankasi (Isbank) - Cl. C
(BANK) .......................................... 11,517,060 246
Yapi ve Kredi Bankasi AS (BANK) .................. 12,211,870 136
---------
825
United Kingdom - 7.3%
Abbey National First Capital BV (BANK) ........... 16,000 191
Allied Zurich plc * (INSU) ....................... 18,600 220
AstraZeneca Group plc (HEAL) ..................... 18,239 851
Barclay's plc (BANK) ............................. 15,300 380
Bass plc (FOOD) .................................. 11,100 125
BG Group plc (UTIG) .............................. 37,866 245
BOC Group plc (CHEM) ............................. 7,000 101
Boots Co. plc (RETD) ............................. 10,700 81
BP Amoco plc (OILE) .............................. 179,100 1,718
British Aerospace plc (AERO) ..................... 32,263 201
British Airways plc (TRAN) ....................... 18,800 108
87
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
United Kingdom - Continued
British American Tobacco plc * (FOOD) ............ 18,600 $ 124
British Land Co. plc (REAL) ...................... 7,200 44
British Sky Broadcast plc (MEDI) ................. 19,900 389
British Telecommunications plc (TELS) ............ 60,500 782
Burmah Castrol plc (OILS) ........................ 1,750 44
Cadbury Schweppes plc (FOOD) ..................... 26,600 175
Carlton Communications plc (MEDI) ................ 16,300 210
Centrica plc * (UTIG) ............................ 58,900 197
CGU plc (INSU) ................................... 9,300 155
Diageo plc (FOOD) ................................ 11,000 99
EMI Group plc (LEIS) ............................. 12,400 113
GKN plc (AUTO) ................................... 9,200 117
Glaxo Wellcome plc (HEAL) ........................ 32,110 936
Granada Group plc (DIOP) ......................... 23,400 234
Halifax Group plc (LEND) ......................... 14,100 135
Hilton Group plc (LEIS) .......................... 20,700 73
HSBC Holdings plc (BANK) ......................... 68,800 787
HSBC Holdings plc (BANK) ......................... 24,900 285
Imperial Chemical Industries plc (CHEM) .......... 1,700 14
Invensys, plc (DIOP) ............................. 74,985 281
J Sainsbury plc (RETF) ........................... 24,100 109
Kingfisher plc (RETS) ............................ 15,900 145
Land Securities plc (REAL) ....................... 8,400 100
Legal & General Group plc (INSU) ................. 62,800 147
Lloyds TSB Group plc (BANK) ...................... 51,200 483
Logica plc (SOFT) ................................ 7,100 168
Marconi plc (TELE) ............................... 28,600 372
Marks & Spencer plc (RETS) ....................... 19,900 70
National Grid Group plc (UTIE) ................... 22,500 177
National Power plc (UTIE) ........................ 16,500 105
Pearson plc (MEDP) ............................... 8,100 257
Peninsular & Oriental Steam Navigation
Co. (TRAN) ...................................... 10,300 88
Prudential Corp. (INSU) .......................... 20,900 306
Railtrack Group plc (TRAN) ....................... 6,700 104
Rank Group plc (DIOP) ............................ 16,000 37
Reed International plc (MEDP) .................... 15,400 134
Reuters Group plc (BUSI) ......................... 15,900 271
Rio Tinto plc - Reg. (DIOP) ...................... 11,900 195
Royal Bank of Scotland Group (BANK) .............. 11,500 192
Schroders (BANK) ................................. 4,050 73
Scottish Power plc (UTIE) ........................ 17,100 145
SmithKline Beecham plc (HEAL) .................... 51,500 674
Tesco plc (RETF) ................................. 67,200 209
The Great Universal Stores plc (RETS) ............ 11,800 76
The Sage Group plc (MEDI) ........................ 25,400 206
Unilever plc (CNSU) .............................. 26,703 162
United Utilities plc (AGRI) ...................... 10,400 103
Vodafone AirTouch plc (TELS) ..................... 543,618 2,196
---------
16,719
United States - 0.0%
Great Eastern Shipping Co. - GDR * (TRAN) ........ 18,720 31
---------
TOTAL COMMON STOCK- 94.7% 218,302
PREFERRED STOCK
Australia - 0.2%
News Corp., Ltd. (MEDI) .......................... 34,800 420
Brazil - 0.8%
Aracruz Celulose SA - Cl. B (PAPR) ............... 38,000 72
Banco Bradesco SA (BANK) ......................... 15,494,000 135
Banco Itau SA (BANK) ............................. 1,240,000 109
Centrais Electricas Brasileires SA -
Cl. B (UTIE) .................................... 3,137,000 70
Companhia Cervejaria Brahma (FOOD) ............... 101,000 86
Companhia Energetica de Minas Gerais -
CEMIG (UTIE) .................................... 3,565,000 62
Companhia Vale do Rio Doce - Cl. A * (META) ...... 8,000 226
Embratel Participacoes SA (UTIT) ................. 6,417,000 153
Petroleo Brasileiro SA - Petrobras (OILS) ........ 17,710 535
Tele Centro Sul Participacoes SA (UTIT) .......... 6,634,000 96
Tele Norte Leste Participacoes SA (UTIT) ......... 7,080,518 166
Telesp Celular Participacoes SA * (TELS) ......... 6,756,387 122
Telesp Participacoes SA * (UTIT) ................. 3,000,000 56
---------
1,888
Germany - 0.4%
Dyckerhoff AG (CONS) ............................. 2,600 66
RWE AG (OILX) .................................... 1,170 32
SAP AG - Vorzug (SOFT) ........................... 4,470 826
Volkswagen AG (AUTO) ............................. 3,800 89
---------
1,013
---------
TOTAL PREFERRED STOCK- 1.4% 3,321
Par
Value
(000's)
PUBLICLY-TRADED BONDS
United Kingdom - 0.0%
British Aerospace plc - Bonds (AERO)
7.45% due 11/29/03 ............................... $ 4 6
---------
WARRANTS
Mexico - 0.0%
Cemex SA de CV (CONS)
88
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
WARRANTS - CONTINUED
Mexico - Continued
expires 12/02/02 (Cost $1) ........... 2,000 $ 1
United States - 1.2%
Morgan Stanley Capital Llc (FINL)
expires 04/07/07 (Cost $2,709) ....... 19,000 2,661
-----------
TOTAL WARRANTS- 1.2% 2,662
RIGHTS
Norway - 0.0%
KVAERNER A (DIOP)
expires 06/23/00 (Cost $0) ........... 1,611 1
Kvaerner plc (DIOP)
expires 06/23/00 (Cost $0) ........... 975
-----------
1
Philippines - 0.0%
Metrobank (BANK)
expires 07/28/00 (Cost $0) ........... 1,309 1
Portugal - 0.0%
Sonae SGPS, SA (RETS)
expires 07/19/00 (Cost $0) ........... 10,000 10
Spain - 0.0%
Autopistas Del Sol SA (TRAN)
expires 07/05/00 (Cost $0) ........... 13,503 6
Thailand - 0.0%
TELECOMASIA (UTIT)
expires 01/01/80 (Cost $0) ........... 35,747
-----------
TOTAL RIGHTS- 0.0% 18
SHORT-TERM INVESTMENTS - 2.4%
Investment in joint trading account
(Note B)
6.853% due 07/03/00 ................. 5,083 5,083
U.S. Treasury
5.58% due 09/14/00 .................. 365 361
-----------
5,444
----------- -----------
TOTAL INVESTMENTS- 99.7% 229,753
Cash and Receivables, less payables- 0.3% 660
----------- -----------
NET ASSETS- 100.0% 230,413
=========== ===========
* Non-income producing security.
ADR-American Depository Receipt
GDR-Global Depository Receipt
See notes to financial statements.
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
Market % of
Industry Value Long-Term
Industry Abbreviation (000's) Investments
Banks .......................................... BANK $29,540 13.2%
Electronic Products and Services ............... ETRN 19,278 8.6%
Telecommunication Services ..................... TELS 18,504 8.3%
Telephone ...................................... UTIT 15,360 6.8%
Insurance ...................................... INSU 13,073 5.8%
Diversified Operations ......................... DIOP 12,929 5.8%
Health Care Products ........................... HEAL 11,199 5.0%
Automobile ..................................... AUTO 9,196 4.1%
Chemicals ...................................... CHEM 6,677 3.0%
Electric Power ................................. UTIE 6,546 3.0%
Food, Beverage and Tobacco ..................... FOOD 6,207 2.7%
Oil and Natural Gas Exploration and Production.. OILX 5,079 2.3%
Transportation Services ........................ TRAN 5,015 2.2%
Financial Services ............................. FINL 4,595 2.1%
Retail - Department Stores ..................... RETD 4,533 2.0%
Construction ................................... CONS 4,522 2.0%
Media - TV / Radio ............................. MEDI 4,029 1.8%
Commercial Services ............................ COMM 3,977 1.8%
Oil - Equipment and Services ................... OILE 3,232 1.4%
Brokerage and Investment Management ............ FUND 3,223 1.4%
Leisure and Recreation ......................... LEIS 3,144 1.4%
Electrical Equipment ........................... ELEQ 2,864 1.3%
Oil ............................................ OILS 2,765 1.2%
Computer Software and Services ................. SOFT 2,542 1.2%
Machinery ...................................... MACH 2,414 1.1%
Retail - Food .................................. RETF 2,381 1.1%
Telecommunication Equipment .................... TELE 2,055 0.9%
Cosmetics and Personal Care Products ........... HNBA 1,902 0.8%
Computer Equipment ............................. COMP 1,826 0.8%
Personal and Commercial Lending ................ LEND 1,322 0.6%
Paper and Forest Products ...................... PAPR 1,275 0.6%
Shoe and Apparel Manufacturing ................. APPA 1,270 0.6%
Real Estate Operations ......................... REAL 1,241 0.6%
Natural Gas Distribution ....................... UTIG 1,176 0.5%
Auto and Truck Parts ........................... PART 1,163 0.5%
Metals and Mining .............................. META 1,050 0.5%
Steel .......................................... STEE 916 0.4%
Engineering and Construction ................... ENGI 903 0.4%
Consumer - Miscellaneous ....................... CNSU 862 0.4%
Media - Publishing ............................. MEDP 827 0.4%
Household Appliances / Furnishings ............. APPL 739 0.3%
Real Estate Development ........................ READ 736 0.3%
Precious Metals/Gems/Stones .................... PMET 577 0.3%
Containers ..................................... CONT 307 0.1%
Business Services .............................. BUSI 271 0.1%
89
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO
Market % of
Industry Value Long-Term
Industry Abbreviation (000's) Investments
Aerospace and Defense ........................ AERO 207 0.1%
Real Estate Investment Trust ................. REIT 180 0.1%
Metal Product and Fabrication ................ METP 170 0.1%
Housing ...................................... HOUS 124 0.1%
Pollution Control ............................ POLL 110 0.0%
Agricultural Operations ...................... AGRI 103 0.0%
Energy - Alternative Stores .................. ENER 92 0.0%
Retail - Drug Stores ......................... RETD 81 0.0%
-------- -------
$224,309 100.0%
======== =======
90
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES II PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Australia - 2.5%
Brambles Industries, Ltd. (DIOP) ........... 2,553 $ 78
Broken Hill Proprietary Co., Ltd. (DIOP) ... 24,200 286
Commonwealth Bank of Australia (BANK) ...... 4,462 74
Lend Lease Corp. (FINL) .................... 2,627 33
Publishing & Broadcasting, Ltd. (MEDP) ..... 9,083 70
TABCORP Holdings, Ltd. (LEIS) .............. 5,585 32
Telstra Corp., Ltd. (TELS) ................. 16,907 69
------
642
Belgium - 0.6%
Dexia (BANK) ............................... 420 62
Fortis (B) (INSU) .......................... 2,980 86
UCB SA (HEAL) .............................. 240 9
------
157
Brazil - 1.1%
Aracruz Celulose SA - ADR (PAPR) ........... 5,200 101
Companhia Vale do Rio Doce - ADR (META) .... 6,300 177
------
278
Canada - 3.2%
Alberta Energy, Ltd. (OILX) ................ 1,200 49
BCE, Inc. (TELS) ........................... 2,110 50
Canadian National Railway Co. (TRAN) ....... 7,000 204
MANULIFE Financial Corp. (INSU) ............ 8,600 152
NORTEL NETWORKS Corp. (TELE) ............... 3,313 230
Teleglobe, Inc. (TELS) ..................... 7,200 152
------
837
Finland - 0.9%
Nokia Oyj (HEAL) ........................... 4,800 245
France - 10.2%
Alcatel (TELE) ............................. 4,710 309
Altran Technologies, Inc. SA (AERO) ........ 190 37
Aventis SA * (HEAL) ........................ 5,544 398
AXA SA (INSU) .............................. 1,720 271
Banque Nationale de Paris (BANK) ........... 2,360 227
Canal Plus (MEDI) .......................... 1,533 258
Cap Gemini SA (COMM) ....................... 410 72
Carrefour SA (RETF) ........................ 310 21
Groupe Danone (FOOD) ....................... 130 17
Hermes International (RETS) ................ 290 39
L'Oreal (HNBA) ............................. 30 26
Lafarge SA (CONS) .......................... 120 9
Legrand SA (ELEQ) .......................... 440 99
Moet Hennessy-Louis Vuitton (FOOD) ......... 150 62
Rhone-Poulenc SA (BANK) .................... 3,060 223
Sanofi-Synthelabo SA * (HEAL) .............. 3,650 174
Schneider SA (MACH) ........................ 440 31
Societe Generale - Cl. A (BANK) ............ 650 39
Sodexho Alliance SA (LEIS) ................. 160 29
STMICROELECTRONICS (ETRN) .................. 3,225 203
Vivendi (DIOP) ............................. 1,342 119
------
2,663
Germany - 6.6%
Allianz AG - Reg. (INSU) ................... 655 235
Bayer AG (CHEM) ............................ 6,786 265
Bayerische Vereinsbank AG (BANK) ........... 2,604 168
Deutsche Bank AG (BANK) .................... 2,010 165
Deutsche Telekom AG (UTIT) ................. 2,571 147
E.On AG (DIOP) ............................. 1,690 81
Infineon Technologies AG (ETRN) ............ 1,710 135
SAP AG (SOFT) .............................. 1,410 211
Siemens AG (DIOP) .......................... 2,101 317
------
1,724
Hong Kong - 0.3%
Henderson Land Development Co., Ltd.
(READ) ................................... 12,000 53
Sun Hung Kai Properties, Ltd. (REIT) ....... 3,000 21
------
74
Italy - 4.8%
Alleanza Assicurazioni (INSU) .............. 7,000 93
Banca Intesa SpA (BANK) .................... 50,000 224
Bipop-Carire SpA (BANK) .................... 15,000 118
Mediolanum SpA (INSU) ...................... 6,000 97
San Paolo-IMI SpA (BANK) ................... 1,000 18
Tecnost SpA (COMP) ......................... 10,000 38
Telecom Italia Mobile SpA (TELS) ........... 32,000 327
Telecom Italia SpA (TELS) .................. 16,000 220
UniCredito Italiano SpA (BANK) ............. 26,000 124
------
1,259
Japan - 21.5%
Bridgestone Corp. (AUTO) ................... 2,000 42
Canon, Inc. (COMM) ......................... 8,000 398
DDI Corp. (UTIT) ........................... 15 144
East Japan Railway Co. (TRAN) .............. 32 186
Fanuc, Ltd. (ELEQ) ......................... 1,000 102
Fuji Bank, Ltd. (BANK) ..................... 21,000 160
Fuji Television Network, Inc. (MEDI) ....... 9 141
Fujitsu, Ltd. (ELEQ) ....................... 5,000 173
Hitachi, Ltd. (ETRN) ....................... 3,000 43
Ito-Yokado Co., Ltd. (RETS) ................ 1,000 60
KAO Corp. (HNBA) ........................... 2,000 61
Komori Corp. (MACH) ........................ 1,000 18
Kyocera Corp. (ETRN) ....................... 2,000 339
Makita Corp. (CNSU) ........................ 2,000 19
Marui Co., Ltd. (RETS) ..................... 4,000 77
Matsushita Electric Industrial Co. (ETRN) .. 11,000 285
Mitsui Fudosan Co., Ltd. (REAL) ............ 24,000 260
Murata Manufacturing Co., Ltd. (ETRN) ...... 2,000 287
NEC Corp. (COMP) ........................... 11,000 345
Nikko Securities Co., Ltd. (FUND) .......... 6,000 59
91
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES II PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Japan - Continued
Nippon Telegraph & Telephone Corp. (UTIT) .. 28 $ 372
Nomura Securities Co., Ltd. (FUND) ......... 9,000 220
NTT Mobile Communications Network, Inc.
(TELS) .................................... 5 135
Sankyo Co., Ltd. (HEAL) .................... 3,000 68
Seven-Eleven Japan (RETF) .................. 2,000 167
Shin-Etsu Chemical Co. (CHEM) .............. 2,000 101
Shiseido Co., Ltd. (CHEM) .................. 4,000 62
Sony Corp. (ETRN) .......................... 3,200 299
Sumitomo Bank (BANK) ....................... 13,000 159
Sumitomo Corp. (TELE) ...................... 6,000 68
Sumitomo Electric Industries (DIOP) ........ 2,000 34
Toshiba Corp. (ETRN) ....................... 26,000 293
Yamanouchi Pharmaceutical Co., Ltd.
(HEAL) .................................... 8,000 437
------
5,614
Mexico - 0.9%
Grupo Televisa SA - GDR * (MEDI) ........... 3,500 241
Netherlands - 5.9%
ABN Amro Holding NV (BANK) ................. 1,020 25
Akzo Nobel NV (CHEM) ....................... 280 12
ASM Lithography Holding NV (COMP) .......... 4,390 189
Equant * (COMP) ............................ 820 33
Fortis (NL) NV (INSU) ...................... 4,210 122
ING Groep NV (BANK) ........................ 4,410 298
Koninklije KPN NV (TELS) ................... 1,500 67
Koninklijke Philips Electronics NV (ETRN) .. 6,640 313
Royal Dutch Petroleum Co. (OILS) ........... 2,650 165
United Pan Europe (TELS) ................... 1,950 51
VNU NV (MEDP) .............................. 5,050 261
------
1,536
Portugal - 0.1%
Jeronimo Martins, SGPS, SA (FOOD) .......... 1,440 24
South Africa - 1.2%
Anglo American Platinum Corp., Ltd.
(PMET) .................................... 7,100 205
Impala Platinum Holdings, Ltd. - ADR
(META) .................................... 2,900 108
------
313
South Korea - 0.7%
Samsung Electronics (ETRN) ................. 560 185
Spain - 1.8%
Banco Bilbao Vizcaya SA (BANK) ............. 11,350 170
Endesa SA (UTIE) ........................... 6,350 123
Telefonica SA (UTIT) ....................... 8,359 179
------
472
Sweden - 1.2%
Telefonaktiebolaget LM Ericsson AB *
(TELS) .................................... 16,160 320
Switzerland - 3.7%
Credit Suisse Group - Reg. (BANK) .......... 530 105
Givaudan * (TELS) .......................... 16 5
Nestle SA (FOOD) ........................... 176 352
Roche Holding AG (HEAL) .................... 16 156
Swisscom AG - Reg. (UTIT) .................. 478 166
UBS AG (BANK) .............................. 1,180 173
------
957
United Kingdom - 26.4%
Abbey National First Capital BV (BANK) ..... 3,000 36
AstraZeneca Group plc (HEAL) ............... 4,000 187
Baltimore Technologies plc * (COMP) ........ 8,000 61
BG Group plc (UTIG) ........................ 2,000 13
BOC Group plc (CHEM) ....................... 18,668 268
BP Amoco plc (OILS) ........................ 12,000 115
British Telecommunications plc (TELS) ...... 14,117 182
Cable & Wireless plc (TELS) ................ 18,995 322
Cadbury Schweppes plc (FOOD) ............... 11,000 72
Carlton Communications plc (MEDI) .......... 21,280 274
Celltech Group plc * (HEAL) ................ 3,000 58
Centrica plc * (UTIG) ...................... 5,000 17
Compass Group plc (FOOD) ................... 18,000 237
Diageo plc (FOOD) .......................... 13,000 117
GKN plc (AUTO) ............................. 1,000 13
Glaxo Wellcome plc (HEAL) .................. 16,000 466
Hays plc (DIOP) ............................ 2,000 11
Hilton Group plc (LEIS) .................... 4,000 14
HSBC Holdings plc (BANK) ................... 6,000 69
Kingfisher plc (RETS) ...................... 11,000 100
Marconi plc (TELE) ......................... 7,000 91
National Grid Group plc (UTIE) ............. 31,622 249
National Power plc (UTIE) .................. 46,041 293
Prudential Corp. (INSU) .................... 16,432 241
Railtrack Group plc (TRAN) ................. 10,584 164
Reuters Group plc (BUSI) ................... 19,033 325
Rio Tinto plc - Reg. (DIOP) ................ 12,381 202
Royal & Sun Alliance Insurance Group plc
(INSU) .................................... 56,307 365
Scottish Power plc (UTIE) .................. 35,365 300
Shell Transport & Trading Co. plc (OILX) ... 43,934 367
SmithKline Beecham plc (HEAL) .............. 19,784 259
Standard Chartered (BANK) .................. 7,000 87
Tesco plc (RETF) ........................... 14,000 43
The Great Universal Stores plc (RETS) ...... 40,897 263
Unilever plc (CNSU) ........................ 10,000 61
United News & Media plc (MEDP) ............. 4,000 57
Vodafone AirTouch plc (TELS) ............... 164,790 666
92
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES II PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
United Kingdom - Continued
WPP Group plc * (COMM) ...................... 16,000 $ 234
-------
6,899
-------
TOTAL COMMON STOCK- 93.6% 24,440
PREFERRED STOCK - 0.1%
Germany - 0.1%
SAP AG - Vorzug (SOFT) ...................... 90 16
Par
Value
(000's)
SHORT-TERM INVESTMENTS - 7.1%
Investment in joint trading account (Note B)
6.853% due 07/03/00 ........................ 1,862 $ 1,862
------- -------
TOTAL INVESTMENTS- 100.8% 26,318
Payables, less cash and receivables- (0.8)% (216)
------- -------
NET ASSETS- 100.0% 26,102
======= =======
* Non-income producing security.
ADR-American Depository Receipt
GDR-Global Depository Receipt
See notes to financial statements.
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
Market % of
Industry Value Long-Term
Industry Abbreviation (000's) Investments
Banks .......................................... BANK 2,762 11.3%
Telecommunication Services ..................... TELS 2,565 10.5%
Health Care Products ........................... HEAL 2,455 10.0%
Electronic Products and Services ............... ETRN 2,383 9.8%
Insurance ...................................... INSU 1,664 6.8%
Diversified Operations ......................... DIOP 1,129 4.6%
Telephone ...................................... UTIT 1,008 4.1%
Electric Power ................................. UTIE 965 4.0%
Media - TV / Radio ............................. MEDI 913 3.7%
Food, Beverage and Tobacco ..................... FOOD 881 3.6%
Chemicals ...................................... CHEM 708 2.9%
Commercial Services ............................ COMM 704 2.9%
Telecommunication Equipment .................... TELE 697 2.9%
Computer Equipment ............................. COMP 665 2.7%
Transportation Services ........................ TRAN 555 2.3%
Retail - Department Stores ..................... RETS 539 2.2%
Oil and Natural Gas Exploration and Production.. OILX 415 1.7%
Media - Publishing ............................. MEDP 388 1.6%
Electrical Equipment ........................... ELEQ 373 1.5%
Business Services .............................. TRAN 325 1.3%
Metals and Mining .............................. META 285 1.2%
Brokerage and Investment Management ............ FUND 280 1.1%
Oil ............................................ OILS 280 1.1%
Real Estate Operations ......................... REAL 260 1.1%
Retail - Food .................................. RETF 232 1.0%
Computer Software and Services ................. SOFT 228 1.0%
Precious Metals/Gems/Stones .................... PMET 205 0.8%
Paper and Forest Products ...................... PAPR 100 0.4%
Cosmetics and Personal Care Products ........... HNBA 87 0.4%
Consumer Miscellaneous ......................... CNSU 80 0.3%
Leisure and Recreation ......................... LEIS 75 0.3%
Automoblie ..................................... AUTO 55 0.2%
Real Estate Development ........................ READ 53 0.2%
Machinery ...................................... MACH 48 0.2%
Financial Services ............................. FINL 33 0.1%
Natural Gas Distribution ....................... UTIG 20 0.1%
Real Estate Investment Trust ................... REIT 22 0.1%
Construction ................................... CONS 9 0.0%
-------- -------
$24,456 100.0%
======== =======
93
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Australia - 2.5%
Broken Hill Proprietary Co., Ltd.
(DIOP) ............................ 3,793 $ 45
Hanson plc * (CONS) ................ 122 1
National Australia Bank, Ltd. (BANK) 4,131 69
News Corp., Ltd. (MEDI) ............ 6,023 83
TABCORP Holdings, Ltd. (LEIS) ...... 4,684 27
Telstra Corp., Ltd. (TELS) ......... 23,814 96
Woolworth's, Ltd. (RETS) ........... 7,824 29
-----
350
Finland - 3.2%
Nokia Oyj (HEAL) ................... 8,086 412
Sonera Oyj (TELS) .................. 1,004 46
-----
458
France - 11.3%
Accor SA (LEIS) .................... 1,056 43
Air Liquide (CHEM) ................. 680 89
Alcatel (TELE) ..................... 2,182 143
AXA SA (INSU) ...................... 948 149
Banque Nationale de Paris (BANK) ... 956 92
Cap Gemini SA (COMM) ............... 217 38
Carrefour SA (RETF) ................ 1,083 74
France Telecom (TELS) .............. 1,054 147
Lafarge SA (CONS) .................. 659 51
Moet Hennessy-Louis Vuitton
(FOOD) ............................ 108 45
Renault (AUTO) ..................... 1,042 47
Rhodia SA (CHEM) ................... 952 16
Rhone-Poulenc SA (BANK) ............ 2,159 158
STMICROELECTRONICS (ETRN) .......... 2,004 126
Total Fina SA - Cl. B (OILX) ....... 1,394 214
Valeo SA (PART) .................... 957 51
Vivendi (DIOP) ..................... 1,344 119
-----
1,602
Germany - 6.1%
Allianz AG - Reg. (INSU) ........... 307 110
Bayerische Vereinsbank AG (BANK) ... 564 37
DaimlerChrysler AG (AUTO) .......... 582 30
Deutsche Bank AG (BANK) ............ 1,874 154
Deutsche Telekom AG (UTIT) ......... 2,990 171
E.On AG (DIOP) ..................... 1,291 62
Lufthansa AG (TRAN) ................ 2,753 64
Muenchener
Rueckversicherungs-Gesellschaft
AG - Reg. (INSU) .................. 205 64
Preussag AG (DIOP) ................. 684 22
Siemens AG (DIOP) .................. 1,031 156
-----
870
Hong Kong - 2.0%
Cable & Wireless HKT, Ltd. (TELS) .. 16,400 36
China Telecom (Hong Kong), Ltd.
(TELS) ............................ 5,000 44
Giordano International, Ltd.
(RETS) ............................ 20,000 31
Hang Seng Bank, Ltd. (BANK) ........ 6,000 57
Hutchison Whampoa, Ltd. (COMM) ..... 8,700 109
-----
277
Ireland - 0.6%
Bank of Ireland (BANK) ............. 14,037 88
Italy - 3.5%
Banca Nazionale del Lavoro (BANK) .. 11,684 41
San Paolo-IMI SpA (BANK) ........... 8,800 156
Telecom Italia Mobile SpA (TELS) ... 17,500 179
Telecom Italia SpA (TELS) .......... 8,983 124
-----
500
Japan - 27.1%
ADERANS Co., Ltd. (HNBA) ........... 1,800 83
Advantest (ETRN) ................... 600 134
Asahi Chemical Industry Co., Ltd.
(CHEM) ............................ 7,000 49
Asahi Glass Co., Ltd. (APPL) ....... 11,000 123
Bridgestone Corp. (PART) ........... 4,000 85
Canon, Inc. (COMM) ................. 4,000 199
Chiba Bank, Ltd. (BANK) ............ 16,000 63
Circle K Japan Co., Ltd. (RETF) .... 1,700 62
Daiwa Securities Group, Inc.
(FUND) ............................ 5,000 66
Fanuc, Ltd. (ELEQ) ................. 1,500 153
Fuji Bank, Ltd. (BANK) ............. 12,000 91
Fuji Photo Film (LEIS) ............. 3,000 123
Fujitsu, Ltd. (ELEQ) ............... 2,000 69
Honda Motor Co. (AUTO) ............. 1,000 34
KAO Corp. (HNBA) ................... 4,000 122
Kirin Brewery Co. (FOOD) ........... 7,000 87
Mitsui Marine & Fire Insurance Co.,
Ltd. (INSU) ....................... 20,000 96
NEC Corp. (COMP) ................... 4,000 126
NGK Insulators (PART) .............. 4,000 50
Nintendo Corp., Ltd. (LEIS) ........ 200 35
Nippon Telegraph & Telephone Corp.
(UTIT) ............................ 19 252
Nomura Securities Co., Ltd. (FUND) . 3,000 73
NTT Mobile Communications Network,
Inc. (TELS) ....................... 2 54
Ricoh Co., Ltd. (ETRN) ............. 6,000 127
Rohm Co., Ltd. (ETRN) ............. 400 117
Sharp Corp. (ETRN) ................. 7,000 124
Shin-Etsu Chemical Co. (CHEM) ...... 2,000 101
Skylark Co., Ltd. (FOOD) ........... 3,000 118
SMC Corp. (MACH) ................... 100 19
Softbank Corp. (BANK) .............. 200 27
Sony Corp. (ETRN) .................. 1,000 93
Sumitomo Bank (BANK) ............... 2,000 24
Sumitomo Corp. (DIOP) .............. 10,000 112
Takeda Chemical Industries (CHEM) .. 1,000 66
Takefuji Corp. (LEND) .............. 800 97
Terumo Corp. (HEAL) ................ 1,000 34
Tokyo Electric Power (UTIE) ........ 4,500 110
Toppan Forms Co., Ltd. (COMM) ...... 3,600 85
94
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY PORTFOLIO
Name of Issuer Shares Market
Value
(000's)
COMMON STOCK - CONTINUED
Japan - Continued
Toyota Motor Corp. (AUTO) .......... 4,000 $ 182
Yamanouchi Pharmaceutical Co., Ltd.
(HEAL) ............................ 3,000 164
-------
3,829
Netherlands - 8.2%
Akzo Nobel NV (CHEM) ............... 1,837 78
ASM Lithography Holding NV
(COMP) ............................ 1,931 83
Fortis (NL) NV (INSU) .............. 2,117 62
Getronics NV (SOFT) ................ 4,087 63
ING Groep NV (BANK) ................ 3,157 213
Koninklije KPN NV (TELS) ........... 3,396 152
Koninklijke Philips Electronics NV
(ETRN) ............................ 3,014 142
Royal Dutch Petroleum Co. (OILE) ... 3,762 234
United Pan Europe (TELS) ........... 1,922 50
VNU NV (MEDP) ...................... 1,555 80
-------
1,157
Singapore - 1.3%
Chartered Semiconductor Manufacturing
* (ETRN) .......................... 11,000 96
DBS Group Holdings, Ltd. (BANK) .... 4,000 52
Singapore Press Holdings, Ltd.
(MEDP) ............................ 2,000 31
-------
179
Spain - 2.8%
Acerinox SA (STEE) ................. 1,772 51
Endesa SA (UTIE) ................... 3,353 65
Repsol SA (OILX) ................... 1,796 36
Telefonica SA (UTIT) ............... 11,590 249
-------
401
Sweden - 5.1%
Investor AB - B Shares (FUND) ...... 6,397 88
Nordbanken Holding (BANK) .......... 15,818 119
Securitas AB - B Shares (COMM) ..... 4,393 93
Skandia Forsakrings AB (INSU) ...... 4,563 121
Telefonaktiebolaget LM Ericsson AB *
(TELS) ............................ 15,233 301
-------
722
Switzerland - 6.4%
ABB, Ltd. * (ENGI) ................. 838 100
Adecco SA - Reg. (COMM) ............ 84 71
Credit Suisse Group - Reg. (BANK) .. 399 80
Nestle SA (FOOD) ................... 86 172
Novartis AG - Reg. (HEAL) .......... 77 122
Roche Holding AG (HEAL) ............ 14 136
Schweizerische
Rueckversicherungs-Gesellschaft
(INSU) ............................ 47 96
UBS AG (BANK) ...................... 829 122
-------
899
United Kingdom - 18.1%
Allied Zurich plc * (INSU) ......... 10,466 124
Amvescap plc (BANK) ................ 4,503 72
AstraZeneca Group plc (HEAL) ....... 1,861 87
BP Amoco plc (OILE) ................ 23,537 226
British Aerospace plc (AERO) ....... 7,103 44
British American Tobacco plc * (FOOD) 5,961 40
British Telecommunications plc (TELS) 10,742 139
Cable & Wireless plc (TELS) ........ 1,708 29
CGU plc (INSU) ..................... 3,251 54
Diageo plc (FOOD) .................. 12,710 114
Glaxo Wellcome plc (HEAL) .......... 7,621 222
HSBC Hol dings plc (BANK) .......... 10,504 120
Lloyds TSB Group plc (BANK) ........ 6,345 60
Marconi plc (TELE) ................. 3,100 40
Reuters Group plc (BUSI) ........... 7,451 127
Royal Bank of Scotland Group (BANK) 5,767 97
Scottish Power plc (UTIE) .......... 8,099 69
SmithKline Beecham plc (HEAL) ...... 14,376 188
Unilever plc (CNSU) ................ 23,349 141
Vodafone AirTouch plc (TELS) ....... 125,019 505
WPP Group plc * (COMM) ............. 3,829 56
-------
2,554
United States - 0.0%
NTL, Inc. * (TELS) ................. 1 -------
TOTAL COMMON STOCK- 98.2% 13,886
PREFERRED STOCK - 0.5%
Germany - 0.5%
SAP AG - Vorzug ) .................. 72
Par
Value
(000's)
SHORT-TERM INVESTMENTS - 8.5%
Investment in joint repurchase
agreement with Goldman Sachs & Co.
dated 06/03/ 00, 6.866% due 07/03/00
(Secured by various U.S. Treasury
Obligations and U.S. Government
Agency Bonds)
------------------------------------ $ 1,200 1,200
---------- --------
TOTAL INVESTMENTS- 107.2% 15,156
Payables, less cash and receivables- (7.2)% (1,016)
---------- --------
NET ASSETS- 100.0% 14,140
========== ========
95
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY PORTFOLIO
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
<TABLE>
<CAPTION>
Market % of
Industry Value Long-Term
Industry Abbreviation (000's) Investments
<S> <C> <C> <C>
Banks ........................................ BANK $1,991 14.3%
Telecommunication Services ................... TELS 1,903 13.6%
Health Care Products ......................... HEAL 1,366 9.8%
Electronic Products and Services ............. ETRN 959 6.9%
Insurance .................................... INSU 876 6.3%
Telephone .................................... UTIT 672 4.8%
Commercial Services .......................... COMM 652 4.7%
Food, Beverage and Tobacco ................... FOOD 576 4.1%
Diversified Operations ....................... DIOP 516 3.7%
Oil - Equipment and Services ................. OILE 460 3.3%
Chemicals .................................... CHEM 399 2.9%
Automobile ................................... AUTO 294 2.1%
Oil and Natural Gas Exploration and Production OILX 249 1.8%
Electric Power ............................... UTIE 243 1.7%
Leisure and Recreation ....................... LEIS 228 1.6%
Brokerage and Investment Management .......... FUND 227 1.6%
Electrical Equipment ......................... ELEQ 222 1.6%
Computer Equipment ........................... COMP 209 1.5%
Cosmetics and Personal Care Products ......... HNBA 205 1.5%
Auto and Truck Parts ......................... PART 185 1.3%
Telecommunication Equipment .................. TELE 183 1.3%
Consumer - Miscellaneous ..................... CNSU 141 1.0%
Retail - Food ................................ RETF 136 1.0%
Computer Software and Services ............... SOFT 135 0.9%
Business Services ............................ BUSI 127 0.9%
Household Appliances / Furnishings ........... APPL 123 0.9%
Media - Publishing ........................... MEDP 112 0.8%
Engineering and Construction ................. ENGI 100 0.7%
Personal and Commercial Lending .............. LEND 97 0.7%
Media - TV / Radio ........................... MEDI 83 0.6%
Transportation Services ...................... TRAN 64 0.5%
Retail - Department Stores ................... RETS 59 0.4%
Construction ................................. CONS 52 0.4%
Steel ........................................ STEE 51 0.4%
Aerospace and Defense ........................ AERO 44 0.3%
Machinery .................................... MACH 19 0.1%
-------- --------
$13,958 100.0%
======== ========
</TABLE>
96
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL CAP GROWTH PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Brokerage and Investment Management - 0.7%
Affiliated Managers Group, Inc. *...................... 41,900 $ 1,906
Business Services - 4.4%
Corporate Executive Board Co. *........................ 40,800 2,443
Forrester Research, Inc. * ............................ 46,700 3,400
Management Network Group, Inc. * ...................... 59,100 2,068
On Assignment, Inc. * ................................. 91,900 2,803
ProBusiness Services, Inc. * .......................... 82,700 2,197
--------
12,911
Commercial Services - 3.6%
Jupiter Communications, Inc. .......................... 43,700 1,005
META Group, Inc. * .................................... 86,700 1,669
Modem Media Poppe Tyson, Inc. * ....................... 24,000 298
Plexus Corp. * ........................................ 18,500 2,090
ProsoftTraining.com, Inc. * ........................... 90,500 1,522
Quanta Services, Inc. * ............................... 47,049 2,588
Veritas DGC, Inc. * ................................... 54,500 1,417
--------
10,589
Computer Equipment - 3.9%
eMachines, Inc. ....................................... 142,800 384
Maxtor Corp. * ........................................ 43,700 461
National Computer Systems, Inc. * ..................... 57,100 2,812
Predictive Systems, Inc. * ............................ 31,450 1,130
PRI Automation, Inc. * ................................ 24,700 1,615
Quantum Corp. - Hard Disk Drive * ..................... 115,500 1,278
Tech Data Corp. * ..................................... 83,300 3,629
--------
11,309
Computer Software and Services - 12.5%
Accrue Software, Inc. * ............................... 49,400 1,754
Advent Software, Inc. * ............................... 41,300 2,664
Aspen Technologies, Inc. * ............................ 45,700 1,759
BindView Development Corp. ............................ 95,800 1,150
Broadbase Software, Inc. * ............................ 43,400 1,329
Cognizant Technology Solutions Corp. .................. 46,500 1,543
Data Return Corp. * ................................... 85,000 2,465
Etinuum, Inc. * ....................................... 37,000 208
Interwoven, Inc. * .................................... 28,700 3,157
Intranet Solutions, Inc. * ............................ 48,100 1,846
Lifeminders, Inc. * ................................... 6,350 188
Manugistics Group, Inc. * ............................. 29,000 1,356
Media Metrix, Inc. * .................................. 71,800 1,826
Mediaplex, Inc. * ..................................... 38,400 742
Multex.com, Inc. * .................................... 54,000 1,360
National Instruments Corp. * .......................... 29,150 1,272
Net Perceptions, Inc. * ............................... 34,400 546
Netpliance, Inc. * .................................... 118,650 1,083
SCM Microsystems, Inc. * .............................. 23,000 1,393
Secure Computing Corp. * .............................. 134,300 2,526
SportsLine.com, Inc. * ................................ 62,300 1,063
Transaction Systems Architects, Inc. - Cl. A * ........ 64,500 1,105
Viant Corp. * ......................................... 46,600 1,380
Virage, Inc. * ........................................ 3,950 71
WebTrends Corp. * ..................................... 37,700 1,458
Wind River Systems * .................................. 27,250 1,032
--------
36,276
Consumer - Miscellaneous - 1.1%
NetRatings, Inc. * .................................... 46,600 1,194
ScanSource, Inc. * .................................... 52,900 2,057
--------
3,251
Diversified Operations - 1.0%
Varian, Inc. * ........................................ 61,300 2,827
Electrical Equipment - 0.2%
Nu Horizons Electronics Corp. * ....................... 26,300 700
Electronic Products and Services - 15.3%
Alpha Industries, Inc. ................................ 30,000 1,322
Atmi, Inc. * .......................................... 49,800 2,316
Brooks Automation, Inc. * ............................. 8,000 1,790
Credence Systems Corp. * .............................. 30,000 1,656
Cytyc Corp. * ......................................... 37,700 2,012
DDi, Corp. ............................................ 59,000 1,682
DuPont Photomasks, Inc. * ............................. 37,500 2,569
Elantec Semiconductor, Inc. * ......................... 47,900 3,335
Exar, Corp. * ......................................... 41,950 3,658
Integrated Silicon Solution, Inc. * ................... 81,300 3,089
Kent Electronics Corp. * .............................. 57,000 1,699
Manufacturers Services, Ltd. * ........................ 7,800 160
Marvell Technology Group, Ltd. * ...................... 1,200 68
Mattson Technology, Inc. * ............................ 21,100 686
Merix Corp. * ......................................... 23,600 1,109
Metalink, Ltd. * ...................................... 49,100 1,455
Microsemi Corp. ....................................... 63,200 2,145
Nanometrics, Inc. * ................................... 51,300 2,113
Pixelworks, Inc. * .................................... 10,550 240
PLX Technology, Inc. * ................................ 85,400 3,544
Rudolph Technologies, Inc. * .......................... 48,500 1,879
Semtech Corp. * ....................................... 34,200 2,616
Virata, Corp. * ....................................... 57,800 3,446
--------
44,589
Energy - Alternative Source - 0.1%
Capstone Turbine Corp. * .............................. 7,250 327
Financial Services - 0.4%
Actrade International, Ltd. * ......................... 26,100 535
Medallion Financial Corp. ............................. 40,000 618
--------
1,153
Health Care Products - 14.2%
Alexion Pharmaceuticals, Inc. * ....................... 40,600 2,903
Alkermes, Inc. * ...................................... 66,600 3,139
Alpharma, Inc. - Cl. A ................................ 40,200 2,502
COR Therapeutics, Inc. * .............................. 39,500 3,370
97
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL CAP GROWTH PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Health Care Products - Continued
CV Therapeutics, Inc. * ................................ 60,200 $ 4,173
Cyberonics, Inc. * ..................................... 36,200 434
Exelixis, Inc. * ....................................... 24,200 808
Inhale Therapeutic Systems, Inc. * ..................... 25,900 2,628
Interpore International, Inc. * ........................ 182,550 1,768
Invitrogen Corp. * ..................................... 33,900 2,549
Ligand Pharmaceuticals - Cl. B * ....................... 94,200 1,242
NPS Pharmaceuticals, Inc. * ............................ 123,300 3,298
OXiGENE, Inc. * ........................................ 50,900 509
Pharmacopeia, Inc. * ................................... 62,400 2,894
Pharmacyclics, Inc. * .................................. 24,500 1,495
Priority Healthcare Corp. - Cl. B * .................... 20,200 1,501
Techne Corp. * ......................................... 21,900 2,847
Titan Pharmeceuticals, Inc. * .......................... 55,200 2,374
Virologic, Inc. * ...................................... 52,200 776
--------
41,210
Health Care Services - 4.6%
AmeriSource Health Corp. - Cl. A * ..................... 18,600 576
Aurora Biosciences Corp. * ............................. 45,400 3,096
Bindley Western Industries, Inc. ....................... 32,800 867
Genome Therapeutics Corp. * ............................ 59,100 1,799
LifePoint Hospitals, Inc. * ............................ 115,000 2,559
Province Healthcare Co. * .............................. 75,500 2,727
Visible Genetics, Inc. * ............................... 39,000 1,760
--------
13,384
Leisure and Recreation - 0.5%
Cinar Films, Inc. - Cl. B * ............................ 55,800 391
Premier Parks, Inc. * .................................. 51,600 1,174
--------
1,565
Machinery - 0.8%
GaSonics International Corp. * ......................... 61,200 2,414
Media - Publishing - 1.1%
Houghton Mifflin Co. ................................... 38,300 1,788
Radio One, Inc. - Cl. D * .............................. 65,800 1,452
--------
3,240
Media - TV / Radio - 4.1%
Acme Communications, Inc. * ............................ 79,250 1,446
Citadel Communications Corp. * ......................... 25,400 887
Getty Images, Inc. ..................................... 56,300 2,087
Pegasus Communications Corp. * ......................... 16,500 810
Radio One, Inc. * ...................................... 33,500 990
Regent Communications, Inc. * .......................... 183,200 1,574
Sinclair Broadcast Group, Inc. ......................... 81,200 893
Westwood One, Inc. * ................................... 39,100 1,334
XM Satellite Radio Holdings, Inc. - Cl. A * ............ 43,900 1,644
YouthStream Media Networks, Inc. * ..................... 65,200 367
--------
12,032
Metals and Mining - 0.9%
Maverick Tube Corp. * .................................. 92,000 2,680
Oil - Equipment and Services - 3.4%
Core Laboratories NV * ................................. 81,300 2,358
Dril Quip, Inc. * ...................................... 39,700 1,856
Marine Drilling Companies, Inc. * ...................... 92,900 2,601
Natco Group, Inc. - Cl. A .............................. 130,800 1,235
Universal Compression Holdings * ....................... 51,800 1,735
--------
9,785
Oil and Natural Gas Exploration and Production - 3.8%
Atwood Oceanics, Inc. * ................................ 42,800 1,899
Newfiel d Exploration Co. * ............................ 58,200 2,277
Patterson Energy, Inc. * ............................... 50,900 1,451
Pride International, Inc. * ............................ 116,000 2,871
Stone Energy Corp. * ................................... 40,600 2,426
--------
10,924
Personal and Commercial Lending - 0.6%
Metris Cos., Inc. ...................................... 64,800 1,628
Retail - Department Stores - 4.3%
99 Cents Only Stores * ................................. 66,799 2,664
Insight Enterprises, Inc. * ............................ 46,800 2,776
Linens 'N Things, Inc. * ............................... 69,200 1,877
MarketWatch.com, Inc. * ................................ 83,000 1,561
Pacific Sunwear of California, Inc. * .................. 52,500 984
Too, Inc. * ............................................ 39,700 1,010
Tweeter Home Entertainment Group, Inc. ................. 50,100 1,522
--------
12,394
Retail - Drug Stores - 0.6%
Duane Reade, Inc. * .................................... 62,100 1,599
Retail - Food - 1.5%
Applebee's International, Inc. ......................... 47,400 1,437
RARE Hospitality International, Inc. * ................. 45,700 1,291
Whole Foods Market, Inc. * ............................. 42,300 1,747
--------
4,475
Steel - 0.9%
Lone Star Technologies, Inc. * ......................... 58,400 2,701
Telecommunication Equipment - 5.3%
Accelerated Networks, Inc. * ........................... 500 21
Advanced Radio Telecom Corp. * ......................... 101,400 1,483
Brightpoint, Inc. * .................................... 202,100 1,749
Pinnacle Holdings, Inc. * .............................. 44,200 2,387
Powertel, Inc. ......................................... 24,700 1,752
Powerwave Technologies, Inc. * ......................... 40,800 1,795
Radyne ComStream, Inc. * ............................... 42,300 613
SBA Communications Corp. * ............................. 61,900 3,215
Stratos Lightwave, Inc. * .............................. 4,200 117
Terayon Communication Systems, Inc. * .................. 28,000 1,799
Tollgrade Communications, Inc. ......................... 3,400 451
--------
15,382
Telecommunication Services - 6.6%
Airgate PCS, Inc. * .................................... 37,300 1,961
98
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL CAP GROWTH PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Telecommunication Services - Continued
Apex, Inc. * ..................................... 63,500 $ 2,778
CoreComm, Ltd. * ................................. 52,950 1,033
Cost Plus, Inc. * ................................ 66,350 1,903
CTC Communications Group, Inc. ................... 37,000 1,332
I-Link, Inc. * ................................... 195,000 1,048
Orckit Communications, Ltd. * .................... 58,000 1,747
Rural Cellular Corp. - Cl. A * ................... 21,900 1,677
Telaxis Communications Corp. * ................... 47,100 1,472
Ubiquitel, Inc. * ................................ 105,100 992
US LEC Corp. - Cl. A * ........................... 63,800 1,085
Wink Communications, Inc. * ...................... 70,900 2,162
--------
19,190
Transportation Services - 1.1%
Expeditors International of Washington, Inc. ..... 31,900 1,515
Forward Air Corp. * .............................. 43,600 1,744
--------
3,259
--------
TOTAL COMMON STOCK- 97.5% 283,700
Par
Value
(000's)
SHORT TERM INVESTMENTS - 2.5%
Investment in joint repurchase agreement
with Barclays Bank plc dated 06/30/00,
6.55% due 07/03/00 (Secured by $140 U.S.
