ITEM 1. REPORT TO STOCKHOLDERS.
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FINAL REPORT
John Hancock
International Small Cap
Growth Fund
June 4, 2003
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John Hancock International Small Cap Growth Fund
ASSETS AND
LIABILITIES
Final report
6-4-03 *
(unaudited)
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ASSETS
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Cash $2,244,760
Foreign cash at value (cost - $789) 789
Dividends receivable 3,215
Other assets 11
Total assets 2,248,775
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LIABILITIES
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Payable to affiliates 16,011
Other payables and accrued expenses 22,064
Total liabilities 38,075
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NET ASSETS
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Capital paid-in 2,978,751
Accumulated net realized loss on investments and
foreign currency transactions (768,324)
Net unrealized appreciation of investments and
translation of assets and liabilities in foreign currencies 274
Accumulated net investment loss (1)
Net assets $2,210,700
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NET ASSET VALUE PER SHARE
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Based on net asset values and shares outstanding
Class A ($2,166,774 / 294,000 shares) $7.37
Class B ( $21,963 / 3,000 shares) $7.32
Class C ( $21,963 / 3,000 shares) $7.32
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MAXIMUM OFFERING PRICE PER SHARE
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Class A 1 ($7.37 / 95%) $7.76
Class C ($7.32 / 99%) $7.39
1 On single retail sales of less than $50,000. On sales of $50,000 or more and
on group sales the offering price is reduced.
* The Statement of Assets and Liabilities reflects the Fund's position prior
to the liquidation of net assets and the termination of the Fund. See Note A
to financial statements.
See Note to financial statements.
John Hancock International Small Cap Growth Fund
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OPERATIONS
Period from
11-1-02 through 6-4-03 *
(unaudited)
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INVESTMENT INCOME
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Dividends (net of foreign withholding taxes of $3,363) $17,154
Interest 2,690
Total investment income 19,844
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EXPENSES
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Investment management fee 12,487
Class A distribution and service fee 3,672
Class B distribution and service fee 93
Class C distribution and service fee 93
Custodian fee 22,451
Printing 6,852
Registration and filing fee 2,899
Auditing fee 750
Accounting and legal services fee 342
Transfer agent fee 277
Trustees' fee 116
Miscellaneous 109
Legal fee 6
Total expenses 50,147
Less expense reductions 29,933)
Net expenses 20,214
Net investment loss (370)
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REALIZED AND UNREALIZED GAIN (LOSS)
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Net realized gain (loss) on
Investments (35,686)
Foreign currency transactions 8,293
Change in net unrealized appreciation (depreciation) of
Investments 126,176
Translation of assets and liabilities in foreign currencies 53
Net realized and unrealized gain 98,836
Increase in net assets from operations $98,466
* The Statement of Operations reflects the Fund's position prior to the
liquidation of net assets and the termination of the Fund.
See Note to financial statements.
John Hancock International Small Cap Growth Fund
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CHANGES IN
NET ASSETS
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PERIOD FROM
11-1-02 to
YEAR ENDED 6-4-03*
10-31-02 (unaudited)
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INCREASE (DECREASE) IN NET ASSETS
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From operations
Net investment loss $2,068) ($370)
Net realized loss 59,945) (27,393)
Change in net unrealized appreciation (depreciation) 78,819 126,229
Increase (decrease) in net assets resulting from operations 83,194) 98,466
Distributions to shareholders
From net investment income
Class A - (7,823)
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NET ASSETS
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Beginning of period 2,503,251 2,120,057
End of period 1 $2,120,057 $2,210,700
1 Includes accumulated net investment income (loss) of $24 and ($1),
respectively.
* The Statement of Changes in Net Assets reflects the Fund's position prior to
the liquidation of net assets and the termination of the Fund. See Note A to
financial statements.
See Note to financial statements.
John Hancock International Small Cap Growth Fund
Financial Highlights
CLASS A
PERIOD ENDED 10-31-01 1 10-31-02 6-4-03
(unaudited)
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PER SHARE OPERATING PERFORMANCE
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Net asset value, beginning of period $10.00 $8.34 $7.07
Net investment loss 2 (0.01) ( 0.01) --3
Net realized and unrealized gain (loss) on investments (1.65) (1.26) 0.33
Total from investment operations (1.66) (1.27) 0.33
Less distributions
From net investment income - - (0.03)
Net asset value, end of period $8.34 $7.07 $7.37 4
Total return 5,6 (%) (16.60) 7 (15.23) 4.62 7
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RATIOS AND SUPPLEMENTAL DATA
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Net assets, end of period (in millions) $2 $2 $2
Ratio of expenses to average net assets (%) 1.60 8 1.60 1.60 8
Ratio of adjusted expenses to average net assets 9 (%) 9.61 8 7.51 3.97 8
Ratio of net investment loss to average net assets (%) (0.21) 8 (0.07) (0.02) 8
Portfolio turnover (%) 59 153 69
See Note to financial statements.
