<PAGE>
As filed with the Securities and Exchange Commission on June 30, 2000
Registration No. 33-64364
--------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
FORM S-6
Post-Effective Amendment No. 8 to
Registration Statement Under
THE SECURITIES ACT OF 1933
----------------------
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
(Exact name of trust)
JOHN HANCOCK LIFE INSURANCE COMPANY
(Name of depositor)
JOHN HANCOCK PLACE
BOSTON, MASSACHUSETTS 02117
(Complete address of depositor's principal executive offices)
--------------------
RONALD J. BOCAGE, ESQ.
JOHN HANCOCK LIFE INSURANCE COMPANY
JOHN HANCOCK PLACE, BOSTON, 02117
(Name and complete address of agent for service)
--------------------
Copy to:
GARY O. COHEN, ESQ.
Freedman, Levy, Kroll & Simonds
1050 Connecticut Avenue, N.W.
Washington, D.C. 20036
--------------------
It is proposed that this filing become effective(check appropriate box)
/ /immediately upon filing pursuant to paragraph (b) of Rule 485
--
/X/on June 30, 2000 pursuant to paragraph (b) of Rule 485
--
/ /60 days after filing pursuant to paragraph (a)(1) of Rule 485
--
/ /on (date) pursuant to paragraph (a)(1) of Rule 485
--
If appropriate check the following box
/ /this post-effective amendment designates a new effective date for a
--
previously filed amendment
Pursuant to the provisions of Rule 24f-2, Registrant has registered an
indefinite amount of the securities being offered and filed its Notice for
fiscal year 1999 pursuant to Rule 24f-2 on March 10, 2000.
<PAGE>
PART II
UNDERTAKING TO FILE REPORTS
Subject to the terms and conditions of Section 15(d) of the Securities
Exchange Act of 1934, the undersigned registrant hereby undertakes to file with
the Securities and Exchange Commission such supplementary and periodic
information, documents, and reports as may be prescribed by any rule or
regulation of the Commission heretofore or hereafter duly adopted pursuant to
authority conferred in that Section.
REPRESENTATION OF REASONABLENESS
John Hancock Mutual Life Insurance Company represents that the fees and
charges deducted under the Policies, in the aggregate, are reasonable in
relation to the services rendered, the expenses expected to be incurred, and the
risks assumed by the insurance company.
UNDERTAKING REGARDING INDEMNIFICATION
Pursuant to Article 9 of John Hancock's Bylaws and Section 67 of the
Massachusetts Business Corporation Law, John Hancock indemnifies each director,
former director, officer, and former officer, and his heirs and legal
representatives from liability incurred or imposed in connection with any legal
action in which he may be involved by reason of any alleged act or omission as
an officer or a director of John Hancock.
Insofar as indemnification for liability arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.
CONTENTS OF REGISTRATION STATEMENT
This Registration Statement comprises the following Papers and Documents:
The facing sheet.
Supplement to the prospectuses consisting of __ pages each.
The undertaking to file reports.
The undertaking regarding indemnification.
The signatures.
The following exhibits:
<PAGE>
1.A. (1) John Hancock Board Resolution establishing the separate account
included in Post-Effective Amendment No. 2 to this Form S-6
Registration Statement, filed April 1995.
(2) Not Applicable.
(3) (a) Form of Distribution Agreement by and among John Hancock
Distributors, Inc., John Hancock Mutual Life Insurance Company,
and John Hancock Variable Life Insurance Company, incorporated
by reference from Pre-Effective Amendment No. 2 to Form S-6
Registration Statement for John Hancock Variable Life Account
S (File No. 333-15075) filed April 18, 1997.
(b) Specimen Variable Contracts Selling Agreement between John
Hancock Distributors, Inc., and selling broker-dealers,
incorporated by reference from Pre-Effective Amendment No. 2 to
Form S-6 Registration Statement for John Hancock Variable Life
Account S (File No. 333-15075) filed April 18, 1997.
(c) Schedule of sales commissions included in the text under the
heading "Distribution of Policies" in the prospectus filed as
part of the previously filed Post-Effective Amendment.
(4) Not Applicable.
(5) (a) Form of survivorship variable life insurance policy, included in
Pre-Effective Amendment No. 1 to this Form S-6 Registration
Statement, filed on October 29, 1993.
(b) Form of rider option to split policy, included in the initial
Form S-6 Registration Statement of this Account, filed June 11,
1993.
(6) Charter and By-Laws of John Hancock Mutual Life Insurance Company,
previously filed electronically on April 12, 1996.
(7) Not Applicable.
(8) (a) Participation Agreement Among Templeton Variable Products Series
Fund, Franklin Templeton distributors, Inc. and John Hancock
Life Insurance Company, John Hancock Variable Life Insurance
company, and Investors Partner Life Insurance Company, filed in
Post-Effective Amendment No. 1 to file No. 333-81127, filed
May 4, 2000.
(b) Participation Agreement Among Variable Insurance Products Fund
II, Fidelity Distributors Corporation and John Hancock Mutual
Life Insurance Company, filed in Post-Effective Amendment No. 1
to file No. 333-81127, filed May 4, 2000.
(c) Participation Agreement Among Variable Insurance Products Fund,
Fidelity Distributors Corporation and John Hancock Mutual Life
Insurance Company, filed in Post-Effective Amendment No. 1 to
file No. 333-81127, filed May 4, 2000.
(d) Participation Agreement Among MFS Variable Insurance Trust, John
Hancock Mutual Life Insurance Company and Massachusetts
Financial Services Company, filed in Post-Effective Amendment
No. 1 to file No. 333-81127, filed May 4, 2000.
(e) Participation Agreement By And Among AIM Variable Insurance
Funds, Inc., AIM Distributors, Inc., John Hancock Mutual Life
Insurance Company and Certain Of Its Affiliated Insurance
Companies, Each On Behalf Of Itself And Its Separate Accounts,
And John Hancock Funds, Inc., filed in Post-Effective Amendment
No. 1 to file No. 333-81127, filed May 4, 2000.
(9) Not Applicable.
(10) Form of application for Policy included in Pre-Effective Amendment
No. 1 to this Form S-6 registration statement, filed October 29,
1993.
(11) Not Applicable. The Registrant invests only in shares of open-end
Funds.
2. Included as exhibit 1.A(5) above
<PAGE>
3. Opinion and consent of counsel as to securities being registered included
in Pre-Effective Amendment No. 1 to this Form S-6 registration statement,
filed October 29, 1993.
4. Not Applicable
5. Not Applicable
6. Opinion and consent of actuary.
7. Consent of independent auditors.
8. Memorandum describing John Hancock's issuance, transfer and redemption
procedures for the policy pursuant to Rule 6e-3(T)(b)(12)(iii), included in
Pre-Effective Amendment No. 1 to this Form S-6 registration statement filed
on October 29, 1993.
9. Power of attorney for Robert J. Tarr, Jr., previously filed electronically
on April 23, 1997. Powers of attorney for Bodman, Gifford, Boyan, Morton,
Magee, Connors, Brown, Phillips, Booth, Vappi, Bromery, Staley,
D'Alessandro, Fast, Aborn, Bok, Feldstein, Fish, Syron and Hawley,
previously filed electronically on April 12, 1996.
10. Representations, Description and Undertaking pursuant to Rule 6e-
3(T)(b)(13)(iii)(F) under the Investment Company Act of 1940, included in
the initial Form S-6 Registration Statement of this Account, filed June 11,
1993.
11. Opinion of counsel as to eligibility of this Post-Effective Amendment for
filing pursuant to Rule 485(b).
------------------------------------------
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the John
Hancock Life Insurance Company has duly caused this Post-Effective Amendment to
the Registration Statement to be signed on its behalf by the undersigned,
thereunder duly authorized, and its seal to be hereunto fixed and attested, all
in the City of Boston and Commonwealth of Massachusetts on the 30th day of June,
2000.
JOHN HANCOCK LIFE INSURANCE COMPANY
(SEAL)
/s/ Stephen L. Brown
By STEPHEN L. BROWN
------------------------
Stephen L. Brown
Chairman
/s/ Ronald J. Bocage
Attest: Ronald J. Bocage
------------------------
Vice President and Counsel
<PAGE>
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment to the Registration Statement has been signed below by
the following persons in the capacities with John Hancock Life Insurance Company
and on the dates indicated.
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
--------- ----- ----
<S> <C> <C>
Executive Vice President
/s/ Thomas E. Moloney and Chief Financial Officer
(Principal Financial Officer
THOMAS E. MOLONEY and Acting Principal Accounting Officer)
-----------------
Thomas E. Moloney June 30, 2000
/s/ Stephen L. Brown Chairman
(Principal Executive Officer)
STEPHEN L. BROWN
----------------
Stephen L. Brown for himself and as Attorney-in-Fact June 30, 2000
</TABLE>
<TABLE>
<S> <C> <C> <C>
FOR:
Foster L. Aborn Vice Chairman of the Board I. MacAllister Booth Director
David F. D'Alessandro President and Chief Executive Officer Samuel W. Bodman Director
Nelson S. Gifford Director Michael C. Hawley Director
E. James Morton Director Kathleen F. Feldstein Director
John M. Connors Director Richard F. Syron Director
Robert J. Tarr, Jr. Director Wayne A. Budd Director
Robert E. Fast Director Edward H. Linde Director
</TABLE>
Pursuant to the requirements of the Securities Act of 1933, the Registrant,
certifies that it meets all of the requirements for effectiveness of this
Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933
and has duly caused this Post-Effective Amendment to the Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized, and
its seal to be hereunto fixed and attested, all in the City of Boston and
Commonwealth of Massachusetts on the 30th day of June, 2000.
On behalf of the Registrant
By John Hancock Life Insurance Company
(Depositor)
(SEAL) /s/ Stephen L. Brown By
STEPHEN L. BROWN
----------------
Stephen L. Brown
Chairman
/s/ Ronald J. Bocage
Attest: Ronald J. Bocage
----------------
Ronald J. Bocage
Vice President and Counsel
<PAGE>
SUPPLEMENT DATED JUNE 30, 2000
TO
PROSPECTUSES DATED MAY 1, 2000
This Supplement is intended to be distributed with all prospectuses dated May 1,
2000 for certain Variable Estate Protection variable life insurance policies
issued by John Hancock Life Insurance Company (the "Product Prospectus") that
contain the following investment options: Brandes International Equity, Turner
Core Growth, Frontier Capital Appreciation and Clifton Enhanced U.S. Equity.
This Supplement contains amendments to the Product Prospectus and to the
prospectuses for two of the underlying Trusts. (The term "Trusts" is defined on
page 2 of the Product Prospectus).
__________________________
GUIDE TO THIS SUPPLEMENT
------------------------
. Page 2 contains amendments to the Product Prospectus relating to the addition
of four new investment options and the addition of a new subadviser for the
Real Estate Equity Fund.
. Pages 3 through 28 adds unaudited financial statements of John Hancock Mutual
Variable Life Insurance Account UV for the three month period ended March 31,
2000 to the Product Prospectus. None of the financial statements contained in
this supplement have been audited by independent auditors.
. Pages 29 through 33 contain information that is added to the prospectus for
the John Hancock Variable Series Trust I. The pages describe two new fund
choices - - the American Leaders Large Cap Value Fund and the Core Bond Fund.
. Pages 34 and 35 replace the pages in the prospectus for the John Hancock
Variable Series Trust I that describe the Real Estate Equity Fund. Pages 34
and 35 describe a new "multi-manager" approach for the Real Estate Equity
Fund.
. After page 36 are the prospectuses for the two new fund choices of the Janus
Aspen Series (Service Shares Class).
<PAGE>
AMENDMENTS TO THE PRODUCT PROSPECTUS
------------------------------------
(1) The table on the cover page of the Product Prospectus is amended to add
Morgan Stanley Dean Witter Investment Management Inc. as an additional
manager of the Real Estate Equity investment option and to include the
following new investment options:
<TABLE>
<CAPTION>
VARIABLE INVESTMENT OPTION MANAGED BY
-------------------------- ----------
---------------------------------------------------------------------------
<S> <C>
American Leaders Large Cap
Value. . . CapValue Value. Federated Investment Management Company
Janus Aspen Global Technology Janus Capital Corporation.
Janus Aspen Worldwide Growth Janus Capital Corporation
Core Bond . . . . . . . . . Federated Investment Management Company
---------------------------------------------------------------------------
</TABLE>
(2) The second paragraph on page 2 of the Product Prospectus is amended to
read as follows:
When you select one or more of these variable investment
options, we invest your money in the corresponding investment option(s) of
one or more of the following: the John Hancock Variable Series Trust I, the
AIM Variable Insurance Funds, the Templeton Variable Products Series Fund,
Fidelity's Variable Insurance Products Fund and Variable Insurance Products
Fund II, the Janus Aspen Series (Service Shares Class), and the MFS Variable
Insurance Trust (together, "the Trusts"). In this prospectus, the investment
options of the Trusts are referred to as "funds". In the prospectuses for
the Trusts, the investment options may be referred to as "funds",
"portfolios" or "series".