Treasury Notes, 9.125% due 05/15/18,
Market Value $143 and $41 U.S. Treasury
Bonds, 8.125% due 05/15/21, Market Value $42)
6.55% due 07/03/00 .............................. $ 7,215 7,215
--------- --------
TOTAL INVESTMENTS- 100.0% 290,915
Receivables, less Cash and payables- 0.0% 17
--------- --------
NET ASSETS- 100.0% 290,932
========= ========
* Non-income producing security.
See notes to financial statements.
99
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
GLOBAL BALANCED PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Australia - 1.7%
Amcor, Ltd. (CONT) ........................................ 2,400 $ 8
AMP, Ltd. (INSU) .......................................... 2,700 27
Boral, Ltd. (CONS) ........................................ 2,900 4
Brambles Industries, Ltd. (DIOP) .......................... 900 28
Broken Hill Proprietary Co., Ltd. (DIOP) .................. 3,400 40
CSR, Ltd. (CONS) .......................................... 1,600 4
Howard Smith, Ltd. (DIOP) ................................. 2,100 10
Lend Lease Corp. (FINL) ................................... 2,200 28
Lion Nathan, Ltd. (FOOD) .................................. 2,800 6
National Australia Bank, Ltd. (BANK) ...................... 2,700 45
News Corp., Ltd. (MEDI) ................................... 6,000 83
Origin Energy (ENER) ...................................... 2,900 3
Paperlinx (PAPR) .......................................... 967 2
Qantas Airways, Ltd. (TRAN) ............................... 3,382 7
QBE Insurance Group, Ltd. (INSU) .......................... 5,048 25
Rio Tinto, Ltd. (PMET) .................................... 1,500 25
Santos, Ltd. (OILX) ....................................... 4,400 13
Telstra Corp., Ltd. (TELS) ................................ 16,800 68
Westpac Banking Corp., Ltd. (BANK) ........................ 9,000 65
WMC, Ltd. (DIOP) .......................................... 2,500 11
Woolworth's, Ltd. (RETS) .................................. 6,100 23
-------
525
Austria - 0.0%
Austria Tabak AG (FOOD) ................................... 200 7
Belgium - 0.3%
Electrabel SA (UTIE) ...................................... 170 42
Fortis (B) (INSU) ......................................... 1,848 54
-------
96
Canada - 0.8%
Agrium, Inc. (AGRI) ....................................... 1,700 15
Alcan Aluminum, Ltd. (META) ............................... 500 16
Bank of Montreal (BANK) ................................... 200 8
Canadian National Railway Co. (TRAN) ...................... 900 26
Canadian Pacific, Ltd. (TRAN) ............................. 1,100 28
Hudson's Bay Co. (RETS) ................................... 2,000 21
Imperial Oil, Ltd. (OILX) ................................. 500 12
Magna International, Inc. (AUTO) .......................... 400 19
NOVA Chemicals Corp. (CHEM) ............................... 1,048 22
Price REIT, Inc. (REIT) ................................... 200 11
Royal Bank of Canada (BANK) ............................... 600 31
Shaw Communications, Inc. (MEDI) .......................... 1,000 25
Transcanada Pipelines, Ltd. (OILE) ........................ 444 3
Westcoast Energy, Inc. (UTIG) ............................. 900 14
-------
251
Denmark - 0.2%
Tele Danmark A/S (TELS) ................................... 700 47
Finland - 0.9%
Metso OYJ (MACH) .......................................... 1,600 19
Nokia Oyj (HEAL) .......................................... 3,100 158
Sampo Insurance Co. plc (INSU) ............................ 1,400 57
UPM-Kymmene Corp. (PAPR) .................................. 1,400 35
-------
269
France - 2.7%
Air Liquide (CHEM) ........................................ 418 54
Alcatel (TELE) ............................................ 900 59
Alcatel SA - ADR (TELE) ................................... 729 48
AXA SA (INSU) ............................................. 105 17
Banque Nationale de Paris (BANK) .......................... 878 84
Compagnie de St. Gobain (CONS) ............................ 236 32
France Telecom (TELS) ..................................... 380 53
Groupe Air France (TRAN) .................................. 1,440 25
Groupe Danone (FOOD) ...................................... 340 45
L'Oreal (HNBA) ............................................ 40 35
Rhone-Poulenc SA (BANK) ................................... 890 65
Schneider SA (MACH) ....................................... 430 30
Societe Generale - Cl. A (BANK) ........................... 1,060 64
Suez Lyonnaise des Eaux (DIOP) ............................ 140 25
Thomson CFS (ETRN) ........................................ 720 28
Total Fina SA - Cl. B (OILX) .............................. 854 131
Vivendi (DIOP) ............................................ 380 34
-------
829
Germany - 1.4%
Allianz AG - Reg. (INSU) .................................. 318 114
Bayer AG (CHEM) ........................................... 2,000 78
Bayerische Motoren Werke AG (AUTO) ........................ 950 29
Continental AG (PART) ..................................... 1,300 22
E.On AG (DIOP) ............................................ 1,920 93
SAP AG (SOFT) ............................................. 150 22
Siemens AG (DIOP) ......................................... 400 60
-------
418
Hong Kong - 0.1%
Henderson Land Development Co., Ltd. (READ) ............... 8,000 35
Ireland - 0.2%
Bank of Ireland (BANK) .................................... 3,700 23
eircom plc - ADR (TELS) ................................... 18,000 48
-------
71
Italy - 0.9%
Assicurazioni Generali (INSU) ............................. 900 31
ENI SpA (OILS) ............................................ 15,000 86
La Rinascente SpA (CONS) .................................. 2,817 16
San Paolo-IMI SpA (BANK) .................................. 3,135 56
Telecom Italia Mobile SpA (TELS) .......................... 5,000 51
Telecom Italia SpA (TELS) ................................. 3,000 41
-------
281
Japan - 9.4%
Acom Co., Ltd. (LEND) ..................................... 600 50
Asahi Bank, Ltd. (BANK) ................................... 6,000 25
Bank of Tokyo-Mitsubishi (BANK) ........................... 6,000 72
100
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
GLOBAL BALANCED PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Japan - Continued
Benesse Corp. (COMM) ...................................... 300 $ 21
Bridgestone Corp. (PART) .................................. 2,000 42
Canon, Inc. (COMM) ........................................ 2,000 99
Dai - Ichi Kangyo Bank, Ltd. (FINL) ....................... 4,000 30
Dai Nippon Printng Co., Ltd. (COMM) ....................... 1,000 18
Daikin Industries, Ltd. (CONS) ............................ 2,000 46
Denso Corp. (ETRN) ........................................ 1,000 24
East Japan Railway Co. (TRAN) ............................. 5 29
Fanuc, Ltd. (ELEQ) ........................................ 500 51
Fuji Bank, Ltd. (BANK) .................................... 6,000 46
Fuji Photo Film (LEIS) .................................... 1,000 41
Fujitsu, Ltd. (ELEQ) ...................................... 4,000 138
Hitachi, Ltd. (ETRN) ...................................... 4,000 58
Honda Motor Co. (AUTO) .................................... 3,000 102
Hoya Corp. (ETRN) ......................................... 1,000 90
Kamigumi Co., Ltd. (TRAN) ................................. 3,000 16
KAO Corp. (HNBA) .......................................... 2,000 61
Kirin Brewery Co. (FOOD) .................................. 2,000 25
Kuraray Co., Ltd. (APPA) .................................. 4,000 46
Kyocera Corp. (ETRN) ...................................... 100 17
Matsushita Electric Industrial Co. (ETRN) ................. 3,000 78
Mitsubishi Corp. (DIOP) ................................... 3,000 27
Mitsubishi Estate Co., Ltd. (REAL) ........................ 5,000 59
Mitsubishi Trust & Banking Corp. (BANK) ................... 2,000 15
NEC Corp. (COMP) .......................................... 4,000 126
NGK Insulators (PART) ..................................... 3,000 37
Nintendo Corp., Ltd. (LEIS) ............................... 400 70
Nippon Steel Co. (STEE) ................................... 20,000 42
Nippon Telegraph & Telephone Corp. (UTIT) ................. 14 186
Nissin Food Products Co., Ltd. (FOOD) ..................... 800 20
Nomura Securities Co., Ltd. (FUND) ........................ 4,000 98
Omron Corp. (ETRN) ........................................ 1,000 27
Orix Corp. (FINL) ......................................... 300 44
Rohm Co., Ltd. (ETRN) ..................................... 100 29
Sankyo Co., Ltd. (HEAL) ................................... 1,000 23
Santen Pharmaceutical Co., Ltd. (HEAL) .................... 1,000 24
Secom Co. (ETRN) .......................................... 1,000 73
Shin-Etsu Chemical Co. (CHEM) ............................. 1,000 51
Softbank Corp. (BANK) ..................................... 300 41
Sony Corp. (ETRN) ......................................... 1,400 131
Sumitomo Bank (BANK) ...................................... 3,000 37
Sumitomo Chemical Co. (CHEM) .............................. 5,000 30
Sumitomo Electric Industries (DIOP) ....................... 2,000 34
Takeda Chemical Industries (CHEM) ......................... 1,000 66
Takefuji Corp. (LEND) ..................................... 200 24
TDK Corp. (COMP) .......................................... 1,000 144
Tokio Marine & Fire Insurance Co. (INSU) .................. 2,000 23
Tokyo Gas Co. (UTIG) ...................................... 11,000 31
Toyota Motor Corp. (AUTO) ................................. 2,000 91
Yamato Transport Co., Ltd. (TRAN) ......................... 1,000 25
-------
2,853
Netherlands - 1.7%
ABN Amro Holding NV (BANK) ................................ 1,657 40
Aegon NV (INSU) ........................................... 1,810 64
Elsevier NV (MEDP) ........................................ 6,200 75
Heineken NV (FOOD) ........................................ 1,900 116
ING Groep NV (BANK) ....................................... 1,033 70
Koninklijke Philips Electronics NV (ETRN) ................. 700 33
TNT Post Group NV (TRAN) .................................. 1,109 30
Wolters Kluwer NV - CVA (MEDP) ............................ 3,440 92
-------
520
New Zealand - 0.1%
Auckland International (TRAN) ............................. 2,400 3
Carter Holt Harvey, Ltd. (PAPR) ........................... 3,700 3
Telecom Corp. of New Zealand, Ltd. (TELS) ................. 3,100 11
-------
17
Panama - 0.2%
Carnival Corp. (LEIS) ..................................... 3,100 61
Portugal - 0.5%
Brisa-Auto Estradas de Portugal, SA (CONS) ................ 3,300 28
EDP-Electricidade de Portugal SA (UTIE) ................... 1,500 27
Portugal Telecom, SA (TELS) ............................... 8,500 96
-------
151
Singapore - 0.3%
DBS Group Holdings, Ltd. (BANK) ........................... 1,000 13
SIA Engineering Co., Ltd. (ENGI) .......................... 3,000 3
Singapore Airport Terminal Services, Ltd. (TRAN) .......... 2,000 2
Singapore Press Holdings, Ltd. (MEDP) ..................... 1,948 31
United Overseas Bank, Ltd. (BANK) ......................... 5,336 35
-------
84
Spain - 0.8%
Banco Popular Espanol SA (BANK) ........................... 1,603 49
Banco Santander Central Hispano SA (BANK) ................. 4,275 45
Endesa SA (UTIE) .......................................... 1,380 27
Tabacalera S.A. - Cl. A (FOOD) ............................ 4,300 66
Telefonica SA (UTIT) ...................................... 2,920 63
-------
250
Sweden - 0.9%
Electrolux AB - Ser. B (APPL) ............................. 2,620 40
Investor AB - B Shares (FUND) ............................. 2,490 34
Nordbanken Holding (BANK) ................................. 8,540 64
Swedish Match (FOOD) ...................................... 9,630 30
Telefonaktiebolaget LM Ericsson AB (TELS) ................. 5,600 111
-------
279
101
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
GLOBAL BALANCED PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Switzerland - 0.9%
ABB, Ltd. (ENGI) .......................................... 305 $ 36
Givaudan (TELS) ........................................... 5 2
Nestle SA (FOOD) .......................................... 37 74
Novartis AG - Reg. (HEAL) ................................. 57 90
Roche Holding AG (HEAL) ................................... 5 49
Swisscom AG - Reg. (UTIT) ................................. 58 20
-------
271
United Kingdom - 6.9%
Allied Zurich plc (INSU) .................................. 2,950 35
AstraZeneca Group plc (HEAL) .............................. 1,028 48
BP Amoco plc (OILE) ....................................... 14,974 144
British Airways plc (TRAN) ................................ 6,000 34
British Telecommunications plc (TELS) ..................... 8,000 103
Charter plc (DIOP) ........................................ 11,372 66
De Vere Group plc (RETF) .................................. 1,500 7
Diageo plc (FOOD) ......................................... 5,739 52
FKI plc (DIOP) ............................................ 7,000 25
Glaxo Wellcome plc (HEAL) ................................. 10,300 300
House of Fraser plc (RETS) ................................ 7,000 5
HSBC Holdings plc (BANK) .................................. 3,000 34
Invensys, plc (DIOP) ...................................... 2,000 8
Kelda Group plc (AGRI) .................................... 8,000 39
Lloyds TSB Group plc (BANK) ............................... 13,000 123
Marconi plc (TELE) ........................................ 9,400 122
Marks & Spencer plc (RETS) ................................ 7,000 25
National Power plc (UTIE) ................................. 8,000 51
Nycomed Amersham plc (HEAL) ............................... 5,000 50
Peninsular & Oriental Steam Navigation Co. (TRAN) ......... 2,654 23
PowerGen plc (UTIE) ....................................... 4,000 34
Prudential Corp. (INSU) ................................... 4,000 59
Reckitt Benckiser plc (HNBA) .............................. 2,000 22
Reed International plc (MEDP) ............................. 6,000 52
RJB Mining plc (META) ..................................... 5,500 5
Royal & Sun Alliance Insurance Group plc (INSU). .......... 11,494 75
Royal Bank of Scotland Group (BANK) ....................... 4,000 67
Scottish & Newcastle plc (FOOD) ........................... 3,000 24
Scottish and Southern Energy plc (UTIE) ................... 5,900 54
Shell Transport & Trading Co. plc (OILX) .................. 6,000 50
SmithKline Beecham plc (HEAL) ............................. 2,000 26
Tesco plc (RETF) .......................................... 16,000 50
Thames Water plc (AGRI) ................................... 1,583 20
Trinity Mirror plc (MEDP) ................................. 3,800 34
Unilever plc (CNSU) ....................................... 9,000 54
United News & Media plc (MEDP) ............................ 3,000 43
Vodafone AirTouch plc (TELS) .............................. 38,275 155
-------
2,118
United States - 23.7%
American Electric Power Co. (UTIE) ........................ 5,220 155
American General Corp. (INSU) ............................. 1,800 110
Aon Corp. (INSU) .......................................... 5,500 171
Associates First Capital Corp. - Cl. A (FINL).............. 7,400 165
Baxter International, Inc. (HEAL) ......................... 3,500 246
Burlington Northern Santa Fe (TRAN) ....................... 12,500 287
Cigna Corp. (INSU) ........................................ 2,700 253
Compaq Computer Corp. (COMP) .............................. 7,600 194
Computer Sciences Corp. (SOFT) ............................ 300 22
CVS Corp. (RETS) .......................................... 1,600 64
Dell Computer Corp. (COMP) ................................ 1,900 94
Electronic Data Systems Corp. (SOFT) ...................... 7,500 309
Eli Lilly & Co. (HEAL) .................................... 900 90
Emerson Electric Co. (ELEQ) ............................... 4,000 242
Entergy Corp. (UTIE) ...................................... 4,400 120
Exxon Mobil Corp. (OILX) .................................. 2,000 157
Fedex Corp. (TRAN) ........................................ 6,900 262
First Data Corp. (SOFT) ................................... 4,300 213
FleetBoston Financial Corp. (BANK) ........................ 5,100 173
Gateway, Inc. (COMP) ...................................... 4,600 261
Household International, Inc. (LEND) ...................... 3,400 141
Illinois Tool Works, Inc. (DIOP) .......................... 4,200 239
Johnson & Johnson (HEAL) .................................. 2,500 255
Kimberly-Clark Corp. (PAPR) ............................... 1,800 103
Lexmark International Group, Inc. - Cl. A (COMP) .......... 2,500 168
Masco Corp. (HOUS) ........................................ 11,600 210
Mattel, Inc. (LEIS) ....................................... 12,600 166
Microsoft Corp. (SOFT) .................................... 1,900 152
Newell Rubbermaid, Inc. (CNSU) ............................ 6,600 170
PepsiCo, Inc. (FOOD) ...................................... 4,100 182
PNC Bank Corp. (BANK) ..................................... 2,600 122
Praxair, Inc. (CHEM) ...................................... 3,400 127
Raytheon Co. - Cl. B (AERO) ............................... 6,000 116
Sara Lee Corp. (FOOD) ..................................... 2,400 46
SBC Communications, Inc. (UTIT) ........................... 4,800 208
Schering-Plough Corp. (HEAL) .............................. 1,300 66
Tellabs, Inc. (TELE) ...................................... 1,700 116
Texas Instruments, Inc. (ETRN) ............................ 3,700 254
The Kroger Co. (FOOD) ..................................... 8,700 192
UnitedHealth Group, Inc. (HEAL) ........................... 2,500 214
Wal-Mart Stores, Inc. (RETS) .............................. 1,800 104
Wells Fargo & Co. (BANK) .................................. 5,600 217
Xerox Corp. (COMP) ........................................ 3,800 79
-------
7,235
-------
TOTAL COMMON STOCK- 54.6% 16,668
PREFERRED STOCK - 0.3%
Australia - 0.3%
National Australia Bank (BANK) ............................ 1,700 48
News Corp., Ltd. (MEDI) .................................. 2,600 32
-------
80
-------
TOTAL PREFERRED STOCK- 0.3% 80
102
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
GLOBAL BALANCED PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS
Australia - 0.7%
Queensland Treasury Corp. - Bonds (FORG)
6.5% due 06/14/05 .............................. $ 350 $ 210
Canada - 2.5%
Government of Canada - Debs. (GOVF)
4.25% due 12/01/21 ............................. 420 345
Government of Canada - Bond (GOVF)
6.0% due 06/01/08 .............................. 600 408
-------
753
Denmark - 1.5%
Kingdom of Denmark - Bonds (GOVF)
7.0% due 11/10/24 .............................. 600 88
8.0% due 11/15/01 .............................. 1,400 184
Kingdom of Denmark - Bullet Bond (GOVF)
8.0% due 03/15/06 .............................. 1,300 184
-------
456
France - 5.7%
CADES (GOVF)
6.25% due 03/05/08 ............................. 410 619
Government of France - Debs. (GOVF)
4.0% due 10/25/09 .............................. 190 164
Government of France - Bonds (GOVF)
5.5% due 10/12/01 .............................. 660 635
5.5% due 04/25/29 .............................. 350 329
-------
1,747
Germany - 2.9%
DePfa Deutsche Pfandbriefbank AG (BANK)
5.75% due 03/04/09 ............................. 380 361
Federal Republic of Germany - Bonds (GOVF)
6.0% due 06/20/16 .............................. 180 185
Treuhandanstalt (FORG)
7.375% due 12/02/02 ............................ 350 351
-------
897
Italy - 2.8%
Republic of Italy (GOVF)
3.25% due 04/15/04 .............................. 620 552
9.5% due 02/01/06 ............................... 275 313
-------
865
Japan - 4.8%
Government of Japan - Bonds (GOVF)
3.3% due 09/20/05 ............................... 140,000 1,462
Netherlands - 0.9%
Government of Netherlands (GOVF)
5.5% due 01/15/28 ............................... 70 66
5.75% due 02/15/07 .............................. 210 206
-------
272
Spain - 1.8%
Government of Spain - Bonds (GOVF)
3.25% due 01/31/05 .............................. 630 552
Supra National - 0.4%
Government of Netherlands - Bonds (GOVF)
3.75% due 07/15/09 .............................. 65 55
Queensland Treasury Corp. (FORG)
6.0% due 07/14/09 ............................... 100 58
113
Sweden - 1.0%
Government of Sweden - Debs. (GOVF)
6.5% due 10/25/06 ............................... 2,200 265
Government of Sweden - Bonds (GOVF)
10.25% due 05/05/03 ............................. 300 38
-------
303
United States - 15.7%
Federal National Mortgage Assoc. (GOVA)
5.25% due 01/15/09 .............................. 340 300
U.S. Treasury - Inflation Index (GOVE)
3.875% due 04/15/29 ............................. 1,216 1,211
U.S. Treasury - Notes (GOVE)
5.75% due 08/15/03 .............................. 1,440 1,415
6.125% due 12/31/01 ............................. 140 139
7.0% due 07/15/06 ............................... 400 415
U.S. Treasury - Bonds (GOVE)
8.0% due 11/15/21 ............................... 1,035 1,251
8.75% due 05/15/17 .............................. 50 63
-------
4,794
-------
TOTAL PUBLICLY-TRADED BONDS- 40.7% 12,424
SHORT-TERM INVESTMENTS - 2.9%
Investment in joint trading account (Note B)
6.853% due 07/03/00 ............................. 894 894
------- -------
TOTAL INVESTMENTS- 98.5% 30,066
Receivables, less cash and payables- 1.5% 448
------- -------
NET ASSETS- 100.0% 30,514
ADR - American Depository Receipts
See notes to financial statements
103
<PAGE>
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
GLOBAL BALANCED PORTFOLIO
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
% of
Industry Value Long-Term
Industry Abbreviation (000's) Investments
Foreign Governmental .............. GOVF $6,308 21.6%
U.S. Governmental ................. GOVE 4,494 15.4%
Banks ............................. BANK 2,141 7.3%
Health Care Products .............. HEAL 1,639 5.6%
Insurance ......................... INSU 1,113 3.8%
Computer Equipment ................ COMP 1,065 3.7%
Food, Beverage and Tobacco ........ FOOD 886 3.0%
U.S. Government Agencies .......... ETRN 851 2.9%
Electronic Products and Services .. GOVE 842 2.9%
Transportation Services ........... TELS 797 2.7%
Telecommunication Services ........ DIOP 785 2.7%
Computer Software and Services .... TELE 720 2.5%
Diversified Operations ............ UTIT 699 2.4%
Electric Power .................... AUTO 509 1.7%
Telephone ......................... TRAN 476 1.6%
Electrical Equipment .............. MEDP 431 1.5%
Chemicals ......................... UTIE 428 1.5%
Foreign ........................... ELEQ 409 1.4%
Oil and Natural Gas Exploration ... RETF 364 1.3%
Telecommunication Equipment ....... CHEM 346 1.2%
Leisure and Recreation ............ FORG 337 1.2%
Media - Publishing ................ SOFT 327 1.1%
Financial Services ................ COMM 268 0.9%
Retail - Department Stores ........ RETS 241 0.8%
Automobile ........................ CONS 241 0.8%
Consumer Miscellaneous ............ FINL 224 0.8%
Personal and Commercial Lending ... MACH 216 0.7%
Housing ........................... OILS 210 0.7%
Oil - Equipment and Services ...... OILE 147 0.5%
Paper and Forest Products ......... PART 143 0.5%
Media - TV / Radio ................ OILX 138 0.5%
Commercial Services ............... PAPR 138 0.5%
Brokerage and Investment Management LEIS 132 0.5%
Construction ...................... FUND 131 0.5%
Cosmetics and Personal Care ....... APPL 118 0.4%
Aerospace and Defense ............. CNSU 115 0.4%
Auto and Truck Parts .............. MEDI 101 0.3%
Oil ............................... AGRI 87 0.3%
Agricultural Operations ........... HNBA 74 0.3%
Real Estate Operations ............ REAL 59 0.2%
Retail - Food ..................... LEND 57 0.2%
Machinery ......................... META 49 0.2%
Shoe and Apparel Manufacturing .... APPA 46 0.2%
Natural Gas Distribution .......... UTIG 45 0.2%
Steel ............................. UTIG 42 0.1%
Household Appliances .............. UTIG 41 0.1%
Engineering and Construction ...... UTIG 40 0.1%
Real Estate Development ........... UTIG 35 0.1%
Precious Metals/Gems/Stones ....... UTIG 25 0.1%
Metals and Mining ................. UTIG 20 0.1%
Real Estate Investment Trust ...... UTIG 11 0.0%
Containers ........................ UTIG 8 0.0%
Energy - Alternative Source ....... UTIG 3 0.0%
-------- --------
$29,172 100.0%
======== ========
104
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MID CAP GROWTH PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Brokerage and Investment Management - 0.4%
E*TRADE Group, Inc. * .......................... 148,395 $ 2,448
Commercial Services - 6.3%
Apollo Group, Inc. - Cl. A * ................... 404,569 11,328
Lamar Advertising Co. * ........................ 280,820 12,163
TMP Worldwide, Inc. * .......................... 168,820 12,461
--------
35,952
Computer Equipment - 2.2%
StorageNetworks, Inc. * ........................ 5,615 507
VeriSign, Inc. ................................. 66,430 11,725
--------
12,232
Computer Software and Services - 11.0%
Brocade Communications Systems, Inc. * ......... 38,305 7,028
CNET Networks, Inc. ............................ 198,110 4,866
DoubleClick, Inc. * ............................ 291,270 11,105
Exodus Communications, Inc. * .................. 126,540 5,829
Inktomi Corp. * ................................ 47,580 5,626
Liberate Technologies, Inc. * .................. 132,320 3,879
Portal Software, Inc. * ........................ 164,855 10,530
PSINet, Inc. * ................................. 517,675 13,007
TenFold Corporation * .......................... 33,665 553
--------
62,423
Electrical Equipment - 2.1%
Integrated Device Technology, Inc. * ........... 195,855 11,727
Electronic Products and Services - 10.2%
Cree, Inc. * ................................... 39,835 5,318
Intersil Hol ding Corp. * ...................... 138,360 7,480
MRV Communications, Inc. * ..................... 88,060 5,922
SDL, Inc. * .................................... 39,445 11,249
Semtech Corp. * ................................ 74,245 5,678
Viasytsems Group, Inc. ......................... 366,505 5,933
Vitesse Semiconductor Corp. * .................. 143,795 10,578
Xilinx, Inc. * ................................. 72,440 5,981
--------
58,139
Financial Services - 3.0%
Paychex, Inc. .................................. 408,133 17,141
Health Care Products - 21.0%
Abgenix, Inc. * ................................ 107,280 12,858
Andrx Corp. * .................................. 146,305 9,352
CuraGen Corp. * ................................ 136,040 5,178
Human Genome Sciences, Inc. * .................. 117,110 15,620
King Pharmaceuticals, Inc. * ................... 283,605 12,443
Maxygen, Inc. * ................................ 64,070 3,637
Medarex, Inc. * ................................ 139,880 11,820
MedImmune, Inc. * .............................. 83,725 6,196
Millennium Pharmaceuticals, Inc. * ............. 138,420 15,486
MiniMed, Inc. * ................................ 78,165 9,223
Sepracor, Inc. * ............................... 142,680 17,211
--------
119,024
Leisure and Recreation - 3.6%
Premier Parks, Inc. * .......................... 422,170 9,604
SFX Entertainment, Inc. * ...................... 241,195 10,929
--------
20,533
Media - TV/Radio - 9.2%
Citadel Communications Corp. * ................. 125,835 4,396
Cox Radio, Inc. - Cl. A * ...................... 618,050 17,306
Entercom Communications Corp. * ................ 145,105 7,074
Hispanic Broadcasting Corp. * .................. 291,030 9,640
Radio One, Inc. * .............................. 188,360 5,569
Radio One, Inc. - Cl. D * ...................... 376,720 8,311
--------
52,296
Oil - Equipment and Services - 1.9%
Hanover Compressor Co. * ....................... 181,440 6,895
Universal Compression Holdings * ............... 108,355 3,630
--------
10,525
Retail - Department Stores - 0.7%
Priceline.com, Inc. * .......................... 107,645 4,089
Telecommunication Equipment - 11.1%
American Tower Corp. - Cl. A ................... 328,875 13,710
Crown Castle International Corp. ............... 478,085 17,450
Pinnacle Hol dings, Inc. * ..................... 77,825 4,203
Powertel, Inc. ................................. 125,025 8,869
RF Micro Devices, Inc. * ....................... 134,635 11,797
TriQuint Semiconductor, Inc. * ................. 73,415 7,025
--------
63,054
Telecommunication Services - 8.8%
AT&T Canada, Inc. * ............................ 322,850 10,715
Clearnet Communications, Inc. - Cl. A * ........ 163,510 4,540
McLeodUSA, Inc. - Cl. A * ...................... 489,645 10,129
Microcell Telecommunications, Inc. * ........... 122,246 4,416
Millicom International Cellular SA * ........... 10,285 360
Net2Phone, Inc. * .............................. 114,090 4,072
Netro Corp. * .................................. 8,350 479
VoiceStream Wireless Corp. * ...................
Western Wireless Corp. - Cl. A * ............... 282,105 15,375
--------
50,086
Telephone - 1.1%
Metromedia Fiber Network, Inc. - Cl. A * ....... 157,175 6,238
--------
TOTAL COMMON STOCK- 92.6% 525,907
105
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MID CAP GROWTH PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
SHORT-TERM INVESTMENTS - 4.5%
Federal Home Loan Discount Notes
5.95% due 07/03/00 ............................ $ 25,400 25,391
TOTAL INVESTMENTS- 97.1% 551,298
Cash and Receivables, less payables- 2.9% 16,490
--------- --------
NET ASSETS- 100.0% 567,788
========= ========
* Non-income producing security.
See notes to financial statements.
106
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MID CAP BLEND PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Aerospace and Defense - 0.7%
General Dynamics Corp. ......................... 1,300 $ 68
Auto and Truck Parts - 0.6%
Dana Corp. ..................................... 1,000 21
Johnson Controls, Inc. ......................... 600 31
Meritor Automotive, Inc. ....................... 900 10
------
62
Banks - 5.0%
AmSouth Bancorporation ......................... 5,100 80
Charter One Financial, Inc. .................... 1,000 23
Comerica, Inc. ................................. 3,600 161
Golden West Financial Corp. .................... 2,300 94
KeyCorp ........................................ 7,300 129
------
487
Business Services - 0.3%
Harris Corp. ................................... 900 29
Chemicals - 2.5%
Air Products & Chemicals, Inc. ................. 3,100 95
Eastman Chemical Co. ........................... 1,100 52
Millennium Chemicals, Inc. ..................... 1,700 29
Praxair, Inc. .................................. 1,300 49
Rohm & Haas Co. ................................ 600 21
------
246
Commercial Services - 3.1%
Convergys Corp. ................................ 1,800 93
Lamar Advertising Co. .......................... 2,700 117
R.R. Donnelley & Sons Co. ...................... 1,500 34
Sybase, Inc. ................................... 2,500 58
------
302
Computer Equipment - 1.0%
Lexmark International Group, Inc. -
Cl. A ......................................... 1,500 101
Computer Software and Services - 9.8%
Cadence Design Systems, Inc. ................... 4,800 98
DST Systems, Inc. .............................. 1,500 114
Fiserv, Inc. ................................... 3,400 147
Intuit, Inc. ................................... 4,000 165
NCR Corp. ...................................... 2,000 78
Portal Software, Inc. .......................... 2,500 160
Rational Software Corp. ........................ 1,200 111
SunGard Data Systems, Inc. ..................... 2,600 81
------
954
Consumer - Miscellaneous - 3.1%
American Greetings Corp. - Cl. A ............... 1,500 28
Avery Dennison Corp. ........................... 900 60
Black & Decker Corp. ........................... 3,400 134
Parker-Hannifin Corp. .......................... 1,400 48
Sherwin-Williams Co. ........................... 1,300 28
------
298
Cosmetics and Personal Care Products - 0.7%
Avon Products, Inc. ............................ 1,600 71
Diversified Operations - 3.1%
Danaher Corp. .................................. 900 44
Eaton Corp. .................................... 500 34
El Paso Energy Corp. ........................... 2,500 127
Illinois Tool Works, Inc. ...................... 400 23
Reynolds & Reynolds Co. - Cl. A ................ 2,300 42
Textron, Inc. .................................. 600 33
------
303
Electric Power - 2.9%
Constellation Energy Group ..................... 1,700 55
Dominion Resources, Inc. ....................... 1,700 73
Entergy Corp. .................................. 700 19
FPL Group, Inc. ................................ 500 25
Pinnacle West Capital Corp. .................... 1,900 65
Reliant Energy, Inc. ........................... 1,600 47
------
284
Electrical Equipment - 1.2%
American Power Conversion ...................... 2,400 98
Pentair, Inc. .................................. 600 21
------
119
Electronic Products and Services - 13.9%
Altera Corp. ................................... 200 20
Anadigics, Inc. ................................ 1,200 41
Applied Micro Circuits Corp. ................... 1,000 99
Atmel Corp. .................................... 3,000 111
Jabil Circuit, Inc. ............................ 1,800 89
Lam Research Corp. ............................. 2,600 97
Linear Technology Corp. ........................ 800 51
Maxim Integrated Products, Inc. ................ 1,300 88
Millipore Corp. ................................ 900 68
Novellus Systems, Inc. ......................... 1,300 73
Pitney Bowes, Inc. ............................. 2,400 96
Sanmina Corp. .................................. 1,200 103
SCI Systems, Inc. .............................. 3,000 118
Tektronix, Inc. ................................ 300 22
Teradyne, Inc. ................................. 300 22
Vishay Intertechnology, Inc. ................... 1,900 72
Vitesse Semiconductor Corp. .................... 1,100 81
Waters Corp. ................................... 400 50
Xilinx, Inc. ................................... 600 50
------
1,351
Food, Beverage and Tobacco - 0.8%
Quaker Oats Co. ................................ 200 15
Starbucks Corp. ................................ 1,700 65
------
80
Health Care Products - 11.3%
Allergan, Inc. ................................. 2,300 171
ALZA Corp. ..................................... 900 53
107
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MID CAP BLEND PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Health Care Products - Continued
Bausch & Lomb, Inc. ............................ 1,900 $ 147
Becton, Dickinson & Co. ........................ 1,400 40
Cephalon, Inc. ................................. 1,600 96
CV Therapeutics, Inc. .......................... 900 62
Forest Laboratories, Inc. ...................... 1,000 101
Genzyme Corp. (General Division) ............... 900 54
MedImmune, Inc. ................................ 1,300 96
QLT PhotoTherapeutics, Inc. .................... 1,900 147
Stryker Corp. .................................. 1,200 53
UnitedHealth Group, Inc. ....................... 1,000 86
------
1,106
Health Care Services - 0.8%
Health Management Associates, Inc. -
Cl. A ........................................ 3,200 42
Wellpoint Health Networks, Inc. ................ 500 36
------
78
Household Appliances/Furnishings - 0.6%
Leggett & Platt, Inc. .......................... 3,300 54
Insurance - 6.7%
Aon Corp. ...................................... 4,500 140
AXA Financial, Inc. ............................ 1,500 51
Lincoln National Corp. ......................... 3,900 141
PartnerRe, Ltd. ................................ 1,000 36
St. Paul Cos., Inc. ............................ 3,000 102
Torchmark, Inc. ................................ 2,000 49
XL Capital, Ltd. - Cl. A ....................... 2,500 135
------
654
Leisure and Recreation - 0.7%
SABRE Group Holdings, Inc. ..................... 2,300 66
Machinery - 1.6%
Dover Corp. .................................... 600 24
Ingersoll-Rand Co. ............................. 3,200 129
------
153
Media - Publishing - 1.5%
Knight-Ridder, Inc. ............................ 800 43
New York Times Co. - Cl. A ..................... 1,400 55
Tribune Co. .................................... 1,500 52
------
150
Media - TV/Radio - 1.8%
Hispanic Broadcasting Corp. .................... 1,900 63
Westwood One, Inc. ............................. 3,300 113
------
176
Oil - 0.5%
Conoco, Inc. - Cl. A ........................... 2,200 48
Oil - Equipment and Services - 0.9%
Anadarko Petroleum Corp. ....................... 1,700 84
Oil and Natural Gas Exploration and
Production - 4.9%
Apache Corp. ................................... 1,400 82
Burlington Resources, Inc. ..................... 800 31
Kerr-McGee Corp. ............................... 1,400 83
Noble Drilling Corp. ........................... 3,900 161
Union Pacific Resources Group, Inc. ............ 2,700 59
USX-Marathon Group ............................. 2,400 60
------
476
Paper and Forest Products - 1.7%
Abitibi-Consolidated, Inc. ..................... 4,300 40
Georgia-Pacific Corp. .......................... 1,700 45
Westvaco Corp. ................................. 2,100 52
Willamette Industries, Inc. .................... 1,100 30
------
167
Retail - Department Stores - 5.9%
Circuit City Stores, Inc. ...................... 1,500 50
Family Dollar Stores, Inc. ..................... 2,400 47
Federated Department Stores, Inc. .............. 3,400 115
Intimate Brands, Inc. .......................... 1,100 22
Limited, Inc. .................................. 2,200 47
RadioShack Corp. ............................... 2,200 104
Tiffany & Co. .................................. 1,000 67
TJX Cos., Inc. ................................. 6,400 120
------
572
Retail - Food - 0.5%
Brinker International, Inc. .................... 700 21
Outback Steakhouse, Inc. ....................... 1,100 32
------
53
Shoe and Apparel Manufacturing - 0.1%
WestPoint Stevens, Inc. ........................ 700 8
Steel - 0.7%
Nucor Corp. .................................... 800 26
USX-U.S. Steel Group, Inc. ..................... 2,300 43
------
69
Telecommunication Equipment - 2.7%
ADC Telecommunications, Inc. ................... 1,000 84
RF Micro Devices, Inc. ......................... 900 79
Scientific-Atlanta, Inc. ....................... 1,400 104
------
267
Telecommunication Services - 1.0%
Broadwing, Inc. ................................ 1,700 44
Clear Channel Communications, Inc. ............. 700 53
------
97
Telephone - 2.7%
AT&T Wireless Group ............................ 4,700 131
CenturyTel, Inc. ............................... 1,300 38
Telephone and Data Systems, Inc. ............... 900 90
------
259
108
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MID CAP BLEND PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Transportation Services - 4.2%
AMR Corp........................................ 2,500 $ 42
Burlington Northern Santa Fe.................... 2,500 57
Canadian Pacific, Ltd........................... 700 18
Delta Air Lines, Inc............................ 200 10
Kansas City Southern Industries, Inc............ 1,200 107
Norfolk Southern Corp........................... 2,600 39
Northwest Airlines Corp......................... 700 21
Southwest Airlines Co........................... 2,300 44
UAL Corp........................................ 1,200 70
------
408
------
TOTAL COMMON STOCK- 99.5% 9,700
Par
Value
(000's)
SHORT-TERM INVESTMENTS - 2.6%
Investment in joint trading account
(Note B)
6.853% due 07/03/00 ........................... $ 250 250
TOTAL INVESTMENTS- 102.1% 9,950
Payables, less cash and receivables- (2.1)% (202)
------- ------
NET ASSETS- 100.0% 9,748
See notes to financial statements.
109
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Aerospace and Defense - 2.0%
Boeing Co. ................................. 24,200 $ 1,012
Lockheed Martin Corp. ...................... 87,500 2,171
--------
3,183
Auto and Truck Parts - 0.8%
Dana Corp. ................................. 14,400 305
Genuine Parts Co. .......................... 45,400 908
--------
1,213
Banks - 6.4%
Bank of America Corp. ...................... 20,700 890
Bank One Corp. ............................. 58,700 1,559
Firstar Corp. .............................. 35,800 754
FleetBoston Financial Corp. ................ 68,772 2,338
J.P. Morgan & Co., Inc. .................... 15,800 1,740
KeyCorp .................................... 16,900 298
Mercantile Bankshares Corp. ................ 20,900 623
National City Corp. ........................ 36,100 616
Wells Fargo & Co. .......................... 34,400 1,333
--------
10,151
Business Services - 0.7%
Dun & Bradstreet Corp. ..................... 24,400 699
H & R Block, Inc. .......................... 11,000 356
--------
1,055
Chemicals - 2.9%
Dow Chemical Co. ........................... 35,100 1,060
E.I. du Pont de Nemours & Co. .............. 40,100 1,754
Great Lakes Chemical Corp. ................. 29,600 932
Hercules, Inc. ............................. 30,300 426
Imperial Chemical Industries plc - ADR ..... 14,500 447
--------
4,619
Commercial Services - 0.5%
R.R. Donnelley & Sons Co. .................. 36,700 828
Computer Equipment - 1.6%
Compaq Computer Corp. ...................... 43,400 1,109
Xerox Corp. ................................ 68,900 1,430
--------
2,539
Computer Software and Services - 1.4%
BMC Software, Inc. * ....................... 17,700 646
Microsoft Corp. ............................ 17,200 1,376
Unisys Corp. * ............................. 15,200 221
--------
2,243
Construction - 0.3%
Armstrong Holdings, Inc. ................... 27,500 421
Consumer - Miscellaneous - 1.8%
Fortune Brands, Inc. ....................... 24,300 560
Stanley Works .............................. 40,200 955
Tupperware Corp. ........................... 8,900 196
Unilever NV - CVA .......................... 24,900 1,142
--------
2,853
Cosmetics and Personal Care Products - 1.9%
Gillette Co. ............................... 25,800 901
International Flavors & Fragrances, Inc. ... 46,200 1,395
Procter & Gamble Co. ....................... 13,700 784
--------
3,080
Diversified Operations - 2.9%
Cooper Industries, Inc. .................... 6,700 218
Eaton Corp. ................................ 5,000 335
Minnesota Mining & Manufacturing Co. ....... 26,000 2,145
Pall Corp. ................................. 59,300 1,097
PPG Industries, Inc. ....................... 18,100 802
--------
4,597
Electric Power - 4.6%
Duke Energy Co. ............................ 36,900 2,080
Entergy Corp. .............................. 20,000 544
Firstenergy Corp. .......................... 38,800 907
Niagara Mohawk Holdings, Inc. .............. 16,400 229
Reliant Energy, Inc. ....................... 49,700 1,469
ScottishPower plc - ADR .................... 13,418 449
Southern Co. ............................... 69,900 1,629
--------
7,307
Electrical Equipment - 0.8%
Unicom Corp. ............................... 34,000 1,315
Electronic Products and Services - 1.6%
Hubbell, Inc. - Cl. B ...................... 39,000 995
Motorola, Inc. ............................. 21,400 622
Rockwell International Corp. * ............. 28,800 907
--------
2,524
Financial Services - 3.8%
Citigroup, Inc. ............................ 38,675 2,330
Mellon Financial Corp. ..................... 103,600 3,775
--------
6,105
Food, Beverage and Tobacco - 9.5%
Anheuser-Busch Cos., Inc. .................. 16,800 1,255
Brown-Forman Corp. - Cl. B ................. 13,100 704
Campbell Soup Co. .......................... 52,300 1,523
General Mills, Inc. ........................ 85,100 3,255
H.J. Heinz Co. ............................. 57,300 2,507
Hershey Foods Corp. ........................ 33,600 1,630
Kellogg Co. ................................ 35,000 1,041
McCormick & Co., Inc. ...................... 31,600 1,027
Philip Morris Cos., Inc. ................... 66,200 1,758
UST, Inc. .................................. 30,100 442
--------
15,142
Health Care Products - 6.4%
Abbott Laboratories ........................ 54,500 2,429
110
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE CAP VALUE PORTFOLIO
<TABLE>
<CAPTION>
Market
Name of Issuer Shares Value
(000's)
<S> <C> <C>
COMMON STOCK - CONTINUED
Health Care Products - Continued
American Home Products Corp. .......................... 57,200 $ 3,361
Becton, Dickinson & Co. ............................... 18,900 542
Merck & Co., Inc. ..................................... 15,400 1,180
Pharmacia Corp. ....................................... 52,475 2,712
---------
10,224
Insurance - 5.1%
American General Corp. ................................ 34,100 2,080
Chubb Corp. ........................................... 29,500 1,814
Lincoln National Corp. ................................ 22,400 809
Safeco Corp. .......................................... 35,900 714
St. Paul Cos., Inc. ................................... 41,752 1,425
UnumProvident Corp. ................................... 60,200 1,208
---------
8,050
Leisure and Recreation - 3.2%
Eastman Kodak Co. ..................................... 37,800 2,249
Hasbro, Inc. .......................................... 40,400 609
Hilton Hotels Corp. ................................... 37,700 353
Starwood Hotels & Resorts Worldwide, Inc. ............. 56,400 1,837
---------
5,048
Media - Publishing - 1.7%
Dow Jones & Co., Inc. ................................. 10,400 762
Knight-Ridder, Inc. ................................... 23,900 1,271
Readers Digest Association, Inc. - Cl. A .............. 17,600 700
---------
2,733
Media - TV / Radio - 1.3%
The Walt Disney Co. ................................... 52,600 2,042
Metals and Mining - 0.2%
Phelps Dodge Corp. .................................... 10,300 383
Oil - 1.6%
Royal Dutch Petroleum Co. - NY Shares ................. 42,200 2,598
Oil - Equipment and Services - 1.0%
Baker Hughes, Inc. .................................... 50,500 1,616
Oil and Natural Gas Exploration and Production - 11.5%
Amerada Hess Corp. .................................... 20,200 1,247
BP Amoco plc - ADR .................................... 87,032 4,923
Chevron Corp. ......................................... 32,100 2,723
Exxon Mobil Corp. ..................................... 55,067 4,323
Texaco, Inc. .......................................... 49,200 2,620
Unocal Corp. .......................................... 49,900 1,653
USX-Marathon Group .................................... 29,700 744
---------
18,233
Paper and Forest Products - 3.4%
Consolidated Papers, Inc. ............................. 4,400 161
Fort James Corp. ...................................... 46,800 1,082
International Paper Co. ............................... 60,470 1,803
Kimberly-Clark Corp. .................................. 40,000 2,295
---------
5,341
Pollution Control - 1.2%
Waste Management, Inc. ................................ 101,290 1,924
Precious Metals/Gems/Stones - 0.4%
Newmont Mining Corp. .................................. 29,000 627
Real Estate Investment Trust - 0.6%
Simon Property Group, Inc. ............................ 45,500 1,010
Real Estate Operations - 0.6%
Rouse Co. ............................................. 35,300 874
Retail - Department Stores - 1.7%
J.C. Penney Co., Inc. ................................. 12,800 236
May Department Stores Co. ............................. 40,950 983
Toys "R" Us, Inc. * ................................... 101,400 1,476
---------
2,695
Telecommunication Services - 0.3%
Vodafone AirTouch plc - ADR .......................... 11,900 493
Telephone - 8.6%
Alltel Corp. .......................................... 35,200 2,180
AT&T Corp. ............................................ 27,700 876
Bell Atlantic Corp. ................................... 39,800 2,022
BellSouth Corp. ....................................... 36,600 1,560
GTE Corp. ............................................. 41,800 2,602
SBC Communications, Inc. .............................. 79,155 3,424
U.S. West, Inc. ....................................... 11,600 995
---------
13,659
Transportation Services - 1.8%
Norfolk Southern Corp. ................................ 63,600 946
Union Pacific Corp. ................................... 49,300 1,833
---------
2,779
U.S. Government Agencies - 1.3%
Federal National Mortgage Assoc. ...................... 39,300 2,051
---------
TOTAL COMMON STOCK- 95.4% 151,555
Par
Value
(000's)
COMMERCIAL PAPER
Financial Services - 2.3%
Assets Securitization Corp.
