UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04490
JOHN HANCOCK VARIABLE SERIES TRUST I
(Exact name of Registrant as specified in charter)
JOHN HANCOCK PLACE
INSURANCE AND SEPARATE ACCOUNTS DEPT. - LAW SECTOR
P.O. BOX 111
BOSTON, MASSACHUSETTS 02117-0111
(Address of principal executive offices)
RONALD J. BOCAGE, ESQ.
JOHN HANCOCK PLACE
INSURANCE AND SEPARATE ACCOUNTS DEPT. - LAW SECTOR
P.O. BOX 111
BOSTON, MASSACHUSETTS 02117-0111
(Name and Address of Agent for Service)
COPIES TO:
THOMAS C. LAUERMAN, ESQ.
FOLEY & LARDNER
3000 K STREET
WASHINGTON, D.C. 20007
Registrant's telephone number, including area code: (617) 572-6000
Date of fiscal year end: 12/31/2003
Date of reporting period: 6/30/2003
ITEM 1. REPORTS TO STOCKHOLDERS.
variable products
John Hancock Variable Series Trust I
semiannual report
June 30, 2003
---------------------------------------------------------------
Not FDIC Insured | Not Bank Guaranteed | May Lose Value
---------------------------------------------------------------
Not a Deposit | Not Insured by Any Federal Government Agency
---------------------------------------------------------------
Dear Shareholder:
Since our last report six months ago, it appears that the recession ended back
in November, 2001. The economy has continued to expand during the first half of
2003, but at a sluggish pace that failed to stimulate job gains or business
capital spending. Some of the hesitation in 2003 has been attributed to the
uncertainties created by the war in Iraq and corporate instability.
The Sarbanes-Oxley Act of 2002 was adopted by Congress in reaction to the
questionable actions of several publicly held companies. It requires that public
companies certify the accuracy of the information they report to shareholders,
under penalty of law. The Securities and Exchange Commission has mandated that
it apply to the information provided in an investment company's annual and
semi-annual reports.
In accordance with this new legislation, this semi-annual report has been
certified. At John Hancock, it has always been our mission to maintain the
highest standards of integrity and to provide our shareholders with information
they can rely upon.
If you haven't reviewed your asset allocation strategy recently, now may be a
good time to do so. We offer a broad selection of funds and tools to help you
manage an asset allocation plan. Your registered representative can discuss
asset allocation and review the funds within your variable policy to ensure they
still meet your needs.
If you have any questions about your variable life insurance or annuity policy,
please feel free to contact your registered representative or our customer
service center at 1-800-576-2227.
As always, thank you for your continued confidence in John Hancock.
Sincerely,
Michele G. Van Leer Kathleen F. Driscoll
Chairman President and Vice Chairman
IMPORTANT NOTICE REGARDING CHANGE IN NON-FUNDAMENTAL INVESTMENT POLICIES
Large Cap Value Fund
Large Cap Value CORE /SM/ Fund
The Large Cap Value Fund and the Large Cap Value CORE/SM/ Fund normally
invest at least 80% of their respective assets in large cap companies. For
these purposes, on and after October 31, 2003 "large cap companies" will be
those with market capitalizations that are within the range of capitalizations
of companies represented in the Russell 1000(R) Value Index or the Russell
1000(R) Index.
Large Cap Growth Fund
Large Cap Aggressive Growth Fund
The Large Cap Growth Fund and the Large Cap Aggressive Growth Fund normally
invest at least 80% of their respective assets in large cap companies. For
these purposes, on and after October 31, 2003 "large cap companies" will be
those with market capitalizations that are within the range of capitalizations
of companies represented in the Russell 1000(R) Growth Index or the Russell
1000(R) Index.
Small/Mid Cap Growth Fund
The Small/Mid Cap Growth Fund normally invests at least 80% of its assets in
small-cap and mid-cap companies. For these purposes, on and after October 31,
2003 "small-cap and mid-cap companies" will be those with market
capitalizations that are within the range of capitalizations of companies
represented in the Russell 2500/TM/ Growth Index or the Russell 2500/ TM/ Index.
Small Cap Value Fund
The Small Cap Value Fund normally invests at least 80% of its assets in
small-cap companies. For these purposes, on and after October 31, 2003
"small-cap companies" will be those with market capitalizations that are within
the range of capitalizations of companies represented in the Russell 2000(R)
Value Index or the Russell 2000(R) Index.
Small Cap Growth Fund
Small Cap Emerging Growth Fund
The Small Cap Growth Fund and the Small Cap Emerging Growth Fund normally
invest at least 80% of their respective assets in small-cap companies. For
these purposes, on and after October 31, 2003 "small-cap companies" will be
those with market capitalizations that are within the range of capitalizations
of companies represented in the Russell 2000(R) Growth Index or the Russell
2000 Index.(R)
International Equity Index Fund
On and after October 31, 2003, the International Equity Index Fund will
normally invest more than 80% of its assets in securities listed in the Morgan
Stanley Capital International ("MSCI") All Country World Free Excluding U.S.
Index. The Fund currently invests more than 80% of its assets in securities
listed in the Morgan Stanley Capital International Europe, Australia, Far East
("MSCI EAFE") GDP Index.
August 15, 2003
The Russell 1000(R) Index, Russell 1000(R) Value Index, Russell 1000(R) Growth
Index, Russell 2500/TM/ Index, Russell 2500/TM/ Growth Index, Russell 2000(R)
Index, Russell 2000(R) Value Index and Russell 2000(R) Growth Index are service
marks or trademarks of Frank Russell Company, which does not sponsor and is not
in any way affiliated with the Funds listed above. Inclusion of a security in
an index in no way implies an opinion on the part of Frank Russell Company as
to its attractiveness or appropriateness as an investment.
1
STATEMENT OF ASSETS AND LIABILITIES
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
Large Cap Fundamental Active Emerging
Growth Growth Bond Markets Equity
--------- ----------- ---------- --------------
ASSETS
Long term investments at cost................................................. $ 567,492 $ 20,038 $1,018,443 $ 34,832
Net unrealized appreciation (depreciation) of investments..................... (21,884) 1,543 27,015 4,178
Short-term investments at value (including $17,545, $181, $0, $0, $0,
$25,677, $28,123, $0, $0, and $0 of securities loaned (Note B)).............. 19,824 717 171,014 1,259
--------- -------- ---------- --------
Total investments.......................................................... 565,432 22,298 1,216,472 40,269
Cash.......................................................................... 31 8,696
Foreign currency at value (cost $0, $0, $0, $188, $0, $90, $0, $5, $0, and $0,
respectively)................................................................ 200
Receivable for:
Investments sold............................................................ 313 1,130 514
Fund shares sold............................................................
Interest.................................................................... 12,451
Dividends................................................................... 392 3 90 114
Futures contracts variation margin..........................................
Forward foreign currency exchange contracts sold............................
Unrealized appreciation in forward currency contracts.......................
Other assets................................................................ 57
--------- -------- ---------- --------
Total assets.................................................................. 565,824 22,645 1,238,896 41,097
--------- -------- ---------- --------
LIABILITIES
Payables for:
Investments purchased....................................................... 482 134,779 700
Fund shares purchased.......................................................
Futures contracts variation margin..........................................
Collateral for securities on loan........................................... 18,064 187
Forward foreign currency exchange contracts purchased....................... 12
Forward foreign currency exchange contracts sold............................
Unrealized depreciation in forward currency contracts.......................
Other liabilities........................................................... 267 4 295 58
--------- -------- ---------- --------
Total liabilities............................................................. 18,331 673 135,074 770
--------- -------- ---------- --------
Net assets.................................................................... $ 547,493 $ 21,972 $1,103,822 $ 40,327
========= ======== ========== ========
Shares of beneficial interest outstanding..................................... 44,811 3,274 110,425 5,931
--------- -------- ---------- --------
Net asset value per share..................................................... $ 12.22 $ 6.71 $ 10.00 $ 6.80
========= ======== ========== ========
Composition of net assets:
Capital paid-in............................................................. $ 944,443 $ 57,971 $1,065,877 $ 56,119
Accumulated net realized gain (loss) on investments, futures and foreign
currency transactions...................................................... (377,180) (37,495) 8,794 (20,056)
Undistributed (distribution in excess of) net investment income (loss)...... 2,114 (47) 2,136 74
Net unrealized appreciation (depreciation) of:
Investments................................................................ (21,884) 1,543 27,015 4,178
Futures....................................................................
Translation of assets and liabilities in foreign currencies................ 12
--------- -------- ---------- --------
Net assets.................................................................... $ 547,493 $ 21,972 $1,103,822 $ 40,327
========= ======== ========== ========
Financial International Small Cap Health
Industries Equity Index Growth Sciences
---------- ------------- --------- --------
ASSETS
Long term investments at cost................................................. $58,155 $142,483 $ 113,560 $24,372
Net unrealized appreciation (depreciation) of investments..................... (686) (24,660) 15,048 2,524
Short-term investments at value (including $17,545, $181, $0, $0, $0,
$25,677, $28,123, $0, $0, and $0 of securities loaned (Note B)).............. 307 30,668 31,655 1,360
------- -------- --------- -------
Total investments.......................................................... 57,776 148,491 160,263 28,256
Cash..........................................................................
Foreign currency at value (cost $0, $0, $0, $188, $0, $90, $0, $5, $0, and $0,
respectively)................................................................ 90 5
Receivable for:
Investments sold............................................................ 3 1,159 231
Fund shares sold............................................................
Interest....................................................................
Dividends................................................................... 81 198 7 12
Futures contracts variation margin..........................................
Forward foreign currency exchange contracts sold............................ 3,894
Unrealized appreciation in forward currency contracts.......................
Other assets................................................................ 5
------- -------- --------- -------
Total assets.................................................................. 57,862 152,676 161,429 28,504
------- -------- --------- -------
LIABILITIES
Payables for:
Investments purchased....................................................... 1,820 186
Fund shares purchased.......................................................
Futures contracts variation margin.......................................... 7
Collateral for securities on loan........................................... 27,069 29,041
Forward foreign currency exchange contracts purchased....................... 3,894
Forward foreign currency exchange contracts sold............................
Unrealized depreciation in forward currency contracts....................... 48
Other liabilities........................................................... 10 29 15 5
------- -------- --------- -------
Total liabilities............................................................. 10 31,047 30,876 191
------- -------- --------- -------
Net assets.................................................................... $57,852 $121,629 $ 130,553 $28,313
======= ======== ========= =======
Shares of beneficial interest outstanding..................................... 4,603 11,079 14,292 3,080
------- -------- --------- -------
Net asset value per share..................................................... $ 12.57 $ 10.98 $ 9.13 $ 9.19
======= ======== ========= =======
Composition of net assets:
Capital paid-in............................................................. $59,802 $164,521 $ 226,326 $31,561
Accumulated net realized gain (loss) on investments, futures and foreign
currency transactions...................................................... (1,260) (18,057) (110,342) (5,776)
Undistributed (distribution in excess of) net investment income (loss)...... (4) (84) (479) 4
Net unrealized appreciation (depreciation) of:
Investments................................................................ (686) (24,660) 15,048 2,524
Futures.................................................................... (47)
Translation of assets and liabilities in foreign currencies................ (44)
------- -------- --------- -------
Net assets.................................................................... $57,852 $121,629 $ 130,553 $28,313
======= ======== ========= =======
Overseas Earnings
Equity Growth
-------- ---------
ASSETS
Long term investments at cost................................................. $32,423 $ 161,291
Net unrealized appreciation (depreciation) of investments..................... 1,320 11,713
Short-term investments at value (including $17,545, $181, $0, $0, $0,
$25,677, $28,123, $0, $0, and $0 of securities loaned (Note B)).............. 1,094 1,874
------- ---------
Total investments.......................................................... 34,837 174,878
Cash..........................................................................
Foreign currency at value (cost $0, $0, $0, $188, $0, $90, $0, $5, $0, and $0,
respectively)................................................................
Receivable for:
Investments sold............................................................ 22 223
Fund shares sold............................................................
Interest....................................................................
Dividends................................................................... 57 162
Futures contracts variation margin..........................................
Forward foreign currency exchange contracts sold............................
Unrealized appreciation in forward currency contracts....................... 34
Other assets................................................................
------- ---------
Total assets.................................................................. 34,950 175,263
------- ---------
LIABILITIES
Payables for:
Investments purchased....................................................... 55
Fund shares purchased.......................................................
Futures contracts variation margin..........................................
Collateral for securities on loan...........................................
Forward foreign currency exchange contracts purchased.......................
Forward foreign currency exchange contracts sold............................
Unrealized depreciation in forward currency contracts....................... 15
Other liabilities........................................................... 17 28
------- ---------
Total liabilities............................................................. 87 28
------- ---------
Net assets.................................................................... $34,863 $ 175,235
======= =========
Shares of beneficial interest outstanding..................................... 3,975 23,838
------- ---------
Net asset value per share..................................................... $ 8.77 $ 7.35
======= =========
Composition of net assets:
Capital paid-in............................................................. $36,879 $ 484,962
Accumulated net realized gain (loss) on investments, futures and foreign
currency transactions...................................................... (3,531) (321,574)
Undistributed (distribution in excess of) net investment income (loss)...... 176 134
Net unrealized appreciation (depreciation) of:
Investments................................................................ 1,320 11,713
Futures....................................................................
Translation of assets and liabilities in foreign currencies................ 19
------- ---------
Net assets.................................................................... $34,863 $ 175,235
======= =========
See notes to financial statements.
2
STATEMENT OF ASSETS AND LIABILITIES--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
Mid Cap Large Cap Large Cap Fundamental Money
Value Value Value CORE Value Market
------- --------- ---------- ----------- --------
ASSETS
Long term investments at cost.............................................. $5,634 $302,813 $42,925 $113,857
Net unrealized appreciation (depreciation) of investments.................. 538 (9,822) 1,005 5,261
Short-term investments at value (including $0, $6,226, $0, $4,748, $0,
$35,165, $8,338, $447, $15,168, and $27,395 of securities loaned
(Note B))................................................................. 322 15,780 300 6,406 $823,891
------ -------- ------- -------- --------
Total investments....................................................... 6,494 308,771 44,230 125,524 823,891
Cash....................................................................... 69
Foreign currency at value (cost $0, $0, $0, $0, $0, $0, $0, $1, $0, and $0,
respectively).............................................................
Receivable for:
Investments sold......................................................... 18 2,904 1,538 1,570
Fund shares sold.........................................................
Interest................................................................. 1,780
Dividends................................................................ 6 624 54 172
Futures contracts variation margin.......................................
Forward foreign currency exchange contracts sold.........................
Unrealized appreciation in forward currency contracts....................
Other assets............................................................. 3
------ -------- ------- -------- --------
Total assets............................................................... 6,521 312,299 45,891 127,266 825,671
------ -------- ------- -------- --------
LIABILITIES
Payables for:
Investments purchased.................................................... 78 1,387 556
Fund shares purchased....................................................
Futures contracts variation margin.......................................
Collateral for securities on loan........................................ 6,431 4,850
Forward foreign currency exchange contracts purchased....................
Forward foreign currency exchange contracts sold.........................
Unrealized depreciation in forward currency contracts....................
Other liabilities........................................................ 93 2 7 483
------ -------- ------- -------- --------
Total liabilities.......................................................... 78 6,524 1,389 5,413 483
------ -------- ------- -------- --------
Net assets................................................................. $6,443 $305,775 $44,502 $121,853 $825,188
====== ======== ======= ======== ========
Shares of beneficial interest outstanding.................................. 573 23,638 5,141 12,713 825,188
------ -------- ------- -------- --------
Net asset value per share.................................................. $11.24 $ 12.94 $ 8.66 $ 9.59 $ 1.00
====== ======== ======= ======== ========
Composition of net assets:
Capital paid-in.......................................................... $5,788 $314,918 $52,785 $145,204 $825,188
Accumulated net realized gain (loss) on investments, futures and foreign
currency transactions................................................... 111 189 (9,276) (28,575) (82)
Undistributed (distribution in excess of) net investment income (loss)... 6 490 (3) (9) 82
Net unrealized appreciation (depreciation) of:
Investments.............................................................. 538 (9,822) 1,005 5,261
Futures.................................................................. (9) (28)
Translation of assets and liabilities in foreign currencies..............
------ -------- ------- -------- --------
Net assets................................................................. $6,443 $305,775 $44,502 $121,853 $825,188
====== ======== ======= ======== ========
Small/Mid Bond Large Cap Small/Mid Cap
Cap Growth Index Aggressive Growth CORE
---------- -------- ----------------- -------------
ASSETS
Long term investments at cost.............................................. $161,873 $217,038 $ 24,603 $58,568
Net unrealized appreciation (depreciation) of investments.................. 10,024 11,425 935 5,700
Short-term investments at value (including $0, $6,226, $0, $4,748, $0,
$35,165, $8,338, $447, $15,168, and $27,395 of securities loaned
(Note B))................................................................. 40,714 15,966 1,053 16,838
-------- -------- -------- -------
Total investments....................................................... 212,611 244,429 26,591 81,106
Cash....................................................................... 56 150
Foreign currency at value (cost $0, $0, $0, $0, $0, $0, $0, $1, $0, and $0,
respectively)............................................................. 1
Receivable for:
Investments sold......................................................... 1,888 3 2,431
Fund shares sold.........................................................
Interest................................................................. 2,670
Dividends................................................................ 40 13 58
Futures contracts variation margin....................................... 7
Forward foreign currency exchange contracts sold.........................
Unrealized appreciation in forward currency contracts....................
Other assets.............................................................
-------- -------- -------- -------
Total assets............................................................... 214,539 247,099 26,664 83,752
-------- -------- -------- -------
LIABILITIES
Payables for:
Investments purchased.................................................... 4,537 210 250 2,608
Fund shares purchased....................................................
Futures contracts variation margin.......................................
Collateral for securities on loan........................................ 36,245 8,488 453 15,638
Forward foreign currency exchange contracts purchased....................
Forward foreign currency exchange contracts sold.........................
Unrealized depreciation in forward currency contracts....................
Other liabilities........................................................ 88 24 18
-------- -------- -------- -------
Total liabilities.......................................................... 40,870 8,722 703 18,264
-------- -------- -------- -------
Net assets................................................................. $173,669 $238,377 $ 25,961 $65,488
======== ======== ======== =======
Shares of beneficial interest outstanding.................................. 13,340 22,857 4,187 6,878
-------- -------- -------- -------
Net asset value per share.................................................. $ 13.02 $ 10.43 $ 6.20 $ 9.52
======== ======== ======== =======
Composition of net assets:
Capital paid-in.......................................................... $176,324 $226,559 $ 43,981 $64,742
Accumulated net realized gain (loss) on investments, futures and foreign
currency transactions................................................... (12,675) 358 (18,961) (4,946)
Undistributed (distribution in excess of) net investment income (loss)... (4) 35 6 8
Net unrealized appreciation (depreciation) of:
Investments.............................................................. 10,024 11,425 935 5,700
Futures.................................................................. (16)
Translation of assets and liabilities in foreign currencies..............
-------- -------- -------- -------
Net assets................................................................. $173,669 $238,377 $ 25,961 $65,488
======== ======== ======== =======
Small Cap
Value
---------
ASSETS
Long term investments at cost.............................................. $126,291
Net unrealized appreciation (depreciation) of investments.................. 13,337
Short-term investments at value (including $0, $6,226, $0, $4,748, $0,
$35,165, $8,338, $447, $15,168, and $27,395 of securities loaned
(Note B))................................................................. 32,510
--------
Total investments....................................................... 172,138
Cash.......................................................................
Foreign currency at value (cost $0, $0, $0, $0, $0, $0, $0, $1, $0, and $0,
respectively).............................................................
Receivable for:
Investments sold......................................................... 379
Fund shares sold.........................................................
Interest.................................................................
Dividends................................................................ 141
Futures contracts variation margin.......................................
Forward foreign currency exchange contracts sold.........................
Unrealized appreciation in forward currency contracts....................
Other assets............................................................. 4
--------
Total assets............................................................... 172,662
--------
LIABILITIES
Payables for:
Investments purchased.................................................... 81
Fund shares purchased....................................................
Futures contracts variation margin.......................................
Collateral for securities on loan........................................ 28,156
Forward foreign currency exchange contracts purchased....................
Forward foreign currency exchange contracts sold.........................
Unrealized depreciation in forward currency contracts....................
Other liabilities........................................................
--------
Total liabilities.......................................................... 28,237
--------
Net assets................................................................. $144,425
========
Shares of beneficial interest outstanding.................................. 9,990
--------
Net asset value per share.................................................. $ 14.46
========
Composition of net assets:
Capital paid-in.......................................................... $131,171
Accumulated net realized gain (loss) on investments, futures and foreign
currency transactions................................................... (71)
Undistributed (distribution in excess of) net investment income (loss)... (12)
Net unrealized appreciation (depreciation) of:
Investments.............................................................. 13,337
Futures..................................................................
Translation of assets and liabilities in foreign currencies..............
--------
Net assets................................................................. $144,425
========
See notes to financial statements.
3
STATEMENT OF ASSETS AND LIABILITIES--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
Real Estate Growth & Total Return
Equity Income Managed Bond
----------- ---------- ---------- ------------
ASSETS
Long term investments at cost.............................................. $162,771 $1,830,232 $1,905,657 $17,990
Net unrealized appreciation (depreciation) of investments.................. 23,436 64,704 57,756 (51)
Short-term investments at value (including $0, $27,868, $89,655, $0,
$10,039, $15,092, $17,670, $0, $0, and $73 of securities loaned
(Note B))................................................................. 5,050 45,625 266,673 14,484
-------- ---------- ---------- -------
Total investments....................................................... 191,257 1,940,561 2,230,086 32,423
Cash....................................................................... 734
Foreign currency at value (cost $0, $0, $1, $0, $0, $0, $1,133, $0, $0, and
$0, respectively)......................................................... 1
Receivable for:
Investments sold......................................................... 1,703 8,965
Fund shares sold.........................................................
Interest................................................................. 6,171 229
Dividends................................................................ 909 1,477 1,129
Futures contracts variation margin....................................... 28
Forward foreign currency exchange contracts sold.........................
Unrealized appreciation in forward currency contracts....................
Other assets............................................................. 2
-------- ---------- ---------- -------
Total assets............................................................... 192,166 1,943,769 2,246,354 33,386
-------- ---------- ---------- -------
LIABILITIES
Payables for:
Investments purchased.................................................... 237 21 181,095 5,565
Fund shares purchased....................................................
Futures contracts variation margin....................................... 28
Collateral for securities on loan........................................ 28,498 91,886
Forward foreign currency exchange contracts purchased....................
Forward foreign currency exchange contracts sold.........................
Unrealized depreciation in forward currency contracts....................
Other liabilities........................................................ 61 683 720 4
-------- ---------- ---------- -------
Total liabilities.......................................................... 298 29,230 273,701 5,569
-------- ---------- ---------- -------
Net assets................................................................. $191,868 $1,914,539 $1,972,653 $27,817
======== ========== ========== =======
Shares of beneficial interest outstanding.................................. 13,593 192,010 164,692 2,744
-------- ---------- ---------- -------
Net asset value per share.................................................. $ 14.11 $ 9.97 $ 11.98 $ 10.14
======== ========== ========== =======
Composition of net assets:
Capital paid-in.......................................................... $165,690 $2,695,405 $2,119,706 $27,479
Accumulated net realized gain (loss) on investments, futures and foreign
currency transactions................................................... 2,758 (847,508) (237,494) 384
Undistributed (distribution in excess of) net investment income (loss)... (16) 1,973 32,685 5
Net unrealized appreciation (depreciation) of:
Investments.............................................................. 23,436 64,704 57,756 (51)
Futures.................................................................. (35)
Translation of assets and liabilities in foreign currencies..............
-------- ---------- ---------- -------
Net assets................................................................. $191,868 $1,914,539 $1,972,653 $27,817
======== ========== ========== =======
Short-Term Small Cap International Equity
Bond Emerging Growth Opportunities Index
---------- --------------- ------------- ---------
ASSETS
Long term investments at cost.............................................. $244,229 $ 56,440 $102,722 $ 661,569
Net unrealized appreciation (depreciation) of investments.................. 4,760 6,524 (4,133) (129,041)
Short-term investments at value (including $0, $27,868, $89,655, $0,
$10,039, $15,092, $17,670, $0, $0, and $73 of securities loaned
(Note B))................................................................. 17,115 15,507 19,359 17,713
-------- -------- -------- ---------
Total investments....................................................... 266,104 78,471 117,948 550,241
Cash....................................................................... 4,127 138 74
Foreign currency at value (cost $0, $0, $1, $0, $0, $0, $1,133, $0, $0, and
$0, respectively)......................................................... 1,133
Receivable for:
Investments sold......................................................... 7 1,968 85 3,041
Fund shares sold.........................................................
Interest................................................................. 2,055
Dividends................................................................ 4 186 655
Futures contracts variation margin.......................................
Forward foreign currency exchange contracts sold......................... 45
Unrealized appreciation in forward currency contracts....................
Other assets............................................................. 11 68
-------- -------- -------- ---------
Total assets............................................................... 272,293 80,592 119,397 554,079
-------- -------- -------- ---------
LIABILITIES
Payables for:
Investments purchased.................................................... 4,127 1,575 15 74
Fund shares purchased....................................................
Futures contracts variation margin.......................................
Collateral for securities on loan........................................ 10,260 15,507 18,716
Forward foreign currency exchange contracts purchased.................... 45
Forward foreign currency exchange contracts sold.........................
Unrealized depreciation in forward currency contracts....................
Other liabilities........................................................ 60 149 80 168
-------- -------- -------- ---------
Total liabilities.......................................................... 14,447 17,231 18,856 242
-------- -------- -------- ---------
Net assets................................................................. $257,846 $ 63,361 $100,541 $ 553,837
======== ======== ======== =========
Shares of beneficial interest outstanding.................................. 25,143 8,563 12,538 43,988
-------- -------- -------- ---------
Net asset value per share.................................................. $ 10.26 $ 7.40 $ 8.02 $ 12.59
======== ======== ======== =========
Composition of net assets:
Capital paid-in.......................................................... $253,774 $ 89,863 $152,227 $ 711,191
Accumulated net realized gain (loss) on investments, futures and foreign
currency transactions................................................... (699) (32,935) (47,701) (33,707)
Undistributed (distribution in excess of) net investment income (loss)... 11 (91) 171 5,526
Net unrealized appreciation (depreciation) of:
Investments.............................................................. 4,760 6,524 (4,133) (129,041)
Futures.................................................................. (132)
Translation of assets and liabilities in foreign currencies.............. (23)
-------- -------- -------- ---------
Net assets................................................................. $257,846 $ 63,361 $100,541 $ 553,837
======== ======== ======== =========
High Yield Global
Bond Bond
---------- --------
ASSETS
Long term investments at cost.............................................. $ 78,219 $ 89,716
Net unrealized appreciation (depreciation) of investments.................. 3,675 9,776
Short-term investments at value (including $0, $27,868, $89,655, $0,
$10,039, $15,092, $17,670, $0, $0, and $73 of securities loaned
(Note B))................................................................. 691
-------- --------
Total investments....................................................... 81,894 100,183
Cash....................................................................... 260
Foreign currency at value (cost $0, $0, $1, $0, $0, $0, $1,133, $0, $0, and
$0, respectively).........................................................
Receivable for:
Investments sold......................................................... 1,286 10
Fund shares sold.........................................................
Interest................................................................. 1,822 1,699
Dividends................................................................
Futures contracts variation margin.......................................
Forward foreign currency exchange contracts sold......................... 12,413
Unrealized appreciation in forward currency contracts.................... 38
Other assets.............................................................
-------- --------
Total assets............................................................... 85,262 114,343
-------- --------
LIABILITIES
Payables for:
Investments purchased.................................................... 827
Fund shares purchased....................................................
Futures contracts variation margin.......................................
Collateral for securities on loan........................................ 74
Forward foreign currency exchange contracts purchased.................... 12,413
Forward foreign currency exchange contracts sold.........................
Unrealized depreciation in forward currency contracts.................... 164
Other liabilities........................................................ 245 15
-------- --------
Total liabilities.......................................................... 1,072 12,666
-------- --------
Net assets................................................................. $ 84,190 $101,677
======== ========
Shares of beneficial interest outstanding.................................. 13,388 8,499
-------- --------
Net asset value per share.................................................. $ 6.29 $ 11.96
======== ========
Composition of net assets:
Capital paid-in.......................................................... $ 98,425 $ 90,297
Accumulated net realized gain (loss) on investments, futures and foreign
currency transactions................................................... (17,510) 304
Undistributed (distribution in excess of) net investment income (loss)... (400) 1,380
Net unrealized appreciation (depreciation) of:
Investments.............................................................. 3,675 9,776
Futures..................................................................
Translation of assets and liabilities in foreign currencies.............. (80)
-------- --------
Net assets................................................................. $ 84,190 $101,677
======== ========
See notes to financial statements.
4
STATEMENT OF OPERATIONS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
Large Cap Fundamental Active Emerging Financial
Growth Growth Bond Markets Equity Industries*
--------- ----------- ------- -------------- -----------
INVESTMENT INCOME
Interest....................................................... $ 1,771 $ 5 $26,855 $ 10 $ 2
Dividends...................................................... 2,601 43 370 593 269
Securities lending............................................. 10 1 80
-------- ------- ------- ------- -------
Total investment income........................................... 4,382 49 27,305 603 271
-------- ------- ------- ------- -------
EXPENSES
Investment advisory fee........................................ 2,005 89 3,136 270 77
Auditors fees.................................................. 25 1 54 2 1
Custodian fees................................................. 62 1 119 98 7
Fidelity Bond fees............................................. 1 1
Legal fees..................................................... 20 3 38 1
Printing & mailing fees........................................ 61 2 112 3 1
Trustees' fees................................................. 8 16 1
Other fees..................................................... 9 20 5
-------- ------- ------- ------- -------
Total expenses.................................................... 2,191 96 3,496 380 86
Less expenses reimbursed....................................... (92)
-------- ------- ------- ------- -------
Net expenses...................................................... 2,191 96 3,496 288 86
-------- ------- ------- ------- -------
Net investment income (loss)...................................... 2,191 (47) 23,809 315 185
-------- ------- ------- ------- -------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments.................................................... (44,716) (2,008) 31,787 (1,128) (1,257)
Financial futures contracts....................................
Foreign currency transactions.................................. 117 (263) (3)
Change in unrealized appreciation (depreciation) on:
Investments.................................................... 80,526 4,568 2,134 6,458 (686)
Futures........................................................
Translation of assets and liabilities in foreign currencies.... 4
-------- ------- ------- ------- -------
Net realized and unrealized gain (loss)......................... 35,810 2,560 34,038 5,071 (1,946)
-------- ------- ------- ------- -------
Net increase (decrease) in net assets resulting from operations. $ 38,001 $ 2,513 $57,847 $ 5,386 $(1,761)
======== ======= ======= ======= =======
International Small Cap Health
Equity Index Growth Sciences
------------- --------- --------
INVESTMENT INCOME
Interest....................................................... $ 34 $ 35 $ 4
Dividends...................................................... 1,852 129 132
Securities lending............................................. 89 37 3
------- -------- -------
Total investment income........................................... 1,975 201 139
------- -------- -------
EXPENSES
Investment advisory fee........................................ 94 619 120
Auditors fees.................................................. 5 6 1
Custodian fees................................................. 106 60 38
Fidelity Bond fees.............................................
Legal fees..................................................... 4 10 1
Printing & mailing fees........................................ 10 24 1
Trustees' fees................................................. 1 2
Other fees..................................................... 4 2 1
------- -------- -------
Total expenses.................................................... 224 723 162
Less expenses reimbursed....................................... (78) (43) (30)
------- -------- -------
Net expenses...................................................... 146 680 132
------- -------- -------
Net investment income (loss)...................................... 1,829 (479) 7
------- -------- -------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments.................................................... (2,164) (17,302) (1,009)
Financial futures contracts.................................... (55)
Foreign currency transactions.................................. 308 105
Change in unrealized appreciation (depreciation) on:
Investments.................................................... 13,211 30,478 4,866
Futures........................................................ 46
Translation of assets and liabilities in foreign currencies.... (107) (57)
------- -------- -------
Net realized and unrealized gain (loss)......................... 11,239 13,176 3,905
------- -------- -------
Net increase (decrease) in net assets resulting from operations. $13,068 $ 12,697 $ 3,912
======= ======== =======
(*) Commenced operations on April 29, 2003.
See notes to financial statements.
5
STATEMENT OF OPERATIONS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
Overseas Earnings Mid Cap Large Cap Large Cap Fundamental
Equity Growth Value* Value Value CORE Value
-------- -------- ------- --------- ---------- -----------
INVESTMENT INCOME
Interest..................................................... $ 149 $ 128 $ 2 $ 56 $ 18 $ 35
Dividends.................................................... 333 765 16 3,484 432 1,397
Securities lending........................................... 5 12 4
------- ------- ---- ------- ------- -------
Total investment income......................................... 482 898 18 3,552 450 1,436
------- ------- ---- ------- ------- -------
EXPENSES
Investment advisory fee...................................... 163 786 11 1,010 152 463
Auditors fees................................................ 2 9 14 2 6
Custodian fees............................................... 38 29 4 40 28 37
Fidelity Bond fees...........................................
Legal fees................................................... 1 6 9 1 4
Printing & mailing fees...................................... 3 15 25 4 11
Trustees' fees............................................... 3 4 1 2
Other fees................................................... 1 3 5 1 2
------- ------- ---- ------- ------- -------
Total expenses.................................................. 208 851 15 1,107 189 525
Less expenses reimbursed..................................... (29) (3) (17) (8)
------- ------- ---- ------- ------- -------
Net expenses.................................................... 179 851 12 1,107 172 517
------- ------- ---- ------- ------- -------
Net investment income (loss).................................... 303 47 6 2,445 278 919
------- ------- ---- ------- ------- -------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments.................................................. (1,229) (1,568) 111 868 (1,958) (5,797)
Financial futures contracts.................................. (24)
Foreign currency transactions................................ 928 (156) 26
Change in unrealized appreciation (depreciation) on:
Investments.................................................. 3,619 18,282 538 23,584 5,524 16,788
Futures...................................................... (9) 76
Translation of assets and liabilities in foreign currencies.. (20) 87
------- ------- ---- ------- ------- -------
Net realized and unrealized gain.............................. 3,298 16,645 649 24,452 3,583 11,043
------- ------- ---- ------- ------- -------
Net increase in net assets resulting from operations.......... $ 3,601 $16,692 $655 $26,897 $ 3,861 $11,962
======= ======= ==== ======= ======= =======
Money Small/Mid Cap
Market Growth
------ -------------
INVESTMENT INCOME
Interest..................................................... $5,948 $ 498
Dividends.................................................... 244
Securities lending........................................... 22
------ -------
Total investment income......................................... 5,948 764
------ -------
EXPENSES
Investment advisory fee...................................... 1,094 696
Auditors fees................................................ 47 8
Custodian fees............................................... 113 41
Fidelity Bond fees........................................... 1
Legal fees................................................... 33 5
Printing & mailing fees...................................... 86 13
Trustees' fees............................................... 14 2
Other fees................................................... 19 3
------ -------
Total expenses.................................................. 1,407 768
Less expenses reimbursed.....................................
------ -------
Net expenses.................................................... 1,407 768
------ -------
Net investment income (loss).................................... 4,541 (4)
------ -------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments.................................................. (2,330)
Financial futures contracts..................................
Foreign currency transactions................................
Change in unrealized appreciation (depreciation) on:
Investments.................................................. 28,427
Futures......................................................
Translation of assets and liabilities in foreign currencies..
------ -------
Net realized and unrealized gain.............................. 26,097
------ -------
Net increase in net assets resulting from operations.......... $4,541 $26,093
====== =======
(*) Commenced operations on April 30, 2003.
See notes to financial statements.
6
STATEMENT OF OPERATIONS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
Bond Large Cap Small/Mid Cap Small Cap Real Estate
Index Aggressive Growth CORE Value Equity
------ ----------------- ------------- --------- -----------
INVESTMENT INCOME
Interest..................................................... $5,604 $ 3 $ 7 $ 27 $ 26
Dividends.................................................... 116 386 920 5,536
Securities lending........................................... 15 18 65
------ ------- ------- ------- -------
Total investment income......................................... 5,619 119 411 1,012 5,562
------ ------- ------- ------- -------
EXPENSES
Investment advisory fee...................................... 157 110 275 580 881
Auditors fees................................................ 12 1 2 6 9
Custodian fees............................................... 69 27 38 46
Fidelity Bond fees...........................................
Legal fees................................................... 8 2 4 7
Printing & mailing fees...................................... 21 1 5 11 17
Trustees' fees............................................... 3 1 1 2 3
Other fees................................................... 5 1 2 4
------ ------- ------- ------- -------
Total expenses.................................................. 275 113 313 643 967
Less expenses reimbursed..................................... (5) (12) (3)
------ ------- ------- ------- -------
Net expenses.................................................... 270 113 301 640 967
------ ------- ------- ------- -------
Net investment income........................................... 5,349 6 110 372 4,595
------ ------- ------- ------- -------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments.................................................. 422 (1,637) (1,118) 397 1,626
Financial futures contracts.................................. 175
Foreign currency transactions................................
Change in unrealized appreciation (depreciation) on:
Investments.................................................. 2,451 4,249 9,224 17,749 16,523
Futures...................................................... (14)
Translation of assets and liabilities in foreign currencies..
------ ------- ------- ------- -------
Net realized and unrealized gain.............................. 2,873 2,612 8,267 18,146 18,149
------ ------- ------- ------- -------
Net increase in net assets resulting from operations.......... $8,222 $ 2,618 $ 8,377 $18,518 $22,744
====== ======= ======= ======= =======
Growth & Total Return
Income Managed Bond*
-------- -------- ------------
INVESTMENT INCOME
Interest..................................................... $ 2,013 $ 14,493 $109
Dividends.................................................... 14,071 10,017
Securities lending........................................... 18 89
-------- -------- ----
Total investment income......................................... 16,102 24,599 109
-------- -------- ----
EXPENSES
Investment advisory fee...................................... 5,962 6,454 31
Auditors fees................................................ 92 100
Custodian fees............................................... 146 198 4
Fidelity Bond fees........................................... 2 2
Legal fees................................................... 68 73
Printing & mailing fees...................................... 194 180 1
Trustees' fees............................................... 27 29
Other fees................................................... 33 41
-------- -------- ----
Total expenses.................................................. 6,524 7,077 36
Less expenses reimbursed..................................... (1)
-------- -------- ----
Net expenses.................................................... 6,524 7,077 35
-------- -------- ----
Net investment income........................................... 9,578 17,522 74
-------- -------- ----
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments.................................................. (84,796) (28,018) 384
Financial futures contracts.................................. 1,119
Foreign currency transactions................................
Change in unrealized appreciation (depreciation) on:
Investments.................................................. 226,262 163,365 (51)
Futures...................................................... (35)
Translation of assets and liabilities in foreign currencies..
-------- -------- ----
Net realized and unrealized gain.............................. 142,550 135,347 333
-------- -------- ----
Net increase in net assets resulting from operations.......... $152,128 $152,869 $407
======== ======== ====
(*) Commenced operations on April 30, 2003.
See notes to financial statements.
7
STATEMENT OF OPERATIONS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
Short-Term Small Cap International Equity High Yield
Bond Emerging Growth Opportunities Index Bond
---------- --------------- ------------- ------- ----------
INVESTMENT INCOME
Interest..................................................... $5,563 $ 35 $ 17 $ 172 $ 2,764
Dividends.................................................... 205 1,396 4,251
Securities lending........................................... 16 18 46
------ -------- ------- ------- -------
Total investment income......................................... 5,579 258 1,459 4,423 2,764
------ -------- ------- ------- -------
EXPENSES
Investment advisory fee...................................... 748 252 506 327 283
Auditors fees................................................ 13 2 4 25 4
Custodian fees............................................... 39 29 120 77 37
Fidelity Bond fees........................................... 1
Legal fees................................................... 9 2 3 18 2
Printing & mailing fees...................................... 23 12 8 44 6
Trustees' fees............................................... 4 1 1 7 1
Other fees................................................... 5 1 6 43 1
------ -------- ------- ------- -------
Total expenses.................................................. 841 299 648 542 334
Less expenses reimbursed..................................... (21) (98) (16)
------ -------- ------- ------- -------
Net expenses.................................................... 841 278 550 542 318
------ -------- ------- ------- -------
Net investment income (loss).................................... 4,738 (20) 909 3,881 2,446
------ -------- ------- ------- -------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments.................................................. 608 (15,268) (4,878) (3,145) (1,244)
Financial futures contracts.................................. 1,577
Foreign currency transactions................................ 75
Change in unrealized appreciation (depreciation) on:
Investments.................................................. (135) 25,292 11,232 54,368 5,632
Futures...................................................... 140
Translation of assets and liabilities in foreign currencies.. (26)
------ -------- ------- ------- -------
Net realized and unrealized gain.............................. 473 10,024 6,403 52,940 4,388
------ -------- ------- ------- -------
Net increase in net assets resulting from operations.......... $5,211 $ 10,004 $ 7,312 $56,821 $ 6,834
====== ======== ======= ======= =======
Global
Bond
------
INVESTMENT INCOME
Interest..................................................... $1,813
Dividends....................................................
Securities lending........................................... 1
------
Total investment income......................................... 1,814
------
EXPENSES
Investment advisory fee...................................... 393
Auditors fees................................................ 5
Custodian fees............................................... 45
Fidelity Bond fees...........................................
Legal fees................................................... 3
Printing & mailing fees...................................... 8
Trustees' fees............................................... 1
Other fees................................................... 2
------
Total expenses.................................................. 457
Less expenses reimbursed..................................... (18)
------
Net expenses.................................................... 439
------
Net investment income (loss).................................... 1,375
------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments.................................................. 1,408
Financial futures contracts..................................
Foreign currency transactions................................ 1,704
Change in unrealized appreciation (depreciation) on:
Investments.................................................. 2,742
Futures......................................................
Translation of assets and liabilities in foreign currencies.. (146)
------
Net realized and unrealized gain.............................. 5,708
------
Net increase in net assets resulting from operations.......... $7,083
======
See notes to financial statements.
8
STATEMENT OF CHANGES IN NET ASSETS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
- --------------------------------------------------------------------------------
(000's Omitted)
Large Cap Growth Fundamental Growth
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income (loss)........................... $ 2,191 $ 2,023 $ (47) $ (145)
Net realized gain (loss)............................... (44,716) (121,609) (2,008) (9,185)
Change in net unrealized appreciation (depreciation)... 80,526 (90,461) 4,568 (1,424)
-------- --------- ------- --------
Net increase (decrease) in net assets resulting from
operations........................................... 38,001 (210,047) 2,513 (10,754)
Distributions to shareholders from:
Net investment income.................................. (490) (2,023)
In excess of net investment income.....................
Realized gains.........................................
In excess of realized gain.............................
Capital paid-in........................................
-------- --------- ------- --------
Decrease in net assets resulting from distributions... (490) (2,023)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 39,509 76,521 2,132 6,642
Shares issued in reorganization........................ 12,462
Distributions reinvested............................... 490 2,023
Payment for shares redeemed............................ (39,107) (140,761) (2,738) (13,720)
-------- --------- ------- --------
Increase (decrease) in net assets from fund share
transactions......................................... 13,354 (62,217) (606) (7,078)
-------- --------- ------- --------
NET INCREASE (DECREASE) IN NET ASSETS.................... 50,865 (274,287) 1,907 (17,832)
NET ASSETS
Beginning of Period.................................... 496,628 770,915 20,065 37,897
-------- --------- ------- --------
End of Period.......................................... $547,493 $ 496,628 $21,972 $ 20,065
======== ========= ======= ========
Analysis of fund share transactions:
Sold................................................... 2,747 5,775 342 999
Issued in reorganization............................... 1,083
Reinvested............................................. 43 155
Redeemed............................................... (3,476) (11,115) (461) (2,073)
-------- --------- ------- --------
Net increase (decrease) in fund shares outstanding....... 397 (5,185) (119) (1,074)
======== ========= ======= ========
Active Bond Emerging Markets Equity
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income (loss)........................... $ 23,809 $ 50,024 $ 315 $ 99
Net realized gain (loss)............................... 31,904 2,847 (1,391) (1,885)
Change in net unrealized appreciation (depreciation)... 2,134 14,002 6,462 (1,219)
---------- --------- -------- --------
Net increase (decrease) in net assets resulting from
operations........................................... 57,847 66,873 5,386 (3,005)
Distributions to shareholders from:
Net investment income.................................. (23,392) (50,011) (410) (93)
In excess of net investment income.....................
Realized gains......................................... (2,663)
In excess of realized gain.............................
Capital paid-in........................................
---------- --------- -------- --------
Decrease in net assets resulting from distributions... (23,392) (52,674) (410) (93)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 58,502 133,638 47,627 98,743
Shares issued in reorganization........................ 83,358
Distributions reinvested............................... 23,392 52,674 410 93
Payment for shares redeemed............................ (83,339) (160,571) (47,192) (90,188)
---------- --------- -------- --------
Increase (decrease) in net assets from fund share
transactions......................................... 81,913 25,741 845 8,648
---------- --------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS.................... 116,368 39,940 5,821 5,550
NET ASSETS
Beginning of Period.................................... 987,454 947,514 34,506 28,956
---------- --------- -------- --------
End of Period.......................................... $1,103,822 $ 987,454 $ 40,327 $ 34,506
========== ========= ======== ========
Analysis of fund share transactions:
Sold................................................... 6,215 13,944 7,919 15,252
Issued in reorganization............................... 8,433
Reinvested............................................. 2,374 5,525 69 14
Redeemed............................................... (8,434) (16,811) (7,816) (14,004)
---------- --------- -------- --------
Net increase (decrease) in fund shares outstanding....... 8,588 2,658 172 1,262
========== ========= ======== ========
See notes to financial statements.
9
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
- --------------------------------------------------------------------------------
(000's Omitted)
Financial Industries International Equity Index
-------------------- ----------------------------
Period from Unaudited
April 29, 2003(*) Six-Month Period Year Ended
to June 30, Ended June 30, December 31,
2003 2003 2002
-------------------- ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income (loss)........................... $ 185 $ 1,829 $ 2,058
Net realized gain (loss)............................... (1,260) (1,936) (8,662)
Change in net unrealized appreciation (depreciation)... (686) 13,175 (10,666)
------- -------- --------
Net increase (decrease) in net assets resulting from
operations........................................... (1,761) 13,068 (17,270)
Distributions to shareholders from:
Net investment income.................................. (189) (2,047) (2,052)
In excess of net investment income.....................
Realized gains.........................................
In excess of realized gain.............................
Capital paid-in........................................
------- -------- --------
Decrease in net assets resulting from distributions... (189) (2,047) (2,052)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 6,555 61,761 92,695
Shares issued in reorganization........................ 55,074
Distributions reinvested............................... 189 2,047 2,052
Payment for shares redeemed............................ (2,016) (52,117) (98,528)
------- -------- --------
Increase (decrease) in net assets from fund share
transactions......................................... 59,802 11,691 (3,781)
------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS.................... 57,852 22,712 (23,103)
NET ASSETS
Beginning of Period.................................... 98,917 122,020
------- -------- --------
End of Period.......................................... $57,852 $121,629 $ 98,917
======= ======== ========
Analysis of fund share transactions:
Sold................................................... 111 6,135 8,608
Issued in reorganization............................... 4,640
Reinvested............................................. 15 201 183
Redeemed............................................... (163) (5,097) (9,057)
------- -------- --------
Net increase (decrease) in fund shares outstanding....... 4,603 1,239 (266)
======= ======== ========
Small Cap Growth Health Sciences
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income (loss)........................... $ (479) $ (1,224) $ 7 $ 27
Net realized gain (loss)............................... (17,302) (35,969) (904) (4,562)
Change in net unrealized appreciation (depreciation)... 30,478 (17,803) 4,809 (2,116)
-------- -------- ------- --------
Net increase (decrease) in net assets resulting from
operations........................................... 12,697 (54,996) 3,912 (6,651)
Distributions to shareholders from:
Net investment income.................................. (56)
In excess of net investment income.....................
Realized gains.........................................
In excess of realized gain.............................
Capital paid-in........................................
-------- -------- ------- --------
Decrease in net assets resulting from distributions... (56)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 18,493 60,295 7,218 9,884
Shares issued in reorganization........................
Distributions reinvested............................... 56
Payment for shares redeemed............................ (21,360) (73,977) (5,487) (10,436)
-------- -------- ------- --------
Increase (decrease) in net assets from fund share
transactions......................................... (2,867) (13,682) 1,731 (496)
-------- -------- ------- --------
NET INCREASE (DECREASE) IN NET ASSETS.................... 9,830 (68,678) 5,643 (7,203)
NET ASSETS
Beginning of Period.................................... 120,723 189,401 22,670 29,873
-------- -------- ------- --------
End of Period.......................................... $130,553 $120,723 $28,313 $ 22,670
======== ======== ======= ========
Analysis of fund share transactions:
Sold................................................... 2,260 6,154 873 1,133
Issued in reorganization...............................
Reinvested............................................. 7
Redeemed............................................... (2,607) (7,603) (691) (1,288)
-------- -------- ------- --------
Net increase (decrease) in fund shares outstanding....... (347) (1,449) 182 (148)
======== ======== ======= ========
(*) Commencement of operations
See notes to financial statements.
10
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
- --------------------------------------------------------------------------------
(000's Omitted)
Overseas Equity Earnings Growth
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE(DECREASE) IN NET ASSETS
From operations
Net investment income (loss)...................................... $ 303 $ 372 $ 47 $ (801)
Net realized gain (loss).......................................... (301) (2,154) (1,724) (95,364)
Change in net unrealized appreciation (depreciation).............. 3,599 (104) 18,369 16,632
------- -------- -------- --------
Net increase (decrease) in net assets resulting from operations.. 3,601 (1,886) 16,692 (79,533)
Distributions to shareholders from:
Net investment income............................................. (381) (374)
In excess of net investment income................................
Realized gains....................................................
In excess of realized gain........................................
Capital paid-in...................................................
------- -------- -------- --------
Decrease in net assets resulting from distributions.............. (381) (374)
Capital contributions
From fund share transactions:
Proceeds from shares sold......................................... 11,059 14,757 19,919 56,048
Shares issued in reorganization...................................
Distributions reinvested.......................................... 381 374
Payment for shares redeemed....................................... (9,733) (14,225) (21,235) (62,555)
------- -------- -------- --------
Increase (decrease) in net assets from fund share transactions... 1,707 906 (1,316) (6,507)
------- -------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS............................... 4,927 (1,354) 15,376 (86,040)
NET ASSETS
Beginning of Period............................................... 29,936 31,290 159,859 245,899
------- -------- -------- --------
End of Period..................................................... $34,863 $ 29,936 $175,235 $159,859
======= ======== ======== ========
Analysis of fund share transactions:
Sold.............................................................. 1,343 1,868 2,897 7,156
Issued in reorganization..........................................
Reinvested........................................................ 47 46
Redeemed.......................................................... (1,193) (1,788) (3,088) (8,119)
------- -------- -------- --------
Net increase (decrease) in fund shares outstanding.................. 197 126 (191) (963)
======= ======== ======== ========
Mid Cap Value Large Cap Value
----------------- ----------------------------
Period from Unaudited
April 30, 2003(*) Six-Month Period Year Ended
to June 30, Ended June 30, December 31,
2003 2003 2002
----------------- ---------------- ------------
INCREASE(DECREASE) IN NET ASSETS
From operations
Net investment income (loss)...................................... $ 6 $ 2,445 $ 4,352
Net realized gain (loss).......................................... 111 868 2,769
Change in net unrealized appreciation (depreciation).............. 538 23,584 (45,256)
------- -------- --------
Net increase (decrease) in net assets resulting from operations.. 655 26,897 (38,135)
Distributions to shareholders from:
Net investment income............................................. (2,464) (4,351)
In excess of net investment income................................
Realized gains.................................................... (3,600)
In excess of realized gain........................................
Capital paid-in...................................................
------- -------- --------
Decrease in net assets resulting from distributions.............. (2,464) (7,951)
Capital contributions
From fund share transactions:
Proceeds from shares sold......................................... 7,294 61,645 110,232
Shares issued in reorganization...................................
Distributions reinvested.......................................... 2,464 7,951
Payment for shares redeemed....................................... (1,506) (42,908) (72,602)
------- -------- --------
Increase (decrease) in net assets from fund share transactions... 5,788 21,201 45,581
------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS............................... 6,443 45,634 (505)
NET ASSETS
Beginning of Period............................................... 260,141 260,646
------- -------- --------
End of Period..................................................... $ 6,443 $305,775 $260,141
======= ======== ========
Analysis of fund share transactions:
Sold.............................................................. 714 5,132 8,372
Issued in reorganization..........................................
Reinvested........................................................ 206 637
Redeemed.......................................................... (141) (3,543) (5,580)
------- -------- --------
Net increase (decrease) in fund shares outstanding.................. 573 1,795 3,429
======= ======== ========
(*) Commencement of operations
See notes to financial statements.
11
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
- --------------------------------------------------------------------------------
(000's Omitted)
Large Cap Value CORE Fundamental Value
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income (loss)........................... $ 278 $ 581 $ 919 $ 1,794
Net realized gain (loss)............................... (1,932) (6,253) (5,821) (20,300)
Change in net unrealized appreciation (depreciation)... 5,515 (3,791) 16,864 (10,611)
------- -------- -------- --------
Net increase (decrease) in net assets resulting from
operations........................................... 3,861 (9,463) 11,962 (29,117)
Distributions to shareholders from:
Net investment income.................................. (281) (581) (928) (1,766)
In excess of net investment income.....................
Realized gains.........................................
In excess of realized gain.............................
Capital paid-in........................................ (28)
------- -------- -------- --------
Decrease in net assets resulting from distributions... (281) (581) (928) (1,794)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 4,557 13,044 15,457 39,206
Shares issued in reorganization........................
Distributions reinvested............................... 281 581 928 1,794
Payment for shares redeemed............................ (4,681) (23,648) (26,668) (50,697)
------- -------- -------- --------
Increase (decrease) in net assets from fund share
transactions......................................... 157 (10,023) (10,283) (9,697)
NET INCREASE (DECREASE) IN NET ASSETS.................... 3,737 (20,067) 751 (40,608)
NET ASSETS
Beginning of Period.................................... 40,765 60,832 121,102 161,710
------- -------- -------- --------
End of Period.......................................... $44,502 $ 40,765 $121,853 $121,102
======= ======== ======== ========
Analysis of fund share transactions:
Sold................................................... 562 1,462 1,709 3,997
Issued in reorganization...............................
Reinvested............................................. 35 67 106 190
Redeemed............................................... (586) (2,585) (3,029) (5,425)
------- -------- -------- --------
Net increase (decrease) in fund shares outstanding....... 11 (1,056) (1,214) (1,238)
======= ======== ======== ========
Money Market Small/Mid Cap Growth
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income (loss)........................... $ 4,541 $ 11,513 $ (4) $ (1,137)
Net realized gain (loss)............................... (2,330) (5,715)
Change in net unrealized appreciation (depreciation)... 28,427 (31,900)
--------- ----------- -------- --------
Net increase (decrease) in net assets resulting from
operations........................................... 4,541 11,513 26,093 (38,752)
Distributions to shareholders from:
Net investment income.................................. (4,541) (11,513)
In excess of net investment income.....................
Realized gains.........................................
In excess of realized gain.............................
Capital paid-in........................................ (1,738)
--------- ----------- -------- --------
Decrease in net assets resulting from distributions... (4,541) (11,513)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 451,281 1,263,747 29,668 56,477
Shares issued in reorganization........................
Distributions reinvested............................... 4,541 11,513 1,738
Payment for shares redeemed............................ (548,750) (1,102,660) (23,050) (61,999)
--------- ----------- -------- --------
Increase (decrease) in net assets from fund share
transactions......................................... (92,928) 172,600 6,618 (3,784)
NET INCREASE (DECREASE) IN NET ASSETS.................... (92,928) 172,600 32,711 (44,274)
NET ASSETS
Beginning of Period.................................... 918,116 745,516 140,958 185,232
--------- ----------- -------- --------
End of Period.......................................... $ 825,188 $ 918,116 $173,669 $140,958
========= =========== ======== ========
Analysis of fund share transactions:
Sold................................................... 451,281 1,263,747 2,586 4,608
Issued in reorganization...............................
Reinvested............................................. 4,541 11,513 156
Redeemed............................................... (548,750) (1,102,660) (2,084) (5,071)
--------- ----------- -------- --------
Net increase (decrease) in fund shares outstanding....... (92,928) 172,600 502 (307)
========= =========== ======== ========
See notes to financial statements.
12
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
- --------------------------------------------------------------------------------
(000's Omitted)
Bond Index Large Cap Aggressive Growth
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income (loss)........................... $ 5,349 $ 9,325 $ 6 $ (46)
Net realized gain (loss)............................... 422 302 (1,637) (10,039)
Change in net unrealized appreciation (depreciation)... 2,451 7,403 4,249 (2,376)
-------- -------- ------- --------
Net increase (decrease) in net assets resulting from
operations........................................... 8,222 17,030 2,618 (12,461)
Distributions to shareholders from:
Net investment income.................................. (5,248) (9,249)
In excess of net investment income.....................
Realized gains......................................... (179)
In excess of realized gain.............................
Capital paid-in........................................ (217)
-------- -------- ------- --------
Decrease in net assets resulting from distributions... (5,248) (9,645)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 65,896 130,836 2,965 7,724
Shares issued in reorganization........................
Distributions reinvested............................... 5,248 9,645
Payment for shares redeemed............................ (43,836) (69,129) (3,871) (10,752)
-------- -------- ------- --------
Increase (decrease) in net assets from fund share
transactions......................................... 27,308 71,352 (906) (3,028)
-------- -------- ------- --------
NET INCREASE (DECREASE) IN NET ASSETS.................... 30,282 78,737 1,712 (15,489)
NET ASSETS
Beginning of Period.................................... 208,095 129,358 24,249 39,738
-------- -------- ------- --------
End of Period.......................................... $238,377 $208,095 $25,961 $ 24,249
======== ======== ======= ========
Analysis of fund share transactions:
Sold................................................... 6,368 13,015 514 1,161
Issued in reorganization...............................
Reinvested............................................. 507 959
Redeemed............................................... (4,223) (6,852) (679) (1,704)
-------- -------- ------- --------
Net increase (decrease) in fund shares outstanding....... 2,652 7,122 (165) (543)
======== ======== ======= ========
Small/Mid Cap CORE Small Cap Value
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income (loss)........................... $ 110 $ 229 $ 372 $ 776
Net realized gain (loss)............................... (943) (3,813) 397 379
Change in net unrealized appreciation (depreciation)... 9,210 (4,661) 17,749 (12,133)
-------- -------- -------- --------
Net increase (decrease) in net assets resulting from
operations........................................... 8,377 (8,245) 18,518 (10,978)
Distributions to shareholders from:
Net investment income.................................. (102) (227) (384) (885)
In excess of net investment income.....................
Realized gains......................................... (1,001)
In excess of realized gain.............................
Capital paid-in........................................ (2) (1,231)
-------- -------- -------- --------
Decrease in net assets resulting from distributions... (102) (229) (384) (3,117)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 26,512 53,157 23,510 76,240
Shares issued in reorganization........................
Distributions reinvested............................... 102 229 384 3,117
Payment for shares redeemed............................ (17,544) (43,215) (17,673) (48,416)
-------- -------- -------- --------
Increase (decrease) in net assets from fund share
transactions......................................... 9,070 10,171 6,221 30,941
-------- -------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS.................... 17,345 1,697 24,355 16,846
NET ASSETS
Beginning of Period.................................... 48,143 46,446 120,070 103,224
-------- -------- -------- --------
End of Period.......................................... $ 65,488 $ 48,143 $144,425 $120,070
======== ======== ======== ========
Analysis of fund share transactions:
Sold................................................... 3,099 5,734 1,791 5,465
Issued in reorganization...............................
Reinvested............................................. 12 26 29 244
Redeemed............................................... (2,044) (4,680) (1,400) (3,640)
-------- -------- -------- --------
Net increase (decrease) in fund shares outstanding....... 1,067 1,080 420 2,069
======== ======== ======== ========
See notes to financial statements.
13
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
- --------------------------------------------------------------------------------
(000's Omitted)
Real Estate Equity Growth & Income
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income.................................. $ 4,595 $ 8,407 $ 9,578 $ 15,255
Net realized gain (loss)............................... 1,626 3,167 (83,677) (269,774)
Change in net unrealized appreciation (depreciation)... 16,523 (10,761) 226,227 (277,602)
-------- -------- ---------- ----------
Net increase (decrease) in net assets resulting from
operations........................................... 22,744 813 152,128 (532,121)
Distributions to shareholders from:
Net investment income.................................. (4,611) (8,765) (7,825) (15,248)
In excess of net investment income.....................
Realized gains......................................... (4,175)
In excess of realized gain.............................
Capital paid-in........................................
-------- -------- ---------- ----------
Decrease in net assets resulting from distributions... (4,611) (12,940) (7,825) (15,248)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 31,330 75,035 48,192 122,967
Shares issued in reorganization........................ 66,546
Distributions reinvested............................... 4,611 12,940 7,825 15,248
Payment for shares redeemed............................ (40,132) (61,575) (114,530) (304,962)
-------- -------- ---------- ----------
Increase (decrease) in net assets from fund share
transactions......................................... (4,191) 26,400 8,033 (166,747)
-------- -------- ---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS.................... 13,942 14,273 152,336 (714,116)
NET ASSETS
Beginning of Period.................................... 177,926 163,653 1,762,203 2,476,319
-------- -------- ---------- ----------
End of Period.......................................... $191,868 $177,926 $1,914,539 $1,762,203
======== ======== ========== ==========
Analysis of fund share transactions:
Sold................................................... 2,376 5,436 5,205 11,661
Issued in reorganization............................... 7,117
Reinvested............................................. 353 969 840 1,471
Redeemed............................................... (3,048) (4,574) (12,349) (29,468)
-------- -------- ---------- ----------
Net increase (decrease) in fund shares outstanding....... (319) 1,831 813 (16,336)
======== ======== ========== ==========
Managed Total Return Bond
---------------------------- -----------------
Unaudited Period from
Six-Month Period Year Ended April 30, 2003(*)
Ended June 30, December 31, to June 30,
2003 2002 2003
---------------- ------------ -----------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income.................................. $ 17,522 $ 39,260 $ 74
Net realized gain (loss)............................... (28,018) (108,571) 384
Change in net unrealized appreciation (depreciation)... 163,365 (256,985) (51)
---------- ---------- -------
Net increase (decrease) in net assets resulting from
operations........................................... 152,869 (326,296) 407
Distributions to shareholders from:
Net investment income.................................. (15,962) (39,246) (69)
In excess of net investment income.....................
Realized gains.........................................
In excess of realized gain.............................
Capital paid-in........................................
---------- ---------- -------
Decrease in net assets resulting from distributions... (15,962) (39,246) (69)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 37,493 141,803 27,496
Shares issued in reorganization........................
Distributions reinvested............................... 15,962 39,246 69
Payment for shares redeemed............................ (154,573) (405,346) (86)
---------- ---------- -------
Increase (decrease) in net assets from fund share
transactions......................................... (101,118) (224,297) 27,479
---------- ---------- -------
NET INCREASE (DECREASE) IN NET ASSETS.................... 35,789 (589,839) 27,817
NET ASSETS
Beginning of Period.................................... 1,936,864 2,526,703
---------- ---------- -------
End of Period.......................................... $1,972,653 $1,936,864 $27,817
========== ========== =======
Analysis of fund share transactions:
Sold................................................... 3,305 11,521 2,745
Issued in reorganization...............................
Reinvested............................................. 1,407 3,304 7
Redeemed............................................... (13,775) (34,237) (8)
---------- ---------- -------
Net increase (decrease) in fund shares outstanding....... (9,063) (19,412) 2,744
========== ========== =======
(*) Commencement of operations
See notes to financial statements.
14
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
- --------------------------------------------------------------------------------
(000's Omitted)
Short-Term Bond Small Cap Emerging Growth
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income (loss)........................... $ 4,738 $ 8,226 $ (20) $ 114
Net realized gain (loss)............................... 608 (385) (15,268) (6,232)
Change in net unrealized appreciation (depreciation)... (135) 2,688 25,292 (13,044)
-------- -------- -------- --------
Net increase (decrease) in net assets resulting from
operations........................................... 5,211 10,529 10,004 (19,162)
Distributions to shareholders from:
Net investment income.................................. (4,647) (7,972) (71) (114)
In excess of net investment income.....................
Realized gains.........................................
In excess of realized gain.............................
Capital paid-in........................................ (489)
-------- -------- -------- --------
Decrease in net assets resulting from distributions... (4,647) (8,461) (71) (114)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 50,560 121,761 24,624 40,696
Shares issued in reorganization........................
Distributions reinvested............................... 4,647 8,461 71 114
Payment for shares redeemed............................ (39,042) (40,623) (21,594) (42,400)
-------- -------- -------- --------
Increase (decrease) in net assets from fund share
transactions......................................... 16,165 89,599 3,101 (1,590)
-------- -------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS.................... 16,729 91,667 13,034 (20,866)
NET ASSETS
Beginning of Period.................................... 241,117 149,450 50,327 71,193
-------- -------- -------- --------
End of Period.......................................... $257,846 $241,117 $ 63,361 $ 50,327
======== ======== ======== ========
Analysis of fund share transactions:
Sold................................................... 4,929 11,951 3,817 5,357
Issued in reorganization...............................
Reinvested............................................. 454 833 12 19
Redeemed............................................... (3,807) (3,998) (3,259) (5,481)
-------- -------- -------- --------
Net increase (decrease) in fund shares outstanding....... 1,576 8,786 570 (105)
======== ======== ======== ========
International Opportunities Equity Index
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income (loss)........................... $ 909 $ 598 $ 3,881 $ 6,944
Net realized gain (loss)............................... (4,803) (24,371) (1,568) (19,328)
Change in net unrealized appreciation (depreciation)... 11,206 3,191 54,508 (117,800)
-------- --------- -------- ---------
Net increase (decrease) in net assets resulting from
operations........................................... 7,312 (20,582) 56,821 (130,184)
Distributions to shareholders from:
Net investment income.................................. (947) (592) (3,888) (4,601)
In excess of net investment income.....................
Realized gains......................................... (2,918)
In excess of realized gain.............................
Capital paid-in........................................
-------- --------- -------- ---------
Decrease in net assets resulting from distributions... (947) (592) (3,888) (7,519)
Capital contributions
From fund share transactions:
Proceeds from shares sold.............................. 88,400 219,231 78,178 170,409
Shares issued in reorganization........................ 24,706
Distributions reinvested............................... 947 592 3,888 7,519
Payment for shares redeemed............................ (82,449) (219,668) (47,420) (112,758)
-------- --------- -------- ---------
Increase (decrease) in net assets from fund share
transactions......................................... 6,898 24,861 34,646 65,170
-------- --------- -------- ---------
NET INCREASE (DECREASE) IN NET ASSETS.................... 13,263 3,687 87,579 (72,533)
NET ASSETS
Beginning of Period.................................... 87,278 83,591 466,258 538,791
-------- --------- -------- ---------
End of Period.......................................... $100,541 $ 87,278 $553,837 $ 466,258
======== ========= ======== =========
Analysis of fund share transactions:
Sold................................................... 11,852 28,860 6,682 13,047
Issued in reorganization...............................
Reinvested............................................. 126 69 334 598
Redeemed............................................... (10,990) (26,366) (4,057) (8,896)
-------- --------- -------- ---------
Net increase (decrease) in fund shares outstanding....... 988 2,563 2,959 4,749
======== ========= ======== =========
See notes to financial statements.
15
STATEMENT OF CHANGES IN NET ASSETS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
- --------------------------------------------------------------------------------
(000's Omitted)
High Yield Bond Global Bond
---------------------------- ----------------------------
Unaudited Unaudited
Six-Month Period Year Ended Six-Month Period Year Ended
Ended June 30, December 31, Ended June 30, December 31,
2003 2002 2003 2002
---------------- ------------ ---------------- ------------
INCREASE (DECREASE) IN NET ASSETS
From operations
Net investment income (loss)...................................... $ 2,446 $ 5,710 $ 1,375 $ 2,048
Net realized gain (loss).......................................... (1,244) (13,393) 3,112 704
Change in net unrealized appreciation (depreciation).............. 5,632 5,078 2,596 7,395
-------- -------- -------- --------
Net increase (decrease) in net assets resulting from operations.. 6,834 (2,605) 7,083 10,147
Distributions to shareholders from:
Net investment income............................................. (2,409) (5,697) (3,132)
In excess of net investment income................................
Realized gains....................................................
In excess of realized gain........................................
Capital paid-in................................................... (335)
-------- -------- -------- --------
Decrease in net assets resulting from distributions.............. (2,409) (5,697) (3,467)
Capital contributions
From fund share transactions:
Proceeds from shares sold......................................... 56,205 68,950 44,150 64,973
Shares issued in reorganization...................................
Distributions reinvested.......................................... 2,409 5,697 3,467
Payment for shares redeemed....................................... (39,630) (56,838) (28,027) (44,295)
-------- -------- -------- --------
Increase (decrease) in net assets from fund share transactions... 18,984 17,809 16,123 24,145
-------- -------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS............................... 23,409 9,507 23,206 30,825
NET ASSETS
Beginning of Period............................................... 60,781 51,274 78,471 47,646
-------- -------- -------- --------
End of Period..................................................... $ 84,190 $ 60,781 $101,677 $ 78,471
======== ======== ======== ========
Analysis of fund share transactions:
Sold.............................................................. 9,149 11,198 3,820 6,063
Issued in reorganization..........................................
Reinvested........................................................ 393 919 313
Redeemed.......................................................... (6,441) (9,337) (2,414) (4,176)
-------- -------- -------- --------
Net increase (decrease) in fund shares outstanding.................. 3,101 2,780 1,406 2,200
======== ======== ======== ========
See notes to financial statements.