(3) The fund expense table appearing in the section of the Product
Prospectus entitled "What charges will the Trusts deduct from my investment
in the policy?" is amended to include the following:
<TABLE>
<CAPTION>
Investment Distribution and Other Operating Total Fund Other Operating
Management Service Expenses With Operating Expenses Absent
Fund Name Fee (12b-1) Fees Reimbursement Expenses Reimbursement
<S> <C> <C> <C> <C> <C>
JOHN HANCOCK VARIABLE SERIES TRUST I
(NOTE 1):
American Leaders Large Cap Value . . . 0.80% N/A 0.10% 0.90% N/A
Core Bond . . . . . . . . . . . . . . . 0.70% N/A 0.10% 0.80% N/A
JANUS ASPEN SERIES (SERVICE SHARES)
(NOTE 6):
Janus Aspen Global Technology . . . . . 0.65% 0.25% 0.13% 1.03% 0.13%
Janus Aspen Worldwide Growth . . . . . 0.65% 0.25% 0.05% 0.95% 0.05%
</TABLE>
NOTES TO FUND EXPENSE TABLE
(1) John Hancock Variable Series Trust I funds' percentages reflect
management fees and other fund expenses based on the allocation
methodology and expense reimbursement policy adopted April 23, 1999.
Under the policy, John Hancock Life Insurance Company voluntarily
reimburses a fund when the fund's "other fund expenses" exceed 0.10% of
the fund's average daily net assets. The percentages for the American
Leaders Large Cap Value Fund and the Core Bond Fund are estimates
because the funds were not in operation prior to the date of this
prospectus.
(6) The percentages for the new Service Shares Class of the Janus Aspen
Global Technology Fund and the Janus Aspen Worldwide Growth Fund are
estimates because the Service Shares Class was not in operation in 1999.
All such estimates have been made without regard to the effect of any
expense offset arrangements.
2
<PAGE>
UNAUDITED FINANCIAL STATEMENTS
FOR
JOHN HANCOCK MUTUAL VARIABLE LIFE ACCOUNT UV
FIRST QUARTER 2000
The most current financial statements for John Hancock are those as of December
31, 1999. We do not prepare such financial statements more often than
annually. Moreover, we believe that any additional benefit you would get from
more recent financial statements would not justify our cost in preparing them.
(This is true even though we would not necessarily have to incur the expense
of an independent audit of those financial statements.) In this connection, we
represent that there have been no material adverse changes in our financial
condition or operations between December 31, 1999 and the date of this
supplement to the prospectus.
3
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
MARCH 31, 2000
<TABLE>
<CAPTION>
INTERNATIONAL
LARGE CAP SOVEREIGN EQUITY SMALL CAP
GROWTH BOND INDEX GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ----------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS
Cash . . . . . . . . . $ -- $ -- $ -- $ --
Investments in shares
of portfolios of John
Hancock Variable
Series Trust I, at
value . . . . . . . . 47,884,809 72,367,249 7,430,517 6,868,139
Investments in shares
of portfolios of M
Fund Inc., at value . -- -- -- --
Policy loans and
accrued interest
receivable. . . . . . 2,881,867 10,323,501 386,100 --
Receivable from:
John Hancock Variable
Series Trust I . . . 15,529 430,192 12,364 --
M Fund Inc. . . . . . -- -- -- --
----------- ----------- ---------- -----------
Total assets . . . . . 50,782,205 83,120,942 7,828,981 6,868,139
LIABILITIES
Payable to John Hancock
Mutual Life Insurance
Company . . . . . . . -- -- -- --
Asset charges payable 796 1,292 122 109
----------- ----------- ---------- -----------
Total liabilities . . 796 1,292 122 109
----------- ----------- ---------- -----------
Net assets . . . . . . $50,781,408 $83,119,650 $7,828,859 $ 6,868,030
=========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL MID CAP LARGE CAP MONEY
BALANCED GROWTH VALUE MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ----------- ---------- --------------
<S> <C> <C> <C> <C>
ASSETS
Cash . . . . . . . . . $ -- $ -- $ -- $ (1,285)
Investments in shares
of portfolios of John
Hancock Variable
Series Trust I, at
value . . . . . . . . 158,423 16,802,095 9,335,096 18,838,258
Investments in shares
of portfolios of M
Fund Inc., at value . -- -- -- --
Policy loans and
accrued interest
receivable. . . . . . -- -- -- 2,179,525
Receivable from:
John Hancock Variable
Series Trust I . . . 393 -- 18,307 8,791
M Fund Inc. . . . . . -- -- -- --
--------- ----------- ---------- -----------
Total assets . . . . . 158,816 16,802,095 9,353,403 21,025,289
LIABILITIES
Payable to John Hancock
Mutual Life Insurance
Company . . . . . . . -- -- -- --
Asset charges payable. 3 267 153 998
--------- ----------- ---------- -----------
Total liabilities . . 3 267 153 998
--------- ----------- ---------- -----------
Net assets . . . . . . $ 158,813 $16,801,828 $9,353,250 $21,024,291
========= =========== ========== ===========
</TABLE>
See accompanying notes.
4
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) (CONTINUED)
MARCH 31, 2000
<TABLE>
<CAPTION>
MID CAP SMALL/MID REAL ESTATE GROWTH &
VALUE CAP GROWTH EQUITY INCOME
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ---------- ----------- --------------
<S> <C> <C> <C> <C>
ASSETS
Cash . . . . . . . . . . $ -- $ -- $ -- $ --
Investments in shares of
portfolios of John
Hancock Variable Series
Trust I, at value . . . 4,922,228 5,405,216 3,759,336 311,940,456
Investments in shares of
portfolios of M Fund
Inc., at value . . . . -- -- -- 0
Policy loans and accrued
interest receivable . . -- -- 240,022 32,758,289
Receivable from:
John Hancock Variable
Series Trust I . . . . -- -- 34,861 293,221
M Fund Inc. . . . . . . -- -- -- --
----------- ---------- ---------- ------------
Total assets . . . . . . 4,922,228 5,405,216 4,034,222 344,991,966
LIABILITIES
Payable to John Hancock
Mutual Life Insurance
Company . . . . . . . . -- -- -- --
Asset charges payable . 79 86 64 5,297
----------- ---------- ---------- ------------
Total liabilities . . . 79 86 64 5,297
----------- ---------- ---------- ------------
Net assets . . . . . . . $ 4,922,149 $5,405,130 $4,034,158 $344,986,669
=========== ========== ========== ============
</TABLE>
<TABLE>
<CAPTION>
SHORT-TERM SMALL CAP INTERNATIONAL
MANAGED BOND VALUE OPPORTUNITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ------------ ---------------
<S> <C> <C> <C> <C>
ASSETS
Cash . . . . . . . . $ (685) $ -- $ -- $ --
Investments in shares
of portfolios of John
Hancock Variable
Series Trust I, at
value. . . . . . . . 105,442,736 239,981 3,352,754 8,133,294
Investments in shares
of portfolios of M
Fund Inc., at value 0 0 0 0
Policy loans and
accrued interest
receivable . . . . . 13,011,771 -- -- --
Receivable from:
John Hancock Variable
Series Trust I . . 260,094 1,255 4,033 --
M Fund Inc. . . . . -- -- -- --
------------ --------- ----------- -----------
Total assets . . . . 118,713,916 241,236 3,356,787 8,133,294
LIABILITIES
Payable to John
Hancock Mutual Life
Insurance Company . -- -- -- --
Asset charges payable 1,839 4 54 133
------------ --------- ----------- -----------
Total liabilities . . 1,839 4 54 133
------------ --------- ----------- -----------
Net assets . . . . . $118,712,077 $ 241,232 $ 3,356,733 $ 8,133,161
============ ========= =========== ===========
</TABLE>
See accompanying notes.
5
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) (CONTINUED)
MARCH 31, 2000
<TABLE>
<CAPTION>
BRANDES
EQUITY GLOBAL TURNER INTERNATIONAL
INDEX BOND CORE GROWTH EQUITY
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ----------- ----------- ---------------
<S> <C> <C> <C> <C>
ASSETS
Cash . . . . . . . . . $ -- $ -- $ -- $ --
Investments in shares
of portfolios of John
Hancock Variable
Series Trust I, at
value . . . . . . . . 17,313,806 800,153 344,698 709,047
Investments in shares
of portfolios of M
Fund Inc., at value . 0 0 -- --
Policy loans and
accrued interest
receivable. . . . . . -- -- -- --
Receivable from:
John Hancock Variable
Series Trust I . . . 15,411 2,994 -- --
M Fund Inc. . . . . . -- -- -- --
----------- ----------- -------- --------
Total assets . . . . . 17,329,217 803,147 344,698 709,047
LIABILITIES
Payable to John Hancock
Mutual Life Insurance
Company . . . . . . . -- -- -- --
Asset charges payable 282 13 5 11
----------- ----------- -------- --------
Total liabilities . . 282 13 5 11
----------- ----------- -------- --------
Net assets . . . . . . $17,328,935 $ 803,134 $344,694 $709,036
=========== =========== ======== ========
</TABLE>
<TABLE>
<CAPTION>
FRONTIER CAPITAL EMERGING GLOBAL
APPRECIATION MARKETS EQUITY EQUITY BOND INDEX
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- -------------- ---------- ------------
<S> <C> <C> <C> <C>
ASSETS
Cash . . . . . . . . $ -- $ -- $ -- $ --
Investments in shares
of portfolios of John
Hancock Variable
Series Trust I, at
value. . . . . . . . 652,467 1,002,691 222,631 75,111
Investments in shares
of portfolios of M
Fund Inc., at value -- -- -- --
Policy loans and
accrued interest
receivable . . . . . -- -- -- --
Receivable from:
John Hancock Variable
Series Trust I . . -- -- -- 409
M Fund Inc. . . . . -- -- -- --
-------- ---------- -------- -------
Total assets . . . . 652,467 1,002,691 222,631 75,520
LIABILITIES
Payable to John
Hancock Mutual Life
Insurance Company . -- -- -- --
Asset charges payable 10 17 4 1
-------- ---------- -------- -------
Total liabilities . . 10 17 4 1
-------- ---------- -------- -------
Net assets . . . . . $652,457 $1,002,674 $222,627 $75,519
======== ========== ======== =======
</TABLE>
See accompanying notes.
6
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) (CONTINUED)
MARCH 31, 2000
<TABLE>
<CAPTION>
SMALL/MID CAP HIGH YIELD ENHANCED U.S.
CORE BOND EQUITY
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ---------------
<S> <C> <C> <C>
ASSETS
Cash . . . . . . . . . . . . . . . $ -- $ -- $ --
Investments in shares of portfolios
of John Hancock Variable Series
Trust I, at value . . . . . . . . 151,853 98,021 20,673
Investments in shares of portfolios
of M Fund Inc., at value . . . . -- -- --
Policy loans and accrued interest
receivable. . . . . . . . . . . . -- -- --
Receivable from:
John Hancock Variable Series Trust
I. . . . . . . . . . . . . . . . -- 675 --
M Fund Inc. . . . . . . . . . . . -- -- --
-------- ------- -------
Total assets . . . . . . . . . . . 151,853 98,696 20,673
LIABILITIES
Payable to John Hancock Mutual Life
Insurance Company . . . . . . . . -- -- --
Asset charges payable . . . . . . 2 2 1
-------- ------- -------
Total liabilities . . . . . . . . 2 2 1
-------- ------- -------
Net assets . . . . . . . . . . . . $151,851 $98,694 $20,673
======== ======= =======
</TABLE>
See accompanying notes.
7
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF OPERATIONS (UNAUDITED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
LARGE CAP GROWTH SUBACCOUNT SOVEREIGN BOND SUBACCOUNT
---------------------------------- -------------------------------------
2000 1999 1998 2000 1999 1998
---------- ---------- ---------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received
from:
John Hancock Variable
Series Trust I . . $ 35,004 $6,381,711 $2,836,032 $ 964,076 $ 5,184,234 $5,266,576
M Fund Inc. . . . . -- -- -- -- -- --
Interest income on
policy loans . . . 49,804 161,454 128,186 188,119 750,673 727,807
---------- ---------- ---------- ---------- ----------- ----------
Total investment
income . . . . . . . 84,808 6,543,165 2,964,218 1,152,195 5,934,907 5,994,383
Expenses:
Mortality and expense
risks . . . . . . . 66,579 213,770 143,859 116,907 452,925 415,570
---------- ---------- ---------- ---------- ----------- ----------
Net investment income 18,229 6,329,395 2,820,359 1,035,288 5,481,982 5,578,813
Net realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss). . . . . . . 331,582 1,146,308 433,509 (367,297) (388,883) (142,628)
Net unrealized
appreciation
(depreciation)
during the period . 2,976,234 320,087 4,558,660 636,719 (5,439,148) (102,600)
---------- ---------- ---------- ---------- ----------- ----------
Net realized and
unrealized gain
(loss) on investments 3,307,816 1,466,395 4,992,169 269,422 (5,828,031) (245,228)
---------- ---------- ---------- ---------- ----------- ----------
Net increase
(decrease) in net
assets resulting from
operations . . . . . $3,326,045 $7,795,790 $7,812,528 $1,304,710 $ (346,049) $5,333,585
========== ========== ========== ========== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY INDEX
SUBACCOUNT SMALL CAP GROWTH SUBACCOUNT
-------------------------------- ----------------------------------
2000 1999 1998 2000 1999 1998
--------- ---------- --------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received
from:
John Hancock Variable
Series Trust I . . $ 17,223 $ 212,869 $ 743,339 $ -- $ 543,433 $ --
M Fund Inc. . . . . -- -- -- -- -- --
Interest income on
policy loans . . . 6,520 20,538 17,802 -- -- --
-------- ---------- --------- --------- ----------- ---------
Total investment
income . . . . . . . 23,743 233,407 761,141 -- 543,433 --
Expenses:
Mortality and expense
risks . . . . . . . 10,492 32,838 26,542 8,796 15,809 8,233
-------- ---------- --------- --------- ----------- ---------
Net investment income
(loss) . . . . . . . 13,251 200,569 734,599 (8,796) 527,624 (8,233)
Net realized and
unrealized gain
(loss) on
investments:
Net realized gain . 29,784 62,140 52,891 3,248 48,210 21,741
Net unrealized
appreciation
(depreciation)
during the period . (36,779) 1,295,768 13,239 651,201 1,125,829 204,674
-------- ---------- --------- --------- ----------- ---------
Net realized and
unrealized gain
(loss) on investments (6,995) 1,357,908 66,130 654,449 1,174,415 226,415
-------- ---------- --------- --------- ----------- ---------
Net increase in net
assets resulting from
operations . . . . . $ 6,256 $1,558,477 $ 800,729 $ 645,653 $ 1,701,663 $ 218,182
======== ========== ========= ========= =========== =========
</TABLE>
See accompanying notes.