6.57% due 08/18/00 .................................... $ 1,000 991
Falcon Asset Securitization Corp.
6.55% due 07/03/00 .................................... 1,500 1,491
Sand Dollar Funding
6.62% due 07/11/00 .................................... 1,225 1,223
---------
3,705
Food, Beverage and Tobacco - 1.6%
Anheuser Busch Cos., Inc.
6.8% due 07/03/00 ..................................... 1,554 1,553
</TABLE>
111
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE CAP VALUE PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
COMMERCIAL PAPER - CONTINUED
Food, Beverage and Tobacco - Continued
H.J. Heinz Co.
6.55% due 07/20/00 ..................... $ 1,000 $ 997
--------
2,550
--------
TOTAL COMMERCIAL PAPER- 3.9% 6,255
--------- --------
TOTAL INVESTMENTS- 99.3% 157,810
Cash and Receivables, less payables- 0.7% 1,077
--------- --------
NET ASSETS- 100.0% 158,887
========= ========
ADR - American Depository Receipt
* Non-income producing security.
See notes to financial statements.
112
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE CAP VALUE CORE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Aerospace and Defense - 1.8%
Boeing Co. .................................. 1,500 $ 63
General Dynamics Corp. ...................... 300 16
Honeywell International, Inc. ............... 400 13
Northrop Grumman Corp. ...................... 1,100 73
United Technologies Corp. ................... 300 18
--------
183
Auto and Truck Parts - 2.2%
Cummins Engine Company, Inc. ................ 400 11
General Motors Corp. ........................ 2,200 128
General Motors Corp. - Cl. H ................ 400 35
Johnson Controls, Inc. ...................... 500 25
Navistar International Corp., Inc. - Cl. B .. 500 15
TRW, Inc. ................................... 200 9
Visteon Corp. * ............................. 223 3
--------
226
Automobile - 1.1%
Delphi Automotive Systems Corp. ............. 2,100 30
Ford Motor Co. .............................. 1,700 73
Hertz Corp. - Cl. A ......................... 200 6
--------
109
Banks - 9.8%
Bank of America Corp. ....................... 3,900 168
Bank of New York Co., Inc. .................. 800 37
Bank One Corp. .............................. 300 8
BB&T Corporation ............................ 300 7
Chase Manhattan Corp. ....................... 3,300 152
Comerica, Inc. .............................. 300 14
Cullen/Frost Bankers, Inc. .................. 200 5
Fifth Third Bancorp ......................... 100 6
First Security Corp. ........................ 1,200 16
First Union Corp. ........................... 300 7
Firstar Corp. ............................... 900 19
FleetBoston Financial Corp. ................. 3,676 125
Golden West Financial Corp. ................. 2,100 86
J.P. Morgan & Co., Inc. ..................... 900 99
PNC Bank Corp. .............................. 1,000 47
Popular, Inc. ............................... 500 10
SouthTrust Corp. ............................ 200 5
Suntrust Banks, Inc. ........................ 800 37
U.S. Bancorp ................................ 400 8
UnionBanCal Corp. ........................... 1,200 22
Washington Mutual, Inc. ..................... 500 14
Wells Fargo & Co. ........................... 3,200 124
--------
1,016
Brokerage and Investment Management - 2.2%
Lehman Brothers Holdings, Inc. .............. 400 38
Merrill Lynch & Co., Inc. ................... 300 35
Morgan Stanley, Dean Witter, Discover & Co. . 1,900 158
--------
231
Business Services - 0.7%
Comdisco, Inc. .............................. 1,500 33
Interim Services, Inc. ...................... 500 9
Manpower, Inc. .............................. 400 13
Robert Half International, Inc. ............. 600 17
--------
72
Chemicals - 2.4%
Air Products & Chemicals, Inc. .............. 700 21
Cabot Corp. ................................. 300 8
Dow Chemical Co. ............................ 3,600 109
E.I. du Pont de Nemours & Co. ............... 700 31
Praxair, Inc. ............................... 1,700 64
Rohm & Haas Co. ............................. 400 14
--------
247
Commercial Services - 0.1%
Cendant Corp. * ............................. 400 6
Computer Equipment - 1.7%
3Com Corp. * ................................ 200 12
Apple Computer, Inc. * ...................... 1,000 52
Hewlett-Packard Co. ......................... 400 50
International Business Machines Corp ........ 100 11
Network Appliance, Inc. * ................... 200 16
SanDisk Corp. * ............................. 100 6
VERITAS Software Corp. * .................... 250 28
--------
175
Computer Software and Services - 1.3%
Cabletron Systems, Inc. * ................... 600 15
DST Systems, Inc. * ......................... 200 15
Electronic Data Systems Corp. ............... 500 21
First Data Corp. ............................ 500 25
Fiserv, Inc. ................................ 200 9
Mercury Interactive Corp. * ................. 100 10
Network Associates, Inc. .................... 100 2
Oracle Corp. * .............................. 300 25
Sun Microsystems, Inc. * .................... 100 9
Symantec Corp. * ............................ 100 5
--------
136
Construction - 0.4%
Lafarge Corp. ............................... 400 8
Southdown, Inc. ............................. 200 12
USG Corp. * ................................. 800 24
--------
44
Consumer - Miscellaneous - 0.5%
Parker-Hannifin Corp. ....................... 700 24
Sherwin-Williams Co. ........................ 400 9
Unilever NV - NY Shares ..................... 400 17
--------
50
Containers - 0.1%
Bemis Co., Inc. ............................. 300 10
113
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE CAP VALUE CORE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Cosmetics and Personal Care Products - 0.1%
Alberto-Culver Co. - Cl. B .................... 300 $ 9
Diversified Operations - 0.9%
Minnesota Mining & Manufacturing Co ........... 700 58
PPG Industries, Inc. .......................... 600 26
Textron, Inc. ................................. 200 11
--------
95
Electric Power - 3.2%
Ameren Corp. .................................. 500 17
Calpine Corp. * ............................... 600 39
Consolidated Edison, Inc. ..................... 200 6
Constellation Energy Group .................... 1,600 52
Dominion Resources, Inc. ...................... 221 10
DTE Energy Co. ................................ 500 15
Duke Energy Co. ............................... 1,100 62
Energy East Corp. ............................. 1,200 23
Entergy Corp. ................................. 800 22
Firstenergy Corp. ............................. 400 9
Public Services Enterprise Group, Inc. ........ 1,600 55
Southern Co. .................................. 1,100 26
--------
336
Electrical Equipment - 1.5%
American Power Conversion ..................... 300 12
Emerson Electric Co. .......................... 300 18
Molex, Inc. ................................... 200 10
TXU Corp. ..................................... 1,400 41
Unicom Corp. .................................. 2,000 78
--------
159
Electronic Products and Services - 1.8%
Advanced Micro Devices, Inc. * ................ 400 31
Analog Devices, Inc. * ........................ 100 8
Arrow Electronics, Inc. * ..................... 400 12
Atmel Corp. * ................................. 100 4
AVX Corp. ..................................... 1,000 23
Cree, Inc. * .................................. 100 13
LSI Logic Corp. * ............................. 200 11
Motorola, Inc. ................................ 600 17
National Semiconductor Corp. * ................ 300 17
Rockwell International Corp. * ................ 300 9
Texas Instruments, Inc. ....................... 200 14
Vishay Intertechnology, Inc. * ................ 600 23
--------
182
Energy - Alternative Source - 0.9%
Dynegy, Inc. - Cl.A ........................... 1,300 89
Engineering and Construction - 0.2%
Fluor Corp. ................................... 600 19
Financial Services - 5.2%
American Express Co. .......................... 600 31
Citigroup, Inc. ............................... 7,800 470
Donaldson, Lufkin & Jenrette, Inc. ............ 200 9
Mellon Financial Corp. ........................ 200 7
Providian Financial Corp. * ................... 200 18
--------
535
Food, Beverage and Tobacco - 3.7%
Adolph Coors Co. - Cl. B ...................... 200 12
ConAgra, Inc. ................................. 700 13
Hormel Foods Corp. ............................ 200 3
IBP, Inc. ..................................... 1,600 25
Keebler Foods Co. ............................. 300 11
McCormick & Co., Inc. ......................... 500 16
Nabisco Group Holdings Corp. .................. 2,900 75
Nabisco Holdings Corp. - Cl. A ................ 1,600 84
Pepsi Bottling Group, Inc. .................... 700 20
Philip Morris Cos., Inc. ...................... 1,300 35
Ralston-Ralston Purina Group .................. 1,700 34
Seagram Co., Ltd. ............................. 200 12
Starbucks Corp. * ............................. 400 15
Suiza Foods Corp. * ........................... 200 10
Tyson Foods, Inc. - Cl. A ..................... 800 7
UST, Inc. ..................................... 1,000 15
--------
387
Health Care Products - 4.0%
Abbott Laboratories ........................... 500 22
Allergan, Inc. ................................ 400 30
Alpharma, Inc. - Cl. A ........................ 1,100 68
Andrx Corp. * ................................. 200 13
Bausch & Lomb, Inc. ........................... 100 8
Baxter International, Inc. .................... 400 28
Chiron Corp. * ................................ 200 10
Genetech, Inc. * .............................. 100 17
IVAX Corp. .................................... 1,100 46
Jones Pharma, Inc. ............................ 500 20
MedImmune, Inc. * ............................. 300 22
Merck & Co., Inc. ............................. 200 15
Millennium Pharmaceuticals, Inc. * ............ 100 11
Pfizer, Inc. .................................. 600 29
Pharmacia Corp. ............................... 752 39
UnitedHealth Group, Inc. ...................... 400 34
--------
412
Health Care Services - 0.2%
HCA-The Healthcare Corporation ................ 600 18
Household Appliances / Furnishings - 0.4%
Springs Industries, Inc. - Cl. A .............. 100 3
Whirlpool Corp. ............................... 900 42
--------
45
Housing - 0.2%
American Standard Cos., Inc. * ................ 400 17
Insurance - 8.2%
AFLAC, Inc. ................................... 400 18
Allstate Corp. ................................ 2,100 47
114
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE CAP VALUE CORE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Insurance - Continued
Ambac Financial Group, Inc. .......................... 300 $ 16
American General Corp. ............................... 1,000 61
American International Group, Inc. ................... 1,600 188
American National Insurance Co. ...................... 400 20
AXA Financial, Inc. .................................. 1,400 48
Cigna Corp. .......................................... 1,200 112
Cincinnati Financial Corp. ........................... 500 16
Conseco, Inc. ........................................ 300 3
Hartford Financial Services Group, Inc. .............. 600 33
Jefferson-Pilot Corp. ................................ 100 6
Lincoln National Corp. ............................... 500 18
Loews Corp. .......................................... 1,300 78
Marsh & McLennan Cos., Inc. .......................... 600 63
MGIC Investment Corp. ................................ 900 41
Nationwide Financial Services - Cl. A ................ 300 10
The PMI Group, Inc. .................................. 1,500 71
--------
849
Leisure and Recreation - 0.8%
Brunswick Corp. ...................................... 1,500 25
Eastman Kodak Co. .................................... 1,000 59
--------
84
Machinery - 0.6%
FMC Corp. * .......................................... 300 18
Ingersoll-Rand Co. ................................... 300 12
Tecumseh Products Co. - Cl. A ........................ 900 34
--------
64
Media - Publishing - 1.2%
AT&T Corp. - Liberty Media Group - Cl. A * ........... 1,800 44
Dow Jones & Co., Inc. ................................ 200 15
Gannett Co., Inc. .................................... 100 6
Knight-Ridder, Inc. .................................. 400 21
New York Times Co. - Cl. A ........................... 1,000 39
--------
125
Media - TV / Radio - 3.6%
Fox Entertainment Group, Inc. - Cl. A * .............. 700 21
Infinity Broadcasting Corp. - Cl A * ................. 1,900 69
McGraw-Hill Cos., Inc. ............................... 200 11
The Walt Disney Co. .................................. 5,300 206
TV Guide, Inc. - Cl. A * ............................. 300 10
USA Networks, Inc. * ................................. 200 5
Viacom, Inc. - Cl. B * ............................... 717 49
--------
371
Metals and Mining - 0.3%
Alcan Aluminum, Ltd. ................................. 500 15
Alcoa, Inc. .......................................... 612 18
--------
33
Natural Gas Distribution - 0.8%
Enron Corp. .......................................... 1,200 78
Oil - 0.9%
Conoco, Inc. - Cl. B ................................. 2,300 56
Royal Dutch Petroleum Co. - NY Shares ................ 400 25
Tosco Corp. .......................................... 500 14
--------
95
Oil - Equipment and Services - 0.2%
BJ Services Co. * .................................... 400 25
Oil and Natural Gas Exploration and Production - 9.1%
Amerada Hess Corp. ................................... 1,300 80
Apache Corp. ......................................... 800 47
Chevron Corp. ........................................ 1,900 161
Coastal Corp. ........................................ 100 6
Exxon Mobil Corp. .................................... 5,852 460
Helmerich & Payne, Inc. .............................. 300 11
Kerr-McGee Corp. ..................................... 800 47
Murphy Oil Corp. ..................................... 300 18
Noble Affiliates, Inc. ............................... 1,100 41
Noble Drilling Corp. * ............................... 300 12
Occidental Petroleum Corp. ........................... 1,700 36
USX-Marathon Group ................................... 1,000 25
--------
944
Paper and Forest Products - 0.8%
Georgia-Pacific Corp. ................................ 900 24
International Paper Co. .............................. 400 12
Kimberly-Clark Corp. ................................. 600 34
Westvaco Corp. ....................................... 200 5
Willamette Industries, Inc. .......................... 200 5
--------
80
Personal and Commercial Lending - 0.1%
Household International, Inc. ........................ 200 8
Pollution Control - 0.3%
Republic Services, Inc. - Cl. A ...................... 2,000 32
Precious Metals/Gems/Stones - 0.2%
Freeport-McMoRan Copper & Gold, Inc. -
Cl. B ................................................ 2,200 20
Real Estate Investment Trust - 1.1%
Equity Office Properties Trust ....................... 1,400 39
Equity Residential Properties Trust .................. 900 41
Prologis Trust ....................................... 700 15
Simon Property Group, Inc. ........................... 400 9
Spieker Properties, Inc. ............................. 200 9
--------
113
Retail - Department Stores - 1.1%
Barnes & Noble, Inc. * ............................... 500 11
Circuit City Stores, Inc. ............................ 100 3
Federated Department Stores, Inc. * .................. 900 30
Intimate Brands, Inc. ................................ 400 8
Limited, Inc. ........................................ 600 13
Sears, Roebuck & Co. ................................. 600 20
115
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE CAP VALUE CORE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Retail - Department Stores - Continued
Tiffany & Co. ............................. 200 $ 14
Zale Corp. * .............................. 300 11
--------
110
Retail - Food - 0.7%
Albertson's, Inc. ......................... 300 10
Brinker International, Inc. * ............. 900 26
Darden Restaurants, Inc. .................. 500 8
McDonald's Corp. .......................... 100 3
Tricon Global Restaurants, Inc. * ......... 900 26
--------
73
Shoe and Apparel Manufacturing - 0.1%
Liz Claiborne, Inc. ....................... 200 7
Steel - 0.3%
Nucor Corp. ............................... 900 30
Telecommunication Equipment - 0.8%
Advanced Fibre Communications, Inc. * ..... 100 4
Nortel Networks Corp. ..................... 628 43
QUALCOMM, Inc. * .......................... 100 6
Scientific-Atlanta, Inc. .................. 200 15
Terayon Communication Systems, Inc. * ..... 200 13
--------
81
Telecommunication Services - 2.0%
Allegiance Telecom, Inc. * ................ 300 19
BCE, Inc. ................................. 3,200 76
Citizens Communications Co. ............... 900 16
MediaOne Group, Inc. ...................... 800 53
United States Cellular Corp. * ............ 100 7
WorldCom, Inc. * .......................... 900 41
--------
212
Telephone - 9.7%
AT&T Corp. ................................ 5,900 187
Bell Atlantic Corp. ....................... 3,600 183
BellSouth Corp. ........................... 4,700 200
GTE Corp. ................................. 1,700 106
NEXTLINK Communications, Inc. * ........... 200 8
SBC Communications, Inc. .................. 5,137 222
Sprint Corp. .............................. 1,500 76
Telephone and Data Systems, Inc. .......... 200 20
--------
1,002
Transportation Services - 1.6%
AMR Corp. * ............................... 700 19
Burlington Northern Santa Fe .............. 500 11
Canadian National Railway Co. ............. 1,800 53
Delta Air Lines, Inc. ..................... 900 45
Kansas City Southern Industries, Inc. ..... 200 18
UAL Corp. ................................. 300 17
--------
163
U.S. Government Agencies - 0.7%
Federal National Mortgage Assoc. .......... 1,300 68
--------
TOTAL COMMON STOCK- 91.8% 9,475
Par
Value
(000's)
SHORT-TERM INVESTMENTS - 5.8%
Investment in joint repurchase agreement with
Goldman Sachs & Co. dated 06/30/00,
6.866% due 07/03/00 (Secured by various
U.S Treasury Obligations and U.S.
Government Agency Bonds Bonds) ........... $ 600 600
-------- --------
TOTAL INVESTMENTS- 97.6% 10,075
Cash and Receivables, less payables- 2.4% 246
-------- --------
NET ASSETS- 100.0% 10,321
======== ========
* Non-income producing security.
See notes to financial statements.
116
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
AMERICAN LEADERS LARGE CAP VALUE
Par Market
Name of Issuer Value Value
(000's) (000's)
SHORT-TERM INVESTMENTS
U.S. Governmental - 98.6%
U.S. Treasury
5.68% due 09/28/00 ................. $ 5,000 $ 4,930
-------- --------
TOTAL INVESTMENTS- 98.6% 4,930
Cash and Receivables, less payables- 1.4% 71
-------- --------
NET ASSETS- 100.0% 5,001
======== ========
See notes to financial statements.
117
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE/MID CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Aerospace and Defense - 1.4%
Honeywell International, Inc. ................... 1,000 $ 34
United Technologies Corp. ....................... 1,400 82
-------
116
Auto and Truck Parts - 1.3%
General Motors Corp. ............................ 376 22
General Motors Corp. - Cl. H .................... 632 55
TRW, Inc. ....................................... 600 26
Visteon Corp. * ................................. 301 4
-------
107
Automobile - 1.2%
Ford Motor Co. .................................. 2,300 99
Banks - 9.1%
Bank One Corp. .................................. 2,400 64
KeyCorp ......................................... 5,500 97
Mercantile Bankshares Corp. ..................... 3,700 110
Pacific Century Financial Corp. ................. 1,200 17
U.S. Bancorp .................................... 6,200 119
UnionBanCal Corp. ............................... 2,000 37
Wachovia Corp. .................................. 3,500 190
Washington Mutual, Inc. ......................... 4,800 139
-------
773
Brokerage and Investment Management - 4.2%
Goldman Sachs Group, Inc. ....................... 700 66
Merrill Lynch & Co., Inc. ....................... 2,500 288
-------
354
Chemicals - 1.5%
Air Products & Chemicals, Inc. .................. 900 28
E.I. du Pont de Nemours & Co. ................... 1,600 70
Great Lakes Chemical Corp. ...................... 900 28
-------
126
Commercial Services - 0.6%
Convergys Corp. * ............................... 1,000 52
Computer Equipment - 3.7%
3Com Corp. * .................................... 2,500 144
Adaptec, Inc. * ................................. 1,200 27
International Business Machines Corp. ........... 700 77
Quantum Corp. - Hard Disk Drive * ............... 5,800 64
-------
312
Computer Software and Services - 1.3%
Affiliated Computer Services, Inc. -
Cl. A * ........................................ 500 17
Cabletron Systems, Inc. * ....................... 1,000 25
First Data Corp. ................................ 1,400 69
-------
111
Construction - 0.2%
Vulcan Materials Co. ............................ 500 21
Consumer - Miscellaneous - 0.4%
Clorox Co. ...................................... 800 36
Containers - 0.2%
Smurfit-Stone Container Corp. * ................. 1,600 21
Cosmetics and Personal Care Products - 1.3%
Procter & Gamble Co. ............................ 1,900 109
Diversified Operations - 3.4%
Danaher Corp. ................................... 300 15
Eaton Corp. ..................................... 800 54
El Paso Energy Corp. ............................ 1,600 81
Illinois Tool Works, Inc. ....................... 1,400 80
Minnesota Mining & Manufacturing Co. ............ 400 33
PPG Industries, Inc. ............................ 500 22
-------
285
Electric Power - 3.5%
Calpine Corp. * ................................. 1,000 66
DQE, Inc. ....................................... 2,100 83
Duke Energy Co. ................................. 500 28
Endesa S.A. - ADR ............................... 1,500 29
Montana Power Co. ............................... 600 21
Pinnacle West Capital Corp. ..................... 2,100 71
-------
298
Electrical Equipment - 1.5%
Emerson Electric Co. ............................ 900 54
Unicom Corp. .................................... 1,800 70
-------
124
Electronic Products and Services - 1.2%
Atmel Corp. * ................................... 1,800 66
Novellus Systems, Inc. * ........................ 600 34
-------
100
Engineering and Construction - 0.1%
Fluor Corp. ..................................... 300 9
Financial Services - 5.6%
Associates First Capital Corp. -
Cl. A * .................................. 5,300 118
Citigroup, Inc. ................................. 5,900 356
-------
474
Food, Beverage and Tobacco - 4.0%
McCormick & Co., Inc. ........................... 100 3
Philip Morris Cos., Inc. ........................ 5,100 136
R.J. Reynolds Tobacco Holdings, Inc.* ........... 1,900 53
Sara Lee Corp. .................................. 7,600 147
-------
339
Health Care Products - 4.6%
Abbott Laboratories ............................. 1,200 53
American Home Products Corp. .................... 1,000 59
118
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE/MID CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Health Care Products - Continued
Baxter International, Inc. ........................... 700 $ 49
Cardinal Health, Inc. ................................ 400 30
Gilead Sciences, Inc. * .............................. 500 36
Mylan Laboratories, Inc. ............................. 700 13
Pharmacia Corp. ...................................... 2,947 152
------
392
Insurance - 9.0%
American International Group, Inc. ................... 2,000 235
Cigna Corp. .......................................... 1,600 150
Marsh & McLennan Cos., Inc. .......................... 1,900 198
MBIA, Inc. ........................................... 2,200 106
XL Capital, Ltd. - Cl. A ............................. 1,400 76
------
765
Leisure and Recreation - 0.8%
Eastman Kodak Co. .................................... 600 35
Starwood Hotels & Resorts Worldwide,
Inc ................................................. 1,100 36
------
71
Machinery - 1.2%
Caterpillar, Inc. .................................... 1,000 34
Ingersoll-Rand Co. ................................... 900 36
Thermo Electron Corp. * .............................. 1,600 34
------
104
Media - Publishing - 1.5%
AT&T Corp. - Liberty Media Group - Cl A * ............ 3,700 90
Gannett Co., Inc. .................................... 600 36
------
126
Media - TV / Radio - 2.1%
E.W. Scripps Co. - Cl. A ............................. 800 39
The Walt Disney Co. .................................. 1,700 66
Viacom, Inc. - Cl. B * ............................... 1,100 75
------
180
Metals and Mining - 0.8%
Alcoa, Inc. .......................................... 2,400 70
Natural Gas Distribution - 1.4%
Enron Corp. .......................................... 1,800 116
Oil - 2.6%
Conoco, Inc. - Cl. B ................................. 3,300 81
Suncor Energy, Inc. .................................. 5,800 135
------
216
Oil and Natural Gas Exploration and Production - 6.0%
Ashland, Inc. ........................................ 1,200 42
Exxon Mobil Corp. .................................... 4,450 350
Ultramar Diamond Shamrock Corp. ...................... 4,600 114
------
506
Paper and Forest Products - 1.6%
Bowater, Inc. ........................................ 900 40
Kimberly-Clark Corp. ................................. 700 40
Temple-Inland, Inc. .................................. 400 17
Weyerhaeuser Co. ..................................... 800 34
------
131
Pollution Control - 0.2%
Republic Services, Inc. - Cl. A ...................... 800 13
Real Estate Investment Trust - 0.8%
Equity Office Properties Trust ....................... 1,100 30
Kimco Realty Corp. ................................... 1,000 41
------
71
Retail - Department Stores - 2.5%
Intimate Brands, Inc. ................................ 6,700 132
Target Corp. ......................................... 1,400 81
------
213
Retail - Food - 2.0%
McDonald's Corp. ..................................... 1,900 62
Safeway, Inc. * ...................................... 2,300 104
------
166
Telecommunication Equipment - 0.5%
American Tower Corp. - Cl. A ......................... 1,000 42
Telecommunication Services - 2.8%
Clear Channel Communications, Inc. * ................. 300 22
EchoStar Communications Corp. - Cl. A * ............. 900 30
Nextel Partners, Inc. - Cl. A * ...................... 1,200 39
Sprint PCS (PCS Group) * ............................. 700 42
WorldCom, Inc. * ..................................... 2,300 106
------
239
Telephone - 8.5%
AT&T Corp. ........................................... 4,300 136
Bell Atlantic Corp. .................................. 5,700 290
SBC Communications, Inc. ............................. 3,595 155
Sprint Corp. ......................................... 1,700 87
U.S. West, Inc. ...................................... 600 51
------
719
Transportation Services - 1.0%
Canadian National Railway Co. ........................ 600 17
Continental Airlines, Inc. - Cl. B * ................. 300 14
SkyWest, Inc. ........................................ 400 15
Southwest Airlines Co. ............................... 1,200 23
U.S. Airways Group, Inc. * ........................... 400 16
------
85
119
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE/MID CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
U.S. Government Agencies - 1.1%
Federal National Mortgage Assoc ....... 1,700 $ 89
--------
TOTAL COMMON STOCK- 96.7% 8,180
Par
Value
(000's)
SHORT-TERM INVESTMENTS - 5.4%
Investment in joint trading account (Note B)
6.853% due 07/03/00 ................... $ 455 455
-------- --------
TOTAL INVESTMENTS- 102.1% 8,635
Payables, less cash and receivables (2.1)% (174)
-------- --------
NET ASSETS- 100.0% 8,461
======== ========
* Non-income producing security.
ADR-American Depository Receipt
See notes to financial statements.
120
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS
Automobile - 1.2%
DaimlerChrysler NA Holding Co.
6.534% due 07/06/00 ....................... $ 5,000 $ 5,000
Banks - 6.6%
Bankers Trust Corp.
6.872% due 03/16/01 ....................... 1,000 1,001
Fleet National Bank of Rhode Island
7.06% due 01/29/01 ........................ 1,000 1,001
FleetBoston Financial Corp. - Sr. Notes
6.768% due 05/11/01 ....................... 10,000 10,006
Key Bank
6.551% due 03/01/01 ....................... 5,000 4,998
PNC Bank NA - Notes
6.585% due 07/12/00 ....................... 8,500 8,500
--------
25,506
Brokerage and Investment Management - 4.8%
Goldman Sachs Group, Inc.
6.682% due 08/07/00 ....................... 7,000 7,000
Goldman Sachs Group, Inc. - Notes
6.34% due 07/24/00 ........................ 2,000 2,000
6.435% due 07/31/00 ....................... 2,000 2,000
Merrill Lynch & Co., Inc.
6.521% due 10/10/00 ....................... 4,000 4,001
7.318% due 11/20/00 ....................... 5,000 5,011
Merrill Lynch & Co., Inc. - Notes
6.958% due 03/05/01 ....................... 2,000 2,001
--------
22,213
Commercial Services - 1.2%
Xerox Credit Corp. - Notes
6.632% due 12/08/00 ....................... 5,000 4,999
Computer Equipment - 0.5%
International Business Machines
5.95% due 08/17/00 ........................ 2,000 1,999
Diversified Operations - 1.2%
Ciesco L.P.
6.668% due 08/14/00 ....................... 5,000 5,000
Financial Services - 2.5%
Chrysler Financial Co. LLC
6.52% due 07/28/00 ........................ 5,700 5,700
Merrill Lynch & Co., Inc. - Notes
6.58% due 01/12/01 ........................ 5,000 5,009
--------
10,709
Personal and Commercial Lending - 8.5%
American Honda Finance Corp. - Notes
6.271% due 01/16/01 ....................... 5,000 4,999
American Honda Finance Corp. Mountain
6.64% due 02/16/01 ........................ 5,000 5,000
Ford Motor Credit Co. - Notes
6.77% due 10/02/00 ........................ 7,000 6,998
General Motors Acceptance Corp. - Notes
6.83% due 09/01/00 ........................ 6,000 5,999
7.118% due 11/20/00 ....................... 5,000 5,005
Household Finance Corp.
6.81% due 04/24/01 ........................ 5,000 5,018
Household Finance Corp. - Sr. Notes
6.96% due 12/01/00 ........................ 2,500 2,501
--------
35,520
Telecommunication Services - 1.5%
SBC Communications Capital Corp.
6.325% due 05/01/01 ....................... 5,000 5,000
TCI Communications, Inc. - Sr. Notes
7.361% due 03/12/01 ....................... 1,500 1,506
--------
6,506
--------
TOTAL PUBLICLY-TRADED BONDS- 28.0% 117,252
COMMERCIAL PAPER
Aerospace and Defense - 4.7%
British Aerospace
6.51% due 07/10/00 ........................ 4,000 3,995
6.55% due 07/17/00 ........................ 8,000 7,980
6.6% due 09/05/00 ......................... 7,588 7,499
--------
19,474
Automobile - 1.9%
American Honda Finance Corp.
6.58% due 09/07/00 ........................ 8,000 7,903
Banks - 5.2%
Bank of Nova Scotia
5.94% due 10/02/00 ........................ 7,000 6,995
Den Danske Bank
6.35% due 07/31/00 ........................ 4,075 4,055
6.51% due 07/10/00 ........................ 3,875 3,870
Deutsche Bank AG
6.75% due 08/21/00 ........................ 7,000 7,000
--------
21,920
Brokerage and Investment Management - 3.2%
Merrill Lynch & Co., Inc.
6.56% due 07/12/00 ........................ 3,507 3,501
Salomon Smith Barney Holdings
6.59% due 07/14/00 ........................ 4,852 4,842
Salomon Smith Barney Holdings, Inc.
6.52% due 07/03/00 ........................ 5,000 5,000
--------
13,343
Chemicals - 1.7%
E.I. du Pont de Nemours & Co.
6.55% due 07/20/00 ........................ 7,000 6,978
121
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
COMMERCIAL PAPER - CONTINUED
Construction - 1.9%
Compagnie de St. Gobain
6.6% due 07/17/00 ......................... $ 1,862 $ 1,857
6.65% due 09/20/00 ........................ 6,300 6,208
--------
8,065
Diversified Operations - 2.4%
Ciesco L.P.
6.58% due 07/24/00 ........................ 10,000 9,962
Electronic Products and Services - 1.7%
IBM Credit Corp.
6.47% due 07/14/00 ........................ 7,000 6,986
Financial Services - 41.2%
Alpine Securitization Corp.
6.55% due 07/07/00 ........................ 7,000 6,995
6.6% due 07/07/00 ......................... 1,250 1,249
Asset Securitization Cooperative Corp.
6.52% due 07/27/00 ........................ 7,000 6,970
6.53% due 07/26/00 ........................ 9,320 9,281
6.53% due 07/27/00 ........................ 1,548 1,541
Barclays US Funding
6.78% due 07/05/00 ........................ 9,534 9,530
Cargill Global Funding plc - 144A (a)
6.47% due 07/11/00 ........................ 9,796 9,782
Centric Capital Corp.
6.6% due 07/25/00 ......................... 5,000 4,980
Corporate Asset Funding Co.
6.56% due 08/07/00 ........................ 9,686 9,624
6.59% due 07/13/00 ........................ 8,000 7,985
Delaware Funding Corp.
6.6% due 07/18/00 ......................... 8,000 7,978
Eagle Funding Capital Corp.
6.7% due 07/05/00 ......................... 3,501 3,500
Enterprise Funding Corp.
6.58% due 07/17/00 ........................ 4,186 4,175
6.6% due 07/19/00 ......................... 8,287 8,263
Falcon Asset Securitization Corp.
6.55% due 07/03/00 ........................ 5,915 5,915
6.58% due 08/03/00 ........................ 3,679 3,658
6.65% due 08/22/00 ........................ 1,428 1,415
Fleet Funding Corp.
6.61% due 07/21/00 ........................ 4,585 4,570
Greenwich Funding Corp.
6.62% due 08/04/00 ........................ 7,000 6,959
6.65% due 07/21/00 ........................ 2,095 2,088
Lexington Parker Capital Corp.
6.55% due 07/18/00 ........................ 5,458 5,443
6.6% due 07/17/00 ......................... 5,000 4,987
6.7% due 07/18/00 ......................... 2,595 2,588
Monte Rosa Capital Corp.
6.55% due 07/25/00 ........................ 6,970 6,942
6.58% due 08/02/00 ........................ 7,000 6,962
Old Line Funding Corp.
6.59% due 08/01/00 ........................ 10,000 9,947
Old Line Funding, Corp.
6.55% due 07/21/00 ........................ 5,000 4,984
Sigma Finance, Inc.
6.62% due 09/07/00 ........................ 14,011 13,840
--------
172,151
Food, Beverage and Tobacco - 5.5%
Coca-Cola Co.
6.55% due 07/10/00 ........................ 5,981 5,973
Coca-Cola Enterprises, Inc.
6.51% due 07/05/00 ........................ 12,382 12,378
Philip Morris Cos., Inc.
6.75% due 07/07/00 ........................ 4,784 4,780
--------
23,131
Personal and Commercial Lending - 1.0%
Toyota Motor Credit Co.
6.56% due 07/06/00 ........................ 4,100 4,098
Telephone - 1.2%
American Telephone & Telegraph Co.
6.24% due 07/13/00 ........................ 5,000 5,001
--------
TOTAL COMMERCIAL PAPER- 71.6% 299,012
------- --------
TOTAL INVESTMENTS- 99.6% 416,264
Receivables, less Cash and payables- 0.4% 1,485
------- --------
NET ASSETS- 100.0% 417,749
======= ========
(a) Pursuant to Rule 144A under the Securities Act of 1993, these securities may
be resold in transactions exempt from registration, normally to qualified
institutional buyers. At June 30, 2000, securities aggregated $9,782 or
2.35% of net assets of the Portfolio.
See notes to financial statements.
122
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MID CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Aerospace and Defense - 1.9%
General Dynamics Corp. ..................... 35,400 $1,850
Auto and Truck Parts - 2.3%
General Motors Corp. - Cl. H ............... 9,000 790
Lear Corp. * ............................... 70,000 1,400
-------
2,190
Banks - 2.2%
M & T Bank Corp. ........................... 2,200 990
Valley National Bancorp .................... 48,405 1,177
-------
2,167
Brokerage and Investment Management - 2.4%
Bear Stearns Cos., Inc. .................... 18,200 758
Charles River Laboratories * ............... 27,500 610
Franklin Resources, Inc. ................... 31,700 963
-------
2,331
Business Services - 2.3%
Comdisco, Inc. ............................. 35,300 788
Dun & Bradstreet Corp. ..................... 49,400 1,414
-------
2,202
Chemicals - 1.8%
Engelhard Corp. ............................ 44,500 759
Praxair, Inc. .............................. 27,000 1,011
-------
1,770
Commercial Services - 2.4%
Choicepoint, Inc. .......................... 26,400 1,175
Iron Mountain, Inc. * ...................... 33,300 1,132
-------
2,307
Computer Equipment - 1.6%
Apple Computer, Inc. * ..................... 12,500 655
Gateway, Inc. * ............................ 15,800 896
StorageNetworks, Inc. * .................... 200 18
-------
1,569
Computer Software and Services - 3.7%
Ceridian Corp. * ........................... 47,500 1,143
Compuware Corp. * .......................... 49,100 509
Fiserv, Inc. ............................... 12,500 541
Intuit, Inc. * ............................. 15,300 633
SunGard Data Systems, Inc. ................. 24,300 753
-------
3,579
Containers - 1.0%
Sealed Air Corp. * ......................... 18,500 969
Diversified Operations - 3.8%
Crane Co. .................................. 36,500 887
Danaher Corp. .............................. 19,900 984
Eaton Corp. ................................ 14,800 992
Pall Corp. ................................. 43,900 812
-------
3,675
Electric Power - 2.1%
AES Corp. * ................................ 45,000 2,053
Electrical Equipment - 1.6%
Unicom Corp. ............................... 41,000 1,586
Electronic Products and Services - 1.4%
Flextronics International Ltd. ............. 10,100 694
Waters Corp. * ............................. 5,200 649
-------
1,343
Energy - Alternative Source - 2.4%
Dynegy, Inc. - Cl. A ....................... 19,149 1,308
Energizer Holdings , Inc. .................. 54,000 986
-------
2,294
Financial Services - 1.4%
Providian Financial Corp. * ................ 14,800 1,332
Food, Beverage and Tobacco - 2.5%
Hershey Foods Corp. ........................ 21,600 1,048
The Kroger Co. * ........................... 62,600 1,381
-------
2,429
Health Care Products - 4.4%
Becton, Dickinson & Co. .................... 28,300 812
C.R. Bard, Inc. ............................ 28,600 1,376
Genzyme Corp. (General Division) * ......... 34,600 2,057
-------
4,245
Health Care Services - 5.2%
HEALTHSOUTH Corp. * ........................ 130,400 937
St. Jude Medical, Inc. * ................... 20,600 945
Tenet Healthcare Corp. * ................... 71,900 1,941
Wellpoint Health Networks, Inc. * .......... 17,000 1,232
-------
5,055
Housing - 1.1%
American Standard Cos., Inc. * ............. 26,700 1,095
Insurance - 11.8%
Ace, Ltd. * ................................ 63,400 1,775
Ambac Financial Group, Inc. ................ 22,300 1,222
Aon Corp. .................................. 40,100 1,245
Metlife, Inc. .............................. 118,500 2,496
Nationwide Financial Services - Cl. A ...... 50,700 1,667
UnumProvident Corp. ........................ 62,600 1,256
XL Capital, Ltd. - Cl. A ................... 32,400 1,754
-------
11,415
Leisure and Recreation - 2.0%
Starwood Hotels & Resorts Worldwide, Inc. .. 58,200 1,895
Machinery - 3.2%
FMC Corp. * ................................ 22,400 1,299
SPX Corp. .................................. 14,600 1,766
-------
3,065
123
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MID CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Media - TV / Radio - 4.1%
A.H. Belo Corp. ............................. 111,500 $ 1,930
E.W. Scripps Co. - Cl. A .................... 29,500 1,453
Emmis Communications Corp. .................. 14,100 584
--------
3,967
Natural Gas Distribution - 0.5%
Williams Cos., Inc. ......................... 12,700 529
Oil - Equipment and Services - 1.3%
Anadarko Petroleum Corp. .................... 25,700 1,267
Oil and Natural Gas Exploration and Production - 7.8%
Apache Corp. ................................ 18,300 1,076
Coastal Corp. ............................... 20,200 1,230
Gemstar International Group, Ltd. * ......... 9,800 602
Kinder Morgan, Inc. ......................... 22,900 791
Noble Drilling Corp. * ...................... 14,800 610
Santa Fe International Corp. ................ 24,500 856
Transocean Sedco Forex, Inc. ................ 25,100 1,341
USX-Marathon Group. ......................... 42,600 1,068
--------
7,574
Paper and Forest Products - 0.7%
Bowater, Inc. ............................... 16,100 710
Personal and Commercial Lending - 3.5%
Countrywide Credit Industries, Inc. ......... 40,300 1,222
SLM Holding Corp. ........................... 56,500 2,115
--------
3,337
Precious Metals/Gems/Stones - 1.1%
Homestake Mining Co. ........................ 150,100 1,032
Real Estate Investment Trust - 4.5%
Boston Properties, Inc. ..................... 41,100 1,587
Spieker Properties, Inc. .................... 25,700 1,182
Vornado Realty Trust ........................ 45,600 1,585
--------
4,354
Real Estate Operations - 1.4%
IndyMac Mortgage Holdings, Inc. ............. 101,700 1,379
Retail - Department Stores - 3.1%
AnnTaylor Stores Corp. * .................... 13,100 434
Consolidated Stores Corp. * ................. 56,200 674
Insight Enterprises, Inc. * ................. 20,900 1,240
Tiffany & Co. ............................... 9,400 634
--------
2,982
Telecommunication Equipment - 1.4%
American Tower Corp. - Cl. A ................ 31,900 1,330
Exfo Electro-Optical Engineering, Inc. * .... 100 4
--------
1,334
Telecommunication Services - 1.2%
Loral Space & Communications, Ltd. * ........ 168,000 1,166
Transportation Services - 4.0%
Continental Airlines, Inc. - Cl. B * ........ 26,700 1,255
Kansas City Southern Industries, Inc. ....... 19,500 1,729
Southwest Airlines Co. ...................... 48,100 911
--------
3,895
--------
TOTAL COMMON STOCK- 99.1% 95,942
Par
Value
(000's)
SHORT-TERM INVESTMENTS - 1.8%
Investment in joint trading account (Note B)
6.853% due 07/03/00 ........................ $ 1,715 1,715
-------- --------
TOTAL INVESTMENTS- 100.9% 97,657
Payables, less cash and receivables- (0.9)% (844)
-------- --------
NET ASSETS- 100.0% 96,813
======== ========
* Non-income producing security.
See notes to financial statements.
124
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL/MID CAP GROWTH PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Automobile - 2.2%
United Rentals, Inc. * ..................... 235,700 $ 4,036
Banks - 2.1%
Mercantile Bankshares Corp. ................ 44,600 1,330
Westamerica Bancorporation ................. 45,100 1,178
Wilmington Trust Corp. ..................... 32,500 1,389
--------
3,897
Brokerage and Investment Management - 1.4%
Investment Technology Group, Inc. .......... 60,100 2,558
Business Services - 1.5%
American Management Systems, Inc. * ........ 86,700 2,846
Chemicals - 2.4%
MacDermid, Inc. ............................ 71,000 1,668
Minerals Technologies, Inc. ................ 62,000 2,852
--------
4,520
Commercial Services - 8.3%
ACNielson Corp. * .......................... 54,900 1,208
DeVry, Inc. * .............................. 87,200 2,305
G & K Services, Inc. - Cl. A ............... 134,400 3,368
Informix Corp. * ........................... 186,400 1,386
NOVA Corp. - Georgia * ..................... 93,800 2,621
Tetra Tech, Inc. * ......................... 55,300 1,265
TMP Worldwide, Inc. * ...................... 45,100 3,329
--------
15,482
Computer Equipment - 1.1%
Network Appliance, Inc. * .................. 11,700 942
The BISYS Group, Inc. * .................... 18,300 1,125
--------
2,067
Computer Software and Services - 20.8%
Acxiom Corp. * ............................. 84,400 2,300
Affiliated Computer Services, Inc. - Cl. A* 46,300 1,531
Black Box Corp. * .......................... 7,900 625
BroadVision, Inc. * ........................ 11,200 569
Cognos, Inc. * ............................. 35,800 1,481
Critical Path, Inc. * ...................... 14,400 840
DST Systems, Inc. * ........................ 43,000 3,273
Factset Research Systems, Inc. ............. 32,000 904
Fiserv, Inc. ............................... 54,000 2,335
IMS Health, Inc. ........................... 99,200 1,786
Intuit, Inc. * ............................. 28,800 1,192
Macromedia, Inc. * ......................... 25,500 2,466
Mercury Interactive Corp. * ................ 7,900 764
National Instruments Corp. * ............... 33,000 1,440
Phone.com, Inc. * .......................... 6,400 417
Rational Software Corp. * .................. 45,300 4,210
Shared Medical Systems Corp. ............... 39,600 2,888
SunGard Data Systems, Inc. ................. 96,400 2,988
Systems & Computer Technology Corp. * ...... 128,100 2,562
VeriSign, Inc. ............................. 4,730 835
Verity, Inc. * ............................. 71,200 2,706
Vignette Corp. * ........................... 11,500 598
--------
38,710
Consumer - Miscellaneous - 1.8%
Catalina Marketing Corp. * ................. 32,700 3,335
Containers - 2.4%
Bemis Co., Inc. ............................ 72,000 2,421
Sealed Air Corp. * ......................... 39,800 2,085
--------
4,506
Cosmetics and Personal Care Products - 0.6%
AptarGroup, Inc. ........................... 39,200 1,058
Electric Power - 2.8%
Calpine Corp. * ............................ 32,100 2,111
Montana Power Co. .......................... 90,200 3,185
--------
5,296
Electrical Equipment - 2.6%
Littelfuse, Inc. * ......................... 98,900 4,846
Electronic Products and Services - 10.1%
Burr-Brown Corp. * ......................... 27,400 2,375
Cypress Semiconductor Corp. * .............. 56,000 2,366
Dallas Semiconductor Corp. ................. 108,800 4,434
Lattice Semiconductor Corp. * .............. 39,800 2,751
Methode Electronics, Inc. - Cl. A .......... 43,300 1,672
Novellus Systems, Inc. * ................... 33,000 1,867
PMC-Sierra, Inc. * ......................... 5,500 977
Waters Corp. * ............................. 18,500 2,309
--------
18,751
Food, Beverage and Tobacco - 2.7%
Beringer Wine Estates Holdings * ........... 95,500 3,372
Pepsi Bottling Group, Inc. ................. 55,900 1,632
--------
5,004
Health Care Products - 8.2%
ALZA Corp. * ............................... 64,100 3,790
Becton, Dickinson & Co. .................... 48,000 1,377
Biomet, Inc. ............................... 84,000 3,229
Forest Laboratories, Inc. * ................ 16,400 1,656
Genzyme Corp. (General Division) * ......... 78,900 4,690
Haemonetics Corp. * ........................ 23,300 489
--------
15,231
Health Care Services - 1.8%
Covance, Inc. * ............................ 52,100 459
Idec Pharmaceuticals Corp. ................. 10,600 1,244
Trigon Healthcare, Inc. * .................. 31,300 1,614
--------
3,317
Household Appliances / Furnishings - 2.2%
Herman Miller, Inc. ........................ 157,400 4,073
125
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL/MID CAP GROWTH PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Insurance - 2.5%
Reinsurance Group of America ................. 155,740 $ 4,692
Leisure and Recreation - 1.5%
Speedway Motorsports, Inc. * ................. 125,500 2,887
Oil - 1.1%
Petro-Canada ................................. 109,600 2,089
Oil - Equipment and Services - 1.6%
Hanover Compressor Co. * ..................... 79,200 3,010
Oil and Natural Gas Exploration and Production - 1.0%
Murphy Oil Corp. ............................. 32,300 1,920
Pollution Control - 1.7%
Donaldson Co., Inc. .......................... 24,100 476
Ionics, Inc. * ............................... 88,900 2,723
--------
3,199
Retail - Department Stores - 3.3%
Bed Bath & Beyond, Inc. * .................... 37,700 1,367
Copper Mountain Networks, Inc. * ............. 17,300 1,524
Family Dollar Stores, Inc. ................... 162,000 3,169
--------
6,060
Retail - Food - 1.0%
Whole Foods Market, Inc. * ................... 45,700 1,888
Telecommunication Equipment - 5.7%
CIENA Corp. * ................................ 7,400 1,233
CommScope, Inc. * ............................ 63,100 2,587
Digital Microwave Corp. ...................... 74,200 2,829
Symbol Technologies, Inc. .................... 47,700 2,576
TriQuint Semiconductor, Inc. * ............... 9,700 928
Westell Technologies, Inc. Cl. A * ........... 31,000 465
--------
10,618
Telecommunication Services - 1.1%
Allegiance Telecom, Inc. * ................... 6,000 384
Broadwing, Inc. .............................. 21,000 545
McLeodUSA, Inc. - Cl. A * .................... 18,600 385
VoiceStream Wireless Corp. * ................. 5,600 651
--------
1,965
Transportation Services - 0.5%
EGL, Inc. * .................................. 28,700 883
--------
TOTAL COMMON STOCK- 96.0% 178,744
Par Market
Name of Issuer Value Value
(000's) (000's)
SHORT-TERM INVESTMENTS - 4.0%
Investment in joint trading account (Note B)
6.853% due 07/03/00 ......................... $ 7,413 $ 7,413
-------- --------
TOTAL INVESTMENTS- 100.0% 186,157
Payables, less cash and receivables- 0.0% (10)
-------- --------
NET ASSETS- 100.0% 186,147
======== ========
* Non-income producing security.