16
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
- --------------------------------------------------------------------------------
Selected data for each fund share of beneficial interest outstanding throughout
the period indicated:
Income from Investment Operations
--------------------------------------- -------------------------
Net Realized
Net Assets Net and Total Distribution Distribution
Value at Investment Unrealized From From Net From Net
Beginning Income Gain (Loss) Investment Investment Gains on
of Period Gain (Loss) on Investments(a) Operations Income Investments
---------- ----------- ----------------- ---------- ------------ ------------
Large Cap Growth
- ----------------
Unaudited Period Ended
June 30, 2003............ $11.18 $ 0.05 $ 1.00 $ 1.05 $(0.01) $
Year Ended December 31,
2002..................... 15.54 0.04 (4.36) (4.32) (0.04)
2001..................... 18.89 0.04 (3.36) (3.32) (0.03)
2000..................... 27.33 0.03 (4.89) (4.86) (0.04) (2.69)
1999..................... 26.19 0.09 6.03 6.12 (0.09) (4.89)
- -----------------------------------------------------------------------------------------------------------
Fundamental Growth
- ------------------
Unaudited Period Ended
June 30, 2003............ 5.91 (0.02) 0.82 0.80
Year Ended December 31,
2002..................... 8.48 (0.06) (2.51) (2.57)
2001..................... 12.52 (0.03) (4.01) (4.04)
2000 (e)................. 14.42 (0.02) (0.44) (0.46) (0.76)
Period from August 31, to
December 31, 1999 (g).... 10.00 (0.02) 5.34 5.32 (0.90)
- -----------------------------------------------------------------------------------------------------------
Active Bond
- -----------
Unaudited Period Ended
June 30, 2003 (21)....... 9.70 0.22 0.30 0.52 (0.22)
Year Ended December 31,
2002..................... 9.55 0.50 0.18 0.68 (0.53)
2001..................... 9.44 0.58 0.11 0.69 (0.58)
2000..................... 9.12 0.64 0.28 0.92 (0.60)
1999..................... 9.92 0.67 (0.76) (0.09) (0.71)
- -----------------------------------------------------------------------------------------------------------
Emerging Markets Equity
- -----------------------
Unaudited Period Ended
June 30, 2003............ 5.99 0.08 0.80 0.88 (0.07)
Year Ended December 31,
2002..................... 6.44 0.02 (0.45) (0.43) (0.02)
2001..................... 6.70 0.05 (0.29) (0.24)
2000..................... 12.26 (0.02) (4.91) (4.93) (0.62)
1999 (k)................. 7.09 0.03 5.35 5.38 (0.01) (0.10)
Period from May 1, to
December 31, 1988 (g).... 10.00 0.03 (2.91) (2.88) (0.02)
- -----------------------------------------------------------------------------------------------------------
Less Distributions
---------------------------------------------------------
Distribution in Net Assets
Excess of Distribution Value at Total
Net Investment From Capital Total Capital End Investment
Income/Gains Paid-in Distributions Contributions of Period Return(b)
--------------- ------------ ------------- ------------- ---------- ----------
Large Cap Growth
- ----------------
Unaudited Period Ended
June 30, 2003............ $ $ $(0.01) $ $12.22 9.37%(c)
Year Ended December 31,
2002..................... (0.04) 11.18 (27.82)%
2001..................... (0.03) 15.54 (17.54)%
2000..................... (0.78) (0.07) (3.58) 18.89 (17.89)%
1999..................... (4.98) 27.33 24.07%
- ---------------------------------------------------------------------------------------------------------------
Fundamental Growth
- ------------------
Unaudited Period Ended
June 30, 2003............ 6.71 13.48%(c)
Year Ended December 31,
2002..................... 5.91 (30.28)%
2001..................... 8.48 (32.23)%
2000 (e)................. (0.65) (0.03) (1.44) 12.52 (3.03)%
Period from August 31, to
December 31, 1999 (g).... (0.90) 14.42 54.57%(c)
- ---------------------------------------------------------------------------------------------------------------
Active Bond
- -----------
Unaudited Period Ended
June 30, 2003 (21)....... (0.22) 10.00 5.41%(c)
Year Ended December 31,
2002..................... (0.53) 9.70 7.25%
2001..................... (0.58) 9.55 7.48%
2000..................... (0.60) 9.44 10.45%
1999..................... (0.71) 9.12 (0.94)%
- ---------------------------------------------------------------------------------------------------------------
Emerging Markets Equity
- -----------------------
Unaudited Period Ended
June 30, 2003............ (0.07) 6.80 14.81%(c)
Year Ended December 31,
2002..................... (0.02) 5.99 (6.73)%
2001..................... (0.02) (0.02) 6.44 (3.63)%
2000..................... (0.01) (0.63) 6.70 (40.11)%
1999 (k)................. (0.42) (0.53) 0.32 12.26 81.37%(l)
Period from May 1, to
December 31, 1988 (g).... (0.01) (0.03) 7.09 (28.87%)(c)
- ---------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------
Net
Operating Investment
Net Assets Expenses to Income (Loss) Portfolio
End of Period Average to Average Turnover
(000s Omitted) Net Assets Net Assets Rate
-------------- ----------- ------------- ---------
Large Cap Growth
- ----------------
Unaudited Period Ended
June 30, 2003............ $ 547,493 0.87%(d) 0.87%(d) 51.28%(c)(5)
Year Ended December 31,
2002..................... 496,628 0.55% 0.33% 95.04%
2001..................... 770,915 0.41% 0.23% 63.96%
2000..................... 1,146,787 0.46% 0.10% 89.30%
1999..................... 1,382,473 0.39% 0.33% 37.42%
- ----------------------------------------------------------------------------------------
Fundamental Growth
- ------------------
Unaudited Period Ended
June 30, 2003............ 21,972 0.97%(d) (0.48%)(d) 54.56%(c)
Year Ended December 31,
2002..................... 20,065 1.00%(f) (0.52)% 93.77%
2001..................... 37,897 1.00%(f) (0.46)% 118.01%(5)
2000 (e)................. 46,114 0.96%(f) (0.38)% 250.46%
Period from August 31, to
December 31, 1999 (g).... 9,175 0.95%(d)(f) (0.55)%(d) 61.66%(c)
- ----------------------------------------------------------------------------------------
Active Bond
- -----------
Unaudited Period Ended
June 30, 2003 (21)....... 1,103,822 0.68%(d) 4.61%(d) 283.58%(c)(5)
Year Ended December 31,
2002..................... 987,454 0.69% 5.24% 290.73%
2001..................... 947,514 0.67% 5.97%(14) 206.80%(5)
2000..................... 842,299 0.41%(h) 6.98% 224.24%
1999..................... 850,286 0.28% 6.97% 182.90%
- ----------------------------------------------------------------------------------------
Emerging Markets Equity
- -----------------------
Unaudited Period Ended
June 30, 2003............ 40,327 1.61%(d)(i) 1.75%(d) 49.13%(c)
Year Ended December 31,
2002..................... 34,506 1.60%(i) 0.27% 88.40%
2001..................... 28,956 1.40%(i) 0.77% 120.72%
2000..................... 31,010 1.32%(i) (0.28)% 103.90%
1999 (k)................. 32,596 1.39%(i) 0.19% 196.32%
Period from May 1, to
December 31, 1988 (g).... 7,310 1.55%(d)(i) 0.51%(d) 53.95%(c)
- ----------------------------------------------------------------------------------------
17
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
- --------------------------------------------------------------------------------
Selected data for each fund share of beneficial interest outstanding throughout
the period indicated:
Income from Investment Operations
--------------------------------------- -------------------------
Net Realized
Net Assets Net and Total Distribution Distribution
Value at Investment Unrealized from from Net From Net
Beginning Income Gain (Loss) Investment Investment Gains on
of Period Gain (loss) on Investments(a) Operations Income Investments
---------- ----------- ----------------- ---------- ------------ ------------
Financial Industries
- --------------------
Period from May 1, 2003 to
June 30, 2003 (g).......... $11.90 $ 0.04 $ 0.67 $ 0.71 $(0.04) $
- -------------------------------------------------------------------------------------------------------------
International Equity Index
- --------------------------
Unaudited Period Ended
June 30, 2003.............. 10.05 0.19 0.93 1.12 (0.19)
Year Ended December 31,
2002....................... 12.07 0.21 (2.02) (1.81) (0.21)
2001....................... 15.39 0.22 (3.32) (3.10) (0.17)
2000....................... 19.64 0.23 (3.64) (3.41) (0.18) (0.59)
1999....................... 15.56 0.21 4.51 4.72 (0.21) (0.38)
- -------------------------------------------------------------------------------------------------------------
Small Cap Growth
- ----------------
Unaudited Period Ended
June 30, 2003.............. 8.25 (0.04) 0.92 0.88
Year Ended December 31,
2002....................... 11.77 (0.11) (3.41) (3.52)
2001....................... 13.47 (0.08) (1.62) (1.70)
2000....................... 19.12 (0.02) (4.16) (4.18) (0.12)
1999....................... 12.99 (0.21) 9.06 8.85 (2.72)
- -------------------------------------------------------------------------------------------------------------
Health Sciences
- ---------------
Unaudited Period Ended
June 30, 2003 (7).......... 7.82 0.02 1.35 1.37
Year Ended December 31,
2002....................... 9.81 0.01 (1.98) (1.97) (0.02)
Period from May 1, 2001, to
December 31, 2001 (g)...... 10.00 (0.00) (0.18) (0.18) (0.11)
- -------------------------------------------------------------------------------------------------------------
Overseas Equity (former Global Balanced)
- ----------------------------------------
Unaudited Period Ended
June 30, 2003.............. 7.92 0.10 0.85 0.95 (0.10)
Year Ended December 31,
2002....................... 8.57 0.10 (0.65) (0.55) (0.10)
2001....................... 9.27 0.11 (0.70) (0.59)
2000 (q)................... 10.71 0.23 (1.20) (0.97) (0.24) (0.01)
1999....................... 11.12 0.29 0.25 0.54 (0.29) (0.44)
- -------------------------------------------------------------------------------------------------------------
Less Distributions
---------------------------------------------------------
Distribution in Net Assets
Excess of Distribution Value at Total
Net Investment From Capital Total Capital End Investment
Income/Gains Paid-in Distributions Contributions of Period Return(b)
--------------- ------------ ------------- ------------- ---------- ----------
Financial Industries
- --------------------
Period from May 1, 2003 to
June 30, 2003 (g).......... $ $ $(0.04) $ $12.57 5.96%(c)
- -----------------------------------------------------------------------------------------------------------------
International Equity Index
- --------------------------
Unaudited Period Ended
June 30, 2003.............. (0.19) 10.98 11.26%(c)
Year Ended December 31,
2002....................... (0.21) 10.05 (15.18)%
2001....................... (0.05) (0.22) 12.07 (20.30)%
2000....................... (0.07) (0.84) 15.39 (17.42)%
1999....................... (0.05) (0.64) 19.64 30.87%
- -----------------------------------------------------------------------------------------------------------------
Small Cap Growth
- ----------------
Unaudited Period Ended
June 30, 2003.............. 9.13 10.76%(c)
Year Ended December 31,
2002....................... 8.25 (29.95)%
2001....................... 11.77 (12.61)%
2000....................... (1.35) (1.47) 13.47 (21.43)%
1999....................... (2.72) 19.12 70.38%
- -----------------------------------------------------------------------------------------------------------------
Health Sciences
- ---------------
Unaudited Period Ended
June 30, 2003 (7).......... 9.19 17.45%(c)
Year Ended December 31,
2002....................... (0.02) 7.82 (19.99)%
Period from May 1, 2001, to
December 31, 2001 (g)...... (0.01) (0.01) 9.81 (1.85)%(c)
- -----------------------------------------------------------------------------------------------------------------
Overseas Equity (former Global Balanced)
- ----------------------------------------
Unaudited Period Ended
June 30, 2003.............. (0.10) 8.77 12.04%(c)
Year Ended December 31,
2002....................... (0.10) 7.92 (6.32)%
2001....................... (0.11) (0.11) 8.57 (6.45)%
2000 (q)................... (0.10) (0.12) (0.47) 9.27 (9.08)%
1999....................... (0.16) (0.06) (0.95) 10.71 5.11%
- -----------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------
Net
Operating Investment
Net Assets Expenses to Income (Loss) Portfolio
End of Period Average to Average Turnover
(000s Omitted) Net Assets Net Assets Rate
-------------- ----------- ------------- ---------
Financial Industries
- --------------------
Period from May 1, 2003 to
June 30, 2003 (g).......... $ 57,852 0.90%(d) 1.92%(d) 93.33%(c)(5)
- ------------------------------------------------------------------------------------------
International Equity Index
- --------------------------
Unaudited Period Ended
June 30, 2003.............. 121,629 0.28%(d)(m) 3.46%(d) 5.63%(c)
Year Ended December 31,
2002....................... 98,917 0.28%(m) 1.85% 17.55%
2001....................... 122,020 0.27%(m) 1.66% 8.31%
2000....................... 195,012 0.28%(m) 1.40% 14.86%
1999....................... 244,017 0.31%(m) 1.26% 19.01%
- ------------------------------------------------------------------------------------------
Small Cap Growth
- ----------------
Unaudited Period Ended
June 30, 2003.............. 130,553 1.16%(d)(o) (0.82%)(d) 69.93%(c)
Year Ended December 31,
2002....................... 120,723 1.13% (0.83)% 77.38%
2001....................... 189,401 0.91%(o) (0.55)% 91.48%(5)
2000....................... 234,542 0.82% (0.50)% 97.73%
1999....................... 179,570 0.89% (0.70)% 113.11%
- ------------------------------------------------------------------------------------------
Health Sciences
- ---------------
Unaudited Period Ended
June 30, 2003 (7).......... 28,313 1.10%(d)(p) 0.06%(d) 107.21%(c)
Year Ended December 31,
2002....................... 22,670 1.07%(p) 0.10% 98.91%
Period from May 1, 2001, to
December 31, 2001 (g)...... 29,873 1.10%(d)(p) (0.16%)(d) 37.76%(c)
- ------------------------------------------------------------------------------------------
Overseas Equity (former Global Balanced)
- ----------------------------------------
Unaudited Period Ended
June 30, 2003.............. 34,863 1.15%(d)(r) 1.95%(d) 88.14%(c)
Year Ended December 31,
2002....................... 29,936 1.15%(r) 1.28% 71.20%
2001....................... 31,290 1.15%(r) 1.30%(15) 53.11%
2000 (q)................... 28,527 0.98%(r) 2.32% 204.98%
1999....................... 31,577 1.00%(r) 2.73% 131.21%
- ------------------------------------------------------------------------------------------
18
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
- --------------------------------------------------------------------------------
Selected data for each fund share of beneficial interest outstanding throughout
the period indicated:
Income from Investment Operations
--------------------------------------- -------------------------
Net Realized
Net Assets Net and Total Distribution Distribution
Value at Investment Unrealized from from Net From Net
Beginning Income Gain (Loss) Investment Investment Gains on
of Period Gain (loss) on Investments(a) Operations Income Investments
---------- ----------- ----------------- ---------- ------------ ------------
Earnings Growth (former Multi Cap Growth)
- -----------------------------------------
Unaudited Period Ended
June 30, 2003 (22)......... $ 6.65 $ $ 0.70 $ 0.70 $ $
Year Ended December 31,
2002....................... 9.84 (0.04) (3.15) (3.19)
2001....................... 15.60 (0.06) (5.70) (5.76)
2000....................... 29.22 (0.05) (10.49) (10.54) (0.41)
1999....................... 15.12 (0.19) 17.70 17.51 (3.41)
- -------------------------------------------------------------------------------------------------------------
Mid Cap Value
- -------------
Period from May 1, 2003 to
June 30, 2003 (g).......... 10.00 0.01 1.23 1.24
- -------------------------------------------------------------------------------------------------------------
Large Cap Value
- ---------------
Unaudited Period Ended
June 30, 2003.............. 11.91 0.11 1.03 1.14 (0.11)
Year Ended December 31,
2002....................... 14.15 0.22 (2.07) (1.85) (0.22) (0.17)
2001....................... 14.38 0.22 (0.05) 0.17 (0.22) (0.18)
2000....................... 13.49 0.27 1.45 1.72 (0.28) (0.53)
1999....................... 14.02 0.27 0.18 0.45 (0.27) (0.71)
- -------------------------------------------------------------------------------------------------------------
Large Cap Value CORE
- --------------------
Unaudited Period Ended
June 30, 2003.............. 7.95 0.06 0.71 0.77 (0.06)
Year Ended December 31,
2002....................... 9.83 0.11 (1.88) (1.77) (0.11)
2001....................... 10.42 0.09 (0.58) (0.49) (0.09)
2000....................... 10.16 0.15 0.36 0.51 (0.15) (0.06)
Period from August 31, to
December 31, 1999 (g)...... 10.00 0.04 0.31 0.35 (0.03) (0.14)
- -------------------------------------------------------------------------------------------------------------
Less Distributions
---------------------------------------------------------
Distribution in Net Assets
Excess of Distribution Value at Total
Net Investment From Capital Total Capital End Investment
Income/Gains Paid-in Distributions Contributions of Period Return(b)
--------------- ------------ ------------- ------------- ---------- ----------
Earnings Growth (former Multi Cap Growth)
- -----------------------------------------
Unaudited Period Ended
June 30, 2003 (22)......... $ $ $ $ $ 7.35 10.50%(c)
Year Ended December 31,
2002....................... 6.65 (32.39)%
2001....................... 9.84 (36.93)%
2000....................... (1.61) (1.06) (3.08) 15.60 (35.86)%
1999....................... (3.41) 29.22 118.31%
- ----------------------------------------------------------------------------------------------------------------
Mid Cap Value
- -------------
Period from May 1, 2003 to
June 30, 2003 (g).......... 11.24 12.42%(c)
- ----------------------------------------------------------------------------------------------------------------
Large Cap Value
- ---------------
Unaudited Period Ended
June 30, 2003.............. (0.11) 12.94 9.60%(c)
Year Ended December 31,
2002....................... (0.39) 11.91 (13.24)%
2001....................... (0.40) 14.15 1.25%
2000....................... (0.01) (0.01) (0.83) 14.38 12.97%
1999....................... (0.98) 13.49 3.28%
- ----------------------------------------------------------------------------------------------------------------
Large Cap Value CORE
- --------------------
Unaudited Period Ended
June 30, 2003.............. (0.06) 8.66 9.70%(c)
Year Ended December 31,
2002....................... (0.11) 7.95 (18.21)%
2001....................... (0.09) 9.83 (4.75)%
2000....................... (0.03) (0.01) (0.25) 10.42 5.12%
Period from August 31, to
December 31, 1999 (g)...... (0.01) (0.01) (0.19) 10.16 3.58%(c)
- ----------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
---------------------------------------------------
Net
Operating Investment
Net Assets Expenses to Income (Loss) Portfolio
End of Period Average to Average Turnover
(000s Omitted) Net Assets Net Assets Rate
-------------- ----------- ------------- ---------
Earnings Growth (former Multi Cap Growth)
- -----------------------------------------
Unaudited Period Ended
June 30, 2003 (22)......... $175,235 1.04%(d) 0.06%(d) 114.00%(c)
Year Ended December 31,
2002....................... 159,859 1.04% (0.42)% 192.54%
2001....................... 245,899 0.94% (0.49)% 111.69%
2000....................... 393,988 0.85% (0.43)% 140.94%
1999....................... 452,937 0.93% (0.68)% 106.06%
- --------------------------------------------------------------------------------------
Mid Cap Value
- -------------
Period from May 1, 2003 to
June 30, 2003 (g).......... 6,443 1.20%(d)(t) 0.65%(d) 71.32%(c)
- --------------------------------------------------------------------------------------
Large Cap Value
- ---------------
Unaudited Period Ended
June 30, 2003.............. 305,775 0.82%(d) 1.82%(d) 6.53%(c)
Year Ended December 31,
2002....................... 260,141 0.83% 1.67% 16.04%
2001....................... 260,646 0.82% 1.54% 18.19%
2000....................... 204,535 0.78% 2.04% 42.12%
1999....................... 155,849 0.85% 1.88% 32.62%
- --------------------------------------------------------------------------------------
Large Cap Value CORE
- --------------------
Unaudited Period Ended
June 30, 2003.............. 44,502 0.85%(d)(u) 1.37%(d) 40.91%(c)
Year Ended December 31,
2002....................... 40,765 0.84%(u) 1.18% 89.43%
2001....................... 60,832 0.85%(u) 0.98% 74.91%(5)
2000....................... 18,164 0.85%(u) 1.54% 59.15%
Period from August 31, to
December 31, 1999 (g)...... 6,371 0.85%(d)(u) 1.13%(d) 30.90%(c)
- --------------------------------------------------------------------------------------
19
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
- --------------------------------------------------------------------------------
Selected data for each fund share of beneficial interest outstanding throughout
the period indicated:
Income from Investment Operations
--------------------------------------- -------------------------
Net Realized
Net Assets Net and Total Distribution Distribution
Value at Investment Unrealized from from Net From Net
Beginning Income Gain (Loss) Investment Investment Gains on
of Period Gain (loss) on Investments(a) Operations Income Investments
---------- ----------- ----------------- ---------- ------------ ------------
Fundamental Value
- -----------------
Unaudited Period Ended
June 30, 2003............ $ 8.70 $ 0.07 $ 0.89 $ 0.96 $(0.07) $
Year Ended December 31,
2002..................... 10.66 0.12 (1.96) (1.84) (0.12)
2001..................... 11.57 0.10 (0.91) (0.81) (0.10)
2000..................... 10.42 0.09 1.30 1.39 (0.10) (0.08)
Period from August 31, to
December 31, 1999 (g).... 10.00 0.03 0.45 0.48 (0.03) (0.02)
- -----------------------------------------------------------------------------------------------------------
Money Market
- ------------
Unaudited Period Ended
June 30, 2003............ 1.00 0.01 0.01 (0.01)
Year Ended December 31,
2002 (7)................. 1.00 0.01 0.01 (0.01)
2001 (10)................ 1.00 0.04 0.04 (0.04)
2000 (10)................ 1.00 0.06 0.06 (0.06)
1999 (10)................ 1.00 0.04 0.04 (0.04)
- -----------------------------------------------------------------------------------------------------------
Small/Mid Cap Growth
- --------------------
Unaudited Period Ended
June 30, 2003............ 10.98 0.01 2.03 2.04
Year Ended December 31,
2002..................... 14.09 (0.09) (2.88) (2.97) (0.14)
2001..................... 13.70 (0.06) 0.45 0.39
2000..................... 14.03 (0.02) 1.27 1.25 (1.43)
1999..................... 15.94 (0.07) 0.74 0.67 (2.41)
- -----------------------------------------------------------------------------------------------------------
Bond Index
- ----------
Unaudited Period Ended
June 30, 2003............ 10.30 0.24 0.13 0.37 (0.24)
Year Ended December 31,
2002..................... 9.89 0.54 0.42 0.96 (0.51) (0.04)
2001..................... 9.74 0.57 0.17 0.74 (0.58) (0.01)
2000..................... 9.32 0.62 0.43 1.05 (0.63)
1999..................... 10.19 0.63 (0.89) (0.26) (0.61)
- -----------------------------------------------------------------------------------------------------------
Less Distributions
---------------------------------------------------------
Distribution in Net Assets
Excess of Distribution Value at Total
Net Investment From Capital Total Capital End Investment
Income/Gains Paid-in Distributions Contributions of Period Return(b)
--------------- ------------ ------------- ------------- ---------- ----------
Fundamental Value
- -----------------
Unaudited Period Ended
June 30, 2003............ $ $ $(0.07) $ $ 9.59 11.12%(c)
Year Ended December 31,
2002..................... (0.12) 8.70 (17.40)%
2001..................... (0.10) 10.66 (6.99)%
2000..................... (0.06) (0.24) 11.57 13.41%
Period from August 31, to
December 31, 1999 (g).... (0.01) (0.06) 10.42 4.72%(c)
- --------------------------------------------------------------------------------------------------------------
Money Market
- ------------
Unaudited Period Ended
June 30, 2003............ (0.01) 1.00 0.52%(c)
Year Ended December 31,
2002 (7)................. (0.01) 1.00 1.48%
2001 (10)................ (0.04) 1.00 3.93%
2000 (10)................ (0.06) 1.00 6.29%(w)
1999 (10)................ (0.04) 1.00 5.05%
- --------------------------------------------------------------------------------------------------------------
Small/Mid Cap Growth
- --------------------
Unaudited Period Ended
June 30, 2003............ 13.02 18.57%(c)
Year Ended December 31,
2002..................... (0.14) 10.98 (21.13)%
2001..................... 14.09 2.83%
2000..................... (0.15) (1.58) 13.70 9.25%
1999..................... (0.17) (2.58) 14.03 5.15%
- --------------------------------------------------------------------------------------------------------------
Bond Index
- ----------
Unaudited Period Ended
June 30, 2003............ (0.24) 10.43 3.61%(c)
Year Ended December 31,
2002..................... (0.55) 10.30 9.95%
2001..................... (0.59) 9.89 7.76%
2000..................... (0.63) 9.74 11.81%
1999..................... (0.61) 9.32 (2.57)%
- --------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------
Net
Operating Investment
Net Assets Expenses to Income (Loss) Portfolio
End of Period Average to Average Turnover
(000s Omitted) Net Assets Net Assets Rate
-------------- ----------- ------------- ---------
Fundamental Value
- -----------------
Unaudited Period Ended
June 30, 2003............ $121,853 0.89%(d)(v) 1.59%(d) 36.85%(c)
Year Ended December 31,
2002..................... 121,102 0.85% 1.26% 82.22%
2001..................... 161,710 0.99%(v) 0.91% 85.20%(5)
2000..................... 15,728 1.05%(v) 0.97% 86.97%
Period from August 31, to
December 31, 1999 (g).... 6,101 1.05%(d)(v) 0.94%(d) 23.03%(c)
- -------------------------------------------------------------------------------------
Money Market
- ------------
Unaudited Period Ended
June 30, 2003............ 825,188 0.32%(d) 1.04%(d) n/a
Year Ended December 31,
2002 (7)................. 918,116 0.32% 1.46% n/a
2001 (10)................ 745,516 0.32% 3.72% n/a
2000 (10)................ 496,853 0.29% 6.05% n/a
1999 (10)................ 451,235 0.31% 4.95% n/a
- -------------------------------------------------------------------------------------
Small/Mid Cap Growth
- --------------------
Unaudited Period Ended
June 30, 2003............ 173,669 1.07%(d) 0.00%(d) 64.65%(c)
Year Ended December 31,
2002..................... 140,958 1.07%(x) (0.72)% 130.01%
2001..................... 185,232 0.91%(x) (0.40)% 113.73%
2000..................... 190,010 0.85% (0.20)% 103.19%
1999..................... 181,931 0.85% (0.27)% 172.58%
- -------------------------------------------------------------------------------------
Bond Index
- ----------
Unaudited Period Ended
June 30, 2003............ 238,377 0.24%(d)(z) 4.73%(d) 17.70%(c)
Year Ended December 31,
2002..................... 208,095 0.22%(z) 5.30% 57.31%
2001..................... 129,358 0.24% 5.77%(16) 68.70%
2000..................... 64,768 0.25%(z) 6.80% 40.46%
1999..................... 38,436 0.29%(z) 6.56% 17.06%
- -------------------------------------------------------------------------------------
20
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
- --------------------------------------------------------------------------------
Selected data for each fund share of beneficial interest outstanding throughout
the period indicated:
Income from Investment Operations
--------------------------------------- -------------------------
Net Realized
Net Assets Net and Total Distribution Distribution
Value at Investment Unrealized from from Net From Net
Beginning Income Gain (Loss) Investment Investment Gains on
of Period Gain (loss) on Investments(a) Operations Income Investments
---------- ----------- ----------------- ---------- ------------ ------------
Large Cap Aggressive Growth
- ---------------------------
Unaudited Period Ended June
30, 2003 (23).............. $ 5.57 $ $ 0.63 $ 0.63 $ $
Year Ended December 31,
2002....................... 8.12 (0.01) (2.54) (2.55)
2001....................... 9.52 0.01 (1.41) (1.40)
2000....................... 11.94 (0.03) (2.21) (2.24) (0.01)
Period from August 31,
to December 31, 1999 (g)... 10.00 (0.01) 2.03 2.02 (0.08)
- -------------------------------------------------------------------------------------------------------------
Small/Mid Cap CORE
- ------------------
Unaudited Period Ended June
30, 2003................... 8.28 0.02 1.24 1.26 (0.02)
Year Ended December 31,
2002....................... 9.82 0.04 (1.54) (1.50) (0.04)
2001....................... 9.82 0.05 0.05 (0.05)
2000....................... 9.82 0.05 0.39 0.44 (0.05) (0.32)
1999....................... 9.02 0.02 1.77 1.79 (0.03) (0.96)
- -------------------------------------------------------------------------------------------------------------
Small Cap Value
- ---------------
Unaudited Period Ended June
30, 2003................... 12.55 0.04 1.91 1.95 (0.04)
Year Ended December 31,
2002 (7)................... 13.76 0.08 (0.96) (0.88) (0.09) (0.24)
2001 (y)................... 11.70 0.09 2.14 2.23 (0.09) (0.08)
2000....................... 10.13 0.01 3.37 3.38 (0.01) (1.80)
Period from August 31, to
December 31, 1999 (g)...... 10.00 0.49 0.49 (0.36)
- -------------------------------------------------------------------------------------------------------------
Real Estate Equity
- ------------------
Unaudited Period Ended June
30, 2003 (24).............. 12.79 0.34 1.32 1.66 (0.34)
Year Ended December 31,
2002....................... 13.55 0.62 (0.43) 0.19 (0.65) (0.30)
2001....................... 13.67 0.67 0.21 0.88 (0.58) (0.42)
2000 (k)................... 11.47 0.76 2.73 3.49 (0.76) (0.06)
1999....................... 12.46 0.78 (0.99) (0.21) (0.78)
- -------------------------------------------------------------------------------------------------------------
Less Distributions
---------------------------------------------------------
Distribution in Net Assets
Excess of Distribution Value at Total
Net Investment From Capital Total Capital End Investment
Income/Gains Paid-in Distributions Contributions of Period Return(b)
--------------- ------------ ------------- ------------- ---------- ----------
Large Cap Aggressive Growth
- ---------------------------
Unaudited Period Ended June
30, 2003 (23).............. $ $ $ $ $ 6.20 11.28%(c)
Year Ended December 31,
2002....................... 5.57 (31.36)%
2001....................... 8.12 (14.69)%
2000....................... (0.06) (0.11) (0.18) 9.52 (18.77)%
Period from August 31,
to December 31, 1999 (g)... (0.08) 11.94 20.18%(c)
- ----------------------------------------------------------------------------------------------------------------
Small/Mid Cap CORE
- ------------------
Unaudited Period Ended June
30, 2003................... (0.02) 9.52 15.16%(c)
Year Ended December 31,
2002....................... (0.04) 8.28 (15.19)%
2001....................... (0.05) 9.82 0.53%
2000....................... (0.05) (0.02) (0.44) 9.82 4.63%
1999....................... (0.99) 9.82 20.54%
- ----------------------------------------------------------------------------------------------------------------
Small Cap Value
- ---------------
Unaudited Period Ended June
30, 2003................... (0.04) 14.46 15.57%(c)
Year Ended December 31,
2002 (7)................... (0.33) 12.55 (6.43)%
2001 (y)................... (0.17) 13.76 19.10%
2000....................... (1.81) 11.70 34.19%
Period from August 31, to
December 31, 1999 (g)...... (0.36) 10.13 5.08%(c)
- ----------------------------------------------------------------------------------------------------------------
Real Estate Equity
- ------------------
Unaudited Period Ended June
30, 2003 (24).............. (0.34) 14.11 13.23%(c)
Year Ended December 31,
2002....................... (0.95) 12.79 1.36%
2001....................... (1.00) 13.55 (6.61)%
2000 (k)................... (0.17) (0.30) (1.29) 13.67 31.29%
1999....................... (0.78) 11.47 (1.69)%
- ----------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------
Net
Operating Investment
Net Assets Expenses to Income (Loss) Portfolio
End of Period Average to Average Turnover
(000s Omitted) Net Assets Net Assets Rate
-------------- ----------- ------------- ---------
Large Cap Aggressive Growth
- ---------------------------
Unaudited Period Ended June
30, 2003 (23).............. $ 25,961 0.93%(d) 0.05%(d) 109.99%(c)
Year Ended December 31,
2002....................... 24,249 0.97%(1) (0.14)% 61.67%
2001....................... 39,738 0.97%(1) (0.06)% 87.90%
2000....................... 26,244 1.00%(1) (0.37)% 75.97%
Period from August 31,
to December 31, 1999 (g)... 15,074 1.08%(d)(1) (0.39%)(d) 18.97%(c)
- ---------------------------------------------------------------------------------------
Small/Mid Cap CORE
- ------------------
Unaudited Period Ended June
30, 2003................... 65,488 1.15%(d)(2) 0.42%(d) 45.79%(c)
Year Ended December 31,
2002....................... 48,143 0.96%(2) 0.50% 125.11%
2001....................... 46,446 0.90%(2) 0.52% 96.88%
2000....................... 21,636 0.90%(2) 0.56% 94.78%
1999....................... 8,248 0.94%(2) 0.30% 109.12%
- ---------------------------------------------------------------------------------------
Small Cap Value
- ---------------
Unaudited Period Ended June
30, 2003................... 144,425 1.05%(d)(3) 0.61%(d) 10.98%(c)
Year Ended December 31,
2002 (7)................... 120,070 1.04%(3) 0.62% 41.46%
2001 (y)................... 103,224 1.05%(3) 0.87% 60.36%
2000....................... 29,436 1.05%(3) 0.13% 220.80%
Period from August 31, to
December 31, 1999 (g)...... 5,570 1.05%(d)(3) (0.12%)(d) 51.97%(c)
- ---------------------------------------------------------------------------------------
Real Estate Equity
- ------------------
Unaudited Period Ended June
30, 2003 (24).............. 191,868 1.08%(d) 5.13%(d) 26.43%(c)
Year Ended December 31,
2002....................... 177,926 1.07% 4.60% 22.74%
2001....................... 163,653 1.07% 4.97% 29.07%
2000 (k)................... 158,811 0.76% 5.99% 58.81%
1999....................... 126,214 0.70% 6.38% 12.95%
- ---------------------------------------------------------------------------------------
21
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
- --------------------------------------------------------------------------------
Selected data for each fund share of beneficial interest outstanding throughout
the period indicated:
Income from Investment Operations
--------------------------------------- -------------------------
Net Realized
Net Assets Net and Total Distribution Distribution
Value at Investment Unrealized from from Net From Net
Beginning Income Gain (Loss) Investment Investment Gains on
of Period Gain (loss) on Investments(a) Operations Income Investments
---------- ----------- ----------------- ---------- ------------ ------------
Growth & Income
- ---------------
Unaudited Period Ended
June 30, 2003............. $ 9.22 $0.05 $ 0.74 $ 0.79 $(0.04) $
Year Ended December 31,
2002...................... 11.93 0.08 (2.71) (2.63) (0.08)
2001...................... 14.18 0.06 (2.25) (2.19) (0.06)
2000 (e).................. 20.01 0.17 (2.77) (2.60) (0.17) (2.69)
1999...................... 19.49 0.20 2.88 3.08 (0.20) (2.36)
- ------------------------------------------------------------------------------------------------------------
Managed
- -------
Unaudited Period Ended
June 30, 2003............. 11.15 0.11 0.82 0.93 (0.10)
Year Ended December 31,
2002...................... 13.08 0.21 (1.93) (1.72) (0.21)
2001...................... 13.82 0.28 (0.67) (0.39) (0.28) (0.07)
2000 (q).................. 15.45 0.44 (0.45) (0.01) (0.44) (1.18)
1999...................... 15.64 0.44 0.94 1.38 (0.43) (1.14)
- ------------------------------------------------------------------------------------------------------------
Total Return Bond
- -----------------
Period from May 1, 2003 to
June 30, 2003 (g)......... 10.00 0.03 0.14 0.17 (0.03)
- ------------------------------------------------------------------------------------------------------------
Short-Term Bond
- ---------------
Unaudited Period Ended
June 30, 2003............. 10.23 0.19 0.03 0.22 (0.19)
Year Ended December 31,
2002...................... 10.11 0.44 0.12 0.56 (0.41) (0.03)
2001...................... 9.86 0.52 0.26 0.78 (0.53)
2000...................... 9.72 0.61 0.14 0.75 (0.61)
1999...................... 10.05 0.61 (0.33) 0.28 (0.61)
- ------------------------------------------------------------------------------------------------------------
Less Distributions
---------------------------------------------------------
Distribution in Net Assets
Excess of Distribution Value at Total
Net Investment From Capital Total Capital End Investment
Income/Gains Paid-in Distributions Contributions of Period Return(b)
--------------- ------------ ------------- ------------- ---------- ----------
Growth & Income
- ---------------
Unaudited Period Ended
June 30, 2003............. $ $ $(0.04) $ $ 9.97 8.66%(c)
Year Ended December 31,
2002...................... (0.08) 9.22 (22.18)%
2001...................... (0.06) 11.93 (15.44)%
2000 (e).................. (0.14) (0.23) (3.23) 14.18 (13.10)%
1999...................... (2.56) 20.01 16.23%
- ---------------------------------------------------------------------------------------------------------------
Managed
- -------
Unaudited Period Ended
June 30, 2003............. (0.10) 11.98 8.36%(c)
Year Ended December 31,
2002...................... (0.21) 11.15 (13.23)%
2001...................... (0.35) 13.08 (2.84)%
2000 (q).................. (1.62) 13.82 0.03%
1999...................... (1.57) 15.45 9.10%
- ---------------------------------------------------------------------------------------------------------------
Total Return Bond
- -----------------
Period from May 1, 2003 to
June 30, 2003 (g)......... (0.03) 10.14 1.65%(c)
- ---------------------------------------------------------------------------------------------------------------
Short-Term Bond
- ---------------
Unaudited Period Ended
June 30, 2003............. (0.19) 10.26 2.11%(c)
Year Ended December 31,
2002...................... (0.44) 10.23 5.67%
2001...................... (0.53) 10.11 8.09%
2000...................... (0.61) 9.86 7.98%
1999...................... (0.61) 9.72 2.96%
- ---------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
---------------------------------------------------
Net
Operating Investment
Net Assets Expenses to Income (Loss) Portfolio
End of Period Average to Average Turnover
(000s Omitted) Net Assets Net Assets Rate
-------------- ----------- ------------- ---------
Growth & Income
- ---------------
Unaudited Period Ended
June 30, 2003............. $1,914,539 0.74%(d) 1.08%(d) 37.46%(c)(5)
Year Ended December 31,
2002...................... 1,762,203 0.75% 0.73% 73.60%
2001...................... 2,476,319 0.72% 0.49% 104.47%(5)
2000 (e).................. 3,324,988 0.40% 0.84% 112.94%
1999...................... 4,218,841 0.28% 0.98% 70.16%
- ----------------------------------------------------------------------------------------
Managed
- -------
Unaudited Period Ended
June 30, 2003............. 1,972,653 0.75%(d) 1.85%(d) 119.93%(c)
Year Ended December 31,
2002...................... 1,936,864 0.76% 1.77% 234.62%
2001...................... 2,526,703 0.73% 2.10%(17) 190.73%(5)
2000 (q).................. 2,995,794 0.46% 2.86% 210.35%
1999...................... 3,430,919 0.36% 2.75% 203.86%
- ----------------------------------------------------------------------------------------
Total Return Bond
- -----------------
Period from May 1, 2003 to
June 30, 2003 (g)......... 27,817 0.80%(d)(6) 1.67%(d) 171.35%(c)
- ----------------------------------------------------------------------------------------
Short-Term Bond
- ---------------
Unaudited Period Ended
June 30, 2003............. 257,846 0.67%(d) 3.80%(d) 44.10%(c)
Year Ended December 31,
2002...................... 241,117 0.68% 4.29% 97.00%
2001...................... 149,450 0.48% 5.20%(18) 86.39%
2000...................... 80,109 0.36% 6.27% 52.68%
1999...................... 68,844 0.43% 6.25% 100.04%
- ----------------------------------------------------------------------------------------
22
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
- --------------------------------------------------------------------------------
Selected data for each fund share of beneficial interest outstanding throughout
the period indicated:
Income from Investment Operations
--------------------------------------- -------------------------
Net Realized
Net Assets Net and Total Distribution Distribution
Value at Investment Unrealized from from Net From Net
Beginning Income Gain (Loss) Investment Investment Gains on
of Period Gain (loss) on Investments(a) Operations Income Investments
---------- ----------- ----------------- ---------- ------------ ------------
Small Cap Emerging Growth
(former Small Cap Equity)
-------------------------
Unaudited Period Ended June
30, 2003 (7)............... $ 6.30 $ $ 1.11 $ 1.11 $(0.01) $
Year Ended December 31,
2002....................... 8.79 0.01 (2.49) (2.48) (0.01)
2001....................... 9.14 0.01 (0.35) (0.34) (0.01)
2000 (q)................... 10.92 0.14 (1.13) (0.99) (0.15) (0.14)
1999....................... 11.59 0.09 (0.50) (0.41) (0.07) (0.01)
- -------------------------------------------------------------------------------------------------------------
International Opportunities
- ---------------------------
Unaudited Period Ended
June 30, 2003.............. 7.56 0.09 0.45 0.54 (0.08)
Year Ended December 31,
2002....................... 9.30 0.07 (1.75) (1.68) (0.06)
2001....................... 11.85 0.06 (2.53) (2.47) (0.05)
2000 (y)................... 15.17 0.07 (2.57) (2.50) (0.06) (0.62)
1999....................... 12.21 0.10 3.95 4.05 (0.11) (0.94)
- -------------------------------------------------------------------------------------------------------------
Equity Index
- ------------
Unaudited Period Ended
June 30, 2003.............. 11.36 0.09 1.23 1.32 (0.09)
Year Ended December 31,
2002....................... 14.85 0.16 (3.48) (3.32) (0.11) (0.06)
2001....................... 17.64 0.19 (2.30) (2.11) (0.19) (0.49)
2000....................... 20.46 0.22 (2.09) (1.87) (0.22) (0.72)
1999....................... 17.70 0.27 3.41 3.68 (0.26) (0.66)
- -------------------------------------------------------------------------------------------------------------
High Yield Bond
- ---------------
Unaudited Period Ended
June 30, 2003.............. 5.91 0.20 0.38 0.58 (0.20)
Year Ended December 31,
2002....................... 6.83 0.57 (0.87) (0.30) (0.62)
2001....................... 7.33 0.73 (0.55) 0.18 (0.68)
2000....................... 8.99 0.73 (1.65) (0.92) (0.74)
1999....................... 9.23 0.72 (0.26) 0.46 (0.70)
- -------------------------------------------------------------------------------------------------------------
Less Distributions
---------------------------------------------------------
Distribution in Net Assets
Excess of Distribution Value at Total
Net Investment From Capital Total Capital End Investment
Income/Gains Paid-in Distributions Contributions of Period Return(b)
--------------- ------------ ------------- ------------- ---------- ----------
Small Cap Emerging Growth
(former Small Cap Equity)
-------------------------
Unaudited Period Ended June
30, 2003 (7)............... $ $ $(0.01) $ $ 7.40 17.68%(c)
Year Ended December 31,
2002....................... (0.01) 6.30 (28.21)%
2001....................... (0.01) 8.79 (3.78)%
2000 (q)................... (0.20) (0.30) (0.79) 9.14 (8.89)%
1999....................... (0.18) (0.26) 10.92 (3.43)%
- -----------------------------------------------------------------------------------------------------------------
International Opportunities
- ---------------------------
Unaudited Period Ended
June 30, 2003.............. (0.08) 8.02 7.22%(c)
Year Ended December 31,
2002....................... (0.06) 7.56 (18.22)%
2001....................... (0.03) (0.08) 9.30 (20.93)%
2000 (y)................... (0.05) (0.09) (0.82) 11.85 (16.36)%(5)
1999....................... (0.04) (1.09) 15.17 34.01%
- -----------------------------------------------------------------------------------------------------------------
Equity Index
- ------------
Unaudited Period Ended
June 30, 2003.............. (0.09) 12.59 11.67%(c)
Year Ended December 31,
2002....................... (0.17) 11.36 (22.31)%
2001....................... (0.68) 14.85 (11.98)%
2000....................... (0.01) (0.95) 17.64 (9.15)%
1999....................... (0.92) 20.46 21.08%
- -----------------------------------------------------------------------------------------------------------------
High Yield Bond
- ---------------
Unaudited Period Ended
June 30, 2003.............. (0.20) 6.29 10.03%(c)
Year Ended December 31,
2002....................... (0.62) 5.91 (4.51)%
2001....................... (0.68) 6.83 2.13%
2000....................... (0.74) 7.33 (10.81)%
1999....................... (0.70) 8.99 5.13%
- -----------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------
Net
Operating Investment
Net Assets Expenses to Income (Loss) Portfolio
End of Period Average to Average Turnover
(000s Omitted) Net Assets Net Assets Rate
-------------- ----------- ------------- ---------
Small Cap Emerging Growth
(former Small Cap Equity)
-------------------------
Unaudited Period Ended June
30, 2003 (7)............... $ 63,361 1.06%(d)(8) (0.08%)(d) 156.04%(c)
Year Ended December 31,
2002....................... 50,327 1.00%(8) 0.19% 45.03%
2001....................... 71,193 1.00%(8) 0.06% 60.73%
2000 (q)................... 70,031 0.92%(8) 1.25% 189.57%
1999....................... 68,900 0.95%(8) 0.78% 117.33%
- ----------------------------------------------------------------------------------------
International Opportunities
- ---------------------------
Unaudited Period Ended
June 30, 2003.............. 100,541 1.24%(d)(9) 2.05%(d) 18.40%(c)
Year Ended December 31,
2002....................... 87,278 1.24%(9) 0.69% 78.14%(5)
2001....................... 83,591 1.00%(9) 0.64% 33.31%
2000 (y)................... 120,034 0.93%(9) 0.47% 37.92%(5)
1999....................... 79,794 1.02%(9) 0.77% 34.02%
- ----------------------------------------------------------------------------------------
Equity Index
- ------------
Unaudited Period Ended
June 30, 2003.............. 553,837 0.22%(d) 1.59%(d) 3.68%(c)
Year Ended December 31,
2002....................... 466,258 0.23% 1.39% 10.63%
2001....................... 538,791 0.20% 1.20% 17.61%(5)
2000....................... 525,659 0.19% 1.12% 34.11%
1999....................... 451,296 0.00%(11) 1.42% 55.24%
- ----------------------------------------------------------------------------------------
High Yield Bond
- ---------------
Unaudited Period Ended
June 30, 2003.............. 84,190 0.90%(d)(12) 6.91%(d) 19.52%(c)
Year Ended December 31,
2002....................... 60,781 0.90%(12) 9.84% 89.30%
2001....................... 51,274 0.80%(12) 10.39%(19) 32.50%
2000....................... 25,978 0.75%(12) 8.88% 21.94%
1999....................... 19,921 0.80%(12) 7.94% 38.62%
- ----------------------------------------------------------------------------------------
23
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
- --------------------------------------------------------------------------------
Selected data for each fund share of beneficial interest outstanding throughout
the period indicated:
Income from Investment Operations
--------------------------------------- -------------------------
Net Realized
Net Assets Net and Total Distribution Distribution
Value at Investment Unrealized from from Net From Net
Beginning Income Gain (Loss) Investment Investment Gains on
of Period Gain (loss) on Investments(a) Operations Income Investments
---------- ----------- ----------------- ---------- ------------ ------------
Global Bond
- -----------
Unaudited Period Ended
June 30, 2003.......... $11.06 $0.16 $ 0.74 $ 0.90 $ $
Year Ended December 31,
2002................... 9.74 0.40 1.43 1.83 (0.46) (0.05)
2001................... 10.34 0.38 (0.53) (0.15) (0.45)
2000 (q)............... 9.82 0.48 0.67 1.15 (0.63)
1999................... 10.60 0.48 (0.70) (0.22) (0.56)
- ---------------------------------------------------------------------------------------------------------
Less Distributions
---------------------------------------------------------
Distribution in Net Assets
Excess of Distribution Value at Total
Net Investment From Capital Total Capital End Investment
Income/Gains Paid-in Distributions Contributions of Period Return(b)
--------------- ------------ ------------- ------------- ---------- ----------
Global Bond
- -----------
Unaudited Period Ended
June 30, 2003.......... $ $ $ $ $11.96 8.14%(c)
Year Ended December 31,
2002................... (0.51) 11.06 18.85%
2001................... (0.45) 9.74 (1.45)%
2000 (q)............... (0.63) 10.34 12.00%
1999................... (0.56) 9.82 (2.16)%
- -----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------
Net
Operating Investment
Net Assets Expenses to Income (Loss) Portfolio
End of Period Average to Average Turnover
(000s Omitted) Net Assets Net Assets Rate
-------------- ----------- ------------- ---------
Global Bond
- -----------
Unaudited Period Ended
June 30, 2003.......... $101,677 0.95%(d)(13) 2.98%(d) 32.93%(c)
Year Ended December 31,
2002................... 78,471 0.95%(13) 3.53% 64.15%
2001................... 47,646 0.95%(13) 3.73%(20) 41.75%
2000 (q)............... 68,473 0.81%(13) 4.71% 259.60%
1999................... 70,991 0.83%(13) 4.70% 332.06%
- -----------------------------------------------------------------------------------
(a) The amount shown at this caption for each fund share outstanding throughout
the year may not accord with the change in the aggregate gains and losses
in the portfolio securities for the year because of the timing of the
purchases and withdrawals of the fund shares in relation to the fluctuating
market values of the portfolio.
(b) The performance of the Funds shown on this page does not reflect expenses
and charges of the applicable separate accounts and viable products, all of
which vary to a considerable extent and are described in your product's
prospectus.
(c) Not annualized
(d) Annualized
(e) The fund entered into a new sub-advisory agreement with Putnam Investment
Management, Inc. during the period shown.
(f) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been 1.16%, 1.19%, 1.00%, and 1.09%
for the years ended December 31, 2002, 2001, 2000, and 1999, respectively.
(g) Commencement of investment operations
(h) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made, the expense ratio would have been .44% for the year ended
December 31, 2000.
(i) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been 2.12% for the period ending
June 30, 2003, and 3.45%, 4.02%, 2.49%, and 3.44%, for the years ended
December 31, 2002, 2001, 2000, and 1999, respectively.
(k) The Fund entered into a new sub-advisory agreement with Morgan Stanley Dean
Witter Investment Management, Inc. during the period shown.
(l) The total investment return includes the effect of the capital contribution
of $.32 per share. The total investment return without the capital
contribution would have been 79.02%.
(m) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been .42% for the period ending June
30, 2003, and .46%, .40%, .37%, and .38% for the years ended December 31,
2002, 2001, 2000, and 1999, respectively.
(o) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been 1.23% for the period ending
June 30, 2003, and .94%, for the year ended December 31, 2001.
(p) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made, the expense ratio would have been 1.35% for the period ending
June 30, 2003, and 1.35%, and 1.19% for the years ended December 31, 2002,
and 2001.
(q) The Fund entered into a new sub-advisory agreement with Capital Guardian
Trust Company during the period shown.
(r) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been 1.34% for the period ending
June 30, 2003, and 1.45%, 1.36%, 1.27%, and 1.31%, for the years ended
December 31, 2002, 2001, 2000, and 1999, respectively.
(t) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made, the expense ratio would have been 1.53% for the period ending
June 30, 2003.
24
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
- --------------------------------------------------------------------------------
(u) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been .93% for the period ending June
30, 2003, and .97%, .88%, 1.09% and 1.17% for the years ended December 31,
2002, 2001, 2000 and 1999, respectively.
(v) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been .91% for the period ending June
30, 2003, and 1.20%, 1.36%, and 1.42% for the years ended December 31,
2001, 2000, and 1999, respectively.
(w) The total investment return includes the effect of the capital contribution
of $0.01 per share. The total investment return without the capital
contribution would have been 6.18%.
(x) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made, the annual expense ratio would have been 1.07%, and 0.91% for
the years ended December 31, 2002, and 2001, respectively.
(y) The Fund entered into a new sub-advisory agreement with T. Rowe Price
Associates, Inc. during the period shown.
(z) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made, the annual expense ratio would have been .24% for the period
ending June 30, 2003, and .25%, .27%, and .35%, for the years ended
December 31, 2002, 2000, and 1999, respectively.
(1) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been .98%, 1.06%, 1.05%, and 1.17%
for the years ended December 31, 2002, 2001, 2000, and 1999, respectively.
(2) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been 1.20% for the period ending
June 30, 2003 and 1.12%, 1.15%, 1.23%, and .24%, for the years ended
December 31, 2002, 2001, 2000, and 1999, respectively.
(3) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been 1.05% for the period ending
June 30, 2003, and 1.04%, 1.08%, 1.29%, and 1.61% for the years ended
December 31, 2002, 2001, 2000 and 1999, respectively.
(5) Excludes merger activity.
(6) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made, the expense ratio would have been .82% for the period ending
June 30, 2003.
(7) The fund entered into a new sub-advisory agreement with Wellington during
the period shown.
(8) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been 1.14% for the period ending
June 30, 2003, and 1.04%, 1.02%, .95%, and .96%, for the years ended
December 31, 2002, 2001, 2000, and 1999, respectively.
(9) Expense ratio is net of expense reimbursements. Had such reimbursements not
been made the expense ratio would have been 1.46% for the period ending
June 30, 2003, and 1.55%, 1.16%, 1.09%, and 1.15%, for the years ended
December 31, 2002, 2001, 2000, and 1999, respectively.
(10) Per share amounts have been restated to reflect a 10-for-1 stock split
effective May 1, 2001.
(11) Expense ratio is net of expense reimbursements. Had such reimbursements
not been made, the annual expense ratio would have been .22%, for the year
ended December 31, 1999.
(12) Expense ratio is net of expense reimbursements. Had such reimbursements
not been made the expense ratio would have been .94% for the period ending
June 30, 2003, and .96%, .90%, .87%, and 1.04%, for the years ended
December 31, 2002, 2001, 2000, and 1999, respectively.
(13) Expense ratio is net of expense reimbursements. Had such reimbursements
not been made the expense ratio would have been .99% for the period ending
June 30, 2003, and 1.01%, .95%, .91%, and .84%, for the years ended
December 31, 2002, 2001, 2000, and 1999, respectively.
(14) Had the Fund not amortized premiums and accreted discounts on debt
securities, the annual ratio of net investment income to average net
assets would have been 6.28% for the years ended December 31, 2001.
(15) Had the Fund not amortized premiums and accreted discounts on debt
securities, the annual ratio of net investment income to average net
assets would have been 1.38% for the years ended December 31, 2001.
(16) Had the Fund not amortized premiums and accreted discounts on debt
securities, the annual ratio of net investment income to average net
assets would have been 6.37% for the years ended December 31, 2001.
(17) Had the Fund not amortized premiums and accreted discounts on debt
securities, the annual ratio of net investment income to average net
assets would have been 2.29% for the years ended December 31, 2001.
(18) Had the Fund not amortized premiums and accreted discounts on debt
securities, the annual ratio of net investment income to average net
assets would have been 5.32% for the years ended December 31, 2001.
(19) Had the Fund not amortized premiums and accreted discounts on debt
securities, the annual ratio of net investment income to average net
assets would have been 9.35% for the years ended December 31, 2001.
25
FINANCIAL HIGHLIGHTS
JOHN HANCOCK VARIABLE SERIES TRUST I
- --------------------------------------------------------------------------------
(20) Had the Fund not amortized premiums and accreted discounts on debt
securities, the annual ratio of net investment income to average net
assets would have been 3.96% for the years ended December 31, 2001.
(21) The Fund entered into a new sub-advisory agreements with PIMCO and
Independence International Associates during the period shown.
(22) The Fund entered into a new sub-advisory agreement with Fidelity
Management Co. during the period shown.
(23) The Fund entered into a new sub-advisory agreement with Janus during the
period shown.
(24) The Fund entered into a new sub-advisory agreement with RREEF America LLC
during the period shown.
26
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
LARGE CAP GROWTH FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Aerospace & Defense - 0.2%
Boeing Co. * ............................................ 35,300 $ 1,211
Air Freight & Couriers - 0.4%
United Parcel Service, Inc. - Cl. B ..................... 30,000 1,911
Automobiles - 0.4%
Harley-Davidson, Inc. * ................................. 50,000 1,993
Banks - 0.3%
Charter One Financial, Inc. ............................. 44,600 1,391
Beverages - 3.0%
Anheuser-Busch Cos., Inc. ............................... 131,300 6,703
PepsiCo, Inc. * ......................................... 223,800 9,959
-------
16,662
Biotechnology - 4.1%
Amgen, Inc. * ........................................... 245,400 16,304
Genetech, Inc. * ........................................ 35,000 2,524
Shire Pharmaceuticals Group Place -
ADR * ................................................ 195,200 3,846
-------
22,674
Chemicals - 0.8%
Praxair, Inc. * ......................................... 70,000 4,207
Commercial Services & Supplies - 0.9%
Avery Dennison Corp. * .................................. 59,500 2,987
Honeywell International, Inc. ........................... 66,500 1,785
-------
4,772
Communications Equipment - 2.0%
Cisco Systems, Inc. * ................................... 652,000 10,882
Computers & Peripherals - 7.3%
Dell Computer Corp. * ................................... 229,400 7,332
EMC Corp. * ............................................. 699,600 7,325
Intel Corp. ............................................. 662,400 13,767
International Business Machines Corp. ................... 60,700 5,008
Lexmark International Group, Inc. -
Cl. A * .............................................. 88,500 6,263
-------
39,695
Containers & Packaging - 0.3%
Ball Corp. .............................................. 35,000 1,593
Diversified Financials - 2.6%
American Express Co. * .................................. 73,400 3,069
Citigroup, Inc. * ....................................... 136,900 5,859
Standard and Poor's Depositary
Receipts ............................................. 26,400 2,578
Wells Fargo & Co. * ..................................... 55,900 2,817
-------
14,323
Electrical Equipment - 1.9%
United Technologies Corp. * ............................. 146,800 10,398
Energy Equipment & Services - 1.6%
Cooper Cameron Corp. * .................................. 103,700 $ 5,225
Halliburton Co. * ....................................... 148,100 3,406
-------
8,631
Food & Drug Retailing - 0.8%
Walgreen Co. * .......................................... 46,000 1,384
Whole Foods Market, Inc. * .............................. 42,100 2,001
Williams-Sonoma, Inc. * ................................. 41,400 1,209
-------
4,594
Food Products - 1.1%
General Mills, Inc. * ................................... 65,200 3,091
Unilever NV * ........................................... 59,000 3,186
-------
6,277
Health Care Equipment & Supplies - 1.4%
Medtronic, Inc. * ....................................... 87,000 4,173
St. Jude Medical, Inc. * ................................ 58,600 3,370
-------
7,543
Health Care Providers & Services - 4.5%
Anthem, Inc. * .......................................... 100,900 7,784
Cardinal Health, Inc. * ................................. 20,000 1,286
McKesson HBOC, Inc. ..................................... 82,200 2,938
UnitedHealth Group, Inc. * .............................. 119,000 5,980
Universal Health Services, Inc. -
Cl. B * .............................................. 28,700 1,137
Wellpoint Health Networks, Inc. * ....................... 68,500 5,775
-------
24,900
Hotels Restaurants & Leisure - 0.4%
Darden Restaurants, Inc. * .............................. 105,000 1,993
Household Products - 2.2%
Clorox Co. * ............................................ 63,600 2,713
Procter & Gamble Co. * .................................. 107,300 9,569
-------
12,282
Industrial Conglomerates - 4.5%
General Electric Co. * .................................. 861,000 24,693
Insurance - 4.7%
AFLAC, Inc. * ........................................... 94,000 2,890
American International Group, Inc. * .................... 82,400 4,547
Everest Re Group, Ltd. .................................. 35,400 2,708
Hartford Financial Services Group, Inc. * ............... 57,600 2,901
Metlife, Inc. * ......................................... 213,700 6,052
Radian Group, Inc. ...................................... 48,000 1,759
The PMI Group, Inc. ..................................... 75,300 2,021
XL Capital, Ltd. - Cl. A * .............................. 35,600 2,955
-------
25,833
Internet & Catalog Retail - 0.3%
eBay, Inc. * ............................................ 13,400 1,396
27
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
LARGE CAP GROWTH FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------- ---------- ---------
(000's)
COMMON STOCK - Continued
Internet Software & Services - 0.9%
Yahoo, Inc. * ...................................... 144,300 $ 4,727
IT Consulting & Services - 3.4%
Accenture, Ltd. - Cl. A * .......................... 294,000 5,319
Computer Sciences Corp. * .......................... 122,800 4,681
Electronic Data Systems Corp. * .................... 61,300 1,315
SunGard Data Systems, Inc. * ....................... 280,100 7,257
--------
18,572
Machinery - 0.3%
Danaher Corp. * .................................... 27,700 1,885
Media - 3.9%
Comcast Corp. - Cl. A .............................. 338,000 10,201
Omnicom Group, Inc. * .............................. 51,000 3,657
The Walt Disney Co. * .............................. 186,300 3,679
Westwood One, Inc. * ............................... 114,500 3,885
--------
21,422
Multiline Retail - 2.2%
Wal-Mart Stores, Inc. * ............................ 221,100 11,866
Oil & Gas - 0.6%
Murphy Oil Corp. ................................... 61,000 3,209
Personal Products - 0.8%
Gillette Co. ....................................... 137,900 4,393
Pharmaceuticals - 15.2%
Abbott Laboratories * .............................. 157,200 6,879
Johnson & Johnson * ................................ 373,800 19,326
Merck & Co., Inc. * ................................ 168,000 10,172
Pfizer, Inc. * ..................................... 1,044,600 35,673
Wyeth * ............................................ 248,600 11,324
--------
83,374
Semiconductor Equipment & Products - 4.0%
Applied Materials, Inc. * .......................... 308,300 4,890
Novellus Systems, Inc. * ........................... 148,000 5,420
QLogic Corp. * ..................................... 50,100 2,421
Texas Instruments, Inc. * .......................... 513,700 9,041
--------
21,772
Software - 9.6%
BEA Systems, Inc. * ................................ 170,100 1,847
BMC Software, Inc. * ............................... 278,400 4,546
Mercury Interactive Corp. * ........................ 86,900 3,355
Microsoft Corp. * .................................. 1,056,800 27,065
NVIDIA Corp. * ..................................... 96,000 2,209
Oracle Corp. * ..................................... 448,000 5,385
Symantec Corp. * ................................... 39,900 1,750
Veritas Software Corp. * ........................... 218,200 6,256
--------
52,413
Specialty Retail - 6.0%
AutoZone, Inc. * ................................... 52,000 3,950
Bed Bath & Beyond, Inc. * .......................... 187,000 7,258
Home Depot, Inc. * ................................. 275,300 $ 9,118
Lowe's Cos., Inc. * ................................ 141,300 6,069
RadioShack Corp. * ................................. 68,100 1,792
Staples, Inc. * .................................... 261,000 4,789
--------
32,976
Textiles & Apparel - 0.6%
Nike, Inc. - Cl. B ................................. 66,000 3,530
Tobacco - 1.6%
Altria Group, Inc. ................................. 152,000 6,907
UST, Inc. * ........................................ 54,000 1,892
--------
8,799
Trading Companies & Distributors - 1.7%
CDW Corp. .......................................... 197,300 9,036
U.S. Government Agencies - 3.2%
Federal Home Loan Mortgage Corp. ................... 94,100 4,778
Federal National Mortgage Assoc. * ................. 192,800 13,002
--------
17,780
--------
TOTAL COMMON STOCK- 99.7% 545,608
Par
Value
----------
(000's)
INVESTMENT COMPANIES HELD AS COLLATERAL ON LOANED
SECURITIES - 3.3%
State Street Navigator Securities
Lending Portfolio ............................ $ 18,064 18,064
SHORT-TERM INVESTMENTS - 0.3%
Investment in joint trading account
(Note B) 1.181% due 07/01/03 .................... 1,760 1,760
---------- --------
TOTAL INVESTMENTS- 103.3% 565,432
Payables, less cash and receivables- (3.3)% (17,939)
---------- --------
NET ASSETS- 100.0% $547,493
========== ========
* Non-income producing security
ADR-American Depository Receipt
See notes to financial statements
28
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
FUNDAMENTAL GROWTH FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------- ------ -------
(000's)
COMMON STOCK
Aerospace & Defense - 0.4%
Rockwell Collins, Inc. * ................................. 3,800 $ 94
Airlines - 0.6%
Southwest Airlines Co. ................................... 8,100 139
Banks - 1.5%
Brookline Bancorp, Inc. .................................. 800 11
Commerce Bancorp, Inc. ................................... 2,600 97
Investors Financial Services Corp. ....................... 7,900 229
------
337
Beverages - 1.8%
Pepsi Bottling Group, Inc. * ............................. 11,400 228
Starbucks Corp. * ........................................ 7,100 174
------
402
Biotechnology - 5.2%
Cephalon, Inc. * ......................................... 3,700 152
Genzyme Corp. * .......................................... 6,500 272
Gilead Sciences, Inc. * .................................. 6,100 339
Idec Pharmaceuticals Corp. * ............................. 4,100 139
MedImmune, Inc. * ........................................ 6,600 240
------
1,142
Commercial Services & Supplies - 6.1%
Apollo Group, Inc. - Cl. A * ............................. 3,600 222
Career Education Corp. * ................................. 1,700 116
Checkfree Corp. * ........................................ 6,800 189
Choicepoint, Inc. * ...................................... 3,800 131
Cintas Corp. * ........................................... 300 11
Fiserv, Inc. * ........................................... 9,000 321
Iron Mountain, Inc. * .................................... 1,600 60
Rent A Car * ............................................. 1,600 121
Stericycle, Inc. * ....................................... 4,100 158
------
1,329
Communications Equipment - 0.1%
Advanced Fibre Communications, Inc. * .................... 1,300 21
Computers & Peripherals - 2.7%
Lexmark International Group, Inc. - Cl. A * .............. 5,800 411
Storage Technology Corp. * ............................... 7,200 185
------
596
Diversified Financials - 3.5%
Capital One Financial Corp. .............................. 4,900 241
Doral Financial Corp. * .................................. 1,500 67
Legg Mason, Inc. * ....................................... 1,900 123
SEI Investments Company .................................. 6,400 205
Waddell & Reed Financial, Inc. - Cl. A ................... 5,500 141
------
777
Diversified Telecommunication Services - 1.5%
CenturyTel, Inc. ......................................... 7,300 254
Citizens Communications Co. * ............................ 2,600 34
Commonwealth Telephone Enterprises, Inc. * ............... 700 $ 31
------
319
Electric Utilities - 1.4%
Entergy Corp. * .......................................... 5,700 301
Electrical Equipment - 0.7%
FLIR Systems, Inc. * ..................................... 4,900 148
Electronic Equipment & Instruments - 1.9%
Intersil Holding Corp. * ................................. 3,300 88
Jabil Circuit, Inc. * .................................... 8,800 194
Waters Corp. * ........................................... 4,700 137
------
419
Energy Equipment & Services - 1.8%
Cooper Cameron Corp. * ................................... 2,600 131
Global Santa Fe Corp. .................................... 3,100 72
Noble Corp. * ............................................ 5,400 185
------
388
Food Products - 0.3%
Dean Foods Co. * ......................................... 2,400 76
Health Care Equipment & Supplies - 6.6%
Biomet, Inc. * ........................................... 7,700 221
C.R. Bard, Inc. * ........................................ 3,700 264
Celgene Corp. * .......................................... 3,400 103
Cytyc Corp. * ............................................ 12,900 136
Inamed Corp. * ........................................... 1,600 86
St. Jude Medical, Inc. * ................................. 3,800 218
Steris Corp. * ........................................... 8,500 196
Zimmer Holdings, Inc. * .................................. 5,100 230
------
1,454
Health Care Providers & Services - 7.1%
Advance PCS * ............................................ 3,300 126
Anthem, Inc. * ........................................... 3,600 278
Apria Healthcare Group, Inc. * ........................... 6,500 162
Caremark Rx, Inc. * ...................................... 8,300 213
Express Scripts, Inc. - Cl. A * .......................... 2,800 191
First Health Group Corp. * ............................... 2,000 55
Health Management Assoc., Inc. - Cl. A * ................. 10,300 190
Healthnet, Inc. * ........................................ 1,800 60
Wellpoint Health Networks, Inc. * ........................ 3,500 295
------
1,570
Hotels Restaurants & Leisure - 5.2%
CBRL Group, Inc. * ....................................... 2,700 105
Darden Restaurants, Inc. * ............................... 5,600 106
Harrah's Entertainment, Inc. ............................. 3,600 145
International Game Technology * .......................... 1,700 174
Panera Bread Co. - Cl. A * ............................... 3,100 124
Royal Caribbean Cruises, Ltd. ............................ 13,900 322
29
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
FUNDAMENTAL GROWTH FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------- ------ -------
(000's)
COMMON STOCK - Continued
Hotels Restaurants & Leisure - Continued Yum Brands,
Inc. * ................................................... 5,900 $ 174
------
1,150
Household Durables - 4.8%
Mohawk Industries, Inc. * ................................ 3,500 194
Newell Rubbermaid, Inc. * ................................ 8,400 235
NVR, Inc. * .............................................. 700 288
Toro Co. ................................................. 2,700 107
Whirlpool Corp. * ........................................ 1,800 115
Yankee Candle, Inc. * .................................... 4,900 114
------
1,053
Household Products - 1.1%
Church & Dwight Co., Inc. ................................ 1,500 49
Dial Corp. ............................................... 9,700 189
------
238
Industrial Conglomerates - 0.5%
Regal Entertainment Group - Cl. A ........................ 4,400 104
Insurance - 2.4%
Ace, Ltd. ................................................ 6,500 223
First American Financial Corp. ........................... 1,700 45
Providian Financial Corp. * .............................. 15,800 146
The PMI Group, Inc. ...................................... 2,100 56
W.R. Berkley Corp. ....................................... 900 48
------
518
Internet Software & Services - 2.5%
Cognizant Technology Solutions Corp. * ................... 7,500 183
VeriSign, Inc. * ......................................... 9,400 130
Yahoo, Inc. * ............................................ 7,200 236
------
549
IT Consulting & Services - 3.6%
Affiliated Computer Services, Inc. - Cl. A * ............. 7,100 325
CACI International, Inc. - Cl. A ......................... 3,000 103
SunGard Data Systems, Inc. * ............................. 13,800 357
------
785
Leisure Equipment & Products - 0.6%
Mattel, Inc. * ........................................... 6,500 123
Machinery - 1.8%
Briggs & Stratton Corp. .................................. 3,300 166
Dover Corp. .............................................. 4,300 129
IDEX Corp. ............................................... 3,000 109
------
404
Media - 2.4%
Advo, Inc. * ............................................. 1,700 75
EchoStar Communications Corp. - Cl. A * .................. 4,900 170
Interactive Corp. ........................................ 4,500 178
Lamar Advertising Co. * .................................. 3,200 113
------
536
Multiline Retail - 2.3%
Abercrombie & Fitch Co. .................................. 6,800 $ 193
Family Dollar Stores, Inc. ............................... 4,700 179
Ross Stores, Inc. ........................................ 3,100 133
------
505
Office Electronics - 0.6%
Xerox Corp. * ............................................ 12,500 132
Oil & Gas - 2.4%
Amerada Hess Corp. * ..................................... 900 44
BJ Services Co. * ........................................ 4,200 157
Burlington Resources, Inc. * ............................. 3,000 162
Murphy Oil Corp. ......................................... 3,300 174
------
537
Pharmaceuticals - 3.4%
Allergan, Inc. * ......................................... 4,600 355
Barr Laboratories, Inc. * ................................ 1,400 92
King Pharmaceuticals, Inc. * ............................. 5,300 78
Medicis Pharmaceutical Corp. - Cl. A * ................... 2,000 113
Teva Pharmaceutical Industries, Ltd. - ADR * ............. 2,100 119
------
757
Semiconductor Equipment & Products - 7.0%
Agere Systems, Inc. - Cl. A * ............................ 60,700 141
Altera Corp. * ........................................... 9,300 152
Integrated Circuit Systems, Inc. * ....................... 5,500 173
Integrated Device Technology, Inc. * ..................... 8,900 98
KLA-Tencor Corp. * ....................................... 3,000 139
Lam Research Corp. * ..................................... 14,000 255
Marvell Technology Group, Ltd. * ......................... 3,800 131
Microchip Technology, Inc * .............................. 3,800 94
Novellus Systems, Inc. * ................................. 2,400 88
QLogic Corp. * ........................................... 3,500 169
Silicon Laboratories, Inc. * ............................. 3,700 99
------
1,539
Software - 7.5%
Adobe Systems, Inc. ...................................... 10,400 334
BMC Software, Inc. * ..................................... 16,300 266
Electronic Arts, Inc. * .................................. 3,000 222
Gtech Holdings Corp. * ................................... 4,200 158
Macromedia, Inc. * ....................................... 5,800 122
Manhattan Associates, Inc. * ............................. 3,100 80
Mercury Interactive Corp. * .............................. 5,200 201
Symantec Corp. * ......................................... 3,600 158
Veritas Software Corp. * ................................. 3,300 95
------
1,636
Specialty Retail - 5.5%
Advanced Auto Parts * .................................... 3,400 207
AutoZone, Inc. * ......................................... 3,100 236
Bed Bath & Beyond, Inc. * ................................ 3,900 151
Michaels Stores, Inc. * .................................. 3,000 114
30
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
FUNDAMENTAL GROWTH FUND
Market
Name of Issuer Shares Value
- ----------------------------------------------------------- ------- -------
(000's)
COMMON STOCK - Continued
Specialty Retail - Continued
Office Depot, Inc. * ................................... 10,100 $ 147
Staples, Inc. * ........................................ 7,000 128
TJX Cos., Inc. * ....................................... 12,300 232
-------
1,215
Textiles & Apparel - 0.8%
Jones Apparel Group, Inc. .............................. 2,900 85
Kellwood Co. * ......................................... 2,500 79
-------
164
Trading Companies & Distributors - 0.6%
CDW Corp. .............................................. 2,700 124
-------
TOTAL COMMON STOCK- 98.2% 21,581
Par
Value
-------
(000's)
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 0.9%
State Street Navigator Securities Lending
Portfolio ........................................... $ 187 187
SHORT-TERM INVESTMENTS - 2.4%
Investment in joint trading account (Note B)
1.181% due 07/01/03 ................................. 530 530
------- -------
TOTAL INVESTMENTS- 101.5% 22,298
Payables, less cash and receivables- (1.5)% (326)
------- -------
NET ASSETS- 100.0% $21,972
======= =======
* Non-income producing security.
ADR-American Depository Receipt.
See notes to financial statements.
31
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
ACTIVE BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS
Aerospace & Defense - 0.1%
Bombardier, Inc. 144A (a)
6.75% due 05/01/12 ................................... $ 435 $ 446
Jet Equipment Trust - Notes
10.91% due 08/15/14 .................................. 2,100 143
-------
589
Airlines - 0.2%
Continental Airlines, Inc. - Notes
7.206% due 06/30/04 .................................. 488 343
Northwest Airlines Corp. - Ser. 1996-1
8.97% due 01/02/15 ................................... 184 99
Offshore Logistics, Inc. - Sr. Notes
144A (a)
6.125% due 06/15/13 .................................. 545 546
Popular North America, Inc.
6.125% due 10/15/06 .................................. 730 813
-------
1,801
Auto Components - 0.0%
Motor Gaming Group, Inc. - Sr. Notes
144A (a)
9.75% due 04/01/10 ................................... 390 404
Auto Loan - 1.3%
Ford Motor Credit Co. - Notes
6.875% due 02/01/06 .................................. 3,895 4,131
7.375% due 10/28/09 .................................. 5,540 5,808
General Motors Acceptance Corp.
6.875% due 08/28/12 .................................. 590 589
General Motors Acceptance Corp. -
Notes
7.75% due 01/19/10 ................................... 3,405 3,664
GMAC Commercial Securities, Inc.
6.411% due 11/15/07 .................................. 144 152
-------
14,344
Automobiles - 0.7%
General Motors Corp. - Sr. Debs.
8.25% due 07/15/23 ................................... 4,675 4,652
8.375% due 07/15/33 .................................. 2,016 1,980
Hertz Corp. - Notes
7.625% due 06/01/12 .................................. 1,240 1,260
-------
7,892
Banks - 2.9%
Abbey National First Capital - Sr. Sub.
Notes
8.2% due 10/15/04 .................................... 2,100 2,278
Bank of New York Institution Capital -
Notes 144A (a)
7.78% due 12/01/26 ................................... 2,550 2,920
Bank One Corp. - Notes
6.5% due 02/01/06 .................................... $ 700 $ 777
Barclays Bank plc - Notes 144A (a)
6.86% due 06/15/32 ................................... 2,870 3,318
Capital One Bank
6.5% due 06/13/13 .................................... 765 758
Capital One Bank - Notes
6.875% due 02/01/06 .................................. 1,320 1,417
Central American Bank - 144A (a)
6.75% due 04/15/13 ................................... 650 693
Colonial Bank Montgomery - Notes
9.375% due 06/01/11 .................................. 1,120 1,281
Corporacion Andina De Fomento -
Notes
5.2% due 05/21/13 .................................... 550 557
Credit Suisse First Boston - Ser. 2003-
C3 Cl. F 144A (a)
4.518% due 05/15/38 .................................. 1,190 1,196
Credit Suisse First Boston - Sr. Notes
4.625% due 01/15/08 .................................. 1,000 1,068
7.125% due 07/15/32 .................................. 1,200 1,447
CS First Boston Mortgage Securities
Corp. - Notes
6.26% due 04/11/30 ................................... 3,606 3,857
JP Morgan Chase & Co. - Notes
6.625% due 03/15/12 .................................. 2,350 2,711
Royal Bank of Scotland plc - Notes
7.648% due 08/31/49 .................................. 3,655 4,638
Zions Financial Corp. - Notes
6.95% due 05/15/11 ................................... 2,625 2,914
-------
31,830
Chemicals - 0.4%
Great Lakes Carbon Corp. - Sr. Disc.
Debs.
13.125% due 05/15/09 ................................. 200 90
Great Lakes Carbon Corp. - Sr. Sub
Notes
10.25% due 05/15/08 .................................. 62 53
Lyondell Chemical Co. - Sr. Notes
9.5% due 12/15/08 .................................... 1,150 1,104
Lyondell Chemical Co. - Sr. Notes
144A (a)
9.5% due 12/15/08 .................................... 325 312
NOVA Chemicals Corp. - Notes
7.0% due 05/15/06 .................................... 2,765 2,917
-------
4,476
Commercial Services & Supplies - 1.3%
Allied Waste North America - Notes
10.0% due 08/01/09 ................................... 1,785 1,901
AVIS Group Holdings, Inc. - Notes
11.0% due 05/01/09 ................................... 530 594
32
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
ACTIVE BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Commercial Services & Supplies - Continued
Cendant Corp. - Notes
6.25% due 01/15/08 ................................... $2,020 $ 2,235
6.875% due 08/15/06 .................................. 4,570 5,112
Cendant Corp. - Sr. Notes
6.25% due 03/15/10 ................................... 500 556
7.125% due 03/15/15 .................................. 500 580
Coinmach Corp. - Sr. Notes
9.0% due 02/01/10 .................................... 665 721
Delaware Montecorp - Sr. Sub. Notes
144A (a)
8.625% due 12/15/12 .................................. 1,353 1,465
Poindexter JB, Inc. - Sr. Notes
12.5% due 05/15/07 ................................... 25 21
Ryland Group, Inc. - Sr. Notes
5.375% due 06/01/08 .................................. 650 669
-------
13,854
Communications Equipment - 0.6%
Deutsche Telekom International - Notes
8.5% due 06/15/10 .................................... 4,495 5,522
Deutsche Telekom International
Finance
8.75% due 06/15/30 ................................... 545 694
Motorola, Inc. - Notes
6.75% due 02/01/06 ................................... 772 841
-------
7,057
Computers & Peripherals - 0.1%
NCR Corp. - Sr. Notes 144A (a)
7.125% due 06/15/09 .................................. 1,365 1,500
Containers & Packaging - 0.5%
BWAY Corp. - Notes
10.0% due 10/15/10 ................................... 1,005 1,050
Owens Brockway Glass Container - Sr.
Notes 144A (a)
8.25% due 05/15/13 ................................... 275 286
8.75% due 11/15/12 ................................... 635 692
Sealed Air Corp. - Sr. Notes 144A (a)
5.625% due 07/15/13 .................................. 540 545
6.875% due 07/15/33 .................................. 350 355
Stone Container Corp. - Notes
8.375% due 07/01/12 .................................. 1,850 1,989
9.75% due 02/01/11 ................................... 760 828
-------
5,745
Credit Card - 1.0%
Citibank Credit Card Issuance Trust -
Notes
4.45% due 04/07/10 ................................... 2,400 2,472
MBNA Asset Backed Note Trust -
Notes
6.65% due 08/15/11 ................................... 985 1,087
Midland Funding Corp. II - Notes
11.75% due 07/23/05 .................................. 6,535 7,058
13.25% due 07/23/06 .................................. $ 150 $ 170
Tiers Fixed Rate Certificates - Ser.
2001-14 CTF 144A (a)
7.2% due 06/15/04 .................................... 950 731
-------
11,518
Diversified Financials - 3.4%
AXA Financial, Inc. - Sr. Notes
7.75% due 08/01/10 ................................... 543 661
Bunge Ltd. Financial Corp. - GTD
Sr. Notes 144A (a)
5.875% due 05/15/13 .................................. 330 340
Citigroup, Inc. - Sub. Notes
5.625% due 08/27/12 .................................. 1,000 1,102
Deutsche Mortgage & Asset Receiving
Corp. - Notes
6.861% due 03/15/08 .................................. 1,855 2,115
Duke Capital Corp. - Sr. Notes
6.25% due 02/15/13 ................................... 1,143 1,215
6.75% due 02/15/32 ................................... 600 605
ERAC USA Finance Co. - Notes
7.35% due 06/15/08 ................................... 700 819
7.95% due 12/15/09 ................................... 2,050 2,448
Fund American Cos, Inc. - GTD
Sr. Notes
5.875% due 05/15/13 .................................. 2,033 2,126
General Electric Capital Corp. - Notes
6.75% due 03/15/32 ................................... 1,990 2,327
Hyatt Equities LC - Notes
6.875% due 06/15/07 .................................. 2,035 2,119
ISTAR Financial, Inc. - Sr. Notes
7.0% due 03/15/08 .................................... 410 431
MDP Acquisitions plc - Sr. Notes
9.625% due 10/01/12 .................................. 1,200 1,326
Morgan Stanley Dean Witter Capital -
Notes
4.57% due 12/18/32 ................................... 4,121 4,334
Newcourt Credit Group, Inc. - Notes
6.875% due 02/16/05 .................................. 2,325 2,491
Pemex Project Funding Master Trust
6.125% due 08/15/08 .................................. 700 749
Pemex Project Funding Trust - Notes
9.125% due 10/13/10 .................................. 4,735 5,729
Qwest Captial Funding, Inc. - Notes
7.75% due 08/15/06 ................................... 955 888
TFM SA de CV - Sr. Disc. Debs.
11.75% due 06/15/09 .................................. 925 939
The MONY Group, Inc. - Sr. Notes
7.45% due 12/15/05 ................................... 2,635 2,801
URC Holdings Corp. - Sr. Notes
144A (a)
7.875% due 06/30/06 .................................. 1,865 2,172
-------
37,737
33
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
ACTIVE BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Diversified Telecommunication Services - 3.7%
AT&T Broadband Corp. - Notes
8.375% due 03/15/13 .................................. $1,199 $ 1,502
Citizens Communications Co. - Notes
8.5% due 05/15/06 .................................... 3,645 4,228
Citizens Communications Co. - Sr. Notes
6.375% due 08/15/04 .................................. 1,390 1,453
Cox Communications, Inc. - Notes
7.5% due 08/15/04 .................................... 3,685 3,911
France Telecom SA - Notes
9.25% due 03/01/11 ................................... 2,750 3,461
10.0% due 03/01/31 ................................... 545 754
Innova State of DE R.L. - Notes
12.875% due 04/01/07 ................................. 1,215 1,239
Mobile Telesystems Finance - Notes
10.95% due 12/21/04 .................................. 250 262
Nextel Communications, Inc. - Sr. Notes
9.375% due 11/15/09 .................................. 1,900 2,052
Qwest Corp. - Notes
8.875% due 03/15/12 .................................. 2,125 2,369
Sprint Capital Corp.
6.9% due 05/01/19 .................................... 1,220 1,278
Sprint Capital Corp. - Notes
6.125% due 11/15/08 .................................. 3,010 3,267
8.75% due 03/15/32 ................................... 1,100 1,317
Tele-Communications, Inc.
7.875% due 08/01/13 .................................. 550 666
9.8% due 02/01/12 .................................... 465 616
10.125% due 04/15/22 ................................. 695 986
Telecorp PCS, Inc.
0.0% due 04/15/09 .................................... 731 758
Telefonosde Mexico - Sr. Notes
8.25% due 01/26/06 ................................... 3,950 4,434
Tellus Corp. - Notes
8.0% due 06/01/11 .................................... 2,110 2,437
Tritel PCS, Inc. - Sr. Disc. Notes
12.75% due 05/15/09 .................................. 52 54
Verizon Global Funding Corp. - Notes
4.375% due 06/01/13 .................................. 1,500 1,496
Voicestream Wireless Corp. - Notes
11.5% due 09/15/09 ................................... 1,660 1,950
-------
40,490
Electric Utilities - 1.1%
CalEnergy Co., Inc. - Bonds
8.48% due 09/15/28 ................................... 2,745 3,616
CMS Energy Corp. - Sr. Notes
6.75% due 01/15/04 ................................... 2,630 2,656
DPL, Inc. - Sr. Notes
6.875% due 09/01/11 .................................. 1,385 1,520
Empresa Electrica Guacolda SA - Notes
8.625% due 04/30/13 .................................. $1,795 $ 1,882
Pennsylvania Power Co.
8.5% due 07/15/22 .................................... 610 634
Progress Energy, Inc. - Sr. Notes
6.75% due 03/01/06 ................................... 787 875
Reliant Resources , Inc. - Sr. Notes
144A (a)
9.5% due 07/15/13 .................................... 405 410
-------
11,593
Electric/Gas - 2.9%
AEP Resources , Inc. - Sr. Notes
144A (a)
6.5% due 12/01/03 .................................... 1,038 1,055
AES Eastern Energy - Notes
9.0% due 01/02/17 .................................... 915 924
Cleveland Electric Illuminating Co. - Notes
9.5% due 05/15/05 .................................... 5,820 5,839
Dominion Resources, Inc. - Notes
6.3% due 03/15/33 .................................... 1,595 1,684
Ipalco Enterprises, Inc. - Notes
8.625% due 11/14/11 .................................. 1,905 2,086
Monterrey Power SA de CV - Sr. Sec.
Bonds 144A (a)
9.625% due 11/15/09 .................................. 1,078 1,289
Niagara Mohawk Power Corp.
8.77% due 01/01/18 ................................... 3,965 4,127
Noram Energy Corp. - Notes
6.5% due 02/01/08 .................................... 2,995 3,212
Oklahoma Gas & Electric Co. - Notes
6.65% due 07/15/27 ................................... 3,660 4,057
PNPP II Funding Corp. - Bonds
9.12% due 05/30/16 ................................... 935 997
PSEC Energy LLC - Notes
7.75% due 04/16/07 ................................... 1,450 1,533
PSEG Power LLC - Sr. Notes
6.875% due 04/15/06 .................................. 857 956
Waterford 3 Funding - Entergy - Bonds
8.09% due 01/02/17 ................................... 3,585 3,938
-------
31,697
Electrical Equipment - 0.5%
HQI Transelec Chile SA - Notes
7.875% due 04/15/11 .................................. 5,025 5,820
Electronic Equipment & Instruments - 0.4%
Pinnacle Partners - Notes
8.83% due 08/15/04 ................................... 4,060 4,182
Energy Equipment & Services - 0.1%
Salton Sea Funding Corp. - Ser. F
7.475% due 11/30/18 .................................. 98 90
34
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
ACTIVE BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Energy Equipment & Services - Continued
Salton Sea Funding Corp. - Sr. Notes
Ser. E
8.3% due 05/30/11 .................................... $ 524 $ 490
TXU Energy Co. LLC - Sr. Notes
144A (a)
7.0% due 03/15/13 .................................... 700 775
-------
1,355
Finance - 3.6%
Beaver Valley Funding Corp.
9.0% due 06/01/17 .................................... 900 1,077
BVPS II Funding Corp. - Bonds
8.89% due 06/01/17 ................................... 969 1,119
Conseco Finance Securitizations Co. - Notes
5.33% due 04/15/27 ................................... 4,710 4,783
Financing Corp. - Notes
9.4% due 02/08/18 .................................... 1,070 1,634
10.35% due 08/03/18 .................................. 4,180 6,853
Household Financial Corp. - Global Notes
4.625% due 01/15/08 .................................. 700 747
Household Financial Corp. - Notes
6.75% due 05/15/11 ................................... 5,270 6,120
Iowa Select Farms Finance - Notes
144A (a)
10.75% due 12/01/06 .................................. 6 3
Morgan Stanley & Co., Inc. - Notes
4.25% due 05/15/10 ................................... 2,665 2,743
NiSource Finance Corp.
7.875% due 11/15/10 .................................. 1,180 1,393
NiSource Finance Corp. - Notes
7.5% due 11/15/03 .................................... 5,685 5,792
NiSource Finance Corp. - Sr. Notes
6.15% due 03/01/13 ................................... 1,000 1,073
PDVSA Finance, Ltd. - Notes
8.5% due 11/16/12 .................................... 1,250 1,163
9.75% due 02/15/10 ................................... 830 818
PTC International Finance BV - Notes
10.75% due 07/01/07 .................................. 1,335 1,402
PTC International Finance II SA - Notes
11.25% due 12/01/09 .................................. 1,190 1,333
Saint George Funding Co. LLC -
144A (a)
8.485% due 12/31/49 .................................. 1,205 1,346
-------
39,399
Food & Drug Retailing - 0.1%
Delhaize America, Inc. - Notes
7.375% due 04/15/06 .................................. 1,545 1,622
Food Products - 0.4%
Corn Products International, Inc. - Sr. Notes
8.45% due 08/15/09 ................................... $3,240 $ 3,694
Kraft Foods, Inc. - Notes
5.625% due 11/01/11 .................................. 985 1,073
-------
4,767
Foreign Governmental - 0.8%
Republic of Columbia - Notes
9.75% due 04/09/11 ................................... 1,437 1,609
10.375% due 01/28/33 ................................. 935 1,075
Republic of Panama - Bonds
9.375% due 01/16/23 .................................. 2,195 2,459
Republic of Peru - Bonds
9.125% due 01/15/08 .................................. 1,250 1,331
United Mexican States
6.375% due 01/16/13 .................................. 800 848
United Mexican States - Notes
8.3% due 08/15/31 .................................... 600 691
8.375% due 01/14/11 .................................. 800 958
-------
8,971
Gas Utilities - 0.8%
Kinder Morgan Energy Partners - Sr. Notes
6.5% due 09/01/12 .................................... 1,835 2,104
Louis Dreyfus Natural Gas Corp. - Notes
6.875% due 12/01/07 .................................. 1,730 1,995
Southern California Edison Co. - Notes
8.0% due 02/15/07 .................................... 4,170 4,556
-------
8,655
Health Care Providers & Services - 0.8%
Columbia/HCA Healthcare Corp. - Notes
9.0% due 12/15/14 .................................... 755 900
Global Health Sciences, Inc. - Sr. Notes
11.0% due 05/01/08 ................................... 75 7
HCA-The Healthcare Corp. - Notes
8.75% due 09/01/10 ................................... 5,035 5,955
Quest Diagnostics, Inc. - Sr. Notes
6.75% due 07/12/06 ................................... 1,810 2,018
Tenet Healthcare Corp. - Sr. Notes
6.375% due 12/01/11 .................................. 405 375
-------
9,255
Home Equity Loan - 0.9%
Contimortgage Home Equity Loan -
CTF Cl. A5
8.1% due 08/15/25 .................................... 143 143
EQCC Home Equity Loan Trust - Notes
6.57% due 02/15/29 ................................... 2,305 2,391
35
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
ACTIVE BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Home Equity Loan - Continued
IMC Home Equity Loan Trust -
Ser. 1998-1 A4
6.6% due 03/20/25 .................................... $ 168 $ 172
Money Store Home Equity Trust -
Notes
6.485% due 12/15/28 .................................. 2,880 2,965
UCFC Home Equity Loan - Notes
7.22% due 06/15/28 ................................... 3,904 4,052
-------
9,723
Hotels Restaurants & Leisure - 0.7%
Argosy Gaming Co. - Sr. Sub. Notes
9.0% due 09/01/11 .................................... 605 653
Harrahs Operating Co., Inc. - Notes
7.875% due 12/15/05 .................................. 4,115 4,465
Mohegan Tribal Gaming Authority -
Sr. Sub Notes
8.0% due 04/01/12 .................................... 400 431
Starwood Hotels & Resorts Worldwide,
Inc. - Sr. Notes
7.875% due 05/01/12 .................................. 1,000 1,095
Trump Casino Holdings LLC - Notes
11.625% due 03/15/10 ................................. 885 841
Waterford Gaming LLC - Sr. Notes
144A (a)
8.625% due 09/15/12 .................................. 275 289
-------
7,774
Household Durables - 0.1%
Salton Funding Corp. - Notes
7.84% due 05/30/10 ................................... 562 525
Household Products - 0.2%
Enterprise Products - Notes
6.875% due 03/01/33 .................................. 2,405 2,724
Industrial Conglomerates - 0.4%
British Brunswick Holdings, Inc. -
Sr. Notes
13.0% due 05/01/08 ................................... 120 24
General Electric Co. - Notes
5.0% due 02/01/13 .................................... 4,090 4,320
Pacific & Atlantic Holdings, Inc. - Sr.
Notes 144A (a)
10.5% due 12/31/07 ................................... 26 9
-------
4,353
Insurance - 1.1%
CIGNA Corp. - Notes
6.375% due 10/15/11 .................................. 875 980
Equitable Life Assurance Society USA
- Notes 144A (a)
6.95% due 12/01/05 ................................... 920 1,026
Mass. Mutual Life Insurance Co. -
Notes 144A (a)
7.625% due 11/15/23 .................................. $2,645 $ 3,302
New York Life Insurance Co. - Notes
5.875% due 05/15/33 .................................. 2,075 2,178
QBE Insurance Group, Ltd. - Sub Notes
144A (a)
5.647% due 07/01/23 .................................. 1,120 1,088
Travelers Property Casualty Corp. -
Notes
5.0% due 03/15/13 .................................... 1,580 1,645
UnumProvident Corp. - Notes
7.625% due 03/01/11 .................................. 1,395 1,492
-------
11,711
Leisure Equipment & Products - 0.0%
Hockey Co. - Sr. Sec. Notes
11.25% due 04/15/09 .................................. 410 455
Machinery - 0.1%
Kennametal, Inc. - Sr. Notes
7.2% due 06/15/12 .................................... 975 1,071
Media - 3.3%
AOL Time Warner, Inc.
6.15% due 05/01/07 ................................... 700 787
British Sky Broadcasting - Notes
8.2% due 07/15/09 .................................... 4,190 4,896
Chancellor Media Corp. - Notes
8.0% due 11/01/08 .................................... 3,910 4,614
Continental Cablevision, Inc. - Notes
8.3% due 05/15/06 .................................... 1,465 1,686
9.5% due 08/01/13 .................................... 2,280 2,624
EchoStar DBS Corp. - Sr. Notes
9.375% due 02/01/09 .................................. 870 929
Garden State Newspapers, Inc. - Sr. Sub
Notes Ser. B
8.625% due 07/01/11 .................................. 335 348
Garden State Newspapers, Inc. - Sr.
Sub. Notes
8.75% due 10/01/09 ................................... 200 206
Grupo Televisa SA De CV - Notes
8.0% due 09/13/11 .................................... 2,105 2,379
Lenfest Communications, Inc. - Notes
8.375% due 11/01/05 .................................. 3,305 3,730
News America Holdings, Inc. - Notes
8.25% due 08/10/18 ................................... 2,810 3,661
Panamsat Corp. - Sr. Notes
8.5% due 02/01/12 .................................... 620 676
Rogers Cable, Inc. - 144A (a)
6.25% due 06/15/13 ................................... 415 416
Rogers Cablesystems - Sr. Notes
10.0% due 03/15/05 ................................... 1,205 1,303
Shaw Communications, Inc. - Sr. Notes
8.25% due 04/11/10 ................................... 1,085 1,161
36
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
ACTIVE BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Media - Continued
Time Warner, Inc. - Sr. Notes
9.125% due 01/15/13 .................................. $5,181 $ 6,635
XM Satellite Radio, Inc. - Sr. Notes
144A (a)
12.0% due 06/15/10 ................................... 635 622
-------
36,673
Metals & Mining - 0.5%
Freeport McMoran Copper & Gold - Sr. Notes
10.125% due 02/01/10 ................................. 1,060 1,187
Golden Northwest Aluminum
12.0% due 12/15/06 ................................... 25 2
Great Central Mines, Ltd. - Sr. Notes
8.875% due 04/01/08 .................................. 1,365 682
Inco, Ltd. - Notes
7.75% due 05/15/12 ................................... 1,500 1,777
Metallurgy Holdings, Inc. - Notes
1.0% due 07/15/08 .................................... 50 16
Noranda, Inc. - Notes
8.375% due 02/15/11 .................................. 1,075 1,210
Yanacocha Receivables - 144A (a)
8.4% due 06/15/05 .................................... 565 569
-------
5,443
Multi-Utilities - 0.2%
CenterPoint Energy - Bonds Ser. K
144A (a)
6.95% due 03/15/33 ................................... 545 625
Centerpoint Energy Resources Corp. -
Sr. Notes 144A (a)
7.875% due 04/01/13 .................................. 700 805
United Utilities plc - Notes
4.55% due 06/19/18 ................................... 1,236 1,180
-------
2,610
Multiline Retail - 0.2%
JC Penney Co., Inc. - Notes
8.0% due 03/01/10 .................................... 690 725
Sears Roebuck Acceptance Corp. -
Debs
7.5% due 10/15/27 .................................... 1,045 1,114
-------
1,839
Municipal - 0.6%
Golden State Securitization - Notes
6.75% due 06/01/39 ................................... 4,275 3,872
Illinois Saint
5.1% due 06/01/33 .................................... 2,545 2,503
-------
6,375
Office Electronics - 0.1%
Xerox Corp. - Sr. Notes
7.625% due 06/15/13 .................................. 570 573
Oil & Gas - 1.3%
Alberta Energy, Ltd. - Notes
7.375% due 11/01/31 .................................. $1,625 $ 2,055
8.125% due 09/15/30 .................................. 2,025 2,764
Humpuss Funding Corp. - 144A (a)
7.72% due 12/15/09 ................................... 1,437 1,149
Occidental Petroleum Corp.
10.125% due 09/15/09 ................................. 1,388 1,855
Ocean RigNorway AS - Sr. Sec. Notes
10.25% due 06/01/08 .................................. 255 212
Tosco Corp. - Notes
8.125% due 02/15/30 .................................. 2,945 3,947
Valero Energy Corp. - Notes
8.375% due 06/15/05 .................................. 1,095 1,192
XTO Energy, Inc. - Sr. Notes 144A (a)
6.25% due 04/15/13 ................................... 900 958
-------
14,132
Other Mortgage - 0.4%
Capital One Secured Note Trust - Notes
7.9% due 10/15/10 .................................... 2,685 2,828
Commercial Mortgage Acceptance
Corp. - Ser. 1991-C1 A1
6.79% due 06/15/31 ................................... 1,589 1,760
-------
4,588
Paper & Forest Products - 0.4%
Abitibi-Consolidated, Inc. - Notes
8.55% due 08/01/10 ................................... 2,110 2,399
Corporacion Durango SA de CV -
Sr. Notes
13.125% due 08/01/06 ................................. 631 347
13.75% due 07/15/09 .................................. 2,905 1,525
Longview Fibre Co. - Notes
10.0% due 01/15/09 ................................... 250 276
-------
4,547
Real Estate Investment Trust - 1.5%
American Health Properties, Inc. -
Notes
7.5% due 01/15/07 .................................... 1,405 1,584
Amresco Residential Securities - Notes
6.51% due 08/25/27 ................................... 5,344 5,671
Camden Property Trust - Sr. Notes
7.0% due 04/15/04 .................................... 2,880 2,986
Healthcare Realty Trust - Sr. Notes
8.125% due 05/01/11 .................................. 885 984
Socgen Real Estate Co. LLC - Notes
144A (a)
7.64% due 12/29/49 ................................... 4,875 5,649
-------
16,874
37
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
ACTIVE BOND FUND
Par Market
Name of Issuer Value Value
- --------------------------------------------------------- ------- ----------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Real Estate Operations - 0.2%
HMH Properties, Inc. - Notes
7.875% due 08/01/05 ............................... $ 1,695 $ 1,729
Specialty Retail - 0.2%
Gap, Inc. - Notes
10.55% due 12/15/08 ............................... 970 1,178
Toys "R" Us, Inc. - Notes
7.875% due 04/15/13 ............................... 775 834
----------
2,012
U.S. Government Agencies - 38.2%
Federal Home Loan Mortgage Corp. - Bonds
6.0% due 01/01/33 ................................. 1,795 1,861
6.5% due 08/01/32 ................................. 6,143 6,393
Federal Home Loan Mortgage Corp. - Debs.