8
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF OPERATIONS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
INTERNATIONAL BALANCED SUBACCOUNT MID CAP GROWTH SUBACCOUNT
---------------------------------- ----------------------------------
2000 1999 1998 2000 1999 1998
----------- ---------- --------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received
from:
John Hancock Variable
Series Trust I . . $ 1,127 $ 17,211 $ 12,240 $ -- $1,373,009 $ 130,303
M Fund Inc. . . . . -- -- -- -- -- --
Interest income on
policy loans . . . -- -- -- -- -- --
--------- -------- -------- --------- ---------- ----------
Total investment
income . . . . . . . 1,127 17,211 12,240 -- 1,373,009 130,303
Expenses:
Mortality and expense
risks . . . . . . . 268 1,267 826 25,962 34,834 5,242
--------- -------- -------- --------- ---------- ----------
Net investment income
(loss) . . . . . . . 859 15,944 11,414 (25,962) 1,338,175 125,061
Net realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss). . . . . . . (1,703) 1,061 1,050 874,318 420,826 26,192
Net unrealized
appreciation
(depreciation)
during the period . (5,870) (8,559) 12,294 (649,885) 4,283,452 193,946
--------- -------- -------- --------- ---------- ----------
Net realized and
unrealized gain
(loss) on
investments . . . . (7,573) (7,498) 13,344 224,433 4,704,278 220,138
--------- -------- -------- --------- ---------- ----------
Net increase
(decrease) in net
assets resulting from
operations . . . . . $ (6,714) $ 8,446 $ 24,758 $ 198,471 $6,042,453 $ 345,199
========= ======== ======== ========= ========== ==========
</TABLE>
<TABLE>
<CAPTION>
LARGE CAP VALUE SUBACCOUNT MONEY MARKET SUBACCOUNT
--------------------------------- ---------------------------------
2000 1999 1998 2000 1999 1998
----------- ---------- -------- --------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received
from:
John Hancock Variable
Series Trust I . . $ 53,189 $ 511,132 $185,232 $ 259,668 $1,134,371 $2,249,510
M Fund Inc. . . . . -- -- -- -- -- --
Interest income on
policy loans . . . -- -- -- 39,531 155,491 154,162
---------- --------- -------- --------- ---------- ----------
Total investment
income . . . . . . . 53,189 511,132 185,232 299,199 1,289,862 2,403,672
Expenses:
Mortality and expense
risks . . . . . . . 13,268 36,983 15,356 29,820 146,758 263,735
---------- --------- -------- --------- ---------- ----------
Net investment income 39,921 474,149 169,876 269,379 1,143,104 2,139,937
Net realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss). . . . . . . (90,136) 123,242 68,953 -- -- --
Net unrealized
appreciation
(depreciation)
during the period . (245,175) (499,454) 64,132 -- -- --
---------- --------- -------- --------- ---------- ----------
Net realized and
unrealized gain
(loss) on
investments . . . . (335,311) (376,212) 133,085 -- -- --
---------- --------- -------- --------- ---------- ----------
Net increase
(decrease) in net
assets resulting from
operations . . . . . $ (295,390) $ 97,937 $302,961 $ 269,379 $1,143,104 $2,139,937
========== ========= ======== ========= ========== ==========
</TABLE>
See accompanying notes.
9
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF OPERATIONS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
MID CAP VALUE SUBACCOUNT SMALL/MID CAP GROWTH SUBACCOUNT
----------------------------------- --------------------------------------------
2000 1999 1998 2000 1999 1998
--------- ---------- ------------- ------------- --------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received from:
John Hancock Variable Series Trust I . . . $ -- $ 30,563 $ 53,920 $ -- $ 840,786 $ 93,281
M Fund Inc. . . . . . . . . . . . . . . . . -- -- -- -- -- --
Interest income on policy loans . . . . . . -- -- -- -- -- --
-------- --------- ------------ ------------ -------------- ------------
Total investment income . . . . . . . . . . -- 30,563 53,920 -- 840,786 93,281
Expenses:
Mortality and expense risks . . . . . . . . 6,927 28,106 34,857 7,903 30,491 26,942
-------- --------- ------------ ------------ -------------- ------------
Net investment income (loss) . . . . . . . . (6,927) 2,457 19,063 (7,903) 810,295 66,339
Net realized and unrealized gain (loss) on
investments:
Net realized gain (loss) . . . . . . . . . (41,101) (547,518) 74,634 (138,462) 16,952 33,249
Net unrealized appreciation (depreciation)
during the period . . . . . . . . . . . . 422,026 657,486 (944,401) 485,947 (590,295) 126,465
-------- --------- ------------ ------------ -------------- ------------
Net realized and unrealized gain (loss) on
investments . . . . . . . . . . . . . . . . 380,925 109,968 (869,767) 347,485 (573,343) 159,714
-------- --------- ------------ ------------ -------------- ------------
Net increase (decrease) in net assets
resulting from operations . . . . . . . . . $373,998 $ 112,425 $ (850,704) $ 339,582 $ 236,952 $ 226,053
======== ========= ============ ============ ============== ============
</TABLE>
<TABLE>
<CAPTION>
REAL ESTATE EQUITY SUBACCOUNT GROWTH & INCOME SUBACCOUNT
----------------------------------- --------------------------------------
2000 1999 1998 2000 1999 1998
---------- ---------- ------------ ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received
from:
John Hancock Variable
Series Trust I . . $ 79,133 $ 262,930 $ 343,976 $ 754,111 $35,057,066 $26,306,209
M Fund Inc. . . . . -- -- -- -- -- --
Interest income on
policy loans . . . 4,618 17,361 17,260 588,028 2,279,107 1,996,131
--------- --------- ----------- ----------- ----------- -----------
Total investment
income . . . . . . . 83,751 280,291 361,236 1,342,139 37,336,173 28,302,340
Expenses:
Mortality and expense
risks . . . . . . . 5,766 24,900 33,890 462,018 1,779,482 1,466,469
--------- --------- ----------- ----------- ----------- -----------
Net investment income 77,985 255,391 327,346 880,121 35,556,691 26,835,871
Net realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss). . . . . . . (56,481) (168,994) 158,205 1,425,819 5,502,422 3,223,935
Net unrealized
appreciation
(depreciation)
during the period . 95,421 (220,380) (1,546,717) 3,226,658 2,405,417 32,918,552
--------- --------- ----------- ----------- ----------- -----------
Net realized and
unrealized gain
(loss) on investments 38,940 (389,374) (1,388,512) 4,652,477 7,907,839 36,142,487
--------- --------- ----------- ----------- ----------- -----------
Net increase
(decrease) in net
assets resulting from
operations . . . . . $ 116,925 $(133,983) $(1,061,166) $ 5,532,598 $43,464,530 $62,978,358
========= ========= =========== =========== =========== ===========
</TABLE>
See accompanying notes.
10
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF OPERATIONS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
MANAGED SUBACCOUNT SHORT-TERM BOND SUBACCOUNT
------------------------------------- ------------------------------
2000 1999 1998 2000 1999 1998
---------- ------------ ----------- -------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received
from:
John Hancock Variable
Series Trust I . . $ 817,245 $ 9,998,433 $ 9,347,788 $ 3,842 $ 15,539 $ 27,350
M Fund Inc. . . . . -- -- -- -- -- --
Interest income on
policy loans . . . 236,141 953,686 854,487 -- -- --
---------- ----------- ----------- ------- --------- --------
Total investment
income . . . . . . . 1,053,387 10,952,119 10,202,275 3,842 15,539 27,350
Expenses:
Mortality and expense
risks . . . . . . . 163,479 649,802 577,276 360 1,497 2,680
---------- ----------- ----------- ------- --------- --------
Net investment income
(loss) . . . . . . . 889,907 10,302,317 9,624,999 3,482 14,042 24,670
Net realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss). . . . . . . 313,202 996,546 791,245 (1,072) (8,638) 265
Net unrealized
appreciation
(depreciation)
during the period . 638,748 (2,108,530) 6,629,458 117 (2,442) (4,247)
---------- ----------- ----------- ------- --------- --------
Net realized and
unrealized gain
(loss) on investments 951,950 (1,111,984) 7,420,703 (955) (11,080) (3,982)
---------- ----------- ----------- ------- --------- --------
Net increase
(decrease) in net
assets resulting from
operations . . . . . $1,841,857 $ 9,190,333 $17,045,702 $ 2,527 $ 2,962 $ 20,688
========== =========== =========== ======= ========= ========
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL OPPORTUNITIES
SMALL CAP VALUE SUBACCOUNT SUBACCOUNT
--------------------------------- ------------------------------
2000 1999 1998 2000 1999 1998
---------- ---------- ---------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received
from:
John Hancock Variable
Series Trust I . . $ 15,741 $ 79,585 $ 12,675 $ -- $241,151 $ 33,443
M Fund Inc. . . . . -- -- -- -- -- --
Interest income on
policy loans . . . -- -- -- -- -- --
--------- --------- --------- --------- -------- --------
Total investment
income . . . . . . . 15,741 79,585 12,675 -- 241,151 33,443
Expenses:
Mortality and expense
risks . . . . . . . 4,955 17,680 11,853 11,099 17,937 21,581
--------- --------- --------- --------- -------- --------
Net investment income
(loss) . . . . . . . 10,786 61,905 822 (11,099) 223,214 11,862
Net realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss). . . . . . . (54,620) (33,134) 29,257 22,577 155,412 33,474
Net unrealized
appreciation
(depreciation)
during the period . 31,818 (148,401) (105,331) 149,567 387,412 272,314
--------- --------- --------- --------- -------- --------
Net realized and
unrealized gain
(loss) on investments (22,802) (181,535) (76,074) 172,144 542,824 305,788
--------- --------- --------- --------- -------- --------
Net increase
(decrease) in net
assets resulting from
operations . . . . . $ (12,016) $(119,630) $ (75,252) $ 161,045 $766,038 $317,650
========= ========= ========= ========= ======== ========
</TABLE>
See accompanying notes.
11
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF OPERATIONS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
EQUITY INDEX SUBACCOUNT GLOBAL BOND SUBACCOUNT
-------------------------------- -----------------------------
2000 1999 1998 2000 1999 1998
-------- ---------- ---------- -------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received
from:
John Hancock Variable
Series Trust I . . $ 49,090 $ 593,325 $ 185,267 $ 3,209 $ 37,862 $19,628
M Fund Inc. . . . . -- -- -- -- -- --
Interest income on
policy loans . . . -- -- -- -- -- --
-------- ---------- ---------- ------- --------- -------
Total investment
income . . . . . . . 49,090 593,325 185,267 3,209 37,862 19,628
Expenses:
Mortality and expense
risks . . . . . . . 24,252 63,950 27,141 1,227 4,084 1,979
-------- ---------- ---------- ------- --------- -------
Net investment income 24,838 529,375 158,126 1,982 33,778 17,649
Net realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss). . . . . . . 110,558 271,978 443,879 (8,414) (151) 3,991
Net unrealized
appreciation
(depreciation)
during the
period . . . . . . 240,624 1,282,937 585,673 20,874 (52,953) 4,308
-------- ---------- ---------- ------- --------- -------
Net realized and
unrealized gain
(loss) on investments 351,182 1,554,915 1,029,552 12,460 (53,104) 8,299
-------- ---------- ---------- ------- --------- -------
Net increase
(decrease) in net
assets resulting from
operations . . . . . $376,020 $2,084,290 $1,187,678 $14,442 $ (19,326) $25,948
======== ========== ========== ======= ========= =======
</TABLE>
<TABLE>
<CAPTION>
BRANDES INTERNATIONAL EQUITY
TURNER CORE GROWTH SUBACCOUNT SUBACCOUNT
------------------------------- -----------------------------
2000 1999 1998 2000 1999 1998
------------ -------- -------- ---------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received
from:
John Hancock Variable
Series Trust I . . $ -- $ -- $ -- $ -- $ -- $ --
M Fund Inc. . . . . -- $19,328 2,231 -- $ 16,354 14,444
Interest income on
policy loans . . . -- -- -- -- -- --
---------- ------- ------- --------- -------- -------
Total investment
income . . . . . . . -- 19,328 2,231 -- 16,354 14,444
Expenses:
Mortality and expense
risks . . . . . . . 468 1,139 565 862 2,166 1,158
---------- ------- ------- --------- -------- -------
Net investment income
(loss) . . . . . . . (468) 18,189 1,666 (862) 14,188 13,286
Net realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss). . . . . . . 6,241 26,736 2,780 1,188 11,526 600
Net unrealized
appreciation
(depreciation)
during the
period . . . . . . 25,712 23,628 22,686 (14,134) 122,734 8,581
---------- ------- ------- --------- -------- -------
Net realized and
unrealized gain
(loss) on investments 31,953 50,364 25,466 (12,946) 134,260 9,181
---------- ------- ------- --------- -------- -------
Net increase
(decrease) in net
assets resulting from
operations . . . . . $ 31,485 $68,553 $27,132 $ (13,808) $148,448 $22,467
========== ======= ======= ========= ======== =======
</TABLE>
See accompanying notes.