See notes to financial statements.
126
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
BOND INDEX PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS
Aerospace and Defense - 1.1%
Lockheed Martin Corp.
7.25% due 05/15/06 ........................... $ 300 $ 291
Raytheon Co. - Notes
6.75% due 08/15/07 ........................... 200 186
United Technologies Corp. - Debs.
8.875% due 11/15/19 .......................... 50 56
--------
533
Auto and Truck Parts - 0.1%
Dana Corp. - Notes
7.0% due 03/15/28 ............................ 75 63
Automobile - 0.7%
DaimlerChrysler NA Holding Co.
6.9% due 09/01/04 ............................ 150 147
Delphi Automotive Systems Corp. - Debs.
7.125% due 05/01/29 .......................... 50 43
Hertz Corp. - Sr. Notes
8.25% due 06/01/05 ........................... 125 127
--------
317
Banks - 4.2%
Abbey National plc - Debs.
7.95% due 10/26/29 ........................... 100 99
African Development Bank - Sub. Notes
6.875% due 10/15/15 .......................... 35 33
Asian Development Bank - Bonds
5.5% due 04/23/04 ............................ 270 256
Bank One Corp. - Sr. Notes
5.625% due 02/17/04 .......................... 150 141
BankAmerica Corp. - Sub. Notes
6.5% due 03/15/06 ............................ 150 142
Chase Manhattan Corp. - Sub. Notes
7.125% due 02/01/07 .......................... 225 218
First Union Corp. - Sub. Notes
8.125% due 06/24/02 .......................... 230 232
Fleet Financial Group - Sub. Debs.
6.7% due 07/15/28 ............................ 75 63
Golden West Financial Corp. - Sub. Notes
6.7% due 07/01/02 ............................ 150 147
InterAmerican Development Bank - Debs.
8.5% due 03/15/11 ............................ 200 220
Korea Development Bank - Bonds
7.375% due 09/17/04 .......................... 120 117
National City Bank of Pennsylvania -
Sub. Notes
7.25% due 10/21/11 ........................... 50 47
Royal Bank of Scotland plc - Sub. Notes
6.4% due 04/01/09 ............................ 50 45
Wachovia Corp. - Sub. Notes
5.625% due 12/15/08 .......................... 75 65
Wells Fargo & Co. - Sub. Notes
6.875% due 04/01/06 .......................... 150 145
--------
1,970
Brokerage and Investment Management - 0.8%
Lehman Brothers Holdings, Inc. - Notes
8.5% due 05/01/07 ............................ 100 101
Merrill Lynch & Co., Inc. - Notes
8.0% due 06/01/07 ............................ 200 202
Morgan Stanley, Dean Witter, Discover & Co.
6.875% due 03/01/07 .......................... 100 94
--------
397
Business Services - 0.5%
Comdisco, Inc. - Notes
6.125% due 01/15/03 .......................... 150 141
Electronic Data Systems Corp.
7.125% due 10/15/09 .......................... 100 97
--------
238
Chemicals - 0.9%
ICI Wilmington, Inc. - Debs.
8.75% due 05/01/01 ........................... 300 302
Morton International, Inc. - Debs.
9.25% due 06/01/20 ........................... 40 46
Rohm & Haas Co. - Notes
7.4% due 07/15/09 ............................ 80 79
--------
427
Computer Equipment - 0.6%
Hewlett - Packard Co. - Notes
7.15% due 06/15/05 ........................... 200 200
International Business Machines Corp. - Debs.
7.0% due 10/30/25 ............................ 100 96
--------
296
Consumer - Miscellaneous - 0.2%
Fortune Brands, Inc. - Debs.
7.875% due 01/15/23 .......................... 100 99
Diversified Operations - 0.9%
Diageo Capital plc
6.125% due 08/15/05 .......................... 200 189
Honeywell International, Inc. - Notes
7.5% due 03/01/10 ............................ 75 75
John Deere Capital Corp. - Notes
6.0% due 02/15/09 ............................ 60 52
Seagram, Ltd.
8.35% due 01/15/22 ........................... 50 50
127
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
BOND INDEX PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
Diversified Operations - Continued
Tyco International Group SA
6.375% due 06/15/05 .......................... 80 $ 76
--------
442
Electric Power - 1.4%
CalEnergy Co., Inc. - Bonds
8.48% due 09/15/28 ........................... 60 61
Duke Energy Co. - 1st Ref. Mtg.
6.75% due 08/01/25 ........................... 100 85
Enersis SA - Notes
6.9% due 12/01/06 ............................ 30 28
Florida Power & Light Co.
7.75% due 02/01/23 ........................... 50 48
Ontario Hydro - Local Govt. Gtd.
6.1% due 01/30/08 ............................ 100 93
Philadelphia Electric Co. - 1st Ref. Mtg.
7.125% due 09/01/02 .......................... 100 99
Tennessee Valley Authority
6.75% due 11/01/25 ........................... 100 93
Virginia Electric Power Co. - 1st Mtge.
7.625% due 07/01/07 .......................... 150 148
--------
655
Financial Services - 3.6%
Ameritech Capital Funding Corp.
6.875% due 10/15/27 .......................... 60 53
Associates Corp. of North America
5.5% due 02/15/04 ............................ 175 163
Citicorp Capital II
8.015% due 02/15/27 .......................... 100 93
Ford Capital BV - Debs.
9.5% due 06/01/10 ............................ 150 163
GATX Capital Corp. - Notes
6.875% due 12/15/06 .......................... 100 94
General Electric Capital Corp. - Debs.
8.75% due 05/21/07 ........................... 250 269
Goldman Sachs Group, Inc.
7.8% due 01/28/10 ............................ 100 99
KFW International Finance - Debs.
9.125% due 05/15/01 .......................... 300 305
Morgan Stanley, Dean Witter, Discover & Co. -
Notes
6.875% due 03/01/03 .......................... 200 198
Newcourt Credit Group, Inc. Ser. B
6.875% due 02/16/05 .......................... 100 96
Sumitomo Bank International Finance NV - Notes
8.5% due 06/15/09 ............................ 100 101
Washington Mutual Capital I
8.375% due 06/01/27 .......................... 60 53
--------
1,687
Food, Beverage and Tobacco - 1.5%
Archer Daniels Midland Co. - Notes
6.25% due 05/15/03 ........................... 275 265
Coca-Cola Enterprises, Inc. - Debs.
8.5% due 02/01/22 ............................ 100 106
Conagra, Inc. - Debs.
9.75% due 03/01/21 ........................... 75 83
Philip Morris Cos., Inc. - Debs.
8.25% due 10/15/03 ........................... 100 100
SUPERVALU, Inc. - Notes
7.625% due 09/15/04 .......................... 150 149
--------
703
Foreign Governmental - 2.2%
Government of New Zealand - Debs.
8.75% due 12/15/06 ........................... 120 130
Hydro-Quebec
8.4% due 01/15/22 ............................ 100 106
Kingdom of Sweden - Debs.
12.0% due 02/01/10 ........................... 75 99
Malaysia - Bonds
8.75% due 06/01/09 ........................... 50 51
Province of Manitoba - Debs.
6.875% due 09/15/02 .......................... 200 199
Province of Newfoundland - Debs.
9.0% due 10/15/21 ............................ 60 68
Province of Ontario
8.0% due 10/17/01 ............................ 200 202
Province of Quebec - Debs.
7.5% due 07/15/23 ............................ 100 98
Republic of Korea
8.75% due 04/15/03 ........................... 85 87
--------
1,040
Health Care Products - 0.2%
Eli Lilly & Co. - Notes
7.125% due 06/01/25 .......................... 80 78
Insurance - 0.6%
Aetna Services, Inc.
7.625% due 08/15/26 .......................... 100 85
Hartford Life, Inc. Debs.
7.65% due 06/15/27 ........................... 50 48
Torchmark, Inc. - Debs.
8.25% due 08/15/09 ........................... 100 101
Travelers Property Casualty Corp. - Sr. Notes
7.75% due 04/15/26 ........................... 50 48
--------
282
Machinery - 0.5%
Caterpillar, Inc. - Debs.
8.0% due 02/15/23 ............................ 50 50
128
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
BOND INDEX PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
Machinery - Continued
Reliance Electric Co. - Notes
6.8% due 04/15/03 ............................ 200 $ 199
--------
249
Media - TV / Radio - 1.0%
News America Holdings, Inc. - Debs.
7.7% due 10/30/25 ............................ 100 91
TCI Communciations, Inc. - Sr. Notes
7.125% due 02/15/28 .......................... 70 63
The Walt Disney Co. - Sr. Notes
6.75% due 03/30/06 ........................... 200 196
Time Warner Entertainment, Inc. - Sr. Notes
8.375% due 07/15/33 .......................... 100 102
--------
452
Metals and Mining - 0.4%
Noranda, Inc. - Debs.
7.0% due 07/15/05 ............................ 200 188
Natural Gas Distribution - 0.5%
Enron Corp. - Notes
6.75% due 09/15/04 ........................... 100 97
Pacific Gas & Electric Co.
6.75% due 10/01/23 ........................... 50 43
Tennessee Gas Pipeline - Bonds
7.5% due 04/01/17 ............................ 100 95
--------
235
Oil - 0.6%
Atlantic Richfield Co. (ARCO) - Notes
5.55% due 04/15/03 ........................... 75 73
Conoco, Inc. - Sr. Notes
6.95% due 04/15/29 ........................... 90 82
Occidental Petroleum Corp. - Debs.
7.2% due 04/01/28 ............................ 40 35
Tosco Corp. - Notes
7.625% due 05/15/06 .......................... 115 113
--------
303
Oil - Equipment and Services - 0.5%
Coastal Corp. - Debs.
6.5% due 06/01/08 ............................ 100 93
Petroleum-Geo Services ASA - Sr. Notes
6.625% due 03/30/08 .......................... 175 155
--------
248
Oil and Natural Gas Exploration and Production - 0.6%
Burlington Resources, Inc - Debs.
9.125% due 10/01/21 .......................... 90 100
Norsk Hydro A/S
7.25% due 09/23/27 ........................... 75 67
Phillips Petroleum Co. - Debs.
6.65% due 07/15/18 ........................... 50 43
Union Oil Co. of California
7.5% due 02/15/29 ............................ 60 57
--------
267
Paper and Forest Products - 0.4%
Bowater, Inc. - Debs.
9.0% due 08/01/09 ............................ 100 104
Champion International Corp. - Debs.
7.35% due 11/01/25 ........................... 50 44
Westvaco Corp. - Notes
7.1% due 11/15/09 ............................ 35 33
--------
181
Personal and Commercial Lending - 3.4%
Aristar, Inc. - Sr. Notes
6.5% due 11/15/03 ............................ 200 191
CitiFinacial Credit Co. - Notes
5.9% due 09/01/03 ............................ 150 143
Ford Motor Co. - Bonds
6.625% due 02/15/28 .......................... 50 42
Ford Motor Credit Co.
6.125% due 01/09/06 .......................... 300 279
Ford Motor Credit Co. - Sr. Notes
5.75% due 02/23/04 ........................... 200 188
General Motors Acceptance Corp.
5.85% due 01/14/09 ........................... 100 88
General Motors Acceptance Corp. - Notes
9.625% due 12/15/01 .......................... 350 361
Household Finance Corp. - Notes
6.5% due 11/15/08 ............................ 130 118
Toyota Motor Credit Corp. - Notes
5.5% due 12/15/08 ............................ 60 53
U.S. West Capital Funding , Inc.
6.5% due 11/15/18 ............................ 150 127
--------
1,590
Real Estate Investment Trust - 0.1%
Spieker Properties, Inc. - Debs.
7.5% due 10/01/27 ............................ 40 34
Retail - Department Stores - 0.4%
Dayton Hudson Corp. - Debs.
6.75% due 01/01/28 ........................... 25 21
Gap, Inc. - Notes
6.9% due 09/15/07 ............................ 100 97
Wal-Mart Stores, Inc. - Debs.
6.75% due 10/15/23 ........................... 100 92
--------
210
Retail - Food - 0.2%
Albertson's, Inc. - Notes
6.625% due 06/01/28 .......................... 50 41
129
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
BOND INDEX PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
Retail - Food - Continued
McDonald's Corp. - Sub. Debs.
7.31% due 09/15/27 ........................... $ 60 $ 57
-------
98
Telecommunication Equipment - 0.5%
GTE Corp. - Debs.
6.94% due 04/15/28 ........................... 100 88
Lucent Technologies, Inc. - Debs.
6.5% due 01/15/28 ............................ 50 45
Lucent Technologies, Inc. - Notes
7.25% due 07/15/06 ........................... 100 101
-------
234
Telecommunication Services - 1.0%
AT&T Canada, Inc. - Sr. Notes
7.65% due 09/15/06 ........................... 150 148
Bell Canada
7.75% due 04/01/06 ........................... 125 126
BellSouth Telecommunications, Inc. - Debs.
7.0% due 10/01/25 ............................ 100 90
Deutsche Telekom International Finance
8.25% due 06/15/30 ........................... 100 102
-------
466
Telephone - 1.9%
ALLTEL Corp. - Sr. Notes
7.6% due 04/01/09 ............................ 100 100
AT&T Corp. - Notes
6.0% due 03/15/09 ............................ 200 178
6.5% due 03/15/29 ............................ 60 50
Comcast Cable Communications - Notes
8.875% due 05/01/17 .......................... 75 81
MCI Worldcom, Inc. - Sr. Notes
6.4% due 08/15/05 ............................ 200 190
New York Telephone Co. - Debs.
7.25% due 02/15/24 ........................... 100 90
SBC Communications Capital Corp. - Debs.
5.875% due 06/01/03 .......................... 100 96
South Carolina Electric & Gas - 1st Mtge.
7.5% due 06/15/23 ............................ 100 93
-------
878
Transportation Services - 0.9%
American Airlines, Inc. - Pass Through
Certificates
7.024% due 04/15/11 .......................... 60 57
CSX Corp. - Debs.
7.45% due 05/01/07 ........................... 125 120
Delta Air Lines, Inc. - Debs.
10.375% due 12/15/22 ......................... 100 109
Norfolk Southern Corp. - Notes
7.35% due 05/15/07 ........................... 125 121
-------
407
U.S. Government Agencies - 15.4%
Federal Home Loan Bank - Bonds
5.58% due 08/17/01 ........................... 300 295
6.75% due 02/15/02 ........................... 600 598
Federal Home Loan Bank Disc. Corp. -
Sr. Notes
5.8% due 09/02/08 ............................ 225 207
Federal Home Loan Mortgage Corp. - Bonds
7.1% due 04/10/07 ............................ 700 699
Federal Home Loan Mortgage Corp. - Notes
5.75% due 04/15/08 ........................... 250 230
5.75% due 07/15/03 ........................... 800 773
6.3% due 06/01/04 ........................... 300 290
6.875% due 01/15/05 .......................... 150 149
Federal National Mortgage Assoc. - Notes
5.125% due 02/13/04 .......................... 230 216
5.375% due 03/15/02 .......................... 450 439
5.625% due 05/14/04 .......................... 1,100 1,048
5.875% due 04/23/04 .......................... 300 286
6.0% due 05/15/08 ............................ 340 317
6.25% due 05/15/29 ........................... 465 418
6.5% due 04/29/09 ............................ 200 187
7.125% due 03/15/07 .......................... 525 526
4.75% due 11/14/03 ........................... 175 163
6.19% due 02/19/09 ........................... 120 110
7.125% due 01/15/30 .......................... 109 110
Financing Corp. - Bonds
8.6% due 09/26/19 ............................ 150 172
-------
7,233
U.S. Governmental - 48.3%
U.S. Treasury - Bond
10.75% due 08/15/05 .......................... 600 715
U.S. Treasury - Bonds
5.5% due 08/15/28 ............................ 800 734
5.875% due 11/15/04 .......................... 225 222
6.25% due 05/15/30 ........................... 300 315
6.5% due 11/15/26 ............................ 185 193
6.75% due 08/15/26 ........................... 275 296
7.625% due 11/15/22 .......................... 1,240 1,451
8.125% due 08/15/21 .......................... 600 733
8.75% due 05/15/17 ........................... 1,265 1,593
8.75% due 08/15/20 ........................... 1,100 1,414
9.25% due 02/15/16 ........................... 300 389
11.125% due 08/15/03 ......................... 2,000 2,263
11.25% due 02/15/15 .......................... 260 383
11.75% due 02/15/10 .......................... 250 302
11.75% due 11/15/14 .......................... 465 640
U.S. Treasury - Notes
4.75% due 02/15/04 ........................... 1,250 1,189
130
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
BOND INDEX PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
U.S. Governmental - Continued
4.75% due 11/15/08 ........................... $ 660 $ 599
5.5% due 07/31/01 ............................ 600 594
5.625% due 05/15/08 .......................... 1,375 1,326
5.875% due 11/15/05 .......................... 890 875
6.375% due 03/31/01 .......................... 400 400
6.375% due 08/15/02 .......................... 960 959
6.5% due 05/31/02 ............................ 1,600 1,602
7.5% due 11/15/01 ............................ 800 810
7.5% due 05/15/02 ............................ 450 458
7.875% due 11/15/04 .......................... 1,020 1,080
8.0% due 05/15/01 ............................ 1,100 1,114
United Mexican States - Notes
9.875% due 02/01/10 .......................... 120 125
--------
22,774
--------
TOTAL PUBLICLY-TRADED BONDS- 96.1% 45,274
SHORT-TERM INVESTMENTS - 2.5%
Investment in joint trading account (Note B)
6.853% due 07/03/00 .......................... 1,185 1,185
-------- --------
TOTAL INVESTMENTS- 98.6% 46,459
Cash and Receivables, less payables- 0.4% 663
-------- --------
NET ASSETS- 100.0% 47,122
See notes to financial statements.
131
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE CAP AGGRESSIVE GROWTH PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Aerospace and Defense - 1.7%
United Technologies Corp. ............ 7,300 $ 430
Banks - 1.1%
Chase Manhattan Corp. ................ 5,000 231
Wells Fargo & Co. .................... 1,400 54
------
285
Brokerage and Investment Management -
2.0%
Goldman Sachs Group, Inc. ............ 100 10
Morgan Stanley, Dean Witter,
Discover & Co. ...................... 5,900 491
------
501
Computer Equipment - 9.1%
Dell Computer Corp. * ................ 11,600 572
Foundry Networks, Inc. * ............. 100 11
Intel Corp. .......................... 10,100 1,350
Lexmark International Group,
Inc. - Cl. A * ...................... 1,800 121
VeriSign, Inc. ....................... 915 161
VERITAS Software Corp. * ............. 500 57
------
2,272
Computer Software and Services - 9.8%
EMC Corp. * .......................... 9,500 731
IMS Health, Inc. ..................... 1,200 22
Microsoft Corp. ...................... 10,200 816
Oracle Corp. * ....................... 8,200 689
Sun Microsystems, Inc. * ............. 1,900 173
------
2,431
Cosmetics and Personal Care Products -
1.4%
Colgate-Palmolive Co. ................ 5,700 341
Diversified Operations - 7.9%
Corning, Inc. ........................ 1,800 486
Tyco International, Ltd. ............. 31,500 1,492
------
1,978
Electronic Products and Services - 12.1%
Applied Materials, Inc. * ............ 12,200 1,106
Cisco Systems, Inc. * ................ 17,700 1,125
Micron Technology, Inc. * ............ 2,600 229
PE Corp-BE Biosystems Group .......... 500 33
PMC-Sierra, Inc. * ................... 1,000 178
Texas Instruments, Inc. .............. 4,900 336
------
3,007
Financial Services - 5.9%
Associates First Capital
Corp. - Cl. A* ...................... 23,300 520
Citigroup, Inc. ...................... 15,700 946
------
1,466
Health Care Products - 10.2%
Medtronic, Inc. ...................... 5,700 284
Pfizer, Inc. ......................... 27,075 1,299
Pharmacia Corp. ...................... 3,500 181
Schering-Plough Corp. ................ 15,400 778
------
2,542
Insurance - 0.9%
American International Group, Inc. ... 1,800 211
Media - Publishing - 4.0%
AT&T Corp. - Liberty Media Group - Cl.
A * ................................. 38,000 921
Comcast Corp. - Cl. A ................ 2,000 81
------
1,002
Media - TV / Radio - 5.9%
AMFM, Inc. * ......................... 2,800 193
Cox Communications, Inc. - Cl. A * ... 100 5
The Walt Disney Co. .................. 3,300 128
Time Warner, Inc. .................... 9,900 752
Viacom, Inc. - Cl. B * ............... 5,621 383
------
1,461
Personal and Commercial Lending - 1.4%
MBNA Corp. ........................... 12,900 350
Retail - Department Stores - 5.8%
eBay, Inc. * ......................... 1,800 98
Gap, Inc. ............................ 5,800 181
Home Depot, Inc. ..................... 12,600 629
Kohl's Corp. ......................... 4,800 267
Lowe's Cos., Inc. .................... 5,500 226
Target Corp. ......................... 900 52
------
1,453
Retail - Drug Stores - 1.0%
Walgreen Co. ......................... 7,700 248
Telecommunication Equipment - 10.1%
E-Tek Dynamics, Inc. * ............... 1,100 290
Nokia Oyj - ADR ...................... 31,300 1,563
Nortel Networks Corp. ................ 9,500 649
Sycamore Networks, Inc. * ............ 200 22
------
2,524
Telecommunication Services - 4.9%
MediaOne Group, Inc. ................. 6,800 451
Telefonaktiebolaget LM Ericsson AB -
ADR ................................. 6,000 120
Vodafone AirTouch plc - ADR .......... 15,700 650
------
1,221
Telephone - 2.8%
AT&T Wireless Group * ................ 18,800 524
Sprint Corp. ......................... 3,600 184
------
708
U.S. Government Agencies - 1.1%
Federal Home Loan Mortgage Corp. ..... 6,200 251
132
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
LARGE CAP AGGRESSIVE GROWTH PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
U.S. Government Agencies - Continued
Federal National Mortgage Assoc. ...... 400 $ 21
-------
272
-------
TOTAL COMMON STOCK- 99.1% 24,703
Par
Value
(000's)
COMMERCIAL PAPER - 1.4%
General Electric Capital Corp.
6.8% due 07/03/00 .................... $ 342 342
------ ------
TOTAL INVESTMENTS- 100.5% 25,045
Payables, less cash and receivables- (0.5)% (118)
------ ------
NET ASSETS- 100.0% 24,927
====== ======
* Non-income producing security.
ADR-American Depository Receipt
See notes to financial statements.
133
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL/MID CAP CORE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Aerospace and Defense - 0.4%
GenCorp, Inc. ............................... 2,700 $ 22
HEICO Corp. ................................. 1,200 17
The Titan Corp. * ........................... 600 27
-------
66
Auto and Truck Parts - 0.8%
Avis Rent A Car, Inc. * ..................... 600 11
Bandag, Inc. ................................ 800 19
Cummins Engine Company, Inc. ................ 1,000 27
Lear Corp. * ................................ 800 16
Navistar International Corp., Inc. - Cl. B .. 800 25
Superior Industries International, Inc. ..... 1,000 26
Tower Automotive, Inc. * .................... 600 8
-------
132
Automobile - 0.2%
Lithia Motors, Inc. - Cl. A * ............... 600 8
Oshkosh Truck Corp. ......................... 900 32
-------
40
Banks - 4.5%
Associated Banc-Corp. ....................... 880 19
Bancwest Corp. .............................. 2,400 39
Banknorth Group, Inc. ....................... 1,825 28
Capitol Federal Financial ................... 2,100 23
Cathay Bancorp, Inc. ........................ 600 28
City National Corp. ......................... 1,500 52
Community Trust Bancorp, Inc. ............... 1,240 22
CORUS Bankshares, Inc. ...................... 1,200 32
Cullen/Frost Bankers, Inc. .................. 1,500 39
Dime Bancorp, Inc. .......................... 1,500 24
Downey Financial Corp. ...................... 1,900 55
F & M National Corp. ........................ 1,000 21
First Citizens BancShares, Inc. - Cl. A ..... 300 18
First Security Corp. ........................ 1,900 26
First Sentinel Bancorp, Inc. ................ 1,500 12
First United Bancshares, Inc. ............... 600 9
Greater Bay Bancorp ......................... 800 38
Hancock Holding Co. ......................... 700 24
Hibernia Corp. - Cl. A ...................... 1,500 16
Hudson River Bancorp ........................ 2,700 32
Imperial Bancorp * .......................... 1,400 22
Mercantile Bankshares Corp. ................. 1,000 30
North Fork Bancorporation, Inc. ............. 800 12
OceanFirst Financial Corp. .................. 1,100 20
Omega Financial Corp. ....................... 600 15
Roslyn Bancorp, Inc. ........................ 1,300 22
Silicon Valley Bancshares * ................. 1,400 60
United Community Financial Corp. ............ 2,000 13
-------
751
Brokerage and Investment Management - 1.6%
A.G. Edwards, Inc. .......................... 1,100 43
Affiliated Managers Group, Inc. * ........... 900 41
Jefferies Group, Inc. ....................... 700 14
John Nuveen Co. - Cl. A ..................... 900 38
Raymond James Financial, Inc. ............... 1,900 43
Southwest Securities Group, Inc. ............ 500 18
Tucker Anthony Sutro Corp. .................. 1,100 20
Waddell & Reed Financial, Inc. - Cl. A ...... 1,600 52
-------
269
Business Services - 1.1%
Comdisco, Inc. .............................. 1,500 33
Forrester Research, Inc. * .................. 300 22
Harris Corp. ................................ 900 30
Manpower, Inc. .............................. 1,000 32
Robert Half International, Inc. ............. 2,000 57
-------
174
Chemicals - 1.3%
Albemarle Corp. ............................. 1,200 24
Arch Chemicals, Inc. ........................ 400 9
ChemFirst, Inc. ............................. 1,200 29
Crompton Corp. .............................. 1,400 17
Cytec Industries, Inc. * .................... 700 17
H.B. Fuller Co. ............................. 400 18
IMC Global, Inc. ............................ 1,200 16
Lubrizol Corp. .............................. 1,600 34
Millennium Chemicals, Inc. .................. 1,200 20
Octel Corp. * ............................... 1,500 12
Sigma-Aldrich Corp. ......................... 900 26
-------
222
Commercial Services - 4.0%
ACNielson Corp. * ........................... 1,000 22
ADVO, Inc. .................................. 800 34
Brady Corp. - Cl. A ......................... 1,100 36
CSG Systems International, Inc. * ........... 400 22
Diamond Technology Partners, Inc. ........... 400 35
F.Y.I., Inc. * .............................. 700 24
Fair Issac & Co., Inc. ...................... 500 22
Informix Corp. * ............................ 3,250 24
infoUSA, Inc. * ............................. 1,000 6
Lamar Advertising Co. * ..................... 700 30
Macrovision Corp. * ......................... 400 26
Paxar Corp. * ............................... 1,200 14
Plexus Corp. * .............................. 200 23
Power One, Inc. * ........................... 450 51
Quanta Services, Inc. * ..................... 650 36
Standard Register Co. ....................... 1,100 16
StarTek, Inc. * ............................. 200 10
Steelcase, Inc. - Cl. A ..................... 2,700 46
Stericycle, Inc. * .......................... 600 14
Sybase, Inc. * .............................. 800 18
TeleTech Holdings, Inc. * ................... 600 19
Thor Industries, Inc. ....................... 500 10
TMP Worldwide, Inc. * ....................... 500 37
134
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL/MID CAP CORE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Commercial Services - Continued
Valassis Communications, Inc. * .............. 750 $ 29
Ventiv Health, Inc. * ........................ 1,100 12
Veritas DGC, Inc. * .......................... 600 16
Wackenhut Corp. - Cl. A ...................... 600 8
Waste Connections, Inc. * .................... 900 18
-------
658
Computer Equipment - 3.1%
Adaptec, Inc. * .............................. 800 18
Diebold, Inc. ................................ 1,000 28
Extreme Networks, Inc. * ..................... 200 21
InFocus Corp. * .............................. 900 29
Intergraph Corp. ............................. 100 1
Mercury Computer Systems, Inc. * ............. 500 16
MTI Technology Corp. * ....................... 500 4
Network Appliance, Inc. * .................... 2,200 177
Quantum Corp. - DLT & Storage * .............. 1,200 11
SanDisk Corp. * .............................. 600 37
Tech Data Corp. * ............................ 500 22
VeriSign, Inc. ............................... 815 144
-------
508
Computer Software and Services - 10.6%
24/7 Media, Inc. ............................. 200 3
Actuate Software Corp. ....................... 700 37
Advanced Digital Information Corp. * ......... 1,100 18
Advent Software, Inc. * ...................... 300 19
Affiliated Computer Services, Inc. - Cl. A * . 800 26
Allaire Corp. * .............................. 100 4
Aspen Technologies, Inc. * ................... 300 12
Autodesk, Inc. ............................... 700 24
Avant! Corp. * ............................... 1,200 22
AVT Corp. * .................................. 500 4
AXENT Technologies, Inc. * ................... 400 10
Barra, Inc. * ................................ 600 30
BEA Systems, Inc. ............................ 2,500 124
BroadVision, Inc. * .......................... 1,400 71
Brocade Communications Systems, Inc. * ....... 100 18
Cabletron Systems, Inc. * .................... 1,600 40
Cadence Design Systems, Inc. * ............... 1,700 35
CheckFree Hol dings Corp. * .................. 300 15
CNET Networks, Inc. .......................... 500 12
Cognizant Technology Solutions Corp. ......... 200 7
Critical Path, Inc. * ........................ 200 12
Documentum, Inc. * ........................... 400 36
DoubleClick, Inc. * .......................... 756 29
DST Systems, Inc. * .......................... 500 38
EarthLink, Inc. * ............................ 561 9
Echelon Corp. * .............................. 100 6
Exodus Communications, Inc. * ................ 3,000 138
FileNet Corp. * .............................. 800 15
Globix Corp. * ............................... 200 6
go.com * ..................................... 330 4
Go2Net, Inc. * ............................... 200 10
HNC Software, Inc. ........................... 500 31
Hyperion Solutions Corp. ..................... 500 16
i2 Technologies, Inc. * ...................... 820 86
IGATE Capital Corp. .......................... 900 12
InfoSpace.com, Inc. * ........................ 900 50
ISS Group, Inc. * ............................ 200 20
Macromedia, Inc. * ........................... 300 29
Manugistics Group, Inc. * .................... 500 23
MarchFirst, Inc. * ........................... 1,432 26
Mercury Interactive Corp. * .................. 700 68
Micromuse, Inc. * ............................ 200 33
MicroStrategy, Inc. * ........................ 900 27
Midway Games, Inc. * ......................... 1,800 15
Network Associates, Inc. ..................... 1,100 22
NVIDIA Corp. * ............................... 400 25
Open Market, Inc. * .......................... 400 6
Peregrine Systems, Inc. * .................... 800 28
Pinnacle Systems, Inc. ....................... 400 9
Portal Software, Inc. * ...................... 100 6
Proxicom, Inc. * ............................. 200 10
PSINet, Inc. * ............................... 800 20
Rare Medium Group, Inc. * .................... 400 6
Rational Software Corp. * .................... 700 65
Redback Networks, Inc. * ..................... 100 18
Remedy Corp. * ............................... 400 22
Rhythms NetConnections, Inc. * ............... 400 5
RSA Security, Inc. * ......................... 400 28
Safeguard Scientifics, Inc. * ................ 800 26
Sapient Corp. ................................ 200 21
SCM Microsystems, Inc. * ..................... 200 12
SoftNet Systems, Inc. ........................ 100 1
Spyglass, Inc. * ............................. 200 6
Symantec Corp. * ............................. 600 32
Synopsys, Inc. ............................... 500 17
Unigraphics Solutions, Inc. * ................ 300 6
Verio, Inc. .................................. 500 28
Verity, Inc. * ............................... 300 11
VerticalNet, Inc. * .......................... 600 22
Vignette Corp. * ............................. 700 36
-------
1,758
Construction - 1.0%
Butler Manufacturing Co. ..................... 1,700 29
Centex Construction Products, Inc. ........... 500 11
Dycom Industries, Inc. ....................... 400 18
Lafarge Corp. ................................ 1,000 21
NVR, Inc. * .................................. 600 34
Pitt - Des Moines, Inc. ...................... 400 8
USG Corp. * .................................. 1,300 40
-------
161
Consumer - Miscellaneous - 0.7%
Briggs & Stratton Corp. ...................... 800 27
Herbalife International, Inc. - Cl. A ........ 1,100 10
135
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL/MID CAP CORE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - Continued
Consumer - Miscellaneous - Continued
Learning Tree International, Inc. * ............. 500 $ 31
Nu Skin Enterprises, Inc. - Cl. A * ............. 2,300 13
SCP Pool Corp. * ................................ 600 14
Toro Co. ........................................ 500 16
-------
111
Containers - 0.5%
Bemis Co., Inc. ................................. 1,300 44
Sonoco Products Co. ............................. 1,700 35
-------
79
Cosmetics and Personal Care Products - 0.3%
Alberto-Culver Co. - Cl. B ...................... 1,700 52
Diversified Operations - 1.3%
A.O. Smith Corp. ................................ 1,400 29
Chemed Corp. .................................... 700 20
Coherent, Inc. * ................................ 300 25
ITT Industries, Inc. ............................ 1,500 45
Lancaster Colony Corp. .......................... 1,100 21
Pall Corp. ...................................... 1,500 28
Reynolds & Reynolds Co. - Cl. A ................. 1,200 22
Trinity Industries, Inc. ........................ 1,400 26
-------
216
Electric Power - 3.0%
Calpine Corp. * ................................. 1,600 105
CMP Group, Inc. ................................. 1,000 29
El Paso Electric Company ........................ 2,600 29
Energy East Corp. ............................... 3,100 59
LG&E Energy Corp. ............................... 700 17
Ni Source, Inc. ................................. 1,200 22
Pinnacle West Capital Corp. ..................... 1,400 47
Public Service Co. of New Mexico ................ 1,000 15
Puget Sound Energy, Inc. ........................ 1,400 30
RGS Energy Group, Inc. .......................... 2,900 65
UtiliCorp United, Inc. .......................... 1,100 22
Western Resources, Inc. ......................... 1,900 30
Wisconsin Energy Corp. .......................... 1,200 24
-------
494
Electrical Equipment - 1.1%
American Power Conversion ....................... 1,300 54
Anixter International, Inc. ..................... 1,100 29
Integrated Device Technology, Inc. * ............ 800 48
Littelfuse, Inc. * .............................. 600 29
The Genlyte Corp. * ............................. 900 19
-------
179
Electronic Products and Services - 12.4%
Advanced Micro Devices, Inc. * .................. 1,400 108
Alliance Semiconductor Corp. * .................. 800 20
Alliant Energy Corp. ............................ 1,700 44
Amkor Technology, Inc. * ........................ 800 28
Amphenol Corp. - Cl. A * ........................ 600 40
Anadigics, Inc. * ............................... 450 15
Applied Micro Circuits Corp. * .................. 900 89
Arrow Electronics, Inc. * ....................... 1,300 40
Asyst Technologies, Inc. * ...................... 400 14
Atmel Corp. * ................................... 2,200 81
AVX Corp. ....................................... 1,000 23
Ball Corp. ...................................... 900 29
Brooks Automation, Inc. * ....................... 300 19
C-COR.net Corp. * ............................... 400 11
Cognex Corp. * .................................. 500 26
Compucom Systems, Inc. * ........................ 500 1
Conexant Systems, Inc. * ........................ 1,300 63
Credence Systems Corp. * ........................ 500 28
Cree, Inc. * .................................... 300 40
Cypress Semiconductor Corp. * ................... 1,100 46
Cytyc Corp. * ................................... 500 27
Dallas Semiconductor Corp. ...................... 800 33
Electronics for Imaging, Inc. * ................. 500 13
Emulex Corp. * .................................. 400 26
Entrust Technologies, Inc. ...................... 200 16
General Semiconductor, Inc. ..................... 400 6
Kemet Corp. * ................................... 1,400 35
Kopin Corp. ..................................... 300 21
Lam Research Corp. * ............................ 1,400 52
Lattice Semiconductor Corp. * ................... 400 28
LTX Corp. * ..................................... 800 28
MedQuist, Inc. * ................................ 500 17
Microchip Technology, Inc * ..................... 650 38
Moog, Inc. - Cl. A * ............................ 900 24
MRV Communications, Inc. * ...................... 600 40
National Semiconductor Corp. * .................. 1,400 79
Novellus Systems, Inc. * ........................ 1,100 62
PerkinElmer, Inc. ............................... 500 33
PMC-Sierra, Inc. * .............................. 1,100 195
QLogic Corp. * .................................. 500 33
Sawtek, Inc. * .................................. 400 23
SCI Systems, Inc. * ............................. 1,200 47
SDL, Inc. * ..................................... 500 143
Sensormatic Electronics Corp. * ................. 1,200 19
Silicon Valley Group, Inc. * .................... 700 18
Tektronix, Inc. ................................. 700 52
TranSwitch Corp. * .............................. 500 39
Trimble Navigation, Ltd. * ...................... 200 10
Vicor Corp. * ................................... 600 21
Vishay Intertechnology, Inc. * .................. 1,162 44
Waters Corp. * .................................. 500 62
-------
2,049
Energy - Alternative Source - 0.7%
Dynegy, Inc. - Cl.A ............................. 1,600 109
Engineering and Construction - 0.2%
Fluor Corp. ..................................... 1,300 41
136
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL/MID CAP CORE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - Continued
Financial Services - 0.6%
Advanta Corp. - Cl. A .............................. 800 $ 10
AmeriCredit Corp. * ................................ 1,300 22
GreenPoint Financial Corp. ......................... 1,300 25
National Discount Brokers * ........................ 600 19
Rollins Truck Leasing Corp. ........................ 1,600 11
S1 Corp. * ......................................... 400 9
-------
96
Food, Beverage and Tobacco - 1.8%
Canandaigua Brands, Inc. - Cl. A * ................ 600 30
Corn Products International, Inc. .................. 1,100 29
Fleming Cos., Inc. ................................. 1,300 17
IBP, Inc. .......................................... 2,400 37
J.M. Smucker Co. ................................... 1,300 25
NBTY, Inc. * ....................................... 1,500 10
Pepsi Bottling Group, Inc. ......................... 2,200 64
Pilgrims Pride Corp. - Cl. B ....................... 1,400 10
Robert Mondavi Corp. - Cl. A * .................... 700 22
Suiza Foods Corp. * ................................ 500 25
SUPERVALU, Inc. .................................... 1,800 34
-------
303
Health Care Products - 7.9%
Abgenix, Inc. * .................................... 200 24
Affymetrix, Inc. * ................................. 200 33
Alkermes, Inc. * ................................... 400 19
Alpharma, Inc. - Cl. A ............................. 900 56
ALZA Corp. * ....................................... 800 47
Andrx Corp. * ...................................... 400 26
Beckman Coulter, Inc. .............................. 500 29
Bergen Brunswig Corp. - Cl. A ...................... 3,000 16
Block Drug Co. - Cl. A ............................. 1,036 44
C.R. Bard, Inc. .................................... 600 29
Celera Genomics * .................................. 500 47
Celgene Corp. * .................................... 600 35
Cephalon, Inc. * ................................... 300 18
Chiron Corp. * ..................................... 1,000 47
Cooper Cos, Inc. ................................... 600 22
Genzyme Corp. (General Division) * ................. 600 36
Gilead Sciences, Inc. * ............................ 300 21
Haemonetics Corp. * ................................ 900 19
Human Genome Sciences, Inc. * ...................... 400 53
ICN Pharmaceuticals, Inc. .......................... 700 19
Incyte Pharmacuticals, Inc. * ...................... 300 25
IVAX Corp. ......................................... 1,900 79
Jones Pharma, Inc. ................................. 800 32
King Pharmaceuticals, Inc. * ....................... 450 20
Mallinckrodt, Inc. ................................. 1,800 78
MedImmune, Inc. * .................................. 1,500 111
Millennium Pharmaceuticals, Inc. * ................. 600 67
MiniMed, Inc. * .................................... 200 24
Mylan Laboratories, Inc. ........................... 1,300 24
Priority Healthcare Corp. - Cl. B * ................ 300 22
Protein Design Labs, Inc. * ........................ 200 33
Respironics, Inc. * ................................ 1,000 18
Sepracor, Inc. * ................................... 500 60
Vertex Pharmaceuticals, Inc. * ..................... 300 32
Watson Pharmaceuticals, Inc. * ..................... 800 43
-------
1,308
Health Care Services - 2.2%
AmeriPath, Inc. * .................................. 700 6
Apria Healthcare Group, Inc. * ..................... 1,300 16
Beverly Enterprises, Inc. * ........................ 1,800 5
Bindley Western Industries, Inc. ................... 1,221 32
Foundation Health Systems, Inc. - Cl. A * ......... 800 10
Gentiva Health Services, Inc. ...................... 1
Health Management Associates, Inc. - Cl. A * ....... 2,200 29
Idec Pharmaceuticals Corp. ......................... 400 47
Pediatrix Medium Group, Inc. * ..................... 1,500 17
Quest Diagnostics, Inc. * .......................... 1,000 72
St. Jude Medical, Inc. * ........................... 700 32
Triad Hospitals, Inc. * ............................ 700 17
Trigon Healthcare, Inc. * .......................... 600 31
Universal Health Services, Inc. - Cl. B * .......... 700 46
-------
360
Household Appliances / Furnishings - 0.9%
Aaron Rents, Inc. .................................. 1,000 13
CompX International, Inc. * ........................ 1,000 20
Furniture Brands International, Inc. * ............. 1,000 15
HomeBase, Inc. ..................................... 1,400 2
La-Z-Boy, Inc. ..................................... 1,600 22
Rent-Way, Inc. * ................................... 1,000 29
Salton, Inc. * ..................................... 500 19
Springs Industries, Inc. - Cl. A ................... 1,000 32
-------
152
Housing - 0.7%
American Standard Cos., Inc. ....................... 1,000 41
D.R. Horton, Inc. .................................. 1,300 17
Kaufman & Broad Home Corp. ......................... 1,200 24
Monaco Coach Corp. * ............................... 800 11
National R.V. Holdings, Inc. * ..................... 800 8
Winnebago, Industries, Inc. ........................ 1,200 16
-------
117
Insurance - 2.3%
Allmerica Financial Corp. .......................... 600 31
Delphi Financial Group, Inc. - Cl. A * ............. 420 14
Fidelity National Financial, Inc. .................. 1,310 24
First American Financial Corp. ..................... 800 12
LandAmerica Financial Group, Inc. .................. 1,200 28
National Western Life Insurance Co. ................ 500 36
Presidential Life Corp. ............................ 1,300 18
Radian Group, Inc. ................................. 1,100 57
The Midland Co. .................................... 900 22
The MONY Group, Inc. ............................... 1,800 61
137
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL/MID CAP CORE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - Continued
Insurance - Continued
The PMI Group, Inc. ............................. 1,100 $ 52
Triad Guaranty, Inc. * .......................... 800 18
--------
373
Leisure and Recreation - 1.8%
Arctic Cat, Inc. ................................ 2,000 24
Argosy Gaming Co. * ............................. 1,300 19
Aztar Corp. * ................................... 2,000 31
Brunswick Corp. ................................. 1,400 23
Dover Downs Entertainment * ..................... 1,300 18
Electronic Arts, Inc. * ......................... 300 22
Harrah's Entertainment, Inc. * .................. 1,300 27
Papa John's International, Inc. * ............... 700 17
Park Place Entertainment Corp. * ................ 2,700 33
Premier Parks, Inc. * ........................... 700 16
SFX Entertainment, Inc. * ....................... 400 18
Station Casinos, Inc. * ......................... 1,000 25
Ticketmaster Online-CitySearch, Inc. - Cl. B * .. 300 5
Trendwest Resorts, Inc. * ....................... 800 13
--------
291
Machinery - 1.6%
Advanced Energy Industries, Inc. * .............. 400 24
Applied Industrial Technologies, Inc. ........... 1,800 29
Applied Power, Inc. ............................. 900 30
FMC Corp. * ..................................... 500 29
Kennametal, Inc. ................................ 700 15
Kulicke and Soffa Industries * .................. 400 24
Stewart & Stevenson Services, Inc. .............. 2,200 33
Tecumseh Products Co. - Cl. A ................... 800 31
Thermo Electron Corp. * ......................... 1,300 27
Zebra Technologies Corp. - Cl. A * .............. 400 18
--------
260
Media - Publishing - 0.7%
McClatchy Newspapers, Inc. - Cl. A .............. 1,400 46
Pulitzer, Inc. .................................. 900 38
Scholastic Corp. * .............................. 500 31
Ziff-Davis, Inc. - ZD * ......................... 800 7
--------
122
Media - TV / Radio - 1.9%
A.H. Belo Corp. ................................. 1,700 29
BHC Communications, Inc. - Cl. A * .............. 500 76
Chris-Craft Industries , Inc. ................... 700 46
Emmis Communications Corp. ...................... 1,100 46
Entercom Communications Corp. * ................. 800 39
Hispanic Broadcasting Corp. * ................... 800 27
NBC Internet, Inc. - Cl. A * .................... 300 4
Primedia, Inc. .................................. 800 18
Westwood One, Inc. * ............................ 800 27
--------
312
Metal Product and Fabrication - 0.5%
Commercial Metals Co. ........................... 1,200 33
Timken Co. ...................................... 1,300 24
Worthington Industries, Inc. .................... 1,700 18
--------
75
Metals and Mining - 0.3%
Precision Castparts Corp. ....................... 1,200 54
Natural Gas Distribution - 0.9%
National Fuel Gas Co. ........................... 1,700 83
Peoples Energy Corp. ............................ 800 26
UGI Corp. ....................................... 1,600 33
--------
142
Oil - Equipment and Services - 1.2%
BJ Services Co. * ............................... 1,100 69
Hanover Compressor Co. * ........................ 800 30
Smith International, Inc. ....................... 400 29
Tidewater, Inc. ................................. 1,000 36
Weatherford International, Inc. * ............... 800 32
--------
196
Oil and Natural Gas Exploration and Production - 4.3%
Devon Energy Corp. * ............................ 700 39
ENSCO International, Inc. * ..................... 1,000 36
Global Marine, Inc. * ........................... 1,000 28
Helmerich & Payne, Inc. ......................... 1,800 67
Kinder Morgan, Inc. ............................. 1,100 38
Mitchell Energy & Development Corp. - Cl. A ..... 700 23
Murphy Oil Corp. ................................ 700 42
Nabors Industries, Inc. * ....................... 900 38
Noble Affiliates, Inc. .......................... 1,000 37
Noble Drilling Corp. * .......................... 1,100 45
Ocean Energy, Inc. * ............................ 1,800 26
Patterson Energy, Inc. * ........................ 700 20
Pride International, Inc. * ..................... 700 17
R&B Falcon Corp. ................................ 1,300 31
RadiSys Corp. ................................... 200 11
Rowan Cos., Inc. * .............................. 1,100 34
Tom Brown, Inc. ................................. 1,100 25
Ultramar Diamond Shamrock Corp. ................. 3,100 77
Union Pacific Resources Group, Inc. ............. 2,100 46
Vintage Petroleum, Inc. ......................... 900 20
Western Gas Resources, Inc. ..................... 800 17
--------
717
Paper and Forest Products - 0.8%
Boise Cascade Corp. ............................. 1,100 29
Rayonier, Inc. .................................. 500 18
Temple-Inland, Inc. ............................. 600 25
United Stationers, Inc. * ....................... 900 29
Westvaco Corp. .................................. 1,400 35
--------
136
Personal and Commercial Lending - 0.2%
Metris Cos., Inc. ............................... 1,077 27
138
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL/MID CAP CORE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - Continued
Personal and Commercial Lending - Continued
SierraCities.com, Inc. * .......................... 600 $ 2
--------
29
Precious Metals/Gems/Stones - 0.6%
Freeport-McMoRan Copper & Gold, Inc. - Cl. B ...... 2,400 22
Homestake Mining Co. .............................. 3,900 27
Newmont Mining Corp. .............................. 1,700 37
Stillwater Mining Co. * ........................... 300 8
--------
94
Real Estate Development - 0.2%
Ryland Group, Inc. ................................ 800 18
Standard Pacific Corp. ............................ 1,400 14
--------
32
Real Estate Investment Trust - 4.5%
AMLI Residential Properties Trust ................. 1,000 23
Arden Realty Group, Inc. .......................... 2,300 54
Avalonbay Communities, Inc. ....................... 1,300 54
Boston Properties, Inc. ........................... 1,700 66
Duke Realty Investments, Inc. ..................... 2,400 54
First Industrial LP * ............................. 800 24
General Growth Properties ......................... 1,700 54
Highwoods Properties, Inc. ........................ 2,400 58
International Rectifier Corp. * ................... 800 45
Kimco Realty Corp. ................................ 1,100 45
Liberty Property Trust ............................ 2,400 62
Mack-Cali Realty Corp. ............................ 2,100 54
Public Storage, Inc. .............................. 1,800 42
Spieker Properties, Inc. .......................... 1,400 64
Vornado Realty Trust .............................. 1,500 52
--------
751
Real Estate Operations - 0.2%
M.D.C. Holdings, Inc. ............................. 1,800 34
Retail - Department Stores - 2.5%
Barnes & Noble, Inc. * ............................ 1,100 24
BarnesandNoble.com, Inc. * ........................ 100 1
Cato Corp. - Cl. A ................................ 1,300 15
Copper Mountain Networks, Inc. * .................. 100 9
Dollar Thrifty Automotive Group, Inc. * ........... 1,300 24
Handleman Co. ..................................... 1,700 21
Haverty Furniture Co., Inc. ....................... 1,500 13
InterTAN, Inc. * .................................. 1,250 15
JLK Direct Distribution, Inc. - Cl. A * ........... 2,500 13
Michaels Stores, Inc. * ........................... 800 37
MSC Industrial Direct Co., Inc. - Cl. A ........... 700 15
Neiman Marcus Group, Inc. - Cl. A ................. 900 27
Pacific Sunwear of California, Inc. * ............. 800 15
Petco Animal Supplies, Inc. * ..................... 1,000 20
Pier 1 Imports, Inc. .............................. 1,700 17
Ross Stores, Inc. ................................. 800 14
Shopko Stores, Inc. ............................... 800 12
Spiegel, Inc. - Cl. A ............................. 1,700 14
Tiffany & Co. ..................................... 700 47
Tweeter Home Entertainment Group, Inc. ............ 400 12
USinternetworking, Inc. * ......................... 250 5
Value City Department Stores, Inc. * .............. 1,500 14
Zale Corp. * ...................................... 700 25
--------
409
Retail - Food - 0.8%
Brinker International, Inc. * ..................... 1,200 35
Charming Shoppes, Inc. * .......................... 1,200 6
Darden Restaurants, Inc. .......................... 1,500 24
Landry's Seafood Restaurants, Inc. * .............. 1,000 9
RARE Hospitality International, Inc. * ............ 900 25
Ryan's Family Steak Houses, Inc. * ................ 1,200 10
The Great Atlantic & Pacific Tea Co., Inc. ........ 1,000 17
--------
126
Shoe and Apparel Manufacturing - 0.3%
Liz Claiborne, Inc. ............................... 600 21
Timberland Co. - Cl. A * .......................... 300 21
--------
42
Steel - 0.1%
USX-U.S. Steel Group, Inc. ........................ 1,000 19
Telecommunication Equipment - 5.2%
ADC Telecommunications, Inc. * .................... 258 22
ADTRAN, Inc. * .................................... 300 18
Advanced Fibre Communications, Inc. * ............. 800 36
American Tower Corp. - Cl. A ...................... 1,000 42
Andrew Corp. * .................................... 700 23
Cable Design Technologies Corp. ................... 700 23
CIENA Corp. * ..................................... 1,100 183
Covad Communications Group, Inc. * ................ 1,000 16
Crown Castle International Corp. .................. 1,000 36
Digital Microwave Corp. ........................... 500 19
E-Tek Dynamics, Inc. * ............................ 300 79
Harmonic, Inc. * .................................. 417 10
InterDigital Communications Corp. * ............... 300 5
Polycom, Inc. * ................................... 200 19
Powertel, Inc. .................................... 500 35
Powerwave Technologies, Inc. * .................... 400 18
Proxim, Inc. * .................................... 200 20
RF Micro Devices, Inc. * .......................... 400 35
Scientific-Atlanta, Inc. .......................... 1,400 104
Symbol Technologies, Inc. ......................... 975 53
Terayon Communication Systems, Inc. * ............. 400 26
TriQuint Semiconductor, Inc. * .................... 300 29
Tut Systems, Inc. ................................. 100 6
World Access, Inc. * .............................. 600 7
--------
864
Telecommunication Services - 3.3%
Allegiance Telecom, Inc. * ........................ 1,100 70
139
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL/MID CAP CORE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - Continued
Telecommunication Services - Continued
Aspect Communications Corp. * ....................... 600 $ 24
Broadwing, Inc. ..................................... 2,000 52
Centennial Cellular Corp. - A Shares * .............. 1,000 14
Citizens Communications Co. ......................... 4,400 76
COMSAT Corp. ........................................ 1,100 27
Cost Plus, Inc. * ................................... 600 17
Greif Bros. Corp. - Cl. A ........................... 900 28
IDT Corp. * ......................................... 200 7
Leap Wireless International, Inc. * ................. 500 23
MasTec, Inc. * ...................................... 450 17
McLeodUSA, Inc. - Cl. A * ........................... 3,400 70
Metricom, Inc. * .................................... 200 6
RCN Corp. * ......................................... 300 8
TALK.com, Inc. * .................................... 400 2
Time Warner Telecom, Inc. - Cl. A * ................. 300 19
Travelocity.com * ................................... 200 3
US LEC Corp. - Cl. A * .............................. 400 7
VoiceStream Wireless Corp. * ........................ 334 39
West TeleServices Corp. * ........................... 800 20
Winstar Communications, Inc. * ...................... 700 24
-------
553
Telephone - 0.7%
NEXTLINK Communications, Inc. * ..................... 515 20
Telephone and Data Systems, Inc. .................... 1,000 100
-------
120
Transportation Services - 1.3%
America West Hol dings Corp. - Cl. B * .............. 1,400 24
American Freightways Corp. * ........................ 1,700 25
CNF Transportation, Inc. ............................ 900 20
Covenant Transport, Inc. - Cl. A .................... 1,100 9
Roadway Express, Inc. ............................... 1,200 28
Ryder System, Inc. .................................. 1,000 19
UAL Corp. ........................................... 900 52
USFreightways Corp. ................................. 1,000 25
Yellow Corp. * ...................................... 1,300 19
-------
221
-------
TOTAL COMMON STOCK- 99.1% 16,377
Receivables, less Cash and payables- 0.9% 145
------ -------
NET ASSETS- 100.0% 16,522
====== =======
* Non-income producing security.