6.25% due 07/15/32 ................................ 1,000 1,177
Federal Home Loan Mortgage Corp. - Notes
4.25% due 03/15/31 ................................ 4,842 4,937
5.5% due 07/15/31 ................................. 2,347 2,459
Federal National Mortgage Assoc. - Bonds
4.5% due 07/25/18 ................................. 13,350 13,617
5.0% due 10/01/17 ................................. 15,593 16,131
5.0% due 06/01/18 ................................. 12,185 12,602
5.0% due 07/25/33 ................................. 41,670 42,334
5.5% due 02/01/18 ................................. 14,610 15,177
5.5% due 05/01/33 ................................. 2,103 2,178
5.5% due 05/01/33 ................................. 2,711 2,807
5.5% due 05/01/33 ................................. 7,686 7,957
5.5% due 05/01/33 ................................. 7,539 7,805
5.5% due 07/25/33 ................................. 67,605 69,866
6.0% due 09/01/14 ................................. 4,035 4,219
6.0% due 09/01/32 ................................. 2,603 2,706
6.0% due 03/01/33 ................................. 32,615 33,907
6.0% due 05/01/33 ................................. 4,110 4,273
6.5% due 07/01/32 ................................. 7,734 8,065
6.5% due 07/01/32 ................................. 4,921 5,132
6.5% due 11/01/32 ................................. 4,754 4,958
6.5% due 02/01/33 ................................. 16,417 17,121
7.0% due 09/01/10 ................................. 1,305 1,390
7.0% due 01/01/12 ................................. 391 415
7.0% due 04/01/17 ................................. 2,377 2,529
7.0% due 04/01/17 ................................. 586 623
7.0% due 05/01/17 ................................. 236 251
Federal National Mortgage Assoc. - Notes
2.5% due 06/15/08 ................................. 2,000 1,990
4.375% due 03/15/13 ............................... 3,000 3,124
5.0% due 01/20/07 ................................. 25,000 25,484
5.0% due 10/25/16 ................................. 5,098 5,306
5.0% due 08/25/27 ................................. 6,373 6,543
5.5% due 11/25/32 ................................. $ 8,525 $ 8,881
6.0% due 02/01/32 ................................. 21,274 22,117
6.0% due 03/01/33 ................................. 15,588 16,205
6.94% due 01/25/22 ................................ 946 980
Government National Mortgage Assoc. - Bonds
6.0% due 01/15/33 ................................. 1,188 1,247
6.0% due 02/15/33 ................................. 94 99
6.0% due 03/15/33 ................................. 19,986 20,960
6.0% due 05/15/33 ................................. 8,666 9,088
6.5% due 09/15/28 ................................. 1,813 1,906
6.5% due 09/15/29 ................................. 1,131 1,189
6.5% due 08/15/31 ................................. 2,959 3,107
8.5% due 09/15/21 ................................. 103 113
9.0% due 05/15/21 ................................. 199 222
9.0% due 08/15/21 ................................. 176 196
9.5% due 06/15/16 ................................. 169 190
----------
421,837
U.S. Governmental - 12.8%
U.S. Treasury - Bonds
0.0% due 08/15/04 ................................. 2,240 2,394
0.0% due 05/15/05 ................................. 1,300 1,426
0.0% due 08/15/05 ................................. 400 479
0.0% due 08/15/07 ................................. 940 1,087
0.0% due 02/15/16 ................................. 615 942
0.0% due 08/15/19 ................................. 3,265 4,722
5.0% due 08/15/11 ................................. 1,000 1,122
7.875% due 02/15/21 ............................... 13,100 18,702
U.S. Treasury - Notes
0.0% due 03/31/05 ................................. 9,000 9,062
0.0% due 08/15/05 ................................. 400 443
3.0% due 02/15/08 ................................. 40,175 41,341
3.5% due 01/15/11 ................................. 7,372 8,373
3.625% due 05/15/13 ............................... 20,930 21,094
3.875% due 02/15/13 ............................... 11,000 11,319
5.375% due 02/15/31 ............................... 10,097 11,370
5.75% due 08/15/10 ................................ 6,600 7,725
----------
141,601
Whole Loan CMOs - 0.2%
Bank One Issuance Trust - Notes
4.54% due 09/15/10 ................................ 2,140 2,222
Wireless Telecommunications Services - 0.4%
AT&T Wireless, Inc. - Notes
7.875% due 03/01/11 ............................... 2,335 2,758
Mobile Telesystems Finance - Notes
9.75% due 01/30/08 ................................ 1,070 1,163
----------
3,921
----------
TOTAL PUBLICLY-TRADED BONDS- 91.7% 1,011,865
38
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- -------------------------------------------------------------------------------
ACTIVE BOND FUND
Market
Name of Issuer Shares Value
- --------------------------------------------------- ----------- ----------
(000's)
COMMON STOCK
Banks - 0.1%
Wachovia Preferred Funding Corp. - Ser. A ...... 26,000 $ 722
U.S. Government Agencies - 2.2%
Federal Home Loan Banks ........................ 2,949,599 3,049
Federal National Mortgage Assoc. ............... 20,890,367 21,605
----------
24,654
----------
TOTAL COMMON STOCK- 2.3% 25,376
PREFERRED STOCK
Commercial Services & Supplies - 0.0%
Glass Tech., Inc. - Ser. A ..................... 1 1
Diversified Telecommunication Services - 0.1%
Metrocall Holdings, Inc. - Ser. A .............. 220 2
Nextel Communications, Inc. - Notes ............ 1,333 1,420
----------
1,422
Electric/Gas - 0.2%
Dominion Resources, Inc. - Notes ............... 47,000 2,771
Finance - 0.1%
HSBC Capital Funding - 144A (a) ................ 820,000 803
Media - 0.3%
CSC Holdings, Inc. - Ser. M .................... 13,740 1,415
CSC Holdings, Inc. - Ser. H .................... 17,525 1,805
----------
3,220
----------
TOTAL PREFERRED STOCK- 0.7% 8,217
WARRANTS
Commercial Services & Supplies - 0.0%
Sunterra Corp.
expires 07/26/07 (Cost $0) .................. 152 0
----------
TOTAL WARRANTS- 0.0%
Par
Value
-----------
(000's)
COMMERCIAL PAPER
Banks - 0.0%
Danske Corp.
0.915% due 09/19/03 ............................ $ 400 399
Finance - 1.9%
CBA Delaware Finance, Inc. .....................
1.05% due 07/31/03 ............................. 8,300 8,293
EK Sport Finance
1.23% due 07/02/03 ............................. 900 900
General Electric Capital Corp. .................
1.20% due 07/11/03 ............................. 800 800
UBS Finance, Inc. ..............................
1.03% due 08/29/03 ............................. $ 4,000 $ 3,993
0.92% due 09/24/03 ............................. 6,800 6,785
U.S. Government Agencies - 0.4%
Federal National Mortgage Assoc.
1.05% due 07/31/03 ............................. 4,200 4,196
1.08% due 09/30/03 ............................. 500 499
----------
TOTAL COMMERCIAL PAPER- 2.3% 25,865
SHORT-TERM INVESTMENTS - 13.2%
Investment in joint trading account
(Note B)
1.181% due 07/01/03 ............................ 145,149 145,149
----------- ----------
TOTAL INVESTMENTS- 110.2% 1,216,472
Payables, less cash and receivables- (10.2)% (112,650)
----------- ----------
NET ASSETS- 100.0% $1,103,822
=========== ==========
(a) Pursuant to Rule 144A under the Securities Act of 1993, these securities
may be resold in transactions exempt from registration, normally to
qualified institutional buyers. At June 30, 2003, securities aggregated
$25,431 or 2.3% of net assets of the Portfolio.
See notes to financial statements.
39
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND
Market
Name of Issuer Shares Value
- ---------------------------------------------------------- --------- -------
(000's)
COMMON STOCK
Brazil - 0.2%
Aracruz Celulose SA - ADR * (BG) ...................... 3,300 $ 69
Czech Republic - 0.4%
Komercni Banka AS * (JP) .............................. 304 22
SPT Telecom AS * (J1) ................................. 11,800 123
------
145
Egypt - 0.7%
Commercial International Bank (JP) .................... 8,281 51
Egypt Mobile Phone * (J2) ............................. 8,330 74
Orascom Construction Industries * (BJ) ................ 20,144 161
------
286
Hong Kong - 3.1%
BYD Co. (BL) .......................................... 60,000 134
China Oilfield Series * (BB) .......................... 356,000 80
China Shipping Development * (BR) ..................... 318,000 114
CNOOC, Ltd. * (BB) .................................... 413,000 604
Denway Motors, Ltd. * (BV) ............................ 264,000 120
Huaneng Power International * (J3) .................... 192,000 219
------
1,271
Hungary - 0.4%
Magyar Tavkozlesi * (J1) .............................. 17,254 59
OTP Bank (JP) ......................................... 8,572 83
------
142
India - 5.0%
Bharat Heavy Electricals, Ltd. (BK) ................... 27,950 162
Colgate Palmolive Co. * (JK) .......................... 19,051 56
Container Corp. of India, Ltd. (BJ) ................... 10,092 75
GlaxoSmithKline Pharmaceuticals (JO) .................. 5,000 39
Gujarat Ambuja Cements Ltd. (BD) ...................... 20,250 90
Hero Honda Motors, Ltd. (BV) .......................... 17,350 95
Hindlaco Industries (BD) .............................. 3,850 62
Hindustan Lever Ltd. (JJ) ............................. 22,700 87
IndiaInfo, Ltd. (JA) .................................. 10,639
Infosys Technologies, Ltd. * (JU) ..................... 1,040 73
ITC, Ltd. (JI) ........................................ 7,000 116
Mahanagar Telephone Nigam, Ltd. (J1) .................. 31,750 78
Morgan Stanley Group (JQ) ............................. 705,000 152
Oil & Natural Gas (BB) ................................ 14,750 154
Ranbaxy Laboratories, Ltd. (JO) ....................... 8,660 147
Reliance Industries, Inc. * (BC) ...................... 13,300 93
State Bank of India (JP) .............................. 32,600 283
Steel Author India * (BF) ............................. 192,000 71
Tata Ironsteel (BF) ................................... 16,000 58
Tata Engineering and Locomotive Co.,
Ltd. (BD) .......................................... 26,500 113
------
2,004
Indonesia - 3.9%
Astra International (BV) .............................. 1,272,461 551
Bank Central (JP) ..................................... 430,500 150
Bank Mandiri (JP) ..................................... 412,000 34
Bank Pan Indonesia (JP) ............................... 1,929,500 $ 73
HM Sampoerna (JI) ..................................... 256,500 129
Ramayana Lestari * (JD) ............................... 626,000 245
Telekomunikasi Indiana - Ser. B (J1) .................. 731,500 410
------
1,592
Israel - 0.6%
Bank Hapoalim (JP) .................................... 81,200 173
Bank Leumi Le-Israel * (JP) ........................... 54,400 87
------
260
Jordan - 0.0%
Arab Bank (JP) ........................................ 50 15
Luxembourg - 0.1%
OTP Bank - GDR (JP) ................................... 1,956 38
Malaysia - 3.0%
Commerce Asset Holdings * (JP) ........................ 102,000 93
Gamuda Berhad (BJ) .................................... 153,000 247
Magnum Corp. Berhad * (BZ) ............................ 229,000 161
Malayan Banking Berhad * (JP) ......................... 146,200 331
Perusahaan Otomobil Nasional Berhad (BU) .............. 39,000 83
Resorts World Berhad * (BZ) ........................... 41,000 106
SP Setia (JS) ......................................... 136,499 103
YTL Corp., Berhad (J3) ................................ 81,000 85
------
1,209
Mexico - 1.6%
Cifra SA de CV - Ser. V * (JD) ........................ 125,472 370
Fomento Economico Mexicano SA de CV * (JG) ............ 1,799 7
GF BBVA Bancomer - Ser. B (JP) ........................ 249,661 211
Wal-Mart de Mexico SA de CV - Ser. C * (JD) ........... 22,106 60
------
648
Poland - 1.0%
Bank Polska Kasa Opieki SA (JP) ....................... 14,964 388
Singapore - 0.4%
TPV Technology (JX) ................................... 411,000 142
South Africa - 13.5%
ABSA Group, Ltd. * (JP) ............................... 17,500 82
Anglo American plc * (BF) ............................. 85,927 1,330
Anglogold * (BF) ...................................... 10,500 332
Bidvest Group, Ltd. (BL) .............................. 23,565 135
FirstRand, Ltd. (JP) .................................. 399,498 408
Gold Fields Mining * (BF) ............................. 32,800 393
Harmony Gold Mining * (BF) ............................ 5,612 74
Impala Platinum Holdings, Ltd. (BF) ................... 5,328 317
Liberty Life Association of Africa, Ltd. (JR) ......... 7,220 49
M-Cell, Ltd. (J2) ..................................... 156,610 341
Metro Cash and Carry NPV (JF) ......................... 222,789 69
40
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND
Market
Name of Issuer Shares Value
- --------------------------------------------------------- ---------- -------
(000's)
COMMON STOCK - Continued
South Africa-Continued
Naspers, Ltd. - N Shares (BZ) ........................ 22,700 $ 79
Nedcor, Ltd. * (JP) .................................. 14,250 170
Old Mutual plc * (BB) ................................ 18,000 27
Sanlam, Ltd. (JR) .................................... 174,490 163
Sappi, Ltd. * (BG) ................................... 12,610 152
Sasol, Ltd. * (BB) ................................... 49,763 556
Standard Bank Investment Corp., Ltd. (JP) ............ 131,213 575
Telkom Group, Ltd. (J1) .............................. 36,000 186
------
5,438
South Korea - 16.3%
39Shopping Corp. (JD) ................................ 4,515 234
Daewoo Shipbuilding & Marine * (BM) .................. 6,300 53
Daishin Securities * (JQ) ............................ 18,370 318
Good Morning Securities Co., Ltd. (JQ) ............... 31,650 140
Hyundai Department Store * (JE) ...................... 10,830 241
Hyundai Mobis (BM) ................................... 13,580 348
LG Electronics, Inc. (JY) ............................ 10,287 429
LG Household & Health (JJ) ........................... 6,800 176
Pohang Iron & Steel Co., Ltd. (BF) ................... 1,720 179
Samsung Display Devices Co. (JY) ..................... 6,010 455
Samsung Electronics * (JY) ........................... 8,370 2,488
Samsung Heavy Industries (BM) ........................ 32,840 132
Samsung Securities Co., Ltd. (JQ) .................... 9,090 220
Shinhan Financial (JP) ............................... 12,620 132
Shinsegaeco, Ltd. (JD) ............................... 430 67
SK Telecom Co., Ltd. * (J2) .......................... 4,830 825
Tongyang Cement Co. (BI) ............................. .2,590 160
------
6,597
Taiwan - 12.3%
Ambit Microsystems Corp. (JX) ........................ 36,000 111
Asia Optical Co., Inc. (JL) .......................... 23,000 120
Capital Securities (JQ) .............................. 301,000 94
Cathay Financial Hampshire (JR) ...................... 214,000 262
Cheng Loong (BE) ..................................... 155,000 41
China Trust Finance (JP) ............................. 382,027 308
Compal Electronics, Inc. * (JX) ...................... 60,000 80
CTCI Corp. (BJ) ...................................... 132,000 85
Eva Airways (BQ) ..................................... 472,946 169
Evergreen Marine Corp. (BR) .......................... 226,000 161
Fubon Financial HL (JQ) .............................. 225,000 180
HonHai Precision Industry Co., Ltd. -
Cl. G * (JY) ...................................... 118,900 431
Largan Precision Co. (BL) ............................ 19,500 117
Nan Ya Plastic Corp. (BC) ............................ 153,000 166
Phoenixtec Power (J3) ................................ 139,000 117
Polaris Securities (JQ) .............................. 521,000 250
Premier Image Technology (BX) ........................ 126,000 195
Quanta Computer, Inc. (JX) ........................... 121,050 250
Siliconware Precision (J0) ........................... 277,790 177
Taishin Financial (JP) ............................... 341,000 177
Taiwan Semiconductor * (J0) .......................... 724,180 1,193
Yang Ming Marine (BR) ................................ 157,000 $ 104
Yuanta Core Pacific (JQ) ............................. 229,000 120
Zyxel Communication (JW) ............................. 29,000 54
------
4,962
Thailand - 3.6%
Bangkok Bank Co., Ltd. * (JP) ........................ 253,100 398
BEC World Public Co., Ltd. (JA) ...................... 7,400 42
Italian-Thai Development Public Co., Ltd. (BD) ....... 101,900 58
Kasikornbank plc (JP) ................................ 144,000 116
Land & Houses (BJ) ................................... 786,500 178
Siam Cement Co. * (BD) ............................... 93,000 332
Siam Commercial Bank Public Co. * (JP) ............... 133,100 114
Thai Farmers Bank Public Co., Ltd. * (JP) ............ 213,700 199
------
1,437
Turkey - 1.6%
Akbank TAS * (JP) .................................... 19,329,105 57
Akcansa Cimento SA (BD) .............................. 32,217,500 83
Arcelik AS (BW) ...................................... 26,636,750 93
Enka Insaat (BL) ..................................... 3,369,424 116
Tofas Otomobil (BV) .................................. 32,683,269 38
Tupras-Turkiye Petrol Rafinerileri A/S (BB) .......... 15,242,000 100
Turkcell Iletisim Hizmetleri AS (J2) ................. 13,063,000 87
Turkiye Is Bankasi - Cl. C * (JP) .................... 19,754,000 63
------
637
United Kingdom - 3.8%
Anglo American plc (BF) .............................. 40,645 622
Bank Pekao - GDR (JP) ................................ 1,592 40
Gazprom Oao * (BB) ................................... 30,100 566
Old Mutual Plc * (BB) ................................ 218,758 316
------
1,544
United States - 23.9%
Advanced Semiconductor Engineering, Inc. (JY) ........ 19,400 57
America Movil SA de CV - ADR - Ser. L (J2) ........... 46,933 880
Ase Test, Ltd. * (J0) ................................ 18,200 100
Banco Bradesco - ADR (JP) ............................ 4,739 88
Banco Itau SA - ADR * (JP) ........................... 6,894 234
Check Point Software Technologies, Ltd. * (JT) ....... 22,912 448
Coca-Cola Co. - ADR (JG) ............................. 4,100 88
Companhia De Bebidas ADR (JG) ........................ 23,623 481
Companhia Energetica de Minas Gerias - ADR (J3) ...... 7,000 64
41
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND
Market
Name of Issuer Shares Value
- --------------------------------------------------------- ---------- -------
(000's)
COMMON STOCK - Continued
United States - Continued
Companhia Siderurgica Nacional - SA -
ADR * (BF) ........................................ 3,900 $ 97
Companhia Vale do Rio Doce - ADR
(BF) .............................................. 16,047 448
Compania Anonima Nacional Telefonos
De Venezuela - ADR (J1) ........................... 8,456 106
Daewoo Shipbuilding & Marine - GDR
144A (a) * (BR) ................................... 10,000 166
ECI Telecommunications, Ltd. * (JW) .................. 21,273 62
Fomento Economico Mexicano SA de
CV - ADR * (JG) ................................... 5,074 209
Goldfields, Ltd. - ADR * (BF) ........................ 7,900 96
Grupo Aeroportuario Sur - ADR * (BT) ................. 7,630 112
Grupo Financiero BBVA Bancomer, SA
de CV * (JP) ...................................... 6,600 112
Harmony Gold Mining, Ltd. (BF) ....................... 12,200 164
JSC Norilsk Nickel - ADR (BF) ........................ 9,500 325
Komercni Banka * (JP) ................................ 900 22
Lukoil Holding - ADR * (BB) .......................... 8,754 692
Magyar Tavkozlesi - ADR * (J1) ....................... 2,634 45
Marvell Technology Group, Ltd. * (J0) ................ 1
Mobile Systems - ADR * (J2) .......................... 6,700 395
Mobile Telesystems OJSC - GDR 144A
(a) (J2) .......................................... 3,000 175
OAO Gazprom - ADR * (BL) ............................. 4,200 79
Orascom Construction Industries - GDR
(BJ) .............................................. 6,070 96
Petroleo Brasileiro SA * (BB) ........................ 31,641 625
Petroleo Brasileiro SA - ADR (BB) .................... 21,928 389
RAO Unified Energy Systems - GDR *
(J3) .............................................. 12,500 331
Sappi, Ltd. ADR * (BG) ............................... 1,560 19
Surgutneftegaz (BB) .................................. 2,385 61
Surgutneftegaz - ADR (BB) ............................ 17,411 364
Tele Norte Leste Participacoes SA -
ADR (J1) .......................................... 17,300 202
Telefonos de Mexico SA - ADR (J1) .................... 26,680 838
Telkom SA Ltd. - ADR * (J1) .......................... 2,600 54
Tenaris SA - ADR (BA) ................................ 3,200 82
Vimpel-Communications - ADR * (J2) ................... 3,400 158
Votorantim Celulose e Papel SA - ADR
(BG) .............................................. 3,900 75
Wal-Mart de Mexico SA de CV - ADR
(JD) .............................................. 3,016 89
Yukos Corp. - ADR * (BB) ............................. 9,122 508
-------
9,636
-------
TOTAL COMMON STOCK- 95.4% 38,460
PREFERRED STOCK
Brazil - 0.2%
BCO Itau Holdings Financeira (JP) .................... 1,145,000 76
South Korea - 1.2%
Hyundai Motor Co. (BV) ............................... 8,480 $ 110
Samsung Electronics (JY) ............................. 2,530 361
-------
471
-------
TOTAL PREFERRED STOCK- 1.4% 547
Par
Value
----------
(000's)
PUBLICLY-TRADED BONDS
India - 0.0%
Hindustan Lever, Ltd. - Debs. (JK)
9.0% due 09/30/04 .................................... $ 22,700 3
-------
TOTAL PUBLICLY-TRADED BONDS- 0.0% 3
SHORT-TERM INVESTMENTS - 3.1%
Investment in joint trading account
(Note B)
1.181% due 07/01/03 ............................... 1,259 1,259
---------- -------
TOTAL INVESTMENTS- 99.9% 40,269
Cash and Receivables, less payables- 0.1% 58
---------- -------
NET ASSETS- 100.0% $40,327
========== =======
* Non-income producing security.
ADR-American Depository Receipt.
GDR-Global Depository Receipt.
(a) Pursuant to Rule 144A under the Securities Act of 1993, these securities
may be resold in transactions exempt from registration, normally to
qualified institutional buyers. At June 30, 2003, securities aggregated
$341 or 0.8% of net assets of the Portfolio.
See notes to financial statements.
42
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
% of
Industry Market Long-Term
Industry Abbreviation Value Investments
- ----------------------------------------- ------------ ------- -----------
(000s)
Banks ................................... JP $ 5,401 13.8%
Oil & Gas ............................... BB 5,040 12.9%
Metals & Mining ......................... BF 4,507 11.6%
Electronic Equipment &
Instruments .......................... JY 4,221 10.8%
Wireless Telecommunications
Services ............................. J2 2,936 7.5%
Diversified Telecommunication
Services ............................. J1 2,101 5.4%
Semiconductor Equipment &
Products ............................. J0 1,469 3.8%
Diversified Financials .................. JQ 1,322 3.4%
Multiline Retail ........................ JD 1,065 2.7%
Automobiles ............................. BV 914 2.3%
Construction & Engineering .............. BJ 843 2.2%
Electric Utilities ...................... J3 817 2.1%
Beverages ............................... JG 785 2.0%
Construction Materials .................. BD 737 1.9%
Computers & Peripherals ................. JX 584 1.5%
Industrial Conglomerates ................ BL 582 1.5%
Marine .................................. BR 545 1.4%
Machinery ............................... BM 533 1.4%
Insurance ............................... JR 474 1.2%
Internet Software & Services ............ JT 448 1.1%
Hotels Restaurants & Leisure ............ BZ 345 0.9%
Paper & Forest Products ................. BG 316 0.8%
Household Products ...................... JJ 263 0.7%
Chemicals ............................... BC 259 0.7%
Tobacco ................................. JI 245 0.6%
Specialty Retail ........................ JE 241 0.6%
Leisure Equipment & Products ............ BX 195 0.5%
Pharmaceuticals ......................... JO 185 0.5%
Airlines ................................ BQ 169 0.4%
Electrical Equipment .................... BK 162 0.4%
Building Products ....................... BI 160 0.4%
Finance ................................. JQ 152 0.4%
Health Care Equipment &
Supplies ............................. JL 120 0.3%
Communications Equipment ................ JW 117 0.3%
Transportation Infrastructure ........... BT 112 0.3%
Real Estate Investment Trust ............ JS 103 0.3%
Household Durables ...................... BW 93 0.2%
Auto Components ......................... BU 83 0.2%
Energy Equipment & Services ............. BA 82 0.2%
IT Consulting & Services ................ JU 73 0.2%
Food & Drug Retailing ................... JF 69 0.2%
Personal Products ....................... JK 59 0.2%
Media ................................... JA 42 0.1%
Containers & Packaging .................. BE 41 0.1%
------- -----
$39,010 100.0
======= =====
43
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
FINANCIAL INDUSTRIES FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Banks - 34.9%
Bank of America Corp. * ................................. 35,500 $ 2,806
Bank of New York Co., Inc. * ............................ 68,000 1,955
Bank One Corp. * ........................................ 11,500 428
Charter One Financial, Inc .............................. 2,100 65
Compass Bancshares, Inc.................................. 14,900 520
Fifth Third Bancorp * ................................... 49,842 2,858
FleetBoston Financial Corp .............................. 51,600 1,533
Golden West Financial Corp. * ........................... 6,600 528
JP Morgan Chase & Co..................................... 72,700 2,485
M & T Bank Corp. * ...................................... 14,400 1,213
Mellon Financial Corp. * ................................ 46,500 1,290
National Commerce Financial Corp ........................ 3,000 67
PNC Bank Corp. * ........................................ 18,344 895
SouthTrust Corp. * ...................................... 22,500 612
Suntrust Banks, Inc. * .................................. 6,500 386
US Bancorp * ............................................ 17,500 429
Wachovia Corp. * ........................................ 47,942 1,916
Zions Bancorp * ......................................... 4,000 202
-------
20,188
Commercial Services & Supplies - 0.6%
Benfield * .............................................. 13,795 64
First Data Corp. * ...................................... 6,880 285
-------
349
Credit Card - 1.7%
MBNA Corp. * ............................................ 48,475 1,010
Diversified Financials - 35.3%
American Express Co. * .................................. 68,400 2,860
Bear Stearns Cos., Inc. * ............................... 7,400 536
Citigroup, Inc. * ....................................... 66,000 2,825
Goldman Sachs Group, Inc. ............................... 34,700 2,906
Legg Mason, Inc. * ...................................... 45,000 2,923
Lehman Brothers Holdings, Inc. .......................... 16,700 1,110
Merrill Lynch & Co., Inc. * ............................. 40,800 1,905
State Street Corp. ...................................... 56,300 2,218
Washington Mutual, Inc. * ............................... 10,000 413
Wells Fargo & Co. * ..................................... 53,500 2,696
-------
20,392
Industrial Conglomerates - 1.8%
General Electric Co. * .................................. 36,100 1,035
Insurance - 21.2%
Allstate Corp. .......................................... 13,200 471
American International Group, Inc. * .................... 44,704 2,467
Arch Capital Group, Ltd. * .............................. 29,200 1,014
Berkshire Hathaway, Inc. - Cl. B * ...................... 850 2,065
Chubb Corp. * ........................................... 3,950 237
Hartford Financial Services Group, Inc. * ............... 18,350 924
Marsh & McLennan Cos., Inc. * ........................... 55,600 2,839
Renaissancere Holdings, Ltd. ............................ 11,200 510
Torchmark, Inc. * ....................................... 12,900 481
Transatlantic Holdings, Inc. ............................ 7,200 498
Travelers Property Casualty Corp. - Cl. B * ............. 30,900 $ 487
Willis Group Holdings, Ltd. * ........................... 8,975 276
-------
12,269
U.S. Government Agencies - 3.9%
Federal National Mortgage Assoc. * ...................... 33,000 2,226
-------
TOTAL COMMON STOCK- 99.4% 57,469
Par
Value
-------
(000's)
SHORT-TERM INVESTMENTS - 0.5%
Investment in joint trading account (Note B)
1.181% due 07/01/03 ..................................... $ 307 307
------- -------
TOTAL INVESTMENTS- 99.9% 57,776
Cash and Receivables, less payables- 0.1% 76
------- -------
NET ASSETS- 100.0% $57,852
======= =======
* Non-income producing security.
See notes to financial statements.
44
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Australia - 3.0%
AMP Diversified Property Trust (JS) ..................... 106,700 $ 219
AMP, Ltd. (JR) .......................................... 13,600 45
BHP Steel * (BF) ........................................ 33,357 83
Broken Hill Proprietary Co., Ltd. *
(BF) ................................................. 48,785 283
Coles Myer, Ltd. * (JF) ................................. 23,600 111
Commonwealth Bank of Australia (JP) ..................... 19,900 395
CSL, Ltd. * (JO) ........................................ 2,600 21
CSR, Ltd. (BD) .......................................... 65,000 85
Foster's Brewing Group, Ltd. * (JG) ..................... 39,000 110
General Property Trust (JS) ............................. 93,200 183
Lend Lease Corp. (JS) ................................... 10,600 59
National Australia Bank, Ltd. (JP) ...................... 20,100 452
News Corp., Ltd. (JA) ................................... 12,600 95
Onesteel. Ltd. (BF) ..................................... 37,275 48
Orica, Ltd. (BC) ........................................ 8,400 61
Pacific Dunlop, Ltd. (BL) ............................... 11,800 46
QBE Insurance Group, Ltd. * (JR) ........................ 9,400 59
Rinker Group (JR) ....................................... 18,000 63
Rio Tinto, Ltd. (BF) .................................... 5,600 110
Santos, Ltd. * (BB) ..................................... 39,200 155
Tabcorp Holdings, Ltd. (BZ) ............................. 16,400 119
Telstra Corp., Ltd. * (J1) .............................. 43,000 127
Westfield Trust (JS) .................................... 54,000 125
Westpac Banking Corp., Ltd. (JP) ........................ 31,200 340
WMC Resources, Ltd. * (BB) .............................. 19,300 46
WMC, Ltd. (BF) .......................................... 19,300 53
Woolworth's, Ltd. * (JF) ................................ 16,300 137
------
3,630
Austria - 2.0%
Bohler-Uddeholm AG (BF) ................................. 1,600 89
BWT AG (BO) ............................................. 2,000 27
Erste Bank * (JP) ....................................... 6,400 566
Flughafen Wien AG (BT) .................................. 4,000 146
Mayr-Melnhof Karton AG (BE) ............................. 1,200 100
Oesterreichische
Elektrizitaetswirtschafts AG (J3) .................... 1,800 166
OMV AG (BB) ............................................. 3,361 404
RHI AG (BD) ............................................. 5,100 61
Telecom Austria * (J1) .................................. 47,518 540
VA Technologie AG (BM) .................................. 2,100 56
Voest Alpine AG (BF) .................................... 3,600 142
Wienerberger Baustoffindustrie AG
(BI) ................................................. 7,200 127
------
2,424
Belgium - 1.6%
Bekaert NV (BK) ......................................... 890 41
Colruyt NV (JF) ......................................... 970 67
Compagnie Maritime Belge SA (BR) ........................ 521 21
D' Ieteren SA (JB) ...................................... 390 56
Delhaize SA (JF) ........................................ 2,855 87
DEXIA * (JP) ............................................ 23,154 293
Electrabel SA (J3) ...................................... 936 $ 239
Exmar SA * (BO) ......................................... 521 18
Fortis * (JR) ........................................... 28,518 496
GPE Bruxelles LAM (JQ) .................................. 2,388 108
Heidelberger Zement AG (BL) ............................. 1,091
Interbew (JG) ........................................... 5,301 118
KBC Bancassurance Holding NV (JP) ....................... 2,540 100
NV Union Miniere SA (BF) ................................ 1,461 76
Solvay SA (BC) .......................................... 1,215 84
UCB SA * (JO) ........................................... 3,900 107
------
1,911
Brazil - 0.0%
Aracruz Celulose SA - ADR * (BG) ........................ 1,500 31
Czech Republic - 0.1%
Ceske Energeticke Zavody AS (J3) ........................ 21,600 83
Komercni Banka AS * (JP) ................................ 900 65
------
148
Denmark - 1.0%
AS Dampskibsselskabet Svendborg -
Cl. B (BR) ........................................... 44 238
Danisco AS (JH) ......................................... 3,050 120
Danske Bank (JP) ........................................ 16,700 326
ISS AS (BO) ............................................. 1,650 59
Novo Nordisk AS (JO) .................................... 7,150 251
Novozymes AS - Ser. B (BC) .............................. 4,450 124
Tele Danmark AS (J1) .................................... 4,150 124
Vestas Wind Systems AS (BK) ............................. 2,500 28
------
1,270
Finland - 0.8%
Nokia Oyj * (JW) ........................................ 45,500 751
Sampo Insurance Co. plc (JR) ............................ 4,700 35
Stora Enso Oyj * (BG) ................................... 7,903 88
Tietoenator Oyj (JU) .................................... 1,338 23
UPM-Kymmene Corp. * (BG) ................................ 7,900 115
------
1,012
France - 8.8%
Accor SA (BZ) ........................................... 4,483 162
Air Liquide * (BC) ...................................... 2,398 356
Alcatel * (JW) .......................................... 23,577 213
Altran Technologies SA * (JU) ........................... 6,277 56
ARCELOR (BF) ............................................ 7,731 90
AXA * (JR) .............................................. 27,474 427
BNP Paribas * (JP) ...................................... 16,539 842
Bouygues SA * (J2) ...................................... 3,607 100
Business Objects (JV) ................................... 1,259 28
Cap Gemini SA * (JU) .................................... 1,627 58
Carrefour SA * (JF) ..................................... 11,330 556
Casino Guichard-Perrachon SA (JF) ....................... 1,045 82
CIE De St. Gobain * (BI) ................................ 6,517 257
Club Mediterranee SA (BZ) ............................... 838 27
45
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
France - Continued
Dassault Systemes SA * (JV) ............................. 1,995 $ 66
EADS, Inc. (BH) ......................................... 5,569 68
Essilor International (JL) .............................. 2,365 95
France Telecom * (JI) ................................... 14,803 364
Groupe Danone * (JH) .................................... 2,773 384
L'Oreal SA * (JK) ....................................... 6,925 489
Lafarge SA * (BD) ....................................... 2,579 151
Lagardere SCA (JA) ...................................... 3,125 136
LVMH * (Louis Vuitton Moet
Hennessy) (BY) ....................................... 4,273 212
Michelin (BU) ........................................... 3,462 135
Pechiney SA (BF) ........................................ 1,779 64
Pernod Ricard (JG) ...................................... 1,045 93
Peugoet SA (BV) ......................................... 5,073 247
Pinault-Printemps-Redoute SA * (JD) ..................... 1,465 111
Publicis Groupe SA * (JA) ............................... 2,645 71
Renault * (BV) .......................................... 3,207 170
Rhone-Poulenc SA * (JO) ................................. 12,657 698
Sagem SA (JW) ........................................... 627 50
Sanofi-Synthelabo SA * (JO) ............................. 7,657 449
Schneider SA * (BK) ..................................... 4,580 216
Societe BIC SA (BO) ..................................... 1,234 48
Societe Generale - Cl. A * (JP) ......................... 5,636 358
Societe Television Francaise (JA) ....................... 4,028 124
ST Microelectronics * (J0) .............................. 10,712 225
SUEZ (J5) ............................................... 15,282 244
Thomson CFS (BH) ........................................ 1,747 52
Thomson Multimedia * (JY) ............................... 2,834 44
Total Fina SA - Cl. B * (BB) ............................ 12,377 1,874
Unibail SA (JS) ......................................... 1,797 133
Valeo SA (BU) ........................................... 1,489 52
-------
10,677
Germany - 10.8%
Adidas-Salomon AG (BY) .................................. 1,570 135
AIXTRON (J0) ............................................ 4,171 21
Allianz AG * (JR) ....................................... 9,630 802
Altana AG (JO) .......................................... 3,350 212
BASF AG (BC) ............................................ 19,610 839
Bayer AG * (JL) ......................................... 24,430 567
Bayerische Vereinsbank AG * (JP) ........................ 14,272 236
Beiersdorf AG (JK) ...................................... 1,570 210
DaimlerChrysler AG * (BV) ............................... 32,724 1,144
Deutsche Bank AG * (JP) ................................. 20,700 1,345
Deutsche Post AG (BP) ................................... 18,195 268
Deutsche Telekom AG * (J1) .............................. 75,590 1,156
E.On AG (J3) ............................................ 22,198 1,143
Epcos AG * (JY) ......................................... 2,944 38
Fresenius Medical Care AG (JM) .......................... 2,550 127
Heidelberg Zement (BD) .................................. 1,175 26
Infineon Technologies AG * (J0) ......................... 12,020 116
Karstadt AG (JD) ........................................ 2,200 47
Linde AG (BM) ........................................... 3,200 119
Lufthansa AG (BQ) ....................................... 7,580 89
MAN AG (BM) ............................................. 5,550 $ 94
Merck KGAA (JO) ......................................... 2,410 70
Metro AG (JD) ........................................... 5,050 164
Muenchener Rueckversicherungs-
Gesellschaft AG * (JR) ............................... 4,360 445
Preussag AG (BZ) ........................................ 6,400 95
RWE AG (J5) ............................................. 14,200 429
SAP AG * (JV) ........................................... 7,680 907
Schering AG * (JO) ...................................... 8,040 394
SGL Carbon AG (BF) ...................................... 1,190 18
Siemens AG * (BL) ....................................... 29,390 1,444
Thyssen Krupp AG * (BF) ................................. 12,924 149
Volkswagen AG (BV) ...................................... 7,250 307
WCM Beteiligungs-und Grundbesitz
AG (JQ) .............................................. 8,076 18
-------
13,174
Greece - 0.8%
Alpha Credit Bank (JP) .................................. 7,418 130
Bank of Piraeus (JP) .................................... 8,434 64
Commercial Bank of Greece (JP) .......................... 3,706 65
EFG Eurobank (JP) ....................................... 8,088 122
Hellenic Bottling Co. SA (JG) ........................... 5,160 85
Hellenic Telecommunication
Organization SA * (JI) ............................... 14,585 173
Intracom SA (JW) ........................................ 5,252 35
National Bank of Greece SA (JP) ......................... 9,676 163
Panafon Hellenic Telecom SA (J2) ........................ 15,869 106
Titan Cement Co. SA (BD) ................................ 2,217 80
-------
1,023
Hong Kong - 1.4%
Beijing Datang Power Generation Co.,
Ltd. (J3) ............................................ 263,000 116
Cathay Pacific Airways (BQ) ............................. 20,000 27
China Southern Airlines Co. Ltd *
(BQ) ................................................. 207,000 54
China Telecom, Ltd. * (J2) .............................. 108,000 255
CLP Holdings, Ltd. (J3) ................................. 42,100 183
Guangshen Railway Co., Ltd. * (BS) ...................... 499,000 89
Hang Seng Bank, Ltd. * (JP) ............................. 12,600 133
Henderson Land Development Co.,
Ltd. * (JS) .......................................... 22,000 63
HSBC Holdings plc (JP) .................................. 4,900 58
Hutchison Whampoa, Ltd. * (BL) .......................... 41,500 253
Johnson Electric Holdings, Ltd. * (BK) .................. 33,000 41
Legend Holdings * (JX) .................................. 122,000 41
Li & Fung, Ltd. * (BO) .................................. 36,000 46
New World Development Co., Ltd. (JS) .................... 48,000 18
PCCW, Ltd. (FB) ......................................... 31,876 20
Sun Hung Kai Properties, Ltd. * (JS) .................... 23,000 116
Swire Pacific, Ltd. - Cl. A * (JQ) ...................... 23,500 103
46
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Hong Kong - Continued
Wharf Holdings, Ltd. (JQ) ............................... 62,000 $ 120
------
1,736
Hungary - 0.2%
Gedeon Richter * (JO) ................................... 900 64
MOL Magyar Olaj-es Gazipari Rt.
(BB) ................................................. 3,600 79
OTP Bank (JP) ........................................... 10,900 105
------
248
Ireland - 0.7%
Allied Irish Banks plc * (JP) ........................... 19,300 291
Bank of Ireland (JP) .................................... 17,060 207
CRH plc * (BD) .......................................... 9,000 141
Elan Corp. (JO) ......................................... 5,813 30
Irish Life & Permanent plc (JR) ......................... 4,553 49
Kerry Group plc (JH) .................................... 5,800 90
Ryanair Holdings (BQ) ................................... 4,845 35
------
843
Israel - 0.5%
Bank Hapoalim (JP) ...................................... 43,700 93
Bezeq Israeli Telecommunication
Corp., Ltd. (J1) ..................................... 23,600 28
IDB Holding Corp., Ltd. (JQ) ............................ 5,100 115
Koor Industries, Ltd. * (J1) ............................ 83 2
Makteshim-Agan Industries, Ltd. (BC) .................... 26,900 71
Teva pharmaceutical Industries, Ltd. *
(JO) ................................................. 5,200 302
------
611
Italy - 8.2%
Alitalia SpA (BQ) ....................................... 134,316 34
Alleanza Assicurazioni * (JR) ........................... 19,000 181
Assicurazioni Generali * (JR) ........................... 45,132 1,048
Autogrill SpA (BZ) ...................................... 5,723 63
Banca Fideuram (JP) ..................................... 15,000 82
Banca Intesa SpA (JP) ................................... 199,355 623
Banca Nazionale del Lavoro (JP) ......................... 80,913 136
Banca Popolare di Milano (JP) ........................... 18,100 79
BCA Di Roma * (JP) ...................................... 78,071 138
Benetton Group SPA * (BY) ............................... 3,095 32
Bipop-Carire SpA * (JQ) ................................. 33,421 18
Bulgari SpA (BY) ........................................ 8,900 50
Enel SpA * (J3) ......................................... 101,566 634
ENI * (BB) .............................................. 117,900 1,786
Fiat SpA * (BV) ......................................... 13,760 98
GR Education L Espresso (JA) ............................ 11,191 44
Italcementi SpA (BD) .................................... 4,920 56
Luxottica Group (JL) .................................... 7,419 101
Mediaset SpA * (JA) ..................................... 27,200 231
Mediobanca SpA (JP) ..................................... 16,500 165
Mediolanum SpA * (JQ) ................................... 6,789 38
Mondadori Editore SpA (JA) .............................. 11,800 86
Monte Paschi Siena (JP) ................................. 60,177 $ 164
Parmalat Finanziaria (JH) ............................... 20,352 64
Pirelli SpA (BK) ........................................ 71,100 72
Riunione Adriatica di Sicorta SpA (JR) .................. 14,799 226
San Paolo-IMI SpA * (JP) ................................ 40,367 376
Seat Pagine Gialle SpA (JA) ............................. 230,528 160
SNAM Retegas (J4) ....................................... 35,397 139
Telecom Italia Mobile SpA (J2) .......................... 176,770 869
Telecom Italia SpA (J1) ................................. 187,850 1394
Tiscali SPA (JT) ........................................ 6,719 34
UniCredito Italiano SpA * (JP) .......................... 159,100 759
------
9,980
Japan - 25.3%
77 Bank, Ltd. (JP) ...................................... 18,000 82
Acom Co., Ltd. * (JQ) ................................... 2,300 83
Advantest (J0) .......................................... 2,000 89
Aiful Corp. * (JQ) ...................................... 1,000 43
Ajinomoto Co., Inc. (JH) ................................ 17,000 163
Alps Electric Co. (JY) .................................. 6,000 77
Amada Co., Ltd (BM) ..................................... 11,000 35
Asahi Breweries, Ltd. (JG) .............................. 13,000 79
Asahi Chemical Industry Co., Ltd. (BC) .................. 39,000 112
Asahi Glass Co., Ltd. (BI) .............................. 18,000 112
Bank of Yokohama, Ltd. * (JP) ........................... 44,000 144
Benesse Corp. (BO) ...................................... 2,600 45
Bridgestone Corp. (BU) .................................. 16,000 218
Canon, Inc. * (JZ) ...................................... 21,000 965
Casio Computer Co. (BW) ................................. 9,000 58
Central Japan Railway Co. (BS) .......................... 27 194
Chugai Pharmaceutical Co., Ltd. * (JO) .................. 7,600 87
Citizen Watch Co., Ltd. (JY) ............................ 10,000 54
Credit Saison Co., Ltd. (JQ) ............................ 3,600 59
CSK Corp. * (JU) ........................................ 2,100 57
Dai-Ichi Pharmaceutical Co., Ltd. *
(JO) ................................................. 7,000 91
Dai-Nippon Ink & Chemicals, Inc.
(BC) ................................................. 24,000 49
Dai-Nippon Printng Co., Ltd. (BO) ....................... 19,000 201
Daicel Chemical Industries, Ltd. (BC) ................... 10,000 32
Daiei, Inc. (JD) ........................................ 4,500 5
Daikin Industries, Ltd. (BM) ............................ 5,000 92
Dainippon Screen Manufacturing Co.,
Ltd. (JY) ............................................ 7,000 34
Daito Trust Construction Co., Ltd. (BJ) ................. 4,000 84
Daiwa Bank Holdings (JP) ................................ 119,000 82
Daiwa House Industry Co., Ltd. * (BW) ................... 17,000 117
Daiwa Securities Group, Inc. (JQ) ....................... 28,000 161
Denki Kagaku Kogyo (BC) ................................. 22,000 61
Denso Corp. (BU) ........................................ 17,700 281
East Japan Railway Co. (BS) ............................. 100 446
47
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Japan - Continued
Ebara Corp. (BM)......................................... 9,000 $ 32
Eisai Co. Ltd. * (JO).................................... 7,000 144
Fanuc, Ltd. * (BM)....................................... 3,000 149
Fuji Photo Film * (BX)................................... 11,000 318
Fuji Soft ABC, Inc. (JV)................................. 1,000 18
Fuji Television Network, Inc. (JA)....................... 9 32
Fujikura (BK)............................................ 11,000 36
Fujisawa Pharmeceutical Co., Ltd. * (JO)................. 7,000 131
Fujitsu, Ltd. * (JX)..................................... 46,000 189
Furukawa Electric Co. (BK)............................... 16,000 52
Hirose Electric Co., Ltd. * (JY)......................... 1,100 91
Hitachi, Ltd. (JY)....................................... 78,000 331
Honda Motor Co. * (BV)................................... 18,600 706
Hoya Corp. * (JY)........................................ 3,000 207
Isetan Co., Ltd. (JD).................................... 7,000 47
Ishikawajima-Harima Heavy Industries Co., Ltd. (BM)...... 28,000 32
Ito-Yokado Co., Ltd. * (JD).............................. 9,000 216
Itochu Corp. (BN)........................................ 34,000 86
Japan Airlines (BQ)...................................... 19,000 42
Japan Tobacco, Inc. (JI)................................. 21 114
JFE Holdings, Inc. * (BF)................................ 13,900 209
JGC Corp. (BJ)........................................... 5,000 34
Joyo Bank, Ltd. (JP)..................................... 29,000 81
Jusco Co., Ltd. * (JD)................................... 6,000 138
Kajima Corp. (BJ)........................................ 25,000 59
Kamigumi Co., Ltd. (BR).................................. 12,000 60
Kanebo (JK).............................................. 29,000 34
Kaneka Corp. (BC)........................................ 5,000 31
Kansai Electric Power Co., Inc. (J3)..................... 18,400 291
KAO Corp. (JJ)........................................... 16,000 298
Kawasaki Heavy Industry, Ltd. (BM)....................... 37,000 38
Kawasaki Kisen (BR)...................................... 23,000 56
Keihin Electric Express Railway Co., Ltd. (BS)........... 17,000 83
Keyence Corp. (JY)....................................... 900 165
Kinden Corp. (BK)........................................ 12,000 40
Kinki Nippon Railway (BS)................................ 74,000 193
Kirin Brewery Co. * (JG)................................. 21,000 148
Kokuyo Co. (BO).......................................... 6,000 57
Komatsu, Ltd. (BM)....................................... 28,000 107
Komori Corp. (BM)........................................ 3,000 31
Konami Co., Ltd. (JV).................................... 3,000 54
Konica Corp. (BX)........................................ 11,000 125
Kubota Corp. * (BM)...................................... 36,000 98
Kuraray Co., Ltd. (BC)................................... 10,000 66
Kurita Water Industries, Ltd. (BJ)....................... 3,000 33
Kyocera Corp. * (JY)..................................... 4,100 235
Kyowa Hakko Kogyo Co., Ltd. (JO)......................... 9,000 49
Makita Corp. * (BW)...................................... 8,000 65
Marui Co., Ltd. * (JD)................................... 10,000 89
Matsushita Electric Industrial Co. * (BW)................ 60,000 595
Meitic Corp. (JU)........................................ 4,100 $125
Millea Holdings, Inc. * (JR)............................. 37 283
Mitsubishi Chemical Corp. (BC) .......................... 43,000 88
Mitsubishi Corp. (BN).................................... 29,000 202
Mitsubishi Electric Corp. (BK)........................... 43,000 140
Mitsubishi Estate Co., Ltd. * (JS)....................... 26,000 176
Mitsubishi Heavy Industries, Ltd. * (BM)................. 74,000 192
Mitsubishi Logistcs Corp. (BR)........................... 7,000 42
Mitsubishi Materials Corp. (BF).......................... 36,000 46
Mitsubishi Rayon Co., Ltd. (BC).......................... 23,000 61
Mitsubishi Tokyo Finance (JP)............................ 106 480
Mitsui & Co., Ltd. (BN).................................. 36,000 181
Mitsui Fudosan Co., Ltd. * (JS).......................... 31,000 198
Mitsui Marine & Fire Insurance Co., Ltd. * (JR).......... 34,000 158
Mitsui Mining & Smelting Co., Ltd. (BF).................. 17,000 50
Mitsui Petrochemical Co. (BC)............................ 18,000 83
Mitsui Trust Holdings (JP)............................... 17,000 37
Mitsukoshi, Ltd. (JD).................................... 14,000 37
Mizuho Financial GB * (JQ)............................... 137 108
Mori Seiki Co., Ltd. (BM)................................ 5,000 29
Murata Manufacturing Co., Ltd. * (JY).................... 5,900 232
NAMCO, Ltd. (BZ)......................................... 2,600 42
NEC Corp. * (JX)......................................... 34,000 170
NGK Insulators (BM)...................................... 11,000 61
NGK Spark Plug Co. (BU).................................. 7,000 49
Nidec Corp. * (JY)....................................... 900 60
Nikko Securities Co., Ltd. * (JQ)........................ 43,000 173
Nikon Corp. (J0)......................................... 8,000 66
Nintendo Corp., Ltd. * (BW).............................. 2,600 189
Nippon Comsys Corp. (BJ)................................. 5,000 26
Nippon Express Co., Ltd. (BS)............................ 22,000 86
Nippon Mining & Holding * (BF)........................... 13,000 28
Nippon Mitsubishi Oil Co., Ltd. (BB)..................... 36,000 157
Nippon Sheet Glass Co., Ltd. (BI)........................ 11,000 33
Nippon Steel Co. (BF).................................... 133,000 183
Nippon Telegraph & Telephone Corp. * (J1)................ 135 531
Nippon Unipac Holding, Co. (BG).......................... 27 106
Nippon Yusen Kabushiki Kaisha (BR)....................... 50,000 195
Nissan Motor Acceptance Corp. (BV)....................... 68,000 651
Nitto Denko Corp. * (BK)................................. 4,000 131
Nomura Securities Co., Ltd. * (JQ)....................... 52,000 661
NSK, Ltd. (BM)........................................... 13,000 41
NTN Corp. (BM)........................................... 21,000 78
NTT Data Corp. (JU)...................................... 33 102
NTT Mobile Communications
Network, Inc. * (J2).................................. 449 974
Obayashi Corp. (BJ)...................................... 16,000 49
Oji Paper Co. (BG)....................................... 17,000 74
Olympus Optical Co. * (JL)............................... 6,000 124
Omron Corp. (JY)......................................... 10,000 169
48
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Japan - Continued
Onward Kashiyama Co., Ltd. (BY).......................... 7,000 $ 57
Oracle Corp. (JV)........................................ 1,000 36
Oriental Land Co., Ltd. (BZ)............................. 2,000 88
Orix Corp. * (JQ)........................................ 2,100 116
Osaka Gas Co. (J4)....................................... 58,000 144
Pioneer Corp. * (BW)..................................... 5,000 113
Promise Co., Ltd. * (JQ)................................. 2,600 97
Ricoh Co., Ltd. (JZ)..................................... 20,000 327
Rohm Co., Ltd. * (J0).................................... 2,800 306
Sankyo Co., Ltd. * (JO).................................. 11,000 132
Sanrio Co., Ltd. (BW).................................... 3,000 19
Sanyo Electric Co. * (BW)................................ 42,000 144
Secom Co. * (BO)......................................... 7,000 206
Sega Enterprises (BW).................................... 2,900 21
Sekisui Chemical Co. (BW)................................ 15,000 51
Sekisui House, Ltd. * (BW)............................... 13,000 99
Seven-Eleven Japan * (JF)................................ 12,000 299
Sharp Corp. (BW)......................................... 23,000 296
Shimamura Co., Ltd. * (JE)............................... 800 44
Shimano, Inc. (BX)....................................... 2,000 32
Shimizu Corp. (BJ)....................................... 19,000 53
Shin-Etsu Chemical Co. * (BC)............................ 9,000 308
Shionogi & Co., Ltd. * (JO).............................. 8,000 109
Shiseido Co., Ltd. * (JK)................................ 8,000 78
Shizuoka Bank, Ltd. (JP)................................. 19,000 128
Showa Denko (BC)......................................... 23,000 40
Showa Shell Sekiyu KK (BB)............................... 5,000 36
Skylark Co., Ltd. (BZ)................................... 3,000 36
SMC Corp. * (BM)......................................... 1,400 118
Softbank Corp. (JT)...................................... 5,200 99
Sony Corp. * (JY)........................................ 23,000 649
Sumitomo Chemical Co. (BC)............................... 26,000 82
Sumitomo Corp. * (BO).................................... 20,000 92
Sumitomo Electric Industries (BK)........................ 15,000 110
Sumitomo Heavy Industry (BM)............................. 23,000 34
Sumitomo Metal Industries (BF)........................... 102,000 71
Sumitomo Metal Mining Co. (BF)........................... 17,000 65
Sumitomo Mitsui GR (JP).................................. 115 251
Sumitomo Osaka Cement (BD)............................... 5,000 10
Sumitomo Trust & Banking (JQ)............................ 23,000 80
Taiheiyo Cement (BD)..................................... 17,000 29
Taisho Pharmaceutical Co., Ltd. * (JO)................... 5,000 72
Taiyo Yuden Co., Ltd. * (JY)............................. 4,000 39
Takara Shuzo Co., Ltd. (JG).............................. 4,000 22
Takashimaya Co. (JD)..................................... 9,000 45
Takeda Chemical Industries * (BC)........................ 21,300 787
Takefuji Corp. * (JQ).................................... 2,020 105
TDK Corp. * (JY)......................................... 3,600 178
Teijin, Ltd. (BC)........................................ 25,000 63
Teikoku Oil Co., Ltd. (BB)............................... 15,000 49
Terumo Corp. * (JL)...................................... 5,200 87
The Bank of Fukuoka, Ltd. (JP)........................... 20,000 77
TIS, Inc. (JU)........................................... 1,000 19
Tobu Railway Co., Ltd. (BS) ............................. 36,000 102
Toda Corp. (BJ) ......................................... 13,000 $ 28
Toho Co., Ltd. (JA) ..................................... 11,900 105
Tohoku Electric Power (J3) .............................. 13,300 197
Tokyo Electric Power (J3) ............................... 33,400 640
Tokyo Electron, Ltd. * (J0) ............................. 3,800 180
Tokyo Gas Co. (J4) ...................................... 72,000 207
Tokyu Corp. * (BS) ...................................... 26,000 84
Toppan Printing Co. * (JA) .............................. 16,000 115
Toray Industries, Inc. * (BC) ........................... 33,000 77
Toshiba Corp. * (JX) .................................... 70,000 241
Tostem Corp. (BI) ....................................... 8,000 115
Toto, Ltd. (BI) ......................................... 13,000 77
Toyo Seikan Kaisha, Ltd. (BE) ........................... 8,000 75
Toyota Motor Corp. * (BV) ............................... 63,200 1,640
Trend Micro, Inc. (JV) .................................. 2,000 31
Ube Industries (BL) ..................................... 21,000 31
UFJ Holdings, Inc. (JP) ................................. 80 118
Uni-Charm Corp. (JJ) .................................... 1,400 61
UNY Co., Ltd. (JD) ...................................... 7,000 60
Wacoal Corp. * (BY) ..................................... 8,000 62
World Co., Ltd. (BY) .................................... 1,400 27
Yamaha Corp. (BX) ....................................... 6,000 82
Yamanouchi Pharmaceutical Co., Ltd. * (JO) .............. 9,000 235
Yamato Transport Co., Ltd. (BP) ......................... 12,000 133
Yasuda F & M Insurance (JR) ............................. 19,000 104
Yokogawa Electric (JY) .................................. 8,000 62
-------
30,721
Malaysia - 0.6%
Berjaya Sports Toto Berhad (BZ) ......................... 39,000 38
Commerce Asset Holdings * (JP) .......................... 44,000 40
Gamuda Berhad (BJ) ...................................... 22,000 36
IJM Corporation Berhad (BJ) ............................. 19,000 17
IJM Plantations (BO) .................................... 7,600 7
Malayan Banking Berhad * (JP) ........................... 66,000 149
Malaysia International Shipping Berhad (BR) ............. 27,000 54
Public Bank Berhad (JP) ................................. 73,000 58
Resorts World Berhad * (BZ) ............................. 21,000 54
Sime Darby Berhad * (BL) ................................ 68,000 91
Telekom Malaysia Berhad (J1) ............................ 40,000 83
Tenaga Nasional Berhad (J3) ............................. 28,000 66
YTL Corp., Berhad (J3) .................................. 76,460 81
-------
774
Mexico - 0.9%
America Movil SA de CV - Ser L * (J2) ................... 162,000 152
Cemex SA de CV * (BD) ................................... 24,000 107
Cifra SA de CV - Ser. V * (JD) .......................... 30,000 89
Fomento Economico Mexicano SA de CV * (JG) .............. 20,000 82
GF BBVA Bancomer - Ser. B (JP) .......................... 70,000 59
49
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Mexico - Continued
Grupo Carso SA de CV - Ser. A1 * (BL) ................... 16,000 $ 48
Grupo Modelo SA de CV - Ser. C * (JG) ................... 34,000 77
Grupo Televisa SA * (JA) ................................ 54,000 93
Kimberly-Clark de Mexico SA de CV * (BG) ................ 22,000 59
Nuevo Grupo Mexico (BF) ................................. 18,000 28
Telephonos de Mexico SA - Ser. L (J1) ................... 159,000 250
U.S. Commercial Corp. - Ser. B1 (BL) .................... 16,000 7
------
1,051
Netherlands - 2.3%
ABN Amro Holding NV * (JP) .............................. 12,500 239
Aegon NV * (JR) ......................................... 9,736 98
Akzo Nobel NV * (BC) .................................... 5,304 141
ASM Lithography Holding NV (J0) ......................... 5,100 48
Elsevier NV * (JA) ...................................... 9,300 110
Heineken NV * (JG) ...................................... 2,968 105
ING Groep NV (JQ) ....................................... 17,000 296
Koninklije KPN NV * (JY) ................................ 15,738 112
Koninklijke * (Royal) Philips
Electronics NV (JY) .................................. 12,056 230
Royal Dutch Petroleum Co. * (BB) ........................ 19,978 929
TNT Post Group NV (BP) .................................. 5,610 97
Unilever NV * (JH) ...................................... 5,319 286
Wolters Kluwer NV * (JA) ................................ 4,000 48
------
2,739
New Zealand - 0.7%
Carter Holt Harvey, Ltd. (BG) ........................... 37,800 40
Contact Energy Limited (J3) ............................. 40,900 121
Fisher & Paykel AP (BW) ................................. 7,249 58
Fisher & Paykel Industries, Inc. (JL) ................... 8,443 61
Fletcher Building (BD) .................................. 31,200 67
Telecom Corp. of New Zealand, Ltd. (J1) ................. 118,600 365
The Warehouse Group, Ltd. (JD) .......................... 29,000 88
------
800
Norway - 1.0%
Aker Kvaerner - Notes (BO) .............................. 380 5
Den Norske Bank (JP) .................................... 18,760 93
Elkem ASA (BF) .......................................... 700 15
Merkantildata ASA (JU) .................................. 9,800 5
Norsk Hydro ASA (BL) .................................... 7,740 381
Norske Skogindustrier ASA - Cl. A * (BG) ................ 5,100 76
Opticom AS (JX) ......................................... 160 2
Orkla ASA * (JH) ........................................ 12,720 220
Smedvig ASA * (BA) ...................................... 8,200 48
Statoil ASA * (BB) ...................................... 24,620 210
Storebrand ASA (JR) ..................................... 16,140 65
Tandberg ASA (BJ) ....................................... 3,920 20
Telenor AS * (J1) ....................................... 22,160 $ 92
Tomra Systems ASA (BM) .................................. 10,000 43
------
1,275
Philippines - 0.1%
Ayala Land, Inc. * (JS) ................................. 410,460 46
Metro Bank & Trust (JP) ................................. 65,450 37
Philippine Long Distance Telephone Co. * (J1) ........... 3,200 34
SM Prime Holdings, Inc. (JS) ............................ 48,000 5
------
122
Portugal - 0.8%
Banco Comercial Portgues SA (JP) ........................ 62,300 110
BPI-SGPS SA (JQ) ........................................ 33,590 95
Brisa-Auto Estradas de Portugal SA (BT) ................. 30,562 172
Electricidade de Portugal SA (J3) ....................... 93,600 200
Part Multimedia SGPS (JA) ............................... 4,439 78
Portugal Telecom SA * (J1) .............................. 36,700 264
Sonae SGPS SA (BL) ...................................... 87,600 49
------
968
Singapore - 0.5%
Chartered Semiconductor
Manufacturing (J0) ................................... 12,000 6
City Developments, Ltd. (JS) ............................ 15,000 38
Cycle & Carriage, Ltd. (JE) ............................. 8,766 25
DBS Group Holdings, Ltd. * (JP) ......................... 17,000 99
Haw Par Value Corp. , Ltd. (BL) ......................... 26,876 66
Neptune Orient Lines, Ltd. (BR) ......................... 14,000 12
Oversea-Chinese Banking Corp., Ltd. (JP) ................ 16,000 91
Singapore Telecommunications, Ltd. * (J1) ............... 101,000 87
United Overseas Bank, Ltd. * (JP) ....................... 21,448 151
------
575
South Africa - 1.3%
Anglo American Platinum Corp., Ltd. (BF) ................ 1,200 38
Anglo American plc * (BF) ............................... 30,000 465
Anglogold * (BF) ........................................ 3,100 98
Barlow, Ltd. * (BL) ..................................... 7,400 53
Dimension Data Holdings plc (JU) ........................ 79,483 28
FirstRand, Ltd. (JP) .................................... 94,300 96
Foschini, Ltd. (JE) ..................................... 37,100 73
Gold Fields Mining * (BF) ............................... 9,600 115
Impala Platinum Holdings, Ltd. (BF) ..................... 1,000 60
Imperial Holdings, Ltd. (JE) ............................ 10,091 72
Investec Ltd. (JQ) ...................................... 3,051 40
Liberty Life Association of Africa, Ltd. (JR) ........... 10,300 70
M-Cell, Ltd. (J2) ....................................... 8,400 18
50
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
South Africa - Continued
Nampak, Ltd. (BE) ....................................... 25,500 $ 41
Nedcor, Ltd. * (JP) ..................................... 4,300 51
Sappi, Ltd. * (BG) ...................................... 5,700 69
Sasol, Ltd. * (BB) ...................................... 11,800 132
South African Breweries plc (JG) ........................ 6,000 41
Standard Bank Investment Corp., Ltd.
(JP) ................................................. 18,000 79
------
1,639
South Korea - 1.8%
Hyundai Motor Co., Ltd. (BV) ............................ 3,560 94
KIA Motors Corp. (BV) ................................... 3,310 24
Kookmin Bank * (JP) ..................................... 6,399 193
Korea Electric Power Corp. * (J3) ....................... 7,430 117
Korea Telecom Corp. (J1) ................................ 1,040 41
Korea Telecom Freetel (J1) .............................. 2,980 62
LG Chemical (BC) ........................................ 2,035 82
LG Electronics, Inc. (JY) ............................... 1,931 80
LG Investment & Securities Co., Ltd. *
(JQ) ................................................. 2,460 28
Pohang Iron & Steel Co., Ltd. (BF) ...................... 2,670 277
Samsung Corp. (JY) ...................................... 6,120 37
Samsung Display Devices Co. (JY) ........................ 1,000 76
Samsung Electro-Mechanics Co. (JY) ...................... 1,460 48
Samsung Electronics * (JY) .............................. 2,570 764
Samsung Fire & Marine Insurance (JR) .................... 942 46
Samsung Securities Co., Ltd. (JQ) ....................... 2,470 60
Shinhan Financial (JP) .................................. 6,930 72
SK Telecom Co., Ltd. * (J2) ............................. 820 140
------
2,241
Spain - 4.8%
ACS, Actividades de Construccion y
Servicios, SA (BJ) ................................... 2,419 103
Amadeus Global Travel - Ser. A (BO) ..................... 5,240 30
Autopistas Concesionaria Espanola SA
(BT) ................................................. 9,403 132
Banco Bilbao Vizcaya SA * (JP) .......................... 80,066 843
Banco Santander Central Hispano SA *
(JP) ................................................. 111,900 982
Endesa SA * (J3) ........................................ 27,100 454
Fomento de Construcciones y Contratas
SA (BJ) .............................................. 1,400 39
Gas Natural SDG SA * (J4) ............................... 6,400 129
Grupo Dragados SA (BJ) .................................. 3,730 75
Iberdrola SA (J3) ....................................... 23,500 408
Inditex (JE) ............................................ 6,292 159
Repsol SA * (BB) ........................................ 29,700 482
Sol Melia SA (BZ) ....................................... 5,700 30
Tabacalera SA - Cl. A (JI) .............................. 10,614 273
Telefonica SA * (J1) .................................... 125,479 1,459
Terra Networks SA (JT) .................................. 9,309 56
Union Electrica Fenosa SA (J3) .......................... 4,900 83
Vallehermoso SA (JS) .................................... 11,400 $ 127
------
5,864
Sweden - 1.5%
Drott AB (JS) ........................................... 5,400 68
Electrolux AB - Ser. B * (BW) ........................... 4,900 97
Hennes & Mauritz AB * (JE) .............................. 7,500 173
NetCom Systems, Inc. - Cl. B (J1) ....................... 1,732 64
Nordic Baltic Holding AB (JP) ........................... 34,928 169
Sandvik AB (BM) ......................................... 4,350 114
Securitas AB * (BO) ..................................... 11,000 113
Skand Enskilda Banken - Cl. A (JP) ...................... 10,200 104
Skandia Forsakrings AB (JR) ............................. 13,900 37
Skanska AB - Ser. B (BJ) ................................ 11,000 63
Svenska Cellulosa AB - Cl. B (BG) ....................... 3,100 106
Svenska Handelsbanken, Inc. (JP) ........................ 9,300 152
Telefonaktiebolaget LM Ericsson AB
(JW) ................................................. 246,500 265
Telia AB (J1) ........................................... 30,044 125
Volvo AB * (BM) ......................................... 5,750 126
------
1,776
Switzerland - 1.6%
Adecco SA * (BO) ........................................ 600 25
Credit Suisse Group * (JP) .............................. 6,280 166
Nestle SA * (JH) ........................................ 1,700 352
Novartis AG (JO) ........................................ 11,270 447
Roche Holdings AG * (JO) ................................ 2,912 246
Swiss Reinsurance Co. * (JR) ............................ 1,840 102
Swisscom AG * (J1) ...................................... 210 60
Syngenta AG (BC) ........................................ 2,037 102
UBS AG * (JP) ........................................... 5,928 330
Zurich Finance (JR) ..................................... 537 64
------
1,894
Taiwan - 1.1%
Acer Communicaton (J1) .................................. 22,800 26
Acer, Inc. (JX) ......................................... 40,754 51
Advanced Semiconductor Engineering,
Inc. (J0) ............................................ 59,000 35
Arima Computer (JX) ..................................... 49,500 18
Asustek Computer * (JX) ................................. 18,000 46
AU Optronics Corp. (JY) ................................. 53,000 37
China Dev Fin Holding (JP) .............................. 137,342 52
China Trust Finance (JP) ................................ 72,000 58
CMC Magnetics Corp. (JX) ................................ 51,600 38
Compal Electronics, Inc. * (JX) ......................... 38,400 51
Formosa Chemical & Fibre (BC) ........................... 29,680 33
Formosa Plastic * (BC) .................................. 49,960 70
Hon Hai Precision Insustry Co., Ltd. -
Cl. G * (JY) ......................................... 17,250 63
Kinpo Electronics (JZ) .................................. 69,608 34
Lite on Technology (JX) ................................. 41,428 44
51
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- --------------------------------------------------------- ---------- -------
(000's)
COMMON STOCK - Continued
Taiwan - Continued
Macronix International Co., Ltd. (JX) ................ 59,400 $ 13
Micro Star International (JX) ........................ 8,000 17
Nan Ya Plastic Corp. (BC) ............................ 79,080 86
Quanta Computer, Inc. (JX) ........................... 14,950 31
Realtek Semiconductor Corp. * (J0) ................... 9,100 19
Ritek Corp. (JX) ..................................... 45,000 33
Siliconware Precision (J0) ........................... 44,000 28
Taiwan Semiconductor * (J0) .......................... 161,000 265
Tatung (BL) .......................................... 100,000 18
United Microelectronics Corp. * (J0) ................. 256,250 165
Via Technologies Inc. * (JX) ......................... 13,420 18
Winbond Electronic (JY) .............................. 69,000 34
-------
1,383
Thailand - 0.3%
Advanced Information Services (J2) ................... 65,700 95
PTT Exploration & Production Public
Co., Ltd. (BB) .................................... 22,200 82
Siam Cement Co. * (BD) ............................... 31,600 126
-------
303
Turkey - 0.1%
Arcelik AS (BW) ...................................... 6,490,550 23
Turkiye Is Bankasi - Cl. C * (JP) .................... 39,895,592 126
-------
149
United Kingdom - 9.5%
Amvescap plc * (JQ) .................................. 6,400 44
AstraZeneca Group plc * (JO) ......................... 13,139 528
Barclays (JP) ........................................ 50,100 373
Barratt Developments plc (BW) ........................ 1,400 10
BG Group plc * (BB) .................................. 33,066 147
Billiton plc (BF) .................................... 16,250 86
BOC Group plc * (BC) ................................. 6,300 81
Boots Group (JF) ..................................... 15,100 162
BP Amoco plc (BB) .................................... 168,500 1,170
Brambles Industries * (BO) ........................... 7,600 21
British Aerospace plc (BH) ........................... 24,663 58
British Airport Authority plc (BT) ................... 11,700 95
British American Tobacco plc * (JI) .................. 13,800 157
British Land Co. plc (JS) ............................ 9,000 71
British Sky Broadcast plc (JA) ....................... 12,100 134
BT Group (J1) ........................................ 64,100 216
Cadbury Schweppes plc * (JH) ......................... 17,900 106
Canary Wharf Group (JS) .............................. 8,900 38
Carlton Communications plc * (JA) .................... 13,900 35
Carnival plc (BZ) .................................... 390 12
Centrica plc (J4) .................................... 37,600 109
CGU plc (JR) ......................................... 12,400 86
Compass Group plc * (BZ) ............................. 24,722 134
Diageo plc * (JG) .................................... 24,600 263
Dixons Group plc (JE) ................................ 23,200 51
EMI Group plc (JA) ................................... 9,000 18
GKN * (BU) ........................................... 7,600 28
United Kingdom - Continued
GlaxoSmithKline plc * (JO) ........................... 47,592 $ 962
Granada Compass plc * (JA) ........................... 25,122 38
Hanson plc * (BD) .................................... 8,990 50
Hays plc * (BO) ...................................... 14,400 23
HBOS * (JP) .......................................... 27,100 351
Hilton Group plc * (BZ) .............................. 27,700 84
HSBC Holdings plc (JP) ............................... 76,400 904
Imperial Chemical Industries plc *
(BC) .............................................. 7,100 14
Intercontinental Hampshire (JQ) ...................... 8,474 60
J Sainsbury plc * (JF) ............................... 18,100 76
Kingfisher plc * (JE) ................................ 26,054 119
Land Securities SGP (JQ) ............................. 7,350 95
Legal & General Group plc (JR) ....................... 58,600 81
Lloyds TSB Group plc (JP) ............................ 42,300 301
Marks & Spencer * (JD) ............................... 17,566 92
Mitchells & Butler (JN) .............................. 8,474 33
National Grid Group * (JY) ........................... 26,812 182
National Power plc (J3) .............................. 14,200 30
Nycomed Amersham plc (JL) ............................ 5,700 43
Pearson plc * (JA) ................................... 8,100 76
Peninsular & Oriental Steam
Navigation Co. (BR) ............................... 6,800 26
Prudential Corp. (JR) ................................ 19,300 117
Rank Group plc * (BZ) ................................ 25,300 104
Reed International plc (JA) .......................... 17,100 143
Rentokil Initial plc (BO) ............................ 26,700 84
Reuters Group plc * (JA) ............................. 12,500 36
Rio Tinto plc * (BF) ................................. 10,600 200
Royal Bank of Scotland Group * (JP) 21,900 615
Schroders (JQ) ....................................... 3,150 33
Scottish Power plc * (J3) ............................ 17,100 103
Shell Transport & Trading Co. plc *
(BB) .............................................. 73,200 484
Slough Estates Finance plc (JS) ...................... 8,000 45
Tesco plc * (JF) ..................................... 55,900 203
The Great Universal Stores plc (JC) .................. 8,700 98
The Sage Group plc (JV) .............................. 15,700 42
Unilever plc * (JK) .................................. 20,503 163
United Utilities plc * (J5) .......................... 10,400 101
Vodafone AirTouch plc (J2) ........................... 520,821 1,020
WPP Group plc * (JA) ................................. 6,800 53
-------
11,517
United States - 2.1%
Bajaj Auto, Ltd. - GDR (BV) .......................... 5,900 71
Banco Bradesco - ADR (JP) ............................ 2,918 55
Banco Itau SA - ADR * (JP) ........................... 3,960 132
Banco Santander Chile - ADR (JP) ..................... 2,900 59
Brasil Telecom Participacoes SA (J1) ................. 2,426 90
Carnival Corp. (BZ) .................................. 180 6
Centrais Electricas Brasileirias SA -
ADR Cl. B * (J3) .................................. 12,874 50
52
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ---------------------------------------------------------- ------- --------
(000's)
COMMON STOCK - Continued
United States - Continued
Check Point Software Technologies,
Ltd. * (JT) ........................................ 4,200 $ 82
Companhia De Bebidas ADR (JG) ......................... 6,850 139
Companhia Energetica de Minas Gerias -
ADR (J3) ........................................... 7,701 71
Companhia Vale do Rio Doce - ADR
(BF) ............................................... 3,700 101
Compania Cervecerias Unidas SA -
ADR * (JG) ......................................... 900 14
Compania de Telecomunicaciones de
Chile SA * (J1) .................................... 2,500 29
EIH, Ltd. - GDR (BZ) .................................. 6,700 25
Embotelladora Andina SA - ADR *
(JG) ............................................... 6,100 47
Empresa Nacional de Electricidad SA -
ADR * (J3) ......................................... 10,100 91
Enersis SA - ADR * (J3) ............................... 3,700 16
Grasim Industries, Ltd. - GDR (BL) .................... 7,100 77
Great Eastern Shipping Co. - GDR
(BL) ............................................... 9,020 49
Hindalco Industries, Ltd. - GDR (BF) .................. 4,900 79
Huaneng Power International, Inc. -
ADR * (J3) ......................................... 400 19
ITC, Ltd. - GDR (JI) .................................. 5,900 102
Lukoil Holding - ADR * (BB) ........................... 2,700 213
Mahindra & Mahindra, Ltd. * (BL) ...................... 16,500 52
Petroleo Brasileiro SA * (BB) ......................... 5,500 107
Petroleo Brasileiro SA ADR - (BB) ..................... 6,800 121
Ranbaxy Laboratories, Ltd. - GDR (JO) ................. 6,560 125
Reliance Industries, Ltd. - GDR (BC) .................. 11,000 154
Surgutneftegaz - ADR (BB) ............................. 4,800 100
Tatneft - ADR (BB) .................................... 2,400 46
Unified Energy Systems Russia - ADR
(J3) ............................................... 6,700 179
--------
2,501
--------
TOTAL COMMON STOCK- 96.2% 117,010
PREFERRED STOCK
Australia - 0.2%
News Corp., Ltd. (JA) ................................. 276 193
Germany - 0.4%
Henkel KGAA (BC) ...................................... 165 155
Porsche AG (BV) ....................................... 143 127
Prosiebebensati Medi (JA) ............................. 37 27
Volkswagen AG (BV) .................................... 246 151
Wella AG (JK) ......................................... 61 73
--------
726
South Korea - 0.1%
Samsung Electronics (JY) .............................. 79 $ 79
------ --------
TOTAL PREFERRED STOCK- 0.7% 805
WARRANTS
Mexico - 0.0%
Cemex SA (BI)
expires 12/21/04 (Cost $1) ............................ 2,000 1
--------
TOTAL WARRANTS- 0.0% 1
RIGHTS
France - 0.0%
LaFarge(BI)
expires 07/02/03 (Cost $0) ............................ 2,579 7
Thailand - 0.0%
TelecomAsia (J1)
expires 04/03/08 (Cost $0) ............................ 35,747 0
--------
TOTAL RIGHTS- 0.0% 7
Par
Value
-------
(000's)
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 22.3%
State Street Navigator Securities
Lending Portfolio .................................. $27,069 27,069
SHORT-TERM INVESTMENTS
Investment in joint trading account
(Note B) - 2.6%
1.181% due 07/01/03 ................................ 3,125 3,125
U.S. Treasury - Bills - 0.3%
1.03% due 09/04/03 ................................. 475 474
--------
TOTAL SHORT-TERM
INVESTMENTS- 2.9% 3,599
------- --------
TOTAL INVESTMENTS- 122.1% 148,491
Payables, less cash and receivables- (22.1)% (26,862)
------- --------
NET ASSETS- 100.0% $121,629
======= ========
* Non-income producing security.
ADR-American Depository Receipt.
GDR-Global Depository Receipt.
See notes to financial statements.
53
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX FUND
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
% of
Industry Market Long-Term
Industry Abbreviation Value Investments
- ---------------------------------------- ------------ -------- -----------
(000s)
Banks .................................. JP $ 18,143 15.4%
Oil & Gas .............................. BB 8,807 7.5%
Diversified Telecommunication
Services ............................ J1 7,782 6.6%
Pharmaceuticals ........................ JO 5,955 5.1%
Electric Utilities ..................... J3 5,782 4.9%
Automobiles ............................ BV 5,431 4.6%
Insurance .............................. JR 5,187 4.4%
Electronic Equipment &
Instruments ......................... JY 4,405 3.7%
Chemicals .............................. BC 4,392 3.7%
Wireless Telecommunications
Services ............................ J2 3,729 3.2%
Metals & Mining ........................ BF 3,418 2.9%
Diversified Financials ................. JQ 2,957 2.5%
Industrial Conglomerates ............... BL 2,667 2.3%
Media .................................. JA 2,281 1.9%
Household Durables ..................... BW 1,953 1.7%
Food Products .......................... JH 1,785 1.5%
Food & Drug Retailing .................. JF 1,780 1.5%
Machinery .............................. BM 1,720 1.5%
Real Estate Investment Trust ........... JS 1,646 1.4%
Semiconductor Equipment &
Products ............................ J0 1,570 1.3%
Beverages .............................. JG 1,425 1.2%
Office Electronics ..................... JZ 1,327 1.1%
Communications Equipment ............... JW 1,314 1.1%
Road & Rail ............................ BS 1,276 1.1%
Multiline Retail ....................... JD 1,227 1.0%
Software ............................... JV 1,182 1.0%
Hotels Restaurants & Leisure ........... BZ 1,118 1.0%
Commercial Services & Supplies ......... BO 1,107 0.9%
Health Care Equipment &
Supplies ............................ JL 1,079 0.9%
Personal Products ...................... JK 1,048 0.9%
Computers & Peripherals ................ JX 1,003 0.9%
Construction Materials ................. BD 990 0.8%
Electrical Equipment ................... BK 909 0.8%
Multi-Utilities ........................ J5 774 0.7%
Paper & Forest Products ................ BG 765 0.7%
Auto Components ........................ BU 763 0.7%
Building Products ...................... BI 729 0.6%
Gas Utilities .......................... J4 728 0.6%
Construction & Engineering ............. BJ 720 0.6%
Specialty Retail ....................... JE 715 0.6%
Marine ................................. BR 704 0.6%
Tobacco ................................ JI 645 0.5%
Textiles & Apparel ..................... BY 574 0.5%
Leisure Equipment & Products ........... BX 558 0.5%
Transportation Infrastructure .......... BT 544 0.5%
Air Freight & Couriers ................. BP 498 0.4%
IT Consulting & Services ............... JU 472 0.4%
Trading Companies &
Distributors ........................ BN $ 468 0.4%
Household Products ..................... JJ 359 0.3%
Airlines ............................... BQ 281 0.2%
Internet Software & Services ........... JT 272 0.2%
Containers & Packaging ................. BE 216 0.2%
Aerospace & Defense .................... BH 179 0.2%
Health Care Providers & Services ....... JM 126 0.1%
Internet & Catalog Retail .............. JC 98 0.1%
Real Estate Development ................ JS 83 0.1%
Distributors ........................... JB 56 0.0%
Energy Equipment & Services ............ BA 48 0.0%
Biotechnology .......................... JN 33 0.0%
Finance ................................ FB 20 0.0%
-------- -----
$117,823 100.0%
======== =====
54
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL CAP GROWTH FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Aerospace & Defense - 1.2%
Engineered Support Systems, Inc. * ...................... 36,000 $ 1,507
Air Freight & Couriers - 1.7%
Forward Air Corp. * ..................................... 36,450 925
United Technologies Worldwide, Inc. ..................... 40,350 1,258
-------
2,183
Automobiles - 1.0%
Borg-Warner Automotive, Inc. ............................ 20,900 1,346
Banks - 4.7%
Dime Community Bancshares ............................... 36,900 939
East West Bancorp, Inc. * ............................... 30,500 1,102
New North Nova Corp. Pennsylvania * ..................... 35,384 1,071
Southwest Bancorporation of Texas, Inc. * ............... 32,700 1,063
Texas Regional Bancshares, Inc. ......................... 28,480 988
UCBH Holdings, Inc. ..................................... 32,650 937
-------
6,100
Biotechnology - 5.8%
Abgenix, Inc. * ......................................... 49,250 517
Biomarin Pharmaceutical, Inc. ........................... 88,450 863
Charles River Laboratories * ............................ 26,493 853
Ciphergen Biosystems, Inc. * ............................ 62,250 638
General Probe, Inc. * ................................... 19,850 811
ILEX Oncology, Inc. * ................................... 111,750 2,169
Neurocrine Biosciences, Inc. * .......................... 28,100 1,403
Xoma, Ltd. * ............................................ 61,450 328
-------
7,582
Building Products - 0.5%
Griffon Corp. * ......................................... 44,100 706
Chemicals - 0.6%
Airgas, Inc. * .......................................... 49,450 828
Commercial Services & Supplies - 6.8%
Corporate Executive Board Co. * ......................... 42,600 1,727
Factset Research Systems, Inc. .......................... 34,400 1,515
Global Payments, Inc. ................................... 15,900 564
Kroll, Inc. ............................................. 54,150 1,465
Ligand Pharmaceuticals - Cl. B * ........................ 29,100 396
Stericycle, Inc. * ...................................... 30,250 1,164
Visx, Inc. * ............................................ 40,600 704
Waste Connections, Inc. * ............................... 36,250 1,271
-------
8,806
Communications Equipment - 4.1%
Advanced Fibre Communications, Inc. * ................... 54,100 880
Extreme Networks, Inc. * ................................ 46,450 246
McData Corp. * .......................................... 112,650 1,653
Remec, Inc. ............................................. 129,750 903
Sonus Networks, Inc. * .................................. 125,500 631
Tekelec, Inc. * ......................................... 93,600 1,058
-------
5,371
Computers & Peripherals - 2.2%
Digital River, Inc. * ................................... 67,150 $ 1,296
ScanSource, Inc. * ...................................... 61,000 1,632
-------
2,928
Diversified Financials - 0.7%
Affiliated Managers Group, Inc. * ....................... 15,750 960
Diversified Telecommunication Services - 4.1%
Centillium Communications, Inc. * ....................... 81,950 812
Commonwealth Telephone Enterprises,
Inc. * ............................................... 26,400 1,161
Crown Castle International Corp. * ...................... 164,950 1,282
Nextel Partners, Inc. - Cl. A * ......................... 146,650 1,070
Tollgrade Communications, Inc. * ........................ 28,800 537
Triton PCS, Inc. - Cl. A * .............................. 87,250 441
-------
5,303
Electronic Equipment & Instruments - 3.5%
Caliper Technologies Corp. * ............................ 127,050 578
Imax Corp. * ............................................ 119,600 1,076
Itron, Inc. * ........................................... 49,450 1,066
Rudolph Technologies, Inc. * ............................ 40,600 648
Trimble Navigation, Ltd. ................................ 49,700 1,140
-------
4,508
Energy Equipment & Services - 1.5%
Hydril Co. * ............................................ 45,000 1,226
West Hampshire Energy Services, Inc. * .................. 37,250 726
-------
1,952
Food Products - 2.7%
American Italian Pasta Co. * ............................ 37,650 1,568
Peets Coffee & Tea, Inc. * .............................. 47,100 823
Ralcorp Holdings, Inc. * ................................ 43,600 1,088
-------
3,479
Health Care Equipment & Supplies - 2.7%
Advanced Neuromodulation Systems ........................ 17,950 929
Integra Lifesciences Corp. * ............................ 44,350 1,170
Kyphon, Inc. * .......................................... 30,650 464
Respironics, Inc. * ..................................... 25,350 951
-------
3,514
Health Care Providers & Services - 3.4%
Advisory Co. * .......................................... 29,600 1,199
eResearch Technology, Inc. * ............................ 63,900 1,416
Pharmaceutical Product Development,
Inc. * ............................................... 32,550 935
Renal Care Group, Inc. * ................................ 26,800 944
-------
4,494
Hotels Restaurants & Leisure - 3.7%
Cumulus Media, Inc. - Cl. A * ........................... 57,450 1,087
Jack in the Box, Inc. * ................................. 43,200 963
Panera Bread Co. - Cl. A * .............................. 19,350 774
55
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL CAP GROWTH FUND
Market
Name of Issuer Shares Value
- ----------------------------------------------------------- ------- --------
(000's)
COMMON STOCK - Continued
Hotels Restaurants & Leisure - Continued
Rare Hospitality International, Inc. * ................. 52,600 $ 1,719
Redeemable Robingourmet Burgers, Inc. .................. 16,700 317
--------
4,860
Household Durables - 0.6%
Furniture Brands International, Inc. * ................. 32,300 843
Insurance - 2.6%
Arch Capital Group, Ltd. * ............................. 33,000 1,146
HCC Insurance Holdings, Inc. ........................... 35,450 1,048
Philadelphia Consolidated Holding Corp. ................ 30,250 1,222
--------
3,416
Internet Software & Services - 2.6%
Avocent Corp. * ........................................ 44,146 1,321
Digital Insight Corp. * ................................ 32,400 617
WebMethods, Inc. * ..................................... 144,950 1,179
Websense, Inc. * ....................................... 16,950 265
--------
3,382
Leisure Equipment & Products - 0.6%
Marvel Enterprises, Inc. ............................... 42,900 819
Machinery - 2.7%
Clarcor, Inc. * ........................................ 30,750 1,186
ESCO Technologies, Inc. * .............................. 28,100 1,236
Graco, Inc. * .......................................... 32,250 1,032
--------
3,454
Media - 2.7%
Charter Communications, Inc. - Cl. A * ................. 72,650 288
Emmis Communications Corp. * ........................... 38,400 881
Getty Images, Inc. * ................................... 35,800 1,479
Macrovision Corp. * .................................... 37,550 748
Tivo, Inc. * ........................................... 12,950 158
--------
3,554
Metals & Mining - 0.9%
Maverick Tube Corp. * .................................. 62,350 1,194
Multiline Retail - 1.1%
Cost Plus, Inc. * ...................................... 40,850 1,457
Oil & Gas - 3.9%
Evergreen Resources, Inc. * ............................ 24,500 1,331
Key Energy Services, Inc. * ............................ 108,950 1,168
Remington Oil & Gas Corp. * ............................ 79,150 1,455
Stone Energy Corp. * ................................... 26,150 1,096
--------
5,050
Pharmaceuticals - 6.2%
Amylin Pharmaceuticals, Inc. * ......................... 52,750 1,155
Eon Labs, Inc. * ....................................... 26,500 931
Esperion Therapeutics * ................................ 32,400 635
Impax Laboratories, Inc. * ............................. 56,400 676
Medicinesco ............................................ 75,050 1,478
OSI Pharmaceuticals, Inc. * ............................ 29,200 941
Pharmaceutical Resources, Inc. * ....................... 26,350 $ 1,282
Trimeris, Inc. * ....................................... 22,800 1,041
--------
8,139
Real Estate Investment Trust - 0.8%
PAN Pacific Retail Properties, Inc. .................... 27,500 1,082
Semiconductor Equipment & Products - 6.0%
Artisan Components, Inc. ............................... 38,250 865
Atmi, Inc. * ........................................... 38,550 963
FEI Co. * .............................................. 33,250 624
LTX Corp. * ............................................ 135,350 1,167
Photronics, Inc. * ..................................... 60,650 1,058
PMC-Sierra, Inc. * ..................................... 112,400 1,318
Semtech Corp. * ........................................ 71,700 1,021
Skyworks Solutions, Inc. ............................... 113,000 765
--------
7,781
Software - 8.6%
Autodesk, Inc. * ....................................... 68,800 1,112
Borland Software Corp. * ............................... 109,550 1,070
Hyperion Solutions Corp. * ............................. 59,550 2,010
Informatica Corp. ...................................... 147,450 1,019
JDA Software Group, Inc. ............................... 57,500 644
Macromedia, Inc. * ..................................... 74,250 1,562
Progress Software Corp. * .............................. 63,100 1,308
THQ, Inc. * ............................................ 57,500 1,035
Tradestation Group, Inc. ............................... 34,800 357
Verint Systems, Inc. * ................................. 45,500 1,156
--------
11,273
Specialty Retail - 5.9%
AC Moore Arts & Crafts, Inc. * ......................... 35,150 704
AnnTaylor Stores Corp. * ............................... 24,700 715
Dick's Sporting Goods, Inc. ............................ 38,250 1,403
Hibbett Sporting Goods, Inc. * ......................... 27,300 899
Hollywood Entertainment Corp. * ........................ 54,050 930
Hot Topic, Inc. * ...................................... 60,449 1,627
TBC Corp. * ............................................ 36,000 686
Too, Inc. * ............................................ 36,750 744
--------
7,708
Textiles & Apparel - 1.9%
Columbia Sportswear Co. * .............................. 25,125 1,292
Quiksilver, Inc. * ..................................... 69,400 1,144
--------
2,436
Wireless Telecommunications Services - 0.5%
Western Wireless Corp. - Cl. A * ....................... 51,450 593
--------
TOTAL COMMON STOCK- 98.5% 128,608
56
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL CAP GROWTH FUND
Par Market
Name of Issuer Value Value
- ---------------------------------------------------------- ------- --------
(000's) (000's)
INVESTMENT COMPANIES HELD AS COLLATERAL ON LOANED
SECURITIES - 22.3%
State Street Navigator Securities Lending
Portfolio .......................................... $29,041 $ 29,041
SHORT-TERM INVESTMENTS - 2.0%
Investment in joint trading account (Note B)
1.181% due 07/01/03 ................................ 2,614 2,614
------- --------
TOTAL INVESTMENTS- 122.8% 160,263
Payables, less cash and receivables- (22.8)% (29,710)
------- --------
NET ASSETS- 100.0% $130,553
======= ========
* Non-income producing security.