John Hancock International Small Cap Growth Fund
Financial Highlights
CLASS B
PERIOD ENDED 10-31-01 1 10-31-02 6-4-03
(unaudited)
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PER SHARE OPERATING PERFORMANCE
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Net asset value, beginning of period $10.00 $8.32 $7.01
Net investment loss 2 (0.03) (0.04) (0.02)
Net realized and unrealized gain (loss) on investments (1.65) (1.27) 0.33
Total from investment operations (1.68) (1.31) 0.31
Net asset value, end of period $8.32 $7.01 $7.32 4
Total return 5,6 (%) (16.80) 7 (15.75) 4.42 7
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RATIOS AND SUPPLEMENTAL DATA
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Net assets, end of period (in millions) -- 10 -- 10 -- 10
Ratio of expenses to average net assets (%) 2.30 8 2.07 2.03 8
Ratio of adjusted expenses to average net assets 9 (%) 10.31 8 7.98 4.41 8
Ratio of net investment loss to average net assets (%) (0.92) 8 (0.54) (0.46) 8
Portfolio turnover (%) 59 153 69
See Note to financial statements.
John Hancock International Small Cap Growth Fund
Financial Highlights
CLASS C
PERIOD ENDED 10-31-01 1 10-31-02 6-4-03
(unaudited)
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PER SHARE OPERATING PERFORMANCE
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Net asset value, beginning of period $10.00 $8.32 $7.01
Net investment loss 2 (0.03) (0.04) (0.02)
Net realized and unrealized gain (loss) on investments (1.65) (1.27) 0.33
Total from investment operations (1.68) (1.31) 0.31
Net asset value, end of period $8.32 $7.01 $7.32 4
Total return 5,6 (%) (16.80) 7 (15.75) 4.42 7
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RATIOS AND SUPPLEMENTAL DATA
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Net assets, end of period (in millions) -- 10 -- 10 -- 10
Ratio of expenses to average net assets (%) 2.30 8 2.07 2.03 8
Ratio of adjusted expenses to average net assets 9 (%) 10.31 8 7.98 4.41 8
Ratio of net investment loss to average net assets (%) (0.92) 8 (0.54) (0.46) 8
Portfolio turnover (%) 59 153 69
1. Class A, Class B and Class C shares began operations on 6-1-01.
2. Based on the average of the shares outstanding.
3. Less than $0.01 per share.
4. Net assets value per share before the termination of the Fund. See Note A to
financial statements.
5. Assumes dividend reinvestment and does not reflect the effect of sales
changes.
6. Total returns would have been lower had certain expenses not been reduced
during the periods shown.
7. Not annualized.
8. Annualized.
9. Does not take into consideration expense reductions during the periods
shown.
10. Less than $500,000.
See Note to financial statements.
NOTES TO FINANCIAL STATEMENTS
Unaudited
NOTE A
Accounting policies
John Hancock International Small Cap Growth Fund (the "Fund") was a diversified
series of John Hancock World Fund, an open-end management investment company
registered under the Investment Company Act of 1940. The investment objective of
the Fund was to achieve long-term capital appreciation.
The Trustees had authorized the issuance of multiple classes of shares of the
Fund, designated as Class A, Class B and Class C shares. The shares of each
class represented an interest in the same portfolio of investments of the Fund
and had equal rights as to voting, redemptions, dividends and liquidation,
except that certain expenses, subject to the approval of the Trustees, may have
been applied differently to each class of shares in accordance with current
regulations of the Securities and Exchange Commission and the Internal Revenue
Service. Shareholders of a class that bore distribution and service expenses
under terms of a distribution plan had exclusive voting rights to that
distribution plan.
On June 4, 2003 the Fund's sole shareholder, John Hancock Advisers, LLC, (the
"Adviser"), a wholly owned subsidiary of The Berkeley Financial Group, LLC, a
wholly owned indirect subsidiary of John Hancock Life Insurance Company
("JHLICO"), redeemed its shares. On June 23, 2003, the Board of Trustees voted
to terminate the Fund which had no assets, liabilities or shareholders. The
financial statements presented herein reflect the position of the Fund prior to
the liquidation of net assets and termination of the Fund.