See notes to financial statements.
140
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL/MID CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Brokerage and Investment Management - 1.0%
Franklin Resources, Inc. ................... 3,400 $ 103
Business Services - 2.2%
H & R Block, Inc. .......................... 6,000 194
Manpower, Inc. ............................. 1,100 35
-------
229
Chemicals - 6.1%
Agrium, Inc. ............................... 4,000 35
Crompton Corp. ............................. 3,300 41
Eastman Chemical Co. ....................... 3,400 162
Geon Co. ................................... 6,400 118
IMC Global, Inc. ........................... 14,300 186
Solutia, Inc. .............................. 3,000 41
Wellman, Inc. .............................. 2,700 44
-------
627
Commercial Services - 2.5%
Informix Corp. * ........................... 30,550 227
Quintiles Transnational Corp. * ........... 2,300 33
-------
260
Computer Equipment - 9.6%
3Com Corp. * ............................... 2,800 161
Adaptec, Inc. * ........................... 9,000 205
Maxtor Corp. * ............................. 15,300 162
Quantum Corp. - DLT & Storage * ............ 18,700 181
Quantum Corp. - Hard Disk Drive * .......... 7,700 85
Tech Data Corp. * .......................... 4,300 187
-------
981
Computer Software and Services - 11.7%
Cabletron Systems, Inc. * .................. 7,300 184
Computer Associates International, Inc. .... 597 31
J.D. Edwards & Co. * ....................... 8,000 120
Keane, Inc. * .............................. 8,200 177
MarchFirst, Inc. * ......................... 4,800 88
NCR Corp. * ................................ 5,100 199
Parametric Technology Corp. * .............. 24,600 271
Unisys Corp. * ............................. 8,800 128
-------
1,198
Consumer - Miscellaneous - 2.6%
Black & Decker Corp. ....................... 2,500 98
Ingram Micro, Inc. - Cl. A * ............... 9,500 166
-------
264
Electrical Equipment - 0.2%
UCAR International, Inc. * ................. 1,600 21
Electronic Products and Services - 6.8%
Actel Corp. * .............................. 500 23
Arrow Electronics, Inc. * .................. 5,100 158
Artesyn Technologies, Inc. ................. 1,600 44
Avnet, Inc. ................................ 3,900 231
Electronics for Imaging, Inc. * ............ 5,000 127
General Semiconductor, Inc. ................ 4,200 62
Polaroid Corp. ............................. 2,800 51
-------
696
Engineering and Construction - 2.0%
Fluor Corp. ................................ 6,500 206
Financial Services - 3.2%
Heller Financial, Inc. ..................... 6,600 135
Knight Trading Group, Inc. * ............... 6,400 191
-------
326
Food, Beverage and Tobacco - 0.6%
Dean Foods Co. ............................. 900 29
Tyson Foods, Inc. - Cl. A .................. 3,200 28
-------
57
Health Care Products - 1.2%
Mylan Laboratories, Inc. ................... 6,800 124
Health Care Services - 2.8%
HEALTHSOUTH Corp. * ........................ 8,000 58
McKesson HBOC, Inc. ........................ 11,100 232
-------
290
Insurance - 7.0%
Ace, Ltd. * ................................ 6,500 182
Everest Re Group, Ltd. ..................... 5,800 191
Nationwide Financial Services - Cl. A ...... 5,000 164
XL Capital, Ltd. - Cl. A ................... 3,400 184
-------
721
Machinery - 3.4%
Applied Power, Inc. ........................ 1,700 57
Deere & Co. ................................ 2,100 78
Flowserve Corp. ............................ 1,500 23
Thermo Electron Corp. * .................... 8,800 185
-------
343
Media - Publishing - 0.6%
Ziff-Davis, Inc. - ZD * .................... 6,400 58
Media - TV / Radio - 0.9%
Emmis Communications Corp. ................. 2,300 95
Metals and Mining - 0.6%
Phelps Dodge Corp. ......................... 1,500 56
Oil - 0.6%
Varco International, Inc. * ................ 2,600 60
Oil - Equipment and Services - 5.3%
Anadarko Petroleum Corp. ................... 1,300 64
Baker Hughes, Inc. ......................... 4,400 141
Petroleum Geo-Services ASA * ............... 5,600 95
Tidewater, Inc. ............................ 6,600 238
-------
538
141
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL/MID CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Oil and Natural Gas Exploration and Production - 7.2%
Burlington Resources, Inc. ........... 4,100 $ 157
EOG Resources, Inc. .................. 2,000 67
Noble Affiliates, Inc. ............... 4,900 183
Ocean Energy, Inc. * ................. 4,300 61
Santa Fe Snyder Corp. * ............. 12,700 144
Union Pacific Resources Group, Inc. .. 5,600 123
------
735
Paper and Forest Products - 4.1%
Abitibi-Consolidated, Inc. ........... 12,700 119
Fort James Corp. ..................... 6,100 141
Georgia-Pacific Corp. ................ 1,700 45
Jefferson Smurfit Group plc - ADR .... 6,600 116
------
421
Pollution Control - 0.9%
Waste Management, Inc. ............... 4,700 89
Retail - Department Stores - 6.6%
Abercrombie & Fitch Co. * ............ 8,200 100
AnnTaylor Stores Corp. * ............. 1,000 33
Burlington Coat Factory Warehouse
Corp. ............................... 1,800 19
Consolidated Stores Corp. * .......... 8,500 102
Federated Department Stores, Inc. * .. 2,900 98
OfficeMax, Inc. ...................... 7,700 39
Shopko Stores, Inc. .................. 2,300 35
Toys "R" Us, Inc. * .................. 5,000 73
Venator Group, Inc. .................. 16,900 173
------
672
Retail - Food - 1.5%
Tricon Global Restaurants, Inc. * .... 5,600 158
Shoe and Apparel Manufacturing - 3.5%
Jones Apparel Group, Inc. * .......... 8,200 193
Liz Claiborne, Inc. .................. 2,000 70
Nike, Inc. - Cl. B ................... 2,500 100
------
363
Steel - 0.4%
AK Steel Holding Corp. ............... 5,301 42
Telecommunication Equipment - 0.5%
Allen Telecom, Inc. .................. 2,900 51
Transportation Services - 2.2%
Kansas City Southern Industries,
Inc. ................................ 2,100 186
Yellow Corp. * ....................... 2,700 40
------
226
------
TOTAL COMMON STOCK- 97.8% 10,010
Par Market
Name of Issuer Value Value
(000's) (000's)
SHORT-TERM INVESTMENTS - 4.4%
Investment in joint trading account
(Note B)
6.853% due 07/03/00 .................. $ 454 $ 454
------- -------
TOTAL INVESTMENTS- 102.2% 10,464
Payables, less cash and receivables- (2.2)% (225)
------- -------
NET ASSETS- 100.0% 10,239
======= =======
* Non-income producing security.
See notes to financial statements.
142
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
REAL ESTATE EQUITY PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Real Estate Development - 3.1%
Catellus Development Corp. * ............... 300,000 $ 4,500
Real Estate Investment Trust - 92.5%
AMB Property Corp. ......................... 120,000 2,737
Archstone Communities Trust ................ 188,800 3,977
Avalonbay Communities, Inc. ................ 146,246 6,106
Boston Properties, Inc. .................... 121,000 4,674
Brandywine Realty Trust .................... 115,400 2,207
BRE Properties, Inc. ....................... 87,000 2,512
Camden Property Trust ...................... 58,772 1,726
Camden Property Trust ...................... 67,500 1,983
CarrAmerica Realty Corp. ................... 130,000 3,445
CBL & Associates Properties, Inc. .......... 118,400 2,953
Centerpoint Properties Corp. ............... 38,900 1,585
Charles E. Smith Residential Realty, Inc. .. 61,600 2,341
Chateau Communities, Inc. .................. 123,000 3,475
Cousins Properties, Inc. ................... 103,000 3,965
Developers Diversified Realty Corp. ........ 215,000 3,212
Duke Realty Investments, Inc. .............. 215,078 4,812
Equity Office Properties Trust ............. 305,694 8,426
Equity Residential Properties Trust ........ 139,500 6,417
FelCor Lodging Trust, Inc. ................. 80,400 1,487
Franchise Finance Corp. of America ......... 55,000 1,265
Highwoods Properties, Inc. ................. 100,000 2,400
Home Properties of New York, Inc. .......... 50,400 1,512
JP Realty, Inc. ............................ 115,000 2,048
Kilroy Realty Corp. ........................ 103,700 2,690
Kimco Realty Corp. ......................... 100,000 4,100
Liberty Property Trust ..................... 175,000 4,539
Mack-Cali Realty Corp. ..................... 125,000 3,211
MeriStar Hospitality Corp. ................. 186,100 3,908
Pacific Gulf Properties, Inc. .............. 64,600 1,619
Post Properties, Inc. ...................... 114,700 5,047
Prentiss Properties Trust .................. 158,300 3,799
Prologis Trust ............................. 204,060 4,349
Public Storage, Inc. ....................... 135,000 3,164
Reckson Associates Realty Corp. ............ 58,600 1,392
Regency Realty Corp. ....................... 100,900 2,396
Simon Property Group, Inc. ................. 220,400 4,890
Spieker Properties, Inc. ................... 127,100 5,847
Storage USA, Inc. .......................... 91,000 2,685
Vornado Realty Trust ....................... 110,000 3,822
--------
132,723
Real Estate Operations - 1.9%
Rouse Co. .................................. 110,800 2,742
--------
TOTAL COMMON STOCK- 97.5% 139,965
Par Market
Name of Issuer Value Value
(000's) (000's)
SHORT-TERM INVESTMENTS - 2.3%
Investment in joint trading account
(Note B)
6.853% due 07/03/00 ................... $ 3,369 $ 3,369
--------- --------
TOTAL INVESTMENTS- 100.0% 143,591
Payables, less cash and receivables- 0.0% (19)
--------- --------
NET ASSETS- 100.0% 143,572
========= ========
* Non-income producing security.
See notes to financial statements.
143
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
GROWTH & INCOME PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Aerospace and Defense - 1.8%
General Dynamics Corp. ............................ 510,600 $ 26,679
Honeywell International, Inc. ..................... 482,800 16,264
United Technologies Corp. ......................... 491,100 28,914
--------
71,857
Auto and Truck Parts - 0.5%
General Motors Corp. - Cl. H ...................... 103,900 9,117
Lear Corp. * ...................................... 467,700 9,354
Visteon Corp. * ................................... 92,491 1,122
--------
19,593
Automobile - 0.8%
Ford Motor Co. .................................... 706,400 30,375
Banks - 2.5%
AmSouth Bancorporation ............................ 396,000 6,237
Comerica, Inc. .................................... 213,700 9,590
FleetBoston Financial Corp. ....................... 1,523,500 51,799
J.P. Morgan & Co., Inc. ........................... 215,900 23,776
Suntrust Banks, Inc. .............................. 185,000 8,452
--------
99,854
Business Services - 0.4%
Automatic Data Processing, Inc. ................... 271,100 14,521
Chemicals - 1.7%
Air Products & Chemicals, Inc. .................... 463,100 14,269
Dow Chemical Co. .................................. 1,590,900 48,025
E.I. du Pont de Nemours & Co. ..................... 128,700 5,631
--------
67,925
Commercial Services - 1.2%
Interpublic Group Cos., Inc. ...................... 539,500 23,198
Omnicom Group, Inc. ............................... 278,700 24,822
--------
48,020
Computer Equipment - 9.0%
Compaq Computer Corp. ............................. 613,300 15,677
Comverse Technology, Inc. * ....................... 136,500 12,695
Dell Computer Corp. * ............................. 883,800 43,582
Hewlett-Packard Co. ............................... 362,900 45,317
Intel Corp. ....................................... 1,091,100 145,866
International Business Machines Corp. ............. 617,100 67,611
Network Appliance, Inc. * ......................... 91,300 7,350
VERITAS Software Corp. * .......................... 159,100 17,981
--------
356,079
Computer Software and Services - 10.9%
America Online, Inc. * ............................ 691,700 36,487
Electronic Data Systems Corp. ..................... 220,800 9,108
EMC Corp. * ....................................... 512,600 39,438
First Data Corp. .................................. 971,200 48,196
Intuit, Inc. * .................................... 213,300 8,825
Microsoft Corp. ................................... 1,677,500 134,200
Oracle Corp. * .................................... 1,026,400 86,282
Sun Microsystems, Inc. * .......................... 440,500 40,058
Yahoo!, Inc. * .................................... 204,000 25,271
--------
427,865
Consumer - Miscellaneous - 1.3%
Avery Dennison Corp. .............................. 233,000 15,640
Black & Decker Corp. .............................. 644,500 25,337
Sherwin-Williams Co. .............................. 465,900 9,871
--------
50,848
Cosmetics and Personal Care Products - 0.4%
Colgate-Palmolive Co. ............................. 126,000 7,544
Procter & Gamble Co. .............................. 126,400 7,237
--------
14,781
Diversified Operations - 6.7%
Corning, Inc. ..................................... 56,300 15,194
Danaher Corp. ..................................... 116,900 5,779
El Paso Energy Corp. .............................. 425,200 21,659
General Electric Co. .............................. 2,835,600 150,287
Illinois Tool Works, Inc. ......................... 220,600 12,574
Textron, Inc. ..................................... 396,100 21,513
Tyco International, Ltd. .......................... 790,000 37,426
--------
264,432
Electric Power - 2.7%
Ameren Corp. ...................................... 161,000 5,434
Dominion Resources, Inc. .......................... 580,400 24,885
Duke Energy Co. ................................... 819,400 46,194
Reliant Energy, Inc. .............................. 970,100 28,678
--------
105,191
Electronic Products and Services - 8.3%
Agilent Technologies, Inc. * ...................... 138,410 10,208
Altera Corp. * .................................... 159,100 16,218
Analog Devices, Inc. * ............................ 163,900 12,456
Applied Materials, Inc. * ......................... 239,900 21,741
Applied Micro Circuits Corp. * .................... 37,400 3,693
Cisco Systems, Inc. * ............................. 2,430,600 154,495
Linear Technology Corp. ........................... 202,900 12,973
Maxim Integrated Products, Inc. * ................. 141,800 9,634
Motorola, Inc. .................................... 696,000 20,227
Solectron Corp. * ................................. 207,900 8,706
Teradyne, Inc. * .................................. 98,300 7,225
Texas Instruments, Inc. ........................... 566,900 38,939
Xilinx, Inc. * .................................... 121,700 10,048
--------
326,563
Financial Services - 4.7%
Associates First Capital Corp. - Cl. A * .......... 403,200 8,996
Citigroup, Inc. ................................... 2,528,800 152,360
Mellon Financial Corp. ............................ 659,700 24,038
--------
185,394
144
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
GROWTH & INCOME PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - Continued
Food, Beverage and Tobacco - 1.9%
Anheuser-Busch Cos., Inc. ......................... 177,900 $ 13,287
Philip Morris Cos., Inc. .......................... 893,800 23,741
Quaker Oats Co. ................................... 218,100 16,385
Sara Lee Corp. .................................... 81,100 1,566
Seagram Co., Ltd. ................................. 217,900 12,638
UST, Inc. ......................................... 613,700 9,014
---------
76,631
Health Care Products - 14.7%
Allergan, Inc. .................................... 379,300 28,258
American Home Products Corp. ...................... 439,000 25,791
Bausch & Lomb, Inc. ............................... 172,200 13,324
Bristol-Myers Squibb Co. .......................... 1,484,600 86,478
Eli Lilly & Co. ................................... 297,400 29,703
Johnson & Johnson ................................. 269,900 27,496
Merck & Co., Inc. ................................. 801,200 61,392
Pfizer, Inc. ...................................... 4,076,300 195,662
Pharmacia Corp. ................................... 973,500 50,318
Schering-Plough Corp. ............................. 1,228,800 62,054
---------
580,476
Insurance - 5.4%
American General Corp. ............................ 435,300 26,553
Aon Corp. ......................................... 655,000 20,346
AXA Financial, Inc. ............................... 811,500 27,591
Cigna Corp. ....................................... 414,400 38,746
Hartford Financial Services Group, Inc. ........... 469,800 26,280
Lincoln National Corp. ............................ 641,100 23,160
Marsh & McLennan Cos., Inc. ....................... 340,100 35,519
St. Paul Cos., Inc. ............................... 455,100 15,530
---------
213,725
Machinery - 0.5%
Ingersoll-Rand Co. ................................ 495,100 19,928
Media - Publishing - 0.7%
AT&T Corp. - Liberty Media Group - Cl. A * ........ 1,077,300 26,125
Media - TV / Radio - 2.4%
Infinity Broadcasting Corp. - Cl. A * ............. 436,600 15,908
Time Warner, Inc. ................................. 433,800 32,969
Viacom, Inc. - Cl. B * ............................ 646,800 44,104
---------
92,981
Oil - 1.1%
Royal Dutch Petroleum Co. - NY Shares ............. 687,600 42,330
Oil and Natural Gas Exploration and Production - 3.7%
Chevron Corp. ..................................... 275,800 23,391
Exxon Mobil Corp. ................................. 1,125,500 88,352
Kerr-McGee Corp. .................................. 364,700 21,495
USX-Marathon Group ................................ 436,400 10,937
---------
144,175
Paper and Forest Products - 0.5%
Kimberly-Clark Corp. .............................. 191,000 10,959
Willamette Industries, Inc. ....................... 296,900 8,090
---------
19,049
Personal and Commercial Lending - 0.4%
MBNA Corp. ........................................ 619,400 16,801
Retail - Department Stores - 5.7%
Federated Department Stores, Inc. * ............... 330,500 11,154
Gap, Inc. ......................................... 1,744,000 54,500
Home Depot, Inc. .................................. 893,800 44,634
Limited, Inc. ..................................... 629,800 13,620
Lowe's Cos., Inc. ................................. 249,500 10,245
RadioShack Corp. .................................. 45,400 2,151
Target Corp. ...................................... 108,200 6,276
TJX Cos., Inc. .................................... 1,092,900 20,492
Wal-Mart Stores, Inc. ............................. 1,043,300 60,120
---------
223,192
Telecommunication Equipment - 3.4%
ADC Telecommunications, Inc. * .................... 210,800 17,681
JDS Uniphase Corp. * .............................. 70,600 8,463
Lucent Technologies, Inc. ......................... 750,000 44,438
Nortel Networks Corp. ............................. 923,800 63,049
RF Micro Devices, Inc. * .......................... 29,600 2,594
---------
136,225
Telecommunication Services - 2.4%
Clear Channel Communications, Inc.* ............... 161,300 12,097
Sprint PCS (PCS Group) * .......................... 522,800 31,107
WorldCom, Inc. * .................................. 1,131,300 51,898
---------
95,102
Telephone - 2.7%
Alltel Corp. ...................................... 90,200 5,587
AT&T Wireless Group * ............................. 423,600 11,808
Bell Atlantic Corp. ............................... 354,800 18,028
SBC Communications, Inc. .......................... 971,000 41,996
Sprint Corp. ...................................... 545,000 27,795
---------
105,214
Transportation Services - 0.5%
Kansas City Southern Industries, Inc. ............. 137,900 12,230
UAL Corp. ......................................... 105,800 6,156
---------
18,386
U.S. Government Agencies - 1.1%
Federal National Mortgage Assoc. .................. 828,600 43,243
---------
TOTAL COMMON STOCK- 98.5% 3,936,881
145
<PAGE>
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
GROWTH & INCOME PORTFOLIO
Par Market
Value Value
(000's) (000's)
SHORT-TERM INVESTMENTS - 1.4%
Investment in joint trading
account (Note B)
6.853% due 07/03/00 ...... $ 56,430 $ 56,430
------------ ------------
TOTAL INVESTMENTS- 99.9% 3,993,311
Receivables, less Cash
and payables- 0.1% 2,947
------------ ------------
NET ASSETS- 100.0% 3,996,258
============ ============
* Non-income producing secruity.
See notes to financial statements.
146
<PAGE>
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MANAGED PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Aerospace and Defense - 1.2%
Boeing Co. (US) ....................... 129,000 $ 5,394
General Dynamics Corp. (US) ........... 199,700 10,434
Honeywell International, Inc.
(US) ................................. 254,200 8,563
United Technologies Corp. (US) ........ 236,500 13,924
---------
38,315
Auto and Truck Parts - 0.3%
General Motors Corp. (US) ............. 111,500 6,474
Lear Corp. (US) ....................... 173,700 3,474
Visteon Corp. (US) .................... 41,781 506
---------
10,454
Automobile - 0.6%
Ford Motor Co. (US) ................... 319,100 13,721
General Motors Corp. - Cl. H
(US) ................................. 48,000 4,212
---------
17,933
Banks - 1.7%
AmSouth Bancorporation (US) ........... 300,000 4,725
Comerica, Inc. (US) ................... 273,600 12,278
FleetBoston Financial Corp. (US) ...... 706,000 24,004
J.P. Morgan & Co., Inc. (US) .......... 113,700 12,521
---------
53,528
Business Services - 0.1%
Automatic Data Processing, Inc.
(US) ................................. 41,700 2,234
Chemicals - 0.8%
Air Products & Chemicals, Inc.
(US) ................................. 219,800 6,773
Dow Chemical Co. (US) ................. 603,000 18,203
---------
24,976
Commercial Services - 0.7%
Interpublic Group Cos., Inc.
(US) ................................. 183,300 7,882
Omnicom Group, Inc. (US) .............. 119,000 10,598
R.R. Donnelley & Sons Co. (US) ........ 204,500 4,614
---------
23,094
Computer Equipment - 5.4%
Compaq Computer Corp. (US) ............ 331,500 8,474
Comverse Technology, Inc. (US) ........ 55,000 5,115
Dell Computer Corp. (US) .............. 386,900 19,079
Hewlett-Packard Co. (US) .............. 176,100 21,990
Intel Corp. (US) ...................... 527,100 70,467
International Business Machines
Corp. (US) ........................... 308,800 33,833
Network Appliance, Inc. (US) .......... 61,300 4,934
VERITAS Software Corp. (US) ........... 76,200 8,612
---------
172,504
Computer Software and Services - 6.7%
America Online, Inc. (US) ............. 343,200 18,104
Electronic Data Systems Corp.
(US) ................................. 406,100 16,752
EMC Corp. (US) ........................ 281,700 21,673
First Data Corp. (US) ................. 443,000 21,984
Intuit, Inc. (US) ..................... 120,000 4,965
Microsoft Corp. (US) .................. 790,500 63,240
Oracle Corp. (US) ..................... 481,200 40,451
Sun Microsystems, Inc. (US) ........... 196,400 17,860
Yahoo!, Inc. (US) ..................... 98,200 12,164
---------
217,193
Consumer - Miscellaneous - 0.5%
Avery Dennison Corp. (US) ............. 104,500 7,014
Black & Decker Corp. (US) ............. 223,000 8,767
---------
15,781
Cosmetics and Personal Care Products - 0.5%
Avon Products, Inc. (US) .............. 124,000 5,518
Colgate-Palmolive Co. (US) ............ 92,400 5,533
Procter & Gamble Co. (US) ............. 105,400 6,034
---------
17,085
Diversified Operations - 4.5%
Corning, Inc. (US) .................... 39,100 10,552
El Paso Energy Corp. (US) ............. 195,800 9,974
General Electric Co. (US) ............. 1,524,600 80,804
Illinois Tool Works, Inc. (US) ........ 118,900 6,777
Minnesota Mining & Manufacturing
Co. (US) ............................. 112,000 9,240
Reynol ds & Reynol ds Co. - Cl.
A (US) ............................... 178,100 3,250
Textron, Inc. (US) .................... 138,600 7,528
Tyco International, Ltd. (BM) ......... 373,000 17,671
---------
145,796
Electric Power - 1.6%
Ameren Corp. (US) ..................... 201,400 6,797
Dominion Resources, Inc. (US) ......... 122,400 5,248
Duke Energy Co. (US) .................. 341,000 19,224
Pinnacle West Capital Corp. (US) ...... 218,900 7,415
Reliant Energy, Inc. (US) ............. 483,500 14,294
---------
52,978
Electronic Products and Services - 5.0%
Agilent Technologies, Inc. (US) ....... 67,164 4,953
Analog Devices, Inc. (US) ............. 86,300 6,559
Applied Materials, Inc. (US) .......... 113,900 10,322
Cisco Systems, Inc. (US) .............. 1,142,700 72,633
Lam Research Corp. (US) ............... 140,000 5,250
Maxim Integrated Products, Inc.
(US) ................................. 87,800 5,965
Motorola, Inc. (US) ................... 338,700 9,843
Pitney Bowes, Inc. (US) ............... 123,000 4,920
SCI Systems, Inc. (US) ................ 119,200 4,671
Solectron Corp. (US) .................. 178,000 7,454
Teradyne, Inc. (US) ................... 42,100 3,094
Texas Instruments, Inc. (US) .......... 268,200 18,422
Xilinx, Inc. (US) ..................... 63,800 5,268
---------
159,354
147
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MANAGED PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Financial Services - 2.1%
Associates First Capital Corp. -
Cl. A (US) .......................... 200,000 $ 4,463
Citigroup, Inc. (US) ................. 935,900 56,388
Mellon Financial Corp. (US) .......... 166,100 6,052
---------
66,903
Food, Beverage and Tobacco - 1.1%
Anheuser-Busch Cos., Inc. (US) ....... 130,300 9,732
ConAgra, Inc. (US) ................... 212,400 4,049
PepsiCo, Inc. (US) ................... 153,600 6,825
Philip Morris Cos., Inc. (US) ........ 383,000 10,173
Quaker Oats Co. (US) ................. 78,800 5,920
---------
36,699
Health Care Products - 8.9%
Allergan, Inc. (US) .................. 124,600 9,283
American Home Products Corp.
(US) ................................ 250,000 14,688
Bausch & Lomb, Inc. (US) ............. 158,300 12,249
Baxter International, Inc. (US) ...... 65,400 4,598
Bristol-Myers Squibb Co. (US) ........ 536,000 31,222
Cardinal Health, Inc. (US) ........... 124,800 9,235
Eli Lilly & Co. (US) ................. 150,600 15,041
Johnson & Johnson (US) ............... 210,900 21,485
Merck & Co., Inc. (US) ............... 443,500 33,983
Pfizer, Inc. (US) .................... 2,011,900 96,571
Pharmacia Corp. (US) ................. 306,200 15,827
Schering-Plough Corp. (US) ........... 439,700 22,205
---------
286,387
Health Care Services - 0.2%
Wellpoint Health Networks, Inc.
(US) ................................ 89,100 6,454
Household Appliances / Furnishings - 0.1%
Leggett & Platt, Inc. (US) ........... 234,700 3,873
Insurance - 3.3%
American General Corp. (US) .......... 200,100 12,206
Aon Corp. (US) ....................... 267,900 8,322
AXA Financial, Inc. (US) ............. 523,800 17,809
Cigna Corp. (US) ..................... 197,900 18,504
Hartford Financial Services
Group, Inc. (US) .................... 230,300 12,882
Lincoln National Corp. (US) .......... 326,400 11,791
Marsh & McLennan Cos., Inc. (US) 142,100 14,840
XL Capital, Ltd. - Cl. A (BM) ....... 179,800 9,732
---------
106,086
Machinery - 0.3%
Ingersoll-Rand Co. (US) .............. 248,700 10,010
Media - Publishing - 0.2%
AT&T Corp. - Liberty Media Group
- Cl. A (US) ........................ 218,500 5,299
Media - TV / Radio - 1.2%
Infinity Broadcasting Corp. -
Cl. A (US) .......................... 160,300 5,841
Time Warner, Inc. (US) ............... 215,100 16,348
Viacom, Inc. - Cl. B (US) ............ 227,800 15,533
---------
37,722
Oil - 0.9%
Conoco, Inc. - Cl. A (US) ............ 179,800 3,956
Royal Dutch Petroleum Co. - NY
Shares (NL) ......................... 406,700 25,037
---------
28,993
Oil and Natural Gas Exploration and Production - 1.8%
BP Amoco plc - ADR (GB) .............. 30,200 1,708
Chevron Corp. (US) ................... 91,000 7,718
Exxon Mobil Corp. (US) ............... 537,400 42,186
Kerr-McGee Corp. (US) ................ 113,200 6,672
---------
58,284
Paper and Forest Products - 0.3%
Kimberly-Clark Corp. (US) ............ 102,400 5,875
Willamette Industries, Inc. (US) ..... 158,300 4,314
---------
10,189
Personal and Commercial Lending - 0.1%
MBNA Corp. (US) ...................... 70,900 1,923
Retail - Department Stores - 3.4%
Circuit City Stores, Inc. (US) ....... 59,800 1,985
Federated Department Stores,
Inc. (US) ........................... 251,500 8,488
Gap, Inc. (US) ....................... 404,000 12,625
Home Depot, Inc. (US) ................ 368,300 18,392
J.C. Penney Co., Inc. (US) ........... 250,000 4,609
Limited, Inc. (US) ................... 275,600 5,960
Lowe's Cos., Inc. (US) ............... 157,400 6,463
Target Corp. (US) .................... 115,000 6,670
TJX Cos., Inc. (US) .................. 460,200 8,629
Wal-Mart Stores, Inc. (US) ........... 617,800 35,601
---------
109,422
Steel - 0.2%
USX-U.S. Steel Group, Inc. (US) ...... 336,800 6,252
Telecommunication Equipment - 2.1%
ADC Telecommunications, Inc.
(US) ................................ 93,300 7,826
JDS Uniphase Corp. (US) .............. 48,600 5,826
Lucent Technologies, Inc. (US) ....... 391,900 23,220
Nortel Networks Corp. (CA) ........... 442,700 30,214
---------
67,086
Telecommunication Services - 1.7%
Clear Channel Communications,
Inc. (US) ........................... 119,500 8,962
Sprint PCS (PCS Group) (US) .......... 376,800 22,420
WorldCom, Inc. (US) .................. 540,400 24,791
---------
56,173
148
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MANAGED PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Telephone - 1.6%
Bell Atlantic Corp. (US) ................ 216,600 $ 11,006
BellSouth Corp. (US) .................... 110,300 4,701
SBC Communications, Inc. (US) ........... 600,000 25,950
Sprint Corp. (US) ....................... 214,900 10,960
---------
52,617
Transportation Services - 0.3%
Kansas City Southern Industries,
Inc. (US) .............................. 53,700 4,763
Union Pacific Corp. (US) ................ 139,300 5,180
---------
9,943
U.S. Government Agencies - 0.6%
Federal National Mortgage Assoc.
(US) ................................... 355,400 18,547
---------
TOTAL COMMON STOCK- 60.0% 1,930,087
Par Market
Value Value
(000's) (000's)
CORPORATE BONDS
Financial Services - 0.1%
Citibank Credit Card Master
Trust I - Ser. 1998-6 Cl.A (US)
5.85% due 04/10/03 ..................... $ 5,500 5,436
Personal and Commercial Lending - 0.2%
Chase Manhattan Credit Card
Master Trust (US)
7.04% due 02/15/05 ..................... 4,000 3,993
MBNA Master Credit Card Trust (US)
6.6% due 11/15/04 ...................... 2,000 1,982
---------
5,975
---------
TOTAL CORPORATE BONDS- 0.3% 11,411
PUBLICLY-TRADED BONDS
Aerospace and Defense - 0.4%
Lockheed Martin Corp. (US)
6.85% due 05/15/01 ..................... 7,000 6,968
Lockheed Martin Corp. - Bonds (US)
8.5% due 12/01/29 ...................... 4,645 4,730
Raytheon Co. - Notes (US)
6.45% due 08/15/02 ..................... 2,290 2,236
---------
13,934
Automobile - 0.6%
Ford Motor Co. - Bonds (US)
6.625% due 10/01/28 .................... 16,155 13,637
General Motors (US)
1.25% due 12/20/04 ..................... 500,000 4,689
---------
18,326
Banks - 3.0%
Bank of America Corp. - Sub.
Notes (US)
7.8% due 02/15/10 ...................... 5,820 5,789
Banponce Financial Corp.
Mountain Bank Ent - Ser C. (US)
6.58% due 11/25/03 ..................... 11,040 10,701
Capital One Bank - Notes (US)
7.08% due 10/30/01 ..................... 2,950 2,924
Deutsche Augleichsbank (DE)
4.0% due 07/04/09 ...................... 6,000 5,038
Development Bank of Japan (JP)
1.75% due 06/21/10 ..................... 385,000 3,573
European Investment Bank - Notes (XU)
3.0% due 09/20/06 ...................... 620,000 6,428
European Investment Bank - Sr.
Unsub. (LU)
6.0% due 11/26/04 ...................... 1,350 2,019
European Investment Bank (XU)
8.75% due 08/25/17 ..................... 880 1,698
European Investor Bank (LU)
8.0% due 06/10/03 ...................... 1,000 1,569
International Bank of
Reconstruction & Development -
Notes (XU)
2.0% due 02/18/08 ...................... 1,170,000 11,456
International Bank of
Reconstruction & Development -
Debs. (XU)
4.5% due 03/20/03 ...................... 1,810,000 18,910
International Bank of
Reconstruction & Development -
Debs. (JP)
4.75% due 12/20/04 ..................... 450,000 4,940
International Bank of
Reconstruction & Development -
Debs. (XU)
9.25% due 07/20/07 ..................... 2,710 4,747
J.P. Morgan & Co., Inc. - Sr.
Notes (US)
5.75% due 02/25/04 ..................... 3,000 2,835
Korea Development Bank - Bonds (US)
7.125% due 09/17/01 .................... 4,600 4,560
Korea Development Bank - Notes (US)
7.125% due 04/22/04 .................... 8,300 8,026
---------
95,213
Brokerage and Investment Management - 0.3%
Lehman Brothers Holdings, Inc.
- Notes (US)
6.5% due 10/01/02 ...................... 7,455 7,274
6.625% due 04/01/04 .................... 3,000 2,864
---------
10,138
Business Services - 0.1%
Comdisco, Inc. - Notes (US)
5.95% due 04/30/02 ..................... 4,200 3,995
Computer Equipment - 0.1%
International Business Machines
Corp. - Notes (US)
5.625% due 04/12/04 .................... 2,870 2,735
149
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MANAGED PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
Diversified Operations - 0.5%
El Paso Energy Corp. - Sr. Notes (US)
6.625% due 07/15/01 ...................... $ 3,180 $ 3,145
Tyco International Group SA (LU)
6.125% due 06/15/01 ...................... 9,400 9,282
Tyco International, Ltd. - Notes (BM)
6.5% due 11/01/01 ........................ 5,000 4,971
--------
17,398
Electric Power - 0.1%
Ontario-Hydro (CA)
9.0% due 06/24/02 ........................ 4,150 2,951
Financial Services - 4.6%
Amresco Commercial Mortgage
Funding I - Ser. 1997-C1 Cl. A3 (US)
7.19% due 06/17/29 ....................... 6,980 6,881
Associates Corp. of North
America - Sr. Notes (US)
5.5% due 02/15/02 ........................ 4,000 3,885
Baden-Wurttemberg L-Finance BV (DE)
6.75% due 06/22/05 ....................... 9,500 4,845
Capital One Financial Corp. - Notes (US)
7.25% due 12/01/03 ....................... 10,000 9,648
Chase Commercial Mortgage
Securities Corp. - Ser. 1997-1
Cl. A2 (US)
7.37% due 02/19/07 ....................... 13,300 13,282
Contimortgage Home Equity Loan
Trust (US)
6.0% due 12/25/16 ........................ 15,000 14,709
Countrywide Funding Corp. (US)
7.0% due 10/25/23 ........................ 9,000 8,755
Finova Capital Corp. - Notes (US)
7.25% due 11/08/04 ....................... 2,310 2,035
Green Tree Financial Corp. (US)
6.68% due 01/15/29 ....................... 12,400 12,276
Green Tree Financial Corp. -
Ser. 1996-8 Cl. A6 (US)
7.6% due 10/15/27 ........................ 9,580 9,562
Household Finance Corp. - Sr. Notes (US)
5.125% due 06/24/09 ...................... 6,300 5,510
Household Finance Corp. - Notes (US)
7.875% due 03/01/07 ...................... 9,140 9,095
KFW International Finance - Debs. (US)
10.625% due 09/03/01 ..................... 500 787
Lehman Brothers Holdings - Notes (US)
7.75% due 01/15/05 ....................... 10,000 9,905
Mortgage Capital Funding, Inc. -
Ser. 1996 - MC2 Cl. A1 (US)
6.758% due 02/20/04 ...................... 7,324 7,220
PNC Funding Corp. - Sub. Notes (US)
7.5% due 11/01/09 ........................ 10,040 9,686
Residential Asset Securities Corp. (US)
6.11% due 05/25/24 ....................... 10,000 9,694
Salomon, Inc. - Sr. Notes (US)
7.2% due 02/01/04 ........................ 2,300 2,281
Southern Pacific Secured Assets Corp. (US)
6.27% due 03/25/19 ....................... 2,775 2,743
U.S. West Capital Funding, Inc. (US)
6.875% due 08/15/01 ...................... 6,265 6,235
--------
149,034
Food, Beverage and Tobacco - 0.1%
Philip Morris Cos., Inc. - Debs. (US)
8.25% due 10/15/03 ....................... 3,055 3,048
Foreign Governmental - 4.5%
Government of Canada - Debs. (CA)
9.75% due 06/01/21 ....................... 2,470 2,421
11.0% due 06/01/09 ....................... 2,830 2,579
12.0% due 03/01/05 ....................... 630 527
Government of France - Bonds (FR)
8.5% due 04/25/03 ........................ 7,300 7,576
9.5% due 01/25/01 ........................ 6,860 6,710
Government of Japan - Bonds (JP)
2.4% due 03/20/20 ........................ 840,000 8,219
Government of Netherlands - Bonds (NL)
6.5% due 04/15/03 ........................ 8,100 7,993
7.75% due 03/01/05 ....................... 10,700 11,252
Government of Sweden - Debs. (SE)
6.5% due 10/25/06 ........................ 9,700 1,168
6.75% due 05/05/14 ....................... 4,700 607
Government of Sweden - Bonds (SE)
10.25% due 05/05/03 ...................... 12,600 1,613
Hydro-Quebec - Bonds (CA)
10.875% due 07/25/01 ..................... 300 212
Kingdom of Denmark - Bonds (DK)
7.0% due 11/15/07 ........................ 5,000 687
7.0% due 11/10/24 ........................ 3,400 499
8.0% due 05/15/03 ........................ 11,860 1,599
9.0% due 11/15/00 ........................ 3,750 485
Kingdom of Spain - Notes (ES)
3.1% due 09/20/06 ........................ 1,280,000 13,244
Province of Ontario (CA)
7.75% due 06/04/02 ....................... 4,000 4,041
Province of Quebec - Debs. (CA)
7.5% due 07/15/23 ........................ 12,970 12,697
Province of Quebec - Debs (CA)
7.5% due 09/15/29 ........................ 9,030 8,855
Queensland Treasury Corp. - Bonds (AU)
6.5% due 06/14/05 ........................ 600 360
Queensland Treasury Corp. -
Global Notes (AU)
8.0% due 08/14/01 ........................ 525 320
Queensland Treasury Corp. (AU)
8.0% due 09/14/07 ........................ 1,395 910
150
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MANAGED PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
Foreign Governmental - Continued
Republic of Chile (US)
6.875% due 04/28/09 ....................... $ 3,795 $ 3,506
Republic of Italy - Notes (IT)
3.5% due 06/20/01 ......................... 800,000 7,784
Republic of Italy - Bonds (IT)
4.5% due 05/01/09 ......................... 5,500 4,869
Republic of Italy (XU)
6.0% due 08/04/28 ......................... 1,600 2,424
Republic of Italy - Debs. (IT)
8.5% due 01/01/04 ......................... 6,800 7,140
9.0% due 11/01/23 ......................... 11,130 14,687
10.5% due 04/28/14 ........................ 1,250 2,596
Treuhandanstalt (DE)
7.75% due 10/01/02 ........................ 6,410 6,469
---------
144,049
Health Care Products - 0.2%
Beckman Instruments, Inc. - Sr.
Notes (US)
7.1% due 03/04/03 ......................... 6,000 5,764
Health Care Services - 0.1%
Tenet Healthcare Corp. - Sr. Notes (US)
8.0% due 01/15/05 ......................... 4,900 4,716
Media - TV / Radio - 0.3%
Cox Communications, Inc. - Debs. (US)
6.8% due 08/01/28 ......................... 3,115 2,664
News America, Inc. - Debs. (US)
7.125% due 04/08/28 ....................... 2,640 2,221
Time Warner, Inc. - Notes (US)
8.18% due 08/15/07 ........................ 1,325 1,354
Viacom, Inc. - Sr. Notes (US)
7.75% due 06/01/05 ........................ 3,525 3,550
---------
9,789
Municipals - 0.2%
Tennessee Valley Authority - Bonds (US)
6.375% due 09/18/06 ....................... 11,000 5,583
Natural Gas Distribution - 0.4%
KN Energy, Inc. - Sr. Notes (US)
6.45% due 11/30/01 ........................ 7,555 7,420
6.45% due 03/01/03 ........................ 4,590 4,450
Williams Gas Pipeline Center -
Sr. Notes 144A (US)
7.375% due 11/15/06 ....................... 1,300 1,276
---------
13,146
Oil - 0.1%
Conoco, Inc. - Notes (US)
5.9% due 04/15/04 ......................... 2,000 1,905
Oil - Equipment and Services - 0.1%
Petroleum Geo-Services ASA - Sr.