See notes to financial statements.
57
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- -------------------------------------------------------------------------------
HEALTH SCIENCES FUND
Market
Name of Issuer Shares Value
- ----------------------------------------------------------- ------- -------
(000's)
COMMON STOCK
Biotechnology - 20.7%
Abgenix, Inc. *......................................... 26,300 $ 276
Applera Corp. - Celera Genomics Group *................. 44,900 463
Biogen, Inc. ........................................... 6,900 262
Cephalon, Inc. *........................................ 9,300 383
Connetics Corp. * ...................................... 7,372 110
CV Therapeutics, Inc. * ................................ 18,300 543
Exelixis, Inc. * ....................................... 28,200 196
Genzyme Corp. * ........................................ 25,298 1,057
Human Genome Sciences, Inc. * .......................... 18,700 238
Idec Pharmaceuticals Corp. * ........................... 6,900 235
ILEX Oncology, Inc. * .................................. 11,100 215
Millennium Pharmaceuticals, Inc. * ..................... 21,800 343
Regeneron Pharmaceuticals * ............................ 13,200 208
Ribapharm, Inc. * ...................................... 13,000 84
Sangstat Medium Corp. * ................................ 11,900 156
Serono SA .............................................. 1,137 670
Telik, Inc. * .......................................... 15,500 249
Vertex Pharmaceuticals, Inc. * ......................... 11,800 172
-------
5,860
Chemicals - 1.0%
Monsanto Co. ........................................... 13,600 294
Health Care Equipment & Supplies - 13.8%
Amerisource Bergen Corp. * ............................. 8,500 590
Baxter International, Inc. ............................. 23,480 611
Bayer AG * ............................................. 10,100 235
Beckman Coulter, Inc. .................................. 14,400 585
Becton, Dickinson & Co. * .............................. 13,700 532
Guidant Corp. * ........................................ 23,313 1,035
Nobel Biocare * ........................................ 100 6
Viasys Healthcare, Inc. * .............................. 14,900 308
-------
3,902
Health Care Providers & Services - 11.3%
Aetna US Healthcare, Inc. * ............................ 4,700 283
Anthem, Inc. * ......................................... 5,217 403
Cardinal Health, Inc. * ................................ 12,122 779
Gambro - Ser. A * ...................................... 84,060 557
Laboratory Corporation of America Holdings * ........... 8,140 245
McKesson HBOC, Inc. .................................... 26,100 933
-------
3,200
Pharmaceuticals - 47.6%
Abbott Laboratories * .................................. 39,934 1,747
Amylin Pharmaceuticals, Inc. * ......................... 32,800 718
AstraZeneca Group plc * ................................ 10,779 433
AstraZeneca Group plc - ADR ............................ 22,734 927
Atherogenics, Inc. * ................................... 14,100 211
Aventis - ADR .......................................... 19,800 1,083
Chugai Pharmaceutical Co., Ltd. * ...................... 23,200 264
Eisai Co. Ltd. * ....................................... 25,300 521
Elan Corp. plc - ADR * ................................. 47,600 268
Eli Lilly & Co. * ...................................... 14,827 $ 1,023
Forest Laboratories, Inc. * ............................ 6,800 372
Fujisawa Pharmeceutical Co., Ltd. * .................... 26,000 488
Medicinesco ............................................ 17,300 341
Novartis AG ............................................ 7,615 302
OSI Pharmaceuticals, Inc. * ............................ 4,100 132
Pfizer, Inc. * ......................................... 46,916 1,602
Schering-Plough Corp. * ................................ 75,300 1,401
Shionogi & Co., Ltd. * ................................. 35,000 475
Watson Pharmaceuticals, Inc. * ......................... 10,000 404
Wyeth * ................................................ 16,595 756
-------
13,468
Software - 0.6%
Cerner Corp. * ......................................... 7,500 172
-------
TOTAL COMMON STOCK- 95.0% 26,896
Par
Value
------
(000's)
SHORT-TERM INVESTMENTS - 4.8%
Investment in joint trading account(Note B)
1.181% due 07/01/03 .................................... $ 1,360 1,360
------- -------
TOTAL INVESTMENTS- 99.8% 28,256
Cash and Receivables, less payables- 0.2% 57
------- -------
NET ASSETS- 100.0% $28,313
======= =======
* Non-income producing security.
ADR-American Depository Receipt.
See notes to financial statements.
58
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
OVERSEAS EQUITY FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------- ------ -------
(000's)
COMMON STOCK
Australia - 3.6%
Australia & New Zealand Banking Group, Ltd. (JP) ......... 11,100 $ 139
Brambles Industries, Ltd. (BO) ........................... 24,500 75
Broken Hill Proprietary Co., Ltd. (BF) ................... 2,505 15
Foster's Brewing Group, Ltd. (JG) ........................ 55,900 158
National Australia Bank, Ltd. (JP) ....................... 8,800 198
News Corp., Ltd. (JA) .................................... 8,708 65
QBE Insurance Group, Ltd. (JR) ........................... 20,400 128
Westpac Banking Corp., Ltd. (JP) ......................... 11,000 120
WMC Resources, Ltd. (BB) ................................. 33,000 78
WMC, Ltd. (BF) ........................................... 22,500 61
Woolworth's, Ltd. (JF) ................................... 27,000 227
------
1,264
Austria - 0.4%
Erste Bank (JP) .......................................... 400 35
Telecom Austria (JI) ..................................... 8,396 96
------
131
Canada - 3.5%
Abitibi Consolidated, Inc. (BG) .......................... 11,300 72
Alcan Aluminum, Ltd. (BF) ................................ 2,100 65
BCE, Inc. (JI) ........................................... 15,800 362
Bombardier, Inc. - Cl. B (BH) ............................ 69,500 234
Placer Dome, Inc. (BF) ................................... 3,300 40
Suncor Energy , Inc. (BB) ................................ 6,400 120
TELUS Corp. (Jl) ......................................... 12,800 211
Thomson Corp. (BZ) ....................................... 3,600 112
------
1,216
Denmark - 0.2%
Novo Nordisk AS (JO) ..................................... 1,800 63
Finland - 1.3%
Nokia Oyj (JW) ........................................... 19,600 323
UPM-Kymmene Corp. (BG) ................................... 9,600 141
------
464
France - 11.7%
Accor SA (BZ) ............................................ 2,900 105
Air Liquide (BC) ......................................... 1,400 208
BNP Paribas (JP) ......................................... 11,600 591
Bouygues SA (J2) ......................................... 11,100 307
Carrefour SA (JF) ........................................ 1,900 93
Essilor International (JL) ............................... 3,100 125
France Telecom (J1) ...................................... 6,700 165
Groupe Danone (JH) ....................................... 1,700 236
L'Oreal SA (JK) .......................................... 1,800 127
Pechiney SA (BF) ......................................... 3,400 122
Renault (BV) ............................................. 6,200 328
Sanofi-Synthelabo SA (JO) ................................ 17,300 1,015
Schneider SA (BK) ........................................ 4,700 221
STMicroelectronics (J0) .................................. 3,100 65
Vivendi Universal SA (JA) ................................ 20,700 $ 377
------
4,085
Germany - 4.6%
Allianz AG (JR) .......................................... 2,100 175
Bayerische Motoren Werke AG (BV) ......................... 3,200 123
DaimlerChrysler AG (BV) .................................. 3,200 112
Deutsche Bank AG (JP) .................................... 3,200 208
Deutsche Telekom AG (J1) ................................. 20,100 307
Muenchener Rueckversicherungs-Gesellschaft AG (JR) ....... 1,500 153
Preussag AG (BZ) ......................................... 1,600 24
SAP AG (JV) .............................................. 600 71
Siemens AG (BL) .......................................... 9,100 447
------
1,620
Hong Kong - 2.2%
Cheung Kong Holdings, Ltd. (JS) .......................... 28,000 168
Hang Lung Properties (JS) ................................ 85,000 76
Hang Seng Bank, Ltd. (JP) ................................ 6,200 65
Hutchison Whampoa, Ltd. (BL) ............................. 32,000 195
Johnson Electric Holdings, Ltd. (BK) ..................... 44,000 55
Li & Fung, Ltd. (BO) ..................................... 48,000 62
Sun Hung Kai Properties, Ltd. (JS) ....................... 11,000 56
Swire Pacific, Ltd. - Cl. A (JQ) ......................... 17,000 74
------
751
Italy - 1.5%
Assicurazioni Generali (JR) .............................. 5,100 118
ENI (BB) ................................................. 27,000 409
------
527
Japan - 18.2%
Advantest (J0) ........................................... 3,200 142
Aiful Corp. (JQ) ......................................... 1,600 68
Canon, Inc. (JZ) ......................................... 5,000 230
Dai-Nippon Printng Co., Ltd. (BO) ........................ 10,000 106
Daiwa House Industry Co., Ltd. (BW) ...................... 7,000 48
Daiwa Securities Group, Inc. (JQ) ........................ 37,000 213
Fuji Photo Film (BX) ..................................... 3,000 87
Hirose Electric Co., Ltd. (JY) ........................... 2,100 174
Hitachi, Ltd. (JY) ....................................... 19,000 81
Honda Motor Co. (BV) ..................................... 2,000 76
Hoya Corp. (JY) .......................................... 3,000 207
Japan Airlines (BQ) ...................................... 52,000 114
Jusco Co., Ltd. (JD) ..................................... 13,000 298
Kansai Electric Power Co., Inc. (J3) ..................... 6,100 96
Keyence Corp. (JY) ....................................... 400 73
Mitsubishi Corp. (BN) .................................... 6,000 42
Mitsubishi Estate Co., Ltd. (JS) ......................... 16,000 108
Mitsubishi Heavy Industries, Ltd. (BM) ................... 74,000 192
Mitsubishi Motor (BV) .................................... 33,000 75
Mitsui Fudosan Co., Ltd. (JS) ............................ 25,000 160
59
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
OVERSEAS EQUITY FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Japan - Continued
Mitsui Marine & Fire Insurance Co., Ltd. (JR) ........... 30,000 $ 139
Murata Manufacturing Co., Ltd. (JY) ..................... 2,700 106
NEC Corp. (JX) .......................................... 39,000 195
Nikko Securities Co., Ltd. (JQ) ......................... 41,000 165
Nissan Motor Acceptance Corp. (BV) ...................... 39,000 374
Nitto Denko Corp. (BK) .................................. 3,500 115
Nomura Securities Co., Ltd. (JQ) ........................ 16,000 203
NTT Mobile Communications Network, Inc.
(J2) ................................................. 45 98
Orix Corp. (JQ) ......................................... 3,500 194
Rohm Co., Ltd. (J0) ..................................... 2,600 284
Sankyo Co., Ltd. (JO) ................................... 9,000 108
Sekisui House, Ltd. (BW) ................................ 14,000 106
Shimamura Co., Ltd. (JE) ................................ 1,400 77
Shionogi & Co., Ltd. (JO) ............................... 18,000 244
Suzuki Motor Corp. (BV) ................................. 23,000 300
Taiyo Yuden Co., Ltd. (JY) .............................. 9,000 88
TDK Corp. (JY) .......................................... 2,600 129
Tokyo Electron, Ltd. (J0) ............................... 8,200 389
Toray Industries, Inc. (BC) ............................. 14,000 33
Tostem Corp. (BI) ....................................... 6,000 87
Yahoo Japan Corp. (JT) .................................. 10 163
Yamanouchi Pharmaceutical Co., Ltd. (JO) ................ 3,000 78
Yamato Transport Co., Ltd. (BP) ......................... 6,000 67
------
6,332
Netherlands - 9.6%
ABN Amro Holding NV (JP) ................................ 25,334 485
Aegon NV (JR) ........................................... 13,763 138
ASM Lithography Holding NV (J0) ......................... 8,500 81
Elsevier NV (JA) ........................................ 5,700 67
Heineken Holding (JG) ................................... 900 26
Heineken NV (JG) ........................................ 14,700 522
ING Groep NV (JQ) ....................................... 17,000 296
Koninklije KPN NV (JY) .................................. 57,100 405
Koninklijke (Royal) Philips Electronics NV
(JY) ................................................. 8,900 170
Koninklijke Numica NV (JY) .............................. 2,900 45
Royal Dutch Petroleum Co. (BB) .......................... 19,700 916
VNU NV (JA) ............................................. 6,300 194
------
3,345
New Zealand - 0.5%
Telecom Corp. of New Zealand, Ltd. (J1) ................. 54,494 168
Norway - 1.3%
Norsk Hydro ASA (BL) .................................... 3,825 188
Norske Skogindustrier ASA - Cl. A (BG) .................. 2,700 40
Statoil ASA (BB) ........................................ 25,400 217
------
445
Portugal - 0.1%
Portugal Telecom SA (J1) ................................ 5,600 40
Singapore - 0.9%
DBS Group Holdings, Ltd. (JP) ........................... 4,000 $ 24
Hong Kong Land Holdings, Ltd. (JS) ...................... 56,000 70
Singapore Telecommunications, Ltd. (J1) ................. 117,000 100
United Overseas Bank, Ltd. (JP) ......................... 6,000 42
Venture Manufacturing, Ltd. (JY) ........................ 9,000 82
------
318
Spain - 3.3%
Banco Bilbao Vizcaya SA (JP) ............................ 38,200 402
Inditex (JE) ............................................ 13,700 345
Repsol SA (BB) .......................................... 6,200 101
Telefonica SA (J1) ...................................... 24,853 289
------
1,137
Sweden - 3.3%
Assa Abloy (BI) ......................................... 18,200 177
AstraZeneca Group plc (BO) .............................. 14,000 568
ForeningsSparbanken AB (JP) ............................. 18,100 250
Sandvik AB (BM) ......................................... 2,500 66
Svenska Handelsbanken, Inc. (JP) ........................ 6,000 98
------
1,159
Switzerland - 8.5%
Credit Suisse Group (JP) ................................ 6,976 184
Holcim (BD) ............................................. 7,290 270
Nestle SA (JH) .......................................... 2,069 428
Novartis AG (JO) ........................................ 14,938 592
Richemont (JQ) .......................................... 19,726 320
Roche Holdings AG (JO) .................................. 3,033 239
Swiss Reinsurance Co. (JR) .............................. 2,614 145
Swisscom AG (J1) ........................................ 1,581 450
Synthes-Stratec, Inc. (JL) .............................. 126 91
UBS AG (JP) ............................................. 4,220 235
------
2,954
United Kingdom - 15.7%
Arm Holdings plc (J0) ................................... 14,000 15
AstraZeneca Group plc (JO) .............................. 11,100 446
Barclays (JP) ........................................... 30,200 225
BG Group plc (BB) ....................................... 63,300 281
Billiton plc (BF) ....................................... 65,255 344
British Aerospace plc (BH) .............................. 20,000 47
Centrica plc (J4) ....................................... 39,500 115
CRH (BD) ................................................ 13,100 206
HBOS (JP) ............................................... 18,900 245
HSBC Holdings plc (JP) .................................. 26,800 317
Marks & Spencer (JD) .................................... 36,100 188
MMO2 (J2) ............................................... 132,900 125
National Grid Group (JY) ................................ 26,600 181
Pearson plc (JA) ........................................ 29,800 279
Prudential Corp. (JR) ................................... 26,100 158
Reckitt Benckiser plc (JJ) .............................. 5,000 92
Reuters Group plc (JA) .................................. 18,000 52
Royal Bank of Scotland Group (JP) ....................... 21,500 604
60
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
OVERSEAS EQUITY FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
United Kingdom - Continued
Samsung Electronics - GDR (JY) .......................... 160 $ 24
Smiths Group plc (BL) ................................... 9,900 115
Standard Chartered plc (JP) ............................. 18,800 229
Unilever plc (JK) ....................................... 30,800 246
Vodafone AirTouch plc (J2) .............................. 485,538 951
-------
5,485
United States - 6.3%
America Movil SA de CV - ADR - Ser. L (J2) .............. 2,400 45
AstraZeneca Group plc - ADR (JO) ........................ 5,000 204
Companhia Vale Do Rio Doce - ADR (BF) ................... 1,800 53
DBS Group Holdings, Ltd. - ADR 144A (a) (JP) ............ 2,000 12
Nokia Oyj - ADR (JW) .................................... 4,500 74
Philips Electronics NV (JY) ............................. 1,200 23
Royal Dutch Petroleum Co. (BB) .......................... 2,000 93
Samsung Electronics - 144A (a) (JY) ..................... 3,370 501
Sap Aktiengesellschaft - ADR (JV) ....................... 3,200 94
Sony Corp. (JY) ......................................... 3,500 98
STMicroelectronics NV (J0) .............................. 5,200 108
Taiwan Semiconductor Manufacturing Co.,
Ltd. - ADR (J0) ...................................... 16,912 171
Telefonos de Mexico SA - ADR (J1) ....................... 1,700 53
The Thomson Corp. (JA) .................................. 10,400 327
Vodafone Group plc (J1) ................................. 17,100 336
-------
2,192
-------
TOTAL COMMON STOCK- 96.7% 33,696
Par
Value
-------
(000's)
PUBLICLY-TRADED BONDS
Supra National - 0.1%
SMFG Finance - 144A (a) (FB)
2.25% due 07/11/05 ................................... $ 6,000 47
-------
TOTAL PUBLICLY-TRADED BONDS- 0.1% 47
SHORT-TERM INVESTMENTS - 3.1%
Investment in joint trading account
(Note B)
1.181% due 07/01/03 .................................. 1,094 1,094
------- -------
TOTAL INVESTMENTS- 99.9% 34,837
Cash and Receivables, less payables- 0.1% 26
------- -------
NET ASSETS- 100.0% $34,863
======= =======
(a) Pursuant to Rule 144A under the Securities Act of 1993, these securities
may be resold in transactions exempt from registration, normally to
qualified institutional buyers. At June 30, 2003, securities aggregated $59
or 0.2% of net assets of the Portfolio.
See notes to financial statements.
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
% of
Industry Market Long-Term
Industry Abbreviation Value Investments
- ----------------------------------------- ------------ ------- -----------
(000s)
Banks ................................... JP $ 4,708 14.0%
Pharmaceuticals ......................... JO 2,989 8.9%
Diversified Telecommunication
Services ............................. J1 2,577 7.6%
Electronic Equipment &
Instruments .......................... JY 2,386 7.1%
Oil & Gas ............................... BB 2,214 6.6%
Diversified Financials .................. JQ 1,533 4.5%
Wireless Telecommunications
Services ............................. J2 1,525 4.5%
Automobiles ............................. BV 1,387 4.1%
Media ................................... JA 1,363 4.0%
Semiconductor Equipment &
Products ............................. J0 1,255 3.7%
Insurance ............................... JR 1,155 3.4%
Industrial Conglomerates ................ BL 945 2.8%
Commercial Services & Supplies .......... BO 811 2.4%
Beverages ............................... JG 706 2.1%
Metals & Mining ......................... BF 701 2.1%
Food Products ........................... JH 663 2.0%
Real Estate Investment Trust ............ JS 638 1.9%
Multiline Retail ........................ JD 487 1.4%
Construction Materials .................. BD 477 1.4%
Specialty Retail ........................ JE 423 1.3%
Communications Equipment ................ JW 397 1.2%
Electrical Equipment .................... BK 391 1.2%
Personal Products ....................... JK 373 1.1%
Food & Drug Retailing ................... JF 320 0.9%
Aerospace & Defense ..................... BH 281 0.8%
Building Products ....................... BI 263 0.8%
Machinery ............................... BM 258 0.8%
Paper & Forest Products ................. BG 252 0.7%
Hotels Restaurants & Leisure ............ BZ 242 0.7%
Chemicals ............................... BC 240 0.7%
Office Electronics ...................... JZ 230 0.7%
Health Care Equipment &
Supplies ............................. JL 216 0.6%
Computers & Peripherals ................. JX 195 0.6%
Software ................................ JV 164 0.5%
Internet Software & Services ............ JT 163 0.5%
Household Durables ...................... BW 155 0.5%
Gas Utilities ........................... J4 115 0.3%
Airlines ................................ BQ 114 0.3%
Electric Utilities ...................... J3 96 0.3%
Household Products ...................... JJ 92 0.3%
Leisure Equipment & Products ............ BX 87 0.3%
Air Freight & Couriers .................. BP 67 0.2%
Finance ................................. FB 47 0.1%
Trading Companies &
Distributors ......................... BN 42 0.1%
------- -----
$33,743 100.0%
======= =====
61
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EARNINGS GROWTH FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Aerospace & Defense - 0.4%
Lockheed Martin Corp. ................................... 14,055 $ 669
Air Freight & Couriers - 0.3%
United Parcel Service, Inc. - Cl. B ..................... 8,800 561
Banks - 2.1%
Bank of America Corp. * ................................. 19,300 1,525
Bank One Corp. * ........................................ 28,600 1,063
Fifth Third Bancorp * ................................... 9,669 554
Wachovia Corp. * ........................................ 13,700 548
-------
3,690
Beverages - 3.3%
Anheuser-Busch Cos., Inc. ............................... 10,200 521
Coca-Cola Co. * ......................................... 63,300 2,938
PepsiCo, Inc. * ......................................... 53,700 2,389
-------
5,848
Biotechnology - 1.8%
Amgen, Inc. * ........................................... 30,600 2,033
Biogen, Inc. ............................................ 14,100 536
Genetech, Inc. * ........................................ 8,000 577
-------
3,146
Building Products - 0.4%
Masco Corp. * ........................................... 30,600 730
Chemicals - 1.1%
Dow Chemical Co. * ...................................... 27,300 845
Praxair, Inc. * ......................................... 17,700 1,064
-------
1,909
Commercial Services & Supplies - 1.9%
Avery Dennison Corp. * .................................. 10,700 537
First Data Corp. * ...................................... 36,700 1,521
Paychex, Inc. ........................................... 17,700 519
Waste Management, Inc. * ................................ 28,200 679
-------
3,256
Communications Equipment - 2.9%
Cisco Systems, Inc. * ................................... 273,015 4,557
Motorola, Inc. .......................................... 54,300 512
-------
5,069
Computers & Peripherals - 7.1%
Apple Computer, Inc. * .................................. 28,000 535
Dell Computer Corp. * ................................... 94,300 3,014
EMC Corp. * ............................................. 105,700 1,107
Intel Corp. ............................................. 250,400 5,204
International Business Machines Corp. ................... 25,800 2,129
Sun Microsystems, Inc. .................................. 106,600 490
-------
12,479
Diversified Financials - 3.3%
American Express Co. * .................................. 23,500 983
Citigroup, Inc. * ....................................... 71,903 3,078
Merrill Lynch & Co., Inc. * ............................. 15,600 $ 728
Morgan Stanley, Dean Witter, Discover &
Co. .................................................. 25,600 1,094
-------
5,883
Diversified Telecommunication Services - 1.3%
Qwest Communications International, Inc. ................ 73,700 352
SBC Communications, Inc. * .............................. 17,400 445
Verizon Communications * ................................ 39,800 1,570
-------
2,367
Electronic Equipment & Instruments - 0.2%
Thermo Electron Corp. * ................................. 16,500 347
Energy Equipment & Services - 2.3%
Baker Hughes, Inc. * .................................... 34,400 1,155
Nabors Industries, Ltd. * ............................... 25,500 1,009
Rowan Cos., Inc. * ...................................... 23,100 517
Schlumberger, Ltd. * .................................... 15,200 723
Transocean Sedco Forex, Inc. * .......................... 12,100 266
Weatherford Bermuda * ................................... 7,600 318
-------
3,988
Food & Drug Retailing - 1.2%
Sysco Corp. * ........................................... 30,500 916
Walgreen Co. * .......................................... 37,900 1,141
-------
2,057
Food Products - 0.4%
J.M. Smucker Co. * ...................................... 16,800 670
Health Care Equipment & Supplies - 3.5%
Alcon, Inc. * ........................................... 8,100 370
Baxter International, Inc. .............................. 21,700 564
Boston Scientific Corp. * ............................... 31,500 1,925
C.R. Bard, Inc. * ....................................... 5,200 371
Medtronic, Inc. * ....................................... 41,580 1,995
St. Jude Medical, Inc. * ................................ 6,200 356
Zimmer Holdings, Inc. * ................................. 13,700 617
-------
6,198
Health Care Providers & Services - 2.7%
Cardinal Health, Inc. * ................................. 22,447 1,443
Health Management Assoc., Inc. - Cl. A * ................ 36,800 679
McKesson HBOC, Inc. ..................................... 35,700 1,276
Quest Diagnostics, Inc. * ............................... 5,800 370
UnitedHealth Group, Inc. * .............................. 18,280 919
-------
4,687
Hotels Restaurants & Leisure - 0.2%
Brinker International, Inc. * ........................... 10,400 375
Household Durables - 0.6%
Leggett & Platt, Inc. * ................................. 22,400 459
Newell Rubbermaid, Inc. * ............................... 23,000 644
-------
1,103
62
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EARNINGS GROWTH FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Household Products - 2.3%
Clorox Co. * ............................................ 21,500 $ 917
Dial Corp. .............................................. 25,800 502
Procter & Gamble Co. * .................................. 28,900 2,577
-------
3,996
Industrial Conglomerates - 5.4%
3M Co. .................................................. 19,900 2,567
General Electric Co. * .................................. 218,200 6,258
Tyco International, Ltd. * .............................. 32,900 624
-------
9,449
Insurance - 1.4%
AFLAC, Inc. * ........................................... 26,370 811
American International Group, Inc. * .................... 31,100 1,716
-------
2,527
Internet & Catalog Retail - 0.8%
Amazon.com, Inc. * ...................................... 15,710 573
eBay, Inc. * ............................................ 7,300 761
-------
1,334
Internet Software & Services - 0.5%
Yahoo, Inc. * ........................................... 27,900 914
Leisure Equipment & Products - 0.2%
Mattel, Inc. * .......................................... 21,600 409
Machinery - 0.8%
Danaher Corp. * ......................................... 12,700 864
Illinois Tool Works, Inc. * ............................. 8,400 553
-------
1,417
Media - 4.8%
AOL Time Warner, Inc. * ................................. 105,251 1,694
Clear Channel Communications, Inc. * .................... 12,900 547
Comcast Corp. - Cl. A ................................... 47,000 1,418
EchoStar Communications Corp. - Cl. A * ................. 6,825 236
New York Times Co. - Cl. A * ............................ 8,900 405
Omnicom Group, Inc. * ................................... 7,400 531
The Walt Disney Co. * ................................... 43,200 853
Tribune Co. * ........................................... 13,300 642
Univision Communications, Inc. - Cl. A * ................ 18,500 562
Viacom, Inc. - Cl. B * .................................. 33,200 1,450
-------
8,338
Multiline Retail - 3.7%
Big Lots, Inc. * ........................................ 53,700 808
Kohl's Corp. * .......................................... 13,015 669
Target Corp. * .......................................... 9,700 367
Wal-Mart Stores, Inc. * ................................. 86,200 4,626
-------
6,470
Oil & Gas - 1.8%
Apache Corp. ............................................ 9,400 612
BJ Services Co. * ....................................... 35,800 1,337
Burlington Resources, Inc. * ............................ 10,000 541
Exxon Mobil Corp. * ..................................... 19,700 $ 707
-------
3,197
Paper & Forest Products - 0.2%
International Paper Co. * ............................... 8,700 311
Personal Products - 3.5%
Avon Products, Inc. ..................................... 24,130 1,501
Colgate-Palmolive Co. ................................... 24,300 1,408
Gillette Co. ............................................ 101,600 3,237
-------
6,146
Pharmaceuticals - 18.3%
Abbott Laboratories * ................................... 72,000 3,151
Allergan, Inc. * ........................................ 7,000 540
Bristol-Myers Squibb Co. * .............................. 33,900 920
Eli Lilly & Co. * ....................................... 32,725 2,257
Forest Laboratories, Inc. * ............................. 10,430 571
Johnson & Johnson * ..................................... 73,800 3,815
Merck & Co., Inc. * ..................................... 108,300 6,558
Pfizer, Inc. * .......................................... 300,024 10,246
Schering-Plough Corp. * ................................. 69,500 1,293
Wyeth * ................................................. 58,100 2,646
-------
31,997
Semiconductor Equipment & Products - 6.0%
Analog Devices, Inc. * .................................. 55,000 1,915
Applied Materials, Inc. * ............................... 81,595 1,294
KLA-Tencor Corp. * ...................................... 24,345 1,132
Linear Technology Corp. * ............................... 17,500 563
LTX Corp. * ............................................. 87,900 758
Micron Technology, Inc. ................................. 100,000 1,163
Texas Instruments, Inc. * ............................... 156,175 2,749
Xilinx, Inc. * .......................................... 35,100 888
-------
10,462
Software - 8.0%
Adobe Systems, Inc. ..................................... 15,700 503
Ariba, Inc. * ........................................... 48,500 144
BEA Systems, Inc. * ..................................... 39,200 426
Electronic Arts, Inc. * ................................. 9,815 726
Intuit, Inc. * .......................................... 22,400 997
Microsoft Corp. * ....................................... 358,910 9,192
Oracle Corp. * .......................................... 165,600 1,991
-------
13,979
Specialty Retail - 1.5%
Home Depot, Inc. * ...................................... 48,500 1,606
Lowe's Cos., Inc. * ..................................... 23,700 1,018
-------
2,624
Textiles & Apparel - 0.7%
Nike, Inc. - Cl. B ...................................... 23,100 1,236
Tobacco - 0.7%
Altria Group, Inc. ...................................... 27,800 1,263
63
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EARNINGS GROWTH FUND
Market
Name of Issuer Shares Value
- ----------------------------------------------------------- ------- --------
(000's)
COMMON STOCK - Continued
U.S. Government Agencies - 1.1%
Federal Home Loan Mortgage Corp. ....................... 12,110 $ 615
Federal National Mortgage Assoc. * ..................... 19,109 1,288
--------
1,903
--------
TOTAL COMMON STOCK- 98.7% 173,004
Par
Value
-------
(000's)
SHORT-TERM INVESTMENTS - 1.1%
Investment in joint trading account (Note B)
1.181% due 07/01/03 ................................. $ 1,874 1,874
------- --------
TOTAL INVESTMENTS- 99.8% 174,878
Cash and Receivables, less payables- 0.2% 357
------- --------
NET ASSETS- 100.0% $175,235
======= ========
* Non-income producing security.
See notes to financial statements.
64
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MID CAP VALUE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Aerospace & Defense - 2.3%
Raytheon Co. * .......................................... 2,400 $ 79
Rockwell Collins, Inc. * ................................ 2,900 71
----
150
Airlines - 1.1%
CNF Transportation, Inc. * .............................. 2,900 74
Banks - 7.4%
Citizens Banking Corp. * ................................ 1,500 40
Commerce Bancshares, Inc. ............................... 1,900 74
Cullen/Frost Bankers, Inc. .............................. 900 29
Huntington Bancshares, Inc. * ........................... 3,300 64
Mercantile Bankshares Corp. ............................. 1,000 39
National Commerce Financial Corp. ....................... 1,800 40
Northern Trust Corp. .................................... 2,200 92
Synovus Financial Corp. * ............................... 3,200 69
Wachovia Corp. * ........................................ 300 12
Wilmington Trust Corp. * ................................ 500 15
----
474
Biotechnology - 1.6%
Millennium Pharmaceuticals, Inc. * ...................... 1,400 22
Protein Design Labs, Inc. * ............................. 3,300 46
Vertex Pharmaceuticals, Inc. * .......................... 2,400 35
----
103
Chemicals - 2.1%
Agrium, Inc. ............................................ 2,900 32
Great Lakes Chemical Corp. .............................. 2,700 55
IMC Global, Inc. ........................................ 7,000 47
----
134
Commercial Services & Supplies - 2.8%
DST Systems, Inc. * ..................................... 500 19
Harsco Corp. ............................................ 500 18
Hewitt Associates, Inc. * ............................... 600 14
Manpower, Inc. * ........................................ 1,600 59
Viad Corp. .............................................. 3,100 70
----
180
Communications Equipment - 0.8%
Tellabs, Inc. * ......................................... 8,200 54
Construction & Engineering - 1.0%
ServiceMaster Co. ....................................... 6,200 66
Construction Materials - 1.1%
Nucor Corp. ............................................. 1,400 68
Diversified Financials - 1.3%
Janus Capgroup, Inc. .................................... 5,100 84
Diversified Telecommunication Services - 2.4%
AT&T Corp. * ............................................ 2,400 46
Cable & Wireless plc - ADR .............................. 16,200 89
Crown Castle International Corp. * ...................... 2,200 17
----
152
Electric Utilities - 8.5%
CMS Energy Corp. * ...................................... 1,700 $ 14
El Paso Electric Co. * .................................. 5,300 65
Firstenergy Corp. * ..................................... 3,300 127
PG & E Corp. * .......................................... 800 17
Pinnacle West Capital Corp. * ........................... 2,000 75
Puget Energy, Inc. ...................................... 500 12
Teco Energy, Inc. * ..................................... 3,000 36
TXU Corp. ............................................... 4,200 94
Unisource Energy Corp. .................................. 3,100 58
Xcel Energy, Inc. ....................................... 3,200 48
----
546
Electrical Equipment - 3.6%
Harris Corp. ............................................ 1,600 48
Hubbell, Inc. - Cl. A ................................... 100 3
Hubbell, Inc. - Cl. B ................................... 800 27
Littelfuse, Inc. * ...................................... 1,000 22
Molex, Inc. - Cl. A ..................................... 5,700 132
----
232
Electronic Equipment & Instruments - 2.6%
Agilent Technologies, Inc. * ............................ 4,700 92
AVX Corp. ............................................... 6,100 67
Technitrol, Inc. * ...................................... 500 7
----
166
Energy Equipment & Services - 1.0%
Baker Hughes, Inc. * .................................... 2,000 67
Food Products - 4.4%
Archer Daniels Midland Co. * ............................ 6,800 87
Campbell Soup Co. * ..................................... 2,600 64
H.J. Heinz Co. .......................................... 1,900 63
Potash Corp. of Saskatchewan, Inc. ...................... 1,100 70
----
284
Health Care Equipment & Supplies - 1.3%
Apogent Technologies, Inc. * ............................ 1,700 34
Guidant Corp. * ......................................... 1,100 49
----
83
Health Care Providers & Services - 2.0%
Aetna US Healthcare, Inc. * ............................. 600 36
DaVita, Inc. * .......................................... 2,000 54
Omnicare, Inc. .......................................... 1,218 41
----
131
Household Durables - 2.3%
Herman Miller, Inc. * ................................... 3,900 79
Stanley Works * ......................................... 2,600 72
----
151
Insurance - 9.0%
21st Century Insurance Group ............................ 400 6
Cincinnati Financial Corp. * ............................ 1,500 56
65
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MID CAP VALUE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Insurance - Continued
Hartford Financial Services Group, Inc. * ............... 1,400 $ 70
Loews Corp. * ........................................... 1,500 71
Mercury General Corp. ................................... 300 14
Ohio Casualty Corp. * ................................... 4,800 63
Protective Life Corp. ................................... 2,400 64
Safeco Corp. * .......................................... 2,300 81
St. Paul Cos., Inc. ..................................... 2,300 84
The PMI Group, Inc. ..................................... 700 19
Travelers Property Casualty Corp. - Cl. A * ............. 1,700 27
UnumProvident Corp. * ................................... 1,700 23
------
578
IT Consulting & Services - 0.7%
BearingPoint, Inc. * .................................... 4,600 44
Leisure Equipment & Products - 2.7%
Brunswick Corp. * ....................................... 3,300 83
Hasbro, Inc. * .......................................... 5,100 89
------
172
Machinery - 1.7%
Dover Corp. ............................................. 2,000 60
Joy Global, Inc. ........................................ 3,200 47
------
107
Marine - 0.4%
Overseas Shipholding Group, Inc. ........................ 1,300 29
Media - 6.3%
Cox Radio, Inc. - Cl. A * ............................... 1,100 25
Dow Jones & Co., Inc. * ................................. 1,600 69
Meredith Corp. * ........................................ 1,500 66
New York Times Co. - Cl. A * ............................ 400 18
Pearson plc - ADR ....................................... 3,500 34
Readers Digest Association, Inc. - Cl. A * .............. 483 7
Reuters Group plc - ADR ................................. 4,500 79
Scholastic Corp. * ...................................... 1,000 30
Washington Post Co. - Cl. B ............................. 104 76
------
404
Metals & Mining - 3.4%
Newmont Mining Corp. .................................... 4,200 136
Phelps Dodge Corp. * .................................... 2,100 81
------
217
Multi-Utilities - 1.2%
Duke Energy Co. ......................................... 700 14
NiSource, Inc. * ........................................ 3,400 65
------
79
Multiline Retail - 1.8%
Neiman Marcus Group, Inc. - Cl. A * ..................... 900 33
Nordstrom, Inc. ......................................... 4,300 84
------
117
Oil & Gas - 5.7%
Amerada Hess Corp. * .................................... 1,900 $ 93
BG plc - ADR ............................................ 1,500 34
Diamond Offshore Drilling, Inc. * ....................... 6,300 132
Marathon Oil Corp. * .................................... 4,200 111
------
370
Paper & Forest Products - 2.5%
Bowater, Inc. ........................................... 700 26
MeadWestvaco Corp. * .................................... 1,700 42
Potlatch Corp. .......................................... 3,700 95
------
163
Pharmaceuticals - 0.6%
Andrx Corp. * ........................................... 1,800 36
Road & Rail - 0.9%
Ryder System, Inc. ...................................... 2,200 56
Semiconductor Equipment & Products - 0.4%
Novellus Systems, Inc. * ................................ 700 26
Software - 3.9%
BMC Software, Inc. * .................................... 5,600 92
Cadence Design Systems, Inc. * .......................... 4,500 54
Ceridian Corp. * ........................................ 3,600 61
Peoplesoft, Inc. * ...................................... 2,500 44
------
251
Specialty Retail - 1.7%
Gap, Inc. * ............................................. 2,400 45
KMart Holding Corp. ..................................... 2,500 68
------
113
Textiles & Apparel - 0.5%
Unifi, Inc. * ........................................... 4,900 30
Trading Companies & Distributors - 0.5%
CDW Corp. ............................................... 700 32
Wireless Telecommunications Services - 1.6%
Telephone and Data Systems, Inc. ........................ 2,100 104
------
TOTAL COMMON STOCK- 95.1% 6,127
Par
Value
-------
(000's)
PUBLICLY-TRADED BONDS
Electric Utilities - 0.2%
Xcel Energy, Inc. - Sr. Notes 144A (a)
7.5% due 11/21/07 ....................................... $ 7 10
Wireless Telecommunications Services - 0.5%
United States Cellular Corp. - Notes
0.0% due 06/15/15 ....................................... 75 35
------
TOTAL PUBLICLY-TRADED BONDS- 0.7% 45
66
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MID CAP VALUE FUND
Par Market
Name of Issuer Value Value
- ----------------------------------------------------------- ------- -------
(000's) (000's)
SHORT-TERM INVESTMENTS - 5.0%
Investment in joint trading account (Note B)
1.181% due 07/01/03 .................................... $ 322 $ 322
------ ------
TOTAL INVESTMENTS- 100.8% 6,494
Payables, less cash and receivables- (0.8)% (51)
------ ------
NET ASSETS- 100.0% $6,443
====== ======
* Non-income producing security.
(a) Pursuant to Rule 144A under the Securities Act of 1993, these securities
may be resold in transactions exempt from registration, normally to
qualified institutional buyers. At June 30, 2003, securities aggregated $10
or 0.2% of net assets of the Portfolio.
ADR-American Depository Receipt.
See notes to financial statements.
67
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
LARGE CAP VALUE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Aerospace & Defense - 2.4%
Boeing Co. * ............................................ 48,900 $ 1,678
Lockheed Martin Corp..................................... 29,000 1,380
Raytheon Co. * .......................................... 52,200 1,714
Rockwell Collins, Inc. * ................................ 109,900 2,707
-------
7,479
Automobiles - 0.3%
Ford Motor Co............................................ 93,000 1,022
Banks - 7.8%
Bank of America Corp. * ................................. 39,500 3,122
Bank One Corp. * ........................................ 118,700 4,413
FleetBoston Financial Corp. ............................. 129,772 3,856
JP Morgan Chase & Co. ................................... 92,430 3,159
Mellon Financial Corp. * ................................ 107,600 2,986
Mercantile Bankshares Corp. ............................. 52,100 2,052
National City Corp. * ................................... 51,300 1,678
Northern Trust Corp. .................................... 40,800 1,705
Wilmington Trust Corp. * ................................ 27,100 795
-------
23,766
Beverages - 0.7%
Brown-Forman Corp. - Cl. B * ............................ 27,000 2,123
Chemicals - 3.6%
Dow Chemical Co. * ...................................... 99,400 3,078
E.I. du Pont de Nemours & Co. * ......................... 81,100 3,377
Great Lakes Chemical Corp. .............................. 60,900 1,242
Hercules, Inc. * ........................................ 136,500 1,351
International Flavors & Fragrances,
Inc. * ............................................... 58,800 1,878
-------
10,926
Commercial Services & Supplies - 3.6%
Dun & Bradstreet Corp. .................................. 33,700 1,385
Honeywell International, Inc. ........................... 194,300 5,217
R.R. Donnelley & Sons Co. * ............................. 51,800 1,354
Waste Management, Inc. * ................................ 127,590 3,074
-------
11,030
Communications Equipment - 1.2%
Cisco Systems, Inc. * ................................... 87,800 1,466
Lucent Technologies, Inc. * ............................. 224,200 455
Motorola, Inc. .......................................... 187,100 1,764
-------
3,685
Computers & Peripherals - 1.4%
Hewlett-Packard Co. * ................................... 193,388 4,119
Diversified Financials - 3.1%
American Express Co. * .................................. 89,600 3,746
Citigroup, Inc. * ....................................... 60,166 2,575
Moody's Corp. * ......................................... 24,600 1,297
Wells Fargo & Co. * ..................................... 36,500 1,840
-------
9,458
Diversified Telecommunication Services - 6.4%
Alltel Corp. * .......................................... 61,100 $ 2,946
AT&T Corp. * ............................................ 105,420 2,029
Qwest Communications International,
Inc. ................................................. 542,100 2,591
SBC Communications, Inc. * .............................. 137,855 3,522
Sprint Corp. * .......................................... 158,100 2,277
Verizon Communications * ................................ 154,216 6,084
-------
19,449
Electric Utilities - 2.7%
Constellation Energy Group, Inc. * ...................... 95,200 3,265
Firstenergy Corp. * ..................................... 42,600 1,638
PPL Corp. ............................................... 21,679 932
TXU Corp. ............................................... 108,800 2,443
-------
8,278
Electrical Equipment - 3.0%
Cooper Industries, Ltd. - Cl. A * ....................... 97,900 4,043
Emerson Electric Co. .................................... 29,400 1,502
Hubbell, Inc. - Cl. B ................................... 56,700 1,877
Rockwell International Corp. * .......................... 74,600 1,779
-------
9,201
Energy Equipment & Services - 1.0%
Baker Hughes, Inc. * .................................... 28,800 967
Schlumberger, Ltd. * .................................... 42,800 2,036
-------
3,003
Food Products - 2.3%
Campbell Soup Co. * ..................................... 109,800 2,690
General Mills, Inc. * ................................... 48,100 2,280
Hershey Foods Corp. * ................................... 9,700 676
Kellogg Co. * ........................................... 23,000 791
McCormick & Co., Inc. ................................... 26,000 707
-------
7,144
Gas Utilities - 0.3%
El Paso Corp. ........................................... 119,900 969
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc. .............................. 93,300 2,426
Becton, Dickinson & Co. * ............................... 39,700 1,542
-------
3,968
Hotels Restaurants & Leisure - 2.9%
Hilton Hotels Corp. * ................................... 145,900 1,866
McDonald's Corp. * ...................................... 176,000 3,883
Starwood Hotels & Resorts
Worldwide, Inc. * .................................... 104,700 2,993
-------
8,742
Household Durables - 1.8%
Black & Decker Corp. * .................................. 27,400 1,190
Fortune Brands, Inc. * .................................. 57,100 2,981
68
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
LARGE CAP VALUE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Household Durables - Continued
Stanley Works * ......................................... 46,300 $ 1,278
-------
5,449
Household Products - 1.6%
Clorox Co. * ............................................ 47,100 2,009
Kimberly-Clark Corp. * .................................. 54,200 2,826
-------
4,835
Industrial Conglomerates - 2.2%
General Electric Co. * .................................. 192,100 5,510
Tyco International, Ltd. * .............................. 64,500 1,224
-------
6,734
Insurance - 6.3%
American International Group, Inc. * .................... 29,346 1,619
Aon Corp. * ............................................. 47,400 1,141
Chubb Corp. * ........................................... 46,000 2,760
CIGNA Corp. * ........................................... 52,400 2,460
Lincoln National Corp. * ................................ 71,931 2,563
Prudential Financial, Inc. * ............................ 28,900 973
Safeco Corp. * .......................................... 92,200 3,253
St. Paul Cos., Inc. ..................................... 62,252 2,273
UnumProvident Corp. * ................................... 165,800 2,223
-------
19,265
Leisure Equipment & Products - 1.5%
Eastman Kodak Co. * ..................................... 86,600 2,369
Hasbro, Inc. * .......................................... 132,900 2,324
-------
4,693
Machinery - 1.4%
Eaton Corp. * ........................................... 18,400 1,446
Pall Corp. * ............................................ 124,800 2,808
-------
4,254
Media - 6.6%
AOL Time Warner, Inc. * ................................. 283,400 4,560
Comcast Corp. - Cl. A ................................... 102,581 3,096
Dow Jones & Co., Inc. * ................................. 84,300 3,627
Knight-Ridder, Inc. * ................................... 47,700 3,288
New York Times Co. - Cl. A * ............................ 18,500 842
Readers Digest Association, Inc. -
Cl. A * .............................................. 83,500 1,126
The Walt Disney Co. * ................................... 191,600 3,784
-------
20,323
Metals & Mining - 0.1%
Alcoa, Inc. * ........................................... 13,100 334
Multi-Utilities - 1.6%
Duke Energy Co .......................................... 122,200 2,438
NiSource, Inc. * ........................................ 130,700 2,483
-------
4,921
Multiline Retail - 0.6%
J.C. Penney Co., Inc. * ................................. 13,000 219
May Department Stores Co. * ............................. 76,250 $ 1,697
-------
1,916
Office Electronics - 0.2%
Xerox Corp. * ........................................... 56,800 601
Oil & Gas - 8.6%
Amerada Hess Corp. * .................................... 58,400 2,872
BP Amoco plc - ADR ...................................... 78,832 3,313
ChevronTexaco Corp. * ................................... 79,813 5,762
Exxon Mobil Corp. * ..................................... 184,434 6,623
Marathon Oil Corp. * .................................... 54,000 1,423
Royal Dutch Petroleum Co. * ............................. 85,700 3,995
Unocal Corp. * .......................................... 85,100 2,442
-------
26,430
Paper & Forest Products - 1.5%
International Paper Co. * ............................... 107,870 3,854
MeadWestvaco Corp. * .................................... 29,000 716
-------
4,570
Personal Products - 0.7%
Gillette Co ............................................. 65,700 2,093
Pharmaceuticals - 7.4%
Abbott Laboratories * ................................... 41,500 1,816
Bristol-Myers Squibb Co. * .............................. 193,400 5,251
Merck & Co., Inc. * ..................................... 132,300 8,011
Schering-Plough Corp. * ................................. 168,400 3,132
Wyeth * ................................................. 97,600 4,446
-------
22,656
Real Estate Investment Trust - 0.7%
Simon Property Group, Inc. .............................. 52,700 2,057
Road & Rail - 2.0%
Norfolk Southern Corp. * ................................ 13,600 2,181
Union Pacific Corp. * ................................... 68,600 3,980
-------
6,161
Semiconductor Equipment & Products - 0.6%
Agere Systems, Inc. - Cl. A * ........................... 115,616 269
Agere Systems, Inc. - Cl. B * ........................... 98,700 227
Texas Instruments, Inc. * ............................... 76,200 1,341
-------
1,837
Software - 0.8%
Microsoft Corp. * ....................................... 92,900 2,379
Specialty Retail - 1.8%
Home Depot, Inc. * ...................................... 119,100 3,945
Toys "R" Us, Inc. * ..................................... 136,000 1,648
-------
5,593
Tobacco - 1.5%
Altria Group, Inc. ...................................... 47,100 2,140
69
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
LARGE CAP VALUE FUND
Market
Name of Issuer Shares Value
- --------------------------------------------------------- ------- --------
(000's)
COMMON STOCK - Continued
Tobacco - Continued
UST, Inc. * .......................................... 71,400 $ 2,501
--------
4,641
Trading Companies & Distributors - 0.7%
Genuine Parts Co. * .................................. 64,800 2,074
U.S. Government Agencies - 0.9%
Federal National Mortgage Assoc. * ................... 39,200 2,644
--------
TOTAL COMMON STOCK- 95.1% 290,822
PREFERRED STOCK
Communications Equipment - 0.5%
Lucent Technologies, Inc. ............................ 1,535 1,539
Diversified Financials - 0.2%
Ford Motor Co. Capital Trust II ...................... 14,500 630
--------
TOTAL PREFERRED STOCK- 0.7% 2,169
Par
Value
-------
(000's)
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 2.1%
State Street Navigator Securities
Lending Portfolio ................................. $ 6,431 6,431
SHORT-TERM INVESTMENTS - 3.1%
Investment in joint trading account
(Note B)
1.181% due 07/01/03 .................................. 9,349 9,349
------- -------
TOTAL INVESTMENTS- 101.0% 308,771
Payables, less cash and receivables- (1.0)% (2,996)
------- --------
NET ASSETS- 100.0% $305,775
======= ========
* Non-income producing security.
ADR-American Depository Receipt.
See notes to financial statements.
70
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
LARGE CAP VALUE CORE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------- ------ -------
(000's)
COMMON STOCK
Aerospace & Defense - 0.4%
Lockheed Martin Corp. .................................... 1,300 $ 62
Precision Castparts Corp. ................................ 2,400 74
Raytheon Co. * ........................................... 1,300 43
------
179
Air Freight & Couriers - 0.1%
Airborne, Inc. ........................................... 2,525 53
Auto Components - 0.8%
Delphi Automotive Systems Corp. * ........................ 20,700 179
Johnson Controls, Inc. ................................... 1,300 111
Visteon Corp. * .......................................... 9,429 65
------
355
Automobiles - 1.4%
General Motors Corp. * ................................... 16,100 580
General Motors Corp. - Cl. H * ........................... 2,994 38
------
618
Banks - 13.2%
Bank Hawaii Corp. ........................................ 407 13
Bank of America Corp. * .................................. 20,188 1,595
Bank One Corp. * ......................................... 7,000 260
BB&T Corp. * ............................................. 5,838 200
FleetBoston Financial Corp. .............................. 5,000 149
Huntington Bancshares, Inc. * ............................ 2,100 41
JP Morgan Chase & Co. .................................... 6,400 219
M & T Bank Corp. * ....................................... 1,300 109
National City Corp. * .................................... 13,100 429
Popular, Inc. ............................................ 1,100 42
Regions Financial Corp. .................................. 12,200 412
Silicon Valley Bancshares * .............................. 6,800 162
SouthTrust Corp. * ....................................... 12,087 329
Suntrust Banks, Inc. * ................................... 8,300 493
US Bancorp * ............................................. 18,599 456
Wachovia Corp. * ......................................... 23,900 955
------
5,864
Biotechnology - 0.9%
Charles River Laboratories * ............................. 1,300 42
Chiron Corp. * ........................................... 2,300 101
Gilead Sciences, Inc. * .................................. 4,285 238
Invitrogen Corp. * ....................................... 1,100 42
------
423
Chemicals - 2.0%
Dow Chemical Co. * ....................................... 6,500 201
Monsanto Co. ............................................. 17,157 371
PPG Industries, Inc. * ................................... 5,900 300
------
872
Commercial Services & Supplies - 1.8%
Avery Dennison Corp. * ................................... 1,800 91
Convergys Corp. * ........................................ 3,700 59
Deluxe Corp. * ........................................... 5,040 226
Factset Research Systems, Inc. ........................... 564 $ 25
H & R Block, Inc. * ...................................... 1,577 68
Republic Services, Inc. - Cl. A * ........................ 9,100 206
Waste Management, Inc. * ................................. 4,900 118
------
793
Communications Equipment - 1.1%
Adtran, Inc. * ........................................... 311 16
Advanced Fibre Communications, Inc. * .................... 5,200 84
Motorola, Inc. ........................................... 3,317 31
Qualcomm, Inc. * ......................................... 10,032 359
------
490
Computers & Peripherals - 4.1%
Dell Computer Corp. * .................................... 12,582 402
Hewlett-Packard Co. * .................................... 45,042 959
Intel Corp. .............................................. 2,015 42
International Business Machines Corp. .................... 4,200 347
SanDisk Corp. * .......................................... 1,900 77
------
1,827
Construction Materials - 0.4%
Carlisle Cos., Inc. ...................................... 3,100 131
United States Steel Corp. * .............................. 3,700 60
------
191
Diversified Financials - 10.9%
Bear Stearns Cos., Inc. * ................................ 4,950 358
Capital One Financial Corp. .............................. 1,171 58
Citigroup, Inc. * ........................................ 34,500 1,477
Countrywide Credit Industries, Inc. * .................... 4,721 328
Lehman Brothers Holdings, Inc. ........................... 5,200 346
Moody's Corp. * .......................................... 8,100 427
Morgan Stanley, Dean Witter, Discover &
Co .................................................... 12,224 523
Nationwide Financial Services - Cl. A .................... 13,400 435
Nuveen Investments, Inc. - Cl. A ......................... 3,800 104
Washington Mutual, Inc. * ................................ 7,300 301
Wells Fargo & Co. * ...................................... 9,500 479
------
4,836
Diversified Telecommunication Services - 6.6%
Alltel Corp. * ........................................... 900 43
AT&T Corp. * ............................................. 8,708 168
BellSouth Corp. * ........................................ 16,400 437
Nextel Communications, Inc. - Cl. A * .................... 15,698 284
SBC Communications, Inc. * ............................... 28,400 725
Sprint Corp. * ........................................... 28,600 412
Verizon Communications * ................................. 21,762 858
------
2,927
Electric Utilities - 5.1%
Allegheny Energy, Inc. * ................................. 34,700 293
Edison International * ................................... 30,700 504
Entergy Corp. * .......................................... 10,400 549
71
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUSTI
June 30, 2003
- --------------------------------------------------------------------------------
LARGE CAP VALUE CORE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------- ------ -------
(000's)
COMMON STOCK - Continued
Electric Utilities - Continued
Exelon Corp. * ........................................... 935 $ 56
Firstenergy Corp. * ...................................... 600 23
FPL Group, Inc. .......................................... 5,600 374
PG & E Corp. * ........................................... 23,146 490
------
2,289
Electrical Equipment - 1.1%
American Power Conversion * .............................. 9,100 142
Harris Corp. ............................................. 7,064 212
Tecumseh Products Co. - Cl. A ............................ 1,500 58
United Technologies Corp. * .............................. 1,200 85
------
497
Electronic Equipment & Instruments - 1.1%
Arrow Electronics, Inc. * ................................ 4,100 63
Avnet, Inc. .............................................. 12,000 152
Ingram Micro, Inc. - Cl. A * ............................. 23,221 255
------
470
Energy Equipment & Services - 1.0%
Halliburton Co. * ........................................ 11,100 255
Transocean Sedco Forex, Inc. * ........................... 8,940 197
------
452
Food & Drug Retailing - 0.9%
CVS Corp. ................................................ 2,000 56
Sysco Corp. * ............................................ 10,944 329
------
385
Food Products - 2.7%
Archer Daniels Midland Co. * ............................. 24,600 317
Kraft Foods, Inc. - Cl. A ................................ 15,500 504
Tyson Foods, Inc. - Cl. A ................................ 35,200 374
------
1,195
Health Care Equipment & Supplies - 1.4%
Applera Corporation - Applied Biosystems Group ........... 4,575 87
Celgene Corp. * .......................................... 5,005 152
Zimmer Holdings, Inc. * .................................. 8,929 402
------
641
Health Care Providers & Services - 1.5%
Healthnet, Inc. * ........................................ 4,688 154
McKesson HBOC, Inc. ...................................... 2,700 97
PacifiCare Health Systems, Inc. * ........................ 8,460 417
------
668
Household Products - 2.0%
Clorox Co. * ............................................. 764 33
Procter & Gamble Co. * ................................... 9,600 856
------
889
Insurance - 7.6%
American Financial Group, Inc. ........................... 2,100 48
American International Group, Inc. * ..................... 4,915 $ 271
American National Insurance Co. .......................... 1,100 95
CNA Financial Corp. * .................................... 12,400 305
First American Financial Corp. ........................... 6,000 158
Loews Corp. * ............................................ 10,734 508
MBIA, Inc. * ............................................. 2,244 109
Metlife, Inc. * .......................................... 17,100 484
Principal Financial Group. * ............................. 15,700 506
Prudential Financial, Inc. * ............................. 18,800 633
The MONY Group, Inc. ..................................... 3,700 100
Travelers Property Casualty Corp. Cl. B *................. 9,428 149
------
3,366
Media - 7.2%
AOL Time Warner, Inc. * .................................. 5,900 95
Comcast Corp. - Cl. A .................................... 18,255 551
Cox Radio, Inc. - Cl. A * ................................ 4,500 104
EchoStar Communications Corp. - Cl. A *................... 6,940 240
Fox Entertainment Group, Inc. - Cl. A *................... 16,300 469
Hearst-Argyle Television, Inc. * ......................... 11,700 303
Liberty Media Corp. - Ser. A * ........................... 17,846 206
McGraw-Hill Cos., Inc. ................................... 863 54
Panamsat Corp. * ......................................... 5,700 105
The Walt Disney Co. * .................................... 13,000 257
Viacom, Inc. - Cl. B * ................................... 18,400 803
------
3,187
Multiline Retail - 2.3%
J.C. Penney Co., Inc. * .................................. 27,235 459
Saks, Inc. * ............................................. 21,200 206
Wal-Mart Stores, Inc. * .................................. 6,300 338
------
1,003
Office Electronics - 0.2%
Xerox Corp. * ............................................ 9,600 102
Oil & Gas - 10.2%
Burlington Resources, Inc. * ............................. 4,002 216
ChevronTexaco Corp. * .................................... 4,235 306
Conoco Phillips .......................................... 7,373 404
Exxon Mobil Corp. * ...................................... 69,900 2,510
Marathon Oil Corp. * ..................................... 3,000 79
Occidental Petroleum Corp. * ............................. 16,000 537
Sunoco, Inc. * ........................................... 11,648 440
Valero Energy Corp. ...................................... 1,000 36
------
4,528
Paper & Forest Products - 0.2%
Georgia-Pacific Corp. * .................................. 2,400 45
International Paper Co. * ................................ 1,200 43
------
88
Personal Products - 1.7%
Avon Products, Inc. ...................................... 5,125 319
Colgate-Palmolive Co. .................................... 2,300 133
72
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
LARGE CAP VALUE CORE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Personal Products - Continued
Estee Lauder Cos., Inc. - Cl. A ......................... 4,851 $ 163
Gillette Co. ............................................ 2,278 72
Perrigo Co. * ........................................... 3,300 52
-------
739
Pharmaceuticals - 0.9%
American Pharmaceutical Partners, Inc * ................. 290 10
Forest Laboratories, Inc. * ............................. 738 40
Merck & Co., Inc. * ..................................... 5,385 326
Watson Pharmaceuticals, Inc. * .......................... 639 26
-------
402
Real Estate Investment Trust - 2.3%
Equity Office Properties Trust * ........................ 19,500 527
Mack-Cali Realty LP * ................................... 4,731 172
Prologis Trust .......................................... 7,900 216
Regency Centers Corp. ................................... 2,500 87
Simon Property Group, Inc. .............................. 469 18
-------
1,020
Road & Rail - 0.5%
Union Pacific Corp. * ................................... 4,200 244
Semiconductor Equipment & Products - 0.3%
Advanced Micro Devices, Inc. ............................ 20,772 133
Software - 1.0%
BMC Software, Inc. * .................................... 1,066 17
Citrix Systems, Inc. .................................... 3,575 73
Computer Associates International, Inc. * ............... 6,300 140
Electronic Arts, Inc. * ................................. 530 39
Intuit, Inc. * .......................................... 1,700 76
Oracle Corp. * .......................................... 6,529 79
RSA Security, Inc. ...................................... 4,000 43
-------
467
Specialty Retail - 2.6%
AutoNation, Inc. * ...................................... 26,300 413
Blockbuster, Inc. - Cl. A ............................... 7,500 126
Circuit City Stores, Inc. ............................... 1,568 14
PetsMart, Inc. * ........................................ 2,500 42
Sherwin-Williams Co. * .................................. 8,167 220
Staples, Inc. * ......................................... 19,700 361
-------
1,176
Tobacco - 0.2%
R.J. Reynolds Tobacco Holdings, Inc. .................... 3,013 112
Trading Companies & Distributors - 0.2%
W.W. Grainger, Inc. * ................................... 1,500 70
Wireless Telecommunications Services - 0.8%
AT&T Wireless Group * ................................... 13,304 109
United States Cellular Corp. * .......................... 10,600 270
-------
379
-------
TOTAL COMMON STOCK- 98.7% 43,930
Par Market
Value Value
------- -------
(000's) (000's)
SHORT-TERM INVESTMENTS - 0.7%
Investment in joint repurchase agreement
with Goldman Sachs & Co., 1.246% due 07/01/03 ........ $ 300 $ 300
------- -------
TOTAL INVESTMENTS- 99.4% 44,230
Cash and Receivables, less payables- 0.6% 272
------- -------
NET ASSETS- 100.0% $44,502
======= =======
* Non-income producing security.
See notes to financial statements.
73
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
FUNDAMENTAL VALUE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Aerospace & Defense - 1.1%
General Dynamics Corp. * ................................ 6,700 $ 486
Precision Castparts Corp. ............................... 8,200 255
Raytheon Co. * .......................................... 17,800 584
-------
1,325
Air Freight & Couriers - 0.6%
Fedex Corp. ............................................. 12,100 751
Airlines - 0.5%
Continental Airlines, Inc. - Cl. B * .................... 42,000 629
Auto Components - 1.7%
American Axle & Manufacturing
Holdings, Inc. * ........................................ 4,300 103
Dana Corp. .............................................. 13,200 152
Johnson Controls, Inc. .................................. 5,200 445
Lear Corp. * ............................................ 29,400 1,353
-------
2,053
Banks - 12.1%
Bank of America Corp. * ................................. 32,700 2,584
Bank One Corp. * ........................................ 82,900 3,082
Commerce Bancshares, Inc. ............................... 15,057 587
Golden West Financial Corp. * ........................... 29,500 2,360
Hibernia Corp. - Cl. A .................................. 21,600 392
KeyCorp * ............................................... 54,600 1,380
PNC Bank Corp. * ........................................ 23,500 1,147
UnionBanCal Corp. ....................................... 49,000 2,027
Wachovia Corp. * ........................................ 30,400 1,215
-------
14,774
Beverages - 0.9%
Constellation Brands, Inc. - Cl. A * .................... 34,800 1,093
Building Products - 0.9%
Masco Corp. * ........................................... 47,900 1,142
Chemicals - 2.6%
Dow Chemical Co. * ...................................... 32,000 991
E.I. du Pont de Nemours & Co. * ......................... 29,400 1,224
Rohm & Haas Co. ......................................... 32,800 1,018
-------
3,233
Commercial Services & Supplies - 1.4%
Alliance Data Systems Corp. * ........................... 4,900 115
Cendant Corp. * ......................................... 65,100 1,193
Checkfree Corp. * ....................................... 15,000 417
-------
1,725
Computers & Peripherals - 3.5%
Hewlett-Packard Co. * ................................... 91,657 1,952
International Business Machines Corp. ................... 27,900 2,302
-------
4,254
Construction Materials - 0.2%
Toll Brothers, Inc. * ................................... 8,100 229
Diversified Financials - 13.3%
Bear Stearns Cos., Inc. * ............................... 8,900 $ 645
Capital One Financial Corp. ............................. 13,200 649
Citigroup, Inc. * ....................................... 151,566 6,487
Countrywide Credit Industries, Inc. * ................... 10,200 710
Goldman Sachs Group, Inc. ............................... 9,400 787
Legg Mason, Inc. * ...................................... 16,900 1,098
Lehman Brothers Holdings, Inc. .......................... 20,600 1,369
Merrill Lynch & Co., Inc. * ............................. 64,600 3,016
Wells Fargo & Co. * ..................................... 28,400 1,431
-------
16,192
Diversified Telecommunication Services - 6.4%
AT&T Corp. * ............................................ 52,800 1,016
Citizens Communications Co. * ........................... 47,300 610
Qwest Communications International, Inc. ................ 341,600 1,633
SBC Communications, Inc. * .............................. 36,795 940
Sprint Corp. * .......................................... 37,700 543
Verizon Communications * ................................ 76,400 3,014
-------
7,756
Electric Utilities - 5.3%
Cinergy Corp. * ......................................... 31,800 1,170
Exelon Corp. * .......................................... 38,912 2,327
FPL Group, Inc. ......................................... 17,000 1,137
Pinnacle West Capital Corp. * ........................... 21,600 809
PPL Corp. ............................................... 23,400 1,006
-------
6,449
Electric/Gas - 1.3%
Dominion Resources, Inc. ................................ 24,600 1,581
Electrical Equipment - 0.4%
United Technologies Corp. * ............................. 6,400 453
Electronic Equipment & Instruments - 0.8%
Intersil Holding Corp. * ................................ 21,500 572
Thermo Electron Corp. * ................................. 20,100 423
-------
995
Energy Equipment & Services - 0.5%
Halliburton Co. * ....................................... 25,000 575
Food & Drug Retailing - 0.4%
SuperValu, Inc. * ....................................... 21,800 465
Food Products - 2.4%
General Mills, Inc. * ................................... 29,100 1,380
Kraft Foods, Inc. - Cl. A ............................... 46,800 1,523
-------
2,903
Gas Utilities - 0.5%
Kinder Morgan, Inc. * ................................... 10,500 574
Health Care Equipment & Supplies - 0.6%
Amerisource Bergen Corp. * .............................. 5,700 396
Becton, Dickinson & Co. * ............................... 8,500 330
-------
726
74
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
FUNDAMENTAL VALUE FUND
Market
Name of Issuer Shares Value
- ---------------------------------------------------------- ------- --------
(000's)
COMMON STOCK - Continued
Health Care Providers & Services - 1.0%
McKesson HBOC, Inc. ................................... 35,900 $ 1,283
Household Products - 0.9%
Procter & Gamble Co. * ................................ 12,800 1,141
Insurance - 5.7%
American International Group, Inc. * .................. 15,850 875
Marsh & McLennan Cos., Inc. * ......................... 24,500 1,251
MBIA, Inc. * .......................................... 50,550 2,464
St. Paul Cos., Inc. ................................... 39,900 1,457
XL Capital, Ltd. - Cl. A * ............................ 11,300 938
--------
6,985
Internet Software & Services - 0.2%
VeriSign, Inc. * ...................................... 18,900 261
Leisure Equipment & Products - 0.4%
Eastman Kodak Co. * ................................... 16,600 454
Machinery - 1.0%
Caterpillar, Inc. * ................................... 5,000 278
ITT Industries, Inc. * ................................ 14,100 923
--------
1,201
Media - 6.6%
AOL Time Warner, Inc. * ............................... 94,800 1,525
Comcast Corp. - Cl. A ................................. 48,200 1,399
E.W. Scripps Co. - Cl. A .............................. 200 18
Gannett Co., Inc. * ................................... 12,900 991
Interactive Corp. ..................................... 33,500 1,325
Lamar Advertising Co. * ............................... 17,400 613
Liberty Media Corp. - Ser. A * ........................ 187,000 2,162
--------
8,033
Metals & Mining - 0.8%
Alcoa, Inc. * ......................................... 40,000 1,020
Multiline Retail - 1.7%
Costco Wholesale Corp. * .............................. 27,600 1,010
Federated Department Stores, Inc. * ................... 10,300 380
Target Corp. * ........................................ 18,400 696
--------
2,086
Office Electronics - 0.6%
Xerox Corp. * ......................................... 73,100 774
Oil & Gas - 9.5%
ChevronTexaco Corp. * ................................. 11,400 823
Conoco Phillips ....................................... 20,485 1,122
Exxon Mobil Corp. * ................................... 147,200 5,286
Royal Dutch Petroleum Co. * ........................... 49,200 2,294
Total Fina SA - ADR ................................... 27,700 2,100
--------
11,625
Paper & Forest Products - 1.6%
Bowater, Inc. ......................................... 32,800 1,228
Paper & Forest Products - Continued
Weyerhaeuser Co. ...................................... 12,600 $ 681
--------
1,909
Personal Products - 0.4%
Alberto-Culver Co. - Cl. B * .......................... 9,000 460
Pharmaceuticals - 3.3%
Abbott Laboratories * ................................. 19,400 849
Eli Lilly & Co. * ..................................... 27,200 1,876
Schering-Plough Corp. * ............................... 68,600 1,276
--------
4,001
Real Estate Investment Trust - 2.9%
D.R. Horton, Inc. * ................................... 8,200 230
General Growth Properties ............................. 20,000 1,249
Kimco Realty Corp. .................................... 31,350 1,188
Public Storage, Inc. .................................. 22,400 759
--------
3,426
Road & Rail - 0.6%
Canadian National Railway Co. ......................... 14,300 690
Tobacco - 2.1%
Altria Group, Inc. .................................... 55,700 2,531
U.S. Government Agencies - 1.1%
Federal Home Loan Mortgage Corp. ...................... 26,800 1,361
--------
TOTAL COMMON STOCK- 97.8% 119,118
Par
Value
-------
(000's)
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 3.9%
State Street Navigator Securities Lending
Portfolio. ......................................... $ 4,850 4,850
SHORT-TERM INVESTMENTS
Investment in joint trading account
(Note B) - 1.2%
1.181% due 07/01/03 ................................... 1,416 1,416
U.S. Treasury - Bills - 0.1%
1.03% due 09/04/03 .................................... 70 70
1.123% due 07/10/03 ................................... 70 70
--------
TOTAL SHORT-TERM
INVESTMENTS- 1.3% 1,556
------- --------
TOTAL INVESTMENTS- 103.0% 125,524
Payables, less cash and receivables- (3.0)% (3,671)
------- --------
NET ASSETS- 100.0% $121,853
======= ========
* Non-income producing security.
ADR-American Depository Receipt.
See notes to financial statements.
75
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MONEY MARKET FUND
Par Market
Name of Issuer Value Value
- ----------------------------------------------------------- ------- --------
(000's) (000's)
PUBLICLY-TRADED BONDS
Banks- 1.2%
United Bank National Association - Notes
1.45% due 03/05/03 ..................................... $10,000 $ 10,000
Beverages- 1.4%
Grand Metropolitan Corp. - Bonds
1.392% due 01/06/04 .................................... 11,750 11,669
Diversified Financials- 2.2%
BP Capital Markets plc - Notes
1.295% due 03/08/04 .................................... 11,000 11,000
General Electric Capital Corp. - Disc. Notes
1.17% due 03/10/17 ..................................... 7,000 7,000
--------
18,000
Finance- 2.8%
Holmes Finance - Notes
1.18% due 10/15/03 ..................................... 4,000 4,000
Jersey Puerto Morgan Chase & Co. - Notes
1.39% due 12/29/03 ..................................... 10,000 10,007
Permanent Financing - Notes
1.234% due 03/10/04 .................................... 9,500 9,500
--------
23,507
Insurance- 0.4%
Monumental Life Insurance - Notes
1.4% due 07/28/03 ...................................... 3,000 3,000
U.S. Government Agencies- 27.0%
Federal Home Loan Bank - Disc. Notes
1.24% due 10/22/03 ..................................... 9,000 8,965
1.8% due 10/20/03 ...................................... 10,000 9,944
1.875% due 01/09/04 .................................... 8,000 8,000
3.75% due 02/13/04 ..................................... 10,000 10,145
4.875% due 04/16/04 .................................... 1,600 1,645
5.125% due 09/15/03 .................................... 12,500 12,597
5.715% due 05/12/04 .................................... 9,200 9,545
6.375% due 11/14/03 .................................... 11,000 11,206
Federal Home Loan Mortgage Corp. - Disc.
Notes
0.89% due 10/31/03 ..................................... 10,000 9,970
1.0% due 03/15/04 ...................................... 6,250 6,205
1.1% due 11/07/03 ...................................... 7,000 6,972
1.26% due 02/26/04 ..................................... 25,000 24,795
3.75% due 04/15/04 ..................................... 10,000 10,197
Federal National Mortgage Assoc. - Disc.
Notes
0.9% due 08/20/03 ...................................... 11,525 11,511
1.1% due 04/02/04 ...................................... 10,000 9,916
1.17% due 03/05/04 ..................................... 4,731 4,693
1.235% due 02/06/04 .................................... 17,820 17,688
1.385% due 12/12/03 .................................... 15,000 14,905
1.545% due 11/14/03 .................................... 10,000 9,942
1.55% due 09/19/03 ..................................... 4,000 3,986
4.75% due 11/14/03 ..................................... 10,000 10,135
5.625% due 05/14/04 .................................... $ 9,500 $ 9,864
--------
222,826
U.S. Governmental- 2.0% U.S. Treasury - Bills
1.16% due 08/07/03 ..................................... 5,000 4,994
3.25% due 12/31/03 ..................................... 11,000 11,105
--------
16,099
Whole Loan CMOs- 1.2%
Holmes Financing plc - Notes
1.14% due 04/15/04 ..................................... 10,000 10,000
--------
TOTAL PUBLICLY-TRADED BONDS- 38.2% 315,101
COMMERCIAL PAPER
Banks - 11.6%
American Express Centurion Bank
1.01% due 07/18/03 ..................................... 24,000 24,000
Danske Bank
1.57% due 11/06/03 ..................................... 9,000 9,000
Lloyd's Bank plc
1.255% due 08/20/03 .................................... 25,000 25,000
Svenska Handelsbanken
1.19% due 10/06/03 ..................................... 18,000 18,003
WestDeutsche Landesbank
1.76% due 09/23/03 ..................................... 20,000 20,000
--------
96,003
Beverages - 3.4%
Anheuser Busch, Inc.
1.17% due 07/01/03 ..................................... 27,771 27,771
Commercial Services & Supplies - 0.6%
Archer Daniels Midland Co.
1.25% due 07/01/03 ..................................... 5,000 5,000
Diversified Financials - 13.5%
Allstate Financial Global
1.406% due 12/20/03 .................................... 20,000 20,000
General Electric Capital Corp.
1.03% due 08/13/03 ..................................... 10,000 9,988
Merrill Lynch & Co.
1.1% due 07/10/03 ...................................... 20,000 19,995
Montana Blanc Capital Corp.
1.07% due 07/28/03 ..................................... 18,000 17,986
Societe General New York
1.03% due 08/29/03 ..................................... 25,000 24,999
Toronto Dominion
1.21% due 09/08/03 ..................................... 18,000 18,000
--------
110,968
76
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MONEY MARKET FUND
Par Market
Name of Issuer Value Value
- ----------------------------------------------------------- ------- --------
(000's) (000's)
COMMERCIAL PAPER - Continued
Finance - 23.5%
Apreco, Inc.
1.04% due 07/28/03 ..................................... $18,000 $ 17,986
Ciesco LP
1.23% due 07/09/03 ..................................... 18,000 17,995
Clipper Receivables Corp. - Disc. Notes
1.24% due 07/07/03 ..................................... 18,000 17,996
Corporate Asset Fund
0.96% due 08/04/03 ..................................... 15,000 14,986
Edison Asset
0.94% due 08/07/03 ..................................... 20,000 19,981
Eureka Securitization
1.15% due 07/11/03 ..................................... 20,000 19,994
Galaxy Funding, Inc.
0.95% due 08/21/03 ..................................... 15,000 14,980
Old Line Funding Corp.
1.22% due 08/01/03 ..................................... 10,000 9,990
Preferred Receivables Funding
1.2% due 07/09/03 ...................................... 10,000 9,997
UBS Finance, Inc.
0.885% due 09/22/03 .................................... 20,200 20,159
West Deutsche Lands
1.35% due 01/27/04 ..................................... 10,000 10,000
Windmill Funding Corp.
1.2% due 07/11/03 ...................................... 20,000 19,993
--------
194,057
Health Care Equipment & Supplies - 2.4%
Merck & Co.
0.92% due 07/09/03 ..................................... 20,000 19,996
Insurance - 4.8%
Metlife, Inc.
1.39% due 05/03/04 ..................................... 20,000 19,999
Travelers Insurance, Co.
1.35% due 08/30/03 ..................................... 20,000 20,000
--------
39,999
Pharmaceuticals - 1.8%
Pfizer, Inc.
1.2% due 07/10/03 ...................................... 15,000 14,996
--------
TOTAL COMMERCIAL PAPER- 61.6% 508,790
------- --------
TOTAL INVESTMENTS- 99.8% 823,891
Cash and Receivables, less payables- 0.2% 1,297
------- --------
NET ASSETS- 100.0% $825,188
======= ========
See notes to financial statements.