12
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF OPERATIONS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
GLOBAL MARKETS
FRONTIER CAPITAL APPRECIATION EQUITY
SUBACCOUNT SUBACCOUNT
------------------------------ ------------------------
2000 1999 1998 2000 1999 1998
--------- ---------- --------- -------- -------- ------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received
from:
John Hancock Variable
Series Trust I . . $ -- $ -- $ -- $ -- $ 15,636 $--
M Fund Inc. . . . . -- 13,028 12,832 -- -- --
Interest income on
policy loans . . . -- -- -- -- -- --
------- -------- ------- ------- -------- ---
Total investment
income . . . . . . . -- 13,028 12,832 -- 15,636 --
Expenses:
Mortality and expense
risks . . . . . . . 817 4,257 13,446 1,069 466 --
------- -------- ------- ------- -------- ---
Net investment income
(loss) . . . . . . . (817) 8,771 (614) (1,069) 15,170
Net realized and
unrealized gain
(loss) on
investments:
Net realized gain
(loss). . . . . . . 1,328 (59,550) 23,061 21,863 1,838
Net unrealized
appreciation
(depreciation)
during the period . 89,905 89,369 (840) 6,439 92,713 --
------- -------- ------- ------- -------- ---
Net realized and
unrealized gain on
investments. . . . . 91,233 29,819 22,221 28,302 94,551 --
------- -------- ------- ------- -------- ---
Net increase in net
assets resulting from
operations . . . . . $90,416 $ 38,590 $21,607 $27,233 $109,721 $--
======= ======== ======= ======= ======== ===
</TABLE>
<TABLE>
<CAPTION>
GLOBAL EQUITY BOND INDEX
SUBACCOUNT SUBACCOUNT
----------------------- ------------------------
2000 1999 1998 2000 1999 1998
-------- ------- ---- -------- -------- ------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received
from:
John Hancock Variable
Series Trust I . . . . $ -- $ 816 $-- $ 1,342 $ 2,971 $--
M Fund Inc. . . . . . . -- -- -- -- -- --
Interest income on policy
loans . . . . . . . . . -- -- -- -- -- --
------- ------- --- ------- ------- ----
Total investment income . -- 816 -- 1,342 2,971 --
Expenses:
Mortality and expense
risks . . . . . . . . . 254 378 -- 110 270 --
------- ------- --- ------- ------- ----
Net investment income
(loss) . . . . . . . . . (254) 438 -- 1,232 2,701 --
Net realized and
unrealized gain (loss) on
investments:
Net realized gain (loss) 801 196 -- (97) (1,613) --
Net unrealized
appreciation
(depreciation) during
the period . . . . . . 6,451 20,203 -- 636 (1,753) --
------- ------- --- ------- ------- ----
Net realized and
unrealized gain (loss) on
investments. . . . . . . 7,252 20,399 -- 539 (3,366) --
------- ------- --- ------- ------- ----
Net increase (decrease) in
net assets resulting from
operations . . . . . . . $ 6,998 $20,837 $-- $ 1,771 $ (665) $--
======= ======= === ======= ======= ====
</TABLE>
---------
* From May 1, 1998 (commencement of operations).
** From May 1, 1999 (commencement of operations).
See accompanying notes.
13
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF OPERATIONS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
SMALL/MID CAP CORE HIGH YIELD BOND
SUBACCOUNT SUBACCOUNT
--------------------- ------------------------
2000 1999 1998 2000 1999 1998
------ ------- ---- -------- -------- ------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Distributions received from:
John Hancock Variable
Series Trust I . . . . . $ 10 $ 2,971 $-- $ 2,054 $ 3,011 $--
M Fund Inc. . . . . . . . -- -- -- -- -- --
Interest income on policy
loans . . . . . . . . . . -- -- -- -- -- --
------ ------- --- ------- ------- ---
Total investment income . . 10 6,699 -- 2,054 3,011 --
Expenses:
Mortality and expense risks 149 335 -- 134 220 --
------ ------- --- ------- ------- ---
Net investment income . . . 139 6,364 -- 1,920 2,791 --
Net realized and unrealized
gain (loss) on investments:
Net realized gain (loss) . 134 1,093 -- (278) (396) --
Net unrealized appreciation
(depreciation) during the
period. . . . . . . . . . 1,709 4,719 -- (4,859) (1,172) --
------ ------- --- ------- ------- ---
Net realized and unrealized
gain (loss) on investments 1,843 5,812 -- (5,137) (1,568) --
------ ------- --- ------- ------- ---
Net increase (decrease) in
net assets resulting from
operations . . . . . . . . $1,704 $12,176 $-- $(3,217) $ 1,223 $--
====== ======= === ======= ======= ===
</TABLE>
<TABLE>
<CAPTION>
ENHANCED U.S.
EQUITY SUBACCOUNT
-------------------
2000 1999 1998
----- ------ ------
<S> <C> <C> <C>
Investment income:
Distributions received from:
John Hancock Variable Series Trust I . . . . . . . . . $ -- $ -- $--
M Fund Inc. . . . . . . . . . . . . . . . . . . . . . -- 1,435 --
Interest income on policy loans . . . . . . . . . . . -- -- --
---- ------ ---
Total investment income . . . . . . . . . . . . . . . . -- 1,435 --
Expenses:
Mortality and expense risks . . . . . . . . . . . . . 29 61 --
---- ------ ---
Net investment income (loss) . . . . . . . . . . . . . (29) 1,374 --
Net realized and unrealized gain (loss) on investments:
Net realized gain . . . . . . . . . . . . . . . . . . 276 11 --
Net unrealized appreciation during the period . . . . 101 1,285 --
---- ------ ---
Net realized and unrealized gain on investments . . . . 377 1,296 --
---- ------ ---
Net increase in net assets resulting from operations . $348 $2,670 $--
==== ====== ===
</TABLE>
---------
* From May 1, 1998 (commencement of operations).
** From May 1, 1999 (commencement of operations).
See accompanying notes.
14
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
LARGE CAP GROWTH SUBACCOUNT SOVEREIGN BOND SUBACCOUNT
--------------------------------------- ---------------------------------------
2000 1999 1998 2000 1999 1998
------------ ------------ ------------ ------------ ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income . . . . . . . . . . . $ 18,230 $ 6,329,395 $ 2,820,359 $ 1,035,289 $ 5,481,982 $ 5,578,813
Net realized gain (loss) . . . . . . . . . 331,582 1,146,308 433,509 (367,297) (388,883) (142,628)
Net unrealized appreciation (depreciation)
during the period . . . . . . . . . . . . 2,976,234 320,087 4,558,660 636,719 (5,439,148) (102,600)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations . . . . . . . . . 3,326,046 7,795,790 7,812,528 1,304,711 (346,049) 5,333,585
From policyholder transactions:
Net premiums from policyholders . . . . . . 5,859,645 10,950,682 6,922,934 4,481,558 11,668,600 10,038,753
Net benefits to policyholders . . . . . . . (2,722,620) (5,776,293) (3,869,320) (3,620,100) (7,543,864) (7,974,328)
Net increase in policy loans . . . . . . . 289,900 -- -- 63,900 -- --
----------- ----------- ----------- ----------- ----------- -----------
Net increase in net assets resulting from
policyholder transactions . . . . . . . . . 3,426,925 5,174,389 3,053,614 925,358 4,124,736 2,064,425
----------- ----------- ----------- ----------- ----------- -----------
Net increase in net assets . . . . . . . . . 6,752,971 12,970,179 10,866,142 2,230,069 3,778,687 7,398,010
Net assets at beginning of period . . . . . $44,028,437 31,058,258 20,192,116 $80,889,582 77,110,895 69,712,885
----------- ----------- ----------- ----------- ----------- -----------
Net assets at end of period . . . . . . . . $50,781,408 $44,028,437 $31,058,258 $83,119,651 $80,889,582 $77,110,895
=========== =========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY INDEX
SUBACCOUNT SMALL CAP GROWTH SUBACCOUNT
-------------------------------------- ------------------------------------
2000 1999 1998 2000 1999 1998
----------- ------------ ------------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income (loss) . . . . . . . $13,252 $ 200,569 $ 734,599 $ (8,796) $ 527,624 $ (8,233)
Net realized gain . . . . . . . . . . . . 29,784 62,140 52,891 3,248 48,210 21,741
Net unrealized appreciation (depreciation)
during the period . . . . . . . . . . . . (36,779) 1,295,768 13,239 651,201 1,125,829 204,674
---------- ----------- ----------- ---------- ---------- ----------
Net increase in net assets resulting from
operations . . . . . . . . . . . . . . . . 6,257 1,558,477 800,729 645,653 1,701,663 218,182
From policyholder transactions:
Net premiums from policyholders . . . . . 1,029,865 1,634,643 1,489,281 1,949,600 1,398,160 891,480
Net benefits to policyholders . . . . . . (442,743) (1,119,500) (1,347,312) (239,156) (390,180) (269,586)
Net increase in policy loans . . . . . . . 54,486 -- -- -- -- --
---------- ----------- ----------- ---------- ---------- ----------
Net increase in net assets resulting from
policyholder transactions . . . . . . . . 641,608 515,143 141,969 1,710,444 1,007,980 621,894
---------- ----------- ----------- ---------- ---------- ----------
Net increase in net assets . . . . . . . . 647,865 2,073,620 942,698 2,356,096 2,709,643 840,076
Net assets at beginning of period . . . . . $5,107,374 5,107,374 4,164,676 $4,511,934 1,802,291 962,215
---------- ----------- ----------- ---------- ---------- ----------
Net assets at end of period . . . . . . . . $7,828,859 $ 7,180,994 $ 4,164,676 $6,868,030 $4,511,934 $1,802,291
========== =========== =========== ========== ========== ==========
</TABLE>
See accompanying notes.
15
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
INTERNATIONAL BALANCED SUBACCOUNT MID CAP GROWTH SUBACCOUNT
------------------------------------ -----------------------------------------
2000 1999 1998 2000 1999 1998
---------- ----------- ------------ ------------ ------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income (loss) . . . . . . . . $ 859 $ 15,944 $ 11,414 $ (25,962) $ 1,338,175 $ 125,061
Net realized gain (loss) . . . . . . . . . . (1,703) 1,061 1,050 874,318 420,826 26,192
Net unrealized appreciation (depreciation)
during the period . . . . . . . . . . . . . (5,870) (8,559) 12,294 (649,885) 4,283,452 193,946
--------- ---------- ----------- ----------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations . . . . . . . . . (6,714) 8,446 24,758 198,471 6,042,453 345,199
From policyholder transactions:
Net premiums from policyholders . . . . . . 19,174 115,573 150,466 5,214,988 7,041,199 772,359
Net benefits to policyholders . . . . . . . (54,015) (133,983) (50,204) (2,221,205) (947,660) (211,806)
Net increase in policy loans . . . . . . . . -- -- -- -- -- --
--------- ---------- ----------- ----------- ------------ ------------
Net increase (decrease) in net assets
resulting from policyholder transactions . . (34,841) (18,410) 100,262 2,993,783 6,093,539 560,553
--------- ---------- ----------- ----------- ------------ ------------
Net increase (decrease) in net assets . . . . (41,555) (9,964) 125,020 3,192,254 12,135,992 905,752
Net assets at beginning of period . . . . . . $ 200,368 210,332 85,312 $13,609,574 1,473,582 567,830
--------- ---------- ----------- ----------- ------------ ------------
Net assets at end of period . . . . . . . . . $ 158,813 $ 200,368 $ 210,332 $16,801,828 $ 13,609,574 $ 1,473,582
========= ========== =========== =========== ============ ============
</TABLE>
<TABLE>
<CAPTION>
LARGE CAP VALUE SUBACCOUNT MONEY MARKET SUBACCOUNT
-------------------------------------- ------------------------------------------
2000 1999 1998 2000 1999 1998
------------ ------------ ----------- ------------ -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income . . . . . . . . . . $ 39,921 $ 474,149 $ 169,876 $ 269,379 $ 1,143,104 $ 2,139,937
Net realized gain (loss) . . . . . . . . (90,136) 123,242 68,953 -- -- --
Net unrealized appreciation (depreciation)
during the period . . . . . . . . . . . (245,175) (499,454) 64,132 -- -- --
----------- ----------- ---------- ----------- ------------- ------------
Net increase (decrease) in net assets
resulting from operations . . . . . . . . (295,390) 97,937 302,961 269,379 1,143,104 2,139,937
From policyholder transactions:
Net premiums from policyholders . . . . . 2,389,260 5,449,922 2,321,440 2,404,134 16,733,655 55,692,824
Net benefits to policyholders . . . . . . (1,003,407) (1,059,147) (528,449) (2,177,192) (46,642,184) (22,850,788)
Net increase in policy loans . . . . . . -- -- -- 24,864 -- (198,682)
----------- ----------- ---------- ----------- ------------- ------------
Net increase (decrease) in net assets
resulting from policyholder transactions 1,385,853 4,390,775 1,792,991 251,806 (29,908,529) 32,643,354
----------- ----------- ---------- ----------- ------------- ------------
Net increase (decrease) in net assets . . 1,090,463 4,488,712 2,095,952 521,185 (28,765,425) 34,783,291
Net assets at beginning of period . . . . $ 8,262,787 3,774,075 1,678,123 $20,503,106 49,268,531 14,485,240
----------- ----------- ---------- ----------- ------------- ------------
Net assets at end of period . . . . . . . $ 9,353,250 $ 8,262,787 $3,774,075 $21,024,290 $ 20,503,106 $ 49,268,531
=========== =========== ========== =========== ============= ============
</TABLE>
See accompanying notes.