Notes (NO)
7.125% due 03/30/28 ....................... 5,605 4,637
Oil and Natural Gas Exploration and Production - 0.2%
Amerada Hess Corp. - Bonds (US)
7.875% due 10/01/29 ....................... 1,790 1,757
Gulf Canada Resources, Ltd. -
Sr. Notes (CA)
8.35% due 08/01/06 ........................ 4,460 4,407
---------
6,164
Personal and Commercial Lending - 2.3%
CS First Boston Mortgage
Securities Corp. (US)
6.91% due 01/15/08 ........................ 7,852 7,707
EQCC Home Equity Loan Trust (US)
6.223% due 06/25/11 ....................... 9,300 9,144
Ford Motor Credit Co. (US)
1.2% due 02/07/05 ......................... 500,000 4,682
Ford Motor Credit Co. (LU)
5.25% due 06/16/08 ........................ 10,250 4,746
Ford Motor Credit Co. - Notes (US)
6.125% due 04/28/03 ....................... 3,000 2,888
General Motors Acceptance Corp. (US)
4.0% due 02/09/06 ......................... 6,800 5,805
General Motors Acceptance Corp.
- Bonds (US)
5.5% due 01/14/02 ......................... 5,000 4,867
Household Finance Corp. - Notes (US)
6.0% due 05/01/04 ......................... 7,020 6,616
Money Store Home Equity Trust -
Ser. 1996-B A7 (US)
7.55% due 02/15/20 ........................ 10,050 10,025
Residential Asset Securities Corp. (US)
7.18% due 01/25/25 ........................ 4,000 3,956
Residential Funding Mortgage
Securities Ser. 1999-HI4 Cl. A2 (US)
6.78% due 12/25/24 ........................ 9,740 9,644
U.S. West Capital Funding, Inc. (US)
6.875% due 07/15/28 ....................... 3,360 2,888
---------
72,968
Pollution Control - 0.1%
WMX Technologies, Inc. - Notes (US)
7.125% due 06/15/01 ....................... 2,715 2,670
Real Estate Investment Trust - 0.6%
Residential Asset Securitization
Trust - Ser. 1998-A8 Cl. A3 (US)
6.75% due 08/25/28 ........................ 20,258 19,962
Retail - Department Stores - 0.5%
Federated Department Stores,
Inc. - Sr. Notes (US)
8.5% due 06/15/03 ......................... 7,445 7,569
Wal Mart Stores, Inc. (US)
7.55% due 02/15/30 ........................ 9,185 9,386
---------
16,955
151
<PAGE>
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
MANAGED PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
Retail - Food - 0.2%
The Kroger Co. (US)
8.05% due 02/01/10 ......................... $ 5,630 $ 5,595
Telecommunication Services - 0.2%
CSC Hol dings, Inc. - Sr. Notes (US)
8.125% due 07/15/09 ........................ 5,000 4,875
Telephone - 0.4%
AT&T Corp. - Notes (US)
5.625% due 03/15/04 ........................ 4,000 3,764
MCI Worl dCom, Inc. - Notes (US)
7.75% due 04/01/07 ......................... 6,560 6,559
Sprint Capital Corp. (US)
6.875% due 11/15/28 ........................ 3,380 2,924
---------
13,247
Transportation Services - 0.2%
Delta Air Lines, Inc. (US)
8.3% due 12/15/29 .......................... 9,130 8,007
U.S. Government Agencies - 11.8%
Federal Home Loan Mortgage Corp. (US)
6.0% due 12/15/26 .......................... 25,000 21,742
Federal National Mortgage Assoc. (US)
6.0% due 07/25/15 .......................... 95,210 89,291
6.0% due 05/15/08 .......................... 9,500 8,859
6.5% due 07/25/15 .......................... 21,390 20,620
6.5% due 08/25/30 .......................... 55,305 52,125
7.0% due 08/25/30 .......................... 24,000 23,156
7.0% due 06/18/13 .......................... -
7.0% due 04/01/29 .......................... 17,687 17,522
7.25% due 05/15/30 ......................... 17,955 18,386
7.5% due 07/25/30 .......................... 49,850 49,141
8.0% due 07/25/30 .......................... 41,000 41,173
Government National Mortgage Assoc. (US)
1.0% due 07/15/30 .......................... 69,532 68,653
7.5% due 07/15/30 .......................... 13,510 13,413
8.0% due 12/15/17 .......................... 23,985 24,425
---------
448,506
U.S. Governmental - 6.6%
U.S. Treasury (US)
4.25% due 11/15/03 ......................... 4,920 4,617
U.S. Treasury - Bonds (US)
5.25% due 02/15/29 ......................... 11,590 10,286
5.75% due 04/30/03 ......................... 3,000 2,952
5.875% due 11/15/04 ........................ 31,435 30,978
6.25% due 05/15/30 ......................... 48,190 50,562
6.75% due 08/15/26 ......................... 14,010 15,076
8.875% due 08/15/17 ........................ 4,450 5,672
U.S. Treasury - Notes (US)
5.875% due 11/15/05 ........................ 19,000 18,674
6.5% due 05/31/02 .......................... 5,670 5,677
---------
144,494
---------
TOTAL PUBLICLY-TRADED BONDS- 38.8% 1,249,804
SHORT-TERM INVESTMENTS - 11.7%
Investment in joint trading account
(Note B) (US)
6.853% due 07/03/00 ........................ 376,055 376,055
-------- ---------
TOTAL INVESTMENTS- 110.8% 3,567,450
Payables, less cash and receivables- (10.8)% (348,278)
-------- ---------
NET ASSETS- 100.0% 3,219,172
ADR - American Depository Receipt
(a) Pursuant to Rule 144A under the Securities Act of 1993, these securities
may be resold in transactions exempt from registration, normally to
qualified institutional buyers. At June 30, 2000, securities aggregated
$1,276 or 0.04% of net assets of the Portfolio.
See notes to financial statements.
SUMMARY OF LONG-TERM SECURITIES BY COUNTRY
Market % of
Country Value Long-Term
Abbreviation (000's) Investments
United States US 2,870,178 89.9%
Canada CA 68,904 2.1%
Supra National XU 45,664 1.4%
Netherlands NL 44,282 1.4%
Italy IT 37,076 1.2%
Bermuda BM 32,374 1.1%
Luxembourg LU 17,616 0.6%
Japan JP 16,732 0.5%
Germany DE 16,352 0.5%
France FR 14,285 0.4%
Spain ES 13,244 0.4%
Norway NO 4,637 0.1%
Sweden SE 3,389 0.1%
Denmark DK 3,270 0.1%
United Kingdom GB 1,708 0.1%
Australia AU 1,591 0.1%
---------- --------
$3,191,302 100.0%
========== ========
152
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SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SHORT-TERM BOND PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS
Aerospace and Defense - 0.7%
Raytheon Co. - Notes
6.45% due 08/15/02 .............................. $ 500 $ 488
Banks - 13.5%
BankBoston Corp. - Sr. Notes
6.125% due 03/15/02 ............................. 1,900 1,858
Banponce Corp. - Notes
6.54% due 11/06/01 .............................. 1,000 986
6.55% due 10/10/00 .............................. 1,100 1,098
Capital One Bank - Notes
7.0% due 04/30/01 ............................... 1,000 998
First Hawaiian, Inc. - Sub. Notes
6.25% due 08/15/00 .............................. 2,000 1,997
First Union Corp. - Notes
6.95% due 11/01/04 .............................. 500 486
J.P. Morgan & Co., Inc. - Sr. Notes
5.75% due 02/25/04 .............................. 1,000 945
Star Banc Corp. - Notes
5.875% due 11/01/03 ............................. 600 569
Westpac Banking Corp. - Sub. Debs.
9.125% due 08/15/01 ............................. 1,000 1,019
------
9,956
Brokerage and Investment Management - 3.8%
Donaldson, Lufkin & Jenrette, Inc. - Sr. Notes
5.875% due 04/01/02 ............................. 1,900 1,848
Lehman Brothers Holdings, Inc. - Notes
6.5% due 10/01/02 ............................... 470 459
Morgan Stanley, Dean Witter, Discover & Co.
5.625% due 01/20/04 ............................. 500 469
------
2,776
Business Services - 0.6%
Comdisco, Inc. - Notes
5.95% due 04/30/02 .............................. 500 476
Computer Equipment - 0.6%
International Business Machines Corp. - Notes
5.625% due 04/12/04 ............................. 500 476
Cosmetics and Personal Care Products - 2.6%
Dial Corp. - Notes
5.9% due 10/25/01 ............................... 2,000 1,951
Diversified Operations - 3.5%
CMS Panhandle Holding - Sr. Notes
6.125% due 03/15/04 ............................. 1,000 937
El Paso Energy Corp. - Sr. Notes
6.625% due 07/15/01 ............................. 500 494
Tyco International Group SA
6.125% due 06/15/01 ............................. 1,200 1,185
------
2,616
Electric Power - 0.7%
Niagara Mohawk Power Corp. - Sr. Notes
7.25% due 10/01/02 .............................. 499 492
Financial Services - 12.1%
Associates Corp. of North America - Sr. Notes
5.75% due 11/01/03 .............................. 450 425
AT&T Capital Corp.
6.875% due 01/16/01 ............................. 910 909
Finova Capital Corp. - Notes
5.875% due 10/15/01 ............................. 500 454
Gatx Capital Corp. - Notes
6.5% due 11/01/00 ............................... 1,750 1,744
General Motors Acceptance Corp. - Notes
7.48% due 02/28/03 .............................. 1,200 1,200
Green Tree Financial Corp. - Ser. 1996-8 Cl. A6
7.6% due 10/15/27 ............................... 680 679
Heller Financial, Inc. - Notes
6.25% due 03/01/01 .............................. 1,500 1,489
Lehman Brothers Holdings - Notes
7.75% due 01/15/05 .............................. 550 545
PNC Funding Corp.
7.0% due 09/01/04 ............................... 500 489
Salomon, Inc. - Sr. Notes
7.2% due 02/01/04 ............................... 500 496
U.S. West Capital Funding, Inc.
6.875% due 08/15/01 ............................. 500 498
------
8,928
Food, Beverage and Tobacco - 0.9%
Philip Morris Cos., Inc. - Debs.
8.25% due 10/15/03 .............................. 640 639
Health Care Products - 1.9%
Beckman Instruments, Inc. - Sr. Notes
7.1% due 03/04/03 ............................... 1,475 1,417
Health Care Services - 0.5%
Tenet Healthcare Corp. - Sr. Notes
8.625% due 12/01/03 ............................. 360 357
Media - TV / Radio - 1.4%
Continental Cablevision - Sr. Notes
8.5% due 09/15/01 ............................... 1,010 1,024
Natural Gas Distribution - 2.4%
Enron Corp. - Debs.
9.125% due 04/01/03 ............................. 500 518
KN Energy, Inc. - Sr. Notes
6.45% due 03/01/03 .............................. 1,300 1,260
------
1,778
Oil - 1.4%
Coastal Corp. - Sr. Notes
8.125% due 09/15/02 ............................. 500 509
Conoco, Inc. - Notes
5.9% due 04/15/04 ............................... 550 524
------
1,033
153
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SHORT-TERM BOND PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINUED
Oil - Equipment and Services - 1.3%
Petroleum-Geo Services ASA - Bonds
6.25% due 11/19/03 ............................ $1,000 $ 946
Oil and Natural Gas Exploration and Production - 1.6%
Gulf Canada Resources, Ltd. - Sr. Notes
8.35% due 08/01/06 ............................ 170 168
Occidental Petroleum Corp. - Notes
8.5% due 11/09/01 ............................. 1,000 1,008
-------
1,176
Personal and Commercial Lending - 8.9%
American General Finance Corp. - Notes
5.75% due 11/23/01 ............................ 1,270 1,242
Covenant Transport, Inc. - Cl. A
7.6% due 12/15/29 ............................. 252 246
Ford Motor Credit Co. - Sr. Notes
5.75% due 02/23/04 ............................ 1,500 1,410
Green Tree Financial Corp. - Ser. 1996-F
7.3% due 01/15/28 ............................. 269 269
Househol d Finance Corp. - Notes
6.0% due 05/01/04 ............................. 1,000 942
MBNA America Bank N.A. - Notes
5.96% due 08/10/00 ............................ 2,000 1,998
Money Store Home Equity Trust - Ser. 1996-B A7
7.55% due 02/15/20 ............................ 232 232
Money Store Home Equity Trust - Ser. 1997-D AF3
6.345% due 11/15/21 ........................... 232 230
-------
6,569
Pollution Control - 0.7%
WMX Technologies, Inc. - Notes
7.125% due 06/15/01 ........................... 570 561
Real Estate Investment Trust - 2.3%
Franchise Finance Corp. of America - Sr. Notes
7.0% due 11/30/00 ............................. 1,400 1,395
Residential Asset Securitization Trust - Ser.
1998-A8 Cl. A3
6.75% due 08/25/28 ............................ 323 318
-------
1,713
Retail - Department Stores - 2.8%
Dillard's, Inc. - Notes
5.79% due 11/15/01 ............................ 975 932
Federated Department Stores, Inc. - Sr. Notes
8.5% due 06/15/03 ............................. 1,090 1,108
-------
2,040
Retail - Food - 0.7%
Safeway, Inc. - Notes
5.875% due 11/15/01 ........................... 500 491
Telecommunication Services - 2.0%
Cox Communications, Inc. - Notes
7.0% due 08/15/01 ............................. 1,500 1,492
Telephone - 2.0%
MCI Worldcom, Inc. - Sr. Notes
6.125% due 08/15/01 ........................... 1,500 1,481
Transportation Services - 2.7%
Norfolk Southern Corp. - Notes
6.875% due 05/01/01 ........................... 2,000 1,994
U.S. Government Agencies - 10.6%
Federal Home Loan Bank
8.0% due 06/01/10 ............................. 1,289 1,301
Federal Home Loan Mortgage Corp.
7.75% due 01/15/21 ............................ 455 457
Federal National Mortgage Assoc.
7.0% due 12/01/10 ............................. 1,868 1,850
7.0% due 06/18/13 .............................
Government National Mortgage Assoc.
1.0% due 12/31/99 ............................. 756 748
-------
4,356
U.S. Governmental - 10.6%
U.S. Treasury - Bonds
4.25% due 11/15/03 ............................ 530 498
5.875% due 02/15/04 ........................... 3,610 3,560
5.875% due 11/15/04 ........................... 690 680
U.S. Treasury - Notes
5.5% due 07/31/01 ............................. 2,000 1,980
6.375% due 09/30/01 ........................... 4,500 4,492
-------
11,210
-------
TOTAL PUBLICLY-TRADED BONDS- 92.7% 68,436
SHORT-TERM INVESTMENTS - 6.8%
Investment in joint trading account (Note B)
6.853% due 07/03/00 .......................... 5,035 5,035
------- -------
TOTAL INVESTMENTS- 99.5% 73,471
Receivables, less Cash and payables- 0.5% 336
------- -------
NET ASSETS- 100.0% 73,807
See notes to financial statements.
154
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Auto and Truck Parts - 2.9%
Avis Rent A Car, Inc. * .................... 16,100 $ 302
Cummins Engine Company, Inc. ............... 24,900 679
Lear Corp. * ............................... 36,900 738
Superior Industries International, Inc. .... 9,300 239
Tenneco Automotive, Inc. ................... 30,700 161
-------
2,119
Automobile - 0.2%
Wabash National Corp. ...................... 11,400 136
Banks - 10.5%
Bank United Corp. - Cl. A .................. 17,600 619
Brookline Bancorp, Inc. .................... 21,300 244
Cullen/Frost Bankers, Inc. ................. 10,100 266
Downey Financial Corp. ..................... 20,090 582
East West Bancorp, Inc. .................... 50,700 729
Greater Bay Bancorp ........................ 6,600 308
Hudson United Bancorp ...................... 15,494 348
Imperial Bancorp * ......................... 29,965 468
Independence Community Bank Corp. .......... 30,900 409
MAF Bancorp, Inc. .......................... 17,100 311
Provident Financial Group .................. 15,400 367
Queens County Bancorp ...................... 14,900 275
Richmond County Financial Corp. ............ 22,700 434
Silicon Valley Bancshares * ................ 16,400 699
Southwest Bancorporation of Texas, Inc. * .. 13,200 274
Sterling Bancshares, Inc. .................. 27,100 293
Washington Federal, Inc. ................... 32,700 597
Westamerica Bancorporation ................. 11,400 298
-------
7,521
Brokerage and Investment Management - 2.7%
Affiliated Managers Group, Inc. * .......... 7,100 323
Dain Rauscher Corp. ........................ 5,300 350
Investment Technology Group, Inc. .......... 5,000 213
Jefferies Group, Inc. ...................... 16,300 329
John Nuveen Co. - Cl. A .................... 4,500 188
Southwest Securities Group, Inc. ........... 13,900 518
-------
1,921
Business Services - 0.3%
American Management Systems, Inc. * ........ 5,700 187
Chemicals - 4.0%
Cambrex Corp. .............................. 5,700 257
Cytec Industries, Inc. * ................... 13,700 338
Ferro Corp. ................................ 12,000 252
Georgia Gulf Corp. ......................... 26,700 556
Lubrizol Corp. ............................. 12,400 260
Millennium Chemicals, Inc. ................. 29,600 503
Spartech Corp. ............................. 10,500 284
W.R. Grace & Co. ........................... 36,900 447
-------
2,897
Commercial Services - 2.1%
Advanced Marketing Services, Inc. .......... 11,600 $ 214
ADVO, Inc. ................................. 10,700 449
DeVry, Inc. * .............................. 10,200 270
Diamond Technology Partners, Inc. .......... 1,900 167
Sybase, Inc. * ............................. 18,500 426
-------
1,526
Computer Equipment - 0.5%
Breakaway Solutions, Inc. * ................ 1,800 49
InFocus Corp. * ............................ 10,500 338
-------
387
Computer Software and Services - 2.1%
Barra, Inc. * .............................. 5,300 263
CAIS Internet, Inc. * ...................... 9,700 136
Cognizant Technology Solutions Corp. ....... 2,900 96
Eprise Corp. * ............................. 11,100 182
Fritz Computer, Inc. ....................... 15,000 155
Keynote Systems, Inc. * .................... 900 64
MapInfo Corp. .............................. 4,400 179
National Data Corp. ........................ 7,800 179
Quintus Corp. * ............................ 11,500 228
-------
1,482
Construction - 1.6%
Del Webb Corp. ............................. 13,800 211
Granite Construction, Inc. ................. 15,100 370
Insituform Technologies, Inc. - Cl. A * .... 7,800 212
NVR, Inc. * ................................ 6,700 382
-------
1,175
Consumer - Miscellaneous - 2.2%
Briggs & Stratton Corp. .................... 16,600 569
Fossil, Inc. * ............................. 10,800 210
NetRatings, Inc. * ......................... 5,200 133
The Topps Company, Inc. .................... 16,000 184
Toro Co. ................................... 7,900 260
Tupperware Corp. ........................... 11,500 253
-------
1,609
Containers - 0.6%
Healthcare Realty Trust, Inc. .............. 26,000 444
Cosmetics and Personal Care Products - 0.8%
AptarGroup, Inc. ........................... 22,100 597
Diversified Operations - 1.1%
Chemed Corp. ............................... 10,800 305
Justin Industries, Inc. .................... 8,500 186
Mark IV Industries, Inc. ................... 2,400 50
Olin Corp. ................................. 16,200 267
-------
808
Electric Power - 3.2%
Cleco Corp. ................................ 14,000 469
Idacorp, Inc. .............................. 22,500 725
155
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Electric Power - Continued
Minnesota Power, Inc. ...................... 9,400 $ 163
Public Service Co. of New Mexico ........... 32,000 494
RGS Energy Group, Inc. ..................... 19,100 425
-------
2,276
Electrical Equipment - 0.6%
Anixter International, Inc. ................ 9,000 239
Littelfuse, Inc. * ......................... 4,600 225
-------
464
Electronic Products and Services - 4.7%
Audiovox Corp. - Cl. A * ................... 5,500 121
Belden, Inc. ............................... 6,600 169
Brooks Automation, Inc. * .................. 3,000 192
Cymer, Inc. * .............................. 5,500 263
Electroglas, Inc. * ........................ 7,100 153
Exar, Corp. * .............................. 4,500 392
Harman International Industries, Inc. ...... 3,600 219
Helix Technology Corp. ..................... 3,900 152
Kemet Corp. * .............................. 12,200 306
Kent Electronics Corp. * ................... 8,200 244
Park Electrochemical Corp. ................. 7,400 267
Pioneer Standard Electronics, Inc. ......... 11,300 167
Rogers Corp. ............................... 6,200 217
Sensormatic Electronics Corp. * ............ 19,400 307
Silicon Valley Group, Inc. * ............... 7,300 189
-------
3,358
Energy - Alternative Source - 0.3%
VECTREN Corp. .............................. 10,600 183
Engineering and Construction - 0.3%
York International Corp. ................... 9,800 247
Financial Services - 0.3%
Doral Financial Corp. ...................... 20,800 238
Food, Beverage and Tobacco - 3.9%
Applebee's International, Inc. ............. 7,400 224
Canandaigua Brands, Inc. - Cl. A * ......... 3,100 157
Corn Products International, Inc. .......... 20,600 546
Dole Food Company .......................... 21,000 344
NBTY, Inc. * ............................... 12,900 82
Robert Mondavi Corp. - Cl. A .* ............ 10,600 325
Suiza Foods Corp. * ........................ 9,600 469
Universal Corp. ............................ 29,600 625
-------
2,772
Health Care Products - 1.6%
Datascope Corp. * .......................... 7,000 252
Owens and Minor, Inc. ...................... 19,700 338
Scott Technologies, Inc. ................... 8,300 143
Varian Medical Systems, Inc. ............... 10,000 391
-------
1,124
Health Care Services - 2.7%
Accredo Health, Inc. ....................... 5,300 183
Bindley Western Industries, Inc. ........... 20,421 540
First Health Group Corp. * ................. 13,400 440
Hooper Holmes, Inc. ........................ 16,800 134
Universal Health Services, Inc. - Cl. B * .. 10,100 662
-------
1,959
Household Appliances / Furnishings - 1.7%
Applica, Inc. .............................. 14,400 163
Salton, Inc. * ............................. 16,500 608
Springs Industries, Inc. - Cl. A ........... 13,500 435
-------
1,206
Housing - 1.1%
Kaufman & Broad Home Corp. ................. 11,100 220
Pulte Corp. ................................ 26,500 573
-------
793
Insurance - 4.4%
Commerce Group, Inc. ....................... 8,900 262
Delphi Financial Group, Inc. - Cl. A * ..... 13,400 455
Enhance Financial Services Group, Inc. ..... 16,900 243
Everest Re Group, Ltd. ..................... 17,600 578
Ohio Casualty Corp. ........................ 19,200 204
Presidential Life Corp. .................... 10,000 139
Radian Group, Inc. ......................... 5,700 295
Selective Insurance Group .................. 39,300 747
Stancorp Financial Group, Inc. ............. 7,400 238
-------
3,161
Leisure and Recreation - 1.4%
Argosy Gaming Co. * ........................ 13,500 194
Aztar Corp. * .............................. 16,100 250
Callaway Golf Co. .......................... 20,000 326
Station Casinos, Inc. * .................... 10,300 257
-------
1,027
Machinery - 3.6%
Astec Industries, Inc. * ................... 8,000 203
Graco, Inc. ................................ 10,950 356
Imation Corp. * ............................ 14,700 432
Kulicke and Soffa Industries * ............. 3,100 184
Manitowoc Co., Inc. ........................ 7,500 201
Stewart & Stevenson Services, Inc. ......... 36,800 554
Tecumseh Products Co. - Cl. A .............. 11,500 439
Terex Corp. * .............................. 16,300 230
-------
2,599
Media - Publishing - 0.5%
McClatchy Newspapers, Inc. - Cl. A ......... 11,800 391
Metal Product and Fabrication - 1.1%
Commercial Metals Co. ...................... 10,000 275
Milacron, Inc. ............................. 12,400 180
156
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - Continued
Metal Product and Fabrication - Continued
Worthington Industries, Inc. ............... 31,800 $ 334
-------
789
Metals and Mining - 1.3%
Century Aluminum Co. ....................... 13,100 142
Mueller Industries , Inc. .................. 9,800 274
Precision Castparts Corp. .................. 8,500 385
Quanex Corp. ............................... 10,200 152
-------
953
Natural Gas Distribution - 2.2%
Energen Corp. .............................. 14,800 323
NUI Corp. .................................. 9,800 264
Peoples Energy Corp. ....................... 12,500 405
UGI Corp. .................................. 16,400 336
Washington Gas Light Co. ................... 10,600 255
-------
1,583
Oil - 0.3%
UTI Energy Corp. * ......................... 6,200 249
Oil - Equipment and Services - 1.1%
Marine Drilling Companies, Inc. * .......... 9,700 272
ONEOK, Inc. ................................ 5,800 150
St. Mary Land & Exploration Co. ............ 8,100 341
-------
763
Oil and Natural Gas Exploration and Production - 2.6%
Equitable Resources, Inc. .................. 12,500 603
Patterson Energy, Inc. * ................... 9,700 276
Tom Brown, Inc. ............................ 7,100 164
Valero Energy Corp. ........................ 19,400 616
Western Gas Resources, Inc. ................ 9,200 193
-------
1,852
Paper and Forest Products - 2.8%
Louisiana-Pacific Corp. .................... 48,900 532
P.H. Glatfelter Co. ........................ 36,700 374
Pope & Talbot, Inc. ........................ 24,800 397
Rayonier, Inc. ............................. 10,700 384
United Stationers, Inc. * .................. 9,500 307
-------
1,994
Personal and Commercial Lending - 0.7%
CompuCredit Corp. * ........................ 7,800 234
Metris Cos., Inc. .......................... 11,700 294
-------
528
Precious Metals/Gems/Stones - 0.4%
Stillwater Mining Co. * .................... 9,250 258
Real Estate Development - 1.4%
LNR Property Corp. ......................... 14,400 281
Ryland Group, Inc. ......................... 12,100 268
Standard Pacific Corp. ..................... 45,700 457
-------
1,006
Real Estate Investment Trust - 10.0%
Bedford Property Investors, Inc. ........... 20,400 379
Capital Automotive REIT .................... 51,000 720
Essex Property Trust, Inc. ................. 8,900 374
FelCor Lodging Trust, Inc. ................. 34,136 631
Gables Residential Trust ................... 21,600 558
Hospitality Properties Trust ............... 12,100 273
IRT Property Co. ........................... 34,900 297
JDN Realty Corp. ........................... 13,400 137
Kilroy Realty Corp. ........................ 8,200 213
Mack-Cali Realty Corp. ..................... 6,200 159
MeriStar Hospitality Corp. ................. 20,300 426
Mid-America Apartment Communities, Inc. .... 20,400 490
National Health, Inc. ...................... 30,500 335
Prentiss Properties Trust .................. 14,700 353
RFS Hotel Investors, Inc. .................. 24,500 288
Shurgard Storage Centers, Inc. ............. 21,100 475
SL Green Realty Corp. ...................... 16,600 444
Sovran Self Storage, Inc. .................. 14,900 319
The Macerich Co. ........................... 13,200 291
-------
7,162
Retail - Department Stores - 4.0%
Barnes & Noble, Inc. * ..................... 9,200 205
Cato Corp. - Cl. A ......................... 21,400 249
Dillard's, Inc. - Cl. A .................... 27,800 340
Dollar Thrifty Automotive Group, Inc. * .... 16,300 300
Footstar, Inc. * ........................... 7,900 263
Payless ShoeSource, Inc. * ................. 6,600 338
Pier 1 Imports, Inc. ....................... 19,800 193
REX Stores Corp. ........................... 7,400 172
Shopko Stores, Inc. ........................ 10,900 168
Zale Corp. * ............................... 18,100 661
-------
2,889
Retail - Food - 1.8%
CEC Entertainment, Inc. * .................. 7,700 197
P.F. Chang's China Bistro, Inc. * .......... 5,600 179
Ruby Tuesday, Inc. ......................... 35,200 442
Sonic Corp. * .............................. 7,600 223
The Cheesecake Factory, Inc. * ............. 8,350 230
-------
1,271
Shoe and Apparel Manufacturing - 1.0%
Brown Shoe Co., Inc. ....................... 18,300 238
Kellwood Co. ............................... 10,900 230
Russell Corp. .............................. 10,800 216
-------
684
Steel - 0.9%
Ryerson Tull, Inc. ......................... 22,900 237
Texas Industries, Inc. ..................... 14,300 413
-------
650
157
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
SMALL CAP VALUE PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Telecommunication Equipment - 0.7%
Cable Design Technologies Corp. ............ 10,300 $ 345
Glenayre Technologies, Inc. * .............. 12,100 128
-------
473
Telecommunication Services - 0.2%
Intermedia Communications, Inc. * .......... 5,300 158
Transportation Services - 3.1%
America West Hol dings Corp. - Cl. B * ..... 22,400 383
Landstar Systems, Inc. ..................... 9,900 590
Offshore Logistics, Inc. * ................. 29,300 421
Roadway Express, Inc. ...................... 19,700 462
Ryder System, Inc. ......................... 15,200 288
USFreightways Corp. ........................ 4,900 120
-------
2,264
-------
TOTAL COMMON STOCK- 97.5% 70,133
Par
Value
(000's)
SHORT-TERM INVESTMENTS - 2.4%
Investment in joint trading account (Note B)
6.853% due 07/03/00 ....................... $ 1,737 1,737
------- -------
TOTAL INVESTMENTS- 99.9% 71,870
Cash and Receivables, less Payables - 0.1% 83
------- -------
NET ASSETS- 100.0% 71,953
======= =======
* Non-income producing security.
See notes to financial statements.
158
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Argentina - 0.1%
Telefonica de Argentina SA - ADR
(UTIT) ............................... 3,520 $ 112
Australia - 1.9%
Brambles Industries, Ltd. (DIOP) ...... 10,000 307
Commonwealth Bank of Australia
(BANK) ............................... 17,248 286
Lend Lease Corp. (FINL) ................ 10,052 128
News Corp., Ltd. (MEDI) ................ 40,242 554
Publishing & Broadcasting, Ltd. (MEDP) 35,000 269
TABCORP Holdings, Ltd. (LEIS) .......... 21,000 121
Telstra Corp. * (TELS) ................ 9,000 20
Telstra Corp., Ltd. (TELS) ............ 64,000 259
--------
1,944
Belgium - 0.6%
Dexia (BANK) .......................... 1,658 245
Fortis (B) (INSU) ...................... 11,860 345
UCB SA (HEAL) .......................... 940 34
--------
624
Bermuda - 0.2%
Dao Heng Bank Group, Ltd. (BANK) ...... 46,000 204
Brazil - 1.5%
Embratel Participacoes SA - ADR (UTIT).. 4,000 95
Tele Sudeste Celular Participacoes SA -
ADR * (TELS) ......................... 2,271 69
Telecomicacoes de Sao Paulo (UTIT) .... 11,358 210
Telecomunicacoes Brasileiras SA - ADR
(UTIT) ................................ 11,358 1,103
Unibanco - Uniao de Bancos Brasileiros
SA - GDR (BANK) ...................... 4,000 115
--------
1,592
Canada - 1.1%
Alcan Aluminum, Ltd. (META) ............ 3,360 104
Celestica, Inc. * (COMM) .............. 11,322 562
NORTEL NETWORKS Corp. (TELE) .......... 6,080 422
Royal Bank of Canada (BANK) ............ 1,540 79
--------
1,167
Denmark - 0.1%
Tele Danmark A/S (TELS) ................ 2,070 139
Finland - 2.9%
Nokia Oyj (HEAL) ...................... 57,480 2,933
France - 12.1%
Alcatel (TELE) ........................ 18,770 1,231
Altran Technologies, Inc. SA (AERO) .... 760 149
Aventis SA * (HEAL) .................... 1,662 119
AXA SA (INSU) .......................... 7,365 1,160
Banque Nationale de Paris (BANK) ...... 9,420 906
Canal Plus (MEDI) ...................... 510 86
Cap Gemini SA (COMM) .................. 1,640 289
Carrefour SA (RETF) .................... 1,252 86
Compagnie de St. Gobain (CONS) ........ 1,990 269
Groupe Danone (FOOD) .................. 520 69
Hermes International (RETS) ............ 1,140 154
L'Oreal (HNBA) ........................ 135 117
Lafarge SA (CONS) ...................... 486 38
Legrand SA (ELEQ) ...................... 1,744 391
Moet Hennessy-Louis Vuitton (FOOD) .... 606 250
Rhone-Poulenc SA (BANK) ................ 12,209 891
Sanofi-Synthelabo SA * (HEAL) .......... 14,538 693
Schneider SA (MACH) .................... 1,761 123
Societe Generale - Cl. A (BANK) ........ 2,592 156
Societe Television Francaise 1 (MEDI) .. 21,200 1,477
Sodexho Alliance SA (LEIS) ............ 624 113
STMICROELECTRONICS (ETRN) .............. 9,118 574
Total Fina SA - Cl. B (OILX) .......... 10,398 1,594
Vivendi (DIOP) ........................ 16,865 1,489
--------
12,424
Germany - 4.4%
Allianz AG - Reg. (INSU) .............. 1,590 571
Bayer AG (CHEM) ........................ 3,029 118
Bayerische Vereinsbank AG (BANK) ...... 10,387 671
Deutsche Bank AG (BANK) ................ 8,024 660
Deutsche Telekom AG (UTIT) ............ 9,044 516
E.On AG (DIOP) ........................ 6,725 324
Gehe AG (HEAL) ........................ 3,538 117
Infineon Technologies AG (ETRN) ........ 6,744 532
Rhoen-Klinikum AG (HEAL) .............. 1,390 55
SAP AG (SOFT) .......................... 5,640 843
Siemens AG (DIOP) ...................... 1,057 159
--------
4,566
Hong Kong - 3.3%
Cable & Wireless HKT, Ltd. (TELS) ...... 82,800 183
Cheung Kong (Holdings), Ltd. (READ) .... 48,000 528
China Telecom (Hong Kong), Ltd.
(TELS) ................................ 104,000 917
China Unicom, Ltd. * (TELS) ............ 146,000 308
Henderson Land Development Co., Ltd.
(READ) ................................ 44,000 193
Hutchison Whampoa, Ltd. (COMM) ........ 64,900 816
Pacific Century Cyberworks, Ltd. *
(TELE) ................................ 167,000 330
Sun Hung Kai Properties, Ltd. (REIT) ... 10,000 72
--------
3,347
India - 1.3%
Global Tele-Systems, Ltd. (TELE) ...... 11,000 330
Hindustan Lever, Ltd. (HNBA) .......... 7,000 445
ICICI , Ltd. (FINL) .................... 57,484 328
159
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
India - Continued
Mahanagar Telephone Nigam, Ltd.
(TELS) .................................. 40,000 $ 192
--------
1,295
Ireland - 0.2%
SmartForce Public Limited Co. - ADR
(SOFT) .................................. 4,946 237
Italy - 5.6%
Alleanza Assicurazioni (INSU) ............ 27,000 360
Banca Intesa SpA (BANK) .................. 199,353 893
Bipop-Carire SpA (BANK) .................. 60,000 472
ENI SpA (OILS) ........................... 88,784 513
Mediaset SpA (MEDI) ...................... 12,000 183
Mediolanum SpA (INSU) .................... 24,655 401
San Paolo-IMI SpA (BANK) ................. 3,858 68
Tecnost SpA (COMP) ....................... 39,800 150
Telecom Italia Mobile SpA (TELS) ......... 128,000 1,308
Telecom Italia SpA (TELS) ................ 62,444 858
UniCredito Italiano SpA (BANK) ........... 103,393 495
--------
5,701
Japan - 19.1%
Bridgestone Corp. (PART) ................. 6,000 127
Canon, Inc. (COMM) ....................... 29,000 1,443
DDI Corp. (UTIT) ......................... 15 144
East Japan Railway Co. (TRAN) ............ 21 122
Fanuc, Ltd. (ELEQ) ....................... 3,700 376
Fuji Bank, Ltd. (BANK) ................... 83,000 631
Fuji Television Network, Inc. (MEDI) ..... 33 516
Fujitsu, Ltd. (ELEQ) ..................... 19,000 657
Hitachi, Ltd. (ETRN) ..................... 10,000 144
Ito-Yokado Co., Ltd. (RETS) .............. 3,000 180
KAO Corp. (HNBA) ......................... 6,000 183
Kokuyo Co. (COMM) ........................ 8,000 131
Kyocera Corp. (ETRN) ..................... 7,500 1,272
Makita Corp. (CNSU) ...................... 8,000 76
Marui Co., Ltd. (RETS) ................... 16,000 306
Matsushita Electric Industrial Co.
(ETRN) .................................. 35,000 907
Mitsui Fudosan Co., Ltd. (REAL) .......... 47,000 510
Murata Manufacturing Co., Ltd. (ETRN) .... 9,000 1,291
NEC Corp. (COMP) ......................... 42,000 1,318
Nippon Telegraph & Telephone Corp.
(UTIT) .................................. 111 1,475
Nomura Securities Co., Ltd. (FUND) ....... 36,000 881
NTT Mobile Communications Network, Inc.
(TELS) .................................. 35 947
Sankyo Co., Ltd. (HEAL) .................. 11,000 248
Seven-Eleven Japan (RETF) ................ 6,000 502
Shin-Etsu Chemical Co. (CHEM) ............ 6,000 304
Shiseido Co., Ltd. (CHEM) ................ 14,000 216
Softbank Corp. (BANK) .................... 1,600 217
Sony Corp. (ETRN) ........................ 12,800 1,194
Sumitomo Bank (BANK) ..................... 51,000 625
Sumitomo Corp. (DIOP) .................... 23,000 259
Sumitomo Electric Industries (DIOP) ...... 8,000 137
TDK Corp. (COMP) ......................... 3,000 431
Toshiba Corp. (ETRN) ..................... 96,000 1,083
Yamanouchi Pharmaceutical Co., Ltd.
(HEAL) .................................. 13,000 710
--------
19,563
Luxembourg - 0.1%
Society Europeenne des Satellites
(MEDI) .................................. 457 77
Mexico - 2.3%
Fomento Economico Mexicano SA de CV
(FOOD) .................................. 59,000 252
Grupo Iusacell SA de CV - ADR *
(TELS) .................................. 7,000 109
Grupo Televisa SA - GDR * (MEDI) ......... 13,907 959
Telefonos de Mexico SA - ADR (UTIT) ...... 18,120 1,035
--------
2,355
Netherlands - 6.4%
ABN Amro Holding NV (BANK) ............... 4,056 99
Akzo Nobel NV (CHEM) ..................... 1,110 47
ASM Lithography Holding NV (COMP) ........ 17,520 753
CSM NV (FOOD) ............................ 4,986 98
Equant (COMP) ............................ 3,255 132
Fortis (NL) NV (INSU) .................... 16,800 489
ING Groep NV (BANK) ...................... 17,560 1,187
Koninklije KPN NV (TELS) ................. 5,960 267
Koninklijke Philips Electronics NV
(ETRN) .................................. 26,474 1,249
Royal Dutch Petroleum Co. (OILE) ......... 10,580 658
TNT Post Group NV (TRAN) ................. 790 21
United Pan Europe (TELS) ................. 7,776 203
VNU NV (MEDP) ............................ 20,120 1,039
Wolters Kluwer NV - CVA (MEDP) ........... 10,855 289
--------
6,531
New Zealand - 0.2%
Telecom Corp. of New Zealand, Ltd.
(TELS) .................................. 46,000 161
Norway - 0.2%
Orkla ASA (DIOP) ......................... 10,360 197
Portugal - 0.1%
Jeronimo Martins, SGPS, SA (FOOD) ........ 5,743 95
Singapore - 0.4%
United Overseas Bank, Ltd. (BANK) ........ 60,072 393
South Korea - 1.5%
Korea Telecom Corp. - ADR * (TELS) ....... 7,600 368
Pohang Iron & Steel Co., Ltd. - ADR
(STEE) .................................. 3,053 73
160
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
South Korea - Continued
Samsung Electronics (ETRN) ............... 3,270 $ 1,082
--------
1,523
Spain - 3.0%
Banco Bilbao Vizcaya SA (BANK) ........... 45,250 676
Banco Santander Central Hispano SA
(BANK) .................................. 57,529 607
Endesa SA (UTIE) ......................... 25,318 490
Repsol SA (OILX) ......................... 13,082 260
Telefonica SA (UTIT) ..................... 47,230 1,015
--------
3,048
Sweden - 3.2%
Atlas Copco AB (MACH) .................... 2,330 44
Electrolux AB - Ser. B (APPL) ............ 9,520 147
Hennes & Mauritz AB - B Shares (RETS) .... 15,600 325
Nordbanken Holding (BANK) ................ 69,614 525
NORDIC BALTIC Holding (BANK) ............. 10,036 73
SANDVIK AB (MACH) ........................ 2,580 54
Securitas AB - B Shares (COMM) ........... 37,496 795
Telefonaktiebolaget LM Ericsson AB *
(TELS) .................................. 64,790 1,282
--------
3,245
Switzerland - 4.2%
ABB, Ltd. * (ENGI) ....................... 5,507 652
Adecco SA - Reg. (COMM) .................. 1,325 1,126
Credit Suisse Group - Reg. (BANK) ........ 2,100 418
Nestle SA (FOOD) ......................... 510 1,021
Roche Holding AG (HEAL) .................. 34 331
Swisscom AG - Reg. (UTIT) ................ 261 90
UBS AG (BANK) ............................ 4,692 687
--------
4,325
Taiwan - 0.1%
Hon Hai Precision Industry Co., Ltd. -
GDR 144A (a) * (ETRN) ................... 6,092 154
United Kingdom - 18.1%
Abbey National First Capital BV (BANK) ... 10,000 120
AstraZeneca Group plc (HEAL) ............. 15,701 733
Baltimore Technologies plc * (COMP) ...... 31,000 235
BG Group plc (UTIG) ...................... 9,522 61
BP Amoco plc (OILE) ...................... 49,000 470
Cable & Wireless plc (TELS) .............. 77,100 1,305
Cadbury Schweppes plc (FOOD) ............. 43,200 284
Celltech Group plc * (HEAL) .............. 13,000 252
Centrica plc * (UTIG) .................... 18,900 63
Compass Group plc (FOOD) ................. 72,000 948
David S. Smith Holdings plc (PAPR) ....... 15,000 36
Diageo plc (FOOD) ........................ 50,512 453
Electrocomponents plc (ETRN) ............. 13,000 133
GKN plc (AUTO) ........................... 4,000 51
Glaxo Wellcome plc (HEAL) ................ 65,500 1,910
Hays plc (DIOP) .......................... 6,200 35
Hilton Group plc (LEIS) .................. 16,000 56
HSBC Holdings plc (BANK) ................. 20,800 238
Kingfisher plc (RETS) .................... 42,000 382
Marconi plc (TELE) ....................... 28,600 372
Reed International plc (MEDP) ............ 131,000 1,140
Rio Tinto plc - Reg. (DIOP) .............. 28,000 458
Royal Bank of Scotland Group (BANK) ...... 88,040 1,473
Shell Transport & Trading Co. plc (OILX).. 175,000 1,460
SmithKline Beecham plc (HEAL) ............ 80,100 1,048
Standard Chartered (BANK) ................ 26,000 324
Tesco plc (RETF) ......................... 56,900 177
Tomkins plc (DIOP) ....................... 86,496 281
Unilever plc (CNSU) ...................... 38,928 236
United News & Media plc (MEDP) ........... 14,500 208
Vodafone AirTouch plc (TELS) ............. 657,614 2,657
WPP Group plc * (COMM) ................... 63,000 920
--------
18,519
--------
TOTAL COMMON STOCK- 94.2% 96,471
PREFERRED STOCK - 1.8%
Australia - 0.9%
News Corp., Ltd. (MEDI) .................. 79,247 956
Brazil - 0.8%
Banco Itau SA (BANK) ..................... 970,000 85
Petroleo Brasileiro SA - Petrobras
(OILS) .................................. 21,760 658
Telesp Celular Participacoes SA *
(TELS) .................................. 2,613,222 47
Telesp Participacoes SA * (UTIT) ......... 3,179,956 60
--------
850
Germany - 0.1%
SAP AG - Vorzug (SOFT) ................... 330 61
--------
TOTAL PREFERRED STOCK- 1.8% 1,867
161
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
SHORT-TERM INVESTMENTS - 3.3%
Investment in joint trading account
(Note B)
6.853% due 07/03/00 .................. $ 3,349 $ 3,349
---------- -----------
TOTAL INVESTMENTS- 99.3% 101,687
Receivables, less cash and payables- 0.7% 755
---------- -----------
NET ASSETS- 100.0% 102,442
========== ===========
* Non-income producing security.
ADR-American Depository Receipts.
GDR-Global Depository Receipts.
(a)Pursuant to rule 144A under the Securities Act of 1993, these securities may
be resold in transactions exempt from registration, normally to qualifed
institutional buyers. At June 30, 2000, securities aggregated $154 or .15% of
net assets of the Portfolio.
See notes to financial statements.