77
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL/MID CAP GROWTH FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Air Freight & Couriers - 2.1%
EGL, Inc. * ............................................. 235,600 $ 3,581
Airlines - 1.4%
JetBlue Airways Corp. * ................................. 57,000 2,411
Banks - 3.0%
Banknorth Group, Inc. * ................................. 57,400 1,465
City National Corp. ..................................... 82,200 3,663
-------
5,128
Beverages - 2.4%
Constellation Brands, Inc. - Cl. A * .................... 130,300 4,091
Biotechnology - 3.5%
Abgenix, Inc. * ......................................... 65,500 687
Cambrex Corp. * ......................................... 31,200 718
Cephalon, Inc. * ........................................ 8,000 329
CV Therapeutics, Inc. * ................................. 30,000 890
Gene Logic, Inc. * ...................................... 71,000 424
Human Genome Sciences, Inc. * ........................... 65,000 827
Incyte Pharmacuticals, Inc. ............................. 112,000 520
Regeneron Pharmaceuticals * ............................. 30,000 473
Ribapharm, Inc. * ....................................... 72,000 464
Vertex Pharmaceuticals, Inc. * .......................... 53,230 777
-------
6,109
Commercial Services & Supplies - 6.8%
Catalina Marketing Corp. * .............................. 122,700 2,165
Checkfree Corp. * ....................................... 65,600 1,826
Cooper Cos, Inc. ........................................ 64,500 2,243
ITT Educational Services, Inc. * ........................ 122,800 3,592
The Bisys Group, Inc. * ................................. 110,500 2,030
-------
11,856
Communications Equipment - 4.7%
3Com Corp. .............................................. 110,000 515
Ciena Corp. * ........................................... 101,000 524
Comverse Technology, Inc. * ............................. 168,000 2,525
Emulex Corp. * .......................................... 23,500 535
Extreme Networks, Inc. * ................................ 54,000 286
Foundry Networks, Inc. * ................................ 50,000 720
Tekelec, Inc. * ......................................... 267,000 3,017
-------
8,122
Construction & Engineering - 2.2%
Beazer Homes USA, Inc. * ................................ 45,400 3,791
Containers & Packaging - 2.5%
Pactiv Corp. * .......................................... 221,700 4,370
Diversified Financials - 3.7%
Countrywide Credit Industries, Inc. * ................... 22,600 1,572
E*TRADE Group, Inc. * ................................... 248,100 2,109
Legg Mason, Inc. * ...................................... 43,300 2,812
-------
6,493
Diversified Telecommunication Services - 0.6%
Nextel Communications, Inc. - Cl. A* .................... 60,000 $ 1,085
Electric Utilities - 1.1%
Black Hills Corp. ....................................... 60,500 1,857
Electrical Equipment - 1.3%
Benchmark Electronics, Inc. * ........................... 72,700 2,236
Electronic Equipment & Instruments - 4.1%
Asyst Technologies, Inc. * .............................. 115,000 769
Cypress Semiconductor Corp. * ........................... 35,000 420
Sanmina Corp. * ......................................... 437,000 2,758
Waters Corp. * .......................................... 109,400 3,187
-------
7,134
Food Products - 1.1%
Hain Celestial Group, Inc. * ............................ 118,200 1,890
Health Care Equipment & Supplies - 8.6%
Advanced Medium Optics, Inc. * .......................... 75,400 1,286
Celgene Corp. * ......................................... 23,000 699
Diagnostic Products Corp. ............................... 56,000 2,299
Edwards Lifesciences Corp. * ............................ 150,100 4,824
Haemonetics Corp. * ..................................... 110,500 2,066
Henry Schein, Inc. * .................................... 39,900 2,088
Respironics, Inc. * ..................................... 44,900 1,685
-------
14,947
Health Care Providers & Services - 13.3%
Albany Molecular Research, Inc. * ....................... 310,570 4,690
Amerigroup Corp. * ...................................... 47,800 1,778
Caremark Rx, Inc. * ..................................... 73,800 1,895
Healthnet, Inc. * ....................................... 46,500 1,532
Laboratory Corporation of America
Holdings * ........................................... 29,700 896
LifePoint Hospitals, Inc. * ............................. 74,000 1,550
Oxford Health Plans, Inc. * ............................. 63,200 2,656
Pharmaceutical Product
Development, Inc. * .................................. 111,700 3,209
Triad Hospitals, Inc. * ................................. 193,000 4,790
-------
22,996
Hotels Restaurants & Leisure - 0.7%
Darden Restaurants, Inc. * .............................. 64,150 1,218
Household Durables - 1.1%
FreeMarkets, Inc. * ..................................... 100,000 696
Garmin, Ltd. ............................................ 3,900 155
Mohawk Industries, Inc. * ............................... 18,900 1,050
-------
1,901
Insurance - 3.4%
Arthur J. Gallagher & Co. ............................... 122,300 3,326
Providian Financial Corp. * ............................. 281,400 2,606
-------
5,932
78
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL/MID CAP GROWTH FUND
Market
Name of Issuer Shares Value
- --------------------------------------------------------- -------- --------
(000's)
COMMON STOCK - Continued
Internet Software & Services - 0.8%
F5 Networks, Inc. * .................................. 36,000 $ 606
VeriSign, Inc. * ..................................... 60,000 830
--------
1,436
IT Consulting & Services - 0.3%
Trizetto Group, Inc. ................................. 78,000 471
Leisure Equipment & Products - 1.2%
Polaris Industries Inc. .............................. 33,300 2,045
Media - 0.3%
Cox Radio, Inc. - Cl. A * ............................ 25,000 578
Multiline Retail - 2.4%
American Eagle Outfitters, Inc. * .................... 111,500 2,045
Pacific Sunwear of California, Inc. * ................ 89,100 2,146
--------
4,191
Oil & Gas - 3.3%
Chesapeake Energy Corp. .............................. 377,100 3,809
Swift Energy Co. * ................................... 177,900 1,957
--------
5,766
Pharmaceuticals - 2.8%
King Pharmaceuticals, Inc. * ......................... 132,200 1,951
OSI Pharmaceuticals, Inc. * .......................... 20,000 644
Watson Pharmaceuticals, Inc. * ....................... 57,500 2,322
--------
4,917
Semiconductor Equipment & Products - 7.8%
Cabot Microelectronics Corp. ......................... 81,100 4,093
Exar Corp. * ......................................... 45,000 712
Fairchild Semiconductor Corp. -
Cl. A * ........................................... 218,100 2,790
Integrated Circuit Systems, Inc. * ................... 75,500 2,373
Lam Research Corp. * ................................ 29,500 537
Lattice Semiconductor Corp. * ........................ 183,800 1,513
Skyworks Solutions, Inc. ............................. 71,000 481
Teradyne, Inc. * ..................................... 16,000 277
Varian Semiconductor Equipment
Assoc., Inc. ...................................... 28,000 833
--------
13,609
Software - 4.1%
Agile Software Corp. ................................. 43,700 422
Cadence Design Systems, Inc. * ....................... 143,100 1,726
Manhattan Assoc., Inc. * ............................. 71,400 1,854
Mercury Interactive Corp. * .......................... 13,500 521
Siebel Systems, Inc. * ............................... 135,800 1,295
Verity, Inc. * ....................................... 105,500 1,336
--------
7,154
Specialty Retail - 7.6%
Chicos Fas, Inc. * ................................... 130,000 2,737
Guitar Center, Inc. .................................. 65,600 1,902
Linens 'n Things, Inc. ............................... 22,000 519
Michaels Stores, Inc. * .............................. 104,200 $ 3,966
O'Reilly Automotive, Inc. * .......................... 120,600 4,027
--------
13,151
Textiles & Apparel - 0.8%
Liz Claiborne, Inc. * ................................ 40,600 1,431
--------
TOTAL COMMON STOCK- 99.0% 171,897
Par
Value
--------
(000's)
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 20.9%
State Street Navigator Securities
Lending Portfolio ................................. $ 36,245 36,245
SHORT-TERM INVESTMENTS - 2.5%
Investment in joint trading account
(Note B)
1.181% due 07/01/03 ............................... 4,469 4,469
-------- --------
TOTAL INVESTMENTS- 122.4% 212,611
Payables, less cash and receivables- (22.4)% (38,942)
-------- --------
NET ASSETS- 100.0% $173,669
======== ========
* Non-income producing security.
See notes to financial statements.
79
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
BOND INDEX FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS
Aerospace & Defense - 1.0%
Boeing Cap. Corp. - Sr. Notes
7.1% due 09/27/05 ....................................... $ 500 $ 551
Boeing Co.
8.75% due 09/15/31 ...................................... 230 317
Lockheed Martin Corp.
8.2% due 12/01/09 ....................................... 200 253
Lockheed Martin Corp. - Bonds
8.5% due 12/01/29 ....................................... 245 333
Northrop-Grumman Corp. - Debs.
7.75% due 03/01/16 ...................................... 75 96
Raytheon Co. - Notes
6.75% due 08/15/07 ...................................... 200 226
United Technologies Corp. - Debs.
8.875% due 11/15/19 ..................................... 50 69
United Technologies Corp. - Notes
6.1% due 05/15/12 ....................................... 180 208
United Technology Corp.
6.625% due 11/15/04 ..................................... 200 213
------
2,266
Airlines - 0.0%
Union Pacific Corp. - Debs
6.625% due 02/01/29 ..................................... 85 96
Auto Components - 0.1%
Visteon Corp. ...........................................
7.95% due 08/01/05 ...................................... 250 265
Auto Loan - 1.8%
Aristar, Inc. - Sr. Notes
6.5% due 11/15/03 ....................................... 200 204
Ford Motor Credit Co.
6.125% due 01/09/06 ..................................... 800 831
Ford Motor Credit Co. - Bonds
7.375% due 02/01/11 ..................................... 250 258
General Motors Acceptance Corp. - Notes
6.125% due 09/15/06 ..................................... 400 421
7.75% due 01/19/10 ...................................... 400 431
8.0% due 11/01/31 ....................................... 430 422
GMAC Commercial Mortgaged Securities,
Inc. - CTF - Ser. 1998-C1 Cl. A2
6.7% due 05/15/30 ....................................... 900 1,023
Household Finance Corp. - Notes
8.0% due 07/15/10 ....................................... 350 434
Household Finance Corp. - Sr. Unsub. Notes
5.875% due 02/01/09 ..................................... 280 312
Toyota Motor Credit Corp. - Notes
5.5% due 12/15/08 ....................................... 60 68
------
4,404
Automobiles - 0.9%
Daimler Chrysler Auto Trust - Notes
6.7% due 03/08/06 ....................................... 400 418
DaimlerChrysler NA Holding Co.
7.2% due 09/01/09 ....................................... 650 739
Delphi Automotive Systems Corp. - Debs.
7.125% due 05/01/29 ..................................... $ 50 $ 50
Delphi Automotive Systems Corp. - Notes
6.5% due 05/01/09 ....................................... 200 215
Ford Motor Co. - Bonds
6.625% due 02/15/28 ..................................... 350 292
General Motors Corp. - Sr. Notes
7.2% due 01/15/11 ....................................... 500 504
------
2,218
Banks - 4.1%
African Development Bank - Sub. Notes
6.875% due 10/15/15 ..................................... 35 43
Asian Development Bank - Bonds
5.5% due 04/23/04 ....................................... 270 280
Bank of America Corp. - Sub. Notes
7.8% due 02/15/10 ....................................... 350 432
Bank One Corp.
7.875% due 08/01/10 ..................................... 300 374
Bank One Corp. - Notes
6.875% due 08/01/06 ..................................... 1,000 1,139
Bank One Corp. - Sr. Notes
5.625% due 02/17/04 ..................................... 150 154
BankAmerica Corp. - Sub. Notes
6.5% due 03/15/06 ....................................... 150 167
Chase Manhattan Corp. - Sub. Notes
7.125% due 02/01/07 ..................................... 225 259
Credit Suisse First Boston
6.5% due 01/15/12 ....................................... 400 459
Credit Suisse First Boston, Inc. - Notes
5.875% due 08/01/06 ..................................... 500 553
Fleet Boston Corp. - Sub. Notes
7.375% due 12/01/09 ..................................... 100 120
Fleet Financial Group, Inc. - Sub. Debs.
6.7% due 07/15/28 ....................................... 75 85
HSBC Holdings plc
7.5% due 07/15/09 ....................................... 150 183
InterAmerican Development Bank - Debs.
8.5% due 03/15/11 ....................................... 200 269
Intermediate American Development Bank -
Bonds
6.125% due 03/08/06 ..................................... 1,300 1,452
International Bank of Reconstruction &
Development - Notes
5.0% due 03/28/06 ....................................... 750 817
JP Morgan Chase & Co. - Notes
5.25% due 05/30/07 ...................................... 1,000 1,097
Korea Development Bank - Bonds
7.375% due 09/17/04 ..................................... 120 127
National City Bank of Pennsylvania - Sub.
Notes
7.25% due 10/21/11 ...................................... 50 60
NationsBank Corp. - Sub. Notes
7.75% due 08/15/15 ...................................... 400 511
80
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
BOND INDEX FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Banks - Continued
Royal Bank of Scotland plc - Sub. Notes
6.4% due 04/01/09 ....................................... $ 150 $ 173
United Bank National Association of
Minneapolis
6.375% due 08/01/11 ..................................... 325 379
Wachovia Corp. - Notes
4.95% due 11/01/06 ...................................... 500 545
Wachovia Corp. - Sub. Notes
5.625% due 12/15/08 ..................................... 75 85
------
9,763
Beverages - 0.5%
Anheuser Busch Cos., Inc.
9.0% due 12/01/09 ....................................... 470 627
Coca-Cola Enterprises, Inc. - Debs.
8.5% due 02/01/22 ....................................... 100 136
Fortune Brands, Inc. - Debs.
7.875% due 01/15/23 ..................................... 100 122
Kellogg Co. - Debs. - Ser. B
7.45% due 04/01/31 ...................................... 100 127
Pepsi Bottling Group, Inc. - Sr. Notes - Ser. B
7.0% due 03/01/29 ....................................... 100 122
SuperValu, Inc. - Notes
7.625% due 09/15/04 ..................................... 150 158
------
1,292
Chemicals - 0.2%
E.I. Du Pont De Nemours
6.5% due 01/15/28 ....................................... 150 176
Eastman Chemical - Debs.
7.6% due 02/01/27 ....................................... 50 59
Morton International, Inc. - Debs.
9.25% due 06/01/20 ...................................... 40 56
Rohm & Haas Co. - Notes
7.4% due 07/15/09 ....................................... 80 98
------
389
Commercial Services & Supplies - 0.3%
Electronic Data Systems Corp.
7.125% due 10/15/09 ..................................... 100 107
First Data Corp. - Sr. Notes
5.625% due 11/01/11 ..................................... 400 443
Honeywell International, Inc. - Notes
7.5% due 03/01/10 ....................................... 75 92
John Deere Capital Corp. - Notes
6.0% due 02/15/09 ....................................... 60 67
------
709
Communications Equipment - 0.3%
Deutsche Telekom International Finance
8.75% due 06/15/30 ...................................... 300 382
GTE Corp. - Debs.
6.94% due 04/15/28 ...................................... 100 114
Motorola, Inc. - Notes
6.75% due 02/01/06 ...................................... $ 300 $ 327
------
823
Computers & Peripherals - 0.4%
Hewlett - Packard Co. - Notes
7.15% due 06/15/05 ...................................... 200 221
International Business Machines Corp. -
Debs.
7.0% due 10/30/25 ....................................... 100 121
International Business Machines Corp. -
Notes
4.25% due 09/15/09 ...................................... 600 634
------
976
Credit Card - 0.9%
CitiFinancial Credit Co. - Notes
5.9% due 09/01/03 ....................................... 150 151
MBNA Credit Card Master Note Trust - Ser.
2002-1 Notes Cl. A
4.95% due 06/15/09 ...................................... 1,000 1,091
MBNA Master Credit Card Trust II - Notes
6.5% due 04/15/10 ....................................... 400 462
Standard Credit Card Master Trust
8.25% due 01/07/07 ...................................... 400 441
------
2,145
Diversified Financials - 5.9%
Bear Stearns Co., Inc.
7.625% due 02/01/05 ..................................... 250 274
Chase Commercial Mortgage Securities Corp.
- Ser. 200-2 CTF Cl. A2
7.631% due 07/15/32 ..................................... 300 368
Citicorp Capital II
8.015% due 02/15/27 ..................................... 100 118
Citigroup, Inc.
7.25% due 10/01/10 ...................................... 400 485
Citigroup, Inc. - Notes
6.625% due 01/15/28 ..................................... 100 116
Citigroup, Inc. - Sub. Notes
5.875% due 02/22/33 ..................................... 190 200
Devon Financing Corp. United L C - Notes
6.875% due 09/30/11 ..................................... 400 469
General Electric Capital Corp.
6.0% due 06/15/12 ....................................... 550 621
6.125% due 02/22/11 ..................................... 1,150 1,311
Goldman Sachs Group, Inc. - Notes
7.35% due 10/01/09 ...................................... 500 608
Hartford Financial Services Group, Inc. - Sr.
Notes
7.75% due 06/15/05 ...................................... 150 166
KFW International Finance, Inc. - Notes
2.5% due 10/17/05 ....................................... 2,000 2,039
81
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
BOND INDEX FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Diversified Financials - Continued
KFW International Finance, Inc. - Sr. Notes
5.25% due 06/28/06 ...................................... $ 300 $ 330
Lehman Brothers Holdings, Inc. - Notes
6.25% due 05/15/06 ...................................... 500 559
Lehman Brothers, Inc. - Sr. Sub. Notes
7.5% due 08/01/26 ....................................... 150 183
Merrill Lynch & Co., Inc. - Notes
8.0% due 06/01/07 ....................................... 200 233
Morgan Stanley Capital, Inc. - CTF 1998-
WF1 Cl. A1
6.25% due 03/15/30 ...................................... 582 621
Morgan Stanley Capital, Inc. - Pass Thru
Certs. - Ser. 1999-RM1
6.37% due 12/15/31 ...................................... 902 988
Morgan Stanley Group, Inc.
6.1% due 04/15/06 ....................................... 1,065 1,173
6.75% due 04/15/11 ...................................... 250 292
Newcourt Credit Group, Inc. - Ser. B
6.875% due 02/16/05 ..................................... 100 107
Salomon Brothers Mortgage Securities Inc. -
Pass Thru Certs - Ser. 2000-C1 Cl. A2
7.52% due 12/18/09 ...................................... 300 364
Sumitomo Bank International Finance NV -
Notes
8.5% due 06/15/09 ....................................... 100 123
Washington Mutual Capital I
8.375% due 06/01/27 ..................................... 60 71
Washington Mutual Finance Corp. - Sr. Notes
6.25% due 05/15/06 ...................................... 300 332
Wells Fargo & Co. - Notes
6.625% due 07/15/04 ..................................... 175 184
Wells Fargo & Co. - Sub. Notes
6.875% due 04/01/06 ..................................... 1,100 1,245
Wells Fargo Financial, Inc. - Sr. Notes
4.875% due 06/12/07 ..................................... 350 380
-------
13,960
Diversified Telecommunication Services - 1.7%
AT&T Corp. - Notes
6.5% due 03/15/13 ....................................... 340 359
Bell Canada
7.75% due 04/01/06 ...................................... 125 141
Bellsouth Corp. - Notes
6.875% due 10/15/31 ..................................... 350 412
BellSouth Telecommunications, Inc. - Debs.
7.0% due 10/01/25 ....................................... 100 119
British Telecommunications PLC - Notes
8.375% due 12/15/10 ..................................... 200 253
Cox Communications, Inc. - Debs.
6.8% due 08/01/28 ....................................... 250 280
France Telecom SA - Notes
6.85% due 10/15/04 ...................................... 350 399
10.0% due 03/01/31 ...................................... 220 304
Sprint Capital Corp.
6.875% due 11/15/28 ..................................... $ 150 $ 151
7.625% due 01/30/11 ..................................... 300 342
Telefonica Europe BV - Notes
8.25% due 09/15/30 ...................................... 100 131
Verizon Global Funding Corp. - Notes
7.25% due 12/01/10 ...................................... 230 276
Vodafone Group Plc
7.75% due 02/15/10 ...................................... 770 948
-------
4,115
Electric Utilities - 0.5%
CalEnergy Co., Inc. - Bonds
8.48% due 09/15/28 ...................................... 60 79
Cincinnati Gas & Electric Co. - Debs
5.7% due 09/15/12 ....................................... 300 330
FirstEnergy Corp. - Notes - Ser. C
7.375% due 11/15/31 ..................................... 70 78
Progress Energy, Inc. - Sr. Notes
7.1% due 03/01/11 ....................................... 500 582
-------
1,069
Electric/Gas - 0.5%
Constellation Energy Group, Inc. - Notes
7.0% due 04/01/12 ....................................... 240 279
Dominion Resources, Inc.
8.125% due 06/15/10 ..................................... 200 248
Niagara Mohawk Power Corp.
7.75% due 10/01/08 ...................................... 200 239
Ontario Hydro
6.1% due 01/30/08 ....................................... 100 115
Tennessee Valley Authority
6.75% due 11/01/25 ...................................... 100 124
Virginia Electric Power Co. - 1st Mtge.
7.625% due 07/01/07 ..................................... 150 177
-------
1,182
Finance - 0.4%
Ameritech Capital Funding Corp.
6.875% due 10/15/27 ..................................... 60 70
Anardarko Finance Co. - Sr. Notes
6.75% due 05/01/11 ...................................... 200 234
Countrywide Funding Corp.
5.5% due 02/01/07 ....................................... 200 219
Financing Corp.
8.6% due 09/26/19 ....................................... 150 218
Massachusetts Special Purpose Trust - Ser.
BEC-1 Cl. A5
7.03% due 03/15/12 ...................................... 150 181
-------
922
Food & Drug Retailing - 0.6%
Albertson's, Inc. - Notes
6.625% due 06/01/28 ..................................... 50 52
82
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
BOND INDEX FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Food & Drug Retailing - Continued
Albertson's, Inc. - Sr. Notes
7.5% due 02/15/11 ....................................... $345 $ 403
Safeway, Inc.
7.25% due 09/15/04 ...................................... 150 159
Safeway, Inc. - Notes
5.8% due 08/15/12 ....................................... 150 161
The Kroger Co.
8.05% due 02/01/10 ...................................... 500 602
------
1,377
Food Products - 0.5%
Conagra, Inc. - Notes
7.875% due 09/15/10 ..................................... 250 315
Conagra, Inc. - Debs.
9.75% due 03/01/21 ...................................... 75 106
General Mills, Inc. - Notes
6.0% due 02/15/12 ....................................... 250 282
Kraft Foods, Inc. - Notes
4.625% due 11/01/06 ..................................... 300 319
Sara Lee Corp. - Notes
6.25% due 09/15/11 ...................................... 100 116
------
1,138
Foreign Governmental - 2.2%
Government of Canada
5.25% due 11/05/08 ...................................... 125 141
Government of New Zealand - Debs.
8.75% due 12/15/06 ...................................... 120 144
Hydro-Quebec
8.4% due 01/15/22 ....................................... 100 140
Kingdom of Sweden - Debs.
12.0% due 02/01/10 ...................................... 75 108
Malaysia - Bonds
8.75% due 06/01/09 ...................................... 50 64
Manitoba Province Canada - Ser. BU
9.625% due 12/01/18 ..................................... 300 477
Province of Newfoundland - Debs.
9.0% due 10/15/21 ....................................... 60 89
Province of Ontario - Bonds
6.0% due 02/21/06 ....................................... 300 332
Province of Quebec - Debs.
7.5% due 07/15/23 ....................................... 100 131
Republic of Greece - Notes
6.95% due 03/04/08 ...................................... 405 478
Republic of Italy - Debs.
6.875% due 04/15/03 ..................................... 460 581
Republic of Korea - Unsub.
8.875% due 04/15/08 ..................................... 600 748
Spain Kingdom
7.0% due 07/19/05 ....................................... 250 275
United Mexican States - Notes
9.875% due 02/01/10 ..................................... 970 1,244
United Mexican States - Notes Ser. A
8.3% due 08/15/31 ....................................... $200 $ 230
------
5,182
Gas Utilities - 0.6%
Keyspan Corp.
7.25% due 11/15/05 ...................................... 100 112
National Rural Utilities Cooperative Finance -
Notes
5.75% due 08/28/09 ...................................... 700 775
Sempra Energy - Notes
6.0% due 02/01/13 ....................................... 400 441
Sempra Energy - Sr. Notes
6.8% due 07/01/04 ....................................... 100 105
------
1,433
Health Care Equipment & Supplies - 0.3%
Abbott Laboratories - Notes
5.625% due 07/01/06 ..................................... 250 277
Bristol Myers Squibb Co. - Notes
5.75% due 10/01/11 ...................................... 300 334
Eli Lilly & Co. - Notes
7.125% due 06/01/25 ..................................... 80 101
------
712
Home Equity Loan - 0.1%
Countrywide Home Loan Corp.
6.25% due 04/15/09 ...................................... 250 287
Hotels Restaurants & Leisure - 0.0%
McDonald's Corp. - Sub. Debs.
7.31% due 09/15/27 ...................................... 60 65
Insurance - 0.4%
Aetna Inc.
7.625% due 08/15/26 ..................................... 100 122
Allstate Corp.
7.2% due 12/01/09 ....................................... 450 545
Hartford Life, Inc. - Debs.
7.65% due 06/15/27 ...................................... 50 60
Torchmark, Inc. - Debs.
8.25% due 08/15/09 ...................................... 100 121
Travelers Property Casualty Corp. - Sr. Notes
7.75% due 12/19/29 ...................................... 50 62
------
910
Machinery - 0.0%
Caterpillar, Inc. - Debs.
8.0% due 02/15/23 ....................................... 50 65
Media - 1.5%
AOL Time Warner, Inc.
7.625% due 04/15/31 ..................................... 75 86
Clear Channel Communications, Inc.
7.65% due 09/15/10 ...................................... 400 481
83
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
BOND INDEX FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Media - Continued
Comcast Cable Communications - Notes
8.875% due 05/01/17 ..................................... $ 75 $ 100
News America Holdings, Inc. - Debs.
7.7% due 10/30/25 ....................................... 100 118
News America Holdings, Inc. - Sr. Debs.
7.75% due 01/20/24 ...................................... 180 209
TCI Communications, Inc. - Sr. Notes
7.125% due 02/15/28 ..................................... 70 77
The Walt Disney Co. - Sr. Notes
6.75% due 03/30/06 ...................................... 1,000 1,114
Time Warner Entertainment, Inc. - Sr. Notes
8.375% due 07/15/33 ..................................... 200 259
Time Warner, Inc. - Notes
7.75% due 06/15/05 ...................................... 600 659
Viacom, Inc.
7.875% due 07/30/30 ..................................... 50 65
Viacom, Inc. - Sr. Notes
7.75% due 06/01/05 ...................................... 350 390
------
3,558
Metals & Mining - 0.2%
ALCOA, Inc. - Notes
7.375% due 08/01/10 ..................................... 200 242
Noranda, Inc. - Debs.
7.0% due 07/15/05 ....................................... 200 212
------
454
Multi-Utilities - 0.2%
Alabam Power Co. - Sr. Notes
5.7% due 02/15/33 ....................................... 250 261
Alabama Power Co. - Sr. Notes
5.5% due 10/15/17 ....................................... 100 110
Duke Energy Co.
6.75% due 08/01/25 ...................................... 100 102
United Utilities plc - Notes
6.875% due 08/15/28 ..................................... 100 110
------
583
Multiline Retail - 0.6%
Dayton Hudson Corp. - Debs.
6.75% due 01/01/28 ...................................... 25 29
Federated Department Stores, Inc.
6.625% due 04/01/11 ..................................... 200 230
May Department Stores Co. - Notes
7.625% due 08/15/13 ..................................... 300 369
Sears Roebuck Acceptance Corp. - Debs.
6.875% due 10/15/17 ..................................... 230 262
Target Corp. - Notes
7.5% due 08/15/10 ....................................... 100 123
Wal Mart Stores, Inc.
7.55% due 02/15/30 ...................................... 230 304
Wal-Mart Stores, Inc. - Debs.
6.75% due 10/15/23 ...................................... 100 117
------
1,434
Oil & Gas - 0.8%
Burlington Resources, Inc - Debs.
9.125% due 10/01/21 ..................................... $ 90 $ 122
Chevron Texaco Capital Co. - Notes
3.5% due 09/17/07 ....................................... 600 624
Conoco, Inc. - Sr. Notes
6.95% due 04/15/29 ...................................... 390 469
Norsk Hydro A/S
7.25% due 09/23/27 ...................................... 75 93
Occidental Petroleum Corp. - Debs.
7.2% due 04/01/28 ....................................... 40 49
Phillips Petroleum Co. - Debs.
6.65% due 07/15/18 ...................................... 50 61
Tosco Corp. - Debs.
7.8% due 01/01/27 ....................................... 100 128
Tosco Corp. - Notes
7.625% due 05/15/06 ..................................... 115 130
Trans-Canada Pipelines
7.7% due 06/15/29 ....................................... 100 128
Union Oil Co. of California
7.5% due 02/15/29 ....................................... 60 72
------
1,876
Other Mortgages - 1.0%
Chase Commercial & Mortgage Securities
Corp. - Ser. 1997-2 Pass Thru Certs Cl. A2
6.6% due 12/19/29 ....................................... 500 565
LB Commercial Conduit Mortgage Trust -
Ser. 1999-C2 Pass Thru Cert. Cl. A2
7.325% due 09/15/09 ..................................... 400 482
LU UBS Commercial Mortgage Trust - Ser.
2000-C5 Pass Thru Cert. Cl. A1
6.41% due 01/15/10 ...................................... 620 688
Salomon Brothers Commercial & Mortgage
Trust - Ser. 2000-C3 Pass Thru Certs Cl. A2
6.592% due 12/18/33 ..................................... 500 584
------
2,319
Paper & Forest Products - 0.8%
Champion International Corp. - Debs.
7.35% due 11/01/25 ...................................... 50 57
International Paper Co. - Notes
6.75% due 09/01/11 ...................................... 250 289
MeadWestvaco Corp. - Notes
6.85% due 04/01/12 ...................................... 700 808
Westvaco Corp. - Notes
7.1% due 11/15/09 ....................................... 35 40
Weyerhaeuser Co.
7.125% due 07/15/23 ..................................... 130 144
Weyerhaeuser Co. - Notes
6.125% due 03/15/07 ..................................... 450 498
------
1,836
84
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
BOND INDEX FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Personal Products - 0.4%
Gillette Co. - Notes
4.0% due 06/30/05 ....................................... $ 500 $ 525
Procter & Gamble Co. - Debs.
6.45% due 01/15/26 ...................................... 100 117
Unilever Capital
7.125% due 11/01/10 ..................................... 200 242
------
884
Real Estate Investment Trust - 0.5%
EOP Operating LP - Notes
6.8% due 01/15/09 ....................................... 150 173
EOP Operating, Ltd. Partenership - Notes
7.0% due 07/15/11 ....................................... 250 290
Simon Property Group Puerto - Notes
6.375% due 11/15/07 ..................................... 700 781
Spieker Properties, Inc. - Debs.
7.5% due 10/01/27 ....................................... 40 44
------
1,288
Road & Rail - 0.7%
Burlington Northern Railroad Company
6.125% due 03/15/09 ..................................... 150 172
Canadian National Railway Co. - Notes
6.375% due 10/15/11 ..................................... 300 349
CSX Corp. - Debs.
7.45% due 05/01/07 ...................................... 125 146
Norfolk Southern Corp. - Notes
7.35% due 05/15/07 ...................................... 855 996
------
1,663
Telephone - 0.1%
Alltel Corp. - Sr. Notes
7.6% due 04/01/09 ....................................... 100 121
New York Telephone Co. - Debs.
7.25% due 02/15/24 ...................................... 100 105
------
226
U.S. Government Agencies - 43.6%
Federal Home Loan Bank - Disc. Notes
5.125% due 03/06/06 ..................................... 1,400 1,524
Federal Home Loan Bank - Notes
4.625% due 04/15/05 ..................................... 2,300 2,433
Federal Home Loan Bank - Sr. Notes
5.8% due 09/02/08 ....................................... 225 259
Federal Home Loan Mortgage Corp. - Bonds
5.0% due 01/01/18 ....................................... 1,142 1,181
5.0% due 02/01/18 ....................................... 1,899 1,963
5.0% due 03/01/18 ....................................... 483 499
5.5% due 06/01/16 ....................................... 366 380
5.5% due 03/01/17 ....................................... 305 317
5.5% due 06/01/17 ....................................... 356 369
5.5% due 01/01/18 ....................................... 523 543
5.5% due 01/01/18 ....................................... 243 252
5.5% due 02/01/23 ....................................... $ 720 $ 746
5.5% due 04/01/32 ....................................... 257 266
5.5% due 01/01/33 ....................................... 1,047 1,081
5.5% due 02/01/33 ....................................... 988 1,020
5.5% due 04/01/33 ....................................... 1,596 1,649
6.0% due 08/01/14 ....................................... 302 314
6.0% due 10/01/14 ....................................... 292 304
6.0% due 07/01/16 ....................................... 276 287
6.0% due 11/01/16 ....................................... 126 131
6.0% due 02/01/17 ....................................... 293 304
6.0% due 02/01/17 ....................................... 283 294
6.0% due 06/01/22 ....................................... 362 375
6.0% due 05/01/29 ....................................... 412 427
6.0% due 08/01/29 ....................................... 422 438
6.0% due 07/01/31 ....................................... 263 273
6.0% due 01/01/32 ....................................... 310 321
6.0% due 01/01/32 ....................................... 658 682
6.0% due 02/01/32 ....................................... 823 853
6.0% due 02/01/32 ....................................... 651 675
6.0% due 11/01/32 ....................................... 788 820
6.0% due 12/01/32 ....................................... 905 938
6.0% due 02/01/33 ....................................... 300 311
6.5% due 11/01/15 ....................................... 125 132
6.5% due 07/01/16 ....................................... 222 233
6.5% due 11/01/16 ....................................... 261 274
6.5% due 05/01/17 ....................................... 133 139
6.5% due 01/01/21 ....................................... 94 98
6.5% due 06/01/21 ....................................... 280 293
6.5% due 09/01/28 ....................................... 138 144
6.5% due 06/01/29 ....................................... 26 27
6.5% due 07/01/29 ....................................... 44 46
6.5% due 07/01/29 ....................................... 312 325
6.5% due 11/01/30 ....................................... 105 109
6.5% due 12/01/30 ....................................... 108 112
6.5% due 03/01/31 ....................................... 427 445
6.5% due 05/01/31 ....................................... 524 545
6.5% due 05/01/31 ....................................... 529 550
6.5% due 07/01/31 ....................................... 66 69
6.5% due 11/01/31 ....................................... 287 299
6.5% due 11/01/31 ....................................... 209 218
6.5% due 12/01/31 ....................................... 1,009 1,050
6.5% due 04/01/32 ....................................... 263 274
6.5% due 05/01/32 ....................................... 197 205
6.5% due 08/01/32 ....................................... 440 458
7.0% due 02/01/16 ....................................... 99 105
7.0% due 04/01/17 ....................................... 329 349
7.0% due 04/01/29 ....................................... 322 338
7.0% due 02/01/30 ....................................... 313 328
7.0% due 04/01/31 ....................................... 125 131
7.0% due 05/01/31 ....................................... 52 55
7.0% due 05/01/31 ....................................... 56 58
7.0% due 07/01/31 ....................................... 83 87
7.0% due 08/01/31 ....................................... 203 212
7.0% due 04/01/32 ....................................... 410 430
85
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
BOND INDEX FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
U.S. Government Agencies - Continued
7.1% due 04/10/07 ....................................... $2,500 $2,948
7.5% due 02/01/16 ....................................... 46 49
7.5% due 09/01/30 ....................................... 34 37
7.5% due 11/01/30 ....................................... 154 163
7.5% due 03/01/32 ....................................... 259 275
8.0% due 02/01/30 ....................................... 74 80
8.0% due 09/01/30 ....................................... 77 82
8.5% due 10/01/31 ....................................... 75 81
Federal Home Loan Mortgage Corp. - Debs.
4.5% due 08/15/04 ....................................... 1,600 1,659
5.75% due 04/15/08 2,500 2,857
6.0% due 06/15/11 ....................................... 1,000 1,168
6.875% due 01/15/05 ..................................... 1,400 1,519
7.0% due 07/15/05 ....................................... 4,855 5,395
Federal Home Loan Mortgage Corp. - Notes
5.0% due 11/01/07 ....................................... 248 256
5.0% due 10/01/09 ....................................... 273 282
6.0% due 01/01/09 ....................................... 186 191
Federal National Mortgage Assoc. - Bonds
5.0% due 12/01/17 ....................................... 703 728
5.0% due 04/01/18 ....................................... 1,177 1,217
5.0% due 06/01/18 ....................................... 500 517
5.0% due 03/01/23 ....................................... 1,265 1,309
5.0% due 06/01/33 ....................................... 450 458
5.5% due 03/01/16 ....................................... 92 96
5.5% due 04/01/16 ....................................... 63 66
5.5% due 02/01/17 ....................................... 468 486
5.5% due 04/01/17 ....................................... 231 240
5.5% due 07/01/17 ....................................... 473 492
5.5% due 09/01/17 ....................................... 378 392
5.5% due 09/01/17 ....................................... 431 448
5.5% due 01/01/32 ....................................... 1,179 1,221
5.5% due 01/01/32 ....................................... 185 192
5.5% due 12/01/32 ....................................... 702 727
5.5% due 02/01/33 ....................................... 705 729
5.5% due 03/01/33 ....................................... 540 560
5.5% due 04/01/33 ....................................... 1,681 1,740
5.5% due 04/01/33 ....................................... 1,191 1,233
6.0% due 05/01/14 ....................................... 83 86
6.0% due 02/01/16 ....................................... 209 218
6.0% due 03/01/17 ....................................... 182 190
6.0% due 03/01/17 ....................................... 711 742
6.0% due 08/01/17 ....................................... 338 353
6.0% due 01/01/29 ....................................... 383 398
6.0% due 03/01/29 ....................................... 426 443
6.0% due 08/01/30 ....................................... 465 484
6.0% due 06/01/31 ....................................... 385 400
6.0% due 07/01/31 ....................................... 182 190
6.0% due 11/01/31 ....................................... 641 667
6.0% due 01/01/32 ....................................... 710 738
6.0% due 02/01/32 ....................................... 240 249
6.0% due 03/01/32 ....................................... 417 434
6.0% due 03/01/32 ....................................... 320 333
6.0% due 04/01/32 ....................................... 438 455
6.0% due 10/01/32 ....................................... $ 966 $1,005
6.0% due 12/01/32 ....................................... 450 468
6.0% due 05/01/33 ....................................... 979 1,018
6.125% due 03/15/12 ..................................... 1,000 1,179
6.5% due 02/01/15 ....................................... 82 86
6.5% due 07/01/16 ....................................... 93 98
6.5% due 07/01/16 ....................................... 379 400
6.5% due 03/01/22 ....................................... 373 392
6.5% due 11/01/29 ....................................... 196 204
6.5% due 12/01/30 ....................................... 103 107
6.5% due 01/01/31 ....................................... 30 32
6.5% due 02/01/31 ....................................... 80 83
6.5% due 02/01/31 ....................................... 89 93
6.5% due 02/01/31 ....................................... 130 136
6.5% due 02/01/31 ....................................... 165 172
6.5% due 02/01/31 ....................................... 188 197
6.5% due 05/01/31 ....................................... 87 91
6.5% due 05/01/31 ....................................... 400 417
6.5% due 07/01/31 ....................................... 169 176
6.5% due 08/01/31 ....................................... 154 161
6.5% due 10/01/31 ....................................... 385 402
6.5% due 12/01/31 ....................................... 399 416
6.5% due 02/01/32 ....................................... 429 447
6.5% due 04/01/32 ....................................... 652 680
6.5% due 04/01/32 ....................................... 133 139
6.5% due 04/01/32 ....................................... 268 280
6.5% due 04/01/32 ....................................... 272 284
6.5% due 05/01/32 ....................................... 133 139
6.5% due 05/01/32 ....................................... 959 1,000
6.5% due 07/01/32 ....................................... 570 594
6.5% due 07/01/32 ....................................... 654 682
6.5% due 07/25/33 ....................................... 200 211
7.0% due 12/01/15 ....................................... 152 161
7.0% due 03/01/16 ....................................... 97 103
7.0% due 01/01/30 ....................................... 241 254
7.0% due 02/01/31 ....................................... 241 254
7.0% due 04/01/31 ....................................... 64 67
7.0% due 05/01/31 ....................................... 242 255
7.0% due 08/01/31 ....................................... 400 421
7.0% due 12/01/31 ....................................... 397 418
7.0% due 02/01/32 ....................................... 289 305
7.0% due 05/01/32 ....................................... 198 208
7.0% due 10/01/32 ....................................... 348 367
7.125% due 01/15/30 ..................................... 709 920
7.25% due 05/15/30 ...................................... 150 198
7.5% due 10/01/15 ....................................... 90 96
7.5% due 09/01/30 ....................................... 174 185
7.5% due 09/01/30 ....................................... 134 143
7.5% due 11/01/30 ....................................... 38 40
7.5% due 06/01/31 ....................................... 206 220
7.5% due 06/01/31 ....................................... 62 66
7.5% due 08/01/31 ....................................... 197 209
8.0% due 08/01/30 ....................................... 72 78
8.0% due 09/01/31 ....................................... 322 347
86
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
BOND INDEX FUND
Par Market
Name of Issuer Value Value
- ----------------------------------------------------------- ------- --------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
U.S. Government Agencies - Continued
8.5% due 09/01/30 ...................................... $ 62 $ 67
Federal National Mortgage Assoc. - Debs.
6.25% due 05/15/29 ..................................... 1,165 1,364
6.375% due 06/15/09 .................................... 800 947
Federal National Mortgage Assoc. - Notes
4.75% due 11/14/03 ..................................... 175 177
5.0% due 01/15/07 ...................................... 2,400 2,642
5.5% due 01/01/09 ...................................... 242 249
5.75% due 06/15/05 ..................................... 1,000 1,084
6.0% due 10/01/12 ...................................... 272 284
6.625% due 09/15/09 .................................... 750 900
Government National Mortgage Assoc. -
Bonds
5.5% due 11/15/32 ...................................... 1,393 1,453
5.5% due 03/15/33 ...................................... 797 832
6.0% due 04/15/17 ...................................... 200 210
6.0% due 07/15/29 ...................................... 229 241
6.0% due 05/15/31 ...................................... 252 264
6.0% due 02/15/32 ...................................... 362 380
6.0% due 04/15/32 ...................................... 407 427
6.0% due 11/15/32 ...................................... 851 893
6.0% due 01/15/33 ...................................... 453 475
6.5% due 01/15/16 ...................................... 61 64
6.5% due 05/15/28 ...................................... 430 452
6.5% due 05/15/29 ...................................... 461 485
6.5% due 04/15/31 ...................................... 242 255
6.5% due 05/15/31 ...................................... 208 218
6.5% due 05/15/31 ...................................... 177 186
6.5% due 08/15/31 ...................................... 264 277
6.5% due 01/15/32 ...................................... 614 644
6.5% due 05/15/32 ...................................... 364 383
6.5% due 05/15/32 ...................................... 184 193
7.0% due 08/15/29 ...................................... 228 242
7.0% due 12/15/30 ...................................... 465 492
7.0% due 03/15/31 ...................................... 528 558
7.0% due 06/15/31 ...................................... 108 114
7.0% due 08/15/31 ...................................... 200 212
7.0% due 09/15/31 ...................................... 321 340
7.0% due 05/15/32 ...................................... 269 284
7.5% due 08/15/29 ...................................... 282 299
7.5% due 02/15/30 ...................................... 40 43
7.5% due 09/15/30 ...................................... 206 219
7.5% due 01/15/31 ...................................... 35 37
7.5% due 06/15/32 ...................................... 442 470
8.0% due 02/15/31 ...................................... 229 247
8.0% due 04/15/31 ...................................... 308 332
8.0% due 07/15/31 ...................................... 7 8
8.0% due 11/15/31 ...................................... 177 191
8.5% due 09/15/30 ...................................... 28 30
9.0% due 01/15/31 ...................................... 75 82
--------
103,990
U.S. Governmental - 21.1%
U.S. Treasury - Bonds
5.375% due 02/15/31 .................................... $ 95 $ 107
5.5% due 08/15/28 ...................................... 1,470 1,653
6.125% due 11/15/27 .................................... 520 633
6.125% due 08/15/29 .................................... 800 977
6.25% due 05/15/30 ..................................... 1,200 1,494
6.5% due 11/15/26 ...................................... 300 381
6.625% due 02/15/27 .................................... 995 1,280
6.75% due 08/15/26 ..................................... 1,075 1,401
7.5% due 11/15/16 ...................................... 500 679
8.125% due 08/15/21 .................................... 1,660 2,427
8.75% due 08/15/20 ..................................... 1,400 2,144
8.875% due 08/15/17 .................................... 1,200 1,815
9.125% due 05/15/09 .................................... 750 802
10.375% due 11/15/12 ................................... 4,800 6,394
11.25% due 02/15/15 .................................... 260 443
11.625% due 11/15/04 ................................... 2,000 2,284
11.75% due 02/15/10 .................................... 250 292
11.75% due 11/15/14 .................................... 465 703
12.0% due 08/15/13 ..................................... 1,000 1,453
13.25% due 05/15/14 .................................... 1,200 1,878
U.S. Treasury - Notes
3.25% due 08/15/07 ..................................... 6,225 6,497
4.625% due 05/15/06 .................................... 300 325
4.75% due 11/15/08 ..................................... 200 222
5.0% due 02/15/11 ...................................... 350 393
5.0% due 08/15/11 ...................................... 285 320
5.25% due 05/15/04 ..................................... 1,000 1,037
5.5% due 02/15/08 ...................................... 500 570
5.625% due 05/15/08 .................................... 2,680 3,072
6.5% due 10/15/06 ...................................... 2,550 2,930
6.75% due 05/15/05 ..................................... 2,500 2,753
7.0% due 07/15/06 ...................................... 450 520
7.5% due 02/15/05 ...................................... 1,000 1,101
7.875% due 11/15/04 .................................... 1,150 1,255
--------
50,235
Wireless Telecommunications Services - 0.2%
AT&T Wireless, Inc. - Sr. Notes
7.875% due 03/01/11 .................................... 300 354
--------
TOTAL PUBLICLY-TRADED BONDS- 95.9% 228,463
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 3.6%
State Street Navigator Securities Lending
Portfolio ........................................... 8,488 8,488
87
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
BOND INDEX FUND
Par Market
Name of Issuer Value Value
- ---------------------------------------------------------- ------- --------
(000's) (000's)
SHORT-TERM INVESTMENTS - 3.0%
Investment in joint trading account (Note B)
1.181% due 07/01/03 ................................... $7,478 $ 7,478
------ --------
TOTAL INVESTMENTS- 102.5% 244,429
Payables, less cash and receivables- (2.5)% (6,052)
====== =======
NET ASSETS- 100.0% $238,377
See notes to financial statements.
88
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
LARGE CAP AGGRESSIVE GROWTH FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------ -------
(000's)
COMMON STOCK
Aerospace & Defense - 2.1%
Boeing Co. * ............................................ 1,600 $ 55
General Dynamics Corp. * ................................ 2,475 180
Lockheed Martin Corp. ................................... 4,800 228
Precision Castparts Corp. ............................... 2,700 84
------
547
Air Freight & Couriers - 2.2%
Expeditors International of Washington,
Inc. ................................................. 3,190 110
United Parcel Service, Inc. - Cl. B ..................... 7,200 459
------
569
Airlines - 2.4%
Ryanair Holdings plc - ADR * ............................ 7,000 314
Southwest Airlines Co. .................................. 17,790 306
------
620
Automobiles - 1.1%
Harley-Davidson, Inc. * ................................. 3,800 151
Winnebago Industries, Inc. * ............................ 3,500 133
------
284
Banks - 5.0%
Bank of New York Co., Inc. * ............................ 23,400 673
Fifth Third Bancorp * ................................... 2,300 132
M & T Bank Corp. * ...................................... 1,555 131
Northern Trust Corp. .................................... 8,900 372
------
1,308
Chemicals - 1.4%
Praxair, Inc. * ......................................... 1,500 90
Sigma-Aldrich Corp. * ................................... 5,005 271
------
361
Commercial Services & Supplies - 4.4%
Apollo Group, Inc. - Cl. A * ............................ 2,650 164
Cendant Corp. * ......................................... 12,865 236
Ecolab, Inc. * .......................................... 3,800 97
Fiserv, Inc. * .......................................... 6,170 220
Paychex, Inc. ........................................... 8,510 249
Robert Half International, Inc. * ....................... 7,890 150
Stericycle, Inc. * ...................................... 635 24
------
1,140
Communications Equipment - 1.9%
Cisco Systems, Inc. * ................................... 29,800 497
Computers & Peripherals - 0.1%
Dell Computer Corp. * ................................... 1,100 35
Containers & Packaging - 2.1%
Ball Corp. .............................................. 3,385 154
Bemis Co., Inc. * ....................................... 3,900 183
Sealed Air Corp. * ...................................... 4,200 200
------
537
Diversified Financials - 4.2%
Charles Schwab Corp. * .................................. 72,655 $ 733
CIT Group, Inc. * ....................................... 12,300 303
Moody's Corp. * ......................................... 1,075 57
------
1,093
Electrical Equipment - 1.6%
United Technologies Corp. * ............................. 5,915 419
Electronic Equipment & Instruments - 0.3%
Gentex Corp. * .......................................... 235 7
SPX Corp. * ............................................. 1,500 66
------
73
Food & Drug Retailing - 4.0%
Sysco Corp. * ........................................... 8,600 258
Walgreen Co. * .......................................... 23,800 717
Whole Foods Market, Inc. * .............................. 1,270 60
------
1,035
Health Care Equipment & Supplies - 3.8%
Alcon, Inc. * ........................................... 4,820 221
Apogent Technologies, Inc. * ............................ 9,160 183
Hillenbrand Industries, Inc. ............................ 2,600 131
St. Jude Medical, Inc. * ................................ 2,630 151
Stryker Corp. * ......................................... 3,300 229
Varian Medical Systems, Inc. * .......................... 500 29
Zimmer Holdings, Inc. * ................................. 800 36
------
980
Health Care Providers & Services - 1.7%
First Health Group Corp. * .............................. 4,200 116
Patterson Dental Co. * .................................. 1,900 86
UnitedHealth Group, Inc. * .............................. 4,720 237
------
439
Hotels Restaurants & Leisure - 0.1%
Mandalay Resort Group * ................................. 465 15
Household Durables - 0.7%
Mohawk Industries, Inc. * ............................... 900 50
NVR, Inc. * ............................................. 300 123
------
173
Household Products - 1.8%
Procter & Gamble Co. * .................................. 5,200 464
Industrial Conglomerates - 3.0%
3M Co. .................................................. 3,210 414
Aramark Corp. - Cl. B * ................................. 4,300 96
Tyco International, Ltd. * .............................. 13,900 264
------
774
Insurance - 11.4%
AFLAC, Inc. * ........................................... 14,560 448
Berkshire Hathaway, Inc. - Cl. B * ...................... 200 486
MGIC Investment Corp. * ................................. 10,800 504
89
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
LARGE CAP AGGRESSIVE GROWTH FUND
Market
Name of Issuer Shares Value
- ----------------------------------------------------------- ------ -------
(000's)
COMMON STOCK - Continued
Insurance - Continued
PartnerRe, Ltd. ........................................ 3,500 $ 179
Renaissancere Holdings, Ltd. ........................... 4,835 220
Stancorp Financial Group, Inc. * ....................... 6,800 355
W.R. Berkley Corp. ..................................... 3,370 177
XL Capital, Ltd. - Cl. A * ............................. 7,100 589
-------
2,958
Internet & Catalog Retail - 1.9%
Amazon.com, Inc. * ..................................... 7,830 286
eBay, Inc. * ........................................... 2,045 213
-------
499
Machinery - 3.5%
Dionex Corp. * ......................................... 10,855 432
Illinois Tool Works, Inc. * ............................ 2,600 171
ITT Industries, Inc. * ................................. 2,200 144
Kennametal, Inc. ....................................... 5,000 169
-------
916
Media - 18.3%
AOL Time Warner, Inc. * ................................ 83,135 1,338
Clear Channel Communications, Inc. * ................... 6,900 292
Comcast Corp. - Cl. A .................................. 40,400 1,165
Hispanic Broadcasting Corp. * .......................... 4,200 107
Lamar Advertising Co. * ................................ 5,700 201
Univision Communications, Inc. -
Cl. A * ............................................. 18,700 568
Viacom, Inc. - Cl. B * ................................. 24,700 1,078
-------
4,749
Multiline Retail - 1.3%
Costco Wholesale Corp. * ............................... 6,200 227
Kohl's Corp. * ......................................... 2,000 103
-------
330
Personal Products - 4.0%
Colgate-Palmolive Co. .................................. 18,100 1,049
Pharmaceuticals - 1.0%
Forest Laboratories, Inc. * ............................ 2,995 164
Johnson & Johnson * .................................... 1,100 57
Roche Holdings AG * .................................... 651 51
-------
272
Road & Rail - 0.6%
Canadian National Railway Co. .......................... 3,500 169
Semiconductor Equipment & Products - 9.4%
KLA-Tencor Corp. * ..................................... 3,300 154
Linear Technology Corp. * .............................. 34,100 1,098
Maxim Integrated Products, Inc. * ...................... 29,900 1,022
Texas Instruments, Inc. * .............................. 9,220 162
-------
2,436
Software - 0.6%
Ceridian Corp. * ....................................... 9,100 155
Specialty Retail - 1.1%
Pier 1 Imports, Inc. ................................... 12,840 $ 262
TJX Cos., Inc. * ....................................... 1,470 28
-------
290
Trading Companies & Distributors - 0.4%
W.W. Grainger, Inc. * .................................. 2,200 103
-------
TOTAL COMMON STOCK- 97.4% 25,289
PREFERRED STOCK
Automobiles - 1.0%
General Motors Corp. ................................... 249
-------
TOTAL PREFERRED STOCK- 1.0% 249
Par
Value
------
(000's)
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 1.7%
State Street Navigator Securities
Lending Portfolio ................................... $ 453 453
SHORT-TERM INVESTMENTS - 2.3%
Federal National Mortgage Assoc.
0.95% due 07/01/03 .................................. 600 600
------ -------
TOTAL INVESTMENTS- 102.4% 26,591
Payables, less cash and receivables- (2.4)% (630)
------ -------
NET ASSETS- 100.0% $25,961
====== =======
* Non-income producing security.
ADR-American Depository Receipt.
See notes to financial statements.
90
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL/MID CAP CORE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------- ------ -------
(000's)
COMMON STOCK
Aerospace & Defense - 1.0%
Aviall, Inc. * ........................................... 10,100 $ 115
Curtiss Wright Corp. ..................................... 3,900 246
Engineered Support Systems, Inc. * ....................... 1,800 75
Esterline Technologies Corp. * ........................... 2,800 49
Kaman Corp. - Cl. A ...................................... 4,000 47
Moog, Inc. - Cl. A ....................................... 2,350 82
Sequa Corp. - Cl. A ...................................... 2,000 68
------
682
Air Freight & Couriers - 0.5%
Airborne, Inc. ........................................... 8,049 168
EGL, Inc. * .............................................. 5,800 88
Expeditors International of Washington,
Inc. ..................................................... 1,912 67
------
323
Airlines - 0.3%
Alaska Air Group, Inc. * ................................. 3,000 64
ExpressJet Holdings, Inc. * .............................. 9,100 138
------
202
Auto Components - 0.9%
Autoliv, Inc.............................................. 7,700 208
Dura Automotive Systems, Inc. * .......................... 6,900 68
Lear Corp. * ............................................. 1,300 60
Visteon Corp. * .......................................... 40,300 277
------
613
Automobiles - 0.2%
Lithia Motors, Inc. - Cl. A * ............................ 4,599 74
United Auto Group, Inc. * ................................ 3,200 70
------
144
Banks - 5.9%
Associated Banc-Corp. .................................... 8,150 301
Astoria Financial Corp. .................................. 4,000 112
BancorpSouth, Inc. ....................................... 3,175 66
Bank Hawaii Corp. ........................................ 17,743 588
Capitol Federal Financial ................................ 2,100 59
Cathay Bancorp, Inc. ..................................... 986 44
Commerce Bancshares, Inc. ................................ 3,203 125
Commercial Federal Corp .................................. 10,800 229
Community Bank Systems, Inc. * ........................... 1,800 68
Corus Bankshares, Inc. ................................... 2,300 111
East West Bancorp, Inc. * ................................ 3,700 134
First Citizens BancShares, Inc. - Cl. A .................. 1,200 121
First Sentinel Bancorp, Inc .............................. 1,400 22
First Virginia Banks, Inc. ............................... 2,500 108
Hancock Holding Co. ...................................... 3,450 162
Hibernia Corp. - Cl. A ................................... 14,700 267
Independence Community Bank Corp. ........................ 7,078 200
International Bancshares Corp. ........................... 395 14
Mercantile Bankshares Corp. .............................. 4,200 165
OceanFirst Financial Corp. ............................... 2,900 71
Omega Financial Corp. .................................... 600 $ 20
PFF Bancorp, Inc. * ...................................... 3,700 143
Provident Financial Group. * ............................. 4,313 110
R& G Financial Corp. - Cl. B ............................. 4,100 122
Silicon Valley Bancshares * .............................. 7,253 173
Southwest Bancorporation of Texas,
Inc. * ................................................ 2,700 88
Staten Island Bancorp, Inc. .............................. 2,700 53
Texas Regional Bancshares, Inc. .......................... 1,750 61
Trustmark Corp. .......................................... 2,200 56
United Community Financial Corp. ......................... 1,900 17
Washington Federal, Inc. ................................. 2,580 60
------
3,870
Beverages - 0.1%
Boston Beer, Inc. - Cl. A ................................ 3,179 46
Biotechnology - 3.1%
Affymetrix, Inc. * ....................................... 5,275 104
Applera Corp. - Celera Genomics
Group * ............................................... 33,024 341
Connetics Corp. * ........................................ 3,713 56
Gene Logic, Inc. * ....................................... 9,900 59
IDEXX Laboratories, Inc. * ............................... 7,400 248
Invitrogen Corp. * ....................................... 16,934 650
Neurocrine Biosciences, Inc. * ........................... 10,156 507
Vertex Pharmaceuticals, Inc. * ........................... 5,100 74
------
2,039
Building Products - 1.3%
Griffon Corp. * .......................................... 5,900 94
Lennox International, Inc. ............................... 9,428 121
Universal Forest Products, Inc. .......................... 6,100 128
USG Corp. ................................................ 28,253 537
------
880
Chemicals - 1.9%
A. Schulman, Inc. ........................................ 2,400 39
Airgas, Inc. * ........................................... 2,700 45
Albemarle Corp. * ........................................ 2,600 73
Arch Chemicals, Inc. ..................................... 6,835 130
Central Garden & Pet Co. ................................. 6,695 160
Cytec Industries, Inc. * ................................. 5,500 186
H.B. Fuller Co. .......................................... 5,332 117
Lubrizol Corp. ........................................... 2,300 71
MacDermid, Inc. .......................................... 1,519 40
OM Group, Inc. ........................................... 21,311 314
PolyOne Corp. ............................................ 12,500 56
------
1,231
Commercial Services & Supplies - 7.6%
Administaff, Inc. ........................................ 7,672 79
Arbitron, Inc. * ......................................... 5,400 193
Banta Corp. .............................................. 1,668 54
CDI Corp. * .............................................. 5,528 143
91
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL/MID CAP CORE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------- ------ -------
(000's)
COMMON STOCK - Continued
Commercial Services & Supplies - Continued
Checkfree Corp. * ........................................ 2,000 $ 56
Consolidated Graphics, Inc. * ............................ 670 15
Convergys Corp. * ........................................ 2,368 38
Deluxe Corp. * ........................................... 20,403 914
DeVry, Inc. * ............................................ 3,100 72
Factset Research Systems, Inc. ........................... 1,764 78
Gabelli Asset Management, Inc. -
Cl. A * ............................................... 7,750 280
Hewitt Associates, Inc. * ................................ 1,014 24
Ikon Office Solutions, Inc. * ............................ 6,200 55
Invacare Corp. ........................................... 1,014 33
ITT Educational Services, Inc. * ......................... 9,507 278
Lancaster Colony Corp. ................................... 2,000 77
LendingTree, Inc. * ...................................... 7,134 175
Manpower, Inc. * ......................................... 1,754 65
MPS Group, Inc. * ........................................ 12,900 89
NCO Group, Inc. * ........................................ 2,800 50
Pre-Paid Legal Services, Inc. * .......................... 10,808 265
Republic Services, Inc. - Cl. A * ........................ 10,860 246
Ruddick Corp. ............................................ 5,000 79
Ryland Group, Inc. ....................................... 1,279 89
Standard Register Co. .................................... 3,000 49
StarTek, Inc. * .......................................... 2,600 68
Steelcase, Inc. - Cl. A .................................. 21,500 253
Stewart Enterprises, Inc. - Cl. A * ...................... 13,700 59
TeleTech Holdings, Inc. * ................................ 13,200 56
Tetra Tech, Inc. ......................................... 2,985 51
TRC Cos., Inc. ........................................... 746 11
Unifirst Corp. ........................................... 4,900 107
United Stationers, Inc. * ................................ 18,154 657
Watsco, Inc. ............................................. 1,306 22
Watson Wyatt & Co. Holdings - Cl. A * .................... 3,900 90
West Corp. * ............................................. 2,872 77
------
4,947
Communications Equipment - 3.9%
3Com Corp. ............................................... 29,300 137
ADC Telecommunications, Inc. * ........................... 52,300 122
Adtran, Inc. * ........................................... 6,800 349
Advanced Fibre Communications, Inc. * .................... 19,500 317
Allen Telecom, Inc. * .................................... 16,100 266
Anaren Micro Circuits, Inc. .............................. 5,000 47
Audiovox Corp. - Cl. A * ................................. 22,955 257
Avaya, Inc. * ............................................ 2,324 15
Computer Network Technology * ............................ 7,000 57
Comverse Technology, Inc. * .............................. 16,800 252
Inter-Tel, Inc. * ........................................ 4,015 85
InterDigital Communications Corp. * ...................... 5,900 138
McData Corp. * ........................................... 34,954 513
Plantronics, Inc. * ...................................... 1,138 24
------
2,579
Computers & Peripherals - 3.5%
Gateway, Inc. * .......................................... 37,800 $ 138
Intergraph Corp. * ....................................... 8,900 191
Iomega Corp. * ........................................... 6,581 70
Maxtor Corp. * ........................................... 44,100 331
Micros Systems, Inc. * ................................... 2,000 66
Safeguard Scientifics, Inc. * ............................ 38,800 105
SanDisk Corp. * .......................................... 11,000 444
Storage Technology Corp. * ............................... 4,400 113
Western Digital Corp. * .................................. 83,600 861
------
2,319
Construction & Engineering - 0.6%
CCC Information Services Group * ......................... 7,500 109
EMCOR Group, Inc. * ...................................... 1,846 91
Spherion Corp. * ......................................... 24,200 168
------
368
Construction Materials - 1.0%
Carlisle Cos., Inc. ...................................... 3,690 155
Charles River Associates, Inc. * ......................... 418 12
Jacobs Engineering Group, Inc. ........................... 3,600 152
Teledyne Technologies, Inc. * ............................ 8,300 109
USEC, Inc ................................................ 20,900 147
WSFS Financial Corp. * ................................... 1,198 46
------
621
Containers & Packaging - 0.4%
Ball Corp. ............................................... 1,780 81
Chesapeake Corp. ......................................... 5,356 117
Greif Bros. Corp. - Cl. A * .............................. 2,000 46
------
244
Distributors - 0.4%
Handleman Co. * .......................................... 16,761 268
Diversified Financials - 3.0%
AmeriCredit Corp. * ...................................... 19,778 169
BlackRock, Inc. * ........................................ 7,800 351
E*TRADE Group, Inc. * .................................... 32,100 273
Friedman Billings Ramsey Group -
Cl. A ................................................. 27,235 365
Novastar Financial, Inc. ................................. 7,950 475
Nuveen Investments, Inc. - Cl. A ......................... 11,608 316
------
1,949
Diversified Telecommunication Services - 1.3%
Boston Communications Group, Inc. * ...................... 22,805 391
IDT Corp. * .............................................. 21,400 383
Time Warner Telecom, Inc. - Cl. A * ...................... 16,000 102
------
876
Electric Utilities - 1.2%
AES Corp. * .............................................. 22,000 140
Allegheny Energy, Inc. * ................................. 1,880 16
Avista Corp. ............................................. 10,900 154
92
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL/MID CAP CORE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------ -------
(000's)
COMMON STOCK - Continued
Electric Utilities - Continued
El Paso Electric Co. * .................................. 1,583 $ 20
PNM Resources, Inc. ..................................... 1,600 43
Puget Energy, Inc. ...................................... 11,900 284
Sierra Pacific Resources * .............................. 11,795 70
WPS Resources Corp. ..................................... 1,200 48
------
775
Electric/Gas - 0.4%
Northeast Utilities ..................................... 16,660 279
Electrical Equipment - 1.8%
A.O. Smith Corp. ........................................ 9,000 253
American Power Conversion * ............................. 9,117 142
Energizer Holdings , Inc. * ............................. 5,200 163
Harris Corp. ............................................ 4,508 136
Power Integrations, Inc. * .............................. 2,791 68
Rambus, Inc. * .......................................... 9,664 160
Tecumseh Products Co. - Cl. A ........................... 4,297 165
The Genlyte Corp. * ..................................... 1,900 66
------
1,153
Electronic Equipment & Instruments - 4.4%
Anixter International, Inc. * ........................... 15,300 358
Arrow Electronics, Inc. * ............................... 12,500 191
Artesyn Technologies, Inc. .............................. 8,500 48
Avid Technology, Inc. * ................................. 12,348 433
Avnet, Inc. ............................................. 26,165 332
Belden, Inc. * .......................................... 3,200 51
C-COR.net Corp. * ....................................... 9,000 44
Fisher Scientific International, Inc. ................... 5,458 191
FMC Technologies, Inc. .................................. 2,500 53
Franklin Electric Co., Inc. ............................. 1,800 100
Harman International Industries, Inc. * ................. 3,024 239
Ingram Micro, Inc. - Cl. A * ............................ 14,637 161
Lexar Media, Inc. * ..................................... 7,031 67
Methode Electronics, Inc. - Cl. A ....................... 5,300 57
Pioneer Standard Electronics, Inc. ...................... 25,500 216
Rogers Corp. * .......................................... 1,500 50
Symbol Technologies, Inc. * ............................. 10,300 134
Thermo Electron Corp. * ................................. 6,719 141
Woodhead Industries, Inc. ............................... 1,300 16
------
2,882
Energy Equipment & Services - 1.0%
C.H. Energy Group, Inc. ................................. 1,000 45
Hydril Co. * ............................................ 2,000 54
Universal Compression Holdings, Inc. * .................. 4,682 98
Varco International, Inc. * ............................. 12,100 237
Veritas DGC, Inc. * ..................................... 16,700 192
------
626
Food & Drug Retailing - 2.0%
Casey's General Stores, Inc. * .......................... 3,900 55
Charming Shoppes, Inc. * ................................ 37,400 186
Nash Finch Co. .......................................... 7,800 $ 130
Outback Steakhouse, Inc. * .............................. 2,698 105
Pathmark Stores, Inc. * ................................. 8,300 63
Performance Food Group Co. * ............................ 7,000 259
The Great Atlantic & Pacific Tea Co., Inc. * ............ 17,591 155
United Natural Foods, Inc. * ............................ 4,600 129
Whole Foods Market, Inc. * .............................. 4,050 193
------
1,275
Food Products - 1.4%
Chiquita Brands International, Inc. * ................... 1,042 15
Dean Foods Co. * ........................................ 4,967 157
Dreyer's Grand Ice Cream, Inc. .......................... 1,064 84
Flowers Foods, Inc. * ................................... 11,400 225
J & J Snack Foods Corp. * ............................... 1,500 47
J.M. Smucker Co. * ...................................... 1,454 58
Pilgrims Pride Corp. - Cl. B ............................ 7,600 74
Ralcorp Holdings, Inc. * ................................ 4,500 112
Smithfield Foods, Inc. * ................................ 4,900 112
USANA Health Sciences ................................... 1,276 56
------
940
Gas Utilities - 0.7%
Energen Corp. ........................................... 1,593 53
Nicor, Inc. ............................................. 1,500 56
NStar * ................................................. 3,900 177
Southwest Gas Corp. ..................................... 2,600 55
Wisconsin Energy Corp. * ................................ 3,171 92
------
433
Health Care Equipment & Supplies - 3.5%
Alpharma, Inc. - Cl. A * ................................ 27,600 596
Bio-Rad Laboratories, Inc. - Cl. A * .................... 2,775 154
Celgene Corp. * ......................................... 27,800 845
Conmed Corp. * .......................................... 1,800 33
Datascope Corp. * ....................................... 1,000 30
Gentiva Health Services , Inc. .......................... 7,686 69
Henry Schein, Inc. * .................................... 4,023 211
Immucor Corp. ........................................... 3,920 85
Owens & Minor, Inc. ..................................... 6,121 137
Respironics, Inc. * ..................................... 1,800 67
Varian Medical Systems, Inc. * .......................... 1,455 84
------
2,311
Health Care Providers & Services - 4.8%
Advance PCS * ........................................... 2,700 103
Advisory Co. * .......................................... 3,328 135
Albany Molecular Research, Inc. * ....................... 2,900 44
Amerigroup Corp. * ...................................... 3,600 134
Apria Healthcare Group, Inc. * .......................... 2,600 65
Humana, Inc. * .......................................... 69,131 1,044
IDX Systems Corp. * ..................................... 7,700 120
Kindred Healthcare, Inc. ................................ 4,281 76
93
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL/MID CAP CORE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------ -------
(000's)
COMMON STOCK - Continued
Health Care Providers & Services - Continued
Mid Atlantic Medical Services, Inc. * ................... 7,010 $ 367
Oxford Health Plans, Inc. * ............................. 1,532 64
PacifiCare Health Systems, Inc. * ....................... 9,009 444
Patterson Dental Co. * .................................. 3,500 159
PSS World Medical, Inc. - Cl. A * ....................... 9,800 56
Quintiles Transnational Corp. * ......................... 11,475 163
U.S. Oncology, Inc. * ................................... 24,300 180
Vitalworks, Inc. ........................................ 4,380 17
------
3,171
Hotels Restaurants & Leisure - 1.2%
Bob Evansfarms, Inc. .................................... 4,000 111
CEC Entertainment, Inc. * ............................... 685 25
Choice Hotels, Inc. ..................................... 2,278 62
Dave & Busters, Inc. .................................... 5,700 62
Landry's Seafood Restaurants, Inc. * .................... 2,258 53
Lone Star Steakhouse & Saloon ........................... 5,000 109
Park Place Entertainment Corp. * ........................ 12,400 113
Ryan's Family Steak Houses, Inc. * ...................... 4,200 59
Shuffle Master, Inc. * .................................. 3,681 108
The Steak and Shake Co. * ............................... 4,600 70
------
772
Household Durables - 1.8%
American Greetings Corp. - Cl. A * ...................... 8,800 173
Interface, Inc. ......................................... 2,200 10
M/I Schottenstein Homes, Inc. ........................... 4,600 196
Meritage Corp. * ........................................ 1,500 74
NVR, Inc. * ............................................. 1,244 511
Toro Co. ................................................ 5,704 227
------
1,191
Industrial Conglomerates - 0.2%
Regal Entertainment Group - Cl. A ....................... 4,300 101
Insurance - 5.3%
American Financial Group, Inc. .......................... 7,400 169
American Medical Security Group, Inc. * ................. 3,900 75
American National Insurance Co. ......................... 1,000 86
Amerus Group Co. * ...................................... 1,700 48
Delphi Financial Group, Inc. - Cl. A * .................. 1,200 56
Fidelity National Financial, Inc. * ..................... 19,014 585
First American Financial Corp. .......................... 21,500 567
Fremont General Corp. * ................................. 17,300 237
LandAmerica Financial Group, Inc. ....................... 13,600 646
National Western Life Insurance Co. * ................... 900 99
Phoenix Cos, Inc. * ..................................... 12,300 111
Protective Life Corp. ................................... 4,575 122
Providian Financial Corp. * ............................. 11,100 103
Stancorp Financial Group, Inc. * ........................ 1,300 68
Stewart Information Services Corp. * .................... 6,458 180
The Midland Co. ......................................... 1,800 40
The MONY Group, Inc. .................................... 9,028 243
Wesco Financial Corp. ................................... 150 $ 47
------
3,482
Internet Software & Services - 0.8%
EarthLink, Inc. * ....................................... 10,961 86
eSpeed, Inc. * .......................................... 4,756 94
Infospace, Inc. ......................................... 726 10
NetScreen Technologies, Inc. ............................ 9,500 214
WebMD Corp. * ........................................... 10,700 116
------
520
IT Consulting & Services - 0.3%
Acxiom Corp. * .......................................... 6,900 104
American Management Systems, Inc. * ..................... 4,400 63
BearingPoint, Inc. * .................................... 5,017 48
------
215
Leisure Equipment & Products - 0.3%
Arctic Cat, Inc. ........................................ 5,500 105
Marvel Enterprises, Inc. ................................ 976 19
SCP Pool Corp. * ........................................ 2,789 96
------
220
Machinery - 1.1%
Applied Industrial Technologies, Inc. ................... 8,400 177
Briggs & Stratton Corp. ................................. 2,344 118
Cummins Engine Company, Inc. * .......................... 1,800 65
NACCO Industries, Inc. - Cl. A .......................... 3,500 206
Oshkosh Truck Corp. ..................................... 800 47
Pall Corp. * ............................................ 1,857 42
Stewart & Stevenson Services, Inc. ...................... 1,200 19
Trinity Industries, Inc. ................................ 3,861 72
------
746
Marine - 0.0%
Overseas Shipholding Group, Inc. ........................ 463 10
Media - 4.3%
Advo, Inc. * ............................................ 2,700 120
Belo Corp. .............................................. 8,100 181
Cox Radio, Inc. - Cl. A * ............................... 18,700 432
Emmis Communications Corp. * ............................ 2,000 46
Getty Images, Inc. * .................................... 1,600 66
Grey Global Group, Inc. ................................. 70 54
Hearst-Argyle Television, Inc. * ........................ 17,790 461
Hispanic Broadcasting Corp. * ........................... 3,727 95
Interactive Corp. ....................................... 5,760 228
Lin TV Corp. - Cl. A * .................................. 2,800 66
McClatchy Newspapers, Inc. - Cl. A ...................... 3,500 202
Netflix Common, Inc. .................................... 8,520 218
Pulitzer, Inc. .......................................... 8,340 412
Sinclair Broadcast Group, Inc. * ........................ 9,100 105
World Wrestling Federation Entertainment, Inc. * ........ 9,458 97
------
2,783
94
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL/MID CAP CORE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------ -------
(000's)
COMMON STOCK - Continued
Metals & Mining - 0.6%
AK Steel Corp. .......................................... 8,100 $ 30
Commercial Metals Co. ................................... 4,400 78
Freeport-McMoran Copper & Gold, Inc.- Cl. B * ........... 4,458 109
Reliance Steel & Aluminum Co. * ......................... 1,600 33
Ryerson Tull, Inc. ...................................... 17,051 150
------
400
Multi-Utilities - 0.7%
Energy East Corp. ....................................... 14,400 299
Vectren Corp. * ......................................... 4,927 123
------
422
Multiline Retail - 2.4%
Big Lots, Inc. * ........................................ 9,866 149
Burlington Coat Factory Warehouse Corp. ................. 2,100 38
Claire's Stores, Inc. ................................... 1,074 27
Dillard's, Inc. - Cl. A * ............................... 6,137 83
Jo-Ann Stores, Inc. * ................................... 3,285 83
OfficeMax, Inc. * ....................................... 37,700 247
Ross Stores, Inc. ....................................... 1,915 82
Saks, Inc. * ............................................ 39,000 378
Shopko Stores, Inc. * ................................... 27,930 363
Stage Stores, Inc. ...................................... 777 18
Tuesday Morning Corp. ................................... 4,800 126
------
1,594
Oil & Gas - 4.4%
Comstock Resources, Inc. ................................ 1,355 19
Houston Exploration Co. * ............................... 1,600 56
National-Oilwell, Inc. * ................................ 7,200 158
Oneok, Inc. ............................................. 16,400 322
Parker Drilling Co. * ................................... 9,400 27
Patina Oil & Gas Corp. .................................. 7,375 237
Pogo Producing Co. ...................................... 12,000 513
Stone Energy Corp. * .................................... 1,800 76
Sunoco, Inc. * .......................................... 26,325 994
Tesoro Petroleum Corp. * ................................ 37,100 255
Vintage Petroleum, Inc. ................................. 5,800 65
Western Gas Resources, Inc. ............................. 1,146 45
XTO Energy, Inc. ........................................ 6,012 121
------
2,888
Paper & Forest Products - 0.5%
Boise Cascade Corp. * ................................... 6,900 165
Louisiana-Pacific Corp. * ............................... 12,722 138
------
303
Personal Products - 0.6%
Chattem, Inc. ........................................... 2,700 51
Nu Skin Enterprises, Inc. - Cl. A * ..................... 12,700 133
Perrigo Co. * ........................................... 11,200 $ 175
------
359
Pharmaceuticals - 1.1%
American Pharmaceutical Partners, Inc. * ................ 2,100 71
Kos Pharmaceuticals, Inc. * ............................. 13,900 326
LANNETT Co., Inc. * ..................................... 3,550 83
SICOR, Inc. * ........................................... 5,153 105
Watson Pharmaceuticals, Inc. * .......................... 2,912 118
------
703
Real Estate Investment Trust - 4.6%
AMLI Residential Properties Trust ....................... 2,100 49
Annaly Mortgage Management, Inc. ........................ 7,976 159
Anthracite Capital, Inc. * .............................. 10,500 127
Arden Realty Group, Inc. ................................ 11,200 291
Capstead Mortgage Corp. ................................. 4,600 52
Entertainment Properties Trust .......................... 2,100 60
FelCor Lodging Trust, Inc. .............................. 24,876 195
General Growth Properties ............................... 842 53
Glenborough Realty Trust, Inc. .......................... 9,422 180
Health Care Property Investments, Inc. .................. 3,900 165
Healthcare Realty Trust, Inc. ........................... 4,300 125
HRPT Properties Trust ................................... 47,785 440
IMPAC Mortgage Holdings, Inc. ........................... 8,420 141
IndyMac Mortgage Holdings, Inc. ......................... 2,188 56
Kimco Realty Corp. ...................................... 1,607 61
LTC Properties .......................................... 1,191 11
Mack-Cali Realty LP * ................................... 11,000 400
National Health, Inc. ................................... 5,000 92
PAN Pacific Retail Properties, Inc. ..................... 1,700 67
Regency Centers Corp. ................................... 2,100 74
Senior Housing Trust .................................... 12,100 164
Trizec Properties, Inc. ................................. 5,900 67
------
3,029
Real Estate Operations - 1.1%
AMB Property Corp. ...................................... 2,800 79
Developers Diversified Realty Corp. ..................... 1,968 56
iStar Financial, Inc. ................................... 4,333 158
La Quinta Corp. ......................................... 19,800 85
LNR Property Corp. ...................................... 4,027 151
Redwood Trust, Inc. ..................................... 5,218 208
------
737
Road & Rail - 0.8%
C.H. Robinson Worldwide, Inc. ........................... 2,500 89
Dollar Thrifty Automotive Group, Inc. * ................. 7,000 130
Florida East Coast Industries, Inc. ..................... 4,037 103
Landstar Systems, Inc. * ................................ 800 50
Roadway Express, Inc. * ................................. 3,300 94
95
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL/MID CAP CORE FUND
Market
Name of Issuer Shares Value
- ---------------------------------------------------------- ------- --------
(000's)
COMMON STOCK - Continued
Road & Rail - Continued
USF Corp. ............................................. 1,500 $ 41
--------
507
Semiconductor Equipment & Products - 2.1%
Artisan Components, Inc. .............................. 3,000 68
Cree, Inc. * .......................................... 6,200 101
Genesis Microchip, Inc. * ............................. 5,400 73
Globespan Virata, Inc. * .............................. 19,238 159
Silicon Laboratories, Inc. * .......................... 33,400 890
Silicon Storage Technology, Inc. * .................... 16,900 71
Standard Microsystems Corp. * ......................... 1,800 27
--------
1,389
Software - 1.3%
Ascential Software Corp. .............................. 2,616 43
Citrix Systems, Inc. .................................. 5,361 109
Fair Issac & Co., Inc. ................................ 3,600 185
FileNet Corp. * ....................................... 3,300 60
Group 1 Software, Inc. ................................ 1,888 35
Hyperion Solutions Corp. * ............................ 3,500 118
Imation Corp. * ....................................... 1,483 56
Legato Systems, Inc. * ................................ 11,800 99
Radiant Systems, Inc. * ............................... 4,497 30
Roxio, Inc. * ......................................... 5,842 39
RSA Security, Inc. .................................... 1,767 19
Tradestation Group, Inc. .............................. 4,429 46
Verity, Inc. * ........................................ 2,800 35
--------
874
Specialty Retail - 2.0%
Bombay Co., Inc. ...................................... 8,996 96
Cato Corp. - Cl. A .................................... 1,300 27
Circuit City Stores, Inc. ............................. 6,403 56
GameStop Corp. - Cl. A * .............................. 12,733 165
Hollywood Entertainment Corp. * ....................... 8,405 145
Hughes Supply, Inc. ................................... 6,400 222
Movie Gallery, Inc. * ................................. 7,500 138
Petco Animal Supplies, Inc. * ......................... 3,000 65
PetsMart, Inc. * ...................................... 3,500 58
Sonic Automotive, Inc. - CI. A * ...................... 2,800 61
The Finish Line - CI. A * ............................. 4,135 92
The Sports Authority, Inc. * .......................... 6,800 73
Tractor Supply Co. .................................... 1,100 53
Tweeter Home Entertainment Group, Inc. * .............. 7,633 66
--------
1,317
Textiles & Apparel - 1.9%
Brown Shoe Co., Inc. * ................................ 10,600 316
Coach, Inc. * ......................................... 3,313 165
K-Swiss, Inc. - Cl. A ................................. 682 23
Kellwood Co. * ........................................ 14,833 469
Russell Corp. ......................................... 2,090 40
Skechers USA, Inc. .................................... 19,158 142
Unifi, Inc. * ......................................... 9,423 $ 58
--------
1,213
Tobacco - 0.4%
R.J. Reynolds Tobacco Holdings, Inc. .................. 4,808 179
Universal Corp. * ..................................... 1,300 55
--------
234
Trading Companies & Distributors - 0.0%
ACETO Corp. ........................................... 495 9
Wireless Telecommunications Services - 0.3%
United States Cellular Corp. * ........................ 8,000 204
--------
TOTAL COMMON STOCK- 98.2% 64,268
Par
Value
-------
(000's)
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED SECURITIES - 23.9%
State Street Navigator Securities
Lending Portfolio .................................. $15,638 15,638
SHORT-TERM INVESTMENTS - 1.8%
Investment in joint repurchase agreement with Goldman
Sachs & Co., 1.246% due 07/01/03 ................... 1,200 1,200
------- --------
TOTAL INVESTMENTS- 123.8% 81,106
Payables, less cash and receivables- (23.8)% (15,618)
------- --------
NET ASSETS- 100.0% $ 65,488
======= ========
* Non-income producing security.
See notes to financial statements.