16
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
MID CAP VALUE SUBACCOUNT SMALL/MID CAP GROWTH SUBACCOUNT
-------------------------------------- ---------------------------------------
2000 1999 1998 2000 1999 1998
----------- ------------ ------------ ------------ ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income (loss) . . . . . . $ (6,927) $ 2,457 $ 19,063 $ (7,903) $ 810,295 $ 66,339
Net realized gain (loss) . . . . . . . . (41,101) (547,518) 74,634 (138,462) 16,952 33,249
Net unrealized appreciation
(depreciation) during the period . . . 422,026 657,486 (944,401) 485,947 (590,295) 126,465
---------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations . . . . . . . 373,998 112,425 (850,704) 339,582 236,952 226,053
From policyholder transactions:
Net premiums from policyholders . . . . 299,060 2,086,192 5,639,732 353,544 1,533,102 1,812,713
Net benefits to policyholders . . . . . (452,541) (3,546,814) (775,357) (774,040) (1,200,248) (1,214,489)
Net increase in policy loans . . . . . . -- -- -- -- -- --
---------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from policyholder transactions (153,481) (1,460,622) 4,864,375 (420,497) 332,854 598,224
---------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net assets . . 220,517 (1,348,197) 4,013,671 (80,914) 569,806 824,277
Net assets at beginning of period . . . . 4,701,632 6,049,829 2,036,158 5,486,044 4,916,238 4,091,961
---------- ----------- ----------- ----------- ----------- -----------
Net assets at end of period . . . . . . . $4,922,149 $ 4,701,632 $ 6,049,829 $ 5,405,130 $ 5,486,044 $ 4,916,238
========== =========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
REAL ESTATE EQUITY SUBACCOUNT
---------------------------------------
2000 1999 1998
------------ ------------ ------------
<S> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income . . . . . . . . . $ 77,984 $ 255,391 $ 327,346
Net realized gain (loss) . . . . . . . . (56,481) (168,994) 158,205
Net unrealized appreciation
(depreciation) during the period . . . 95,421 (220,380) (1,546,717)
----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations . . . . . . . 116,924 (133,983) (1,061,166)
From policyholder transactions:
Net premiums from policyholders . . . . 179,951 968,627 3,382,263
Net benefits to policyholders . . . . . (299,820) (2,335,552) (1,663,696)
Net increase in policy loans . . . . . . 7,003 -- (1,103)
----------- ----------- -----------
Net increase (decrease) in net assets
resulting from policyholder transactions (112,866) (1,366,925) 1,717,464
----------- ----------- -----------
Net increase (decrease) in net assets . . 4,058 (1,500,908) 656,298
Net assets at beginning of period . . . . 4,030,100 5,531,008 4,874,710
----------- ----------- -----------
Net assets at end of period . . . . . . . $ 4,034,158 $ 4,030,100 $ 5,531,008
=========== =========== ===========
<CAPTION>
GROWTH & INCOME SUBACCOUNT
-------------------------------------------
2000 1999 1998
-------------- ------------- ---------------
<S> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income . . . . . . . . . $ 880,121 $ 35,556,691 $ 26,835,871
Net realized gain (loss) . . . . . . . . 1,425,819 5,502,422 3,223,935
Net unrealized appreciation
(depreciation) during the period . . . 3,226,658 2,405,417 32,918,552
------------- ------------ ------------
Net increase (decrease) in net assets 5,532,598 43,464,530 62,978,358
resulting from operations . . . . . . .
From policyholder transactions:
Net premiums from policyholders . . . . 9,232,088 34,593,082 35,108,834
Net benefits to policyholders . . . . . (10,377,163) (34,650,911) (29,649,984)
Net increase in policy loans . . . . . . 99,049 -- 3,672,137
------------- ------------ ------------
Net increase (decrease) in net assets
resulting from policyholder transactions (1,046,026) (57,829) 9,130,987
------------- ------------ ------------
Net increase (decrease) in net assets . . 4,486,572 43,406,701 72,109,345
Net assets at beginning of period . . . . 340,500,097 297,093,396 224,984,051
------------- ------------ ------------
Net assets at end of period . . . . . . . $ 344,986,669 $340,500,097 $297,093,396
============= ============ ============
</TABLE>
See accompanying notes.
17
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
MANAGED SUBACCOUNT
------------------------------------------
2000 1999 1998
------------- ------------- -------------
<S> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income . . . . . . . . . $ 889,906 $ 10,302,317 $ 9,624,999
Net realized gain (loss) . . . . . . . . 313,202 996,546 791,245
Net unrealized appreciation
(depreciation) during the period . . . 638,748 (2,108,530) 6,629,458
------------ ------------ ------------
Net increase in net assets resulting from
operations . . . . . . . . . . . . . . . 1,841,856 9,190,333 17,045,702
From policyholder transactions:
Net premiums from policyholders . . . . 2,717,887 13,430,282 13,116,210
Net benefits to policyholders . . . . . (4,995,864) (14,305,859) (14,539,301)
Net increase in policy loans . . . . . . 18,779 -- 1,134,137
------------ ------------ ------------
Net increase (decrease) in net assets
resulting from policyholder
transactions . . . . . . . . . . . . . . (2,259,198) (875,577) (288,954)
------------ ------------ ------------
Net increase (decrease) in net assets . . (417,342) 8,314,756 16,756,748
Net assets at beginning of period . . . . 119,129,419 110,814,663 94,057,915
------------ ------------ ------------
Net assets at end of period . . . . . . . $ 8,712,077 $119,129,419 $110,814,663
============ ============ ============
<CAPTION>
SHORT-TERM BOND SUBACCOUNT
----------------------------------------
2000 1999 1998
------------- ----------- ---------------
<S> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income . . . . . . . . . $ 3,482 $ 14,042 $ 24,670
Net realized gain (loss) . . . . . . . . (1,072) (8,638) 265
Net unrealized appreciation
(depreciation) during the period . . . 117 (2,442) (4,247)
------------ ---------- ------------
Net increase in net assets resulting from 2,527 2,962 20,688
operations . . . . . . . . . . . . . . .
From policyholder transactions:
Net premiums from policyholders . . . . 30,879 109,732 420,697
Net benefits to policyholders . . . . . (31,087) (370,270) (71,999)
Net increase in policy loans . . . . . . -- -- --
------------ ---------- ------------
Net increase (decrease) in net assets
resulting from policyholder (208)
transactions . . . . . . . . . . . . . . ------------ (260,538) 348,698
---------- ------------
Net increase (decrease) in net assets . . 2,319 (257,576) 369,386
Net assets at beginning of period . . . . 238,913 496,489 127,103
------------ ---------- ------------
Net assets at end of period . . . . . . . $ 241,232 $ 238,913 $ 496,489
============ ========== ============
</TABLE>
<TABLE>
<CAPTION>
SMALL CAP VALUE SUBACCOUNT INTERNATIONAL OPPORTUNITIES SUBACCOUNT
------------------------------------ ---------------------------------------
2000 1999 1998 2000 1999 1998
----------- ----------- ----------- ------------ ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income (loss) . . . . $ 10,786 $ 61,905 $ 822 $ (11,099) $ 223,214 $ 11,862
Net realized gain (loss) . . . . . . (54,620) (33,134) 29,257 22,577 155,412 33,474
Net unrealized appreciation
(depreciation) during the period . . 31,818 (148,401) (105,331) 149,567 387,412 272,314
---------- ---------- ---------- ---------- ----------- ----------
Net increase (decrease) in net assets
resulting from operations . . . . . . (12,016) (119,630) (75,252) 161,045 766,038 317,650
From policyholder transactions:
Net premiums from policyholders . . . 109,194 1,483,922 1,644,666 4,426,626 2,354,681 3,814,201
Net benefits to policyholders . . . . (207,837) (447,402) (270,585) (83,453) (3,673,500) (339,134)
Net increase in policy loans . . . . -- -- -- -- -- --
---------- ---------- ---------- ---------- ----------- ----------
Net increase (decrease) in net assets
resulting from policyholder
transactions . . . . . . . . . . . . (98,643) 1,036,520 1,374,081 4,343,173 (1,318,819) 3,475,067
---------- ---------- ---------- ---------- ----------- ----------
Net increase (decrease) in net assets (110,659) 916,890 1,298,829 4,504,218 (552,781) 3,792,717
Net assets at beginning of period . . 3,467,392 2,550,502 1,251,673 3,628,943 4,181,724 389,007
---------- ---------- ---------- ---------- ----------- ----------
Net assets at end of period . . . . . $3,356,733 $3,467,392 $2,550,502 $8,133,161 $ 3,628,943 $4,181,724
========== ========== ========== ========== =========== ==========
</TABLE>
See accompanying notes.
18
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
EQUITY INDEX SUBACCOUNT GLOBAL BOND SUBACCOUNT
-------------------------------------- -------------------------------
2000 1999 1998 2000 1999 1998
------------ ------------ ----------- --------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in
net assets from
operations:
Net investment income $ 24,838 $ 529,375 $ 158,126 $ 1,982 $ 33,778 $ 17,649
Net realized gain
(loss). . . . . . . 110,558 271,978 443,879 (8,414) (151) 3,991
Net unrealized
appreciation
(depreciation)
during the period . 240,624 1,282,937 585,673 20,874 (52,953) 4,308
----------- ----------- ---------- -------- --------- --------
Net increase
(decrease) in net
assets resulting from
operations . . . . . 376,020 2,084,290 1,187,678 14,442 (19,326) 25,948
From policyholder
transactions:
Net premiums from
policyholders . . . 3,636,358 6,697,385 4,822,053 32,150 696,619 381,025
Net benefits to
policyholders . . . (1,089,522) (1,623,429) (885,493) (73,176) (317,999) (83,865)
Net increase in
policy loans . . . -- -- -- -- -- --
----------- ----------- ---------- -------- --------- --------
Net increase
(decrease) in net
assets resulting from
policyholder
transactions . . . . 2,546,836 5,073,956 3,936,560 (41,026) 378,620 297,159
----------- ----------- ---------- -------- --------- --------
Net increase
(decrease) in net
assets . . . . . . . 2,922,856 7,158,246 5,124,238 (26,584) 359,294 323,107
Net assets at
beginning of period $14,406,079 7,247,833 2,123,595 $829,718 470,424 147,317
----------- ----------- ---------- -------- --------- --------
Net assets at end of
period . . . . . . . $ 7,328,935 $14,406,079 $7,247,833 $803,134 $ 829,718 $470,424
=========== =========== ========== ======== ========= ========
</TABLE>
<TABLE>
<CAPTION>
TURNER CORE GROWTH SUBACCOUNT BRANDES INTERNATIONAL EQUITY SUBACCOUNT
-------------------------------- ----------------------------------------
2000 1999 1998 2000 1999 1998
--------- ---------- ---------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in
net assets from
operations:
Net investment income
(loss). . . . . . . $ (468) $ 18,189 $ 1,666 $ (862) $ 14,188 $ 13,286
Net realized gain . 6,241 26,736 2,780 1,188 11,526 600
Net unrealized
appreciation
(depreciation)
during the period . 25,712 23,628 22,686 (14,134) 122,734 8,581
-------- --------- --------- --------- --------- --------
Net increase
(decrease) in net
assets resulting from
operations . . . . . 31,485 68,553 27,132 (13,808) 148,448 22,467
From policyholder
transactions:
Net premiums from
policyholders . . . 69,137 109,802 39,070 188,196 152,629 141,892
Net benefits to
policyholders . . . (13,735) (45,555) (9,835) 9,146 (31,332) (34,941)
Net increase in
policy loans . . . -- -- -- -- -- --
-------- --------- --------- --------- --------- --------
Net increase in net
assets resulting from
policyholder
transactions . . . . 55,402 64,247 29,235 197,342 121,297 106,951
-------- --------- --------- --------- --------- --------
Net increase in net
assets . . . . . . . 86,887 132,800 56,367 183,534 269,745 129,418
Net assets at
beginning of period $257,807 125,007 68,640 $ 525,502 255,757 126,339
-------- --------- --------- --------- --------- --------
Net assets at end of
period . . . . . . . $344,694 $ 257,807 $ 125,007 $ 709,036 $ 525,502 $255,757
======== ========= ========= ========= ========= ========
</TABLE>
See accompanying notes.