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
Market % of
Industry Value Long-Term
Industry Abbreviation (000's) Investments
Banks .......................................... BANK $14,518 14.8%
Telecommunication Services ..................... TELS 11,600 11.7%
Electronic Products and Services ............... ETRN 9,615 9.8%
Health Care Products ........................... HEAL 9,183 9.3%
Commercial Services ............................ COMM 6,081 6.2%
Telephone ...................................... UTIT 5,855 6.0%
Media - TV / Radio ............................. MEDI 4,808 4.9%
Diversified Operations ......................... DIOP 3,645 3.7%
Food, Beverage and Tobacco ..................... FOOD 3,469 3.5%
Insurance ...................................... INSU 3,326 3.4%
Oil and Natural Gas Exploration and Production.. OILX 3,315 3.4%
Computer Equipment ............................. COMP 3,019 3.1%
Media - Publishing ............................. MEDP 2,945 3.0%
Telecommunication Equipment .................... TELE 2,685 2.7%
Electrical Equipment ........................... ELEQ 1,425 1.4%
Retail - Department Stores ..................... RETS 1,348 1.4%
Oil ............................................ OILS 1,171 1.2%
Computer Software and Services ................. SOFT 1,141 1.1%
Oil - Equipment and Services ................... OILE 1,128 0.9%
Brokerage and Investment Management ............ FUND 880 0.8%
Retail - Food .................................. RETF 764 0.8%
Cosmetics and Personal Care Products ........... HNBA 745 0.7%
Real Estate Development ........................ READ 722 0.7%
Chemicals ...................................... CHEM 686 0.7%
Engineering and Construction ................... ENGI 652 0.7%
Real Estate Operations ......................... REAL 509 0.5%
Electric Power ................................. UTIE 490 0.5%
Financial Services ............................. FINL 457 0.5%
Consumer - Miscellaneous ....................... CNSU 312 0.3%
Construction ................................... CONS 307 0.3%
Leisure and Recreation ......................... LEIS 290 0.3%
Machinery ...................................... MACH 220 0.2%
Aerospace and Defense .......................... AERO 149 0.2%
Household Appliances / Furnishings ............. APPL 147 0.1%
Transportation Services ........................ TRAN 143 0.1%
Auto and Truck Parts ........................... PART 127 0.1%
Natural Gas Distribution ....................... UTIG 125 0.1%
Metals and Mining .............................. META 104 0.1%
Steel .......................................... STEE 73 0.1%
Real Estate Investment Trust ................... REIT 72 0.1%
Automobile ..................................... AUTO 51 0.1%
Paper and Forest Products ...................... PAPR 36 0.0%
--------- -------
$98,338 100.0%
========= =======
162
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK
Aerospace and Defense - 1.0%
B.F. Goodrich Co. .......................... 4,500 $ 153
Boeing Co. ................................. 35,468 1,483
General Dynamics Corp. ..................... 7,800 408
Honeywell International, Inc. .............. 31,062 1,046
Lockheed Martin Corp. ...................... 15,200 377
Northrop Grumman Corp. ..................... 2,800 186
Raytheon Co. - Cl. B ....................... 13,500 260
United Technologies Corp. .................. 18,400 1,083
-------
4,996
Auto and Truck Parts - 0.5%
AutoZone, Inc. * ........................... 5,800 128
Cooper Tire & Rubber Co. ................... 2,100 23
Cummins Engine Company, Inc. ............... 1,700 46
Dana Corp. ................................. 6,215 132
General Motors Corp. ....................... 21,500 1,248
Genuine Parts Co. .......................... 6,650 133
Goodyear Tire & Rubber Co. ................. 6,000 120
Johnson Controls, Inc. ..................... 3,300 169
Navistar International Corp., Inc. -
Cl. B ..................................... 2,400 75
PACCAR, Inc. ............................... 2,800 111
TRW, Inc. .................................. 4,500 195
Visteon Corp. * ............................ 6,167 75
-------
2,455
Automobile - 0.6%
Delphi Automotive Systems Corp. ............ 22,169 323
Ford Motor Co. ............................. 47,100 2,025
Harley-Davidson, Inc. ...................... 12,100 466
-------
2,814
Banks - 4.2%
AmSouth Bancorporation ..................... 14,500 228
Bank of America Corp. ...................... 64,468 2,772
Bank of New York Co., Inc. ................. 28,800 1,339
Bank One Corp. ............................. 45,050 1,197
BB&T Corporation ........................... 13,200 315
Charter One Financial, Inc. ................ 8,200 189
Chase Manhattan Corp. ...................... 48,150 2,218
Comerica, Inc. ............................. 6,000 269
Fifth Third Bancorp ........................ 11,950 756
First Union Corp. .......................... 38,246 949
Firstar Corp. .............................. 37,764 795
FleetBoston Financial Corp. ................ 35,770 1,216
Golden West Financial Corp. ................ 6,500 265
Huntington Bancshares, Inc. ................ 8,665 137
J.P. Morgan & Co., Inc. .................... 6,800 749
KeyCorp .................................... 17,500 308
National City Corp. ........................ 24,500 418
Northern Trust Corp. ....................... 8,800 573
Old Kent Financial Corp. ................... 5,250 140
PNC Bank Corp. ............................. 11,300 530
Regions Financial Corp. .................... 8,700 173
SouthTrust Corp. ........................... 6,300 143
State Street Corp. ......................... 6,300 668
Summit Bancorp ............................. 6,600 163
Suntrust Banks, Inc. ....................... 12,300 562
Synovus Financial Corp. .................... 10,350 182
U.S. Bancorp ............................... 28,918 557
Union Planters Corp. ....................... 5,300 148
Wachovia Corp. ............................. 8,000 434
Washington Mutual, Inc. .................... 22,618 653
Wells Fargo & Co. .......................... 64,200 2,488
-------
21,534
Brokerage and Investment Management - 4.7%
Aim Stic Prime Fund ........................ 11,398,345 11,398
Bear Stearns Cos., Inc. .................... 4,632 193
Charles Schwab Corp. ....................... 53,275 1,791
Franklin Resources, Inc. ................... 9,800 298
Lehman Brothers Holdings, Inc. ............. 4,600 435
Merrill Lynch & Co., Inc. .................. 15,100 1,736
Morgan Stanley, Dean Witter, Discover &
Co. ....................................... 44,700 3,721
Paine Webber Group, Inc. ................... 5,400 246
Prime Obligation Fund ...................... 3,630,565 3,631
T. Rowe Price Associates, Inc. ............. 4,600 196
-------
23,645
Business Services - 0.3%
Automatic Data Processing, Inc. ............ 24,500 1,312
Dun & Bradstreet Corp. ..................... 6,000 172
H & R Block, Inc. .......................... 3,900 126
-------
1,610
Chemicals - 0.8%
Air Products & Chemicals, Inc. ............. 9,000 277
Dow Chemical Co. ........................... 25,800 779
E.I. du Pont de Nemours & Co. .............. 40,682 1,780
Eastman Chemical Co. ....................... 3,000 143
Engelhard Corp. ............................ 5,300 90
Great Lakes Chemical Corp. ................. 1,900 60
Hercules, Inc. ............................. 3,400 48
Praxair, Inc. .............................. 6,000 225
Rohm & Haas Co. ............................ 8,627 298
Sigma-Aldrich Corp. ........................ 4,000 117
Union Carbide Corp. ........................ 5,000 247
W.R. Grace & Co. ........................... 3,600 44
-------
4,108
Commercial Services - 0.5%
Cendant Corp. * ............................ 26,899 377
Convergys Corp. * .......................... 6,100 316
Deluxe Corp. ............................... 2,700 64
Ecolab, Inc. ............................... 4,800 187
Equifax, Inc. .............................. 5,400 142
163
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - Continued
Commercial Services - Continued
Interpublic Group Cos., Inc. ............... 11,200 $ 482
Omnicom Group, Inc. ........................ 6,900 614
Quintiles Transnational Corp. * ............ 4,600 65
R.R. Donnelley & Sons Co. .................. 5,200 117
Young & Rubicam, Inc. ...................... 2,600 149
-------
2,513
Computer Equipment - 8.5%
3Com Corp. * ............................... 13,300 766
Adaptec, Inc. * ............................ 3,800 86
Apple Computer, Inc. * ..................... 12,400 649
Compaq Computer Corp. ...................... 66,111 1,690
Comverse Technology, Inc. * ................ 5,800 539
Dell Computer Corp. * ...................... 100,600 4,961
Gateway, Inc. * ............................ 12,300 698
Hewlett-Packard Co. ........................ 39,300 4,908
Intel Corp. ................................ 131,500 17,580
International Business Machines Corp. ...... 69,500 7,615
Lexmark International Group, Inc. -
Cl. A * ................................... 4,900 330
Network Appliance, Inc. * .................. 12,000 966
VERITAS Software Corp. * ................... 15,200 1,718
Xerox Corp. ................................ 25,700 533
-------
43,039
Computer Software and Services - 10.6%
Adobe Systems, Inc. ........................ 4,700 611
America Online, Inc. * ..................... 90,200 4,758
Autodesk, Inc. ............................. 2,400 83
BMC Software, Inc. * ....................... 9,600 350
Cabletron Systems, Inc. * .................. 6,700 169
Ceridian Corp. * ........................... 6,000 144
Citrix Systems, Inc. * ..................... 6,900 131
Computer Associates International, Inc. .... 23,025 1,179
Computer Sciences Corp. * .................. 6,600 493
Compuware Corp. * .......................... 13,700 142
Electronic Data Systems Corp. .............. 18,500 763
EMC Corp. * ................................ 85,112 6,548
First Data Corp. ........................... 16,200 804
IMS Health, Inc. ........................... 11,600 209
Mercury Interactive Corp. * ................ 1,600 155
Microsoft Corp. ............................ 206,700 16,536
NCR Corp. * ................................ 4,000 156
Novell, Inc. * ............................. 12,300 114
Oracle Corp. * ............................. 111,450 9,369
Parametric Technology Corp. * .............. 10,400 114
Peoplesoft, Inc. ........................... 10,100 169
Sapient Corp. .............................. 2,300 246
Seagate Technology, Inc. * ................. 9,000 495
Shared Medical Systems Corp. ............... 1,200 88
Siebel Systems, Inc. * ..................... 7,800 1,276
Sun Microsystems, Inc. * ................... 62,000 5,638
Unisys Corp. * ............................. 11,700 170
Yahoo!, Inc. * ............................. 21,100 2,614
-------
53,524
Construction - 0.0%
Armstrong Holdings, Inc. ................... 1,300 20
Vulcan Materials Co. ....................... 4,000 171
-------
191
Consumer - Miscellaneous - 0.5%
American Greetings Corp. - Cl. A ........... 1,900 36
Avery Dennison Corp. ....................... 4,400 295
Black & Decker Corp. ....................... 3,500 138
Briggs & Stratton Corp. .................... 800 27
Clorox Co. ................................. 9,100 408
Fortune Brands, Inc. ....................... 6,600 152
Newell Rubbermaid, Inc. .................... 11,216 289
Parker-Hannifin Corp. ...................... 4,250 146
Sherwin-Williams Co. ....................... 6,300 133
Snap-On, Inc. .............................. 2,000 53
Stanley Works .............................. 3,800 90
Tupperware Corp. ........................... 1,800 40
Unilever NV - NY Shares .................... 22,482 967
-------
2,774
Containers - 0.1%
Bemis Co., Inc. ............................ 1,700 57
Crown Cork & Seal Co., Inc. ................ 4,900 74
Owens-Illinois, Inc. * ..................... 5,800 68
Pactiv Corp. * ............................. 7,400 58
Sealed Air Corp. * ......................... 3,189 167
-------
424
Cosmetics and Personal Care Products - 1.3%
Alberto-Culver Co. - Cl. B ................. 2,200 67
Avon Products, Inc. ........................ 9,700 432
Colgate-Palmolive Co. ...................... 22,800 1,365
Gillette Co. ............................... 42,600 1,488
International Flavors & Fragrances, Inc. ... 3,700 112
Procter & Gamble Co. ....................... 51,200 2,931
-------
6,395
Diversified Operations - 6.1%
Cooper Industries, Inc. .................... 3,300 107
Corning, Inc. .............................. 10,800 2,915
Costco Wholesale Corp. * ................... 17,300 571
Crane Co. .................................. 2,950 72
Danaher Corp. .............................. 5,600 277
Eastern Enterprises ........................ 1,100 69
Eaton Corp. ................................ 2,800 188
El Paso Energy Corp. ....................... 9,000 458
General Electric Co. ....................... 388,000 20,564
Illinois Tool Works, Inc. .................. 11,500 656
ITT Industries, Inc. ....................... 3,700 112
Minnesota Mining & Manufacturing Co. ....... 15,700 1,295
National Service Industries, Inc. .......... 1,300 25
164
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Diversified Operations - Continued
Pall Corp. ................................. 4,900 $ 91
PPG Industries, Inc. ....................... 6,600 292
Textron, Inc. .............................. 5,800 315
Tyco International, Ltd. ................... 65,752 3,115
-------
31,122
Electric Power - 1.5%
AES Corp. * ................................ 16,800 766
Ameren Corp. ............................... 5,300 179
American Electric Power Co. ................ 12,660 375
Cinergy Corp. .............................. 6,100 155
CMS Energy Corp. ........................... 4,200 93
Consolidated Edison, Inc. .................. 8,800 261
Constellation Energy Group ................. 5,900 192
CP&L Energy, Inc. .......................... 6,000 192
Dominion Resources, Inc. ................... 9,494 407
DTE Energy Co. ............................. 5,600 171
Duke Energy Co. ............................ 14,044 792
Edison International ....................... 13,300 273
Entergy Corp. .............................. 9,300 253
Firstenergy Corp. .......................... 8,700 203
Florida Progress Corp. ..................... 3,900 183
FPL Group, Inc. ............................ 7,200 356
GPU, Inc. .................................. 5,200 141
New Century Energies, Inc. ................. 4,400 132
Niagara Mohawk Holdings, Inc. .............. 7,800 109
Northern States Power Co. .................. 6,000 121
Peco Energy Co. ............................ 7,000 282
PG & E Corp. ............................... 15,400 379
Pinnacle West Capital Corp. ................ 3,600 122
PPL Corp. .................................. 5,500 121
Public Services Enterprise Group, Inc. ..... 8,800 305
Reliant Energy, Inc. ....................... 11,924 352
Southern Co. ............................... 26,100 608
-------
7,523
Electrical Equipment - 0.5%
American Power Conversion .................. 7,600 310
Best Buy Co., Inc. ......................... 7,800 494
Emerson Electric Co. ....................... 16,700 1,008
Molex, Inc. ................................ 7,650 368
TXU Corp. .................................. 10,912 322
Unicom Corp. ............................... 6,900 267
-------
2,769
Electronic Products and Services - 8.2%
Advanced Micro Devices, Inc. * ............. 5,800 448
Agilent Technologies, Inc. * ............... 17,574 1,296
Altera Corp. * ............................. 7,700 785
Analog Devices, Inc. * ..................... 13,800 1,049
Applied Materials, Inc. * .................. 31,400 2,846
Ball Corp. ................................. 1,400 45
Broadcom Corp. - Cl. A * ................... 2,000 438
Cisco Systems, Inc. * ...................... 272,800 17,340
Conexant Systems, Inc. * ................... 8,200 399
KLA-Tencor Corp. * ......................... 7,100 416
Linear Technology Corp. .................... 12,000 767
LSI Logic Corp. * .......................... 11,700 633
Maxim Integrated Products, Inc. * .......... 11,000 747
Micron Technology, Inc. * .................. 21,700 1,911
Millipore Corp. ............................ 1,900 143
Motorola, Inc. ............................. 84,195 2,447
National Semiconductor Corp. * ............. 6,900 392
Novellus Systems, Inc. * ................... 5,000 283
PE Corp-BE Biosystems Group ................ 8,200 540
PerkinElmer, Inc. .......................... 2,000 132
Pitney Bowes, Inc. ......................... 10,100 404
Polaroid Corp .............................. 1,400 25
Rockwell International Corp. * ............. 7,700 242
Sanmina Corp. * ............................ 5,800 496
Solectron Corp. * .......................... 23,400 980
Tektronix, Inc. ............................ 2,000 148
Teradyne, Inc. * ........................... 6,800 500
Texas Instruments, Inc. .................... 64,300 4,417
Thomas & Betts Corp. ....................... 2,000 38
Xilinx, Inc. * ............................. 12,600 1,040
-------
41,347
Engineering and Construction - 0.0%
Fluor Corp. ................................ 2,900 92
Financial Services - 2.7%
American Express Co. ....................... 52,300 2,726
Associates First Capital Corp. - Cl. A * ... 28,006 625
Capital One Financial Corp. ................ 7,800 348
Citigroup, Inc. ............................ 132,528 7,985
Mellon Financial Corp. ..................... 19,700 718
Paychex, Inc. .............................. 14,750 619
Providian Financial Corp. * ................ 5,650 509
-------
13,530
Food, Beverage and Tobacco - 4.1%
Adolph Coors Co. - Cl. B ................... 1,400 85
Anheuser-Busch Cos., Inc. .................. 18,000 1,344
Archer-Daniels-Midland Co. ................. 24,473 240
Bestfoods .................................. 10,800 748
Brown-Forman Corp. - Cl. B ................. 2,800 150
Campbell Soup Co. .......................... 16,200 472
Coca-Cola Co. .............................. 97,200 5,583
Coca-Cola Enterprises, Inc. ................ 17,200 281
ConAgra, Inc. .............................. 18,800 358
General Mills, Inc. ........................ 11,800 451
H.J. Heinz Co. ............................. 14,000 612
Hershey Foods Corp. ........................ 5,500 267
Kellogg Co. ................................ 15,800 470
Nabisco Group Holdings Corp. ............... 13,000 337
PepsiCo, Inc. .............................. 56,700 2,520
Philip Morris Cos., Inc. ................... 89,000 2,364
Quaker Oats Co. ............................ 5,200 391
165
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Food, Beverage and Tobacco - Continued
Ralston-Ralston Purina Group ............... 11,700 $ 233
Sara Lee Corp. ............................. 34,900 674
Seagram Co., Ltd. .......................... 16,700 969
Starbucks Corp. * .......................... 7,300 279
SUPERVALU, Inc. ............................ 4,900 93
Sysco Corp. ................................ 13,000 548
The Kroger Co. * ........................... 32,900 726
UST, Inc. .................................. 6,000 88
Wm. Wrigley Jr. Co. ........................ 4,600 369
--------
20,652
Health Care Products - 10.9%
Abbott Laboratories ........................ 60,800 2,709
Allergan, Inc. ............................. 5,300 395
ALZA Corp. * ............................... 4,100 242
American Home Products Corp. ............... 50,800 2,985
Amgen, Inc. * .............................. 40,300 2,831
Bausch & Lomb, Inc. ........................ 2,200 170
Baxter International, Inc. ................. 11,500 809
Becton, Dickinson & Co. .................... 9,500 273
Biomet, Inc. ............................... 4,700 181
Boston Scientific Corp. * .................. 16,100 353
Bristol-Myers Squibb Co. ................... 77,700 4,526
C.R. Bard, Inc. ............................ 2,200 106
Cardinal Health, Inc. ...................... 10,800 799
Eli Lilly & Co. ............................ 44,400 4,435
Guidant Corp. * ............................ 12,200 604
Johnson & Johnson .......................... 54,600 5,562
Mallinckrodt, Inc. ......................... 2,900 126
MedImmune, Inc. * .......................... 8,100 599
Medtronic, Inc. ............................ 46,700 2,326
Merck & Co., Inc. .......................... 90,200 6,912
Pfizer, Inc. ............................... 247,175 11,864
Pharmacia Corp. ............................ 49,605 2,564
Schering-Plough Corp. ...................... 57,200 2,889
UnitedHealth Group, Inc. ................... 6,600 566
Watson Pharmaceuticals, Inc. * ............. 3,800 204
--------
55,030
Health Care Services - 0.4%
Biogen, Inc. * ............................. 6,000 387
HCA-The Healthcare Corporation ............. 22,050 670
HEALTHSOUTH Corp. * ........................ 13,500 97
Humana, Inc. * ............................. 5,700 28
Manor Care, Inc. * ......................... 3,400 24
McKesson HBOC, Inc. ........................ 10,533 220
St. Jude Medical, Inc. * ................... 3,300 151
Tenet Healthcare Corp. * ................... 12,500 337
Wellpoint Health Networks, Inc. * .......... 2,300 167
--------
2,081
Household Appliances/Furnishings - 0.1%
Leggett & Platt, Inc. ...................... 7,900 130
Maytag Corp. ............................... 3,500 129
Springs Industries, Inc. - Cl. A ........... 900 29
Whirlpool Corp. ............................ 2,800 131
--------
419
Housing - 0.1%
Centex Corp. ............................... 2,800 66
Kaufman & Broad Home Corp. ................. 1,300 26
Masco Corp. ................................ 17,600 318
Owens Corning .............................. 1,700 16
Pulte Corp. ................................ 2,200 47
--------
473
Insurance - 2.9%
Aetna, Inc. ................................ 5,600 359
AFLAC, Inc. ................................ 10,200 469
Allstate Corp. ............................. 31,200 694
American General Corp. ..................... 9,721 593
American International Group, Inc. ......... 60,486 7,107
Aon Corp. .................................. 10,100 314
Chubb Corp. ................................ 6,700 412
Cigna Corp. ................................ 6,600 617
Cincinnati Financial Corp. ................. 6,100 192
Conseco, Inc. .............................. 11,891 116
Hartford Financial Services Group,
Inc. ...................................... 8,700 487
Jefferson-Pilot Corp. ...................... 4,250 240
Lincoln National Corp. ..................... 7,500 271
Loews Corp. ................................ 4,300 258
Marsh & McLennan Cos., Inc. ................ 10,400 1,086
MBIA, Inc. ................................. 3,800 183
MGIC Investment Corp. ...................... 4,300 196
Progressive Corp. .......................... 2,700 200
Safeco Corp. ............................... 5,300 105
St. Paul Cos., Inc. ........................ 8,514 290
Torchmark, Inc. ............................ 5,100 126
UnumProvident Corp. ........................ 8,820 177
--------
14,492
Leisure and Recreation - 0.5%
Brunswick Corp. ............................ 3,100 51
Carnival Corp. ............................. 23,900 466
Eastman Kodak Co. .......................... 12,200 726
Harrah's Entertainment, Inc. * ............. 5,200 109
Hasbro, Inc. ............................... 7,125 107
Hilton Hotels Corp. ........................ 14,000 131
Marriott International, Inc. - Cl. A ....... 9,900 357
Mattel, Inc. ............................... 17,200 227
SABRE Group Holdings, Inc. * ............... 5,174 148
--------
2,322
Machinery - 0.3%
Caterpillar, Inc. .......................... 13,800 467
Deere & Co. ................................ 9,000 333
Dover Corp. ................................ 8,200 333
FMC Corp. * ................................ 1,000 58
166
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - Continued
Machinery - Continued
Ingersoll-Rand Co. ..................................... 6,400 $ 258
McDermott International, Inc. .......................... 2,100 18
Thermo Electron Corp. * ................................ 6,500 137
W.W. Grainger, Inc. .................................... 3,600 111
--------
1,715
Media - Publishing - 0.6%
Comcast Corp. - Cl. A .................................. 35,800 1,450
Dow Jones & Co., Inc. .................................. 3,600 264
Gannett Co., Inc. ...................................... 11,000 658
Knight-Ridder, Inc. .................................... 3,100 165
Meredith Corp. ......................................... 1,700 57
New York Times Co. - Cl. A ............................. 7,000 276
Tribune Co. ............................................ 12,000 420
--------
3,290
Media - TV/Radio - 2.3%
McGraw-Hill Cos., Inc. ................................. 7,500 405
The Walt Disney Co. .................................... 81,200 3,152
Time Warner, Inc. ...................................... 51,700 3,929
Viacom, Inc. - Cl. B * ................................. 59,762 4,075
--------
11,561
Metal Product and Fabrication - 0.0%
Timken Co. ............................................. 2,900 54
Worthington Industries, Inc. ........................... 3,000 31
--------
85
Metals and Mining - 0.3%
Alcan Aluminum, Ltd. ................................... 8,400 261
Alcoa, Inc. ............................................ 33,488 971
Inco, Ltd. ............................................. 7,300 112
Phelps Dodge Corp. ..................................... 3,196 119
--------
1,463
Natural Gas Distribution - 0.6%
Columbia Energy Group, Inc. ............................ 3,200 210
Enron Corp. ............................................ 28,600 1,845
NICOR, Inc. ............................................ 1,600 52
Peoples Energy Corp. ................................... 1,300 42
Sempra Energy .......................................... 8,104 138
Williams Cos., Inc. .................................... 16,800 700
--------
2,987
Oil - 1.2%
Conoco, Inc. - Cl. B ................................... 24,245 595
Royal Dutch Petroleum Co. - NY Shares .................. 83,800 5,159
Tosco Corp. ............................................ 5,900 167
--------
5,921
Oil - Equipment and Services - 0.6%
Anadarko Petroleum Corp. ............................... 5,200 256
Baker Hughes, Inc. ..................................... 12,900 413
Halliburton Co. ........................................ 17,500 826
ONEOK, Inc. ............................................ 1,200 31
Schlumberger, Ltd. ..................................... 22,300 1,664
--------
3,190
Oil and Natural Gas Exploration and Production - 3.5%
Amerada Hess Corp. ..................................... 3,400 210
Apache Corp. ........................................... 4,300 253
Ashland, Inc. .......................................... 3,000 105
Burlington Resources, Inc. ............................. 8,410 322
Chevron Corp. .......................................... 25,700 2,180
Coastal Corp. .......................................... 8,400 512
EEX Corp. .............................................. -
Exxon Mobil Corp. ...................................... 136,755 10,735
Kerr-McGee Corp. ....................................... 3,670 216
Occidental Petroleum Corp. ............................. 14,800 312
Phillips Petroleum Co. ................................. 10,100 512
Rowan Cos., Inc. * ..................................... 3,400 103
Sunoco, Inc. ........................................... 3,100 91
Texaco, Inc. ........................................... 21,600 1,150
Transocean Sedco Forex, Inc. ........................... 7,936 424
Union Pacific Resources Group, Inc. .................... 9,808 216
Unocal Corp. ........................................... 9,700 321
USX-Marathon Group ..................................... 12,400 311
--------
17,973
Paper and Forest Products - 0.6%
Boise Cascade Corp. .................................... 1,900 49
Fort James Corp. ....................................... 8,100 187
Georgia-Pacific Corp. .................................. 6,400 168
International Paper Co. ................................ 18,967 565
Kimberly-Clark Corp. ................................... 21,500 1,234
Louisiana-Pacific Corp. ................................ 4,600 50
Mead Corp. ............................................. 3,900 99
Potlatch Corp. ......................................... 900 30
Temple-Inland, Inc. .................................... 2,200 92
Westvaco Corp. ......................................... 3,900 97
Weyerhaeuser Co. ....................................... 9,300 400
Willamette Industries, Inc. ............................ 4,100 112
--------
3,083
Personal and Commercial Lending - 0.4%
Countrywide Credit Industries, Inc. .................... 4,600 139
Household International, Inc. .......................... 18,266 759
MBNA Corp. ............................................. 31,475 854
SLM Holding Corp. ...................................... 5,900 221
--------
1,973
Pollution Control - 0.1%
Allied Waste Industries, Inc. * ........................ 8,600 86
Waste Management, Inc. ................................. 24,357 463
--------
549
Precious Metals/Gems/Stones - 0.1%
Barrick Gold Corp. ..................................... 15,900 289
Freeport-McMoRan Copper & Gold, Inc. - Cl. B ........... 6,300 58
167
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
Precious Metals/Gems/Stones - Continued
Homestake Mining Co. ....................... 11,100 $ 77
Newmont Mining Corp. ....................... 6,901 149
Placer Dome, Inc. .......................... 12,400 119
-------
692
Retail - Department Stores - 4.5%
Bed Bath & Beyond, Inc. * .................. 5,300 192
Circuit City Stores, Inc. .................. 7,900 262
Consolidated Stores Corp. * ................ 3,300 40
CVS Corp. .................................. 15,300 612
Dillard's, Inc. - Cl. A .................... 3,600 44
Dollar General Corp. ....................... 13,046 254
Federated Department Stores, Inc. * ........ 8,300 280
Gap, Inc. .................................. 33,375 1,043
Harcourt General, Inc. ..................... 2,500 136
Home Depot, Inc. ........................... 90,350 4,512
J.C. Penney Co., Inc. ...................... 9,800 181
Kmart Corp. * .............................. 18,300 125
Kohl's Corp. ............................... 12,900 718
Limited, Inc. .............................. 16,852 364
Lowe's Cos., Inc. .......................... 14,800 608
May Department Stores Co. .................. 13,350 320
Nordstrom, Inc. ............................ 5,400 130
Office Depot, Inc. ......................... 12,900 81
RadioShack Corp. ........................... 7,600 360
Sears, Roebuck & Co. ....................... 14,700 480
Staples, Inc. * ............................ 18,350 282
Target Corp. ............................... 17,900 1,038
Tiffany & Co. .............................. 2,900 196
TJX Cos., Inc. ............................. 11,900 223
Toys "R" Us, Inc. * ........................ 8,600 125
Wal-Mart Stores, Inc. ...................... 174,800 10,073
-------
22,679
Retail - Drug Stores - 0.3%
Longs Drug Stores Corp. .................... 1,900 41
Rite Aid Corp. ............................. 8,500 56
Walgreen Co. ............................... 39,400 1,268
-------
1,365
Retail - Food - 0.7%
Albertson's, Inc. .......................... 16,577 551
Darden Restaurants, Inc. ................... 4,700 76
McDonald's Corp. ........................... 52,800 1,739
Safeway, Inc. * ............................ 20,400 920
The Great Atlantic & Pacific Tea Co.,
Inc. ...................................... 1,000 17
Tricon Global Restaurants, Inc. * .......... 6,150 174
Wendy's International, Inc. ................ 4,900 87
Winn-Dixie Stores, Inc. .................... 5,700 82
-------
3,646
Shoe and Apparel Manufacturing - 0.1%
Liz Claiborne, Inc. ........................ 2,000 71
Nike, Inc. - Cl. B ......................... 10,800 430
Reebok International, Ltd. ................. 1,900 30
Russell Corp. .............................. 800 16
V.F. Corp. ................................. 4,400 105
-------
652
Steel - 0.0%
Allegheny Technologies, Inc. ............... 3,750 67
Bethlehem Steel Corp. * .................... 5,900 21
Nucor Corp. ................................ 3,400 113
USX-U.S. Steel Group, Inc. ................. 3,400 63
-------
264
Telecommunication Equipment - 3.9%
ADC Telecommunications, Inc. * ............. 11,900 998
Andrew Corp. * ............................. 2,850 96
Lucent Technologies, Inc. .................. 127,725 7,568
Nortel Networks Corp. ...................... 116,200 7,930
QUALCOMM, Inc. * ........................... 28,800 1,728
Scientific-Atlanta, Inc. ................... 6,200 462
Tellabs, Inc. * ............................ 16,100 1,102
-------
19,884
Telecommunication Services - 2.5%
Clear Channel Communications, Inc. * ....... 13,300 998
Global Crossing, Ltd. * .................... 34,290 902
MediaOne Group, Inc. ....................... 23,900 1,585
Nextel Communications, Inc. - Cl. A * ...... 29,500 1,805
Sprint PCS (PCS Group) * ................... 35,600 2,118
WorldCom, Inc. * ........................... 112,477 5,160
-------
12,568
Telephone - 4.5%
Alltel Corp. ............................... 12,200 756
AT&T Corp. ................................. 123,306 3,899
Bell Atlantic Corp. ........................ 60,436 3,071
BellSouth Corp. ............................ 73,800 3,146
CenturyTel, Inc. ........................... 5,200 149
GTE Corp. .................................. 37,900 2,359
SBC Communications, Inc. ................... 133,197 5,761
Sprint Corp. ............................... 34,000 1,734
U.S. West, Inc. ............................ 19,697 1,689
-------
22,564
Transportation Services - 0.6%
AMR Corp. * ................................ 5,500 145
Burlington Northern Santa Fe ............... 17,800 408
CSX Corp. .................................. 7,900 167
Delta Air Lines, Inc. ..................... 5,000 253
Fedex Corp. * .............................. 11,200 426
Kansas City Southern Industries, Inc. ...... 4,200 372
Norfolk Southern Corp. ..................... 15,300 228
Ryder System, Inc. ......................... 2,000 38
Southwest Airlines Co. ..................... 20,200 383
U.S. Airways Group, Inc. * ................. 2,600 101
168
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
EQUITY INDEX PORTFOLIO
Market
Name of Issuer Shares Value
(000's)
COMMON STOCK - CONTINUED
Transportation Services - Continued
Union Pacific Corp. ........................ 9,700 $ 361
-------
2,882
U.S. Government Agencies - 0.6%
Federal Home Loan Mortgage Corp. ........... 26,900 1,089
Federal National Mortgage Assoc. ........... 40,100 2,093
-------
3,182
-------
TOTAL COMMON STOCK- 99.9% 506,042
Par
Value
(000's)
SHORT-TERM INVESTMENTS - 0.2%
U.S. Governmental - 0.2%
U.S. Treasury Bill
5.7% due 09/14/00 .......................... $ 945 934
--------- ----------
TOTAL INVESTMENTS- 100.1% 506,976
Payables, less cash and receivables- (0.1)% (550)
--------- ----------
NET ASSETS- 100.0% 506,426
========= ==========
* Non-income producing security.
See notes to financial statements.
169
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
HIGH YIELD BOND PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS
Aerospace and Defense - 0.9%
Argo-Tech Corp.
8.625% due 10/01/07 ........................ $ 15 $ 11
K & F Industries, Inc. - Sr. Sub. Notes
9.25% due 10/15/07 ......................... 225 214
-------
225
Auto and Truck Parts - 6.1%
Accuride Corp. - Sr. Sub. Notes
9.25% due 02/01/08 ......................... 125 106
Delco Remy International, Inc.
10.625% due 08/01/06 ....................... 195 195
Delco Remy International, Inc. - Sr. Notes
8.625% due 12/15/07 ........................ 50 47
Dura Operating Corp.
9.0% due 05/01/09 .......................... 135 117
Federal Mogul Corp.
7.5% due 01/15/09 .......................... 675 449
Federal-Mogul Corp. - Sr. Notes
8.8% due 04/15/07 .......................... 100 72
Hayes Lemmerz International, Inc.
9.125% due 07/15/07 ........................ 100 90
LDM Technologies, Inc.
10.75% due 01/15/07 ........................ 135 106
Lear Corp. - Ser. B
8.11% due 05/15/09 ......................... 200 182
Lear Corp. - Sub. Notes
9.5% due 07/15/06 .......................... 100 97
Numatics, Inc. - Ser. B
9.625% due 04/01/08 ........................ 100 77
-------
1,538
Automobile - 0.1%
Lear Corp. - Ser B
7.96% due 05/15/05 ......................... 40 37
Banks - 0.4%
Western Financial Bank - Sub.
8.875% due 08/01/07 ........................ 125 111
Business Services - 0.4%
Express Scripts, Inc. - Sr. Notes
9.625% due 06/15/09 ........................ 100 97
Chemicals - 5.0%
Acetex Corp. - Sr. Notes
9.75% due 10/01/03 ......................... 145 136
Avecia Group plc
11.0% due 07/01/09 ......................... 200 196
Georgia Gulf Corp.
10.375% due 11/01/07 ....................... 125 129
Lyondell Chemical Co. - Debs
9.8% due 02/01/20 .......................... 110 100
Lyondell Chemical Co. - Sec
9.875% due 05/01/07 ........................ 345 342
Lyondell Chemical Co. - Sec. Notes Ser. A
9.625% due 05/01/07 ........................ 100 99
PCI Chemicals Canada, Inc.
9.25% due 10/15/07 ......................... 90 57
Sovereign Specialty Chemicals
11.875% due 03/15/10 ....................... 80 82
Texas Petrochemical Corp. - Sr. Sub. Notes
11.125% due 07/01/06 ....................... 150 128
-------
1,269
Coal - 1.1%
P&L Coal Holdings Corp.
9.625% due 05/15/08 ........................ 300 278
Commercial Services - 2.8%
Iron Mountain, Inc.
8.75% due 09/30/09 ......................... 150 137
Pierce Leahy Command Co.
8.125% due 05/15/08 ........................ 75 67
Pierce Leahy Corp. - Sr. Sub. Notes
9.125% due 07/15/07 ........................ 220 206
Sullivan Graphics, Inc. - Sr. Sub. Notes
12.75% due 08/01/05 ........................ 125 126
Waste Management, Inc.
6.875% due 05/15/09 ........................ 200 177
-------
713
Computer Software and Services - 3.8%
Concentric Network Corp. - Sr. Notes
12.75% due 12/15/07 ........................ 150 158
Exodus Communications - Sr. Notes 144A (a)
11.625% due 07/15/10 ....................... 250 251
PSINet, Inc. - Sr. Notes
10.0% due 02/15/05 ......................... 200 185
11.0% due 08/01/09 ......................... 50 47
11.5% due 11/01/08 ......................... 125 119
Verio, Inc. - Sr. Notes
10.375% due 04/01/05 ....................... 150 157
11.25% due 12/01/08 ........................ 50 56
-------
973
Construction - 0.4%
Nortek, Inc. - Sr. Notes
9.125% due 09/01/07 ........................ 100 93
Consumer - Miscellaneous - 1.6%
Lin Holdings Corp. - Sr. Disc. Notes
1.0% due 03/01/08 .......................... 600 394
Containers - 1.6%
BWAY Corp. - Ser. B
10.25% due 04/15/07 ........................ 175 166
Gaylord Container Corp. - Sr. Notes Ser. B
9.375% due 06/15/07 ........................ 150 117
170
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
HIGH YIELD BOND PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Containers - Continued
Packaging Corp. of America
9.625% due 04/01/09 ............................ $ 125 $ 125
-------
408
Diversified Operations - 1.9%
Fisher Scientific International, Inc. - Sr
Sub. Notes
9.0% due 02/01/08 .............................. 125 116
Prestolite Electric, Inc.
9.625% due 02/01/08 ............................ 225 144
Roller Bearing Co. America, Inc. - Ser. B
9.625% due 06/15/07 ............................ 30 28
SCG Holdings Corp.
12.0% due 08/01/09 ............................. 104 111
Werner Holdings Co., Inc.
10.0% due 11/15/07 ............................. 35 34
Westinghouse Air Brake Co. - Sr. Notes
9.375% due 06/15/05 ............................ 45 43
-------
476
Electric Power - 0.1%
Western Resources, Inc. - Sr. Notes
6.875% due 08/01/04 ............................ 30 27
Electrical Equipment - 0.4%
Wesco Distribution, Inc. - Ser. B
9.125% due 06/01/08 ............................ 100 92
Electronic Products and Services - 0.5%
Advanced Micro Devices - Sr. Notes
11.0% due 08/01/03 ............................. 130 134
Financial Services - 1.9%
AMSC Acquisition Co., Inc. - Ser. B
12.25% due 03/31/08 ............................ 50 39
RBF Finance Co.
11.375% due 03/15/09 ........................... 220 237
Tembec Finance Corp. - Sr. Notes
9.875% due 09/30/05 ............................ 195 197
-------
473
Food, Beverage and Tobacco - 2.5%
Aurora Foods, Inc. - Sr. Sub. Notes
8.75% due 07/01/08 ............................. 75 42
9.875% due 02/15/07 ............................ 50 30
Azurix Corp. - Sr. Notes Ser. 144A (a)
10.75% due 02/15/10 ............................ 95 91
B&G Foods, Inc.
9.625% due 08/01/07 ............................ 125 87
Chiquita Brands International, Inc. - Sr. Notes
10.0% due 06/15/09 ............................. 290 222
Del Monte Foods Co. - Sr. Disc. Notes Ser. B
12.5% due 12/15/07 ............................. 137 104
Nash-Finch Co. - Ser. B
8.5% due 05/01/08 .............................. 100 66
-------
642
Health Care Products - 2.9%
ALARIS Medical Systems, Inc.
9.75% due 12/01/06 ............................. 75 49
ALARIS Medical, Inc. - Sr. Disc. Notes
1.0% due 08/01/08 .............................. 150 23
Beckman Coulter, Inc.
7.45% due 03/04/08 ............................. 50 46
Bio-Rad Laboratories, Inc. - Sr. Sub Notes
Ser. 144A (a)
11.625% due 02/15/07 ........................... 45 46
Conmed Corp.
9.0% due 03/15/08 .............................. 220 201
MEDIQ, Inc.
11.0% due 06/01/08 ............................. 125 13
Owens & Minor, Inc.
10.875% due 06/01/06 ........................... 131 136
OWENS Illinois , Inc.
7.15% due 05/15/05 ............................. 100 91
Warner Chilcott, Inc. - Ser. 144A (a)
12.625% due 02/15/08 ........................... 125 127
-------
732
Health Care Services - 2.6%
Beverly Enterprises, Inc.
9.0% due 02/15/06 .............................. 310 259
Columbia/HCA Healthcare Corp.
7.25% due 05/20/08 ............................. 50 44
Tenet Healthcare Corp. - Sr. Sub Notes
8.125% due 12/01/08 ............................ 175 161
Triad Hospitals Holdings, Inc.
11.0% due 05/15/09 ............................. 200 205
-------
669
Household Appliances / Furnishings - 0.1%
Sealy Mattress Co. - Ser. B
10.875% due 12/15/07 ........................... 50 36
Housing - 1.6%
American Standard Cos., Inc.
7.625% due 02/15/10 ............................ 35 32
Engle Homes, Inc. - Ser. C
9.25% due 02/01/08 ............................. 90 75
Grove Worldwide Llc - Sr. Sub. Notes
9.25% due 05/01/08 ............................. 85 32
Standard Pacific Corp. - Sr. Notes
8.5% due 06/15/07 .............................. 110 99
8.5% due 04/01/09 .............................. 185 167
-------
405
Leisure and Recreation - 5.2%
AMC Entertainment, Inc. - Sr. Sub. Notes
9.5% due 03/15/09 .............................. 125 60
9.5% due 02/01/11 .............................. 125 59
Aztar Corp. - Sr. Sub. Notes
8.875% due 05/15/07 ............................ 50 47
171
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
HIGH YIELD BOND PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - CONTINED
Leisure and Recreation - Continued
Bell Sports, Inc.
11.0% due 08/15/08 ............................. $ 150 $ 149
Hollywood Casino Corp.
11.25% due 05/01/07 ............................ 150 153
John Q. Hammons Hotels
8.875% due 02/15/04 ............................ 325 285
Loews Cineplex Entertainment Corp. - Sr. Sub.
Notes
8.875% due 08/01/08 ............................ 215 99
Station Casinos, Inc. - Sr, Sub Notes 144A (a)
9.875% due 07/01/10 ............................ 100 100
Station Casinos, Inc. - Sr. Sub. Notes
8.875% due 12/01/08 ............................ 225 212
True Temper Sports, Inc. - Sr. Sub. Notes
10.875% due 12/01/08 ........................... 150 147
-------
1,311
Media - Publishing - 0.9%
American Media Operations, Inc. - Sr. Sub Notes
10.25% due 05/01/09 ............................ 75 74
Sun Media Corp. - Sr. Sub. Notes
9.5% due 05/15/07 .............................. 150 145
-------
219
Media - TV / Radio - 11.5%
Adelphia Communications Corp.
9.375% due 11/15/09 ............................ 150 138
Allbritton Communications Co. - Sr. Sub. Debs
Ser. B
9.75% due 11/30/07 ............................. 250 243
Allbritton Communications Co. - Sr. Sub. Notes
8.875% due 02/01/08 ............................ 50 46
Benedek Communications Corp. - Sr. Disc. Notes
0.0% due 05/15/06 .............................. 225 167
Cablevision SA - Bonds
13.75% due 05/01/09 ............................ 60 54
Century Communications Corp. - Cl. A
8.875% due 01/15/07 ............................ 75 69
Century Communications Corp. - Sr. Disc. Notes
0.0% due 01/15/08 .............................. 500 205
Charter Communications Holdings, LLC - Sr
Notes
8.625% due 04/01/09 ............................ 575 507
Classic Cable, Inc.
9.875% due 08/01/08 ............................
10.5% due 03/01/10 ............................. 360 332
EchoStar DBS Corp. - Sr. Notes
9.375% due 02/01/09 ............................ 525 509
Emmis Communications Corp.
8.125% due 03/15/09 ............................ 55 50
Frontiervision Holding L.P. - Sr. Disc. Notes
1.0% due 09/15/07 .............................. 200 174
Granite Broadcassting Corp. - Sr. Sub. Notes
8.875% due 05/15/08 ............................ 175 151
Young Broadcasting, Inc.
8.75% due 06/15/07 ............................. 300 276
-------
2,921
Metals and Mining - 0.1%
Neenah Corp. - Ser. F
11.125% due 05/01/07 ........................... 40 30
Sr. Sub. Notes - Ser. B
11.125% due 05/01/07 ........................... 10 8
-------
38
Natural Gas Distribution - 0.5%
Energy Corp. of America - Sr. Sub. Notes
9.5% due 05/15/07 .............................. 200 128
Oil - Equipment and Services - 1.0%
ICO, Inc. - Sr. Notes
10.375% due 06/01/07 ........................... 50 48
Key Energy Services, Inc.
14.0% due 01/15/09 ............................. 65 73
Pioneer Natural Resources Co.
9.625% due 04/01/10 ............................ 45 47
Tuboscope, Inc.
7.5% due 02/15/08 .............................. 100 90
-------
258
Oil and Natural Gas Exploration and
Production - 3.2%
Costilla Energy, Inc. - Sr. Notes
10.25% due 10/01/06 ............................ 125 55
Petroleos Mexicanos
8.85% due 09/15/07 ............................. 175 170
Plains Resources, Inc.
10.25% due 03/15/06 ............................ 200 202
Plains Resources, Inc. - Sr. Sub. Notes
10.25% due 03/15/06 ............................ 125 126
Pride International, Inc. - Sr. Notes
9.375% due 05/01/07 ............................ 100 100
10.0% due 06/01/09 ............................. 100 102
Texas Petrochemical Corp. - Sr. Sub. Notes
11.125% due 07/01/06 ........................... 75 64
-------
819
Paper and Forest Products - 1.5%
Doman Industries, Ltd.
12.0% due 07/01/04 ............................. 75 76
Doman Industries, Ltd. - Sr. Notes
8.75% due 03/15/04 ............................. 200 158
Repap New Brunswick, Inc.
9.0% due 06/01/04 .............................. 60 58
Repap New Brunswick, Inc. - Sr. Notes
10.625% due 04/15/05 ........................... 75 68
172
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
HIGH YIELD BOND PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Paper and Forest Products - Continued
Tembec Industries, Inc.
8.625% due 06/30/09 .................................... $ 15 $ 14
-------
374
Pollution Control - 0.7%
Allied Waste North America
7.625% due 01/01/06 .................................... 200 174
Real Estate Development - 0.5%
D.R. Horton, Inc.
8.0% due 02/01/09 ...................................... 60 51
Del Webb Corp. - Sr. Sub. Debs
10.25% due 02/15/10 .................................... 75 66
-------
117
Retail - Department Stores - 0.3%
Mattress Discounters Co.
12.625% due 07/15/07 ................................... 75 69
Retail - Drug Stores - 1.2%
Duane Reade, Inc. - Sr. Sub. Notes
9.25% due 02/15/08 ..................................... 325 294
Retail - Food - 0.9%
Stater Bros. Holdings, Inc. - Senior Notes
10.75% due 08/15/06 .................................... 250 220
Shoe and Apparel Manufacturing - 1.1%
WestPoint Stevens, Inc. - Sr. Notes
7.875% due 06/15/08 .................................... 350 278
Steel - 4.5%
AK Steel Corp.
7.875% due 02/15/09 .................................... 150 133
AK Steel Corp. - Sr. Notes
9.125% due 12/15/06 .................................... 100 96
Algoma Steel, Inc.
12.375% due 07/15/05 ................................... 280 241
Armco, Inc. - Sr. Notes
9.0% due 09/15/07 ...................................... 75 70
LTV Corp.
11.75% due 11/15/09 .................................... 408 343
Weirton Steel Corp. - Sr. Notes
11.375% due 07/01/04 ................................... 250 245
-------
1,128
Telecommunication Equipment - 3.4%
Alestra SA de CV - Sr. Notes
12.125% due 05/15/06 ................................... 175 162
Covad Communications Group - Sr. Notes
144A (a) 12.0% due 02/15/10 ........................... 115 90
Covad Communications Group, Inc. - Sr. Notes
12.5% due 02/15/09 ..................................... 50 44
Crown Castle International Corp. - Sr. Disc. Notes
1.0% due 11/15/07 ...................................... 100 74
Fairchild Semiconductor Corp.
10.375% due 10/01/07 ................................... 35 35
Fairchild Semiconductor Corp. - Sr. Sub. Notes
10.125% due 03/15/07 ................................... 250 250
Intermedia Communications, Inc. - Sr. Notes Ser. B
9.5% due 03/01/09 ...................................... 75 72
L-3 Communications Corp. - Sr. Sub. Notes
8.5% due 05/15/08 ...................................... 35 32
Nextel Communications - Sr. Notes
9.375% due 11/15/09 .................................... 100 96
-------
855
Telecommunication Services - 15.4%
BTI Telecom Corp. - Sr. Notes
10.5% due 09/15/07 ..................................... 100 76
Clearnet Communications, Inc. - Sr. Disc. Notes
1.0% due 05/01/09 ...................................... 150 89
Fonda Group, Inc. - Sr. Sub. Notes
9.5% due 03/01/07 ...................................... 125 98
GCI, Inc. - Sr. Notes
9.75% due 08/01/07 ..................................... 400 364
Global Crossing Holdings, Ltd.
9.125% due 11/15/06 .................................... 100 96
Globalstar LP/Capital Corp. - Global Star - Sr. Notes
10.75% due 11/01/04 .................................... 125 36
GST Telecommunications, Inc. - Sr. Sub. Notes
12.75% due 11/15/07 .................................... 50 6
GT Group Telecom
13.25% due 02/01/10 .................................... 180 99
Hyperion Telecommunications, Inc. - Sr. Disc. Notes
13.0% due 04/15/03 ..................................... 140 130
Hyperion Telecommunications, Inc. - Sr. Notes
12.25% due 09/01/04 .................................... 50 52
Insight Midwest
9.75% due 10/01/09 ..................................... 185 182
Intermedia Communications, Inc. - Sr. Notes
8.875% due 11/01/07 .................................... 275 258
KMC Telecom Holdings, Inc. - Sr. Disc. Notes
1.0% due 02/15/08 ...................................... 275 135
Level 3 Communications, Inc. - Sr. Notes
9.125% due 05/01/08 .................................... 30 27
Level 3 Communications, Inc. - Sr. Notes 144A (a)
11.25% due 03/15/10 .................................... 200 197
McleodUSA, Inc.
8.125% due 02/15/09 .................................... 175 158
Sr. Notes
8.375% due 03/15/08 .................................... 230 210
9.5% due 11/01/08 ...................................... 30 29
173
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
HIGH YIELD BOND PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Telecommunication Services - Continued
Nextel Communications, Inc. - Sr. Disc. Notes
1.0% due 10/31/07 ...................................... $ 650 $ 484
NTL Communications Corp. - Sr. Notes
1.0% due 10/01/08 ...................................... 615 397
RCN Corp.