Significant accounting policies of the Fund were as follows:
Valuation of investments
Securities in the Fund's portfolio were valued on the basis of market
quotations, valuations provided by independent pricing services or, if
quotations were not readily available, or the value had been materially affected
by events occurring after the closing of a foreign market, at fair value as
determined in good faith in accordance with procedures approved by the Trustees.
Short-term debt investments maturing within 60 days were valued at amortized
cost, which approximated market value. All portfolio transactions initially
expressed in terms of foreign currencies were translated into U.S. dollars as
described in "Foreign currency translation" below.
Joint repurchase agreement
Pursuant to an exemptive order issued by the Securities and Exchange Commission,
the Fund, along with other registered investment companies having a management
contract with the Adviser, may have participated in a joint repurchase agreement
transaction. Aggregate cash balances were invested in one or more large
repurchase agreements, whose underlying securities were obligations of the U.S.
government and/or its agencies. The Fund's custodian bank received delivery of
the underlying securities for the joint account on the Fund's behalf. The
Adviser was responsible for ensuring that the agreement was fully collateralized
at all times.
Foreign currency translation
All assets or liabilities initially expressed in terms of foreign currencies
were translated into U.S. dollars based on London currency exchange quotations
as of 5:00 P.M., London time, on the date of any determination of the net asset
value of the Fund. Transactions affecting statement of operations accounts and
net realized gain (loss) on investments were translated at the rates prevailing
at the dates of the transactions.
The Fund did not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of
securities held. Such fluctuations were included with the net realized and
unrealized gain or loss from investments.
Reported net realized foreign currency exchange gains or losses arose from sales
of foreign currency, currency gains or losses realized between the trade and
settlement dates on securities transactions and the difference between the
amounts of dividends, interest and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arose from changes in the
value of assets and liabilities other than investments in securities, resulting
from changes in the exchange rates.
Investment transactions
Investment transactions were recorded as of the date of purchase, sale or
maturity. Net realized gains and losses on sales of investments were determined
on the identified cost basis. Capital gains realized on some foreign securities
were subject to foreign taxes, which were accrued as applicable.
Class allocations
Income, common expenses and realized and unrealized gains (losses) were
determined at the fund level and allocated daily to each class of shares based
on the appropriate net assets of the respective classes. Distribution and
service fees, if any, were calculated daily at the class level based on the
appropriate net assets of each class and the specific expense rate(s) applicable
to each class.
Expenses
The majority of the expenses were directly identifiable to an individual fund.
Expenses that were not readily identifiable to a specific fund were allocated in
such a manner as deemed equitable, taking into consideration, among other
things, the nature and type of expense and the relative sizes of the funds.
Forward foreign currency exchange contracts
The Fund may have entered into forward foreign currency exchange contracts as a
hedge against the effect of fluctuations in currency exchange rates. A forward
foreign currency exchange contract involves an obligation to purchase or sell a
specific currency at a future date at a set price. The aggregate principal
amounts of the contracts were marked to market daily at the applicable foreign
currency exchange rates. Any resulting unrealized gains and losses were included
in the determination of the Fund's daily net assets. The Fund recorded realized
gains and losses at the time the forward foreign currency exchange contracts
were closed out. Risks could have arizen upon entering these contracts from the
potential inability of counterparties to meet the terms of the contract and from
unanticipated movements in the value of foreign currencies relative to the U.S.
dollar. These contracts involved market or credit risk in excess of the
unrealized gain or loss reflected in the Fund's Statement of Assets and
Liabilities.
The Fund may have also purchased and sold forward contracts to facilitate the
settlement of foreign currency denominated portfolio transactions, under which
it intended to take delivery of the foreign currency. Such contracts normally
involved no market risk if they were offset by the currency amount of the
underlying transactions. The Fund had no open forward foreign currency exchange
contracts on June 4, 2003.
Federal income taxes
The Fund qualified as a "regulated investment company" by complying with the
applicable provisions of the Internal Revenue Code and was not subject to
federal income tax on taxable income that was distributed to shareholders.
Therefore, no federal income tax provision was required as of June 4, 2003, the
Fund's final tax year. As of June 4, 2003, for federal income tax purposes, the
Fund had $764,238 of a capital loss carryforward expiring as follows: October
31, 2009 - $271,490, October 31, 2010 - $457,062 and June 4, 2011 - $35,686.
Dividends, interest and distributions
Dividend income on investment securities was recorded on the ex-dividend date
or, in the case of some foreign securities, on the date thereafter when the Fund
identified the dividend. Interest income on investment securities was recorded
on the accrual basis. Foreign income may have been subject to foreign
withholding taxes, which were accrued as applicable.