96
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL CAP VALUE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Aerospace & Defense - 0.9%
Curtiss Wright Corp. - Cl. B ............................ 12,500 $ 779
EDO Corp. ............................................... 29,300 518
------
1,297
Air Freight & Couriers - 0.8%
United Technologies Worldwide, Inc. ..................... 38,100 1,188
Airlines - 0.0%
Midwest Express Holdings, Inc. * ........................ 26,100 69
Auto Components - 0.3%
Spartan Motors, Inc. .................................... 53,600 443
Banks - 6.6%
Bank of Bermuda, Ltd. ................................... 31,400 1,099
Century Bancorp, Inc. - Cl. A ........................... 15,500 461
Community First Bankshares, Inc. ........................ 55,300 1,510
East West Bancorp, Inc. * ............................... 33,600 1,214
Financial Federal Corp. ................................. 13,500 329
First Republic Bank * ................................... 45,600 1,213
New North Nova Corp. Pennsylvania* ...................... 10,499 318
Silicon Valley Bancshares * ............................. 52,800 1,257
Texas Regional Bancshares, Inc. ......................... 60,830 2,111
------
9,512
Beverages - 0.3%
Symyx Technologies, Inc. * .............................. 28,600 467
Biotechnology - 0.8%
Exelixis, Inc. * ........................................ 65,800 457
Lexicon Genetics, Inc. * ................................ 98,000 657
------
1,114
Building Products - 1.7%
Ameron International Corp. .............................. 19,200 667
Simpson Manufacturing, Inc. * ........................... 23,900 875
WCI Communities, Inc. * ................................. 49,400 950
------
2,492
Chemicals - 1.7%
Airgas, Inc. * .......................................... 64,900 1,087
Arch Chemicals, Inc. .................................... 38,500 735
MacDermid, Inc. ......................................... 21,400 563
------
2,385
Commercial Services & Supplies - 4.5%
Casella Waste Systems, Inc. - Cl. A * ................... 82,000 740
Catalina Marketing Corp. * .............................. 23,900 422
CSS Industries, Inc. * .................................. 22,100 852
G & K Services, Inc. - Cl. A ............................ 28,600 847
McGrath Rent Corp. ...................................... 28,800 770
MPS Group, Inc. * ....................................... 124,800 859
Right Management Consultants, Inc. * .................... 39,900 505
United Stationers, Inc. * ............................... 31,400 1,136
Waste Connections, Inc. * ............................... 9,600 336
------
6,467
Communications Equipment - 0.9%
Cable Design Technologies Corp. * ....................... 183,400 $1,311
Computers & Peripherals - 0.2%
ScanSource, Inc. * ...................................... 9,200 246
Construction & Engineering - 1.4%
Insituform Technologies, Inc. - Cl. A * ................. 62,000 1,096
Maximus, Inc. * ......................................... 31,600 873
------
1,969
Construction Materials - 1.5%
Carlisle Cos., Inc. ..................................... 7,700 325
Florida Rock Industries, Inc. ........................... 26,500 1,094
Granite Construction, Inc. .............................. 37,400 716
------
2,135
Containers & Packaging - 1.2%
AptarGroup, Inc. ........................................ 33,600 1,210
Myers Industries, Inc. .................................. 47,575 452
------
1,662
Diversified Financials - 3.5%
Allied Capital Corp. .................................... 59,200 1,368
American Capital Strategies, Ltd. ....................... 40,600 1,013
First Financial Fund, Inc. * ............................ 62,000 958
Investment Technology Group, Inc. * ..................... 19,300 359
Triad Guaranty, Inc. * .................................. 34,400 1,305
------
5,003
Electric Utilities - 2.8%
Black Hills Corp. ....................................... 43,800 1,345
Cleco Corp. ............................................. 38,800 672
El Paso Electric Co. * .................................. 43,700 539
Otter Tail Power Co. .................................... 22,200 599
PNM Resources, Inc. ..................................... 32,200 861
------
4,016
Electrical Equipment - 1.2%
Deswell Industries, Inc. ................................ 47,500 964
Littelfuse, Inc. * ...................................... 36,200 809
------
1,773
Electronic Equipment & Instruments - 3.6%
Analogic Corp. .......................................... 10,800 527
C&D Technologies, Inc. .................................. 38,100 547
Electro Rent Corp. * .................................... 92,300 995
Franklin Electric Co., Inc. ............................. 25,000 1,391
Methode Electronics, Inc. - Cl. A ....................... 29,100 313
Technitrol, Inc. * ...................................... 27,200 410
Ultimate Electronics, Inc. * ............................ 35,500 455
Woodward Governor Co. ................................... 13,400 576
------
5,214
Energy Equipment & Services - 3.0%
Atwood Oceanics, Inc. * ................................. 18,600 505
97
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL CAP VALUE FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Energy Equipment & Services - Continued
Carbo Ceramics, Inc. .................................... 28,200 $ 1,050
Layne Christensen Co. * ................................. 19,100 154
Lone Star Technologies, Inc. * .......................... 21,900 464
Tetra Technologies, Inc. * .............................. 48,600 1,441
West Hampshire Energy Services, Inc. * .................. 33,200 647
-------
4,261
Finance - 0.3%
Sky Financial Group, Inc. ............................... 19,200 417
Food & Drug Retailing - 1.6%
Casey's General Stores, Inc. * .......................... 97,800 1,383
Sonic Corp. * ........................................... 21,000 534
Wild Oats Markets, Inc. * ............................... 37,600 410
-------
2,327
Food Products - 1.7%
American Italian Pasta Co. * ............................ 18,600 775
NBTY, Inc. * ............................................ 27,100 571
Riviana Foods, Inc. ..................................... 17,600 474
Sensient Technologies Corp. ............................. 30,600 703
-------
2,523
Gas Utilities - 0.7%
New Jersey Resources Corp. .............................. 12,900 458
WGL Holdings , Inc. ..................................... 20,900 558
-------
1,016
Health Care Equipment & Supplies - 3.4%
Amerigroup Corp. * ...................................... 30,000 1,116
Arrow International, Inc. ............................... 9,800 433
Landauer, Inc ........................................... 17,100 715
Owens & Minor, Inc. ..................................... 66,800 1,493
PolyMedica Corp. * ...................................... 24,900 1,140
-------
4,897
Health Care Providers & Services - 1.0%
Amsurg Corp. ............................................ 9,400 287
Corvel Corp. ............................................ 8,800 317
Healthcare Services Group, Inc. ......................... 24,600 348
Orthodontic Centers of America, Inc.* ................... 69,700 558
-------
1,510
Hotels Restaurants & Leisure - 3.6%
CEC Entertainment, Inc. * ............................... 24,300 898
Rare Hospitality International, Inc. * .................. 57,200 1,869
Ruby Tuesday, Inc. ...................................... 101,100 2,500
-------
5,267
Household Durables - 1.5%
Meritage Corp. * ........................................ 13,200 650
Skyline Corp. ........................................... 28,500 855
Stanley Furniture Co., Inc. * ........................... 23,000 631
-------
2,136
Household Products - 1.1%
Mathews International Corp. * ........................... 62,000 $ 1,535
Insurance - 6.7%
Brown & Brown, Inc. ..................................... 52,700 1,713
Delphi Financial Group, Inc. - Cl. A * .................. 14,000 655
IPC Holdings, Ltd. ...................................... 22,600 757
Markel Corp. * .......................................... 4,800 1,229
Ohio Casualty Corp. * ................................... 21,700 286
Platinum Underwriters Holdings .......................... 21,800 592
Proassurance Corp. * .................................... 57,200 1,544
Reinsurance Group of America ............................ 14,600 469
RLI Corp. ............................................... 15,400 507
Scottish Annuity & Life ................................. 58,800 1,188
Universal American Financial Corp. * .................... 115,000 732
-------
9,672
Internet & Catalog Retail - 0.7%
Jersey Jill Group, Inc. * ............................... 63,300 1,066
Internet Software & Services - 1.4%
Netegrity, Inc. * ....................................... 54,800 320
Packeteer, Inc. * ....................................... 74,100 1,154
Websense, Inc. * ........................................ 39,100 612
-------
2,086
Leisure Equipment & Products - 1.0%
SCP Pool Corp. * ........................................ 43,200 1,486
Machinery - 3.2%
Albany International Corp. - CI . A ..................... 14,200 389
IDEX Corp. .............................................. 27,000 978
Kadant, Inc. * .......................................... 24,100 452
Nordson Corp. ........................................... 35,300 842
Quixote Corp. ........................................... 34,000 868
Thomas Industries, Inc. ................................. 39,100 1,058
-------
4,587
Marine - 0.2%
Kirby Corp. * ........................................... 9,600 271
Media - 1.6%
Journal Register Co. * .................................. 41,100 744
Saga Communications, Inc. - CI. A * ..................... 66,600 1,295
Sinclair Broadcast Group, Inc. * ........................ 20,700 240
-------
2,279
Metals & Mining - 1.8%
Aber Diamond Corp. ...................................... 17,000 353
Carpenter Technology Corp. * ............................ 23,800 371
Gibraltar Steel Corp. ................................... 38,600 791
Penn Virginia Corp. ..................................... 24,100 1,036
-------
2,551
Multi-Utilities - 0.5%
Vectren Corp. * ......................................... 28,900 724
98
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL CAP VALUE FUND
Market
Name of Issuer Shares Value
- ---------------------------------------------------------- -------- --------
(000's)
COMMON STOCK - Continued
Multiline Retail - 1.6%
Freds, Inc. ........................................... 43,500 $ 1,617
Stein Mart, Inc. * .................................... 116,700 699
--------
2,316
Oil & Gas - 2.3%
Cimarex Energy Co. * .................................. 5,900 140
Forest Oil Corp. * .................................... 28,100 706
Magnum Hunter Resources, Inc. ......................... 92,600 740
Patina Oil & Gas Corp. ................................ 13,375 430
St. Mary Land & Exploration Co. * ..................... 12,400 338
Westport Resources Corp. * ............................ 13,800 314
XTO Energy, Inc. ...................................... 34,600 696
--------
3,364
Paper & Forest Products - 1.2%
Deltic Timber Corp. ................................... 28,600 814
Wausau-Mosinee Paper Corp. ............................ 77,200 864
--------
1,678
Pharmaceuticals - 1.0%
Bone Care International, Inc. * ....................... 53,900 749
Diversa Corp. * ....................................... 76,300 750
--------
1,499
Real Estate Development - 0.8%
Kilroy Realty Corp. ................................... 42,900 1,180
Real Estate Investment Trust - 5.8%
Arden Realty Group, Inc. .............................. 16,500 428
Bedford Property Investors, Inc. ...................... 28,800 818
Chelsea Property Group, Inc. .......................... 10,000 403
Getty Realty Corp. .................................... 14,900 333
Glenborough Realty Trust, Inc. ........................ 50,500 967
Innkeepers USA Trust. ................................. 66,800 454
LaSalle Hotel Properties .............................. 38,400 568
Maguire Properties, Inc. .............................. 18,600 358
Mid Atlantic Realty Trust ............................. 26,500 555
RAIT Investment Trust ................................. 17,500 464
Reckson Associates Realty Corp. ....................... 16,200 338
Sun Communities, Inc. ................................. 46,900 1,843
Washington Real Estate Investment Trust ............... 28,800 783
--------
8,312
Road & Rail - 3.3%
Dollar Thrifty Automotive Group, Inc. * ............... 21,500 399
Genesee & Wyo., Inc. -Cl. A ........................... 49,400 1,016
Hub Group Inc. * ...................................... 13,500 118
Landstar Systems, Inc. * .............................. 34,000 2,137
USF Corp. ............................................. 26,700 720
Werner Enterprises, Inc. * ............................ 15,600 331
--------
4,721
Semiconductor Equipment & Products - 2.3%
Atmi, Inc. * .......................................... 31,500 $ 786
ESS Technology, Inc. * ................................ 52,600 513
Exar Corp. * .......................................... 56,800 899
Mykrolis Corp. * ...................................... 72,600 737
Pericom Semiconductor Corp. * ......................... 47,300 440
--------
3,375
Software - 2.2%
Ansys, Inc ............................................ 21,300 662
Black Box Corp. ....................................... 15,400 557
Progress Software Corp. * ............................. 53,000 1,099
SPSS, Inc. ............................................ 46,700 782
Systems & Computer Technology Corp. * ................. 14,200 128
--------
3,228
Specialty Retail - 6.1%
Aaron Rents, Inc. ..................................... 53,100 1,370
Guitar Center, Inc. ................................... 24,300 705
Hancock Fabrics, Inc. ................................. 43,600 704
Haverty Furniture Co., Inc. ........................... 76,900 1,346
Hibbett Sporting Goods, Inc. * ........................ 47,600 1,568
Hughes Supply, Inc. ................................... 8,300 288
O'Reilly Automotive, Inc. * ........................... 40,900 1,365
Shoe Carnival, Inc. * ................................. 23,800 351
TBC Corp. * ........................................... 60,100 1,145
--------
8,842
Textiles & Apparel - 0.6%
Culp, Inc. * .......................................... 40,300 278
Unifi, Inc. * ......................................... 101,300 628
--------
906
Tobacco - 0.6%
Universal Corp. * ..................................... 19,700 833
--------
TOTAL COMMON STOCK- 96.7% 139,628
Par
Value
--------
(000's)
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 19.5%
State Street Navigator Securities Lending Portfolio ... $ 28,156 28,156
99
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL CAP VALUE FUND
Par Market
Name of Issuer Value Value
- --------------------------------------------------------- -------- --------
(000's) (000's)
SHORT-TERM INVESTMENTS - 3.0%
Investment in joint trading account (Note B)
1.181% due 07/01/03 .................................. $ 4,354 $ 4,354
-------- --------
TOTAL INVESTMENTS- 119.2% 172,138
Payables, less cash and receivables- (19.2)% (27,713)
-------- --------
NET ASSETS- 100.0% $144,425
======== ========
* Non-income producing security.
See notes to financial statements.
100
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
REAL ESTATE EQUITY FUND
Market
Name of Issuer Shares Value
- --------------------------------------------------------- -------- --------
(000's) (000's)
COMMON STOCK
Real Estate Development - 5.9%
Catellus Development Corp. * ......................... 160,100 $ 3,522
Rouse Co. ............................................ 192,400 7,331
The Macerich Co. ..................................... 10,200 358
--------
11,211
Real Estate Investment Trust - 75.5%
American Financial Realty Trust ...................... 12,400 185
AMLI Residential Properties Trust .................... 33,500 789
Apartment Investment & Management Co. ................ 56,500 1,955
Archstone Communities Trust .......................... 350,010 8,400
Arden Realty Group, Inc. ............................. 210,200 5,455
Avalonbay Communities, Inc. .......................... 157,322 6,708
Boston Properties, Inc. .............................. 174,550 7,645
BRE Properties, Inc. ................................. 81,600 2,709
Brookfield Homes Corp. .............................. 33,740 520
CarrAmerica Realty Corp. ............................. 48,000 1,335
Centerpoint Properties Corp. ......................... 30,100 1,844
Chateau Communities, Inc. ............................ 55,250 1,635
Chelsea Property Group, Inc. ......................... 42,100 1,697
Cousins Properties, Inc. ............................. 32,800 915
Equity Office Properties Trust * ..................... 184,835 4,992
Equity Residential Properties Trust * ................ 312,500 8,109
Essex Property Trust, Inc. ........................... 66,600 3,813
Federal Realty Investment Trust ...................... 147,000 4,704
FelCor Lodging Trust, Inc. ........................... 55,100 433
General Growth Properties ............................ 152,400 9,516
Highwoods Properties, Inc. ........................... 84,300 1,880
Home Properties of New York, Inc. .................... 49,500 1,744
Host Marriott Corp. * ................................ 533,000 4,877
Innkeepers USA Trust ................................. 17,000 116
Kimco Realty Corp. ................................... 59,600 2,259
Liberty Property Trust ............................... 40,200 1,391
Mack-Cali Realty LP * ................................ 143,300 5,213
Nationwide Health Properties, Inc. ................... 68,155 1,086
PAN Pacific Retail Properties, Inc. .................. 79,100 3,113
Pennsylvania Real Estate Investment .................. 15,900 476
Post Properties, Inc. ................................ 33,900 898
Prologis Trust ....................................... 390,570 10,663
Public Storage, Inc. ................................. 108,800 3,685
Reckson Associates Realty Corp. ...................... 35,300 736
Regency Centers Corp. ................................ 140,455 4,913
Shurgard Storage Centers, Inc. ....................... 45,500 1,505
Simon Property Group, Inc. ........................... 374,200 14,605
SL Green Realty Corp. ................................ 84,900 2,962
Summit Properties, Inc. .............................. 10,900 225
Sun Communities, Inc. ................................ 11,200 440
Taubman Centers, Inc. ................................ 108,700 2,083
Trizec Properties, Inc. .............................. 51,300 583
United Dominion Realty Trust, Inc. ................... 180,400 3,107
Ventas, Inc. ......................................... 38,400 582
Vornado Realty Trust ................................. 54,500 2,376
--------
144,877
Real Estate Operations - 15.7%
AMB Property Corp. ................................... 161,100 $ 4,538
Boardwalk Equities, Inc. ............................. 42,100 478
Brookfield Properties Corporation .................... 369,600 7,854
Developers Diversified Realty Corp. .................. 93,400 2,656
Forest City Enterprises, Inc. ........................ 14,400 597
Frontline Capital Group * ............................ 121,500 1
Hilton Hotels Corp. * ................................ 400,300 5,120
Manufactured Home Communities, Inc. .................. 53,800 1,889
Starwood Hotels & Resorts Worldwide, Inc. * .......... 241,600 6,907
Wyndham International, Inc. .......................... 179,800 79
--------
30,119
--------
TOTAL COMMON STOCK- 97.1% 186,207
Par
Value
(000's)
--------
SHORT-TERM INVESTMENTS - 2.6%
Investment in joint trading account
(Note B)
1.181% due 07/01/03 ............................... $ 5,050 5,050
-------- --------
TOTAL INVESTMENTS- 99.7% 191,257
Cash and Receivables, less payables- 0.3% 611
-------- --------
NET ASSETS- 100.0% $191,868
======== ========
* Non-income producing security.
See notes to financial statements.
101
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
GROWTH & INCOME FUND
Market
Name of Issuer Shares Value
- --------------------------------------------------------- --------- --------
(000's)
COMMON STOCK
Aerospace & Defense - 0.8%
Boeing Co. * ......................................... 251,800 $ 8,642
General Dynamics Corp. * ............................. 36,000 2,610
Precision Castparts Corp. ............................ 47,500 1,477
Rockwell Collins, Inc. * ............................. 82,579 2,034
--------
14,763
Air Freight & Couriers - 0.7%
Fedex Corp. .......................................... 116,700 7,239
United Parcel Service, Inc. - Cl. B .................. 100,000 6,370
--------
13,609
Auto Components - 0.1%
Superior Industries International, Inc. .............. 44,600 1,860
Automobiles - 1.1%
Ford Motor Co. ....................................... 600,400 6,598
General Motors Corp. * ............................... 284,900 10,256
Harley-Davidson, Inc. * .............................. 111,100 4,429
--------
21,283
Banks - 5.7%
Bank of America Corp. * .............................. 486,300 38,432
Charter One Financial, Inc. .......................... 514,055 16,028
Comerica, Inc. * ..................................... 20,000 930
First Tennessee National Corp. ....................... 47,400 2,081
FleetBoston Financial Corp. .......................... 510,100 15,155
JP Morgan Chase & Co. ................................ 411,849 14,077
M & T Bank Corp. * ................................... 149,200 12,566
TCF Financial Corp. .................................. 47,100 1,877
US Bancorp * ......................................... 77,500 1,899
Wachovia Corp. * ..................................... 165,000 6,593
--------
109,638
Beverages - 1.8%
Anheuser-Busch Cos., Inc. ............................ 299,700 15,300
Pepsi Bottling Group, Inc. * ......................... 40,600 813
PepsiCo, Inc. * ...................................... 394,200 17,542
Starbucks Corp. * .................................... 63,200 1,549
--------
35,204
Biotechnology - 2.6%
Amgen, Inc. * ........................................ 500,400 33,247
Genetech, Inc. * ..................................... 9,000 649
Genzyme Corp. * ...................................... 220,700 9,225
Gilead Sciences, Inc. * .............................. 46,800 2,601
MedImmune, Inc. * .................................... 77,700 2,826
Sepracor, Inc. * ..................................... 74,629 1,346
--------
49,894
Chemicals - 1.0%
Dow Chemical Co. * ................................... 189,200 5,858
Praxair, Inc. * ...................................... 199,300 11,978
Rohm & Haas Co. ...................................... 19,800 614
--------
18,450
Commercial Services & Supplies - 1.1%
Apollo Group, Inc. - Cl. A * ......................... 23,000 $ 1,421
Avery Dennison Corp. * ............................... 140,000 7,028
Honeywell International, Inc. ........................ 293,700 7,886
Paychex, Inc. ........................................ 134,200 3,933
--------
20,268
Communications Equipment - 1.1%
Cisco Systems, Inc. * ................................ 1,121,700 18,721
Qualcomm, Inc. * ..................................... 55,300 1,977
--------
20,698
Computers & Peripherals - 6.4%
Dell Computer Corp. * ................................ 448,100 14,321
EMC Corp. * .......................................... 1,255,800 13,148
Hewlett-Packard Co. * ................................ 543,800 11,583
Intel Corp. .......................................... 1,695,900 35,248
International Business Machines Corp. ................ 361,100 29,791
Lexmark International Group, Inc. - Cl. A * .......... 169,100 11,967
Sun Microsystems, Inc. ............................... 1,495,000 6,877
--------
122,935
Construction & Engineering - 0.1%
Fluor Corp. * ........................................ 57,300 1,928
Construction Materials - 0.1%
Nucor Corp. .......................................... 49,200 2,403
Containers & Packaging - 0.3%
Ball Corp. ........................................... 91,000 4,141
Smurfit-Stone Container Corp. * ...................... 145,900 1,901
--------
6,042
Credit Card - 0.7%
MBNA Corp. * ......................................... 675,391 14,075
Diversified Financials - 7.8%
American Express Co. * ............................... 150,000 6,272
Capital One Financial Corp. .......................... 80,700 3,969
Citigroup, Inc. * .................................... 1,297,214 55,521
Goldman Sachs Group, Inc. ............................ 59,200 4,958
Merrill Lynch & Co., Inc. * .......................... 427,300 19,946
Morgan Stanley, Dean Witter, Discover & Co. .......... 403,800 17,262
State Street Corp. ................................... 79,100 3,117
Washington Mutual, Inc. * ............................ 214,800 8,871
Wells Fargo & Co. * .................................. 593,100 29,892
--------
149,808
Diversified Telecommunication Services - 3.1%
CenturyTel, Inc. ..................................... 225,500 7,858
SBC Communications, Inc. * ........................... 771,303 19,707
Verizon Communications * ............................. 800,200 31,568
--------
59,133
102
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
GROWTH & INCOME FUND
Market
Name of Issuer Shares Value
- --------------------------------------------------------- --------- --------
(000's)
COMMON STOCK - Continued
Electric Utilities - 2.0%
Cinergy Corp. * ...................................... 29,100 $ 1,071
Constellation Energy Group, Inc. * ................... 95,500 3,276
Entergy Corp. * ...................................... 243,800 12,868
Exelon Corp. * ....................................... 31,200 1,866
FPL Group, Inc. ...................................... 189,700 12,681
Southern Co. ......................................... 220,000 6,855
--------
38,617
Electric/Gas - 0.6%
Dominion Resources, Inc. ............................. 174,500 11,215
Electrical Equipment - 1.3%
Rockwell International Corp. * ....................... 343,600 8,191
United Technologies Corp. * .......................... 232,300 16,454
--------
24,645
Electronic Equipment & Instruments - 0.1%
Jabil Circuit, Inc. * ................................ 40,200 888
Energy Equipment & Services - 0.5%
Cooper Cameron Corp. * ............................... 27,600 1,390
Halliburton Co. * .................................... 377,000 8,671
--------
10,061
Food & Drug Retailing - 0.2%
Walgreen Co. * ....................................... 75,500 2,273
Williams-Sonoma, Inc. * .............................. 77,300 2,257
--------
4,530
Food Products - 0.6%
Corn Products International, Inc. .................... 113,000 3,393
General Mills, Inc. * ................................ 156,900 7,439
--------
10,832
Health Care Equipment & Supplies - 1.5%
Amerisource Bergen Corp. * ........................... 53,000 3,676
Boston Scientific Corp. * ............................ 64,100 3,916
Medtronic, Inc. * .................................... 267,648 12,839
St. Jude Medical, Inc. * ............................. 136,800 7,866
--------
28,297
Health Care Providers & Services - 2.0%
Advance PCS * ........................................ 23,700 906
Anthem, Inc. * ....................................... 171,700 13,247
Cardinal Health, Inc. * .............................. 60,300 3,877
DaVita, Inc. * ....................................... 150,000 4,017
Express Scripts, Inc. - Cl. A * ...................... 32,300 2,207
UnitedHealth Group, Inc. * ........................... 168,206 8,452
Wellpoint Health Networks, Inc. * .................... 64,300 5,421
--------
38,127
Hotels Restaurants & Leisure - 0.6%
Darden Restaurants, Inc. * ........................... 65,000 1,234
Hilton Hotels Corp. * ................................ 114,100 1,459
International Game Technology * ...................... 65,000 6,651
International Speedway Corp. - Cl. A ................. 17,000 672
Marriott International, Inc. - Cl. A * ............... 55,000 $ 2,113
--------
12,129
Household Products - 2.2%
Clorox Co. * ......................................... 176,600 7,532
Dial Corp. ........................................... 102,400 1,992
Procter & Gamble Co. * ............................... 366,500 32,684
--------
42,208
Industrial Conglomerates - 2.6%
3M Co. ............................................... 59,800 7,713
General Electric Co. * ............................... 1,486,700 42,638
--------
50,351
Insurance - 6.8%
AFLAC, Inc. * ........................................ 300,600 9,243
American International Group, Inc. * ................. 521,500 28,776
Chubb Corp. * ........................................ 149,300 8,958
Fidelity National Financial, Inc. * .................. 247,625 7,617
Hartford Financial Services Group, Inc. * ............ 361,450 18,203
Metlife, Inc. * ...................................... 573,200 16,233
Old Republic International Corp. ..................... 67,400 2,310
Protective Life Corp. ................................ 39,100 1,046
Prudential Financial, Inc. * ......................... 489,200 16,461
Radian Group, Inc. ................................... 240,400 8,811
The PMI Group, Inc. .................................. 283,700 7,614
Torchmark, Inc. * .................................... 56,800 2,116
Travelers Property Casualty Corp. - Cl. A * .......... 158,800 2,525
Travelers Property Casualty Corp. - Cl. B * .......... 36,500 576
--------
130,489
Internet & Catalog Retail - 0.1%
eBay, Inc. * ......................................... 14,300 1,490
Internet Software & Services - 0.3%
Yahoo, Inc. * ........................................ 150,000 4,914
IT Consulting & Services - 0.9%
Accenture, Ltd. - Cl. A * ............................ 300,000 5,427
Affiliated Computer Services, Inc. - Cl. A * ......... 18,200 832
Computer Sciences Corp. * ............................ 223,800 8,531
Electronic Data Systems Corp. * ...................... 68,700 1,474
--------
16,264
Leisure Equipment & Products - 0.1%
Hasbro, Inc. * ....................................... 65,700 1,149
Machinery - 1.9%
Danaher Corp. * ...................................... 177,400 12,072
Eaton Corp. * ........................................ 182,500 14,346
Illinois Tool Works, Inc. * .......................... 36,000 2,371
103
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
GROWTH & INCOME FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------- --------- ----------
(000's)
COMMON STOCK - Continued
Machinery - Continued
ITT Industries, Inc. * ............................. 114,100 $ 7,469
----------
36,258
Media - 4.5%
AOL Time Warner, Inc. * ............................ 729,900 11,744
Clear Channel Communications, Inc. * ............... 206,900 8,770
Comcast Corp. - Cl. A .............................. 1,022,275 30,752
Omnicom Group, Inc. * .............................. 23,900 1,714
The Walt Disney Co. * .............................. 1,031,900 20,380
Viacom, Inc. - Cl. B * ............................. 256,800 11,212
Washington Post Co. - Cl. B ........................ 1,700 1,246
----------
85,818
Metals & Mining - 0.2%
Alcan Aluminum, Ltd. * ............................. 110,000 3,442
Multi-Utilities - 0.2%
Energy East Corp. .................................. 150,000 3,114
Multiline Retail - 2.6%
Kohl's Corp. * ..................................... 146,300 7,517
Nordstrom, Inc. .................................... 110,200 2,151
Ross Stores, Inc. .................................. 74,800 3,197
Target Corp. * ..................................... 187,400 7,091
Wal-Mart Stores, Inc. * ............................ 567,700 30,469
----------
50,425
Oil & Gas - 5.8%
Apache Corp. ....................................... 153,720 10,001
BP Amoco plc - ADR ................................. 231,400 9,724
ChevronTexaco Corp. * .............................. 206,100 14,881
Conoco Phillips .................................... 287,500 15,755
Devon Energy Corp. * ............................... 271,022 14,473
Exxon Mobil Corp. * ................................ 1,090,680 39,166
Marathon Oil Corp. * ............................... 133,600 3,520
Murphy Oil Corp. ................................... 15,800 831
Occidental Petroleum Corp. * ....................... 84,900 2,848
----------
111,199
Paper & Forest Products - 0.8%
International Paper Co. * .......................... 448,100 16,011
Personal Products - 1.0%
Alberto-Culver Co. - Cl. B * ....................... 40,700 2,080
Avon Products, Inc. ................................ 28,900 1,798
Colgate-Palmolive Co. .............................. 70,500 4,085
Gillette Co. ....................................... 353,800 11,272
----------
19,235
Pharmaceuticals - 9.8%
Abbott Laboratories * .............................. 78,400 3,431
Allergan, Inc. * ................................... 39,200 3,022
Barr Laboratories, Inc. * .......................... 29,400 1,926
Eli Lilly & Co. * .................................. 48,800 3,366
Forest Laboratories, Inc. * ........................ 113,000 6,187
Johnson & Johnson * ................................ 692,500 $ 35,802
Merck & Co., Inc. * ................................ 492,000 29,791
Pfizer, Inc. * ..................................... 2,287,240 78,109
Watson Pharmaceuticals, Inc. * ..................... 48,900 1,974
Wyeth * ............................................ 535,000 24,369
----------
187,977
Road & Rail - 0.2%
Burlington Northern Santa Fe Corp. * ............... 130,200 3,703
Semiconductor Equipment & Products - 2.1%
Analog Devices, Inc. * ............................. 70,100 2,441
Applied Materials, Inc. * .......................... 587,300 9,314
KLA-Tencor Corp. * ................................. 18,600 865
Novellus Systems, Inc. * ........................... 269,670 9,876
QLogic Corp. * ..................................... 87,100 4,209
Texas Instruments, Inc. * .......................... 800,000 14,080
----------
40,785
Software - 5.0%
Adobe Systems, Inc. ................................ 82,200 2,636
BMC Software, Inc. * ............................... 720,000 11,757
Fair Issac & Co., Inc. ............................. 19,200 988
Mercury Interactive Corp. * ........................ 65,000 2,509
Microsoft Corp. * .................................. 2,090,500 53,538
Oracle Corp. * ..................................... 1,310,300 15,750
Symantec Corp. * ................................... 83,100 3,645
Veritas Software Corp. * ........................... 185,900 5,330
----------
96,153
Specialty Retail - 3.4%
Bed Bath & Beyond, Inc. * .......................... 327,600 12,714
Best Buy Co., Inc. * ............................... 77,400 3,399
Home Depot, Inc. * ................................. 623,600 20,654
Lowe's Cos., Inc. * ................................ 484,500 20,809
Staples, Inc. * .................................... 330,000 6,056
TJX Cos., Inc. * ................................... 119,100 2,244
----------
65,876
Textiles & Apparel - 0.8%
Liz Claiborne, Inc. * .............................. 75,200 2,651
Nike, Inc. - Cl. B ................................. 224,100 11,987
----------
14,638
Tobacco - 1.4%
Altria Group, Inc. ................................. 589,300 26,778
Trading Companies & Distributors - 0.4%
CDW Corp. .......................................... 150,000 6,870
U.S. Government Agencies - 2.0%
Federal Home Loan Mortgage Corp. ................... 245,000 12,439
Federal National Mortgage Assoc. * ................. 385,800 26,018
----------
38,457
----------
TOTAL COMMON STOCK- 99.0% 1,894,936
104
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
GROWTH & INCOME FUND
Par Market
Name of Issuer Value Value
- -------------------------------------------------------- ------- ----------
(000's) (000's)
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 1.5%
State Street Navigator Securities
Lending Portfolio ................................ $28,498 $ 28,498
SHORT-TERM INVESTMENTS - 0.9%
Investment in joint trading account
(Note B)
1.181% due 07/01/03 .............................. 17,127 17,127
------- ----------
TOTAL INVESTMENTS- 101.4% 1,940,561
Payables, less cash and receivables- (1.4)% (26,022)
------- ----------
NET ASSETS- 100.0% $1,914,539
======= ==========
* Non-income producing security.
ADR-American Depository Receipt.
See notes to financial statements.
105
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Market
Name of Issuer Shares Value
- ---------------------------------------------------------- --------- -------
(000's)
COMMON STOCK
Aerospace & Defense - 0.8%
Boeing Co. (US) ....................................... 323,300 $11,095
Raytheon Co. (US) ..................................... 27,800 913
Rockwell Collins, Inc. (US) ........................... 143,600 3,537
-------
15,545
Air Freight & Couriers - 0.3%
Fedex Corp. (US) ...................................... 97,700 6,060
Auto Components - 0.3%
Ingersoll-Rand Co. - Cl. A (US) ....................... 47,200 2,234
Magna International , Inc. - Cl. A
(US) ............................................... 52,000 3,498
-------
5,732
Automobiles - 1.5%
Ford Motor Co. (US) ................................... 1,222,800 13,439
General Motors Corp. (US) ............................. 166,700 6,001
General Motors Corp. - Cl. H (US) ..................... 182,300 2,335
Harley-Davidson, Inc. (US) ............................ 195,600 7,797
-------
29,572
Banks - 2.9%
Bank of America Corp. (US) ............................ 179,200 14,162
Bank One Corp. (US) ................................... 191,900 7,135
Charter One Financial, Inc. (US) ...................... 289,500 9,027
FleetBoston Financial Corp. (US) ...................... 215,300 6,397
JP Morgan Chase & Co. (US) ............................ 355,600 12,154
TCF Financial Corp. (US) .............................. 104,400 4,159
Wachovia Corp. (US) ................................... 125,000 4,995
-------
58,029
Beverages - 1.2%
Anheuser-Busch Cos., Inc. (US) ........................ 133,700 6,826
Pepsi Bottling Group, Inc. (US) ....................... 53,000 1,061
PepsiCo, Inc. (US) .................................... 335,800 14,943
-------
22,830
Biotechnology - 1.1%
Amgen, Inc. (US) ...................................... 291,800 19,387
Biogen, Inc. (US) ..................................... 16,100 612
Genetech, Inc. (US) ................................... 37,000 2,668
-------
22,667
Chemicals - 0.5%
Air Products & Chemicals, Inc. (US) ................... 84,400 3,511
E.I. du Pont de Nemours & Co. (US) .................... 76,700 3,194
Praxair, Inc. (US) .................................... 61,600 3,702
-------
10,407
Commercial Services & Supplies - 1.0%
Automatic Data Processing, Inc. (US) .................. 39,400 1,334
Avery Dennison Corp. (US) ............................. 147,700 7,415
Checkfree Corp. (US) .................................. 58,900 1,640
Honeywell International, Inc. (US) .................... 210,100 5,641
Monster Worldwide, Inc. (US) .......................... 47,200 $ 931
Robert Half International, Inc. (US) .................. 61,000 1,155
Sabre Group Holdings, Inc. (US) ....................... 87,800 2,164
-------
20,280
Communications Equipment - 0.6%
Cisco Systems, Inc. (US) .............................. 604,300 10,086
JDS Uniphase Corp. (US) ............................... 294,000 1,032
Polycom, Inc. (US) .................................... 51,900 719
Qualcomm, Inc. (US) ................................... 27,700 990
-------
12,827
Computers & Peripherals - 3.2%
Apple Computer, Inc. (US) ............................. 33,000 631
Dell Computer Corp. (US) .............................. 227,500 7,271
EMC Corp. (US) ........................................ 921,000 9,643
Intel Corp. (US) ...................................... 679,100 14,114
International Business Machines
Corp. (US) ......................................... 169,500 13,984
Lexmark International Group, Inc. -
Cl. A (US) ......................................... 172,100 12,180
Seagate Technology (US) ............................... 52,700 930
Sun Microsystems, Inc. (US) ........................... 1,000,675 4,603
-------
63,356
Construction & Engineering - 0.3%
American Standard Cos., Inc. (US) ..................... 42,500 3,142
Fluor Corp. (US) ...................................... 81,300 2,735
-------
5,877
Containers & Packaging - 0.1%
Ball Corp. (US) ....................................... 60,000 2,731
Diversified Financials - 4.6%
AmeriCredit Corp. (US) ................................ 92,200 788
Citigroup, Inc. (US) .................................. 667,200 28,556
Merrill Lynch & Co., Inc. (US) ........................ 93,100 4,346
Morgan Stanley, Dean Witter,
Discover & Co. (US) ................................ 174,500 7,460
SLM Corp. (US) ........................................ 448,400 17,564
State Street Corp. (US) ............................... 14,900 587
Washington Mutual, Inc. (US) .......................... 412,300 17,028
Wells Fargo & Co. (US) ................................ 288,900 14,561
-------
90,890
Diversified Telecommunication Services - 2.2%
AT&T Corp. (US) ....................................... 123,040 2,369
BellSouth Corp. (US) .................................. 259,100 6,900
CenturyTel, Inc. (US) ................................. 131,400 4,579
Cox Communications, Inc. - Cl. A
(US) ............................................... 44,000 1,404
SBC Communications, Inc. (US) ......................... 254,500 6,502
Sprint Corp. (US) ..................................... 210,300 3,028
Sprint PCS (US) ....................................... 620,200 3,566
106
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Market
Name of Issuer Shares Value
- ---------------------------------------------------------- --------- -------
(000's)
COMMON STOCK - Continued
Diversified Telecommunication Services - Continued
Verizon Communications (US) ........................... 362,100 $14,285
-------
42,633
Electric Utilities - 1.3%
AES Corp. (US) ........................................ 371,100 2,356
American Electric Power Co. (US) ...................... 43,500 1,298
Constellation Energy Group, Inc.
(US) ............................................... 75,000 2,573
Entergy Corp. (US) .................................... 187,200 9,880
FPL Group, Inc. (US) .................................. 75,000 5,014
Pinnacle West Capital Corp. (US) ...................... 41,200 1,543
Southern Co. (US) ..................................... 75,000 2,337
-------
25,001
Electric/Gas - 0.2%
Dominion Resources, Inc. (US) ......................... 50,000 3,213
Electrical Equipment - 1.0%
Emerson Electric Co. (US) ............................. 17,400 889
Rockwell International Corp. (US) ..................... 247,000 5,889
United Technologies Corp. (US) ........................ 173,900 12,317
-------
19,095
Electronic Equipment & Instruments - 0.0%
Agilent Technologies, Inc. (US) ....................... 33,000 645
Energy Equipment & Services - 1.0%
Baker Hughes, Inc. (US) ............................... 196,300 6,590
Cooper Cameron Corp. (US) ............................. 60,000 3,023
Halliburton Co. (US) .................................. 294,900 6,783
Schlumberger, Ltd. (US) ............................... 20,300 965
Weatherford Bermuda (US) .............................. 52,300 2,191
-------
19,552
Food & Drug Retailing - 0.2%
Williams-Sonoma, Inc. (US) ............................ 158,000 4,614
Food Products - 1.1%
Archer Daniels Midland Co. (US) ....................... 345,000 4,440
Campbell Soup Co. (US) ................................ 159,300 3,903
General Mills, Inc. (US) .............................. 107,700 5,106
Kraft Foods, Inc. - Cl. A (US) ........................ 31,000 1,009
Unilever NV (US) ...................................... 136,600 7,376
-------
21,834
Gas Utilities - 0.7%
Kinder Morgan Management LLC
(US) ............................................... 92,190 3,453
Sempra Energy (US) .................................... 238,000 6,790
Williams Cos., Inc. (US) .............................. 369,200 2,917
-------
13,160
Health Care Equipment & Supplies - 0.6%
Applera Corporation - Applied
Biosystems Group (US) .............................. 170,700 3,248
Becton, Dickinson & Co. (US) .......................... 26,900 1,045
Guidant Corp. (US) .................................... 21,500 954
Medtronic, Inc. (US) .................................. 35,200 $ 1,689
St. Jude Medical, Inc. (US) ........................... 99,600 5,727
-------
12,663
Health Care Providers & Services - 1.7%
Anthem, Inc. (US) ..................................... 120,600 9,304
DaVita, Inc. (US) ..................................... 100,900 2,702
HCA-The Healthcare Corp. (US) ......................... 34,400 1,102
Lincare Holdings, Inc. (US) ........................... 76,200 2,401
McKesson HBOC, Inc. (US) .............................. 146,600 5,240
UnitedHealth Group, Inc. (US) ......................... 141,200 7,096
Wellpoint Health Networks, Inc. (US) .................. 65,400 5,513
-------
33,358
Hotels Restaurants & Leisure - 0.2%
Carnival Corp. (US) ................................... 60,100 1,954
McDonald's Corp. (US) ................................. 38,300 845
Starwood Hotels & Resorts
Worldwide, Inc. (US) .................................. 30,200 863
-------
3,662
Household Products - 1.1%
Clorox Co. (US) ....................................... 163,600 6,978
Procter & Gamble Co. (US) ............................. 174,000 15,517
-------
22,495
Industrial Conglomerates - 1.9%
General Electric Co. (US) ............................. 1,261,700 36,185
Tyco International, Ltd. (US) ......................... 45,500 864
-------
37,049
Insurance - 4.7%
American International Group, Inc.
(US) ............................................... 301,600 16,642
Chubb Corp. (US) ...................................... 66,000 3,960
Cincinnati Financial Corp. (US) ....................... 25,800 957
Everest Re Group, Ltd. (US) ........................... 123,700 9,463
Hartford Financial Services Group,
Inc. (US) .......................................... 304,200 15,320
Metlife, Inc. (US) .................................... 369,300 10,459
Prudential Financial, Inc. (US) ....................... 422,400 14,214
Radian Group, Inc. (US) ............................... 77,500 2,840
The PMI Group, Inc. (US) .............................. 187,100 5,022
Torchmark, Inc. (US) .................................. 139,100 5,181
Travelers Property Casualty Corp. -
Cl. B (US) ......................................... 318,700 5,026
XL Capital, Ltd. - Cl. A (US) ......................... 34,500 2,863
-------
91,947
Internet & Catalog Retail - 0.1%
Amazon.com, Inc. (US) ................................. 33,100 1,208
Internet Software & Services - 0.2%
VeriSign, Inc. (US) ................................... 45,000 622
107
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Market
Name of Issuer Shares Value
- ---------------------------------------------------------- --------- -------
(000's)
COMMON STOCK - Continued
Internet Software & Services - Continued
Yahoo, Inc. (US) ...................................... 119,700 $ 3,922
-------
4,544
IT Consulting & Services - 1.0%
Accenture, Ltd. - Cl. A (US) .......................... 419,200 7,583
Affiliated Computer Services, Inc. -
Cl. A (US) ......................................... 71,600 3,274
Computer Sciences Corp. (US) .......................... 131,100 4,998
SunGard Data Systems, Inc. (US) ....................... 188,100 4,874
-------
20,729
Machinery - 0.3%
Danaher Corp. (US) .................................... 82,600 5,621
Navistar International Corp., Inc. - Cl.
B (US) ............................................. 28,000 914
-------
6,535
Media - 3.6%
AOL Time Warner, Inc. (US) ............................ 656,376 10,561
Cablevision Systems Corp. - Cl. A
(US) ............................................... 239,861 4,980
Clear Channel Communications, Inc.
(US) ............................................... 139,600 5,918
Comcast Corp. - Cl. A (US) ............................ 472,200 14,251
Entercom Communications Corp.
(US) ............................................... 5,200 255
Fox Entertainment Group, Inc. - Cl. A
(US) ............................................... 55,000 1,583
Interactive Corp. (US) ................................ 200,100 7,918
Interpublic Group Cos., Inc. (US) ..................... 78,200 1,046
Knight-Ridder, Inc. (US) .............................. 13,600 937
Liberty Media Corp. - Ser. A (US) ..................... 220,908 2,554
Radio One, Inc. - Cl. D (US) .......................... 54,500 968
The Walt Disney Co. (US) .............................. 545,000 10,764
Viacom, Inc. - Cl. B (US) ............................. 187,000 8,164
Vivendi Universal - ADR (US) .......................... 30,300 559
-------
70,458
Metals & Mining - 0.3%
Alcan Aluminum, Ltd. (US) ............................. 150,000 4,693
Phelps Dodge Corp. (US) ............................... 22,900 878
-------
5,571
Multi-Utilities - 0.1%
NiSource, Inc. (US) ................................... 61,400 1,167
Multiline Retail - 1.5%
Costco Wholesale Corp. (US) ........................... 95,700 3,502
Kohl's Corp. (US) ..................................... 32,500 1,670
Wal-Mart Stores, Inc. (US) ............................ 437,300 23,470
-------
28,642
Oil & Gas - 3.4%
Apache Corp. (US) ..................................... 83,900 5,458
BJ Services Co. (US) .................................. 55,300 2,066
BP Amoco plc - ADR (US) ............................... 33,300 $ 1,399
ChevronTexaco Corp. (US) .............................. 123,100 8,888
Conoco Phillips (US) .................................. 125,800 6,894
Equitable Resources, Inc. (US) ........................ 14,500 591
Exxon Mobil Corp. (US) ................................ 954,200 34,265
Kinder Morgan, Inc. (US) .............................. 70 4
Royal Dutch Petroleum Co. (US) ........................ 74,000 3,450
Unocal Corp. (US) ..................................... 116,300 3,337
-------
66,352
Paper & Forest Products - 0.8%
Bowater, Inc. (US) .................................... 34,800 1,303
International Paper Co. (US) .......................... 427,200 15,264
-------
16,567
Personal Products - 0.4%
Gillette Co. (US) ..................................... 218,200 6,952
Pharmaceuticals - 6.9%
Allergan, Inc. (US) ................................... 124,600 9,607
AstraZeneca Group Plc - ADR (US) ...................... 328,500 13,393
Forest Laboratories, Inc. (US) ........................ 218,600 11,968
Johnson & Johnson (US) ................................ 303,700 15,701
Merck & Co., Inc. (US) ................................ 296,700 17,965
Pfizer, Inc. (US) ..................................... 1,521,400 51,956
Wyeth (US) ............................................ 351,200 15,997
-------
136,587
Real Estate Investment Trust - 0.1%
General Growth Properties (US) ........................ 20,100 1,255
Semiconductor Equipment & Products - 2.0%
Altera Corp. (US) ..................................... 42,600 699
Applied Materials, Inc. (US) .......................... 757,800 12,019
Applied Micro Circuits Corp. (US) ..................... 58,100 351
KLA-Tencor Corp. (US) ................................. 24,500 1,139
Lam Research Corp. (US) ............................... 40,200 732
Maxim Integrated Products, Inc. (US) .................. 91,600 3,132
Novellus Systems, Inc. (US) ........................... 101,700 3,724
Teradyne, Inc. (US) ................................... 29,900 518
Texas Instruments, Inc. (US) .......................... 967,800 17,033
-------
39,347
Software - 3.5%
BEA Systems, Inc. (US) ................................ 243,300 2,642
BMC Software, Inc. (US) ............................... 423,900 6,922
Cadence Design Systems, Inc. (US) ..................... 71,900 867
Mercury Interactive Corp. (US) ........................ 110,300 4,259
Microsoft Corp. (US) .................................. 1,395,800 35,746
Network Associates, Inc. (US) ......................... 63,300 803
Oracle Corp. (US) ..................................... 875,000 10,518
Sap Aktiengesellschaft - ADR (US) ..................... 65,500 1,914
Symantec Corp. (US) ................................... 85,000 3,728
108
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Market
Name of Issuer Shares Value
- -------------------------------------------------------- -------- ----------
(000's)
COMMON STOCK - Continued
Software - Continued
Veritas Software Corp. (US) ......................... 35,100 $ 1,006
----------
68,405
Specialty Retail - 2.5%
AutoNation, Inc. (US) ............................... 62,000 975
AutoZone, Inc. (US) ................................. 105,900 8,045
Bed Bath & Beyond, Inc. (US) ........................ 139,300 5,406
Home Depot, Inc. (US) ............................... 448,900 14,868
Lowe's Cos., Inc. (US) .............................. 355,000 15,247
RadioShack Corp. (US) ............................... 73,600 1,936
Staples, Inc. (US) .................................. 207,400 3,806
----------
50,283
Textiles & Apparel - 0.5%
Nike, Inc. - Cl. B (US) ............................. 172,700 9,238
Tobacco - 1.0%
Altria Group, Inc. (US) ............................. 354,000 16,086
UST, Inc. (US) ...................................... 105,000 3,678
----------
19,764
Trading Companies & Distributors - 0.4%
CDW Corp. (US) ...................................... 175,000 8,015
U.S. Government Agencies - 1.5%
Federal Home Loan Mortgage Corp. -
Bonds (US) ....................................... 114,700 5,823
Federal National Mortgage Assoc. -
Bonds (US) ....................................... 341,900 23,058
----------
28,881
Wireless Telecommunications Services - 0.1%
AT&T Wireless Group (US) ............................ 350,000 2,874
----------
TOTAL COMMON STOCK- 66.5% 1,311,098
Par
Value
--------
(000's)
PUBLICLY-TRADED BONDS
Aerospace & Defense - 0.2%
Boeing Capital Corp. - Sr. Notes (US)
6.5% due 02/15/12 ................................ $ 1,797 2,027
Bombardier, Inc. 144A (a) (US)
6.75% due 05/01/12 ............................... 883 905
Raytheon Co. - Debs. (US)
6.0% due 03/25/07 ................................ 125 137
Raytheon Co. - Notes (US)
8.3% due 03/01/10 ................................ 133 163
----------
3,232
Airlines - 0.2%
Offshore Logistics, Inc. - Sr. Notes
144A (a) (US)
6.125% due 06/15/13 .............................. 1,400 1,403
Popular North America, Inc. (US)
6.125% due 10/15/06 .............................. 1,439 $ 1,602
----------
3,005
Auto Components - 0.0%
Arvinmeritor, Inc. - Notes (US)
8.75% due 03/01/12 ............................... 15 17
Auto Loan - 0.6%
Ford Motor Credit Co. - Notes (US)
6.875% due 02/01/06 .............................. 953 1,011
Ford Motor Credit Co. (US)
7.25% due 10/25/11 ............................... 1,655 1,701
7.375% due 10/28/09 .............................. 50 52
Ford Motor Credit Co. - Bonds (US)
7.375% due 02/01/11 .............................. 25 26
Ford Motor Credit Co. (US)
7.875% due 06/15/10 .............................. 250 268
General Motors Acceptance Corp.
(US)
6.875% due 08/28/12 .............................. 1,000 998
7.5% due 07/15/05 ................................ 1,743 1,868
General Motors Acceptance Corp. -
Notes (US)
6.875% due 09/15/11 .............................. 500 502
8.0% due 11/01/31 ................................ 390 383
General Motors Acceptance Corp. -
Sr. Notes (US)
7.0% due 02/01/12 ................................ 900 906
General Motors Acceptance Corp. -
Bonds (US)
7.25% due 03/02/11 ............................... 15 15
GMAC Commercial Mortgage
Securities, Inc. - CTF Cl. H 144A
(a) (US)
5.31% due 05/10/36 ............................... 3,000 2,998
----------
10,728
Automobiles - 0.3%
DaimlerChrysler NA - Notes (US)
3.75% due 06/04/08 ............................... 175 173
DaimlerChrysler NA Holding Co. -
Notes (US)
4.75% due 01/15/08 ............................... 180 185
First Invs Auto Owner Trust - Notes
Cl. A (US)
3.46% due 12/15/08 ............................... 50 51
Ford Motor Co. - Bonds (US)
6.625% due 10/01/28 .............................. 2,134 1,776
7.45% due 07/16/31 ............................... 1,460 1,337
109
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Automobiles - Continued
General Motors Corp. - Sr. Debs.
(US)
8.375% due 07/15/33 .................................. $2,334 $ 2,292
Hertz Corp. (US)
7.625% due 08/15/07 .................................. 100 106
-------
5,920
Banks - 2.8%
ABN Amro Bank NV - Sub. Notes
144A (a) (US)
4.65% due 06/04/18 ................................... 2,080 2,052
Bank Americorp. - Sr. Notes (US)
5.125% due 11/15/14 .................................. 70 75
Bank of America Corp. - Sr. Notes
(US)
7.125% due 09/15/06 .................................. 250 288
Bank One Corp. - Sub. Notes (US)
4.9% due 04/30/15 .................................... 90 93
Bank One Corp. - Notes (US)
6.5% due 02/01/06 .................................... 1,238 1,374
Barclays Bank plc - 144A (a) (US)
6.86% due 06/15/32 ................................... 30 35
BNP Paribas - 144A (a) (US)
5.125% due 01/15/15 .................................. 60 63
Central American Bank - 144A (a)
(US)
6.75% due 04/15/13 ................................... 1,350 1,439
Corporacion Andina De Fomento -
Notes (US)
5.2% due 05/21/13 .................................... 1,330 1,347
6.875% due 03/15/12 .................................. 160 182
Credit Suisse First Boston - Ser. 2003
(US)
3.727% due 03/25/35 .................................. 3,867 3,952
Credit Suisse First Boston - Ser.
2003-C3 Cl. F 144A (a) (US)
4.518% due 05/15/38 .................................. 2,000 2,010
Credit Suisse First Boston - Sr. Notes
(US)
4.625% due 01/15/08 .................................. 1,180 1,260
7.125% due 07/15/32 .................................. 1,911 2,305
Credit Suisse First Boston - Notes
(US)
5.75% due 04/15/07 ................................... 739 821
Credit Suisse First Boston (US)
6.5% due 01/15/12 .................................... 125 143
7.29% due 09/15/09 ................................... 4,062 4,840
Credit Suisse First Boston - Ser.
2003-8 Cl. VA1 (US)
6.5% due 04/25/33 .................................... 9,020 9,285
Credit Suisse First Boston Mortgage -
CTF Cl. II A2 (US)
4.375% due 04/25/33 .................................. 128 130
Credit Suisse First Boston Mortgage -
Cl. A2 (US)
5.935% due 01/15/06 .................................. $ 250 $ 272
Credit Suisse First Boston Mortgage -
CF2 Cl. A3 (US)
6.238% due 02/15/34 .................................. 250 282
Credit Suisse First Boston Mortgage
Securities Corp. - Cl. A1 (US)
3.801% due 06/15/06 .................................. 2,095 2,133
Credit Suisse First Boston Mortgage
Securities Corp. (US)
7.545% due 04/15/10 .................................. 2,533 3,086
CS First Boston Mortgage Securities
Corp. - Cl. A1 (US)
6.91% due 01/15/08 ................................... 4,793 5,345
First Union Lehman Brothers Bank -
Ser. 1998 C2 CTF Cl. E (US)
6.778% due 05/18/13 .................................. 2,000 2,238
First Union National Bank
Commercial & Mortgage Trust -
CTF Cl. A1 (US)
5.585% due 08/12/10 .................................. 442 484
FleetBoston Financial Corp. - Sr.
Notes (US)
7.25% due 09/15/05 ................................... 1,248 1,393
JP Morgan Chase & Co. - Notes (US)
5.25% due 05/30/07 ................................... 2,739 3,004
5.35% due 03/01/07 ................................... 2,200 2,409
JP Morgan Chase & Co. - Sub. Notes
(US)
6.75% due 02/01/11 ................................... 3,000 3,521
-------
55,861
Beverages - 0.1%
Anheuser Busch Cos., Inc. - Debs.
(US)
6.5% due 02/01/43 .................................... 1,232 1,446
Chemicals - 0.1%
E.I. Du Pont de Nemours & Co. -
Notes (US)
3.375% due 11/15/07 .................................. 1,410 1,451
Commercial Services & Supplies - 0.6%
Cendant Corp. - Notes (US)
6.875% due 08/15/06 .................................. 150 168
Cendant Corp. - Sr. Notes (US)
6.25% due 01/15/08 ................................... 125 138
6.25% due 03/15/10 ................................... 710 790
7.125% due 03/15/15 .................................. 1,367 1,585
7.375% due 01/15/13 .................................. 1,417 1,669
110
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Commercial Services & Supplies - Continued
Falconbridge, Ltd. - Notes (US)
5.375% due 06/01/15 .................................. $1,395 $ 1,335
HCA, Inc. - Notes (US)
6.25% due 02/15/13 ................................... 650 663
6.95% due 05/01/12 ................................... 150 160
MDC Holdings, Inc. - Sr. Notes (US)
5.5% due 05/15/13 .................................... 90 91
PHH Corp. - Notes (US)
7.125% due 03/01/13 .................................. 70 79
Ryland Group, Inc. - Sr. Notes (US)
5.375% due 06/01/08 .................................. 2,350 2,420
Teppco Partners - Sr. Notes (US)
6.125% due 02/01/13 .................................. 1,308 1,452
Tyco International Group SA - Notes
(US)
5.875% due 11/01/04 .................................. 70 72
6.125% due 01/15/09 .................................. 70 74
Tyco International Group SA - Sr.
Notes (US)
6.375% due 10/15/11 .................................. 1,450 1,523
USA Education , Inc. (US)
5.625% due 04/10/07 .................................. 125 139
Waste Management, Inc. - Sr. Notes (US)
6.375% due 11/15/12 .................................. 125 142
6.5% due 11/15/08 .................................... 80 91
-------
12,591
Communications Equipment - 0.3%
American Tower Corp. - Sr. Notes
(US)
9.375% due 02/01/09 .................................. 900 907
Deutsche Telekom International (US)
8.5% due 06/15/10 .................................... 721 885
Deutsche Telekom International
Finance (US)
8.75% due 06/15/30 ................................... 1,854 2,362
Deutsche Telekom International
Finance BV - Notes (US)
9.25% due 06/01/32 ................................... 70 97
Motorola, Inc. - Notes (US)
6.75% due 02/01/06 ................................... 1,500 1,635
Motorola, Inc. - Debs. (US)
7.5% due 05/15/25 .................................... 20 22
Motorola, Inc. (US)
8.0% due 11/01/11 .................................... 30 36
-------
5,944
Computers & Peripherals - 0.0%
Electronic Data Systems Corp. - Sr.
Notes 144A (a) (US)
6.0% due 08/01/13 .................................... 100 98
Construction & Engineering - 0.0%
Pulte Homes, Inc. - Sr. Notes (US)
6.25% due 02/15/13 ................................... $ 100 $ 111
7.875% due 08/01/11 .................................. 90 109
-------
220
Containers & Packaging - 0.0%
Sealed Air Corp. - Sr. Notes 144A (a)
(US)
6.875% due 07/15/33 .................................. 713 722
Credit Card - 0.2%
Citibank Credit Card Issuance Trust -
Cl. A1 Notes (US)
4.95% due 02/09/09 ................................... 2,000 2,176
MBNA Corp. (US)
6.125% due 03/01/13 .................................. 90 98
MBNA Credit Card Master Note
Trust - Notes Cl. C (US)
6.8% due 07/15/14 .................................... 500 547
Nordstrom Credit Card Master Note
Trust - Notes Cl. B 144A (a) (US)
2.039% due 10/13/10 .................................. 150 151
Pass Through Amortizing Credit Card
Trust - CTF Cl. A3 144A (a) (US)
6.298% due 06/18/12 .................................. 160 162
Sears Credit Account Master Trust -
Ser. 1998-2 Cl. A (US)
5.25% due 10/16/08 ................................... 584 599
Structured Assets Securities Corp.
(US)
8.517% due 07/15/27 .................................. 99 110
-------
3,843
Diversified Financials - 3.8%
Associates Corp. of North America -
Sr. Notes (US)
6.25% due 11/01/08 ................................... 250 288
AXA Financial, Inc. - Sr. Notes (US)
7.75% due 08/01/10 ................................... 1,068 1,301
Bear Stearns ARM Trust - CTF Cl. II
A2 (US)
4.25% due 04/25/33 ................................... 158 160
Bear Stearns Trust - Ser. 2003-2 Cl.
A3 144A (a) (US)
3.703% due 01/25/33 .................................. 250 252
Bear Stearns, Inc. - Ser. 2002 CTF Cl.
A2 (US)
4.72% due 11/11/35 ................................... 2,000 2,097
Chase Commercial Mortgage
Securities Corp. - Ser. 1997-1 Cl.
A2 (US)
7.37% due 02/19/07 ................................... 5,151 5,763
111
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Diversified Financials - Continued
Chase Commercial Mortgage
Securities Corp. - Cl. C (US)
7.928% due 07/15/32 .................................. $1,000 $ 1,239
Chase Funding Loan Acquisition
Trust - Cl. IA3 (US)
4.541% due 02/25/23 .................................. 4,000 4,037
Chase Funding Loan Acquisition
Trust - CTF Cl. IA 3 (US)
5.353% due 09/25/26 .................................. 9,000 9,094
CIT Group, Inc - Sr. Notes (US)
4.0% due 05/08/08 .................................... 934 951
5.75% due 09/25/07 ................................... 1,420 1,548
Citigroup, Inc. - Sr. Notes (US)
3.5% due 02/01/08 .................................... 208 214
5.0% due 03/06/07 .................................... 3,000 3,264
Citigroup, Inc. - Notes (US)
5.5% due 08/09/06 .................................... 2,000 2,196
Citigroup, Inc. - Sub. Notes (US)
5.625% due 08/27/12 .................................. 1,340 1,476
Devon Financing Corp. United L C -
Notes (US)
6.875% due 09/30/11 .................................. 105 123
Duke Capital Corp. - Sr. Notes (US)
6.25% due 02/15/13 ................................... 2,475 2,631
6.75% due 02/15/32 ................................... 1,394 1,405
Fund American Cos, Inc. - GTD Sr.
Notes (US)
5.875% due 05/15/13 .................................. 1,480 1,548
GE Commercial Mortgage Corp. -
Ser. 2003-Cl 144A (a) (US)
5.948% due 01/10/38 .................................. 3,000 3,164
General Electric Capital Corp. (US)
5.875% due 02/15/12 .................................. 2,950 3,300
6.0% due 06/15/12 .................................... 70 79
Goldman Sachs Group, Inc. - Sr.
Notes (US)
4.125% due 01/15/08 .................................. 1,050 1,103
5.25% due 04/01/13 ................................... 90 96
6.6% due 01/15/12 .................................... 40 46
Goldman Sachs Group, Inc. (US)
6.875% due 01/15/11 .................................. 3,405 4,018
Greater Connecticut Consumer Loan
Trust - Notes Cl. A 144A (a) (US)
6.25% due 02/15/20 ................................... 645 648
Green Tree Financial Corp. - Ser.
1996-8 Cl. A6 (US)
7.6% due 10/15/27 .................................... 3,861 4,026
International Lease Finance Corp. -
Notes (US)
5.875% due 05/01/13 .................................. 2,817 3,033
ISTAR Financial , Inc. - Sr. Notes
(US)
7.0% due 03/15/08 .................................... 1,900 1,995
Monumental Global Funding - Sr.
Sec. Notes Ser. A 144A (a) (US)
5.2% due 01/30/07 .................................... $ 250 $ 272
Morgan Stanley Group, Inc. - Notes
(US)
3.625% due 04/01/08 .................................. 100 102
5.3% due 03/01/13 .................................... 205 218
Morgan Stanley Group, Inc. (US)
6.75% due 04/15/11 ................................... 2,880 3,369
Nationwide Life Global Funding (US)
5.35% due 02/15/07 ................................... 60 65
Pemex Project Funding Master Trust
(US)
6.125% due 08/15/08 .................................. 3,000 3,210
Pemex Project Funding Master Trust -
Notes (US)
8.5% due 02/15/08 .................................... 51 60
Premex Project Funding Master Trust
(US)
7.375% due 12/15/14 .................................. 1,000 1,095
Salomon Brothers Commercial and
Mortgage Trust - CTF 2001-Cl Cl.
A3 (US)
6.428% due 12/18/35 .................................. 925 1,073
SLM Corp. (US)
5.0% due 04/15/15 .................................... 375 387
5.375% due 01/15/13 .................................. 90 97
USAA Capital Corp. - 144A (a) (US)
4.0% due 12/10/07 .................................... 150 157
Washington Mutual Mortgage
Securities Corp. - Cl. A6 (US)
4.56% due 03/25/33 ................................... 96 97
Washington Mutual, Inc. (US)
5.625% due 01/15/07 .................................. 3,050 3,362
Wells Fargo & Co. - Notes (US)
3.5% due 04/04/08 .................................... 330 340
-------
74,999
Diversified Telecommunication Services - 1.0%
AT&T Corp. - Sr. Notes (US)
8.5% due 11/15/31 .................................... 125 142
Cox Communications, Inc. - Notes (US)
4.625% due 06/01/13 .................................. 190 190
Crown Castle International Corp. - Sr.
Notes (US)
10.75% due 08/01/11 .................................. 250 272
France Telecom SA - Notes (US)
9.25% due 03/01/11 ................................... 895 1,126
10.0% due 03/01/31 ................................... 3,408 4,716
Nextel Communications, Inc. - Sr.
Ser. Notes (US)
12.0% due 11/01/08 ................................... 500 541
112
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Diversified Telecommunication Services - Continued
SBC Communications, Inc. - Notes
(US)
5.875% due 02/01/12 .................................. $ 250 $ 281
SingaporeTelecommunications -
Notes 144A (a) (US)
7.375% due 12/01/31 .................................. 75 92
Sprint Capital Corp. - Notes (US)
6.0% due 01/15/07 .................................... 125 134
7.125% due 01/30/06 .................................. 100 109
8.375% due 03/15/12 .................................. 852 1,020
8.75% due 03/15/32 ................................... 5,167 6,185
Telstra, Ltd. - Notes (US)
6.375% due 04/01/12 .................................. 125 144
Verizon Global Funding Corp. - Notes
(US)
6.75% due 12/25/32 ................................... 2,169 2,420
Verizon Global Funding Corp. -
Global Notes (US)
7.375% due 09/01/12 .................................. 927 1,131
Verizon New York, Inc. - Debs. Ser. A
(US)
6.875% due 04/01/12 .................................. 963 1,134
Vodafone Group plc - Notes (US)
5.375% due 01/30/15 .................................. 110 117
Voicestream Wireless Corp. Sr. Notes
(US)
10.375% due 11/15/09 ................................. 146 170
-------
19,924
Electric Utilities - 0.4%
American Electric Power , Inc. - Sr.
Notes Ser. D (US)
5.25% due 06/01/15 ................................... 1,395 1,406
American Electric Power, Inc. - Sr.
Notes Ser. C (US)
5.375% due 03/15/10 .................................. 90 96
Black Hills Corp. - Notes (US)
6.5% due 05/15/13 .................................... 1,025 1,023
Cilcorp, Inc. - Sr. Notes (US)
8.7% due 10/15/09 .................................... 185 230
DPL, Inc. - Sr. Notes (US)
6.875% due 09/01/11 .................................. 1,394 1,530
Oncor Electric Delivery Co. - Sr. Sec.
Notes 144A (a) (US)
6.375% due 01/15/15 .................................. 1,695 1,923
Progress Energy, Inc. - Sr. Notes (US)
6.75% due 03/01/06 ................................... 1,560 1,734
7.1% due 03/01/11 .................................... 250 291
-------
8,233
Electric/Gas - 0.2%
Cilcorp, Inc. - Sr. Bond (US)
9.375% due 10/15/29 .................................. 25 35
Dominion Resources, Inc. - Sr. Notes
Ser. D (US)
5.125% due 12/15/09 .................................. $ 45 $ 49
Dominion Resources, Inc. - Notes
(US)
5.7% due 09/17/12 .................................... 300 329
Oncor Electric Delivery Co. - Sr. Sec.
Notes (US)
7.0% due 05/01/32 .................................... 125 144
Peco Energy Transport Trust - Ser.
1999A Cl. A7 (US)
6.13% due 03/01/09 ................................... 315 361
PSEG Power LLC - Sr. Notes (US)
6.875% due 04/15/06 .................................. 1,760 1,963
Virginia Electric Power Co. - Sr.
Notes (US)
4.75% due 03/01/13 ................................... 90 93
-------
2,974
Electronic Equipment & Instruments - 0.0%
Solectron Corp. - Sr. Notes (US)
9.625% due 02/15/09 .................................. 500 535
Energy Equipment & Services - 0.2%
Enbridge Energy Partners LP - Notes
144A (a) (US)
4.75% due 06/01/13 ................................... 1,710 1,713
TXU Energy Co. LLC - Sr. Notes
144A (a) (US)
7.0% due 03/15/13 .................................... 2,336 2,585
-------
4,298
Finance - 0.6%
Bear Stearns & Co., Inc. - Notes (US)
5.7% due 11/15/14 .................................... 2,468 2,735
California Infras & Ecomomic - Ser.
1997-1 CTF Cl. A6 (US)
6.38% due 09/25/08 ................................... 500 542
California Infrastructure
Development - Ser. 1997-1 CTF Cl.
A7 (US)
6.42% due 09/25/08 ................................... 500 542
Household Financial Corp. - Notes
(US)
6.0% due 05/01/04 .................................... 125 130
6.375% due 11/27/12 .................................. 150 171
Household Financial Corp. - Global
Notes (US)
4.625% due 01/15/08 .................................. 1,432 1,528
Household Financial Corp. (US)
5.75% due 01/30/07 ................................... 285 315
Hutchison Whampoa International -
Notes 144A (a) (US)
6.5% due 02/13/13 .................................... 2,000 2,098
113
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Finance - Continued
Monumental Global Funding II - Sr.
Notes 144A (a) (US)
3.85% due 03/03/08 ................................... $ 360 $ 372
NiSource Finance Corp. - Sr. Notes
(US)
6.15% due 03/01/13 ................................... 1,475 1,583
NiSource Finance Corp. (US)
7.875% due 11/15/10 .................................. 1,350 1,594
Reliastar Financial Corp. - Notes (US)
6.5% due 11/15/08 .................................... 160 181
Vanderbilt Acquisition Loan Trust -
Sr./Sub. Cl. A3 (US)
5.7% due 09/07/23 .................................... 250 265
-------
12,056
Food & Drug Retailing - 0.0%
Delhaize America, Inc. - Notes (US)
8.125% due 04/15/11 .................................. 130 143
Kroger Co. - Sr. Notes (US)
6.2% due 06/15/12 .................................... 40 44
The Kroger Co. - Notes (US)
7.5% due 04/01/31 .................................... 60 71
-------
258
Food Products - 0.3%
Kellogg Co. - Notes Ser. B (US)
6.6% due 04/01/11 .................................... 200 235
Kraft Foods, Inc. - Notes (US)
5.25% due 06/01/07 ................................... 4,757 5,155
Nabisco, Inc. - Notes (US)
7.05% due 07/15/07 ................................... 90 103
Nabisco, Inc. - Debs. (US)
7.55% due 06/15/15 ................................... 500 635
-------
6,128
Foreign Governmental - 0.3%
Quebec Province Canada (US)
5.5% due 04/11/06 .................................... 2,790 3,052
Republic of Chile - Bonds (US)
5.5% due 01/15/13 .................................... 110 116
United Mexican States (US)
4.625% due 10/08/08 .................................. 80 82
6.375% due 01/16/13 .................................. 1,800 1,908
United Mexican States - Notes (US)
9.875% due 02/01/10 .................................. 125 160
-------
5,318
Gas Utilities - 0.3%
Kinder Morgan Energy Partners - Sr.
Notes (US)
7.3% due 08/15/33 .................................... 1,480 1,777
Michigan Consolidated Gas Co. - Sr.
Notes (US)
5.7% due 03/15/33 .................................... 1,480 1,545
National Rural Utilities Cooperative
Finance - Bonds (US)
3.875% due 02/15/08 .................................. $1,698 $ 1,769
-------
5,091
Health Care Providers & Services - 0.1%
Columbia/HCA Healthcare Corp.
(US)
6.91% due 06/15/05 ................................... 2,030 2,151
HCA-The Healthcare Corp. - Notes
(US)
7.125% due 06/01/06 .................................. 170 185
Humana, Inc. - Sr. Notes (US)
7.25% due 08/01/06 ................................... 135 150
-------
2,486
Home Equity Loan - 1.3%
Centex Home Equity Loan Trust -
CTF Cl. A5 (US)
6.83% due 07/25/32 ................................... 2,635 2,857
Countrywide Home Loan Corp. (US)
5.5% due 08/01/06 .................................... 2,821 3,083
Residential Asset Mortgage Products,
Inc. - Cl. AI2 (US)
3.38% due 03/25/29 ................................... 5,000 5,102
Residential Funding and Mortgage
Securities - Ser. 2002-HI2 (US)
5.64% due 10/25/14 ................................... 5,000 5,199
Residential Funding and Mortgage
Securities - Notes Cl. A7 (US)
6.9% due 01/25/33 .................................... 9,000 10,043
Residential Funding and Mortgage
Securities Trust II - Ser. 2001-HS2
Cl. A4 (US)
6.43% due 04/25/16 ................................... 180 184
-------
26,468
Hotels Restaurants & Leisure - 0.3%
Boyd Gaming Corp. - Sr. Notes (US)
9.25% due 08/01/09 ................................... 250 278
Hilton Hotels Corp. - Notes (US)
7.625% due 12/01/12 .................................. 1,450 1,588
MGM Mirage, Inc. (US)
8.5% due 09/15/10 .................................... 55 65
Six Flags, Inc. - Sr. Notes (US)
8.875% due 02/01/10 .................................. 375 358
9.5% due 02/01/09 .................................... 400 394
Starwood Hotels & Resorts
Worldwide, Inc. - Sr. Notes (US)
7.875% due 05/01/12 .................................. 2,900 3,175
-------
5,858
114
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Household Durables - 0.1%
Centex Corp. - Sr. Notes (US)
4.75% due 01/15/08 ................................... $ 40 $ 42
Lennar Corp. - Sr. Notes (US)
5.95% due 03/01/13 ................................... 30 33
9.95% due 05/01/10 ................................... 30 35
Mohawk Industries, Inc. - Notes (US)
6.5% due 04/15/07 .................................... 1,580 1,768
Pulte Homes, Inc. - Sr. Notes (US)
8.125% due 03/01/11 .................................. 25 31
-------
1,909
Household Products - 0.1%
Enterprise Products - Sr. Notes
144A (a) (US)
6.875% due 03/01/33 .................................. 1,384 1,568
Industrial Conglomerates - 0.1%
General Electric Co. - Notes (US)
5.0% due 02/01/13 .................................... 1,730 1,827
Insurance - 0.2%
Aetna Inc. - Sr. Notes (US)
7.375% due 03/01/06 .................................. 100 112
Metlife, Inc. - Debs. (US)
3.911% due 05/15/05 .................................. 190 198
Nationwide Mutual Insurance Co. -
Notes 144A (a) (US)
7.875% due 04/01/33 .................................. 30 35
Prudential Insurance Co. - Sr. Notes
144A (a) (US)
6.375% due 07/23/06 .................................. 350 392
UnumProvident Corp. - Sr. Notes
(US)
7.625% due 03/01/11 .................................. 1,500 1,605
W.R. Berkley Corp. - Notes (US)
5.875% due 02/15/13 .................................. 2,310 2,457
-------
4,799
Machinery - 0.1%
Caterpillar, Inc. - Sr. Debs. (US)
7.25% due 09/15/09 ................................... 1,050 1,279
Media - 0.7%
AOL Time Warner, Inc. (US)
6.15% due 05/01/07 ................................... 1,994 2,243
AOL Time Warner, Inc. - Debs. (US)
7.7% due 05/01/32 .................................... 2,351 2,745
Chancellor Media Corp. (US)
8.0% due 11/01/08 .................................... 750 885
Clear Channel Communications, Inc.
(US)
7.65% due 09/15/10 ................................... 125 150
Comcast Corp. - Notes (US)
6.5% due 01/15/15 .................................... 1,280 1,440
7.05% due 03/15/33 ................................... 2,432 2,701
Cox Radio, Inc. - Sr. Notes (US)
6.625% due 02/15/06 .................................. $ 750 $ 819
Liberty Media Corp. - Sr. Notes (US)
5.7% due 05/15/13 .................................... 120 122
Liberty Media Corp. - Bonds (US)
7.875% due 07/15/09 .................................. 250 293
News America Holdings, Inc. - Notes
(US)
7.75% due 12/01/45 ................................... 40 48
News America, Inc. - Sr. Notes (US)
6.75% due 01/09/38 ................................... 30 33
Time Warner Entertainment Co. - Sr.
Debs (US)
8.375% due 03/15/23 .................................. 20 25
Time Warner, Inc. - Debs. (US)
7.57% due 02/01/24 ................................... 250 283
Time Warner, Inc. - Notes (US)
8.18% due 08/15/07 ................................... 650 762
Univision Communications, Inc. - Sr.
Notes (US)
7.85% due 07/15/11 ................................... 320 379
Viacom, Inc. (US)
7.875% due 07/30/30 .................................. 1,054 1,377
Young Broadcasting, Inc. (US)
8.75% due 06/15/07 ................................... 85 86
Young Broadcasting, Inc. - Sr. Sub.
Notes (US)
10.0% due 03/01/11 ................................... 153 166
-------
14,557
Multi-Utilities - 0.4%
CenterPoint Energy - Bonds Ser. K
144A (a) (US)
6.95% due 03/15/33 ................................... 1,000 1,146
Centerpoint Energy Resources Corp. -
Sr. Notes 144A (a) (US)
7.875% due 04/01/13 .................................. 1,500 1,725
Duke Energy Co. - Bonds Ser. A
144A (a) (US)
3.75% due 03/05/08 ................................... 665 685
South Carolina Electric & Gas Co. -
Bonds (US)
5.3% due 05/15/33 .................................... 837 830
United Utilities plc - Notes (US)
4.55% due 06/19/18 ................................... 2,524 2,410
-------
6,796
Multiline Retail - 0.0%
Target Corp. - Notes (US)
3.375% due 03/01/08 .................................. 90 92
Oil & Gas - 0.7%
Amerada Hess Corp. - Notes (US)
6.65% due 08/15/11 ................................... 1,380 1,592
115
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Oil & Gas - Continued
Conoco Phillips - Notes (US)
5.9% due 10/15/32 .................................... $ 50 $ 54
Devon Energy Corp. - Sr. Debs. (US)
7.95% due 04/15/32 ................................... 1,480 1,905
Marathon Oil Corp. - Notes (US)
6.8% due 03/15/32 .................................... 1,494 1,690
Mid American Energy Holdings Co. -
Sr. Notes (US)
5.125% due 01/15/13 .................................. 25 26
Occidental Petroleum Corp. - Notes
(US)
6.75% due 01/15/12 ................................... 1,913 2,275
Peco Energy Co. (US)
5.95% due 11/01/11 ................................... 50 57
Pogo Producing Co. - Sr. Sub. Notes
(US)
10.375% due 02/15/09 ................................. 250 272
Texas Gas Transmission LLC - Notes
144A (a) (US)
4.6% due 06/01/15 .................................... 1,960 1,955
TGT Pipeline - 144A (a) (US)
5.2% due 06/01/18 .................................... 1,395 1,391
Union Oil Co. of California (US)
7.5% due 02/15/29 .................................... 80 96
Union Pacific Resources Group, Inc. -
Ser. 2002-1 (US)
6.061% due 01/17/23 .................................. 50 57
XTO Energy, Inc. - Sr. Notes
144A (a) (US)
6.25% due 04/15/13 ................................... 3,000 3,195
-------
14,565
Other Asset Backed - 0.0%
Chase Mortgage Funding 2003 2 CTF
CL IA 3 (US)
2.864% due 03/25/07 .................................. 100 101
Chase Mortgage Funding Ser. 2003-1
CTF CL. IA-3 (US)
3.14% due 07/25/23 ................................... 100 102
-------
203
Other Mortgage - 0.5%
LB UBS Commercial Mortgage Trust
- CTF A4 (US)
4.166% due 04/17/13 .................................. 2,500 2,499
LB UBS Commercial Mortgage Trust
- Ser. 2003-C3 Cl. K 144A (a) (US)
5.18% due 02/17/37 ................................... 1,363 1,342
LB-UBS Commercial Mortgage Trust
- Ser. 2000-C4 Cl. A2 (US)
7.37% due 06/15/10 ................................... 5,318 6,461
-------
10,302
Paper & Forest Products - 0.4%
Abitibi-Consolidated, Inc. - Debs.
(CA)
8.85% due 08/01/30 ................................... $3,350 $ 3,637
International Paper Co. - Notes (US)
6.75% due 09/01/11 ................................... 1,410 1,631
Weyerhaeuser Co. - Notes (US)
6.75% due 03/15/12 ................................... 205 233
Weyerhaueser Co. - Debs (US)
7.375% due 03/15/32 .................................. 1,974 2,269
-------
7,770
Real Estate Development - 0.0%
Rouse Co. - Notes (US)
7.2% due 09/15/12 .................................... 70 80
Real Estate Investment Trust - 0.2%
Boston Properties, Ltd. Partnership -
Sr. Notes (US)
6.25% due 01/15/13 ................................... 1,763 1,931
EOP Operations LP - Notes (US)
6.75% due 02/15/12 ................................... 110 125
Health Care Property Investments,
Inc. - Sr. Notes (US)
6.45% due 06/25/12 ................................... 973 1,059
Price Reit, Inc. (US)
7.5% due 11/05/06 .................................... 125 144
Simon Property Group LP - Notes
(US)
6.35% due 08/28/12 ................................... 1,000 1,108
Socgen Real Estate Co. LLC-Ser. A
144A (a) (US)
7.64% due 12/29/49 ................................... 110 127
-------
4,494
Software - 0.0%
Systems 2001 LLC - CTF Cl. B
144A (a) (US)
7.156% due 12/15/11 .................................. 323 361
Tobacco - 0.1%
Philip Morris Cos., Inc. - Debs. (US)
8.25% due 10/15/03 ................................... 2,075 2,111
U.S. Government Agencies - 12.8%
Federal Home Loan Bank - Disc.
Notes (US)
5.25% due 02/13/04 ................................... 2,000 2,051
Federal Home Loan Bank - Sr. Notes
(US)
5.8% due 09/02/08 .................................... 1,000 1,150
Federal Home Loan Mortgage Corp. -
Debs. (US)
5.5% due 07/15/06 .................................... 480 531
6.25% due 07/15/32 ................................... 2,000 2,353
116
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
MANAGED FUND
Par Market
Name of Issuer Value Value
- ----------------------------------------------------------- ------- --------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
U.S. Government Agencies - Continued
Federal Home Loan Mortgage Corp. -
Bonds Ser. 2590 CLIP (US)
5.5% due 08/31/15 ................................... $ 4,000 $ 1,142
Federal Home Loan Mortgage Corp. -
Bonds (US)
5.0% due 12/31/99 ................................... 900 914
5.5% due 12/31/99 ................................... 2,400 2,476
6.0% due 08/01/16 ................................... 690 718
6.0% due 08/01/17 ................................... 670 697
6.5% due 03/01/17 ................................... 441 463
Federal National Mortgage Assoc. -
Bonds (US)
1.0% due 06/25/33 ................................... 210 216
4.5% due 07/25/18 ................................... 1,000 1,020
5.0% due 05/01/18 ................................... 481 498
5.0% due 07/25/18 ................................... 7,500 7,746
5.0% due 07/25/33 ................................... 13,500 13,715
5.5% due 07/25/15 ................................... 5,000 5,192
5.5% due 09/01/17 ................................... 425 441
5.5% due 03/01/33 ................................... 3,929 721
5.5% due 07/25/33 ................................... 34,000 35,137
6.0% due 07/01/16 ................................... 547 571
6.0% due 03/01/17 ................................... 4,762 4,981
6.0% due 01/01/33 ................................... 7,048 7,327
6.0% due 03/01/33 ................................... 5,509 5,727
6.0% due 07/25/33 ................................... 11,500 12,003
6.0% due 07/25/33 ................................... 26,787 27,833
6.125% due 03/15/12 ................................. 2,400 2,830
6.5% due 07/25/18 ................................... 7,244 7,642
6.5% due 04/01/32 ................................... 1,591 1,659
6.5% due 06/01/32 ................................... 1,154 1,203
6.5% due 12/01/32 ................................... 4,401 4,590
6.5% due 07/25/33 ................................... 28,843 30,078
7.0% due 09/01/16 ................................... 593 631
7.0% due 11/01/30 ................................... 170 179
7.0% due 09/01/31 ................................... 319 336
7.0% due 12/01/31 ................................... 746 786
7.0% due 03/01/32 ................................... 336 354
7.0% due 04/01/32 ................................... 245 258
7.0% due 07/25/33 ................................... 6,080 6,403
7.5% due 01/25/28 ................................... 170 190
7.5% due 11/01/30 ................................... 147 157
7.5% due 06/01/31 ................................... 539 573
7.5% due 09/01/32 ................................... 6,650 7,115
8.0% due 12/01/29 ................................... 353 381
Federal National Mortgage Assoc. -
Notes (US)
2.5% due 06/15/08 ................................... 3,000 2,986
4.25% due 07/15/07 .................................. 5,000 5,381
6.0% due 12/15/05 ................................... 555 614
6.0% due 05/15/08 ................................... 775 895
6.625% due 11/15/10 ................................. 2,700 3,264
7.0% due 07/15/05 ................................... 4,670 5,189
Federal National Mortgage Assoc. -
Debs. (US)
6.625% due 11/15/30 ................................. $ 2,462 $ 3,025
Federal National Mortgage Assoc. -
Bonds - Ser. 2001-50 Cl. BA (US)
7.0% due 10/25/41 ................................... 199 217
Government National Mortgage
Assoc. - CTF Cl.MX PI (US)
5.5% due 01/16/32 ................................... 43 8
Government National Mortgage
Assoc. - Bonds (US)
5.0% due 08/15/33 ................................... 4,350 4,437
6.5% due 11/15/32 ................................... 8,236 8,694
6.5% due 07/15/33 ................................... 5,000 5,250
7.0% due 07/15/33 ................................... 10,000 10,563
8.0% due 11/15/30 ................................... 346 373
--------
251,884
U.S. Governmental - 2.4%
U.S. Treasury - Notes (US)
1.75% due 12/31/04 .................................. 4,450 4,489
2.0% due 11/30/04 ................................... 2,000 2,024
2.125% due 10/31/04 ................................. 600 608
2.25% due 07/31/04 .................................. 2,900 2,937
2.625% due 05/15/08 ................................. 5,531 5,581
3.25% due 05/31/04 .................................. 6,125 6,249
3.25% due 08/15/07 .................................. 1,125 1,174
5.25% due 05/15/04 .................................. 2,670 2,768
5.625% due 02/15/06 ................................. 1,755 1,940
5.625% due 05/15/08 ................................. 1,250 1,433
5.75% due 08/15/10 .................................. 2,225 2,604
6.75% due 05/15/05 .................................. 6,255 6,889
7.25% due 05/15/16 .................................. 1,130 1,503
8.0% due 11/15/21 ................................... 350 507
8.875% due 08/15/17 ................................. 1,025 1,551
U.S. Treasury - Bonds (US)
5.25% due 02/15/29 .................................. 1,945 2,118
5.375% due 02/15/31 ................................. 972 1,094
6.5% due 11/15/26 ................................... 595 755
--------
46,224
Whole Loan CMOs - 0.1%
Banc America Mortgage Securities,
Inc. - Ser. 2003-F Cl. 2A1 (US)
3.734% due 07/25/33 ................................. 375 380
WAMU Mortgage Pass Through Ctfs
- CTF Cl. A1 (US)
4.39% due 06/25/33 .................................. 864 877
--------
1,257
117
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- -------------------------------------------------------------------------------
MANAGED FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------- -------- ----------
(000's) (000's)
Wireless Telecommunications Services - 0.0%
AT&T Wireless Services, Inc. - Sr.
Notes (US)
7.35% due 03/01/06 .............................. $ 475 $ 533
----------
TOTAL PUBLICLY-TRADED
BONDS- 33.1% 652,315
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 4.6%
State Street Navigator Securities
Lending Portfolio ............................... 91,886 91,886
SHORT-TERM INVESTMENTS - 8.9%
Investment in joint trading account
(Note B)
1.181% due 07/01/03 ............................. 174,787 174,787
-------- ----------
TOTAL INVESTMENTS- 113.1% 2,230,086
Payables, less cash and receivables- (13.1)% (257,433)
-------- ----------
NET ASSETS- 100.0% $1,972,653
======== ==========
ADR-American Depository Receipt.
(a) Pursuant to Rule 144A under the Securities Act of 1993, these securities
may be resold in transactions exempt from registration, normally to
qualified institutional buyers. At June 30, 2003, securities aggregated
$37,241 or 1.9% of net assets of the Portfolio.
See notes to financial statements.
SUMMARY OF LONG-TERM SECURITIES BY COUNTRY
Market % of
Country Value Long-Term
Abbreviation (000s) Investments
------------ ---------- -----------
United States ........................ US $1,959,776 99.8%
Canada ............................... CA 3,637 0.2%
---------- -----
$1,963,413 100.0%
========== =====
118
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
TOTAL RETURN BOND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS
Auto Loan - 2.2%
Ford Motor Credit Co.
7.25% due 10/25/11 ................................... $ 400 $ 411
General Motors Acceptance Corp.
6.875% due 08/28/12 .................................. 200 200
-------
611
Automobiles - 0.7%
General Motors Corp. - Sr. Debs.
8.25% due 07/15/23 ................................... 200 199
Communications Equipment - 0.2%
Deutsche Telekom International
8.5% due 06/15/10 .................................... 50 61
Diversified Financials - 4.4%
CIT Group, Inc. - Sr. Notes
7.75% due 04/02/12 ................................... 200 238
Citigroup, Inc. - Sub. Notes
5.625% due 08/27/12 .................................. 250 275
General Electric Capital Corp.