10.0% due 10/15/07 ..................................... 200 165
RCN Corp. - Sr. Disc. Notes
1.0% due 07/01/08 ...................................... 325 176
RSL Communications plc
9.125% due 03/01/08 .................................... 100 64
Satelites Mexicanos SA - Sr. Notes
10.125% due 11/01/04 ................................... 125 81
Telecommunications Techniques Co.
9.75% due 05/15/08 ..................................... 140 129
Time Warner Telecom Llc - Sr. Notes
9.75% due 07/15/08 ..................................... 175 170
-------
3,908
Telephone - 1.9%
e.spire Communications, Inc. - Sr. Disc. Notes
1.0% due 04/01/06 ...................................... 75 32
ITC DeltaCom, Inc. - Sr. Notes
8.875% due 03/01/08 .................................... 25 23
9.75% due 11/15/08 ..................................... 75 71
NEXTLINK Communications, Inc. - Sr. Disc. Notes
1.0% due 04/15/08 ...................................... 300 188
NEXTLINK Communications, Inc. - Sr. Notes 144A (a)
10.5% due 12/01/09 ..................................... 75 74
Viatel, Inc. - Sr. Notes
11.25% due 04/15/08 .................................... 125 94
-------
482
Transportation Services - 0.6%
Dunlop Standard Aero Holdings - Sr. Notes
11.875% due 05/15/09 ................................... 150 147
-------
TOTAL PUBLICLY-TRADED BONDS- 93.1% 23,562
Shares
PREFERRED STOCK
Media - Publishing - 0.4%
Primedia, Inc. ......................................... 1,250 106
Telephone - 0.5%
Nextlink Communicatons - Series B ...................... 120 118
-------
TOTAL PREFERRED STOCK- 0.9% 224
WARRANTS
Telecommunication Services - 0.0%
KMC Telecom Holdings, Inc. - WT 144A (a)
expires 01/31/08 (Cost $0) ............................. 250 1
Par Market
Name of Issuer Value Value
(000's) (000's)
SHORT-TERM INVESTMENTS - 6.0%
Investment in joint trading account (Note B)
6.853% due 07/03/00 ................................... $ 1,526 $ 1,526
------- -------
TOTAL INVESTMENTS- 100.0% 25,313
Payables, less cash and receivables- 0.0% (11)
------- -------
NET ASSETS- 100.0% 25,302
a) Pursuant to Rule 144A under the Securities Act of 1993, these securities may
be resold in transactions exempt from registration, normally to qualified
institutional buyers. At June 30, 2000, securities aggregated $977 or 3.86%
of net assets of the Portfolio.
See notes to financial statements.
174
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
GLOBAL BOND PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
CORPORATE BONDS
United States - 11.4%
Discover Card (LEND)
6.251% due 09/16/05 ...................... $ 2,600 $ 2,602
First USA Credit Card Master Trust (LEND)
6.838% due 08/19/08 ...................... 2,600 2,602
Standard Credit Card Master Trust (LEND)
8.25% due 01/07/07 ....................... 2,000 2,069
--------
TOTAL CORPORATE BONDS- 11.4% 7,273
PUBLICLY-TRADED BONDS
Belgium - 4.8%
Kingdom of Belgium - Bonds (GOVF)
9.0% due 03/28/03 ........................ 2,900 3,029
Canada - 2.0%
Government of Canada - Bonds (GOVF)
7.0% due 12/01/06 ........................ 1,100 783
8.0% due 06/01/23 ........................ 600 514
--------
1,297
France - 3.9%
Government of France - Bonds (GOVF)
5.25% due 04/25/08 ....................... 1,100 1,049
Government of France - O.A.T. (GOVF)
5.5% due 04/25/07 ........................ 90 87
Government of France - Bonds (GOVF)
6.0% due 10/25/25 ........................ 1,357 1,357
--------
2,493
Germany - 1.4%
Federal Republic of Germany - Bonds (GOVF)
6.25% due 01/04/24 ....................... 833 868
Italy - 4.6%
Republic 0f Italy (GOVF)
5.0% due 02/15/03 ........................ 1,700 1,616
3.25% due 04/15/04 ....................... 1,500 1,332
--------
2,948
Japan - 13.7%
Government of Japan - Bonds (GOVF)
1.9% due 03/20/09 ........................ 472,000 4,542
2.4% due 03/20/20 ........................ 122,200 1,195
Government of Japan - Bonds (JP) (GOVF)
3.0% due 09/20/05 ........................ 290,000 2,973
--------
8,710
Netherlands - 8.3%
Government of Netherlands - Bonds (GOVF)
6.5% due 04/15/03 ........................ 1,500 1,480
Netherlands Government - Bonds Series 1 &
2 (GOVF)
6.0% due 01/15/06 ........................ 600 591
Repsol International Finance (FINL)
4.699% due 12/14/00 ...................... 3,400 3,242
--------
5,313
Spain - 2.6%
Government of Spain (GOVF)
5.25% due 01/31/03 ....................... 1,750 1,669
Supra National - 8.4%
European Investment Bank - Bond (BANK)
5.875% due 05/12/09 ...................... 1,770 1,618
International Bank Recon & Development -
Notes (BANK)
5.25% due 01/12/09 ....................... 1,770 1,554
International-American Development Bank -
Bonds (BANK)
1.9% due 07/08/09 ........................ 100,000 958
Scottish Power plc - ADR (UTIE)
6.625% due 01/14/10 ...................... 850 1,246
--------
5,376
United Kingdom - 3.3%
U.K. Treasury - Bonds (GOVF)
6.0% due 12/07/28 ........................ 360 680
U.K. Treasury (GOVF)
7.25% due 12/07/07 ....................... 845 1,413
--------
2,093
United States - 27.6%
Chase Credit Card Master Trust (LEND)
5.125% due 02/15/05 ...................... 1,600 1,489
U.S. Treasury - Bonds (GOVE)
5.875% due 11/15/04 ...................... 6,450 6,356
6.125% due 08/15/29 ...................... 1,470 1,485
6.25% due 02/28/02 ....................... 2,050 2,043
6.25% due 08/15/23 ....................... 1,000 1,008
6.75% due 08/15/26 ....................... 2,040 2,195
7.25% due 05/15/16 ....................... 1,000 1,102
U.S. Treasury - Bills (GOVE)
8.875% due 02/15/19 ...................... 1,500 1,931
--------
17,609
--------
TOTAL PUBLICLY-TRADED BONDS- 80.6% 51,405
175
<PAGE>
SCHEDULE OF INVESTMENTS -- Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2000
--------------------------------------------------------------------------------
GLOBAL BOND PORTFOLIO
Par Market
Name of Issuer Value Value
(000's) (000's)
SHORT-TERM INVESTMENTS - 8.2%
United States - 8.2%
Investment in joint trading account
(Note B)
6.853% due 07/03/00 ..................... $ 4,950 $ 4,950
U.S. Treasury (GOVE) .....................
5.83% due 12/10/00 ...................... 300 294
--------
5,244
-------- --------
TOTAL INVESTMENTS- 100.2% 63,930
Payables, less cash and receivables- (0.2)% (166)
-------- --------
NET ASSETS- 100.0% 63,764
ADR-American Depository Receipts
See notes to financial statements.
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
Market % of
Industry Value Long-Term
Industry Abbreviation (000's) Investments
U.S. Governmental............ GOVE 16,120 27.5%
Personal and Commercial
Lending..................... LEND 8,762 14.9%
Foreign Governmental......... GOVF 25,177 42.9%
Financial Services........... FINL 3,242 5.5%
Electric Power............... UTIE 1,246 2.1%
Banks........................ BANK 4,131 7.1%
--------- --------
$ 58,678 100.0%
========= ========
176
<PAGE>
NOTES TO FINANCIAL STATEMENTS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE A--ORGANIZATION
The John Hancock Variable Series Trust I (the "Fund") is a diversified
open-end management investment company registered under the Investment Company
Act of 1940, as amended. The Fund is organized as a Massachusetts business
trust. The Fund consists of thirty-three portfolios: Large Cap Growth,
Fundamental Mid Cap Growth, Aggressive Balanced, Active Bond (formerly,
Sovereign Bond), Core Bond, Emerging Markets Equity, International Equity Index,
International Opportunities II (formerly, Global Equity), International Equity,
Small Cap Growth, Global Balanced (formerly, International Balanced), Mid Cap
Growth, Mid Cap Blend, Large Cap Value, Large Cap Value CORE, American Leaders
Large Cap Value, Large/Mid Cap Value, Money Market, Mid Cap Value, Small/Mid Cap
Growth (formerly, Diversified Mid Cap Growth), Bond Index, Large Cap Aggressive
Growth, Small/Mid Cap CORE, Small/Mid Cap Value, Real Estate Equity, Growth &
Income, Managed, Short-Term Bond, Small Cap Value, International Opportunities,
Equity Index, High Yield Bond and Global Bond (formerly, Strategic Bond)
Portfolios. The Fund may add or delete portfolios in the future to accommodate
various investment objectives. The Fund has issued shares of beneficial
interest exclusively to John Hancock Variable Life Account U ("JHVLAU"), John
Hancock Variable Life Account V ("JHVLAV"), John Hancock Variable Life Account S
("JHVLAS"), and John Hancock Variable Annuity Account I ("JHVAAI") to fund
policies and contracts issued by the John Hancock Variable Life Insurance
Company ("JHVLICO"), and to John Hancock Variable Annuity Account U ("JHVAAU"),
John Hancock Variable Annuity Account V ("JHVAAV"), John Hancock Variable Life
Insurance Account UV ("JHVLAUV"), John Hancock Variable Annuity Account H
("JHVAAH"), and John Hancock Variable Annuity Account JF ("JHVAAJF") to fund
contracts and policies issued by John Hancock Mutual Life Insurance Company
("John Hancock") and to Investors Partner Life Account L ("IPLL") to fund
contracts and policies issued by Investors Partner Life ("IPL").
NOTE B--ACCOUNTING POLICIES
Estimates: The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
Valuation of Investments: For the Large Cap Growth, Fundamental Mid Cap
Growth, Aggressive Balanced, Emerging Markets Equity, Small Cap Growth, Mid Cap
Growth, Mid Cap Blend, Large Cap Value, Large Cap Value CORE, American Leaders
Large Cap Value, Large/Mid Cap Value, Mid Cap Value, Small/Mid Cap Growth, Large
Cap Aggressive Growth, Small/Mid Cap CORE, Small/Mid Cap Value, Real Estate
Equity, Growth & Income, Managed, Small Cap Value, and Equity Index Portfolios:
Common stocks and other such securities traded on national exchanges are
normally valued on the basis of closing prices. Securities traded in the
over-the-counter market and securities with no sales on the day of valuation are
normally valued at their last available bid price.
For the Active Bond, Core Bond, Bond Index, Managed, Short-Term Bond, High
Yield Bond and Global Bond Portfolios: Debt investment securities having a
primary market over-the-counter are valued on the basis of valuations furnished
by a pricing service which determines valuations for normal institutional size
trading units of debt securities, without exclusive reliance upon quoted prices.
For the Money Market Portfolio: The Board of Trustees has determined that the
appropriate method for valuing Portfolio securities is amortized cost, so long
as the average weighted maturity of money market instruments comprising the
Portfolio does not exceed 90 days. Accordingly, Portfolio securities are valued
at amortized cost which approximates market value. The amortized cost method
involves valuing a security at its cost on the date of purchase and thereafter
assuming a constant amortization to maturity of the difference between the
principal amount due at maturity and the cost of the security to the Portfolio.
For each of the Portfolios, short-term investments, with a maturity not to
exceed 60 days, are valued at amortized cost which approximates market value.
For the International Equity Index, International Opportunities II,
International Equity, Global Balanced and International Opportunities
Portfolios: Investments in securities traded on national securities exchanges in
the United
177
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE B -- ACCOUNTING POLICIES -- Continued
States or on equivalent foreign exchanges are normally valued at the last quoted
sales price on such exchanges as of the close of business on the date of which
assets are valued. Securities traded in the over-the-counter market and
securities traded with no sales on the day of valuation are normally valued at
their last available bid price. All Portfolio securities initially expressed in
terms of foreign currencies have been translated into U.S. Dollars as described
in "Currency Translation."
Investment securities for which no current market quotations are readily
available, including certain foreign securities, when held by the Portfolios,
are valued at fair value as determined in good faith by the Board of Trustees.
Investment security transactions are recorded on the date of purchase or sale.
Dividend income is recorded on the ex-dividend date and interest income is
recorded on the accrual basis. Dividend income for the Large Cap Growth,
Aggressive Balanced, Emerging Markets Equity, International Equity Index,
International Opportunities II, International Equity, Global Balanced, Mid Cap
Growth, Large Cap Value, Large Cap Value CORE, Mid Cap Value, Small/Mid Cap
Growth, Large Cap Aggressive Growth, Small/Mid Cap CORE, Small/Mid Cap Value,
Growth & Income, Managed, Small Cap Value, International Opportunities and
Equity Index Portfolios are shown net of foreign taxes withheld of $3,728, $60,
$194, $2,011, $392, $107, $168, $37, $2,118, $109, $497, $335, $41, $66, $36,
$23,832, $11,766, $793, $690 and $3,047, respectively. Realized gains and losses
from security transactions are determined on the basis of identified cost.
Securities Lending: Certain Portfolios (Large Cap Growth, Active Bond,
International Equity Index, Small Cap Growth, Mid Cap Growth, Large Cap Value,
Mid Cap Value, Small/Mid Cap Growth, Growth & Income, Managed, Short-Term Bond,
International Opportunities and Global Bond) may lend their securities to
certain qualified brokers who pay these Portfolios negotiated lender fees. The
loans are collateralized at all times with cash or securities with a market
value at least equal to the market value of the securities on loan. As with
other extensions of credit, these Funds may bear the risk of delay of the loaned
securities in recovery or even loss of rights in the collateral should the
borrower of the securities fail financially. At June 30, 2000, the market value
of the securities loaned and the market value of the collateral were as follows.
Value of Securities Loaned Value of Collateral
-------------------------- -------------------
Large Cap Growth ........... $ 54,442 $ 54,442
Active Bond ................ 116,986 119,423
International Equity Index . 33,721 35,163
Small Cap Growth ........... 59,949 60,851
Mid Cap Growth ............. 88,147 90,466
Large Cap Value ............ 6,106 6,467
Mid Cap Value .............. 23,697 24,688
Small/Mid Cap Growth ....... 33,275 34,708
Growth & Income ............ 87,343 87,343
Managed .................... 147,841 149,887
Short-Term Bond ............ 4,655 4,727
International Opportunities 11,816 12,124
Global Bond ................ 4,376 4,460
Repurchase Agreements: The Portfolios of the Fund may enter into repurchase
agreements which are contracts under which a Portfolio would acquire a security
for a relatively short period (usually not more than 7 days) subject to the
obligation of the seller to repurchase and the Portfolio to resell such security
at a fixed time and price (representing the Portfolio's cost plus interest). A
Portfolio will enter into repurchase agreements only with member banks of the
Federal Reserve System and with "primary dealers" in United States government
securities. The underlying securities, which represent the collateral of the
agreement, must be marked to market daily to ensure that each repurchase
178
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE B--ACCOUNTING POLICIES--CONTINUED
agreement is fully collateralized at all times. A Portfolio will not invest
more than 10% of its net assets in repurchase agreements maturing in more than 7
days.
Joint Repurchase Agreements: The Active Bond and Small Cap Growth Portfolios
of the Fund, along with other registered investment companies having a
management contract with John Hancock Advisers, Inc. (the "Sub-Adviser"), an
indirect wholly-owned subsidiary of John Hancock, may participate in a joint
repurchase agreement pursuant to an exemptive order issued by the Securities and
Exchange Commission. Aggregate cash balances are invested in one or more
repurchase agreements, whose underlying securities are obligations of the U.S.
Government and/or its agencies. The Fund's custodian bank receives delivery of
the underlying securities for the joint repurchase agreement on the Fund's
behalf. The Sub-Adviser is responsible for ensuring that the agreement is fully
collateralized at all times.
The International Equity, Large Cap Value CORE and Small/Mid Cap CORE
Portfolios of the Fund, along with other registered investment companies having
a management contract with Goldman Sachs Asset Management (the "Sub-Adviser"),
may participate in a joint repurchase agreement pursuant to an exemptive order
issued by the Securities and Exchange Commission. Aggregate cash balances are
invested in one or more repurchase agreements, whose underlying securities are
obligations of the U.S. Government and/or its agencies. The Fund's custodian
bank receives delivery of the underlying securities for the joint repurchase
agreement on the Fund's behalf. The Sub-Adviser is responsible for ensuring
that the agreement is fully collateralized at all times.
Joint Trading Account: Pursuant to an Exemptive Order issued by the Securities
and Exchange Commission, the order permits the existing Portfolios of the Fund
to pool daily uninvested cash balances, together with the balances of any future
Portfolios of the Fund, into a joint account for the purpose of investing the
cash balances in short-term repurchase agreements, commercial paper and other
short-term investments which in no event will have a maturity in excess of seven
days. Joint Account holdings as of June 30, 2000:
Par Market
Name of Issuer Value Value
-------------- -------- ---------
American Express Co.
8.50% due 07/03/00 ...................... $ 50,000 $ 50,000
Chevron USA, Inc.
7.72% due 07/03/00 ...................... 45,404 45,404
DaimlerChrysler Holdings Corp.
8.50% due 07/05/00 ..................... 50,000 49,981
Deere & Co.
7.35% due 07/05/00 ..................... 43,218 43,202
Exxon Asset Management Co.
8.50% due 07/06/00 ..................... 50,000 49,972
Ford Credit Europe PLC
8.50% due 07/03/00 ..................... 50,000 50,000
General Electric Cap. Corp.
8.50% due 07/06/00 ..................... 50,000 49,972
Household Finance Corp.
8.49% due 07/07/00 ..................... 49,996 49,959
Norwest Finl., Inc.
8.49% due 07/07/00 ..................... 50,000 49,963
Prudential FDG Corp.
8.50% due 07/03/00 ..................... 50,000 50,000
Texaco, Inc.
8.50% due 07/05/00 ..................... 50,000 49,981
179
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE B -- ACCOUNTING POLICIES -- Continued
Par Market
Name of Issuer Value Value
-------------- -------- ---------
UBS Fin., Inc.
4.27% due 07/05/00 ..................... $ 25,100 $ 25,090
UBS Fin., Inc.
4.19% due 07/06/00 ..................... 24,666 24,652
-------- --------
Joint Trading Account Totals ......... $588,384 $588,176
======== ========
Financial Futures Contracts: The Active Bond, Emerging Markets Equity,
International Equity Index, International Equity, Small Cap Growth, Global
Balanced, Mid Cap Growth, Large Cap Value CORE, Small/Mid Cap Growth, Small/Mid
Cap CORE, Managed, Short-Term Bond, Equity Index, High Yield Bond and Global
Bond Portfolios may buy and sell financial futures contracts to hedge against
the effects of fluctuations in interest rates and other market conditions. At
the time the Portfolio enters into a financial futures contract, it will be
required to deposit with its custodian a specified amount of cash or U.S.
government securities, known as "initial margin." Each day, the futures contract
is valued at the official settlement price of the board of trade or U.S.
commodities exchange. Daily variation margin adjustments, arising from this
"mark to market," are recorded by the Portfolios as unrealized gains or losses.
When the contracts are closed, the Portfolio recognizes a gain or a loss.
Risk of entering into futures contracts include the possibility that there may
be an illiquid market and/or that a change in the value of the contract may not
correlate with changes in the value of the underlying securities. In addition,
the Portfolio could be prevented from opening or realizing the benefits of
closing out futures positions because of position limits or limits on daily
price fluctuations imposed by an exchange. At June 30, 2000, open positions in
financial futures contracts were as follows:
INTERNATIONAL EQUITY INDEX PORTFOLIO
Face
Expiration Amount Unrealized
Purchased Date at Value Gain/(Loss)
--------- ---------- ---------- -----------
12 contracts
CAC-40 Index Future ................ Sept. 2000 $ 744 $ (12)
6 contracts
DAX Index Future ................... Sept. 2000 995 (58)
10 contracts
FTSE 100 Index Future .............. Sept. 2000 962 (34)
18 contracts
Nikkei 225 Index Future ............ Sept. 2000 1,577 35
------ ------
$4,278 $ (69)
====== ======
MANAGED PORTFOLIO
Face
Expiration Amount Unrealized
Purchased Date at Value Gain/(Loss)
--------- ---------- ---------- -----------
325 contracts
U.S. 10 Year Treasury Note Future .. Sept. 2000 32,007 $ 282
180
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE B -- ACCOUNTING POLICIES -- Continued
LARGE CAP VALUE CORE PORTFOLIO
Face
Expiration Amount Unrealized
Purchased Date at Value Loss
--------- ---------- ---------- ------------
10 contracts
CME E-Mini S&P 500 Index Future ....... Sept. 2000 $734 $(7)
EQUITY INDEX PORTFOLIO
Face
Expiration Amount Unrealized
Purchased Date at Value Loss
--------- ---------- ---------- ------------
42 contracts
S&P 500 Index Futures ................. Sept. 2000 $15,415 $(290)
GLOBAL BOND PORTFOLIO
Face
Expiration Amount Unrealized
Sold Date at Value Loss
---- ---------- ---------- ------------
64 contracts
U.S. 5 Year Treasury Note Future ...... Sept. 2000 $6,337 $(12)
21 contracts
U.S. 10 Year Treasury Note Future ..... Sept. 2000 2,068 (26)
---------- -----------
$8,405 $(38)
---------- -----------
Purchase
--------
74 contracts
Germany 10 Year Treasury Note Future .. Sept. 2000 $ 7,423 $ (41)
21 contracts
Germany 5 Year Treasury Note Future ... Sept. 2000 2,069 (1)
-------
9,492 (42)
--------
$17,897 $ (80)
======== =======
At June 30, 2000, the International Equity Index, Large Cap Value CORE and
Small/Mid Cap CORE portfolios had deposited $30, $80 and $135, respectively, in
a segregated account to cover margin requirements on open financial futures
contracts.
Forward Foreign Currency Contracts: The Fund may use forward foreign currency
contracts to facilitate transactions in foreign securities and to manage a
Portfolio's currency exposure. Contracts to buy generally are used to acquire
exposure to foreign currencies, while contracts to sell are used to hedge the
Portfolio's investments against currency fluctuations. Neither type of foreign
currency transaction will eliminate fluctuations in the prices of the
Portfolio's securities or prevent loss if the price of such securities should
decline. The U.S. dollar value of a forward foreign currency contract is
determined using forward exchange rates supplied by a quotation service.
Realized gain (loss) on the purchases and sales of forward foreign currency
contracts is recognized on settlement date.
Currency Translation: For Portfolios that trade in international securities:
all assets or liabilities initially expressed in terms of foreign currencies
are translated into U.S. dollars based on London currency exchange quotations
181
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE B -- ACCOUNTING POLICIES -- Continued
as of 5:00 p.m., London time, on the date of any determination of the net asset
value of the Fund. Unrealized exchange adjustments are included in unrealized
appreciation (depreciation) of investments. Transactions affecting statement of
operations accounts and net realized gain (loss) on investments are translated
at the rates prevailing at the dates of transactions.
Reported net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of forward foreign
currency contracts, disposition of foreign currencies, currency gains and losses
realized between trade and settlement dates of security transactions, and the
difference between the amounts of net investment income accrued and the U.S.
dollar amount actually received.
Dividends: A dividend of its net investment income will be declared and
distributed daily by the Money Market Portfolio. Dividends of net investment
income will be declared and distributed monthly by all other Portfolios. Each
Portfolio will distribute all of its net realized capital gains annually, at the
end of its fiscal year.
Federal Income Taxes: Each of the Portfolios of the Fund intends to comply
with the requirements of Subchapter M of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially all of its
taxable income to shareholders. Therefore, no federal income tax provision is
required.
As of December 31, 1999, the Fund had approximate net tax basis capital loss
carryforwards, which may be applied against any net taxable gains, as follows:
Active Bond had $21,049, which expires in 2007; International Opportunities II
had $281, which expires in 2006; Money Market had $14, which expires in 2007;
Mid Cap Value had $8,121, which expires in 2006 and $1,558, which expires in
2007; Bond Index had $158, which expires in 2007; Small/Mid Cap CORE had $25,
which expires in 2006; Real Estate Equity had $4,280, which expires in 2007;
Short-Term Bond had $131, which expires in 2006 and $1,304, which expires in
2007; Small Cap Value had $1,445, which expires in 2006; High Yield Bond had
$276, which expires in 2007; and Global Bond had $1,234, which expires in 2007.
NOTE C--INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Expenses: Expenses directly attributable to a Portfolio are charged to that
Portfolio. Expenses not directly attributed to a Portfolio are allocated on the
basis of relative net assets.
On February 16, 2000, the Board of Trustees of the Fund renewed its Investment
Advisory Agreement with John Hancock. For its services, John Hancock receives
monthly compensation at the following rates:
For the Growth & Income, Active Bond and Money Market Portfolios, 0.25% on
an annual basis of the net assets of each Portfolio;
For the Large Cap Growth and Managed Portfolios, 0.40% on an annual basis
of the first $500,000 of the net assets of each Portfolio; 0.35% for net
assets between $500,000 and $1,000,000; and 0.30% for net assets in excess of
$1,000,000;
For the Real Estate Equity Portfolio, 1.10% on an annual basis of the first
$50,000 of the Portfolio's net assets, 1.00% for net assets between $50,000
and $100,000; 0.90% for net assets between $100,000 and $200,000 and 0.80% for
net assets in excess of $200,000;
For the International Equity Index Portfolio, 0.18% on an annual basis of
the first $100,000 of the Portfolio's net assets; 0.15% for net assets between
$100,000 and $200,000; and 0.11% for net assets in excess of $200,000;
For the Small/Mid Cap Growth and Mid Cap Blend Portfolios, 0.75% on an
annual basis of the first $250,000 of the net assets of each Portfolio; 0.70%
for net assets between $250,000 and $500,000; and 0.65% for net assets in
excess of $500,000;
For the Large Cap Value Portfolio, 0.75% on an annual basis of the first
$100,000 of the Portfolio's net assets; 0.70% for net assets between $100,000
and $250,000; and 0.65% for net assets in excess of $250,000;
For the American Leaders Large Cap Value Portfolio, 0.80% on an annual
basis of the first $50,000 of the
182
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE C -- INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH
AFFILIATES -- Continued
Portfolio's net assets; 0.65% for the net assets between $50,000 and $250,000;
0.60% for the net assets between $250,000 and $500,000; and 0.55% for net
assets in excess of $500,000;
For the Short-Term Bond Portfolio, 0.30% on an annual basis of its net
assets;
For the Small Cap Growth Portfolio, 0.75% on an annual basis of its net
assets;
For the Mid Cap Growth Portfolio, 0.85% on an annual basis of the first
$100,000 of the Portfolio's net assets; and 0.80% on an annual basis for net
assets in excess of $100,000;
For the Mid Cap Value Portfolio, 0.80% on an annual basis of the first
$100,000 of the Portfolio's net assets; 0.775% for net assets between $100,000
and $250,000; and 0.75% for net assets between $250,000 and $500,000; 0.725%
for net assets between $500,000 and $750,000; and 0.70% for all its net assets
once its net assets exceed $750,000;
For the Small Cap Value Portfolio, 0.80% on an annual basis of the first
$100,000 of the Portfolio's net assets; 0.75% for net assets between $100,000
and $200,000; and 0.65% for net assets in excess of $200,000;
For the Equity Index Portfolio, 0.15% on an annual basis of the first
$75,000 of the Portfolio's net assets; 0.14% for net assets between $75,000
and $125,000; and 0.13% for the net assets in excess of $125,000;
For the Small/Mid Cap CORE Portfolio, 0.80% on an annual basis of the first
$50,000 of the Portfolio's net assets; and 0.70% for net assets in excess of
$50,000;
For the International Opportunities II Portfolio, 1.00% on an annual basis
of the first $20,000 of the Portfolio's net assets; voted on June 7, 0.85% for
net assets between $20,000 and $30,000; and 0.75% for net assets in excess of
$50,000;
For the Core Bond Portfolio, 0.70% on an annual basis of the first $25,000
of the Portfolio's net assets; 0.65% for the net assets between $25,000 and
$50,000; 0.60% for the net assets between $50,000 and $150,000; 0.55% for the
net assets in excess of $150,000;
For the Emerging Markets Equity Portfolio, 1.30% on an annual basis of the
first $10,000 of the Portfolio's net assets; 1.20% for net assets between
$10,000 and $150,000; and 1.10% for net assets in excess of $150,000;
For the Bond Index Portfolio, 0.15% on an annual basis of the first
$100,000 of the Portfolio's net assets; 0.13% for net assets between $100,000
and $250,000; and 0.11% for net assets in excess of $250,000;
For the High Yield Bond Portfolio, 0.65% on an annual basis of the first
$100,000 of the Portfolio's net assets; 0.60% for net assets between $100,000
and $200,000; and 0.50% for net assets in excess of $200,000;
For the Global Bond Portfolio, 0.75% on an annual basis of the first
$25,000 of the Portfolio's net assets; 0.65% for net assets between $25,000
and $75,000; 0.55% for net assets between $75,000 and 150,000; and 0.50% for
the net assets in excess of $150,000;
For the International Opportunities Portfolio, 1.00% on an annual basis of
the first $20,000 of the Portfolio's net assets; 0.85% for net assets between
$20,000 and $50,000; and 0.75% for net assets in excess of $50,000;
For the International Balanced Portfolio, 0.85% on an annual basis of the
first $100,000 of the Portfolio's net assets; and 0.70% for net assets in
excess of $100,000;
For the Fundamental Mid Cap Growth Portfolio, 0.85% on an annual basis of
the first $50,000 of the Portfolio's net assets; 0.80% for net assets between
$50,000 and $100,000; 0.75% for net assets between $100,000 and $150,000; and
0.70% for net assets in excess of $150,000;
For the Aggressive Balanced Portfolio, 0.675% on an annual basis of the
first $250,000 of the Portfolio's net assets; 0.625% for net assets between
$250,000 and $500,000; and 0.60% for net assets in excess of $500,000;
183
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE C -- INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH
AFFILIATES -- Continued
For the International Equity Portfolio, 1.0% on an annual basis of the
first $50,000 of the Portfolio's net assets; 0.95% for net assets between
$50,000 and $200,000; and 0.90% for net assets in excess of $200,000;
For the Large Cap Value CORE Portfolio, 0.75% on an annual basis for the
first $50,000 of the Portfolio's net assets; 0.65% for net assets between
$50,000 and $200,000; and 0.60% in excess of $200,000;
For the Large/Mid Cap Value Portfolio, 0.95% on an annual basis for the
first $25,000 of the Portfolio's net assets; 0.85% for net assets between
$25,000 and $50,000; 0.75% for net assets between $50,000 and $100,000; and
0.65% for net assets in excess of $100,000;
For the Large Cap Aggressive Growth Portfolio, 1.0% on an annual basis for
the first $10,000 of the Portfolio's net assets; 0.875% for net assets between
$10,000 and $20,000; 0.75% for net assets in excess of $20,000;
For the Small/Mid Cap Value Portfolio, 0.95% on an annual basis for the
first $100,000 of the Portfolio's net assets; 0.90% for net assets between
$100,000 and $250,000; 0.85% for net assets in excess of $250,000.
John Hancock has entered into Sub-Advisory Agreements with Independence
Investment Associates, Inc., with respect to the Large Cap Growth, Aggressive
Balanced, Mid Cap Blend, Real Estate Equity, Growth & Income, Managed and
Short-Term Bond; with Independence International Associates, Inc., with respect
to the International Equity Index Portfolio; with John Hancock Advisers, Inc.,
with respect to the Active Bond and Small Cap Growth Portfolios, each of whom is
an affiliate of John Hancock, and under the supervision of John Hancock, is
responsible for the day-to-day investment management of each of the Portfolios.
John Hancock maintains responsibility for the day-to-day management of the
Money Market Portfolio.
John Hancock has also entered into the Sub-Advisory Agreements with T. Rowe
Price Associates, Inc., with respect to the Large Cap Value Portfolio; with Rowe
Price-Fleming International, Inc., with respect to the International
Opportunities and International Opportunities II Portfolios; with Janus Capital
Corporation, with respect to the Mid Cap Growth Portfolio; with Neuberger
Berman, LLC, with respect to the Mid Cap Value Portfolio; with INVESCO
Management & Research, Inc., with respect to the Small Cap Value Portfolio; with
J.P. Morgan Investment Management, Inc., with respect to the Global Bond
Portfolio; with Brinson Partners, Inc., with respect to the Global Balanced
Portfolio; with State Street Global Bank & Trust N.A., with respect to the
Equity Index Portfolio; with Goldman Sachs Asset Management, with respect to the
International Equity, Large Cap Value CORE and Small/Mid Cap CORE Portfolios;
with Morgan Stanley Dean Witter Investment Management, Inc., with respect to the
Emerging Markets Equity and Real Estate Equity Portfolios; with Mellon Bond
Associates, LLP, with respect to the Bond Index Portfolio; with Wellington
Management Company, LLP, with respect to the Large/Mid Cap Value, Small/Mid Cap
Growth and High Yield Bond Portfolios; with Oppenheimer Funds, Inc. with respect
to the Fundamental Mid Cap Growth Portfolio; with Alliance Capital Management,
LLP, with respect to the Large Cap Aggressive Growth Portfolio; and with The
Boston Company Asset Management, LLC, with respect to the Small/Mid Cap Value
Portfolio; each of whom under the supervision of John Hancock, is responsible
for the day-to-day investment management of each of the Portfolios.
Signator Investors, Inc., a wholly owned subsidiary of John Hancock is the
principal underwriter and transfer agent of the Fund. Certain officers and
trustees of the Fund are officers and directors of JHVLICO, JHVLAU, JHVLAV,
JHVLAS, JHVAAI, JHMVLAUV, JHVAAV, JHVAAU, JHVAAH, JHVAAJF, and IPL and some are
also officers of John Hancock. Fees for independent trustees are paid by the
Fund.
In the event that normal operating expenses of each Portfolio, exclusive of
investment advisory fees, taxes, interest, brokerage commissions and
extraordinary expenses, shall exceed 0.10% of each Portfolio's daily net asset
value, John Hancock and JHVLICO will reimburse each Portfolio for such excess.
Accordingly, for the period ended June 30, 2000, the reimbursements paid from
John Hancock and JHVLICO were $2 to Fundamental Mid Cap Growth, $10 to
184
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE C -- INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH
AFFILIATES -- Continued
Aggressive Balanced, $250 to Emerging Markets Equity, $105 to International
Equity Index, $23 to International Opportunities II, $26 to International
Equity, $39 to International Balanced, $19 to Mid Cap Blend, $28 to Large Cap
Value CORE, $11 to Large/Mid Cap Value, $17 to Small/Mid Cap Growth, $36 to Bond
Index, $6 to Large Cap Aggressive Growth, $37 to Small/Mid Cap CORE, $13
Small/Mid Cap Value, $4 to Small Cap Value, $78 to International Opportunities,
$29 to High Yield Bond and $4 to Global Bond.
185
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE D -- INVESTMENT TRANSACTIONS
Purchases and proceeds from sales and maturities of investments, excluding
short-term securities, for each Portfolio for the period ended June 30, 2000
were as follows:
Sales and
Purchases Maturities
--------- ----------
Large Cap Growth .............................. $ 783,869 $ 752,688
Fundamental Mid Cap Growth .................... 29,939 145,685
Aggressive Balanced ........................... 50,020 12,398
Active Bond ................................... 917,035 950,528
CORE Bond ..................................... 4,847 None
Emerging Markets Equity ....................... 43,946 23,705
International Equity Index .................... 14,434 11,149
International Opportunities II ................ 22,789 19,254
International Equity .......................... 8,789 6,343
Small Cap Growth .............................. 244,738 140,227
International Balanced ........................ 26,660 25,935
Mid Cap Growth ................................ 590,319 463,638
Mid Cap Blend ................................. 9,143 5,969
Large Cap Value ............................... 46,769 39,157
Large Cap Value CORE .......................... 7,449 3,256
Large/Mid Cap Value ........................... 5,696 3,194
Money Market .................................. None None
Mid Cap Value ................................. 87,817 86,642
Small/Mid Cap Growth .......................... 83,988 93,860
Bond Index .................................... 12,740 5,022
Large Cap Aggressive Growth ................... 16,266 6,789
Small/Mid Cap CORE ............................ 11,964 3,996
Small/Mid Cap Value ........................... 10,972 7,527
Real Estate Equity ............................ 23,231 20,671
Growth & Income ............................... 1,845,146 2,079,783
Managed ....................................... 3,296,775 3,450,219
Short-Term Bond ............................... 18,123 14,498
Small Cap Value ............................... 43,419 39,824
International Opportunities ................... 46,538 20,381
Equity Index .................................. 124,872 71,289
High Yield Bond ............................... 9,072 2,691
Global Bond ................................... 69,624 77,336
186
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE D -- INVESTMENT TRANSACTIONS -- Continued
The identified cost of investments owned for each Portfolio (including earned
discount on corporate short-term notes, and commercial paper) and their
respective gross unrealized appreciation and depreciation at June 30, 2000 for
federal income tax purposes are as follows:
Net Unrealized
Identified Unrealized Unrealized Appreciation/
Cost Appreciation Depreciation (Depreciation)
---------- ------------ ------------ ----------------
Large Cap Growth ...... $1,154,089 $ 374,071 $ (43,691) $ 330,379
Fundamental Mid Cap
Growth ............... 22,174 5,942 (796) 5,145
Aggressive Balanced ... 13,569 1,335 (642) 693
Active Bond ........... 776,877 6,492 (18,249) (11,757)
Core Bond ............. 4,847 None (6) (6)
Emerging Markets
Equity ............... 46,820 4,808 (4,677) (130)
International Equity
Index ................ 189,149 59,457 (19,808) 39,650
International
Opportunities II ..... 24,986 2,236 (1,171) 1,064
International Equity .. 13,166 1,615 (634) 981
Small Cap Growth ...... 238,508 67,564 (22,372) 45,192
International Balanced 29,322 1,667 (1,513) 155
Mid Cap Growth ........ 473,175 106,800 (54,068) 52,731
Mid Cap Blend ......... 8,955 1,229 (484) 745
Large Cap Value ....... 157,006 10,316 (15,583) (5,267)
Large Cap Value CORE .. 10,609 585 (985) (400)
Large/Mid Cap Value ... 8,258 560 (637) (77)
Money Market .......... 416,264 None None None
Mid Cap Value ......... 90,206 9,930 (4,194) (5,736)
Small/Mid Cap Growth .. 162,267 30,340 (13,863) 16,477
Bond Index ............ 46,923 124 (1,772) (1,648)
Large Cap Aggressive
Growth ............... 22,281 3,589 (1,166) 2,423
Small/Mid Cap CORE .... 14,900 2,927 (1,450) 1,477
Small/Mid Cap Value ... 9,633 967 (590) 377
Real Estate Equity .... 64,263 7,840 (2,248) 5,592
Growth & Income ....... 3,183,516 946,769 (193,404) 753,365
Managed ............... 849,123 501,163 (119,757) 381,406
Short-Term Bond ....... 69,580 47 (1,190) (1,144)
Small Cap Value ....... 71,814 5,698 (7,379) (1,681)
International
Opportunities ........ 83,887 18,764 (3,637) 15,128
Equity Index .......... 437,541 120,002 (36,085) 83,916
High Yield Bond ....... 25,505 373 (2,091) (1,718)
Global Bond ........... 61,870 421 (2,021) (1,600)
The aggregate cost of each Portfolio's investments was substantially the same
for the book and federal income tax purposes as of June 30, 1999.
NOTE E--FORWARD FOREIGN CURRENCY CONTRACTS
As of June 30, 2000 the International Equity Index, Global Balanced, Managed
and Global Bond Portfolios had open forward foreign currency contracts which
contractually obligate the Portfolio to deliver or receive currencies at a
specified date, as follows:
187
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE E -- FORWARD FOREIGN CURRENCY CONTRACTS -- Continued
INTERNATIONAL EQUITY INDEX PORTFOLIO
Net Unrealized
Maturity Appreciation/
Currency Purchased Date Cost Value (Depreciation)
----------------------------------- -------- ------ ------ ----------------
Euro Dollar ............. 1,096 9/15/00 $1,058 $1,051 $ (7)
Japanese Yen ........... 154,376 9/14/00 1,486 1,475 (11)
Pound Sterling ......... 654 9/15/00 985 991 6
--------------
$ (12)
==============
GLOBAL BALANCED PORTFOLIO
Net Unrealized
Maturity Appreciation/
Currency Sold Date Cost Value (Depreciation)
----------------------------------- -------- ------ ------ ----------------
Canadian Dollar ......... 450 09/27/00 $ 307 $ 305 $ 3
Danish Krone ........... 4,800 09/27/00 632 616 16
Japanese Yen ............ 193,000 09/27/00 1,855 1,848 7
Pound Sterling .......... 1,750 09/27/00 2,721 2,652 69
Swedish Krona ........... 9,000 09/27/00 1,053 1,027 26
Swiss Franc ............. 350 09/27/00 205 216 (12)
Euro Dollar ............. 1,900 09/27/00 1,821 1,824 (3)
--------------
106
--------------
Currency Purchased
-----------------------------------
Australian Dollar ....... 3,100 09/27/00 1,847 1,857 10
Euro Dollar ............. 6,850 09/27/00 6,586 6,575 (11)
Japanese Yen ............ 12,000 09/27/00 120 115 (5)
Danish Krone ............ 2,600 09/27/00 313 334 21
Swedish Krona ........... 7,200 09/27/00 837 822 (16)
Swiss Franc ............. 800 09/27/00 491 494 3
--------------
2
--------------
$ 108
==============
188
<PAGE>
NOTES TO FINANCIAL STATEMENTS -- Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2000
--------------------------------------------------------------------------------
(000's Omitted)
NOTE E -- FORWARD FOREIGN CURRENCY CONTRACTS -- Continued
MANAGED PORTFOLIO
Net Unrealized
Maturity Appreciation/
Currency Sold Date Cost Value (Depreciation)
--------------------------------- -------- ------- -------- ----------------
Australian Dollar ... 2,623 10/04/00 $ 1,501 $ 1,571 $ (71)
Canadian Dollar ..... 13,227 10/04/00 8,810 8,959 (149)
Danish Krone ........ 25,979 10/04/00 3,182 3,335 (153)
Euro Dollar ......... 107,569 10/04/00 98,617 103,299 (4,682)
Euro Dollar ......... 30,379 10/05/00 29,084 29,174 (90)
Euro Dollar ......... 24,675 10/06/00 22,590 23,698 (1,108)
Japanese Yen ........ 9,095,320 10/04/00 86,637 87,205 (568)
Japanese Yen ........ 2,366,167 10/05/00 22,590 22,691 (101)
Japanese Yen ........ 3,967,994 10/06/00 37,650 38,059 (409)
Pound Sterling ...... 17,671 10/06/00 26,423 26,787 (364)
Pound Sterling ...... 11,156 10/04/00 16,484 16,910 (426)
Swedish Krona ....... 33,457 10/04/00 3,679 3,820 (140)
Swiss Franc ......... 64,271 10/04/00 22,590 23,769 (1,179)
Swiss Franc ......... 25,843 10/04/00 15,650 15,984 (334)
--------------
(9,774)
--------------
Currency Purchased
---------------------------------
Euro Dollar ........ 37,572 10/05/00 36,168 36,083 (85)
Euro Dollar ........ 24,317 10/06/00 22,590 23,355 765
Japanese Yen ....... 4,550,340 10/05/00 43,842 43,636 (206)
Japanese Yen ....... 3,942,972 10/06/00 37,650 37,819 169
Pound Sterling ..... 17,421 10/06/00 26,423 26,409 (15)
Swiss Franc ........ 48,959 10/05/00 29,818 30,281 463
Swiss Franc ........ 37,723 10/06/00 22,590 23,333 743
--------------
1,834
--------------
$(7,940)
==============
GLOBAL BOND PORTFOLIO
Net Unrealized
Maturity Appreciation/
Currency Sold Date Cost Value (Depreciation)
--------------------------------- -------- ------- ------- ----------------
Canadian Dollar ... 1,796 07/11/00 $ 1,207 $ 1,214 $ (7)
Euro Dollar ....... 23,476 07/11/00 21,082 22,429 (1,346)
--------------
(1,353)
--------------
Currency Purchased
---------------------------------
Euro Dollar ...... 6,894 07/11/00 6,555 6,586 31
--------------
$(1,322)
==============
189
<PAGE>
Officers and Trustees
Michele G. Van Leer, Chairman
Thomas J. Lee, President and Vice Chairman
Karen Q. Visconti, Secretary
Arnold Bergman, Assistant Secretary
Raymond F. Skiba, Treasurer
Maryellen Maurer, Compliance Officer
Patrick F. Smith, Controller
Paula M. Pashko, Assistant Controller
Elizabeth G. Cook
Reverend Diane C. Kessler
Hassell H. McClellan
Robert F. Verdonck
Investment Adviser
John Hancock Life Insurance Company
John Hancock Place
P.O. Box 111
Boston, MA 02117
Independent Auditors
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
SUB-INVESTMENT ADVISERS
Independence Investment Associates, Inc. and subsidiaries
53 State Street
Boston, MA 02109
Alliance Capital Management L.P.
1345 Avenue of the Americas
New York, NY 10105
The Boston Company Asset Management, LLC
One Boston Place
Boston, MA 02108
Brinson Partners, Inc.
209 South La Salle Street
Chicago, IL 60604-1295
Federated Investment Management Company
1001 Liberty Avenue, 10th Floor
Pittsburgh, PA 15222
Goldman Sachs Asset Management
32 Old Slip
New York, NY 10005
INVESCO, Inc.
101 Federal Street
Boston, MA 02110
J.P. Morgan Investment Management Inc.
522 Fifth Avenue
New York, NY 10036
Janus
100 Fillmore Street
Denver, CO 80206-4928
Mellon Bond Associates, LLP
One Mellon Bank Center, Suite 5400
Pittsburgh, PA 15258-0001
John Hancock Advisers, Inc.
101 Huntington Avenue
Boston, MA 02199
Morgan Stanley Investment Management Inc.
1221 Avenue of the Americas
New York, NY 10020
Neuberger Berman, LLC
605 Third Avenue
New York, NY 10158-3698
OppenheimerFunds, Inc.
Two World Trade Center
New York, NY 10048-0203
Rowe Price-Fleming International, Inc.
100 East Pratt Street
Baltimore, MD 21202
State Street Global Advisors
Two International Place
Boston, MA 02110
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
Wellington Management Company, LLP
75 State Street
Boston, MA 02109
<PAGE>
[LOGO OF JOHN HANCOCK]
The Variable Series Trust consists of 33 funds used as investment options for
various John Hancock variable life and variable annuity contracts. This report
must be accompanied by the required prospectus and the most current quarterly
performance report for the contract offered. Investors are not able to invest
directly in the Variable Series Trust.
Not all of the funds described in this report are available on every product.
Please refer to the prospectus for additional information about the investment
options on your variable product.
John Hancock Life Insurance Company
John Hancock Variable Life Insurance Company (not licensed in New York)
Signator Investors Inc., Member NASD, SIPC
Boston, Massachusetts 02117
www.jhancock.com
S8128 7/00 [LOGO OF INSURANCE MARKETPLACE
STANDARDS ASSOCIATION]
<PAGE>
[LOGO OF JOHN HANCOCK]
The Variable Series Trust consists of 33 funds used as investment options for
various John Hancock variable life and variable annuity contracts. This report
must be accompanied by the required prospectus and the most current quarterly
performance report for the contract offered. Investors are not able to invest
directly in the Variable Series Trust.
Not all of the funds described in this report are available on every product.
Please refer to the prospectus for additional information about the investment
options on your variable product.
John Hancock Life Insurance Company
John Hancock Variable Life Insurance Company (not licensed in New York)
Signator Investors Inc., Member NASD, SIPC
Boston, Massachusetts 02117
www.jhancock.com
[LOGO OF INSURANCE MARKETPLACE STANDARDS ASSOCIATION]
S8128FI 7/00