19
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31
<TABLE>
<CAPTION>
FRONTIER CAPITAL APPRECIATION EMERGING MARKETS EQUITY
SUBACCOUNT SUBACCOUNT
----------------------------------- ------------------------
2000 1999 1998 2000 1999
--------- ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in
net assets from
operations:
Net investment income
(loss). . . . . . . $ (817) $ 8,771 $ (614) $ (1,069) $ 15,170
Net realized gain
(loss). . . . . . . 1,328 (59,550) 23,061 21,863 1,838
Net unrealized
appreciation
(depreciation)
during the period . 89,905 89,369 (840) 6,439 92,713
-------- ----------- ---------- ---------- --------
Net increase in net
assets resulting from
operations . . . . . 90,416 38,590 21,607 27,233 109,721
From policyholder
transactions:
Net premiums from
policyholders . . . 108,533 103,675 2,465,299 629,596 336,277
Net benefits to
policyholders . . . (475) (2,221,410) (227,386) (91,967) (8,915)
Net increase in
policy loans . . . -- -- -- -- --
-------- ----------- ---------- ---------- --------
Net increase
(decrease) in net
assets resulting from
policyholder
transactions . . . . 108,058 (2,117,735) 2,237,913 537,629 327,362
-------- ----------- ---------- ---------- --------
Net increase
(decrease) in net
assets . . . . . . . 198,474 (2,079,145) 2,259,520 564,862 437,083
Net assets at
beginning of period $453,983 $ 2,533,128 $ 273,608 $ 437,812 $ 729
-------- ----------- ---------- ---------- --------
Net assets at end of
period . . . . . . . $652,457 $ 453,983 $2,533,128 $1,002,674 $437,812
======== =========== ========== ========== ========
</TABLE>
<TABLE>
<CAPTION>
SMALL/MID CAP
GLOBAL EQUITY BOND INDEX CORE
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------------- ------------------ -------------------
2000 1999 2000 1999 2000 1999
--------- --------- -------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in
net assets from
operations:
Net investment income
(loss). . . . . . . $ (254) $ 438 $ 1,232 $ 2,701 $ (140) $ 6,364
Net realized gain
(loss). . . . . . . 801 196 (97) (1,613) 134 1,093
Net unrealized
appreciation
(depreciation)
during the period . 6,451 20,203 636 (1,753) 1,709 4,719
-------- -------- ------- -------- -------- --------
Net increase
(decrease) in net
assets resulting from
operations . . . . . 6,998 20,837 1,771 (665) 1,703 12,176
From policyholder
transactions:
Net premiums from
policyholders . . . 121,807 125,955 2,848 80,921 73,094 44,493
Net benefits to
policyholders . . . (53,893) (15,572) (3,307) (20,596) (311) (12,003)
Net increase in
policy loans . . . -- -- -- -- -- --
-------- -------- ------- -------- -------- --------
Net increase
(decrease) in net
assets resulting from
policyholder
transactions . . . . 67,914 110,383 (461) 60,325 72,783 32,490
-------- -------- ------- -------- -------- --------
Net increase in net
assets . . . . . . . 74,912 131,220 1,310 59,660 74,486 44,666
Net assets at
beginning of period $147,715 $ 16,495 $74,209 $ 14,549 $ 77,365 $ 32,699
-------- -------- ------- -------- -------- --------
Net assets at end of
period . . . . . . . $222,627 $147,715 $75,519 $ 74,209 $151,851 $ 77,365
======== ======== ======= ======== ======== ========
</TABLE>
See accompanying notes.
20
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (CONTINUED)
YEARS AND PERIODS ENDED MARCH 31
<TABLE>
<CAPTION>
HIGH YIELD ENHANCED
BOND U.S. EQUITY
SUBACCOUNT SUBACCOUNT
------------------ -----------------
2000 1999 2000 1999
--------- -------- -------- ---------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets
from operations:
Net investment income (loss) . . . $ 1,920 $ 2,791 $ (29) $ 1,374
Net realized gain (loss) . . . . . (278) (396) 276 11
Net unrealized appreciation
(depreciation) during the period . (4,859) (1,172) 101 1,285
-------- ------- ------- -------
Net increase (decrease) in net assets
resulting from operations . . . . . (3,217) 1,223 348 2,670
From policyholder transactions:
Net premiums from policyholders . . 80,978 69,375 10,189 15,505
Net benefits to policyholders . . . (55,118) -- (8,040) --
Net increase in policy loans . . . -- -- -- --
-------- ------- ------- -------
Net increase in net assets resulting
from policyholder transactions . . 25,860 69,375 2,149 15,505
-------- ------- ------- -------
Net increase in net assets . . . . . 22,643 70,598 2,497 18,175
Net assets at beginning of period . $ 76,051 $ 5,453 $18,175 $ --
-------- ------- ------- -------
Net assets at end of period . . . . $ 98,694 $76,051 $20,672 $18,175
======== ======= ======= =======
</TABLE>
---------
From May 1, 1998 (commencement of operations).
See accompanying notes.
21
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 1999
1. ORGANIZATION
John Hancock Mutual Variable Life Insurance Account UV (the Account) is a
separate investment account of John Hancock Mutual Life Insurance Company
(JHMLICO or John Hancock). John Hancock Mutual Variable Life Insurance Account
UV was formed to fund variable life insurance policies (Policies) issued by
JHMLICO. The Account is operated as a unit investment trust registered under the
Investment Company Act of 1940, as amended, and currently consists of
twenty-seven subaccounts. The assets of each subaccount are invested exclusively
in shares of a corresponding Portfolio of John Hancock Variable Series Trust I
(the Fund) or of M Fund Inc. (M Fund). New subaccounts may be added as new
Portfolios are added to the Fund or to M Fund, or as other investment options
are developed, and made available to policyholders. The twenty-seven Portfolios
of the Fund and M Fund which are currently available are the Large Cap Growth,
Sovereign Bond, International Equity Index, Small Cap Growth, International
Balanced, Mid Cap Growth, Large Cap Value, Money Market, Mid Cap Value,
Small/Mid Cap Growth (formerly, Diversified Mid Cap Growth), Real Estate Equity,
Growth & Income, Managed, Short-Term Bond, Small Cap Value, International
Opportunities, Equity Index, Global Bond (formerly, Strategic Bond), Turner Core
Growth, Brandes International Equity, Frontier Capital Appreciation, Emerging
Markets Equity, Global Equity, Bond Index, Small/Mid Cap CORE, High Yield Bond
and Enhanced U.S. Equity Portfolios. Each Portfolio has a different investment
objective.
The net assets of the Account may not be less than the amount required under
state insurance law to provide for death benefits (without regard to the minimum
death benefit guarantee) and other policy benefits. Additional assets are held
in JHMLICO's general account to cover the contingency that the guaranteed
minimum death benefit might exceed the death benefit which would have been
payable in the absence of such guarantee.
The assets of the Account are the property of JHMLICO. The portion of the
Account's assets applicable to the policies may not be charged with liabilities
arising out of any other business JHMLICO may conduct.
2. SIGNIFICANT ACCOUNTING POLICIES
Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, 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
Investment in shares of the Fund and of M Fund are valued at the reported net
asset values of the respective Portfolios. Investment transactions are recorded
on the trade date. Dividend income is recognized on the ex-dividend date.
Realized gains and losses on sales of respective Portfolio shares are determined
on the basis of identified cost.
Federal Income Taxes
The operations of the Account are included in the federal income tax return of
JHMLICO, which is taxed as a life insurance company under the Internal Revenue
Code. JHMLICO has the right to charge the Account any federal income taxes, or
provision for federal income taxes, attributable to the operations of the
Account or to the Policies funded in the Account. Currently, JHMLICO does not
make a charge for income or other taxes. Charges for state and local taxes, if
any, attributable to the Account may also be made.
22
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Expenses
JHMLICO assumes mortality and expense risks of the variable life insurance
policies for which asset charges are deducted at various rates ranging from .50%
to .625%, depending on the type of policy, of net assets (excluding policy
loans) of the Account. Additionally, a monthly charge at varying levels for the
cost of extra insurance is deducted from the net assets of the Account.
JHMLICO makes certain deductions for administrative expenses and state premium
taxes from premium payments before amounts are transferred to the Account.
Policy Loans
Policy loans represent outstanding loans plus accrued interest. Interest is
accrued (net of a charge for policy loan administration determined at an annual
rate of .75% of the aggregate amount of policyholder indebtedness) and
compounded daily.
3. TRANSACTIONS WITH AFFILIATES
JHMLICO acts as the distributor, principal underwriter and investment advisor
for the Fund.
Certain officers of the Account are officers and directors of JHMLICO or the
Fund.