The Fund recorded distributions to shareholders from net investment income and
net realized gains on the ex-dividend date. During the period ended June 4,
2003, the tax character of distributions paid was as follows: ordinary income
$7,823. Distributions paid by the Fund with respect to each class of shares were
calculated in the same manner, at the same time and were in the same amount,
except for the effect of expenses that may have been applied differently to each
class.
As of June 4, 2003, the Fund had no distributable earnings on a tax basis.
Such distributions and distributable earnings, on a tax basis, were determined
in conformity with income tax regulations, which may differ from accounting
principles generally accepted in the United States of America. Distributions in
excess of tax basis earnings and profits, if any, were reported in the Fund's
financial statements as a return of capital.
Use of estimates
The preparation of these financial statements, in accordance with accounting
principles generally accepted in the United States of America, incorporates
estimates made by management in determining the reported amount of assets,
liabilities, revenues and expenses of the Fund. Actual results could differ from
these estimates.
NOTE B
Management fee and transactions with affiliates and others
The Fund had an investment management contract with the Adviser. Under the
investment management contract, the Fund paid a monthly management fee to the
Adviser equivalent, on an annual basis, to the sum of: (a) 1.00% of the first
$500,000,000 of the Fund's average daily net asset value, (b) 0.90% of the next
$500,000,000 and (c) 0.85% of the Fund's average daily net asset value in excess
of $1,000,000,000. The Adviser had a subadvisory agreement with
Nicholas-Applegate Capital Management LP. The Fund was not responsible for the
payment of the subadvisory fees.
The Adviser had agreed to limit the Fund's expenses, excluding the distribution
and service fees, to 1.30% of the Fund's average daily net assets. Accordingly,
the expense reduction amounted to $29,933 for the period ended June 4, 2003.
The Fund had Distribution Plans with John Hancock Funds, LLC ("JH Funds"), a
wholly owned subsidiary of the Adviser. The Fund had adopted Distribution Plans
with respect to Class A, Class B and Class C pursuant to Rule 12b-1 under the
Investment Company Act of 1940 to reimburse JH Funds for the services it
provided as distributor of shares of the Fund. Accordingly, the Fund made
monthly payments to JH Funds at an annual rate not to exceed 0.30% of Class A
average daily net assets and 1.00% of Class B and Class C average daily net
assets. A maximum of 0.25% of such payments may have been service fees as
defined by the Conduct Rules of the National Association of Securities Dealers.
Under the Conduct Rules, curtailment of a portion of the Fund's 12b-1 payments
could have occurred under certain circumstances.
Class A and Class C shares were assessed up-front sales charges. During the
period ended June 4, 2003, JH Funds received no up-front sales charges with
regard to Class A and Class C shares.
Class B shares that were redeemed within six years of purchase were subject to a
contingent deferred sales charge ("CDSC") at declining rates, beginning at 5.00%
of the lesser of the current
market value at the time of redemption or the original purchase cost of the
shares being redeemed. Class C shares that were redeemed within one year of
purchase were subject to a CDSC at a rate of 1.00% of the lesser of the current
market value at the time of redemption or the original purchase cost of the
shares being redeemed. Proceeds from the CDSCs were paid to JH Funds and were
used in whole or in part to defray its expenses for providing distribution
related services to the Fund in connection with the sale of Class B and Class C
shares. During the period ended June 4, 2003, JH Funds received no CDSCs with
regard to Class B and Class C shares.
The Fund had a transfer agent agreement with John Hancock Signature Services,
Inc., an indirect subsidiary of JHLICo. The Fund paid a monthly transfer agent
fee at an annual rate of 0.05% of the average daily net asset value, plus a fee
based on the number of shareholder accounts and reimbursement for certain
out-of-pocket expenses.
The Adviser owned 300,000 shares of beneficial interest of the Fund on June 4,
2003.
The Fund had an agreement with the Adviser to perform necessary tax, accounting
and legal services for the Fund. The compensation for the period was at an
annual rate of approximately 0.03% of the average net assets of the Fund.
Ms. Maureen R. Ford and Mr. John M. DeCiccio were directors and/or officers of
the Adviser and/or its affiliates, as well as Trustees of the Fund. The
compensation of unaffiliated Trustees was borne by the Fund. The unaffiliated
Trustees may have elected to defer for tax purposes their receipt of this
compensation under the John Hancock Group of Funds Deferred Compensation Plan.
The Fund made investments into other John Hancock funds, as applicable, to cover
its liability for the deferred compensation. Investments to cover the Fund's
deferred compensation liability were recorded on the Fund's books as an other
asset. The deferred compensation liability and the related other asset were
always equal and were marked to market on a periodic basis to reflect any income
earned by the investments as well as any unrealized gains or losses. The
Deferred Compensation Plan investments had no impact on the operations of the
Fund.