6.0% due 06/15/12 .................................... 200 226
Goldman Sachs Group, Inc. - Sr. Notes
5.7% due 09/01/12 .................................... 250 275
Morgan Stanley Group, Inc. - Notes
5.3% due 03/01/13 .................................... 200 213
-------
1,227
Diversified Telecommunication Services - 4.8%
AT&T Broadband Corp. - Notes
8.375% due 03/15/13 .................................. 200 251
AT&T Corp. - Sr. Notes
7.8% due 11/15/11 .................................... 150 171
Bellsouth Corp. - Notes
6.0% due 10/15/11 .................................... 150 171
France Telecom SA - Notes
9.25% due 03/01/11 ................................... 200 252
Sprint Capital Corp. - Notes
8.375% due 03/15/12 .................................. 200 240
Verizon Global Funding Corp. - Notes
7.25% due 12/01/10 ................................... 200 240
-------
1,325
Electric Utilities - 0.4%
Progress Energy, Inc. - Sr. Notes
6.85% due 04/15/12 ................................... 100 115
Electric/Gas - 1.0%
Dominion Resources, Inc. - Notes
5.7% due 09/17/12 .................................... 150 164
PSEG Power LLC - Sr. Notes
6.95% due 06/01/12 ................................... 100 115
-------
279
Finance - 1.2%
Household Finance Corp. - Notes
6.375% due 11/27/12 .................................. $ 100 $ 114
J.P. Morgan Chase & Co. - Notes
5.75% due 01/02/13 ................................... 200 219
-------
333
Food Products - 0.4%
Kraft Foods, Inc. - Notes
6.25% due 06/01/12 ................................... 100 113
Foreign Governmental - 2.9%
Republic of Brazil - Ser. L
2.125% due 04/15/06 .................................. 192 181
Republic of Columbia
11.75% due 02/25/20 .................................. 100 124
Republic of Peru - Bonds
9.125% due 02/21/12 .................................. 125 130
Republic of South Africa - Notes
7.375% due 04/25/12 .................................. 105 121
United Mexican States
6.375% due 01/16/13 .................................. 230 244
-------
800
Industrial Conglomerates - 0.8%
General Electric Co. - Notes
5.0% due 02/01/13 .................................... 200 211
Media - 1.2%
AOL Time Warner, Inc. - Notes
6.875% due 05/01/12 .................................. 300 343
Paper & Forest Products - 0.3%
Weyerhaeuser Co. - Notes
6.125% due 03/15/07 .................................. 75 83
U.S. Government Agencies - 18.6%
Federal National Mortgage Assoc. - Bonds
5.0% due 07/25/18 .................................... 5,000 5,164
U.S. Governmental - 24.8%
U.S. Treasury - Bonds
7.875% due 02/15/21 .................................. 1,600 2,284
U.S. Treasury - Notes
6.5% due 02/15/10 .................................... 3,800 4,610
-------
6,894
Wireless Telecommunications Services - 0.6%
AT&T Wireless Group - Notes
8.125% due 05/01/12 .................................. 150 181
-------
TOTAL PUBLICLY-TRADED BONDS- 64.5% 17,939
COMMERCIAL PAPER
Banks - 8.3%
Barclays United
0.93% due 08/25/03 ................................... 500 499
DANSKE Corp.
1.21% due 08/20/03 ................................... 600 599
119
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
TOTAL RETURN BOND
Par Market
Name of Issuer Value Value
- ----------------------------------------------------------- ------- -------
(000's) (000's)
COMMERCIAL PAPER - Continued
Lloyds Group plc
0.98% due 09/09/03 ..................................... $ 600 $ 599
Royal Bank of Scotland plc
1.22% due 08/06/03 ..................................... 600 599
-------
2,296
Diversified Financials - 2.2%
HBOS Treasury Services plc
1.23% due 07/16/03 ..................................... 600 600
Finance - 5.4%
ABN Amro America Finance
1.20% due 07/07/03 ..................................... 400 400
UBS Finance, Inc.
1.035% due 07/18/03 .................................... 600 600
Westpact Trust Securities
1.20% due 08/14/03 ..................................... 500 499
-------
1,499
Pharmaceuticals - 1.8%
Pfizer, Inc.
1.16% due 07/23/03 ..................................... 500 500
U.S Government Agencies - 34.4%
Federal Home Loan Mortgage Corp.
1.08% due 08/05/03 ..................................... 900 899
1.15% due 07/28/03 ..................................... 3,400 3,397
Federal National Mortgage Assoc.
0.90% due 09/03/03 ..................................... 600 599
0.96% due 09/17/03 ..................................... 500 499
1.08% due 08/07/03 ..................................... 800 799
1.15% due 08/06/03 ..................................... 3,400 3,396
-------
9,589
-------
TOTAL COMMERCIAL PAPER- 52.1% 14,484
------ -------
TOTAL INVESTMENTS- 116.6% 32,423
Payables, less cash and receivables- (16.6)% (4,606)
------ -------
NET ASSETS- 100.0% $27,817
====== =======
See notes to financial statements.
120
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SHORT-TERM BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS
Aerospace & Defense - 0.5%
Boeing Capital Corp. - Sr. Notes
5.65% due 05/15/06 ................................... $1,300 $ 1,405
Airlines - 0.4%
Popular North America, Inc.
6.125% due 10/15/06 .................................. 855 952
Auto Loan - 3.5%
Ford Motor Credit Co.
6.7% due 07/16/04 .................................... 1,000 1,038
Ford Motor Credit Co. - Notes
6.875% due 02/01/06 .................................. 1,000 1,061
Ford Motor Credit Co. - Sr. Notes
6.125% due 03/20/04 .................................. 1,500 1,533
General Motors Acceptance Corp. -
Notes
5.75% due 11/10/03 ................................... 1,000 1,014
General Motors Acceptance Corp.
7.5% due 07/15/05 .................................... 4,000 4,287
-------
8,933
Banks - 7.5%
Bank of America Corp. - Notes
4.75% due 10/15/06 ................................... 1,400 1,509
Bank One Corp. - Notes
6.875% due 08/01/06 .................................. 1,800 2,050
Credit Suisse First Boston - Ser. 2003-C3 Cl. A1
2.218% due 05/15/38 .................................. 3,000 3,000
Credit Suisse First Boston Mortgage Securities - CTF
144A (a) 1.78% due 12/15/11 .......................... 5,000 4,996
Credit Suisse First Boston Mortgage Securities Corp. -
Cl. A1 3.801% due 06/15/06 ........................... 1,397 1,422
First Union Corp. - Notes 6.95% due 11/01/04 ............ 500 538
7.55% due 08/18/05 ................................... 2,500 2,804
J.P. Morgan & Co., Inc. - Sr. Notes
5.75% due 02/25/04 ................................... 1,000 1,029
Washington Mutual - Ser. 2001 Cl. A
6.75% due 05/25/31 ................................... 2,000 2,018
-------
19,366
Beverages - 0.8%
Coca Cola Co. - Sr. Notes
4.0% due 06/01/05 .................................... 1,000 1,047
Pepsi Bottling Holdings, Inc. - Notes 144A (a)
5.375% due 02/17/04 .................................. 1,000 1,025
-------
2,072
Communications Equipment - 0.9%
Deutsche Telekom International Finance
8.25% due 06/15/05 ................................... $1,300 $ 1,450
Motorola, Inc. - Notes
6.75% due 02/01/06 ................................... 715 779
-------
2,229
Construction Materials - 0.8%
ERP Operating CTD Partnership - Notes
7.1% due 06/23/04 .................................... 2,000 2,101
Credit Card - 1.0%
Citibank Credit Card Issuance Trust - Notes
4.1% due 12/07/06 .................................... 2,591 2,692
Diversified Financials - 14.0%
Associates Corp. of North America - Sr. Notes
5.75% due 11/01/03 ................................... 1,450 1,472
Bear Stearns Commercial Mortgage Securities, Inc. - Ser.
2001 Cl. A1 5.06% due 11/15/16 .......................
Bear Stearns Cos, Inc. - Notes
3.0% due 03/30/06 .................................... 1,250 1,282
BP Capital Markets plc - Notes
4.0% due 04/29/05 .................................... 1,000 1,045
Chase Commercial Mortgage Securities Corp. - Cl. A1
7.656% due 06/15/08 .................................. 1,713 1,928
Chase Funding Loan Acquisition Trust - Cl. 1A3
4.541% due 02/25/23 .................................. 2,500 2,523
Chase Funding Loan Acquisition Trust - CTF Cl. A2
1.275% due 04/25/31 .................................. 831 831
Chase Funding Loan Acquisition Trust - CTF Cl. IA3
5.053% due 02/25/23 .................................. 2,000 2,043
Citigroup, Inc. - Notes
6.75% due 12/01/05 ................................... 4,000 4,460
GE Capital Commercial Mortgage Corp. - CTF Cl. A1
5.033% due 12/10/35 .................................. 867 922
General Electric Capital Corp.
7.5% due 05/15/05 .................................... 3,150 3,495
Goldman Sachs Group, Inc. - Notes
7.625% due 08/17/05 .................................. 1,000 1,127
Green Tree Financial Corp. - Ser. 1996-8 Cl. A6
7.6% due 10/15/27 .................................... 338 352
Lehman Brothers Holdings, Inc. - Notes
6.625% due 02/05/06 .................................. 2,600 2,900
Morgan Stanley Group, Inc.
6.1% due 04/15/06 .................................... 800 881
121
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SHORT-TERM BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Diversified Financials - Continued
Nomura Asset Securities Corp. - Ser. 1998-D6 A1A
6.28% due 03/17/28 ................................... $2,114 $ 2,294
PNC Mortgage Securities Corp. - CTF Ser. 1998-14
6.25% due 01/25/14 ................................... 768 785
Salomon, Inc. - Sr. Notes
7.2% due 02/01/04 .................................... 500 517
Saxon Asset Securities Trust - CTF Cl. AF2
3.985% due 03/04/17 .................................. 1,793 1,806
Vanderbilt & Mortgage, Inc. - Sr. Sub. CTF Cl. A2
4.235% due 08/07/14 .................................. 1,000 1,023
Wells Fargo & Co. - Notes
6.625% due 07/15/04 .................................. 2,000 2,107
Wells Fargo & Co. - Ser. 2002 E CTF ICl. M
4.969% due 09/25/32 .................................. 2,354 2,381
-------
36,174
Diversified Telecommunication Services - 2.7%
France Telecom SA - Notes
6.85% due 10/15/04 ................................... 2,000 2,281
Sprint Capital Corp. - Note
7.9% due 03/15/05 .................................... 2,000 2,169
Verizon Global Funding Corp. - Notes
6.75% due 12/25/32 ................................... 2,303 2,570
-------
7,020
Electric Utilities - 0.3%
Progress Energy, Inc. - Sr. Notes
6.75% due 03/01/06 ................................... 700 778
Electronic Equipment & Instruments - 0.8%
Electronic Data System Corp. - Notes
6.85% due 10/15/04 ................................... 2,000 2,095
Finance - 6.5%
Chase Manhattan Corp.
6.0% due 11/01/05 .................................... 2,000 2,192
Countrywide Funding Corp.
5.25% due 06/15/04 ................................... 500 518
Household Financial Corp.
6.5% due 01/24/06 .................................... 2,000 2,218
Marsh & Mclennan Cos, Inc. - Sr. Notes
6.625% due 06/15/04 .................................. 2,000 2,098
Master Asset Securitization Trust - Ser. 2002-8 Cl. 1
A10 5.5% due 12/25/17 ................................ 8,580 8,805
PNC Funding Corp. - Sr. Notes
5.75% due 08/01/06 ................................... 875 966
-------
16,797
Health Care Equipment & Supplies - 0.8%
Pfizer, Inc. - Notes
3.625% due 11/01/04 .................................. $2,000 $ 2,054
Health Care Providers & Services - 0.2%
Columbia/HCA Healthcare Corp.
6.91% due 06/15/05 ................................... 500 530
Home Equity Loan - 2.7%
Centex Home Equity Loan Trust - Ser. 2003-B Cl. AF 2
1.838% due 06/25/20 .................................. 2,000 1,996
Money Store Home Equity Trust - CTF Cl. A8
7.91% due 05/15/24 ................................... 770 769
Residential Asset Mortgage Products, Inc. - Cl. AI2
3.38% due 03/25/29 ................................... 4,000 4,082
-------
6,847
Media - 0.6%
AOL Time Warner, Inc. - Notes
5.625% due 05/01/05 .................................. 1,500 1,592
Metals & Mining - 0.4%
Minnesota Ming & Manufacturing Co.
4.15% due 06/30/05 ................................... 1,000 1,053
Multi-Utilities - 0.4%
Alabama Power Co. - Sr. Notes Ser. U
2.65% due 02/15/06 ................................... 1,000 1,019
Oil & Gas - 1.6%
Amerada Hess Corp. - Notes
5.3% due 08/15/04 .................................... 1,500 1,557
Conoco, Inc. - Notes
5.9% due 04/15/04 .................................... 2,550 2,638
-------
4,195
Other Mortgage - 2.0%
LB UBS Commercial Mortgage Trust - CTF Cl. A1
7.95% due 07/15/09 ................................... 1,834 2,086
LB UBS Commercial Mortgage Trust - Ser. 2003-C1 Cl. A1
2.72% due 01/17/08 ................................... 2,926 2,959
-------
5,045
Personal Products - 1.0%
Colgate Palmolive Co.
3.98% due 04/29/05 ................................... 1,500 1,572
Unilever Corp. - Notes
6.75% due 11/01/03 ................................... 1,000 1,019
-------
2,591
Real Estate Investment Trust - 1.7%
CarrAmerica Realty Corp. - Notes
6.625% due 03/01/05 .................................. 1,167 1,247
122
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SHORT-TERM BOND FUND
Par Market
Name of Issuer Value Value
- --------------------------------------------------------- ------- --------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Real Estate Investment Trust - Continued
Mack-Cali Realty LP - Notes
7.0% due 03/15/04 ................................. $ 1,500 $ 1,553
Simon Property Group, Inc. - Notes
6.75% due 02/09/04 ................................ 1,500 1,546
--------
4,346
Tobacco - 0.3%
Philip Morris Cos., Inc. - Debs.
8.25% due 10/15/03 ................................ 640 651
U.S. Government Agencies - 28.0%
Federal Home Loan Banks - Notes
7.5% due 06/01/12 ................................. 1,013 1,081
Federal Home Loan Mortgage Corp. -
Bonds
5.75% due 11/15/24 ................................ 2,426 2,427
5.75% due 07/15/26 ................................ 3,136 3,166
4.0% due 03/15/26 ................................. 7,000 7,133
7.0% due 08/01/12 ................................. 857 910
7.0% due 02/01/14 ................................. 2,087 2,226
8.5% due 05/01/15 ................................. 1,869 2,058
Federal Home Loan Mortgage Corp. -
Bonds Ser. 2516 Cl. AX
8.5% due 01/15/16 ................................. 3,374 3,562
Federal Home Loan Mortgage Corp. -
Notes
6.5% due 12/01/09 ................................. 1,524 1,608
7.0% due 12/01/10 ................................. 799 850
7.0% due 12/01/13 ................................. 3,609 3,837
7.5% due 11/01/09 ................................. 1,541 1,621
8.0% due 06/01/10 ................................. 374 403
Federal National Mortgage Assoc. -
Bonds
3.64% due 01/01/33 ................................ 4,621 4,728
6.5% due 04/01/17 ................................. 7,768 8,195
6.5% due 08/01/17 ................................. 7,159 7,552
7.0% due 10/01/15 ................................. 1,808 1,925
8.0% due 07/01/14 ................................. 2,033 2,192
8.0% due 09/25/16 ................................. 1,279 1,375
Federal National Mortgage Assoc. - Notes
3.625% due 04/15/04 ............................... 6,500 6,629
3.875% due 03/15/05 ............................... 2,000 2,088
6.0% due 01/01/11 ................................. 1,119 1,175
7.0% due 12/01/10 ................................. 583 622
7.5% due 08/01/09 ................................. 1,330 1,424
Government National Mortgage Assoc. -
Bonds
8.5% due 11/15/15 ................................. 1,624 1,807
Government National Mortgage Assoc. -
Notes
7.0% due 12/15/08 ................................. 1,553 1,665
--------
72,259
U.S. Governmental - 11.0%
U.S. Treasury - Notes
1.75% due 12/31/04 ................................ $ 6,637 $ 6,695
2.875% due 06/30/04 ............................... 5,570 5,671
3.25% due 05/31/04 ................................ 2,320 2,367
3.625% due 03/31/04 ............................... 7,020 7,159
5.25% due 05/15/04 ................................ 2,355 2,441
5.875% due 02/15/04 ............................... 3,810 3,925
--------
28,258
Whole Loan CMOs - 5.6%
CWMBS, Inc. - Ser. 2002 Mortgage Pass
Thru Certs Cl. 2A3
5.0% due 12/25/17 ................................. 7,011 7,129
GS Mortgage Securities Corp. II - Ser.
2003-C1 Cl. A1
2.904% due 01/10/40 ............................... 1,961 1,984
Merrill Lynch Mortgage Investments, Inc.
- Ser. 2003 A1 Cl. IA
3.981% due 12/25/32 ............................... 3,297 3,363
MLCC Mortgage Investors, Inc. - Ser.
2003-C Cl. B1
1.0% due 12/30/30 ................................. 2,000 2,000
--------
14,476
Wireless Telecommunications Services - 0.6%
AT&T Wireless Services, Inc. - Sr. Notes
7.35% due 03/01/06 ................................ 1,300 1,459
--------
TOTAL PUBLICLY-TRADED BONDS- 96.6% 248,989
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 4.0%
State Street Navigator Securities Lending
Portfolio ......................................... 10,260 10,260
SHORT-TERM INVESTMENTS - 2.6%
Investment in joint trading account
(Note B)
1.181% due 07/01/03 ............................... 6,855 6,855
------- --------
TOTAL INVESTMENTS- 103.2% 266,104
Payables, less cash and receivables- (3.2)% (8,258)
------- --------
NET ASSETS- 100.0% $257,846
======= ========
(a) Pursuant to Rule 144A under the Securities Act of 1993, these securities
may be resold in transactions exempt from registration, normally to
qualified institutional buyers. At March 31, 2003, securities aggregated
$6,021 or 2.3% of net assets of the Portfolio.
See notes to financial statements.
123
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL CAP EMERGING GROWTH FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Airlines - 1.7%
CNF Transportation, Inc. * .............................. 18,490 $ 469
JetBlue Airways Corp. * ................................. 13,900 588
------
1,057
Banks - 2.2%
AMCORE Financial, Inc. .................................. 18,650 434
First Niagara Financial Group, Inc. ..................... 33,880 473
Hancock Holding Co. ..................................... 10,700 504
------
1,411
Biotechnology - 4.5%
Abgenix, Inc. * ......................................... 48,560 509
Alkermes, Inc. * ........................................ 43,200 464
CV Therapeutics, Inc. * ................................. 17,130 508
Digene Corp. * .......................................... 11,810 322
Exelixis, Inc. * ........................................ 52,657 365
Orasure Technologies, Inc. * ............................ 57,640 430
Sangstat Medium Corp. * ................................. 17,000 223
------
2,821
Building Products - 0.7%
Trex, Inc. * ............................................ 10,760 422
Commercial Services & Supplies - 9.6%
Administaff, Inc. ....................................... 77,850 802
Alliance Data Systems Corp. * ........................... 18,500 433
Checkfree Corp. * ....................................... 25,820 719
Education Management Corp. * ............................ 15,590 829
MDC Holdings, Inc. ...................................... 13,700 661
Nam Tai Electronics ..................................... 11,850 503
Osteotech, Inc. * ....................................... 76,290 1,037
Strayer Education, Inc. ................................. 7,140 567
University of Phoenix Online * .......................... 10,200 517
------
6,068
Communications Equipment - 4.5%
American Tower Corp. - Cl. A ............................ 123,910 1,097
McData Corp. * .......................................... 36,550 536
Plantronics, Inc. * ..................................... 37,840 820
Polycom, Inc. * ......................................... 28,900 400
------
2,853
Computers & Peripherals - 4.1%
Dot Hill Systems Corp. * ................................ 52,300 685
Innovex, Inc. * ......................................... 75,840 766
Overland Storage, Inc. * ................................ 36,700 747
Sigma Designs ........................................... 36,400 395
------
2,593
Construction & Engineering - 0.8%
Navigant Consulting, Inc. * ............................. 43,300 513
Construction Materials - 0.5%
Toll Brothers, Inc. * ................................... 11,200 317
Containers & Packaging - 0.9%
Jarden Corp. * .......................................... 21,020 $ 582
Diversified Financials - 2.3%
Investment Technology Group, Inc. * ..................... 33,660 626
iShares Trust * ......................................... 17,010 804
------
1,430
Diversified Telecommunication Services - 1.5%
Crown Castle International Corp. * ...................... 126,210 981
Electronic Equipment & Instruments - 2.8%
DSP Group, Inc. ......................................... 32,130 692
Lexar Media, Inc. * ..................................... 40,370 385
Rudolph Technologies, Inc. * ............................ 43,960 701
Siliconix, Inc. * ....................................... 100 4
------
1,782
Finance - 0.5%
United Holdings Corp. ................................... 25,700 302
Food Products - 1.9%
Peets Coffee & Tea, Inc. * .............................. 30,910 540
Smithfield Foods, Inc. * ................................ 27,940 640
------
1,180
Health Care Equipment & Supplies - 6.4%
Inamed Corp. * .......................................... 18,460 991
Orthofix International * ................................ 23,400 766
Therasense, Inc. * ...................................... 6,660 67
Thoratec Corp. * ........................................ 49,960 745
Wilson Greatbatch Technologies, Inc. * .................. 27,600 996
Zoll Medical Corp. * .................................... 15,500 520
------
4,085
Health Care Providers & Services - 6.3%
Amerigroup Corp. * ...................................... 10,670 397
Amsurg Corp. ............................................ 28,700 875
Curative Health Services, Inc. .......................... 13,700 233
eResearch Technology, Inc. * ............................ 28,620 634
Odyssey Healthcare, Inc. * .............................. 24,910 922
Option Care, Inc. * ..................................... 24,070 277
VCA Antech, Inc. * ...................................... 34,520 676
------
4,014
Hotels Restaurants & Leisure - 6.7%
AMC Entertainment, Inc. * ............................... 45,870 525
Cumulus Media, Inc. - Cl. A * ........................... 26,510 502
Panera Bread Co. - Cl. A * .............................. 8,780 351
Rare Hospitality International, Inc. * .................. 11,700 382
Redeemable Robingourmet Burgers, Inc. ................... 40,900 776
Scientific Games Corp. - Cl. A .......................... 120,530 1,133
Wynn Resorts, Ltd. * .................................... 31,560 558
------
4,227
Insurance - 6.7%
Arch Capital Group, Ltd. * .............................. 24,730 859
124
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
SMALL CAP EMERGING GROWTH FUND
Market
Name of Issuer Shares Value
- -------------------------------------------------------- -------- --------
(000's)
COMMON STOCK - Continued
Insurance - Continued
Brown & Brown, Inc. ................................. 10,650 $ 346
Healthextras, Inc. * ................................ 125,800 984
IPC Holdings, Ltd. .................................. 19,280 646
Platinum Underwriters Holdings ...................... 27,390 743
Proassurance Corp. * ................................ 21,300 575
Providian Financial Corp. * ......................... 10,830 100
--------
4,253
Internet Software & Services - 0.6%
WebMethods, Inc. * .................................. 47,800 389
IT Consulting & Services - 0.8%
SM & A * ............................................ 44,500 505
Leisure Equipment & Products - 0.5%
Leapfrog Enterprises, Inc. * ........................ 10,480 333
Machinery - 3.8%
Ceradyne, Inc. California ........................... 7,500 140
ESCO Technologies, Inc. * ........................... 18,730 824
Graco, Inc. * ....................................... 13,400 429
Pall Corp. * ........................................ 6,380 144
Stake Technology, Ltd. * ............................ 127,720 902
--------
2,439
Media - 1.0%
GrayTelevison, Inc. ................................. 50,300 624
Miscellaneous - 0.3%
Fossil, Inc. * ...................................... 8,400 198
Multiline Retail - 1.3%
Pacific Sunwear of California, Inc. * ............... 33,430 805
Oil & Gas - 4.4%
Arch Coal, Inc. ..................................... 34,250 787
Cabot Oil & Gas Corp. - CI. A ....................... 23,100 638
Chesapeake Energy Corp. ............................. 63,870 645
Patina Oil & Gas Corp. .............................. 22,025 708
--------
2,778
Pharmaceuticals - 3.8%
Andrx Corp. * ....................................... 23,680 471
Atherogenics, Inc. * ................................ 31,550 471
Medicinesco ......................................... 22,110 436
NPS Pharmaceuticals, Inc. * ......................... 24,970 608
OSI Pharmaceuticals, Inc. * ......................... 12,330 397
--------
2,383
Road & Rail - 1.5%
Yellow Corp. * ...................................... 41,010 949
Semiconductor Equipment & Products - 7.8%
Ase Test, Ltd. * .................................... 171,310 942
Exar Corp. * ........................................ 39,830 631
Fairchild Semiconductor Corp. - CI. A * ............. 43,970 562
MEMC Electronic Materials, Inc. * ................... 86,850 851
Microsemi Corp. * ................................... 50,130 802
Pericom Semiconductor Corp. * ....................... 69,420 646
Semtech Corp. * ..................................... 35,450 $ 505
--------
4,939
Software - 3.0%
Cognos, Inc. * ...................................... 14,470 390
Hyperion Solutions Corp. * .......................... 18,300 618
Red Hat, Inc. * ..................................... 118,210 895
--------
1,903
Specialty Retail - 3.1%
Blue Rhino Corp. * .................................. 24,010 288
Hollywood Entertainment Corp. * ..................... 98,430 1,693
--------
1,981
Textiles & Apparel - 2.3%
K-Swiss, Inc. - CI. A ............................... 23,990 828
Madden Steven, Ltd. ................................. 23,330 510
Quiksilver, Inc. * .................................. 6,260 103
--------
1,441
Wireless Telecommunications Services - 0.6%
NII Holdings, Inc. - CI. B * ........................ 10,600 406
--------
TOTAL COMMON STOCK- 99.4% 62,964
Par
Value
--------
(000's)
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 24.4%
State Street Navigator Securities Lending
Portfolio ........................................ $ 15,507 15,507
-------- --------
TOTAL INVESTMENTS- 123.8% 78,471
Payables, less cash and receivables- (23.8)% (15,110)
-------- --------
NET ASSETS- 100.0% $ 63,361
======== ========
* Non-income producing security.
See notes to financial statements.
125
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES FUND
Market
Name of Issuer Shares Value
- ---------------------------------------------------------- --------- -------
(000's)
COMMON STOCK
Australia - 0.5%
Broken Hill Proprietary Co., Ltd. * (BF) .............. 85,000 $ 493
Belgium - 0.6%
DEXIA * (JP) .......................................... 26,750 339
Fortis * (JR) ......................................... 8,910 155
UCB SA * (JO) ......................................... 3,627 99
-------
593
Canada - 2.9%
Alcan Aluminum, Ltd. (BF) ............................. 19,572 607
Bank Nova Scotia Halifax - Bills * (JP) ............... 9,800 434
Inco, Ltd. * (BF) ..................................... 41,400 871
Royal Bank of Canada (JP) ............................. 24,280 1,028
-------
2,940
Denmark - 0.5%
Novo Nordisk AS (JO) .................................. 14,700 515
Finland - 1.6%
Nokia Oyj * (JW) ...................................... 97,281 1,605
France - 14.5%
AXA * (JR) ............................................ 34,500 536
BNP Paribas * (JP) .................................... 30,102 1,532
Carrefour SA * (JF) ................................... 3,000 147
CIE De St. Gobain * (BI) .............................. 15,472 610
Equant * (J1) ......................................... 1,905 12
France Telecom * (J1) ................................. 37,000 909
Groupe Danone * (JH) .................................. 950 132
Hermes International * (BY) ........................... 3,724 526
L'Oreal SA * (JK) ..................................... 4,767 337
Lafarge SA * (BD) ..................................... 786 46
LVMH * (Louis Vuitton Moet Hennessy) (BY) ............. 11,666 580
Orange SA * (J2) ...................................... 42,390 377
Pinault-Printemps-Redoute SA * (JD) ................... 2,039 154
Rhone-Poulenc SA * (JO) ............................... 22,563 1,243
Sanofi-Synthelabo SA * (JO) ........................... 23,711 1,391
Schneider SA * (BK) ................................... 11,689 551
Societe Generale - Cl. A * (JP) ....................... 6,052 384
Societe Television Francaise (JA) ..................... 25,689 792
Sodexho Alliance SA * (BZ) ............................ 30,034 812
STMicroelectronics * (J0) ............................. 11,756 247
Thomson Multimedia * (JY) ............................. 12,500 193
Total Fina SA - Cl. B * (BB) .......................... 19,126 2,895
Vivendi Universal SA * (JA) ........................... 6,713 122
-------
14,528
Germany - 1.9%
Allianz AG * (JR) ..................................... 2,478 206
Bayer AG * (JL) ....................................... 3,915 91
Bayerische Vereinsbank AG * (JP) ...................... 2,577 43
Deutsche Bank AG * (JP) ............................... 9,287 603
E.On AG (J3) .......................................... 3,545 183
Gehe AG * (JM) ........................................ 10,201 401
Rhoen-Klinikum AG * (JM) .............................. 2,759 111
SAP AG * (JV) ......................................... 1,660 $ 196
Siemens AG * (BL) ..................................... 1,952 96
-------
1,930
Hong Kong - 1.2%
Cheung Kong Holdings, Ltd. * (JS) ..................... 25,000 150
China Telecom Corp. * (J2) ............................ 1,972,000 453
China Telecom, Ltd. * (J2) ............................ 179,500 423
HSBC Holdings plc (JP) ................................ 18,000 214
-------
1,240
Hungary - 0.4%
Gedeon Richter * (JO) ................................. 5,920 418
India - 1.5%
HDFC Bank Ltd. * (JP) ................................. 85,000 475
Hindustan Lever Ltd. (JJ) ............................. 181,360 698
Infosys Technologies, Ltd. * (JU) ..................... 4,200 296
Maruti Udyog (BO) ..................................... 7,700 21
-------
1,490
Italy - 5.3%
Alleanza Assicurazioni * (JR) ......................... 59,380 566
Banca Intesa SpA (JP) ................................. 137,138 439
ENI * (BB) ............................................ 78,872 1,195
Mediaset SpA * (JA) ................................... 29,430 249
Mediolanum SpA * (JQ) ................................. 24,785 139
Olivetti SpA * (J1) ................................... 105,318 132
Telecom Italia Mobile SpA * (J2) ...................... 150,790 744
Telecom Italia SpA (J1) ............................... 117,530 856
UniCredito Italiano SpA * (JP) ........................ 200,643 958
-------
5,278
Japan - 12.6%
Canon, Inc. * (JZ) .................................... 16,000 735
Credit Saison Co., Ltd. (JQ) .......................... 14,900 245
Dai-Ichi Pharmaceutical Co., Ltd. * (JO) .............. 7,800 102
Denso Corp. (BU) ...................................... 14,600 232
Fanuc, Ltd. * (BM) .................................... 3,500 174
Fuji Television Network, Inc. (JA) .................... 48 170
Fujisawa Pharmeceutical Co., Ltd. * (JO) .............. 30,000 563
Hitachi Chemical * (JY) ............................... 4,800 49
Honda Motor Co. * (BV) ................................ 25,900 983
Ito-Yokado Co., Ltd. * (JD) ........................... 9,000 216
Japan Telecom Co. * (J1) .............................. 115 350
Keyence Corp. (JY) .................................... 1,300 238
Kyocera Corp. * (JY) .................................. 2,900 166
Marui Co., Ltd. * (JD) ................................ 34,000 303
Mitsubishi Estate Co., Ltd. * (JS) .................... 49,000 332
Mitsui Fudosan Co., Ltd. * (JS) ....................... 88,000 563
Murata Manufacturing Co., Ltd. * (JY) ................. 3,200 126
Nissan Motor Acceptance Corp. (BV) .................... 23,300 223
Nomura Securities Co., Ltd. * (JQ) .................... 57,000 725
126
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Japan - Continued
NTT Mobile Communications Network, Inc. * (J2) .......... 380 $ 824
Rohm Co., Ltd. * (J0) ................................... 5,100 557
Secom Co. * (BO) ........................................ 27,500 808
Seven-Eleven Japan * (JF) ............................... 27,000 673
Shin-Etsu Chemical Co. * (BC) ........................... 6,600 226
Shiseido Co., Ltd. * (JK) ............................... 41,000 399
SMC Corp. * (BM) ........................................ 2,500 211
Sony Corp. * (JY) ....................................... 6,600 186
Sumitomo Corp. * (BO) ................................... 19,000 88
Suzuki Motor Corp. * (BV) ............................... 24,000 313
Takeda Chemical Industries * (BC) ....................... 9,000 333
Toyota Motor Corp. * (BV) ............................... 29,900 776
Yamanouchi Pharmaceutical Co., Ltd. * (JO) .............. 23,000 601
Yamato Transport Co., Ltd. (BP) ......................... 19,000 211
-------
12,701
Luxembourg - 0.0%
Society Europeenne des Satellites (JA) .................. 3,830 25
Malaysia - 0.9%
Magnum Corp. Berhad * (BZ) .............................. 542,000 381
Resorts World Berhad * (BZ) ............................. 218,800 564
-------
945
Mexico - 1.4%
Cifra SA de CV - Ser. V * (JD) .......................... 151,300 446
Fomento Economico Mexicano SA de CV * (JG) .............. 91,500 377
GF BBVA Bancomer - Ser. B (JP) .......................... 708,000 598
-------
1,421
Netherlands - 4.0%
Akzo Nobel NV * (BC) .................................... 1,250 33
ASM Lithography Holding NV (J0) ......................... 29,710 283
Elsevier NV * (JA) ...................................... 22,520 266
Fortis * (JR) ........................................... 20,610 355
ING Groep NV (JQ) ....................................... 53,350 928
Koninklije KPN NV * (JY) ................................ 61,000 433
Koninklijke * (Royal) Philips Electronics NV (JY) ....... 35,498 676
Royal Dutch Petroleum Co. * (BB) ........................ 10,150 472
VNU NV * (JA) ........................................... 13,242 409
Wolters Kluwer NV * (JA) ................................ 15,295 185
-------
4,040
Norway - 0.4%
Orkla ASA * (JH) ........................................ 16,850 292
Statoil ASA * (BB) ...................................... 12,550 107
-------
399
Singapore - 0.9%
Mobile One * (J1) ....................................... 230,000 175
United Overseas Bank, Ltd. * (JP) ....................... 109,072 $ 768
-------
943
South Africa - 1.4%
Anglo American plc * (BF) ............................... 15,200 236
Gold Fields Mining * (BF) ............................... 24,000 287
Impala Platinum Holdings, Ltd. (BF) ..................... 2,840 169
Nedcor, Ltd. * (JP) ..................................... 60,459 723
-------
1,415
South Korea - 1.5%
Samsung Electronics * (JY) .............................. 2,530 752
SK Telecom Co., Ltd. * (J2) ............................. 4,330 739
-------
1,491
Spain - 3.6%
Banco Bilbao Vizcaya SA * (JP) .......................... 74,660 786
Banco Santander Central Hispano SA * (JP) ............... 84,250 739
Endesa SA * (J3) ........................................ 25,176 422
Gas Natural SDG SA * (J4) ............................... 20,110 405
Inditex (JE) ............................................ 20,300 511
Repsol SA * (BB) ........................................ 13,202 215
Telefonica SA * (J1) .................................... 41,455 482
-------
3,560
Sweden - 2.7%
Electrolux AB - Ser. B * (BW) ........................... 19,910 393
Hennes & Mauritz AB * (JE) .............................. 32,290 743
Nordic Baltic Holding AB (JP) ........................... 46,120 223
Sandvik AB (BM) ......................................... 3,220 84
Securitas AB * (BO) ..................................... 114,328 1,173
Telefonaktiebolaget LM Ericsson AB (JW) ................. 105,835 114
-------
2,730
Switzerland - 5.4%
Adecco SA * (BO) ........................................ 27,700 1,143
Credit Suisse Group * (JP) .............................. 5,500 145
Nestle SA * (JH) ........................................ 10,299 2,130
Roche Holdings AG * (JO) ................................ 8,300 652
UBS AG * (JP) ........................................... 23,366 1,303
-------
5,373
Taiwan - 1.4%
Advantech Co., Ltd. (JY) ................................ 83,000 120
China Trust Finance (JP) ................................ 588,000 474
Media Tekin Corp. (J0) .................................. 29,000 291
Taiwan Semiconductor * (J0) ............................. 302,500 498
-------
1,383
Thailand - 1.2%
Bangkok Bank * (JP) ..................................... 396,400 528
Siam Commercial Bank * (JP) ............................. 30,000 26
127
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES FUND
Market
Name of Issuer Shares Value
- ---------------------------------------------------------- --------- -------
(000's)
COMMON STOCK - Continued
Thailand - Continued
Siam Commercial Bank Public Co. * (JP) ................ 720,000 $ 616
-------
1,170
United Kingdom - 23.7%
Abbey National First Capital BV (JP) .................. 20,668 161
AstraZeneca Group plc * (JO) .......................... 27,989 1,124
Autonomy Corp. plc * (JV) ............................. 7,832 23
BG Group plc * (BB) ................................... 41,973 186
BP Amoco plc (BB) ..................................... 98,000 681
Brambles Industries * (BO) ............................ 74,110 201
Cadbury Schweppes plc * (JH) .......................... 72,177 427
Carnival plc (BZ) ..................................... 6,548 199
Celltech Group plc * (JN) ............................. 21,612 123
Centrica plc (J4) ..................................... 102,400 297
Compass Group plc * (BZ) .............................. 217,630 1,175
David S. Smith Holdings plc (BE) ...................... 20,240 55
Diageo plc * (JG) ..................................... 56,783 607
Electrocomponents plc * (JY) .......................... 82,780 444
Friends Provident plc * (BL) .......................... 29,780 56
GKN * (BU) ............................................ 6,800 25
GlaxoSmithKline plc * (JO) ............................ 165,881 3,353
Granada Compass plc * (JA) ............................ 31,250 47
Hays plc * (BO) ....................................... 176,860 281
Hilton Group plc * (BZ) ............................... 22,000 67
Kingfisher plc * (JE) ................................. 191,532 878
Reckitt Benckiser plc * (JJ) .......................... 7,616 140
Reed International plc (JA) ........................... 202,664 1,689
Rio Tinto plc * (BF) .................................. 60,383 1,138
Royal Bank of Scotland Group * (JP) ................... 95,333 2,679
Shell Transport & Trading Co. plc * (BB) .............. 233,453 1,544
Standard Chartered plc * (JP) ......................... 17,600 214
Tesco plc * (JF) ...................................... 284,550 1,031
Tomkins plc (BL) ...................................... 128,426 482
Unilever plc * (JK) ................................... 96,248 768
United Business Media (JA) ............................ 16,593 83
Vodafone AirTouch plc (J2) ............................ 1,336,084 2,617
Woolworths Group * (BL) ............................... 73,328 45
WPP Group plc * (JA) .................................. 130,430 1,024
-------
23,864
United States - 5.6%
America Movil SA de CV - ADR - Ser. L (J2) ............ 30,300 568
Celestica, Inc. * (JY) ................................ 9,301 147
Check Point Software Technologies, Ltd. * (JT) ........ 11,675 228
Coca-Cola Co. - ADR (JG) .............................. 12,000 258
Companhia Vale do Rio Doce - ADR (BF) ................. 11,469 318
Compania Brasileira de Distribuicao Grupo Pao de
Acucar - ADR (JF) .................................. 12,500 192
Embraer - Empresa Brasileira de Aeronautica
SA * (BH) .......................................... 8,994 $ 172
KT Corp. - ADR * (J1) ................................. 32,395 639
Lukoil Holding - ADR * (BB) ........................... 7,110 562
Mobile Systems - ADR * (J2) ........................... 7,300 431
Petroleo Brasileiro SA ADR (BB) ....................... 30,592 543
POSCO - ADR (BF) ...................................... 25,399 665
Telefonica SA * (J1) .................................. 6,725 232
Teva Pharmaceutical Industries, Ltd. - ADR * (JO) ..... 5,190 295
Turkcell Iletisim Hizmetleri AS - ADR (J2) ............ 1,100 19
Yukos Corp. - ADR * (BB) .............................. 6,262 348
-------
5,617
-------
TOTAL COMMON STOCK- 97.6% 98,107
PREFERRED STOCK
Australia - 0.5%
News Corp., Ltd. (JA) ................................. 73,949 456
-------
TOTAL PREFERRED STOCK- 0.5% 456
Par
Value
---------
(000's)
PUBLICLY-TRADED BONDS
India - 0.0%
Hindustan Lever, Ltd. - Debs. (JK)
9.0% due 09/30/04 .................................. $ 181,360 24
-------
TOTAL PUBLICLY-TRADED BONDS- 0.0% 24
Shares
---------
RIGHTS
France - 0.0%
LaFarge (BI)
Expires 07/02/03 (Cost $0) ......................... 786 2
-------
TOTAL RIGHTS- 0.0% 2
Par
Value
---------
(000's)
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 18.6%
State Street Navigator Securities Lending Portfolio ... $ 18,716 18,716
128
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES FUND
Par Market
Name of Issuer Value Value
- ---------------------------------------------------------- ------- ---------
(000's) (000's)
SHORT-TERM INVESTMENTS - 0.6%
Investment in joint trading account
(Note B)
1.181% due 07/01/03 ................................ $ 643 $ 643
------- --------
TOTAL INVESTMENTS- 117.3% 117,948
Payables, less cash and receivables- (17.3)% (17,407)
------- --------
NET ASSETS- 100.0% $100,541
======= ========
* Non-income producing security.
ADR-American Depository Receipt.
See notes to financial statements.
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
% of
Industry Market Long-Term
Industry Abbreviation Value Investments
- ----------------------------------------- ------------ ------- -----------
(000s)
Banks ................................... JP $16,431 16.6%
Pharmaceuticals ......................... JO 10,358 10.5%
Oil & Gas ............................... BB 8,747 8.9%
Wireless Telecommunications
Services ............................. J2 7,195 7.3%
Media ................................... JA 5,518 5.6%
Metals & Mining ......................... BF 4,784 4.9%
Diversified Telecommunication
Services ............................. J1 3,788 3.8%
Commercial Services & Supplies .......... BO 3,714 3.8%
Electronic Equipment &
Instruments .......................... JY 3,531 3.6%
Hotels Restaurants & Leisure ............ BZ 3,198 3.2%
Food Products ........................... JH 2,980 3.0%
Automobiles ............................. BV 2,295 2.3%
Specialty Retail ........................ JE 2,132 2.2%
Food & Drug Retailing ................... JF 2,044 2.1%
Diversified Financials .................. JQ 2,037 2.1%
Semiconductor Equipment &
Products ............................. J0 1,875 1.9%
Insurance ............................... JR 1,819 1.8%
Communications Equipment ................ JW 1,718 1.7%
Personal Products ....................... JK 1,527 1.6%
Beverages ............................... JG 1,242 1.3%
Multiline Retail ........................ JD 1,119 1.1%
Textiles & Apparel ...................... BY 1,105 1.1%
Real Estate Investment Trust ............ JS 1,046 1.1%
Household Products ...................... JJ 838 0.9%
Office Electronics ...................... JZ 736 0.7%
Gas Utilities ........................... J4 702 0.7%
Industrial Conglomerates ................ BL 679 0.7%
Building Products ....................... BI 612 0.6%
Electric Utilities ...................... J3 605 0.6%
Chemicals ............................... BC 592 0.6%
Electrical Equipment .................... BK 550 0.6%
Health Care Providers & Services ........ JM 512 0.5%
Machinery ............................... BM 469 0.5%
Household Durables ...................... BW 393 0.4%
IT Consulting & Services ................ JU 296 0.3%
Auto Components ......................... BU 257 0.3%
Internet Software & Services ............ JT 228 0.2%
Software ................................ JV 219 0.2%
Air Freight & Couriers .................. BP 211 0.2%
Aerospace & Defense ..................... BH 172 0.2%
Biotechnology ........................... JN 123 0.1%
Health Care Equipment &
Supplies ............................. JL 91 0.1%
Containers & Packaging .................. BE 55 0.1%
Construction Materials .................. BD 46 0.0%
------- -----
$98,589 100.0%
======= =====
129
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK
Aerospace & Defense - 1.1%
Boeing Co. * ............................................ 50,337 $ 1,728
General Dynamics Corp. * ................................ 11,492 833
Lockheed Martin Corp..................................... 26,832 1,277
Northrop Grumman Corp. * ................................ 11,000 949
Raytheon Co. * .......................................... 24,159 793
Rockwell Collins, Inc. * ................................ 11,166 275
-------
5,855
Air Freight & Couriers - 1.0%
Fedex Corp............................................... 17,714 1,099
United Parcel Service, Inc. - Cl. B ..................... 66,900 4,261
-------
5,360
Airlines - 0.2%
Delta Air Lines, Inc. * ................................. 6,679 98
Southwest Airlines Co.................................... 46,258 796
-------
894
Auto Components - 0.3%
B.F. Goodrich Co. * ..................................... 6,750 142
Cooper Tire & Rubber Co. * .............................. 3,406 60
Dana Corp................................................ 8,430 97
Delphi Automotive Systems Corp. * ....................... 32,683 282
Goodyear Tire & Rubber Co. * ............................ 8,931 47
Ingersoll-Rand Co. - Cl. A * ............................ 9,845 466
Johnson Controls, Inc.................................... 5,126 439
Visteon Corp. * ......................................... 6,356 43
-------
1,576
Automobiles - 0.6%
Ford Motor Co............................................ 107,797 1,185
General Motors Corp. * .................................. 33,798 1,217
Harley-Davidson, Inc. * ................................. 18,040 719
-------
3,121
Banks - 6.5%
AmSouth Bancorp. * ...................................... 20,539 449
Bank of America Corp. * ................................. 88,599 7,002
Bank of New York Co., Inc. * ............................ 45,270 1,302
Bank One Corp. * ........................................ 68,245 2,537
BB&T Corp. * ............................................ 27,937 958
Charter One Financial, Inc............................... 13,729 428
Comerica, Inc. * ........................................ 10,660 496
Fifth Third Bancorp * ................................... 33,791 1,938
First Tennessee National Corp............................ 7,400 325
FleetBoston Financial Corp............................... 62,695 1,863
Golden West Financial Corp. * ........................... 9,110 729
Huntington Bancshares, Inc. * ........................... 13,196 258
JP Morgan Chase & Co..................................... 120,037 4,103
KeyCorp * ............................................... 25,217 637
Marshall & Ilsley Corp. * ............................... 13,900 425
Mellon Financial Corp. * ................................ 25,694 713
National City Corp. * ................................... 36,174 1,183
North Fork Bancorporation, Inc. * ....................... 8,900 303
Northern Trust Corp...................................... 13,324 $ 557
PNC Bank Corp. * ........................................ 16,820 821
Regions Financial Corp................................... 13,631 460
SouthTrust Corp. * ...................................... 20,033 545
Suntrust Banks, Inc. * .................................. 16,725 992
Synovus Financial Corp. * ............................... 18,672 401
Union Planters Corp. * .................................. 12,098 375
US Bancorp * ............................................ 114,190 2,798
Wachovia Corp. * ........................................ 79,385 3,172
Zions Bancorp * ......................................... 5,634 285
-------
36,055
Beverages - 2.8%
Adolph Coors Co. - Cl. B * .............................. 2,054 101
Anheuser-Busch Cos., Inc ................................ 49,205 2,512
Brown-Forman Corp. - Cl. B * ............................ 3,400 267
Coca-Cola Co. * ......................................... 172,265 7,245
Pepsi Bottling Group, Inc. * ............................ 16,918 339
PepsiCo, Inc. * ......................................... 101,491 4,516
Starbucks Corp. * ....................................... 23,753 582
-------
15,562
Biotechnology - 1.2%
Amgen, Inc. * ........................................... 74,498 4,950
Biogen, Inc.............................................. 9,116 346
Chiron Corp. * .......................................... 10,876 476
Genzyme Corp. * ......................................... 12,900 539
MedImmune, Inc. * ....................................... 15,409 560
-------
6,871
Building Products - 0.1%
Crane Co. * ............................................. 3,037 69
Masco Corp. * ........................................... 27,669 660
729
Chemicals - 1.3%
Air Products & Chemicals, Inc. * ........................ 13,532 563
Dow Chemical Co. * ...................................... 54,848 1,698
E.I. du Pont de Nemours & Co. * ......................... 59,299 2,469
Eastman Chemical Co. * .................................. 4,112 130
Engelhard Corp. * ....................................... 7,190 178
Great Lakes Chemical Corp................................ 2,373 49
Hercules, Inc. * ........................................ 6,957 69
International Flavors & Fragrances, Inc. * .............. 5,339 171
Monsanto Co.............................................. 15,036 325
PPG Industries, Inc. * .................................. 10,145 515
Praxair, Inc. * ......................................... 9,507 571
Rohm & Haas Co........................................... 13,147 408
Sigma-Aldrich Corp. * ................................... 4,410 239
-------
7,385
Commercial Services & Supplies - 2.2%
Allied Waste Industries, Inc............................. 12,111 122
Apollo Group, Inc. - Cl. A * ............................ 10,400 642
Automatic Data Processing, Inc........................... 35,508 1,202
130
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
Commercial Services & Supplies - Continued
Avery Dennison Corp. * .................................. 6,260 $ 314
Cendant Corp. * ......................................... 60,507 1,108
Cintas Corp. * .......................................... 10,146 360
Concord EFS, Inc. * ..................................... 29,001 427
Convergys Corp. * ....................................... 7,949 127
Deluxe Corp. * .......................................... 3,303 148
Ecolab, Inc. * .......................................... 15,572 399
Equifax, Inc. * ......................................... 8,608 224
First Data Corp. * ...................................... 44,040 1,825
Fiserv, Inc. * .......................................... 11,181 398
H & R Block, Inc. * ..................................... 10,366 448
Honeywell International, Inc............................. 50,339 1,352
IMS Health, Inc. * ...................................... 14,387 259
Monster Worldwide, Inc................................... 5,755 114
Paychex, Inc............................................. 22,393 656
Pitney Bowes, Inc. * .................................... 13,659 525
R.R. Donnelley & Sons Co. * ............................. 6,071 159
Robert Half International, Inc. * ....................... 11,055 209
Sabre Group Holdings, Inc. * ............................ 9,067 224
Waste Management, Inc. * ................................ 35,467 854
-------
12,096
Communications Equipment - 2.2%
ADC Telecommunications, Inc. * .......................... 44,937 105
Andrew Corp. * .......................................... 4,668 43
Avaya, Inc. * ........................................... 20,815 134
Ciena Corp. * ........................................... 24,976 130
Cisco Systems, Inc. * ................................... 415,244 6,930
Comverse Technology, Inc. * ............................. 11,970 180
Corning, Inc. * ......................................... 76,953 569
JDS Uniphase Corp. * .................................... 82,791 291
Lucent Technologies, Inc. * ............................. 237,778 483
Motorola, Inc............................................ 139,089 1,312
Qualcomm, Inc. * ........................................ 47,201 1,687
Scientific-Atlanta, Inc. * .............................. 8,237 196
Tellabs, Inc. * ......................................... 24,895 163
-------
12,223
Computers & Peripherals - 5.2%
Apple Computer, Inc. * .................................. 22,508 430
Dell Computer Corp. * ................................... 151,783 4,851
EMC Corp. * ............................................. 130,322 1,365
Gateway, Inc. * ......................................... 15,570 57
Hewlett-Packard Co. * ................................... 181,709 3,870
Intel Corp............................................... 386,580 8,035
International Business Machines Corp..................... 102,227 8,434
Lexmark International Group, Inc. -
Cl. A * .............................................. 7,587 537
NCR Corp. * ............................................. 6,340 162
Network Appliance, Inc. * ............................... 20,173 327
Sun Microsystems, Inc.................................... 192,037 883
-------
28,951
Construction & Engineering - 0.1%
American Standard Cos., Inc. * .......................... 4,100 $ 303
Fluor Corp. * ........................................... 4,515 152
McDermott International, Inc. * ......................... 4,089 26
Pulte Homes, Inc. * ..................................... 3,686 227
-------
708
Construction Materials - 0.1%
Nucor Corp............................................... 4,913 240
United States Steel Corp. * ............................. 5,529 91
Vulcan Materials Co. * .................................. 6,447 239
-------
570
Containers & Packaging - 0.2%
Ball Corp................................................ 3,380 154
Bemis Co., Inc. * ....................................... 2,977 139
Pactiv Corp. * .......................................... 9,831 194
Sealed Air Corp. * ...................................... 4,718 225
Temple-Inland, Inc. * ................................... 3,472 149
-------
861
Credit Card - 0.3%
MBNA Corp. * ............................................ 75,071 1,565
Diversified Financials - 6.9%
American Express Co. * .................................. 76,524 3,200
Bear Stearns Cos., Inc. * ............................... 5,769 418
Capital One Financial Corp............................... 13,403 659
Charles Schwab Corp. * .................................. 80,091 808
Citigroup, Inc. * ....................................... 304,803 13,046
Countrywide Credit Industries, Inc. * ................... 7,572 527
Federated Investments, Inc. - Cl. B...................... 6,900 189
Franklin Resources, Inc. * .............................. 14,685 574
Goldman Sachs Group, Inc................................. 27,800 2,328
Janus Capgroup, Inc...................................... 14,819 243
Lehman Brothers Holdings, Inc............................ 14,358 955
Merrill Lynch & Co., Inc. * ............................. 55,321 2,582
Moody's Corp. * ......................................... 8,629 455
Morgan Stanley, Dean Witter, Discover &
Co.................................................... 64,518 2,758
SLM Corp. * ............................................. 26,511 1,038
State Street Corp........................................ 19,817 781
T. Rowe Price Group, Inc. * ............................. 6,979 264
Washington Mutual, Inc. * ............................... 54,853 2,265
Wells Fargo & Co. * ..................................... 98,996 4,989
-------
38,079
Diversified Telecommunication Services - 3.5%
Alltel Corp. * .......................................... 18,755 904
AT&T Corp. * ............................................ 46,385 893
BellSouth Corp. * ....................................... 108,926 2,901
CenturyTel, Inc.......................................... 8,205 286
Citizens Communications Co. * ........................... 17,115 221
Nextel Communications, Inc. - Cl. A * ................... 61,213 1,107
Qwest Communications International, Inc.................. 103,878 496
SBC Communications, Inc. * .............................. 197,395 5,043
131
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Diversified Telecommunication Services - Continued
Sprint Corp. * .......................................... 52,789 $ 760
Sprint PCS * ............................................ 60,363 347
Verizon Communications * ................................ 162,708 6,419
-------
19,377
Electric Utilities - 2.1%
AES Corp. * ............................................. 38,692 246
Allegheny Energy, Inc. * ................................ 6,781 57
Ameren Corp. * .......................................... 9,500 419
American Electric Power Co. * ........................... 23,529 702
Calpine Corp. ........................................... 21,334 141
Cinergy Corp. * ......................................... 10,131 373
CMS Energy Corp. * ...................................... 6,892 56
Consolidated Edison, Inc. * ............................. 13,608 589
Constellation Energy Group, Inc. * ...................... 9,638 330
DTE Energy Co. * ........................................ 9,640 372
Edison International * .................................. 19,838 326
Entergy Corp. * ......................................... 13,221 698
Exelon Corp. * .......................................... 19,116 1,143
Firstenergy Corp. * ..................................... 17,681 680
FPL Group, Inc. ......................................... 11,056 739
Mirant Corp. * .......................................... 20,762 60
PG & E Corp. * .......................................... 25,063 530
Pinnacle West Capital Corp. * ........................... 5,523 207
PPL Corp. ............................................... 10,412 448
Progress Energy, Inc. * ................................. 14,172 622
Public Services Enterprise Group, Inc. * ................ 13,702 579
Southern Co. ............................................ 43,320 1,350
Teco Energy, Inc. * ..................................... 10,497 126
TXU Corp. ............................................... 18,586 417
Xcel Energy, Inc. ....................................... 23,849 359
-------
11,569
Electric/Gas - 0.2%
Dominion Resources, Inc. ................................ 18,174 1,168
Electrical Equipment - 0.8%
American Power Conversion * ............................. 11,884 185
Cooper Industries, Ltd. - Cl. A * ....................... 5,436 224
Emerson Electric Co. .................................... 25,323 1,294
Molex, Inc. * ........................................... 11,334 306
Power One, Inc. * ....................................... 3,414 24
Rockwell International Corp. * .......................... 11,066 264
Thomas & Betts Corp. * .................................. 2,585 37
United Technologies Corp. * ............................. 27,585 1,954
-------
4,288
Electronic Equipment & Instruments - 0.4%
Agilent Technologies, Inc. * ............................ 28,438 556
Jabil Circuit, Inc. * ................................... 11,878 263
Millipore Corp. * ....................................... 2,568 114
PerkinElmer, Inc. * ..................................... 6,478 89
Sanmina Corp. * ......................................... 29,165 184
Solectron Corp. * ....................................... 52,270 195
Symbol Technologies, Inc. * ............................. 14,629 190
Tektronix, Inc. * ....................................... 5,036 $ 109
Thermo Electron Corp. * ................................. 10,264 216
Waters Corp. * .......................................... 7,400 216
-------
2,132
Energy Equipment & Services - 0.7%
Baker Hughes, Inc. * .................................... 19,888 668
Halliburton Co. * ....................................... 25,924 596
Nabors Industries, Ltd. * ............................... 8,814 349
Noble Corp. * ........................................... 8,295 285
Rowan Cos., Inc. * ...................................... 5,437 122
Schlumberger, Ltd. * .................................... 34,234 1,628
Transocean Sedco Forex, Inc. * .......................... 19,498 428
-------
4,076
Food & Drug Retailing - 1.0%
Albertson's, Inc. * ..................................... 21,566 414
CVS Corp. ............................................... 23,572 661
Safeway, Inc. * ......................................... 26,835 549
SuperValu, Inc. * ....................................... 8,593 183
Sysco Corp. * ........................................... 38,478 1,156
The Kroger Co. .......................................... 44,079 735
Walgreen Co. * .......................................... 61,180 1,841
Winn-Dixie Stores, Inc. * ............................... 8,104 100
-------
5,639
Food Products - 1.2%
Archer Daniels Midland Co. * ............................ 39,444 508
Campbell Soup Co. * ..................................... 24,594 603
ConAgra, Inc. ........................................... 31,981 755
General Mills, Inc. * ................................... 21,729 1,030
H.J. Heinz Co. .......................................... 21,007 693
Hershey Foods Corp. * ................................... 7,599 529
Kellogg Co. * ........................................... 24,290 835
McCormick & Co., Inc. ................................... 7,800 212
Sara Lee Corp. * ........................................ 46,244 870
WM Wrigley Jr. Co. ...................................... 13,329 749
-------
6,784
Gas Utilities - 0.3%
El Paso Corp. ........................................... 35,003 283
KeySpan Corp. * ......................................... 9,100 322
Nicor, Inc. ............................................. 2,666 99
Peoples Energy Corp. * .................................. 1,951 84
Sempra Energy * ......................................... 12,604 359
Williams Cos., Inc. * ................................... 32,248 255
-------
1,402
Health Care Equipment & Supplies - 1.9%
Amerisource Bergen Corp. * .............................. 6,355 441
Applera Corporation - Applied Biosystems
Group ................................................ 12,307 234
Bausch & Lomb, Inc. * ................................... 2,878 108
Baxter International, Inc. .............................. 35,762 930
Becton, Dickinson & Co. * ............................... 15,475 601
132
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Health Care Equipment & Supplies - Continued
Biomet, Inc. * .......................................... 15,015 $ 430
Boston Scientific Corp. * ............................... 24,184 1,478
C.R. Bard, Inc. * ....................................... 3,074 219
Guidant Corp. * ......................................... 18,246 810
Medtronic, Inc. * ....................................... 72,558 3,481
St. Jude Medical, Inc. * ................................ 10,750 618
Stryker Corp. * ......................................... 11,685 811
Zimmer Holdings, Inc. * ................................. 11,773 530
-------
10,691
Health Care Providers & Services - 1.5%
Aetna US Healthcare, Inc. * ............................. 8,807 530
Anthem, Inc. * .......................................... 8,000 617
Cardinal Health, Inc. * ................................. 26,298 1,691
HCA-The Healthcare Corp. * .............................. 30,232 968
Health Management Assoc., Inc. - Cl. A * ................ 14,156 261
Humana, Inc. * .......................................... 9,547 144
Manor Care, Inc. * ...................................... 5,065 127
McKesson HBOC, Inc. ..................................... 17,647 631
Quest Diagnostics, Inc. * ............................... 6,100 389
Quintiles Transnational Corp. * ......................... 6,670 95
Tenet Healthcare Corp. * ................................ 27,958 326
UnitedHealth Group, Inc. * .............................. 35,522 1,785
Wellpoint Health Networks, Inc. * ....................... 8,484 715
-------
8,279
Hotels Restaurants & Leisure - 1.0%
Carnival Corp. .......................................... 37,650 1,224
Darden Restaurants, Inc. * .............................. 10,658 202
Harrah's Entertainment, Inc ............................. 6,670 268
Hilton Hotels Corp. * ................................... 22,336 286
International Game Technology * ......................... 5,008 512
Marriott International, Inc. - Cl. A * .................. 13,655 525
McDonald's Corp. * ...................................... 76,281 1,683
Starwood Hotels & Resorts Worldwide,
Inc. * ............................................... 11,489 328
Wendy's International, Inc. * ........................... 7,165 208
Yum Brands, Inc. * ...................................... 17,528 518
-------
5,754
Household Durables - 0.5%
American Greetings Corp. - Cl. A * ...................... 3,992 78
Black & Decker Corp. * .................................. 4,500 196
Centex Corp. * .......................................... 3,886 302
Fortune Brands, Inc. * .................................. 8,622 450
KB Home * ............................................... 2,764 171
Leggett & Platt, Inc. * ................................. 11,485 236
Maytag Corp. * .......................................... 4,311 105
Newell Rubbermaid, Inc. * ............................... 16,004 448
Snap-On, Inc. * ......................................... 3,084 90
Stanley Works * ......................................... 5,324 147
Tupperware Corp. * ...................................... 2,584 37
Whirlpool Corp. * ....................................... 4,097 261
-------
2,521
Household Products - 1.6%
Clorox Co. * ............................................ 13,144 $ 561
Kimberly-Clark Corp. * .................................. 30,174 1,573
Procter & Gamble Co. * .................................. 76,584 6,830
-------
8,964
Industrial Conglomerates - 4.1%
3M Co. .................................................. 23,276 3,002
General Electric Co. * .................................. 591,946 16,977
Textron, Inc. * ......................................... 8,405 328
Tyco International, Ltd. * .............................. 119,047 2,260
-------
22,567
Insurance - 4.6%
Ace, Ltd ................................................ 15,800 542
AFLAC, Inc. * ........................................... 30,565 940
Allstate Corp. .......................................... 42,254 1,506
Ambac Financial Group, Inc. ............................. 6,154 408
American International Group, Inc. * .................... 154,343 8,517
Aon Corp. * ............................................. 18,081 435
Chubb Corp. * ........................................... 11,255 675
CIGNA Corp. * ........................................... 8,118 381
Cincinnati Financial Corp. * ............................ 9,234 343
Hartford Financial Services Group, Inc. * ............... 16,445 828
Jefferson-Pilot Corp. * ................................. 8,096 336
John Hancock Financial Services * ....................... 17,648 542
Lincoln National Corp. * ................................ 10,273 366
Loews Corp. * ........................................... 11,287 534
Marsh & McLennan Cos., Inc. * ........................... 32,102 1,639
MBIA, Inc. * ............................................ 8,416 410
Metlife, Inc. * ......................................... 44,790 1,268
MGIC Investment Corp. * ................................. 6,156 287
Principal Financial Group. * ............................ 19,100 616
Progressive Corp. * ..................................... 12,905 943
Providian Financial Corp. * ............................. 17,815 165
Prudential Financial, Inc. * ............................ 32,200 1,084
Safeco Corp. * .......................................... 7,886 278
St. Paul Cos., Inc. ..................................... 13,126 479
Torchmark, Inc. * ....................................... 7,282 271
Travelers Property Casualty Corp. - Cl. B * ............. 59,455 938
UnumProvident Corp. * ................................... 16,971 228
XL Capital, Ltd. - Cl. A * .............................. 8,094 672
-------
25,631
Internet & Catalog Retail - 0.4%
eBay, Inc. * ............................................ 19,000 1,979
Internet Software & Services - 0.2%
Yahoo, Inc. * ........................................... 36,324 1,190
IT Consulting & Services - 0.3%
Computer Sciences Corp. * ............................... 10,845 413
Electronic Data Systems Corp. * ......................... 28,881 619
SunGard Data Systems, Inc. * ............................ 17,400 451
133
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
IT Consulting & Services - Continued
Unisys Corp. * .......................................... 18,861 $ 232
-------
1,715
Leisure Equipment & Products - 0.2%
Brunswick Corp. * ....................................... 5,027 126
Eastman Kodak Co. * ..................................... 17,222 471
Hasbro, Inc. * .......................................... 10,976 192
Mattel, Inc. * .......................................... 25,827 488
-------
1,277
Machinery - 1.0%
Caterpillar, Inc. * ..................................... 20,299 1,130
Cummins Engine Company, Inc. * .......................... 2,460 88
Danaher Corp. * ......................................... 9,107 620
Deere & Co. * ........................................... 14,241 651
Dover Corp. ............................................. 11,796 353
Eaton Corp. * ........................................... 4,600 362
Illinois Tool Works, Inc. * ............................. 18,142 1,195
ITT Industries, Inc. * .................................. 5,228 342
Navistar International Corp., Inc. - Cl. B * ............ 4,486 146
Paccar, Inc. * .......................................... 6,766 457
Pall Corp. * ............................................ 7,379 166
Parker-Hannifin Corp. ................................... 6,920 291
-------
5,801
Media - 4.0%
AOL Time Warner, Inc. * ................................. 265,694 4,275
Clear Channel Communications, Inc. * .................... 36,054 1,528
Comcast Corp. - Cl. A ................................... 132,867 4,010
Dow Jones & Co., Inc. * ................................. 4,626 199
Gannett Co., Inc. * ..................................... 16,185 1,243
Interpublic Group Cos., Inc. * .......................... 22,446 300
Knight-Ridder, Inc. * ................................... 4,806 331
McGraw-Hill Cos., Inc. .................................. 11,484 712
Meredith Corp. * ........................................ 2,872 126
New York Times Co. - Cl. A * ............................ 8,732 397
Omnicom Group, Inc. * ................................... 11,169 801
The Walt Disney Co. * ................................... 121,740 2,405
Tribune Co. * ........................................... 18,699 903
Univision Communications, Inc. - Cl. A * ................ 13,303 405
Viacom, Inc. - Cl. B * .................................. 103,751 4,530
-------
22,165
Metals & Mining - 0.5%
Alcoa, Inc. * ........................................... 50,043 1,276
Allegheny Technologies, Inc. * .......................... 3,867 25
Freeport-McMoran Copper & Gold, Inc. -
Cl. B * .............................................. 8,309 204
Newmont Mining Corp. .................................... 24,285 788
Phelps Dodge Corp. * .................................... 5,010 192
Worthington Industries, Inc. * .......................... 5,124 69
-------
2,554
Multi-Utilities - 0.3%
CenterPoint Energy, Inc. ................................ 19,857 162
Duke Energy Co. ......................................... 52,911 $ 1,056
Dynegy, Inc. - Cl.A * ................................... 19,274 81
NiSource, Inc. * ........................................ 14,966 284
-------
1,583
Multiline Retail - 3.7%
Big Lots, Inc. * ........................................ 6,765 102
Costco Wholesale Corp. * ................................ 27,454 1,005
Dillard's, Inc. - Cl. A * ............................... 4,824 65
Dollar General Corp. .................................... 20,027 366
Family Dollar Stores, Inc. .............................. 10,050 383
Federated Department Stores, Inc. * ..................... 10,987 405
J.C. Penney Co., Inc. * ................................. 15,783 266
Kohl's Corp. * .......................................... 20,484 1,052
May Department Stores Co. * ............................. 17,785 396
Nordstrom, Inc. ......................................... 7,195 140
Sears, Roebuck & Co. * .................................. 17,778 598
Target Corp. * .......................................... 54,308 2,055
Wal-Mart Stores, Inc. * ................................. 259,302 13,917
-------
20,750
Office Electronics - 0.1%
Xerox Corp. * ........................................... 47,810 506
Oil & Gas - 4.9%
Amerada Hess Corp. * .................................... 5,230 257
Anadarko Petroleum Corp. * .............................. 14,737 655
Apache Corp. ............................................ 9,645 627
Ashland, Inc. ........................................... 3,601 110
BJ Services Co. * ....................................... 9,100 340
Burlington Resources, Inc. * ............................ 12,218 661
ChevronTexaco Corp. * ................................... 63,539 4,588
Conoco Phillips ......................................... 40,348 2,211
Devon Energy Corp. * .................................... 13,788 736
EOG Resources, Inc. * ................................... 6,469 271
Exxon Mobil Corp. * ..................................... 395,545 14,204
Kerr-McGee Corp. * ...................................... 6,315 283
Kinder Morgan, Inc. * ................................... 7,366 403
Marathon Oil Corp. * .................................... 19,049 502
Occidental Petroleum Corp. * ............................ 22,439 753
Sunoco, Inc. * .......................................... 4,522 171
Unocal Corp. * .......................................... 15,554 446
-------
27,218
Paper & Forest Products - 0.5%
Boise Cascade Corp. * ................................... 3,284 78
Georgia-Pacific Corp. * ................................. 14,455 274
International Paper Co. * ............................... 28,269 1,010
Louisiana-Pacific Corp. * ............................... 4,752 52
MeadWestvaco Corp. * .................................... 11,633 287
Plum Creek Timber Co., Inc. * ........................... 11,400 296
Weyerhaeuser Co. ........................................ 13,013 703
-------
2,700
134
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ------------------------------------------------------------ ------- -------
(000's)
COMMON STOCK - Continued
Personal Products - 0.9%
Alberto-Culver Co. - Cl. B * ............................ 3,282 $ 168
Avon Products, Inc. ..................................... 13,945 867
Colgate-Palmolive Co. ................................... 32,116 1,861
Gillette Co. ............................................ 61,134 1,948
-------
4,844
Pharmaceuticals - 9.4%
Abbott Laboratories * ................................... 92,253 4,037
Allergan, Inc. * ........................................ 7,691 593
Bristol-Myers Squibb Co. * .............................. 115,326 3,131
Eli Lilly & Co. * ....................................... 66,835 4,610
Forest Laboratories, Inc. * ............................. 21,312 1,167
Johnson & Johnson * ..................................... 175,682 9,083
King Pharmaceuticals, Inc. * ............................ 13,522 199
Merck & Co., Inc. * ..................................... 132,735 8,037
Pfizer, Inc. * .......................................... 467,611 15,969
Schering-Plough Corp. * ................................. 88,028 1,637
Watson Pharmaceuticals, Inc. * .......................... 6,654 269
Wyeth * ................................................. 78,912 3,594
-------
52,326
Real Estate Investment Trust - 0.3%
Apartment Investment & Management Co. ................... 5,200 180
Equity Office Properties Trust * ........................ 24,490 662
Equity Residential Properties Trust * ................... 15,586 404
Simon Property Group, Inc. .............................. 11,600 453
-------
1,699
Road & Rail - 0.4%
Burlington Northern Santa Fe Corp. * .................... 22,670 645
CSX Corp. * ............................................. 12,610 379
Norfolk Southern Corp. * ................................ 23,459 450
Ryder System, Inc. ...................................... 3,588 92
Union Pacific Corp. * ................................... 15,061 874
-------
2,440
Semiconductor Equipment & Products - 1.7%
Advanced Micro Devices, Inc. ............................ 18,800 121
Altera Corp. * .......................................... 22,062 362
Analog Devices, Inc. * .................................. 21,623 753
Applied Materials, Inc. * ............................... 99,354 1,576
Applied Micro Circuits Corp. * .......................... 19,737 119
Broadcom Corp. - Cl. A * ................................ 16,903 421
KLA-Tencor Corp. * ...................................... 11,470 533
Linear Technology Corp. * ............................... 18,946 610
LSI Logic Corp. * ....................................... 24,026 170
Maxim Integrated Products, Inc. * ....................... 18,977 649
Micron Technology, Inc. ................................. 37,067 431
National Semiconductor Corp. * .......................... 11,052 218
Novellus Systems, Inc. * ................................ 8,907 326
PMC-Sierra, Inc. * ...................................... 8,939 105
QLogic Corp. * .......................................... 5,234 253
Teradyne, Inc. * ........................................ 11,754 204
Texas Instruments, Inc. * ............................... 103,425 $ 1,820
Xilinx, Inc. * .......................................... 20,284 513
-------
9,184
Software - 4.6%
Adobe Systems, Inc. ..................................... 13,648 438
Autodesk, Inc. * ........................................ 6,156 99
BMC Software, Inc. * .................................... 13,454 220
Citrix Systems, Inc. .................................... 10,569 215
Computer Associates International, Inc. * ............... 34,663 772
Compuware Corp. * ....................................... 20,235 117
Electronic Arts, Inc. * ................................. 8,600 636
Intuit, Inc. * .......................................... 12,303 548
Mercury Interactive Corp. * ............................. 5,020 194
Microsoft Corp. * ....................................... 635,854 16,284
Novell, Inc. * .......................................... 19,824 61
NVIDIA Corp. * .......................................... 9,603 221
Oracle Corp. * .......................................... 309,664 3,722
Parametric Technology Corp. ............................. 12,184 37
Peoplesoft, Inc. * ...................................... 19,628 345
Siebel Systems, Inc. * .................................. 28,359 271
Symantec Corp. * ........................................ 8,800 386
Veritas Software Corp. * ................................ 24,863 713
-------
25,279
Specialty Retail - 2.3%
AutoNation, Inc. * ...................................... 17,500 275
AutoZone, Inc. * ........................................ 5,563 423
Bed Bath & Beyond, Inc. * ............................... 17,520 680
Best Buy Co., Inc. * .................................... 19,007 835
Circuit City Stores, Inc. ............................... 10,903 96
Gap, Inc. * ............................................. 52,425 983
Home Depot, Inc. * ...................................... 135,744 4,496
Limited, Inc. * ......................................... 31,972 496
Lowe's Cos., Inc. * ..................................... 46,619 2,002
Office Depot, Inc. * .................................... 17,748 258
RadioShack Corp. * ...................................... 10,370 273
Sherwin-Williams Co. * .................................. 8,928 240
Staples, Inc. * ......................................... 28,361 520
Tiffany & Co. * ......................................... 8,912 291
TJX Cos., Inc. * ........................................ 29,516 556
Toys "R" Us, Inc. * ..................................... 13,687 166
-------
12,590
Textiles & Apparel - 0.3%
Jones Apparel Group, Inc. ............................... 7,200 211
Liz Claiborne, Inc. * ................................... 6,652 234
Nike, Inc. - Cl. B ...................................... 15,494 829
Reebok International, Ltd. * ............................ 3,485 117
V.F. Corp. * ............................................ 6,063 206
-------
1,597
Tobacco - 1.1%
Altria Group, Inc. ...................................... 119,699 5,439
135
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
EQUITY INDEX FUND
Market
Name of Issuer Shares Value
- ---------------------------------------------------------- -------- --------
(000's)
COMMON STOCK - Continued
Tobacco - Continued
R.J. Reynolds Tobacco Holdings, Inc. .................. 4,900 $ 182
UST, Inc. * ........................................... 10,237 359
--------
5,980
Trading Companies & Distributors - 0.1%
Genuine Parts Co. * ................................... 10,100 323
W.W. Grainger, Inc. * ................................. 5,338 250
--------
573
U.S. Government Agencies - 1.1%
Federal Home Loan Mortgage Corp. ...................... 40,507 2,056
Federal National Mortgage Assoc. * .................... 57,855 3,902
--------
5,958
Wireless Telecommunications Services - 0.2%
AT&T Wireless Group * ................................. 160,449 1,317
--------
TOTAL COMMON STOCK- 96.2% 532,528
Par
Value
--------
(000's)
SHORT-TERM INVESTMENTS
Investment in joint trading account
(Note B) - 3.0%
1.181% due 07/01/03 ................................... $ 16,470 16,470
U.S. Governmental - 0.2%
U.S. Treasury - Bills
0.91% due 09/11/03 .................................... 1,245 1,243
--------
TOTAL SHORT-TERM
INVESTMENTS- 3.2% 17,713
-------- --------
TOTAL INVESTMENTS- 99.4% 550,241
Cash and Receivables, less payables- 0.6% 3,596
-------- --------
NET ASSETS- 100.0% $553,837
======== ========
* Non-income producing security.
See notes to financial statements.
136
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
HIGH YIELD BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS
Aerospace & Defense - 1.6%
K & F Industries, Inc. - Sr. Notes Ser. B
9.625% due 12/15/10 .................................. $ 215 $ 237
K & F Industries, Inc. - Sr. Sub. Notes
9.25% due 10/15/07 ................................... 280 293
Sequa Corp.
9.0% due 08/01/09 .................................... 275 291
Sequa Corp. - Sr. Notes
8.875% due 04/01/08 .................................. 525 549
------
1,370
Airlines - 0.5%
Delta Air Lines, Inc. - Notes
7.9% due 12/15/09 .................................... 520 419
Auto Components - 4.4%
CSK Auto, Inc. - Sr. Notes
12.0% due 06/15/06 ................................... 55 61
Dana Corp. - Notes
9.0% due 08/15/11 .................................... 1,065 1,153
10.125% due 03/15/10 ................................. 25 27
Dura Operating Corp. - Sr. Notes Ser. B
8.625% due 04/15/12 .................................. 245 253
Dura Operating Corp. - Sr. Sub. Notes
9.0% due 05/01/09 .................................... 505 465
Goodyear Tire & Rubber Co. - Notes
7.857% due 08/15/11 .................................. 205 152
8.5% due 03/15/07 .................................... 145 120
Lear Corp. - Ser B.
7.96% due 05/15/05 ................................... 140 150
Lear Corp. - Ser. B
8.11% due 05/15/09 ................................... 795 916
TRW, Inc. - Sr. Note 144A (a)
9.375% due 02/15/13 .................................. 375 409
------
3,706
Automobiles - 0.9%
Navistar International - Sr. Sub Notes Ser. B
8.0% due 02/01/08 .................................... 660 654
Navistar International Corp., Inc. - Sr. Notes
Ser. B
9.375% due 06/01/06 .................................. 100 107
------
761
Banks - 0.8%
Chevy Chase Savings Bank - Debs.
9.25% due 12/01/08 ................................... 135 136
Sovereign Bancorp., Inc. - Sr. Notes
10.5% due 11/15/06 ................................... 305 379
Western Financial Bank - Sub. Debs.
9.625% due 05/15/12 .................................. 175 189
------
704
Beverages - 0.2%
Constellation Brands, Inc. - Sr. Sub. Notes
8.125% due 01/15/12 .................................. 185 200
Chemicals - 3.2%
Airgas, Inc. - Sr. Sub. Notes
9.125% due 10/01/11 .................................. $ 335 $ 375
FMC Corp. - Sr. Sec. Notes
10.25% due 11/01/09 .................................. 50 56
Georgia Gulf Corp.
10.375% due 11/01/07 ................................. 270 288
Hercules, Inc. - Sr. Notes
11.125% due 11/15/07 ................................. 65 75
IMC Global, Inc. - Debs.
6.875% due 07/15/07 .................................. 70 64
IMC Global, Inc. - Notes
7.625% due 11/01/05 .................................. 165 176
Lyondell Chemical Co.
9.875% due 05/01/07 .................................. 385 379
Lyondell Chemical Co. - Notes Ser. A
9.625% due 05/01/07 .................................. 610 601
METHANEX Corp. - Sr. Notes
8.75% due 08/15/12 ................................... 85 95
NOVA Chemicals Corp. - Notes
7.0% due 05/15/06 .................................... 210 222
Noveon, Inc. - Sr. Sub. Notes Ser. B
11.0% due 02/28/11 ................................... 130 146
Omnova Solutions, Inc. - Sr. Notes 144A (a)
11.25% due 06/01/10 .................................. 165 181
------
2,658
Commercial Services & Supplies - 8.7%
Allied Waste North America, Inc. - Sr. Notes
7.875% due 04/15/13 .................................. 80 84
8.5% due 12/01/08 .................................... 1,040 1,120
8.875% due 04/01/08 .................................. 250 272
Armkel LLC - Sr. Sub. Notes
9.5% due 08/15/09 .................................... 385 435
HCA, Inc. - Notes
6.3% due 10/01/12 .................................... 1,080 1,104
Horton, Inc. - Sr. Sub. Notes
9.375% due 03/15/11 .................................. 900 990
Iron Mountain, Inc. Delaware - Sr. Sub. Notes
8.25% due 07/01/11 ................................... 205 218
Iron Mountain, Inc. Pennsylvania - Sr. Sub.
Notes
7.75% due 01/15/15 ................................... 360 382
Magnum Hunter Resources, Inc. - Sr. Notes
9.6% due 03/15/12 .................................... 75 83
Mail Welli Corp. - Sr. Notes
9.625% due 03/15/12 .................................. 145 153
Pierce Leahy Command Co.
8.125% due 05/15/08 .................................. 75 78
Ryland Group, Inc. - Sr. Sub. Notes
9.125% due 06/15/11 .................................. 405 460
Silgan Holdings, Inc. - Debs.
9.0% due 06/01/09 .................................... 590 611
137
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
HIGH YIELD BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Commercial Services & Supplies - Continued
Tyco International Group SA - Notes
5.8% due 08/01/06 .................................... $ 60 $ 63
6.125% due 01/15/09 .................................. 225 237
6.375% due 02/15/06 .................................. 110 117
6.75% due 02/15/11 ................................... 145 156
Tyco International Group SA - Sr. Notes
6.375% due 10/15/11 .................................. 740 777
------
7,340
Communications Equipment - 2.1%
Avaya, Inc. - Sr. Sec. Notes
11.125% due 04/01/09 ................................. 550 602
L 3 Communications Corp. - Sr. Sub. Notes
144A (a)
6.125% due 07/15/13 .................................. 270 274
L3 Communications Corp. - Sr. Sub. Notes
7.625% due 06/15/12 .................................. 150 165
Nortel Networks, Ltd. - Notes
6.125% due 02/15/06 .................................. 395 383
Radiologix, Inc. - Sr. Notes
10.5% due 12/15/08 ................................... 370 352
------
1,776
Computers & Peripherals - 1.0%
Unisys Corp. - Sr. Notes
6.875% due 03/15/10 .................................. 425 442
7.875% due 04/01/08 .................................. 370 383
------
825
Construction & Engineering - 3.0%
American Standard Cos., Inc.
7.375% due 02/01/08 .................................. 660 730
7.625% due 02/15/10 .................................. 305 345
Beazer Homes USA, Inc. - Sr. Notes
8.375% due 04/15/12 .................................. 140 155
8.625% due 05/15/11 .................................. 580 641
Standard Pacific Corp. - Sr. Notes
8.5% due 06/15/07 .................................... 110 113
8.5% due 04/01/09 .................................... 225 241
9.5% due 09/15/10 .................................... 150 167
Standard Pacific Corp. - Sr. Notes 144A (a)
6.875% due 05/15/11 .................................. 110 115
------
2,507
Construction Materials - 1.1%
Toll Brothers, Inc.
8.25% due 02/01/11 ................................... 665 735
Toll Corp. - Sr. Sub Notes
8.125% due 02/01/09 .................................. 75 79
8.25% due 12/01/11 ................................... 65 72
------
886
Containers & Packaging - 2.8%
Ball Corp. - Sr. Notes
7.75% due 08/01/06 ................................... 360 394
Graphic Packaging Corp. - Sr. Sub Notes
8.625% due 02/15/12 .................................. $ 35 $ 36
Owens Brockway Glass Container - GTD
Sr. Sec. Notes 144A (a)
7.75% due 06/01/13 ................................... 485 510
Owens Illinois, Inc.
7.15% due 05/15/05 ................................... 480 490
Owens-Illinois, Inc. - Debs.
7.5% due 05/15/10 .................................... 290 281
Stone Container Corp. - Sr. Notes
9.25% due 02/01/08 ................................... 200 218
9.75% due 02/01/11 ................................... 400 436
------
2,365
Diversified Financials - 1.0%
Bowater Canada Finance Corp. - Notes
7.95% due 11/15/11 ................................... 210 228
CBRE Escrow, Inc. - Sr. Notes 144A (a)
9.75% due 05/15/10 ................................... 60 63
Clark Refining & Marketing, Inc. - Sr. Notes
8.625% due 08/15/08 .................................. 110 113
Fairfax Financial Holdings, Ltd. - Notes
7.375% due 03/15/06 .................................. 150 145
Frontier Escrow Corp. - Sr. Notes 144A (a)
8.0% due 04/15/13 .................................... 100 105
MDP Acquisitions plc - Sr. Notes
9.625% due 10/01/12 .................................. 115 127
NMHG Holding Co. - Sr. Notes
10.0% due 05/15/09 ................................... 65 72
------
853
Diversified Telecommunication Services - 3.9%
Entravision Communications - Sr. Sub. Notes
8.125% due 03/15/09 .................................. 80 83
GCI, Inc. - Sr. Notes
9.75% due 08/01/07 ................................... 190 193
Insight Midwest LP
9.75% due 10/01/09 ................................... 95 101
Insight Midwest LP Capital, Inc. - Sr. Notes
10.5% due 11/01/10 ................................... 720 792
MasTec, Inc. - Sr. Sub. Notes
7.75% due 02/01/08 ................................... 290 262
Nextel Communications, Inc. - Sr. Notes
9.375% due 11/15/09 .................................. 375 405
Nextel Communications, Inc. - Sr. Ser. Notes
9.5% due 02/01/11 .................................... 995 1,102
Triton PCS, Inc. - Sr. Notes
9.375% due 02/01/11 .................................. 125 129
Triton Pcs, Inc. - Sr. Notes 144A (a)
8.5% due 06/01/13 .................................... 185 199
Triton PCS, Inc. - Sr. Sub. Notes
8.75% due 11/15/11 ................................... 55 55
------
3,321
138
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
HIGH YIELD BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Electric Utilities - 3.9%
AES Corp. - Sr. Notes
8.875% due 02/15/11 ..................................... $910 $ 887
Avista Corp. - Sr. Notes
9.75% due 06/01/08 ...................................... 665 765
Calpine Corp. - Sr. Notes
8.5% due 02/15/11 ....................................... 365 274
CMS Energy Corp - Sr. Notes
7.5% due 01/15/09 ....................................... 65 64
8.5% due 04/15/11 ....................................... 425 442
CMS Energy Corp. - Notes
8.9% due 07/15/08 ....................................... 210 221
CMS Energy Corp. - Sub. Notes
7.625% due 11/15/04 ..................................... 200 203
Reliant Resources, Inc. - Sr. Notes 144A (a)
9.25% due 07/15/10 ...................................... 400 407
------
3,263
Electric/Gas - 0.9%
Nevada Power Co. - Notes Ser. E
10.875% due 10/15/09 .................................... 55 62
Western Resources, Inc.