23
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
4. DETAILS OF INVESTMENTS
The details of the shares owned and cost and value of investments in the
Portfolios of the Fund and of M Fund at March 31, 2000 were as follows:
<TABLE>
<CAPTION>
PORTFOLIO SHARES OWNED COST VALUE
--------- ------------ ------------ --------------
<S> <C> <C> <C>
Large Cap Growth . . . 1,633,552 $ 37,288,256 $ 50,781,408
Sovereign Bond . . . . 7,902,734 77,657,389 83,119,650
International Equity
Index . . . . . . . . 379,277 6,309,196 7,828,858
Small Cap Growth . . . 311,882 4,799,905 6,868,030
International Balanced 16,337 163,971 158,814
Mid Cap Growth . . . . 559,598 12,906,023 16,801,827
Large Cap Value . . . . 715,920 9,930,771 9,353,251
Money Market . . . . . 1,883,826 18,838,259 21,024,291
Mid Cap Value . . . . . 355,336 4,627,498 4,922,149
Small/Mid Cap Growth . 359,627 5,472,409 5,405,130
Real Estate Equity . . 324,077 4,583,675 4,034,158
Growth & Income . . . . 15,352,576 242,582,888 344,986,670
Managed . . . . . . . . 6,759,393 95,017,092 118,712,077
Short-Term Bond . . . . 24,785 246,700 241,232
Small Cap Value . . . . 308,973 3,584,770 3,356,732
International
Opportunities . . . . 536,545 7,328,983 8,133,161
Equity Index . . . . . 830,294 15,051,579 17,328,934
Global Bond . . . . . . 80,235 826,656 803,134
Turner Core Growth . . 13,608 265,402 344,693
Brandes International
Equity . . . . . . . . 47,270 594,396 709,036
Frontier Capital
Appreciation . . . . . 25,799 440,247 652,456
Emerging Markets
Equity . . . . . . . . 76,281 903,587 1,002,674
Global Equity . . . . . 17,655 196,278 222,627
Bond Index . . . . . . 8,003 76,376 75,519
Small/Mid Cap CORE . . 14,377 143,537 151,851
High Yield Bond . . . . 11,514 104,070 98,694
Enhanced U.S. Equity . 982 9,099 20,672
</TABLE>
24
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Purchases, including reinvestment of dividend distributions and proceeds from
the sales of shares in the Portfolios of the Fund and of M Fund during 2000,
were as follows:
<TABLE>
<CAPTION>
PORTFOLIO PURCHASES SALES
--------- ---------- ------------
<S> <C> <C>
Large Cap Growth . . . . . . . . . . . $3,853,906 $ 737,730
Sovereign Bond . . . . . . . . . . . . 4,093,503 2,636,307
International Equity Index . . . . . . 730,780 174,525
Small Cap Growth . . . . . . . . . . . 1,707,603 5,446
International Balanced . . . . . . . . 16,417 50,789
Mid Cap Growth . . . . . . . . . . . . 4,611,653 1,643,566
Large Cap Value . . . . . . . . . . . 2,325,879 918,257
Money Market . . . . . . . . . . . . . 1,904,934 1,417,847
Mid Cap Value . . . . . . . . . . . . 209,163 369,492
Small/Mid Cap Growth . . . . . . . . . 212,104 640,417
Real Estate Equity . . . . . . . . . . 125,568 205,190
Growth & Income . . . . . . . . . . . 3,934,928 4,518,333
Managed . . . . . . . . . . . . . . . 1,305,732 2,993,499
Short-Term Bond . . . . . . . . . . . 25,840 23,816
Small Cap Value . . . . . . . . . . . 86,690 178,525
International Opportunities . . . . . 4,436,279 104,072
Equity Index . . . . . . . . . . . . . 3,270,015 713,472
Global Bond . . . . . . . . . . . . . 57,637 99,662
Turner Core Growth . . . . . . . . . . 68,401 13,462
Brandes International Equity . . . . . 200,576 4,084
Frontier Capital Appreciation . . . . 110,984 3,733
Emerging Markets Equity . . . . . . . 603,977 67,401
Global Equity . . . . . . . . . . . . 71,989 4,326
Bond Index . . . . . . . . . . . . . . 3,617 3,255
Small/Mid Cap CORE . . . . . . . . . . 73,551 905
High Yield Bond . . . . . . . . . . . 30,846 3,740
Enhanced U.S. Equity . . . . . . . . . -- 8,067
</TABLE>
25
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
5. NET ASSETS
Accumulation shares attributable to net assets of policyholders and
accumulation share values for each subaccount at March 31, 2000 were as follows:
<TABLE>
<CAPTION>
VLI CLASS #1 MVL CLASS #3 FLEX CLASS #4
-------------------------- -------------------------- --------------------------
ACCUMULATION ACCUMULATION ACCUMULATION ACCUMULATION ACCUMULATION ACCUMULATION
PORTFOLIO SHARES SHARE VALUES SHARES SHARE VALUES SHARES SHARE VALUES
--------- ------------ ------------ ------------ ------------ ------------ --------------
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Large Cap Growth -- -- 34,583 $85.40 329,328 $85.40
Sovereign Bond -- -- 14,534 24.06 1,306,891 24.06
International Equity Index -- -- 14,424 27.50 149,444 27.50
Small Cap Growth -- -- 49,177 24.96 194,052 24.96
International Balanced -- -- 5,799 12.89 3,533 12.89
Mid Cap Growth -- -- 104,808 36.51 301,510 36.51
Large Cap Value -- -- 52,445 15.69 488,310 15.69
Money Market -- -- 61,717 18.33 535,463 18.33
Mid Cap Value -- -- 47,386 15.22 229,580 15.22
Small/Mid Cap Growth -- -- 23,537 21.17 218,694 21.17
Real Estate Equity -- -- 8,416 22.83 106,638 22.83
Growth & Income -- -- 109,065 69.25 1,908,532 69.25
Managed -- -- 44,971 40.30 1,175,913 40.30
Short-Term Bond -- -- 2,093 13.12 13,560 13.12
Small Cap Value -- -- 30,955 12.28 214,842 12.28
International Opportunities -- -- 16,490 16.50 452,700 16.50
Equity Index -- -- 183,383 23.56 459,297 23.56
Global Bond -- -- 14,099 12.38 39,977 12.38
Turner Core Growth -- -- 2,814 29.04 9,049 29.04
Brandes International Equity -- -- 8,079 16.55 23,235 16.55
Frontier Capital Appreciation -- -- 1,176 25.24 19,395 25.24
Emerging Markets Equity -- -- 8,868 13.69 54,726 13.69
Global Equity -- -- 7,055 12.69 2,350 12.69
Bond Index -- -- 4,203 10.59 2,681 10.59
Small/Mid Cap CORE -- -- 1,763 11.57 383 11.57
High Yield Bond -- -- 6,458 9.76 580 9.76
Enhanced U.S. Equity -- -- 1,557 13.28 -- 13.28
</TABLE>
26
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
FLEX II CLASS #5 VEP CLASS #7 VEP CLASS #8
-------------------------- -------------------------- --------------------------
ACCUMULATION ACCUMULATION ACCUMULATION ACCUMULATION ACCUMULATION ACCUMULATION
PORTFOLIO SHARES SHARE VALUES SHARES SHARE VALUES SHARES SHARE VALUES
--------- ------------ ------------ ------------ ------------ ------------ --------------
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Large Cap Growth 19,489 $85.40 12,989 $ 36.64 13,461 $ 36.75
Sovereign Bond 8,610 24.06 6,766 14.01 5,802 14.05
International Equity Index 8,227 27.50 12,120 17.49 6,404 17.55
Small Cap Growth 24,735 24.96 5,579 24.93 1,643 24.98
International Balanced 2,859 12.89 132 12.87 0 12.90
Mid Cap Growth 30,222 36.51 11,755 36.47 11,939 36.54
Large Cap Value 35,338 15.69 10,347 15.68 9,512 15.71
Money Market 7,906 18.33 7,536 13.2464 7,414 13.29
Mid Cap Value 22,518 15.22 23,069 15.21 754 15.24
Small/Mid Cap Growth 6,004 21.17 2,703 21.14 4,334 21.20
Real Estate Equity 6,206 22.83 487 14.85 -- 14.89
Growth & Income -- -- 65,422 31.41 23,206 31.51
Managed 24,560 40.30 12,863 21.22 9,853 21.29
Short --Term Bond 1,719 13.12 892 13.10 -- 13.14
Small Cap Value 18,920 12.28 7,017 12.27 1,581 12.29
International Opportunities 9,975 16.50 8,101 16.48 5,782 16.51
Equity Index 57,154 23.56 24,275 23.54 11,362 23.58
Global Bond 6,387 12.38 4,387 12.37 -- 12.39
Turner Core Growth -- 29.04 -- 31.21 -- 31.28
Brandes International Equity 563 16.55 751 16.32 10,360 16.35
Frontier Capital Appreciation 294 25.24 234 27.20 4,361 27.26
Emerging Markets Equity 3,883 13.69 5,834 13.69 -- 13.70
Global Equity 155 12.69 3,334 12.68 -- 12.6927
Bond Index 162 10.59 83 10.59 -- 10.5957
Small/Mid Cap CORE 79 11.57 10,910 11.56 -- 11.57
High Yield Bond 1,371 9.76 1,702 9.76 -- 9.7676
Enhanced U.S. Equity -- 13.28 -- 17.51 -- 17.54
</TABLE>
27
<PAGE>
JOHN HANCOCK MUTUAL VARIABLE LIFE INSURANCE ACCOUNT UV
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
VEP CLASS #9
--------------------------
ACCUMULATION ACCUMULATION
PORTFOLIO SHARES SHARE VALUES
--------- ------------ --------------
<S> <C> <C>
Large Cap Growth 1,570 $ 36.87
Sovereign Bond -- 14.10
International Equity Index -- 17.60
Small Cap Growth -- 25.03
International Balanced -- 12.93
Mid Cap Growth -- 36.61
Large Cap Value -- 15.74
Money Market -- 13.33
Mid Cap Value -- 15.27
Small/Mid Cap Growth -- 21.26
Real Estate Equity -- 14.9418
Growth & Income 2,475 31.60
Managed -- 21.3523
Short-Term Bond -- 13.18
Small Cap Value -- 12.32
International Opportunities -- 16.54
Equity Index -- 23.63
Global Bond -- 12.41
Turner Core Growth -- 31.33
Brandes International Equity -- 16.39
Frontier Capital Appreciation -- 27.31
Emerging Markets Equity -- 13.711
Global Equity 4,649 12.70
Bond Index -- 11
Small/Mid Cap CORE -- 11.58
High Yield Bond -- 9.78
Enhanced U.S. Equity -- 17.5629
</TABLE>
28
<PAGE>
SUPPLEMENT DATED JUNE 30, 2000
TO
PROSPECTUS DATED MAY 1, 2000
The prospectus for the John Hancock Variable Series Trust I is hereby amended
as follows:
. The American Leaders Large Cap Value Fund and the Core Bond Fund are added
to the John Hancock Variable Series Trust I and the Goal and Strategy,
Subadviser, Past Performance, Main Risks and Financial Highlights of each
Fund, as set forth on pages 2 through 5 of this Supplement, are added to
the prospectus.
. The pages of the prospectus that describe the Goal and Strategy,
Subadviser, Past Performance, Main Risks and Financial Highlights of the
Real Estate Equity Fund are deleted and replaced by the material on pages 6
and 7 of this Supplement. The material on pages 6 and 7 of this Supplement
describe a new "multi-manager" approach for the Real Estate Equity Fund.
. The Section of the prospectus entitled "Funds' Expenses," which states that
the advisory fee paid by the Real Estate Equity Fund to the adviser last
year was 0.60% of net assets, is amended by adding the following language:
"The American Leaders Large Cap Value Fund and the Core Bond Fund were not
in operation last year. Those funds pay fees to the advisor (as a percent-
age of net assets) as follows:
. American Leaders Large Cap Value: 0.80% of first $50 million; 0.65% of
next $200 million; 0.60% of next $250 million; 0.55% above $500 million.
. Core Bond: 0.70% of first $25 million; 0.65% of next $25 million; 0.60%
of next $100 million; 0.55% above $150 million."
. The second paragraph of the Section of the prospectus entitled "Dividends
and Taxes" is amended to read as follows:
"Each fund declares and pays dividends monthly, except that the Small/Mid
Cap Growth Fund does so annually and the Money Market Fund does so daily."
The American Leaders Large Cap Value Fund and the Core Bond Fund are subject
to all provisions of the prospectus that are applicable to all funds of the
John Hancock Variable Series Trust I, including the following provisions:
RISKS OF FUNDS
These funds, like all mutual funds, are not bank deposits. They are not
insured or guaranteed by the FDIC or any other government agency. You could
lose money by investing in these funds. So, be sure to read all risk disclo-
sure carefully before investing.
MANAGEMENT
John Hancock is the investment advisor of each fund. John Hancock is a Massa-
chusetts stock life insurance company. On February 1, 2000, John Hancock
changed its form of organization and its name. Prior to that date, it was
John Hancock Mutual Life Insurance Company, a mutual life insurance company
that was chartered in 1862. At the end of 1999, John Hancock managed approxi-
mately $127 billion, of which John Hancock owned over $71 billion. Most of
the funds have subadvisers.
29
<PAGE>
American Leaders Large Cap Value Fund
GOAL AND STRATEGY
This is a large cap stock fund with a value emphasis that seeks long-term
growth in capital and dividend income.
The Fund invests primarily in a diversified mix of common stocks of large
established U.S. companies that are believed to offer favorable prospects for
increasing dividends and growth in capital.
The manager selects stocks using a combination of quantitative screening tools
and fundamental equity research.
The manager employs quantitative screening tools to identify companies that
are:
. leading their industries in terms of sales earnings and/or market capitaliza-
tion;
. exhibiting low price-to-earnings ratios relative to historical levels;
. trading at reasonable prices relative to growth expectations;
. generating strong cash flow relative to stock price; and
. not experiencing negative earnings revision trends or poor stock price momen-
tum.
The manager employs fundamental equity research to confirm the screening proc-
ess and to examine the company's:
. financial health;
. business and product strength;
. competitive position; and
. management strength.
The Fund's sector weightings are broadly diversified and managed relative to
the broad large-cap equity market.
The Fund normally invests in 70 to 120 stocks, with at least 65% (usually high-
er) of its assets in U.S. large cap companies. The Fund normally has 10% or
less of its assets in cash and cash equivalents.
The Fund may purchase other types of securities, for example: American Deposi-
tory Receipts (ADRs), and certain derivatives (investments whose value is based
on indices or other securities).
In abnormal market conditions, the Fund may take temporary defensive measures--
such as holding unusually large amounts of cash and cash equivalents--that are
inconsistent with the Fund's primary investment strategy. In taking those mea-
sures, the Fund may not achieve its investment goal.
SUBADVISER
Federated Investment Management Company
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222
Owned by Federated Investors, Inc.
Managing since 1955
Managed approximately $125 billion in assets at the end of 1999
FUND MANAGERS
Michael P. Donnelly, CFA
-----------------
Senior Vice President of subadviser
Joined subadviser in 1989
Began career in 1985
Kevin R. McCloskey, CFA
-----------------
Vice President of subadviser
Joined subadviser in 1999
Portfolio Manager at Killian Asset Management
Corp. (1994-1999)
Began career in 1994
PAST PERFORMANCE
This is a new Fund. It was not in operation prior to the date of this
prospectus.
--------------------------------------------------------------------------------
30
<PAGE>
MAIN RISKS
Primary
Market Risk: The value of the securities in the Fund may go down in response to
overall stock or bond market movements. Markets tend to move in cycles, with
periods of rising prices and periods of falling prices. Stocks tend to go up
and down in value more than bonds. If the Fund's investments are concentrated
in certain sectors, the Fund's performance could be worse than the overall mar-
ket.
Manager Risk: The manager and its strategy may fail to produce the intended
results. The Fund could underperform its peers or lose money if the manager's
investment strategy does not perform as expected.
Investment Category Risk: The returns of the Fund's specific investment cate-
gory may lag the returns of the overall stock market. For example, the Fund's
"value" approach carries the risk that in certain markets "value" stocks will
underperform "growth" stocks. Also, the Fund's "large cap" approach carries the
risk that in certain markets large cap stocks will underperform small cap and
mid cap stocks.
Secondary
Derivatives Risk: Certain derivative instruments (such as options, futures and
swaps) can produce disproportionate gains or losses. They are generally consid-
ered more risky than direct equity investments. Also, in a down market, deriva-
tives could become harder to value or sell at a fair price.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS--This is a new Fund. It was not in operation prior to the
date of this prospectus.
31
<PAGE>
Core Bond Fund
GOAL AND STRATEGY
This ia a bond fund that seeks income and growth in capital.
This is considered an "intermediate" bond fund in that it maintains an average
bond maturity which is typically between four and ten years.
The Fund primarily invests in a diversified mix of debt securities, including:
. U.S. Treasury and agency securities;
. foreign government and agency securities (if dollar denominated);
. corporate bonds, both U.S. and foreign (if dollar denominated); and
. mortgage-backed and asset-backed securities.