NOTE C
Fund share transactions
This Fund had no shares sold and repurchased during the last two periods. The
Fund had an unlimited number of shares authorized with no par value.
NOTE D
Investment transactions
Purchases and proceeds from sales or maturities of securities, other than
short-term securities and obligations of the U.S. government, during the period
ended June 4, 2003, aggregated $1,089,747 and $1,042,429, respectively.
NOTE E
Reclassification of accounts
During the period ended June 4, 2003, the Fund reclassified amounts to reflect
an increase in accumulated net realized loss on investments of $8,293, a
decrease in accumulated net investment loss of $8,168 and an increase in capital
paid-in of $125. This represented the amounts necessary to report these balances
on a tax basis, excluding certain temporary differences, as of June 4, 2003.
These reclassifications, which had no impact on the net asset value of the Fund,
were primarily attributable to certain differences in the computation of
distributable income and capital gains under federal tax rules versus accounting
principles generally accepted in the United States of America and book and tax
differences in accounting for deferred compensation. The calculation of net
investment income (loss) per share in the Financial Highlights excluded these
adjustments.
NOTE F
Tax information notice
For federal income tax purposes, the following information is furnished with
respect to the distributions of the Fund for its final tax year ended June 4,
2003.
With respect to ordinary dividends paid by the Fund for the period ended June 4,
2003, none of the dividends qualify for the corporate dividends-received
deduction.
Shareholders will receive a 2003 U.S. Treasury Department Form 1099-DIV in
January 2004. This will reflect the total of all distributions that are taxable
for calendar year 2003.
NOTE G
Termination
On June 23, 2003, the Trustees voted to terminate the Fund which after the close
of business on June 4, 2003, had no assets, liabilities, or shareholders.
International Small Cap Growth Fund
Trustees
Dennis S. Aronowitz
Richard P. Chapman, Jr.
William J. Cosgrove
John M. DeCiccio
Richard A. Farrell
Maureen R. Ford
William F. Glavin*
Dr. John A. Moore*
Patti McGill Peterson*
John W. Pratt
* Members of the Audit Committee
Officers
Maureen R. Ford
Chairman, President and Chief Executive Officer
William L. Braman
Executive Vice President and
Chief Investment Officer
Richard A. Brown
Senior Vice President and
Chief Financial Officer
Susan S. Newton
Senior Vice President and Secretary
William H. King
Vice President and Treasurer
Thomas H. Connors
Vice President and
Compliance Officer
Investment Adviser
John Hancock Advisers, LLC
101 Huntington Avenue
Boston, Massachusetts 02199-7603
Principal Distributor
John Hancock Funds, LLC
101 Huntington Avenue
Boston, Massachusetts 02199-7603
Transfer Agent
John Hancock Signature Services, Inc.
1 John Hancock Way, Suite 1000
Boston, Massachusetts 02217-1000
Legal Counsel
Hale and Dorr
60 State Street
Boston, Massachusetts 02109-1803
ITEM 2. CODE OF ETHICS.
Not applicable at this time.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable at this time.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable at this time.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable at this time.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and
procedures as conducted within 90 days of the filing date of this Form N-CSR,
the registrant's principal executive officer and principal financial officer
have concluded that those disclosure controls and procedures provide reasonable
assurance that the material information required to be disclosed by the
registrant on this report is recorded, processed, summarized and reported within
the time periods specified in the Securities and Exchange Commission's rules and
forms.
(b) There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of their evaluation.
ITEM 10. EXHIBITS.
(a) Not applicable at this time.
(b)(1) Separate certifications for the registrant's principal executive officer
and principal financial officer, as required by Section 302 of the
Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of
1940, are attached.
(b)(2) Separate certifications for the registrant's principal executive officer
and principal financial officer, as required by 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule
30a-2(b) under the Investment Company Act of 1940, are attached. The
certifications furnished pursuant to this paragraph are not deemed to be "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise
subject to the liability of that section. Such certifications are not deemed to
be incorporated by reference into any filing under the Securities Act of 1933 or
the Securities Exchange Act of 1934, except to the extent that the Registrant
specifically incorporates them by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
By:
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Maureen R. Ford
Chairman, President and Chief Executive Officer
Date: July 24, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By:
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Maureen R. Ford
Chairman, President and Chief Executive Officer
Date: July 24, 2003
By:
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Richard A. Brown
Senior Vice President and Chief Financial Officer
Date: July 24, 2003