7.125% due 08/01/09 . ................................... 215 215
Western Resources, Inc. - Sr. Notes
6.875% due 08/01/04 ..................................... 225 226
9.75% due 05/01/07 ...................................... 230 256
------
759
Electrical Equipment - 0.0%
Thomas & Betts Corp. - Notes
7.25% due 06/01/13 ...................................... 30 30
Electronic Equipment & Instruments - 2.6%
Fisher Scientific International, Inc. - Sr. Sub.
Notes
8.125% due 05/01/12 ..................................... 605 653
Fisher Scientific International, Inc. - Sr. Sub.
Notes 144A (a)
8.125% due 05/01/12 ..................................... 120 130
Sanmina SCI Corp. - Sr. Sec. Notes 144A (a)
10.375% due 01/15/10 .................................... 560 622
Solectron Corp. - Sr. Notes
9.625% due 02/15/09 ..................................... 605 647
SPX Corp. - Sr. Notes
7.5% due 01/01/13 ....................................... 145 156
------
2,208
Energy Equipment & Services - 0.7%
ANR Pipeline Co. - Sr. Notes 144A (a)
8.875% due 03/15/10 ..................................... 400 438
Massey Energy Corp. - Notes
6.95% due 03/01/07 ...................................... 120 115
------
553
Finance - 1.3%
Arch Western Finance LLC - Sr. Notes 144A (a)
6.75% due 07/01/13 ...................................... $230 $ 235
Hampshire Donnelly Finance Corp. - Sr. Sub.
Notes 144A (a)
10.875% due 12/15/12 .................................... 195 226
Moore North America Finance, Inc. - Sr. Notes
144A (a)
7.875% due 01/15/11 ..................................... 340 355
RH Donnelley Finance - Sr. Notes 144A (a)
8.875% due 12/15/10 ..................................... 60 66
Ucar Finance, Inc. - Sr. Notes
10.25% due 02/15/12 ..................................... 170 167
------
1,049
Food & Drug Retailing - 1.9%
Pathmark Stores, Inc. - Sr. Sub. Notes
8.75% due 02/01/12 ...................................... 130 135
Rite Aid Corp. - Sr. Sec. Notes 144A (a)
8.125% due 05/01/10 ..................................... 185 193
Rite Aid Corp. -Sr. Notes 144A (a)
9.5% due 02/15/11 ....................................... 440 476
Winn Dixie Stores, Inc. - Sr. Notes
8.875% due 04/01/08 ..................................... 775 829
------
1,633
Food Products - 0.3%
Dole Food, Inc. - Sr. Notes 144A (a)
8.875% due 03/15/11 ..................................... 230 244
Gas Utilities - 0.4%
Semco Energy, Inc. - Sr. Notes 144A (a)
7.125% due 05/15/08 ..................................... 25 26
7.75% due 05/15/13 ...................................... 40 43
Southern Natural Gas Co. - Sr. Notes 144A (a)
8.875% due 03/15/10 ..................................... 235 258
------
327
Health Care Equipment & Supplies - 2.3%
Advanced Medium Optics, Inc. - Sr. Sub Notes
9.25% due 07/15/10 ...................................... 110 119
Alaris Medical Systems, Inc. - Sr. Notes
7.25% due 07/01/11 ...................................... 110 112
Alaris Medical Systems, Inc. - Sr. Notes Ser. B
11.625% due 12/01/06 .................................... 320 390
AmeriSource Bergen Corp. - Sr. Notes
7.25% due 11/15/12 ...................................... 430 468
8.125% due 09/01/08 ..................................... 140 154
Apogent Technologies, Inc. - Sr. Sub Notes
144A (a)
6.5% due 05/15/13 ....................................... 60 62
Owens & Minor
8.5% due 07/15/11 ....................................... 520 573
139
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
HIGH YIELD BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Health Care Equipment & Supplies - Continued
Sybron Dental Specialties, Inc. - Sr. Sub. Notes
8.125% due 06/15/12 .................................. $ 75 $ 80
------
1,958
Health Care Providers & Services - 3.5%
Beverly Enterprises, Inc.
9.0% due 02/15/06 .................................... 15 15
Beverly Enterprises, Inc. - Sr. Notes
9.625% due 04/15/09 .................................. 715 690
Coventry Health Care, Inc. - Sr. Notes
8.125% due 02/15/12 .................................. 110 120
NDC Healthcorp - Sr. Sub. Notes - 144A (a)
10.5% due 12/01/12 ................................... 195 210
Omnicare, Inc. - Sr. Sub Notes
6.125% due 06/01/13 .................................. 20 20
Omnicare, Inc. - Sr. Sub. Notes Ser. B
8.125% due 03/15/11 .................................. 740 808
Tenet Healthcare Corp. - Sr. Notes
6.375% due 12/01/11 .................................. 165 153
7.375% due 02/01/13 .................................. 260 251
Triad Hospitals, Inc. - Sr. Notes Ser. B
8.75% due 05/01/09 ................................... 610 659
------
2,926
Hotels Restaurants & Leisure - 6.4%
AZTAR Corp. - Sr. Sub. Notes
9.0% due 08/15/11 .................................... 695 752
Corus Entertainment, Inc. - Sr. Sub. Notes
8.75% due 03/01/12 ................................... 85 91
Harrahs Operating Co., Inc.
7.875% due 12/15/05 .................................. 805 873
Mandalay Resort Group - Sr. Sub. Notes
9.375% due 02/15/10 .................................. 380 429
Mandalay Resort Group - Sr. Sub. Notes Ser. B
10.25% due 08/01/07 .................................. 305 343
MGM Mirage, Inc.
8.5% due 09/15/10 .................................... 130 153
MGM Mirage, Inc. - Sr. Sub. Notes
8.375% due 02/01/11 .................................. 810 915
Park Place Entertainment Corp. - Notes
8.5% due 11/15/06 .................................... 25 28
Park Place Entertainment Corp. - Sr. Notes
144A (a)
7.0% due 04/15/13 .................................... 320 343
Park Place Entertainment Corp. - Sr. Sub. Notes
8.875% due 09/15/08 .................................. 215 237
Starwood Hotels & Resorts Worldwide, Inc. -
Sr. Notes
7.875% due 05/01/12 .................................. 100 110
Station Casinos, Inc. - Sr. Sub. Notes
8.875% due 12/01/08 .................................. 305 319
9.875% due 07/01/10 .................................. 445 494
Yum Brands, Inc. - Sr. Notes
7.7% due 07/01/12 .................................... $ 255 $ 289
------
5,376
Household Durables - 1.4%
Interface, Inc. - Sr. Notes
10.375% due 02/01/10 ................................. 30 29
KB Home - Sr. Sub Notes
8.625% due 12/15/08 .................................. 440 497
9.5% due 02/15/11 .................................... 255 287
Resolution Performance Products - Sr. Notes
9.5% due 04/15/10 .................................... 130 135
Resolution Performance Products - Sr. Sec.
Notes 144A (a)
9.5% due 04/15/10 .................................... 75 78
Sealy Mattress Co. - Sr. Sub. Notes - Ser. B
9.875% due 12/15/07 .................................. 185 183
------
1,209
Industrial Conglomerates - 0.2%
Norampac, Inc. Sr. Notes 144A (a)
6.75% due 06/01/13 ................................... 165 172
Pioneer Americas LLC
4.79% due 12/31/06 ................................... 10 8
------
180
Leisure Equipment & Products - 0.5%
Hasbro, Inc. - Notes
6.15% due 07/15/08 ................................... 375 392
8.5% due 03/15/06 .................................... 34 37
Remington Arms, Inc. - Sr. Notes 144A (a)
10.5% due 02/01/11 ................................... 25 26
------
455
Machinery - 1.2%
Case Corp. - Notes
7.25% due 08/01/05 ................................... 145 145
Cummins, Inc. - Sr. Notes 144A (a)
9.5% due 12/01/10 .................................... 45 51
Kennametal, Inc. - Sr. Notes
7.2% due 06/15/12 .................................... 715 785
------
981
Media - 12.0%
British Sky Broadcasting
8.2% due 07/15/09 .................................... 960 1,122
Canwest Media, Inc. - Sr. Sub. Notes
10.625% due 05/15/11 ................................. 205 235
CSC Holdings, Inc. - Debs.
8.125% due 08/15/09 .................................. 135 138
CSC Holdings, Inc. - Sr. Notes
7.625% due 04/01/11 .................................. 1,220 1,238
8.125% due 07/15/09 .................................. 50 52
Dex Media East LLC - Sr. Notes
9.875% due 11/15/09 .................................. 220 248
140
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
HIGH YIELD BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY - TRADED BONDS - Continued
Media - Continued
Direct TV Holdings LLC - Sr. Notes 144A (a)
8.375% due 03/15/13 .................................. $ 370 $ 413
EchoStar DBS Corp. - Sr. Notes
9.125% due 01/15/09 .................................. 275 307
9.375% due 02/01/09 .................................. 995 1,062
Emmis Communications Corp.
8.125% due 03/15/09 .................................. 765 799
Fairpoint Communications, Inc. - Sr. Notes
144A (a)
11.875% due 03/01/10 ................................. 110 128
Houghton Mifflin Co. - Sr. Notes 144A (a)
8.25% due 02/01/11 ................................... 430 459
Lamar Media Corp. - Sr. Notes 144A (a)
7.25% due 01/01/13 ................................... 45 48
Lamar Media Corp. - Sr. Sub Notes
7.25% due 01/01/13 ................................... 150 160
Lin Television Corp. - Sr. Sub. Notes 144A (a)
6.5% due 05/15/13 .................................... 410 411
Lodgenet Entertainment Corp. - Sr. Sub Notes
9.5% due 06/15/13 .................................... 55 57
Mediacom Broadband LLC - Sr. Notes
11.0% due 07/15/13 ................................... 275 308
Mediacom LLC - Sr. Notes
9.5% due 01/15/13 .................................... 305 325
Quebecor Media, Inc. - Sr. Notes
11.125% due 07/15/11 ................................. 865 995
Radio One, Inc. - Sr. Sub. Notes
8.875% due 07/01/11 .................................. 400 441
Rogers Cable, Inc. - 144A (a)
6.25% due 06/15/13 ................................... 100 100
Shaw Communications, Inc.
7.25% due 04/06/11 ................................... 15 16
Shaw Communications, Inc. - Sr. Notes
8.25% due 04/11/10 ................................... 30 32
Sinclair Broadcast Group, Inc. - Sr. Sub. Notes
8.0% due 03/15/12 .................................... 65 70
8.75% due 12/15/11 ................................... 135 149
Sinclair Broadcast Group, Inc. - Sr. Sub. Notes
144A(a)
8.0% due 03/15/12 .................................... 40 43
Vivendi Universal SA - Sr. Notes 144A (a)
9.25% due 04/15/10 ................................... 640 742
-------
10,098
Metals & Mining - 3.6%
AK Steel Corp.
7.875% due 02/15/09 .................................. 605 520
Century Aluminum Co.
11.75% due 04/15/08 .................................. 530 535
Compass Minerals Group, Inc. - Sr. Sub. Notes
10.0% due 08/15/11 ................................... 275 308
Newfield Exploration Co. - Sr. Sub. Notes
8.375% due 08/15/12 .................................. 215 243
Oregon Steel Mills, Inc. - Notes
10.0% due 07/15/09 ................................... $ 160 $ 146
Steel Dynamics, Inc. - Sr. Notes
9.5% due 03/15/09 .................................... 45 47
Texas Industries, Inc. - Sr. Notes 144A (a)
10.25% due 06/15/11 .................................. 195 203
United States Steel Corp. - Sr. Notes
10.75% due 08/01/08 .................................. 970 1,024
-------
3,026
Multi-Utilities - 1.1%
Centerpoint Energy Resources Corp. - Sr. Notes
144A (a)
7.875% due 04/01/13 .................................. 390 448
Qwest Corp. - Notes 144A (a)
8.875% due 03/15/12 .................................. 390 435
-------
883
Multiline Retail - 0.8%
Dillard's, Inc. - Notes
7.13% due 08/01/18 ................................... 35 31
J.C. Penney Co., Inc.
7.6% due 04/01/07 .................................... 50 52
J.C. Penney Co., Inc. - Notes
7.375% due 08/15/08 .................................. 320 331
8.0% due 03/01/10 .................................... 225 237
-------
651
Office Electronics - 1.2%
Xerox Corp. - Sr. Notes
7.125% due 06/15/10 .................................. 285 287
Xerox Corp. - Sr. Notes 144A (a)
9.75% due 01/15/09 ................................... 645 724
-------
1,011
Oil & Gas - 4.4%
Chesapeake Energy Corp. - Sr. Notes
8.125% due 04/01/11 .................................. 330 355
Clark Refining & Marketing, Inc. - Sr. Notes
8.375% due 11/15/07 .................................. 240 244
Forest Oil Corp. - Sr. Notes
8.0% due 06/15/08 .................................... 237 251
8.0% due 12/15/11 .................................... 95 103
Frontier Oil Corp. - Sr. Notes
11.75% due 11/15/09 .................................. 40 44
Key Energy Services, Inc. - Sr. Notes
6.375% due 05/01/13 .................................. 50 51
Parker Drilling Co. - Sr. Notes - Ser. D
9.75% due 11/15/06 ................................... 195 200
Peabody Energy Corp. - Sr. Notes 144A (a)
6.875% due 03/15/13 .................................. 235 247
Pioneer Natural Resources Co.
9.625% due 04/01/10 .................................. 480 588
141
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
HIGH YIELD BOND FUND
Par Market
Name of Issuer Value Value
- ------------------------------------------------------------ ------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Oil & Gas - Continued
Premcor Refining Group, Inc. - Sr. Notes
9.5% due 02/01/13 .................................... $ 240 $ 265
Pride International, Inc. - Sr. Notes
9.375% due 05/01/07 .................................. 285 294
10.0% due 06/01/09 ................................... 475 518
Tesoro Petroleum Corp. - Sr. Sec. Notes
144A (a)
8.0% due 04/15/08 .................................... 160 165
Tesoro Petroleum Corp. - Sr. Sub. Notes
9.625% due 11/01/08 .................................. 270 251
Westport Resources Corp. - Sr. Notes 144A (a)
8.25% due 11/01/11 ................................... 10 11
Westport Resources Corp. - Sr. Sub Notes
8.25% due 11/01/11 ................................... 70 76
XTO Energy, Inc. - Sr. Notes 144A (a)
6.25% due 04/15/13 ................................... 20 21
-------
3,684
Paper & Forest Products - 4.9%
Abitibi-Consolidated, Inc.
8.55% due 08/01/10 ................................... 515 586
Caraustar Industries, Inc. - Sr. Sub. Notes
9.875% due 04/01/11 .................................. 605 647
Georgia Pacific Corp. - Bonds
8.125% due 05/15/11 .................................. 390 402
Georgia Pacific Corp. - Sr. Notes 144A (a)
8.875% due 02/01/10 .................................. 220 238
9.375% due 02/01/13 .................................. 325 358
Jefferson Smurfit Corp. - Sr. Notes
8.25% due 10/01/12 ................................... 115 124
Longview Fibre Co. - Sr. Sub. Notes
10.0% due 01/15/09 ................................... 245 270
Pacifica Papers, Inc. - Sr. Notes
10.0% due 03/15/09 ................................... 335 357
Scotts Co. - Sr. Sub. Notes
8.625% due 01/15/09 .................................. 350 374
Tembec Indiana , Inc. - Sr. Notes
8.5% due 02/01/11 .................................... 660 653
Tembec Industries, Inc. - Sr. Notes
7.75% due 03/15/12 ................................... 150 144
-------
4,153
Personal Products - 1.1%
Johnson Diversey, Inc. -Sr. Sub. Notes Ser. B
9.625% due 05/15/12 .................................. 125 139
Playtex Products, Inc. - Sr. Sub. Notes
9.375% due 06/01/11 .................................. 805 805
-------
944
Real Estate Investment Trust - 0.7%
D.R. Horton, Inc. - Sr. Notes
6.875% due 05/01/13 .................................. 180 191
7.875% due 08/15/11 .................................. 45 50
FelCor Lodging, Ltd. - Sr. Notes
8.5% due 06/01/11 .................................... $ 225 $ 227
Host Marriott LP - Sr. Notes Ser. I
9.5% due 01/15/07 .................................... 90 97
-------
565
Road & Rail - 0.5%
Kansas City Southern Railway Co.
9.5% due 10/01/08 .................................... 340 380
Kansas City Southern Railway Co. - Sr. Notes
7.5% due 06/15/09 .................................... 25 26
-------
406
Semiconductor Equipment & Products - 1.8%
Amkor Technologies, Inc.
9.25% due 02/15/08 ................................... 410 424
Amkor Technology, Inc. - Sr. Notes 144A (a)
7.75% due 05/15/13 ................................... 345 324
Fairchild Semiconductor Corp.
10.375% due 10/01/07 ................................. 35 37
Fairchild Semiconductor Corp. - Sr. Sub. Notes
10.5% due 02/01/09 ................................... 660 736
-------
1,521
Specialty Retail - 1.1%
Gap, Inc. - Notes
10.55% due 12/15/08 .................................. 760 923
Textiles & Apparel - 0.0%
Oxford Industries, Inc. - Sr. Notes 144A (a)
8.875% due 06/01/11 .................................. 25 26
Water Utilities - 0.1%
National Waterworks, Inc. - Sr. Sub Notes -
Ser. B
10.5% due 12/01/12 ................................... 35 39
Wireless Telecommunications Services - 1.3%
Rogers Wireless, Inc. - Sr. Sec. Notes
9.625% due 05/01/11 .................................. 980 1,122
-------
TOTAL PUBLICLY-TRADED BONDS- 97.3% 81,894
Cash and Receivables, less payables- 2.7% 2,296
------ -------
NET ASSETS- 100.0% $84,190
====== =======
(a) Pursuant to Rule 144A under the Securities Act of 1993, these securities
may be resold in transactions exempt from registration, normally to
qualified institutional buyers. At June 30, 2003, securities aggregated
$11,660 or 13.8% of net assets of the Portfolio.
See notes to financial statements.
142
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
GLOBAL BOND FUND
Par Market
Name of Issuer Value Value
- ----------------------------------------------------------- -------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS
Australia - 0.4%
Commonwealth of Australia -
Bonds (FG)
7.5% due 07/15/05 ................................... $ 500 $ 356
Canada - 2.1%
Government of Canada (FG)
5.5% due 06/01/10 ................................... 2,190 1,742
Government of Canada - Bonds (FG)
7.0% due 12/01/06 ................................... 125 103
Government of Canada (FG)
7.25% due 06/01/07 .................................. 250 209
Province of British Columbia -
Debs. (FG)
6.35% due 06/18/31 .................................. 125 103
-------
2,157
Denmark - 2.8%
NY Kredit (AC)
5.0% due 10/01/35 ................................... 6,727 1,020
RealKredit Danmark - Notes (JP)
5.0% due 10/01/35 ................................... 11,899 1,803
-------
2,823
Finland - 2.6%
Republic of Finland - Bonds (FG)
5.75% due 02/23/11 .................................. 2,030 2,676
France - 12.2%
Government of France - Bonds (FG)
5.25% due 04/25/08 .................................. 6,580 8,325
Republic of France (FG)
5.0% due 10/25/11 ................................... 3,220 4,065
-------
12,390
Germany - 17.8%
Bayer Hypo Vereins - Bonds (JP)
6.0% due 02/14/14 ................................... 450 528
Federal Republic of Germany (FG)
4.5% due 07/04/09 ................................... 4,700 5,778
5.25% due 01/04/11 .................................. 6,750 8,639
6.0% due 07/04/07 ................................... 850 1,094
6.25% due 01/04/30 .................................. 1,250 1,762
Kredit Fuer Wiederaufbau (JP)
5.0% due 07/04/11 ................................... 250 315
-------
18,116
Greece - 0.4%
Hellenic Republic - Bonds (FG)
8.8% due 06/19/07 ................................... 293 416
Japan - 9.3%
Government of Japan - Bonds (FG)
0.5% due 09/20/06 ................................... 80,000 674
0.9% due 12/22/08 ................................... 620,000 5,308
1.1% due 03/21/11 ................................... 35,000 302
1.8% due 03/22/10 ................................... $350,000 $ 3,161
-------
9,445
Luxembourg - 2.9%
KFW International Finance, Inc. (FB)
1.75% due 03/23/10 .................................. 330,000 2,978
Netherlands - 1.8%
Government of Netherlands (FG)
5.5% due 01/15/28 ................................... 1,420 1,828
New Zealand - 0.3%
Government of New Zealand - Bonds (FG)
8.0% due 11/15/06 ................................... 500 321
Norway - 1.7%
Kingdom of Norway (FG)
6.0% due 05/16/11 ................................... 11,100 1,679
Spain - 2.7%
Kingdom of Spain (FG)
6.15% due 01/31/13 .................................. 2,000 2,729
Supra National - 13.3%
Allied Irish Banks plc (JP)
7.5% due 12/29/49 ................................... 500 676
Arena Brands Co. (JG)
6.1% due 11/15/62 ................................... 500 639
AT&T Corp. - 144A (a) (J1)
6.0% due 11/21/06 ................................... 250 305
Bank of America (JP)
3.625% due 03/03/08 ................................. 250 291
Bank of Ireland (JP)
6.45% due 02/10/10 .................................. 1,000 1,326
BAT International Finance (FB)
4.875% due 02/25/09 ................................. 600 701
BNP Paribas (JP)
5.25% due 01/23/14 .................................. 125 154
Daimler Chrysler International Finance
Co. (AL)
6.125% due 03/21/06 ................................. 850 1,045
Deutsche Telekom International Finance
(FB)
7.5% due 05/29/07 ................................... 125 163
Deutsche Telekom International Finance
BV (FB)
8.125% due 05/29/12 ................................. 540 764
E On International Finance (FB)
5.75% due 05/29/09 .................................. 710 907
European Investment Bank - Notes (JP)
3.0% due 09/20/06 ................................... 90,000 819
Federal National Mortgage Assoc. -
Bonds (FD)
2.125% due 10/09/07 ................................. 100,000 897
143
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
GLOBAL BOND FUND
Par Market
Name of Issuer Value Value
- ----------------------------------------------------------- -------- -------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
Supra National - Continued
Fixed Link Finance BV (JQ)
6.3% due 08/28/25 ................................... $ 250 $ 413
France Telecom (J1)
8.25% due 03/14/08 .................................. 250 332
9.0% due 03/14/11 ................................... 280 548
GIE Psa Tresorerie - Bonds (BO)
5.875% due 09/27/11 ................................. 250 318
International Bank of Reconstruction &
Development - Notes (JP)
2.0% due 02/18/08 ................................... 80,000 718
International-American Development
Bank - Bonds (JP)
1.9% due 07/08/09 ................................... 100,000 904
Kingdom of Spain - Notes (FG)
3.1% due 09/20/06 ................................... 120,000 1,094
NGG Finance plc (FB)
6.125% due 08/23/11 ................................. 250 320
RWE Finance BV (FB)
6.125% due 10/26/12 ................................. 125 162
-------
13,496
Sweden - 3.4%
Spintab - Bonds (BO)
6.0% due 04/20/09 ................................... 5,000 687
Swedish Government (FG)
5.0% due 01/28/09 ................................... 21,200 2,815
-------
3,502
United Kingdom - 5.1%
Aegon NV - Notes (JR)
6.125% due 12/15/31 ................................. 210 357
Imperial Tobacco Finance plc (JI)
6.375% due 09/27/06 ................................. 510 639
MMO2 (JQ)
6.375% due 01/25/07 ................................. 780 968
National Grid Group Finance (FB)
5.25% due 08/23/06 .................................. 410 500
Royal Bank of Scotland (JP)
4.875% due 03/26/09 ................................. 125 153
Standard Chartered Bank (JP)
5.375% due 05/06/09 ................................. 500 617
U.K. Treasury - Bonds (FG)
6.0% due 12/07/28 ................................... 50 101
U.K. Treasury (FG)
7.25% due 12/07/07 .................................. 385 726
8.0% due 12/07/15 ................................... 250 559
8.0% due 06/07/21 ................................... 125 296
United Kingdom Treasury Stock (FG)
5.0% due 03/07/12 ................................... 150 263
-------
5,179
United States - 19.1%
American Tower Corp. - Sr. Notes (JW)
9.375% due 02/01/09 ................................. 225 227
Bank Americorp - Sr. Notes (JP)
4.875% due 09/15/12 ................................. $ 400 $ 422
Cingular Wireless LLC - 144A (a) (J2)
6.5% due 12/15/11 ................................... 125 144
Clear Channel Communications, Inc. (JA)
7.65% due 09/15/10 .................................. 125 150
Crown Castle International Corp. - Sr. Notes (J1)
10.75% due 08/01/11 ................................. 75 82
Delhaize America, Inc. - Notes (JF)
8.125% due 04/15/11 ................................. 35 38
Deutsche Telekom International (JW)
8.5% due 06/15/10 ................................... 75 92
Dominion Resources, Inc. - Sr. Notes Ser. B (EU)
4.125% due 02/15/08 ................................. 250 262
Federal National Mortgage Assoc. - Notes (FD)
5.125% due 02/13/04 ................................. 500 512
6.0% due 05/15/08 ................................... 900 1,039
France Telecom SA - Notes (J1)
9.25% due 03/01/11 .................................. 50 63
General Motors Acceptance Corp. -
Notes (AL)
6.875% due 09/15/11 ................................. 1,025 1,028
Household Financial Corp. - Notes (FB)
6.4% due 06/17/08 ................................... 250 285
Kellogg Co. - Notes Ser. B (JH)
6.6% due 04/01/11 ................................... 500 586
Liberty Media Corp. - Bonds (JA)
7.875% due 07/15/09 ................................. 75 88
Metlife, Inc. - Debs. (JR)
3.911% due 05/15/05 ................................. 190 198
News America, Inc. - Sr. Notes (JA)
6.75% due 01/09/38 .................................. 125 139
NiSource Finance Corp. - Sr. Notes (FB)
6.15% due 03/01/13 .................................. 80 86
Pogo Producing Co. - Sr. Sub. Notes (BB)
10.375% due 02/15/09 ................................ 50 55
Pulte Homes, Inc. - Sr. Notes (BW)
6.25% due 02/15/13 .................................. 100 111
8.125% due 03/01/11 ................................. 25 31
Six Flags, Inc. - Sr. Notes (BZ)
9.5% due 02/01/09 ................................... 100 98
SLM Corp. (JQ)
5.0% due 04/15/15 ................................... 375 387
Solectron Corp. - Sr. Notes (JY)
9.625% due 02/15/09 ................................. 50 54
Sprint Capital Corp. - Notes (J1)
8.375% due 03/15/12 ................................. 100 120
Telstra, Ltd. - Notes (J1)
6.375% due 04/01/12 ................................. 125 144
144
SCHEDULE OF INVESTMENTS--Continued
(UNAUDITED)
JOHN HANCOCK VARIABLE SERIES TRUST I
June 30, 2003
- --------------------------------------------------------------------------------
GLOBAL BOND FUND
Par Market
Name of Issuer Value Value
- ----------------------------------------------------------- ------- --------
(000's) (000's)
PUBLICLY-TRADED BONDS - Continued
United States - Continued
U.S. Treasury - Notes (TN)
3.25% due 05/31/04 .................................. $3,125 $ 3,188
3.625% due 01/15/08 ................................. 1,402 1,573
5.75% due 08/15/10 .................................. 900 1,053
6.25% due 02/15/07 .................................. 675 776
6.5% due 02/15/10 ................................... 350 425
U.S. Treasury - Bonds (TB)
5.25% due 02/15/29 .................................. 625 681
6.375% due 08/15/27 ................................. 600 752
7.25% due 05/15/16 .................................. 1,250 1,662
7.875% due 02/15/21 ................................. 450 642
8.875% due 08/15/17 ................................. 900 1,362
Univision Communications, Inc. - Sr. Notes (JA)
7.85% due 07/15/11 .................................. 100 118
Viacom, Inc. - Sr. Notes (JA)
6.625% due 05/15/11 ................................. 250 295
Washington Mutual, Inc. (JQ)
5.625% due 01/15/07 ................................. 125 138
Wells Fargo & Co. - Notes (JQ)
3.5% due 04/04/08 ................................... 250 258
Young Broadcasting, Inc. - Sr. Sub. Notes (JA)
10.0% due 03/01/11 .................................. 34 37
--------
19,401
--------
TOTAL PUBLICLY-TRADED
BONDS- 97.9% 99,492
INVESTMENT COMPANIES HELD
AS COLLATERAL ON LOANED
SECURITIES - 0.0%
State Street Navigator Securities
Lending Portfolio ................................... 74 74
SHORT-TERM INVESTMENTS - 0.6%
Investment in joint trading account
(Note B)
1.181% due 07/01/03 ................................. 617 617
------ --------
TOTAL INVESTMENTS- 98.5% 100,183
Cash and Receivables, less payables- 1.5% 1,494
------ --------
NET ASSETS- 100.0% $101,677
====== ========
(a) Pursuant to Rule 144A under the Securities Act of 1993, these securities
may be resold in transactions exempt from registration, normally to
qualified institutional buyers. At June 30, 2003, securities aggregated
$349 or .3% of net assets of the Portfolio.
See notes to financial statements.
SUMMARY OF LONG-TERM SECURITIES BY INDUSTRY
% of
Industry Market Long-Term
Industry Abbreviation Value Investments
- ----------------------------------------- ------------ ------- -----------
(000s)
Foreign Governmental .................... FG $57,123 57.4%
Banks ................................... JP 8,727 8.8%
U.S. Treasury Notes ..................... TN 7,015 7.1%
Finance ................................. FB 6,867 6.9%
U.S. Treasury Bonds ..................... TB 5,099 5.1%
U.S. Government Agencies ................ FD 2,448 2.5%
Diversified Financials .................. JQ 2,164 2.2%
Auto Loan ............................... AL 2,074 2.1%
Diversified Telecommunication
Services ............................. J1 1,594 1.6%
Credit Card ............................. AC 1,019 1.0%
Commercial Services & Supplies .......... BO 1,006 1.0%
Media ................................... JA 827 0.8%
Tobacco ................................. JI 639 0.6%
Beverages ............................... JG 639 0.6%
Food Products ........................... JH 586 0.6%
Insurance ............................... JR 554 0.6%
Communications Equipment ................ JW 319 0.3%
Electric/Gas ............................ EU 262 0.3%
Wireless Telecommunications
Services ............................. J2 144 0.1%
Construction & Engineering .............. BW 111 0.1%
Hotels Restaurants & Leisure ............ BZ 98 0.1%
Oil & Gas ............................... BB 54 0.1%
Electronic Equipment &
Instruments .......................... JY 54 0.1%
Food & Drug Retailing ................... JF 38 0.0%
Household Durables ...................... BW 31 0.0%
------- -----
$99,492 100.0%
======= =====
145
NOTES TO FINANCIAL STATEMENTS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE A--ORGANIZATION
The John Hancock Variable Series Trust I (the "Trust") is a diversified
open-end management investment company registered under the Investment Company
Act of 1940, as amended. The Trust is organized as a Massachusetts business
trust. The Trust consists of thirty funds: Large Cap Growth, Fundamental Growth,
Active Bond, Emerging Markets Equity, Financial Industries, International Equity
Index, Small Cap Growth, Health Sciences, Overseas Equity (formerly Global
Balanced), Earnings Growth (formerly Multi Cap Growth), Mid Cap Value, Large Cap
Value, Large Cap Value CORE, Fundamental Value, Money Market, Small/Mid Cap
Growth, Bond Index, Large Cap Aggressive Growth, Small/ Mid Cap CORE, Small Cap
Value, Real Estate Equity, Growth & Income, Managed, Total Return Bond,
Short-Term Bond, Small Cap Emerging Growth (formerly Small Cap Equity),
International Opportunities, Equity Index, High Yield Bond and Global Bond Funds
(collectively, "the Funds"). The Trust may add or delete Funds in the future to
accommodate various investment objectives. The Trust has issued shares of
beneficial interest exclusively to John Hancock Variable Life Account U
("JHVLAU"), John Hancock Variable Life Account V ("JHVLAV"), John Hancock
Variable Life Account S ("JHVLAS"), and John Hancock Variable Annuity Account I
("JHVAAI") to fund policies and contracts issued by the John Hancock Variable
Life Insurance Company ("JHVLICO"), and to John Hancock Variable Annuity Account
U ("JHVAAU"), John Hancock Variable Annuity Account V ("JHVAAV"), John Hancock
Variable Life Insurance Account UV ("JHVLIAUV"), John Hancock Variable Annuity
Account H ("JHVAAH"), and John Hancock Variable Annuity Account JF ("JHVAAJF")
to fund contracts and policies issued by John Hancock Life Insurance Company
("John Hancock" or "JHLICO"), to John Hancock Variable Life Account PPM1
("PPM1"), and to John Hancock Variable Life Account PPM2 ("PPM2").
NOTE B--ACCOUNTING POLICIES
Valuation of investments: For the Large Cap Growth, Fundamental Growth,
Emerging Markets Equity, Financial Industries, Small Cap Growth, Health
Sciences, Earnings Growth, Mid Cap Value, Large Cap Value, Large Cap Value CORE,
Fundamental Value, Small/Mid Cap Growth, Large Cap Aggressive Growth, Small/Mid
Cap CORE, Small Cap Value, Real Estate Equity, Growth & Income, Managed, Small
Cap Earnings Growth, and Equity Index Funds: Common stocks and other such
securities traded on national exchanges are normally valued on the basis of
closing prices. Securities traded in the over-the-counter market and securities
with no sales on the day of valuation are normally valued at their last
available bid price.
For the Active Bond, Bond Index, Managed, Total Return Bond, Short-Term
Bond, High Yield Bond and Global Bond Funds: Debt investment securities having a
primary market over-the-counter are valued on the basis of valuations furnished
by a pricing service which determines valuations for normal institutional size
trading units of debt securities, without exclusive reliance upon quoted prices.
For the Money Market Fund: The Board of Trustees has determined that the
appropriate method for valuing Fund securities is amortized cost, so long as the
average weighted maturity of money market instruments comprising the Fund does
not exceed 90 days. Accordingly, Fund securities are valued at amortized cost,
which approximates market value. The amortized cost method involves valuing a
security at its cost on the date of purchase and thereafter assuming a constant
amortization to maturity of the difference between the principal amount due at
maturity and the cost of the security to the Fund.
For each of the Funds, short-term investments, with a maturity not to
exceed 60 days, are valued at amortized cost, which approximates market value.
For the International Equity Index, Overseas Equity and International
Opportunities Funds: Investments in securities traded on national securities
exchanges in the United States or on equivalent foreign exchanges are normally
valued at the last quoted sales price on such exchanges as of the close of
business on the date of which assets are valued. Securities traded in the
over-the-counter market and securities traded with no sales on the day of
valuation are normally valued at their last available bid price.
================================================================================
NOTES TO FINANCIAL STATEMENTS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE B--ACCOUNTING POLICIES--Continued
All Fund securities initially expressed in terms of foreign currencies have been
translated into U.S. Dollars as described in "Currency Translation" below.
Investment securities for which no current market quotations are readily
available, including certain foreign securities, when held by the Funds, are
valued at fair value as determined in good faith by the Board of Trustees.
Investment security transactions are recorded on the date of purchase or sale.
Repurchase agreements: The Funds may enter into repurchase agreements which
are contracts under which a Fund would acquire a security for a relatively short
period (usually not more than 7 days) subject to the obligation of the seller to
repurchase and the Fund to resell such security at a fixed time and price
(representing the Funds' cost plus interest). A Fund will enter into repurchase
agreements only with member banks of the Federal Reserve System and with
"primary dealers" in United States Government Securities. The underlying
securities, which represent the collateral of the agreement, must be marked to
market daily to ensure that each repurchase agreement is fully collateralized at
all times. A Fund will not invest more than 10% of its net assets in repurchase
agreements maturing in more than 7 days.
Joint repurchase agreements: The Active Bond and Small Cap Growth Funds,
along with other registered investment companies having a management contract
with John Hancock Advisers, Inc. ("Adviser"), an indirect wholly-owned
subsidiary of John Hancock, may participate in a joint repurchase agreement
pursuant to an exemptive order issued by the Securities and Exchange Commission.
Aggregate cash balances are invested in one or more repurchase agreements, whose
underlying securities are obligations of the U.S. Government and/or its
agencies. The Funds' custodian bank receives delivery of the underlying
securities for the joint repurchase agreement on the Funds' behalf. The Adviser
is responsible for ensuring that the agreement is fully collateralized at all
times. The Large Cap Value CORE and Small/Mid Cap CORE Funds, along with other
registered investment companies having a management contract with Goldman Sachs
Asset Management (GSAM), may participate in a joint repurchase agreement
pursuant to an exemptive order issued by the Securities and Exchange Commission.
Aggregate cash balances are invested in one or more repurchase agreements, whose
underlying securities are obligations of the U.S. Government and/or its
agencies. The Funds' custodian bank receives delivery of the underlying
securities for the joint repurchase agreement on the Funds' behalf. GSAM is
responsible for ensuring that the agreement is fully collateralized at all
times.
Joint trading account: Pursuant to an exemptive order issued by the
Securities and Exchange Commission, the order permits the Funds to pool daily
uninvested cash balances into a joint account for the purpose of investing the
cash balances in short-term repurchase agreements, commercial paper and other
short-term investments which in no event will have a maturity in excess of 7
days. Joint account holdings as of June 30, 2003 are as follows:
Name of Issuer Market Value
- --------------------------------------------------- ------------
Alpine Securitization Corp., 1.12%, due 03/07/07 $29,994
Barton Capital Corp., 1.07%, due 03/07/02 28,709
Blue Ridge Asset, 1.15%, due 03/07/07 39,992
Danske Corp., 1.10%, due 03/07/02 10,000
Ed & F Man Treasury Management, 1.00%, due 03/07/02 16,674
Ed & F Man Treasury Management, 1.10%, due 03/07/01 13,500
Ed & F Man Treasury Management, 1.10%, due 03/07/02 3,326
Eagle Funding Capital Corp., 1.14%, due 03/07/03 19,999
Eagle Funding Capital Corp., 1.05%, due 03/07/01 5,025
Eagle Funding Capital Corp., 1.00%, due 03/07/01 6,324
Eagle Funding Capital Corp., 0.98%, due 03/07/02 18,649
147
NOTES TO FINANCIAL STATEMENTS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE B--ACCOUNTING POLICIES--Continued
Name of Issuer Market Value
- ----------------------------------------------------- ------------
Gemini Securitization Corp., 1.35%, due 03/07/01 $ 31,258
Greenwich Funding Corp., 1.35%, due 03/07/01 44,000
Morgan J.P. Chase., 1.05%, due 03/07/01 45,000
National Australia Bank, 1.312%, due 03/07/01 38,412
National Australia Funding, Inc., 1.10%, due 03/07/03 7,015
Old Line Funding Corp., 1.10%, due 03/07/02 11,244
Paccar Financial Corp., 1.10%, due 03/07/03 10,117
Receivables Capital Corp., 1.20%, due 03/07/03 17,527
UBS Finance Inc., 1.32%, due 03/07/01 11,075
--------
Joint Trading Account Totals $407,840
========
Currency translation: All assets or liabilities initially expressed in
terms of foreign currencies are 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 Funds. Unrealized exchange
adjustments are included in unrealized appreciation (depreciation) of
investments. Transactions affecting statement of operations accounts and net
realized gain (loss) on investments are translated at the rates prevailing at
the dates of transactions.
The Funds do 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 are included with the net realized and unrealized gains or losses
from investments.
Reported net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of forward foreign
currency contracts, disposition of foreign currencies, currency gains and losses
realized between trade and settlement dates of security transactions, and the
difference between the amounts of net investment income accrued and the U.S.
dollar amount actually received. Net unrealized foreign exchange gains and
losses arise from changes in the value of assets and liabilities other than
investments in securities, resulting from changes in the exchange rate.
Discount and premium on debt securities: The Funds accrete discount and
amortize premium from par value on securities from either the date of issue or
the date of purchase over the life of the security.
Expenses: Expenses directly attributable to a Fund are charged to that
Fund. Expenses not directly attributed to a Fund are allocated on the basis of
relative net assets.
Bank borrowings: The Funds (except for Money Market and International
Equity Index Funds) are permitted to have bank borrowings for temporary or
emergency purposes, including the meeting of redemption requests that otherwise
might require the untimely disposition of securities. The Funds (excluding
Equity Index) have entered into syndicated line of credit agreements with State
Street Bank and Trust Company ("SSBT"), the Trust's record keeper and custodian
and the Bank of New York. These agreements enable the Funds to participate in an
unsecured line of credit, which permits borrowings up to $125 and $75 million,
respectively. Equity Index has entered into a syndicated line of credit with
Fleet Bank. This agreement enables the Equity Index Fund to participate in an
unsecured line of credit, which permits borrowings up to $10 million. Interest
is charged to each Fund, based on its borrowing. In addition, a commitment fee
is charged to each Fund based on the average daily unused portion of the line of
credit and is allocated among the participating Funds. Interest expense paid
under the line of credit is included under the caption "Other fees" in the
Statement of Operations.
148
NOTES TO FINANCIAL STATEMENTS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE B--ACCOUNTING POLICIES--Continued
The following funds had borrowings under the line of credit during the period
ended June 30, 2003:
Average Daily Loan Balance
During the Period for which Weighted Average
Fund Loans were Outstanding Interest Rate Interest Expense
- ----------------------------- --------------------------- ---------------- ----------------
Fundamental Growth $ 119 1.80% $--
Emerging Markets Equity 69 1.75 --
Health Sciences 387 1.76 --
Overseas Equity 208 1.82 --
Large Cap Value CORE 89 1.78 --
Fundamental Value 838 1.75 --
Small/Mid Cap Growth 1,943 1.75 --
Large Cap Aggressive Growth 90 1.84 --
Small/Mid Cap CORE 328 1.77 --
Small Cap Emerging Growth 540 1.75 --
International Opportunities 607 1.70 1
High Yield Bond 222 1.63 --
Global Bond 32 1.75 --
Securities lending: Certain Funds (Large Cap Growth, Fundamental Growth,
Active Bond, Emerging Markets Equity, Financial Industries, International
Equity Index, Small Cap Growth, Health Sciences, Overseas Equity, Earnings
Growth, Mid Cap Value, Large Cap Value, Large Cap Value Core, Fundamental Value,
Small/Mid Cap Growth, Bond Index, Large Cap Aggressive Growth, Small/Mid Cap
CORE, Small Cap Value, Real Estate Equity, Growth & Income, Managed, Total
Return Bond, Short-Term Bond, Small Cap Emerging Growth, International
Opportunities, High Yield Bond and Global Bond Funds) have entered into an
agreement with SSBT to lend their securities to certain qualified brokers who
pay these Funds negotiated lender fees. These loans are collateralized at all
times with cash or securities with a market value at least equal to the market
value of the securities on loan. Cash collateral is invested in a short-term
instrument. As with other extensions of credit, these Funds may bear the risk of
delay of the loaned securities in recovery or even loss of rights in the
collateral should the borrower of the securities fail financially. At June 30,
2003, the market value of the securities loaned and the market value of the
collateral were as follows:
Fund Value of Securities Loaned Value of Collateral
- -------------------------- -------------------------- -------------------
Large Cap Growth $17,545 $18,064
Fundamental Growth 181 187
International Equity Index 25,677 27,069
Small Cap Growth 28,123 29,041
Large Cap Value 6,226 6,431
Fundamental Value 4,748 4,850
Small/Mid Cap Growth 35,165 36,245
Bond Index 8,338 8,488
Large Cap Aggressive Growth 447 453
Small/Mid Cap CORE 15,168 15,638
Small Cap Value 27,395 28,156
149
NOTES TO FINANCIAL STATEMENTS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE B--ACCOUNTING POLICIES--Continued
Fund Value of Securities Loaned Value of Collateral
- --------------------------- -------------------------- -------------------
Growth & Income $27,868 $28,498
Managed 89,655 91,886
Short-Term Bond 10,039 10,260
Small Cap Emerging Growth 15,092 15,507
International Opportunities 17,670 18,716
Global Bond 73 74
Financial futures contracts: The Large Cap Growth, Active Bond, Emerging
Markets Equity, International Equity Index, Small Cap Growth, Health Sciences,
Overseas Equity, Earnings Growth, Large Cap Value CORE, Fundamental Value,
Small/Mid Cap Growth, Small Cap Value, Small/Mid Cap CORE, Real Estate Equity,
Growth & Income, Managed, Short-Term Bond, Equity Index, High Yield Bond and
Global Bond Funds may buy and sell financial futures contracts to hedge against
the effects of fluctuations in interest rates and other market conditions. At
the time the Fund enters into a financial futures contract, it will be required
to deposit with its custodian a specified amount of cash or U.S. government
securities, known as "initial margin". Each day, the futures contract is valued
at the official settlement price of the Chicago Board of Trade or U.S.
commodities exchange. Daily adjustments, called variation margin, arising from
this "mark to market", are recorded by the Funds as unrealized gains or losses.
When the contracts are closed, the Fund recognizes a gain or a loss. Risk
of entering into futures contracts include the possibility that there may be an
illiquid market and/or that a change in the value of the contract may not
correlate with changes in the value of the underlying securities. In addition,
the Fund could be prevented from opening or realizing the benefits of closing
out futures positions because of position limits or limits on daily price
fluctuations imposed by an exchange. At June 30, 2003, open financial futures
contracts were as follows:
Open Unrealized
Fund Contracts Position Expiration Month Gain (loss)
- ---------------------------- --------- -------- ---------------- -----------
INTERNATIONAL EQUITY INDEX
CAC 40 10 Euro Index Futures 20 Long September 03 $ (7)
DAX Index Futures 8 Long September 03 (6)
Nikkei 225 Index Futures 27 Long September 03 12
FTSE 100 Index Futures 17 Long September 03 (46)
----
$(47)
====
LARGE CAP VALUE CORE
Emini S&P 500 Index Futures 12 Long September 03 $ (9)
====
FUNDAMENTAL VALUE
S&P 500 Index Futures 5 Long September 03 $(28)
====
SMALL/MID CAP CORE
Russell 2000 Mini Futures 43 Long September 03 $(16)
====
GROWTH & INCOME
S&P 500 Index Futures 14 Long September 03 $(35)
====
150
NOTES TO FINANCIAL STATEMENTS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE B--ACCOUNTING POLICIES--Continued
Open Unrealized
Fund Contracts Position Expiration Month Gain (loss)
- --------------------- --------- -------- ---------------- -----------
EQUITY INDEX
S&P 500 Index Futures 72 Long September 03 $(131)
=====
At June 30, 2003, the International Equity Index, Large Cap Value CORE,
Fundamental Value, Small/Mid Cap CORE, Growth & Income and Equity Index had
deposited $475, $40, $140, $103, $34 and $1,245, respectively, in segregated
accounts to cover initial margin requirements on open financial futures
contracts.
Forward foreign currency contracts: The Funds may use forward foreign
currency contracts to facilitate transactions in foreign securities and to
manage Funds' currency exposure. Contracts to buy generally are used to acquire
exposure to foreign currencies, while contracts to sell are used to hedge the
Funds' investments against currency fluctuations. Neither type of forward
foreign currency transaction will eliminate fluctuations in the prices of the
Funds' securities or prevent loss if the price of such securities should
decline. The U.S. dollar value of a forward foreign currency contract is
determined using forward exchange rates supplied by a quotation service.
Realized gain (loss) on the purchases and sales of forward foreign currency
contracts is recognized on settlement date.
As of June 30, 2003 the Emerging Markets Equity, International Equity
Index, Overseas Equity and Global Bond Funds had open forward foreign currency
contracts which contractually obligate the Fund to deliver or receive currencies
at a specified date, as follows:
Principal Amount Unrealized
Fund Covered by Contract Expiration Month Gain (Loss)
- -------------------------- ------------------- ---------------- -----------
INTERNATIONAL EQUITY INDEX
Currency Purchased
Euro 776 September 03 $(16)
Euro 720 September 03 4
Pound Sterling 1,179 September 03 (13)
Japanese Yen 1,219 September 03 (19)
----
$(44)
====
EMERGING MARKETS EQUITY
Currency Purchased
Indonesian Rupiah 28 July 03 $ --
Polish Zloty 69 July 03 --
South African Rand 188 July 03 1
----
$ 1
====
Currency Sold
Hungarian Forint 79 July 03 $ --
Indonesian Rupiah 12 July 03 --
----
$ --
====
151
NOTES TO FINANCIAL STATEMENTS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE B--ACCOUNTING POLICIES--Continued
Principal Amount Unrealized
Fund Covered by Contract Expiration Month Gain (Loss)
- ------------------- ------------------- ---------------- -----------
OVERSEAS EQUITY
Currency Purchased
Euro 328 July 03 $ 17
Euro 241 September 03 17
Euro 51 October 03 4
Japanese Yen 244 September 03 (5)
Japanese Yen 21 July 03 --
Hong Kong Dollar 50 October 03 1
Swiss Franc 19 July 03 --
-----
$ 39
=====
Currency Sold
Euro 326 July 03 $ (19)
Euro 244 September 03 (1)
Euro 50 October 03 --
Japanese Yen 135 September 03 2
Japanese Yen 241 September 03 2
Hong Kong Dollar 51 October 03 1
-----
$ (15)
=====
GLOBAL BOND
Currency Purchased
Japanese Yen 4,488 July 03 $(136)
Japanese Yen 681 August 03 (12)
Japanese Yen 1,697 September 03 (16)
-----
$(164)
=====
Currency Sold
Euro 4,488 July 03 $ (18)
Euro 2,764 July 03 5
Euro 1,025 July 03 2
Euro 1,697 September 03 32
Euro 645 September 03 14
Euro 1,113 September 03 3
-----
$ 38
=====
Federal income taxes: Each of the Funds intends to comply with the
requirements of Subchapter M of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially all of its
taxable income to shareholders. Therefore, no federal income tax provision is
required.
As of December 31, 2002, the Funds had approximate net tax basis capital
loss carryforwards, which may be applied against any net taxable gains, as
follows: Large Cap Growth had $195,795 and $126,043, which expire in 2009 and
2010 respectively; Fundamental Growth had $633, $3,441, $20,263 and $9,747,
which expire in 2007, 2008, 2009 and 2010 respectively; Active Bond had $7,378
and $14,370, which expire in 2007 and 2008, respectively;
152
NOTES TO FINANCIAL STATEMENTS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE B--ACCOUNTING POLICIES--Continued
Emerging Markets Equity had $13,587 and $3,211, which expire in 2009 and 2010,
respectively; International Equity Index had $6,989 and $7,680, which expire in
2009 and 2010, respectively; Small Cap Growth had $2,089, $8,256, $2,042,
$43,738 and $35,469, which expire in 2007, 2008, 2008, 2009 and 2010,
respectively; Health Sciences had $184 and $3,104, which expire in 2009 and
2010, respectively; Overseas Equity had $478 and $2,241, which expire in 2009
and 2010, respectively; Earnings Growth had $207,299 and $105,946, which expire
in 2009 and 2010, respectively; Large Cap Value CORE had $491 and $5,514, which
expire in 2009 and 2010 respectively; Fundamental Value had $406 and $18,317,
which expire in 2009 and 2010, respectively; Money Market had $4 and $78, which
expire in 2007 and 2008, respectively; Small/Mid Cap Growth had $663 and $4,483,
which expire in 2009 and 2010, respectively; Large Cap Aggressive Growth had
$6,402 and $9,628, which expire in 2009 and 2010, respectively; Small/Mid Cap
CORE had $2,629, which expires in 2010; Growth & Income had $1,307, $12,242,
$472,612 and $228,422, which expire in 2007, 2008, 2009 and 2010, respectively;
Managed had $2,000, $90,271 and $87,460, which expire in 2008, 2009 and 2010,
respectively; Short-Term Bond had $624 and $679, which expire in 2007, and 2008,
respectively; Small Cap Emerging Growth had $11,459 and $2,742, which expire in
2009 and 2010, respectively; International Opportunities had $266, $2,071,
$2,540, $9,656 and $12,511, which expire in 2006, 2007, 2008, 2009 and 2010,
respectively; Equity Index had $3,209 and $15,841, which expire in 2009 and
2010, respectively; High Yield Bond had $276, $513, $2,223 and $8,179, which
expire in 2007, 2008, 2009 and 2010, respectively; and Global Bond had $634,
$2,108 and $1, which expire in 2007, 2008 and 2010, respectively.
Included in the above, certain losses from the International Opportunities
Fund, Fundamental Growth Fund, Growth & Income Fund, Small Cap Growth Fund and
Managed Fund may be subject to certain limitations imposed by Sections 382-384
of the Internal Revenue Code.
In addition, from the period November 1, 2002 through December 31, 2002,
the following portfolios incurred approximate net realized capital losses as
follows: Large Cap Growth had $10,397; Fundamental Growth had $991, Emerging
Markets Equity had $414, Health Sciences had $227; Overseas Equity had $390;
Earnings Growth had $2,979; Large Cap Value had $777; Large Cap Value CORE had
$1,149; Fundamental Value had $2,110; Small/Mid Cap Growth had $2,434; Large Cap
Aggressive Growth had $760; Small/Mid Cap CORE had $972; Real Estate Equity had
$538; Growth & Income had $31,184; Managed had $10,321; Small Cap Emerging
Growth had $3,387; International Opportunities had $5,469; Equity Index had
$1,808; and High Yield Bond had $5,203.
Dividends, Interest and Distributions: Dividend income is recorded on the
ex-dividend date and interest income is recorded on the accrual basis. Dividend
income for the Large Cap Growth, Emerging Markets Equity, International Equity
Index, Health Sciences, Overseas Equity, Earnings Growth, Large Cap Value, Large
Cap Value CORE, Fundamental Value, Large Cap Aggressive Growth, Real Estate,
Growth & Income, Managed, Small Cap Emerging Growth, International
Opportunities, Equity Index, and Global Bond Funds are shown net of foreign
taxes withheld of $16, $75, $270, $11, $20, $1, $28, $1, $13, $2, $18, $201,
$196, $1, $203, $21 and $11 respectively. Realized gains and losses from
security transactions are determined on the basis of identified cost.
A dividend of its net investment income will be declared and distributed
daily by the Money Market Fund. Dividends of net investment income, if any, will
be declared and distributed monthly by all other Funds. Each Fund will
distribute all of its net realized capital gains annually.
Estimates: The preparation of the financial statements in conformity with
accounting principles generally accepted in the United States of America
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.
On May 1, 2001, the stable Net Asset Value of the Money Market portfolio
changed from $10 to $1 due to a 10 for 1 stock split. Per share information, for
the periods prior to December 31, 2001, has been restated to reflect the effect
of the change in the Financial Highlights.
153
NOTES TO FINANCIAL STATEMENTS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE C--INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
On February 5, 2003 the Board of Trustees of the Trust renewed its
Investment Advisory Agreement with John Hancock. For its services, John Hancock
receives monthly compensation at the following rates:
For the Large Cap Growth Fund, 0.80% on an annual basis of the first
$500,000 of the net assets of the Fund; 0.75% for net assets between
$500,000 and $1,000,000; and 0.70% for net assets in excess of $1,000,000
(prior to 10/05/2002 the rates were 0.40%, 0.35% and 0.30%, respectively);
For the Fundamental Growth Fund, 0.90% on an annual basis of the first
$250,000 of the Fund's net assets; and 0.85% for net assets in excess of
$250,000;
For the Active Bond Fund, 0.70% on an annual basis of the first
$100,000 of the net assets of the Fund; 0.65% for net assets between
$100,000 and $250,000; 0.61% for net assets between $250,000 and $500,000;
0.58% for net assets between $500,000 and $1,000,000; and 0.55% for net
assets in excess of $1,000,000;
For the Emerging Markets Equity Fund, 1.65% on an annual basis of the
first $10,000 of the Fund's net assets; 1.45% for net assets between
$10,000 and $150,000; and 1.35% for net assets in excess of $150,000;
For the Financial Industries Fund, 0.80% on an annual basis of the
Fund's net assets;
For the International Equity Index Fund, 0.18% on an annual basis of
the first $100,000 of the Fund's net assets; 0.15% for net assets between
$100,000 and $200,000; and 0.11% for net assets in excess of $200,000;
For the Small Cap Growth Fund, 1.05% on an annual basis of the Fund's
net assets;
For the Health Sciences Fund, 1.00% on an annual basis of the first
$250,000 of the Fund's net assets; 0.95% of net assets in excess of
$250,000;
For the Overseas Equity Fund, 1.05% on an annual basis of the first
$150,000 of the Fund's net assets; 0.95% for net assets between $150,000
and $300,000; 0.80% for net assets between $300,000 and $500,000; and 0.75%
for net assets in excess of $500,000;
For the Earnings Growth Fund, 1.00% on an annual basis of the first
$100,000 of the Fund's net assets; and 0.90% on an annual basis for net
assets in excess of $100,000;
For the Mid Cap Value Fund, 1.10% on an annual basis of the first
$50,000 of the Fund's net assets; 1.00% on an annual basis for net assets
between $50,000 and $100,000; and 0.95% on an annual basis for net assets
in excess of $100,000;
For the Large Cap Value Fund, 0.75% on an annual basis of the Fund's
net assets;
For the Large Cap Value CORE Fund, 0.75% on an annual basis for the
first $50,000 of the Fund's net assets; 0.65% for net assets between
$50,000 and $200,000; and 0.60% in excess of $200,000;
For the Fundamental Value Fund, 0.95% on an annual basis for the first
$25,000 of the Fund's net assets; 0.85% for net assets between $25,000 and
$50,000; 0.75% for net assets between $50,000 and $100,000; and 0.65% for
net assets in excess of $100,000;
For the Money Market Fund, 0.25% on an annual basis of the Fund's net
assets;
For the Small/Mid Cap Growth Fund, 1.00% on an annual basis of the
first $50,000 of the Fund's net assets; 0.95% for net assets between
$50,000 and $200,000; and 0.90% for net assets in excess of $200,000;
For the Bond Index Fund, 0.15% on an annual basis of the first
$100,000 of the Fund's net assets; 0.13% for net assets between $100,000
and $250,000; and 0.11% for net assets in excess of $250,000;
For the Large Cap Aggressive Growth Fund, 1.00% on an annual basis for
the first $10,000 of the Fund's net assets; 0.875% for net assets between
$10,000 and $20,000; 0.75% for net assets in excess of $20,000;
154
NOTES TO FINANCIAL STATEMENTS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE C--INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH
AFFILIATES--Continued
For the Small/Mid Cap CORE Fund, 1.05% on an annual basis of the first
$100,000 of the Fund's net assets; and 1.00% for net assets in excess of
$100,000 (prior to 10/05/2002 the rates were 0.80% and 0.70%,
respectively);
For the Small Cap Value Fund, 0.95% on an annual basis of the Fund's
net assets;
For the Real Estate Equity Fund, 1.10% on an annual basis of the first
$50,000 of the Fund's net assets, 1.00% for net assets between $50,000 and
$100,000; 0.90% for net assets between $100,000 and $200,000 and 0.80% for
net assets in excess of $200,000;
For the Growth & Income Fund, 0.71% on an annual basis of the first
$150,000 of the Fund's net assets; 0.69% for net assets between $150,000
and $300,000; and 0.67% for net assets in excess of $300,000;
For the Managed Fund, 0.74% on an annual basis of the first $500,000
of the Fund's net assets; 0.68% for net assets between $500,000 and
$1,000,000; and 0.65% for net assets in excess of $1,000,000;
For the Total Return Bond Fund, 0.70% on an annual basis of the first
$250,000 of the Fund's net assets; 0.68% for net assets between $250,000
and $500,000; and 0.65% for net assets in excess of $500,000;
For the Short-Term Bond Fund, 0.60% on an annual basis of the Fund's
net assets;
For the Small Cap Emerging Growth Fund, 1.05% on an annual basis of
the first $100,000 of the Fund's net assets; and 1.00% for net assets in
excess of $100,000;
For the International Opportunities Fund, 1.30% on an annual basis of
the first $20,000 of the Fund's net assets; 1.15% for net assets between
$20,000 and $50,000; and 1.05% for net assets in excess of $50,000;
For the Equity Index Fund, 0.15% on an annual basis of the first
$75,000 of the Fund's net assets; 0.14% for net assets between $75,000 and
$125,000; and 0.13% for the net assets in excess of $125,000;
For the High Yield Bond Fund, 0.80% on an annual basis of the first
$100,000 of the Fund's net assets; 0.70% for net assets in excess of
$100,000;
For the Global Bond Fund, 0.85% on an annual basis of the first
$150,000 of the Fund's net assets; 0.80% for net assets between $150,000
and $300,000; 0.75% for net assets between $300,000 and 500,000; and 0.70%
for the net assets in excess of $500,000.
In the event that normal operating expenses of each Fund, exclusive of
investment advisory fees, taxes, interest, brokerage commissions and
extraordinary expenses, shall exceed 0.10% of each Fund's daily net asset value,
John Hancock and JHVLICO will reimburse each Fund for such excess. Accordingly,
for the period ended June 30, 2003, the reimbursements paid from John Hancock
and JHVLICO were $92 to Emerging Markets Equity, $78 to International Equity
Index, $43 to Small Cap Growth, $30 to Health Sciences, $29 to Overseas Equity,
$3 to Mid Cap Value, $17 to Large Cap Value CORE, $8 to Fundamental Value, $5 to
Bond Index, $12 to Small/Mid Cap CORE, $3 to Small Cap Value, $1 to Total Return
Bond, $21 to Small Cap Emerging Growth, $98 to International Opportunities, $16
to High Yield Bond, and $18 to Global Bond Funds.
During the year ended December 31, 2000, John Hancock voluntarily
contributed approximately $284 to the Money Market Fund. John Hancock received
no shares of beneficial interest or other consideration in exchange for the
contribution, which increased the Funds' net asset values.
John Hancock has entered into Sub-Advisory Agreements with Independence
Investment LLC, formerly Independence Investment Associates, Inc., with respect
to the Large Cap Growth, Active Bond, International Equity Index Fund, Real
Estate Equity, Growth & Income, Managed and Short-Term Bond Funds; with John
Hancock Advisers, with
155
NOTES TO FINANCIAL STATEMENTS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE C--INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH
AFFILIATES--Continued
respect to the Active Bond, Financial Industries and Small Cap Growth Funds,
each of whom is an affiliate of John Hancock, and under the supervision of John
Hancock, is responsible for the day-to-day investment management of each of the
Funds. John Hancock has also entered into the Sub-Advisory Agreements with the
following Sub-Advisers, each of whom under the supervision of John Hancock, is
responsible for the day-to-day investment management of each of the Funds:
Fund Sub-Advisers
- --------------------------- --------------------------------------------------
Fundamental Growth Putnam Investment Management, LLC.
Active Bond PIMCO
Emerging Markets Equity Morgan Stanley Investment Management, Inc.
Health Sciences Wellington Management Company, LLP
Overseas Equity Capital Guardian Trust Company
Earnings Growth Fidelity Investments Institutional Services Co.,
Inc.
Mid Cap Value T. Rowe Price Associates, Inc.
Large Cap Value T. Rowe Price Associates, Inc.
Large Cap Value CORE Goldman Sachs Asset Management
Fundamental Value Wellington Management Company, LLP
Money Market Wellington Management Company, LLP
Small/Mid Cap Growth Wellington Management Company, LLP
Bond Index Standish Mellon Asset Management Company, LLC
Large Cap Aggressive Growth Janus Capital Corp.
Small/Mid Cap CORE Goldman Sachs Asset Management
Small Cap Value T. Rowe Price Associates, Inc.;
Wellington Management Company, LLP
Real Estate Equity Morgan Stanley Investment Management, Inc.;
RREEF America, LLC
Growth & Income Putnam Investment Management, LLC
Managed Capital Guardian Trust Company
Total Return Bond PIMCO
Small Cap Emerging Growth Wellington Management Company, LLP
International Opportunities T. Rowe Price International, Inc.
Equity Index State Street Global Bank & Trust N.A.
High Yield Bond Wellington Management Company, LLP
Global Bond Capital Guardian Trust Company
Signator Investors, Inc., a wholly owned subsidiary of John Hancock is the
principal underwriter and transfer agent of the Trust. Certain officers and
trustees of the Trust are officers and directors of JHVLICO, JHVLAU, JHVLAV,
JHVLAS, JHVAAI, JHVLIAUV, JHVAAV, JHVAAU, JHVAAH, JHVAAJF, PPM1, and PPM2, and
some are also officers of John Hancock. Fees for independent trustees are paid
by the Trust.
NOTE D--INVESTMENT TRANSACTIONS
Purchases and proceeds from sales and maturities of investments, excluding
short-term securities and obligations of
156
NOTES TO FINANCIAL STATEMENTS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE D--INVESTMENT TRANSACTIONS--Continued
the U.S. government, for each Fund for the year ended June 30, 2003 were as
follows:
Fund Purchases Sales and Maturities
- -------------------------------------------- ---------- --------------------
Large Cap Growth $ 221,386 $ 203,945
Fundamental Growth 10,740 11,315
Active Bond 2,715,226 2,614,976
Emerging Markets Equity 16,918 17,390
Financial Industries 74,374 14,962
International Equity Index 17,896 5,635
Small Cap Growth 81,329 83,548
Health Sciences 26,284 25,238
Overseas Equity 26,587 23,143
Earnings Growth 183,063 180,809
Mid Cap Value 7,209 1,693
Large Cap Value 34,999 17,139
Large Cap Value CORE 16,600 16,880
Fundamental Value 42,120 52,795
Small/Mid Cap Growth 101,083 93,732
Bond Index 46,169 4,945
Large Cap Aggressive Growth 26,393 27,406
Small/Mid Cap CORE 32,869 24,116
Small Cap Value 17,806 13,353
Real Estate Equity 46,682 54,991
Growth & Income 661,507 658,112
Managed 2,060,977 2,116,986
Total Return Bond 16,256 5,196
Short-Term Bond 152,128 96,389
Small Cap Emerging Growth 85,614 81,494
International Opportunities 26,132 15,859
Equity Index 46,426 17,517
High Yield Bond 34,828 13,232
Global Bond 41,882 27,699
The identified cost of investments owned by the Funds (including earned
discount on corporate short-term notes, and commercial paper) and their
respective gross unrealized appreciation and depreciation for Federal income tax
purposes at December 31, 2002 were as follows:
Net Unrealized
Identified Unrealized Unrealized Appreciation
Fund Cost Appreciation Depreciation (Depreciation)
- -------------------------- ---------- ------------ ------------ --------------
Large Cap Growth $ 598,144 $12,687 $(115,326) $(102,639)
Fundamental Growth 23,501 104 (3,543) (3,439)
Active Bond 1,145,047 33,340 (10,185) 22,890
Emerging Markets Equity 37,851 913 (4,667) (3,754)
International Equity Index 138,112 4,457 (43,848) (39,390)
Small Cap Growth 137,801 7,213 (24,088) (16,875)
157
NOTES TO FINANCIAL STATEMENTS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE D--INVESTMENT TRANSACTIONS--Continued
Net Unrealized
Identified Unrealized Unrealized Appreciation
Fund Cost Appreciation Depreciation (Depreciation)
- --------------------------- ---------- ------------ ------------ --------------
Health Sciences $ 26,291 $(1,053) $ (2,646) $ (3,699)
Overseas Equity 32,602 1,566 (4,046) (2,420)
Earnings Growth 170,823 264 (10,459) (10,195)
Large Cap Value 294,235 11,430 (45,221) (33,709)
Large Cap Value CORE 45,353 1,002 (5,713) (4,711)
Fundamental Value 134,855 2,465 (16,073) (13,608)
Small/Mid Cap Growth 161,864 2,679 (23,980) (21,301)
Bond Index 202,607 8,827 (116) 8,909
Large Cap Aggressive Growth 28,066 (338) (3,510) (3,848)
Small/Mid Cap CORE 51,649 1,919 (5,848) (3,928)
Small Cap Value 126,236 7,315 (12,248) (4,895)
Real Estate Equity 170,120 16,043 (10,844) 7,360
Growth & Income 1,940,283 45,165 (502,629) (179,623)
Managed 2,272,640 52,580 (109,239) (56,330)
Short-Term Bond 209,702 5,161 (401) 4,994
Small Cap Emerging Growth 68,853 3,291 (22,172) (18,852)
International Opportunities 110,202 (8,670) (17,048) (25,748)
Equity Index 663,660 4,060 (199,024) (194,962)
High Yield Bond 61,234 880 (3,029) (1,820)
Global Bond 70,520 7,061 (239) 980
Distribution of Income and Gains: Distributions of net investment income,
if any, are made at least annually. Net realized gains from investment
transactions, in excess of available capital loss carryforwards, would be
taxable to the Fund if not distributed, and, therefore, will be distributed to
shareholders at least annually. Earnings and profits distributed to shareholders
on redemption of fund shares may be utilized by the Fund, to the extent
permissible, as part of the Fund's dividends-paid deduction on it's federal
income tax returns.
The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax
regulations, which may differ from accounting principles generally accepted in
the United States of America. These differences primarily relate to investments
in passive foreign investment companies and foreign denominated investments.
Additionally, as a result, net investment income (loss) and net realized gain
(loss) on investment transactions for a reporting period may differ
significantly from distributions during such period. Accordingly, the Fund may
periodically make reclassifications among certain of it's capital accounts
without impacting the net asset value of the fund.
At December 31, 2002, the Fund's components of distributable earnings on a
tax basis were as follows:
Undistributed Undistributed Net Unrealized
ordinary net long-term Capital Loss Appreciation
Fund Income capital gain carryforwards (Depreciation)
- ------------------ ------------- ------------- ------------- --------------
Large Cap Growth $ 414 $-- $321,838 $(102,639)
Fundamental Growth -- -- 34,084 (3,439)
Active Bond 1,860 -- 21,748 22,890
158
NOTES TO FINANCIAL STATEMENTS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE D--INVESTMENT TRANSACTIONS--Continued
Undistributed Undistributed Net Unrealized
ordinary net long-term Capital Loss Appreciation
Fund Income capital gain carryforwards (Depreciation)
- --------------------------- ------------- ------------- ------------- --------------
Emerging Markets Equity $ 181 $ -- $ 16,798 $ (3,754)
International Equity Index 239 -- 14,669 (39,390)
Small Cap Growth -- -- 91,594 (16,875)
Health Sciences 53 -- 3,288 (3,699)
Overseas Equity 284 -- 2,719 (2,420)
Earnings Growth -- -- 313,245 (10,195)
Large Cap Value 509 400 -- (33,709)
Large Cap Value CORE -- -- 6,005 (4,711)
Fundamental Value -- -- 18,723 (13,608)
Money Market 82 -- 82 --
Small/Mid Cap Growth -- -- 5,146 (21,301)
Bond Index -- -- -- 8,909
Large Cap Aggressive Growth -- -- 16,030 (3,848)
Small/Mid Cap CORE -- -- 2,629 (3,928)
Small Cap Value -- -- -- (4,895)
Real Estate Equity -- 1,447 -- 7,360
Growth & Income 220 -- 714,583 (179,623)
Managed 31,294 -- 179,731 (56,330)
Short-Term Bond -- -- 1,303 4,994
Small Cap Emerging Growth -- -- 14,201 (18,852)
International Opportunities 209 -- 27,044 (25,748)
Equity Index 5,533 -- 19,050 (194,962)
High Yield Bond 835 -- 11,191 (1,820)
Global Bond -- -- 2,743 980
In addition, during the year ended December 31, 2002, the tax character of
distributions paid by the Fund are summarized as follows:
Distributions from Distributions from
Fund ordinary income long-term capital gain Return of Capital
- -------------------------- ------------------ ----------------------- -----------------
Large Cap Growth $ 2,023 $ -- $ --
Active Bond 52,675 -- --
Emerging Markets Equity 93 -- --
International Equity Index 2,052 -- --
Health Sciences 56 -- --
Overseas Equity 374 -- --
Large Cap Value 4,351 3,600 --
Large Cap Value CORE 581 -- --
Fundamental Value 1,766 -- 28
Money Market 11,513 -- --
Small/Mid Cap Growth -- -- 1,738
Bond Index 9,249 179 217
159
NOTES TO FINANCIAL STATEMENTS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE D--INVESTMENT TRANSACTIONS--Continued
Distributions from Distributions from
Fund ordinary income long-term capital gain Return of Capital
- --------------------------- ------------------ ---------------------- -----------------
Small/Mid Cap CORE $ 226 $ -- $ 2
Small Cap Value 885 1,001 1,231
Real Estate Equity 8,766 4,175 --
Growth & Income 15,248 -- --
Managed 39,246 -- --
Short-Term Bond 7,972 -- 489
Small Cap Emerging Growth 114 -- --
International Opportunities 592 -- --
Equity Index 4,601 2,918 --
High Yield Bond 5,697 -- --
Global Bond 3,132 -- 335
NOTE E--COMBINATION
On August 20, 2002, the Board of Trustees of the John Hancock Variable
Series Trust I, including all of its independent Trustees, approved an amended
plan to combine the International Opportunities B Fund. ("Acquired Fund") into
the International Opportunities Fund ("Acquiring Fund").
The amended plan does not require a shareholder vote to approve the
combination, in compliance with recent changes to rules of the SEC, because (a)
the fundamental investment restrictions of the Acquiring Fund are substantially
identical to the fundamental investment restrictions of the Acquired Fund, (b)
there are no material differences between the investment management agreements
(and sub-investment management agreements) of the Acquired Fund and the
Acquiring Fund, and (c) the Board of Trustees includes a majority of independent
Trustees who were elected by shareholders of the Acquired Fund. The combination
of the Acquired Fund into the Acquiring Fund took place at the close of business
on September 13, 2002.
This combination provides for the transfer of substantially all of the
assets and liabilities of the target fund to the acquiring fund in exchange
solely for the fund shares of the acquiring fund. This acquisition was accounted
for as tax-free exchange as follows:
Trust shares Target Fund Acquiring Fund Acquiring Fund
Acquiring Fund issued by Target Fund unrealized net assets prior aggregate net assets
vs. Target Fund Acquiring Fund net assets depreciation to combination after combination
- ---------------------- -------------- ---------- ------------ ---------------- --------------------
VST International
Opportunities vs. VST
International Opportu-
nites B (formerly,
International Equity) 3,278 $24,706 $(5,332) $71,914 $96,620
On April 25, 2003, shareholders approved the combination of several John
Hancock Funds. The shareholders of the acquiring funds approved the combination
of the funds in the following table:
160
NOTES TO FINANCIAL STATEMENTS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE E--COMBINATION--Continued
Acquiring Fund Target Fund
- ------------------------ -----------------------
VST Growth & Income VA Relative Value
VST Growth & Income VA Sovereign Investors
VST Active Bond VA Strategic Income
VST Large Cap Growth VA Technology
VST Financial Industries VA Financial Industries
These combinations provide for the transfer of substantially all of the
assets and liabilities of the target funds to the acquiring funds in exchange
solely for the fund shares of the acquiring funds. The acquisitions were
accounted for as tax-free exchanges as follows:
Target Fund
Trust shares unrealized Acquiring Fund Acquiring Fund
Acquiring Fund issued by Target Fund appreciation/ net assets prior aggregate net assets
vs. Target Fund Acquiring Fund net assets (depreciation) to combination after combination
- ------------------- -------------- ----------- -------------- ---------------- --------------------
VST Growth &
Income vs.
VA Relative Value 3,079 $28,786 $ 845 $1,744,162 $1,772,947
VST Growth &
Income vs.
VA Sovereign
Investors 4,038 37,760 (415) 1,772,947 1,810,708
VST Active Bond
vs.
VA Strategic Income 8,433 83,358 2,176 1,016,994 1,100,351
VST Large Cap
Growth vs.
VA Technology 1,083 12,462 (8,081) 504,397 516,859
VST Financial
Industries vs.
VA Financial
Industries 4,640 55,074 (5,280) 200 55,274
NOTE F--OTHER MATTERS
Section 30 and Rule 30d-1(b) under the Investment Company Act of 1940, as
amended, requires registered management investment companies to furnish
information relating to any matter submitted during the reporting period to a
vote of Shareholders of the Trust.
161
NOTES TO FINANCIAL STATEMENTS
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
(000's Omitted)
NOTE F--OTHERS MATTERS--Continued
John Hancock Variable Series Trust I solicited a vote at special meeting of
Contract owners/Policyholders held on April 4, 2003 on the following matters:
For the Small Cap Emerging Growth Fund (formerly, Small Cap Equity
Fund):
For Against Abstain
--- ------- -------
To approve, as to the Small Cap Equity Fund, a new Sub-Investment Agreement
among the Trust, John Hancock and Wellington Management Company, 73% 20% 7%
LLP.
To approve, as to the Small Cap Equity Fund, an amendment to the current
Investment Management Agreement between the Trust and John Hancock,
reflecting an increase in the Fund's investment advisory fee. 59% 36% 5%
NOTE G--BOARD OF TRUSTEES AND OFFICERS OF THE TRUST
The Board of Trustees of the Trust is responsible for overall management of the
Trust. The Board may exercise all powers of the Trust, except those powers which
are conferred solely upon or reserved to the shareholders. The Trust's Statement
of Additional Information (SAI) includes additional information about the
Trustees and is available without charge, upon request, by calling toll-free at
1-800-REAL-LIFE.
The following table provides information about the members of the Board of
Trustees and the officers of the Trust:
Positions Held Principal Occupation(s)
Name, Address and Age With Trust During Past Five Years
- -------------------------------- ------------------------ ------------------------------------
Michele G. Van Leer* (age 45) Chairman and Trustee Senior Vice President, Product
John Hancock Place Management, John Hancock Life
Boston, Massachusetts 02117 Insurance Company; Vice Chair-
man, President & Director, John
Hancock Variable Life Insurance
Company
Kathleen F. Driscoll* (age 46) Vice Chairman, President Senior Vice President, Signator Bro-
John Hancock Place and Trustee kerage, John Hancock Life Insurance
Boston, Massachusetts 02117 Company; Vice President Corporate
Communications, John Hancock Life
Insurance Company
Elizabeth G. Cook (age 65) Trustee Expressive Arts Therapist, Dana-
c/o John Hancock Variable Series Farber Cancer Institute; President,
Trust I The Advertising Club of Greater
John Hancock Place Boston
Boston, Massachusetts 02117
162
NOTES TO FINANCIAL STATEMENTS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
NOTE G--BOARD OF TRUSTEES AND OFFICERS OF THE TRUST--Continued
Positions Held Principal Occupation(s)
Name, Address and Age With Trust During Past Five Years
- -------------------------------- ---------------------------- -----------------------------------
Diane C. Kessler (age 56) Trustee Executive Director, Massachusetts
c/o John Hancock Variable Series Council of Churches
Trust I
John Hancock Place
Boston, Massachusetts 02117
Robert Verdonck (age 57) Trustee President and Chief Executive
c/o John Hancock Variable Series Officer, East Boston Savings Bank
Trust I
John Hancock Place
Boston, Massachusetts 02117
Hassell H. McClellan (age 57) Trustee Associate Professor and Graduate
c/o John Hancock Variable Series Dean, The Graduate School of the
Trust I Wallace G. Carroll School of
John Hancock Place Management, Boston College
Boston, Massachusetts 02117
Ronald J. Bocage (age 57) Chief Legal Officer Vice President & Counsel, John
John Hancock Place Hancock Life Insurance Company
Boston, Massachusetts 02117
Jude A. Curtis (age 44) Compliance Officer Vice President and Chief Investment
John Hancock Place Compliance Officer, John Hancock
Boston, Massachusetts 02117 Life Insurance Company; formerly
Second Vice President and Counsel,
Office of Business Conduct; John
Hancock Life Insurance Company;
formerly a Partner at Hale and Dorr
LLP (law firm)
Janet Wang (age 34) Assistant Compliance Officer Compliance Specialist, John
John Hancock Place Hancock Life Insurance Company
Boston, Massachusetts 02117
Raymond F. Skiba (age 57) Treasurer Director of Fund Operations, John
John Hancock Place Hancock Life Insurance Company
Boston, Massachusetts 02117
Gladys C. Millan (age 56) Assistant Treasurer Manager of Fund Operations, John
John Hancock Place Hancock Life Insurance Company.
Boston, Massachusetts 02117
163
NOTES TO FINANCIAL STATEMENTS--Continued
JOHN HANCOCK VARIABLE SERIES TRUST I
(UNAUDITED)
June 30, 2003
- --------------------------------------------------------------------------------
NOTE G--BOARD OF TRUSTEES AND OFFICERS OF THE TRUST--Continued
Positions Held Principal Occupation(s)
Name, Address and Age With Trust During Past Five Years
- -------------------------------- ------------------- ------------------------------------
Karen Q. Visconti (age 49) Secretary Director, Product & Market Manage-
John Hancock Place ment, John Hancock Life Insurance
Boston, Massachusetts 02117 Company
Arnold R. Bergman (age 52) Assistant Secretary Senior Counsel, Law Department,
John Hancock Place John Hancock Life Insurance
Boston, Massachusetts 02117 Company; formerly Vice President,
General Counsel and Secretary, First
Variable Life Insurance Company
* Ms. Van Leer and Ms. Driscoll are the only Trustees who are "interested
persons" as defined in the Investment Company Act.
164
Officers and Trustees Investment Adviser
Michele G. Van Leer, Chairman of the Board of Trustees John Hancock Life Insurance Company
Kathleen F. Driscoll, President and Vice Chairman John Hancock Place
of the Board of Trustees P.O. Box 111
Elizabeth G. Cook, Trustee Boston, MA 02117
Reverend Diane C. Kessler, Trustee
Hassel H. McClellan, Trustee Independent Auditors
Robert F. Verdonck, Trustee Ernst & Young LLP
Karen Q. Visconti, Secretary 200 Clarendon Street
Arnold R. Bergman, Assistant Secretary Boston, MA 02116
Raymond F. Skiba, Treasurer
Gladys C. Millan, Assistant Treasurer
Ron J. Bocage, Chief Legal Officer
Jude A. Curtis, Compliance Officer
Janet Wang, Assistant Compliance Officer
Sub-Investment Advisers
Independence Investment LLC John Hancock Advisers, LLC
Boston, MA 02109 Boston, MA 02199
Capital Guardian Trust Company RREEF America LLC
Los Angeles, CA 90071 Chicago, IL 60611
Declaration Management & Research LLC SSgA Funds Management, Inc.
McLean, VA 22102 Boston, MA 02110
Goldman Sachs Asset Management, L.P. Standish Mellon Asset Management
New York, NY 10005 Pittsburgh, PA 15258-0001
Janus Capital Management LLC T. Rowe Price Associates, Inc.
Denver, CO 80206-4928 Baltimore, MD 21202
PIMCO T. Rowe Price International, Inc.
Newport Beach, CA 92660 Baltimore, MD 21202
Putnam Investments Van Kampen
Boston, MA 02109 New York, NY 10020
Wellington Management Company, LLP
Boston, MA 02109
[LOGO]
The Variable Series Trust consists of funds used as investment options for
various John Hancock variable life and variable annuity contracts. Investors are
not able to invest directly in the John Hancock Variable Series Trust I.
Not all of the funds described in this report are available on every product.
Please refer to the prospectus for your product for additional information about
the investment options available.
If the total investment return for any fund for any given year appears unusually
high, the return may be attributable to unusually favorable market conditions
which will probably not be sustainable. For instance, a high total investment
return may reflect participation in IPOs, "hot" industries (e.g.,
internet-related companies), private placements, and/or leveraging investment
techniques during the period indicated. There is no assurance that any of those
methods, or any other investment technique, will continue to have the same
impact on the fund's total investment returns.
All of the funds (except bond funds and equity index funds) may participate in
initial public offerings (IPOs). Under certain market conditions, such
participation could significantly improve a fund's total investment return.
There is no assurance that such market conditions will continue and provide the
same favorable impact on future investment returns.
Insurance products are issued by John Hancock Life Insurance Company, John
Hancock Variable Life Insurance Company* (*not licensed in New York), Boston, MA
02117. Securities products are distributed by Signator Investors, Inc., Member
NASD, SIPC, 197 Clarendon Street, Boston, MA 02116.
[LOGO]
IMSA
INSURANCE
MASTERPLACE
ASSOCIATION
ITEM 2. CODE OF ETHICS
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
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) Disclosure Controls and Procedures. The Principal Executive and
Financial Officers concluded that the Registrant's Disclosure Controls
and Procedures are effective based on their evaluation of these
controls and procedures as of a date within 90 days of the filing date
of the report.
(b) Internal Controls. There were no significant changes in Registrant's
internal controls or in other factors that could significantly affect
these actions with regard to significant deficiencies and material
weaknesses.
ITEM 10. EXHIBITS.
(a) Not applicable.
(b) Section 302 Certifications.
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.
John Hancock Variable Series Trust I
(Registrant)
By: /s/ MICHELE G. VAN LEER
-----------------------------------
Michele G. Van Leer
Chairman
Date: August 20, 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.
John Hancock Variable Series Trust I
(Registrant)
By: /s/ MICHELE G. VAN LEER
-----------------------------------
Michele G. Van Leer
Chairman
Date: August 20, 2003
By: /s/ RAYMOND F. SKIBA
-----------------------------------
Raymond F. Skiba
Treasurer
Date: August 20, 2003