The manager normally invests:
. mostly in investment grade debt securities;
. no more than 15% of its assets in high yield bonds; and
. no more than 25% of its assets in U.S. dollar denominated foreign securi-
ties, excluding Canadian securities.
The manager makes ongoing decisions regarding the Fund's average maturity,
sector exposures and yield curve exposures. The manager uses proprietary
research and economic analysis to try to anticipate interest rate movements
and to identify sectors and specific bonds that are undervalued. The manager
examines a variety of factors, including macroeconomic analysis and corporate
earnings analyses, to determine which business sectors and credit ratings are
most advantageous for investment. The manager evaluates bonds of all quality
levels and maturities from many different sectors and issuers. The Fund nor-
mally has an average credit quality rating of "A" or higher.
The manager actively manages the Fund's interest rate sensitivity by adjusting
the Fund's average bond maturity. The Fund's average bond maturity may there-
fore differ from that of the overall bond market (as represented by such indi-
ces as the Lehman Brothers Aggregate Bond Index). The Fund normally invests at
least 65% (usually higher) of its assets in bonds. The Fund normally has 10%
or less of its assets in cash and cash equivalents.
The manager may use derivatives (investments whose value is based on indices
or other securities) such as futures to manage the Fund's average maturity and
interest rate volatility.
The Fund may purchase other types of securities, for example: foreign bonds of
developed markets denominated in foreign currencies, and emerging market debt
securities.
In abnormal market conditions, the Fund may take temporary defensive mea-
sures--such as holding unusually large amounts of cash and cash equivalents--
that are inconsistent with the Fund's primary investment strategy. In taking
those measures, the Fund may not achieve its investment goal.
-------------------------------------------------------------------------------
SUBADVISER
Federated Investment Management Company
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222
Owned by Federated Investors, Inc.
Managing since 1955
Managed approximately $125 billion in assets at the end of 1999
FUND MANAGERS
Joseph M. Balestrino, CFA
-------------------------
Senior Vice President of subadviser
Joined subadviser in 1986
Began career in 1986
Donald T. Ellenberger, CFA
--------------------------
Vice President of subadviser
Joined subadviser in 1996
Portfolio Manager/Trader at Mellon Bank N.A. (1986-1996)
Began career in 1984
Mark E. Durbiano, CFA
---------------------
Senior Vice President of subadviser
Joined subadviser in 1982
Began career in 1982
PAST PERFORMANCE
This is a new Fund. It was not in operation prior to the date of this prospec-
tus.
32
<PAGE>
MAIN RISKS
Primary
Market Risk: The value of the securities in the Fund may go down in response
to overall stock or bond market movements. Markets tend to move in cycles,
with periods of rising prices and periods of falling prices. Stocks tend to go
up and down in value more than bonds. If the Fund's investments are concen-
trated in certain sectors, the Fund's performance could be worse than the
overall market.
Manager Risk: The manager and its strategy may fail to produce the intended
results. The Fund could underperform its peers or lose money if the manager's
investment strategy does not perform as expected.
Interest Rate Risk: When interest rates rise, the Fund's bond yields will gen-
erally rise and the Fund's bond prices will generally fall. When interest
rates fall, the reverse will generally occur. The longer the average remaining
maturity of bonds held by the Fund, the more sensitive the Fund is to interest
rate risk. This Fund has more interest rate risk than a short-term bond fund,
but less interest rate risk than a long-term bond fund.
Credit Risk: An issuer of a bond held by the Fund may default on its obliga-
tion to pay interest and repay principal. Also, the credit rating of a bond
held by the fund may be downgraded. In either case, the value of the bond held
by the Trust would fall. All bonds have some credit risk, but in general low-
er-rated bonds have higher credit risk.
Turnover Risk: In general, the greater the volume of buying and selling by a
fund (i.e., the higher its "turnover rate"), the greater the impact that bro-
kerage commissions and other transaction costs will have on the fund's perfor-
mance. Any turnover rate in excess of 100% is considered relatively high. Nor-
mally, the Fund's turnover rate will be greater than 100%.
Secondary
Foreign Risk: The Fund's foreign securities will pose special risks, due to
limited government regulation, lack of public information, and economic,
political and social instability. Factors such as lack of liquidity, foreign
ownership limits and restrictions on removing currency also pose special
risks. All foreign securities have some degree of foreign risk. However, to
the extent the Fund invests in emerging market countries, it will have a sig-
nificantly higher degree of foreign risk than if it invested exclusively in
developed or newly-industrialized countries.
High Yield Bond Risk: Junk bonds, defined as bond securities rated below BBB-
/Baa3, may be subject to more volatile or erratic price movements due to
investor sentiment. In a down market, these high yield securities become
harder to value or to sell at a fair price.
Prepayment/Call Risk: The Fund's share price or yield could be hurt if inter-
est rate movements cause the Fund's mortgage-related and callable securities
to be paid off substantially earlier than expected.
Derivatives Risk: Certain derivative instruments (such as options, futures and
swaps) can produce disproportionate gains or losses. They are generally con-
sidered more risky than direct fixed income investments. Also, in a down mar-
ket, derivatives could become harder to value or sell at a fair price.
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS--This is a new Fund. It was not in operation prior to the
date of this prospectus.
33
<PAGE>
Real Estate Equity Fund
GOAL AND STRATEGY
This is a real estate stock fund that seeks above-average income and long-term
growth in capital.
The Fund invests primarily in:
. equity securities of real estate investment trusts (REITs) that own commer-
cial and multi-family residential real estate; and
. equity securities of real estate operating companies (i.e., companies with at
least 75% of revenue, income or fair asset value derived from real estate).
The Fund employs two subadvisers, each of which independently selects and con-
structs a portfolio for its portion of the Fund. Each sub-adviser employs its
own investment approach to identify securities considered attractive and to
construct and manage its portion of the Fund. On or about June 30, 2000, the
assets of the Fund were evenly divided between the subadvisers. All subsequent
investments in and redemptions from the Fund will be evenly divided between the
subadvisers.
Independence Investment Associates, Inc. ("IIA") selects real estate stocks
using a combination of proprietary, equity research and quantitative tools.
Real estate stocks are purchased that are undervalued relative to the stock's
history and the market and have improving earnings growth prospects.
IIA employs risk control techniques to maintain risk, style and industry char-
acteristics similar to the public equity real estate market. IIA will normally
invest in 40 to 60 securities in its portion of the Fund.
Morgan Stanley Dean Witter Investment Management Inc. ("MSDW") selects real
estate stocks using a combination of:
. top-down, market overview to identify undervalued property sectors and geo-
graphic regions; and
. proprietary, fundamental equity research to select companies that are attrac-
tively priced relative to the value of their underlying real estate assets.
MSDW seeks to maintain broad exposure to key property sectors (i.e., apart-
ments, retail and office/industrial). MSDW will normally invest in 30 to 50
securities in its portion of the Fund.
Each portion of the Fund normally has at least 65% (usually higher) of its
assets invested in real estate equity securities and 5% or less of its assets
in cash and cash equivalents.
Each portion of the Fund also may purchase other types of securities, for exam-
ple: American Depository Receipts (ADRs), convertible securities, and equity
securities of non-real estate businesses whose real estate holdings are signif-
icant in relation to their market capitalization.
In abnormal market conditions, each portion of the Fund may take temporary
defensive measures--such as holding unusually large amounts of cash and cash
equivalents--that are inconsistent with the Fund's primary investment strategy.
In taking those measures, the Fund may not achieve its investment goal.
--------------------------------------------------------------------------------
SUBADVISER
Independence Investment Associates, Inc.
53 State Street
Boston, Massachusetts 02109
Owned by John Hancock
Managing since 1982
Managed approximately $33 billion in assets at the end of 1999
Fund Managers
John F. DeSantis
-----------------
Executive Vice President of subadviser
Managed fund since 1999
Joined subadviser in 1982
Thomas D. Spicer
-----------------
Vice President of subadviser
Managed fund since 1999
Joined team in 1996
Joined subadviser in 1991
SUBADVISER
Morgan Stanley Dean Witter Investment Management Inc.
1221 Avenue of the Americas
New York, New York 10020
Managing since 1975
Managed approximately $184 billion in assets at the end of 1999
Fund Managers
Theodore R. Bigman
-----------------
Managing Director, Global Real Estate, of subadviser
Joined subadviser in 1995
Douglas A. Funke
-----------------
Vice President of subadviser
Joined subadviser in 1995
PAST PERFORMANCE
The graph shows how the fund's total return has varied from year to year, while
the table shows performance over time (along with a broad-based market index
for reference). This information may help provide an indication of the fund's
risks and potential rewards. All figures assume dividend reinvestment. Past
performance does not indicate future results. The performance figures below do
not reflect the deduction of fees and charges payable under the variable
contracts. Such fees and charges would cause the investment returns under the
contracts to be less than that shown below.
Year-by-year total returns -- calendar years
Best quarter: up 25.82%, first quarter 1991 Worst quarter: down 17.37%, third
quarter 1990
Average annual total returns -- for periods ending 12/31/99
<TABLE>
<CAPTION>
Fund Index
<S> <C> <C>
1 year -1.69% -3.19%
5 years 7.48% 8.30%
10 years 7.73% 4.11%
Life of fund 7.71% 4.52%
</TABLE>
Index: Wilshire Real Estate Securities Index
34
<PAGE>
MAIN RISKS
Primary
Real Estate Securities Risk: Real estate investment trusts (REITs) or other
real estate-related equity securities may be affected by changes in the value
of the underlying property owned by the trust. Mortgage REITs may be affected
by the quality of any credit extended. Other potential risks include the possi-
bility of a REIT failing to qualify for tax-free pass-through of income under
the Internal Revenue Code or failing to maintain exemption under the Investment
Company Act of 1940.
Market Risk: The value of the securities in the Fund may go down in response to
overall stock or bond market movements. Markets tend to move in cycles, with
periods of rising prices and periods of falling prices. Stocks tend to go up an
down in value more than bonds. Because the Fund's investments are concentrated
in the real estate sector, the Fund's performance could be worse than the over-
all market.
Manager Risk: The managers and their respective strategies may fail to produce
the intended results. The Fund could underperform its peers or lose money if
the managers' investment strategies do not perform as expected.
Concentration Risk: The Fund's investment in securities of a smaller number of
issuers could produce more volatile performance relative to funds that invest
in a larger number of issuers. The more concentrated a fund's holdings are, the
more likely it is a specific security's poor performance will hurt the fund
significantly.
Small/Mid Cap Stock Risk: The Fund's investment in smaller or mid-sized compa-
nies may be subject to more erratic price movements than investment in large
established companies.
Interest Rate Risk: The Fund is subject to interest rate risk, which is the
possibility that changes in interest rates could hurt REIT performance. In gen-
eral, during periods of high interest rates, REITs may lose some of their
appeal for investors who may be able to obtain higher yields from other income-
producing investments, such as long-term bonds. Higher interest rates also mean
that financing for property purchases and improvements is more costly and dif-
ficult to obtain.
Turnover Risk: In general, the greater the volume of buying and selling by a
fund (i.e., the higher its "turnover rate"), the greater the impact that bro-
kerage commissions and other transaction costs will have on the fund's perfor-
mance. Any turnover rate in excess of 100% is considered relatively high. Nor-
mally, the Fund's turnover rate will be greater than 100%.
Secondary
None
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (Selected data for each share interest outstanding
throughout the period indicated): The following financial highlights have been
audited by Ernst & Young LLP.
<TABLE>
<S> <C> <C> <C> <C> <C>
Period ended December 31: 1995 1996 1997 1998 1999
Net asset value, beginning of
period $11.16 $ 11.70 $ 14.64 $ 15.91 $ 12.46
Income from investment
operations:
Net investment income (loss) 0.77 0.76 0.77 0.77 0.78
Net realized and unrealized
gain (loss) on investments* 0.54 2.97 1.68 (3.38) (0.99)
Total from investment
operations 1.31 3.73 2.45 (2.61) (0.21)
Less distributions:
Distributions from net
investment income and capital
paid in (0.77) (0.76) (0.77) (0.70) (0.78)
Distributions from net realized
gain on investments sold (0.00) (0.03) (0.41) (0.14) --
Distributions in excess of
income, capital paid in &
gains -- -- -- -- --
Total distributions $(0.77) $ (0.79) $ (1.18) $ (0.84) (0.78)
Net asset value, end of period $11.70 $14.64 $ 15.91 $ 12.46 $ 11.47
Total investment return 12.31% 33.07% 17.22% (16.71)% (1.69)%
Ratios and supplemental data
Net assets, end of period (000s
omitted)($) $9,301 $10,325 $12,830 $12,263 $11,000
Ratio of expenses to average net
assets (%) 0.73% 0.69% 0.69% 0.69 % 0.70%
Ratio of net investment income
(loss) to average net assets
(%) 6.85% 6.14% 5.12% 5.48 % 6.38%
Turnover rate (%) 19.81% 18.37% 20.04% 22.69 % 12.95%
</TABLE>
* The amount shown may not accord with the change in the aggregate gains and
losses in the fund securities for the period because of the timing of pur-
chase and withdrawals of shares in relation to the fluctuation in market val-
ues of the fund.
35
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